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Category: Eurozone

  • From Gujarat to global: How PM Modi’s diaspora diplomacy took root in the UK

    Source: Government of India

    Source: Government of India (4)

    As Prime Minister Narendra Modi arrived in London on Wednesday, he was greeted by thunderous chants of “Modi Modi”, “Bharat Mata ki Jai”, and “Vande Mataram” from the Indian community — an emphatic reminder of a diplomatic tradition he initiated decades ago, long before rising to India’s highest political office.

    This growing emotional and strategic connect with the Indian diaspora has become a cornerstone of India’s foreign policy under PM Modi, especially during his second term.

    The foundations of this approach were laid as early as 1993, when Narendra Modi — then BJP’s General Secretary in Gujarat and an emerging national figure — made an impromptu stop in the UK on his return from the United States. Although the visit was unplanned and brief, Modi ensured he connected with the Indian diaspora in the UK. He visited media hubs like Sunrise Radio and the Gujarati newspaper Naya Padkar, interacted with families in Croydon and Hastings, engaged in informal conversations, rode the London Underground, and exchanged ideas with everyday Indians living in Britain.

    “The seeds planted then would quietly nourish India’s diaspora diplomacy for decades to come,” the Modi Archive said in a post on X, while sharing a timeline of the Prime Minister’s engagements in the UK.

    By 1999, when Modi had become a key national figure and the BJP’s global voice, he returned to the UK for a five-day visit in October, shortly after the BJP’s sweeping national electoral victory. Then serving as BJP’s National General Secretary, Modi had just delivered a stellar performance in Gujarat — winning 20 out of 26 Lok Sabha seats and expanding the party’s grassroots presence from 1,000 to over 16,000 village units between 1985 and 1995. This visit was highlighted by a landmark event at the Swaminarayan School in Neasden, organised by the Overseas Friends of BJP (UK). Despite a cold drizzle, the hall was packed.

    Notable attendees included Lord Navnit Dholakia, MP Barry Gardiner (Chairman of Labour Friends of India), and C.B. Patel, editor of Gujarat Samachar.

    “BJP stands for nationalism and patriotism,” Narendra Modi was quoted as saying by the Modi Archive.

    During this visit, he expanded on India’s democratic traditions, the NDA’s policy vision, and paid homage to Gandhian ideals — illustrating the BJP’s ideological clarity and moral purpose. He framed the BJP not just as a political force, but as a cultural and civilizational movement rooted in tradition, religion, modernity, and democracy. He further asserted that India’s democratic ethos is admired across the world.

    In addition, Modi was honoured by the Lohana Mahajan community, where he commended overseas Indians for serving as authentic ambassadors of Indian civilisation. He also paid a visit to 10 Downing Street during the trip.

    Modi’s emphasis on global awareness continued during another visit to the UK in 2000. In September that year, he stopped in London en route to the World Hindu Conference in the Caribbean and the UN Peace Summit in the US. At the time, he was about to assume the influential position of BJP General Secretary (Organisation), a role only two others had held since the Jana Sangh era.

    During this short visit, Modi met British Deputy Prime Minister John Prescott and engaged in serious discussions on political stability in Asia, India’s regional situation, and the growing threat of international terrorism. He also met with members of the Overseas Friends of BJP and held teleconferences with C.B. Patel, updating them on the state of affairs in Gujarat and national security efforts in Jammu and Kashmir.

    “Terrorism is an evil against humanity — whether in India, the Middle East, or Northern Ireland,” Modi said.

    It was a prescient warning that came a full year before the 9/11 attacks, at a time when much of the world had yet to perceive terrorism as a shared global menace.

    In August 2003, two years after the devastating Bhuj earthquake in Gujarat, Modi returned to the UK as Chief Minister of Gujarat.

    The purpose was to thank members of the Indian diaspora, many of whom had mobilised support, resources, and aid for the affected people.

    “You are all the real friends of Gujarat, and I have come to reciprocate the loyalty. We have slept in the street of death and today I have come to repay a debt of friendship to those who helped us in our hour of need,” Modi said, addressing thousands at the packed Wembley Conference Centre.

    He praised the diaspora not just for their financial contributions but for their deep emotional ties with India, calling them “the true friends of Gujarat”.

    During this visit, he also inaugurated the Shakti Hall at the Gujarat Samachar and Asian Voice offices. True to his style, he spoke not just of the past, but also of the future.

    In a speech still fondly remembered by the editors of Asian Voice, Modi famously said, “IT is not Information Technology. IT is India Today. BT is not Biotechnology. It is Bharat Today. IT and IT equals IT. That means Information Technology and Indian Talent is India Tomorrow.”

    The visit also included a meeting with then Prime Minister Atal Bihari Vajpayee, who was in London at the time. Modi later met a delegation of political leaders and diaspora members on the South Bank of the River Thames, near Westminster Bridge, opposite the iconic Houses of Parliament.

    Even in 2011, when Gujarat marked its golden jubilee, he virtually brought the UK into the celebrations. He addressed a high-profile audience in Mayfair, London, through video conferencing while in Gandhinagar, stating, “The name Gujarat and development are synonymous. Gujarat is creating history.”

    The event, hosted by Friends of Gujarat, Gujarat Samachar, and Asian Voice, brought together 90 distinguished guests including British MPs, Lords, and community leaders. Among them was Lord Gulam Noon, who had a direct and lively exchange with Modi.

    He used the opportunity to share his vision for the future. He announced the construction of the Mahatma Mandir, a monumental tribute rising from the soil of 18,000 villages — and including ‘mitti’ sent by Gujaratis living abroad.

    “In this Golden Jubilee celebration, we have decided to build a Mahatma Mandir. We have collected earth from 18,000 villages in Gujarat to make this monument. We have also collected earth from abroad, especially the UK,” he said.

    The message was clear: for Narendra Modi, the diaspora has never been a passive audience.

    It has always been, and continues to be, an integral part of India’s journey — a partner in progress and a powerful force in shaping India’s global image.

    Now, as Prime Minister of India, Narendra Modi continues to acknowledge and celebrate the contributions made by overseas Indians in deepening people-to-people ties and in promoting India’s image and influence across the globe.

    IANS

  • MIL-OSI: STMicroelectronics Reports 2025 Second Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    PR No: C3349C

    STMicroelectronics Reports 2025 Second Quarter Financial Results

    • Q2 net revenues $2.77 billion; gross margin 33.5%; operating loss of $133 million, including $190 million related to impairment, restructuring charges and other related phase-out costs; net loss of $97 million
    • H1 net revenues $5.28 billion; gross margin 33.5%; operating loss of $130 million, including $198 million related to impairment, restructuring charges and other related phase-out costs; net loss of $41 million
    • Business outlook at mid-point: Q3 net revenues of $3.17 billion and gross margin of 33.5%

    Geneva, July 24, 2025 – STMicroelectronics N.V. (“ST”) (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the second quarter ended June 28, 2025. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

    ST reported second quarter net revenues of $2.77 billion, gross margin of 33.5%, operating loss of $133 million, and net loss of $97 million or -$0.11 diluted earnings per share (non-U.S. GAAP1 operating income of $57 million, and non-U.S. GAAP1 net income of $57 million or $0.06 diluted earnings per share).

    Jean-Marc Chery, ST President & CEO, commented:

    • “Q2 net revenues came above the mid-point of our business outlook range, driven by higher revenues in Personal Electronics and Industrial, while Automotive was slightly below expectations. Gross margin was in line with the mid-point of our business outlook range.”
    • “On a year-over-year basis, Q2 net revenues decreased 14.4%, non-U.S. GAAP1operating margin decreased to 2.1% from 11.6% and non-U.S. GAAP1net income decreased to $57 million from $353 million.”
    • “First half net revenues decreased 21.1% year-over-year, with a decrease in all reportable segments. Non-U.S. GAAP1operating margin was 1.3% and non-U.S. GAAP1net income was $120 million.”
    • “In the second quarter, our book-to-bill ratio remained above one for Industrial, while Automotive was below parity. Bookings continued to increase sequentially.”
    • “Our third quarter business outlook, at the mid-point, is for net revenues of $3.17 billion, decreasing year-over-year by 2.5% and increasing sequentially by 14.6%; gross margin is expected to be about 33.5%; including about 340 basis points of unused capacity charges. On a sequential basis, our Q3 gross margin will be negatively impacted by about 140 basis points, mainly from currency effect and, to a lesser extent, the start of non-recurring cost related to our manufacturing reshaping program.”
    • “While we expect Q3 revenues to show a solid sequential growth enabling a continued year-over-year improvement, we are still operating amid an uncertain macroeconomic environment. Given these external factors, our priorities remain supporting our customers, accelerating new product introductions, and executing our company-wide program to reshape our manufacturing footprint and resize our global cost base.”

    Quarterly Financial Summary

    U.S. GAAP
    (US$ m, except per share data)    		 Q2 2025 Q1 2025 Q2 2024 Q/Q Y/Y
    Net Revenues $2,766 $2,517 $3,232 9.9% -14.4%
    Gross Profit $926 $841 $1,296 10.2% -28.5%
    Gross Margin 33.5% 33.4% 40.1% +10 bps – 660 bps
    Operating Income (Loss) $(133) $3 $375 – –
    Operating Margin -4.8% 0.1% 11.6% -490 bps -1,640 bps
    Net Income (Loss) $(97) $56 $353 – –
    Diluted Earnings Per Share $(0.11) $0.06 $0.38 – –
    Non-U.S. GAAP2
    (US$ m, except per share data)    		 Q2 2025 Q1 2025 Q2 2024 Q/Q Y/Y
    Operating Income $57 $11 $375 429.6% -84.7%
    Operating Margin 2.1% 0.4% 11.6% 170 bps -950 bps
    Net Income $57 $63 $353 -9.1% -83.9%
    Diluted Earnings Per Share $0.06 $0.07 $0.38 -14.3% -84.2%

    Second Quarter 2025 Summary Review
    Reminder: on January 1, 2025 we made some adjustments to our segment reporting. Prior year comparative periods have been adjusted accordingly. See Appendix for more detail.

    Net Revenues by Reportable Segment3 (US$ m) Q2 2025 Q1 2025 Q2 2024 Q/Q Y/Y
    Analog products, MEMS and Sensors (AM&S) segment 1,133 1,069 1,336 5.9% -15.2%
    Power and discrete products (P&D) segment 447 397 576 12.9% -22.2%
    Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group 1,580 1,466 1,912 7.8% -17.4%
    Embedded Processing (EMP) segment 847 742 906 14.1% -6.5%
    RF & Optical Communications (RF&OC) segment 336 306 410 10.1% -17.9%
    Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group 1,183 1,048 1,316 13.0% -10.1%
    Others 3 3 4 – –
    Total Net Revenues $2,766 $2,517 $3,232 9.9% -14.4%

    Net revenues totaled $2.77 billion, representing a year-over-year decrease of 14.4%. Year-over-year net sales to OEMs and Distribution decreased 15.3% and 12.0%, respectively. On a sequential basis, net revenues increased 9.9%, 220 basis points better than the mid-point of ST’s guidance.

    Gross profit totaled $926 million, representing a year-over-year decrease of 28.5%. Gross margin of 33.5%, 10 basis points above the mid-point of ST’s guidance, decreased 660 basis points year-over-year, mainly due to product mix, lower manufacturing efficiencies and, to a lesser extent, higher unused capacity charges.

    Operating income decreased from $375 million in the year-ago quarter to an operating loss of $133 million. ST’s operating margin decreased 1,640 basis points on a year-over-year basis to -4.8% of net revenues, compared to 11.6% in the second quarter of 2024. Operating loss included $190M impairment, restructuring charges and other related phase-out costs for the quarter, reflecting impairment of assets and restructuring charges predominantly associated with the previously announced company-wide program to reshape our manufacturing footprint and resize our global cost base. Excluding these items, non-U.S. GAAP1 Operating income stood at $57 million in the second quarter.

    By reportable segment, compared with the year-ago quarter:

    In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:

    Analog products, MEMS and Sensors (AM&S) segment:

    • Revenue decreased 15.2% mainly due to a decrease in Analog.   
    • Operating profit decreased by 55.9% to $85 million. Operating margin was 7.5% compared to 14.5%.

    Power and Discrete products (P&D) segment:

    • Revenue decreased 22.2%.
    • Operating profit decreased from $61 million to an operating loss of $56 million. Operating margin was -12.5% compared to 10.6%.

    In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:

    Embedded Processing (EMP) segment:

    • Revenue decreased 6.5% mainly due to Custom Processing.
    • Operating profit decreased by 8.7% to $114 million. Operating margin was 13.5% compared to 13.8%.

    RF & Optical Communications (RF&OC) segment:

    • Revenue decreased 17.9%.
    • Operating profit decreased by 37.2% to $60 million. Operating margin was 17.9% compared to 23.4%.

    Net Earnings and diluted Earnings Per Share decreased to a negative $97 million and a negative $0.11 respectively compared to a positive $353 million and $0.38 respectively in the year-ago quarter. Non-U.S. GAAP1 Net income and diluted Earnings Per Share, stood at $57 million and $0.06 respectively in the second quarter of 2025.

    Cash Flow and Balance Sheet Highlights

            Trailing 12 Months
    (US$ m) Q2 2025 Q1 2025 Q2 2024 Q2 2025 Q2 2024 TTM Change
    Net cash from operating activities 354 574 702 2,332 4,922 -52.6%
    Free cash flow (non-U.S. GAAP1) (152) 30 159 142 1,384 -89.7%

    Net cash from operating activities was $354 million in the second quarter compared to $702 million in the year-ago quarter.

    Net Capex (non-U.S. GAAP1), was $465 million in the second quarter compared to $528 million in the year-ago quarter.

    Free cash flow (non-U.S. GAAP1) was negative at $152 million in the second quarter, compared to positive $159 million in the year-ago quarter.

    Inventory at the end of the second quarter was $3.27 billion, compared to $3.01 billion in the previous quarter and $2.81 billion in the year-ago quarter. Days sales of inventory at quarter-end was 166 days, compared to 167 days for the previous quarter and 130 days for the year-ago quarter.

    In the second quarter, ST paid cash dividends to its stockholders totaling $81 million and executed a $92 million share buy-back, as part of its current share repurchase program.

    ST’s net financial position (non-U.S. GAAP4) remained strong at $2.67 billion as of June 28, 2025, compared to $3.08 billion as of March 29, 2025, and reflected total liquidity of $5.63 billion and total financial debt of $2.96 billion. Adjusted net financial position (non-U.S. GAAP1), taking into consideration the effect on total liquidity of advances from capital grants for which capital expenditures have not been incurred yet, stood at $2.31 billion as of June 28, 2025.

    Corporate developments

    On May 28, 2025, STMicroelectronics held its 2025 Annual General Meeting of Shareholders in Amsterdam, the Netherlands. All proposed resolutions were approved by the Shareholders.

    Business Outlook

    ST’s guidance, at the mid-point, for the 2025 third quarter is:

    • Net revenues are expected to be $3.17 billion, an increase of 14.6% sequentially, plus or minus 350 basis points.
    • Gross margin of 33.5%, plus or minus 200 basis points.
    • This outlook is based on an assumed effective currency exchange rate of approximately $1.14 = €1.00 for the 2025 third quarter and includes the impact of existing hedging contracts.
    • The third quarter will close on September 27, 2025.

    This business outlook does not include any impact of potential further changes to global trade tariffs compared to the current situation.

    Conference Call and Webcast Information

    ST will conduct a conference call with analysts, investors and reporters to discuss its second quarter 2025 financial results and current business outlook today at 9:30 a.m. Central European Time (CET) / 3:30 a.m. U.S. Eastern Time (ET). A live webcast (listen-only mode) of the conference call will be accessible at ST’s website, https://investors.st.com, and will be available for replay until August 8, 2025.

    Use of Supplemental Non-U.S. GAAP Financial Information

    This press release contains supplemental non-U.S. GAAP financial information.

    Readers are cautioned that these measures are unaudited and not prepared in accordance with U.S. GAAP and should not be considered as a substitute for U.S. GAAP financial measures. In addition, such non-U.S. GAAP financial measures may not be comparable to similarly titled information from other companies. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with ST’s consolidated financial statements prepared in accordance with U.S. GAAP.

    See the Appendix of this press release for a reconciliation of ST’s non-U.S. GAAP financial measures to their corresponding U.S. GAAP financial measures.

    Forward-looking Information

    Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management’s current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated by such statements due to, among other factors: 

    • changes in global trade policies, including the adoption and expansion of tariffs and trade barriers, that could affect the macro-economic environment and may directly or indirectly adversely impact the demand for our products;
    • uncertain macro-economic and industry trends (such as inflation and fluctuations in supply chains), which may impact production capacity and end-market demand for our products;
    • customer demand that differs from projections which may require us to undertake transformation measures that may not be successful in realizing the expected benefits in full or at all;
    • the ability to design, manufacture and sell innovative products in a rapidly changing technological environment;
    • changes in economic, social, public health, labor, political, or infrastructure conditions in the locations where we, our customers, or our suppliers operate, including as a result of macro-economic or regional events, geopolitical and military conflicts, social unrest, labor actions, or terrorist activities;
    • unanticipated events or circumstances, which may impact our ability to execute our plans and/or meet the objectives of our R&D and manufacturing programs, which benefit from public funding;
    • financial difficulties with any of our major distributors or significant curtailment of purchases by key customers;
    • the loading, product mix, and manufacturing performance of our production facilities and/or our required volume to fulfill capacity reserved with suppliers or third-party manufacturing providers;
    • availability and costs of equipment, raw materials, utilities, third-party manufacturing services and technology, or other supplies required by our operations (including increasing costs resulting from inflation);
    • the functionalities and performance of our IT systems, which are subject to cybersecurity threats and which support our critical operational activities including manufacturing, finance and sales, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology;
    • theft, loss, or misuse of personal data about our employees, customers, or other third parties, and breaches of data privacy legislation;
    • the impact of IP claims by our competitors or other third parties, and our ability to obtain required licenses on reasonable terms and conditions;
    • changes in our overall tax position as a result of changes in tax rules, new or revised legislation, the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as our ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;
    • variations in the foreign exchange markets and, more particularly, the U.S. dollar exchange rate as compared to the Euro and the other major currencies we use for our operations;
    • the outcome of ongoing litigation as well as the impact of any new litigation to which we may become a defendant;
    • product liability or warranty claims, claims based on epidemic or delivery failure, or other claims relating to our products, or recalls by our customers for products containing our parts;
    • natural events such as severe weather, earthquakes, tsunamis, volcano eruptions or other acts of nature, the effects of climate change, health risks and epidemics or pandemics in locations where we, our customers or our suppliers operate;
    • increased regulation and initiatives in our industry, including those concerning climate change and sustainability matters and our goal to become carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027;
    • epidemics or pandemics, which may negatively impact the global economy in a significant manner for an extended period of time, and could also materially adversely affect our business and operating results;
    • industry changes resulting from vertical and horizontal consolidation among our suppliers, competitors, and customers;
    • the ability to successfully ramp up new programs that could be impacted by factors beyond our control, including the availability of critical third-party components and performance of subcontractors in line with our expectations; and
    • individual customer use of certain products, which may differ from the anticipated uses of such products and result in differences in performance, including energy consumption, may lead to a failure to achieve our disclosed emission-reduction goals, adverse legal action or additional research costs.

    Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as “believes”, “expects”, “may”, “are expected to”, “should”, “would be”, “seeks” or “anticipates” or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions.

    Some of these risk factors are set forth and are discussed in more detail in “Item 3. Key Information — Risk Factors” included in our Annual Report on Form 20-F for the year ended December 31, 2024 as filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this press release as anticipated, believed or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.

    Unfavorable changes in the above or other factors listed under “Item 3. Key Information — Risk Factors” from time to time in our Securities and Exchange Commission (“SEC”) filings, could have a material adverse effect on our business and/or financial condition.

    About STMicroelectronics

    At ST, we are 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are on track to be carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027. Further information can be found at www.st.com.

    For further information, please contact:

    INVESTOR RELATIONS:
    Jérôme Ramel
    EVP Corporate Development & Integrated External Communication
    Tel: +41 22 929 59 20
    jerome.ramel@st.com

    MEDIA RELATIONS:
    Alexis Breton
    Corporate External Communications
    Tel: + 33 6 59 16 79 08
    alexis.breton@st.com

    STMicroelectronics N.V.      
    CONSOLIDATED STATEMENTS OF INCOME      
    (in millions of U.S. dollars, except per share data ($))      
           
      Three months ended  
      June 28, June 29,  
      2025 2024  
      (Unaudited) (Unaudited)  
           
    Net sales 2,745 3,227  
    Other revenues 21 5  
    NET REVENUES 2,766 3,232  
    Cost of sales (1,840) (1,936)  
    GROSS PROFIT 926 1,296  
    Selling, general and administrative expenses (420) (419)  
    Research and development expenses (514) (535)  
    Other income and expenses, net 65 33  
    Impairment, restructuring charges and other related phase-out costs (190) –  
    Total operating expenses (1,059) (921)  
    OPERATING INCOME (LOSS) (133) 375  
    Interest income, net 45 51  
    Other components of pension benefit costs (5) (4)  
    Loss on financial instruments, net (19) (1)  
    INCOME (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTEREST (112) 421  
    Income tax benefit (expense) 18 (67)  
    NET INCOME (LOSS) (94) 354  
    Net income attributable to noncontrolling interest (3) (1)  
    NET INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (97) 353  
           
    EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.11) 0.39  
    EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.11) 0.38  
           
    NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS 893.9 941.1  
           
    STMicroelectronics N.V.      
    CONSOLIDATED STATEMENTS OF INCOME      
    (in millions of U.S. dollars, except per share data ($))      
           
      Six months ended  
      June 28, June 29,  
      2025 2024  
      (Unaudited) (Unaudited)  
           
    Net sales 5,257 6,670  
    Other revenues 26 27  
    NET REVENUES 5,283 6,697  
    Cost of sales (3,516) (3,958)  
    GROSS PROFIT 1,767 2,739  
    Selling, general and administrative expenses (810) (844)  
    Research and development expenses (1,004) (1,063)  
    Other income and expenses, net 115 93  
    Impairment, restructuring charges and other related phase-out costs (198) –  
    Total operating expenses (1,897) (1,814)  
    OPERATING INCOME (LOSS) (130) 925  
    Interest income, net 93 111  
    Other components of pension benefit costs (9) (8)  
    Gain (loss) on financial instruments, net 6 (1)  
    INCOME (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTEREST (40) 1,027  
    Income tax benefit (expense) 4 (159)  
    NET INCOME (LOSS) (36) 868  
    Net income attributable to noncontrolling interest (5) (3)  
    NET INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (41) 865  
           
    EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.05) 0.96  
    EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.05) 0.92  
           
    NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS 894.9 941.8  
           
           
    STMicroelectronics N.V.      
    CONSOLIDATED BALANCE SHEETS      
    As at June 28, March 29, December 31,
    In millions of U.S. dollars 2025 2025 2024
      (Unaudited) (Unaudited) (Audited)
    ASSETS      
    Current assets:      
    Cash and cash equivalents 1,616 1,781 2,282
    Short-term deposits 1,650 1,650 1,450
    Marketable securities 2,363 2,528 2,452
    Trade accounts receivable, net 1,352 1,385 1,749
    Inventories 3,273 3,014 2,794
    Other current assets 1,267 1,050 1,007
    Total current assets 11,521 11,408 11,734
    Goodwill 313 299 290
    Other intangible assets, net 342 338 346
    Property, plant and equipment, net 11,437 11,178 10,877
    Non-current deferred tax assets 558 490 464
    Long-term investments 77 96 71
    Other non-current assets 1,215 1,114 961
      13,942 13,515 13,009
    Total assets 25,463 24,923 24,743
           
    LIABILITIES AND EQUITY      
    Current liabilities:      
    Short-term debt 1,006 988 990
    Trade accounts payable 1,451 1,373 1,323
    Other payables and accrued liabilities 1,386 1,290 1,306
    Dividends payable to stockholders 257 16 88
    Accrued income tax 104 72 66
    Total current liabilities 4,204 3,739 3,773
    Long-term debt 1,951 1,889 1,963
    Post-employment benefit obligations 428 392 377
    Long-term deferred tax liabilities 48 48 47
    Other long-term liabilities 848 896 904
      3,275 3,225 3,291
    Total liabilities 7,479 6,964 7,064
    Commitment and contingencies      
    Equity      
    Parent company stockholders’ equity      
    Common stock (preferred stock: 540,000,000 shares authorized, not issued; common stock: Euro 1.04 par value, 1,200,000,000 shares authorized, 911,281,920 shares issued, 894,759,029 shares outstanding as of June 28, 2025) 1,157 1,157 1,157
    Additional Paid-in Capital 3,187 3,142 3,088
    Retained earnings 12,911 13,514 13,459
    Accumulated other comprehensive income 983 495 236
    Treasury stock (490) (582) (491)
    Total parent company stockholders’ equity 17,748 17,726 17,449
    Noncontrolling interest 236 233 230
    Total equity 17,984 17,959 17,679
    Total liabilities and equity 25,463 24,923 24,743
           
           
           
    STMicroelectronics N.V.      
           
    SELECTED CASH FLOW DATA      
           
    Cash Flow Data (in US$ millions) Q2 2025 Q1 2025 Q2 2024
           
    Net Cash from operating activities 354 574 702
    Net Cash used in investing activities (332) (796) (628)
    Net Cash used in financing activities (191) (282) (112)
    Net Cash decrease (165) (501) (41)
           
    Selected Cash Flow Data (in US$ millions) Q2 2025 Q1 2025 Q2 2024
           
    Depreciation & amortization 464 428 439
    Net payment for Capital expenditures (481) (538) (546)
    Dividends paid to stockholders (81) (72) (73)
    Change in inventories, net (140) (172) (136)
           

    Appendix
    ST
    Changes to reportable segments

    Following ST’s reorganization announced in January 2024 into two Product Groups and four reportable segments, we have made further progress in analyzing our global product portfolio, resulting in the following adjustments to our segments, effective starting January 1, 2025, without modifying subtotals at Product Group level: 

    • In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
      • The transfer of VIPower products from Power and Discrete products (“P&D”) reportable segment to Analog products, MEMS and Sensors (“AM&S”) reportable segment.    
    • In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
      • the newly created ‘Embedded Processing’ (“EMP”) reportable segment includes the former ‘MCU’ segment (excluding the RF ASICs mentioned below) as well as Custom Processing products (Automotive ADAS products).
      • the newly created ‘RF & Optical Communications’ (“RF&OC”) reportable segment includes the former ‘D&RF’ segment (excluding Automotive ADAS products) as well as some RF ASICs which were previously part of the former ‘MCU’ segment.

    We believe these adjustments are critical for implementing synergies and optimizing resources, which are necessary to fully deliver the benefits expected from our new organization.

    Our four reportable segments – within each Product Group – are now as follows: 

    • In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
      • Analog products, MEMS and Sensors (“AM&S”) reportable segment, comprised of ST analog products (now including VIPower products), MEMS sensors and actuators, and optical sensing solutions.
      • Power and Discrete products (“P&D”) reportable segment, comprised of discrete and power transistor products (now excluding VIPower products).

    In this Press Release, “Analog” refers to analog products, “MEMS” to MEMS sensors and actuators and “Imaging” to optical sensing solutions.

    • In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
      • Embedded Processing (“EMP”) reportable segment, comprised of general-purpose and automotive microcontrollers, connected security products and Custom Processing Products (Automotive ADAS)
      • RF & Optical Communications (“RF&OC”) reportable segment, comprised of Space, Ranging & Connectivity products, Digital Audio & Signaling Solutions and Optical & RF COT.

    In this Press release, “GPAM” refers to General purpose & automotive microcontrollers, “Connected Security” to connected security products, “Custom Processing” to automotive ADAS products.

    Prior year comparative periods have been adjusted accordingly.

    (Appendix – continued)
    ST Supplemental Financial Information

      Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
    Net Revenues By Market Channel (%)          
    Total OEM 72% 71% 73% 76% 73%
    Distribution 28% 29% 27% 24% 27%
               
    €/$ Effective Rate 1.09 1.06 1.09 1.08 1.08
               
    Reportable Segment Data (US$ m)          
    Analog products, MEMS and Sensors (AM&S) segment          
    – Net Revenues 1,133 1,069 1,348 1,340 1,336
    – Operating Income 85 82 220 216 193
    Power and Discrete products (P&D) segment          
    – Net Revenues 447 397 602 652 576
    – Operating Income (Loss) (56) (28) 45 80 61
    Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group          
    – Net Revenues 1,580 1,466 1,950 1,992 1,912
    – Operating Income 29 54 265 296 254
    Embedded Processing (EMP) segment          
    – Net Revenues 847 742 1,002 898 906
    – Operating Income 114 66 181 146 126
    RF & Optical Communications (RF&OC) segment          
    – Net Revenues 336 306 366 357 410
    – Operating Income 60 43 95 84 96
    Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group          
    – Net Revenues 1,183 1,048 1,368 1,255 1,316
    – Operating Income 174 109 276 230 222
    Others (a)          
    – Net Revenues 3 3 3 4 4
    – Operating Income (Loss) (336) (160) (172) (145) (101)
    Total          
    – Net Revenues 2,766 2,517 3,321 3,251 3,232
    – Operating Income (Loss) (133) 3 369 381 375

    (a)   Net revenues of Others include revenues from sales assembly services and other revenues. Operating income (loss) of Others include items such as unused capacity charges, including incidents leading to power outage, impairment, restructuring charges and other related phase-out costs, management reorganization costs, start-up costs, and other unallocated income (expenses) such as: strategic or special research and development programs, certain corporate-level operating expenses, patent claims and litigations, and other costs that are not allocated to reportable segments, as well as operating earnings of other products. Others includes:

    (US$ m) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
    Unused capacity charges 103 123 118 104 84
    Impairment, restructuring charges and
    other related phase-out costs    		 190 8 – – –

    (Appendix – continued)
    ST
    Supplemental Non-U.S. GAAP Financial Information
    U.S. GAAP – Non-U.S. GAAP Reconciliation

    The supplemental non-U.S. GAAP information presented in this press release is unaudited and subject to inherent limitations. Such non-U.S. GAAP information is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for U.S. GAAP measurements. Also, our supplemental non-U.S. GAAP financial information may not be comparable to similarly titled non-U.S. GAAP measures used by other companies. Further, specific limitations for individual non-U.S. GAAP measures, and the reasons for presenting non-U.S. GAAP financial information, are set forth in the paragraphs below. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP.

    ST believes that these non-U.S. GAAP financial measures provide useful information for investors and management because they offer, when read in conjunction with ST’s U.S. GAAP financials, (i) the ability to make more meaningful period-to-period comparisons of ST’s on-going operating results, (ii) the ability to better identify trends in ST’s business and perform related trend analysis, and (iii) to facilitate a comparison of ST’s results of operations against investor and analyst financial models and valuations, which may exclude these items.

    Non-U.S. GAAP Operating Income, Non-U.S. GAAP Net Earnings and Non-U.S. GAAP Earnings Per Share (non-U.S. GAAP measures)

    Operating income before impairment and restructuring charges and one-time items is used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items, such as impairment, restructuring charges and other related phase-out costs. Adjusted net earnings and earnings per share (EPS) are used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items like impairment, restructuring charges and other related phase-out costs attributable to ST and other one-time items, net of the relevant tax impact.

    Q2 2025
    (US$ m, except per share data)    		 Gross Profit Operating Income (Loss) Net Earnings Corresponding Diluted EPS
    U.S. GAAP 926 (133) (97) (0.11)
    Impairment, restructuring charges and other related phase-out costs – 190 190  
    Estimated income tax effect – – (36)  
    Non-U.S. GAAP 926 57 57 0.06
    H1 2025
    (US$ m, except per share data)    		 Gross Profit Operating Income (Loss) Net Earnings Corresponding Diluted EPS
    U.S. GAAP 1,767 (130) (41) (0.05)
    Impairment, restructuring charges and other related phase-out costs – 198 198  
    Estimated income tax effect – – (37)  
    Non-U.S. GAAP 1,767 68 120 0.13

    (Appendix – continued)

    Net Financial Position and Adjusted Net Financial Position (non-U.S. GAAP measures)

    Net Financial Position, a non-U.S. GAAP measure, represents the difference between our total liquidity and our total financial debt. Our total liquidity includes cash and cash equivalents, restricted cash, if any, short-term deposits, and marketable securities, and our total financial debt includes short-term debt and long-term debt, as reported in our Consolidated Balance Sheets. ST also presents adjusted net financial position as a non-U.S. GAAP measure, to take into consideration the effect on total liquidity of advances received on capital grants for which capital expenditures have not been incurred yet.

    ST believes its Net Financial Position and Adjusted Net Financial Position provide useful information for investors and management because they give evidence of our global position either in terms of net indebtedness or net cash by measuring our capital resources based on cash and cash equivalents, restricted cash, if any, short-term deposits and marketable securities and the total level of our financial debt. Our definitions of Net Financial Position and Adjusted Net Financial Position may differ from definitions used by other companies, and therefore, comparability may be limited.

    (US$ m) Jun 28
    2025    		 Mar 29
    2025    		 Dec 31
    2024    		 Sep 28
    2024    		 Jun 29
    2024
    Cash and cash equivalents 1,616 1,781 2,282 3,077 3,092
    Short term deposits 1,650 1,650 1,450 977 975
    Marketable securities 2,363 2,528 2,452 2,242 2,218
    Total liquidity 5,629 5,959 6,184 6,296 6,285
    Short-term debt (1,006) (988) (990) (1,003) (236)
    Long-term debt (a) (1,951) (1,889) (1,963) (2,112) (2,850)
    Total financial debt (2,957) (2,877) (2,953) (3,115) (3,086)
    Net Financial Position (non-U.S. GAAP) 2,672 3,082 3,231 3,181 3,199
    Advances received on capital grants (361) (377) (385) (366) (402)
    Adjusted Net Financial Position (non-U.S. GAAP) 2,311 2,705 2,846 2,815 2,797

    (a)  Long-term debt contains standard conditions but does not impose minimum financial ratios. Committed credit facilities for $639 million equivalent, are currently undrawn.

    (Appendix – continued)

    Net Capex and Free Cash Flow (non-U.S. GAAP measures)

    ST presents Net Capex as a non-U.S. GAAP measure, which is reported as part of our Free Cash Flow (non-U.S. GAAP measure), to take into consideration the effect of advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period.

    Net Capex, a non-U.S. GAAP measure, is defined as (i) Payment for purchase of tangible assets, as reported plus (ii) Proceeds from sale of tangible assets, as reported plus (iii) Proceeds from capital grants and other contributions, as reported plus (iv) Advances from capital grants allocated to property, plant and equipment in the reporting period.

    ST believes Net Capex provides useful information for investors and management because annual capital expenditures budget includes the effect of capital grants. Our definition of Net Capex may differ from definitions used by other companies.

    (US$ m) Q2 2025 Q1
    2025    		 Q4
    2024    		 Q3
    2024    		 Q2
    2024
    Payment for purchase of tangible assets, as reported (574) (587) (584) (669) (690)
    Proceeds from sale of tangible assets, as reported 4 2 – 2 1
    Proceeds from capital grants and other contributions, as reported 89 47 83 66 143
    Advances from capital grants allocated to property, plant and equipment 16 8 31 36 18
    Net Capex (non-U.S. GAAP) (465) (530) (470) (565) (528)

    Free Cash Flow, which is a non-U.S. GAAP measure, is defined as (i) net cash from operating activities plus (ii) Net Capex plus (iii) payment for purchase (and proceeds from sale) of intangible and financial assets and (iv) net cash paid for business acquisitions, if any.

    ST believes Free Cash Flow provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operations.

    Free Cash Flow reconciles with the total cash flow and the net cash increase (decrease) by including the payment for purchases of (and proceeds from matured) marketable securities and net investment in (and proceeds from) short-term deposits, the net cash from (used in) financing activities and the effect of changes in exchange rates, and by excluding the advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period. Our definition of Free Cash Flow may differ from definitions used by other companies.

    (US$ m) Q2 2025 Q1
    2025    		 Q4
    2024    		 Q3
    2024    		 Q2
    2024
    Net cash from operating activities 354 574 681 723 702
    Net Capex (465) (530) (470) (565) (528)
    Payment for purchase of intangible assets, net of proceeds from sale (41) (14) (32) (20) (15)
    Payment for purchase of financial assets, net of proceeds from sale – – (51) (2) –
    Free Cash Flow (non-U.S. GAAP) (152) 30 128 136 159

    1Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.
    2Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.
    3See Appendix for the definition of reportable segments.
    4Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.

    Attachment

    The MIL Network –

  • MIL-OSI: Nokia Corporation Report for Q2 and Half Year 2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation

    Half year financial report
    24 July 2025 at 08:00 EEST

    Nokia Corporation Report for Q2 and Half Year 2025

    Solid performance offset by currency impact

    • Q2 comparable net sales declined 1% y-o-y on a constant currency and portfolio basis (2% reported) due to a 13% decline in Mobile Networks which had benefited from accelerated revenue recognition in the prior year. Network Infrastructure grew 8% while Cloud and Network Services grew 14%. Nokia Technologies grew 3%.
    • Comparable gross margin in Q2 was flat y-o-y at 44.7% (reported increased 10bps to 43.4%). Gross margins were broadly stable in Network Infrastructure and Mobile Networks and improved in Cloud and Network Services.
    • Q2 comparable operating margin decreased 290bps y-o-y to 6.6% (reported up 790bps to 1.8%), driven by a negative EUR 50 million venture fund impact which includes a EUR 60 million negative currency revaluation. Operating profit was also impacted by tariffs.
    • Q2 comparable diluted EPS for the period of EUR 0.04; reported diluted EPS for the period of EUR 0.02.
    • Q2 free cash flow of EUR 0.1 billion, net cash balance of EUR 2.9 billion.
    • As announced on 22 July 2025, full year 2025 comparable operating profit outlook revised to between EUR 1.6 and 2.1 billion (was between EUR 1.9 and 2.4 billion) with free cash flow conversion from comparable operating profit unchanged at between 50% and 80%.

