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Category: Eurozone

  • MIL-OSI Submissions: Strengthening collective labor rights can help reduce economic inequality

    Source: The Conversation – USA (2) – By Skip Mark, Assistant professor of political science, University of Rhode Island

    Only about 1 in 10 U.S. workers belong to unions today. champc/iStock via Getty Images Plus

    Despite the strength of the U.S. economy, the gap between rich and poor Americans is increasing.

    The wealthiest 1% of Americans have more than five times as much wealth as the bottom 50%, according to the U.S. Federal Reserve. That’s up from four times as much in the year 2000. In 2024 alone, the wealthiest 19 families got a total of US$1 trillion richer – the largest one-year increase on record.

    And yet 59% of Americans don’t have enough money saved up to cover an unexpected $1,000 expense.

    We are political scientists who study human rights and political economy.

    In a 2023 study, our team looked at 145 countries, including the U.S., to understand the link between labor rights and inequality. We found evidence that strengthening collective labor rights may reduce economic inequality.

    Empowering workers

    Collective labor rights include the rights to form and join a union, bargain collectively for higher pay and better working conditions, go on strike, and get justice if employers punish workers who exercise these rights.

    In the U.S., where less than 10% of workers belong to unions, union members typically earn higher wages than their nonunion counterparts.

    Through negotiations on behalf of their members, unions can pressure employers to provide fair wages and benefits. If negotiations break down, the union can call for a strike – sometimes winning better benefits and higher wages as a result.

    Some U.S. unions don’t have the right to strike, including air traffic controllers, teachers and those working on national security issues. But most unions have some ability to implement work stoppages and impose costs on employers to negotiate for raises and better benefits and conditions.

    Reducing inequality

    For our study, we analyzed the human rights in the CIRIGHTS dataset, which uses human rights reports from the U.S. State Department, Amnesty International and other sources to measure government respect for 24 human rights, including the rights to unionize and bargain collectively. The dataset is produced by the University of Rhode Island, Binghamton University and the University of Connecticut. One of us, Skip Mark, serves as a co-director of the project.

    Using a scoring guide, a team of researchers reads human rights reports and gives each country a score of zero if they have widespread violations, one point if they have some violations, or two if they have no evidence of violations. The team has assigned scores for all 24 rights from 1994 through 2022.

    Using this data, we created a measure of collective labor rights by adding scores for the right to workplace association and the right to collective bargaining. The resulting collective labor rights score ranges from zero to four.

    Countries where workers’ rights are routinely violated, such as Afghanistan, China and Saudi Arabia, scored a zero. The United States, Macedonia and Zambia, three countries with little in common, were among those that tended to get two points, placing them in the middle. Countries with no reported violations of the rights to workplace association and collective bargaining, including Canada, Sweden and France, got four points.

    According to the CIRIGHTS dataset, the strength of respect for collective labor rights around the world declined by 50%, from 2.06 in 1994 to 1.03 in 2022.

    At the same time, according to the World Inequality Dataset, the share of income earned by the 1% with the biggest paychecks increased by 11%.

    We used advanced statistical methods to figure out whether better worker protections actually reduce inequality or are just associated with it.

    Gaps between individuals and ethnic groups

    We also measured what’s been happening to economic inequality, using two common ways to track it.

    One of them is vertical inequality, the gap between what people earn within a country – the rich versus the poor. The more unequal a society becomes, the higher its vertical inequality score gets. We measured it using the disposable income measure from the Gini index, a commonly used indicator of economic inequality that captures how much money individuals have to spend after taxes and government transfers.

    We found that a one-point increase in collective labor rights on our four-point scale reduces vertical inequality by 10 times the average change in inequality. For the U.S., a one-point increase in collective labor rights would be about enough to undo the increase in inequality that occurred between 2008 and 2010 due to the Great Recession and its aftermath. It would also likely help stem the growing wealth gap between Black and white Americans. That’s because income disparities compound over time to create wealth gaps.

    We also assessed the connection between horizontal inequality, which measures income inequality between ethnic or other groups, and collective labor rights.

    Negative horizontal inequality measures the amount of a country’s income held by the poorest ethnic group. Higher scores for this metric indicate that the lowest-earning ethnic group has less income relative to the rest of society. Black Americans have the lowest median income of any racial or ethnic group, according to the U.S. Census Bureau.

    Positive horizontal inequality measures the income earned by the richest ethnic group. When positive horizontal inequality rises, that means the richest ethnic group has more income relative to the rest of society. According to the same Census Bureau report, Asian Americans had the highest median earnings.

    We found that stronger collective labor rights, both in law and in practice around the world, also reduce both types of horizontal inequality. This means they raise the floor by helping to improve the income of the poorest ethnic groups in society. They also close the gap by limiting the incomes of the richest ethnic group, which can reduce the likelihood of conflicts.

    That is, our findings suggest that when workers are free to advocate for higher wages and better benefits for themselves, it also benefits society as a whole.

    Stephen Bagwell is a researcher with the Human Rights Measurement Initiative, a charitable trust registered in New Zealand

    Skip Mark 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. Strengthening collective labor rights can help reduce economic inequality – https://theconversation.com/strengthening-collective-labor-rights-can-help-reduce-economic-inequality-254258

    MIL OSI –

  • MIL-OSI: EnBW International Finance B.V.: Half-yearly report 2025

    Source: GlobeNewswire (MIL-OSI)

    EnBW International Finance B.V.: Half-yearly report 2025

    In accordance with the Transparency Directive (Directive 2004/109/EC), as amended by the Transparency Directive Amending Directive (Directive 2013/50/EU), and following the choice of EnBW International Finance B.V. for The Netherlands as Home Member State, EnBW International Finance B.V. hereby informs that the half-year financial reports for the period 1 January 2025 till 30 June 2025 have been filed on 31 July 2025 with the Autoriteit Financiële Markten (AFM) in The Netherlands and are available on the internet site: 

    Six-Monthly Financial Report 2025 EnBW International Finance BV

    The MIL Network –

  • MIL-OSI Analysis: New peace plan increases pressure on Israel and US as momentum grows for Palestinian statehood

    Source: The Conversation – UK – By Scott Lucas, Professor of International Politics, Clinton Institute, University College Dublin

    A new vision for Middle East peace emerged this week which proposes the withdrawal of Israel from Gaza and the West Bank, the disarming and disbanding of Hamas and the creation of a unified Palestinian state. The plan emerged from a “high-level conference” in New York on July 29, which assembled representatives of 17 states, the European Union and the Arab League.

    The resulting proposal is “a comprehensive and actionable framework for the implementation of the two-state solution and the achievement of peace and security for all”.

    Signatories include Turkey and the Middle Eastern states of Saudi Arabia, Qatar, Egypt and Jordan. Europe was represented by France, Ireland, Italy, Norway, Spain and the UK. Indonesia was there for Asia, Senegal for Africa, and Brazil, Canada and Mexico for the Americas. Neither the US nor Israel were present.

    Significantly, it is the first time the Arab states have called for Hamas to disarm and disband. But, while condemning Hamas’s attack on Israel of October 7 2023 and recalling that the taking of hostages is a violation of international law, the document is unsparing in its connection between a state of Palestine and an end to Israel’s assault on Gaza’s civilians.

    It says: “Absent decisive measures toward the two-state solution and robust international guarantees, the conflict will deepen and regional peace will remain elusive.”

    A plan for the reconstruction of Gaza will be developed by the Arab states and the Organisation of Islamic Cooperation – a Jeddah-based group which aims to be the collective voice of the Muslim world – supported by an international fund. The details will be hammered out at a Gaza Reconstruction and Recovery Conference, to be held in Cairo.

    It is a bold initiative. In theory, it could end the Israeli mass killing in Gaza, remove Hamas from power and begin the implementation of a process for a state of Palestine. The question is whether it has any chance of success.

    First, there appears to be growing momentum to press ahead with recognition of the state of Palestine as part of a comprehensive peace plan leading to a two-state solution. France, the UK and, most recently, Canada have announced they would take that step at the UN general assembly in September. The UK stated that it would do so unless Israel agreed to a ceasefire and the commencement of a substantive peace process.



    Read more:
    UK and France pledges won’t stop Netanyahu bombing Gaza – but Donald Trump or Israel’s military could

    These announcements follow those made in May 2024 by Spain, Ireland and Norway, three of the other European signatories. By the end of September at least 150 of the UN’s 193 members will recognise Palestinian statehood. Recognition is largely symbolic without a ceasefire and Israeli withdrawal from both Gaza and the West Bank. But it is essential symbolism.

    For years, many European countries, Canada, Australia and the US have said that recognition could not be declared if there was the prospect of Israel-Palestine negotiations. Now the sequence is reversed: recognition is necessary as pressure for a ceasefire and the necessary talks to ensure the security of both Israelis and Palestinians.

    Israel accelerated that reversal at the start of March, when it rejected the scheduled move to phase two of the six-week ceasefire negotiated with the help of the US, and imposed a blockade on aid coming into the Strip.

    The Netanyahu government continues to hold out against the ceasefire. But its loud blame of Hamas is becoming harder to accept. The images of the starvation in Gaza and warnings by doctors, humanitarian organisations and the UN of an effective famine with the deaths of thousands can no longer be denied.

    Saudi Arabia and Qatar, behind the scenes and through their embassies, have been encouraging European countries to make the jump to recognition. Their efforts at the UN conference in New York this week are another front of that campaign.

    Israel and the Trump administration

    But in the short term, there is little prospect of the Netanyahu government giving way with its mass killing, let alone entering talks for two states. Notably neither Israel nor the US took part in the conference.

    Trump has criticised the scenes of starvation in Gaza. But his administration has joined Netanyahu in vitriolic denunciation of France and the UK over their intentions to recognise Palestine. And the US president has warned the Canadian prime minister, Mark Carney, that recognition of Palestinian statehood would threaten Canada’s trade deal with the US.

    In response to Trump’s concern over the images of starving children and his exhortation “We’ve got to get the kids fed,” Israel has airdropped a few pallets of aid – less than a truck’s worth. Yet this appears more of a public relations exercise directed at Washington than a genuine attempt to ease the terrible condition on the Strip.

    A small number of lorries with supplies from UN and humanitarian organisations have also crossed the border, but only after lengthy delays and with half still held up. There is no security for transport and delivery of the aid inside Gaza.

    A sacrifice for a state?

    So the conference declaration is not relief for Gaza. Instead, it is yet another marker of Israel’s increasing isolation.

    After France’s announcement, the Netanyahu government thundered: “Such a move rewards terror and risks creating another Iranian proxy … A Palestinian state in these conditions would be a launch pad to annihilate Israel.”

    But while recognising Hamas’s mass killing of October 7 2023, most governments and their populations do not perceive Israel as attacking Hamas and its fighters. They see the Netanyahu government and Israeli military slaying and starving civilians.

    Even in the US, where the Trump administration is trying to crush sympathy for Palestine and Gazans in universities, non-governmental organisations and the public sphere, opinion is shifting.

    In a Gallup poll taken in the US and released on July 29, only 32% of respondents supported Israel’s actions in Gaza – an all-time low – and 60% opposed them. Netanyahu was viewed unfavourably by 52% and favourably by only 29%.

    Israel has lost its moment of “normalisation” with Arab states. Its economic links are strained and its oft-repeated claim to being the “Middle East’s only democracy” is bloodstained beyond recognition.

    This will be of no comfort to the people of Gaza facing death. But in the longer term, there is the prospect that this sacrifice will be the catalyst to recognise Palestine that disappeared in 1948.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

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

    – ref. New peace plan increases pressure on Israel and US as momentum grows for Palestinian statehood – https://theconversation.com/new-peace-plan-increases-pressure-on-israel-and-us-as-momentum-grows-for-palestinian-statehood-262259

    MIL OSI Analysis –

  • MIL-OSI Analysis: New peace plan increases pressure on Israel and US as momentum grows for Palestinian statehood

    Source: The Conversation – UK – By Scott Lucas, Professor of International Politics, Clinton Institute, University College Dublin

    A new vision for Middle East peace emerged this week which proposes the withdrawal of Israel from Gaza and the West Bank, the disarming and disbanding of Hamas and the creation of a unified Palestinian state. The plan emerged from a “high-level conference” in New York on July 29, which assembled representatives of 17 states, the European Union and the Arab League.

    The resulting proposal is “a comprehensive and actionable framework for the implementation of the two-state solution and the achievement of peace and security for all”.

    Signatories include Turkey and the Middle Eastern states of Saudi Arabia, Qatar, Egypt and Jordan. Europe was represented by France, Ireland, Italy, Norway, Spain and the UK. Indonesia was there for Asia, Senegal for Africa, and Brazil, Canada and Mexico for the Americas. Neither the US nor Israel were present.

    Significantly, it is the first time the Arab states have called for Hamas to disarm and disband. But, while condemning Hamas’s attack on Israel of October 7 2023 and recalling that the taking of hostages is a violation of international law, the document is unsparing in its connection between a state of Palestine and an end to Israel’s assault on Gaza’s civilians.

    It says: “Absent decisive measures toward the two-state solution and robust international guarantees, the conflict will deepen and regional peace will remain elusive.”

    A plan for the reconstruction of Gaza will be developed by the Arab states and the Organisation of Islamic Cooperation – a Jeddah-based group which aims to be the collective voice of the Muslim world – supported by an international fund. The details will be hammered out at a Gaza Reconstruction and Recovery Conference, to be held in Cairo.

    It is a bold initiative. In theory, it could end the Israeli mass killing in Gaza, remove Hamas from power and begin the implementation of a process for a state of Palestine. The question is whether it has any chance of success.

    First, there appears to be growing momentum to press ahead with recognition of the state of Palestine as part of a comprehensive peace plan leading to a two-state solution. France, the UK and, most recently, Canada have announced they would take that step at the UN general assembly in September. The UK stated that it would do so unless Israel agreed to a ceasefire and the commencement of a substantive peace process.



    Read more:
    UK and France pledges won’t stop Netanyahu bombing Gaza – but Donald Trump or Israel’s military could

    These announcements follow those made in May 2024 by Spain, Ireland and Norway, three of the other European signatories. By the end of September at least 150 of the UN’s 193 members will recognise Palestinian statehood. Recognition is largely symbolic without a ceasefire and Israeli withdrawal from both Gaza and the West Bank. But it is essential symbolism.

    For years, many European countries, Canada, Australia and the US have said that recognition could not be declared if there was the prospect of Israel-Palestine negotiations. Now the sequence is reversed: recognition is necessary as pressure for a ceasefire and the necessary talks to ensure the security of both Israelis and Palestinians.

    Israel accelerated that reversal at the start of March, when it rejected the scheduled move to phase two of the six-week ceasefire negotiated with the help of the US, and imposed a blockade on aid coming into the Strip.

    The Netanyahu government continues to hold out against the ceasefire. But its loud blame of Hamas is becoming harder to accept. The images of the starvation in Gaza and warnings by doctors, humanitarian organisations and the UN of an effective famine with the deaths of thousands can no longer be denied.

    Saudi Arabia and Qatar, behind the scenes and through their embassies, have been encouraging European countries to make the jump to recognition. Their efforts at the UN conference in New York this week are another front of that campaign.

    Israel and the Trump administration

    But in the short term, there is little prospect of the Netanyahu government giving way with its mass killing, let alone entering talks for two states. Notably neither Israel nor the US took part in the conference.

    Trump has criticised the scenes of starvation in Gaza. But his administration has joined Netanyahu in vitriolic denunciation of France and the UK over their intentions to recognise Palestine. And the US president has warned the Canadian prime minister, Mark Carney, that recognition of Palestinian statehood would threaten Canada’s trade deal with the US.

    In response to Trump’s concern over the images of starving children and his exhortation “We’ve got to get the kids fed,” Israel has airdropped a few pallets of aid – less than a truck’s worth. Yet this appears more of a public relations exercise directed at Washington than a genuine attempt to ease the terrible condition on the Strip.

    A small number of lorries with supplies from UN and humanitarian organisations have also crossed the border, but only after lengthy delays and with half still held up. There is no security for transport and delivery of the aid inside Gaza.

    A sacrifice for a state?

    So the conference declaration is not relief for Gaza. Instead, it is yet another marker of Israel’s increasing isolation.

    After France’s announcement, the Netanyahu government thundered: “Such a move rewards terror and risks creating another Iranian proxy … A Palestinian state in these conditions would be a launch pad to annihilate Israel.”

    But while recognising Hamas’s mass killing of October 7 2023, most governments and their populations do not perceive Israel as attacking Hamas and its fighters. They see the Netanyahu government and Israeli military slaying and starving civilians.

    Even in the US, where the Trump administration is trying to crush sympathy for Palestine and Gazans in universities, non-governmental organisations and the public sphere, opinion is shifting.

    In a Gallup poll taken in the US and released on July 29, only 32% of respondents supported Israel’s actions in Gaza – an all-time low – and 60% opposed them. Netanyahu was viewed unfavourably by 52% and favourably by only 29%.

    Israel has lost its moment of “normalisation” with Arab states. Its economic links are strained and its oft-repeated claim to being the “Middle East’s only democracy” is bloodstained beyond recognition.

    This will be of no comfort to the people of Gaza facing death. But in the longer term, there is the prospect that this sacrifice will be the catalyst to recognise Palestine that disappeared in 1948.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

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

    – ref. New peace plan increases pressure on Israel and US as momentum grows for Palestinian statehood – https://theconversation.com/new-peace-plan-increases-pressure-on-israel-and-us-as-momentum-grows-for-palestinian-statehood-262259

    MIL OSI Analysis –

  • MIL-OSI USA: PREPARED REMARKS: Sanders Forces Vote to Stop Arms Sales to Israel Amid Starvation in Gaza

    US Senate News:

    Source: United States Senator for Vermont – Bernie Sanders

    WASHINGTON, July 30 – Sen. Bernie Sanders (I-Vt.) today rose to force a vote on two Joint Resolutions of Disapproval (JRDs) to block offensive arms sales to Israel in light of the daily civilian massacres and unfolding famine created by the Netanyahu government’s policies. The JRD is the only formal mechanism available to Congress to prevent an arms sale noticed by the administration from advancing.

    Sanders’ remarks introducing the vote today, as prepared for delivery, are below and can be watched live HERE:

    M. President, let me begin by stating what this debate is about, and what it is not about. It is not about whether anyone in the Senate disagrees that Hamas is a terrorist organization, which began this war with a brutal terrorist attack on October 7, 2023, that killed 1,200 innocent people and took 250 hostages. Everyone agrees with that.

    The International Criminal Court was right to indict the leaders of Hamas as war criminals for those atrocities. There is also, I believe, no disagreement as to whether or not Israel had a right to defend itself, like any other country suffering an attack like that. Clearly, it did.

    And, in a certain sense, this debate is not really about Israel. It is about the United States of America, and whether we will abide by U.S. and international law, or whether we will continue to contribute billions of dollars to an extremist government in Israel, which has caused an unprecedented humanitarian disaster in Gaza. This debate is over whether or not the United States of America will have any moral credibility on the international scene. Whether or not we will be able, with a straight face, to condemn other countries who commit barbaric acts if we don’t stand up tonight. That is what we are debating.

    M. President, the vast majority of the American people and the world community understand that the Netanyahu government in Israel has gone well beyond defending itself from Hamas. Over the last 21 months, it has waged an all-out, illegal, immoral and horrific war of annihilation against the Palestinian people. 

    This war has already killed some 60,000 Palestinians and wounded more than 143,000 — most of whom are women, children and the elderly. In a population of just over two million, more than 200,000 people have been killed or wounded since this war began. That, M. President, is 10% of the population of Gaza. 

    M. President, to put that into scale so we as Americans can understand the enormity of what is happening there, if that kind of destruction happened in the United States — if 10% of our population were killed or wounded in war, it would mean that 34 million of us would have been killed or wounded.

    The toll on Gaza’s children is unspeakable, and it is literally hard to imagine. The United Nations reports that more than 18,000 children have been killed since this war began. Just this morning, the Washington Post published a list of all these children’s names, and I ask that these names be entered into the Congressional Record.

    I should mention that more than 12,000 of these children were under the age of 12, and more than 3,000 children in Gaza have had one or more limbs amputated. That is how this war has impacted the children in Gaza. But it’s not just the horrific loss of life that we are seeing.

    New satellite imagery shows that Israel’s indiscriminate bombardment has destroyed 70% of all structures in Gaza. The UN estimates that 92% of the housing units have been damaged or destroyed. Most of the population is now living in tents or other makeshift structures.

    And let us not forget, over the last 21 months, these people, most of whom are poor, have been displaced time and time again — told to go here, told to go there, moved around with often no possessions other than the clothing on their backs.

    M. President, the health care system in Gaza has been destroyed. Most of the territory’s hospitals and primary health care facilities have been bombed. More than 1,500 health care workers have been killed, as well as 336 UN staff.

    Gaza’s civilian infrastructure has been totally devastated, including almost 90% of water and sanitation facilities. Raw sewage now runs all over Gaza. Most of the roads have been destroyed. Gaza’s educational system has been obliterated. Hundreds of schools have been bombed, as has every single one of Gaza’s 12 universities. And there has been no electricity in Gaza for 21 months. 

    M. President, all of this is a horror unto itself. But in recent months, the Netanyahu government’s extermination of Gaza has made an unspeakable and horrible situation even worse. 

    From March 2 to May 19, Israel did not allow a single shipment of humanitarian aid into Gaza — no food, no water, no fuel and no medical supplies for a distressed population of two million people over a period of 11 weeks. Since then, Israel has allowed a trickle of aid to get into Gaza, but nowhere near enough to meet the enormous needs of a population besieged for so long. 

    M. President, when you cut off all food to a population, what happens is not surprising. People starve to death. And that is exactly what Israeli policy has deliberately done — it is causing mass starvation and famine.

    Children and other vulnerable people are dying in increasing numbers. In the last two weeks, dozens of young children have died from starvation. Starving mothers cannot breastfeed their infants, and no formula is available, and certainly no clean water to make it, in any case. Hospitals have run out of nutritional treatments, and doctors and nurses who are already treating the desperate, they themselves are going hungry and are fainting from hunger. 

    The World Food Programme says that the food crisis has reached “new and astonishing levels of desperation, with a third of the population not eating for multiple days in a row.” 

    Just yesterday, the gold-standard UN-backed food monitoring group, the IPC, issued a new report saying: “The worst-case scenario of famine is currently playing out in the Gaza Strip.”  

    When mass death from starvation begins, it is difficult to reverse. Aid groups say it will soon be too late to stop a wave of preventable deaths in Gaza, all of which is the direct result of the Israeli government’s policies. 

    M. President, what I’m going to describe now is gruesome, but I think it is important for us to understand what is happening to the children in Gaza.

    Mark Brauner, an American doctor who spent in two weeks in Gaza in June described the situation: “a lot of the children have already passed the point of no return where their physiology has eroded to the point where even refeeding could potentially cause death itself. The gut lining has started to auto-digest and it will no longer have adequate absorptive capacity for water or for nutrition. Death is unfortunately imminent for probably thousands of children.”

    That’s an American physician who was in Gaza in June.

    M. President, what the extremist Netanyahu government is doing now is not an effort to win a war. There is no military purpose in starving thousands and thousands of children. Let us be clear: This is not an effort to win a war, this is an effort to destroy a people.

    Having already killed or wounded more than 200,000 Palestinians, mostly women and children, the extremist Israeli government is using mass starvation to engineer the ethnic cleansing of Gaza. They are trying to drive a desperate people out of their homeland, to God knows where. 

    This is not my speculation; this what Israeli ministers and officials are saying themselves.

    A few months ago, the Finance Minister vowed that “Gaza will be entirely destroyed.” Just last week, another current Israeli minister said: “All Gaza will be Jewish… the government is pushing for Gaza being wiped out. Thank God, we are wiping out this evil.” Another Likud member of the Knesset and former minister called for “Erasing all of Gaza from the face of the earth.”

    And in the West Bank, we see this agenda being carried out clearly and methodically, with more than 500,000 Israeli settlers now illegally occupying land integral to any future Palestinian state. Earlier this month, the Knesset even approved a non-binding motion in favor of formally annexing the West Bank.

    This slow-motion annexation is backed by violence: Israeli security forces and settler extremists have killed thousands of Palestinians in recent years. Israeli settlers brutally beat a young American to death earlier this month, the seventh American killed in the West Bank since 2022. Despite a demand from President Trump’s ambassador to Israel, Mike Huckabee, no one has been held accountable for these deaths.

    M. President, people around the world are outraged by what is going on in Gaza right now, and countries are increasingly demanding that Netanyahu’s government stop what they are doing.

    France and Canada have said they will recognize a Palestinian state. The United Kingdom has said it will do so, as well, if Israel does not immediately end this war and surge humanitarian aid. And at the UN last month, 149 countries voted for a ceasefire resolution condemning the use of starvation as a weapon of war and demanding an end to Israel’s blockade on humanitarian aid. But it is not just the international community. 

    Just yesterday, Gallup, one of the best polling organizations in our country, released a new poll that shows that just 32% of Americans support Israel’s military action in Gaza, while 60% oppose it. To my Democratic colleagues here in the Senate, I would point out that only 8% of Democrats support this war, and just 25% of independents. And to my Republican colleagues, I would point out that more and more Republicans are beginning to speak out against the atrocities of this war and the fact that billions of billions of taxpayer dollars are going to a government in Israel waging an illegal war. 

    Further, M. President, a recent Economist/YouGov poll shows that just 15% of the American people support increasing military aid to Israel, while 35% support decreasing military aid to Israel or stopping it entirely. Just 8% of Democrats support increasing military aid to Israel. 

    M. President, the American people are haunted by the images coming out of Gaza.

    These are desperate children with pots in their hands, crying, begging for food in order to stay alive. That’s what the American people are seeing every night on TV, on the internet and in the newspapers. These are emaciated children, their bodies, in some cases, barely more than skeletons. The American people are seeing miles and miles of rubble where cities and towns once stood. They are seeing innocent people shot down while they wait on line to get food while they are starving.

    M. President, despite these war crimes, carried out daily in plain view, the United States has provided more than $22 billion for Israel’s military operations since this war began. One estimate, based on Brown University research, calculates that the United States has paid for 70% of the Gaza war. In other words, American taxpayer dollars are being used to starve children, bomb schools, kill civilians and support the cruelty of Netanyahu and his criminal ministers. And that, M. President, is why I have brought these two resolutions of disapproval to block offensive arms sales to Israel. 

    S.J.Res.34 would prohibit the U.S.-taxpayer financed $675.7 million sale of thousands of 1,000-pound bombs and many thousands of JDAM guidance kits.

    And S.J.Res.41 would prohibit the sale of tens of thousands of fully automatic assault rifles.

    These arms sales clearly violate the Foreign Assistance Act and the Arms Export Control Act, which prohibit sending arms to countries that violate international law by killing civilians and blocking humanitarian aid — and very few people doubt that that is exactly what Israel is doing. If you want to obey the law, vote for these resolutions. 

    The rifles in question will go to arm a police force overseen by far-right, extremist minister Itamar Ben-Gvir, who has long advocated for the forcible expulsion of Palestinians from the region, who was convicted of support for terrorism by an Israeli court, and who has distributed weapons to violent settlers in the West Bank. Ben-Gvir has formed new police units comprised of extremist settlers and has boasted about how many weapons he has distributed to vigilante settlers in the West Bank. And you want to give him more rifles? That’s what one of these resolutions is about.

    These are rifles the Biden administration held back over fears they would be used by extremist Israeli settlers in the West Bank to terrorize Palestinians and push them from their homes and villages.

    M. President, U.S. taxpayers have spent many, many billions of dollars in support of the racist, extremist Netanyahu government. Enough is enough. 

    Americans want this to end. They do not want to be complicit in an unfolding famine and daily civilian massacres. And we here in Congress tonight have the power to act. No more talks, no more great speeches. But tonight, we have the power to act — the power to force Netanyahu and his extremist government to end this slaughter.

    The time is long overdue for Congress to use the leverage we have — tens of billions in arms and military aid — to demand that Israel end these atrocities.

    At a time when Israeli soldiers are shooting civilians trying to get food aid on a near-daily basis, when extremist settlers are pushing Palestinians from their homes in the West Bank, and when Gaza is witnessing mass starvation as a result of Israeli government policy, the United States should not and must not be providing more weapons to enable these atrocities. 

    M. President, whatever happens tonight, history will condemn those who fail to act in the face of these horrors.

    MIL OSI USA News –

  • MIL-OSI China: Brazil defeat China to reach Men’s VNL Finals semis

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

    Host China lost 3-1 to world No. 4 Brazil in the quarterfinal as the 2025 FIVB Men’s Volleyball Nations League (VNL) Finals kicked off on Wednesday.

    Li Yongzhen (L) of China competes during the match between China and Brazil at the 2025 Volleyball Nations League (VNL) Men’s Finals in Ningbo, east China’s Zhejiang Province, July 30, 2025. (Photo by Suo Xianglu/Xinhua)

    This year’s VNL Finals follow a single-elimination format. China joined the top seven teams from the preliminary round in the fight for the title.

    Brazil, the tournament favorite, finished the preliminary phase with an 11-1 record and had previously swept China 3-0 in the Chicago leg in June.

    China made a strong start, overcoming an early deficit in the first set to win 31-29. Key contributions came from Wen Zihua, Yu Yuantai and Li Yongzhen, with China scoring six blocks – while Brazil did not record any.

    “I’m more than satisfied, I mean I am proud of the team,” said China head coach Vital Heynen. “At the beginning of the VNL, we could not defend, but today we were amazing. I’ve never seen them fighting like today.”

    In the second set, China led 17-14 but then conceded nine consecutive points. Despite calling two timeouts, the team was unable to turn the tables and lost the set 19-25.

    Brazil took control in the third set with a 25-16 win, then sealed the match in the fourth, pulling away late to secure a 25-21 victory. Brazil’s Alan Souza scored a match-high 26 points, while Wen Zihua led China with 15.

    “The only problem is we don’t know how to win,” Heynen admitted. “I see big steps forward, but we have to be very fair that Brazil is many steps in front of us. That is clear, but I go out of the VNL with a very nice feeling. We were fighting and that was the most important. Sport is about giving everything. My guys were giving everything. That’s what I want!”

    Looking ahead to the World Championship in the Philippines starting September 12, Heynen remained optimistic: “We have another seven weeks to get better, and then we’ll see. If we play like this [today] and we lose, I have no problem with anything, because this is the way we have to play.”

    Earlier on Wednesday, Italy defeated Cuba 3-1 to advance to the semifinals. France will face Slovenia and Japan will take on Poland in the remaining quarterfinals on Thursday. 

    MIL OSI China News –

  • MIL-OSI Europe: Minister for Defence Pål Jonson to receive Luxembourg’s defence minister at Karlberg Palace

    Source: Government of Sweden

    On Friday 23 May, Minister for Defence Pål Jonson will meet with Luxembourg’s Minister of Defence Yuriko Backes at Karlberg Palace for bilateral discussions. Photojournalists are welcome to attend the formal ceremony and the beginning of the bilateral discussions.

    MIL OSI Europe News –

  • MIL-OSI Europe: Government issues detailed opinion on France’s proposal to ban white snus

    Source: Government of Sweden

    The Government has decided to submit a detailed opinion on the French proposal to ban the sale and possession of white snus. The proposal is far-reaching and involves banning all products containing white snus in France, which would be a restriction of free movement in the EU Single Market.

    MIL OSI Europe News –

  • MIL-Evening Report: 5 reasons why wind farms are costing more in Australia – and what to do about it

    Source: The Conversation (Au and NZ) – By Magnus Söderberg, Professor and Director, Centre for Applied Energy Economics and Policy Research, Griffith University

    Saeed Khan/Getty

    Building a solar farm in Australia is getting about 8% cheaper each year as panel prices fall and technology improves, according to an official new report. Battery storage costs are falling even more sharply, dropping 20% over the past year alone.

    But the same can’t be said for wind farms, the second-largest source of renewable energy in Australia. Onshore wind costs actually rose about 8% in 2023–24 and another 6% in 2024–25.

    The findings are contained in the GenCost 2024–25 report by CSIRO and the Australian Energy Market Operator, released this week.

    Rising costs are putting real pressure on the wind industry, undermining investor confidence. Developers of offshore wind projects are walking away, and even cheaper on-shore wind projects are under strain. Even as wind energy becomes a mainstay in China, the United States and Germany, the industry faces real headwinds in Australia.

    This is surprising. Wind, like solar, was projected to get steadily cheaper. The fuel is free and turbines are getting better and better. Instead, wind in Australia has remained stubbornly expensive. Solving the problem will be challenging. But solutions have to be found fast if Australia is to reach the goal of 82% renewable power in the grid by 2030 – now less than five years away.

    Australia has no offshore wind projects up and running – and cost spikes may put planned projects at risk.
    Obatala-photography/Shutterstock

    Five reasons why this is happening

    Here’s what’s going on:

    1. Global supply chains have been disrupted

    The cost of steel, copper, fibreglass and other materials vital for wind turbines shot up during the pandemic. As a result, turbine prices rose almost 40% between 2020 and 2022. While input costs have fallen, turbine prices remain high. Solar panels can be churned out in factories, but modern wind turbines are massive, complex structures that require specialised manufacturing and logistics. That makes them more sensitive to global price fluctuations.

    2. Good wind is often in remote places

    Australia’s best wind resources are typically far from cities and existing grid infrastructure. Connecting far-flung wind farms such as Tasmania’s Robbins Island to the grid can require new and very expensive transmission lines. Remote sites mean extra costs such as temporary worker accommodation. The GenCost report notes this has added about 4% to wind project budgets in 2024–25 compared with the year before.

    Many other countries rely heavily on offshore wind, because wind blows more strongly and reliably over oceans. Unfortunately, spiking costs are likely to further delay the arrival of offshore wind in Australia. GenCost projects the first offshore wind projects in Australia will face even steeper costs.

    Good wind resources are often located in remote areas of Australia.
    Brook Mitchell/Stringer via Getty

    3. Local construction and labour costs have soared

    Australia faces a shortage of workers with the skills to build and maintain wind farms, resulting in higher wages and recruitment costs. Wind developers say construction costs have become a real issue. Wind farms are more labour-intensive than solar.

    4. Interest rates have raised financing costs

    Wind farms require large upfront investments and lengthy construction periods. Even a small increase in interest rates can make them unviable – and interest rates have been high for some time.

    5. Reliability concerns, regulatory delay and community opposition

    According to US researchers, technical issues have emerged for some new wind turbines, creating unexpected costs for developers. The long, complex process of getting permits, carrying out environmental assessments and building community support is pushing out project timelines, increasing costs and uncertainty for developers.

    Will solar take over?

    Solar faces far fewer challenges. Solar panels are mass-produced, meaning costs are steadily driven down through economies of scale. Panels can be deployed quickly and solar farms tend to face less community opposition.

    Wind turbines have to spin to function, while solar panels have no moving parts (though systems that track the Sun do). As a result, solar farms require less maintenance and are more reliable.

    It’s no surprise large-scale solar has been on a record-breaking run, growing 20-fold between 2018 and 2023.

    Solar panels make electricity during daylight hours, especially in summer. By contrast, wind tends to produce more power at night and during winter months. This is why wind is so useful to a green grid.

    Generating power from both wind and sunshine can slash how much storage is needed to ensure grid reliability, lowering overall system costs. A balanced mix of wind, solar and storage will meet Australia’s electricity needs more efficiently and reliably than just solar and storage, according to the International Renewable Energy Agency and independent researchers.

    Could wind come back?

    Making wind more viable will take work. Potential solutions do exist, such as expanding the skilled workforce and investing in specialised ships and equipment to install turbines offshore.

    Shipping large turbines from Denmark or China is expensive. To avoid these costs, it could make sense to encourage local manufacturing of large and heavy parts such as the main tower.

    Other options include finding lower-cost turbine suppliers and streamlining regulatory processes.

    Rising material and labour costs have driven up the cost of wind turbines. Pictured: turbine blades in China’s Jiangsu province in 2022 about to be shipped to Australia.
    Xu Congjun/Future Publishing via Getty Images

    The newly announced expansion of the government’s Capacity Investment Scheme could help reduce risks and give certainty, alongside public investment in new transmission lines.

    If nothing is done or if new measures don’t help, wind is likely to stall while solar and storage race ahead.

    That’s not the worst outcome. Australia could get a long way by relying on batteries and pumped hydro to store power from solar during the day and release it in the evenings, as California is doing. But this strategy involves trade offs, such as higher storage-capacity needs and the risk of insufficient power during long cloudy periods.

    For Australia to optimise its mix of renewables and storage, policymakers will have to tackle wind’s cost challenges. Effective action could lower costs, accelerate project timelines and bolster flagging investor confidence.

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

    – ref. 5 reasons why wind farms are costing more in Australia – and what to do about it – https://theconversation.com/5-reasons-why-wind-farms-are-costing-more-in-australia-and-what-to-do-about-it-262126

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for July 31, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on July 31, 2025.

    5 reasons why wind farms are costing more in Australia – and what to do about it
    Source: The Conversation (Au and NZ) – By Magnus Söderberg, Professor and Director, Centre for Applied Energy Economics and Policy Research, Griffith University Saeed Khan/Getty Building a solar farm in Australia is getting about 8% cheaper each year as panel prices fall and technology improves, according to an official new report. Battery storage costs are

    Sporty spice: how romance fiction is adding a new dynamic to sports fandom
    Source: The Conversation (Au and NZ) – By Kasey Symons, Lecturer of Communication, Sports Media, Deakin University Sports fans might love their teams, cheer or curse each game’s result and admire their favourite athletes, but we rarely associate sports with romance. However, that may be slowly changing thanks to the recent spike in the popularity

    Just as NZ began collecting meaningful data on rainbow communities, census changes threaten their visibility
    Source: The Conversation (Au and NZ) – By Lori Leigh, Research Fellow in Public Health, University of Otago Getty Images New Zealand’s 2023 census was the first to collect data on gender identity and sexual orientation, showing one in 20 adults identify as LGBTQIA+. But just as reports from this more inclusive census are being

    Big tech says AI could boost Australia’s economy by $115 billion a year. Does the evidence stack up?
    Source: The Conversation (Au and NZ) – By Uri Gal, Professor in Business Information Systems, University of Sydney Imaginima / Getty Images AI is on the agenda in Canberra. In August, the Productivity Commission will release an interim report on harnessing data and digital technology such as AI “to boost productivity growth, accelerate innovation and

    Progress on Closing the Gap is stagnant or going backwards. Here are 3 things to help fix it
    Source: The Conversation (Au and NZ) – By Madeleine Pugin, Research Fellow, School of Government and International Relations, Griffith University The Productivity Commission’s latest data on Closing the Gap progress represents an unsurprisingly grim overview of the socioeconomic inequalities experienced by Aboriginal and Torres Strait Islander peoples. Closing the Gap is the plan federal and

    More than 2 in 5 young Australians are lonely, our new report shows. This is what could help
    Source: The Conversation (Au and NZ) – By Michelle H. Lim, Associate Professor, Sydney School of Public Health, University of Sydney Oliver Rossi/Getty Images Loneliness is not a word often associated with young people. We tend to think of our youth as a time spent with family, friends and being engaged with school and work

    How migrant business owners turn their identity into an asset, despite some bumps along the way
    Source: The Conversation (Au and NZ) – By Shea X. Fan, Associate Professor, Human Resource Management, Deakin University Odua Images/Shutterstock Too often, it’s anti-immigration sentiment dominating headlines in Australia. But a quieter story is going untold. Migrants are not just fitting into Australian society, they’re actively reshaping it through entrepreneurship. Starting a business is difficult

    The Man from Hong Kong at 50: how the first ever Australian–Hong Kong co-production became a cult classic
    Source: The Conversation (Au and NZ) – By Gregory Ferris, Senior Lecturer, Media Arts & Production, University of Technology Sydney LMPC via Getty Images A cinematic firecracker of a film exploded onto international screens 50 years ago this week, blending martial arts mayhem, Bond-esque set pieces, casual racism – and a distinctly Australian swagger. From

    Rules for calculating climate risk in financial reporting by NZ businesses need revisiting – new research
    Source: The Conversation (Au and NZ) – By Martien Lubberink, Associate Professor of Accounting and Capital, Te Herenga Waka — Victoria University of Wellington Andrew MacDonald/Getty Images The recent International Court of Justice (ICJ) decision on climate action marked a significant step forward in formalising an idea many already accept: climate inaction is not merely

    Climate justice victory at the ICJ – the student journey from USP lectures to The Hague
    By Vahefonua Tupola in Suva The University of the South Pacific (USP) is at the heart of a global legal victory with the International Court of Justice (ICJ) delivering a historic opinion last week affirming that states have binding legal obligations to protect the environment from human-induced greenhouse gas emissions. The case, hailed as a

    Climate justice victory at the ICJ – the student journey from USP lectures to The Hague
    By Vahefonua Tupola in Suva The University of the South Pacific (USP) is at the heart of a global legal victory with the International Court of Justice (ICJ) delivering a historic opinion last week affirming that states have binding legal obligations to protect the environment from human-induced greenhouse gas emissions. The case, hailed as a

    Kamchatka earthquake is among top 10 strongest ever recorded. Here’s what they have in common
    Source: The Conversation (Au and NZ) – By Dee Ninis, Earthquake Scientist, Monash University Today at about 11:30am local time, a magnitude 8.8 earthquake struck off the coast of Russia’s Kamchatka Peninsula in the country’s far east. Originating at a depth of roughly 20 kilometres, today’s powerful earthquake – among the ten strongest in recorded

    Kamchatka earthquake is among top 10 strongest ever recorded. Here’s what they have in common
    Source: The Conversation (Au and NZ) – By Dee Ninis, Earthquake Scientist, Monash University Today at about 11:30am local time, a magnitude 8.8 earthquake struck off the coast of Russia’s Kamchatka Peninsula in the country’s far east. Originating at a depth of roughly 20 kilometres, today’s powerful earthquake – among the ten strongest in recorded

    Tsunami warnings are triggering mass evacuations across the Pacific – even though the waves look small. Here’s why
    Source: The Conversation (Au and NZ) – By Milad Haghani, Associate Professor and Principal Fellow in Urban Risk and Resilience, The University of Melbourne Last night, one of the ten largest earthquakes ever recorded struck Kamchatka, the sparsely populated Russian peninsula facing the Pacific. The magnitude 8.8 quake had its epicentre in the sea just

    NAPLAN is just one test. Here’s what to do if your child’s results were in the bottom bands
    Source: The Conversation (Au and NZ) – By Sally Larsen, Senior Lecturer in Education, University of New England Rawpixel/ Getty Images The latest round of NAPLAN results are out, along with a string of news reports about “students falling behind” and “failing”, and experts sounding the “alarm” about school progress. In March, all Australian students

    Inflation slows again — but is it enough for the Reserve Bank to cut interest rates?
    Source: The Conversation (Au and NZ) – By Stella Huangfu, Associate Professor, School of Economics, University of Sydney Doublelee/Shutterstock Inflation is moving in the right direction, but new figures released today may not be soft enough to trigger a cut in official interest rates in August. The Australian Bureau of Statistics released the June quarter

    With the UK and France moving toward recognising Palestine, will Australia now follow suit?
    Source: The Conversation (Au and NZ) – By Donald Rothwell, Professor of International Law, Australian National University One of the smallest and most exclusive clubs in the world belongs to states. The US Department of State puts the number of independent recognised states at 197, while others count 200. The United Nations, meanwhile, has 193

    With the UK and France moving toward recognising Palestine, will Australia follow suit?
    Source: The Conversation (Au and NZ) – By Donald Rothwell, Professor of International Law, Australian National University One of the smallest and most exclusive clubs in the world belongs to states. The US Department of State puts the number of independent recognised states at 197, while others count 200. The United Nations, meanwhile, has 193

    An underwater observatory keeping the pulse of the Southern Ocean for nearly 30 years yields fresh results
    Source: The Conversation (Au and NZ) – By Christopher Traill, PhD Candidate Southern Ocean biogeochemistry, University of Tasmania Elizabeth Shadwick In a world affected by climate change, the Southern Ocean plays an outsized role. It absorbs up to 40% of the human-caused emissions taken up by the oceans while also being home to some of

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Europe: Let us stop the next pandemic today – before it’s too late

    Source: Government of Sweden

    Opinion piece, Euractiv, 1 February 2024, by Jutta Urpilainen, European Commissioner for International Partnerships, European Commission, Stella Kyriakides, European Commissioner for Health and Food Safety, European Commission, Johan Forssell, Minister for International Development Cooperation and Foreign Trade, Sweden, Jakob Forssmed, Minister for Social Affairs and Public Health, Sweden, Caroline Gennez, Minister of Development Cooperation and of Major Cities, Belgium and Frank Vandenbroucke, Deputy Prime Minister and Minister of Social Affairs and Public Health, Belgium.

