Category: Technology

  • MIL-OSI Security: CISA Announces Release of Thorium for Malware Analysis

    Source: US Department of Homeland Security

    WASHINGTON –Today, the Cybersecurity and Infrastructure Security Agency (CISA), in partnership with Sandia National Laboratories, released Thorium, an automated, scalable malware and forensic analysis platform that can integrate commercial, custom and open-source analysis tools and enable cyber defenders to quickly assess malware threats and index forensic analysis results into a unified platform.  

    Advanced persistent threats using malware continue to increase in volume and complexity. The analysis of malware and forensics must be done accurately and quickly to enable organizations to defend their networks. However, malware analysts across government, public and private sectors are challenged with vast amounts of malware and managing a long list of malware analysis tools with specific capabilities and not enough time & resources to effectively analyze the threat.  

    Thorium allows cyber defenders to integrate their preferred tools into a single platform that orchestrates customized & automated analysis workflows at scale, analyze large amounts of malware quickly, and to add & remove tools quickly as malware threats evolve. Thorium is configured to ingest over 10 million files per hour per permission group and schedule over 1,700 jobs per second, while maintaining a fast results query.  

    “The Thorium framework underscores CISA’s focus and commitment to provide valuable services and resources at scale that help government and critical infrastructure protect against cyber threats and strengthen their cybersecurity. By publicly sharing this platform, we empower the broader cybersecurity community to orchestrate the use of advanced tools for malware and forensic analysis,” said CISA Associate Director for Threat Hunting Jermaine Roebuck. “With our partners at Sandia National Laboratories, we are enabling analysts nationwide to contribute insights and benefit from shared knowledge. Scalable analysis of binaries as well as other digital artifacts further enables cybersecurity analysts to understand and address vulnerabilities in benign software.” 

    Cybersecurity teams with frequent file analysis workflows can use Thorium to:  

    • Integrate command-line tools as docker images (free and open-source software, commercial off-the-shelf, custom, etc.). With additional configuration, integrate virtual machine and bare-metal tools.
    • Filter tool results using tags and full-text search.
    • Control how submissions, tools, and results are accessible by using strict group-based permissions.
    • Scale with hardware using the power of Kubernetes and ScyllaDB to meet workload requirements.
    • Import and export tools for ease of sharing across cyber defense teams.    

    For more information and installation instructions, visit Thorium on CISA.gov. For more cybersecurity services offered by CISA, visit Free Cybersecurity Services & Tools.

    ###

    About CISA 

    As the nation’s cyber defense agency and national coordinator for critical infrastructure security, the Cybersecurity and Infrastructure Security Agency leads the national effort to understand, manage, and reduce risk to the digital and physical infrastructure Americans rely on every hour of every day.

    Visit CISA.gov for more information and follow us on XFacebookLinkedIn, Instagram.

    MIL Security OSI

  • MIL-OSI: Coface SA: Coface confirms its good start to the year and continues its strategic investments. Annualised return on tangible equity at 12.6%

    Source: GlobeNewswire (MIL-OSI)

    Coface confirms its good start to the year and continues its strategic investments. Annualised return on tangible equity at 12.6%

    Paris, 31 July 2025 – 5.35 p.m.

    • Turnover: €937m, up +2.3% at constant FX and perimeter
      • Trade Credit Insurance revenue up +1.7%; client activity up +1.8%
      • Client retention back up at near-record (94.0% vs. 92.8% in H1-24); pricing remained negative
        (-1.6%), in line with historical trends
      • Business Information growing again double-digit (+14.7% at constant FX); Debt Collection up +35.0%; Factoring down slightly by -1.5% due to lower interest rates
    • Net loss ratio at 40.1%, up 5.1 ppts; net combined ratio at 71.3%, up 7.9 ppts
      • Gross loss ratio at 37.8%, up 5.3 ppts year-on-year but improving slightly in Q2-25 relative to the previous quarter, showing good risk control
      • Net cost ratio up 2.8 ppts at 31.2%, reflecting past inflation as well as continued investments
    • Coface continues to strengthen its credit insurance business and is rolling out its data strategy:
      • Strengthening governance with the appointment of Joerg Diewald as Director of Information Services and Partnerships and Thibault Surer as head of a new technology division focused on data, connectivity and product innovation
      • Creation of a new Lloyd’s syndicate allowing Coface to offer AA solutions to its clients
      • Acquisition of Cedar Rose and Novertur International
    • Net income (Group share) at €124.2m, down 12.7% compared with the record set in H1-24. Annualised RoATE1at 12.6%
    • Estimated solvency ratio of 195%2, above the target range (155% – 175%)

    Unless otherwise indicated, changes are expressed by comparison with the results as at 30 June 2024.

    Commenting, Xavier Durand, CEO of Coface, said:
    Coface generated net income of €62m in Q2-25, down from a record Q2-24. The number of bankruptcies worldwide has continued to rise steadily and is now well above pre-COVID levels. Through constant vigilance and flawless execution, we have contained the increase in the loss experience, with the uncertainties created by the increase in tariffs in the United States having probably yet to fully materialise.
    However, our revenues are growing, both in credit insurance and services. This growth is being driven by our investments, which have brought new business to a record level in insurance and services.
    These deliberate investments strengthen our distribution capabilities, the range of products and services available to our clients, and our risk analysis tools. Since the beginning of the year, we have made two acquisitions in information services, Cedar Rose and Novertur. We have also announced the launch of a Lloyd’s syndicate to offer AA solutions to some of our clients.
    Lastly, our solvency ratio remains high, at 195%.”  

    Key figures at 30 June 2025

    The Board of Directors of COFACE SA examined the consolidated financial statements at 30 June 2025 at its meeting of 31 July 2025. These statements were also previously reviewed by the Audit Committee at its meeting of 30 July 2025. These interim consolidated financial statements have been subject to limited review by the Statutory Auditors. The limited review report is being issued.

    Income statement items in €m H1-24 H1-25 Variation % ex FX*
    Insurance revenue 754.3 760.0 +0.8% +1.7%
    Other revenues 168.5 176.6 +4.9% +4.8%
    REVENUE 922.7 936.6 +1.5% +2.3%
    UNDERWRITING INCOME (LOSS) NET OF REINSURANCE 195.0 153.6 (21.2)% (20.3)%
    Investment income, net of management expenses,excluding finance costs 40.8 26.3 (35.4)% (36.0)%
    Insurance finance expenses (18.1) 6.7 (137.1)% (130.8)%
    CURRENT OPERATING INCOME 217.7 186.6 (14.3)% (14.1)%
    Other operating income and expenses (0.5) (0.6) +21.8% +12.2%
    OPERATING INCOME 217.2 186.0 (14.4)% (14.2)%
    NET INCOME (GROUP SHARE) 142.3 124.2 (12.7)% (12.7)%
             
    Key ratios H1-24 H1-25 Variation
    Loss ratio after reinsurance 35.0% 40.1% 5.1 ppts
    Cost ratio after reinsurance 28.4% 31.2% 2.8 ppts
    COMBINED RATIO AFTER REINSURANCE 63.4% 71.3% 7.9 ppts
             
    Balance sheet items in €m 2024 H1-25 Variation
    Total equity (Group share) 2,193.6 2,098,0 (4.4)%
      H1-24 H1-25    
    Solvency ratio 195%1 195%1 0 ppt

    * Excluding scope effect.
    1This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.

    1.   Revenue

    Coface posted consolidated turnover of €937m in the first half of 2025, up +2.3% at constant FX and perimeter compared with H1-24. On a reported basis (at current FX and perimeter), turnover was up +1.5%.

    Revenues from insurance activities (including Bonding and Single Risk) increased +1.7% at constant FX and perimeter, benefiting from a slight increase in client activity and the return to a record retention level at 94.0%. New business reached €76m, the highest since H1-20, driven by an increase in demand and benefiting from growth investments made by Coface.

    Growth in client activity had a positive impact of +1.8% in H1-25 against a backdrop of extreme political uncertainty, particularly in terms of tariffs, and modest economic growth. The price effect remained negative at -1.6% in H1-25, in line with long-term trends. This decrease is largely explained by a very low past loss experience, offset by today’s return to normal.

    Turnover from non-insurance activities was up +8.2% compared with H1-24. Factoring turnover fell -1.5% in H1-25 and -2.2% in Q2 25 on lower interest rates and weak client activity in Germany and Poland. Information services turnover continued to post double-digit growth, at +14.7%. Debt Collection commissions increased, from a still modest base, by +35% due to the increase in claims to be collected. Fee and commission were up +2.3%.

    Total revenue in €m
    (by invoicing region)
    H1-24 H1-25 Variation % ex FX3
    Northern Europe 185.0 185.2 +0.1% +0.1%
    Western Europe 187.6 191.6 +2.1% +1.0%
    Central and Eastern Europe 87.0 83.9 (3.5)% (3.8)%
    Mediterranean & Africa 276.0 280.2 +1.5% +3.0%
    North America 88.7 87.7 (1.2)% +2.0%
    Latin America 38.2 41.5 +8.6% +17.5%
    Asia-Pacific 60.2 66.5 +10.5% +9.5%
    Total Group 922.7 936.6 +1.5% +2.3%

    In the Northern Europe region, turnover was up +0.1% at constant and current FX. The credit insurance business benefited from robust new business and a high retention rate. Factoring turnover was down -1.6%.

    In Western Europe, turnover rose +1.0% at constant FX (2.1% at current FX) on solid sales performances in services (+27%) and credit insurance, offsetting the loss of a contract with a financial institution.

    In Central and Eastern Europe, turnover was down -3.8% at constant FX (-3.5% at current FX) but improved significantly compared with the previous quarter (-6.9%). Credit insurance was negatively impacted by a non-recurring effect recorded in 2024, as well as the transfer of a major contract to the Asia-Pacific region.

    In the Mediterranean & Africa region, which is driven by Italy and Spain, turnover increased +3.0% at constant FX and +1.5% at current FX, the result of a high retention rate and a more dynamic economy overall.

    In North America, turnover rose +2.0% at constant FX (-1.2% on a reported basis). The region is benefiting from an improvement in new business. Reported figures have been adversely affected by the sharp fall in the US dollar since the beginning of the year.

    In Latin America, turnover was up +17.5% at constant FX and +8.6% at current FX. The region is benefiting from the persistently high level of local inflation, which is benefiting client activity.

    Turnover in the Asia-Pacific region was up +9.5% at constant FX and +10.5% at current FX, driven by a high retention rate, a rebound in client activity, and the transfer of a client from another region.

    2.   Result

    • Combined ratio

    The combined ratio after reinsurance stood at 71.3% in H1-25 (up 7.9 ppts year on year) and 74.0% in Q2-25, reaching a level close to the cycle average.

    (i)  Loss ratio

    The gross loss ratio stood at 37.8%, up 5.3 ppts year-on-year. This increase reflects the return to normal of the loss experience, offset by the reserve releases, which remain at a high level. The number of mid-sized claims increased but remains below long-term trends.

    The Group’s reserving policy remained unchanged. The amount of provisions related to the underwriting year, although discounted, remained in line with the historical average. The rigorous management of past claims enabled the Group to record 41.0 ppts of recoveries.

    The net loss ratio increased to 40.1%, up 5.1 ppts compared with H1-24, but close to the level reached in H1-23 (40.3%), in today’s more difficult economic environment.

    (ii)  Cost ratio

    Coface is pursuing its strict cost management policy while maintaining its investments, in accordance with the Power the Core strategic plan. Costs were up +7.0% in H1-25 at constant FX and perimeter and +6.3% at current FX.

    The cost ratio before reinsurance stood at 34.6% in H1-25, up 2.0 ppts year on year. This increase mainly resulted from cost inflation (0.6 ppt) as well as continued investments (2.3 ppts). Conversely, the improved product mix (information services, debt collection and fee and commission income) had a positive effect of -0.9 ppt. The trend in reinsurance commissions explains the remainder of the variation.

    • Financial income

    Income from financial investments was +€26.3m in the first half of the year. The total includes an FX effect of -€17.0m on financial assets, owing to the sharp fall in the dollar against the euro, as well as a negative impact of the application of IAS 29 (hyperinflation) in Turkey of -€6.7m.

    The portfolio’s current income (i.e. excluding capital gains, depreciation and FX) was €52.1m. The accounting yield4, excluding capital gains and fair value effect, was 1.6% in H1-25. The yield on new investments was 3.7%.

    Insurance finance expenses (IFE) were positive at €6.7m in H1-25. They include a significant FX gain (+€23.1m) on technical liabilities, which reflects the expense recorded on assets and partially on net loss.

    • Operating income and net income

    Operating income totalled €186.0m in H1-25, down 14.4%, approaching the level reached in H1-23.

    The effective tax rate in H1-25 was 25% (vs. 27% in H1-24).

    Overall, net income (Group share) was €124.2m, down 12.7% compared with H1-24, slightly below the result in H1-23 (€128.8m) in a more difficult economic environment.

    3.   Shareholders’ equity

    At 30 June 2025, Group shareholders’ equity was €2,098.0m, down €95.6m or -4.4% (€2,193.6m at 31 December 2024).

    The change is mainly due to positive net income of €124.2m, the dividend payment of -€209m, and the increase in unrealised capital gains (€21.9m).

    The annualised return on average tangible equity (RoATE) was 12.6% at 30 June 2025, down compared with the previous year, in line with the decline in net income.

    The solvency ratio stood at 195%5, stable compared with H1-24. It remains well above the Group’s target range (155%-175%).

    4.   Outlook

    The second quarter of 2025 was marked by the continued increase in tariffs announced by the United States. The US administration’s announcements of sharp increases alternated with deferments of varying duration and the signing of a few bilateral agreements. As things stand today, tariffs on imports from Europe should reach 15%.

    Some tariffs (automotive, metals) have already come into force and have had direct negative consequences on the trade flows of the goods concerned. Conversely, announcements of deferred tariffs triggered advance purchases, bolstering economic activity. Lastly, extreme uncertainty as to the final outcome of the tariff issue have led to a postponement of investments as well as the redirection of Chinese exports, particularly towards markets deemed more stable.

    This highly uncertain environment is impacting global trade and the health of companies in markedly different ways. During the second quarter, Coface downgraded the ratings of 23 sectors and 4 countries. Persistent inflationary pressures are preventing central banks from cutting rates for now. Demand is being supported solely by the maintenance of high public deficits and the continuation of an extremely strong investment cycle to foster the development of AI technology.

    Business failures have increased in 80% of advanced economies and are now at a decade high, 20% to 25% higher than in 2019.

    Coface’s expertise in risk management and services (information services, debt collection) is more relevant than ever in this context of rapid change. The company is resolutely pursuing its investments while they weigh on the cost ratio in the short term. Since the beginning of the year, Coface has announced two acquisitions (Cedar Rose and Novertur) as well as the creation of a Lloyd’s syndicate and a technology division.

    Conference call for financial analysts

    Coface’s H1-2025 results will be discussed with financial analysts during the conference call that will take place on Thursday 31 July at 6.00 p.m. (Paris time). It will be accessible:

    The presentation will be available (in English only) at the following address:
    http://www.coface.com/fr/Investisseurs/Résultats-et-rapports-financiers

    Appendices

    Quarterly results

    Income statement items in €m
    Quarterly figures
    Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25   % % ex. FX*
    Insurance revenue 378.6 375.6 375.9 382.7 382.9 377.1   +0.4% +2.3%
    Other revenues 85.0 83.4 78.0 85.5 90.3 86.3   +3.5% +4.2%
    REVENUE 463.7 459.1 453.8 468.3 473.2 463.4   +0.9% +2.6%
    UNDERWRITING INCOME (LOSS)
    AFTER REINSURANCE
    100.3 94.7 88.8 84.9 85.4 68.2   (27.9)% (25.5)%
    Investment income, net of management expenses, excluding finance costs 17.9 22.8 19.0 31.9 10.4 15.9   (30.3)% (29.5)%
    Insurance finance expenses (11.4) (6.7) (7.3) (17.1) (4.1) 10.8   (262.8)% (249.1)%
    CURRENT OPERATING INCOME 106.8 110.9 100.5 99.7 91.6 95.0   (14.3)% (12.9)%
    Other operating income and expenses (0.1) (0.5) (2.6) (5.5) (0.4) (0.3)   (43.9)% (48.0)%
    OPERATING INCOME 106.8 110.4 97.9 94.2 91.2 94.7   (14.2)% (12.7)%
    NET INCOME (GROUP SHARE) 68.4 73.8 65.4 53.4 62.1 62.1   (15.9)% (14.7)%
    Income tax rate 27.2% 26.8% 25.5% 36.2% 23.0% 26.3%   (0,5) ppt

    Cumulated results

    Income statement items in €m
    Cumulated figures
    Q1-24 H1-24 9M-24 FY-24 Q1-25 H1-25   % % ex. FX*  
    Insurance revenue 378.6 754.3 1,130.2 1,512.9 382.9 760.0   +0.8% +1.7%  
    Other revenues 85.0 168.5 246.4 331.9 90.3 176.6   +4.9% +4.8%  
    TURNOVER 463.7 922.7 1,376.6 1,844.8 473.2 936.6   +1.5% +2.3%  
    UNDERWRITING INCOME (LOSS)
    AFTER REINSURANCE
    100.3 195.0 283.8 368.7 85.4 153.6   (21.2)% (20.3)%  
    Investment income, net of management expenses, excluding finance costs 17.9 40.8 59.8 91.7 10.4 26.3   (35.4)% (36.0)%  
    Insurance finance expenses (11.4) (18.1) (25.4) (42.5) (4.1) 6.7   (137.1)% (130.8)%  
    CURRENT OPERATING INCOME 106.8 217.7 318.2 417.9 91.6 186.6   (14.3)% (14.1)%  
    Other operating income and expenses (0.1) (0.5) (3.1) (8.6) (0.4) (0.6)   +21.8% +12.2%  
    OPERATING INCOME 106.8 217.2 315.1 409.2 91.2 186.0   (14.4)% (14.2)%  
    NET INCOME (GROUP SHARE) 68.4 142.3 207.7 261.1 62.1 124.2   (12.7)% (12.7)%  
    Income tax rate 27.2% 27.0% 26.5% 28.7% 23.0% 24.7%   (2,3) ppt

    * Excluding scope effect.

    CONTACTS

    INVESTOR/ANALYST RELATIONS
    Thomas Jacquet: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina Andriamiadantsoa: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    MEDIA RELATIONS
    Saphia Gaouaoui: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Adrien Billet: +33 1 49 02 23 63 – adrien.billet@coface.com

    FINANCIAL CALENDAR 2025
    (subject to change)
    9M-2025 results: 3 November 2025, after market close

    FINANCIAL INFORMATION
    This press release, as well as all of COFACE SA’s regulated information, can be found on the Group’s website: https://www.coface.com/investors

    For regulated information on Alternative Performance Indicators (APMs), please refer to our Interim Financial Report for H1-2025 and our 2024 Universal Registration Document (see 3.7 “Key financial performance indicators”).

      Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
    You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    As a global leading player in trade credit risk management for almost 80 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
    Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
    Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
    In 2024, Coface employed +5,200 people and recorded a turnover of ~€1.845 billion.

    www.coface.com

    COFACE SA is listed on Compartment A of Euronext Paris
    ISIN: FR0010667147 / Ticker: COFA

    DISCLAIMER – Certain statements in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and they may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these statements. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2024 Universal Registration Document filed with AMF on 3 April 2025 under the number D.25-0227 to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts or to provide new information on future events or any other circumstance.


    1 RoATE = Return on average tangible equity.
    2 This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.
    3 Excluding scope effect.
    4 Book yield calculated on the average of the investment portfolio excluding non-consolidated investments.
    5 This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.

    Attachment

    The MIL Network

  • MIL-OSI: Coface SA: 2025 half-year financial report available

    Source: GlobeNewswire (MIL-OSI)

    2025 half-year financial report available

    Paris, 31 July 2025 – 17.35

    Coface announces today that its half-year financial report for 2025 is now available and was filed with the French financial market authority (Autorité des marchés financiers – AMF).

    This report is also on Coface website in “Investor Relations” section (Investor Resources – Coface Group Financial Reports | Coface).

    Copies are available, free of charge and on request by writing to the Company at 1 place Costes et Bellonte, 92270 Bois-Colombes, France.

    The present press release and the full regulated information concerning COFACE SA are available on the Group’s website Financial press releases & Publication announcements | Coface.

