NewzIntel.com

Category: Finance

  • MIL-OSI Africa: Anna Ochigbo Appointed Creative Director of Affluenz Magazine

    Source: APO

    Affluenz Magazine (www.TheAffluenz.com) has announced the appointment of Anna Ochigbo as its new Creative Director, marking a significant step in the evolution of the globally recognized publication as it deepens its editorial presence and expands its influence across luxury, leadership, and culture.

    Ochigbo, who also serves as Executive Director at Dotmount Communications, the Washington DC based parent company of Affluenz, brings to the role a distinguished background in media strategy, creative leadership, and brand development. Her appointment follows the successful release of the magazine’s July and August 2025 issue, which pays tribute to the legacy of the founding father of the United Arab Emirates, Sheikh Zayed bin Sultan Al Nahyan, while profiling some of Africa’s most influential cultural and business leaders.

    In her new role, Ochigbo will direct the magazine’s overall visual and editorial identity. Her responsibilities include curating covers, guiding cross platform storytelling, and ensuring each edition reflects Affluenz’s core mission of showcasing global excellence, innovation, and influence.

    Adedotun Olaoluwa, Founder and Executive Publisher of Affluenz Magazine, described her appointment as both timely and transformative.

    Anna possesses a rare creative intuition and an unmatched ability to craft visual narratives that resonate globally. Her leadership comes at a crucial moment as we reimagine Affluenz for a more interconnected, sophisticated, and culturally dynamic audience, Olaoluwa said.

    Beyond her achievements in luxury publishing, Ochigbo played a central role in coordinating Dotmount Communications’ flagship event, the Middle East Investors Expo held in 2024, which convened investors, policymakers, and innovators from across the Middle East and Africa. Under her leadership, the event received global media attention and positioned Dotmount as a trusted platform for strategic investment communications.

    Ochigbo is also deeply committed to humanitarian work. She plays a leading role in supporting the Hoplites African Aid Foundation (HAAF), a vibrant nonprofit organization dedicated to uplifting communities across Africa through a multifaceted approach that goes beyond traditional health interventions. Originally established in April 2021 as the Hoplites Sickle Cell Foundation, HAAF has since evolved into a broader movement championing sustainable healthcare access, inclusive education, and community development for underserved populations.

    Her portfolio extends to international campaigns in culture, philanthropy, and executive branding, where she has earned recognition for fusing luxury aesthetics with meaningful, high impact content.

    In a statement following her appointment, Ochigbo shared her excitement about shaping the creative future of the magazine.

    Affluenz is more than a magazine. It is a celebration of legacy, innovation, and global identity. I am honored to lead its creative direction at a time when storytelling must be both beautiful and bold. We will not just reflect excellence, we will help define it, she said.

    Her first issue as Creative Director is now on sale, featuring a curated selection of in depth profiles, essays, and visual stories that highlight global influence across business, diplomacy, culture, and philanthropy.

    Distributed by APO Group on behalf of The Affluenz (formerly Pleasures Magazine).

    MIL OSI Africa –

  • MIL-OSI USA: Congressman Guthrie Votes to Fully Fund Department of Defense

    Source: United States House of Representatives – Congressman Brett Guthrie (2nd District Kentucky)

    Washington, D.C. – Today, Congressman Guthrie (KY-02) issued the following statement following the House passage of H.R. 4016, the Department of Defense Appropriations Act of 2026.

    “After four years of failed Democratic leadership diminishing our standing on the world stage, peace through strength is back. Under the leadership of President Trump and House Republicans, our United States military is stronger than ever, equipped, and ready to defend our nation against any threat,” said Congressman Brett Guthrie.“As a graduate of the U.S. Military Academy at West Point, I know firsthand that peace is best preserved through a strong U.S. military! This bill invests billions into the men and women who volunteer to keep our nation safe and ensures that American industries can manufacture the necessary tools to accomplish the mission.”

    Background:
     H.R. 4016 builds upon Republicans’ agenda of investing in our military strength to restore America’s standing as a deterrent to those who attempt to spread chaos and destruction. By allocating $831.5 billion for the Department of Defense, Congress is sending a clear message to the world: America is back.
    Specifically, this legislation:

    • Includes an increase of 3.8% in basic pay for all military personnel effective January 1, 2026.
    • Invests in youth development and workforce programs that prepare our next generation soldiers and businesses including Apex Accelerators, Starbase, the National Guard Youth Challenge, and U.S. Naval Sea Cadet Corps Programs.
    • Allocates $36.9 billion for 28 ships including six battle force ships 
    • Dedicates $1.5 billion for the Maritime Industrial Base to invest in critical areas including supplier capacity and capability, strategic outsourcing, workforce training, and technology and infrastructure.
    • Enhances investments in 5th and 6th generation aircraft.
    • Allocates approximately $13 billion for missile defense and space programs to augment and integrate in support of the Golden Dome effort.
    • Delivers increases for the State Partnership Program operations and personnel costs for both the Army National Guard and Air National Guard.

    More information about the Department of Defense Appropriations Act of 2026 prior to adoption of amendments can be found here. 

    MIL OSI USA News –

  • MIL-OSI USA: Federal Court Orders UK Firms, Residents from China, Oklahoma to Pay $19M in CFTC Fraud Case

    Source: US Commodity Futures Trading Commission

    WASHINGTON, D.C. — The Commodity Futures Trading Commission announced today the U.S. District Court for the Western District of Washington has resolved all claims the CFTC filed in its September 2024 complaint against Qian Bai and Chao Li, both residents of the People’s Republic of China, their co-conspirator Lan Bai, a resident of Oklahoma, as well as Aipu Limited and Fidefx Investments Ltd., which were both United Kingdom private limited companies. [See CFTC Press Release No. 8987-24].
    The court found that the defendants, while acting as a common enterprise, operated fraudulent websites that purported to allow customers to trade for over 18 months and fraudulently solicited and misappropriated at least $3,630,849 from at least 34 customers in connection with the sale of agreements, contracts or transactions in leveraged or margined retail commodity transactions, off-exchange retail foreign currency contracts, and commodity futures contracts.
    On July 14, the court entered an order against Lan Bai requiring her to pay, jointly and severally, a $699,534 civil monetary penalty and restitution of $233,178 to defrauded victims for her role in the fraudulent scheme. 
    On May 22, the court entered a default judgment against Qian Bai, Li, Aipu Limited, and Fidefx, which requires them to pay, jointly and severally, a $13,863,170 civil monetary penalty and restitution of $4,621,056. The default judgment also imposes permanent injunctions against them and bans them from trading in any CFTC-regulated markets, entering into any transactions involving commodity interests, and registering with the CFTC. 
    Previously, the CFTC and Lan Bai entered into a consent order which imposes a permanent injunction against her and bans her from trading in any CFTC-regulated markets, entering into any transactions involving commodity interests, and registering with the CFTC.
    The CFTC cautions that orders requiring repayment of funds to victims may not result in the recovery of any money lost because the wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable.
    Division of Enforcement staff responsible for this case are Karen Kenmotsu, George H. Malas, Michael Amakor, Chrystal Gonnella, Timothy J. Mulreany, and Paul G. Hayeck. 
    * * * * * *
    CFTC’s Fraud Advisory
    The CFTC has issued several customer protection fraud advisories, including Avoid Forex, Precious Metals, and Digital Asset Romance Scams, which warns users of online dating and social media platforms about an increase in scams that lure victims into sending their money to fraudulent websites that claim to trade foreign currency exchange (forex) contracts, precious metals contracts, and/or digital assets. 
    The CFTC also strongly urges the public to verify a company’s registration with the CFTC at NFA BASIC before committing funds. If unregistered, a customer should be wary of providing funds to that entity.
    Report suspicious activities or information, such as possible violations of commodity trading laws, to the Division of Enforcement via a toll-free hotline 866-FON-CFTC (866-366-2382) or file a tip or complaint online or contact the Whistleblower Office. Whistleblowers are eligible to receive between 10 and 30 percent of the monetary sanctions collected, paid from the Customer Protection Fund financed through monetary sanctions paid to the CFTC by violators of the CEA.

    MIL OSI USA News –

  • MIL-OSI: Societe Generale: changes in share capital

    Source: GlobeNewswire (MIL-OSI)

    CHANGES IN SHARE CAPITAL

    Regulated Information

    Paris, 24 July 2025

    Societe Generale announces that it has carried out a capital decrease through the cancellation of treasury shares and successfully completed a capital increase as part of the 32nd Global Employee Share Ownership Programme.

    Capital decrease through cancellation of treasury shares

    On 10 July 2025, the Board of Directors, upon authorization of the Extraordinary General Meeting of 22 May 2024, decided to reduce Societe Generale’s share capital by cancellation of 22,667,515 treasury shares as of 24 July 2025, i.e. 2.8% of the share capital. These shares were repurchased from 10 February to 8 April 2025 included for the purpose of cancellation for an amount of EUR 872 million.

    This amount of share buy-back and the amount of the resulting capital decrease have been determined by the Board of Directors in application of the distribution policy to shareholders for the 2024 financial year. This amount was also determined primarily to fully offset, for shareholders not participating in it, the dilutive impact of the capital increase of the 32nd Global Employee Share Ownership Programme.

    Capital increase as part of the Global Employee Share Ownership Programme

    On 24 July 2025, the Chief Executive Officer, upon authorization of the Extraordinary General Meeting of 22 May 2024, and delegation of the Board of Directors, noted the completion of the capital increase following the 2025 Global Employee Share Ownership Programme. The capital increase amounts to a total of EUR 269,310,884.40 and has resulted in the issuance of 7,531,065 new shares, i.e. 0.97% of the share capital after the share capital decrease carried out as a consequence of the previously mentioned share buy-back or 0.94% of the share capital prior to this decrease.

    The positive impact of this capital increase on the CET1 ratio will be around 7 basis points and will be effective in the capital ratio at the end of Q3 25.

    Approximately 51,000 Group employees and eligible retired former employees in 31 countries have subscribed to this transaction.

    Employee share ownership is a collective programme at Societe Generale to involve employees in the development of the company and to enable them to benefit from long-term value creation.

    New amount of share capital

    Following these two transactions, the share capital of Societe Generale is EUR 981,475,408.75, divided into 785,180,327 shares with a nominal value of EUR 1.25 each.

    Information on the total amount of voting rights and shares will be updated and available on the Societe Generale website under the section “Monthly reports on total amount of voting rights and shares”.

    Press contacts:
    Jean-Baptiste Froville_+33 1 58 98 68 00_ jean-baptiste.froville@socgen.com
    Fanny Rouby_+33 1 57 29 11 12_ fanny.rouby@socgen.com


    Societe Generale

    Societe Generale is a top tier European Bank with around 119,000 employees serving more than 26 million clients in 62 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

    The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:

    • French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
    • Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
    • Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.

    Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

    In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page on societegenerale.com website where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document’s legitimacy directly on the web page.

    For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.

    Attachment

    The MIL Network –

  • MIL-OSI USA: Utah Man Sentenced for Wire Fraud Schemes

    Source: US State of California

    Defendant Impersonated Federal Agent, Attorney, and Others to Perpetrate $3.5M Fraud

    A Utah man was sentenced yesterday to 108 months in prison for wire fraud, impersonating a federal officer, aggravated identity theft, and making a false statement.

    The following is according to court documents and statements made in court: from 2018 through 2020, Santiago Garcia Gutierrez (Garcia), of Salt Lake City, defrauded a single victim out of more than $2.8 million by falsely representing that he was a confidential informant with the Department of Homeland Security. He also falsely represented that he could acquire, at discounted prices, exotic cars, planes, and vessels that had been seized by the U.S. government through forfeiture. Garcia falsely induced the victim to use him as an intermediary to receive the money that the victim believed was then being used to purchase what turned out to be non-existent luxury assets. To convince his victim the scheme was legitimate, Garcia contacted the victim on numerous occasions via text message from multiple phone numbers, falsely claiming to be a confidential government informant, federal agent and, at times, Garcia’s own attorney.

    In addition, from 2019 through 2024, Garcia  defrauded eight additional victims across the country. To execute these other frauds, Garcia falsely induced victims to invest money into federal oil wells in which he had an ownership interest, promising large returns on investment. The victims never realized any profits, however, because Garcia diverted the investment funds for his own benefit. To effectuate these schemes and lend them legitimacy, Garcia again assumed the identity of his attorney. In total, Garcia defrauded these victims of more than $900,000.

    Finally, Garcia did not pay royalties to the federal government on the sale of oil extracted from the wells, despite knowing that he had a duty to do so.

    In addition to the term of imprisonment, U.S. District Judge Howard C. Nielson Jr. for the District of Utah ordered Garcia to pay $3,795,930.60 in restitution to the victims of his crimes, and to forfeit $2,853,789.27.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division, Acting U.S. Attorney Felice John Viti for the District of Utah, and Special Agent in Charge Carissa Messick of IRS Criminal Investigation’s Phoenix Field Office made the announcement.

    IRS Criminal Investigation’s Phoenix Field Office and the EPA investigated the case.

    Senior Litigation Counsel Richard M. Rolwing and former Trial Attorney Erika Suhr of the Tax Division prosecuted the case.

    MIL OSI USA News –

  • MIL-OSI Security: Utah Man Sentenced for Wire Fraud Schemes

    Source: United States Attorneys General

    Defendant Impersonated Federal Agent, Attorney, and Others to Perpetrate $3.5M Fraud

    A Utah man was sentenced yesterday to 108 months in prison for wire fraud, impersonating a federal officer, aggravated identity theft, and making a false statement.

    The following is according to court documents and statements made in court: from 2018 through 2020, Santiago Garcia Gutierrez (Garcia), of Salt Lake City, defrauded a single victim out of more than $2.8 million by falsely representing that he was a confidential informant with the Department of Homeland Security. He also falsely represented that he could acquire, at discounted prices, exotic cars, planes, and vessels that had been seized by the U.S. government through forfeiture. Garcia falsely induced the victim to use him as an intermediary to receive the money that the victim believed was then being used to purchase what turned out to be non-existent luxury assets. To convince his victim the scheme was legitimate, Garcia contacted the victim on numerous occasions via text message from multiple phone numbers, falsely claiming to be a confidential government informant, federal agent and, at times, Garcia’s own attorney.

    In addition, from 2019 through 2024, Garcia  defrauded eight additional victims across the country. To execute these other frauds, Garcia falsely induced victims to invest money into federal oil wells in which he had an ownership interest, promising large returns on investment. The victims never realized any profits, however, because Garcia diverted the investment funds for his own benefit. To effectuate these schemes and lend them legitimacy, Garcia again assumed the identity of his attorney. In total, Garcia defrauded these victims of more than $900,000.

    Finally, Garcia did not pay royalties to the federal government on the sale of oil extracted from the wells, despite knowing that he had a duty to do so.

    In addition to the term of imprisonment, U.S. District Judge Howard C. Nielson Jr. for the District of Utah ordered Garcia to pay $3,795,930.60 in restitution to the victims of his crimes, and to forfeit $2,853,789.27.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division, Acting U.S. Attorney Felice John Viti for the District of Utah, and Special Agent in Charge Carissa Messick of IRS Criminal Investigation’s Phoenix Field Office made the announcement.

    IRS Criminal Investigation’s Phoenix Field Office and the EPA investigated the case.

    Senior Litigation Counsel Richard M. Rolwing and former Trial Attorney Erika Suhr of the Tax Division prosecuted the case.

    MIL Security OSI –

  • MIL-OSI: Stormrock founders announce Nemesis: A Swiss Incubator and AI SaaS for E-Commerce Brands

    Source: GlobeNewswire (MIL-OSI)

    Zug, Switzerland, July 24, 2025 (GLOBE NEWSWIRE) — Stormrock, a Swiss e-commerce group that generated €24 million in revenue in 2024 through its portfolio of high-recurrence consumer brands, is now expanding its impact in the tech and retail space. Its founders, Lucas Nova and Fabien Dumas, have announced the launch of Nemesis: a Swiss-based incubator for high-potential e-commerce brands, along with a proprietary AI-powered SaaS platform built to industrialize the systems and methods behind their growth. The goal: provide other founders access to the operational playbooks and AI agents that turned Stormrock into a category leader.

    Fabien Dumas, Co-Founder of Nemesis

    Why is this launch strategic?

    Nemesis is designed to help founders scale fast and sustainably through:

    • A favorable Swiss legal and tax environment
    • Direct access to Stormrock’s full operating ecosystem
    • Internal tools, automation frameworks, and AI capabilities
    • Strategic support with minority equity participation (20–30%)

    How does their model work?

    Nova and Dumas built their method on complete control of the customer lifecycle. Their operational model includes:

    • Hyper-personalized user journeys through large-scale A/B testing
    • Automated behavioral segmentation engines
    • An internal AI stack spanning Ads, CRM, Product, CRO, Finance
    • Processes tested across multiple high-growth DTC brands

    What does the SaaS include?

    The upcoming software platform replicates the systems that powered Stormrock’s growth:

    • Predictive segmentation algorithms
    • AI-driven CRO optimization modules
    • Autonomous AI agents for Ads, CRM, Product and Finance
    • Collaborative dashboards focused on founder-led decision making

    The goal: provide a repeatable, intelligent, and scalable growth system to high-potential founders.

    Key Metrics and Data

    • €24M in revenue reached in 2024 through Stormrock
    • €60M projected by 2027
    • 30+ brands scaled using the same methodology
    • AI stack deployed across 6 core departments
    • Thousands of ad variants tested each quarter
    • Customer retention rates above industry benchmarks

    Official Statements

    “Nemesis was built to structure everything we’ve tested, proven, and refined over the years. It’s a realistic acceleration platform for founders aiming for operational excellence.” — Fabien Dumas, Co-Founder

    “Our goal is clear: to help ambitious founders grow faster without rebuilding the wheel or repeating mistakes we’ve already solved.” — Lucas Nova, Co-Founder

    About

    Stormrock is a high-recurrence e-commerce brand launched by Lucas Nova and Fabien Dumas. After reaching €24M in revenue, the founders structured their methods into Nemesis, a Swiss incubator for direct-to-consumer businesses, and a SaaS platform designed to replicate their AI-driven, high-efficiency growth engine at scale.

    Lucas Nova Co-Founder of Nemesis

    Press inquiries

    Stormrock
    https://stormrock.fr/
    Fabien Dumas
    fabien.d@celesty.ch
    +33 5 32 88 01 45
    Waldhof 1, Zug, Switzerland

    The MIL Network –

  • MIL-OSI: Stormrock founders announce Nemesis: A Swiss Incubator and AI SaaS for E-Commerce Brands

    Source: GlobeNewswire (MIL-OSI)

    Zug, Switzerland, July 24, 2025 (GLOBE NEWSWIRE) — Stormrock, a Swiss e-commerce group that generated €24 million in revenue in 2024 through its portfolio of high-recurrence consumer brands, is now expanding its impact in the tech and retail space. Its founders, Lucas Nova and Fabien Dumas, have announced the launch of Nemesis: a Swiss-based incubator for high-potential e-commerce brands, along with a proprietary AI-powered SaaS platform built to industrialize the systems and methods behind their growth. The goal: provide other founders access to the operational playbooks and AI agents that turned Stormrock into a category leader.

    Fabien Dumas, Co-Founder of Nemesis

    Why is this launch strategic?

    Nemesis is designed to help founders scale fast and sustainably through:

    • A favorable Swiss legal and tax environment
    • Direct access to Stormrock’s full operating ecosystem
    • Internal tools, automation frameworks, and AI capabilities
    • Strategic support with minority equity participation (20–30%)

    How does their model work?

    Nova and Dumas built their method on complete control of the customer lifecycle. Their operational model includes:

    • Hyper-personalized user journeys through large-scale A/B testing
    • Automated behavioral segmentation engines
    • An internal AI stack spanning Ads, CRM, Product, CRO, Finance
    • Processes tested across multiple high-growth DTC brands

    What does the SaaS include?

    The upcoming software platform replicates the systems that powered Stormrock’s growth:

    • Predictive segmentation algorithms
    • AI-driven CRO optimization modules
    • Autonomous AI agents for Ads, CRM, Product and Finance
    • Collaborative dashboards focused on founder-led decision making

    The goal: provide a repeatable, intelligent, and scalable growth system to high-potential founders.

    Key Metrics and Data

    • €24M in revenue reached in 2024 through Stormrock
    • €60M projected by 2027
    • 30+ brands scaled using the same methodology
    • AI stack deployed across 6 core departments
    • Thousands of ad variants tested each quarter
    • Customer retention rates above industry benchmarks

    Official Statements

    “Nemesis was built to structure everything we’ve tested, proven, and refined over the years. It’s a realistic acceleration platform for founders aiming for operational excellence.” — Fabien Dumas, Co-Founder

    “Our goal is clear: to help ambitious founders grow faster without rebuilding the wheel or repeating mistakes we’ve already solved.” — Lucas Nova, Co-Founder

    About

    Stormrock is a high-recurrence e-commerce brand launched by Lucas Nova and Fabien Dumas. After reaching €24M in revenue, the founders structured their methods into Nemesis, a Swiss incubator for direct-to-consumer businesses, and a SaaS platform designed to replicate their AI-driven, high-efficiency growth engine at scale.

    Lucas Nova Co-Founder of Nemesis

    Press inquiries

    Stormrock
    https://stormrock.fr/
    Fabien Dumas
    fabien.d@celesty.ch
    +33 5 32 88 01 45
    Waldhof 1, Zug, Switzerland

    The MIL Network –

  • India-UK relations enter new era with landmark deals on trade, tech and security

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi held wide-ranging talks with UK Prime Minister Keir Starmer during his official visit to the United Kingdom from July 23-24. The meeting, held at the British Prime Minister’s country residence, Chequers in Buckinghamshire.

    The two leaders held a one-on-one meeting followed by delegation-level talks, covering the full spectrum of bilateral cooperation.

    During the talks, the two sides welcomed the signing of the historic India-UK Comprehensive Economic and Trade Agreement (CETA). The agreement is expected to boost trade, investment, economic collaboration, and job creation in both countries, taking the strategic partnership to a new level.

    In a key development, the two countries also agreed to negotiate a Double Contribution Convention, which will support professionals and service industries by reducing operational costs and promoting competitiveness. Prime Minister Modi also proposed deeper cooperation between India’s GIFT City-India’s first international financial services centre-and the UK’s financial ecosystem.

    The two leaders adopted the India-UK Vision 2035, a roadmap for the next decade that aims to enhance cooperation in the areas of economy, technology, innovation, research, education, defence, climate action, health, and people-to-people ties.

    The finalisation of a Defence Industrial Roadmap was also welcomed. It aims to promote joint design, development, and production of defence products for domestic use and global markets. Both leaders expressed satisfaction with the growing defence partnership and regular engagement between the armed forces.

    Underlining the importance of emerging technologies, the Prime Ministers agreed to accelerate the implementation of the Technology and Security Initiative (TSI). The TSI, which completed one year, focuses on areas such as telecom, critical minerals, AI, biotechnology, semiconductors, health technology, advanced materials, and quantum research.

    In the education sector, the leaders hailed the growing collaboration under India’s New Education Policy (NEP). Notably, Southampton University became the first foreign university to open a campus in India, in Gurugram, on June 16. Several other UK universities are expected to follow suit.

    The two Prime Ministers also acknowledged the significant contribution of the Indian diaspora in the UK across various fields, calling them a “living bridge” between the two countries.

    Prime Minister Modi thanked Prime Minister Starmer for his support and solidarity following the Pahalgam terror attack. Both leaders reiterated their commitment to combat terrorism and agreed to intensify bilateral cooperation to counter extremism and radicalisation. PM Modi also sought the UK’s assistance in bringing economic offenders and fugitives to justice.

    The leaders also exchanged views on key regional and global developments, including in the Indo-Pacific, West Asia, and the Russia-Ukraine conflict.

    Prime Minister Modi extended an invitation to Prime Minister Starmer to visit India at a mutually convenient time and thanked him for the warm hospitality.

    The following documents were signed/adopted by the two sides during the visit:

    ● Comprehensive Economic and Trade Agreement [CETA]

    ● India-UK Vision 2035

    ● Defence Industrial Roadmap

    ● Statement on Technology and Security Initiative

    ● MoU between Central Bureau of Investigation, India and National Crime Agency of UK

  • MIL-OSI: Volta Finance Limited – Net Asset Value(s) as at 30 June 2025

    Source: GlobeNewswire (MIL-OSI)

    Volta Finance Limited (VTA / VTAS)
    June 2025 monthly report

    NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES

    Guernsey, July 24, 2025

    AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for June 2025. The full report is attached to this release and will be available on Volta’s website shortly (www.voltafinance.com).

    Performance and Portfolio Activity

    Dear Investors,

    In June, Volta Finance achieved a net performance of +0.4% bringing the cumulative performance from August 2024 to date to +11.2%. Both the CLO Debt and CLO Equity assets of the Volta Finance portfolio delivered positive returns, in the context of a positive momentum across credit markets after the volatility induced by tariffs.

    June marked a return to a “risk on” environment, with strong gains in U.S. equity markets amid significant weakening of the US Dollar. This shift was fuelled by easing trade tensions and moderating inflation. Despite inflation levels being close to target, the Fed decided to keep interest rates unchanged at 4.25%-4.50% during their June meeting while elaborating on the unpredictable effects of Trump’s tariffs. In Europe, sentiment was mixed, with major indices ending the month flat. The ECB cut rates by 25 basis points while Christine Lagarde signalled a likely pause in future rate cuts. This easing comes as the eurozone inflation has returned to the central bank’s target of 2%.

    However, significant uncertainties still loom as we enter summer. Only a handful of countries reached agreements with their U.S. counterparts and the approaching deadline could trigger further disruptions notably in supply chains. The sudden escalation of the Iran/Israel situation, culminating in the U.S. bombings of Iranian nuclear facilities, also raised concerns regarding the stability of the region and added disruptions to oil supplies. This led to a spike in crude oil prices and increased interest in traditional safe-haven assets although they retraced by the end of the month due to a temporary resolution of the conflict.

    Credit markets shrugged those worries off and hedged close to the tightest levels experienced over the last year. For instance, the European High Yield index (Xover) settled at 283bps (from 300bps), close to the 280bps resistance level. On the Loan side, Euro Loans closed roughly unchanged at 97.70px (Morningstar European Leveraged Loan Index) while US Loans closed c. 40c up at 97.00px. Primary CLO levels moved sideways across all rated tranches, providing stability and the right environment for CLO formation. In terms of performance, US High Yield returned +1.9% over the month while Euro Loans were up +0.13% and US Loans +0.80%.

    The median CCC assets exposure in CLO portfolios remained stable at 4.5% in the US, slightly above the exposure of European CLOs to CCCs (4.1%). Loan maturity walls continued to transition towards 2030 and beyond, with the next significant refinancing deadlines in 2028 and 2031 in the US, while loan recoveries remained significantly higher than bonds at approximately 62% vs 48%.

    In terms of activity, the month was particularly busy as we faced some CLO debt redemptions (€4.8m) and actively replaced risk to maintain overall risk exposure unchanged. We purchased BB (600bps context), single-B (up to 900bps) and Equity risk from both the Primary and Secondary markets. Cash stood at 11% at the end of the month. Volta Finance’s cashflow generation was slightly up at €28.3m equivalent in interests and coupons over the last six months, representing close to 21% of June’s NAV on an annualized basis.

    Over the month, Volta’s CLO Equity tranches returned +1.6%** while CLO Debt tranches returned +1.0% performance**. The EUR/USD move to 1.18 had an impact on our long dollar exposure in terms of performance (0.4%).

