Category: Eurozone

MIL-OSI Europe: Active and autonomous ageing in focus at high-level meeting

Source: Government of Sweden

Demographic changes in Europe are having an immense impact on our societies and entail challenges, not least for the labour market, pension systems and an increased need for health and social care. The Swedish Presidency has invited EU Member States and other actors to a high-level meeting on active and autonomous ageing, 13 –14 February, where they will discuss how to tackle the issues related to Europe’s ageing population. Minister for Older People and Social Security Anna Tenje will host the conference. Among the participants will be the Estonian Minister of Social Protection, the Danish Minister for Senior Citizens, and the Minister for Active Ageing from Malta.

MIL OSI Europe News –

August 5, 2025
MIL-OSI Europe: Written question – Exemption for temporary construction emissions and depositions for sustainable projects – P-003051/2025
Source: European Parliament
Priority question for written answer P-003051/2025
to the Commission
Rule 144
Tom Berendsen (PPE)

In its resolution on the Clean Industrial Deal (2025/2656 (RSP)), Parliament expressly called on the Commission to introduce a temporary exemption for construction emissions and depositions for clean and net-zero projects and storage and grid infrastructure. The Draghi report also makes reference to the need for this.[1]

In several Member States, including the Netherlands, sustainable projects for CCS infrastructure, green hydrogen production or grid reinforcement, for instance, are being delayed or blocked because of permit requirements in connection with construction emissions or deposition (nitrogen-related for the most part).[2] This stems from European legislation and needs to be resolved urgently.[3]

Emissions and deposition during construction are temporary and, in most instances, are no more than ‘negligible’[4] while, over time, the sustainable projects themselves actually lead to substantial reductions in CO₂ and nitrogen emissions. Current European legislation in this area is therefore hampering the necessary speeding up of the energy transition for industry and of the process of making industry sustainable.

1.Does the Commission agree that there should be exemptions for temporary construction emissions and depositions for sustainable projects?

2.Is the Commission considering making specific proposals along those lines, for example in the prospective European Grids Package and/or the Industrial Decarbonisation Accelerator Act?

3.If so, on what timescale is a proposal to be expected?

Submitted: 23.7.2025

[1] The Draghi report (Part A), p. 50; the Draghi report (Part B), p. 33.

[2] See inter alia ‘Volkskrant’, ‘Groen licht voor CO₂-opslag onder Noordzee, milieuactivisten verliezen strijd tegen Porthos-project’ (16.8.2023); ‘L1 Nieuws’, ‘Provincie zet vergunning waterstoffabriek door, ondanks negatief advies’ (7.5.2025); De Telegraaf, ‘Netbeheerder: zeker 317 uitbreidingsprojecten in gevaar door stikstofregels, tekort stroom dreigt’ (21.4.2025).

[3] Such as the Habitats Directive, the Birds Directive and the Environmental Impact Assessment Directive.

[4] See, for example, Council of State, Ruling 202107079/2/R4, para. 15-15.11.
Last updated: 31 July 2025
MIL OSI Europe News –
August 5, 2025
MIL-OSI Europe: Written question – EU’s inaction in the face of Türkiye’s political hegemony over Libya – P-003025/2025

Source: European Parliament

Priority question for written answer P-003025/2025
to the Commission
Rule 144
Emmanouil Fragkos (ECR)

Launched in 2020, Operation IRINI (Greek for ‘peace’) is supposed to be the EU’s core tool for implementing the UN arms embargo on Libya. Despite a number of extensions, prolonging the mission to 2027, and a ‘broadening of its remit’ to include monitoring of critical infrastructure and illegal activities, its effectiveness remains disputed. Türkiye, a major disruptor of the legal order in the region, is openly violating the arms embargo on Libya, without consequences. The mission has resulted in just three seizures of cargo in five years, with tens of thousands of vessels contacted by radio and few ships actually inspected. The lack of binding enforcement measures weakens any deterrent effect. It seems, therefore, that Operation IRINI is more of a symbolic gesture than an effective mechanism for enforcing international law in the Mediterranean.

The recent ‘Goodwill Agreement’ between Türkiye and Libya increases bilateral trade and strengthens cooperation in the fields of energy, mining and infrastructure. What is more, the ‘controlled’ illegal migration flows to Greece and Italy demonstrate that Libya has been implementing ‘Turkish know-how’ in hope of securing an economic package equivalent to the 2016 agreement between the EU and Türkiye.

Given that Greece is receiving irregular immigrants from Libya and that both Western and Eastern Libyan administrations are cooperating closely with Türkiye in the face of international law and Greek sovereign rights and sovereignty, what action does the Commission intend to take in order to address Türkiye’s anti-Greek ‘campaign’ in Libya?

Submitted: 21.7.2025

Last updated: 31 July 2025

MIL OSI Europe News –

August 5, 2025
MIL-OSI Europe: Written question – Evidence of poor implementation of the Digital Services Act (DSA) by X and the Republic of Ireland – P-003074/2025
Source: European Parliament
Priority question for written answer P-003074/2025
to the Commission
Rule 144
Günther Sidl (S&D)

The DSA came into force in February 2024; it lays down specific obligations for large online platforms to tackle illegal hate speech on the internet.

However, as explained in the blog post ‘X ist ein rechtsfreier Raum’ (‘X is a legal vacuum’) by an Austrian journalist and television presenter, there are considerable doubts as to whether, in practice, the DSA is being implemented in accordance with the law[1]. For example, following a criminal complaint made in order to have a perpetrator of hate speech on X investigated, both Twitter International Unlimited Company in Dublin, which is responsible for processing data for X in the EU, and the Irish Department of Justice refused to comply with a Vienna Regional Criminal Court order to provide information. The Austrian courts have therefore been unable to investigate the perpetrator.

1.Does the Commission regard it as permissible for an online platform to refuse to provide information to a Member State’s judicial authority on the ground that only requests under a bilateral mutual legal assistance agreement will be responded to?

2.Does the Commission regard it as permissible for a Member State to refuse to provide assistance on the ground that it is competent only if the requested data are physically stored on its territory?

3.Will the Commission take this case as an opportunity to look into whether X and the Republic of Ireland have breached their obligations under the DSA?

Submitted: 24.7.2025

[1] https://www.arminwolf.at/2025/06/28/x-ist-ein-rechtsfreier-raum/
Last updated: 31 July 2025
MIL OSI Europe News –
August 5, 2025
MIL-OSI Europe: At a Glance – Nomination for a Member of the European Court of Auditors: The Netherlands – 31-07-2025

Source: European Parliament

This note describes the treaty provisions and appointment procedure for ECA members at EU level. In addition, it provides information on the national nomination procedure for the ECA member in The Netherlands and the country’s candidate.

Source : © European Union, 2025 – EP

MIL OSI Europe News –

August 5, 2025
MIL-OSI Europe: At a Glance – Nomination for a Member of the European Court of Auditors: Luxembourg – 31-07-2025

Source: European Parliament

This note describes the treaty provisions and appointment procedure for ECA members at EU level. In addition, it provides information on the national nomination procedure for the ECA member in Luxembourg and the country’s candidate.

Source : © European Union, 2025 – EP

MIL OSI Europe News –

August 5, 2025
MIL-OSI Europe: Minister Burke publishes report identifying a €1 billion gap in financing for Irish enterprises looking to scale up and go international
Source: Government of Ireland – Department of Jobs Enterprise and Innovation

31st July 2025

Minister for Enterprise, Tourism and Employment, Peter Burke, today published a Report entitled “Market Demand for and Supply of Scaling Finance in Ireland”.

The Report concludes that there is a gap in equity financing for Irish enterprises at the point where they are looking to scale up their businesses and realise their potential. It estimates that gap at about €1.1 billion over the next 2 to 5 years. It finds that demand for equity finance amongst scaling firms has increased in Ireland over the last decade and expects that trend will continue.

The Report, which was prepared by SQW Economic Research Consultants for the Department of Enterprise, Tourism and Employment, also finds that the gap is particularly acute for –
- Deals in the €5m – €10 m range;
- Capital and research and development intensive sectors, where typically the most innovative start-ups are;
- Firms requiring patient, long term, capital investment, such as those in sectors where product development can be lengthy.
The Report goes on to describe other features of the gap and identify several factors that contribute to firms failing to secure adequate finance.

Commenting on the Report, Minister Burke said:

“One of the key commitments in the Programme for Government is to help Irish businesses scale up and grow internationally, retaining a substantial workforce here as well as building abroad. Ireland ranks highly in Europe for the number of start-ups, many of them truly pioneering. So, we have an excellent starting point to delivering on that commitment.

I know from my engagement with enterprises across the country, that one of the key challenges they face is a gap in accessing capital. It can be the reason preventing them from realising their potential and growing into large, even multinational, businesses.

The Report published today confirms and quantifies the gap in available finance for firms looking to scale up. The Report also provides us with insights on the nature, as well as the size, of that gap.

These findings will inform the development of appropriate and targeted policy measures, which I intend to bring to Government later this year.”

The Report can be found at: Market Demand for and Supply of Scaling Finance in Ireland

NOTES FOR EDITORS:

The Department of Enterprise, Tourism and Employment commissioned SQW Economic Research Consultants to conduct a market analysis to quantify the scaling finance gap.

SQW, supported by Middlesex University in London and the Oxford Innovation WorkIQ in Dublin, conducted research to define and quantify the market gap for Irish firms seeking equity capital to scale up their enterprises. The focus was on equity finance – venture capital (VC) and private equity (PE) – covering deal sizes from €2m to €50m for innovative firms in their late-stage growth phase.

The study gathered evidence through an e-survey of ‘potential scale-up firms’ in Ireland (166 responses); and interviews with fund managers, stakeholders and Irish firms. Across these interviews, feedback was obtained from nearly 60 individuals. The fieldwork was supported by analysis of private market data from PitchBook relating to potential scale-up firms in Ireland, investment funds, and fund managers (these data are not comprehensive).

The market gap (defined as the sum of ‘unmet’ and ‘discouraged’ demand) for scaling firms in Ireland was modelled using ‘Monte Carlo’ simulations: a statistical technique that helps to address the uncertainty associated with firm e-survey responses and the modest sample size. Monte Carlo simulated the likely equity needs and outcomes of fundraising at the firm level for an assumed population of potential scale-ups in Ireland (1,000 companies).

The report concludes that the equity market gap, for scaling firms in Ireland, is estimated to be approximately €1.1bn over the next 3 to 5 years.

They also identified the gap is:
- particularly acute for deals in the €5m-€10m range;
- from Series A and especially Series B+;
- for capital and R&D intensive sectors;
- for firms requiring patient capital investment.
The report found that the demand for equity finance amongst scaling firms has increased in Ireland over the last decade, including for larger deal sizes, and is expected to continue. The pace of funding delivery can be challenging, whether through slow release of finance or the peak and trough nature of its release however, transaction costs were generally not perceived to be a barrier on the demand or supply side.

Additional contributing factors resulting in the lack of securing funding include:
- undercapitalisation at earlier stages;
- firms not hitting their scaling metrics to secure funding;
- firms not able to recruit the personnel who have the capabilities to secure later stage financing and scale-up;
- Irish firms tend to ask for less than they need to scale;
- risk aversion.
On the supply side, the report found that most Irish funds are too small to execute scaling strategies or lead larger deals at later stage, especially in the range before international capital comes in. These Irish funds are smaller in size compared to their European counterparts. The average fund size in Ireland is just under €70m and Irish VC funds are even smaller at €60m on average. According to stakeholder consultees, an optimal fund size to execute a scaling strategy is in the region of €200m-€300. The lack of institutional capital is another barrier to increasing fund sizes.

There are only a limited number of funds actively investing in later stages with average deal sizes in Ireland at €6.5m compared to the European average of €8.9m. For many VCs, the focus was on earlier stage investment with only some follow-on at later stage.

Next Steps

The Department is developing proposals for actions to address the gap. The Minister intends to bring those proposals to Government later this year.

ENDS

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MIL OSI Europe News –
August 5, 2025

MIL-OSI: WTW Reports Second Quarter 2025 Earnings

Source: GlobeNewswire (MIL-OSI)

Revenue¹of $2.3 billion was flat compared to prior-year quarter due to the sale of TRANZACT
Organic Revenue growth of 5% for the quarter
Diluted Earnings per Share was $3.32 for the quarter, up 144% over prior year
Adjusted Diluted Earnings per Share was $2.86 for the quarter, up 20% over prior year²
Operating Margin was 16.3% for the quarter, up 690 basis points over prior year
Adjusted Operating Margin was 18.5% for the quarter, up 150 basis points from prior year

LONDON, July 31, 2025 (GLOBE NEWSWIRE) — WTW (NASDAQ: WTW) (the “Company”), a leading global advisory, broking and solutions company, today announced financial results for the second quarter ended June 30, 2025.

“Our strong second quarter results demonstrate the meaningful progress we’ve made towards advancing our strategy, helping deliver solid topline results, along with margin and earnings growth,” said Carl Hess, WTW’s Chief Executive Officer. “I’m pleased with how our businesses continued to prove their value and resilience this quarter, providing our clients with critical solutions to help manage people, risk and capital amidst economic uncertainty. Building on our strong first-half performance and continued momentum, we enter the second half of 2025 on track to deliver on our financial framework, including mid-single digit organic revenue growth, operating margin expansion, adjusted earnings per share growth, and free-cash-flow margin expansion. I’d like to thank our colleagues for their consistent execution and dedication to delivering for our clients.”

Consolidated Results

As reported, USD millions, except %

Key Metrics	Q2-25	Q2-24²	Y/Y Change
Revenue¹	$2,261	$2,265	Reported (0)% \| CC (1)% \| Organic 5%
Income from Operations	$368	$212	74%
Operating Margin %	16.3%	9.4%	690 bps
Adjusted Operating Income	$419	$385	9%
Adjusted Operating Margin %	18.5%	17.0%	150 bps
Net Income	$332	$142	134%
Adjusted Net Income	$285	$247	15%
Diluted EPS	$3.32	$1.36	144%
Adjusted Diluted EPS	$2.86	$2.39	20%

¹	The revenue amounts included in this release are presented on a U.S. GAAP basis except where stated otherwise. The segment discussion is on an organic basis.

²	Refer to “WTW Non-GAAP Measures” below and the Q2-25 Supplemental Slides for recast of historical Non-GAAP measures.

Revenue was $2.26 billion for the second quarter of 2025, which was flat compared to $2.27 billion for the same period in the prior year due to the sale of TRANZACT. Excluding the impact of foreign currency, revenue decreased 1%. On an organic basis, revenue increased 5%. See Supplemental Segment Information for additional detail on book-of-business settlements and interest income included in revenue.

Net Income for the second quarter of 2025 was $332 million compared to Net Income of $142 million in the prior-year second quarter. Adjusted EBITDA for the second quarter was $470 million, or 20.8% of revenue, an increase of 6%, compared to Adjusted EBITDA of $445 million, or 19.6% of revenue, in the prior-year second quarter. The U.S. GAAP tax rate for the second quarter was (6.8)%, and the adjusted income tax rate for the second quarter used in calculating adjusted diluted earnings per share was 18.0%.

Cash Flow and Capital Allocation

Cash flows from operating activities were $326 million for the six months ended June 30, 2025, compared to cash flows from operating activities of $431 million for the same prior-year period. Free cash flow for the six months ended June 30, 2025 and 2024 was $217 million and $305 million, respectively, a decrease of $88 million. The decline was primarily due to increased compensation and cash tax payments as well as the absence of cash inflows from TRANZACT following its sale on December 31, 2024, partly offset by lower Transformation program spending and operational improvements. During the quarter ended June 30, 2025, the Company repurchased 1,614,427 of its outstanding shares for $500 million.

Second Quarter 2025 Segment Highlights

Health, Wealth & Career (“HWC”)

As reported, USD millions, except %

Health, Wealth & Career	Q2-25	Q2-24	Y/Y Change
Total Revenue	$1,180	$1,260	Reported (6)% \| CC (8)% \| Organic 4%
Operating Income	$280	$276	1%
Operating Margin %	23.8%	21.9%	190 bps

The HWC segment had revenue of $1.18 billion in the second quarter of 2025, a decrease of 6% (8% decrease constant currency and organic growth of 4%) from $1.26 billion in the prior year due to the sale of TRANZACT. Health delivered organic revenue growth driven by double-digit increases outside North America and solid performance in North America. Wealth generated organic revenue growth from higher levels of Retirement work globally alongside growth in our Investments business from new business wins and product launches. Career had modest revenue growth as healthy demand for advisory project work outside North America was offset by North America client postponement decisions made earlier in the year. Benefits Delivery & Outsourcing revenue was materially flat, as increased project and core administration work within Europe was tempered by lower commission revenue in the Individual Marketplace business compared to the prior year.

Operating margins in the HWC segment increased 190 basis points from the prior-year second quarter to 23.8%, primarily due to the sale of TRANZACT. Excluding TRANZACT operating margins increased 20 basis points. Please refer to the Supplemental Slides for TRANZACT’s standalone historical financial results.

Risk & Broking (“R&B”)

As reported, USD millions, except %

Risk & Broking	Q2-25	Q2-24	Y/Y Change
Total Revenue	$1,047	$979	Reported 7% \| CC 6% \| Organic 6%
Operating Income	$222	$202	10%
Operating Margin %	21.2%	20.6%	60 bps

The R&B segment had revenue of $1.05 billion in the second quarter of 2025, an increase of 7% (6% increase constant currency and organic) from $979 million in the prior year. Corporate Risk & Broking (CRB) had organic revenue growth driven by higher levels of new business activity and strong client retention globally. Insurance Consulting and Technology (ICT) revenue was flat for the quarter as clients managed spend more cautiously amid ongoing economic uncertainty.

Operating margins in the R&B segment increased 60 basis points from the prior-year second quarter to 21.2%, due primarily to operating leverage driven by strong organic revenue growth and savings from the Transformation program which were partially offset by headwinds from decreased interest income and foreign currency fluctuations.

Select 2025 Financial Considerations

Changes to Non-GAAP financial measures:

All reported non-GAAP metrics will exclude non-cash net periodic pension and postretirement benefits
Free cash flow and free cash flow margin will capture cash outflows for capitalized software costs
Refer to Supplemental Slides for recast of historical Non-GAAP measures

Business mix:

TRANZACT business, which contributed $1.14 to adjusted diluted earnings per share in 2024, is no longer part of the business portfolio following the completion of the TRANZACT sale in the fourth quarter of 2024
Reinsurance joint venture with Bain Capital expected to be a headwind on adjusted diluted earnings per share of approximately $0.20, which will be partially mitigated by gains from other equity investments, resulting in a net headwind of approximately $0.10 at the interest in earnings of associates level

Free cash flow:

Expect cash outflows in 2025 from the payment of accrued costs related to the Transformation program which concluded in 2024

Capital allocation:

Expect share repurchases of ~$1.5 billion, subject to market conditions and potential capital allocation to organic and inorganic investment opportunities

Foreign exchange:

Expect a foreign currency tailwind on adjusted diluted earnings per share of approximately $0.05 in 2025 at today’s rates

Adjusted operating margin outlook:

~100 basis points of average annual margin expansion over next 3 years in R&B
Incremental annual margin expansion at HWC and enterprise levels

The 2025 Financial Considerations above include Non-GAAP financial measures. We do not reconcile forward-looking Non-GAAP measures for reasons explained under “WTW Non-GAAP Measures” below.

Conference Call

The Company will host a conference call to discuss the financial results for the second quarter 2025. It will be held on Thursday, July 31, 2025, beginning at 9:00 a.m. Eastern Time. A live, listen-only webcast of the conference call will be available on WTW’s website. Analysts and institutional investors may participate in the conference call’s question-and-answer session by registering in advance here. An online replay will be available at investors.wtwco.com shortly after the call concludes.

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at www.wtwco.com.