    CONTACTS

    ANALYSTS / INVESTORS
    Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    MEDIA RELATIONS
    Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Adrien BILLET: +33 1 49 02 23 63 – adrien.billet@coface.com

    FINANCIAL CALENDAR 2025
    (subject to change)
    9M-2025 results: 3 November 2025 (after market close)

    FINANCIAL INFORMATION
    This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

    For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2025 and our 2024 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

      Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
    You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    As a global leading player in trade credit risk management for almost 80 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
    Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
    Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
    In 2024, Coface employed +5,200 people and recorded a turnover of ~€1.845 billion.

    www.coface.com

    COFACE SA is listed in Compartment A of Euronext Paris
    ISIN: FR0010667147 / Ticker: COFA

    DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2024 Universal Registration Document filed with AMF on 5 April 2025 under the number D.25-0227 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.

    Attachment

    The MIL Network

  • MIL-OSI: Euronext publishes Q2 2025 results

    Source: GlobeNewswire (MIL-OSI)

    Euronext publishes Q2 2025 results

    Euronext’s diversified business drives all-time record results, supported by organic growth, favourable market conditions and disciplined capital allocation.

    Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 31 July 2025 – Euronext, the leading European capital market infrastructure, today publishes its results for the second quarter of 2025.

    • Q2 2025 revenue and income was up +12.8% to €465.8 million:

    Non-volume-related revenue and income represented 58% of total revenue and income and covered 161% of underlying operating expenses, excluding D&A1:

    • Securities Services revenues grew to €86.2 million (+6.5%), driven by increasing assets under custody, higher settlement activity and double-digit growth in value-added services;
    • Capital Markets and Data Solutions revenue grew to €165.4 million (+12.0%), driven by the continued commercial expansion of Advanced Data Solutions and the strong performance of Euronext Corporate and Investor Solutions and Technology Services, supported by the acquisition of Admincontrol. Like-for-like at constant currencies, revenue grew by +6.5%;
    • Net treasury income grew to €20.0 million (+45.1%), demonstrating the benefits of the Euronext Clearing expansion, high volatility and the internalisation of net treasury income from LCH SA following the derivatives clearing migration in Q3 2024.

    Volume-related revenue was driven by high market volatility in the second quarter:

    • FICC2Markets revenue grew to €87.7 million (+20.1%), driven by another record performance in fixed income trading and clearing and in FX trading;
    • Equity Markets revenue grew to €106.2 million (+9.5%), reflecting a strong quarter in cash equity trading and clearing further boosted by high volatility in the first part of the quarter.
    • Underlying operating expenses excluding D&A were at €168.4 million (+7.9%), in line with Euronext’s 2025 underlying costs guidance. This reflects a step-up in growth investments and the impact of acquisitions, partially offset by a strong cost discipline. Euronext’s underlying operating expense guidance excluding D&A of €670 million excludes Admincontrol, acquired on 13 May 2025.
    • Adjusted EBITDA was €297.3 million (+15.8%) and adjusted EBITDA margin was 63.8% (+1.6pt).
    • Adjusted net income was €204.4 million (+23.8%) and adjusted EPS was €2.02 (+27.0%), supported by received dividends .
    • Reported net income was €183.8 million (+29.7%) and reported EPS was €1.81 (+32.1%).
    • Net debt to adjusted EBITDA3was at 1.8x at the end of June 2025, in line with Euronext’s target range. This ratio reflects the impact of the acquisition of Admincontrol on 13 May 2025 and the dividend payment in May 2025.

    Key figures for the second quarter of 2025:

    in €m, unless stated otherwise Q2 2025 Q2 2024 % var % var l-f-l
    Revenue and income 465.8 412.9 +12.8% +10.5%
    Underlying operational expenses exc. D&A                         (168.4) (156.1) +7.9% +3.9%
    Adjusted EBITDA 297.3 256.8 +15.8% +14.4%
    Underlying EBITDA margin 63.8% 62.2% +1.6pts +2.2pts
    Net income4                          183.8 141.7 +29.7%  
    Adjusted net income4                         204.4 165.2 +23.8%  
    Adjusted EPS (basic, in €) 2.02 1.59 +27.0%  
    Reported EPS (basic, in €) 1.81 1.37 +32.1%  
    • Progress with the delivery of ‘Innovate for Growth 2027’:
      • Euronext has strengthened its development in the Nordics and in the UK with the acquisition of Admincontrol on 13 May 2025. This transaction improves the share of subscription-based revenue and is in line with its ambition to scale up the SaaS offering.
      • Euronext is expanding its footprint in the Nordics and in the power business with the acquisition of Nasdaq Nordic’s power futures business. The final regulatory approval for the acquisition has been granted. Euronext and Nasdaq are now focusing on the upcoming migration of open interest from Nasdaq Clearing to Euronext Clearing in Q1 2026.
      • Euronext partnerships with Euroclear5 and Clearstream6 on tri-party collateral management support the broader expansion of its repo clearing services across Europe. In July 2025, Euronext launched the first phase of a multi-year strategy7 to deliver a fully integrated, pan-European clearing model.
      • On 31 July 2025, Euronext announced the submission of a voluntary share exchange offer to acquire all shares of HELLENIC EXCHANGES-ATHEX STOCK EXCHANGE S.A. (“ATHEX”), in exchange for newly issued Euronext shares, at a fixed conversion rate of 20.000 ATHEX ordinary shares for each new Euronext share8,9. Based on Euronext’s closing price of €142.7 as of 30 July 2025, the proposed Offer values ATHEX at €7.14 per share and the entire issued and to be issued ordinary share capital of ATHEX at approximately €412.8 million on a fully diluted basis. The Board of Directors of ATHEX is unanimously supportive of the Offer to ATHEX shareholders and entered into a cooperation agreement with Euronext.

    Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:
    “In the second quarter of 2025, Euronext achieved all-time record revenue and income of €465.8 million, driven by organic growth and acquisitions. This is the fifth consecutive quarter of double-digit topline growth. The strong performance reflects the strength of Euronext’s diversified business model, capable of capturing favourable market conditions and of generating non-volume-related revenue growth.

    We have continued to invest in growth, while we maintained a strong cost discipline. Euronext reached an adjusted EBITDA close to €300 million in Q2 2025, marking a significant +15.8% increase compared to Q2 2024. In Q2 2025, we reached record adjusted EPS of €2.02 per share. Our reported EPS grew by +32.1% compared to Q2 2024, to €1.81 per share.

    We continue to foster the integration and competitiveness of European capital markets via strategic initiatives. With a strong footprint in Italian repo, a growing list of government bond coverage, and the majority of key clearing members already connected, Euronext is well positioned to become the clearing house of choice for European repo.

    Europe shows an unprecedented commitment to establish a Savings and Investments Union, and Euronext is a key player in Europe to accelerate the delivery of this ambition. Since the beginning of the year, Euronext has continued to deploy capital to expand across Europe. We have expanded our presence in the Nordics with the acquisition of Admincontrol and will further strengthen our position with the migration of Nasdaq Nordic’s power futures to Euronext Clearing in Q1 2026.

    The contemplated acquisition of ATHEX would expand our integrated model across Europe to deliver the Savings and Investments Union. We are strongly committed to boosting the development and attractivity of Greek markets internationally and generating efficiencies and competitiveness across the Group.”

    Q2 2025 business highlights

    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue and income 465.8 412.9 +12.8% +10.5%
    Securities Services 86.2 80.9 +6.5% +3.9%
    Capital Markets and Data Solutions                           165.4 147.7 +12.0% +6.5%
    FICC Markets 87.7 73.0 +20.1% +20.9%
    Equity Markets 106.2 97.0 +9.5% +9.5%
    Net treasury income 20.0 13.8 +45.1% +45.1%
    Other income 0.3 0.4 -30.4% -31.1%
    • Non-volume-related revenue
      • Securities Services
    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue 86.2 80.9 +6.5% +3.9%
    Custody & Settlement 77.5 70.0 +10.8% +7.8%
    Other Post Trade 8.6 10.9 -21.1% -21.1%

    Revenue from Custody and Settlement in Q2 2025 was at €77.5 million, +10.8% compared to Q2 2024. This strong performance was driven by growing Assets under Custody, dynamic settlement instructions and continued double-digit growth in services, supported by the acquisition of Acupay. At the end of the quarter, Assets under Custody amounted to €7.34 trillion, up +4.5% compared to end of Q2 2024. Over 36.9 million instructions were settled via Euronext Securities during the second quarter of 2025, up +15.0% compared to the second quarter of 2024.

    Other Post Trade revenue, which includes membership fees and other non-volume-related clearing fees, was €8.6 million in Q2 2025. The -21.1% decrease compared to Q2 2024 stems from the internalisation of the net treasury income related to Euronext derivatives flows in September 2024, which are now integrated in the net treasury income line.

    • Capital Markets and Data Solutions
    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue 165.4 147.7 +12.0% +6.5%
    Primary Markets 46.5 45.5 +2.3% +2.5%
    Advanced Data Solutions 65.2 60.6 +7.5% +4.6%
    Corporate and Investor Solutions and Technology Services                             53.7 41.5 +29.2% +13.5%

    Primary Markets revenue was €46.5 million in Q2 2025, an increase of +2.3% compared to Q2 2024. The second quarter recorded slower equity listing activity explained by a volatile environment. Euronext sustained its leading position for equity listing with 6 new listings.

    Advanced Data Solutions revenue was €65.2 million in Q2 2025, up +7.5% compared to Q2 2024. This dynamic performance reflects the contribution of GRSS, strong appetite from retail and growing monetisation of diversified datasets.

    Corporate and Investor Solutions and Technology Services revenue grew by +29.2% in Q2 2025 to €53.7 million. This strong performance reflects the contribution of Admincontrol for half a quarter and double-digit growth of investor solutions and colocation services.

    • Net treasury income

    Net treasury income was at €20.0 million, +45.1% compared to Q2 2024. This reflect the benefit from the Euronext Clearing expansion and the internalisation of treasury income from LCH SA following the completion of the derivatives clearing migration, as well as higher cash collateral posted to the CCP due to the elevated market volatility.

    • Volume-related revenue
      • FICC Markets
    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue 87.7 73.0 +20.1% +20.9%
    Fixed income trading & clearing 51.7 39.2 +31.9% +31.9%
    Commodities trading & clearing 26.7 26.0 +2.7% +3.1%
    FX trading 9.3 7.8 +18.9% +25.2%

    Fixed income trading and clearing revenue reached €51.7 million in Q2 2025, up +31.9% compared to Q2 2024, driven by record fixed income trading activity supported by favourable market conditions.

    Commodities10 trading and clearing revenue reached €26.7 million in Q2 2025, up +2.7% compared to Q2 2024, reflecting record intraday power trading volumes and softer agricultural commodity trading and clearing.

    FX trading revenue was up +18.9%, at €9.3 million in Q2 2025, reflecting record trading volumes in April 2025, which outbalanced the negative currency impact of the USD.

    • Equity Markets
    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue 106.2 97.0 +9.5% +9.5%
    Cash equity trading & clearing 93.4 80.4 +16.2% +16.2%
    Financial derivatives trading & clearing 12.8 16.6 -22.9% -22.9%

    Cash equity trading and clearing revenue11 was €93.4 million in Q2 2025, up +16.2% compared to Q2 2024 driven by exceptional market volatility. Euronext recorded average daily cash trading volumes of €13.4 billion, up +21.2% compared to Q2 2024. Euronext reached solid average revenue capture on cash trading at 0.52 bps for the second quarter of 2025, despite higher volumes and larger average order size compared to Q2 2024. Euronext market share on cash equity trading averaged 63.5% in Q2 2025.

    Financial derivatives trading and clearing revenue was €12.8 million in Q2 2025, -22.9% compared to Q2 2024. This mostly reflects lower volatility and the decrease of the average clearing fees. Following the clearing migration, certain clearing fees are now reported in the line Other Post Trade revenues, and as such not fully comparable with Q2 2024.

    Q2 2025 financial performance

    In €m, unless stated otherwise Q2 2025 Q2 2024 % var % var l-f-l
    Revenues and income 465.8 412.9 +12.8% +10.5%
    Underlying operating expenses excl. D&A                        (168.4) (156.1) +7.9% +3.9%
    Adjusted EBITDA 297.3 256.8 +15.8% +14.4%
    Adjusted EBITDA margin 63.8% 62.2% +1.6pts +2.2pts
    Operating expenses excl. D&A (171.8) (162.9) +5.5% +1.6%
    EBITDA 293.9 249.9 +17.6% +16.2%
    Depreciation & amortisation (48.2) (47.9) +0.5% +1.0%
    Total expenses (220.0) (210.9) +4.3% +1.2%
    Adjusted operating profit 274.7 234.8 +17.0% +15.7%
    Operating profit 245.8 202.0 +21.7%  
    Net financing income / (expense) (5.7) 3.5 N/A  
    Results from equity investments 24.5 1.2 N/A  
    Profit before income tax 264.5 206.7 +28.0%  
    Income tax expense (68.1) (55.7) +22.3%  
    Minority interests (12.6) (9.2) +36.3%  
    Net income 183.8 141.7 +29.7%  
    Adjusted net income 204.4 165.2 +23.8%  
    Adjusted EPS (basic, in €) 2.02 1.59 +27.0%  
    Reported EPS (basic, in €) 1.81 1.37 +32.1%  
    Adjusted EPS (diluted, in€) 2.01 1.59 +26.4%  
    Reported EPS (diluted, in€) 1.81 1.36 +33.1%  
    • Q2 2025 adjusted EBITDA

    Underlying operating expenses excluding D&A1 were at €168.4 million (+7.9%). The increase compared to Q2 2024 reflects investments in growth and the impact of acquisitions performed in 2025, partially offset by cost discipline.
    As a result of a double digit growth in revenue, adjusted EBITDA for the quarter reached €297.3 million, up +15.8% compared to Q2 2024. This represents an adjusted EBITDA margin of 63.8%, up +1.6pts vs. Q2 2024. On a like-for-like basis at constant currencies, adjusted EBITDA grew by +14.4% compared to Q2 2024.
    Q2 2025 non-underlying operating expenses excluding D&A amounted to €3.4 million, mostly related to the integration of recent acquisitions. As a consequence, reported EBITDA was at €293.9 million, up +17.6% compared to Q2 2024.

    • Q2 2025 net income, share of the parent company shareholders

    Depreciation and amortisation accounted for €48.2 million in Q2 2025, +0.5% more than Q2 2024. PPA related to acquired businesses accounted for €19.1 million. Adjusted operating profit was €274.7 million, up +17.0% compared to Q2 2024. Euronext reported a net financing expense of €5.7 million in Q2 2025, compared to €3.5 million net financing income in Q2 2024. The variation reflects decreasing interest rates, lower cash position after the redemption of the €500 million bond and the recognition of non-cash interest expense related to the convertible bonds.

    Income tax for Q2 2025 was €68.1 million. This translated into an effective tax rate of 25.7% for the quarter, compared to 27.0% in Q2 2024. The tax rate was positively impacted by the tax-exempt €24.5 million dividend received by Euroclear. Share of non-controlling interests amounted to €12.6 million, correlated with the strong performance of MTS and Nord Pool.

    As a result, the reported net income, share of the parent company shareholders, increased by +29.7%for Q2 2025 compared to Q2 2024, to €183.8 million. This represents a reported EPS of €1.81 basic and €1.81 diluted. Adjusted net income, share of the parent company shareholders, was up +23.8% to €204.4 million. Adjusted EPS (basic) was €2.02 and adjusted EPS (diluted) was €2.01. The increase in EPS reflects higher profit and a lower number of outstanding shares over the second quarter of 2025 compared to Q2 2024. The weighted number of shares used over the second quarter of 2025 was 101,374,346 for the basic calculation and 102,130,793 for the diluted calculation, compared to 103,653,544 and 103,986,292 respectively over the second quarter of 2024. The difference in share count is due to the share repurchase programme executed by Euronext and the consideration of the convertible bonds under IAS 33.

    In Q2 2025, Euronext reported a net cash flow from operating activities of €135.0 million, compared to €111.5 million in Q2 2024, reflecting higher profit before tax and higher income tax paid in Q2 2025. Excluding the impact of working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 52.3% of EBITDA in Q2 2025.

    Q2 2025 corporate highlights since publication of the first quarter 2025 results on 14 May 2025

    • Euronext received regulatory approval for the acquisition of Nasdaq Nordic power futures

    On 4 June 2025, Euronext received regulatory approval for the extension of Euronext Clearing to power derivatives under Article 15 of EMIR. With this final approval, all regulatory approvals for the acquisition of Nasdaq Nordic’s power futures business have been granted. Euronext and Nasdaq continue to focus on the upcoming migration of open interest from Nasdaq Clearing to Euronext Clearing in Q1 202612.

    • Partnership with Clearstream on collateral management

    On 16 June 2025, Euronext and Clearstream announced the start of a new partnership13 to advance the continued development of Euronext Clearing’s collateral management services across repo and other asset classes.
    As part of this initiative, Clearstream will serve as a triparty agent (TPA) for Euronext Clearing, facilitating advanced collateral management capabilities. Clients will benefit from automated, flexible and operationally streamlined solutions that enhance margin and balance sheet optimisation. Clearstream will act as an independent third party, handling the collateral selection, valuation and substitution to ensure compliance with eligibility criteria while minimising operational complexities. In addition, Clearstream will manage settlement and custody services, provide robust regulatory reporting, and support liquidity and risk management objectives. The go-live of this enhanced service offering is scheduled for November 2025.

    • Euronext successfully launched its inaugural convertible bonds issuance

    On 22 May 2025, Euronext announced the success of its offering of senior unsecured bonds due 2032 convertible into new shares and/or exchangeable for existing shares of the Company (“OCEANEs”) (the “Bonds”), by way of a placement to qualified investors only, for a nominal amount of €425 million (the “Offering”)14. The Bonds were issued with a denomination of €100,000 each (the “Principal Amount”), and will be convertible and/or exchangeable into new and/or existing shares of Euronext (the “Shares”) and will pay a fixed coupon at a rate of 1.50% per annum, payable semi-annually in arrear on 30 May and 30 November of each year (or on the following business day if this date is not a business day), and for the first time on 30 November 2025. The initial conversion price of the Bonds is set at €191.1654. Unless previously converted, exchanged, redeemed or purchased and cancelled, the Bonds will be redeemed at par on 30 May 2032 (or on the following business day if such date is not a business day) (the “Maturity Date”).

    • Euronext successfully migrated Italian markets to a harmonised clearing framework

    On 30 June 2025, Euronext completed the migration of the Italian derivatives and cash equity markets to its Core Clearing System. Euronext is now clearing all its financial derivatives, commodities and cash equities markets through a single, streamlined, harmonised clearing gateway. This important milestones delivers to Euronext Clearing clients further material operational and risk management efficiencies, which optimise their total cost of trading on Euronext markets.

    Corporate highlights since 1 July 2025

    • Euronext launched the first phase of its strategic multi-year Repo expansion initiative15

    On 8 July 2025, Euronext announced the launch of its initiative to expand access, improve collateral usage and position Euronext as a leading Central Counterparty (CCP) for European repo markets. As a cornerstone of Euronext’s strategic plan announced in November 2024, the Repo initiative sets in motion Euronext’s vision to build a fully integrated, pan-European post-trade infrastructure. Euronext now offers repo clearing for Spanish, Portuguese and Irish government bonds, alongside its established Italian offering. For the first time, international firms can join the platform with seamless onboarding and scalable settlement operations.

    • Euronext to launch voluntary share exchange offer for all ATHEX shares

    On 31 July 2025, Euronext announced the submission of a voluntary share exchange offer to acquire all shares of HELLENIC EXCHANGES-ATHEX STOCK EXCHANGE S.A. (“ATHEX”), in exchange for newly issued Euronext shares, at a fixed conversion rate of 20.000 ATHEX ordinary shares for each new Euronext share16,17. Based on Euronext’s closing price of €142.7 as of 30 July 2025, the proposed Offer values ATHEX at €7.14 per share and the entire issued and to be issued ordinary share capital of ATHEX at approximately €412.8 million on a fully diluted basis. The Board of Directors of ATHEX is unanimously supportive of the Offer to ATHEX shareholders and entered into a cooperation agreement with Euronext.

    The combination between Euronext and ATHEX is in line with Euronext’s ambition to integrate European capital markets. The combined Group will foster harmonisation of European capital markets on a unified technology. Greek markets would benefit from increased visibility towards global investors as part of the leading single liquidity pool in Europe.

    Euronext expects the combination to deliver €12 million annual run-rate cash synergies by the end of 2028, with implementation costs related to these synergies expected at €25 million. The Offer is in line with Euronext’s investment criteria of ROCE > WACC in year 3 to 5 after the acquisition and is expected to be accretive for Euronext shareholders after delivery of synergies in year 1.

    The Offer is expected to be open for acceptance, subject to regulatory approvals, from Q4 2025. The transaction is expected to be completed by the end of 2025.