    MIL OSI Europe News –

  • MIL-OSI Europe: Sweden concludes agreement with France on fighting organised crime

    Source: Government of Sweden

    Gang criminality and other forms of serious crime are major societal problems in both Sweden and France. Together, Sweden and France are now intensifying their efforts in the fight against organised crime. A new agreement will present new possibilities for closer cooperation in several areas.

    MIL OSI Europe News –

  • MIL-OSI China: Int’l conference on two-state solution concludes general debate at UN

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

    The high-level international conference for the peaceful settlement of the question of Palestine and the implementation of the two-state solution concluded its general debate on Wednesday.

    An outcome document was circulated to delegations for consideration, and the conference, co-chaired by France and Saudi Arabia, will reconvene at a later date to take action on the text of the document.

    “States have until the beginning of September to endorse the document if they so wish,” said the representative of Saudi Arabia as he suspended the session.

    The three-day conference, mandated by the UN General Assembly in December 2024, was originally scheduled for June but was postponed following the outbreak of the conflict between Iran and Israel.

    Several countries have announced their intention to recognize the State of Palestine, including Britain and Singapore.

    The representative of Malta said at the conference on Wednesday that his country could formally recognize the State of Palestine at the upcoming UN General Assembly session in September, describing the decision as “a concrete step towards the realization of a just and lasting peace.”

    MIL OSI China News –

  • MIL-OSI Europe: “Sweden, France and Denmark calls for new global rules on exporting textile waste to developing countries”

    Source: Government of Sweden

    Opinion piece by Romina Pourmokhtari, Minister for Climate and the Environment in Sweden, Christophe Béchu, Minister for Ecological Transition and Cohesion of the Territories in France and Magnus Heunicke, Minister for the Environment in Denmark, published in Dagens industri, March 25 2024.

    MIL OSI Europe News –

  • MIL-OSI Europe: Rare diseases and cancer care in focus during health care minister’s visit to New York

    Source: Government of Sweden

    Minister for Health Care Acko Ankarberg Johansson took part in the 78th Session of the UN General Assembly in New York. Among her various activities during the meeting, Ms Ankarberg Johansson took part in a panel discussion on rare diseases, sponsored by Sweden and Spain together with the organisation Rare Diseases International.

    MIL OSI Europe News –

  • MIL-OSI: Societe Generale: Second quarter and first half 2025 results

    Source: GlobeNewswire (MIL-OSI)

    RESULTS AT 30 JUNE 2025

    Press release                                                         
    Paris, 31 July 2025, 6:25 a.m.

    GROUP NET INCOME OF EUR 3.1BN IN H1 25, UP +71% VS. H1 24

    UPGRADE OF 2025 TARGETS

    FIRST ADDITIONAL SHARE BUY-BACK OF EUR 1BN

    NEW INTERIM CASH DIVIDEND OF EUR 0.611 PER SHARE

    • Group revenues at EUR 13.9 billion in H1 25, up +8.6% excluding asset disposals vs. H1 24, exceeding 2025 annual target > +3%
    • Costs down -2.6% in H1 25 vs. H1 24, excluding asset disposals, ahead of our 2025 annual target of a decrease higher than -1%
    • Cost / income ratio at 64.4% in H1 25, below the initial annual target of <66% for 2025
    • Solid asset quality with a low cost of risk at 24bps in H1 25, below the 2025 annual target of 25 to 30 basis points
    • Group net income of EUR 3.1 billion in H1 25, up +71% vs. H1 24, ROTE at 10.3%, above the initial annual target of >8% for 2025
    • As in H1 25, strong performance in Q2 25, C/I ratio at 63.8% (vs. 68.4% in Q2 24), Group net income of EUR 1.5bn (+31% vs. Q2 24) and ROTE at 9.7%
    • Upgrade of the 2025 financial targets driven by better than guided revenues and costs:
      • Cost / income ratio now expected below 65% in 2025
      • ROTE target for 2025 increased to ~9% in 2025
    • First distribution of excess capital in the form of an additional share buy-back of EUR 1 billion (~-25 basis points of the CET1 ratio), to be launched as soon as 4 August 2025
    • CET1 ratio at 13.5% at the end of Q2 25 after additional share buy-back of EUR 1bn, around 330 basis points above the regulatory requirement
    • The Board of Directors approved an amendment to the distribution policy, introducing an interim cash dividend payable in the fourth quarter of each year from 2025 onwards. For the first half of 2025, an interim dividend of EUR 0.611 per share will be paid on 9 October 2025

    Slawomir Krupa, Group Chief Executive Officer, commented:

    “We are once again reporting strong results this quarter with a solid commercial and financial performance in all our businesses. Revenue growth, cost reduction, cost income ratio and profitability improvement: we are ahead of all our annual targets for the first half of the year, and we have revised them upwards for the full year 2025. With a high capital ratio, well above our target, we decided to provide an additional distribution to shareholders in the form of a share buy-back and to introduce an interim dividend for the first half of 2025. I would like to thank all our teams for their commitment to our clients and to our Bank. We remain fully focused on the precise and methodical execution of our 2026 roadmap to continue delivering sustainable and profitable growth for all our stakeholders.”

    1. GROUP CONSOLIDATED RESULTS
    In EURm Q2 25 Q2 24 Change H1 25 H1 24 Change
    Net banking income 6,791 6,685 +1.6% +7.8%* 13,874 13,330 +4.1% +8.8%*
    Operating expenses (4,331) (4,570) -5.2% -0.1%* (8,935) (9,550) -6.4% -2.6%*
    Gross operating income 2,460 2,115 +16.4% +25.3%* 4,939 3,780 +30.7% +37.8%*
    Net cost of risk (355) (387) -8.2% +0.7%* (699) (787) -11.1% -4.9%*
    Operating income 2,105 1,728 +21.8% +30.6%* 4,240 2,993 +41.7% +48.8%*
    Net profits or losses from other assets 75 (8) n/s n/s 277 (88) n/s n/s
    Income tax (477) (379) +25.8% +37.7%* (967) (653) +48.1% +58.3%*
    Net income 1,702 1,348 +26.3% +34.6%* 3,557 2,265 +57.1% +64.4%*
    o/w non-controlling interests 249 235 +5.8% +11.5%* 496 472 +5.0% +11.3%*
    Group net income 1,453 1,113 +30.6% +39.6%* 3,061 1,793 +70.8% +78.1%*
    ROE 8.6% 6.5%     9.1% 5.1% +0.0% +0.0%*
    ROTE 9.7% 7.4%     10.3% 5.8% +0.0% +0.0%*
    Cost to income 63.8% 68.4%     64.4% 71.6% +0.0% +0.0%*

    Asterisks* in the document refer to data at constant scope and exchange rates

    Societe Generale’s Board of Directors, at a meeting chaired by Lorenzo Bini Smaghi on 30 July 2025, reviewed the Societe Generale Group’s results for the second quarter and first half of 2025.

    Net banking income 

    Net banking income stood at EUR 6.8 billion, up +1.6% vs. Q2 24 and +7.1% excluding asset disposals.

    Revenues of French Retail, Private Banking and Insurance were up +6.5% vs. Q2 24 (+10.7% excluding asset disposals). They stood at EUR 2.3 billion in Q2 25. Net interest income grew strongly in Q2 25 by +14.8% vs. Q2 24, and by +2.4% when restating the disposals and the impact of short-term hedges recognised in Q2 24 (around EUR -150 million). Assets under management in Private Banking (excluding disposals of the Swiss and UK operations) and life insurance outstandings increased by +6% and +5% in Q2 25 vs. Q2 24 respectively. Lastly, BoursoBank continued its strong commercial development with ~424,000 new clients during the quarter, and has reached 8 million clients in July 2025, ahead of its initial 2026 guidance given at the Capital Markets Day in September 2023.

    Global Banking and Investor Solutions maintained a high level of revenues of EUR 2.6 billion in Q2 25, up +0.7% vs. Q2 24 owing to the continued sustained activity in Fixed Income and Currencies and in Financing and Advisory. Global Markets posted a revenue base up +0.8% in Q2 25, compared with a level that was already very high in Q2 24. The Equities business maintained a very high level of revenues, although this fell slightly by -2.9% in Q2 25, compared with an elevated level in Q2 24, mainly due to the positive commercial momentum in derivatives. Fixed Income and Currencies grew by 7.3%, driven by buoyant activity in flow and financing products. Securities Services posted a slight decrease in revenues of -3.1% due to the impact of the fall in interest rates. Global Banking & Advisory benefited from the strong performance of the acquisition finance, fund financing and project finance businesses, as well as from the solid momentum in loan origination and distribution. Lastly, despite robust commercial activity with corporate and institutional clients, Global Transaction & Payment Services recorded a fall in revenues of -4.7% compared with Q2 24, also due to the contraction of interest rates.

    In Mobility, International Retail Banking and Financial Services, revenues were down -5.6% vs. Q2 24 mainly due to a scope effect of around EUR -260 million in Q2 25. Excluding the impact of asset disposals, they were up +7.3%. International Retail Banking recorded a -12.1% fall in revenues vs. Q2 24 to
    EUR 0.9 billion, due to a scope effect related to the disposals completed in Africa (mainly Morocco and Madagascar). They rose +2.7% at constant perimeter and exchange rates. Revenues from Mobility and Financial Services were up +0.4% vs. Q2 24 and up +11.7% excluding the disposal of SGEF. Ayvens’ revenues grew by +10.6% vs. Q2 24, with notably improved margins. Consumer Finance posted a revenue increase of +12.6%, notably driven by higher net interest income.

    The Corporate Centre recorded revenues of EUR -160 million in Q2 25.

    In the first half of the year, the Group’s net banking income increased by +4.1% vs. H1 24 and +8.6% excluding asset disposals.

    Operating expenses 

    Operating expenses came to EUR 4,331 million in Q2 25, down -5.2% vs. Q2 24 and -0.6% excluding asset disposals.

    The slight decrease in operating expenses in Q2 25 excluding asset disposals largely results from the accounting of an exceptional charge of approximately EUR 100 million2 related to the launch of a Global Employee Share Ownership Programme in June 2025. Restated from this non-recurring item, operating expenses were down -2.8% vs. Q2 24, confirming the strong cost control at Group level. In Q2 25, transformation charges fell by EUR -93 million vs. Q2 24.

    The cost-to-income ratio stood at 63.8% in Q2 25, down from Q2 24 (68.4%) and below the initial guidance of <66% for 2025.

    In the first half of the year, operating expenses fell significantly by -2.6% vs. H1 24 (excluding asset disposals). The cost-to-income ratio stood at 64.4% (vs. 71.6% in H1 24), also ahead of the initial 2025 guidance of <66%.

    Revenues and costs in H1 25 being ahead of the initial targets in H1 25, the C/I ratio target is now at <65% in 2025.

    Cost of risk

    The cost of risk remained low during the quarter at 25 basis points, or EUR 355 million and is still at the lower end of the target set for 2025 of between 25 and 30 basis points. This comprises a
    EUR 390 million provision for doubtful loans (around 27 basis points) and a reversal of a provision for performing loans for EUR 35 million.

    At end-June, the Group had a stock of provisions for performing loans of EUR 3,011 million, down by -3.8% from 31 March 2025, mainly driven by asset disposals and FX impact.

    The gross non-performing loan ratio amounted to 2.77%3,4 at 30 June 2025, down compared with its level at end-March 2025 (2.82%). The net coverage ratio on the Group’s non-performing loans stood at 81%5 at 30 June 2025 (after netting of guarantees and collateral).

    Net profits from other assets

    The Group recorded a net profit of EUR 75 million in Q2 25, mainly related to the accounting impacts resulting from the sale of Societe Generale Burkina Faso, completed in June 2025.

    Group net income

    Group net income stood at EUR 1,453 million for the quarter, equating to a Return on Tangible Equity (ROTE) of 9.7%.

    In the first half of the year, Group net income stood at EUR 3,061 million, equating to a Return on Tangible Equity (ROTE) of 10.3%, higher than the target set for 2025 of >8%.

    Considering the performance in the first half of 2025, the Group is now targeting a ROTE of around 9% in 2025.

    Shareholder distribution

    The Board of Directors approved an amendment to the distribution policy, introducing an interim cash dividend payable in the fourth quarter of each year from 2025 onwards. Based on the financial statements for the first half of 2025, the Board of Directors has decided the payment of an interim dividend of EUR 0.61 per share. The ex-dividend date will be on 7 October 2025 and the payment on 9 October 2025.

    In addition, as part of the first application of a possible option of the Group’s new distribution policy announced on 6 February 20256, a distribution of excess capital will be made in the form of an additional EUR 1 billion share buy-back. Authorisations, including the one from the ECB, have been obtained7 to launch this programme, which will start on 4 August 2025.

    1. ESG: PREPARING FOR THE FUTURE

    The Group announced the composition of its Scientific Advisory Council this quarter. The role of this body is to provide the General Management with ESG insights, taking a science-based approach to the key emerging trends that will influence the economic environment and the Group’s activities in the future. Composed of eight expert members with complementary skills, the Council will provide holistic views in order to identify long-term opportunities and challenges (for more details, see Societe Generale unveils the composition of its Scientific Advisory Council – Societe Generale).

    At the same time, Societe Generale is continuing to develop its actions for the energy transition, as well as innovative financing solutions to support its customers:

    • During the United Nations Ocean Conference (UNOC), Societe Generale recalled its efforts to protect marine ecosystems and its key role in the transition to a more sustainable maritime economy. It acted as the exclusive advisor to Eurazeo for the “Maritime Upgrade” debt fund (Eurazeo and Societe Generale to join forces to support the sustainable transition of the maritime sector – Wholesale Banking).
    • Through its subsidiary REED, Societe Generale has invested in Voltekko Tech, a platform specialising in energy-efficient data centres. A total of nine investments, mainly in the energy sector, have been made since the acquisition of REED.

    Lastly, Societe Generale received the Euromoney award for “The World’s Best Bank for ESG”, together with an excellent rating from Sustainalytics, at 15.4 – an improvement on the rating assigned by the agency in its last review, which positions it among the world’s best banks (top 12%).

    1. THE GROUP’S FINANCIAL STRUCTURE

    At 30 June 2025, the Group’s Common Equity Tier 1 ratio stood at 13.5%, or around 330 basis points above the regulatory requirement. Likewise, the Liquidity Coverage Ratio (LCR) was also well above regulatory requirements at 148% at end-June 2025 (149% on average for the quarter), while the Net Stable Funding Ratio (NSFR) stood at 117% at end-June 2025.

    All liquidity and solvency ratios are well above the regulatory requirements.

      30/06/2025 31/12/2024 Requirements
    CET1(1) 13.5% 13.3% 10.22%
    Tier 1 ratio(1) 15.8% 16.1% 12.14%
    Total Capital(1) 18.4% 18.9% 14.71%
    Leverage ratio(1) 4.4% 4.3% 3.60%
    TLAC (% RWA)(1) 29.9% 29.7% 22.33%
    TLAC (% leverage)(1) 8.3% 8.0% 6.75%
    MREL (% RWA)(1) 33.4% 34.2% 27.44%
    MREL (% leverage)(1) 9.2% 9.2% 6.13%
    End of period LCR 148% 162% >100%
    Period average LCR 149% 150% >100%
    NSFR 117% 117% >100%
    In EURbn 30/06/2025 31/12/2024
    Total consolidated balance sheet 1,551 1,574
    Shareholders’ equity (IFRS), Group share 68 70
    Risk-weighted assets 388 390
    O.w. credit risk 314 327
    Total funded balance sheet 923 952
    Customer loans 456 463
    Customer deposits 594 614

    8

    As of 30 June 2025, the parent company has issued EUR 13.5 billion of medium / long-term debt under its 2025 financing programme, including EUR 4.5 billion of pre-financing raised at end-2024. The subsidiaries had issued EUR 1.8 billion. In total, the Group has issued a total of EUR 15.3 billion in medium / long-term debt since the start of the year.

    As of 30 June 2025, the parent company’s 2025 financing programme is around 80% complete for vanilla issuance.

    The Group is rated by four rating agencies: (i) Fitch Ratings – Issuer default rating “A-”, stable outlook, senior preferred debt rating “A”, short-term rating “F1”; (ii) Moody’s – long-term rating (senior preferred debt) “A1”, stable outlook, short-term rating “P-1”; (iii) R&I – long-term rating (senior preferred debt) “A”, stable outlook; and (iv) S&P Global Ratings – long-term rating (senior preferred debt) “A”, stable outlook, short-term rating “A-1”.

    1. FRENCH RETAIL, PRIVATE BANKING AND INSURANCE
    In EURm Q2 25 Q2 24 Change H1 25 H1 24 Change
    Net banking income 2,269 2,131 +6.5% 4,568 4,146 +10.2%
    Of which net interest income 1,036 902 +14.8% 2,097 1,729 +21.3%
    Of which fees 1,013 1,027 -1.4% 2,069 2,045 +1.1%
    Operating expenses (1,477) (1,649) -10.4% (3,043) (3,377) -9.9%
    Gross operating income 791 482 +64.3% 1,525 770 +98.2%
    Net cost of risk (146) (173) -15.4% (317) (420) -24.5%
    Operating income 645 309 x 2.1 1,208 350 x 3.5
    Net profits or losses from other assets 20 8 x 2.6 27 8 x 3.3
    Group net income 488 240 x 2.0 909 271 x 3.4
    RONE 11.2% 5.7%   10.4% 3.3%  
    Cost to income 65.1% 77.4%   66.6% 81.4%  

    Commercial activity

    SG Network, Private Banking and Insurance 

    The SG Network’s average outstanding deposits amounted to EUR 227 billion in Q2 25, down -3% compared with Q2 24, and -1% vs. Q1 25.

    The SG Network’s average loan outstandings contracted by -2% on Q2 24 to EUR 194 billion and were stable excluding repayments of state-guaranteed loans (PGE). Mortgage loan production saw a sharp increase of +175% vs. Q2 24.

    The average loan to deposit ratio came to 85.5% in Q2 25, down -1 percentage point relative to Q2 24.

    Private Banking saw its assets under management9 grow by +6% vs. Q2 24 to EUR 132 billion in Q2 25. Net asset inflows totalled EUR 2.3 billion in Q2 25, with asset gathering pace (annualised net new money divided by AuM) standing at +6% in H1 25. Net banking income amounted to EUR 308 million for the quarter and EUR 669 million for the first half of the year.

    Insurance, which covers activities in and outside France, posted a strong commercial performance. Life insurance outstandings increased by +5% vs. Q2 24 to reach EUR 150 billion in Q2 25. The share of unit-linked products remained high at 40%. Gross life insurance savings inflows amounted to EUR 4.8 billion in Q2 25.

    BoursoBank 

    BoursoBank reached 7.9 million clients in Q2 25, the threshold of 8 million clients being reached in July 2025. In Q2 25, the bank recorded a +22% increase in the number of clients vs. Q2 24, bringing growth in the number of clients to +1.4 million year on year. Onboarding remained high during the quarter (~424,000 new clients in Q2 25), while the attrition is very low, at less than 4%.

    BoursoBank once again confirmed its position as the French market leader, as shown by the award received from Euromoney for best digital bank in France10.

    Average outstanding savings, including deposits and financial savings, totalled EUR 69.8 billion, the average outstanding deposits increasing sharply by +16% vs. Q2 24. Average life insurance outstandings increased by +7% vs. Q2 24 (the share of unit-linked products was 48%) and gross inflows being up +12% vs. Q2 24. The brokerage activity recorded a strong increase in the number of market orders of +33% vs. Q2 24.

    Average loan outstandings rose +10% compared with Q2 24 to EUR 16.7 billion in Q2 25.

    Net banking income

    Revenues for the quarter amounted to EUR 2,269 million (including PEL/CEL provision) up +6.5% compared with Q2 24 and +10.7% excluding asset disposals. Net interest income grew by +14.8%
    vs. Q2 24 and +2.4% excluding asset disposals and the impact of short-term hedges in Q2 24. Fees were down -1.4% compared with Q2 24 and up +1.4% excluding asset disposals.

    First-half revenues came to EUR 4,568 million (including PEL/CEL provision), up +10.2% on H1 24 and +13.6% excluding asset disposals. Net interest income grew by +21.3% vs. H1 24. It is up +0.6% excluding asset disposals and the impact of short-term hedges in H1 24. Fee income rose +1.1% vs. H1 24 and +3.7% excluding asset disposals.

    Operating expenses

    Operating expenses came to EUR 1,477 million for the quarter, down -10.4% vs. Q2 24 and -5.7% excluding asset disposals. The cost-to-income ratio stood at 65.1% in Q2 25, an improvement of 12.3 percentage points vs. Q2 24.

    During the first half of the year, operating expenses amounted to EUR 3,043 million, down -9.9% compared with H1 24 and -6.2% excluding asset disposals. The cost-to-income ratio stood at 66.6%, an improvement of 14.8 percentage points vs. H1 24.

    Cost of risk

    The cost of risk amounted to EUR 146 million, or 25 basis points, for the quarter, which was lower than in Q2 24 and Q1 25 (29 basis points in both cases).

    In the first half of the year, the cost of risk totalled EUR 317 million, or 27 basis points.

    Group net income

    Group net income totalled EUR 488 million for the quarter. RONE stood at 11.2% in Q2 25.

    In the first half of the year, Group net income totalled EUR 909 million. RONE stood at 10.4% in H1 25.

    1. GLOBAL BANKING AND INVESTOR SOLUTIONS
    In EUR m Q2 25 Q2 24 Variation H1 25 H1 24 Change
    Net banking income 2,647 2,628 +0.7% +2.4%* 5,542 5,259 +5.4% +5.5%*
    Operating expenses (1,630) (1,647) -1.0% +0.2%* (3,385) (3,404) -0.5% -0.4%*
    Gross operating income 1,017 981 +3.6% +6.1%* 2,157 1,856 +16.2% +16.4%*
    Net cost of risk (81) (21) x 3.8 x 3.8* (136) (1) x 91.4 x 91.4*
    Operating income 936 960 -2.5% -0.1%* 2,021 1,854 +9.0% +9.2%*
    Reported Group net income 750 776 -3.4% -1.1%* 1,606 1,473 +9.0% +9.2%*
    RONE 16.8% 19.0% +0.0% +0.0%* 17.7% 18.2% +0.0% +0.0%*
    Cost to income 61.6% 62.7% +0.0% +0.0%* 61.1% 64.7% +0.0% +0.0%*

    Net banking income

    Global Banking and Investor Solutions reported solid results for the quarter, with revenues of
    EUR 2,647 million, remaining consistently high, slightly up +0.7% compared with Q2 24.

    In the first half of the year, revenues grew by +5.4% vs. H1 24 (EUR 5,542 million vs. EUR 5,259 million).

    Global Markets and Investor Services maintained a high level of revenues of EUR 1,753 million, stable (+0.4%) over the quarter compared with Q2 24. In the first half of the year, they amounted to EUR 3,674 million, up +5.2% vs. H1 24.

    Market Activities were slightly up during the quarter (+0.8%), with revenues of EUR 1,577 million. In the first half of the year, they rose +5.9% in comparison with H1 24 to EUR 3,336 million.

    The Equities business was resilient during the quarter, at -2.9% compared with a high level in Q2 24. Revenues stood at EUR 962 million for the quarter, driven by the positive commercial momentum in derivatives. In the first half of the year, they rose +8.7% in comparison with H1 24 to EUR 2,023 million.

    Fixed Income and Currencies rose sharply during the quarter, with revenues up +7.3% vs. Q2 24 to
    EUR 615 million, driven by a strong performance in flow and financing products. Commercial momentum remained strong during the quarter, despite an uncertain macroeconomic environment. In the first half of the year, revenues were up +1.9% from H1 24 to EUR 1,313 million.

    In Securities Services, revenues fell -3.1% compared with Q2 24 to EUR 176 million, due to the fall in interest rates. Excluding equity participations, revenues are down -2.4%. In the first half of the year, revenues were down -1.0% and -1.3% excluding equity participations. Assets under Custody and Assets under Administration amounted to EUR 5,222 billion and EUR 638 billion, respectively.

    Revenues for the Financing and Advisory business totalled EUR 895 million for the quarter, slightly up +1.3% compared with Q2 24. In the first half of the year, they were up +5.7% in comparison with H1 24 to EUR 1,868 million.

    Global Banking & Advisory posted significant revenues for the quarter, up +3.6% compared with Q2 24, driven in particular by buoyant activity in acquisition finance, fund financing and project finance. In the first half of the year, revenues were up +7.1% versus H1 24.

    Global Transaction & Payment Services delivered good commercial performance during the quarter, particularly with corporate and institutional clients. However, revenues fell by -4.7% during the quarter due to the impact of lower interest rates. In the first half of the year, revenues were up +1.6% vs. H1 24.

    Operating expenses

    Operating expenses came to EUR 1,630 million for the quarter, down -1.0% vs. Q2 24. The cost-to-income ratio was 61.6% in Q2 25.

    During the first half of the year, operating expenses contracted by -0.5% compared with H1 24, while the cost-to-income ratio reached 61.1%, vs. 64.7% in H1 24.

    Cost of risk

    During the quarter, the cost of risk was EUR 81 million, or 19 basis points vs. 5 basis points in Q2 24.

    During the first half of the year, the cost of risk was EUR 136 million, or 16 basis points vs. 0 basis points in H1 24.

    Group net income

    Group net income fell -3.4% vs. Q2 24 to EUR 750 million. In the first half of the year, it rose +9.0% to
    EUR 1,606 million.

    Global Banking and Investor Solutions reported RONE of 16.8% for the quarter and RONE of 17.7% for the first half of the year.

    1. MOBILITY, INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES
    In EURm Q2 25 Q2 24 Change H1 25 H1 24 Change
    Net banking income 2,036 2,157 -5.6% +7.2%* 4,036 4,318 -6.5% +4.1%*
    Operating expenses (1,059) (1,261) -16.0% -4.2%* (2,240) (2,611) -14.2% -4.5%*
    Gross operating income 977 896 +8.9% +22.9%* 1,796 1,707 +5.3% +17.4%*
    Net cost of risk (126) (189) -33.1% -18.4%* (250) (370) -32.4% -21.2%*
    Operating income 850 708 +20.1% +32.9%* 1,546 1,336 +15.7% +27.5%*
    Net profits or losses from other assets 0 (0) n/s n/s 0 4 -92.7% -92.7%*
    Non-controlling interests 246 211 +16.5% +23.5%* 458 406 +12.6% +20.6%*
    Group net income 404 321 +25.7% +41.3%* 722 599 +20.5% +33.7%*
    RONE 15.3% 11.4%     13.2% 10.7%    
    Cost to income 52.0% 58.4%     55.5% 60.5%    

    )()

    Commercial activity

    International Retail Banking

    International Retail Banking posted strong commercial momentum in Q2 25, mainly driven by loan outstandings, up +4.3%* vs. Q2 24 to EUR 61 billion. Deposit outstandings stabilised* vs. Q2 24 to EUR 75 billion.

    Europe continued to post strong growth in loan outstandings of 7.0%* vs. Q2 24 to EUR 46 billion in Q2 25. Deposits were stable* this quarter at EUR 56 billion in Q2 25.

    In Africa, Mediterranean Basin and French Overseas Territories, loan outstandings were down -3.1%* vs. Q2 24 to EUR 15 billion. Deposit outstandings increased +1.9%* vs. Q2 24 to EUR 19 billion in Q2 25, mainly driven by sight deposits from retail and corporate clients.

    Mobility and Financial Services

    Overall, Mobility and Financial Services recorded a broadly stable commercial performance.

    Ayvens maintained earning assets of around EUR 53 billion at end-June 2025, broadly stable compared to end-June 2024.

    Consumer Finance posted loans outstanding of EUR 23 billion, still down -2.8% vs. Q2 24.

    Net banking income

    In Q2 25, Mobility, International Retail Banking and Financial Services delivered a good performance, with EUR 2,036 million in Q2 25, up 7.2%* vs. Q2 24.

    In the first half of the year, revenues grew by +4.1%* vs. H1 24 to EUR 4,036 million.

    International Retail Banking revenues increased +2.7%* vs. Q2 24 to EUR 920 million in Q2 25. They rose +2.3%* in the first half vs. H1 24 to EUR 1,833 million in H1 25.

    In Europe, revenues amounted to EUR 528 million in Q2 25, strongly up +6.1%* vs. Q2 24. The increase was due to the high level of net interest income in both countries (+7.3%* vs. Q2 24).

    Overall, revenues in Africa, Mediterranean Basin and French Overseas Territories were slightly down -1.5%* vs. Q2 24 to EUR 392 million in Q2 25, compared with a high Q2 24 level. The net interest income was up +2.8%* vs. Q2 24.

    Mobility and Financial Services posted strong revenue growth in both businesses, at +11.1%* overall vs. Q2 24, to EUR 1,116 million in Q2 25. In the first half of the year, the increase was +5.7%* vs. H1 24 to EUR 2,203 million.

    The significant improvement in Ayvens’ revenues of +10.6% vs. Q2 24 (EUR 868 million in Q2 25) is due, as expected, to the reduced impact of depreciation adjustments and non-recurring items11 (-3% revenues vs. Q2 24, adjusted from those two items). Margins increased to 550 basis points in Q2 25 vs. 539 basis points in Q2 24, excluding non-recurring items. The depreciations were down vs. Q2 24 and the average results on sales of used vehicles per unit on the secondary market continued to normalise very gradually (EUR 1,23412 in Q2 25 vs. EUR 1,4802 in Q2 24). At company level, Ayvens had a cost-to-income ratio of 57.6%13 in Q2 25, in line with the 2025 guidance (57%-59% for the year).

    Revenues from the Consumer Finance business increased by +12.6% vs. Q2 24, to EUR 247 million in Q2 25. This significant growth reflects both an improvement in the margin on new production and the positive impact of an asset revaluation.

    Operating expenses

    Over the quarter, operating expenses for the quarter decreased by -4.2%* vs. Q2 24 to EUR 1,059 million in Q2 25 (including EUR 29 million in transformation charges). The cost-to-income ratio improved in Q2 25 to 52.0% vs. 58.4% in Q2 24. In the first half of the year, costs of EUR 2,240 million were down -4.5%* vs. H1 24, while the cost-to-income ratio stood at 55.5% vs. 60.5% in H1 24.

    International Retail Banking recorded a -5.2%* decrease in costs vs. Q2 24 at EUR 482 million, in a still inflationary local environment.

    Mobility and Financial Services costs reached EUR 577 million in Q2 25, down -3.3%* vs. Q2 24. Ayvens benefitted from the initial cost synergies related to the integration of Leaseplan.

    Cost of risk

    Over the quarter, the cost of risk amounted to EUR 126 million or 35 basis points this quarter, which was considerably lower than in Q2 24 (45 basis points).

    In the first half of the year, the cost of risk stood at 33 basis points vs. 44 basis points in H1 24.

    Group net income

    Group net income came to EUR 404 million for the quarter, up +41.3%* vs. Q2 24. RONE improved to 15.3% in Q2 25 vs. 11.4% in Q2 24. RONE was 18.4% in International Retail Banking and 13.1% in Mobility and Financial Services in Q2 25.

    In the first half of the year, Group net income came to EUR 722 million, up +33.7%* vs. H1 24. RONE improved to 13.2% in H1 25 vs. 10.7% in H1 24. RONE was 16.3% in International Retail Banking and 11.1% in Mobility and Financial Services in H1 25.

    1. CORPORATE CENTRE
    In EURm Q2 25 Q2 24 Change H1 25 H1 24 Change
    Net banking income (160) (231) +30.8% +30.8%* (273) (394) +30.8% +30.8%*
    Operating expenses (164) (13) x 12.3 x 4.3* (267) (158) +68.3% +45.3%*
    Gross operating income (324) (245) -32.5% -20.2%* (539) (552) +2.4% +6.6%*
    Net cost of risk (2) (4) -55.7% -55.7%* 4 5 +16.7% +16.7%*
    Net profits or losses from other assets 57 (15) n/s n/s 250 (99) n/s n/s
    Income tax 83 67 -23.0% -12.2%* 143 157 +8.7% +12.3%*
    Group net income (188) (225) +16.1% +22.5%* (176) (551) +68.0% +69.1%*

    The Corporate Centre includes:

    • the property management of the Group’s head office,
    • the Group’s equity portfolio,
    • the Treasury function for the Group,
    • certain costs related to cross-functional projects, as well as various costs incurred by the Group that are not re-invoiced to the businesses.

    Net banking income

    The Corporate Centre’s net banking income totalled EUR -160 million for the quarter, vs. EUR -231 million in Q2 24.

    In the first half of the year, the Corporate Centre’s net banking income totalled EUR -273 million, vs. EUR -394 million in H1 24.

    Operating expenses

    During the quarter, operating expenses totalled EUR -164 million, vs. EUR -13 million in Q2 24. They include around EUR 100 million in expenses related to the Global Employee Share Ownership Programme launched in June 2025.

    In the first half of the year, operating expenses totalled EUR -267 million, vs. EUR -158 million in H1 24.

    Net profits from other assets

    The Corporate Centre recognised EUR 57 million in net profits from other assets during the quarter, mainly related to the completion of the disposal of Societe Generale Burkina Faso in June 2025.

    Group net income

    The Corporate Centre’s Group net income totalled EUR -188 million for the quarter, vs. EUR -225 million in Q2 24.

    The Corporate Centre’s Group net income totalled EUR -176 million in the first half, vs. EUR -551 million in H1 24.

    8.   2025 FINANCIAL CALENDAR

       2025 and 2026 Financial communication calendar
    7 October 2025 Ex-dividend date
    9 October 2025 Payment of the interim dividend
    30 October 2025 Third quarter and nine months 2025 results
    6 February 2026 Fourth quarter and full year 2025 results
    30 April 2026 First quarter 2026 results
     
    The Alternative Performance Measures, notably the notions of net banking income for the pillars, operating expenses, cost of risk in basis points, ROE, ROTE, RONE, net assets and tangible net assets are presented in the methodology notes, as are the principles for the presentation of prudential ratios.

    This document contains forward-looking statements relating to the targets and strategies of the Societe Generale Group.

    These forward-looking statements are based on a series of assumptions, both general and specific, in particular the application of accounting principles and methods in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union, as well as the application of existing prudential regulations.

    These forward-looking statements have also been developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment. The Group may be unable to:

    – anticipate all the risks, uncertainties or other factors likely to affect its business and to appraise their potential consequences;

    – evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ materially from those provided in this document and the related presentation.

    Therefore, although Societe Generale believes that these statements are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, including matters not yet known to it or its management or not currently considered material, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, overall trends in general economic activity and in Societe Generale’s markets in particular, regulatory and prudential changes, and the success of Societe Generale’s strategic, operating and financial initiatives.

    More detailed information on the potential risks that could affect Societe Generale’s financial results can be found in the section “Risk Factors” in our Universal Registration Document filed with the French Autorité des Marchés Financiers (which is available on https://investors.societegenerale.com/en).

    Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the Group when considering the information contained in such forward-looking statements. Other than as required by applicable law, Societe Generale does not undertake any obligation to update or revise any forward-looking information or statements. Unless otherwise specified, the sources for the business rankings and market positions are internal.

    9.   APPENDIX 1: FINANCIAL DATA

    GROUP NET INCOME BY CORE BUSINESS

    In EURm Q2 25 Q2 24 Variation H1 25 H1 24 Variation
    French Retail, Private Banking and Insurance 488 240 x 2.0 909 271 x 3.4
    Global Banking and Investor Solutions 750 776 -3.4% 1,606 1,473 +9.0%
    Mobility, International Retail Banking & Financial Services 404 321 +25.7% 722 599 +20.5%
    Core Businesses 1,642 1,322 +24.2% 3,238 2,313 +40.0%
    Corporate Centre (188) (225) +16.1% (176) (551) +68.0%
    Group 1,453 1,113 +30.6% 3,061 1,793 +70.8%

    MAIN EXCEPTIONAL ITEMS

    In EURm Q2 25 Q2 24 H1 25 H1 24
    Operating expenses – Total one-off items and transformation charges (131) (127) (205) (479)
    Transformation charges (30) (124) (104) (476)
    Of which French Retail, Private Banking and Insurance (10) (45) (33) (127)
    Of which Global Banking & Investor Solutions 9 (29) (3) (183)
    Of which Mobility, International Retail Banking & Financial Services (29) (50) (68) (119)
    Of which Corporate Centre 0 0 0 (47)
    One-off items (101) (3) (101) (3)
    Global Employee Share Ownership Programme (101) (3) (101) (3)
             
    Other one-off items – Total 75 (8) 277 (88)
    Net profits or losses from other assets 75 (8) 277 (88)

    CONSOLIDATED BALANCE SHEET

    In EUR m   30/06/2025 31/12/2024
    Cash, due from central banks   148,782 201,680
    Financial assets at fair value through profit or loss   566,690 526,048
    Hedging derivatives   7,769 9,233
    Financial assets at fair value through other comprehensive income   103,297 96,024
    Securities at amortised cost   49,240 32,655
    Due from banks at amortised cost   81,711 84,051
    Customer loans at amortised cost   446,154 454,622
    Revaluation differences on portfolios hedged against interest rate risk   (330) (292)
    Insurance and reinsurance contracts assets   494 615
    Tax assets   4,198 4,687
    Other assets   73,477 70,903
    Non-current assets held for sale   4,018 26,426
    Investments accounted for using the equity method   442 398
    Tangible and intangible fixed assets   60,465 61,409
    Goodwill   5,084 5,086
    Total   1,551,491 1,573,545
    In EUR m   30/06/2025 31/12/2024
    Due to central banks   10,957 11,364
    Financial liabilities at fair value through profit or loss   406,704 396,614
    Hedging derivatives   13,628 15,750
    Debt securities issued   156,922 162,200
    Due to banks   100,588 99,744
    Customer deposits   518,397 531,675
    Revaluation differences on portfolios hedged against interest rate risk   (6,129) (5,277)
    Tax liabilities   2,261 2,237
    Other liabilities   94,155 90,786
    Non-current liabilities held for sale   3,526 17,079
    Insurance and reinsurance contracts liabilities   156,370 150,691
    Provisions   3,916 4,085
    Subordinated debts   12,735 17,009
    Total liabilities   1,474,030 1,493,957
    Shareholder’s equity   – –
    Shareholders’ equity, Group share   – –
    Issued common stocks and capital reserves   20,657 21,281
    Other equity instruments   8,762 9,873
    Retained earnings   36,741 33,863
    Net income   3,061 4,200
    Sub-total   69,221 69,217
    Unrealised or deferred capital gains and losses   (928) 1,039
    Sub-total equity, Group share   68,293 70,256
    Non-controlling interests   9,168 9,332
    Total equity   77,461 79,588
    Total   1,551,491 1,573,545
    1. APPENDIX 2: METHODOLOGY

    1 –The financial information presented for the second quarter and first half 2025 was examined by the Board of Directors on July 30th, 2025 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at that date. The limited review procedures on the condensed interim statement at 30 June 2025 carried by the Statutory Auditors are currently underway.