    This is a summary of the Nokia Corporation Report for Q2 and Half Year 2025 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group’s financial information as well as on Nokia’s outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at www.nokia.com/financials. Investors should not solely rely on summaries of Nokia’s financial reports and should also review the complete reports with tables.

    JUSTIN HOTARD, PRESIDENT AND CEO, ON Q2 2025 RESULTS

    In the following quote, net sales comments and growth rates are referring to comparable net sales and are on a constant currency and portfolio basis.

    During my first quarter as CEO, I’ve spent significant time engaging with our stakeholders. One message has stood out: Connectivity is becoming a critical differentiator in the AI supercycle, not only for communication service providers and hyperscalers, but also for new areas like defense and national security. With our portfolio in mobile and fiber access, data center, and transport networks, Nokia is uniquely positioned to be a leader in this market transition. Customer conversations have increased my optimism about our opportunity: There’s been a strong validation of what sets us apart – our technology, partnering culture, and the exceptional talent of our people.

    At the same time, our customers expect us to engage with them as one integrated company as they partner with us across our portfolio. Further it is clear we need to continue to evolve how we work so we move faster, improve productivity and focus on what brings value to our customers. As a result, we’re unifying our corporate functions to simplify how we work, build a more cohesive culture and begin to unlock operating leverage.

    We have a great opportunity to drive a unified vision for the future of networks, and I am looking forward to discussing our strategy and full value creation story at our Capital Markets Day in New York on November 19.

    Turning to our second quarter results, the significant currency fluctuations, particularly the weaker USD, had a meaningful impact on both our net sales and operating profit. On a constant currency and portfolio basis our overall net sales declined 1%, however excluding a settlement benefit in the prior year, sales would have grown 3%. Network Infrastructure grew 8% in Q2. Mobile Networks’ net sales declined 13%, primarily related to the aforementioned prior year settlement benefit and also due to project timing in India. Cloud and Network Services grew 14% with strong momentum in 5G Core. Nokia Technologies grew 3% and secured several new agreements in the quarter.

    Q2 comparable gross margin was stable year-on-year at 44.7%. Operating profit in the quarter was impacted by a non-cash negative impact to venture funds of EUR 50 million which included a EUR 60 million negative currency revaluation and the effect of tariffs we highlighted in Q1, contributing to our comparable operating margin declining 290 bps to 6.6%. Despite the cash impact of 2024 incentives during Q2, we had a strong cash performance and have generated free cash flow of over EUR 800 million in the first half.

    Q2 saw continued strong order momentum in Optical Networks with a book-to-bill well above 1, driven by new hyperscaler orders. We had several key wins in the quarter, including a deal with a large US communication service provider along with receiving our first award for 800G pluggables from a US hyperscaler. Across the group, Nokia generated 5% of sales in Q2 from hyperscalers. While we still have a lot of work ahead of us, I’m pleased with the progress we are making integrating Infinera, including executing on synergies. Additionally, the commercial momentum we are seeing reinforces the long-term value creation opportunity of the acquisition.

    Looking ahead we expect a stronger second half performance, particularly in Q4 consistent with normal seasonality. For the full year, the underlying business is trending largely as expected. We continue to expect strong growth in Network Infrastructure, growth in Cloud and Network Services and largely stable net sales in Mobile Networks on a constant currency and portfolio basis. In Nokia Technologies we expect approximately EUR 1.1 billion in operating profit.

    However, we are facing two headwinds to our full year operating profit outlook which are outside of our control, currency due to the weaker US Dollar, and tariffs. Currency has an approximately EUR 230 million negative impact relative to our expectations at the start of the year with EUR 90 million from non-cash venture fund currency revaluations. The current tariff levels are forecasted to impact operating profit by EUR 50 million to EUR 80 million inclusive of those in Q2. Considering these two headwinds, we decided it was prudent at this point to lower our comparable operating profit outlook to a range of EUR 1.6 billion to EUR 2.1 billion from the prior range of EUR 1.9 billion to EUR 2.4 billion.

    Justin Hotard
    President and CEO

    FINANCIAL RESULTS

    EUR million (except for EPS in EUR) Q2’25 Q2’24 YoY change Q1-Q2’25 Q1-Q2’24 YoY change
    Reported results            
    Net sales 4 546 4 466 2% 8 936 8 910 0%
    Gross margin % 43.4% 43.3% 10bps 42.5% 46.5% (400)bps
    Research and development expenses (1 161) (1 134) 2% (2 306) (2 259) 2%
    Selling, general and administrative expenses (744) (715) 4% (1 472) (1 408) 5%
    Operating profit 81 432 (81)% 32 836 (96)%
    Operating margin % 1.8% 9.7% (790)bps 0.4% 9.4% (900)bps
    Profit from continuing operations 83 370 (78)% 24 821 (97)%
    Profit/(loss) from discontinued operations 13 (512)   13 (525)  
    Profit/(loss) for the period 96 (142)   36 296 (88)%
    EPS for the period, diluted 0.02 (0.03)   0.01 0.05 (80)%
    Net cash and interest-bearing financial investments 2 879 5 475 (47)% 2 879 5 475 (47)%
    Comparable results            
    Net sales 4 551 4 466 2% 8 941 8 910 0%
    Constant currency and portfolio YoY change(1)             (1%)             (2%)
    Gross margin % 44.7% 44.7% 0bps 43.5% 47.6% (410)bps
    Research and development expenses (1 126) (1 064) 6% (2 241) (2 140) 5%
    Selling, general and administrative expenses (612) (610) 0% (1 199) (1 194) 0%
    Operating profit 301 423 (29)% 457 1 023 (55)%
    Operating margin % 6.6% 9.5% (290)bps 5.1% 11.5% (640)bps
    Profit for the period 236 328 (28)% 390 840 (54)%
    EPS for the period, diluted 0.04 0.06 (33)% 0.07 0.15 (53)%
    Business group results Network
    Infrastructure    		 Mobile
    Networks    		 Cloud and Network Services Nokia
    Technologies    		 Group Common and Other
    EUR million Q2’25 Q2’24 Q2’25 Q2’24 Q2’25 Q2’24 Q2’25 Q2’24 Q2’25 Q2’24
    Net sales 1 904 1 522 1 732 2 078 557 507 357 356 3 4
    YoY change 25%   (17)%   10%   0%   (25)%  
    Constant currency and portfolio YoY change(1) 8%   (13)%   14%   3%   (25)%  
    Gross margin % 38.2% 38.4% 41.1% 41.8% 42.7% 37.5% 100.0% 100.0%    
    Operating profit/(loss) 109 97 77 182 9 (35) 255 258 (150) (78)
    Operating margin % 5.7% 6.4% 4.4% 8.8% 1.6% (6.9)% 71.4% 72.5%    

    (1) This metric provides additional information on the growth of the business and adjusts for both currency impacts and portfolio changes. The full definition is provided in the Alternative performance measures section in Nokia Corporation Report for Q2 and Half Year 2025.

    SHAREHOLDER DISTRIBUTION

    Dividend

    Under the authorization by the Annual General Meeting held on 29 April 2025, the Board of Directors may resolve on the distribution of an aggregate maximum of EUR 0.14 per share to be paid in respect of financial year 2024. The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period unless the Board decides otherwise for a justified reason.

    On 24 July 2025, the Board resolved to distribute a dividend of EUR 0.04 per share. The dividend record date is 29 July 2025 and the dividend will be paid on 7 August 2025. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.

    As previously announced, on 29 April 2025 the Board resolved to distribute a dividend of EUR 0.04 per share. The dividend record date was 5 May 2025 and the dividend was paid on 12 May 2025. Following these distributions, the Board’s remaining distribution authorization is a maximum of EUR 0.06 per share.

    OUTLOOK

      Full Year 2025
    Comparable operating profit(1,2) EUR 1.6 billion to EUR 2.1 billion (adjusted from EUR 1.9 billion to 2.4 billion)
    Free cash flow(1) 50% to 80% conversion from comparable operating profit

    1Please refer to Alternative performance measures section in Nokia Corporation Report for Q2 and Half Year 2025 for a full explanation of how these terms are defined.
    2Outlook is based on a EUR:USD rate of 1.17 for the remainder of the year.

    The outlook and all of the underlying outlook assumptions described below are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this report.

    Along with Nokia’s official outlook targets provided above, Nokia provides the below additional assumptions that support the group level financial outlook.

      Full year 2025 Comment  
    Q3 Seasonality   Normal seasonality would imply flat net sales sequentially into Q3. The business expects somewhat more challenging product mix along with continued R&D investment. Comparable operating margin expected to be largely stable sequentially.  
    Group Common and Other operating expenses Approximately EUR 400 million    
    Comparable financial income and expenses Positive EUR 50 to 150 million    
    Comparable income tax rate ~25%    
    Cash outflows related to income taxes EUR 500 million    
    Capital expenditures EUR 650 million    
    Recurring gross cost savings EUR 400 million Related to ongoing cost savings program and not including Infinera-related synergies  
    Restructuring and associated charges related to cost savings programs EUR 250 million Related to ongoing cost savings program and not including Infinera-related synergies  
    Restructuring and associated cash outflows EUR 400 million Related to ongoing cost savings program and not including Infinera-related synergies  

    RISK FACTORS

    Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to: 

    • Competitive intensity, which is expected to continue at a high level as some competitors seek to take share;
    • Changes in customer network investments related to their ability to monetize the network;
    • Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments;
    • Our ability to procure certain standard components and the costs thereof, such as semiconductors;
    • Disturbance in the global supply chain;
    • Impact of inflation, increased global macro-uncertainty, major currency fluctuations, changes in tariffs and higher interest rates;
    • Potential economic impact and disruption of global pandemics;
    • War or other geopolitical conflicts, disruptions and potential costs thereof;
    • Other macroeconomic, industry and competitive developments;
    • Timing and value of new, renewed and existing patent licensing agreements with licensees;
    • Results in brand and technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to licensing and regulatory landscape for patent licensing;
    • The outcomes of on-going and potential disputes and litigation;
    • Our ability to execute, complete, successfully integrate and realize the expected benefits from transactions;
    • Timing of completions and acceptances of certain projects;
    • Our product and regional mix;
    • Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various countries and OECD initiatives;
    • Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet;
    • Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions;

    as well the risk factors specified under Forward-looking statements of this release, and our 2024 annual report on Form 20-F published on 13 March 2025 under Operating and financial review and prospects-Risk factors.

    FORWARD-LOOKING STATEMENTS

    Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, tariffs, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, value creation, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “could“, “see”, “plan”, “ensure” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in the Risk Factors above.

    ANALYST WEBCAST

    • Nokia’s webcast will begin on 24 July 2025 at 11.30 a.m. Finnish time (EEST). The webcast will last approximately 60 minutes.
    • The webcast will be a presentation followed by a Q&A session. Presentation slides will be available for download at www.nokia.com/financials.
    • A link to the webcast will be available at www.nokia.com/financials.
    • Media representatives can listen in via the link, or alternatively call +1-412-317-5619.

    FINANCIAL CALENDAR

    • Nokia plans to publish its third quarter and January-September 2025 results on 23 October 2025.

    About Nokia

    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia
    Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia
    Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI: Bigbank’s Unaudited Financial Results for Q2 2025

    Source: GlobeNewswire (MIL-OSI)

    Bigbank’s total gross loan portfolio reached a record high of 2.44 billion euros by the end of the quarter, up 141 million euros (+6%) quarter on quarter and 537 million euros (+28%) year on year, driven by the strategic product lines of business loans and home loans. Growth in the consumer loan portfolio was more modest. During the quarter, the business loan portfolio increased by 54 million euros (+7%) to 862 million euros, the home loan portfolio by 53 million euros (+8%) to 717 million euros and the consumer loan portfolio by 19 million euros (+2%) to 860 million euros. For the first time in Bigbank’s history, business loans also became the largest credit product line in terms of portfolio size.

    On the deposit side, the savings deposit portfolio recorded strong growth in the second quarter, increasing by 154 million euros to 1.3 billion euros (+13%). However, the term deposit portfolio decreased by 59 million euros to 1.34 billion euros during the quarter. The stabilising interest rate environment has made the interest rates on more flexible savings deposits competitive with those on term deposits. Therefore, many depositors have opted for savings deposits when their term deposits have matured. At the end of the second quarter, the current accounts opened for retail customers in Estonia totalled 3.4 million euros. All current account holders earn interest at the rate of 2%, the best available on the market. The Group’s total deposit portfolio grew by 96 million euros (+4%) quarter on quarter and by 393 million euros (+17%) year on year, reaching 2.65 billion euros.

    Bigbank’s net profit for the first six months of 2025 was 18.7 million euros. Net profit for the same period in 2024 was 15.8 million euros. In the second quarter, Bigbank’s net profit amounted to 8.9 million euros, down 0.5 million euros from the second quarter of 2024 (-5%). In the second quarter, Bigbank’s profit before income tax amounted to 11.5 million euros, up 0,3 million euros from the second quarter of 2024 (+3%).

    Interest income grew quarter on quarter, because the growth in the loan portfolio had a stronger impact than the decrease in interest rates during the year. Interest income for the second quarter amounted to 45.2 million euros, an increase of 1.8 million euros (+4%) year on year. Due to the growth of the deposit portfolio and an increase in the volume of bonds issued, interest expense grew by 0.6 million euros (+3%) to 19.5 million euros. As a result, Bigbank’s net interest income grew by 1.2 million euros (+5%) year on year to 25.7 million euros.

    The quality of the loan portfolio continued to improve in the second quarter: the net allowance for expected credit losses and provisions totalled 1.4 million euros, down 4.4 million euros year on year. This positive trend is mostly attributable to an improvement in the quality of the consumer loan portfolio in all three Baltic countries. The credit quality of home loans remained very good, while that of the business loan portfolio was stable. The share of stage 3 (non-performing) loans decreased by 3.8 million euros in the second quarter, accounting for 4.7% of the total loan portfolio at the end of the quarter (-0.4 pp from the end of the first quarter). The relatively high share of stage 3 loans is mainly due to a small number of larger loans which are well secured and therefore do not increase expected credit loss expenses.

    Bigbank’s strong team, which is the driving force behind growing business volumes, continued to expand. At the end of the second quarter of 2025, Bigbank had 613 employees: 378 in Estonia, 102 in Lithuania, 91 in Latvia, 22 in Finland, 15 in Bulgaria and 5 in Sweden. Salary expenses for the second quarter totalled 8.2 million euros, up 1.8 million euros year on year (+28%).

    The second quarter saw significant progress in the development of everyday banking products. At the beginning of the quarter, Bigbank became a direct member of the SEPA Credit Transfer scheme. This enabled the Group to become fully independent of other financial intermediaries in the euro area. Bigbank has been a direct member of the SEPA Instant Credit Transfer scheme, enabling it to make instant payments independently, since 2024. Another significant milestone was reached at the end of June with the launch of the Bigbank mobile app. Initially made available to retail customers of the Estonian business unit, the modern and convenient app is expected to be launched in Lithuania and Latvia in the coming quarters.

    The value of the Group’s investment property portfolio was 72.3 million euros at the end of the second quarter. A significant change to the property portfolio was the decrease in the value of the agricultural land in Estonia, which fell by 1.7 million euros (around 5%) due to an overall decline in transaction prices in the market during the quarter.

    Two bond issues also took place in the second quarter. In May, Bigbank issued Additional Tier 1 (AT1) bonds totalling 2.44 million euros, thereby increasing its Additional Tier 1 capital by the same amount. In June, Bigbank carried out the first in a series of public unsecured subordinated bond offerings (T2) under a new programme. Due to strong investor interest, Bigbank increased the volume of the T2 bond offering from 3 million euros to 6 million euros, thereby raising its Tier 2 capital by the same amount.

    In the second quarter, Moody’s Ratings affirmed all of the ratings and assessments that it had assigned to Bigbank AS last year.

    • Long-term and short-term deposit ratings: Ba1/NP
    • Baseline Credit Assessment (BCA) and Adjusted BCA: ba2
    • Long-term and short-term Counterparty Risk Ratings: Baa2/P-2
    • Long-term and short-term Counterparty Risk Assessments: Baa2(cr)/P-2(cr)

    The outlook on the bank’s long-term deposit rating was revised from stable to negative.

    After the reporting date and before this report was authorised for issue, Bigbank received the decision of the Financial Supervision and Resolution Authority of 7 July 2025, which waived the previously applied minimum requirement for own funds and eligible liabilities. According to the requirement, the Group had to maintain a minimum ratio of own funds and eligible liabilities to total risk exposure amount (TREA) of 12.49%. Bigbank complied with this requirement throughout its effective term and would be able to continue to do so in the future. There is no new minimum ratio requirement set by Financial Supervision and Resolution Authority.

    Income statement, in thousands of euros Q2 2025 Q2 2024 6M 2025 6M 2024
    Net interest income 25,773 24,464 51,336 50,021
    Net fee and commission income 2,550 2,245 5,073 4,409
    Net income (loss) on financial assets 694 2,007 2,645 3,078
    Net other operating income -1,120 -977 -2,015 -1,826
    Total net operating income 27,897 27,739 57,039 55,682
    Salaries and associated charges -8,258 -6,351 -15,735 -12,763
    Administrative expenses -2,875 -2,285 -5,626 -5,954
    Depreciation, amortisation and impairment -2,176 -2,100 -4,313 -4,152
    Other gains (losses) -1,796 1,090 -1,782 -1,329
    Total expenses -15,105 -9,646 -27,456 -24,198
    Profit before loss allowances 12,792 18,093 29,583 31,484
    Net expected credit loss allowances -1,289 -6,811 -5,924 -12,531
    Profit before income tax 11,503 11,282 23,659 18,953
    Income tax expense -2,616 -1,857 -4,917 -3,132
    Profit for the period from continuing operations 8,887 9,425 18,742 15,821
    Profit from discontinued operations 0 8 0 29
    Profit for the period 8,887 9,433 18,742 15,850
    Statement of financial position, in thousands of euros 30 June 2025 31 March 2025 31 Dec 2024 30 June 2024
    Cash and cash equivalents 468,770 487,160 448,661 626,081
    Debt securities at FVOCI 42,508 49,431 22,334 9,907
    Loans to customers 2,438,608 2,297,987 2,196,482 1,902,001
    Other assets 109,143 109,603 110,939 89,255
    Total assets 3,059,029 2,944,181 2,778,416 2,627,244
    Customer deposits and loans received 2,656,328 2,560,513 2,401,689 2,264,137
    Subordinated notes 104,147 95,943 91,668 88,148
    Other liabilities 17,871 16,885 15,290 22,113
    Total liabilities 2,778,346 2,673,341 2,508,647 2,374,398
    Equity 280,683 270,840 269,769 252,846
    Total liabilities and equity 3,059,029 2,944,181 2,778,416 2,627,244

    Compared to the unaudited financial results published for Q2 2024, the net interest income and the net allowance for expected credit losses for the first six months of 2024 have been adjusted, both reduced by 1.3 million euros. The adjustment is related to an identified error, where interest income from impaired financial assets had been accrued on the gross exposure of the financial assets, rather than on net basis. This correction does not impact the net profit for the first six months of 2024.