    As of end of June 2025, Volta’s NAV was €273.0m, i.e. €7.46 per share.

    *It should be noted that approximately 0.14% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.07% as at 30 May 2025, 0.07% as at 31 March 2025.

    ** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.

    CONTACTS

    For the Investment Manager
    AXA Investment Managers Paris
    François Touati
    francois.touati@axa-im.com        
    +33 (0) 1 44 45 80 22

    Olivier Pons
    Olivier.pons@axa-im.com
    +33 (0) 1 44 45 87 30        

    Company Secretary and Administrator
    BNP Paribas S.A, Guernsey Branch
    guernsey.bp2s.volta.cosec@bnpparibas.com 
    +44 (0) 1481 750 853

    Corporate Broker
    Cavendish Securities plc
    Andrew Worne
    Daniel Balabanoff
    +44 (0) 20 7397 8900

    *****
    ABOUT VOLTA FINANCE LIMITED

    Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

    Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

    *****

    ABOUT AXA INVESTMENT MANAGERS
    AXA Investment Managers (AXA IM) is a multi-expert asset management company within the BNP Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,800 professionals and €859 billion in assets under management as of the end of June 2024.  

    *****

    This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.

    This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

    *****

    This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

    *****
    This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

    Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

    The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

    The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

    Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

    *****

    Attachment

    The MIL Network –

  • MIL-OSI: Volta Finance Limited – Net Asset Value(s) as at 30 June 2025

    Source: GlobeNewswire (MIL-OSI)

    Volta Finance Limited (VTA / VTAS)
    June 2025 monthly report

    NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES

    Guernsey, July 24, 2025

    AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for June 2025. The full report is attached to this release and will be available on Volta’s website shortly (www.voltafinance.com).

    Performance and Portfolio Activity

    Dear Investors,

    In June, Volta Finance achieved a net performance of +0.4% bringing the cumulative performance from August 2024 to date to +11.2%. Both the CLO Debt and CLO Equity assets of the Volta Finance portfolio delivered positive returns, in the context of a positive momentum across credit markets after the volatility induced by tariffs.

    June marked a return to a “risk on” environment, with strong gains in U.S. equity markets amid significant weakening of the US Dollar. This shift was fuelled by easing trade tensions and moderating inflation. Despite inflation levels being close to target, the Fed decided to keep interest rates unchanged at 4.25%-4.50% during their June meeting while elaborating on the unpredictable effects of Trump’s tariffs. In Europe, sentiment was mixed, with major indices ending the month flat. The ECB cut rates by 25 basis points while Christine Lagarde signalled a likely pause in future rate cuts. This easing comes as the eurozone inflation has returned to the central bank’s target of 2%.

    However, significant uncertainties still loom as we enter summer. Only a handful of countries reached agreements with their U.S. counterparts and the approaching deadline could trigger further disruptions notably in supply chains. The sudden escalation of the Iran/Israel situation, culminating in the U.S. bombings of Iranian nuclear facilities, also raised concerns regarding the stability of the region and added disruptions to oil supplies. This led to a spike in crude oil prices and increased interest in traditional safe-haven assets although they retraced by the end of the month due to a temporary resolution of the conflict.

    Credit markets shrugged those worries off and hedged close to the tightest levels experienced over the last year. For instance, the European High Yield index (Xover) settled at 283bps (from 300bps), close to the 280bps resistance level. On the Loan side, Euro Loans closed roughly unchanged at 97.70px (Morningstar European Leveraged Loan Index) while US Loans closed c. 40c up at 97.00px. Primary CLO levels moved sideways across all rated tranches, providing stability and the right environment for CLO formation. In terms of performance, US High Yield returned +1.9% over the month while Euro Loans were up +0.13% and US Loans +0.80%.

    The median CCC assets exposure in CLO portfolios remained stable at 4.5% in the US, slightly above the exposure of European CLOs to CCCs (4.1%). Loan maturity walls continued to transition towards 2030 and beyond, with the next significant refinancing deadlines in 2028 and 2031 in the US, while loan recoveries remained significantly higher than bonds at approximately 62% vs 48%.

    In terms of activity, the month was particularly busy as we faced some CLO debt redemptions (€4.8m) and actively replaced risk to maintain overall risk exposure unchanged. We purchased BB (600bps context), single-B (up to 900bps) and Equity risk from both the Primary and Secondary markets. Cash stood at 11% at the end of the month. Volta Finance’s cashflow generation was slightly up at €28.3m equivalent in interests and coupons over the last six months, representing close to 21% of June’s NAV on an annualized basis.

    Over the month, Volta’s CLO Equity tranches returned +1.6%** while CLO Debt tranches returned +1.0% performance**. The EUR/USD move to 1.18 had an impact on our long dollar exposure in terms of performance (0.4%).

    As of end of June 2025, Volta’s NAV was €273.0m, i.e. €7.46 per share.

    *It should be noted that approximately 0.14% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.07% as at 30 May 2025, 0.07% as at 31 March 2025.

    ** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.

    CONTACTS

    For the Investment Manager
    AXA Investment Managers Paris
    François Touati
    francois.touati@axa-im.com        
    +33 (0) 1 44 45 80 22

    Olivier Pons
    Olivier.pons@axa-im.com
    +33 (0) 1 44 45 87 30        

    Company Secretary and Administrator
    BNP Paribas S.A, Guernsey Branch
    guernsey.bp2s.volta.cosec@bnpparibas.com 
    +44 (0) 1481 750 853

    Corporate Broker
    Cavendish Securities plc
    Andrew Worne
    Daniel Balabanoff
    +44 (0) 20 7397 8900

    *****
    ABOUT VOLTA FINANCE LIMITED

    Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

    Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

    *****

    ABOUT AXA INVESTMENT MANAGERS
    AXA Investment Managers (AXA IM) is a multi-expert asset management company within the BNP Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,800 professionals and €859 billion in assets under management as of the end of June 2024.  

    *****

    This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.

    This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

    *****

    This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

    *****
    This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

    Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

    The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

    The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

    Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

    *****

    Attachment

    The MIL Network –

  • MIL-OSI: The CMA: Compensation for Investors Affected by Violations Committed in the Shares of “Watani Iron Steel Co.”

    Source: GlobeNewswire (MIL-OSI)

    RIYADH, Saudi Arabia, July 24, 2025 (GLOBE NEWSWIRE) — The Capital Market Authority (CMA) announces the completion of compensation for investors affected by the violations committed in the shares of Watani Iron Steel Co., which occurred before and after the company’s direct listing on the Parallel Market (Nomu). These violations were committed by five individuals convicted under the decision issued by the Appeal Committee for Resolution of Securities Disputes (ACRSD), published on the websites of the CMA and the GS-CRSD on April 4, 2024. The decision, resulting from the penal lawsuit filed by the Public Prosecution and referred by the Capital Market Authority, obligated them to pay SAR 41.4 million in illegal gains resulting from these violations.

    The compensations were deposited into the accounts of the affected investors through the Compensation Fund, which was established pursuant to a resolution of the CMA’s Board to compensate affected parties in accordance with the distribution plan approved by the CRSD. This facilitates the compensation process and ensures that entitlements are delivered to their rightful owners with minimal effort.

    Since the publication of the ACRSD’s decision, the CMA has worked on assessing the appropriateness of activating Article (59) of the Capital Market Law, which grants the CMA the power to organize compensation procedures for individuals affected by violations and to establish dedicated compensation funds sourced from illegally obtained gains. Compensation for affected individuals is carried out in accordance with a distribution plan approved by the Committee. This led to the establishment of this fund to compensate eligible parties under a distribution plan approved by a decision of the CRSD, in line with the rules, procedures, and legal provisions to enhance the efficiency of these funds.

    The approved distribution plan was designed in proportion to the scale of the violations committed, the value of the illegal gains realized from those violations, and the extent of harm suffered by investors who traded the company’s shares during the violation period. Compensation amounts for some investors reached more than one million Saudi Riyals, representing the highest compensation approved by the CRSD. In this context, the CMA affirms that the distribution plan approved by the CRSD included all individuals proven to have suffered harm, based on the technical records. This does not preclude the right of any individual who believes they have been harmed but was not included in the distribution plan to file an individual claim with the CRSD to seek compensation.

    Compensation funds complement the mechanisms that facilitate compensating investors affected by violations committed in the capital market. They add to the available avenues for compensation, such as individual lawsuits and class actions. The CMA adopts a set of criteria to determine the appropriateness of establishing a compensation fund using illegal obtained gains from violators whenever the facts and circumstances of a case indicate the existence of actual harmed parties and when the CMA deems that creating such a fund would be more effective and practical than other available means of compensation for damages sustained by market participants as a result of violations of the Capital Market Law and its implementing regulations. The CMA clarified that it employs a range of analytical tools to reach a systematic assessment regarding the suitability of establishing a compensation fund based on final decisions issued by the CRSD. This assessment relies on several criteria that help determine the most suitable compensation mechanism, whether through direct compensation via these funds or through class actions to claim compensation. These criteria include aspects related to the execution and collection of illegally obtained gains, the nature and number of violations committed, their impact, and the extent to which the Committees can adopt and practically apply the principle of compensation to all affected parties in the case under review.

    The CMA affirms that, in the context of enhancing compensation opportunities, it has carefully studied global best practices applied in capital markets and adopted what aligns with the nature of the Saudi capital market. This contributes to improving the efficiency of compensation mechanisms, strengthening investor confidence in the market, and protecting their rights. These efforts form part of a broader package of strategic initiatives launched by the CMA to advance the development of a more sophisticated and competitive financial ecosystem.

    Capital Market Authority
    Communication & Investor Protection Division
    +966114906009
    +966557666932
    Media@cma.org.sa
    www.cma.org.sa

    The MIL Network –

  • MIL-OSI Africa: Government publishes changes to budget process

    Source: Government of South Africa

    Government publishes changes to budget process

    As South Africa’s current budget process has not kept pace with the country’s evolving fiscal, institutional and political realities, government has published changes that will be implemented in the 2026 budget process.

    The changes are aimed at clarifying trade-offs, reducing waste and prioritising high-impact programmes. 

    “A review of the budget process revealed a critical limitation of the process, including fragmented decision-making, poor policy-budget alignment, and weak consensus on trade-offs in the context of competing priorities and limited fiscal space,” National Treasury said on Wednesday. 

    The key actionable reforms to address challenges in the government process have been outlined in the Medium-Term Expenditure Framework (MTEF) Technical Guidelines 2026 (https://www.treasury.gov.za/publications/guidelines/2026%20MTEF%20Guidelines.pdf).

    The guidelines have been issued in terms of Section 27(3) of the Public Finance Management Act (PFMA), which provides that National Treasury must prescribe the format in which an annual budget must be prepared.

    “The guidelines reaffirm government’s commitment to a more disciplined, transparent, and strategically aligned budget process that supports South Africa’s long-term fiscal objectives and national development priorities.

    “Importantly, the guidelines outline the economic environment under which the 2026 MTEF is formulated, signals recommendations from the review that will be implemented, and incorporates lessons learned from the 2025 budget cycle. As a first step in the reform process, these guidelines and the accompanying budget calendar have been formally approved by Cabinet,” National Treasury explained.

    The fiscal objectives, as set out in the 2025 Budget, are to stabilise debt-to-Gross Domestic Product (GDP) ratio, achieve a primary surplus, expand infrastructure investment, and support the social wage. These objectives are set to continue into the 2026 Budget. 

    The principles for the 2026 MTEF include using Targeted and Responsible Savings (TARS) to create fiscal space for key priorities set out in the Medium-Term Development Plan. 

    Some of the initiatives that will be utilised for the identification of programmes to be included in the TARS process are:  

    Spending reviews
    •    Previous work should be updated, where appropriate, to inform implementation;
    •    Outcomes of new sectoral reviews, such as the Active Labour Market Policy (ALMP), and
    •    The review of infrastructure conditional grants should be implemented.

    New data driven approaches
    •    Use of technology to eliminate double dipping in social grants and other programmes (e.g. community works programme);
    •    Annual audit of ghost workers and payroll irregularities;
    •    Updated proposals on public entity and departmental rationalisation;
    •    Implement personnel expenditure review completed by the Department of Public Service and Administration (DPSA), and
    •    Finalise extended review of public entities remuneration.

    Treasury further said that detailed technical baseline analyses and institutional reviews will ensure that departments and public entities are appropriately aligned to the set mandates. – SAnews.gov.za

    nosihle

    MIL OSI Africa –

  • MIL-OSI: CREDIT AGRICOLE SA: LCL and Crédit Agricole Assurances announce their entry into exclusive negotiations with AnaCap for the joint acquisition of Milleis Group

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    Paris, 24 July 2025

    LCL and Crédit Agricole Assurances announce their entry into exclusive negotiations with AnaCap for the joint acquisition of Milleis Group

    LCL and Crédit Agricole Assurances have entered into exclusive negotiations with AnaCap, a private equity fund investing in the European mid-market segment, for the joint acquisition of Milleis Group, a long-standing independent player in private banking and wealth management in France .

    This joint project by LCL and Crédit Agricole Assurances encompasses the acquisition by LCL of the entire Milleis Group, namely Milleis Banque and its subsidiaries Milleis Vie and Cholet Dupont Oudart. This would be immediately followed by the sale of the life insurance company Milleis Vie by LCL to Crédit Agricole Assurances.

    This acquisition would enable LCL to strengthen its position in the French wealth management market and develop synergies. It would also provide Crédit Agricole Assurances with the opportunity to reinforce the positioning of its subsidiary Spirica in the high net worth segment and to broaden its distribution channels.

    The project will be subject to consultation with the employee representative bodies of the various entities involved, with a potential completion of the transaction in the first half of 2026. It would also remain subject to the usual condition precedents, including obtaining regulatory approvals.

    This transaction would be in line with the Group’s return on investment objectives, and its impact on the CET1 ratio of Crédit Agricole S.A., the parent company of Crédit Agricole Assurances and LCL, would be limited.

    About LCL

    A subsidiary of Crédit Agricole S.A., LCL banque urbaine is one of the largest retail banks in France. Customer satisfaction is LCL’s top priority, and it aims to be the n°1 bank in terms of satisfaction. Combining human and digital approaches, LCL offers its 6 million individual clients, of which 220,000 private banking clients, 400,000 professionals and 31,000 corporates and institutions, an omnichannel relationship through its 1,400 branches located in the heart of towns, its remote customer service centers « LCL Mon Contact » with 400 advisors available by phone, and its websites and apps, including the highly rated « LCL Mes Comptes ». With a comprehensive range of banking, insurance, and non-banking solutions, LCL supports its clients on a daily basis and in their life projects. True to its urban banking strategy, LCL is also committed to supporting clients who want to take part in the fight against climate change.
    www.lcl.fr

    About Crédit Agricole Assurances

    A subsidiary of Crédit Agricole S.A., Crédit Agricole Assurances, France’s leading insurer, is Crédit Agricole group’s subsidiary, which brings together all the insurance businesses of Crédit Agricole S.A. Crédit Agricole Assurances offers a range of products and services in savings, retirement, health, personal protection and property insurance. They are distributed by Crédit Agricole’s banks in France and in 9 countries worldwide, and are aimed at individual, professional, agricultural and corporate customers.
    Spirica is Crédit Agricole Assurances’ high-end life insurance subsidiary, dedicated to online distribution as well as distribution through networks of IFAs and private banks.
    At the end of 2024, Crédit Agricole Assurances had more than 6,700 employees. Its 2024 premium income (non-GAAP) amounted to 43.6 billion euros.
    www.ca-assurances.com

    About Milleis Group

    A long-standing player in private banking and wealth management in France, the Milleis Group, heir to Barclays France, is recognised for its expertise in the market. The Milleis Group has nearly 64,000 customers and manages €12.6 billion in assets under management. In 2024, it generated €150 million in net banking income and currently employs nearly 700 people. Cholet Dupont Oudart joined the Milleis Group in 2023 to form the third largest independent private bank in France.
    https://www.milleis.fr/

    About AnaCap

    AnaCap is a leading partner for founders and entrepreneurial management teams, investing within the European financial ecosystem. Since 2016, the company has grown its assets under management to over €2 billion, successfully completing around 100 transactions across Western and Northern Europe. AnaCap supports mid-market companies that need capital and expertise to implement their organic and external growth strategies.
    www.anacap.com

    Press Contacts

    LCL & Crédit Agricole S.A.

    Crédit Agricole Assurances

    Investor Relations

    Crédit Agricole S.A.

    Crédit Agricole Assurances

    Attachment

    The MIL Network –

  • MIL-OSI Africa: Angola Advances National Road Plan with €85M Support from Africa Finance Corporation (AFC)

    Source: APO

    Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, has closed and disbursed €75 million of an €85 million sovereign facility to Government of Angola, through the Ministry of Finance, to support the construction of 186 priority bridges and critical upgrades to the national road network. The project, part of Angola’s National Development Plan (2023–2027), is aimed at reducing transportation costs, facilitating access to markets for agricultural producers, and creating approximately 900 direct jobs, while strengthening the resilience, efficiency, and inclusivity of Angola’s transport system.

    Solely arranged and financed by AFC, the transaction marks a significant milestone in the €381.5 million financing package previously announced, with AFC serving as the mandated lead arranger on the commercial tranche, and the U.S. Export-Import Bank through the U.S. Private Export Funding Corporation leading the export credit agency tranche. Other key partners include Standard Chartered Bank as the coordinating and structuring bank; Conduril, a leading Portuguese civil engineering firm which is the main EPC contractor; and Acrow, a U.S. construction industry giant as the bridge supplier. This disbursement reinforces AFC’s commitment to working alongside African governments to deliver infrastructure that supports inclusive growth, regional connectivity, and economic transformation.

    “We are proud to advance this catalytic investment that will connect underserved regions, enhance regional trade, and improve the quality of life for millions of Angolans,” said Samaila Zubairu, President & CEO of Africa Finance Corporation. “This disbursement demonstrates AFC’s unique capacity to structure and fund impactful infrastructure projects that address critical national priorities and accelerate economic transformation,” he added.  

    The project is expected to significantly strengthen the resilience of Angola’s transport network to climate-related disruptions, reduce travel times, and lower logistics costs for communities, farmers, and businesses. It also supports regional integration by enhancing trade corridors and cross-border connectivity across Southern and Central Africa. With this transaction, AFC reaffirms its role as a trusted partner to African governments in delivering bankable infrastructure solutions that address the continent’s most urgent development challenges.

    Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

    Media Enquiries:
    Yewande Thorpe
    Communications
    Africa Finance Corporation
    Mobile: +234 1 279 9654
    Email: yewande.thorpe@africafc.org

    About AFC:
    AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

    Eighteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 45 member countries and has invested over US$15 billion in 36 African countries since its inception.

    www.AfricaFC.org

    Media files

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    MIL OSI Africa –

  • MIL-OSI Africa: Dangote’s Game Changing Impact on African Energy

    Source: APO

    The historic commencement of operations at the 650,000 barrels-per-day Dangote Refinery has redefined Africa’s refining ambitions, establishing a new epicenter for oil product supply across West Africa and beyond. As the continent’s largest single-train refinery – and one of the most technologically advanced globally – Dangote represents a turning point for African energy self-sufficiency, reducing import dependence and reshaping traditional trade flows within the Atlantic Basin.

    Already, the refinery has begun exporting refined products, with early shipments pointing to a diversification of destinations – from regional African markets to Europe and Asia. These developments are ushering in a new era for crude and product flows, as well as domestic monetization strategies. The facility’s ability to process a slate of Nigerian and other light sweet crudes is having far-reaching implications not only for Nigeria’s upstream sector but for oil producers across the Gulf of Guinea, potentially prompting shifts in production plans, infrastructure investment and regional trade dynamics.

    As Africa’s premier energy event returns to Cape Town, African Energy Week (AEW) 2025: Invest in African Energies will place a critical spotlight on West Africa’s evolving refining landscape with a dedicated workshop on the “The Dangote Refinery and its Impact on the African Refining Balance.” Hosted by the African Energy Chamber (AEC) and S&P Global Commodity Insights, the session will take place on Monday, September 29 from 11:30 to 12:30, drawing key industry stakeholders and policy leaders into a dynamic discussion on one of the most transformational projects in the continent’s oil and gas sector.

    Beyond reshaping crude and product markets, the refinery is also impacting fuel quality and environmental standards in the region. Dangote’s state-of-the-art configuration allows it to produce Euro V standard fuels, a major step forward for countries long reliant on lower-quality imports. This creates new opportunities for West African governments to strengthen fuel specifications, improve urban air quality and reduce exposure to volatile global supply chains.

    The workshop will also explore the broader impact of Dangote on Africa’s existing refining infrastructure. With aging, underutilized refineries scattered across the continent, the rise of a mega refinery capable of meeting domestic and regional demand poses significant questions for legacy plants. Will they modernize, reposition themselves to serve niche needs or shut down entirely in the face of more efficient competition? The discussion will address the strategic responses by national oil companies and private operators as they navigate this new refining era.

    “AEW 2025 continues to serve as the continent’s definitive platform for energy dialogue, investment and innovation, with the Dangote workshop exemplifying the type of forward-looking conversations shaping the future of African energy. As West Africa’s refining ambitions begin to bear fruit – and as the continent seeks to capture more value across its energy value chain – the implications for energy security, trade and industrial development are profound,” says NJ Ayuk, Executive Chairman, African Energy Chamber.

    To register for the workshop click here (https://apo-opa.co/4o5lfQ4).

    Distributed by APO Group on behalf of African Energy Chamber.

    About African Energy Week:
    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 www.AECWeek.com for more information about this exciting event.

    Media files

    .

    MIL OSI Africa –

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks on the occasion of Africa Day at the High-level Political Forum on Sustainable Development 2025 [as prepared for delivery]

    Source: United Nations secretary general

    Excellencies,

    Distinguished delegates and colleagues,

    Ladies and gentlemen, 

    It is a great honour to join you here today. 

    As we celebrate Africa Day within this High-Level Political Forum, we gather not only to take stock, but to bear witness to something extraordinary: a continent that refuses to be defined by its starting point but instead chooses to measure itself by how far it has traveled.

    Make no mistake: Africa began its sustainable development journey on the back foot.

    Colonial legacies that took wealth and left behind fractured institutions.

    Climate catastrophes that wash away decades of progress in a single season.

    Conflicts that force entire populations to abandon everything they have built.

    These are daily realities that test the resolve of every African nation.

    Yet here we stand, with ten countries presenting their Voluntary National Reviews this year as testaments to resilience.

    Angola achieving its strongest economic growth in a decade while building over twelve thousand new schools.

    Ethiopia sustaining remarkable growth while powering its entire electrical grid from renewable sources.

    The Gambia driving robust development across agriculture, tourism, and services.

    These efforts are part of a broader continental push to realize the vision of Agenda 2063 and the 2030 Agenda in the VNRs we see that vision coming to life.

    More than 100 other VNRs have been prepared in the last decade since the SDGs were adopted and tell promising stories of progress across the Continent. 

    But let us be clear on the full scale of the challenges facing Africa.

    When a country like Sudan facing conflict sees the vast majority of its factories destroyed with unemployment soaring to crushing levels.

     We are reminded that progress is neither linear nor guaranteed.
    When young people across our continent still struggle to find decent work, we know that our most precious resource – our youth – still faces barriers that deny them their rightful place in building tomorrow’s Africa.

    When Africa gets the fundamentals right, like quality education for every child, the path to higher ground becomes clearer. 

    Digital transformation, climate resilience, economic justice: these are no longer distant summits, but peaks within reach, and Africa has always been a continent of climbers.

    Consider the women breaking barriers across our continent.

    In parliaments from Rwanda to Eswatini to Ghana, women are claiming seats of power once denied to them.

    Across Lesotho, widows now possess rights over family property that previous generations could never imagine.

    Each a seismic shift in how African societies recognize the power and potential of half their population.

    Our youth, too, are not passive recipients of change – they are its architects.

    From Nigeria’s digital revolution to technology driven governance in Seychelles to Morocco’s role in advancing AI research, young Africans are coding and designing the future every step of the way.

    That said, we should not romanticize the road ahead.

    At this moment, at this rate, the SDGs are beyond reach in Africa. 

    We have five years to 2030.

    Five years to transform systems that took decades to build.

    Five years to close gaps and the widest gap remains finance. 

    Finance is the engine of progress. 

    Without it, schools don’t get built, clinics stay empty, and peace remains out of reach. 

    The global financial system is not working for Africa. 

    Borrowing costs are too high, debt burdens are too heavy, and the money that could change lives is tied up in systems that are too slow, too narrow, and too risk averse. 

    The Sevilla Commitment is a step forward, a promise to get resources flowing faster, fairer, and at the scale we need.

    The next five years will test not only our ambition, but our ability to deliver on the most basic promises of dignity and justice – especially in the areas where progress remains most elusive.

    Many women still face gender-based violence that steals their safety, their dignity, and their dreams.

    We must dismantle the structural barriers that persist like shadows, following women from childhood through their adult lives.

    Our young people deserve more than we have given them. We must invest urgently in skills development, particularly in the digital and green sectors where Africa can lead the world. 

    The bigger picture also betrays an all-too-present imbalance: too often, African countries are absent from the tables where global decisions are made, yet they are first to feel the impact.

    The Pact for the Future is working to change that. 

    It calls for more inclusive, representative global governance that reflects today’s realities, not a snapshot of yesterday. 

    It recognizes that sustainable development cannot be built on a foundation of exclusion, and by adopting the Pact, countries committed to ensuring Africa is where it belongs: at the table, shaping the decisions that shape our world.

    And we are taking the necessary steps to ensure that countries have the UN support and capacity needed to do just that. 

    The Secretary-General’s UN80 Initiative also builds on the existing reforms and plots an ambitious path forward to ensure that those we serve have the optimal level and type of capacity in country. 

    Excellencies,

    Africa’s journey toward 2030, 2063 and beyond is not a sprint, it’s a relay race, where each nation, each community, each individual, carries the baton forward.

    The Africa Sustainable Development Report that we are launching today represents both the progress, and the challenges, from a continent still writing its greatest chapter.

    It is a declaration that future generations will inherit not the limitations we face, but the possibilities we create.

    Above all, they speak to a refusal to accept that history determines destiny.

    I want to thank the African Union, the Economic Commission of Africa, the African Development Bank and the UNDP for preparing this crucial piece of work. 

    Let it be our map for the road ahead. 

    Let us build on the foundation of commitment it represents.

    The relay baton is in our hands. 

    The finish line is in sight, and from what I have seen, African nations – resilient, determined, unstoppable – are ready to run.

    Thank you.

    MIL OSI United Nations News –

  • MIL-OSI: Dassault Systèmes: Availability of the 2025 Half-year Financial Report

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    VELIZY-VILLACOUBLAY, France — July 24, 2025

    Availability of Dassault Systèmes’ 2025 Half-Year Financial Report

    (IFRS Half-Year Consolidated Condensed Financial Statements)

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today announced the availability to the public and the filing of its Half-Year Financial Report as of June 30, 2025 with the French Autorité des marchés financiers. The half-year condensed consolidated financial statements included in this report are established in accordance with the IFRS standards.

    This Half-Year Financial Report is available on Dassault Systèmes’ website at https://investor.3ds.com/regulated-information/periodic-information.

    Hard Copies of the Half-Year Financial Report are also available upon request at Dassault Systèmes’ headquarters, 10 rue Marcel Dassault – CS 40501, 78946 Vélizy-Villacoublay cedex, France.

