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Category: Machine Learning

  • MIL-OSI Banking: Samsung Showcases Color E-Paper and AI Signage Solutions at ISE 2025

    Source: Samsung

    Samsung Electronics Co., Ltd. today announced its next generation of commercial displays that feature AI-powered solutions at Integrated Systems Europe (ISE) 2025.
    The Samsung Color E-Paper delivers new levels of energy efficiency, while the AI features in SmartThings Pro and the Interactive Display increase the intelligence, control and usability of business-focused screens. In addition, the supersized 115” Smart Signage screen brings a new level of immersive visuals to life. All of these innovative solutions are being displayed at ISE, in booth 3F500
    “For commercial displays, it is crucial to address the market’s demand for energy efficiency and simple device management, while at the same time meeting the public’s desire for immersive experiences,” said Hoon Chung, Executive Vice President of Visual Display Business at Samsung Electronics. “Our latest innovations, including the near-zero power Samsung Color E-Paper and advanced AI capabilities brought by all the models, showcase our commitment to pioneering new markets and providing transformative business solutions worldwide.”

    Samsung Color E-Paper Brings Greater Energy Efficiency and Flexibility
    Samsung Color E-Paper (EMDX model) redefines energy-efficient digital signage by combining digital ink with innovative full-color e-paper technology. This ultra-low power, lightweight and slim display serves as an eco-conscious alternative to traditional analog and paper-based promotional materials while delivering the high visibility and functionality that businesses demand.

    Leveraging advanced digital ink technology, the EMDX operates at 0.00W power when displaying static images, while consuming significantly less energy during image transitions compared to traditional digital signage, resulting in substantial cost savings.1 The ultra-slim and lightweight design ensures effortless installation, while the range of sizes — 13″ (1,600 x 1,200); 25″ (3,200 x 1,800); 32″ QHD (2,560 x 1,440); and an outdoor version that is 75″ 5K (5,120 x 2,880) — are optimized to cater to diverse business needs. The Color E-Paper also includes a rechargeable 5000mAh battery, two USB-C ports for charging and data transfer, 8GB of memory, and Wi-Fi and Bluetooth support for enhanced connectivity.
    For seamless device management, a dedicated mobile app2 allows users to remotely operate displays, schedule wake-up and sleep times, and even set playlists with predefined intervals. Samsung VXT (Visual eXperience Transformation) further simplifies content operation with a feature exclusive to the Samsung Color E-Paper. A specialized algorithm optimizes content visibility for the display and includes a preview function to ensure content and color are accurate before deployment.
    Content management is made simple through the mobile app and Samsung VXT, with businesses also able to use their own solutions through Tizen Enterprise APIs, which enable easy integration with existing management systems.

    Moreover, as part of Samsung’s ongoing commitment to a sustainable future, the cover of the Color E-Paper is made from over 50% recycled plastics, while its packaging is made entirely from paper.
    “Building a sustainable future means embedding environmentally conscious innovation into every Samsung product and solution,” said David Phelps, Head of Display Division, Samsung Electronics America. “With Color E-Paper, businesses can enhance customer engagement while reducing their energy footprint. As we unveil our latest display technologies at ISE, we are demonstrating new possibilities for managing, controlling and delivering dynamic digital experiences across a range of industry environments.”
    AI Features Bring New Intelligence and Control to SmartThings Pro and Interactive Display
    In 2025, SmartThings Pro, Samsung’s hyper-connected business-to-business (B2B) management platform, brings enhanced AI and automation capabilities to improve operational efficiency.3

    The platform offers Interactive View, which uses AI to convert 2D floor plans into 3D images of business premises. This 3D visualization makes it easier to understand and navigate spaces intuitively, enabling business operators to manage connected devices with ease.
    SmartThings Pro also features advanced automation controls, allowing businesses to adjust settings — such as power, volume and brightness — based on pre-set conditions like ambient lighting, room occupancy and store operating hours. These automated adjustments save time while ensuring devices are optimized for their environments. When using SmartThings Pro on displays, switching between content streams is equally seamless. This is because users are able to effortlessly change channels or input sources for a streamlined experience.4

    Additionally, Samsung Smart Signage features CryptoCore, a FIPS 140-3-certified encryption module that safeguards sensitive authentication data for IoT connections and ensures that these connections between devices remain secure.5
    At ISE, Samsung is also showcasing the 2025 Interactive Display (WAFX-P model), powered by Android OS 15 and featuring new AI capabilities that enhance education and collaboration opportunities.
    The WAFX-P model provides AI capabilities, featuring Circle to Search, which enables users to easily search for images or translate text directly on-screen, and AI Summary, which automatically generates concise recaps of lectures or meetings.

    MIL OSI Global Banks –

    February 4, 2025

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

    Source: China State Council Information Office

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI China News –

    February 4, 2025

  • MIL-OSI USA: Senator Coons’ resolution reaffirming USAID’s role in safeguarding U.S. national security blocked on the Senate floor

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – Tonight, U.S. Senator Chris Coons (D-Del.) went to the Senate floor to introduce and ask for unanimous consent on a resolution reaffirming the sense of Congress that the U.S. Agency for International Development (USAID)’s independence is essential for advancing the national security interests of the United States.

    The resolution is a direct response to President Donald Trump’s and Elon Musk’s potential elimination of USAID and pause to the vast majority of U.S. foreign assistance programs, including reports that President Trump would sign an executive order folding the agency into the State Department— moves that are illegal without congressional approval. 

    “We know that diplomacy and development stand alongside defense in being critical to our national security,” Senator Coons said on the Senate floor. “Who wins if we do in fact shut this all down? It’s our adversaries. It’s terrorists, it’s drug cartels, it’s Russia, it’s China, it’s those we’ve held at bay through the great work of this organization and its dedicated servants for decades.”

    Senator Coons spoke on the unlawful efforts to defund and destroy USAID by President Trump and Musk and demanded clarity amid purges of USAID’s top personnel, aid freezes, and chaos. He highlighted USAID’s vital humanitarian assistance work during global conflicts and other crises, including efforts to counter terrorism recruitment in the Philippines and to reduce the number of children pulled into gangs supporting organized crime and human trafficking. He also pointed out that while Republicans claim to be concerned about cutting costs, our entire foreign aid budget accounts for less than one percent of the federal budget.

    U.S. Senator Jim Risch (R-Idaho) objected.

    The resolution introduced by Senator Coons expressed “the sense of the Senate that [USAID] is essential for advancing the national security interests of the United States.” The resolution has 42 cosponsors. The full text of the resolution is available here. 

    Earlier today, the Washington Post published an op-ed from Senator Coons highlighting the dangers posed but the Trump administration’s efforts to dismantle USAID.

    A video and partial transcript of Senator Coons’ comments are available below.

    WATCH HERE.

    SENATOR COONS: “Mr. President, if I might further expound on the resolution and respond to the comments by my colleague, the Chairman of the Foreign Relations Committee on which I serve. The resolution I sought to advance today is a simple statement of fact. It reviews the history of USAID, its creation as an independent agency, and its recognition in a law I helped write just last year—that to reorganize it explicitly requires congressional consultation and notification in advance.

    The statement of the resolution, the core point, is that USAID is essential to the national security of the United States, because it mitigates threats abroad before they reach us here, it promotes global stability, it addresses the root causes of migration and extremism, and secures the leadership and influence of the United States in an era of strategic competition with the People’s Republic of China. 

    Let me speak to a few points, if I might: the power of the purse, process matters, one percent, and who wins. Rolling back the decades of work and relationships that the nonprofits and AID do around the world is creating a vacuum – a vacuum that will be filled by bad actors. So in a country where we’ve long-funded the PEPFAR program, started by President Bush, long-supported on a bipartisan basis, that provides anti-retrovirals and testing and nurses and support and clinics; to abandon that, to defund that, to shut that down, simply creates an opening for a bad actor to come in and say ‘The Americans abandoned you. Sorry for your luck. Here we are. We want to help.’ The Chinese have invested hundreds and hundreds of billions of dollars advancing their interests through investing in infrastructure, building partnerships in critical minerals, becoming the leads on port operations, and delivering humanitarian aid. We should not shut down our assistance to the world in a way that creates this vacuum. Who wins is the first question. My concern is our adversaries.

    Second, process matters. As those of us who are lawyers know, it’s backwards to start with an executive order that shuts down the funding for an organization and entity, to invade and occupy its headquarters, to have an unelected department get into its systems, to lay off and furlough its senior leadership, and then notify Congress of the intent to begin a conversation about reorganization. I welcome a chance to have a conversation about the future of our development assistance around the world, and my hope is that it will continue, because I have case after case to review here about the good work it does. But to shut down the funding and to cause lots of our partners to lay off their key staff, then begin a conversation about reorganization, is to get it backwards in terms of process and the law.

    I’m an appropriator. Why should we bother coming to an agreement on appropriations here in the Senate, pass a law, send it to the president, he signs it – and then in the next Congress and the next president, they can shut it down and claw it back? It gets to the very question of the power of the purse, which in Article 1 of the Constitution is the power of this body. Going forward, of course, as my colleague said, elections have consequences. It is true that President Trump and the new majority here will put their imprimatur on the policy priorities across a wide range of agencies and programs, absolutely. I expect that discussion and that fight – but this is reaching back and shutting down. 

    One percent – one percent, actually, less than one percent of the total federal budget goes to these vital humanitarian programs around the world. I’ll give you a few examples of what has been stopped in its tracks: a U.S. organization funded through AID has stopped its counterterrorism work in the Philippines that was reducing recruitment and radicalization. We walked away from that work. In Mexico, an organization that reduces the number of children recruited by gangs to help move drugs and migrants across our border has had its funding cut off. I remember trips I took, bipartisan delegations I was a part of, that went and visited AID-funded work where folks were delivering critical care. St. Mary’s clinic in Kibera – in Nairobi, in Kenya: one of the worst informal settlements – slums – I’ve ever been in in my life, and these dedicated, caring, capable folks delivering vital life assistance. In Liberia during Ebola, I will never forget meeting with the nurses, doctors, volunteers, the Liberians who were helping save lives. Why does this matter? Today there is an Ebola outbreak in Kampala, Uganda, and it’s the disease monitoring and testing, it’s the clinics and the nurses that keep these diseases controlled and managed on the other side of the world before they come here.

    Failing to sustain this work in an efficient and effective way is to fail to show the values of the United States, to show we’re not a reliable partner, it’s to show that the decades of bipartisan support for critical initiatives like PEPFAR have been abandoned because they’re no longer considered a smarter strategic investment by one party, while the other party will fight for it.

    My fondest hope is that we will yet find there is bipartisan support for continuing and sustaining these investments, but it’s unclear, because the unelected leader of DOGE, Elon Musk, is even now tweeting, ‘shut it down, close it off.’ My hope is that Secretary Rubio’s comments today on television about sustaining many of the critical functions of AID will win out, but I’m not confident – because it’s unclear to me who’s really driving this initiative. 

    Let me close: We know that diplomacy and development stand alongside defense in being critical to our national security. President Trump’s first defense secretary, General James Mattis, said to us in a hearing that if foreign aid were to get cut, he would need to buy more bullets, because foreign aid around the world helps us build relationships of support, combat terrorism and extremism, advance our values and priorities, and make us safer and more secure. I cannot think of a more troubling development than this long-trusted, capable, bipartisan effort at helping bring our values to the world and helping secure our nation would be cut off, abruptly, roughly, in a way that violates the law and the spirit of our long bipartisan compromise.

    Who wins if we do in fact shut this all down? It’s our adversaries. It’s terrorists, it’s drug cartels, it’s Russia, it’s China, it’s those we’ve held at bay through the great work of this organization and its dedicated servants for decades. My hope is that even though this resolution was opposed and thus defeated tonight, that the determination to support this great work will survive and thrive and prevail.”

    Senator Coons is a member of the Senate Foreign Relations Committee and Ranking Member of the Senate Appropriations Subcommittee on Defense. He is the former Chair of the Senate Appropriations Subcommittee on State and Foreign Operations.

    MIL OSI USA News –

    February 4, 2025

  • MIL-Evening Report: Is this 2025, or 1965? Grammy wins for the Beatles and the Rolling Stones keep the rock canon in the past

    Source: The Conversation (Au and NZ) – By Charlotte Markowitsch, PhD Candidate in Popular Music Studies, RMIT University

    History has repeated in the rock category at this week’s 67th Grammy Awards. Best rock performance was awarded to the Beatles for their song Now and Then, while the Rolling Stones took home best rock album for Hackney Diamonds.

    The Beatles’ track, finished and released by the fab four’s remaining members with the assistance of artificial intelligence, has been recognised by the Recording Academy 55 years after the band broke up. This comes as their eighth Grammy win and 27th nomination since their 1962 debut.

    The Beatles’ long time rivals, the Rolling Stones, have received many accolades over their six decade career, including five Grammys. Their 24th studio album includes cameos from other legacy artists like Elton John and Stevie Wonder.