    2 – Net banking income

    The pillars’ net banking income is defined on page 38 of Societe Generale’s 2025 Universal Registration Document. The terms “Revenues” or “Net Banking Income” are used interchangeably. They provide a normalised measure of each pillar’s net banking income taking into account the normative capital mobilised for its activity.

    3 – Operating expenses

    Operating expenses correspond to the “Operating Expenses” as presented in note 5 to the Group’s consolidated financial statements as at December 31st, 2024. The term “costs” is also used to refer to Operating Expenses. The Cost/Income Ratio is defined on page 38 of Societe Generale’s 2025 Universal Registration Document.

    4 – Cost of risk in basis points, coverage ratio for doubtful outstandings

    The cost of risk is defined on pages 39 and 748 of Societe Generale’s 2025 Universal Registration Document. This indicator makes it possible to assess the level of risk of each of the pillars as a percentage of balance sheet loan commitments, including operating leases.

    In EURm   Q2-25 Q2-24 S1-25 S1-24
    French Retail, Private Banking and Insurance Net Cost Of Risk 146 173 317 420
    Gross loan Outstandings 230,025 236,044 231,781 237,219
    Cost of Risk in bp 25 29 27 35
    Global Banking and Investor Solutions Net Cost Of Risk 81 21 136 1
    Gross loan Outstandings 171,860 164,829 172,321 163,643
    Cost of Risk in bp 19 5 16 0
    Mobility, International Retail Banking & Financial Services Net Cost Of Risk 126 189 250 370
    Gross loan Outstandings 144,329 166,967 151,727 167,429
    Cost of Risk in bp 35 45 33 44
    Corporate Centre Net Cost Of Risk 2 4 (4) (5)
    Gross loan Outstandings 26,404 24,583 25,998 23,974
    Cost of Risk in bp 3 6 (3) (5)
    Societe Generale Group Net Cost Of Risk 355 387 699 787
    Gross loan Outstandings 572,618 592,422 581,827 592,265
    Cost of Risk in bp 25 26 24 27

    The gross coverage ratio for doubtful outstandings is calculated as the ratio of provisions recognised in respect of the credit risk to gross outstandings identified as in default within the meaning of the regulations, without taking account of any guarantees provided. This coverage ratio measures the maximum residual risk associated with outstandings in default (“doubtful”).

    5 – ROE, ROTE, RONE

    The notions of ROE (Return on Equity) and ROTE (Return on Tangible Equity), as well as their calculation methodology, are specified on pages 39 and 40 of Societe Generale’s 2025 Universal Registration Document. This measure makes it possible to assess Societe Generale’s return on equity and return on tangible equity.
    RONE (Return on Normative Equity) determines the return on average normative equity allocated to the Group’s businesses, according to the principles presented on page 40 of Societe Generale’s 2025 Universal Registration Document. Since Q1 25 results, with restated historical data, normative return to businesses is based on a 13% capital allocation. The Q1 25 allocated capital includes the regulatory impacts related to Basel IV, applicable since 1 January 2025.
    Group net income used for the ratio numerator is the accounting Group net income adjusted for “Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation”. For ROTE, income is also restated for goodwill impairment.
    Details of the corrections made to the accounting equity in order to calculate ROE and ROTE for the period are given in the table below:

    ROTE calculation: calculation methodology

    End of period (in EURm) Q2-25 Q2-24 H1 25 H1 24
    Shareholders’ equity Group share 68,293 66,829 68,293 66,829
    Deeply subordinated and undated subordinated notes (8,386) (9,747) (8,386) (9,747)
    Interest payable to holders of deeply & undated subordinated notes, issue premium amortisation(1) 23 (19) 23 (19)
    OCI excluding conversion reserves 512 705 512 705
    Distribution provision(2) (2,375) (718) (2,375) (718)
    ROE equity end-of-period 58,067 57,050 58,067 57,050
    Average ROE equity 58,579 56,797 58,743 56,660
    Average Goodwill(3) (4,174) (4,073) (4,182) (4,040)
    Average Intangible Assets (2,787) (2,937) (2,811) (2,947)
    Average ROTE equity 51,618 49,787 51,749 49,673
             
    Group net Income 1,453 1,113 3,061 1,793
    Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation (200) (190) (387) (356)
    Adjusted Group net Income 1,253 923 2,674 1,437
    ROTE 9.7% 7.4% 10.3% 5.8%

    141516
    RONE calculation: Average capital allocated to Core Businesses (in EURm)

    In EURm Q2 25 Q2 24 Change H1 25 H1 24 Change
    French Retail , Private Banking and Insurance 17,412 16,690 +4.3% 17,549 16,605 +5.7%
    Global Banking and Investor Solutions 17,894 16,313 +9.7% 18,109 16,162 +12.0%
    Mobility, International Retail Banking & Financial Services 10,535 11,247 -6.3% 10,955 11,250 -2.6%
    Core Businesses 45,841 41,180 +11.3% 46,613 40,955 +13.8%
    Corporate Center 12,738 12,544 +1.5% 12,130 12,644 -4.1%
    Group 58,579 56,797 +3.1% 58,743 56,660 +3.7%

    6 – Net assets and tangible net assets

    Net assets and tangible net assets are defined in the methodology, page 41 of the Group’s 2025 Universal Registration Document. The items used to calculate them are presented below:
    1718

    End of period (in EURm) H1 25 Q1 25 2024
    Shareholders’ equity Group share 68,293 70,556 70,256
    Deeply subordinated and undated subordinated notes (8,386) (10,153) (10,526)
    Interest of deeply & undated subordinated notes, issue premium amortisation(1) 23 (60) (25)
    Book value of own shares in trading portfolio (46) (44) 8
    Net Asset Value 59,884 60,299 59,713
    Goodwill(2) (4,173) (4,175) (4,207)
    Intangible Assets (2,776) (2,798) (2,871)
    Net Tangible Asset Value 52,935 53,326 52,635
           
    Number of shares used to calculate NAPS(3) 776,296 783,671 796,498
    Net Asset Value per Share 77.1 76.9 75.0
    Net Tangible Asset Value per Share 68.2 68.0 66.1

    7 – Calculation of Earnings Per Share (EPS)

    The EPS published by Societe Generale is calculated according to the rules defined by the IAS 33 standard (see pages 40-41 of Societe Generale’s 2025 Universal Registration Document). The corrections made to Group net income in order to calculate EPS correspond to the restatements carried out for the calculation of ROE and ROTE.
    The calculation of Earnings Per Share is described in the following table:

    Average number of shares (thousands) H1 25 Q1 25 2024
    Existing shares 800,317 800,317 801,915
    Deductions      
    Shares allocated to cover stock option plans and free shares awarded to staff 2,175 2,586 4,402
    Other own shares and treasury shares 12,653 7,646 2,344
    Number of shares used to calculate EPS(4) 785,488 790,085 795,169
    Group net Income (in EURm) 3,061 1,608 4,200
    Interest on deeply subordinated notes and undated subordinated notes (in EURm) (387) (188) (720)
    Adjusted Group net income (in EURm) 2,674 1,420 3,481
    EPS (in EUR) 3.40 1.80 4.38

    19
    8 – Solvency and leverage ratios

    Shareholder’s equity, risk-weighted assets and leverage exposure are calculated in accordance with applicable CRR3/CRD6 rules, transposing the final Basel III text, also called Basel IV, including the procedures provided by the regulation for the calculation of phased-in and fully loaded ratios. The solvency ratios and leverage ratio are presented on a pro-forma basis for the current year’s accrued results, net of dividends, unless otherwise stated.
    20

    9- Funded balance sheet, loan to deposit ratio

    The funded balance sheet is based on the Group financial statements. It is obtained in two steps:

    • A first step aiming at reclassifying the items of the financial statements into aggregates allowing for a more economic reading of the balance sheet. Main reclassifications:

    Insurance: grouping of the accounting items related to insurance within a single aggregate in both assets and liabilities.
    Customer loans: include outstanding loans with customers (net of provisions and write-downs, including net lease financing outstanding and transactions at fair value through profit and loss); excludes financial assets reclassified under loans and receivables in accordance with the conditions stipulated by IFRS 9 (these positions have been reclassified in their original lines).
    Wholesale funding: includes interbank liabilities and debt securities issued. Financing transactions have been allocated to medium/long-term resources and short-term resources based on the maturity of outstanding, more or less than one year.
    Reclassification under customer deposits of the share of issues placed by French Retail Banking networks (recorded in medium/long-term financing), and certain transactions carried out with counterparties equivalent to customer deposits (previously included in short term financing).
    Deduction from customer deposits and reintegration into short-term financing of certain transactions equivalent to market resources.

    • A second step aiming at excluding the contribution of insurance subsidiaries, and netting derivatives, repurchase agreements, securities borrowing/lending, accruals and “due to central banks”.

    The Group loan / deposit ratio is determined as the division of the customer loans by customer deposits as presented in the funded balance sheet.

    NB (1) The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding rules.
    (2) All the information on the results for the period (notably: press release, downloadable data, presentation slides and supplement) is available on Societe Generale’s website www.societegenerale.com in the “Investor” section.

    Societe Generale

    Societe Generale is a top tier European Bank with around 119,000 employees serving more than 26 million clients in 62 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

    The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:

    • French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
    • Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
    • Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.

    Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

    In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page on societegenerale.com website where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document’s legitimacy directly on the web page.

    For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.

    1 Out of a total contemplated distribution accrual of EUR 1.77 per share at end H1 25 based on a pay-out ratio of 50% of the H1 25 Group net income restated from non-cash items (including GESOP) and after deduction of interest on deeply subordinated notes and undated subordinated notes, pro forma including H1 25 results and including interim cash dividend; the distribution policy being based on a balanced mix of the payout between cash dividend and share buy-back
    2 A non-cash item with no impact on the CET1 ratio, and therefore no impact on distributable net income
    3 Ratio calculated according to EBA methodology published on 16 July 2019
    4 Ratio excluding loans outstanding of companies currently being disposed of in compliance with IFRS 5
    5 Ratio of S3 provisions, guarantees and collaterals over gross outstanding non-performing loans
    6 6 February 2025 – Q4 2024 Financial Results – Presentation – Page 6
    7 Cf. Description of the share buy-back program of 17 May 2024 relating to the 22nd resolution of the Combined general meeting of shareholders of 22 May 2024, for which the authorisation for the company to purchase its own shares is valid until 22 November 2025
    8 Including Basel IV phasing
    9 Excluding asset diposals (Switzerland and the United Kingdom)
    10 France Best Digital Bank, Awards for Excellence, Euromoney July 2025
    11 Mainly hyperinflation in Turkey
    12 Excluding impacts of depreciation adjustments
    13 As disclosed in Ayvens Q2 25 earnings report, excluding revenues from used vehicle sales and non-recurring items
    14   Interest net of tax
    15    The dividend to be paid is calculated based on a pay-out ratio of 50%, restated from non-cash items and after deduction of interest on deeply subordinated notes and on undated subordinated notes, and including the additional share buy-back of EUR 1bn for Q1 25 and H1 25
    16    Excluding goodwill arising from non-controlling interests
    17    Interest net of tax
    18 Excluding goodwill arising from non-controlling interests
    19 The number of shares considered is the number of ordinary shares outstanding at end of period, excluding treasury shares and buy-backs, but including the trading shares held by the Group (expressed in thousands of shares)
    20 The number of shares considered is the average number of ordinary shares outstanding during the period, excluding treasury shares and buy-backs, but including the trading shares held by the Group (expressed in thousands of shares)

    Attachment

    The MIL Network –

  • MIL-OSI Security: A Chaplain No Matter Where

    Source: United States Navy (Logistics Group Western Pacific)

    For 250 years, our Navy has served the United States of America, but one community also proudly celebrates 250 years of service: our proud and sacred Chaplains.

    On November 28, 1775, Benjamin Balch was appointed to serve religious services on the frigates Alliance and Boston as the first Naval Chaplain. Balch was given the nickname “The Fighting Parson” as he started the Navy Chaplain Corps’ strong and mighty history.

    On a ship, a Chaplain is known for their services and open-door policies, but they are also seen as a pillar of support for the entire crew. They not only serve those in their religious community but also anyone willing to speak to them. In addition to the ship’s religious services outside their span, if the crew needs it, our Chaplain will provide.

    Lieutenant Reginald Anderson-Exul is a proud Chaplain with over twenty years of experience in official ministry, dedicating six of those years to the Navy. Today, he works with the crew of the USS Pearl Harbor.

    “My job on the USS Pearl Harbor is to provide spiritual needs of the crew,” said Lieutenant Reginal Anderson-Exul, the USS Pearl Harbor’s Chaplain. “There is a lot of resiliency-type of training that is tied in with that, and to make sure the overall morale of the crew is as high as can possibly be”. On board Anderson-Exul, he has worked hard to offer many different religious services, working to add services on Saturday for his Jewish community on board.

    The USS Pearl Harbor is Anderson-Exul’s first deployment in his military career. USS Pearl Harbor is currently partaking in Pacific Partnership 2025, a humanitarian aid and disaster management mission. Pacific Partnership is not only an effort to help others, but also to strengthen the bond of allied nations. In its 21st iteration, Pacific Partnership has brought eight nations together: Australia, Canada, Germany, Japan, New Zealand, the Republic of Korea, the United Kingdom, and the United States. All the countries work alongside the crew of the USS Pearl Harbor and the staff of PACIFIC PARTNERSHIP 2025 to safely get to every port of the deployment. One of these volunteers is Lieutenant Commander Dave Godkin, who has served for the last twelve years as a Canadian Navy Chaplain.

    “I was introduced to a series of different American Chaplains and then was asked if I was interested in participating, and I was,” spoke Godkin when asked about how he joined PACIFIC PARTNERSHIP 2025. He takes pride in his work as a Chaplain, working around the clock to help everyone and anyone he can. He has been on three ships, with Pacific Partnership being his third deployment. Godkin spoke highly of his work on the USS Pearl Harbor. “I’m there to support them, and I’m also there to support the chain of command. Helping people be in a position where they can be spiritually fit and operationally fit,” stated Godkin in an interview, “I really do; I really like helping people in general. I enjoy especially one-on-one, taking time to listen to a person,”.

    Anderson-Exul and Godkin are excited to work together on the mission of Pacific Partnership, bringing communities closer and sharing the good word to those who need it. Anderson-Exul spoke on how it was to work together, “We both provide for people, care for people, and have a passion for religion, and it’s different, but it’s very much the same.” Godkin shares his sentiment, sharing that he is happy to get to know how everyone works. “You get used to a certain box of doing things, but then when you partner with nations that have their sphere of work, it’s a great way of pushing your boundaries to learn new things,”. Both Chaplains say that everything is coming together really well and are excited to continue working together on this mission. Even saying that it is a “Once-in-a-lifetime opportunity to serve other countries in humanitarian efforts and to contribute to the mission.”

    In 1775, the first Chaplain was appointed to serve his mission. Now, 250 years later, no matter where a Chaplain comes from or what a Chaplain practices, they always have their sailors’ interests at heart. Doing whatever needs to be done to help their crew, whether it is conducting a religious ceremony or extending a hand, a Chaplain will always be there for you.

    MIL Security OSI –

  • MIL-OSI: ING posts 2Q2025 net result of €1,675 million, with strong growth in lending volumes and fee income

    Source: GlobeNewswire (MIL-OSI)

    ING posts 2Q2025 net result of €1,675 million, with strong growth in lending volumes and fee income

     
    2Q2025 profit before tax of €2,369 million with a CET1 ratio of 13.3%
    • Well on track to reach our targets, one year into our ‘Growing the difference’ strategy
    • Continued strong increase in mobile primary customers of over 300,000 to 14.9 million
    • Resilient total income, supported by higher customer balances, with particularly strong growth of our mortgage portfolio
    • Further growth in fee income in both Retail and Wholesale Banking, up 12% year-on-year
    • ING will pay an interim cash dividend of €0.35 per ordinary share
     

    CEO statement
    “During the second quarter of 2025, we have continued to successfully execute our strategy, which we set out one year ago, by accelerating growth, increasing impact and delivering value,” said Steven van Rijswijk, CEO of ING. “The quarter started with heightened market volatility, as well as macroeconomic and geopolitical uncertainty, which still continue to this day. In that context, we are pleased that our customer base has shown significant growth and that our volumes have increased as we further diversified our income streams, with fees now making up almost 20% of our total income. We are well on track to reach our financial targets for 2027.

    “We have seen continued commercial momentum, with significant core lending growth, continued strong deposit gathering and a double-digit increase in fee income. Commercial NII declined year-on-year due to margin pressure and currency fluctuations, leaving total income stable.

    “In Retail Banking, we have gained over 300,000 mobile primary customers during the quarter, and 1.1 million, or 8% growth, year-on-year, with Germany, Spain, Italy, and Romania leading this growth. Net core lending growth has reached a quarterly record of €11.3 billion, including €7.2 billion in mortgages, mainly in the Netherlands, Australia and Germany, and €3.2 billion in Business Banking, driven by higher loan demand from our SME clients. We have attracted €8.9 billion in net customer deposits, partly from seasonal holiday allowances, and achieved a 12% increase year-on-year in retail fee income, primarily from higher investment activity.

    “In Wholesale Banking, net core lending growth was €4.1 billion, driven by strong momentum in Working Capital Solutions and in short-term trade-related financing. Demand for long-term corporate loans has remained subdued due to economic uncertainty, which impacted total income. Fee income has risen 12% year-on-year, driven by Lending, Global Capital Markets and Payments & Cash Management.

    “Costs have developed as expected, increasing moderately year-on-year. Prudent expense management remains a priority and the impact of inflation and investments was partly offset by efficiency measures. As part of this, we are making ongoing improvements to our KYC processes and we have announced the restructuring of our Wholesale Banking workforce, while continuing to invest in our commercial and product capabilities in both Retail and Wholesale Banking.

    “Risk costs were below our through-the-cycle average, reflecting the quality of our loan portfolio. Our CET1 ratio was 13.3%, including the impact of the share buyback programme, which was announced in May 2025 and is well underway. Our 4-quarter rolling average return on equity came out at 12.7%.

    “We continue to find ways to support our customers on their journeys to net zero. We have increased our sustainable volume mobilised to €67.8 billion for the first half of 2025, a 19% increase compared to the first half of 2024. In the Netherlands, we have introduced a new mortgage pricing model tied to energy labels that offers lower interest rates when eligible customers improve the energy label for their homes.

    “We are pleased with our results during a volatile first half of 2025. Although macroeconomic conditions remain challenging we are confident that our strategy sets us on course to become the best European bank and deliver on our targets. I want to thank our customers and clients for their continued trust in us and our employees for their continued dedication.”
     
    Further information
    All publications related to ING’s 2Q 2025 results can be found at the quarterly results page on ING.com.
    For more on investor information, go to www.ing.com/investors.

    A short ING ON AIR video with CEO Steven van Rijswijk discussing our 2Q 2025 results is available on Youtube.
    For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via the @ING_news feed on X. Photos of ING operations, buildings and our executives are available for download at Flickr.
     
    Investor conference call and webcast
    Steven van Rijswijk, Tanate Phutrakul and Ljiljana Čortan will discuss the results in an Investor conference call on 31 July 2025 at 9:00 a.m. CET. Members of the investment community can join the conference call at +31 20 708 5074 (NL), or +44 330 551 0202 (UK) (registration required via invitation) and via live audio webcast at www.ing.com.
     
    Investor enquiries
    E: investor.relations@ing.com

    Press enquiries
    T: +31 20 576 5000
    E: media.relations@ing.com
     
     

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

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

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

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

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

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

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

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

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

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

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

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    The MIL Network –

  • MIL-OSI: Planisware: solid H1 2025 financial results despite softer revenue growth amid elongated sales cycles

    Source: GlobeNewswire (MIL-OSI)

    Solid H1 2025 financial results despite
    softer revenue growth amid elongated sales cycles

    • Revenue up +11.0% in constant currencies, led by +16% growth of recurring revenue
    • Adjusted EBITDA margin1up by +230bps to 35.8% of revenue reflecting continued operational discipline
    • Strong cash conversion* at 95.9% of adjusted EBITDA*
    • Macroeconomic headwinds and extended decision cycles impacting revenue growth are expected to continue into H2
    • Updated 2025 objectives:
      • Revenue growth in constant currencies now expected at c. 10% (vs. mid-to-high teens)
      • Adjusted EBITDA margin* raised to c. 36% (vs. c. 35%)
      • Cash Conversion Rate* of c. 80% (confirmed)

    Paris, France, July 31, 2025 – Planisware, a leading provider of B2B AI powered SaaS platforms serving the rapidly growing Project Economy, announces today its H1 2025 results. Revenue amounted to € 95.8 million, up by +10.6% in current currencies. In constant currencies, revenue growth reached +11.0% (€+9.1 million), mainly led by the continued success of the Group’s SaaS Model** up by +17.4% in constant currencies (€+11.7 million). In a context of a still challenging economic and geopolitical environment now having tangible impact on delayed customer decision making, recurring revenue amounted to €88.6 million (92% of total revenue) and was up by +16.0% in constant currencies, while non-recurring activities faced high comparison basis.

    Adjusted EBITDA* reached € 34.3 million (up +18.1% vs. H1 2024), representing 35.8% of revenue, higher than the objective of c. 35% adjusted EBITDA margin* for 2025. The year-on-year margin improvement of c. +230 basis points is the result of the translation of revenue growth and a positive mix effect, combined with further operational efficiencies resulting from the Group’s strict financial discipline.

    Current operating profit reached € 27.1 million in H1 2025, up by +15.8% compared to H1 2024 and Profit for the period amounted to € 21.7 million, up by +35.5% compared to H1 2024 that was impacted by IPO costs.

    Cash generation was strong in H1 2025, with adjusted FCF* reaching € 32.9 million, representing a Cash Conversion Rate* of 95.9%, above the objective of c. 80% for 2025 but in line with the usual seasonality in H1 due to SaaS solutions cash collection at the beginning of the year. Net cash position* (excluding lease liabilities) was € 182.0 million as of June 30, 2025, compared to € 176.1 million as of December 31, 2024 and € 156.4 million as of June 30, 2024.

    Loïc Sautour, CEO of Planisware, commented: “In recent months, as uncertainties around global macroeconomic conditions intensified across our key markets, we have observed increased cautiousness from our customers. This has led to longer decision-making cycles weighing on our commercial momentum and revenue growth, primarily in our non-recurring activities and with new logos.

    At the same time, our recurring business lines have continued to deliver solid performance, particularly with existing clients, a testament to the strong demand for our solutions and their sustained business impact.

    Our commercial pipeline continues to expand, supported by a high volume of strategic engagements with both existing customers and new prospects, underscoring the strength and relevance of our competitive value proposition. This provides encouraging mid-term visibility for renewed momentum once market conditions stabilize.

    Despite the softer revenue growth trajectory, Planisware achieved a significant improvement in profitability in H1 2025. Our ongoing focus on operational efficiency and disciplined resource allocation enabled us to enhance margins and maintain best-in-class cash conversion rate, further strengthening the Group’s foundation for the future.

    In light of these dynamics and a more moderate growth outlook for the remainder of 2025, we have prudently revised our 2025 revenue objectives to c. 10%. We now target an adjusted EBITDA margin of 36%, up from 35% previously. This adjustment reflects our commitment to navigating the current environment with discipline while safeguarding profitability and preserving our ability to invest in long-term growth.

    As always, Planisware remains focused on supporting our customers’ strategic priorities and on reinforcing our leadership in project and portfolio management solutions, even in the face of heightened economic headwinds.”

    H1 2025 revenue by revenue stream

    In € million H1 2025 H1 2024 Variation
    YoY    		 Variation
    in cc*
    Recurring revenue 88.6 76.6 +15.5% +16.0%
    SaaS & Hosting 45.6 38.8 +17.6% +18.1%
    Annual licenses 0.1 – N/A N/A
    Evolutive support 27.2 22.9 +18.4% +18.9%
    Subscription support 5.9 5.6 +5.3% +6.1%
    Maintenance 9.7 9.3 +4.8% +5.2%
    Non-recurring revenue 7.2 10.0 -27.7% -27.5%
    Perpetual licenses 2.0 4.1 -52.3% -52.2%
    Implementation & others non-recurring 5.3 5.9 -10.6% -10.4%
    Total revenue 95.8 86.6 +10.6% +11.0%

    * Revenue evolution in constant currencies, i.e. at H1 2024 average exchange rates.

    Reaching € 95.8 million in H1 2025, revenue was up by +10.6% in current currencies and +11.0% in constant currencies. The exchange rates effect was mainly related to the depreciation of the US dollar versus the euro, partially compensated by the appreciation of the Japanese yen and the British pound. In order to reflect the underlying performance of the Company independently from exchange rate fluctuations, the following analysis refers to revenue evolution in constant currencies, applying H1 2024 average exchange rates to H1 2025 revenue figures, unless expressly stated otherwise.

    Recurring revenue

    Representing 92% of H1 2025 total revenue, up by c.+400 basis points versus 88% in H1 2024, recurring revenue reached € 88.6 million, up by +16.0%.

    Revenue growth was led by +17.4% growth of Planisware’s SaaS model (i.e. SaaS & Hosting, Annual licenses, and Evolutive & Subscription support), of which SaaS & Hosting revenue was up by +18.1% thanks to contracts secured with new customers as well as continued expansion within the installed base. Revenue of support activities (Evolutive & Subscription support), intrinsically related to Planisware’s SaaS offering, grew by +16.4%.

    Maintenance revenue was up by +5.2% in the context of the Group’s shift from its prior Perpetual license model to a SaaS model and reflecting the strong demand for licenses in the start of 2024 from customers with specific on-premises needs, in particular in the defense industry.

    Non-recurring revenue

    Non-recurring revenue was down by -27.5% in H1 2025, mostly due to the decline by -52.2% in Perpetual licenses against a particularly strong H1 2024 comparison base and despite several extensions and upgrades sold to customers with specific on-premises needs.

    Implementation declined by -10.4% as a results of Planisware’s continues focus on shorter implementations and faster delivery to customers, combined with the lack of new logo signatures since H2 2024.

    H1 2025 revenue by region

    In € million H1 2025 H1 2024 Variation
    YoY    		 Variation
    in cc*
    Europe 45.5 41.9 +8.6% +8.6%
    North America 41.6 37.6 +10.8% +12.0%
    APAC & ROW 8.6 7.1 +20.7% +20.4%
    Total revenue 95.8 86.6 +10.6% +11.0%

    * Revenue evolution in constant currencies, i.e. at H1 2024 average exchange rates.

    In H1 2025, all key geographies contributed to Planisware’s revenue growth:

    • Representing 43% of H1 2025 Group revenue, North America was the main contributor to H1 2025 Group revenue growth with +12.0% (€+4.5 million) and a steady performance in both Q1 and Q2 2025.
    • Revenue in Europe grew by +8.6% and represented 48% of H1 2025 Group revenue, with contrasted performances across countries. In particular, France recovered from its 2024 low points. This was compensated by softer performance in Germany (notably related to a strong H1 2024 performance in particular in Perpetual licenses) and in the UK.
    • Planisware’s growth in APAC & Rest of the World of +20.4% resulted from a strong commercial momentum in Singapore and the Middle East. Overall, this region represented 9% of H1 2025 Group revenue.

    H1 2025 revenue by pillar

    In € million H1 2025 H1 2024 Variation
    YoY    		 Variation
    in cc*
    Product Development & Innovation 50.5 48.3 +4.5% +5.1%
    Project Controls & Engineering 22.1 16.0 +38.2% +38.8%
    IT Governance & Digital Transformation** 16.3 15.6 +4.8% +5.1%
    Project Business Automation 6.8 6.6 +2.7% +2.7%
    Others 0.1 0.2 -37.1% -36.9%
    Total revenue 95.8 86.6 +10.6% +11.0%

    * Revenue evolution in constant currencies, i.e. at H1 2024 average exchange rates.
    ** Formally named Agility & IT Project Portfolios (A&IT).

    By Pilar, revenue growth in H1 2025 was quite concentrated in Project Controls & Engineering and, to a lesser extent Product Development & Innovation:

    • Product Development & Innovation (“PD&I”) drives R&D and product development teams with a focus on companies in the life sciences, manufacturing and engineering, automotive design and fast-moving consumer goods sectors. In H1 2025, it remained Planisware’s principal pillar with 53% of total revenue and grew by +6.9%, resulting from both new customer wins and the expansion of offerings to existing customers.
    • Project Controls & Engineering (“PC&E”) supports production teams in industries with sophisticated products, plants and infrastructure, such as aerospace and defense, energy and utilities, manufacturing and engineering and life sciences. While still a recent pillar for Planisware, it represented 23% of H1 2025 total revenue and was the main contributor to revenue growth. Supported by the successful roll-out of offerings in North America, PC&E grew by +38.8%.
    • IT Governance & Digital Transformation (“IT&DT)** helps IT teams across all sectors develop comprehensive solutions to automate IT portfolio management, accelerate digital transformation and simplify IT architecture. IT&DT represented 17% of H1 2025 Group revenue and grew by +25.1% on the back of a strong growth delivered in H1 2024 (+27.3%).
    • Project Business Automation (“PBA”) supports companies in all industries that seek to increase their revenue-based projects and enhance their operating results through automated processes. Due to a more recent entry of Planisware in the market relating to this pillar, PBA represented only 7% of H1 2025 total revenue and slightly contributed to Group revenue growth with +2.7%.

    H1 2025 key financial figures

    In € million H1 2025 H1 2024 Variation
    YoY
    Total revenue 95.8 86.6 +10.6%
    Cost of sales -25.7 -24.9 +3.2%
    Gross profit 70.1 61.7 +13.5%
    Gross margin 73.2% 71.3% +190 bps
    Operating expenses -43.0 -68.4 -37.2%
    Current operating profit 27.1 23.4 +15.8%
    Other operating income & expenses – -5.8  
    Operating profit 27.1 17.7 +53.6%
    Profit for the period 21.7 16.0 +35.5%
           
    Adjusted EBITDA* 34.3 29.0 +18.1%
    Adjusted EBITDA margin* 35.8% 33.5% +230 bps
           
    Adjusted FCF* 32.9 36.9 -11.0%
    Cash Conversion Rate* 95.9% 127.2%  
    Net cash position* 182.0 156.4 +16.4%

    * Non-IFRS measure. Non-IFRS measures included in this document are defined in the disclaimer at the end of this document.

    Gross profit and margin

    Reaching € 25.7 million in H1 2025, cost of sales was broadly stable year-on-year. As a percentage of revenue, cost of sales decreased by -190 basis points to 26.8% thanks to a continued strict monitoring of costs and further operational efficiency gains.

    This enabled Planisware to deliver a € 70.1 million gross profit in H1 2025 (+13.5% year-on-year), representing a 73.2% gross margin, a significant improvement of c. +190 basis points compared to 71.3% in H1 2024.

    Operating profit and profit for the period

    R&D expenses, consisting primarily of staff expenses directly associated with R&D teams, as well as amortization of capitalized development costs and the benefits from the French research tax credit, represented 11.7% of revenue and reached € 11.2 million. Planisware intends to maintain a high level of R&D spending, as it believes that its ability to provide innovative products and software solutions, expand its offerings portfolio and promote its offerings in the project management market will have a considerable effect on its revenues and operating results in the future.

    Reaching € 17.4 million in H1 2025 (18.2% of revenue), Sales & marketing expenses increased by €+1.9 million, or +12.5%, compared to € 15.5 million in H1 2024, or +30 basis points, led in particular by the increase in employee-related costs in the salesforce and marketing team. Sales & marketing expenses are expected to continue to increase in the future as Planisware plans on expanding its domestic and international selling and marketing activities in order to strengthen its leading market position.

    Representing 15.0% of revenue in H1 2025, General & administrative expenses reached € 14.3 million (€+2.4 million, or +19.6% compared to € 12.0 million in H1 2024). Two third of this increase was related to employee costs engaged to support the growth of the business, the strengthening of global support functions, and the international expansion of the Group. The remaining third was related to foreign exchange effects on operating assets and liabilities and share base compensation expenses accounted on a significantly higher share price in H1 2025 than in H1 2024 (partially pre-IPO). Planisware expects that, as the Company continues to scale up in the future, General & administrative expenses will slightly decrease as a percentage of revenue.

    As a result, current operating profit reached € 27.1 million in H1 2025, up by +15.8% compared to H1 2024.

    There was no Other operating income & expenses in H1 2025 while it amounted to a net expense of € 5.8 million related to IPO costs in H1 2024. As a results of the above, operating profit reached the same level as current operating profit at € 27.1 million in H1 2025 and showed a +53.6% (or €+9.5 million), compared to € 17.7 million in H1 2024.

    Representing a loss of € 0.8 million in H1 2025, financial results deteriorated compared to a € 1.9 million income recorded in H1 2024. This was primarily driven by foreign exchange losses arising from the revaluation at closing rates of cash and cash equivalents held in foreign currencies for € 2.5 million.

    Income tax expense amounted to € 4.7 million in H1 2025, +30.3% compared to € 3.6 million in H1 2024, slightly less than profit for the period increase.

    As a result of these evolutions, profit for the period reached € 21.7 million in H1 2025, up by +35.5% (€+5.7 million) compared to H1 2024.

    Adjusted EBITDA

    Adjusted EBITDA* reached € 34.3 million, a strong increase compared to H1 2024 (€+5.3 million, or +18.1%). It represented 35.8% of H1 2025 revenue, c. +230 basis points compared to 33.5% in H1 2024. The increase in adjusted EBITDA reflects the translation of revenue growth into profit as the business is fueled by the addition of new customers, a positive mix effect and further operational efficiencies on employee-related costs.

    Cash generation and net cash position

    Change in working capital was €+8.3 million thanks to subscription contracts billed in advance of the services rendered. Capital expenditures totaled € 2.4 million, representing 2.5% of revenue, compared to € 2.1 million in H1 2024 (2.4% of revenue) and in line with the usual c. 3% level targeted over the year. Finally, tax paid in H1 2025 amounted to € 7.5 million compared to € 4.1 million in H1 2024 due to the significant increase of 2024 taxable profit.

    In H1 2025, adjusted Free Cash Flow* reached € 32.9 million, representing a Cash Conversion Rate* of 95.9%. H1 2025 adjusted Free Cash Flow was down by 11.0% year-on-year due to a lower conversion rate related to delays in the collection of some invoices and earlier payment for social security contributions in France than in H1 2024. Nevertheless, it does not question the yearly objective of 80% level that the Group considers being the normative Cash Conversion Rate for the coming years.

    As of June 30, 2025, except for lease liabilities related to offices and datacenter facilities which amounted to € 17.9 million (€ 17.0 million as of December 31, 2024 and € 14.0 million as of June 30, 2024) and small amounts of bank overdrafts, Planisware did not have any financial debt. As a result, the Group’s net cash position* amounted to€ 182.0 million as of June 30, 2025 compared to € 176.1 million as of December 31, 2024 and € 156.4 million as of June 30, 2024.

    Headcount evolution

    Total number of employees by region 30.06.24 31.12.24 30.06.25
    Europe 395 403 429
    North America 167 174 183
    APAC & ROW 152 171 188
    Total 714 748 800

    Total headcount grew by +7.0% (+52 employees) over the first half of the year and by +12.0% (+86 employees) over 12 months.

    Hiring efforts mostly targeted the fastest growing region, APAC & ROW, with headcount net growth by +9.9% (+17 employees) in H1 2025 and by +23.7% (+36 employees) over 12 months.

    By function, besides support teams, the hirings mostly concerned Sales & Marketing with headcount net growth by +10.5% (+14 employees) in H1 2025 and by +18.5% (+23 employees) over 12 months, as part of Planisware’s growth strategy.

    Updated 2025 objectives

    Taking into account further elongation of sales cycles materializing since the start of the year leading to delays in the start of new contracts, Planisware updates its 2025 objectives:

    • c. 10% revenue growth in constant currencies (Mid-to-high teens priorly)
    • c. 36% adjusted EBITDA margin** (c. 35% priorly)
    • Cash Conversion Rate** of c. 80% (confirmed)

    Appendices

    Q2 2025 revenue by revenue stream

    In € million Q2 2025 Q2 2024 Variation
    YoY    		 Variation
    in cc*
    Recurring revenue 44.7 39.5 +13.2% +15.9%
    SaaS & Hosting 22.9 19.9 +15.1% +17.7%
    Annual licenses 0.09 – N/A N/A
    Evolutive support 14.0 12.1 +15.5% +18.0%
    Subscription support 2.9 2.8 +3.9% +8.2%
    Maintenance 4.8 4.7 +3.3% +5.2%
    Non-recurring revenue 3.6 6.2 -42.5% -41.6%
    Perpetual licenses 1.1 3.0 -62.8% -62.2%
    Implementation & others non-recurring 2.5 3.2 -23.8% -22.6%
    Total revenue 48.3 45.7 +5.6% +8.1%

    * Revenue evolution in constant currencies, i.e. at Q2 2024 YTD average exchange rates.

    Non-IFRS measures reconciliations

    In € million H1 2025 H1 2024
    Current operating profit after share of profit of equity-accounted investee 27.1 23.4
    Depreciation and amortization of intangible, tangible and right-of-use assets 4.2 3.5
    Share-based payments 3.0 2.1
    Adjusted EBITDA** 34.3 29.0
    In € million H1 2025 H1 2024
    Net cash from operating activities 36.2 35.2
    Capital expenditures -2.4 -2.1
    Other finance income/costs -1.0 -1.8
    IPO costs paid 0.0 5.6
    Adjusted Free Cash Flow** 32.9 36.9

    Investors & Analysts conference call

    Planisware’s management team will host an international conference call on July 31, 2025 at 8:00am CET to details H1 2025 performance and key achievements, by means of a presentation followed by a Q&A session. The webcast and its subsequent replay will be available on planisware.com.

    Upcoming event

    • October 21, 2025:         Q3 2025 revenue publication

    Contact

    About Planisware

    Planisware is a leading business-to-business (“B2B”) provider of AI powered Software-as-a-Service (“SaaS”) platforms serving the rapidly growing Project Economy. Planisware’s mission is to provide solutions that help organizations transform how they strategize, plan and deliver their projects, project portfolios, programs and products.

    With circa 800 employees across 18 offices, Planisware operates at significant scale serving around 600 organizational clients in a wide range of verticals and functions across more than 30 countries worldwide. Planisware’s clients include large international companies, medium-sized businesses and public sector entities.

    Planisware is listed on the regulated market of Euronext Paris (Compartment A, ISIN code FR001400PFU4, ticker symbol “PLNW”).

    For more information, visit: https://planisware.com/ and connect with Planisware on LinkedIn.

    Disclaimer

    Forward-looking statements

    This document contains statements regarding the prospects and growth strategies of Planisware. These statements are sometimes identified by the use of the future or conditional tense, or by the use of forward-looking terms such as “considers”, “envisages”, “believes”, “aims”, “expects”, “intends”, “should”, “anticipates”, “estimates”, “thinks”, “wishes” and “might”, or, if applicable, the negative form of such terms and similar expressions or similar terminology. Such information is not historical in nature and should not be interpreted as a guarantee of future performance. Such information is based on data, assumptions, and estimates that Planisware considers reasonable. Such information is subject to change or modification based on uncertainties in the economic, financial, competitive or regulatory environments.

