Category: Eurozone

  • MIL-OSI: McCuddy’s Marine Insurance Partners with Applied to Promote Agency Growth

    Source: GlobeNewswire (MIL-OSI)

    Chicago, IL., July 24, 2025 (GLOBE NEWSWIRE) — Applied Systems® today announced that McCuddy’s Marine Insurance has selected Applied Epic as its foundational agency management system to standardize their business operations to drive efficiencies of scale. The newly founded agency will leverage Applied Epic’s automated workflows to make day-to-day policy management tasks consistent and faster, allowing all staff a consistent experience from day one and an easy system to onboard and train as they grow their operations in the future.

    “As a young agency managing an influx of new clients, I needed a management system that would meet my current needs so I can get off the ground quickly, while still giving me room for growth as I looked towards the future of my business,” said Max McCuddy, chief executive officer, McCuddy’s Marine Insurance. “Applied Epic’s automated capabilities will enable me to create consistent, streamlined policy management and renewals processes that save time for my small staff now and make it easy to onboard new producers and account managers joining the team in the future.”

    Applied Epic and its Digital Agency technologies deliver the most technologically advanced suite of software applications to independent insurance agencies to enable faster and more profitable growth. Applied’s suite of applications provides essential capabilities for each stakeholder within an agency to manage client relationships, sales opportunities, market appetite search, quoting, financial accounting, and policy and benefits administration more effectively across all lines of business. Built on leading cloud technology, Applied Epic offers a comprehensive view of client and prospect information and delivers internal workflows through a modern user experience, enabling users to drive greater efficiencies and business value across the entire enterprise.

    “It’s important that new businesses not get bogged down in inefficient, disconnected paper-driven processes that take time away from higher-value tasks,” said Anupam Gupta, chief product officer, Applied Systems. “Using Applied Epic as its foundational management system, staff at McCuddy’s Marine Insurance will be able to run back-end processes smoothly and optimize their time to focus on new growth opportunities.”

    # # #

    The Applied products and logos are trademarks of Applied Systems, Inc., registered in the U.S.

    About Applied Systems
    Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.

    About McCuddy’s Marine Insurance Partners
    Max McCuddy, founder and chief executive officer of McCuddy’s Marine Insurance, grew up in the marine industry. His grandfather started McCuddy’s Marina in the 1950s, which now operates as one of the largest privately owned marinas in the Pacific Northwest. Having always been entrepreneurial, Max decided to get into the insurance industry after personally experiencing a lack of local insurance agents who specialized in marine risks. Max’s mission is to become the go-to marine insurance agency in the Pacific Northwest, with a long-term vision of becoming the #1 marine insurance agency in the country.

    The MIL Network

  • MIL-OSI United Kingdom: 50 years on from the signing of the Helsinki Final Act Russia fails to live up to its promises: UK statement to the OSCE

    Source: United Kingdom – Executive Government & Departments 3

    Speech

    50 years on from the signing of the Helsinki Final Act Russia fails to live up to its promises: UK statement to the OSCE

    Ambassador Holland commits to continuing to highlight and condemn Russia’s attacks against Ukraine for as long as Russia insists on carrying them out. Doing so is necessary because of the obvious humanitarian imperative but it is also a question of living up to our promises to one another when we signed the Helsinki Final Act.

    Thank you, Mr Chair.

    Mr Chair, there have been 120 Permanent Councils and 46 Special and Reinforced Permanent Councils since Russia launched its illegal full scale war of aggression on Ukraine in February 2022.  The UK has spoken on each of these occasions, highlighting Russia’s violation of the Helsinki principles and the Final Act.

    Next week we gather in Helsinki to mark 50 years of the signature of the Final Act. This should have been a moment to reflect on its positive and historic legacy; alongside the UN and Paris Charters, it has set the standards by which we should treat each other and our citizenry. Instead we are travelling to Finland with drones still pummelling Ukrainian civilian targets indiscriminately and an unapologetic Russia refusing to take the outstretched hand of peace offered to them by the victim of their aggression, Ukraine.

    The UK deeply regrets that there is still no sign of a let up in these attacks on civilians. One of the latest of these was an attack on the entrance to a metro station providing shelter to Ukrainian civilians escaping Russian bombardment. The Russian State evidently want as many Ukrainian people to be terrorised as possible. The UK will continue to highlight and condemn them for as long as Russia insists on carrying them out. As well as an obvious humanitarian imperative, doing so is also a question of living up to our promises to one another when we signed the Helsinki Final Act.

    Thank you, Mr Chair.

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom

  • MIL-OSI: Primech Holdings Announces Fiscal Year 2025 Results, Contracted Revenue Backlog at $120.8 Million

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, July 24, 2025 (GLOBE NEWSWIRE) — Primech Holdings Limited (Nasdaq: PMEC), an established technology-driven facilities-services provider to public and private-sector customers in Singapore, today reported audited financial results for the fiscal year ended March 31, 2025.

    FY 2025 Highlights:

    • Revenue grew 2.5% to $74.3 million for the fiscal year ended March 31, 2025, compared with revenue of $72.5 million in fiscal year 2024.
    • Gross profit margin expanded 130 basis points to 23.6% as technology adoption and grant support offset wage pressures.
    • Net loss narrowed 40% to $2.2 million, or $(0.05) per basic and diluted share, compared to a net loss of $3.2 million, or $(0.10) per share.
    • Cash and cash equivalents increased by 32.7% to $10.1 million; total assets were $41.2 million, and total liabilities were $26.5 million.
    • Future contracted revenue, scheduled for recognition in FY 2026 and onward, totals $120.8 million, providing multi-year visibility.

    Fiscal Year 2025 Financial Results:

    Financial Metrics (US$ millions, except per share data) FY 2025 FY 2024 Change
    Revenue $74.3 $72.5 +2.5%
    Gross profit $17.5 $16.0 +9.8%
    Gross profit margin 23.6% 22.0% +160 bps
    Operating loss $(0.9) $(2.8) +65.9% improvement
    Net loss $(2.2) $(3.2) +31.1% improvement
    Basic & diluted EPS $(0.05) $(0.10) +50.0% improvement
    Cash & cash equivalents $10.1 $7.6 +32.6%
           

    Primech A&P Highlights:

    • Over $18.9 million in new contracts secured during fiscal year 2025, including a major contract extension worth $8.3 million
    • Industry recognition achievements, including ASEAN Public Toilet Award for Newton Food Centre management and LOO Awards 2024 Best Market Award
    • Sustainability leadership with nomination as a finalist for the Singapore Apex Corporate Sustainability Awards in the “LowCarbonSG” category
    • Strategic partnerships, including membership in the Singapore International Facility Management Association (SIFMA)

    Primech AI Highlights:

    • Revolutionary HYTRON robot launch with successful deployments at Temasek Polytechnic, a major Singapore shopping mall, and one of Singapore’s largest hospitals
    • Global expansion achievements, including partnerships in Hong Kong (Chinachem Group), Japan (Golden Rim Investment), and Europe (TCOrobotics GmbH covering Germany, Austria, and Switzerland)
    • Technology excellence recognition, winning the Robotics category at the Singapore Business Review Technology Excellence Awards 2025
    • Advanced AI integration incorporating NVIDIA Jetson Orin technology components for enhanced robotics performance
    • Manufacturing scale-up with a China production partnership targeting 300 robots’ initial production capacity
    • Product innovation with the launch of the compact HYTRON Lite model optimized for space-constrained environments

    CEO Commentary
    “Primech delivered resilient top-line growth and achieved a significant improvement in our bottom line during our second year as a public company,” said Mr. Kin Wai Ho, Chairman and Chief Executive Officer. “More importantly, this year marked our dramatic transformation into a technology-first organization through our revolutionary HYTRON AI-powered cleaning robots and aggressive global expansion strategy. We’ve evolved from a traditional facilities services company into an innovative robotics and automation leader.”

    “Our HYTRON technology represents the future of commercial cleaning. We’ve successfully deployed robots at prestigious locations and established partnerships across Singapore, Hong Kong, Japan, and Europe. With our three-phase expansion plan and $120.8 million of contracted backlog, we are positioned to return to profitability and capture significant market share in the rapidly growing global service robotics sector.”

    Future Contracted Revenues
    As of March 31, 2025, our contracted revenues for future fulfilment were approximately $120.8 million. The following table provides a breakdown of the value of our contracted revenues, which we estimate will be fulfilled in FY2026, FY2027, and subsequent years, subject to cancellations or other contractual changes that are not presently foreseeable. Our order book as of any particular date is not indicative of our revenue for succeeding periods, as secured contracts are subject to cancellations, deferrals, or early terminations by our customers:

      ($’000) (%)
    Estimated amount of services contracted for at April 1, 2025 to be recorded in revenue for FY ending March 31,
    2026
    59,876 49.5
    Estimated amount of services contracted for at April 1, 2026 to be recorded in revenue for FY ending March 31,
    2027
    34,069 28.2
    Estimated amount of services contracted for at April 1, 2027 to be recorded in revenue for FY ending March 31,
    2028
    26,899 22.3
      120,844 100.0
         

    Annual Report on Form 20-F
    The Company will file its annual report on Form 20-F for the fiscal year ended March 31, 2025 with the Securities and Exchange Commission later today, which can be accessed on the SEC’s website at https://www.sec.gov and on Primech’s investor relations website at https://investor.primechholdings.com/filings/

    About Primech Holdings Limited
    Headquartered in Singapore, Primech Holdings Limited is a leading provider of comprehensive technology-driven facilities services, predominantly serving both public and private sectors throughout Singapore. Primech Holdings offers an extensive range of services tailored to meet the complex demands of its diverse clientele. Services include advanced general facility maintenance services, specialized cleaning solutions such as marble polishing and facade cleaning, meticulous stewarding services, and targeted cleaning services for offices and homes. Known for its commitment to sustainability and cutting-edge technology, Primech Holdings integrates eco-friendly practices and smart technology solutions to enhance operational efficiency and client satisfaction. This strategic approach positions Primech Holdings as a leader in the industry and a proactive contributor to advancing industry standards and practices in Singapore and beyond. For more information, visit www.primechholdings.com.    

    About Primech AI
    Primech AI is a leading robotics company dedicated to pushing the boundaries of innovation in technology. With a team of passionate individuals and a commitment to collaboration, Primech AI is poised to revolutionize the robotics industry with groundbreaking solutions that make a meaningful impact on society. For more information, visit www.primech.ai.

    Forward-Looking Statements
    Certain statements in this announcement are forward-looking statements, including, for example, statements about completing the acquisition, anticipated revenues, growth, and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. These forward-looking statements are also based on assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    Company Contact:
    Email: ir@primech.com.sg

    Investor Relations Contact:        
    Matthew Abenante, IRC
    President                                        
    Strategic Investor Relations, LLC                                         
    Tel: 347-947-2093
    Email: matthew@strategic-ir.com

     
    ***tables follow***
    Primech Holdings Limited and Subsidiaries
    Consolidated Balance Sheets
    (in thousands except share data, U.S. dollars)
     
        As of March 31,  
        2025     2024  
    Assets            
    Current assets            
    Cash and cash equivalents   $ 10,145     $ 7,648  
    Accounts receivable, net (including unbilled receivable of $3,520 and $4,068)     15,633       18,452  
    Government subsidies receivable     1,485       1,368  
    Prepaid expenses and other current assets     1,700       3,810  
    Inventories     44       55  
    Total current assets     29,007       31,333  
                     
    Non-current assets                
    Property and equipment, net     9,686       10,082  
    Right of use assets     2,114       3,406  
    Goodwill     391       667  
    Intangible assets, net     2       21  
    Total assets   $ 41,200     $ 45,509  
                     
    Liabilities and shareholders’ equity                
    Current liabilities                
    Accounts payable and accrued expenses   $ 10,330     $ 9,406  
    Notes payable-current portion     8,481       11,277  
    Lease liabilities-current portion     1,595       2,059  
    Income tax liabilities     461        
    Total current liabilities     20,742       22,742  
                     
    Non-current liabilities                
    Notes payable-long term     4,331       5,705  
    Lease liabilities-long term     1,068       1,752  
    Deferred tax liability     255       251  
    Total liabilities     26,521       30,450  
                     
    Shareholders’ Equity                
    Common Stock, 38,417,987 and 35,550,000 shares issued and outstanding as of March 31, 2025 and 2024, respectively,     23,961       22,193  
    Additional paid-in capital     924       924  
    Accumulated other comprehensive income     995       923  
    Accumulated deficit     (10,991 )     (9,049 )
    Total Primech Holdings Limited shareholders’ equity     14,889       14,991  
                     
    Non-controlling interests     (210     68  
    Total shareholders’ equity     14,679       15,059  
    Total liabilities and shareholders’ equity   $ 41,200     $ 45,509  
     
    Primech Holdings Limited and Subsidiaries
    Consolidated Statements of Operations and other Comprehensive Loss
    (in thousands except share and per share data, U.S. dollars)
     
        For the Years Ended
    March 31,
     
        2025     2024  
    Revenues            
    Revenues, net   $ 74,349     $ 72,524  
                     
    Operating costs and expenses                
    Cost of revenue (net of $4,148 and $2,550 of government subsidies)     56,823       59,915  
    General and administrative expenses (net of $318 and $68 of government subsidies)     16,176       13,160  
    Sales and marketing expenses     2,007       2,231  
    Goodwill impairment     291        
    Total operating costs and expenses     75,297       75,306  
    Loss from operations     (948 )     (2,782 )
    Other operating income, net (includes $8 and $202 of government subsidies)     (27     211  
    Interest expense     (789 )     (1,145 )
    Loss before income taxes     (1,764 )     (3,716 )
    Income tax benefit     (456     493  
    Net loss     (2,220 )     (3,223 )
    (Profit)/ loss attributable to non-controlling interests     278       (16
    Net loss attributable to Primech Holdings Limited     (1,942 )     (3,239 )
    Total foreign currency translation adjustment     72       (24
    Comprehensive loss   $ (1,870 )     (3,263 )
                     
    Earnings loss per share:                
    Basic and diluted   $ (0.05 )   $ (0.10 )
                     
    Weighted average number of ordinary shares outstanding:                
    Basic and Diluted     37,584,000       33,929,000  
     
    Primech Holdings Limited and Subsidiaries
    Consolidated Statements of Cash Flows
    (in thousands except share data, U.S. dollars)
     
        For the Years Ended
    March 31,
     
        2025     2024  
    Cash flows from operating activities:            
    Net loss   $ (2,220 )   $ (3,223 )
    Adjustments to reconcile net loss to net cash used in operating activities:                
    Depreciation of property and equipment     1,483       1,640  
    Amortization of right of use assets     2,479       2,203  
    Loss (gain) on disposal of property and equipment     1       (13 )
    Amortization of intangible assets     29       29  
    Share based payment     1,768        
    Provision for doubtful accounts     31        
    Impairment of Goodwill     291        
                     
    Change in operating assets and liabilities:                
    Deferred tax liability           (454
    Accounts receivable     2,888       (3,330 )
    Government subsidies receivables     (111     290  
    Prepaid expenses & other current assets     2,132       (2,657
    Inventories     11       84  
    Accounts payable and accrued expenses     879       (1,329
    Operating lease liability     (2,731 )     (2,322 )
    Tax payable     462        
    Net cash used in operating activities     7,382       (9,082 )
                     
    Cash flows from investing activities:                
    Acquisition of property and equipment     (1,098 )     (909 )
    Proceeds from sale of property and equipment     67       102  
    Net cash used in investing activities     (1,031 )     (807 )
                     
    Cash flows from financing activities:                
    Net Proceeds from issue of new shares           9,473  
    Deferred offering costs           545  
    Payment of finance lease liabilities     (126 )     (86 )
    Repayment of bank loans     (159,107 )     (3,163 )
    Proceeds from bank loans     154,846       1,412  
    Net cash provided by financing activities     (4,387     8,181  
                     
    Net (decrease) increase in cash and cash equivalents     1,963       (1,708
    Effect of exchange rate changes on cash and cash equivalents     533       284  
    Cash and cash equivalents, beginning of year     7,648       9,072  
    Cash and cash equivalents, end of year   $ 10,145     $ 7,648  
                     
    Supplemental disclosure of non-cash investing and financing transactions                
    Acquisition of equipment under finance leases     367       173  
    Recognition of Right of use assets and liabilities     1,167       2,553  

    The MIL Network

  • MIL-OSI Europe: EU sends firefighting planes to Cyprus

    Source: European Union 2

    The EU has mobilised 2 Canadair airplanes from the EU’s joint firefighting fleet in response to a request for assistance from Cyprus, following a major fire in its Limassol district. The EU has already responded to several wildfire emergencies in Albania and North Macedonia this summer.

    MIL OSI Europe News

  • MIL-OSI United Kingdom: Business leaders welcome the UK-India Free Trade Agreement

    Source: United Kingdom – Executive Government & Departments

    Press release

    Business leaders welcome the UK-India Free Trade Agreement

    Business leaders have strongly welcomed the signing of the UK-India Free Trade Agreement.

    Business leaders have strongly welcomed the signing of the UK-India Free Trade Agreement, as Business and Trade Secretary, Jonathan Reynolds and India’s Commerce and Industry Minister, Piyush Goyal, signed the landmark trade deal.

    The £4.8bn trade deal will unlock economic growth for each region and nation of the UK, and is widely backed by large and small businesses across aerospace, financial and professional services, food and drink, and the automotive sector.

    Business Groups  

    Rain Newton-Smith, CEO, CBI said: 

    In an era of rising protectionism, today’s announcement sends a powerful signal that the UK is open for business and remains resolute in its commitment to free and fair trade.  

    A trade agreement with India – one of the world’s fastest-growing economies – is a springboard for long-term partnership and prosperity. UK firms can take advantage of this new platform to scale, diversify and compete on the global stage.  

    The CBI looks forward to working closely alongside the Confederation of Indian Industry to turn ambition into action and negotiation into real-world impact. Ensuring this agreement delivers tangible benefits for businesses on both sides will be critical to meeting the UK’s growth ambitions.

    William Bain, Head of Trade Policy at the BCC, said: 

    The signing of this agreement is a clear signal of the UK’s continuing commitment to free and fair trade. It will open a new era for our businesses and boost investment between two of the world’s largest economies.    

    Currently around 16,000 UK companies are trading goods with Indian companies, and there is high interest in our Chamber Network to grow that.  This deal will create new opportunities in the transport, travel, creative and business support sectors alongside traditional strengths in finance and professional services.