WTW Non-GAAP Measures

In order to assist readers of our consolidated financial statements in understanding the core operating results that WTW’s management uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Constant Currency Change, (2) Organic Change, (3) Adjusted Operating Income/Margin, (4) Adjusted EBITDA/Margin, (5) Adjusted Net Income, (6) Adjusted Diluted Earnings Per Share, (7) Adjusted Income Before Taxes, (8) Adjusted Income Taxes/Tax Rate, (9) Free Cash Flow and (10) Free Cash Flow Margin.

We believe that those measures are relevant and provide pertinent information widely used by analysts, investors and other interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results.

Within the measures referred to as ‘adjusted’, we adjust for significant items which will not be settled in cash, or which we believe to be items that are not core to our current or future operations. Some of these items may not be applicable for the current quarter, however they may be part of our full-year results. Additionally, we have historically adjusted for certain items which are not described below, but for which we may adjust in a future period when applicable. Items applicable to the quarter or full year results, or the comparable periods, include the following:

Restructuring costs and transaction and transformation – Management believes it is appropriate to adjust for restructuring costs and transaction and transformation when they relate to a specific significant program with a defined set of activities and costs that are not expected to continue beyond a defined period of time, or significant acquisition-related transaction expenses. We believe the adjustment is necessary to present how the Company is performing, both now and in the future when the incurrence of these costs will have concluded.
Provisions for specified litigation matters – We will include provisions for litigation matters which we believe are not representative of our core business operations. Among other things, we determine this by reference to the amount of the loss (net of insurance and other recovery receivables) and by reference to whether the matter relates to an unusual and complex scenario that is not expected to be repeated as part of our ongoing, ordinary business. These amounts are presented net of insurance and other recovery receivables. See the footnotes to the reconciliation tables below for more specificity on the litigation matter excluded from adjusted results.
Gains and losses on disposals of operations – Adjustment to remove the gains or losses resulting from disposed operations that have not been classified as discontinued operations.
Net periodic pension and postretirement benefits – Adjustment to remove the recognition of net periodic pension and postretirement benefits (including pension settlements), other than service costs. We have included this adjustment as applicable in our prior-period disclosures in order to conform to the current-period presentation.
Tax effect of significant adjustments – Relates to the incremental tax expense or benefit resulting from significant or unusual events including significant statutory tax rate changes enacted in material jurisdictions in which we operate, internal reorganizations of ownership of certain businesses that reduced the investment held by our U.S.-controlled subsidiaries and the recovery of certain refunds or payment of taxes related to businesses in which we no longer participate.

We evaluate our revenue on an as reported (U.S. GAAP), constant currency and organic basis. We believe presenting constant currency and organic information provides valuable supplemental information regarding our comparable results, consistent with how we evaluate our performance internally.

We consider Constant Currency Change, Organic Change, Adjusted Operating Income/Margin, Adjusted EBITDA/Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Income Before Taxes, Adjusted Income Taxes/Tax Rate and Free Cash Flow to be important financial measures, which are used to internally evaluate and assess our core operations and to benchmark our operating and liquidity results against our competitors. These non-GAAP measures are important in illustrating what our comparable operating and liquidity results would have been had we not incurred transaction-related and non-recurring items. Reconciliations of these measures are included in the accompanying tables with the following exception: The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency impacts necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non-GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.

Our non-GAAP measures and their accompanying definitions are presented as follows:

Constant Currency Change – Represents the year-over-year change in revenue excluding the impact of foreign currency fluctuations. To calculate this impact, the prior year local currency results are first translated using the current year monthly average exchange rates. The change is calculated by comparing the prior year revenue, translated at the current year monthly average exchange rates, to the current year as reported revenue, for the same period. We believe constant currency measures provide useful information to investors because they provide transparency to performance by excluding the effects that foreign currency exchange rate fluctuations have on period-over-period comparability given volatility in foreign currency exchange markets.

Organic Change – Excludes the impact of fluctuations in foreign currency exchange rates, as described above and the period-over-period impact of acquisitions and divestitures on current-year revenue. We believe that excluding transaction-related items from our U.S. GAAP financial measures provides useful supplemental information to our investors, and it is important in illustrating what our core operating results would have been had we not included these transaction-related items, since the nature, size and number of these transaction-related items can vary from period to period.

Adjusted Operating Income/Margin – Income from operations adjusted for amortization, restructuring costs, transaction and transformation and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted operating income margin is calculated by dividing adjusted operating income by revenue. We consider adjusted operating income/margin to be important financial measures, which are used internally to evaluate and assess our core operations and to benchmark our operating results against our competitors.

Adjusted EBITDA/Margin – Net Income adjusted for provision for income taxes, interest expense, depreciation and amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted EBITDA Margin is calculated by dividing adjusted EBITDA by revenue. We consider adjusted EBITDA/margin to be important financial measures, which are used internally to evaluate and assess our core operations, to benchmark our operating results against our competitors and to evaluate and measure our performance-based compensation plans.

Adjusted Net Income – Net Income Attributable to WTW adjusted for amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results and the related tax effect of those adjustments and the tax effects of internal reorganizations. This measure is used solely for the purpose of calculating adjusted diluted earnings per share.

Adjusted Diluted Earnings Per Share – Adjusted Net Income divided by the weighted-average number of ordinary shares, diluted. Adjusted diluted earnings per share is used to internally evaluate and assess our core operations and to benchmark our operating results against our competitors.

Adjusted Income Before Taxes – Income from operations before income taxes and interest in earnings of associates adjusted for amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted income before taxes is used solely for the purpose of calculating the adjusted income tax rate.

Adjusted Income Taxes/Tax Rate – Provision for income taxes adjusted for taxes on certain items of amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, the tax effects of significant adjustments and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results, divided by adjusted income before taxes. Adjusted income taxes is used solely for the purpose of calculating the adjusted income tax rate. Management believes that the adjusted income tax rate presents a rate that is more closely aligned to the rate that we would incur if not for the reduction of pre-tax income for the adjusted items and the tax effects of internal reorganizations, which are not core to our current and future operations.

Free Cash Flow – Cash flows from operating activities less cash used to purchase fixed assets and software. Free Cash Flow is a liquidity measure and is not meant to represent residual cash flow available for discretionary expenditures. Management believes that free cash flow presents the core operating performance and cash-generating capabilities of our business operations. As a result of our change in presentation, free cash flow for the prior period has been adjusted to conform to the current period, which includes the deduction of our capitalized software costs.

Free Cash Flow Margin – Free Cash Flow as a percentage of revenue, which represents how much of revenue would be realized on a cash basis. We consider this measure to be a meaningful metric for tracking cash conversion on a year-over-year basis due to the non-cash nature of our pension income, which is included in our GAAP and Non-GAAP earnings metrics presented herein.

These non-GAAP measures are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies. Non-GAAP measures should be considered in addition to, and not as a substitute for, the information contained within our condensed consolidated financial statements.

WTW Forward-Looking Statements

This document contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations. All statements, other than statements of historical facts, that address activities, events or developments that we expect or anticipate may occur in the future, including such things as: our outlook; the potential impact of natural or man-made disasters like health pandemics and other world health crises; future capital expenditures; ongoing working capital efforts; future share repurchases; financial results (including our revenue, costs or margins) and the impact of changes to tax laws on our financial results; existing and evolving business strategies including those related to acquisitions and dispositions; demand for our services and competitive strengths; strategic goals; the benefits of new initiatives; growth of our business and operations; the sustained health of our product, service, transaction, client, and talent assessment and management pipelines; our ability to successfully manage ongoing leadership, organizational and technology changes, including investments in improving systems and processes; our ability to implement and realize anticipated benefits of any cost-savings initiatives generated from our completed multi-year operational transformation program or other expense savings initiatives; our recognition of future impairment charges; and plans and references to future performance, including our future financial and operating results, short-term and long-term financial goals, plans, objectives, expectations and intentions, including with respect to free cash flow generation, adjusted net revenue, adjusted operating margin and adjusted earnings per share, are forward-looking statements. Also, when we use words such as ‘may’, ‘will’, ‘would’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘plan’, ‘continues’, ‘seek’, ‘target’, ‘goal’, ‘focus’, ‘probably’, or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.

There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including the following: our ability to successfully establish, execute and achieve our global business strategy as it evolves; our ability to fully realize the anticipated benefits of our growth strategy, including inorganic growth through acquisitions; our ability to achieve our short-term and long-term financial goals, such as with respect to our cash flow generation, and the timing with respect to such achievement; the risks related to changes in general economic conditions, business and political conditions, changes in the financial markets, inflation, credit availability, increased interest rates, changes in trade policies, increased tariffs and retaliatory actions; the risks to our short-term and long-term financial goals from any of the risks or uncertainties set forth herein; the risks relating to the adverse impacts of macroeconomic trends, including those relating to changes in trade policies and tariffs, as well as political events, war, such as the Russia-Ukraine and Israel-Hamas wars, and other international disputes, terrorism, natural disasters, public health issues and other business interruptions on the global economy and capital markets, such as uncertainty in the global markets, inflation, changes in interest rates and recessionary trends, changes in spending by government agencies and contractors, which could have a material adverse effect on our business, financial condition, results of operations and long-term goals; our ability to successfully hedge against fluctuations in foreign currency rates; the risks relating to the adverse impacts of natural or man-made disasters such as health pandemics and other world health crises on the demand for our products and services, our cash flows and our business operations; material interruptions to or loss of our information processing capabilities, or failure to effectively maintain and upgrade our information technology resources and systems and related risks of cybersecurity breaches or incidents; our ability to comply with complex and evolving regulations related to data privacy, cybersecurity and artificial intelligence; the risks relating to the transitional arrangements in effect subsequent to our completed sale of TRANZACT; significant competition that we face and the potential for loss of market share and/or profitability; the impact of seasonality and differences in timing of renewals and non-recurring revenue increases from disposals and book-of-business sales; the insufficiency of client data protection, potential breaches of information systems or insufficient safeguards against cybersecurity breaches or incidents; the risk of increased liability or new legal claims arising from our new and existing products and services, and expectations, intentions and outcomes relating to outstanding litigation; the risk of substantial negative outcomes on existing or potential future litigation or investigation matters; changes in the regulatory environment in which we operate, including, among other risks, the impacts of pending competition law and regulatory investigations; various claims, government inquiries or investigations or the potential for regulatory action; our ability to make divestitures or acquisitions, including our ability to integrate or manage acquired businesses or carve-out businesses to be disposed, as well as our ability to identify and successfully execute on opportunities for strategic collaboration; our ability to integrate direct-to-consumer sales and marketing solutions with our existing offerings and solutions; our ability to successfully manage ongoing organizational changes, including as a result of our recently-completed multi-year operational transformation program, investments in improving systems and processes, and in connection with our acquisition and divestiture activities; disasters or business continuity problems; our ability to successfully enhance our billing, collection and other working capital efforts, and thereby increase our free cash flow; our ability to properly identify and manage conflicts of interest; reputational damage, including from association with third parties; reliance on third-party service providers and suppliers; risks relating to changes in our management structures and in senior leadership; the loss of key employees or a large number of employees and rehiring rates; our ability to maintain our corporate culture; doing business internationally, including the impact of global trade policies and retaliatory considerations as well as foreign currency exchange rates; compliance with extensive government regulation; the risk of sanctions imposed by governments, or changes to associated sanction regulations (such as sanctions imposed on Russia) and related counter-sanctions; our ability to effectively apply technology, data and analytics solutions, including through the use of artificial intelligence, for internal operations, maintaining industry standards, meeting client preferences and gaining competitive advantage, among other things; changes and developments in the insurance industry or the U.S. healthcare system, including those related to Medicare, and any other changes and developments in legal, regulatory, economic, business or operational conditions that could impact our businesses; the inability to protect our intellectual property rights, or the potential infringement upon the intellectual property rights of others; fluctuations in our pension assets and liabilities and related changes in pension income, including as a result of, related to, or derived from movements in the interest rate environment, investment returns, inflation, or changes in other assumptions that are used to estimate our benefit obligations and their effect on adjusted earnings per share; our capital structure, including indebtedness amounts, the limitations imposed by the covenants in the documents governing such indebtedness and the maintenance of the financial and disclosure controls and procedures of each; our ability to obtain financing on favorable terms or at all; adverse changes in our credit ratings; the impact of recent or potential changes to U.S. or foreign laws, and the enactment of additional, or the revision of existing, state, federal, and/or foreign laws and regulations, recent judicial decisions and development of case law, other regulations and any policy changes and legislative actions, including those that may impose additional excise taxes or impact our effective tax rate; U.S. federal income tax consequences to U.S. persons owning at least 10% of our shares; changes in accounting principles, estimates or assumptions; our recognition of future impairment charges; risks relating to or arising from environmental, social and governance (‘ESG’) practices; fluctuation in revenue against our relatively fixed or higher-than-expected expenses; the risk that investment levels increase; the laws of Ireland being different from the laws of the U.S. and potentially affording less protections to the holders of our securities; and our holding company structure potentially preventing us from being able to receive dividends or other distributions in needed amounts from our subsidiaries.

The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information, please see Part I, Item 1A in our Annual Report on Form 10-K, and our subsequent filings with the SEC. Copies are available online at http://www.sec.gov or www.wtwco.com.

Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.

Our forward-looking statements speak only as of the date made and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.

Contact

INVESTORS
Claudia De La Hoz | Claudia.Delahoz@wtwco.com

WTW Supplemental Segment Information (In millions of U.S. dollars) (Unaudited)

REVENUE
						Components of Revenue Change⁽ⁱ⁾
						Less:		Less:
	Three Months Ended June 30,				As Reported	Currency	Constant Currency	Acquisitions/	Organic
	2025		2024		% Change	Impact	Change	Divestitures	Change

Health, Wealth & Career
Revenue excluding interest income	$	1,173	$	1,251	(6)%	1%	(7)%	(12)%	4%
Interest income		7		9
Total		1,180		1,260	(6)%	1%	(8)%	(12)%	4%

Risk & Broking
Revenue excluding interest income	$	1,024	$	950	8%	1%	6%	0%	6%
Interest income		23		29
Total		1,047		979	7%	1%	6%	0%	6%

Segment Revenue	$	2,227	$	2,239	(1)%	1%	(2)%	(7)%	5%
Corporate, reimbursable expenses and other		24		20
Interest income		10		6
Revenue	$	2,261	$	2,265	0%	1%	(1)%	(6)%	5%⁽ⁱⁱ⁾

						Components of Revenue Change⁽ⁱ⁾
						Less:		Less:
	Six Months Ended June 30,				As Reported	Currency	Constant Currency	Acquisitions/	Organic
	2025		2024		% Change	Impact	Change	Divestitures	Change

Health, Wealth & Career
Revenue excluding interest income	$	2,331	$	2,578	(10)%	0%	(10)%	(13)%	3%
Interest income		14		18
Total		2,345		2,596	(10)%	0%	(10)%	(13)%	3%

Risk & Broking
Revenue excluding interest income	$	2,029	$	1,900	7%	0%	7%	0%	7%
Interest income		45		57
Total		2,074		1,957	6%	0%	6%	0%	6%

Segment Revenue	$	4,419	$	4,553	(3)%	0%	(3)%	(7)%	5%
Corporate, reimbursable expenses and other		45		41
Interest income		20		12
Revenue	$	4,484	$	4,606	(3)%	0%	(3)%	(7)%	5%⁽ⁱⁱ⁾

⁽ⁱ⁾	Components of revenue change may not add due to rounding.
⁽ⁱⁱ⁾	Interest income did not contribute to organic change for the three and six months ended June 30, 2025.

BOOK-OF-BUSINESS SETTLEMENTS AND INTEREST INCOME

	Three Months Ended June 30,
	HWC				R&B				Corporate				Total
	2025		2024		2025		2024		2025		2024		2025		2024
Book-of-business settlements	$	—	$	—	$	3	$	2	$	—	$	—	$	3	$	2
Interest income		7		9		23		29		10		6		40		44
Total	$	7	$	9	$	26	$	31	$	10	$	6	$	43	$	46

	Six Months Ended June 30,
	HWC				R&B				Corporate				Total
	2025		2024		2025		2024		2025		2024		2025		2024
Book-of-business settlements	$	2	$	—	$	3	$	4	$	—	$	—	$	5	$	4
Interest income		14		18		45		57		20		12		79		87
Total	$	16	$	18	$	48	$	61	$	20	$	12	$	84	$	91

SEGMENT OPERATING INCOME ⁽ⁱ⁾

	Three Months Ended June 30,
	2025		2024

Health, Wealth & Career	$	280	$	276
Risk & Broking		222		202
Segment Operating Income	$	502	$	478

	Six Months Ended June 30,
	2025		2024

Health, Wealth & Career	$	591	$	612
Risk & Broking		448		405
Segment Operating Income	$	1,039	$	1,017

⁽ⁱ⁾

Segment operating income excludes certain costs, including amortization of intangibles, restructuring costs, transaction and transformation expenses, certain litigation provisions, and to the extent that the actual expense based upon which allocations are made differs from the forecast/budget amount, a reconciling item will be created between internally-allocated expenses and the actual expenses reported for U.S. GAAP purposes.

SEGMENT OPERATING MARGINS

	Three Months Ended June 30,
	2025	2024
Health, Wealth & Career	23.8%	21.9%
Risk & Broking	21.2%	20.6%

	Six Months Ended June 30,
	2025	2024
Health, Wealth & Career	25.2%	23.6%
Risk & Broking	21.6%	20.7%

RECONCILIATIONS OF SEGMENT OPERATING INCOME TO INCOME FROM OPERATIONS BEFORE INCOME TAXES

	Three Months Ended June 30,
	2025			2024

Segment Operating Income	$	502		$	478
Amortization		(49	)		(60	)
Restructuring costs		—			(3	)
Transaction and transformation⁽ⁱ⁾		(2	)		(97	)
Unallocated, net⁽ⁱⁱ⁾		(83	)		(106	)
Income from Operations		368			212
Interest expense		(64	)		(68	)
Other income, net		9			23
Income from operations before income taxes and interest in earnings of associates	$	313		$	167

	Six Months Ended June 30,
	2025			2024

Segment Operating Income	$	1,039		$	1,017
Amortization		(97	)		(120	)
Restructuring costs		—			(21	)
Transaction and transformation⁽ⁱ⁾		(2	)		(222	)
Unallocated, net⁽ⁱⁱ⁾		(140	)		(162	)
Income from Operations		800			492
Interest expense		(129	)		(132	)
Other (loss)/income, net		(55	)		49
Income from operations before income taxes and interest in earnings of associates	$	616		$	409

⁽ⁱ⁾	In addition to legal fees and other transaction costs, includes primarily consulting fees and compensation costs related to the Transformation program.
⁽ⁱⁱ⁾	Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes.

