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Category: Finance

  • MIL-OSI United Kingdom: Scottish Greens made budget fairer, greener and better for Scotland

    Source: Scottish Greens

    04 Feb 2025 Finance

    This budget makes vital progress on child poverty and climate action.

    More in Finance

    More children will be fed, buses will be cheaper and nature will be protected as a result of changes made to the Government’s budget by the Scottish Greens, says the party’s finance spokesperson Ross Greer ahead of a debate and vote taking place today.

    Through negotiations late last year the Scottish Greens secured record investment in climate action, a funding increase for local services including schools, social care and bin collections, free ferry travel for young islanders and free bus travel for asylum seekers. They also increased the tax paid when buying a second or holiday home, giving a boost to first-time home buyers.

    And last week it was announced that the Greens had also secured free school meals for thousands more S1-S3 pupils, more funding for nature restoration and a year-long trial where bus fares in one region of the country will be capped at no more than £2.

    Mr Greer said:

    “As a direct result of Green negotiations, this budget will lift more children out of poverty, make buses cheaper and help tackle the climate crisis.

    “No child should be hungry at school, and the extra meals secured by Green MSPs will take us one step closer to eradicating that hunger completely. This builds on the extension of universal free school meals to P4 and P5 which the Scottish Greens delivered a few years ago.

    “We are determined to make it cheaper to get the bus. That’s why we will launch a year-long trial in one region where bus fares are capped at £2, something we are confident will be successful enough to then roll out across all of Scotland.”

    Mr Greer added:

    “There is a huge contrast between everything the Scottish Greens have delivered for people and planet, and a Scottish Labour Party who allowed the SNP’s budget to pass without securing a single change of their own. 

    “While others played silly games, Green MSPs worked to support families in poverty and protect our natural environment.”

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: MOEA Establishes Real-Time Consultation Hotline to Assist Taiwanese Businesses in Responding to U.S. Tariff Measures

    Source: Republic Of China Taiwan 2

    To address the impact of U.S. tariffs on Taiwanese companies operating overseas, the Ministry of Economic Affairs (MOEA) has commissioned the Taiwan External Trade Development Council (TAITRA) and the Industrial Technology Research Institute (ITRI) to implement various support measures, thereby enabling businesses to make adjustments to supply chains and investment strategies. These support measures include:

    1. Establishing a Task Force and Consultation Hotline for Immediate Assistance
    TAITRA has set up task forces in the U.S., Canada, Mexico, Southeast Asia, and South Asia to provide real-time support. A consultation hotline is available at +886-2-27577190.

    2. Providing Customized Services for Businesses to Expand Overseas Deployments
    The MOEA offers market insights for businesses relocating to the U.S. or other regions, which include investment locations, regulations, and partnership opportunities. Companies shifting production to supply local domestic markets receive regulatory guidance and networking support.

    3. Establishing a Service Center for Investment and Trade in the U.S. to Support Supply Chain Relocation
    Under the policy of “Connecting Taiwan to the World”, the MOEA will establish a Taiwan Investment and Trade Center in the U.S. It will help businesses assess investment environments, shift supply chains, and link with local partners.

    4. Strengthening Taiwan-U.S. Industrial Collaboration and Assisting Taiwanese Businesses with Innovation and Upgrading
    ITRI’s North America office will actively promote R&D and manufacturing collaborations, assist businesses in finding local partners, facilitate technological advancement, and boost competitiveness.

    The MOEA will remain committed to monitoring global trade trends and supporting Taiwanese businesses in adapting to market changes.

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: Return to the roots: 145 years of the historical foundation of the State University of Management!

    Translartion. Region: Russians Fedetion –

    Source: State University of Management – Official website of the State –

    In 2024, the State University of Management celebrated the 105th anniversary of its foundation. On April 30, 1919, according to the decree of the People’s Commissariat of Industry and Trade of the USSR, the Moscow Industrial and Economic Practical Institute (MPEPI) received the status of an institution equal to an institution of higher education. From that moment on, the official chronicle of our university has been kept. But, as often happens in times of change, some pages of history were forgotten. This happened with the biography of the First Management University of the country. We invite you to dive deep into the history of the SUM, rediscover it, and learn its origins.

    MPEPI did not appear out of nowhere. Before the proclaimed power of the Soviets, the address Staraya Basmannaya, 21/4 housed the Aleksandrovskoye and Nikolaevskoye commercial schools, as well as the Trade Schools named after the Emperor of Russia Nicholas II.

    On February 19, 1880 (March 3, new style), exactly 145 years ago, in honor of the 25th anniversary of the reign of Emperor Alexander II, the Moscow stock exchange merchants decided to found a commercial school in the capital for people of the trade and industrial class. Alexander II was not only a tsar-liberator (the Manifesto on the liberation of the peasants from serfdom was also signed on February 19 (March 3), 1861), but also a champion of education. Thus began the first chapter in the life of the Aleksandrovsky Commercial School, which years later acquired its current name – the State University of Management.

    The curricula approved by the Ministry of Finance in agreement with the Ministry of Public Education of the Russian Empire were adopted on July 11, 1885. The first academic season began at the same time.

    The Aleksandrovsk Commercial School was located at 21 Staraya Basmannaya in the building of the palace of Prince A.B. Kurakin. For decades to come, the school received significant support from the state and business, whose representatives joined the Board of Trustees of the “useful institution.” The members of this board and the teaching staff of the school were famous people of their time: P.M. Tretyakov, D.V. Tsvetaev, S.V. Alekseev, A.K. Trapeznikov, N.A. Naidenov, A.V. Letnikov. All of them were outstanding figures of that era, whose influence went far beyond the Moscow stock exchange community.

    The initiator of the creation of the school was a well-known entrepreneur, banker, chairman of the Stock Exchange Committee and chairman of the Board of Trustees of the school – Nikolai Aleksandrovich Naidenov. Its first director was a corresponding member of the St. Petersburg Academy of Sciences, an outstanding mathematician, and an organizer of science – Alexei Vasilyevich Letnikov.

    During that era, such scientists as mathematician V. Ya. Tsinger, historians V. I. Picheta and D. V. Tsvetaev, astronomer P. K. Sternberg and others taught. Incidentally, the exhibits of the school, which characterized the educational base and educational process, were awarded a medal at the World Exhibition in Paris in 1900. Some of the artifacts and photographs from those years are kept at the disposal of the Museum of the State University of Management, where you can also read literature and get acquainted with the exhibition stands telling about the first steps of the university at the turn of the 19th and 20th centuries.

    After the October Revolution of 1917, the existence of any institutions bearing the imperial name was no longer possible. New educational institutions with a practical focus – technical schools – were created in the country. The new historical form of the Aleksandrovsky Commercial School was the Moscow Industrial and Economic Technical School (MPET).

    The Soviet MPET was located in the same complex of buildings on Staraya Basmannaya. The teaching and student staff also remained almost unchanged. A letter calling for applications for work at the newly created technical school, published in the Izvestia newspaper on July 20, 1918, was answered by 53 teachers from the Aleksandrovsky, 23 from the Nikolaevsky commercial schools, and 21 teachers from the Women’s Trade School. Students who transferred from the Aleksandrovsky school continued their education at the MPET and years later received Soviet diplomas. The first heads of the technical school were teachers from the school and the trade school, Paisiy Ivanovich Shelkov and Arkady Grigorievich Arkhangelsky.

    Let us emphasize once again that most of the teachers and students of the Alexandrovsky Commercial School transferred to the MPET, even the address remained the same, only the statutory documents changed. The continuity of the intellectual heritage in the field of financial, economic, technical knowledge and the glorious traditions of the imperial school is direct and obvious.

    During the Soviet years, the idea of this continuity was abandoned based on the principle of “We are ours, we will build a new world.” In 1919, the MPET was transformed into the Moscow Industrial and Economic Practical Institute (MPEPI). Later, in the 1930s, the institute began to be called the Moscow Engineering and Economic Institute. And it bore this name until 1975, when, having gained a scientific, academic and pedagogical base of the new management order, it received a completely recognizable name – MIU, Moscow Institute of Management, which later became the State University of Management.

    Thus, we would like to pay tribute to historical justice. It is time to recognize and openly declare – the State University of Management turns 145 in 2025! The Aleksandrovsk Commercial School is the historical foundation of our university. It is impossible to forget and remain silent about this fact. It expresses the connection between generations and the university spirit of the first management academic institution in Russia.

    Happy anniversary, dear university! Happy 145th anniversary!

    Subscribe to the TG channel “Our GUU” Date of publication: 02/04/2025

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI USA: Padilla, Schiff, Senate Judiciary Committee Democrats Demand Answers From Trump Administration on Purging of DOJ and FBI Officials

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla, Schiff, Senate Judiciary Committee Democrats Demand Answers From Trump Administration on Purging of DOJ and FBI Officials

    WASHINGTON, D.C. — Today, U.S. Senators Alex Padilla and Adam Schiff (both D-Calif.) joined U.S. Senate Democratic Whip Dick Durbin (D-Ill.) and all other Senate Judiciary Committee Democrats in demanding answers from Trump Administration nominees and acting officials on the removal or reassignment of career law enforcement officials across the Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI).

    Last week, the Trump Administration reportedly purged dozens of DOJ and FBI officials involved in prosecuting Donald Trump and the January 6 rioters, and they are now threatening additional action against thousands of employees across the country who worked on investigations related to the attack on the Capitol. The Senators wrote to Pam Bondi, President Trump’s nominee to be the Attorney General of DOJ; Kash Patel, nominee to be the Director of the FBI; Todd Blanche, nominee to be Deputy Attorney General; Acting Attorney General James McHenry; and Acting FBI Director Brian Driscoll regarding the mass purging.

    “We have grave concerns about the removal or reassignment across the Department of Justice (DOJ) and Federal Bureau of Investigation (FBI) of senior career civil servants who have served honorably under multiple administrations, regardless of the President’s party,” wrote the Senators. “The removals and reassignments from their positions of a significant number of experienced, nonpartisan Department officials with invaluable national security expertise without any comparable replacements one day into the second Trump Administration presents an alarming threat to national security.”

    “As America faces a heightened threat landscape, these shocking removals and reassignments deprive DOJ and the FBI of experienced, senior leadership and decades of experience fighting violent crime, espionage, and terrorism,” continued the Senators. “As the FBI Agents Association stated in response to reports about the removal of FBI officials: ‘Dismissing potentially hundreds of Agents would severely weaken the Bureau’s ability to protect the country from national security and criminal threats and will ultimately risk setting up the Bureau and its new leadership for failure.’ Moreover, the firing of dozens of federal prosecutors and hundreds of agents will cripple FBI field offices and U.S. Attorney’s offices across the country. We can only assume these decisions are intended to prevent the Department from investigating national security and public corruption, while also serving as political retribution against the President’s perceived enemies and stoking fear among the dedicated and talented workforce in our nation’s premier law enforcement agency.”

    As many as 20 senior DOJ officials were reassigned or removed, including the veteran career deputy assistant attorneys general in the Department’s National Security Division.

    Over the weekend, thousands of FBI personnel across the country were asked to complete a questionnaire by today, Monday, February 3, at 3 p.m. The survey asks for their job title, whether they worked on a case related to the January 6th attack on the Capitol, “if they were involved in the arrest of a Jan. 6 suspect, if they testified at a trial, if they interviewed witnesses, if they conducted surveillance on suspects and more.” It has also been reported that the Acting FBI Director is being advised by an advisory committee comprised of partisan political operators, including an Elon Musk affiliate. This is a stark departure from the longstanding tradition that the FBI Director is the only political appointee in the Bureau.

    The purge of experienced career prosecutors and agents has recently expanded to include the removal or forced retirement of all six executive assistant directors (EADs), including the EADs who oversee the National Security Branch, Intelligence Branch, and the Criminal, Cyber, Response, and Services Branch. It also includes the assistant Directors and the Special Agents in charge of at least four major field offices. Acting Deputy Attorney General Emil Bove ordered these actions in a January 31, 2025 memo, stating, “I do not believe the current leadership of the Justice Department can trust these FBI employees to assist in implementing the President’s agenda faithfully.”

    Additionally, over a dozen senior DOJ prosecutors were fired after receiving memos from Acting Attorney General McHenry, stating “Given your significant role in prosecuting the President, I do not believe that the leadership of the Department can trust you to assist in implementing the President’s agenda faithfully.”

    The Senators emphasized that the Senate Judiciary Committee has a constitutional obligation to perform oversight over the Department and its components, and to provide advice and consent on the nominations of officers to lead it. To that end, they requested information to be returned to the committee in response to the removal of FBI and DOJ officials. They also requested answers from these individuals about their involvement. 

    In addition to Senators Padilla, Schiff, and Durbin, the letters were signed by U.S. Senators Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Chris Coons (D-Del.), Mazie Hirono (D-Hawaii), Amy Klobuchar (D-Minn.), Peter Welch (D-Vt.), and Sheldon Whitehouse (D-R.I.).

    Full text of the letter to Attorney General nominee Pam Bondi is available here.

    Full text of the letter to FBI Director nominee Kash Patel is available here.

    Full text of the letter to Deputy Attorney General nominee Todd Blanche is available here.

    Full text of the letter to Acting Attorney General McHenry and Acting FBI Director Driscoll is available here.

    MIL OSI USA News –

  • MIL-OSI China: Sino-EU ties seen as key to global growth

    Source: China State Council Information Office

    Strengthening China-European Union economic cooperation has become crucial for worldwide economic growth, as the United States’ tariff hikes against its key trading partners have cast a shadow over the global economy, said senior trade experts and EU business executives.

    They emphasized that amid growing global trade protectionism, the Chinese and EU economies’ structural complementarity and the two sides’ upholding of free trade provide a solid basis for deeper bilateral economic and trade collaboration. They also said the US tariff increases are likely to backfire.

    Zhang Yansheng, a researcher at the Chinese Academy of Macroeconomic Research, said the EU economy has advantages in high-end manufacturing, green technology and services trade, while China excels in digital infrastructure, smart manufacturing, application scenarios and a vast market.

    “China and the EU could consider establishing an industrial chain security dialogue mechanism to form a ‘cooperation list’ in key areas such as semiconductors and pharmaceuticals,” Zhang said.

    By creating platforms like industrial cooperation parks and joint innovation funds, the two sides’ strategic consensus can be transformed into concrete projects, in order to shape a practical and feasible road map for them to build a new, future-oriented type of economic and trade partnership, he said.

    “With the transformation and upgrading of China’s manufacturing industry, the competition between China and the EU in economic and trade development has intensified a bit,” Zhang said.

    “However, as they both face external challenges like rising protectionism and geopolitical uncertainties, the two economies are expected to forge closer economic ties based on complementary competition, thereby achieving a win-win situation,” Zhang added.

    Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, said the potential for collaboration between China and the EU is enhanced by their market complementarity and need for resource optimization.

    He said he expects more cooperation mechanisms between the two sides to boost collaboration by enterprises, drive innovation and improve the allocation of market resources.

    “By doing such things, China and the EU could generate significant economic and social benefits, boost employment and enhance supply chain security for both,” said Zhou, whose academy is affiliated with China’s Ministry of Commerce.

    China remains the EU’s largest import source and third-largest export destination, according to European statistics. Moreover, China’s outbound direct investment inflows to the EU grew from 6.27 billion euros ($6.43 billion) in 2020 to 8.06 billion euros in 2023, with greenfield investment reaching 5.3 billion euros in 2023 — an increase of 48 percent compared with 2022.

    Zhang, from the Chinese Academy of Macroeconomic Research, said that cooperation potential between China and the EU spans three key areas: green transformation, digital cooperation and third-party market development.

    The two economies could build a joint carbon-neutral laboratory focusing on clean technology collaboration, recognize each other’s cross-border e-commerce standards, and build dialogue mechanisms for cooperation in frontier areas like data flow and artificial intelligence ethics, he said.

    According to Zhou, from the Chinese Academy of International Trade and Economic Cooperation, China and the EU should focus in the short term on reviewing and strengthening existing supply chain cooperation, whether market-driven or government-promoted, by reducing trade barriers and increasing investment opportunities and the mobility of personnel.

    Long-term strategies should aim for more effective market integration through reduced tariffs, increased consultation mechanisms and enhanced collaboration on innovation, he added.

    Zhou also said that Sino-EU cooperation could extend beyond bilateral relations to include third-party market opportunities in Latin America, Africa and elsewhere.

    “This expanded cooperation could help address global challenges while strengthening both parties’ economic independence and meeting consumer demand in emerging technological sectors,” he added.

    Experts also said the US tariff hikes will not be good for anyone and will fail to achieve the so-called purpose of making America great again.

    Ju Jiandong, chair professor at Tsinghua University’s PBC School of Finance, said that if the US truly wants to maximize its own interests, it should not damage ties with its manufacturing suppliers.

    “Don’t go against the customers and don’t go against the suppliers – these are the ABCs of economics,” Ju said.

    Business leaders also said they have an optimistic outlook on China-EU economic and trade cooperation.

    Thomas Roemer, global head of the coatings and adhesives business entity of Covestro AG, a German polymer manufacturer, expressed strong support for fair, open and rule-based global trade.

    “We will continue to invest in China to provide our customers with innovative and sustainable solutions and products,” Roemer said.

    Denis Depoux, global managing director at German management consultancy Roland Berger, said the interdependence between the Chinese and EU economies remains significant.

    MIL OSI China News –

  • MIL-OSI: January 2025 P&C Reinsurance Renewals Results: Sustained growth in preferred lines coupled with attractive margins

    Source: GlobeNewswire (MIL-OSI)

    Press release
    4 February 2025 – N° 02

    January 2025 P&C Reinsurance Renewals Results

    Sustained growth in preferred lines coupled with attractive margins

    • In line with its Forward 2026 strategic plan, SCOR continues to grow its P&C preferred lines while maintaining a strong underwriting discipline.
    • During the January 2025 P&C renewals, SCOR achieves EGPI1 growth of 9.6%2 supported by Specialty lines and Alternative Solutions: 
      • Increasing EGPI by 8.1%2 for Engineering, Marine, IDI and International Casualty;
      • Leveraging the strong momentum in Alternative Solutions and growing EGPI by 29.6%2;
      • Maintaining a prudent approach to business exposed to climate change and US Casualty. 
    • SCOR’s expected technical profitability remains unchanged at attractive level benefitting from dynamic retrocession buying.

    Jean-Paul Conoscente, CEO for P&C at SCOR, comments: “We are satisfied with the successful 1.1 2025 renewals results. SCOR achieves a +9.6% EGPI growth while maintaining a stable technical profitability. We continue to deliver targeted growth in our preferred lines of business, while keeping T&Cs mostly unchanged. Despite the slight rate reduction observed in the market, SCOR successfully maintains stable pricing thanks to its proactive portfolio management. Looking ahead, we believe the market still offers opportunities for profitable growth. SCOR will continue to leverage on its Tier 1 franchise and build on the strong momentum achieved during the 1.1 renewals.”

    January 2025 P&C Reinsurance Renewals

    During the January 2025 renewals, demand for reinsurance coverage remains elevated. Following an increase in capital supply, the market conditions have become slightly more competitive compared to the peak level of the cycle observed last year. In this context, SCOR maintains strict underwriting discipline and successfully grows its preferred lines according to its Forward 2026 growth strategy, keeping T&Cs mostly stable and maintaining the net profitability of its P&C Reinsurance book unchanged.

    P&C Reinsurance book renewed at 1 January 2025(1):

      Premiums renewed
    (in EUR million)    		 Evolution vs. January 2024 Main lines concerned
    P&C Lines(2) 2,798 +2.9% o/w Nat Cat (+0.3%)
    Specialty Lines(3) 1,762 +14.3% o/w Engineering, Marine, IDI (+17.2%)
    Alternative Solutions 705 +29.6%  
    TOTAL 5,265 +9.6%  

    (1).   Approximately 64% of SCOR’s P&C Reinsurance premiums – representing c.50% of SCOR’s total P&C premiums – is renewed in January.
    (2).   P&C Lines include Property, Property Cat, Casualty, Motor, and other related lines (Personal Insurance, Nuclear, Terrorism, Special Risks, Motor Extended Warranty, and Inwards Retrocession).
    (3).   Specialty Lines include Agriculture, Aviation, Credit & Surety, Inherent Defects Insurance, Engineering, Marine and Offshore, Space, and Cyber.

    P&C Lines EGPI grows by 2.9%2, driven by continued disciplined Nat Cat underwriting and decreasing exposures in US Casualty. Natural Catastrophe premiums remain flat with a slight increase in net exposure. In US Casualty, SCOR maintains a prudent approach and renews its portfolio with selected clients. This leads to a 11.0%2 decrease in US Casualty EGPI and continued exposure reduction to this business.

    Specialty Lines EGPI grows by 14.3%2. This is driven by +17.2%2 EGPI growth in diversifying lines (Engineering, Marine and IDI) in line with the Forward 2026 plan.

    Alternative Solutions EGPI grows by 29.6% compared to 1st January last year, with continued positive new business momentum across all regions.

    The expected net technical profitability remains unchanged for the renewed portfolio. This reflects continued discipline along with dynamic retrocession buying, which offsets the inward business margin erosion from commissions, modelling changes and the impact of the business mix.

    SCOR leverages the changing market environment to optimize its retrocession structures. SCOR maintains its risk exposure within its risk appetite defined in Forward 2026.

    For the upcoming renewals in 2025, SCOR expects continued discipline and adequate prices. In parallel, SCOR continues to develop risk partnerships with new and existing partners.

    *

    *        *

    SCOR, a leading global reinsurer

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

    The Group generated premiums of EUR 19.4 billion in 2023 and serves clients in more than 160 countries from its 35 offices worldwide.

    For more information, visit: www.scor.com

    		 Media Relations
    Alexandre Garcia
    media@scor.com
      
    Investor Relations
    Thomas Fossard
    InvestorRelations@scor.com

    Follow us on LinkedIn

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

    General

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

    Forward-looking statements

    This press release includes forward-looking statements, assumptions, and information about SCOR’s financial condition, results, business, strategy, plans and objectives, including in relation to SCOR’s current or future projects.

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

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

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

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

    Therefore, any assessments, any assumptions and, more generally, any figures presented in this press release will necessarily be estimates based on evolving analyses, and encompass a wide range of theoretical hypotheses, which are highly evolutive.

    Information regarding risks and uncertainties that may affect SCOR’s business is set forth in the 2023 Universal Registration Document filed on March 20, 2024, under number D.24-0142 with the French Autorité des marchés financiers (AMF) posted on SCOR’s website www.scor.com.

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

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

    Financial information

    All figures in this press release are unaudited unless otherwise specified.

    Unless otherwise specified, all figures are presented in Euros.

    Any figures for a period subsequent to 30 September, 30 2024 should not be taken as a forecast of the expected financials for these periods.

    All figures are at constant exchange rates as of December 31, 2024 unless otherwise specified.

    All figures are based on available information as of January 25, 2025 unless otherwise specified.

    1 Estimated Gross Premium Income (EGPI).
    2 vs 1 January 2024 EGPI.

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    The MIL Network –

  • MIL-OSI: The Board of Directors of eQ Plc has decided on a new option program

    Source: GlobeNewswire (MIL-OSI)

    eQ Plc Stock Exchange Release
    4 February 2025, at 8:30 am 

    Based on the authorisation by the Annual General Meeting held on 21 March 2024, the Board of Directors of eQ Plc has decided on a new option program for key employees of the eQ group. 

    The option program 2025 consists of 1.360.000 option rights and each option right entitles to subscribe for one new share in the company. Based on the option rights, the number of the shares of the company may therefore increase with a maximum of 1.360.000 new shares and the dilution effect of shares subscribed based on the option program 2025 is at most approximately 3.3% on the current number of shares. 

    The share subscription period begins on 1 March 2028 and ends on 31 May 2030. The subscription price with an option right is EUR 12.30 per share. The subscription price is further reduced in situations mentioned in the terms, which include for example dividends distributed before the subscription of the shares and the amount of the repayment of the distributable non-restricted equity. The subscription price corresponds to the weighted average quotation of the company share at Nasdaq Helsinki Ltd during a period of two months. The subscription price of the shares shall be credited in full to the reserve for invested unrestricted equity.

    Based on the option program 2025, the Board of Directors of eQ Plc has on 3 February 2025 decided to offer altogether 1.180.000 option rights to key employees of the eQ Group, selected by the Board. Approximately one fourth of eQ Group’s personnel is included in the option program 2025. The company has a weighty financial reason to issue option rights since the option rights are used to encourage the option right recipients to work for increasing the shareholder value, as well as to encourage the option right recipients to act in the interest of the eQ group in the long term. 

    The terms of the option program 2025 are included in their entirety as an attachment and they are also available on eQ Plc’s website.

    Helsinki 4 February 2025

    eQ Plc
    Board of Directors

    Additional information: Juha Surve, Group General Counsel, tel. +358 9 6817 8733
    Distribution: Nasdaq Helsinki, www.eQ.fi

    eQ Group is a Finnish group of companies specialising in asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and individuals. The assets managed by the Group total approximately EUR 13.4 billion. Advium Corporate Finance, which is part of the Group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets.

    More information about the Group is available on our website at www.eQ.fi.

    Attachment

    The MIL Network –

  • MIL-OSI Australia: Queensland Government introduces more rigorous assessment process for wind farm developments

    Source: Allens Insights

    A significant shift for the state’s wind energy sector 7 min read

    From 3 February 2025, wind farm developments in Queensland will transition from a code assessable to an impact assessable application process, introducing a more rigorous assessment process. This shift reflects the Queensland Government’s growing concerns over environmental impacts and community opposition and marks a significant change for the state’s wind energy sector.

    The revised State Code 23: Wind farm development (v.3.2) (Updated Wind Farm Code) introduces updated requirements, including stronger community engagement obligations, agricultural land protections and new infrastructure and decommissioning provisions. These updates aim to provide a more structured approach to managing the potential environmental, community and infrastructure impacts throughout the lifecycle of wind farm projects.

    In this Insight, we explore the additional assessment requirements, including expanded public consultation and a broader technical review, and outline the key considerations for developers, investors and government bodies amid increased scrutiny, public engagement obligations and regulatory hurdles.

    Key takeaways

    • Wind farm developments in Queensland will now undergo impact assessment, leading to heightened technical scrutiny, public consultation and appeal rights for submitters.
    • The transition from State Code 23: Wind farm development (v.3.1) to the Updated Wind Farm Code marks a notable policy shift, increasing regulatory scrutiny on wind farm development.
    • The new requirements introduce enhanced environmental protections, agricultural safeguards and community engagement obligations.
    • Infrastructure obligations have been expanded, including:
      • road and transport measures to mitigate impacts on local road networks during both construction and operation, ensuring safe and efficient transportation of wind farm components and materials throughout the project lifecycle.
      • financial security for decommissioning, requiring developers to provide bonds or financial guarantees to ensure the timely rehabilitation of sites and removal of infrastructure at the end of the wind farm’s operational life.
      • stronger community engagement requirements, including the submission of a Workforce Accommodation and Infrastructure Report to assess impacts on housing, services and local infrastructure, with a focus on consulting with local governments regarding workforce accommodation strategies and their impact on the community.
    • The Queensland Government has also signalled future regulatory changes that may apply similar impact assessment requirements to large-scale solar farms and other renewable energy projects, suggesting a broader policy shift.