    Commentary by Martin Länts, chairman of the management board of Bigbank AS:

    In the second quarter of 2025, Bigbank continued its strong growth across all core business areas, bringing the consolidated total assets above the 3-billion-euro mark for the first time. The growth of the loan portfolio lifted its volume beyond 2.4 billion euros, representing an increase of nearly one-third year on year. Strategic segments such as business loans and home loans continued to drive growth.

    Alongside loan portfolio growth, its quality also improved. The net allowance for expected credit losses and provisions decreased by more than fourfold compared to the same period last year, totalling 1.4 million euros in the second quarter. This positive change is mainly attributable to improvements in the credit quality of the Baltic consumer loan portfolios, which also supported growth in the bank’s net profit. Net profit for the first half of 2025 was 18.7 million euros, of which 8.9 million euros were earned in the second quarter.

    The deposit portfolio also continued to grow both year on year and quarter on quarter. The primary growth driver was the savings deposit segment, the volume of which has reached a similar level as term deposits, totalling nearly 1.3 billion euros at the end of the second quarter. People have become increasingly active in searching for interest-bearing options for their funds, finding an attractive opportunity in Bigbank’s savings deposit product, but increasingly also in our current accounts.

    As the first bank in Estonia, we offer all current account holders the opportunity to earn 2% interest on their account balances while maintaining daily access to their funds. Although our current accounts have only recently been launched in Estonia, we already see that more than 25% of our retail banking customers of the business unit have opened an account. We will continue expanding our daily banking functionalities, an important milestone of which was the launch of the Bigbank mobile app at the end of June. We also plan to roll out current account services to the Latvian and Lithuanian markets in the coming quarters.

    In May and June, we successfully completed two bond issues. Both transactions support the continued rapid growth of the bank, ensure compliance with regulatory capital requirements, and facilitate further expansion of our home loan and business loan portfolios.

    We thank all investors, partners, and customers of Bigbank for your trust, which enables us to grow our business volumes and create long-term value.

    Bigbank AS (www.bigbank.eu), with over 30 years of operating history, is a commercial bank owned by Estonian capital. As of 30 June 2025, the bank’s total assets amounted to 3.1 billion euros, with equity of 281 million euros. Operating in nine countries, the bank serves more than 174,000 active customers and employs over 600 people. The credit rating agency Moody’s has assigned Bigbank a long-term bank deposit rating of Ba1, along with a baseline credit assessment (BCA) and an adjusted BCA of Ba2.

    Argo Kiltsmann
    Member of the Management Board
    Telephone: +372 5393 0833
    Email: argo.kiltsmann@bigbank.ee
    www.bigbank.ee

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    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    VELIZY-VILLACOUBLAY, France — July 24, 2025

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

    Advancing AI for software-defined industries

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

    Summary Highlights1  

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

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

    Dassault Systèmes’ Chief Executive Officer Commentary

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

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

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

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

    Dassault Systèmes’ Chief Financial Officer Commentary

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

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

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

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

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

    Financial Summary

    In millions of Euros,
    except per share data and percentages    		   IFRS   IFRS
      Q2 2025 Q2 2024 Change Change in constant currencies   YTD 2025 YTD 2024 Change Change in constant currencies
    Total Revenue   1,521.6 1,495.8 2% 5%   3,094.6 2,995.4 3% 4%
    Software Revenue   1,372.7 1,346.5 2% 6%   2,805.4 2,699.4 4% 5%
    Operating Margin   15.9% 18.4% (2.6)pts     17.6% 20.0% (2.4)pts  
    Diluted EPS   0.17 0.21 (19)%     0.37 0.42 (14)%  
    In millions of Euros,
    except per share data and percentages    		   Non-IFRS   Non-IFRS
      Q2 2025 Q2 2024 Change Change in constant currencies   YTD 2025 YTD 2024 Change Change in constant currencies
    Total Revenue   1,523.2 1,495.8 2% 6%   3,096.2 2,995.4 3% 5%
    Software Revenue   1,374.2 1,346.5 2% 6%   2,807.0 2,699.4 4% 5%
    Operating Margin   29.3% 29.9% (0.7)pts     30.1% 30.5% (0.4)pts  
    Diluted EPS   0.30 0.30 (1)% 4%   0.61 0.60 2% 5%

    Second Quarter 2025 Versus 2024 Financial Comparisons

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

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

    First Half 2025 Versus 2024 Financial Comparisons

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

    • Total Revenue: Total revenue grew 4% to €3.09 billion in IFRS, and was up 5% to €3.10 billion in non-IFRS. Software revenue increased 5% to €2.81 billion. Subscription and support revenue rose 7% to €2.33 billion; recurring revenue represented 83% of total software revenue. Licenses and other software revenue decreased 2% to €474 million. Services revenue was down 2% to €289 million.
    • Software Revenue by Geography: The Americas, Europe and Asia all grew 5%, representing respectively 40%, 37% and 23% of software revenue.
    • Software Revenue by Product Line:
      • Industrial Innovation software revenue rose 8% to €1.54 billion and represented 55% of software revenue. CATIA, SIMULIA and ENOVIA were among the strongest contributors to growth.
      • Life Sciences software revenue was flat to €561 million, representing 20% of software revenue.
      • Mainstream Innovation software revenue increased by 3% to €707 million in IFRS and to €708 million in non-IFRS. Mainstream Innovation represented 25% of software revenue.
    • Software Revenue by Industry: Aerospace & Defense, High Tech, Industrial Equipment and Transport & Mobility were among the strongest contributors to growth. In Life Sciences, Dassault Systèmes’ PLM solutions are playing more and more a critical role in driving the evolution toward smarter manufacturing and agile supply chains. In fact, outside of the MEDIDATA product line, Life Sciences revenue grew mid-teens.
    • Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 19%, representing 40% of 3DEXPERIENCE Eligible software revenue. Cloud software revenue grew 7% in non-IFRS, and represented 25% of software revenue. 3DEXPERIENCE Cloud software revenue increased 26% in constant currencies.
    • Operating Income and Margin: IFRS operating income was down 9%, to €546 million, as reported. Non-IFRS operating income increased 2% to €932 million, as reported. IFRS operating margin totaled 17.6% compared to 20% for the same period in 2024, mainly reflecting the combined effect of the employee shareholding plan “TOGETHER 2025” and higher share-based compensation related social charges, notably in France, where the rate rose from 20% to 30% in the first half of 2025. Non-IFRS operating margin stood at 30.1% in the first half of 2025, compared to 30.5% in the same period last year, impacted by negative currency effect of 30 basis points.
    • Earnings per Share: IFRS diluted EPS was €0.37, a decrease of 14% as reported. Non-IFRS diluted EPS grew by 2% to €0.61, as reported, or 5% in constant currencies.
    • Cash Flow from Operations (IFRS): Cash flow from operations totaled €1.15 billion for the first six months of 2025, compared to €1.13 billion last year. Cash flow from operations was principally used for the acquisition of ContentServ for €202 million, repurchase of Treasury Shares for €225 million and dividend payments for €343 million.
    • Balance Sheet (IFRS): Dassault Systèmes’ net financial position totaled €1.51 billion as of June 30, 2025, an increase of €0.05 billion, compared to €1.46 billion for the year ended December 31, 2024. Cash and cash equivalents totaled €4.08 billion in the first half.

    Financial Objectives for 2025

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

               
          Q3 2025 FY 2025  
      Total Revenue (billion) €1.485 – €1.535 €6.410 – €6.510  
      Growth 1 – 5% 3 – 5%  
      Growth ex FX 5 – 8% 6 – 8%  
               
      Software revenue growth * 5 – 9% 6 – 8%  
        Of which licenses and other software revenue growth * 7 – 14% 4 – 7%  
        Of which recurring revenue growth * 5 – 8% 7 – 8%  
      Services revenue growth *

    1 – 5%

    		 1 – 3%  
               
      Operating Margin 29.7% – 29.9% 32.2% – 32.4%  
               
      EPS Diluted €0.29 – €0.30 €1.32 – €1.35  
      Growth 0 – 4% 3 – 6%  
      Growth ex FX 5 – 9% 7 – 10%  
               
      US dollar $1.17 per Euro $1.13 per Euro  
      Japanese yen (before hedging) JPY 170.0 per Euro JPY 166.1 per Euro  
      * Growth in Constant Currencies      

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

    The 2025 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2025 principal currency exchange rates above: contract liabilities write-downs estimated at approximately €4 million; share-based compensation expenses, including related social charges, estimated at approximately €324 million (these estimates do not include any new stock option or share grants issued after June 30, 2025); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €336 million, largely impacted by the acquisition of MEDIDATA; and lease incentives of acquired companies at approximately €1 million.

    The above objectives also do not include any impact from other operating income and expenses, net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after June 30, 2025.

    Corporate Announcements

    Today’s Webcast and Conference Call Information

    Today, Thursday, July 24, 2025, Dassault Systèmes will host in Paris a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.

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

    Investor Relations Events

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

    Forward-looking Information

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

    The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2024 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2025, available on the Group’s website www.3ds.com.

    In particular, please refer to the risk factor “Uncertain Global Environment” in section 1.9.1.1 of the 2024 Universal Registration Document set out below for ease of reference:

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

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

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

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

    In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.17 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY170.0 to €1.00, before hedging for the third quarter 2025. The Group has assumed an average US dollar to euro exchange rate of US$1.13 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY166.1 to €1.00, before hedging for the full year 2025. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.

    Non-IFRS Financial Information

    Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2024 Universal Registration Document filed with the AMF on March 18, 2025.

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

    FOR MORE INFORMATION

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

    ABOUT DASSAULT SYSTÈMES

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

    Dassault Systèmes Investor Relations Team                FTI Consulting

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

                                                            Jamie Ricketts : +44 20 3727 1600

    investors@3ds.com

    Dassault Systèmes Press Contacts

    Corporate / France        Arnaud MALHERBE        arnaud.malherbe@3ds.com        +33 (0)1 61 62 87 73

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

    APPENDIX TABLE OF CONTENTS

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

    Glossary of Definitions

    Non-IFRS Financial Information

    Acquisitions and Foreign Exchange Impact

    Condensed consolidated statements of income

    Condensed consolidated balance sheet

    Condensed consolidated cash flow statement

    IFRS – non-IFRS reconciliation

    DASSAULT SYSTÈMES – Glossary of Definitions

    Information in Constant Currencies

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

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

    Information on Growth excluding acquisitions (“organic growth”)

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

    Information on Industrial Sectors

    Dassault Systèmes provides broad end-to-end software solutions and services: its 3D UNIV+RSES (made of multiple virtual twin experiences) powered by the 3DEXPERIENCE platform combine modeling, simulation, data science, artificial intelligence and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.

    These three sectors comprise twelve industries:

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

    Information on Product Lines

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

    • Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
    • Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
    • Mainstream Innovation software revenue, which includes its CENTRIC PLM and 3DVIA brands, as well as the SOLIDWORKS brand and its expanded offerings in design, simulation, PLM, and manufacturing.

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

    GEOs

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

    These GEOs are structured into three groups:

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

    3DEXPERIENCE Software Contribution

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

    Cloud revenue

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

    DASSAULT SYSTÈMES

    NON-IFRS FINANCIAL INFORMATION

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

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

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

    In millions of Euros, except per share data, percentages, headcount and exchange rates Non-IFRS reported
    Three months ended Six months ended
    June 30,

    2025

    		 June 30,

    2024

    		 Change Change in constant currencies June 30,

    2025

    		 June 30,

    2024

    		 Change Change in constant currencies
    Total Revenue € 1,523.2 € 1,495.8 2% 6% € 3,096.2 € 2,995.4 3% 5%
                     
    Revenue breakdown by activity                
    Software revenue 1,374.2 1,346.5 2% 6% 2,807.0 2,699.4 4% 5%
    Of which licenses and other software revenue 275.6 271.8 1% 5% 473.7 490.3 (3)% (2)%
    Of which subscription and support revenue 1,098.6 1,074.8 2% 6% 2,333.2 2,209.1 6% 7%
    Services revenue 148.9 149.2 (0)% 3% 289.2 296.1 (2)% (2)%
                     
    Software revenue breakdown by product line                
    Industrial Innovation 744.6 701.9 6% 9% 1,537.7 1,433.2 7% 8%
    Life Sciences 268.3 281.7 (5)% 0% 560.9 566.4 (1)% 0%
    Mainstream Innovation 361.3 363.0 (0)% 4% 708.3 699.7 1% 3%
                     
    Software Revenue breakdown by geography                
    Americas 505.0 525.5 (4)% 2% 1,116.2 1,079.1 3% 5%
    Europe 534.8 491.9 9% 10% 1,048.0 995.1 5% 5%
    Asia 334.4 329.1 2% 6% 642.8 625.2 3% 5%
                     
    Operating income € 446.1 € 447.8 (0)%   € 932.2 € 914.3 2%  
    Operating margin 29.3% 29.9%     30.1% 30.5%    
                     
    Net income attributable to shareholders € 391.0 € 397.1 (2)%   € 811.2 € 794.3 2%  
    Diluted earnings per share € 0.30 € 0.30 (1)% 4% € 0.61 € 0.60 2% 5%
                     
    Closing headcount 26,253 25,811 2%   26,253 25,811 2%  
                     
    Average Rate USD per Euro 1.13 1.08 5%   1.09 1.08 1%  
    Average Rate JPY per Euro 163.81 167.77 (2)%   162.12 164.46 (1)%  

    DASSAULT SYSTÈMES

    ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

    (unaudited; in millions of Euros)

    In millions of Euros Non-IFRS reported o/w growth at constant rate and scope o/w change of scope impact at current year rate o/w FX impact on previous year figures
    June 30,

    2025

    		 June 30,

    2024

    		 Change
    Revenue QTD 1,523.2 1,495.8 27.4 72.6 7.5 (52.7)
    Revenue YTD 3,096.2 2,995.4 100.7 125.9 7.7 (32.9)

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

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

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

    IFRS reported

     

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

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

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED BALANCE SHEET

    (unaudited; in millions of Euros)

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

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED CASH FLOW STATEMENT

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    Three months ended Six months ended
    June 30, June 30, Change June 30, June 30, Change
    2025 2024 2025 2024
    Net income attributable to equity holders of the parent 223.5 262.7 (39.3) 484.0 548.4 (64.4)
    Non-controlling interest (4.9) (1.2) (3.7) (6.1) (1.0) (5.1)
    Net income 218.6 261.5 (42.9) 477.9 547.5 (69.5)
    Depreciation of property and equipment 48.5 45.1 3.4 98.9 92.7 6.2
    Amortization of intangible assets 86.2 94.2 (8.0) 175.9 189.4 (13.5)
    Adjustments for other non-cash items 20.5 36.6 (16.1) 36.6 74.3 (37.7)
    Changes in working capital (39.4) 21.9 (61.3) 358.0 226.3 131.7
    Net Cash From Operating Activities € 334.3 € 459.3 € ( 124.9) € 1,147.3 € 1,130.2 € 17.2
                 
    Additions to property, equipment and intangibles assets (39.3) (50.6) 11.3 (95.3) (107.8) 12.5
    Payment for acquisition of businesses, net of cash acquired (9.2) (11.2) 2.0 (202.9) (15.7) (187.2)
    Other 3.2 0.8 2.3 (34.6) 23.1 (57.7)
    Net Cash Provided by (Used in) Investing Activities € (45.3) € (61.0) € 15.6 € (332.8) € (100.4) € (232.4)
                 
    Proceeds from exercise of stock options 7.4 13.9 (6.5) 29.6 35.2 (5.7)
    Cash dividends paid (342.6) (302.7) (39.9) (342.6) (302.7) (39.9)
    Repurchase and sale of treasury stock (144.7) (176.6) 31.8 (224.8) (307.7) 82.9
    Capital increase 111.3 – 111.3 111.3 – 111.3
    Acquisition of non-controlling interests 0.0 (0.0) 0.0 (0.2) (2.6) 2.5
    Proceeds from borrowings 121.3 – 121.3 81.0 – 81.0
    Repayment of borrowings – (0.1) 0.1 (18.5) (0.2) (18.4)
    Repayment of lease liabilities (22.7) (18.3) (4.4) (45.4) (42.3) (3.0)
    Net Cash Provided by (Used in) Financing Activities € (270.0) € (483.7) € 213.7 € (409.5) € (620.2) € 210.7
                 
    Effect of exchange rate changes on cash and cash equivalents (178.1) 21.0 (199.1) (273.9) 53.6 (327.5)
                 
    Increase (decrease) in cash and cash equivalents € (159.1) € (64.4) € (94.7) € 131.2 € 463.2 € (332.1)
                 
    Cash and cash equivalents at beginning of period € 4,242.9 € 4,095.9   € 3,952.6 € 3,568.3  
    Cash and cash equivalents at end of period € 4,083.7 € 4,031.5   € 4,083.7 € 4,031.5  

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

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2024 filed with the AMF on March 18, 2025. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

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

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

    In millions of Euros, except percentages Three months ended June 30, Change
    2025

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2025

    Non-IFRS

    		 2024

    IFRS

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

    Non-IFRS

    		 IFRS Non-

    IFRS
    Cost of revenue (264.7) 13.9 0.1 (250.7) (252.8) 5.0 0.1 (247.6) 5% 1%
    Research and development expenses (348.7) 28.9 0.1 (319.7) (326.1) 20.4 0.2 (305.5) 7% 5%
    Marketing and sales expenses (448.0) 39.7 0.1 (408.2) (423.8) 23.2 0.1 (400.5) 6% 2%
    General and administrative expenses (123.7) 25.2 0.0 (98.5) (111.6) 17.2 0.0 (94.3) 11% 4%
    Total   € 107.7 € 0.4     € 65.8 € 0.5      

    (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
    (3) Based on a weighted average 1,324.4 million diluted shares for Q2 2025 and 1,326.2 million diluted shares for Q2 2024, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 223.5 million for Q2 2025 (€ 276.7 million for Q2 2024). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

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

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2024 filed with the AMF on March 18, 2025. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

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

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

    In millions of Euros, except percentages Six months ended June 30, Change
    2025

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2025

    Non-IFRS

    		 2024

    IFRS

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

    Non-IFRS

    		 IFRS Non-

    IFRS
    Cost of revenue (525.0) 18.8 0.2 (505.9) (496.5) 8.0 0.3 (488.2) 6% 4%
    Research and development expenses (697.3) 61.4 0.3 (635.7) (637.5) 38.3 0.6 (598.7) 9% 6%
    Marketing and sales expenses (894.5) 64.2 0.2 (830.1) (844.1) 36.8 0.2 (807.1) 6% 3%
    General and administrative expenses (244.2) 51.8 0.1 (192.3) (216.7) 29.5 0.1 (187.1) 13% 3%
    Total   € 196.2 € 0.8     € 112.6 € 1.2      

    (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
    (3) Based on a weighted average 1,325.7 million diluted shares for YTD 2025 and 1,328.7 million diluted shares for YTD 2024, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 484.0 million for YTD 2025 (€ 562.3 million for YTD 2024). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

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

    Attachment

    The MIL Network –

  • MIL-OSI: Tyton Partners and Ufi Ventures Release Q2 2025 VocTech Market Report: AI Shockwaves, UK Industrial Strategy, and Transatlantic Divergence Take Centre Stage

    Source: GlobeNewswire (MIL-OSI)

    LONDON, July 24, 2025 (GLOBE NEWSWIRE) — Tyton Partners, the leading strategy consulting and investment banking firm focused on the education sector, and Ufi Ventures, the UK’s specialist investor in vocational technology (VocTech), today released their Q2 2025 VocTech Market Report. This quarterly publication explores the trends shaping vocational learning and workforce development across the UK, Europe, and North America.