    These victories are historic – but they also reveal a broader truth about rock music’s biggest institutions. The same artists who defined the genre decades ago continue to dominate its highest honours, leaving little space for contemporary acts to break through.

    The new wave

    The past year has seen a resurgence in rock. Streaming services and radio have reflected a rise in the popularity of the genre and reunions of rock’s most popular bands are making headlines.

    This renewed enthusiasm toward rock has brought newcomers to the genre, including an emergence of new popular talent.

    Newer rock talent was present at the Grammys, with St Vincent (who broke out in 2006) winning Best rock song and Fontaines D.C. receiving their first best rock album nomination since their debut in 2014.

    Both of these artists have been recognised for breathing new life into the rock genre. With a willingness to confront discomfort and vulnerability coupled with distinctive guitar work and production choices, St. Vincent has been positioned as a trailblazer in modern rock.

    Fontaines D.C’s nominated album Romance has been praised by critics for its energetic embrace of a diverse musical palette with compelling lyrics, a sound which has grabbed the attention of those outside and within the rock audience.

    But they were up against a nominee pool largely composed of long career legacy acts such as Green Day, Pearl Jam, Jack White and the Black Crowes, who all broke out in the last millennium.

    Along with the Beatles’ and the Rolling Stones’ wins, this reflects a trend in rock’s institutional recognition, where industry awards, hall of fame inductions, and media retrospectives continue to reaffirm the same monumental figures – often to the exclusion of artists shaping rock today. This phenomenon is a symptom of the rock canon, otherwise known as “the best of all time”.

    The old canon

    The rock canon is a set of artists, albums and songs that have been collectively deemed as the genre’s greatest.

    This canon was solidified by the late 1960s and 1970s and is sustained predominantly by media outlets and awards organisations like the Grammys. Publications that rank “the best” also help shape the rock canon by repeatedly spotlighting the same classic albums and artists.

    To be considered “the best” in rock, artists typically need to meet an (often unwritten) criteria of long-term critical acclaim, commercial success and influence on future generations. Artists like the Beatles and the Rolling Stones meet this criteria, frequently appearing in the top ranks of “best of” lists and maintaining their position at the top of the rock hierarchy.

    But the Grammy wins for the Beatles and the Rolling Stones raise concerns about how rigid this canon remains. Artists who enter the rock canon rarely leave it, making it difficult for newcomers to garner the same levels of critical and commercial success. It has also been criticised for its preferential treatment towards whiteness and masculinity.

    If the canon represents the highest levels of artistic quality in rock, its inability to change poses concerns for the future of the genre.

    Australia has not remained untouched by these issues. While the Grammys are an American institution, the rock canon’s influence extends globally.

    Australian institutions such as Triple J’s Hottest 100 of All Time have demonstrated this influence, showing us that the canon plays a role in shaping Australian music culture. Artists like the Beatles, the Rolling Stones and Led Zeppelin often appear on these lists, voted on by Australian listeners. Local audiences overwhelmingly favour a more standard, mainstream canon of older international rock acts over our own Australian talent.

    The preference towards artists who have long been in the canon in today’s “best of” lists makes it harder for local artists – particularly those from marginalised backgrounds – to gain widespread recognition.

    Crafting a vital genre

    The Grammy success of the Beatles and the Rolling Stones reflects both the strength and the stagnation of rock’s institutional gate-keeping.

    On one hand, these wins celebrate artists whose influence has endured for generations. On the other, they reveal how difficult it is for new acts to gain recognition when institutions continue looking backward rather than forward.

    As rock continues its resurgence, the vitality of the genre may rely on expanding a more inclusive definition of greatness: one that makes room for innovation and diversity, not just nostalgia.

    Will future Grammy ceremonies still be awarding the Beatles and the Rolling Stones, or will we finally see rock’s institutions evolve?

    Charlotte Markowitsch 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. Is this 2025, or 1965? Grammy wins for the Beatles and the Rolling Stones keep the rock canon in the past – https://theconversation.com/is-this-2025-or-1965-grammy-wins-for-the-beatles-and-the-rolling-stones-keep-the-rock-canon-in-the-past-249009

    MIL OSI Analysis – EveningReport.nz –

    February 4, 2025

  • MIL-OSI: Dassault Systèmes and Volkswagen Group Implement the 3DEXPERIENCE Platform to Optimize Vehicle Development

    Source: GlobeNewswire (MIL-OSI)

    Dassault Systèmes and Volkswagen Group Implement the 3DEXPERIENCE Platform to Optimize Vehicle Development

    • Dassault Systèmes’ 3DEXPERIENCE platform on the cloud becomes a foundational technology solution at Volkswagen Group to advance vehicle development
      • Virtual twin experiences reduce engineering and manufacturing cycles of complex automotive systems, streamline workflows, optimize resources and accelerate time-to-market

    VELIZY-VILLACOUBLAY, France — February 4, 2025 — Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) and Volkswagen Group today announced a long-term partnership to advance Volkswagen Group’s digital infrastructure for state-of-the-art vehicle development by implementing Dassault Systèmes’ 3DEXPERIENCE platform.

    Volkswagen Group has chosen the 3DEXPERIENCE platform on the cloud as a main engineering and manufacturing platform. Engineers, designers and other professionals across the Volkswagen, Audi and Porsche brands will use virtual twins to streamline the development of vehicles. This will enable teams to simulate, test and refine every aspect of vehicle development in a collaborative virtual environment before physical production begins, while ensuring compliance with global regulations and sustainability standards.

    “We are advancing the development of our next-generation IT system landscape, and the decision to partner with Dassault Systèmes marks an important milestone,” said Hauke Stars, Board Member at Volkswagen Group for IT. “With consistent data streams and AI solutions built on them, we are creating a true technological leap for our teams in development and factory planning. At the same time, we are sustainably reducing IT costs and accelerating processes by streamlining our system complexity and utilizing virtual twins.”

    “Industry evolutions in the context of the Generative Economy are compelling automotive companies to make transformative decisions that will propel the vehicle experience to new heights,” said Pascal Daloz, CEO, Dassault Systèmes. “After four decades of partnership rooted in innovation and trust, we’re now embarking on the next chapter with Volkswagen Group with the 3DEXPERIENCE platform at its core. Our AI-powered virtual twins and the strength and resilience of the cloud will unify Volkswagen Group’s hardware and software innovation and unleash the knowledge and know-how to accelerate its software-driven transformation.”

    Volkswagen Group will rely on four Dassault Systèmes industry solution experiences based on the 3DEXPERIENCE platform: “Global Modular Architecture,” “Smart, Safe and Connected,” “Efficient Multi-Energy Platform,” and “On-Target Vehicle Launch.”

    Social media:

    Connect with Dassault Systèmes on Facebook LinkedIn YouTube

    For more information:

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

    ###

    About Dassault Systèmes
    Dassault Systèmes is a catalyst for human progress.  Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens.  With Dassault Systèmes’ 3DEXPERIENCE platform, 350,000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact.  For more information, visit:  www.3ds.com

    About Volkswagen Group
    The Volkswagen Group is one of the world’s leading car makers, headquartered in Wolfsburg, Germany. It operates globally, with 114 production facilities in 17 European countries and 10 countries in the Americas, Asia and Africa. With around 684,000 employees worldwide. The Group’s vehicles are sold in over 150 countries.
    With an unrivalled portfolio of strong global brands, leading technologies at scale, innovative ideas to tap into future profit pools and an entrepreneurial leadership team, the Volkswagen Group is committed to shaping the future of mobility through investments in electric and autonomous driving vehicles, digitalization and sustainability.
    In 2023, the total number of vehicles delivered to customers by the Group globally was 9.2 million (2022: 8.3 million). Group sales revenue in 2023 totaled EUR 322.3 billion (2022: EUR 279.1 billion). The operating result before special items in 2023 amounted to EUR 22.6 billion (2022: EUR 22.5 billion).

    Dassault Systèmes Press Contacts
    Corporate / France        Arnaud MALHERBE        arnaud.malherbe@3ds.com        +33 (0)1 61 62 87 73
    North America        Natasha LEVANTI        natasha.levanti@3ds.com        +1 (508) 449 8097
    EMEA        Virginie BLINDENBERG        virginie.blindenberg@3ds.com        +33 (0) 1 61 62 84 21
    China        Grace MU        grace.mu@3ds.com        +86 10 6536 2288
    Japan        Reina YAMAGUCHI        reina.yamaguchi@3ds.com        +81 90 9325 2545
    Korea        Jeemin JEONG        jeemin.jeong@3ds.com        +82 2 3271 6653
    India        Priyanka PANDEY        priyanka.pandey@3ds.com        +91 9886302179

    Volkswagen Group Press Contact
    Global        Jonas KULAWIK        jonas.alexander.kulawik@volkswagen.de        

    Attachment

    • Dassault Systèmes and Volkswagen Group Implement the 3DEXPERIENCE Platform to Optimize Vehicle Development

    The MIL Network –

    February 4, 2025

  • MIL-OSI: Dassault Systèmes Reveals “3D UNIV+RSES” and Related AI-Based Services

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    VELIZY-VILLACOUBLAY, France — February 4, 2025

    Dassault Systèmes Reveals “3D UNIV+RSES” and Related AI-Based Services

    • “3D UNIV+RSES” embed multiple generative AI technologies at the core of global IP Lifecycle Management, “POWER’by” the 3DEXPERIENCE platform
    • Next generation Dassault Systèmes technology offers environment for combining virtual twins, training AI engines and protecting customer IP
    • Customers in all sectors can take advantage of the AI era to improve the daily lives of consumers, patients and citizens

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today opened up its new horizon as part of the Generative Economy by introducing “3D UNIV+RSES” that embed multiple generative AI technologies at the core of global IP Lifecycle Management (IPLM) for the benefit of its clients.

    This evolving architecture will permit its large client base to fully exploit their rich, high-quality patrimony of 3D design, virtual twins and PLM data in a new space of representation, the premier digital environment to train new categories of Experience as a Service (XaaS) ─ namely: Generative Experiences (GenXp), Virtual Companions, as well as intelligent Virtual Twin Experience as a Service (VTaaS). Dassault Systèmes’ “POWER’byAI” approach and its multi-AI, industry-aware platforms ─ 3DEXPERIENCE (manufacturing), MEDIDATA (life sciences and health care) and CENTRIC (consumer goods and food) ─ provide customers with world-class secured environments to reveal and generate their own knowledge and know-how with rapid deployment.

    Tomorrow’s game-changers will be those with the best-developed knowledge and know-how assets, who take inspiration from the living world to generate rather than consume, giving back to the planet as much as they take from it. This is what Dassault Systèmes calls the Generative Economy. It results from the convergence of the Experience Economy and the Circular Economy; it’s an economy of virtual assets in which intellectual property (IP), the critical factor for differentiation, will serve as a currency. 

    It will be catalyzed and enabled by “3D UNIV+RSES” and accelerated by the learning possibilities offered by AI. “3D UNIV+RSES” represent a new class of representation of the world: virtual-plus-real representations that holistically combine modeling, simulation, real-world evidence and AI-generated content. They offer a unique and secured industry environment for combining and cross-simulating virtual twins and for training multi-AI engines while protecting customers’ IP.

    “All our longtime loyal clients are expecting us to protect their ‘gold mine’ of virtual assets and reveal the invisible. In order to generate and protect the most valuable intellectual property, it is of critical importance to create Virtual Twin Experiences of everything for everyone that harmonize product, nature and life. Dassault Systèmes is committed to becoming the most trusted partner to provide ‘3D UNIV+RSES,’ as the ultimate source of knowledge and know-how, for our mutual benefit and human progress,” said Bernard Charlès, Executive Chairman, Dassault Systèmes. 

    “3D UNIV+RSES” are the seventh generation of representation of the world introduced by Dassault Systèmes over the past 44 years. These generations have ushered in new ways of imagining, creating and producing. 

    Today, in the Manufacturing Industries and Infrastructure and Cities sectors, the most advanced companies that create airplanes, vehicles, machines, robots, or high-tech and med-tech equipment use Dassault Systèmes’ sophisticated virtual twins to ensure the quality, performance and safety of their products and services, and to comply with regulations and standards. Dassault Systèmes has developed the same approach for innovators in the Life Sciences and Healthcare sector and pioneered virtual twins of the living world, from cells to organs to patients.

    “The extensive work done by Bernard Charlès and our Strategy and Research and Development teams over the past three years to define and create game-changer solutions based on the deep and wide adoption of generative AI is impressive. This will enable our clients in all sectors to take advantage of the AI era at every stage of the cycle of life of the products and services they invent and create to make them more sustainable. This will ultimately improve the daily lives of consumers, patients and citizens,” said Pascal Daloz, CEO, Dassault Systèmes.

    “3D UNIV+RSES” make it possible for customers to create the virtual twin of everything for everyone and virtualize their entire ecosystem. Experience will be at the core of them since “3D UNIV+RSES” are environments for experimentation integrating motion, transformation and time. Embedded AI technology serves as an accelerator to invent game-changing generative experiences, empower everyone with their virtual companion, and upskill the workforce of the future.