    ###

    ABOUT DASSAULT SYSTÈMES

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

    Dassault Systèmes Investor Relations Team                FTI Consulting
    Béatrix Martinez :                                        Arnaud de Cheffontaines: +33 1 47 03 69 48
    +33 1 61 62 40 73                                        Jamie Ricketts : +44 20 3727 1600
    investors@3ds.com                                        

    Dassault Systèmes Press Contacts
    Corporate / France        
    Arnaud Malherbe / Déborah Cobbi
    +33 1 61 62 87 73 / +33 1 61 62 70 83
    arnaud.malherbe@3ds.com / deborah.cobbi@3ds.com

    Attachment

    The MIL Network –

  • MIL-OSI: 74Software: Sustained Momentum Reinforces Long-Term Objectives

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Paris, July 24, 2025

    74Software: Sustained Momentum Reinforces Long-Term Objectives

    • Group H1 2025 revenue of €344.0m, up 6.5% organically and 6.2% in total
    • Strong H1 across both brands – Axway up 8.9% to €160.8m and SBS up 5.0% to €184.2m
    • Marked improvement in margin on operating activities, up 585bps to 12.0% of revenue (€41.3m)
    • ARR increased year-on-year by 11.8% at Axway and 10.9% at SBS, further strengthening recurring revenues

    74Software’s Board of Directors, chaired by Pierre Pasquier, approved today the financial statements for the first half of 2025, which were subject to a limited review by the statutory auditors1. Consequently, 74Software announces:

    Half-Year Key Income Statement Items
                       
        Half-year 2025   Half-year 2024
    Proforma
    6M AXW + 6M SBS    		   Half-year 2024
    Reported
    Axway Standalone
        €m % of Rev.   €m % of Rev.   €m % of Rev.
    TOTAL REVENUE   344.0     323.9     148.7  
    GROSS PROFIT   228.1 66.3%   206.8 63.9%   104.7 70.5%
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   17.1 11.5%
    OPERATING PROFIT   19.5 5.7%   2.6 0.8%   8.3 5.6%
    NET PROFIT   5.8 1.7%   -15.6 -4.8%   2.8 1.9%
    EARNINGS PER SHARE   0.20 €     -0.54 €     0.13 €  

    Patrick Donovan, Chief Executive Officer, stated:

    “Our H1 results confirm our strong start to the year and demonstrate both the strength of our strategic direction and our ability to execute in-line with our stated plans. As noted in our Q1 press release, the solid early execution front-loads part of the year’s commercial activity— especially in the Axway business. We remain fully committed to our full-year guidance and, more broadly, to our 2027 and 2028 ambitions. Axway is now firmly established as a subscription-first business, while SBS is rapidly scaling its modular banking platforms and expanding its SaaS footprint. With recurring revenue accelerating and capital deployment tightly managed, 74Software is becoming a more structured, resilient, and forward-looking group — built to deliver long-term value creation.”

    Comments on H1 2025 activity

    74Software delivered a strong first-half performance, confirming its ability to execute on its strategic roadmap and capitalize on the operational integration initiated following the transaction closing in September 2024. Revenue growth was solid in both brands, while profitability improved as planned — reflecting the strength of the Group’s model and the improved execution driven by Axway’s infrastructure software expertise and SBS’s leadership in banking software.

    Following a particularly dynamic Q1, the second quarter allowed the Group to consolidate its gains, maintain commercial selectivity, and further shift toward a recurring, scalable revenue model. Axway has now largely transitioned, while SBS continues to advance its own transformation, expanding SaaS deployments and rebalancing its revenue mix in favor of product revenue. Key highlights for the period include:

    • Axway recorded a strong first half, with consistent growth across all product lines. Nearly 60 new customers were signed during the period (+20% year-on-year), with new-name deals accounting for around one-third of Q2 bookings. Large-scale projects gained momentum, including six contracts exceeding €1 million signed in Q2 alone. Demand for cloud-based delivery continued to rise, with Axway-managed deployments representing 40% of Q2 bookings and 35% over the first half. This shift was broad-based, with steady adoption across all geographies and industry verticals.
    • SBS also reported strong results, with product revenue now accounting for 75% of total revenue, up from 67% in H1 2024 — marking significant progress in the company’s shift toward a software-led model. Growth was supported by all product lines, including solid license activity in integrated platforms, components, and financing solutions, as well as continued expansion of modular offerings. The company has now contracted more than 230 SaaS regulatory reporting services, reinforcing adoption across its client base. During the period, SBS welcomed several new clients and completed the first SaaS deployment of its digital engagement platform in Europe. Two additional implementations are scheduled for the third quarter in Africa, where demand is driven by microfinance and Islamic banking. The company’s progress was also recognized through multiple industry awards highlighting its leadership in compliance, payments, and digital banking.

    The Group enters H2 with improving visibility, disciplined execution, and a clear focus on delivering its full-year objectives. Integration of support functions between Axway and SBS is now largely complete, and joint commercial initiatives are steadily expanding across selected regions.

    Comments on H1 2025 operational performance

    Half-year Revenue Breakdown by Portfolio Brand
               
      H1 2025 H1 2024
    Proforma    		 H1 2024
    Restated    		 Total
    Growth    		 Organic
    Growth
    €m / %
    Axway Scope 160.8 148.7 147.6 8.1% 8.9%
    SBS Scope 184.2 175.2 175.4 5.1% 5.0%
               
    Consolidation -1.0 0.0 0.0 – –
               
    74Software 344.0 323.9 323.0 6.2% 6.5%

    In the first half of 2025, the Group generated revenue of €344.0 million, reflecting total growth of 6.2% and organic growth of 6.5% year-on-year. This performance was supported by both brands, with Axway contributing €160.8 million in revenue and organic growth of 8.9%, and SBS contributing €184.2 million with 5.0% organic growth (compared to proforma H1 2024).

    Half-year Revenue Breakdown by Type
               
      H1 2025 H1 2024
    Proforma    		 H1 2024
    Restated    		 Total
    Growth    		 Organic
    Growth
    €m / %
    Product revenue 280.0 248.7 248.1 12.6% 12.9%
    Recurring revenue 258.0 229.3 228.7 12.5% 12.8%
    o/w Maintenance & Support 91.5 96.2 96.0 -4.9% -4.7%
    o/w Customer-managed Subscription 98.7 76.6 76.5 28.8% 29.0%
    o/w Own-managed Subscription 67.8 56.5 56.2 20.0% 20.6%
    License revenue 22.1 19.4 19.4 13.5% 13.7%
               
    Services revenue 64.0 75.2 74.9 -14.9% -14.6%
               
    Total revenue 344.0 323.9 323.0 6.2% 6.5%

    In the first half of 2025, Product revenue reached €280.0 million, up 12.9% organically, reflecting strong execution across both Axway and SBS. The Group continued to benefit from rising demand for subscription-based offers, with both customer-managed and own-managed subscriptions posting growth above 20%. Maintenance revenue declined as anticipated, while license activity increased but remained low at 6.4% of total revenue. Product revenues accounted for 81% of total revenue (up from 77% in H1 2024) and recurring revenues were at 75% of total revenue (up from 71% in H1 2024), confirming 74Software’s successful transition toward a product- and subscription-led model.

    Axway generated €143.3 million in product revenue, up 10.5% organically. Recurring activities made nearly the entire contribution, driven by a 29.5% increase in customer-managed subscriptions and 6.8% growth in own-managed deployments, reflecting continued momentum in hybrid environments. License revenue decreased by 34.9% as the company continues to phase out new license sales. Maintenance and support dropped by 20.6% due to the continued shift of the customer base towards subscription models. Services revenue was slightly lower, down 2.2%, and represented 11% of Axway’s total.

    SBS recorded €137.7 million in product revenue, up 16.3% organically, with strong performance across all product categories. Own-managed subscriptions rose by 35.2%, customer-managed subscriptions by 25.5%, and maintenance and support increased by 4.2%, supported by a growing installed base. License revenue climbed 21.2%, reflecting continued expansion of integrated and lending solutions. Recurring revenue now represents 64% of SBS’s business (up from 58% in H1 2024), with services accounting for 25% and licenses for 11%. This illustrates SBS’s continued shift from a service-led to a product-led business model.

    Group-wide, Services generated €64.0 million in the first half, or 18.6% of total revenue, down 14.6% compared to last year. This decrease mainly reflects SBS’s repositioning, while Axway’s service contribution remained stable. The difference in service trends between the two businesses stems from their respective models. Axway relies on lighter implementation cycles, whereas SBS delivers more comprehensive banking transformation programs.

    At the end of June 2025, ARR for Axway stood at €255.9 million, reflecting an organic growth of 11.8% year-on-year. SBS also continued to expand its ARR to €233.3 million, up 10.9% organically year-on-year. These solid performances confirm the effectiveness of both companies’ strategic repositioning and reinforce the Group’s revenue predictability and resilience.

    Comments on H1 2025 product line performance

    Axway, a recognized leader in application infrastructure and middleware, delivered solid momentum in the first half of 2025. All product lines contributed to growth, supported by strong commercial execution and increasing demand for cloud-based solutions:

    • Managed File Transfer remained a key contributor despite a normalization of activity following an exceptional 2024. The gradual erosion of legacy maintenance was more than offset by strong momentum in managed deployments, confirming the sustained value of Axway’s hybrid approach.
    • B2B Integration delivered robust gains across the board, benefiting from growing demand for managed solutions and early signs of successful cross-sell with SBS. The product line also saw improvements in both subscription and service revenue.
    • API Management accelerated sharply, supported by strong commercial execution and increased adoption of its integration and engagement modules. The Fusion extension also contributed positively, confirming the platform’s potential.
    • Specialized Products, including the Financial Accounting Hub, maintained steady momentum through targeted compliance and finance use cases. Recent wins via ecosystem partnerships reinforced Axway’s positioning with key accounts.

    SBS, a trusted provider of banking and financing software, posted solid growth in all product lines, confirming the strength of its modular and targeted approach as it continues its shift toward a product-led model:

    • Financing Products maintained a steady trajectory, reflecting stable demand in wholesale auto finance and UK mortgage service. Activity remained resilient despite longer decision cycles in certain regions.
      • Modular Products continued to gain traction, primarily driven by momentum in instant payments and the regulatory reporting platform. Cross-sell into the integrated base gained pace, confirming the appeal of modular architectures.
      • Integrated Products delivered consistent performance, with solid customer retention and ongoing functional improvements. In some markets, modular alternatives are beginning to complement legacy platforms, paving the way for more composable setups. SBS’ market-leading product in Africa continues to perform strongly, adding new customers as well as increasing share of wallet in its installed base.
    • Banking Components continued to gain momentum, particularly in payments, lending, and cards. The strength of customer relationships across key accounts in France continues to drive upsells.

    Comments on H1 2025 profit on operating activities

    Profit on Operating Activities – Group
                       
        H1 2025   H1 2024
    Proforma    		   Change
        €m % of Rev.   €m % of Rev.   €m Basis Points
    Product revenue   280.0 81.4%   248.7 76.8%   + 31.3 + 461
    Services revenue   64.0 18.6%   75.2 23.2%   – 11.2 – 461
    Total revenue   344.0     323.9     + 20.1  
    Total costs of revenue   115.9     117.1     – 1.2  
    GROSS PROFIT   228.1 66.3%   206.9 63.9%   + 21.2 + 243
    o/w product gross profit   217.9 77.8%   191.7 77.0%   + 26.2 + 75
    o/w services gross profit   10.2 15.9%   15.2 20.2%   – 5.0 – 422
    Operating expenses   186.8 54.3%   186.9 57.7%   – 0.1 – 341
    o/w research & development   93.2 27.1%   95.0 29.3%   – 1.8 – 224
    o/w sales & marketing   62.8 18.3%   62.3 19.2%   + 0.5 – 96
    o/w general & administrative   30.8 8.9%   29.6 9.1%   + 1.1 – 20
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   + 21.4 + 585
    Net Capitalisation of R&D   8.4 2.4%   9.1 2.8%   – 0.8 – 39
    in % of gross R&D   8.2%     8.8%     -0.5%  

    In H1 2025, profit on operating activities reached €41.3 million, representing a margin of 12.0% of revenue, compared with 6.1% in H1 2024. This sharp improvement reflects strong gross profit expansion, driven by a more favorable revenue mix and tight cost control across operating expenses with all lines showing year-on-year efficiencies. Gross margins increased—particularly at Axway—thanks to strong bookings in customer-managed subscriptions, which generated significant upfront revenue at high margins.

    Comments on H1 2025 net profit

    Net Profit – Group
                       
        Half-year 2025   Half-year 2024
    Proforma
    6M AXW + 6M SBS    		   Half-year 2024
    Reported
    Axway Standalone
        €m % of Rev.   €m % of Rev.   €m % of Rev.
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   17.1 11.5%
    Share-based expenses   -6.7     -2.4     -2.9  
    Amortization of allocated intangibles   -6.2     -7.1     -1.7  
    PROFIT FROM RECURRING OPERATIONS   28.4 8.3%   10.5 3.2%   12.5 8.4%
    Other operating income and expenses   -8.9     -7.9     -4.1  
    OPERATING PROFIT   19.5 5.7%   2.6 0.8%   8.3 5.6%
    Cost of financial debt   -9.0     -8.9     -2.7  
    Other financial income and expenses   -2.2     -2.0     -0.9  
    Income tax expenses   -2.5     -7.2     -2.0  
    NET PROFIT   5.8 1.7%   -15.6 -4.8%   2.8 1.9%
    Earnings per share   0.20 €     -0.54 €     0.13 €  

    Profit from recurring operations reached €28.4 million, after accounting for the amortization of allocated intangibles and share-based expenses. This marks a substantial improvement from the H1 2024 proforma figure of €10.5 million.

    Share-based expenses increased, reflecting the inclusion of SBS in the new long-term incentive program, the Group’s strong share price performance, and higher employer social security rates in France. The purchase price allocation (PPA) related to the SBS acquisition has now been finalized. Amortization of allocated intangibles has been restated for 2024 on a pro forma basis and is expected to total €12–13 million for full-year 2025.

    After including other operating income and expenses, such as restructuring charges and non-recurring items totaling €8.9 million, operating profit amounted to €19.5 million, compared with €2.6 million on a proforma basis in H1 2024.

    Net profit for the half-year came to €5.8 million (1.7%), a significant turnaround from the €15.6 million loss recorded on a proforma basis in the prior year.

    Basic earnings per share stood at €0.20, compared with a loss of €0.54 per share in the first half of 2024 (proforma).

    Financial position on June 30, 2025

    74Software made strong progress in its deleveraging effort during H1 2025. Free cash flow was particularly robust, supported by seasonal inflows from maintenance and subscription renewals, as well as the first-time implementation of a factoring program on selected receivables. Unlevered free cash flow reached €76.4 million, enabling €42 million in debt repayments and boosting cash balances. As a result, net debt stood at €191.8 million (before IFRS 16), with a leverage ratio of 1.83x and a gearing ratio of 0.37x—achieving the full-year leverage target of below 2.0x well ahead of schedule. This deleveraging is expected to reduce interest expenses going forward. Due to seasonal patterns in cash collection, the leverage ratio is expected to remain below 2.0x through year-end, though without material further improvement.

    Shareholders’ equity stood at €512.8 million (72.8% of total capital) at June 30, 2025.

    Change in the workforce

    At June 30, 2025, the Group employed 4,679 full-time equivalents, compared with 4,787 at year-end 2024. This 2.6% reduction reflects continued disciplined workforce management across both Axway and SBS, aligned with the Group’s operational efficiency focus.

    Targets & Ambitions

    Following a strong first half, 74Software confirms its full-year 2025 guidance, underpinned by solid execution and front-loaded bookings. The Group continues to target revenue growth between 2% and 4%, reaching approximately €700 million, with an operating margin between 14% and 16%. Due to the first-time introduction of the factoring program, unlevered free cash flow is now expected to be at least 10% of revenue, and the leverage ratio is projected to remain below 2.0x.

    Looking ahead, 74Software reiterates its ambition to surpass €750 million in revenue by 2027 with an operating margin above 17%, and to reach around 20% by 2028 — in line with its trajectory toward a scalable, profitable, and product-led growth model.

    [ NEW TIME ] Today, Thursday, July 24, 2025, 6.00 p.m. (CEST):

    2025 HALF-YEAR RESULTS – VIRTUAL ANALYST CONFERENCE

    •  Register here or join by phone by dialing one of the numbers below:
      • France: +33 (0) 1 70 37 71 66 / USA: +1 786 697 3501 / International: +44 (0) 33 0551 0200

    Please note that the meeting will be held in English.

    Financial Calendar

    Thursday, October 30, 2025, before market opening: Publication of Q3 2025 Revenue

    Thursday, February 26, 2026, after market closing: Publication of 2025 Full-Year Results

    Glossary and Alternative Performance Measures

    Axway ARR: Annual Recurring Revenue – Expected annual billing amounts from all active maintenance and subscription agreements.

    SBS ARR: Annual Recurring Revenue – Monthly recurring revenue (MRR) for the last month of the reporting period multiplied by 12. Where contracts are affected by seasonality or contracted volume-based elements, the last 12 months of revenue are aggregated in determining ARR. Expected recurring revenue from contracts signed but not yet active are not included in ARR.

    NPS: Net Promoter Score – Customer satisfaction and recommendation indicator for a company.

    Organic growth: Growth in revenue between the period under review and the prior period, restated for consolidation scope and exchange rate impacts.

    Profit on operating activities: Profit from recurring operations adjusted for the non-cash share-based payment expense, as well as the amortization of allocated intangible assets.

    Proforma: Proforma measures assume the acquisition of SBS happened at the beginning of the respective reporting period.

    Restated revenue: Revenue for the prior year, adjusted for the consolidation scope and exchange rates of the current year.

    Unlevered free cash flow: Free cash flow before exceptional items and before net interest expense.

    About 74Software

    74Software is an enterprise software group founded through the combination of Axway and SBS – independently operated leaders with unique experience and capabilities to deliver mission-critical software for a data driven world. A pioneer in enterprise integration solutions for 25 years, Axway supports major brands and government agencies around the globe with its core line of MFT, B2B, API, and Financial Accounting Hub products. SBS empowers banks and financial institutions to reimagine tomorrow’s digital experiences with a composable cloud-based architecture that enables deposits, lending, compliance, payments, consumer, and asset finance services and operations to be deployed worldwide. 74Software serves more than 11,000 companies, including over 1,500 financial service customers. To learn more, visit 74Software.com

    Contacts – Investor Relations:

    Arthur Carli – +33 (0)1 47 17 24 65 – acarli@74software.com

    Chloé Chouard – +33 (0)1 47 17 21 78 – cchouard@74software.com

    Appendices (1/5)

    Income Statement – Group
                       
        Half-year 2025   Half-year 2024
    Proforma
    6M AXW + 6M SBS    		   Half-year 2024
    Reported
    Axway Standalone
        €m % of Rev.   €m % of Rev.   €m % of Rev.
    TOTAL REVENUE   344.0     323.9     148.7  
    Total costs of revenue   -115.9     -117.1     -44.0  
    GROSS PROFIT   228.1 66.3%   206.9 63.9%   104.7 70.5%
    Operating expenses   -186.8     -186.9     -87.6  
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   17.1 11.5%
    Share-based expenses   -6.7     -2.4     -2.9  
    Amortization of allocated intangibles   -6.2     -7.1     -1.7  
    PROFIT FROM RECURRING OPERATIONS   28.4 8.3%   10.5 3.2%   12.5 8.4%
    Other operating income and expenses   -8.9     -7.9     -4.1  
    OPERATING PROFIT   19.5 5.7%   2.6 0.8%   8.3 5.6%
    Cost of financial debt   -9.0     -8.9     -2.7  
    Other financial income and expenses   -2.2     -2.0     -0.9  
    Income tax expenses   -2.5     -7.2     -2.0  
    NET PROFIT   5.8 1.7%   -15.6 -4.8%   2.8 1.9%
    Earnings per share   0.20 €     -0.54 €     0.13 €  
    Simplified Balance Sheet                    
                         
    in €m   H1 2025
    IFRS
    Consolidated    		 FY 2024
    IFRS Consolidated    		 Change   in €m   H1 2025
    IFRS
    Consolidated    		 FY 2024
    IFRS Consolidated    		 Change
    Accounts receivables   246.7 293.5 – 46.8   Cash & cash equivalents   -57.8 -41.4 – 16.4
    Other current assets   123.3 101.9 + 21.4   Financial debt   249.6 291.8 – 42.2
    Accounts payables   -34.1 -28.7 – 5.4   Net debt   191.8 250.4 – 58.6
    Deferred revenue   -138.2 -88.6 – 49.6   Equity   512.8 532.4 – 19.6
    Other current liabilities   -137.2 -158.0 + 20.8   CAPITAL EMPLOYED   704.6 782.8 – 78.2
    Net working capital   60.5 120.1 – 59.7            
    Tangible fixed assets   20.9 25.0 – 4.1            
    Goodwill   523.1 497.4 + 25.7       H1 2025
    IFRS
    Consolidated    		 FY 2024
    IFRS Consolidated    		 Change
    Other intangibles   132.1 192.3 – 60.2      
    Fixed assets   676.1 714.7 – 38.6   Ratios  
    Other assets   100.2 78.1 + 22.1   DSO (days)   121 145 -24
    Other liabilities   -132.1 -130.1 – 2.0   Net debt / total capital   27.2% 32.0% – 4.8%
    Other assets – liabilities   -31.9 -52.0 + 20.1   Equity / total capital   72.8% 68.0% + 4.8%
    INVESTED ASSETS   704.5 782.8 – 78.4            
    Cash Flow Statement              
                   
      H1 2025   H1 2024   Change Axway
    H1 25 vs. H1 24
    in €m 74Software SBS Axway   Axway Standalone  
    Operating cashflow 89.6 35.8 53.9   15.0   + 38.8
    o/w change in NWC 55.0 29.4 25.6   2.6   + 23.1
    o/w other operating cashflow 34.6 6.4 28.2   12.5   + 15.7
    Investing cashflow -14.2 -9.8 -4.4   -2.7   – 1.6
    o/w PP&E & others -5.0 -0.6 -4.4   -2.7   – 1.7
    o/w capitalized R&D -9.2 -9.2 0.0   0.0   0.0
    Financing cashflow -58.1 -14.6 -43.4   -12.6   – 30.8
    o/w debt repayment -42.0 0.0 -42.0   0.0   – 42.0
    o/w other financing cashflow -16.1 -14.6 -1.4   -12.6   + 11.2
    NET CHANGE IN CASH 16.2 11.1 5.1   -0.2   + 5.3
                   
    Unlevered free cashflow 76.4 29.0 47.4   13.9   + 33.5
    as a % of revenue 22.2% 15.7% 29.5%   9.4%   + 20.1%

    Appendices (2/5)

    Profit on Operating Activities – Axway
                       
        H1 2025
    Axway    		   H1 2024
    Reported
    Axway    		   Change
        €m % of Rev.   €m % of Rev.   €m Basis Points
    Product revenue   143.3 89.1%   130.5 87.8%   + 12.8 + 134
    Services revenue   17.5 10.9%   18.2 12.2%   – 0.7 – 134
    Total revenue   160.8     148.7     + 12.1  
    Total costs of revenue   40.3     44.0     – 3.7  
    GROSS PROFIT   120.5 74.9%   104.7 70.4%   + 15.8 + 451
    o/w product gross profit   119.3 83.2%   104.6 80.2%   + 14.7 + 308
    o/w services gross profit   1.2 7.0%   0.1 0.6%   + 1.1 + 644
    Operating expenses   93.8 58.4%   87.6 58.9%   + 6.2 – 58
    o/w research & development   32.6 20.3%   31.2 21.0%   + 1.4 – 69
    o/w sales & marketing   43.0 26.8%   41.8 28.1%   + 1.2 – 137
    o/w general & administrative   18.2 11.3%   14.6 9.8%   + 3.6 + 148
    PROFIT ON OPERATING ACTIVITIES   26.7 16.6%   17.1 11.5%   + 9.6 + 508
    Profit on Operating Activities – SBS
                       
        H1 2025
    SBS    		   H1 2024
    Proforma
    SBS    		   Change
        €m % of Rev.   €m % of Rev.   €m Basis Points
    Product revenue   137.7 74.8%   118.2 67.5%   + 19.5 + 729
    Services revenue   46.5 25.2%   57.0 32.5%   – 10.5 – 729
    Total revenue   184.2     175.2     + 8.9  
    Total costs of revenue   76.6     73.1     + 3.5  
    GROSS PROFIT   107.6 58.4%   102.1 58.3%   + 5.5 + 14
    o/w product gross profit   98.6 71.6%   87.1 73.6%   + 11.5 – 202
    o/w services gross profit   9.0 19.3%   15.1 26.4%   – 6.1 – 710
    Operating expenses   93.0 50.5%   99.3 56.7%   – 6.3 – 619
    o/w research & development   60.6 32.9%   63.8 36.4%   – 3.3 – 354
    o/w sales & marketing   19.8 10.7%   20.5 11.7%   – 0.7 – 93
    o/w general & administrative   12.6 6.8%   15.0 8.6%   – 2.4 – 173
    PROFIT ON OPERATING ACTIVITIES   14.6 7.9%   2.8 1.6%   + 11.8 + 633
    Quarterly Revenue Breakdown by Portfolio Brand
                 
        Q1 2025   Q2 2025   H1 2025
    €m      
    Axway Scope   82.5   78.3   160.8
    SBS Scope   88.3   95.8   184.2
                 
    Consolidation   -0.4   -0.6   -1.0
                 
    74Software   170.4   173.5   344.0

    Appendices (3/5)

    Quarterly Revenue Breakdown by Type
                 
        Q1 2025   Q2 2025   H1 2025
    €m / %      
    Product revenue   139.1   141.0   280.0
    Recurring revenue   129.5   128.4   258.0
    o/w Maintenance & Support   47.0   44.5   91.5
    o/w Customer-managed Subscription   48.6   50.1   98.7
    o/w Own-managed Subscription   34.0   33.8   67.8
    License revenue   9.5   12.5   22.1
                 
    Services revenue   31.3   32.6   64.0
                 
    Total revenue   170.4   173.6   344.0
    Quarterly Revenue Breakdown by Type – Axway
                 
        Q1 2025   Q2 2025   H1 2025
    €m / %      
    Product revenue   73.4   69.8   143.3
    Recurring revenue   72.1   69.5   141.6
    o/w Maintenance & Support   14.4   12.8   27.2
    o/w Customer-managed Subscription   43.7   43.2   87.0
    o/w Own-managed Subscription   13.9   13.4   27.4
    License revenue   1.3   0.4   1.7
                 
    Services revenue   9.0   8.5   17.5
                 
    Total revenue – Axway   82.5   78.3   160.8
    Quarterly Revenue Breakdown by Type – SBS
                 
        Q1 2025   Q2 2025   H1 2025
    €m / %      
    Product revenue   66.0   71.7   137.7
    Recurring revenue   57.9   59.5   117.3
    o/w Maintenance & Support   32.5   31.7   64.2
    o/w Customer-managed Subscription   4.9   6.9   11.7
    o/w Own-managed Subscription   20.5   20.9   41.4
    License revenue   8.2   12.2   20.4
                 
    Services revenue   22.3   24.2   46.5
                 
    Total revenue SBS   88.3   95.8   184.2

    Appendices (4/5)

    Half-year Revenue Breakdown by Portfolio Brand & Type      
                     
        H1 2025
    Axway    		   H1 2025
    SBS    		   H1 2025
    Consolidation    		   H1 2025
    74Software
    €m / %        
    Product revenue   143.3   137.7   -1.0   280.0
    Recurring revenue   141.6   117.3   -1.0   258.0
    o/w Maintenance & Support   27.2   64.2   0.0   91.5
    o/w Customer-managed Subscription   87.0   11.7   0.0   98.7
    o/w Own-managed Subscription   27.4   41.4   -1.0   67.8
    License revenue   1.7   20.4   0.0   22.1
                     
