Category: France

MIL-OSI Submissions: The US has sanctioned UN special rapporteur Francesca Albanese – here’s why she’s the wrong target

Source: The Conversation – UK – By Alvina Hoffmann, Lecturer in Diplomatic Studies, Department of Politics and International Studies, SOAS, University of London

The United States has imposed sanctions against the UN’s special rapporteur in the Palestinian territories, Francesca Albanese. It’s an unprecedented situation. The US secretary of state, Marco Rubio, cited as the reason her direct engagement with the International Criminal Court “in efforts to investigate, arrest, detain, or prosecute nationals of the United States or Israel”.

The statement also described Albanese’s “threatening letters to dozens of entities worldwide, including major American companies” as an escalation of her strategies. The sanctions were framed as preventing “illegitimate ICC overreach and abuse of power” and as part of Trump’s Executive Order 14203 on imposing sanctions on the ICC.

This raises the question: who are special rapporteurs and why would Albanese’s performance of her role elicit such a strong reaction from the US? Special rapporteurs are independent human rights experts, part of the UN Human Rights Council’s special procedures system established in 1979. There are 46 “thematic mandates” on issues such as extrajudicial killings, enforced disappearances and the environment, and 14 “country mandates”, including in Palestine.

Experts on human rights from academia, advocacy, law and other relevant professional fields are appointed to fulfil a variety of tasks. These include undertaking country visits, sending communications to states about individual cases of human rights violations, developing international human rights standards, engaging in advocacy and providing technical cooperation based on their legal and thematic expertise.

In 1967, 22 years after it was set up, the United Nations established institutional provisions for independent experts on human rights. This happened first in 1967 when it appointed an ad hoc working group of experts on apartheid and racial discrimination in southern Africa. In 1968 the same group of experts was appointed to investigate “Israeli Practices Affecting the Human Rights of the Palestinian People and Other Arabs of the Occupied Territories”. This is still in place today.

Neither South Africa nor Israel allowed experts to enter their territories to inspect their human rights record at the time. But in 2003, nearly a decade after it first held democratic elections, South Africa issued a standing invitation to all thematic special procedures, meaning they committed themselves, at least in theory, to always accept requests to visit from rapporteurs.

Attacks on individual rapporteurs

Albanese, a specialist in international human rights law, is the eighth rapporteur since the creation of her mandate in 1993. She was appointed to this pro bono position in 2022 for three years, and her mandate was recently renewed for another period of three years.

It was her most recent report from June 30 which led to her being sanctioned by the US. The report focused on the role of the corporate sector in “colonial endeavours and associated genocides” and named over 60 companies as “complicit”.

A host of institutions and leading human rights figures have come to her defence. Agnes Callamard, a former special rapporteur on extrajudicial killings, now the secretary general of Amnesty international noted the “chilling effects for all special rapporteurs” of the US decision. Top UN human rights officials denounced this dangerous precedent and called for its reversal.

In February 2024, the government of Israel declared Albanese persona non grata in response to her remark that “the victims of the October 7 massacre were not murdered because of their Jewishness, but in response to Israeli oppression”. As with the newly imposed sanctions, she called this step a distraction and called upon the world to keep their focus on Gaza.

Diplomatic immunity

Special rapporteurs are granted diplomatic immunity which, in theory, should enable them to speak up or write critical reports without the fear of reprisals. But in 1989 and 1999 the ICJ had to intervene with an advisory opinion on two cases when this status was jeopardised after the home countries of two special rapporteurs tried to restrict their freedom of speech. This involved Romanian national Dumitru Mazilu, tasked with writing a report on “Human rights and youth”, and Malaysian national Dato’ Param Cumaraswamy, special rapporteur on the independence of judges and lawyers.

Special rapporteurs wrote a collective letter denouncing the second case, when the Malaysian government filed several legal proceedings against Cumaraswamy. The body of experts called this “judicial harassment of a special rapporteur” and “a challenge to the status of the United Nations as a whole, its officials and its experts on mission”.

Special rapporteurs occupy an ambiguous institutional position. They take their mandate from the Human Rights Council, but they act in their personal capacity, and hence are not considered to be UN officials. In practice, they need to balance relations carefully between the UN secretariat, civil society, state representatives and, at times, their own countries.

The advisory opinions helped clarify that it was the secretary general, as the head of the United Nations, that entrusts them with the privileges of diplomatic immunity. The arrangement also leaves the door open for national courts to disagree with the secretary general. This enabled individual countries in some cases to exercise some form of control over their own nationals.

The recent attack on Albanese adds to the broader budgetary crisis of the UN, as the Trump administration is withholding funds of about US$1.5 billion (£1.2 billion) in addition to other countries such as China, Russia and Saudi Arabia. These are serious challenges for the UN human rights and humanitarian aid programmes. As past cases of attacks against individual rapporteurs have shown, it is important for all rapporteurs to stand together as one body and defend the integrity of the system as a whole.

Despite these attacks on her integrity and person, Albanese maintains faith in the human rights law instruments. As she stated during a public talk I attended at SOAS University of London in November 2024, we are yet to unlock the full potential of these instruments. This can only be done as a collective.

Alvina Hoffmann has previously been funded by the Economic and Social Research Council (UKRI).

– ref. The US has sanctioned UN special rapporteur Francesca Albanese – here’s why she’s the wrong target – https://theconversation.com/the-us-has-sanctioned-un-special-rapporteur-francesca-albanese-heres-why-shes-the-wrong-target-261788

MIL OSI –

July 25, 2025
MIL-OSI Submissions: Ukrainian protests: Zelensky faces biggest threat to his presidency since taking power

Source: The Conversation – UK – By Jennifer Mathers, Senior Lecturer in International Politics, Aberystwyth University

Protests have erupted in Kyiv and other Ukrainian cities against a new law that threatens the independence of Ukraine’s anti-corruption institutions. The legislation was hastily passed on July 22 by parliament and signed by the Ukrainian president, Volodymyr Zelensky, that same day.

It places Ukraine’s national anti-corruption bureau and its special anti-corruption prosecutor’s office under the direct control of the prosecutor general, one of Zelensky’s appointed officials. Zelensky has argued that the measure was necessary to address Russian infiltration of anti-corruption bodies.

Critics of the measure, however, believe the real purpose of the law is to give the president the power to quash ongoing investigations into alleged corruption by members of his inner circle. These include his close ally and former deputy prime minister, Oleksiy Chernyshov.

Politicians from opposition parties and civil society activists also regard the new law as an example of the president attempting to take advantage of wartime conditions to silence critics and consolidate power.

The protests have involved thousands of ordinary people. This includes veterans of the war against Russia’s invasion, some with visible war injuries such as missing limbs. Anger at the attempt to curb the independence of anticorruption bodies has broken the informal agreement between the government and Ukrainian society to show a united front to the world while the war continues.

The protests may be the most serious domestic political challenge Zelensky has faced since he was elected president in 2019.

Ukrainians protest after Zelensky signs law clamping down on anticorruption agencies.

Formally, Zelensky’s political position is secure. His Servant of the People party holds the majority of seats in parliament and governs without the constraints of coalition partners. Zelensky and his party will also not face voters anytime soon. There is a ban on holding elections during martial law, which is due to continue for the duration of the war.

Zelensky is not unpopular in Ukraine. According to a survey conducted in June by the Kyiv International Institute of Sociology, Zelensky’s personal popularity was running at 65%. This is down from the heady heights of 90% in the first few months after Russia’s 2022 invasion, but up significantly from 52% in December 2024.

However, Zelensky was quick to respond to the street protests by promising to reverse the new law. He said he would submit a new bill to parliament to restore independence to the agencies. The speed of his response reveals the sensitivity of the president – and indeed most Ukrainian politicians – to criticism on the corruption issue.

Why corruption is a big issue

Corruption is a topic that resonates strongly with Ukrainian society. Anger at the corruption of Viktor Yanukovych’s presidency fuelled the Maidan protests of 2013 and 2014, which began in response to his decision to break off negotiations with the EU and instead pursue closer political and economic ties with Russia.

The “revolution of dignity” that followed robustly rejected Yanukovych’s leadership and his policies, and ultimately saw him ousted from power. The revolution was a resounding demonstration of the strength of Ukraine’s civil society and its determination to hold its elected officials to account.

Any suggestion that Ukraine is failing to address corruption is also a matter of great concern for Ukraine’s international supporters. This is especially the case for major lenders such as the International Monetary Fund. Its willingness to disperse the large loans that help keep the Ukrainian economy functioning depends on Kyiv reaching the good governance milestones it sets.

European leaders have expressed concern at the new law and the possibility that Zelensky may be taking a backwards step when it comes to dealing with corruption.

President of the European Commission, Ursula von der Leyen, phoned Zelensky to express her strong concerns and ask for an explanation for diluting the independence of anti-corruption bodies. French and German leaders have also indicated that they intend to hold discussions with Zelensky about the issue.

Meanwhile, Russia has been quick to take advantage of the protests in Ukraine. According to intelligence from Ukraine’s ministry of defence, Moscow has already distributed doctored photographs of the protesters that show them holding pro-Russian signs. It has falsely claimed that Ukrainians are coming on to the streets to demand an immediate end to the war.

So far, there are no indications that these protests will spill over from demanding the reversal of one controversial piece of legislation into calls for a change of government. Some protesters have even been explicit in their remarks to the media that they are broadly supportive of Zelensky, but are calling on him to take action on this specific issue.

However, Zelensky cannot afford to be complacent. He needs to act quickly to keep his domestic and international supporters on side. A great deal of effort has been expended to demonstrate Ukraine’s commitment to democratic values and its suitability to join western institutions like the EU and Nato. Any hint of backsliding on anti-corruption could undermine that message.

Ukrainians continue to be remarkably united in their support for the war effort and their approval of the armed forces. But the mobilisation process is itself tainted with corruption. Ordinary citizens are reluctant to respond to the state’s call for more soldiers when it is widely known that the family members of powerful and wealthy Ukrainians are able to avoid military service and instead lead comfortable lives abroad.

Zelensky cannot afford to let dissatisfaction with corruption grow. Even if it does not threaten his hold on power today, society’s anger at corrupt practices and the inequalities they create is already damaging the war effort. Ukraine’s political leaders need to demonstrate that their commitment to democracy is as strong as that of the society that they lead.

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

– ref. Ukrainian protests: Zelensky faces biggest threat to his presidency since taking power – https://theconversation.com/ukrainian-protests-zelensky-faces-biggest-threat-to-his-presidency-since-taking-power-261876

MIL OSI –

July 25, 2025
MIL-OSI Analysis: Thailand and Cambodia’s escalating conflict has roots in century-old border dispute

Source: The Conversation – UK – By Petra Alderman, Manager of the Saw Swee Hock Southeast Asia Centre, London School of Economics and Political Science

There has been a dramatic escalation in a long-running border conflict between Thailand and Cambodia. On July 23, five Thai soldiers from a border patrol unit in Ubon Ratchathani province were seriously injured after stepping on a land mine – a second such incident in a week.

This prompted the Thai government to expel Cambodia’s ambassador from the country and recall its own ambassador from Cambodia. The following morning, Cambodia retaliated by expelling the Thai ambassador and recalling its embassy staff from Bangkok. Both sides have exchanged increasingly lethal fire.

Cambodia has fired rockets and artillery across the Thai border into several provinces, killing at least 11 civilians and one soldier. Thailand launched air strikes at Cambodia in return, reportedly targeting military bases in the disputed area around the Preah Vihear Hindu temple. Verified information is currently scarce as both sides are blaming each other for starting the fight.

The current flare-up started in late May, when a Cambodian soldier was killed in a exchange of fire between the two armies. But the roots of the conflict date back to the colonial era in the 19th and early 20th centuries.

Before European powers expanded their colonial interests to south-east Asia, the concept of a bordered nation-state was alien to local rulers. Life in pre-colonial south-east Asia was organised into loosely structured polities that had no clear boundaries.

There were several larger cities, which served as important centres of power and trade, and many smaller towns and villages that maintained relations with these cities. The further these towns and villages were from the cities, the less control and influence the cities had over them.

The British and French introduced the concept of nations with borders to mainland south-east Asia, drawing the first official maps of Thailand (then known as Siam) and Cambodia. In the case of Thailand, the only south-east Asian nation never to be formally colonised, the mapping was also done at the request of the Siamese kings.

Thailand’s current borders were shaped by several different maps and treaties that followed the 1893 Paknam incident, during which two French gunboats sailed up the Chao Praya River and blockaded Bangkok.

To preserve its sovereignty as an emerging nation, Siam ceded considerable territorial claims to France after this incident. This included several provinces in present-day Cambodia, which are home to ancient temples.

A 1907 map drawn by the French defined these territories, although with a considerable degree of vagueness. The map became a sore point in Cambodia-Thai relations following Cambodia’s independence in 1953, especially in regard to disputes over the Preah Vihear temple.

Preah Vihear temple

Following France’s withdrawal from south-east Asia in 1954, Thailand occupied Preah Vihear. Cambodia raised the issue of Thai occupation with the International Court of Justice (ICJ), which ruled in 1962 that the temple belonged to Cambodia based on the French map. Thailand reluctantly accepted the ruling, but continued to dispute the area surrounding the temple.

The conflict flared up again in 2008 when the UN world heritage body Unesco awarded the temple world heritage status. Cambodia’s application initially received support from the then new Thai government of prime minister Samak Sundaravej, a close ally of the recently ousted Thaksin Shinawatra.

Anti-Thaksin groups used the government’s support to drive an ultra-nationalist campaign against the Samak government. This eventually contributed to large-scale domestic political protests that saw Samak’s government and that of his successor, Somchai Wongsawat, both ousted from power in 2008 in a series of judicial coups.

The period from 2008 to 2011 was marked by high tensions between the two countries, with sporadic armed clashes between their respective armies in the areas surrounding the temple.

The newly appointed Thai government of Abhisit Vejjajiva was sympathetic towards the ultra-nationalist anti-Thaksin groups. So there was no de-escalation of the conflict from the Thai side. Hun Sen, who was then Cambodia’s prime minister, also benefited from the conflict as it helped buttress his nationalist credentials.

But a particularly violent round of armed clashes followed in February 2011, resulting in at least eight civilian fatalities, 20 injured soldiers and many displaced civilians on both sides. Hun Sen then raised the issue of Cambodian sovereignty over the temple and its surrounding area with the ICJ.

The ICJ issued a provisional ruling favouring Cambodia and ordered both sides to withdraw military personnel from the area. Despite the initial refusal of Thai troops to leave, the two countries agreed to withdraw their forces in December 2011.

The final ICJ ruling came in late 2013, again affirming Cambodia’s sovereignty of the area. It coincided with another period of domestic political instability in Thailand. The government of Yingluck Shinawatra, Thaksin’s younger sister, was facing mass public protests from anti-Thaksin groups.

While the ruling did not play a decisive role in the eventual downfall of her government, it added fuel to the already explosive political environment. The border conflict went largely dormant after the 2013 ICJ ruling, until the new round of clashes broke out in May 2025.

Thai and Cambodian troops have periodically clashed in the area surrounding the Preah Vihear temple.
Kim Za / Shutterstock

Given the history of tensions and armed disputes over territory between Cambodia and Thailand, the recent escalation is not without precedent. What is new, though, is that this round is as much between two countries as it is between two ruling families.

Over the past 20 years, a close personal relationship formed between Hun Sen and Thaksin. But this relationship unravelled when Hun Sen, who remains a hugely influential figure in Cambodian politics, released a private audio recording of his call with Thaksin’s daughter, Paetongtarn. The leak put her premiership on the line.

Paetongtarn has since been suspended from office pending a court ruling, with Cambodia-Thai relations reaching new lows. Given the intermixing of personal animosities, a quick diplomatic resolution to the escalating conflict seems unlikely.

Read more:
A border conflict may cost the Thai prime minister her job

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

– ref. Thailand and Cambodia’s escalating conflict has roots in century-old border dispute – https://theconversation.com/thailand-and-cambodias-escalating-conflict-has-roots-in-century-old-border-dispute-261873

MIL OSI Analysis –

July 25, 2025
MIL-OSI: CREDIT AGRICOLE SA: LCL and Crédit Agricole Assurances announce their entry into exclusive negotiations with AnaCap for the joint acquisition of Milleis Group
Source: GlobeNewswire (MIL-OSI)

Press Release

Paris, 24 July 2025

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

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

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

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

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

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

About LCL

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

About Crédit Agricole Assurances

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

About Milleis Group

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

About AnaCap

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

Press Contacts

LCL & Crédit Agricole S.A.

Crédit Agricole Assurances

Investor Relations

Crédit Agricole S.A.

Crédit Agricole Assurances

Attachment
- UK 2025 07 24 PR LCL CAA
The MIL Network –
July 25, 2025
MIL-OSI: Dassault Systèmes: Availability of the 2025 Half-year Financial Report
Source: GlobeNewswire (MIL-OSI)

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

Availability of Dassault Systèmes’ 2025 Half-Year Financial Report

(IFRS Half-Year Consolidated Condensed Financial Statements)

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

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

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

###

ABOUT DASSAULT SYSTÈMES

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

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

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

Attachment
- Dassault Systèmes: Availability of the 2025 Half-year Financial Report
The MIL Network –
July 25, 2025

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

Source: GlobeNewswire (MIL-OSI)

Press Release
Paris, July 24, 2025

74Software: Sustained Momentum Reinforces Long-Term Objectives

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

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

Half-Year Key Income Statement Items

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

Patrick Donovan, Chief Executive Officer, stated:

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

Comments on H1 2025 activity

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

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

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

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

Comments on H1 2025 operational performance

Half-year Revenue Breakdown by Portfolio Brand

	H1 2025	H1 2024 Proforma	H1 2024 Restated	Total Growth	Organic Growth
€m / %	H1 2025	H1 2024 Proforma	H1 2024 Restated	Total Growth	Organic Growth
Axway Scope	160.8	148.7	147.6	8.1%	8.9%
SBS Scope	184.2	175.2	175.4	5.1%	5.0%

Consolidation	-1.0	0.0	0.0	–	–

74Software	344.0	323.9	323.0	6.2%	6.5%

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

Half-year Revenue Breakdown by Type

	H1 2025	H1 2024 Proforma	H1 2024 Restated	Total Growth	Organic Growth
€m / %	H1 2025	H1 2024 Proforma	H1 2024 Restated	Total Growth	Organic Growth
Product revenue	280.0	248.7	248.1	12.6%	12.9%
Recurring revenue	258.0	229.3	228.7	12.5%	12.8%
o/w Maintenance & Support	91.5	96.2	96.0	-4.9%	-4.7%
o/w Customer-managed Subscription	98.7	76.6	76.5	28.8%	29.0%
o/w Own-managed Subscription	67.8	56.5	56.2	20.0%	20.6%
License revenue	22.1	19.4	19.4	13.5%	13.7%

Services revenue	64.0	75.2	74.9	-14.9%	-14.6%

Total revenue	344.0	323.9	323.0	6.2%	6.5%

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

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

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

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

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

Comments on H1 2025 product line performance

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

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

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

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

Comments on H1 2025 profit on operating activities

Profit on Operating Activities – Group

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

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

Comments on H1 2025 net profit

Net Profit – Group

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

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

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

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

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

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

Financial position on June 30, 2025

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

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

Change in the workforce

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

Targets & Ambitions

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

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

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

2025 HALF-YEAR RESULTS – VIRTUAL ANALYST CONFERENCE

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

Please note that the meeting will be held in English.

Financial Calendar

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

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

Glossary and Alternative Performance Measures

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

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

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

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

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

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

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

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

About 74Software

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

Contacts – Investor Relations:

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

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

Appendices (1/5)

Income Statement – Group

	Half-year 2025		Half-year 2024 Proforma 6M AXW + 6M SBS		Half-year 2024 Reported Axway Standalone
	€m	% of Rev.	€m	% of Rev.	€m	% of Rev.
TOTAL REVENUE	344.0		323.9		148.7
Total costs of revenue	-115.9		-117.1		-44.0
GROSS PROFIT	228.1	66.3%	206.9	63.9%	104.7	70.5%
Operating expenses	-186.8		-186.9		-87.6
PROFIT ON OPERATING ACTIVITIES	41.3	12.0%	19.9	6.1%	17.1	11.5%
Share-based expenses	-6.7		-2.4		-2.9
Amortization of allocated intangibles	-6.2		-7.1		-1.7
PROFIT FROM RECURRING OPERATIONS	28.4	8.3%	10.5	3.2%	12.5	8.4%
Other operating income and expenses	-8.9		-7.9		-4.1
OPERATING PROFIT	19.5	5.7%	2.6	0.8%	8.3	5.6%
Cost of financial debt	-9.0		-8.9		-2.7
Other financial income and expenses	-2.2		-2.0		-0.9
Income tax expenses	-2.5		-7.2		-2.0
NET PROFIT	5.8	1.7%	-15.6	-4.8%	2.8	1.9%
Earnings per share	0.20 €		-0.54 €		0.13 €

Simplified Balance Sheet

in €m	H1 2025 IFRS Consolidated	FY 2024 IFRS Consolidated	Change	in €m	H1 2025 IFRS Consolidated	FY 2024 IFRS Consolidated	Change
Accounts receivables	246.7	293.5	– 46.8	Cash & cash equivalents	-57.8	-41.4	– 16.4
Other current assets	123.3	101.9	+ 21.4	Financial debt	249.6	291.8	– 42.2
Accounts payables	-34.1	-28.7	– 5.4	Net debt	191.8	250.4	– 58.6
Deferred revenue	-138.2	-88.6	– 49.6	Equity	512.8	532.4	– 19.6
Other current liabilities	-137.2	-158.0	+ 20.8	CAPITAL EMPLOYED	704.6	782.8	– 78.2
Net working capital	60.5	120.1	– 59.7
Tangible fixed assets	20.9	25.0	– 4.1
Goodwill	523.1	497.4	+ 25.7		H1 2025 IFRS Consolidated	FY 2024 IFRS Consolidated	Change
Other intangibles	132.1	192.3	– 60.2
Fixed assets	676.1	714.7	– 38.6	Ratios
Other assets	100.2	78.1	+ 22.1	DSO (days)	121	145	-24
Other liabilities	-132.1	-130.1	– 2.0	Net debt / total capital	27.2%	32.0%	– 4.8%
Other assets – liabilities	-31.9	-52.0	+ 20.1	Equity / total capital	72.8%	68.0%	+ 4.8%
INVESTED ASSETS	704.5	782.8	– 78.4

Cash Flow Statement

	H1 2025			H1 2024	Change Axway H1 25 vs. H1 24
in €m	74Software	SBS	Axway	Axway Standalone	Change Axway H1 25 vs. H1 24
Operating cashflow	89.6	35.8	53.9	15.0	+ 38.8
o/w change in NWC	55.0	29.4	25.6	2.6	+ 23.1
o/w other operating cashflow	34.6	6.4	28.2	12.5	+ 15.7
Investing cashflow	-14.2	-9.8	-4.4	-2.7	– 1.6
o/w PP&E & others	-5.0	-0.6	-4.4	-2.7	– 1.7
o/w capitalized R&D	-9.2	-9.2	0.0	0.0	0.0
Financing cashflow	-58.1	-14.6	-43.4	-12.6	– 30.8
o/w debt repayment	-42.0	0.0	-42.0	0.0	– 42.0
o/w other financing cashflow	-16.1	-14.6	-1.4	-12.6	+ 11.2
NET CHANGE IN CASH	16.2	11.1	5.1	-0.2	+ 5.3

Unlevered free cashflow	76.4	29.0	47.4	13.9	+ 33.5
as a % of revenue	22.2%	15.7%	29.5%	9.4%	+ 20.1%

Appendices (2/5)

Profit on Operating Activities – Axway

	H1 2025 Axway		H1 2024 Reported Axway		Change
	€m	% of Rev.	€m	% of Rev.	€m	Basis Points
Product revenue	143.3	89.1%	130.5	87.8%	+ 12.8	+ 134
Services revenue	17.5	10.9%	18.2	12.2%	– 0.7	– 134
Total revenue	160.8		148.7		+ 12.1
Total costs of revenue	40.3		44.0		– 3.7
GROSS PROFIT	120.5	74.9%	104.7	70.4%	+ 15.8	+ 451
o/w product gross profit	119.3	83.2%	104.6	80.2%	+ 14.7	+ 308
o/w services gross profit	1.2	7.0%	0.1	0.6%	+ 1.1	+ 644
Operating expenses	93.8	58.4%	87.6	58.9%	+ 6.2	– 58
o/w research & development	32.6	20.3%	31.2	21.0%	+ 1.4	– 69
o/w sales & marketing	43.0	26.8%	41.8	28.1%	+ 1.2	– 137
o/w general & administrative	18.2	11.3%	14.6	9.8%	+ 3.6	+ 148
PROFIT ON OPERATING ACTIVITIES	26.7	16.6%	17.1	11.5%	+ 9.6	+ 508

Profit on Operating Activities – SBS

	H1 2025 SBS		H1 2024 Proforma SBS		Change
	€m	% of Rev.	€m	% of Rev.	€m	Basis Points
Product revenue	137.7	74.8%	118.2	67.5%	+ 19.5	+ 729
Services revenue	46.5	25.2%	57.0	32.5%	– 10.5	– 729
Total revenue	184.2		175.2		+ 8.9
Total costs of revenue	76.6		73.1		+ 3.5
GROSS PROFIT	107.6	58.4%	102.1	58.3%	+ 5.5	+ 14
o/w product gross profit	98.6	71.6%	87.1	73.6%	+ 11.5	– 202
o/w services gross profit	9.0	19.3%	15.1	26.4%	– 6.1	– 710
Operating expenses	93.0	50.5%	99.3	56.7%	– 6.3	– 619
o/w research & development	60.6	32.9%	63.8	36.4%	– 3.3	– 354
o/w sales & marketing	19.8	10.7%	20.5	11.7%	– 0.7	– 93
o/w general & administrative	12.6	6.8%	15.0	8.6%	– 2.4	– 173
PROFIT ON OPERATING ACTIVITIES	14.6	7.9%	2.8	1.6%	+ 11.8	+ 633

Quarterly Revenue Breakdown by Portfolio Brand

	Q1 2025	Q2 2025	H1 2025
€m	Q1 2025	Q2 2025	H1 2025
Axway Scope	82.5	78.3	160.8
SBS Scope	88.3	95.8	184.2

Consolidation	-0.4	-0.6	-1.0

74Software	170.4	173.5	344.0

Appendices (3/5)

Quarterly Revenue Breakdown by Type

	Q1 2025	Q2 2025	H1 2025
€m / %	Q1 2025	Q2 2025	H1 2025
Product revenue	139.1	141.0	280.0
Recurring revenue	129.5	128.4	258.0
o/w Maintenance & Support	47.0	44.5	91.5
o/w Customer-managed Subscription	48.6	50.1	98.7
o/w Own-managed Subscription	34.0	33.8	67.8
License revenue	9.5	12.5	22.1