    Policy Chair of the Federation of Small Businesses (FSB), Tina McKenzie, said: 

    India is the fourth largest economy in the world, and today’s trade deal provides exciting growth potential for UK small businesses. 

    Already one-in-seven (14%) of our members who export have India among their overseas markets, and this deal opens the way for that number to grow. It’s welcome that the agreement includes a specific small business chapter. 

    Encouraging more small firms to trade internationally, and making it easier for those who already do to increase their international trade, is an important flank in the quest for economic growth. Reducing barriers is key to achieving that.

    Richard Heald OBE, Chair, UK-India Business Council, said:  

    The UK-India FTA marks a historic milestone in the bilateral relationship.

    Businesses across both countries have long called for an agreement that reduces barriers, enhances market access, and creates a clear framework for long-term, sustainable growth. We congratulate both governments for their commitment and ambition in bringing this complex negotiation to fruition. Success in the FTA will support further economic growth for the world’s 5th and 6th largest economies. It will catalyse collaboration into other areas too.

    Aerospace  

    Tufan Erginbiligic, Rolls-Royce CEO, said: 

    India is an important market for our business, with over 90 years of partnership with Indian industry and the Indian Government.

    We welcome the provisions in this Free Trade Agreement, including those that bring closer alignment with international standards for trade in civil aerospace.

    These agreements will benefit Rolls-Royce and our customers, paving the way for future aerospace growth in India.

    Financial and professional services 

    Ian Stuart, CEO of HSBC UK, said: 

    Today’s signing of the UK-India Free Trade Agreement marks an important milestone for both countries.

    This is a vibrant and fast-growing corridor and will bring huge opportunities for both British and Indian businesses as they seek to grow internationally.  

    As the world’s largest trade bank with deep roots in both countries, we look forward to supporting our clients to take advantage of the full benefits of this historic agreement. 

    Bill Winters CBE, Group Chief Executive of Standard Chartered and Co-Chair of the UK-India Financial Partnership, said: 

    This landmark agreement between the UK and India – two of the world’s largest and most dynamic economies – is a tremendous achievement.

    It will drive greater innovation, unlock growth, and build prosperity across this long-established corridor of trade, capital and investment.

    As one of the largest and oldest international banks in India, we welcome the certainty the FTA provides for UK services and the meaningful opportunities that lower tariffs will create for businesses large and small in both markets.

    Rohan Malik, EY EMEIA and UK & Ireland Government & Public Sector Managing Partner, said:   

    Over the past decade, total trade value between the UK and India has more than doubled from £16.6bn to £40bn and this agreement will further strengthen the flourishing economic relationship between the two countries. 

    Enhanced access to one of the world’s largest markets should offer considerable advantages for financial and professional services businesses, unlocking commercial opportunities and supporting growth across two strategically significant sectors of the UK economy.

    Adam Gagen, Global Head of Government Affairs at Revolut, said:  

    As a UK fintech with significant business in India, we welcome the announcement of this UK-India FTA.

    It is an important partnership to bring these two vital economies closer together and to foster improved trade links, better investment flows and more jobs.

    Revolut looks forward to working with the UK Government to maximise the value of this FTA and we strongly congratulate the hard work of DBT for getting this over the line.

    Nicola Watkinson, Managing Director for International, TheCityUK, said:  

    India is a market with huge growth potential and a strong FTA between our two markets will open up valuable new trade and investment opportunities for UK businesses.

    The UK financial and related professional services industry is well placed to support India’s growth ambitions through the provision of services in areas such as green finance, risk management and capital market development, as well as benefit from India’s digital innovations.

    We welcome the formal signing of the FTA and look forward to continuing to build on its foundations to forge a strong and lasting partnership with India.

    Automotives  

    Mike Hawes, SMMT Chief Executive, said:  

    The UK-India trade agreement represents a significant achievement, partially liberalising the Indian automotive market for the first time.

    While the highly complex deal confirms some compromises, its entry into force will provide commercial opportunities for UK manufacturers who will be able to access vastly reduced tariffs on internal combustion vehicles from day one, and on electrified vehicles and parts in the longer term.

    To ensure maximum and timely benefit, we now need rapid ratification and renewed efforts to agree fair and workable solutions on tariff-rate-quotas administration.

    A JLR spokesperson said:  

    We welcome this free trade agreement between the UK and India, which over time will deliver reduced tariff access to the Indian car market for JLR’s luxury vehicles.

    India is an important market for our British built products and represents significant future growth opportunities.

    Food and drink 

    Nik Jhangiani, Interim Chief Executive, Diageo, said: 

    This agreement marks a great moment for both Scotch and Scotland, and we’ll be raising a glass of Johnnie Walker to all those who have worked so hard to get it secured. 

    Jean-Etienne Gourgues, Chivas Brothers Chairman and CEO, said: 

    Signature of the UK-India FTA is a sign of hope in challenging times for the spirits industry. 

    India is the world’s biggest whisky market by volume and greater access will be an eventual game changer for the export of our Scotch whisky brands, such as Chivas Regal and Ballantine’s.

    The deal will support long term investment and jobs in our distilleries in Speyside and our bottling plant at Kilmalid and help deliver growth in both Scotland and India over the next decade.

    Let’s hope that both governments will move quickly to ratification so business can get to work implementing the deal!

    Mark Kent, Chief Executive of the SWA said:  

    The Scotch Whisky industry has long championed a free trade agreement between the UK and India.

    The signing of the FTA is an historic moment and is an important milestone to reducing tariffs on Scotch Whisky in a growing market.

    This will contribute to the government’s growth objective, by laying the foundations for further investment and jobs.

    George Hyde, Head of Trade, The Food and Drink Federation: 

    We’re pleased to see the details of the new Free Trade Agreement with India, with tariffs for iconic British products, including chocolate, breakfast cereals and biscuits set to be phased out over the next decade.

    We also welcome that this agreement protects the UK’s sugar and rice milling sectors, reflecting the vital role these industries play in boosting local economies. 

    With exports of UK food and drink to India already worth nearly £300 million annually, improved access to this growing market will help strengthen the competitiveness of our sector and help future-proof the nation’s food security.

    We look forward to working with government to help businesses make the most of this opportunity.

    Nick Spencer, Export and Travel Retail Manager at Southwestern Distillery Ltd, said: 

    There are tremendous hurdles for UK spirits producers in terms of entering and succeeding in the Indian market.

    The extremely high import tariffs are probably the most significant barrier to entry we have experienced anywhere internationally.

    The FTA is a fabulous step forward. Since its announcement, we have already received significant new interest from Indian importers and the prospect of success in the Indian market now looks much brighter.

    Stephen Davies, Chief Executive of Penderyn Distillery, said:  

    We are developing our business and brand awareness in both domestic and travel retail sectors in India. It’s an exciting and developing market for us.

    The agreement to reduce tariffs will provide a better platform for us and our industry to develop links and build business over the next five years.

    These are exciting times. 

    Medtech  

    Gordon Sanghera, CEO of Oxford Nanopore Technologies, said:  

    The UK-India Free Trade Agreement is more than a policy document it’s a foundation for action. 

    India’s deep scientific talent, clear ambition and growing global influence make it one of the most exciting places in the world to build long-term partnerships in science and healthcare.

    And this moment, with the FTA in place, gives companies like ours the confidence to invest, to scale and to co-create in ways that weren’t possible before.

    Deepak Nath, Chief Executive Officer, Smith+Nephew, said: 

    Given the size of the Indian economy and its healthcare system, India is an important location for Smith+Nephew. The Free Trade Agreement offers the potential to build trading links in the healthcare sector. 

    We hope that the Free Trade Agreement will enable Smith+Nephew’s innovative medical technologies to support more healthcare professionals to return their patients to health and mobility.

    Philip McKee, Sales Manager at Biopanda, a Belfast-based medtech manufacturer which exports in vitro test kits for clinical laboratories, veterinary practice, and food safety laboratories, said:   

    Biopanda have been supplying a range of diagnostic products to the Indian market throughout the past ten years. We value the business we have done already throughout India and with the introduction of the UK-India FTA this should benefit in increased trade with the removal of export barriers.  

    This will hopefully increase the market access, allowing our distributors throughout India to provide a larger range of our highly accurate clinical diagnostic products at a lower price to the consumer. 

    Manufacturing 

    Graeme Macdonald, JCB Chief Executive, said:  

    India is a great country in which to do business. JCB has been manufacturing machines there since 1979. So, we know India very well and the opportunity for British businesses in that huge market is significant.  

    It’s the fifth largest economy in the world and is tipped to become the third largest by 2028. This Free Trade Agreement should give British businesses the confidence they need to enter the market, trade more easily and benefit from the massive opportunity.

    Professor Carl Stephen Patrick Hunter OBE, Chairman Coltraco Ultrasonics Limited & Director-General The Durham Institute of Research, Development & Invention, said: 

    Coltraco Ultrasonics is strongly supportive of the India FTA Trade Agreement and proud to have modestly contributed to and advising the British negotiating team on various chapters. 

    The UK private sector can now, because of the India FTA, the Windsor Framework CPTPP, and a variety of other UK FTAs, look out to the world, balancing our exporting and investment opportunities between the USA, the EU and Asia Pacific. 

    It is a tremendous success and we thank British and Indian Civil Servants for their public service in the UK-India FTA.

    Mark Ridgway OBE DL, CEO of Rhodes Group, said: 

    As a manufacturer of advanced metalforming machinery used in the forming and lightweighting of aircraft, India is a strong market for Group Rhodes and offers significant growth potential. The recent UK-India trade deal not only sets the scene for reduced tariffs on machinery but also serves to both enhance our competitiveness as a UK exporter and reduce the complexity of trade with this fast-growing market. 

    Importantly, the UK-India FTA recognises UK origin content of at least 20% as qualification as a ‘local supplier’ in India. This provides equal treatment in the Indian government procurement process and the opportunity for Group Rhodes to build on its existence reference sites within the Indian aerospace sector.

    Idir Boudaoud, Founder and CEO at Sensoteq, said: 

    India is a key growth market for Sensoteq — its vast and rapidly evolving manufacturing sector aligns perfectly with our mission to improve machine reliability through smarter monitoring. This trade deal is a real breakthrough for us. 

    Simplified and transparent customs procedures, modernised rules of origin, and stronger IP protections mean we can enter the market with greater speed, confidence, and security. 

    This agreement gives businesses like ours the access and assurance needed to thrive in one of the world’s most important industrial markets.

    William Crawford, Director of Concrete Canvas Ltd, said:  

    India is a dynamic and vibrant economy and an increasingly important market for Concrete Canvas products. A UK-India FTA will help to accelerate our plans for growth by reducing trade barriers and making us more competitive. 

    This is welcome news for both UK and Indian businesses!

    Creative Industries 

    Richard Masters, Premier League Chief Executive, said: 

    India continues to be incredibly important to the Premier League and our clubs. It is a vibrant country that presents exciting opportunities and significant potential. The opening of our office in Mumbai earlier this year was a significant milestone for the Premier League, demonstrating our commitment to build on longstanding work to engage local fans, develop grassroots and elite football and further promote the game in India.   

    The continued growth of the Premier League and UK businesses in India will have a positive impact on our domestic economy. We welcome the signing of this new trade deal which will support UK businesses operating in India.

    Richard Pring, Co-Founder at Wales Interactive, said: 

    The UK-India Free Trade Agreement has the potential to strengthen creative partnerships and streamline production across borders. With India’s vast film and television industry, it creates new opportunities for studios like ours to collaborate with international talent and share our interactive stories and games with even wider audiences. 

    Digital and Tech 

    Simon Hansford, Chief Commercial Officer at Civo, a cloud provider founded in Hertfordshire, said:  

    The UK-India trade deal is a game-changer for UK businesses. Significant tariff reductions on our exports will mean our products can be more competitive and accessible in India’s rapidly growing market. Guaranteed access to India’s public procurement market and simplified customs processes could be transformational for many.  

    This deal offers substantial benefits, boosting confidence and creating new avenues for growth in areas that were previously challenging to navigate, making it easier for UK SMEs to trade and thrive internationally.

    Clean Energy  

    Neil Spann, CEO of Power Roll, said: 

    As a UK clean energy company committed to fostering global impact, the UK-India trade agreement marks a significant milestone for us.  It lowers barriers to entry and enhances our ability to collaborate with Indian partners in one of the world’s most dynamic renewable energy markets. India’s ambitious solar targets and drive for domestic innovation align perfectly with our flexible solar technology and long-term growth strategy.  

    As one of the world’s fastest-growing economies and a key player in the global renewable energy transition, India presents a major opportunity for UK clean energy technology. This trade deal enables us to position UK flexible solar as a key solution to India’s energy goals. We are excited to continue to build upon our existing relationships with valued collaborators by expanding our presence in India following a successful visit earlier this year.

    Transport 

    Chris Woodroofe, Manchester Airport Managing Director, said:  

    We are proud this new route with IndiGo will deliver growth here in the North, and for the UK as a whole. 

    Boosted by the new UK-India FTA, the direct connectivity it provides will unlock opportunities for the region’s businesses to trade with India and will facilitate investment into the UK. 

    That will help turbo charge the Government’s Industrial Strategy by boosting innovation and productivity in the sectors that will sit at the heart of the country’s future prosperity.

    Textiles  

    Bill Leach, Global Sales Director, John Smedley Ltd, said: 

    India is one of the fastest growing luxury markets in the world, and we are very excited about the UK- India Free Trade Agreement coming to fruition. 

    John Smedley knitwear is already sold in over 50 countries around the world, and now that the FTA has been signed, we shall very much look forward to ensuring that an ever-increasing number of discerning luxury consumers in India will enjoy greater access to The World’s Finest Knitwear. 

    We are thankful to DBT for their significant efforts in bringing this FTA to successful conclusion.

    Cosmetics 

    Dr Emma Meredith OBE, Director-General, CTPA (Cosmetic, Toiletry and Perfumery Association), said:  

    The UK-India Free Trade Agreement (FTA) represents a significant opportunity for the cosmetics and personal care industry.  Tariff reduction and the commitments to ongoing cooperation will enhance market access and create new opportunities for growth for UK brands and manufacturers.  CTPA welcomes the strengthening of the bilateral ties through the negotiation process, a great first step in the delivery of substantial benefits for our sector.

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom

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

    Source: Hong Kong Government special administrative region

    HKMoA to stage first exhibition of Chinese art master Wu Guanzhong in Korea       
         The exhibition is presented by the Leisure and Cultural Services Department (LCSD) and jointly organised by the SAC and the HKMoA. The exhibition is made possible by the Wu Guanzhong Art Sponsorship. This exhibition in Seoul is a continuation of the popular thematic exhibition of Wu, held at the HKMoA from March 2024 to March 2025, which achieved great success and attracted more than 570 000 visitors during the exhibition period. Accompanied by insightful excerpts from the artist’s writings, the exhibition allows visitors to explore the art master’s distinctive chromatic aesthetics as well as the countless passions and flights of imagination evoked from the interplay between black and white. There will be opportunities to appreciate iconic paintings such as “Two Swallows”, “Reminiscences of Jiangnan”, “Waterway” and more. 
          
         Wu’s works perfectly fuse Eastern and Western aesthetics. He dedicated his entire life to exploring the integration of Chinese and Western art, studied traditional Chinese ink painting and also ventured into the colourful world of oil painting in his early years. After studying in France, he returned to China. His works are noted for his masterful integration of the emotional depth of traditional Chinese ink painting with Western modernist and abstract composition. In 1992, Wu was among the first living Chinese artists to be honoured with a solo exhibition at the British Museum, and his works are also widely exhibited in Asia, Europe and the United States.
          
         Wu had deep connections with Hong Kong, and held multiple exhibitions and participated in various art events in the city. Over the years, Wu and his family have continuously made donations of Wu’s works and archives to the HKMoA, making up a substantial collection of over 450 items. The HKMoA has become the institution with the largest and most diverse collection of Wu’s works. With the support of the Wu Guanzhong Art Sponsorship, the HKMoA is bringing the museum collection and the research and curatorial insights of the art of Wu overseas, and will continue to promote Wu and modern Chinese art to audiences in different regions and at various levels through comprehensive and diversified perspectives.
          
         In addition, an immersive installation from the “Wu Guanzhong Art Sponsorship Cross-disciplinary Series: Wu Guanzhong x Chris Cheung” will also be on display overseas for the first time, complementing the exhibition. Processed by AI, “Sentient Pond – Seoul Edition” created by Hong Kong artist Chris Cheung generates exclusive paintings by visitors that embody Wu’s brushstrokes and artistic style through machine learning over hundreds of Wu’s paintings from the museum collection, to carry on the unconventional creations and spirit of Wu with a contemporary twist.
          
         Hong Kong Week is an annual arts festival organised by the LCSD, celebrating Hong Kong’s creative excellence worldwide and fostering cultural exchanges and artistic collaboration. This year, the festival will arrive in Seoul for the first time. Beginning on September 26, a total of 14 programmes will feature stage performances, film screenings, outdoor shows, visual art exhibitions, comic creations, fashion designs as well as other fringe activities. 
     
    For details of the exhibition and HK Week@Seoul, please visit the HKMoA’s website at hk.art.museum/en/web/ma/exhibitions-and-events/overseas-wgz-bnw.htmlIssued at HKT 19:25

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI: Nasdaq Reports Second Quarter 2025 Results; Double-Digit Net Revenue Growth Reflects Strong Momentum Across All Divisions

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the second quarter of 2025.

    • Second quarter 2025 net revenue1 was $1.3 billion, an increase of 13% over the second quarter of 2024, or up 12% on an organic2 basis. This included Solutions3 revenue growing 10%.
    • Annualized Recurring Revenue (ARR)4 of $2.9 billion increased 10% over the second quarter of 2024, or up 9% on an organic basis. Annualized SaaS revenue increased 13%, or 12% on an organic basis, and represented 37% of ARR.
    • Financial Technology revenue of $464 million increased 10% over the second quarter of 2024.
    • Index revenue of $196 million grew 17%, with $88 billion of net inflows over the trailing twelve months and $20 billion in the second quarter of 2025.
    • GAAP diluted earnings per share grew over 100% in the second quarter of 2025. Non-GAAP5 diluted earnings per share grew 24% in the second quarter of 2025.
    • In the second quarter of 2025, the company returned $155 million to shareholders through dividends and $100 million through repurchases of common stock. The company also repaid $400 million of senior unsecured notes in the quarter.

