MIL-OSI: Q2 2025 Trading Update and Invitation to Earnings Call

Source: GlobeNewswire (MIL-OSI)

Oslo, 24 July 2025 – DNO ASA, the Norwegian oil and gas operator, will publish its Q2 2025 operating and interim financial results on 21 August at 07:00 (CET). A videoconference call with executive management will follow at 10:00 (CET). Today the Company provides an update on production, sales volumes and other selected information for the quarter.

Volumes (boepd)

Gross operated production	Q2 2025	Q1 2025	Q2 2024
Kurdistan	74,760	82,081	79,783
North Sea	5,526	8,864	–

Net entitlement production	Q2 2025	Q1 2025	Q2 2024
Kurdistan	18,675	18,464	17,167
North Sea	33,348	19,296	16,321

Sales	Q2 2025	Q1 2025	Q2 2024
Kurdistan	18,675	18,464	17,167
North Sea	32,393	17,216	12,871

Equity accounted production (net)	Q2 2025	Q1 2025	Q2 2024
Côte d’Ivoire	3,175	3,375	3,256

Selected cash flow items

DNO’s share of oil from the Tawke license during the quarter was sold to local buyers as the Iraq-Türkiye Pipeline remained closed. All payments were made in advance of loadings and transferred directly into DNO’s international bank accounts.

In the second quarter, DNO paid a dividend of NOK 0.3125 per share (totaling USD 30.2 million), which represents NOK 1.25 per share on an annualized basis.

On 12 June, the transformative acquisition of Sval Energi Group AS was completed. Upon completion, DNO paid USD 440 million to the seller; this represents agreed consideration including interest between effective date and closing, less USD 22.5 million deposit paid in March. Sval Energi’s production is included in the table above as from June 1, and will be reported together with its financial results in the Company’s Q2 operating and interim financial results effective that date. A tax instalment of USD 114 million was made in June.

On the financing side during the quarter, DNO redeemed the remaining USD 350 million of outstanding DNO04 bonds on 10 April. In June, DNO completed a private placement of USD 400 million of new subordinated hybrid bonds and borrowed USD 300 million under a one-year bank bridge loan facility. At the end of the second quarter, there were USD 348 million outstanding under Sval Energi’s prepayment facilities and DNO Group’s cash deposits stood at USD 788 million. All outstanding debt under DNO’s North Sea subsidiaries’ reserve-based lending facilities was repaid and not renewed during the quarter.

North Sea exploration

DNO participated in one exploration well on the Norwegian Continental Shelf in the quarter. The Vidsyn well in PL586 (25 percent interest with 17.5 percent added following the acquisition of Sval Energi) was spudded on 14 June and was announced as a discovery in July.

Earnings call login details

Please visit www.dno.no for login details ahead of the call.

Disclaimer

The information contained in this release is based on a preliminary assessment of the Company’s Q2 2025 operating and interim financial results and may be subject to change.

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For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no

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DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire, Netherlands and Yemen. More information is available at www.dno.no

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

The MIL Network –

July 24, 2025

MIL-OSI Russia: At least four killed in fire in Baghdad

Translation. Region: Russian Federal

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

An important disclaimer is at the bottom of this article.

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

BAGHDAD, July 24 (Xinhua) — A fire broke out in a residential building in eastern Baghdad on Wednesday, killing at least four people and seriously injuring two others, an Iraqi Interior Ministry source told Xinhua on condition of anonymity.

According to him, the incident took place in the Al-Amin quarter. Due to the heat and severe overload, an electrical transformer caught fire, and the flames quickly spread to a nearby residential building.

Civil defense personnel arrived at the scene to extinguish the fire, the source said.

A few days ago, a major fire at a hypermarket in Kut, the capital of Wasit province in eastern Iraq, claimed the lives of at least 61 people.

Fires have become more frequent in Iraq recently, with many parts of the country experiencing sweltering heat, reaching 50 degrees Celsius. –0–

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

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MIL OSI Russia News –

July 24, 2025

MIL-OSI NGOs: Disease ripping through Gaza as Israel continues to deliberately block aid: Oxfam

Source: Oxfam –

Deadly diseases are now ripping through Gaza even as millions of dollars’ worth of humanitarian aid piles up in warehouses across the region, says Oxfam.

Water-borne diseases that are both preventable and readily treatable have increased by almost 150% inside Gaza over the past three months as Israel continues to deliberately block aid.

Available multi-agency health data shows that the numbers of Palestinians presenting to health facilities with acute watery diarrhea have increased by 150 per cent, bloody diarrhea by 302 per cent, and acute jaundice cases by 101 per cent.

Even these figures will be grossly under-reported because most of the two million people trapped by Israel’s continuing siege have little access to the few healthcare facilities that have managed to keep operating.

This surge of disease can quickly turn deadly especially as Palestinians living in Gaza have been deprived of enough food, water, shelter, and adequate healthcare for over 21 months. Their community and family networks have been shattered, and people made more vulnerable by repeated forced mass displacements and continuing violence.

Israel has put Gaza under a near total blockade since March 2 of this year stopping all but a trickle of aid. There are no longer any humanitarian aid reserves held by international agencies inside of Gaza.

As a result, international humanitarian donors and agencies have been forced to accumulate more than 420,000 pallets of aid that now sit in limbo inside warehouses across the regions. This covers an area of around 75 hectares, or enough to cover 101 football fields.

“There is a grim and deliberate inevitability as to what Israel has created in Gaza. Each day that its siege continues and it denies aid, starvation becomes increasingly widespread and human deaths from entirely preventable diseases becomes an absolute certainty.”

Bushra Khalidi, Policy Lead

Oxfam in the Occupied Palestinian Territory and Israel

This aid includes shelters, food and supplements to combat malnutrition, and water equipment, sanitation items and medicines that would be vital to tackle diseases and

Oxfam alone has over 110,000 items of humanitarian aid in one warehouse including water bladders and tanks, hygiene, dignity and water testing kits, food parcels, soap, nappies, pipes and latrine slabs.

Oxfam is waiting for clearances and permissions to enter, however the Israeli authorities have recently denied water and sanitation items and food parcels.

Bushra Khalidi, Oxfam in the Occupied Palestinian Territory and Israel policy lead, said that time is running out to prevent an epidemic across Gaza and the mass death that would inevitably result.

“The conditions that Palestinians in Gaza are being forced to endure have created a petri dish for disease. These are diseases that thrive where people lack water – clean or otherwise – and are stuck in over-crowded unsanitary environments with almost no food,” Khalidi said.

“There is a grim and deliberate inevitability as to what Israel has created in Gaza. Each day that its siege continues and it denies aid, starvation becomes increasingly widespread and human deaths from entirely preventable diseases becomes an absolute certainty.”

“As Gaza bakes in the summer sun and the hottest month of the year looms, it is increasingly urgent that Israel’s siege must end. It is shameful Israel has been allowed to besiege Gaza and create this catastrophe. Nothing other than complete access to Gaza to deliver aid at scale can alleviate the conditions that people have been forced to live in.”

“Each day we wait for a ceasefire, more lives are lost through violence, hunger and disease. Palestinians in Gaza cannot wait a day longer for this hell to end. There must be a full and complete ceasefire, and all required aid must be able to enter via all crossings into Gaza so that Palestinians can finally begin to recover and rebuild.”

MIL OSI NGO –

July 24, 2025

MIL-OSI Russia: Ukraine has returned more than a thousand servicemen from Russian captivity

Translation. Region: Russian Federal

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

An important disclaimer is at the bottom of this article.

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

KYIV, July 24 /Xinhua/ — Ukraine has secured the release of more than a thousand servicemen as part of the agreements reached at peace talks in Istanbul, Turkey, the Ukrainian Coordination Headquarters for the Treatment of Prisoners of War reported on Telegram on Wednesday.

In total, Ukraine and Russia have conducted nine stages of prisoner exchanges under the Istanbul agreements. During the latest exchange, wounded and seriously ill servicemen were released.

Among those released are reportedly representatives of the Armed Forces of Ukraine, the State Border Service, the National Guard and the National Police. –0–

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

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MIL OSI Russia News –

July 24, 2025

MIL-Evening Report: World’s highest court issues groundbreaking ruling for climate action. Here’s what it means for Australia

Source: The Conversation (Au and NZ) – By Wesley Morgan, Research Associate, Institute for Climate Risk and Response, UNSW Sydney

JOHN THYS/AFP via Getty Images

The world’s highest court says countries are legally obliged to prevent harms caused by climate change, in a ruling that repudiates Australia’s claims it is not legally responsible for emissions from our fossil fuel exports.

The landmark ruling overnight by the International Court of Justice (ICJ) will reverberate in courts, parliaments and boardrooms the world over.

In a closely watched case at The Hague, the judges were asked to clarify the legal obligations countries have to protect the Earth’s climate system for current and future generations. They were also asked to clarify the legal consequences for nations that fail to do this.

At issue was the scope of legal obligations. During the court’s deliberations, Australia sided with other fossil fuel exporters and major emitters – including Saudi Arabia, the United States and China – to argue state obligations on climate change are restricted to those set out in climate-specific treaties such as the Paris Agreement.

But the court disagreed. It found countries have additional obligations to protect the climate and take action to prevent climate harm inside and outside their boundaries. These obligations arise in human rights law, the law of the sea, and general principles of international law.

This clear statement will have groundbreaking consequences. It means Australia must set a 2035 emissions reduction target in line with the best available science, as required under the Paris Agreement. But it must also go further, by regulating the fossil fuel industry to prevent further harm.

Australia’s arguments rejected

The ICJ is the primary legal organ of the United Nations. Its key role is to settle disputes between countries and clarify international law as it applies to nation states.

While weighing up the obligations of countries to address the climate crisis, the court heard legal arguments from almost 100 countries, making it the largest case ever heard by the ICJ.

The case threatened major implications for fossil-fuel producers such as Australia, which is heavily reliant on coal and gas exports.

In his oral presentation to the ICJ, Australian Solicitor-General Stephen Donaghue told the court only the Paris Agreement should apply when it comes to mitigating climate change. Under the Paris rules, countries must set targets to cut domestic emissions, but they are not required to report emissions created when their fossil fuel exports are burned overseas.

Donaghue and the Australian delegation also suggested responsibility for harms caused by climate change could not be pinned on individual states. Australia also argued protecting human rights does not extend to obligations to tackle climate change.

The ICJ largely rejected these arguments.

The ICJ judges largely rejected Australia’s arguments. Pictured: ICJ President Yuji Iwasawa (third from right) and members issuing their advisory opinion.
JOHN THYS/AFP via Getty Images

Fossil fuel era is over

The court found Australia, and other fossil fuel producers, are obliged under international law to prevent fossil fuel companies in their territory from causing significant climate harm.

This will essentially require a managed phase out of fossil fuel production. As the ICJ ruling says:

Failure of a State to take appropriate action to protect the climate system from [greenhouse gas] emissions – including through fossil fuel production, fossil fuel consumption, the granting of fossil fuel exploration licences or the provision of fossil fuel subsidies – may constitute an internationally wrongful act which is attributable to that State.

Australia is one of the world’s largest exporters of coal and gas. When burned overseas, emissions from Australia’s fossil fuel exports are more than double those of its entire domestic economy.

Australia has approved hundreds of oil, gas and coal projects in recent decades. Dozens more are in the approvals pipeline. Final federal approval is still pending for Woodside’s massive Northwest Shelf gas project – which is set to add millions of tonnes of greenhouse gas emissions every year, for decades.

The Australian government must heed the message from the Hague. The days of impunity for the fossil fuel industry are coming to an end.

Woodside’s massive Northwest Shelf gas project is set to add millions of tonnes of greenhouse gas emissions every year.
GREG WOOD/AFP via Getty Images

A spark of hope from the Pacific

Today’s ruling is remarkable for where it originated.

In 2019, 27 law students at the University of the South Pacific in Vanuatu were given a challenge: find the most ambitious legal pathways towards climate justice.

Each year, Vanuatu faces the prospect of cyclones, earthquakes, tsunamis, volcanoes, flooding rain and drought. Climate change compounds the risk to island communities – people who have done the least to contribute to the problem.

The students decided to file a case with the world court. And so began a legal campaign that travelled from Vanuatu’s capital, Port Vila, through the halls of the United Nations in New York and to the world court in the Hague.

In 2023 Vanuatu and other island nations succeeded in passing a UN General Assembly resolution. It asked the ICJ to give an advisory opinion on countries’ obligations to protect the climate system and legal consequences for states causing “significant harm” to Earth’s climate.

This week’s ruling delivers poetic justice to Vanuatu and other vulnerable island states.

The ruling delivers poetic justice to Vanuatu and other vulnerable island states. Pictured: representatives of Pacific states outside the International Court of Justice in December 2024.
Michel Porro/Getty Images

A new era for climate justice

The court’s findings are likely to influence a wave of climate litigation worldwide. It could shape legal reasoning in Australia, too.

Last week, a Federal Court judge found the Australian government has no legal duty of care to protect Torres Strait Islanders from climate change. If that case is appealed, a superior court may revisit the government’s obligations – and have regard to the ICJ ruling in doing so.

The ICJ decision will also be relevant for the Queensland Land Court, which this week began hearing a challenge to stop a greenfield mine proposed by Whitehaven Coal – citing environmental and human rights impacts of the project’s emissions.

Clarified international law obligations should also guide policymakers in the Australian parliament. With a huge majority in the House of Representatives and a climate-friendly Senate crossbench, the Albanese government has a mandate to implement policy in line with Australia’s international law obligations.

Wesley Morgan is a fellow with the Climate Council of Australia

Gillian Moon is a regular donor to the Australian Conservation Foundation, which is a party in the Whitehaven Coal case.

– ref. World’s highest court issues groundbreaking ruling for climate action. Here’s what it means for Australia – https://theconversation.com/worlds-highest-court-issues-groundbreaking-ruling-for-climate-action-heres-what-it-means-for-australia-261842

MIL OSI Analysis – EveningReport.nz –

July 24, 2025

MIL-OSI USA: Sen. Markey, Rep. Khanna Introduce Legislation to Pause Sentinel Nuclear Missile Program

US Senate News:

Source: United States Senator for Massachusetts Ed Markey

Bill Text (PDF)

Washington (July 23, 2025) – Senator Edward J. Markey (D-Mass.) and Representative Ro Khanna (CA-17), along with Senators Bernie Sanders (I-Vt.), Jeff Merkley (D-Ore) and Chris Van Hollen (D-Md.), today introduced the Investing in Children Before Missiles (ICBM) Act of 2025, legislation that would redirect funding from the troubled Sentinel nuclear Intercontinental Ballistic Missile (ICBM) program to the U.S. Department of Education.

The Trump administration is planning to replace the current fleet of nuclear-armed Minuteman III ICBMs with a new fleet of Sentinel ICBMs. However, the Sentinel program is so over budget and behind schedule that the Department of Defense (DoD) was forced to complete a Nunn–McCurdy review last year that found that the cost of the program had skyrocketed to $141 billion, an 81 percent increase. Moreover, the Air Force recently announced the Sentinel program will likely require digging new missile silos, a move that would cause further significant cost increases and schedule delays. In response to Sentinel’s setbacks, DoD is restructuring the program and considering extending the life of the Minuteman III by 11 years, from 2039 to 2050.

In addition, the Air Force recently announced its plans to pay for upgrades to President Trump’s gift jet from Qatar using excess Sentinel funds. This is yet more evidence that Sentinel funding is “excess to need” and that the program should be paused for one year while it is being restructured. Nevertheless, the Trump administration is seeking to double the budget for the Sentinel missile to $4.1 billion for fiscal year 2026.

“The United States should invest in education, not annihilation,” said Senator Markey. “The ICBM Act makes clear that we will not continue to waste billions on nuclear weapons we do not need—and that actually make us less safe—when there are more important things to fund, like public education. The Sentinel program is 81 percent overbudget—we are literally throwing taxpayer dollars down the deepest money pit ever created. When you are in a hole, stop digging. The ICBM Act signals we intend to make the world safe from nuclear weapons and prioritize spending that improves lives, rather than endangering them.”

“The Trump administration’s Sentinel program is $60 billion over budget and years behind schedule. We need to invest into Americans, not further increase wasteful defense spending. I’m proud to join my colleagues in introducing the Investing in Children Before Missiles Act of 2025 that will pause the Sentinel program, commission an independent review of existing missile capacity, and redirect funds saved into K-12 programs in low-income communities,” said Rep. Khanna.

“While the world has changed significantly since I was a nuclear weapons policy analyst at the Pentagon and Congressional Budget Office, the costs associated with nuclear weapons have steadily increased,” said Senator Merkley. “The United States is currently spending billions of dollars on nuclear weapons programs with limited oversight and accountability. As cost overruns continue to mount, Congress must rein in out-of-control nuclear weapons spending and instead responsibly invest these dollars in the success of America’s future leaders: our children.”

“Instead of sinking tens of billions of taxpayer dollars into propping up a relic of our outdated Cold War-era nuclear strategy – and raising the risk of global mass destruction – we can invest more in fostering greater opportunity for our next generation. The Investing in Children Before Missiles Act does just that – diverting taxpayer funds away from an increasingly expensive boondoggle and instead directing them toward ensuring every child receives a quality education, without compromising our national security. If there ever was an opportunity for greater government efficiency, this is it,” said Senator Van Hollen.

The ICBM Act is endorsed by the Federation of American Scientists, Council for a Livable World, Friends Committee on National Legislation, Union of Concerned Scientists, Win Without War and United Methodist Church – General Board of Church and Society.

“Whether you think nuclear weapons make us more secure or put us at grave risk, everyone can agree that programs should run on time and on budget, or close to it. The Sentinel program is tens of billions over budget and years behind schedule. This is a classic white elephant program – rushed into production before key milestones were reached. The ICBM program should be sent back to the drawing board. We can do much better things that make America safer, stronger and more prosperous with $200 billion,” said Jon Wolfsthal, Director of Global Risk, Federation of American Scientists and former special assistant to the President.

“The Sentinel ICBM is completely unnecessary, wildly expensive, and so far behind schedule the Pentagon has only a vague idea of when it will be deployed. Given that ICBMs are vulnerable to attack, and therefore kept on hair trigger alert, they create pointless risk. UCS has long called for eliminating them entirely. Sentinel should be cancelled and existing ICBMs retired,” said Stephen Young, Associate Director, Government Affairs, Global Security Program, Union of Concerned Scientists.

“The Sentinel ICBM program is a case study in waste, risk, and misplaced priorities. There is no justification for pouring billions more into new land-based nuclear missiles that increase the risk of accidental war. Instead of deepening our dependence on Cold War-era thinking, we should invest in the future our children deserve: strong public schools, climate resilience, and real security rooted in equity and care. We applaud Senator Markey and Representative Khanna for their leadership in stopping the dangerous and costly Sentinel program and redirecting those resources to what truly keeps our communities safe,” said Sara Haghdoosti, Executive Director of Win Without War.

“In 2021, Sen. Markey and Rep. Khanna first introduced the ICBM Act to pause funding and work on the already-troubled Sentinel program. Since then, the Sentinel program has continued to raise alarm bells, including in 2024 when it violated the Nunn-McCurdy Act by being more than 30% over budget. Now, the more we learn about this program, the more problems we uncover about its exceptional cost — it is now at least 80% over budget — and inability to meet deadlines. These additional concerns even led the Air Force to talk about a further life-extension of the Minuteman III missile, which the Sentinel is supposed to replace. Enough. It is past time for Congress to ask some serious questions about the necessity of this program and make some tough decisions to stop throwing good money after bad. Modernization of our nuclear forces should not be a blank check. At a time when it seems every government program is under a microscope and funding for critical programs that help every day Americans is being cut, pausing funding and work on this one program until Congress can get to the bottom of the cause of its issues seems like a no-brainer,” said John Tierney, Executive Director, Council for a Livable World.