Services revenue	31.3	32.6	64.0

Total revenue	170.4	173.6	344.0

Quarterly Revenue Breakdown by Type – Axway

	Q1 2025	Q2 2025	H1 2025
€m / %	Q1 2025	Q2 2025	H1 2025
Product revenue	73.4	69.8	143.3
Recurring revenue	72.1	69.5	141.6
o/w Maintenance & Support	14.4	12.8	27.2
o/w Customer-managed Subscription	43.7	43.2	87.0
o/w Own-managed Subscription	13.9	13.4	27.4
License revenue	1.3	0.4	1.7

Services revenue	9.0	8.5	17.5

Total revenue – Axway	82.5	78.3	160.8

Quarterly Revenue Breakdown by Type – SBS

	Q1 2025	Q2 2025	H1 2025
€m / %	Q1 2025	Q2 2025	H1 2025
Product revenue	66.0	71.7	137.7
Recurring revenue	57.9	59.5	117.3
o/w Maintenance & Support	32.5	31.7	64.2
o/w Customer-managed Subscription	4.9	6.9	11.7
o/w Own-managed Subscription	20.5	20.9	41.4
License revenue	8.2	12.2	20.4

Services revenue	22.3	24.2	46.5

Total revenue SBS	88.3	95.8	184.2

Appendices (4/5)

Half-year Revenue Breakdown by Portfolio Brand & Type

	H1 2025 Axway	H1 2025 SBS	H1 2025 Consolidation	H1 2025 74Software
€m / %	H1 2025 Axway	H1 2025 SBS	H1 2025 Consolidation	H1 2025 74Software
Product revenue	143.3	137.7	-1.0	280.0
Recurring revenue	141.6	117.3	-1.0	258.0
o/w Maintenance & Support	27.2	64.2	0.0	91.5
o/w Customer-managed Subscription	87.0	11.7	0.0	98.7
o/w Own-managed Subscription	27.4	41.4	-1.0	67.8
License revenue	1.7	20.4	0.0	22.1

Services revenue	17.5	46.5	0.0	64.0

Total revenue	160.8	184.2	-1.0	344.0

Half-year Revenue Breakdown by Portfolio Brand & Type

	H1 2024 Axway	H1 2024 Proforma SBS	H1 2024 Proforma Consolidation	H1 2024 Proforma 74Software
€m / %	H1 2024 Axway	H1 2024 Proforma SBS	H1 2024 Proforma Consolidation	H1 2024 Proforma 74Software
Product revenue	130.5	118.2	0.0	248.7
Recurring revenue	127.9	101.4	0.0	229.3
o/w Maintenance & Support	34.6	61.6	0.0	96.2
o/w Customer-managed Subscription	67.3	9.3	0.0	76.6
o/w Own-managed Subscription	25.9	30.5	0.0	56.5
License revenue	2.6	16.8	0.0	19.4

Services revenue	18.2	57.0	0.0	75.2

Total revenue	148.7	175.2	0.0	323.9

Half-year Revenue Breakdown by Region

	H1 2025		H1 2024 Proforma	H1 2024 Restated	Total Growth	Organic Growth
	H1 2025
	€m	% of Rev.
Europe	208.1	60.5%	203.0	203.2	2.5%	2.4%
o/w France	99.5	28.9%	99.7	99.7	-0.2%	-0.2%
o/w UK	46.7	13.6%	44.8	45.0	4.3%	3.7%
Americas	73.3	21.3%	65.6	64.6	11.7%	13.5%
Middle East & Africa	43.1	12.5%	39.3	39.3	9.7%	9.7%
Asia & Pacific	19.4	5.7%	15.9	15.8	22.0%	22.7%

74Software	344.0		323.9	323.0	6.2%	6.5%

Appendices (5/5)

Headcount

	30/06/2025	31/12/2024	Change
Europe	3.001	3.090	-89
Americas	370	378	-8
Asia – Pacific	869	882	-13
Middle East – Africa	439	437	2

TOTAL	4.679	4.787	-108

Impact on Half-year Revenue of Changes in Scope and Exchange Rates

€m / %	H1 2025	H1 2024	Growth
Revenue	344.0	148.7	+ 131.4%
Changes in exchange rates		-0.9
Revenue at constant exchange rates	344.0	147.7	+ 132.8%
Changes in scope		+175.2
Revenue at constant scope and exchange rates	344.0	323.0	+ 6.5%

Changes in Main Exchange Rates

For 1€	Average Rate H1 2025	Average rate H1 2024	Change
US Dollar	1.093	1.081	– 1.1%
Great Britain Pound	0.842	0.855	+ 1.5%

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

Attachment

24072025_74Software_PR_H1 Results 2025_English_VFinal

The MIL Network –

July 25, 2025

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

Source: GlobeNewswire (MIL-OSI)

Press Release
Paris, July 24, 2025

74Software: Sustained Momentum Reinforces Long-Term Objectives

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

Half-Year Key Income Statement Items

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

Patrick Donovan, Chief Executive Officer, stated:

Comments on H1 2025 activity

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

Comments on H1 2025 operational performance

Half-year Revenue Breakdown by Portfolio Brand

	H1 2025	H1 2024 Proforma	H1 2024 Restated	Total Growth	Organic Growth
€m / %	H1 2025	H1 2024 Proforma	H1 2024 Restated	Total Growth	Organic Growth
Axway Scope	160.8	148.7	147.6	8.1%	8.9%
SBS Scope	184.2	175.2	175.4	5.1%	5.0%

Consolidation	-1.0	0.0	0.0	–	–

74Software	344.0	323.9	323.0	6.2%	6.5%

Half-year Revenue Breakdown by Type

	H1 2025	H1 2024 Proforma	H1 2024 Restated	Total Growth	Organic Growth
€m / %	H1 2025	H1 2024 Proforma	H1 2024 Restated	Total Growth	Organic Growth
Product revenue	280.0	248.7	248.1	12.6%	12.9%
Recurring revenue	258.0	229.3	228.7	12.5%	12.8%
o/w Maintenance & Support	91.5	96.2	96.0	-4.9%	-4.7%
o/w Customer-managed Subscription	98.7	76.6	76.5	28.8%	29.0%
o/w Own-managed Subscription	67.8	56.5	56.2	20.0%	20.6%
License revenue	22.1	19.4	19.4	13.5%	13.7%

Services revenue	64.0	75.2	74.9	-14.9%	-14.6%

Total revenue	344.0	323.9	323.0	6.2%	6.5%

Comments on H1 2025 product line performance

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

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

Comments on H1 2025 profit on operating activities

Profit on Operating Activities – Group

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

Comments on H1 2025 net profit

Net Profit – Group

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

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

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

Financial position on June 30, 2025

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

Change in the workforce

Targets & Ambitions

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

2025 HALF-YEAR RESULTS – VIRTUAL ANALYST CONFERENCE

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

Please note that the meeting will be held in English.

Financial Calendar

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

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

Glossary and Alternative Performance Measures

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

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

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

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

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

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

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

About 74Software

Contacts – Investor Relations:

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

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

Appendices (1/5)

Income Statement – Group

	Half-year 2025		Half-year 2024 Proforma 6M AXW + 6M SBS		Half-year 2024 Reported Axway Standalone
	€m	% of Rev.	€m	% of Rev.	€m	% of Rev.
TOTAL REVENUE	344.0		323.9		148.7
Total costs of revenue	-115.9		-117.1		-44.0
GROSS PROFIT	228.1	66.3%	206.9	63.9%	104.7	70.5%
Operating expenses	-186.8		-186.9		-87.6
PROFIT ON OPERATING ACTIVITIES	41.3	12.0%	19.9	6.1%	17.1	11.5%
Share-based expenses	-6.7		-2.4		-2.9
Amortization of allocated intangibles	-6.2		-7.1		-1.7
PROFIT FROM RECURRING OPERATIONS	28.4	8.3%	10.5	3.2%	12.5	8.4%
Other operating income and expenses	-8.9		-7.9		-4.1
OPERATING PROFIT	19.5	5.7%	2.6	0.8%	8.3	5.6%
Cost of financial debt	-9.0		-8.9		-2.7
Other financial income and expenses	-2.2		-2.0		-0.9
Income tax expenses	-2.5		-7.2		-2.0
NET PROFIT	5.8	1.7%	-15.6	-4.8%	2.8	1.9%
Earnings per share	0.20 €		-0.54 €		0.13 €

Simplified Balance Sheet

in €m	H1 2025 IFRS Consolidated	FY 2024 IFRS Consolidated	Change	in €m	H1 2025 IFRS Consolidated	FY 2024 IFRS Consolidated	Change
Accounts receivables	246.7	293.5	– 46.8	Cash & cash equivalents	-57.8	-41.4	– 16.4
Other current assets	123.3	101.9	+ 21.4	Financial debt	249.6	291.8	– 42.2
Accounts payables	-34.1	-28.7	– 5.4	Net debt	191.8	250.4	– 58.6
Deferred revenue	-138.2	-88.6	– 49.6	Equity	512.8	532.4	– 19.6
Other current liabilities	-137.2	-158.0	+ 20.8	CAPITAL EMPLOYED	704.6	782.8	– 78.2
Net working capital	60.5	120.1	– 59.7
Tangible fixed assets	20.9	25.0	– 4.1
Goodwill	523.1	497.4	+ 25.7		H1 2025 IFRS Consolidated	FY 2024 IFRS Consolidated	Change
Other intangibles	132.1	192.3	– 60.2
Fixed assets	676.1	714.7	– 38.6	Ratios
Other assets	100.2	78.1	+ 22.1	DSO (days)	121	145	-24
Other liabilities	-132.1	-130.1	– 2.0	Net debt / total capital	27.2%	32.0%	– 4.8%
Other assets – liabilities	-31.9	-52.0	+ 20.1	Equity / total capital	72.8%	68.0%	+ 4.8%
INVESTED ASSETS	704.5	782.8	– 78.4

Cash Flow Statement

	H1 2025			H1 2024	Change Axway H1 25 vs. H1 24
in €m	74Software	SBS	Axway	Axway Standalone	Change Axway H1 25 vs. H1 24
Operating cashflow	89.6	35.8	53.9	15.0	+ 38.8
o/w change in NWC	55.0	29.4	25.6	2.6	+ 23.1
o/w other operating cashflow	34.6	6.4	28.2	12.5	+ 15.7
Investing cashflow	-14.2	-9.8	-4.4	-2.7	– 1.6
o/w PP&E & others	-5.0	-0.6	-4.4	-2.7	– 1.7
o/w capitalized R&D	-9.2	-9.2	0.0	0.0	0.0
Financing cashflow	-58.1	-14.6	-43.4	-12.6	– 30.8
o/w debt repayment	-42.0	0.0	-42.0	0.0	– 42.0
o/w other financing cashflow	-16.1	-14.6	-1.4	-12.6	+ 11.2
NET CHANGE IN CASH	16.2	11.1	5.1	-0.2	+ 5.3

Unlevered free cashflow	76.4	29.0	47.4	13.9	+ 33.5
as a % of revenue	22.2%	15.7%	29.5%	9.4%	+ 20.1%

Appendices (2/5)

Profit on Operating Activities – Axway

	H1 2025 Axway		H1 2024 Reported Axway		Change
	€m	% of Rev.	€m	% of Rev.	€m	Basis Points
Product revenue	143.3	89.1%	130.5	87.8%	+ 12.8	+ 134
Services revenue	17.5	10.9%	18.2	12.2%	– 0.7	– 134
Total revenue	160.8		148.7		+ 12.1
Total costs of revenue	40.3		44.0		– 3.7
GROSS PROFIT	120.5	74.9%	104.7	70.4%	+ 15.8	+ 451
o/w product gross profit	119.3	83.2%	104.6	80.2%	+ 14.7	+ 308
o/w services gross profit	1.2	7.0%	0.1	0.6%	+ 1.1	+ 644
Operating expenses	93.8	58.4%	87.6	58.9%	+ 6.2	– 58
o/w research & development	32.6	20.3%	31.2	21.0%	+ 1.4	– 69
o/w sales & marketing	43.0	26.8%	41.8	28.1%	+ 1.2	– 137
o/w general & administrative	18.2	11.3%	14.6	9.8%	+ 3.6	+ 148
PROFIT ON OPERATING ACTIVITIES	26.7	16.6%	17.1	11.5%	+ 9.6	+ 508

Profit on Operating Activities – SBS

	H1 2025 SBS		H1 2024 Proforma SBS		Change
	€m	% of Rev.	€m	% of Rev.	€m	Basis Points
Product revenue	137.7	74.8%	118.2	67.5%	+ 19.5	+ 729
Services revenue	46.5	25.2%	57.0	32.5%	– 10.5	– 729
Total revenue	184.2		175.2		+ 8.9
Total costs of revenue	76.6		73.1		+ 3.5
GROSS PROFIT	107.6	58.4%	102.1	58.3%	+ 5.5	+ 14
o/w product gross profit	98.6	71.6%	87.1	73.6%	+ 11.5	– 202
o/w services gross profit	9.0	19.3%	15.1	26.4%	– 6.1	– 710
Operating expenses	93.0	50.5%	99.3	56.7%	– 6.3	– 619
o/w research & development	60.6	32.9%	63.8	36.4%	– 3.3	– 354
o/w sales & marketing	19.8	10.7%	20.5	11.7%	– 0.7	– 93
o/w general & administrative	12.6	6.8%	15.0	8.6%	– 2.4	– 173
PROFIT ON OPERATING ACTIVITIES	14.6	7.9%	2.8	1.6%	+ 11.8	+ 633

Quarterly Revenue Breakdown by Portfolio Brand

	Q1 2025	Q2 2025	H1 2025
€m	Q1 2025	Q2 2025	H1 2025
Axway Scope	82.5	78.3	160.8
SBS Scope	88.3	95.8	184.2

Consolidation	-0.4	-0.6	-1.0

74Software	170.4	173.5	344.0

Appendices (3/5)

Quarterly Revenue Breakdown by Type

	Q1 2025	Q2 2025	H1 2025
€m / %	Q1 2025	Q2 2025	H1 2025
Product revenue	139.1	141.0	280.0
Recurring revenue	129.5	128.4	258.0
o/w Maintenance & Support	47.0	44.5	91.5
o/w Customer-managed Subscription	48.6	50.1	98.7
o/w Own-managed Subscription	34.0	33.8	67.8
License revenue	9.5	12.5	22.1

Services revenue	31.3	32.6	64.0

Total revenue	170.4	173.6	344.0

Quarterly Revenue Breakdown by Type – Axway

	Q1 2025	Q2 2025	H1 2025
€m / %	Q1 2025	Q2 2025	H1 2025
Product revenue	73.4	69.8	143.3
Recurring revenue	72.1	69.5	141.6
o/w Maintenance & Support	14.4	12.8	27.2
o/w Customer-managed Subscription	43.7	43.2	87.0
o/w Own-managed Subscription	13.9	13.4	27.4
License revenue	1.3	0.4	1.7

Services revenue	9.0	8.5	17.5

Total revenue – Axway	82.5	78.3	160.8

Quarterly Revenue Breakdown by Type – SBS

	Q1 2025	Q2 2025	H1 2025
€m / %	Q1 2025	Q2 2025	H1 2025
Product revenue	66.0	71.7	137.7
Recurring revenue	57.9	59.5	117.3
o/w Maintenance & Support	32.5	31.7	64.2
o/w Customer-managed Subscription	4.9	6.9	11.7
o/w Own-managed Subscription	20.5	20.9	41.4
License revenue	8.2	12.2	20.4

Services revenue	22.3	24.2	46.5

Total revenue SBS	88.3	95.8	184.2

Appendices (4/5)

Half-year Revenue Breakdown by Portfolio Brand & Type

	H1 2025 Axway	H1 2025 SBS	H1 2025 Consolidation	H1 2025 74Software
€m / %	H1 2025 Axway	H1 2025 SBS	H1 2025 Consolidation	H1 2025 74Software
Product revenue	143.3	137.7	-1.0	280.0
Recurring revenue	141.6	117.3	-1.0	258.0
o/w Maintenance & Support	27.2	64.2	0.0	91.5
o/w Customer-managed Subscription	87.0	11.7	0.0	98.7
o/w Own-managed Subscription	27.4	41.4	-1.0	67.8
License revenue	1.7	20.4	0.0	22.1

Services revenue	17.5	46.5	0.0	64.0

Total revenue	160.8	184.2	-1.0	344.0

Half-year Revenue Breakdown by Portfolio Brand & Type

	H1 2024 Axway	H1 2024 Proforma SBS	H1 2024 Proforma Consolidation	H1 2024 Proforma 74Software
€m / %	H1 2024 Axway	H1 2024 Proforma SBS	H1 2024 Proforma Consolidation	H1 2024 Proforma 74Software
Product revenue	130.5	118.2	0.0	248.7
Recurring revenue	127.9	101.4	0.0	229.3
o/w Maintenance & Support	34.6	61.6	0.0	96.2
o/w Customer-managed Subscription	67.3	9.3	0.0	76.6
o/w Own-managed Subscription	25.9	30.5	0.0	56.5
License revenue	2.6	16.8	0.0	19.4

Services revenue	18.2	57.0	0.0	75.2

Total revenue	148.7	175.2	0.0	323.9

Half-year Revenue Breakdown by Region

	H1 2025		H1 2024 Proforma	H1 2024 Restated	Total Growth	Organic Growth
	H1 2025
	€m	% of Rev.
Europe	208.1	60.5%	203.0	203.2	2.5%	2.4%
o/w France	99.5	28.9%	99.7	99.7	-0.2%	-0.2%
o/w UK	46.7	13.6%	44.8	45.0	4.3%	3.7%
Americas	73.3	21.3%	65.6	64.6	11.7%	13.5%
Middle East & Africa	43.1	12.5%	39.3	39.3	9.7%	9.7%
Asia & Pacific	19.4	5.7%	15.9	15.8	22.0%	22.7%

74Software	344.0		323.9	323.0	6.2%	6.5%

Appendices (5/5)

Headcount

	30/06/2025	31/12/2024	Change
Europe	3.001	3.090	-89
Americas	370	378	-8
Asia – Pacific	869	882	-13
Middle East – Africa	439	437	2

TOTAL	4.679	4.787	-108

Impact on Half-year Revenue of Changes in Scope and Exchange Rates

€m / %	H1 2025	H1 2024	Growth
Revenue	344.0	148.7	+ 131.4%
Changes in exchange rates		-0.9
Revenue at constant exchange rates	344.0	147.7	+ 132.8%
Changes in scope		+175.2
Revenue at constant scope and exchange rates	344.0	323.0	+ 6.5%

Changes in Main Exchange Rates

For 1€	Average Rate H1 2025	Average rate H1 2024	Change
US Dollar	1.093	1.081	– 1.1%
Great Britain Pound	0.842	0.855	+ 1.5%

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

Attachment

24072025_74Software_PR_H1 Results 2025_English_VFinal

The MIL Network –

July 25, 2025

MIL-OSI: Cegedim: Like-for-like revenues grew 2.8% in the first half

Source: GlobeNewswire (MIL-OSI)


PRESS RELEASE

First-half financial information as of June 30, 2025
IFRS – Regulated information – Not audited

Cegedim: Like-for-like revenues grew 2.8% in the first half

Revenue grew 1.1% as reported and 2.8% LFL to €322.5 million in the first half of 2025.
The HR, marketing, health insurance, and digitalization businesses delivered the most solid growth.

Boulogne-Billancourt, France, July 24, 2025, after the market close

Revenue

	First half		Change H1 2025 / 2024
in millions of euros	2025	2024		Reported	Life for like⁽¹⁾⁽²⁾
Software & Services	144.4	152.1		(5.1)%	(1.5)%
Flow	53.4	49.5		+7.8%	+7.7%
Data & Marketing	63.4	59.3		+6.9%	+6.8%
BPO	43.2	39.9		+8.1%	+8.1%
Cloud & Support	18.2	18.1		+0.3%	+0.3%
Cegedim	322.5	319.0		+1.1%	+2.8%

Cegedim’s consolidated first-half 2025 revenues rose to €322.5 million, up 1.1% as reported and 2.8% like for like⁽¹⁾ compared with the same period in 2024.

The HR, marketing, health insurance, and invoice & procurement digitalization businesses delivered the most solid growth over the first half. The deconsolidation of INPS in the UK on December 10, 2024, following its voluntary placement in administration, weighed on reported growth at the Software & Services division and Group level.

Analysis of business trends by division

Software & Services

Software & Services	First half		Change H1 2025 / 2024
in millions of euros	2025	2024	Reported	Like for like⁽¹⁾
Cegedim Santé	38.4	38.9	(1.3)%	(5.7)%
Insurance, HR, Pharmacies, and other services	87.5	86.7	+0.9%	+1.0%
International businesses	18.5	26.5	(30.3)%	(3.2)%
Software & Services	144.4	152.1	(5.1)%	(1.5)%

Revenues at Cegedim Santé fell 1.3% as reported in the first half, and 5.7% like for like. Visiodent contributed over the entire first half, vs just four months in 2024. Maiia software and the Claude Bernard database both performed well, whereas orders for more established offerings were somewhat subdued. Sales mainly slowed because a data service agreement came to an end in late 2024 and was renewed in the second quarter of 2025 at a lower rate.

The division’s other French subsidiaries saw revenue growth of 0.9% as reported and 1.0% like for like. The division was propelled by a surge in HR business across all client segments and by Health insurance, thanks to robust project-based sales, with new signings and the start of projects won in 2024. On the other hand, business with pharmacists in France was a drag on growth.

International businesses posted reported revenues down 30.3% owing to the deconsolidation of INPS in the UK from December 10, 2024, following its voluntary placement in administration. Like-for-like revenues fell 3.2%. The decline was again due to the UK: the Pharmacy First program in H1 2024 created a challenging comparison for pharmacy activities and a client of Activus, a UK subsidiary selling software for health and provident insurance for expats, went out of business. Even so, both businesses have clear prospects that will reverse the downward trend in the months ahead. Other international activities had a positive quarter—particularly in Spain—and remain on track.

Flow	First half		Change H1 2025 / 2024
in millions of euros	2025	2024	Reported	Like for like⁽²⁾
e-business	32.1	30.0	7.1%	7.0%
Third-party payer	21.3	19.5	8.8%	8.8%
Flow	53.4	49.5	7.8%	7.7%

First-half growth in e-business, e-invoicing, and digitized data exchanges was 7.1% as reported and 7.0% like for like. Both of the division’s two main business lines contributed: “Invoicing & Procurement” (France and UK) and “Healthcare Flows” (notably in pharmaceutical supply chain security for hospitals).

The Third-party payer business experienced 8.8% growth in H1. It was boosted by strong growth in demand for its fraud and long-term illness detection offerings, a trend that began in the second half of 2024 and continued in H1 2025 with the signing of a fourteenth client.

Data & Marketing

Data & Marketing	First half		Change H1 2025 / 2024
in millions of euros	2025	2024	Reported	Like for like⁽¹⁾
Data	28.7	28.0	2.5%	2.3%
Marketing	34.7	31.3	10.8%	10.8%
Data & Marketing	63.4	59.3	6.9%	6.8%

Data businesses were up 2.5% in the first half on the back of a strong performance in France, which offset a mixed showing abroad.

The Marketing segment posted robust H1 growth of 10.8% owing to strong sales after new client wins and brisk business with existing clients.

BPO	First half		Change H1 2025 / 2024
in millions of euros	2025	2024	Reported	Like for like⁽¹⁾
Insurance BPO	31.2	28.7	8.8%	8.8%
Business Services BPO	12.0	11.2	6.4%	6.4%
BPO	43.2	39.9	8.1%	8.1%

The Insurance BPO business grew by 8.8% over the first half, chiefly owing to its overflow business, which has been flourishing because it serves a critical need for clients.

Business Services BPO (HR and digitalization) reported growth of 6.4% in the first half, again on the back of a popular compliance offering, which is winning new clients.

Cloud & Support

Cloud & Support	First half		Change H1 2025 / 2024
in millions of euros	2025	2024	Reported	Like for like⁽¹⁾
Cloud & Support	18.2	18.1	0.3%	0.3%

Cloud & Support division revenues grew 0.3% in the first half. The non-renewal of a significant outsourcing contract in the second quarter was a drag on growth and obscured the fact that an expanded range of products backed by Cegedim’s sovereign cloud has been very successful.

Highlights

SBTi validates Cegedim’s decarbonization targets

The Science Based Targets initiative (SBTi) officially validated Cegedim Group’s greenhouse gas emission reduction targets on June 12, 2025. SBTi is the global standard for measuring companies’ carbon footprints and certifying their stated action plans for reducing emissions in line with the ambitious goals of the Paris Climate Agreement. Cegedim is now part of the select group of about 8,000 companies whose plans have been validated. This major step reflects the strong commitment of Cegedim’s senior management, also mobilizing all subsidiaries, to the sustainable development of the Group’s activities.

Switch to Euronext Growth

At its meeting on June 13, 2025, the Board of Directors decided to move forward with the resolution approved that same day by the general shareholders’ meeting to transfer Cegedim’s shares to the Euronext Growth stock exchange. The Group is currently completing formalities so it can make the switch in early September 2025. The Group discussed the rationale for the move and its impacts in a press release dated June 13, 2025.

Conversion of the credit facility into a sustainability-linked loan

On June 16, 2025, the Group negotiated an addendum with all of the parties to its loan agreement to add performance clauses related to 2030 ESG commitments, making this a sustainability-linked loan. By adhering to the annual Scopes 1 & 2 and Scope 3 decarbonization trajectory validated by SBTi, and by making progress on gender equality in senior management, the Group will be able to lower interest rate by up to 0.05 percentage points for the bank portion and by 0.10 to 0.40 percentage points for the non-bank portion. Conversely, failure to respect those commitments will increase the interest rate by a commensurate amount. The first milestone for applying this arrangement will be the 2025 ESG performance as reported in 2026.

Significant transactions and events post June 30, 2025

Workforce restructuring at the pharmacy business

The Group has decided to restructure the workforce at its pharmacy management software business in France, which will result in making around 100 positions redundant. By rethinking its organization and reconfiguring to align with market trends and client needs, the company hopes to return to a level of performance that ensures a solid foundation for its employees and allows it to innovate for its clients.
After the semester close, the Group received approval from France’s regional labor and economics agency, DRIEETS, for the collective agreement it negotiated in the second quarter of 2025 with employee representatives. The Group is now determining what level of provision will be earmarked in the H1 2025 financial statements.

To the best of the company’s knowledge, apart from the impact of the above items, there were no post-closing events or changes after June 30, 2025, that would materially alter the Group’s financial situation.

Outlook

Based on the currently available information, the Group expects 2025 like-for-like revenue⁽³⁾ growth to be in the range of 2-4% relative to 2024. Recurring operating income should continue to improve, following a similar trajectory as in 2024.

These targets are not forecasts and may need to be revised if there is a significant worsening of geopolitical, macroeconomic, or currency risks.