WTW Reconciliations of Non-GAAP Measures (In millions of U.S. dollars, except per share data) (Unaudited)

RECONCILIATIONS OF NET INCOME ATTRIBUTABLE TO WTW TO ADJUSTED DILUTED EARNINGS PER SHARE

	Three Months Ended June 30,
	2025			2024

Net income attributable to WTW	$	331		$	141
Adjusted for certain items:
Amortization		49			60
Restructuring costs		—			3
Transaction and transformation		2			97
Provision for specified litigation matter ⁽ⁱ⁾		—			13
Net periodic pension and postretirement benefits		(13	)		(21	)
Tax effect on certain items listed above⁽ⁱⁱ⁾		(10	)		(39	)
Tax effect of significant adjustments		(74	)		(7	)
Adjusted Net Income	$	285		$	247

Weighted-average ordinary shares, diluted		100			103

Diluted Earnings Per Share	$	3.32		$	1.36
Adjusted for certain items:⁽ⁱⁱⁱ⁾
Amortization		0.49			0.58
Restructuring costs		—			0.03
Transaction and transformation		0.02			0.94
Provision for specified litigation matter ⁽ⁱ⁾		—			0.13
Net periodic pension and postretirement benefits		(0.13	)		(0.20	)
Tax effect on certain items listed above⁽ⁱⁱ⁾		(0.10	)		(0.38	)
Tax effect of significant adjustments		(0.74	)		(0.07	)
Adjusted Diluted Earnings Per Share⁽ⁱⁱⁱ⁾	$	2.86		$	2.39

	Six Months Ended June 30,
	2025			2024

Net income attributable to WTW	$	566		$	331
Adjusted for certain items:
Amortization		97			120
Restructuring costs		—			21
Transaction and transformation		2			222
Provision for specified litigation matter⁽ⁱ⁾		—			13
Net periodic pension and postretirement benefits		62			(43	)
Gain on disposal of operations		(14	)		—
Tax effect on certain items listed above⁽ⁱⁱ⁾		(38	)		(85	)
Tax effect of significant adjustments		(74	)		(7	)
Adjusted Net Income	$	601		$	572

Weighted-average ordinary shares, diluted		100			104

Diluted Earnings Per Share	$	5.64		$	3.20
Adjusted for certain items:⁽ⁱⁱⁱ⁾
Amortization		0.97			1.16
Restructuring costs		—			0.20
Transaction and transformation		0.02			2.14
Provision for specified litigation matter⁽ⁱ⁾		—			0.13
Net periodic pension and postretirement benefits		0.62			(0.42	)
Gain on disposal of operations		(0.14	)		—
Tax effect on certain items listed above⁽ⁱⁱ⁾		(0.38	)		(0.82	)
Tax effect of significant adjustments		(0.74	)		(0.07	)
Adjusted Diluted Earnings Per Share⁽ⁱⁱⁱ⁾	$	5.99		$	5.53

⁽ⁱ⁾	Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.
⁽ⁱⁱ⁾	The tax effect was calculated using an effective tax rate for each item.
⁽ⁱⁱⁱ⁾	Per share values and totals may differ due to rounding.

RECONCILIATIONS OF NET INCOME TO ADJUSTED EBITDA

	Three Months Ended June 30,
	2025				2024

Net Income	$	332		14.7%	$	142		6.3%
(Benefit from)/provision for income taxes		(21	)			26
Interest expense		64				68
Depreciation		57				57
Amortization		49				60
Restructuring costs		—				3
Transaction and transformation		2				97
Provision for specified litigation matter⁽ⁱ⁾		—				13
Net periodic pension and postretirement benefits		(13	)			(21	)
Adjusted EBITDA and Adjusted EBITDA Margin	$	470		20.8%	$	445		19.6%

	Six Months Ended June 30,
	2025				2024

Net Income	$	571		12.7%	$	336		7.3%
Provision for income taxes		44				74
Interest expense		129				132
Depreciation		111				116
Amortization		97				120
Restructuring costs		—				21
Transaction and transformation		2				222
Provision for specified litigation matter⁽ⁱ⁾		—				13
Net periodic pension and postretirement benefits		62				(43	)
Gain on disposal of operations		(14	)			—
Adjusted EBITDA and Adjusted EBITDA Margin	$	1,002		22.3%	$	991		21.5%

⁽ⁱ⁾

Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.

RECONCILIATIONS OF INCOME FROM OPERATIONS TO ADJUSTED OPERATING INCOME

	Three Months Ended June 30,
	2025			2024

Income from operations and Operating margin	$	368	16.3%	$	212	9.4%
Adjusted for certain items:
Amortization		49			60
Restructuring costs		—			3
Transaction and transformation		2			97
Provision for specified litigation matter⁽ⁱ⁾		—			13
Adjusted operating income and Adjusted operating income margin	$	419	18.5%	$	385	17.0%

	Six Months Ended June 30,
	2025			2024

Income from operations and Operating margin	$	800	17.8%	$	492	10.7%
Adjusted for certain items:
Amortization		97			120
Restructuring costs		—			21
Transaction and transformation		2			222
Provision for specified litigation matter⁽ⁱ⁾		—			13
Adjusted operating income and Adjusted operating income margin	$	899	20.0%	$	868	18.8%

⁽ⁱ⁾

RECONCILIATIONS OF GAAP INCOME TAXES/TAX RATE TO ADJUSTED INCOME TAXES/TAX RATE

	Three Months Ended June 30,
	2025			2024

Income from operations before income taxes and interest in earnings of associates	$	313		$	167

Adjusted for certain items:
Amortization		49			60
Restructuring costs		—			3
Transaction and transformation		2			97
Provision for specified litigation matter⁽ⁱ⁾		—			13
Net periodic pension and postretirement benefits		(13	)		(21	)
Adjusted income before taxes	$	351		$	319

(Benefit from)/provision for income taxes	$	(21	)	$	26
Tax effect on certain items listed above⁽ⁱⁱ⁾		10			39
Tax effect of significant adjustments		74			7
Adjusted income taxes	$	63		$	72

U.S. GAAP tax rate		(6.8	)%		15.6	%
Adjusted income tax rate		18.0	%		22.4	%

	Six Months Ended June 30,
	2025			2024

Income from operations before income taxes and interest in earnings of associates	$	616		$	409

Adjusted for certain items:
Amortization		97			120
Restructuring costs		—			21
Transaction and transformation		2			222
Provision for specified litigation matter⁽ⁱ⁾		—			13
Net periodic pension and postretirement benefits		62			(43	)
Gain on disposal of operations		(14	)		—
Adjusted income before taxes	$	763		$	742

Provision for income taxes	$	44		$	74
Tax effect on certain items listed above⁽ⁱⁱ⁾		38			85
Tax effect of significant adjustments		74			7
Adjusted income taxes	$	156		$	166

U.S. GAAP tax rate		7.1	%		18.1	%
Adjusted income tax rate		20.5	%		22.3	%

⁽ⁱ⁾

⁽ⁱⁱ⁾

The tax effect was calculated using an effective tax rate for each item.

RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW

	Six Months Ended June 30,
	2025			2024

Cash flows from operating activities	$	326		$	431
Less: Additions to fixed assets and software		(109	)		(126	)
Free Cash Flow	$	217		$	305

WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Condensed Consolidated Statements of Income (In millions of U.S. dollars, except per share data) (Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Revenue	$	2,261		$	2,265		$	4,484		$	4,606

Costs of providing services
Salaries and benefits		1,449			1,397			2,773			2,739
Other operating expenses		336			439			701			896
Depreciation		57			57			111			116
Amortization		49			60			97			120
Restructuring costs		—			3			—			21
Transaction and transformation		2			97			2			222
Total costs of providing services		1,893			2,053			3,684			4,114

Income from operations		368			212			800			492

Interest expense		(64	)		(68	)		(129	)		(132	)
Other income/(loss), net		9			23			(55	)		49

INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES		313			167			616			409

Benefit from/(provision for) income taxes		21			(26	)		(44	)		(74	)

INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES		334			141			572			335

Interest in earnings of associates, net of tax		(2	)		1			(1	)		1

NET INCOME		332			142			571			336

Income attributable to non-controlling interests		(1	)		(1	)		(5	)		(5	)

NET INCOME ATTRIBUTABLE TO WTW	$	331		$	141		$	566		$	331

EARNINGS PER SHARE
Basic earnings per share	$	3.34		$	1.37		$	5.68		$	3.22
Diluted earnings per share	$	3.32		$	1.36		$	5.64		$	3.20

Weighted-average ordinary shares, basic		99			103			100			103
Weighted-average ordinary shares, diluted		100			103			100			104

WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Condensed Consolidated Balance Sheets (In millions of U.S. dollars, except share data) (Unaudited)

	June 30,			December 31,
	2025			2024
ASSETS
Cash and cash equivalents	$	1,963		$	1,890
Fiduciary assets		10,720			9,504
Accounts receivable, net		2,364			2,494
Prepaid and other current assets		558			1,217
Total current assets		15,605			15,105
Fixed assets, net		696			661
Goodwill		8,938			8,799
Other intangible assets, net		1,232			1,295
Right-of-use assets		495			485
Pension benefits assets		578			530
Other non-current assets		934			806
Total non-current assets		12,873			12,576
TOTAL ASSETS	$	28,478		$	27,681
LIABILITIES AND EQUITY
Fiduciary liabilities	$	10,720		$	9,504
Deferred revenue and accrued expenses		1,726			2,211
Current debt		549			—
Current lease liabilities		124			118
Other current liabilities		752			765
Total current liabilities		13,871			12,598
Long-term debt		4,762			5,309
Liability for pension benefits		550			615
Provision for liabilities		369			341
Long-term lease liabilities		500			502
Other non-current liabilities		246			299
Total non-current liabilities		6,427			7,066
TOTAL LIABILITIES		20,298			19,664
COMMITMENTS AND CONTINGENCIES
EQUITY⁽ⁱ⁾
Additional paid-in capital		11,012			10,989
(Accumulated deficit)/retained earnings		(206	)		109
Accumulated other comprehensive loss, net of tax		(2,706	)		(3,158	)
Total WTW shareholders’ equity		8,100			7,940
Non-controlling interests		80			77
Total Equity		8,180			8,017
TOTAL LIABILITIES AND EQUITY	$	28,478		$	27,681


⁽ⁱ⁾	Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 97,853,208 (2025) and 99,805,780 (2024); Outstanding 97,853,208 (2025) and 99,805,780 (2024) and (b) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2025 and 2024.

WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Condensed Consolidated Statements of Cash Flows (In millions of U.S. dollars) (Unaudited)

	Six Months Ended June 30,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME	$	571		$	336
Adjustments to reconcile net income to total net cash from operating activities:
Depreciation		111			116
Amortization		97			120
Non-cash restructuring charges		—			12
Non-cash lease expense		47			49
Net periodic cost/(benefit) of defined benefit pension plans		94			(11	)
Provision for doubtful receivables from clients		7			10
Benefit from deferred income taxes		(70	)		(25	)
Share-based compensation		68			54
Net gain on disposal of operations		(14	)		—
Non-cash foreign exchange loss/(gain)		30			(12	)
Other, net		18			22
Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:
Accounts receivable		225			118
Other assets		(99	)		(161	)
Other liabilities		(778	)		(242	)
Provisions		19			45
Net cash from operating activities		326			431

CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
Additions to fixed assets and software		(109	)		(126	)
Acquisitions of operations, net of cash acquired		(14	)		(18	)
Contributions to investments in associates		(8	)		—
Net proceeds from sale of operations		836			—
Net purchases of held-to-maturity securities		(50	)		—
Net purchases of available-for-sale securities		(43	)		(14	)
Net cash from/(used in) investing activities		612			(158	)

CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Senior notes issued		—			746
Debt issuance costs		—			(9	)
Repayments of debt		(2	)		(652	)
Repurchase of shares		(700	)		(301	)
Net proceeds from fiduciary funds held for clients		141			783
Payments of deferred and contingent consideration related to acquisitions		(15	)		—
Cash paid for employee taxes on withholding shares		(43	)		(24	)
Dividends paid		(179	)		(176	)
Acquisitions of and dividends paid to non-controlling interests		(2	)		(3	)
Net cash (used in)/from financing activities		(800	)		364

INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		138			637
Effect of exchange rate changes on cash, cash equivalents and restricted cash		207			(53	)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD ⁽ⁱ⁾		4,998			3,792
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD ⁽ⁱ⁾	$	5,343		$	4,376


⁽ⁱ⁾	The amounts of cash, cash equivalents and restricted cash, their respective classification on the condensed consolidated balance sheets, as well as their respective portions of the increase or decrease in cash, cash equivalents and restricted cash for each of the periods presented have been included in the Supplemental Disclosure of Cash Flow Information section.

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

	Six Months Ended June 30,
	2025			2024

Supplemental disclosures of cash flow information:
Cash and cash equivalents	$	1,963		$	1,247
Fiduciary funds (included in fiduciary assets)		3,380			3,129
Total cash, cash equivalents and restricted cash	$	5,343		$	4,376

Decrease in cash, cash equivalents and other restricted cash	$	(3	)	$	(154	)
Increase in fiduciary funds		141			791
Total ⁽ⁱ⁾	$	138		$	637

⁽ⁱ⁾	Does not include the effect of exchange rate changes on cash, cash equivalents and restricted cash.

The MIL Network –

August 5, 2025

MIL-OSI Africa: Canon named a Leader in IDC MarketScape: Worldwide Hardcopy Remanufacturing 2025 Vendor Assessment

Source: APO

Today, Canon (https://en.Canon-CNA.com) is pleased to announce that it has been named as a Leader in The IDC MarketScape: Worldwide Hardcopy Remanufacturing 2025 Vendor Assessment [1]. The report highlights the increased demand for circularity and sustainability in the print and document solutions market and takes an in-depth look at the global, regional, and local level activities of eight major industry vendors.

The study looks specifically at device and consumables remanufacturing, assessing the capabilities of those surveyed through a number of factors including types of remanufactured products, levels of innovation, cost of ownership, sales strategy and distribution. With demand for remanufactured printing technology increasing as sustainability becomes an integral business priority, the report provides a strong reference point for businesses who wish to improve the carbon footprint of their print infrastructure.

The IDC MarketScape report highlighted Canon’s strengths including its remanufacturing history and resources, citing that “Canon has been remanufacturing its products since the last millennium and has a wealth of experience and resources across the globe to meet current and future market trends for reuse”. It also noted the breadth of Canon’s office multifunction printer portfolio, highlighting. that “Canon’s remanufactured devices include monochrome and colour A3 devices and cover a wide variety of speed segments”.

Building on this, Hiro Imamura, Executive Vice President, Digital Printing & Solutions at Canon Europe comments; “With a strong heritage in sustainability and global remanufacturing and refurbishing expertise, we are well placed to help our customers make concrete steps to improve their carbon footprint and meet their environmental goals. Reusing, recycling and repairing our products for a second life is a core part of this approach and we are delighted to be recognised as a Leader in this important IDC MarketScape report. We will continue to accelerate our efforts towards the circular economy, reducing impacts across every single part of our business and expanding our sustainable product range, from our printers to our papers, to further support our customers for the future”.

About Canon’s sustainability actions

Canon is committed to achieving carbon net zero emissions by 2050 and has recently been awarded with the EcoVadis Platinum Rating for its sustainability efforts, placing it within the top 1% of companies assessed, with an overall score in the 99^th percentile. This accolade highlights Canon’s strong sustainability focus throughout its global business, across crucial areas covering environmental, social and governance criteria.

Circular approach

Support for the circular economy also forms a significant part of Canon’s sustainability strategy. The robust and durable nature of Canon’s products provides a strong platform for refurbishment and remanufacturing processes – supporting the organization in its efforts to recycle parts and hardware, where possible, for a second life.

Canon remanufactures its flagship imageRUNNER ADVANCE multifunction devices, which it markets as the imageRUNNER ADVANCE ES and ES+ range in the EMEA region, and as the Refreshed Series in Japan. This robust monochrome and colour A3 range is made with at least 90%+ reused parts, undergoing intensive cleaning, part replacement and rebuilding processes at Canon’s specialist factories. This result is a like new quality product which delivers optimal performance to support different business needs. Within its production print business, Canon also remanufactures its Arizona devices to support customers in the wide format segment.

Additionally, in EMEA, Canon also refurbishes its imageRUNNER ADVANCE range to create its Certified Used (CU range) – these multifunction devices deliver quality, high performance printers, which are designed for a second life.

Canon’s second life products are also supported by regular firmware and software updates – helping customers to deliver high levels of workflow productivity with security and further contributing towards their sustainability efforts.

Recycling

Canon also has a long-established inkjet cartridge recycling programme, which began in 1996 and is available in 15 countries across Europe. At Canon Bretagne in France, Canon operates a closed loop toner cartridge recycling programme and since 2011, has established a system for collecting used toner bottles, refilling them with toner, and supplying them to the European market, helping to further reduce Canon’s plastic usage.

To learn more about Canon’s approach to sustainability, please see here (http://apo-opa.co/46BqReK)

[1] Doc # EUR153222025, March 2025

Distributed by APO Group on behalf of Canon Central and North Africa (CCNA).

Media enquiries, please contact:
Canon Central and North Africa
Mai Youssef
e. Mai.youssef@canon-me.com

APO Group – PR Agency
Rania ElRafie
e. Rania.ElRafie@apo-opa.com

About IDC MarketScape:
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of technology and service suppliers in a given market. The research utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each supplier’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of technology suppliers can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective suppliers.

About Canon Central and North Africa:
Canon Central and North Africa (CCNA) (https://en.Canon-CNA.com) is a division within Canon Middle East FZ LLC (CME), a subsidiary of Canon Europe. The formation of CCNA in 2016 was a strategic step that aimed to enhance Canon’s business within the Africa region – by strengthening Canon’s in-country presence and focus. CCNA also demonstrates Canon’s commitment to operating closer to its customers and meeting their demands in the rapidly evolving African market.

Canon has been represented in the African continent for more than 15 years through distributors and partners that have successfully built a solid customer base in the region. CCNA ensures the provision of high quality, technologically advanced products that meet the requirements of Africa’s rapidly evolving marketplace. With over 100 employees, CCNA manages sales and marketing activities across 44 countries in Africa.

Canon’s corporate philosophy is Kyosei (http://apo-opa.co/4moTJvy) – ‘living and working together for the common good’. CCNA pursues sustainable business growth, focusing on reducing its own environmental impact and supporting customers to reduce theirs using Canon’s products, solutions and services. At Canon, we are pioneers, constantly redefining the world of imaging for the greater good. Through our technology and our spirit of innovation, we push the bounds of what is possible – helping us to see our world in ways we never have before. We help bring creativity to life, one image at a time. Because when we can see our world, we can transform it for the better.

For more information: https://en.Canon-CNA.com

Media files

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MIL OSI Africa –

August 5, 2025
MIL-OSI: Audacity Capital Brings Tailored Features to Prop Contests and Trading with DXtrade

Source: GlobeNewswire (MIL-OSI)

London, UK, July 31, 2025 (GLOBE NEWSWIRE) — Leading prop trading firm, Audacity Capital, has announced its licensing of DXtrade, the flagship trading platform from global software developer for the capital markets, Devexperts.

Audacity Capital, which partners with disciplined, high-performance traders to unlock global market opportunities, will now offer its traders the option to trade using DXtrade, giving them access to a range of tailored features designed to enhance the trading experience.

With over 300,000 traders funded since 2012 and offering funded accounts up to $2m, Audacity Capital focuses on developing fast scaling programs and payout structures with a view to being a long term partner in trader success. The firm places an emphasis on transparency, personalization, and bespoke support.

With DXtrade, which is available off-the-shelf in partly or fully customizable form, Audacity Capital will be able to deliver on these aims by providing its traders with a comprehensive suite of tools and features to enhance their prop trading experience, including an easy-to-navigate and intuitive interface with trading layout customization optionality; a performance dashboard to analyze performance, risk / reward ratios, win rates, and winning / losing trade holding times; an embedded trading journal, economic calendar, and multi-view watchlists; advanced charting library with responsive charting functionality; and all necessary order risk management settings.

Traders can also benefit from Stop Loss and Take Profit settings, as well as order types and execution methods for all trading styles.

Through its licensing of DXtrade, Audacity Capital will also be able to benefit from a variety of risk management capabilities to help manage traders and day-to-day activities. These include maximum drawdown and profit target, as well as real-time performance and rule adherence monitoring; support for group management; and integrated trading contest software, with fully adjustable settings along with leaderboards and shareable results.

DXtrade also offers turnkey integration with any payment provider; custom prop plan, rules and metrics functionality; and full CRM connectivity.

Karim Yousfi, CEO of Audacity Capital, says: “We’re excited to partner with DXtrade to bring our traders a powerful, flexible platform tailored to the demands of modern trading. This collaboration enhances our ability to support ambitious traders with the best tools available.”