    Second Quarter 2025 Highlights

    (US$ millions, except per share) 2Q25 YoY change % Adjusted2YoY
    change %
    Organic YoY
    change %
    Solutions revenue $991 10% 10% 10%
    Market Services net revenue $306 22% 21% 21%
    Net revenue $1,306 13% 12% 12%
    GAAP operating income $568 34%    
    Non-GAAP operating income $721 16% 16% 16%
    ARR $2,931 10% 9% 9%
    GAAP diluted EPS $0.78 103%    
    Non-GAAP diluted EPS $0.85 24%   24%

    Note: Adjusted and organic change for 2Q25 as compared to 2Q24 are equivalent as they include the same period over period adjustments. Refer to the footnotes to this press release for more information.

    Adena Friedman, Chair and CEO said, “Nasdaq delivered an excellent second quarter performance amid a dynamic market environment. Our ability to deliver broad-based growth through cycles is testament to our role as a partner to our clients, helping them capture strategic opportunities, manage risk, and solidify their operational resilience.

    Looking ahead, we remain well-positioned to enhance value for our clients and shareholders by driving innovation and deepening our client relationships through our One Nasdaq approach.”

    Sarah Youngwood, Executive Vice President and CFO said, “Nasdaq’s financial results highlight the resilience of our business model and its ability to achieve exceptional revenue and earnings growth with strong free cash flow generation.

    We are executing well on our capital allocation priorities, including repaying debt, and have surpassed our gross leverage milestone 16 months ahead of plan. We will optimize for long-term investor returns as we make organic growth investments and balance further deleveraging with opportunistic share repurchases.”

    FINANCIAL REVIEW

    • Second quarter 2025 net revenue was $1,306 million, reflecting 13% growth versus the prior year period. Organic net revenue growth was 12%.
    • Solutions revenue was $991 million in the second quarter of 2025, up 10% versus the prior year period, reflecting strong growth from Index and Financial Technology.
    • ARR grew 10% year-over-year, or 9% on an organic basis, in the second quarter of 2025, with 12% ARR growth for Financial Technology, or 11% on an organic basis, and 7% ARR growth for Capital Access Platforms, or 6% on an organic basis.
    • Market Services net revenue was $306 million in the second quarter of 2025, up 22% versus the prior year period, or 21% on an organic basis.
    • Second quarter 2025 GAAP operating expenses were $738 million, in line with the prior year period. The quarter reflected lower restructuring costs, offset by higher compensation and benefits costs, merger and strategic initiative costs, and increased investments in technology and people to drive innovation and long-term growth.
    • Second quarter 2025 non-GAAP operating expenses were $585 million, reflecting 9% growth versus the prior year period, or 8% growth on an organic basis. The organic increase for the quarter reflected growth driven by increased investments in technology and people to drive innovation and long-term growth, partially offset by the benefit of synergies.
    • Cash flow from operations was $746 million for the second quarter, enabling the company to make continued progress on its deleveraging plan. In the second quarter of 2025, the company returned $155 million to shareholders through dividends and $100 million through repurchases of common stock. As of June 30, 2025, there was $1.5 billion remaining under the board authorized share repurchase program. The company also repaid $400 million of senior unsecured notes in the second quarter of 2025.

    2025 EXPENSE AND TAX GUIDANCE UPDATE6

    • The company is updating its 2025 non-GAAP operating expense guidance to a range of $2,295 million to $2,335 million. The driver of the update is the impact of foreign exchange rates, which is offset in net revenue. The company is maintaining its 2025 non-GAAP tax rate guidance in the range of 22.5% to 24.5%.

    STRATEGIC AND BUSINESS UPDATES

    • Financial Technology achieved solid revenue growth across each subdivision in a dynamic macro environment. Robust client demand drove double-digit revenue and ARR growth. FinTech delivered 57 new clients, 130 upsells, and a record 7 cross-sells. Second quarter highlights included:
      • Financial Crime Management Technology is executing on its key growth initiatives. Second quarter results included three new enterprise client signings, including a cross-sell client and 2 upsells, reflecting continued progress on its enterprise client land and expand strategy. Nasdaq Verafin added 46 new small-and-medium bank clients in the second quarter. The business also signed its first proof of concept project with a European Tier 1 bank as part of its international expansion strategy.
      • Regulatory Technology’s success with new client wins and upsells driving growth. AxiomSL signed a new client and a cross-sell. The business accelerated its momentum with existing clients in the second quarter with 34 upsells, including the renewal of a large bank. Surveillance signed 6 new clients in the quarter, including 2 market operators and a European regulator, as well as 3 cross-sells. The business closed 33 upsells in the quarter, including a strategic upsell to a large European bank.
      • Solid momentum in Capital Markets Technology. Second quarter client demand was robust, supported by the ongoing market modernization mega trend. Calypso signed 2 new clients, 37 upsells, and a cross-sell. Market Technology secured 2 new clients, 24 upsells, and a cross-sell. In the second quarter, the business signed 3 clients to its fourth-generation marketplace technology platform, Nasdaq Eqlipse, including 2 fully managed services mandates where Nasdaq hosts and manages the clients’ entire trading environment and one AWS-hosted SaaS deployment.
    • Index ETP assets under management reached record levels and surpassed $700 billion at quarter-end. In the second quarter, Index had $20 billion in net inflows. ETP AUM was $745 billion at quarter-end, an all-time high. Nasdaq launched 33 new Index products in the second quarter, including 21 international products, 12 products in partnership with new Index clients, and 7 in the institutional insurance annuity space. Nasdaq and CME Group signed an extension through 2039 of CME Group’s exclusive license contract to offer futures and options on futures based on the Nasdaq-100 and other Nasdaq indexes, reflecting the companies’ shared commitment to delivering value through trusted benchmark products.
    • Nasdaq extended its listing leadership to 46 consecutive quarters. Nasdaq had the highest number of first half listings since 2021. New listings in the first half included 83 operating companies that raised more than $8 billion in total proceeds, contributing to a 81% win rate for eligible operating company listings. In the second quarter, the company welcomed 38 U.S. operating company IPOs that raised more than $3.5 billion in proceeds with a 79% win rate. Nasdaq maintained momentum in its switch program, attracting nearly $50 billion in market value in the second quarter and over $270 billion year-to-date, including Shopify, Thomson Reuters, and Kimberly Clark.
    • Market Services delivered record net revenue with record cash equities and derivatives revenue in the U.S. Nasdaq’s exchanges achieved record U.S. cash equities volumes in a quarter in which the industry achieved record volumes. During the Russell reconstitution, Nasdaq’s Closing Cross successfully executed 2.5 billion shares in 0.871 seconds across Nasdaq-listed securities that represented a record $102.5 billion dollars in notional value. Extending the first quarter’s trend, Nasdaq’s North American markets continued to experience exceptional message traffic in the second quarter, reaching a new record of more than 560 billion messages7 in a day. Nasdaq’s European equities business achieved sequential market share improvement in an elevated volume environment.
    • Nasdaq continues to execute on its 2025 strategic priorities — Integrate, Innovate, Accelerate — positioning the company to capitalize on opportunities for sustainable, scalable, and resilient growth.
      • Integrate – Nasdaq is on track to action its $140 million expanded net expense efficiency program by year-end, with approximately $130 million actioned as of the end of the second quarter. In the second quarter, Nasdaq surpassed the 3.3x gross leverage milestone that was set following the Adenza acquisition, achieving this milestone 16 months ahead of plan.
      • Innovate – Nasdaq continues to focus on innovating across the business. In July, Nasdaq Verafin announced the launch of its Agentic AI workforce. This suite of digital workers, now in beta testing, has the potential to address the most resource intensive anti-money laundering workflows. For example, when onboarded into a bank’s alert triage workflow, the Digital Sanctions Analyst automates the screening, documentation and acknowledgement processes, reducing alert review workload requiring human intervention by more than 80%. Beyond AI, Calypso announced a proof of concept that expands its industry-leading collateral management capabilities with digital assets. The use case demonstrates Nasdaq’s ability to integrate on-chain capabilities and help financial institutions manage collateral across asset classes in a more dynamic and efficient manner. Nasdaq became the exclusive distributor of Nasdaq Private Market’s Tape D(R) API in the second quarter to deliver real-time private market data and valuation insights to investors.
      • Accelerate – Nasdaq continued to deliver on its One Nasdaq strategy driving 7 cross-sell wins across Financial Technology in the quarter for a total of 26 cross-sells since the Adenza acquisition. Nasdaq remains on track to surpass $100 million in run-rate revenue from cross-sells by the end of 2027. At the end of the second quarter, cross-sells continued to account for over 15% of Financial Technology’s sales pipeline.

    ____________
    1 Represents revenue less transaction-based expenses.
    2 Adjusted and organic change for 2Q25 as compared to 2Q24 are equivalent as they include the same period over period adjustments. These changes are calculated by (i) removing the impact of period over period changes in foreign currency exchange rates (ii) adjusting for the impact of a divestiture and (iii) adjusting for the impact of AxiomSL on-premises contracts for ratable recognition for 2Q24, which was immaterial during that period. As it relates to ARR, organic changes only exclude the impacts of period over period changes in foreign currency exchange rates and a divestiture as the AxiomSL ratable recognition adjustment had no impact on ARR. Adjusted operating results also exclude the impact of the previously announced one-time revenue benefit in our Index business in 1Q24 ($16 million), which did not have an impact on our 2Q25 period over period change but does have an impact on year to date period over period results.
    3 Constitutes revenue from our Capital Access Platforms and Financial Technology segments.
    4 Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
    5 Refer to our reconciliations of U.S. GAAP to non-GAAP net income attributable to Nasdaq, diluted earnings per share, operating income, operating expenses and organic impacts included in the attached schedules.
    6 U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.
    7 Message count represents the number of records across Nasdaq’s U.S. options, U.S. and Canadian equities markets, trade reporting facilities, and bond exchange that are recorded into Nasdaq’s data warehouse on a daily basis.

    ABOUT NASDAQ

    Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    NON-GAAP INFORMATION

    In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP net income attributable to Nasdaq, non-GAAP diluted earnings per share, non-GAAP operating income, and non-GAAP operating expenses, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation tables of U.S. GAAP to non-GAAP information provided at the end of this release. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.

    These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.

    We understand that analysts and investors regularly rely on non-GAAP financial measures, such as those noted above, to assess operating performance. We use these measures because they highlight trends more clearly in our business that may not otherwise be apparent when relying solely on U.S. GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our ongoing operating performance.

    Organic revenue and expense growth, organic change and organic impact are non-GAAP measures that reflect adjustments for: (i) the impact of period over period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture and (iii) the impact of AxiomSL on-premises contracts for ratable recognition in comparable periods to align with current period presentation. Reconciliations of these measures are described within the body of this release or in the reconciliation tables at the end of this release.

    Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenue and expenses are translated using monthly average exchange rates. Certain discussions in this release isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Operating results excluding the impact of foreign currency fluctuations are calculated by translating the current period’s results by the prior period’s exchange rates.

    Restructuring programs: In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. We further expanded this program in the fourth quarter of 2024 to accelerate our momentum and further optimize our efficiencies (efficiency program). We have incurred costs principally related to employee-related costs, contract terminations, asset impairments and other related costs and expect to incur additional costs in these areas in an effort to accelerate efficiencies through location strategy and enhanced AI capabilities. Actions taken as part of this program will be complete by the end of 2025, while certain costs may be recognized in the first half of 2026. We expect to achieve benefits primarily in the form of expense synergies. In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional realignment program with a focus on realizing the full potential of this structure. As of September 30, 2024, we completed our divisional realignment program. Costs related to the Adenza restructuring and the divisional realignment programs are recorded as “restructuring charges” in our condensed consolidated statements of income. We exclude charges associated with these programs for purposes of calculating non-GAAP measures as they are not reflective of ongoing operating performance or comparisons in Nasdaq’s performance between periods.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, dividend program, trading volumes, products and services, ability to transition to new business models, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

    WEBSITE DISCLOSURE

    Nasdaq intends to use its website, https://ir.nasdaq.com/, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.

    Media Relations Contact:

    David Lurie
    +1.914.538.0533
    David.Lurie@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    Nasdaq, Inc.
    Condensed Consolidated Statements of Income
    (in millions, except per share amounts)
    (unaudited)
               
      Three Months Ended   Six Months Ended
      June 30,   June 30,   June 30,   June 30,
        2025       2024       2025       2024  
                     
    Revenues:              
    Capital Access Platforms $ 527     $ 481     $ 1,042     $ 960  
    Financial Technology   464       420       896       813  
    Market Services   1,090       883       2,224       1,678  
    Other Revenues   9       8       18       18  
      Total revenues   2,090       1,792       4,180       3,469  
    Transaction-based expenses:              
    Transaction rebates   (629 )     (483 )     (1,208 )     (965 )
    Brokerage, clearance and exchange fees   (155 )     (150 )     (429 )     (227 )
    Revenues less transaction-based expenses   1,306       1,159       2,543       2,277  
                   
    Operating Expenses:              
    Compensation and benefits   352       328       681       669  
    Professional and contract services   39       39       75       72  
    Technology and communication infrastructure   79       69       156       135  
    Occupancy   30       27       58       56  
    General, administrative and other   23       30       29       58  
    Marketing and advertising   14       12       28       23  
    Depreciation and amortization   158       153       313       308  
    Regulatory   14       18       29       28  
    Merger and strategic initiatives   20       4       44       13  
    Restructuring charges   9       56       15       82  
      Total operating expenses   738       736       1,428       1,444  
    Operating income   568       423       1,115       833  
    Interest income   12       6       24       12  
    Interest expense   (95 )     (102 )     (192 )     (211 )
    Net gain on divestitures   39             39        
    Other income   1       12             13  
    Net income from unconsolidated investees   23       2       50       6  
    Income before income taxes   548       341       1,036       653  
    Income tax provision   96       119       190       198  
    Net income   452       222       846       455  
    Net loss attributable to noncontrolling interests               1       1  
    Net income attributable to Nasdaq $ 452     $ 222     $ 847     $ 456  
                   
    Per share information:              
    Basic earnings per share $ 0.79     $ 0.39     $ 1.47     $ 0.79  
    Diluted earnings per share $ 0.78     $ 0.38     $ 1.46     $ 0.79  
    Cash dividends declared per common share $ 0.27     $ 0.24     $ 0.51     $ 0.46  
                   
    Weighted-average common shares outstanding              
    for earnings per share:              
    Basic   574.1       576.4       574.6       575.9  
    Diluted   579.0       579.0       579.5       578.9  
                     
    Nasdaq, Inc.
    Revenue Detail
    (in millions)
    (unaudited)
                     
            Three Months Ended   Six Months Ended
            June 30,   June 30,   June 30,   June 30,
              2025       2024       2025       2024  
                         
    CAPITAL ACCESS PLATFORMS              
      Data and Listing Services revenues $ 198     $ 187     $ 391     $ 372  
      Index revenues   196       167       388       336  
      Workflow and Insights revenues   133       127       263       252  
        Total Capital Access Platforms revenues   527       481       1,042       960  
                         
    FINANCIAL TECHNOLOGY              
      Financial Crime Management Technology revenues   81       67       157       131  
      Regulatory Technology revenues   104       95       206       186  
      Capital Markets Technology revenues   279       258       533       496  
        Total Financial Technology revenues   464       420       896       813  
                         
    MARKET SERVICES              
      Market Services revenues   1,090       883       2,224       1,678  
      Transaction-based expenses:              
          Transaction rebates   (629 )     (483 )     (1,208 )     (965 )
          Brokerage, clearance and exchange fees   (155 )     (150 )     (429 )     (227 )
        Total Market Services revenues, net   306       250       587       486  
                         
    OTHER REVENUES   9       8       18       18  
                         
    REVENUES LESS TRANSACTION-BASED EXPENSES $ 1,306     $ 1,159     $ 2,543     $ 2,277  
                         
    Nasdaq, Inc.
    Condensed Consolidated Balance Sheets
    (in millions)
               
          June 30,   December 31,
            2025       2024  
    Assets   (unaudited)    
    Current assets:        
      Cash and cash equivalents   $ 732     $ 592  
      Restricted cash and cash equivalents     195       31  
      Default funds and margin deposits     5,218       5,664  
      Financial investments     84       184  
      Receivables, net     896       1,022  
      Other current assets     227       293  
    Total current assets     7,352       7,786  
    Property and equipment, net     656       593  
    Goodwill     14,328       13,957  
    Intangible assets, net     6,741       6,905  
    Operating lease assets     441       375  
    Other non-current assets     865       779  
    Total assets   $ 30,383     $ 30,395  
               
    Liabilities        
    Current liabilities:        
      Accounts payable and accrued expenses   $ 246     $ 269  
      Section 31 fees payable to SEC     411       319  
      Accrued personnel costs     280       325  
      Deferred revenue     848       711  
      Other current liabilities     154       215  
      Default funds and margin deposits     5,218       5,664  
      Short-term debt     500       399  
    Total current liabilities     7,657       7,902  
    Long-term debt     8,678       9,081  
    Deferred tax liabilities, net     1,540       1,594  
    Operating lease liabilities     453       388  
    Other non-current liabilities     237       230  
    Total liabilities     18,565       19,195  
             
    Commitments and contingencies        
    Equity        
    Nasdaq stockholders’ equity:        
      Common stock     6       6  
      Additional paid-in capital     5,425       5,530  
      Common stock in treasury, at cost     (706 )     (647 )
      Accumulated other comprehensive loss     (1,869 )     (2,099 )
      Retained earnings     8,955       8,401  
    Total Nasdaq stockholders’ equity     11,811       11,191  
      Noncontrolling interests     7       9  
    Total equity     11,818       11,200  
    Total liabilities and equity   $ 30,383     $ 30,395  
               
    Nasdaq, Inc.  
    Reconciliation of U.S. GAAP to Non-GAAP Net Income Attributable to Nasdaq and Diluted Earnings Per Share  
    (in millions, except per share amounts)  
    (unaudited)  
                         
                     
           Three Months Ended   Six Months Ended  
          June 30,   June 30,   June 30,   June 30,  
            2025       2024       2025       2024    
                         
    U.S. GAAP net income attributable to Nasdaq   $ 452     $ 222     $ 847     $ 456    
    Non-GAAP adjustments:                  
      Amortization expense of acquired intangible assets (1)     122       122       243       244    
      Merger and strategic initiatives expense (2)     20       4       44       13    
      Restructuring charges (3)     9       56       15       82    
      Net gain on divestitures (4)     (39 )           (39 )        
      Net income from unconsolidated investees (5)     (23 )     (2 )     (50 )     (6 )  
      Gain on extinguishment of debt (6)                 (19 )        
      Legal and regulatory matters (7)     1       13       4       16    
      Pension settlement charge (8)                       23    
      Other loss (income) (9)     1       (10 )     1       (9 )  
      Total non-GAAP adjustments     91       183       199       363    
      Non-GAAP adjustment to the income tax provision (10)     (24 )     (41 )     (70 )     (88 )  
      Other tax adjustments (11)     (27 )     33       (27 )     33    
      Total non-GAAP adjustments, net of tax     40       175       102       308    
    Non-GAAP net income attributable to Nasdaq   $ 492     $ 397     $ 949     $ 764    
                         
    U.S. GAAP diluted earnings per share   $ 0.78     $ 0.38     $ 1.46     $ 0.79    
      Total adjustments from non-GAAP net income above     0.07       0.31       0.18       0.53    
    Non-GAAP diluted earnings per share   $ 0.85     $ 0.69     $ 1.64     $ 1.32    
                         
    Weighted-average diluted common shares outstanding for earnings per share:     579.0       579.0       579.5       578.9    
                         
                         
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.  
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement.  
    (3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release.  
    (4) For the three and six months ended June 30, 2025, we recorded pre-tax net gains on the sale of our Nordic power futures business and our Nasdaq Risk Modelling for Catastrophes business, which are included in net gain on divestitures in the Condensed Consolidated Statements of Income.  
    (5) We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.  
    (6) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.  
    (7) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a Swedish Financial Supervisory Authority, or SFSA, fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income.  
    (8) For the six months ended June 30, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.  
    (9) For the three and six months ended June 30, 2024, other items primarily include net gains from strategic investments entered into through our corporate venture program, which are included in other income in our Condensed Consolidated Statements of Income.  
    (10) The non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment. For the six months ended June 30, 2025, this also includes a release of the prior year’s reserves following a favorable audit settlement.  
    (11) For the three and six months ended June 30, 2025, we recorded a tax benefit related to payments made to certain former Adenza employees. For the three and six months ended June 30, 2024, other tax adjustments also includes a one-time net tax expense of $33 million related to the completion of an intra-group transfer of certain IP assets to our U.S. headquarters.  
                         