    ###

    FOR MORE INFORMATION

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

    ABOUT DASSAULT SYSTÈMES

    Dassault Systèmes is a catalyst for human progress.  Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens.  With Dassault Systèmes’ 3DEXPERIENCE platform, 350,000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact.  For more information, visit:  www.3ds.com

    Dassault Systèmes Press Contacts
    Corporate / France        Arnaud MALHERBE        arnaud.malherbe@3ds.com        +33 (0)1 61 62 87 73
    North America        Natasha LEVANTI        natasha.levanti@3ds.com        +1 (508) 449 8097
    EMEA        Virginie BLINDENBERG        virginie.blindenberg@3ds.com        +33 (0) 1 61 62 84 21
    China        Grace MU        grace.mu@3ds.com        +86 10 6536 2288
    Japan        Reina YAMAGUCHI        reina.yamaguchi@3ds.com        +81 90 9325 2545
    Korea        Jeemin JEONG        jeemin.jeong@3ds.com        +82 2 3271 6653
    India        Priyanka PANDEY        priyanka.pandey@3ds.com        +91 9886302179

    Attachment

    • Dassault Systèmes Reveals “3D UNIV+RSES” and Related AI-Based Services

    The MIL Network –

    February 4, 2025

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

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    VELIZY-VILLACOUBLAY, France — February 4, 2025

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

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

    Summary Highlights1  

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

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

    Dassault Systèmes’ Chief Executive Officer Commentary

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

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

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

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

    Dassault Systèmes’ Chief Financial Officer Commentary

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

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

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

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

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

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

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

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

    Financial Summary

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

    Fourth Quarter 2024 Versus 2023 Financial Comparisons

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

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

    Fiscal 2024 Versus 2023 Financial Comparisons

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

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

    Financial Objectives for 2025

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

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

    Services revenue growth *

    0 – 4%

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

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

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

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

    Corporate Announcements

    • February 4, 2025: Dassault Systèmes and Volkswagen Group Implement the 3DEXPERIENCE Platform to Optimize Vehicle Development
    • December 18, 2024: ClinChoice Extends 13-Year MEDIDATA Partnership with the Addition of Clinical Data Studio to Improve Data Management and Strengthen Clinical Trial Capabilities
    • December 11, 2024: Red Eléctrica Transforms Its Design Process and Collaboration with Dassault Systèmes’ 3DEXPERIENCE Platform
    • November 14, 2024: Dassault Systèmes’ 3DEXPERIENCE Platform to Be Used for Electric Vehicle Development at Volvo Cars
    • November 13, 2024: MEDIDATA Unveils Transformative Solutions and Collaborations at NEXT New York, Driving Paradigm Shift in Life Sciences and Healthcare
    • October 30, 2024: Dassault Systèmes Collaboration Yields Breakthrough Guide for Using Virtual Twins in Clinical Trials
    • October 29, 2024: MEDIDATA and Cogstate Strike Strategic Partnership Transforming Clinical Trials in Neurology with Clinical Outcome Assessment and Clinician Solutions Powered by AI and Advanced Analytics
    • October 24, 2024: European Energy Infrastructure Company Snam Embarks on Strategic Sustainable Project with Dassault Systèmes’ 3DEXPERIENCE Platform
    • October 17, 2024: MEDIDATA Announces Rave Lite to Support Growth in Early and Late-Stage Clinical Trials

    Today’s Webcast and Conference Call Information

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

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

    Investor Relations Events

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

    Forward-looking Information

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

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

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

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

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

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

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

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

    Non-IFRS Financial Information

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

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

    FOR MORE INFORMATION

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

    ABOUT DASSAULT SYSTÈMES

    Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens. With Dassault Systèmes’ 3DEXPERIENCE platform, 350,000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact. For more information, visit www.3ds.com

    Dassault Systèmes Investor Relations Team                        FTI Consulting

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

                                                                    Jamie Ricketts : +44 20 3727 1600

    investors@3ds.com

    Dassault Systèmes Press Contacts

    Corporate / France        Arnaud MALHERBE        

    arnaud.malherbe@3ds.com        

    +33 (0)1 61 62 87 73

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

    APPENDIX TABLE OF CONTENTS

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

    Glossary of Definitions

    Non-IFRS Financial Information

    Acquisitions and Foreign Exchange Impact

    Condensed consolidated statements of income

    Condensed consolidated balance sheet

    Condensed consolidated cash flow statement

    IFRS – non-IFRS reconciliation

    DASSAULT SYSTÈMES – Glossary of Definitions

    Information in Constant Currencies

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

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

    Information on Growth excluding acquisitions (“organic growth”)

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

    Information on Industrial Sectors

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

    These three sectors comprise twelve industries:

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

    Information on Product Lines

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

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

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

    GEOs

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

    These GEOs are structured into three groups:

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

    3DEXPERIENCE Software Contribution

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

    Cloud revenue

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

    New business

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

    DASSAULT SYSTÈMES

    NON-IFRS FINANCIAL INFORMATION

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

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

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

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

    2024

    		 December 31,

    2023

    		 Change Change in constant currencies December 31,

    2024

    		 December 31,

    2023

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

    DASSAULT SYSTÈMES

    ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

    (unaudited; in millions of Euros)

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

    2024

    		 December 31,

    2023

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

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

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

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

    IFRS reported

     

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

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

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED BALANCE SHEET

    (unaudited; in millions of Euros)

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

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED CASH FLOW STATEMENT

    (unaudited; in millions of Euros)

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

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

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

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

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

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

    IFRS

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

    Non-IFRS

    		 2023

    IFRS

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

    Non-IFRS

    		 IFRS Non-

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

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

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

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

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

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

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

    IFRS

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

    Non-IFRS

    		 2023

    IFRS

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

    Non-IFRS

    		 IFRS Non-

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

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

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

    Attachment

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

    The MIL Network –

    February 4, 2025

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

    Source: GlobeNewswire (MIL-OSI)

                    

    Amundi: Fourth quarter & Full-year 2024 results

    Record 2024 net income1,2at €1.4 billion

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

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

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

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

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

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

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

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

    ESG Ambitions 2025 plan on track

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

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

    * * * * *

    Accelerating diversification on industry mega-trends

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

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

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

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

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

    Activity

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

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

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

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

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

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

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

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

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

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

    All client segments contributed to the positive net inflows:

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

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

    Fourth quarter and full-year 2024 results

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

    Adjusted data2

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

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

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

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

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

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

    This increase is explained by:

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

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

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

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

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

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

    Accounting data in the fourth quarter of 2024

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

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

    2024: record net income

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

    This strong growth reflects the high level of activity:

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

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

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

    Adjusted earnings per share2 reached €6.75 in 2024.

    Accounting data for the year 2024

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

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

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

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

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

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

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

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

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

    * * * * *

    ANNEXES

    Adjusted income statement22024 and 2023

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

    Adjusted income statement2of the fourth quarter of 2024

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

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

    (€bn) Assets

    under management

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

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

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

    Details of assets under management and net inflows by client segments24

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

    Details of assets under management and net inflows by asset classes24

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

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

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

    Details of assets under management and net inflows by geographic areas24

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

    Methodology appendix

    Accounting & adjusted data

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

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

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

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

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

    Acquisition of Alpha Associates

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

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

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

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

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

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

    Acquisition of aixigo

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

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

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

    Alternative Performance Measures25

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

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

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

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

    Shareholding

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

    Average number of shares on a pro rata basis.

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

    Financial communication calendar

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

    Dividend schedule

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

    About Amundi

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

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

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

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

    www.amundi.com  

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

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

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

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

    Annabelle Wiriath

    Tel. + 33 1 76 32 43 92

    annabelle.wiriath@amundi.com

    DISCLAIMER

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

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

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

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

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

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

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

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

    Attachment

    • Amundi_PR Results_Q4&FY2024_EN

    The MIL Network –

    February 4, 2025

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

    Source: Allens Insights

    ESG continues to evolve 10 min read

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

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

    Key takeaways

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

    Who in your organisation needs to know about this?

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

    A recap of 2024

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

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

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

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

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

    Looking ahead to 2025

    Deregulation may increase uncertainty and complexity for companies

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

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

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

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

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

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

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

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

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

    ESG as a ‘dirty word’: greenhushing and greywashing

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

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

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

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

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

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

    The ESG litigation field expands

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

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

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

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

    International discussions will continue to influence private actors

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

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

    Subject matter trends 

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

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

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

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

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

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

    Methane emissions

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

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

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

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

    Biodiversity and nature

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

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

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

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

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

    Plastics pollution and the circular economy

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

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

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

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

    Modern slavery reporting reforms

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

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

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

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

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

    Navigating AI in the employment context

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

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

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

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

    Rights of First Nations peoples

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

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

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

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

    Diversity and inclusion

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

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

    Company culture and governance issues in the spotlight

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

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

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

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

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

    Actions you can take now

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

    MIL OSI News –

    February 4, 2025

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    CALGO Logo

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

    Enhanced Security and Investor Protection

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

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

    Introducing the Validator System in 2025

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

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

    For more information, visit calgo.io.

    Media Contact:

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

    The MIL Network –

    February 4, 2025

  • MIL-OSI USA: Schatz Announces Blanket Holds on Trump’s State Department Nominees Until Attack on USAID Is Reversed

    US Senate News:

    Source: United States Senator for Hawaii Brian Schatz

    Published: 02.03.2025

    WASHINGTON – U.S. Senator Brian Schatz (D-Hawai‘i), ranking member of the Senate Appropriations Subcommittee on State, Foreign Operations, and Related Programs, today announced that he will place a blanket hold on all of President Donald Trump’s nominees to the State Department until its illegal attempt to shutter the United States Agency for International Development (USAID) as an independent agency is reversed. On Monday, Secretary of State Marco Rubio announced that he would be acting administrator of USAID.

    “Dismantling USAID is illegal and makes us less safe. USAID was created by federal law and is funded by Congress. Donald Trump and Elon Musk can’t just wish it away with a stroke of a pen – they need to pass a law,” said Senator Schatz, a member of the Senate Foreign Relations Committee. “Until and unless this brazenly authoritarian action is reversed and USAID is functional again, I will be placing a blanket hold on all of the Trump administration’s State Department nominees. This is self-inflicted chaos of epic proportions that will have dangerous consequences all around the world.”

     

    Schatz spoke out against attacks on USAID today in front of its Washington headquarters.

    MIL OSI USA News –

    February 4, 2025

  • MIL-OSI China: Shenzhou-19 astronauts share details of work and life in space

    Source: China State Council Information Office 2

    This undated video grab shows Shenzhou-19 astronauts sending their Spring Festival greetings from China’s Tiangong space station. (Xinhua)
    As China’s Shenzhou-19 mission reaches its halfway, the three astronauts aboard the Tiangong space station, orbiting 400 kilometers above Earth, have shared their experiences during the Spring Festival, offering a glimpse into their unique lives in space.
    SCIENTIFIC BREAKTHROUGHS AND SPACEWALKS
    The crew commander Cai Xuzhe, who returned to the space station after about two years, described the feeling as “warm and familiar” in a video released on China’s CCTV on Thursday.
    This is Cai’s second time working and living in China’s space station, but his first time celebrating the Spring Festival there. In 2022, he spent six months in space during the Shenzhou-14 mission.
    The Shenzhou-19 astronauts entered the space station on Oct. 30, 2024. According to Cai, over the past three months, the crew has completed a series of tasks, including the handover with the Shenzhou-18 crew, routine maintenance of the space station, and two spacewalks.
    These extravehicular activities (EVAs), commonly known as spacewalks, are essential for repairs, experiments, and testing equipment outside the station.
    Cai emphasized the importance of their training, including system-wide emergency pressure drills and medical rescue exercises.
    “These exercises have significantly improved our ability to handle unexpected situations, allowing us to work more efficiently and safely,” he said.
    Supported by ground teams, the astronauts have also advanced scientific experiments, such as cutting-edge research on human brain organoids and new material exposure tests in the harsh environment of space.
    “We are steadily progressing with our scientific missions, focusing on space life science, microgravity physics, space material science, and aerospace medicine,” Cai noted.
    Song Lingdong, who participated in two spacewalks, shared his awe-inspiring experience.
    “Before my first EVA, I imagined what it would be like, but nothing prepared me for the moment I opened the hatch and saw Earth. It was breathtaking,” he recalled. “Climbing on the module walls, I felt as if I was walking on clouds.”
    “I was mesmerized by the beauty of space, but at the same time, I felt the weight of our mission,” he added.
    Their first nine-hour spacewalk proved China’s new-generation spacesuits to be both safe and effective, according to Song.
    Addressing public curiosity, Song explained how astronauts stay energized during long EVAs. “We eat high-calorie meals beforehand and drink functional beverages during the task. We highly concentrate on the tasks and don’t feel hungry,” he said.
    FAMILY, SPACE, GYM AND PRIDE
    Life aboard the space station is not all work. During the Spring Festival, the crew took time to rest, call their families, and capture stunning photos of Earth and space.
    “We sent New Year greetings from space and recorded videos to cherish these moments,” said Song, who plans to document his experiences for his children.
    Wang Haoze, China’s first female space engineer working in the space station, expressed pride in China’s space achievements, marveling at the sophisticated systems of their “space home.”
    Despite the busy schedule, the astronauts find joy in simple activities. “We float freely like ‘sky flyers,’ lift heavy objects effortlessly, interact with our AI assistant, and even grow vegetables and raise fruit flies,” Wang said.
    Wang enjoys writing space diaries. Her favorite pastime, however, is gazing at Earth through the porthole, admiring Earth’s landscapes, from vast oceans to majestic mountains.
    “Seeing our homeland from space fills me with excitement, pride, and longing,” said Wang.
    To combat the effects of weightlessness, the crew followed a strict exercise regimen using specialized equipment like the space treadmill, stationary bike and resistance devices.
    “These exercises keep our bones, muscles and hearts healthy. And with balanced meals, we feel strong and energized,” Wang explained.
    The crew also finds time to bond over meals, share humor, and maintain their spirits.
    As they celebrated three months in orbit during the Spring Festival, Wang sent a heartfelt message: “May our nation thrive, and may we achieve new heights together, from space to Earth.”
    This is the third Spring Festival since the full completion of the Chinese space station. Nine crew members from Shenzhou-15, Shenzhou-17 and Shenzhou-19 have welcomed the New Year and the Spring Festival in space.