“As people of faith committed to peace, justice, and responsible stewardship of public resources, the Friends Committee on National Legislation strongly supports the Investing in Children Before Missiles (ICBM) Act. We oppose pouring billions into new nuclear weapon systems, especially one that’s so consistently over budget and behind schedule. It’s time to end the wasteful spending on the Sentinel program and invest instead in schools and communities,” said Allen Hester, Legislative Representative for Nuclear Disarmament & Pentagon Spending, Friends Committee on National Legislation.

MIL OSI USA News –

July 24, 2025

MIL-Evening Report: Politics with Michelle Grattan: Chris Bowen on why it’s ‘a little frustrating’ bidding for COP 31

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

Energy and climate issues are front and centre for both sides of politics. The government is struggling with pushback from some regional communities against the rollout of transmission lines and wind farms. At the same time, it will soon have to produce its 2035 target under the Paris climate agreement.

Meanwhile, the opposition is fractured over whether to stick by its commitment to net zero emissions by 2050.

We’re joined on this podcast by the Minister for Climate Change and Energy Chris Bowen.

Bowen remains upbeat about the energy transition:

I think it’s going well. We can always do more, and there’s always more effort needed, and the job is far from done. But when you consider what we’ve achieved over the first three years, I would say pleased but not yet satisfied. We are, by and large, on track for our 43% emissions reduction. Just in the last couple of days, [we saw] some excellent figures about the amount of new renewable electricity connected to the grid.

So all this is a very significant turnaround from 2022, but I’m far from mission accomplished. There’s still a lot more to do. This is the biggest economic transition our country has undertaken, and you don’t sort of do three years’ work and put your feet up. This is a constant effort, and that’s an effort on which I’m entirely focused.

Just now, Bowen is also focused on preliminary work for Treasurer Jim Chalmers’ Economic Reform Roundtable in August.

Bowen announces he’ll be hosting two roundtables of his own, feeding into the broad August 19-21 meeting:

I’ll be holding two roundtables, one on electricity and one on climate adaptation which is going to be an increasing focus of this government and future governments because tragically the world has left it too late to avoid the impacts of climate change. We can hopefully avoid the worst catastrophic impacts of more than 1.5 and two to three degrees.

On Australia’s bid to host COP in 2026, Bowen says Australia has the votes against the other contender, Turkey, but the decision-making process is informal:

So one of the things about the process to decide COPs I’ve learnt is it’s quite opaque and there’s no particular timeline and no particular rules to the ballot. I will say, I’ve said before, we’ve got very strong support. So it’s not a matter of going out and getting more votes.

But there’s no agreed time or process for a ballot. It’s meant to work on a consensus, sort of an old world, sort of gentlemanly approach to say whoever loses will withdraw.

Despite the delay, Bowen says Australia will be ready if the bid is successful:

Having said that, the last COP, the one last year, in Azerbaijan, I accept Azerbaijan is a very different country to Australia, but they found out a year in advance as well. And logistically, physically, they put on a very good COP, that can be done. And I know the Premier of South Australia is a very, very enthusiastic supporter of hosting the COP.

On the Coalition potentially dropping its commitment to net zero by 2050, Bowen calls the target “the basic bare minimum of action”:

It’s what the IPCC has recommended as what is absolutely necessary to avoid […] the worst catastrophic impacts of [climate change]. To be debating net zero 2050 in Australia this year is like debating whether the sun should come up. It’s the most basic framework. It’s nowhere near enough.

I think it’s got strong support, and it’s retaining that. I mean, the election result shows that. That we were told to get on with it. Keep going basically.

I’ll just say this. At least Peter Dutton had net zero as a policy objective. I mean, Sussan may be indicating maybe she won’t. I used to say Peter Dutton would be the worst prime minister for climate than Tony Abbott, and I was correct at the time, but now it’s starting to look like Sussan Ley would be even worse.

Michelle Grattan 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. Politics with Michelle Grattan: Chris Bowen on why it’s ‘a little frustrating’ bidding for COP 31 – https://theconversation.com/politics-with-michelle-grattan-chris-bowen-on-why-its-a-little-frustrating-bidding-for-cop-31-261763

MIL OSI Analysis – EveningReport.nz –

July 24, 2025

MIL-OSI China: UN says Gaza aid operations under severe strain

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

Palestinians wait to receive food in the Al-Rimal neighborhood of central Gaza City, on July 20, 2025. [Photo/Xinhua]

Access to supplies for distribution to hungry Gazans and security risks for aid workers are putting relief operations under severe strain, UN humanitarians said on Wednesday.

Relief workers face significant security risks. Supply crossings remain unreliable and critical supplies are routinely delayed or blocked. The amount of aid that has been entering Gaza is a trickle compared to the immense needs, said the UN Office for the Coordination of Humanitarian Affairs (OCHA).

“Israel must enable safe and unimpeded aid delivery, allow the entry of critical equipment and fuel, open all crossings, and restore movement along key supply routes,” OCHA said. “Humanitarian staff must be able to operate safely, people must be allowed to move freely, and supplies, including from the private sector, must reach all parts of Gaza.”

The office said if the conditions are met, the United Nations will urgently prioritize providing food, water, shelter, medical care and protection to the civilians of Gaza who have faced unimaginable hardships for far too long. The world body stands ready to seize the opportunity of a ceasefire to significantly scale up humanitarian operations across Gaza, as it did during previous pauses in hostilities, the office said.

OCHA warned that the hunger crisis in Gaza has never been so dire, with aid organizations reporting that as mass starvation spreads across the strip, aid workers and those they serve are wasting away.

The office said its partners report aid workers are fainting from hunger and exhaustion. Despite catastrophic conditions, aid workers continue to deliver life-saving assistance, wherever and whenever possible.

However, the office said that to sustain operations, including nutrition programs, the Israeli authorities must facilitate the delivery of much more aid into and across all areas of the Gaza Strip without delay.

The humanitarians said that hospitals in Gaza are overwhelmed and cannot cope with the influx of patients, including those injured by hostilities, due to a lack of supplies and fuel.

OCHA said that local health authorities reported that in the past few days, several of their health facilities were shut down due to lack of fuel. More hospitals, including Al Shifa, are at risk of shutting down within the next few days.

Humanitarian partners reported that people with disabilities have no food, no assistive devices and no health care. Measures must be taken to protect civilians, including the tens of thousands of people who are older or are living with disabilities.

UN humanitarians said the Israeli authorities are the sole decision-makers on who, how and what enters the strip, adding that logistical challenges are immense.

To collect supplies that have reached any of the fenced-off and heavily guarded Israeli crossings around Gaza, drivers need multiple access approvals, and a pause in bombing for the iron gates to open, said OCHA.

UN Under-Secretary-General for Humanitarian Affairs Tom Fletcher told the Security Council last week that movement requires navigating an obstacle course of coordination with Israeli forces, through active hostilities, traveling on damaged roads, and often being forced to wait at holding points or pass through areas controlled by criminal gangs.

“All too often, civilians approaching UN trucks are shot at,” OCHA said. “Collecting supplies safely requires reliable assurances that troops would not engage or be present along convoy routes.”

Israeli UN ambassador Danny Danon, speaking at the Security Council, announced restrictive measures against OCHA staff.

Israel will no longer grant automatic visas to OCHA’s international staff. Visas will now be limited to one-month terms, said Danon.

Stephane Dujarric, chief spokesman for UN Secretary-General Antonio Guterres, said that any punitive measures will only add to the obstacles preventing humanitarians from reaching people facing hunger, displacement and deprivation.

MIL OSI China News –

July 24, 2025

MIL-OSI USA: Variety Op-Ed: “Elizabeth Warren on Colbert ‘Late Show’ Cancellation: Is the Paramount Trump Payoff a Bribe?”

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren
July 23, 2025
“The Paramount payoff is part of a corrupt pattern of Trump exploiting the power of the presidency both to profit personally and to punish his perceived enemies.”
“The moment we turn a blind eye to these deals is the moment we start to lose our democracy.”
Washington, D.C. – Today, U.S. Senator Elizabeth Warren (D-Mass.) published an op-ed in Variety making the case that the Late Show with Stephen Colbert’s cancellation may be another one of Donald Trump’s attempts to get big corporations to buy his favor and bow down before him.
Senator Warren has been leading the charge to determine if Paramount is bribing President Trump in exchange for approval of its multi-billion-dollar megamerger with Skydance, and has fought relentlessly across the board against President Trump’s corruption.
Read the full op-ed here and below:
Variety – Elizabeth Warren on Colbert’s ‘Late Show’ Cancellation: Is the Paramount Trump Payoff a Bribe?July 23, 2025
President Donald Trump and CBS parent company Paramount want you to think that The Late Show with Stephen Colbert was canceled for “purely financial” reasons. Really?
During the 2024 election, Donald Trump sued CBS, making claims CBS called “meritless.” Legal experts could see from a mile away that Trump’s claims were bogus. Paramount seemed ready to fight the allegations, and it looked like they’d win that fight handily. Then Trump took office in January 2025.
From the first moments of his presidency, Trump quickly made it clear that he was happy to use his executive power to enrich himself. He was eager to hand out favors — for the right price — and threaten punishment for those who pushed back. There’s a reason that billionaire CEOs paid millions of dollars to get front-row access to his inauguration.
This is where questions about a Paramount payout to Trump come in. Right now, Paramount is trying to merge with Skydance, another huge media company. This deal is worth $8 billion – and, by the way, it could raise prices for millions of viewers. But here’s the kicker: this merger can only go through if it’s approved by the Trump administration.
Instead of fighting Trump on his “meritless” lawsuit, Paramount settled, handing $16 million to Trump’s presidential library. This looks like bribery in plain sight, and that’s exactly what Stephen Colbert said on his show: “This kind of complicated financial settlement with a sitting government official has a technical name in legal circles: it’s ‘big, fat bribe.’” Three days later, Paramount-owned CBS canceled Colbert’s show. And Trump didn’t waste a moment before celebrating the news.
Was it a coincidence that CBS canceled Colbert just three days after he spoke out? Are we sure that this wasn’t part of a wink-wink deal between the president and a giant corporation that needed something from his administration? If CBS made this decision for “purely financial” reasons, why the timing? And why did Trump say “I hope I played a major part in” getting Colbert fired? These are fair questions, and ones that I have asked Paramount and Skydance.
The Paramount payoff is part of a corrupt pattern of Trump exploiting the power of the presidency both to profit personally and to punish his perceived enemies.
ABC News handed over $15 million to Trump’s presidential library in a settlement for another questionable defamation lawsuit. Trump was even more direct with Mark Zuckerberg, reportedly telling him that the price for being “brought in the tent” of the new Trump administration was to settle another doubtful lawsuit. Zuckerberg immediately bowed down, ending Meta’s fact-checking program and dumping $22 million into the Trump library. And Trump is running the same play again: immediately after Paramount folded, Trump sued the Wall Street Journal over an article that exposed details about his relationship with Jeffrey Epstein.
As Trump works to dampen any criticism in the media, he has also launched attacks on other independent institutions. In his first few months in office, Trump has aggressively threatened both universities and law firms in an effort to force them to bend to his will. The pattern is the same: Trump threatens to bring down the weight of the federal government on a single institution, and, too often, the targets feel they have no option but to bow down to an all-powerful Trump.
And for everyone in the free press, the academic world and the legal system, Trump has delivered his message with ruthless bluntness: If you criticize him, you could be forced to pay dearly.
The wealthy and well-connected have long had outsized influence in Washington, but Donald Trump is the most corrupt president in American history. He is using that corruption to gain control over independent organizations and people who might hold him to account. Every threat, use of intimidation, and potential bribe undermines our democracy as it moves Trump closer to absolute control.
I recently introduced my Presidential Library Anti-Corruption Act to close at least one bribery loophole. This bill would block anyone from dumping tens of millions of dollars into a president’s library slush fund while that president still sits in the Oval Office. It would mean Paramount couldn’t funnel nearly $16 million to Trump’s library while it seeks favors from his administration. It would mean Qatar couldn’t “gift” Trump a $400 million private jet destined for some future library. This is a basic, common-sense reform that would help ensure that the government works for the American public, not just for people willing to pay for presidential favors. But that’s just Step One.
Trump and his billionaire friends may think they can turn the power of the federal government into a tool they can deploy to make themselves richer while the rest of us stand quietly by. But we understand that the moment we turn a blind eye to these deals is the moment we start to lose our democracy.
In the coming weeks, months, and years, all of us must show Trump that we see his march toward authoritarianism and we will not be silenced. Democrats need to embrace the fight against corruption as a top priority. Republicans need to grow a spine and get behind common-sense anti-corruption measures. All Americans need to speak up. Because yes, it’s a shame that CBS canceled The Late Show with Stephen Colbert, but it is a threat to all of us that the top late-night show in the country may have been canceled in order to curry favor with a wannabe king.

MIL OSI USA News –

July 24, 2025

MIL-OSI USA: VIDEO: In Foreign Relations Subcommittee Hearing, Ranking Member Rosen Highlights Urgent Need to Strengthen Middle East Partnerships and Combat Iran

US Senate News:

Source: United States Senator Jacky Rosen (D-NV)

Watch the full opening statement HERE.
WASHINGTON, DC – During the first hearing of the Senate Foreign Relations Committee’s Subcommittee on Near East, South Asia, Central Asia, & Counterterrorism, Ranking Member Jacky Rosen (D-NV) stressed the urgent need for a coherent U.S. strategy in the Middle East that strengthens regional integration, restores stability, and counters a nuclear Iran. Senator Rosen called on the Trump Administration to work closely with Congress, particularly following recent U.S. strikes on Iran’s nuclear program, and criticized cuts to our diplomatic workforce and foreign assistance, warning they undermine national security. Emphasizing the importance of diplomacy and development, she advocated for expanding the Abraham Accords, supporting Israel’s qualitative military edge, increasing humanitarian aid into Gaza, and preventing terrorist resurgence throughout the region.
Below is Senator Rosen’s opening statement:
Thank you, Chair McCormick, for holding today’s important hearing – like you said, this is the subcommittee’s first since you and I were named Chair and Ranking Member, respectively. I am incredibly excited about the work we will be able to do together to support U.S. interests across a broad swath of the globe – from the Middle East and North Africa to Central and South Asia.
And I want to thank you as well to our witnesses for taking the time to offer your insights today.
I’d like to build upon your remarks, Senator McCormick, because as you illustrated the Middle East is at a critical juncture, full of risks, as well as opportunities. How we engage in the region in the coming weeks and months has the potential to alter its trajectory for decades to come.
In just the last few weeks, we have seen hostilities between Israel and Iran, we’ve seen increased Houthi attacks on maritime commerce in the Red Sea, skirmishes between Israel and Syria, and a lack of progress in ending the war in Gaza, bringing ALL of the hostages held by Hamas home, and addressing the humanitarian crisis.
But since the beginning of the year, we have also seen the decline of Iran’s nuclear and ballistic capabilities, Assad’s regime crumble in Syria, Hezbollah be diminished to a shell of its former self in Lebanon, and the significant weakening of Hamas.
To help set the Middle East on a path towards peace and prosperity, we not only have to deter our adversaries from engaging in harmful actions, we must also work to advance our interests by implementing a coherent strategy and assistance plan for the region.
So let me be clear – Iran can never be allowed to acquire or develop a nuclear weapon. I am hopeful our targeted strikes on Iran’s nuclear program earlier this summer will pave the way to a negotiated agreement that makes this a reality. It is critical the Administration works hand in glove with Congress on what comes next.
We must also ensure that terror groups, especially Iranian proxies, cannot operate freely and threaten stability in the Middle East. And so on that end, I have led bipartisan efforts to freeze Iranian assets, tighten and renew sanctions, and integrate air and missile defenses throughout the region. But we must do more to bolster regional stability to deny extremist groups the instability on which they thrive.
An integrated Middle East of like-minded partners and allies is essential to advancing our interests, which is why we must widen and deepen the Abraham Accords, including through economic integration and other people-to-people bonds that provide tangible benefits to the region.
In Gaza, Hamas remains an impediment to peace and poses a threat to both Israelis and Palestinians. We must continue to support Israel as it works to free the hostages, defeat Hamas, and protect itself against future threats. And we also must allow for more humanitarian aid for civilians in Gaza and do everything possible to prevent the loss of innocent lives and to support a negotiated end to the war.
In Syria and Iraq, we cannot cede ground where the U.S.-led coalition has made significant progress in eliminating the ISIS threat. To consolidate our military gains, we need to ensure that terrorists are held accountable for their horrific crimes. But we also must make sure that there is a thoughtful plan for reintegration and rehabilitation of individuals from Al Hol and Al Roj camps. If we fail to reintegrate these populations, it will be at our peril.
This leads me to my last point. Former Defense Secretary Jim Mattis once said “if you don’t fully fund the State Department, then I will need to buy more ammunition.” Diplomacy and foreign assistance is vital to the future of this region.
When people don’t have access to food or jobs, terror groups recruit them. When children don’t have access to education, they are more easily radicalized.
As this Administration slashes our diplomatic corps, expert civil servants, and foreign assistance programs, we are undeniably less safe and less prosperous.
To set the region on the right path, we can’t be afraid to leverage our military strength. But we certainly must also leverage our diplomatic and foreign assistance tools.
I thank you for being here and I look forward to discussing this with you all further today.

MIL OSI USA News –

July 24, 2025

MIL-Evening Report: Swirling nebula of two dying stars revealed in spectacular detail in new Webb telescope image

Source: The Conversation (Au and NZ) – By Benjamin Pope, Associate Professor, School of Mathematical and Physical Sciences, Macquarie University

The day before my thesis examination, my friend and radio astronomer Joe Callingham showed me an image we’d been awaiting for five long years – an infrared photo of two dying stars we’d requested from the Very Large Telescope in Chile.

I gasped – the stars were wreathed in a huge spiral of dust, like a snake eating its own tail.

The coils of Apep as captured by the European Space Observatory’s Very Large Telescope.
ESO/Callingham et al., CC BY

We named it Apep, for the Egyptian serpent god of destruction. Now, our team has finally been lucky to use NASA’s James Webb Space Telescope (JWST) to look at Apep.

If anything could top the first shock of seeing its beautiful spiral nebula, it’s this breathtaking new image, with the JWST data now analysed in two papers on arXiv.

Violent star deaths

Right before they die as supernovae, the universe’s most massive stars violently shed their outer hydrogen layers, leaving their heavy cores exposed.

These are called Wolf-Rayet stars after their discoverers, who noticed powerful streams of gas blasting out from these objects, much stronger than the stellar wind from our Sun. The Wolf-Rayet stage lasts only millennia – a blink of the eye in cosmic time scales – before they violently explode.

Unlike our Sun, many stars in the universe exist in pairs known as binaries. This is especially true of the most massive stars, such as Wolf-Rayets.

When the fierce gales from a Wolf-Rayet star clash with their weaker companion’s wind, they compress each other. In the eye of this storm forms a dense, cool environment in which the carbon-rich winds can condense into dust. The earliest carbon dust in the cosmos – the first of the material making up our own bodies – was made this way.

The dust from the Wolf-Rayet is blown out in almost a straight line, and the orbital motion of the stars wraps it into a spiral-shaped nebula, appearing exactly like water from a sprinkler when viewed from above.

We expected Apep to look like one of these elegant pinwheel nebulas, discovered by our colleague and co-author Peter Tuthill. To our surprise, it did not.

The ‘pinwheel’ nebula of the triple Wolf-Rayet star system WR104.
Peter Tuthill

Equal rivals

The new image was taken using JWST’s infrared camera, like the thermal cameras used by hunters or the military. It represents hot material as blue, and colder material in green through to red.