    Results Webcast

    A webcast will be held on Friday, 1 August 2025, at 09:00 CEST (Paris time) / 08:O0 BST (London time):

    For the live webcast go to: Webcast

    The webcast will be available for replay after the call at the webcast link and on the Euronext Investor Relations webpage.

    Contacts

    ANALYSTS & INVESTORS – ir@euronext.com

    Investor Relations        Aurélie Cohen                 

            Judith Stein        +33 6 15 23 91 97

    MEDIA – mediateam@euronext.com 

    Europe        Aurélie Cohen         +33 1 70 48 24 45 

            Andrea Monzani         +39 02 72 42 62 13 

    Belgium        Marianne Aalders         +32 26 20 15 01                 

    France, Corporate        Flavio Bornancin-Tomasella        +33 1 70 48 24 45                 

    Ireland        Catalina Augspach        +39 02 72 42 62 13                 

    Italy         Ester Russom         +39 02 72 42 67 56                 

    The Netherlands        Marianne Aalders         +31 20 721 41 33                 

    Norway         Cathrine Lorvik Segerlund        +47 41 69 59 10                 

    Portugal         Sandra Machado        +351 91 777 68 97                

    About Euronext 
    Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway and Portugal.
    As of June 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal host nearly 1,800 listed issuers with €6.3 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.
    For the latest news, go to euronext.com or follow us on X and LinkedIn.

    Disclaimer

    This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. The figures in this document have not been audited or reviewed by our external auditor. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

    © 2025, Euronext N.V. – All rights reserved. 

    The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

    Appendix

    The figures in this Appendix have not been audited or reviewed by our external auditor.

    Non-IFRS financial measures

    For comparative purposes, the company provides unaudited non-IFRS measures including:

    • Operational expenses excluding depreciation and amortisation, underlying operational expenses excluding depreciation and amortisation;
    • EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin.

    Non-IFRS measures are defined as follows:

    • Operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses;
    • Underlying operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses, excluding non-recurring costs;
    • Underlying revenue and income as the total of revenue and income, excluding non-recurring revenue and income;
    • Non-underlying items as items of revenue, income and expense that are material by their size and/or that are infrequent and unusual by their nature or incidence are not considered to be recurring in the normal course of business and are classified as non-underlying items on the face of the income statement within their relevant category in order to provide further understanding of the ongoing sustainable performance of the Group. These items can include:
      • integration or double run costs of significant projects, restructuring costs and costs related to acquisitions that change the perimeter of the Group;
      • one-off finance costs, gains or losses on sale of subsidiaries and impairments of investments:
      • amortisation and impairment of intangible assets which are recognised as a result of acquisitions and mostly comprising customer relationships, brand names and software that were identified during purchase price allocation (PPA);
      • tax related to non-underlying items.
    • Adjusted operating profit as the operating profit adjusted for any non-underlying revenue and income and non-underlying costs, including PPA of acquired businesses;
    • EBITDA as the operating profit before depreciation and amortisation;
    • Adjusted EBITDA as the adjusted operating profit before depreciation and amortisation adjusted for any non-underlying operational expenses excluding depreciation and amortisation;
    • EBITDA margin as EBITDA divided by total revenue and income;
    • Adjusted EBITDA margin as adjusted EBITDA, divided by total revenue and income;
    • Adjusted net income, as the net income, share of the parent company shareholders, adjusted for any non-underlying items and related tax impact.

    Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures and should be read only in conjunction with the consolidated financial statements.

    Consolidated income statement

      Q2 2025 Q2 2024
    In € million, unless stated otherwise Underlying Non-
    underlying
    Reported Underlying Non-
    underlying
    Reported
    Revenues 465.8 465.8 412.9 412.9
    Securities Services 86.2 86.2 80.9 80.9
    Custody and Settlement 77.5 77.5 70.0 70.0
    Other Post Trade 8.6 8.6 10.9 10.9
    Capital Markets and Data Solutions 165.4 165.4 147.7 147.7
    Primary Markets 46.5 46.5 45.5 45.5
    Advanced Data Solutions 65.2 65.2 60.6 60.6
    Corporate and Investor Solutions
    and Technology Services
    53.7 53.7 41.5 41.5
    FICC markets 87.7 87.7 73.0 73.0
    Fixed income trading and clearing 51.7 51.7 39.2 39.2
    Commodities trading and clearing 26.7 26.7 26.0 26.0
    FX trading 9.3 9.3 7.8 7.8
    Equity markets 106.2 106.2 97.0 97.0
    Cash equity trading and clearing 93.4 93.4 80.4 80.4
    Financial derivatives trading and clearing 12.8 12.8 16.6 16.6
    Net treasury income 20.0 20.0 13.8 13.8
    Other income 0.3 0.3 0.4 0.4
    Operating expenses excl. D&A (168.4) (3.4) (171.8) (156.1) (6.8) (162.9)
    Salaries and employee benefits (92.2) (1.1) (93.3) (79.9) (0.4) (80.2)
    Other operational expenses, of which (76.3) (2.2) (78.5) (76.2) (6.5) (82.7)
    System & Communication (26.5) (0.2) (26.7) (24.7) (1.1) (25.9)
    Professional services (17.7) (2.2) (19.9) (13.6) (4.4) (17.9)
    Clearing expense (0.2) (0.2) (9.9) (9.9)
    Accommodation (4.5) 0.1 (4.4) (4.1) (0.3) (4.4)
    Other operational expenses (27.3) (27.4) (23.9) (0.7) (24.6)
    EBITDA 297.3 (3.4) 293.9 256.8 (6.8) 249.9
    EBITDA margin 63.8%   63.1% 62.2%   60.5%
    Depreciation & amortisation (22.6) (25.6) (48.2) (21.9) (26.0) (47.9)
    Total expenses (191.0) (29.0) (220.0) (178.0) (32.8) (210.9)
    Operating profit 274.7 (29.0) 245.8 234.8 (32.8) 202.0
    Net financing income/(expense) (5.7) (5.7) 3.5 3.5
    Results from equity investment 24.5 24.5 0.1 1.2 1.2
    Profit before income tax 293.5 (29.0) 264.5 238.4 (31.7) 206.7
    Income tax expense (75.6) 7.5 (68.1) (64.0) 8.3 (55.7)
    Non-controlling interests (13.4) 0.8 (12.6) (9.2) (0.1) (9.2)
    Net income
    share of the parent company shareholders
    204.4 (20.6) 183.8 165.2 (23.4) 141.7
    EPS (basic, in €) 2.02   1.81 1.59   1.37
    EPS (diluted, in €) 2.01   1.81 1.59   1.36

    Adjusted EPS definition

     In € million, unless stated otherwise Q2 2025 Q2 2024
    Net income reported                183.8                 141.7
    EPS reported (in €) 1.81 1.37
    Adjustments for non-underlying items included in:    
    Operating expenses exc. D&A (3.4) (6.8)
    Depreciation and amortisation (25.6) (26.0)
    Results from equity investments                   –                  1.2
    Non-controlling interest 0.8 (0.1)
    Tax related to adjustments                       7.5                       8.3
    Adjusted net income                 204.4                  165.2
    Adjusted EPS (in €)                     2.02                     1.59

    Consolidated comprehensive income statement

    In € million Q2 2025 Q2 2024
    Profit for the period 196.4 151.0
         
    Other comprehensive income    
    Items that may be reclassified to profit or loss:    
    – Exchange differences on translation of foreign operations    (53.6) 15.2
    – Income tax impact on exchange differences on translation of foreign operations    7.4 (1.9)
    – Gains and losses on cash flow hedges    (2.2)
    – Change in value of debt investments at fair value through other comprehensive income    0.3
    – Income tax impact on change in value of debt investments at fair value through
    other comprehensive income
       –    (0.1)
         
    Items that will not be reclassified to profit or loss:    
    – Change in value of equity investments at fair value through other comprehensive income    46.1 6.5
    – Income tax impact on change in value of equity investments at fair value through
    other comprehensive income
    (0.4) (1.0)
    – Remeasurements of post-employment benefit obligations    1.9 1.9
    – Income tax impact on remeasurements of post-employment benefit obligations (0.2)
    Other comprehensive income for the period, net of tax (0.8) 20.8
    Total comprehensive income for the period 195.6 171.8
         
    Comprehensive income attributable to:    
    – Owners of the parent 184.0 162.5
    – Non-controlling interests 11.6 9.3

    Consolidated statement of financial position

    In € million 30 June 2025 31 March 2025
    Non-current assets    
    Property, plant and equipment 103.0 107.4
    Right-of-use assets 85.1 88.2
    Goodwill and other intangible assets18 6,586.7 6,096.5
    Deferred income tax assets 24.0 29.1
    Investments in associates and joint ventures 0.8 0.8
    Financial assets at fair value through OCI 403.1 357.0
    Other non-current assets 3.4 3.4
    Total non-current assets 7,206.2 6,682.4
         
    Current assets    
    Trade and other receivables 463.8 574.2
    Income tax receivable 32.2 17.5
    Derivative financial instruments 0.1 2.2
    CCP clearing business assets 348,903.3 341,647.6
    Other current financial assets 59.3 59.5
    Cash & cash equivalents 919.3 1,642.3
    Total current assets 350,378.1 343,943.3
    Total assets 357,584.2 350,625.7
         
    Equity    
    Shareholders’ equity 4,153.5 4,224.6
    Non-controlling interests 144.3 161.7
    Total equity 4,297.9 4,386.3
         
    Non-current liabilities    
    Borrowings 2,311.7 2,537.5
    Lease liabilities 69.8 71.7
    Other non-current financial liabilities 3.5 3.5
    Deferred income tax liabilities 488.4 495.1
    Post-employment benefits 21.2 23.0
    Contract liabilities 53.3 54.2
    Other provisions 7.1 7.0
    Total non-current liabilities 2,955.0 3,192.1
    Current liabilities    
    Borrowings 602.7 524.0
    Lease liabilities 22.2 21.9
    Other current financial liabilities1 103.5
    CCP clearing business liabilities 348,949.3 341,695.3
    Income tax payable 68.8 99.3
    Trade and other payables 422.5 526.5
    Contract liabilities 158.5 176.2
    Other provisions 3.7 4.1
    Total current liabilities      350,331.3 343,047.3
    Total equity and liabilities     357,584.2 350,625.7

    Consolidated statement of cash flows

    In € million Q2 2025 Q2 2024
    Profit before tax 264.5 206.7
    Adjustments for:    
    – Depreciation and amortisation 48.2 47.9
               – Share-based payments 5.6 2.9
    -Results from equity investments (24.5)
    -Gain on sale of associate (1.2)
    -Share of profit from associates and joint ventures (0.1)
               – Changes in working capital (43.8) (67.9)
    Cash flow from operating activities 250.0 188.4
    Income tax paid (115.1) (76.9)
    Net cash flows from operating activities 135.0 111.5
         
    Cash flow from investing activities    
    Business combinations, net of cash acquired                                     (400.4) (38.5)
    Proceeds from sale of associate                              0.9
    Purchase of current financial assets (0.4) (0.6)
    Redemption of current financial assets (0.2) 17.7
    Purchase of property, plant and equipment                                    (3.2)                               (5.0)
    Purchase of intangible assets (28.1) (15.8)
    Interest received                                     7.3 11.3
    Asset acquisitions (27.7)
    Proceeds from sale of property, plant, equipment and intangible assets (0.1)
    Dividends received from equity investments 24.5
    Dividends received from associates and joint ventures                                         – 0.1
    Net cash flow from investing activities (428.2) (30.0)
         
    Cash flow from financing activities    
    Proceeds from borrowings, net of transaction fees 846.2
    Repayment of borrowings, net of transaction fees (925.0)
    Interest paid (29.2) (28.2)
    Payment of lease liabilities (3.4) (4.2)
    Transactions in own shares 0.0 (10.0)
    Withholding tax paid at vesting of shares (1.9) (1.2)
    Dividends paid to the company’s shareholders (293.4) (257.3)
    Dividends paid to non-controlling interests (18.2) (18.9)
    Net cash flow from financing activities (424.9) (319.6)
         
    Total cash flow over the period (718.1) (238.1)
    Cash and cash equivalents – Beginning of period 1,642.3 1,609.6
    Non-cash exchange gains/(losses) on cash and cash equivalents (4.9) 4.6
    Cash and cash equivalents – End of period 919.3 1,376.0

    Business indicators for the second quarter of 2025

    • Securities Services
    Custody and Settlement Q2 2025 Q2 2024 % var
    Number of settlement instructions over the period 36,946,162 32,114,794 +15.0%
    Assets under Custody (in €bn), end of period 7,344 7,030 +4.5%
    • Capital Markets
    Primary Markets Q2 2025 Q2 2024 % var
    Number of issuers on Equities – Euronext 1,766 1,862 -5.0%
    Number of issuers on Equities – SMEs 1,371 1,469 -7.0%
    Number of listed Funds 2,179 2,347 -7.0%
    Number of listed ETFs 4,322 3,885 +11.0%
    Number of listed Bonds 57,367 58,147 -1.0%
    Capital raised on primary and secondary market (in €m)      
    Number of new equity listings 13 17  
    Money raised – New equity listings (including over-allotment) 155 3,403 -95.0%
    Money raised – Follow-ons on equities 4,457 2,362 +89.0%
    Money raised – Bonds 316,817 304,686 +4.0%
    • FICC Markets
    Fixed income trading and clearing Q2 2025 Q2 2024 % var
    Number of trading days 62 63
    Transaction value (in €m, single counted)      
    MTS      
    ADV MTS Cash 59,182 36,287 +63.0%
    TAADV MTS Repo 612,821 448,618 +37.0%
    Other fixed income      
    ADV fixed income 1,588 1,689 -6.0%
    Number of transactions and lots cleared (double counted)      
    Bonds – Wholesale (nominal value in €bn) 8,571 6,918 +23.9%
    Bonds – Retail (number of contracts) 3,313,182 3,658,240 -9.4%
    Commodities trading and clearing Q2 2025 Q2 2024 % var
    Number of trading days 91 91
    Power volume (in TWh) – ADV Day-ahead Power Market 2.53 2.53 0.0%
    Power volume (in TWh) – ADV Intraday Power Market          0.56 0.36 +58.0%
    Derivatives volume (in lots)      
    Number of trading days 62 63
    Commodity 6,746,377 7,898,126 -14.6%
    Futures 6,473,697 7,197,681 -10.1%
    Options 272,680 700,445 -61.1%
    FX trading Q2 2025 Q2 2024 % var
    Number of trading days 65 65
    FX volume (in $m, single counted)      
    Total Euronext FX 2,025,494 1,783,772 +13.6%
    ADV Euronext FX 31,161 27,443 +13.6%
    • Equity Markets
    Cash equity trading and clearing Q2 2025 Q2 2024 % var
    Number of trading days 62 63
    Number of transactions (buy and sell) (reported trades included)      
    Total Cash Market 186,375,884 152,354,170 +21.5%
    ADV Cash Market 3,006,063 2,434,193 +23.5%
    Transaction value (€ million, single counted)      
    Total Cash Market 831,391 696,882 +19.3%
    ADV Cash Market 13,410 11,062 +21.2%
    Shares (number of transactions and lots cleared – single counted) 75,751,603 55,211,959 +37.2%
    Financial derivatives trading and clearing Q2 2025 Q2 2024 % var
    Number of trading days 62 63
    Derivatives Volume (in lots) – Equity 30,293,449 35,317,815 -14.2%
    Index 10,684,578 13,753,365 -22.3%
    Futures 6,465,795 7,760,863 -16.7%
    Options 4,218,783 5,992,502 -29.6%
    Individual Equity 19,608,871 21,564,450 -9.1%
    Futures 526,418 2,782,606 -81.1%
    Options 19,082,453 18,781,844 +1.6%

    1 Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.
    2   Fixed income, commodities and currencies
    3 Last twelve months adjusted EBITDA. Net debt to last twelve months reported EBITDA ratio was at 1.9x.
    4 Share of the parent company shareholders
    5https://www.euronext.com/en/about/media/euronext-press-releases/euronext-announces-collaboration-euroclear-enhance-euronext
    6https://www.euronext.com/en/about/media/euronext-press-releases/euronext-and-clearstream-launch-partnership-further-strengthen
    7https://www.euronext.com/en/about/media/euronext-press-releases/euronext-launches-first-phase-its-strategic-multi-year-repo
    8https://www.euronext.com/en/about/media/euronext-press-releases/euronext-launch-voluntary-share-exchange-offer-for-all-athex-0
    9 Offer is subject to customary and regulatory approvals.
    10 Including revenue from power trading and clearing
    11 Including equities, ETFs, warrants and certificates
    12www.euronext.com/en/news/euronext-nasdaq-clearing-agreement-power-derivatives-transfer-set-for-march-2026.
    13 www.euronext.com/en/about/media/euronext-press-releases/euronext-and-clearstream-launch-partnership-further-strengthen
    14www.euronext.com/en/investor-relations/financial-information/news/euronext-announces-success-its-offering-bonds-due
    15 www.euronext.com/en/about/media/euronext-press-releases/euronext-launches-first-phase-its-strategic-multi-year-repo
    16 https://www.euronext.com/en/about/media/euronext-press-releases/euronext-launch-voluntary-share-exchange-offer-for-all-athex-0
    17 Offer is subject to customary and regulatory approvals.

    18 The Nasdaq Nordic transaction qualifies as an ‘asset acquisition’. The full purchase price, consisting of a fixed amount of US$35.0 million and a contingent consideration amount estimated at US$115.0 million, is allocated to customer relationships as an intangible asset. The Group has chosen to apply the liability approach that follows IFRIC 1 principles for recognition of the contingent consideration liability, whereby subsequent changes in the liability are adjusted against the carrying amount of the related asset.

    Attachment

    The MIL Network

  • MIL-OSI: Coface SA: Description of the 2025-2026 Share Buyback Program

    Source: GlobeNewswire (MIL-OSI)

    Description of the 2025-2026 Share Buyback Program

    1. INTRODUCTION

    It is reminded that the Shareholders’ Combined General Meeting of COFACE SA (the Company) held on of May 16, 2024, had previously authorised the Board of Directors, in its fourth (4th) resolution, to carry out transactions on COFACE SA’s shares under the framework of the 2024-2025 Share Buyback Program. The main features and description of the said program are published on the Company’s website and on the 2024 Universal Registration Document.

    The Company, listed on Euronext Paris – Compartment A -, wishes to continue to have a Share Buyback Program (the Program), pursuant to applicable regulation (See “Legal Framework” below).

    To this end, the Shareholders’ Combined General Meeting of May 14, 2025 issued a new authorisation to the Board of Directors, with the power to sub delegate in accordance with legislative and regulatory provisions, thirteen (13th) resolution, to implement a new Share Buyback Program on the Company’s shares (Code ISIN FR0010667147). This Program shall replace the existing one established by the Shareholders’ Combined General Meeting of May 16, 2024.

    1. MAIN CHARACTERISTICS OF THE 2025-2026 SHARE BUYBACK PROGRAM

    2.1 Date of Shareholders’ General Meeting authorising the Program

    The 2025-2026 Program was authorised by the Shareholders’ Combined General Meeting of May 14, 2025, in its thirteen (13th) resolution.

    The Board of Directors of July 31, 2025, authorised COFACE SA, with the power to sub delegate to the CEO, pursuant to the delegation given by the Shareholder’s Combined General Meeting of May 14, 2025 in its thirteen (13th) resolution, to trade on the Company’s share through the “2025-2026 Share Buyback Program”, whose main features are described below.