    MIL OSI China News –

    February 4, 2025

  • MIL-Evening Report: Do big tech companies have a ‘duty of care’ for users? A new report says they do – but leaves out key details

    Source: The Conversation (Au and NZ) – By Lisa M. Given, Professor of Information Sciences & Director, Social Change Enabling Impact Platform, RMIT University

    PV Productions/Shutterstock

    Large social media companies should have to proactively remove harmful content from their platforms, undergo regular “risk assessments” and face hefty fines if they don’t comply, according to an independent review of online safety laws in Australia.

    The federal government will today release the final report of the review conducted by experienced public servant Delia Rickard, more than three months after receiving it.

    The review comes a few months after Meta announced it will stop using independent fact checkers to moderate content on Facebook, Instagram and Threads.

    Rickard’s review contains 67 recommendations in total. If implemented, they would go a long way to making Australians safer from abusive content, cyberbullying and other potential harms encountered online. They would also align Australia to international jurisdictions and address many of the same problems targeted by the social media ban for young people.

    However, the recommendations contain serious omissions. And with a federal election looming, the review is not likely to be acted upon until the next term of government.

    Addressing online harms at the source

    The review recommends imposing a “digital duty of care” on large social media companies.

    The federal government has already committed to doing this. However, legislation to implement a digital duty of care has been on hold since November, with discussions overshadowed by the government’s social media ban for under 16s.

    The digital duty of care would put the onus on tech companies to proactively address a range of specific harms on their platforms, such as child sexual exploitation and attacks based on gender, race or religion.

    It would also provide several protections for Australians, including “easily accessible, simple and user-friendly” pathways to complain about harmful content. And it would position Australia alongside the United Kingdom and the European Union, which already have similar laws in place.

    Online service providers would face civil penalties of 5% of global annual turnover or A$50 million (whichever is greater) for non-compliance with the duty of care.

    Two new classes of harm – and expanded powers for the regulator

    The recommendations also call for a decoupling of the Online Safety Act from the National Classification Scheme. That latter scheme legislates the classification of publications, films and computer games, providing ratings to guide consumers to make informed choices for selecting age-appropriate content.

    This shift would create two new classes of harm: content that is “illegal and seriously harmful” and “legal but may be harmful”. This includes material dealing with “harmful practices” such as eating disorders and self-harm.

    The review’s recommendations also include provisions for technology companies to undergo annual “risk assessments” and publish an annual “transparency report”.

    The review also recommends adults experiencing cyber abuse, and children who are cyberbullied online, should wait only 24 hours following a complaint before the eSafety Commission orders a social media platform to remove the content in question. This is down from 48 hours.

    It also recommends lowering the threshold for identifying “menacing, harassing, or seriously offensive” material to that which “an ordinary reasonable person” would conclude is likely to have an effect.

    The review also calls for a new governance model for the eSafety Commission. This new model would empower the eSafety Commissioner to create and enforce “mandatory rules” (or codes) for duty of care compliance, including addressing online harms.

    The need to tackle misinformation and disinformation

    The recommendations are a step towards making the online world safer for everybody. Importantly, they would achieve this without the problems associated with the government’s social media ban for young people – including that it could violate children’s human rights.

    Missing from the recommendations, however, is any mention of potential harms from online misinformation and disinformation.

    Given the speed of online information sharing, and the potential for artificial intelligence (AI) tools to enable online harms, such as deepfake pornography, this is a crucial omission.

    From vaccine safety to election campaigns, experts have raised ongoing concerns about the need to combat misinformation.

    A 2024 report by the International Panel on the Information Environment found experts, globally, are most worried about “threats to the information environment posed by the owners of social media platforms”.

    In January 2025, the Canadian Medical Association released a report showing people are increasingly seeking advice from “problematic sources”. At the same time technology companies are “blocking trusted news” and “profiting” from “pushing misinformation” on their platforms.

    In Australia, the government’s proposed misinformation bill was scrapped in November last year due to concerns over potential censorship. But this has left people vulnerable to false information shared online in the lead-up to the federal election this year. As the Australian Institute of International Affairs said last month:

    misinformation has increasingly permeated the public discourse and digital media in Australia.

    An ongoing need for education and support

    The recommendations also fail to provide guidance on further educational supports for navigating online spaces safely in the review.

    The eSafety Commission currently provides many tools and resources for young people, parents, educators, and other Australians to support online safety. But it’s unclear if the change to a governance model for the commission to enact duty of care provisions would change this educational and support role.

    The recommendations do highlight the need for “simple messaging” for people experiencing harm online to make complaints. But there is an ongoing need for educational strategies for people of all ages to prevent harm from occurring.

    The Albanese government says it will respond to the review in due course. With a federal election only months away, it seems unlikely the recommendations will be acted on this term.

    Whichever government is elected, it should prioritise guidance on educational supports and misinformation, along with adopting the review’s recommendations. Together, this would go a long way to keeping everyone safe online.

    Lisa M. Given receives funding from the Australian Research Council. She is a Fellow of the Academy of the Social Sciences in Australia and the Association for Information Science and Technology, and an Affiliate of the International Panel on the Information Environment.

    – ref. Do big tech companies have a ‘duty of care’ for users? A new report says they do – but leaves out key details – https://theconversation.com/do-big-tech-companies-have-a-duty-of-care-for-users-a-new-report-says-they-do-but-leaves-out-key-details-248995

    MIL OSI Analysis – EveningReport.nz –

    February 4, 2025

  • MIL-OSI Russia: MIL Analysis – Five best articles in Russian for 03.02.2025

    MIL Analysis : Here are the top five Russian language articles published today. The analysis consists of five articles that are prioritized at the moment.

    As a result of today’s analysis, the Moscow Exchange provides us with its opportunities and results. Education is evolving, increasing attention to the personalities of students, and utilizing new modern learning technologies.

    Dmitry Chernyshenko met with volunteers in Anapa to discuss the latest news on emergencies on the coast. The social sphere is actively involved.

    Below you can read one of the articles.

    1. Financial news: Moscow Exchange has entered the top of the NRA ESG ranking.

    Moscow Exchange has been included in the updated ESG ranking of Russian financial organizations compiled by the National Rating Agency (NRA). The Exchange was included in the first, highest group of the ranking in terms of the degree of implementation of sustainability principles in its strategic and operational activities.

    2. Financial news: Moscow Exchange is the winner of the Project of the Year 2024 contest.

    Moscow Exchange won the “Project of the Year – 2024” contest organized by the Global CIO community. The aim of the competition is to develop the competencies of the professional community and broadcast the best practices in the field of digitalization.

    3. Polytechnic held an advanced training course on “RISC-V Ecosystem”

    At the end of January, the Higher School of Electronics and Microsystems Engineering of the Institute of Electronics and Telecommunications of SPbPU held a unique advanced training course on “RISC-V ecosystem: development and system programming”.

    The course was devoted to the development of hardware and software for modern extensible open instruction systems and RISC-V processor architectures, which are widely used in rapidly developing areas of information technology, including the Internet of Things and artificial intelligence.

    4. Polytechnic students reached the semifinals of the XI All-Russian Engineering Competition.

    The qualifying stage of the XI All-Russian Engineering Competition has been completed. Experts evaluated over 12,000 projects and scientific research. 751 graduates from universities from all over the country, including SPbPU, reached the semi-finals. The All-Russian Engineering Competition is an annual intellectual competition that has been held since 2014. It is organized by the Ministry of Science and Higher Education of the Russian Federation. The contest operator is the National Research Nuclear University MEPhI.

    5. Dmitry Chernyshenko met in Anapa with volunteers involved in emergency response on the coast.

    Deputy Prime Minister Dmitry Chernyshenko met with representatives of the united volunteer headquarters #WeWeMeet, who are cleaning the Black Sea coast from fuel oil, on the shore of Anapa. During the meeting the volunteers shared their experience and results of their work.

    The meeting was also attended by the head of the Federal Agency for Youth Affairs (Rosmolodezh), Grigory Gurov, and the governor of the Krasnodar Region, Veniamin Kondratiev.

    Learn more about MIL’s content and data services by visiting milnz.co.nz.

    Regards MIL!

    MIL OSI Russia News –

    February 4, 2025

  • MIL-OSI USA: State Government Artificial Intelligence Advisory Council Will Meet

    Source: US State of Oregon

    he State Government Artificial Intelligence Advisory Council will meet at 11:00 a.m. on Tuesday, Feb. 11, 2025. The meeting will take place remotely via the internet on Microsoft Teams and is open to the public. The agenda and handouts will be posted on the council’s website.

    • What: Meeting of the State Government Artificial Intelligence Advisory Council
    • When: Tuesday, Feb. 11, 2025, 11 a.m. to noon.
    • Where: Join a Microsoft Teams Meeting by ID | Microsoft Teams
      • Meeting ID: 248 640 172 639 Passcode: XM2p9p8D
    • Phone: +1 503-446-4951 Phone conference ID: 346 290 669#
    • Who: State Government Artificial Intelligence Advisory Council

    The State Government Artificial Intelligence Advisory Council is established by Governor Kotek’s Executive Order 23-26, Establishing a State Government Artificial Intelligence Advisory Council.

    The purpose of the council is to recommend an action plan to guide awareness education, and usage of artificial intelligence in state government that aligns with the state’s policies, goals, and values and supports public servants to deliver customer service more efficiently and effectively. The recommended action plan shall include concrete executive actions, policies and investments needed to leverage artificial intelligence while honoring transparency, privacy, and diversity, equity, and inclusion.

    Meetings of the State Government Artificial Intelligence Advisory Council are open to the public.

    Public comment may be made during the meeting. Sign-up for public comment is required as spots are limited. Sign-up closes Monday, Feb. 10 at noon. Written comment will also be accepted. Written comment can be submitted by mail to the Council Support Office at 550 Airport Rd SE Suite C, Salem, OR 97301 or online via the office form.

    Accommodations can be arranged for persons with disabilities, and alternate formats of printed material are available upon request. Please contact Enterprise Information Services at 503-378-3175 at least 72 hours in advance of the meeting to request accommodations. Closed captioning is included on the Microsoft Teams meeting.

    Links:

    MIL OSI USA News –

    February 4, 2025

  • MIL-OSI USA News: At USAID, Waste and Abuse Runs Deep

    Source: The White House

    For decades, the United States Agency for International Development (USAID) has been unaccountable to taxpayers as it funnels massive sums of money to the ridiculous — and, in many cases, malicious — pet projects of entrenched bureaucrats, with next-to-no oversight.

    Here are only a few examples of the WASTE and ABUSE:

    The list literally goes on and on — and it has all been happening for decades.

    Under President Trump, the waste, fraud, and abuse ENDS NOW.

    MIL OSI USA News –

    February 4, 2025

  • MIL-OSI USA: Murray, Schumer, Wyden, Schatz, Warren Sound Alarm Over Musk Forcing Way into Highly-Sensitive Government Payment System, Threatening to Choke Off Funding for the American People

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Murray: “It’s already painfully clear that this is the most corrupt administration in our history, and it’s putting our economy, our government, and our most at-risk communities in serious jeopardy.”

    Murray: “Maybe Elon will decide he doesn’t like that Blue Origin—and not SpaceX—gets a contract, so he wants to gum up the works on their payments. Private corporations and competitors need to take note. And anyone who thinks that surely won’t happen has not been paying attention.”