    Changes to the assessment process

    The Planning (Wind Farms) Amendment Regulation 2025 (Qld) (Amendment Regulation) effective from 3 February 2025, raises the assessment threshold for wind farms from code assessable to impact assessable,.

    The shift follows the Ministerial Direction issued by the Honourable Jarrod Bleijie MP, Deputy Premier, Minister for State Development, Infrastructure and Planning, and Minister for Industrial Relations on 16 January 2025, which suspended assessments for the Wongalee, Theodore and Bungaban Wind Farms. The Queensland Government says this change is intended to bring wind farm developments into line with the approval processes required for major development projects, reinforcing its commitment to robust environmental and community impact assessments.

    The increase to impact assessment represents the highest level of scrutiny under Queensland’s planning framework. Wind farm projects will now:

    • require more comprehensive technical assessments
    • have expanded public consultation requirements
    • be subject to appeal rights for submitters, which now apply to wind farm projects subject to impact assessment (and were not available under code assessment).

    Wind Farm Code: key amendments

    The Amendment Regulation introduces the Updated Wind Farm Code, which imposes updated assessment criteria for wind farm development applications.

    Table 1: Key amendments in the Updated Wind Farm Code

    Key change Wind Farm Code Commentary
    Purpose statement

    Revised purpose statement explicitly highlights the potential for adverse impacts, and emphasises the need to demonstrate that development does not result in unacceptable adverse impacts. Specifically includes:

    • minimum assessment parameters to mitigate impacts.
    • emphasis on community and local government engagement.
    • focus on all stages: design, siting, construction, operation and decommissioning.
    		 The Updated Wind Farm Code emphasises greater community consultation, local government engagement and the need to demonstrate effective mitigation of adverse impacts through specific assessment parameters. It introduces a more detailed focus on the siting of developments near sensitive areas and integrates a lifecycle approach, covering all stages of development, including decommissioning.
    Agricultural land protection PO5: requires that wind farm development must ensure there is no significant loss of high-quality agricultural land values. This includes a focus on avoiding or minimising impacts on high-quality agricultural land, aligning with State Planning Policy definitions. The Updated Wind Farm Code introduces the requirement for an Agricultural Land Assessment Report to be submitted as part of the application. This report must demonstrate that the development does not result in a significant loss of high-quality agricultural land values, identifying the land’s suitability for agricultural production and ensuring alignment with the State Planning Policy definitions. It includes an assessment of soils, land suitability and agricultural potential.
    Workforce accommodation

    PO16: on-site workforce accommodation associated with the construction of the wind farm must not result in adverse impacts on surrounding communities and townships, such as overburdening services and community facilities.

    PO17: off-site workforce accommodation associated with the construction of the wind farm must not result in adverse impacts on surrounding communities and townships, such as overburdening services, housing supply and community facilities.

    		 The Updated Wind Farm Code requires applicants to submit a Workforce Accommodation and Infrastructure Report that details both on-site and off-site accommodation options. It includes an assessment of potential impacts on housing supply, community services and local infrastructure. Developers must assess and address the impacts of workforce accommodation on local communities and services, including commuting distances, housing demand and pressure on community facilities. The Updated Wind Farm Code places greater emphasis on consultation with local governments regarding workforce accommodation strategies and their impacts.
    Infrastructure

    PO23: explicitly states that impacts of the development on infrastructure and services, including social infrastructure, communications networks and essential infrastructure, must be identified. Furthermore, measures to manage, mitigate and remediate any impacts must be undertaken:

    • prior to commencement of any development.
    • prior to additional demand being placed on infrastructure and services.

    PO23 requires wind farm developers to assess and mitigate the impact of their development on both essential infrastructure (such as water, waste, electricity and communications networks) and social infrastructure (such as healthcare and emergency services). The Workforce Accommodation and Infrastructure Report is a critical document in this assessment, detailing:

    • the infrastructure and services that may be affected by the development, both during construction and operation.
    • mitigation measures to address any identified impacts, which must be implemented prior to the start of development or before additional demand is placed on local services.
    • consultation with local governments and relevant infrastructure providers to ensure the project is compatible with the existing infrastructure capacity and community needs.
    Community impact PO26: developers must identify, assess and mitigate impacts on local communities, ensuring that any adverse impacts are avoided. The mitigation strategies are explicitly required to address community concerns. This requirement reflects a proactive approach to handling community impacts.

    PO26 requires wind farm developers to identify, assess and mitigate impacts on surrounding communities and individuals. The key practical changes introduced by this Performance Outcome are:

    • Developers must engage with local communities and stakeholders prior to lodging applications. This ensures transparency and allows concerns to be addressed early in the planning process.
    • A comprehensive Community Engagement Report is required, detailing the community profile, stakeholder feedback and how concerns have been or will be addressed. This is a more structured approach compared to previous guidelines, ensuring that community input directly informs project design.
    • The report should also outline measures for managing and resolving complaints, with a Complaint Investigation and Response Plan that includes a toll-free hotline, incident tracking and clear processes for resolving issues raised by the public.
    Decommissioning PO30: introduces a requirement for developers to provide financial security mechanisms (eg bonds or financial guarantees) to ensure timely compliance with decommissioning obligations. The Updated Wind Farm Code requires the preparation of detailed decommissioning plans after the completion of construction and the commencement of operations, as well as at the end of the project’s operational life. These plans must outline how decommissioning activities will ensure no adverse impacts on individuals, communities or the natural environment. Typically, this involves measures to ‘make good’ the land and remove infrastructure. A key addition in PO30 is the requirement for applicants to provide evidence of financial security (such as bonds or financial guarantees) to ensure timely compliance with decommissioning obligations. This aims to mitigate risks and ensure the decommissioning process is completed efficiently, with minimal impacts on landowners and government.

    The effects of the new assessment regime

    • Existing development applications: wind farm development applications lodged before 3 February 2025 will continue to be assessed under the framework that applied at the time of lodgement.
    • New development applications: all new wind farm applications lodged from 3 February 2025 onwards will be subject to impact assessment and must comply with the Updated Wind Farm Code. This means greater technical scrutiny, public consultation and increased regulatory obligations.
    • ‘Other change’ applications: if a change to an existing development approval is classified as an ‘other change’ under the Planning Act 2016 (Qld) (Planning Act), it may trigger a new assessment under the Updated Wind Farm Code.
    • Suspended projects: the Ministerial Direction issued on 16 January 2025 has temporarily paused assessments for the Wongalee, Theodore and Bungaban Wind Farms until 16 May 2025. The assessment pathway for these projects will be confirmed once the suspension period concludes.
    • Potential for Ministerial call-in: the Planning Act provides discretionary call-in powers, allowing the Minister to assess or reassess development applications where a state interest is identified. If a project is called in:
      • the Minister may determine which assessment benchmarks apply, including the possibility of applying the Updated Wind Farm Code.
      • appeal rights available under standard development assessment processes do not apply, with judicial review being the only available legal avenue.

    Next steps

    Developers, investors and government bodies will need to navigate increased scrutiny, public engagement obligations and regulatory hurdles.

    Key considerations moving forward:

    • Regulatory preparedness: developers should carefully review the Updated Wind Farm Code to ensure their projects meet the new planning and environmental benchmarks.
    • Engagement strategies: with heightened public consultation requirements and new appeal rights for submitters, early and proactive engagement with stakeholders is essential to mitigate risk.
    • Financial planning: the new financial security obligations for decommissioning and site rehabilitation will require developers to assess funding provisions at the outset.
    • Monitoring Ministerial intervention: the existing Ministerial Direction and call-in powers add further complexity. Developers should closely monitor regulatory developments and be prepared for increased scrutiny of wind farm projects.
    • Future regulatory changes and community benefit framework: The Queensland Government has signalled its intent to expand impact assessment requirements to other renewable projects, including large-scale solar farms, while introducing a community benefit framework. Renewable energy developers should prepare for additional scrutiny on future projects, which may require demonstrating local economic benefits, job creation, or infrastructure investment as part of the approval process, similar to other major development projects in regional communities.

    The evolving regulatory landscape for wind energy and other renewable projects in Queensland requires strategic planning, legal awareness and other proactive stakeholder engagement. For further advice or detailed information regarding the new planning framework and its implications, please reach out to any of the listed contacts.

    MIL OSI News –

  • MIL-OSI: Notice of the Annual General Meeting 2025

    Source: GlobeNewswire (MIL-OSI)

    eQ Plc Stock Exchange Release
    4 February 2025, at 8:15 am


    Notice of the Annual General Meeting 2025

    Notice is given to the shareholders of eQ Plc to the Annual General Meeting (the “AGM”) to be held on 25 March 2025 at 5:00 p.m. at Sanoma House’s Eliel meeting room, Töölönlahdenkatu 2, 00100 Helsinki, Finland. The reception of persons who have registered for the meeting will commence at 4:30 p.m. at the meeting venue.

    The AGM will be held as a hybrid meeting in accordance with chapter 5, section 16, subsection 2 of the Finnish Limited Liability Companies Act. As an alternative to participating in the Annual General Meeting at the meeting venue, shareholders can fully exercise their rights during the meeting also via remote connection. Shareholders can exercise their right to vote also by voting in advance. Further attendance instructions, instructions for voting in advance and remote participation are presented in part C of this notice to the AGM.

    Shareholders can ask questions referred to in chapter 5, section 25 of the Finnish Companies Act about the matters to be discussed at the meeting, also in writing before the meeting. Instructions for submitting written questions are presented in this notice under section C.

    A. Matters on the agenda of the AGM

    At the Annual General Meeting, the following matters will be considered:

    1. Opening of the meeting

    2. Calling the meeting to order

    3. Election of persons to scrutinise the minutes and persons to supervise the counting of votes

    4. Recording the legality of the meeting

    5. Recording the attendance at the meeting and adoption of the list of votes

    6. Presentation of the annual accounts, report of the Board of Directors and auditors’ report for the year 2024

    – Presentation of the review by the CEO

    The annual accounts, report of the Board of Directors and the auditors’ report published by the Company will be available no later than 4 March 2025 on the Company’s website www.eq.fi.

    7. Adoption of the annual accounts

    8. Resolution on the use of the profit shown on the balance sheet and the payment of dividend

    The distributable means of the parent company on 31 December 2024 totalled EUR 57,409,143.02. The sum consisted of retained earnings of EUR 31,984,573.28 and the means in the reserve of invested unrestricted equity of EUR 25,424,569.74.

    The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.66 per share be paid out. The proposal corresponds to a dividend totalling EUR 27,328,750.68 calculated with the number of shares at the close of the financial year. The dividend will be paid out in two separate installments.

    The first installment, EUR 0.33 per share shall be paid to those shareholders who are registered as shareholders in eQ Plc’s shareholder register maintained by Euroclear Finland Ltd on the record date of the dividend payment on 27 March 2025. The Board proposes 3 April 2025 as the payment date of the first installment of the dividend. 

    The second installment, EUR 0.33 per share shall be paid in October 2025. The second installment shall be paid to those shareholders who are registered as shareholders in eQ Plc’s shareholder register maintained by Euroclear Finland Ltd on the record date of the divided payment. The Board shall decide the record date and the payment date of the second installment of the divided in its meeting in September 2025. It is contemplated that the record date of the second installment will be 7 October 2025 and that the payment date will be 14 October 2025. 

    After the end of the financial period, no essential changes have taken place in the financial position of the company. The Board of Directors feel that the proposed distribution of dividend does not endanger the liquidity of the company.

    9. Resolution on the discharge of the members of the Board of Directors and the CEOs from liability for the financial year 1 January – 31 December 2024

    10. Handling of the Remuneration Report for Governing Bodies

    The Remuneration Report for Governing Bodies shall be available on the company’s website www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset no later than 4 March 2025.

    11. Handling of the Remuneration Policy for Governing Bodies

    The Remuneration Policy for the company’s governing bodies was previously presented to the Annual General Meeting in 2021. The Remuneration Policy must be presented to the general meeting at least every four years or whenever substantial changes have been made to it.

    The Board of Directors presents the Remuneration Policy for Governing Bodies to the Annual General Meeting for adoption by an advisory decision. The Remuneration Policy for Governing Bodies shall be published together with the Annual Report by a stock exchange release and it will be available on the company’s website https://www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset no later than 4 March 2025.

    12. Resolution on the remuneration of the members of the Board of Directors

    Shareholders of eQ Plc, who control over 60 per cent of the outstanding shares and votes, propose that the Chair of the Board of Directors receives 5,000 euros per month, Vice Chair of the Board of Directors receives 4,000 euros per month and the members of the Board of Directors receive 3,000 euros per month. In addition, a compensation of 750 euros per meeting is proposed to be paid for all the Board members for each attended Board meeting and travel and accommodation expenses are reimbursed according to the guidelines of eQ Plc.

    13. Resolution on the number of members of the Board of Directors

    Shareholders of eQ Plc, who control over 60 per cent of the outstanding shares and votes, have made a proposal that the number of the Board members remain unchanged, i.e. that six persons be on the Board of Directors, or five persons, if a person proposed by the Shareholders is prevented from being a Board member of the company.

    14. Election of the members of the Board of Directors

    Shareholders, who control over 60 per cent of the outstanding shares and votes, have made a proposal that the current Board members Päivi Arminen, Nicolas Berner, Georg Ehrnrooth, Janne Larma and Tomas von Rettig are re-elected to the Board of Directors and Caroline Bertlin will be elected as a new member to the Board. If one of the persons proposed by the Shareholders is prevented from being a Board member of the company, such persons who are not prevented from being Board members. The term of office of the Board members ends at the close of the next Annual General Meeting.

    Caroline Bertlin (born 1978) is an experienced business leader with vast experience in the Nordics and internationally. Bertlin is based and has spent most of her career in Sweden. Currently she is engaged in strategy and funding of energy infrastructure for Nordion Energi. Prior to that she was the CEO of Nordisk Renting and Managing Director in NatWest Structured Finance (2016-2023). Previously she worked as Head of Restructuring, Turnaround CEO and Project Lead for Strategic projects in the NatWest Group (2009-2015). Earlier experience includes portfolio management and analyst positions within banking and alternative investments. In addition, she is a member of the Board of Nordisk Renting AB (2016-). Caroline Bertlin holds a Master of Science (Economics) degree from Hanken School of Economics.

    All nominees have given their consent to the proposal. In addition, the nominees have indicated that on selection, they will select Georg Ehrnrooth as Chair of the Board of Directors.

    Member candidates’ resumes and independence assessments are available on the company’s website: www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset.

    15. Resolution on the remuneration of the auditor

    The Board of Directors proposes that the auditor to be elected be paid remuneration according to the auditor’s invoice approved by eQ Plc.

    16. Election of auditor

    The Board of Directors proposes, that for a term ending at the end of the Annual General Meeting 2026, Authorized Public Accountants KPMG Oy Ab be elected auditor of the Company. The auditor has stated that the auditor with main responsibility will be Tuomas Ilveskoski, APA, Authorized Sustainability Auditor.

    17. Resolution on the remuneration of the sustainability auditor

    The Board of Directors proposes that the sustainability auditor to be elected be paid remuneration according to the auditor’s invoice approved by eQ Plc.

    18. Election of sustainability auditor

    For the financial year 2025, the company must prepare its first sustainability report in accordance with the EU Sustainability Reporting Directive, CSRD, and relevant national legislation.

    The Board of Directors proposes, that for a term ending at the end of the Annual General Meeting 2026, Authorized Public Accountants KPMG Oy Ab be elected sustainability auditor of the Company. KPMG has stated that the sustainability auditor with main responsibility will be Tuomas Ilveskoski, APA, Authorized Sustainability Auditor.

    19. Establishment of a Shareholders’ Nomination Board

    The Board of Directors proposes that the Annual General Meeting establishes a Shareholders’ Nomination Board whose task is to prepare proposals concerning the number of members of the Board of Directors and the Board’s composition and remuneration to the General Meeting.

    According to the proposal, the Shareholders’ Nomination Board comprises of four members and four largest shareholders of the Company may each appoint a member.

    The right to appoint a member belongs to the four shareholders who, as of the last day of June preceding the next Annual General Meeting, have the largest share of the total voting rights of the Company’s shares, taking into account those shareholders whose holdings should be aggregated subject to the obligation to notify major holdings.

    The Board of Directors proposes that the Annual General Meeting adopts the Charter for the Shareholders’ Nomination Board. The Board’s proposal for the Company’s Charter for the Shareholders’ Nomination Board is available on the Company’s website: www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset.

    20. Authorising the Board of Directors to decide on the issuance of shares as well as the issuance of special rights entitling to shares

    The Board of Directors proposes that the AGM authorises the Board of Directors to decide on a share issue or share issues and/or the issuance of special rights entitling to shares referred to in Chapter 10 Section 1 of the Companies Act, comprising a maximum total of 3,500,000 new shares. The amount of the proposed authorisation corresponds to approximately 8.45 per cent of all shares in the Company at the time of this Notice of the AGM.

    The authorisation is proposed to be used in order to finance or carry out potential acquisitions or other business transactions, to strengthen the balance sheet and the financial position of the Company, to fulfill Company’s incentive schemes or to any other purposes decided by the Board. Fifty per cent of the shares or special rights entitling to shares issued on the basis of the authorisation may be used to implement incentive schemes or otherwise for remuneration. It is proposed that based on the authorization, the Board decides on all other matters related to the issuance of shares and special rights entitling to shares referred to in Chapter 10 Section 1 of the Companies Act, including the recipients of the shares or the special rights entitling to shares and the amount of the consideration to be paid. Therefore, based on the authorisation, shares or special rights entitling to shares may also be issued directed i.e. in deviation of the shareholders pre-emptive rights as described in the Companies Act. A share issue may also be executed without payment in accordance with the preconditions set out in the Companies Act.

    The authorisation will cancel all previous authorisations to decide on the issuance of shares as well as the issuance of special rights entitling to shares and is effective until the next Annual General Meeting, however no more than 18 months.

    21. Closing of the meeting

    B. Documents of the AGM

    This notice to the Annual General Meeting, that contains all decision proposals on the agenda of the AGM, is available to shareholders on eQ Plc’s website at www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset. eQ Plc’s Annual Report, containing the Company’s annual accounts, the report of the Board of Directors and the auditors’ report together with the Remuneration Report for Governing Bodies and the Remuneration Policy for Governing Bodies is available on the said website no later than 4 March 2025. The proposals for resolutions and other previously mentioned documents will also be available at the AGM.

    The Minutes of the Annual General Meeting will be available on the company’s website no later than 8 April 2025.

    C. Instructions to the participants of the AGM

    1. Shareholders registered in the shareholders’ register (Finnish book-entry account)

    Each shareholder, who is registered on the record date of the Annual General Meeting 13 March 2025 in the Company’s register held by Euroclear Finland Oy, has the right to participate in the Annual General Meeting. A shareholder, whose shares are registered on their personal Finnish book-entry account is automatically registered in the shareholders’ register of the Company. Changes in share ownership after the record date of the AGM do not affect the right to participate in the meeting or the shareholder’s number of votes.

    Registration for the AGM will begin on 25 February 2025 at 10 am. A shareholder, who is registered in the shareholders’ register of the Company and who wants to participate in the Annual General Meeting, must register for the AGM no later than 18 March 2025 by 4:00 pm by which time the registrations must be received.  Shareholders may register to the meeting:

    a) Via the website www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset

    Online registration require that the shareholders or their statutory representatives or proxy representatives use strong electronic authentication either by Finnish, Swedish or Danish bank ID or mobile certificate.

    b) By email agm@innovatics.fi or by mail

    A shareholder who registers by mail or email shall send registration form available on the Company’s website at www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset or corresponding information to Innovatics Oy by mail to Innovatics Oy, Annual General Meeting / eQ Oyj, Ratamestarinkatu 13 A, FI-00520 Helsinki, Finland or by email at agm@innovatics.fi.
    When registering, shareholders shall provide requested information, such as their name, date of birth or Business ID, address, telephone number, email address and the name of any assistant or proxy representative and the date of birth and email address and/or telephone number of any proxy representative. In addition, the shareholder shall inform whether the shareholder or its representative will participate in the AGM at the meeting venue or via a remote connection. The personal data given by the shareholder to the Company or Innovatics Oy will be used only in connection with the Annual General Meeting and with the processing of related necessary registrations.

    The shareholder and their representative or proxy must be able to prove their identity and/or right of representation at the meeting place, if necessary.

    Additional information on the registration is available during the registration period by telephone from Innovatics Oy at +358 10 2818 909 on business days during 9:00 am until 12:00 noon and from 1:00 pm until 4:00 pm.

    2. Holders of nominee-registered shares

    A holder of nominee-registered shares has the right to participate in the Annual General Meeting by virtue of such shares, based on which they on the record date of the Annual General Meeting 13 March 2025 would be entitled to be registered in the shareholders’ register of the Company held by Euroclear Finland Oy. Participation in the AGM also requires that the shareholder has been registered on the basis of such shares in the temporary shareholders’ register held by Euroclear Finland Oy at the latest by 20 March 2025 by 10:00 am. As regards nominee-registered shares this constitutes due registration for the AGM. Changes in the ownership of shares after the record date of the Annual General Meeting do not affect the right to participate in the AGM nor the number of votes of the shareholder.

    A holder of nominee-registered shares is advised to request without delay the necessary instructions regarding the temporary registration in the shareholders’ register, the remote participation or participation at the meeting venue, advance voting, the issuing of proxy documents and voting instructions and registration for the Annual General Meeting from their custodian. The account manager of the custodian shall temporarily register a holder of nominee-registered shares, who wants to participate in the Annual General Meeting, in the shareholders’ register of the Company at the latest by the time stated above and, if necessary, take care of advance voting on behalf of a holder of nominee-registered shares, at the latest prior to the end of the registration period for the holders of nominee-registered shares.  

    A holder of nominee-registered shares who has registered for the General Meeting may also participate in the meeting in real time using telecommunication connection and technical means. In addition to the temporary registration in the company’s shareholders’ register, the real-time participation in the meeting requires the submission of the shareholder’s email address and telephone number and, if necessary, a proxy document and other documents necessary to prove the right of representation to by regular mail to Innovatics Oy, Yhtiökokous/eQ Oyj, Ratamestarinkatu 13 A, FI-00520 Helsinki, Finland or by email to agm@innovatics.fi before the end of the registration period for the holders of nominee registered shares, so that the shareholders can be sent a participation link and password to participate in the meeting. If a holder of nominee-registered shares has authorised their custodian to cast advance votes on their behalf, such advance votes will be taken into account as advance votes of the nominee-registered shareholder at the AGM, unless the holder of nominee-registered shares votes otherwise at the AGM.

    3. Proxy representatives and powers of attorney

    A shareholder may participate in the Annual General Meeting and exercise its rights at the meeting by way of proxy representation. A shareholder’s proxy representative may also register for the AGM and vote in advance as described in this notice. The online registration and advance voting of a statutory or a proxy representative require that the statutory representatives or the proxy representatives identify themselves to the electronic registration and voting service at the Company’s website www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset in person by using strong electronic authentication either by Finnish, Swedish or Danish bank ID or mobile certificate, after which they may continue with the registration and voting on behalf of the shareholder they represent.

    Proxy representative of the shareholder shall in connection with the registration present a dated proxy document or otherwise in a reliable manner demonstrate their right to represent the shareholder. An example of the proxy document and voting instructions is available at the Company’s website www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset on 7 February 2025, 9:00 am, the latest. Should a shareholder participate in the Annual General Meeting by means of several proxy representatives representing the shareholder with shares in different book-entry accounts, the shares by which each proxy representative represents the shareholder shall be identified in connection with the registration.

    The possible proxy documents should be delivered primarily as an attachment in connection with electronic registration or alternatively to agm@innovatics.fi before the closing of the registration. In addition to the delivery of proxies, the shareholder or their proxy must take care of registering for the AGM as described above in this notice.

    Shareholders that are legal entities may also, as an alternative to traditional proxy authorisation documents, use the electronic Suomi.fi authorisation service for authorising their proxy representatives. The representative is mandated in the Suomi.fi service at www.suomi.fi/e-authorizations (using the authorisation topic “Representation at the General Meeting”). When registering for the AGM in the virtual general meeting service provided by Inderes Plc, authorised representatives shall identify themselves with strong electronic authentication, after which the electronic mandate is automatically verified. The strong electronic authentication takes place with personal online banking credentials or a mobile certificate. For more information, see www.suomi.fi/e-authorisations.

    4. Remote participation in the meeting

    A shareholder who has the right to participate in the Annual General Meeting can participate in the meeting not only by participating in the AGM at the meeting venue but also, shareholders may use their rights in full and in real-time during the meeting via remote connection.

    Due to the limited space at the meeting venue, the shareholder’s or proxy’s notification of participation in the AGM via remote connection is binding, and the shareholder or proxy does not have the right to change the method of participation or participate in the meeting at the meeting place after the registration period has expired. However, the shareholder’s representative’s notification of participation via remote connection does not limit the right of shareholder’s other representatives to participate in the meeting at the meeting place.

    A shareholder or proxy who has registered to participate in the AGM at the meeting venue can change their participation to remote participation. There is no need to inform the company about this separately. Remote participation takes place via the remote participation link sent to the phone number and/or email address provided when registering for the AGM.

    The remote connection to the AGM is provided through Inderes Plc’s virtual general meeting service on the Videosync platform, which includes a video and audio connection to the Annual General Meeting. Participating via the remote connection does not require paid software or downloads. In addition to an internet connection, participation requires a computer, smartphone or tablet with speakers or headphones for sound reproduction and a microphone for asking oral questions or speaking turns. To participate, it is recommended to use the latest versions of the most common browser programs in use.

    The participation link and password for remote participation will be sent by email and/or text message to the email address and/or mobile phone number provided during registration to all those registered for the Annual General Meeting no later than the day before the meeting. Thus, advance voters and shareholders who have registered to attend the General Meeting at the venue may also participate in the General Meeting remotely via telecommunication if they so wish.  It is recommended to log into the meeting system well in advance of the meeting’s start time.

    More detailed information about the general meeting service can be found on the company’s website www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset. The link to test the compatibility of a computer, smartphone or tablet and the network connection can be found at https://b2b.inderes.com/fi/knowledge-base/yhteensopivuuden-testaaminen. It is recommended that you familiarise yourself with the more detailed participation instructions before the start of the AGM.