    Services revenue   17.5   46.5   0.0   64.0
                     
    Total revenue   160.8   184.2   -1.0   344.0
    Half-year Revenue Breakdown by Portfolio Brand & Type      
                     
        H1 2024
    Axway    		   H1 2024 Proforma
    SBS    		   H1 2024 Proforma Consolidation   H1 2024 Proforma 74Software
    €m / %        
    Product revenue   130.5   118.2   0.0   248.7
    Recurring revenue   127.9   101.4   0.0   229.3
    o/w Maintenance & Support   34.6   61.6   0.0   96.2
    o/w Customer-managed Subscription   67.3   9.3   0.0   76.6
    o/w Own-managed Subscription   25.9   30.5   0.0   56.5
    License revenue   2.6   16.8   0.0   19.4
                     
    Services revenue   18.2   57.0   0.0   75.2
                     
    Total revenue   148.7   175.2   0.0   323.9
    Half-year Revenue Breakdown by Region
                 
      H1 2025 H1 2024
    Proforma    		 H1 2024
    Restated    		 Total
    Growth    		 Organic
    Growth
     
      €m % of Rev.
    Europe 208.1 60.5% 203.0 203.2 2.5% 2.4%
    o/w France 99.5 28.9% 99.7 99.7 -0.2% -0.2%
    o/w UK 46.7 13.6% 44.8 45.0 4.3% 3.7%
    Americas 73.3 21.3% 65.6 64.6 11.7% 13.5%
    Middle East & Africa 43.1 12.5% 39.3 39.3 9.7% 9.7%
    Asia & Pacific 19.4 5.7% 15.9 15.8 22.0% 22.7%
                 
    74Software 344.0   323.9 323.0 6.2% 6.5%

    Appendices (5/5)

    Headcount
           
      30/06/2025 31/12/2024 Change
    Europe 3.001 3.090 -89
    Americas 370 378 -8
    Asia – Pacific 869 882 -13
    Middle East – Africa 439 437 2
           
    TOTAL 4.679 4.787 -108
    Impact on Half-year Revenue of Changes in Scope and Exchange Rates
           
    €m / % H1 2025 H1 2024 Growth
    Revenue 344.0 148.7 + 131.4%
    Changes in exchange rates   -0.9  
    Revenue at constant exchange rates 344.0 147.7 + 132.8%
    Changes in scope   +175.2  
    Revenue at constant scope and exchange rates 344.0 323.0 + 6.5%
    Changes in Main Exchange Rates
           
    For 1€ Average Rate
    H1 2025    		 Average rate
    H1 2024    		 Change
    US Dollar 1.093 1.081 – 1.1%
    Great Britain Pound 0.842 0.855 + 1.5%

    1 The interim consolidated financial statements were subject to limited review procedures.

    Attachment

    The MIL Network –

  • MIL-OSI: 74Software: Sustained Momentum Reinforces Long-Term Objectives

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Paris, July 24, 2025

    74Software: Sustained Momentum Reinforces Long-Term Objectives

    • Group H1 2025 revenue of €344.0m, up 6.5% organically and 6.2% in total
    • Strong H1 across both brands – Axway up 8.9% to €160.8m and SBS up 5.0% to €184.2m
    • Marked improvement in margin on operating activities, up 585bps to 12.0% of revenue (€41.3m)
    • ARR increased year-on-year by 11.8% at Axway and 10.9% at SBS, further strengthening recurring revenues

    74Software’s Board of Directors, chaired by Pierre Pasquier, approved today the financial statements for the first half of 2025, which were subject to a limited review by the statutory auditors1. Consequently, 74Software announces:

    Half-Year Key Income Statement Items
                       
        Half-year 2025   Half-year 2024
    Proforma
    6M AXW + 6M SBS    		   Half-year 2024
    Reported
    Axway Standalone
        €m % of Rev.   €m % of Rev.   €m % of Rev.
    TOTAL REVENUE   344.0     323.9     148.7  
    GROSS PROFIT   228.1 66.3%   206.8 63.9%   104.7 70.5%
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   17.1 11.5%
    OPERATING PROFIT   19.5 5.7%   2.6 0.8%   8.3 5.6%
    NET PROFIT   5.8 1.7%   -15.6 -4.8%   2.8 1.9%
    EARNINGS PER SHARE   0.20 €     -0.54 €     0.13 €  

    Patrick Donovan, Chief Executive Officer, stated:

    “Our H1 results confirm our strong start to the year and demonstrate both the strength of our strategic direction and our ability to execute in-line with our stated plans. As noted in our Q1 press release, the solid early execution front-loads part of the year’s commercial activity— especially in the Axway business. We remain fully committed to our full-year guidance and, more broadly, to our 2027 and 2028 ambitions. Axway is now firmly established as a subscription-first business, while SBS is rapidly scaling its modular banking platforms and expanding its SaaS footprint. With recurring revenue accelerating and capital deployment tightly managed, 74Software is becoming a more structured, resilient, and forward-looking group — built to deliver long-term value creation.”

    Comments on H1 2025 activity

    74Software delivered a strong first-half performance, confirming its ability to execute on its strategic roadmap and capitalize on the operational integration initiated following the transaction closing in September 2024. Revenue growth was solid in both brands, while profitability improved as planned — reflecting the strength of the Group’s model and the improved execution driven by Axway’s infrastructure software expertise and SBS’s leadership in banking software.

    Following a particularly dynamic Q1, the second quarter allowed the Group to consolidate its gains, maintain commercial selectivity, and further shift toward a recurring, scalable revenue model. Axway has now largely transitioned, while SBS continues to advance its own transformation, expanding SaaS deployments and rebalancing its revenue mix in favor of product revenue. Key highlights for the period include:

    • Axway recorded a strong first half, with consistent growth across all product lines. Nearly 60 new customers were signed during the period (+20% year-on-year), with new-name deals accounting for around one-third of Q2 bookings. Large-scale projects gained momentum, including six contracts exceeding €1 million signed in Q2 alone. Demand for cloud-based delivery continued to rise, with Axway-managed deployments representing 40% of Q2 bookings and 35% over the first half. This shift was broad-based, with steady adoption across all geographies and industry verticals.
    • SBS also reported strong results, with product revenue now accounting for 75% of total revenue, up from 67% in H1 2024 — marking significant progress in the company’s shift toward a software-led model. Growth was supported by all product lines, including solid license activity in integrated platforms, components, and financing solutions, as well as continued expansion of modular offerings. The company has now contracted more than 230 SaaS regulatory reporting services, reinforcing adoption across its client base. During the period, SBS welcomed several new clients and completed the first SaaS deployment of its digital engagement platform in Europe. Two additional implementations are scheduled for the third quarter in Africa, where demand is driven by microfinance and Islamic banking. The company’s progress was also recognized through multiple industry awards highlighting its leadership in compliance, payments, and digital banking.

    The Group enters H2 with improving visibility, disciplined execution, and a clear focus on delivering its full-year objectives. Integration of support functions between Axway and SBS is now largely complete, and joint commercial initiatives are steadily expanding across selected regions.

    Comments on H1 2025 operational performance

    Half-year Revenue Breakdown by Portfolio Brand
               
      H1 2025 H1 2024
    Proforma    		 H1 2024
    Restated    		 Total
    Growth    		 Organic
    Growth
    €m / %
    Axway Scope 160.8 148.7 147.6 8.1% 8.9%
    SBS Scope 184.2 175.2 175.4 5.1% 5.0%
               
    Consolidation -1.0 0.0 0.0 – –
               
    74Software 344.0 323.9 323.0 6.2% 6.5%

    In the first half of 2025, the Group generated revenue of €344.0 million, reflecting total growth of 6.2% and organic growth of 6.5% year-on-year. This performance was supported by both brands, with Axway contributing €160.8 million in revenue and organic growth of 8.9%, and SBS contributing €184.2 million with 5.0% organic growth (compared to proforma H1 2024).

    Half-year Revenue Breakdown by Type
               
      H1 2025 H1 2024
    Proforma    		 H1 2024
    Restated    		 Total
    Growth    		 Organic
    Growth
    €m / %
    Product revenue 280.0 248.7 248.1 12.6% 12.9%
    Recurring revenue 258.0 229.3 228.7 12.5% 12.8%
    o/w Maintenance & Support 91.5 96.2 96.0 -4.9% -4.7%
    o/w Customer-managed Subscription 98.7 76.6 76.5 28.8% 29.0%
    o/w Own-managed Subscription 67.8 56.5 56.2 20.0% 20.6%
    License revenue 22.1 19.4 19.4 13.5% 13.7%
               
    Services revenue 64.0 75.2 74.9 -14.9% -14.6%
               
    Total revenue 344.0 323.9 323.0 6.2% 6.5%

    In the first half of 2025, Product revenue reached €280.0 million, up 12.9% organically, reflecting strong execution across both Axway and SBS. The Group continued to benefit from rising demand for subscription-based offers, with both customer-managed and own-managed subscriptions posting growth above 20%. Maintenance revenue declined as anticipated, while license activity increased but remained low at 6.4% of total revenue. Product revenues accounted for 81% of total revenue (up from 77% in H1 2024) and recurring revenues were at 75% of total revenue (up from 71% in H1 2024), confirming 74Software’s successful transition toward a product- and subscription-led model.

    Axway generated €143.3 million in product revenue, up 10.5% organically. Recurring activities made nearly the entire contribution, driven by a 29.5% increase in customer-managed subscriptions and 6.8% growth in own-managed deployments, reflecting continued momentum in hybrid environments. License revenue decreased by 34.9% as the company continues to phase out new license sales. Maintenance and support dropped by 20.6% due to the continued shift of the customer base towards subscription models. Services revenue was slightly lower, down 2.2%, and represented 11% of Axway’s total.

    SBS recorded €137.7 million in product revenue, up 16.3% organically, with strong performance across all product categories. Own-managed subscriptions rose by 35.2%, customer-managed subscriptions by 25.5%, and maintenance and support increased by 4.2%, supported by a growing installed base. License revenue climbed 21.2%, reflecting continued expansion of integrated and lending solutions. Recurring revenue now represents 64% of SBS’s business (up from 58% in H1 2024), with services accounting for 25% and licenses for 11%. This illustrates SBS’s continued shift from a service-led to a product-led business model.

    Group-wide, Services generated €64.0 million in the first half, or 18.6% of total revenue, down 14.6% compared to last year. This decrease mainly reflects SBS’s repositioning, while Axway’s service contribution remained stable. The difference in service trends between the two businesses stems from their respective models. Axway relies on lighter implementation cycles, whereas SBS delivers more comprehensive banking transformation programs.

    At the end of June 2025, ARR for Axway stood at €255.9 million, reflecting an organic growth of 11.8% year-on-year. SBS also continued to expand its ARR to €233.3 million, up 10.9% organically year-on-year. These solid performances confirm the effectiveness of both companies’ strategic repositioning and reinforce the Group’s revenue predictability and resilience.

    Comments on H1 2025 product line performance

    Axway, a recognized leader in application infrastructure and middleware, delivered solid momentum in the first half of 2025. All product lines contributed to growth, supported by strong commercial execution and increasing demand for cloud-based solutions:

    • Managed File Transfer remained a key contributor despite a normalization of activity following an exceptional 2024. The gradual erosion of legacy maintenance was more than offset by strong momentum in managed deployments, confirming the sustained value of Axway’s hybrid approach.
    • B2B Integration delivered robust gains across the board, benefiting from growing demand for managed solutions and early signs of successful cross-sell with SBS. The product line also saw improvements in both subscription and service revenue.
    • API Management accelerated sharply, supported by strong commercial execution and increased adoption of its integration and engagement modules. The Fusion extension also contributed positively, confirming the platform’s potential.
    • Specialized Products, including the Financial Accounting Hub, maintained steady momentum through targeted compliance and finance use cases. Recent wins via ecosystem partnerships reinforced Axway’s positioning with key accounts.

    SBS, a trusted provider of banking and financing software, posted solid growth in all product lines, confirming the strength of its modular and targeted approach as it continues its shift toward a product-led model:

    • Financing Products maintained a steady trajectory, reflecting stable demand in wholesale auto finance and UK mortgage service. Activity remained resilient despite longer decision cycles in certain regions.
      • Modular Products continued to gain traction, primarily driven by momentum in instant payments and the regulatory reporting platform. Cross-sell into the integrated base gained pace, confirming the appeal of modular architectures.
      • Integrated Products delivered consistent performance, with solid customer retention and ongoing functional improvements. In some markets, modular alternatives are beginning to complement legacy platforms, paving the way for more composable setups. SBS’ market-leading product in Africa continues to perform strongly, adding new customers as well as increasing share of wallet in its installed base.
    • Banking Components continued to gain momentum, particularly in payments, lending, and cards. The strength of customer relationships across key accounts in France continues to drive upsells.

    Comments on H1 2025 profit on operating activities

    Profit on Operating Activities – Group
                       
        H1 2025   H1 2024
    Proforma    		   Change
        €m % of Rev.   €m % of Rev.   €m Basis Points
    Product revenue   280.0 81.4%   248.7 76.8%   + 31.3 + 461
    Services revenue   64.0 18.6%   75.2 23.2%   – 11.2 – 461
    Total revenue   344.0     323.9     + 20.1  
    Total costs of revenue   115.9     117.1     – 1.2  
    GROSS PROFIT   228.1 66.3%   206.9 63.9%   + 21.2 + 243
    o/w product gross profit   217.9 77.8%   191.7 77.0%   + 26.2 + 75
    o/w services gross profit   10.2 15.9%   15.2 20.2%   – 5.0 – 422
    Operating expenses   186.8 54.3%   186.9 57.7%   – 0.1 – 341
    o/w research & development   93.2 27.1%   95.0 29.3%   – 1.8 – 224
    o/w sales & marketing   62.8 18.3%   62.3 19.2%   + 0.5 – 96
    o/w general & administrative   30.8 8.9%   29.6 9.1%   + 1.1 – 20
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   + 21.4 + 585
    Net Capitalisation of R&D   8.4 2.4%   9.1 2.8%   – 0.8 – 39
    in % of gross R&D   8.2%     8.8%     -0.5%  

    In H1 2025, profit on operating activities reached €41.3 million, representing a margin of 12.0% of revenue, compared with 6.1% in H1 2024. This sharp improvement reflects strong gross profit expansion, driven by a more favorable revenue mix and tight cost control across operating expenses with all lines showing year-on-year efficiencies. Gross margins increased—particularly at Axway—thanks to strong bookings in customer-managed subscriptions, which generated significant upfront revenue at high margins.

    Comments on H1 2025 net profit

    Net Profit – Group
                       
        Half-year 2025   Half-year 2024
    Proforma
    6M AXW + 6M SBS    		   Half-year 2024
    Reported
    Axway Standalone
        €m % of Rev.   €m % of Rev.   €m % of Rev.
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   17.1 11.5%
    Share-based expenses   -6.7     -2.4     -2.9  
    Amortization of allocated intangibles   -6.2     -7.1     -1.7  
    PROFIT FROM RECURRING OPERATIONS   28.4 8.3%   10.5 3.2%   12.5 8.4%
    Other operating income and expenses   -8.9     -7.9     -4.1  
    OPERATING PROFIT   19.5 5.7%   2.6 0.8%   8.3 5.6%
    Cost of financial debt   -9.0     -8.9     -2.7  
    Other financial income and expenses   -2.2     -2.0     -0.9  
    Income tax expenses   -2.5     -7.2     -2.0  
    NET PROFIT   5.8 1.7%   -15.6 -4.8%   2.8 1.9%
    Earnings per share   0.20 €     -0.54 €     0.13 €  

    Profit from recurring operations reached €28.4 million, after accounting for the amortization of allocated intangibles and share-based expenses. This marks a substantial improvement from the H1 2024 proforma figure of €10.5 million.

    Share-based expenses increased, reflecting the inclusion of SBS in the new long-term incentive program, the Group’s strong share price performance, and higher employer social security rates in France. The purchase price allocation (PPA) related to the SBS acquisition has now been finalized. Amortization of allocated intangibles has been restated for 2024 on a pro forma basis and is expected to total €12–13 million for full-year 2025.

    After including other operating income and expenses, such as restructuring charges and non-recurring items totaling €8.9 million, operating profit amounted to €19.5 million, compared with €2.6 million on a proforma basis in H1 2024.

    Net profit for the half-year came to €5.8 million (1.7%), a significant turnaround from the €15.6 million loss recorded on a proforma basis in the prior year.

    Basic earnings per share stood at €0.20, compared with a loss of €0.54 per share in the first half of 2024 (proforma).

    Financial position on June 30, 2025

    74Software made strong progress in its deleveraging effort during H1 2025. Free cash flow was particularly robust, supported by seasonal inflows from maintenance and subscription renewals, as well as the first-time implementation of a factoring program on selected receivables. Unlevered free cash flow reached €76.4 million, enabling €42 million in debt repayments and boosting cash balances. As a result, net debt stood at €191.8 million (before IFRS 16), with a leverage ratio of 1.83x and a gearing ratio of 0.37x—achieving the full-year leverage target of below 2.0x well ahead of schedule. This deleveraging is expected to reduce interest expenses going forward. Due to seasonal patterns in cash collection, the leverage ratio is expected to remain below 2.0x through year-end, though without material further improvement.

    Shareholders’ equity stood at €512.8 million (72.8% of total capital) at June 30, 2025.

    Change in the workforce

    At June 30, 2025, the Group employed 4,679 full-time equivalents, compared with 4,787 at year-end 2024. This 2.6% reduction reflects continued disciplined workforce management across both Axway and SBS, aligned with the Group’s operational efficiency focus.

    Targets & Ambitions

    Following a strong first half, 74Software confirms its full-year 2025 guidance, underpinned by solid execution and front-loaded bookings. The Group continues to target revenue growth between 2% and 4%, reaching approximately €700 million, with an operating margin between 14% and 16%. Due to the first-time introduction of the factoring program, unlevered free cash flow is now expected to be at least 10% of revenue, and the leverage ratio is projected to remain below 2.0x.

    Looking ahead, 74Software reiterates its ambition to surpass €750 million in revenue by 2027 with an operating margin above 17%, and to reach around 20% by 2028 — in line with its trajectory toward a scalable, profitable, and product-led growth model.

    [ NEW TIME ] Today, Thursday, July 24, 2025, 6.00 p.m. (CEST):

    2025 HALF-YEAR RESULTS – VIRTUAL ANALYST CONFERENCE

    •  Register here or join by phone by dialing one of the numbers below:
      • France: +33 (0) 1 70 37 71 66 / USA: +1 786 697 3501 / International: +44 (0) 33 0551 0200

    Please note that the meeting will be held in English.

    Financial Calendar

    Thursday, October 30, 2025, before market opening: Publication of Q3 2025 Revenue

    Thursday, February 26, 2026, after market closing: Publication of 2025 Full-Year Results

    Glossary and Alternative Performance Measures

    Axway ARR: Annual Recurring Revenue – Expected annual billing amounts from all active maintenance and subscription agreements.

    SBS ARR: Annual Recurring Revenue – Monthly recurring revenue (MRR) for the last month of the reporting period multiplied by 12. Where contracts are affected by seasonality or contracted volume-based elements, the last 12 months of revenue are aggregated in determining ARR. Expected recurring revenue from contracts signed but not yet active are not included in ARR.

    NPS: Net Promoter Score – Customer satisfaction and recommendation indicator for a company.

    Organic growth: Growth in revenue between the period under review and the prior period, restated for consolidation scope and exchange rate impacts.

    Profit on operating activities: Profit from recurring operations adjusted for the non-cash share-based payment expense, as well as the amortization of allocated intangible assets.

    Proforma: Proforma measures assume the acquisition of SBS happened at the beginning of the respective reporting period.

    Restated revenue: Revenue for the prior year, adjusted for the consolidation scope and exchange rates of the current year.

    Unlevered free cash flow: Free cash flow before exceptional items and before net interest expense.

    About 74Software

    74Software is an enterprise software group founded through the combination of Axway and SBS – independently operated leaders with unique experience and capabilities to deliver mission-critical software for a data driven world. A pioneer in enterprise integration solutions for 25 years, Axway supports major brands and government agencies around the globe with its core line of MFT, B2B, API, and Financial Accounting Hub products. SBS empowers banks and financial institutions to reimagine tomorrow’s digital experiences with a composable cloud-based architecture that enables deposits, lending, compliance, payments, consumer, and asset finance services and operations to be deployed worldwide. 74Software serves more than 11,000 companies, including over 1,500 financial service customers. To learn more, visit 74Software.com

    Contacts – Investor Relations:

    Arthur Carli – +33 (0)1 47 17 24 65 – acarli@74software.com

    Chloé Chouard – +33 (0)1 47 17 21 78 – cchouard@74software.com

    Appendices (1/5)

    Income Statement – Group
                       
        Half-year 2025   Half-year 2024
    Proforma
    6M AXW + 6M SBS    		   Half-year 2024
    Reported
    Axway Standalone
        €m % of Rev.   €m % of Rev.   €m % of Rev.
    TOTAL REVENUE   344.0     323.9     148.7  
    Total costs of revenue   -115.9     -117.1     -44.0  
    GROSS PROFIT   228.1 66.3%   206.9 63.9%   104.7 70.5%
    Operating expenses   -186.8     -186.9     -87.6  
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   17.1 11.5%
    Share-based expenses   -6.7     -2.4     -2.9  
    Amortization of allocated intangibles   -6.2     -7.1     -1.7  
    PROFIT FROM RECURRING OPERATIONS   28.4 8.3%   10.5 3.2%   12.5 8.4%
    Other operating income and expenses   -8.9     -7.9     -4.1  
    OPERATING PROFIT   19.5 5.7%   2.6 0.8%   8.3 5.6%
    Cost of financial debt   -9.0     -8.9     -2.7  
    Other financial income and expenses   -2.2     -2.0     -0.9  
    Income tax expenses   -2.5     -7.2     -2.0  
    NET PROFIT   5.8 1.7%   -15.6 -4.8%   2.8 1.9%
    Earnings per share   0.20 €     -0.54 €     0.13 €  
    Simplified Balance Sheet                    
                         
    in €m   H1 2025
    IFRS
    Consolidated    		 FY 2024
    IFRS Consolidated    		 Change   in €m   H1 2025
    IFRS
    Consolidated    		 FY 2024
    IFRS Consolidated    		 Change
    Accounts receivables   246.7 293.5 – 46.8   Cash & cash equivalents   -57.8 -41.4 – 16.4
    Other current assets   123.3 101.9 + 21.4   Financial debt   249.6 291.8 – 42.2
    Accounts payables   -34.1 -28.7 – 5.4   Net debt   191.8 250.4 – 58.6
    Deferred revenue   -138.2 -88.6 – 49.6   Equity   512.8 532.4 – 19.6
    Other current liabilities   -137.2 -158.0 + 20.8   CAPITAL EMPLOYED   704.6 782.8 – 78.2
    Net working capital   60.5 120.1 – 59.7            
    Tangible fixed assets   20.9 25.0 – 4.1            
    Goodwill   523.1 497.4 + 25.7       H1 2025
    IFRS
    Consolidated    		 FY 2024
    IFRS Consolidated    		 Change
    Other intangibles   132.1 192.3 – 60.2      
    Fixed assets   676.1 714.7 – 38.6   Ratios  
    Other assets   100.2 78.1 + 22.1   DSO (days)   121 145 -24
    Other liabilities   -132.1 -130.1 – 2.0   Net debt / total capital   27.2% 32.0% – 4.8%
    Other assets – liabilities   -31.9 -52.0 + 20.1   Equity / total capital   72.8% 68.0% + 4.8%
    INVESTED ASSETS   704.5 782.8 – 78.4            
    Cash Flow Statement              
                   
      H1 2025   H1 2024   Change Axway
    H1 25 vs. H1 24
    in €m 74Software SBS Axway   Axway Standalone  
    Operating cashflow 89.6 35.8 53.9   15.0   + 38.8
    o/w change in NWC 55.0 29.4 25.6   2.6   + 23.1
    o/w other operating cashflow 34.6 6.4 28.2   12.5   + 15.7
    Investing cashflow -14.2 -9.8 -4.4   -2.7   – 1.6
    o/w PP&E & others -5.0 -0.6 -4.4   -2.7   – 1.7
    o/w capitalized R&D -9.2 -9.2 0.0   0.0   0.0
    Financing cashflow -58.1 -14.6 -43.4   -12.6   – 30.8
    o/w debt repayment -42.0 0.0 -42.0   0.0   – 42.0
    o/w other financing cashflow -16.1 -14.6 -1.4   -12.6   + 11.2
    NET CHANGE IN CASH 16.2 11.1 5.1   -0.2   + 5.3
                   
    Unlevered free cashflow 76.4 29.0 47.4   13.9   + 33.5
    as a % of revenue 22.2% 15.7% 29.5%   9.4%   + 20.1%

    Appendices (2/5)

    Profit on Operating Activities – Axway
                       
        H1 2025
    Axway    		   H1 2024
    Reported
    Axway    		   Change
        €m % of Rev.   €m % of Rev.   €m Basis Points
    Product revenue   143.3 89.1%   130.5 87.8%   + 12.8 + 134
    Services revenue   17.5 10.9%   18.2 12.2%   – 0.7 – 134
    Total revenue   160.8     148.7     + 12.1  
    Total costs of revenue   40.3     44.0     – 3.7  
    GROSS PROFIT   120.5 74.9%   104.7 70.4%   + 15.8 + 451
    o/w product gross profit   119.3 83.2%   104.6 80.2%   + 14.7 + 308
    o/w services gross profit   1.2 7.0%   0.1 0.6%   + 1.1 + 644
    Operating expenses   93.8 58.4%   87.6 58.9%   + 6.2 – 58
    o/w research & development   32.6 20.3%   31.2 21.0%   + 1.4 – 69
    o/w sales & marketing   43.0 26.8%   41.8 28.1%   + 1.2 – 137
    o/w general & administrative   18.2 11.3%   14.6 9.8%   + 3.6 + 148
    PROFIT ON OPERATING ACTIVITIES   26.7 16.6%   17.1 11.5%   + 9.6 + 508
    Profit on Operating Activities – SBS
                       
        H1 2025
    SBS    		   H1 2024
    Proforma
    SBS    		   Change
        €m % of Rev.   €m % of Rev.   €m Basis Points
    Product revenue   137.7 74.8%   118.2 67.5%   + 19.5 + 729
    Services revenue   46.5 25.2%   57.0 32.5%   – 10.5 – 729
    Total revenue   184.2     175.2     + 8.9  
    Total costs of revenue   76.6     73.1     + 3.5  
    GROSS PROFIT   107.6 58.4%   102.1 58.3%   + 5.5 + 14
    o/w product gross profit   98.6 71.6%   87.1 73.6%   + 11.5 – 202
    o/w services gross profit   9.0 19.3%   15.1 26.4%   – 6.1 – 710
    Operating expenses   93.0 50.5%   99.3 56.7%   – 6.3 – 619
    o/w research & development   60.6 32.9%   63.8 36.4%   – 3.3 – 354
    o/w sales & marketing   19.8 10.7%   20.5 11.7%   – 0.7 – 93
    o/w general & administrative   12.6 6.8%   15.0 8.6%   – 2.4 – 173
    PROFIT ON OPERATING ACTIVITIES   14.6 7.9%   2.8 1.6%   + 11.8 + 633
    Quarterly Revenue Breakdown by Portfolio Brand
                 