It turns out Apep isn’t just one powerful star blasting a weaker companion, but two Wolf-Rayet stars. The rivals have near-equal strength winds, and the dust is spread out in a very wide cone and wrapped into a wind-sock shape.

When we originally described Apep in 2018, we noted a third, more distant star, speculating whether it was also part of the system or a chance interloper along the line of sight.

The dust appeared to be moving much slower than the winds, which was hard to explain. We suggested the dust might be carried on a slow, thick wind from the equator of a fast-spinning star, rare today but common in the early universe.

The new, much more detailed data from JWST reveals three more dust shells zooming farther out, each cooler and fainter than the last and spaced perfectly evenly, against a background of swirling dust.

The Apep nebula in false colour, displaying infrared data from JWST’s MIRI camera.
Han et al./White et al./Dholakia; NASA/ESA

New data, new knowledge

The JWST data are now published and interpreted in a pair of papers, one led by Caltech astronomer Yinuo Han, and the other by Macquarie University Masters student Ryan White.

Han’s paper reveals how the nebula’s dust cools, links the background dust to the foreground stars, and suggests the stars are farther away from Earth than we thought. This implies they are extraordinarily bright, but weakens our original claim about the slow winds and rapid rotation.

In White’s paper, he develops a fast computer model for the shape of the nebula, and uses this to decode the orbit of the inner stars very precisely.

He also noticed there’s a “bite” taken out out of the dust shells, exactly where the wind of the third star would be chewing into them. This proves the Apep family isn’t just a pair of twins – they have a third sibling.

An illustration of the cavity carved by the third star companion in the Apep system.
White et al. (2025)

Understanding systems like Apep tells us more about star deaths and the origins of carbon dust, but these systems also have a fascinating beauty that emerges from their seemingly simple geometry.

The violence of stellar death carves puzzles that would make sense to Newton and Archimedes, and it is a scientific joy to solve them and share them.

Benjamin Pope receives funding from the Australian Research Council and the Big Questions Institute.

– ref. Swirling nebula of two dying stars revealed in spectacular detail in new Webb telescope image – https://theconversation.com/swirling-nebula-of-two-dying-stars-revealed-in-spectacular-detail-in-new-webb-telescope-image-258314

MIL OSI Analysis – EveningReport.nz –

July 24, 2025

MIL-OSI Submissions: Swirling nebula of two dying stars revealed in spectacular detail in new Webb telescope image

Source: The Conversation – Global Perspectives – By Benjamin Pope, Associate Professor, School of Mathematical and Physical Sciences, Macquarie University

The day before my thesis examination, my friend and radio astronomer Joe Callingham showed me an image we’d been awaiting for five long years – an infrared photo of two dying stars we’d requested from the Very Large Telescope in Chile.

I gasped – the stars were wreathed in a huge spiral of dust, like a snake eating its own tail.

The coils of Apep as captured by the European Space Observatory’s Very Large Telescope.
ESO/Callingham et al., CC BY

We named it Apep, for the Egyptian serpent god of destruction. Now, our team has finally been lucky to use NASA’s James Webb Space Telescope (JWST) to look at Apep.

If anything could top the first shock of seeing its beautiful spiral nebula, it’s this breathtaking new image, with the JWST data now analysed in two papers on arXiv.

Violent star deaths

Right before they die as supernovae, the universe’s most massive stars violently shed their outer hydrogen layers, leaving their heavy cores exposed.

These are called Wolf-Rayet stars after their discoverers, who noticed powerful streams of gas blasting out from these objects, much stronger than the stellar wind from our Sun. The Wolf-Rayet stage lasts only millennia – a blink of the eye in cosmic time scales – before they violently explode.

Unlike our Sun, many stars in the universe exist in pairs known as binaries. This is especially true of the most massive stars, such as Wolf-Rayets.

When the fierce gales from a Wolf-Rayet star clash with their weaker companion’s wind, they compress each other. In the eye of this storm forms a dense, cool environment in which the carbon-rich winds can condense into dust. The earliest carbon dust in the cosmos – the first of the material making up our own bodies – was made this way.

The dust from the Wolf-Rayet is blown out in almost a straight line, and the orbital motion of the stars wraps it into a spiral-shaped nebula, appearing exactly like water from a sprinkler when viewed from above.

We expected Apep to look like one of these elegant pinwheel nebulas, discovered by our colleague and co-author Peter Tuthill. To our surprise, it did not.

The ‘pinwheel’ nebula of the triple Wolf-Rayet star system WR104.
Peter Tuthill

Equal rivals

The new image was taken using JWST’s infrared camera, like the thermal cameras used by hunters or the military. It represents hot material as blue, and colder material in green through to red.

It turns out Apep isn’t just one powerful star blasting a weaker companion, but two Wolf-Rayet stars. The rivals have near-equal strength winds, and the dust is spread out in a very wide cone and wrapped into a wind-sock shape.

When we originally described Apep in 2018, we noted a third, more distant star, speculating whether it was also part of the system or a chance interloper along the line of sight.

The dust appeared to be moving much slower than the winds, which was hard to explain. We suggested the dust might be carried on a slow, thick wind from the equator of a fast-spinning star, rare today but common in the early universe.

The new, much more detailed data from JWST reveals three more dust shells zooming farther out, each cooler and fainter than the last and spaced perfectly evenly, against a background of swirling dust.

The Apep nebula in false colour, displaying infrared data from JWST’s MIRI camera.
Han et al./White et al./Dholakia; NASA/ESA

New data, new knowledge

The JWST data are now published and interpreted in a pair of papers, one led by Caltech astronomer Yinuo Han, and the other by Macquarie University Masters student Ryan White.

Han’s paper reveals how the nebula’s dust cools, links the background dust to the foreground stars, and suggests the stars are farther away from Earth than we thought. This implies they are extraordinarily bright, but weakens our original claim about the slow winds and rapid rotation.

In White’s paper, he develops a fast computer model for the shape of the nebula, and uses this to decode the orbit of the inner stars very precisely.

He also noticed there’s a “bite” taken out out of the dust shells, exactly where the wind of the third star would be chewing into them. This proves the Apep family isn’t just a pair of twins – they have a third sibling.

An illustration of the cavity carved by the third star companion in the Apep system.
White et al. (2025)

Understanding systems like Apep tells us more about star deaths and the origins of carbon dust, but these systems also have a fascinating beauty that emerges from their seemingly simple geometry.

The violence of stellar death carves puzzles that would make sense to Newton and Archimedes, and it is a scientific joy to solve them and share them.

Benjamin Pope receives funding from the Australian Research Council and the Big Questions Institute.

– ref. Swirling nebula of two dying stars revealed in spectacular detail in new Webb telescope image – https://theconversation.com/swirling-nebula-of-two-dying-stars-revealed-in-spectacular-detail-in-new-webb-telescope-image-258314

MIL OSI –

July 24, 2025

MIL-OSI China: Iran agrees to IAEA visit in coming weeks

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

Iranian Deputy Foreign Minister for Legal and International Affairs Kazem Gharibabadi said Wednesday that Tehran has agreed to receive a technical team of the International Atomic Energy Agency (IAEA), which will visit Iran in two to three weeks.

The visit from the IAEA technical delegation to Iran will happen “very soon, in two to three weeks,” Gharibabadi told reporters.

He said the Atomic Energy Organization of Iran is assessing the damages to the nuclear installations, and “the delegation will come to Iran to discuss the modality, not to go to the (nuclear) sites.”

Gharibabadi added that if a new round of negotiations between the United States and Iran takes place, it will only be done indirectly.

On Monday, Gharibabadi held a special meeting with the ambassadors of the Group of Friends in Defense of the Charter of the United Nations, during which he “detailed the dimensions of the recent acts of aggression” by Israel and the United States against Iran, according to the Iranian foreign ministry.

MIL OSI China News –

July 24, 2025

MIL-OSI China: Over 145,000 displaced as sporadic violence persists in Syria’s Sweida: UN

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

Sporadic clashes, drone strikes, and ground fighting continued in southern Syria’s Sweida province and surrounding areas despite a declared truce, with the number of displaced reaching over 145,000, the United Nations said Wednesday.

According to the UN Office for the Coordination of Humanitarian Affairs (OCHA), the violence between July 20 and 22 has included mortar attacks and aerial surveillance, further injuring civilians and forcing thousands to flee. Most of the displaced have remained within Sweida province, while others have sought safety in neighboring Daraa and Rural Damascus governorates.

Access to basic services remains severely disrupted across Sweida. The UN reported widespread outages in electricity, water, fuel, and telecommunications, while food insecurity is worsening due to market disruptions and the closure of bakeries.

Humanitarian organizations have begun responding to the crisis, delivering medical care, protection services, food, clean water, and non-food items to affected communities, although access constraints continue to hamper efforts.

Two batches of aid distributions from the Syrian Arab Red Crescent (SARC) have reached parts of Sweida and Salkhad districts, providing food, fuel, and medical supplies.

The UN warned that displacement is still ongoing and that overcrowded shelters, poor sanitation facilities, and contamination from explosive ordnance are compounding protection risks for already vulnerable populations.

MIL OSI China News –

July 24, 2025

MIL-OSI USA: Middle East and North Africa Subcommittee Chairman Lawler Delivers Opening Remarks at Hearing on State Department Bureau of Counterterrorism

Source: US House Committee on Foreign Affairs

Media Contact 202-321-9747

WASHINGTON, D.C. – Today, House Foreign Affairs Middle East and North Africa Subcommittee Chairman Michael Lawler delivered opening remarks at a subcommittee hearing on the State Department’s Bureau of Counterterrorism FY26 Budget Posture.

Watch Here

-Remarks-

The subcommittee on the Middle East and North Africa will come to order. The purpose of this hearing is to assess the budgetary posture and strategic direction of the State Department’s Bureau of Counterterrorism for fiscal year 2026. I now recognize myself for an opening statement.

Today we convene to duck conduct oversight of the State Department’s Bureau of Counterterrorism and review its budgetary posture and strategic priorities for fiscal year 2026. I want to thank our witness acting coordinator for Counterterrorism, Gregory LoGerfo, for appearing before us today. The Bureau of Counterterrorism is a vital arm of America’s national security strategy. It plays a leading role in coordinating US counter-terrorism policy, engaging foreign partners to disrupt threats before they reach our shores, and supporting global efforts to confront terrorism in all its forms. From its role in special operations to diplomatic engagement to training programs, the bureau is on the front lines of protecting the American people. As terrorism threats are becoming more diffused, adaptive, and globally networked, we must ensure the Bureau is equipped to respond with agility, efficiency, and strategic foresight.

In the Middle East, this means confronting the malign influence of Iran backed proxy groups such as Hamas, Hezbollah, and the Houthis, while sustaining pressure on Isis whose presence in the region remains a serious concern. And it is with this background that we examine the Bureau of Counter Terrorism’s budget. During this hearing today, we will assess how the Bureau is delivering measurable security dividends for US taxpayers through its foreign assistance programming, particularly through its anti-terrorism assistance and the worldwide security program. We will also explore the extent to which the bureau’s budget requests will enable personnel to adapt to new geopolitical threats while maintaining coordination across the inter-agency and international partners. We must also consider whether the state department’s reorganization has impacted outcomes and how the bureau is responding to its expanded scope. We must determine if the State Department has the tools, authorities, and structure to preserve its capacity to respond to regional complexities. Finally, I want to emphasize that the effective counter-terrorism policy demands a strong partnership between Congress and the department that is granted in transparency, oversight, and shared strategic vision.

As we move toward reauthorization and review of the department’s fiscal year 2026 plan, this subcommittee is committed to ensuring that the Bureau of Counterterrorism has the resources and guidance it needs to remain a global leader in combating our world’s most dangerous threats. Mr. LoGerfo, we look forward to your testimony and to a robust discussion of how we can work together to safeguard the United States and our allies in an increasingly complex threat environment.

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MIL OSI USA News –

July 24, 2025

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

US Senate News:

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

MIL OSI USA News –

July 24, 2025

MIL-OSI USA: House Republicans Introduce Resolution Establishing New Select Subcommittee to Continue Investigation of the Events Surrounding January 6

Source: United States House of Representatives – Representative Mike Johnson (LA-04)

WASHINGTON — Chairman Barry Loudermilk (GA-11) today introduced a resolution establishing the new select subcommittee for the 119th Congress to continue Congress’ investigation into the events surrounding January 6, 2021.

Once the resolution is approved by the House, the work will be chaired by Rep. Loudermilk and exist as a Select Subcommittee of the House Judiciary Committee chaired by Rep. Jim Jordan (OH-4).

Speaker Johnson released the following statement:

“House Republicans are proud of our work so far in exposing the false narratives peddled by the politically motivated January 6 Select Committee during the 117th Congress, but there is clearly more work to be done. The resolution introduced today will establish this Select Subcommittee so we can continue our efforts to uncover the full truth that is owed to the American people. House Republicans remain intent on delivering the answers that House Democrats skipped over.”

Subcommittee Chairman Loudermilk released the following statement:

“I am honored to continue the investigation into the events surrounding January 6, 2021, and the failures that led to the breach of the U.S. Capitol. From my subcommittee investigation in the 118th Congress, we uncovered that what happened at the Capitol that day was the result of a series of intelligence, security, and leadership failures at multiple levels within numerous entities. While my subcommittee did an incredible job last Congress, there is still much work to be done. I appreciate Speaker Johnson entrusting me to continue this important investigation, and I look forward to working with Chairman Jordan and his team. It is vital that we continue to uncover the facts and begin the task of making needed reforms to ensure this level of security failure may never happen again.”

Chairman Jordan released the following statement:

“The partisan January 6 Committee failed to uncover crucial pieces of information for the American people, and Rep. Loudermilk has been the leader in getting to the bottom of the Democrat-run Committee’s failures. Rep. Loudermilk will continue to work tirelessly to get everyone the truth.”

The House will consider the resolution after Members return to Congress from the August District Work Period.

###

MIL OSI USA News –

July 24, 2025

MIL-OSI USA: Crapo, Blumenthal, Warren File Major Richard Star Act as Amendment to Must-Pass Defense Bill

US Senate News:

Source: United States Senator for Idaho Mike Crapo

Washington, D.C.–U.S. Senators Mike Crapo (R-Idaho), Richard Blumenthal (D-Connecticut) and Elizabeth Warren (D-Massachusetts) announced they are filing the Major Richard Star Act as an amendment to the annual must-pass defense bill, the National Defense Authorization Act (NDAA).

Currently, only veterans with disability ratings above 50 percent and more than 20 years of service are eligible to receive the full amount of their U.S. Department of Defense (DOD) retirement and U.S. Department of Veterans Affairs (VA) disability payments–leaving behind more than 50,000 combat-injured military retirees. If adopted, the Senators’ Major Richard Star Act will fix this unjust policy for medical retirees with a combat-related disability—providing them their full VA disability and DOD retirement payments.

“The Major Richard Star Act corrects a severe injustice for combat-wounded veterans,” said Senator Crapo. “The support for this correction is clear. Though the namesake of our legislation is no longer with us, we must pass this fix on behalf of the more than 50,000 veterans, including hundreds in Idaho, who stand to benefit.”

“The Major Richard Star Act would correct one of the deepest injustices in our present veterans’ disability system. As an amendment to the NDAA, it would enable tens of thousands of combat-injured veterans to collect the full benefits they’ve earned,” said Senator Blumenthal. “Right now they’re denied fair, complete compensation because they are subject to a dollar-for-dollar offset of their VA disability and military retirement benefits. It’s unacceptable–and I’m joining my colleagues from both sides of the aisle to right this wrong by seeking to attach our legislation to this year’s NDAA. With more than 31 cosponsors, adopting our amendment is a commonsense next step to finally provide these military retirees who already sacrificed so much the benefits they need and earned.”

“Our veterans put their lives on the line for this country, and it’s time our government gives them the full benefits they’ve earned,” said Senator Warren. “Including this bill in the NDAA will ensure the federal government keeps its promise to our veterans.”

This bipartisan legislation is named in honor of Major Richard A. Star, a decorated war veteran who was forced to medically retire due to his combat-related injuries. Major Star sadly lost his battle with cancer on February 13, 2021.

The Senators’ legislation has 76 bipartisan cosponsors, and is supported by the following military, veterans and survivor organizations: Air Force Sergeants Association (AFSA), Air & Space Forces Association (AFA), American GI Forum, The American Legion, American Logistics Association, American Military Society, American Veterans (AMVETS), America’s Warrior Partnership, American WWII Orphans Network, Armed Forces Retiree Association, Army Aviation Association of America (AAAA), Association of Military Surgeons of the United States (AMSUS), Association of the United States Army (AUSA), Association of the United States Navy (AUSN), Blinded Veterans Association (BVA), Blue Star Families, Burn Pits 360, Catholic War Veterans of the USA & Auxiliary, Chief Warrant Officers Association of the US Coast Guard (CWOA), Code of Support Foundation, Commissioned Officers Association of the U.S. Public Health Service, Inc. (COA), Disabled American Veterans (DAV), Dixon Center for Military and Veterans Services, Enlisted Association of the National Guard of the United States, Fleet Reserve Association (FRA), Gold Star Spouses of America, Grunt Style Foundation, Gold Star Wives of America (GSW), Healing Household, Heroes Athletic Association, Hire Heroes USA, HunterSeven Foundation, Japanese American Veterans Association, Iraq and Afghanistan Veterans of America (IAVA), Jewish War Veterans of the United States of America (JWV), K9s for Warriors, Marine Corps League (MCL), Marine Corps Reserve Association (MCRA), Military Chaplains Association of the United States of America (MCA), Military Family Advisory Network, Military Officers Association of America (MOAA), Military Order of the World Wars, Military Order of the Purple Heart (MOPH), Mission Roll Call, National Association of State Directors of Veterans Affairs (NASDVA), National Defense Committee, National Guard Association of the United States, National Military Family Association (NMFA), Naval Enlisted Reserve Association (NERA), Non Commissioned Officers Association (NCOA), Operation First Response, Paralyzed Veterans of America (PVA), Project Sanctuary, The Ranger Leadership and Policy Center, Quality of Life Foundation, Reserve Organization of America (ROA), Sea Service Family Foundation, Stronghold Freedom Foundation, Student Veterans of America, TBI Warrior Foundation, Tragedy Assistance Program for Survivors (TAPS), The Retired Enlisted Association (TREA), The Independence Fund (TIF), United States Army Warrant Officers Association (USAWOA), United States Coast Guard Chief Petty Officers Association (USCG CPOA), United Through Reading, VetsFirst/United Spinal Association, Veterans of Foreign Wars (VFW), Vietnam Veterans of America (VVA), Wounded Paw Project and Wounded Warrior Project (WWP).

MIL OSI USA News –

July 24, 2025

MIL-OSI United Kingdom: The prolonged suffering will have irreversible consequences that will last generations: Joint statement on conflict and hunger in Gaza

Source: United Kingdom – Executive Government & Departments 3

Speech

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

A joint statement by the Permanent Missions to the UN of the Dominican Republic, Estonia, France, Germany, Guyana, Ireland, Mexico, the Kingdom of the Netherlands, Norway, Sierra Leone, Slovenia, Spain, Sweden, Switzerland and the United Kingdom.

It is unacceptable that man-made and avoidable conflict-induced hunger continues to afflict civilians in Gaza. The prolonged suffering will have irreversible consequences that will last generations.

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

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

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

Lift its restrictions on humanitarian aid and facilitate immediate, safe, rapid, unhindered and sustained humanitarian access by the UN and humanitarian organisations that ensures relief supplies at scale to civilians in need throughout Gaza.
Facilitate the effective delivery of life-saving nutrition, health, water, sanitation and other essential services by the UN and humanitarian organisations, as well as the fuel needed to sustain them.
Protect objects necessary for food production and distribution and facilitate the restoration of essential commercial supplies and market systems at scale.
Urgently ensure the protection of civilians, including aid workers, UN and associated personnel, and medical personnel, and allow their unrestricted access.