    Nasdaq, Inc.  
    Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin  
    (in millions)  
    (unaudited)  
                     
           Three Months Ended   Six Months Ended  
          June 30,   June 30,   June 30,   June 30,  
            2025       2024       2025       2024    
                         
    U.S. GAAP operating income   $ 568     $ 423     $ 1,115     $ 833    
    Non-GAAP adjustments:                  
      Amortization expense of acquired intangible assets (1)     122       122       243       244    
      Merger and strategic initiatives expense (2)     20       4       44       13    
      Restructuring charges (3)     9       56       15       82    
      Gain on extinguishment of debt (4)                 (19 )        
      Legal and regulatory matters (5)     1       13       4       16    
      Pension settlement charge (6)                       23    
      Other loss     1       2       1       2    
      Total non-GAAP adjustments     153       197       288       380    
    Non-GAAP operating income   $ 721     $ 620     $ 1,403     $ 1,213    
                       
    Revenues less transaction-based expenses   $ 1,306     $ 1,159     $ 2,543     $ 2,277    
                         
    U.S. GAAP operating margin (7)     44 %     36 %     44 %     37 %  
                         
    Non-GAAP operating margin (8)     55 %     53 %     55 %     53 %  
                         
    Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.  
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.  
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement.  
    (3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release.  
    (4) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.  
    (5) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a SFSA fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income.  
    (6) For the six months ended June 30, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.  
    (7) U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.  
    (8) Non-GAAP operating margin equals non-GAAP operating income divided by revenues less transaction-based expenses.  
                         
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses
    (in millions)
    (unaudited)
                   
           Three Months Ended   Six Months Ended
          June 30,   June 30,   June 30,   June 30,
            2025       2024       2025       2024  
                       
    U.S. GAAP operating expenses   $ 738     $ 736     $ 1,428     $ 1,444  
    Non-GAAP adjustments:                
      Amortization expense of acquired intangible assets (1)     (122 )     (122 )     (243 )     (244 )
      Merger and strategic initiatives expense (2)     (20 )     (4 )     (44 )     (13 )
      Restructuring charges (3)     (9 )     (56 )     (15 )     (82 )
      Gain on extinguishment of debt (4)                 19        
      Legal and regulatory matters (5)     (1 )     (13 )     (4 )     (16 )
      Pension settlement charge (6)                       (23 )
      Other loss     (1 )     (2 )     (1 )     (2 )
      Total non-GAAP adjustments     (153 )     (197 )     (288 )     (380 )
    Non-GAAP operating expenses   $ 585     $ 539     $ 1,140     $ 1,064  
                       
                       
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement.
    (3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release.
    (4) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.
    (5) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a SFSA fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income.
    (6) For the six months ended June 30, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
                       
    Nasdaq, Inc.
    Reconciliation of Organic Impacts for Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
    Non-GAAP Operating Income, and Non-GAAP Diluted Earnings Per Share
    (in millions, except per share amounts)
    (unaudited)
                                   
                                   
      Three Months Ended   Total Variance   Other Impacts (1)   Adjusted/Organic
    Impact
    (2)
      June 30, 2025   June 30, 2024   $   %   $   %   $   %
    CAPITAL ACCESS PLATFORMS                              
    Data and Listing Services revenues $ 198   $ 187   $ 11   6 %   $ 3   2 %   $ 8   5 %
    Index revenues   196     167     29   17 %       %     29   17 %
    Workflow and Insights revenues   133     127     6   5 %     1   1 %     5   5 %
    Total Capital Access Platforms revenues   527     481     46   10 %     4   1 %     42   9 %
                                   
    FINANCIAL TECHNOLOGY                              
    Financial Crime Management Technology revenues   81     67     14   20 %       %     14   20 %
    Regulatory Technology revenues   104     95     9   10 %       (1 )%     9   11 %
    Capital Markets Technology revenues   279     258     21   8 %       %     21   8 %
    Total Financial Technology revenues   464     420     44   10 %       %     44   10 %
                                   
    Solutions revenues (3)   991     901     90   10 %     4   %     86   10 %
                                   
    Market Services, net revenues   306     250     56   22 %     4   2 %     52   21 %
                                   
    Other revenues   9     8     1   5 %       3 %     1   1 %
                                   
    Revenues less transaction-based expenses $ 1,306   $ 1,159   $ 147   13 %   $ 8   1 %   $ 139   12 %
                                   
    Non-GAAP Operating Expenses $ 585   $ 539   $ 46   9 %   $ 5   1 %   $ 41   8 %
                                   
    Non-GAAP Operating Income $ 721   $ 620   $ 101   16 %   $ 3   1 %   $ 98   16 %
                                   
    Non-GAAP diluted earnings per share $ 0.85   $ 0.69   $ 0.16   24 %   $   %   $ 0.16   24 %
                                   
                                   
    Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.
    (1) Reflects the impacts from changes in foreign currency exchange rates and the impact of a divestiture within Capital Markets Technology.
    (2) Adjusted and organic period over period change are calculated by (i) removing the impact of period-over-period changes in foreign currency exchange rates (ii) adjusting for the impact of a divestiture and (iii) adjusting for the impact of AxiomSL on-premises contracts for ratable recognition for 2Q24, which was immaterial during that period. Adjusted operating results also exclude the impact of the previously announced one-time revenue benefit in our Index business in 1Q24 ($16 million), which did not have an impact on our 2Q25 period over period change but does have an impact on year to date period over period results. Adjusted and organic changes are equivalent as they include the same period over period adjustments.
    (3) Represents Capital Access Platforms and Financial Technology segments.
                                   
    Nasdaq, Inc.
    Key Drivers Detail
    (unaudited)
                     
        Three Months Ended   Six Months Ended
        June 30,   June 30,   June 30,   June 30,
          2025       2024       2025       2024  
    Capital Access Platforms              
      Annualized recurring revenues (in millions) (1) $ 1,315     $ 1,226     $ 1,315     $ 1,226  
      Initial public offerings              
      The Nasdaq Stock Market (2)   79       39       142       66  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic   6       5       10       6  
      Total new listings              
      The Nasdaq Stock Market (2)   194       84       364       163  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (3)   6       10       15       12  
      Number of listed companies              
      The Nasdaq Stock Market (4)   4,238       4,004       4,238       4,004  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (5)   1,148       1,198       1,148       1,198  
      Index              
      Number of licensed exchange traded products (6)   422       373       422       373  
      Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions) $ 745     $ 569     $ 745     $ 569  
      Total average ETP AUM tracking Nasdaq indexes (in billions) $ 663     $ 531     $ 662     $ 512  
      TTM (7) net inflows ETP AUM tracking Nasdaq indexes (in billions) $ 88     $ 53     $ 88     $ 53  
      TTM (7) net appreciation ETP AUM tracking Nasdaq indexes (in billions) $ 88     $ 115     $ 88     $ 115  
                     
    Financial Technology              
      Annualized recurring revenues (in millions) (1)              
      Financial Crime Management Technology $ 308     $ 258     $ 308     $ 258  
      Regulatory Technology   376       338       376       338  
      Capital Markets Technology   932       846       932       846  
      Total Financial Technology $ 1,616     $ 1,442     $ 1,616     $ 1,442  
                     
    Market Services              
      Equity Derivative Trading and Clearing              
      U.S. equity options              
      Total industry average daily volume (in millions)   52.5       42.1       53.0       42.7  
      Nasdaq PHLX matched market share   9.6 %     9.9 %     9.4 %     10.1 %
      The Nasdaq Options Market matched market share   4.3 %     5.5 %     4.7 %     5.4 %
      Nasdaq BX Options matched market share   1.7 %     2.3 %     1.7 %     2.3 %
      Nasdaq ISE Options matched market share   6.6 %     6.9 %     6.7 %     6.6 %
      Nasdaq GEMX Options matched market share   4.4 %     2.6 %     4.0 %     2.6 %
      Nasdaq MRX Options matched market share   2.8 %     2.1 %     2.8 %     2.3 %
      Total matched market share executed on Nasdaq’s exchanges   29.4 %     29.3 %     29.3 %     29.3 %
      Nasdaq Nordic and Nasdaq Baltic options and futures              
      Total average daily volume of options and futures contracts   223,450       251,677       240,133       246,527  
                     
      Cash Equity Trading              
      Total U.S.-listed securities              
      Total industry average daily share volume (in billions)   18.4       11.8       17.1       11.8  
      Matched share volume (in billions)   158.4       119.3       295.5       236.0  
      The Nasdaq Stock Market matched market share   13.5 %     15.6 %     13.8 %     15.7 %
      Nasdaq BX matched market share   0.3 %     0.3 %     0.3 %     0.3 %
      Nasdaq PSX matched market share   0.1 %     0.2 %     0.1 %     0.2 %
      Total matched market share executed on Nasdaq’s exchanges   13.9 %     16.1 %     14.2 %     16.2 %
      Market share reported to the FINRA/Nasdaq Trade Reporting Facility   47.7 %     42.9 %     47.9 %     42.2 %
      Total market share (8)   61.6 %     59.0 %     62.1 %     58.4 %
      Nasdaq Nordic and Nasdaq Baltic securities              
      Average daily number of equity trades executed on Nasdaq’s exchanges   804,121       663,897       796,426       665,183  
      Total average daily value of shares traded (in billions) $ 5.7     $ 4.7     $ 5.5     $ 4.7  
      Total market share executed on Nasdaq’s exchanges (9)   71.9 %     74.1 %     71.2 %     73.3 %
                     
                     
      (1) Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
      (2) New listings include IPOs, issuers that switched from other listing venues, closed-end funds and separately listed ETPs. For the three months ended June 30, 2025 and 2024, IPOs included 41 and 8 SPACs, respectively. For the six months ended June 30, 2025 and 2024, IPOs included 59 and 13 SPACs, respectively.
      (3) New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
      (4) Number of total listings on The Nasdaq Stock Market for the three and six months ended June 30, 2025 and 2024 included 914 and 645 ETPs, respectively.
      (5) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
      (6) The number of listed ETPs as of June 30, 2024 has been updated to reflect a revised methodology whereby an ETP listed on multiple exchanges is counted as one product, rather than formerly being counted per exchange. This change had no impact on reported AUM.
      (7) Trailing 12-months.
      (8) Includes transactions executed on The Nasdaq Stock Market’s, Nasdaq BX’s and Nasdaq PSX’s systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.
      (9) European cash equities markets include cash equities exchanges of Sweden, Denmark, Finland, and Iceland. Minor adjustments to prior periods reflect data from a new consolidated data provider that accurately captures all primary trading venues and Multilateral Trading Facilities, or MTFs.
                     

    The MIL Network

  • MIL-OSI Africa: Africa Finance Corporation (AFC) Fuels Africa’s Mining Ambitions as Silver Sponsor of African Mining Week (AMW) 2025

    Source: APO


    .

    Africa Finance Corporation (AFC), a leading multilateral finance institution, has joined the upcoming African Mining Week (AMW) 2025 as a Silver Sponsor. Held under the theme, From Extraction to Beneficiation: Unlocking Africa’s Mineral Wealth, AMW offers a strategic platform for AFC to engage with African and global mining stakeholders to advance the continent’s mineral development agenda.

    As part of the conference program, AFC will feature in a dedicated finance panel: “The Investor Perspective – Financing Africa’s Mineral Industrialization.” The session will explore how tailored financing solutions can drive local beneficiation, industrialization and inclusive economic growth across Africa’s mining value chains.

    AMW serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

    The AFC’s involvement in AMW 2025 comes at a time of expanded capital mobilization efforts. In June 2025, the Corporation secured a €250 million, 10-year loan from Italy’s Cassa Depositi e Prestiti to catalyze Italian investment in African mining and energy infrastructure projects – particularly the strategic Lobito Corridor, enhancing mineral transport between Angola, Zambia and the Democratic Republic of Congo. This initiative complements a proposed €320 million EU financing package supporting the same corridor.

    In February 2025, the European Investment Bank committed $750 million to AFC’s Climate Resilient Infrastructure Fund, targeting climate-focused projects including energy transition metals and sustainable logistics infrastructure. The same month, AFC also secured a $400 million Shariah-compliant facility from Islamic financiers, following a $500 million hybrid bond issuance in January and a $30 million equity investment from the African Development Bank in December 2024.

    AFC’s capital base has also grown with a $184.8 million equity injection from Angola, reflecting the country’s continued collaboration with AFC following over $1 billion in investments in mining, energy and transport. Meanwhile, a €100 million loan extended to construction group Mota–Engil is enabling the execution of three major gold mining contracts in Ivory Coast and Mali – Africa’s second- and third-largest gold producers.

    Against this backdrop, AMW 2025 provides a timely opportunity for the AFC to showcase its financing strategy, highlight its role in advancing Africa’s mineral beneficiation and connect with mining ventures in search of capital.

    Distributed by APO Group on behalf of Energy Capital & Power.

    MIL OSI Africa

  • MIL-OSI NGOs: Israel/OPT: At UN conference states must prioritize ending Israel’s genocide, unlawful occupation and apartheid

    Source: Amnesty International –

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

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

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

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

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

    Amnesty International’s Secretary General Agnès Callamard

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

    Among the recommendations, Amnesty International is urgently calling on states to:

    • Demand an immediate and lasting ceasefire in Gaza, ensure full, unimpeded access to all areas of Gaza and firmly reject Israel’s military-controlled, non-neutral aid distribution model. A principled, UN-led humanitarian response must be immediately restored, and funding for impartial humanitarian organizations must be maintained and expanded.
    • End any trade or transfers that contribute to or are linked to the genocide, apartheid or the unlawful occupation. This includes in the first place banning all weapons and surveillance equipment transfers and any military assistance to Israel. States must end preferential trade agreements and cooperation deals with Israel, including the EU-Israel Trade Agreement.
    • Adopt targeted sanctions against those Israeli officials most implicated in international crimes and cooperate with the International Criminal Court, including by implementing its arrest warrants.
    • Commit to the reconstruction of the Gaza Strip and the rehabilitation of its people while opposing any forced displacement of Palestinians within or outside of Gaza.
    • Establish mechanisms for reparations and rehabilitation of Palestinians, with Israel bearing the primary financial responsibility.

    Amnesty International calls also on corporations to refuse any involvement in, or direct linkage to Israel’s unlawful actions. Corporations must ensure that they are not contributing to serious human rights violations themselves.

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

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

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

    Co-chaired by France and Saudi Arabia, the High-level International Conference for the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution will take place in New York from 28 to 29 July 2025. Agnès Callamard and other Amnesty International spokespeople will be available for interviews.

    MIL OSI NGO

  • MIL-OSI Europe: Italy: EIB and Eni sign €500 million finance agreement to convert Livorno refinery into a biorefinery

    Source: European Investment Bank

    EIB

    • This will be Eni’s third biorefinery in Italy, after those in Venice and Gela.
    • Among the distinctive features of the project, in addition to the use of advanced technologies, there is the possibility of adapting the plant to also produce SAF (sustainable aviation fuel) in the future.
    • This initiative contributes to the European Union’s decarbonisation goals, with particular reference to the transport sector, and confirms Eni’s energy transition path.
    • The project is part of Enilive’s strategy to reach more than five million tonnes of biorefinery capacity by 2030.

    The European Investment Bank (EIB) and Eni have signed a €500 million 15-year finance contract to support the conversion of Eni’s Livorno refinery in Tuscany into a biorefinery. The agreement was signed today at Eni’s headquarters in San Donato Milanese by EIB Vice-President Gelsomina Vigliotti and Eni CEO Claudio Descalzi.

    Eni’s project involves the construction of new plants to produce hydrogenated biofuels at the Livorno refinery site, including a biogenic pre-treatment unit and a 500 000-tonne/year Ecofining™ plant.

    Thanks to its proprietary Ecofining™ technology, Eni’s company dedicated to sustainable mobility, Enilive, produces HVO (hydrogenated vegetable oil) – a biofuel made from renewable raw materials[1] such as used cooking oil and agrifood waste. Pure HVO can now be used in approved engines and is distributed through existing infrastructure.

    EIB Vice-President Gelsomina Vigliotti said: “The EIB financing is key to delivering a project of high environmental, technological and strategic value, helping to promote the decarbonisation of the transport sector. This is a concrete example of how industrial innovation can accelerate the path towards climate neutrality, while generating sustainable value for regions.”

    Eni CEO Claudio Descalzi said: “The agreement with the EIB confirms Eni’s concrete and high-quality commitment in the transition towards increasingly decarbonized energy. It also underscores the validity of our approach, which is to invest and leverage all available and effective initiatives and technologies for reducing emissions. This virtuous approach is now leading us to convert a third refinery into a biorefinery in Italy, following the examples of Venice and Gela.”