    ***VIDEO HERE***

    Washington, D.C. — Today, Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, joined Senate Democratic Leader Chuck Schumer (D-NY) and Senators Ron Wyden (D-OR), Brian Schatz (D-HI), and Elizabeth Warren (D-MA) to sound the alarm over Elon Musk and his team at the so-called “Department of Government Efficiency” being granted access to the federal government’s central payments system, which handles $6 trillion and the vast majority of all federal disbursements each year. Musk and his associates were granted access to the U.S. Treasury’s payment systems the same weekend they threatened their way into the United States Agency for International Development (USAID) and seized Office of Personnel Management (OPM) computer systems. New reporting indicates they are now forcing their way into Small Business Administration (SBA) systems, as well. 

    Murray and her colleagues outlined the threat of Musk and the administration abusing the Treasury’s payment system to illegally block funding and payments, the danger of allowing Musk access to Americans’ most sensitive personal data, and how this administration’s historic corruption and illegal funding freezes are putting our country’s economy and national security in jeopardy. 

    Senator Murray’s remarks, as delivered, are below and video is HERE:

    “Well we’re two weeks in, and it’s already painfully clear that this is the most corrupt administration in our history, and it’s putting our economy, our government, and our most at-risk communities in serious jeopardy.

    “In particular, we learned that Elon Musk now has access to the Treasury Department’s most sensitive payment system handling six trillion dollars every year and managing nearly all federal disbursements. It’s a system that contains extremely sensitive personal and commercial information, and I’ve been hearing from people across my state who are truly alarmed about what Musk and his associates having access to this system could mean for their data—and for funding that they count on. 

    “Let’s not mince words here. An unelected, unaccountable billionaire—with expansive conflicts of interest, deep ties to China, and an indiscreet axe to grind against perceived enemies—is hijacking our nation’s most sensitive financial data system and its checkbook so that he can illegally block funds to our constituents, based on the slightest whim or wildest conspiracy. Funds—mind you—that Congress passed on a bipartisan basis. 

    “Some Republicans are trying to suggest that Musk only has ‘viewing access’ to Treasury’s highly sensitive payment system as if that’s acceptable either. But why on earth should we believe that—particularly when he is saying the exact opposite loudly and repeatedly for everyone to see? 

    “What funds will Elon target next—life-saving medical research? Housing assistance? Food banks? We already know he is falsely attacking faith-based organizations that help people—and promising to cut off funds based off conspiracy theories.

    “The world’s richest man has vowed to cut off funding that helps the least among us. Think about that. And next—think about how many dollars he himself makes from government contracts. And the Trump Administration is handing the keys of the Treasury over to him? It does not get more blatantly corrupt than that. 

    “And let me underscore just how dangerous this is—because now that Trump has handed over Treasury’s checkbook, what if Elon decides he doesn’t like how Ford is getting federal funds to build an EV battery plant, what’s next? All Elon has to do is say ‘oh, they’re woke,’ and he can convince Trump to illegally cut off those funds.

    “Maybe Elon will decide he doesn’t like that Blue Origin—and not SpaceX—gets a contract, so he wants to gum up the works on their payments. Private corporations and competitors need to take note. And anyone who thinks that surely won’t happen has not been paying attention.

    “Now, make no mistake: Trump and Musk have absolutely zero legal authority to hold up any federal payments that are law, but that has not stopped them so far.

    “This country is still reeling from the chaos of last week’s blanket spending freeze and Trump’s illegal executive orders to withhold funds are still not yet revoked. Trump and Musk have yet to find a law they think applies to them.

    “That is not how things work in this country. We have a democracy. We have checks and we have balances—where the President is accountable to Congress, where we pass the laws, and he implements them.

    “But some of my colleagues across the aisle seem to be forgetting that our democracy does not work by magic. We have to do our part to hold the President accountable. Our job is not to say ‘yes’ to everything any President does—no matter how lawless or harmful. 

    “Democrats are pushing back with the tools that we have. We will speak out, we will press this administration, we will open investigations, and we will demand accountability. The one tool we do not have is the majority in this Congress. 

    “So that means our Republican colleagues have to say ‘enough.’ We need them to join us. We need them to stand up to the corruption and lawlessness and stand up for the people they represent.”

    MIL OSI USA News –

    February 4, 2025

  • MIL-OSI USA: Murray, Cantwell, Join Senators in Bipartisan Push to Permanently Repeal the Global Gag Rule

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    ICYMI: Senator Murray Statement on Trump Reinstating Expanded Global Gag Rule, Targeting Reproductive Health Care

    Washington, D.C. — U.S. Senators Patty Murray (D-WA) and Maria Cantwell (D-WA) joined Senators Jeanne Shaheen (D-NH), Lisa Murkowski (R-AK), and other colleagues in reintroducing their Global Health, Empowerment and Rights (HER) Act, bipartisan legislation to permanently repeal the harmful Global Gag Rule or “Mexico City Policy,” which bans U.S. federal funding for foreign non-governmental organizations (NGOs) that use their own, non-U.S. funds to provide abortion services or information about abortion. Recently, the Trump administration reinstated its expanded Global Gag Rule, after the Biden administration had rescinded the policy in 2021.

    The Global Gag Rule forces clinics to choose between providing limited reproductive health services while accepting U.S. foreign aid, or providing inclusive family planning and reproductive health care while forgoing U.S. aid. It means organizations that receive U.S. international aid for other reasons—such as HIV prevention, maternal health, or fighting diseases like malaria—cannot educate their communities on pregnancy options, including safe abortion care, or their funding will be pulled.

    In addition to reinstating the harmful Global Gag Rule, President Trump signed an executive order on his first day in office to freeze all U.S. foreign assistance for 90 days. Notably, in response to widespread public backlash, Secretary of State Marco Rubio announced on January 28th a waiver for “life-saving humanitarian assistance”—but the waiver explicitly excludes lifesaving family planning programs. If these programs remain shut down for the full 90-day review period, 11.7 million women and girls will be denied birth control, resulting in 4.2 million unintended pregnancies, and 8,340 will die from complications during pregnancy and childbirth. The Trump administration and billionaire Elon Musk are now illegally attempting to shut down the U.S. Agency for International Development (USAID), which provides critical humanitarian aid overseas that supports U.S. national security interests.

    “When we invest in a safer and healthier world, that pays dividends for America. Make no mistake: the Global Gag Rule prevents NGOs from using their own resources to provide lifesaving reproductive health services, and it forces organizations to make impossible choices that restrict access to care for some of the most desperate people across the globe—that’s why I’m glad to once again join my colleagues in introducing legislation to repeal this dangerous policy,” said Senator Murray.“It is unsurprising, but extremely telling, that some of the very first moves of Donald Trump’s second administration prioritize attacking reproductive health care and targeting vulnerable women and girls around the world.”

    “The Trump administration is stripping U.S. funding from international aid groups that even just discuss abortion with their patients. Congress must permanently repeal the global gag rule — these organizations provide essential health care and save lives,” said Senator Cantwell.

    Senators Murray and Cantwell have long supported the Global HER Act and pushed to repeal the Global Gag Rule, including speaking out forcefully against the expanded Global Gag Rule Donald Trump issued at the beginning of his first administration.  

    Among other things, the Global HER Act:

    • Ensures that eligible foreign NGOs can continue to operate U.S.-supported health programs abroad, particularly those that provide legal health services to women — including counseling, referral and legal abortion services — with their own, non-U.S. funds;
    • Guarantees that foreign NGOs will not be forced to sacrifice their right to free speech in order to participate in U.S.-supported programs abroad; and
    • Expands access to health programs for women around the world to improve health and development outcomes for entire families, communities and developing countries.

    Full text of the Global HER Act is available HERE.

    In addition to Senators Murray, Cantwell, Shaheen, and Murkowski, the Global HER Act is also cosponsored by Senators Merkley (D-OR), Warnock (D-GA), Durbin (D-IL), Cortez Masto (D-NV), Welch (D-VT), Murphy (D-CT), Reed (D-RI), Blumenthal (D-CT), Hirono (D-HI), Bennet (D-CO), Whitehouse (D-RI), Kaine (D-VA), Rosen (D-NV), Schatz (D-HI), Hickenlooper (D-CO), King (I-ME), Padilla (D-CA), Klobuchar (D-MN), Booker (D-NJ), Baldwin (D-WI), Coons (D-DE), Ossoff (D-GA), Sanders (I-VT), Warren (D-MA), Slotkin (D-MI), Duckworth (D-IL), Wyden (D-OR), Smith (D-MN), Kelly (D-AZ), Markey (D-MA), Lujan (D-NM), Alsobrooks (D-MD), Warner (D-VA), Hassan (D-NH), Gillibrand (D-NY), Van Hollen (D-MD), Schiff (D-CA), Schumer (D-NY) and Gallego (D-AZ). Companion version is being led in the U.S. House of Representatives by Representative Lois Frankel (D, FL-22).

    The Global HER Act is endorsed by 58 organizations representing global health, women’s reproductive rights, women’s equality, civil rights and other relevant advocacy constituencies.

    MIL OSI USA News –

    February 4, 2025

  • MIL-OSI USA: Washington Post: Senators urge tougher chip controls to stymie Chinese AI advance

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    February 03, 2025

    Sens. Elizabeth Warren (D-Massachusetts) and Josh Hawley (R-Missouri) have issued a populist appeal to Commerce Secretary-designate Howard Lutnick to toughen chip export controls against China, in response to the country’s surprise DeepSeek AI breakthrough.

    “Multiple administrations have failed — at the behest of corporate interests — to update and enforce our export controls in a timely manner. We cannot let that continue,” they wrote in a letter provided exclusively to The Washington Post, calling DeepSeek “an export control failure.”

    The pair laid out an anti-Big Tech line in arguing that “corporate lobbying” resulted in loopholes to Biden administration export controls, allowing DeepSeek to acquire — and more pointedly Nvidia to sell — the chips it needed to train its AI model.

    The senators also asked Lutnick to “insulate” the Commerce Department’s Bureau of Industry and Security from industry lobbying by hiring senior staffers without existing connections to industry or lobbying firms.

    …

    Read the full article here.

    By:  Eva Dou
    Source: Washington Post

    Previous Article

    MIL OSI USA News –

    February 4, 2025

  • MIL-OSI Security: 51st Fighter Wing completes readiness exercise, ACE dispersal despite heavy snowfall

    Source: United States INDO PACIFIC COMMAND

    OSAN AIR BASE, Republic of Korea  –  

    Despite historical snowfall during Korea’s Lunar New Year holiday, the 51st Fighter Wing completed its first wing readiness exercise of 2025, Beverly Herd 25-2, generating combat airpower from both Osan and Kunsan Air Bases, Jan. 26 – 31.

    Wing exercises like BH 25-2 are a necessary and recurring requirement in Korea, where continuous robust readiness is vital to deterring aggression and maintaining stability in the region. Throughout the week, base personnel strengthen their skills in multiple areas, practicing everything from proper protective gear wear, weapons handling, and small unit tactics; to defending the base and rapidly launching combat aircraft in response to threats.

    In addition to base-specific scenarios, the 51st FW also executed an Agile Combat Employment deployment in support of the exercise, sending F-16 Fighting Falcons and a detachment of supporting personnel to operate out of Kunsan Air Base, Republic of Korea.

    “It’s vital that we exercise our ability to generate airpower from any location,” said Col. William McKibban, 51st FW commander. “Partnering with our wingmen at Kunsan strengthens readiness across the peninsula and lets us refine how we rapidly deploy airpower from outside our home base.”

    “The relationship between the Kunsan and Osan is rock solid,” said Col. Peter Kasarskis, 8th FW commander. “Being able to synchronize on readiness exercises like this only makes us stronger and gives Kunsan vital training on our ability to receive follow-on forces.”

    Large force exercises like BH 25-2 often involve multiple units and simulate enemy threats across a variety of contingency scenarios. This iteration, however, Mother Nature herself decided to become an exercise player, bringing realistic scenarios to the wing in the form of record snowfall across the Republic of Korea.

    According to the 51st and 8th Operational Support Squadron Weather Flights, Osan Air Base experienced a total of 9 inches of snow, while Kunsan received approximately 5 inches, stressing and validating exercise player’s abilities to continue contingency operations in unplanned weather conditions.

    During the week, personnel across the base worked to keep walkways and facilities clear while 51st CES personnel worked 24-hour operations to keep roadways and the airfield open, supporting both exercise and real-world operations.

    “Without the ‘dirt boys’ specialized skill set on snow removal and Rapid Airfield Damage Repair, the flying mission would not be possible,” explained Master Sgt. Walter Urbina Hernandez, 51st CES horizontal repair section chief. “We must project airpower effectively while ensuring seamless launch and recovery operations for critical cargo and personnel aircraft moving to and from the port.”

    Simultaneously at Kunsan, ACE-deployed 51st FW Airmen battled similar weather conditions while working out of unfamiliar facilities, working with minimal personnel and equipment to generate F-16 airpower in response to BH 25-2 training scenarios.