Jon Light, Head of OTC Platform at Devexperts, says: “Audacity Capital has built a strong reputation for finding and partnering with talented traders for the long term. We similarly look to build long-term relationships with our clients and know that offering an excellent service is a vital factor in doing so. We are therefore very pleased that Audacity has opted to license DXtrade and its comprehensive range of features designed to optimize the prop trading experience for firm and trader alike. As Audacity continues to grow, we look forward to our ongoing work together to deliver an intuitive and seamless experience. ”

About Audacity Capital

Founded in 2012, Audacity Capital is one of the longest standing and most trusted proprietary trading firms in the industry. With a mission to empower skilled traders globally, we offer fully funded accounts, no risk trading models, and tailored support to help traders reach their full potential. Having funded over 300,000 traders across 100+ countries, we’ve built a reputation for transparency, performance, and long term trader success.

About Devexperts

Devexperts has been developing software for the capital markets since 2002. The company’s flagship solution is DXtrade, a multi-asset platform for banks, brokerages, and wealth managers, serving customers across stocks, options, futures, ETFs, mutual bonds, FX, CFDs, and margin and spot crypto. With headquarters in Ireland, Devexperts’ development team consists of 800+ engineers located in offices in the USA, Germany, Bulgaria, Singapore, Portugal, Turkey, and Georgia. Learn more at: https://devexperts.com.

The MIL Network –

August 5, 2025

MIL-OSI: Commerce Announces Second Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, July 31, 2025 (GLOBE NEWSWIRE) — Commerce.com, Inc. (Nasdaq: BIGC) (formerly BigCommerce Holdings, Inc.), a provider of an open, intelligent ecosystem of technology solutions that empower businesses to unlock data potential and deliver seamless, personalized experiences at scale, today announced financial results for its second quarter ended June 30, 2025. Earlier this morning, BigCommerce announced the launch of its new parent brand, Commerce, and that it has officially changed its corporate name to Commerce.com, Inc. (“Commerce” or the “Company”), unifying BigCommerce, Feedonomics and Makeswift to power the next era of agentic commerce. In connection with the name change and rebranding, the Company will change its ticker to the symbol “CMRC” on the Nasdaq Global Market effective on or about August 1, 2025.

“The second quarter was a defining period for our company, and today we mark an important milestone as we reintroduce ourselves as Commerce,” said Travis Hess, CEO of Commerce. “The strategy, product and go-to-market engine we have built over the past year came together behind a singular focus: powering an AI-driven commerce ecosystem at scale. Our transformation phase is over. We have moved fully into execution and growth.”

Second Quarter Financial Highlights:

Total revenue was $84.4 million, up 3% compared to the second quarter of 2024.

Total annual revenue run-rate (“ARR”) as of June 30, 2025 was $354.6 million, up 3% compared to June 30, 2024.

Subscription solutions revenue was $63.7 million, up 3% compared to the second quarter of 2024.

ARR from accounts with at least one enterprise plan (“Enterprise Accounts”) was $269.3 million as of June 30, 2025, up 6% from June 30, 2024.

ARR from Enterprise Accounts as a percent of total ARR was 76% as of June 30, 2025, compared to 73% as of June 30, 2024.

GAAP gross margin was 79%, compared to 76% in the second quarter of 2024. Non-GAAP gross margin was 80%, compared to 77% in the second quarter of 2024.

Other Key Business Metrics

Number of enterprise accounts was 5,803, down 3% compared to the second quarter of 2024.

Average revenue per account (“ARPA”) of enterprise accounts was $46,403, up 9% compared to the second quarter of 2024.

Revenue in the United States grew by 3% compared to the second quarter of 2024.

Revenue in EMEA grew by 7% and revenue in APAC declined by 4% compared to the second quarter of 2024.

Loss from Operations and Non-GAAP Operating Income (Loss)

GAAP loss from operations was ($6.8) million, compared to ($13.5) million in the second quarter of 2024.

Included in GAAP loss from operations was a restructuring charge of $1.6 million.

Non-GAAP operating income was $4.8 million, compared to $1.9 million in the second quarter of 2024.

Net Income (Loss) and Earnings Per Share

GAAP net loss was ($8.4) million, compared to ($11.3) million in the second quarter of 2024.

Non-GAAP net income was $3.2 million or 4% of revenue, compared to $4.1 million or 5% of revenue in the second quarter of 2024.

GAAP basic net loss per share was ($0.10) based on 80.1 million shares of common stock, compared to ($0.15) based on 77.5 million shares of common stock in the second quarter of 2024.

Non-GAAP basic net income per share was $0.04 based on 80.1 million shares of common stock, compared to $0.05 based on 77.5 million shares of common stock in the second quarter of 2024.

Adjusted EBITDA

Adjusted EBITDA was $5.7 million, compared to $3.0 million in the second quarter of 2024.

Cash

Cash, cash equivalents, restricted cash, and marketable securities totaled $135.6 million as of June 30, 2025.

For the three months ended June 30, 2025, net cash provided by operating activities was $13.6 million, compared to $11.7 million provided by operating activities for the same period in 2024. We reported free cash flow of $11.9 million in the three months ended June 30, 2025.

Business Highlights:

Corporate Highlights

Former Adobe Fellow and Vice President of Technology Anil Kamath joined the Company’s Board of Directors.
In July, BigCommerce scored 24 out of 24 total medals in the 2025 Paradigm B2B Combines for Digital Commerce Solutions (Enterprise and Midmarket Editions) for the third consecutive year. The Company advanced its rankings in five categories in both Editions and achieved more Gold medals in Midmarket than other platforms.
In July, BigCommerce also announced the launch of the B2B Quick Start Accelerator, a partner-led implementation program built to help mid-market B2B sellers launch faster, reduce risk and realize ROI sooner.
TrustRadius recognized Commerce with a 2025 Top Rated Award for ecommerce, based on the Company’s strong customer reviews.

Customer Highlights

Minerva Beauty, a large salon and spa equipment showroom in the United States, launched a new storefront in partnership with Commerce agency partner Forix, featuring a custom shipping app that improves service and transparency for clients.
Great Star Tools, a leading manufacturer of innovative hand and power tools, used Commerce’s Multi-Storefront functionality to build B2B and B2C sites for its companies Primeline Parts and Arrow Tool Group.
Belami e-Commerce, a fast-growing online retailer and ecommerce services provider launched three storefronts on Catalyst and Makeswift using Commerce’s Multi-Storefront functionality and leveraging Commerce’s integration with PayPal Fastlane.
NanoTemper Technologies, a manufacturer of high-quality biophysical instruments and solutions that deliver reliable, precise results to customers, primarily laboratories, across Europe and the United States, launched a new storefront using Commerce’s B2B Edition.
Bright SG, a software company that provides cloud-based solutions for accounting, payroll, and HR to businesses across the UK and Ireland, worked with Commerce partner Brave Bison to implement a custom recurring payment solution using Stripe and Bright’s ERP system, Maxio, along with a custom WordPress integration.

Partner Highlights

In June, Commerce announced their customers now have access to cutting-edge AI-powered search engine Perplexity to optimize visibility and relevance for brands in AI search results. Commerce now provides Perplexity with pre-optimized, structured product data, ensuring that the LLM understands and recognizes merchants’ products, leading to superior search results that favor the brand.
In July, Commerce announced a deepened partnership with Google Cloud to accelerate merchant performance using Google Cloud’s next-generation AI tools.
In July, Commerce announced the launch of a powerful ecommerce accelerator purpose-built for the UK building materials industry. Developed in collaboration with leading digital agency Brave Bison, Product Information Management technology provider Pimberly, and construction industry consultant The Journey, the “Branch of the Future” accelerator provides building merchants with a comprehensive toolkit to digitize operations, meet the expectations of next-generation buyers and future-proof their businesses.

Q3 and 2025 Financial Outlook:

For the third quarter of 2025, we currently expect:

Total revenue between $85 million to $87 million.

Non-GAAP operating income is expected to be between $2.3 million to $3.3 million.

For the full year 2025, we currently expect:

Total revenue between $339.6 million and $346.6 million.

Non-GAAP operating income between $19 million and $25 million.

Our third quarter and 2025 financial outlook is based on a number of assumptions that are subject to change and many of which are outside our control. If actual results vary from these assumptions, our expectations may change. There can be no assurance that we will achieve these results.

We do not provide guidance for loss from operations , the most directly comparable GAAP measure to Non-GAAP operating income, and similarly cannot provide a reconciliation between its forecasted Non-GAAP operating income and Non-GAAP income per share and these comparable GAAP measures without unreasonable effort due to the unavailability of reliable estimates for certain items. These items are not within our control and may vary greatly between periods and could significantly impact future financial results.

Conference Call Information

The financial results and business highlights will be discussed on a conference call and webcast scheduled at 7:00 a.m. CT (8:00 a.m. ET) on Thursday, July 31, 2025. The conference call can be accessed by dialing (833) 634-1254 from the United States and Canada or (412) 317-6012 internationally and requesting to join the “Commerce conference call.” The live webcast of the conference call can be accessed from Commerce’s investor relations website at http://investors.bigcommerce.com.

Following the completion of the call through 11:59 p.m. ET on Thursday, August 7, 2025, a telephone replay will be available by dialing (877) 344-7529 from the United States, (855) 669-9658 from Canada or (412) 317-0088 internationally with conference ID 7863771. A webcast replay will also be available at http://investors.bigcommerce.com for 12 months.

About Commerce

Commerce empowers businesses to innovate, grow, and thrive by providing an open, AI-driven commerce ecosystem. As the parent company of BigCommerce, Feedonomics, and Makeswift, Commerce connects the tools and systems that power growth, enabling businesses to unlock the full potential of their data, deliver seamless and personalized experiences across every channel, and adapt swiftly to an ever-changing market. Trusted by leading businesses like Coldwater Creek, Cole Haan, Harvey Nichols, King Arthur Baking Co., Melissa & Doug, Mizuno, Patagonia, Perry Ellis, Puma, SportsShoes, and Uplift Desk, Commerce delivers the storefront control, optimized data, and AI-ready tools businesses need to grow, serve diverse buyers, and operate with confidence in an increasingly intelligent, multi-surface world. For more information, visit commerce.com or follow us on X and LinkedIn.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “strategy,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our ability to successfully execute our rebranding initiative, our increased focus on AI enablement, market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our Q3 and fiscal 2025 financial outlook, our plans and objectives for future operations, growth, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. These assumptions, uncertainties and risks include that, among others, our business would be harmed by any decline in new customers, renewals or upgrades, our limited operating history makes it difficult to evaluate our prospects and future results of operations, we operate in competitive markets, we may not be able to sustain our revenue growth rate in the future, our business would be harmed by any significant interruptions, delays or outages in services from our platform or certain social media platforms, and a cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks could negatively affect our business. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2024 and the future quarterly and current reports that we file with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to Commerce at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Commerce assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Use of Non-GAAP Financial Measures

We have provided in this press release certain financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Our management uses these Non-GAAP financial measures internally in analyzing our financial results and believes that use of these Non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar Non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable financial measures prepared in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. A reconciliation of our historical Non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.

Annual Revenue Run-Rate

We calculate annual revenue run-rate at the end of each month as the sum of: (1) contractual monthly recurring revenue at the end of the period, which includes platform subscription fees, invoiced growth adjustments, feed management subscription fees, recurring professional services revenue, and other recurring revenue, multiplied by twelve to prospectively annualize recurring revenue, and (2) the sum of the trailing twelve-month non-recurring and variable revenue, which includes one-time partner integrations, one-time fees, payments revenue share, and any other revenue that is non-recurring and variable.

Enterprise Account Metrics

To measure the effectiveness of our ability to execute against our growth strategy, we calculate ARR attributable to Enterprise Accounts. We define Enterprise Accounts as accounts with at least one unique Enterprise plan subscription or an enterprise level feed management subscription (collectively “Enterprise Accounts”). These accounts may have more than one Enterprise plan or a combination of Enterprise plans and non-enterprise plans.

Average Revenue Per Account

We calculate average revenue per account (“ARPA”) for accounts in the Enterprise cohort at the end of a period by including customer-billed revenue and an allocation of partner and services revenue, where applicable. We allocate partner revenue, where applicable, primarily based on each customer’s share of gross merchandise volume (“GMV”) processed through that partner’s solution. For partner revenue that is not directly linked to customer usage of a partner’s solution, we allocate such revenue based on each customer’s share of total platform GMV. Each account’s partner revenue allocation is calculated by taking the account’s trailing twelve-month partner revenue, then dividing by twelve to create a monthly average to apply to the applicable period in order to normalize ARPA for seasonality.

Adjusted EBITDA

We define Adjusted EBITDA as our net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, restructuring charges, depreciation, gain on convertible notes extinguishment, interest income, interest expense, other expense, and our provision or benefit for income taxes.

Acquisition related costs include contingent compensation arrangements entered into in connection with acquisitions and achieved earnout related to an acquisition.

Restructuring charges include severance benefits, right-of-use asset impairments, lease termination gain, software impairments, accelerated depreciation and amortization, and professional services costs.

Depreciation includes depreciation expenses related to the Company’s fixed assets.

The most directly comparable GAAP measure is net loss.

Non-GAAP Operating Income (Loss)

We define Non-GAAP Operating Income (Loss) as our GAAP Loss from operations, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, and restructuring charges. The most directly comparable GAAP measure is our loss from operations.

Non-GAAP Net Income (Loss)

We define Non-GAAP Net Income (Loss) as our GAAP net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, restructuring charges, and gain on convertible notes extinguishment. The most directly comparable GAAP measure is our net loss.

Non-GAAP Basic and Dilutive Net Income (Loss) per Share

We define Non-GAAP Basic and Dilutive Net Income (Loss) per Share as our Non-GAAP net income (loss), defined above, divided by our basic and diluted GAAP weighted average shares outstanding. The most directly comparable GAAP measure is our basic net loss per share.

Free Cash Flow

We define Free Cash flow as our GAAP cash flow provided by (used in) operating activities less our cash paid for website domain name and GAAP purchases of property, equipment, leasehold improvements and capitalized internal-use software (Capital Expenditures). The most directly comparable GAAP measure is our cash flow provided by (used in) operating activities.

BigCommerce,® the Commerce logo, and other brands are the trademarks or registered trademarks of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owner.

Media Relations Contact	Investor Relations Contact
Brad Hem	Tyler Duncan
PR@Commerce.com	InvestorRelations@Commerce.com


Commerce.com, Inc. Condensed Consolidated Balance Sheets (in thousands)

	June 30,			December 31,
	2025			2024
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	46,265		$	88,877
Restricted cash		1,164			1,479
Marketable securities		88,190			89,283
Accounts receivable, net		51,767			48,117
Prepaid expenses and other assets, net		14,722			14,641
Deferred commissions		7,556			8,822
Total current assets		209,664			251,219
Property and equipment, net		8,983			9,128
Operating lease, right-of-use-assets		7,114			1,993
Prepaid expenses and other assets, net of current portion		5,797			3,146
Deferred commissions, net of current portion		4,143			5,559
Intangible assets, net		14,906			17,317
Goodwill		51,927			51,927
Total assets	$	302,534		$	340,289
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	8,775		$	7,018
Accrued liabilities		3,464			3,194
Deferred revenue		55,738			46,590
Operating lease liabilities		1,766			2,438
Other liabilities		28,538			28,766
Total current liabilities		98,281			88,006
Convertible notes		157,545			216,466
Operating lease liabilities, net of current portion		6,709			1,680
Other liabilities, net of current portion		1,233			768
Total liabilities		263,768			306,920
Stockholders’ equity
Common stock		7			7
Additional paid-in capital		669,068			654,905
Accumulated other comprehensive income		114			145
Accumulated deficit		(630,423	)		(621,688	)
Total stockholders’ equity		38,766			33,369
Total liabilities and stockholders’ equity	$	302,534		$	340,289


Commerce.com, Inc. Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited)

	For the three months ended June 30,						For the six months ended June 30,
	2025			2024			2025			2024
Revenue	$	84,433		$	81,829		$	166,803		$	162,189
Cost of revenue ⁽¹⁾		17,739			19,811			34,723			38,250
Gross profit		66,694			62,018			132,080			123,939
Operating expenses:
Sales and marketing⁽¹⁾		35,071			34,425			65,437			66,857
Research and development⁽¹⁾		18,310			20,287			37,516			40,275
General and administrative⁽¹⁾		15,855			15,436			29,499			30,365
Amortization of intangible assets		2,520			2,452			4,855			4,919
Acquisition related costs		111			334			444			667
Restructuring charges		1,614			2,572			3,526			2,572
Total operating expenses		73,481			75,506			141,277			145,655
Loss from operations		(6,787	)		(13,488	)		(9,197	)		(21,716	)
Gain on convertible note extinguishment		0			0			3,931			0
Interest income		1,171			3,196			2,471			6,374
Interest expense		(2,522	)		(720	)		(5,065	)		(1,440	)
Other expense		(23	)		(111	)		(130	)		(443	)
Loss before provision for income taxes		(8,161	)		(11,123	)		(7,990	)		(17,225	)
Provision for income taxes		(221	)		(132	)		(745	)		(422	)
Net loss	$	(8,382	)	$	(11,255	)	$	(8,735	)	$	(17,647	)
Basic net loss per share	$	(0.10	)	$	(0.15	)	$	(0.11	)	$	(0.23	)
Shares used to compute basic net loss per share		80,122			77,456			79,482			77,041

⁽¹⁾ Amounts include stock-based compensation expense and associated payroll tax costs, as follows:

	For the three months ended June 30,				For the six months ended June 30,
	2025		2024		2025		2024
Cost of revenue	$	720	$	1,028	$	1,466	$	1,684
Sales and marketing		1,820		3,138		3,595		5,005
Research and development		2,740		3,273		5,782		6,749
General and administrative		2,045		2,582		1,901		5,174


Commerce.com, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited)

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024

Cash flows from operating activities
Net loss	$	(8,382	)	$	(11,255	)	$	(8,735	)	$	(17,647	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization expense		3,845			3,512			8,126			6,998
Amortization of discount on convertible notes		165			497			352			994
Amortization of premium on convertible notes		(408	)		0			(810	)		0
Stock-based compensation expense		7,236			10,009			12,445			18,397
Provision for expected credit losses		1,598			850			2,528			1,713
Gain on convertible notes extinguishment		0			0			(3,931	)		0
Other		0			(37	)		0			(37	)
Changes in operating assets and liabilities:
Accounts receivable		(9,005	)		(6,790	)		(5,985	)		(9,378	)
Prepaid expenses and other assets		2,159			3,935			(2,925	)		(1,025	)
Deferred commissions		747			(402	)		2,682			(191	)
Accounts payable		444			(356	)		1,122			(1,245	)
Accrued and other liabilities		8,078			4,168			(59	)		(433	)
Deferred revenue		7,080			7,607			9,148			10,175
Net cash provided by operating activities		13,557			11,738			13,958			8,321
Cash flows from investing activities:
Cash paid for website domain name		0			0			(2,444	)		0
Cash paid for acquisition		0			(100	)		0			(100	)
Purchase of property, equipment, leasehold improvements and capitalized internal-use software		(1,651	)		(1,064	)		(2,476	)		(1,870	)
Maturity of marketable securities		13,000			62,525			41,579			91,965
Purchase of marketable securities		(32,572	)		(1,037	)		(40,517	)		(36,602	)
Net cash provided by (used in) investing activities		(21,223	)		60,324			(3,858	)		53,393
Cash flows from financing activities:
Proceeds from exercise of stock options		1,973			271			3,069			1,245
Taxes paid related to net share settlement of stock options		(126	)		0			(1,351	)		(1,325	)
Payment of convertible note issuance costs		0		0				(217	)	0
Repayment of convertible notes and financing obligation		0			(137	)		(54,528	)		(271	)
Net cash provided by (used in) financing activities		1,847			134			(53,027	)		(351	)
Net change in cash and cash equivalents and restricted cash		(5,819	)		72,196			(42,927	)		61,363
Cash and cash equivalents and restricted cash, beginning of period		53,248			62,012			90,356			72,845
Cash and cash equivalents and restricted cash, end of period	$	47,429		$	134,208		$	47,429		$	134,208
Supplemental cash flow information:
Cash paid for interest	$	0		$	6		$	5,685		$	445
Cash paid for taxes	$	259		$	42		$	479		$	182
Right-of-use asset obtained in exchange for new operating lease liability	$	0		$	0		$	5,516		$	0
Noncash investing and financing activities:
Capital additions, accrued but not paid	$	735		$	117		$	735		$	117
Fair value of shares issued as consideration for acquisition	$	0		$	248		$	0		$	248