    HVO biofuels play a key role because they can make an immediate contribution to reducing transport sector emissions generated not only on roads, but also by air traffic, maritime and rail transport (calculated along the entire value chain). The conversion of the Livorno site is in line with Enilive’s strategy to increase the production of biofuels in response to growing demand in Europe and Italy, in order to meet both emission reduction targets under RED III (Renewable Energy Directive) and the obligations to release pure biofuels for use as defined by Italian legislation. Worldwide, it is estimated that the demand for hydrogenated biofuels will increase by 65% over the period 2024-2028[2].

    The Livorno biorefinery will be able to treat different types of biogenic charges, mainly waste and residues of plant origin, to produce HVO diesel, HVO naphtha and bio-LPG.

    Among the distinctive features of the project, in addition to the adoption of advanced technologies, there is the possibility in the future of modifying the layout of the plant to have the flexibility to also produce sustainable aviation fuel (SAF), which is a key element of efforts to decarbonise aviation. This gives flexibility to the investment and brings it up to speed with the environmental priorities of the European Union, broadening the potential impact.

    This operation is part of the energy transition at national and European level, contributing substantially to decarbonisation of the transport sector and the reduction of CO2 emissions. It also supports the achievement of Italy’s targets for the production of pure biofuels, which under current legislation provides for a gradual increase in use from 300 000 tonnes per year in 2023 to one million tonnes by 2030.

    Background information

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality. In the last five years, the EIB Group has provided more than €58 billion in financing for projects in Italy. All projects financed by the EIB Group are in line with the Paris Climate Agreement. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation and adaptation, and a healthier environment. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower.

    Eni is a global energy tech company operating in 64 Countries, with about 32.500 employees. Originally an oil & gas company, it has evolved into an integrated energy company, playing a key role in ensuring energy security and leading the energy transition. Eni’s goal is to achieve carbon neutrality by 2050 through the decarbonization of its processes and of the products it sells to its customers. In line with this goal, Eni invests in the research and development of technologies that can accelerate the transition to increasingly sustainable energy. Renewable energy sources, bio-refining, carbon capture and storage are only some examples of Eni’s areas of activity and research. In addition, the company is exploring game-changing technologies such as fusion energy – a technology based on the physical processes that power stars and that could generate safe, virtually limitless energy with zero emissions.


    [1] In accordance with the EU Renewable Energy Directive

    [2] IEA Renewables 2023 report, main case, analysis and forecast to 2028.

    MIL OSI Europe News

  • MIL-OSI Europe: Italy: EIB and Eni sign €500 million finance agreement to convert Livorno refinery into a biorefinery

    Source: European Investment Bank

    EIB

    • This will be Eni’s third biorefinery in Italy, after those in Venice and Gela.
    • Among the distinctive features of the project, in addition to the use of advanced technologies, there is the possibility of adapting the plant to also produce SAF (sustainable aviation fuel) in the future.
    • This initiative contributes to the European Union’s decarbonisation goals, with particular reference to the transport sector, and confirms Eni’s energy transition path.
    • The project is part of Enilive’s strategy to reach more than five million tonnes of biorefinery capacity by 2030.

    The European Investment Bank (EIB) and Eni have signed a €500 million 15-year finance contract to support the conversion of Eni’s Livorno refinery in Tuscany into a biorefinery. The agreement was signed today at Eni’s headquarters in San Donato Milanese by EIB Vice-President Gelsomina Vigliotti and Eni CEO Claudio Descalzi.

    Eni’s project involves the construction of new plants to produce hydrogenated biofuels at the Livorno refinery site, including a biogenic pre-treatment unit and a 500 000-tonne/year Ecofining™ plant.

    Thanks to its proprietary Ecofining™ technology, Eni’s company dedicated to sustainable mobility, Enilive, produces HVO (hydrogenated vegetable oil) – a biofuel made from renewable raw materials[1] such as used cooking oil and agrifood waste. Pure HVO can now be used in approved engines and is distributed through existing infrastructure.

    EIB Vice-President Gelsomina Vigliotti said: “The EIB financing is key to delivering a project of high environmental, technological and strategic value, helping to promote the decarbonisation of the transport sector. This is a concrete example of how industrial innovation can accelerate the path towards climate neutrality, while generating sustainable value for regions.”

    Eni CEO Claudio Descalzi said: “The agreement with the EIB confirms Eni’s concrete and high-quality commitment in the transition towards increasingly decarbonized energy. It also underscores the validity of our approach, which is to invest and leverage all available and effective initiatives and technologies for reducing emissions. This virtuous approach is now leading us to convert a third refinery into a biorefinery in Italy, following the examples of Venice and Gela.”

    HVO biofuels play a key role because they can make an immediate contribution to reducing transport sector emissions generated not only on roads, but also by air traffic, maritime and rail transport (calculated along the entire value chain). The conversion of the Livorno site is in line with Enilive’s strategy to increase the production of biofuels in response to growing demand in Europe and Italy, in order to meet both emission reduction targets under RED III (Renewable Energy Directive) and the obligations to release pure biofuels for use as defined by Italian legislation. Worldwide, it is estimated that the demand for hydrogenated biofuels will increase by 65% over the period 2024-2028[2].

    The Livorno biorefinery will be able to treat different types of biogenic charges, mainly waste and residues of plant origin, to produce HVO diesel, HVO naphtha and bio-LPG.

    Among the distinctive features of the project, in addition to the adoption of advanced technologies, there is the possibility in the future of modifying the layout of the plant to have the flexibility to also produce sustainable aviation fuel (SAF), which is a key element of efforts to decarbonise aviation. This gives flexibility to the investment and brings it up to speed with the environmental priorities of the European Union, broadening the potential impact.

    This operation is part of the energy transition at national and European level, contributing substantially to decarbonisation of the transport sector and the reduction of CO2 emissions. It also supports the achievement of Italy’s targets for the production of pure biofuels, which under current legislation provides for a gradual increase in use from 300 000 tonnes per year in 2023 to one million tonnes by 2030.

    Background information

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality. In the last five years, the EIB Group has provided more than €58 billion in financing for projects in Italy. All projects financed by the EIB Group are in line with the Paris Climate Agreement. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation and adaptation, and a healthier environment. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower.

    Eni is a global energy tech company operating in 64 Countries, with about 32.500 employees. Originally an oil & gas company, it has evolved into an integrated energy company, playing a key role in ensuring energy security and leading the energy transition. Eni’s goal is to achieve carbon neutrality by 2050 through the decarbonization of its processes and of the products it sells to its customers. In line with this goal, Eni invests in the research and development of technologies that can accelerate the transition to increasingly sustainable energy. Renewable energy sources, bio-refining, carbon capture and storage are only some examples of Eni’s areas of activity and research. In addition, the company is exploring game-changing technologies such as fusion energy – a technology based on the physical processes that power stars and that could generate safe, virtually limitless energy with zero emissions.


    [1] In accordance with the EU Renewable Energy Directive

    [2] IEA Renewables 2023 report, main case, analysis and forecast to 2028.

    MIL OSI Europe News

  • MIL-OSI United Kingdom: expert reaction to Listeriosis-caused death in Ireland

    Source: United Kingdom – Executive Government & Departments

    Scientists comment on a death caused by Listeriosis in Ireland. 

    Prof Brendan Wren, Professor of Microbial Pathogenesis, London School of Hygiene & Tropical Medicine, said:

    What is listeriosis, how common is it, how does it occur, how is it treated?

    “Listeriosis invariably is caused by the bacterium Listeria monocytogenes and is a rare infection that can cause meningitis and other complications. It is usually transmitted through the contamination of food products and is unusual in that it can survive at low temperatures including in refrigeration. Pregnant women and over 65s are particularly susceptible to infection.

     What do we know so far about the situation so far and what is yet to be learned?

    “The current situation appears to be an outbreak in the island of Ireland linked to potential contamination of a food source.”

    What might have caused this particular outbreak and how will it be controlled?

    “Most outbreaks of Listeriosis are often linked to persistent strains at food manufacturing sites. The strains are often difficult to detect and can withstand refrigeration and persist in factory sites for several months. Full inspection of the food processing chain and culturing of the bacterium will be required to identify the contaminating source.

    How deadly is listeria and should we expect to see more deaths due to listeriosis?

    “Rarely causes death, mainly in the immunocompromised. Most individuals will have mild flu-like symptoms, nausea and diarrhoea.

    How worried should we be about this and future outbreaks?

    “Outbreaks of Listeriosis are rare in Europe. The pathogen is very rarely transmitted between humans (except mothers to foetuses). So there should not be real alarm.

    What can we do to prevent infection/future outbreaks?

    “Close monitoring and testing at all points of the food supply chain”

    Declared interests

    No reply to our request for DOIs was received.

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Minibeasts make a big impact at Oxford Island

    Source: Northern Ireland City of Armagh

    Children get a close look at some of the bugs living in the wetlands at Oxford Island

    They may be small in stature, but the fascinating array of insects and bugs at Oxford Island proved to be hugely popular at the ‘Minibeast Morning’ held last week.

    Expertly guided by the Education Team from the Biodiversity Service at ABC Council, children aged between five and ten-years-old were taken on a wonderful adventure into the secret world of bugs which live in the woodlands and wetlands at Oxford Island.

    The event proved a major success, with the children getting a close-up look at the various species which are so crucial to the ecology of our environment.

    In the woodlands, they were able to uncover a range of bugs including the amazing ‘Devils Coach Horse’ beetle, as well as wood lice, spiders, slugs and some ladybirds.

    Over at the ponds surrounding the Lough Neagh Discovery Centre, the children used nets to take samples of the various little animals living there. They were able to find pond skaters, dragonfly nymphs, baby newts, pond snails, small fish and water lice, while several stunning damselflies flitted from reed to reed.

    The Minibeast Morning was part of the busy programme of summer events being held at Oxford Island which also includes bird watching and nature exploring.

    Educational events and activities for both children and adults are held at Oxford Island throughout the year, offering a unique window into the natural environment and wildlife along the shores of Lough Neagh. To find out more, please visit – www.getactiveabc.com/ oxfordisland/ or visit the Oxford Island Facebook page.

    MIL OSI United Kingdom

  • MIL-OSI NGOs: Update 304 – IAEA Director General Statement on Situation in Ukraine

    Source: International Atomic Energy Agency (IAEA) –

    The International Atomic Energy Agency (IAEA) this week provided Ukraine with a freight vehicle for the transport of radioactive material, its 150th delivery of equipment to support nuclear safety and security in the country during the military conflict, Director General Rafael Mariano Grossi said today.

    State Enterprise USIE Izotop – involved in the management of radioactive material intended for medical, industrial and other purposes – received the truck that was funded by the European Union (EU) and Sweden. IAEA staff helped ensure that transport safety and security considerations were taken into account in the design of the vehicle.

    “Since the start of the conflict three and a half years ago, the IAEA has coordinated assistance for Ukraine of a wide range of technical equipment, medical supplies and other items that are of vital importance for nuclear safety and security. These deliveries are part of our overall efforts aimed at preventing a nuclear accident during this devastating war,” Director General Grossi said.

    “Thanks to the generous support of many of our Member States and the European Union, we have now carried out shipments with a total value of more than 19 million euros, each one helping to enhance different aspects of nuclear safety and security,” he said.

    Several other deliveries have taken place in recent weeks, supported by Belgium, the EU and Japan: the regional state laboratory in Mykolaiv province – badly affected by the destruction of the Kakhovka dam in mid-2023 – received a real-time PCR cycler (Polymerase Chain Reaction, a nuclear-derived technique) for fast and accurate analysis to help it fight the spread of disease as a result of the flooding; the medical unit of the Rivne Nuclear Power Plant received an ultrasound system; and a subsidiary of national nuclear operator Energoatom received a cryostat system ensuring continuity of services affected by power cuts and liquid nitrogen supply challenges.

    Director General Grossi said nuclear safety and security remains under threat in Ukraine.

    At the Zaporizhzhya Nuclear Power Plant (ZNPP), the IAEA team based at the site has continued to hear shelling, explosions, and gunfire almost every day.

    Earlier this month, the ZNPP informed the IAEA team that the site’s training centre was targeted in a drone strike on 13 July, resulting in damage to its roof. There were no reports of casualties. The team was not granted access to assess the damage to the training centre located outside the site perimeter, with the plant citing security concerns.

    In addition, the ZNPP’s off-site power situation continues to be extremely fragile, with the plant having had access to just one single power line for almost three months now, compared to ten before the conflict.

    The nearby city of Enerhodar – where most ZNPP staff live – suffered an electricity blackout on 17 July due to damage to its main power line, according to information provided to the IAEA team members.  They were also told that subsequent shelling had damaged some buildings in the city, which was also observed when the team visited Enerhodar on 19 July.

    A forest fire near Enerhodar that caused smoke which was observed by the IAEA team last weekend has been extinguished without any impact on nuclear safety, the plant said.  

    The IAEA team has continued to carry out walkdowns across the ZNPP site to monitor nuclear safety and security, observing the testing of three emergency diesel generators as well as visiting the containment and safety system rooms of two reactor units.

    They also discussed with the plant management different options for refilling the plant’s cooling pond following the loss of the Kakhovka dam two years ago and further planning on emergency preparedness and response, including preparations for a site exercise later this year.

    At Ukraine’s operating nuclear power plants (NPPs) – Khmelnytskyy, Rivne and South Ukraine – three of their total of nine units are currently in shutdown for refuelling and maintenance.

    The IAEA team based at these plants, and the Chornobyl site, reported hearing air raid alarms nearly every day over the past week.

    At the Khmelnytskyy and South Ukraine NPPs, the IAEA teams were informed that during the night of 18 July drones were detected a few kilometres away from the two sites. That same evening, the team at Chornobyl observed flashes of light and heard explosions in the distance.

    MIL OSI NGO

  • MIL-OSI United Nations: Update 304 – IAEA Director General Statement on Situation in Ukraine

    Source: International Atomic Energy Agency (IAEA)

    The International Atomic Energy Agency (IAEA) this week provided Ukraine with a freight vehicle for the transport of radioactive material, its 150th delivery of equipment to support nuclear safety and security in the country during the military conflict, Director General Rafael Mariano Grossi said today.

    State Enterprise USIE Izotop – involved in the management of radioactive material intended for medical, industrial and other purposes – received the truck that was funded by the European Union (EU) and Sweden. IAEA staff helped ensure that transport safety and security considerations were taken into account in the design of the vehicle.

    “Since the start of the conflict three and a half years ago, the IAEA has coordinated assistance for Ukraine of a wide range of technical equipment, medical supplies and other items that are of vital importance for nuclear safety and security. These deliveries are part of our overall efforts aimed at preventing a nuclear accident during this devastating war,” Director General Grossi said.

    “Thanks to the generous support of many of our Member States and the European Union, we have now carried out shipments with a total value of more than 19 million euros, each one helping to enhance different aspects of nuclear safety and security,” he said.

    Several other deliveries have taken place in recent weeks, supported by Belgium, the EU and Japan: the regional state laboratory in Mykolaiv province – badly affected by the destruction of the Kakhovka dam in mid-2023 – received a real-time PCR cycler (Polymerase Chain Reaction, a nuclear-derived technique) for fast and accurate analysis to help it fight the spread of disease as a result of the flooding; the medical unit of the Rivne Nuclear Power Plant received an ultrasound system; and a subsidiary of national nuclear operator Energoatom received a cryostat system ensuring continuity of services affected by power cuts and liquid nitrogen supply challenges.

    Director General Grossi said nuclear safety and security remains under threat in Ukraine.

    At the Zaporizhzhya Nuclear Power Plant (ZNPP), the IAEA team based at the site has continued to hear shelling, explosions, and gunfire almost every day.

    Earlier this month, the ZNPP informed the IAEA team that the site’s training centre was targeted in a drone strike on 13 July, resulting in damage to its roof. There were no reports of casualties. The team was not granted access to assess the damage to the training centre located outside the site perimeter, with the plant citing security concerns.

    In addition, the ZNPP’s off-site power situation continues to be extremely fragile, with the plant having had access to just one single power line for almost three months now, compared to ten before the conflict.

    The nearby city of Enerhodar – where most ZNPP staff live – suffered an electricity blackout on 17 July due to damage to its main power line, according to information provided to the IAEA team members.  They were also told that subsequent shelling had damaged some buildings in the city, which was also observed when the team visited Enerhodar on 19 July.

    A forest fire near Enerhodar that caused smoke which was observed by the IAEA team last weekend has been extinguished without any impact on nuclear safety, the plant said.  

    The IAEA team has continued to carry out walkdowns across the ZNPP site to monitor nuclear safety and security, observing the testing of three emergency diesel generators as well as visiting the containment and safety system rooms of two reactor units.

    They also discussed with the plant management different options for refilling the plant’s cooling pond following the loss of the Kakhovka dam two years ago and further planning on emergency preparedness and response, including preparations for a site exercise later this year.

    At Ukraine’s operating nuclear power plants (NPPs) – Khmelnytskyy, Rivne and South Ukraine – three of their total of nine units are currently in shutdown for refuelling and maintenance.

    The IAEA team based at these plants, and the Chornobyl site, reported hearing air raid alarms nearly every day over the past week.

    At the Khmelnytskyy and South Ukraine NPPs, the IAEA teams were informed that during the night of 18 July drones were detected a few kilometres away from the two sites. That same evening, the team at Chornobyl observed flashes of light and heard explosions in the distance.

    MIL OSI United Nations News

  • MIL-OSI Security: Update 304 – IAEA Director General Statement on Situation in Ukraine

    Source: International Atomic Energy Agency – IAEA

    The International Atomic Energy Agency (IAEA) this week provided Ukraine with a freight vehicle for the transport of radioactive material, its 150th delivery of equipment to support nuclear safety and security in the country during the military conflict, Director General Rafael Mariano Grossi said today.

    State Enterprise USIE Izotop – involved in the management of radioactive material intended for medical, industrial and other purposes – received the truck that was funded by the European Union (EU) and Sweden. IAEA staff helped ensure that transport safety and security considerations were taken into account in the design of the vehicle.

    “Since the start of the conflict three and a half years ago, the IAEA has coordinated assistance for Ukraine of a wide range of technical equipment, medical supplies and other items that are of vital importance for nuclear safety and security. These deliveries are part of our overall efforts aimed at preventing a nuclear accident during this devastating war,” Director General Grossi said.