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

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

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

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

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

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

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

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

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

Immediate action is needed to address this debilitating suffering.

Published 23 July 2025

MIL OSI United Kingdom –

July 24, 2025

MIL-OSI: Horizon Bancorp, Inc. Reports Strong Second Quarter 2025 Results Led by Continued Net Interest Margin Expansion

Source: GlobeNewswire (MIL-OSI)

MICHIGAN CITY, Ind., July 23, 2025 (GLOBE NEWSWIRE) — (NASDAQ GS: HBNC) – Horizon Bancorp, Inc. (“Horizon” or the “Company”), the parent company of Horizon Bank (the “Bank”), announced its unaudited financial results for the three months ended June 30, 2025.

“Horizon’s second quarter earnings reflect the strength of the organization’s exceptional core community banking franchise. Strong loan growth, stable and granular core funding, excellent credit quality and prudent management of expenses fueled the quarter’s positive results and expanded on management’s commitment to improve the financial performance of the Company. The quarter was highlighted by a seventh consecutive quarter of net interest margin expansion, low net charge offs of 2 bps annualized and enhanced momentum in key performance metrics of ROAA and ROATCE”, President and CEO, Thomas Prame stated. “We continue to show strength across our core community banking platform that is being driven by a disciplined approach to creating a more efficient balance sheet and effective deployment of capital. We are pleased with our results through the first six months of 2025, with reported earnings per share growing by 58% versus the comparable period a year ago, and look forward to continuing to create additional shareholder value throughout the remainder of the year.”

Net income for the three months ended June 30, 2025 was $20.6 million, or $0.47 per diluted share, compared to net income of $23.9 million, or $0.54, for the first quarter of 2025 and compared to net income of $14.1 million, or $0.32 per diluted share, for the second quarter of 2024. As previously disclosed, results in the first quarter of 2025 included the $7.0 million pre-tax gain on the sale of the Company’s mortgage warehouse business.

Net income for the six months ended June 30, 2025 was $44.6 million, or $1.01 per diluted share, compared to net income of $28.1 million, or $0.64, for the six months ended June 30, 2024.

Second Quarter 2025 Highlights

Net interest income of $55.4 million increased 5.9% compared with $52.3 million for the three months ended March 31, 2025, and 22.3% compared with $45.3 million in the year ago period. Net interest margin, on a fully taxable equivalent (“FTE”) basis¹, expanded for the seventh consecutive quarter, to 3.23%, compared with 3.04% for the three months ended March 31, 2025 and 2.64% for the three months ended June 30, 2024.

Total loans held for investment (“HFI”) increased 6.2% compared to the linked quarter annualized, with strong organic commercial loan growth of $117.2 million, or 14.8% annualized. This growth was partially funded by the continued strategic runoff of lower yielding indirect auto loans of approximately $34.1 million.

Funding continued to trend favorably, with non-time deposit balances remaining relatively flat for the fourth consecutive quarter and interest-bearing liability cost declining by another 2 bps during the quarter.

Credit quality remained strong, with annualized net charge offs of 0.02% of average loans during the second quarter. Non-performing assets remain well within expected ranges, decreasing 12.4% from the prior quarter.

Expenses continued to be well managed, up less than 1% from the first quarter of 2025. These results reflect management’s commitment to generate higher earnings while maintaining a more efficient expense base.

^{____________________________________
1} Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.


	Financial Highlights
	(Dollars in Thousands Except Share and Per Share Data and Ratios)
	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2025			2025			2024			2024			2024
Income statement:
Net interest income	$	55,354		$	52,267		$	53,127		$	46,910		$	45,279
Provision for credit loss expense		2,462			1,376			1,171			1,044			2,369
Non-interest income (loss)		10,920			16,499			(28,954	)		11,511			10,485
Non-interest expense		39,417			39,306			44,935			39,272			37,522
Income tax expense (benefit)		3,752			4,141			(11,051	)		(75	)		1,733
Net Income (Loss)	$	20,643		$	23,943		$	(10,882	)	$	18,180		$	14,140

Per share data:
Basic earnings (loss) per share	$	0.47		$	0.55		$	(0.25	)	$	0.42		$	0.32
Diluted earnings (loss) per share		0.47			0.54			(0.25	)		0.41			0.32
Cash dividends declared per common share		0.16			0.16			0.16			0.16			0.16
Book value per common share		18.06			17.72			17.46			17.27			16.62
Market value – high		15.88			17.76			18.76			16.57			12.74
Market value – low		12.92			15.00			14.57			11.89			11.29
Weighted average shares outstanding – Basic		43,794,490			43,777,109			43,721,211			43,712,059			43,712,059
Weighted average shares outstanding – Diluted		44,034,663			43,954,164			43,721,211			44,112,321			43,987,187
Common shares outstanding (end of period)		43,801,507			43,785,932			43,722,086			43,712,059			43,712,059

Key ratios:
Return on average assets		1.08	%		1.25	%	(0.56		)%		0.92	%		0.73	%
Return on average stockholders’ equity		13.24			12.44			(5.73	)		9.80			7.83
Total equity to total assets		10.34			10.18			9.79			9.52			9.18
Total loans to deposit ratio		87.52			85.21			87.75			83.92			85.70
Allowance for credit losses to HFI loans		1.09			1.07			1.07			1.10			1.08
Annualized net charge-offs of average total loans ⁽¹⁾		0.02			0.07			0.05			0.03			0.05
Efficiency ratio		59.48			57.16			185.89			67.22			67.29

Key metrics (Non-GAAP) ⁽²⁾
Net FTE interest margin		3.23	%		3.04	%		2.97	%		2.66	%		2.64	%
Return on average tangible common equity		13.24			15.79			(7.35	)		12.65			10.18
Tangible common equity to tangible assets		8.37			8.19			7.83			7.58			7.22
Tangible book value per common share	$	14.32		$	13.96		$	13.68		$	13.46		$	12.80


⁽¹⁾ Average total loans includes loans held for investment and held for sale.
⁽²⁾ Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures.

Income Statement Highlights

Net Interest Income

Net interest income was $55.4 million in the second quarter of 2025, compared to $52.3 million in the first quarter of 2025, driven by the continued expansion of the Company’s net FTE interest margin¹, which increased to 3.23% for the second quarter of 2025, compared to 3.04% for the first quarter of 2025. Expansion was attributable to the favorable mix shift in average interest earning assets toward higher-yielding loans and in the average funding mix toward deposit balances, in addition to continued disciplined pricing strategies on both sides of the balance sheet. The second quarter net FTE interest margin did benefit by approximately seven basis points related to interest recoveries on certain commercial and residential loans.

Provision for Credit Losses

During the second quarter of 2025, the Company recorded a provision for credit losses of $2.5 million. This compares to a provision for credit losses of $1.4 million during the first quarter of 2025, and $2.4 million during the second quarter of 2024. The increase in the provision for credit losses during the second quarter of 2025 when compared with the first quarter of 2025 was primarily attributable to net growth in commercial loans HFI and changes in economic factors, partially offset by the reduction of specific reserves and the reserves for unfunded commitments in the current quarter.

For the second quarter of 2025, the allowance for credit losses included net charge-offs of $0.3 million, or an annualized 0.02% of average loans outstanding, compared to net charge-offs of $0.9 million, or an annualized 0.07% of average loans outstanding for the first quarter of 2025, and net charge-offs of $0.6 million, or an annualized 0.05% of average loans outstanding, in the second quarter of 2024.

The Company’s allowance for credit losses as a percentage of period-end loans HFI was 1.09% at June 30, 2025, compared to 1.07% at March 31, 2025 and 1.08% at June 30, 2024.

Non-Interest Income

For the Quarter Ended	June 30,		March 31,			December 31,			September 30,		June 30,
(Dollars in Thousands)	2025		2025			2024			2024		2024
Non-interest Income
Service charges on deposit accounts	$	3,208	$	3,208		$	3,276		$	3,320	$	3,130
Wire transfer fees		69		71			124			123		113
Interchange fees		3,403		3,241			3,353			3,511		3,826
Fiduciary activities		1,251		1,326			1,313			1,394		1,372
Loss on sale of investment securities		—		(407	)		(39,140	)		—		—
Gain on sale of mortgage loans		1,219		1,076			1,071			1,622		896
Mortgage servicing income net of impairment		375		385			376			412		450
Increase in cash value of bank owned life insurance		346		335			335			349		318
Other income		1,049		7,264			338			780		380
Total non-interest income (loss)	$	10,920	$	16,499		$	(28,954	)	$	11,511	$	10,485

Total non-interest income was $10.9 million in the second quarter of 2025, compared to non-interest income of $16.5 million in the first quarter of 2025. The decrease in non-interest income of $5.6 million is due to the sale of the Company’s mortgage warehouse business to an unrelated third party in the first quarter of 2025, resulting in a pre-tax gain of $7.0 million that did not recur in the current period. Interchange fees and gain on sale of mortgage loans benefited from normal seasonality, while other categories remained relatively unchanged when compared with the prior period.

^{____________________________________
1} Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

Non-Interest Expense

For the Quarter Ended	June 30,		March 31,		December 31,		September 30,		June 30,
(Dollars in Thousands)	2025		2025		2024		2024		2024
Non-interest Expense
Salaries and employee benefits	$	22,731	$	22,414	$	25,564	$	21,829	$	20,583
Net occupancy expenses		3,127		3,702		3,431		3,207		3,192
Data processing		2,951		2,872		2,841		2,977		2,579
Professional fees		735		826		736		676		714
Outside services and consultants		3,278		3,265		4,470		3,677		3,058
Loan expense		1,231		689		1,285		1,034		1,038
FDIC insurance expense		1,216		1,288		1,193		1,204		1,315
Core deposit intangible amortization		816		816		843		844		844
Merger related expenses		—		305		—		—		—
Other losses		245		228		371		297		515
Other expense		3,087		2,901		4,201		3,527		3,684
Total non-interest expense	$	39,417	$	39,306	$	44,935	$	39,272	$	37,522

Total non-interest expense was $39.4 million in the second quarter of 2025, compared with $39.3 million in the first quarter of 2025. The increase in non-interest expense during the second quarter of 2025 when compared with the prior period was primarily driven by a $0.5 million increase in loan expense. The increase was partially offset by a $0.6 million decrease in net occupancy expenses. Additionally, the Company incurred $0.3 million of direct expenses related to the sale of the mortgage warehouse business in the prior period that did not recur in the current period.

Income Taxes

Horizon recorded a net tax expense of $3.8 million for the second quarter of 2025, representing an effective tax rate of 15.4%, which is consistent with the Company’s estimated annual effective tax rate.

Balance Sheet Highlights

Total assets increased by $23.4 million, or 0.3%, to $7.7 billion as of June 30, 2025, from $7.6 billion as of March 31, 2025. The increase in total assets is primarily due to increases in loans HFI and non-interest earning cash, partially offset by a decrease in interest earning cash and investment securities. Total investment securities decreased by $24.2 million, or 1.2%, to $2.1 billion as of June 30, 2025. Total loans were $5.0 billion at June 30, 2025, an increase of $75.5 million from March 31, 2025 balances, due to organic commercial loan growth net of continued runoff in the indirect consumer portfolio.

Total deposits decreased by $66.0 million, or 1.1%, to $5.7 billion as of June 30, 2025 when compared to balances as of March 31, 2025. The decrease was partially related to a decline in time deposits of $51.9 million, or 4.2% and, to a lesser extent, a modest decrease in savings and money market deposits of $7.0 million, or 0.4%. Non-interest bearing deposit balances remained relatively unchanged in the current period. Total borrowings increased by $68.1 million during the quarter, to $880.3 million as of June 30, 2025. Balances subject to repurchase agreements increased by $7.2 million, to $95.1 million.

Capital

The following table presents the consolidated regulatory capital ratios of the Company for the previous three quarters, and the Company’s preliminary estimate of its consolidated regulatory capital ratios for the quarter ended June 30, 2025:

For the Quarter Ended	June 30,			March 31,			December 31,			September 30,
	2025*			2025			2024			2024
Consolidated Capital Ratios
Total capital (to risk-weighted assets)		14.48	%		14.26	%		13.91	%		13.45	%
Tier 1 capital (to risk-weighted assets)		12.52			12.33			12.00			11.63
Common equity tier 1 capital (to risk-weighted assets)		11.52			11.32			11.00			10.68
Tier 1 capital (to average assets)		9.59			9.25			8.88			9.02
*Preliminary estimate – may be subject to change

As of June 30, 2025, the ratio of total stockholders’ equity to total assets is 10.34%. Book value per common share was $18.06, increasing $0.34 during the second quarter of 2025.

Tangible common equity³ totaled $627.1 million at June 30, 2025, and the ratio of tangible common equity to tangible assets¹ was 8.37% at June 30, 2025, up from 8.19% at March 31, 2025. Tangible book value, which excludes intangible assets from total equity, per common share¹ was $14.32, increasing $0.36 during the second quarter of 2025 behind the growth in retained earnings.

Credit Quality

As of June 30, 2025, total non-accrual loans decreased by $4.5 million, or 15.7%, from March 31, 2025, to 0.49% of total loans HFI. Total non-performing assets decreased $3.9 million, or 12.4%, to $27.5 million, compared to $31.4 million as of March 31, 2025. The ratio of non-performing assets to total assets decreased to 0.36% compared to 0.41% as of March 31, 2025.

As of June 30, 2025, net charge-offs decreased by $0.6 million to $0.3 million, compared to $0.9 million as of March 31, 2025 and remain just 0.02% annualized of average loans.

^{____________________________________
1} Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

Earnings Conference Call

As previously announced, Horizon will host a conference call to review its second quarter financial results and operating performance.

Participants may access the live conference call on July 24, 2025 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 833-974-2379 from the United States, 866-450-4696 from Canada or 1-412-317-5772 from international locations and requesting the “Horizon Bancorp, Inc. Call.” Participants are asked to dial in approximately 10 minutes prior to the call.

A telephone replay of the call will be available approximately one hour after the end of the conference through August 1, 2025. The replay may be accessed by dialing 877-344-7529 from the United States, 855-669-9658 from Canada or 1–412–317-0088 from other international locations, and entering the access code 5878909.

About Horizon Bancorp, Inc.

Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $7.7 billion-asset commercial bank holding company for Horizon Bank, which serves customers across diverse and economically attractive Midwestern markets through convenient digital and virtual tools, as well as its Indiana and Michigan branches. Horizon’s retail offerings include prime residential and other secured consumer lending to in-market customers, as well as a range of personal banking and wealth management solutions. Horizon also provides a comprehensive array of in-market business banking and treasury management services, as well as equipment financing solutions for customers regionally and nationally, with commercial lending representing over half of total loans. More information on Horizon, headquartered in Northwest Indiana’s Michigan City, is available at horizonbank.com and investor.horizonbank.com.

Use of Non-GAAP Financial Measures

Certain information set forth in this press release refers to financial measures determined by methods other than in accordance with GAAP. Specifically, we have included non-GAAP financial measures relating to net income, diluted earnings per share, pre-tax, pre-provision net income, net interest margin, tangible stockholders’ equity and tangible book value per share, efficiency ratio, the return on average assets, the return on average common equity, and return on average tangible equity. In each case, we have identified special circumstances that we consider to be non-recurring and have excluded them. Horizon believes these non-GAAP financial measures are helpful to investors and provide a greater understanding of our business and financial results without giving effect to one-time costs and non–recurring items. These measures are not necessarily comparable to similar measures that may be presented by other companies and should not be considered in isolation or as a substitute for the related GAAP measure. See the tables and other information below and contained elsewhere in this press release for reconciliations of the non-GAAP information identified herein and its most comparable GAAP measures.

Forward Looking Statements

This press release may contain forward–looking statements regarding the financial performance, business prospects, growth and operating strategies of Horizon Bancorp, Inc. and its affiliates (collectively, “Horizon”). For these statements, Horizon claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Horizon, including the information in the filings we make with the Securities and Exchange Commission (the “SEC”). Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: effects on Horizon’s business resulting from new U.S. domestic or foreign governmental trade measures, including but not limited to tariffs, import and export controls, foreign exchange intervention accomplished to offset the effects of trade policy or in response to currency volatility, and other restrictions on free trade; uncertain conditions within the domestic and international macroeconomic environment, including trade policy, monetary and fiscal policy, and conditions in the investment, credit, interest rate, and derivatives markets, and their impact on Horizon and its customers; current financial conditions within the banking industry; changes in the level and volatility of interest rates, changes in spreads on earning assets and changes in interest bearing liabilities; increased interest rate sensitivity; the aggregate effects of elevated inflation levels in recent years; loss of key Horizon personnel; increases in disintermediation; potential loss of fee income, including interchange fees, as new and emerging alternative payment platforms take a greater market share of the payment systems; estimates of fair value of certain of Horizon’s assets and liabilities; changes in prepayment speeds, loan originations, credit losses, market values, collateral securing loans and other assets; changes in sources of liquidity; legislative and regulatory actions and reforms; changes in accounting policies or procedures as may be adopted and required by regulatory agencies; litigation, regulatory enforcement, and legal compliance risk and costs; rapid technological developments and changes; cyber terrorism and data security breaches; the rising costs of cybersecurity; the ability of the U.S. federal government to manage federal debt limits; climate change and social justice initiatives; the inability to realize cost savings or revenues or to effectively implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; acts of terrorism, war and global conflicts, such as the Russia and Ukraine conflict and the Israel and Hamas conflict; and supply chain disruptions and delays. These and additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in Horizon’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s website (www.sec.gov). Undue reliance should not be placed on the forward–looking statements, which speak only as of the date hereof. Horizon does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward–looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.