——————-

WEBCAST ON JULY 24, 2025, AT 6:15 PM (PARIS TIME)

The webcast is available at: www.cegedim.fr/webcast

The H1 2025 revenues presentation is available here:
https://www.cegedim.fr/documentation/Pages/presentation.aspx

Financial calendar

2025

September 25 after the close

September 26 at 10:00 am

October 23 after the close

H1 2025 Earnings

SFAF meeting

Q3 2025 revenues

Financial calendar: https://www.cegedim.fr/finance/agenda/Pages/default.aspx

Disclaimer
This press release is available in French and in English. In the event of any difference between the two versions, the original French version takes precedence. This press release may contain inside information. It was sent to Cegedim’s authorized distributor on July 24, 2025, no earlier than 5:45 pm Paris time.
The figures cited in this press release include guidance on Cegedim’s future financial performance targets. This forward-looking information is based on the opinions and assumptions of the Group’s senior management at the time this press release is issued and naturally entails risks and uncertainty. For more information on the risks facing Cegedim, please refer to Chapter 7, “Risk management”, section 7.2, “Risk factors and insurance”, and Chapter 3, “Overview of the financial year”, section 3.6, “Outlook”, of the 2024 Universal Registration Document filled with the AMF on April 7, 2025, under number D.24-0233.

About Cegedim:
Founded in 1969, Cegedim is an innovative technology and services group in the field of digital data flow management for healthcare ecosystems and B2B, and a business software publisher for healthcare and insurance professionals. Cegedim employs nearly
6,700 people in more than 10 countries and generated revenue of over €654 million in 2024.
Cegedim SA is listed in Paris (EURONEXT: CGM).
To learn more please visit: www.cegedim.fr
And follow Cegedim on X: @CegedimGroup, LinkedIn, and Facebook.

Aude Balleydier
Cegedim
Media Relations
and Communications Manager

Tel.: +33 (0)1 49 09 68 81
aude.balleydier@cegedim.fr

Damien Buffet
Cegedim
Head of Financial
Communication

Tel.: +33 (0)7 64 63 55 73
damien.buffet@cegedim.com

Céline Pardo
Becoming RP Agency
Media Relations Consultant

Tel.: +33 (0)6 52 08 13 66
cegedim@becoming-group.com

____________________________________________________________________________________________________________________________________________________

Annexes

Breakdown of revenue by quarter and division

in millions of euros	Q1	Q2	Q3	Q4	Total
Software & Services	72.4	72.0			144.4
Flow	27.6	25.8			53.4
Data & Marketing	29.9	33.5			63.4
BPO	21.1	22.1			43.2
Cloud & Support	10.3	7.8			18.2
Consolidated Group revenue	161.3	161.2			322.5

in millions of euros	Q1	Q2	Q3		Q4	Total
Software & Services	74.4	77.8		75.6	80.1	307.8
Flow	25.4	24.2		23.7	27.0	100.3
Data & Marketing	27.0	32.3		28.2	38.4	125.9
BPO	20.2	19.7		21.6	21.2	82.7
Cloud & Support	9.0	9.1		7.7	12.0	37.8
Consolidated Group revenue	155.9	163.1		156.8	178.7	654.5

Revenue breakdown by geographic zone, currency, and division at June 30, 2025

as a % of consolidated revenues	Geographic zone			Currency
as a % of consolidated revenues	France	EMEA ex. France	Americas	Euro	GBP	Other
Software & Services	87.2%	12.7%	0.1%	91.0%	7.0%	2.0%
Flow	91.7%	8.3%	0.0%	94.2%	5.8%	0.0%
Data & Marketing	97.7%	2.3%	0.0%	98.2%	0.0%	1.8%
BPO	100.0%	0.0%	0.0%	100.0%	0.0%	0.0%
Cloud & Support	97.2%	2.8%	0.0%	97.2%	0.0%	2.8%
Cegedim	92.3%	7.6%	0.1%	94.5%	4.1%	1.4%

(1) At constant scope and exchange rates.

(2) The positive currency impact of 0.1% was mainly due to the pound sterling. The negative scope effect of 1.8% was attributable to the deconsolidation of INPS as of December 10, 2024, which the consolidation of Visiodent starting March 1, 2024, only partly offset.
⁽2⁾At constant scope and exchange rates.

⁽3⁾At constant scope and exchange rates.

Attachment

Cegedim_Revenue_1H2025_ENG

The MIL Network –

July 25, 2025

MIL-OSI United Kingdom: Joint Statement on the Invocation of the OSCE Moscow Mechanism
Source: United Kingdom – Executive Government & Departments

Speech

Joint Statement on the Invocation of the OSCE Moscow Mechanism

UK and 40 other countries invoke the Moscow Mechanism to address ill treatment of prisoners of war by the Russian Federation
Thank you, Chair.   I will deliver an abridged version of this statement this afternoon. The full statement will be circulated in writing and I request that it be attached to the Journal of the Day.

I am delivering this statement on behalf of the following participating States: Albania, Andorra, Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Canada, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Georgia, Germany, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Moldova, Monaco, Montenegro, Netherlands, North Macedonia, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom.

Today, our delegations will send the following letter to ODIHR Director Maria Telalian, invoking the Moscow Mechanism, with the support of Ukraine, as we continue to have concerns regarding violations of international humanitarian law and international human rights law following Russia’s full-scale war of aggression against Ukraine, including with regard to ill treatment of Ukrainian Prisoners of War (POW).

Director Telalian,

With Russia’s war of aggression against Ukraine in its fourth year and as Russia’s illegal occupation of the Autonomous Republic of Crimea and the city of Sevastopol and certain areas of the Donetsk and Luhansk regions of Ukraine has entered its eleventh year, we continue to witness large scale human suffering and alarming reports of violations of international humanitarian law (IHL) and of international human rights law (IHRL), many of which may amount to the most serious international crimes.

Against the backdrop of the full-scale war of aggression against Ukraine, launched by the Russian Federation on February 24, 2022, a number of credible sources, including the Moscow Mechanism expert missions, the Office for Democratic Institutions and Human Rights, the Office of the High Commissioner for Human Rights and the UN Independent International Commission of Inquiry, as well as civil society organizations, have reported that the Russian Federation has consistently violated the rights of prisoners of war (POWs) throughout their detention and at multiple detention facilities within the temporarily occupied territories of Ukraine and the Russian Federation. There have been credible reports that the extensive and routine torture and ill-treatment of Ukrainian POWs throughout their detention constitutes a continued systematic pattern of state policy and practice by the Russian Federation. Torture follows common patterns across different locations, indicating it is a coordinated, deliberate, and systematic practice.

In 2022, 2023 and 2024, 45 OSCE Delegations, following bilateral consultations with Ukraine under the Vienna (Human Dimension) Mechanism, invoked Paragraph 8 of the Moscow (Human Dimension) Mechanism. The reports of the independent missions of experts, received by OSCE participating States, confirmed our shared concerns about the impact of the Russian Federation’s invasion and acts of war, its violations and abuses of IHRL, and violations of IHL in Ukraine.

We remain particularly alarmed by the findings of the expert missions that some of the violations may amount to war crimes and crimes against humanity as well as the identification of patterns of reported violations of IHL and IHRL regarding the treatment of prisoners of war.

The prohibition against torture in international law is absolute. Parties to an armed conflict are obliged to ensure the rights of POWs as set out in the Third Geneva Convention of 1949 relative to the Treatment of Prisoners of War and Additional Protocol I to the Geneva Conventions. Prisoners of war must at all times be protected, particularly against acts of violence or intimidation and against insults and public curiosity. No physical or mental torture, nor any other form of coercion, may be inflicted on prisoners of war to secure from them information of any kind whatever. Prisoners of war who refuse to answer may not be threatened, insulted or exposed to unpleasant or disadvantageous treatment of any kin Torture and inhuman treatment of POWs are grave breaches of the Geneva Conventions, and likewise war crimes under the Rome Statute of the International Criminal Court.

ODIHR’s Ukraine Monitoring Initiative has continued to identify patterns of reported IHL and IHRL violations related to the treatment of Ukrainian POWs including in their Sixth Interim Report of 13 December 2024 and their Seventh Interim Report of 15 July 2025. Interviews with survivors and witnesses attested to a continued practice of systematic torture and other IHL and IHRL violations perpetrated against Ukrainian POWs prompting serious concerns about the Russian Federation’s failure to comply with the fundamental principles that govern the treatment of POWs.

In equal measure, the OHCHR and the UN Human Rights Monitoring Mission in Ukraine (HRMMU) have reported on the systematic and widespread use of torture of Ukrainian POWs by Russian authorities. In its March 2023 report, the HRMMU documented violations of IHRL and IHL in 32 of 48 detention facilities in Russia and Russian-occupied territories of Ukraine, related to torture and other ill-treatment, dire conditions of internment including inadequate quarters, food, hygiene, and medical care, along with restricted communication, forced labor, and a lack of access of independent monitors. . Many were held incommunicado deprived of the possibility to communicate with family or the outside world. Russian authorities subjected Ukrainian POWs to unlawful prosecutions for mere participation in hostilities; using torture to extract confessions; and denying fair trials.

According to witness testimonies, there were numerous incidents whereby POWs died in captivity due to execution, torture, ill-treatment and/or inadequate medical attention as well as inhumane conditions during their captivity.

The OHCHR’s October 2024 Report on the Treatment of Prisoners of War further documented detailed and consistent accounts of torture or ill treatment in Russian Federation custody.

Survivors have described the wide-ranging methods of torture or ill-treatment of Ukrainian POWs including: severe physical beatings; electrocution (including the targeting of genitalia); excessively intense physical exercise; stress positions; dog attacks; mock executions (including simulated hangings); threats of physical violence and death; sexual violence, including rape; threats of rape and castration; threats of coerced sexual acts; and other forms of humiliation.

Since the end of August 2024, OHCHR also has recorded a significant increase in credible allegations of executions of Ukrainian servicepersons captured by Russian armed forces, involving at least 97 individuals.

The UN Independent International Commission of Inquiry on Ukraine (UN COI) stated on 23 September 2024 that it has evidence of widespread and systematic torture by Russian authorities against Ukrainian civilians and POWs in the temporarily occupied territories and in Russia. They concluded that torture follows common patterns across different locations, indicating it is a coordinated practice. In their March 2025 report, the UN COI again called on the Russian Federation to immediately end the widespread and systematic use of torture and other forms of ill-treatment committed against civilian detainees and prisoners of war

The Office of the Prosecutor General of Ukraine is investigating the reported execution of 273 Ukrainian POWs, including 208 who were reportedly executed on the battlefield and 59 in the ‘‘Olenivka’’ colony. However, the real number of those executed is likely much higher.

We are deeply concerned about the severity and frequency of these violations and abuses. We are particularly appalled by reported executions of Ukrainian POWs and Ukrainian soldiers rendered hors de combat upon their surrender and by the desecration/mutilation of bodies. We are also deeply concerned with the practice of filming and distributing images of these abhorrent incidents.

Following grave concerns over the ill-treatment of Ukrainian POWs, highlighted, inter alia, by the UN Human Rights Monitoring Mission in Ukraine, the Independent International Commission of Inquiry on Ukraine and the Office of the High Commissioner for Human Rights and the OSCE, we call on all parties to the armed conflict ensure that POWs are treated in full compliance with IHL.

We recall that OSCE participating States have committed themselves to respect IHL, including the Third Geneva Convention relative to the Treatment of Prisoners of War of 1949, bearing in mind that the willful killing, torture, inhuman treatment, causing great suffering, or serious injury to body or health of persons protected under the Geneva Conventions, including prisoners of war, constitutes a war crime. No prisoner of war may be subjected to physical mutilation or to medical or scientific experiments of any kind which are not justified by the medical, dental or hospital treatment of the prisoner concerned and carried out in his interest. Likewise, prisoners of war must at all times be protected, particularly against acts of violence or intimidation and against insults and public curiosity.

We also recall that the prohibition of torture is a peremptory norm of international law without territorial limitation, which applies at all times and in all places.   Measures of reprisal against POWs are prohibited.

We call on the Russia Federation to end the torture and ill-treatment of all detainees and ensure adequate conditions of detention including the provision of basic needs such as food, water, clothing, and medical care. We further call for providing timely and accurate information on detainees’ whereabouts and legal status, and for granting international humanitarian organizations, like the International Committee of the Red Cross, unfettered access to such persons.

Gravely concerned by the continuing impacts of Russia’s ongoing aggression against Ukraine, and gravely concerned by credible allegations of the torture, ill-treatment and executions of Ukrainian POWs, and soldiers hors de combat, the delegations of Albania, Andorra, Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Canada, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Georgia, Germany, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Moldova, Monaco, Montenegro, Netherlands, North Macedonia, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom, following bilateral consultations with Ukraine under the Vienna Mechanism, invoke the Moscow (Human Dimension) Mechanism under Paragraph 8 of that document.

We request that ODIHR inquire of Ukraine whether it would invite a mission of experts to build upon previous findings, and:

To establish the facts and circumstances surrounding possible contraventions of relevant OSCE commitments; violations and abuses of human rights; and violations of IHL, including possible cases of war crimes and crimes against humanity, related to the treatment of Ukrainian POWs by the Russian Federation ;

To collect, consolidate, and analyse this information including to determine if there is a pattern of widespread and systematic torture, ill-treatment and execution of Ukrainian POWs and soldiers hors de combat and/or at detention facilities by the Russian Federation in the temporarily occupied territories and in Russia and

To offer recommendations on relevant accountability mechanisms.

We also invite ODIHR to provide any relevant information or documentation derived from any new expert mission to other appropriate accountability mechanisms, including the UN Human Rights Monitoring Mission in Ukraine or the Independent International Commission of Inquiry on Ukraine, as well as national, regional, or international courts or tribunals that have, or may in future have, jurisdiction.

Thank you for your attention.

Updates to this page

Published 24 July 2025

Invasion of Ukraine

UK visa support for Ukrainian nationals

Move to the UK if you’re coming from Ukraine

Homes for Ukraine: record your interest

Find out about the UK’s response
MIL OSI United Kingdom –
July 25, 2025
MIL-Evening Report: Keep fighting for a nuclear-free Pacific, Helen Clark warns Greenpeace over global storm clouds

Asia Pacific Report

Former New Zealand prime minister Helen Clark warned activists and campaigners in a speech on the deck of the Greenpeace environmental flagship Rainbow Warrior III last night to be wary of global “storm clouds” and the renewed existential threat of nuclear weapons.

Speaking on her reflections on four decades after the bombing of the original Rainbow Warrior on 10 July 1985, she said that New Zealand had a lot to be proud of but the world was now in a “precarious” state.

Clark praised Greenpeace over its long struggle, challenging the global campaigners to keep up the fight for a nuclear-free Pacific.

“For New Zealand, having been proudly nuclear-free since the mid-1980s, life has got a lot more complicated for us as well, and I have done a lot of campaigning against New Zealand signing up to any aspect of the AUKUS arrangement because it seems to me that being associated with any agreement that supplies nuclear ship technology to Australia is more or less encouraging the development of nuclear threats in the South Pacific,” she said.

“While I am not suggesting that Australians are about to put nuclear weapons on them, we know that others do. This is not the Pacific that we want.

“It is not the Pacific that we fought for going back all those years.

“So we need to be very concerned about these storm clouds gathering.”

Lessons for humanity
Clark was prime minister 1999-2008 and served as a minister in David Lange’s Labour government that passed New Zealand’s nuclear-free legislation in 1987 – two years after the Rainbow Warrior bombing by French secret agents.

She was also head of the United Nations Development Programme (UNDP) in 2009-2017.

“When you think 40 years on, humanity might have learned some lessons. But it seems we have to repeat the lessons over and over again, or we will be dragged on the path of re-engagement with those who use nuclear weapons as their ultimate defence,” Clark told the Greenpeace activists, crew and guests.

“Forty years on, we look back with a lot of pride, actually, at how New Zealand responded to the bombing of the Rainbow Warrior. We stood up with the passage of the nuclear-free legislation in 1987, we stood up with a lot of things.

“All of this is under threat; the international scene now is quite precarious with respect to nuclear weapons. This is an existential threat.”

[embedded content]
Nuclear-free Pacific reflections with Helen Clark Video: Greenpeace

In response to Tahitian researcher and advocate Ena Manuireva who spoke earlier about the legacy of a health crisis as a result of 30 years of French nuclear tests at Moruroa and Fangataufa, she recalled her own thoughts.

“It reminds us of why we were so motivated to fight for a nuclear-free Pacific because we remember the history of what happened in French Polynesia, in the Marshall Islands, in the South Australian desert, at Maralinga, to the New Zealand servicemen who were sent up in the navy ships, the Rotoiti and the Pukaki, in the late 1950s, to stand on deck while the British exploded their bombs [at Christmas Island in what is today Kiribati].

“These poor guys were still seeking compensation when I was PM with the illnesses you [Ena] described in French Polynesia.

Former NZ prime minister Helen Clark . . . “I remember one of the slogans in the 1970s and 1980s was ‘if it is so safe, test them in France’.” Image: Asia Pacific Report

Testing ground for ‘others’
“So the Pacific was a testing ground for ‘others’ far away and I remember one of the slogans in the 1970s and 1980s was ‘if it is so safe, test them in France’. Right? It wasn’t so safe.

“Mind you, they regarded French Polynesia as France.

“David Robie asked me to write the foreword to the new edition of his book, Eyes of Fire: The Last Voyage and Legacy of the Rainbow Warrior, and it brought back so many memories of those times because those of you who are my age will remember that the 1980s were the peak of the Cold War.

“We had the Reagan administration [in the US] that was actively preparing for war. It was a terrifying time. It was before the demise of the Soviet Union. And nuclear testing was just part of that big picture where people were preparing for war.

“I think that the wonderful development in New Zealand was that people knew enough to know that we didn’t want to be defended by nuclear weapons because that was not mutually assured survival — it was mutually assured destruction.”

New Zealand took a stand, Clark said, but taking that stand led to the attack on the Rainbow Warrior in Auckland harbour by French state-backed terrorism where tragically Greenpeace photographer Fernando Pereira lost his life.

“I remember I was on my way to Nairobi for a conference for women, and I was in Zimbabwe, when the news came through about the bombing of a boat in Auckland harbour.

‘Absolutely shocking’
“It was absolutely shocking, we had never experienced such a thing. I recall when I returned to New Zealand, [Prime Minister] David Lange one morning striding down to the party caucus room and telling us before it went public that it was without question that French spies had planted the bombs and the rest was history.

“It was a very tense time. Full marks to Greenpeace for keeping up the struggle for so long — long before it was a mainstream issue Greenpeace was out there in the Pacific taking on nuclear testing.

“Different times from today, but when I wrote the foreword for David’s book I noted that storm clouds were gathering again around nuclear weapons and issues. I suppose that there is so much else going on in a tragic 24 news cycle — catastrophe day in and day out in Gaza, severe technology and lethal weapons in Ukraine killing people, wherever you look there are so many conflicts.

“The international agreements that we have relied are falling into disrepair. For example, if I were in Europe I would be extremely worried about the demise of the intermediate range missile weapons pact which has now been abandoned by the Americans and the Russians.

“And that governs the deployment of medium range missiles in Europe.

“The New Start Treaty, which was a nuclear arms control treaty between what was the Soviet Union and the US expires next year. Will it be renegotiated in the current circumstances? Who knows?”

With the Non-proliferation Treaty, there are acknowledged nuclear powers who had not signed the treaty — “and those that do make very little effort to live up to the aspiration, which is to negotiate an end to nuclear weapons”.

Developments with Iran
“We have seen recently the latest developments with Iran, and for all of Iran’s many sins let us acknowledge that it is a party to the Non-Proliferation Treaty,” she said.

“It did subject itself, for the most part, to the inspections regime. Israel, which bombed it, is not a party to the treaty, and doesn’t accept inspections.

“There are so many double standards that people have long complained about the Non-Proliferation Treaty where the original five nuclear powers are deemed okay to have them, somehow, whereas there are others who don’t join at all.

“And then over the Ukraine conflict we have seen worrying threats of the use of nuclear weapons.”

Clark warned that we the use of artificial intelligence it would not be long before asking it: “How do I make a nuclear weapon?”

“It’s not so difficult to make a dirty bomb. So we should be extremely worried about all these developments.”

Then Clark spoke about the “complications” facing New Zealand.

Mangareva researcher and advocate Ena Manuireva . . . “My mum died of lung cancer and the doctors said that she was a ‘passive smoker’. My mum had not smoked for the last 65 years.” Image: Asia Pacific Report

Teariki’s message to De Gaulle
In his address, Ena Manuireva started off by quoting the late Tahitian parliamentarian John Teariki who had courageously appealed to General Charles De Gaulle in 1966 after France had already tested three nuclear devices:

“No government has ever had the honesty or the cynical frankness to admit that its nuclear tests might be dangerous. No government has ever hesitated to make other peoples — preferably small, defenceless ones — bear the burden.”

“May you, Mr President, take back your troops, your bombs, and your planes.

“Then, later, our leukemia and cancer patients would not be able to accuse you of being the cause of their illness.

“Then, our future generations would not be able to blame you for the birth of monsters and deformed children.

“Then, you would give the world an example worthy of France . . .

“Then, Polynesia, united, would be proud and happy to be French, and, as in the early days of Free France, we would all once again become your best and most loyal friends.”

‘Emotional moment’
Manuireva said that 10 days earlier, he had been on board Rainbow Warrior III for the ceremony to mark the bombing in 1985 that cost the life of Fernando Pereira – “and the lives of a lot of Mā’ohi people”.

“It was a very emotional moment for me. It reminded me of my mother and father as I am a descendant of those on Mangareva atoll who were contaminated by those nuclear tests.

“My mum died of lung cancer and the doctors said that she was a ‘passive smoker’. My mum had not smoked for the last 65 years.

“French nuclear testing started on 2 July 1966 with Aldebaran and lasted 30 years.”

He spoke about how the military “top brass fled the island” when winds start blowing towards Mangareva. “Food was ready but they didn’t stay”.

“By the time I was born in December 1967 in Mangareva, France had already exploded 9 atmospheric nuclear tests on Moruroa and Fangataufa atolls, about 400km from Mangareva.”

France’s most powerful explosion was Canopus with 2.6 megatonnes in August 1968. It was a thermonuclear hydrogen bomb — 150 times more powerful than Hiroshima.

Greenpeace Aotearoa executive director Russel Norman . . . a positive of the campaign future. Image: Asia Pacific Report

‘Poisoned gift’
Manuireva said that by France “gifting us the bomb”, Tahitians had been left “with all the ongoing consequences on the people’s health costs that the Ma’ohi Nui government is paying for”.

He described how the compensation programme was inadequate, lengthy and complicated.

Manuireva also spoke about the consequences for the environment. Both Moruroa and Fangataufa were condemned as “no go” zones and islanders had lost their lands forever.

He also noted that while France had gifted the former headquarters of the Atomic Energy Commission (CEP) as a “form of reconciliation” plans to turn it into a museum were thwarted because the building was “rife with asbestos”.

“It is a poisonous gift that will cost millions for the local government to fix.”

Greenpeace Aotearoa executive director Russel Norman spoke of the impact on the Greenpeace organisation of the French secret service bombing of their ship and also introduced the guest speakers and responded to their statements.

A Q and A session was also held to round off the stimulating evening.

A question during the open mike session on board the Rainbow Warrior. Image: Asia Pacific Report

MIL OSI Analysis – EveningReport.nz –

July 25, 2025
MIL-Evening Report: Keep fighting for a nuclear-free Pacific, Helen Clark warns Greenpeace over global storm clouds

Asia Pacific Report

Former New Zealand prime minister Helen Clark warned activists and campaigners in a speech on the deck of the Greenpeace environmental flagship Rainbow Warrior III last night to be wary of global “storm clouds” and the renewed existential threat of nuclear weapons.

Speaking on her reflections on four decades after the bombing of the original Rainbow Warrior on 10 July 1985, she said that New Zealand had a lot to be proud of but the world was now in a “precarious” state.

Clark praised Greenpeace over its long struggle, challenging the global campaigners to keep up the fight for a nuclear-free Pacific.

“For New Zealand, having been proudly nuclear-free since the mid-1980s, life has got a lot more complicated for us as well, and I have done a lot of campaigning against New Zealand signing up to any aspect of the AUKUS arrangement because it seems to me that being associated with any agreement that supplies nuclear ship technology to Australia is more or less encouraging the development of nuclear threats in the South Pacific,” she said.

“While I am not suggesting that Australians are about to put nuclear weapons on them, we know that others do. This is not the Pacific that we want.

“It is not the Pacific that we fought for going back all those years.

“So we need to be very concerned about these storm clouds gathering.”

Lessons for humanity
Clark was prime minister 1999-2008 and served as a minister in David Lange’s Labour government that passed New Zealand’s nuclear-free legislation in 1987 – two years after the Rainbow Warrior bombing by French secret agents.

She was also head of the United Nations Development Programme (UNDP) in 2009-2017.

“When you think 40 years on, humanity might have learned some lessons. But it seems we have to repeat the lessons over and over again, or we will be dragged on the path of re-engagement with those who use nuclear weapons as their ultimate defence,” Clark told the Greenpeace activists, crew and guests.

“Forty years on, we look back with a lot of pride, actually, at how New Zealand responded to the bombing of the Rainbow Warrior. We stood up with the passage of the nuclear-free legislation in 1987, we stood up with a lot of things.

“All of this is under threat; the international scene now is quite precarious with respect to nuclear weapons. This is an existential threat.”

[embedded content]
Nuclear-free Pacific reflections with Helen Clark Video: Greenpeace

In response to Tahitian researcher and advocate Ena Manuireva who spoke earlier about the legacy of a health crisis as a result of 30 years of French nuclear tests at Moruroa and Fangataufa, she recalled her own thoughts.

“It reminds us of why we were so motivated to fight for a nuclear-free Pacific because we remember the history of what happened in French Polynesia, in the Marshall Islands, in the South Australian desert, at Maralinga, to the New Zealand servicemen who were sent up in the navy ships, the Rotoiti and the Pukaki, in the late 1950s, to stand on deck while the British exploded their bombs [at Christmas Island in what is today Kiribati].

“These poor guys were still seeking compensation when I was PM with the illnesses you [Ena] described in French Polynesia.

Former NZ prime minister Helen Clark . . . “I remember one of the slogans in the 1970s and 1980s was ‘if it is so safe, test them in France’.” Image: Asia Pacific Report

Testing ground for ‘others’
“So the Pacific was a testing ground for ‘others’ far away and I remember one of the slogans in the 1970s and 1980s was ‘if it is so safe, test them in France’. Right? It wasn’t so safe.

“Mind you, they regarded French Polynesia as France.

“David Robie asked me to write the foreword to the new edition of his book, Eyes of Fire: The Last Voyage and Legacy of the Rainbow Warrior, and it brought back so many memories of those times because those of you who are my age will remember that the 1980s were the peak of the Cold War.

“We had the Reagan administration [in the US] that was actively preparing for war. It was a terrifying time. It was before the demise of the Soviet Union. And nuclear testing was just part of that big picture where people were preparing for war.

“I think that the wonderful development in New Zealand was that people knew enough to know that we didn’t want to be defended by nuclear weapons because that was not mutually assured survival — it was mutually assured destruction.”