    “Thanks to the generous support of many of our Member States and the European Union, we have now carried out shipments with a total value of more than 19 million euros, each one helping to enhance different aspects of nuclear safety and security,” he said.

    Several other deliveries have taken place in recent weeks, supported by Belgium, the EU and Japan: the regional state laboratory in Mykolaiv province – badly affected by the destruction of the Kakhovka dam in mid-2023 – received a real-time PCR cycler (Polymerase Chain Reaction, a nuclear-derived technique) for fast and accurate analysis to help it fight the spread of disease as a result of the flooding; the medical unit of the Rivne Nuclear Power Plant received an ultrasound system; and a subsidiary of national nuclear operator Energoatom received a cryostat system ensuring continuity of services affected by power cuts and liquid nitrogen supply challenges.

    Director General Grossi said nuclear safety and security remains under threat in Ukraine.

    At the Zaporizhzhya Nuclear Power Plant (ZNPP), the IAEA team based at the site has continued to hear shelling, explosions, and gunfire almost every day.

    Earlier this month, the ZNPP informed the IAEA team that the site’s training centre was targeted in a drone strike on 13 July, resulting in damage to its roof. There were no reports of casualties. The team was not granted access to assess the damage to the training centre located outside the site perimeter, with the plant citing security concerns.

    In addition, the ZNPP’s off-site power situation continues to be extremely fragile, with the plant having had access to just one single power line for almost three months now, compared to ten before the conflict.

    The nearby city of Enerhodar – where most ZNPP staff live – suffered an electricity blackout on 17 July due to damage to its main power line, according to information provided to the IAEA team members.  They were also told that subsequent shelling had damaged some buildings in the city, which was also observed when the team visited Enerhodar on 19 July.

    A forest fire near Enerhodar that caused smoke which was observed by the IAEA team last weekend has been extinguished without any impact on nuclear safety, the plant said.  

    The IAEA team has continued to carry out walkdowns across the ZNPP site to monitor nuclear safety and security, observing the testing of three emergency diesel generators as well as visiting the containment and safety system rooms of two reactor units.

    They also discussed with the plant management different options for refilling the plant’s cooling pond following the loss of the Kakhovka dam two years ago and further planning on emergency preparedness and response, including preparations for a site exercise later this year.

    At Ukraine’s operating nuclear power plants (NPPs) – Khmelnytskyy, Rivne and South Ukraine – three of their total of nine units are currently in shutdown for refuelling and maintenance.

    The IAEA team based at these plants, and the Chornobyl site, reported hearing air raid alarms nearly every day over the past week.

    At the Khmelnytskyy and South Ukraine NPPs, the IAEA teams were informed that during the night of 18 July drones were detected a few kilometres away from the two sites. That same evening, the team at Chornobyl observed flashes of light and heard explosions in the distance.

    MIL Security OSI

  • MIL-OSI United Kingdom: Holidaymakers heading to Europe urged to help protect British farmers by not bringing back meat and dairy products

    Source: United Kingdom – Executive Government & Departments

    Press release

    Holidaymakers heading to Europe urged to help protect British farmers by not bringing back meat and dairy products

    Call for holidaymakers to follow rules introduced to help protect farmers from Foot and Mouth

    UK holidaymakers heading to Europe this summer are being urged to help protect British farmers from Foot and Mouth disease by not bringing back meat and dairy products 

    Europe has seen a wave of cases impacting Hungary, Austria and Germany, and the UK Chief Vet is today (July 24th) urging the British public to comply with the rules, so we avoid a devastating outbreak like the one that was experienced in 2001. 

    Foot and Mouth disease is a highly contagious viral disease that can, in some cases, kill cattle, sheep, pigs and other cloven-hoofed animals. It can be carried in animal products – including meat, dairy products and some processed food. The virus can remain viable for months and can rapidly spread through contaminated objects and the movement of people.  

    It is illegal for travellers entering GB to bring with them untreated meat or dairy products including lamb, pork, mutton, venison and goat meat, and all other products made from these meats or containing them – such as sandwiches and sausages – from the EU, regardless of whether they are packed, packaged or have been bought at duty free.     

    This includes products such as cheese, chorizo, salami, serrano ham, pâté, yoghurt, butter, milk, and sandwiches containing any of the banned meats.  

    These strict rules were introduced due to the toll Foot and Mouth can have on the farming industry . An outbreak could result in the culling of large numbers of the country’s livestock and cost the UK economy billions of pounds in production shortfalls, lost trade and disease control. The outbreak in GB in 2001 is estimated to have cost £15 billion (in current prices) in disease control costs alone.  

    Biosecurity Minister, Baroness Hayman, said: 

    Maintaining the integrity of our biosecurity against Foot and Mouth Disease is essential, and this updated control strategy reflects our strengthened approach to managing that risk. It reflects our clear determination to safeguard our borders. 

    We are asking the public to take this seriously. Do not bring prohibited animal or plant products into the country—doing so puts farmers livelihoods at risk.

    UK Chief Veterinary Officer Christine Middlemiss said:  

    Foot and Mouth disease has been recently circulating on the continent. The disease presents a significant risk to Britain’s food security and economy. 

    This highly contagious disease causes considerable suffering to livestock and has a devastating economic and personal impact on farmers, who lose their prized animals.  I know it is disappointing not to be able to bring back produce from your holidays, but please avoid temptation – you will be doing your bit to help protect our hard-working farmers.

    To further strengthen the country’s response to foot and mouth disease, the Government has today updated the Foot and Mouth Control Strategy for GB which will support the UK’s ability to prevent, detect, and respond to an outbreak, protecting the livestock industry and rural economy. This is the first update in over a decade. This comes ahead of an exercise later this year to test Government preparedness. The updated framework provides information to help farmers protect their business and outlines how government will respond effectively to outbreaks. 

    Last month, the Government announced £1bn funding for a new investment programme to build a new National Biosecurity Centre – a cutting-edge scientific campus in Surrey that will serve as the UKs foremost animal biosecurity facility. This will better protect the public and farmers from animal disease by enhancing the country’s detection, surveillance and control capabilities for high-risk animal diseases, such as avian influenza, foot and mouth disease, and African swine fever, and enhance our ability to manage concurrent disease outbreaks. 

    Foot and mouth disease is a notifiable disease and must be reported. If you suspect foot and mouth disease in your animals, you must report it immediately by calling:    

    • 03000 200 301 in England     

    • 0300 303 8268 in Wales     

    • your local  Field Services Office in Scotland 

    ENDS 

    Notes to editors – current restrictions  

    • Travellers are currently banned from bringing all dairy products and some meats from the European Union (EU) into GB. These restrictions aim to prevent the introduction of FMD and other harmful animal diseases such as ASF, PPR and LSD.   

    • It is illegal for travellers entering GB (not Northern Ireland) to bring with them lamb, pork, mutton, venison and goat meat, and all other products made from these meats or containing them – such as sandwiches and sausages – from the EU, regardless of whether they are packed, packaged or have been bought at duty free.     

    • This includes products such as cheese, chorizo, salami, serrano ham, pâté, yoghurt, butter, milk, and sandwiches containing any of the banned meats.  

    • The current restrictions were introduced in April in response to rising cases of FMD in Europe, and to protect the health of British livestock, the security of farmers, and the UK’s food security. Restrictions on travellers bringing back certain meat and dairy products were already in place to curb the spread of ASF and PPR in Europe.   

    • Travellers are also banned from bringing any meat, meat products, milk or milk-based products into GB from countries outside the EU, Switzerland, Norway, Iceland, Liechtenstein, the Faroe Islands and Greenland.  

    • Border Force will check for prohibited goods as part of customs checks. Travellers found with prohibited items must surrender them at the border or have them seized and destroyed. In serious cases, those found with such may be fined up to £5,000 in England or prosecuted across GB.  

    • The government continues to work closely with ports, airports and travel operators to raise awareness of the ban, including via prominent signage.  

    • The measures will stay in place until the personal import of affected products no longer poses a significant biosecurity risk to GB.  

    • The restrictions do not apply to travellers arriving into GB from Northern Ireland, Jersey, Guernsey, or the Isle of Man.  

    • The measures apply only to personal imports, e.g. goods that travellers bring back with them from holiday. Commercial food imports must undergo other biosecurity requirements, including heat treatments and accompanying export health certificates signed by official veterinarians to mitigate the risk of diseases, such as FMD, ASF, PPR and LSD.  

    • More information for travellers arriving from the EU can be found here: https://www.gov.uk/bringing-food-into-great-britain/meat-dairy-fish-animal-products

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom

  • MIL-OSI Europe: President Meloni expresses satisfaction with Senate’s approval of bill on femicide as a crime in its own right

    Source: Government of Italy (English)

    23 Luglio 2025

    It is with particular satisfaction that I welcome the Senate’s unanimous approval of the government-initiated bill to introduce femicide as a crime in its own right within our legal system. Italy is one of the first nations to embark on this path, which we are convinced can help fight what is an intolerable scourge. I wish to thank all the political forces, both in the governing majority and the opposition, for their united support for this proposal and their contribution to improving it.
    The bill will now move on to the Chamber of Deputies, and I hope the procedure can be completed swiftly.

    [Courtesy translation]

    MIL OSI Europe News

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

    Source: UNESCO World Heritage Centre

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

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

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

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

    Interinstitutional initiative in the Pantanal

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

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

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

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

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

    Geographical and climatic challenges in firefighting

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

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

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

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

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

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

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

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

    Silas Ismael

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

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

    Rosi do Céu, rooted in the Cerrado

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

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

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

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

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

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

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

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

    Eliane: ancestral wisdom

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

    Silas Ismael

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

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

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

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

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

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

    About the UNESCO Heritage Emergency Fund

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

    MIL OSI United Nations News

  • MIL-OSI: MIG Capital leads CHF 7.75 million seed financing for ASTRA Therapeutics

    Source: GlobeNewswire (MIL-OSI)

    • MIG Capital, through its MIG Fonds, is investing 3 million Swiss Francs (CHF) in the Swiss start-up which designs precision drugs against eukaryotic pathogens.
    • Digitalis Ventures co-leads the round with additional investment from Borealis Ventures, Kickfund and Venture Kick.
    • Eukaryotic pathogens cause illness and death in animals, humans, and crops.

    MUNICH, Germany, and VILLIGEN, Switzerland, July 24, 2025 (GLOBE NEWSWIRE) — MIG Capital AG, one of Germany’s leading venture capital firms, announced today that it is heading a seed financing of CHF 7.75 million for ASTRA Therapeutics with U.S. venture capital firm Digitalis Ventures as co-lead and Borealis Ventures, Kickfund and Venture Kick also participating in the round. MIG Fonds 17 and 18 have allocated CHF 3 million for the Swiss start-up, based at the Park InnovAARE innovation campus in Villigen, Switzerland.

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

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

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

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

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

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

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

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

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

    About Astra Therapeutics

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

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

    About MIG Capital

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

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

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

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

    Contact

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

    Media Inquiries

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

    The MIL Network

  • MIL-OSI: BE Semiconductor Industries N.V. Announces Q2-25 Results

    Source: GlobeNewswire (MIL-OSI)

    Q2-25 Revenue and Net Income of € 148.1 Million and € 32.1 Million, Respectively

    H1-25 Revenue and Net Income of € 292.2 Million and € 63.6 Million, Respectively

    DUIVEN, the Netherlands, July 24, 2025 (GLOBE NEWSWIRE) — BE Semiconductor Industries N.V. (the “Company” or “Besi”) (Euronext Amsterdam: BESI; OTC markets: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the second quarter and first half year ended June 30, 2025.

    Key Highlights Q2-25

    • Revenue of € 148.1 million grew 2.8% vs. Q1-25 and was within prior guidance due primarily to higher die attach shipments for mainstream computing applications. Revenue decreased 2.1% vs. Q2-24 principally due to weakness in mobile end markets partially offset by growth in hybrid bonding shipments
    • Orders of € 128.0 million decreased 3.0% vs. Q1-25 due primarily due to ongoing weakness in mainstream computing and mobile applications partially offset by significant new orders for TCB Next systems. Orders declined 30.9% vs. Q2-24 due primarily to lower orders for hybrid bonding and mobile applications
    • Gross margin of 63.3% decreased by 0.3 points vs. Q1-25 and by 1.7 points vs. Q2-24 due to a less favorable product mix and adverse forex effects from a decline in the USD versus the euro
    • Net income of € 32.1 million increased 1.9% vs. Q1-25. Versus Q2-24, net income decreased 23.4% due principally to lower revenue and gross margins, increased R&D spending and higher interest expense related to the Senior Note offering in July 2024. Q2-25 net margin decreased to 21.6% vs. 21.9% in Q1-25 and 27.7% in Q2-24
    • Cash and deposits of € 490.2 million at June 30, 2025 increased by 90.6% vs. June 30, 2024 due to the Senior Note offering in July 2024

    Key Highlights H1-25

    • Revenue of € 292.2 million decreased 1.8% vs. H1-24 principally due to ongoing weakness in mainstream assembly markets, particularly for mobile and automotive applications, partially offset by increased shipments of hybrid bonding systems
    • Orders of € 259.9 million were down 17.0% vs. H1-24 primarily due to lower bookings for hybrid bonding systems and for mobile applications, partially offset by increased die attach orders by Asian subcontractors for AI related computing applications and new orders for Besi’s TCB Next system
    • Gross margin of 63.4% decreased by 2.7 points versus H1-24 primarily due to a less favorable product mix and adverse forex effects
    • Net income of € 63.6 million decreased € 12.3 million, or 16.2%, vs. H1-24 primarily due to lower revenue and gross margin and higher interest expense. Similarly, Besi’s net margin decreased to 21.7% versus 25.5% in H1-24

    Q3-25 Outlook  

    • Revenue is expected to decline 5-15% vs. the € 148.1 million reported in Q2-25
    • Orders are expected to increase significantly vs. Q2-25 primarily due to increased demand for hybrid bonding systems and die attach systems for AI-related 2.5D computing applications
    • Gross margin is expected to range between 60-62% and decrease vs. the 63.3% realized in Q2-25 primarily due to adverse forex effects from a significantly lower USD versus the euro
    • Operating expenses are expected to be flat +/- 5% vs. € 50.2 million in Q2-25
    (€ millions, except EPS) Q2-
    2025
    Q1-
    2025
    Δ Q2-
    2024
     
    Δ
    HY1-
    2025
    HY1-
    2024
    Δ
    Revenue 148.1 144.1 +2.8% 151.2 -2.1% 292.2 297.5 -1.8%
    Orders 128.0 131.9 -3.0% 185.2 -30.9% 259.9 313.0 -17.0%
    Gross Margin 63.3% 63.6% -0.3 65.0% -1.7 63.4% 66.1% -2.7
    Operating Income 43.5 39.3 +10.7% 49.3 -11.8% 82.8 90.0 -8.0%
    Net Income 32.1 31.5 +1.9% 41.9 -23.4% 63.6 75.9 -16.2%
    Net Margin 21.6% 21.9% -0.3 27.7% -6.1 21.7% 25.5% -3.8
    EPS (basic) 0.40 0.40 0.53 -24.5% 0.80 0.97 -17.5%
    EPS (diluted) 0.40 0.40 0.53 -24.5% 0.80 0.97 -17.5%
    Net Cash and Deposits -36.0* 159.4 -122.6% 74.4* -148.4% -36.0* 74.4* -148.4%

    * Reflects cash dividend payments of € 172.8 million and € 171.5 million in Q2-25 and Q2-24, respectively.

    Richard W. Blickman, President and Chief Executive Officer of Besi, commented:
    “Besi reported Q2-25 revenue, operating income and net income of € 148.1 million, € 43.5 million and € 32.1 million, respectively. Revenue and operating results were at the midpoint of prior guidance in a mainstream assembly equipment market still affected by soft demand for mobile and automotive applications. Market development in Q2-25 was also affected by increased customer caution due to global trade tensions. Q2-25 revenue and operating income grew sequentially by 2.8% and 10.7%, respectively, as we saw an increase in shipments to Asian subcontractors for AI-related datacenter applications combined with a 4.3% decrease in sequential operating expenses. Orders for the quarter decreased 3.0% versus Q1-25 as weakness in mainstream computing and mobile applications was partially offset by new orders for Besi’s TCB Next system.

    For the first half year, revenue of € 292.2 million decreased 1.8% versus H1-24 reflecting broader assembly market trends as weakness in mobile and, to a lesser extent, automotive end markets was significantly offset by growth in hybrid bonding revenue which more than doubled versus H1-24. Orders decreased by 17.0% due to the timing of customer orders for hybrid bonding systems and a lack of new product introductions in high-end smartphones. H1-25 operating and net income decreased by 8.0% and 16.2%, respectively, versus H1-24 primarily due to lower revenue and a 2.7-point reduction in gross margin from a less favorable product mix, adverse net forex effects from the decline of the USD versus the euro and increased interest expense related to Besi’s Senior Note issuance in July 2024. Liquidity remained strong with cash and deposits of € 490.2 million at June 30, 2025 increasing by 90.6% vs. June 30, 2024 due to the Senior Note offering in July 2024.

    We believe the outlook for Besi’s business in H2-25 has improved in recent weeks based on customer feedback and order trends subsequent to quarter end. Expanded capex budgets for AI infrastructure have been confirmed by each of the leading industry players in recent quarters with new use cases emerging in cloud and edge computing along with co-packaged optics. Advanced packaging is one of the key ways to achieve AI system differentiation, develop innovative consumer edge AI devices and provide the most energy-efficient data center performance. Advanced packaging demand for AI applications remains strong given new device introductions expected in 2026-2028. We believe we are well positioned in the fastest-growing advanced packaging market segments including data centers, photonics, AI-enhanced PCs and mobile devices and EVs/autonomous driving.

    As such, orders for our hybrid bonding systems are expected to increase significantly in H2-25 versus both H1-25 and H2-24 in both advanced logic and HBM4 memory applications as customers advance their technology roadmaps for new product introductions in 2026 and 2027. Customer interest in our TCB Next system for both memory and logic applications has also expanded significantly. TCB Next cycle times have improved with shipments anticipated in Q4-25 from orders received in Q2-25. We also anticipate increased orders for 2.5D advanced packaging systems for AI-related datacenter applications from both global IDMs and Asian subcontractors. In addition, there are early signs of a recovery in our mainstream assembly markets principally related to increased demand by Asian subcontractors for high-end mobile applications and high-performance computing applications for consumer markets.