        Q1 2025   Q2 2025   H1 2025
    €m      
    Axway Scope   82.5   78.3   160.8
    SBS Scope   88.3   95.8   184.2
                 
    Consolidation   -0.4   -0.6   -1.0
                 
    74Software   170.4   173.5   344.0

    Appendices (3/5)

    Quarterly Revenue Breakdown by Type
                 
        Q1 2025   Q2 2025   H1 2025
    €m / %      
    Product revenue   139.1   141.0   280.0
    Recurring revenue   129.5   128.4   258.0
    o/w Maintenance & Support   47.0   44.5   91.5
    o/w Customer-managed Subscription   48.6   50.1   98.7
    o/w Own-managed Subscription   34.0   33.8   67.8
    License revenue   9.5   12.5   22.1
                 
    Services revenue   31.3   32.6   64.0
                 
    Total revenue   170.4   173.6   344.0
    Quarterly Revenue Breakdown by Type – Axway
                 
        Q1 2025   Q2 2025   H1 2025
    €m / %      
    Product revenue   73.4   69.8   143.3
    Recurring revenue   72.1   69.5   141.6
    o/w Maintenance & Support   14.4   12.8   27.2
    o/w Customer-managed Subscription   43.7   43.2   87.0
    o/w Own-managed Subscription   13.9   13.4   27.4
    License revenue   1.3   0.4   1.7
                 
    Services revenue   9.0   8.5   17.5
                 
    Total revenue – Axway   82.5   78.3   160.8
    Quarterly Revenue Breakdown by Type – SBS
                 
        Q1 2025   Q2 2025   H1 2025
    €m / %      
    Product revenue   66.0   71.7   137.7
    Recurring revenue   57.9   59.5   117.3
    o/w Maintenance & Support   32.5   31.7   64.2
    o/w Customer-managed Subscription   4.9   6.9   11.7
    o/w Own-managed Subscription   20.5   20.9   41.4
    License revenue   8.2   12.2   20.4
                 
    Services revenue   22.3   24.2   46.5
                 
    Total revenue SBS   88.3   95.8   184.2

    Appendices (4/5)

    Half-year Revenue Breakdown by Portfolio Brand & Type      
                     
        H1 2025
    Axway    		   H1 2025
    SBS    		   H1 2025
    Consolidation    		   H1 2025
    74Software
    €m / %        
    Product revenue   143.3   137.7   -1.0   280.0
    Recurring revenue   141.6   117.3   -1.0   258.0
    o/w Maintenance & Support   27.2   64.2   0.0   91.5
    o/w Customer-managed Subscription   87.0   11.7   0.0   98.7
    o/w Own-managed Subscription   27.4   41.4   -1.0   67.8
    License revenue   1.7   20.4   0.0   22.1
                     
    Services revenue   17.5   46.5   0.0   64.0
                     
    Total revenue   160.8   184.2   -1.0   344.0
    Half-year Revenue Breakdown by Portfolio Brand & Type      
                     
        H1 2024
    Axway    		   H1 2024 Proforma
    SBS    		   H1 2024 Proforma Consolidation   H1 2024 Proforma 74Software
    €m / %        
    Product revenue   130.5   118.2   0.0   248.7
    Recurring revenue   127.9   101.4   0.0   229.3
    o/w Maintenance & Support   34.6   61.6   0.0   96.2
    o/w Customer-managed Subscription   67.3   9.3   0.0   76.6
    o/w Own-managed Subscription   25.9   30.5   0.0   56.5
    License revenue   2.6   16.8   0.0   19.4
                     
    Services revenue   18.2   57.0   0.0   75.2
                     
    Total revenue   148.7   175.2   0.0   323.9
    Half-year Revenue Breakdown by Region
                 
      H1 2025 H1 2024
    Proforma    		 H1 2024
    Restated    		 Total
    Growth    		 Organic
    Growth
     
      €m % of Rev.
    Europe 208.1 60.5% 203.0 203.2 2.5% 2.4%
    o/w France 99.5 28.9% 99.7 99.7 -0.2% -0.2%
    o/w UK 46.7 13.6% 44.8 45.0 4.3% 3.7%
    Americas 73.3 21.3% 65.6 64.6 11.7% 13.5%
    Middle East & Africa 43.1 12.5% 39.3 39.3 9.7% 9.7%
    Asia & Pacific 19.4 5.7% 15.9 15.8 22.0% 22.7%
                 
    74Software 344.0   323.9 323.0 6.2% 6.5%

    Appendices (5/5)

    Headcount
           
      30/06/2025 31/12/2024 Change
    Europe 3.001 3.090 -89
    Americas 370 378 -8
    Asia – Pacific 869 882 -13
    Middle East – Africa 439 437 2
           
    TOTAL 4.679 4.787 -108
    Impact on Half-year Revenue of Changes in Scope and Exchange Rates
           
    €m / % H1 2025 H1 2024 Growth
    Revenue 344.0 148.7 + 131.4%
    Changes in exchange rates   -0.9  
    Revenue at constant exchange rates 344.0 147.7 + 132.8%
    Changes in scope   +175.2  
    Revenue at constant scope and exchange rates 344.0 323.0 + 6.5%
    Changes in Main Exchange Rates
           
    For 1€ Average Rate
    H1 2025    		 Average rate
    H1 2024    		 Change
    US Dollar 1.093 1.081 – 1.1%
    Great Britain Pound 0.842 0.855 + 1.5%

    1 The interim consolidated financial statements were subject to limited review procedures.

    Attachment

    The MIL Network –

  • MIL-OSI Russia: All people on board the plane that crashed in the Amur Region died — Investigative Committee of the Russian Federation

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    Moscow, July 24 (Xinhua) — All people on board the An-24 plane that crashed in Russia’s Amur Region on Thursday have died, Russian Investigative Committee spokeswoman Svetlana Petrenko said.

    “All people on board the aircraft died,” TASS quotes her as saying.

    The region’s governor, Vasily Orlov, declared a three-day mourning in the region. “I declare a three-day mourning in the region. On July 25, 26 and 27, flags will be lowered in all territories of the Amur Region. This terrible tragedy took the lives of 48 people,” he wrote on his Telegram channel. -0-

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

    .

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: The Tram Bridge Project is ‘on track’ as key design details are revealed

    Source: City of Preston

    24 July 2025

    While on-site activity paused over the winter break, the iconic Tram Bridge project has continued to move forward at pace behind the scenes.

    Off-site construction of the new bridge is well underway, and key design decisions have now been made, including the final colour palette for the bridge and its decking.

    The steelwork will feature a bold Black Grey, chosen for its sleek, contemporary look and ability to complement the natural surroundings. This will be paired with a Light Buff Brown Polydeck finish for the bridge decking, offering both durability and a warm, inviting appearance underfoot.

    These carefully selected colours reflect the bridge’s modern engineering while nodding to the heritage and landscape of Avenham Park, ensuring the new Tram Bridge will be as visually striking as it is functional.

    The replacement of the Bridge, announced in Spring 2024, is being delivered by Preston City Council using part of its £20 million grant awarded by the Ministry of Housing, Communities and Local Government (MHCLG), with an additional £1 million from Lancashire County Council.

    The bridge project is being delivered by contractor Eric Wright Civil Engineering and since construction resumed in spring, visible changes can already be seen along the River Ribble, including the completion of the land-based piers, modification of the abutments, and preparation for the second in-river pier. Meanwhile, off-site fabrication of the bridge is progressing in preparation for its scheduled installation and lift in Autumn 2025.

    Councillor Valerie Wise, Cabinet Member for Community Wealth Building at Preston City Council said:

    “I’m delighted at the progress of this historic project. The newly released imagery and designs are really bringing it to life and, I hope, will generate excitement across the city.

    “I want to thank everyone involved for their commitment and dedication to delivering a bridge that can be used and enjoyed for generations to come.

    “I encourage everyone to visit the Pavilion Café, take a look at the exhibition, and see the progress for themselves.”

    County Councillor Warren Goldsworthy, cabinet member for Highways and Transport, Lancashire County Council, said:

    “It’s fantastic to see the Preston Tram Bridge project making such strong progress.

    “This isn’t just about rebuilding a bridge – it’s about reconnecting communities, opening up greener travel, and giving people a healthier, more active way to move between South Ribble and Preston.

    “I’d like to thank residents for their patience while work continues, your support is helping deliver a lasting improvement for the whole area.”

    Antony Mulligan, Contracts Manager at Eric Wright Civil Engineering commented:

    “We are delighted to be moving forward with the replacement of the historic Tram Bridge for our clients, Preston City Council and Lancashire County Council.

    “The project continues to move at pace with us already completing the first in river pier and the two land abutments. We are currently constructing the second, and final, in river pier which will see us complete the substructure. The steel superstructure of the bridge is currently being fabricated off site ready to be installed later this year.”

    Public Exhibition and New CGIs

    With key design elements now confirmed, a refreshed public exhibition is currently on display at the Pavilion Café in Avenham Park. The exhibition features brand-new CGI visuals, developed by local architect John Bridge, showcasing the updated colour scheme and key structural features of the bridge.

    Visitors can also explore early proposals and design concepts for additional elements including seating, art sculptures, and the proposed ‘goalpost’ barrier, which offers a visual nod to the original bridge’s timber trestles.

    About Eric Wright Civil Engineering

    Eric Wright Civil Engineering have been delivering exceptional infrastructure for over 25 years. Bringing expertise, precisions and innovations to a wide range of projects from cutting-edge nuclear, chemical, and aerospace facilities to bridges, transport infrastructure, and environmental enhancements.

    Part of the Eric Wright Group a long-established property and construction business comprising eight specialist divisions (Construction, Civil Engineering, Water, Partnerships, Facilities Management, Maple Grove Developments and Investments, Applethwaite Homes, and Wrightcare). Working closely together across the divisions ensures a collaborative and seamless approach for public and private sector partners.

    Founded in 1923, as Brown and Jackson in Fleetwood, Lancashire, the company became Eric Wright Construction in 1979 after Mr. Wright purchased it and later became the Eric Wright Group.

    Owned by the Eric Wright Charitable Trust, all profits are reinvested in the Group’s growth or directed towards charitable activities, operating as a social enterprise that continuously gives back while striving for a more sustainable future.

    MIL OSI United Kingdom –

  • MIL-OSI: Standard Premium Delivers Strong Q2 Performance Highlighting Enhanced Efficiency and Company Growth

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, July 24, 2025 (GLOBE NEWSWIRE) — Standard Premium Finance Holdings, Inc. (“Standard Premium”) (OTCQX: SPFX), a leading specialty finance company, announces strong preliminary financial and operational results for the second quarter and first half of 2025, highlighting growth in the Company’s loan portfolio, stable originations, improved funding costs and continued return-on-equity growth.

    As of June 30, 2025, the Company’s loan portfolio exceeded $70 million, representing a 9.7% increase since December 2024. For Q2, Standard Premium reported $3.1 million in revenue, income before taxes of $345,000 and return-on-equity of 15%. Basic and diluted earnings per share were $0.08 and $0.06, respectively.

    “Our performance reflects a strong focus on long-term value creation and capital-efficient growth,” says William Koppelmann, CEO, Standard Premium. “As we continue to expand our national footprint and build on our operating strengths, we look ahead to the second half of the year as an opportunity to deepen our market presence, strengthen our customer relations and drive sustained performance for our shareholders.”

    Year-to-date (YTD), the Company has generated $6 million in revenue and $783,500 in income before taxes. Basic earnings per share for the first half of 2025 reached $0.18, with diluted EPS of $0.14. YTD return on equity climbed to 18%, supported by stable originations, disciplined cost control and improved funding efficiency.

    “We remain focused on sustainable, margin-conscious growth,” adds Brian Krogol, CFO, Standard Premium. “Improved cost of funds and careful expense management have positioned us to continue delivering value across market cycles.”

    About Standard Premium Finance Holdings, Inc. 

    Standard Premium Finance Holdings, Inc. (OTCQX: SPFX), is a specialty finance company which has financed premiums on over $2 Billion of property and casualty insurance policies since 1991. We currently operate in 38 states and are seeking M&A opportunities of synergistic businesses to leverage economies of scale. https://www.standardpremium.com/ 

    Cautionary Statement Regarding Forward-Looking Statements
    This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27a of the Securities Act of 1933, as amended, and Section 21e of the Securities Exchange Act of 1934, as amended with regard to our anticipated earnings, future growth and outlook. Our actual results may differ from expectations presented or implied herein and, consequently, you should not rely on these forward-looking statements as predictions of future events. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or results.

    Additional information concerning risk factors relating to our business is contained in Item 1A Risk Factors of our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 10, 2025, which is available on the SEC’s website at www.sec.gov or on the Investor Relations section of our website, standardpremium.com.
      
    Media:
    Nicholas Turchiano
    CPR Marketing
    nturchiano@cpronline.com  
    201-641-1911×35

    The MIL Network –

  • MIL-OSI: NorthEast Community Bancorp, Inc. Reports Results for the Three and Six Months Ended June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    WHITE PLAINS, N.Y., July 24, 2025 (GLOBE NEWSWIRE) — NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), reported net income of $11.2 million, or $0.85 per basic share and $0.82 per diluted share, for the three months ended June 30, 2025 compared to net income of $12.8 million, or $0.98 per basic share and $0.97 per diluted share, for the three months ended June 30, 2024. In addition, the Company reported net income of $21.7 million, or $1.65 per basic share and $1.60 per diluted share, for the six months ended June 30, 2025 compared to net income of $24.2 million, or $1.84 per basic share and $1.83 per diluted share, for the six months ended June 30, 2024.

    Kenneth A. Martinek, Chairman of the Board and Chief Executive Officer, stated “We are once again pleased to be able to report continued strong performance throughout our entire loan portfolio, with continuing focus on construction lending in high demand, high absorption sub-markets, as well as our growing cooperative building lending program throughout Manhattan, Brooklyn, the Bronx, and Queens. Despite the uncertainty throughout the national economy during the first half of the year, loan demand continues to increase with outstanding unfunded commitments exceeding $636 million at June 30, 2025.”

    Highlights for the three months and six months ended June 30, 2025 are as follows:

    • Performance metrics continue to be strong with a return on average total assets ratio of 2.27%, a return on average shareholders’ equity ratio of 13.37%, and an efficiency ratio of 40.52% for the three months ended June 30, 2025. For the six months ended June 30, 2025, the Company reported a return on average total assets ratio of 2.20%, a return on average shareholders’ equity ratio of 13.18%, and an efficiency ratio of 41.08%.
    • Asset quality metrics continue to remain strong with no non-performing loans at either June 30, 2025 or December 31, 2024, and non-performing assets to total assets of 0.04% and 0.25% at June 30, 2025 and at December 31, 2024, respectively. Our allowance for credit losses related to loans totaled $4.7 million, or 0.26% of total loans at June 30, 2025 compared to $4.8 million, or 0.27% of total loans at December 31, 2024.
    • Total stockholders’ equity increased by $18.3 million, or 5.8%, to $336.7 million, or 17.06% of total assets as of June 30, 2025 from $318.3 million, or 15.84% of total assets as of December 31, 2024.

    Balance Sheet Summary

    Total assets decreased $35.7 million, or 1.8%, to $2.0 billion at June 30, 2025, from $2.0 billion at December 31, 2024. The decrease in assets was primarily due to decreases in cash and cash equivalents of $18.9 million, net loans of $14.9 million, and real estate owned of $4.4 million, partially offset by an increase of $3.4 million in equity securities.

    Cash and cash equivalents decreased $18.9 million, or 24.1%, to $59.4 million at June 30, 2025 from $78.3 million at December 31, 2024. The decrease in cash and cash equivalents was a result of a decrease in deposits of $191.2 million, partially offset by increases of $135.0 million in borrowings, decreases of $14.9 million in net loans, and increases of $3.4 million in equity securities.

    Equity securities increased $3.4 million, or 15.2%, to $25.3 million at June 30, 2025 from $22.0 million at December 31, 2024. The increase in equity securities was attributable to the purchase of $3.0 million in equity securities during the six months ended June 30, 2025 and market appreciation of $351,000 due to market interest rate volatility during the six months ended June 30, 2025.

    Securities held-to-maturity decreased $218,000, or 1.5%, to $14.4 million at June 30, 2025 from $14.6 million at December 31, 2024 due to $128,000 in maturities and pay-downs of various investment securities.

    Loans, net of the allowance for credit losses, decreased $14.9 million, or 0.8%, to $1.8 billion at June 30, 2025 from $1.8 billion at December 31, 2024.   The decrease in loans consisted of decreases of $102.7 million in construction loans, $1.6 million in consumer loans, $482,000 in mixed-use loans, $475,000 in non-residential loans, and $74,000 in one-to-four family loans. The decrease in our construction loan portfolio was due to normal pay-downs and principal reductions as construction projects were completed and either condominium units were sold to end buyers or multi-family rental buildings were refinanced by other financial institutions. The decrease in construction loans was offset by increases of $85.9 million in multi-family loans of which $43.2 million is attributed to residential cooperative building loans and $4.3 million in commercial and industrial loans.

    During the six months ended June 30, 2025, we originated loans totaling $462.7 million consisting primarily of $338.8 million in construction loans, $95.4 million in multi-family loans of which $32.9 million is attributed to residential cooperative building loans, $27.8 million in commercial and industrial loans, and $730,000 in mixed-use loans. The $338.8 million in construction loans had 41.6% disbursed at loan closing, with the remaining funds to be disbursed over the terms of the construction loans.

    The allowance for credit losses related to loans decreased to $4.7 million as of June 30, 2025, from $4.8 million as of December 31, 2024. The decrease in the allowance for credit losses related to loans was due to charge-offs totaling $602,000, offset by recoveries totaling $434,000 and provision for credit losses totaling $62,000.  

    Premises and equipment increased $536,000, or 2.2%, to $25.3 million at June 30, 2025 from $24.8 million at December 31, 2024 primarily due to the purchases of additional fixed assets.

    Federal Home Loan Bank stock increased $688,000, or 173.3%, to $1.1 million at June 30, 2025 from $397,000 at December 31, 2024 primarily due to an increase in borrowings from the Federal Home Loan Bank.

    Bank owned life insurance (“BOLI”) increased $336,000, or 1.3%, to $26.1 million at June 30, 2025 from $25.7 million at December 31, 2024 due to increases in the BOLI cash value.

    Accrued interest receivable decreased $1.4 million, or 10.1%, to $12.1 million at June 30, 2025 from $13.5 million at December 31, 2024 due to a decrease of $14.9 million in the loan portfolio.

    Real estate owned decreased $4.4 million, or 85.0%, to $767,000 at June 30, 2025 from $5.1 million at December 31, 2024 due to the sale of a foreclosed property to an independent third party.

    Property held for investment was $1.4 million at both June 30, 2025 and December 31, 2024.

    Right of use assets — operating increased $382,000, or 9.6%, to $4.4 million at June 30, 2025 from $4.0 million at December 31, 2024, primarily due to the physical expansion of a branch office and the resulting revision to the operating lease, partially offset by the amortization of the right of use assets.

    Other assets decreased $1.2 million, or 10.5%, to $10.4 million at June 30, 2025 from $11.6 million at December 31, 2024 due to decreases of $1.2 million in tax assets and $118,000 in prepaid expenses, partially offset by an increase of $116,000 in suspense accounts.

    Total deposits decreased $191.2 million, or 11.5%, to $1.5 billion at June 30, 2025 from $1.7 billion at December 31, 2024. The decrease in deposits was primarily due to a decrease in certificates of deposit of $251.5 million, or 25.1%, partially offset by increases in NOW/money market accounts of $56.4 million, or 23.2%, savings account balances of $3.3 million, or 2.4%, and non-interest bearing deposits of $2.2 million, or 0.8%.   The decrease of $251.5 million in certificates of deposit consisted of a decrease in retail certificates of deposit of $134.2 million, or 26.2%, and a decrease in brokered certificates of deposit of $129.1 million, or 29.7%, partially offset by an increase in non-brokered listing services certificates of deposit of $11.7 million, or 35.0%.

    The decrease in retail certificates of deposit was due to a shift in deposits to our retail high yield money market accounts. The decrease in brokered certificates of deposit was due to management’s strategy to reduce the cost of funds by “calling” higher rate brokered deposits on their call dates.

    Advance payments by borrowers for taxes and insurance increased $804,000, or 49.7%, to $2.4 million at June 30, 2025 from $1.6 million at December 31, 2024 due primarily to accumulation of real estate tax payments from borrowers.

    Borrowings increased to $135.0 million at June 30, 2025 from none at December 31, 2024 due primarily to management’s strategy to diversify funding sources.

    Lease liability – operating increased $389,000, or 9.5%, to $4.5 million at June 30, 2025 from $4.1 million at December 31, 2024, primarily due to the physical expansion of a branch office and the resulting revision to the operating lease, partially offset by the amortization of the lease liability.

    Accounts payable and accrued expenses increased $970,000, or 6.7%, to $15.5 million at June 30, 2025 from $14.5 million at December 31, 2024 due primarily to increases in accrued borrowing interest expense of $905,000, accounts payable of $666,000, deferred compensation of $312,000, suspense accounts for loan closings of $269,000, and the allowance for credit losses for off-balance sheet commitments of $175,000, partially offset by a decrease in accrued expense of $1.4 million.

    The allowance for credit losses for off-balance sheet commitments increased $175,000, or 24.9%, to $879,000 at June 30, 2025 from $704,000 at December 31, 2024 due primarily to an increase of $74.5 million, or 13.3%, in off-balance sheet commitments since December 31, 2024.

    Stockholders’ equity increased $18.3 million, or 5.8% to $336.7 million at June 30, 2025, from $318.3 million at December 31, 2024. The increase in stockholders’ equity was due to net income of $21.7 million for the six months ended June 30, 2025, an increase of $638,000 in earned employee stock ownership plan shares coupled with a reduction of $435,000 in unearned employee stock ownership plan shares, and the amortization expense of $894,000 relating to restricted stock and stock options granted under the Company’s 2022 Equity Incentive Plan, partially offset by dividends declared of $5.4 million and $4,000 in other comprehensive loss.

    Results of Operations for the Three Months Ended June 30, 2025 and 2024

    Net Interest Income

    Net interest income was $25.1 million for the three months ended June 30, 2025, as compared to $26.2 million for the three months ended June 30, 2024. The decrease in net interest income of $1.1 million, or 4.4%, was primarily due to a decrease in interest income that exceeded a decrease in interest expense and a decrease in the yield on interest earning assets, partially offset by a smaller decrease in the cost of funds for interest bearing liabilities.

    Total interest and dividend income decreased $2.2 million, or 5.5%, to $38.0 million for the three months ended June 30, 2025 from $40.2 million for the three months ended June 30, 2024. The decrease in interest and dividend income was due to a decrease in the yield on interest earning assets by 78 basis points from 8.89% for the three months ended June 30, 2024 to 8.11% for the three months ended June 30, 2025, partially offset by an increase in the average balance of interest earning assets of $64.9 million, or 3.6%, to $1.9 billion for the three months ended June 30, 2025 from $1.8 billion for the three months ended June 30, 2024.

    Interest expense decreased $1.1 million, or 7.5%, to $13.0 million for the three months ended June 30, 2025 from $14.0 million for the three months ended June 30, 2024. The decrease in interest expense was due to a decrease in the cost of interest bearing liabilities by 45 basis points from 4.33% for the three months ended June 30, 2024 to 3.88% for the three months ended June 30, 2025, partially offset by an increase in average interest bearing liabilities of  $41.9 million, or 3.2%, to $1.3 billion for the three months ended June 30, 2025 from $1.3 billion for the three months ended June 30, 2024.

    Our net interest margin decreased 44 basis points, or 7.6%, to 5.35% for the three months ended June 30, 2025 compared to 5.79% for the three months ended June 30, 2024. The decrease in the net interest margin was due to a 100 basis points decrease in the Federal Funds rate from September 2024 to December 2024 that resulted in a decrease in the yield on interest-earning assets, partially offset by a smaller decrease in the cost of funds on interest-bearing liabilities.

    Credit Loss Expense

    The Company recorded no credit loss expense for the three months ended June 30, 2025 compared to a credit loss expense reduction of $226,000 for the three months ended June 30, 2024.

    The credit loss expense reduction of $226,000 for the three months ended June 30, 2024 was comprised of a credit loss expense reduction for off-balance sheet commitments of $218,000 and a credit loss expense reduction for held-to-maturity investment securities of $8,000. The credit loss expense reduction for off-balance sheet commitments of $218,000 for the three months ended June 30, 2024 was primarily attributable to a reduction of $30.4 million in the level of off-balance sheet commitments and favorable trends in the economy.

    With respect to the allowance for credit losses for loans, we charged-off $485,000 during the three months ended June 30, 2025 as compared to charge-offs of $12,000 during the three months ended June 30, 2024. The charge-offs during both periods were against various unpaid overdrafts in our demand deposit accounts.

    We recorded recoveries of $82,000 during the three months ended June 30, 2025 compared to no recoveries during the three months ended June 30, 2024. The recoveries of $82,000 during the three months ended June 30, 2025 comprised of recoveries from a previously charged-off unpaid overdraft on a demand deposit account.

    Non-Interest Income

    Non-interest income for the three months ended June 30, 2025 was $858,000 compared to non-interest income of $731,000 for the three months ended June 30, 2024. The increase of $127,000, or 17.4%, in total non-interest income was primarily due to increases of $71,000 in unrealized gain on equity securities, $48,000 in other loan fees and service charges, and $8,000 in BOLI income.

    The increase in unrealized gain on equity securities was due to an unrealized gain of $51,000 on equity securities during the three months ended June 30, 2025 compared to an unrealized loss of $20,000 on equity securities during the three months ended June 30, 2024. Both the unrealized gain of $51,000 on equity securities during the three months ended June 30, 2025 and the unrealized loss of $20,000 on equity securities during the three months ended June 30, 2024 were due to market interest rate volatility during both periods.

    The increase of $48,000 in other loan fees and service charges was due to an increase of $60,000 in ATM/debit card/ACH fees and an increase of $2,000 in deposit account fees, partially offset by a decrease of $14,000 in other loan fees and loan servicing fees. The increase in BOLI income of $8,000 was due to an increase in the yield on BOLI assets.

    Non-Interest Expense

    Non-interest expense increased $1.0 million, or 10.6%, to $10.5 million for the three months ended June 30, 2025 from $9.5 million for the three months ended June 30, 2024. The increase resulted primarily from increases of $398,000 in salaries and employee benefits, $220,000 in real estate owned expense, $151,000 in outside data processing expense, $111,000 in other operating expense, $69,000 in occupancy expense, $32,000 in equipment expense, and $29,000 in advertising expense.

    Income Taxes

    We recorded income tax expense of $4.3 million and $4.9 million for the three months ended June 30, 2025 and 2024, respectively. For the three months ended June 30, 2025, we had approximately $210,000 in tax exempt income, compared to approximately $199,000 in tax exempt income for the three months ended June 30, 2024. Our effective income tax rates were 27.6% for the three months ended June 30, 2025 and June 30, 2024.  

    Results of Operations for the Six Months Ended June 30, 2025 and 2024

    Net Interest Income

    Net interest income was $49.3 million for the six months ended June 30, 2025 as compared to $51.2 million for the six months ended June 30, 2024. The decrease in net interest income of $1.9 million, or 3.7%, was primarily due to a decrease in interest income that exceeded a decrease in interest expense and a decrease in the yield on interest earning assets, partially offset by a smaller decrease in the cost of funds for interest bearing liabilities.