    2.2 Allotment by objective of shares held as of June 30, 2025

    COFACE SA held, as of June 30, 2025, 0.57% of its share capital or 852,060 common shares. At that date, the breakdown by objective of the number of shares held was as follows:

    Objectives Number of own shares held
    a) ensure liquidity and boost the market for the Company’s stock through an investment service provider acting independently within the context of a liquidity contract in compliance with the Charter of Ethics recognised by the French Financial Markets Authority 92,102
    b) allot shares to employees of the Company and in particular within the context:
    (1) of profit sharing;
    (2) any stock option plan of the Company, pursuant to the provisions of Articles L.225-177 et seq. of the French Commercial Code;
    (3) any savings plan in compliance with Articles L.3331-1 et seq. of the French Labour Code;
    (4) any allocation of bonus shares pursuant to the provisions of Articles L.225-197-1 et seq. of the French Commercial Code;
    as well as performing all hedging operations relating thereto, under the conditions provided for by the market authorities and at the times to be determined by the Board of Directors or the person acting upon its delegation
     

    0
    0

    0

    755,958

    e) cancel all or part of the stock thus purchased 0
    TOTAL 852,060

    2.3 Objectives of the 2025-2026 Share Buyback Program

    Purchases and sales of the Company’s shares may be made, by decision of the Board, to:

    Authorised objectives
    a) ensure liquidity and boost the market for the Company’s stock through an investment service provider acting independently within the context of a liquidity agreement, in compliance with the market practice accepted by the Autorité des marchés financiers on 2 July 2018;
    b) allocate shares to the corporate officers and employees of the Company and of other Group entities, in particular within the context of:
    (i) employee profit sharing;
    (ii) any stock option plan of the Company, pursuant to Article L.225-177 et seq. of the French Commercial Code;
    (iii) any savings plan in compliance with Article L.3331-1 et seq. of the French Labour Code;
    (iv) any allocation of bonus shares pursuant to the provisions of Article L.225‑197-1 et seq. of the French Commercial Code;
    as well as performing all hedging operations relating to these operations, under the conditions provided for by the market authorities, and at the times to be determined by the Board of Directors or the person acting by delegation thereof
    c) transfer the Company’s shares upon exercise of the rights attached to securities entitling their bearers, directly or indirectly, through reimbursement, conversion, exchange, presentation of a warrant or in any other manner, to the allocation of the Company’s shares pursuant to current regulations; additionally, perform all hedge operations relating to these transactions, under the conditions provided for by the market authorities and at the times to be determined by the Board of Directors or the person acting by delegation of the Board of Directors
    d) keep the Company’s shares and subsequently remit them as payment or trade within the context of any external growth operations
    e) cancel all or part of the stock purchased
    f) implement any market practice that may be authorised by the French Financial Markets Authority and, more generally, perform all operations in compliance with applicable regulations in particular with Regulation (EU) No 596/2014 of the European Parliament and of the Council of April 16, 2014 on market abuse (market abuse regulation)

    2.4 Maximum percentage of the share capital, maximum number of shares, maximum purchase price and characteristics of the shares that COFACE SA intends to buyback

    2.4.1 Characteristics of the shares that COFACE SA intends to buyback

    Common shares of the Company traded on Euronext Paris:

    STOCK MARKET PROFILE
    Trading Euronext Paris (compartment A), eligible for
    deferred settlement service (SRD)
    ISIN code FR0010667147
    Reuters code COFA.PA
    Bloomberg code COFA FP
    Stock market indexes SBF 120, CAC All Shares, CAC All-Tradable,
    CAC Financials, CAC Mid & Small, CAC Mid 60, Next 150

    2.4.2 Maximum percentage of the share capital

    The Board of Directors can authorise, with the power to sub-delegate under the legal and regulatory conditions, in compliance with the provisions of Articles L.22-10-62 et seq and  L.225-210 et seq. of the French Commercial Code, the purchase of –in one or more instances and at the times to be determined by it – a number of shares of the Company not to exceed:
    (i)    10% the total number of shares composing the share capital, at any time whatsoever; or,
    (ii)    5% of the total number of shares subsequently composing the share capital if it concerns shares acquired by the Company in view of keeping them and transferring them as payment or exchange under a merger, spin-off or contribution operation.

    These percentages apply to a number of shares adjusted, where appropriate, according to the operations that could affect the share capital subsequent to the Shareholders’ Meeting of 16 May 2024.

    2.4.3 Maximum number of shares

    COFACE SA is committed, by law, not to exceed the holding limit of 10% of its capital, such 10% limit being, for information purposes, 15,017,979 shares as at June 30, 2025.

    2.4.4 Maximum purchase price

    According to the thirteen (13th) resolution proposed and accepted by the Shareholder’s Combined General Meeting of May 14, 2025, the maximum purchase price per unit may not exceed €30, excluding costs.

    The Board of Directors may nevertheless, for operations involving the Company’s capital, in particular a modification of the par value of the share, a capital increase by incorporation of reserves following the creation and allocation of bonus shares, a stock split or reverse stock split, adjust the aforementioned maximum purchase price in order to take into account the impact of these operations on the value of the Company’s stock.

    2.4.5 Other information

    The acquisition, disposal or transfer of these shares may be completed and paid for by all methods authorised by the current regulations, on a regulated market, multilateral trading system, a systematic internaliser, or over the counter, in particular through the acquisition or disposal of blocks of shares, using options or other derivative financial instruments, or warrants or, more generally, securities entitling their bearers to shares of the Company, at the times that the Board of Directors will determine.

    The Board of Directors shall have all powers, with the power to sub delegate in compliance with legislative and regulatory conditions, in order to, in accordance with applicable legislative and regulatory provisions, proceed with the permitted reallocation of repurchased shares in view of one of the objectives of the programme, to one or more of its other objectives, or even their disposal, on or off the market.

    2.5 Term of the 2025-2026 Share Buyback Program

    According to thirteen (13th) resolution proposed and accepted by the Shareholders’ Combined General Meeting of May 14, 2025, this Program will have a maximum period of eighteen (18) months from the date of said Combined General Meeting and will therefore continue no later than November 13, 2026 (including) or until the date of its renewal by a Shareholders’ General Meeting, the one occurring first.

    This authorisation concludes the one granted by the fourth (4th) resolution that was adopted by the Shareholders’ Combined Meeting of May 16, 2024.

    1. LEGAL FRAMEWORK

    Legal Framework

    The legal framework used for this document shall be that in force on June 30, 2025.
    It shall be noted that regulation may evolve during time and its updates shall be taken into consideration.

    1. Regulation (EU) No 596/2014 of the European Parliament and of the Council of April 16, 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC;
    2. Commission Delegated Regulation (EU) 2016/1052 of March 8, 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the conditions applicable to buy-back programs and stabilisation measures;
    3. Article L.225-206 and following of the French Commercial Code (and updates);
    4. General Regulation of the French Market Authority: Article L.221-1 and seq. and Article L.241-1 and seq.;
    5. AMF Policy Documents.

    Historical figures

    The main features of the Share Buyback Programs have been published on the website of the Company (http://www.coface.com/Investors) and are also described in the Universal Registration Documents.

    Share Buyback Program General Assembly authorising the Program Decision to implement the Program by the Board of Directors Transactions framework
    Liquidity Agreement LTIP Cancellation of shares
    2020 – 2021 May 14, 2020 (Res. 5) July 29, 2020 Yes No Yes1
    2021 – 2022 May 12, 2021 (Res. 17) July 28, 2021 Yes No No
    2022 – 2023 May 17, 2022 (Res. 8) July 28, 2022 Yes Yes2 No
    2023 – 2024 May 16, 2023 (Res. 4) August 10, 2023 Yes Yes3 No
    2024 – 2025 May 16, 2024 (Res. 4) August 5, 2024 Yes No No
    2025 -2026 May 14, 2025 (Res. 13) July 31, 2025 Yes Yes No

    (1)   Own shares transactions Agreement, signed with Kepler Cheuvreux, from October 27, 2020 to January 29, 2021, to buy Coface’s shares for their cancellation. For more information, the reader should refer to the Universal Registration Document published in 2021 on the 2020 financial statements.
    (2)   Own shares transactions Agreement, signed with BNP Paribas Exane, from September 13, 2022 to November 15, 2022, to buy Coface’s shares for their allocation under the LTIP. For more information, the reader should refer to the Universal Registration Document published in 2023 on the 2022 financial statements.
    (3)   Own shares transactions Agreement, signed with Kepler Cheuvreux, from September 11, 2023 to September 29, 2023, to buy Coface’s shares for their allocation under the LTIP. For more information, the reader should refer to the Universal Registration Document published in 2024 on the 2023 financial statements.

    Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust. You can check the authenticity on the website www.wiztrust.com.

    Attachment

    The MIL Network

  • MIL-OSI USA: Rep. Pettersen Meets With Providers & Administrators at Planned Parenthood Arvada Health Center Following Trump’s Effort to Ban Medicaid-Covered Planned Parenthood Treatments

    Source: United States House of Representatives – Representative Brittany Pettersen (Colorado 7th District)

    SEE PICTURES FROM TUESDAYS EVENT

    LAKEWOOD – U.S. Representative Brittany Pettersen (CO-07) visited the Planned Parenthood of the Rocky Mountain’s (PPRM) Arvada clinic to hear from providers and administrators about the impacts of Trump’s ban on Medicaid coverage for care at Planned Parenthood. The ban was part of Trump’s One Big Beautiful Bill Act, which specifically prohibited Medicaid recipients from using Planned Parenthood for their health care. PPRM therefore had to immediately notify around 15,000 patients, around 25% of their patient base, that they could no longer be treated at Planned Parenthood facilities, and were unable to offer an alternative for care. But on Monday, a federal judge ruled the federal government must allow Medicaid to reimburse Planned Parenthood for patient care.

    During the visit, Pettersen met with providers and administrators to discuss the real consequences of these changes, specifically, how individuals depend on these clinics for more than just reproductive services, and how these increased barriers, especially for rural and low-income individuals, could cause harm when they have access to few alternatives. In the first week alone, this local clinic had to notify 100 patients that they were unable to see them for their appointments that week. For many patients, Planned Parenthood is the only place they’ve ever known for getting the care they need. Pettersen also heard firsthand about the struggles PPRM has experienced with the chaotic implementation and judicial process around this ban. The Arvada clinic has 13 employees and the need for an additional provider, but the situation has created a difficult climate for hiring.

    “Trump not only handpicked the radical Supreme Court justices who voted to overturn Roe vs Wade, he has also stripped coverage for reproductive healthcare away for patients who rely on Medicaid through his “big ugly bill.”  Like so many women, I relied on Planned Parenthood for access to health care when I was uninsured. In many places, Planned Parenthood is the only option people have to access care and Donald Trump and the Republicans are leaving millions of Americans with nowhere to turn” said Rep. Pettersen.  “As a mom, I know there isn’t anything more personal than deciding if you want to start a family and nobody should make that decision for you, especially Donald Trump. I’m outraged by his cruelty and the impacts this will have on women for years to come. Women and Americans deserve so much better than this.”

    “This law was designed to punish people on Medicaid who rely on Planned Parenthood for life-saving reproductive and sexual health care. It’s a cruel and calculated attack on health equity, and it’s having real, devastating consequences for our patients across Colorado.  In just the first nine days after the law took effect, nearly 1,000 patients across our region were denied essential care. These are people who couldn’t pick up their birth control, missed time-sensitive abortion care services, or were turned away from cancer screenings and STI treatment. These aren’t just numbers—they’re our neighbors, our friends, and our family members. Republicans in Congress who voted for this heinous bill should be ashamed of themselves” said Adrienne Mansanares, President and CEO of Planned Parenthood of the Rocky Mountains. 

    Planned Parenthood is the nation’s largest abortion care provider, but they also provide basic care, including annual screenings, birth control, and other gynecological care. Each year, Planned Parenthood of the Rocky Mountains serves nearly 100,000 people at their 23 health centers in Colorado, New Mexico, and Wyoming. Planned Parenthood estimates that 1 in 5 women have relied on Planned Parenthood for care at some point in their lives.

    ###

    MIL OSI USA News

  • MIL-OSI Banking: Dear CEO letter to Designated Businesses

    Source: Isle of Man

    Dear CEO letter to Designated Businesses in relation to the Designated Businesses Portal (“the Portal”) and administration by Designated Businesses

    The Isle of Man Financial Services Authority (the “Authority”) has issued a “Dear CEO” letter to all Designated Businesses registered under the Designated Businesses (Registration and Oversight) Act 2015 (as amended June 2019). 

    The letter provides clarification of the Authority’s expectations in relation to the information supplied to the Authority and the maintenance of the Portal.  The letter links back to the Designated Business Registration Website User Guide December 2019.

    A copy of the letter is here.

    If you have any questions regarding the letter, please contact dnfbp@iomfsa.im

    MIL OSI Global Banks

  • MIL-OSI: Equasens: H1 revenue at 30 June 2025: €116.0m

    Source: GlobeNewswire (MIL-OSI)

    Villers-lès-Nancy (France), 31 July 2025 – 6:00 PM (CET)

    PRESS RELEASE

    H1 revenue at 30 June 2025: €116.0m
    +7.4% on a reported basis and +6.4% like-for-like

    H1 2025 Group revenue (€m) 2024
    Reported basis
    2025
    Reported basis
    Change /
    Reported basis
    Of which external growth Like-for-like change
    (organic growth)
    Q1 53.3 57.0 3.7 6.9% 0.5 3.2 5.9%
    Q2 54.7 58.9 4.3 7.8% 0.5 3.8 6.9%
    Total 108.0 116.0 8.0 7.4% 1.1 6.9 6.4%
    H1 2025 revenue / Division (€m) 2024
    Reported basis
    2025
    Reported basis
    Change /
    Reported basis
    Of which external growth Like-for-like change
    (organic growth
    Pharmagest 82,1 85,9 3,9 4,7%   3,9 4,7%
    Axigate Link 15,4 16,5 1,0 6,7%   1,0 6,7%
    e-Connect 5,5 7,5 2,0 36,6%   2,0 36,6%
    Médical Solutions 3,9 5,1 1,1 29,1% 1,1 0,1 2,2%
    Fintech 1,1 1,0 -0,1 -7,6%   -0,1 -7,6%
    Total 108,0 116,0 8,0 7,4% 1,1 6,9 6,4%

    As of 30 June 2025, Equasens Group (Euronext Paris™ – Compartment B – FR 0012882389 -EQS), a leading provider of digital solutions for healthcare professionals, reported revenue of €116.0m, up 7.4% from H1 2024 on a reported basis and 6.4% like-for-like.

    Revenue from CALIMED SAS, acquired by the Medical Solutions Division in December 2024, was restated to reflect changes in the scope of consolidation (€1.1m).

    H1 2025 highlights by type of business

    In order to facilitate the analysis of performance, a new breakdown of the Group’s activities is proposed: “maintenance and subscriptions” includes all recurring revenues, and “software and services” mainly includes license sales and revenues from training, consulting, and intermediation.

    • Configuration and hardware sales (+9.9%) remain a major growth driver for the Group, particularly for the Pharmagest (+6.1%) and e-Connect (+125.9%) Divisions
    • Maintenance and subscriptions (+5.5%) grow steadily, benefiting from customer loyalty and the success of SaaS offerings, particularly in the Axigate Link Division (+5.6%). Calimed (Medical Solutions Division) contributed growth of 2.0% to this segment.
    • Software solutions and services (+6.4%) continue to perform very well, driven by license sales, particularly those linked to the Pharmagest Division’s latest product launches (+4.6%) and by new deployments by the Axigate Link Division (+8.9%).
    H1 2025 revenue / Activity (€m) 2024**
    Reported basis
    2025
    Reported basis
    Change / Reported basis
    Configurations and hardware 42.9 47.1 4.2 9.9%
    Maintenance and subscriptions 48.7 51.4 2.7 5.5%
    Software and services 16.4 17.4 1.1 6.4%
    Total 108.0 116.0 8.0 7.4%

    * Maintenance and subscriptions: recurring revenues including SaaS
    ** 2024 reported basis: reconstituted data

    H1 2025 highlights by Division
            
    The PHARMAGEST Division recorded H1 revenue of €85.9m (+4.7%).  This performance confirms the positive momentum that began in Q1 2025, driven by innovation and improved customer satisfaction.

    • In France, all business activities grew (+3.4% to €74.0m), driven by:
      • Equipment renewal needs and new equipment offerings, the “electronic labels” business was particularly buoyant in the second quarter.
      • The launch, in early 2025, of differentiating software solutions focused on pharmacy automation, productivity and safety. The market response to these new solutions has been very positive, with over 800 id.genius and 160 id.secure box sold.
      • Electronic invoice management solutions for pharmacies (Digipharmacie), which confirmed its market leadership by adding more than 900 new customers.
      • Only the professional training sector (Atoopharm) is experiencing a slowdown in response to changes in the regulatory environment, and in particular a one-year extension of the training cycle.
    • In Italy, sales grew evenly across both wholesale and pharmacy activities (+16.5% to €7.7m). This positive sales momentum remained strong, with the opening of more than 150 new pharmacies in the first half.
    • In Germany, sales were up (+11.2% to €3.0m) in both the medication adherence and pharmacy management segments, thanks in particular to the success of id.express payment terminals.
    • In Belgium, the return to growth has been confirmed (+6.4% to €1.2m).

    This Division accounts for 74.1% of total revenue.

    The AXIGATE LINK division reported H1 2025 revenue of €16.5m (+6.7%).

    • The Nursing Home sector (+4.5% to €8.4m) has benefited from the ESMS NUMERIQUE public funding in France, resulting in a strong business performance. Titanlink has been deployed at 164 sites since January 2025 in France (789 in total) and 16 in Belgium (58 sites in total).
    • The Homecare sector (+13.9% to €3.9m) has continued to perform well, driven by the signing of new contracts and the success of offers designed for Regional Resource Centres (CRT) and Family Caregiver Support Services (PFR). Expansion into the Home Care Services market has met with a very positive response.
    • The Hospital sector (+16.6% to €2.1m) has been particularly successful, with the signature of contracts for four hospital networks, confirming the growing reputation of the Axigate Hospilink solution in this market.

    This Division accounts for 14.2% of total revenue.

    The E-CONNECT division reported H1 2025 revenue of €7.5m (+36.6%).

    • Building on the momentum of Q1, the Division continued to roll out its Mobility solutions at a rapid pace, notably eS-KAP+, a new solution launched in Q1 2025 that has been very well received by more than 20 key software publishers in this market.
    • Since March 2025, the project to equip smartphones with a digital solution of the French health insurance card (Apps Vitale) has been gradually rolled out in accordance with the regional timetable established by the French national health insurance system.

    This Division accounts for 6.5% of total revenue.

    The MEDICAL SOLUTIONS Division had €5.1m in revenue, up 29.1% on a reported basis and 2.2% like-for-like.

    • The integration of Calimed (acquired at the end of 2024) has been the main driver of this growth as its SaaS offering for surgeons and doctors continues to attract new customers thanks to its high added value for these professions.
    • The Division’s long-standing solutions are benefiting from the very positive response to new offerings like the LOQUii voice-based AI companion and add-on services like online backup, attesting to the loyalty of the customer base and the strength of the recurring model in an intensely competitive environment.

    The Division accounts for 4.4% of total revenue.

    The FINTECH Division had H1 revenue of €1.0m (-7.6%).

    • Efforts are continuing to clean up the customer portfolio to limit risk exposure and improve its quality.
    • Sales remained buoyant in a difficult economic environment.

    The Division accounts for 0.9% of total revenue.

    Material subsequent events after 30 June 2025 Acquisition of the DIS and ResUrgences businesses – Strategic reinforcement of the AXIGATE LINK Division

    On July 1st, 2025, the Group finalized the acquisition of two businesses specialising in solutions for the public healthcare sector: Novaprove (publisher of ResUrgences software) and the business assets of DIS. This strategic acquisition, which adds more than 300 customers from the public healthcare sector and generates annual revenue of around €5m, significantly strengthens the position of the Axigate Link Division in the hospital and medical-social software market.
    ResUrgences, a cloud platform specialising in the management of hospital emergency services, used by eight university hospitals and 75 other establishments, and the DIS range representing a comprehensive suite of digital solutions used by 215 sites (125 healthcare establishments and 90 nursing homes), further enhance the Division’s existing offering. The integration of these new functional modules (Electronic Patient Records, invoicing, accounting, inventory management, and HR) into the Hospilink, Titanlink and Domilink ranges will create a comprehensive ecosystem to support the digital transformation of public and private institutions, in line with the Group’s ambition to become the leading technology partner for the French healthcare system.

    H2 2025 outlook:

    Encouraged by the positive commercial momentum experienced across all of its divisions in H1 2025, Equasens Group looks ahead to the second half with confidence for which it is expecting continuing growth.
    At the same time, Equasens Group remains attentive to the decisions of public authorities regarding the level of financial compensation granted by health insurance for the purchase of generic and biosimilar medicines. These decisions could have an impact on pharmacy economics and the pharmacy network.
    The investment and structural efforts made since 2024 are starting to show results, with the successful rollout of new software solutions for all healthcare professionals. These measures will be maintained for the remainder of FY 2025.
    The integration of DIS and ResUrgences businesses, effective as of 1 July 2025, will start contributing to the performance of the Axigate Link Division in Q3 and will create promising technical and commercial synergies.
    With a solid financial structure, the Group remains attentive to opportunities for external growth, both in France and in Europe that will strengthen its position as a leader in digital healthcare solutions.