    For Q3-25, we anticipate that revenue will decline by approximately 5-15% versus Q2-25. However, orders for Q3-25 are expected to increase significantly on a sequential basis due to increased demand for hybrid bonding and 2.5D advanced packaging applications. Besi’s gross margin is anticipated to decline to a range of 60-62% in Q3-25 due to the adverse impact of a 12.8% decline in the value of the USD versus the euro in the first half of 2025. Operating expenses in Q3-25 are expected to be flat plus or minus 5% versus Q2-25 despite increased R&D spending.”

    Share Repurchase Activity
    During the quarter, Besi spent € 20.7 million to repurchase approximately 196,000 of its ordinary shares at an average price of € 105.80 per share. As of June 30, 2025, € 72.2 million of the current € 100 million share repurchase authorization has been used to repurchase approximately 644,000 ordinary shares at an average price of € 111.96 per share. As of June 30, 2025, Besi held approximately 2.0 million shares in treasury, equivalent to 2.5% of shares outstanding.

    Investor and media conference call
    A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EDT). To register for the conference call and/or to access the audio webcast and webinar slides, please visit www.besi.com.

    Important Dates

    • Publication Q3/Nine-month results
    • Publication Q4/Full year results

    October 23, 2025
    February 2026

    Basis of Presentation
    The accompanying Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2024 Annual Report, which is available on www.besi.com.

    Contacts:
    Richard W. Blickman, President & CEO
    Andrea Kopp-Battaglia, Senior Vice President Finance
    Claudia Vissers, Executive Secretary/IR coordinator
    Edmond Franco, VP Corporate Development/US IR coordinator
    Michael Sullivan, Investor Relations
    Tel. (31) 26 319 4500
    investor.relations@besi.com

    About Besi
    Besi is a leading manufacturer of assembly equipment supplying a broad portfolio of advanced packaging solutions to the semiconductor and electronics industries. We offer customers high levels of accuracy, reliability and throughput at a lower cost of ownership with a principal focus on wafer level and substrate assembly solutions. Customers are primarily leading semiconductor manufacturers, foundries, assembly subcontractors and electronics and industrial companies. Besi’s ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.

    Caution Concerning Forward-Looking Statements
    This press release contains statements about management’s future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “will”, “would”, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The financial guidance set forth under the heading “Outlook” contains such forward-looking statements. While these forward-looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward-looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; the extent and duration of the COVID-19 and other global pandemics and the associated adverse impacts on the global economy, financial markets, global supply chains and our operations as well as those of our customers and suppliers; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; consolidation activity and industry alliances in the semiconductor industry that may result in further increased customer concentration, inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, conflict minerals regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region where we have a substantial portion of our production facilities; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel, including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers.

    In addition, the United States and other countries have recently levied tariffs and taxes on certain goods and could significantly increase or impose new tariffs on a broad array of goods. They have imposed, and may continue to impose, new trade restrictions and export regulations. Increased or new tariffs and additional taxes, including any retaliatory measures, trade restrictions and export regulations, could negatively impact end-user demand and customer investment in semiconductor equipment, increase Besi’s supply chain complexity and manufacturing costs, decrease margins, reduce the competitiveness of our products or restrict our ability to sell products, provide services or purchase necessary equipment and supplies. Any or all of the foregoing factor could have a material and adverse effect on our business, results of operations or financial condition. In addition, investors should consider those additional risk factors set forth in Besi’s annual report for the year ended December 31, 2024 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

    Consolidated Statements of Operations
         
    (€ thousands, except share and per share data) Three Months Ended
    June 30,
    (unaudited)
    Six Months Ended
    June 30,
    (unaudited)
      2025 2024 2025 2024
             
    Revenue 148,101 151,176 292,246 297,490
    Cost of sales 54,410 52,908 106,833 100,951
             
    Gross profit 93,691 98,268 185,413 196,539
             
    Selling, general and administrative expenses 30,629 30,514 63,587 70,155
    Research and development expenses 19,571 18,503 39,073 36,422
             
    Total operating expenses 50,200 49,017 102,660 106,577
             
    Operating income 43,491 49,251 82,753 89,962
             
    Financial expense, net 5,693 1,045 8,652 1,634
             
    Income before taxes 37,798 48,206 74,101 88,328
             
    Income tax expense 5,748 6,261 10,545 12,404
             
    Net income 32,050 41,945 63,556 75,924
             
    Net income per share – basic 0.40 0.53 0.80 0.97
    Net income per share – diluted 0.40 0.53 0.80 0.97
    Number of shares used in computing per share amounts:
    – basic
    – diluted 1

    79,184,703
    81,288,679

    79,281,533
    81,941,471

    79,206,267
    81,405,308

    78,231,430
    82,023,808

    ______________________
    1) The calculation of diluted income per share assumes the exercise of equity settled share based payments and the conversion of all Convertible Notes outstanding

    Consolidated Balance Sheets
     
    (€ thousands) June
    30, 2025
    (unaudited)
    March
    31, 2025
    (unaudited)
    December
    31, 2024
    (audited)
    ASSETS      
           
    Cash and cash equivalents 330,170 405,736 342,319
    Deposits 160,000 280,000 330,000
    Trade receivables 178,615 170,440 181,862
    Inventories 96,977 103,836 103,285
    Other current assets 53,821 46,099 40,927
           
    Total current assets 819,583 1,006,111 998,393
           
    Property, plant and equipment 51,089 42,868 44,773
    Right of use assets 13,799 15,161 15,726
    Goodwill 44,857 45,610 46,010
    Other intangible assets 103,933 98,622 96,677
    Investment property 5,206
    Deferred tax assets 27,494 29,240 31,567
    Other non-current assets 1,303 1,347 1,330
           
    Total non-current assets 247,681 232,848 236,083
           
    Total assets 1,067,264 1,238,959 1,234,476
           
           
    Bank overdraft –   840 776
    Current portion of long-term debt –   2,042
    Trade payables 47,458 46,598 52,630
    Other current liabilities 95,530 111,170 111,531
           
    Total current liabilities 142,988 158,608 166,979
           
    Long-term debt 526,184 525,493 525,653
    Lease liabilities 10,873 11,770 12,350
    Deferred tax liabilities 10,523 10,416 10,320
    Other non-current liabilities 19,915 19,328 17,910
           
    Total non-current liabilities 567,495 567,007 566,233
           
    Total equity 356,781 513,344 501,264
           
    Total liabilities and equity 1,067,264 1,238,959 1,234,476
    Consolidated Cash Flow Statements
         
    (€ thousands)
    Three Months Ended
    June 30,
    (unaudited)
    Six Months Ended
    June 30,
    (unaudited)
      2025 2024 2025 2024
             
    Cash flows from operating activities:        
             
    Income before income tax 37,798 48,206 74,101 88,328
             
    Depreciation and amortization 7,458 6,980 14,765 13,793
    Share based payment expense 4,342 6,916 8,783 23,816
    Financial expense, net 5,694 1,045 8,653 1,634
             
    Changes in working capital (11,032) (46,694) (13,145) (49,945)
    Interest (paid) received 3,726 3,893 839 5,062
    Income tax paid (21,988) (15,428) (23,563) (17,517)
             
    Net cash provided by operating activities 25,998 4,918 70,433 65,171
             
    Cash flows from investing activities:        
    Capital expenditures (11,764) (3,216) (13,497) (8,866)
    Capitalized development expenses (7,320) (4,912) (14,057) (9,575)
    Acquisition of investment property (5,206) (5,206)
    Repayments of (investments in) deposits 120,000 85,000 170,000 95,000
             
    Net cash provided by (used in) investing activities 95,710 76,872 137,240 76,559
             
    Cash flows from financing activities:        
    Proceeds from (payments of) bank lines of credit (840) (776)
    Proceeds from (payments of) debt (2,042) (2,042)
    Payments of lease liabilities (1,111) (1,063) (2,225) (2,106)
    Purchase of treasury shares (20,721) (14,810) (42,785) (29,589)
    Dividends paid to shareholders (172,811) (171,534) (172,811) (171,534)
             
    Net cash used in financing activities (197,525) (187,407) (220,639) (203,229)
             
    Net increase (decrease) in cash and cash equivalents (75,817) (105,617) (12,966) (61,499)
    Effect of changes in exchange rates on cash and
      cash equivalents
    251 798 817 256
    Cash and cash equivalents at beginning of the
       period
    405,736 232,053 342,319 188,477
             
    Cash and cash equivalents at end of the period 330,170 127,234 330,170 127,234
    Supplemental Information (unaudited)
    (€ millions, unless stated otherwise)
                             
    REVENUE Q2-2025 Q1-2025 Q4-2024 Q3-2024 Q2-2024 Q1-2024
                             
    Per geography:                        
    China 37.5   25%   40.5   28%   42.8   28%   45.5   29%   57.5   38%   58.5   40%  
    Asia Pacific (excl. China) 66.1   45%   56.3   39%   53.5   35%   51.6   33%   54.1   36%   43.6   30%  
    EU / USA / Other 44.5   30%   47.3   33%   57.1   37%   59.5   38%   39.6   26%   44.2   30%  
                             
    Total 148.1   100%   144.1   100%   153.4   100%   156.6   100%   151.2   100%   146.3   100%  
                             
    ORDERS Q2-2025 Q1-2025 Q4-2024 Q3-2024 Q2-2024 Q1-2024
                             
    Per geography:                        
    China 44.4   35%   39.7   30%   40.4   33%   45.4   30%   43.3   23%   51.1   40%  
    Asia Pacific (excl. China) 60.7   47%   51.7   39%   38.8   32%   69.3   46%   72.0   39%   45.0   35%  
    EU / USA / Other 22.9   18%   40.5   31%   42.7   35%   37.1   24%   69.9   38%   31.6   25%  
                             
    Total 128.0   100%   131.9   100%   121.9   100%   151.8   100%   185.2   100%   127.7   100%  
                             
    Per customer type:                        
    IDM 71.9   56%   48.1   36%   61.2   50%   84.5   56%   122.4   66%   53.5   42%  
    Foundries/Subcontractors 56.1   44%   83.8   64%   60.7   50%   67.3   44%   62.8   34%   74.2   58%  
                             
    Total 128.0   100%   131.9   100%   121.9   100%   151.8   100%   185.2   100%   127.7   100%  
                             
    HEADCOUNT June 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024
                             
    Fixed staff (FTE) 1,831   88%   1,820   88%   1,812   93%   1,807   87%   1,783   86%   1,760   88%  
    Temporary staff (FTE) 239   12%   251   12%   134   7%   271   13%   279   14%   236   12%  
                             
    Total 2,070   100%   2,071   100%   1,946   100%   2,078   100%   2,062   100%   1,996   100%  
                             
    OTHER FINANCIAL DATA Q2-2025 Q1-2025 Q4-2024 Q3-2024 Q2-2024 Q1-2024
                             
    Gross profit 93.7   63.3%   91.7   63.6%   98.2   64.0%   101.2   64.7%   98.3   65.0%   98.3   67.2%  
                             
                             
    Selling, general and admin expenses:                        
    As reported 30.6   20.7%   33.0   22.9%   28.6   18.6%   27.3   17.4%   30.5   20.2%   39.6   27.1%  
    Share-based compensation expense (4.3 -2.9%   (4.4 -3.1%   (2.9 -1.8%   (3.4 ) -2.1%   (6.9 ) -4.6%   (16.9 ) -11.6%  
                             
    SG&A expenses as adjusted 26.3   17.8%   28.6   19.8%   25.7   16.8%   23.9   15.3%   23.6   15.6%   22.7   15.5%  
                             
                             
    Research and development expenses:                        
    As reported 19.6   13.2%   19.5   13.5%   19.0   12.4%   18.9   12.1%   18.5   12.2%   17.9   12.2%  
    Capitalization of R&D charges 7.3   4.9%   6.7   4.6%   5.4   3.5%   4.4   2.8%   4.9   3.2%   4.7   3.2%  
    Amortization of intangibles (3.9 ) -2.6%   (3.7 ) -2.5%   (3.9 ) -2.5%   (3.9 ) -2.5%   (3.6 ) -2.3%   (3.6 ) -2.4%  
                             
    R&D expenses as adjusted 23.0   15.5%   22.5   15.6%   20.5   13.4%   19.4   12.4%   19.8   13.1%   19.0   13.0%  
                             
                             
    Financial expense (income), net:                        
    Interest income (3.4 )   (5.0 )   (5.1 )   (5.2 )   (3.0 )   (4.0 )  
    Interest expense 6.4     6.3     6.1     5.7     2.1     2.8    
    Net cost of hedging 2.3     1.8     2.0     1.9     1.4     1.6    
    Foreign exchange effects, net 0.4     (0.1 )   0.9     (0.8 )   0.5     0.2    
                             
    Total 5.7     3.0     3.9     1.6     1.0     0.6    
                             
                             
    Operating income (as % of net sales) 43.5   29.4%   39.3   27.2%   50.6   33.0%   55.1   35.2%   49.3   32.6%   40.7   27.8%  
                             
    EBITDA (as % of net sales) 50.9   34.4%   46.6   32.3%   58.0   37.8%   62.4   39.8%   56.2   37.2%   47.5   32.5%  
                             
    Net income (as % of net sales) 32.1   21.6%   31.5   21.9%   59.3   38.6%   46.8   29.9%   41.9   27.7%   34.0   23.2%  
                             
    Effective tax rate 15.2%     13.2%     -27.0%     12.6%     13.0%     15.3%    
                             
                             
    Income per share                        
    Basic 0.40     0.40     0.75     0.59     0.53     0.44    
    Diluted 0.40     0.40     0.74     0.59     0.53     0.44    
                             
    Average shares outstanding (basic) 79,184,703 79,228,071 79,402,192 79,630,787 79,281,533 77,181,326
                             
    Shares repurchased                        
    Amount 20.7     22.1     22.4     27.8     14.8     14.8    
    Number of shares 195,647 186,869  198,450  230,807  105,042  101,049 
                             
                             
    Gross cash 490.2     685.7     672.3     637.4     257.2     447.1    
                             
    Net cash (36.0 )   159.4     143.8     110.7     74.4     180.9    
                             

    The MIL Network

  • MIL-OSI United Kingdom: New Defence Medical Services senior appointments announced

    Source: United Kingdom – Executive Government & Departments

    News story

    New Defence Medical Services senior appointments announced

    His Majesty the King has approved three new senior appointments in the Defence Medical Services.

    Brigadier Phil Carter KHP OStJ. MOD Crown Copyright

    His Majesty the King has approved the following three senior appointments in the Defence Medical Services (DMS):

    • Brigadier Phil Carter KHP OStJ as the next Surgeon General (SG), in the rank of Major General, from August 2025
    • Brigadier Antony Finn as the next Director Medical Personnel and Training in the rank of Major General, from November 2025
    • Air Commodore Darren Ellison KHP as the next Director Defence Healthcare in the rank of Air Vice-Marshal, from June 2026

    All three have had long and distinguished careers delivering health care to the Armed Forces as part of the Defence Medical Services.

    Brigadier Carter has undertaken a variety of deployments throughout his career, including to Northern Ireland, Kosovo, Iraq, Afghanistan and Sierra Leon.  In 2008, he was appointed as the first Commanding Officer of the Royal Centre for Defence Medicine Clinical Unit. He later became Commander Medical HQ in the British Army’s 1(UK) Division and Commander Defence Primary Healthcare, before being appointed Head of Army Health in 2024.

    As Surgeon General, Brigadier Phil Carter will be responsible for:

    • providing specialist health and medical support advice to the Military Strategic Headquarters on behalf of the Director General of the Defence Medical Services.
    • Force Design within the Defence Medical Services, ensuring the readiness of the medical capability supporting the Armed Forces
    • directing medical research, medical innovation, and continuous quality improvement in Defence
    • coordinating our international technical engagement with medical partners across NATO and the UK’s broader alliances

    Brigadier Phil Carter said:

    At a time of reform across Defence, to be entrusted with the making sure that our armed forces deployed on operations have the medical support they need is a significant responsibility. I am looking forward to the challenge and enormously grateful that I will be working with such a dedicated and innovative specialist team.

    Brigadier Antony Finn. MOD Crown Copyright

    Brigadier Antony Finn qualified as a General Practitioner in 2003. Following deployments to Afghanistan, Kenya and Iraq, in July 2010 he assumed command of 1 Medical Regiment and deployed to Afghanistan as Commanding Officer of the Close Support Medical Regiment.  In 2012 he was promoted to Colonel as Assistant Director of Medical Operational Capability, before promoting to Brigadier in March 2019 as Commander 2nd Medical Brigade. From 2021-24 he was Head of Army Healthcare, and since August 2024 has been Commander of the Joint Hospital Group. 

    As part of his role as Director Medical Personnel and Training, Brigadier Antony Finn will be responsible for:

    • leading strategic medical workforce planning for DMS, including training and placement, to support to support Strategic Command (soon to be Cyber & Specialist Operations Command) and wider Defence’s people plan people plan and operational needs 
    • overseeing the development and delivery of high-quality individual training, to all entitled personnel involved in medical support to Defence
    • delivering an optimally prepared and suitably qualified and experienced personnel (SQEP) medical workforce through the provision of high-quality placements within both the NHS and other providers

    Brigadier Finn, said:

    I am deeply honoured to be selected to be the next Director of Medical Personnel and Training. The Strategic Defence Review offers unprecedented opportunities for the Defence Medical Services and our partners. I look forward to exploiting these for the benefit of our patients, the medical workforce, Defence and beyond.

    Air Commodore Darren Ellison KHP. MOD Crown Copyright

    Air Commodore Ellison joined the RAF in 1999 as a medical cadet and has undertaken a variety of roles including deployments to both Iraq and Afghanistan. As a Wing Commander he was appointed as Officer Commanding Tactical Medical Wing in 2018, and then as Group Captain he served as Regional Clinical Director, Defence Primary Healthcare (DPHC) Northern Ireland Wales and West. In 2022 he was appointed Commanding Officer of the RAF Centre of Aviation Medicine, and then promoted to Air Commodore in Summer 2023 when he became Head Healthcare and Strategic Plans in HQ Defence Medical Services before being appointed Head of the Royal Air Force Medical Services and Head Health (RAF) in November 2024.

    As part of his role as Director Defence Healthcare, Air Commodore Ellison will be responsible for:

    • directing, overseeing and commissioning both primary and secondary military healthcare services in support of Defence outputs
    • directing, managing and delivering primary healthcare and dentistry service delivery in the UK and all overseas bases 

    • maximising the medical employability and deployability of Armed Forces personnel across Defence

    Air Commodore Darren Ellison said:

    It is an honour and a privilege to be appointed as the next Director Healthcare for the Defence Medical Services. I look forward to working with both the whole DMS team, and colleagues across the Military Commands, to shape and deliver a service that ensures our patients continue to receive the highest standard of safe, effective healthcare they rightly deserve, and we provide the critically enabling healthcare outputs that meet the current and future needs of Defence.