    “Even though Kunsan is another U.S. Air Base, it poses different challenges for our Osan personnel,” said Capt Terrell Willis, 51st FW Mission Assurance Officer. “Exercising our ability to rapidly deploy aircraft, personnel, and cargo from Osan to different locations across the peninsula increases the survivability and lethality of our forces.”

    Korean weather officials cited the 2025 Lunar New Year week as having had a heavier than normal snowfall in relation to previous years, making it one of the snowiest Lunar Near Years in 30 years. Despite this, Osan Air Base suffered no damage or degradation to its facilities or aircraft.

    “In many ways, inclement weather actually enhances our training,” said Lt. Col. Andrew Myers, 51st CES Commander and BH 25-2 Wartime Operations Center Defensive Director. “Learning to adapt operations to unpredictable events is an essential skill, so exercising our tactics, techniques and procedures during heavy snow is extremely valuable to reinforcing our agile mindset.”

    The 51st FW concluded the exercise on Friday, Jan. 31; metaphorically, and in some cases, literally clearing the way for the remaining planned exercises this year.

    “The whole point of exercises like this is to prepare our airmen to generate combat airpower under any conditions, including when under attack, snowed in by weather, or both,” said McKibban. “We will continue to regularly practice and stress-test our readiness, and a little bit of bad weather isn’t going to stop us. Team Osan is ready to fight tonight to defend the peninsula and our nation, no matter what.”

    MIL Security OSI –

    February 4, 2025

  • MIL-OSI Security: Cope North 25 Send Off

    Source: United States INDO PACIFIC COMMAND

    MISAWA AIR BASE, AOMORI, Japan  –  

    As Cope North 25 approaches, members of the 35th Logistics Readiness Squadron (LRS) and Traffic Management Office (TMO) are ensuring the seamless shipment of essential cargo to Andersen Air Force Base, Guam. The annual multinational exercise strengthens ties between the U.S., Australia and Japan, enhancing interoperability and regional security in the Indo-Pacific.

    “Right now, the squadrons are getting ready to ship their cargo off to go and support the mission for Cope North over in Guam,” said Senior Airman Rhett Hammon, 35th LRS inbound cargo technician. “What we’re doing here is ensuring that everything that is being shipped is strapped, packaged and weighed properly, and we’re working with the loadmasters to get them ready to go.”

    Cope North 25 serves as a platform for combined air tactics, techniques and procedures, ensuring participating nations can operate effectively in real-world scenarios. To facilitate this, LRS and TMO personnel are responsible for coordinating logistics, verifying load safety, and processing necessary documentation.

    “Our responsibility here is to train the base on how to prepare their cargo and get all the paperwork together in order to ship it out when the time comes, be it exercise or deployment,” said Staff Sgt. Shanks, 35th LRS air transportation technician.

    Much of the cargo consists of maintenance tools and equipment crucial to the 13th Fighter Generation Squadron’s ability to sustain operations during the exercise.

    “Without sending this cargo there, they would not even be able to participate, or it would severely limit their capabilities to meet their objectives in the exercise,” Shanks said.

    Beyond logistical coordination, Cope North 25 also provides a valuable experience for participating Airmen.

    “This will actually be my first time going to Cope North, but I’m excited to go and support everyone up there and learn new things outside of my comfort zone,” Hammon said.

    As preparations continue, Misawa Air Base remains committed to ensuring mission success, strengthening alliances, and contributing to a free and open Indo-Pacific.

    MIL Security OSI –

    February 4, 2025

  • MIL-OSI United Kingdom: World-leading AI trial to tackle breast cancer launched

    Source: United Kingdom – Executive Government & Departments

    Nearly 700,000 women across the country will take part in a world-leading trial to test how AI tools can be used to catch breast cancer cases earlier.

    • Cutting-edge AI trial to transform cancer care, helping radiologists catch breast cancer earlier 
    • Trial announced this World Cancer Day, as government launches ‘call for evidence’ to shape new plan to cut lives lost to cancer 
    • Plan for Change will put UK on the front foot, unleashing AI to drive up health services and shift NHS from analogue to digital as part of 10 Year Health Plan

    Nearly 700,000 women across the country will take part in a world-leading trial to test how cutting-edge AI tools can be used to catch breast cancer cases earlier, the Department of Health and Social Care announced today (4th February 2025). 

    As government ramps up the use of new technology across the board, 30 testing sites across the country will be enhanced with the latest digital AI technologies, ready to invite women already booked in for routine screenings on the NHS to take part. The technology will assist radiologists, screening patients to identify changes in breast tissue that show possible signs of cancer and referred for further investigations if required. 

    Currently two specialists are needed per mammogram screening. This technology enables just one to complete the same mammogram screening process safely and efficiently. If the trial is successful, it could free up hundreds of radiologists and other specialists across the country to see more patients, tackle rising cancer rates, save more lives and cut waiting lists. 

    The EDITH trial (‘Early Detection using Information Technology in Health’) is backed by £11 million of government support via the National Institute for Health and Care Research (NIHR). It is the latest example of how British scientists are transforming cancer care, building on the promising potential of cutting-edge innovations to tackle one of the UK’s biggest killers. 

    Breast cancer is the most common type of cancer in women, with around 55,000 people being diagnosed with the disease every year. Currently, women between the ages of 50 and 71 are invited to be screened every three years to help detect cases. This equates to around 2.1 million breast cancer screens carried out by the programme annually, helping to prevent around 1,300 deaths. 

    The launch of the trial comes as cancer experts, people living with cancer, and medical professionals are invited to help shape the development of a new National Cancer Plan via the launch of a call for evidence, being announced later today by the Health and Social Care Secretary at an event hosted by Macmillan Cancer Support to mark World Cancer Day. 

    Every four minutes, someone in the UK dies from cancer and Lord Darzi’s recent investigation into the NHS found that cancer survival in this country is worse for some cancers than some similar nations. 

    The new plan to fight one of the UK’s major conditions could help transform the way we treat cancer, making the UK a world-leader in cancer survival by fighting the disease on all fronts, through improving research, diagnosis, screening, treatment and prevention. This includes investing in the latest technologies to address rising cancer cases, recognising the vital role they’ll play in tackling the disease. 

    This government is taking the necessary steps to ensure that NHS patients will be among the first to benefit from cutting-edge medical innovations, such as the technology being tested in the EDITH trial, catapulting the service from analogue to digital to cut waiting lists and make it fit for the future, as set out in the government’s 10 Year Health Plan. 

    Members of the public, as well as NHS staff and experts, have already been invited to share their experiences, views and ideas for fixing the NHS via the Change NHS online platform, which will help shape the government’s 10 Year Health Plan. The results of this consultation will support the development of the National Cancer Plan. 

    This closely follows the AI Opportunities Action Plan, which has put the UK on course to revolutionise public services and become an AI superpower – already attracting over £14 billion in investment since launching just last month. 

    Secretary of State for Health and Social Care, Wes Streeting said: 

    As a cancer survivor, I feel like one of the lucky ones. 

    With record numbers of people diagnosed with cancer, and Lord Darzi finding that cancer survival is worse in this country than our peers, I know that urgent action is needed to save lives and improve patient care. 

    That’s why for World Cancer Day, I am committed to publishing a dedicated National Cancer Plan this year, to unleash Britain’s potential as a world-leader in saving lives from this deadly disease and make the NHS fit for the future through our Plan for Change.

    Professor Lucy Chappell, Chief Scientific Adviser at the Department of Health and Social Care (DHSC) and Chief Executive Officer of the NIHR said: 

    This landmark trial could lead to a significant step forward in the early detection of breast cancer, offering women faster, more accurate diagnoses when it matters most.  

    It is another example of how NIHR research, shaped and funded by the public, is crucial for rigorously testing world-leading new technologies, such as AI, that can potentially save lives while reducing the burden on the NHS.

    Due to be published later this year, the National Cancer Plan will set out targeted actions to reduce lives lost to one of the biggest killers, continue improving survival rates, and improve the experience of patients along their cancer journey. 

    It will also include specific actions for rarer cancers such as those affecting children. 

    To support this work, the government has re-launched the Children and Young People’s Cancer Taskforce, with Dame Caroline Dinenage and Professor Darren Hargrave appointed as its co-chairs, alongside Dr Sharna Shanmugavadivel as vice-chair. 

    The taskforce will bring together the country’s top experts to set out plans to improve treatment, detection, and research for cancer in children, which will feed into the National Cancer Plan. 

    NHS national clinical director for cancer Professor Peter Johnson said: 

    The NHS is diagnosing more cancers at an early stage than ever before – when treatment is most likely to be effective – but we know we need to accelerate progress further.  

    A National Cancer Plan will give us the chance to do just that – bringing in new ideas, help us make best practice, normal practice – and ensure the NHS is at the cutting edge of new cancer developments and innovations in the future.

    Britain is a global leader in the development of advanced therapies, with a strong academic and life sciences industry, and was the first national health system in Europe to commission CAR-T cellular therapy for blood cancer patients. 

    Now, alongside the National Cancer Plan, a new UK Collaborative for Cancer Clinical Research is being launched to provide coordination, target investment, and maximise opportunities for  the UK to lead in clinical research. This will help to unlock innovation and growth. 

    Hosted by the Association of Medical Research Charities, the Collaborative will support charities to convene expertise from across the cancer research landscape, to identify strategic priorities and cross-cutting areas of unmet need.  

    Science Minister Lord Vallance, and Health Minister Baroness Merron will see first-hand how charities, academia, industry and the NHS working hand-in-hand to support research is leading to breakthroughs for cancer patients, on a visit to the Royal Marsden Hospital today. Their Sutton cancer hub is hosting MANIFEST, a research project jointly led by the Francis Crick Institute, looking to better-target immunotherapy as a treatment of cancer. The Government announced £9 million funding for the project, in October. 

    Science and Technology Secretary, Peter Kyle, said:  

    Catching cancer weeks earlier could be the difference between life and death – and these trials could not only help to get women faster access to treatment but reduce pressures on our NHS. 

    Delivering on our AI Opportunities Action Plan, we are going to use AI to repair broken public services and drive forward our Plan for Change. Trials like this illustrate exactly the impact we know the technology can have – improving lives and in this case, saving them. 

    The government has committed to fixing the NHS and making it fit for the future as part of its Plan for Change. 

    Last week, the government pledged to speed up diagnosis and treatment for tens of thousands of cancer patients. From March 2026, around 100,000 more people every year will be told they have cancer or not within 28 days and around 17,000 more people will begin treatment within two months of a diagnosis. 

    This comes as part of new targets from NHS England confirming four out of five patients would receive a diagnosis or be given the all-clear within 28 days of a cancer referral – an increase to 80% on the current target of 77%. 

    The move will ensure that those with cancer are given the best chance of survival through earlier diagnosis and access to treatment.   

    It will also bring the government closer to achieving all of the cancer waiting time standards set out in the NHS Constitution, some of which haven’t been met since 2015. 

    For more information on how to contribute to the call for evidence for the National Cancer Plan, visit gov.uk. 

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    Published 4 February 2025

    MIL OSI United Kingdom –

    February 4, 2025

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Orders Plan for a United States Sovereign Wealth Fund

    Source: The White House

    DELIVERING A PLAN TO CREATE A UNITED STATES SOVEREIGN WEALTH FUND: Today, President Donald J. Trump signed an Executive Order calling for the creation of a Sovereign Wealth Fund.

    • The Executive Order directs the Secretary of the Treasury and the Secretary of Commerce to deliver a plan within 90 days for the creation of a sovereign wealth fund.
      • The Secretary of the Treasury and the Secretary of Commerce will work closely with the Director of the Office of Management and Budget and the Assistant to the President for Economic Policy to develop the plan.
      • The Order directs the Secretary to include in the plan recommendations for funding mechanisms, investment strategies, fund structure, and a governance model.

    ENSURING LONG-TERM ECONOMIC COMPETITIVENESS AND FISCAL SUSTAINABILITY: The creation of a sovereign wealth fund for the United States will help maximize the stewardship of our national wealth.

    • Sovereign wealth funds exist around the world as mechanisms to amplify the financial return to a nation’s assets and leverage those returns for strategic benefit and goals.
      • The United States can leverage such returns to promote fiscal sustainability, lessen the burden of taxes on American families and small businesses, establish long-term economic security, and promote U.S. economic and strategic leadership internationally.
    • The United States already holds a vast sum of highly valued assets that can be invested through a sovereign wealth fund for greater long-term wealth generation.
      • The Federal government directly holds $5.7 trillion in assets. Indirectly, including through natural resource reserves, the Federal government holds a far larger sum of asset value.

    PURSUING NATIONAL ENDEAVORS AND MAGNIFYING ECONOMIC GROWTH: President Trump has called for the creation of a sovereign wealth fund “to invest in great national endeavors for the benefit of all of the American people.”