	Condensed Consolidated Statements of Income
	(Dollars in Thousands Except Per Share Data, Unaudited)
	Three Months Ended
	June 30,		March 31,			December 31,			September 30,			June 30,
	2025		2025			2024			2024			2024
Interest Income
Loans receivable	$	78,618	$	74,457		$	76,747		$	75,488		$	71,880
Investment securities – taxable		5,941		6,039			6,814			8,133			7,986
Investment securities – tax-exempt		6,088		6,192			6,301			6,310			6,377
Other		830		2,487			3,488			957			738
Total interest income		91,477		89,175			93,350			90,888			86,981
Interest Expense
Deposits		26,053		25,601			27,818			30,787			28,447
Borrowed funds		8,171		9,188			10,656			11,131			11,213
Subordinated notes		829		829			829			830			829
Junior subordinated debentures issued to capital trusts		1,070		1,290			920			1,230			1,213
Total interest expense		36,123		36,908			40,223			43,978			41,702
Net Interest Income		55,354		52,267			53,127			46,910			45,279
Provision for credit loss expense		2,462		1,376			1,171			1,044			2,369
Net Interest Income after Provision for Credit Losses		52,892		50,891			51,956			45,866			42,910
Non-interest Income
Service charges on deposit accounts		3,208		3,208			3,276			3,320			3,130
Wire transfer fees		69		71			124			123			113
Interchange fees		3,403		3,241			3,353			3,511			3,826
Fiduciary activities		1,251		1,326			1,313			1,394			1,372
Gains (losses) on sale of investment securities		—		(407	)		(39,140	)		—			—
Gain on sale of mortgage loans		1,219		1,076			1,071			1,622			896
Mortgage servicing income net of impairment		375		385			376			412			450
Increase in cash value of bank owned life insurance		346		335			335			349			318
Other income		1,049		7,264			338			780			380
Total non-interest income (loss)		10,920		16,499			(28,954	)		11,511			10,485
Non-interest Expense
Salaries and employee benefits		22,731		22,414			25,564			21,829			20,583
Net occupancy expenses		3,127		3,702			3,431			3,207			3,192
Data processing		2,951		2,872			2,841			2,977			2,579
Professional fees		735		826			736			676			714
Outside services and consultants		3,278		3,265			4,470			3,677			3,058
Loan expense		1,231		689			1,285			1,034			1,038
FDIC insurance expense		1,216		1,288			1,193			1,204			1,315
Core deposit intangible amortization		816		816			843			844			844
Merger related expenses		—		305			—			—			—
Other losses		245		228			371			297			515
Other expense		3,087		2,901			4,201			3,527			3,684
Total non-interest expense		39,417		39,306			44,935			39,272			37,522
Income (Loss) Before Income Taxes		24,395		28,084			(21,933	)		18,105			15,873
Income tax expense (benefit)		3,752		4,141			(11,051	)		(75	)		1,733
Net Income (Loss)	$	20,643	$	23,943		$	(10,882	)	$	18,180		$	14,140
Basic Earnings (Loss) Per Share	$	0.47	$	0.55		$	(0.25	)	$	0.42		$	0.32
Diluted Earnings (Loss) Per Share		0.47		0.54			(0.25	)		0.41			0.32

	Condensed Consolidated Balance Sheet
	(Dollars in Thousands, Unaudited)
	Three Months Ended for the Period
	June 30,			March 31,			December 31,			September 30,			June 30,
	2025			2025			2024			2024			2024
Assets
Interest earning assets
Federal funds sold	$	2,024		$	—		$	—		$	113,912		$	34,453
Interest earning deposits		34,174			80,023			201,131			12,107			4,957
Interest earning time deposits		—			—			735			735			1,715
Federal Home Loan Bank stock		45,412			45,412			53,826			53,826			53,826
Investment securities, available for sale		231,999			231,431			233,677			541,170			527,054
Investment securities, held to maturity		1,819,087			1,843,851			1,867,690			1,888,379			1,904,281
Loans held for sale		2,994			3,253			67,597			2,069			2,440
Gross loans held for investment (HFI)		4,985,582			4,909,815			4,847,040			4,803,996			4,822,840
Total Interest earning assets		7,121,272			7,113,784			7,271,696			7,416,194			7,351,566
Non-interest earning assets
Allowance for credit losses		(54,399	)		(52,654	)		(51,980	)		(52,881	)		(52,215	)
Cash		101,719			89,643			92,300			108,815			106,691
Cash value of life insurance		37,755			37,409			37,450			37,115			36,773
Other assets		148,773			143,675			152,635			119,026			165,656
Goodwill		155,211			155,211			155,211			155,211			155,211
Other intangible assets		8,592			9,407			10,223			11,067			11,910
Premises and equipment, net		93,398			93,499			93,864			93,544			93,695
Interest receivable		39,730			38,663			39,747			39,366			43,240
Total non-interest earning assets		530,779			514,855			529,450			511,263			560,961
Total assets	$	7,652,051		$	7,628,639		$	7,801,146		$	7,927,457		$	7,912,526
Liabilities
Savings and money market deposits	$	3,385,413		$	3,393,371		$	3,446,681		$	3,420,827		$	3,364,726
Time deposits		1,193,180			1,245,088			1,089,153			1,220,653			1,178,389
Borrowings		880,336			812,218			1,142,340			1,142,744			1,229,165
Repurchase agreements		95,089			87,851			89,912			122,399			128,169
Subordinated notes		55,807			55,772			55,738			55,703			55,668
Junior subordinated debentures issued to capital trusts		57,583			57,531			57,477			57,423			57,369
Total interest earning liabilities		5,667,408			5,651,832			5,881,301			6,019,749			6,013,486
Non-interest bearing deposits		1,121,163			1,127,324			1,064,818			1,085,535			1,087,040
Interest payable		14,007			11,441			11,137			11,400			11,240
Other liabilities		58,621			61,981			80,308			55,951			74,096
Total liabilities		6,861,199			6,852,578			7,037,564			7,172,635			7,185,862
Stockholders’ Equity
Preferred stock		—			—			—			—			—
Common stock		—			—			—			—			—
Additional paid-in capital		360,758			360,522			363,761			358,453			357,673
Retained earnings		466,497			452,945			436,122			454,050			442,977
Accumulated other comprehensive (loss)		(36,403	)		(37,406	)		(36,301	)		(57,681	)		(73,985	)
Total stockholders’ equity		790,852			776,061			763,582			754,822			726,665
Total liabilities and stockholders’ equity	$	7,652,051		$	7,628,639		$	7,801,146		$	7,927,457		$	7,912,527

	Loans and Deposits
	(Dollars in Thousands, Unaudited)
	June 30,		March 31,		December 31,		September 30,		June 30,		% Change
	2025		2025		2024		2024		2024		Q2’25 vs Q1’25			Q2’25 vs Q2’24
Loans:
Commercial real estate	$	2,321,951	$	2,262,910	$	2,202,858	$	2,105,459	$	2,117,772		3	%		10	%
Commercial & Industrial		976,740		918,541		875,297		808,600		786,788		6	%		24	%
Total commercial		3,298,691		3,181,451		3,078,155		2,914,059		2,904,560		4	%		14	%
Residential Real estate		786,026		801,726		802,909		801,356		797,956		(2	)%		(1	)%
Mortgage warehouse		—		—		—		80,437		68,917		—	%		(100	)%
Consumer		900,865		926,638		965,976		1,008,144		1,051,407		(3	)%		(14	)%
Total loans held for investment		4,985,582		4,909,815		4,847,040		4,803,996		4,822,840		2	%		3	%
Loans held for sale		2,994		3,253		67,597		2,069		2,440		(8	)%		23	%
Total loans	$	4,988,576	$	4,913,068	$	4,914,637	$	4,806,065	$	4,825,280		2	%		3	%

Deposits:
Interest bearing deposits	$	1,713,058	$	1,713,991	$	1,767,983	$	1,688,998	$	1,653,508		—	%		4	%
Savings and money market deposits		1,672,355		1,679,380		1,678,697		1,731,830		1,711,218		—	%		(2	)%
Time deposits		1,193,180		1,245,088		1,089,153		1,220,653		1,178,389		(4	)%		1	%
Total Interest bearing deposits		4,578,593		4,638,459		4,535,833		4,641,481		4,543,115		(1	)%		1	%
Non-interest bearing deposits
Non-interest bearing deposits		1,121,164		1,127,324		1,064,819		1,085,534		1,087,040		(1	)%		3	%
Total deposits	$	5,699,757	$	5,765,784	$	5,600,652	$	5,727,015	$	5,630,155		(1	)%		1	%

	Average Balance Sheet
	(Dollars in Thousands, Unaudited)
	Three Months Ended
	June 30, 2025								March 31, 2025								June 30, 2024
	Average Balance			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾			Average Balance			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾			Average Balance			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾
Assets
Interest earning assets
Interest earning deposits (incl. Fed Funds Sold)	$	72,993		$	830		4.56	%	$	223,148		$	2,487		4.52	%	$	55,467		$	738		5.35	%
Federal Home Loan Bank stock		45,412			1,075		9.49	%		51,769			1,012		7.93	%		53,827			1,521		11.36	%
Investment securities – taxable (1)		959,238			4,867		2.03	%		974,109			5,027		2.09	%		1,309,305			6,465		1.99	%
Investment securities – non-taxable (1)		1,100,731			7,706		2.81	%		1,120,249			7,838		2.84	%		1,132,065			8,072		2.87	%
Total investment securities		2,059,969			12,573		2.45	%		2,094,358			12,865		2.49	%		2,441,370			14,537		2.39	%
Loans receivable (2) (3)		4,947,093			79,000		6.41	%		4,865,449			74,840		6.24	%		4,662,124			72,208		6.23	%
Total interest earning assets		7,125,467			93,478		5.26	%		7,234,724			91,204		5.11	%		7,212,788			89,004		4.96	%
Non-interest earning assets
Cash and due from banks		86,316								88,624								108,319
Allowance for credit losses		(52,560	)							(51,863	)							(50,334	)
Other assets		472,175								483,765								508,555
Total average assets	$	7,631,398							$	7,755,250							$	7,779,328

Liabilities and Stockholders’ Equity
Interest bearing liabilities
Interest bearing demand deposits	$	1,727,713		$	6,803		1.58	%	$	1,750,446		$	6,491		1.50	%	$	1,656,523		$	7,081		1.72	%
Saving and money market deposits		1,651,866			8,200		1.99	%		1,674,590			8,263		2.00	%		1,677,967			9,733		2.33	%
Time deposits		1,233,582			11,050		3.59	%		1,212,386			10,847		3.63	%		1,134,590			11,633		4.12	%
Total Deposits		4,613,161			26,053		2.27	%		4,637,422			25,601		2.24	%		4,469,080			28,447		2.56	%
Borrowings		847,862			7,777		3.68	%		971,496			8,772		3.66	%		1,184,172			10,278		3.49	%
Repurchase agreements		88,058			394		1.79	%		88,469			416		1.91	%		125,144			935		3.00	%
Subordinated notes		55,785			829		5.96	%		55,750			829		6.03	%		55,647			829		5.99	%
Junior subordinated debentures issued to capital trusts		57,550			1,070		7.46	%		57,497			1,290		9.10	%		57,335			1,213		8.51	%
Total interest bearing liabilities		5,662,416			36,123		2.56	%		5,810,634			36,908		2.58	%		5,891,378			41,702		2.85	%
Non-interest bearing liabilities
Demand deposits		1,114,982								1,085,826								1,080,676
Accrued interest payable and other liabilities		64,465								78,521								80,942
Stockholders’ equity		789,535								780,269								726,332
Total average liabilities and stockholders’ equity	$	7,631,398							$	7,755,250							$	7,779,328
Net FTE interest income (non-GAAP) (5)				$	57,355							$	54,296							$	47,302
Less FTE adjustments (4)					2,001								2,029								2,023
Net Interest Income				$	55,354							$	52,267							$	45,279
Net FTE interest margin (Non-GAAP) (4)(5)							3.23	%							3.04	%							2.64	%

⁽¹⁾ Securities balances represent daily average balances for the fair value of securities. The average rate is calculated based on the daily average balance for the amortized cost of securities.
⁽²⁾ Includes fees on loans held for sale and held for investment. The inclusion of loan fees does not have a material effect on the average interest rate.
⁽³⁾ Non-accruing loans for the purpose of the computation above are included in the daily average loan amounts outstanding. Loan totals are shown net of unearned income and deferred loan fees.
⁽⁴⁾ Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company’s performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax-exempt loans and securities to an FTE basis utilizing a 21% tax rate.
⁽⁵⁾ Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.
⁽⁶⁾ Includes dividend income on Federal Home Loan Bank stock

	Credit Quality
	(Dollars in Thousands Except Ratios, Unaudited)
	Quarter Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			% Change
	2025			2025			2024			2024			2024			Q2’25 vs Q1’25			Q2’25 vs Q2’24
Non-accrual loans
Commercial	$	7,547		$	8,172		$	5,658		$	6,830		$	4,321			(8	)%		75	%
Residential Real estate		9,525			12,763			11,215			9,529			8,489			(25	)%		12	%
Mortgage warehouse		—			—			—			—			—			—	%		—	%
Consumer		7,222			7,875			8,919			7,208			5,453			(8	)%		32	%
Total non-accrual loans		24,294			28,810			25,792			23,567			18,263			(16	)%		33	%
90 days and greater delinquent – accruing interest		2,113			1,582			1,166			819			1,039			34	%		103	%
Total non-performing loans	$	26,407		$	30,392		$	26,958		$	24,386		$	19,302			(13	)%		37	%

Other real estate owned
Commercial	$	176		$	360		$	407		$	1,158		$	1,111			(51	)%		(84	)%
Residential Real estate		463			641			—			—			—			—	%		—	%
Mortgage warehouse		—			—			—			—			—			—	%		—	%
Consumer		480			34			17			36			57			1311	%		742	%
Total other real estate owned		1,119			1,035			424			1,194			1,168			8	%		(4	)%

Total non-performing assets	$	27,526		$	31,427		$	27,382		$	25,580		$	20,470			(12	)%		34	%

Loan data:
Accruing 30 to 89 days past due loans	$	31,401		$	19,034		$	23,075		$	18,087		$	19,785			65	%		59	%
Substandard loans		64,100			66,714			64,535			59,775			51,221			(4	)%		25	%
Net charge-offs (recoveries)
Commercial	$	84		$	(47	)	$	(32	)	$	(52	)	$	57			(279	)%		47	%
Residential Real estate		52			(47	)		(10	)		(9	)		(4	)		(211	)%		(1400	)%
Mortgage warehouse		—			—			—			—			—			—	%		—	%
Consumer		118			963			668			439			534			(88	)%		(78	)%
Total net charge-offs	$	254		$	869		$	626		$	378		$	587			(71	)%		(57	)%

Allowance for credit losses
Commercial	$	34,413		$	32,640		$	30,953		$	32,854		$	31,941			5	%		8	%
Residential Real estate		3,229			3,167			2,715			2,675			2,588			2	%		25	%
Mortgage warehouse		—			—			—			862			736			—	%		(100	)%
Consumer		16,757			16,847			18,312			16,490			16,950			(1	)%		(1	)%
Total allowance for credit losses	$	54,399		$	52,654		$	51,980		$	52,881		$	52,215			3	%		4	%

Credit quality ratios
Non-accrual loans to HFI loans		0.49	%		0.59	%		0.53	%		0.49	%		0.38	%
Non-performing assets to total assets		0.36	%		0.41	%		0.35	%		0.32	%		0.26	%
Annualized net charge-offs of average total loans		0.02	%		0.07	%		0.05	%		0.03	%		0.05	%
Allowance for credit losses to HFI loans		1.09	%		1.07	%		1.07	%		1.10	%		1.08	%

Non–GAAP Reconciliation of Net Fully-Taxable Equivalent (“FTE”) Interest Margin
(Dollars in Thousands, Unaudited)

		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2025			2025			2024			2024			2024
Interest income (GAAP)	(A)	$	91,477		$	89,175		$	93,350		$	90,888		$	86,981
Taxable-equivalent adjustment:
Investment securities – tax exempt (1)			1,619			1,646			1,675			1,677			1,695
Loan receivable (2)			382			383			395			340			328
Interest income (non-GAAP)	(B)		93,478			91,204			95,420			92,905			89,004
Interest expense (GAAP)	(C)		36,123			36,908			40,223			43,978			41,702
Net interest income (GAAP)	(D) =(A) – (C)	$	55,354		$	52,267		$	53,127		$	46,910		$	45,279
Net FTE interest income (non-GAAP)	(E) = (B) – (C)	$	57,355		$	54,296		$	55,197		$	48,927		$	47,302
Average interest earning assets	(F)		7,125,467			7,234,724			7,396,178			7,330,263			7,212,788
Net FTE interest margin (non-GAAP)	(G) = (E*) / (F)		3.23	%		3.04	%		2.97	%		2.66	%		2.64	%

⁽¹⁾ The following represents municipal securities interest income for investment securities classified as available-for-sale and held-to-maturity
⁽²⁾ The following represents municipal loan interest income for loan receivables classified as held for sale and held for investment
*Annualized

Non–GAAP Reconciliation of Return on Average Tangible Common Equity
(Dollars in Thousands, Unaudited)

		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2025			2025			2024			2024			2024

Net income (loss) (GAAP)	(A)	$	20,643		$	23,941		$	(10,882	)	$	18,180		$	14,140

Average stockholders’ equity	(B)	$	789,535		$	780,269		$	755,340		$	738,372		$	726,332
Average intangible assets	(C)		164,320			165,138			165,973			166,819			167,659
Average tangible equity (Non-GAAP)	(D) = (B) – (C)	$	625,215		$	615,131		$	589,367		$	571,553		$	558,673
Return on average tangible common equity (“ROACE”) (non-GAAP)	(E) = (A*) / (D)		13.24	%		15.48	%	(7.35		)%		12.65	%		10.18	%
*Annualized

Non–GAAP Reconciliation of Tangible Common Equity to Tangible Assets
(Dollars in Thousands, Unaudited)
		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2025			2025			2024			2024			2024
Total stockholders’ equity (GAAP)	(A)	$	790,852		$	776,061		$	763,582		$	754,822		$	726,665
Intangible assets (end of period)	(B)		163,802			164,618			165,434			166,278			167,121
Total tangible common equity (non-GAAP)	(C) = (A) – (B)	$	627,050		$	611,443		$	598,148		$	588,544		$	559,544

Total assets (GAAP)	(D)	$	7,652,051		$	7,628,636		$	7,801,146		$	7,927,457		$	7,912,527
Intangible assets (end of period)	(B)		163,802			164,618			165,434			166,278			167,121
Total tangible assets (non-GAAP)	(E) = (D) – (B)	$	7,488,249		$	7,464,018		$	7,635,712		$	7,761,179		$	7,745,406

Tangible common equity to tangible assets (Non-GAAP)	(G) = (C) / (E)		8.37	%		8.19	%		7.83	%		7.58	%		7.22	%

Non–GAAP Reconciliation of Tangible Book Value Per Share
(Dollars in Thousands, Unaudited)
		Three Months Ended
		June 30,		March 31,		December 31,		September 30,		June 30,
		2025		2025		2024		2024		2024
Total stockholders’ equity (GAAP)	(A)	$	790,852	$	776,061	$	763,582	$	754,822	$	726,665
Intangible assets (end of period)	(B)		163,802		164,618		165,434		166,278		167,121
Total tangible common equity (non-GAAP)	(C) = (A) – (B)	$	627,050	$	611,443	$	598,148	$	588,544	$	559,544
Common shares outstanding	(D)		43,801,507		43,786,000		43,722,086		43,712,059		43,712,059

Tangible book value per common share (non-GAAP)	(E) = (C) / (D)	$	14.32	$	13.96	$	13.68	$	13.46	$	12.80

Contact:	John R. Stewart, CFA
	EVP, Chief Financial Officer
Phone:	(219) 814–5833
Fax:	(219) 874–9280
Date:	July 23, 2025

The MIL Network –

July 24, 2025

MIL-OSI: Horizon Bancorp, Inc. Reports Strong Second Quarter 2025 Results Led by Continued Net Interest Margin Expansion

Source: GlobeNewswire (MIL-OSI)

MICHIGAN CITY, Ind., July 23, 2025 (GLOBE NEWSWIRE) — (NASDAQ GS: HBNC) – Horizon Bancorp, Inc. (“Horizon” or the “Company”), the parent company of Horizon Bank (the “Bank”), announced its unaudited financial results for the three months ended June 30, 2025.

“Horizon’s second quarter earnings reflect the strength of the organization’s exceptional core community banking franchise. Strong loan growth, stable and granular core funding, excellent credit quality and prudent management of expenses fueled the quarter’s positive results and expanded on management’s commitment to improve the financial performance of the Company. The quarter was highlighted by a seventh consecutive quarter of net interest margin expansion, low net charge offs of 2 bps annualized and enhanced momentum in key performance metrics of ROAA and ROATCE”, President and CEO, Thomas Prame stated. “We continue to show strength across our core community banking platform that is being driven by a disciplined approach to creating a more efficient balance sheet and effective deployment of capital. We are pleased with our results through the first six months of 2025, with reported earnings per share growing by 58% versus the comparable period a year ago, and look forward to continuing to create additional shareholder value throughout the remainder of the year.”

Net income for the three months ended June 30, 2025 was $20.6 million, or $0.47 per diluted share, compared to net income of $23.9 million, or $0.54, for the first quarter of 2025 and compared to net income of $14.1 million, or $0.32 per diluted share, for the second quarter of 2024. As previously disclosed, results in the first quarter of 2025 included the $7.0 million pre-tax gain on the sale of the Company’s mortgage warehouse business.