    5. Voting in advance

    Shareholders whose shares are registered on their Finnish book-entry account may vote in advance on certain items on the agenda of the AGM during the period between 25 February 2025 10:00 a.m. – 18 March 2025 at 4:00 p.m. in the following ways: 

    a) Via the website www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset

    Advance voting requires that the shareholders or their statutory representatives or proxy representatives use strong electronic authentication either by Finnish, Swedish or Danish bank ID or mobile certificate.

    b) By email agm@innovatics.fi or by mail

    A shareholder or its statutory representative who votes in advance by mail or email shall send the voting form available on the Company’s website at www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset or corresponding information to Innovatics Oy by mail to Innovatics Oy, Annual General Meeting / eQ Oyj, Ratamestarinkatu 13 A, FI-00520 Helsinki, Finland or by email at agm@innovatics.fi.  Advance votes must be received by the time the advance voting period ends. Submitting advance votes by mail or email to Innovatics Oy before the due date of the registration period and advance voting constitutes due registration for the AGM provided that the information required above for registration is provided in connection with the advance voting form.

    A shareholder who has voted in advance and who wants to use their right to present questions under the Companies Act, demand a vote or vote on a possible counter-proposal, must attend the general meeting in person or have their proxy representative participate in the AGM using the remote connection. The votes cast by those who have voted in advance will be taken into account in the decision-making of the General Meeting, regardless of whether they participate in the General Meeting remotely or at the meeting venue or not. If they participate remotely or at the meeting location, they have the opportunity to change their advance votes during the meeting, if they wish, when a vote takes place.

    For holders of nominee-registered shares, advance voting is carried out via the account manager of the custodian. The account manager may vote in advance on behalf of the holders of nominee-registered shares that they represent in accordance with the voting instructions provided by the holders of nominee registered shares during the registration period for the holders of nominee-registered shares.

    A proposal subject to advance voting is deemed to have been presented without amendments at the AGM. Conditions related to the electronic advance voting and other related instructions are available on the Company’s website at www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset.

    6. Other instructions/information

    The meeting shall be held in Finnish.

    Shareholders who are present at the meeting shall have a right to present questions referred to in Chapter 5, Section 25 of the Companies Act with respect to the matters to be considered at the Annual General Meeting.

    A shareholder may present questions referred to in Chapter 5, Section 25 of the Companies Act with respect to the matters to be considered at the Annual General Meeting by 11 March 2025 at 4:00 pm at the online registration service or by email to eQ.Yhtiokokous@eq.fi. The company’s management generally answers such questions submitted in writing in advance at the AGM or no later than two weeks after the general meeting on the company’s website. When presenting a question to the Annual General Meeting, the shareholder must provide sufficient information about their shareholding upon request.

    On the date of this notice, 4 February 2025, the total number of eQ Plc’s shares and votes is 41,407,198. The Company does not hold its own shares.

    Helsinki, 4 February 2025

    eQ Plc
    Board of Directors

    Additional information: Juha Surve, Group General Counsel, tel. +358 9 6817 8733

    Distribution: Nasdaq Helsinki, www.eQ.fi

    eQ Group is a Finnish group of companies specialising in asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and individuals. The assets managed by the Group total approximately EUR 13.4 billion. Advium Corporate Finance, which is part of the Group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets.

    More information about the Group is available on our website at www.eQ.fi.

    The MIL Network –

  • MIL-OSI: BNP PARIBAS ANNOUNCES THE IMPLEMENTATION OF A SEMI-ANNNUAL INTERIM DIVIDEND PAYMENT STARTING IN 2025

    Source: GlobeNewswire (MIL-OSI)

    BNP PARIBAS ANNOUNCES THE IMPLEMENTATION OF A SEMI-ANNNUAL INTERIM DIVIDEND PAYMENT STARTING IN 2025

    PRESS RELEASE

    Paris, 4 February 2025

    On 3 February 2025, BNP Paribas’ Board of Directors, chaired by Jean Lemierre, approved the principle of a semi-annual interim dividend starting in the 2025 financial year, which would be paid out in late September.

    Each interim dividend will amount to 50% of the net earnings per share of the first
    half-year, in accordance with BNP Paribas’ cash payout distribution policy.

    The first interim dividend related to the 2025 financial statements would be paid on 30 September 2025 and calculated on the basis of 50% of the net earnings per share of the first half of 2025.

    As a result of the introduction of a semi-annual interim dividend payment, the return to the shareholder in 2025 will comprise:

    (i)      the full dividend paid out in cash on 2024 earnings, subject to approval by the General Meeting of shareholders planned on 13 May 2025;

    (ii)      the share buyback programme set out in the Group distribution policy for the 2024 financial year subject to the usual conditions, including European Central Bank authorisation; and

    (iii)      the interim dividend on 2025 financial year, which would be decided by the Board of Directors in an amount calculated and paid based on the aforementioned description.

    Press contact
    Hacina HABCHI – hacina.habchi@bnpparibas.com – +33 (0)7 61 97 65 20
    Sandrine Romano – sandrine.romano@bnpparibas.com – +33 (0)6 71 18 23 05

    About BNP Paribas
    BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 63 countries and has nearly 183,000 employees, including more than 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.

    Attachment

    The MIL Network –

  • MIL-OSI: Dassault Systèmes: Strong Q4 results driven by new business acceleration and expanded 3DEXPERIENCE footprint

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    VELIZY-VILLACOUBLAY, France — February 4, 2025

    Dassault Systèmes: Strong Q4 results driven by new business acceleration and expanded 3DEXPERIENCE footprint

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the fourth quarter 2024 and full year ended December 31, 2024. The Group’s Board of Directors approved these estimated results on February 3, 2025. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

    Summary Highlights1  

    (unaudited, non-IFRS unless otherwise noted,
    all growth rates in constant currencies)

    • 4Q24: Software revenue accelerated to 9% growth;
    • 4Q24: Top line acceleration driven by new business growth of 13% and 3DEXPERIENCE software revenue up 22%;
    • 4Q24: Operating margin stood at 36.3%, an increase of 70 basis points, with diluted EPS of €0.40, up 11%;
    • FY24: Total revenue grew to €6.21 billion with software revenue up 6%, operating margin of 31.9% and diluted EPS of €1.28, up 9%;
    • Initiating guidance for FY25: total revenue growth expected between 6% and 8%, operating margin between 32.6% and 32.9%, up 70-100 basis points, and diluted EPS of €1.36-€1.39;
    • Revealing 3D UNIV+RSES and their AI-based services.

    Dassault Systèmes’ Chief Executive Officer Commentary

    Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:

    “2024 has been a year of competitive success, driven by the expansion of 3DEXPERIENCE across industries, domains and geographies, and redefining our strategic partnerships with industry leaders such as Volkswagen, Lockheed Martin, Mahindra & Mahindra, Airbus, and Bristol-Myers Squibb.

    Key to this success is the relevance of 3DEXPERIENCE combining deep industry knowledge and know-how to help customers enhance their value propositions and empower their teams. This will nurture our future growth and build the foundation for broad cloud adoption.

    Building on this strong foundation, we are excited to announce a new era for Dassault Systèmes. We are fully committed to creating UNIV+RSES, a combination of multiple virtual twins, integrating artificial intelligence to connect virtual and real, across all industry solutions. This will unlock new opportunities for our clients and position us as the trusted Global IP Generation and Management Company.”

    Dassault Systèmes’ Chief Financial Officer Commentary

    (revenue, operating margin and diluted EPS (‘EPS’) growth rates in constant currencies,
    data on a non-IFRS basis)

    Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:

    “We delivered a strong Q4 in the context of a challenging year, with total revenue up 7%, driven by new business growth of 13% in the quarter. From a product line perspective, this performance was led by Industrial Innovation, up 8%, as a result of the wider adoption of 3DEXPERIENCE, with a focus on manufacturing. At the same time, we saw continued excellent performance in Mainstream Innovation while in Life Sciences, MEDIDATA returned to growth.

    Turning to the bottom line, profitability improved in the quarter with an operating margin of 36.3%, up 70 basis points driven by productivity gains, and EPS increased by a strong 11%.

    For 2024, software revenue growth was 6% and EPS grew by 9%. Operating cash flow came in at €1.66 billion resulting in a net cash position of €1.46 billion, highlighting our capacity for future investments.

    Looking ahead, we are confident in our growth outlook and competitive positioning.

    As such, for 2025 we anticipate total revenue growth between 6% and 8%, operating margin expansion of 70-100 basis points and EPS up 7% to 10%.

    Lastly, we are delighted to hold our Capital Markets Day this coming June, at our headquarters in Paris where it will be the opportunity to discuss our vision for the next horizon.”

    Financial Summary

    In millions of Euros,
    except per share data and percentages    		   IFRS   IFRS
      Q4 2024 Q4 2023 Change Change in constant currencies   YTD 2024 YTD 2023 Change Change in constant currencies
    Total Revenue   1,754.2 1,643.4 7% 7%   6,213.6 5,951.4 4% 5%
    Software Revenue   1,601.5 1,476.1 8% 9%   5,613.3 5,360.0 5% 6%
    Operating Margin   27.6% 23.2% +4.3pts     21.9% 20.9% +1.0pt  
    Diluted EPS   0.30 0.25 20%     0.90 0.79 14%  
    In millions of Euros,
    except per share data and percentages    		   Non-IFRS   Non-IFRS
      Q4 2024 Q4 2023 Change Change in constant currencies   YTD 2024 YTD 2023 Change Change in constant currencies
    Total Revenue   1,754.2 1,643.4 7% 7%   6,213.6 5,951.4 4% 5%
    Software Revenue   1,601.5 1,476.1 8% 9%   5,613.3 5,360.0 5% 6%
    Operating Margin   36.3% 35.9% +0.4pt     31.9% 32.4% (0.4)pt  
    Diluted EPS   0.40 0.36 9% 11%   1.28 1.20 7% 9%

    Fourth Quarter 2024 Versus 2023 Financial Comparisons

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all revenue growth rates in constant currencies)

    • Total Revenue: Total revenue in the fourth quarter grew by 7% to €1.75 billion, and software revenue increased by 9% to €1.60 billion. Subscription & support revenue rose 7%; recurring revenue represented 75% of software revenue. Licenses and other software revenue increased by 15% to €405 million. Services revenue was down 9% to €153 million, during the quarter.
    • Software Revenue by Geography: Revenue in the Americas increased by 5% to represent 37% of software revenue, led by Aerospace & Defense. Europe (43% of software revenue) grew by 14%, thanks to large deals closed in Aerospace & Defense and Home & Lifestyle. In Asia, revenue increased by 7%, led by Japan and India, while China remained volatile. Asia represented 20% of software revenue at the end of the fourth quarter.
    • Software Revenue by Product Line:
      • Industrial Innovation software revenue increased by 8% to €902 million, driven by strong momentum with 3DEXPERIENCE wins and many strategic competitive displacements, led by DELMIA in manufacturing. Industrial Innovation software represented 56% of software revenue.
      • Life Sciences software revenue was flat, at €298 million, accounting for 19% of software revenue. MEDIDATA returned to growth, up 1% in the quarter, highlighting progressive improvement.
      • Mainstream Innovation software revenue increased by 17% to €402 million, with SOLIDWORKS achieving its best quarter since 2022 and CENTRIC PLM maintaining strong momentum. Mainstream Innovation represented 25% of software revenue, during the period.
    • Software Revenue by Industry: Aerospace & Defense, Home & Lifestyle and Industrial Equipment were among the best performers during the quarter.
    • Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 22% thanks to major deals signings in Aerospace & Defense and Transport & Mobility. 3DEXPERIENCE software revenue represented 46% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 6% and represented 22% of software revenue during the period. Excluding MEDIDATA, Cloud software revenue increased by 19%.
    • Operating Income and Margin: IFRS operating income rose by 27% at €483 million, as reported. Non-IFRS operating income increased by 9% in constant currencies at €637 million (up 8% as reported). The IFRS operating margin stood at 27.6% compared to 23.2% in the fourth quarter of 2023. The non-IFRS operating margin totaled 36.3% versus 35.9% during the same period last year, up 70 basis points in constant currencies.
    • Earnings per Share: IFRS diluted EPS was €0.30, up 20% as reported. Non-IFRS diluted EPS grew to €0.40, up 9% as reported, or 11% in constant currencies.

    Fiscal 2024 Versus 2023 Financial Comparisons

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all revenue growth rates in constant currencies)

    • Total Revenue: Total revenue grew by 5% to €6.21 billion. Software revenue increased by 6% to €5.61 billion. Subscription and support revenue rose to €4.49 billion up 6%; recurring revenue represented 80% of total software revenue. Licenses and other software revenue grew by 4% to €1.13 billion. Services revenue came at €600 million, up 2%.
    • Software Revenue by Geography: The Americas increased by 4% and represented 39% of software revenue. Europe rose by 6% and represented 38% of software revenue. Asia grew by 9%, representing 22% of software revenue.
    • Software Revenue by Product Line:
      • Industrial Innovation software revenue was up 5% to €3.02 billion and represented 54% of software revenue. DELMIA, ENOVIA and SIMULIA exhibited the strongest performance.
    • Life Sciences software revenue decreased by 1% to €1.14 billion, representing 20% of software revenue.
    • Mainstream Innovation software revenue increased by 13% to €1.45 billion. Mainstream Innovation represented 26% of software revenue.
    • Software Revenue by Industry: Home & Lifestyle, Aerospace and Defense, High-Tech and Industrial equipment displayed some of the strongest performance.
    • Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 14%, representing 39% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 7% and represented 24% of software revenue. Excluding MEDIDATA, Cloud software revenue increased by more than 40% versus last year.
    • Operating Income and Margin: IFRS operating income increased by 9% to €1.36 billion, as reported. Non-IFRS operating income increased by 3% as reported, up 4% in constant currencies, to €1.98 billion. IFRS operating margin totaled 21.9% compared to 20.9% in 2023. The non-IFRS operating margin stood at 31.9% in 2024 compared to 32.4% last year.
    • Earnings per Share: IFRS diluted EPS was up 14% as reported, to €0.90. Non-IFRS diluted EPS grew by 7% to €1.28, as reported, up 9% in constant currencies.
    • Cash Flow from Operations (IFRS): Cash flow from operations totaled €1.66 billion, up 6% year over year at reported rate with strong cash conversion and good cash collection, offset by receivables up on higher business activity in the fourth quarter.
    • Balance Sheet (IFRS): Dassault Systèmes had a net cash position of €1.46 billion as of December 31, 2024, an increase of €0.88 billion, compared to €0.58 billion for the year ending December 31, 2023. Cash and cash equivalents totaled €3.95 billion at the end of December 2024. The movements of the year on cash and cash equivalents include the reimbursement for €700 million of the second tranche of the bond issued by the company in 2019.

    Financial Objectives for 2025

    Dassault Systèmes’ first quarter and 2025 financial objectives presented below are given on a non-IFRS basis and reflect the principal 2025 currency exchange rate assumptions for the US dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:

               
          Q1 2025 FY 2025  
      Total Revenue (billion) €1.535 – €1.601 €6.550 – €6.650  
      Growth 2 – 7% 5 – 7%  
      Growth ex FX 3 – 8% 6 – 8%  
               
      Software revenue growth * 3 – 8% 6 – 8%  
        Of which licenses and other software revenue growth * 0 – 9% 3 – 5%  
        Of which recurring revenue growth * 4 – 8% 7 – 9%  
     

    Services revenue growth *

    0 – 4%

    		 3 – 6%  
               
      Operating Margin 31.0% – 31.1% 32.6% – 32.9%  
               
      EPS Diluted €0.30 – €0.32 €1.36 – €1.39  
      Growth 2 – 6% 6 – 8%  
      Growth ex FX 3 – 7% 7 – 10%  
               
      US dollar $1.10 per Euro $1.10 per Euro  
      Japanese yen (before hedging) JPY 155.0 per Euro JPY 155.0 per Euro  
      * Growth in Constant Currencies      

    These objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.

    The 2025 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2025 principal currency exchange rates above: no significant contract liabilities write-downs; share-based compensation expenses, including related social charges, estimated at approximately €161 million (these estimates do not include any new stock option or share grants issued after December 31, 2024); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €336 million, largely impacted by the acquisition of MEDIDATA; and lease incentives of acquired companies at approximately €2 million.

    The above objectives also do not include any impact from other operating income and expenses, a net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after December 31, 2024.

    Corporate Announcements

    Today’s Webcast and Conference Call Information

    Today, Tuesday, February 4, 2025, Dassault Systèmes will host, from Paris, a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.

    Additional investor information is available at investor.3ds.com or by calling Dassault Systèmes’ Investor Relations at +33.1.61.62.69.24.

    Investor Relations Events

    • First Quarter 2025 Earnings Release: April 24, 2025
    • Second Quarter 2025 Earnings Release: July 24, 2025
    • Third Quarter 2025 Earnings Release: October 23, 2025

    Forward-looking Information

    Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Group’s non-IFRS financial performance objectives are forward-looking statements. Such forward-looking statements are based on Dassault Systèmes management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors.

    The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2023 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2024, available on the Group’s website www.3ds.com.

    In particular, please refer to the risk factor “Uncertain Global Economic Environment” in section 1.9.1.1 of the 2023 Universal Registration Document set out below for ease of reference:

    “In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:

    • the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or terminate their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
    • the political, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and impact Dassault Systèmes’ business, for example, due to stricter export compliance rules or the introduction of new customs tariffs;
    • continued pressure or volatility on raw materials and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries;
    • uncertainties regarding the extent and duration of inflation could adversely affect the financial position of Dassault Systèmes; and
    • the sales cycle of Dassault Systèmes’ products – already relatively long due to the strategic nature of such investments for customers – could further lengthen.

    The occurrence of crises – health and political in particular – could have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. It could also adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively impact Dassault Systèmes’ revenue, financial performance and market position.

    Dassault Systèmes makes every effort to take into consideration this uncertain macroeconomic outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.

    In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY155.0 to €1.00, before hedging for the first quarter 2025. The Group has assumed an average US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY155.0 to €1.00, before hedging for the full year 2025. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.   

    Non-IFRS Financial Information

    Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2024 Universal Registration Document filed with the AMF on March 18, 2024.

    In the tables accompanying this press release the Group sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred revenue, share-based compensation expense and related social charges, the amortization of acquired intangible assets and of tangibles reevaluation, certain other operating income and expense, net, including impairment of goodwill and acquired intangibles, the effect of adjusting lease incentives of acquired companies, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.

    FOR MORE INFORMATION

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

    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, 350,000 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

    Beatrix Martinez: +33 1 61 62 40 73                                Arnaud de Cheffontaines: +33 1 47 03 69 48

                                                                    Jamie Ricketts : +44 20 3727 1600

    investors@3ds.com

    Dassault Systèmes Press Contacts

    Corporate / France        Arnaud MALHERBE        

    arnaud.malherbe@3ds.com        

    +33 (0)1 61 62 87 73

    © Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

    APPENDIX TABLE OF CONTENTS

    Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.    

    Glossary of Definitions

    Non-IFRS Financial Information

    Acquisitions and Foreign Exchange Impact

    Condensed consolidated statements of income

    Condensed consolidated balance sheet

    Condensed consolidated cash flow statement

    IFRS – non-IFRS reconciliation

    DASSAULT SYSTÈMES – Glossary of Definitions

    Information in Constant Currencies

    Dassault Systèmes has followed a long-standing policy of measuring its revenue performance and setting its revenue objectives exclusive of currency in order to measure in a transparent manner the underlying level of improvement in its total revenue and software revenue by activity, industry, geography and product lines. The Group believes it is helpful to evaluate its growth exclusive of currency impacts, particularly to help understand revenue trends in its business. Therefore, the Group provides percentage increases or decreases in its revenue and expenses (in both IFRS as well as non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed “in constant currencies”, the results of the “prior” period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

    While constant currency calculations are not considered to be an IFRS measure, the Group believes these measures are critical to understanding its global revenue results and to compare with many of its competitors who report their financial results in U.S. dollars. Therefore, Dassault Systèmes includes this calculation for comparing IFRS revenue figures as well non-IFRS revenue figures for comparable periods. All information at constant exchange rates is expressed as a rounded percentage and therefore may not precisely reflect the absolute figures.

    Information on Growth excluding acquisitions (“organic growth”)

    In addition to financial indicators on the entire Group’s scope, Dassault Systèmes provides growth excluding acquisitions effect, also named organic growth. In order to do so, the data relating to the scope is restated excluding acquisitions, from the date of the transaction, over a period of 12 months.

    Information on Industrial Sectors

    The Group provides broad end-to-end software solutions and services: its platform-based virtual twin experiences combine modeling, simulation, data science and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.

    These three sectors comprise twelve industries:

    • Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; High-Tech; Home & Lifestyle; Consumer Packaged Goods – Retail. In Manufacturing Industries, Dassault Systèmes helps customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs and time-to-market, and become more sustainable;
    • Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of the patient journey to lead the way toward precision medicine. To reach the broader healthcare ecosystem from research to commercial, the Group’s solutions connect all elements from molecule development to prevention to care, and combine new therapeutics, med practices, and Medtech;
    • Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services; Cities & Public Services. In Infrastructure & Cities, the Group supports the virtualization of the sector in making its industries more efficient and sustainable, and creating desirable living environments.

    Information on Product Lines

    The Group’s product lines financial reporting include the following financial information:

    • Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
    • Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
    • Mainstream Innovation software revenue which includes its CENTRIC PLM and 3DVIA brands, as well as its 3DEXPERIENCE WORKS family which includes the SOLIDWORKS brand.

    Starting from 2022, OUTSCALE became a brand of the Group, extending the portfolio of software applications. As the first sovereign and sustainable operator on the cloud, OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloud experience and with a world-class cyber governance.

    GEOs

    Eleven GEOs are responsible for driving development of the Company’s business and implementing its customer‑centric engagement model. Teams leverage strong networks of local customers, users, partners, and influencers.

    These GEOs are structured into three groups:

    • the “Americas” group, made of two GEO’s;
    • the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEO’s;
    • the “Asia” group, comprising Asia and Oceania and made of five GEO’s.

    3DEXPERIENCE Software Contribution

    To measure the relative share of 3DEXPERIENCE software in its revenues, Dassault Systèmes uses the following ratio: for software revenue, the Group calculates the percentage contribution by comparing total 3DEXPERIENCE software revenue to software revenue for all product lines except SOLIDWORKS, MEDIDATA, CENTRIC PLM and other acquisitions (defined as “3DEXPERIENCE Eligible software revenue”).

    Cloud revenue

    Cloud revenues correspond to revenue generated through a catalog of cloud-based solutions, infrastructure as a service, cloud solution development and cloud managed services. They are delivered by Dassault Systèmes via a cloud infrastructure hosted by Dassault Systèmes, or by third party providers of cloud computing infrastructure services. These offerings are available through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered through subscriptions models or perpetual licenses with support and hosting services.

    New business

    New business is the combination of subscription revenue and licenses & other software revenue.

    DASSAULT SYSTÈMES

    NON-IFRS FINANCIAL INFORMATION

    (unaudited; in millions of Euros, except per share data, percentages, headcount and exchange rates)

    Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue), share-based compensation expense, including related social charges, amortization of acquired intangible assets and of tangible assets revaluation, lease incentives of acquired companies, other operating income and expense, net, including the acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets, certain one-time items included in financial loss, net, certain one-time tax effects and the income tax effects of these non-IFRS adjustments.

    Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.

    In millions of Euros, except per share data, percentages, headcount and exchange rates Non-IFRS reported
    Three months ended Twelve months ended
    December 31,

    2024

    		 December 31,

    2023

    		 Change Change in constant currencies December 31,

    2024

    		 December 31,

    2023

    		 Change Change in constant currencies
    Total Revenue € 1,754.2 € 1,643.4 7% 7% € 6,213.6 € 5,951.4 4% 5%
                     
    Revenue breakdown by activity                
    Software revenue 1,601.5 1,476.1 8% 9% 5,613.3 5,360.0 5% 6%
    Of which licenses and other software revenue 405.4 351.9 15% 15% 1,125.2 1,087.6 3% 4%
    Of which subscription and support revenue 1,196.1 1,124.3 6% 7% 4,488.1 4,272.4 5% 6%
    Services revenue 152.8 167.3 (9)% (9)% 600.3 591.4 2% 2%
                     
    Software revenue breakdown by product line                
    Industrial Innovation 901.8 837.3 8% 8% 3,019.6 2,908.0 4% 5%
    Life Sciences 297.7 295.1 1% 0% 1,144.2 1,158.9 (1)% (1)%
    Mainstream Innovation 402.0 343.7 17% 17% 1,449.4 1,293.2 12% 13%
                     
    Software Revenue breakdown by geography                
    Americas 595.0 566.7 5% 5% 2,214.7 2,141.9 3% 4%
    Europe 685.0 601.1 14% 14% 2,150.4 2,027.3 6% 6%
    Asia 321.4 308.4 4% 7% 1,248.1 1,190.8 5% 9%
                     
    Operating income € 636.8 € 589.8 8%   € 1,983.7 € 1,925.6 3%  
    Operating margin 36.3% 35.9%     31.9% 32.4%    
                     
    Net income attributable to shareholders € 530.7 € 487.2 9%   € 1,705.1 € 1,597.9 7%  
    Diluted earnings per share € 0.40 € 0.36 9% 11% € 1.28 € 1.20 7% 9%
                     
    Closing headcount 26,026 25,573 2%   26,026 25,573 2%  
                     
    Average Rate USD per Euro 1.07 1.08 (1)%   1.08 1.08 0%  
    Average Rate JPY per Euro 162.55 159.12 2%   163.85 151.99 8%  

    DASSAULT SYSTÈMES

    ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

    (unaudited; in millions of Euros)

    In millions of Euros Non-IFRS reported o/w growth at constant rate and scope o/w change of scope impact at current year rate o/w FX impact on previous year figures
    December 31,

    2024

    		 December 31,

    2023

    		 Change
    Revenue QTD 1,754.2 1,643.4 110.9 111.8 0.6 (1.6)
    Revenue YTD 6,213.6 5,951.4 262.2 302.0 2.2 (42.0)

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

    (unaudited; in millions of Euros, except per share data and percentages)

    In millions of Euros, except per share data and percentages IFRS reported
    Three months ended Twelve months ended
    December 31, December 31, December 31, December 31,
    2024 2023 2024 2023
    Licenses and other software revenue 405.4 351.9 1,125.2 1,087.6
    Subscription and Support revenue 1,196.1 1,124.3 4,488.1 4,272.4
    Software revenue 1,601.5 1,476.1 5,613.3 5,360.0
    Services revenue 152.8 167.3 600.3 591.4
    Total Revenue € 1,754.2 € 1,643.4 € 6,213.6 € 5,951.4
    Cost of software revenue (1) (134.1) (124.9) (498.5) (453.9)
    Cost of services revenue (132.7) (131.0) (517.8) (517.1)
    Research and development expenses (327.7) (317.5) (1,286.2) (1,228.3)
    Marketing and sales expenses (456.6) (429.3) (1,704.3) (1,624.5)
    General and administrative expenses (136.4) (124.8) (470.5) (450.6)
    Amortization of acquired intangible assets and of tangible assets revaluation (87.5) (94.9) (361.6) (378.9)
    Other operating income and expense, net 4.2 (39.5) (15.0) (56.2)
    Total Operating Expenses (1,270.9) (1,261.8) (4,854.0) (4,709.5)
    Operating Income € 483.4 € 381.6 € 1,359.6 € 1,241.9
    Financial income (loss), net 22.9 27.8 118.4 59.0
    Income before income taxes € 506.3 € 409.4 € 1,478.0 € 1,300.9
    Income tax expense (95.4) (79.1) (279.9) (250.7)
    Net Income € 410.9 € 330.3 € 1,198.1 € 1,050.2
    Non-controlling interest 1.1 (0.3) 2.1 0.7
    Net Income attributable to equity holders of the parent € 412.0 € 330.0 € 1,200.2 € 1,050.9
    Basic earnings per share 0.31 0.25 0.91 0.80
    Diluted earnings per share € 0.30 € 0.25 € 0.90 € 0.79
    Basic weighted average shares outstanding (in millions) 1,312.7 1,314.1 1,313.3 1,315.1
    Diluted weighted average shares outstanding (in millions) 1,330.0 1,336.6 1,333.4 1,336.8

    (1) Excluding amortization of acquired intangible assets and of tangible assets revaluation.