    Financial calendar:

    • H1 2025 results: 26 September 2025
    • Presentation of H1 2025 results to analysts (SFAF): 29 September 2025 – Paris
    • Q3 2025 revenue: 5 November 2025
    • FY 2025 revenue: 5 February 2026

    About Equasens Group

    Founded over 35 years ago, Equasens Group, a leader in digital healthcare solutions, today employs over 1.300 people across Europe.
    Equasens Group’s specialised business applications facilitate the day-to-day work of healthcare professionals and their teams, working in private practice, collaborative medical structures or healthcare establishments. The Group also provides comprehensive support to healthcare professionals in the transformation of their profession by developing electronic equipment, digital solutions and healthcare robotics, as well as data hosting, financing and training adapted to their specific needs.
    And reflecting the spirit of its tagline “Technology for a More Human Experience”, the Group is a leading provider of interoperability solutions that improve coordination between healthcare professionals, their communications and data exchange resulting in better patient care and a more efficient and secure healthcare system.

    Listed on Euronext Paris™ – Compartment B

    Indexes: MSCI GLOBAL SMALL CAP – GAÏA Index 2020 – CAC®SMALL and CAC®All-Tradable
    Included in the Euronext Tech Leaders segment and the European Rising Tech label

    Eligible for the Deferred Settlement Service (“Service à Réglement Différé” – SRD) and equity savings accounts invested in small and mid caps (PEA-PME).
    ISIN: FR 0012882389 – Ticker Code: EQS

    Get all the news about Equasens Group www.equasens.com and on LinkedIn

    CONTACTS

    EQUASENS Group
    Analyst and Investor Relations:
    Chief Administrative and Financial Officer: Frédérique Schmidt
    Tel: +33 (0)3 83 15 90 67 – frederique.schmidt@equasens.com

    Financial communications agency:
    FIN’EXTENSO – Isabelle Aprile

    Tel.: +33 (0)6 17 38 61 78 – i.aprile@finextenso.fr

    Forward-looking statements
    This press release contains forward-looking statements that are not guarantees of future performance and are based on current opinions, forecasts and assumptions, including, but not limited to, assumptions about Equasens’ current and future strategy and the environment in which Equasens operates. These involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements, or industry results or other events, to materially differ from those expressed in or implied by such forward-looking statements. These risks and uncertainties include those detailed in Chapter 3 “Risk factors” of the Universal Registration Document filed with the French financial market authority (Autorité des Marchés Financiers or AMF) on April 29, 2025 under number D.25-0334. These forward-looking statements are valid only as of the date of this press release.

    Attachment

    The MIL Network

  • MIL-OSI: Austin Proptech Startup Rent with Clara Announces Launch of “Trust Layer” for the Rental Market

    Source: GlobeNewswire (MIL-OSI)

    Austin, Texas, July 31, 2025 (GLOBE NEWSWIRE) — Rent with Clara, a Proptech platform developed by Clara Technologies, announced today a major rebrand and product repositioning aimed at combating rental fraud through a new infrastructure model it calls the “Trust Layer for the Rental Economy.” The company, accessible at https://www.rentwithclara.com, is introducing the Clara Rental Passport—a renter-controlled “Trust Layer” that combats fraud and accelerates secure, compliant rental applications for both renters and landlords.

    Rent with Clara – Tenant Screening Software

    Founded by real estate expert and tech entrepreneur Taylor Wilson, the platform combines rigorous verification technology with a mission-driven approach rooted in the founder’s own experience as a renter, landlord, and agent. Wilson’s firsthand exposure to the “inequities and inefficiencies” of the rental process inspired the creation of a platform that serves all sides of the transaction fairly—while delivering enterprise-grade fraud prevention for independent landlords and brokers alike.

    “We’re not trying to be the next listing site or property manager-in-a-box,” said Wilson. “This is about infrastructure. Just like Stripe did for payments and Plaid for banking data, Clara is building trust for rentals, fast, secure, and legally compliant.” – Taylor Wilson

    From Renter Frustration to Founder’s Vision

    The idea was born out of Wilson’s frustration navigating rental applications from all sides, first as a renter, then as a listing manager, and finally as an independent landlord. That trifecta gave her unique visibility into how broken the process was: from fraud-prone documents to invisible bias, and a complete lack of standardized, renter-controlled data.

    What emerged is the Clara Rental Passport: a reusable, renter-controlled profile that securely stores verified identity, income, rental history, and more. With one click, applicants can share it with any participating landlord. Meanwhile, landlords receive fully verified reports, delivered in minutes, without the risk of forged pay stubs or liability from non-compliant screening processes.

    An Anti-Fraud Platform Backed by FinTech DNA

    Under the hood, Clara leans on a powerful tech stack:

    • Argyle: real-time income and employment verification directly from payroll systems
    • Veriff: identity validation and secure data transfer
    • TransUnion: standardized credit and criminal background data

    “Fake pay stubs are a billion-dollar problem, and they’re shockingly easy to make,” Wilson said. “With Clara, landlords never have to look at a PDF again.” 

    – Taylor Wilson

    Clara’s compliance-first design is also built for scale, with compliance and transparency baked into every screening flow.

    Business Model Designed for Network Effects

    Unlike most screening platforms, Clara is free for landlords and agents. Renters pay a one-time $49 fee, which can be reused across multiple applications. That go-to-market strategy removes adoption friction and builds a virtuous network: the more landlords accept Clara, the more valuable the passport becomes.

    The company is currently bootstrapped, but Wilson confirmed that Clara Technologies is in early discussions with strategic investors as it ramps platform adoption across Texas and beyond.

    A look inside the application as a Landlord

    About Rent with Clara

    Rent with Clara is a PropTech platform that brings trust, speed, and security to the rental process through fraud-proof tenant screening and renter-controlled data. Built by Clara Technologies in Austin, TX, the platform is designed to serve landlords, agents, and renters with verified information they can rely on—without the friction of outdated paperwork or opaque decision-making. 

    Press inquiries

    Rent with Clara
    https://rentwithclara.com
    Gelo Amonelo
    gelo@rentwithclara.com
    Austin, Texas USA

    The MIL Network

  • MIL-OSI: SCOR announces the availability of its 2025 Interim Financial Report

    Source: GlobeNewswire (MIL-OSI)

    Press release
    July 31, 2025 – N° 12

    SCOR announces the availability of its 2025 Interim Financial Report

    SCOR (“SCOR” or the “Company”) announces the availability and the filing with the French Autorité des marchés financiers of its Interim Financial Report for the period ended June 30, 2025.

    The 2025 Interim Financial Report is available in the “Regulated Information” section of the Company’s website at www.scor.com.

    Hard copies of the 2025 Interim Financial Report are also available at SCOR’s headquarters, located at the following address:

    SCOR SE
    5, avenue Kléber
    75795 Paris Cedex 16
    France

    *

    *         *

    SCOR, a leading global reinsurer

    As a leading global reinsurer, SCOR offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying “The Art & Science of Risk,” SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society.

    The Group generated premiums of EUR 20.1 billion in 2024 and serves clients in more than 150 countries from its 37 offices worldwide.

    For more information, visit: www.scor.com

    Media Relations
    Alexandre Garcia
    media@scor.com

    Investor Relations
    Thomas Fossard
    InvestorRelations@scor.com

    Follow us on LinkedIn

     

    All content published by the SCOR group since January 1, 2024, is certified with Wiztrust. You can check the authenticity of this content at wiztrust.com.

    General

    Figures presented throughout the 2025 Interim Financial Report may not add up precisely to the totals in the tables and text. Percentages and percent changes are calculated on complete figures (including decimals); therefore, the 2025 Interim Financial Report might contain immaterial differences in sums and percentages due to rounding. Unless otherwise specified, the sources for the business ranking and market positions are internal.

    The 2025 Interim Financial Report does not constitute an offer to sell or exchange, or a solicitation of an offer to buy SCOR securities in any jurisdiction.

    Forward-looking statements

    The 2025 Interim Financial Report includes forward-looking statements, assumptions, and information about SCOR’s financial condition, results, business, strategy, plans and objectives, including in relation to SCOR’s current or future projects.

    These statements may be identified by the use of the future tense or conditional mode, or terms such as “estimate”, “believe”, “anticipate”, “aim”, “expect”, “have the objective”, “intend to”, “plan”, “result in”, “should”, and other similar expressions.

    It should be noted that the achievement of these objectives, forward-looking statements, assumptions and information is dependent on circumstances and facts that may or may not arise in the future.

    No guarantee can be given regarding the achievement of these forward-looking statements, assumptions and information. These forward-looking statements, assumptions and information are not guarantees of future performance. Forward-looking statements, assumptions and information (including on objectives) may be impacted by known or unknown risks, identified or unidentified uncertainties and other factors that may significantly impact the future results, performance and accomplishments planned or expected by SCOR.

    In particular, it should be noted that the full impact of the economic, financial and geopolitical risks on SCOR’s business and results cannot be precisely assessed.

    Accordingly, all assessments, assumptions, and figures presented in the 2025 Interim Financial Report should be considered as estimates based on evolving analyses, and encompass a wide range of theoretical hypotheses, which are highly evolutive.

    Information regarding risks and uncertainties that may affect SCOR’s business is set forth in the 2024 Universal Registration Document filed on March 20, 2025, under number n°D.25-0124 with the French Autorité des marchés financiers (AMF) available on SCOR’s website www.scor.com and on the AMF’s website www.amf-france.org.

    In addition, such forward-looking statements, assumptions and information are not “profit forecasts” within the meaning of Article 1 of Commission Delegated Regulation (EU) 2019/980.

    SCOR does not undertake and has no obligation or intention to complete, update, revise or change these forward-looking statements, assumptions and information, whether as a result of new information, future events or otherwise.

    Financial information

    The Group’s financial information contained in the 2025 Interim Financial Report is prepared on the basis of IFRS and interpretations issued and approved by the European Union.

    Unless otherwise specified, prior-year balance sheet, income statement items and ratios have not been reclassified.

    The calculation of financial ratios (such as return on invested assets, regular income yield, return on equity and combined ratio) is detailed in the Appendices of the presentation related to the financial results for the second quarter and first half of 2025 which is available on SCOR’s website www.scor.com.

    The financial results for the first half of 2025 included in the 2025 Interim Financial Report have been subject to a limited review by SCOR’s statutory auditors. Unless otherwise specified, all figures are presented in Euros.

    Any financial data or figures for a period subsequent to June 30, 2025 are not to be construed as a forecast of the expected financials for these periods.

    Attachment

    The MIL Network

  • MIL-OSI USA: North Dakota Development Fund Approves $2.16M in Loans for Child Care, Tech and Ag Projects in Q2

    Source: US State of North Dakota

    The North Dakota Department of Commerce announced today that six companies were approved for a total of $2.16 million in loan funds through the North Dakota Development Fund, Inc. (NDDF) during the second quarter of 2025.

    “These investments reflect our commitment to economic growth and meeting community needs across North Dakota,” said Commerce Economic Development & Finance Deputy Director and Head of Investments and Innovation Shayden Akason. “We’re proud to support businesses that are expanding access to child care – an essential service that enables parents to remain in the workforce and strengthens the state’s economic resilience.”

    Loan highlights:

    • Discovery Properties LLC, Mandan – $805,000 to purchase and renovate a building for a new child care facility.
    • Reser LLC dba The Learning Tree, Minot – $100,000 to expand and remodel its existing facility.
    • Transcend Childcare Center, Fargo – $100,000 to acquire an existing child care facility.
    • OmniByte Technology Inc., Fargo – in working capital support.
    • Peace Academy Inc., Fargo – $450,000 to remodel a building and expand child care operations.
    • Dakota Valley Growers, Bathgate – $455,000 to construct a compost facility for its feedlot.

    From East to the West, the NDDF is powering progress – backing projects in Bathgate, Fargo, Minot, and Mandan. Whether it is value-added agriculture, child care, or technology, the NDDF helps bridge regions and industries to build a stronger, more resilient North Dakota

    Established in 1991, the NDDF provides flexible financing for new or expanding businesses. The fund also manages the Child Care Loan Program, which supports providers addressing critical workforce needs.

    For more information about the Development Fund, visit belegendary.link/North-Dakota-Development-Fund.

    MIL OSI USA News

  • MIL-OSI USA: American Leadership in the Digital Finance Revolution

    Source: Securities and Exchange Commission

    Good afternoon. Thank you, Norm, for your kind introduction and the invitation to be here. It gives me great pleasure to be with you all, particularly at what I believe is a defining moment for American leadership in the crypto asset markets. Before I share a few reflections, I want to thank the America First Policy Institute for convening such a timely conversation. And, I must note, in order to keep my compliance folks happy, that the views I express here today are my own and do not necessarily reflect those of the SEC as an institution or of the other Commissioners.

    ***

    Today, I would like to discuss what Commissioner Hester Peirce and I are calling “Project Crypto,” which will be the SEC’s north star in aiding President Trump in his historic efforts to make America the “crypto capital of the world.”[1] But before I discuss our plan for crypto market primacy, let me take a few moments to revisit some inflection points in the history of our financial markets that bear similarities to the one we are at now, so that the future we shape is worthy of the legacy that we inherit.

    Evolution of Capital Markets: From Buttonwood to Blockchain

    The winds of innovation have always swept through our capital markets, often at gale force. In 1792, they rustled the leaves of a buttonwood tree, beneath which two dozen stockbrokers assembled to establish the forerunner to the New York Stock Exchange. That modest agreement—fewer than a hundred words handwritten on a slip of parchment—set in motion an elegant design that would govern the flow of capital for generations.[2]

    In the centuries since, our markets have never stood still. They have expanded, evolved, and reinvented themselves in step with the ideas and technologies of their time. Markets are dynamic because of the people who participate in them. Markets channel human ingenuity toward society’s most intractable problems by rewarding those who develop the most innovative solutions that others value enough to buy. They are the mechanism by which Adam Smith’s invisible hand elevates those who act in the common good—even when pursuing their own.

    The SEC’s role is to safeguard markets that allow the spark of human creativity and skill to benefit society. Over the arc of its history, the agency has both enabled innovation and, regrettably at times, stifled it. Fortunately, progress has a way of prevailing. And when our regulatory posture is calibrated to meet innovation with thoughtfulness rather than fear, America’s leadership position has only grown stronger.

    ***

    In the 1960s—before my time, I am happy to say—Wall Street was riding a bull market. But behind the scenes, our market machinery was straining to keep up. Most clearing and settlement transactions involved a costly and cumbersome process. Rising stacks of paper stock certificates had to be physically delivered by clerks wheeling carts up and down Wall Street and in other financial districts all across America.[3] It was a scene from another century struggling to meet the demands of the modern securities markets.

    Indeed, the paper-based clearance and settlement systems, built for a gentler era, began to buckle under the weight of soaring volumes. Delays at one firm held up the work of another. Securities were lost or stolen. Fails ballooned. And many thinly capitalized broker-dealers were caught by the whiplash of scuttled transactions. In desperation, trading hours were reduced and exchanges eventually closed on Wednesdays to allow firms to process the mountains of certificates.

    The breakdown over an antiquated system was described by the SEC chairman at the time as “the most prolonged and severe crisis in the securities industry in 40 years… Firms failed. Investor confidence plummeted.” And very much to its credit, the SEC was proactive in remedying the so-called “Paperwork Crisis.” The agency helped market participants to develop the Depository Trust and Clearing Corporation, which would transform how securities were held and traded.[4] Instead of shuffling paper certificates from customer to broker, broker to broker, and broker to customer, title to shares could now be transferred through computerized ledger entries.[5] The certificates themselves were immobilized, stored securely in vaults, as ownership moved electronically, laying the foundation for the modern clearing and settlement system that has continued to this day.

    The ticker tape machine—like the one here—was also a breakthrough of its time, revolutionizing how Americans accessed market information, line by line, trade by trade.[6] But breakthroughs don’t belong in the past.

    By the late 1990s, electronic trading systems surged in popularity, unsettling old assumptions about how markets should function. Chairman Arthur Levitt likewise believed it behooved the SEC to provide regulatory flexibility for the electronic markets to innovate.[7] So, Regulation Alternative Trading Systems, or “Reg ATS,” adopted in 1999, allowed for ATSs to be regulated like broker-dealers, rather than like exchanges.[8]

    So, this brings me to today. To a moment that demands American ambition. To a project that can unleash it.

    Our regulatory framework need not be anchored to an analog past—unkind to new frontiers. After all, the future is arriving at full speed—and the world is not waiting. America must do more than just keep pace with the digital asset revolution. We must drive it.

    Forging the Future: America’s Leadership in the Golden Age of Finance

    So today, I would like the world to go on notice that under my leadership, the SEC will not stand idly by and watch innovations develop overseas while our capital markets remain stagnant. To achieve President Trump’s vision of making America the crypto capital of the world, the SEC must holistically consider the potential benefits and risks of moving our markets from an off-chain environment to an on-chain one.

    We are at the threshold of a new era in the history of our markets. As I mentioned earlier, today I am announcing the launch of “Project Crypto”—a Commission-wide initiative to modernize the securities rules and regulations to enable America’s financial markets to move on-chain.

    Just a few weeks ago, President Trump signed the GENIUS Act into law, ensuring that America will continue to lead in global payments with a gold standard stablecoin regulatory framework. Upon signing the GENIUS Act into law, I was pleased that President Trump endorsed Congressional efforts to pass crypto market structure legislation by the end of the year. I commend the House of Representatives for garnering such strong bipartisan support, and I look forward to working with the Senate as they build off the House’s work and craft market structure legislation that future proofs our markets against regulatory mischief, cementing the United States as the crypto capital of the world.

    Yesterday, the President’s Working Group on Digital Asset Markets released the PWG Report with clear recommendations for the SEC and other federal agencies to build a framework to maintain U.S. dominance in crypto asset markets. This report is the blueprint to make America first in blockchain and crypto technology. The President said last week that he wants “the entire world running on the backbone of American technology.”[9] I stand ready to help get that job done.

    That is why I am launching Project Crypto and directing the SEC’s policy divisions to work with the Crypto Task Force, led by Commissioner Peirce, to swiftly develop proposals to implement the PWG’s recommendations. Project Crypto will help ensure that the United States remains the best place in the world to start a business, develop cutting-edge technologies, and participate in capital markets. We will reshore the crypto businesses that fled our country, particularly those that were crippled by the previous administration’s regulation-by-enforcement crusade and “Operation Chokepoint 2.0”[10] Whether an incumbent or a new entrant, the SEC welcomes all market participants who are hungry to innovate.

    In accord with the PWG Report’s recommendations, I have directed the Commission staff to draft clear and simple rules of the road for crypto asset distributions, custody, and trading for public notice and comment. While the Commission staff works to finalize these regulations, the Commission and its staff will in the coming months consider using interpretative, exemptive, and other authorities to make sure that archaic rules and regulations do not smother innovation and entrepreneurship in America. Many of the Commission’s legacy rules and regulations do not make sense in the twenty-first century—let alone for on-chain markets. The Commission must revamp its rulebook so that regulatory moats do not hinder progress and competition—from both new entrants and incumbents—to the detriment of Main Street.[11]

    Onshoring Crypto: A New Day at the SEC

    Now, Project Crypto will involve a broad range of initiatives across the Commission. 

    First, we will work to bring crypto asset distributions back to America. The days of convoluted offshore corporate structures, decentralization theater, and confusion over security status, are over. President Trump has said that America is in its Golden Age—and under our new agenda, our crypto asset economy will be, too.

    In line with the PWG Report, a key priority of mine will be to establish—as swiftly as we can—a regulatory framework for distributions of crypto assets in America. Capital formation is at the heart of the SEC’s mission, yet for too long the SEC ignored market demands for choice and disincentivized crypto-based capital raising.[12] As a result, crypto markets pivoted away from offering crypto assets and deprived investors of the opportunity to use this technology to contribute to productive economic enterprises. The SEC’s head-in-the-sand posture—as well as its shoot first, ask questions later approach—are days of the past.

    Despite what the SEC has said in the past, most crypto assets are not securities. But confusion over the application of the “Howey test” has led some innovators to prophylactically treat all crypto assets as such. American entrepreneurs are harnessing blockchain technology to modernize a broad range of legacy systems and instruments. One such entrepreneur is Senator Bernie Moreno of Ohio, a successful businessman and freshman senator, who before his election to the Senate founded a company that put car titles on the blockchain.[13] He saw a need for efficiency in transferring titles and devised a practical solution with the new technology.  These entrepreneurs need—and deserve—bright-line rules for determining whether the securities laws apply to their businesses.

    I have directed the Commission staff to work to develop clear guidelines that market participants can use to determine whether a crypto asset is a security or subject to an investment contract. Our goal is to help market participants to slot crypto assets into categories, such as digital collectibles, digital commodities, or stablecoins, and assess the economic realities of a transaction. This approach can allow market participants to determine, based upon clear guidelines, whether any outstanding promises or commitments of the issuer cause the crypto asset to be subject to an investment contract.