    This information includes statements relating to Planisware’s intentions, estimates and targets with respect to its markets, strategies, growth, results of operations, financial situation and liquidity. Planisware’s forward-looking statements speak only as of the date of this document. Absent any applicable legal or regulatory requirements, Planisware expressly disclaims any obligation to release any updates to any forward-looking statements contained in this document to reflect any change in its expectations or any change in events, conditions or circumstances, on which any forward-looking statement contained in this document is based. Planisware operates in a competitive and rapidly evolving environment; it is therefore unable to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business or the extent to which the occurrence of a risk or combination of risks could have significantly different results from those set out in any forward-looking statements, it being noted that such forward-looking statements do not constitute a guarantee of actual results.

    Rounded figures

    Certain numerical figures and data presented in this document (including financial data presented in millions or thousands and certain percentages) have been subject to rounding adjustments and, as a result, the corresponding totals in this document may vary slightly from the actual arithmetic totals of such information.

    Variation in constant currencies

    Variation in constant currencies represent figures based on constant exchange rates using as a base those used in the prior year. As a result, such figures may vary slightly from actual results based on current exchange rates.

    Non-IFRS measures

    This document includes certain unaudited measures and ratios of the Group’s financial or non-financial performance (the “non-IFRS measures”), such as “Adjusted EBITDA”, “Adjusted EBITDA margin”, “Adjusted Free Cash Flow”, “cash conversion rate”, and “Net cash position”. Non-IFRS financial information may exclude certain items contained in the nearest IFRS financial measure or include certain non-IFRS components. Readers should not consider items which are not recognized measurements under IFRS as alternatives to the applicable measurements under IFRS. These measures have limitations as analytical tools and readers should not treat them as substitutes for IFRS measures. In particular, readers should not consider such measurements of the Group’s financial performance or liquidity as an alternative to profit for the period, operating income or other performance measures derived in accordance with IFRS or as an alternative to cash flow from (used in) operating activities as a measurement of the Group’s liquidity. Other companies with activities similar to or different from those of the Group could calculate non-IFRS measures differently from the calculations adopted by the Group.

    Non-IFRS measures included in this document are defined as follows:

    • Adjusted EBITDA is calculated as Current operating profit including share of profit of equity-accounted investees, plus amortization and depreciation as well as impairment of intangible assets and property, plant and equipment, plus either non-recurring items or non-operating items.
    • Adjusted EBITDA margin is the ratio of Adjusted EBITDA to total revenue.
    • Adjusted FCF (Free Cash Flow) is calculated as cash flows from operating activities, plus IPO costs paid, if any, less other financial income and expenses classified as operating activities in the cash-flow statement, and less net cash relating to capital expenditures.
    • Cash Conversion Rate is defined as Adjusted FCF divided by Adjusted EBITDA.
    • Net cash position is defined as Cash minus indebtedness excluding lease liabilities.

    1 Non-IFRS measure. Non-IFRS measures included in this document are defined in the disclaimer at the end of this document.
    ** Planisware’s SaaS Model is composed of SaaS & Hosting, Annual Licenses, Evolutive support, and Subscription support reporting lines.

    Attachment

    The MIL Network –

  • MIL-OSI: Credit Agricole Sa: Results for the second quarter and first half 2025 – The Group is accelerating its development

    Source: GlobeNewswire (MIL-OSI)

    THE GROUP IS ACCELERATING ITS DEVELOPMENT  
               
      CRÉDIT AGRICOLE S.A. CRÉDIT AGRICOLE GROUP    
    €m Q2 2025 Change Q2/Q2 Q2 2025 Change Q2/Q2  
    Revenues 7,006 +3.1% 9,808 +3.2%  
    Expenses -3,700 +2.2% -5,872 +3.2%  
    Gross Operating Income 3,306 +4.1% 3,936 +3.1%  
    Cost of risk -441 +4.2% -840 -3.7%  
    Net income group share 2,390 +30.7% 2,638 +30.1%  
    C/I ratio 52.8% -0.5 pp 59.9% +0.0 pp  
    STRONG ACTIVITY IN ALL BUSINESS LINES

    • Confirmation of the upturn of loan production in France, international credit activity still strong and consumer finance at a higher level
    • Record net inflows in life insurance, high net inflows in asset management (driven by the medium/long-term and JVs); in insurance, revenues at a higher level driven by all activities
    • CIB: record half year and strong quarter

    CONTINUOUS FLOW OF STRATEGIC OPERATIONS

    • Gradual achievement of synergies in the ongoing integrations: progress of around 60% for RBC IS Europe and 25% for Degroof Petercam in Belgium
    • Transactions concluded this quarter: launch of partnership with Victory Capital in the United States, increased stake in Banco BPM in Italy, acquisition of Merca Leasing in Germany and Petit-fils and Comwatt in France and acquisition of Santander’s 30.5% stake in CACEIS1
    • New projects initiated: Acquisitions of Banque Thaler in Switzerland, Comwatt and Milleis in France, partnership with the Crelan Group in Belgium and development of Indosuez Wealth Management in Monaco

    HALF-YEARLY AND QUARTERLY RESULTS AT THEIR HIGHEST

    • High profitability (Return on Tangible Equity of 16.6%), driven by high and growing revenues, a low cost/income ratio (53.9% in the first half) and a stable cost of risk (34 basis points on outstandings)
    • Results especially benefiting from the capital gain related to the deconsolidation of Amundi US

    HIGH SOLVENCY RATIOS

    • Crédit Agricole S.A.’s phased-in CET1 at 11.9% and CA Group phased-in CET1 at 17.6%

    CONTINUOUS SUPPORT FOR TRANSITIONS, WITH AN AWARD FROM EUROMONEY

    • Continued withdrawal from fossil energies and reallocation to low-carbon energy sources
    • Support for the transition of households and corporates
    • Crédit Agricole named World’s Best Bank for Sustainable Finance at the Euromoney Awards for Excellence 2025

    PRESENTATION OF THE MEDIUM-TERM PLAN ON 18 NOVEMBER 2025
     

    Dominique Lefebvre,
    Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors

    “The high-level results we are publishing this quarter serve our usefulness to the economy and European sovereignty.” ‍
     
     

    Olivier Gavalda,
    Chief Executive Officer of Crédit Agricole S.A.

    “With this high level of results, we are confident in Crédit Agricole S.A.’s ability to achieve a net profit in 2025 higher than 2024, excluding the corporate tax surcharge. These results constitute a solid foundation for Crédit Agricole S.A.’s medium-term strategic plan, which will be unveiled on November 18, 2025.”

    		  

    This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 63.5% of Crédit Agricole S.A.

    All financial data are now presented stated for Crédit Agricole Group, Crédit Agricole S.A. and the business lines results, both for the income statement and for the profitability ratios.

    Crédit Agricole Group

    Group activity

    The Group’s commercial activity during the quarter continued at a steady pace across all business lines, with a good level of customer capture. In the second quarter of 2025, the Group recorded +493,000 new customers in retail banking. More specifically, over the year, the Group gained 391,000 new customers for Retail Banking in France and 102,000 new International Retail Banking customers (Italy and Poland). At 30 June 2025, in retail banking, on-balance sheet deposits totalled €838 billion, up +0.6% year-on-year in France and Italy (+0.7% for Regional Banks and LCL and +0.3% in Italy). Outstanding loans totalled €885 billion, up +1.4% year-on-year in France and Italy (+1.4% for Regional Banks and LCL and +1.6% in Italy). Housing loan production continued its upturn in France compared to the low point observed at the start of 2024, with an increase of +28% for Regional Banks and +24% for LCL compared to the second quarter of 2024. For CA Italia, loan production was down -8.1% compared to the high second quarter of 2024. The property and casualty insurance equipment rate (2) rose to 44.2% for the Regional Banks (+0.7 percentage points compared to the second quarter of 2024), 28.4% for LCL (+0.6 percentage point) and 20.6% for CA Italia (+0.9 percentage point).

    In Asset Management, quarterly inflows were very high at +€20 billion, fuelled by medium/long-term assets (+€11 billion) and JVs (+€10 billion). In insurance, savings/retirement gross inflows rose to a record €9.9 billion over the quarter (+22% year-on-year), with the unit-linked rate in production staying at a high 32%. Net inflows were at a record level at +€4.2 billion, spread evenly between euro-denominated funds and unit-linked contracts. The strong performance in property and casualty insurance was driven by price changes and portfolio growth (16.9 million contracts at end-June 2025, +3% year-on-year). Assets under management stood at €2,905 billion, up +5.2% year on year for the three business segments: in asset management at €2,267 billion (+5.2% year on year) despite a negative scope effect linked to the deconsolidation of Amundi US and the integration of Victory, in life insurance at €359 billion (+6.4% year on year) and in wealth management (Indosuez Wealth Management and LCL Private Banking) at €279 billion (+3.7% year on year).

    Business in the SFS division showed strong activity. At CAPFM, consumer finance outstandings increased to €121.0 billion, up +4.5% compared with end-June 2024, with car loans representing 53% (3) of total outstandings, and new loan production up by +2.4% compared with the second quarter of 2024 (+12.4% compared to the first quarter of 2025), driven by traditional consumer finance, but with the automotive market remaining complex in Europe and China. Regarding Crédit Agricole Leasing & Factoring (CAL&F), lease financing outstandings are up +5.0% compared to June 2024 to €20.8 billion; however, production is down -19.4% compared to the second quarter of 2024, mainly in France. Factoring activity remains very strong, with a production of +26.6% year on year.

    Momentum is strong in Large Customers, which again posted record revenues for the half-year in Corporate and Investment Banking and a high-level quarter. Capital markets and investment banking showed a high level of revenues driven by capital markets, especially from trading and primary credit activities, which partially offset the drop in revenues from structured equity activities. Financing activities are fuelled by structured financing with strong momentum in the renewable energy sector, and by CLF activities, driven by the acquisition financing sector. Lastly, Asset Servicing recorded a high level of assets under custody of €5,526 billion and assets under administration of €3,468 billion (+11% and +1.2%, respectively, compared with the end of June 2024), with good sales momentum and positive market effects over the quarter.

    Continued support for the energy transition

    The Group is continuing the mass roll-out of financing and investment to promote the transition. Thus, the exposure of Crédit Agricole Group (4) has increased 2.4 fold between 2020 and 2024 with €26.3 billion at 31 December 2024. Investments in low-carbon energy (5) increased 2.8 fold between end-2020 and June 2025, and represented €6.1 billion at 30 June 2025.

    At the same time, as a universal bank, Crédit Agricole is supporting the transition of all its customers. Thus, outstandings related to the environmental transition (6) amounted to €111 billion at 31 March 2025, including €83 billion for energy-efficient property and €6 billion for “clean” transport and mobility.

    In addition, the Group is continuing to move away from carbon energy financing; the Group’s phased withdrawal from financing fossil fuel extraction resulted in a -40% decrease in exposure in the period 2020 to 2024, equating to €5.6 billion at 31 December 2024. 

    In the field of sustainable finance, Crédit Agricole was named World’s Best Bank for Sustainable Finance at the Euromoney Awards for Excellence 2025. 

    Group results

    In the second quarter of 2025, Crédit Agricole Group’s net income Group share came to €2,638 million, up +30.1% compared to the second quarter of 2024, and up +14.8% excluding capital gains related to the deconsolidation of Amundi US.

    In the second quarter of 2025, revenues amounted to €9,808 million, up +3.2% compared to the second quarter of 2024. Operating expenses were up +3.2% in the second quarter of 2025, totalling -€5,872 million. Overall, Credit Agricole Group saw its cost/income ratio reach 59.9% in the second quarter of 2025, stable compared to the second quarter of 2024. As a result, the gross operating income stood at €3,936 million, up +3.1% compared to the second quarter of 2024.

    The cost of credit risk stood at -€840 million, a decrease of -3.7% compared to the second quarter of 2024. It includes a reversal of +€24 million on performing loans (stage 1 and 2) linked to reversals for model updates which offset the updating of macroeconomic scenarios and the migration to default of some loans. The cost of proven risk shows an addition to provisions of -€845 million (stage 3). There was also an addition of -€18 million for other risks. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the second quarter were updated, with a central scenario (French GDP at +0.8% in 2025, +1.4% in 2026) an unfavourable scenario (French GDP at +0.0% in 2025 and +0.6% in 2026) and an adverse scenario (French GDP at -1.9% in 2025 and -1.4% in 2026). The cost of risk/outstandings (7)reached 27 basis points over a four rolling quarter period and 28 basis points on an annualised quarterly basis (8).

    Pre-tax income stood at €3,604 million, a year-on-year increase of +19.6% compared to second quarter 2024. This includes the contribution from equity-accounted entities of €56 million (down -24.0%) and net income on other assets, which came to +€452 million this quarter, due to a capital gain of €453 million on the deconsolidation of Amundi US. The tax charge was -€615 million, down +€147 million, or -19.3% over the period.

    Net income before non-controlling interests was up +32.8% to reach €2,990 million. Non-controlling interests increased by +57%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.

    Net income Group share in first half 2025 amounted to €4,803 million, compared with €4,412 million in first half 2024, an increase of +8.9%.

    Revenues totalled €19,856 million, up +4.3% in first half 2025 compared with first half 2024.

    Operating expenses amounted to -€11,864 million up +5.2% compared to the first half of 2024, especially due to support for business development, IT expenditure and the integration of scope effects. The cost/income ratio for the first half of 2025 was 59.8%, up +0.5 percentage points compared to the first half of 2024.

    Gross operating income totalled €7,992 million, up +3.0% compared to the first half of 2024.

    Cost of risk for the half-year rose moderately to -€1,575 million (of which -€23 million in cost of risk on performing loans (stage 1 and 2), -€1,522 million in cost of proven risk, and +€29 million in other risks, i.e. an increase of +3.4% compared to first half 2024.

    As at 30 June 2025, risk indicators confirm the high quality of Crédit Agricole Group’s assets and risk coverage level. The prudent management of these loan loss reserves has enabled the Crédit Agricole Group to have an overall coverage ratio for doubtful loans (83.3% at the end of June 2025).

    Net income on other assets stood at €456 million in first half 2025, vs. -€14 million in first half 2024. Pre-tax income before discontinued operations and non-controlling interests rose by +10.1% to €7,004 million. The tax charge stood at -€1,66 million, a +9.1% increase. This change is related to the exceptional corporate income tax for -€250 million (corresponding to an estimation of -€330 million in 2025, assuming the 2025 fiscal result being equal to 2024 fiscal result).

    Underlying net income before non-controlling interests was therefore up by +10.4%. Non-controlling interests stood at -€545 million in the first half of 2024, up +26.1%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.

    Credit Agricole Group, Income statement Q2 and H1 2025

    En m€ Q2-25 Q2-24 ∆ Q2/Q2   H1-25 H1-24 ∆ H1/H1
    Revenues 9,808 9,507 +3.2%   19,856 19,031 +4.3%
    Operating expenses (5,872) (5,687) +3.2%   (11,864) (11,276) +5.2%
    Gross operating income 3,936 3,819 +3.1%   7,992 7,755 +3.0%
    Cost of risk (840) (872) (3.7%)   (1,575) (1,523) +3.4%
    Equity-accounted entities 56 74 (24.0%)   131 142 (7.9%)
    Net income on other assets 452 (7) n.m.   456 (14) n.m.
    Change in value of goodwill – – n.m.   – – n.m.
    Income before tax 3,604 3,014 +19.6%   7,004 6,361 +10.1%
    Tax (615) (762) (19.3%)   (1,656) (1,517) +9.1%
    Net income from discontinued or held-for-sale ope. 0 – n.m.   0 – n.m.
    Net income 2,990 2,252 +32.8%   5,348 4,843 +10.4%
    Non controlling interests (352) (224) +57.0%   (545) (432) +26.1%
    Net income Group Share 2,638 2,028 +30.1%   4,803 4,412 +8.9%
    Cost/Income ratio (%) 59.9% 59.8% +0.0 pp   59.8% 59.2% +0.5 pp

    Regional banks

    Gross customer capture stands at +285,000 new customers. The percentage of customers using their current accounts as their main account is increasing and the share of customers using digital tools remains at a high level. Credit market share (total credits) stood at 22.6% (at the end of March 2025, source: Banque de France), stable compared to March 2024. Loan production is up +18.8% compared to the second quarter of 2024, linked to the confirmed upturn in housing loans, up +28.3% compared to the second quarter of 2024 and +10% compared to the first quarter of 2025, and also driven by specialised markets up +13.4% compared to the second quarter of 2024. The average lending production rate for home loans stood at 3.02% (9), -16 basis points lower than in the first quarter of 2025. By contrast, the global loan stock rate improved compared to the second quarter of 2024 (+7 basis points). Outstanding loans totalled €652 billion at the end of June 2025, up by +1.2% year-on-year across all markets and up slightly by +0.5% over the quarter. Customer assets were up +2.8% year-on-year to reach €923.3 billion at the end of June 2025. This growth was driven both by on-balance sheet deposits, which reached €606.1 billion (+0.8% year-on-year), and off-balance sheet deposits, which reached €317.2 billion (+7.1% year-on-year) benefiting from strong inflows in life insurance. Over the quarter, demand deposits drove customer assets with an increase of +2.0% compared to the first quarter of 2025, while term deposits decreased by -0.4%. The market share of on-balance sheet deposits is up compared to last year and stands at 20.2% (Source Banque de France, data at the end of March 2025, i.e. +0.1 percentage points compared to March 2024). The equipment rate for property and casualty insurance (10) was 44.2% at the end of June 2025 and is continuing to rise (up +0.7 percentage points compared to the end of June 2024). In terms of payment instruments, the number of cards rose by +1.5% year-on-year, as did the percentage of premium cards in the stock, which increased by 2.2 percentage points year-on-year to account for 17.8% of total cards.

    In the second quarter of 2025, the Regional Banks’ consolidated revenues including the SAS Rue La Boétie dividend stood at €5,528 million, up +4.2% compared to the second quarter of 2024, including the reversal of Home Purchase Saving Plans provisions in the second quarter of 2025 for €16.3 million and in the second quarter of 2024 for +€22 million (11). Excluding this item, revenues were up +4.3% compared to the second quarter of 2024, fuelled by the increase in fee and commission income (+1.9%), driven by insurance, account management and payment instruments, and by portfolio revenues (+9.2%) benefiting from the increase in dividends traditionally paid in the second quarter of each year. In addition, the intermediation margin was slightly down over one year (-2.5%) but remained stable compared to the first quarter of 2025. Operating expenses were up +5.1%, especially relating to IT expenditure. Gross operating income was up year-on-year (+3.4%). The cost of risk was down -13.3% compared with the second quarter of 2024 to -€397 million. The cost of risk/outstandings (over four rolling quarters) was stable compared to the first quarter of 2025, at a controlled level of 21 basis points. Thus, the net pre-tax income was up +7.3% and stood at €2,482 million. The consolidated net income of the Regional Banks stood at €2,375 million, up +5.0% compared with the second quarter of 2024. Lastly, the Regional Banks’ contribution to net income Group share was €182 million in the second quarter of 2025, down -12.7% compared to the second quarter of 2024.

    In the first half 2025, revenues including the dividend from SAS Rue La Boétie were up (+3.1%) compared to the first half of 2024. Operating expenses rose by +3.4%, and gross operating income consequently grew by +2.6% over the first half. Finally, with a cost of risk up slightly by +1.4%, the Regional banks’ net income Group share, including the SAS Rue La Boétie dividend, amounted to €2,721 million, up +0.7% compared to the first half of 2024. Finally, the Regional Banks’ contribution to the results of Crédit Agricole Group in first half 2025 amounted to €523 million (-19.6%) with revenues of €6,716 million (+2.2%) and a cost of risk of -€717 million (+3.7%).

    Crédit Agricole S.A.

    Results

    Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 30 July 2025 to examine the financial statements for the second quarter of 2025.

    In the second quarter of 2025, Crédit Agricole S.A.’s net income Group share amounted to €2,390 million, an increase of +30.7% from the second quarter of 2024. The results of the second quarter of 2025 are based on high revenues, a cost/income ratio maintained at a low level and a controlled cost of risk. They were also favourably impacted by the change in corporate income tax, and the capital gain related to the deconsolidation of Amundi US.

    Revenues are at a high level and increasing. Revenues totalled €7,006 million, up +3.1% compared to the second quarter of 2024. The growth in the Asset Gathering division (+1.3%) is related to strong activity in Insurance, the impact of volatility and risk aversion of customers for Amundi, the deconsolidation of Amundi US (-€89 million) and the integration of Degroof Petercam (+€96 million). Revenues for Large Customers are stable and stood at a high level both for Crédit Agricole CIB and CACEIS. Specialised Financial Services division revenues (-1.0%) were impacted by a positive price effect in the Personal Finance and Mobility business line and by a cyclical drop in margins on factoring. Revenues for Retail Banking in France (-0.3%) were impacted by an unfavourable base effect on the interest margin, offset by good momentum in fee and commission income. Finally, international retail banking revenues (-1.9%) were mainly impacted by the reduction in the intermediation margin in Italy, partially offset by good momentum in fee and commission income over all the entities of the scope. Corporate Centre revenues were up +€214 million, positively impacted by Banco BPM (+€109 million, mainly related to the increase in dividends received).

    Operating expenses totalled -€3,700 million in the second quarter of 2025, an increase of +2.2% compared to the second quarter of 2024. The -€80 million increase in expenses between the second quarter of 2024 and the second quarter of 2025 was mainly due to -€25 million in scope effect and integration costs, (especially including -€51 million related to the deconsolidation of Amundi US, +€89 million related to the integration of Degroof Petercam and -€20 million related to the reduction in ISB integration costs into CACEIS) and +€58 million due to a positive base effect related to the contribution on the DGS (deposit guarantee fund in Italy).

    The cost/income ratio thus stood at 52.8% in the second quarter of 2025, an improvement of -0.5 percentage point compared to second quarter 2024. Gross operating income in the second quarter of 2025 stood at €3,306 million, an increase of +4.1% compared to the second quarter of 2024.

    As at 30 June 2025, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk coverage level. The Non Performing Loans ratio showed little change from the previous quarter and remained low at 2.3%. The coverage ratio (12) was high at 72.2%, down -2.8 percentage points over the quarter. Loan loss reserves amounted to €9.4 billion for Crédit Agricole S.A., relatively unchanged from the end of March 2025. Of these loan loss reserves, 35.3% were for provisioning for performing loans.

    The cost of risk was a net charge of -€441 million, up +4.2% compared to the second quarter of 2024, and came mainly from a provision for non-performing loans (level 3) of -€524 million (compared to a provision of -€491 million in the second quarter of 2024). Net provisioning on performing loans (stages 1 and 2) is a reversal of +€91 million, compared to a reversal of +€31 million in the second quarter of 2024, and includes reversals for model effects and the migration to default of some loans, which offset the prudential additions to provisions for updating macroeconomic scenarios. Also noteworthy is an addition to provisions of -€8 million for other items (legal provisions) versus a reversal of +€37 million in the second quarter of 2024. By business line, 53% of the net addition for the quarter came from Specialised Financial Services (50% at end-June 2024), 21% from LCL (22% at end-June 2024), 14% from International Retail Banking (17% at end-June 2024), 4% from Large Customers (9% at end-June 2024) and 5% from the Corporate Centre (1% at end-June 2024). The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the second quarter were updated, with a central scenario (French GDP at +0.8% in 2025, +1.4% in 2026) an unfavourable scenario (French GDP at +0.0% in 2025 and +0.6% in 2026) and an adverse scenario (French GDP at -1.9% in 2025 and -1.4% in 2026). In the second quarter of 2025, the cost of risk/outstandings remained stable at 34 basis points over a rolling four quarter period (13) and 32 basis points on an annualised quarterly basis (14).

    The contribution of equity-accounted entities stood at €30 million in second quarter 2025, down -€17 million compared to second quarter 2024, or -35.1%. This drop is related to the impairment of goodwill of a stake in CAL&F and non-recurring items especially the drop in remarketing revenues at CAPFM, offset by the impact of the first consolidation of Victory Capital (+€20 million). The net income on other assets was €455 million in the second quarter of 2025 and includes the capital gain related to the deconsolidation of Amundi US of €453 million. Pre-tax income, discontinued operations and non-controlling interests therefore increased by +19% to €3,350 million.

    The tax charge was -€541 million, versus -€704 million for the second quarter 2024. This quarter’s tax includes positive elements, especially the non-taxation of the capital gain linked to the deconsolidation of Amundi US. The tax charge for the quarter remains estimated and will be reassessed by the end of the year.

    Net income before non-controlling interests was up +33.1% to €2,809 million. Non-controlling interests stood at -€420 million in the second quarter of 2025, up +48.7%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.

    Stated net income Group share in the first half of 2024 amounted to €4,213 million, compared with €3,731 million in the first half of 2024, an increase of +12.9%.

    Revenues increased +4.9% compared to the first half of 2024, driven by the performance of the Asset Gathering, Large Customers, and Specialised Financial Services business lines and the Corporate Centre. Operating expenses were up +5.5% compared to the first half of 2024, especially in connection with supporting the development of business lines and the integration of scope effects. The cost/income ratio for the first half of the year was 53.9%, an improvement of 0.3 percentage points compared to first half 2024. Gross operating income totalled €6,571 million, up +4.1% compared to first half 2024. The cost of risk increased by +3.8% over the period, to -€-855 million, versus -€824 million for first half 2024.

    The contribution of equity-accounted entities stood at €77 million in first half 2025, down -€13 million compared to first half 2024, or -14.1%. Net income from other assets was €456 million in the first half of 2025. Pre-tax income, discontinued operations and non-controlling interests therefore increased by +11.9% to €6,250 million. The tax charge was -€1,368 million, versus -€1,315 million for first half 2024. This includes the exceptional corporate income tax of -€152 million, corresponding to an estimation of -€200 million in 2025 (assuming 2025 fiscal result being equal to 2024 fiscal result). Net income before non-controlling interests was up +14.3% to €4,882 million. Non-controlling interests stood at -€669 million in first half 2025, up +23.5% compared to first half 2024.

    Earnings per share stood at €0.74 per share in the second quarter 2025, versus €0.58 in the second quarter 2024.

    RoTE (15), which is calculated on the basis of an annualised net income Group share (16) and IFRIC charges, additional corporate tax charge and the capital gain on deconsolidation of Amundi US linearised over the year, net of annualised Additional Tier 1 coupons (return on equity Group share excluding intangibles) and net of foreign exchange impact on reimbursed AT1, and restated for certain volatile items recognised in equity (including unrealised gains and/or losses), reached 16.7% in the first half of 2024, up +1.3 percentage points compared to the first half of 2024.

    Crédit Agricole S.A. – Income statement, Q2 and H1-25

    En m€ Q2-25 Q2-24 ∆ Q2/Q2   H1-25 H1-24 ∆ H1/H1
    Revenues 7,006 6,796 +3.1%   14,263 13,602 +4.9%
    Operating expenses (3,700) (3,621) +2.2%   (7,691) (7,289) +5.5%
    Gross operating income 3,306 3,175 +4.1%   6,571 6,312 +4.1%
    Cost of risk (441) (424) +4.2%   (855) (824) +3.8%
    Equity-accounted entities 30 47 (35.2%)   77 90 (14.1%)
    Net income on other assets 455 15 x 29.4   456 9 x 50.7
    Change in value of goodwill – – n.m.   – – n.m.
    Income before tax 3,350 2,814 +19.0%   6,250 5,587 +11.9%
    Tax (541) (704) (23.2%)   (1,368) (1,315) +4.0%
    Net income from discontinued or held-for-sale ope. 0 – n.m.   0 – n.m.
    Net income 2,809 2,110 +33.1%   4,882 4,273 +14.3%
    Non-controlling interests (420) (282) +48.7%   (669) (542) +23.5%
    Net income Group Share 2,390 1,828 +30.7%   4,213 3,731 +12.9%
    Earnings per share (€) 0.74 0.58 +29.1%   1.30 1.08 +20.3%
    Cost/Income ratio (%) 52.8% 53.3% -0.5 pp   53.9% 53.6% +0.3 pp

    Analysis of the activity and the results of Crédit Agricole S.A.’s divisions and business lines

    Activity of the Asset Gathering division

    At end-June 2025, the assets under management of the Asset Gathering (AG) division stood at €2,905 billion, up +€27 billion over the quarter (i.e. +1%), mainly due to positive net inflows in asset management, and insurance, and a positive market and foreign exchange effect over the period. Over the year, assets under management rose by +5.2%.

    Insurance activity (Crédit Agricole Assurances) was very strong, with total revenues at a high level of €12.7 billion, up +17.9% compared to second quarter 2024.

    In Savings/Retirement, second quarter 2025 revenues reached €9.9 billion, up +22.3% compared to second quarter 2024, in a buoyant environment, especially in France. Unit-linked rate in gross inflows(17) is stable year-on-year at 32.0%. The net inflows reached a record +€4.2 billion (+€2.7 billion compared to the second quarter of 2024), comprised of +€2.4 billion net inflows from euro funds and +€1.8 billion from unit-linked contracts.

    Assets under management (savings, retirement and funeral insurance) continued to grow and came to €359.4 billion (up +€21.5 billion year-on-year, or +6.4%). The growth in outstandings was driven by the very high level of quarterly net inflows and favourable market effects. Unit-linked contracts accounted for 30.2% of outstandings, up +0.6 percentage points compared to the end of June 2024.

    In property and casualty insurance, premium income stood at €1.4 billion in the second quarter of 2025, up +9.3% compared to the second quarter of 2024. Growth stemmed from a price effect, with the increase in the average premium benefiting from revised rates induced by climate change and inflation in repair costs as well as changes in the product mix, and a volume effect, with a portfolio of over €16.9 million (18) policies at the end of June 2025 (or +2.8% over the year). Lastly, the combined ratio at the end of June 2025 stood at 94.7% (19), stable year-on-year and an improvement of +1.4 percentage points compared to the last quarter.

    In death & disability/creditor insurance/group insurance, premium income for the second quarter of 2025 stood at €1.4 billion, down slightly by -0.6% compared to the second quarter of 2024. Individual death & disability showed growth of +7.1% related to the increase in the average amount of guarantees. Creditor insurance showed a drop in activity of -4.3% over the period, especially related to international consumer finance. Group insurance was slightly up at +2.2%.

    In Asset Management (Amundi), assets under management by Amundi increased by +0.9% and +5.2% respectively over the quarter and the year, reaching a new record of €2,267 billion at the end of June 2025. They take into account the first integration of Victory Capital over the quarter with a scope effect of -€9.7 billion (effect of the deconsolidation of Amundi US for -€70 billion and the integration of Victory for +€60 billion). US business assets amount to €94 billion at end-June 2025, including €36 billion of assets distributed by Amundi to non-US customers (fully integrated) and €58 billion of assets distributed by Victory to US customers (26% share). In addition to the scope effect, assets benefited from a high level of inflows over the quarter (+€20.5 billion) a positive market effect of +€57 billion, and a strong negative exchange rate impact of -€48 billion related to the drop in the US dollar and Indian rupee. Net inflows are balanced between medium/long term assets (+€11 billion) and JVs (+€10 billion). The Institutionals segment also recorded net inflows of +€8.7 billion over the quarter, driven by strong seasonal activity in employee savings (+€4 billion in MLT assets). The JV segment showed net inflows of €10.3 billion over the period, with an upturn of inflows in India and a confirmed recovery in China. Finally, the retail segment showed net inflows of €1.4 billion over the quarter.

    In Wealth management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €279 billion at the end of June 2025, and were up +3.7% compared to June 2024 and stable compared to March 2025.

    For Indosuez Wealth Management assets under management at the end of June stood at €214 billion (20), up +0.4% compared to the end of March 2025, with slightly negative net inflows of -€0.1 billion. Production is supported by structured products and mandates, partially offsetting the outflow especially linked to liquidity events of large customers. The market and foreign exchange impact of the quarter is positive at €1 billion. Compared to end-June 2024, assets are up by +€9 billion, or +4.5%. Also noteworthy is the announcement of the Banque Thaler acquisition project in Switzerland on 4 April 2025 and that of the plan to acquire the Wealth Management customers of BNP Paribas Group in Monaco on 23 June 2025.

    Results of the Asset Gathering division

    In the second quarter of 2025, Asset Gathering generated €1,970 million of revenues, up +1.3% compared to the second quarter of 2024. Expenses increased +6.2% to -€864 million and gross operating income came to €1,106 million, -2.2% compared to the second quarter of 2024. The cost/income ratio for the second quarter of 2025 stood at 43.8%, up +2.0 percentage points compared to the same period in 2024. Equity-accounted entities showed a contribution of €58 million, up +77.4%, especially in relation to the first integration of the contribution of Victory Capital of 26% over this quarter in the Asset Management division for €20 million. The net income on other assets is impacted by the recognition of a capital gain of €453 million also related to the partnership with Victory Capital. Consequently, pre-tax income was up by +40.1% and stood at €1,610 million in the second quarter of 2025. The net income Group share showed an increase of +49.3% to €1,100 million.

    In the first semester of 2025, the Asset Gathering division generated revenues of €4,028 million, up +7.9% compared to first half 2024. Expenses increased by +14.8%. As a result, the cost/income ratio stood at 44.7%, up +2.7 percentage points compared to the first half of 2024. Gross operating income stood at €2,229 million, a increase of +2.9% compared to first half 2024. Equity-accounted entities showed a contribution of €86 million, up +39.4%, especially in relation to the first integration of the contribution of Victory Capital of 26% over the second quarter of 2025 in the Asset Management division. The net income on other assets is impacted by the recognition of a capital gain of €453 million also related to the partnership with Victory Capital in second quarter 2025. Taxes stood at €601 million, a +19.8% increase. Net income Group share of the Asset Gathering division includes the additional corporate tax charge in France and amounted to €1,780 million, up +22.5% compared to the first half of 2024. The increase affected all the business lines of the division, (+66.1% for Asset Management, +0.8% for Insurance and +92.3% for Wealth Management).

    In the second quarter of 2025, the Asset Gathering division contributed by 41% to the net income Group share of the Crédit Agricole S.A. core businesses and 28% to revenues (excluding the Corporate Centre division).

    As at 30 June 2025, equity allocated to the division amounted to €13.2 billion, including €10.6 billion for Insurance, €1.9 billion for Asset Management, and €0.7 billion for Wealth Management. The division’s risk weighted assets amounted to €51.4 billion, including €24.0 billion for Insurance, €19.7 billion for Asset Management and €7.7 billion for Wealth Management.

    Insurance results

    In the second quarter of 2025, insurance revenues amounted to €790 million, up +2.1% compared to the second quarter of 2024. They are supported by Savings/Retirement in relation to the growth in activity and a positive financial result over the period, Property & Casualty which benefits from a good level of activity and financial results, and by the performance of Death & Disability, which offsets a tightening of technical margins in creditor. Revenues for the quarter included €587 million from savings/retirement and funeral insurance (21), €89 million from personal protection (22) and €114 million from property and casualty insurance (23).

    The Contractual Service Margin (CSM) totalled €26.8 billion at the end of June 2025, an increase of +6.3% compared to the end of December 2024. It benefited from a contribution of new business greater than the CSM allocation and a positive market effect. The annualised CSM allocation factor was 8.0% at end-June 2025.

    Non-attributable expenses for the quarter stood at -€87 million, down -0.9% over the second quarter of 2024. As a result, gross operating income reached €703 million, up +2.5% compared to the same period in 2024. The net pre-tax income was up +2.2% and stood at €703 million. The tax charge totalled €143 million, down -19.9% during the period. Net income Group share stood at €557 million, up +12.6% compared to the second quarter of 2024.

    Revenues from insurance in the first half of 2025 came to €1,517 million, up +1.5% compared to the first half of 2024. Gross operating income stood at €1,335 million, up +1.4% compared to the first half of 2024. Non-attributable expenses came to €182 million, i.e. an increase of +2.0%. The cost/income ratio is thus 12.0%, below the target ceiling set by the Medium-Term Plan of 15%. The net income Group share includes the additional corporate tax charge in France and reached €997 million, up +0.8% compared to first half 2024.

    Insurance contributed 23% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-June 2025 and 10% to their revenues (excluding the Corporate Centre division).

    Asset Management results

    In the second quarter of 2025, revenues amounted to €771 million, showing a fall of -10.8% compared to the second quarter of 2024. The deconsolidation of Amundi US (previously fully consolidated) and the integration of Victory Capital (at 26% on the equity-accounted entities line) took effect this quarter. As a result, restated for this scope effect,(24), revenues were stable (-0.6%) compared with the second half of 2024. Net management fee and commission income was up +1.0% (25) compared with second quarter 2024. Amundi Technology’s revenues recorded a significant increase and rose +50% over the second quarter of 2024, thanks to the integration of Aixigo (the European leader in Wealth Tech, the acquisition of which was finalised in November 2024) which amplified the continued strong organic growth. Performance fee income fell -29%25 from the second quarter of 2024 due to market volatility and financial revenues fell in connection with the drop in rates. Operating expenses amounted to -€429 million, a decline of -8.8% from the second quarter of 2024. Excluding the scope effect related to the Victory Capital partnership24, they were up +2.2% over the period. The cost/income ratio was up at 55.7% (+1.2 percentage points compared to second quarter 2024). Gross operating income stood at €341 million, down -13.2% compared to the second quarter of 2024. The contribution of the equity-accounted entities, carrying the contribution of Amundi’s Asian joint ventures as well as the new contribution of Victory Capital starting this quarter, was €58 million (+€20 million of which for Victory Capital, whose contribution is recognised with an offset of one quarter, so excluding the synergies already realised in the second quarter of 2025; the contribution of the joint ventures rose sharply to +16.6%, particularly in India), an increase of +77.4% over the second quarter of 2024. Net income on other assets was impacted by the recognition of a non-monetary capital gain of €453 million, also related to the partnership with Victory Capital, over the second quarter of 2025. Consequently, pre-tax income came to €850 million, double the second quarter of 2024. Non-controlling interests were impacted by the partnership with Victory Capital and amounted to €249 million over the quarter. Net income Group share amounted to €506 million, up sharply (x2.3) compared to the second quarter of 2024, taking account of the impact of the partnership with Victory Capital.

    Over the first half of 2025, revenues remained stable at €1,663 million (-0.3%). Excluding the scope effect related to the partnership with Victory Capital in the second quarter of 2025, it would represent an increase of +5.3% over the period. Operating expenses posted a slight increase of +0.7%. Excluding the scope effect related to the partnership with Victory Capital, they would increase +5.3% over the period. The cost/income ratio was 55.7%, an increase of +0.5 percentage points compared to first half 2024. This resulted in a -1.5% decline in gross operating income from the first half of 2024. The income of the equity-accounted entities rose +39.4%, primarily reflecting the first integration of the Victory Capital contribution over second quarter 2025. Net income on other assets was impacted by the recognition of a non-monetary capital gain of €453 million also related to the partnership with Victory Capital over the second quarter of 2025. In total, net income Group share for the half includes the additional corporate tax charge in France and stood at €689 million, an increase of +66.1%.

    Asset management contributed 16% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end June 2025 and by 12% to their underlying revenues.

    At 30 June 2025, equity allocated to the Asset Management business line amounted to €1.9 billion, while risk weighted assets totalled €19.7 billion.

    Wealth Management results (26)

    In the second quarter of 2025, revenues from wealth management amounted to €409 million, up +33.3% compared to the second quarter of 2024, benefiting from the impact of the integration of Degroof Petercam in June 2024. Excluding this effect, (27) revenues were sustained by the positive momentum of transactional income and the good resilience of the net interest margin, despite falling rates. Expenses for the quarter amounted to -€348 million, up +36.4% compared to the second quarter of 2024, impacted by a Degroof Petercam scope effect27 and -€22.5 million in integration costs in the second quarter of 2025 (28). Excluding these impacts, expenses rose slightly at +1.7% compared to the second quarter of 2024. The cost/income ratio for the second quarter of 2025 stood at 85%, up +1.9 percentage points compared to the same period in 2024. Excluding integration costs, it amounted to 79.5%. Gross operating income reached €61 million, an increase of (+18.3%) compared to the second quarter of 2024. Cost of risk remained moderate at -€5 million. Net income Group share amounted to €36 million, up +52.7% compared to the second quarter of 2024.

    In the first half of 2025, wealth management revenues rose by +48.6% over the first half of 2024, notably benefiting from the integration of Degroof Petercam(29) in June 2024 to reach €848 million. Expenses rose by +47.5% due to the impact of the integration of Degroof Petercam29 in June 2024 and integration costs. Gross operating income was therefore up +54.0% at €156 million. Net income on other assets was nil in the first half of 2025 compared with -€20 million in the first half of 2024, corresponding to Degroof Petercam acquisition costs. Net income Group share was €94 million over the first half, up +92.3% from first half 2024. The additional net income Group share target of +€150 million to +€200 million in 2028 following the integration of Degroof Petercam is confirmed and the rate of progression in synergies realised was approximately 25%.