New Zealand took a stand, Clark said, but taking that stand led to the attack on the Rainbow Warrior in Auckland harbour by French state-backed terrorism where tragically Greenpeace photographer Fernando Pereira lost his life.

“I remember I was on my way to Nairobi for a conference for women, and I was in Zimbabwe, when the news came through about the bombing of a boat in Auckland harbour.

‘Absolutely shocking’
“It was absolutely shocking, we had never experienced such a thing. I recall when I returned to New Zealand, [Prime Minister] David Lange one morning striding down to the party caucus room and telling us before it went public that it was without question that French spies had planted the bombs and the rest was history.

“It was a very tense time. Full marks to Greenpeace for keeping up the struggle for so long — long before it was a mainstream issue Greenpeace was out there in the Pacific taking on nuclear testing.

“Different times from today, but when I wrote the foreword for David’s book I noted that storm clouds were gathering again around nuclear weapons and issues. I suppose that there is so much else going on in a tragic 24 news cycle — catastrophe day in and day out in Gaza, severe technology and lethal weapons in Ukraine killing people, wherever you look there are so many conflicts.

“The international agreements that we have relied are falling into disrepair. For example, if I were in Europe I would be extremely worried about the demise of the intermediate range missile weapons pact which has now been abandoned by the Americans and the Russians.

“And that governs the deployment of medium range missiles in Europe.

“The New Start Treaty, which was a nuclear arms control treaty between what was the Soviet Union and the US expires next year. Will it be renegotiated in the current circumstances? Who knows?”

With the Non-proliferation Treaty, there are acknowledged nuclear powers who had not signed the treaty — “and those that do make very little effort to live up to the aspiration, which is to negotiate an end to nuclear weapons”.

Developments with Iran
“We have seen recently the latest developments with Iran, and for all of Iran’s many sins let us acknowledge that it is a party to the Non-Proliferation Treaty,” she said.

“It did subject itself, for the most part, to the inspections regime. Israel, which bombed it, is not a party to the treaty, and doesn’t accept inspections.

“There are so many double standards that people have long complained about the Non-Proliferation Treaty where the original five nuclear powers are deemed okay to have them, somehow, whereas there are others who don’t join at all.

“And then over the Ukraine conflict we have seen worrying threats of the use of nuclear weapons.”

Clark warned that we the use of artificial intelligence it would not be long before asking it: “How do I make a nuclear weapon?”

“It’s not so difficult to make a dirty bomb. So we should be extremely worried about all these developments.”

Then Clark spoke about the “complications” facing New Zealand.

Mangareva researcher and advocate Ena Manuireva . . . “My mum died of lung cancer and the doctors said that she was a ‘passive smoker’. My mum had not smoked for the last 65 years.” Image: Asia Pacific Report

Teariki’s message to De Gaulle
In his address, Ena Manuireva started off by quoting the late Tahitian parliamentarian John Teariki who had courageously appealed to General Charles De Gaulle in 1966 after France had already tested three nuclear devices:

“No government has ever had the honesty or the cynical frankness to admit that its nuclear tests might be dangerous. No government has ever hesitated to make other peoples — preferably small, defenceless ones — bear the burden.”

“May you, Mr President, take back your troops, your bombs, and your planes.

“Then, later, our leukemia and cancer patients would not be able to accuse you of being the cause of their illness.

“Then, our future generations would not be able to blame you for the birth of monsters and deformed children.

“Then, you would give the world an example worthy of France . . .

“Then, Polynesia, united, would be proud and happy to be French, and, as in the early days of Free France, we would all once again become your best and most loyal friends.”

‘Emotional moment’
Manuireva said that 10 days earlier, he had been on board Rainbow Warrior III for the ceremony to mark the bombing in 1985 that cost the life of Fernando Pereira – “and the lives of a lot of Mā’ohi people”.

“It was a very emotional moment for me. It reminded me of my mother and father as I am a descendant of those on Mangareva atoll who were contaminated by those nuclear tests.

“My mum died of lung cancer and the doctors said that she was a ‘passive smoker’. My mum had not smoked for the last 65 years.

“French nuclear testing started on 2 July 1966 with Aldebaran and lasted 30 years.”

He spoke about how the military “top brass fled the island” when winds start blowing towards Mangareva. “Food was ready but they didn’t stay”.

“By the time I was born in December 1967 in Mangareva, France had already exploded 9 atmospheric nuclear tests on Moruroa and Fangataufa atolls, about 400km from Mangareva.”

France’s most powerful explosion was Canopus with 2.6 megatonnes in August 1968. It was a thermonuclear hydrogen bomb — 150 times more powerful than Hiroshima.

Greenpeace Aotearoa executive director Russel Norman . . . a positive of the campaign future. Image: Asia Pacific Report

‘Poisoned gift’
Manuireva said that by France “gifting us the bomb”, Tahitians had been left “with all the ongoing consequences on the people’s health costs that the Ma’ohi Nui government is paying for”.

He described how the compensation programme was inadequate, lengthy and complicated.

Manuireva also spoke about the consequences for the environment. Both Moruroa and Fangataufa were condemned as “no go” zones and islanders had lost their lands forever.

He also noted that while France had gifted the former headquarters of the Atomic Energy Commission (CEP) as a “form of reconciliation” plans to turn it into a museum were thwarted because the building was “rife with asbestos”.

“It is a poisonous gift that will cost millions for the local government to fix.”

Greenpeace Aotearoa executive director Russel Norman spoke of the impact on the Greenpeace organisation of the French secret service bombing of their ship and also introduced the guest speakers and responded to their statements.

A Q and A session was also held to round off the stimulating evening.

A question during the open mike session on board the Rainbow Warrior. Image: Asia Pacific Report

MIL OSI Analysis – EveningReport.nz –

July 25, 2025
MIL-OSI: Trader AI: This Trader AI App Sets New Standard in AI-Driven Trading with Unmatched Security and User Approval
Source: GlobeNewswire (MIL-OSI)

New York City, NY, July 24, 2025 (GLOBE NEWSWIRE) — Trader AI, a pioneering fintech platform specializing in AI-powered cryptocurrency trading, today announces the launch of its fully integrated trading robot tailored specifically for Canadian investors. Building on extensive development and rigorous testing, Trader AI delivers a secure, compliant, and highly automated solution designed to help both novice and experienced traders optimize returns while effectively managing risk.

By seamlessly combining advanced machine learning algorithms, real-time market analysis, and regulatory compliance, Trader AI establishes itself as a frontrunner in the emerging landscape of AI-driven crypto trading. With the cryptocurrency market expanding rapidly—exceeding USD 50 billion in annual trading volume—investors are seeking innovative tools that simplify trading processes without compromising on security or transparency. Trader AI’s newly announced features and localized support address these needs directly, empowering Canadians to participate confidently in digital asset markets.

Key Highlights:
- AI-Powered Signal Generation: Proprietary machine learning models continuously scan global crypto markets to identify high-probability trade setups across major coins—including Bitcoin (BTC), Ethereum (ETH), and top altcoins—enabling swift, data-driven decision-making.
- Fully Automated Execution: Direct API integrations with FINTRAC-registered Canadian brokerages ensure that algorithmic signals translate instantly into live orders, minimizing latency and slippage.
- User-Centric Interface: A clean, intuitive dashboard guides users from registration to live trading in under 20 minutes, supported by a built-in demo mode for risk-free practice and an optional manual trading toggle for advanced traders.
- Robust Risk Management: Dynamic stop-loss and take-profit mechanisms adjust automatically to real-time volatility metrics, while customizable position-sizing algorithms safeguard capital with preset risk thresholds.
- Transparent Fee Structure: Trader AI requires a minimum deposit of USD 250 and operates commission-free—fees are embedded solely within market-standard spreads, ensuring full cost transparency.
- Canadian-Focused Compliance: With partnerships in Ontario and British Columbia, Trader AI operates alongside regulated broker-dealers, maintains PIPEDA-aligned data practices, and offers optional KYC verification for withdrawals exceeding CAD 2,000 per month.
- Localized Support & Education: 24/7 live chat, toll-free phone lines, region-specific webinars on taxation and compliance, and a bilingual knowledge base demonstrate Trader AI’s commitment to serving Canada’s diverse trading community.
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Trader AI’s Mission: Democratizing Crypto Trading

In recent years, the cryptocurrency sector has witnessed explosive growth—often accompanied by elevated volatility, regulatory uncertainty, and a steep learning curve for newcomers. Recognizing these challenges, Trader AI was conceived to bridge the gap between sophisticated algorithmic trading and accessibility for everyday Canadians. By leveraging artificial intelligence, the platform aims to automate labor-intensive tasks such as trend analysis, technical indicator computation, and real-time order generation, freeing users from the need to monitor markets around the clock.

How Trader AI Works: A Technical Overview

According to official website, Trader AI’s core engine is anchored in a multi-layered AI architecture that integrates supervised learning, deep neural networks, and real-time data aggregation. Below is an outline of the platform’s operational framework:
1. Comprehensive Market Data Aggregation
  - Trader AI continuously ingests live order book data, trade histories, volume indicators, and social sentiment inputs from over 20 global exchanges.
  - All incoming data undergoes cleaning and normalization, ensuring consistency for downstream machine learning modules.
2. Machine Learning and Pattern Recognition
  - A combination of supervised models—trained on historical price movements from January 2017 to December 2024—and unsupervised clustering algorithms identify characteristic market patterns, such as sudden volume surges, technical divergence, and on-chain network activity that historically precedes price shifts.
  - Periodic model retraining occurs every four weeks, incorporating the most recent market data to adapt to evolving conditions.
3. Signal Generation and Scoring
  - When the AI identifies a pattern that meets predefined confidence thresholds (typically 70–85% probability), it issues a trade signal complete with suggested entry price, stop-loss, take-profit levels, and ideal position size relative to account equity.
  - Each signal is assigned a Signal Quality Score (SQS)—a proprietary metric ranging from 0 to 100—that reflects confidence based on factors such as liquidity depth, volatility, and historical win rate for similar setups.
4. Automated Order Execution
  - Upon user authorization (via the “Auto-Trade” toggle), signals are dispatched instantly through secure API connections to partnered Canadian brokerages and select international exchanges.
  - In live conditions, orders are executed with an average round-trip latency of under 150 milliseconds, minimizing the risk of slippage during periods of heightened volatility.
5. Dynamic Risk Management
  - Stop-loss and take-profit parameters adjust in real-time based on Average True Range (ATR) and Bollinger Band expansions. For example, if an asset’s 24-hour volatility spikes above 8%, the AI narrows stop-loss bands by 10–15% to limit drawdown.
  - The platform’s Position Sizing Algorithm (PSA) calculates optimal trade size by referencing account balance, risk tolerance (e.g., 1–3% per trade), and portfolio diversification targets. Any deviation beyond preset risk thresholds triggers an automated alert or halts new allocations.
Registration and Onboarding: Getting Started in Minutes

Trader AI’s streamlined registration process has been optimized for speed, transparency, and regulatory compliance—ensuring that Canadian clients can begin trading quickly without unnecessary hurdles. The following steps outline the typical user journey from initial sign-up to live trading:
1. Account Creation
  - Visit official website homepage, click “Sign Up,” and complete the registration form with basic information:
    
    Full legal name
    
    Email address
    
    Country of residence (preselected as based on IP detection)
    
    Phone number (for 2FA and important notifications)
  - Users must acknowledge the platform’s Terms of Service and Privacy Policy, both of which include specific disclosures regarding data handling under PIPEDA regulations.
2. Email and Phone Verification
  - An email containing a verification link is sent immediately; clicking the link confirms the email address.
  - A one-time code (OTP) is dispatched to the registered phone number. Entering this code completes the two-step verification process.
3. Demo Account Activation
  - Without any deposit requirement, new users receive CAD 10,000 in virtual funds to explore the platform’s features and test AI-generated signals.
  - The demo environment simulates real market conditions, including bid-ask spreads and execution latencies, enabling risk-free practice trades.
4. Minimum Deposit and Funding Options
  - To transition from demo to live trading, a minimum deposit of USD 250 is required.
  - Canadian users may fund accounts via:
    
    Interac e-Transfer: Funds clear within 1–2 business hours.
    
    Credit/Debit Card (Visa/Mastercard): Instant funding up to CAD 5,000 per day for non-verified accounts.
    
    Wire Transfer: Larger deposit limits (up to CAD 50,000 daily) with a 1–2 business day processing time.
  - Immediately after deposit confirmation, live trading features unlock—allowing users to choose between fully automated or manual signal execution.
5. Optional KYC Verification
  - For withdrawals exceeding CAD 2,000 per month, users are prompted to complete Know Your Customer (KYC) verification by uploading:
    
    A government-issued photo ID (e.g., driver’s license, passport)
    
    Proof of address (e.g., utility bill, bank statement dated within the last 90 days)
  - KYC checks typically finalize within 24–48 hours, though urgent requests may be expedited upon user inquiry.
6. Live Trading Activation
  - With funds deposited and (if necessary) KYC cleared, users can configure initial risk parameters—such as daily drawdown limits, maximum open trades, and preferred asset baskets.
  - The AI engine is now primed to generate signals. Traders can elect “Auto-Trade” to allow fully automated execution or opt to review and manually approve each AI recommendation.
Core Features and Functionalities

As per official website, Trader AI’s feature set has been refined to balance sophistication with usability—addressing the distinct needs of Canada’s diverse trading population. The following sections highlight the platform’s most compelling capabilities:

1. AI-Powered Trade Signals
- Proprietary Algorithms: Trader AI’s AI suite includes recurrent neural networks (RNNs) and convolutional neural networks (CNNs), which process time-series price data, order flow imbalances, and macroeconomic indicators to forecast short-term price movements.
- Cross-Asset Analysis: Signals are not isolated to single-asset momentum. The system examines correlations between Bitcoin, major equities indices, and global macro events—such as central bank announcements—to adjust trading thresholds.
- Signal Quality Score (SQS): Each trade recommendation includes an SQS metric (0–100) reflecting confidence based on factors like market depth, recent volatility shifts, and historical win rates for analogous setups. Users can filter signals by minimum SQS thresholds (e.g., ≥ 70) to ensure high-probability engagement.
2. Automated Trade Execution
- API Integrations: Trader AI maintains secure API connections with FINTRAC-registered Canadian brokerages—such as Maple Brokerage and Aurora Digital Assets—and renowned international exchanges. This reduces counterparty risk by routing orders through regulated entities rather than holding funds internally.
- Low-Latency Order Routing: By co-locating servers near major exchange matching engines, Trader AI achieves average order round-trip times under 150 ms. This is critical during rapid price fluctuations when even small delays can erode profit margins.
- Slippage Control: Users may elect “Maximum Slippage Tolerance” parameters (e.g., 0.1%–0.5% of trade size) to prevent orders from executing at disadvantageous prices. If slippage exceeds the user-defined threshold, orders are canceled automatically.
3. Customizable Strategy Settings
- Risk Tolerance Profiles: “Conservative,” “Moderate,” and “Aggressive” presets allow users to quickly adopt risk frameworks aligned with their goals. Conservative settings limit daily drawdown to 2% of account equity and cap leverage at 2x; moderate settings permit up to 4% drawdown and 5x leverage; aggressive settings enable up to 6% drawdown and 10x leverage (subject to brokerage approvals).
- Asset Basket Creation: User-defined “Smart Baskets” group multiple cryptocurrencies—such as “Top 5 by Market Cap,” “Emerging DeFi Tokens,” or “Stablecoin Arbitrage.” The platform rebalances these baskets weekly based on performance, market capitalization changes, and liquidity metrics.
- Volatility-Adaptive Stop-Loss: Stop-loss percentages are not static. Instead, they adjust proportionally to the 14-day Average True Range (ATR) and Bollinger Band expansions. For example, if the ATR for Bitcoin spikes from 2% to 4%, the stop-loss widens by 10–15% to avoid premature exit during heightened volatility.
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4. Portfolio Diversification Engine
- Balanced Allocation Recommendations: The AI provides suggested allocation percentages across multiple asset classes—e.g., 40% BTC, 25% ETH, 15% top-10 altcoins, and 20% stablecoins—based on risk-adjusted performance data and user-defined risk tolerance.
- Correlated Asset Mitigation: By monitoring correlation coefficients between assets (e.g., BTC vs. ETH correlation of 0.85), the platform can reduce overweight positions to minimize systemic exposure. When correlation exceeds 0.9, the AI recommends temporary reallocation to lower-correlation assets.
- Automated Rebalancing: Weekly portfolio rebalancing ensures that no single asset exceeds preset maximum exposure (e.g., 25% of total equity). If an asset’s value grows beyond this cap, the system executes partial sell orders and redistributes proceeds to underweighted categories.
5. Comprehensive Reporting and Analytics
- Real-Time Dashboard: The homepage features live P&L, open trade positions, daily profit percentages, and drawdown statistics. A customizable graph displays historical performance, including monthly ROI comparisons against benchmark indices like the S&P 500 and TSX Composite.
- Sharpe Ratio & Sortino Ratio: Users can view risk-adjusted performance metrics to gauge risk efficiency. A Sharpe Ratio above 1.5 is highlighted in green, indicating favorable risk-adjusted returns. Sortino Ratio (which penalizes downside volatility) is also displayed for more precise risk assessment.
- Trade History: A searchable log details each executed trade (entry price, exit price, timestamp, P&L, SQS). Users can filter by asset, date range, or trade outcome (win/loss). CSV export functionality enables further analysis in external tools.
6. Security and Data Protection
- SSL Encryption & Data Integrity: All data in transit is encrypted via AES 256-bit SSL/TLS protocols. Sensitive user information—such as login credentials and payment details—resides in encrypted databases with advanced hashing (bcrypt) and tokenization methods.
- Two-Factor Authentication (2FA): Upon login, users must input their password followed by a one-time code generated through an authenticator app (e.g., Google Authenticator) or delivered via SMS. This two-tier verification effectively prevents unauthorized access, even if credentials are compromised.
- Third-Party Security Audits: Leading cybersecurity firms—such as CanSecWest Security—conduct quarterly penetration tests and codebase reviews. Summary reports are shared with the Canadian Office of the Privacy Commissioner to demonstrate ongoing compliance with PIPEDA.
- Data Residency: All Canadian user data is stored on servers located within Canada, ensuring compliance with provincial data sovereignty regulations. Backups occur daily and are encrypted with unique user-specific keys.
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7. Transparent Fee Structure
- No Subscription Fees: Trader AI does not charge recurring platform fees—traders benefit from a zero-cost software model.
- Embedded Spread-Only Costs: All trading costs are embedded in exchange spreads. For example:
  - BTC–USD: Typical spread between 0.10% and 0.20%.
  - ETH–USD: Typical spread between 0.12% and 0.22%.
  - Top Altcoins (e.g., LINK, DOT): Spreads between 0.20% and 0.40%.
- Withdrawal Fees:
  - Interac e-Transfer (≤ CAD 1,000): Flat CAD 20 fee.
  - Interac e-Transfer (> CAD 1,000): No fee.
  - Wire Transfers: CAD 30 processing fee (waivable for account balances > CAD 10,000).
- Currency Conversion Markup: For trades executed in USD or other foreign currencies, a transparent 0.25% conversion margin is applied—visibly displayed on the funding page prior to transaction confirmation.
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Localized Support and Educational Initiatives

Trader AI’s success in Canada is rooted in its investment in region-specific support and educational resources. Recognizing that regulatory requirements and tax implications for cryptocurrencies vary significantly from country to country, the platform has implemented multiple initiatives to guide Canadian users.

1. Multi-Channel Customer Support
- 24/7 Live Chat: Available directly on the website, live chat is staffed around the clock by bilingual (English/French) agents trained in both technical troubleshooting and Canadian regulatory guidelines.
- Toll-Free Canadian Phone Lines: Operating daily from 8 AM to 8 PM ET, dedicated support lines (1-800-IMPATH1) ensure prompt resolution of urgent issues—ranging from account access difficulties to withdrawal queries.
- Email Ticketing System: For non-urgent matters, users can submit support tickets via support@immediate-path.com. Average response time is 4–6 hours on weekdays; weekend requests are addressed within 12 hours.
2. Dedicated Compliance Resources
- Regulatory Updates Section: A rotating banner on the Trader AI homepage alerts users to any changes in Canadian crypto regulations—such as new FINTRAC reporting guidelines or provincial licensing requirements.
- Tax Reporting Guides: Downloadable PDFs explain:
  - How to classify various transactions (spot trading, staking rewards, airdrops) for CRA reporting.
  - Strategies for netting gains and losses across multiple wallets and platforms—ensuring accurate portfolio-wide tax calculations.
- AML & KYC Policy Disclosure: Users can review Trader AI’s anti-money-laundering protocols, including suspicious transaction reporting criteria and process flows for large withdrawals requiring enhanced due diligence.
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Safety and Security

As crypto regulatory framework continues to evolve, Trader AI remains committed to exceeding compliance standards and upholding the highest levels of security—minimizing risk for users and partners alike.

1. Data Privacy and PIPEDA Compliance
- PIPEDA-Aligned Privacy Policy: Trader AI’s privacy policy explicitly references the Personal Information Protection and Electronic Documents Act (PIPEDA), ensuring that Canadian user data is collected, processed, and stored in accordance with federal requirements.
- Data Residency: All Canadian user data is housed on servers located within Canadian jurisdiction (Toronto and Montreal data centers), offering additional protection under provincial data sovereignty regulations (e.g., Ontario’s provincial data residency requirements).
- User Rights: Canadians retain full control over personal information—users can request access, correction, or deletion of their data at any time by contacting privacy@immediate-path.com.
2. Encryption and Infrastructure Security
- End-to-End SSL/TLS Encryption: All data transmitted between user browsers and Trader AI’s servers is encrypted via AES 256-bit SSL/TLS protocols, preventing interception or tampering.
- Hashed Password Storage: User passwords are stored using bcrypt with a work factor of 12, making brute-force compromises computationally infeasible.
- Intrusion Detection & Multi-Tenant Segmentation: Network traffic is continuously scanned by an Intrusion Detection System (IDS). Each user’s trading environment resides within an isolated container, preventing cross-account data leaks or unauthorized lateral movement by attackers.
Comparative Performance: Backtesting and Live Results

Trader AI’s performance results—both in backtesting and real-world conditions—underscore its capability to navigate dynamic crypto landscape:

Backtesting Overview (January 2020–December 2024)
- Annualized Return (Conservative Settings): 45%
  - Parameters: Maximum daily drawdown capped at 2%, trades limited to 07:00–16:00 EST (peak liquidity hours), leverage ≤ 2x.
  - Historical drawdown: 12% during March 2020 “Corona Crash.”
- Annualized Return (Moderate Settings): 70%
  - Parameters: Daily drawdown ≤ 4%, 24/7 trading, leverage ≤ 5x.
  - Historical drawdown: 18% during May 2021 “Altseason Correction.”
- Annualized Return (Aggressive Settings): 95%
  - Parameters: Daily drawdown ≤ 6%, leverage ≤ 10x, full asset basket allocation including high-volatility DeFi tokens.
  - Historical drawdown: 25% during November 2021 “Crypto Winter II.”
Metrics
- Average Win Rate: 62%
- Average Risk/Reward Ratio: 1:1.8
- Maximum Drawdown (Conservative): 12%
- Maximum Drawdown (Aggressive): 25%
Asset Coverage and Diversification Strategies

Trader AI supports a broad spectrum of digital assets, enabling traders to construct diversified portfolios that mitigate risk and capture growth across multiple sectors:
1. Major Cryptocurrencies
  - Bitcoin (BTC): The flagship asset, receiving the highest allocation in most conservative and moderate baskets.
  - Ethereum (ETH): Backbone of decentralized finance (DeFi) and smart contracts, featured prominently.
  - Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), Cardano (ADA): Liquid, established altcoins available for core portfolio building.
2. Emerging DeFi and Layer-1 Tokens
  - Polkadot (DOT), Solana (SOL), Avalanche (AVAX): Rapidly scaling networks with robust ecosystems—suitable for moderate-risk allocations.
  - Chainlink (LINK), Aave (AAVE), Uniswap (UNI): Leading DeFi and oracle solutions that often exhibit high volatility paired with substantial upside potential.
3. Metaverse and NFT-Related Tokens
  - Decentraland (MANA), Axie Infinity (AXS), The Sandbox (SAND): Assets tied to virtual real estate and blockchain gaming—ideal for investors seeking exposure to Web3 trends.
4. Stablecoin Pairs and Hedging Options
  - Tether (USDT), USD Coin (USDC), Dai (DAI): Trader AI’s AI can automatically rotate capital into these stablecoins when market volatility exceeds user-defined thresholds (e.g., 10% 24-hour price swing), preserving equity during short-term drawdowns.
5. Sector-Specific Baskets
  - “Layer 1 Champions”: Allocation across BTC, ETH, DOT, SOL, AVAX.
  - “DeFi Innovators”: Allocation across LINK, AAVE, UNI, SUSHI, COMP.
  - “Metaverse Mavericks”: Allocation across MANA, AXS, SAND, FLOW.
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Payments, Fees, and Account Funding

Trader AI’s commitment to transparency extends to its straightforward funding and fee model. Canadian users benefit from local payment options, minimal entry capital requirements, and no hidden subscription charges.

1. Minimum Deposit Requirement
- Base Capital: USD 250 (equivalent to approximately CAD 330 at current exchange rates).
- Deposit Methods for Canadians:
  - Interac e-Transfer: Typical processing time of 1–2 business hours; no fees for deposits over CAD 1,000; flat CAD 20 fee for deposits ≤ CAD 1,000.
  - Credit/Debit Card (Visa, Mastercard): Instant processing with a daily limit of CAD 5,000 for non-verified accounts.
  - Wire Transfer: For larger capital needs (up to CAD 50,000 per transaction), processed in 1–2 business days; CAD 30 fee applies (waivable for initial deposits > CAD 10,000).
- Currency Conversion: For trades executed on non-CAD pairs, an automatic 0.25% conversion margin is applied. Real-time mid-market exchange rates are displayed prior to transaction.
2. Fee Structure
- Software Access: No subscription or platform fees—Trader AI’s model is “software-free,” with all platform maintenance costs absorbed by the company.
- Trading Costs (Embedded Spreads):
  - BTC–USD/CAD: Spreads between 0.10% and 0.20%.
  - ETH–USD/CAD: Spreads between 0.12% and 0.22%.
  - Major Altcoins: Spreads ranging from 0.20% to 0.40%.
  - Spread rates adjust dynamically based on overall market liquidity—tightening during high-liquidity periods and widening slightly during low-liquidity windows (e.g., weekends, public holidays).
- Withdrawal Fees:
  - Interac e-Transfer (≤ CAD 1,000): Flat CAD 20.
  - Interac e-Transfer (> CAD 1,000): No fee.
  - Wire Transfer: CAD 30 (waived if account balance exceeds CAD 10,000 at time of withdrawal).
  - Credit/Debit Card Refunds: If a user funded via card and requests a refund to the same card, a 2% processing fee applies to cover issuer charges.
- Overnight Funding Fees: If a user employs leverage (up to 10x for aggressive strategies), an overnight interest rate of 0.03% per day is applied—transparent line-item in the trade ticket before order execution.
About Trader AI

Trader AI Inc. is a AI-driven cryptocurrency trading solutions. Founded in 2023 by a team of quantitative analysts, data scientists, and seasoned software engineers, Trader AI’s mission is to democratize algorithmic trading—making advanced, data-driven strategies accessible to investors of all experience levels.