Commerce.com, Inc. Disaggregation of Revenue

Disaggregated Revenue:

	Three months ended June 30,				Six months ended June 30,
*(in thousands)*	2025		2024		2025		2024
Subscription solutions	$	63,656	$	61,796	$	125,769	$	122,755
Partner and services		20,777		20,033		41,034		39,434
Revenue	$	84,433	$	81,829	$	166,803	$	162,189

Revenue by Geography:

	Three months ended June 30,				Six months ended June 30,
*(in thousands)*	2025		2024		2025		2024
Revenue:
United States	$	64,405	$	62,428	$	127,026	$	123,567
EMEA		9,889		9,281		19,854		18,473
APAC		6,118		6,343		12,043		12,597
Rest of World		4,021		3,777		7,880		7,552
Revenue	$	84,433	$	81,829	$	166,803	$	162,189


Commerce.com, Inc Reconciliation of GAAP to Non-GAAP Results (in thousands, except per share amounts) (unaudited)

Reconciliation of loss from operations to Non-GAAP operating income:

	Three months ended June 30,								Six months ended June 30,
	2025				2024				2025				2024
*(in thousands)*
Revenue	$	84,433			$	81,829			$	166,803			$	162,189

Loss from operations	$	(6,787	)		$	(13,488	)		$	(9,197	)		$	(21,716	)
Plus:
Stock-based compensation expense and associated payroll tax costs		7,325				10,021				12,744				18,612
Amortization of intangible assets		2,520				2,452				4,855				4,919
Acquisition related costs		111				334				444				667
Restructuring charges		1,614				2,572				3,526				2,572
Non-GAAP operating income	$	4,783			$	1,891			$	12,372			$	5,054
Non-GAAP operating income as a percentage of revenue		5.7		%		2.3		%		7.4		%		3.1		%


Reconciliation of net loss & basic net loss per share to Non-GAAP net income & Non-GAAP basic and diluted net income per share:

	Three months ended June 30,								Six months ended June 30,
	2025				2024				2025				2024
*(in thousands)*
Revenue	$	84,433			$	81,829			$	166,803			$	162,189

Net loss	$	(8,382	)		$	(11,255	)		$	(8,735	)		$	(17,647	)
Plus:
Stock-based compensation expense and associated payroll tax costs		7,325				10,021				12,744				18,612
Amortization of intangible assets		2,520				2,452				4,855				4,919
Acquisition related costs		111				334				444				667
Restructuring charges		1,614				2,572				3,526				2,572
Gain on convertible notes extinguishment		0				0				(3,931	)			0
Non-GAAP net income	$	3,188			$	4,124			$	8,903			$	9,123
Basic net loss per share	$	(0.10	)		$	(0.15	)		$	(0.11	)		$	(0.23	)
Non-GAAP basic net income per share	$	0.04			$	0.05			$	0.11			$	0.12
Non-GAAP diluted net income per share	$	0.04			$	0.05			$	0.11			$	0.12
Shares used to compute basic net loss per share and basic Non-GAAP net income per share		80,122				77,456				79,482				77,041
Shares used to compute diluted Non-GAAP net income per share		80,988				79,291				80,660				79,085
Non-GAAP net income as a percentage of revenue		3.8		%		5.0		%		5.3		%		5.6		%


Reconciliation of net loss to adjusted EBITDA:

	Three months ended June 30,								Six months ended June 30,
	2025				2024				2025				2024
*(in thousands)*
Revenue	$	84,433			$	81,829			$	166,803			$	162,189

Net loss	$	(8,382	)		$	(11,255	)		$	(8,735	)		$	(17,647	)
Plus:
Stock-based compensation expense and associated payroll tax costs		7,325				10,021				12,744				18,612
Amortization of intangible assets		2,520				2,452				4,855				4,919
Acquisition related costs		111				334				444				667
Restructuring charges		1,614				2,572				3,526				2,572
Depreciation		946				1,060				2,190				2,079
Gain on convertible notes extinguishment		0				0				(3,931	)			0
Interest income		(1,171	)			(3,196	)			(2,471	)			(6,374	)
Interest expense		2,522				720				5,065				1,440
Other expenses		23				111				130				443
Provision for income taxes		221				132				745				422
Adjusted EBITDA	$	5,729			$	2,951			$	14,562			$	7,133
Adjusted EBITDA as a percentage of revenue		6.8		%		3.6		%		8.7		%		4.4		%


Reconciliation of Cost of revenue to Non-GAAP cost of revenue:

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
*(in thousands)*
Revenue	$	84,433		$	81,829		$	166,803		$	162,189

Cost of revenue	$	17,739		$	19,811		$	34,723		$	38,250
Less:
Stock-based compensation expense and associated payroll tax costs		720			1,028			1,466			1,684
Non-GAAP cost of revenue	$	17,019		$	18,783		$	33,257		$	36,566
As a percentage of revenue		20.2	%		23.0	%		19.9	%		22.5	%


Reconciliation of Sales and marketing expense to Non-GAAP sales and marketing expense:

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
*(in thousands)*
Revenue	$	84,433		$	81,829		$	166,803		$	162,189

Sales and marketing	$	35,071		$	34,425		$	65,437		$	66,857
Less:
Stock-based compensation expense and associated payroll tax costs		1,820			3,138			3,595			5,005
Non-GAAP sales and marketing	$	33,251		$	31,287		$	61,842		$	61,852
As a percentage of revenue		39.4	%		38.2	%		37.1	%		38.1	%


Reconciliation of Research and development expense to Non-GAAP research and development expense:

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
*(in thousands)*
Revenue	$	84,433		$	81,829		$	166,803		$	162,189

Research and development	$	18,310		$	20,287		$	37,516		$	40,275
Less:
Stock-based compensation expense and associated payroll tax costs		2,740			3,273			5,782			6,749
Non-GAAP research and development	$	15,570		$	17,014		$	31,734		$	33,526
As a percentage of revenue		18.4	%		20.8	%		19.0	%		20.7	%


Reconciliation of General and administrative expense to Non-GAAP general and administrative expense:

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
*(in thousands)*
Revenue	$	84,433		$	81,829		$	166,803		$	162,189

General & administrative	$	15,855		$	15,436		$	29,499		$	30,365
Less:
Stock-based compensation expense and associated payroll tax costs		2,045			2,582			1,901			5,174
Non-GAAP general & administrative	$	13,810		$	12,854		$	27,598		$	25,191
As a percentage of revenue		16.4	%		15.7	%		16.5	%		15.5	%


Reconciliation of net cash provided by operating activities to free cash flow:

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
*(in thousands)*
Net cash provided by operating activities	$	13,557		$	11,738		$	13,958		$	8,321
Cash paid for website domain name		0			0			(2,444	)		0
Purchase of property, equipment, leasehold improvements and capitalized internal-use software		(1,651	)		(1,064	)		(2,476	)		(1,870	)
Free cash flow	$	11,906		$	10,674		$	9,038		$	6,451

The MIL Network –

August 5, 2025

MIL-OSI: Codere Online Reports Financial Results for the Second Quarter 2025

Source: GlobeNewswire (MIL-OSI)

Total revenue was €51.4 mm in Q2 2025, while net gaming revenue¹ was €54.8 mm in the period, 1% above Q2 2024 (12% in constant currency terms).
Mexico revenue was €26.3 mm in Q2 2025, while net gaming revenue was €29.0 mm in the period, 3% above Q2 2024 (23% in constant currency terms).
Net loss was €3.1 mm in H1 2025 versus a net loss of €0.2 mm in H1 2024 primarily due to the impact from exchange rates (€3.0 mm loss in H1 2025 versus €4.8 mm gain in H1 2024).
Total cash position of €45.2 mm as of June 30, 2025.
Reiterating 2025 net gaming revenue outlook of €220-230 million and Adj. EBITDA² outlook of €10-15 million.
Repurchased $0.7 million of the Company’s shares under the Company’s $5.0 million share buyback plan through July 30, 2025.

Madrid, Spain and Tel Aviv, Israel, July 31, 2025 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited³ financial results for the quarter ended June 30, 2025.

Below are the main financial and operating metrics of the period.

	Quarter ended June 30			Six months ended June 30
	2024	2025	Chg. %	2024	2025	Chg. %

Net Gaming Revenue (EUR mm)¹
Spain	21.8	22.1	1%	44.1	44.0	(0%)
Mexico	28.2	29.0	3%	54.8	59.5	9%
Other	4.4	3.7	(16%)	8.5	8.2	(4%)
Total	54.4	54.8	1%	107.4	111.8	4%

Avg. Monthly Active Players (000s)⁴
Spain	51.5	49.7	(3%)	50.8	50.9	0%
Mexico	62.3	84.6	36%	62.4	83.3	33%
Other	31.8	20.8	(35%)	31.2	24.0	(23%)
Total	145.6	155.1	7%	144.4	158.2	10%

Aviv Sher, CEO of Codere Online, stated, “Our net gaming revenue reached €54.8 million in the second quarter of 2025, slightly above the prior year period despite the headwinds we faced across most of our markets. In Mexico, we were successful in growing net gaming revenue despite the 19% devaluation of the Mexican peso and grew our portfolio of active customers in the country by an impressive 36% versus Q2 2024.”

Oscar Iglesias, CFO of Codere Online, commented, “We continue to see strong underlying trends in Mexico, where our net gaming revenue grew by 23% in local currency. With the first half of the year now behind us, and notwithstanding that a number of challenges still remain, we continue to expect to meet our net gaming revenue outlook of €220-230 million and Adj. EBITDA outlook of €10-15 million that we shared earlier this year.”

Recent Events

Compliance with Nasdaq Listing Requirements

On June 2^nd the Company filed its 2024 annual report and on June 6^th, Nasdaq informed the Company that it had regained compliance with applicable listing requirements.
As a result, the Company’s securities will continue to be listed and traded on the Nasdaq Capital Market and are no longer subject to a delisting process.

Repurchases under the Share Buyback Plan

The Company has repurchased $0.7 million of the Company’s shares at an average price of $6.89 per share under its $5.0 million authorized share buyback plan through July 30, 2025.
The plan (as approved by shareholders) authorizes the Company to repurchase up to 1 million of its ordinary shares and expires on March 3, 2026.

Conference Call Information

Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, July 31, 2025. Dial-in details as well as the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call.

Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)

	Quarter ended June 30			Six months ended June 30
Figures in EUR mm	2024	2025	Chg. %	2024	2025	Chg. %

Total

Revenue	51.7	51.4	(1%)	102.1	105.7	4%
(+) Accounting Adjustments⁵	2.7	3.5	30%	5.3	6.1	15%
Net Gaming Revenue	54.4	54.8	1%	107.4	111.8	4%

Spain

Revenue	21.8	22.1	1%	44.1	44.0	(0%)
(+) Accounting Adjustments⁵	–	–	n.m.	–	–	n.m.
Net Gaming Revenue	21.8	22.1	1%	44.1	44.0	(0%)

Mexico

Revenue	25.3	26.3	4%	49.2	53.9	10%
(+) Accounting Adjustments⁵	2.9	2.7	(7%)	5.6	5.6	–
Net Gaming Revenue	28.2	29.0	3%	54.8	59.5	9%

Other

Revenue	4.5	3.0	(33%)	8.8	7.8	(11%)
(+) Accounting Adjustments⁵	(0.1)	0.7	n.m.	(0.3)	0.4	n.m.
Net Gaming Revenue	4.4	3.7	(16%)	8.5	8.2	(4%)

Reconciliation of Net Income (IFRS) to Adj. EBITDA (non-IFRS)⁵

	Quarter ended June 30			Six months ended June 30
Figures in EUR mm	2024	2025	Chg.	2024	2025	Chg.

Net Income (Loss)	(3.7)	(2.4)	1.2	(0.2)	(3.1)	(2.8)
(+/-) Provision for Corporate Income Tax	0.4	1.1	0.6	0.9	1.3	0.3
(+/-) Interest Expense / (Income)	(0.0)	1.9	2.0	(4.8)	3.0	7.8
(+/-) Var. in Fair Value of Public Warrants	3.9	1.3	(2.5)	5.8	1.9	(3.9)
(+) D&A	0.1	0.2	0.1	0.1	0.3	0.2
EBITDA	0.7	2.1	1.4	1.7	3.4	1.7
(+) Employee LTIP Expense	0.6	(0.9)	(1.4)	1.1	(0.4)	(1.5)
(+/-) Other Accounting Adjustments	0.0	0.0	(0.0)	0.2	0.1	(0.1)
Adj. EBITDA (Pre Non-Recurring Items)	1.3	1.3	(0.0)	3.0	3.1	0.0
(+) Non-Recurring Items	0.0	1.1	1.1	0.0	1.1	1.1
Adj. EBITDA	1.3	2.3	1.1	3.0	4.1	1.1

About Codere Online

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online, launched in 2014 as part of the renowned casino operator Codere Group, offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere Online currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina; this online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.

About Codere Group
Codere Group is a multinational group devoted to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).

Note on Rounding. Due to decimal rounding, numbers presented throughout this report may not add up precisely to the totals and subtotals provided, and percentages may not precisely reflect the absolute figures.

Forward-Looking Statements
Certain statements in this document may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Codere Online Luxembourg, S.A. and its subsidiaries (collectively, “Codere Online”) or Codere Online’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this document may include, for example, statements about Codere Online’s financial performance and, in particular, the potential evolution and distribution of its net gaming revenue; any prospective and illustrative financial information; and changes in Codere Online’s strategy, future operations and target addressable market, financial position, estimated revenues and losses, projected costs, prospects and plans.

These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Codere Online’s or its management team’s views as of any subsequent date, and Codere Online does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

As a result of a number of known and unknown risks and uncertainties, Codere Online’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that Codere Online does not presently know or that Codere Online currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Some factors that could cause actual results to differ include (i) changes in applicable laws or regulations, including online gaming, privacy, data use and data protection rules and regulations as well as consumers’ heightened expectations regarding proper safeguarding of their personal information, (ii) the impacts and ongoing uncertainties created by regulatory restrictions, changes in perceptions of the gaming industry, changes in policies and increased competition, and geopolitical events such as war, (iii) the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Codere Online operates, (v) the risk that Codere Online and its current and future collaborators are unable to successfully develop and commercialize Codere Online’s services, or experience significant delays in doing so, (vi) the risk that Codere Online may never achieve or sustain profitability, (vii) the risk that Codere Online will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (viii) the risk that Codere Online experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party providers, including the Codere Group, are not able to fully and timely meet their obligations, (x) the risk that the online gaming operations will not provide the expected benefits due to, among other things, the inability to obtain or maintain online gaming licenses in the anticipated time frame or at all, (xi) the risk that Codere Online is unable to secure or protect its intellectual property, (xii) the risk that Codere Online’s securities may be delisted from Nasdaq and (xiii) the possibility that Codere Online may be adversely affected by other political, economic, business, and/or competitive factors. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

Financial Information and Non-GAAP Financial Measures
Codere Online’s financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which can differ in certain significant respects from generally accepted accounting principles in the United States of America (“U.S. GAAP”).

This document includes certain financial measures not presented in accordance with U.S. GAAP or IFRS (“non-GAAP”), such as, without limitation, net gaming revenue, Adjusted EBITDA and constant currency information. These non-GAAP financial measures are not measures of financial performance in accordance with U.S. GAAP or IFRS and may exclude items that are significant in understanding and assessing Codere Online’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under U.S. GAAP or IFRS. You should be aware that Codere Online’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. In addition, the audit of Codere Online’s financial statements in accordance with PCAOB standards, may impact how Codere Online currently calculates its non-GAAP financial measures, and we cannot assure you that there would not be differences, and such differences could be material.

Codere Online believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing Codere Online’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Reconciliations of non-GAAP financial measures to their most directly comparable measure under IFRS are included herein.

This document may include certain projections of non-GAAP financial measures. Codere Online is unable to quantify certain amounts that would be required to be included in the most directly comparable U.S. GAAP or IFRS financial measures without unreasonable effort, due to the inherent difficulty and variability of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such comparable measures or such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted, ascertained or assessed, which could have a material impact on its future IFRS financial results. Consequently, no disclosure of estimated comparable U.S. GAAP or IFRS measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.

Use of Projections
This document contains financial forecasts with respect to Codere Online’s business and projected financial results, including net gaming revenue and adjusted EBITDA. Codere Online’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this document, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this document. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See “Forward-Looking Statements” above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Codere Online or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this document should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.

For further information on the limitations and assumptions underlying these projections, please refer to Codere Online’s filings with the SEC.

Preliminary Information
This document contains figures, financial metrics, statistics and other information that is preliminary and subject to change (the “Preliminary Information”). The Preliminary Information has not been audited, reviewed, or compiled by any independent registered public accounting firm. This Preliminary Information is subject to ongoing review including, where applicable, by Codere Online’s independent auditors. Accordingly, no independent registered public accounting firm has expressed an opinion or any other form of assurance with respect to the Preliminary Information. During the course of finalizing such Preliminary Information, adjustments to such Preliminary Information presented herein may be identified, which may be material. Codere Online undertakes no obligation to update or revise the Preliminary Information set forth in this document as a result of new information, future events or otherwise, except as otherwise required by law. The Preliminary Information may differ from actual results. Therefore, you should not place undue reliance upon this Preliminary Information. The Preliminary Information is not a comprehensive statement of financial results, and should not be viewed as a substitute for full financial statements prepared in accordance with IFRS. In addition, the Preliminary Information is not necessarily indicative of the results to be achieved in any future period.

No Offer or Solicitation
This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Trademarks
This document may contain trademarks, service marks, trade names and copyrights of Codere Online or other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this document may be listed without the TM, SM, © or ® symbols, but Codere Online will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights.

Industry and Market Data
In this document, Codere Online relies on and refers to certain information and statistics obtained from publicly available information and third-party sources, which it believes to be reliable. Codere Online has not independently verified the accuracy or completeness of any such publicly-available and third-party information, does not make any representation as to the accuracy or completeness of such data and does not undertake any obligation to update such data after the date of this document. You are cautioned not to give undue weight to such industry and market data.

Contacts:

Investors and Media
Guillermo Lancha
Director, Investor Relations and Communications
Guillermo.Lancha@codereonline.com
(+34) 628.928.152

1 Net Gaming Revenue is a non-IFRS measure; please see reconciliation of Net Gaming Revenue to Revenue at the end of the report.

2 Adjusted EBITDA is a non-IFRS measure; please see reconciliation of Adjusted EBITDA to Net Income at the end of the report. Net gaming revenue and Adjusted EBITDA outlooks are forward-looking non-IFRS measures; please see important disclaimers at the end of the report.
3 See “Preliminary Information” below.

4 Average Monthly Active Players include real money (i.e. exclude free bets) sports betting and casino actives.

5 Figures primarily reflect differences in recognition of revenue related to certain partner and affiliate agreements in place in Colombia, VAT impact from entry fees in Mexico and the impact from the application of inflation accounting (IAS 29) in Argentina.
5 Please refer to page 26 of our Q2 2025 Earnings Presentation for further details regarding this reconciliation.