    Total interest and dividend income decreased $2.1 million, or 2.7%, to $76.2 million for the six months ended June 30, 2025 from $78.4 million for the six months ended June 30, 2024. The decrease in interest and dividend income was due to a decrease in the yield on interest earning assets by 75 basis points from 8.83% for the six months ended June 30, 2024 to 8.08% for the six months ended June 30, 2025, partially offset by an increase in the average balance of interest earning assets of $112.3 million, or 6.3%, to $1.9 billion for the six months ended June 30, 2025 from $1.8 billion for the six months ended June 30, 2024.

    Interest expense decreased $242,000, or 0.9%, to $26.9 million for the six months ended June 30, 2025 from $27.2 million for the six months ended June 30, 2024. The decrease in interest expense was due to a decrease in the cost of interest bearing liabilities by 34 basis points from 4.31% for the six months ended June 30, 2024 to 3.97% for the six months ended June 30, 2025, partially offset by an increase in average interest bearing liabilities of $95.7 million, or 7.6%, to $1.4 billion for the six months ended June 30, 2025 from $1.3 billion for the six months ended June 30, 2024.

    Net interest margin decreased 54 basis points, or 9.4%, to 5.23% for the six months ended June 30, 2025 compared to 5.77% for the six months ended June 30, 2024. The decrease in the net interest margin was due to a 100 basis points decrease in the Federal Funds rate from September 2024 to December 2024 that resulted in a decrease in the yield on interest-earning assets, partially offset by a smaller decrease in the cost of funds on interest-bearing liabilities.

    Credit Loss Expense

    The Company recorded a credit loss expense of $237,000 for the six months ended June 30, 2025 compared to a credit loss expense reduction of $391,000 for the six months ended June 30, 2024. The credit loss expense of $237,000 for the six months ended June 30, 2025 was comprised of credit loss expense for loans of $62,000 and credit loss expense for off-balance sheet commitments of $175,000.

    The credit loss expense for loans of $62,000 for the six months ended June 30, 2025 was primarily due to an increase in the multi-family loan portfolio. The credit loss expense for off-balance sheet commitments of $175,000 for the six months ended June 30, 2025 was primarily due to an increase in unfunded off-balance sheet commitments.

    The credit loss expense reduction of $391,000 for the six months ended June 30, 2024 was comprised of a credit loss expense reduction for off-balance sheet commitments of $235,000, a credit loss expense reduction for loans of $145,000, and a credit loss expense reduction for held-to-maturity investment securities of $11,000. The credit loss expense reduction for off-balance sheet commitments of $235,000 for the six months ended June 30, 2024 was primarily attributed to a reduction of $27.2 million in the level of off-balance sheet commitments and favorable trends in the economy. The credit loss expense reduction for loans of $145,000 for the six months ended June 30, 2024 was primarily attributed to favorable trends in the economy.

    With respect to the allowance for credit losses for loans, we charged-off $602,000 during the six months ended June 30, 2025 as compared to charge-offs of $33,000 during the six months ended June 30, 2024. The charge-offs during both periods were against various unpaid overdrafts in our demand deposit accounts.

    We recorded recoveries of $434,000 during the six months ended June 30, 2025 compared to no recoveries during the six months ended June 30, 2024. The recoveries of $434,000 during the six months ended June 30, 2025 comprised of recoveries of $350,000 with respect to a previously charged-off non-residential mortgage loan and $84,000 from previously charged-off unpaid overdrafts on demand deposit accounts.

    Non-Interest Income

    Non-interest income for the six months ended June 30, 2025 was $2.1 million compared to non-interest income of $1.3 million for the six months ended June 30, 2024. The increase of $808,000, or 62.9%, in total non-interest income was primarily due to increases of $453,000 in unrealized gain on equity securities, $326,000 in other loan fees and service charges, $17,000 in BOLI income, and $12,000 in miscellaneous other non-interest income.

    The increase in unrealized gain on equity securities was due to an unrealized gain of $351,000 on equity securities during the six months ended June 30, 2025 compared to an unrealized loss of $102,000 on equity securities during the six months ended June 30, 2024. Both the unrealized gain of $351,000 on equity securities during the 2025 period and the unrealized loss of $102,000 on equity securities during the 2024 period were due to market interest rate volatility during both periods.

    The increase of $326,000 in other loan fees and service charges was due to increases of $232,000 in other loan fees and loan servicing fees, $91,000 in ATM/debit card/ACH fees, and $3,000 in deposit account fees. The increase in BOLI income of $17,000 was due to an increase in the yield on BOLI assets.

    Non-Interest Expense

    Non-interest expense increased $1.9 million, or 10.2%, to $21.1 million for the six months ended June 30, 2025 from $19.2 million for the six months ended June 30, 2024. The increase resulted primarily from increases of $980,000 in salaries and employee benefits, $332,000 in other operating expense, $251,000 in outside data processing expense, $238,000 in real estate owned expense, $108,000 in occupancy expense, and $43,000 in advertising expense, partially offset by a decrease of $4,000 in equipment expense.

    Income Taxes

    We recorded income tax expense of $8.3 million and $9.5 million for the six months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025, we had approximately $415,000 in tax exempt income, compared to approximately $394,000 in tax exempt income for the six months ended June 30, 2024. Our effective income tax rates were 27.7% and 28.3% for the six months ended June 30, 2025 and 2024, respectively.

    Asset Quality

    Non-performing assets were $767,000 at June 30, 2025 compared to $5.1 million at December 31, 2024.   The non-performing assets consisted of one foreclosed property located in Pittsburgh, Pennsylvania. We sold one foreclosed property totaling $4.3 million located in the Bronx, New York on June 30, 2025 to a third-party buyer at no loss to the Company and in connection therewith we provided the financing to complete the multi-family project.

    Our ratio of non-performing assets to total assets remained low at 0.04% at June 30, 2025 as compared to 0.25% at December 31, 2024.

    The Company’s allowance for credit losses related to loans was $4.7 million, or 0.26% of total loans as of June 30, 2025, compared to $4.8 million, or 0.27% of total loans as of December 31, 2024. Based on a review of the loans that were in the loan portfolio at June 30, 2025, management believes that the allowance for credit losses related to loans is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable and reasonably estimable.

    In addition, at June 30, 2025, the Company’s allowance for credit losses related to off-balance sheet commitments totaled $879,000 and the allowance for credit losses related to held-to-maturity debt securities totaled $126,000.

    Capital

    The Company’s total stockholders’ equity to assets ratio was 17.06% as of June 30, 2025.   At June 30, 2025, the Company had the ability to borrow $740.2 million from the Federal Reserve Bank of New York, $23.1 million from the Federal Home Loan Bank of New York, and $8.0 million from Atlantic Community Bankers Bank.

    The Bank’s capital position remains strong relative to current regulatory requirements and the Bank is considered a well-capitalized institution under the Prompt Corrective Action framework. As of June 30, 2025, the Bank had a tier 1 leverage capital ratio of 15.87% and a total risk-based capital ratio of 14.99%.

    The Company completed its first stock repurchase program on April 14, 2023 whereby the Company repurchased 1,637,794 shares, or 10%, of the Company’s issued and outstanding common stock. The cost of the stock repurchase program totaled $23.0 million, including commission costs and Federal excise taxes.   Of the total shares repurchased under this program, 957,275 of such shares were repurchased during 2023 at a total cost of $13.7 million, including commission costs and Federal excise taxes.

    The Company commenced its second stock repurchase program on May 30, 2023 whereby the Company will repurchase 1,509,218, or 10%, of the Company’s issued and outstanding common stock. As of June 30, 2025, the Company had repurchased 1,091,174 shares of common stock under its second repurchase program, at a cost of $17.2 million, including commission costs and Federal excise taxes.

    About NorthEast Community Bancorp

    NorthEast Community Bancorp, headquartered at 325 Hamilton Avenue, White Plains, New York 10601, is the holding company for NorthEast Community Bank, which conducts business through its eleven branch offices located in Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex, and Norfolk Counties in Massachusetts and three loan production offices located in New City, New York, White Plains, New York, and Danvers, Massachusetts. For more information about NorthEast Community Bancorp and NorthEast Community Bank, please visit www.necb.com.

    Forward Looking Statement

    This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause actual results to differ materially from expected results include, but are not limited to, changes in market interest rates, regional and national economic conditions (including higher inflation or recessionary conditions and their impact on regional and national economic conditions), legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts, the quality and composition of the loan or investment portfolios, demand for loan products, decreases in deposit levels necessitating increased borrowing to fund loans and securities, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate market values in NorthEast Community Bank’s market area, the impact of failures or disruptions in or breaches of the Company’s operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns, and changes in relevant accounting principles and guidelines. Additionally, other risks and uncertainties may be described in our annual and quarterly reports filed with the U.S. Securities and Exchange Commission (the “SEC”), which are available through the SEC’s website located at www.sec.gov. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

    CONTACT:  Kenneth A. Martinek
      Chairman and Chief Executive Officer
       
    PHONE:  (914) 684-2500
     
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (Unaudited)
     
        June 30,   December 31,
        2025     2024  
        (In thousands, except share
        and per share amounts)
    ASSETS            
    Cash and amounts due from depository institutions   $ 19,042     $ 13,700  
    Interest-bearing deposits     40,331       64,559  
    Total cash and cash equivalents     59,373       78,259  
    Certificates of deposit     100       100  
    Equity securities     25,345       21,994  
    Securities held-to-maturity (net of allowance for credit losses of $126 and $126, respectively)     14,398       14,616  
    Loans receivable     1,797,618       1,812,647  
    Deferred loan fees, net     (62 )     (49 )
    Allowance for credit losses     (4,724 )     (4,830 )
    Net loans     1,792,832       1,807,768  
    Premises and equipment, net     25,341       24,805  
    Investments in restricted stock, at cost     1,085       397  
    Bank owned life insurance     26,074       25,738  
    Accrued interest receivable     12,119       13,481  
    Real estate owned     767       5,120  
    Property held for investment     1,352       1,370  
    Right of Use Assets – Operating     4,383       4,001  
    Right of Use Assets – Financing     345       347  
    Other assets     10,370       11,585  
    Total assets   $ 1,973,884     $ 2,009,581  
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Liabilities:            
    Deposits:            
    Non-interest bearing   $ 287,741     $ 287,135  
    Interest bearing     1,191,420       1,383,240  
    Total deposits     1,479,161       1,670,375  
    Advance payments by borrowers for taxes and insurance     2,422       1,618  
    Borrowings     135,000       –  
    Lease Liability – Operating     4,497       4,108  
    Lease Liability – Financing     628       609  
    Accounts payable and accrued expenses     15,500       14,530  
    Total liabilities     1,637,208       1,691,240  
                 
    Stockholders’ equity:            
    Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding   $ —     $ —  
    Common stock, $0.01 par value; 75,000,000 shares authorized; 14,023,376 shares and 14,016,254 shares outstanding, respectively     140       140  
    Additional paid-in capital     111,624       110,091  
    Unearned Employee Stock Ownership Plan (“ESOP”) shares     (5,653 )     (6,088 )
    Retained earnings     230,345       213,974  
    Accumulated other comprehensive gain     220       224  
    Total stockholders’ equity     336,676       318,341  
    Total liabilities and stockholders’ equity   $ 1,973,884     $ 2,009,581  
                 
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024     2025   2024  
        (In thousands, except per share amounts)   (In thousands, except per share amounts)
    INTEREST INCOME:                            
    Loans   $ 36,740     $ 38,634     $ 73,622     $ 75,337  
    Interest-earning deposits     1,027       1,385       2,108       2,585  
    Securities     272       218       516       436  
    Total Interest Income     38,039       40,237       76,246       78,358  
    INTEREST EXPENSE:                            
    Deposits     12,053       13,435       25,986       25,829  
    Borrowings     902       570       902       1,302  
    Financing lease     10       10       20       19  
    Total Interest Expense     12,965       14,015       26,908       27,150  
    Net Interest Income     25,074       26,222       49,338       51,208  
    Provision for (reversal of) credit loss     —       (226 )     237       (391 )
    Net Interest Income after Provision for (Reversal of) Credit Loss     25,074       26,448       49,101       51,599  
    NON-INTEREST INCOME:                            
    Other loan fees and service charges     611       563       1,351       1,025  
    Earnings on bank owned life insurance     170       162       336       319  
    Unrealized gain (loss) on equity securities     51       (20 )     351       (102 )
    Other     26       26       55       43  
    Total Non-Interest Income     858       731       2,093       1,285  
    NON-INTEREST EXPENSES:                            
    Salaries and employee benefits     5,650       5,252       11,583       10,603  
    Occupancy expense     743       674       1,489       1,381  
    Equipment     253       221       470       474  
    Outside data processing     758       607       1,494       1,243  
    Advertising     123       94       225       182  
    Real estate owned expense     247       27       277       39  
    Other     2,734       2,623       5,589       5,257  
    Total Non-Interest Expenses     10,508       9,498       21,127       19,179  
    INCOME BEFORE PROVISION FOR INCOME TAXES     15,424       17,681       30,067       33,705  
    PROVISION FOR INCOME TAXES     4,254       4,883       8,330       9,533  
    NET INCOME   $ 11,170     $ 12,798     $ 21,737     $ 24,172  
                                 
    NORTHEAST COMMUNITY BANCORP, INC.
    SELECTED CONSOLIDATED FINANCIAL DATA
    (Unaudited)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025     2024     2025     2024  
        (In thousands, except per share amounts)   (In thousands, except per share amounts)
    Per share data:                        
    Earnings per share – basic   $ 0.85     $ 0.98     $ 1.65     $ 1.84  
    Earnings per share – diluted     0.82       0.97       1.60       1.83  
    Weighted average shares outstanding – basic     13,216       13,084       13,204       13,119  
    Weighted average shares outstanding – diluted     13,568       13,181       13,563       13,205  
    Performance ratios/data:                        
    Return on average total assets     2.27 %     2.70 %     2.20 %     2.60 %
    Return on average shareholders’ equity     13.37 %     17.28 %     13.18 %     16.59 %
    Net interest income   $ 25,074     $ 26,222     $ 49,338     $ 51,208  
    Net interest margin     5.35 %     5.79 %     5.23 %     5.77 %
    Efficiency ratio     40.52 %     35.24 %     41.08 %     36.54 %
    Net charge-off ratio     0.09 %     0.00 %     0.01 %     0.00 %
                             
    Loan portfolio composition:                 June 30, 2025     December 31, 2024
    One-to-four family               $ 3,398     $ 3,472  
    Multi-family                 292,552       206,606  
    Mixed-use                 26,089       26,571  
    Total residential real estate                 322,039       236,649  
    Non-residential real estate                 28,971       29,446  
    Construction                 1,323,477       1,426,167  
    Commercial and industrial                 123,084       118,736  
    Consumer                 47       1,649  
    Gross loans                 1,797,618       1,812,647  
    Deferred loan fees, net                 (62 )     (49 )
    Total loans               $ 1,797,556     $ 1,812,598  
    Asset quality data:                        
    Loans past due over 90 days and still accruing               $ –     $ –  
    Non-accrual loans                 –       –  
    OREO property                 767       5,120  
    Total non-performing assets               $ 767     $ 5,120  
                             
    Allowance for credit losses to total loans                 0.26 %     0.27 %
    Allowance for credit losses to non-performing loans                 0.00 %     0.00 %
    Non-performing loans to total loans                 0.00 %     0.00 %
    Non-performing assets to total assets                 0.04 %     0.25 %
                             
    Bank’s Regulatory Capital ratios:                        
    Total capital to risk-weighted assets                 14.99 %     13.92 %
    Common equity tier 1 capital to risk-weighted assets                 14.71 %     13.65 %
    Tier 1 capital to risk-weighted assets                 14.71 %     13.65 %
    Tier 1 leverage ratio                 15.87 %     14.44 %
     
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
     
        Three Months Ended June 30, 2025   Three Months Ended June 30, 2024
        Average   Interest   Average   Average   Interest   Average
        Balance   and dividend   Yield   Balance   and dividend   Yield
        (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross   $ 1,754,363     $ 36,740     8.38 %   $ 1,687,029     $ 38,634     9.16 %
    Securities     37,839       265     2.80 %     33,438       199     2.38 %
    Federal Home Loan Bank stock     438       7     6.39 %     704       19     10.80 %
    Other interest-earning assets     83,135       1,027     4.94 %     89,736       1,385     6.17 %
    Total interest-earning assets     1,875,775       38,039     8.11 %     1,810,907       40,237     8.89 %
    Allowance for credit losses     (5,122 )                 (4,927 )            
    Non-interest-earning assets     95,651                   91,085              
    Total assets   $ 1,966,304                 $ 1,897,065              
                                         
    Interest-bearing demand deposit   $ 298,689     $ 2,401     3.22 %   $ 205,536     $ 1,930     3.76 %
    Savings and club accounts     141,238       761     2.16 %     158,292       982     2.48 %
    Certificates of deposit     815,000       8,891     4.36 %     884,626       10,523     4.76 %
    Total interest-bearing deposits     1,254,927       12,053     3.84 %     1,248,454       13,435     4.30 %
    Borrowed money     82,712       912     4.41 %     47,276       580     4.91 %
    Total interest-bearing liabilities     1,337,639       12,965     3.88 %     1,295,730       14,015     4.33 %
    Non-interest-bearing demand deposit     274,466                   285,368              
    Other non-interest-bearing liabilities     20,114                   19,641              
    Total liabilities     1,632,219                   1,600,739              
    Equity     334,085                   296,326              
    Total liabilities and equity   $ 1,966,304                 $ 1,897,065              
                                         
    Net interest income / interest spread         $ 25,074     4.23 %         $ 26,222     4.56 %
    Net interest rate margin                 5.35 %                 5.79 %
    Net interest earning assets   $ 538,136                 $ 515,177              
    Average interest-earning assets to interest-bearing liabilities     140.23 %                 139.76 %            
     
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
     
        Six Months Ended June 30, 2025   Six Months Ended June 30, 2024
        Average   Interest   Average   Average   Interest   Average
        Balance   and dividend   Yield   Balance   and dividend   Yield
        (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross   $ 1,761,069     $ 73,622     8.36 %   $ 1,649,686     $ 75,337     9.13 %
    Securities     37,298       500     2.68 %     33,643       396     2.35 %
    Federal Home Loan Bank stock     418       16     7.66 %     773       40     10.35 %
    Other interest-earning assets     88,277       2,108     4.78 %     90,644       2,585     5.70 %
    Total interest-earning assets     1,887,062       76,246     8.08 %     1,774,746       78,358     8.83 %
    Allowance for credit losses     (4,978 )                 (5,009 )            
    Non-interest-earning assets     96,071                   89,972              
    Total assets   $ 1,978,155                 $ 1,859,709              
                                         
    Interest-bearing demand deposit   $ 286,726     $ 4,846     3.38 %   $ 188,510     $ 3,483     3.70 %
    Savings and club accounts     140,077       1,491     2.13 %     170,531       2,184     2.56 %
    Certificates of deposit     888,136       19,649     4.42 %     847,606       20,162     4.76 %
    Total interest-bearing deposits     1,314,939       25,986     3.95 %     1,206,647       25,829     4.28 %
    Borrowed money     41,584       922     4.43 %     54,184       1,321     4.88 %
    Total interest-bearing liabilities     1,356,523       26,908     3.97 %     1,260,831       27,150     4.31 %
    Non-interest-bearing demand deposit     272,680                   288,639              
    Other non-interest-bearing liabilities     19,107                   18,865              
    Total liabilities     1,648,310                   1,568,335              
    Equity     329,845                   291,374              
    Total liabilities and equity   $ 1,978,155                 $ 1,859,709              
                                         
    Net interest income / interest spread         $ 49,338     4.11 %         $ 51,208     4.52 %
    Net interest rate margin                 5.23 %                 5.77 %
    Net interest earning assets   $ 530,539                 $ 513,915              
    Average interest-earning assets to interest-bearing liabilities     139.11 %                 140.76 %            

    The MIL Network –

  • MIL-OSI: Cre8 Enterprise Limited Announces Closing of Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    Hong Kong, July 24, 2025 (GLOBE NEWSWIRE) — Cre8 Enterprise Limited (Nasdaq: CRE) (the “Company”), a Hong Kong-based integrated financial printing service provider, today announced the closing of its initial public offering (the “Offering”) of 1,450,000 Class A ordinary shares (the “Class A Ordinary Shares”) at a price of $4.00 per share (the “Offering Price”).

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

    The Company received gross proceeds of approximately $5.8 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 217,500 Class A Ordinary Shares of the Company, at the Offering Price, representing 15% of the Class A Ordinary Shares sold in the Offering (the “Over-allotment”). 

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

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

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

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

    About Cre8 Enterprise Limited

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

    Forward-Looking Statements

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

    For more information, please contacts:

    Cre8 Enterprise Limited

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

    The MIL Network –

  • MIL-OSI: Love Not War AI Unveils Mathematical Framework That Aligns Capitalism with Collective Good

    Source: GlobeNewswire (MIL-OSI)

    LONDON, UNITED KINGDOM, July 24, 2025 (GLOBE NEWSWIRE) — Love Not War AI today announced the launch of Progressive Utility Mechanics, a newly discovered mathematical framework created by innovator Valraj Singh Mann. This groundbreaking system offers a universal method for designing economic models in which individual financial success automatically enhances social welfare. The announcement marks the first implementation of the framework in a real-world application via the LVAI cryptocurrency, positioning it as a potential tool for addressing systemic issues like poverty, climate change, and inequality at scale.

    Unlike traditional economic systems that create tension between profit and purpose, Progressive Utility Mechanics create mathematically structured guarantees that individual success automatically generates increasing social benefit. The framework is going to be demonstrated through LVAI (Love Not War AI), the first cryptocurrency where charitable impact grows over time, but applications extend across all human economic organization – from corporate structures to government policy to international development.

    “We’ve developed the mathematical framework that may reshape how economic systems are designed across sectors,” said Mann. “For the first time in history, we can create mathematically structured mechanisms that align individual greed with collective good automatically. This isn’t just about cryptocurrency – it’s about demonstrating that capitalism can be inherently charitable, that economic growth can systematically reduce poverty, and that success can help everyone through what we’re calling ‘Mann Mechanics.’”

    Independent analysis confirms this represents the first mathematically structured mechanism demonstrating that economic systems can be designed to automatically strengthen social outcomes as they grow, potentially addressing root causes of global inequality, environmental degradation, and systemic poverty.


    HUMANITY’S GREATEST ECONOMIC CHALLENGE

    Throughout history, human societies have struggled with the fundamental tension between individual success and collective welfare. Traditional capitalism creates wealth but concentrates it, leading to inequality. Socialist systems promote equality but reduce prosperity. Regulatory approaches create compliance costs and economic drag. Charitable solutions depend on voluntary giving that decreases as wealth concentrates.

    “Every economic system in human history has forced a choice between individual freedom and collective good,” noted Mann. “We’ve developed a mathematically structured mechanism demonstrating that choice may be false – they can be systematically unified through progressive design.”

    The framework addresses systemic challenges affecting billions globally:

    • Global Poverty: 700+ million people in extreme poverty despite unprecedented global wealth
    • Climate Change: Economic incentives that reward environmental destruction over restoration
    • Inequality Crisis: Wealth concentration accelerating in every developed economy
    • Corporate Externalities: Profit maximization creating social and environmental costs
    • Aid Dependency: International development creating dependency rather than self-sufficiency
    • Government Inefficiency: Tax systems that reduce productivity while funding bureaucracy


    PROGRESSIVE UTILITY MECHANICS: THE UNIVERSAL SOLUTION

    Progressive Utility Mechanics (also known as “Mann Mechanics”) create economic systems where individual market participation automatically generates increasing social benefit through mathematically structured allocation mechanisms that strengthen over time.

    This framework transforms traditional zero-sum economic thinking into positive-sum systems where everyone’s success helps everyone else automatically, without coercion, regulation, or voluntary charity.

    Real-world applications include:

    • Progressive Impact Corporations: Business structures where shareholder profits automatically fund stakeholder benefits, making successful companies automatically beneficial to their communities

    • Self-Funding Development Programs: Economic zones where business success automatically generates poverty reduction funding, creating sustainable development without foreign aid dependency

    • Progressive Environmental Bonds: Investment vehicles where profit automatically funds environmental restoration, aligning financial returns with ecological recovery

    • Municipal Progressive Systems: City economies where business success automatically improves public infrastructure and services, creating self-improving urban environments

    • Progressive Education Funding: Systems where private success automatically enhances public education, leveling educational playing fields through market mechanisms

    “This framework could eliminate the need to choose between economic growth and social good,” observed one policy researcher. “Every successful business, every profitable investment, every economic gain automatically helps solve humanity’s greatest challenges.”


    GLOBAL IMPACT POTENTIAL

    Progressive Utility Mechanics address the mathematical core of humanity’s most pressing challenges:

    Poverty Elimination: Systems where economic success automatically generates anti-poverty funding may provide sustainable income support without government intervention or international aid dependency.

    Climate Solutions: Investment structures where environmental restoration becomes systematically profitable through progressive mechanics may help reverse ecological damage while generating returns.

    Inequality Reduction: Economic designs where success automatically levels playing fields may reduce wealth concentration without reducing prosperity or economic freedom.
    Corporate Transformation: Business models where profit maximization automatically optimizes social and environmental outcomes could revolutionize capitalism without regulatory coercion.

    International Development: Self-funding development programs could replace aid dependency with sustainable economic systems that strengthen as they succeed.

    “We’re not just talking about improving existing systems,” emphasized Mann. “We’re demonstrating that fundamentally different systems are possible – ones that may systematically address problems rather than creating them.”


    MATHEMATICAL PROOF OF CONCEPT: LVAI IMPLEMENTATION

    LVAI cryptocurrency will serve as the first mathematical proof that Progressive Utility Mechanics work in practice, demonstrating charitable impact that increases rather than decreases over time through three-phase evolution:

    • Phase 1: Economic growth automatically funds ecosystem expansion

    • Phase 2: Balanced allocation prevents stagnation while building social impact capacity

    • Phase 3: Unused economic capacity automatically becomes permanent charity endowment.

    The implementation includes institutional-grade security (94/100 audit rating) and has been mathematically verified to create stronger charitable impact as the system matures, demonstrating that economic success can be systematically aligned with social benefit through mechanism design.


    APPLICATIONS ACROSS HUMAN CIVILIZATION

    The discovery provides mathematical foundations for redesigning economic organization across all sectors:

    Corporate Governance: Progressive Impact Corporations where shareholders profit more as stakeholder outcomes improve, automatically aligning business success with social good.

    Municipal Economics: Progressive Economic Zones where local business success automatically funds public goods, creating self-improving communities without tax burden increases.

    International Relations: Progressive development frameworks where economic growth in developing nations automatically generates sustainable funding for infrastructure, education, and healthcare.

    Environmental Policy: Progressive conservation systems where land preservation and restoration become more profitable over time, creating economic incentives for ecological recovery.

    Educational Systems: Progressive funding mechanisms where private educational success automatically enhances public education quality, reducing inequality through market forces rather than redistribution.

    Healthcare Systems: Progressive health economics where medical innovation profitability automatically funds public health improvements, aligning pharmaceutical profits with population wellness.


    RESHAPING ECONOMIC THEORY

    Progressive Utility Mechanics (Mann Mechanics) represent the first mathematical framework proving that Adam Smith’s “invisible hand” – the foundational concept from the 18th-century economist known as the “Father of Modern Economics” – can be engineered rather than hoped for, creating guaranteed alignment between individual rational behavior and optimal collective outcomes.