Key Facts:
- Established: 2023
- Core Product: AI-powered crypto trading robot with automated and manual trading modes
- Target Market: Crypto investors, ranging from first-time traders to institutional participants
- Regulatory Partners: Maple Brokerage (Ontario), Victory Crypto (British Columbia)—both FINTRAC-registered
Company Vision: Trader AI seeks to empower Canadians by providing state-of-the-art AI trading tools under a fully compliant, transparent framework. By combining deep learning, robust risk management, and localized support, Trader AI aims to elevate Canada as a global hub for safe, responsible cryptocurrency trading.

Conclusion

Trader AI stands at the forefront of AI-driven cryptocurrency trading, combining cutting-edge machine learning, rigorous risk management, and a deep commitment to regulatory compliance. For both newcomers and seasoned traders, the platform offers a streamlined onboarding process, transparent fee structures, and a robust suite of tools designed to optimize performance while safeguarding capital. All users benefit from local payment integrations, bilingual support, and educational resources that demystify tax reporting and compliance requirements.

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The MIL Network –
July 25, 2025
MIL-OSI United Kingdom: Aberdeen Art Gallery welcomes one millionth visitor

Source: Scotland – City of Aberdeen

Aberdeen Art Gallery has welcomed its one millionth visitor since re-opening in November 2019 following its landmark redevelopment.
Eleanor Watson of Giffnock was visiting with her sister and nephew. They were met by Helen Fotherghill, Service Manager – Archives Gallery & Museums, who presented Dorothy with a certificate for an artwork which will be ‘adopted’ in her name – A Ground Swell, Carradale, by William McTaggart, which is on display in the French Impressions gallery. Eleanor also received a goody bag of Tall Ships commemorative items.

Visitor numbers to the Art Gallery swelled during the Tall Ships Races weekend, with the Gallery offering extended opening hours until 8pm during the event for visitors to enjoy the Monsters of the Deep exhibition and Festival of the Sea events.

Councillor Martin Greig, Aberdeen City Council’s culture spokesman, said, “The re-imagined Art Gallery, with its outstanding collection, is the city’s flagship cultural venue. I’m delighted to share the news of this major milestone and offer my congratulations to Eleanor Watson on being the millionth visitor. The Art Gallery is a safe, accessible, public space in the heart of the city where you can see great art for free. We want everyone to feel welcome here and we look forward to inspiring and delighting the next million visitors.”

Commenting on being the millionth visitor, Eleanor said, “I’m thrilled and honoured to be the one millionth visitor. This is my first visit to the Gallery, but my nephew Eoin, who lives in Aberdeen, is a regular visitor, and he suggested we come today. I’m delighted to have this beautiful painting by William McTaggart adopted in my name to commemorate the milestone. I’m looking forward to finding out more about the artist and to visiting again when we’re next in Aberdeen.”

Eleanor’s nephew, Eoin, said, “The Gallery has been a very important place for me. I visited with my mother from early childhood. I lost both my parents to cancer at a young age and have been away from Aberdeen for some 30 years. Recently returning to the city I am extremely grateful I rediscovered the Gallery. I have faced a number of personal challenges this year and the Saturday morning Artroom sessions at the Gallery run by Elaine from Grampian Hospitals Art Trust, which I have attended for a couple of months, have shone a light in my life. It is so apt and somewhat overwhelming that walking through the door with my Aunts, showing them where Mum and I spent time together, that Eleanor should be singled out as the millionth visitor since reopening.”

Aberdeen City Council and the National Lottery Heritage Fund were the major funders of the Art Gallery redevelopment, with support from many other trusts, foundations, corporate and individual donors. The much-loved building, which was designed by Alexander Marshall Mackenzie and originally opened in 1885, was completely re-imagined by internationally-acclaimed Hoskins Architects and exhibition designers Studioarc. 

Notable milestones and successes since the re-opening include:

2020 – joint winner of Art Fund Museum of the Year
2021 – only Scottish venue for the prestigious British Art Show 9; named Building of the Year by the Royal Incorporation of Architects in Scotland
2022 – shortlisted for European Museum of the Year
2023 – presented the major special exhibitions Galloway Hoard – Viking Age Treasures (on loan from National Museums Scotland) and Book of Deer, one of the principle antiquities of Celtic Scotland (on loan from Cambridge University Library); named Best Visitor Attraction – Aberdeen City and Aberdeenshire Thistle awards
2024 – acquired a ceramic pot by celebrated British Artist Sir Grayson Perry
2025 – offered new experiences for visitors – All Fired Up interactive display of studio ceramics and the McBey reference library, supported by volunteers; achieved Gold level Green Tourism Award

MIL OSI United Kingdom –

July 25, 2025
MIL-OSI Asia-Pac: HKMoA to stage first exhibition of Chinese art master Wu Guanzhong in Korea (with photos)

Source: Hong Kong Government special administrative region

HKMoA to stage first exhibition of Chinese art master Wu Guanzhong in Korea
The exhibition is presented by the Leisure and Cultural Services Department (LCSD) and jointly organised by the SAC and the HKMoA. The exhibition is made possible by the Wu Guanzhong Art Sponsorship. This exhibition in Seoul is a continuation of the popular thematic exhibition of Wu, held at the HKMoA from March 2024 to March 2025, which achieved great success and attracted more than 570 000 visitors during the exhibition period. Accompanied by insightful excerpts from the artist’s writings, the exhibition allows visitors to explore the art master’s distinctive chromatic aesthetics as well as the countless passions and flights of imagination evoked from the interplay between black and white. There will be opportunities to appreciate iconic paintings such as “Two Swallows”, “Reminiscences of Jiangnan”, “Waterway” and more.

Wu’s works perfectly fuse Eastern and Western aesthetics. He dedicated his entire life to exploring the integration of Chinese and Western art, studied traditional Chinese ink painting and also ventured into the colourful world of oil painting in his early years. After studying in France, he returned to China. His works are noted for his masterful integration of the emotional depth of traditional Chinese ink painting with Western modernist and abstract composition. In 1992, Wu was among the first living Chinese artists to be honoured with a solo exhibition at the British Museum, and his works are also widely exhibited in Asia, Europe and the United States.

Wu had deep connections with Hong Kong, and held multiple exhibitions and participated in various art events in the city. Over the years, Wu and his family have continuously made donations of Wu’s works and archives to the HKMoA, making up a substantial collection of over 450 items. The HKMoA has become the institution with the largest and most diverse collection of Wu’s works. With the support of the Wu Guanzhong Art Sponsorship, the HKMoA is bringing the museum collection and the research and curatorial insights of the art of Wu overseas, and will continue to promote Wu and modern Chinese art to audiences in different regions and at various levels through comprehensive and diversified perspectives.

In addition, an immersive installation from the “Wu Guanzhong Art Sponsorship Cross-disciplinary Series: Wu Guanzhong x Chris Cheung” will also be on display overseas for the first time, complementing the exhibition. Processed by AI, “Sentient Pond – Seoul Edition” created by Hong Kong artist Chris Cheung generates exclusive paintings by visitors that embody Wu’s brushstrokes and artistic style through machine learning over hundreds of Wu’s paintings from the museum collection, to carry on the unconventional creations and spirit of Wu with a contemporary twist.

Hong Kong Week is an annual arts festival organised by the LCSD, celebrating Hong Kong’s creative excellence worldwide and fostering cultural exchanges and artistic collaboration. This year, the festival will arrive in Seoul for the first time. Beginning on September 26, a total of 14 programmes will feature stage performances, film screenings, outdoor shows, visual art exhibitions, comic creations, fashion designs as well as other fringe activities.

For details of the exhibition and HK Week@Seoul, please visit the HKMoA’s website at hk.art.museum/en/web/ma/exhibitions-and-events/overseas-wgz-bnw.htmlIssued at HKT 19:25

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CategoriesMIL-OSI

MIL OSI Asia Pacific News –

July 24, 2025
MIL-OSI NGOs: Israel/OPT: At UN conference states must prioritize ending Israel’s genocide, unlawful occupation and apartheid
Source: Amnesty International –

The high-level UN conference to discuss a peaceful settlement of the question of Palestine and implementation of the two-state solution next week must be centered around the immediate and effective application of international law, including states’ obligations to prevent and punish genocide and apartheid and end Israel’s unlawful occupation of Palestinian territory, said Amnesty International in an advocacy briefing published today.

The briefing outlines a series of recommendations for states to take meaningful action and exert the necessary pressure on Israel to end its ongoing genocide against the Palestinians in Gaza, lift the inhumane humanitarian blockade and dismantle its unlawful occupation of the Palestinian territory and its system of apartheid imposed on all Palestinians whose rights it controls.

“If the ministers gathering in New York next week are truly committed to forging just, comprehensive and lasting peace and security for both Israelis and Palestinians, the first priority must be to take concrete action to end Israel’s ongoing genocide against Palestinians in Gaza and its unlawful military occupation of Palestinian territory, which has fuelled mass violations against Palestinians and enabled and entrenched Israel’s cruel system of apartheid,” said Agnès Callamard, Amnesty International’s Secretary General.

The current catastrophic crisis created by Israel in Gaza is unbearable, and states must act with urgency and resolve. Statements, condemnation and limited state actions are failing to protect civilians and uphold international humanitarian law.

States must be unequivocal: Israel is not above the law and accountability is a priority.

Amnesty International’s Secretary General Agnès Callamard

“Genuine and meaningful action by states must begin, first and foremost, with the demand for an immediate and sustained ceasefire, as well as the lifting of Israel’s illegal blockade. Without these fundamental urgent steps, any process aimed at addressing the future of Palestinians lacks credibility. How such process be considered meaningful when Palestinians are being slaughtered, starved and forcibly displaced into ever-shrinking pockets of land on a daily basis?”

Among the recommendations, Amnesty International is urgently calling on states to:
- Demand an immediate and lasting ceasefire in Gaza, ensure full, unimpeded access to all areas of Gaza and firmly reject Israel’s military-controlled, non-neutral aid distribution model. A principled, UN-led humanitarian response must be immediately restored, and funding for impartial humanitarian organizations must be maintained and expanded.
- End any trade or transfers that contribute to or are linked to the genocide, apartheid or the unlawful occupation. This includes in the first place banning all weapons and surveillance equipment transfers and any military assistance to Israel. States must end preferential trade agreements and cooperation deals with Israel, including the EU-Israel Trade Agreement.
- Adopt targeted sanctions against those Israeli officials most implicated in international crimes and cooperate with the International Criminal Court, including by implementing its arrest warrants.
- Commit to the reconstruction of the Gaza Strip and the rehabilitation of its people while opposing any forced displacement of Palestinians within or outside of Gaza.
- Establish mechanisms for reparations and rehabilitation of Palestinians, with Israel bearing the primary financial responsibility.
Amnesty International calls also on corporations to refuse any involvement in, or direct linkage to Israel’s unlawful actions. Corporations must ensure that they are not contributing to serious human rights violations themselves.

The organization also calls on civil society and the public at large to continue mobilizing and campaigning to demand that states abide by their legal obligations under international law and denounce companies, banks and other economic actors that contribute to or are directly linked to Israel’s violations of international law, and demand that they stop.

“States must be unequivocal: Israel is not above the law and accountability is a priority. They must seize the opportunity presented by this conference to end their active or tacit support for Israeli violations or their self-imposed inertia. The conference must lead to a clear commitment by all states to suspend all economic activity that contributes to or is directly linked to Israel’s illegal occupation, its system of apartheid or its genocide against the Palestinians in Gaza,” said Agnès Callamard.

“With the very survival of Palestinians at stake, there’s no time to waste with false promises or platitudes. As people continue to take to the streets to demand global action and as more and more states are recognizing Israel’s genocide for what it is, an empty, performative exercise would not be just tone-deaf, it would be unconscionable. For this conference to be anything more than a charade, states must heed our calls. They must turn words into action that is firmly rooted in international law and protection of human rights.”

Co-chaired by France and Saudi Arabia, the High-level International Conference for the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution will take place in New York from 28 to 29 July 2025. Agnès Callamard and other Amnesty International spokespeople will be available for interviews.
MIL OSI NGO –
July 24, 2025
MIL-OSI United Kingdom: Crossing improvement work to begin close to local school

Source: City of Leicester

TRAFFIC restrictions will be in place on Leicester’s St Barnabas Road from this weekend, while crossing and footpath improvement works take place.

Leicester City Council will be repairing and improving paving on part of the road, and creating new footpath build-outs to provide a safer crossing point close to St Barnabas Primary School.

The works are expected to take around four weeks to complete and will require traffic restrictions to be in place.

Over the coming weekend – Saturday 26 and Sunday 27 July – St Barnabas Road will be closed to all traffic between its junctions with Uppingham Road and French Road, while drainage works are carried out. Well-signposted diversions will be in place. Pedestrian access and vehicle access to properties in the area will be maintained.

Then, from Monday 28 July, the road will be one-way only, towards Uppingham Road, until late-August. A short well-signposted diversion will be in place.

The new footpath build-outs will be created on both sides of the road at the point where the school crossing patrol operates. The improvements will reduce the width of the crossing, prevent vehicles from parking and help reduce traffic speed making it safer for people to cross at all times of day.

The scheme will cost around £100,000 and is part of a rolling programme of pedestrian crossing improvements across the city.

Cllr Geoff Whittle, assistant city mayor for environment and transport, said: “This is part of an ongoing programme of work in neighbourhoods across the city, where people have raised concerns, input ideas or highlighted possible areas for improvement.

“By working with local communities in this way, we are able to invest in highways schemes that make a real difference to the daily lives of residents.”

MIL OSI United Kingdom –

July 24, 2025
MIL-OSI United Nations: UNESCO strengthens fire resilience in the Pantanal and Cerrado with support from local communities

Source: UNESCO World Heritage Centre

The initiative aims to protect areas recognized as World Natural Heritage Sites and Biosphere Reserves through the Heritage Emergency Fund (HEF).

UNESCO is intensifying its efforts in Brazil to protect areas recognized as World Natural Heritage Sites and Biosphere Reserves in response to the rise in extreme wildfires driven by climate change. Through the Heritage Emergency Fund (HEF), the organization is leading a strategic initiative to bolster fire resilience in the Pantanal of Mato Grosso and in Goiás.

A total of 60 volunteers were trained through this project: 30 in the Pantanal Matogrossense National Park (MT), 15 in Chapada dos Veadeiros National Park (GO), and 15 in Emas National Park (GO). Around 800 pieces of equipment were distributed, including firefighting tools and Personal Protective Equipment (PPE). Additionally, an action plan is being developed to guide volunteer firefighters, based on Integrated Fire Management (IFM) and UNESCO’s Fire Risk Management Guide.

“The project funded by the Heritage Emergency Fund makes a significant contribution to local communities by recognizing and strengthening their vital role in fire prevention and control”

Interinstitutional initiative in the Pantanal

From 22 to 25 April 2025, the Serra do Amolar — a remote and hard-to-reach region between Corumbá (MS) and Cáceres (MT), on the border with Bolivia — hosted a community brigade training supported by UNESCO’s Heritage Emergency Fund. The activity took place in the Pantanal Matogrossense National Park, in collaboration with WWF-Brazil, GEF Terrestrial (Funbio), Ibama (PrevFogo), Ecoa (Ecology and Action), and the Brazilian Navy.

Three brigades, made up of 30 Pantanal residents — including 14 women — took part in the training. Over three intensive days of technical and practical lessons, participants learned fire prevention and control techniques from specialists.

In addition to traditional methods — such as the use of specific tools, fire front control, heat mapping, and surveillance — the training incorporated agroforestry practices adapted to the Pantanal context. “One innovation was the management of slash-and-burn plots and backyard gardens. These areas, besides being vital for local subsistence, serve as ecological corridors that can protect wildlife during fires”, explains André Luiz Siqueira, Director of Ecoa.

Another innovation was the introduction of the Sigma tool, a software developed by SOS Pantanal, which sends real-time fire alerts to mobile phones. Using satellite imagery and data such as wind direction and temperature, the technology is accessible even to those with limited formal education.

Support from the Brazilian Navy enabled the logistics for participants and specialists, including transport via small boats, 950 liters of petrol, and 870 kilograms of food. Accommodation was provided by staff from the Chico Mendes Institute for Biodiversity Conservation (ICMBio).

Geographical and climatic challenges in firefighting

Corumbá, covering over 64,000 km², is the 11th largest municipality in Brazil. The rugged terrain of the Serra do Amolar and limited access via rivers or air pose logistical challenges for firefighting. The presence of peat — organic matter accumulated in wetlands — creates highly flammable biomass during the dry season, making fires frequent and intense.

The region encompassing the Pantanal Matogrossense National Park is part of a UNESCO World Heritage Site alongside three Private Natural Heritage Reserves, and is also recognized as a Ramsar Site — an international designation for wetlands of high ecological importance.

“The Pantanal harbors great biodiversity and is vital for fish reproduction (ichthyofauna). This region is essential for traditional peoples, sustainable tourism, and the conservation of species such as the jaguar, giant otter, and giant anteater”

In 2024, the Pantanal experienced one of the worst wildfire seasons on record. According to the Laboratory for Environmental Satellite Applications (Lasa/UFRJ), around 2.6 million hectares — 17% of the biome — were consumed by fire. This was the second-highest figure since the historical series began in 2012, surpassed only by 2020, when 3.6 million hectares were devastated.

“The drought pattern has changed. Although climate change is intensifying, those combating the fires are now better organized. We have more brigade members, resources, support from the National Security Force, the Armed Forces, and a more structured state response,” says Márcio Yule, coordinator of PrevFogo/Ibama in Mato Grosso do Sul.

Extreme drought — worsened by the El Niño phenomenon — combined with improper fire use, high temperatures, and low humidity, has increased vegetation vulnerability and impacted biodiversity and traditional community livelihoods.

I’ve been a brigade member since 2001, and the training helps us in many ways. Having the right equipment, rather than just our bare hands, makes all the difference. As traditional people, we have knowledge of fire management and know the land. When firefighters arrive, they need to talk to the community to understand what’s happening here. This combination of our knowledge, training, and equipment allows us to care for the land and the Pantanal.

She is a quilombola and indigenous woman from the Guató people, living in the Barra de São Lourenço community — on the banks of the Cuiabá River near the Paraguay River, on the border between Mato Grosso do Sul and Mato Grosso, and the frontier with Bolivia.

Silas Ismael

Despite the increasingly challenging climate scenario, the combination of community mobilization, traditional knowledge, and technology has proven effective in mitigating damage. “The formation of civil brigades is more than a fire response plan — it is a territorial adaptation strategy that supports autonomy and resilience in the Pantanal,” says Osvaldo Barassi Gajardo, Conservation Specialist at WWF-Brazil.

With each new training session, more than just skills are developed — a living protection network is built, where nature, science, and community walk hand in hand. Brigade member Eliane has a dream for the world’s largest wetland. “We care for nature, and nature cares for us. My dream is a green Pantanal full of animals”.

Rosi do Céu, rooted in the Cerrado

Since childhood, 47-year-old Rosilene Rodrigues da Silva Santos has guided people through the beauties and unique features of the Cerrado biome in Chapadão do Céu, Goiás, Brazil.

“I grew up in this region. When visitors came to our house looking for tours, my parents would ask me to show them the trails, explain the routes, and teach them how to reach Emas National Park”. Today, Rosi works as a guide at the park during weekend and holidays, volunteers as a firefighter, and has served as a primary school teacher for the past 28 years. Currently, she teaches first grade at a municipal school in Chapadão do Céu from Monday to Friday.

In 2010, a massive wildfire devastated approximately 90% of the 132,000 hectares of Emas National Park and the surrounding region. “That was my first time volunteering. The fire lasted several days, and the entire community helped. We brought clothes, supplies, and food for those battling the flames. It was my first experience with fire”.

In her view, “nature still hasn’t fully recovered” from that fire. “The animals didn’t all return, there are far fewer now. But the Cerrado is life. It regenerates. The trees are twisted, with thick bark and deep roots. It’s on purpose. When fire comes, it doesn’t consume the forest floor. The Cerrado survives, it’s resilient,” she explains.

In April, Rosi participated in a fire brigade training coordinated by UNESCO, with support from the Heritage Emergency Fund (HEF), and with WWF-Brazil. Trainings were held at three sites: Chapada dos Veadeiros National Park (GO), Emas National Park (GO), and Pantanal Matogrossense National Park (MT) – addressing conservation efforts across the Cerrado and Pantanal biomes.

The training was excellent. Now we’re better prepared to manage the park during the dry season, following the management plan. And if emergencies arise, we know how to fight fires strategically, safely, and effectively.

But if you ask Rosi do Céu (Rosi of the Sky) what she loves most, the answer is nature and wildlife. “Some people admire celebrities. I admire those who love nature. I love the wilderness and care for animals”.

Rosi also makes handcrafted items from bamboo and wood, and rescues snakes and wild animals when needed. “Just send me a message on WhatsApp. If there’s an opossum or any creature, people say, Call Rosi, she’ll take care of it.” In 2018, she rescued a tapir and named her Preciosa (Precious). “Every time I go to Emas National Park, near where she stays, I call her name, she comes and eats from my hand. It’s love,” says the firefighter, guide, teacher, artisan, and animal caregiver.

Eliane: ancestral wisdom

Eliane Aires de Souza, 58 years, carries in her eyes and hands the wisdom born of deep interaction with nature and ancestral knowledge. A Pantanal native, she lives in the community of Barra de São Lourenço (MT), shaped by the waters and the vibrant life that surrounds her. She is an Indigenous woman of the Guató people, with quilombola ancestry, and works the land with knowledge and care as an agroforestry practitioner. Since 2001, she has served as a civilian firefighter, confronting the wildfires that each year are increasingly threatening the Pantanal.

Silas Ismael

This is our way of life. The Pantanal is our home. Having proper training and equipment helps us take care of it and protect our collective house.

Eliane is a mother, grandmother, and president of the Renascer Women’s Association, created to strengthen the dreams and autonomy of the women in her community. In her words, she highlights the daily challenges of keeping culture alive and staying connected to the land. “Here, we live off fishing, bait, and handicrafts”.

Eliane feels the effects of climate change and the abandonment of the rivers. She speaks with sadness of the Rio Velho, which no longer flows as it once did. “It’s like a clogged vein in the body. If we don’t take care of the river, the whole body falls ill”. For her, protecting nature means protecting herself, her family, her community, and the future. “That tree behind you is like a vein, it gives life to other lives”.

In her daily life, Eliane cultivates an agroforestry system at home. She nurtures and protects the land. “That’s what agroforestry is: we care for it, and it cares for us”. Drawing on ancestral wisdom, she explains the importance of nourishing the soil, preserving humidity, and ensuring shade, life, and food. She grows bananas, cassava, lemons, and oranges, and dreams of more. She envisions a seedling nursery and a green corridor that reconnects fragmented forest areas, providing food for animals and nourishing hope.

“If we keep waiting, the soil will die. And with it, our way of life”. She refuses to depend on the city for basic needs. “It’s the dream that keeps us going”.

And perhaps it is that persistent force of dreaming, that way of resisting with hands in the soil, body in the canoe, and soul in the crafts, that keeps the Pantanal alive. As long as there are Elianes and Rosis, there will be hope for rebirth.

About the UNESCO Heritage Emergency Fund

This activity was supported by the UNESCO Heritage Emergency Fund (HEF). We express our gratitude to its donors: the Principality of Andorra, the Qatar Fund for Development, Canada, the Slovak Republic, the Republic of Estonia, the French Republic, the Republic of Lithuania, the Grand Duchy of Luxembourg, the Principality of Monaco, the Kingdom of Norway, the Kingdom of the Netherlands, the Republic of Poland, the United Kingdom of Great Britain and Northern Ireland, the Republic of Serbia, and ANA Holdings INC.

MIL OSI United Nations News –

July 24, 2025
MIL-OSI: MIG Capital leads CHF 7.75 million seed financing for ASTRA Therapeutics
Source: GlobeNewswire (MIL-OSI)
- MIG Capital, through its MIG Fonds, is investing 3 million Swiss Francs (CHF) in the Swiss start-up which designs precision drugs against eukaryotic pathogens.
- Digitalis Ventures co-leads the round with additional investment from Borealis Ventures, Kickfund and Venture Kick.
- Eukaryotic pathogens cause illness and death in animals, humans, and crops.
MUNICH, Germany, and VILLIGEN, Switzerland, July 24, 2025 (GLOBE NEWSWIRE) — MIG Capital AG, one of Germany’s leading venture capital firms, announced today that it is heading a seed financing of CHF 7.75 million for ASTRA Therapeutics with U.S. venture capital firm Digitalis Ventures as co-lead and Borealis Ventures, Kickfund and Venture Kick also participating in the round. MIG Fonds 17 and 18 have allocated CHF 3 million for the Swiss start-up, based at the Park InnovAARE innovation campus in Villigen, Switzerland.

Founded in 2022, ASTRA Therapeutics AG designs and develops novel parasitic agents (parasiticides) that control parasites by inhibiting cell division in parasites while sparing hosts. The company generates species-specific drug leads targeting tubulin, known as Parabulins^®, through its proprietary drug development platform ParaX^®.

Parabulins^® are novel drugs (New Molecular Entities, NME) targeting important indications in the veterinary market. ASTRA’s pipeline includes over 15 patentable chemical classes featuring nanomolar-potent candidates for common parasites such as coccidia in farm animals and heartworm in dogs and cats. Initial in vivo proof of concept for multiple NMEs has been demonstrated.

Natacha Gaillard, PhD, Founder and Co-CEO of ASTRA Therapeutics, said: “The animal health market is facing an ever-increasing need for novel anti-parasite drugs to combat the growing threat of drug resistance, ensure the health and welfare of our pets, and maintain healthy and efficient food production.”

Ashwani Sharma, PhD, also Founder and Co-CEO of ASTRA Therapeutics, added: “Our platform is designed to exploit structural differences between essential proteins in parasites and the host animals, enabling creation of new drugs that should be both effective and safe.”

The global parasiticide market is worth over 10 billion US dollars and is growing at a CAGR of 5.6%¹. At the same time, established products are facing patent expiry, while increasing resistance is causing a dramatic need for new drugs – in some regions, up to 98% of heartworm cases are already resistant to standard therapies.

ASTRA is strategically positioned to capture this opportunity: the company develops novel, patentable drugs that are highly potent and resistance-breaking. Target revenues are over 800 million US dollars per year for coccidiosis and 2.4 billion US-dollars per year for worm control – in the veterinary sector alone.