    In addition, it should not be a scarlet letter to be deemed a security. We need a regulatory framework for crypto asset securities that allows these products to flourish within American markets. Many issuers will prefer the flexibility in product design that the securities laws afford, and investors will benefit from the opportunity to earn distributions, voting rights, and other features typical of securities. Projects should not be forced to establish decentralized autonomous organizations and offshore foundations or decentralize too early if this is not their desired plan of action. I am excited to see new use cases for crypto asset securities in commerce, such as the ability to participate in blockchain network consensus with tokenized equities.

    Thus, for those crypto asset transactions that are subject to the securities laws, I have asked staff to propose purpose-fit disclosures, exemptions, and safe harbors, including for so-called “initial coin offerings,” “airdrops,” and network rewards. Regarding these sorts of transactions, our goal should be that issuers no longer exclude Americans from their distributions to avoid legal complexity and lawsuits,[14] but instead choose to include Americans to enjoy legal certainty and an accommodating regulatory environment. It is my view that a Cambrian explosion in innovation could occur if we stay true to this course.

    Additionally, many firms seek to “tokenize” their common stock, bonds, partnership interests, and other securities, or tokenize the securities of third parties.[15] Much of this innovation is offshore today due to regulatory challenges in the United States. I also hear from our regulatory policy staff that firms—from household names on Wall Street to unicorn tech companies in Silicon Valley—are lined up at our doors with requests to tokenize. I have asked the Commission staff to work with firms seeking to distribute tokenized securities within the United States and to provide relief where appropriate to assure that Americans are not left behind. 

    Enhancing Freedom: Choice Among Custodians and Trading Venues

    Second, to achieve the President’s goals, it is incumbent on the SEC to ensure that market participants have maximum choice when deciding where to custody and trade crypto assets.  As I have said before, the right to have self-custody of one’s private property is a core American value.[16] I believe deeply in the right to use a self-custodial digital wallet to maintain personal crypto assets and participate in on-chain activities like staking. However, some investors will continue to rely on SEC registrants, such as broker-dealers and investment advisers, to hold assets on their behalf, and these firms are subject to additional regulatory requirements when they do so. It will be a priority of my chairmanship to carry out the PWG Report’s recommendation to modernize the SEC’s custody requirements for registered intermediaries.

    The prior Administration’s “special-purpose broker-dealer” framework, SAB 121, and “Operation Chokepoint 2.0,” resulted in a dearth of custodial service provider options in the market today.[17]  The existing custody rules were created without crypto assets in mind. I have directed the staff to consider how best to adapt the existing regime to facilitate the custody of crypto assets, including possible exemptive or other relief, in addition to changes to the rules themselves.

    As the PWG Report recommends, market participants “should be permitted to engage in multiple business lines under the most efficient licensing structure possible.” We should not force market participants to be stretched to fit a Procrustean bed of regulation for regulation’s sake. I am in favor of affording them the freedom to choose the most efficient regulatory framework for their business, provided that the framework adequately protects investors.

    Facilitating Super-Apps: Horizontal Integration of Product Offerings

    Third, a key priority of my chairmanship is to allow market participants to innovate with “super-apps.”[18] I am often asked, “What do you mean by a super-app?” Plain and simple: securities intermediaries should be able to offer a broad range of products and services under one roof with a single license. A broker-dealer with an alternative trading system should be able to offer trading in non-security crypto assets alongside crypto asset securities, traditional securities, and other services, like crypto asset staking and lending, without requiring fifty-plus state licenses or multiple federal licenses. Nothing in the federal securities laws prohibits SEC-registered trading venues from listing non-securities on their platforms today, and I have directed the Commission staff to develop further guidance and proposals ultimately to make this “super-app” vision a reality. Maybe they’ll call it “Reg Super-App.”

    Consistent with the PWG Report, the SEC in concert with other regulators should strive to have the most efficient licensing structure for SEC registrants. They should not be unnecessarily subject to multiple regulators or regulatory regimes. This model has worked well for banks, which are broadly exempted from many duplicative regulatory frameworks, such as broker-dealer and clearing agency registration. Regulators should provide the minimum effective dose of regulation necessary to protect investors while allowing entrepreneurs and businesses to flourish. We should not overburden them with paternalistic regulation that could drive them offshore or make American companies less competitive internationally. Our regulators should unleash the forces of venue and product competition for the benefit of all Americans. We should not artificially constrain business models and impose duplicative regulatory costs on American businesses that favor the largest firms that are better able to bear the regulatory burdens.

    Per the PWG’s recommendations, I have directed the Commission staff to develop a framework that will allow non-security crypto assets and crypto asset securities to be traded side-by-side on SEC-regulated platforms. Additionally, I have asked the staff to evaluate the use of Commission authority to permit non-security crypto assets that are subject to an investment contract to trade on trading venues that are not registered with the Commission. I am keen to pursue such a solution, as it will not only enable state-licensed crypto asset platforms that are not registered with the SEC to list certain crypto assets, but it also clears the way for CFTC-regulated platforms to offer these products with margin capabilities—even without Congress providing the CFTC with any additional authority, unlocking even greater liquidity for these assets.

    Unleashing U.S. Markets: Big Beautiful On-Chain Software Systems

    Fourth, I have directed the Commission staff to update antiquated agency rules and regulations to unleash the potential of on-chain software systems in our securities markets. On-chain software comes in many shapes and sizes—some of these systems are truly decentralized and not operated by any intermediary. Other on-chain software systems have an operator. Both types of on-chain software should have a place within our financial markets. It is essential that any crypto asset regulatory market structure create a path for software developers to unleash on-chain software systems that do not require operation by any central intermediary. Decentralized finance software systems—like automated market makers—facilitate automated, non-intermediated financial market activity. Federal securities laws have always assumed the involvement of intermediaries that require regulation, but this does not mean that we should interpose intermediaries for the sake of forcing intermediation where the markets can function without them.

    We will create space in our markets for both models, by protecting pure publishers of software code, drawing reasonable lines to distinguish intermediated and disintermediated activity, and creating rational and workable rules of the road for intermediaries that seek to operate on-chain software systems. Decentralized finance and other forms of on-chain software systems will be part of our securities markets and not drowned out by duplicative or unnecessary regulation.

    To make this vision a reality, we will need to consider some changes to our rules. For example, accommodating trading of tokenized securities on-chain may require us to explore amendments to Reg NMS, in addition to what we otherwise would do in the normal course to correct market distortions that it engenders. Many of you will remember that I co-authored with Commissioner Cynthia Glassman a lengthy dissent to the adoption of Reg NMS twenty years ago last month.[19] This dissent is even more compelling now that we have had two decades of prescriptive requirements that distort market activity and impede the evolution of our securities markets. Congress clearly intended that “competitive forces, rather than unnecessary regulation, guide the development of the national market system.”[20] I will look for ways to bring us back in line with that intent and thereby promote innovation and competition in our markets.

    Fostering Innovation:  Commercial Viability is Our True North

    Finally, innovation and entrepreneurialism are the engines of the American economy. President Trump has described America as a “nation of builders.”[21] Under my leadership, the Commission will encourage our nation’s builders rather than constrain them with red tape and one-size-fits-all rules. While the Commission is actively considering industry requests that could jumpstart innovative activity, we are also contemplating an innovation exemption that would allow registrants and non-registrants to quickly go to market with new business models and services that do not neatly fit within our existing rules and regulations. The Commission will continue to ensure that market participants adhere to certain conditions and requirements designed to achieve the policy aims of the federal securities laws.

    Under my vision for an innovation exemption, innovators and visionaries will be able to immediately enter the market with new technologies and business models but will not be required to comply with incompatible or burdensome prescriptive regulatory requirements that hinder productive economic activity. Instead, they will be able to comply with certain principles-based conditions designed to achieve the core policy aims of the federal securities laws. These conditions may include, for example, a commitment to make periodic reports to the Commission, incorporate whitelisting or “verified pool” functionality, and restrict tokenized securities that do not adhere to a token standard that incorporates compliance features, such as ERC3643.[22] I encourage market participants and SEC staff alike to have an eye towards commercial viability when contemplating what various models could look like.

    ***

    As we advance these priorities, I look forward to working with my counterparts across the Administration to make the United States the crypto capital of the world. This represents more than a regulatory shift—it is a generational opportunity.

    From the leaves of a buttonwood tree to ledgers on a blockchain, the winds of innovation still blow—and it is our task that they carry American leadership forward. After all, ladies and gentlemen, we have never been content to follow. We will not watch from the sidelines. We will lead. We will build. And, we will ensure that the next chapter of financial innovation is written right here in America.

    Thank you very much for your time today. I encourage you to be attentive to our coming announcements and proposals and, as always, I welcome your thoughtful comments and suggestions.


    [2] See The History of NYSE, New York Stock Exchange, https://www.nyse.com/history-of-nyse.

    [3] See Wall Street: The Paperwork Predicament, Time Magazine (June 21, 1968), https://time.com/archive/6636314/wall-street-the-paperwork-predicament/.

    [4] See A Short History of the Depository Trust Company, Securities and Exchange Commission Historical Society (1999), https://www.sechistorical.org/collection/papers/1990/1999_0101_DTCHistory.pdf.

    [6] Danny Lewis, The Physical Stock Ticker Is a Relic, But Its Influence Reverberates Loudly Today, Smithsonian Magazine (Nov. 15, 2016), https://www.smithsonianmag.com/smart-news/the-physical-stock-ticker-is-a-relic-but-its-influence-reverberates-loudly-today-180961092/.

    [7] Transformation & Regulation: Equities Market Structure, 1934 to 2018: Reg ATS, Securities and Exchange Commission Historical Society, https://www.sechistorical.org/museum/galleries/msr/msr04c_reg_ats.php.

    [10] See, e.g., David H. Thompson et al., Operation Choke Point 2.0: The Federal Bank Regulators Come For Crypto, Cooper & Kirk (Mar. 24, 2023),  https://www.cooperkirk.com/wp-content/uploads/2023/03/Operation-Choke-Point-2.0.pdf; Testimony of Paul Grewal, Chief Legal Officer, Coinbase, Before the U.S. House Committee on Financial Services Subcommittee on Oversight and Investigations (Feb. 6, 2025), https://www.congress.gov/119/meeting/house/117858/witnesses/HHRG-119-BA09-Wstate-GrewalP-20250206.pdf.

    [11] See The White House, Unleashing Prosperity Through Deregulation (Jan. 31, 2025), https://www.whitehouse.gov/presidential-actions/2025/01/unleashing-prosperity-through-deregulation/.

    [12] See e.g., Commissioner Hester Peirce, Hobs and Hobbes: Wharton FinTech Lecture, Securities and Exchange Commission (Nov. 1, 2024), https://www.sec.gov/newsroom/speeches-statements/peirce-remarks-wharton-fintech-110124.

    [13] See e.g., Akash Sriram, California DMV puts 42 million car titles on blockchain to fight fraud, Reuters (July 30, 2024), https://www.reuters.com/technology/california-dmv-puts-42-million-car-titles-blockchain-fight-fraud-2024-07-30/.

    [14] See Danny Nelson, Crypto Airdrops Ban U.S. Users, but Americans Are Claiming Tokens Anyway, CoinDesk (Aug. 21, 2024), https://www.coindesk.com/policy/2024/08/21/crypto-airdrops-ban-us-users-but-americans-are-claiming-tokens-anyway.

    [15] See e.g., CNBC Television, BlackRock CEO Larry Fink: ‘I want the SEC to rapidly approve tokenization of bonds and stocks’, YouTube (Jan. 23, 2025), https://www.youtube.com/watch?v=Mi3q_upPjBM.

    [16] Chairman Paul Atkins, Remarks at Crypto Task Force Roundtable on Decentralized Finance, Securities and Exchange Commission (June 9, 2025), https://www.sec.gov/newsroom/speeches-statements/atkins-remarks-defi-roundtable-060925.

    [17] See Commissioner Hester Peirce, Lava and Lamps: Opening Remarks for Crypto Custody Roundtable, Securities and Exchange Commission (Apr. 25, 2025), https://www.sec.gov/newsroom/speeches-statements/peirce-lava-lamps-opening-remarks-crypto-custody-roundtable-042525.

    [18] Chairman Paul Atkins, Prepared Remarks Before SEC Speaks, Securities and Exchange Commission (May 19, 2025), https://www.sec.gov/newsroom/speeches-statements/atkins-prepared-remarks-sec-speaks-051925.

    [19] Commissioners Cynthia Glassman and Paul Atkins, Dissent of Commissioners Cynthia A. Glassman and Paul S. Atkins to the Adoption of Regulation NMS, Securities and Exchange Commission (June 9, 2005), https://www.sec.gov/files/rules/final/34-51808-dissent.pdf.

    [21] Hendrix, supra note 11.

    [22] For additional  information on the ERC3643 protocol, see Overview of the Protocol: ERC-3643 Permissioned Tokens, ERC3643 Association, https://docs.erc3643.org/erc-3643.

    MIL OSI USA News

  • MIL-OSI Security: CISA Releases Open-Source Eviction Strategies Tool for Cyber Incident Response

    Source: US Department of Homeland Security

    WASHINGTON –Today, the Cybersecurity and Infrastructure Security Agency (CISA) released an Eviction Strategies Tool, a no-cost resource designed to support cyber defenders in their efforts to respond to cyber incidents. CISA contracted with MITRE to develop this tool that enables cyber defenders to create tailored response plans and adversary eviction strategies within minutes. They will also be able to develop customized playbooks aimed at containing and evicting adversaries from compromised systems and networks.

    The tool includes COUN7ER, a database of atomic post-compromise countermeasures mapped to adversary tactics, techniques, and procedures (TTPs), and Cyber Eviction Strategies Playbook NextGen, a web-based application that matches incident findings with countermeasures obtained from COUN7ER. Together, these resources help defenders build systematic eviction plans with distinct countermeasures to thwart and evict unique intrusions.

    “How an organization approaches remediation and eviction of an incident is critically important to a successful response effort. Over the years, we have seen organizations struggle with identifying the right steps to take and the correct sequencing of actions to properly evict advanced adversaries from their enterprises,” said Jermaine Roebuck, Associate Director for Threat Hunting, CISA. “This tool will level the playing field by making it easier for IT staff and cyber defenders to coordinate efforts and achieve a successful eviction. I encourage public and private sector organizations to incorporate this capability into their incident response plans.” 

    Key features of the Eviction Strategies Tool include:

    • Enables cyber defenders to build response plans based on either MITRE ATT&CK® or on free text that describes threat actor activities on compromised assets.
    • Exports defensive measure options in numerous formats, such as JSON, Microsoft Word and Excel, and markdown.
    • Builds on knowledge from other frameworks, including MITRE D3FEND™, as well as MITRE ATT&CK.
    • Contains more than 100 fully developed, researched and curated atomic actions that incident responders can take to contain and evict adversary agency within their networks and assets.

    To encourage collaboration and development, CISA offers Cyber Eviction Strategies Playbook NextGen and COUN7ER to the public under the MIT Open Source License. Cyber defenders are encouraged to review the new tool and provide feedback using CISA’s anonymous product survey.

    For more information on best practices to implement preventative measures and manage cyber risks, visit Cybersecurity Best Practices.

    ###

    About CISA 

    As the nation’s cyber defense agency and national coordinator for critical infrastructure security, the Cybersecurity and Infrastructure Security Agency leads the national effort to understand, manage, and reduce risk to the digital and physical infrastructure Americans rely on every hour of every day.

    Visit CISA.gov for more information and follow us on XFacebookLinkedIn, Instagram

    MIL Security OSI

  • MIL-OSI Submissions: By building the world’s biggest dam, China hopes to control more than just its water supply

    Source: The Conversation – UK – By Tom Harper, Lecturer in International Relations, University of East London

    China’s already vast infrastructure programme has entered a new phase as building work starts on the Motuo hydropower project.

    The dam will consist of five cascade hydropower stations arranged from upstream to downstream and, once completed, will be the world’s largest source of hydroelectric power. It will be four times larger than China’s previous signature hydropower project, the Three Gorges Dam, which spans the Yangtse river in central China.

    The Chinese premier, Li Qiang, has described the proposed mega dam as the “project of the century”. In several ways, Li’s description is apt. The vast scale of the project is a reflection of China’s geopolitical status and ambitions.

    Possibly the most controversial aspect of the dam is its location. The site is on the lower reaches of the Yarlung Zangbo river on the eastern rim of the Tibetan plateau. This is connected to the Brahmaputra river which flows into the Indian border state of Arunachal Pradesh as well as Bangladesh. It is an important source of water for Bangladesh and India.

    Both nations have voiced concerns over the dam, particularly since it can potentially affect their water supplies. The tension with India over the dam is compounded by the fact that Arunachal Pradesh has been a focal point of Sino-Indian tensions. China claims the region, which it refers to as Zangnan, saying it is part of what it calls South Tibet.

    At the same time, the dam presents Beijing with a potentially formidable geopolitical tool in its dealings with the Indian government. The location of the dam means that it is possible for Beijing to restrict India’s water supply.

    This potential to control downstream water supply to another country has been demonstrated by the effects that earlier dam projects in the region have had on the nations of the Mekong river delta in 2019. As a result, this gives Beijing a significant degree of leverage over its neighbours.

    One country restricting water supply to put pressure on another is by no means unprecedented. In fact in April 2025, following a terror attack by Pakistan-based The Resistance Front in Kashmir, which killed 26 people (mainly tourists), India suspended the Indus waters treaty, restricting water supplies to Pakistani farmers in the region. So the potential for China’s dam to disrupt water flows will further compound the already tense geopolitics of southern Asia.

    Concrete titans

    The Motuo mega dam is an advertisement of China’s prowess when it comes to large-scale infrastructure projects. China’s expertise with massive infrastructure projects is a big part of modern Chinese diplomacy through its massive belt and road initiative.

    This involves joint ventures with many developing nations to build large-scale infrastructure, such as ports, rail systems and the like. It has caused much consternation in Washington and Brussels, which view these initiatives as a wider effort to build Chinese influence at their expense.

    The completion of the dam will will bring Beijing significant symbolic capital as a demonstration of China’s power and prosperity – an integral feature of the image of China that Beijing is very keen to promote. It can also be seen as a manifestation of both China’s aspiration and its longstanding fears.

    Harnessing the rivers

    The Motuo hydropower project also represents the latest chapter of China’s long battle for control of its rivers, a key story in the development of Chinese civilisation.

    Rivers such as the Yangtze have been at the heart of the prosperity of several Chinese dynasties (the Yangtse is still a major economic driver in modern China) and has devastated others. The massive Yangtse flood of 1441 threatened the stability of the Ming dynasty, while an estimated 2 million people died when the river flooded in 1931.

    France 24 report on the construction of the mega dam project.

    Such struggles have been embodied in Chinese mythology in the form of the Gun-Yu myth. This tells the story of the way floods displaced the population of ancient China, probably based on an actual flooding at Jishi Gorge on the Yellow River in what is now Qinghai province in 1920BC.

    This has led to the common motif of rivers needing human control to abate natural disaster, a theme present in much classical Chinese culture and poetry.

    The pursuit of controlling China’s rivers has also been one of the primary influences on the formation of the Chinese state, as characterised by the concept of zhishui 治水 (controlling the rivers). Efforts to control the Yangtze have shaped the centralised system of governance that has characterised China throughout its history. In this sense, the Motuo hydropower project represents the latest chapter in China’s quest to harness the power of its rivers.

    Such a quest remains imperative for China and its importance has been further underlined by the challenges of climate change, which has seen natural resources such as water becoming increasingly limited. The Ganges river has already been identified as one of the world’s water scarcity hotspots.

    As well as sustaining China’s population, the hydropower provided by the dam is another part of China’s wider push towards self-sufficiency. It’s estimated that the dam could generate 300 billion kilowatt-hours of electricity every year – about the same about produced by the whole UK. While this will meet the needs of the local population, it also further entrenches China’s ability to produce cheap electricity – something that has enabled China to become and remain a manufacturing superpower.

    Construction has only just begun, but Motuo hydropower project has already become a microcosm of China’s wider push towards development. It’s also a gamechanger in the geopolitics of Asia, giving China the potential to exert greater control in shaping the region’s water supplies. This in turn will give it greater power to shape the geopolitics of the region.

    At the same time, it is also the latest chapter of China’s longstanding quest to harness its waterways, which now has regional implications beyond anything China’s previous dynasties could imagine.


    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.