    The second quarter of 2025 has been marked by increasing anxiety around artificial intelligence’s disruptive impact on labour markets, a wave of significant UK policy announcements, and early signs of capital rotation from the US to Europe amid political volatility. Vocational education and training remain firmly in the spotlight as policymakers and investors confront mounting challenges tied to youth disengagement, employment shifts, and rapid technological change.

    Key Takeaways

    • Labour markets are causing concern, even in the US.
    • The UK government made a series of major policy announcements, many of which see increased investment in key sectors and skills. The detail is important and not yet here.
    • Big Tech companies – including “hyperscalers” such as OpenAI – are muscling in to the education space, likely in search of long-term users and increased engagement.
    • The future of junior white-collar workers, and how they should be trained, is a key focus of debate. Being conscious of what may have previously been taken for granted (informal “learning by doing” in particular) looks important.
    • Companies who facilitate AI-driven HR workflows are raising sizeable funding, with some European businesses closing unusually large €20m+ Series A rounds.

    Alongside UK reforms, policy developments in the US and Europe are creating new dynamics. Germany’s coalition is advancing ambitious investment programmes. In the US, escalating attacks on higher education and the erratic policy environment under the Trump administration may be triggering a shift of capital and student interest to the UK and Europe.

    Helen Gironi, Director at Ufi Ventures, commented:
    “AI is shaking up workforce development from every angle. Employers, policymakers and learners are all being forced to adapt. At Ufi Ventures, we see opportunity in this disruption, but only for those who are ready to innovate and act with clarity.”

    Nick Kind, Managing Director at Tyton Partners, added:
    “We are seeing a critical turning point. AI is accelerating change, but it is also highlighting systemic gaps in skills and training. With new policy commitments in the UK and a capital environment in flux, the landscape is as complex as it is promising. This report offers grounded insight into how to respond.”

    To access the full Q2 2025 VocTech Market Report, visit: https://tytonpartners.com/key-learnings-from-voctech-market-activity-q2-2025/

    About Tyton Partners

    Tyton Partners is the leading provider of strategy consulting and investment banking services to the global knowledge and information services sector. With offices in Boston and New York City, the firm has an experienced team of bankers and consultants who deliver a unique spectrum of services from mergers and acquisitions and capital markets access to strategy development that helps companies, organizations, and investors navigate the complexities of the education, media, and information markets. Tyton Partners leverages a deep foundation of transactional and advisory experience and an unparalleled level of global relationships to make its clients’ aspirations a reality and to catalyze innovation in the sector. Learn more at tytonpartners.com.

    About Ufi Ventures

    Ufi Ventures is the investment arm of Ufi VocTech Trust. Ufi supports the adoption and deployment of technology to improve skills for work and deliver better outcomes for all. By leveraging its depth of experience Ufi Ventures supports its growing portfolio through access to capital, and its wide expert pool and network. Learn more at www.ufi.co.uk/ventures.

    Media Contact
    Zoe Wright-Neil
    Director of Marketing and Business Development
    zwrightneil@tytonpartners.com
    Tyton Partners

    The MIL Network –

  • MIL-OSI: Tyton Partners and Ufi Ventures Release Q2 2025 VocTech Market Report: AI Shockwaves, UK Industrial Strategy, and Transatlantic Divergence Take Centre Stage

    Source: GlobeNewswire (MIL-OSI)

    LONDON, July 24, 2025 (GLOBE NEWSWIRE) — Tyton Partners, the leading strategy consulting and investment banking firm focused on the education sector, and Ufi Ventures, the UK’s specialist investor in vocational technology (VocTech), today released their Q2 2025 VocTech Market Report. This quarterly publication explores the trends shaping vocational learning and workforce development across the UK, Europe, and North America.

    The second quarter of 2025 has been marked by increasing anxiety around artificial intelligence’s disruptive impact on labour markets, a wave of significant UK policy announcements, and early signs of capital rotation from the US to Europe amid political volatility. Vocational education and training remain firmly in the spotlight as policymakers and investors confront mounting challenges tied to youth disengagement, employment shifts, and rapid technological change.

    Key Takeaways

    • Labour markets are causing concern, even in the US.
    • The UK government made a series of major policy announcements, many of which see increased investment in key sectors and skills. The detail is important and not yet here.
    • Big Tech companies – including “hyperscalers” such as OpenAI – are muscling in to the education space, likely in search of long-term users and increased engagement.
    • The future of junior white-collar workers, and how they should be trained, is a key focus of debate. Being conscious of what may have previously been taken for granted (informal “learning by doing” in particular) looks important.
    • Companies who facilitate AI-driven HR workflows are raising sizeable funding, with some European businesses closing unusually large €20m+ Series A rounds.

    Alongside UK reforms, policy developments in the US and Europe are creating new dynamics. Germany’s coalition is advancing ambitious investment programmes. In the US, escalating attacks on higher education and the erratic policy environment under the Trump administration may be triggering a shift of capital and student interest to the UK and Europe.

    Helen Gironi, Director at Ufi Ventures, commented:
    “AI is shaking up workforce development from every angle. Employers, policymakers and learners are all being forced to adapt. At Ufi Ventures, we see opportunity in this disruption, but only for those who are ready to innovate and act with clarity.”

    Nick Kind, Managing Director at Tyton Partners, added:
    “We are seeing a critical turning point. AI is accelerating change, but it is also highlighting systemic gaps in skills and training. With new policy commitments in the UK and a capital environment in flux, the landscape is as complex as it is promising. This report offers grounded insight into how to respond.”

    To access the full Q2 2025 VocTech Market Report, visit: https://tytonpartners.com/key-learnings-from-voctech-market-activity-q2-2025/

    About Tyton Partners

    Tyton Partners is the leading provider of strategy consulting and investment banking services to the global knowledge and information services sector. With offices in Boston and New York City, the firm has an experienced team of bankers and consultants who deliver a unique spectrum of services from mergers and acquisitions and capital markets access to strategy development that helps companies, organizations, and investors navigate the complexities of the education, media, and information markets. Tyton Partners leverages a deep foundation of transactional and advisory experience and an unparalleled level of global relationships to make its clients’ aspirations a reality and to catalyze innovation in the sector. Learn more at tytonpartners.com.

    About Ufi Ventures

    Ufi Ventures is the investment arm of Ufi VocTech Trust. Ufi supports the adoption and deployment of technology to improve skills for work and deliver better outcomes for all. By leveraging its depth of experience Ufi Ventures supports its growing portfolio through access to capital, and its wide expert pool and network. Learn more at www.ufi.co.uk/ventures.

    Media Contact
    Zoe Wright-Neil
    Director of Marketing and Business Development
    zwrightneil@tytonpartners.com
    Tyton Partners

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Volumes (boepd)

    Gross operated production Q2 2025 Q1 2025 Q2 2024
    Kurdistan 74,760 82,081 79,783
    North Sea 5,526 8,864 –
           
    Net entitlement production Q2 2025 Q1 2025 Q2 2024
    Kurdistan 18,675 18,464 17,167
    North Sea 33,348 19,296 16,321
           
    Sales Q2 2025 Q1 2025 Q2 2024
    Kurdistan 18,675 18,464 17,167
    North Sea 32,393 17,216 12,871
           
    Equity accounted production (net) Q2 2025 Q1 2025 Q2 2024
    Côte d’Ivoire         3,175 3,375 3,256

    Selected cash flow items

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

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

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

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

    North Sea exploration

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

    Earnings call login details

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

    Disclaimer

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

    –

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

    –

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

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

    The MIL Network –

  • India’s global outreach continues: PM Modi begins UK visit, Maldives next

    Source: Government of India

    Source: Government of India (2)

    rime Minister Narendra Modi will embark on a two-nation tour on Wednesday, visiting the United Kingdom and the Maldives from July 23 to 26, aiming to strengthen India’s global diplomatic engagements.

    At the invitation of UK Prime Minister Keir Starmer, Prime Minister Modi will undertake an official visit to the United Kingdom from July 23 to 24. This will be his fourth visit to the UK, reflecting the growing warmth and depth of the bilateral relationship.

    India and the United Kingdom share historical ties that have evolved into a robust and mutually beneficial partnership. A major milestone in the relationship was achieved during the India-UK virtual summit on 4 May 2021, when Prime Minister Modi and then UK Prime Minister Boris Johnson established a Comprehensive Strategic Partnership and adopted an ambitious India-UK Roadmap 2030. This roadmap continues to steer cooperation across various sectors including trade, security, education, technology, and climate change.

    The visit also comes in the wake of the recent general elections in the UK held on 4 July 2024, where the Labour Party returned to power after 14 years, winning 412 out of 650 seats. Keir Starmer assumed office as Prime Minister, and PM Modi extended his congratulations during a telephonic conversation on 6 July, also inviting him for an early visit to India.

    In its election manifesto, the Labour Party pledged to pursue a new strategic partnership with India, focusing on the conclusion of a Free Trade Agreement (FTA) and deepening cooperation in critical sectors. The two leaders had earlier met on the sidelines of the G20 Leaders’ Summit in Brazil in November 2024 and briefly interacted again during the G7 Summit in Canada in June 2025.

    Following the terrorist attack in Pahalgam in April 2025, Prime Minister Starmer had spoken to PM Modi to convey his condolences and support. On 6 May 2025, both leaders held a telephonic conversation and announced the successful conclusion of the India-UK FTA and the Double Taxation Avoidance Convention, marking a historic development in bilateral ties.

    High-level exchanges have been a consistent feature of India-UK relations. President Droupadi Murmu visited London in September 2022 to attend the State Funeral of Her Majesty Queen Elizabeth II and met King Charles III during her visit. Vice President Jagdeep Dhankhar represented India at the Coronation of King Charles III in May 2023 and engaged with global leaders during his visit. He also addressed members of the Indian community and interacted with Indian-origin UK MPs and students.

    Prime Minister Modi had earlier met former UK Prime Minister Rishi Sunak on multiple occasions, including during the G20 Summit in India in September 2023 and at the G7 Summit in Italy in June 2024. Their discussions covered progress on the India-UK FTA and other key areas under the Roadmap 2030. Sunak’s official visit to India in 2023 and bilateral engagements in Japan and Bali further contributed to the growing momentum in the relationship. Notably, the Young Professionals Scheme was launched following their meeting in Bali in 2022, enhancing mobility for youth between the two countries.

    In April 2022, then UK Prime Minister Boris Johnson visited India and held wide-ranging discussions with PM Modi. The visit saw the announcement of an ‘Open General Export Licence’ for Indian companies and the signing of MoUs in nuclear energy and global innovation, along with a joint statement on cyber cooperation.

    Earlier, in November 2021, Prime Minister Modi had visited the UK to attend the COP26 World Leaders’ Summit in Glasgow, where he and Prime Minister Boris Johnson jointly launched the One Sun, One World, One Grid (OSOWOG) initiative under the International Solar Alliance and the Infrastructure for Resilient Island States (IRIS) initiative under the Coalition for Disaster Resilient Infrastructure.

    Lok Sabha Speaker Om Birla visited the UK in January 2025 and held bilateral talks with the Speaker of the House of Commons, Lindsay Hoyle, underscoring the strong parliamentary ties between the two democracies.

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

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

    MARCO BERTORELLO/AFP via Getty Images

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

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

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



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

    What are the new rules?

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

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

    This replaces the current common setup of 54-10.

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

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

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

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

    This is especially useful in time trials or sprints.

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

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

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

    New rules, different opinions

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

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

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

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

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

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

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

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

    The Professional Cycling Council supports testing gear ratio limits.

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

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

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

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

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

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

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

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

    A delicate balance

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

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

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

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

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

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

    MIL OSI –

  • MIL-OSI New Zealand: Exploring the societal impacts of medicines

    Source: PHARMAC

    “Right now, our decision-making framework—the Factors for Consideration—looks at how a medicine affects the person who needs it, their whānau, and the health system,” says Dr David Hughes, Pharmac’s Director of Advice and Assessment

    Like countries such as Australia, Canada, and the UK, our economic evaluations focus on the health system perspective. That means we look at how well a medicine works and what it will cost the health system in New Zealand.

    But there are other ways to look at the value of funding a medicine – for example, through a societal lens.

    “Medicines can have an impact on New Zealanders well beyond the hospital room. They can help people stay in work, reduce the need for unpaid care, and ease financial pressure on families,” says Dr Hughes.

    To begin exploring this idea, Pharmac partnered with researchers at Erasmus University in the Netherlands last year and is now working with the Institute for Medical Technology Assessment (iMTA) at Erasmus University – world leaders of the ‘societal perspective.’

    Their pilot study showed that using a societal perspective can change how New Zealand values medicines. Greater value was identified for treatments for chronic conditions affecting working-age people, for example, when broader impacts were considered.

    Pharmac is now commissioning two more assessments from iMTA. The Erasmus team will also train Pharmac staff to apply this approach in future assessments.

    Pharmac has also been talking with the Canadian Drug Agency (CDA) to share perspectives on measuring societal impacts. At the same time, the CDA has been piloting its own assessment of an expanded societal perspective.

    “We’re building our capability to see what it would look like if our assessments reflect the value of medicines not just to the health system, but to the whole of society,” says Dr Hughes.

    MIL OSI New Zealand News –

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

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

    MARCO BERTORELLO/AFP via Getty Images

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

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

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



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

    What are the new rules?

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

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

    This replaces the current common setup of 54-10.

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

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

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

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

    This is especially useful in time trials or sprints.

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

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

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

    New rules, different opinions

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

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

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

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

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

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

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

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

    The Professional Cycling Council supports testing gear ratio limits.

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

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

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

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

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

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

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

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

    A delicate balance

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

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

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

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

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

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

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Global sharpshooters gather to target real counter-terrorism scenarios

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

    After the fierce firing of bullets, some discussions and ceremonies, the Sharp Blade-2015 International Sniper Competition concluded on July 19 at a training base of the Chinese People’s Armed Police Force in Urumqi, Xinjiang Uygur autonomous region.

    For five days, more than 50 teams of snipers from over 20 countries including China, Russia, South Africa, Kazakhstan and Spain tested their skills and combat readiness in the fourth edition of the event.

    Selected by the armed police force, as well as by the People’s Liberation Army’s Ground Force, Navy and Air Force, 24 Chinese soldiers participated in the competition, which included 12 subjects under the categories of precision basics, typical scenarios, comprehensive combat and long-range challenges.

    Many of the subjects were designed to mimic real counter-terrorism scenarios. The infiltration and sniping competition required snipers to eliminate “enemy” sentries 300 meters away in stealth, kill fleeing enemies, strike the main target, resist enemy reinforcement and exfiltrate.

    “Completing seven missions within 20 minutes along a 1.1-kilometer route, snipers have to constantly shift between dynamic and static aiming,” said Zhang Hao, head referee of the competition. “They have to reasonably allocate their stamina and energy, and cooperate with teammates, which is a huge test for them.”

    Adding that the competition designers had set some targets in-between valleys, Zhang said the event also involved tests of the snipers’ nerves and decisiveness, as just a slight change in the wind might drastically influence the bullet’s trajectory.

    Hosted by the People’s Armed Police Force, the biennial competition fosters international exchanges and friendship among soldiers, promotes combat readiness, and helps enhance their capabilities in peacekeeping missions.

    MIL OSI China News –

  • MIL-OSI China: Chinese team wins RoboCup Humanoid League in AdultSize category

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

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

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

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

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

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

    MIL OSI China News –

  • MIL-OSI Australia: Prescribed burning threatens survival of skinks and other wildlife

    Source:

    24 July 2025

    Prescribed burning is threatening the survival of skinks, ecologists say.

    As Australia and the world grapple with global warming and increased bushfire risks, University of South Australia ecologists are turning their attention to the impact of prescribed burning on native animals.

    In a new study published in The International Journal of Wildland Fire, researchers investigated the maximum temperatures that lizards could experience during prescribed (controlled) fires in the Mount Lofty Ranges and compared them to their maximum survivable temperatures.

    Widespread prescribed burning is undertaken in spring and autumn each year in the Mount Lofty Ranges, a biodiversity hotspot and fire-prone region. Researchers measured surface and shelter temperatures during four prescribed fires and analysed their results alongside the lab-collected ‘critical thermal limits’ of three different species of skinks.

    The findings demonstrated that the average temperatures under common shelters like logs and rocks during these fires were 108°C and 53°C respectively, which exceeded the survivable temperature range (37.5°C – 43.0°C) of each type of skink.

    While only reptiles were studied, lead researcher and UniSA PhD candidate Shawn Scott says that these temperatures would also threaten the survival of other native animals and that the results can therefore be applied more broadly.

    “These conditions dramatically exceed the 60°C threshold for most terrestrial vertebrates,” Scott says.

    “Logs and rocks were the most effective shelters for buffering extreme temperatures during prescribed fire in our study.

    “However, the maximum temperatures and duration of these conditions may still prove lethal for small vertebrates if prescribed burning is undertaken during conditions that exacerbate fire severity.”