    IFRS reported

     

    		 Three months ended December 31, 2024 Twelve months ended December 31, 2024
    Change (2) Change in constant currencies Change (2) Change in constant currencies
    Total Revenue 7% 7% 4% 5%
    Revenue by activity        
    Software revenue 8% 9% 5% 6%
    Services revenue (9)% (9)% 2% 2%
    Software Revenue by product line        
    Industrial Innovation 8% 8% 4% 5%
    Life Sciences 1% 0% (1)% (1)%
    Mainstream Innovation 17% 17% 12% 13%
    Software Revenue by geography        
    Americas 5% 5% 3% 4%
    Europe 14% 14% 6% 6%
    Asia 4% 7% 5% 9%

    (2) Variation compared to the same period in the prior year.

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED BALANCE SHEET

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    December 31, December 31,
    2024 2023
    ASSETS    
    Cash and cash equivalents 3,952.6 3,568.3
    Trade accounts receivable, net 2,120.9 1,707.9
    Contract assets 30.1 26.8
    Other current assets 464.0 477.1
    Total current assets 6,567.6 5,780.1
    Property and equipment, net 945.8 882.8
    Goodwill and Intangible assets, net 7,687.1 7,647.0
    Other non-current assets 345.5 312.5
    Total non-current assets 8,978.3 8,842.3
    Total Assets € 15,545.9 € 14,622.5
    LIABILITIES    
    Trade accounts payable 259.9 230.5
    Contract liabilities 1,663.4 1,479.3
    Borrowings, current 450.8 950.1
    Other current liabilities 1,147.4 901.0
    Total current liabilities 3,521.5 3,561.0
    Borrowings, non-current 2,042.8 2,040.6
    Other non-current liabilities 900.9 1,174.8
    Total non-current liabilities 2,943.7 3,215.4
    Non-controlling interests 14.1 11.9
    Parent shareholders’ equity 9,066.6 7,834.1
    Total Liabilities € 15,545.9 € 14,622.5

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED CASH FLOW STATEMENT

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    Three months ended Twelve months ended
    December 31, December 31, Change December 31, December 31, Change
    2024 2023 2024 2023
    Net income attributable to equity holders of the parent 412.0 330.0 82.0 1,200.2 1,050.9 149.3
    Non-controlling interest (1.1) 0.3 (1.4) (2.1) (0.7) (1.4)
    Net income 410.9 330.3 80.6 1,198.1 1,050.2 147.9
    Depreciation of property and equipment 49.7 44.0 5.7 191.9 182.4 9.4
    Amortization of intangible assets 89.4 96.8 (7.4) 369.1 387.1 (18.0)
    Adjustments for other non-cash items (75.9) (48.8) (27.0) 37.7 74.7 (37.0)
    Changes in working capital (162.1) (128.8) (33.3) (137.0) (129.2) (7.7)
    Net Cash From Operating Activities € 312.0 € 293.4 € 18.6 € 1,659.8 € 1,565.2 € 94.6
                 
    Additions to property, equipment and intangibles assets (49.1) (42.5) (6.6) (193.4) (145.3) (48.1)
    Payment for acquisition of businesses, net of cash acquired (4.2) (0.5) (3.8) (22.5) (16.1) (6.4)
    Other 0.3 0.1 0.1 24.1 (0.3) 24.4
    Net Cash Provided by (Used in) Investing Activities € (53.1) € (42.9) € (10.2) € (191.7) € (161.6) € (30.1)
                 
    Proceeds from exercise of stock options 4.4 28.5 (24.1) 48.4 67.0 (18.6)
    Cash dividends paid – 0.0 (0.0) (302.7) (276.2) (26.4)
    Repurchase and sale of treasury stock (0.5) 10.6 (11.1) (374.0) (375.4) 1.4
    Capital increase – (0.0) 0.0 – 146.1 (146.1)
    Acquisition of non-controlling interests (0.0) (0.1) 0.1 (3.3) (0.9) (2.4)
    Proceeds from borrowings – 0.0 (0.0) 200.2 20.3 179.9
    Repayment of borrowings (100.0) 0.1 (100.0) (700.9) (28.1) (672.7)
    Repayment of lease liabilities (18.7) (26.3) 7.7 (79.7) (89.4) 9.7
    Net Cash Provided by (Used in) Financing Activities € (114.8) € 12.7 € (127.5) € (1,211.9) € (536.7) € (675.2)
                 
    Effect of exchange rate changes on cash and cash equivalents 150.8 (63.2) 213.9 128.2 (67.5) 195.7
                 
    Increase (decrease) in cash and cash equivalents € 294.9 € 200.1 € 94.8 € 384.3 € 799.3 € (415.0)
                 
    Cash and cash equivalents at beginning of period € 3,657.7 € 3,368.1   € 3,568.3 € 2,769.0  
    Cash and cash equivalents at end of period € 3,952.6 € 3,568.3   € 3,952.6 € 3,568.3  

    DASSAULT SYSTÈMES
    SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
    IFRS – NON-IFRS RECONCILIATION
    (unaudited; in millions of Euros, except per share data and percentages)

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2023 filed with the AMF on March 18, 2024. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

    In millions of Euros, except per share data and percentages Three months ended December 31, Change
    2024 Adjustment(1) 2024 2023 Adjustment(1) 2023 IFRS Non-IFRS(2)
    IFRS Non-IFRS IFRS Non-IFRS
    Total Revenue € 1,754.2 – € 1,754.2 € 1,643.4 – € 1,643.4 7% 7%
    Revenue breakdown by activity                
    Software revenue 1,601.5 – 1,601.5 1,476.1 – 1,476.1 8% 8%
    Licenses and other software revenue 405.4 – 405.4 351.9 – 351.9 15% 15%
    Subscription and Support revenue 1,196.1 – 1,196.1 1,124.3 – 1,124.3 6% 6%
    Recurring portion of Software revenue 75%   75% 76%   76%    
    Services revenue 152.8 – 152.8 167.3 – 167.3 (9)% (9)%
    Software Revenue breakdown by product line                
    Industrial Innovation 901.8 – 901.8 837.3 – 837.3 8% 8%
    Life Sciences 297.7 – 297.7 295.1 – 295.1 1% 1%
    Mainstream Innovation 402.0 – 402.0 343.7 – 343.7 17% 17%
    Software Revenue breakdown by geography                
    Americas 595.0 – 595.0 566.7 – 566.7 5% 5%
    Europe 685.0 – 685.0 601.1 – 601.1 14% 14%
    Asia 321.4 – 321.4 308.4 – 308.4 4% 4%
    Total Operating Expenses € (1,270.9) € 153.4 € (1,117.5) € (1,261.8) € 208.2 € (1,053.6) 1% 6%
    Share-based compensation expense and related social charges (69.7) 69.7 – (73.2) 73.2 –    
    Amortization of acquired intangible assets and of tangible assets revaluation (87.5) 87.5 – (94.9) 94.9 –    
    Lease incentives of acquired companies (0.4) 0.4 – (0.7) 0.7 –    
    Other operating income and expense, net 4.2 (4.2) – (39.5) 39.5 –    
    Operating Income € 483.4 € 153.4 € 636.8 € 381.6 € 208.2 € 589.8 27% 8%
    Operating Margin 27.6%   36.3% 23.2%   35.9%    
    Financial income (loss), net 22.9 1.1 24.0 27.8 1.0 28.8 (18)% (17)%
    Income tax expense (95.4) (33.2) (128.6) (79.1) (51.3) (130.4) 21% (1)%
    Non-controlling interest 1.1 (2.6) (1.5) (0.3) (0.7) (1.0) N/A 53%
    Net Income attributable to shareholders € 412.0 € 118.7 € 530.7 € 330.0 € 157.2 € 487.2 25% 9%
    Diluted Earnings Per Share (3) € 0.30 € 0.10 € 0.40 € 0.25 € 0.12 € 0.36 20% 9%

    (1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

    In millions of Euros, except percentages Three months ended December 31, Change
    2024

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2024

    Non-IFRS

    		 2023

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2023

    Non-IFRS

    		 IFRS Non-

    IFRS
    Cost of revenue (266.9) 5.0 0.1 (261.8) (255.9) 3.6 0.2 (252.1) 4% 4%
    Research and development expenses (327.7) 18.2 0.2 (309.3) (317.5) 28.5 0.3 (288.7) 3% 7%
    Marketing and sales expenses (456.6) 25.1 0.1 (431.4) (429.3) 20.9 0.1 (408.3) 6% 6%
    General and administrative expenses (136.4) 21.4 0.0 (115.0) (124.8) 20.2 0.0 (104.5) 9% 10%
    Total   € 69.7 € 0.4     € 73.2 € 0.7      

    (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
    (3) Based on a weighted average 1,330.0 million diluted shares for Q4 2024 and 1,336.6 million diluted shares for Q4 2023, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 394.7 million for Q4 2024 (€ 330.0 million for Q4 2023). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

    DASSAULT SYSTÈMES
    SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
    IFRS – NON-IFRS RECONCILIATION
    (unaudited; in millions of Euros, except per share data and percentages)

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2023 filed with the AMF on March 18, 2024. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

    In millions of Euros, except per share data and percentages Twelve months ended December 31, Change
    2024 Adjustment(1) 2024 2023 Adjustment(1) 2023 IFRS Non-IFRS(2)
    IFRS Non-IFRS IFRS Non-IFRS
    Total Revenue € 6,213.6   € 6,213.6 € 5,951.4 – € 5,951.4 4% 4%
    Revenue breakdown by activity                
    Software revenue 5,613.3   5,613.3 5,360.0 – 5,360.0 5% 5%
    Licenses and other software revenue 1,125.2 – 1,125.2 1,087.6 – 1,087.6 3% 3%
    Subscription and Support revenue 4,488.1   4,488.1 4,272.4 – 4,272.4 5% 5%
    Recurring portion of Software revenue 80%   80% 80%   80%    
    Services revenue 600.3 – 600.3 591.4 – 591.4 2% 2%
    Software Revenue breakdown by product line                
    Industrial Innovation 3,019.6 – 3,019.6 2,908.0 – 2,908.0 4% 4%
    Life Sciences 1,144.2 – 1,144.2 1,158.9 – 1,158.9 (1)% (1)%
    Mainstream Innovation 1,449.4 – 1,449.4 1,293.2 – 1,293.2 12% 12%
    Software Revenue breakdown by geography                
    Americas 2,214.7   2,214.7 2,141.9 – 2,141.9 3% 3%
    Europe 2,150.4 – 2,150.4 2,027.3 – 2,027.3 6% 6%
    Asia 1,248.1 – 1,248.1 1,190.8 – 1,190.8 5% 5%
    Total Operating Expenses € (4,854.0) € 624.2 € (4,229.8) € (4,709.5) € 683.7 € (4,025.8) 3% 5%
    Share-based compensation expense and related social charges (245.6) 245.6 – (245.8) 245.8 –    
    Amortization of acquired intangible assets and of tangible assets revaluation (361.6) 361.6 – (378.9) 378.9 –    
    Lease incentives of acquired companies (1.9) 1.9 – (2.8) 2.8 –    
    Other operating income and expense, net (15.0) 15.0 – (56.2) 56.2 –    
    Operating Income € 1,359.6 € 624.2 € 1,983.7 € 1,241.9 € 683.7 € 1,925.6 9% 3%
    Operating Margin 21.9%   31.9% 20.9%   32.4%    
    Financial income (loss), net 118.4 3.2 121.6 59.0 29.3 88.2 101% 38%
    Income tax expense (279.9) (117.0) (396.8) (250.7) (164.1) (414.8) 12% (4)%
    Non-controlling interest 2.1 (5.5) (3.4) 0.7 (1.9) (1.2) 190% 187%
    Net Income attributable to shareholders € 1,200.2 € 504.9 € 1,705.1 € 1,050.9 € 546.9 € 1,597.9 14% 7%
    Diluted Earnings Per Share (3) € 0.90 € 0.38 € 1.28 € 0.79 € 0.41 € 1.20 14% 7%

    (1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

    In millions of Euros, except percentages Twelve months ended December 31, Change
    2024

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2024

    Non-IFRS

    		 2023

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2023

    Non-IFRS

    		 IFRS Non-

    IFRS
    Cost of revenue (1,016.3) 16.2 0.5 (999.5) (971.0) 15.7 0.8 (954.4) 5% 5%
    Research and development expenses (1,286.2) 76.9 0.9 (1,208.4) (1,228.3) 94.4 1.3 (1,132.6) 5% 7%
    Marketing and sales expenses (1,704.3) 80.8 0.3 (1,623.3) (1,624.5) 73.6 0.5 (1,550.4) 5% 5%
    General and administrative expenses (470.5) 71.7 0.2 (398.7) (450.6) 62.2 0.2 (388.3) 4% 3%
    Total   € 245.6 € 1.9     € 245.8 € 2.8      

    (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
    (3) Based on a weighted average 1,333.4 million diluted shares for YTD 2024 and 1,336.8 million diluted shares for YTD 2023.

    1 IFRS figures for 4Q24: total revenue at €1.75 billion, operating margin of 27.6% and diluted EPS at €0.30; IFRS figures for FY24: total revenue at €6.21 billion, operating margin of 21.9% and diluted EPS at €0.90.  

    Attachment

    The MIL Network –

  • MIL-OSI: Amundi: Fourth quarter & Full-year 2024 results

    Source: GlobeNewswire (MIL-OSI)

                    

    Amundi: Fourth quarter & Full-year 2024 results

    Record 2024 net income1,2at €1.4 billion

    Results
    at the highest historical level    		   2024 adjusted net income1,2 of €1,382m, up sharply: +13% vs. 2023

    • Thanks to Revenue growth (+9%) and improvement of the Cost-to-income ratio to 52.5%2
    • Earnings per share2: €6.75

    Q4 2024 – adjusted net income1,2€377m, up +20% Q4/Q4

    Dividend proposed to the Annual General Meeting of 27 May 2025 at €4.25 per share
         
    2024 net inflows multiplied by 2 compared to 2023   Assets under management3at a new record of €2,240bn at end-2024, +10% year-on-year

    Net inflows3+€55bn over the year, of which +€34bn in medium to long term assets excl. JVs

    Q4 net inflows +€20bn, incl. +€18bn in medium to long term assets, record ETF inflows: +€11bn

    Amundi Technology: strong revenue growth and acquisition of aixigo
         
    Major advances
    of the plan
    Ambitions 2025    		   AuM targets achieved one year ahead of schedule for Third-Party Distribution and Passive Management
    Net income2: +6.1% average annual growth 2021-24, above the Ambitions 2025 target
    2024 Cost/income ratio2 already on 2025 target

    3 value-creating external growth operations, in line with strategic and financial objectives

    ESG Ambitions 2025 plan on track

    Paris, 4 February 2025
    Amundi’s Board of Directors met on 3 February 2025 under the chairmanship of Philippe Brassac, and approved the financial statements for the fourth quarter and full year 2024.

    Valérie Baudson, Chief Executive Officer, said:
    “2024 was a record year for Amundi, both in terms of results and activity. Our net income has reached €1.4bn and our net inflows have doubled compared to 2023.
    Our assets under management are at an all-time high, at more than €2.2tn, thanks to very dynamic inflows in several strategic areas, such as third-party distributors, ETFs and Asia. We have also confirmed and expanded our leading position in fixed income strategies. The success of our technological services offer was also strengthened.
    Finally, we carried out three external growth operations. They accelerate our development and create value for our clients and shareholders.
    This commercial performance translated into record results, both for the year and in the fourth quarter. Our cost/income ratio, at the best level in the industry, is already in line with our 2025 target. This strong financial performance allows us to propose an increased dividend, offering an attractive return for our shareholders.
    2024 marks an acceleration of the diversification that was initiated with the plan Ambitions 2025, several objectives of which have already been achieved, one year ahead of schedule.
    Close to our clients and attentive to their needs, we are very well positioned on the mega-trends of the savings industry. This makes us confident about our future growth. »

    * * * * *

    Accelerating diversification on industry mega-trends

    In 2024, the strategic priorities of the plan Ambitions 2025 contributed significantly to the growth of activity and results. They ideally position Amundi on the key growth drivers of the savings industry.

    • Third-Party Distribution delivered strong growth in its assets under management, +27% year-on-year to €401bn at the end of December and at the objective of the plan Ambitions 2025, one year ahead of schedule; Third-Party Distribution now represents 57% of Retail segment’s assets under management; 2024 net inflows of +€32bn were at an all-time high, highly diversified across all regions and asset classes: +€5bn in active management, +€18bn in ETFs and +€9bn in treasury products; Q4 was the strongest quarter for inflows in history, at +€13bn, with the same dominance as for the year; 12 new partnerships with digital players were signed in 2024 (BourseDirect, Scalable, Moneyfarm, etc.), bringing to 45 the number of partnerships with this type of player, in Europe and Asia;
    • ETFs4 reached €268bn in assets under management at the end of December, up +30% year-on-year, driven by record net inflows of +€27.8bn for the year, including +€10.5bn in Q4, diversified by client segments and between equity and fixed income products; these inflows were driven by the success of the US and global equity ranges, in particular the S&P500 ETF, innovative products such as the Amundi MSCI US Mega Cap and ex Mega Cap, as well as the Amundi Prime All Country World UCIT ETF, which has gathered more than +€2bn in 9 months;
    • Asia saw its assets under management increase by +17% year-on-year, to €469bn, thanks to +€28bn in inflows in 2024, positive in the 9 countries where Amundi operates; the Indian JV SBI MF continued to grow (€292bn in assets under management, +23% year-on-year with +€20.6bn in net inflows), as well as direct distribution excluding JVs (€103bn in assets under management, +16% year-on-year, with 2024 net inflows of +€5bn); 2024 was marked by the success of the partnership with Standard Chartered and the launch of a range of “CIO Signature Funds”, with assets under management reaching $2bn managed on behalf of the bank’s clients in 11 countries, in Asia, the Middle East and Africa; finally, the contribution to net income from Asian JVs, at €123m, increased by +20.9%, particularly the Indian JV (+31.5%, at €104m);
    • Fixed income expertise now manages €1,190bn in assets under management5 via a very wide range of solutions, which we have adapted in the face of the variations in long-term rates over the year; these solutions gathered +€57.5bn5 in 2024, of which +€11.7bn5 in Q4, thanks to a wider range of strategies: Amundi remains, as in 2023, the leader in Europe for maturity funds and fixed income ETFs, and the success of the inflows extended in 2024 to short-term fixed income solutions, securitisation, euro credit or stable duration strategies;
    • technology revenues recorded a strong increase by +33.8% compared to 2023, to €80m, and +47.1% Q4/Q4; Amundi Technology completed in Q4 the acquisition of the European leader in Wealth Tech, aixigo, complementing the ALTO6 Wealth and Distribution platform with a modular offering recognised in the industry.

    Objectives of the plan Ambitions 2025 achieved one year ahead of schedule

    Major objectives were achieved by 2024 and Amundi’s financial results are higher than planned in the trajectory of the Plan Ambitions 2025:

    • assets under management targets have been or are close to being reached at the end of 2024, a year ahead of schedule, for third-party distributors (€401bn vs. the €400bn target), passive management (€418bn vs. €420bn) and even Asia (€469bn, at 6% of the €500bn target);
    • 2024 cost income ratio2 at 52,5%, is already on target for 2025 (less than 53%);
    • 2024 net income2, at €1,382m, shows an average annual growth rate (CAGR) of +6.1% compared to the reference 2021 net income7 of the Plan, above the target of +5%; even restated for the slight positive market effect between 2021 and 2024, it is above the target, at +5.5%;
    • for 2024, the proposed dividend of €4.25 per share corresponds to a payout ratio8of 67%, above the minimum target of the Medium-Term Plan (65%), as in 2022 and 2023;
    • the average dividend payout ratio over 2022-24, at 72%, corresponds to a distribution surplus of +€0.24bn over the period, to which are added three external transactions that also consumed the capital generated over the period to the tune of +€0.5bn; the surplus capital remaining available for acquisitions at the end of 2024 is above €1bn;
    • Amundi has achieved three external growth operations: the acquisition of the private assets multi-management specialist Alpha Associates, closed in April 2024, the partnership with the US asset manager Victory Capital, signed in July and expected to be completed towards the end of the first quarter of 2025, and finally the acquisition of the Wealth Tech aixigo, closed in November 2024; these three operations are in line with the strategic and financial objectives of the plan Ambitions 2025; they will generate by 2027E9 a combined accretion of earnings per share2 of about +5% and a return on investment of around 12%;
    • finally, the extra-financial and climate commitments of the plan ESG Ambitions 2025 have been achieved or are on their way to being achieved:
      • the share of ETFs (in number) meeting the ESG criteria10 of the SFDR regulation reached 37% at the end of 2024, compared to a target of 40% at the end of 2025;
      • the number of companies with which we have engaged in shareholder dialogue on their climate transition plans has increased by +1,478 since 2021, compared to a target of +1,000 over 2021-25;
      • Greenhouse gas emissions per employee fell by -62% compared to 2018 on scopes 1, 2, and 3, against a target of a -30% reduction.

    Activity

    A favourable market environment in the quarter as well as over the year

    In the fourth quarter of 2024, the average level of equity markets11 increased by +2.8% compared to the previous quarter and by +19.5% compared to the same quarter of 2023. European bond markets12were also up, by +1.6% compared to the previous quarter and by +6.7% compared to the same quarter of 2023, reflecting the ECB’s rate cut decisions and the tightening of credit spreads. The market effect is therefore positive on the evolution of Amundi’s revenues over these two periods.

    Compared to the 2021 averages reference for the Plan Ambitions 2025, the market effect is only very slightly positive.

    The asset management market in Europe continued its recovery in the fourth quarter. Net inflows in open-ended funds13, at +€232bn, were driven by passive management (+€111bn) and by treasury products (+€74bn). For the third consecutive quarter, medium- to long-term active management recorded positive flows (+€46bn) driven by fixed income strategies (+€61bn).

    Inflows at the highest level since 2021, more than double the 2023 net inflows, and new record for assets

    Net inflows in the quarter amounted to +€20.5bn. For the year, net inflows reached +€55.4bn, twice the level of 2023.

    Amundi’s assets under management3as of 31 December 2024 grew by +2.2% over the quarter and +10.0% over the year to reach a new record of €2,240bn. They benefited from market appreciation and from a high level of inflows, the highest since 2021. The market and currency effect amounted to +€28.1bn in the fourth quarter of 2024, and +€140.1bn in 2024. The increase in assets under management also benefited from the integration of Alpha Associates since the second quarter of 2024 (+€7.9bn in April).

    Net inflows for the year amount to +€55.4bn, of which +€34bn in MLT assets14,15. The last quarter is particularly dynamic, +€17.9bn, thus representing more than half of the MLT inflows14 of the year.

    These MLT14 inflows continued this quarter to be driven by ETFs (+€10.5bn) and active management (+€5.5bn), notably through the active fixed income strategies (+€9.1bn). Also of note was a good performance in structured products, at +€0.9bn.

    The rest of net inflows for the quarter came from treasury products (+€0.7bn) and JVs (+€1.9bn)

    All client segments contributed to the positive net inflows:

    • the Retail segment, at +€11.5bn, recorded its highest level of inflows since 2021, thanks to Third-Party Distributors (+€12.7bn); Partner networks in France experienced net positive flows (+€0.8bn), compared to net outflows from International networks (-€1.4bn) and at Amundi BOC WM;
    • The Institutional segment, at +€7.1bn, of which +€10.8bn in MLT assets14, benefited from a strong contribution from Institutionals and Sovereigns (+€7.4bn) as well as CA & SG Insurers (+3,7€bn) in MLT assets14, and from Corporates (+€9.1bn) in treasury products;
    • JVs (+€1.9bn) continued to benefit from dynamic inflows from SBI MF in India (+€2.3bn).

    It should be noted regarding SBI MF that the request for proposal, for the redeployment of the mandate of the Indian pension fund EPFO16 has been launched. A significant outflow is therefore likely to be expected in the second or third quarter of 2025, with a completely negligible effect on the revenues of the JV.

    Fourth quarter and full-year 2024 results

    Q4 2024: strong growth in net income2, +20% Q4/Q4, highest quarter ever

    Adjusted data2

    In the fourth quarter of 2024, adjusted net income2reached €377m, up +20.5% compared to the fourth quarter of 2023.

    It includes Alpha Associates, whose acquisition was finalised in early April, as well as aixigo for two months in the fourth quarter of 2024.

    The growth in net income is mainly due to revenue growth and the very strong momentum of Asian JVs.

    Adjusted net revenues2 reached €924m, up +14.6% compared to the fourth quarter of 2023, mainly driven by management and technology revenues:

    • the sustained growth in net management fees, of +13.5% compared to the fourth quarter of 2023, to €820m, reflects the good level of activity and the increase in average assets under management excluding JVs (+10.5% over the same period);
    • performance fees (€57m) increased by +67.6% compared to the fourth quarter of 2023 (€34m), benefiting from the good performance of Amundi’s management teams, with more than 69% of assets under management ranked in the first or second quartiles according to Morningstar17 over 1, 3 or 5 years, and 247 Amundi funds rated 4 or 5 stars by Morningstar as of 31 December; fixed income strategies accounted for half of total performance fees, coming from very much diversified strategies;
    • Amundi Technology’s revenues, at €26m, continued to grow strongly (+47.1% compared to the fourth quarter of 2023), amplified this quarter by the first consolidation of aixigo for two months in the fourth quarter (+€5m);
    • finally, financial and other income2 amounted to €21m, down from the fourth quarter of 2023 due to the impact of lower short-term rates in the euro area.

    The increase in Operating expenses2, by +13.1% compared to the fourth quarter of 2023, to €482m, remains lower than the increase in revenues (+14.6%) thus generating a positive jaws effect which reflects the Group’s operational efficiency.