“We see tremendous commercial potential for new drugs that control worms including heartworm in dogs and cats, and coccidiosis in poultry and swine production,” said Andreas Kastenbauer, Partner at MIG Capital. “With renowned structural biologists Dr. Natacha Gaillard and Dr. Ashwani Sharma in the lead and strong support from a team of market and business developers experienced in drug discovery, licensing and biotech financing, this is the right company to achieve success.”

The new investment expands MIG Capital’s approach to engaging in the rapidly growing veterinary medicine market. In 2024, the VC investor already acquired a stake in HawkCell, a French start-up developing MRI and CT imaging for use in animals. ASTRA Therapeutics is MIG Capital’s first investment in Switzerland and its second new investment this year.

_______________
1 Stonehaven Cozmix Group, Animal Health Industry: Reflections on the Past Decade and Visions for the Future Report 2025. (Published at AHNTI Conference London 2025) [see page 23]

About Astra Therapeutics

ASTRA Therapeutics is a Swiss biotechnology company based in Villigen (CH) that designs novel precision drugs against eukaryotic pathogens based on its proprietary ParaX^® platform. The company’s goal is to develop drugs that selectively target parasites while sparing hosts. ASTRA Therapeutics addresses medical and veterinary challenges characterized by increasing drug resistance, expiring patents, and a growing global parasiticide market.

For more information, please visit www.astratherapeutics.com.

About MIG Capital

MIG Capital is one of the leading German VC investors. Through its MIG funds, MIG invests in young deep tech and life sciences companies in German-speaking Europe and beyond. To date, the company has invested over €770 million in approx. 60 start-ups. MIG portfolio companies develop innovations in areas including biopharmaceuticals, energy and environmental technologies, advanced computing, digitalization / IoT, medical technology, and digital health. The MIG investment portfolio currently consists of more than 30 companies.

MIG’s investment team is made up of a dedicated group of engineers, scientists, physicians and entrepreneurs who use analytical and creative processes to assess the risks and opportunities of business models and technologies. Their reputation, experience and network provide excellent access to companies, institutions and decision-makers to support the growth of their portfolio companies.

In recent years, MIG Capital has realized more than ten successful portfolio company sales, including Siltectra (to Infineon) and Hemovent (to MicroPort). It has placed several companies on the stock exchange including BRAIN, NFON, BioNTech, and Immatics.

For further information, please visit: www.mig.ag, www.mig-fonds.de. LinkedIn: MIG Capital

Contact

MIG Capital
Andreas Kastenbauer, Partner
+49-89-94382680
ak@mig.ag

Media Inquiries

MC Services
Dr. Cora Kaiser, Catherine Featherston, Dr. Johanna Kobler
+49-89-210228-0
migag@mc-services.eu

The MIL Network –
July 24, 2025
MIL-Evening Report: Israel waging ‘horror show’ starvation campaign in Gaza, says UN chief

This is Democracy Now!. I’m Amy Goodman.

More than 100 humanitarian groups are demanding action to end Israel’s siege of Gaza, warning mass starvation is spreading across the Palestinian territory.

The NGOs, including Amnesty International, Oxfam, Doctors Without Borders, warn, “illnesses like acute watery diarrhea are spreading, markets are empty, waste is piling up, and adults are collapsing on the streets from hunger and dehydration.”

Their warning came as the Palestinian Ministry of Health said the number of starvation-related deaths has climbed to at least 111 people.

This is Ghada al-Fayoumi, a displaced Palestinian mother of seven in Gaza City.

GHADA AL-FAYOUMI: “[translated] My children wake up sick every day. What do I do? I get saline solution for them. What can I do?

“There’s no food, no bread, no drinks, no rice, no sugar, no cooking oil, no bulgur, nothing. There is no kind of any food available to us at all.”

AMY GOODMAN: Thousands of antiwar protesters marched on Tuesday in Tel Aviv outside Israel’s military headquarters, demanding an end to Israel’s assault and a lifting of the Gaza siege. This is Israeli peace activist Alon-Lee Green with the group Standing Together.

ALON-LEE GREEN: “We are marching now in Tel Aviv, holding bags of flour and the pictures of these children that have been starved to death by our government and our army.

“We demand to stop the starvation in Gaza. We demand to stop the annihilation of Gaza. We demand to stop the daily killing of children and innocent people in Gaza.

“This cannot go on. We are Israelis, and this does not serve us. This only serves the Messianic people that lead us.”

AMY GOODMAN: This comes as the World Health Organisation has released a video showing the Israeli military attacking WHO facilities in central Gaza’s Deir al-Balah. A WHO spokesperson condemned the attack, called for the immediate release of a staff member abducted by Israeli forces.

TARIK JAŠAREVIĆ: “Male staff and family members were handcuffed, stripped, interrogated on the spot and screened at gunpoint.

“Two WHO staff and two family members were detained.”

AMY GOODMAN: Meanwhile, health officials in Gaza say Israeli attacks over the past day killed more than 70 people, including five more people seeking food at militarised aid sites. Amid growing outrage worldwide, UN Secretary-General António Guterres said on Tuesday the situation in Gaza right now is a “horror show”.

UN SECRETARY-GENERAL ANTÓNIO GUTERRES: “We need look no further than the horror show in Gaza, with a level of death and destruction without parallel in recent times.

“Malnourishment is soaring. Starvation is knocking on every door.”

AMY GOODMAN: For more, we’re joined by Michael Fakhri, the UN Special Rapporteur on the Right to Food. He is a professor of law at University of Oregon, where he leads the Food Resiliency Project.

[embedded content]
Israel waging ‘fastest starvation campaign’ in modern history Video: Democracy Now!

Dr Michael Fakhri, welcome back to Democracy Now! If you can respond to what’s happening right now, the images of dying infants starving to death, the numbers now at over 100, people dropping in the streets, reporters saying they can’t go on?

Agence France-Presse’s union talked about they have had reporters killed in conflict, they have had reporters disappeared, injured, but they have not had this situation before with their reporters starving to death.

DR MICHAEL FAKHRI: Amy, the word “horror” — I mean, we’re running out of words of what to say. And the reason it’s horrific is it was preventable. We saw this coming. We’ve seen this coming for 20 months.

Israel announced its starvation campaign back in October 2023. And then again, Prime Minister Netanyahu announced on March 1 that nothing was to enter Gaza. And that’s what happened for 78 days. No food, no water, no fuel, no medicine entered Gaza.

And then they built these militarised aid sites that are used to humiliate, weaken and kill the Palestinians. So, what makes this horrific is it has been preventable, it was predictable. And again, this is the fastest famine we’ve seen, the fastest starvation campaign we’ve seen in modern history.

AMY GOODMAN: So, can you talk about what needs to be done at this point and the responsibility of the occupying power? Israel is occupying Gaza right now. What it means to have to protect the population it occupies?

DR FAKHRI: The International Court of Justice outlined Israel’s duties in its decisions over the last year. So, what Israel has an obligation to do is, first, end its illegal occupation immediately. This came from the court itself.

Second, it must allow humanitarian relief to enter with no restrictions. And this hasn’t been happening. So, usually, we would turn to the Security Council to authorise peacekeepers or something similar to assist.

But predictably, again, the United States keeps vetoing anything to do with a ceasefire. When the Security Council is in a deadlock because of a veto, the General Assembly, the UN General Assembly, has the authority to call for peacekeepers to accompany humanitarian convoys to enter into Gaza and to end Israel’s starvation campaign against the Palestinian people.

AMY GOODMAN: People actually protested outside the house of UN Secretary-General António Guterres yesterday. People protested all over the world yesterday against the Palestinians being starved and bombed to death. Those in front of the UN Secretary-General’s house said they don’t dispute that he has raised this issue almost every day, but they say he can do more.

Finally, Michael Fakhri, what does the UN need to do — the US, Israel, the world?

DR FAKHRI: So, as I mentioned, first and foremost, they can authorise peacekeepers to enter to stop the starvation. But, second, they need to create consequences.

The world has a duty to prevent this starvation. The world has a duty to prevent and end this genocide. And as a result, then, what the world can do is impose sanctions.

And again, this is supported by the International Court of Justice. The world needs to impose wide-scale sanctions against the state of Israel to force it to end the starvation and genocide of civilians, of Palestinian civilians in Gaza today.

AMY GOODMAN: Well, I want to thank you so much for being with us, Michael Fakhri, UN Special Rapporteur on the Right to Food, speaking to us from Eugene, Oregon.

Article by AsiaPacificReport.nz

MIL OSI Analysis – EveningReport.nz –

July 24, 2025
MIL-OSI China: Hugo Ekitike: Liverpool sign Frankfurt striker

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

Premier League champion Liverpool continued a big-spending summer with the signing of striker Hugo Ekitike from Eintracht Frankfurt for an initial fee of 79 million pounds (106 million US dollars).

“We have reached an agreement for the transfer of Eintracht Frankfurt forward Hugo Ekitike, subject to international clearance,” announced Liverpool’s social media sites on Wednesday.

Hugo Ekitike (R) of Eintracht Frankfurt vies with Cristian Romero of Tottenham Hotspur during the UEFA Europa League quarterfinals 2nd leg match in Frankfurt, Germany, April 17, 2025. (Photo by Ulrich Hufnagel/Xinhua)

“The 23-year-old has successfully completed a medical and agreed personal terms with the Reds, allowing him to fly out to Hong Kong to join his new teammates on their preseason tour of Asia later this week,” the club added.

Ekitike is the fourth major signing of the summer for Arne Slot’s side, following the capture of Florian Wirtz for over 110 million pounds and defenders Milos Kerkez and Jeremie Frimpong.

The 23-year-old Frenchman, who can play across the front line, joins Anfield after scoring 22 goals in 48 appearances last season, along with more than a dozen assists.

Liverpool has spent over 250 million pounds this summer, although they are likely to recoup some of that if Luis Diaz completes a move to Bayern Munich in a deal worth more than 60 million pounds. Darwin Nunez also appears likely to leave, and Federico Chiesa has been left out of Liverpool’s preseason squad for the Asia tour, suggesting he may also be on his way out.

MIL OSI China News –

July 24, 2025

MIL-OSI: Dassault Systèmes: Q2 well aligned with objectives; Reaffirming 2025 growth outlook Advancing AI for software-defined industries

Source: GlobeNewswire (MIL-OSI)

Press Release

VELIZY-VILLACOUBLAY, France — July 24, 2025

Dassault Systèmes: Q2 well aligned with objectives; Reaffirming 2025 growth outlook

Advancing AI for software-defined industries

Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the second quarter 2025 and first half ended June 30, 2025. The Group’s Board of Directors approved these estimated results on July 23, 2025. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

Summary Highlights¹

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

2Q25: Total revenue of €1.52 billion, up 6%, well aligned with objectives;
2Q25: Software revenue up 6%, driven by subscription revenue up 10%;
2Q25: 3DEXPERIENCE software revenue up 20% with good dynamics across industries;
2Q25: Operating margin of 29.3% and diluted EPS non-IFRS up 4% to €0.30;
For the first six months, recurring revenue up 7% driven by subscription growth of 13%;
FY25: Reaffirming non-IFRS full-year objectives with total revenue growth of 6% to 8% and diluted EPS growth of 7% to 10%.

Dassault Systèmes’ Chief Executive Officer Commentary

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

“The first half of the year reaffirmed the strength of our core Manufacturing sector, with resilient performance in Transportation & Mobility and strong growth in High-Tech. Aerospace & Defense also had an excellent start, with notable engagement at the Paris Air Show, underscoring our leadership in these strategic areas. In Life Sciences, our PLM solutions are playing more and more a critical role in driving the evolution toward smarter manufacturing and agile supply chains.

As we look to the future, Dassault Systèmes is uniquely positioned to help clients navigate the increasingly complex and dynamic global landscape. Our focus on high-growth segments, particularly Space, Defense, Energy, and AI-driven cloud infrastructure, places us at the core of sovereignty and security challenges.

With the introduction of 3D UNIV+RSES, presented at our Capital Markets Day, we are entering new high-value territories such as regulatory and compliance management. AI will be a key enabler in these areas, and early customer feedback has been exceptionally promising. With AI for software-defined industries, we are confident that our continued innovation will unlock new levels of value for our clients, reinforcing our role as a trusted partner in their transformation journeys.”

Dassault Systèmes’ Chief Financial Officer Commentary

(revenue and diluted EPS (“EPS”) growth rates in constant currencies,
data on a non-IFRS basis)

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

“In Q2, both total and software revenues grew by 6%, in line with our objectives. Year-to-date, we’ve seen a 5% increase in growth, with subscription rising 13%. Our performance across the Manufacturing sector has been resilient, particularly driven by the continued strength of SIMULIA, ENOVIA, and CATIA.

On the operational front, we remain committed to strategic investments aimed at capturing long-term value, while protecting EPS. The acquisition of Ascon is a key step in accelerating the shift to software-defined manufacturing.

Looking ahead, we maintain our outlook for full-year revenue growth between 6-8%, with EPS growth expected to range from 7-10%. Additionally, we’ve updated our currency assumptions for the second half of the year.”

Financial Summary

In millions of Euros, except per share data and percentages	IFRS				IFRS
In millions of Euros, except per share data and percentages	Q2 2025	Q2 2024	Change	Change in constant currencies	YTD 2025	YTD 2024	Change	Change in constant currencies
Total Revenue	1,521.6	1,495.8	2%	5%	3,094.6	2,995.4	3%	4%
Software Revenue	1,372.7	1,346.5	2%	6%	2,805.4	2,699.4	4%	5%
Operating Margin	15.9%	18.4%	(2.6)pts		17.6%	20.0%	(2.4)pts
Diluted EPS	0.17	0.21	(19)%		0.37	0.42	(14)%

In millions of Euros, except per share data and percentages	Non-IFRS				Non-IFRS
In millions of Euros, except per share data and percentages	Q2 2025	Q2 2024	Change	Change in constant currencies	YTD 2025	YTD 2024	Change	Change in constant currencies
Total Revenue	1,523.2	1,495.8	2%	6%	3,096.2	2,995.4	3%	5%
Software Revenue	1,374.2	1,346.5	2%	6%	2,807.0	2,699.4	4%	5%
Operating Margin	29.3%	29.9%	(0.7)pts		30.1%	30.5%	(0.4)pts
Diluted EPS	0.30	0.30	(1)%	4%	0.61	0.60	2%	5%

Second Quarter 2025 Versus 2024 Financial Comparisons

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

Total Revenue: Total revenue in the second quarter grew 5% in IFRS and 6% in non-IFRS, to €1.52 billion, and software revenue increased by 6% to €1.37 billion. Subscription & support revenue rose 6%; recurring revenue represented 80% of software revenue. Licenses and other software revenue rose 5% to €276 million. Services revenue increased 3% to €149 million, during the quarter.
Software Revenue by Geography: The Americas revenue increased by 2% to represent 37% of software revenue, with High-Tech and Industrial Equipment performing well. Europe grew by 10% to 39% of software revenue, reflecting an acceleration led by France and Southern Europe. In Asia, revenue rose 6% with strong double-digit growth in China. Asia represented 24% of software revenue at the end of the second quarter.
Software Revenue by Product Line:
- Industrial Innovation software revenue rose 9% to €745 million. SIMULIA, CATIA and ENOVIA were the best contributors to growth. Industrial Innovation software represented 54% of software revenue, during the period.
- Life Sciences software revenue was flat at €268 million, to account for 20% of software revenue.
- Mainstream Innovation software revenue increased by 3% to €360 million in IFRS, and was up 4% to €361 million in non-IFRS, represented 26% of software revenue. SOLIDWORKS had a strong subscription growth, advancing its business model shift.
Software Revenue by Industry: Industrial Equipment, High Tech, Transportation & Mobility and Aerospace & Defense were the best contributors to growth this quarter. In Life Sciences, Dassault Systèmes’ PLM solutions are playing more and more a critical role in driving the evolution toward smarter manufacturing and agile supply chains. In fact, outside of the MEDIDATA product line, Life Sciences revenue grew mid-teens.
Key Strategic Drivers: 3DEXPERIENCE software revenue increased 20% and represented 41% of 3DEXPERIENCE Eligible software revenue. Cloud software revenue grew 6% in non-IFRS, representing 25% of software revenue during the period. 3DEXPERIENCE Cloud software revenue increased 15% in constant currencies.
Operating Income and Margin: IFRS operating income decreased 12%, to €242 million, as reported. Non-IFRS operating income decreased 0.4% at €446 million, as reported. The IFRS operating margin stood at 15.9% compared to 18.4% in the second quarter of 2024, mainly reflecting the effect of the employee shareholding plan “TOGETHER 2025” offered during the quarter. The non-IFRS operating margin totaled 29.3%, versus 29.9% in the same period of last year, with a negative currency impact of 50 basis points.
Earnings per Share: IFRS diluted EPS was €0.17, decreasing 19% as reported. Non-IFRS diluted EPS grew to €0.30, down 1% as reported, up 4% in constant currencies.

First Half 2025 Versus 2024 Financial Comparisons

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

Total Revenue: Total revenue grew 4% to €3.09 billion in IFRS, and was up 5% to €3.10 billion in non-IFRS. Software revenue increased 5% to €2.81 billion. Subscription and support revenue rose 7% to €2.33 billion; recurring revenue represented 83% of total software revenue. Licenses and other software revenue decreased 2% to €474 million. Services revenue was down 2% to €289 million.
Software Revenue by Geography: The Americas, Europe and Asia all grew 5%, representing respectively 40%, 37% and 23% of software revenue.
Software Revenue by Product Line:
- Industrial Innovation software revenue rose 8% to €1.54 billion and represented 55% of software revenue. CATIA, SIMULIA and ENOVIA were among the strongest contributors to growth.
- Life Sciences software revenue was flat to €561 million, representing 20% of software revenue.
- Mainstream Innovation software revenue increased by 3% to €707 million in IFRS and to €708 million in non-IFRS. Mainstream Innovation represented 25% of software revenue.

Software Revenue by Industry: Aerospace & Defense, High Tech, Industrial Equipment and Transport & Mobility were among the strongest contributors to growth. In Life Sciences, Dassault Systèmes’ PLM solutions are playing more and more a critical role in driving the evolution toward smarter manufacturing and agile supply chains. In fact, outside of the MEDIDATA product line, Life Sciences revenue grew mid-teens.
Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 19%, representing 40% of 3DEXPERIENCE Eligible software revenue. Cloud software revenue grew 7% in non-IFRS, and represented 25% of software revenue. 3DEXPERIENCE Cloud software revenue increased 26% in constant currencies.
Operating Income and Margin: IFRS operating income was down 9%, to €546 million, as reported. Non-IFRS operating income increased 2% to €932 million, as reported. IFRS operating margin totaled 17.6% compared to 20% for the same period in 2024, mainly reflecting the combined effect of the employee shareholding plan “TOGETHER 2025” and higher share-based compensation related social charges, notably in France, where the rate rose from 20% to 30% in the first half of 2025. Non-IFRS operating margin stood at 30.1% in the first half of 2025, compared to 30.5% in the same period last year, impacted by negative currency effect of 30 basis points.
Earnings per Share: IFRS diluted EPS was €0.37, a decrease of 14% as reported. Non-IFRS diluted EPS grew by 2% to €0.61, as reported, or 5% in constant currencies.
Cash Flow from Operations (IFRS): Cash flow from operations totaled €1.15 billion for the first six months of 2025, compared to €1.13 billion last year. Cash flow from operations was principally used for the acquisition of ContentServ for €202 million, repurchase of Treasury Shares for €225 million and dividend payments for €343 million.
Balance Sheet (IFRS): Dassault Systèmes’ net financial position totaled €1.51 billion as of June 30, 2025, an increase of €0.05 billion, compared to €1.46 billion for the year ended December 31, 2024. Cash and cash equivalents totaled €4.08 billion in the first half.

Financial Objectives for 2025

Dassault Systèmes’ third 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:


		Q3 2025	FY 2025
Total Revenue (billion)		€1.485 – €1.535	€6.410 – €6.510
Growth		1 – 5%	3 – 5%
Growth ex FX		5 – 8%	6 – 8%

Software revenue growth *		5 – 9%	6 – 8%
	Of which licenses and other software revenue growth *	7 – 14%	4 – 7%
	Of which recurring revenue growth *	5 – 8%	7 – 8%
Services revenue growth *		1 – 5%	1 – 3%

Operating Margin		29.7% – 29.9%	32.2% – 32.4%

EPS Diluted		€0.29 – €0.30	€1.32 – €1.35
Growth		0 – 4%	3 – 6%
Growth ex FX		5 – 9%	7 – 10%

US dollar		$1.17 per Euro	$1.13 per Euro
Japanese yen (before hedging)		JPY 170.0 per Euro	JPY 166.1 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: contract liabilities write-downs estimated at approximately €4 million; share-based compensation expenses, including related social charges, estimated at approximately €324 million (these estimates do not include any new stock option or share grants issued after June 30, 2025); 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 €1 million.

The above objectives also do not include any impact from other operating income and expenses, 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 June 30, 2025.

Corporate Announcements

Today’s Webcast and Conference Call Information

Today, Thursday, July 24, 2025, Dassault Systèmes will host in 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

Third Quarter 2025 Earnings Release: October 23, 2025
Fourth Quarter 2025 Earnings Release: February 11, 2026
First Quarter 2026 Earnings Release: April 23, 2026
Second Quarter 2026 Earnings Release: July 23, 2026

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 2024 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2025, available on the Group’s website www.3ds.com.

In particular, please refer to the risk factor “Uncertain Global Environment” in section 1.9.1.1 of the 2024 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 cancel 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 negatively affect Dassault Systèmes’ business, and in particular its revenue, for example, due to stricter export compliance rules or the introduction of new customs barriers or controls on the exchange of goods and services;
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 costs inflation could adversely affect the financial position of Dassault Systèmes; and
the sales cycle of the 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 crises 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 to cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively affect Dassault Systèmes’ revenue, financial performance and market position.

Dassault Systèmes makes every effort to take into consideration this uncertain 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$1.17 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY170.0 to €1.00, before hedging for the third quarter 2025. The Group has assumed an average US dollar to euro exchange rate of US$1.13 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY166.1 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, 2025.

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, 370 000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact.
For more information, visit www.3ds.com.

Dassault Systèmes Investor Relations Team FTI Consulting

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 and 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 to compare IFRS and non-IFRS revenue figures for comparable periods. All information at constant currencies 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 relating to the Group’s entire scope, Dassault Systèmes also provides growth information excluding acquisitions’ effects, and named organic growth. To do so, the Group’s data is restated to exclude acquisitions, from the date of the transaction, over a period of 12 months.

Information on Industrial Sectors

Dassault Systèmes provides broad end-to-end software solutions and services: its 3D UNIV+RSES (made of multiple virtual twin experiences) powered by the 3DEXPERIENCE platform combine modeling, simulation, data science, artificial intelligence 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, medical 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 financial reporting on product lines includes the following 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 the SOLIDWORKS brand and its expanded offerings in design, simulation, PLM, and manufacturing.

OUTSCALE has been a Dassault Systèmes brand since 2022, 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 the 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 GEOs;
the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEOs;
the “Asia” group, comprising Asia and Oceania and made of five GEOs.

3DEXPERIENCE Software Contribution

To measure the relative share of 3DEXPERIENCE software in its revenues, Dassault Systèmes 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 revenue is generated from contracts that provide access to cloud-based solutions (SaaS), infrastructure as a service (IaaS), cloud solution development and cloud managed services. These offerings are delivered by Dassault Systèmes through its own cloud infrastructure or by third-party cloud providers. They are available through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered through subscription-based models or perpetual licenses with support and hosting services.