The MIL Network –

August 5, 2025

MIL-OSI Russia: International scientific and educational summer school of restoration at SPbGASU: unique experience of working at a cultural heritage site

Translation. Region: Russian Federal

Source: Saint Petersburg State University of Architecture and Civil Engineering –

An important disclaimer is at the bottom of this article.

Participants of the summer school

The projects of the international scientific and educational summer school of restoration “Preservation and regeneration of the cultural heritage of the historical zones of St. Petersburg and the Leningrad region” were defended.

The summer school was attended by 12 students from Greece, Kazakhstan, Kazan and St. Petersburg. Gathered in teams, they worked on a historical heritage site and a concept for preserving and developing the historical territory of the unique wooden Church of the Nativity of the Blessed Virgin Mary. The current church is located in the village of Listvenka, Boksitogorsk District, Leningrad Region, and is a cultural heritage site of federal significance. This is one of the oldest church buildings in the Leningrad Region – it was built in 1599 and rebuilt in 1720.

“For students, the summer school was an excellent opportunity to test their restoration skills, gain unique experience and work in a team. All the projects presented were completed at a fairly high level. As part of the summer school, students conducted comprehensive studies of the cultural heritage site, including analysis of archival documents and photo recording, developed and discussed the concept of its preservation,” said Nadezhda Akulova, associate professor of the Department of Architectural and Urban Heritage at SPbGASU.

Anatoly Shlykov, a student at the Kazan State University of Architecture and Civil Engineering, admits that participation in the summer school was unplanned, but in the end it gave him a wonderful opportunity to work with an ancient object, meet wonderful people, and most importantly, work in a team that loves what they do.

A student from Greece, Emilia Chaidemenaki, agrees with him, believing that the summer school united and made friends with future restorers from different parts of the world.

“I got a truly unique experience of working in Russia in general and with one of the oldest church buildings in the Leningrad region in particular. In addition, I became a member of an international team. It’s great that the summer school at SPbGASU opens up such a wonderful opportunity for us, students from different countries,” shared Emilia Khaidemenaki.

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

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MIL OSI Russia News –

August 5, 2025
MIL-OSI United Nations: Secretary-General’s video message to the High-level Conference commemorating the Fiftieth Anniversary of the Helsinki Final Act

Source: United Nations secretary general

Download the video:
https://s3.us-east-1.amazonaws.com/downloads2.unmultimedia.org/public/video/evergreen/MSG+SG+/SG+26+Jun+25/3418332_MSG+SG+HELSINKI+FINAL+ACT+50TH+26+JUN+25.mp4

Excellencies, Dear Friends,

I am pleased to send my warm greetings as you gather to mark the 50th anniversary of the Helsinki Final Act.

I commend OSCE Chair, Finland, for its leadership in convening this anniversary event.

Half a century ago, the Helsinki Final Act charted a bold and visionary course for peace – rooted in dialogue, grounded in international law, and anchored in the fundamental rights and freedoms of all people.

This year also marks the 80th anniversary of the UN Charter. The principles of our Charter and the OSCE are a shared foundation for peace and cooperation.

But today those principles are under grave strain.

War continues to rage in the European continent.

Trust between states is fraying.

Human rights are under assault.

Democratic space is shrinking.

And disinformation is fueling division and fear.

We are witnessing a dangerous drift away from commitments that have safeguarded peace for generations.

Yet, in this moment of peril, the values enshrined in the UN Charter and echoed in the Helsinki Final Act – sovereignty, territorial integrity and peaceful coexistence – remain our moral and strategic compass.

The role of the OSCE as a platform for dialogue and a guardian of these principles is more vital than ever.

The United Nations stands firmly with the OSCE in defending shared values: dialogue over division, cooperation over confrontation, and dignity for all.

Let us recommit to the spirit of Helsinki.

By strengthening regional partnerships to renew multilateralism.

By principled leadership to uphold international law.

And by forging unity of purpose to build a future of mutual respect, resilience, and shared prosperity.

Let us honour this milestone by renewing our commitment to a world anchored in peace, justice, and human rights.

Thank you — and my very best wishes for a successful meeting.

MIL OSI United Nations News –

August 5, 2025
MIL-OSI Europe: Julie Klein Appointed Dean of the Law School

Source: Universities – Science Po in English

Luis Vassy, President of Sciences Po, has appointed Julie Klein as Dean of the Law School. She succeeds Sébastien Pimont.

Julie Klein has been a professor at Sciences Po since 2020, and she currently leads the “Enterprises, Markets, Regulations” (EMR) specialism within the Master’s in Economic Law. A widely respected legal scholar, she is an expert in the law of obligations, the law of evidence, and economic law. She is a member of the Scientific Council of Sciences Po, chairs the student disciplinary committee, and serves as scientific director of La Semaine juridique – édition entreprise (JCP E).

Her research explores the interplay between civil and commercial law. She contributes actively to collective reflections on the evolution of law, participating in several working groups led by the Ministry of Justice and the High Legal Committee for the Financial Markets of Paris (HCJP), mainly on the reform of the law of obligations, corporate law, and international chambers.

Julie Klein is an outstanding jurist and scholar who has been deeply involved in the Law School and more broadly within the institution for several years. At a time when global upheavals are reshaping the boundaries of law, she will lead the School’s project with vision and ambition. I have full confidence in her commitment, her intellectual rigour and her ability to uphold and further elevate the Law School’s standing at the highest level.

I would like to express my gratitude to Sébastien Pimont for his leadership over the past five years. His tenure has been marked by significant achievements – in France, with the remarkable success of our students across all legal professions, and internationally, as demonstrated by the School’s growing global appeal.

Luis Vassy, President of Sciences Po

MIL OSI Europe News –

August 5, 2025
MIL-OSI: Orrön Energy announces the sale of a 76 MW solar project in Germany
Source: GlobeNewswire (MIL-OSI)

Orrön Energy AB (“Orrön Energy” or “the Company”) is pleased to announce that it has entered into an agreement with Saxovent Renewables to sell a 76 MW solar project in Germany, for a total consideration of MEUR 4.0. The consideration paid at closing is MEUR 2.0, with the remaining consideration contingent upon municipal and legislative approvals.

The project is located in the northeastern part of Germany, and is being developed as an agrivoltaic (Agri-PV) project, enabling agricultural activities to take place alongside solar power generation. Half of the total consideration of MEUR 4.0 is paid at closing, which is expected imminently. The contingent consideration of MEUR 2.0 is subject to the fulfilment of two conditions: (i) municipal approval of the zoning plan (Satzungsbeschluss) and (ii) EU Commission approval of the German Solar Package 1 legislation.

The transaction forms part of the Company’s strategy to monetise early-stage projects from its greenfield portfolio to diversify and enhance revenue streams.

Daniel Fitzgerald, CEO for Orrön Energy commented;
“I am very pleased to announce the first sale from our greenfield portfolio in Germany, which demonstrates our ability to unlock value early in the development cycle and marks an important step in delivering on our strategy. Germany remains one of our key markets for greenfield projects, with a strong demand for renewable energy and a supportive regulatory framework. I expect this to be the first in a series of project sales, as we continue to develop and mature our greenfield pipeline and deliver long-term value from this platform.”

The Company’s CEO, Daniel Fitzgerald, and CFO, Espen Hennie, will host a webcast to comment on the six-month financial report on 6 August 2025 at 14:00 CEST. During the webcast, they will present this transaction along with the latest developments at Orrön Energy, followed by a question-and-answer session.

Registration for the webcast presentation is available on the website and the below link:
https://orron-energy.events.inderes.com/q2-report-2025

For further information, please contact:

Robert Eriksson
Corporate Affairs and Investor Relations
Tel: +46 701 11 26 15
robert.eriksson@orron.com

Jenny Sandström
Communications Lead
Tel: +41 79 431 63 68
jenny.sandstrom@orron.com

This is information that Orrön Energy AB is required to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact person set out above, at 13.25 (CEST) on 31 July 2025.

Orrön Energy is an independent, publicly listed (Nasdaq Stockholm: “ORRON”) renewable energy company within the Lundin Group of Companies. Orrön Energy’s core portfolio consists of high quality, cash flow generating assets in the Nordics, coupled with greenfield growth opportunities in the Nordics, the UK, Germany, and France. With significant financial capacity to fund further growth and acquisitions, and backed by a major shareholder, management and Board with a proven track record of investing into, leading and growing highly successful businesses, Orrön Energy is in a unique position to create shareholder value through the energy transition.

Saxovent Renewables GmbH & Co. KG is an independent project developer, operator, and investor in renewable energy based in Berlin and a wholly owned subsidiary of the investment company Saxovent Smart Eco Investments GmbH. As an experienced full-line provider, Saxovent Renewables covers the entire value chain in the field of renewable energies, from development and implementation to the long-term operation of the plants.

Forward-looking statements
Statements in this press release relating to any future status or circumstances, including statements regarding future performance, growth and other trend projections, are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “seek”, “will”, “would” or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that could occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to several factors, many of which are outside the company’s control. Any forward-looking statements in this press release speak only as of the date on which the statements are made and the company has no obligation (and undertakes no obligation) to update or revise any of them, whether as a result of new information, future events or otherwise.

Attachment
- Orrön Energy – Press Release – Project sale – V1 – 20250731en
The MIL Network –
August 5, 2025
MIL-OSI United Kingdom: Cardiff Capital Region backed by £30m to unlock innovation and growth
Source: United Kingdom – Executive Government & Departments
Press release

Cardiff Capital Region backed by £30m to unlock innovation and growth

English

Cymraeg

Cardiff Capital Region is one of three UK cities and regions supported through the UK Government’s £500m local innovation fund.
Aerial view of Cardiff.

Local partnerships will direct funding to range of priorities, from life sciences to AI, or could capitalise on Cardiff Capital Region’s existing strengths such as in automotive technology to support a greener future

Builds on record £86bn R&D settlement until 2030 and backs local skills to deliver economic growth as part of our Plan for Change

Cardiff Capital Region is among three UK cities and regions receiving at least £30m each from the UK Government to unlock new, locally led innovation that can improve lives across the country, UK Science Minister Lord Vallance has announced today (Tuesday 29 July).

Partnerships between the city region authority, businesses and research organisations will work with UK Research and Innovation (UKRI) to invest the funding into a range of regional and national priorities in science and technology – from life sciences to green energy solutions, AI to engineering, and beyond.

It could even build on the existing strengths of Cardiff, and Wales more widely, from its role in developing electric vehicle components that will help us build a greener world to its data science capabilities which can improve lives from better public services to improving our health.

The funding forms part of the Local Innovation Partnerships Fund (LIPF) of up to £500m, announced ahead of last month’s Spending Review to empower local leaders with skin in the game. It will help target innovation investment and make the most of their communities’ expertise to unleash discoveries that benefit us all and grow the economy as part of our Plan for Change.

The decision to earmark at least £30m to three high-potential areas in Glasgow, Belfast-Derry/Londonderry and Cardiff was reached following collaboration between the UK Government and the governments of Scotland, Northern Ireland and Wales. Seven regions of England were also announced as recipients last month – spanning the North-East to Greater Manchester, Liverpool to London.

The funding was announced as part of a record £86bn R&D settlement until 2030 and will help the Government to deliver our modern Industrial Strategy by backing high growth sectors and bolstering partnerships with industry for long-term economic growth.

UK Science Minister Lord Vallance said:

From driving the development of electric vehicle components that will help deliver a greener planet to cutting-edge data science work, the Cardiff Capital Region playing a leading role in the technologies of the future that can benefit people throughout the UK.

By targeting this funding with local leaders to a range of science and technology sectors we can make the most of the expertise across Cardiff and wider Wales to grow the economy as part of our Plan for Change.

Secretary of State for Wales Jo Stevens said:

This funding from the UK Government is vital to support Wales’s leading science and technology sectors. We are already punching above our weight in areas where there is huge potential for even more growth.

Wales has the talent and expertise to develop high tech solutions to a range of challenges, and this investment will help kickstart innovation, create new well-paid jobs and grow the Welsh economy.

Welsh Government Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans, said:

This investment represents another vote of confidence in the Cardiff capital region and builds on our work supporting its growth, strong university research ecosystem, industry base and innovation clusters over a number of years.

We will continue working closely with the South East Wales Corporate Joint Committee and the UK Government to build on the region’s strengths, attract significant private investment, strengthen regional partnerships and deliver real benefits for people across South East Wales and beyond.

High potential innovation clusters in places that have not been earmarked for funding will also be able to bid into a competition, with UKRI publishing guidance on this competition soon.

The Local Innovation Partnerships Fund represents a significant shift in place-based innovation policy, giving regions greater control over how research and development investment is directed to maximise their innovation potential and drive economic growth.

It builds on the lessons learned from programmes already underway to support high potential innovation clusters in regions across the UK, including the Strength in Places Fund and the Innovation Accelerator pilot scheme and Innovate UK Launchpads.

The Innovation Accelerator pilot scheme alone has leveraged more than

£140 million in new private investment, created hundreds of jobs across the West Midlands, Greater Manchester and Glasgow City Region, and supported a range of new technologies.

It includes those developed by the Greater Manchester advanced diagnostic accelerator, delivering quicker and cheaper detection for liver, heart and lung diseases, whilst Moonbility from the West Midlands is using AI software helping train companies to simulate, in real time, potential disruption to the network so they can alert passengers on delay length, giving advice on replanning journeys.

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Published 31 July 2025
MIL OSI United Kingdom –
August 5, 2025
MIL-OSI Russia: Lithuanian Prime Minister Resigns

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

VILNIUS, July 31 (Xinhua) — Lithuanian Prime Minister Gintautas Paluckas on Thursday announced his resignation as head of the country’s government and chairman of the Social Democratic Party of Lithuania.

“I have informed the President… that I have decided to resign from the post of Prime Minister,” G. Paluckas said in a statement.

The resignation came ahead of a planned vote by the party’s executive council and followed a warning from the speaker of the Seimas (parliament) and leader of the Union of Democrats “For Lithuania” Saulius Skvernelis, who threatened to withdraw his party from the coalition government if Paluckas remained in his post.

According to the Constitution of Lithuania, the entire cabinet of ministers will resign along with the prime minister.

Lithuanian President Gitanas Nauseda on Thursday welcomed the resignation of G. Paluckas, calling the decision “the only right choice.”

G. Paluckas’ resignation from the post of the head of government comes amid an investigation into his financial transactions and alleged improper involvement in business, connections with certain businessmen and failure to compensate for damages caused to the Vilnius municipality.

G. Paluckas, however, denied any wrongdoing and called the criticism a “coordinated attack” by political opponents. –0–

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

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MIL OSI Russia News –

August 5, 2025
MIL-OSI: SHARC Energy Ships SHARC WET Systems to US Government-Affiliated Project

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, July 31, 2025 (GLOBE NEWSWIRE) — SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC Energy” or the “Company”), a world leader in wastewater energy transfer (“WET”), is proud to announce the shipment of two SHARC 880 WET Systems to a U.S. government-affiliated project. Further information about the project will be released at a later stage.

SHARC Energy’s Wastewater Energy Transfer technology continues to gain momentum in the United States and beyond. Most recently, SHARC Energy’s innovative systems were featured in a Wall Street Journal article spotlighting the emerging role of WET in sustainable infrastructure.

This milestone shipment underscores the Company’s expanding influence and highlights the increasing adoption of WET solutions as cities and governments seek scalable, low-carbon alternatives for heating, cooling and potable hot water.

For more information regarding SHARC Energy and its projects, please visit www.sharcenergy.com.

About SHARC Energy

SHARC International Systems Inc. is a world leader in energy recovery from the wastewater we send down the drain every day. SHARC Energy’s systems recycle thermal energy from wastewater, generating one of the most energy-efficient and economical systems for heating, cooling & hot water production for commercial, residential, and industrial buildings along with thermal energy networks, commonly referred to as “District Energy”.

SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you can find out more on our SEDAR profile.

Learn more about SHARC Energy: Website | Investor Page | LinkedIn | YouTube | PIRANHA | SHARC

ON BEHALF OF THE BOARD

Fred Andriano
Chairman

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy’s actual results could differ materially from those anticipated in this forward-looking information because of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether because of new information, future events or otherwise, except as required by applicable securities legislation.

The MIL Network –

August 5, 2025
MIL-OSI: QuestionPro Launches Partnerships Ecosystem to Transform Research Industry

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) — QuestionPro announces the launch of the QuestionPro Partnerships Ecosystem, a comprehensive ecosystem designed to push the traditional boundaries of speed, intelligence, and depth of research norms. This ecosystem positions itself as the definitive platform for next-generation research capabilities.

The future of research will be powered by three forces. Faster research turnaround, smarter research processes, and deeper insights.The goal of the QuestionPro Partnerships Ecosystem is to foster a new culture of collaboration to enable our clients to successfully embrace the future of research. Where the future of insights isn’t siloed but collaborative.

“The question isn’t whether organizations need faster, smarter, deeper research capabilities – it’s whether any single organization can solve all these emerging challenges alone,” said Vivek Bhaskaran, CEO of QuestionPro. “The answer is no. That is at the core of why we built this curated ecosystem.”

“The future of insights will be powered by ecosystems,” said Sumair Sayani, Global Lead AI Programs & Strategic Partnerships. “The QuestionPro Partner Ecosystem democratizes advanced research capabilities, allowing businesses of all sizes to access enterprise-grade tools without complexity.”

The QuestionPro Partnerships Ecosystem is now available worldwide. Special offers are available for early adopters, with broader availability throughout Q3 2025. Offering ready-to-launch solutions for every research need, with AI and automation capabilities that reduce time organizing data while increasing time acting on insights.

About QuestionPro
Founded in 2006, QuestionPro is a global provider of online survey and research services that help companies make better decisions through data. Our fully integrated online platform includes surveys, research & insights, customer experience (CX) and workforce/employee experience software. We additionally offer polling, journey mapping, employee 360s, and data visualization. Our clientele ranges from small businesses to Fortune 100 companies, who rely on us for insights about customers, employees, and the partnerships. With offices in the US, Canada, Mexico, U.K., Germany, Japan, Australia, the United Arab Emirates and India, we offer customers 24-7 access to highly trained support specialists and engineers. More information is available at https://www.questionpro.com/us/

The MIL Network –

August 5, 2025
MIL-OSI: Teads Unveils Connected Ads: A New Premium Brand and Performance Solution for the Open Internet
Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) — Teads (NASDAQ: TEAD), the omnichannel outcomes platform for the open internet, today announced the beta launch of Connected Ads, an innovative branding solution which expands creative possibilities and engagement across premium publisher environments while reinforcing the company’s core value proposition: to deliver brand-to-performance outcomes at scale.

Connected Ads introduces a unified ad experience featuring two complementary ad placements within the same publisher page – the first embedded within the article and the second at the end of the article. As users scroll through publisher pages, the second ad placement appears, creating a canvas for more opportunities for brands to stand out. Advertisers can use this space for high-impact messaging or introduce interactive elements to deepen engagement. This exclusive format gives advertisers two sequential, high-attention opportunities in a single content session, helping brands build awareness and drive measurable outcomes on the open internet.

“With this unique ad experience, we’re giving brands the ability to cut through the noise and tell new impactful stories,” said Remi Cackel, EVP of Global Demand Product at Teads. “Fully rooted in Teads’ creative excellence, it’s the first step in achieving brandformance goals in one seamless experience, powered by high-quality environments and user-first design.”

Key benefits of Connected Ads include:
- A premium open-web branding format that enables sequential storytelling and deeper engagement.
- High-attention placements that maximize impact without disrupting the user experience.
- An exclusive creative solution, only available on the Teads platform.
- Built for brands that value premium environments, innovation, and brand-to-performance outcomes.
Connected Ads reflects Teads’ ongoing commitment to innovation at the intersection of brand and performance outcomes, enabling advertisers to capitalize on multiple stages of the marketing funnel within a single integrated solution.