    This increase is explained by:

    • the first consolidation of Alpha Associates and aixigo;
    • investments in development initiatives of the plan Ambitions 2025, including technology, third-party distribution, Asia;
    • provisioning for individual variable remuneration, in line with the growth in results
    • non-recurring items, including the charge related to the discount proposed in the context of the capital increases of the Amundi and Crédit Agricole S.A. groups, which was reserved for Amundi’s employees;

    Excluding these elements, the increase is in line with inflation (2.5%).

    The Cost income ratio at 52,1% in adjusted data2, improved from the same quarter last year.

    The Adjusted gross operating income2(GOI) amounted to €443m, up +16,4% compared to the fourth quarter of 2023, reflecting revenue growth.

    Income from equity-accounted companies18, at €29m, was up +1.6% compared to the fourth quarter of 2023. Growth was slowed by the impact of the decline in Indian equity markets on the financial income of our JV, SBI MF, which though continues to benefit from the strong growth of its business along the year.

    Adjusted earnings per share2in the fourth quarter of 2024 reached €1.84, up +20,2%.

    Accounting data in the fourth quarter of 2024

    Accounting Net income Group share amounted to €349m, including non-cash expenses related to the acquisitions of Alpha Associates and aixigo, and the amortisation of intangible assets related to distribution contracts and client contracts, for a total of -€17m after tax. Integration costs related to aixigo and the partnership with Victory Capital, whose closing is expected towards the end of the first quarter 2025, were also recorded in the fourth quarter of 2024, for a total of -€10m after tax. In addition, depreciation and amortisation on adjustments to the value of intangible assets after the integration of aixigo were also recorded in operating expenses for -€1m after tax (see p. 12 for a detail of all these items).

    Accounting earnings per share for the fourth quarter of 2024 reached €1.70.

    2024: record net income

    For the year 2024, the adjusted net income2 amounts to €1,382m, up +13.0%.

    This strong growth reflects the high level of activity:

    • Adjusted net revenues2 have increased by +9,2% compared to 2023, to €3,497m, mainly driven by management revenues; net management fees increased by +8.3%, in line with the growth in average assets under management; the increase in performance fees (+17.3%) is explained by a very good performance of the management teams, particularly for active bond strategies; Amundi Technology’s revenues also grew strongly, by +33.8% to €80m with the ramp-up of revenues gained from the acquisition of 8 clients in 2024, and reinforced with the acquisition of aixigo for two months in 2024 (+€5m);
    • Net management fee margins were stable compared to 2023 at 17.7 basis points, as the positive effects of market appreciation and the client mix offset the unfavourable effect of the product mix;
    • Adjusted operating expenses2 grew less than revenues, by +7.7% to €1,837m, generating a positive jaws effect; almost half of this increase was due to the consolidation of Alpha Associates and aixigo, investments in growth areas (technology, ETFs, third-party distribution, Asia, etc.) and higher provisions for variable compensation, in line with the increase in revenues;
    • the Adjusted cost income ratio2 reached 52.5%, compared to 53.2% in 2023, at the best level and at the 2025 target.

    The Adjusted gross operating income2 (GOI) amounted to €1,660m, up +10,8% compared to 2023.

    Income from equity-accounted companies18 accentuates this growth. At €123m, +20.9% compared to the full year of 2023, it grew faster than operating profit, mainly driven by India, whose contribution exceeded €100m (€104m) for the first time.

    Adjusted earnings per share2 reached €6.75 in 2024.

    Accounting data for the year 2024

    Accounting Net income Group share amounted to €1,305m, including non-cash expenses related to the acquisitions of Alpha Associates and aixigo and the amortisation of intangible assets related to distribution contracts and client contracts, for a total of -€67m after tax. Integration costs related to aixigo and the partnership with Victory Capital, whose closing is expected towards the end of the first quarter 2025, were also recorded in 2024, for a total of -€10m after tax. In addition, depreciation and amortisation on adjustments to the value of intangible assets after the integration of aixigo were also recorded in operating expenses for -€1m after tax (see p. 12 for a detail of all these items).

    Accounting earnings per share for the year 2024 reached €6.37.

    A solid financial structure and a dividend of €4.25 per share

    Tangible net assets19 amounted to €4.5bn at 31 December 2024, up +€0.2bn or +4.5% compared to the end of 2023. This increase is in particular the result of the accounting net income for the year 2024 (+€1.4bn20) the payment of dividends (-€0.8bn) for the 2023 financial year and the recognition of goodwill and intangible assets in respect of the two acquisitions finalised in 2024, Alpha Associates and aixigo (-€0.5bn).

    On 5 September 2024, the FitchRatings rating agency confirmed Amundi’s long-term rating at A+ with a stable outlook, the best in the sector.

    The Board of Directors will propose to the Annual General Meeting on 27 May 2025, a dividend of €4.25 per share, in cash, an increase compared to the dividend paid for the 2023 financial year.

    This dividend corresponds to a payout ratio of 67% of net income Group share, and a yield of more than 6% based on the share price as of 31 January 2025 (closing price of €68).

    The ex-dividend date will be Tuesday 10 June 2025 and will be paid as of Thursday 12 June 2025.

    Since the listing in November 2015, the TSR21 (total shareholder return) has been +126%, i.e. +9.2% per year on average.

    * * * * *

    ANNEXES

    Adjusted income statement22024 and 2023

    (€m)   2024 2023 % var.
    2024/2023
             
    Net revenuee – adjusted   3,497 3,204 +9.2%
    Management fees   3,184 2,940 +8.3%
    Performance fees   145 123 +17.3%
    Technology   80 60 +33.8%
    Financial income and other net income   88 80 +9.7%
    Operating expenses – adjusted   (1,837) ( 1,706) +7.7%
    Cost income ratio – adjusted (%)   52.5% 53.2% -0.7pp
    Gross operating income – adjusted   1,660 1,498 +10.8%
    Cost of risk & others   (10) (8) +28.7%
    Equity-accounted companies   123 102 +20.9%
    Income before tax – adjusted   1,774 1,592 +11.4%
    Corporate taxes   (394) (374) +5.5%
    Non-controlling interests   3 5 -43.5%
    Net income, Group share – adjusted   1,382 1,224 +13.0%
    Amortisation of intangible assets, after tax   (67) (59) +13.2%
    Amortisation related to aixigo PPA, after tax   (1) – –
    Integration costs, after tax   (10) – NS
    Net income Group share   1,305 1,165 +12.0%
    Earnings per share (€)   6.37 5.70 +11.7%
    Earnings per share – adjusted(€)   6.75 5.99 +12.6%

    Adjusted income statement2of the fourth quarter of 2024

    (€m)   Q4 2024 Q4 2023 % var.
    Q4/Q4    		   Q3 2024 % var.
    Q4/Q3
                   
    Net revenue – adjusted   924 806 +14.6%   862 +7.3%
    Management fees   820 723 +13.5%   805 +1.9%
    Performance fees   57 34 +67.6%   20 NS
    Technology   26 18 +47.1%   20 +32.6%
    Financial income and other net income   21 32 -33.4%   17 +22.7%
    Operating expenses – adjusted   (482) (426) +13.1%   (456) +5.6%
    Cost income ratio – adjusted (%)   52.1% 52,8% -0.7pp   52.9% -0.8pp
    Gross operating income – adjusted   443 381 +16.4%   406 +9.1%
    Cost of risk & others   (3) (2) +40.0%   (2) +62.8%
    Equity-accounted companies   29 29 +1.6%   33 -10.4%
    Income before tax – adjusted   469 407 +15.2%   437 +7.4%
    Corporate taxes   (93) (96) -3.9%   (101) -7.8%
    Non-controlling interests   1 2 -64.6%   1 -4.4%
    Net income Group share – adjusted   377 313 +20.5%   337 +11.9%
    Amortization of intangible assets after tax   (17) (15) +17.9%   (17) -0.3%
    Amortisation related to aixigo PPA after tax   (1) – –   – –
    Integration costs after tax   (10) 0 NS   0 NS
    Net income, Group share   349 299 +17.0%   320 +9.3%
    Earnings per share (€)   1.70 1.46 +16.7%   1.56 +9.0%
    Earnings per share – adjusted (€)   1.84 1.53 +20.2%   1.65 +11.7%

    Evolution of assets under management from the end of 2021 to the end of December 202422

    (€bn) Assets

    under management

    		 Net
    Inflows    		 Market &
    forex effect    		 Scope
    effect    		   Change in AuM
    vs. previous quarter
    As of 31/12/2021 2,064         +14%23
    Q1 2022   +3.2 -46.4   –  
    As of 31/03/2022 2,021         -2.1%
    Q2 2022   +1.8 -97.75   –  
    As of 30/06/2022 1,925         -4.8%
    Q3 2022   -12.9 -16.3   –  
    As of 30/09/2022 1,895         -1.6%
    Q4 2022   +15.0 -6.2   –  
    As of 31/12/2022 1,904         +0.5%
    Q1 2023   -11.1 +40.9   –  
    As of 31/03/2023 1,934         +1.6%
    Q2 2023   +3.7 +23.8   –  
    As of 31/06/2023 1,961         +1.4%
    Q3 2023   +13.7 -1.7   –  
    As of 30/09/2023 1,973         +0.6%
    Q4 2023   +19.5 +63.8   -20  
    As of 31/12/2023 2,037         +3.2%
    Q1 2024   +16.6 +63.0   –  
    As of 31/03/2024 2,116         +3.9%
    Q2 2024   +15.5 +16.6   +8  
    30/06/2024 2,156         +1.9%
    Q3 2024   +2.9 +32.5   –  
    30/09/2024 2,192         +1.6%
    Q4 2024   +20.5 +28.1   –  
    31/12/2024 2,240         +2.2%

    Total year-on-year from December 31, 2023 to December 31, 2024: +10.0%

    • Net inflows                     +€55.4bn
    • Market & foreign exchange rate effects        +€140.1bn
    • Scope effects                +€7.9bn
      (First consolidation of Alpha Associates in Q2 2024, the acquisition of aixigo has no effect on assets under management)

    Details of assets under management and net inflows by client segments24

    (€bn) AuM
    31.12.2024    		 AuM
    31.12.2023    		 % change /31.12.2023 Inflows Q4 2024 Inflows Q4 2023 Inflows 2024 Inflows 2023
    French networks 138 132 +4.7% +0.8 +1.1 +1.1 +5.7
    International networks 167 162 +3.0% -2.1 -0.4 -6.5 -3.6
    Of which Amundi BOC WM 2 3 -32.7% -0.6 -0.4 -1.2 -3.7
    Third-Party Distributors 401 317 +26.6% +12.7 +0.5 +31.9 +4.6
    Retail 706 611 +15.6% +11.5 +1.1 +26.6 +6.8
    Institutional & Sovereigns (*) 521 486 +7.2% -0.7 -1.6 +0.7 +12.9
    Corporates 122 111 +9.9% +8.6 +10.1 +2.8 +2.7
    Employee savings plan 90 86 +3.8% +0.7 -0.7 +3.1 +1.9
    CA & SG Insurers 429 427 +0.6% -1.5 +4.3 -1.0 -5.4
    Institutional 1,162 1,110 +4.7% +7.1 +12.0 +5.6 +12.0
    JVs 372 316 +17.7% +1.9 +6.3 +23.3 +7.0
    Total 2,240 2,037 +10.0% +20.5 +19.5 +55.4 +25.8

    Details of assets under management and net inflows by asset classes24

    (€bn) AuM
    31.12.2024    		 AuM
    31.12.2023    		 % change /31.12.2023 Inflows Q4 2024 Inflows Q4 2023 Inflows 2024 Inflows 2023
    Equity 544 467 +16.6% +7.3 +0.1 +7.3 +2.2
    Multi-assets 274 279 -1.8% -0.9 -7.5 -23.2 -24.5
    Bonds 747 656 +13.9% +10.6 +7.4 +47.4 +17.6
    Real, alternative & structured assets 114 107 +6.2% +0.9 +1.9 +2.4 +4.3
    MLT ASSETS excl. JVs 1,680 1,510 +11.3% +17.9 +1.9 +34.0 -0.5
    Treasury products excl. JVs 188 211 -10.9% +0.7 +11.2 -1.8 +19.3
    TOTAL excluding JVs 1,868 1,721 +8.6% +18.5 +13.2 +32.2 +18.8
    JVs 372 316 +17.7% +1.9 +6.3 +23.3 +7.0
    TOTAL 2,240 2,037 +10.0% +20.5 +19.5 +55.4 +25.8
    Of which MLT assets 2,018 1,794 +12.5% +21.1 +6.9 +56.0 +6.2
    Of which treasury products 222 242 -8.6% -0.6 +12.6 -0.5 +19.7

    Details of assets under management and net inflows by management types and asset classes24

    (€bn) AuM
    31.12.2024    		 AuM
    31.12.2023    		 % change /31.12.2023 Inflows Q4 2024 Inflows Q4 2023 Inflows 2024 Inflows 2023
    Active management 1,148 1,062 +8.1% +5.5 -5.7 +7.6 -21.3
    Equity 206 195 +5.6% -2.5 -2.1 -7.9 -4.6
    Multi-assets 263 270 -2.7% -1.2 -7.8 -24.5 -26.0
    Bonds 679 597 +13.8% +9.1 +4.2 +40.1 +9.3
    Structured products 44 39 +10.9% +0.9 +2.8 +3.6 +5.6
    Passive management 418 340 +22.9% +11.5 +5.8 +23.9 +16.6
    ETFs & ETC 268 207 +29.5% +10.5 +5.0 +27.8 +13.0
    Index & Smart beta 150 133 +12.7% +1.0 +0.7 -3.9 +3.6
    Real and Alternative Assets 70 68 +3.5% -0.0 -0.9 -1.2 -1.3
    Real assets 66 63 +5.4% +0.1 -0.2 +0.0 -0.0
    Alternative assets 4 5 -20.1% -0.1 -0.7 -1.2 -1.3
    TOTAL MLT assets excl. JVs 1,680 1,510 +11.3% +17.9 +1.9 +34.0 -0.5
    Treasury products excl. JVs 188 211 -10.9% +0.7 +11.2 -1.8 +19.3
    TOTAL excl. JVs 1,868 1,721 +8.6% +18.5 +13.2 +32.2 +18.8
    JVs 372 316 +17.7% +1.9 +6.3 +23.3 +7.0
    TOTAL 2,240 2,037 +10.0% +20.5 +19.5 +55.4 +25.8

    Details of assets under management and net inflows by geographic areas24

    (€bn) AuM
    31.12.2024    		 AuM
    31.12.2023    		 % change /31.12.2023 Inflows Q4 2024 Inflows Q4 2023 Inflows 2024 Inflows 2023
    France 994 950 +4.6% +5.9 +11.6 +18.7 +10.4
    Italy 202 203 -0.3% -0.8 -2.1 -14.5 -4.3
    Europe excl. France & Italy 440 372 +18.4% +11.1 +2.9 +17.1 +8.9
    Asia 469 400 +17.3% -1.5 +7.5 +28.1 +7.2
    Rest of the world 135 113 +20.0% +5.7 -0.5 +6.1 +3.5
    TOTAL 2,240 2,037 +10.0% +20.5 +19.5 +55.4 +25.8
    TOTAL outside France 1,246 1,087 +14.7% +14.6 +7.9 +36.8 +15.4

    Methodology appendix

    Accounting & adjusted data

    Accounting data – They include the amortisation of intangible assets, recorded as other income; since Q2 2024, other non-cash expenses spread according to the schedule of payments of the earn-out until the end of 2029; these expenses are booked as deductions from revenues, in financial costs, and since Q4, the amortisation charge of the technology asset related to the acquisition of aixigo, booked as amortisation of intangible assets in operating expenses.

    Integration costs related to the transaction with Victory Capital and amortisation of the aixigo related PPA were recorded in the fourth quarter, in operating expenses, for a combined amount of -€14m pre-tax and -€11m after-tax. No costs of that nature were recorded in the first nine months of 2024 or in the 2023 financial year.

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

    • Q4 2023: -€20m before tax and -€15m after tax
    • 2023: -€82m before tax and -€59m after tax
    • Q3 2024: -€24m pre-tax and -€17m after tax
    • Q4 2024: -€38m before tax and -€28m after tax
    • 2024: -€106m before tax and -€77m after tax

    Adjusted data – In order to present an income statement that is closer to economic reality, the following adjustments are made: restatement of the amortisation of distribution contracts with Bawag, UniCredit and Banco Sabadell, intangible assets representing client contracts of Lyxor and, since the second quarter of 2024, Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates; such depreciation and amortisation and non-cash expenses. are recorded as a deduction from net revenues; ; restatement of the amortisation of a technological asset related ot the acquisition of aixigo, recorded in operating expenses.

    Acquisition of Alpha Associates

    In accordance with IFRS 3, recognition of Amundi’s balance sheet as at 01/04/2024:

    • goodwill of €288m;
    • an intangible asset of €50m, representing client contracts, depreciable on a straight-line basis until the end of 2030;
    • a liability representing the conditional earn-out not yet paid, for €160m, including an actuarial discount of -€30m, which will be amortised over 6 years.

    In the Group’s income statement, the following is recorded:

    • amortisation of intangible assets for a full-year expense of -€7.6m (-€6.1m after tax); in 2024 (9 months of integration) this corresponds to -€5.7m (-€4.6m after tax)
    • other non-cash expenses spread according to the schedule of payments of the earn-out until the end of 2029; these expenses are recorded as deductions from net income, as financial expenses; in 2024 (9 months) they represent -€4.3m (-€3.2m after tax).

    Over twelve months 2024, these expenses and depreciation and amortisation are therefore -€10m before tax for 9 months. They only started in Q2.

    In Q4 2024, the amortisation of intangible assets was -€1.9m before tax (-€1.5m after tax) and non-cash expenses were -€1.4m before tax (i.e. -€1.1m after tax).

    Acquisition of aixigo

    In accordance with IFRS 3, recognition on Amundi’s balance sheet at the date of acquisition:

    • goodwill of €121m;
    • a technology asset of €36m, representative of the goodwill attributed to aixigo’s software solutions, depreciable on a straight-line basis over 5 years;

    The full-year amortisation charge of the technology asset was -€7.2m (-€4.8m after tax); in Q4 2024, the amortisation charge was -€1.2m (-€0.8m after tax), it is recognised in operating expenses.

    Alternative Performance Measures25

    In order to present an income statement that is closer to economic reality, Amundi publishes adjusted data that excludes the depreciation of intangible assets and,

    • since the second quarter of 2024, from Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates.
    • Since the fourth quarter of 2024, the amortisation of intangible assets as operating expenses under aixigo.
    • In the fourth quarter of 2024, the integration costs on Victory Capital and aixigo.

    Adjusted, normalised data are reconciled with accounting data as follows :

    = accounting data
    = adjusted data
    (€M)   2024 2023   Q4 2024 Q4 2023   Q3 2024
                     
    Net management revenue   3,329 3,063   877 757   825
    Technology   80 60   26 18   20
    Net financial income and other net income   (3) (1)   (2) 12   (6)
    Adjusted net financial income and other income   88 80   21 32   17
                     
    Net revenue (a)   3,406 3,122   901 786   838
    – Depreciation of intangible assets before tax   (87) (82)   (22) (20)   (22)
    – Other non-cash expenses related to Alpha Associates   (4) 0   (1) 0   (1)
    Net revenue – adjusted (b)   3,497 3,204   924 806   862
                     
    Operating expenses (c)   (1,852) (1,706)   (496) (426)   (456)
    – Integration costs before tax   (13) 0   (13) 0   0
    – Amortisation of the aixigo related PPA before tax   (1) 0   (1) 0   0
    Operating expenses – adjusted (d)   (1,837) (1,706)   (482) (426)   (456)
                     
    Gross Operating Income (e)=(a)+(c)   1,554 1,416   405 360   382
    Gross operating income – adjusted (f)=(b)+(d)   1,660 1,498   443 381   406
    Cost income ratio (%) -(c)/(a)   54.4% 54.6%   55.1% 54.2%   54.4%
    Cost income ratio – adjusted (%) -(d)/(b)   52.5% 53.2%   52.1% 52.8%   52.9%
    Cost of risk & other (g)   (10) (8)   (3) (2)   (2)
    Equity-accounted companies (h)   123 102   29 29   33
    Income before tax (i)=(e)+(g)+(h)   1,668 1,511   431 387   413
    Income before tax – adjusted (j)=(f)+(g)+(h)   1,774 1,592   469 407   437
    Income tax (k)   (366) (351)   (83) (91)   (94)
    Income tax – adjusted (l)   (394) (374)   (93) (96)   (101)
    Non controlling interests (m)   3 5   1 2   1
    Net income, Group share (n)=(i)+(k)+(m)   1,305 1,165   349 299   320
    Net income, Group share – adjusted (o)=(j)+(l)+(m)   1,382 1,224   377 313   337
                     
    Earnings per share (€)   6.37 5.70   1.70 1.46   1.56
    Adjusted earnings per share (€)   6.75 5.99   1.84 1.53   1.65

    Shareholding

        31 December 2024   30 September 2024   31 December 2023
    (units)   Number
    of shares    		 % of share capital   Number
    of shares    		 % of share capital   Number
    of shares    		 % of share capital
    Crédit Agricole Group   141,057,399 68.67%   141,057,399 68.93%   141,057,399 68.93%
    Employees   4,272,132 2.08%   2,751,891 1.34%   2,918,391 1.43%
    Treasury shares   1,992,485 0.97%   958,031 0.47%   1,247,998 0.61%
    Free Float   58,097,246 28.28%   59,880,313 29.26%   59,423,846 29.04%
                       
    Number of shares at the end of the period   205,419,262 100.0%   204,647,634 100.0%   204,647,634 100.0%
    Average number of shares year-to-date   204,776,239 –   204,647,634 –   204,201,023 –
    Average number of shares quarter-to-date   205,159,257 –   204,647,634 –   204,647,634 –

    Average number of shares on a pro rata basis.

    • The average number of shares increased by +0.3% between Q3 2024 and Q4 2024, +0.3% between Q4 2023 and Q4 2024, and again +0.3% between 2023 and 2024.
    • A capital increase reserved for employees was recorded on 31 October 2024. 771,628 shares were created (approximately 0.4% of the share capital before the transaction).
    • Amundi announced on 7 October 2024 a buyback program of up to 1m shares (i.e. ~0.5% of the share capital before the transaction) to cover performance share plans, It was finalised on 27 November 2024.                                                                                                        

    Financial communication calendar

    • Q1 2025 earnings release: Tuesday 29 April 2025
    • Annual General Meeting: Tuesday 27 May 2025
    • Q2 and H1 2025 earnings release: Tuesday 29 July 2025
    • Q3 and 9-month 2025 results: Tuesday 28 October 2025

    Dividend schedule

    • Ex-dividend day: Monday 10 June 2025
    • Payment: from Wednesday 12 June 2025

    About Amundi

    As Europe’s leading asset manager among the world’s top 10 players26, Amundi offers its 100m clients – individuals, institutions and corporates – a full range of savings and investment solutions in active and passive management, in traditional and real assets. This offer is enriched with services and technological tools that cover the entire savings value chain. A subsidiary of the Crédit Agricole group, Amundi is listed on the stock exchange and currently manages more than €2.2tn in assets under management27.

    Its six international management platforms28, its financial and extra-financial research capacity, as well as its long-standing commitment to responsible investment make it a leading player in the asset management landscape.

    Amundi’s clients benefit from the expertise and advice of 5,700 professionals in 35 countries.

    Amundi, a trusted partner that acts every day in the interest of its clients and society.

    www.amundi.com  

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

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

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

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

    Annabelle Wiriath

    Tel. + 33 1 76 32 43 92

    annabelle.wiriath@amundi.com

    DISCLAIMER

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

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

    These forward-looking statements include projections and financial estimates based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context, assumptions regarding plans, objectives and expectations in connection with future events, transactions, products and services, and assumptions in terms of future performance and synergies. By their very nature, they are therefore subject to known and unknown risks and uncertainties, which could lead to their non-fulfilment. Consequently, no assurance can be given that these forward-looking statement will come to fruition, and Amundi’s actual financial position and results may differ materially from those projected or implied in these forward looking statements. In particular, conditions to completion of the announced transaction between Amundi and Victory Capital, may not be satisfied and such transaction may not be completed on schedule, or at all; risks relating to the expected benefits or impact of the transaction on Victory Capital’s and Amundi’s respective businesses are contained in their respective public filings.

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

    The figures set out in this document were approved by Amundi’s Board of Directors and have been prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date, but remain subject to ongoing review by the statutory auditors.

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

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

    1        Net income Group share
    2        Adjusted data: see p. 12
    3        Assets under management (AuM) and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
    4        Excluding JVs
    5        Including JV: €247bn in assets under management, +€12.2bn inflows in 2024 and +€0.6bn in Q4
    6        ALTO: Amundi Leading Technologies & Operations, Amundi’s suite of 5 technology applications, including ALTO Investment, Wealth and Distribution, Sustainability, Asset Servicing and Employee Savings and Retirement
    7        Adjusted net income Group share, normalised for the exceptionally high level of performance fees in the year: €1,158m
    8        Calculated on accounting net income Group share
    9        Compared to consensus estimates prior to these transactions
    10        According to SFDR Articles 8 and 9
    11        50% MSCI World + 50% Eurostoxx 600 composite index for equity markets, average values over each period considered
    12        Bloomberg Euro Aggregate for bond markets, average values over each reporting period
    13        Source: Morningstar FundFile, ETFGI. European & cross-border open-ended funds (excluding mandates and dedicated funds). Data at the end of December 2024.
    14        Medium-Long Term Assets excluding JV
    15        However, 2024 net inflows include, for -€11.6bn, the exit in the third quarter of a multi-asset mandate with a European insurer, which brought low revenues
    16        EPFO: Employees’ Provident Fund Organisation, India’s leading pension fund with total assets of €250bn at the end of December 2024. In Q4 2019, SBI MF had won a bond mandate granted by EPFO, for an amount of €60bn, which totaled €110bn in assets under management as of 31 December 2024; it is this mandate that would be shared with other managers according to the request for proposal
    17        Source: Morningstar Direct, Broadridge FundFile – Open-ended funds and ETFs, global fund scope, December 2024; as a percentage of the assets under management of the funds in question; the number of Amundi open-ended funds rated by Morningstar was 1071 at the end of December 2024. © 2024 Morningstar, all rights reserved
    18        Reflecting Amundi’s share of the net income of minority JVs in India (SBI MF), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion),
    19        Shareholders’ equity less goodwill and intangible assets
    20        Excluding the amortisation of intangible assets
    21        The TSR (Total Shareholder Return) includes the total return for a shareholder: increase in the share price + dividends paid from 2016 to 2024 + Preferential Subscription Rights detached in May 2017. Calculation made on the basis of the closing price of 31 January 2025, €68 per share.
    22        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
    23        Lyxor, integrated as of 31/12/2021
    24        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV;
    as of 01/01/2024, reclassification of short-term bond strategies (€30bn in AuM) as Bonds previously classified as Treasury until that date; the assets and net flows up to that date have not been reclassified in these tables
    25        See also the section 4.3 of the 2023 Universal Registration Document filed with the AMF on 18 April 2024
    26Source: IPE “Top 500 Asset Managers” published in June 2024 based on assets under management as of 31/12/2023
    27Amundi data as of 31/12/2024
    28Boston, Dublin, London, Milan, Paris and Tokyo

    Attachment

    The MIL Network –

  • MIL-OSI: eQ Plc’s financial statements release 2024 – eQ’s operating profit EUR 34.5 million, proposed dividend EUR 0.66

    Source: GlobeNewswire (MIL-OSI)

    eQ Plc financial statements release
    4 February 2025 at 8:00 AM
      

    January to December 2024 in brief

    • During the period under review, the Group’s net revenue totalled EUR 65.6 million (EUR 70.9 million from 1 Jan. to 31 Dec. 2023). The Group’s net fee and commission income was EUR 63.8 million (EUR 70.8 million). 
    • The Group’s operating profit fell by 13% to EUR 34.5 million (EUR 39.7 million).
    • The Group’s profit was EUR 27.4 million (EUR 31.5 million).
    • The consolidated earnings per share were EUR 0.66 (EUR 0.78).
    • The net revenue of the Asset Management segment decreased by 13% to EUR 58.5 million (EUR 66.9 million) and the operating profit by 19% to EUR 33.7 million (EUR 41.4 million). The management fees of the Asset Management segment fell by 10% to EUR 55.6 million (EUR 62.0 million) and the performance fees fell by 35% to EUR 3.6 million (EUR 5.4 million). During the review period, the assets managed by eQ Asset Management grew by 4% to EUR 13.4 billion (EUR 12.9 billion on 31 Dec. 2023).
    • The net revenue of the Corporate Finance segment was EUR 5.3 million (EUR 3.9 million) and the operating profit was EUR 1.5 million (EUR 0.7 million).
    • The operating profit of the Investments segment was EUR 1.1 million (EUR -0.6 million).
    • The net cash flow from the Group’s own private equity and real estate fund investment operations was EUR 0.8 million (EUR -0.1 million).
    • The proposed dividend is EUR 0.66 (EUR 0.80) per share.