    Wealth Management contributed 2% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-June 2025 and 6% of their revenues (excluding the Corporate Centre division).

    At 30 June 2025, equity allocated to Wealth Management was €0.7 billion and risk weighted assets totalled €7.7 billion.

    Activity of the Large Customers division

    The large customers division posted good activity in the second quarter of 2025, thanks to good performance from Corporate and Investment banking (CIB) and strong activity in asset servicing.

    In the second quarter of 2025, revenues from Corporate and Investment Banking were stable at €1,705 million, which is -0.1% compared to second quarter 2024 (+5% excluding FVA/DVA volatile elements and foreign exchange impact). Capital Markets and Investment Banking activity was down -2.7% from second quarter 2024 (+3% excluding non-recurring items and foreign exchange impact), but remained at a high level at €860 million, supported in part by a new progression in revenues from Capital Market activities (+2.8% over second quarter 2024, +10% excluding FVA/DVA volatile items and foreign exchange impact) particularly on the trading and primary credit activities that partially offset the decline in structured equity revenues. Revenues from financing activities rose to €845 million, an increase of +2.8% compared to the second quarter of 2024 (+7% excluding non-recurring items and foreign exchange impact). This mainly reflects the performance of structured financing, where revenues rose +6.8% compared to the second quarter of 2024, primarily explained by the dynamism of the renewable energy sector (increase in production on wind and solar projects). Commercial Banking was up +0.7% versus second quarter 2024, driven by the activities of Corporate & Leveraged Finance, boosted by the acquisition financing sector.

    Financing activities consolidated its leading position in syndicated loans (#1 in France (30) and #2 in EMEA30). Crédit Agricole CIB reaffirmed its strong position in bond issues (#2 All bonds in EUR Worldwide30) and was ranked #1 in Green, Social & Sustainable bonds in EUR (31). Average regulatory VaR stood at €11.1 million in the second quarter of 2025, up from €10.5 million in the first quarter of 2025, reflecting changes in positions and financial markets. It remained at a level that reflected prudent risk management.

    For Asset Servicing, business growth was supported by strong commercial activity and favourable market effects.

    Assets under custody rose by +1.1% at the end of June 2025 compared to the end of March 2025 and increased by +11.3% compared to the end of June 2024, to reach €5,526 billion. Assets under administration fell by
    -3.0% over the quarter because of a planned customer withdrawal, and were up +1.2% year-on-year, totalling €3,468 billion at end-June 2025.

    On 4 July 2025, Crédit Agricole S.A. announced the finalisation of the buyback of the 30.5% interest held by Santander in CACEIS.

    Results of the Large Customers division

    In the second quarter of 2025, revenues of the Large Customers division once again reached a record level at €2,224 million (stable from second quarter 2024), buoyed by an excellent performance in the Corporate and Investment Banking and Asset Servicing business lines.

    Operating expenses increased by +4.4% due to IT investments and business line development. As a result, the division’s gross operating income was down -5.1% from the second quarter of 2024, standing at €967 million. The division recorded a limited addition for provision of the cost of risk of -€20 million integrating the update of economic scenarios and benefiting from favourable model effects, to be compared with an addition of -€39 million in the second quarter of 2024. Pre-tax income amounted to €958 million, down -3.3% compared to the second quarter of 2024. The tax charge amounted to -€149 million in second quarter 2025. Finally, net income Group share totalled €752 million in the second quarter of 2025, an increase of +8.3% over the second quarter of 2024.

    In first half 2025, the revenues of the Large Customers business line amounted to a historic high of €4,632 million (+3.2% compared to first half 2024). Operating expenses rose +4.6% compared to first half 2024 to €2,617 million, largely related to staff costs and IT investments. Gross operating income for first half of 2025 therefore totalled €2,015 million, up +1.4% from first half 2024. The cost of risk ended the first half of 2025 with a net provision to provisions of -€5 million, which was stable compared with the first half of 2024. The business line’s contribution to underlying net income Group share was at €1,475 million, up +4.1% compared to first half 2024.

    The business line contributed 34% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-June 2025 and 32% to revenues excluding the Corporate Centre.

    At 30 June 2025, the equity allocated to the division was €12.8 billion and its risk weighted assets were €134.7 billion.

    Corporate and Investment Banking results

    In the second quarter of 2025, revenues from Corporate and Investment Banking posted a strong performance at €1,705 million (stable in relation to second quarter 2024, +5% excluding FVA/DVA volatile items and foreign exchange impact).

    Operating expenses rose by +6.7% to -€895 million, mainly due to IT investments and the development of business line activities. Gross operating income declined -6.6% compared to second quarter 2024 and recorded a high level of +€810 million. Cost/income ratio was 52.5%, an improvement of +3.3 percentage points for the period. Cost of risk recorded a limited net provision of -€19 million integrating the update of economic scenarios and benefiting from positive model effects. Pre-tax income in second quarter 2025 stands at €793 million, down -5.7% compared to the second quarter of 2024. Lastly, stated net income Group share was up +6.7% to €659 million in the second quarter of 2025.

    In first half 2025, stated revenues rose by +3.7% compared to first half 2024, to €3,591 million, the highest historical half-year level ever. Operating expenses rose +7.1%, mainly due to variable compensation and IT investments to support the development of the business lines. As a result, gross operating income was €1,704 million and stable compared to first half 2024. The cost of risk recorded a net reversal of +€4 million in the first half of 2025, compared to a reversal of +€7 million in the first half of 2024. The income tax charge stood at -€376 million, down -9.3%. Lastly, stated net income Group share for first half 2025 stood at €1,307 million, an increase of +3.0% over the period.

    Risk weighted assets at end-June 2025 were down -€6.6 billion compared to end-March 2025, to €123.6 billion, mainly explained by model effects.

    Asset servicing results

    In the second quarter of 2025, revenues for Asset Servicing remained stable compared to second quarter 2024 at €519 million, as the solid performance of the net interest margin was offset by a drop in fee and commission income (notably on foreign exchange). Operating expenses were down by -1.1% to -€361 million, due to the decrease in ISB integration costs compared to the second quarter of 2024 (32). Apart from this effect, expenses were up slightly pending the acceleration of synergies. As a result, gross operating income was up by +3.8% to €158 million in the second quarter of 2025. The cost/income ratio for the second quarter of 2025 stood at 69.6%, down -1.0 percentage points compared to the same period in 2024. Consequently, pre-tax income was up by +8.8% and stood at €165 million in the second quarter of 2025. Net income Group share rose +21.1% compared to second quarter 2024.

    Stated revenues for first half 2025 were up +1.5% compared with first half 2024, buoyed by the strong commercial momentum and a favourable trend in the interest margin over the period. Expenses declined -1.3% and included -€13.7 million in integration costs related to the acquisition of ISB’s activities (versus -€44.3 million in integration costs in the first half of 2024). Gross operating income rose +8.8% increase compared to first half 2024.
    The cost/income ratio stood at 70.1%, down 2.0 points compared to the second half of 2024. The additional net income target (33)of +€100 million in 2026 following the integration of ISB is confirmed and the rate of progression in synergies realised is approximately 60%.

    Finally, the contribution of the business line to net income Group share in the first half of 2025 was €168 million, representing a +13.9% increase compared to the first half of 2024.

    Specialised financial services activity

    Crédit Agricole Personal Finance & Mobility’s (CAPFM) commercial production totalled €12.4 billion in second quarter 2025, an increase of +2.4% from second quarter 2024, and an increase of +12.4% compared to first quarter 2025. This increase was carried by traditional consumer finance, while the automobile activity remained stable in a still complex market in Europe and China. The share of automotive financing (34) in quarterly new business production stood at 49.6%. The average customer rate for production was down slightly by -9 basis points from the first quarter of 2025. CAPFM assets under management stood at €121.0 billion at end-June 2025, up +4.5% from end-June 2024, over all scopes (Automotive +6.6% (35), LCL and Regional Banks +4.2%, Other Entities +2.5%), benefiting from the expansion of the management portfolio with the Regional Banks and the promising development of car rental with Leasys and Drivalia. Lastly, consolidated outstandings totalled €68.0 billion at end-June 2025, down -0.9% from end-June 2024.

    The commercial production of Crédit Agricole Leasing & Factoring (CAL&F) was down -19.4% from second quarter 2024 in leasing, primarily in France in an unfavourable market context (36). In International, production was up, particularly in Poland. Leasing outstandings rose +5.0% year-on-year, both in France (+4.1%) and internationally (+8.6%), to reach €20.8 billion at end-June 2025 (of which €16.4 billion in France and €4.5 billion internationally). Commercial production in factoring was up +26.6% versus second quarter 2024, carried by France, which rose +83.8%, which benefited from the signing of a significant contract; international fell by -27.0%, mainly in Germany. Factoring outstandings at end-June 2025 were up +3.7% compared to end-June 2024, and factored revenues were up by +5.0% compared to the same period in 2024.

    Specialised financial services’ results

    In the second quarter of 2025, revenues of the Specialised Financial Services division were €881 million, down -1.0% compared to the second quarter of 2024. Expenses stood at -€438 million, down -1.0% compared to the second quarter of 2024. The cost/income ratio stood at 49.8%, stable compared to the same period in 2024. Gross operating income thus stood at €442 million, down -1.0% compared to the second quarter of 2024. Cost of risk amounted to -€235 million, up +11.7% compared to the second quarter of 2024. Income for the equity-accounted entities amounted to -€13 million, a significant decline from second quarter 2024 which was €29 million, mainly linked to the drop in remarketing revenues for CAPFM as well as a depreciation of goodwill for CAL&F. Pre-tax income for the division amounted to €194 million, down -26.7% compared to the same period in 2024. Net income Group share amounted to €114 million, down -38.9% compared to the same period in 2024.

    In the first half of 2025, revenues for the Specialised Financial Services division were €1,749 million, which was up +0.8% from first half 2024. Operating expenses were up +1.7% from first half 2024 at -€912 million. Gross operating income amounted to €837 million, stable (-0.2%) in relation to first half 2024. The cost/income ratio stood at 52.1%, up +0.5 percentage points compared to the same period in 2024. The cost of risk increased by +12.8% compared to the first quarter of 2024 to -€484 million. The contribution of the equity-accounted entities dropped -62.2% from the same period in 2024, mainly linked to the decline in remarketing revenues CAPFM and a depreciation of goodwill for CAL&F (in the second quarter of 2025). Net income Group share includes the corporate tax additional charge in France and amounted to €263 million, down -20.3% compared to the same period in 2024.

    The business line contributed 6% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-June 2025 and 12% to revenues excluding the Corporate Centre.

    At 30 June 2025, the equity allocated to the division was €7.7 billion and its risk weighted assets were €80.7 billion.

    Personal Finance and Mobility results

    In the second quarter of 2025, CAPFM revenues totalled €697 million, up +0.3% from the second quarter of 2024, with a positive price effect benefiting from the improvement in the production margin rate, which rose +35 basis points compared to second quarter 2024 (and which was down -7 basis points from first quarter 2025), partially absorbed by the increase in subordinated debt (37). Expenses totalled -€339 million, a drop of -1.1% and the jaws effect was positive over the quarter at +1.3 percentage points. Gross operating income thus stood at €358 million, an increase of +1.5% compared to the second quarter of 2024. The cost/income ratio stood at 48.7%, up -0.6 percentage points compared to the same period in 2024. The cost of risk stood at -€228 million, up +19.6% from the second quarter of 2024. The cost of risk/outstandings thus stood at 135 basis points(38), a slight deterioration of +5 basis points compared to the first quarter of 2025, especially in international activities. The Non Performing Loans ratio was 4.6% at end-June 2025, slightly up by +0.1 percentage points compared to end-March 2025, while the coverage ratio reached 73.2%, down -0.2 percentage points compared to end-March 2025. The contribution from the equity-accounted entities fell by -71.4% compared to the same period in 2024, related mainly to the drop in remarketing revenues. Pre-tax income amounted to €140 million, down -27.1% compared to the same period in 2024. Net income Group share amounted to €81 million, down -38.4% compared to the previous year.

    In the first half of 2025, CAPFM revenues reached €1,380 million, i.e. +1.1% over the first half of 2024, benefiting from volume and positive price effects partially offset by the increase in subordinated debt37. The expenses came to -€709 million, up +1.7% compared to the first half of 2024, related primarily to employee expenses and IT expenses. Gross operating income stood at €671 million, up +0.6%. The cost/income ratio stood at 51.4%, up +0.3 percentage points compared to the same period in 2024. The cost of risk rose by +16.3% over the first half of 2024 to -€453 million, notably related to a slight degradation on the international subsidiaries. The contribution from equity-accounted entities fell by -25.9% compared to the same period in 2024, primarily due to the decline in remarketing revenues. Therefore, net income Group share, which includes the additional corporate tax charge in France, amounted to €188 million, down -18.7% from the first half of 2024.

    Leasing & Factoring results

    In the second quarter of 2025, CAL&F revenues totalled €183 million, down -5.4% from second quarter 2024 due to the decline in factoring margins (related to the rate decrease). Revenues were up in leasing. Operating expenses stood at -€99 million, down -0.8% over the quarter, and the cost/income ratio stood at 54.0%, an improvement of +2.6 percentage points compared to the second quarter of 2024. Gross operating income stood at €84 million, down -10.4% compared to the second quarter of 2024. The cost of risk includes a provision reversal on performing loans of +€20 million and thus amounted to -€7 million over the quarter, a drop of -63.9% from the same period in 2024. Cost of risk/outstandings stood at 21 basis points38, down -4 basis points compared to second quarter 2024. Income of the equity-accounted entities totalled -€22 million in second quarter 2025, a sharp decline from second quarter 2024 at -€2 million, due to a depreciation of goodwill. Pre-tax income amounted to €54 million, down -25.4% compared to the same period in 2024. Net income Group share includes the corporate tax additional charge in France and amounted to €33 million, down -40.2% compared to the previous year.

    In the first half of 2025, revenues were stable (-0.6%) from first half 2024 at €369 million with an increase on leasing absorbed by a decrease in factoring margins because of the decrease in rates. Operating expenses increased by +1.9% to -€203 million. Gross operating income was down -3.5% from the first half of 2024 to total €166 million. The cost/income ratio stood at 55.0%, up +1.3 percentage points compared to first half 2024. The cost of risk declined from the first half of 2024 (-21.8%) because of a provision reversal of +€20 million on performing loans in the second quarter of 2025. The contribution of the equity-accounted entities amounted to -€24 million in the first half of 2025, down sharply from the first half of 2024 at -€4 million due to a depreciation of goodwill in first half 2025. Finally, net income Group share includes the additional corporate tax charge in France and amounted to €75 million, down -24.1% from the first half of 2024.

    Crédit Agricole S.A. Retail Banking activity

    In Retail Banking at Crédit Agricole S.A. this quarter, loan production in France continued its upturn compared to the second quarter of 2024. It was down in Italy in a very competitive housing market. The number of customers with insurance is progressing.

    Retail banking activity in France

    In the second quarter of 2025, activity was steady, with an upturn in loan activity, especially real estate loans, compared with the second quarter of 2024, and an increase in inflows. Customer acquisition remained dynamic, with 68,000 new customers this quarter.

    The equipment rate for car, multi-risk home, health, legal, all mobile phones or personal accident insurance rose by +0.6 percentage points to stand at 28.4% at end-June 2025.

    Loan production totalled €6.8 billion, representing a year-on-year increase of +14%. Second quarter 2025 recorded an increase in the production of real estate loans (+24% over second quarter 2024). The average production rate for home loans came to 3.07%, down -11 basis points from the first quarter of 2025 and -77 basis points year on year. The home loan stock rate improved by +3 basis points over the quarter and by +18 basis points year on year. The strong momentum continued in the corporate market (+10% year on year) and the small business market (+15% year on year) and remains up in the consumer finance segment (+2%).

    Outstanding loans stood at €171.5 billion at end-June 2025, representing a quarter-on-quarter increase (+0.5%) and year-on-year (+2.0%, including +1.8% for home loans, +1.7% for loans to small businesses, and +3.4% for corporate loans). Customer assets totalled €256.0 billion at end-June 2025, up +1.7% year on year, driven by off-balance sheet funds and with a slight increase of on-balance sheet deposits. Over the quarter, customer assets remained stable at -0.2% in relation to end-March 2025, with an increase of demand deposits for +2.6% while term deposits dropped -8.5% over the quarter in an environment that remains uncertain. Off-balance sheet deposits benefited from a positive year-on-year market effect and on the quarter and positive net inflows in life insurance.

    Retail banking activity in Italy

    In the second quarter of 2025, CA Italia posted gross customer capture of 54,000.

    Loans outstanding at CA Italia at the end of June 2025 stood at €62.0 billion (39), up +1.6% compared with end-June 2024, in an Italian market up slightly (40), driven by the retail market, which posted an increase in outstandings of +2.8%. The loan stock rate declined by -96 basis points against the second quarter of 2024 and by -24 basis points from the first quarter of 2025. Loan production for the quarter was down -8.1% compared with a high second quarter 2024, in a very competitive home market in the second quarter of 2025. Loan production for the half rose by +1.3% compared with the first half of 2024.

    Customer assets at end-June 2025 totalled €120.5 billion, up +3.2% compared with end-June 2024; on-balance sheet deposits were relatively unchanged (+0.3%) from end-June 2024. Finally, off-balance sheet deposits increased by +6.9% over the same period and benefited from net flows and a positive market effect.

    CA Italia’s equipment rate in car, multi-risk home, health, legal, all mobile phones or personal accident insurance was 20.6%, up +0.9 percentage points over the second quarter of 2024.

    International Retail Banking activity excluding Italy

    For International Retail Banking excluding Italy, loan outstandings were €7.4 billion, up +5.2% at current exchange rates at end-June 2025 compared with end-June 2024 (+6.6% at constant exchange rates). Customer assets rose by +€11.7 billion and were up +6.4% over the same period at current exchange rates (+9.7% at constant exchange rates).

    In Poland in particular, loan outstandings increased by +5.2% compared to end-June 2024 (+3.6% at constant exchange rates) driven by the retail segment and on-balance sheet deposits of +8.2% (+6.6% at constant exchange rates). Loan production in Poland rose this quarter compared to the second quarter of 2024 (+7.9% at current exchange rates and +6.5% at constant exchange rates). In addition, gross customer capture in Poland reached 48,000 new customers this quarter.

    In Egypt, commercial activity was strong in all markets. Loans outstanding rose +6.8% between end-June 2025 and end-June 2024 (+20.9% at constant exchange rates). Over the same period, on-balance sheet deposits increased by +9.0%% and were up +23.3% at constant exchange rates.

    Liquidity is still very strong with a net surplus of deposits over loans in Poland and Egypt amounting to +€2.0 billion at 30 June 2025, and reached €3.5 billion including Ukraine.

    French retail banking results

    In the second quarter of 2025, LCL revenues amounted to €976 million, stable from the second quarter of 2024. The increase in fee and commission income (+3.1% over second quarter 2024) was driven by the strong momentum in insurance (life and non-life). NIM was down -3.4%, under the impact of an unfavourable base effect, but improved compared to the first quarter of 2025 (+7.8%), thanks to the progressive repricing of loans and the decrease in the cost of customer-related funds (which benefited from a positive change in the deposit mix) and of refinancing, offset by a lower contribution from macro-hedging.

    Expenses were up slightly by +1.0% and stood at -€597 million linked to ongoing investments. The cost/income ratio stood at 61.1%, an increase by 0.8 percentage points compared to second quarter 2024. Gross operating income fell by -2.4% to €380 million.

    The cost of risk was stable (-0.3% compared with second quarter 2024) and amounted to -€95 million (including an addition to provisions of -€104 million on proven risk and a reversal of +€10 million on healthy loans, incorporating the impact of the scenario update offset by the model update. The cost of risk/outstandings was stable at 20 basis points, with its level still high in the professional market. The coverage ratio still remains at a high level and was 60.9% at the end of June 2025. The Non Performing Loans ratio was 2.1% at the end of June 2025.

    Finally, pre-tax income stood at €286 million, down -3.4% compared to the second quarter of 2024, and net income Group share was down -5.7% from the second quarter of 2024.

    In the first half of 2025, LCL revenues were stable, up +0.3% compared to first half 2024 and totalled €1,939 million. The net interest margin was down (-2.6%), benefiting from gradual loan repricing and lower funding and refinancing costs, although the impact of macro-hedging remained positive, though less favourable, and there was an unfavourable base effect in the second quarter. Fee and commission income rose +3.4% compared to first half 2024, particularly on insurance. Expenses rose by +2.4% over the period and the cost/income ratio remained under control (+1.3 percentage points compared with first half 2024) at 63.0%. Gross operating income fell by -3.1% and the cost of risk improved by -12.9%. Lastly, the business line’s contribution to net income Group share includes the additional corporate tax charge in France and amounted to €337 million (-14.4% compared to the first half of 2024).

    In the end, the business line contributed 8% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) in the second quarter of 2025 and 13% to revenues excluding the Corporate Centre division.

    At 30 June 2025, the equity allocated to the business line stood at €5.3 billion and risk weighted assets amounted to €55.7 billion.

    International Retail Banking results (41)

    In the second quarter of 2025, revenues for International Retail Banking totalled €1,007 million, down compared with the second quarter of 2024 (-1.9% at current exchange rates, -1.3% at constant exchange rates). Operating expenses amounted to -€520 million, down -6.3% (-6.0% at constant exchange rates), and benefited from the end of the contribution to the DGS in 2025, which was recorded for -€58 million in the second quarter of 2024. Gross operating income consequently totalled €487 million, up +3.2% (+4.3% at constant exchange rates) for the period. Cost of risk amounted to -€61 million, down -15.5% compared to second quarter 2024 (-19.8% at constant exchange rates). All in all, net income Group share for CA Italia, CA Egypt, CA Poland and CA Ukraine amounted to €238 million in the second quarter of 2025, up +4.3% (and +6.4% at constant exchange rates).

    In first half 2025, International Retail Banking revenues fell by -2.5% to €2,033 million (-0.7% at constant exchange rates). Operating expenses totalled -€1,035 million, down -2.4% (-4% at constant exchange rates) from the first half of 2024, and benefited from the end of the contribution to the DGS in 2025, which had been recorded for -€58 million in the second quarter of 2024. Gross operating income totalled €998 million, down -2.6% (+2.9% at constant exchange rates). The cost of risk fell by -17.3% (-14.2% at constant exchange rates) to -€128 million compared to first half 2024. Ultimately, net income Group share of International Retail Banking was €483 million, stable in comparison with €485 million in the first half of 2024.

    At 30 June 2025, the capital allocated to International Retail Banking was €4.3 billion and risk weighted assets totalled €44.9 billion.

    Results in Italy

    In the second quarter of 2025, Crédit Agricole Italia’s revenues amounted to €767 million, down -2.2% from second quarter 2024, due to the decline in the net interest margin (-4.4% compared with the second quarter of 2024 related to the decrease in rates). The net interest margin was up +2% compared to first quarter 2025. Fee and commission income on managed assets rose significantly by +11.6% compared to second quarter 2024. Operating expenses were -€398 million, down -9.5% from second quarter 2024, due to the end of the contribution to the DGS in 2025, whereas an amount of -€58 million had been recognised in this respect in the second quarter of 2024. Excluding the DGS, expenses rose by +4.3% compared to the second quarter of 2024 because of employee and IT expenses to support the growth of the business lines.

    The cost of risk was -€45 million in the second quarter of 2025, a decrease of -26.4% from second quarter 2024, and continues to fall with an improvement in the quality of the assets and the coverage ratio. In effect, the cost of risk/outstandings (42) is 36 basis points, an improvement of 3 basis points versus the first quarter of 2025; the Non Performing Loans ratio is 2.7% and is improved from the first quarter of 2025, just like the coverage ratio which is 81.0% (+3.1 percentage points over the first quarter of 2025). This translates into a net income Group share of €172 million for CA Italia, up +12.3% compared to the second quarter of 2024.

    In first half 2025, revenues for Crédit Agricole Italia fell by -0.9% to €1,545 million. Operating expenses amounted to -€781 million, down -4.8% from the first half of 2024, and an increase of +2.4% excluding the DGS for -€58 million in the second quarter of 2024. This took gross operating income to €763 million, up +3.4% compared to first half 2024. The cost of risk amounted to -€102 million, down -17.2% compared to the first half of 2024. As a result, net income Group share of CA Italia totalled €350 million, an increase of +5.2% compared to first half 2024.

    Results for Crédit Agricole Group in Italy (43)

    In the first half of 2025, the net income Group share of entities in Italy amounted to €652 million, down -1.1% compared to the first half of 2024. The breakdown by business line is as follows: Retail Banking 54%; Specialised Financial Services 14%; Asset Gathering and Insurance 19%; and Large Customers 13%. Lastly, Italy’s contribution to net income Group share of Crédit Agricole S.A. in first half 2025 was 15%.

    International Retail Banking results – excluding Italy

    In the second quarter of 2025, revenues for International Retail Banking excluding Italy totalled €240 million, down -1.1% (+1.7% at constant exchange rates) compared to the second quarter of 2024. Revenues in Poland were up +9.5% in the second quarter of 2024 (+8.3% at constant exchange rates), boosted by net interest margin and fee and commission income. Revenues in Egypt were down -9.2% (-4.8% at constant exchange rates) with a residual base effect related to the exceptional foreign exchange activity of the second quarter of 2024. The increase in fee and commission income does not offset the slight decline in net interest margin. Operating expenses for International Retail Banking excluding Italy amounted to -€123 million, up +6.0% compared to the second quarter of 2024 (+7.5% at constant exchange rates) due to the effect of employee expenses and taxes in Poland as well as employee expenses and IT expenses in Egypt. At constant exchange rates, the jaws effect was positive by +2.6 percentage points in Poland. Gross operating income amounted to €117 million, down -7.5% (-3.6% at constant exchange rates) compared to the second quarter of 2024. The cost of risk is low at -€16 million, compared with -€11 million in the second quarter of 2024. Furthermore, at end-June 2025, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 124% and 135%, respectively. In Ukraine, the local coverage ratio remains prudent (558%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €66 million, down -11.9% compared with the second quarter of 2024 (-6.5% at constant exchange rates).

    In the first half of 2025, revenues for International Retail Banking excluding Italy totalled €488 million, down -7.1% (-1.1% at constant exchange rates) compared to the first half of 2024. Operating expenses amounted to -€254 million, up +5.9% compared to the first half of 2024 (+8.4% at constant exchange rates). The cost/income ratio stood at 52.0% at the end of June 2025, decreasing by 6.4 percentage points compared to the first half of 2024. Gross operating income amounted to €235 million, down -17.9% (-9.7% at constant exchange rates) compared to the first half of 2024. Cost of risk amounted to -€26 million, down -17.8% (-19.7% at constant exchange rates) compared to the first half of 2024. All in all, International Retail Banking excluding Italy contributed €133 million to net income Group share.

    At 30 June 2025, the entire Retail Banking business line contributed 19% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) and 28% to revenues excluding the Corporate Centre.

    At 30 June 2025, the division’s equity amounted to €9.6 billion. Its risk weighted assets totalled €100.6 billion.

    Corporate Centre results

    The net income Group share of the Corporate Centre was -€22 million in second quarter 2025, up +€217 million compared to second quarter 2024. The contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€60 million) and other items (+€39 million).
    The contribution of the “structural” component (-€60 million) was up by +€184 million compared with the second quarter of 2024 and can be broken down into three types of activity:

    • The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution was -€287 million in the second quarter of 2025, up +€45 million.
    • The businesses that are not part of the business lines, such as CACIF (Private equity), CA Immobilier, CATE and BforBank (equity-accounted), and other investments. Their contribution, at +€217 million in the second quarter of 2025, was up +€140 million compared to the second quarter of 2024, including the positive impact of the Banco BPM dividend linked to an increased stake of 19.8% combined with a rise in the value of the securities (+€143 million).
    • Group support functions. Their contribution amounted to +€9 million this quarter (unchanged compared with the second quarter of 2024).

    The contribution from “other items” amounted to +€39 million, up +€32 million compared to the second quarter of 2024, mainly due to ESTER/BOR volatility factors.

    The underlying net income Group share of the Corporate Centre division in first half 2025 was -€124 million, up +€221 million compared to first half 2024. The structural component contributed -€114 million, while the division’s other items contributed -€10 million over the half-year.
    The “structural” component contribution was up +€237 million compared to first half 2024 and can be broken down into three types of activity:

    • The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution amounted to -€601 million for first half 2025, up +€26 million compared to first half 2024;
    • Business lines not attached to the core businesses, such as Crédit Agricole CIF (private equity) and CA Immobilier, BforBank and other investments: their contribution, which stood at +€469 million in first half 2025, an increase compared to the first half of 2024 (+€207 million).
    • The Group’s support functions: their contribution for the first half of 2025 was +€18 million, up +€4 million compared to the first half of 2024.

    The contribution of “other items” was down -€15 million compared to first half 2024.

    At 30 June 2025, risk weighted assets stood at €38.3 billion.

    Financial strength

    Crédit Agricole Group has the best level of solvency among European Global Systemically Important Banks.

    Capital ratios for Crédit Agricole Group are well above regulatory requirements. At 30 June 2025, the phased Common Equity Tier 1 ratio (CET1) for Crédit Agricole Group stood at 17.6%, or a substantial buffer of 7.7 percentage points above regulatory requirements. Over the quarter, the CET1 ratio remained stable, reflecting the increase in retained earnings of +31 basis points (bp), -29 bp of organic growth in the business lines, +5 bp of methodological impact and -13 bp of M&A transactions, OCI and other items.

    Crédit Agricole S.A., in its capacity as the corporate centre of the Crédit Agricole Group, fully benefits from the internal legal solidarity mechanism as well as the flexibility of capital circulation within the Crédit Agricole Group. Its phased-in CET1 ratio as at 30 June 2025 stood at 11.9%, 3.2 percentage points above the regulatory requirement, -20 bp compared to the March 2025. The change over the quarter was due to the retained earnings of +28 bp, business lines’ organic growth of -23 bp, +4 bp from methodology impacts and -33 bp from M&A transactions, OCI and other44. The proforma CET1 ratio Including M&A transactions completed after 30 June 2025 would be 11.6%.

    The breakdown of the change in Crédit Agricole S.A.’s risk weighted assets by business line is the combined result of:  +€3.4 billion for the Retail Banking divisions linked to changes in the business lines, -€0.3 billion for Asset Gathering, taking into account the increase in insurance dividends, +€1.7 billion for Specialised Financial Services, -€7.0 billion for Large Customers, linked to favourable methodology and FX impact and moderate business line growth, and  +€3.2 billion for the Corporate Centre division, notably linked to the impact of the increase in the Banco BPM stake to 19.8%.

    For the Crédit Agricole Group, the Regional Banks’ risk weighted assets increased by +€6.9 billion. The evolution of the other businesses follows the same trend as for Crédit Agricole S.A.

    Crédit Agricole Group’s financial structure

        Crédit Agricole Group   Crédit Agricole S.A.
        30/06/25 31/03/25 Exigences 30/06/25   30/06/25 31/03/25 Exigences 30/06/25
    Phased-in CET1 ratio45   17.6% 17.6% 9.88%   11.9% 12.1% 8.71%
    Tier1 ratio45   18.9% 19.0% 11.72%   14.0% 14.3% 10.52%
    Total capital ratio45   21.4% 21.8% 14.17%   17.8% 18.4% 12.94%
    Risk-weighted assets (€bn)   649 641     406 405  
    Leverage ratio   5.6% 5.6% 3.5%   3.9% 4.0% 3.0%
    Leverage exposure (€bn)   2,191 2,173     1,445 1,434  
    TLAC ratio (% RWA)45,46   27.6% 28.5% 22.4%        
    TLAC ratio (% LRE)46   8.2% 8.4% 6.75%        
    Subordinated MREL ratio (% RWA)45   27.6% 28.5% 21.6%        
    Subordinated MREL ratio (% LRE)   8.2% 8.4% 6.25%        
    Total MREL ratio (% RWA)45   32.7% 34.0% 26.2%        
    Total MREL ratio (% LRE)   9.7% 10.0% 6.25%        
    Distance to the distribution restriction trigger (€bn)47   46 46     13 14  

    For Crédit Agricole S.A., the distance to the trigger for distribution restrictions is the distance to the MDA trigger48, i.e. 318 basis points, or €13 billion of CET1 capital at 30 June 2025. Crédit Agricole S.A. is not subject to either the L-MDA (distance to leverage ratio buffer requirement) or the M-MDA (distance to MREL requirements).

    For Crédit Agricole Group, the distance to the trigger for distribution restrictions is the distance to the L-MDA trigger at 30 June 2025. Crédit Agricole Group posted a buffer of 209 basis points above the L-MDA trigger, i.e. €46 billion in Tier 1 capital.

    At 30 June 2025, Crédit Agricole Group’s TLAC and MREL ratios are well above requirements49. Crédit Agricole Group posted a buffer of 530 basis points above the M-MDA trigger, i.e. €34 billion in CET1 capital. At this date, the distance to the M-MDA trigger corresponds to the distance between the TLAC ratio and the corresponding requirement. The Crédit Agricole Group’s 2025 target is to maintain a TLAC ratio greater than or equal to 26% of RWA excluding eligible senior preferred debt.

    Liquidity and Funding

    Liquidity is measured at Crédit Agricole Group level.

    As of 31 December 2024, changes have been made to the presentation of the Group’s liquidity position (liquidity reserves and balance sheet, breakdown of long-term debt). These changes are described in the 2024 Universal Registration Document.

    Diversified and granular customer deposits remain stable compared to March 2025 (€1,147 billion at end-June 2025).

    The Group’s liquidity reserves, at market value and after haircuts50, amounted to €471 billion at 30 June 2025, down -€16 billion compared to 31 March 2025.

    Liquidity reserves covered more than twice the short-term debt net of treasury assets.

    This change in liquidity reserves is notably explained by:

    • The decrease in the securities portfolio (HQLA and non-HQLA) for -€7 billion;
    • The decrease in collateral already pledged to Central Banks and unencumbered for -€13 billion, linked to the decline in self-securitisations for -€7 billion and the decrease in receivables eligible for central bank for -€6 billion;
    • The increase in central bank deposits for +€4 billion.

    Crédit Agricole Group also continued its efforts to maintain immediately available reserves (after recourse to ECB financing). Central bank eligible non-HQLA assets after haircuts amounted to €131 billion.

    Standing at €1,696 billion at 30 June 2025, the Group’s liquidity balance sheet shows a surplus of stable funding resources over stable application of funds of €179 billion, down -€18 billion compared with end-March 2025. This surplus remains well above the Medium-Term Plan target of €110bn-€130bn.

    Long term debt was €316 billion at 30 June 2025, slightly up compared with end-March 2025. This included:

    • Senior secured debt of €93 billion, up +€4 billion;
    • Senior preferred debt of €162 billion;
    • Senior non-preferred debt of €38 billion, down -€2 billion due to the MREL/TLAC eligible debt;
    • And Tier 2 securities of €23 billion, down -€1 billion.

    Credit institutions are subject to a threshold for the LCR ratio, set at 100% on 1 January 2018.

    At 30 June 2025, the average LCR ratios (calculated on a rolling 12-month basis) were 137% for Crédit Agricole Group (representing a surplus of €87 billion) and 142% for Crédit Agricole S.A. (representing a surplus of €84 billion). They were higher than the Medium-Term Plan target (around 110%).

    In addition, the NSFR of Crédit Agricole Group and Crédit Agricole S.A. exceeded 100%, in accordance with the regulatory requirement applicable since 28 June 2021 and above the Medium-Term Plan target (>100%).

    The Group continues to follow a prudent policy as regards medium-to-long-term refinancing, with a very diversified access to markets in terms of investor base and products.

    At 30 June 2025, the Group’s main issuers raised the equivalent of €21.3 billion51in medium-to-long-term debt on the market, 84% of which was issued by Crédit Agricole S.A.

    In particular, the following amounts are noted for the Group excluding Crédit Agricole S.A.:

    • Crédit Agricole Assurances issued €750 million in RT1 perpetual NC10.75 year;
    • Crédit Agricole Personal Finance & Mobility issued:
      • €1 billion in EMTN issuances through Crédit Agricole Auto Bank (CAAB);
      • €420 million in securitisations through Agos;
    • Crédit Agricole Italia issued one senior secured debt issuance for a total of €1 billion;
    • Crédit Agricole next bank (Switzerland) issued two tranches in senior secured format for a total of 200 million Swiss francs, of which 100 million Swiss francs in Green Bond format.

    At 30 June 2025, Crédit Agricole S.A. raised the equivalent of €16.5 billion through the market 51,52.

    The bank raised the equivalent of €16.5 billion, of which €7.3 billion in senior non-preferred debt and €2.8 billion in Tier 2 debt, as well as €1.7 billion in senior preferred debt and €4.7 billion in senior secured debt at end-June. The financing comprised a variety of formats and currencies, including:

    • €2.75 billion 52,53 ;
    • 5.4 billion US dollars (€5.1 billion equivalent);
    • 1.6 billion pounds sterling (€1.9 billion equivalent);
    • 179.3 billion Japanese yen (€1.1 billion equivalent);
    • 0.4 billion Singapore dollars (€0.3 billion equivalent);
    • 0.6 billion Australian dollars (€0.4 billion equivalent);
    • 0.3 billion Swiss francs (€0.3 billion equivalent).

    At end-June, Crédit Agricole S.A. had issued 77%52,53 of its funding plan in currencies other than the euro.

    In addition, on 13 February 2025, Crédit Agricole S.A. issued a PerpNC10 AT1 bond for €1.5 billion at an initial rate of 5.875% and announced on 30 April 2025 the regulatory call exercise for the AT1 £ with £103m outstanding (XS1055037920) – ineligible, grandfathered until 28/06/2025 – redeemed on 30/06/2025.

    The 2025 MLT market funding programme was set at €20 billion, with a balanced distribution between senior preferred or senior secured debt and senior non-preferred or Tier 2 debt.

    The programme was 82% completed at 30 June 2025, with:

    • €4.7 billion in senior secured debt;
    • €1.7 billion equivalent in senior preferred debt;
    • €7.3 billion equivalent in senior non-preferred debt;
    • €2.8 billion equivalent in Tier 2 debt.

    Economic and financial environment

    Review of the first half of 2025

    An even more conflict-ridden and unpredictable environment, causing a slowdown

    The first half of the year took place in an even more conflict-ridden and unpredictable environment, marked by open wars and powerful geopolitical and trade tensions. The war in Ukraine remained a major unresolved issue: President Trump’s initiatives aimed at ending the conflict proved fruitless, while signalling a strategic shift in US policy, notably away from protecting European territory. President Trump’s statements on NATO (demanding that military spending be increased to 5% of GDP) forced Europe to accelerate the overhaul of its defence strategy, as evidenced by the announcement of a white paper detailing defence support measures worth €800 billion. With the Israeli-Palestinian conflict continuing without any lasting political solution in sight, international tensions peaked in June with Israel’s attack on Iran, quickly joined by its US ally. After twelve days of clashes, a ceasefire was announced on 24 June.

    Donald Trump’s return to the US presidency has obviously resulted in a protectionist offensive of unexpected violence. This offensive culminated in “Liberation Day” on 2 April, when “reciprocal” tariffs were imposed on all of the United States’ trading partners. While China was particularly targeted, the European Union was also severely affected; even the countries participating in the North American Free Trade Agreement (NAFTA, United States, Canada, Mexico) were not spared, as they were subject to sector-specific tariffs applicable everywhere (steel, aluminium, automobiles, semiconductors). However, these announcements were followed by a presidential U-turn on 9 April, with reciprocal tariffs being lowered to 10% and a 90-day truce agreed upon to allow for the negotiation of bilateral trade agreements. At the end of this pause (9 July), the US president decided to extend it (to 1 August), offering hope to major trading partners (the European Union, Japan and South Korea) that agreements could be reached to reduce tariffs, while leaving economic players in uncertainty about international trade conditions. Only the United Kingdom, China and Vietnam have signed an agreement.

    The unpredictability of US trade policy, characterised by dramatic announcements followed by partial reversals, has created ongoing uncertainty. In the first half of the year, this was reflected in mixed economic and financial performances across countries, suggesting a more pronounced global slowdown. The IMF has therefore revised its global growth forecast for 2025 downwards to 2.8% (a decrease of -0.5 percentage points (pp) compared to its January forecast and the growth observed in 2024).