The beta launch is live across leading publishers in Germany, France, Italy, Japan, the UK, and the US and is being tested by several enterprise advertisers.

About Teads
Teads is the omnichannel outcomes platform for the open internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes for branding and performance objectives, Teads ensures value is driven with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, with a global team of nearly 1,800 people in 30+ countries.

For more information, visit www.teads.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives. You can generally identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “guidance,” “outlook,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “foresee,” “potential” or “continue” or the negative of these terms or other similar expressions that concern our expectations, strategy, plans or intentions.

We have based these forward-looking statements largely on our current expectations and projections regarding future events and trends that we believe may affect our business, financial condition and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors, including but not limited to: the risk that advertisers may not adopt our new Connected Ads solution at the rate we expect or that the beta program may not be successful; the risk that our new ad formats, including Connected Ads, may not deliver the anticipated benefits of enhanced attention, storytelling, and brand-to-performance outcomes; risks related to the successful development and scaling of new and complex advertising products; our ability to compete effectively and maintain any technological or creative advantages in the competitive digital advertising market; and the other important risks described in the section entitled “Risk Factors” and elsewhere in the Annual Report on Form 10-K filed for the year ended December 31, 2024, in the Quarterly Report on Form 10-Q filed for the quarter ended March 31, 2025, and in subsequent reports filed with the Securities and Exchange Commission (the “SEC”), which are available on our website at https://investors.teads.com/ and on the SEC’s website at www.sec.gov.

Accordingly, you should not rely upon forward-looking statements as predictions of future events. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those projected in the forward-looking statements. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Media Contact
press@teads.com

Investor Relations Contact
IR@teads.com
(332) 205-8999

The MIL Network –
August 5, 2025
MIL-OSI Banking: Samsung TV Plus partners with LADbible Group to launch LADbible FAST Channel

Source: Samsung

London, U.K. – 31 July, 2025 – Leading social entertainment business LADbible Group makes its debut on television screens with the launch of the LADbible Free Ad-Supported Streaming TV (FAST) channel.

Now available in the UK on Samsung TV Plus, Samsung’s FAST platform, LADbible FAST Channel will showcase the Group’s most loved original programming 24/7, including hit series such as Minutes With, Snack Wars, Agree to Disagree and Would You Rather.

As viewing habits shift, LADbible Group is expanding its reach to meet audiences exactly where they are. Insights from Samsung’s 2024 Anatomy of a Streamer research report show that Gen Z Samsung Smart TV viewers are embracing streaming TV, watching an average of 1 hour and 38 minutes of streamed content per day, compared to just over 49 minutes for Boomers.

The channel offers a bold mix of entertaining, unfiltered moments with household celebrities and untold stories from around the world, all delivered straight into viewers’ homes. Whether it’s Minutes With, spotlighting powerful, personal stories from mental health advocates to reformed gangsters, or Snack Wars featuring stars like Sabrina Carpenter, Ryan Gosling or Paul Mescal, each show is designed to entertain, spark conversation, and put viewers into the heart of culture.

To mark the launch, LADbible Group will also premiere its new format ‘Jury Room’, a debate show that takes on issues the public can not agree on, hosted by ‘Juries’ – from barristers, business owners, gangsters, to Gen Z influencers. The six-part series will see the first episode questioning, “Should we bring back military conscription in the event of war?”. It will be available on CTV and YouTube.

LADbible’s original programming has seen notable growth and success. Its audience has grown to over 280 million views on YouTube alone with a YOY increase of 20%, averaging a staggering 100 million minutes per month.

Becky Gardner, Head of Originals said, ‘LADbible on TV presents an exciting new opportunity to expand our reach and connect with even more viewers of our shows. This launch reflects our dedication to being where our audience is, delivering always-on entertainment that they love – anytime, anywhere, on any screen. We’re thrilled to bring LADbible directly into people’s homes”

Gus Grimaldi, Head of Samsung TV Plus EMEA, added: “LADbible is a global powerhouse of entertainment, and we’re thrilled to bring their first-ever TV channel to Samsung TV Plus users for free in the UK. With young viewers rapidly turning to CTV and watching from the comfort of their own homes, Samsung TV Plus is at the forefront of connecting audiences with high quality entertainment. LADbible is the ideal content partner to reach the ever-growing number of FAST TV viewers.”

Availability:
LADbible is now live on Samsung TV Plus, available pre-installed on 2016+ Samsung Smart TVs and on Samsung Galaxy smartphones and tablets. Channel number: 4093

About LADbible Group
LADbible Group is a leading social entertainment business, reaching a global audience of 520 million followers. In the UK alone, it reaches two‑thirds of 18‑ to 34‑year‑olds and ranks as the fifth largest social and digital business. The Group operates a diverse portfolio of brands and platforms, including LADbible, SPORTbible, UNILAD and Betches, and operates over seven websites. Every month, it generates 13.9 billion views on social and 2,700 views per second. Its purpose is to give young adults a voice by building communities that laugh, think and act, with content that spans entertainment, celebrity interviews, news, live documentary and factual programming. LADbible Group has an international presence spanning all corners of the globe, with physical offices across APAC, US, the UK and Ireland. The Group has been widely recognised across the industry for its impactful social good campaigns, brand partnerships and original programming. This includes Media Brand of the Year at the Media Week Awards, Commercial Team of the Year at the Campaign Media Awards and Web Channel of the Year at the Broadcast Digital Awards.

About Samsung TV Plus
Samsung TV Plus is free streaming, TV with no subscription and no additional device or credit card needed. The service is pre-installed on all 2016+ Samsung Smart TVs, and on Samsung Galaxy smartphones and tablets in select territories. Samsung TV Plus instantly delivers a vast and growing library across multiple genres including news, sports, entertainment, as well as a video on demand catalogue of your favourite movies and popular shows. The free, ad-supported streaming video service is available globally in 30 territories, all you need is an internet connection. For the latest on Samsung TV Plus, please visit www.samsungtvplus.com.

MIL OSI Global Banks –

August 5, 2025
MIL-OSI Africa: Burkina Faso: African Development Bank supports youth entrepreneurship in rural areas

Source: APO – Report:

The African Development Bank (www.AfDB.org) and the Government of Burkina Faso launched the third phase of the incubator program of the Support Project for Youth Employment and Skills Development in Rural Areas (PADEJ-MR in the French acronym) on July 15, 2025, in Ouagadougou, the capital of Burkina Faso.

Ms. Franceline Kaboré, representing the country’s Minister of Sports, Youth, and Employment, and Ms. Mouna Diawara, Head of Operations both attended.

The PADEJ-MR aims to promote the economic empowerment and resilience of young people in rural areas through entrepreneurship. The project, with a total cost of €13.62 million, mainly financed by a €12.25 million grant from the African Development Bank, has supported the establishment of an incubator mechanism providing practical training in financial education and safeguards, personalized coaching, and local technical support.

The initiative aims to help young people convert their ideas into viable businesses in promising sectors such as agriculture, agri-food, services, crafts, and new technologies. In the third phase of the incubator program, 65 young people from the four regions covered by the Project are receiving support to help them prepare business plans that are eligible for financing.

Ms. Franceline Kaboré commended the African Development Bank’s commitment to the PADEJ-MR. She noted that youth entrepreneurship is a national priority enshrined in the strategic vision of the government of Burkina Faso.

Ms. Mouna Diawara emphasized that “the Project to Support Youth Employment and Skills Development in Rural Areas is a concrete and integrated response to the problem of youth unemployment in rural areas. The African Development Bank is ready to continue supporting Burkina Faso in its economic transformation efforts, with a particular focus on opportunities for young people and women.”

Sévérine Lankouandé, speaking on behalf of the beneficiaries of the incubator, expressed gratitude to the government and to the African Development Bank for the opportunities that the incubator program had already provided. A cohort of young entrepreneurs have already received training that will enable them to launch transformative enteprises.

– on behalf of African Development Bank Group (AfDB).

Media contact:
Department of Communication and External Relations
media@afdb.org

Media files

.

MIL OSI Africa –

August 5, 2025
MIL-OSI United Nations: Nuclear Science and Nuclear Security Infrastructure to Protect Rare Rhinos: IAEA-Supported Project Marks a Milestone

Source: International Atomic Energy Agency (IAEA)

In a pioneering effort to combat wildlife trafficking of the threatened rhinoceros, a South African University today began implementing a project supported by the International Atomic Energy Agency (IAEA). The project combines the safe insertion of radioactive isotopes into rhino horns and available nuclear security infrastructure to deter and detect illegal poaching.

With over 10,000 rhinos lost to poaching in the past decade, South Africa – home to the world’s largest population of rhinos – remains a target for criminals driven by the illegal trade of rhino horn. In the first quarter of 2025 alone, the South African Ministry of Forestry, Fisheries and the Environment reported 103 rhinos poached. In response, this project run by the University of the Witwatersrand is using radiation to support conservation and enforcement efforts.

After two years of initial tests, the Rhisotope Project was created in 2021 with the idea to tag rhino horns with radioactive material. This makes the horns detectable by radiation portal monitors (RPMs) already deployed at borders, ports and airports worldwide. These RPMs, commonly used to detect nuclear and other radioactive material, can now be harnessed against wildlife crime.

The IAEA’s support to the Rhisotope Project leverages its central role in strengthening the global nuclear security framework. With millions of vehicles and people crossing borders every day, the use of an estimated 10,000 RPMs worldwide has become a critical tool for detecting unauthorized transboundary movements of nuclear and other radioactive material.

“The Rhisotope Project shows how nuclear science and nuclear security infrastructure can be used in new ways to address global challenges,” said IAEA Director General Rafael Mariano Grossi. “The IAEA is supporting countries to maximize the benefits of nuclear. By using already installed nuclear security infrastructure in novel ways, we can help protect one of the world’s most iconic and endangered species.”

At an event today in the Waterberg, Limpopo, about 250 kilometres north of Johannesburg, the University of Witwatersrand announced the results of the rigorous safety assessments conducted during the pilot phase of the project. In June last year, radioisotopes were inserted into 20 rhinos. Health monitoring and cytological examinations of 15 treated animals and a comparison of five animals not treated were conducted by Ghent University in Belgium. The test results proved that the method is non-invasive and does not pose a risk to the rhinos’ health.

“This has been an international collaboration of likeminded individuals who are trying to make a real difference to this poaching crisis,” said James Larkin, Director, Radiation and Health Physics Unit at the University of the Witwatersrand. “We started with the question – what if radiation could protect rather than harm, by turning rhino horns into traceable markers that stop poachers before they trade? After two years of digital modelling, safety testing and detection simulations, we’re ready to roll out a solution that could truly reduce rhino poaching.”

The success of project also opens the door for future applications to other endangered species.

“The methodology could be adapted to protect other endangered species like elephants or pangolins,” said Larkin.

The IAEA is providing both technical and financial support to the project under its Coordinated Research Project titled Facilitation of Safe and Secure Trade Using Nuclear Detection Technology – Detection of RN and Other Contraband. As part of the project, the Agency also supports countries in their efforts to optimize the detection of radiation by the use of its Minimum Detectable Quantity and Alarm Threshold Estimation Tool, thereby allowing detection of the tagged with radiation rhino horns.

“The Rhisotope Project brings the entire global nuclear security network into play,” said Elena Buglova, Director of the IAEA Division of Nuclear Security. “The nuclear security infrastructure that exists in many countries around the world to detect smuggling of nuclear and other radioactive material can be used to pick up the trafficking of rhino horn, and any other contraband that might be carried alongside it. Committing to nuclear security pays off in multiple ways.”

B-roll and photos will be made available here.

MIL OSI United Nations News –

August 5, 2025
MIL-OSI Security: Nuclear Science and Nuclear Security Infrastructure to Protect Rare Rhinos: IAEA-Supported Project Marks a Milestone

Source: International Atomic Energy Agency – IAEA

The Rhisotope Project team inserting radioactive isotopes into rhino horns. (Martin Klinenboeck/IAEA)

In a pioneering effort to combat wildlife trafficking of the threatened rhinoceros, a South African University today began implementing a project supported by the International Atomic Energy Agency (IAEA). The project combines the safe insertion of radioactive isotopes into rhino horns and available nuclear security infrastructure to deter and detect illegal poaching.

With over 10,000 rhinos lost to poaching in the past decade, South Africa – home to the world’s largest population of rhinos – remains a target for criminals driven by the illegal trade of rhino horn. In the first quarter of 2025 alone, the South African Ministry of Forestry, Fisheries and the Environment reported 103 rhinos poached. In response, this project run by the University of the Witwatersrand is using radiation to support conservation and enforcement efforts.

After two years of initial tests, the Rhisotope Project was created in 2021 with the idea to tag rhino horns with radioactive material. This makes the horns detectable by radiation portal monitors (RPMs) already deployed at borders, ports and airports worldwide. These RPMs, commonly used to detect nuclear and other radioactive material, can now be harnessed against wildlife crime.

The IAEA’s support to the Rhisotope Project leverages its central role in strengthening the global nuclear security framework. With millions of vehicles and people crossing borders every day, the use of an estimated 10,000 RPMs worldwide has become a critical tool for detecting unauthorized transboundary movements of nuclear and other radioactive material.

“The Rhisotope Project shows how nuclear science and nuclear security infrastructure can be used in new ways to address global challenges,” said IAEA Director General Rafael Mariano Grossi. “The IAEA is supporting countries to maximize the benefits of nuclear. By using already installed nuclear security infrastructure in novel ways, we can help protect one of the world’s most iconic and endangered species.”

At an event today in the Waterberg, Limpopo, about 250 kilometres north of Johannesburg, the University of Witwatersrand announced the results of the rigorous safety assessments conducted during the pilot phase of the project. In June last year, radioisotopes were inserted into 20 rhinos. Health monitoring and cytological examinations of 15 treated animals and a comparison of five animals not treated were conducted by Ghent University in Belgium. The test results proved that the method is non-invasive and does not pose a risk to the rhinos’ health.

“This has been an international collaboration of likeminded individuals who are trying to make a real difference to this poaching crisis,” said James Larkin, Director, Radiation and Health Physics Unit at the University of the Witwatersrand. “We started with the question – what if radiation could protect rather than harm, by turning rhino horns into traceable markers that stop poachers before they trade? After two years of digital modelling, safety testing and detection simulations, we’re ready to roll out a solution that could truly reduce rhino poaching.”

The success of project also opens the door for future applications to other endangered species.

“The methodology could be adapted to protect other endangered species like elephants or pangolins,” said Larkin.

The IAEA is providing both technical and financial support to the project under its Coordinated Research Project titled Facilitation of Safe and Secure Trade Using Nuclear Detection Technology – Detection of RN and Other Contraband. As part of the project, the Agency also supports countries in their efforts to optimize the detection of radiation by the use of its Minimum Detectable Quantity and Alarm Threshold Estimation Tool, thereby allowing detection of the tagged with radiation rhino horns.

“The Rhisotope Project brings the entire global nuclear security network into play,” said Elena Buglova, Director of the IAEA Division of Nuclear Security. “The nuclear security infrastructure that exists in many countries around the world to detect smuggling of nuclear and other radioactive material can be used to pick up the trafficking of rhino horn, and any other contraband that might be carried alongside it. Committing to nuclear security pays off in multiple ways.”

B-roll and photos will be made available here.

MIL Security OSI –

August 5, 2025
MIL-OSI: TOP Ships Announces Distribution Date of August 1, 2025 for Spin-Off of Rubico Inc.

Source: GlobeNewswire (MIL-OSI)

ATHENS, Greece, July 31, 2025 (GLOBE NEWSWIRE) — TOP Ships Inc. (the “Company” or “TOP Ships”) (NYSE American:TOPS), an international owner and operator of modern, fuel-efficient “ECO” tanker vessels, announced today that the expected distribution date for the common shares of Rubico Inc. (“Rubico”) is August 1, 2025.

Rubico common shares are expected to commence trading on a standalone basis on the Nasdaq Capital Market on August 4, 2025, the first trading day after the date of distribution, under the ticker “RUBI”.

As previously announced, TOP Ships intends through Rubico to effect a spin-off of two of its vessels, the M/T Eco Malibu and M/T Eco West Coast, each a modern, high specification, scrubber-fitted and fuel-efficient 157,000 dwt Suezmax tanker. As part of the spin-off transaction, TOP Ships intends to distribute 100% of the common shares of Rubico pro rata to its securityholders of record as of June 16, 2025. As previously announced, the NYSE American established an ex-distribution date for the distribution of Rubico common shares of June 16, 2025. Beginning on that date, TOP Ships common shares traded without an entitlement by the purchaser of such shares to Rubico common shares distributed in connection with the spin-off.

Rubico has filed a registration statement on Form 20-F pursuant to the Securities Exchange Act of 1934 with the SEC, which includes a more detailed description of the terms of the spin-off. A copy of the registration statement on Form 20-F is available at www.sec.gov.

About TOP Ships Inc.

TOP Ships Inc. is an international owner and operator of ocean-going vessels focusing on modern, fuel-efficient eco tanker vessels transporting crude oil, petroleum products (clean and dirty) and bulk liquid chemicals. For more information about TOP Ships Inc., visit its website: www.topships.org.

Cautionary Note Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including statements regarding the proposed spin-off and the prospects and strategies of TOP Ships and Rubico following the spin-off, the valuation of the shares of Rubico and TOP Ships following the spin-off, and the listing of Rubico’s common shares on the Nasdaq Capital Market.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending,” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, our management’s examination of historical operating trends, data contained in our records, and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward‐looking statements as a result of developments occurring after the date of this communication.

For further information please contact:
Alexandros Tsirikos
Chief Financial Officer
TOP Ships Inc.
Tel: +30 210 812 8107
Email: atsirikos@topships.org

The MIL Network –

August 5, 2025
MIL-OSI: NowVertical’s Integrated Model Drives Cross‑Market Growth in Strategic Accounts

Source: GlobeNewswire (MIL-OSI)

TORONTO, July 31, 2025 (GLOBE NEWSWIRE) — NowVertical Group Inc. (TSXV: NOW) (“NowVertical” or the “Company”), a leading data and AI solutions provider, today provided an update which highlights geographic expansion in two marquee engagements that illustrate how a single operating framework converts early local wins into scales enterprise‑wide programmes.

During the first half of 2025, NowVertical substantially deepened its work with one of the world’s largest insurers—a strategic account client that operates in more than forty countries. Leveraging the Company’s status as Google Cloud Partner of the Year, the engagement has evolved from a single‑country project into a Latin‑American data‑modernisation and AI initiative that migrates fragmented estates onto a common cloud architecture, delivers advanced analytics to business users and applies robust data governance. The approach delivered by NowVertical is a central, consistent, high-quality delivery capability providing services which can be tailored to meet the specific needs of each geography. Revenue generated from this account in the first six months of 2025 already surpasses the client’s full‑year 2024 spend with NowVertical, demonstrating both the speed and scale at which the integrated model can grow strategic relationships.

A similar growth trajectory is underway with a global media and telecommunications group, where NowVertical’s solution has been adopted as the enterprise standard for managing and modernizing legacy data assets in preparation for AI adoption. Initially launched in the UK & Ireland market in 2024, the solution has now been implemented across eight projects within the group, including recent expansions into Italy and Germany, with additional deployments scheduled for H2 2025. By integrating legacy and modern data through standardized schemas, automated archival processes, and unified retention and compliance controls, the platform not only delivers measurable cost savings but also unlocks significant strategic value. The transformed data estate serves as a compliant, AI-ready foundation for advanced analytics and model training—supporting both regulatory requirements and long-term innovation objectives. This rollout reflects the repeatability of NowVertical’s delivery playbook, its ability to scale across complex enterprise environments, and its alignment with clients’ global data modernization and AI-readiness agendas.