    • President Trump’s economic policies—including the pursuit of fair and balanced trade, national energy dominance, and tax and regulatory relief to spur robust economic growth—will result in greater wealth and revenue streams that a sovereign wealth fund can maximize the potential of.
    • Sovereign wealth funds are maintained by a diverse array of countries leveraging equally varied classes of national assets. President Trump has called for a sovereign wealth fund to ensure the United States can lead the way in long-term wealth generation.
      • The United Kingdom recently announced their own plans to pursue development of such a fund.
      • In addition to countries around the world maintaining their own funds, 23 states within our own country maintain their own funds that control in total $332 billion in assets.

    MIL OSI USA News –

    February 4, 2025

  • MIL-Evening Report: Unwritten rules: why claims of a missing ‘fourth article’ of the Treaty don’t stack up

    Source: The Conversation (Au and NZ) – By Paul Moon, Professor of History, Auckland University of Technology

    I sign this Treaty with my hand, but with the mana of my ancestors.

    So said Hōne Heke, the first rangatira (chief) to sign the Treaty of Waitangi. To emphasise the gravity of this sentiment, he then mentioned two of his predecessors by name: Kaharau and Kauteawha.

    It would be difficult to imagine a statement that could invest more mana in the Treaty than this. And Heke was not alone in his view of the agreement.

    Many other rangatira similarly regarded the Treaty as a kawenata (covenant) of utmost importance, including some going as far as putting a representation of their tā moko (facial tattoo) on the document.

    How each rangatira interpreted the Treaty’s provisions remains open to speculation. But what they committed themselves to abiding by was the text of the agreement (either the English version, or in the case of most signatories, the translation in te reo Māori).

    That text was comprised of a preamble, followed by three operative articles. Some rangatira read it, some had it read to them. But as far as all the parties were concerned, that was the entirety of the Treaty.

    In the 1990s, however, suggestions began to surface about a mysterious “fourth article” guaranteeing religious protections. It was not part of the text, but supposedly a verbal promise that amounted to a provision of the agreement.

    The idea has gained sufficient traction for supporters to petition parliament late last year to recognise the fourth article, just as debate about the Treaty Principles Bill was heating up. But it is a claim that needs to be treated with caution and scrutiny.

    Religious protections

    Prior to the first signing of the Treaty – at Waitangi – the Anglican missionary Henry Williams had observed that some Catholic rangatira were reluctant to commit to the agreement.

    The Catholic Bishop, Jean-Baptiste Pompallier, had queried British motives and insisted Catholic rangatira should receive specific protection from the Crown. Williams then read out a hastily-prepared statement to clarify the issue:

    The Governor wishes you to understand that all the Maories (sic) who shall join the Church of England, who shall join the Wesleyans, who shall join the Pikopo or Church of Rome, and those who retain their Maori practices, shall have the protection of the British Government.

    Bishop Jean-Baptiste Pompallier.
    Wikimedia Commons

    Williams noted that this statement “was received in silence. No observation was made upon it; the Maories, and others, being at perfect loss to understand what it could mean.”

    And there the matter ought to have ended: a peripheral detail in a momentous day. But this minor episode was disinterred from its historical obscurity in 1995 at a meeting of the New Zealand Catholic Bishops Conference.

    The clerics announced that a “fourth article was added to the Maori text of the Treaty signed at Waitangi, at the request of Bishop Jean Baptiste […] This article guaranteed religious freedom for all in the new nation, including Maori.”

    Some Anglicans soon endorsed this position. The “fourth article” thus entered the bloodstream of Treaty discourse and began to circulate freely.

    Missing evidence

    There are several objections to the claim of a fourth article of the Treaty.

    Firstly, if it was regarded as a part of the Treaty at the signing on February 6 1840, then we would expect to see both contemporaneous confirmation of this, and subsequent evidence that is consistent with it.

    Yet, these categories of evidence are largely absent. Indeed, mention of a “fourth article” before the 1990s does not exist.

    The sentiment of the fourth article is also absent from the instructions for the Treaty issued by Lord Normanby, British Secretary of State for the Colonies, in 1839.

    Indeed, far from the Crown wishing to guarantee freedom of cultural or religious beliefs, Normanby made it explicit that only those Māori customs the British regarded as acceptable would be protected:

    [The] savage practices of human sacrifice and cannibalism must be promptly and decisively interdicted; such atrocities, under whatever plea of religion they may take place, are not to be tolerated in any part of the dominions of the British Crown.

    Therefore, as far as one party to the Treaty was concerned, the idea of the fourth article was never in contention. What was explicitly promised to all people was the protection of the British government, and not the protection of all customs held by Māori.

    Treaties are written

    As every other contemporaneous source confirms, no rangatira sought this fourth article, and around 90% of rangatira who signed the Treaty (in places other than Waitangi) did not have this so-called fourth article read to them (and so could not have consented to it).

    William Hobson, first Governor of New Zealand.
    Wikimedia Commons

    Nor was it included in the text of copies of the agreement that were subsequently circulated around the country, and neither Hobson nor Pompallier suggested it was an “article” as such.

    International law requires that treaties be in a written form. This certainly has been the convention as far as European treaties are concerned, extending back several centuries.

    It makes any suggestion Hobson admitted an oral article extremely problematic. Likewise, New Zealand’s domestic law also specifies the Treaty contains only three articles.

    Furthermore, if spoken commitments have the status of an article, then what about other verbal commitments made at some of the Treaty signings? Singling out one statement as a presumed article is inconsistent. Either the principle of all verbal commitments in such a setting constitute articles of the Treaty, or none does.

    Previous attempts to insert the fourth article into the country’s constitutional framework have gone nowhere. And in the absence of more persuasive historical evidence, it’s likely to stay that way.

    As the late Kingi Tūheitia succinctly put it: “The Treaty is written. That’s it.”

    Paul Moon 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. Unwritten rules: why claims of a missing ‘fourth article’ of the Treaty don’t stack up – https://theconversation.com/unwritten-rules-why-claims-of-a-missing-fourth-article-of-the-treaty-dont-stack-up-248539

    MIL OSI Analysis – EveningReport.nz –

    February 4, 2025

  • MIL-OSI: NEXUS CAPITAL MANAGEMENT ANNOUNCES ACQUISITION OF TRICAM INDUSTRIES

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES & EDEN PRAIRIE, MN, Feb. 03, 2025 (GLOBE NEWSWIRE) — Nexus Capital Management LP (together with certain affiliates, “Nexus”), a Los Angeles-based alternative asset management firm, announced today it has partnered with the management team and existing owners, the McMunn family, to acquire Tricam Industries, LLC (the “Company” or “Tricam”).

    Tricam, based in Eden Prairie, MN, specializes in the design, development and engineering of consumer and professional home improvement equipment, including ladders and step stools, garden carts, wheelbarrows, hose reels and hand trucks, among others. The Company’s products are primarily sold through home center and retail channels across North America, Australia and New Zealand under the flagship Gorilla® brand as well as other owned and licensed brands.

    Jeff Skubic, President & CEO of Tricam, stated, “This transaction represents an exciting milestone in Tricam’s corporate journey. Over the last three decades, Tricam has built a strong reputation as a trusted supplier with high quality products consumers respond to and have come to expect from us. We’re grateful for the confidence our partners and customers place in us, and we’re looking forward to partnering with Nexus as we continue to expand our product portfolio and accelerate our growth. Our founder, Tony McMunn, established a culture built on an unwavering entrepreneurial drive that fosters and rewards hard work, creativity, and collaboration. The team is excited, and we’re pleased the McMunn family will continue along with us.”

    “My family and I are excited to partner with Nexus and feel very confident this relationship will allow for continued success and provide opportunities for our employees” said Tricam founder Tony McMunn.

    “We are thrilled to partner with Jeff, Tony and the Tricam management team,” said Michael Cohen, Partner at Nexus. “Tricam has established itself as a market leader by focusing relentlessly on innovation, quality and safety. We look forward to working closely with Tricam to continue building on the Company’s long history of success.”

    Brad Kottman, Principal at Nexus, added, “We are thoroughly impressed with the strong foundation Tricam has established. The Company is led by a highly experienced team, the product suite is differentiated, and the supply chain is diverse and resilient. This investment represents a compelling new platform that is well positioned to react to changing environments and pursue continued growth.”

    Kirkland & Ellis LLP served as legal advisor to Nexus. Jefferies LLC served as financial advisor and Fox Rothschild LLP served as legal advisor to Tricam. J.P. Morgan and Citi provided financing for the acquisition.

    About Tricam

    Tricam, founded in 1990, is a leading supplier of home improvement and hardware products sold through home center and retail outlets primarily in the US, Canada, Australia and New Zealand. Based in Eden Prairie, Minnesota, the Company employs a growing team centered around bringing innovative products to market and maintaining strong relationships with our retailer and supplier partners. The Company continues to invest in its product and brand portfolio, led by its flagship Gorilla® brand across multiple product categories, including ladders, garden carts, wheelbarrows, hose reels and hand trucks. For more information on Tricam, please visit www.gorillamade.com and www.tricamindustries.com.

    About Nexus Capital Management LP

    Nexus is an alternative asset investment management company based in Los Angeles, California that was founded in 2013. Nexus employs a flexible investment mandate that focuses on long-term value creation by partnering with leading management teams and businesses. For more information on Nexus, please visit www.nexuslp.com.

    Contact Information:

    Mike Gabbert

    Tricam Director of Marketing

    Mgabbert@tricam.com

    The MIL Network –

    February 4, 2025

  • MIL-OSI USA: Murphy At USAID: Trump And Musk Are Shuttering Agencies To Turn Government Over To Billionaires

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    February 03, 2025

    WASHINGTON— U.S. Senator Chris Murphy (D-Conn.), a member of the U.S. Senate Foreign Relations Committee, on Monday joined a press conference in front of the shuttered United States Agency for International Development (USAID) to raise the alarm about how President Trump’s decision – at the behest of Elon Musk – to illegally shut down the agency will have disastrous impacts on national security while strengthening China and Russia.

    Murphy highlighted USAID’s crucial role in global security and support for democracy: “USAID fights terrorist groups all across this world making sure that we address the underlying causes that lead to terrorism. USAID chases China all around the world, making sure China doesn’t monopolize contracts for critical minerals and port infrastructure all around the world. It supports freedom fighters everywhere in this world, up until yesterday, delivering firewood, for instance, to the brave Ukrainian defenders on the eastern front.”

    Murphy called out Trump’s closure of USAID as a play by Elon Musk and the billionaire class to hijack U.S. foreign policy for profit: “Elon Musk makes billions of dollars based off of his business with China. And China is cheering at this action today. There is no question that the billionaire class trying to take over our government right now is doing it based on self-interest–their belief that if they can make us weaker in the world, if they can elevate their business partners all around the world, that they will gain the benefit.”

    Murphy continued: “They are shuttering agencies and sending employees home in order to create the illusion that they are saving money in order to do what? Pass a giant tax cut for billionaires and corporations, right? This is all a smokescreen, a shell game, in order to turn this government over to a handful of unelected billionaires and corporate interests, and we are not going to let them do that.”

    Murphy concluded: “So we will use every power that we have in our disposal in the United States Senate. My colleagues will do the same thing in the House. This is a constitutional crisis that we are in today.  Let’s call it what it is. The people get to decide how we defend the United States of America. The people get to decide how their taxpayer money is spent. Elon Musk does not get to decide. We are weaker today than we were yesterday. China sees that, Russia sees that, and they will take advantage. Our job, and your job together, is to raise our voices, raise the alarm, so that this crisis, this emboldening of our enemies, doesn’t last a second longer than it has to.”

    A full transcript of his remarks can be found below:

    MURPHY: “So, Elon Musk has been floating all sorts of awful, terrible conspiracy theories about what happens at USAID. Let’s make it very clear that every single day America is safer because of what happens at USAID. 

    “USAID fights terrorist groups all across this world making sure that we address the underlying causes that lead to terrorism. USAID chases China all around the world, making sure China doesn’t monopolize contracts for critical minerals and port infrastructure all around the world. It supports freedom fighters everywhere in this world, up until yesterday, delivering firewood, for instance, to the brave Ukrainian defenders on the eastern front. 

    “But let’s not pull any punches about why this is happening. Elon Musk makes billions of dollars based off of his business with China. And China is cheering at this action today. There is no question that the billionaire class trying to take over our government right now is doing it based on self-interest–their belief that if they can make us weaker in the world, if they can elevate their business partners all around the world, that they will gain the benefit. 

    “But there is another reason this is happening. They are shuttering agencies and sending employees home in order to create the illusion that they are saving money in order to do what? Pass a giant tax cut for billionaires and corporations, right? This is all a smokescreen, a shell game, in order to turn this government over to a handful of unelected billionaires and corporate interests, and we are not going to let them do that. 

    “So we will use every power that we have in our disposal in the United States Senate. My colleagues will do the same thing in the House. This is a constitutional crisis that we are in today.  Let’s call it what it is. The people get to decide how we defend the United States of America. The people get to decide how their taxpayer money is spent. Elon Musk does not get to decide. 

    “We are weaker today than we were yesterday. China sees that, Russia sees that, and they will take advantage. Our job, and your job together, is to raise our voices, raise the alarm, so that this crisis, this emboldening of our enemies, doesn’t last a second longer than it has to. Thank you everybody for being here today. Really, really important.”