    The US economy has shown early signs of slowing down, hit by weaker consumer spending and, above all, a sharp rise in imports as companies seek to build up stocks ahead of the entry into force of new tariffs. GDP contracted by 0.5% in the first quarter (annualised quarter-on-quarter change). After moderating but remaining above the Federal Reserve’s (Fed) 2% target, inflation (year-on-year) stood at 2.7% in June (after 2.4% in May). Core inflation (excluding volatile components, food and energy) reached 2.9%; the increase in tariffs (although not yet finalised) already seems to be visible in the cost of certain goods (furniture, textiles and clothing, household appliances). Despite this turbulence, the job market has stayed relatively strong (unemployment rate at 4.2% in May, still within the narrow range it has been in since May 2024), providing some stability for an otherwise fragile economy.

    In China, despite a very difficult external environment and punitive US tariffs, growth (5.4% and 5.2% in the first and second quarters) stabilised above the official target of 5% for 2025. While consumption is sluggish, a weakness reflected in the absence of inflation (which has not exceeded 1% year-on-year since February 2024), exports have continued to accelerate, making a surprising contribution to growth. At 2.1 percentage points in the first quarter of 2025, the contribution from net external demand reached an historic high (excluding Covid), reflecting China’s undisputed dominance in global manufacturing, although temporary positive effects (anticipation of US tariffs at the beginning of the year) should not be overlooked.

    In an unfavourable environment, the eurozone held up well, with growth initially estimated at 0.3% (quarter-on-quarter) and then revised upwards (0.6%, or 1.5% year-on-year). Growth in the eurozone was mainly driven by investment, followed by net external demand and finally household consumption (with respective contributions to growth of 0.4 pp, 0.3 pp and 0.1 pp), while inventories subtracted 0.1 pp from growth and final public expenditure was “neutral”. This overall performance continued to mask varying national fortunes: among the largest member countries, Spain continued to post very strong growth (0.6%) and Germany saw an upturn (0.4%), while Italy and France posted fairly sustained (0.3%) and weak (0.1%) growth rates, respectively. Continued disinflation (to 1.9% year-on-year in May after 2.2% in April and 2.6% in May 2024) and anchored expectations made it possible for the ECB to continue its monetary easing, reassured by the convergence of inflation towards its 2% target.

    In France, in particular, after benefiting from the boost provided by the Paris Olympic and Paralympic Games in the third quarter of 2024 (+0.4% quarter-on-quarter), activity declined slightly in the last quarter of last year (-0.1%) due to after-effects. It picked up again in the first quarter of 2025, but growth remained weak (+0.1%). Domestic demand, which contributed negatively to growth, is largely responsible for this sluggishness. Household consumption declined (-0.2%), undermined by a record savings rate (18% of household disposable income, compared with 15.4% in the eurozone) for 45 years (excluding the Covid period), while public consumption slowed (+0.2% after +0.4%). Investment continued to stagnate, reflecting the fact that companies in France are more indebted than in the rest of the eurozone (making them more vulnerable to past interest rate hikes) and the budgetary efforts of public administrations to reduce the public deficit. As a result, domestic demand weighed on growth in the first quarter (-0.1 pp). However, it was mainly foreign trade that undermined growth (-0.8 pp) due to the collapse of exports, particularly in the aerospace sector. Unlike its European peers, France did not benefit from the sharp rise in global trade in the first quarter (+1.7%) in anticipation of US tariffs.

    In terms of monetary policy, the first half of 2025 was marked by a notable divergence between the status quo of the Federal Reserve (Fed) and the continued easing by the European Central Bank (ECB). The ECB cut interest rates four times by 25 basis points (bp) each, bringing the cumulative reduction in the deposit rate (2% since 11 June) to 200 bp since the start of easing (June 2024). However, after cutting its policy rate by 100 bp in 2024 (to 4.50%), the Fed kept rates unchanged due to overly modest progress on inflation, even though growth did not appear to be definitively at risk. Inflationary risks linked to tariffs led it to adopt a very cautious stance, which was widely criticised by President Trump.
    The financial markets, while remaining subject to bouts of nervousness prompted by geopolitical events, generally kept pace with Donald Trump’s stated ambitions, their feasibility and his U-turns. Thus, the theme of the American exception at the beginning of the year (growth exceeding potential, resilience despite interest rates set to rise, the privileged status of the dollar, unlimited capacity to borrow and shift risks to the rest of the world) has been supplanted by disenchantment with US assets following “Liberation Day”. Following the president’s backtracking and announcement of a 90-day pause, serious doubts were raised about his ability to truly deliver on his domestic and international commitments. Periods marked by exaggerated negativity have therefore alternated with periods dominated by equally exaggerated positivity.

    Bond markets therefore experienced mixed movements. During the first half of the year, in the United States, the decline in yields (54) on short maturities was ultimately quite sharp (nearly 60 bp for the two-year swap rate to nearly 3.50%) and exceeded that of the ten-year swap rate (down 38 bp to 3.69%), giving the curve a steeper slope. Despite Moody’s rating downgrade, the yield on 10-year sovereign bonds (US Treasuries) fell in line with the swap rate for the same maturity, which it now exceeds by more than 50 bp (at 4.23%). In the eurozone, the steepening effect was less pronounced and unfolded differently: there was a less marked decline in the two-year swap rate (from 22 bp to 1.90%) and an increase in the ten-year swap rate (from 23 bp to 2.57%). Under the influence of the Merz government’s expansionary budget programme, the German 10-year yield (Bund) rose (24 bp to 2.61%) and exceeded the swap rate for the same maturity by a few basis points. Ten-year swap spreads on benchmark European sovereign bonds narrowed in the first half of the year, with Italy posting the strongest performance (spread down 27 bp to 90 bp). This improvement reflects a more favourable perception of Italy’s public finances and a degree of political stability, in contrast to the turbulence of previous years. Italian growth also showed unexpected resilience in the face of trade tensions. Penalised since the dissolution of parliament in June 2024 by a damaging lack of a parliamentary majority and severely deteriorated public finances, the French spread nevertheless narrowed during the half-year, falling from a high level (85 bp) to 71 bp. It now exceeds the Spanish spread (at 67 bp).

    On the equity markets, European indexes outperformed their US counterparts, with the Euro Stoxx 50 up 10% since the start of the year (and a spectacular rise of nearly 25% for the banking sector), while the S&P 500, which was much more volatile over the period, rose by nearly 7%, buoyed by high-tech stocks. The US dollar lost some of its lustre amid economic and international policy uncertainty, with the euro appreciating by 14% against the dollar and 6% in nominal effective terms. Finally, the price of gold rose by 26% in the first half of the year, reaching a record high of US$3,426 per ounce in April, confirming its status as a preferred safe haven during this period of intense uncertainty.

    2025–2026 Outlook

    An anxiety-inducing context, some unprecedented resistance

    The economic and financial scenario, which has already had to contend with the volatility and unpredictability of US economic policy, is unfolding against an even more uncertain international backdrop, in which the risk of disruptive events (blockade of the Strait of Hormuz, incidents affecting infrastructure in the Gulf etc.) cannot be entirely ruled out.

    Our economic scenario for the United States has always been based on a two-step sequence in line with the pace of the economic policy planned by Donald Trump: a positive impact on inflation but a negative impact on growth from tariffs (which fall within the president’s prerogatives), followed by a positive but delayed effect from aggressive budgetary policy (which requires congressional approval). Although our forecasts for 2025 have been revised slightly downwards, our US scenario remains on track, in line with the timetable for economic policy measures: while avoiding recession, growth is expected to slow sharply in 2025, coupled with a pick-up in inflation, before regaining momentum in 2026.

    Even with the recent de-escalation, tariff rates remain significantly higher than they were before Donald Trump’s second election. The negative impact of the new trade policy is the main driver of the decline in the growth forecast for 2025 (1.5% after 2.8% in 2024), while more favourable aspects (the “One Big Beautiful Bill”, tax cuts and deregulation) should contribute to the expected upturn in 2026 (2.2%). The possibility of a recession in 2025 has been ruled out due to solid fundamentals, including lower sensitivity to interest rates, very healthy household finances and a labour market that remains relatively robust, even if there are signs of deterioration. Despite the expected slowdown in growth, our inflation forecasts have been revised upwards. Tariffs are expected to cause year-on-year inflation to rise by around 80 basis points (bp) at peak impact. Although this effect is temporary, inflation (annual average) is expected to reach 2.9% in 2025 and 2.7% in 2026. It is therefore expected to continue to exceed 2%, with underlying inflation stabilising at around 2.5% at the end of 2026.

    In a conflict-ridden and unpredictable external environment, Europe is expected to find salvation in domestic demand, allowing it to better withstand the global slowdown. Two alternative scenarios, between which the balance is delicate, are likely to unfold: a scenario of resilience in the eurozone economy based on an increase in private spending but also, and perhaps above all, in public spending on defence and infrastructure; a scenario of stagnating activity under the effect of a series of negative shocks: competitiveness shocks linked to higher tariffs, appreciation of the euro and the negative impact of uncertainty on private confidence.

    We favour the scenario of resilience against a backdrop of a buoyant labour market, a healthy economic and financial situation for the private sector and a favourable credit cycle. The effective implementation of additional public spending, particularly the “German bazooka”(55), certainly needs to be confirmed. However, this spending could provide the eurozone with growth driven by stronger domestic demand at a time when global growth is slowing. It would offer a type of exceptionalism, especially compared to the past decade, which would put eurozone growth above its medium-term potential. Average annual growth in the eurozone is expected to accelerate slightly in 2025 to 0.9% and strengthen to 1.3% in 2026. Average inflation is expected to continue to moderate, reaching 2.1% and 1.8% in 2025 and 2026, respectively.

    In Germany, the sluggish economy should return to robust growth. Although more exposed than its partners to protectionist policies, the economy should be boosted by the public investment plan. This plan and the removal of barriers to financing infrastructure and defence investment that had previously seemed insurmountable give hope for a significant, albeit not immediate, recovery. While the effects are likely to be minimal in 2025 due to implementation delays, a significant flow of funds is expected in 2026, with positive spillover effects for Germany’s European neighbours and the eurozone as a whole. German growth could recover significantly, rising from -0.2% in 2024 to 0.1% in 2025 and, above all, 1.2% in 2026. In France, growth is expected to remain sluggish in the second quarter of 2025, before accelerating slightly in the second half of the year. The real upturn would not come until 2026, driven by a recovery in investment and the initial favourable impact of German government measures. The risks remain mainly on the downside for activity in the short term. Our scenario assumes growth rates of 0.6% and 1.2% in 2025 and 2026, respectively (after 1.1% in 2024). In Italy, incomplete catching-up and a recent decline in purchasing power, despite strong employment, are likely to limit the potential for a recovery in household consumption. Positive surprises on the investment front are likely to continue, thanks to improved financing conditions and subsidies for the energy and digital transitions. While the recent weakness in industrial orders may weigh on productive investment, construction is holding up well. However, doubts remain about growth potential, with post-pandemic sector allocation favouring less productive sectors. Growth is expected to reach 0.6% in 2025 and 0.7% in 2026 (after 0.7% in 2024).

    The central scenario for the eurozone (developed and quantified in June) assumes that the tariff dispute with the United States will remain unchanged as of 4 June, i.e. a general increase in tariffs to 10% (except for exempted products), 25% on cars and 50% on steel. The risks associated with this central scenario are bearish. The stagnation scenario could materialise if the trade dispute with the United States were to escalate, if competitive pressures were to intensify, if private confidence were to deteriorate significantly and, finally, if fiscal stimulus were to be implemented more gradually than anticipated.

    Such an uncertain environment, characterised by global slowdown and shrinking export opportunities, would certainly have led in the past (and not so long ago) to underperformance by emerging economies, which are further hampered by risk aversion in the markets, higher interest rates and pressure on their currencies. However, despite tariffs (the effects of which will obviously vary greatly from one economy to another), our scenario remains broadly optimistic for the major emerging countries. These countries could show unprecedented resilience thanks to support measures that are likely to partially cushion the impact of an unfavourable environment: relatively strong labour markets, fairly solid domestic demand, monetary easing (with a few exceptions), and a limited slowdown in China (after holding up well in the first half of the year, growth is expected to approach 4.5% in 2025 due to the anticipated slowdown in the second half linked to the trade war). Finally, emerging market currencies have held up well and the risk of defensive rate hikes, which would weigh heavily on growth, is lower than might have been feared. However, these relatively positive prospects are accompanied by higher-than-usual risks due to the unpredictability of US policy.

    In terms of monetary policy, the end of the easing cycles is drawing nearer. In the US, the scenario (a sharp slowdown in 2025, an upturn in 2026 and inflation continuing to significantly exceed the target) and the uncertainties surrounding it should encourage the Fed to remain patient, despite Donald Trump’s calls for a more accommodative policy. The Fed is likely to proceed with a slight easing followed by a long pause. Our scenario still assumes two cuts in 2025, but pushes them back by one quarter (to September and December, from June and September previously). After these two cuts, the Fed is likely to keep rates unchanged with a maximum upper limit of 4% throughout 2026.

    As for the ECB, although it refuses to rule out any future rate cuts, it may well have reached the end of its easing cycle due to an expected recovery in growth and inflation on target. Of course, a deterioration in the economic environment would justify further easing: the ECB stands ready to cut rates if necessary. Our scenario assumes that the deposit rate will remain at 2% in 2026.

    On the interest rate front, in the United States, persistent inflationary risks and a budgetary trajectory deemed unsustainable, a compromised AAA rating, the volatility of economic decisions and heightened investor concerns are exerting upward pressure. Our scenario assumes a 10-year US Treasury yield of around 4.70% at the end of 2025 and 4.95% at the end of 2026. In the eurozone, resilient growth that is expected to accelerate, inflation on target and the ECB believed to have almost completed its easing cycle point to a slight rise in interest rates and a stabilisation or even tightening of sovereign spreads. The German 10-year yield (Bund) could thus approach 2.90% at the end of 2025 and 2.95% at the end of 2026. For the same maturity, the spread offered by France relative to the Bund would fluctuate around 60/65 bp, while Italy’s would narrow to 90 bp by the end of 2026.

    Finally, the US dollar continues to lose ground. The inconsistency and unpredictability of Donald Trump’s economic policies, the deteriorating US budget outlook and speculation about official plans to devalue the dollar, combined with resistance from other economies, are all factors putting pressure on the dollar, although this does not necessarily spell the end of its status as a key reserve currency in the short term. The euro/dollar exchange rate is expected to settle at 1.17 in the fourth quarter of 2025, before depreciating in 2026 (1.10).

    Appendix 1 – Crédit Agricole Group: income statement by business line

    Credit Agricole Group – Results par by business line, Q2-25 and Q2-24

      Q2-25
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,364 976 1,031 1,967 881 2,224 (635) 9,808
    Operating expenses (2,690) (597) (540) (864) (438) (1,257) 514 (5,872)
    Gross operating income 674 380 491 1,104 442 967 (121) 3,936
    Cost of risk (397) (95) (61) (7) (235) (20) (26) (840)
    Equity-accounted entities 1 – – 58 (13) 10 – 56
    Net income on other assets 1 1 0 449 1 0 0 452
    Income before tax 278 286 430 1,604 194 958 (147) 3,604
    Tax (96) (69) (130) (249) (58) (149) 136 (615)
    Net income from discontinued or held-for-sale ope. – – 0 – – – 0 0
    Net income 182 218 300 1,356 136 810 (11) 2,990
    Non-controlling interests (0) (0) (40) (247) (22) (43) 1 (352)
    Net income Group Share 182 217 260 1,108 114 767 (10) 2,638
      Q2-24
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,255 979 1,051 1,946 889 2,223 (837) 9,507
    Operating expenses (2,560) (591) (573) (813) (443) (1,204) 497 (5,687)
    Gross operating income 694 389 477 1,133 447 1,019 (340) 3,819
    Cost of risk (444) (95) (75) (2) (211) (39) (6) (872)
    Equity-accounted entities 2 – – 33 29 10 – 74
    Net income on other assets 1 2 0 (12) (1) 2 (0) (7)
    Income before tax 253 296 402 1,152 265 993 (347) 3,014
    Tax (44) (65) (117) (282) (54) (248) 48 (762)
    Net income from discontinued or held-for-sale ope. – – – – – – – –
    Net income 209 231 285 870 210 745 (299) 2,252
    Non-controlling interests (1) (0) (38) (124) (23) (36) (2) (224)
    Net income Group Share 208 231 247 746 187 710 (300) 2,028

    Credit Agricole Group – Results par by business line, H1-25 and H1-24

      H1-25
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 6,716 1,939 2,079 4,016 1,749 4,632 (1,275) 19,856
    Operating expenses (5,220) (1,222) (1,075) (1,799) (912) (2,617) 982 (11,864)
    Gross operating income 1,496 717 1,003 2,217 837 2,015 (293) 7,992
    Cost of risk (717) (186) (128) (17) (484) 5 (48) (1,575)
    Equity-accounted entities 7 – – 86 23 16 – 131
    Net income on other assets 3 2 0 449 1 0 0 456
    Income before tax 790 533 875 2,734 376 2,036 (341) 7,004
    Tax (267) (181) (267) (599) (71) (453) 182 (1,656)
    Net income from discontinued or held-for-sale ope. – – 0 – – – – 0
    Net income 523 352 608 2,135 305 1,583 (159) 5,348
    Non-controlling interests (0) (0) (82) (348) (43) (78) 7 (545)
    Net income Group Share 523 352 526 1,787 263 1,504 (151) 4,803
      H1-24
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 6,568 1,933 2,131 3,739 1,736 4,489 (1,565) 19,031
    Operating expenses (5,044) (1,193) (1,098) (1,567) (897) (2,501) 1,024 (11,276)
    Gross operating income 1,524 740 1,033 2,172 839 1,988 (541) 7,755
    Cost of risk (691) (214) (159) (5) (429) (5) (20) (1,523)
    Equity-accounted entities 7 – – 61 59 14 – 142
    Net income on other assets 3 4 (0) (20) (1) 2 (2) (14)
    Income before tax 842 530 875 2,208 468 1,999 (563) 6,361
    Tax (191) (119) (260) (501) (97) (482) 133 (1,517)
    Net income from discontinued or held-for-sale ope. – – – – – – – –
    Net income 651 412 615 1,707 372 1,517 (430) 4,843
    Non-controlling interests (1) (0) (89) (236) (42) (69) 6 (432)
    Net income Group Share 650 412 525 1,471 330 1,448 (424) 4,412

    Appendix 2 – Crédit Agricole S.A.: ‍ Income statement by business line

    Crédit Agricole S.A. – Results par by business line, Q2-25 and Q2-24

      Q2-25
    €m AG LC SFS FRB (LCL) IRB CC Total
                   
    Revenues 1,970 2,224 881 976 1,007 (51) 7,006
    Operating expenses (864) (1,257) (438) (597) (520) (25) (3,700)
    Gross operating income 1,106 967 442 380 487 (76) 3,306
    Cost of risk (7) (20) (235) (95) (61) (24) (441)
    Equity-accounted entities 58 10 (13) – – (24) 30
    Net income on other assets 453 0 1 1 0 0 455
    Income before tax 1,610 958 194 286 426 (125) 3,350
    Tax (249) (149) (58) (69) (129) 113 (541)
    Net income from discontinued or held-for-sale operations – – – – 0 – 0
    Net income 1,361 810 136 218 297 (12) 2,809
    Non-controlling interests (261) (58) (22) (10) (59) (10) (420)
    Net income Group Share 1,100 752 114 208 238 (22) 2,390
      Q2-24  
    €m AG LC SFS FRB (LCL) IRB CC Total  
                   
    Revenues 1,944 2,223 889 979 1,027 (267) 6,796
    Operating expenses (813) (1,204) (443) (591) (555) (15) (3,621)
    Gross operating income 1,131 1,019 447 389 472 (283) 3,175
    Cost of risk (2) (39) (211) (95) (72) (5) (424)
    Equity-accounted entities 33 10 29 – – (25) 47
    Net income on other assets (12) 2 (1) 2 0 24 15
    Income before tax 1,150 993 265 296 400 (289) 2,814
    Tax (283) (248) (54) (65) (117) 63 (704)
    Net income from discontinued or held-for-sale operations – – – – – – –
    Net income 867 745 210 231 283 (226) 2,110
    Non-controlling interests (131) (51) (23) (10) (55) (12) (282)
    Net income Group Share 736 694 187 220 228 (238) 1,828

    Crédit Agricole S.A. – Results par by business line, H1-25 and H1-24

      H1-25
    €m AG LC SFS FRB (LCL) IRB CC Total
                   
    Revenues 4,028 4,632 1,749 1,939 2,033 (118) 14,263
    Operating expenses (1,799) (2,617) (912) (1,222) (1,035) (106) (7,691)
    Gross operating income 2,229 2,015 837 717 998 (224) 6,571
    Cost of risk (17) 5 (484) (186) (128) (45) (855)
    Equity-accounted entities 86 16 23 – – (47) 77
    Net income on other assets 453 0 1 2 0 0 456
    Income before tax 2,749 2,037 376 533 870 (316) 6,250
    Tax (601) (454) (71) (181) (266) 205 (1,368)
    Net income from discontinued or held-for-sale operations – – – – 0 – 0
    Net income 2,148 1,583 305 352 604 (111) 4,882
    Non-controlling interests (368) (108) (43) (16) (121) (13) (669)
    Net income Group Share 1,780 1,475 263 337 483 (124) 4,213
      H1-24  
    €m AG LC SFS FRB (LCL) IRB CC Total  
                   
    Revenues 3,733 4,489 1,736 1,933 2,085 (374) 13,602
    Operating expenses (1,567) (2,501) (897) (1,193) (1,060) (71) (7,289)
    Gross operating income 2,166 1,988 839 740 1,024 (445) 6,312
    Cost of risk (5) (5) (429) (214) (154) (16) (824)
    Equity-accounted entities 61 14 59 – – (46) 90
    Net income on other assets (20) 2 (1) 4 (0) 24 9
    Income before tax 2,203 1,999 468 530 870 (483) 5,587
    Tax (502) (482) (97) (119) (259) 144 (1,315)
    Net income from discontinued or held-for-sale operations – – – – – – –
    Net income 1,701 1,517 372 412 610 (339) 4,273
    Non-controlling interests (248) (101) (42) (18) (126) (7) (542)
    Net income Group Share 1,453 1,416 330 393 485 (345) 3,731

    Appendix 3 – Data per share

    Credit Agricole S.A. – Earnings p/share, net book value p/share and ROTE
                   
    €m   Q2-25 Q2-24   H1-25 H1-24  
    Net income Group share   2,390 1,828   4,213 3,731  
    – Interests on AT1, including issuance costs, before tax   (141) (83)   (270) (221)  
    – Foreign exchange impact on reimbursed AT1   4 –   4 (247)  
    NIGS attributable to ordinary shares [A] 2,252 1,745   3,947 3,263  
    Average number shares in issue, excluding treasury shares (m) [B] 3,025 3,025   3,025 3,008  
    Net earnings per share [A]/[B] 0.74 € 0.58 €   1.30 € 1.08 €  
                   
    €m         30/06/25 30/06/24  
    Shareholder’s equity Group share         75,528 70,396  
    – AT1 issuances         (8,612) (7,164)  
    – Unrealised gains and losses on OCI – Group share         872 1,305  
    Net book value (NBV), not revaluated, attributable to ordin. sh. [D]       67,787 64,537  
    – Goodwill & intangibles** – Group share         (18,969) (17,775)  
    Tangible NBV (TNBV), not revaluated attrib. to ordinary sh. [E]       48,818 46,763  
    Total shares in issue, excluding treasury shares (period end, m) [F]       3,025 3,025  
    NBV per share, after deduction of dividend to pay (€) [D]/[F]       22.4 € 21.3 €  
    TNBV per share, after deduction of dividend to pay (€) [G]=[E]/[F]       16.1 € 15.5 €  
    ** y compris les écarts d’acquisition dans les participations ne donnant pas le contrôle             
    €m         H1-25 H1-24  
    Net income Group share       4,213 3,731  
    Added value Amundi US         304 0  
    Additionnal corporate tax         -129 0  
    IFRIC         -173 -110  
    NIGS annualised (1) [N]       8,382 7,572  
    Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised [O]       -536 -689  
    Result adjusted [P] = [N]+[O]       7,846 6,884    
    Tangible NBV (TNBV), not revaluated attrib. to ord. shares – average*** (2) [J]       47,211 44,710    
    ROTE adjusted (%) = [P] / [J]       16.6% 15.4%  
    *** including assumption of dividend for the current exercise         0,0%    
                 

    (1)ROTE calculated on the basis of an annualised underlying net income Group share and linearised IFRIC costs over the year
    (2)Average of the NTBV not revalued attributable to ordinary shares. calculated between 31/12/2024 and 30/06/2025 (line [E]), restated with an assumption of dividend for current exercises

    Alternative Performance Indicators56

    NBV Net Book Value (not revalued)
    The Net Book Value not revalued corresponds to the shareholders’ equity Group share from which the amount of the AT1 issues, the unrealised gains and/or losses on OCI Group share and the pay-out assumption on annual results have been deducted.

    NBV per share Net Book Value per share – NTBV Net Tangible Book Value per share
    One of the methods for calculating the value of a share. This represents the Net Book Value divided by the number of shares in issue at end of period, excluding treasury shares.

    Net Tangible Book Value per share represents the Net Book Value after deduction of intangible assets and goodwill, divided by the number of shares in issue at end of period, excluding treasury shares.

    EPS Earnings per Share
    This is the net income Group share, from which the AT1 coupon has been deducted, divided by the average number of shares in issue excluding treasury shares. It indicates the portion of profit attributable to each share (not the portion of earnings paid out to each shareholder, which is the dividend). It may decrease, assuming the net income Group share remains unchanged, if the number of shares increases.

    Cost/income ratio
    The cost/income ratio is calculated by dividing operating expenses by revenues, indicating the proportion of revenues needed to cover operating expenses.

    Cost of risk/outstandings
    Calculated by dividing the cost of credit risk (over four quarters on a rolling basis) by outstandings (over an average of the past four quarters, beginning of the period). It can also be calculated by dividing the annualised cost of credit risk for the quarter by outstandings at the beginning of the quarter. Similarly, the cost of risk for the period can be annualised and divided by the average outstandings at the beginning of the period.

    Since the first quarter of 2019, the outstandings taken into account are the customer outstandings, before allocations to provisions.

    The calculation method for the indicator is specified each time the indicator is used.

    Doubtful loan
    A doubtful loan is a loan in default. The debtor is considered to be in default when at least one of the following two conditions has been met:

    • a payment generally more than 90 days past due, unless specific circumstances point to the fact that the delay is due to reasons independent of the debtor’s financial situation.
    • the entity believes that the debtor is unlikely to settle its credit obligations unless it avails itself of certain measures such as enforcement of collateral security right.

    Impaired loan
    Loan which has been provisioned due to a risk of non-repayment.

    Impaired (or non-performing) loan coverage ratio 
    This ratio divides the outstanding provisions by the impaired gross customer loans.

    Impaired (or non-performing) loan ratio 
    This ratio divides the impaired gross customer loans on an individual basis, before provisions, by the total gross customer loans.

    Net income Group share
    Net income/(loss) for the financial year (after corporate income tax). Equal to net income Group share, less the share attributable to non-controlling interests in fully consolidated subsidiaries.

    Net income Group share attributable to ordinary shares
    The net income Group share attributable to ordinary shares represents the net income Group share from which the AT1 coupon has been deducted, including issuance costs before tax.

    RoTE Return on Tangible Equity
    The RoTE (Return on Tangible Equity) measures the return on tangible capital by dividing the Net income Group share annualised by the Group’s NBV net of intangibles and goodwill. The annualised Net income Group share corresponds to the annualisation of the Net income Group share (Q1x4; H1x2; 9Mx4/3) excluding impairments of intangible assets and restating each period of the IFRIC impacts in order to linearise them over the year.

    Disclaimer

    The financial information on Crédit Agricole S.A. and Crédit Agricole Group for second quarter and first half 2025 comprises this presentation and the attached appendices and press release which are available on the website: https://www.credit-agricole.com/finance/publications-financieres.

    This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of EU Delegated Act 2019/980 of 14 March 2019 (Chapter 1, article 1, d).

    This information was developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections. Likewise, the financial statements are based on estimates, particularly in calculating market value and asset impairment.

    Readers must take all these risk factors and uncertainties into consideration before making their own judgement.

    Applicable standards and comparability

    The figures presented for the six-month period ending 30 June 2025 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with the applicable regulations in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

    Note: The scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole groups have not changed materially since the Crédit Agricole S.A. 2024 Universal Registration Document and its A.01 update (including all regulatory information about the Crédit Agricole Group) were filed with the AMF (the French Financial Markets Authority).

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

    Financial Agenda

    30 October 2025                Publication of the 2025 third quarter and first nine months results
    18 November 2025        Presentation of the Medium-Term Plan
    4 February 2026                Publication of the 2025 fourth quarter and full year results
    30 April 2026                Publication of the 2026 first quarter results
    20 May 2026                2026 General Meeting
    31 July 2026                Publication of the 2026 second quarter and the first half-year results
    30 October 2026                Publication of the 2026 third quarter and first nine months results

    Contacts

    CREDIT AGRICOLE PRESS CONTACTS

    CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

    Institutional investors   investor.relations@credit-agricole-sa.fr
    Individual shareholders + 33 800 000 777 (freephone number – France only) relation@actionnaires.credit-agricole.com
         
    Cécile Mouton + 33 1 57 72 86 79 cecile.mouton@credit-agricole-sa.fr
     

    Equity investor relations:

    		    
    Jean-Yann Asseraf
    Fethi Azzoug    		 + 33 1 57 72 23 81
    + 33 1 57 72 03 75    		 jean-yann.asseraf@credit-agricole-sa.fr fethi.azzoug@credit-agricole-sa.fr
    Oriane Cante + 33 1 43 23 03 07 oriane.cante@credit-agricole-sa.fr
    Nicolas Ianna + 33 1 43 23 55 51 nicolas.ianna@credit-agricole-sa.fr
    Leila Mamou + 33 1 57 72 07 93 leila.mamou@credit-agricole-sa.fr
    Anna Pigoulevski + 33 1 43 23 40 59 anna.pigoulevski@credit-agricole-sa.fr
         
         
    Debt investor and rating agency relations:  
    Gwenaëlle Lereste + 33 1 57 72 57 84 gwenaelle.lereste@credit-agricole-sa.fr
    Florence Quintin de Kercadio + 33 1 43 23 25 32 florence.quintindekercadio@credit-agricole-sa.fr
    Yury Romanov + 33 1 43 23 86 84 yury.romanov@credit-agricole-sa.fr
         
         
         

    See all our press releases at: www.credit-agricole.com – www.creditagricole.info

             

    1 Closing at 4thof July
    (2)Car, home, health, legal, all mobile phones or personal accident insurance.
    (3)CA Auto Bank, automotive JVs and automotive activities of other entities        
    (4)Low-carbon energy exposures made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy exposures for Crédit Agricole CIB.
    (5)CAA outstandings (listed investments managed directly, listed investments managed under mandate and unlisted investments managed directly) and Amundi Transition Energétique.
    (6)Crédit Agricole Group outstandings, directly or via the EIB, dedicated to the environmental transition according to the Group’s internal sustainable assets framework, as of 31/03/2025. Change of method on property compared with the outstandings reported at 30/09/2024: with the same method, the outstandings at 31/03/2025 would be €85.9 billion.
    (7)The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
    (8)The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
    (9)Average rate of loans to monthly production for April to May 2025
    (10)Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
    (11)Reversal of the provision for Home Purchase Saving Plans: +€16.3m in Q2-25 vs. +€22m in Q2-24 in revenues (+€12.1m in Q2-25 vs. +€17m in Q2-24 in net income Group share)

    (12)Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator.
    (13)The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
    (14)The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
    (15)See Appendixes for details on the calculation of the RoTE (return on tangible equity)
    (16)The annualised net income Group share corresponds to the annualisation of the net income Group share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC impacts, the effects of the additional corporate tax charge and the capital gain related to the deconsolidation of Amundi US to linearise them over the year.
    (17)In local standards
    (18)Scope: property and casualty in France and abroad
    (19)Combined property & casualty ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee and commission income)/gross premiums earned. Undiscounted ratio: 97.4% (+0.1 pp over the year)
    (20)Excluding assets under custody for institutional clients
    (21)Amount of allocation of Contractual Service Margin (CSM), loss component and Risk Adjustment (RA), and operating variances net of reinsurance, in particular
    (22)Amount of allocation of CSM, loss component and RA, and operating variances net of reinsurance, in particular.
    (23)Net of reinsurance cost, including financial results
    (24)Pro forma scope effect of deconsolidated Amundi US in Q2 2024: €89m in revenues and €51m in expenses.
    (25)Excluding scope effect
    (26)Indosuez Wealth Management scope
    (27)Degroof Petercam scope effect April/May 2025: Revenues of €96m and expenses of -€71m
    (28)Q2-25 Integration costs: -€22.5m vs -€5.4m in Q2-24
    (29)Degroof Petercam scope effect over H1-25: reminder of figures for Degroof Petercam scope effect of Q1-25 revenues of €164m and expenses of -€115m
    (30)Refinitiv LSEG
    (31)Bloomberg in EUR
    (32)ISB integration costs: -€5m in Q2-25 (vs -€24.4m in Q2-24)
    (33)Net income becomes net income Group share following the purchase of minority shares in Santander by Crédit Agricole S.A.
    (34)CA Auto Bank, automotive JVs and auto activities of other entities
    (35)CA Auto Bank and automotive JVs
    (36)Lease financing of corporate and professional equipment investments in France: -7.5% in Q1-25 (source: ASF)
    (37)Increase in RWA of around +€7G primarily connected to the consolidation of the leasing activities in Q4-24
    (38)Cost of risk for the last four quarters as a proportion of the average outstandings at the beginning of the period for the last four quarters.
    (39)Net of POCI outstandings
    (40)Source: Abi Monthly Outlook, July 2025: +0.9% June/June for all loans
    (41)At 30 June 2025 this scope includes the entities CA Italia, CA Polska, CA Egypt and CA Ukraine.

    (42) Over a rolling four quarter period.
    (43)At 30 June 2025, this scope corresponds to the aggregation of all Group entities present in Italy: CA Italia, CAPFM (Agos, Leasys, CA Auto Bank), CAA (CA Vita, CACI, CA Assicurazioni), Amundi, Crédit Agricole CIB, CAIWM, CACEIS, CALEF.
    (44)Banco BPM stake -21 bps; Stake in Victory Capital: – 8 bps or –1 bp including capital gain from the deconsolidation of Amundi US; Additional threshold excess for other financial participations: -7 bps.

    (48)
    (49)

    (54)This refers to the change between the value at 30 June 2025 and the value at 1 (or 2) January 2025; the latter is the value of the variable concerned at 30 June 2025.
    (55)In March, Parliament approved the creation of a €500 billion infrastructure investment fund over 12 years. The first phase of the reform of the debt brake was also approved, allowing regions to run a structural deficit of up to 0.35% of GDP. Finally, defence spending above 1% of GDP will be exempt from the deficit calculation. The adoption of these measures has broken down barriers to financing infrastructure and defence investment that had previously seemed insurmountable.
    (56)APMs are financial indicators not presented in the financial statements or defined in accounting standards but used in the context of financial communications, such as net income Group share or RoTE. They are used to facilitate the understanding of the company’s actual performance. Each APM indicator is matched in its definition to accounting data.

    Attachment

    The MIL Network –

  • MIL-OSI: EfTEN Real Estate Fund AS unaudited results for 2nd quarter and 1st half-year 2025

    Source: GlobeNewswire (MIL-OSI)

    Fund Manager’s Commentary

    In Q2 2025, the Baltic commercial real estate market continued to reflect similar trends as in previous quarters. Transaction activity remained very low, primarily due to a lack of equity capital, and modest economic growth did not bring new major tenants to the market. On a positive side, the decline in EURIBOR continued, resulting in reduced borrowing costs.

    Despite intense competition in the tenant market, EfTEN Real Estate Fund AS managed to decrease portfolio’s vacancy by 0.7 percentage points during the quarter, down to 3.7%. New tenants were added in the retail segment, and after a long pause, the first faintly positive signs were also observed in the Estonian office segment. On the other hand, the high volume of new developments in recent years continues to pressure the Vilnius office market. In Q2, the Paemurru logistics center within the fund’s portfolio was completed, and construction of Block C at the Valkla elderly home was finalized. As a result, the fund’s sales revenue increased by 4.5% compared to Q1 and by 3.1% year-on-year.

    The fund’s subsidiaries have floating interest rate bank loans. With the rapid decline in EURIBOR, interest expenses have decreased significantly. However, euro interest rates have now reached a level where further substantial decrease is unlikely. In this context, the fund has started fixing interest rates—one subsidiary entered into an interest rate swap agreement in June with a nominal value of €11.6 million at a rate of 1.995%. Given favourable swap terms, the fund plans to continue fixing interest rates for up to half of its loan portfolio.

    Financial Performance Overview

    EfTEN Real Estate Fund AS earned consolidated sales revenue of €8.210 million for Q2 2025 (Q2 2024: €7.957 million), and consolidated revenue for H1 2025 was €16.068 million (H1 2024: €15.918 million). This represents a 3.1% year-on-year increase for Q2 and a 1.0% increase for H1. Revenue increase was primarily driven by new investments in the logistics and elderly care sectors.

    The fund’s consolidated net operating income (NOI) for H1 2025 was €14.845 million (H1 2024: €14.781 million), reflecting a 0.4% increase. The NOI margin was 92% in H1 (2024: 93%), indicating that direct property-related costs (including land tax, insurance, maintenance and improvement works), along with marketing expenses, accounted for 8% of the fund’s revenue (2024: 7%).

    In Q2 2025, the fund earned a consolidated net profit of €4.025 million (Q2 2024: €2.442 million). The increase in net profit was primarily due to the positive change in the fair value of investment properties, which amounted to €546 thousand in June 2025, compared to a revaluation loss of €1.454 million in the same period in 2024. Additionally, the decrease in interest expenses resulting from the decline in EURIBOR had a positive impact on quarterly net profit—interest costs totalled €1.697 million in Q2 2025, down from €2.237 million a year earlier.

    The consolidated net profit for H1 2025 was €8.192 million (H1 2024: €6.250 million). Interest expenses decreased by €973 thousand, or 22%, year-on-year.

    As of 30 June 2025, the Group’s total assets amounted to €399.517 million (31 December 2024: €398.763 million), of which the fair value of investment properties accounted for 95.6% (31 December 2024: 93.7%).
     

    Real estate portfolio

    As of 30 June 2025, the Group held 37 (31 December 2024: 36) commercial real estate investments with a fair value of €382.018 million (31 December 2024: €373.815 million) and an acquisition cost of €378.218 million (31 December 2024: €370.561 million). In addition to the investment properties owned by the fund’s subsidiaries, the Group also holds a 50% interest in a joint venture that owns the Palace Hotel in Tallinn, with a fair value of €8.630 million as of 30 June 2025 (31 December 2024: €8.630 million).

    In the first half of 2025, the Group invested a total of €7.657 million in both new properties and the development of the existing real estate portfolio.

    In March, the Group’s subsidiary EfTEN Hiiu OÜ acquired a property located at Hiiu 42 in Tallinn for €4 million. Under an existing lease agreement, the North Estonia Medical Centre Foundation continues to occupy part of the property, while a long-term (10 + 10 years) lease was signed for the remaining space with Hiiu Südamekodu OÜ, a company within the Südamekodud AS group. In cooperation with the tenant and Südamekodud AS, the building will be partially redeveloped into a general elderly home called “Nõmme Südamekodu,” which will eventually accommodate up to 170 residents.

    In H1 2025, construction of Block C at the Valkla care home was completed, and phase II construction began at the Ermi elderly home in Tartu.

    In April 2025, the Paemurru logistics center—acquired in autumn of the previous year—was completed, with an additional €1.743 million invested in the property during the first half of the year.

    In the first six months of 2025, the Group earned a total of €15.571 million in rental income, representing a 1% increase compared to the same period in 2024.

    As of 30 June 2025, the vacancy rate for the Group’s investment properties stood at 3.7% (31 December 2024: 2.6%). The highest vacancy was in the office segment at 16.2%, where leasing of vacant space has taken longer than in previous periods. Compared to the end of last year, the most notable increase in vacancy occurred in the office building at Pärnu mnt 102 in Tallinn, where an additional 2.2 thousand sqm of space became vacant.

    EfTEN Real Estate Fund AS conducts regular valuations of its investment properties twice a year—as of 30 June and 31 December. Based on the valuations carried out by Colliers International in June 2025, the fair value of the investment properties increased by 0.1%, resulting in a revaluation gain of €0.5 million for the fund.

    Financing

    In April 2025, subsidiaries of EfTEN Real Estate Fund AS increased their total bank loan commitments by €7.32 million, reflecting improved financial capacity. Additionally, bank financing totalling €2.67 million was used in the first half of the year for the construction of the Valkla elderly home and the Paemurru logistics center. In April, the fund’s subsidiary EfTEN Hiiu OÜ entered into a loan agreement of €3.25 million to finance the redevelopment of the building at Hiiu 42. As of the end of June, this loan had not yet been drawn down.