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				Six months ended
	June 30, 2025	June 30, 2024	Change	Change in constant currencies	June 30, 2025	June 30, 2024	Change	Change in constant currencies
Total Revenue	€ 1,523.2	€ 1,495.8	2%	6%	€ 3,096.2	€ 2,995.4	3%	5%

Revenue breakdown by activity
Software revenue	1,374.2	1,346.5	2%	6%	2,807.0	2,699.4	4%	5%
Of which licenses and other software revenue	275.6	271.8	1%	5%	473.7	490.3	(3)%	(2)%
Of which subscription and support revenue	1,098.6	1,074.8	2%	6%	2,333.2	2,209.1	6%	7%
Services revenue	148.9	149.2	(0)%	3%	289.2	296.1	(2)%	(2)%

Software revenue breakdown by product line
Industrial Innovation	744.6	701.9	6%	9%	1,537.7	1,433.2	7%	8%
Life Sciences	268.3	281.7	(5)%	0%	560.9	566.4	(1)%	0%
Mainstream Innovation	361.3	363.0	(0)%	4%	708.3	699.7	1%	3%

Software Revenue breakdown by geography
Americas	505.0	525.5	(4)%	2%	1,116.2	1,079.1	3%	5%
Europe	534.8	491.9	9%	10%	1,048.0	995.1	5%	5%
Asia	334.4	329.1	2%	6%	642.8	625.2	3%	5%

Operating income	€ 446.1	€ 447.8	(0)%		€ 932.2	€ 914.3	2%
Operating margin	29.3%	29.9%			30.1%	30.5%

Net income attributable to shareholders	€ 391.0	€ 397.1	(2)%		€ 811.2	€ 794.3	2%
Diluted earnings per share	€ 0.30	€ 0.30	(1)%	4%	€ 0.61	€ 0.60	2%	5%

Closing headcount	26,253	25,811	2%		26,253	25,811	2%

Average Rate USD per Euro	1.13	1.08	5%		1.09	1.08	1%
Average Rate JPY per Euro	163.81	167.77	(2)%		162.12	164.46	(1)%

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
In millions of Euros	June 30, 2025	June 30, 2024	Change	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
Revenue QTD	1,523.2	1,495.8	27.4	72.6	7.5	(52.7)
Revenue YTD	3,096.2	2,995.4	100.7	125.9	7.7	(32.9)

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		Six months ended
	June 30,	June 30,	June 30,	June 30,
	2025	2024	2025	2024
Licenses and other software revenue	275.6	271.8	473.7	490.3
Subscription and Support revenue	1,097.1	1,074.8	2,331.7	2,209.1
Software revenue	1,372.7	1,346.5	2,805.4	2,699.4
Services revenue	148.9	149.2	289.2	296.1
Total Revenue	€ 1,521.6	€ 1,495.8	€ 3,094.6	€ 2,995.4
Cost of software revenue ⁽¹⁾	(120.1)	(124.8)	(249.3)	(236.8)
Cost of services revenue	(144.6)	(127.9)	(275.7)	(259.8)
Research and development expenses	(348.7)	(326.1)	(697.3)	(637.5)
Marketing and sales expenses	(448.0)	(423.8)	(894.5)	(844.1)
General and administrative expenses	(123.7)	(111.6)	(244.2)	(216.7)
Amortization of acquired intangible assets and of tangible assets revaluation	(85.4)	(92.3)	(173.8)	(185.6)
Other operating income and expense, net	(9.3)	(13.2)	(13.7)	(15.0)
Total Operating Expenses	(1,279.9)	(1,219.8)	(2,548.4)	(2,395.4)
Operating Income	€ 241.7	€ 276.0	€ 546.1	€ 600.0
Financial income (loss), net	29.9	33.3	60.2	63.4
Income before income taxes	€ 271.5	€ 309.2	€ 606.3	€ 663.5
Income tax expense	(53.0)	(47.7)	(128.4)	(116.0)
Net Income	€ 218.6	€ 261.5	€ 477.9	€ 547.5
Non-controlling interest	4.9	1.2	6.1	1.0
Net Income attributable to equity holders of the parent	€ 223.5	€ 262.7	€ 484.0	€ 548.4
Basic earnings per share	0.17	0.20	0.37	0.42
Diluted earnings per share	€ 0.17	€ 0.21	€ 0.37	€ 0.42
Basic weighted average shares outstanding (in millions)	1,315.9	1,313.2	1,314.9	1,313.7
Diluted weighted average shares outstanding (in millions)	1,324.4	1,326.2	1,325.7	1,328.7

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

IFRS reported	Three months ended June 30, 2025		Six months ended June 30, 2025
IFRS reported	Change ⁽²⁾	Change in constant currencies	Change ⁽²⁾	Change in constant currencies
Total Revenue	2%	5%	3%	4%
Revenue by activity
Software revenue	2%	6%	4%	5%
Services revenue	(0)%	3%	(2)%	(2)%
Software Revenue by product line
Industrial Innovation	6%	9%	7%	8%
Life Sciences	(5)%	0%	(1)%	0%
Mainstream Innovation	(1)%	3%	1%	3%
Software Revenue by geography
Americas	(4)%	2%	3%	5%
Europe	8%	10%	5%	5%
Asia	2%	6%	3%	5%

⁽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
	June 30,	December 31,
	2025	2024
ASSETS
Cash and cash equivalents	4,083.7	3,952.6
Trade accounts receivable, net	1,575.9	2,120.9
Contract assets	40.1	30.1
Other current assets	406.2	464.0
Total current assets	6,105.9	6,567.6
Property and equipment, net	903.5	945.8
Goodwill and Intangible assets, net	7,030.3	7,687.1
Other non-current assets	375.7	345.5
Total non-current assets	8,309.4	8,978.3
Total Assets	€ 14,415.3	€ 15,545.9
LIABILITIES
Trade accounts payable	183.2	259.9
Contract liabilities	1,559.3	1,663.4
Borrowings, current	534.0	450.8
Other current liabilities	1,063.0	1,147.4
Total current liabilities	3,339.5	3,521.5
Borrowings, non-current	2,043.9	2,042.8
Other non-current liabilities	836.0	900.9
Total non-current liabilities	2,879.9	2,943.7
Non-controlling interests	11.5	14.1
Parent shareholders’ equity	8,184.3	9,066.6
Total Liabilities	€ 14,415.3	€ 15,545.9

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

(unaudited; in millions of Euros)

In millions of Euros	IFRS reported
	Three months ended			Six months ended
	June 30,	June 30,	Change	June 30,	June 30,	Change
	2025	2024	Change	2025	2024	Change
Net income attributable to equity holders of the parent	223.5	262.7	(39.3)	484.0	548.4	(64.4)
Non-controlling interest	(4.9)	(1.2)	(3.7)	(6.1)	(1.0)	(5.1)
Net income	218.6	261.5	(42.9)	477.9	547.5	(69.5)
Depreciation of property and equipment	48.5	45.1	3.4	98.9	92.7	6.2
Amortization of intangible assets	86.2	94.2	(8.0)	175.9	189.4	(13.5)
Adjustments for other non-cash items	20.5	36.6	(16.1)	36.6	74.3	(37.7)
Changes in working capital	(39.4)	21.9	(61.3)	358.0	226.3	131.7
Net Cash From Operating Activities	€ 334.3	€ 459.3	€ ( 124.9)	€ 1,147.3	€ 1,130.2	€ 17.2

Additions to property, equipment and intangibles assets	(39.3)	(50.6)	11.3	(95.3)	(107.8)	12.5
Payment for acquisition of businesses, net of cash acquired	(9.2)	(11.2)	2.0	(202.9)	(15.7)	(187.2)
Other	3.2	0.8	2.3	(34.6)	23.1	(57.7)
Net Cash Provided by (Used in) Investing Activities	€ (45.3)	€ (61.0)	€ 15.6	€ (332.8)	€ (100.4)	€ (232.4)

Proceeds from exercise of stock options	7.4	13.9	(6.5)	29.6	35.2	(5.7)
Cash dividends paid	(342.6)	(302.7)	(39.9)	(342.6)	(302.7)	(39.9)
Repurchase and sale of treasury stock	(144.7)	(176.6)	31.8	(224.8)	(307.7)	82.9
Capital increase	111.3	–	111.3	111.3	–	111.3
Acquisition of non-controlling interests	0.0	(0.0)	0.0	(0.2)	(2.6)	2.5
Proceeds from borrowings	121.3	–	121.3	81.0	–	81.0
Repayment of borrowings	–	(0.1)	0.1	(18.5)	(0.2)	(18.4)
Repayment of lease liabilities	(22.7)	(18.3)	(4.4)	(45.4)	(42.3)	(3.0)
Net Cash Provided by (Used in) Financing Activities	€ (270.0)	€ (483.7)	€ 213.7	€ (409.5)	€ (620.2)	€ 210.7

Effect of exchange rate changes on cash and cash equivalents	(178.1)	21.0	(199.1)	(273.9)	53.6	(327.5)

Increase (decrease) in cash and cash equivalents	€ (159.1)	€ (64.4)	€ (94.7)	€ 131.2	€ 463.2	€ (332.1)

Cash and cash equivalents at beginning of period	€ 4,242.9	€ 4,095.9		€ 3,952.6	€ 3,568.3
Cash and cash equivalents at end of period	€ 4,083.7	€ 4,031.5		€ 4,083.7	€ 4,031.5

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, 2024 filed with the AMF on March 18, 2025. 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 June 30,						Change
	2025	Adjustment⁽¹⁾	2025	2024	Adjustment⁽¹⁾	2024	IFRS	Non-IFRS⁽²⁾
	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Non-IFRS⁽²⁾
Total Revenue	€ 1,521.6	€ 1.6	€ 1,523.2	€ 1,495.8	–	€ 1,495.8	2%	2%
Revenue breakdown by activity
Software revenue	1,372.7	1.6	1,374.2	1,346.5	–	1,346.5	2%	2%
Licenses and other software revenue	275.6	–	275.6	271.8	–	271.8	1%	1%
Subscription and Support revenue	1,097.1	1.6	1,098.6	1,074.8	–	1,074.8	2%	2%
Recurring portion of Software revenue	80%		80%	80%		80%
Services revenue	148.9	–	148.9	149.2	–	149.2	(0)%	(0)%
Software Revenue breakdown by product line
Industrial Innovation	744.6	–	744.6	701.9	–	701.9	6%	6%
Life Sciences	268.3	–	268.3	281.7	–	281.7	(5)%	(5)%
Mainstream Innovation	359.7	1.6	361.3	363.0	–	363.0	(1)%	(0)%
Software Revenue breakdown by geography
Americas	505.0	–	505.0	525.5	–	525.5	(4)%	(4)%
Europe	533.4	1.4	534.8	491.9	–	491.9	8%	9%
Asia	334.3	0.1	334.4	329.1	–	329.1	2%	2%
Total Operating Expenses	€ (1,279.9)	€ 202.9	€ (1,077.1)	€ (1,219.8)	€ 171.9	€ (1,047.9)	5%	3%
Share-based compensation expense and related social charges	(107.7)	107.7	–	(65.8)	65.8	–
Amortization of acquired intangible assets and of tangible assets revaluation	(85.4)	85.4	–	(92.3)	92.3	–
Lease incentives of acquired companies	(0.4)	0.4	–	(0.5)	0.5	–
Other operating income and expense, net	(9.3)	9.3	–	(13.2)	13.2	–
Operating Income	€ 241.7	€ 204.4	€ 446.1	€ 276.0	€ 171.9	€ 447.8	(12)%	(0)%
Operating Margin	15.9%		29.3%	18.4%		29.9%
Financial income (loss), net	29.9	0.6	30.4	33.3	0.5	33.8	(10)%	(10)%
Income tax expense	(53.0)	(32.8)	(85.7)	(47.7)	(36.4)	(84.1)	11%	2%
Non-controlling interest	4.9	(4.7)	0.3	1.2	(1.6)	(0.4)	300%	(167)%
Net Income attributable to shareholders	€ 223.5	€ 167.6	€ 391.0	€ 262.7	€ 134.4	€ 397.1	(15)%	(2)%
Diluted Earnings Per Share ⁽³⁾	€ 0.17	€ 0.13	€ 0.30	€ 0.21	€ 0.09	€ 0.30	(19)%	(1)%

⁽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 June 30,								Change
In millions of Euros, except percentages	2025 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2025 Non-IFRS	2024 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2024 Non-IFRS	IFRS	Non- IFRS
Cost of revenue	(264.7)	13.9	0.1	(250.7)	(252.8)	5.0	0.1	(247.6)	5%	1%
Research and development expenses	(348.7)	28.9	0.1	(319.7)	(326.1)	20.4	0.2	(305.5)	7%	5%
Marketing and sales expenses	(448.0)	39.7	0.1	(408.2)	(423.8)	23.2	0.1	(400.5)	6%	2%
General and administrative expenses	(123.7)	25.2	0.0	(98.5)	(111.6)	17.2	0.0	(94.3)	11%	4%
Total		€ 107.7	€ 0.4			€ 65.8	€ 0.5

⁽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 1,324.4 million diluted shares for Q2 2025 and 1,326.2 million diluted shares for Q2 2024, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 223.5 million for Q2 2025 (€ 276.7 million for Q2 2024). 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)

In millions of Euros, except per share data and percentages	Six months ended June 30,						Change
	2025	Adjustment⁽¹⁾	2025	2024	Adjustment⁽¹⁾	2024	IFRS	Non-IFRS⁽²⁾
	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Non-IFRS⁽²⁾
Total Revenue	€ 3,094.6	€ 1.6	€ 3,096.2	€ 2,995.4	–	€ 2,995.4	3%	3%
Revenue breakdown by activity
Software revenue	2,805.4	1.6	2,807.0	2,699.4	–	2,699.4	4%	4%
Licenses and other software revenue	473.7	–	473.7	490.3	–	490.3	(3)%	(3)%
Subscription and Support revenue	2,331.7	1.6	2,333.2	2,209.1	–	2,209.1	6%	6%
Recurring portion of Software revenue	83%		83%	82%		82%
Services revenue	289.2	–	289.2	296.1	–	296.1	(2)%	(2)%
Software Revenue breakdown by product line
Industrial Innovation	1,537.7	–	1,537.7	1,433.2	–	1,433.2	7%	7%
Life Sciences	560.9	–	560.9	566.4	–	566.4	(1)%	(1)%
Mainstream Innovation	706.8	1.6	708.3	699.7	–	699.7	1%	1%
Software Revenue breakdown by geography
Americas	1,116.1	0.1	1,116.2	1,079.1	–	1,079.1	3%	3%
Europe	1,046.6	1.4	1,048.0	995.1	–	995.1	5%	5%
Asia	642.7	0.1	642.8	625.2	–	625.2	3%	3%
Total Operating Expenses	€ (2,548.4)	€ 384.4	€ (2,164.0)	€ (2,395.4)	€ 314.3	€ (2,081.1)	6%	4%
Share-based compensation expense and related social charges	(196.2)	196.2	–	(112.6)	112.6	–
Amortization of acquired intangible assets and of tangible assets revaluation	(173.8)	173.8	–	(185.6)	185.6	–
Lease incentives of acquired companies	(0.8)	0.8	–	(1.2)	1.2	–
Other operating income and expense, net	(13.7)	13.7	–	(15.0)	15.0	–
Operating Income	€ 546.1	€ 386.0	€ 932.2	€ 600.0	€ 314.3	€ 914.3	(9)%	2%
Operating Margin	17.6%		30.1%	20.0%		30.5%
Financial income (loss), net	60.2	1.1	61.3	63.4	1.5	64.9	(5)%	(6)%
Income tax expense	(128.4)	(54.4)	(182.8)	(116.0)	(68.0)	(184.0)	11%	(1)%
Non-controlling interest	6.1	(5.6)	0.5	1.0	(1.9)	(0.9)	N/A	(152)%
Net Income attributable to shareholders	€ 484.0	€ 327.2	€ 811.2	€ 548.4	€ 245.9	€ 794.3	(12)%	2%
Diluted Earnings Per Share ⁽³⁾	€ 0.37	€ 0.25	€ 0.61	€ 0.42	€ 0.17	€ 0.60	(14)%	2%

In millions of Euros, except percentages	Six months ended June 30,								Change
In millions of Euros, except percentages	2025 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2025 Non-IFRS	2024 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2024 Non-IFRS	IFRS	Non- IFRS
Cost of revenue	(525.0)	18.8	0.2	(505.9)	(496.5)	8.0	0.3	(488.2)	6%	4%
Research and development expenses	(697.3)	61.4	0.3	(635.7)	(637.5)	38.3	0.6	(598.7)	9%	6%
Marketing and sales expenses	(894.5)	64.2	0.2	(830.1)	(844.1)	36.8	0.2	(807.1)	6%	3%
General and administrative expenses	(244.2)	51.8	0.1	(192.3)	(216.7)	29.5	0.1	(187.1)	13%	3%
Total		€ 196.2	€ 0.8			€ 112.6	€ 1.2

⁽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 1,325.7 million diluted shares for YTD 2025 and 1,328.7 million diluted shares for YTD 2024, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 484.0 million for YTD 2025 (€ 562.3 million for YTD 2024). 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.

1 IFRS figures for 2Q25: Total revenue of €1.52 billion, up 5%, and subscription revenue up 9%; Operating margin of 15.9% and diluted EPS of €0.17; IFRS figures for YTD25: total revenue of €3.09 billion, subscription revenue up 12%; Operating margin of 17.6% and diluted EPS of €0.37.

Attachment

Dassault Systèmes: Q2 well aligned with objectives; Reaffirming 2025 growth outlook Advancing AI for software-defined industries

The MIL Network –

July 24, 2025

MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for July 24, 2025

ER Report: Here is a summary of significant articles published on EveningReport.nz on July 24, 2025.

World’s highest court issues groundbreaking ruling for climate action. Here’s what it means for Australia
Source: The Conversation (Au and NZ) – By Wesley Morgan, Research Associate, Institute for Climate Risk and Response, UNSW Sydney JOHN THYS/AFP via Getty Images The world’s highest court says countries are legally obliged to prevent harms caused by climate change, in a ruling that repudiates Australia’s claims it is not legally responsible for emissions

Politics with Michelle Grattan: Chris Bowen on why it’s ‘a little frustrating’ bidding for COP 31
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Energy and climate issues are front and centre for both sides of politics. The government is struggling with pushback from some regional communities against the rollout of transmission lines and wind farms. At the same time, it will soon have

Cycling’s governing body is introducing new rules to slow down elite riders. Not everyone’s happy
Source: The Conversation (Au and NZ) – By Popi Sotiriadou, Associate Professor of Sport Management – Director Business Innovation, Griffith University MARCO BERTORELLO/AFP via Getty Images Most sports look to support their athletes to become “faster, higher, stronger” – in reference to the Olympic Games’ original motto – so it is perhaps surprising that cycling’s

Swirling nebula of two dying stars revealed in spectacular detail in new Webb telescope image
Source: The Conversation (Au and NZ) – By Benjamin Pope, Associate Professor, School of Mathematical and Physical Sciences, Macquarie University The day before my thesis examination, my friend and radio astronomer Joe Callingham showed me an image we’d been awaiting for five long years – an infrared photo of two dying stars we’d requested from

UN’s highest court finds countries can be held legally responsible for emissions
By Jamie Tahana in The Hague for RNZ Pacific The United Nations’ highest court has found that countries can be held legally responsible for their greenhouse gas emissions, in a ruling highly anticipated by Pacific countries long frustrated with the pace of global action to address climate change. In a landmark opinion delivered yesterday in

Five arms, no heart and a global family: what DNA revealed about the weird deep-sea world of brittle stars
Source: The Conversation (Au and NZ) – By Tim O’Hara, Senior Curator of Marine Invertebrates, Museums Victoria Research Institute A brittle star of the species _Gorgonocephalus eucnemis_. Lagunatic Photo / Getty Images You may have read that the deep sea is a very different environment from the land and shallow water. There is no light,

Birds use hidden black and white feathers to make themselves more colourful
Source: The Conversation (Au and NZ) – By Simon Griffith, Professor of Avian Behavioural Ecology, Macquarie University The green-headed tanager (_Tangara seledon_) has a hidden layer of plumage that is white underneath the orange feathers and black underneath the blue and green feathers. Daniel Field Birds are perhaps the most colourful group of animals, bringing

Is sleeping a lot actually bad for your health? A sleep scientist explains
Source: The Conversation (Au and NZ) – By Charlotte Gupta, Senior Postdoctoral Research Fellow, Appleton Institute, HealthWise Research Group, CQUniversity Australia Walstrom, Susanne/Getty We’re constantly being reminded by news articles and social media posts that we should be getting more sleep. You probably don’t need to hear it again – not sleeping enough is bad

From grasslands to killing fields: why trees are bad news for one of Australia’s most stunning birds
Source: The Conversation (Au and NZ) – By Gabriel Crowley, Adjunct Associate Professor in Geography, University of Adelaide JJ Harrison/Wikimedia, CC BY Picture this. A small, rainbow-coloured chick emerges from its nest for the first time. It stretches its wings and prepares to take flight. But before the fledgling’s life in the wild has begun,

As seas rise and fish decline, this Fijian village is finding new ways to adapt
Source: The Conversation (Au and NZ) – By Celia McMichael, Professor in Geography, The University of Melbourne Celia McMichael, CC BY-NC-ND In the village of Nagigi, Fiji, the ocean isn’t just a resource – it’s part of the community’s identity. But in recent years, villagers have seen the sea behave differently. Tides are pushing inland.

After 70 years, twisted gothic thriller The Night of the Hunter remains as disturbing and beguiling as ever
Source: The Conversation (Au and NZ) – By Ben McCann, Associate Professor of French Studies, University of Adelaide United Artists/Getty Images In 1955, director Charles Laughton crafted one of the darkest, strangest fairytales ever to come out of Hollywood. The Night of the Hunter remains visually exquisite and profoundly unsettling. Shortly before Ben Harper is

Almost a third of NZ households face energy hardship – reform has to go beyond cheaper off-peak power
Source: The Conversation (Au and NZ) – By Kimberley O’Sullivan, Senior Research Fellow, He Kainga Oranga – Housing and Health Research Programme, University of Otago Igor Suka/Getty Images The spotlight is again on New Zealand’s energy sector, with a group of industry bodies and independent retailers pushing for a market overhaul, saying the sector was

Immigration courts hiding the names of ICE lawyers goes against centuries of precedent and legal ethics requiring transparency in courts
Source: The Conversation (Au and NZ) – By Cassandra Burke Robertson, Professor of Law and Director of the Center for Professional Ethics, Case Western Reserve University Some immigration courts have allowed ICE attorneys to conceal their names during proceedings. Jacob Wackerhausen/iStock via Getty Images Something unusual is happening in U.S. immigration courts. Government lawyers are

How the UK’s immigration system splits families apart – by design
Source: The Conversation (Au and NZ) – By Nando Sigona, Professor of International Migration and Forced Displacement and Director of the Institute for Research into International Migration and Superdiversity, University of Birmingham arda savasciogullari/Shutterstock The letter that arrived for eleven-year-old Guilherme in June 2025 was addressed personally to him. The UK Home Office was informing

4.48 Psychosis revival: the play’s window into a mind on the edge is as brutal as ever
Source: The Conversation (Au and NZ) – By Leah Sidi, Associate Professor of Health Humanities, UCL Under bright lights, the audience looks at a bare stage on two planes. Below, a small stage is white and empty, occupied only by a table and two chairs. Above, a huge, slanted mirror reflects a bird’s-eye view of

Togo’s ‘Nana-Benz’: how cheap Chinese imports of African fabrics has hurt the famous women traders
Source: The Conversation (Au and NZ) – By Fidele B. Ebia, Postdoctoral fellow, Duke Africa Initiative, Duke University The manufacturing of African print textiles has shifted to China in the 21st century. While they are widely consumed in African countries – and symbolic of the continent – the rise of “made in China” has undermined

2 ways cities can beat the heat: Which is best, urban trees or cool roofs?
Source: The Conversation (Au and NZ) – By Ian Smith, Research Scientist in Earth & Environment, Boston University Trees like these in Boston can help keep neighborhoods cooler on hot days. Yassine Khalfalli/Unsplash, CC BY When summer turns up the heat, cities can start to feel like an oven, as buildings and pavement trap the

Indonesian military set to complete Trans-Papua Highway under Prabowo’s rule
By Julian Isaac The Indonesian Military (TNI) is committed to supporting the completion of the Trans-Papua Highway during President Prabowo Subianto’s term in office. While the military is not involved in construction, it plays a critical role in securing the project from threats posed by pro-independence Papuan resistance groups in “high-risk” regions. Spanning a total

View from The Hill: Nationals’ mavericks ensure the Coalition is the issue in parliament’s first week
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra For almost as long anyone can remember, the Nationals have caused the Coalition grief on climate and energy policy. Still, for Barnaby Joyce to bring on a fresh load of trouble – with a private member’s bill to scrap Australia’s

Childcare centres will have funding stripped if they’re not ‘up to scratch’. Is this enough?
Source: The Conversation (Au and NZ) – By Erin Harper, Lecturer, School of Education and Social Work, University of Sydney Maskot/Getty Images Childcare centres will lose their eligibility for fee subsidies if they don’t meet safety standards, according to a new bill introduced to parliament on Wednesday. As Education Minister Jason Clare told parliament: it

MIL OSI Analysis – EveningReport.nz –

July 24, 2025
MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for July 24, 2025

ER Report: Here is a summary of significant articles published on EveningReport.nz on July 24, 2025.

World’s highest court issues groundbreaking ruling for climate action. Here’s what it means for Australia
Source: The Conversation (Au and NZ) – By Wesley Morgan, Research Associate, Institute for Climate Risk and Response, UNSW Sydney JOHN THYS/AFP via Getty Images The world’s highest court says countries are legally obliged to prevent harms caused by climate change, in a ruling that repudiates Australia’s claims it is not legally responsible for emissions

Politics with Michelle Grattan: Chris Bowen on why it’s ‘a little frustrating’ bidding for COP 31
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Energy and climate issues are front and centre for both sides of politics. The government is struggling with pushback from some regional communities against the rollout of transmission lines and wind farms. At the same time, it will soon have

Cycling’s governing body is introducing new rules to slow down elite riders. Not everyone’s happy
Source: The Conversation (Au and NZ) – By Popi Sotiriadou, Associate Professor of Sport Management – Director Business Innovation, Griffith University MARCO BERTORELLO/AFP via Getty Images Most sports look to support their athletes to become “faster, higher, stronger” – in reference to the Olympic Games’ original motto – so it is perhaps surprising that cycling’s

Swirling nebula of two dying stars revealed in spectacular detail in new Webb telescope image
Source: The Conversation (Au and NZ) – By Benjamin Pope, Associate Professor, School of Mathematical and Physical Sciences, Macquarie University The day before my thesis examination, my friend and radio astronomer Joe Callingham showed me an image we’d been awaiting for five long years – an infrared photo of two dying stars we’d requested from

UN’s highest court finds countries can be held legally responsible for emissions
By Jamie Tahana in The Hague for RNZ Pacific The United Nations’ highest court has found that countries can be held legally responsible for their greenhouse gas emissions, in a ruling highly anticipated by Pacific countries long frustrated with the pace of global action to address climate change. In a landmark opinion delivered yesterday in

Five arms, no heart and a global family: what DNA revealed about the weird deep-sea world of brittle stars
Source: The Conversation (Au and NZ) – By Tim O’Hara, Senior Curator of Marine Invertebrates, Museums Victoria Research Institute A brittle star of the species _Gorgonocephalus eucnemis_. Lagunatic Photo / Getty Images You may have read that the deep sea is a very different environment from the land and shallow water. There is no light,

Birds use hidden black and white feathers to make themselves more colourful
Source: The Conversation (Au and NZ) – By Simon Griffith, Professor of Avian Behavioural Ecology, Macquarie University The green-headed tanager (_Tangara seledon_) has a hidden layer of plumage that is white underneath the orange feathers and black underneath the blue and green feathers. Daniel Field Birds are perhaps the most colourful group of animals, bringing

Is sleeping a lot actually bad for your health? A sleep scientist explains
Source: The Conversation (Au and NZ) – By Charlotte Gupta, Senior Postdoctoral Research Fellow, Appleton Institute, HealthWise Research Group, CQUniversity Australia Walstrom, Susanne/Getty We’re constantly being reminded by news articles and social media posts that we should be getting more sleep. You probably don’t need to hear it again – not sleeping enough is bad

From grasslands to killing fields: why trees are bad news for one of Australia’s most stunning birds
Source: The Conversation (Au and NZ) – By Gabriel Crowley, Adjunct Associate Professor in Geography, University of Adelaide JJ Harrison/Wikimedia, CC BY Picture this. A small, rainbow-coloured chick emerges from its nest for the first time. It stretches its wings and prepares to take flight. But before the fledgling’s life in the wild has begun,

As seas rise and fish decline, this Fijian village is finding new ways to adapt
Source: The Conversation (Au and NZ) – By Celia McMichael, Professor in Geography, The University of Melbourne Celia McMichael, CC BY-NC-ND In the village of Nagigi, Fiji, the ocean isn’t just a resource – it’s part of the community’s identity. But in recent years, villagers have seen the sea behave differently. Tides are pushing inland.