    Researchers also discovered that when ambient temperatures on days of prescribed burnings were higher, maximum temperatures beneath the shelters – and the duration at which they stayed lethally hot – also increased.

    “Our analysis showed that the temperatures of the fires increased by up to 700°C as ambient temperatures increased from 17°C to 22°C,” Scott says.

    “The hotter the fire, the hotter it’s going to be inside or beneath the shelters sought out by small animals during prescribed burnings, making it more difficult for them to survive, especially over an extended period.”

    “In terms of shelter quality, rocks and logs maintained the coolest temperatures, showing that they are critical to small animals,” says co-researcher and UniSA wildlife ecologist Associate Professor Sophie (Topa) Petit.

    “However, many of those sites still reached temperatures far above what reptiles can withstand. Not all rocks and logs are good enough.”

    As climate change increases the risk of bushfires, prescribed burnings are also expected to increase, especially in fire-prone, Mediterranean climates like the Mount Lofty Ranges, other parts of Australia, and also Greece, Italy, Spain and California.

    Scott says that animal survival and biodiversity conservation should be prioritised in burning processes, and that his team’s research can help inform relevant strategies not only on the home front but also abroad.   

    ”If lower intensity fires are to be achieved during prescribed burns, they should be undertaken on mild days when ambient temperatures are below 17°C,” he says.

    “In Australia, burning does occur on days that are considered mild – between 17°C to 22°C – but our research demonstrates that even in these conditions the maximum temperatures and their duration are high enough to threaten small animals relying on shelters like rocks and logs for protection.

    “Second, pre-fire surveys should be conducted to establish the availability and density of shelter sites that may increase the likelihood of animal survival during fire.”

    The researchers suggest that larger shelters and below-surface shelters like soil, hollows, and burrows should be examined next, as well as animal movement and mortality during and after fires.

    The study, titled ‘Between a rock and a hot place: do surface shelters facilitate survivable conditions for small vertebrates during prescribed fire?’ is available online. DOI:10.1071/WF24184

     

    …………………………………………………………………………………………………………………………

    Contact for interview: Shawn Scott E: Shawn.Scott@unisa.edu.au
    Media contacts: Candy Gibson M: +61 434 605 142 E: Candy.Gibson@unisa.edu.au; Josh Owen-Thomas E: Josh.Owen-Thomas@unisa.edu.au

    MIL OSI News –

  • MIL-OSI Europe: Minister Dillon Launches Workplace Relations Commission Strategy Statement 2025-2027

    Source: Government of Ireland – Department of Jobs Enterprise and Innovation

    23rd July 2025

    The Minister of State for Small Business, Retail and Employment, Alan Dillon, today launched the fourth Strategy Statement of the Workplace Relations Commission (WRC) ‘A Decade of Impact, A Future of Fair Work and Equality’.

    Over the previous Strategy Statement period (2022-2024), while its fundamental purpose and the services it provided remain unchanged, the WRC has dealt with broad operational and structural challenges and has been required to respond agilely to what has proved a sometimes challenging economic, social and statutory environment.

    Through the newly launched Strategy Statement 2025-2027 ‘A Decade of Impact, A Future of Fair Work and Equality’ the strategic direction of the WRC must include proactive engagement with emerging labour dynamics, support for inclusive employment practices, and adaptive frameworks to maintain industrial harmony in a fast-evolving growing economy.

    The strategic framework is built around four interlocking pillars ensuring the WRC continues to protect workers rights, resolve disputes, empower people with knowledge, and strengthen the WRC’s capabilities through continuous improvement. These pillars support a vision of a just, inclusive, and equitable world for all in Irish society.

    Minister of State for Small Business, Retail and Employment, Mr Alan Dillon said: 

    “I welcome the WRC’s Strategy Statement through which the WRC will seek to achieve its broader strategic vision over the next three years whilst continuing to effectively deliver its important statutory remit serving workers, employers, their representatives, its own staff, and wider society. The next decade will bring changes and challenges for the WRC and as we enter the second decade of the Commission, this framework strategy illustrates a vision and provides the next steps for the organisation which will embed and enhance its performance and services to the public into the short and medium term.” 

    Among the targets and objectives set by the strategy, covering the years 2025-2027, are:

    • Increase accessibility to services for all 
    • Strengthen compliance in high-risk sectors 
    • Improve efficiencies across all services 
    • Build a modern, data-informed, adaptive and agile organisation 
    • Strengthen resilience and build on positive culture 
    • Launch and embed the Knowledge, Information & Advisory Division 
    • Empower service user led resolution over imposed solutions.

    Speaking on the Strategy, Dr David Begg, Chairperson of the Board of the WRC said: 

    “This document, “A Decade of Impact, A Future of Fair Work and Equality,” marks the WRC’s fourth strategic statement since its establishment on 1 October 2015. It reflects both our evolution over the past decade and our ambitions for the future—ensuring that the WRC remains a responsive, trusted, and forward-looking institution at the heart of Ireland’s labour market.

    This strategy, which was informed through a deeply consultative process, is rooted in the lived realities of the work of the WRC and the evolving needs of its service users. It positions the WRC to lead confidently into the next decade – promoting fair and inclusive workplaces, enforcing employment rights, and fostering constructive industrial relations across Ireland.”   

    Ms Audrey Cahill, WRC Director General outlines in her Forword that:

    “As the Workplace Relations Commission enters its 10th year, we reaffirm our commitment to championing fairness, dignity, and equality in Irish workplaces. The next phase of our strategy builds on a decade of progress and is shaped by the evolving world of work, societal expectations, and importantly the needs of those we serve. 

    It is important that the strategic direction of the WRC must include proactive engagement with emerging labour dynamics, support for inclusive employment practices, and adaptive frameworks to maintain industrial harmony in a fast-evolving growing economy.”

    Note for Editors 

    The Strategy Statement is available at the following link: – https://www.workplacerelations.ie/wrc/en/publications_forms/wrc-strategy-statement-2025-2027.pdf

    Workplace Relations Commission:

    The Workplace Relations Commission (WRC) was established in October 2015 under the Workplace Relations Act 2015. It is the body to which all industrial relations disputes and all disputes and complaints about employment laws are referred.

    The functions of the Workplace Relations Commission (WRC) are to:

    • adjudicate on employment and equality complaints and disputes
    • provide conciliation, pre-adjudication mediation and other voluntary dispute resolution services to assist in the resolution of individual and collective disputes and maintain industrial peace
    • monitor employment conditions to ensure compliance with and (where necessary) enforcement of employment rights legislation
    • provide information on employment legislation, and process employment agency and protection of young persons (employment) licences
    • provide advisory services to employers, employees and their representatives

    Additional functions set out in section 11 (1) of the Workplace Relations Act 2015 include:

    1. promoting the improvement of workplace relations, and maintenance of good workplace relations,
    2. promoting and encouraging compliance with relevant enactments, 
    3. providing guidance in relation to compliance with codes of practice approved under Section 20 of the Workplace Relations Act 2015, 
    4. conducting reviews of, and monitor developments as respects, workplace relations, 
    5. conducting or commissioning research into matters pertaining to workplace relations, 
    6. providing advice, information and the findings of research conducted by the Commission to joint labour committees and joint industrial councils, 
    7. advising and apprising the Minister in relation to the application of, and compliance with, relevant enactments, and 
    8. providing information to members of the public in relation to employment

    It has specific functions in resolving industrial disputes and implementing employment laws. More information is available on the Workplace Relations Commission website Home – Workplace Relations Commission.

    ENDS

    For further information please contact Press Office, D/Enterprise, Tourism and Employment, press.office@enterprise.gov.ie or (01) 631-2200

    Back to Department News

    Back to Top

    MIL OSI Europe News –

  • MIL-Evening Report: UN’s highest court finds countries can be held legally responsible for emissions

    By Jamie Tahana in The Hague for RNZ Pacific

    The United Nations’ highest court has found that countries can be held legally responsible for their greenhouse gas emissions, in a ruling highly anticipated by Pacific countries long frustrated with the pace of global action to address climate change.

    In a landmark opinion delivered yesterday in The Hague, the president of the International Court of Justice, Yuji Iwasawa, said climate change was an “urgent and existential threat” that was “unequivocally” caused by human activity with consequences and effects that crossed borders.

    The court’s opinion was the culmination of six years of advocacy and diplomatic manoeuvring which started with a group of Pacific university students in 2019.

    They were frustrated at what they saw was a lack of action to address the climate crisis, and saw current mechanisms to address it as woefully inadequate.

    Their idea was backed by the government of Vanuatu, which convinced the UN General Assembly to seek the court’s advisory opinion on what countries’ obligations are under international law.

    The court’s 15 judges were asked to provide an opinion on two questions: What are countries obliged to do under existing international law to protect the climate and environment, and, second, what are the legal consequences for governments when their acts — or lack of action — have significantly harmed the climate and environment?

    The International Court of Justice in The Hague yesterday . . . landmark non-binding rulings on the climate crisis. Image: X/@CIJ_ICJ

    Overnight, reading a summary that took nearly two hours to deliver, Iwasawa said states had clear obligations under international law, and that countries — and, by extension, individuals and companies within those countries — were required to curb emissions.

    Iwasawa said the environment and human rights obligations set out in international law did indeed apply to climate change.

    ‘Precondition for human rights’
    “The protection of the environment is a precondition for the enjoyment of human rights,” he said, adding that sea-level rise, desertification, drought and natural disasters “may significantly impair certain human rights, including the right to life”.

    To reach its conclusion, judges waded through tens of thousands of pages of written submissions and heard two weeks of oral arguments in what the court said was the ICJ’s largest-ever case, with more than 100 countries and international organisations providing testimony.

    They also examined the entire corpus of international law — including human rights conventions, the law of the sea, the Paris climate agreement and many others — to determine whether countries have a human rights obligation to address climate change.

    The president of the International Court of Justice (ICJ), Yuji Iwasawa, delivering the landmark rulings on climate change. Image: X/@CIJ_ICJ

    Major powers and emitters, like the United States and China, had argued in their testimonies that existing UN agreements, such as the Paris climate accord, were sufficient to address climate change.

    But the court found that states’ obligations extended beyond climate treaties, instead to many other areas of international law, such as human rights law, environmental law, and laws around restricting cross-border harm.

    Significantly for many Pacific countries, the court also provided an opinion on what would happen if sea levels rose to such a level that some states were lost altogether.

    “Once a state is established, the disappearance of one of its constituent elements would not necessarily entail the loss of its statehood.”

    Significant legal weight
    The ICJ’s opinion is legally non-binding. But even so, advocates say it carries significant legal and political weight that cannot be ignored, potentially opening the floodgates for climate litigation and claims for compensation or reparations for climate-related loss and damage.

    Individuals and groups could bring lawsuits against their own countries for failing to comply with the court’s opinion, and states could also return to the International Court of Justice to hold each other to account.

    The opinion would also be a powerful precedent for legislators and judges to call on as they tackle questions related to the climate crisis, and give small countries greater weight in negotiations over future COP agreements and other climate mechanisms.

    Outside the court, several dozen climate activists, from both the Netherlands and abroad, had gathered on a square as cyclists and trams rumbled by on the summer afternoon. Among them was Siaosi Vaikune, a Tongan who was among those original students to hatch the idea for the challenge.

    “Everyone has been waiting for this moment,” he said. “It’s been six years of campaigning.

    “Frontline communities have demanded justice again and again,” Vaikune said. “And this is another step towards that justice.”

    Vanuatu’s Climate Change Minister Ralph Regenvanu (cenbtre) speaks to the media after the International Court of Justice (ICJ) rulings on climate change in The Hague yesterday. Image: X/CIJ_ICJ

    ‘It gives hope’
     Vanuatu’s Climate Minister Ralph Regenvanu said the ruling was better than he expected and he was emotional about the result.

    “The most pleasing aspect is [the ruling] was so strong in the current context where climate action and policy seems to be going backwards,” Regenvanu told RNZ Pacific.

    “It gives such hope to the youth, because they were the ones who pushed this.

    “I think it will regenerate an entire new generation of youth activists to push their governments for a better future for themselves.”

    Regenvanu said the result showed the power of multilateralism.

    “There was a point in time where everyone could compromise to agree to have this case heard here, and then here again, we see the court with the judges from all different countries of the world all unanimously agreeing on such a strong opinion, it gives you hope for multilateralism.”

    He said the Pacific now has more leverage in climate negotiations.

    “Communities on the ground, who are suffering from sea level rise, losing territory and so on, they know what they want, and we have to provide that,” Regenvanu said.

    “Now we know that we can rely on international cooperation because of the obligations that have been declared here to assist them.”

    The director of climate change at the Pacific Community (SPC), Coral Pasisi, also said the decision was a strong outcome for Pacific Island nations.

    “The acknowledgement that the science is very clear, there is a direct clause between greenhouse gas emissions, global warming and the harm that is causing, particularly the most vulnerable countries.”

    She said the health of the environment is closely linked to the health of people, which was acknowledged by the court.

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Yin headlines star-studded field for 2025 Buick LPGA Shanghai

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

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

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

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

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

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

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

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

    MIL OSI China News –

  • MIL-OSI: Subsea 7 S.A. Notice of Extraordinary General Meeting

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW

    Luxembourg – 24 July 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) (the Company) today published and distributed to eligible holders of common shares the notice of meeting for an extraordinary general meeting of shareholders (the EGM). The purpose of the EGM is to consider the proposed combination between Subsea7 and Saipem SpA.

    The EGM is scheduled to take place at 15:00 (local time) on 25 September 2025 at 5, place Winston Churchill, L-1340 Luxembourg.

    The holders of common shares on record at the close of business on 11 September 2025 will be entitled to vote. The deadline for submission of votes for holders of common shares is 19 September 2025.

    The notice of meeting and supporting materials, including the common merger plan, the report of the board of directors with respect to the common merger plan, and the reports of the respective independent experts of the Company and Saipem SpA, will shortly be available on the Company’s website, subsea7.com.

    The EGM agenda includes the proposal to distribute a dividend of €450m, equating to approximately NOK 18.00 per share as at today’s date.  This distribution is in accordance with the terms of the merger with Saipem S.p.A., conditional on completion of the merger and expected to be paid immediately before the proposed merger effective date.

    In addition, the EGM agenda includes a proposal to distribute a special dividend of €105m, equating to approximately NOK 4.15 per share, as at today’s date.  This distribution is related to a permitted business divestment in accordance with the merger agreement with Saipem SpA.  The distribution is expected to be paid after closing of the relevant transaction or (if earlier) immediately before the proposed merger effective date.

    The key dates relating to both proposed dividends shall be published as soon as these dates are fixed.

    *******************************************************************************
    Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

    Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

    *******************************************************************************

    Contact for investment community enquiries:
    Katherine Tonks
    Investor Relations Director
    Tel +44 20 8210 5568
    ir@subsea7.com

    No Offer or Solicitation

    This document is not an offer of merger consideration shares in the United States. Neither the merger consideration shares nor any other securities have been or will be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and neither the merger considerations shares nor any other securities may be offered, sold or delivered within or into the United States, except pursuant to a registration statement filed pursuant to the Securities Act or an applicable exemption from registration or in a transaction otherwise not subject to the Securities Act. This document must not be forwarded, distributed or sent, directly or indirectly, in whole or in part, in or into the United States. This document does not constitute an offer of or an invitation by or on behalf of, Saipem or Subsea7, or any other person, to purchase any securities.

    This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
    This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 24 July 2025 at 00:40

    Attachments

    The MIL Network –

  • MIL-OSI United Kingdom: Historic trade deal signed with India to deliver £50 million boost to Northern Ireland

    Source: United Kingdom – Government Statements

    Press release

    Historic trade deal signed with India to deliver £50 million boost to Northern Ireland

    New analysis published today [Thursday 24 July] shows the landmark agreement will deliver a £50m boost to the local economy

    • NEW figures show trade deal with India will deliver £50 million for Northern Ireland’s economy as part of the Plan for Change 

    • Advanced manufacturing and engineering, whiskey producers and services and technology sectors set to benefit from growth following a reduction or near elimination of tariffs 

    • Comes as Prime Minister and Trade Secretary welcome Prime Minister Modi and Commerce Minister to UK for signing of most comprehensive deal India has ever agreed 

    Businesses and workers in Northern Ireland are set to benefit from the UK’s trade deal with India, as new analysis published today [Thursday 24 July] shows the landmark agreement will deliver a £50m boost to the local economy as part of the Plan for Change. 

    The Prime Minister will meet his counterpart Narendra Modi this morning for the trade deal signing as Business and Trade Secretary Jonathan Reynolds and Commerce Minister Piyush Goyal put pen to paper on the landmark agreement. It comes as a series of investment and export wins have been confirmed by UK and Indian businesses, representing an overall boost of nearly £6 billion and creating over 2,200 jobs. 

    India is a growing market for Northern Ireland businesses, 143 of which exported a total of £65 million in goods there last year– this could grow even more thanks to lower tariffs, fewer barriers to trade, and easier customs. 

    Advanced manufacturing and engineering – which represent approximately 30 per cent of employment in Northern Ireland – will benefit from removal or reduction of tariffs.  

    Northern Ireland’s medical technology sector will benefit from tariffs on a range of medical devices, between 8.25% to 13.75% being eliminated or halved within ten years.

    Duties on Irish whiskey will immediately fall from 150% to 75%, dropping further to 40% over ten years. Producers will also be able to use Irish barley or neutral grain spirit and bottle products in transit to India, maximising capability to capitalise on tariff reductions. 

      Secretary of State for Northern Ireland, Hilary Benn, said:  

    This is a landmark deal that will bring real benefits for businesses and workers in Northern Ireland.  

    Northern Ireland’s advanced manufacturing, engineering, and medical technology sectors will see tariffs eliminated or significantly reduced, while Irish whiskey producers will benefit from substantial cuts in duties allowing for increased trade with India.

    This agreement will help further unlock the huge potential for growth across Northern Ireland, including its thriving services and technology sectors.

    Business and Trade Secretary Jonathan Reynolds said: 

    The millions brought to Northern Ireland each year from the deal we’ve signed with India today will be keenly felt across local communities, whether that’s higher wages for workers, more choice for shoppers, or increased overseas sales for businesses. 

    This government is proving time and again that we can deliver on our mission to grow the economy, put more money in pockets and boost living standards under our Plan for Change.

    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. 

    Workers in Northern Ireland will enjoy an uplift in pay as UK wages grow by a total £2.2 billion each year, and could also see cheaper prices and more choice on clothes, shoes, and food products. The UK already imports £11 billion in goods from India but liberalised tariffs on Indian goods will make it easier and cheaper to buy their best products. 

    For businesses in Northern Ireland this could mean potential savings when importing components and materials used in areas such as advanced manufacturing or luxury and consumer goods. 