Net income for the six months ended June 30, 2025 was $44.6 million, or $1.01 per diluted share, compared to net income of $28.1 million, or $0.64, for the six months ended June 30, 2024.

Second Quarter 2025 Highlights

Net interest income of $55.4 million increased 5.9% compared with $52.3 million for the three months ended March 31, 2025, and 22.3% compared with $45.3 million in the year ago period. Net interest margin, on a fully taxable equivalent (“FTE”) basis¹, expanded for the seventh consecutive quarter, to 3.23%, compared with 3.04% for the three months ended March 31, 2025 and 2.64% for the three months ended June 30, 2024.

Total loans held for investment (“HFI”) increased 6.2% compared to the linked quarter annualized, with strong organic commercial loan growth of $117.2 million, or 14.8% annualized. This growth was partially funded by the continued strategic runoff of lower yielding indirect auto loans of approximately $34.1 million.

Funding continued to trend favorably, with non-time deposit balances remaining relatively flat for the fourth consecutive quarter and interest-bearing liability cost declining by another 2 bps during the quarter.

Credit quality remained strong, with annualized net charge offs of 0.02% of average loans during the second quarter. Non-performing assets remain well within expected ranges, decreasing 12.4% from the prior quarter.

Expenses continued to be well managed, up less than 1% from the first quarter of 2025. These results reflect management’s commitment to generate higher earnings while maintaining a more efficient expense base.

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1} Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.


	Financial Highlights
	(Dollars in Thousands Except Share and Per Share Data and Ratios)
	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2025			2025			2024			2024			2024
Income statement:
Net interest income	$	55,354		$	52,267		$	53,127		$	46,910		$	45,279
Provision for credit loss expense		2,462			1,376			1,171			1,044			2,369
Non-interest income (loss)		10,920			16,499			(28,954	)		11,511			10,485
Non-interest expense		39,417			39,306			44,935			39,272			37,522
Income tax expense (benefit)		3,752			4,141			(11,051	)		(75	)		1,733
Net Income (Loss)	$	20,643		$	23,943		$	(10,882	)	$	18,180		$	14,140

Per share data:
Basic earnings (loss) per share	$	0.47		$	0.55		$	(0.25	)	$	0.42		$	0.32
Diluted earnings (loss) per share		0.47			0.54			(0.25	)		0.41			0.32
Cash dividends declared per common share		0.16			0.16			0.16			0.16			0.16
Book value per common share		18.06			17.72			17.46			17.27			16.62
Market value – high		15.88			17.76			18.76			16.57			12.74
Market value – low		12.92			15.00			14.57			11.89			11.29
Weighted average shares outstanding – Basic		43,794,490			43,777,109			43,721,211			43,712,059			43,712,059
Weighted average shares outstanding – Diluted		44,034,663			43,954,164			43,721,211			44,112,321			43,987,187
Common shares outstanding (end of period)		43,801,507			43,785,932			43,722,086			43,712,059			43,712,059

Key ratios:
Return on average assets		1.08	%		1.25	%	(0.56		)%		0.92	%		0.73	%
Return on average stockholders’ equity		13.24			12.44			(5.73	)		9.80			7.83
Total equity to total assets		10.34			10.18			9.79			9.52			9.18
Total loans to deposit ratio		87.52			85.21			87.75			83.92			85.70
Allowance for credit losses to HFI loans		1.09			1.07			1.07			1.10			1.08
Annualized net charge-offs of average total loans ⁽¹⁾		0.02			0.07			0.05			0.03			0.05
Efficiency ratio		59.48			57.16			185.89			67.22			67.29

Key metrics (Non-GAAP) ⁽²⁾
Net FTE interest margin		3.23	%		3.04	%		2.97	%		2.66	%		2.64	%
Return on average tangible common equity		13.24			15.79			(7.35	)		12.65			10.18
Tangible common equity to tangible assets		8.37			8.19			7.83			7.58			7.22
Tangible book value per common share	$	14.32		$	13.96		$	13.68		$	13.46		$	12.80


⁽¹⁾ Average total loans includes loans held for investment and held for sale.
⁽²⁾ Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures.

Income Statement Highlights

Net Interest Income

Net interest income was $55.4 million in the second quarter of 2025, compared to $52.3 million in the first quarter of 2025, driven by the continued expansion of the Company’s net FTE interest margin¹, which increased to 3.23% for the second quarter of 2025, compared to 3.04% for the first quarter of 2025. Expansion was attributable to the favorable mix shift in average interest earning assets toward higher-yielding loans and in the average funding mix toward deposit balances, in addition to continued disciplined pricing strategies on both sides of the balance sheet. The second quarter net FTE interest margin did benefit by approximately seven basis points related to interest recoveries on certain commercial and residential loans.

Provision for Credit Losses

During the second quarter of 2025, the Company recorded a provision for credit losses of $2.5 million. This compares to a provision for credit losses of $1.4 million during the first quarter of 2025, and $2.4 million during the second quarter of 2024. The increase in the provision for credit losses during the second quarter of 2025 when compared with the first quarter of 2025 was primarily attributable to net growth in commercial loans HFI and changes in economic factors, partially offset by the reduction of specific reserves and the reserves for unfunded commitments in the current quarter.

For the second quarter of 2025, the allowance for credit losses included net charge-offs of $0.3 million, or an annualized 0.02% of average loans outstanding, compared to net charge-offs of $0.9 million, or an annualized 0.07% of average loans outstanding for the first quarter of 2025, and net charge-offs of $0.6 million, or an annualized 0.05% of average loans outstanding, in the second quarter of 2024.

The Company’s allowance for credit losses as a percentage of period-end loans HFI was 1.09% at June 30, 2025, compared to 1.07% at March 31, 2025 and 1.08% at June 30, 2024.

Non-Interest Income

For the Quarter Ended	June 30,		March 31,			December 31,			September 30,		June 30,
(Dollars in Thousands)	2025		2025			2024			2024		2024
Non-interest Income
Service charges on deposit accounts	$	3,208	$	3,208		$	3,276		$	3,320	$	3,130
Wire transfer fees		69		71			124			123		113
Interchange fees		3,403		3,241			3,353			3,511		3,826
Fiduciary activities		1,251		1,326			1,313			1,394		1,372
Loss on sale of investment securities		—		(407	)		(39,140	)		—		—
Gain on sale of mortgage loans		1,219		1,076			1,071			1,622		896
Mortgage servicing income net of impairment		375		385			376			412		450
Increase in cash value of bank owned life insurance		346		335			335			349		318
Other income		1,049		7,264			338			780		380
Total non-interest income (loss)	$	10,920	$	16,499		$	(28,954	)	$	11,511	$	10,485

Total non-interest income was $10.9 million in the second quarter of 2025, compared to non-interest income of $16.5 million in the first quarter of 2025. The decrease in non-interest income of $5.6 million is due to the sale of the Company’s mortgage warehouse business to an unrelated third party in the first quarter of 2025, resulting in a pre-tax gain of $7.0 million that did not recur in the current period. Interchange fees and gain on sale of mortgage loans benefited from normal seasonality, while other categories remained relatively unchanged when compared with the prior period.

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1} Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

Non-Interest Expense

For the Quarter Ended	June 30,		March 31,		December 31,		September 30,		June 30,
(Dollars in Thousands)	2025		2025		2024		2024		2024
Non-interest Expense
Salaries and employee benefits	$	22,731	$	22,414	$	25,564	$	21,829	$	20,583
Net occupancy expenses		3,127		3,702		3,431		3,207		3,192
Data processing		2,951		2,872		2,841		2,977		2,579
Professional fees		735		826		736		676		714
Outside services and consultants		3,278		3,265		4,470		3,677		3,058
Loan expense		1,231		689		1,285		1,034		1,038
FDIC insurance expense		1,216		1,288		1,193		1,204		1,315
Core deposit intangible amortization		816		816		843		844		844
Merger related expenses		—		305		—		—		—
Other losses		245		228		371		297		515
Other expense		3,087		2,901		4,201		3,527		3,684
Total non-interest expense	$	39,417	$	39,306	$	44,935	$	39,272	$	37,522

Total non-interest expense was $39.4 million in the second quarter of 2025, compared with $39.3 million in the first quarter of 2025. The increase in non-interest expense during the second quarter of 2025 when compared with the prior period was primarily driven by a $0.5 million increase in loan expense. The increase was partially offset by a $0.6 million decrease in net occupancy expenses. Additionally, the Company incurred $0.3 million of direct expenses related to the sale of the mortgage warehouse business in the prior period that did not recur in the current period.

Income Taxes

Horizon recorded a net tax expense of $3.8 million for the second quarter of 2025, representing an effective tax rate of 15.4%, which is consistent with the Company’s estimated annual effective tax rate.

Balance Sheet Highlights

Total assets increased by $23.4 million, or 0.3%, to $7.7 billion as of June 30, 2025, from $7.6 billion as of March 31, 2025. The increase in total assets is primarily due to increases in loans HFI and non-interest earning cash, partially offset by a decrease in interest earning cash and investment securities. Total investment securities decreased by $24.2 million, or 1.2%, to $2.1 billion as of June 30, 2025. Total loans were $5.0 billion at June 30, 2025, an increase of $75.5 million from March 31, 2025 balances, due to organic commercial loan growth net of continued runoff in the indirect consumer portfolio.

Total deposits decreased by $66.0 million, or 1.1%, to $5.7 billion as of June 30, 2025 when compared to balances as of March 31, 2025. The decrease was partially related to a decline in time deposits of $51.9 million, or 4.2% and, to a lesser extent, a modest decrease in savings and money market deposits of $7.0 million, or 0.4%. Non-interest bearing deposit balances remained relatively unchanged in the current period. Total borrowings increased by $68.1 million during the quarter, to $880.3 million as of June 30, 2025. Balances subject to repurchase agreements increased by $7.2 million, to $95.1 million.

Capital

The following table presents the consolidated regulatory capital ratios of the Company for the previous three quarters, and the Company’s preliminary estimate of its consolidated regulatory capital ratios for the quarter ended June 30, 2025:

For the Quarter Ended	June 30,			March 31,			December 31,			September 30,
	2025*			2025			2024			2024
Consolidated Capital Ratios
Total capital (to risk-weighted assets)		14.48	%		14.26	%		13.91	%		13.45	%
Tier 1 capital (to risk-weighted assets)		12.52			12.33			12.00			11.63
Common equity tier 1 capital (to risk-weighted assets)		11.52			11.32			11.00			10.68
Tier 1 capital (to average assets)		9.59			9.25			8.88			9.02
*Preliminary estimate – may be subject to change

As of June 30, 2025, the ratio of total stockholders’ equity to total assets is 10.34%. Book value per common share was $18.06, increasing $0.34 during the second quarter of 2025.

Tangible common equity³ totaled $627.1 million at June 30, 2025, and the ratio of tangible common equity to tangible assets¹ was 8.37% at June 30, 2025, up from 8.19% at March 31, 2025. Tangible book value, which excludes intangible assets from total equity, per common share¹ was $14.32, increasing $0.36 during the second quarter of 2025 behind the growth in retained earnings.

Credit Quality

As of June 30, 2025, total non-accrual loans decreased by $4.5 million, or 15.7%, from March 31, 2025, to 0.49% of total loans HFI. Total non-performing assets decreased $3.9 million, or 12.4%, to $27.5 million, compared to $31.4 million as of March 31, 2025. The ratio of non-performing assets to total assets decreased to 0.36% compared to 0.41% as of March 31, 2025.

As of June 30, 2025, net charge-offs decreased by $0.6 million to $0.3 million, compared to $0.9 million as of March 31, 2025 and remain just 0.02% annualized of average loans.

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1} Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

Earnings Conference Call

As previously announced, Horizon will host a conference call to review its second quarter financial results and operating performance.

Participants may access the live conference call on July 24, 2025 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 833-974-2379 from the United States, 866-450-4696 from Canada or 1-412-317-5772 from international locations and requesting the “Horizon Bancorp, Inc. Call.” Participants are asked to dial in approximately 10 minutes prior to the call.

A telephone replay of the call will be available approximately one hour after the end of the conference through August 1, 2025. The replay may be accessed by dialing 877-344-7529 from the United States, 855-669-9658 from Canada or 1–412–317-0088 from other international locations, and entering the access code 5878909.

About Horizon Bancorp, Inc.

Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $7.7 billion-asset commercial bank holding company for Horizon Bank, which serves customers across diverse and economically attractive Midwestern markets through convenient digital and virtual tools, as well as its Indiana and Michigan branches. Horizon’s retail offerings include prime residential and other secured consumer lending to in-market customers, as well as a range of personal banking and wealth management solutions. Horizon also provides a comprehensive array of in-market business banking and treasury management services, as well as equipment financing solutions for customers regionally and nationally, with commercial lending representing over half of total loans. More information on Horizon, headquartered in Northwest Indiana’s Michigan City, is available at horizonbank.com and investor.horizonbank.com.

Use of Non-GAAP Financial Measures

Certain information set forth in this press release refers to financial measures determined by methods other than in accordance with GAAP. Specifically, we have included non-GAAP financial measures relating to net income, diluted earnings per share, pre-tax, pre-provision net income, net interest margin, tangible stockholders’ equity and tangible book value per share, efficiency ratio, the return on average assets, the return on average common equity, and return on average tangible equity. In each case, we have identified special circumstances that we consider to be non-recurring and have excluded them. Horizon believes these non-GAAP financial measures are helpful to investors and provide a greater understanding of our business and financial results without giving effect to one-time costs and non–recurring items. These measures are not necessarily comparable to similar measures that may be presented by other companies and should not be considered in isolation or as a substitute for the related GAAP measure. See the tables and other information below and contained elsewhere in this press release for reconciliations of the non-GAAP information identified herein and its most comparable GAAP measures.

Forward Looking Statements

This press release may contain forward–looking statements regarding the financial performance, business prospects, growth and operating strategies of Horizon Bancorp, Inc. and its affiliates (collectively, “Horizon”). For these statements, Horizon claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Horizon, including the information in the filings we make with the Securities and Exchange Commission (the “SEC”). Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: effects on Horizon’s business resulting from new U.S. domestic or foreign governmental trade measures, including but not limited to tariffs, import and export controls, foreign exchange intervention accomplished to offset the effects of trade policy or in response to currency volatility, and other restrictions on free trade; uncertain conditions within the domestic and international macroeconomic environment, including trade policy, monetary and fiscal policy, and conditions in the investment, credit, interest rate, and derivatives markets, and their impact on Horizon and its customers; current financial conditions within the banking industry; changes in the level and volatility of interest rates, changes in spreads on earning assets and changes in interest bearing liabilities; increased interest rate sensitivity; the aggregate effects of elevated inflation levels in recent years; loss of key Horizon personnel; increases in disintermediation; potential loss of fee income, including interchange fees, as new and emerging alternative payment platforms take a greater market share of the payment systems; estimates of fair value of certain of Horizon’s assets and liabilities; changes in prepayment speeds, loan originations, credit losses, market values, collateral securing loans and other assets; changes in sources of liquidity; legislative and regulatory actions and reforms; changes in accounting policies or procedures as may be adopted and required by regulatory agencies; litigation, regulatory enforcement, and legal compliance risk and costs; rapid technological developments and changes; cyber terrorism and data security breaches; the rising costs of cybersecurity; the ability of the U.S. federal government to manage federal debt limits; climate change and social justice initiatives; the inability to realize cost savings or revenues or to effectively implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; acts of terrorism, war and global conflicts, such as the Russia and Ukraine conflict and the Israel and Hamas conflict; and supply chain disruptions and delays. These and additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in Horizon’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s website (www.sec.gov). Undue reliance should not be placed on the forward–looking statements, which speak only as of the date hereof. Horizon does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward–looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.


	Condensed Consolidated Statements of Income
	(Dollars in Thousands Except Per Share Data, Unaudited)
	Three Months Ended
	June 30,		March 31,			December 31,			September 30,			June 30,
	2025		2025			2024			2024			2024
Interest Income
Loans receivable	$	78,618	$	74,457		$	76,747		$	75,488		$	71,880
Investment securities – taxable		5,941		6,039			6,814			8,133			7,986
Investment securities – tax-exempt		6,088		6,192			6,301			6,310			6,377
Other		830		2,487			3,488			957			738
Total interest income		91,477		89,175			93,350			90,888			86,981
Interest Expense
Deposits		26,053		25,601			27,818			30,787			28,447
Borrowed funds		8,171		9,188			10,656			11,131			11,213
Subordinated notes		829		829			829			830			829
Junior subordinated debentures issued to capital trusts		1,070		1,290			920			1,230			1,213
Total interest expense		36,123		36,908			40,223			43,978			41,702
Net Interest Income		55,354		52,267			53,127			46,910			45,279
Provision for credit loss expense		2,462		1,376			1,171			1,044			2,369
Net Interest Income after Provision for Credit Losses		52,892		50,891			51,956			45,866			42,910
Non-interest Income
Service charges on deposit accounts		3,208		3,208			3,276			3,320			3,130
Wire transfer fees		69		71			124			123			113
Interchange fees		3,403		3,241			3,353			3,511			3,826
Fiduciary activities		1,251		1,326			1,313			1,394			1,372
Gains (losses) on sale of investment securities		—		(407	)		(39,140	)		—			—
Gain on sale of mortgage loans		1,219		1,076			1,071			1,622			896
Mortgage servicing income net of impairment		375		385			376			412			450
Increase in cash value of bank owned life insurance		346		335			335			349			318
Other income		1,049		7,264			338			780			380
Total non-interest income (loss)		10,920		16,499			(28,954	)		11,511			10,485
Non-interest Expense
Salaries and employee benefits		22,731		22,414			25,564			21,829			20,583
Net occupancy expenses		3,127		3,702			3,431			3,207			3,192
Data processing		2,951		2,872			2,841			2,977			2,579
Professional fees		735		826			736			676			714
Outside services and consultants		3,278		3,265			4,470			3,677			3,058
Loan expense		1,231		689			1,285			1,034			1,038
FDIC insurance expense		1,216		1,288			1,193			1,204			1,315
Core deposit intangible amortization		816		816			843			844			844
Merger related expenses		—		305			—			—			—
Other losses		245		228			371			297			515
Other expense		3,087		2,901			4,201			3,527			3,684
Total non-interest expense		39,417		39,306			44,935			39,272			37,522
Income (Loss) Before Income Taxes		24,395		28,084			(21,933	)		18,105			15,873
Income tax expense (benefit)		3,752		4,141			(11,051	)		(75	)		1,733
Net Income (Loss)	$	20,643	$	23,943		$	(10,882	)	$	18,180		$	14,140
Basic Earnings (Loss) Per Share	$	0.47	$	0.55		$	(0.25	)	$	0.42		$	0.32
Diluted Earnings (Loss) Per Share		0.47		0.54			(0.25	)		0.41			0.32