After 70 years, twisted gothic thriller The Night of the Hunter remains as disturbing and beguiling as ever
Source: The Conversation (Au and NZ) – By Ben McCann, Associate Professor of French Studies, University of Adelaide United Artists/Getty Images In 1955, director Charles Laughton crafted one of the darkest, strangest fairytales ever to come out of Hollywood. The Night of the Hunter remains visually exquisite and profoundly unsettling. Shortly before Ben Harper is

Almost a third of NZ households face energy hardship – reform has to go beyond cheaper off-peak power
Source: The Conversation (Au and NZ) – By Kimberley O’Sullivan, Senior Research Fellow, He Kainga Oranga – Housing and Health Research Programme, University of Otago Igor Suka/Getty Images The spotlight is again on New Zealand’s energy sector, with a group of industry bodies and independent retailers pushing for a market overhaul, saying the sector was

Immigration courts hiding the names of ICE lawyers goes against centuries of precedent and legal ethics requiring transparency in courts
Source: The Conversation (Au and NZ) – By Cassandra Burke Robertson, Professor of Law and Director of the Center for Professional Ethics, Case Western Reserve University Some immigration courts have allowed ICE attorneys to conceal their names during proceedings. Jacob Wackerhausen/iStock via Getty Images Something unusual is happening in U.S. immigration courts. Government lawyers are

How the UK’s immigration system splits families apart – by design
Source: The Conversation (Au and NZ) – By Nando Sigona, Professor of International Migration and Forced Displacement and Director of the Institute for Research into International Migration and Superdiversity, University of Birmingham arda savasciogullari/Shutterstock The letter that arrived for eleven-year-old Guilherme in June 2025 was addressed personally to him. The UK Home Office was informing

4.48 Psychosis revival: the play’s window into a mind on the edge is as brutal as ever
Source: The Conversation (Au and NZ) – By Leah Sidi, Associate Professor of Health Humanities, UCL Under bright lights, the audience looks at a bare stage on two planes. Below, a small stage is white and empty, occupied only by a table and two chairs. Above, a huge, slanted mirror reflects a bird’s-eye view of

Togo’s ‘Nana-Benz’: how cheap Chinese imports of African fabrics has hurt the famous women traders
Source: The Conversation (Au and NZ) – By Fidele B. Ebia, Postdoctoral fellow, Duke Africa Initiative, Duke University The manufacturing of African print textiles has shifted to China in the 21st century. While they are widely consumed in African countries – and symbolic of the continent – the rise of “made in China” has undermined

2 ways cities can beat the heat: Which is best, urban trees or cool roofs?
Source: The Conversation (Au and NZ) – By Ian Smith, Research Scientist in Earth & Environment, Boston University Trees like these in Boston can help keep neighborhoods cooler on hot days. Yassine Khalfalli/Unsplash, CC BY When summer turns up the heat, cities can start to feel like an oven, as buildings and pavement trap the

Indonesian military set to complete Trans-Papua Highway under Prabowo’s rule
By Julian Isaac The Indonesian Military (TNI) is committed to supporting the completion of the Trans-Papua Highway during President Prabowo Subianto’s term in office. While the military is not involved in construction, it plays a critical role in securing the project from threats posed by pro-independence Papuan resistance groups in “high-risk” regions. Spanning a total

View from The Hill: Nationals’ mavericks ensure the Coalition is the issue in parliament’s first week
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra For almost as long anyone can remember, the Nationals have caused the Coalition grief on climate and energy policy. Still, for Barnaby Joyce to bring on a fresh load of trouble – with a private member’s bill to scrap Australia’s

Childcare centres will have funding stripped if they’re not ‘up to scratch’. Is this enough?
Source: The Conversation (Au and NZ) – By Erin Harper, Lecturer, School of Education and Social Work, University of Sydney Maskot/Getty Images Childcare centres will lose their eligibility for fee subsidies if they don’t meet safety standards, according to a new bill introduced to parliament on Wednesday. As Education Minister Jason Clare told parliament: it

MIL OSI Analysis – EveningReport.nz –

July 24, 2025
MIL-OSI Submissions: Cycling’s governing body is introducing new rules to slow down elite riders. Not everyone’s happy

Source: The Conversation – Global Perspectives – By Popi Sotiriadou, Associate Professor of Sport Management – Director Business Innovation, Griffith University

MARCO BERTORELLO/AFP via Getty Images

Most sports look to support their athletes to become “faster, higher, stronger” – in reference to the Olympic Games’ original motto – so it is perhaps surprising that cycling’s world governing body is trying to slow down elite riders.

However, there’s good reason the Union Cycliste Internationale (UCI) recently announced new rules to slow riders down.

These rules – which apply to elite road and cyclo-cross mass-start events for men and women such as the Tour de France – come into place shortly and are aimed at improving rider safety.

Read more:
I rode the Tour de France to study its impact on the human body – here’s what I learned

What are the new rules?

From August 1, a new bicycle gearing regulation will kick in.

Professional cyclists will only be allowed to use a 54-tooth front chainring with an 11-tooth rear cog.

This replaces the current common setup of 54-10.

To put this into context, a 54-tooth chainring is the big front gear on a bike and the 11-tooth cog is a small rear gear. Moving to a slightly bigger cog (54-11) makes it harder to hit top speeds: the change from a 54-10 to a 54-11 gear setup could reduce the top speed by about 2.4 kilometres per hour.

Pro riders can reach incredible speeds during descents, sometimes surpassing 130 kilometres per hour.

Then, from January 1 2026, handlebars must become wider, increasing from a minimum 350–360 millimetres width (depending on the event) to at least 400mm wide.

The handlebar width affects how a rider controls their bike: narrower bars reduce frontal surface area, making a rider more aerodynamic which again means a faster ride.

This is especially useful in time trials or sprints.

Wider bars offer better stability and control, helping navigate tight turns, peloton traffic, or crosswinds.

The UCI has also announced plans to introduce a formal helmet approval protocol in 2027, which will include separate standards for helmets used in mass-start events and time trials.

This shift suggests helmets may soon be subject to the same pre-race approval process as frames and wheels, potentially leading to safer, more regulated head protection.

New rules, different opinions

Professional cycling is getting faster due to stronger athletes, better training and advanced, lighter equipment.

As a result, high-speed crashes, especially downhill or in crowded sprint finishes, have become more common and more dangerous.

The UCI maintain the new regulations are part of a broader strategy to mitigate speed-related risks, enhance safety and uphold the integrity of the sport.

However, these measures have sparked debate within the cycling community.

Some elite cyclists, particularly those who have suffered severe crashes and injuries, suggest it is time safety caught up with technology.

Wout van Aert, who suffered a severe knee injury in September 2024 during a wet descent, said:

Limiting the number of gears would make the sport much safer.

Chris Froome, four-time Tour de France winner, also said he supported strategies “to keep the speeds down on the descents”.

The Professional Cycling Council supports testing gear ratio limits.

It is also likely these changes could limit cutting-edge innovations that only wealthy teams can afford. This would in turn narrow technological disparities across teams.

Former pro Michael Barry though believes gear restrictions are not the answer, and the UCI should instead focus on improved course design and inspection, better barriers and crash protective clothing.

Technology experts agree, arguing speed is determined more by a rider’s power output and aerodynamic drag than by gear ratios. To enhance safety, they propose alternative solutions such as real-time rider tracking, crash-protective clothing, improved course design and inspection and faster medical response.

The wider handlebar rule has also stirred controversy, especially among smaller-framed riders, many of whom are women, who typically ride with 360–380mm handlebars for better comfort and control.

Under the new regulation, those forced to use bars that exceed their optimal fit range could end up suffering from poor wrist alignment, increased fatigue and a higher risk of repetitive strain injuries.

Despite the growth of women’s cycling, the UCI has not made exemptions for smaller riders, raising concerns a one-size-fits-all solution may compromise inclusively and safety.

Even though regular riders can continue to use the equipment they prefer, what happens in the pro world often shapes non-elite rider preferences and trends, and the bikes sold in stores. If narrower bars are banned at the top level, manufacturers may stop offering them.

Historically, advancements in aerodynamics, gear ratios and component weights seen in the pro peloton have become standard features on consumer bikes.

A delicate balance

The UCI’s new regulations mark a likely shift towards standardised equipment and heightened safety. This deliberate emphasis on safety naturally elevates awareness among all cyclists about the crucial link between equipment choices and rider wellbeing.

While these restrictions may foster a more level playing field, they also risk curbing the sport’s long-standing tradition of engineering innovation.

The very appeal of professional cycling has often been intrinsically tied to the relentless pursuit of technological advancements that yield even fractional competitive advantages.

Striking a balance between ensuring safety and preserving this spirit of ingenuity remains a crucial challenge for the sport’s future.

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

– ref. Cycling’s governing body is introducing new rules to slow down elite riders. Not everyone’s happy – https://theconversation.com/cyclings-governing-body-is-introducing-new-rules-to-slow-down-elite-riders-not-everyones-happy-260917

MIL OSI –

July 24, 2025
MIL-Evening Report: Cycling’s governing body is introducing new rules to slow down elite riders. Not everyone’s happy

Source: The Conversation (Au and NZ) – By Popi Sotiriadou, Associate Professor of Sport Management – Director Business Innovation, Griffith University

MARCO BERTORELLO/AFP via Getty Images

Most sports look to support their athletes to become “faster, higher, stronger” – in reference to the Olympic Games’ original motto – so it is perhaps surprising that cycling’s world governing body is trying to slow down elite riders.

However, there’s good reason the Union Cycliste Internationale (UCI) recently announced new rules to slow riders down.

These rules – which apply to elite road and cyclo-cross mass-start events for men and women such as the Tour de France – come into place shortly and are aimed at improving rider safety.

Read more:
I rode the Tour de France to study its impact on the human body – here’s what I learned

What are the new rules?

From August 1, a new bicycle gearing regulation will kick in.

Professional cyclists will only be allowed to use a 54-tooth front chainring with an 11-tooth rear cog.

This replaces the current common setup of 54-10.

To put this into context, a 54-tooth chainring is the big front gear on a bike and the 11-tooth cog is a small rear gear. Moving to a slightly bigger cog (54-11) makes it harder to hit top speeds: the change from a 54-10 to a 54-11 gear setup could reduce the top speed by about 2.4 kilometres per hour.

Pro riders can reach incredible speeds during descents, sometimes surpassing 130 kilometres per hour.

Then, from January 1, 2026, handlebars must become wider, increasing from a minimum 350–360 millimetres width (depending on the event) to at least 400mm wide.

The handlebar width affects how a rider controls their bike: narrower bars reduce frontal surface area, making a rider more aerodynamic which again means a faster ride.

This is especially useful in time trials or sprints.

Wider bars offer better stability and control, helping navigate tight turns, peloton traffic, or crosswinds.

The UCI has also announced plans to introduce a formal helmet approval protocol in 2027, which will include separate standards for helmets used in mass-start events and time trials.

This shift suggests helmets may soon be subject to the same pre-race approval process as frames and wheels, potentially leading to safer, more regulated head protection.

New rules, different opinions

Professional cycling is getting faster due to stronger athletes, better training and advanced, lighter equipment.

As a result, high-speed crashes, especially downhill or in crowded sprint finishes, have become more common and more dangerous.

The UCI maintain the new regulations are part of a broader strategy to mitigate speed-related risks, enhance safety and uphold the integrity of the sport.

However, these measures have sparked debate within the cycling community.

Some elite cyclists, particularly those who have suffered severe crashes and injuries, suggest it is time safety caught up with technology.

Wout van Aert, who suffered a severe knee injury in September 2024 during a wet descent, said:

Limiting the number of gears would make the sport much safer.

Chris Froome, four-time Tour de France winner, also said he supported strategies “to keep the speeds down on the descents”.

The Professional Cycling Council supports testing gear ratio limits.

It is also likely these changes could limit cutting-edge innovations that only wealthy teams can afford. This would in turn narrow technological disparities across teams.

Former pro Michael Barry though believes gear restrictions are not the answer, and the UCI should instead focus on improved course design and inspection, better barriers and crash protective clothing.

Technology experts agree, arguing speed is determined more by a rider’s power output and aerodynamic drag than by gear ratios. To enhance safety, they propose alternative solutions such as real-time rider tracking, crash-protective clothing, improved course design and inspection and faster medical response.

The wider handlebar rule has also stirred controversy, especially among smaller-framed riders, many of whom are women, who typically ride with 360–380mm handlebars for better comfort and control.

Under the new regulation, those forced to use bars that exceed their optimal fit range could end up suffering from poor wrist alignment, increased fatigue and a higher risk of repetitive strain injuries.

Despite the growth of women’s cycling, the UCI has not made exemptions for smaller riders, raising concerns a one-size-fits-all solution may compromise inclusively and safety.

Even though regular riders can continue to use the equipment they prefer, what happens in the pro world often shapes non-elite rider preferences and trends, and the bikes sold in stores. If narrower bars are banned at the top level, manufacturers may stop offering them.

Historically, advancements in aerodynamics, gear ratios and component weights seen in the pro peloton have become standard features on consumer bikes.

A delicate balance

The UCI’s new regulations mark a likely shift towards standardised equipment and heightened safety. This deliberate emphasis on safety naturally elevates awareness among all cyclists about the crucial link between equipment choices and rider wellbeing.

While these restrictions may foster a more level playing field, they also risk curbing the sport’s long-standing tradition of engineering innovation.

The very appeal of professional cycling has often been intrinsically tied to the relentless pursuit of technological advancements that yield even fractional competitive advantages.

Striking a balance between ensuring safety and preserving this spirit of ingenuity remains a crucial challenge for the sport’s future.

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

– ref. Cycling’s governing body is introducing new rules to slow down elite riders. Not everyone’s happy – https://theconversation.com/cyclings-governing-body-is-introducing-new-rules-to-slow-down-elite-riders-not-everyones-happy-260917

MIL OSI Analysis – EveningReport.nz –

July 24, 2025
MIL-OSI China: Chinese team wins RoboCup Humanoid League in AdultSize category

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

China’s Tsinghua University has placed top of the AdultSize category in the RoboCup Humanoid League soccer world championship, in the first time a Chinese team has claimed the top honor.

RoboCup was founded in 1997 and ranks among the world’s most prestigious robotics competitions. This year’s event was held in Brazil, attracting over 20 teams from 12 countries, including China, the United States, Germany, the Republic of Korea and France.

Tsinghua dominated the competition using Chinese-developed Booster T1 robots, achieving decisive victories over multiple opponents, including a team from the University of Texas. In an all-Chinese final, Tsinghua defeated a team from China Agricultural University, marking the first time teams from Chinese institutions secured both gold and silver in the category.

Competing robots require not only lightweight, agile, impact-resistant hardware, but also sophisticated capabilities like real-time perception, cognitive decision-making, advanced motion control and multi-agent coordination, meaning the league constitutes a comprehensive test of full-stack robotic capabilities, according to a senior manager at Booster Robotics, which developed the T1 robots.

Industry analysts noted that the outstanding performance of Chinese robots at this international event has reaffirmed China’s growing expertise in robotics R&D and application.

MIL OSI China News –

July 24, 2025
MIL-OSI China: Yin headlines star-studded field for 2025 Buick LPGA Shanghai

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

The Buick LPGA Shanghai will return to the Shanghai Qizhong Garden Golf Club from October 9-12, organizers announced on Wednesday.

As the first event of the 2025 LPGA Fall Asia Swing, it will bring together the world’s top female golfers for a thrilling showdown, delivering an elite competition and reigniting golf’s momentum.

Yin Ruoning of China competes during the women’s individual stroke play round 1 of golf at the Paris 2024 Olympic Games in Paris, France, Aug. 7, 2024. (Xinhua/Du Yu)

Jointly sanctioned by the LPGA (Ladies Professional Golf Association) and the China LPGA (CLPGA), the Buick LPGA Shanghai has established itself as a global stage for champions.

Featuring 81 top players competing for a 2.2 million U.S. dollars purse under a no-cut format, the Buick LPGA Shanghai will see defending champion Yin Ruoning headline the world-class lineup. The Chinese star, a former world No. 1 and major winner, aims for back-to-back victories on home soil.

In the autumn of 2024, Yin Ruoning delivered a career-defining performance at the Buick LPGA Shanghai, carding eight birdies in a blistering final round to shoot 8-under par and finish at a record-breaking 25-under par, claiming the title and etching her name into the tournament lore.

“The Buick LPGA Shanghai holds a special place in my heart,” said Yin. “It has witnessed my growth and opened the door for countless young Chinese players to pursue their dreams. I am deeply grateful to the Buick brand for its lasting support of me, junior golf, and the overall development of the sport in China.”

MIL OSI China News –

July 24, 2025
MIL-OSI USA: Ricketts on the Senate Floor: Iran Doesn’t Need More Time – It Needs More Pressure. The E3 Should Snapback As Soon As Possible.

US Senate News:

Source: United States Senator Pete Ricketts (Nebraska)
WASHINGTON, D.C. – Today, in a speech on the Senate floor, U.S. Senator Pete Ricketts (R-NE) urged European allies to reject Iran’s threats and delaying tactics during upcoming talks on the Iranian nuclear program. The speech was given in support of a resolution, cosponsored by 19 other Senators, that calls for the E3 (United Kingdom, France, and Germany) to trigger the snapback of UN sanctions against Iran as soon as possible.
Watch the video here
“Iran cannot have a nuclear weapon,” said Ricketts. “This has been a red-line for decades, going back to President Clinton. And the reason is because the results would be catastrophic.”
“Iran is as weak now as it has ever been since the 1980s, and probably weaker,” said Ricketts. “[Trump’s] strikes have delayed Iran’s path to a nuclear weapon by a few years. But in order to seize this moment, the U.S. and our allies must impose maximum pressure to the highest extent possible to force Iran to agree to permanently and verifiably end its nuclear program, including its capacity to enrich uranium.”
“Our European allies have said they are prepared to trigger snapback by the end of August if no firm, tangible, and verifiable nuclear commitments from Iran are in place,” said Ricketts. “This is being done in close coordination with the Trump administration, which continues to pursue diplomatic talks with Iran. I commend our allies for setting a deadline. However, this path is under a timeline that leaves little room for error. Unsurprisingly, the Iranian regime is resorting to its longstanding playbook to delay, to delay, to delay and prevent snapback from happening. Later this week, the Iranians are scheduled to meet with the E3 in Istanbul. There are rumors that discussions could center on what conditions the E3 would postpone snapback. But I stand today to urge our European friends to hold the line and not bend to Iranian threats or be fooled by Iranian assurances.”
“A window now exists to completely change the trajectory of the Middle East for the better,” concluded Ricketts. “But that window will close unless we convince Iran that its nuclear weapons program will never be tolerated, period. That’s why this resolution urges the E3 to snapback sanctions as soon as possible. We must not let Iran off the hook.”

MIL OSI USA News –

July 24, 2025
MIL-OSI United Kingdom: The prolonged suffering will have irreversible consequences that will last generations: Joint statement on conflict and hunger in Gaza
Source: United Kingdom – Executive Government & Departments 3

Speech

The prolonged suffering will have irreversible consequences that will last generations: Joint statement on conflict and hunger in Gaza

A joint statement by the Permanent Missions to the UN of the Dominican Republic, Estonia, France, Germany, Guyana, Ireland, Mexico, the Kingdom of the Netherlands, Norway, Sierra Leone, Slovenia, Spain, Sweden, Switzerland and the United Kingdom.
It is unacceptable that man-made and avoidable conflict-induced hunger continues to afflict civilians in Gaza. The prolonged suffering will have irreversible consequences that will last generations.

From the May IPC Special Snapshot, we know that the Gaza Strip is facing a critical risk of famine. The entire population is facing high levels of acute food insecurity, with 500,000 people facing starvation and more than 70,000 children set to require treatment for acute malnutrition.

The latest figures are even more disturbing, and we are witnessing increased deaths due to malnutrition. This follows sustained denial of essential humanitarian assistance to civilians by Israel.

To address this crisis, we call on all parties to fully comply with their obligations under international law, including international humanitarian law. In particular, we call on Israel as the occupying power to adhere to its obligations under international law and UN Security Council Resolution 2417. Israel must:

Lift its restrictions on humanitarian aid and facilitate immediate, safe, rapid, unhindered and sustained humanitarian access by the UN and humanitarian organisations that ensures relief supplies at scale to civilians in need throughout Gaza.

Facilitate the effective delivery of life-saving nutrition, health, water, sanitation and other essential services by the UN and humanitarian organisations, as well as the fuel needed to sustain them.

Protect objects necessary for food production and distribution and facilitate the restoration of essential commercial supplies and market systems at scale.

Urgently ensure the protection of civilians, including aid workers, UN and associated personnel, and medical personnel, and allow their unrestricted access.

We urge all parties to do everything to support efforts to reach agreement on a new ceasefire and hostage release deal. While humanitarian assistance is essential, the answer to conflict-induced hunger is peace.

We need to ensure accountability for actors who deliberately cause or prolong conflict-induced hunger in violation of international law. Using starvation of civilians as a method of warfare may constitute a war crime.

All Member States should use their influence to address conflict-driven hunger in Gaza and promote compliance by all parties to the conflict with international law.

We call for rapid and full implementation of humanitarian commitments made by Israel including the steps agreed between Israel and the EU to improve the humanitarian situation in Gaza. This is imperative. We will follow delivery measures by Israel closely.

We must all support the work of the UN-coordinated humanitarian system in Gaza led by OCHA. It is best equipped to ensure aid is delivered to civilians, apply established strong aid diversion prevention systems and adhere with humanitarian principles.

UNRWA remains crucial to the delivery of humanitarian aid and essential services, despite increasing restrictions and attacks.

The new Israel-approved aid delivery model is dangerous and is not operating in accordance with humanitarian principles. We condemn the killing of well over 800 Palestinians, including children, seeking water and food.

The 20 July incident where people came under Israeli fire beside a WFP convoy was terrible. Humanitarian action must be based on humanity, neutrality, impartiality and independence.

We condemn the heinous attack by Hamas on October 7 2023. Hamas must release all hostages unconditionally now.

Immediate action is needed to address this debilitating suffering.

Updates to this page

Published 23 July 2025
MIL OSI United Kingdom –
July 24, 2025
MIL-Evening Report: After 70 years, twisted gothic thriller The Night of the Hunter remains as disturbing and beguiling as ever

Source: The Conversation (Au and NZ) – By Ben McCann, Associate Professor of French Studies, University of Adelaide

United Artists/Getty Images

In 1955, director Charles Laughton crafted one of the darkest, strangest fairytales ever to come out of Hollywood. The Night of the Hunter remains visually exquisite and profoundly unsettling.

Shortly before Ben Harper is hanged for robbing a bank and killing two men, he hides the $10,000 loot in the toy doll of his young daughter Pearl. Only Pearl and her brother John know the secret – until the deranged serial killer-priest Harry Powell hears about the money and sets out to recover it.

Harry marries Willa, Harper’s widow, and then, after killing her, pursues John and Pearl relentlessly across West Virginia.

Set in the Depression-hit 1930s, The Night of the Hunter is, to quote film critic Pauline Kael, “one of the most frightening movies ever made”. Mitchum’s depiction of pure evil is one of cinema’s most vivid creations, with LOVE and HATE tattooed on the fingers of each hand.

But this is no simple chase film. It’s about the fight for the souls of two children between the forces of evil and good.

Gothic nightmares

Laughton was an odd choice to adapt Davis Grubb’s original 1952 novel – the Oscar-winning British actor had never directed before. Yet Laughton’s “outsider” status meant he wasn’t bound by Hollywood convention and could follow his surreal instincts.

The film draws heavily from German Expressionist cinema, especially in the use of stark black-and-white contrast and exaggerated shadows. Cinematographer Stanley Cortez described it as his best work, and rightly so: the film often feels more like a dream (or a nightmare).

Laughton and Cortez craft a series of remarkable images: Pearl and John fleeing down the river, watched over by owls, frogs and rabbits; Powell’s looming shadow cast across a bedroom wall; the slain Willa’s blonde hair floating under the river after her death.

The film is deeply allegorical. It plays with Christian imagery, ideas of sin and salvation and the vulnerability of the innocent.

Laughton’s masterstroke was to pit the predatory adult world against the instinctual wisdom and resilience of children.

Powell (played by Robert Mitchum in his greatest role) is no monster or madman, but a religious fanatic who murders under the guise of righteousness. He embodies the Gothic trope of the corrupt or false preacher. His looming menace turns small-town America into a place of paranoia, dread and moral confusion.

Rachel Cooper (the silent film star Lillian Gish, never better), who protects the children in the second half of the film, stands as the maternal, angelic counterpoint to Powell’s demonic figure. Her role emphasises another key point of the film: the redemptive, almost sacred, power of kindness.

A perfect performance

As Powell, Mitchum drew on his uncanny knack at exuding charm and menace. Many actors would have clashed with Laughton’s expressionistic style, but Mitchum hit the perfect tone: heightened and theatrical, but never camp.

His delivery is hypnotic, musical and terrifying.

At a time when many stars were protective of their public image, Mitchum had no problem playing a child-killing religious maniac.

Known for his rebellious streak and brushes with scandal (including a marijuana arrest in 1948), Mitchum wasn’t bound by Hollywood’s moral expectations. That gave him the freedom to push into darker territory with no vanity.

That moral delusion, delivered with conviction, is what makes Powell so frightening. Mitchum’s Powell anticipates later predators like Norman Bates (Psycho) or Max Cady (the role he would play in the 1962 version of Cape Fear), but he also echoes much older archetypes: the Big Bad Wolf, the false prophet and the devil in a black coat.

A flop turned masterpiece

The film was a critical and commercial failure. Laughton’s bold and unconventional choices were risky. His blend of German Expressionism, Southern Gothic Americana and psychological horror was unlike anything American cinema had seen before.

It did not align with the mainstream tastes of the era – the top grossing Hollywood films of 1955 were family-friendly, comforting offerings like Oklahoma! and Lady and the Tramp.

Audiences and reviewers didn’t know what to make of this abnormal mix of fairy tale logic, nightmarish imagery and biblical allegory.

So heartbroken was Laughton by the savage reception the film received (“a horrible yarn […] a repulsive picture”, one reviewer called it), he never directed again. Yet the reputation of his one-hit wonder has only grown over time.

Successive generations of critics and filmmakers have caught on to its brilliance. Critic Roger Ebert said it was “one of the greatest of all American films”. In 2008, French film magazine Cahiers du cinéma voted it as the second-best film of all time, behind only Citizen Kane (1941).

A long-lasting legacy

Margaret Atwood, David Lynch and the Coen Brothers have all cited the film as a major influence. Spike Lee paid homage to LOVE and HATE in Do The Right Thing (1989). And surely James Cameron admired it, for what is Terminator 2 (1991) if not a rehash of Powell’s insistent chase-down of children?

Its depiction of a charming, violent manipulator speaks to contemporary fears about religious hypocrisy and the abuse of moral authority. And it reminds us the bucolic innocence of rural America can hide evil in plain sight.

It’s often the case that films which are misunderstood on first release are ahead of their time, and never fully appreciated until many years later.

That’s the case with The Night of the Hunter. It remains unsettlingly modern, 70 years on.

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

– ref. After 70 years, twisted gothic thriller The Night of the Hunter remains as disturbing and beguiling as ever – https://theconversation.com/after-70-years-twisted-gothic-thriller-the-night-of-the-hunter-remains-as-disturbing-and-beguiling-as-ever-251049

MIL OSI Analysis – EveningReport.nz –

July 24, 2025

Category: France

Attacks on individual rapporteurs

Diplomatic immunity

Why corruption is a big issue

Preah Vihear temple

Joint Statement on the Invocation of the OSCE Moscow Mechanism

Updates to this page

Invasion of Ukraine

Interinstitutional initiative in the Pantanal

Geographical and climatic challenges in firefighting

Rosi do Céu, rooted in the Cerrado

Eliane: ancestral wisdom

About the UNESCO Heritage Emergency Fund

What are the new rules?

New rules, different opinions

A delicate balance

What are the new rules?

New rules, different opinions

A delicate balance

The prolonged suffering will have irreversible consequences that will last generations: Joint statement on conflict and hunger in Gaza

Updates to this page

Gothic nightmares

A perfect performance

A flop turned masterpiece

A long-lasting legacy