    India’s trade weighted average tariff will drop from 15% to 3% which means Northern Ireland companies selling products to India from whiskey, and soft drinks to cosmetics and medical devices will find it easier to sell to the Indian market. It gives the UK an advantage over international competitors in reaching the Indian market, forecast to have over a quarter of a billion high income consumers by 2050. 

    Aligned with the UK’s recent Industrial and Trade Strategies, the deal will support the sectors which drive the most growth for the economy. In Northern Ireland, sectors such as agriculture and food, advanced manufacturing and engineering, and the services and technology sectors are expected to benefit substantially. 

    Notes to editor 

    • The government will prepare for the trade agreement to be ratified by Parliament so businesses can begin to use it.
    • For more information on the Double Contribution Convention, please see the policy explainer attached.
    • Headline economic estimates of the impact of the FTA along with the methodology were previously set out in the technical notes for the preliminary estimates. The full detailed impact assessment, using the same methodology, will be published shortly.

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Subsea7 and Saipem announce signing of the Merger Agreement

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW 

    Transaction structure and terms confirmed in line with Memorandum of Understanding

    Creating a global leader in energy services

    Milan, Luxembourg, 24 July 2025 – Saipem and Subsea7 announce that they have entered into a binding merger agreement, on terms and conditions in line with what previously communicated at the time of the signing of the Memorandum of Understanding on 23 February 2025. The merger of Saipem and Subsea7 will create a global leader in energy services. 

    Highlights

    • The company resulting from the merger1 between Saipem and Subsea7 (the “Proposed Combination”) will be renamed Saipem7 (“Saipem7”), will have revenue of approx. €21 billion2, EBITDA in excess of €2 billion3, will generate more than €800 million of Free Cash Flow4 and will have a combined backlog of €43 billion5
    • The highly complementary geographical footprints, competencies and capabilities, vessel fleets and technologies will benefit Saipem7’s global portfolio of clients
    • The diversification of the geographical footprint of Saipem and Subsea7 is reflected in the combined backlog, with no single country contributing more than 15% of total6
    • On completion, Saipem and Subsea7 shareholders will own 50% each of the share capital of Saipem7
    • Subsea7 shareholders participating to the Proposed Combination will receive 6.688 new Saipem shares for each Subsea7 share held
    • Subsea7 will distribute an extraordinary dividend to its shareholders for an amount equal to €450 million immediately prior to completion of the Proposed Combination
    • Annual synergies expected to be approximately €300 million on a run-rate basis, which will lead to material value creation for the shareholders of Saipem7
    • Saipem7 will remain incorporated in Italy and headquartered in Milan, and will have its shares listed on both the Milan and Oslo stock exchanges
    • Siem Industries, reference shareholder of Subsea7, and Eni and CDP Equity, reference shareholders of Saipem, have committed to vote in favour of the Proposed Combination
    • Completion of the Proposed Combination anticipated to occur in the second half of 2026

    The management of both Saipem and Subsea7 confirm the compelling strategic rationale in creating a global leader in energy services, particularly considering the growing size of clients’ projects. The parties believe the Proposed Combination will enhance value for all shareholders and stakeholders, both in the current market and in the long term.

    Eni, CDP Equity and Siem Industries fully support the Proposed Combination and have signed a Shareholders’ Agreement confirming the undertaking to vote in favour of the Proposed Combination. As part of this, to ensure a balanced leadership and governance structure, Saipem7’s CEO will be designated by Eni and CDP Equity and Saipem7’s Chairman of the Board of Directors will be designated by Siem Industries.

    It is currently envisaged that, upon completion of the Proposed Combination, Mr Kristian Siem will be appointed as Chairman of the Board of Directors of Saipem77 and Mr Alessandro Puliti will be appointed as CEO of Saipem78. In addition, Mr Alessandro Puliti and Mr John Evans will be appointed respectively as the Chairman and CEO of the company that will manage the Offshore Engineering & Construction business of Saipem7. Such company will be named Subsea7, branded as “Subsea7, a Saipem7 Company”, and will comprise all of Subsea7’s businesses and Saipem’s Asset Based Services business (including Offshore Wind).

    The by-laws of Saipem7 are expected to provide for loyalty shares (double votes), which will be available, upon request, to all shareholders of Saipem7.

    Strategic rationale of the Proposed Combination

    The Proposed Combination will be beneficial to the clients of both Saipem and Subsea7, bringing together the respective strengths of both companies:

    • Global reach and comprehensive solutions for clients: global operations and projects in more than 60 countries and a highly complementary footprint between the two companies. A full spectrum of offshore and onshore services, from drilling, engineering and construction to life-of-field services and decommissioning, with an increased ability to optimise project scheduling for clients in oil, gas, carbon capture and renewable energy
    • Diversified and complementary fleet: an expanded and diversified fleet of more than 60 construction vessels enhancing Saipem7’s ability to undertake a wide range of projects, from shallow water to ultra-deepwater operations, utilising a full portfolio of heavy lift, high-end J-lay, S-lay and reel-lay rigid pipeline solutions, flexible pipe and umbilical lay services, as well as market-leading wind turbine, foundations and cable lay installation capabilities
    • World-class expertise and experience: a specialised, global workforce of approximately 44,000 people, including more than 9,000 engineers and project managers contributing to delivering solutions that unlock value for clients
    • Innovation and technology: the combined expertise to foster innovation in offshore technologies, ensuring cutting-edge solutions for complex projects 

    The transaction is expected to create significant shareholder value through:

    • Synergies: annual cost and capital expenditure synergies expected to be approximately €300 million from the third year after completion of the Proposed Combination, driven by fleet optimisation (utilisation and geographical positioning of vessels and equipment), procurement (longer charter periods for leased vessels and improved terms with suppliers), sales and marketing (tendering rationalisation), and process efficiencies
    • More efficient capital expenditure programme: optimised allocation of capital across a broader, complementary vessel fleet
    • Attractive shareholder remuneration policy: Saipem7 is expected to distribute annually to its shareholders at least 40% of its Free Cash Flow after repayment of lease liabilities
    • Enhanced capital structure: a solid balance sheet expected to support an investment grade credit rating
    • Greater scale in both equity and debt capital markets: access to a wider investor base and to more diversified sources of capital

     Transaction structure, ownership and terms

    • Saipem7 will be created through an EU cross-border statutory merger, carried out by way of absorption of Subsea7 into Saipem, with the latter to be renamed Saipem7
    • Saipem7 will remain incorporated in Italy and headquartered in Milan, and will have its shares listed on both the Milan and Oslo stock exchanges
    • Siem Industries (currently the largest shareholder of Subsea7) will own approximately 11.8% of Saipem7’s share capital, while Eni and CDP Equity (currently the largest shareholders of Saipem) will respectively own approximately 10.6% and 6.4% of Saipem7’s share capital
    • Subsea7 shareholders participating to the Proposed Combination will receive 6.688 new Saipem shares for each Subsea7 share held
    • Assuming all Subsea7 shareholders participate in the merger, the share capital of Saipem7 will be held 50-50% by the current shareholders of Saipem and Subsea7 on completion
    • Immediately prior to completion of the Proposed Combination, Subsea7 shareholders will receive an extraordinary cash dividend of €450 million9
    • Shareholders of Subsea7 who vote against the approval of the Proposed Combination at the Subsea7 Extraordinary General Meeting will have the right to dispose of their shares in Subsea7 for an adequate cash compensation under the conditions set out under Luxembourg company law.10 The formula that will be used to determine the cash compensation will be made available on Subsea7’s website and the amount of the cash compensation determined on the basis of such formula will be announced in advance of Subsea7’s Extraordinary General Meeting

     Key activities performed since the execution of the Memorandum of Understanding

    • Satisfactory confirmatory due diligence completed, and transaction terms finalised in line with those initially agreed at the time of the signing of the Memorandum of Understanding
    • Annual cost and capital expenditure synergies confirmed and expected to be equal to approximately €300 million from the third year after completion of the Proposed Combination
    • No material findings in the analysis of Saipem and Subsea7 business plans in terms of projects overlap, thus further underpinning the value creation deriving from the Proposed Combination
    • Completed the preliminary antitrust analysis with the support of specialised advisors. Currently in the process of submitting the relevant documentation for the consideration of the Proposed Combination to the applicable antitrust authorities
    • Confirmation of capital allocation framework, including shareholders’ remuneration policy and target of achieving and maintaining investment grade credit rating
    • Identified the key members of the management team of Saipem7 and Subsea7 following completion of the Proposed Combination
    • Agreement on the governance principles applicable to Saipem7 and Subsea7 following completion of the Proposed Combination

     Organisational structure of Saipem7

    • Saipem7 will be structured as four businesses: Offshore Engineering & Construction, Onshore Engineering & Construction, Sustainable Infrastructures and Drilling Offshore
    • The Offshore Engineering & Construction business will be contained within an operationally autonomous company, fully owned by Saipem7, named Subsea7, branded as “Subsea7, a Saipem7 Company”, and will comprise all Subsea7’s businesses and the Asset Based Services business of Saipem (including Offshore Wind). The company will represent approximately 84% of the combined group’s EBITDA for the last 12 months as of 31 December 2024
    • Subsea7 shall be incorporated in the UK and headquartered in London. After completion of the Proposed Combination, Subsea7 will be governed by a Board of Directors comprising seven members, including Mr Alessandro Puliti as Chairman, Mr John Evans as CEO, Mr Kristian Siem and other four independent directors

     Pre-completion distributions to shareholders

    • Each of Saipem and Subsea7 will distribute cash dividends of $350 million during the course of 2025, such dividends having already been approved by their respective shareholders’ meetings in May 2025 and having already been partially distributed
    • If the Proposed Combination is not completed before the approval of the full year 2025 results of Saipem and Subsea7 (expected in the second quarter of 2026 for both Saipem and Subsea7), each of Saipem and Subsea7 will (subject to their respective 2025 results meeting certain agreed financial targets) be entitled to distribute cash dividends to their respective shareholders of at least $300 million11,12, 13, to be paid in Q2 2026  
    • In connection with a permitted business divestment currently ongoing, Subsea7 will also distribute a cash dividend equal to €105 million14 to its shareholders prior to completion of the Proposed Combination

    Shareholders’ Agreement

    The Shareholders’ Agreement signed between Siem Industries, Eni and CDP Equity provides for, inter alia, an irrevocable undertaking to vote in favour of the Proposed Combination (subject to receipt of the required Italian government approval), a three-year shareholder lock-up and the submission of a joint slate for the appointment of the majority of the members of the board of directors of Saipem7.

    Timing, conditions precedent, approvals and other matters

    Completion of the Proposed Combination will be subject to customary conditions precedent for a transaction of this nature, including, inter alia, the approval of antitrust, other public and regulatory authorities’ (e.g. the required Italian Government approval), as well as approval by the shareholders of both Saipem and Subsea7 at their respective Extraordinary General Meetings. In the case of Saipem this will be subject to reaching also the so-called “whitewash majorities” for purposes of the mandatory takeover bid exemption15. Both Saipem’s and Subsea7’s Extraordinary General Meetings will take place on 25 September 2025.

    Completion is currently anticipated to occur in the second half of 2026.

    The completion of the Proposed Combination will result in a “Change of Control,” as defined in the terms and conditions of the convertible bond issued by Saipem and denominated “€500,000,000 Senior Unsecured Guaranteed Equity Linked Bonds due 2029”.

    Documentation

    In connection with the Proposed Combination, the following documents, among others, will be made available:

    • The notice of call of each of Saipem and Subsea7’s Extraordinary General Meetings
    • The common merger plan approved by the Boards of Directors of each of Saipem and Subsea7 (the “Common Merger Plan”), along with the consolidated financial statements of Saipem and Subsea7 for the last three financial years and the merger related interim financial statements of Saipem and Subsea7 as of 30 June 2025
    • The reports of the Board of Directors of each of Saipem and Subsea7 describing the Proposed Combination
    • The independent expert reports prepared for each of Saipem and Subsea7 in connection with the Proposed Combination

    These documents will be available at the companies’ registered seats and published on each party’s website. Where required under applicable laws and regulations, these documents will be disclosed also through the authorised storage mechanism (SDIR) for Saipem and through an officially appointed mechanism (OAM) for Subsea7.

    The Common Merger Plan will also be filed with the Companies’ Register of Milan Monza Brianza Lodi, and the Luxembourg Trade and Companies Register, and will also be published in the Recueil Electronique des Sociétés et Associations in Luxembourg (the Luxembourg legal gazette for company announcements) (RESA)16. 

    Advisors

    Goldman Sachs Bank Europe SE, Succursale Italia is acting as lead financial advisor to Saipem, and Deutsche Bank AG, Milan Branch as financial advisor to Saipem. Clifford Chance LLP is serving as global legal counsel to Saipem (including as to matters of Italian, English, US and Luxembourg Law), while Advokatfirmaet Thommessen AS is serving as legal counsel to Saipem as to matters of Norwegian law.

    Kirk Lovegrove & Company Limited is acting as lead financial advisor and Deloitte LLP is acting as financial advisor to Subsea7. Freshfields LLP is serving as global legal counsel to Subsea7 (including as to matters of Italian, US and English Law), while Elvinger Hoss Prussen société anonyme and Advokatfirmaet Wiersholm AS are serving as legal counsel to Subsea7 as to matters of Luxembourg and Norwegian law, respectively.

    Enquiries

    Saipem is a global leader in the engineering and construction of major projects for the energy and infrastructure sectors, both offshore and onshore. Saipem is “One Company” organized into business lines: Asset Based Services, Drilling, Energy Carriers, Offshore Wind, Sustainable Infrastructures, Robotics & Industrialised Solutions. The company has 5 fabrication yards and an offshore fleet of 17 owned construction vessels and 13 drilling rigs, of which 9 owned. Always oriented towards technological innovation, the company’s purpose is “Engineering for a sustainable future”. As such Saipem is committed to supporting its clients on the energy transition pathway towards Net Zero, with increasingly digital means, technologies and processes geared for environmental sustainability. Listed on the Milan Stock Exchange, it is present in more than 50 countries around the world and employs about 30,000 people of over 130 nationalities.

    Subsea7 is a global leader in the delivery of offshore projects and services for the energy industry. Subsea7 makes offshore energy transition possible through the continuous evolution of lower-carbon oil and gas and by enabling the growth of renewables and emerging energies.

    No Offer or Solicitation

    This document is not an offer of merger consideration shares in the United States. Neither the merger consideration shares nor any other securities have been or will be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and neither the merger considerations shares nor any other securities may be offered, sold or delivered within or into the United States, except pursuant to a registration statement filed pursuant to the Securities Act or an applicable exemption from registration or in a transaction otherwise not subject to the Securities Act. This document must not be forwarded, distributed or sent, directly or indirectly, in whole or in part, in or into the United States. This document does not constitute an offer of or an invitation by or on behalf of, Saipem or Subsea7, or any other person, to purchase any securities.

    Forward-looking Statements

    This document contains forward-looking information and statements about Saipem and Subsea7 and their combined business after completion of the proposed merger of Saipem and Subsea 7 (the “Proposed Combination“). Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance, Free Cash Flow, EBITDA, dividends, and credit ratings. Forward-looking statements are generally identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates” and similar expressions. Although the managements of Saipem and Subsea7 believe that the respective expectations reflected in such forward-looking statements are reasonable, investors and holders of Saipem and Subsea7 shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Saipem and Subsea7, respectively, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Except as required by applicable law, neither Saipem nor Subsea7 undertake any obligation to update any forward-looking information or statements.

    This document includes estimates relating to the synergies expected to arise from the merger and the combination of the business operations of Saipem and Subsea7, as well as related integration costs, which have been prepared by Saipem and Subsea7 and are based on a number of assumptions and judgments. Such estimates present the expected future impact of the merger and the combination of the business operations of Saipem and Subsea7 on Saipem7’s business, financial condition and results of operations. The assumptions relating to the estimated synergies and related integration costs are inherently uncertain and are subject to a wide variety of significant business, economic, and competitive risks and uncertainties that could cause the actual synergies from the merger and the combination of the business operations of Saipem and Subsea7, if any, and related integration costs to differ materially from the estimates in this document. Further, there can be no certainty that the merger will be completed in the manner and timeframe described in this document, or at all.

    Use of Non-IFRS Financial Measures

    This announcement includes certain non-IFRS financial measures with respect to Saipem and Subsea7, including EBITDA and Free Cash Flow. These unaudited non-IFRS financial measures should be considered in addition to, and not as a substitute for, measures of Saipem’s and Subsea7’s financial performance prepared in accordance with IFRS. In addition, these measures may be defined differently than similar terms used by other companies.

    Presentation of Financial Information

    This document includes financial data regarding Saipem and Subsea7 and the combination of Saipem and Subsea7.  Any Saipem7 financial data presented herein is presented for informational purposes only and is not intended to represent or be indicative of the actual consolidated results of operations or financial position of the combined entity and should not be taken as representative of the combined entity’s future consolidated results of operations or financial position had the Proposed Combination occurred as of such date. These estimates are based on financial information available at the time of the preparation of this document.

    1 Merger by way of absorption of Subsea7 into Saipem
    2 Combined Revenue for Saipem and Subsea7 as per last 12 months as of 31 December 2024
    3 Combined EBITDA for Saipem and Subsea7 as per last 12 months as of 31 December 2024
    4 Combined Free Cash Flow post repayment of lease liabilities for Saipem and Subsea7 as per last 12 months as of 31 December 2024
    5 Combined backlog for Saipem and Subsea7 as of 31 March 2025
    6 Combined backlog for Saipem and Subsea7 as of 31 March 2025
    7 Subject to approval by the Shareholders’ Meeting and the Board of Directors of Saipem7
    8 Subject to approval by the Shareholders’ Meeting and the Board of Directors of Saipem7
    9 Subject to approval by the Subsea7 Shareholders’ Meeting
    10 Such withdrawal right may only be exercised in respect of (a) Subsea7 shares registered in the securities account of the relevant shareholder with such shareholder’s financial intermediary on the date of publication of the Common Merger Plan on the Recueil Electronique des Sociétés et Associations – RESA (the Luxembourg legal gazette for company announcements) and (b) Subsea7 shares acquired after such date through inheritance or bequest.  Further details will be specified in the convening notice to the Subsea7 Extraordinary General Meeting
    11 Subject to approval by the Shareholders’ Meeting and the Board of Directors
    12 The dividend paid by Saipem will be qualified as ordinary in nature
    13 Saipem and Subsea7 will be entitled to distribute a reduced pro-rated amount should their respective financial results not meet the relevant financial targets, as detailed in the Common Merger Plan
    14 Subject to approval by the Subsea7 Shareholders’ Meeting
    15 Pursuant to Art. 49, paragraph 1, letter g) of Consob Regulation 11971/99
    16 Subsea7 intends to file the Common Merger Plan with the Registre de Commerce et des Sociétés, Luxembourg (the Luxembourg Trade and Companies Register) for publication on the RESA no later than the second Oslo Børs trading day after the date of this announcement

    This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. 
     This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 24 July 2025 at 00:40 CET.