    October to December 2024 in brief

    • In the last quarter, the Group’s net revenue totalled EUR 14.8 million (EUR 18.5 million from 1 Oct. to 31 Dec. 2023). The Group’s net fee and commission income was EUR 14.0 million (EUR 19.3 million).
    • The Group’s operating profit fell by 29% to EUR 6.9 million (EUR 9.8 million).
    • The Group’s profit was EUR 5.5 million (EUR 7.8 million).
    • The consolidated earnings per share were EUR 0.13 (EUR 0.19).
    • In the final quarter the net revenue of the Asset Management segment decreased by 22% to EUR 13.0 million (EUR 16.6 million) and the operating profit by 29% to EUR 6.9 million (EUR 9.7 million). The decrease in operating profit in the final quarter of the year was affected by the write-down of one Private Equity fund’s accrued performance fee (EUR 1.8 million).
    Key ratios 1-12/24 1-12/23 Change 10-12/24 10-12/23 Change
    Net revenue, Group, MEUR 65,6 70,9 -7 % 14,8 18,5 -20 %
    Net revenue, Asset Management, MEUR 58,5 66,9 -13 % 13,0 16,6 -22 %
    Net revenue, Corporate Finance, MEUR 5,3 3,9 34 % 1,0 2,7 -63%
    Net revenue, Investments, MEUR 1,1 -0,6 287 % 0,6 -1,0 164 %
    Net revenue, Group administration and eliminations            
    Net revenue, MEUR 0,8 0,6   0,1 0,2  
                 
    Operating profit, Group, MEUR 34,5 39,7 -13 % 6,9 9,8 -29%
    Operating profit, Asset Management, MEUR 33,7 41,4 -19 % 6,9 9,7 -29%
    Operating profit, Corporate Finance, MEUR 1,5 0,7 125 % 0,0 1,6 -97 %
    Operating profit, Investments, MEUR 1,1 -0,6 287 % 0,6 -1,0 164 %
    Operating profit, Group administration, MEUR -1,8 -1,7   -0,6 -0,5  
                 
    Profit for the period, MEUR 27,4 31,5 -13 % 5,5 7,8 -29%
    Key ratios 1-12/24 1-12/23 Change 10-12/24 10-12/23 Change
    Earnings per share, EUR 0,66 0,78 -14 % 0,13 0,19 -30%
    Proposed dividend per share, EUR 0,66 0,80 -18%      
    Equity per share, EUR 1,77 1,85 -4 % 1,77 1,85 -4 %
    Cost/income ratio, Group, % 47,4 43,8 8 % 53,3 47,1 13 %
                 
    Liquid assets, MEUR 17,0 33,4 -49 % 17,0 33,4 -49 %
    Private equity and real estate fund investments, MEUR 17,0 16,6 3 % 17,0 16,6 3 %
    Interest-bearing loans, MEUR 0,0 0,0 0 % 0,0 0,0 0 %
                 
    Assets under management excluding reporting services, EUR billion 10,4 10,0 4 % 10,4 10,0 4 %
    Assets under management, EUR billion 13,4 12,9 4 % 13,4 12,9 4 %

    Acting CEO Janne Larma

    The global economy has been rather sluggish during 2024, and economic growth in the euro area in particular has been modest. During the year, the European Central Bank cut its key interest and deposit rates four times, with the deposit rate standing at 3.0% at the end of the year. Europe’s core inflation and inflation outlook have fallen, and the European economy is expected to recover rather slowly, leading markets to expect deposit rates to fall to around 2% in 2025. On the other hand, in the US, the economy is growing and performing well, and inflation is not expected to fall significantly. For these reasons, interest rates in the US are significantly higher than in Europe.

    Policy easements made by central banks and economic growth in the US in particular set the stage for a strong stock market in 2024. The strong rise in the US (33%) boosted the indices tracking global developed markets (27%). The positive performance of emerging markets (15%) was boosted by the China’s rise in the second half of the year. In Europe, stock price indices rose less (9%), and Nordic share prices fell slightly.

    In the interest rate markets, returns were positive, both for short-term interest rates and long-term interest rates. High Yield Corporate Bonds were the best performers last year, returning over eight per cent.

      
    eQ’s result for the financial period fell

    The net revenue of the Group during the period under review was EUR 65.6 million and the operating profit was EUR 34.5 million. Net revenue fell by 7% and operating profit by 13% from the previous year.

    eQ Asset Management’s profit fell, assets under management increased

    During the period under review, the net revenue of the Asset Management segment fell by 13 per cent to EUR 58.5 million. The decrease in net revenue, EUR 8.4 million, is explained by real estate asset management’s lower management fees compared to the previous year. In contrast, management fee income from both traditional and Private Equity asset management increased from last year, by 6% for traditional and 8% for Private Equity. During the review period, eQ Asset Management’s operating profit fell by 19 per cent to EUR 33.7 million. In addition to the above-mentioned factors, the decrease in operating profit was affected by a write-down of EUR 1.8 million on the accrued performance fee of one Private Equity fund.

    As for sales, the year 2024 was good in private equity asset management. In 2024, Private Equity funds were raised to the eQ PE XVI North fund investing in Northern Europe and the eQ PE SF V and eQ VC II funds. We raised over EUR 360 million in these three funds, which is an excellent result. For traditional asset management, assets under management increased by almost EUR 300 million, or 8%, compared to the end of 2023. In real estate asset management, the challenging market situation contributed to a decrease of over EUR 200 million in assets under management.

    eQ focuses more and more on sustainability every year and it is a key part of our investment activities. We received excellent marks, including in the PRI assessment, where we outperformed our peer group and received full five stars in five sections. In addition, in the GRESB survey of the real estate sector, both our real estate funds performed better than both the overall respondents and the eQ peer group averages. eQ Community Properties even came out on top of its peer group.

    eQ Asset Management usage rose in the 2024 SFR survey and 68% of the 100 or so largest institutional investors in Finland use eQ’s services. In alternative investments – real estate and private equity in eQ’s case – eQ was by far the most used asset manager. eQ’s quality rating declined in 2024, which the study attributes primarily to weaker investment returns in the real estate segment. Our goal is to rise back to the forefront of quality.

    The Financial Supervisory Authority (FIN-FSA) conducted an inspection of eQ Fund Management Company, and we received the inspection report last year. The FIN-FSA’s job description includes conducting inspections at intervals and the inspection was part of FIN-FSA’s normal operations. It had been more than ten years since eQ’s previous inspection. The report raised observations that we have reviewed in good cooperation with FIN-FSA and all necessary actions have been implemented over the last year. I dare to say that inspections of this type are useful for both operations and for cooperation with authorities.

    Advium’s profit grew

    Advium managed to increase its net revenue, despite a decrease in the number of mergers and acquisitions in Finland compared to the previous year and very low activity in the real estate market. During the period under review, Advium’s net revenue totalled EUR 5.3 million (EUR 3.9 million). Operating profit was EUR 1.5 million (EUR 0.7 million).

    During 2024, Advium acted as advisor in four published M&A transactions and one published real estate transaction.  Two of these were public offers, when offers were made for Purmo Group and Innofactor. Advium also advised Aspo Plc on its minority investment in OP Infra Suomi and Forcit on its agreement to acquire part of Orica’s Finnish and Swedish businesses.

    Investment profit and cash flow increased 

    The operating profit of the Investments segment rose from last year and was EUR 1.1 million (EUR -0.6 million). Net cash flow was EUR 0.8 million (EUR -0.1 million). The balance sheet value of the private equity and real estate fund investments at year end was EUR 17.0 million (EUR 16.6 million on 31 Dec. 2023). During the year, eQ Plc made a USD 1 million investment commitment in the eQ PE XVI fund.

    Changes in eQ’s management

    Mikko Koskimies, CEO of eQ Plc and Managing Director of eQ Asset Management Ltd, left these positions at the end of October 2024 due to a serious illness. Koskimies passed away in November. Mikko was a valued colleague and a dear friend. We will all miss Mikko.

    Tero Estovirta, deputy Managing Director of eQ Asset Management Ltd, was appointed Managing Director of eQ Asset Management Ltd and member of the eQ Group’s management team at the end of October. 

    During the review period, Jacob af Forselles was appointed as the Managing Director of Advium Corporate Finance Ltd and as a member to eQ Group’s Management Team. He started in his position at the beginning of August.

    Outlook

    The difficult market situation in the Finnish real estate market continued in 2024. Our assessment is that the real estate market levelled off towards the end of the year and that yield requirements generally stopped rising in the final quarter of the year. However, market liquidity remained at a very low level. The real estate market in general remains challenging. In several Finnish open-ended real estate funds, redemptions have not been completed on time and investors have had to wait for their money. Funds for redemption payments are mainly raised by selling properties and, as the transaction market remains quiet, redemption payments have had to be postponed. Lower interest rates and economic growth are having a positive impact on the real estate market. The market expects interest rates in Europe to continue to fall and the economy to gradually start to recover. If these estimates materialise, we expect 2025 to be a better year for the real estate market than 2024. 

    Due to the current situation, eQ’s real estate fund management fees are expected to decrease in 2025 compared to the previous year.

    Sales of eQ’s Private Equity products has continued to be strong, and we believe that Finnish asset management clients will increase the Private Equity allocations in their portfolios in the coming years. We estimate that eQ’s Private Equity fees will increase in 2025 compared to last year. The exit market for private equity funds was quieter than expected in 2024. As a result, the timing of Private Equity performance fees accruing to eQ has moved forward. Performance fees are expected to increase from 2026 onwards, with a number of private equity products expected to move into the performance fee phase.

    In traditional asset management, we believe we have a good market position. The development of fees is largely dependent on market development.

    ***

    eQ’s financial statements release 1 Jan. to 31 Dec. 2024 is enclosed to this release and it is also available on the company website at www.eQ.fi.

    eQ Plc

    Additional information:
    Janne Larma, acting CEO, tel. +358 9 6817 8920
    Antti Lyytikäinen, CFO, tel. +358 9 6817 8741

    Distribution: Nasdaq Helsinki, www.eQ.fi, media

    eQ Group is a group of companies that concentrates on asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and private individuals. The assets managed by the Group total approximately EUR 13.4 billion. Advium Corporate Finance, which is part of the Group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets. More information about the Group is available on our website www.eQ.fi.

    Attachment

    The MIL Network –

  • MIL-OSI Australia: (WIP) Growing ESG complexity in the year ahead: what companies can expect

    Source: Allens Insights

    ESG continues to evolve 10 min read

    As stakeholder expectations on Environment, Social and Governance (ESG) issues continue to evolve, we are seeing a movement build from voluntary standards to domestic regulation. Concurrently, the opposition to ESG-related action is adding to uncertainty and complexity when it comes to legal compliance and alignment with global high watermarks.

    In this Insight, we take stock of the ESG journey and reflect on the trends to look out for in 2025 and beyond.

    Key takeaways

    • Growing uncertainty around upcoming ESG legislation is expected to raise complexity and costs for companies in achieving regulatory compliance. The shift from a more global consensus on climate and environmental commitments, ESG due diligence and reporting requirements may result in deeper fragmentation of laws across jurisdictions, presenting new challenges for companies navigating competing pro- and anti-ESG regulatory trends.
    • Companies that are revisiting their sustainability and ESG-related claims and commitments amid heightened reputational and legal exposures over ‘greenwashing’ risk will need to continue to balance accuracy and appropriateness of public commitments with the risk of being perceived as laggards by their stakeholders, including scrutiny of perceived ‘greenhushing’ or ‘greywashing’.
    • Litigation risk remains a key challenge for businesses navigating ESG obligations and evolving stakeholder expectations. Potential claims are expanding to include directors’ duties and emerging intersectional ESG issues, including nature and biodiversity, human rights and plastics. Non-judicial forums such as complaints to OECD National Contact Points are likely to remain attractive for stakeholders seeking behavioural change.
    • Regardless of whether companies and their directors elect to recalibrate their ESG policies, companies should ensure they are satisfied that their chosen course of action is in the best interests of the company, and retain evidence to support that view and regarding the reasonable grounds for key decisions.

    Who in your organisation needs to know about this?

    Boards; general counsel and legal; sustainability; regulatory and compliance; cultural heritage and communities teams; external affairs.

    A recap of 2024

    New ESG legislation, an uptick in regulatory enforcement and the rising expectations of investors and other stakeholders are elevating ESG issues to the top of boardroom agendas.

    In 2024, we saw the multi-jurisdictional trend of new ESG due diligence and reporting laws continue in places like the EU and California, adding to recent regulatory developments in Australia, the US, the UK, Canada and elsewhere. Australian companies have been responding, even if not directly in scope, as these new legal requirements flow through from customers and clients.

    Combating alleged ‘greenwashing’ and ‘bluewashing’—being claims that environmental and social disclosures are false, misleading or have no reasonable basis—has become an enforcement priority for Australia’s corporate regulators. In November 2024, the Australian Securities and Investments Commission (ASIC) confirmed greenwashing and misleading conduct involving ESG claims would remain an enforcement priority in 2025.

    Activists and strategic litigants have deployed strategies in and out of the courtroom seeking to influence corporate behaviour. While the majority of cases have commenced in the US, Australia consistently comes a close second, with cases increasingly focusing on the intersection between the environment and human rights, including the rights of First Nations peoples.

    Alongside these developments, the backlash against ESG action increased in 2024 and was a key issue during elections in the US and across the EU. In the US, laws have been passed restricting ESG-related investment decisions, which have impacted investment flows, while legal challenges have delayed the implementation of the US Securities and Exchange Commission’s climate-related financial disclosure rules. Some financial institutions and asset managers are moving away from membership of voluntary ESG commitments, such as the Net Zero Asset Managers and Net Zero Banking Alliance initiatives.1 

    Looking ahead to 2025

    Deregulation may increase uncertainty and complexity for companies

    The conversation around deregulation is already becoming more pronounced in 2025, in light of recent political developments and as ESG regulatory changes take effect.

    Upon commencing his second term in office on 20 January 2025, President Trump’s executive orders have so far included:

    • withdrawing the US from the Paris Agreement (for a second time); and
    • revoking the country’s financial commitments under the United Nations Framework Convention on Climate Change and the US International Climate Finance Plan.

    His nominations to environmental protection and corporate regulatory agencies may foreshadow a further rollback of measures on:

    • anti-pollution;
    • emissions reduction; and
    • climate-related financial disclosures.

    The wave of new executive orders has already sought to wind back the Biden Administration’s ESG policies (including those encouraging the uptake of electric vehicles).

    In the EU, the outcome of a new omnibus proposal aiming to streamline various Green Deal sustainability regulations is due to be released by 26 February 2025. It is possible the proposal will include delays in implementation, while a recently leaked European Commission strategy paper for streamlining the Commission’s regulatory processes suggests there may be a greater focus on reducing the regulatory burden for small and medium-sized companies.

    This uncertainty around upcoming ESG legislation is likely to mean increased complexity and costs for companies associated with achieving regulatory compliance. A move away from a more global consensus on ESG due diligence and reporting requirements may result in deeper fragmentation of laws across jurisdictions. Companies will continue to face challenges in navigating these pro- and anti-ESG regulations across different jurisdictions.

    At the same time, disasters such as the Los Angeles fires will keep ESG issues in the public consciousness, and deregulation is unlikely to be aligned with the evolving high watermark to which stakeholders are holding companies to account. We anticipate an increase in ESG litigation as activists continue to pursue behavioural change by governments and companies in the courts.

    ESG as a ‘dirty word’: greenhushing and greywashing

    While many companies continue to take voluntary action on ESG issues, some are revisiting their ESG commitments in light of the increasingly contested and politicised environment, as well as the heightened reputational and legal exposures associated with sustainability and ESG-related public claims and commitments.

    The paring back of existing commitments will continue to be scrutinised by regulators and civil society, and we anticipate that allegations of ‘greenhushing’ or ‘greywashing’ may develop.

    ‘Greenhushing’ refers to deliberately withholding information about sustainability goals and achievements.

    ‘Greywashing’ refers to setting strategies and policies that are too watered down, unambitious, qualified or ambiguous to result in meaningful change. 

    ASIC Chair Joe Longo has described greenhushing as ‘just another form of greenwashing’, which ‘risks misleading by omission’, referring to the annual Net Zero Report issued by South Pole which highlighted a substantial decrease in climate communications across a number of sectors.

    Companies will need to continue to balance accuracy and appropriateness of commitments while maintaining flexibility in the changing political environment, with the risk of being perceived as laggards by their stakeholders.

    The ESG litigation field expands

    Despite the mixed successes of recent ESG claims, we expect activists will continue to pursue strategic litigation to extract concessions from governments and companies and effect behavioural change.

    ESG claims have expanded beyond the traditional higher-emitting sectors. Stakeholders are looking more widely at targets and potential claims with the objective of disrupting capital flows, including scrutinising companies’ exposure through their financing activities and broader value chains. We expect that financial institutions will remain a target of stakeholder scrutiny, and that claims and complaints will continue to explore the intersection between climate change and issues such as nature and biodiversity, human rights and plastics. The use of new technologies such as AI and carbon capture and storage (or CCS) is also attracting activist scrutiny.

    In 2025, decisions from the International Court of Justice and Australian courts may clarify legal obligations related to climate change, particularly in tort law, potentially impacting future corporate liability for alleged climate change impacts.

    Non-curial avenues such as the OECD National Contact Points and UN Special Procedures are already a well-tested forum on ESG issues. Complainants are likely to be interested in exploring the recent updates to the OECD Guidelines on matters such as climate change and biodiversity. The Australian National Contact point may also be utilised by stakeholders in response to the three-year modified liability regime under the new mandatory climate-related financial reporting regime introduced from 1 January 2025, which prevents private litigation in respect of certain ‘protected statements’ for a period of time.

    International discussions will continue to influence private actors

    Despite failures by state parties to reach agreement at 2024’s UN biodiversity and plastic forums, discourse surrounding the negotiations appears to be sharpening corporate and civil society focus, including through an uptick in plastics-related litigation and campaigns. The next UN biodiversity COP taking place in Rome in February this year, and international negotiations will continue on a treaty to address the full lifecycle of plastic—from production to design and disposal.

    Another emerging focus area for companies is Indigenous Cultural and Intellectual Property (ICIP), particularly in the life sciences and mining sectors. A new treaty on genetic resources and traditional knowledge was concluded at the international level in 2024 under the auspices of the World Intellectual Property Organization (WIPO), which will require inventors to disclose the source of genetic resources and associated traditional knowledge in patent applications. After many years of diplomatic efforts by countries including Australia, this is the first multilateral treaty specifically relating to traditional knowledge, and efforts continue to protect traditional cultural expressions at the international level. It remains to be seen how this significant step at the international level will affect the discourse concerning the need for sui generis ICIP legislation in Australia.

    Subject matter trends 

    Implications of US exit from international climate change commitments and shift in domestic energy policy

    The United States’ withdrawal from the Paris Agreement introduces a new element of uncertainty for global efforts to address climate change. It remains to be seen whether the Trump Administration’s decision will leave the US as an outlier in international climate and energy policy, or if it may have a broader chilling effect on global cooperation on climate change and other emerging environmental issues.

    President of the European Commission, Ursula Von der Leyen, has already reaffirmed that ‘Europe will stay the course’ and reaffirmed the EU’s commitments to the Paris Agreement. A net zero-focused bipartisan alliance of 24 State Governors has also vowed to sustain and advance climate action in the US.  

    The new US administration has also embarked on a significant gear change in US domestic energy policy.

    • Executive orders have been effected to declare a ‘national energy emergency’.
    • This expedites the permitting of oil and gas projects (specifically in Alaska) and temporarily suspends new federal offshore wind leasing pending an environmental and economic review.
    • The US Federal Reserve has also withdrawn from the Network for Greening the Financial System—an international group of central banks, including the Reserve Bank of Australia, that analyses the economic fallout from climate change.
    • The Office of Management and Budget also ordered a temporary pause on grant funding by federal agencies for activities implicated by the new executive orders, including renewable energy and climate and atmospheric research programs. The order was subsequently rescinded after an urgent legal challenge by non-profits successfully sought an injunction.

    These changes are likely to lead to legal challenges, further adding to the uncertainties faced by businesses navigating the new energy policy environment. As the Trump Administration seeks to encourage investment in the oil and gas sectors, we also expect stakeholders to intensify their scrutiny of companies’ exposure to higher-emitting projects.

    Methane emissions

    International initiatives to reduce methane emissions have been gaining industry and national support:

    • the World Bank’s Global Flaring and Methane Reduction (GFMR) Partnership is now active in over a dozen countries and has been endorsed by 57 companies.
    • the Global Methane Pledge launched at COP26 in 2021 by the EU and US has received 159 country endorsements as of 2024, including Australia’s.

    Several countries have moved to impose stricter regulations on methane emissions. In May 2024, the EU introduced its Methane Regulation requiring increased monitoring, detection and reduction of methane emissions. Additional import restrictions will extend to gas imported into the Eurozone from 2027. In November 2024, the United States Environmental Protection Agency announced new regulations on the emission of methane from crude-oil and natural gas facilities.

    New and expanded gas projects (and related infrastructure and supply chains) remain a focus of campaigning and shareholder activism on fugitive methane emissions by organisations such as Market Forces.

    Biodiversity and nature

    Countries are moving to implement their national commitments under the Kunming-Montreal Global Biodiversity Framework.

    • Australia’s Nature Repair Market is set to open for business in 2025, operating in a similar fashion to the existing carbon market, to incentivise projects to protect and restore the environment through biodiversity credits.
    • The EU’s Regulation on Nature Restoration entered into force in August 2024, and the Canadian Government has moved to legislate a Nature Accountability Bill as part of its 2030 Nature Strategy released in June 2024.
    • However, the future of the Canadian bill is now uncertain due to the suspension of all parliamentary business after Parliament was prorogued on 6 January 2025 following the resignation of Prime Minister Justin Trudeau. While Canada’s next general election is scheduled for 20 October 2025, opposition parties have foreshadowed a no-confidence motion when the next parliamentary session resumes on 24 March which, if successful, may trigger an early vote.

    Several jurisdictions are also moving to address deforestation in supply chains, with measures including import restrictions and due diligence requirements.

    • The EU’s Regulation on Deforestation-free Products will enter into effect from 30 December 2025 and require certain commodities and derived products to be ‘deforestation-free’ if placed, made available on or exported through the EU common market.

    The UK is also developing its own Forest Risk Commodity Regulation,2 which would also impose commodity-based restrictions and due diligence requirements.

    Plastics pollution and the circular economy

    A growing number of jurisdictions are introducing restrictions on plastic products, including single-use and microplastics.

    • The EU’s Single Use Plastic Directive came into force in 2024, and the European Commission has proposed additional measures to prevent the unintentional release of plastic pellets.
    • In the US, the State of California has commenced proceedings against Exxon Mobil and PepsiCo Inc in relation to allegedly misleading the public regarding plastics pollution.
    • In Australia, the ACCC commenced enforcement proceedings against Clorox Australia Pty Ltd in April 2024 for alleged greenwashing over claims relating to its ‘GLAD’ plastic bag products.
    The right to water

    From the Murray-Darling Basin to the Great Barrier Reef and beyond, we expect to see preservation of, and access to, water resources increase in priority for stakeholders as an issue that crosses geographical and jurisdictional boundaries.

    Access to water and sanitation is recognised as a fundamental human right by the UN General Assembly, and stakeholders are raising issues around water security, water quality, contamination by microplastics and Per- and Polyfluoroalkyl Substances (PFAS) chemicals, access to water resources for agriculture, and ensuring First Nations peoples’ interests and connection to water are taken into account.

    Modern slavery reporting reforms

    In December 2024, the federal Attorney-General’s Department (AGD) published the Government’s response to the 2023 statutory review of the Modern Slavery Act 2018 (Cth) (MSA). The response follows the appointment of Australia’s first national Anti-Slavery Commissioner, who is expected to lead in the implementation of modern slavery reporting reforms.

    The Government has agreed (in full, in part, or in principle) to 25 of the 30 recommendations from the review, including the need to strengthen the compliance and enforcement framework under the MSA. The Government agreed in principle to the introduction of a penalty regime—details are not yet available, but the Government is expected to consult with stakeholders in 2025.

    One issue that remains unresolved is the status of proposals for mandatory human rights due diligence (HRDD) by reporting entities under the MSA. The Government has ‘noted’ the recommendation to introduce HRDD; however, it has indicated that the AGD will engage with stakeholders on HRDD as part of the next stage of implementation.

    The introduction of mandatory HRDD would align Australia with a number of jurisdictions that have introduced supply chain due diligence requirements, most notably the EU’s Corporate Sustainability Due Diligence Directive adopted by the European Parliament in 2024. The Canadian Government has proposed new supply chain due diligence legislation, while a parliamentary review of the UK’s modern slavery legislation has recommended the introduction of due diligence obligations.