	Condensed Consolidated Balance Sheet
	(Dollars in Thousands, Unaudited)
	Three Months Ended for the Period
	June 30,			March 31,			December 31,			September 30,			June 30,
	2025			2025			2024			2024			2024
Assets
Interest earning assets
Federal funds sold	$	2,024		$	—		$	—		$	113,912		$	34,453
Interest earning deposits		34,174			80,023			201,131			12,107			4,957
Interest earning time deposits		—			—			735			735			1,715
Federal Home Loan Bank stock		45,412			45,412			53,826			53,826			53,826
Investment securities, available for sale		231,999			231,431			233,677			541,170			527,054
Investment securities, held to maturity		1,819,087			1,843,851			1,867,690			1,888,379			1,904,281
Loans held for sale		2,994			3,253			67,597			2,069			2,440
Gross loans held for investment (HFI)		4,985,582			4,909,815			4,847,040			4,803,996			4,822,840
Total Interest earning assets		7,121,272			7,113,784			7,271,696			7,416,194			7,351,566
Non-interest earning assets
Allowance for credit losses		(54,399	)		(52,654	)		(51,980	)		(52,881	)		(52,215	)
Cash		101,719			89,643			92,300			108,815			106,691
Cash value of life insurance		37,755			37,409			37,450			37,115			36,773
Other assets		148,773			143,675			152,635			119,026			165,656
Goodwill		155,211			155,211			155,211			155,211			155,211
Other intangible assets		8,592			9,407			10,223			11,067			11,910
Premises and equipment, net		93,398			93,499			93,864			93,544			93,695
Interest receivable		39,730			38,663			39,747			39,366			43,240
Total non-interest earning assets		530,779			514,855			529,450			511,263			560,961
Total assets	$	7,652,051		$	7,628,639		$	7,801,146		$	7,927,457		$	7,912,526
Liabilities
Savings and money market deposits	$	3,385,413		$	3,393,371		$	3,446,681		$	3,420,827		$	3,364,726
Time deposits		1,193,180			1,245,088			1,089,153			1,220,653			1,178,389
Borrowings		880,336			812,218			1,142,340			1,142,744			1,229,165
Repurchase agreements		95,089			87,851			89,912			122,399			128,169
Subordinated notes		55,807			55,772			55,738			55,703			55,668
Junior subordinated debentures issued to capital trusts		57,583			57,531			57,477			57,423			57,369
Total interest earning liabilities		5,667,408			5,651,832			5,881,301			6,019,749			6,013,486
Non-interest bearing deposits		1,121,163			1,127,324			1,064,818			1,085,535			1,087,040
Interest payable		14,007			11,441			11,137			11,400			11,240
Other liabilities		58,621			61,981			80,308			55,951			74,096
Total liabilities		6,861,199			6,852,578			7,037,564			7,172,635			7,185,862
Stockholders’ Equity
Preferred stock		—			—			—			—			—
Common stock		—			—			—			—			—
Additional paid-in capital		360,758			360,522			363,761			358,453			357,673
Retained earnings		466,497			452,945			436,122			454,050			442,977
Accumulated other comprehensive (loss)		(36,403	)		(37,406	)		(36,301	)		(57,681	)		(73,985	)
Total stockholders’ equity		790,852			776,061			763,582			754,822			726,665
Total liabilities and stockholders’ equity	$	7,652,051		$	7,628,639		$	7,801,146		$	7,927,457		$	7,912,527

	Loans and Deposits
	(Dollars in Thousands, Unaudited)
	June 30,		March 31,		December 31,		September 30,		June 30,		% Change
	2025		2025		2024		2024		2024		Q2’25 vs Q1’25			Q2’25 vs Q2’24
Loans:
Commercial real estate	$	2,321,951	$	2,262,910	$	2,202,858	$	2,105,459	$	2,117,772		3	%		10	%
Commercial & Industrial		976,740		918,541		875,297		808,600		786,788		6	%		24	%
Total commercial		3,298,691		3,181,451		3,078,155		2,914,059		2,904,560		4	%		14	%
Residential Real estate		786,026		801,726		802,909		801,356		797,956		(2	)%		(1	)%
Mortgage warehouse		—		—		—		80,437		68,917		—	%		(100	)%
Consumer		900,865		926,638		965,976		1,008,144		1,051,407		(3	)%		(14	)%
Total loans held for investment		4,985,582		4,909,815		4,847,040		4,803,996		4,822,840		2	%		3	%
Loans held for sale		2,994		3,253		67,597		2,069		2,440		(8	)%		23	%
Total loans	$	4,988,576	$	4,913,068	$	4,914,637	$	4,806,065	$	4,825,280		2	%		3	%

Deposits:
Interest bearing deposits	$	1,713,058	$	1,713,991	$	1,767,983	$	1,688,998	$	1,653,508		—	%		4	%
Savings and money market deposits		1,672,355		1,679,380		1,678,697		1,731,830		1,711,218		—	%		(2	)%
Time deposits		1,193,180		1,245,088		1,089,153		1,220,653		1,178,389		(4	)%		1	%
Total Interest bearing deposits		4,578,593		4,638,459		4,535,833		4,641,481		4,543,115		(1	)%		1	%
Non-interest bearing deposits
Non-interest bearing deposits		1,121,164		1,127,324		1,064,819		1,085,534		1,087,040		(1	)%		3	%
Total deposits	$	5,699,757	$	5,765,784	$	5,600,652	$	5,727,015	$	5,630,155		(1	)%		1	%

	Average Balance Sheet
	(Dollars in Thousands, Unaudited)
	Three Months Ended
	June 30, 2025								March 31, 2025								June 30, 2024
	Average Balance			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾			Average Balance			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾			Average Balance			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾
Assets
Interest earning assets
Interest earning deposits (incl. Fed Funds Sold)	$	72,993		$	830		4.56	%	$	223,148		$	2,487		4.52	%	$	55,467		$	738		5.35	%
Federal Home Loan Bank stock		45,412			1,075		9.49	%		51,769			1,012		7.93	%		53,827			1,521		11.36	%
Investment securities – taxable (1)		959,238			4,867		2.03	%		974,109			5,027		2.09	%		1,309,305			6,465		1.99	%
Investment securities – non-taxable (1)		1,100,731			7,706		2.81	%		1,120,249			7,838		2.84	%		1,132,065			8,072		2.87	%
Total investment securities		2,059,969			12,573		2.45	%		2,094,358			12,865		2.49	%		2,441,370			14,537		2.39	%
Loans receivable (2) (3)		4,947,093			79,000		6.41	%		4,865,449			74,840		6.24	%		4,662,124			72,208		6.23	%
Total interest earning assets		7,125,467			93,478		5.26	%		7,234,724			91,204		5.11	%		7,212,788			89,004		4.96	%
Non-interest earning assets
Cash and due from banks		86,316								88,624								108,319
Allowance for credit losses		(52,560	)							(51,863	)							(50,334	)
Other assets		472,175								483,765								508,555
Total average assets	$	7,631,398							$	7,755,250							$	7,779,328

Liabilities and Stockholders’ Equity
Interest bearing liabilities
Interest bearing demand deposits	$	1,727,713		$	6,803		1.58	%	$	1,750,446		$	6,491		1.50	%	$	1,656,523		$	7,081		1.72	%
Saving and money market deposits		1,651,866			8,200		1.99	%		1,674,590			8,263		2.00	%		1,677,967			9,733		2.33	%
Time deposits		1,233,582			11,050		3.59	%		1,212,386			10,847		3.63	%		1,134,590			11,633		4.12	%
Total Deposits		4,613,161			26,053		2.27	%		4,637,422			25,601		2.24	%		4,469,080			28,447		2.56	%
Borrowings		847,862			7,777		3.68	%		971,496			8,772		3.66	%		1,184,172			10,278		3.49	%
Repurchase agreements		88,058			394		1.79	%		88,469			416		1.91	%		125,144			935		3.00	%
Subordinated notes		55,785			829		5.96	%		55,750			829		6.03	%		55,647			829		5.99	%
Junior subordinated debentures issued to capital trusts		57,550			1,070		7.46	%		57,497			1,290		9.10	%		57,335			1,213		8.51	%
Total interest bearing liabilities		5,662,416			36,123		2.56	%		5,810,634			36,908		2.58	%		5,891,378			41,702		2.85	%
Non-interest bearing liabilities
Demand deposits		1,114,982								1,085,826								1,080,676
Accrued interest payable and other liabilities		64,465								78,521								80,942
Stockholders’ equity		789,535								780,269								726,332
Total average liabilities and stockholders’ equity	$	7,631,398							$	7,755,250							$	7,779,328
Net FTE interest income (non-GAAP) (5)				$	57,355							$	54,296							$	47,302
Less FTE adjustments (4)					2,001								2,029								2,023
Net Interest Income				$	55,354							$	52,267							$	45,279
Net FTE interest margin (Non-GAAP) (4)(5)							3.23	%							3.04	%							2.64	%

⁽¹⁾ Securities balances represent daily average balances for the fair value of securities. The average rate is calculated based on the daily average balance for the amortized cost of securities.
⁽²⁾ Includes fees on loans held for sale and held for investment. The inclusion of loan fees does not have a material effect on the average interest rate.
⁽³⁾ Non-accruing loans for the purpose of the computation above are included in the daily average loan amounts outstanding. Loan totals are shown net of unearned income and deferred loan fees.
⁽⁴⁾ Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company’s performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax-exempt loans and securities to an FTE basis utilizing a 21% tax rate.
⁽⁵⁾ Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.
⁽⁶⁾ Includes dividend income on Federal Home Loan Bank stock

	Credit Quality
	(Dollars in Thousands Except Ratios, Unaudited)
	Quarter Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			% Change
	2025			2025			2024			2024			2024			Q2’25 vs Q1’25			Q2’25 vs Q2’24
Non-accrual loans
Commercial	$	7,547		$	8,172		$	5,658		$	6,830		$	4,321			(8	)%		75	%
Residential Real estate		9,525			12,763			11,215			9,529			8,489			(25	)%		12	%
Mortgage warehouse		—			—			—			—			—			—	%		—	%
Consumer		7,222			7,875			8,919			7,208			5,453			(8	)%		32	%
Total non-accrual loans		24,294			28,810			25,792			23,567			18,263			(16	)%		33	%
90 days and greater delinquent – accruing interest		2,113			1,582			1,166			819			1,039			34	%		103	%
Total non-performing loans	$	26,407		$	30,392		$	26,958		$	24,386		$	19,302			(13	)%		37	%

Other real estate owned
Commercial	$	176		$	360		$	407		$	1,158		$	1,111			(51	)%		(84	)%
Residential Real estate		463			641			—			—			—			—	%		—	%
Mortgage warehouse		—			—			—			—			—			—	%		—	%
Consumer		480			34			17			36			57			1311	%		742	%
Total other real estate owned		1,119			1,035			424			1,194			1,168			8	%		(4	)%

Total non-performing assets	$	27,526		$	31,427		$	27,382		$	25,580		$	20,470			(12	)%		34	%

Loan data:
Accruing 30 to 89 days past due loans	$	31,401		$	19,034		$	23,075		$	18,087		$	19,785			65	%		59	%
Substandard loans		64,100			66,714			64,535			59,775			51,221			(4	)%		25	%
Net charge-offs (recoveries)
Commercial	$	84		$	(47	)	$	(32	)	$	(52	)	$	57			(279	)%		47	%
Residential Real estate		52			(47	)		(10	)		(9	)		(4	)		(211	)%		(1400	)%
Mortgage warehouse		—			—			—			—			—			—	%		—	%
Consumer		118			963			668			439			534			(88	)%		(78	)%
Total net charge-offs	$	254		$	869		$	626		$	378		$	587			(71	)%		(57	)%

Allowance for credit losses
Commercial	$	34,413		$	32,640		$	30,953		$	32,854		$	31,941			5	%		8	%
Residential Real estate		3,229			3,167			2,715			2,675			2,588			2	%		25	%
Mortgage warehouse		—			—			—			862			736			—	%		(100	)%
Consumer		16,757			16,847			18,312			16,490			16,950			(1	)%		(1	)%
Total allowance for credit losses	$	54,399		$	52,654		$	51,980		$	52,881		$	52,215			3	%		4	%

Credit quality ratios
Non-accrual loans to HFI loans		0.49	%		0.59	%		0.53	%		0.49	%		0.38	%
Non-performing assets to total assets		0.36	%		0.41	%		0.35	%		0.32	%		0.26	%
Annualized net charge-offs of average total loans		0.02	%		0.07	%		0.05	%		0.03	%		0.05	%
Allowance for credit losses to HFI loans		1.09	%		1.07	%		1.07	%		1.10	%		1.08	%

Non–GAAP Reconciliation of Net Fully-Taxable Equivalent (“FTE”) Interest Margin
(Dollars in Thousands, Unaudited)

		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2025			2025			2024			2024			2024
Interest income (GAAP)	(A)	$	91,477		$	89,175		$	93,350		$	90,888		$	86,981
Taxable-equivalent adjustment:
Investment securities – tax exempt (1)			1,619			1,646			1,675			1,677			1,695
Loan receivable (2)			382			383			395			340			328
Interest income (non-GAAP)	(B)		93,478			91,204			95,420			92,905			89,004
Interest expense (GAAP)	(C)		36,123			36,908			40,223			43,978			41,702
Net interest income (GAAP)	(D) =(A) – (C)	$	55,354		$	52,267		$	53,127		$	46,910		$	45,279
Net FTE interest income (non-GAAP)	(E) = (B) – (C)	$	57,355		$	54,296		$	55,197		$	48,927		$	47,302
Average interest earning assets	(F)		7,125,467			7,234,724			7,396,178			7,330,263			7,212,788
Net FTE interest margin (non-GAAP)	(G) = (E*) / (F)		3.23	%		3.04	%		2.97	%		2.66	%		2.64	%

⁽¹⁾ The following represents municipal securities interest income for investment securities classified as available-for-sale and held-to-maturity
⁽²⁾ The following represents municipal loan interest income for loan receivables classified as held for sale and held for investment
*Annualized

Non–GAAP Reconciliation of Return on Average Tangible Common Equity
(Dollars in Thousands, Unaudited)

		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2025			2025			2024			2024			2024

Net income (loss) (GAAP)	(A)	$	20,643		$	23,941		$	(10,882	)	$	18,180		$	14,140

Average stockholders’ equity	(B)	$	789,535		$	780,269		$	755,340		$	738,372		$	726,332
Average intangible assets	(C)		164,320			165,138			165,973			166,819			167,659
Average tangible equity (Non-GAAP)	(D) = (B) – (C)	$	625,215		$	615,131		$	589,367		$	571,553		$	558,673
Return on average tangible common equity (“ROACE”) (non-GAAP)	(E) = (A*) / (D)		13.24	%		15.48	%	(7.35		)%		12.65	%		10.18	%
*Annualized

Non–GAAP Reconciliation of Tangible Common Equity to Tangible Assets
(Dollars in Thousands, Unaudited)
		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2025			2025			2024			2024			2024
Total stockholders’ equity (GAAP)	(A)	$	790,852		$	776,061		$	763,582		$	754,822		$	726,665
Intangible assets (end of period)	(B)		163,802			164,618			165,434			166,278			167,121
Total tangible common equity (non-GAAP)	(C) = (A) – (B)	$	627,050		$	611,443		$	598,148		$	588,544		$	559,544

Total assets (GAAP)	(D)	$	7,652,051		$	7,628,636		$	7,801,146		$	7,927,457		$	7,912,527
Intangible assets (end of period)	(B)		163,802			164,618			165,434			166,278			167,121
Total tangible assets (non-GAAP)	(E) = (D) – (B)	$	7,488,249		$	7,464,018		$	7,635,712		$	7,761,179		$	7,745,406

Tangible common equity to tangible assets (Non-GAAP)	(G) = (C) / (E)		8.37	%		8.19	%		7.83	%		7.58	%		7.22	%

Non–GAAP Reconciliation of Tangible Book Value Per Share
(Dollars in Thousands, Unaudited)
		Three Months Ended
		June 30,		March 31,		December 31,		September 30,		June 30,
		2025		2025		2024		2024		2024
Total stockholders’ equity (GAAP)	(A)	$	790,852	$	776,061	$	763,582	$	754,822	$	726,665
Intangible assets (end of period)	(B)		163,802		164,618		165,434		166,278		167,121
Total tangible common equity (non-GAAP)	(C) = (A) – (B)	$	627,050	$	611,443	$	598,148	$	588,544	$	559,544
Common shares outstanding	(D)		43,801,507		43,786,000		43,722,086		43,712,059		43,712,059

Tangible book value per common share (non-GAAP)	(E) = (C) / (D)	$	14.32	$	13.96	$	13.68	$	13.46	$	12.80

Contact:	John R. Stewart, CFA
	EVP, Chief Financial Officer
Phone:	(219) 814–5833
Fax:	(219) 874–9280
Date:	July 23, 2025

The MIL Network –

July 24, 2025

MIL-OSI: ARKO to Report Second Quarter 2025 Financial Results on August 6, 2025

Source: GlobeNewswire (MIL-OSI)

RICHMOND, Va., July 23, 2025 (GLOBE NEWSWIRE) — ARKO Corp. (Nasdaq: ARKO) (the “Company”), a Fortune 500 company and one of the largest convenience store operators in the United States, today announced that the Company will host a conference call on Wednesday, August 6, 2025 at 5:00 p.m. Eastern Time to discuss its financial results for the second quarter ended June 30, 2025.

ARKO Corp.’s management team will host the conference call, followed by a question-and-answer period. The Company will provide its financial results in a press release prior to the call.

Date: Wednesday, August 6, 2025
Time: 5:00 p.m. Eastern Time
Toll-free dial-in number: (877) 605-1792
International dial-in number: (201) 689-8728
Webcast: ARKO’s Q2 2025 Earnings Call

A telephonic replay will be available approximately three hours after the call concludes through Friday, September 5, 2025.

Toll-free replay number: (877) 660-6853
International replay number: (201) 612-7415
Replay ID: 13754740

A link to the live webcast and replay will also be available at https://www.arkocorp.com/news-events/ir-calendar. We encourage all participants to register at least 15 minutes prior to the 5:00 p.m. ET start time. If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.

About ARKO Corp.

ARKO Corp. (Nasdaq: ARKO) is a Fortune 500 company that owns 100% of GPM Investments, LLC and is one of the largest operators of convenience stores and wholesalers of fuel in the United States. Based in Richmond, VA, our highly recognizable Family of Community Brands offers delicious, prepared foods, beer, snacks, candy, hot and cold beverages, and multiple popular quick serve restaurant brands. We operate in four reportable segments: retail, which includes convenience stores selling merchandise and fuel products to retail customers; wholesale, which supplies fuel to independent dealers and consignment agents; fleet fueling, which includes the operation of proprietary and third-party cardlock locations and issuance of proprietary fuel cards that provide customers access to a nationwide network of fueling sites; and GPM Petroleum, which sells and supplies fuel to our retail and wholesale sites and charges a fixed fee, primarily to our fleet fueling sites. To learn more about GPM stores, visit: www.gpminvestments.com. To learn more about ARKO, visit: www.arkocorp.com.

Company Contact
Jordan Mann
ARKO Corp.
investors@gpminvestments.com

Investor Contact
Sean Mansouri, CFA
Elevate IR
(720) 330-2829
ARKO@elevate-ir.com

The MIL Network –

July 24, 2025

MIL-OSI: ARKO to Report Second Quarter 2025 Financial Results on August 6, 2025

Source: GlobeNewswire (MIL-OSI)

RICHMOND, Va., July 23, 2025 (GLOBE NEWSWIRE) — ARKO Corp. (Nasdaq: ARKO) (the “Company”), a Fortune 500 company and one of the largest convenience store operators in the United States, today announced that the Company will host a conference call on Wednesday, August 6, 2025 at 5:00 p.m. Eastern Time to discuss its financial results for the second quarter ended June 30, 2025.

ARKO Corp.’s management team will host the conference call, followed by a question-and-answer period. The Company will provide its financial results in a press release prior to the call.

Date: Wednesday, August 6, 2025
Time: 5:00 p.m. Eastern Time
Toll-free dial-in number: (877) 605-1792
International dial-in number: (201) 689-8728
Webcast: ARKO’s Q2 2025 Earnings Call

A telephonic replay will be available approximately three hours after the call concludes through Friday, September 5, 2025.

Toll-free replay number: (877) 660-6853
International replay number: (201) 612-7415
Replay ID: 13754740

A link to the live webcast and replay will also be available at https://www.arkocorp.com/news-events/ir-calendar. We encourage all participants to register at least 15 minutes prior to the 5:00 p.m. ET start time. If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.

About ARKO Corp.