    Attachment

    The MIL Network –

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

    US Senate News:

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

    MIL OSI USA News –

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

    Source: United Kingdom – Executive Government & Departments 3

    Speech

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Immediate action is needed to address this debilitating suffering.

    Updates to this page

    Published 23 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Analysis: How public development banks could narrow inequality gaps between the Global North and South

    Source: The Conversation – Canada – By Alicja Paulina Krubnik, PhD Candidate, Political Science, McMaster University

    The United Nations’ Fourth International Conference on Financing for Development (FFD4) recently concluded in Seville, Spain. It gathered global leaders from government, development, academia and civil society to discuss key barriers to sustainable development and shape collaborative efforts to address them.

    FFD4 comes at a crucial time, when the Action Agenda from the last FFD3, set 10 years ago, must be built upon and upheld. With only five years left to meet the UN’s Sustainable Development Goals (SDGs), more than 80 per cent are off track. More tangibly, 2030 is a key deadline for global emissions reduction.

    The global aid environment is also in crisis, just as low- and middle-income countries face mounting pressures due to the interconnected impacts of climate change, environmental damage, poverty and inequality.

    Boosting global co-operation

    FFD4 was an opportunity to revitalize and transform international development co-operation to help states meet these challenges and pursue sustainable development.

    Achieving this requires more than decarbonizing development financing. FFD4 faced its most testing challenge yet: how to reform the global financial systems that direct development resources.

    Key factors include aligning funding with the sustainable development needs of low- and middle-income countries, increasing access to long-term concessional financing — loans or other forms of financing provided on terms more favourable than those in the market — and reducing public debt burdens.

    Public development banks offer crucial leadership here. They provide affordable financing, direct resources where urgently needed and align funding with long-term development strategies, giving them significant potential to democratize project ownership.

    Urgent human development needs

    At the FFD4 gathering, many representatives, especially from Global South and climate-vulnerable countries, highlighted the inadequacy of development financing. Seedy Keita, the minister for finance and economic affairs from The Gambia, told the conference that as developing countries are being urged to invest more in climate and human development initiatives, they lack the tools to do so.

    The countries facing the worst climate impacts also struggle with urgent human development needs. Adapting to and mitigating climate breakdown are inseparable from economic and social development, with human welfare — access to food, water and clean air, avoiding displacement and the safety of women and girls — intimately linked to climate.

    Yet climate-vulnerable states receive a small share of global development financing, particularly for adaptation projects that yield lower returns. Additionally, resources for building value-added industries in low- and middle-income countries remain insufficient.

    Scant commitment to action

    Simply increasing financing is not enough. At the launch of the latest SDGs Report, UN Secretary General António Guterres stated:

    “There is something fundamentally wrong in the structure of the economic and financial architecture and in the way it operates to the detriment of developing countries.”

    In short, it’s too rigid and unresponsive to the Global South’s unique needs, ultimately constraining their ability to act on the SDGs.

    The most ambitious and pressing outcome of FFD4, the “Sevilla Commitment,” addresses key issues in efforts to reform international financial systems but lacks commitment to strong, transformative action.

    Too much priority is given to enabling low- and middle-income countries to access private finance for development. Using public development finance to mobilize private investments and lending has failed to close the financing gap.

    Poverty and inequality worsens

    Private support for the structural green transformation needed for long-term economic development in low- and middle-income countries remains inadequate, widening the divide between the Global North and South. The strategy of catalyzing private finance has shifted risk to public balance sheets while reserving most of the profits for private, often multinational corporations — what’s known as “de-risking.”

    A privatized development strategy has pushed fiscal austerity measures on Global South countries to access international capital markets to fund development initiatives. Many of these countries are struggling with alarming debt, forcing them to divert scarce funds from essential services like health and education to service debts, which worsens poverty and inequality.

    FFD4’s efforts to create a fairer debt system include scaling up debt swaps and forming an alliance between creditor countries and multilateral banks to implement debt “pause clauses” during crises. While many states called for deeper debt reforms and a UN convention on sovereign debt, several wealthy countries resisted bold changes.

    They largely overlooked the Global North’s climate debt — estimated at $192 trillion. The Sevilla Commitment proposes launching a UN-led intergovernmental process, opening a potential path for creditor action.

    As Spain’s economy minister put it, FFD4 is a “launchpad for action” not a “landing zone.”

    Directing money to where it’s needed most

    Public development banks have the potential to lead this action for a more prosperous and equitable future. They can mobilize under-utilized public resources more economically, rapidly and effectively to serve development goals in a climate-forward way.

    These banks can direct finance to where it’s most needed, aligning with development priorities across diverse low- and middle-income countries.

    Public development banks are also well-positioned to co-ordinate at multilateral, regional and national levels and to align global decarbonization goals to local demands. The largest coalition of banks, the Finance in Commons group, was recognized in the Sevilla Commitment. The group called for strengthening public development banks’ co-operation and leadership at the FFD4. Already a leader in global climate financing, further co-ordination among public debate banks could amplify its impact.



    Read more:
    Your essential guide to climate finance

    Supporting green, equitable development

    Structural change requires the long-term, affordable and counter-cyclical financing that public development banks can provide.

    For indebted developing countries facing high borrowing costs, steadfast concessional financing is crucial. Beyond finance, public development banks have a privileged role in knowledge formation and dissemination, which can be leveraged alongside their financial power to support green and equitable development.

    As public organizations, public development banks offer greater potential for transparency and accountability to democratic decision-making, aligning financing with public values. Beyond simply de-risking, these banks can leverage their financial power to generate broader public benefits.

    Alicja Paulina Krubnik receives funding from the Social Sciences and Humanities Research Council and the International Development Research Centre.

    – ref. How public development banks could narrow inequality gaps between the Global North and South – https://theconversation.com/how-public-development-banks-could-narrow-inequality-gaps-between-the-global-north-and-south-261160

    MIL OSI Analysis –

  • MIL-OSI United Nations: United Nations Board of Auditors Holds Seventy-Ninth Regular Session, 22-23 July at UN Headquarters, New York

    Source: United Nations General Assembly and Security Council

    The General Assembly established the United Nations Board of Auditors in 1946 as an important mechanism to promote accountability and transparency in the United Nations.  The Board audits the accounts of the United Nations Organization and its funds and programmes and reports its findings and recommendations to the General Assembly, through the Advisory Committee on Administrative and Budgetary Questions (ACABQ), and other governing bodies.  The Board has three members, who are jointly responsible for the audit.

    The Board held its seventy-ninth regular session in New York on 22 and 23 July.  The session was chaired by Pierre Moscovici, First President of the French Cour des comptes.  Together with Mr. Moscovici, Hou Kai, Auditor-General of the National Audit Office of China, and Vital do Rêgo Filho, President of the Brazilian Federal Court of Accounts, collectively discussed findings and audit opinions.

    During the session the Board met with the Secretary-General and the Deputy Secretary-General to exchange on cross-cutting issues.

    Through its work, the Board provides independent assurance to Member States and other stakeholders regarding proper use of the resources of the United Nations entities.  It reports on financial matters, as well as on regularity and performance issues.  It plays a significant role in assisting the United Nations to improve its operations and internal control systems.  The findings and recommendations of the Board have led to continuous systematic improvements in the functioning of the United Nations.

    This year the Board audited the financial statements and reviewed the operations of 18 organizations and submitted the reports to the General Assembly.  All the audited entities received unqualified opinions.  Key trends and cross-entity issues have been gathered in the Board’s Concise Summary report, which focused specifically on inter-agency cooperation as a way to improve cost effectiveness.  The Board further produced three reports for submission to other governing bodies.  More detailed information about the Board’s findings can be found in the individual reports published on the Board’s website (http://www.un.org/en/auditors/board/).

    ANNEX

    List of Board Reports

    Reports Submitted to General Assembly

    France

    1. United Nations Development Programme (UNDP)
    2. United Nations Capital Development Fund (UNCDF)
    3. United Nations High Commissioner for Refugees – (UNHCR)
    4. Concise summary of findings and conclusions

    China

    5. United Nations, Vol.1
    6. International Trade Centre (ITC)
    7. United Nations Office for Projects Services (UNOPS)
    8. United Nations Relief and Works Agency (UNRWA)
    9. United Nations Environment Programme (UNEP)
    10. United Nations Human Settlement Fund (UN-Habitat)

    Brazil

    11. United Nations University (UNU)
    12. United Nations Institute for Training and Research (UNITAR)
    13. United Nations Population Fund (UNFPA)
    14. United Nations Drug Control Programme (UNODC)
    15. United Nations Entity for Gender Equality and Empowerment of Women (UN-Women)
    16. International Residual Mechanism for Criminal Tribunals (IRMCT)
    17. United Nations Joint Staff Pension Fund
    18. United Nations Children’s Fund (UNICEF)

    Reports Submitted to Other Governing Bodies

    France

    19. United Nations Framework Convention on Climate Change
    20. United Nations Convention to Combat Desertification

    China

    21. UNRWA Staff Provident Fund

    MIL OSI United Nations News –

  • MIL-OSI Security: New operation to uncover fake paintings supported by Eurojust

    Source: Eurojust

    Following a successful major operation in November 2024 to uncover fake paintings, Eurojust has supported the Italian authorities with a new action to retrieve over one hundred false artworks worldwide. In this recent operation, 104 forged paintings of Picasso, Edvard Munch and Paul Klee were seized and brought to Italy. Eurojust assisted with the execution of European Investigation Orders to Germany and Spain, in order to retrieve the fake artworks and prevent them from being sold in auctions.

    In 2022, the Italian Carabinieri’s specialised Command for the Protection of Cultural Heritage started investigations into a specific group of forgers, who counterfeited works of the three painters. The Italian-based culprits used a special graphic design program to print images of the originals on matrices. These were then printed on paper with falsified watermarks and copied signatures of the painters.

     

    To give the fakes a semblance of authenticity, the paper for the prints underwent artificial ageing treatments through coffee or tea baths. Accompanied by forged certificates of free circulation, in order to circumvent authenticity controls by experts, the counterfeited artworks were sent to auction houses outside Italy.

    The investigations by the Carabinieri Command prevented certain fakes from being sold in Germany and Spain, through auction houses. Without this intervention and the support of Eurojust, the forgers would have gained at least EUR 1 million. The Italian authorities requested the support of Eurojust last year, following the successful previous operation to uncover an estimated 2 000 fake paintings.

    The operations were carried out at the request of and by the following authorities:

    • Italy: Carabinieri – Command for the Protection of Cultural Heritage
    • Germany: Public Prosecutor’s Office Stuttgart
    • Spain: Investigative Court no. 9 of Barcelona; Mossos d’Esquadra – Central Brigade for Cultural Heritage

    MIL Security OSI –

  • MIL-OSI Russia: 3 killed in shooting in Northern Ireland

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    LONDON, July 23 (Xinhua) — Two children and a woman were killed in a shooting incident in Northern Ireland’s County Fermanagh on Wednesday morning, local police said.

    All the victims were members of the same family, District Commander Inspector Robert McGowan told a news conference.

    “We can advise that there is currently no threat to the public,” a Police Service of Northern Ireland spokesman said.

    Law enforcement officials say the motive for the shooting remains unclear. A case of premeditated murder has been opened, and the investigation is in its early stages. –0–

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

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: Chinese team wins RoboCup Humanoid League AdultSize for the first time

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    BEIJING, July 23 (Xinhua) — A team from China’s Tsinghua University has won first place in the AdultSize category of the Humanoid League of the RoboCup World Robot Football Championship, marking the first time China has won the top prize at the competition.

    RoboCup, which has been held since 1997, is one of the most prestigious global robotics competitions. This year, the championship was held in Brazil, with more than 20 teams from 12 countries taking part, including China, the United States, Germany, the Republic of Korea and France.

    The Tsinghua team, with its Chinese-developed Booster T1 robots, dominated the competition, winning convincingly against several opponents, including the University of Texas. In the all-Chinese final, Tsinghua University defeated China Agricultural University, giving the Chinese teams first and second place, a triumph for them.

    As one of the executives at Booster Robotics, the company that developed the T1 robots, noted, participating in the competition requires not only a lightweight, maneuverable, and impact-resistant design, but also complex functions such as real-time environmental perception, cognitive decision-making, advanced motion control, and interaction between multiple intelligent agents. This means that the championship is a comprehensive test of the full range of robot capabilities.

    Industry analysts said the outstanding performance of Chinese robots at the international championship once again demonstrated China’s strong potential in the development and practical application of robotics. –0–

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

    .

    MIL OSI Russia News –

  • MIL-OSI Europe: Written question – Proliferation of tiger mosquitoes in southern regions of France and of Europe – E-002763/2025

    Source: European Parliament

    Question for written answer  E-002763/2025/rev.1
    to the Commission
    Rule 144
    Julien Leonardelli (PfE), Georgiana Teodorescu (ECR), António Tânger Corrêa (PfE), André Rougé (PfE), Rody Tolassy (PfE), Marie-Luce Brasier-Clain (PfE), Susanna Ceccardi (PfE), France Jamet (PfE)

    We are witnessing a veritable invasion of tiger mosquitoes in southern regions of France and of Europe. They are not only harmful, but also pose a health hazard. They are vectors of diseases such as dengue, chikungunya and Zika virus.

    Cases of dengue (178 cases[1] in Occitanie[2] in 2024[3]) and chikungunya have been reported in southern France[4]. In 2023, 82 indigenous dengue cases were reported in Italy[5], and the species has spread to all regions of Romania[6] and Spain[7], even to the most inland areas such as Aragon or Madrid[8].

    Municipalities must carry out investment plans: install mosquito traps[9], eliminate stagnant water or introduce natural predators of the tiger mosquito[10].

    In view of the above:

    • 1.Does the Commission intend to unlock funds to enable affected European municipalities to invest in measures to combat the tiger mosquito?
    • 2.Will it support the measures to combat the health risk posed by tiger mosquitoes, in particular by releasing sterilised males to prevent their reproduction[11]?
    • 3.Does it intend to launch a European plan to combat tiger mosquitoes – which have been ravaging the southern regions of Europe for many years – in particular through mosquito eradication measures?

    Supporter[12]

    Submitted: 8.7.2025

    • [1] According to French Public Health Data, December 2024.
    • [2] Actu.fr (21 July 2024). ‘Tiger mosquito invasion in Tarn: mosquito control operation and measures’, Actu Occitanie, https://actu.fr/occitanie/albi_81004/invasion-de-moustiques-tigres-dans-le-tarn-une-operation-de-demoustication-et-des-mesures_59894192.html.
    • [3] According to the 5 November 2024 epidemiological update by the Occitanie Regional Health Agency (ARS Occitanie), there had been three confirmed indigenous dengue outbreaks.
    • [4] France 24 (18 June 2025). ‘Chikungunya: the two recent indigenous cases are the earliest ever identified in mainland France’, France 24, https://www.france24.com/fr/info-en-continu/20250618-chikungunya-les-deux-cas-autochtones-r%C3%A9cents-sont-les-plus-pr%C3%A9coces-jamais-identifi%C3%A9s-en-m%C3%A9tropole.
    • [5] Based on ECDC data.
    • [6] Romania Insider (8 May 2024). ‘Mosquitoes carrying West Nile virus found in Bucharest’, Romania Insider, https://www.romania-insider.com/mosquitoes-west-nile-virus-found-bucharest-2024.
    • [7] Le Petit Journal, Madrid (June 2025). ‘Tiger mosquito in Spain: risk of dengue’, Le Petit Journal, https://lepetitjournal.com/madrid/sante/moustique-tigre-espagne-risques-dengue-388770.
    • [8] According to Carlos III Hospital in Madrid.
    • [9] Department of Tarn (n.d.). ‘The Department is taking action again the tiger mosquito’, Tarn.fr, https://www.tarn.fr/votre-departement/agit-a-vos-cotes/pour-la-sante/le-departement-agit-contre-le-moustique-tigre#:~:text=Le%20d%C3%A9partement%20du%20Tarn%20ne,sont%20concern%C3%A9s%20dont%20le%20Tarn.
    • [10] La Dépêche du Midi (26 May 2025). ‘“This plague is making life miserable for local residents”: how several municipalities in the Tarn region are combating the proliferation of tiger mosquitoes before the summer’, LaDepeche.fr, https://www.ladepeche.fr/2025/====doc–fleau-pollue-la-vie-de-nos-concitoyens-comment-plusieurs-communes-du-tarn-luttent-contre-la-proliferation-des-moustiques-tigres-avant-lete-12690547.php.
    • [11] Mousteek (n.d.). ‘The sterile insect technique tested in Italy’, Mousteek, https://www.mousteek.fr/moustique-tigre-sterile-italie/.
    • [12] This question is supported by a Member other than the authors: Jean-Paul Garraud (PfE)
    Last updated: 23 July 2025

    MIL OSI Europe News –

  • MIL-OSI Security: Man Wanted for Assaulting a Federal Officer and Destruction of Federal Property Arrested at Southern Border, Returned to Los Angeles

    Source: US FBI

    A man who hurled concrete blocks at law enforcement officers conducting immigration enforcement was taken into custody at the U.S.-Mexican border this morning following his surrender negotiated by FBI agents, who had been seeking his whereabouts since he fled to Mexico in June. 

    Elpidio Reyna, 39, of Compton, was wanted for the alleged assault of a federal officer in the city of Paramount, California, on June 7, 2025.  Reyna was charged in a criminal complaint filed in U.S. District Court in Los Angeles on June 8.  At approximately 3:30 p.m., Reyna allegedly threw projectiles (later determined to be concrete blocks) at law enforcement vehicles on Alondra Boulevard in Paramount, California, injuring a federal officer and damaging government vehicles.  

    The FBI issued video and photographs taken of the assailant on June 7, and Reyna was identified shortly thereafter. When agents attempted to arrest Reyna, he was not located and agents developed information confirming that he fled to Mexico. Subsequently, Reyna’s photograph and description was publicized in the United States and Mexico.   

    Based on the publicity, Reyna was arrested by authorities in the Mexican State of Sinaloa. Following negotiations, Reyna agreed to surrender to the FBI today.   

    Reyna was arrested at the San Ysidro port of entry by agents with the FBI, assisted by agents with U.S. Customs & Border Protection. FBI agents transported Reyna to Los Angeles, where he will have an initial appearance before a U.S. magistrate today. 

    If convicted, Reyna faces a statutory maximum penalty of eight years in federal prison. 

    This investigation was conducted by the FBI’s Los Angeles Field Office, with the assistance of the FBI’s San Diego Field Office and U.S. Customs and Border Protection, and is being prosecuted by Assistant United States Attorneys Thi Ho and Frances Lewis. 

    MIL Security OSI –