    The innovation addresses fundamental questions that have challenged economists, philosophers, and policymakers:

    • Can capitalism be inherently fair? YES – through progressive design
    • Can individual greed serve collective good automatically? YES – through mathematical alignment
    • Can economic growth reduce rather than increase inequality? YES – through systematic progressive allocation
    • Can free markets solve social problems without government intervention? YES – through proper incentive design

    “This could be the most important breakthrough in economics since Adam Smith’s Wealth of Nations,” noted one academic researcher. “Mann Mechanics provide the missing mathematical framework for creating automatically beneficial economic systems, potentially establishing a new field of study alongside Nash Equilibrium – developed by John Nash, the Nobel Prize-winning mathematician portrayed in ‘A Beautiful Mind’ – and Keynesian Economics, created by John Maynard Keynes, the influential British economist whose theories shaped modern government economic policy.”


    POTENTIAL CIVILIZATIONAL SIGNIFICANCE

    If validated and widely implemented, Progressive Utility Mechanics may represent a significant advance in human economic organization since the development of market capitalism, potentially enabling:

    • Systematic poverty reduction through automatically self-funding anti-poverty systems
    • Climate change mitigation through profitable environmental restoration mechanisms
    • Inequality reduction without prosperity reduction through systematic leveling mechanisms
    • Corporate transformation from profit-maximizing to systematically beneficent entities
    • Government efficiency through market-based rather than bureaucratic social solutions

    “We’re exploring the potential to address humanity’s greatest challenges not through sacrifice or coercion, but by redesigning economic systems to systematically optimize for everyone’s benefit,” concluded Mann.


    PRIORITY ESTABLISHMENT

    This announcement establishes Valraj Singh Mann as the inventor of Progressive Utility Mechanics (Mann Mechanics) and creator of the mathematical framework for systematically aligning individual success with collective benefit. The innovation represents the first mathematically structured mechanism demonstrating that economic systems can be designed for systematic social optimization without reducing individual incentives or economic freedom.

    Comprehensive project documentation, including detailed whitepaper and technical specifications, is available at https://lovenotwar.ai


    ABOUT VAL MANN

    Valraj Singh Mann is the inventor of Progressive Utility Mechanics and creator of the mathematical framework for systematically aligning individual economic success with collective social benefit. Through breakthrough mathematical innovation, Mann has developed potential solutions to humanity’s greatest economic challenges while demonstrating that capitalism may be redesigned to be inherently beneficial to all participants.


    ABOUT PROGRESSIVE UTILITY MECHANICS

    Progressive Utility Mechanics (Mann Mechanics) represent a universally applicable mathematical framework for creating economic systems where individual success systematically generates increasing collective benefit. The principle provides potential applications across corporate governance, municipal economics, international development, environmental policy, and all forms of human economic organization.

    MEDIA CONTACT

    Ana Thapar
    Relations Manager
    Email: info@lovenotwar.ai
    Website: https://lovenotwar.ai
    New Community Channel: https://t.me/LoveNotWar_Base

    For global implementation discussions, academic collaboration, policy consultation, or interview requests, contact info@lovenotwar.ai with “Progressive Utility Framework” in the subject line.


    FORWARD-LOOKING STATEMENTS

    This press release contains forward-looking statements about potential applications of Progressive Utility Mechanics to global economic challenges. Implementation of any framework requires extensive testing, stakeholder collaboration, and adaptation to specific economic, legal, and cultural contexts. All projections represent potential applications based on mathematical modeling and require real-world validation.

    The MIL Network –

  • MIL-OSI: BexBack Launches 100x Leverage, Double Deposit Bonus, and No KYC – Empowering Everyday Traders to Achieve Financial Freedom

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, July 24, 2025 (GLOBE NEWSWIRE) — As the cryptocurrency market continues its upward trajectory, BexBack Exchange is setting a new standard in accessible trading with an unprecedented offer designed to empower both new and experienced traders. In the wake of Bitcoin’s remarkable surge, BexBack introduces an enticing promotional package featuring 100x leverage, a 100% deposit bonus, and the best part – NO KYC required.

    Breaking Down Barriers for Ordinary People

    BexBack has always been committed to providing opportunities that allow anyone, regardless of experience, to access the world of cryptocurrency trading. Now, with the introduction of 100x leverage, traders can control significantly larger positions while using minimal capital, enhancing their potential profits without needing substantial upfront investment. This high leverage option makes it possible for traders to capitalize on even the smallest price fluctuations, offering greater returns in a volatile market.

    Moreover, BexBack’s 100% deposit bonus gives users the opportunity to double their initial deposits, allowing them to increase their trading capital without having to deposit additional funds. Whether you are a newcomer or a seasoned investor, this bonus is designed to maximize trading potential and enhance the ability to leverage market volatility.

    NO KYC – Fast, Secure, and Anonymous Trading

    In a significant move to improve user experience, BexBack is also eliminating the KYC (Know Your Customer) requirements, ensuring fast, secure, and anonymous trading. This means that new users can register and begin trading within minutes, without the need to undergo lengthy verification processes. This commitment to privacy ensures that BexBack users can focus entirely on maximizing their trading potential without additional administrative hurdles.

    The Power of Leverage and Bonus to Achieve Financial Freedom

    For many people, achieving financial freedom may seem like an impossible dream, but with BexBack’s tools, it’s now within reach. With the added advantage of up to 100x leverage and double deposit bonuses, ordinary traders can amplify their earnings and increase their potential returns with little initial capital. This makes high-stakes crypto futures trading more accessible than ever before, allowing anyone to turn market volatility into wealth-building opportunities.

    Why Choose BexBack?

    1. 100x Leverage – Maximize your returns with up to 100x leverage on crypto futures.
    2. 100% Deposit Bonus – Double your trading capital immediately with every deposit.
    3. NO KYC – Trade anonymously without the need for extensive verification.
    4. Diverse Asset Support – Trade over 50 digital assets with ease.
    5. Instant Activation – Get started quickly without delays and start leveraging market movements.
    6. $50 Welcome Bonus: available to new users who meet the requirements.
    7. Comprehensive Customer Support – Our 24/7 multilingual support is always available to guide you.

    About BexBack?

    BexBack is a leading cryptocurrency derivatives platform offering up to 100x leverage on futures contracts for BTC, ETH, ADA, SOL, XRP, and over 50 other digital assets. Headquartered in Singapore, the platform also operates offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. Like many top-tier exchanges, BexBack holds a U.S. MSB (Money Services Business) license and is trusted by more than 500,000 traders worldwide. The platform accepts users from the United States, Canada, and Europe, with zero deposit fees and 24/7 multilingual customer support, delivering a secure, efficient, and user-friendly trading experience.

    Take Control of Your Financial Future

    Whether you are looking to diversify your portfolio or dive deeper into crypto futures trading, BexBack is giving you the tools to take control of your financial future. The combination of 100x leverage, double deposit bonuses, and NO KYC opens up opportunities for everyone, regardless of their trading background.

    Sign Up Now and Start Trading on BexBack — No KYC. No Hassles. Just high-leverage trading opportunities to maximize your profits.

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

    Disclaimer: This content is provided by BexBack. 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.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/f963b2d1-0380-42be-ac17-2b76312bd6e7

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d4cf04a6-6926-489c-a3b1-dc71e66805b5

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d6a167e5-8849-415e-a701-7c9096e04c43

    https://www.globenewswire.com/NewsRoom/AttachmentNg/a978b0c8-8c1c-4dd9-a0bf-c5aea8479410

    The MIL Network –

  • MIL-OSI USA: Pingree Leads Bipartisan, Bicameral Push to Protect Drinking Water as Communities Face Rising Contamination Threats

    Source: United States House of Representatives – Congresswoman Chellie Pingree (1st District of Maine)

    As drinking water contamination from toxic “forever chemicals,” also known as per- and polyfluoroalkyl substances (PFAS), increasingly threatens communities in Maine and across the country, U.S. Representatives Chellie Pingree (D-Maine) and David Rouzer (R-N.C.) have reintroduced the bipartisan Healthy Drinking Water Affordability Act, or the Healthy H2O Act. The legislation, introduced in the Senate by Tammy Baldwin (D-Wisc.) and Susan Collins (R-Maine), provides grants for water testing and treatment technology directly to individuals and nonprofits in rural communities. Systems that improve water quality—whether installed at the faucet or within a building—can provide immediate and ongoing protections from known and emerging water contaminants, including PFAS, lead, and nitrates. 

    “The Healthy H2O Act will help make water testing and treatment technology more accessible here in Maine, and in rural communities across the country, especially for families on private wells who are too often left to navigate contamination risks on their own,” said Pingree. “As national protections face delays and uncertainty, local communities can’t afford to wait. This bipartisan bill gives them the tools to identify and address harmful chemicals like PFAS and lead at the tap—so they can be confident the water they’re drinking is safe.”

    “The Healthy H2O Act helps rural residents in the Cape Fear Valley gain access to safe, clean drinking water—free from harmful contaminants like GenX, PFAS, and PFOS,” said Rouzer. “As city and county water systems continue upgrading to address these pollutants, this legislation ensures rural communities aren’t left behind by supporting testing and the installation of effective filtration systems to remove these ‘forever chemicals.’”

    “All Wisconsin families, businesses, and communities should trust that the water coming out of their faucets is safe to drink, but across our state, rural communities are struggling to identify and treat chemicals like PFAs that endanger our health, especially for children,” said Senator Baldwin. “My bipartisan legislation ensures our small and rural communities aren’t left behind and makes sure they have what they need to find and get rid of dangerous chemicals and keep our families healthy.”

    “Maintaining and upgrading water and wastewater systems is vital to ensuring the economic and environmental health of our communities,” said Senator Collins. “This bipartisan legislation will help reduce health-based contaminants like PFAS in drinking water, increase consumer confidence, and protect public health.”

    The Healthy H2O Act would provide funding for point-of-use water treatment systems, such as under-sink filters, that can deliver immediate protections. Nearly 43 million U.S. households— primarily in rural areas—depend on private wells that are not regularly monitored under federal or state drinking water programs, leaving many communities vulnerable to contamination.

    The Healthy H2O Act is supported by:

    • Water Quality Association 
    • American Supply Association 
    • Plumbing Manufacturers International (PMI) 
    • Rural Community Assistance Partnership (RCAP) 
    • National Groundwater Association (NGWA) 
    • High Performance Building Coalition 
    • NSF International 
    • Water Systems Council 
    • Water Well Trust 
    • The Groundwater Foundation 
    • International Association of Plumbing and Mechanical Officials (IAPMO) 
    • International Code Council (ICC) 
    • DigDeep 
    • California Ground Water Association 
    • Eastern Water Quality Association (EWQA) 
    • Florida Groundwater Association 
    • Florida Water Quality Association (FWQA) 
    • Illinois Association of Groundwater Professionals 
    • Iowa Water Quality Association 
    • Kentucky Groundwater Association 
    • Michigan Ground Water Association 
    • Minnesota WQA (MWQA) 
    • Minnesota Water Well Association 
    • Montana Water Well Drillers Association 
    • Nebraska On-Site Wastewater Association 
    • Nebraska State Irrigation Association 
    • Nebraska Water Leaders Academy 
    • Nebraska Well Drillers Association 
    • Ohio Water Quality Association (OWQA) 
    • Ohio Water Well Association 
    • Pacific Water Quality Association (PWQA) 
    • Pennsylvania Groundwater Association 
    • Texas Water Quality Association (TWQA) 
    • Virginia Water Well Association 
    • Water Council of Milwaukee 
    • Water Quality Association of Wisconsin 
    • Well Drillers Association of Wisconsin

    “We applaud Representatives Pingree and Rouzer for introducing the Healthy H2O Act that will increase access to safer drinking water in rural communities,” said Pauli Undesser, Executive Director of the Water Quality Association. “This grant program will help Americans who are most vulnerable to contaminants in their water supply – children, the elderly, and households that rely on private wells. By increasing access to testing and water filtration products, we can support the health and safety of these communities.”

    “Too often, rural communities across the country face barriers to accessing clean, safe drinking water,” said National Ground Water Association President Eric Macias. “The Healthy H2O Act is a real step forward, delivering resources to help families test and treat their water. This legislation reflects the kind of commonsense investment that can truly improve lives, and we commend Congresswoman Pingree for her leadership on this important issue.”

    Pingree, who serves on the House Agriculture Committee, has long championed PFAS clean-up and clean drinking water legislation. She proudly supported the Infrastructure Investment and Jobs Act, which included a $55 billion investment to replace lead service lines, $10 billion to address PFAS chemicals, and investments in water infrastructure across America, including in Tribal Nations and underserved communities that need it most.

    As Chair of the Interior Appropriations Subcommittee, which oversees funding for the EPA, in the 117th Congress and as Ranking Member in the 118th and 119th Congresses, Pingree has championed funding to clean up PFAS contamination. In the Fiscal Year 2024 government funding bill signed by President Biden, Pingree secured $8 million for the EPA to work with the U.S. Department of Agriculture to further research on PFAS contamination in agriculture, as well as $5 million to assist farmers whose land has been contaminated by PFAS.

    ###

    MIL OSI USA News –

  • MIL-OSI: Lloyds Bank plc: 2025 Half-Year Results

    Source: GlobeNewswire (MIL-OSI)

    LONDON, July 24, 2025 (GLOBE NEWSWIRE) —

    Lloyds Bank plc

    2025 Half-Year Results

    24 July 2025

    Member of the Lloyds Banking Group

    CONTENTS

    Forward-looking statements 1
       
    Statutory information (IFRS)  
    Condensed consolidated balance sheet (unaudited) 2
    Condensed consolidated income statement (unaudited) 2
       
    Financial review 3
       
    Risk management  
    Principal risks and uncertainties 5
    Capital risk 6
    Credit risk 10
    Liquidity risk 20
       
    Statutory information  
    Condensed consolidated half-year financial statements (unaudited) 21
    Condensed consolidated income statement (unaudited) 22
    Condensed consolidated statement of comprehensive income (unaudited) 23
    Condensed consolidated balance sheet (unaudited) 24
    Condensed consolidated statement of changes in equity (unaudited) 25
    Condensed consolidated cash flow statement (unaudited) 28
    Notes to the condensed consolidated half-year financial statements (unaudited) 29
       
    Statement of directors’ responsibilities 52
    Independent review report to Lloyds Bank Plc 53
    Contacts 54


    FORWARD-LOOKING STATEMENTS

    This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and section 27A of the US Securities Act of 1933, as amended, with respect to the business, strategy, plans and/or results of Lloyds Bank plc together with its subsidiaries (the Lloyds Bank Group) and its current goals and expectations. Statements that are not historical or current facts, including statements about the Lloyds Bank Group’s or its directors’ and/or management’s beliefs and expectations, are forward-looking statements. Words such as, without limitation, ‘believes’, ‘achieves’, ‘anticipates’, ‘estimates’, ‘expects’, ‘targets’, ‘should’, ‘intends’, ‘aims’, ‘projects’, ‘plans’, ‘potential’, ‘will’, ‘would’, ‘could’, ‘considered’, ‘likely’, ‘may’, ‘seek’, ‘estimate’, ‘probability’, ‘goal’, ‘objective’, ‘deliver’, ‘endeavour’, ‘prospects’, ‘optimistic’ and similar expressions or variations on these expressions are intended to identify forward-looking statements. These statements concern or may affect future matters, including but not limited to: projections or expectations of the Lloyds Bank Group’s future financial position, including profit attributable to shareholders, provisions, economic profit, dividends, capital structure, portfolios, net interest margin, capital ratios, liquidity, risk-weighted assets (RWAs), expenditures or any other financial items or ratios; litigation, regulatory and governmental investigations; the Lloyds Bank Group’s future financial performance; the level and extent of future impairments and write-downs; the Lloyds Bank Group’s ESG targets and/or commitments; statements of plans, objectives or goals of the Lloyds Bank Group or its management and other statements that are not historical fact and statements of assumptions underlying such statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that will or may occur in the future. Factors that could cause actual business, strategy, targets, plans and/or results (including but not limited to the payment of dividends) to differ materially from forward-looking statements include, but are not limited to: general economic and business conditions in the UK and internationally (including in relation to tariffs); imposed and threatened tariffs and changes to global trade policies; acts of hostility or terrorism and responses to those acts, or other such events; geopolitical unpredictability; the war between Russia and Ukraine; the escalation of conflicts in the Middle East; the tensions between China and Taiwan; political instability including as a result of any UK general election; market related risks, trends and developments; changes in client and consumer behaviour and demand; exposure to counterparty risk; the ability to access sufficient sources of capital, liquidity and funding when required; changes to the Lloyds Bank Group’s or Lloyds Banking Group plc’s credit ratings; fluctuations in interest rates, inflation, exchange rates, stock markets and currencies; volatility in credit markets; volatility in the price of the Lloyds Bank Group’s securities; natural pandemic and other disasters; risks concerning borrower and counterparty credit quality; risks affecting defined benefit pension schemes; changes in laws, regulations, practices and accounting standards or taxation; changes to regulatory capital or liquidity requirements and similar contingencies; the policies and actions of governmental or regulatory authorities or courts together with any resulting impact on the future structure of the Lloyds Bank Group; risks associated with the Lloyds Bank Group’s compliance with a wide range of laws and regulations; assessment related to resolution planning requirements; risks related to regulatory actions which may be taken in the event of a bank or Lloyds Bank Group or Lloyds Banking Group failure; exposure to legal, regulatory or competition proceedings, investigations or complaints; failure to comply with anti-money laundering, counter terrorist financing, anti-bribery and sanctions regulations; failure to prevent or detect any illegal or improper activities; operational risks including risks as a result of the failure of third party suppliers; conduct risk; technological changes and risks to the security of IT and operational infrastructure, systems, data and information resulting from increased threat of cyber and other attacks; technological failure; inadequate or failed internal or external processes or systems; risks relating to ESG matters, such as climate change (and achieving climate change ambitions) and decarbonisation, including the Lloyds Bank Group’s or the Lloyds Banking Group’s ability along with the government and other stakeholders to measure, manage and mitigate the impacts of climate change effectively, and human rights issues; the impact of competitive conditions; failure to attract, retain and develop high calibre talent; the ability to achieve strategic objectives; the ability to derive cost savings and other benefits including, but without limitation, as a result of any acquisitions, disposals and other strategic transactions; inability to capture accurately the expected value from acquisitions; and assumptions and estimates that form the basis of the Lloyds Bank Group’s financial statements. A number of these influences and factors are beyond the Lloyds Bank Group’s control. Please refer to the latest Annual Report on Form 20-F filed by Lloyds Bank plc with the US Securities and Exchange Commission (the SEC), which is available on the SEC’s website at www.sec.gov, for a discussion of certain factors and risks. Lloyds Bank plc may also make or disclose written and/or oral forward-looking statements in other written materials and in oral statements made by the directors, officers or employees of Lloyds Bank plc to third parties, including financial analysts. Except as required by any applicable law or regulation, the forward-looking statements contained in this document are made as of today’s date, and the Lloyds Bank Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document whether as a result of new information, future events or otherwise. The information, statements and opinions contained in this document do not constitute a public offer under any applicable law or an offer to sell any securities or financial instruments or any advice or recommendation with respect to such securities or financial instruments.


    CONTACTS

    For further information please contact:


    INVESTORS AND ANALYSTS

    Douglas Radcliffe

    Group Investor Relations Director

    020 7356 1571

    douglas.radcliffe@lloydsbanking.com

    Rohith Chandra-Rajan

    Director of Investor Relations

    07353 885 690

    rohith.chandra-rajan@lloydsbanking.com

    Nora Thoden

    Director of Investor Relations – ESG

    020 7356 2334

    nora.thoden@lloydsbanking.com

    Tom Grantham

    Investor Relations Senior Manager

    07851 440 091

    thomas.grantham@lloydsbanking.com

    Sarah Robson

    Investor Relations Senior Manager

    07494 513 983

    sarah.robson2@lloydsbanking.com


    CORPORATE AFFAIRS

    Matt Smith

    Head of Media Relations

    07788 352 487

    matt.smith@lloydsbanking.com

    Emma Fairhurst

    Media Relations Senior Manager

    07814 395 855

    emma.fairhurst@lloydsbanking.com

    Copies of this News Release may be obtained from:
    Investor Relations, Lloyds Banking Group plc, 33 Old Broad Street, London, EC2N 1HZ
    The statement can also be found on the Group’s website – www.lloydsbankinggroup.com

    Registered office: Lloyds Bank plc, 25 Gresham Street, London, EC2V 7HN
    Registered in England No. 2065

    Click on, or paste the following link into your web browser, to view the associated PDF document.

    http://www.rns-pdf.londonstockexchange.com/rns/4360S_1-2025-7-24.pdf

    This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

    The MIL Network –

  • MIL-OSI: C&F Financial Corporation Announces Net Income for Second Quarter and First Six Months

    Source: GlobeNewswire (MIL-OSI)

    TOANO, Va., July 24, 2025 (GLOBE NEWSWIRE) — C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $7.8 million for the second quarter of 2025, an increase of 54.3 percent compared to $5.0 million for the second quarter of 2024. The Corporation reported consolidated net income of $13.2 million for the first six months of 2025, an increase of 55.4 percent compared to $8.5 million for the first six months of 2024. The following table presents selected financial performance highlights for the periods indicated:

                                     
        For The Quarter Ended     For the Six Months Ended  
    Consolidated Financial Highlights (unaudited)   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Consolidated net income (000’s)   $ 7,767     $ 5,034     $ 13,162     $ 8,469  
                                     
    Earnings per share – basic and diluted   $ 2.37     $ 1.50     $ 4.03     $ 2.50  
                                     
    Annualized return on average assets     1.18 %     0.82 %     1.01 %     0.69 %
    Annualized return on average equity     13.06 %     9.31 %     11.23 %     7.82 %
    Annualized return on average tangible common equity1     14.70 %     10.72 %     12.72 %     9.01 %

    ________________________
    1 For more information about these non-GAAP financial measures, which are not calculated in accordance with generally accepted accounting principles (GAAP), please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    “We are very pleased with our strong second-quarter earnings,” said Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation. “Our community banking segment delivered impressive loan and deposit growth, while our mortgage banking segment saw increased loan originations. Despite continued competition for auto loans, we are encouraged by the progress of our operational efficiency initiatives and ongoing technology investments at the consumer finance segment.

    Looking ahead, we’re optimistic about the second half of the year. In addition to the continued organic loan and deposit growth we expect at the community banking segment, we are excited about our recent expansion into Southwest Virginia. This strategic move extends our presence into key markets—including Roanoke, Lynchburg, Danville, Martinsville and Blacksburg—and reinforces our position as a leading community bank serving the Commonwealth of Virginia.”

    Key highlights for the second quarter and first six months of 2025 are as follows.

    • Community banking segment loans grew $76.7 million, or 10.6 percent annualized, and $143.4 million, or 10.3 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Consumer finance segment loans decreased $5.4 million, or 2.3 percent annualized, and $17.0 million, or 3.5 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Deposits increased $85.5 million, or 7.9 percent annualized, and $150.3 million, or 7.1 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Consolidated annualized net interest margin was 4.27 percent for the second quarter of 2025 compared to 4.12 percent for the second quarter of 2024 and 4.16 percent in the first quarter of 2025;
    • The community banking segment recorded a net reversal of provision for credit losses of $300,000 and a provision for credit losses of $450,000 for the second quarters of 2025 and 2024, respectively, and recorded a net reversal of provision for credit losses of $200,000 and a provision for credit losses of $950,000 for the first six months of 2025 and 2024, respectively;
    • The consumer finance segment recorded provision for credit losses of $2.4 million and $2.1 million for the second quarters of 2025 and 2024, respectively, and recorded provision for credit losses of $5.3 million and $5.1 million for the first six months of 2025 and 2024, respectively;
    • The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024 and an annualized rate of 2.19 percent for the second quarter of 2025 compared to 2.64 percent for the first quarter of 2025;
    • Mortgage banking segment loan originations increased $67.5 million, or 46.2 percent, to $213.5 million for the second quarter of 2025 compared to the second quarter of 2024 and increased $99.8 million, or 87.7 percent compared to the first quarter of 2025; and
    • The Corporation issued new subordinated notes with aggregate principal of $40.0 million on June 6, 2025. Concurrently, the Corporation repurchased previously issued subordinated notes with aggregate principal of $20.0 million.

    Community Banking Segment. The community banking segment reported net income of $7.1 million and $12.6 million for the second quarter and first six months of 2025, respectively, compared to $4.6 million and $8.6 million for the same periods of 2024, due primarily to:

    • higher interest income resulting from higher average balances of loans and the effects of higher average interest rates on asset yields; and
    • lower provision for credit losses due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve, partially offset by provision related to loan growth;

    partially offset by:

    • higher interest expense due primarily to higher average balances of interest-bearing deposits, partially offset by lower average rates on deposits; and
    • higher marketing and advertising expenses related to the Corporation’s strategic marketing initiative, which began in the second half of 2024.

    Average loans increased $139.6 million, or 10.3 percent, for the second quarter of 2025 and increased $152.5 million, or 11.5 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to growth in the construction, construction real estate and land acquisition and development segments of the loan portfolio. Average deposits increased $156.9 million, or 7.6 percent, for the second quarter of 2025 and increased $144.4 million, or 7.0 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to higher balances of time deposits, noninterest-bearing demand deposits and saving and money market deposit accounts.

    Average interest-earning asset yields were higher for the second quarter and first six months of 2025, compared to the same periods of 2024, due primarily to a shift in the mix of the loan portfolio towards higher-yielding loans, renewals of fixed rate loans originated during periods of lower interest rates and purchases of securities available for sale in the overall higher interest rate environment. Average costs of interest-bearing deposits were lower for the second quarter of 2025, compared to the second quarter of 2024 due primarily to decreases in interest rates paid on time deposits. Average costs of interest-bearing deposits were higher for the first six months of 2025, compared to the first six months of 2024, due primarily to the continued effects of a shift in the mix of deposits to higher cost time deposits, partially offset by decreases in interest rates paid on time deposits.

    The community banking segment’s nonaccrual loans were $1.1 million at June 30, 2025 compared to $333,000 at December 31, 2024. The increase in nonaccrual loans compared to December 31, 2024 is due primarily to the downgrade of one residential mortgage relationship in the first quarter of 2025. The community banking segment recorded net reversals of provision for credit losses of $300,000 and $200,000 for the second quarter and first six months of 2025, compared to provision for credit losses of $450,000 and $950,000 for the same periods of 2024. At June 30, 2025, the allowance for credit losses decreased to $17.2 million, compared to $17.4 million at December 31, 2024. The allowance for credit losses as a percentage of total loans decreased to 1.12 percent at June 30, 2025 from 1.20 percent at December 31, 2024. These decreases are due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve and growth in loans with shorter expected lives, which resulted in lower estimated losses over the life of the loan, partially offset by growth in the loan portfolio and changes in the forecast of key credit loss model assumptions. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected.

    Mortgage Banking Segment. The mortgage banking segment reported net income of $985,000 and $1.4 million for the second quarter and first six months of 2025, respectively, compared to $376,000 and $670,000 for the same periods of 2024, due primarily to:

    • higher gains on sales of loans and higher mortgage banking fee income due to higher volume of mortgage loan originations; and
    • higher mortgage lender services fee income;

    partially offset by:

    • higher variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits; and
    • lower reversal of provision for indemnifications.