    The timeline for legislative amendments to the MSA may be complicated by the federal election, which is due to occur before 17 May 2025.

    Navigating AI in the employment context

    As AI technologies advance, companies will need to navigate the social issues raised due to the use of AI in the workplace.

    Already, we are seeing increasing use of AI in hiring practices such as the screening of job applications. Based on how the algorithm was trained, AI can perpetuate biases, potentially leading to harmful or discriminatory outputs for individuals, groups or communities and arguably resulting in adverse human rights impacts.

    In the US, we are seeing court cases alleging unlawful discrimination where AI tools have been used for hiring, insurance claims and rental applications.3 We anticipate Australian businesses may face similar claims if AI is used without accounting for the risk of inherent bias.

    The rate of change brought by advancements in AI technology is not only front of mind for employers, but also for employees concerned about its implications. In October 2024, it was reported that Cbus and its employees had agreed to a first-of-its-kind enterprise agreement dealing with protections for employees if or when the super fund introduces AI technologies. The agreement contains an agreed definition of AI, and provides that Cbus must consult with staff on any changes that impact them in relation to AI.

    Rights of First Nations peoples

    In 2025, the Joint Standing Committee on Aboriginal and Torres Strait Islander Affairs is set to continue its inquiry into the Truth and Justice Commission Bill 2024. The Bill seeks to establish a Commission to make recommendations to Parliament on historic and ongoing injustices against First Nations Australians. The Australian Law Reform Commission is also taking submissions as part of its review of the ‘future acts’ regime in the Native Title Act 1993 (Cth), with a final report to be delivered by December 2025. For more, see our Insight.

    There are increasing demands on industry to consult First Nations stakeholders in their decision-making and operations, and to engage in benefit-sharing with Traditional Owners, with an emerging focus on the clean energy sector. The First Nations Clean Energy Network has published Best Practices Principles to help First Nations communities in Australia to share in the benefits of renewable energy projects, including calling for Free, Prior, and Informed Consent (FPIC) standards to apply throughout the lifecycle of projects.

    We expect that international, ‘soft law’ standards will continue to evolve. For example, the International Council of Mining and Metals (ICMM) recently updated its Indigenous Peoples and Mining Position Statement to emphasise the responsibility of mining companies to achieve FPIC through meaningful engagement and good faith negotiation with Traditional Owners. Although the new standard goes beyond the current position in the Native Title Act and many cultural heritage laws in Australia, it is possible it will become a benchmark for mining companies in Australia—see our Insight.

    Addressing misconduct impacting First Nations peoples also remains an enforcement priority for ASIC.

    Diversity and inclusion

    Diversity, equity and inclusion policies and initiatives have also become the subject of backlash in the United States through three executive orders signed by President Trump, with one executive order foreshadowing regulatory action to ‘encourage’ private sector employers to dismantle diversity programs that have been based on federal anti-discrimination law.

    This backlash has already placed diversity on the political agenda in Australia, and the discussion around diversity policies and initiatives is likely to increase in the lead-up to the federal election this year.

    Company culture and governance issues in the spotlight

    Corporate culture is an ongoing boardroom issue and recent examples underscore the importance of accountability, transparency and strong and ethical corporate governance.

    • Cultural concerns: in the wake of federal Respect@Work reforms, a number of prominent Australian brands have been in the spotlight regarding whistleblower complaints on cultural issues. Widespread media reporting has led some companies to launch internal investigations to respond to shareholder concern and address reputational damage in the community.
    • Regulatory scrutiny: in addition to reputational damage, there is also now a real prospect of scrutiny from regulators in relation to corporate cultural issues. In its updated enforcement priorities announced on 14 November 2024, ASIC reaffirmed its commitment to addressing governance and directors’ duties failures as an enduring enforcement priority for 2025. As an example, ASIC commenced proceedings against Regional Express Holdings Limited and several of its directors for engaging in misleading and deceptive conduct and for contraventions of continuous disclosure obligations in relation to ASX announcements about the company’s financial position prior to entering into voluntary administration in July 2024.
    Navigating complexities in AI and ESG reporting

    As ESG reporting obligations expand in Australia and overseas, AI will become an increasingly attractive tool for companies seeking to reduce the time needed for data gathering and drafting.

    However, the use of AI may also present legal, regulatory and reputational risk:

    • Environmental impacts associated with the training and use of AI models. This includes increased demand for electricity consumption; the water footprint associated with training and maintaining AI models; and electronic waste generation.
    • Susceptibility to bias, which may result in errors that could lead to misleading statements or discriminatory outputs.
    • Privacy concerns from the use of sensitive or personal information without consent. Privacy law reforms introduced in late 2024 require companies to disclose when they will be using AI automated decision-making (see our Insight).
    • Human rights implications such as discrimination or potential harm to vulnerable groups such as children or workers in the AI supply chain.
    • Regulatory scrutiny on the use of AI, as indicated by the increased regulatory guidance available to companies, including Australia’s new Voluntary AI Safety Standard, the European Parliament’s AI regulations, and ASIC’s report on ‘Governance arrangements in the face of AI innovation’.

    Actions you can take now

    • Regardless of whether ESG policies are recalibrated in light of growing uncertainty around legislative frameworks and the anti-ESG backlash, companies and directors should ensure they are satisfied that their chosen course of action is in the best interests of the company, and gather evidence to support that view.
    • The influence of new legislation is being felt on companies even where not directly in scope. Consider adopting a higher water mark approach appropriate to the company’s risk profile and appetite to future proof against evolving stakeholder expectations and regulatory requirements.
    • Understand the scope of the company’s voluntary commitments and what these entail, including in international law.
    • When refreshing policies and procedures, look at these through the lens of emerging areas of focus. Consider if your policies fit for purpose and reflect emerging risk areas.
    • Consider the role of legal—privilege can be a useful tool where appropriate, given the regulatory and risk environment.

    MIL OSI News –

  • MIL-OSI: CALGO Launches Unified DeFi Platform, Simplifying Decentralized Finance for Investors

    Source: GlobeNewswire (MIL-OSI)

    PANAMA CITY, Feb. 03, 2025 (GLOBE NEWSWIRE) — CALGO, a DeFi aggregator and investment platform, has officially launched, offering users a simplified way to access and manage decentralized finance (DeFi) investments. By integrating multiple DeFi protocols into one streamlined platform, CALGO seeks to address the complexity often associated with DeFi, providing a more accessible entry point for both novice and experienced investors.

    The platform leverages artificial intelligence (AI) to optimize investment performance. Its AI-driven system analyzes market trends in real time, automatically adjusting users’ investment allocations across various DeFi protocols to maximize returns. Unlike traditional DeFi platforms requiring manual intervention, CALGO offers an automated, hands-off approach, making it easier for users to generate passive income.

    CALGO Logo

    “CALGO is built to eliminate the barriers that often prevent investors from fully benefiting from DeFi opportunities,” said CALGO’s representative. “By combining ease of use, investment optimization, and a strong focus on security, we’re making decentralized finance more approachable without compromising safety.”

    Enhanced Security and Investor Protection

    Recognizing the importance of security in the DeFi space, CALGO has obtained ISO 27001 certification, demonstrating its commitment to stringent cybersecurity standards. This certification ensures user funds and sensitive information are protected from potential threats.

    In addition, CALGO has joined the Cyprus Investor Compensation Fund (ICF), which provides added financial protection for investors. This participation underscores the platform’s commitment to safeguarding users from market risks and potential losses.

    Introducing the Validator System in 2025

    CALGO is also preparing to launch a Validator system by Q2 2025. This feature will evaluate DeFi products based on performance, security, and profitability, providing users with key insights before making investment decisions. The Validator system aims to enhance transparency and help investors navigate the DeFi space with greater confidence.

    With its comprehensive approach to DeFi investments, CALGO offers users a platform that balances ease of use, optimized returns, and robust security measures. As the DeFi market continues to grow, CALGO is poised to play a key role in bridging the gap between traditional investors and blockchain-based finance.

    For more information, visit calgo.io.

    Media Contact:

    Calgo Partners Corporation
    support@calgo.io
    (507)501-6000
    https://calgo.io/

    The MIL Network –

  • MIL-OSI China: Pro-Russian paramilitary leader dies in Moscow blast

    Source: China State Council Information Office

    A pro-Russian paramilitary leader from eastern Ukraine, Armen Sarkisyan, has died from his injuries in a blast at a residential building in Moscow, local media reported Monday.

    Sarkisyan was the head of the Donetsk People’s Republic Boxing Federation and founder of the Arbat volunteer battalion.

    One person was killed and four others were injured in the explosion at the entrance of the residential building in Moscow on Monday, the Russian Investigative Committee said.

    The committee later said that one of the injured died in hospital. Local media confirmed that person to be Sarkisyan.

    MIL OSI China News –

  • MIL-OSI Security: 13 Alleged Meth, Cocaine Traffickers Charged In 15-Count Indictment

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    Thirteen alleged drug traffickers operation out of the Texas Panhandle were federally charged in DEA-led Operation Put It In Reverse, announced Acting U.S. Attorney for the Northern District of Texas Chad Meacham.

    Those charged in a 15-count indictment filed include:

    • Juan Gabriel Castro, aka “Big Boy,” charged with conspiracy to distribute and possess with intent to distribute controlled substances, possession with intent to distribute methamphetamine, possession with intent to distribute cocaine

    • Luis Gilberto Garcia, charged with conspiracy to distribute and possess with intent to distribute controlled substances, possession with intent to distribute methamphetamine,  possession with intent to distribute cocaine

    • Terry Deon Noble, charged with conspiracy to distribute and possess with intent to distribute controlled substances, possession with intent to distribute methamphetamine, possession with intent to distribute cocaine, distribution of methamphetamine

    • David Dewayne Keelin, charged with conspiracy to distribute and possess with intent to distribute controlled substances, possession with intent to distribute methamphetamine, possession with intent to distribute cocaine

    • Charlotte Ann Villanueva, charged with conspiracy to distribute and possess with intent to distribute controlled substances, possession with intent to distribute methamphetamine

    • Kody Ryan Patterson, charged with conspiracy to distribute and possess with intent to distribute controlled substances, possession with intent to distribute methamphetamine

    • Melissa Lynn Nelson, charged with conspiracy to distribute and possess with intent to distribute controlled substances, possession with intent to distribute methamphetamine

    • Joshua James Tarver, charged with conspiracy to distribute and possess with intent to distribute controlled substances, distribution of methamphetamine,

    • Danny James Wise, charged with conspiracy to distribute and possess with intent to distribute controlled substances, possession with intent to distribute methamphetamine

    • Christopher Steven Conley, charged with conspiracy to distribute and possess with intent to distribute controlled substances, possession with intent to distribute methamphetamine

    • Reba Lynn McLaughlin, charged with conspiracy to distribute and possess with intent to distribute controlled substances, possession with intent to distribute methamphetamine

    • Mario Socorro Martinez, charged with conspiracy to distribute and possess with intent to distribute controlled substances, distribution of methamphetamine, possession with intent to distribute methamphetamine

    • Alfredo Olivares Jimenez, aka “Freddie,” charged with conspiracy to distribute and possess with intent to distribute controlled substances, possession with intent to distribute methamphetamine

    The defendants were arrested last week.

    Over th course of the investigation, law enforcement seized approximately 70 kilograms of methamphetamine, four kilograms of cocaine, two kilograms of fentanyl, $70,000 in assets, and eight firearms.

    “These arrests demonstrate the continued resolve of DEA Amarillo Resident Office to investigate this organization to the fullest extent possible,” said DEA Special Agent in Charge Eduardo A. Chávez.  “Local street dealers, transporters, bulk suppliers, and anyone in between should know DEA is committed to holding everyone in this organization, and others like it, accountable for selling deadly drugs to our communities.”

    An indictment is merely an allegation of criminal conduct, not evidence. All defendants are presumed innocent until proven guilty in a court of law.

    If convicted, the defendants face as much as twenty years to life in federal prison.

    The Drug Enforcement Administration’s Dallas Field Division – Amarillo Resident Office conducted the investigation with the Texas Department of Public Safety’s Criminal Investigation and Highway Patrol Divisions, the Amarillo Police Department, the Randall County Sheriff’s Department, the Potter County Sheriff’s Department, the Hall County Sheriff’s Office, Agents of the Texas Attorney General’s Office (OIG),  Texas Game Warden Officers, the Bureau of Alcohol, Tobacco, Firearms & Explosives’ Dallas Field Division, the Federal Bureau of Investigation’s Dallas Field Office, the United States Marshal’s Service, and Texas State Probation – Amarillo. Assistant U.S. Attorney Anna Marie Bell is prosecuting the case.

    MIL Security OSI –

  • MIL-OSI China: US stocks extend losses on tariff concerns

    Source: China State Council Information Office

    A trader works on the floor of the New York Stock Exchange in New York, the United States, on Feb. 3, 2025. [Photo/Xinhua]

    U.S. stocks ended lower on Monday, as investors reacted to the Donald Trump administration’s planned tariff rollout.

    The Dow Jones Industrial Average fell 122.75 points, or 0.28 percent, to 44,421.91. The S&P 500 sank 45.96 points, or 0.76 percent, to 5,994.57. The Nasdaq Composite Index shed 235.49 points, or 1.20 percent, to 19,391.96.

    Six of the 11 primary S&P 500 sectors ended in red, with technology and consumer discretionary leading the laggards by losing 1.80 percent and 1.35 percent, respectively. Meanwhile, consumer staples and utilities led the gainers by going up 0.68 percent and 0.46 percent, respectively.

    The tariffs, originally set to take effect Tuesday, include 25 percent duties on goods from Canada and Mexico and 10 percent on Chinese imports, with Canadian energy imports facing a reduced 10 percent rate.

    After a Monday morning call with Mexico’s President Claudia Sheinbaum, Trump agreed to postpone tariffs on Mexican imports for a month following Sheinbaum’s commitment to deploying troops at the border to curb fentanyl trafficking and illegal immigration.

    Later on Monday, Trump said the tariffs on Canada announced on Saturday “will be paused for a 30 day period” to see whether or not a final economic deal with Canada can be structured.

    U.S. major indexes narrowed losses in the morning session thanks to the latest development.

    “This is a very fluid and evolving situation,” said Victoria Greene at G Squared Private Wealth. “For now, our baseline thesis is the bulk of these are transitory and likely more watered down with concessions. We are on top of developments and watching how this may affect earnings, the U.S. dollar and inflation.”

    While concerns persist over potential price hikes and economic strain, Wells Fargo Investment Institute noted Monday that the administration’s “targeted and gradual approach” aims to mitigate disruptions to U.S. growth.

    Paul Christopher, head of global investment strategy at the institute, emphasized that services remain the primary economic driver, while the industrial sector continues to struggle with weak pricing power amid a manufacturing downturn.

    “It’s probably going to take several quarters to have a noticeable impact,” Christopher said. “You could eventually see some higher prices, but not right away.”

    MIL OSI China News –

  • MIL-OSI USA: Crapo, Wyden Announce Senate Finance Subcommittee Assignments

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–Senate Finance Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Ron Wyden (D-Oregon) today announced subcommittee assignments, Joint Committee on Taxation membership and the designation of members to serve as Congressional Trade Advisors for the 119th Congress.

    Subcommittee on Social Security, Pensions and Family Policy

    Republicans

    Chuck Grassley, IA, Chairman

    Todd Young, IN

    Marsha Blackburn, TN

    Democrats

    Bernard Sanders, VT

    Catherine Cortez Masto, NV

    Subcommittee on International Trade, Customs and Global Competitiveness

    Republicans

    John Cornyn, TX, Chairman

    Chuck Grassley, IA

    John Thune, SD

    Tim Scott, SC

    Steve Daines, MT

    Todd Young, IN

    Thom Tillis, NC

    Roger Marshall, KS

    Democrats

    Raphael Warnock, GA

    Michael Bennet, CO

    Mark Warner, VA

    Sheldon Whitehouse, RI

    Catherine Cortez Masto, NV

    Elizabeth Warren, MA

    Tina Smith, MN

    Subcommittee on Energy, Natural Resources and Infrastructure

    Republicans

    James Lankford, OK, Chairman

    John Cornyn, TX

    Tim Scott, SC

    Steve Daines, MT

    John Barrasso, WY

    Roger Marshall, KS

    Democrats

    Maria Cantwell, WA

    Michael Bennet, CO

    Maggie Hassan, NH

    Ben Ray Luján, NM

    Peter Welch, VT

    Subcommittee on Health Care

    Republicans

    Todd Young, IN, Chairman

    John Thune, SD

    Tim Scott, SC

    Bill Cassidy, LA

    James Lankford, OK

    Steve Daines, MT

    John Barrasso, WY

    Ron Johnson, WI

    Thom Tillis, NC

    Marsha Blackburn, TN

    Roger Marshall, KS

    Democrats

    Maggie Hassan, NH

    Mark Warner, VA

    Sheldon Whitehouse, RI

    Catherine Cortez Masto, NV

    Elizabeth Warren, MA

    Bernard Sanders, VT

    Tina Smith, MN

    Ben Ray Luján, NM

    Raphael Warnock, GA

    Peter Welch, VT

    Subcommittee on Taxation and IRS Oversight

    Republicans

    John Barrasso, WY, Chairman

    Chuck Grassley, IA

    John Cornyn, TX

    John Thune, SD

    Bill Cassidy, LA

    James Lankford, OK

    Ron Johnson, WI

    Thom Tillis, NC

    Marsha Blackburn, TN

    Democrats

    Michael Bennet, CO

    Mark Warner, VA

    Sheldon Whitehouse, RI

    Maggie Hassan, NH

    Elizabeth Warren, MA

    Bernard Sanders, VT

    Ben Ray Luján, NM

    Raphael Warnock, GA

    Subcommittee on Fiscal Responsibility and Economic Growth

    Republicans

    Ron Johnson, WI, Chairman

    Bill Cassidy, LA

    Democrats

    Tina Smith, MN

    Designation of Members to Serve on the Joint Committee on Taxation

    Mike Crapo, ID

    Chuck Grassley, IA

    John Cornyn, TX

    Ron Wyden, OR

    Maria Cantwell, WA

    Designation of Members to Serve as Congressional Trade Advisors on Trade Policy and Negotiations

    Mike Crapo, ID

    Chuck Grassley, IA

    John Cornyn, TX

    Ron Wyden, OR

    Maria Cantwell, WA

    The chairman and ranking member are ex officio members of all subcommittees.

    The Rules of Procedure for the Senate Finance Committee are here.

    MIL OSI USA News –

  • MIL-OSI Australia: NSW Government backs Upper Hunter’s industrial future

    Source: New South Wales Government 2

    Headline: NSW Government backs Upper Hunter’s industrial future

    Published: 4 February 2025

    Released by: Minister for the Hunter, Minister for Planning and Public Spaces

    The Future Land Use and Enabling Works project for Liddell Power Station has been approved by the Minns Labor Government, which will see the former power station, demolished, remediated and transformed for future industrial land uses.

    The approval of the State Significant Development, south of Muswellbrook, will mean more jobs and industrial opportunities for the Upper Hunter.

    Spanning around 143 hectares, the Future Land Use and Enabling Works project is expected to generate more than $260 million in Capital Investment Value (CIV) for the Upper Hunter Region as well as 100 full time equivalent jobs.

    Remediation works will include:

    • Demolition of the power station
    • Construction and operation of a borrow pit for capping, civil works and recontouring of the site
    • Recontouring and revegetation of the site
    • Construction and operation of a landfill for the disposal of asbestos contaminated soil and material from demolished infrastructure.

    In 2023, the Liddell Power Station came to the end of its technical life and was formally closed, with the proponent AGL committing to remediate the site for a cleaner future.

    Following the assessment from the Department of Planning, Housing and Infrastructure (DPHI) the approval has strict conditions of consent to manage biodiversity, water and traffic impacts. Works are now expected to commence within the next 3 months and are expected to continue over the next ten years.

    The Upper Hunter has long been an industrial powerhouse and this approval is only the most recent planning determination that indicates a broader Government support for the Upper Hunter to remain an industrial centre.

    The approval also comes shortly after the Minns Government launched its Industrial Lands Action Plan (PDF 977.79KB) which sets out a new approach to plan, secure, and manage the supply of industrial lands to deliver new jobs, drive investment and support local economies.

    The Minns Labor Government will continue to support robust investment and job opportunities in regional NSW.

    For more information, visit the web page on the Liddell Future Land Use and Enabling Works Project.

    Project layout and disturbance areas of the Liddell Future Land Use and Enabling Works Project.

    Minister for Planning and Public Spaces Paul Scully said:

    “Under the Minns Government, we have a planning system that is supporting the renewable energy transition, approving projects that will support our communities, energy security and emissions reductions.

    “With up to 100 jobs generated during construction and operation, this project will benefit the local economy, local communities and provide indirect benefits to local services throughout the life of project.

    “This project is one of many that is part of the state’s growing renewable energy infrastructure that plays a vital role in powering our economy for generations to come.”

    Minister for the Hunter Yasmin Catley said:

    “The $260 million project injects a major capital investment within the Upper Hunter and will support dozens of new, local jobs.

    “The Liddel Power Station is an important part of the Hunter’s history and this project represents the significant investment opportunities that lay ahead for the region.

    “Today’s announcement further shores up our region as an industrial powerhouse, that will attract jobs, investment and innovation for decades to come.”

    Duty MLC for the Upper Hunter Emily Suvaal said:

    “This approval is welcome news for our area and shows the Minns Labor Government’s continued support for the future of the Upper Hunter.

    “As the chair of the inquiry into Beneficial and Productive Postmining Land Use, I am hugely supportive of the Minns Government working with proponents to see industrial sites rehabilitated and renewed for future use.

    “This means continued employment, investment and innovation for our region.”

    MIL OSI News –

  • MIL-OSI New Zealand: Turnaround plan to get Kāinga Ora back on track

    Source: New Zealand Government

    Kāinga Ora’s turnaround plan will refocus the agency on its core mission of building and managing government-owned social housing in a financially sustainable way, Housing Minister Chris Bishop says.
    “Kāinga Ora is an important Crown entity, with assets of $47 billion and over $2.5 billion of expenditure each year. It currently owns around 75,000 homes and is the country’s biggest landlord.
    “The previous government poured billions of dollars into Kāinga Ora, with debt on its balance sheet rising from $2.3 billion in 2017/18 to $16.5 billion in 2023/24. 

    Operating deficits grew from a surplus of $76 million in 2017/18 to a deficit of $568 million in 2023/24. Kāinga Ora’s 2023 Board-approved budget showed debt forecast to grow to $24.8 billion by 2026/27, outside of the previous government’s debt limit for the organisation. Staff numbers grew from around 2000 in 2020 to around 3477 by the end of 2023 – all this at a time when the social housing waitlist grew to over 20,000 applicants.
    “In December 2023 the Government commissioned an independent review, led by Sir Bill English, into Kāinga Ora. The report from this independent review was released in May 2024, with two broad findings: that Kāinga Ora was underperforming and not financially viable without significant savings as well as funding and financing changes, and secondly, that the wider social housing system was not delivering the results New Zealand needs.
    “The review made it clear that Kāinga Ora was in considerable financial strife. The Government appointed a refreshed board and asked them to deliver a turnaround plan by the end of 2024 to return the agency to financial sustainability.
    “Cabinet has now considered and endorsed the plan, which is being released today. The plan will refocus Kāinga Ora on its core purpose of being a good social landlord and improve operating performance and reduce losses, with debt capped at an acceptable level.
    There are five major components to the turnaround plan:
     

    Kāinga Ora to be refocused on its core mission: building, maintaining and managing quality social housing, and being a supportive, but firm landlord.
    Improved tenant and community management.
    Improved housing portfolio and build management – better managing the existing Kāinga Ora assets and building or renewing homes as efficiently as the market, including simplifying social housing building specifications and using all available building delivery channels.
    Improved organisational performance: a focus on cost effectiveness – reducing high overheads and leveraging buying power more effectively.
    A more persistent and sustainable approach to funding and associated settings.

    Renewal of Kāinga Ora stock
    “The previous government’s funding for new social houses finished in June 2025, a “fiscal cliff” which the coalition government has had to confront. Kāinga Ora is currently funded to deliver around 2650 additional houses around New Zealand through to 2026 and the Government has also funded 1500 further social houses to be delivered by Community Housing Providers from June 2025 onwards.
    “The Kāinga Ora turnaround plan means that from 2026/7 onwards, Kāinga Ora will be involved in around 1900-2000 construction events per year, made up of approximately 1500 new build homes and 400 retrofits of existing homes. This will be offset by demolitions associated with redevelopment activities, and sales of around 900 homes per year. This means the number of KO social houses will not reduce over time, and existing older or unsuitable housing stock is refreshed.
    “Kāinga Ora sales will focus on older properties in high value areas, with the proceeds going to provide multiple other units in different areas. The sales programme will also focus on houses which are not fit for purpose, where the typology is ill-suited to the particular area, or which are simply uneconomic to maintain or redevelop.
    “Despite rhetoric from Labour in the past, divestment of properties in order to manage stock is a routine approach to Kāinga Ora’s operations. In the past five years they have sold, demolished or ended the lease on more than five thousand properties as part of their normal stock renewal process. The plan allows them to do more of this so the old, unfit housing stock can be renewed more quickly. 
    Construction costs
    “Advice from the Board is that Kāinga Ora has been building houses for approximately 12% more than market comparisons. The plan commits Kāinga Ora to delivering new builds at fully allocated costs that are in line with, or better than, market rates.
    “Ministers are clear that Kāinga Ora should be building or acquiring simple, functional warm and dry houses, as quickly and efficiently as possible.”
    Narrowed Scope
    “The previous government gave Kāinga Ora an enormous number of tasks – everything from managing infrastructure funds, to large-scale urban development and KiwiBuild underwrites. In line with the back to basics approach, Cabinet has agreed that residual KiwiBuild underwrite activity will be transferred to the Ministry of Housing and Urban Development, administration of the Infrastructure Acceleration Fund will transfer to the new National Infrastructure Funding and Financing Agency and the Kāinga Ora Land Programme will be wound down. Legislation will also be progressed this year to amend the Kainga Ora Homes and Communities Act.”
    Financial Performance
    “The impact of the Kāinga Ora plan is a net reduction in deficits of around $190 million in this financial year, with a reduction in the deficit in 2027/28 of $354 million compared to the 2023 Pre-Election Update. Debt is forecast to be $1.8 billion lower in 2027/8 compared to the forecast included in the 2023 Pre-Election Update.
    “Today’s plan is a big step in the right direction for Kāinga Ora and I would like to thank Chair Simon Moutter and the rest of the Board for their hard work. The Government will be closely monitoring progress as the plan is implemented.
    Media contact: 
    Note to Editors:
    The high-level comparison of updated financial modelling.