    Tom Harper 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. By building the world’s biggest dam, China hopes to control more than just its water supply – https://theconversation.com/by-building-the-worlds-biggest-dam-china-hopes-to-control-more-than-just-its-water-supply-261984

    MIL OSI

  • MIL-OSI USA: Cherokee County men arrested on Child Sexual Abuse Material* chargesRead More

    Source: US State of South Carolina

    (COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson announced the arrest of Victor Hugo Lara Rosaldo, 35, of Gaffney, S.C., Caleb Tyler Patterson, 31, of Gaffney, S.C., and Timothy David Anderson, 58, of Chesnee, S.C., on nine total charges connected to the sexual exploitation of a minor. Internet Crimes Against Children (ICAC) Task Force investigators with the South Carolina Attorney General’s Office made the arrests in these unrelated cases. Investigators with the Cherokee County Sheriff’s Office, also a member of the state’s ICAC Task Force, assisted with these investigations.

     

    Investigators received CyberTipline reports from the National Center for Missing and Exploited Children (NCMEC), which led them to Rosaldo, Patterson, and Anderson. Investigators state Rosaldo and Anderson distributed files of child sexual abuse material, and Patterson possessed and distributed files of child sexual abuse material.  

     

    Rosaldo was arrested on July 29, 2025. He is charged with three counts of sexual exploitation of a minor, second degree (§16-15-405), a felony offense punishable by up to 10 years imprisonment on each count.

     

    Patterson was arrested on July 29, 2025. He is charged with three counts of sexual exploitation of a minor, second degree (§16-15-405), a felony offense punishable by up to 10 years imprisonment on each count; and two counts of sexual exploitation of a minor, third degree (§16-15-410), a felony offense punishable by up to 10 years imprisonment on each count.

     

    Anderson was arrested on July 30, 2025. He is charged with one count of sexual exploitation of a minor, second degree (§16-15-405), a felony offense punishable by up to 10 years imprisonment.

     

     

    These cases will be prosecuted by the Attorney General’s Office.

     

    Attorney General Wilson stressed all defendants are presumed innocent unless and until they are proven guilty in a court of law.

     

     

     

    * Child sexual abuse material, or CSAM, is a more accurate reflection of the material involved in these heinous and abusive crimes. “Pornography” can imply the child was a consenting participant.  Globally, the term child pornography is being replaced by CSAM for this reason.

    MIL OSI USA News

  • MIL-OSI: Sleep Lean: Why SleepLean Is the Nighttime Fat Burner Everyone’s Talking About in 2025 (INVESTIGATIVE REPORT)

    Source: GlobeNewswire (MIL-OSI)

    New York City, NY, July 31, 2025 (GLOBE NEWSWIRE) —

    As the connection between quality sleep and body composition gains wider recognition, a new supplement is capturing attention for its unique nighttime approach: Sleep Lean. Both early users and wellness enthusiasts are praising it as a promising step forward in aligning sleep patterns with body balance goals, all while preserving restful sleep.

    In recent years, wellness has expanded beyond daytime routines and fitness tracking to include what occurs during nighttime hours. This growing awareness has sparked interest in nighttime supplements like Sleep Lean, which provide support during one of the body’s most important regenerative phases: sleep.

    Traditionally, weight management products have centered around daytime activity, focusing on boosting energy, controlling diet, or adjusting caloric intake. However, emerging research into circadian rhythms and hormonal cycles has made one thing clear: sleep significantly influences how the body performs throughout the day.

    This is where Sleep Lean stands out. It isn’t a fast-acting stimulant or a harsh sleep aid. Instead, it works in harmony with the body’s natural rhythm, supporting rest, regulation, and renewal without interference.

    According to current wellness trends, demand for nighttime supplements has grown significantly over the last 18 months, particularly among midlife wellness consumers. As sleep becomes more widely acknowledged as a key pillar of health, products like Sleep Lean are moving from the margins to the mainstream of long-term body balance strategies.

    Why Sleep Lean Is Gaining Momentum in 2025

    As the global wellness landscape continues to expand, a meaningful shift is taking place. People are beginning to recognize sleep not just as a way to recharge energy, but as a crucial period for internal regulation and balance. Leading this movement is Sleep Lean, a new supplement making waves among those seeking a more natural and gentle approach to overall wellness.

    In contrast to traditional methods that emphasize energy-boosting products or strict daytime routines, Sleep Lean supplement offers a unique solution by working in sync with the body’s nighttime processes. Its growing popularity isn’t the result of flashy marketing.

    Instead, it’s being fueled by genuine user experiences, active wellness communities, and shared reports of better sleep paired with noticeable improvements in body rhythm.

    Experts in the wellness field are calling this emerging mindset the “rest revolution” — a pivot from pushing harder to supporting smarter. Sleep Lean supplement aligns perfectly with this concept by targeting the body’s natural metabolic recovery processes that occur during sleep.

    As awareness continues to rise both in the United States and internationally, Sleep Lean is standing out not as a passing trend but as a symbol of shifting wellness values. In a space often saturated with stimulating products, this supplement is helping people rediscover one of the most effective yet underappreciated health tools available: quality sleep.

    >>Visit the Official Website To Get More Information

    The Science Behind Sleep and Metabolism

    Recent scientific findings continue to highlight the strong connection between sleep and metabolic function. Despite this, most wellness strategies have historically focused on what happens during the day. That’s where Sleep Lean stands out in 2025, by addressing the often-overlooked role of nighttime in supporting internal balance and overall well-being.

    Sleep is far from a passive state. It marks a shift in how the body operates, triggering changes in hormone activity, cellular repair, and energy regulation. For example, growth hormone peaks during deep sleep, helping with tissue regeneration and nutrient allocation.

    Meanwhile, cortisol—associated with stress response and fat storage—tends to recalibrate overnight, especially in those who sleep well.

    Disrupted or poor-quality sleep interferes with these processes, contributing to imbalances in energy, appetite control, and weight fluctuations. Sleep Lean supplement is designed to support the body’s natural rhythms, encouraging more restorative rest while creating a calm internal environment for recovery and regulation.

    By focusing on nighttime as a window for wellness, Sleep Lean taps into a growing base of evidence showing that sleep is not just recovery—it’s a vital phase for realigning metabolic health. This approach appeals to people looking for solutions that work with their body, rather than quick fixes that mask deeper imbalances.

    How Sleep Lean Supports the Body Without Harsh Stimulants

    Sleep Lean is gaining attention for its unique focus on aiding the body’s natural processes during rest. While many wellness products are geared toward daytime activity, this supplement is specifically formulated to enhance restorative metabolism, the quiet balancing work that happens while we sleep.

    Instead of relying on strong stimulants or ingredients that may lead to energy crashes, Sleep Lean takes a more gentle and supportive approach. Its carefully selected components help promote easier sleep onset while also encouraging healthy nutrient processing and storage during the night.

    This combination of restful sleep support and metabolic assistance is becoming increasingly popular among those seeking effective, non-invasive options. Early users have reported better sleep quality alongside subtle yet consistent improvements in body composition.

    Experts in the wellness space point out that sleep is still one of the most underappreciated aspects of metabolic health. With the introduction of Sleep Lean, this important connection is finally receiving the attention it deserves.

    >>For more information, including pricing and availability, visit the official Sleep Lean website.

    What Makes Sleep Lean’s Ingredients Stand Out

    The growing popularity of Sleep Lean supplement can be traced back to its thoughtfully selected ingredients, each chosen to support restful sleep and nighttime metabolic function without overwhelming the body.

    At the heart of the formula are natural adaptogens, which help the body stay balanced during periods of stress. Rather than inducing drowsiness, these ingredients encourage a smooth transition into rest, creating the right conditions for the body to carry out its nightly repair and regulation work.

    Sleep Lean also includes specific amino acid compounds linked to neurotransmitter activity. These compounds play a subtle but important role in helping regulate the sleep-wake cycle, allowing users to move into deeper, more restorative sleep phases. During these stages, the body is better equipped to manage energy use and nutrient processing.

    Adding to this blend is a botanical complex rich in antioxidants. Known for their calming and cell-supporting properties, these botanicals contribute to the body’s overnight recovery and renewal efforts.

    Instead of forcing sleep, Sleep Lean works in harmony with the body’s natural rhythm. This gentle and holistic approach is a major reason why it is resonating with individuals seeking non-disruptive support for both rest and metabolic health.

    What Sets Sleep Lean Apart from Daytime Weight Loss Supplements?

    According to the official website, most wellness supplements focus on boosting energy, increasing thermogenesis, or controlling appetite during the day. Sleep Lean, however, takes a different approach by providing support while the user is resting, aligning with the body’s natural recovery phase at night.

    Daytime products typically aim to stimulate the body, offering quick bursts of energy or increased alertness that may aid motivation but can disrupt rest if consumed too late. Sleep Lean avoids these issues completely. It contains no ingredients that cause jitters, no sudden energy crashes, and no interference with the body’s natural cortisol rhythm.

    Instead, Sleep Lean is formulated to assist the body’s natural processes after dark: resetting, repairing, and restoring balance. Research indicates that during sleep, the body undertakes complex metabolic functions such as nutrient processing and cellular maintenance. Sleep Lean supports these activities rather than working against them.

    This fundamental difference makes Sleep Lean a popular choice for those seeking sustainable wellness support without sacrificing sleep quality. It does not compete with energy levels but instead complements the body’s circadian rhythm. In an age of constant overstimulation, a supplement that focuses on nighttime recovery offers a welcome and increasingly popular alternative.

    >>Visit the official website to learn more.

    Who Is Using Sleep Lean in 2025?

    In 2025, wellness communities are experiencing a subtle but important change. People are increasingly recognizing rest not as idle downtime but as a vital part of maintaining overall body balance. This perspective is evident in the growing number of individuals choosing Sleep Lean pills.

    The range of users is broad. Busy professionals incorporate it into their nightly routines to encourage deeper, more restorative sleep and to support balance. Those going through midlife transitions, when sleep and metabolism often become more unpredictable, find value in the supplement’s gentle assistance.

    Even younger wellness seekers, who previously paid little attention to nighttime supplementation, are now embracing Sleep Lean as a key element of a comprehensive self-care regimen.

    Discussions on social media and wellness podcasts frequently highlight the “rest and reset” philosophy. Instead of seeking rapid results, many users prefer approaches that feel manageable over the long term. Sleep Lean fits well within this mindset, serving as a quiet, consistent support that works behind the scenes.

    What brings this diverse group together is a common priority: steady progress without sacrifice. In a market crowded with products promising quick fixes, Sleep Lean supplement appeals to those who want lasting improvements aligned with the body’s natural rhythms.

    Is Sleep Lean Safe for Nighttime Use?

    In 2025, safety continues to be a major concern for consumers, particularly when it comes to supplements intended for use before sleep. Sleep Lean has attracted attention not only for its distinctive approach but also for its responsible formulation designed specifically for nighttime support.

    The product is created without ingredients known to interfere with restful sleep, such as strong stimulants, synthetic sedatives, or addictive substances. Instead, it relies on naturally sourced compounds that help regulate the body’s circadian rhythms, promote nervous system balance, and gently support metabolic processes.

    Each ingredient is chosen for its suitability during evening hours. Rather than causing sudden changes in the body, the formula aims to facilitate a gradual and smooth transition into deeper sleep. Users frequently report experiencing calmness without feeling groggy upon waking, which is uncommon in this category of supplements.

    Moreover, the Sleep Lean formula avoids artificial colors, common allergens, and unnecessary fillers. This careful composition makes it a suitable choice for many wellness-minded individuals who want a safe and high-quality nighttime supplement.

    As the demand for sleep-centered metabolic support increases, Sleep Lean stands out as a thoughtful and balanced option that values harmony with the body’s natural rhythms over aggressive intervention.

    Where to Buy Authentic Sleep Lean in 2025

    As Sleep Lean’s popularity grows, many people are asking where to purchase it safely. The most reliable source for genuine Sleep Lean remains the official website, which offers a secure way to ensure the product’s authenticity, proper storage, and access to full customer support.

    Buying directly from the official website guarantees that customers receive the original formula along with the latest information, accurate usage instructions, and any available promotions. Because unauthorized sellers and counterfeit versions have appeared on some third-party marketplaces, wellness experts advise verifying the source before making a purchase.

    Safety is another important reason to choose official channels. Supplements designed for use during rest often include temperature-sensitive ingredients and require precise dosing, making quality control essential. This level of care is not always guaranteed when buying from unverified sellers.

    For those planning to incorporate Sleep Lean into their wellness routine, the brand also provides package options aimed at supporting consistent use over several weeks. This is especially beneficial for individuals seeking sustained support for body balance.

    What Wellness Experts Are Saying About Sleep Lean

    As the focus on restorative wellness grows, health professionals and holistic practitioners are paying close attention to products like Sleep Lean that prioritize working with the body’s natural rhythms rather than forcing change. Although daytime supplements remain important, the wellness community is increasingly acknowledging that rest itself plays an active and essential role in overall balance.

    Experts tracking the industry view Sleep Lean’s rising popularity as part of a larger trend. More consumers are selecting supplements based not only on their ingredients but also on how and when these ingredients support bodily functions. By targeting the nighttime hours, Sleep Lean provides an innovative alternative to products that emphasize daytime energy use.

    Many nutrition specialists have noted that Sleep Lean’s formulation aligns well with current knowledge about safe and gentle nighttime support. The fact that it does not contain synthetic sedatives or potent stimulants is often highlighted as a significant advantage.

    Overall, Sleep Lean is being seen not merely as a supplement but as an effective tool within a broader approach to enhancing metabolic health through quality rest.

    Final Thoughts: The Place of Sleep Lean in the 2025 Wellness Landscape

    Each year, thousands of supplements enter the wellness market, yet only a select few succeed in changing how people view body balance. In 2025, Sleep Lean is becoming one of those standout products—not because it makes flashy claims, but because it aligns perfectly with the evolving ways consumers approach wellness.

    Rather than trying to override the body’s natural systems or work against biology, Sleep Lean formula complements the body’s inherent design for recovery—quietly and gently supporting this process during rest.

    Its growing popularity reflects a broader shift in mindset. More people are adopting long-term strategies, seeking solutions that easily fit into their daily lives instead of products that require drastic lifestyle changes. Sleep Lean offers a simple integration: one capsule, a consistent routine, and a commitment to peaceful nights and balanced days.

    As awareness continues to build, Sleep Lean’s role in wellness becomes clearer. It focuses not on rushing results but on fostering smarter, sustainable habits. In a world filled with constant stimulation, this calm and supportive approach could be what truly sets it apart.

    For the most reliable and up-to-date information about the product, including pricing and availability, always refer to the official Sleep Lean website.

    Disclaimer: The information provided in this article about Sleep Lean is for informational purposes only and is not intended as medical advice. Results may vary from person to person. Before starting any new supplement, including Sleep Lean, it is recommended to consult with a healthcare professional, especially if you have existing medical conditions, are pregnant, nursing, or taking medications. This product is not designed to diagnose, treat, cure, or prevent any disease. The statements made regarding Sleep Lean have not been evaluated by the Food and Drug Administration (FDA). Always follow the manufacturer’s guidelines and instructions when using this supplement.

    Brand website: https://sleeplean.net/

    Project name: Sleep Lean

    Address: 285 Northeast Ave, Tallmadge, OH 44278, United States

    Postal code: 44278

    Contact:

    Email: support@sleeplean.net

    Attachment

    The MIL Network

  • MIL-OSI: Presentation Reveals Details on Potential Starlink “Super-IPO” Announcement Predicted August 13

    Source: GlobeNewswire (MIL-OSI)

    Baltimore, MD, July 31, 2025 (GLOBE NEWSWIRE) — A released presentation suggests Elon Musk’s Starlink could be preparing for what some are calling a “Super-IPO” with an announcement expected as soon as August 13, 2025.

    In the presentation, tech entrepreneur James Altucher outlines what he describes as “a trillion-dollar technological revolution” that he believes “could have a far bigger impact on the world than any other technology [Elon Musk] has created before.”

    Three “Smoking Guns” Point to A Potential Announcement

    According to the presentation, Altucher highlights three pieces of evidence that Starlink is preparing for a public announcement:

    • Elon Musk Statement:
      In a previous public comment, Musk confirmed plans to take Starlink public when its cash flow became predictable. Altucher notes that the company has “officially crossed that milestone”
    • Financial Motivation:
      “What Musk really needs is another publicly traded company that would allow him to unlock some of his wealth and take the pressure off Tesla,” the presentation states, citing Barron’s coverage
    • Corporate Spinoff:
      Bloomberg reported that “SpaceX is discussing an initial public offering for its fast-growing Starlink satellite business as soon as late 2024… in a bid to capitalize on robust demand for communications via space”

    Altucher argues these moves combined with “a major industry conference scheduled for August 13, 2025” make the date a likely venue for what he calls a “historic announcement”

    The Technology Behind the Headlines

    The presentation describes Starlink as a radical reinvention of internet access, delivering “fast, reliable, unlimited internet through the air… directly to your device.” .Altucher claims the technology “could cripple the trillion-dollar telecom industry over time” while connecting “billions of previously un-connected people” to the web.

    Why This Matters

    “Fifty years from now, people may remember it as one of the greatest innovations of the 21st century,” Altucher says in the presentation. “An innovation which could be bigger than Tesla or anything else Elon has done before.”

    About James Altucher

    James Altucher is a tech entrepreneur, venture capitalist, and Wall Street Journal bestselling author. He has been recognized as “one of the best venture capitalists, angel investors, and tech entrepreneurs in the world.” Altucher has built a career spotting transformative technology trends early and has been featured in publications such as CNBC. He is the founder of Altucher’s Investment Network and host of The James Altucher Show podcast, which has been downloaded more than 40 million times.

    The MIL Network

  • MIL-OSI: Immunefi Adds Onchain Monitoring to Protect $180B+ in Digital assets as 2025 Crypto Hacks Top $3.1B

    Source: GlobeNewswire (MIL-OSI)

    Immunefi’s Magnus platform becomes first unified system to monitor smart contracts, social engineering, and reputational threats in real-time, bringing together Fuzzland and Failsafe to catch smart contract exploits, social engineering attacks, and brand threats in real-time.

    AUSTIN, Texas – July 31, – With crypto hacks surpassing $3.1 billion in 2025 and access-control flaws still the industry’s biggest security gap, Immunefi – the leading onchain security platform protecting $180 billion in user funds – is launching onchain monitoring capabilities across protocols like Arbitrum, zkSync, and Curve Finance via its unified platform, Magnus.

    Immunefi now integrates with Fuzzland and FailSafe to bring smart contract monitoring and alerts into their Magnus platform. 

    The launch comes as the industry faces an evolution in attack vectors that shows a significant shift from code-based exploits to operational security failures, with social engineering and compromised keys becoming the dominant threat vectors.

    Take Arbitrum, which now secures over $3.4 billion in stablecoins including PayPal’s PYUSD, or zkSync, which has quickly become the second-largest network for tokenized real-world assets behind Ethereum, with $2.4 billion in value. These aren’t just DeFi platforms anymore, they’re becoming financial infrastructure. And with that shift, real-time threat detection and brand protection are no longer nice-to-haves, they’re essential.

    Magnus unifies monitoring to detect and neutralize these threats in minutes instead of hours. Trusted by leading networks like Ethereum, BNB, and Arbitrum, it gives teams the response speed today’s onchain economy demands.

    At the core of the Magnus is Codexa, the most comprehensive dataset of blockchain vulnerabilities in the industry by orders of magnitude. Codexa powers Magnus, leveling up its security models and ensures Magnus continuously evolves alongside emerging threats, giving protocols intelligence fast enough to intervene before funds disappear. With Codexa, Immunefi moves beyond static monitoring tools toward adaptive, AI-native security infrastructure.

    Although crypto hackers can drain millions in seconds, security teams currently waste precious hours jumping between disconnected tools trying to piece together threats and respond to potential security incidents. Magnus’s onchain monitoring enables teams to receive unified alerts through their preferred channels (Slack, PagerDuty, etc.) and access all threat details in one consolidated view so they can act on threats immediately rather than spending time on manual correlation.

    “When every second counts during an active exploit, having all your security intelligence in one place is the difference between a close call and a catastrophe,” said Mitchell Amador, CEO and Founder of Immunefi. “Unlike platforms that lock you into proprietary tools, Magnus lets you leverage best-in-class monitoring providers while maintaining unified operations.”

    The integration brings together complementary monitoring capabilities across the broadest range of blockchains in the industry. Fuzzland contributes both monitoring alerts and 24/7 automated penetration testing findings via API, scanning thousands of transactions per second and having already prevented over 110 attacks and rescued $33.4 million in assets. FailSafe brings continuous security signal coverage across leading chains, with advanced tools for regulatory-focused use cases such as stablecoin compliance under MiCA and DORA.

    Together, these partners are integrating their monitoring capabilities directly into the Magnus platform, beginning with support for Ethereum, BNB Smart Chain, Arbitrum, Polygon, Base, and Avalanche. Additional chains will be added over time.