    Congratulating all three on their appointments, General Sir Jim Hockenhull, Commander Strategic Command (soon to be Cyber & Specialist Operations Command) said:

    I am delighted to see these three promotions within the Defence Medical Services.  Brigadier Philip Carter’s appointment as the next Surgeon General, on appointment to Major General, Brigadier Antony Finn’s appointment as the next Director Medical Personnel and Training, on appointment to Major General and Air Commodore Darren Ellison’s appointment as the next Director Defence Healthcare, on appointment to Air Vice-Marshal.  These selections will enable all to provide considerable support within DMS’s transformation journey and the implementation of the Strategic Defence Review (SDR), I look forward to working with them and congratulate them on their promotion.

    Director General of the Defence Medical Services, Air Marshal Clare Walton added:

    I am delighted to see the announcement of these three crucial appointments. Brigadier Phil Carter, Brigadier Tony Finn and Air Commodore Darren Ellison all have extensive experience gained from multiple roles in the Defence Medical Services and are exceptionally well-placed to take on these critical positions. At a time of global volatility, their leadership will be pivotal in driving the Strategic Defence Review (SDR) forward to implementation, shaping the medical capabilities of the future, and embedding the One Medical Mindset, ensuring that Armed Forces personnel remain fit to fight and are fully supported in their recovery to fitness.

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom

  • MIL-Evening Report: Israel waging ‘horror show’ starvation campaign in Gaza, says UN chief

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


    Israel waging ‘fastest starvation campaign’ in modern history    Video: Democracy Now!

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Article by AsiaPacificReport.nz

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI China: Hugo Ekitike: Liverpool sign Frankfurt striker

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

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

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

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

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

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

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

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

    MIL OSI China News

  • MIL-OSI China: Barcelona confirm Marcus Rashford loan signing

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

    FC Barcelona confirmed the loan signing of England international forward Marcus Rashford from Manchester United on Wednesday with a video in which the player said the news was “official.”

    Rashford joins the La Liga and Copa del Rey champion on an initial one-season loan, with Barcelona having the option to make the move permanent for around 35 million euros. However, there is also a clause that means the club has to pay compensation if it opts against this.

    Manchester United’s Marcus Rashford (L) breaks through during the FA Cup quarterfinal match between Manchester United and Liverpool in Manchester, Britain, on March 17, 2024. (Xinhua)

    “What the club stands for means a lot for me. I feel like I am at home and a big factor in my choice to come here because it is a family place and a good place for good players to showcase their skills,” said Rashford at his presentation.

    “To be here is everything I wished and thought. I’m eager to get going and keep learning the Barcelona way as I go and be ready for the games,” he continued, adding that the chance to work with Barca coach Hansi Flick was another key reason for his decision.

    “What he did last season was terrific. In his career he’s proved he’s one of the top coaches, to lead such a young team to a very successful season,” commented the forward.

    The 27-year-old, who passed his medical tests in Barcelona on Monday, is rumored to have taken a 15 percent pay cut in order to complete the move after falling out of favor with United coach Ruben Amorim last season and spending the second half of the campaign on loan at Aston Villa.

    He will now form part of the squad that travels to Asia on Thursday to play matches in both South Korea and Japan.

    Rashford’s signing at Barcelona comes after the club suffered an embarrassing failure to sign Spain international Nico Williams from Athletic Bilbao for the second consecutive summer, with Williams opting to sign a new contract with Athletic.

    Meanwhile, efforts to bring in Colombian winger Luis Diaz were frustrated by Barca’s economic situation, which made it impossible for the club to get close to Liverpool’s demands.

    Rashford becomes the first English player to join FC Barcelona since Gary Lineker was at the club between 1986-1989 and only the second Englishman to play for them in over 100 years, with Harold Stamper the last previous Englishman after a season at Barcelona between 1922 and 1923.

    MIL OSI China News

  • MIL-OSI China: Poland edge China to reach Women’s VNL semifinals

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

    Host Poland battled past China in a thrilling five-set quarterfinal, winning 17-25, 25-20, 19-25, 25-19, 15-12 in the FIVB Women’s Volleyball Nations League (VNL) on Wednesday evening in Lodz to secure a spot in the semifinals.

    Opposite hitter Magdalena Stysiak led the Polish side with 25 points, including 22 kills and three blocks. Outside hitter Martyna Czyrnianska added 16 points. For China, outside hitter Wu Mengjie delivered an impressive performance with a match-high 25 points, while Zhuang Yushan added 20.

    Coming off a 3-1 victory over China in a friendly on Saturday, Poland entered the match as slight favorites. However, it was China who came out strong in the opening set, fueled by Wu’s sharp attacks. She scored 10 points in the set, helping China establish a 19-14 lead before closing it out 25-17.

    China continued their momentum early in the second set, taking a 5-2 advantage after a spike from Chen Houyu. But Poland rallied back, drawing level at 14-14 thanks to a powerful attack from Martyna Lukasik. Momentum shifted in favor of the hosts as Czyrnianska registered a key block and Stysiak added timely offense to push Poland ahead. Lukasik sealed the set with back-to-back spikes, giving Poland a 25-20 win.

    In the third set, China capitalized on a string of unforced errors from Poland to race ahead 13-5. Maintaining their advantage throughout, China regained the lead in sets with a 25-19 win.

    The fourth set saw Poland respond with renewed energy. Paulina Damaske’s spike and service ace helped the home team build an 18-12 cushion. Although China fought back to narrow the gap to 21-19, Poland surged with four straight points to take the set 25-19, forcing a decider.

    In the tiebreak, Poland met the expectations of their home crowd at Atlas Arena. A block from Stysiak and another strong finish from Damaske gave them a 7-4 lead. Though China closed the deficit to 10-9 after a Stysiak error, Damaske delivered a key solo block to make it 13-10 and later sealed the match with a powerful spike, clinching the final set 15-12.

    “It was a tough challenge. We struggled during the match, so we’re very happy with the victory,” said Polish setter Alicja Grabka in a post-match interview with Polsat TV. “We overcame a difficult situation as we were behind. For me, playing in that kind of match was a dream come true. I’m very proud I could help the team.”

    Earlier in the day, Italy advanced to the semifinals after sweeping the United States 3-0 (25-22, 25-21, 28-26). Opposite spiker Paola Egonu starred with a match-high 20 points, while Avery Skinner led the Americans with 11.

    The remaining quarterfinal matchups will take place on Thursday, with Japan facing Turkiye and Brazil taking on Germany.

    MIL OSI China News

  • MIL-OSI: INVL Renewable Energy Fund I company REFI Sun aims to raise up to EUR 15 million in public bond offering

    Source: GlobeNewswire (MIL-OSI)

    The INVL Renewable Energy Fund I managed by INVL Asset Management, the leading alternative asset manager in the Baltics, is seeking to raise up to EUR 15 million through an offering of bonds issued by REFI Sun, a company the fund owns. The bonds will be offered publicly to retail and institutional investors in the Baltic countries from 28 July to 15 August. 

    The bonds have a maturity of 2.5 years. The fixed interest rate on the debt securities will be set in the range of 7.5% to 8.5% and announced at completion of the offering. Interest will be paid to investors quarterly. The INVL Renewable Energy Fund I will provide guarantees to all holders of the REFI Sun bonds. 

    “Construction of the fund’s renewable energy projects in Romania and Poland is gaining momentum, so there is also a growing need for financing, which in part we aim to meet by issuing new bonds. Most of the money raised from investors will be used to refinance a loan previously obtained by one of the fund’s companies, the rest will go to the fund’s solar power plant construction projects,” says Liudas Liutkevičius, Managing Partner of the INVL Renewable Energy Fund I. 

    REFI Sun seeks to raise up to EUR 15 million in a public offer in Lithuania, Latvia, and Estonia under a base prospectus for EUR 25 million bond programme approved by the Bank of Lithuania. The minimum investment amount is EUR 1,000.  

    The lead arranger of the bond program is Artea Bank. Evernord will also participate in the placement in Lithuania, while LHV Pank and Signet Bank acting as distribution partners in Estonia and Latvia. The certified advisor to the issuer is the Sorainen law firm, while the bondholders’ trustee is the company Audifina. It is planned that the debt securities will be listed on the First North alternative securities market operated by Nasdaq Vilnius within three months after the issue date. 

    More information about the bond issue and the offering process is available on the website of the INVL Renewable Energy Fund I. 

    An online presentation and question-and-answer session for investors (in English) will be held on 31 July at 10:00. The link to join the session is here. An online presentation and Q&A session for investors in the Lithuanian language will be held on the same day at 14:00; the link to join that session is here.    

    In February 2025, the INVL Renewable Energy Fund I’s company REFI Energy successfully completed an EUR 8 million public offering of bonds with an annual interest rate of 8%. Demand for the bonds exceeded the issue size 1.7 times, demonstrating strong investor confidence in the Fund’s management team and strategy.   

    The INVL Renewable Energy Fund I is focusing on the Polish and Romanian markets, where the fund’s managers see big growth potential. Total capacity of the fund’s portfolio of projects in development in these markets is 389 MW. 

    In Romania, the fund is investing in projects for 8 solar plants with a combined capacity of 356 MW. In Poland, it is developing solar park projects with over 32 MW in capacity. Investments in  Romania and Poland are expected to exceed EUR 250 million. The fund has invested over EUR 90 million in acquisition and construction of the projects as of June 2025. Construction of all the solar parks should be completed by the end of 2027. 

    To date the INVL Renewable Energy Fund I has raised EUR 73.9 million from investors through investment units and bonds. 

    About the INVL Renewable Energy Fund I  

    The INVL Renewable Energy Fund I was established on 20 July 2021 by INVL Asset Management, the leading alternative asset manager in the Baltic States, as a sub-fund for informed investors. It invests in early- and mid-stage renewable energy projects (solar), including the construction of new power plants, the development and/or acquisition of the infrastructure necessary for the operation of power plants, and effective management of existing power plants in the European Union and member states of the European Economic Area. 

    INVL Asset Management is part of Invalda INVL, the leading Baltic asset management group. 

    Further information:
    Liudas Liutkevičius
    Managing Partner of the INVL Renewable Energy Fund I
    liudas.liutkevicius@invl.com

    The MIL Network

  • MIL-OSI: INVL Renewable Energy Fund I company REFI Sun aims to raise up to EUR 15 million in public bond offering

    Source: GlobeNewswire (MIL-OSI)

    The INVL Renewable Energy Fund I managed by INVL Asset Management, the leading alternative asset manager in the Baltics, is seeking to raise up to EUR 15 million through an offering of bonds issued by REFI Sun, a company the fund owns. The bonds will be offered publicly to retail and institutional investors in the Baltic countries from 28 July to 15 August. 

    The bonds have a maturity of 2.5 years. The fixed interest rate on the debt securities will be set in the range of 7.5% to 8.5% and announced at completion of the offering. Interest will be paid to investors quarterly. The INVL Renewable Energy Fund I will provide guarantees to all holders of the REFI Sun bonds. 

    “Construction of the fund’s renewable energy projects in Romania and Poland is gaining momentum, so there is also a growing need for financing, which in part we aim to meet by issuing new bonds. Most of the money raised from investors will be used to refinance a loan previously obtained by one of the fund’s companies, the rest will go to the fund’s solar power plant construction projects,” says Liudas Liutkevičius, Managing Partner of the INVL Renewable Energy Fund I. 

    REFI Sun seeks to raise up to EUR 15 million in a public offer in Lithuania, Latvia, and Estonia under a base prospectus for EUR 25 million bond programme approved by the Bank of Lithuania. The minimum investment amount is EUR 1,000.  

    The lead arranger of the bond program is Artea Bank. Evernord will also participate in the placement in Lithuania, while LHV Pank and Signet Bank acting as distribution partners in Estonia and Latvia. The certified advisor to the issuer is the Sorainen law firm, while the bondholders’ trustee is the company Audifina. It is planned that the debt securities will be listed on the First North alternative securities market operated by Nasdaq Vilnius within three months after the issue date. 

    More information about the bond issue and the offering process is available on the website of the INVL Renewable Energy Fund I. 

    An online presentation and question-and-answer session for investors (in English) will be held on 31 July at 10:00. The link to join the session is here. An online presentation and Q&A session for investors in the Lithuanian language will be held on the same day at 14:00; the link to join that session is here.    

    In February 2025, the INVL Renewable Energy Fund I’s company REFI Energy successfully completed an EUR 8 million public offering of bonds with an annual interest rate of 8%. Demand for the bonds exceeded the issue size 1.7 times, demonstrating strong investor confidence in the Fund’s management team and strategy.   

    The INVL Renewable Energy Fund I is focusing on the Polish and Romanian markets, where the fund’s managers see big growth potential. Total capacity of the fund’s portfolio of projects in development in these markets is 389 MW. 

    In Romania, the fund is investing in projects for 8 solar plants with a combined capacity of 356 MW. In Poland, it is developing solar park projects with over 32 MW in capacity. Investments in  Romania and Poland are expected to exceed EUR 250 million. The fund has invested over EUR 90 million in acquisition and construction of the projects as of June 2025. Construction of all the solar parks should be completed by the end of 2027. 

    To date the INVL Renewable Energy Fund I has raised EUR 73.9 million from investors through investment units and bonds. 

    About the INVL Renewable Energy Fund I  

    The INVL Renewable Energy Fund I was established on 20 July 2021 by INVL Asset Management, the leading alternative asset manager in the Baltic States, as a sub-fund for informed investors. It invests in early- and mid-stage renewable energy projects (solar), including the construction of new power plants, the development and/or acquisition of the infrastructure necessary for the operation of power plants, and effective management of existing power plants in the European Union and member states of the European Economic Area. 

    INVL Asset Management is part of Invalda INVL, the leading Baltic asset management group. 

    Further information:
    Liudas Liutkevičius
    Managing Partner of the INVL Renewable Energy Fund I
    liudas.liutkevicius@invl.com

    The MIL Network

  • Microsoft says some SharePoint server hackers now using ransomware

    Source: Government of India

    Source: Government of India (4)

    A cyber-espionage campaign centered on vulnerable versions of Microsoft‘s server software now involves the deployment of ransomware, Microsoft said in a late Wednesday blog post.

    In the post, citing “expanded analysis and threat intelligence,” Microsoft said a group it dubs “Storm-2603” is using the vulnerability to seed the ransomware, which typically works by paralyzing victims’ networks until a digital currency payment is made.

    The disclosure marks a potential escalation in the campaign, which has already hit at least 400 victims, according to Netherlands-based cybersecurity firm Eye Security. Unlike typical state-backed hacker campaigns, which are aimed at stealing data, ransomware can cause widespread disruption depending on where it lands.

    The figure of 400 victims represents a sharp rise from the 100 organizations cataloged over the weekend. Eye Security says the figure is likely an undercount.

    “There are many more, because not all attack vectors have left artifacts that we could scan for,” said Vaisha Bernard, the chief hacker for Eye Security, which was among the first organizations to flag the breaches.

    The details of most of the victim organizations have not yet been fully disclosed, but on Wednesday a representative for the National Institutes of Health confirmed that one of the organization’s servers had been compromised.

    “Additional servers were isolated as a precaution,” he said. The news of the compromise was first reported by the Washington Post.

    Other outlets said the hacking campaign had breached an even broader range of U.S. agencies. NextGov, citing multiple people familiar with the matter, reported the Department of Homeland Security had been hit, along with more than five to 12 other agencies.

    Politico, which cited two U.S. officials, said multiple agencies were believed to have been breached.

    DHS’ cyberdefense arm, CISA, did not immediately return a message seeking comment on the reports. Microsoft did not immediately return a message seeking further details on the ransomware angle of the hacking or the reported government victims.

    The spy campaign began after Microsoft failed to fully patch a security hole in its SharePoint server software, kicking off a scramble to fix the vulnerability when it was discovered.

    Microsoft and its tech rival, Google-owner Alphabet, have both said Chinese hackers are among those taking advantage of the flaw. Beijing has denied the claim.

    -Reuters

  • MIL-OSI: Tanate Phutrakul to step down as CFO at 2026 AGM

    Source: GlobeNewswire (MIL-OSI)

    Tanate Phutrakul to step down as CFO at 2026 AGM

    ING announced today that Tanate Phutrakul will step down from his position as CFO and member of the Executive Board of ING. Tanate will leave ING as of the Annual General Meeting in April 2026, after 24 years at ING of which seven on the Executive Board. 

    Karl Guha, chairman of ING’s Supervisory Board said: “It has been a privilege to work with Tanate. I have come to know him as a man of good grace, integrity, and high standards. He has been instrumental in helping steer ING to a better place of strong performance and delivering on our promises. We are fortunate to still have him on our executive team until the AGM and wish him every success in the next phase of his life.”

    Steven van Rijswijk, CEO of ING said: “I want to thank Tanate for his many years serving ING. While it is never easy to see a colleague leave, after seven years as CFO on the board it is a logical moment for Tanate to step down. With his deeply professional and pleasant approach, he has played a pivotal role in guiding ING through a turbulent period for the bank, the sector and the world. He has done so with his trademark calmness and has been an invaluable part of our executive team. His contributions in making ING the strong and financially sound bank it is today, which enables our current growth strategy, can hardly be overestimated. We look forward to continue to work with Tanate in the coming months.”

    Tanate Phutrakul said: “It has been and still is a pleasure to serve as a board member of ING, having helped shape the bank into what it is. It has been a wonderful journey. Many thanks for the kind support of Steven and my fellow board members and especially to the many ING colleagues I have worked with over the years.”

    Tanate joined ING in 1998 as managing director of ING Barings Securities Thailand. From 2003 until 2008 he served as head of Wholesale Banking and chief financial officer of TMB Bank in Thailand. In successive years he served as CFO of ING’s Operations and IT unit, ING Retail Banking International and ING Belgium. In 2019, he was appointed to the Executive Board as CFO of ING Group. 

    The search for a successor has been initiated and announcements will be made in due course. 

    Note for editors
    For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom. Photos of ING operations, buildings and its executives are available for download at Flickr.

    ING PROFILE
    ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

    ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

    ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of June 2025, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’ with an ESG risk rating of 18.0 (low risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate.

    IMPORTANT LEGAL INFORMATION
    Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

    ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2024 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

    Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com.

    This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

    Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

    This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

    Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

    This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

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