    MIL OSI USA News –

    February 4, 2025

  • MIL-OSI: Prospect Capital Schedules Second Fiscal Quarter Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 03, 2025 (GLOBE NEWSWIRE) — Prospect Capital Corporation (NASDAQ: PSEC) (the “Company” or “Prospect”) today announced it expects to file with the Securities and Exchange Commission its report on Form 10-Q containing results for the fiscal quarter ended December 31, 2024 on Monday, February 10, 2025. The Company also expects to issue its earnings press release on Monday, February 10, 2025, after the close of the markets.

    The Company will host a conference call on Tuesday, February 11, 2025 at 9:00 a.m. Eastern Time. The conference call dial-in number will be 888-338-7333. A recording of the conference call will be available for approximately 30 days. To hear a replay, call 877-344-7529 and use passcode 2146236.

    The conference call will also be available via a live listen-only webcast on the Company’s website, www.prospectstreet.com. Please allow extra time prior to the call to visit the site and download any necessary software that may be needed to listen to the Internet broadcast.

    About Prospect Capital Corporation

    Prospect is a business development company lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

    Prospect has elected to be treated as a business development company under the Investment Company Act of 1940. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.

    Caution Concerning Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.

    For additional information, contact:

    Grier Eliasek, President and Chief Operating Officer
    grier@prospectcap.com
    Telephone (212) 448-0702

    The MIL Network –

    February 4, 2025

  • MIL-OSI: DMG Blockchain Solutions Announces Preliminary January Mining Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Feb. 03, 2025 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and data center technology company, today announces its preliminary mining results for January 2025.

    • Bitcoin Mined: 31 BTC (vs 32 BTC in Dec 2024)
    • Hashrate: 1.75 EH/s (vs 1.68 EH/s in Dec 2024)
    • Bitcoin Holdings: 431 BTC (vs 406 BTC in Dec 2024)

    DMG’s CEO, Sheldon Bennett, commented, “In January, we continued to make incremental hashrate gains. We have been focused on expanding our hashrate to 2.1 EH/s in the current quarter based on utilizing leading-edge hydro direct liquid cooling (DLC) technology. We deployed our first megawatt of hydro miners, and hence, we exited January at 1.8 EH/s. We still expect to energize the remaining five megawatts in the current quarter.”

    About DMG Blockchain Solutions Inc.

    DMG is a publicly traded and vertically integrated blockchain and data center technology company that manages, operates and develops end-to-end digital solutions to monetize the digital asset and artificial intelligence compute ecosystems. Systemic Trust Company, a wholly owned subsidiary of DMG, is an integral component of DMG’s carbon-neutral Bitcoin ecosystem, which enables financial institutions to move Bitcoin in a sustainable and regulatory-compliant manner.

    For additional information about DMG Blockchain Solutions and its initiatives, please visit www.dmgblockchain.com. Follow @dmgblockchain on X, LinkedIn and Facebook, and subscribe to the DMG YouTube channel to stay updated with the latest developments and insights.

    For further information, please contact:

    On behalf of the Board of Directors,

    Sheldon Bennett, CEO & Director
    Tel: +1 (778) 300-5406
    Email: investors@dmgblockchain.com
    Web: www.dmgblockchain.com

    For Investor Relations:
    investors@dmgblockchain.com

    For Media Inquiries:
    Chantelle Borrelli
    Head of Communications
    chantelle@dmgblockchain.com

    Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

    Cautionary Note Regarding Forward-Looking Information

    This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding DMG’s strategies and plans, energizing the remaining 5 MW of hydro miners in the current quarter, the opportunity and plans to monetize bitcoin transactions and provide additional products and services to customers and users, the continued investment in Bitcoin network software infrastructure and applications, the expected allocation of capital, developing and executing on the Company’s products and services, increasing self-mining, increasing hashrate, efforts to improve the operation of its mining fleet, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.

    Future changes in the Bitcoin network-wide mining difficulty rate or Bitcoin hashrate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hashrate mining difficulty.

    Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoin; the demand and pricing of Gen AI data centers and usage; security threats, including a loss/theft of DMG’s bitcoin; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG’s business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.

    Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of viruses and diseases on the Company’s ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoin from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain and Gen AI technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increase in operating costs, increase in equipment and labor costs, equipment failures, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.

    The MIL Network –

    February 4, 2025

  • MIL-OSI USA: Luján Introduces Bipartisan Bill to Protect Consumers in the Online Ticket Marketplace

    US Senate News:

    Source: US Senator for New Mexico Ben Ray Luján
    Washington, D.C. – U.S. Senators Ben Ray Luján (D-N.M.) and Marsha Blackburn (R-Tenn.), members of the U.S. Senate Committee on Commerce, Science, & Transportation, reintroduced the Mitigating Automated Internet Networks for (MAIN) Event Ticketing Act, legislation that would and better protect consumers in the online ticket marketplace. The MAIN Event Ticketing Act boosts enforcement of the Better Online Ticket Sales (BOTS) Act of 2016, a law that prohibits ticket scalpers from using software to purchase high volumes of tickets.
    “Far too many Americans face excessive price-gouging for tickets from online bots and resellers, and I am committed to ensure Americans can enjoy live entertainment without the fear of being scammed,” said Senator Luján. “I’m proud to join Senator Blackburn in reintroducing our MAIN Event Ticketing Act which will strengthen protections for consumers and artists from scammers. I look forward to working with my colleagues to get this legislation signed into law.”
    “As a cultural institution dedicated to making the performing arts accessible to all, the Santa Fe Opera applauds this bipartisan effort to better combat and enforce unfair ticketing practices and protect consumers and artists from exploitation,” said Santa Fe Opera General Director Robert K. Meya. “The MAIN Event Ticketing Act addresses critical challenges, ensuring that access to live performances remains fair and equitable to all audiences. We are grateful for Senator Luján and Senator Blackburn’s leadership on this important issue and fully support their efforts to enhance transparency and fairness in the online ticket marketplace.”
    “We are fully behind this legislation,” said Lensic 360 Director Jamie Lenfestey. “Enforcement of the existing law is a great approach. In high sales season we can see as many as 96,000 bot hits on our sales website daily. Any efforts in enhancing consumer protection and helping promoters and presenters best engage their audiences directly much needed step in the right direction.”
    “As a small venue owner, the health of my business relies heavily on food, beverage, and merchandise sales to complement ticket revenue. When bots and scalpers purchase tickets en masse, it not only drives up prices but also prevents true fans from attending events. This results in empty seats at my venue, leading to a significant loss—up to 75% of my projected revenue from concessions and merchandise sales,” said Jayson Wylie, President and CEO of Taos Mesa Brewing and Musich Entertainment.
    Specifically, the MAIN Event Ticketing Act would:
    Creating reporting requirements whereby online ticket sellers have to report successful bot attacks to the Federal Trade Commission (FTC);
    Creating a complaint database so consumers can also share their experiences with the FTC, which in turn is required to share the information with state attorneys general;
    Enacting data security requirements for online ticket sellers and requires the sharing of information between the FTC and law enforcement; and
    Requiring a report to Congress on BOTS enforcement.  
    This legislation is endorsed by the Recording Academy, Recording Industry Association of America, Live Nation Entertainment, and the National Independent Venue Association.
    Bill text is available here.

    MIL OSI USA News –

    February 4, 2025

  • MIL-OSI New Zealand: Pacific – Fiji to enjoy real estate growth in 2025 driven by foreign investment, infrastructure developments and Google’s data centre plans

    Source: Raine & Horne

    Leading real estate firm Raine & Horne Fiji predicts growth of 2-4% growth for residential markets such as Suva, Nadi and Lautoka in 2025.

    Highlights:

    • The Fijian real estate market demonstrated strong resilience in 2024, with sustained demand for residential properties in key urban centres, including Suva, Nadi, and Lautoka. This trend is expected to result in healthy real estate growth of up to 4% in 2025.
    • The recent announcement of Google’s FJ$200 million data centre investment, expected to create 3,600 jobs, is set to significantly boost the residential real estate markets in Fiji.
    • Infrastructure developments, growing tourism, and the expansion of short-term rentals continue to drive residential property demand in key locations such as Pacific Harbour.

    Lautoka, Fiji – 4 February 2025 – The Fijian real estate market demonstrated strong resilience in 2024, with steady demand for residential properties in key urban centres such as Suva, Nadi, and Lautoka.

    This positive trend is expected to drive healthy growth of up to 4% in 2025, according to leading real estate firm Raine & Horne Fiji. This outlook is further buoyed by the recent announcement of Google’s FJ$200 million data centre investment in the Pacific nation, which is set to bolster the local economy and real estate market.

    Fiji’s real estate growth in 2024

    Ms Shyamlee Raju, Managing Director of Raine & Horne Fiji, says that in 2024, there was sustained demand for residential properties, particularly in Suva, Nadi, and Lautoka, thanks to a growing number of local workers and expatriates leasing apartments.

    “The rebound in tourism, combined with ongoing recovery from COVID-19 impacts, has been a major driver,” Ms Raju said.  

    “Overall, real estate prices in Fiji saw moderate growth in 2024, with some areas such as Nadi and parts of Suva experiencing higher price increases due to ongoing infrastructure developments, such as improvements in transportation, utilities, and tourism-related facilities.

    Google’s game-changer for Fiji’s real estate market and economic growth

    One of the most significant developments in Fiji is the announcement of Google’s FJ$200 million data centre investment, which, according to the Fijian government, has the potential to create 3,600 jobs[i].

    Ms Raju said, “Jobs created by the data centre will generate greater demand for residential housing, particularly for professionals moving to Fiji to work in or around the tech industry. The Google announcement could spur growth in the rental market and the demand for homes for sale.”

    To illustrate, a luxurious three-bedroom penthouse in the heart of Suva within the Brightstar Apartment block on Berry Road is available for rent through Raine & Horne Fiji and is set to attract well-heeled tenants.

    Ms Raju said, “This is the most sought-after executive rental property in the heart of Suva available right now, and it is within minutes of the city’s CBD, supermarkets, cafes, restaurants, schools, cinemas and the iconic Colonial War Memorial Hospital.

    “This penthouse would be ideal for high-end expatriates and those interested in moving to Fiji for work.”

    Other factors driving residential property demand

    The demand for short-term rental properties, particularly for Airbnb holiday rentals, has contributed to rising property prices in Nadi, Suva and Lautoka.

    “We have seen a growing number of apartments and properties purchased as Airbnbs, which is a hindrance for tenants looking for long-term tenancy,” commented Ms Raju.

    “Most properties in Nadi are now run as Airbnbs.”

    Pacific Harbour and infrastructure developments

    According to Ms Raju, demand for real estate in Pacific Harbour, the tourist mecca on the south coast of Viti Levu, was a notable trend in 2024. Pacific Harbour’s natural beauty, improved accessibility to Suva, which is 50 kilometres away, and relatively affordable property prices compared to other regions drove the demand.

    In November alone, Raine & Horne Fiji sold four lots in one week in Pacific Harbour, a significant achievement that underscores the confidence in this market.

    Ms Raju added, “Infrastructure improvements, such as better road access to Suva and the development of tourism-related facilities, are making Pacific Harbour an attractive location for both local buyers and expatriates seeking vacation homes or retirement properties.”

    Fiji’s real estate market poised for steady growth in 2025

    Ms Raju is optimistic about 2025, and she is predicting growth of 2-4% across most regions of Fiji.

    “While economic uncertainties and interest rates could introduce some challenges, the fundamentals of infrastructure development, tourism recovery, and increasing foreign investment provide a solid foundation for market growth,” said Ms Raju.

    Raine & Horne Fiji also anticipates an increase in foreign investment in the country’s real estate market in 2025. Several factors are driving this optimism, including the upcoming Google Data Centre, will potentially attract international interest.

    “Additionally, continued Fijian tourism growth is appealing to foreign buyers, particularly the luxury resorts, beachfront properties, and vacation homes,” said Ms Raju.

    “Strong government support for foreign investment further underpins the longer-term outlook, positioning Fiji as an attractive real estate market for international buyers seeking opportunities in real estate.”

    In response to this promising growth and outlook, Raine & Horne Fiji plans to expand its network of residential sales agents and offices to better serve local and international clients.

    “We are focused on providing tailored advice to first-time homebuyers, expatriates, and foreign investors,” said Ms Raju.

    “Our goal is to remain adaptable and embrace digital tools such as Raine & Horne’s first-to-market AI-powered social media marketing tool Amplify[ii] to expand market reach, keeping up with trends like sustainability and tech-driven developments.

    “Raine & Horne Fiji has the expertise and resources to adapt to these trends and developments, providing clients with the insights, services, and support they need to succeed in the Fijian residential real estate market.

    “With a promising outlook and a growing market, Raine & Horne Fiji is well-positioned to capitalise on the country’s real estate potential in 2025.”

    MIL OSI New Zealand News –

    February 4, 2025
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