ARKO Corp. (Nasdaq: ARKO) is a Fortune 500 company that owns 100% of GPM Investments, LLC and is one of the largest operators of convenience stores and wholesalers of fuel in the United States. Based in Richmond, VA, our highly recognizable Family of Community Brands offers delicious, prepared foods, beer, snacks, candy, hot and cold beverages, and multiple popular quick serve restaurant brands. We operate in four reportable segments: retail, which includes convenience stores selling merchandise and fuel products to retail customers; wholesale, which supplies fuel to independent dealers and consignment agents; fleet fueling, which includes the operation of proprietary and third-party cardlock locations and issuance of proprietary fuel cards that provide customers access to a nationwide network of fueling sites; and GPM Petroleum, which sells and supplies fuel to our retail and wholesale sites and charges a fixed fee, primarily to our fleet fueling sites. To learn more about GPM stores, visit: www.gpminvestments.com. To learn more about ARKO, visit: www.arkocorp.com.

Company Contact
Jordan Mann
ARKO Corp.
investors@gpminvestments.com

Investor Contact
Sean Mansouri, CFA
Elevate IR
(720) 330-2829
ARKO@elevate-ir.com

The MIL Network –

July 24, 2025

MIL-OSI Banking: Facilitator cites “strong engagement” in initial WTO reform consultations

Source: WTO

Headline: Facilitator cites “strong engagement” in initial WTO reform consultations

Ambassador Ølberg, who was appointed by General Council Chair Ambassador Saqer Abdullah Almoqbel (Kingdom of Saudi Arabia) in early June to serve as facilitator for the reform discussions, noted that he has conducted two rounds of consultation involving nearly 100 members, with the discussion structured around three indicative tracks:

governance (institutional issues)
fairness (level playing field and balanced trade)
“issues of our time”

“What is already clear is this: across all three tracks, there is strong engagement, serious thinking, and a shared sense that reform is both necessary and urgent — even if views differ on the details,” the facilitator said.
The “next phase of our work is about focus, discipline, and delivery,” he added. “From the consultations so far, one thing is clear — we have a wide range of perspectives … Our goal is not to solve every issue now. It’s to identify where ministers can add the guidance needed to move forward decisively after MC14.”
At their 12th Ministerial Conference in 2022, WTO members agreed to undertake a comprehensive review of the WTO’s functions in order to ensure the organization is capable of responding more effectively to both the challenges facing the multilateral trading system and the opportunities provided by contemporary developments in global trade.
Speaking after more than 60 members took the floor to react to the facilitator’s report, Director-General Ngozi Okonjo-Iweala said she was “encouraged with what I’m hearing.”
“I agree with those who say that it’s somewhat existential for the organization to seize the opportunity to do this reform,” she said. “It’s not unusual that views are initially divergent … that being said, there seems to be an unmistakable momentum.”
A number of members noted the importance of dispute settlement reform, which is being addressed on a separate track. Addressing the General Council, Ambassador Almoqbel referred to his communication to members in early June stating that he and the Dispute Settlement Body (DSB) Chair, Ambassador Clare Kelly (New Zealand), would be closely monitoring the situation on dispute settlement reform and would revert to members at the appropriate time.
Since that communication, the DSB Chair has been holding “low-key” conversations with members to “check the temperature,” Ambassador Almoqbel said, and these conversations are ongoing.
Report of the Director-General
Reporting to the General Council in her capacity as Chair of the Trade Negotiations Committee, Director-General Ngozi Okonjo-Iweala welcomed the submission of Argentina’s instrument of acceptance for the Agreement on Fisheries Subsidies. She noted that only five more acceptances are needed for the Agreement to enter into force, with several already in the pipeline. She also noted the possibility of convening a special General Council meeting after the summer break to formally receive the additional instruments and mark the Agreement’s entry into force.
Regarding the negotiations on additional provisions to the Agreement, DG Okonjo-Iweala said she was encouraged by the strong support expressed by many members to move forward and conclude the negotiations. However, there was value in using the summer break to reflect on how best to advance the discussions, she said.
The Director-General also invited members to use the summer break to reflect on how to collectively ensure movement on “the negotiating files”, including joint initiatives such as the Investment Facilitation for Development (IFD) Agreement.
“We cannot have a jam on multilateral negotiations moving forward and a jam on plurilaterals,” DG Okonjo-Iweala said. Otherwise, members risk ending the year with nothing credible to take to the 14th Ministerial Conference (MC14) for consideration, she added. The world is “looking to the WTO, not as a source of stagnation or lack of action, but as a source of stability, predictability, a source of revitalization.”
Twenty-four members took the floor after the Director-General’s intervention, some speaking on behalf of groups of members, highlighting their issues of interest.
Investment facilitation for development
On the IFD initiative, members were once again unable to reach consensus on the request supported by 127 members to incorporate the IFD Agreement under Annex 4 of the Marrakesh Agreement establishing the WTO. This marked the ninth time the proposal has been submitted to members for adoption.
Speaking on behalf of the 127 co-sponsors, the Republic of Korea underlined the urgent need to incorporate the Agreement into the WTO framework in order to help members attract investment, in particular for developing and least developed country members. The outlook for global foreign direct investment (FDI) in 2025 remains negative due to escalating trade tensions, geopolitical fragmentation and economic volatility, the Republic of Korea said. The IFD member parties believe that incorporating the Agreement into the WTO will reinforce the credibility and relevance of the organization.
Three members reiterated their objections to incorporating the IFD Agreement into the WTO multilateral framework. They reiterated their openness to further discussions on the matter.
Current trade tensions
China once again introduced a proposal on supporting the multilateral trading system in the current situation. The proposal further elaborates on its “Stability, Development and Reform” (SDR) approach for the WTO, which calls for stability as the cornerstone, development as the priority, and reform as the pathway to support the multilateral trading system as it faces heightened trade turbulence. China said it stands ready to work with all members pragmatically and constructively to collectively safeguard and strengthen the rules-based multilateral trading system.
Five members took the floor to respond to China’s intervention.
Brazil introduced an agenda item on respecting the rules-based multilateral trading system. Brazil said the world was witnessing an unprecedented attack on the system and on the credibility of the WTO, with arbitrary tariffs disrupting global value chains and posing risks to the world economy.
Even more concerning is a dangerous shift towards the use of tariffs as a tool to interfere in the domestic affairs of third countries, Brazil said. It is essential that the WTO recover its role as a place where all countries can settle disputes and affirm legitimate interests through dialogue and negotiation, Brazil added.
Fifteen members took the floor to react to Brazil’s statement. DG Okonjo-Iweala said the interventions underlined the importance of WTO reform and responding to the concerns expressed by members.
Work Programme on Electronic Commerce – Report by the facilitator
Ambassador Richard Brown (Jamaica), the facilitator for the WTO’s Work Programme on E-Commerce, reported on his recent consultations with members. He said that, overall, members overwhelmingly consider the work programme as an important aspect of the WTO engagement on e-commerce. They would like to see it preserved and made more effective, he added.
Ambassador Brown also noted that the “vast majority” of members support the extension of the WTO’s customs duties moratorium on electronic transmissions, with some preferring either longer periods for the moratorium or a permanent decision. At the same time, a few delegations continue to raise concerns related to revenue losses and policy space limitations, he added.
Ministers at the 13th Ministerial Conference in 2024 agreed to maintain the moratorium until MC14 or 31 March 2026, whichever is earlier. Both the moratorium and the Work Programme are set to expire on that date. MC14 is scheduled for 26-29 March 2026.
Transition support measures in favour of countries graduated from the LDC category
Gambia, on behalf of the Group of Least Developed Countries (LDCs), introduced the group’s latest proposal regarding additional transition measures in favour of countries graduated from the LDC category. The measures are in recognition that the phasing-out of international support measures associated with LDC status can present challenges for graduating LDCs as they seek to integrate more fully into the global economy.
Next meeting
The next regular meeting of the General Council is tentatively scheduled for 6-7 October.

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MIL OSI Global Banks –

July 24, 2025

MIL-OSI NGOs: Wales: Welsh government accused of funding companies exporting arms to Israel despite public assurances

Source: Amnesty International –

FOI reveals £500,000 grant to weapons supplier

Weapons components supplied for F-35s and Apache gunships

‘Public money must never help fuel war crimes’ – Glenn Page

Amnesty International has condemned the Welsh Government for awarding public funds to a weapons manufacturer that exports military equipment to Israel – despite First Minister claims to the contrary.

In December 2024, the First Minister told the Senedd: “No Welsh Government financial support has been provided to companies in Wales who export arms to Israel since the 7 October attacks.”

But Freedom of Information requests submitted by Amnesty reveal that the Welsh Government awarded £500,000 in grant funding to SENIOR, a company that exports military equipment directly to Israel, including component parts for F-35 fighter jets and Apache gunships.

Glenn Page, Amnesty International’s Government and Political Relations Manager in Wales, said:

“The Welsh Government has quietly funded a company supplying weapons to Israel – despite mounting evidence of war crimes and genocide being committed by Israel against Palestinian people in Gaza.

“This directly contradicts what the First Minister told the public. It’s deeply concerning that we only know this because of FOI requests – not because of transparency from the Welsh Government.

“Public money must never help fuel war crimes. There must be full transparency and accountability, beginning with an urgent, long-overdue review of public funding and investment, and the immediate introduction of a robust framework for human rights due diligence.”

Further FOI requests by Amnesty exposed that the Welsh Government does not conduct human rights due diligence checks before awarding public money to private companies. This means there are no guarantees that public money isn’t supporting weapons used in potential breaches of international law.

Earlier this year, the Senedd reiterated its support for a permanent ceasefire in Gaza and urged the Welsh Government to “review public sector procurement and investments to ensure that ethical standards are upheld.” Despite supporting this call, no review has taken place.

Amnesty International is calling for the Welsh Government to:

Support an end to arms exports to Israel

Conduct an urgent and transparent review of all public funding, procurement, and investment policies.

Introduce mandatory human rights due diligence checks for any company receiving public money.

MIL OSI NGO –

July 24, 2025

MIL-OSI USA: Cotton, Colleagues Introduce Legislation to Combat Chinese Drone Market Dominance

US Senate News:

Source: United States Senator for Arkansas Tom Cotton

FOR IMMEDIATE RELEASE
Contact: Caroline Tabler or Patrick McCann (202) 224-2353
July 23, 2025

Cotton, Colleagues Introduce Legislation to Combat Chinese Drone Market Dominance

Washington, DC — Senators Tom Cotton (R-Arkansas), Chris Coons (D-Delaware), and John Cornyn (R-Texas) today introduced the Leading Exports of Aerial Drones Act, or LEAD Act, legislation that would make it easier for American companies to sell unmanned aerial systems (UAS) to American allies and partners.

“The current restrictions on UAS sales to allies and partners are outdated and put American companies at a disadvantage, all while ceding the market to Communist China. This bill will spur American business and innovation while decreasing global dependence on Chinese military technology,” said Senator Cotton.

“Drones aren’t just the future of warfare—as we’re seeing in Ukraine, they’re its present, too. Against the backdrop of increasing alignment between Russia, China, Iran, and North Korea, we must ensure that the United States and our allies and partner have the weapons systems and munitions we need to defend ourselves. This bill is a first step towards the objective of greater military production, integration, and deterrence for the United States and our allies in an increasingly dangerous world,” said Senator Coons.

“This commonsense legislation would cut red tape to make drone technology more accessible and foster greater strategic defense cooperation with our allies, and I’m glad to support it,” said Senator Cornyn.

Bill text is here.

The LEAD Act would:

Direct changes to the Arms Control Act, the United States Munitions List, and the Missile Technology Control Regime to require UAS be treated as manned aircraft and separately from missile technology for the purposes of defense transfers.

MIL OSI USA News –

July 24, 2025

MIL-OSI United Nations: UN official reiterates call for Gaza ceasefire as ‘nightmare of historic proportions’ unfolds

Source: United Nations 2

Khaled Khiari, Assistant Secretary-General for the Middle East, told ministers and ambassadors that ongoing talks must lead to a permanent end to hostilities, the release of all hostages, unimpeded entry of humanitarian aid, and for recovery and reconstruction to begin.

He painted a grim picture of conditions on the ground, citing expanded Israeli military operations, particularly in Deir Al-Balah, which have led to further mass displacement.

UN premises were also struck, hampering humanitarian operations and exacerbating the already dire situation.

ASG Khiari briefs the Security Council.

Humanitarian toll deepens

At least 1,891 Palestinians have been killed in Gaza since 30 June, according to figures from Gazan health authorities, including 294 people reportedly killed while attempting to collect aid near militarised distribution points.

Evacuation orders continue to force repeated displacement, while food insecurity and malnutrition are worsening despite a limited uptick in the entry of humanitarian supplies.

On the Israeli side, 13 soldiers have been killed in the same period. Palestinian armed groups have continued sporadic rocket attacks into Israel. According to Israeli sources, 50 hostages – including 28 believed to be dead – are still being held by Hamas and other groups.

“The Secretary-General has repeatedly condemned the continued holding of hostages by Hamas and other armed groups,” Mr. Khiari stressed. “Hostages must be released immediately and unconditionally.”

Places of worship struck

The briefing also highlighted growing concerns about civilian casualties and attacks on protected sites.

Mr. Khiari condemned a 17 July strike on the Catholic Church of the Holy Family in Gaza City, which killed three and injured several others. The strike forced the evacuation of roughly 600 Palestinians, including children and persons with special needs, who had been sheltering there.

The Israeli Prime Minister’s Office expressed regret, describing the strike as the result of “stray ammunition,” and said an investigation was underway, Mr. Khiari reported.

A woman and child walk through the heavily bombed town of Khuza’a in the Gaza Strip.

Dire fuel shortages

Since 9 July, Israel has allowed limited fuel deliveries through the Kerem Shalom/Karim Abu Salem crossing, after 130 days of a full blockade.

However, the amount is “a fraction of what is required to run essential life-saving services in Gaza, where nearly every aspect of life depends on fuel,” Mr. Khiari warned.

Occupied West Bank

Turning to the occupied West Bank, Mr. Khiari reported high levels of violence, including deadly Israeli military operations, attacks by settlers on Palestinians and retaliatory attacks by Palestinians against Israelis.

He noted that the Palestinian Authority (PA) is facing a severe fiscal crisis, with $2.7 billion in withheld clearance revenues, crippling its ability to pay salaries and provide basic services.

“Unless urgently addressed, the deterioration of the PA’s fiscal and institutional situation could have catastrophic consequences, undermining the significant progress made over many years to build up Palestinian institutions,” he warned, urging immediate international support.

UN Photo/Loey Felipe

A wide view of the Security Council meeting on the situation in the Middle East, including the Palestinian question.

Tensions in the wider region

Mr. Khiari also highlighted continued tensions along the Blue Line between Lebanon and Israel, as well as renewed violence in Syria’s Sweida region and Israeli airstrikes on Syrian territory.

He urged both Israel and Syria to adhere to the 1974 Disengagement Agreement and to avoid any actions that risk escalating the conflict.

Call for a political horizon

Mr. Khiari concluded by reiterating that only a revived political process towards the two-State solution can deliver a sustainable solution.

“Our goal is clear: realizing the vision of two States – Israel and a viable and sovereign Palestinian State of which Gaza is an integral part – living side by side in peace and security within secure and recognized borders, on the basis of the pre-1967 lines, with Jerusalem as the capital of both States,” he said.

MIL OSI United Nations News –

July 24, 2025

MIL-OSI Europe: Written question – Clarification on suspending trade preferences in the EU-Israel Association Agreement – P-002951/2025

Source: European Parliament

Priority question for written answer P-002951/2025
to the Commission
Rule 144
Catarina Vieira (Verts/ALE), Lynn Boylan (The Left), Kathleen Van Brempt (S&D), Brando Benifei (S&D)

In the International Trade Committee meeting of 24 June 2025, the Commission’s Directorate-General for Trade claimed that if the EU found Israel to be in breach of its obligations under the Association Agreement, the matter would first have to be discussed in the Association Council. Yet, Article 79 of the Agreement mentions that such a procedure can be bypassed owing to ‘special urgencies’, meaning the EU would be in a position to adopt unilateral trade measures. It was further stated that any measures in response to a breach would fall under the common foreign and security policy, thus requiring the unanimous support of the Member States.

1.Does taking ‘appropriate measures’ under Article 79 of the EU-Israel Association Agreement, including the possibility of suspending the trade pillar of the Agreement, require a unanimous vote by the EU Member States?
2.Can the Commission confirm that Article 207 of the Treaty on the Functioning of the EU on the common commercial policy can serve as a legal basis for a decision to suspend trade preferences for a third country, partially or totally, such as the Council made when it suspended trade relations with Syria in 2011?
3.Can the Commission confirm that under Article 79.2 of the Agreement, a ‘special urgency’ enables the EU to take measures without first addressing the Association Council?

Supporters[1]

Submitted: 17.7.2025

[1] This question is supported by Members other than the authors: Majdouline Sbai (Verts/ALE), Saskia Bricmont (Verts/ALE), Tineke Strik (Verts/ALE), Vicent Marzà Ibáñez (Verts/ALE), Rudi Kennes (The Left)

Last updated: 23 July 2025

MIL OSI Europe News –

July 24, 2025

MIL-OSI Africa: Minister of State for International Cooperation Meets Somali State Minister for Foreign Affairs and International Cooperation

Source: Government of Qatar

Doha, July 23,2025

HE Minister of State for International Cooperation Maryam bint Ali bin Nasser Al Misnad met Wednesday with HE State Minister for Foreign Affairs and International Cooperation of the Federal Republic of Somalia Ali Mohamed Omar, currently visiting the country.

During the meeting, the two sides discussed the cooperative relations between the two countries and ways to support development projects in Somalia.

MIL OSI Africa –

July 24, 2025

MIL-OSI United Nations: ‘Catastrophic birth outcomes’ in Gaza threaten a whole generation, warns UN agency

Source: United Nations 4

In the first half of 2025, only 17,000 births were recorded, according to Gazan health authorities, representing a 41 per cent decline in Gaza’s birth rate over the past three years, the agency said.

Additionally, 220 mothers died – more than 20 times the total number of maternal deaths in 2022 – while at least 20 newborns died within 24 hours of birth.

“Every mother and child deserves the right to a safe birth and a healthy start to life. What we are witnessing is a systematic denial of these fundamental rights, pushing an entire generation to the brink,” said Laila Baker, regional director for the Arab States at UNFPA.

These conditions come amidst an ongoing Israeli bombardment of Gaza which has displaced the entire Palestinian population at least once and reportedly killed over 60,000.

Something treatable becomes a death sentence

UNFPA said that the systematic targeting of a health care system already on the brink of collapse is creating an untenable situation for mothers and newborns.

The majority of hospitals and health facilities have been damaged or destroyed with medicine stocks running severely low and medical equipment severely damaged.

Ambulance services are also facing severe impediments, meaning that women giving birth face extreme challenges accessing healthcare. In this context, treatable complications during birth become death sentences.

“The scale of suffering for new mothers and their babies in Gaza is beyond comprehension,” Ms. Baker said.

Preventable loss

UNFPA said it has 170 trucks at the border between Israel and Gaza – and has since March 2025 – which contain lifesaving supplies such as ultrasounds machines, portable incubators and maternity kits. However, they have not been allowed into the Strip.

The agency urged Israel to allow “unimpeded, sustained and demilitarized” humanitarian aid into Gaza including fuel, medical supplies and nutritional support.

“Every moment lost means more preventable loss of life and unimaginable suffering for the most vulnerable,” UNFPA said.

MIL OSI United Nations News –

July 24, 2025

Category: Middle East

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

Updates to this page

Humanitarian toll deepens

Places of worship struck

Dire fuel shortages

Occupied West Bank

Tensions in the wider region

Call for a political horizon

Something treatable becomes a death sentence

Preventable loss