    Over the next 12 months, loan agreements of eleven subsidiaries will mature, with a total outstanding balance of €40.641 million as of 30 June 2025. The LTV (Loan-to-Value) ratios of these maturing loans range from 37% to 46%, and the related investment properties generate stable rental cash flows. Therefore, management of the Fund does not foresee any obstacles to refinancing.

    As of 30 June 2025, the Group’s weighted average interest rate on loan agreements was 3.95% (31 December 2024: 4.89%), and the overall LTV stood at 41% (31 December 2024: 40%). All loan agreements of the fund’s subsidiaries are based on floating interest rates. To mitigate interest rate risk, one of the Group’s subsidiaries entered into an interest rate swap agreement in June 2025 with a notional amount of €11.6 million, fixing the 1-month EURIBOR at 1.995%.

    As of 30 June 2025, the fund’s interest coverage ratio (ICR) was 3.7 (30 June 2024: 2.9), with the improvement primarily driven by the decrease in EURIBOR.


    Share information

    As of 30 June 2025, the registered share capital of EfTEN Real Estate Fund AS was €114,403 thousand (31 December 2024: unchanged). The share capital consisted of 11,440,340 shares (31 December 2024: unchanged), each with a nominal value of €10 (31 December 2024: unchanged).

    The net asset value (NAV) per share of EfTEN Real Estate Fund AS was €19.98 as of 30 June 2025 (31 December 2024: €20.37), reflecting a 1.9% decrease during the first half of 2025. Excluding dividend distributions, the fund’s NAV would have increased by 4.1% over the same period.

    As of 30 June 2025, 32.18% of the shares belonged to the fund’s board and management members and persons associated with them.

    CONSOLIDATED STATEMEMT OF COMPREHENSIVE INCOME 

        2nd quarter 6 months
        2025 2024 2025 2024
    € thousands          
    Sales revenue   8 210 7 957 16 068 15 918
    Cost of services sold   -389 -341 -895 -759
    Gross profit   7 821 7 616 15 173 15 159
               
    Marketing costs   -187 -178 -328 -378
    General and administrative expenses   -941 -880 -1 947 -1 819
    Profit / loss from investment properties fair value changes   546 -1 454 546 -1 454
    Other operating income and expense   15 44 -22 86
    Operating profit   7 254 5 148 13 422 11 594
               
    Profit/-loss from joint ventures   87 -204 29 -254
    Interest income   35 64 118 165
    Other finance income and expense   -1 739 -2 238 -3 542 -4 473
    Profit before income tax   5 637 2 770 10 027 7 032
               
    Income tax expense   -1 612 -328 -1 835 -782
    Net profit of the financial year   4025 2442 8 192 6 250
    Total comprehensive income for the period   4 025 2 442 8 192 6 250
    Earnings per share          
    – basic   0,35 0,23 0,72 0,58
    – diluted   0,35 0,23 0,72 0,58

    CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
                    

        30.06.2025 31.12.2024
    € thousands      
    ASSETS      
    Cash and cash equivalents   13 449 18 415
    Short-term deposits   0 2 092
    Receivables and accrued income   1 671 2 055
    Prepaid expenses   137 138
    Total current assets   15 257 22 700
           
    Long-term receivables   133 154
    Shares in joint ventures   1 989 1 960
    Investment property   382 018 373 815
    Property, plant and equipment   120 134
    Total non-current assets   384 260 376 063
    TOTAL ASSETS   399 517 398 763
           
    LIABILITIES AND EQUITY      
    Borrowings   45 418 30 300
    Derivatives   42 0
    Liabilities and prepayments   2 705 3 245
    Total current liabilities   48 165 33 545
           
    Borrowings   110 688 119 120
    Other long-term liabilities   2 090 1 928
    Deferred income tax liability   10 008 11 097
    Total non-current liabilities   122 786 132 145
    TOTAL LIABILITIES   170 951 165 690
           
    Share capital   114 403 114 403
    Share premium   90 306 90 306
    Statutory reserve capital   4 156 2 799
    Retained earnings   19 701 25 565
    TOTAL EQUITY   228 566 233 073
    TOTAL LIABILITIES AND EQUITY   399 517 398 763

    Marilin Hein
    CFO
    Phone +372 6559 515
    E-mail: marilin.hein@eften.ee

    Attachment

    The MIL Network –

  • MIL-OSI Banking: Lufthansa Group increases Adjusted EBIT by 27 percent in the second quarter and confirms full-year forecast

    Source: Lufthansa Group

    Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG:

    “The Lufthansa Group remains on course. Although the second quarter was again marked by geopolitical crises and economic uncertainties, we are today confirming our positive outlook for the full year. However, 2025 will remain a year of transformation for us, as delays in aircraft deliveries, certifications, and engine overhauls continue. The disproportionate burden on European airlines due to unilateral EU regulations also continues to put us at a disadvantage in global competition.

    In this challenging environment, we were able to increase our operating result by almost a third in the second quarter and double the Lufthansa Group result. The basis for this economic success is and remains the regained operational stability of our airlines. Thanks to the tremendous commitment of our employees on board and on the ground, we are now able to report positive operating results for the first six months of the year. Our core brand achieved its best stability and punctuality figures since 2016. This not only significantly improved customer satisfaction but also had a noticeable impact on earnings due to lower compensation payments.

    Lufthansa Cargo and Lufthansa Technik once again demonstrated their global leading performance in the first half of 2025. It is also encouraging that our investment in ITA Airways is already contributing to the Group’s financial success.

    We are continuing our necessary efforts to increase efficiency, productivity, and profitability, particularly in the turnaround of our core brand, in order to expand our position as the world’s largest airline group outside the US.”

    Results

    In the second quarter of 2025, the Lufthansa Group increased its revenue by three percent year-on-year to 10.3 billion euros (previous year: 10.0 billion euros). The Lufthansa Group generated an operating profit (Adjusted EBIT) of 871 million euros (previous year: 686 million euros). The improvement in earnings was mainly due to the four percent expansion of the flight program in the passenger business, a positive result from the investment in ITA Airways of 91 million euros, partly due to currency effects, and the doubling of the operating result of the logistics business segment compared to the previous year. As a result, the operating margin increased by 1.5 percentage points year-on-year in the second quarter. The Group net result was 1.01 billion euros, more than double the previous year’s figure (469 million euros). This disproportionate increase was due to extraordinary tax effects and currency effects.

    Passenger numbers and traffic development

    In the first half of the year, more than 61 million passengers flew with the airlines of the Lufthansa Group, an increase of two percent compared with 2024. In the second quarter alone, the airlines welcomed around 37 million passengers (previous year: 35.9 million) on board. Despite a four percent increase in seat capacity, the load factor remained stable compared with the previous year at 82 percent.

    The passenger airlines’ revenue per available seat kilometer (RASK) declined slightly by 0.9 percent in the second quarter compared with 2024 after adjusting for currency effects. This was primarily due to lower average prices in the European business as a result of intensifying competition. In contrast, average revenues from intercontinental traffic remained stable despite a market-wide expansion of capacity. Unit costs (CASK) excluding fuel and emissions expenses rose by 4.1 percent compared with the same quarter last year due to ongoing cost inflation, driven in particular by personnel and location costs.

    Overall, revenue from passenger airlines rose by three percent to 8.2 billion euros in the second quarter (previous year: 8.0 billion euros). Adjusted EBIT increased to 690 million euros (previous year: 581 million euros). All airlines generated a positive result in the second quarter.

    In the first half year, revenue for the passenger airlines totaled 14.1 billion euros, representing growth of around four percent compared with the previous year. Adjusted EBIT improved to -244 million euros (first half of 2024: -337 million euros). The positive development is mainly attributable to lower fuel costs, higher income from investments, and the absence of financial strike-related expenses in the previous year. In contrast to the first half of 2024, network stability also improved significantly, resulting in a 106 million euros reduction in financial expenses due to flight irregularities.

    The integration of ITA Airways, in which the Lufthansa Group holds a 41 percent stake in the first phase, is continuing to progress. The benefits for customers are already clearly noticeable. Since the beginning of July, the airlines of the Lufthansa Group and ITA Airways have harmonized the benefits for their respective status customers, such as mutual lounge access, priority boarding, and conditions for additional baggage.

    Also since July, flights from Lufthansa, SWISS, Austrian Airlines, and Brussels Airlines can be combined with long-haul flights from ITA Airways in a single booking. This has been possible for short- and medium-haul flights since March.

    Starting in September, ITA Airways guests will be able to store their travel profile electronically in the Lufthansa Group Travel ID and benefit from the associated digital customer services of the Lufthansa Group.

    Lufthansa Airlines continues to implement Turnaround program

    Lufthansa Airlines’ Turnaround program remains on track. Increasing operational stability forms the foundation for the success of this program. Significant progress has already been made in this regard: punctuality and reliability achieved their best figures in ten years in the first six months. At the same time, revenues increased. Revenue from flight-related ancillary services rose by more than 25 percent in the first half of the year. In addition, structural measures have been initiated with the announced closure of the customer service center in Peterborough (Canada) and the associated reduction in personnel, which will make Lufthansa Airlines more efficient in the long term. The Turnaround measures are expected to have a gross earnings effect of 1.5 billion euros in 2026 and 2.5 billion euros in 2028.

    Lufthansa Technik at record levels in the first half of the year, Lufthansa Cargo doubles its second quarter result compared with the previous year

    The sustained high demand for air travel is leading to a further increase in demand for maintenance and repair services. Lufthansa Technik’s revenue rose by eight percent to 2.0 billion euros in the second quarter (same quarter last year: 1.8 billion euros). Ongoing material shortages, the US dollar exchange rate and increased US tariffs led to a ten percent increase in expenses compared with the same quarter last year. Nevertheless, Lufthansa Technik achieved an Adjusted EBIT of 310 million euros in the first half of 2025, once again setting a new record.

    Lufthansa Cargo continued the positive trend of the first three months of the year in the second quarter. With an Adjusted EBIT of 73 million euros, the operating result in the second quarter doubled compared with the previous year (second quarter of 2024: 36 million euros). High demand for Asian e-commerce shipments and capacity bottlenecks in sea freight traffic led to an increase in demand and thus a higher load factor for Lufthansa Cargo. Since June 2025, Lufthansa Cargo has been marketing the freight capacity of ITA Airways’ South American routes to Rome. Lufthansa Cargo plans to gradually expand the marketing of belly capacity to all continental and intercontinental routes of the Italian airline. This will further consolidate Lufthansa Cargo’s route network.

    Balance sheet strengthened, debt reduced

    The Lufthansa Group’s operating cashflow amounted to around 2.8 billion euros in the first half of the year (previous year: 2.7 billion euros). Net investments remained at the previous year’s level at 1.6 billion euros. Overall, the Lufthansa Group generated an Adjusted Free Cashflow of 1.04 billion euros (previous year: 878 million euros).

    Net debt decreased slightly to 5.5 billion euros compared with the end of 2024 (December 31, 2024: 5.7 billion euros). Net pension obligations fell by 400 million euros to 2.2 billion euros due to the higher discount rate. The Lufthansa Group’s available liquidity increased by 100 million euros compared with the beginning of the year to 11.1 billion euros.

    Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG:

    “We continue to operate in a volatile environment with high uncertainty and high cost pressure. I am therefore pleased to be able to present another quarterly result that is significantly above the previous year and to report progress in our Turnaround program. In our assessment, opportunities and risks are balanced. We therefore continue to expect a full year 2025 result significantly above the previous year and Adjusted Free Cashflow at approximately the previous year’s level. We thereby confirm our guidance. At the same time, we are closely monitoring macroeconomic developments and can respond flexibly to changes in the business environment.”

    Outlook

    Global demand for air travel remains strong. However, geopolitical crises and macroeconomic uncertainties, particularly commodity price and exchange rate volatility, are affecting the accuracy of forecasts for the rest of the year. In addition, the tendency of many travelers to book at shorter notice is limiting visibility for the second half of the year.

    Despite ongoing global uncertainties, the Lufthansa Group is reaffirming its forecast for the full year and expects operating profit (Adjusted EBIT) to be significantly higher than last year (previous year: 1.6 billion euros) with capacity growth of around four percent.

    The company continues to expect Adjusted Free Cashflow to remain at the previous year’s level (previous year: 840 million euros). This includes net investments of 2.7 to 3.3 billion euros, primarily for the ongoing fleet renewal.

    Among other things, this will finance the remaining payments for the first Boeing 787-9 long-haul aircraft at the group’s largest hub in Frankfurt. By the end of the year, up to ten of these ‘Dreamliner’ with the new Allegris seat generation are expected to be added to the group’s fleet. In summer 2026, Lufthansa Airlines plans to operate a total of 15 Boeing 787-9 s from Frankfurt, more than doubling the number of aircraft offering the Lufthansa Allegris premium product to customers.

    Further information

    Further information on the results of individual business segments will be published in the report for the second quarter of 2025. This will be published simultaneously with this press release on July 31 at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/financial-reports.html.

    Traffic figures for the second quarter of 2025 will also be published at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/traffic-figures.html.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Lufthansa Group increases Adjusted EBIT by 27 percent in the second quarter and confirms full-year forecast

    Source: Lufthansa Group

    Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG:

    “The Lufthansa Group remains on course. Although the second quarter was again marked by geopolitical crises and economic uncertainties, we are today confirming our positive outlook for the full year. However, 2025 will remain a year of transformation for us, as delays in aircraft deliveries, certifications, and engine overhauls continue. The disproportionate burden on European airlines due to unilateral EU regulations also continues to put us at a disadvantage in global competition.

    In this challenging environment, we were able to increase our operating result by almost a third in the second quarter and double the Lufthansa Group result. The basis for this economic success is and remains the regained operational stability of our airlines. Thanks to the tremendous commitment of our employees on board and on the ground, we are now able to report positive operating results for the first six months of the year. Our core brand achieved its best stability and punctuality figures since 2016. This not only significantly improved customer satisfaction but also had a noticeable impact on earnings due to lower compensation payments.

    Lufthansa Cargo and Lufthansa Technik once again demonstrated their global leading performance in the first half of 2025. It is also encouraging that our investment in ITA Airways is already contributing to the Group’s financial success.

    We are continuing our necessary efforts to increase efficiency, productivity, and profitability, particularly in the turnaround of our core brand, in order to expand our position as the world’s largest airline group outside the US.”

    Results

    In the second quarter of 2025, the Lufthansa Group increased its revenue by three percent year-on-year to 10.3 billion euros (previous year: 10.0 billion euros). The Lufthansa Group generated an operating profit (Adjusted EBIT) of 871 million euros (previous year: 686 million euros). The improvement in earnings was mainly due to the four percent expansion of the flight program in the passenger business, a positive result from the investment in ITA Airways of 91 million euros, partly due to currency effects, and the doubling of the operating result of the logistics business segment compared to the previous year. As a result, the operating margin increased by 1.5 percentage points year-on-year in the second quarter. The Group net result was 1.01 billion euros, more than double the previous year’s figure (469 million euros). This disproportionate increase was due to extraordinary tax effects and currency effects.

    Passenger numbers and traffic development

    In the first half of the year, more than 61 million passengers flew with the airlines of the Lufthansa Group, an increase of two percent compared with 2024. In the second quarter alone, the airlines welcomed around 37 million passengers (previous year: 35.9 million) on board. Despite a four percent increase in seat capacity, the load factor remained stable compared with the previous year at 82 percent.

    The passenger airlines’ revenue per available seat kilometer (RASK) declined slightly by 0.9 percent in the second quarter compared with 2024 after adjusting for currency effects. This was primarily due to lower average prices in the European business as a result of intensifying competition. In contrast, average revenues from intercontinental traffic remained stable despite a market-wide expansion of capacity. Unit costs (CASK) excluding fuel and emissions expenses rose by 4.1 percent compared with the same quarter last year due to ongoing cost inflation, driven in particular by personnel and location costs.

    Overall, revenue from passenger airlines rose by three percent to 8.2 billion euros in the second quarter (previous year: 8.0 billion euros). Adjusted EBIT increased to 690 million euros (previous year: 581 million euros). All airlines generated a positive result in the second quarter.

    In the first half year, revenue for the passenger airlines totaled 14.1 billion euros, representing growth of around four percent compared with the previous year. Adjusted EBIT improved to -244 million euros (first half of 2024: -337 million euros). The positive development is mainly attributable to lower fuel costs, higher income from investments, and the absence of financial strike-related expenses in the previous year. In contrast to the first half of 2024, network stability also improved significantly, resulting in a 106 million euros reduction in financial expenses due to flight irregularities.

    The integration of ITA Airways, in which the Lufthansa Group holds a 41 percent stake in the first phase, is continuing to progress. The benefits for customers are already clearly noticeable. Since the beginning of July, the airlines of the Lufthansa Group and ITA Airways have harmonized the benefits for their respective status customers, such as mutual lounge access, priority boarding, and conditions for additional baggage.

    Also since July, flights from Lufthansa, SWISS, Austrian Airlines, and Brussels Airlines can be combined with long-haul flights from ITA Airways in a single booking. This has been possible for short- and medium-haul flights since March.

    Starting in September, ITA Airways guests will be able to store their travel profile electronically in the Lufthansa Group Travel ID and benefit from the associated digital customer services of the Lufthansa Group.

    Lufthansa Airlines continues to implement Turnaround program

    Lufthansa Airlines’ Turnaround program remains on track. Increasing operational stability forms the foundation for the success of this program. Significant progress has already been made in this regard: punctuality and reliability achieved their best figures in ten years in the first six months. At the same time, revenues increased. Revenue from flight-related ancillary services rose by more than 25 percent in the first half of the year. In addition, structural measures have been initiated with the announced closure of the customer service center in Peterborough (Canada) and the associated reduction in personnel, which will make Lufthansa Airlines more efficient in the long term. The Turnaround measures are expected to have a gross earnings effect of 1.5 billion euros in 2026 and 2.5 billion euros in 2028.

    Lufthansa Technik at record levels in the first half of the year, Lufthansa Cargo doubles its second quarter result compared with the previous year

    The sustained high demand for air travel is leading to a further increase in demand for maintenance and repair services. Lufthansa Technik’s revenue rose by eight percent to 2.0 billion euros in the second quarter (same quarter last year: 1.8 billion euros). Ongoing material shortages, the US dollar exchange rate and increased US tariffs led to a ten percent increase in expenses compared with the same quarter last year. Nevertheless, Lufthansa Technik achieved an Adjusted EBIT of 310 million euros in the first half of 2025, once again setting a new record.

    Lufthansa Cargo continued the positive trend of the first three months of the year in the second quarter. With an Adjusted EBIT of 73 million euros, the operating result in the second quarter doubled compared with the previous year (second quarter of 2024: 36 million euros). High demand for Asian e-commerce shipments and capacity bottlenecks in sea freight traffic led to an increase in demand and thus a higher load factor for Lufthansa Cargo. Since June 2025, Lufthansa Cargo has been marketing the freight capacity of ITA Airways’ South American routes to Rome. Lufthansa Cargo plans to gradually expand the marketing of belly capacity to all continental and intercontinental routes of the Italian airline. This will further consolidate Lufthansa Cargo’s route network.

    Balance sheet strengthened, debt reduced

    The Lufthansa Group’s operating cashflow amounted to around 2.8 billion euros in the first half of the year (previous year: 2.7 billion euros). Net investments remained at the previous year’s level at 1.6 billion euros. Overall, the Lufthansa Group generated an Adjusted Free Cashflow of 1.04 billion euros (previous year: 878 million euros).

    Net debt decreased slightly to 5.5 billion euros compared with the end of 2024 (December 31, 2024: 5.7 billion euros). Net pension obligations fell by 400 million euros to 2.2 billion euros due to the higher discount rate. The Lufthansa Group’s available liquidity increased by 100 million euros compared with the beginning of the year to 11.1 billion euros.

    Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG:

    “We continue to operate in a volatile environment with high uncertainty and high cost pressure. I am therefore pleased to be able to present another quarterly result that is significantly above the previous year and to report progress in our Turnaround program. In our assessment, opportunities and risks are balanced. We therefore continue to expect a full year 2025 result significantly above the previous year and Adjusted Free Cashflow at approximately the previous year’s level. We thereby confirm our guidance. At the same time, we are closely monitoring macroeconomic developments and can respond flexibly to changes in the business environment.”

    Outlook

    Global demand for air travel remains strong. However, geopolitical crises and macroeconomic uncertainties, particularly commodity price and exchange rate volatility, are affecting the accuracy of forecasts for the rest of the year. In addition, the tendency of many travelers to book at shorter notice is limiting visibility for the second half of the year.

    Despite ongoing global uncertainties, the Lufthansa Group is reaffirming its forecast for the full year and expects operating profit (Adjusted EBIT) to be significantly higher than last year (previous year: 1.6 billion euros) with capacity growth of around four percent.

    The company continues to expect Adjusted Free Cashflow to remain at the previous year’s level (previous year: 840 million euros). This includes net investments of 2.7 to 3.3 billion euros, primarily for the ongoing fleet renewal.

    Among other things, this will finance the remaining payments for the first Boeing 787-9 long-haul aircraft at the group’s largest hub in Frankfurt. By the end of the year, up to ten of these ‘Dreamliner’ with the new Allegris seat generation are expected to be added to the group’s fleet. In summer 2026, Lufthansa Airlines plans to operate a total of 15 Boeing 787-9 s from Frankfurt, more than doubling the number of aircraft offering the Lufthansa Allegris premium product to customers.

    Further information

    Further information on the results of individual business segments will be published in the report for the second quarter of 2025. This will be published simultaneously with this press release on July 31 at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/financial-reports.html.

    Traffic figures for the second quarter of 2025 will also be published at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/traffic-figures.html.

    MIL OSI Global Banks –

  • MIL-Evening Report: The Muslim world has been strong on rhetoric, short on action over Gaza and Afghanistan

    Source: The Conversation (Au and NZ) – By Amin Saikal, Emeritus Professor of Middle Eastern and Central Asian Studies, Australian National University; and Vice Chancellor’s Strategic Fellow, Australian National University

    When it comes to dealing with two of the biggest current crises in the Muslim world – the devastation of Gaza and the Taliban’s draconian rule in Afghanistan – Arab and Muslim states have been staggeringly ineffective.

    Their chief body, the Organisation of Islamic Cooperation (OIC), in particular, has been strong on rhetoric but very short on serious, tangible action.

    The OIC, headquartered in Saudi Arabia, is composed of 57 predominantly Muslim states. It is supposed to act as a representative and consultative body and make decisions and recommendations on the major issues that affect Muslims globally. It calls itself the “collective voice of the Muslim world”.

    Yet the body has proved to be toothless in the face of Israel’s relentless assault on Gaza, triggered in response to the Hamas attacks of October 7 2023.

    The OIC has equally failed to act against the Taliban’s reign of terror in the name of Islam in ethnically diverse Afghanistan.

    Many strong statements

    Despite its projection of a united umma (the global Islamic community, as defined in my coauthored book Islam Beyond Borders), the OIC has ignominiously been divided on Gaza and Afghanistan.

    True, it has condemned Israel’s Gaza operations. It’s also called for an immediate, unconditional ceasefire and the delivery of humanitarian aid to the starving population of the strip.

    It has also rejected any Israeli move to depopulate and annex the enclave, as well as the West Bank. These moves would render the two-state solution to the long-running Israeli–Palestinian conflict essentially defunct.

    Further, the OIC has welcomed the recent joint statement by the foreign ministers of 28 countries (including the United Kingdom, many European Union members and Japan) calling for an immediate ceasefire in Gaza, as well as France’s decision to recognise the state of Palestine.

    The OIC is good at putting out statements. However, this approach hasn’t varied much from that of the wider global community. It is largely verbal, and void of any practical measures.

    What the group could do for Gaza

    Surely, Muslim states can and should be doing more.

    For example, the OIC has failed to persuade Israel’s neighbouring states – Egypt and Jordan, in particular – to open their border crossings to allow humanitarian aid to flow into Gaza, the West Bank or Israel, in defiance of Israeli leaders.

    Nor has it been able to compel Egypt, Jordan, the United Arab Emirates, Bahrain, Sudan and Morocco to suspend their relations with the Jewish state until it agrees to a two-state solution.

    Further, the OIC has not adopted a call by Malaysian Prime Minister Anwar Ibrahim and the United Nations special rapporteur on Palestinian territories, Francesca Albanese, for Israel to be suspended from the UN.

    Nor has it urged its oil-rich Arab members, in particular Saudi Arabia and the UAE, to harness their resources to prompt US President Donald Trump to halt the supply of arms to Israel and pressure Israeli Prime Minister Benjamin Netanyahu to end the war.

    Stronger action on Afghanistan, too

    In a similar vein, the OIC has failed to exert maximum pressure on the ultra-extremist and erstwhile terrorist Taliban government in Afghanistan.

    Since sweeping back into power in 2021, the Taliban has ruled in a highly repressive, misogynist and draconian fashion in the name of Islam. This is not practised anywhere else in the Muslim world.

    In December 2022, OIC Secretary General Hissein Brahim Taha called for a global campaign to unite Islamic scholars and religious authorities against the Taliban’s decision to ban girls from education.

    But this was superseded a month later, when the OIC expressed concern over the Taliban’s “restrictions on women”, but asked the international community not to “interfere in Afghanistan’s internal affairs”. This was warmly welcomed by the Taliban.

    In effect, the OIC – and therefore most Muslim countries – have adopted no practical measures to penalise the Taliban for its behaviour.

    It has not censured the Taliban nor imposed crippling sanctions on the group. And while no Muslim country has officially recognised the Taliban government (only Russia has), most OIC members have nonetheless engaged with the Taliban at political, economic, financial and trade levels.

    Why is it so divided?

    There are many reasons for the OIC’s ineffectiveness.

    For one, the group is composed of a politically, socially, culturally and economically diverse assortment of members.

    But more importantly, it has not functioned as a “bridge builder” by developing a common strategy of purpose and action that can overcome the geopolitical and sectarian differences of its members.

    In the current polarised international environment, the rivalry among its member states – and with major global powers such as the United States and China – has rendered the organisation a mere talking shop.

    This has allowed extremist governments in both Israel and Afghanistan to act with impunity.

    It is time to look at the OIC’s functionality and determine how it can more effectively unite the umma.

    This may also be an opportunity for its member states to develop an effective common strategy that could help the cause of peace and stability in the Muslim domain and its relations with the outside world.

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

    – ref. The Muslim world has been strong on rhetoric, short on action over Gaza and Afghanistan – https://theconversation.com/the-muslim-world-has-been-strong-on-rhetoric-short-on-action-over-gaza-and-afghanistan-262121

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: WENDEL: 2025 Half-Year Results

    Source: GlobeNewswire (MIL-OSI)

    2025 Half-Year Results:

    Continued strategic deployment with the

    Asset Management Platform ramp up:

    Wendel Group now manages €45 billion+,
    of which €39 billion of Private Assets under Management
    for third parties

    NAV per share at €167.7 as of June 30, 2025

    Implementation of a semi-annual interim dividend starting in November 2025, with an interim dividend of €1.50

    Taking into account the dividend payment of €4.7, the fully diluted net asset value1per share as of June 30, 2025 is down 2.4% compared to the end of March 2025, and stable at constant exchange rates.

    The strengthening of euro vs US dollar, generated a -€4.7 per share FX effect in Q2. At constant exchange rate, NAV main components evolved as follows:

    • Principal Investments:
      • Listed assets (38% of Gross Asset Value excluding cash): +5.0% vs Q1 2025 thanks to Bureau Veritas, IHS and Tarkett share prices increase
      • Unlisted assets (38% of GAV excl. cash): total value down 4.8% vs Q1 2025, reflecting mainly multiples and aggregates evolution
    • Asset Management activities (22% of GAV excl. cash): total valuation up +9.0% vs Q1 2025, induced by multiples and aggregates evolution

    Principal investments: H1 2025 performance supported by listed companies

    • Positive contribution from the Group’s listed companies, driven by higher share prices over the period
    • Total sales of Group companies up 3.9% organically
    • New CEOs at Crisis Prevention Institute and Scalian

    Asset management: strong momentum in fundraising and revenue growth

    • Wendel Asset Management platform AuM reach close to €39 billion, focused on midmarket. Altogether IK Partners and Monroe Capital have raised c.€4.3 billion of new funds on various strategies over H1 2025, without any sponsor money from Wendel in H1. IK Partners reached its hard caps on its Midcap and Small Cap funds in the first half of 2025, and Monroe Capital raised $4 billion.
    • Management fees totalled €152 million and Fee Related Earnings totalled €59 million, growing more than threefold vs last year, thanks to organic growth and strong scope effects

    Dynamic implementation of new strategic directions

    • Principal Investments: successful Forward Sale of 6.7% of Bureau Veritas’ share capital, at a price of €27.25 per share on March 12, 2025
      • Wendel entered into a call spread transaction to benefit from up to c.15% of the stock price appreciation over the next three years on the equivalent number of shares underlying the Forward Sale Transaction
      • Total net proceeds for Wendel of €750 million
      • Wendel has retained 26.5% of the share capital and 41.2% of the voting rights of Bureau Veritas
    • Asset Management: With Monroe Capital acquisition, Wendel’s third party asset management platform reached €39 billion in AUM2
      • On March 31, 2025, Wendel has invested $1.133 billion to acquire 72% of Monroe Capital’s shares together with rights to c.20% of the carried interest generated on past and future funds

    A more attractive dividend policy for shareholders: introduction of semi-annual interim dividend payments starting in 2025

    • Ordinary dividend of €4.70 per share for 2024, up 17.5% compared to 2023, paid in May 2025, representing a distribution to shareholders of €200 million
    • €1.50 interim dividend to be paid in November 2025
      • In order to reflect the recurring cash flow generated by its dual business model, Wendel has decided to pay an interim dividend of €1.50 in November 2025 for the 2025 financial year corresponding to about one third of the total dividend paid for the previous financial year
      • The balance of the 2025 dividend, will be paid in May 2026, in line with Wendel dividend policy
      • This new interim dividend policy will be recurring

    Strong financial structure and committed to remaining Investment Grade

    • Average debt maturity of 3.1 years with an average cost of 2.4%
    • LTV ratio at 18.5%4 on a pro forma basis
    • On March 31, 2025, S&P revised Wendel outlook to ‘Stable’ from ‘Negative’ on debt reduction and reaffirmed its ‘BBB’ rating

    Consolidated net sales for H1 2025 €4,177.6 million, up +7.2% overall and up +3.9% organically year-to-date

    • Net income from operations, group share down 17.9% at €86.0 million
    • H1 2025 net income (Group share) at €4.3 million impacted by a negative scope effect due to the disposal of Constantia Flexibles (€419m capital gain, group share) in the first half of 2024, while the capital gain related to the forward sale of 6.7% of Bureau Veritas share capital in March 2025 is not accounted in the P&L
    Laurent Mignon, Wendel Group CEO, commented:

    “ With the successful closing of Monroe Capital’s acquisition, Wendel materializes its strategy to grow third-party asset management alongside our principal investment activity.

    With Monroe Capital and IK Partners representing €39 billion of assets under management and €4.3 billion raised in H1 2025, we are building a strong and significant Asset management player generating recurring and predictable income, enhancing significantly Wendel’s value creation profile. IK Partners has closed its Midcap and Small Cap strategies at their hardcaps, finalizing its 2024/2025 fundraising at €6 billion, in line with the ambition announced when it was acquired by Wendel in October 2023. We are actively building a diversified pipeline of high-quality acquisition opportunities to expand our third-party asset management business.

    We actively support the development of our permanent capital portfolio companies in navigating a persistently complex macroeconomic environment.

    Our teams remain fully mobilized to generate value through the current portfolio and further develop our asset management platform while maintaining a solid financial profile. Our strategic transformation has also gone hand in hand with a reinforced cash return to shareholders, reflected in the €4.7 dividend per share paid in May, growing 17.5% vs 2024. Given the stronger recurring and predictable cash flow generation of Wendel, we have decided to implement a semi-annual interim dividend payment policy starting in 2025. ”

    Wendel’s net asset value as of June 30, 2025: €167.7 per share on a fully diluted basis

    Wendel’s Net Asset Value (NAV) as of June 30, 2025, was prepared by Wendel to the best of its knowledge and on the basis of market data available at this date and in compliance with its methodology.

    Fully diluted Net Asset Value was €167.7 per share as of June 30, 2025 (see details in the table below), as compared to €176.7 on March 31, 2025, representing a decrease of -5.1% over the quarter and stable restated from the dividend paid in May 2025 and at constant exchange rate. Compared to the last 20-day average share price as of June 30, the discount to the fully diluted NAV per share was -48.4% as of June 30, 2025,.

    FX had a negative impact of -4.7€ per share over the second quarter due to the dollar evolution vs. euro.

    Bureau Veritas is slightly up over the quarter (+1.2% on a 20-day average). IHS Towers (+29.5%) and Tarkett (+3%) 20-day average share prices also contributed positively to the NAV. Total value creation per share of listed assets was therefore positive (+€3.5) at constant exchange rate on a fully diluted basis over the second quarter 2025.

    Unlisted asset contribution to NAV was negative over the second quarter with a total change per share of – €5.0 at a constant exchange rate reflecting selected assets operational performance and multiples evolution.

    Asset management activities contribution to NAV was positive, +€3.8 at a constant exchange rate, due to IK Partners and Monroe Capital blended multiples’ evolution and good FRE generation. A total of €49M of sponsor money is included in the NAV as of end of June, both for IK Partners and Monroe Capital.

    Cash operating costs, Net Financing Results and Other items impacted NAV by -€1.9 at constant exchange rate, as Wendel benefits from a positive carry and maintains a good cost control.

    Over the first half of the year, total Net Asset Value evolution per share amounted to -€13.2, restated from the €4.7 of dividend returned to shareholders in May 2025, i.e. -€6.2 at a constant exchange rate.

    Fully diluted NAV per share of €167.7 as of June 30, 2025

    (in millions of euros)     06/30/2025 03/31/2025
    Listed investments Number of shares Share price (1) 3,088 2,965
    Bureau Veritas 89.9m(2)/120.3m €29.2/€28.5 2,630 2,565
    IHS 63.0m/63.0m $5.7/$4.4 307 254
    Tarkett   €16.9/€16.4 151 146
    Investment in unlisted assets (3) 3,071 3,346
    Asset Management Activities (4) 1,824 1,778
    Asset Managers (IK Partners & Monroe Capital) 1,775 1,749
    Sponsor Money 49 29
    Other assets and liabilities of Wendel & holding companies (5) 150 161
    Net cash position & financial assets (6) 1,770 2,058
    Gross asset value     9,903 10,308
    Wendel bond debt & accrued interests     -2,373 -2,378
    IK Partners transaction deferred payment and Monroe Capital earnout -235 -244
    Net Asset Value     7,295 7,686
    Of which net debt     -838 -564
    Number of shares     44,461,997 44,461,997
    Net Asset Value per share €164.1 €172.9
    Wendel’s 20 days share price average   €86.6 €92.0
    Premium (discount) on NAV -47.2% -46.8%
    Number of shares – fully diluted 42,457,994 42,456,176
    Fully diluted Net Asset Value, per share €167.7 €176.7
    Premium (discount) on fully diluted NAV -48.4% -47.9%

    (1)  Last 20 trading days average as of June 30, 2025, and March 31, 2025.
    (2)  Number of shares adjusted from the Forward Sale Transaction of 30,357,140 shares of Bureau Veritas. The value of the call spread transaction to benefit from up to c.15% of the stock price appreciation on the equivalent number of shares is taken into account in Other assets & liabilities of Wendel & holding companies.
    (3)  Investments in unlisted companies (Stahl, Crisis Prevention Institute, ACAMS, Scalian, Globeducate, Wendel Growth). Aggregates retained for the calculation exclude the impact of IFRS16.
    (4)  Investments in IK Partners and Monroe Capital (excl. Cash to be distributed to shareholders). Valued as a platform based on Net Income / Distributable earnings multiples.
    (5)  Of which 2,004,003 treasury shares as of June 30, 2025, and 2,005,821 as of March 31, 2025.
    (6)  Cash position and short-term financial assets of Wendel & holdings.
    Assets and liabilities denominated in currencies other than the euro have been converted at exchange rates prevailing on the date of the NAV calculation.
    If co-investment and managements LTIP conditions are realized, subsequent dilutive effects on Wendel’s economic ownership are accounted for in NAV calculations. See page 285 of the 2024 Registration Document.

    Wendel’s Principal Investments’ portfolio rotation

    On March 12, 2025, Wendel realized a successful placement of Bureau Veritas shares as part of a prepaid 3-year forward sale representing approximately 6.7% of Bureau Veritas share capital and increased its financial flexibility by reducing the pro forma loan-to-value ratio to approximately 17%. The transaction immediately generated net cash proceeds of approximately €750M to Wendel.

    Wendel invested €41.5M in Scalian in H1 2025 to support its external growth and to strengthen its balance sheet.

    Wendel’s Asset Management platform evolution

    Acquisition of a controlling stake in Monroe Capital LLC closed, a transformational transaction in line with the strategic roadmap

    Wendel completed on March 31, 2025 the definitive partnership agreement including the acquisition, together with AXA IM Prime, of 75% of Monroe Capital LLC (“Monroe Capital” or “the Company”), and a sponsoring program of $800 million to accelerate Monroe Capital’s growth, together with an investment of up to $200 million in GP commitment.

    With IK Partners and Monroe Capital, Wendel’s third party asset management platform reached €39 billion in AUM5, and should generate, on a full-year basis, c.€ 455 million revenues6, c.€160 million pre-tax FRE (c.€100 million in pre-tax FRE (Wendel share) in 2025. Wendel’s ambition is to reach €150 million (Wendel share) in pre-tax FRE in 2027.

    Third-Party Asset Management Platform: 22% of Gross Asset Value excluding cash

    Over the first half of 2025, the Wendel Asset Management platform (IK Partners and Monroe Capital), focused on the midmarket private markets, registered particularly strong levels of activity, generating a total of €152.0 million in Management fees and others, up 355 % vs. H1 2024, thanks to good organic growth and strong scope effects: Only IK Partners was consolidated over 2 months in H1 2024, to be compared in H1 2025 with a 6 months consolidation for IK and 3 months consolidation for Monroe Capital in H1 2025.

    As a consequence, the consolidated Fee Related Earnings of the platform amounted to €59.9 million in H1 2025, up 318% vs last year, and Profit Before Tax was €60.2 million, up 303% vs. last year.

    The Wendel Asset Management Platform has known a Strong Momentum in terms of fund raising with €4.3 billion raised over the semester, without any sponsor money committed by Wendel.

    IK Partners has closed its Midcap and its Small Cap strategy at the hard cap. This completes IK fund raising cycle (2024/2025) at €6 billion, in line with the announced target at acquisition in October 2023. Monroe Capital has also maintained its strong dynamic with $4 billion of asset raised in 6 months with a good diversification in terms of strategies and geographies.

    As of June 30, 2025 Wendel’s third-party asset management platform7 represented total assets under management of €39.1 billion (of which €10.1 billion of Dry Powder8), and FPAuM9 of €29.0 billion, FX adjusted, up +187% year-to-date. Over the period, €5.0 billion of new Fee Paying AuM were generated and about €3 billion of exits and payoffs have been realized.

    Sponsor money invested by Wendel

    Wendel committed in 2024 €434 million in IK Partners funds (of which €300 million in IK X). As of June 30, 2025, a value of €49 million of sponsor money have been called in IK Partners and Monroe Capital funds.

    Principal Investment companies’ sales

    Figures post IFRS 16 unless otherwise specified.

    Listed Assets: 38% of Gross Asset Value excluding cash

    Bureau Veritas: Robust organic revenue growth and strong margin increase in H1 2025 as the LEAP | 28 strategy execution accelerates; Confirmed 2025 outlook

    (full consolidation)

    Revenue in the first half of 2025 amounted to €3,192.5 million, a 5.7% increase compared to H1 2024. The organic increase was 6.7% compared to H1 2024 (including 6.2% in the second quarter of 2025) and a broad organic growth across most businesses and geographies.

    First half adjusted operating profit increased by 8.8% to €491.5 million. This represents an adjusted operating margin of 15.4%, up 44bps year-on-year and up 55bps at constant currency.

    As of June 30, 2025, adjusted net financial debt was €1,254.7 million and the adjusted net financial debt/EBITDA ratio was maintained at a low level of 1.11x (vs. 1.06x as of December 31, 2024).

    2025 share buyback program

    Bureau Veritas executed the €200 million share buyback program announced on April 24, 2025, thus

    acquiring c.1.5% of the outstanding share capital (6.7 million shares) through the market during the

    months of May and June 2025. The purchase was completed at an average price of €29.77 per share.

    2025 outlook confirmed

    Based on a robust first half performance, a solid backlog, and strong underlying market fundamentals, and in line with the LEAP | 28 financial ambitions, Bureau Veritas still expects to deliver for the full year 2025:

    • Mid-to-high single-digit organic revenue growth,
    • Improvement in adjusted operating margin at constant exchange rates,
    • Strong cash flow, with a cash conversion10 above 90%.