    $millions
    2024/25
    2025/26
    2026/27
    2027/28

    Forecast Deficit pre tax

    2023 Pre Election Update
    (779)
    (925)
    (1,003)
    (864)

    Turnaround Plan*
    (588)
    (432)
    (479)
    (510)

    Reduction in Deficit
    191
    407
    524
    354

    $ millions
    2024/25
    2025/26
    2026/27
    2027/28

    Debt

    Pre Election Update
    18,669
    22,463
    22,573
    22,288

    Turnaround Plan
    18,407
    19,567
    20,415
    20,504

    Reduction in Debt forecast
    (262)
    (2,896)
    (2,158)
    (1,784)

     
    *The numbers in this row differ from the Kāinga Ora plan document. This is because the figures in the turnaround plan include tax, while the numbers in this table and the cabinet paper exclude tax in line with Treasury documents.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Arrests – Firearm incident – Coconut Grove

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force has arrested three offenders after a serious assault with a firearm occurred in Coconut Grove overnight.

    Around 7:05pm, police received reports that a 23-year-old man had been seriously injured by offenders who had arrived in a black Mazda 3 at a residence on Litchfield Court, Coconut Grove.

    On Police and St John Ambulance arrival it was confirmed that the man had been shot in the legs. The victim was conveyed to Royal Darwin Hospital in a stable condition while detectives identified the alleged offenders were known to the victim.  

    Shortly after the incident, police confirmed that the vehicle involved was not stolen and was allegedly being borrowed by someone who was not the registered owner.

    Multiple units, including detectives from the Crime Command, the Territory Response Group, Katherine general duties and the Northern Investigations Section deployed and began tracking the vehicle.

    Shortly before 4am, a tyre deflation device was successfully deployed outside Katherine and two men, aged 19 and 22, and a 22-year-old woman were arrested without incident.

    Multiple edged weapons were found within the vehicle but the firearm allegedly used has yet to be located.

    Assistant Commissioner Travis Wurst said, “Major Crime and Northern Investigations teams are continuing to investigate this targeted attack and we are urging anyone with information to come forward.

    “I would like to commend every officer involved in the safe apprehension of these alleged offenders.

    “Anyone with information, particularly on the whereabouts of the firearm, can make contact with police on 131 444 and quote reference P25034096.” 

    MIL OSI News –

  • MIL-OSI United Kingdom: Labour’s Budget is a reflection of their failure to stand up for Wales

    Source: Party of Wales

    “Wales should not have to settle for less” – Heledd Fychan MS    

    Ahead of today’s (Tuesday 4th February 2025) vote on Draft Budget 2025-26, Plaid Cymru’s Heledd Fychan MS has criticised Labour for failing to deliver on their promise of meaningful change for Wales.

    The Labour Welsh Government originally set out its Draft Budget in December 2024.

    Despite promising a ‘partnership in power’ between both Labour Governments in Westminster and Cardiff, Labour have failed to stand up for Wales to demand a needs based funding model, powers over the Crown Estate and the billions owed to Wales from HS2.

    Plaid Cymru spokesperson for Finance and Culture, Heledd Fychan MS said:

    “Labour’s Budget is not one that will address the crisis facing the education or culture sectors, it won’t fix the NHS, and neither will it mean that councils across Wales will be able to properly deliver key public services that our communities rely on.

    “While Labour said everything would be rosy once a UK Labour Government was elected, without securing the fair funding that Wales needs, this Draft Budget is yet another sticking plaster that doesn’t offer the meaningful change promised.

    “Wales should not have to settle for less. We deserve a fair funding formula to invest in public services. We have the right to full control over our natural resources. And we should absolutely be given the £4bn owed from HS2. Labour’s failure to stand up for Wales and demand all of these from their colleagues in Westminster is reflected in this budget. It’s clear that only Plaid Cymru stands up for our communities.”

    MIL OSI United Kingdom –

  • MIL-OSI Security: White Supremacist Leader Found Guilty of Conspiring to Destroy Regional Power Grid

    Source: Office of United States Attorneys

    Baltimore, Maryland – After a six-day trial, a federal jury found Brandon Russell, 29, a resident of Orlando, Florida, guilty of conspiracy to damage an energy facility.

    Erek L. Barron, United States Attorney for the District of Maryland and Special Agent in Charge William J. DelBagno, of the Federal Bureau of Investigation, Baltimore Field Office announced the jury’s verdict.

    “Hate-fueled violence has no place in a civilized society. Brandon Russell went well beyond his First Amendment rights, orchestrating a terrorist plot that would have harmed thousands of innocent people,” Barron said.  “It won’t always be popular, but this office will do the right thing, the right way, for the right reason.”  

    “Brandon Russell, a self-proclaimed National Socialist, conspired to ‘lay waste to the city of Baltimore’ through violence and destruction of critical infrastructure. Today’s verdict reinforces there is no tolerance for those who seek to harm our communities and use violence to further hate-filled beliefs,” DelBagno said. “I am proud of the tremendous work by FBI Baltimore’s Joint Terrorism Task Force which led this investigation. The FBI remains diligent in protecting Marylanders from national security and public safety threats every single day in conjunction with our dedicated law enforcement and private sector partners.”

    According to evidence presented at trial, from at least November 2022 to February 3, 2023, Russell conspired to carry out attacks against critical infrastructure, specifically transformers located within electrical substations, in furtherance of Russell’s racially or ethnically motivated violent extremist beliefs. Russell posted links to open-source maps of infrastructure, which included the locations of electrical substations, and he described how a small number of attacks on substations could cause a “cascading failure.” Russell also discussed maximizing the impact of the planned attack by hitting multiple substations at one time.

    Russell recruited a Maryland-based woman, Sarah Beth Clendaniel, to carry out the attacks in Baltimore and elsewhere. They planned to damage energy facilities involved in the transmission and distribution of electricity and to cause a significant interruption and impairment of the Baltimore regional power grid. The intended monetary loss associated with the planned attacks would have exceeded $75 million. Clendaniel identified five substations to target, and Russell attempted to secure a weapon for Clendaniel. Clendaniel stated that if they hit a number of substations all in the same day, they “would completely destroy this whole city,” and that a “good four or five shots through the center of them . . . should make that happen.” She further added, “[i]t would probably permanently completely lay this city to waste if we could do that successfully.”

    Russell faces a maximum sentence of 20 years in federal prison for conspiracy to damage an energy facility. Senior United States District Judge James K. Bredar will determine the sentence after accounting for the U.S. Sentencing Guidelines and other statutory factors. A sentencing date has not been scheduled. On September 25, 2024, U.S. District Judge Bredar sentenced Clendaniel, to 18 years in federal prison, followed by a lifetime of supervised release, for conspiring with Russell to damage or destroy an energy facility in violation of 18 U.S.C. § 1366(a), and a concurrent sentence of 15 years for being a felon in possession of a firearm, and 3 years of supervised release, in violation of 18 U.S.C. § 922(g)(1).

    U.S. Attorney Barron commended the Baltimore FBI Field Office for its outstanding work in the investigation and praised the Joint Terrorism Task Force, the Maryland State Police, the Baltimore County Police Department and the Tampa, Washington, and New York Field Offices of the FBI for their valuable assistance. Mr. Barron also thanked the Department of Justice’s National Security Division and the United States Attorney’s Office for the Middle District of Florida for their assistance. Mr. Barron thanked the prosecution team for their hard work and diligence in the case.

    For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, please visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach. To report a Maryland-based hate crime, contact the FBI Baltimore field office at (410) 265-8080 or www.tips.fbi.gov.

    # # #

    MIL Security OSI –

  • MIL-OSI: GigaCloud Technology Inc Donates More than $1 Million in Furniture to Habitat for Humanity Greater Los Angeles to Aid Wildfire Victims

    Source: GlobeNewswire (MIL-OSI)

    EL MONTE, Calif., Feb. 03, 2025 (GLOBE NEWSWIRE) — GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise, today announced it is donating more than $1 million in home furnishings to Habitat for Humanity Greater Los Angeles to support the ReBUILD LA™ Wildfire Recovery campaign. The donation will directly benefit families who have lost their homes, helping them rebuild their lives with dignity and comfort.

    “Los Angeles is our home, and when people in our community lose their homes in disasters like wildfires, it impacts all of us,” said Larry Wu, Founder, Chairman, and Chief Executive Officer. “We are committed to doing everything in our power to help families rebuild their lives with dignity and comfort. Through our donation of over $1 million worth of furniture to Habitat for Humanity Greater Los Angeles, we aim to provide essential home furnishings and restore a sense of normalcy for those who have lost so much. GigaCloud stands with our community—as neighbors and as a company that cares.”

    GigaCloud’s donation includes nearly 90 SKUs totaling over 5,000 items, featuring a diverse range of indoor living furniture such as beds, mattresses, sofas, and chairs. The contribution also includes a significant number of ottomans and dressers, ensuring a wide variety of pieces to enhance functionality.

    Recognizing that mattresses were among the most urgently needed items and that they were not in stock at the time, the Company took action by reaching out to Restonic—a leading mattress supplier and recently onboarded GigaCloud B2B Marketplace seller—to purchase $150,000 worth of mattresses specifically for donation.

    “When GigaCloud reached out to us about the urgent need for mattresses among those impacted by the wildfire, their dedication to truly helping the community was evident,” said Laurie Tokarz, President of Restonic. “Instead of simply donating what was available, they made it a priority to source exactly what families needed most. At Restonic, providing comfort and support is at the heart of what we do, and we are honored to partner with GigaCloud and Habitat for Humanity Greater Los Angeles to help families rebuild their homes and lives.”

    GigaCloud’s deep ties to the Los Angeles community extend beyond this initiative. Under the leadership of Wu, who was recognized as an Entrepreneur Of The Year® 2024 Greater Los Angeles Award winner by Ernst & Young LLP in 2024, the Company has consistently supported local causes, including ongoing donations to City of Hope and other community initiatives.

    The ReBUILD LA™ Wildfire Recovery campaign was created to support uninsured, underinsured, and low-income families impacted by wildfires. The campaign focuses on providing assistance with rebuilding and relocation to ensure families have safe and stable housing. Additionally, it offers essential home furnishings and supplies to help create new living spaces, as well as temporary rental and mortgage assistance for families whose homes are uninhabitable.

    “We are incredibly grateful to GigaCloud Technology for their generosity and shared commitment to rebuilding lives and restoring hope,” said Erin Rank, president and CEO of Habitat for Humanity Greater Los Angeles. “Their donation will provide families with essential home furnishings as they begin anew after the devastation of wildfires.”

    About GigaCloud Technology Inc

    GigaCloud Technology Inc is a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise. The Company’s B2B ecommerce platform, the “GigaCloud Marketplace,” integrates everything from discovery, payments and logistics tools into one easy-to-use platform. The Company’s global marketplace seamlessly connects manufacturers, primarily in Asia, with resellers, primarily in the U.S., Asia and Europe, to execute cross-border transactions with confidence, speed and efficiency. GigaCloud offers a comprehensive solution that transports products from the manufacturer’s warehouse to the end customer’s doorstep, all at one fixed price. The Company first launched its marketplace in January 2019 by focusing on the global furniture market and has since expanded into additional categories, including home appliances and fitness equipment. For more information, please visit the Company’s website: https://www.gigacloudtech.com/.

    About Habitat for Humanity of Greater Los Angeles

    Habitat for Humanity of Greater Los Angeles (Habitat LA) transforms neighborhoods throughout greater Los Angeles by bringing the community together to build affordable homes, provide critical home repairs and help families rebuild after natural disasters. Habitat LA strengthens families through helping them access affordable loans, housing counseling and down-payment assistance. For more information about Habitat LA visit https://www.habitatla.org/.

    Forward-Looking Statements

    This press release contains “forward-looking statements.” Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    For investor and media inquiries, please contact:

    GigaCloud Technology Inc
    Investor Relations
    ir@gigacloudtech.com

    PondelWilkinson, Inc.
    Laurie Berman (Investors) – lberman@pondel.com
    George Medici (Media) – gmedici@pondel.com

    The MIL Network –

  • MIL-OSI New Zealand: Police appeal for information in relation to missing person, Thomas Basire

    Source: New Zealand Police (National News)

    Attributable to Detective Senior Sergeant Martin Todd, Hutt Valley Area Investigations Manager:

    Police are appealing for the publics assistance to identify an associate of a Hutt Valley man, missing for over two months.

    28-year-old Tom Basire, was last seen wearing the clothing pictured, walking towards Petone on the stop bank near the Ewen Bridge on Railway Ave, 24 November 2024

    Police have been told that Tom would occasionally visit an associate that lives in Petone.  No other details of this associate are known, and Police are asking for the public’s help to identify this person.

    Last week, Police’s Search and Rescue Team oversaw a search of the Hutt River and riverbank. Police can now advise, no items of interest were located in this search, however, footage which was taken during the search continues to be analysed.

    Police have previously advised that it is out of character for Tom to not be in contact with his family, especially missing seeing his family on his birthday in December.

    Both Police and Tom’s family have serious concerns for his wellbeing and would like to see him return safely

    If you have any information on Tom’s whereabouts or the identity an associate of his from the Petone area, please update us online now or call 105, quoting reference number 241213/6143.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI USA: NBC News: Democratic senators say they have ‘grave concerns’ over RFK Jr.’s potential financial conflicts

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    February 03, 2025

    Two Democratic senators on the committee that will get to decide whether to advance Robert F. Kennedy Jr.’s nomination say his recent financial disclosure filing gave them “grave concern” about whether he should become the next health and human services secretary.

    In a letter to Kennedy dated Sunday, Sens. Elizabeth Warren, D-Mass., and Ron Wyden, D-Ore., said his recently amended ethics disclosure form only raised additional questions about the scope of his potential financial conflicts of interest.

    “What is clear is that your involvement and financial interests in vaccine litigation are broad and extensive. It seems possible that many different types of vaccine-related decisions and communications—which you would be empowered to make and influence as Secretary—could result in significant financial compensation for your family,” wrote Warren and Wyden, who are on the Finance Committee.

    “These conflicts, combined with your decades-long career casting doubt about the safety and efficacy of life-saving vaccines, give us grave concern about your fitness to serve as Secretary,” they continued. 

    …

    Read the full article here.

    By:  Natasha Korecki
    Source: NBC News

    MIL OSI USA News –

  • MIL-OSI USA: DHS Agencies Support Super Bowl LIX Security

    Source: US Federal Emergency Management Agency

    Headline: DHS Agencies Support Super Bowl LIX Security

    lass=”text-align-center”>Continuing a 20+ Year Partnership, More Than 690 DHS Employees Work to Protect Estimated 73,000 Fans Attending the Big Game 
    WASHINGTON – Department of Homeland Security Secretary Kristi Noem traveled to New Orleans this week to observe DHS security operations for Super Bowl LIX. More than 690 employees representing 12 DHS agencies are in New Orleans, providing air security resources; venue, cyber, and infrastructure security assessments; chemical, biological, radiological, nuclear, and explosives detection technologies; intelligence analysis and threat assessments; intellectual property enforcement; and real-time situational awareness reporting as part of a 20-year partnership with the National Football League and state and local law enforcement.
    “Around 100,000 people will be celebrating the Super Bowl in and around the Superdome in New Orleans this weekend,” said Secretary Noem. “We will give law enforcement every resource they need to ensure a safe event. Thank you to our partners, Governor Landry, Mayor Cantrell and the New Orleans Police Department. If you see something, say something!”
    “Since day one, we have stood steadfast in our mission: to protect what matters most,” said Eric DeLaune, Homeland Security Investigations (HSI) New Orleans Special Agent in Charge and lead federal coordinator for Super Bowl LIX. “From securing critical infrastructure to providing real-time threat analysis, we are committed to safeguarding our communities. With over 690 DHS personnel deployed, we bring cutting-edge security resources and technologies to ensure every aspect of this event is protected.” 
    DHS has assessed this year’s Super Bowl as a Special Event Assessment Rating (SEAR) Level 1 event. For more information, visit the SEAR Fact Sheet webpage. Although no specific, credible threats related to this year’s game have been identified, the U.S. remains in a heightened threat environment, as evidenced by the recent terror attack in New Orleans on New Year’s Day.
    DHS security efforts for Super Bowl LIX include the following:

    U.S. Customs and Border Protection’s (CBP): Air and Marine Operations (AMO) will enforce temporary flight restrictions around Caesars Superdome, providing “eye in the sky” intelligence, surveillance and reconnaissance flight operations in and around key venues, including the Superdome, airport, Bourbon Street and the Ernest N. Morial Convention Center. Additionally, CBP will provide video surveillance capabilities and non-intrusive inspections by scanning the cargo entering the stadium for contraband such as narcotics, weapons, and explosives. CBP will also work to intercept counterfeit NFL merchandise such as NFL jerseys, championship rings, T-shirts, caps and all sorts of souvenirs and memorabilia, which are often used to fund criminal organizations.
    Homeland Security Investigations (HSI): An HSI Special Response Team is standing by to provide interior stadium tactical support, and HSI’s special agents will support will also CBP, local law enforcement agencies, and other private partners in identifying an investigating any flea markets, retail outlets, street vendors and online marketplaces selling counterfeit goods during the week leading up to the Super Bowl to protect consumers, who are expected to spend over $16.5 billion nationwide. HSI will also oversee the coordination of DHS assets with local, state, and federal law enforcement agencies to ensure essential public safety measures and resources are in the right place, at the right time. 
    Cybersecurity and Infrastructure Security Agency (CISA): On Super Bowl Sunday, CISA will also deploy advisors and emergency communications coordinators to support local law enforcement, emergency responders, and private partners in New Orleans. Ahead of the event, the agency conducted physical and cybersecurity vulnerability assessments, planning exercises, and bomb safety workshops with state and local partners. 
    Office of Intelligence &Analysis (I&A): I&A worked with the Federal Bureau of Investigation (FBI) to assess the threat landscape leading up to the Super Bowl, including sharing timely and actionable information and intelligence with their state and local partners.
    Countering Weapons of Mass Destruction Office (CWMD): CWMD provided surge support from its Mobile Detection Deployment Program and its BioWatch program in coordination with the City of New Orleans.
    U.S. Coast Guard (USCG): USCG Pacific Strike Team is supporting the Mobile Detection Deployment Program to bolster DHS’s ability to detect and interdict chemical, biological, radiological, and nuclear threats, and Canine Explosive Detection teams will support the safety and security of the event.
    Transportation Security Administration (TSA): A TSA Supervisory Federal Air Marshal will staff the Fusion Watch Center during the event, and will use its National Deployment Force to increase the number of transportation security officers working at Louis Armstrong New Orleans International Airport to screen the increased number of departing passengers after the Super Bowl. TSA’s explosive detection canines and Visible Intermodal Prevention and Response (VIPR) teams will also work during Super Bowl week events at key venues.
    Science & Technology Directorate (S&T): S&T will deploy easy-to assemble, expandable security barriers that can be installed quickly to provide critical asset protection and intrusion prevention.
    Federal Emergency Management Agency (FEMA): FEMA will help keep fans safe by providing communication tools for state and local responders.
    DHS Blue Campaign: This public awareness campaign is disseminating digital and out-of-home advertising in the New Orleans area to raise human trafficking awareness among visitors, local residents, and those working in industries, such as hotels, hospitality, and transportation, where frontline employees are more likely to be in a position to identify and report human trafficking. The campaign’s Blue Lightning Initiative is also partnering with Louis Armstrong New Orleans International Airport to raise awareness and train staff to recognize and report human trafficking.

    DHS reminds the public that “If You See Something, Say Something®” is more than a slogan. It is a call to action to report suspicious terrorism-related activity. Follow DHS’s security efforts on X: @DHSgov.

    MIL OSI USA News –

  • MIL-OSI USA: NASA Presses Forward Search for VIPER Moon Rover Partner

    Source: NASA

    To advance plans of securing a public/private partnership and land and operate NASA’s VIPER (Volatiles Investigating Polar Exploration Rover) mission on the Moon in collaboration with industry the agency announced Monday it is seeking U.S. proposals. As part of the agency’s Artemis campaign, instruments on VIPER will demonstrate U.S. industry’s ability to search for ice on the lunar surface and collect science data.
    The Announcement for Partnership Proposal contains proposal instructions and evaluation criteria for a new Lunar Volatiles Science Partnership. Responses are due Thursday, Feb. 20. After evaluating submissions, any selections by the agency will require respondents to submit a second, more detailed, proposal. NASA is expected to make a decision on the VIPER mission this summer.
    “Moving forward with a VIPER partnership offers NASA a unique opportunity to engage with the private sector,” said Nicky Fox, associate administrator in the Science Mission Directorate at NASA Headquarters in Washington. “Such a partnership provides the opportunity for NASA to collect VIPER science that could tell us more about water on the Moon, while advancing commercial lunar landing capabilities and resource prospecting possibilities.”
    This new announcement comes after NASA issued a Request for Information on Aug. 9, 2024, to seek interest from American companies and institutions in conducting a mission using the agency’s VIPER Moon rover after the program was canceled in July 2024.
    Any partnership would work under a Cooperative Research and Development Agreement. This type of partnership allows both NASA and an industry partner to contribute services, technology, and hardware to the collaboration.
    As part of an agreement, NASA would contribute the existing VIPER rover as-is. Potential partners would need to arrange for the integration and successful landing of the rover on the Moon, conduct a science/exploration campaign, and disseminate VIPER-generated science data. The partner may not disassemble the rover and use its instruments or parts separately from the VIPER mission. NASA’s selection approach will favor proposals that enable data from the mission’s science instruments to be shared openly with anyone who wishes to use it.
    “Being selected for the VIPER partnership would benefit any company interested in advancing their lunar landing and surface operations capabilities,” said Joel Kearns, deputy associate administrator for exploration in the Science Mission Directorate. “This solicitation seeks proposals that clearly describe what is needed to successfully land and operate the rover, and invites industry to propose their own complementary science goals and approaches. NASA is looking forward to partnering with U.S. industry to meet the challenges of performing volatiles science in the lunar environment.”
    The Moon is a cornerstone for solar system science and exoplanet studies. In addition to helping inform where ice exists on the Moon for potential future astronauts, understanding our nearest neighbor helps us understand how it has evolved and what processes shaped its surface. 
    To learn more about NASA’s lunar science, visit:
    https://www.nasa.gov/moon
    -end-
    Karen FoxHeadquarters, Washington202-358-1100karen.fox@nasa.gov

    MIL OSI USA News –

  • MIL-OSI USA: Durbin Leads All Senate Judiciary Committee Democrats IN Letters Demanding Answers From FBI, DOJ Nominees, Acting Attorney General, And Acting FBI Director On Trump Administration Forcing Out DOJ And FBI Officials

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    February 03, 2025

    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, today led all Senate Judiciary Committee Democrats in letters to President Trump’s nominee to be the Attorney General of the Department of Justice (DOJ), Pam Bondi; nominee to be the Director of the Federal Bureau of Investigation (FBI), Kash Patel; nominee to be Deputy Attorney General, Todd Blanche; as well as the Acting Attorney General,  James McHenry; and Acting FBI Director, Brian Driscoll, about the removal or reassignment across DOJ and FBI of career law enforcement officials. Last week, the Trump Administration reportedly purged dozens of DOJ and FBI officials involved in prosecuting Donald Trump and the January 6 rioters and is now threatening additional action against thousands of employees across the country who worked on investigations related to the attack on the Capitol.

    In addition to Durbin, the letters were signed by U.S. Senators Sheldon Whitehouse (D-RI), Amy Klobuchar (D-MN), Chris Coons (D-DE), Richard Blumenthal (D-CT), Mazie Hirono (D-HI), Cory Booker (D-NJ), Alex Padilla (D-CA), Peter Welch (D-VT), and Adam Schiff (D-CA).

    The Senators wrote, “We have grave concerns about the removal or reassignment across the Department of Justice (DOJ) and Federal Bureau of Investigation (FBI) of senior career civil servants who have served honorably under multiple administrations, regardless of the President’s party. The removals and reassignments from their positions of a significant number of experienced, nonpartisan Department officials with invaluable national security expertise without any comparable replacements one day into the second Trump Administration presents an alarming threat to national security. As many as 20 senior Department officials were reassigned or removed, including the veteran career deputy assistant attorneys general in the Department’s National Security Division.”

    The Senators continued, “Our alarm has only grown in the past two weeks as this purge of experienced career prosecutors and agents has expanded to include the removal or forced retirement of all six Executive Assistant Directors (EADs), including the EADs who oversee the National Security Branch, Intelligence Branch, and the Criminal, Cyber, Response, and Services Branch; as well as the Assistant Directors and the Special Agents in Charge of at least four major field offices. Acting Deputy Attorney General Emil Bove ordered these actions in a January 31, 2025 memo, stating, ‘I do not believe the current leadership of the Justice Department can trust these FBI employees to assist in implementing the President’s agenda faithfully.’ Similarly, more than a dozen senior Department prosecutors were fired after receiving memos from Acting Attorney General McHenry stating: ‘Given your significant role in prosecuting the President, I do not believe that the leadership of the Department can trust you to assist in implementing the President’s agenda faithfully.’ Retaliating against these career public servants who were simply doing the work assigned to them is outrageous and unacceptable.”

    Over the weekend, thousands of FBI personnel across the country were asked to complete a questionnaire by today, Monday, February 3, at 3pm. The survey asks for their job title, whether they worked on a case related to the January 6th attack on the Capitol, “if they were involved in the arrest of a Jan. 6 suspect, if they testified at a trial, if they interviewed witnesses, if they conducted surveillance on suspects and more.” It has also been reported that the Acting FBI Director is being advised by an advisory committee comprised of partisan political operators, including an Elon Musk affiliate. This is a stark departure from the longstanding tradition that the FBI Director is the only political appointee in the Bureau.

    “As America faces a heightened threat landscape, these shocking removals and reassignments deprive DOJ and the FBI of experienced, senior leadership and decades of experience fighting violent crime, espionage, and terrorism. As the FBI Agents Association stated in response to reports about the removal of FBI officials: ‘Dismissing potentially hundreds of Agents would severely weaken the Bureau’s ability to protect the country from national security and criminal threats and will ultimately risk setting up the Bureau and its new leadership for failure,’” the Senators wrote. “Moreover, the firing of dozens of federal prosecutors and hundreds of agents will cripple FBI field offices and U.S. Attorney’s offices across the country. We can only assume these decisions are intended to prevent the Department from investigating national security and public corruption, while also serving as political retribution against the President’s perceived enemies and stoking fear among the dedicated and talented workforce in our nation’s premier law enforcement agency.”

    In the letter, the Senators state that the Senate Judiciary Committee has a constitutional obligation to perform oversight over the Department and its components, and to provide advice and consent on the nominations of officers to lead it. To that end, they request various information to be returned to the Committee in response to the removal of FBI and DOJ officials. They also request answers from these individuals about their involvement.

    The full letter to AG nominee Pam Bondi can be found here.

    The full letter to FBI Director nominee Kash Patel can be found here.

    The full letter to Deputy AG nominee Todd Blanche can be found here.

    The full letter to Acting AG McHenry and Acting FBI Director Driscoll can be found here.

    -30-

    MIL OSI USA News –