    Despite the sustained elevated level of mortgage interest rates, higher home prices and low levels of inventory, mortgage banking segment loan originations increased 46.2 percent and 36.2 percent for the second quarter and first six months of 2025, respectively, compared to the same periods of 2024. Mortgage loan originations for the mortgage banking segment were $213.5 million for the second quarter of 2025, comprised of $197.2 million home purchases and $16.3 million refinancings, compared to $146.0 million, comprised of $134.3 million home purchases and $11.7 million refinancings, for the same period in 2024. Mortgage loan originations for the mortgage banking segment were $327.3 million for the first six months of 2025, comprised of $298.9 million home purchases and $28.4 million refinancings, compared to $240.4 million, comprised of $221.1 million home purchases and $19.3 million refinancings, for the same period in 2024. Mortgage loan originations in the second quarter of 2025 increased $99.8 million compared to the first quarter of 2025 due in part to normal industry seasonal fluctuations. Mortgage loan segment originations include originations of loans sold to the community banking segment, at prices similar to those paid by third-party investors. These transactions are eliminated to reach consolidated totals.

    During the second quarter and first six months of 2025, the mortgage banking segment recorded a reversal of provision for indemnification losses of $35,000 and $60,000, respectively, compared to a reversal of provision for indemnification losses of $135,000 and $275,000 in the same periods of 2024. The allowance for indemnifications was $1.29 million and $1.35 million at June 30, 2025 and December 31, 2024, respectively. The release of indemnification reserves in 2025 and 2024 was due primarily to lower volume of mortgage loan originations in recent years, improvement in the mortgage banking segment’s assessment of borrower payment performance and other factors affecting expected losses on mortgage loans sold in the secondary market, such as time since origination. The releases in 2025 decreased compared to the same periods in 2024 due primarily to the increased mortgage loan originations in 2025 compared to 2024. Management believes that the indemnification reserve is sufficient to absorb losses related to loans that have been sold in the secondary market.

    Consumer Finance Segment.   The consumer finance segment reported net income of $539,000 and $765,000 for the second quarter and first six months of 2025, compared to $894,000 and $831,000 for the same periods in 2024, due primarily to:

    • higher provision for credit losses due primarily to higher net charge-offs; and
    • lower interest income resulting from lower average balances of loans, partially offset by higher loan yields;

    partially offset by:

    • lower interest expense allocation on borrowings from the community banking segment as a result of lower average balances of borrowings; and
    • lower salaries and employee benefits expense due to an effort to reduce overhead costs.

    Average loans decreased $14.1 million, or 2.9 percent, for the second quarter of 2025 and decreased $11.2 million, or 2.4 percent, for the first six months of 2025, respectively, compared to the same periods in 2024. The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024, due primarily to an increase in delinquent loans, repossessions and the average amount charged-off when a loan was uncollectable. At June 30, 2025, total delinquent loans as a percentage of total loans was 3.81 percent, compared to 3.90 percent at December 31, 2024, and 3.51 percent at June 30, 2024.

    The consumer finance segment, at times, offers payment deferrals as a portfolio management technique to achieve higher ultimate cash collections on select loan accounts. A significant reliance on deferrals as a means of managing collections may result in a lengthening of the loss confirmation period, which would increase expectations of credit losses inherent in the portfolio. Average amounts of payment deferrals of automobile loans on a monthly basis, which are not included in delinquent loans, were 1.73 percent and 1.74 percent of average automobile loans outstanding during the second quarter and first six months of 2025, respectively, compared to 1.58 percent and 1.60 percent during the same periods during 2024. The allowance for credit losses was $22.4 million at June 30, 2025 and $22.7 million at December 31, 2024. The allowance for credit losses as a percentage of total loans was 4.85 percent at June 30, 2025 compared to 4.86 percent at December 31, 2024. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected. If loan performance deteriorates resulting in further elevated delinquencies or net charge-offs, the provision for credit losses may increase in future periods.

    Liquidity. The objective of the Corporation’s liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of $250,000. As of June 30, 2025, the Corporation’s uninsured deposits were approximately $677.7 million, or 30.0 percent of total deposits. Excluding intercompany cash holdings and municipal deposits, which are secured with pledged securities, amounts uninsured were approximately $536.1 million, or 23.8 percent of total deposits as of June 30, 2025. The Corporation’s liquid assets, which include cash and due from banks, interest-bearing deposits at other banks and nonpledged securities available for sale, were $373.7 million and borrowing availability was $576.4 million as of June 30, 2025, which in total exceed uninsured deposits, excluding intercompany cash holdings and secured municipal deposits, by $414.0 million as of June 30, 2025.

    In addition to deposits, the Corporation utilizes short-term and long-term borrowings as sources of funds. Short-term borrowings from the Federal Reserve Bank and the Federal Home Loan Bank of Atlanta (FHLB) may be used to fund the Corporation’s day-to-day operations. Short-term borrowings also include securities sold under agreements to repurchase. Total borrowings increased to $146.1 million at June 30, 2025 from $122.6 million at December 31, 2024 due primarily to an increase in the Corporation’s subordinated debt, increased borrowings from the FHLB and fluctuations in balances of repurchase agreements with commercial deposit customers.

    Additional sources of liquidity available to the Corporation include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities, the issuance of brokered certificates of deposit and the capacity to borrow additional funds.

    Capital and Dividends.   During the second quarter of 2025, the Corporation declared a quarterly cash dividend of 46 cents per share. This dividend, which was paid to shareholders on July 1, 2025, represents a payout ratio of 19.4 percent of earnings per share for the second quarter of 2025. The Board of Directors of the Corporation continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital levels and requirements, and expected future earnings.

    Total consolidated equity increased $13.9 million at June 30, 2025, compared to December 31, 2024, due primarily to net income and lower unrealized losses in the market value of securities available for sale, which are recognized as a component of other comprehensive income, partially offset by dividends paid on the Corporation’s common stock. The Corporation’s securities available for sale are fixed income debt securities and their unrealized loss position is a result of increased market interest rates since they were purchased. The Corporation expects to recover its investments in debt securities through scheduled payments of principal and interest. Unrealized losses are not expected to affect the earnings or regulatory capital of the Corporation or C&F Bank. The accumulated other comprehensive loss related to the Corporation’s securities available for sale, net of deferred income taxes, decreased to $19.9 million at June 30, 2025 compared to $23.7 million at December 31, 2024 due primarily to fluctuations in debt security market interest rates and a decrease in the balance of securities available for sale in an unrealized loss position as a result of maturities, calls and paydowns.

    As of June 30, 2025, the most recent notification from the FDIC categorized C&F Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at June 30, 2025, C&F Bank was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios. In addition to the regulatory risk-based capital requirements, C&F Bank must maintain a capital conservation buffer of additional capital of 2.5 percent of risk-weighted assets as required by the Basel III capital rules. The Corporation and C&F Bank exceeded these ratios at June 30, 2025. For additional information, see “Capital Ratios” below. The above mentioned ratios are not impacted by unrealized losses on securities available for sale. In the event that all of these unrealized losses become realized into earnings, the Corporation and C&F Bank would both continue to exceed minimum capital requirements, including the capital conservation buffer, and be considered well capitalized.

    The Corporation has a share repurchase program that was authorized by the Board of Directors to repurchase up to $5.0 million of the Corporation’s common stock, effective January 1, 2025 through December 31, 2025 (the 2025 Repurchase Program). During the second quarter of 2025, the Corporation did not make any repurchases of its common stock under the 2025 Repurchase Program.

    About C&F Financial Corporation. The Corporation’s common stock is listed for trading on The Nasdaq Stock Market under the symbol CFFI. The common stock closed at a price of $69.18 per share on July 23, 2025. At June 30, 2025, the book value per share of the Corporation was $74.21 and the tangible book value per share was $66.12. For more information about the Corporation’s tangible book value per share, which is not calculated in accordance with GAAP, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    C&F Bank operates 31 banking offices and five commercial loan offices located throughout Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia and the surrounding states. C&F Finance Company provides automobile, marine and recreational vehicle loans through indirect lending programs offered primarily in the Mid-Atlantic, Midwest and Southern United States from its headquarters in Henrico, Virginia.

    Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission (SEC), are available on the Corporation’s website at http://www.cffc.com.

    Use of Certain Non-GAAP Financial Measures. The accounting and reporting policies of the Corporation conform to GAAP in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of the Corporation’s performance. These may include adjusted net income, adjusted earnings per share, adjusted return on average equity, adjusted return on average assets, return on average tangible common equity (ROTCE), adjusted ROTCE, tangible book value per share, price to tangible book value ratio, and the following fully-taxable equivalent (FTE) measures: interest income on loans-FTE, interest income on securities-FTE, total interest income-FTE and net interest income-FTE. Interest on tax-exempt loans and securities is presented on a taxable-equivalent basis (which converts the income on loans and investments for which no income taxes are paid to the equivalent yield as if income taxes were paid) using the federal corporate income tax rate of 21 percent that was applicable for all periods presented.

    Management believes that the use of these non-GAAP measures provides meaningful information about operating performance by enhancing comparability with other financial periods, other financial institutions, and between different sources of interest income. The non-GAAP measures used by management enhance comparability by excluding the effects of balances of intangible assets, including goodwill, that vary significantly between institutions, and tax benefits that are not consistent across different opportunities for investment. These non-GAAP financial measures should not be considered an alternative to, or more important than, GAAP-basis financial statements, and other bank holding companies may define or calculate these or similar measures differently. A reconciliation of the non-GAAP financial measures used by the Corporation to evaluate and measure the Corporation’s performance to the most directly comparable GAAP financial measures is presented below.

    Forward-Looking Statements.   This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the beliefs of the Corporation’s management, as well as assumptions made by, and information currently available to, the Corporation’s management, and reflect management’s current views with respect to certain events that could have an impact on the Corporation’s future financial performance. These statements, including without limitation statements made in Mr. Cherry’s quote and statements regarding future interest rates and conditions in the Corporation’s industries and markets, relate to expectations concerning matters that are not historical fact, may express “belief,” “intention,” “expectation,” “potential” and similar expressions, and may use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “might,” “will,” “intend,” “target,” “should,” “could,” or similar expressions. These statements are inherently uncertain, and there can be no assurance that the underlying assumptions will prove to be accurate. Actual results could differ materially from those anticipated or implied by such statements. Forward-looking statements in this release may include, without limitation, statements regarding expected future operations and financial performance, expected trends in yields on loans, expected future recovery of investments in debt securities, future dividend payments, deposit trends, charge-offs and delinquencies, changes in cost of funds and net interest margin and items affecting net interest margin, strategic business initiatives and the anticipated effects thereof, changes in interest rates and the effects thereof on net interest income, mortgage loan originations, expectations regarding C&F Bank’s regulatory risk-based capital requirement levels, technology initiatives, our diversified business strategy, asset quality, credit quality, adequacy of allowances for credit losses and the level of future charge-offs, market interest rates and housing inventory and resulting effects in mortgage loan origination volume, sources of liquidity, adequacy of the reserve for indemnification losses related to loans sold in the secondary market, the effect of future market and industry trends, the effects of future interest rate fluctuations, cybersecurity risks, and inflation. Factors that could have a material adverse effect on the operations and future prospects of the Corporation include, but are not limited to, changes in:

    • interest rates, such as volatility in short-term interest rates or yields on U.S. Treasury bonds, fluctuations in interest rates following actions by the Federal Reserve and increases or volatility in mortgage interest rates
    • general business conditions, as well as conditions within the financial markets
    • general economic conditions, including unemployment levels, inflation rates, supply chain disruptions and slowdowns in economic growth
    • general market conditions, including disruptions due to pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, changes in trade policy and the implementation of tariffs, war and other military conflicts or other major events, or the prospect of these events
    • average loan and securities yields and average costs of interest-bearing deposits and borrowings
    • financial services industry conditions, including bank failures or concerns involving liquidity
    • labor market conditions, including attracting, hiring, training, motivating and retaining qualified employees
    • the legislative and regulatory climate, regulatory initiatives with respect to financial institutions, products and services, the Consumer Financial Protection Bureau (the CFPB) and the regulatory and enforcement activities of the CFPB
    • monetary and fiscal policies of the U.S. Government, including policies of the FDIC, U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System, and the effect of these policies on interest rates and business in our markets
    • demand for financial services in the Corporation’s market areas
    • the value of securities held in the Corporation’s investment portfolios
    • the quality or composition of the loan portfolios and the value of the collateral securing those loans
    • the inventory level, demand and fluctuations in the pricing of used automobiles, including sales prices of repossessed vehicles
    • the level of automobile loan delinquencies or defaults and our ability to repossess automobiles securing delinquent automobile finance installment contracts
    • the level of net charge-offs on loans and the adequacy of our allowance for credit losses
    • the level of indemnification losses related to mortgage loans sold
    • demand for loan products
    • deposit flows
    • the strength of the Corporation’s counterparties
    • the availability of lines of credit from the FHLB and other counterparties
    • the soundness of other financial institutions and any indirect exposure related to the closing of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Corporation has commercial or deposit relationships
    • competition from both banks and non-banks, including competition in the automobile finance and marine and recreational vehicle finance markets
    • services provided by, or the level of the Corporation’s reliance upon third parties for key services
    • the commercial and residential real estate markets, including changes in property values
    • the demand for residential mortgages and conditions in the secondary residential mortgage loan markets
    • the Corporation’s technology initiatives and other strategic initiatives
    • the Corporation’s branch expansion, relocation and consolidation plans
    • cyber threats, attacks or events
    • C&F Bank’s product offerings
    • accounting principles, policies and guidelines, and elections made by the Corporation thereunder.

    These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. For additional information on risk factors that could affect the forward-looking statements contained herein, see the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024 and other reports filed with the SEC. The Corporation undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

       
    C&F Financial CorporationSelected Financial Information
    (dollars in thousands, except for per share data)
    (unaudited)    		  
       
    Financial Condition   6/30/2025    12/31/2024    6/30/2024  
    Interest-bearing deposits in other banks   $ 62,289   $ 49,423   $ 28,433  
    Investment securities – available for sale, at fair value     434,506     418,625     404,758  
    Loans held for sale, at fair value     44,757     20,112     33,716  
    Loans, net:                    
    Community Banking segment     1,513,082     1,436,226     1,369,912  
    Consumer Finance segment     439,005     444,085     454,921  
    Total assets     2,686,392     2,563,374     2,492,100  
    Deposits     2,256,314     2,170,860     2,106,062  
    Repurchase agreements     20,642     28,994     25,047  
    Other borrowings     125,493     93,615     93,753  
    Total equity     240,916     226,970     219,099  
                                     
        For The     For The  
        Quarter Ended     Six Months Ended  
    Results of Operations   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Interest income   $ 37,407       $ 34,312     $ 73,395       $ 67,020  
    Interest expense     10,899         10,484       21,877         20,034  
    Provision for credit losses:                                
    Community Banking segment     (300 )       450       (200 )       950  
    Consumer Finance segment     2,400         2,100       5,300         5,100  
    Noninterest income:                                
    Gains on sales of loans     2,458         1,701       4,305         2,989  
    Other     7,390         5,623       13,116         11,827  
    Noninterest expenses:                                
    Salaries and employee benefits     14,846         13,452       28,329         27,704  
    Other     9,784         8,921       19,360         17,819  
    Income tax expense     1,859         1,195       2,988         1,760  
    Net income     7,767         5,034       13,162         8,469  
                                     
    Fully-taxable equivalent (FTE) amounts1                                
    Interest income on loans-FTE     33,768         31,460       66,196         61,096  
    Interest income on securities-FTE     3,530         2,977       6,876         6,075  
    Total interest income-FTE     37,711         34,600       73,987         67,593  
    Net interest income-FTE     26,812         24,116       52,110         47,559  

    ________________________
    1For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                                       
        For the Quarter Ended  
          6/30/2025      6/30/2024     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Loans:                                  
    Community banking segment   $ 1,499,272     $ 20,893   5.59 % $ 1,359,703     $ 18,543   5.48 %
    Mortgage banking segment     45,948       731   6.38     34,240       533   6.26  
    Consumer finance segment     464,193       12,144   10.49     478,296       12,384   10.41  
    Total loans     2,009,413       33,768   6.74     1,872,239       31,460   6.76  
    Securities:                                  
    Taxable     342,023       2,325   2.72     337,050       1,857   2.20  
    Tax-exempt     120,281       1,205   4.01     119,626       1,120   3.75  
    Total securities     462,304       3,530   3.05     456,676       2,977   2.61  
    Interest-bearing deposits in other banks     48,237       413   3.43     23,239       163   2.82  
    Total earning assets     2,519,954       37,711   6.00     2,352,154       34,600   5.91  
    Allowance for credit losses     (41,284 )               (40,837 )            
    Total non-earning assets     157,307                 153,002              
    Total assets   $ 2,635,977               $ 2,464,319              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 312,905       476   0.61   $ 321,070       476   0.60  
    Savings and money market deposit accounts     522,453       1,530   1.17     474,613       1,074   0.91  
    Certificates of deposit     830,425       7,547   3.65     751,973       7,700   4.12  
    Total interest-bearing deposits     1,665,783       9,553   2.30     1,547,656       9,250   2.40  
    Borrowings:                                  
    Repurchase agreements     23,920       85   1.43     25,113       97   1.55  
    Other borrowings     99,162       1,261   5.09     100,633       1,137   4.52  
    Total borrowings     123,082       1,346   4.38     125,746       1,234   3.93  
    Total interest-bearing liabilities     1,788,865       10,899   2.44     1,673,402       10,484   2.52  
    Noninterest-bearing demand deposits     568,372                 529,608              
    Other liabilities     40,917                 45,023              
    Total liabilities     2,398,154                 2,248,033              
    Equity     237,823                 216,286              
    Total liabilities and equity   $ 2,635,977               $ 2,464,319              
    Net interest income         $ 26,812             $ 24,116      
    Interest rate spread               3.56 %             3.39 %
    Interest expense to average earning assets               1.73 %             1.79 %
    Net interest margin               4.27 %             4.12 %
                                       
        For the Six Months Ended  
          6/30/2025      6/30/2024     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Loans:                                  
    Community banking segment   $ 1,483,501     $ 40,858   5.55 % $ 1,330,981     $ 35,874   5.42 %
    Mortgage banking segment     33,527       1,071   6.44     25,970       814   6.30  
    Consumer finance segment     464,856       24,267   10.53     476,072       24,408   10.31  
    Total loans     1,981,884       66,196   6.74     1,833,023       61,096   6.70  
    Securities:                                  
    Taxable     340,744       4,518   2.65     351,146       3,837   2.19  
    Tax-exempt     119,661       2,358   3.94     120,274       2,238   3.72  
    Total securities     460,405       6,876   2.99     471,420       6,075   2.58  
    Interest-bearing deposits in other banks     52,012       915   3.55     25,828       422   3.29  
    Total earning assets     2,494,301       73,987   5.98     2,330,271       67,593   5.83  
    Allowance for credit losses     (40,947 )               (40,565 )            
    Total non-earning assets     155,937                 154,902              
    Total assets   $ 2,609,291               $ 2,444,608              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 322,569       1,076   0.67   $ 328,320       1,029   0.63  
    Savings and money market deposit accounts     505,926       2,735   1.09     479,629       2,135   0.90  
    Certificates of deposit     826,211       15,511   3.79     728,570       14,616   4.03  
    Total interest-bearing deposits     1,654,706       19,322   2.35     1,536,519       17,780   2.33  
    Borrowings:                                  
    Repurchase agreements     26,044       198   1.53     26,555       208   1.57  
    Other borrowings     96,394       2,357   4.89     89,539       2,046   4.57  
    Total borrowings     122,438       2,555   4.18     116,094       2,254   3.88  
    Total interest-bearing liabilities     1,777,144       21,877   2.48     1,652,613       20,034   2.44  
    Noninterest-bearing demand deposits     556,923                 530,747              
    Other liabilities     40,896                 44,573              
    Total liabilities     2,374,963                 2,227,933              
    Equity     234,328                 216,675              
    Total liabilities and equity   $ 2,609,291               $ 2,444,608              
    Net interest income         $ 52,110             $ 47,559      
    Interest rate spread               3.50 %             3.39 %
    Interest expense to average earning assets               1.77 %             1.73 %
    Net interest margin               4.21 %             4.10 %
                       
        6/30/2025
    Funding Sources    Capacity      Outstanding      Available
    Unsecured federal funds agreements   $ 75,000   $ —   $ 75,000
    Borrowings from FHLB     267,278     52,000     215,278
    Borrowings from Federal Reserve Bank     286,137     —     286,137
    Total   $ 628,415   $ 52,000   $ 576,415
                     
    Asset Quality   6/30/2025     12/31/2024  
    Community Banking                
    Total loans   $ 1,530,275     $ 1,453,605  
    Nonaccrual loans   $ 1,075     $ 333  
                     
    Allowance for credit losses (ACL)   $ 17,193     $ 17,379  
    Nonaccrual loans to total loans     0.07 %     0.02 %
    ACL to total loans     1.12 %     1.20 %
    ACL to nonaccrual loans     1,599.35 %     5,218.92 %
    Annualized year-to-date net charge-offs to average loans     0.01 %     0.01 %
                     
    Consumer Finance                
    Total loans   $ 461,390     $ 466,793  
    Nonaccrual loans   $ 697     $ 614  
    Repossessed assets   $ 925     $ 779  
    ACL   $ 22,385     $ 22,708  
    Nonaccrual loans to total loans     0.15 %     0.13 %
    ACL to total loans     4.85 %     4.86 %
    ACL to nonaccrual loans     3,211.62 %     3,698.37 %
    Annualized year-to-date net charge-offs to average loans     2.42 %     2.62 %
                                     
        For The     For The  
        Quarter Ended     Six Months Ended  
    Other Performance Data   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Net Income (Loss):                                
    Community Banking   $ 7,116       $ 4,571       $ 12,561       $ 8,583    
    Mortgage Banking     985         376         1,416         670    
    Consumer Finance     539         894         765         831    
    Other1     (873 )       (807 )       (1,580 )       (1,615 )  
    Total   $ 7,767       $ 5,034       $ 13,162       $ 8,469    
                                     
    Net income attributable to C&F Financial Corporation   $ 7,691       $ 5,007       $ 13,059       $ 8,408    
                                     
    Earnings per share – basic and diluted   $ 2.37       $ 1.50       $ 4.03       $ 2.50    
    Weighted average shares outstanding – basic and diluted     3,238,765         3,343,192         3,236,849         3,357,063    
                                     
    Annualized return on average assets     1.18   %     0.82   %     1.01   %     0.69   %
    Annualized return on average equity     13.06   %     9.31   %     11.23   %     7.82   %
    Annualized return on average tangible common equity2     14.70   %     10.72   %     12.72   %     9.01   %
    Dividends declared per share   $ 0.46       $ 0.44       $ 0.92       $ 0.88    
                                     
    Mortgage loan originations – Mortgage Banking   $ 213,523       $ 146,010       $ 327,273       $ 240,356    
    Mortgage loans sold – Mortgage Banking     196,878         135,227         303,309         221,306    

    ________________________
    1 Includes results of the holding company that are not allocated to the business segments and elimination of inter-segment activity.
    2 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                   
    Market Ratios   6/30/2025     12/31/2024
    Market value per share   $ 61.73     $ 71.25
    Book value per share   $ 74.21     $ 70.00
    Price to book value ratio     0.83       1.02
    Tangible book value per share1   $ 66.12     $ 61.86
    Price to tangible book value ratio1     0.93       1.15
    Price to earnings ratio (ttm)     8.17       11.86

    ________________________
    1 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                         
                         
                    Minimum Capital
    Capital Ratios   6/30/2025   12/31/2024   Requirements3
    C&F Financial Corporation1                    
    Total risk-based capital ratio     15.0 %   14.1 %   8.0 %
    Tier 1 risk-based capital ratio     12.0 %   11.9 %   6.0 %
    Common equity tier 1 capital ratio     10.8 %   10.7 %   4.5 %
    Tier 1 leverage ratio     10.0 %   9.8 %   4.0 %
                         
    C&F Bank2                    
    Total risk-based capital ratio     14.8 %   13.5 %   8.0 %
    Tier 1 risk-based capital ratio     13.6 %   12.3 %   6.0 %
    Common equity tier 1 capital ratio     13.6 %   12.3 %   4.5 %
    Tier 1 leverage ratio     11.3 %   10.1 %   4.0 %

    ________________________
    1   The Corporation, a small bank holding company under applicable regulations and guidance, is not subject to the minimum regulatory capital regulations for bank holding companies. The regulatory requirements that apply to bank holding companies that are subject to regulatory capital requirements are presented above, along with the Corporation’s capital ratios as determined under those regulations.
    2   All ratios at June 30, 2025 are estimates and subject to change pending regulatory filings. All ratios at December 31, 2024 are presented as filed.
    3   The ratios presented for minimum capital requirements are those to be considered adequately capitalized.

                                     
        For The Quarter Ended     For The Six Months Ended  
        6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Reconciliation of Certain Non-GAAP Financial Measures                        
    Return on Average Tangible Common Equity                                
    Average total equity, as reported   $ 237,823       $ 216,286       $ 234,328       $ 216,675    
    Average goodwill     (25,191 )       (25,191 )       (25,191 )       (25,191 )  
    Average other intangible assets     (1,045 )       (1,301 )       (1,081 )       (1,333 )  
    Average noncontrolling interest     (652 )       (602 )       (696 )       (656 )  
    Average tangible common equity   $ 210,935       $ 189,192       $ 207,360       $ 189,495    
                                     
    Net income   $ 7,767       $ 5,034       $ 13,162       $ 8,469    
    Amortization of intangibles     63         65         125         130    
    Net income attributable to noncontrolling interest     (76 )       (27 )       (103 )       (61 )  
    Net tangible income attributable to C&F Financial Corporation   $ 7,754       $ 5,072       $ 13,184       $ 8,538    
                                     
    Annualized return on average equity, as reported     13.06   %     9.31   %     11.23   %     7.82   %
    Annualized return on average tangible common equity     14.70   %     10.72   %     12.72   %     9.01   %
                                   
        For The Quarter Ended     For The Six Months Ended
        6/30/2025     6/30/2024     6/30/2025     6/30/2024
    Fully Taxable Equivalent Net Interest Income1                              
    Interest income on loans   $ 33,716     $ 31,407     $ 66,098     $ 60,993
    FTE adjustment     52       53       98       103
    FTE interest income on loans   $ 33,768     $ 31,460     $ 66,196     $ 61,096
                                   
    Interest income on securities   $ 3,278     $ 2,742     $ 6,382     $ 5,605
    FTE adjustment     252       235       494       470
    FTE interest income on securities   $ 3,530     $ 2,977     $ 6,876     $ 6,075
                                   
    Total interest income   $ 37,407     $ 34,312     $ 73,395     $ 67,020
    FTE adjustment     304       288       592       573
    FTE interest income   $ 37,711     $ 34,600     $ 73,987     $ 67,593
                                   
    Net interest income   $ 26,508     $ 23,828     $ 51,518     $ 46,986
    FTE adjustment     304       288       592       573
    FTE net interest income   $ 26,812     $ 24,116     $ 52,110     $ 47,559

    ____________________
    1 Assuming a tax rate of 21%.

                   
        6/30/2025     12/31/2024
    Tangible Book Value Per Share          
    Equity attributable to C&F Financial Corporation   $ 240,313       $ 226,360  
    Goodwill     (25,191 )       (25,191 )
    Other intangible assets     (1,022 )       (1,147 )
    Tangible equity attributable to C&F Financial Corporation   $ 214,100       $ 200,022  
                   
    Shares outstanding     3,238,085         3,233,672  
                   
    Book value per share   $ 74.21       $ 70.00  
    Tangible book value per share   $ 66.12       $ 61.86  
       
       
    Contact: Jason Long, CFO and Secretary
      (804) 843-2360

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