    For further details: group.bureauveritas.com

    IHS Towers – IHS Towers will report its H1 2025 results in August 2025

    Tarkett reported its H1 on July 29, 2025

    For more information: https://www.tarkett-group.com/en/investors/

    Unlisted Assets: 38% of Gross Asset Value excluding cash

    (in millions) Sales EBITDA Net debt
      H1 2024 H1 2025 H1 2024 including IFRS 16 H1 2025 including IFRS 16 Δ end of June including IFRS 16
    Stahl €464.7 €462.9 €106.7 €90.8 -14.9% €357.8
    CPI $66.9 $69.5 $28.4 $29.9 +5.3% $370.8
    ACAMS $48.7 $53.4 $8.9 $13.7 +53.9% $161.2
    Scalian €271.8 €257.6 €30.3 €28.9 -4.6% €354.8
    Globeducate(1) €202.6 €224.7 na €77.7 na €739.6

    (1)   Globeducate acquisition was completed on October 16th, 2024. Globeducate fiscal year ends in August, and figures shown are last six months at the end of May 2025. Indian operations are deconsolidated and accounted for by the equity method.

    Stahl – Total sales slightly down -0.4% in H1 2025 in a context of challenging market conditions in the automotive and luxury goods end-markets. Strong EBITDA margin of 19.6%.

    (Full consolidation) 

    Stahl, the world leader in specialty coatings for flexible materials, posted total sales of €462.9 million in the first half of 2025, representing a total decrease of -0.4% versus H1 2024.

    Organically, sales were down -5.9%, in a context of lower demand across end-markets due to very high levels of uncertainty around changing tariffs and destocking in the supply chains served by Stahl, while FX contributed -2.0%. Acquisitions contributed positively (+7.6%) to total sales variation, thanks to the acquisition of Weilburger Graphics GmbH completed in September 2024.

    Half Year 2025 EBITDA11 amounted to €90.8 million (-14.9% vs. H1 2024), translating into a strong EBITDA margin of 19.6%, thanks to a disciplined margin and fixed costs management, as well as a good diversification across geographies and segments.

    Net debt as of June 30th, 2025, was €357.8 million12, versus €383.8 million at the end of 2024 and leverage stood at 1.9x13.

    Crisis Prevention Institute reports +4.0% in revenue and +5.3% EBITDA growth. Andee Harris will become the new CEO of CPI on August 20, 2025.

    (full consolidation)

    Crisis Prevention Institute recorded first half 2025 revenue of $69.5 million, up +4% compared to H1 2024. Of this increase, +3.2% was organic growth, -0.2% came from FX movements and +1.1% from scope effect related to the Verge acquisition in Norway in January 2025. Despite ongoing federal oversight and funding uncertainty for some of CPI’s US customers that may have led to deferred spending on expanded training, CPI’s installed base of certified instructors continued to renew and maintain their certification and train their colleagues. Growth in the first half therefore increased revenues from renewals and learning materials in North America, as well as double digit growth in markets outside North America.

    H1 2025 EBITDA was $29.9 million14, reflecting a margin of 43.0%. EBITDA was up +5.3% vs. H1 2024 while margins are slightly up due to tight cost policy and in spite of lower-than-expected top line growth.

    As of June 30, 2025, net debt totaled $370.8 million15, or 4.7x EBITDA as defined in CPI’s credit agreement. In early July, CPI raised $60 million through an incremental term loan to fund c. $33 million dividend payment to Wendel by year end and a partial repurchase of management’s shares. Both the dividend and the share repurchases are expected to occur in September.

    On August 20, 2025, Andee Harris will become CEO of CPI and a member of the company’s board of directors.

    Andee Harris will take over from Tony Jace, CPI’s current CEO, who is retiring after leading CPI’s significant expansion over the past 16 years. Tony will remain on CPI’s Board of Directors through the end of 2025.

    Andee Harris was the CEO of Challenger, a global leader in training, technology and consulting. Harris will bring more than two decades of experience in growing and scaling service and technology businesses. She has previously led multiple companies, both as CEO and Senior Vice President, through periods of rapid revenue growth, digital transformation, critical fundraising and successful acquisition.

    ACAMS – Total sales up +9.6% in H1, reflecting double-digit growth in the core Americas and APAC segments, generating very strong EBITDA growth.
    (full consolidation)  

    ACAMS, the global leader in training and certifications for anti-money laundering and financial-crime prevention professionals, generated total revenue of $53.4 million, up +9.6% compared to the first half of 2024. First-half results were driven by double-digit growth in Americas and APAC segments, with both bank and non-bank customers, as well as improved conference sponsorship & exhibition sales. 

    H1 growth reflects momentum from recent strategic and organizational changes including the senior leadership additions in 2024, a shift in focus to selling solutions for large enterprise customers, market expansion with the introduction of the Certified Anti-Fraud Specialist certification (CAFS), and investments in the technology platform.

    EBITDA16 for the first half was c.$13.7 million, up 53.9% vs. H1 2024 and reflecting a 25.7% margin, up 740 bps year-over-year. The strong increase in first half profitability largely reflects the aforementioned revenue growth as well as strong cost control by the Company’s management.

    As of June 30, 2025, net debt totaled $161.2 million17, down from $165.0 million at the end of 2024, which represents 4.8x EBITDA as defined in ACAMS’ credit agreement, with ample room relative to the 9.5x covenant level.

    ACAMS anticipates continued mid-to-high single digit growth in revenues for 2025. To support its long-term development, which is expected to produce accelerated levels of growth and profitability over the next several years, additional investments and hirings will be made in H2 2025, leading to more normalized c.25% margin for the full year.

    Scalian – Total sales down 5.2% in first-half 2025, reflecting persistently tough market conditions for engineering services and digital services companies. Equity contributions by Wendel since the beginning of the year totalling €41.5 million to support Scalian’s acquisition-led growth and strengthen its balance sheet.

    Changes in governance with the appointment of a new Chief Executive Officer.

    Scalian, a leader in digital transformation and operational performance consulting, reported total sales of €257.6 million as of June 30, 2025, down 5.2% year on year. The downturn in sales continues to take hold in several sectors and geographies, particularly in France and in automotive in Germany. Sales were down 11.1% on a like-for-like basis (including a negative currency impact), and benefited from a positive scope effect of 5.9% driven by acquisitions that were accretive in terms of growth and margins.

    Other European countries and North America reported further robust growth, buoyed by the acquisition of Mannarino, which made a significant contribution to half-year earnings thanks to strong business momentum.

    Scalian generated €28.9 million in EBITDA18 over first-half 2025. The EBITDA margin stood at 11.2% of sales, in line with the level recorded for full-year 2024, reflecting a tight rein on costs. As of June 30, 2025, net debt19 stood at €354.8 million (leverage of 6.7x20 EBITDA).

    Over the past 24 months, Scalian has undertaken bold transformation initiatives, which are being accelerated in 2025 in response to the worsening market environment:

    • Creation of a team focusing on key strategic clients and sectors with high growth potential
    • Expansion of the bestshoring platform
    • Launch of the “One Motion” plan, a transformation designed to improve the efficiency of the Scalian business model in three areas (sales and staffing, automation for productivity, and finance and operations)
    • Dynamic management of utilization rates
    • Accelerated integration of acquisitions and generation of related synergies
    • Targeted indirect cost reduction actions
    • More disciplined management of working capital

    These initiatives, aimed at strengthening Scalian’s business model and attractiveness, have already had a positive impact, and have led to significant commercial successes in recent months, including major agreements in the aerospace and defense sectors.

    Since the beginning of the year, Wendel has injected an additional €41.5 million in equity to support Scalian’s acquisition-led growth and strengthen its balance sheet.

    Wendel is also announcing today a major change in Scalian’s governance, with the appointment of a new Chief Executive Officer effective October 1 at the latest, the date on which Yvan Chabanne will step down following a decade of intensive development. The aim is to launch Scalian into the next cycle of growth and transformation with a new Chief Executive Officer, who has already been identified, also a highly experienced executive from the engineering industry, whose name will be announced shortly.

    David Darmon, Chairman of Scalian’s Supervisory Board:

    “On behalf of the Wendel Group, I would like to extend my warmest thanks to Yvan Chabanne for his remarkable achievements and unfailing commitment at the helm of Scalian, the brand he founded. Under his leadership, the Group has undergone an exceptional transformation: it has expanded strongly on an international level, become a leader in engineering, digital transformation and operational performance consulting, strengthened its positions with major customers and multiplied its sales almost ten-fold – half of which through a dozen acquisitions. Today, consolidated sales stand at around €530 million.

    We are delighted to welcome on board a new Chief Executive Officer whose international background, in-depth knowledge of our businesses and unifying leadership skills will be key assets in supporting the Group’s development going forward. We look forward to working alongside the future Chief Executive Officer on an ambitious value creation plan, which will unleash the full potential of this magnificent company, driven by the expertise, dedication and talent of its teams.” 

    Globeducate – Total sales up +10.9%21over 6-month period ending May 31, 2025. Annualized EBITDA margin c.25%22in line with expectations.

    (Accounted for by the equity method. Globeducate acquisition was completed on October 16th, 2024. Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures. 6-month revenue and EBITDA from December 1, 2024 to May 31, 2025).

    Globeducate, one of the world’s leading bilingual K-12 education groups, posted total sales of €224.7 million1 for the 6-month period ending May 31, 2025, representing a total increase of +10.9% over last year. Of this increase, +3.3% came from accretive M&A transactions.

    EBITDA2 for the same period stood at €77.7 million. EBITDA is always particularly high at this time of year driven by the seasonality of the business (revenues are recognized over the academic year while costs are spread out across the entire fiscal year) and will smooth out over the next quarter. EBITDA was in line with expectations and ensures an annualized EBITDA margin at c.25%. This solid financial performance was fueled by a combination of organic and external growth as well as strict cost control.

    Since the beginning of Globeducate’s fiscal year (September 1, 2024 – August 31, 2025), the Group has completed 3 acquisitions: Olympion School and the International School of Paphos in Cyprus, and l’Ecole des Petits in the UK.

    Net debt as of May 31, 2025, was €739.6 million23 and leverage stood at 6.3x4.

    Consolidated Accounts

    The Supervisory Board met on July 30, 2025, under the chairmanship of Nicolas ver Hulst, to review Wendel’s condensed consolidated financial statements, as approved by the Executive Board on July 25, 2025. The interim financial statements were subject to a limited review by the Statutory Auditors prior to publication.

    Wendel Group’s consolidated net sales totaled €4,177.6 million, up +7.2% overall and up +3.9% organically. FX contribution is -2.1% and scope effect is +5.4%.

    The net income from operations of Group companies, Group share amounted to €86.0 million, down -17.9%.

    Financial expenses, operating expenses and taxes recorded by Wendel represented €46.0 million, up €13.2 million from the €32.9 million reported in H1 2024, mainly due to lower returns from cash. Operating expenses were down 15.6% due to good cost control.

    H1 2025 net income Group share €4.3 million vs. €388.2 million in the first half of 2024, reflecting a €418.6 million capital gain group share from the disposal of Constantia Flexibles in H1 2024. In H1 2025, The impact (group share) of impairment on investments was limited over the period, as the reversal of the impairment on Tarkett Participation was offset by the impairment recognized on Scalian, as a result of the slowdown in its markets. The gain on the forward sale of Bureau Veritas in 2025 and the positive change in the fair value of IHS are not recognized in the income statement but in shareholder equity.

    Estimated impact of new tariffs on Wendel’s businesses 

    Wendel Group’s companies are mainly business services, and are therefore only slightly directly impacted by conflicts over tariffs. For industrial companies (Stahl and Tarkett), these two companies have production units generally located in the countries in which they generate their revenues. According to the information available, the direct impact for these two companies is limited. The lack of visibility on the evolution of tariffs, as well as their real impact on global economic growth and USD exchange rates, constitute the main risk on the value creation potential of our assets. In the second quarter of 2025, the main indirect impact of trade tariffs was on the euro-dollar exchange rate, which impacted the valuation of some of our assets, mainly US companies or listed in the US. The impacts of trade tariffs specific to each company are described in the relevant sections of this press release.

    Agenda

    Thursday, October 23, 2025

    Q3 2025 Trading update – Publication of NAV as of September 30, 2025 (post-market release)

    Friday, December 12, 2025,

    2025 Investor Day.

    Wednesday, February 25, 2026

    Full-Year 2025 Results – Publication of NAV as of December 31, 2025, and Full-Year consolidated financial statements (post-market release)

    Wednesday, April 22, 2026

    Q1 2026 Trading update – Publication of NAV as of March 31, 2026 (post-market release)

    Thursday, May 21, 2026

    Annual General Meeting

    Wednesday, July 29, 2026

    H1 2026 results – Publication of NAV as of June 30, 2026, and condensed Half-Year consolidated financial statements (post-market release)

    About Wendel

    Wendel is one of Europe’s leading listed investment firms. Regarding its principal investment strategy, the Group invests in companies which are leaders in their field, such as ACAMS, Bureau Veritas, Crisis Prevention Institute, Globeducate, IHS Towers, Scalian, Stahl and Tarkett. In 2023, Wendel initiated a strategic shift into third-party asset management of private assets, alongside its historical principal investment activities. In May 2024, Wendel completed the acquisition of a 51% stake in IK Partners, a major step in the deployment of its strategic expansion in third-party private asset management and also completed in March 2025 the acquisition of 72% of Monroe Capital. As of June 30, 2025, Wendel manages 39 billion euros on behalf of third-party investors, and c.6.2 billion euros invested in its principal investments activity.

    Wendel is listed on Eurolist by Euronext Paris.

    Standard & Poor’s ratings: Long-term: BBB, stable outlook – Short-term: A-2 

    Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of “Grand Mécène de la Culture” in 2012.For more information: wendelgroup.com

    Follow us on LinkedIn @Wendel 

    Appendix 1: H1 2025 Consolidated sales and results

    H1 2025 consolidated net sales

    (in millions of euros) H1 2024 H1 2025 Δ Organic Δ
    Bureau Veritas 3,021.7 3,192.5 +5.7% +6.7%
    Stahl 464.7 462.9 -0.4% -5.9%
    Scalian (1) 271.8 257.6 -5.2% -11.1%
    CPI 61.9 63.7 +3.0% +3.2%
    ACAMS 44.5 48.8 +9.6% +9.8%
    IK Partners (2) 33.4 91.2 n.a. n.a.
    Monroe Capital (3) n.a. 60.8 n.a. n.a.
    Consolidated sales 3,897.9 4,177.6 +7.2% +3.9%

    (1) Scalian, which had a different reporting date to Wendel (refer to 2023 consolidated financial statements – Note 2 – 1.” Changes in scope of consolidation in 2023″), realigns its closing date with Wendel group. Consequently, sale’s contribution corresponds to 6 months’ sales between January 1st 2025 and June 30 2025. The contribution published last year (€278.2M) corresponded to 6 months’ sales between October 1st 2024 and March 31st 2025.

    (2) Acquisition d’IK Partners in May 2024. Contribution of sales for 2 months in 2024 versus 6 months in 2025.

    (3) Contribution of 3 months’ sales from April 1st, 2025 to June 30, 2025. Including PRE.

    H1 2025 net sales of equity-accounted companies

    (in millions of euros) H1 2024 H1 2025 Δ Organic Δ
    Tarkett (4) 1,558.7 1,573.5 +0.9% -0.2%
    Globeducate (5) n.a. 224.7 n.a. n.a.

    (4) Selling price adjustments in the CIS countries are historically intended to offset currency movements and are therefore excluded from the “organic growth” indicator.

    (5) Contribution of 6 months of sales from December 1st, 2024 to May 31st, 2025 excluding India.

    H1 2025 consolidated results

    (in millions of euros) H1 2024 H1 2025
    Contribution from asset management 11.6 49.0
    Consolidated subsidiaries 364.6 353.8
    Financing, operating expenses and taxes -32.9 -46.0
    Net income from operations(1) 343.4 356.8
    Net income from operations, Group share 104.8 86.0
    Non-recurring income/loss 643.4 15.7
    Impact of goodwill allocation -50.4 -65.1
    Impairment -90.6 -39.4
    Total net income (2) 845.8 268.0
    Net income, Group share 388.2 4.3

    (1)        Net income before goodwill allocation entries and non-recurring items.

    (2)        IHS is accounted for as financial assets through OCI

    H1 2025 net income from operations

    (in millions of euros) H1 2024 H1 2025 Change
    IK Partners 11.6 30.3 +161.8%
    Monroe Capital n.a. 18.7 n.a.
    Total contribution from asset management 11.6 49.0 n.a.
    Total contribution from AM Group share 5.9 29.3 +153.2%
    Bureau Veritas 302.5 307.9 +1.8%
    Stahl 52.6 36.0 -31.6%
    Scalian 0.3 -6.5 n.a.
    CPI 4.8 6.0 +23.7%
    ACAMS -3.0 -1.3 n.a.
    Tarkett (equity accounted) 7.4 3.7 -50.4%
    Globeducate (equity accounted) n.a. 8.0 n.a;
    Total contribution from Group companies 364.6 353.8 -3.0%
    of which Group share 131.6 102.5 -22.1%
    Operating expenses net of management fees -38.2 -32.2 -15.6%
    Taxes -1.7 -2.1 +21.3%
    Financial expenses 19.0 -1.0 -105.3%
    Non-cash operating expenses -11.9 -10.5 -11.2%
    Net income from operations 343.4 356.8 +3.9%
    of which Group share 104.8 86.0 -17.9%

    Appendix 2: Conversion from accounting presentation to economic presentation

    Please refer to table 5.1 of the consolidated statements.

    Appendix 3: Glossary

    • AUM (Assets under Management): Corresponding – for a given fund – to total investors’ commitment (during the fund’s investment period) or total invested amount (post investment period)
    • FRE (Fee-Related Earnings): Earnings generated by recurring fee revenues (mainly management fees). It excludes earnings generated by more volatile performance-related revenues.
    • GP (General Partner): Entity in charge of the overall management, administration and investment of the funds. The GP is paid by management fees charged on assets under management (AuM)

    1 Fully diluted of share buybacks and treasury shares. Net Asset Value non fully diluted stands at €164.1.
    2 As of end of June 2025, AuM of IK Partners and Monroe Capital

    3 This amount includes usual closing adjustments

    4 Including sponsor money commitment in IK (-€434m partly called as of 06.30.2025) & expected commitments in Monroe Capital (-$200m partly called as of 06.30.2025), IK Partners transaction deferred payment (-€131m), Monroe Capital 100% acquisition (including estimated earnout and puts on residual capital, i.e -$527M), and pro forma of Bureau Veritas dividend payment in July (€80.9 million).

    5 As of end of June 2025

    6 Based on USD/EUR exchange rate of 1.08

    7 IK Partners and Monroe Capital

    8 Commitments not yet invested

    9 Fee Paying AuM

    10 (Net cash generated from operating activities – lease payments + corporate tax)/adjusted operating profit

    11 EBITDA including IFRS 16 impacts, EBITDA excluding IFRS 16 stands at €87.6m.

    12 Including IFRS 16 impacts. Net debt excluding the impact of IFRS 16 was €341.8m.

    13 Leverage as per credit documentation definition.

    14 Recurring EBITDA post IFRS 16. Recurring EBITDA pre IFRS 16 was $29.3m

    15 Post IFRS 16 impact. Net debt pre IFRS 16 impact was $367.9m.

    16 EBITDA including IFRS 16. EBITDA excluding IFRS16 stands at $13.1m

    17 Including IFRS 16 impacts. Net debt excluding the impact of IFRS 16 was $159.5 million.

    18 EBITDA including IFRS 16 impact. Excluding IFRS 16, EBITDA stands at €24.2 million.

    19 Net debt including IFRS 16 impact. Excluding IFRS 16, net debt stands at €324.0 million.

    20 As per credit documentation (pre IFRS 16).

    21 6-month revenue from December 1, 2024, to May 31, 2025. Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures. These figures are compared with the same period last year and are estimated and non-audited.

    22 EBITDA including IFRS 16 impacts and excluding Indian activities.

    23 Including IFRS 16 impacts; excluding IFRS 16, net debt stood at €572.1 million.

    4 Leverage as per credit documentation definition.

    Attachment

    The MIL Network –

  • MIL-OSI: Crédit Mutuel Alliance Fédérale – 2025 Half-year results press release

    Source: GlobeNewswire (MIL-OSI)

    Results for the period ended June 30, 20251

    1

    		 Press Release
      Strasbourg, July 30, 2025

    First half of 2025:
    very strong business activity and solid results,
    penalized by the non-recurring income tax surcharge

    Crédit Mutuel Alliance Fédérale posted solid results in the first half of 2025, demonstrating the strength of its universal banking and insurance model and the relevance of its Togetherness Performance Solidarity 2024-2027 strategic plan.

    The mutualist group’s operating results reached record levels, with net revenue of €8.8 billion (+6.2%) and income before tax of €2.9 billion (+8.4%). Net income came to €1.8 billion, (-10.1%), penalized by €314 million due to the non-recurring income tax surcharge introduced by the French 2025 Finance Act.

    All business lines delivered solid performances. The banking networks were buoyed by improved net interest margin and a rebound in new business. The insurance and specialized business lines remain solid, despite being particularly hard hit by the surcharge.

    Total cost of risk stabilized at €902 million (-5.8%). It remains high due to the difficulties faced by companies in the current economic climate. With €68 billion in shareholders’ equity and a CET1 ratio of 19.5% estimated at June 30, 2025, the group ranks among the most solid banks in the Eurozone.

    General operating expenses amounted to €5 billion (+6.7%). They reflect Credit Mutuel Alliance Federale’s investments to maintain its technological lead, expand in France and Europe with the planned acquisition of German bank OLB, and maintain a strong social pact.

    Crédit Mutuel Alliance Fédérale, the first bank to adopt the “benefit corporation” approach, has stepped up its efforts to promote the common good. Twenty strong commitments have been adopted by the Chambre Syndicale et interfédérale, its mutualist parliament. These include the Societal Dividend, which allocates 15% of its consolidated net income each year to building a fairer, more sustainable world.

    Results for the period ended June 30, 2025 06/30/2025 06/30/2024 Change
    Record net revenue €8.768bn €8.257bn         +6.2 %
    of which retail banking €6.466bn €6.094bn         +6.1 %
    of which insurance €812m €701m         +15.9 %
    of which specialized business lines 2 €1.532bn €1.491bn         +2.8 %
    General operating expenses reflecting investments -€5.026bn -€4.712bn         +6.7 %
    Stabilized cost of risk -€902m -€957m         -5.8 %
    Record income before tax €2.863bn €2.641bn         +8.4 %
    Net income down due to the corporate tax surcharge effect €1.826bn €2.032bn         -10.1 %
    of which income tax surcharge -€314m N/A N/A
    RENEWED GROWTH IN FINANCING3: +1.1%
    Home loans Equipment loans Consumer credit
    €263.6bn €146.9bn €58.3bn
    A SOLID FINANCIAL STRUCTURE
    CET1 ratio4 Shareholders’ equity
    19.5% €67.7bn

    1 Unaudited financial statements – limited review currently being conducted by the statutory auditors. The Board of Directors met on July 30, 2025 to approve the financial statements. All financial communications are available at www.bfcm.creditmutuel.fr and are published by Crédit Mutuel Alliance Fédérale in accordance with the provisions of Article L. 451-1-2 of the French Monetary and Financial Code and Articles 222-1 et seq. of the General Regulation of the French Financial Markets Authority (Autorité des marchés financiers – AMF). 2 Specialized business lines include corporate banking, capital markets, private equity, asset management and private banking. 3 Change in outstandings calculated over twelve months. 4 Estimated at June 30, 2025, the inclusion of the result in shareholders’ equity is subject to the approval of the ECB.

    Attachment

    The MIL Network –

  • MIL-OSI Analysis: Starmer’s move on Palestinian statehood is clever politics

    Source: The Conversation – UK – By Brian Brivati, Visiting Professor of Contemporary History and Human Rights, Kingston University

    Keir Starmer has announced that the UK will recognise Palestinian statehood by September 2025 unless Israel meets certain conditions, marking a significant shift in UK policy.

    For decades, successive UK governments withheld recognition, insisting it could only come as part of a negotiated settlement between Israel and Palestine. This position, rooted in the Oslo accords of the 1990s and aligned with US policy, effectively gave Israel a veto over Palestinian statehood. As long as Israel refused to engage seriously in peace talks, the UK refrained from acting.

    Starmer has now broken with this precedent, potentially aligning the UK with 147 other countries. But the Israeli government must take what the UK calls “substantive steps” toward peace. These include agreeing to a ceasefire in Gaza, allowing full humanitarian access, explicitly rejecting any plans to annex West Bank territory, and returning to a credible peace process aimed at establishing a two-state solution.



    Read more:
    UK to recognise Palestinian statehood unless Israel agrees to ceasefire – here’s what that would mean

    If Israel meets these conditions, the UK would presumably withhold recognition until the “peace process” has been completed. Starmer made clear that Britain will assess Israeli compliance in September and reserves the right to proceed with recognition regardless of Israel’s response. The message was unambiguous: no one side will have a veto.

    This is more than just clever internal politics and party management. Anything that puts any pressure on Israel to move towards peace should be welcomed. But will it amount to much more than that?

    Starmer has faced criticism over the last few years for resisting recognising Palestine as a state. While Labour’s frontbench held the line for much of the past year, rank-and-file discontent has grown – and with it, the political risks.

    At the heart of Labour’s internal tensions lie two irreconcilable blocs. On one side are MPs and activists – both inside the party and expelled from it – who are vocally pro-Palestinian and have been outraged by the government’s failure to act. On the other side are members of the Labour right who continue to back Israel, oppose unilateral recognition of statehood and focus on the terrible crimes of Hamas but not the IDF campaign in Gaza.

    Between them sits a soft-centre majority, for whom foreign policy is not a defining issue. They are not ideologically committed to either side but have become increasingly uneasy with the escalating violence and the UK’s diplomatic inertia.

    As the humanitarian catastrophe in Gaza deepens, public outrage in the UK has grown. Mass protests have put mounting pressure on the government to act. Within parliament, over 200 MPs, including many from Labour, signed a letter demanding immediate recognition of Palestine. Senior cabinet ministers reportedly pushed hard for the shift on electoral grounds, as well as principle.

    International dynamics have also played a crucial role. France’s announcement that it would recognise Palestine by September, becoming the first major western power to do so, created additional pressure. Spain, Ireland, Norway and several other European states have already taken the step. Britain chose to align itself with this emerging consensus.

    These pressures combined created a sense of urgency and political opportunity. Starmer’s government appears to be using the threat of recognition as leverage –pressuring Israel to return to negotiations and halt annexation plans.

    The calculation seems to be that Israel will either meet the UK’s conditions or face diplomatic consequences, including recognition of Palestine without its consent. There is also the possibility that Israel will simply ignore the UK and press on with its campaign for “Greater Israel”.

    Challenges ahead

    That is why, while this is a meaningful departure from the past, it is not without problems. Chief among them is the principle of conditionality itself. By making recognition contingent on Israeli behaviour, the UK risks reinforcing the very logic it claims to be rejecting – that Palestinian rights can be granted or withheld based on the actions of the occupying power.

    Recognition of statehood should not be used as a diplomatic carrot or stick. It is a matter of justice, not reward. Palestinians are entitled to self-determination under international law.

    There is also concern that the September deadline could become another missed opportunity. If Israel makes vague or symbolic gestures – such as issuing carefully worded statements or temporarily suspending one settlement expansion – will the UK delay recognition further, claiming that “progress” is being made?

    Palestinians have seen such tactics before. Recognition has been delayed for decades in the name of preserving leverage. But leverage for what?

    The Israeli government, dominated by ultra-nationalists and pro-annexation hardliners, is unlikely to satisfy the UK’s conditions in good faith. The risk is that the deadline becomes a mirage – always imminent, never reached.

    Recognition also comes as part of a proposed new peace plan. This will be supported by the UK, France and Germany, and it allows the government to say it is being consist with its policy that recognition is part of a peace plan.

    If, by some miracle, pressure works and Israel meets all the conditions, then the UK can claim that recognition has played a role in bringing Israel back to the negotiating table.

    But if recognition is then withheld, there will not be two equal actors at that table. The State of Palestine will not have been recognised by key international players, and a new round of western-run peace processes will begin. These do not have a good track record.

    If Israel fails to agree to a ceasefire and let aid into Gaza, then Starmer will be forced to go through with recognition.

    For now, he has defused the internal division in his party. It is clever politics, good party management – it remains to be seen if it is also statesmanship.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    Brian Brivati is affiliated with Britain Palestine Project, a Scottish Charity that campaigns for equal rights, justice and security for Israelis and Palestiniains

    – ref. Starmer’s move on Palestinian statehood is clever politics – https://theconversation.com/starmers-move-on-palestinian-statehood-is-clever-politics-262239

    MIL OSI Analysis –

  • MIL-OSI Analysis: People smugglers adapt to attempts to shut them down – financial sanctions won’t stop the boats

    Source: The Conversation – UK – By David Suber, Departmental Lecturer in Criminology, University of Oxford

    In the latest attempt to crack down on irregular migration, the UK government has announced a raft of international sanctions against people smugglers. The sanctions will use asset freezes, travel bans and other financial restrictions to go after businesses and individuals thought to be facilitating smuggling operations.

    The government has committed to treating irregular migration as a national security threat, to be tackled with tools drawn from the counter-terrorism playbook. But, given the supply and demand forces that drive the smuggling industry, sanctions may not be effective.

    Smuggling is, essentially, a service industry. Opportunistic entrepreneurs charge migrants a fee to enable them to cross borders they wouldn’t otherwise be able to.

    These operations rely on wide networks: suppliers of dinghies and vehicles, informal money transfer brokers, local guides skilled at avoiding detection. While the routes and logistics vary across regions, empirical research consistently shows that smuggling is usually low-skill and fragmented. It’s rarely the domain of organised, mafia-style cartels.

    This regime of sanctions and asset freezes adds a new tactic to a familiar policy toolbox. Previous Conservative governments and EU countries have treated smuggling as a form of organised crime that can only be defeated through security responses. They’ve invested in surveillance, border walls and policing at home and internationally. Evidence suggests this approach is not only ineffective – it can backfire.

    Why sanctions may miss the target

    Smugglers and migrants alike operate in highly hostile environments. Evading detection and minimising risk is essential. This has made migrant smuggling particularly adaptable to criminal justice responses.

    Take money transfers between migrants and smugglers. Smuggling fees are often handled through the informal “hawala” money transfer system. A migrant deposits funds with a broker in the departure country, who holds the money and issues a code. Only once the migrant has safely arrived at their destination is the code released to a second broker, who then pays the smuggler. Debts between hawala brokers are settled when future operations move money in the opposite direction.

    Hawala money transfers are legal in most countries. But as no funds cross borders directly, this type of informal banking lends itself well to transactions that are anonymous and untraceable. The UK’s new sanctions target hawala brokers involved in handling payments between smugglers and their clients. But, in the same way that the structures of smuggling groups have evolved and adapted in response to police or border enforcement, so will their systems to move money safely.

    Follow the money: the new sanctions take aim at the business of smuggling.
    Andrzej Rostek/Shutterstock

    On heavily policed borders such as those in the Balkans, small-scale smugglers, often migrants themselves, have formed more coordinated groups bonded by ethnicity or language. Many of the groups listed in the UK sanctions, such as the Kazawi and Tatwani groups, have been on Interpol’s radar for years.

    Even when key figures are arrested, these groups have demonstrated the ability to disband and regroup on a different border. Sometimes they go quiet while developing new strategies, only to resurface in the same areas, driven by unchanged demand in smuggling services. Hawala brokers hit by the new sanction regime are likely to close and restart operations under different names.

    How effective can UK sanctions be if the targets and their assets are not in the UK, and if their operations can quickly shift across borders and names? Unless other countries follow suit and enforce similar measures, these sanctions may amount to little more than politically symbolic.

    Supply and demand

    So long as migration policy focuses almost exclusively on “smashing the gangs” and targeting the supply side of irregular migration, smugglers and other entrepreneurs involved in facilitating it are likely to reinvent themselves and find new, more precarious ways to circumvent border restrictions.

    Unless implemented internationally, UK sanctions will do little to change this. But international counter-smuggling responses are highly dependant on the specific circumstances faced by the states involved.

    In Italy, right and left-leaning governments have pursued an anti-mafia approach to smuggling for years, with limited results. Earlier this year, Italian authorities arrested suspected trafficker Osama Elmasry Njeem, following a warrant by the International Criminal Court on charges of murder, rape and torture.

    They then released him and repatriated him to Libya, sparking a row with the ICC. Although Italy has made deals with with the Libyan government in Tripoli to stop irregular migrant boats, it appears there were concerns that his arrest could strain relations with Libyan counterparts and trigger a surge in boat arrivals from North Africa. This situation highlights the challenges that can arise with such tactics.

    The idea that cracking down on smugglers, through sanctions or criminal justice responses, will deter people from seeking their services is not supported by evidence. If anything, it increases the risks migrants must take, making journeys more dangerous but no less likely. Migration flows to Europe rise and fall in patterns driven far more by global instability and lack of legal alternatives than by changes in law enforcement.

    Including smugglers in a sanctions regime may create headlines, but it misses the bigger point: people smuggling exists because people need to move. It is a demand-led phenomenon, and it is the demand side – why people turn to smugglers in the first place – that remains largely unaddressed.

    To reduce the power and appeal of smugglers, governments need to open safe, legal pathways for migration. This would reduce reliance on illicit networks, protect vulnerable people and restore order to a system that is politically defined by routine crises.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    David Suber received funding from the UK’s Economic and Social Research Council for his PhD in 2020-2024.

    – ref. People smugglers adapt to attempts to shut them down – financial sanctions won’t stop the boats – https://theconversation.com/people-smugglers-adapt-to-attempts-to-shut-them-down-financial-sanctions-wont-stop-the-boats-261864

    MIL OSI Analysis –

  • MIL-OSI Analysis: How the UK’s cold weather payments need to change to help prevent people freezing in winter

    Source: The Conversation – UK – By Thomas Longden, Senior Researcher, Urban Transformations Research Centre, Western Sydney University

    DimaBerlin/Shutterstock

    The UK government recently expanded the warm home discount by removing restrictions that had previously excluded many people who can’t always afford to heat their homes. Now, the payment of £150 will be received by 2.7 million more households than last winter.

    The UK government has also reversed its decision to limit winter fuel payments to only the poorest pensioners. This could benefit up to 9 million people.

    The UK government has two other mechanisms for reducing heating costs over winter. The warm home discount and winter fuel payment are both one-off payments that help people pay their heating bills. The cold weather payment aims to support people during spells of very cold weather.

    Recipients of specific means-tested benefits in England, Wales and Northern Ireland automatically receive £25 after cold weather occurs in their region. Another policy applies in Scotland, where some people get a single winter heating payment.

    While these changes to the winter fuel payment and warm home discount are welcome, the cold weather payment has long been seen as an outdated, old-fashioned scheme in need of change. For example, it is paid after cold weather happens. Our research indicates that it can be improved by changing this.

    The wide use of smart meters means that researchers like us can now produce data-driven studies that improve our understanding of energy use and expenditure during cold weather. Our recent studies of prepayment meter customers’ energy use indicate ways to improve the cold weather payments.

    Analysis of electricity and gas smart-meter data from 11,500 Utilita Energy prepayment customers showed that 63% of households self-disconnected from energy supply at least once a year. In this study, published in Energy Research & Social Science, we found that more homes self-disconnected from gas during cold periods than at other times. There was no evidence to show that the cold weather payment as presently designed reduced this risk.

    Also using smart meter data from energy company Utilita Energy, a recent study published in the journal Energy Economics shows that prepayment gas customers in regions with high fuel poverty tend to struggle at temperatures below −4°C. Below this temperature, prepayment gas customers need to top up more often and with higher amounts. People using prepayment tend to top-up their credit in advance of cold weather.

    Cold weather payments could be sent directly to customers with smart meters.
    Daisy Daisy/Shutterstock

    In colder weather, more people use emergency credit and disconnect from power more often. Emergency credit is provided by the utility as a short-term loan. Self-disconnections occur when the household has no credit left and they have no energy supply.

    The government’s payment is triggered when the average temperature falls below 0°C for seven consecutive days. As this metric is not reported by news media or meteorology services, it’s hard to know when the cold weather payment will be received. The easiest way to find out if a payment will be made, after cold weather, requires people to enter their postcode at a Department for Work and Pensions website.

    If people are unsure if severe weather is forecast, they may not increase their top-up in advance. They may, however, self-ration or limit energy use to save money.

    The cold weather payment is only paid once even when there are multiple periods of cold. This “overlap penalty” severely affects those living in northern England and particularly Yorkshire, which is a colder region where cold weather spells are more common.

    Cause for reform

    The payment should be made in advance of cold weather, and utility companies could pay it directly to customers who have smart meters. Credits could be applied for those using other types of meters. This is likely to reduce self-disconnections and self-rationing during very cold nights.

    Payments should be triggered by the minimum night-time temperature. The temperature measure used at present is confusing and the money is not paid until up to two weeks after extremely cold weather, which is problematic for those on tight budgets.

    To better match the support needed during cold weather, the amount paid should be increased to £10 a day for every day that minimum temperatures are forecast to be below −4°C. This would improve energy security for people in England, Wales and Northern Ireland.

    A policy will only be effective when it is clearly communicated and understood by those it applies to. To prevent self-rationing, people need to know that payment support has arrived, otherwise they may hesitate to turn up the heating on the coldest days of winter, with all the risks that involves.

    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 45,000+ readers who’ve subscribed so far.

    Thomas Longden has recently received funding from Energy Consumers Australia and Original Power – a community-focused, Aboriginal organisation. He is a member of the ACT Climate Change Council and the NSW branch of the Economic Society of Australia.

    Brenda Boardman is affiliated in the UK with the End Fuel Poverty Coalition and the Labour Party. Her research on pre-payment meter households was co-funded by Utilita Giving.

    Tina Fawcett currently receives funding from UKRI. Her research on pre-payment meter households was co-funded by Utilita Giving.

    – ref. How the UK’s cold weather payments need to change to help prevent people freezing in winter – https://theconversation.com/how-the-uks-cold-weather-payments-need-to-change-to-help-prevent-people-freezing-in-winter-259339

    MIL OSI Analysis –

  • MIL-OSI Canada: New York Call – Joint statement of the Ministers of Foreign Affairs

    Source: Government of Canada News

    July 30, 2025 – Ottawa, Ontario – Global Affairs Canada

    The Foreign Ministers of Andorra, Australia, Canada, Finland, France, Iceland, Ireland, Luxembourg, Malta, New Zealand, Norway, Portugal, San Marino, Slovenia and Spain, issued the following statement:

    “We, Ministers of Foreign Affairs of Andorra, Australia, Canada, Finland, France, Iceland, Ireland, Luxembourg, Malta, New Zealand, Norway, Portugal, San Marino, Slovenia and Spain, condemn the heinous and antisemitic terrorist attack of October 7th, 2023;

    “Demand an immediate ceasefire, the immediate and unconditional release of all hostages of Hamas, including the remains, as well as ensuring unhindered humanitarian access;

    “Reiterate our unwavering commitment to the vision of the two-State solution where two democratic States, Israel and Palestine, live side by side in peace within secure and recognized borders, consistent with international law and relevant UN resolutions, and in this regard stress the importance of unifying the Gaza Strip with the West Bank under the Palestinian Authority;

    “Express grave concern over the high number of civilian casualties and humanitarian situation in Gaza and emphasize the essential role of the United Nations and its agencies in facilitating humanitarian assistance;

    Welcome the commitments made by the President of the Palestinian Authority on June 10th where he (i) condemns the October 7th terrorist attacks (ii) calls for the liberation of hostages and disarmament of Hamas (iii) commits to terminate the prisoner payment system (iv) commits to schooling reform, (v) commits to call for elections within a year to trigger generational renewal and (vi) accepts the principle of a demilitarized Palestinian State;

    “Ahead of the meeting of the Heads of State and Government that will take place during the high-level week of the 80th session of the United Nations General Assembly (UNGA 80) in September 2025, we, Ministers of Foreign Affairs of Andorra, Australia, Canada, Finland, France, Iceland, Ireland, Luxembourg, Malta, New Zealand, Norway, Portugal, San Marino, Slovenia and Spain, have already recognized, have expressed or express the willingness or the positive consideration of our countries to recognize the State of Palestine, as an essential step towards the two-State solution, and invite all countries that have not done so to join this call;

    “Urge countries who have not done so yet to establish normal relations with Israel, and to express their willingness to enter into discussions on the regional integration of the State of Israel;

    “Express our determination to work on an architecture for the ‘day after’ in Gaza which guarantees the reconstruction of Gaza, the disarmament of Hamas and its exclusion from the Palestinian governance.”

    MIL OSI Canada News –