Sandeep Mendiratta, Chief Executive Officer of NowVertical, commented: “Clients are choosing to scale with NowVertical because we can help them bring one architecture, one governance model and one integrated team that can deliver quickly from country to country. These engagements prove that our ‘One Brand, One Business’ strategy is translating early successes into broad, multi‑region programmes that drive measurable value for customers and sustainable growth for NowVertical.”

Management believes that the growing contribution from these cross‑market engagements supports the Company’s ability to grow it’s strategic account base while reinforcing NowVertical’s position as a trusted, full‑stack data and AI partner.

About NowVertical Group Inc.

NowVertical is a global data and analytics company which helps clients transform data into tangible business value with AI, fast. Offering a comprehensive suite of solutions and services, the Company enables clients to quickly harness the full potential of their data, driving measurable outcomes and accelerating potential return on investment. Enterprises optimize decision-making, improve operational efficiency, and unlock long-term value from their data using the Company’s AI-Infused first party and third-party technologies. NowVertical is growing organically and through strategic acquisitions.

For further details about NowVertical, please visit www.nowvertical.com.

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

For further information, please contact:

Andre Garber, CDO 
 IR@nowvertical.com 

Investor Relations: Bristol Capital Ltd.

Stefan Eftychiou

 stefan@bristolir.com

+1(905)326-1888 x60 

Forward-Looking Statements

This news release contains forward-looking information and forward-looking information within the meaning of applicable Canadian securities laws (together “forward-looking statements“), including, with respect to the availability of funds under the Facilities, the ability of NowVertical to utilize funds under the Facilities, the effect of the Facilities on NowVertical’s operations contemplated in this press release on NowVertical’s business, finances and operations. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies, certain of which are unknown. Forward-looking statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements are qualified in their entirety by inherent risks and uncertainties, including: adverse market conditions; risks inherent in the data analytics and artificial intelligence sectors in general; regulatory and legislative changes; that future results may vary from historical results; inability to service the Company’s debt; any inability to realize the expected benefits and synergies of acquisitions or dispositions; that market competition may affect the business, results and financial condition of the Company and other risk factors identified in documents filed by the Company under its profile at www.sedarplus.com, including the Company’s management’s discussion and analysis for the year ended December 31, 2024. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

The MIL Network –

August 5, 2025
MIL-OSI NGOs: Nuclear Science and Nuclear Security Infrastructure to Protect Rare Rhinos: IAEA-Supported Project Marks a Milestone

Source: International Atomic Energy Agency (IAEA) –

The Rhisotope Project team inserting radioactive isotopes into rhino horns. (Martin Klinenboeck/IAEA)

In a pioneering effort to combat wildlife trafficking of the threatened rhinoceros, a South African University today began implementing a project supported by the International Atomic Energy Agency (IAEA). The project combines the safe insertion of radioactive isotopes into rhino horns and available nuclear security infrastructure to deter and detect illegal poaching.

With over 10,000 rhinos lost to poaching in the past decade, South Africa – home to the world’s largest population of rhinos – remains a target for criminals driven by the illegal trade of rhino horn. In the first quarter of 2025 alone, the South African Ministry of Forestry, Fisheries and the Environment reported 103 rhinos poached. In response, this project run by the University of the Witwatersrand is using radiation to support conservation and enforcement efforts.

After two years of initial tests, the Rhisotope Project was created in 2021 with the idea to tag rhino horns with radioactive material. This makes the horns detectable by radiation portal monitors (RPMs) already deployed at borders, ports and airports worldwide. These RPMs, commonly used to detect nuclear and other radioactive material, can now be harnessed against wildlife crime.

The IAEA’s support to the Rhisotope Project leverages its central role in strengthening the global nuclear security framework. With millions of vehicles and people crossing borders every day, the use of an estimated 10,000 RPMs worldwide has become a critical tool for detecting unauthorized transboundary movements of nuclear and other radioactive material.

“The Rhisotope Project shows how nuclear science and nuclear security infrastructure can be used in new ways to address global challenges,” said IAEA Director General Rafael Mariano Grossi. “The IAEA is supporting countries to maximize the benefits of nuclear. By using already installed nuclear security infrastructure in novel ways, we can help protect one of the world’s most iconic and endangered species.”

At an event today in the Waterberg, Limpopo, about 250 kilometres north of Johannesburg, the University of Witwatersrand announced the results of the rigorous safety assessments conducted during the pilot phase of the project. In June last year, radioisotopes were inserted into 20 rhinos. Health monitoring and cytological examinations of 15 treated animals and a comparison of five animals not treated were conducted by Ghent University in Belgium. The test results proved that the method is non-invasive and does not pose a risk to the rhinos’ health.

“This has been an international collaboration of likeminded individuals who are trying to make a real difference to this poaching crisis,” said James Larkin, Director, Radiation and Health Physics Unit at the University of the Witwatersrand. “We started with the question – what if radiation could protect rather than harm, by turning rhino horns into traceable markers that stop poachers before they trade? After two years of digital modelling, safety testing and detection simulations, we’re ready to roll out a solution that could truly reduce rhino poaching.”

The success of project also opens the door for future applications to other endangered species.

“The methodology could be adapted to protect other endangered species like elephants or pangolins,” said Larkin.

The IAEA is providing both technical and financial support to the project under its Coordinated Research Project titled Facilitation of Safe and Secure Trade Using Nuclear Detection Technology – Detection of RN and Other Contraband. As part of the project, the Agency also supports countries in their efforts to optimize the detection of radiation by the use of its Minimum Detectable Quantity and Alarm Threshold Estimation Tool, thereby allowing detection of the tagged with radiation rhino horns.

“The Rhisotope Project brings the entire global nuclear security network into play,” said Elena Buglova, Director of the IAEA Division of Nuclear Security. “The nuclear security infrastructure that exists in many countries around the world to detect smuggling of nuclear and other radioactive material can be used to pick up the trafficking of rhino horn, and any other contraband that might be carried alongside it. Committing to nuclear security pays off in multiple ways.”

B-roll and photos will be made available here.

MIL OSI NGO –

August 5, 2025
MIL-OSI Submissions: The quiet war: What’s fueling Israel’s surge of settler violence – and the lack of state response

Source: The Conversation – USA (3) – By Arie Perliger, Director of Security Studies and Professor of Criminology and Justice Studies, UMass Lowell

An Israeli soldier prays in the Evyatar outpost in the Israeli-occupied West Bank on July 7, 2024. AP Photo/Ohad Zwigenberg

Since Oct. 7, 2023, as Israel’s war against Hamas drags on in the Gaza Strip, a quieter but escalating war has unfolded in the West Bank between Israelis and Palestinians.

While precise figures are elusive, United Nations estimates indicate that Jewish settlers have carried out around 2,000 attacks against Palestinians since the war in Gaza began. That number represents a dramatic surge compared with any previous period during the nearly six decades Israel has controlled the West Bank.

Attacks include harassment of Palestinian villagers trying to access their crops or work outside their villages, as well as more extreme and organized violence, such as raiding villages to vandalize property. While many of the attacks are unprovoked, some are what settlers call “price tag” actions: retaliation for Palestinian violence against Israelis, such as car-rammings, rock-throwing and stabbings.

Settlers’ attacks displaced more than 1,500 Palestinians in the first year of the war in Gaza, and gun violence is increasingly common. Since October 2023, more than 1,000 Palestinians in the West Bank have been killed. While most of these fatalities resulted from military operations, some were killed by settlers.

Mourners attend the funeral of three Palestinians who were killed when Jewish settlers stormed the West Bank village of Kafr Malik, on June 26, 2025.
AP Photo/Leo Correa

As a scholar who has studied Jewish religious extremism for over two decades, I contend this campaign is not merely a result of rising tension between the settlers and their Palestinian neighbors amid the Gaza conflict. Rather, it is fueled by a confluence of ideological fervor, opportunism and far-right Israelis’ political vision for the region.

Religious redemption

Israel has occupied the West Bank since 1967’s Six-Day War against Egypt, Jordan and Syria, transforming this small region of around 2,000 square miles (5,200 square kilometers) to an amalgam of Jewish and Palestinian enclaves. Most countries other than Israel consider Jewish settlements illegal, but they have rapidly expanded in recent decades, becoming a major challenge for any settlement of the Israeli-Palestinian conflict.

The ideological roots of violence lie within religious Zionism: a worldview embraced by about 20% of Israel’s Jewish population, including most West Bank settlers.

The great majority of the leaders of the early Zionist movement held strong secular views. They pushed for the creation of a Jewish state over the objections of Orthodox figures, who argued that it should be a divine creation rather than a human-made polity.

Religious Zionists, on the other hand, view the creation of modern-day Israel and its military victories as steps in a divine redemption, which will culminate in a Jewish kingdom led by a heaven-sent Messiah. Adherents believe contemporary events, particularly those asserting Jewish control over the entire historical land of Israel, can accelerate this process.

In recent decades, influential religious Zionist leaders have argued that final redemption requires Israel’s total military triumph and the annihilation of its enemies, particularly the Palestinian national movement. From this perspective, the devastation of Oct. 7 and the subsequent war are a divine test – one the nation can only pass by achieving a complete victory.

This belief system fuels most religious Zionists’ opposition to ending the war, as well as their advocacy for scorched-earth policies in Gaza. Some hope to rebuild the Jewish settlements in the strip that Israel evacuated in 2005.

Some religious Zionists hope to reestablish Jewish settlements in Gaza.‘
Sally Hayden/SOPA Images/LightRocket via Getty Images

The violence in the West Bank reflects an extension of the same beliefs. Extreme groups within the settler population aim to solidify Jewish control by making Palestinian communities’ lives in the region unsustainable.

Opportunistic violence

Hamas’ Oct. 7 massacre, which killed over 1,200 Israelis, traumatized the nation. It also hardened many Jewish Israelis’ conviction that a Palestinian state would be an existential threat, and thus Palestinians cannot be partners for peace.

This shift in sentiment created a permissive environment for violence. While settler attacks previously drew criticism from across the political spectrum, extremist violence faces less public condemnation today – as does the government’s lack of effort to curb it.

This increase in violence is also enabled by a climate of impunity. Israeli security forces have been stretched thin by operations in Gaza, Syria, Iran and beyond. In the West Bank, the military increasingly relies on settler militias known as “Emergency Squads,” which are armed by the Israeli military for self-defense, and army units composed primarily of religious Zionist settlers, such as the Netzah Yehuda Battalion. Such groups have little incentive to stop attacks on Palestinians, and at times, they have participated.

This dynamic has dangerously blurred the line between the state military and militant settlers. The Israeli police, meanwhile, under the command of far-right National Security Minister Itamar Ben-Gvir, appear focused on protecting settlers. Police leadership has been accused of ignoring intelligence about planned attacks and failing to arrest violent settlers or enforce restraining orders. Yesh Din, an Israeli human rights group, asserts that just 3% of attacks have resulted in a conviction.

In June 2025, military attempts to curb settler militancy triggered a violent backlash, as extremist settlers attacked military commanders and tried to set fire to military facilities. Settlers view efforts to restrict their actions as illegitimate and a betrayal of Jewish interests in the West Bank.

Political vision

Violence by extremist settlers is not random; it is one arm of a coordinated pincer strategy to entrench Jewish control over the West Bank.

Emergency volunteers put out a fire during an attack by Israeli right-wing settlers on the West Bank village of Turmusaya on June 26, 2025.
Ilia Yefimovich/picture alliance via Getty Images

While militant settlers create a climate of fear, Israeli authorities have undermined legal efforts to stop the violence – ending administrative detention for settler suspects, for example. Meanwhile, the government has intensified policies that undermine Palestinians’ economic development, freedom of movement and land use. In May, finance minister and far-right leader Bezalel Smotrich approved 22 new settlements, calling it a “historic decision” that signaled a return to “construction, Zionism, and vision.”

Together, violence from below and policy from above advance a clear strategic goal: the coerced depopulation of Palestinians from rural areas to solidify Israeli sovereignty over the entire West Bank.

Levers for change

The militant elements of the settler movement constitute a fractional segment of Israeli society. When it comes to improving the situation in the West Bank, broad punitive measures against the entire country, such as economic boycotting and divestment, or blocking access to scientific, economic and cultural programs and organizations, have historically proved ineffective.

Instead, such policies seem to entrench many Israelis’ perception of international bias and double standards: the sense that critics are antisemitic, or that few outsiders understand the country’s challenges – particularly in light of threats from entitles like Iran, Hamas and Hezbollah, which openly seek Israel’s elimination.

More targeted policies aim specifically at the Israeli far right, including sanctions – economic, political or cultural – directed at settler communities and their infrastructure. Canada, Australia, New Zealand, Norway and the U.K. have imposed travel bans on Ben-Gvir and Smotrich, and frozen their assets in those countries. Similarly, I believe decisions to ban goods produced in the West Bank settlements, as Ireland has recently debated, would be more effective than banning all Israeli products.

This targeted approach, I would argue, would allow the international community to cultivate stronger alliances with the many Israelis concerned about the settlements and Palestinians’ rights in the West Bank.

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

– ref. The quiet war: What’s fueling Israel’s surge of settler violence – and the lack of state response – https://theconversation.com/the-quiet-war-whats-fueling-israels-surge-of-settler-violence-and-the-lack-of-state-response-261990

MIL OSI –

August 5, 2025
MIL-OSI Submissions: Roman Empire and the fall of Nero offer possible lessons for Trump about the cost of self-isolation

Source: The Conversation – USA (3) – By Kirk Freudenburg, Brooks and Suzanne Ragen Professor of Classics, Yale University

A marble statue of Nero on loan from the Louvre in Paris is seen at the Landesmuseum in Germany in 2016. Harald Tittel/Picture Alliance via Getty Images

President Donald Trump’s first term saw a record-high rate of turnover among his Cabinet members and chief advisers. Trump’s second term has, to date, seen far fewer Cabinet departures.

But some political commentators have observed that the president this time around has primarily appointed loyal advisers who will not challenge him.

As Thomas Friedman pointed out in The New York Times on June 3, 2025, “In Trump I, the president surrounded himself with some people of weight who could act as buffers. In Trump II, he has surrounded himself only with sycophants who act like amplifiers.”

As a scholar of Greco-Roman antiquity, I have spent many years studying the demise of truth-telling in periods of political upheaval. Spanning the period from 27 B.C.E. to 476 C.E., the Roman Empire still offers insights into what happens to political leaders when they interpret possibly helpful advice as dissent.

Particularly telling is the case of Nero, Rome’s emperor from 54 to 68 C.E., who responded to a disastrous fire in 64 with extreme cruelty and self-worship that did nothing to help desperate citizens.

Suppressing honest advice under Nero

Rome’s first emperor, Augustus, established a handpicked circle of advisers – called the consilium principis in Latin, meaning emperor’s council – to give a republican look to his autocratic regime. Augustus became the emperor of Rome in 27 B.C.E. and ruled over the empire, which stretched from Europe and North Africa to the Middle East at its peak, until his death in 14 C.E.

Augustus wanted to hear what others thought about the empire’s needs and his policies. At least some of Augustus’ advisers were bold enough to assert themselves and risk incurring his displeasure. Some, such as Cornelius Gallus, paid for their boldness with their lives, Gallus apparently took his own life, so that might not be the best example – unless it was a forced suicide while others, such as Cilnius Maecenas, managed to push their political agendas in softer ways that allowed them to maintain their influence.

But the Roman emperors who came after Augustus were either less skilled at maintaining a republican facade, or less interested in doing so.

Nero was the last of the emperors from the noble Julio-Claudian dynasty in ancient Rome at its peak of power. Historians who describe Nero’s rise and fall from power describe the first five years of his reign, or the quinquennium neronis in Latin, as a period of relative calm and prosperity for the empire.

Because Nero was just 16 years old when he acceded to power, he was assigned advisers to guide his policies. Their opinions carried significant weight.

But five years into his reign, chafing at their continued oversight, Nero began to purge these advisers from his life, via execution, forced suicide and exile.

Nero instead collected a small cadre of self-interested enablers who derived power for themselves by encouraging their leader’s delusions, such as his desire to project himself as the incarnation of the sun god, Apollo.

The single most unspeakably corrupt and nefarious of these preferred advisers was Ofonius Tigellinus. Tigellinus had caught Nero’s eye early in 62 by urging the senate to convict a Roman magistrate of treason for having composed poems that he deemed insulting to the emperor. Later that year, Tigellinus was appointed the head of the emperor’s personal army.

As praetorian prefect, Tigellinus was charged not only with protecting Nero from physical harm, but also with crafting and guarding the leader’s public image. Tigellinus urged Nero to stage an ongoing series of public spectacles – like theatrical performances and athletic competitions – that featured him as a divine ruler and a god on Earth.

The Roman Emperor Nero surveys the city of Rome after the disastrous fire in 64 C.E.
Hulton Archive/Getty Images

Up in flames

It was likely at Tigellinus’ urging that, in the aftermath of the great fire of 64 that raged for six days in Rome, Nero staged an exorbitant garden party where Christians were soaked in flammable oils and lit as human torches to illuminate a decadent late-night feast.

But, try as he might, Nero couldn’t outrun the fire and its aftermath by indulging in clever cruelties. Huge swathes of the city had been razed by the fire. Thousands of citizens lacked clothing. They were hungry, displaced and homeless.

For answers, the fire’s countless victims looked to Nero, their earthly Apollo, for help. But they did not encounter a sympathetic leader sweeping in to address their needs. Instead, they found a man desperate to place blame on others – in this case, foreigners from the east.

In order to squelch rumors that Nero had lit the fire, Tigellinus’ army unit rounded up Christians, falsely blamed them for starting the fire and executed them.

But this move just showcased Nero’s failure to focus on the dire needs of the poor, the very people who worshipped him. Instead, he sought to rise above the ashes by doubling down on his divine pretensions.

Once the rubble left by the fire was cleared away, Nero built a magnificent new home for himself. This palace, called the domus aurea in Latin, meaning house of gold, covered more than 120 acres in the heart of Rome. It featured spectacular water fountains, elaborate works of art and, standing tall in the entryway, a 120-foot bronze statue of Nero as the sun god, Apollo.

No truth-teller was there to tell Nero that maybe he shouldn’t rub his people’s noses in their suffering. (can we say ‘Maybe he shouldn’t exploit his people’s suffering in this way’?) this suggestion needs either accepted or rejected

Nero’s delusional response to the fire did not put an end to his career, but it did much to hasten its end.

Less than four years later, with armies bearing down on the city, Nero committed suicide. Rome tumbled into civil war.

President Donald Trump appears at an Independence Day event at the Mount Rushmore national monument near Keystone, S.D., in 2020.
Saul Loeb/AFP via Getty Images

Self-worship in the Trump era

Trump has long expressed a desire to have his face carved on Mount Rushmore, a national memorial in South Dakota that features the likenesses of legendary American presidents George Washington, Abraham Lincoln, Thomas Jefferson and Theodore Roosevelt.

This dream became a bit closer to reality when Tennessee Representative Andy Ogles in July 2025 urged the Department of the Interior to explore adding Trump’s image to Mount Rushmore – even though such an addition might not be possible because of geological issues.
Trump’s critics have long noted the president’s propensity to focus on himself and his own greatness and power, rather than the needs of citizens.

As far away as the Roman Empire might seem, Nero’s rise and fall offers a lesson in what can happen when honest criticism of a political leader is sidelined in favor of idolatry.

Instead of honest solutions to real problems, what Romans got was a colossal statue that portrayed their leader as a god on Earth.

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

– ref. Roman Empire and the fall of Nero offer possible lessons for Trump about the cost of self-isolation – https://theconversation.com/roman-empire-and-the-fall-of-nero-offer-possible-lessons-for-trump-about-the-cost-of-self-isolation-257871

MIL OSI –

August 5, 2025

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Religious redemption

Opportunistic violence

Political vision

Levers for change

Suppressing honest advice under Nero

Up in flames

Self-worship in the Trump era