    Magnus has already attracted adoption from major protocols, including Babylon Labs and Lombard Finance, which together secure $8 billion in Bitcoin DeFi assets. By unifying partner monitoring within a single interface, Magnus enables these institutions to maintain proactive, transparent security operations that meet the expectations of regulators and institutional counterparties.

    Magnus’s monitoring capabilities alert teams to unusual patterns, behaviors, and incidents in real-time to enable rapid response to potential threats. When threats are detected, teams receive immediate notifications with full context that reduces the time from detection to action.

    “Security fragmentation has been the Achilles’ heel ” of protocols trying to scale to institutional standards,” said Aneirin, cofounder of FailSafe. “With Magnus, we unify cross-chain monitoring, threat detection, and policy enforcement into a single command center, giving security teams real-time visibility and compliance-grade coverage that used to require a patchwork of tools.”

    The monitoring integration is available immediately in beta release for Magnus early access partners.

    -ends-

    For more information please contact:
    immunefi@clpr.agency

    About ImmunefiImmunefi is the leading onchain security platform, working with groundbreaking protocols such as Ethereum Foundation, Chainlink, Optimism, Arbitrum, and many more. The company’s latest product, Magnus, bridges the gap between security solutions by creating a unified platform for security operations. The platform’s growing community of over 60,000 security researchers protects $180B in user funds and has prevented over $25B in hacks across 500+ protocols. Learn more at immunefi.com

    The MIL Network

  • MIL-OSI: The Pink Salt Trick Recipe for Fast Weight Loss Trend in 2025: Why Trimology Is the Science-Backed Alternative

    Source: GlobeNewswire (MIL-OSI)

    New York City, NY, July 31, 2025 (GLOBE NEWSWIRE) —

    Pink Salt Trick Recipe Explained: Why It’s Trending for Weight Loss

    A viral wellness trend called the “Pink Salt Trick” has swept social media—particularly TikTok, Instagram, and wellness blogs. The hype: a morning ritual mixing Himalayan pink salt, water, lemon and honey claims to boost metabolism, reduce bloating, and even accelerate fat loss. But credible medical sources now label it a pseudoscientific fad with no proven weight‑loss benefits—and potential risks for high blood pressure sufferers.

    Enter Trimology, a science‑backed supplement brand positioned as a safer, evidence‑based alternative. Rather than quick fixes or social media stunts, Trimology takes its inspiration from a traditional Ugandan weight‑maintenance ritual: women consuming bitter green bananas rich in resistant starch (RS2), which naturally support gut microbiome health and metabolic resilience. Trimology translates that ritual into a modern capsule form by delivering concentrated RS2 plus supporting pre‑ and probiotics. 

    While the Pink Salt Trick rides on viral popularity, Trimology is introduced as a metabolic reset system—one that doesn’t promise overnight miracles, but rather aims for sustainable internal recalibration through gut‑brain‑fat signaling pathways. Want to Learn More About Trimology? Click Here

    Why Trimology Is the Safer, Science‑Backed Alternative

    Enter Trimology — a next‑generation, gut‑first weight‑loss supplement designed to offer credible, long‑term benefit rather than a viral illusion. Unlike the Pink Salt Trick, which hinges on vague mineral magic and untested methods, Trimology is rooted in microbiome science and targeted metabolic support.

    • Biological foundation: Trimology blends resistant starch (RS2), chicory inulin, and a signature probiotic triad (including Clostridium butyricum, Akkermansia muciniphila, Bifidobacterium infantis) to feed fat‑regulating gut bacteria and restore healthy metabolic signals.
    • Ancient inspiration: Derived from research into a traditional Ugandan practice—women consuming bitter green bananas rich in RS2 stayed lean well into older age—Trimology replicates the benefits in a clean capsule instead of a literal banana ritual.
    • Transparent formulation: Ingredients and microbial strains are fully disclosed, sourced at pharmaceutical quality, and backed by peer‑reviewed research—not buried in proprietary blends.
    • User‑friendly delivery: One capsule taken daily with breakfast. No meal‑timing restrictions, no yo‑yo dieting, no fasting requirements—just simple consistency. That ease of use appeals especially to women juggling busy schedules.
    • Safety and clarity: Trimology does not rely on caffeine, stimulants, hormone disruptors, or laxatives. It’s not sold as a cure, but a metabolic reset—respecting the body’s natural systems with traceable ingredients and no outrageous promises.

    While the Pink Salt Trick offers instant visual appeal and anecdotal enthusiasm, Trimology emphasizes measured improvement, restoring the gut‑brain‑fat axis, promoting satiety, and supporting energy through internal recalibration—not by shocking the system or inflating expectations. Unlock the Full Story Behind Trimology– Learn More Now

    Why the Internet Believed Deep‑Fake Celebrities Promoted the Pink Salt Trick

    The Pink Salt Trick’s rapid rise is strongly tied to deep‑fake endorsements and manipulated celebrity faces. Reports indicate that creators used AI‑generated clips mimicking well‑known public figures “trying” or “endorsing” the trend. Sensational headlines and algorithm‑driven reach amplified the illusion of legitimacy.

    The strategy tapped into users’ trust in celebrities, piggy‑backing on FOMO (fear of missing out) by suggesting these are insider weight‑loss secrets. Social platforms prioritized visually compelling before‑after testimonials and simplified recipes—despite medical experts warning the trend is unsupported or potentially unsafe.

    In essence, trust was manufactured—the product had no clinical trials, no published data—but looked persuasive because of faux celebrity endorsement and viral momentum. In contrast, Trimology emphasizes transparency, open ingredient sourcing, and no misleading influencer claims.

    Why the Pink Salt Trick Doesn’t Work — and Might Be Harmful

    At first glance, the Pink Salt Trick Recipe seems harmless. After all, pink Himalayan salt is often marketed as a “natural” source of minerals like magnesium, calcium, and potassium. But when used improperly—or in excess—it becomes not only ineffective, but potentially dangerous.

    Here’s why:

    • Too much sodium: One teaspoon of pink Himalayan salt contains about 2,300 mg of sodium—the maximum daily limit recommended by most health authorities. Those doing the trick multiple times a day (as some videos suggest) could be ingesting well over the safe threshold, increasing risk of high blood pressure, fluid retention, and cardiovascular strain.
    • No real metabolic effect: Despite its reputation, there is no clinical evidence that pink salt boosts metabolism, burns fat, or suppresses appetite in any meaningful way. The minor effects people feel—such as increased fullness or reduced cravings—are likely due to hydration or placebo, not salt-specific properties.
    • Dehydration and electrolyte imbalance: In some versions of the trick, users consume large quantities of saltwater without adjusting their hydration elsewhere. This can disrupt the body’s sodium-potassium balance, especially dangerous for people with kidney conditions, hypertension, or existing heart issues.
    • No support for gut health: While pink salt may contain trace minerals, it offers no prebiotic or probiotic benefit, meaning it does nothing to support the gut microbiome—which scientists now agree plays a crucial role in regulating metabolism, insulin sensitivity, and weight stability.
    • Not FDA-regulated: Most of the Pink Salt Trick kits sold online are unregulated and vary widely in quality. Some are sourced from poorly tested suppliers and may contain microplastics or industrial contaminants.

    In contrast, Trimology was developed to avoid all of these pitfalls. Its probiotic strains and resistant starches are carefully dosed for metabolic safety, backed by lab data, and formulated in cGMP-certified facilities. There’s no sodium loading, no electrolyte disruption, and no gimmicky biohacks.

    Trimology’s gut-first approach helps re-establish satiety signaling, healthy blood sugar control, and long-term fat regulation—all while nurturing the digestive ecosystem, not irritating it. Its gradual, cumulative effects are exactly what the body needs—not a one-time shock that confuses internal systems and creates dependency.

    Perhaps most importantly, Trimology doesn’t promise miracles. It encourages consistency, not urgency, which is critical in breaking the cycle of fad-based dieting that trends like the Pink Salt Trick perpetuate. Trimology provides a more intelligent, research-backed solution

    How Trimology Supports Weight Loss

    Trimology supports weight loss by targeting foundational metabolic pathways—not by temporary suppression or dehydration. Its key strategy: nourish beneficial gut bacteria with RS2 and inulin to optimize butyrate production. Butyrate enhances insulin sensitivity, reduces systemic inflammation, and reinforces the gut lining—helping the body regulate blood sugar and fat storage more effectively.

    The included probiotic strains further support natural hunger regulation: Akkermansia is linked with improved satiety hormone function and better insulin response; Clostridium butyricum promotes sustained butyrate output; and Bifidobacterium infantis may help stabilize mood, reduce food cravings, and normalize ghrelin/leptin balance.

    Users are advised to take a single capsule each morning with water or coffee—no complex fasting windows, no food tracking. Over time (usually 2–4 weeks), users report sharper energy, fewer cravings, less bloating, and gradual weight reduction—consistent with internal metabolic reset before visible change.

    Trimology positions weight loss not as an immediate outcome, but as a secondary benefit of restoring internal harmony and resilience—ideally paired with healthy eating and movement, but not dependent on them.

    Key Ingredients of Trimology

    Trimology’s formula stands on five core active components:

    • Pharmaceutical‐grade RS2 (resistant starch): sourced from green banana or potato starch; resists digestion until it reaches the colon, where specific bacteria ferment it, producing butyrate—a short-chain fatty acid central to metabolic regulation.
    • Chicory root (inulin): a soluble fiber and prebiotic that nourishes a diverse gut microbiome, amplifying butyrate production and improving digestion and glucose response.
    • Clostridium butyricum: a robust butyrate-producer that helps lower inflammation, stabilize gut environment, and support fat-burning pathways.
    • Akkermansia muciniphila: known to improve gut barrier integrity, increase satiety hormone responses, and enhance insulin sensitivity—like a natural appetite regulator.
    • Bifidobacterium infantis: associated with reduced cravings, hormone regulation, better digestion, and mood balance—all supportive of sustainable weight.

    These ingredients were chosen not for hype, but for measurable roles in reactivating the gut‑brain‑fat axis. Together, they form what Trimology refers to as the “Signal Reset Triad”—a synergy that supports calm inflammatory processes, improved satiety, and metabolic resilience.

     Visit Trimology Official Website To Know More About ……..

    What Makes Trimology Different From Other Weight Loss Supplements

    Trimology diverges from traditional fat burners or appetite suppressants in several key ways:

    1. No stimulants or synthetic hormones: unlike energizing fat‑burners loaded with caffeine or hormone‑mimicking compounds, Trimology works through microbiome support—not chemical triggers.
    2. Transparent labeling: ingredients are clearly identified, including specific probiotic strains and prebiotic sources. No proprietary blends or ambiguous fillers—each component was selected based on clinical research.
    3. Simplicity and compatibility: single capsule daily, compatible with most lifestyles and diet plans. No food tracking, no cycles, no loading phases. Reviewers consistently praise its integration ease and non‑aggressive positioning.
    4. Sustainable orientation: Trimology encourages long‑term use to rebuild metabolic signaling—not short bursts of weight loss that fade when the supplement ends.
    5. Gut‑focused rather than symptom focused: Rather than treating appetite or bloating as surface issues, Trimology treats them as symptoms of disrupted gut‑brain communication, aiming for root‑cause recalibration.

    Why Women Over 30 Are More Likely to Fall for These Weight Loss Trends

    Women over 30—especially in their late 30s and 40s—often encounter metabolic shifts as hormonal cycles evolve and gut microbiome diversity diminishes. Age-related declines in resistant starch intake, poorer insulin sensitivity, and changing satiety hormone patterns can make weight less responsive to diet and exercise alone.

    Traditional diet programs often backfire for this demographic, causing fatigue, rebound weight gain, or hormonal disruption. Many women report frustration after trying numerous programs with limited long-term results. This vulnerability makes them more susceptible to quick-fix trends like the Pink Salt Trick—offering false hope with minimal effort and social proof.

    Trimology acknowledges these real challenges. Unlike superficial hacks, it works by targeting age‑sensitive systems: gut‑brain communication, butyrate deficit recovery, and hormone stability. Its gentle, supportive approach aligns with women’s busy lives and biological realities: a daily capsule versus restrictive detoxes or influencer‑pushed gimmicks.

    By addressing the invisible drivers of metabolic slowdown—not just calories or fat—Trimology offers a credible alternative for those most affected by modern metabolic.

    Is This Product Backed by Science?

    Yes—while Trimology is a supplement, its formula is built on published scientific research into resistant starch, gut microbiota, and metabolic signaling.

    • RS2 has been shown in multiple studies to increase butyrate production, reduce inflammation, and support healthy glycemic response.
    • Akkermansia muciniphila has clinical data linking it to improved insulin sensitivity and satiety hormone levels.
    • Clostridium butyricum is documented for its resilience and butyrate‑producing capacity.
    • Bifidobacterium infantis has been associated with reduced appetite and improved digestion.

    Although Trimology capsules themselves haven’t undergone large‑scale clinical trials, each ingredient is supported by peer‑reviewed research. Independent reviewers and affiliate health blogs repeatedly cite these scientific underpinnings in endorsement articles.

    Furthermore, Trimology emphasizes ingredient sourcing transparency, avoids false claims or miracle marketing, and communicates realistic expectations—traits aligned with science‑based consumer trust.

    Where To Get Trimology?

    Trimology is available exclusively through its official website. This direct‑to‑consumer model helps ensure authenticity, clarity in pricing and subscription options, and avoids counterfeit distribution common in third‑party marketplaces.

    In contrast to viral “Pink Salt Trick” videos with undisclosed affiliate links, Trimology’s official site provides detailed ingredient listings, FAQ sections, customer support contacts, and opt‑out cancellation policies at no hidden fees.

    Users should purchase only via the official domain to avoid scams or unauthorized resellers. Many reviewers also recommend starting with the introductory offer (typically 30‑day supply) before committing to longer subscriptions.

    Final Thoughts: Why This Trend Matters More Than It Seems

    On the surface, the Pink Salt Trick appears harmless: a pinch of salt, a glass of water, maybe lemon and honey. But beneath the glossy viral veneer lies the risk of misinformation, procedural mimicry, and potential health issues for those with hypertension or kidney conditions.

    This trend exemplifies what happens when social media bypasses scientific validation—when AI‑generated celebrity testimonials and simplified ritual hacks displace rigorous evidence and expert guidance. It’s a warning sign: even well‑meaning health culture can propagate dangerous fads fast.

    Trimology represents the opposite trajectory. It doesn’t promise instant transformation but offers a model of sustainable metabolic realignment rooted in gut science, real‑food traditions, and transparent sourcing. It shifts the narrative from external fixes to internal recalibration.

    In a cultural moment flooded with wellness trends, the difference between viral popularity and scientific credibility matters. The Pink Salt Trick may vanish as its lack of efficacy becomes clearer; Trimology, by contrast, seeks longer‑term trust through measurable ingredients and consumer empowerment.

    For consumers—especially women over 30—it’s a reminder to prioritize evidence over endorsement, gut‑health over gimmicks, and sustainable support over superficial trend chasing.

    Media Contact:
    Brand website: https://trimologyweight.com/
    Project name: Trimology
    Email: support@trimologyweight.com
    Phone: +1 (302) 467-2939

    Attachment

    The MIL Network

  • MIL-OSI: The Pink Salt Trick Recipe for Fast Weight Loss Trend in 2025: Why Trimology Is the Science-Backed Alternative

    Source: GlobeNewswire (MIL-OSI)

    New York City, NY, July 31, 2025 (GLOBE NEWSWIRE) —

    Pink Salt Trick Recipe Explained: Why It’s Trending for Weight Loss

    A viral wellness trend called the “Pink Salt Trick” has swept social media—particularly TikTok, Instagram, and wellness blogs. The hype: a morning ritual mixing Himalayan pink salt, water, lemon and honey claims to boost metabolism, reduce bloating, and even accelerate fat loss. But credible medical sources now label it a pseudoscientific fad with no proven weight‑loss benefits—and potential risks for high blood pressure sufferers.

    Enter Trimology, a science‑backed supplement brand positioned as a safer, evidence‑based alternative. Rather than quick fixes or social media stunts, Trimology takes its inspiration from a traditional Ugandan weight‑maintenance ritual: women consuming bitter green bananas rich in resistant starch (RS2), which naturally support gut microbiome health and metabolic resilience. Trimology translates that ritual into a modern capsule form by delivering concentrated RS2 plus supporting pre‑ and probiotics. 

    While the Pink Salt Trick rides on viral popularity, Trimology is introduced as a metabolic reset system—one that doesn’t promise overnight miracles, but rather aims for sustainable internal recalibration through gut‑brain‑fat signaling pathways. Want to Learn More About Trimology? Click Here

    Why Trimology Is the Safer, Science‑Backed Alternative

    Enter Trimology — a next‑generation, gut‑first weight‑loss supplement designed to offer credible, long‑term benefit rather than a viral illusion. Unlike the Pink Salt Trick, which hinges on vague mineral magic and untested methods, Trimology is rooted in microbiome science and targeted metabolic support.

    • Biological foundation: Trimology blends resistant starch (RS2), chicory inulin, and a signature probiotic triad (including Clostridium butyricum, Akkermansia muciniphila, Bifidobacterium infantis) to feed fat‑regulating gut bacteria and restore healthy metabolic signals.
    • Ancient inspiration: Derived from research into a traditional Ugandan practice—women consuming bitter green bananas rich in RS2 stayed lean well into older age—Trimology replicates the benefits in a clean capsule instead of a literal banana ritual.
    • Transparent formulation: Ingredients and microbial strains are fully disclosed, sourced at pharmaceutical quality, and backed by peer‑reviewed research—not buried in proprietary blends.
    • User‑friendly delivery: One capsule taken daily with breakfast. No meal‑timing restrictions, no yo‑yo dieting, no fasting requirements—just simple consistency. That ease of use appeals especially to women juggling busy schedules.
    • Safety and clarity: Trimology does not rely on caffeine, stimulants, hormone disruptors, or laxatives. It’s not sold as a cure, but a metabolic reset—respecting the body’s natural systems with traceable ingredients and no outrageous promises.

    While the Pink Salt Trick offers instant visual appeal and anecdotal enthusiasm, Trimology emphasizes measured improvement, restoring the gut‑brain‑fat axis, promoting satiety, and supporting energy through internal recalibration—not by shocking the system or inflating expectations. Unlock the Full Story Behind Trimology– Learn More Now

    Why the Internet Believed Deep‑Fake Celebrities Promoted the Pink Salt Trick

    The Pink Salt Trick’s rapid rise is strongly tied to deep‑fake endorsements and manipulated celebrity faces. Reports indicate that creators used AI‑generated clips mimicking well‑known public figures “trying” or “endorsing” the trend. Sensational headlines and algorithm‑driven reach amplified the illusion of legitimacy.

    The strategy tapped into users’ trust in celebrities, piggy‑backing on FOMO (fear of missing out) by suggesting these are insider weight‑loss secrets. Social platforms prioritized visually compelling before‑after testimonials and simplified recipes—despite medical experts warning the trend is unsupported or potentially unsafe.

    In essence, trust was manufactured—the product had no clinical trials, no published data—but looked persuasive because of faux celebrity endorsement and viral momentum. In contrast, Trimology emphasizes transparency, open ingredient sourcing, and no misleading influencer claims.

    Why the Pink Salt Trick Doesn’t Work — and Might Be Harmful

    At first glance, the Pink Salt Trick Recipe seems harmless. After all, pink Himalayan salt is often marketed as a “natural” source of minerals like magnesium, calcium, and potassium. But when used improperly—or in excess—it becomes not only ineffective, but potentially dangerous.

    Here’s why:

    • Too much sodium: One teaspoon of pink Himalayan salt contains about 2,300 mg of sodium—the maximum daily limit recommended by most health authorities. Those doing the trick multiple times a day (as some videos suggest) could be ingesting well over the safe threshold, increasing risk of high blood pressure, fluid retention, and cardiovascular strain.
    • No real metabolic effect: Despite its reputation, there is no clinical evidence that pink salt boosts metabolism, burns fat, or suppresses appetite in any meaningful way. The minor effects people feel—such as increased fullness or reduced cravings—are likely due to hydration or placebo, not salt-specific properties.
    • Dehydration and electrolyte imbalance: In some versions of the trick, users consume large quantities of saltwater without adjusting their hydration elsewhere. This can disrupt the body’s sodium-potassium balance, especially dangerous for people with kidney conditions, hypertension, or existing heart issues.
    • No support for gut health: While pink salt may contain trace minerals, it offers no prebiotic or probiotic benefit, meaning it does nothing to support the gut microbiome—which scientists now agree plays a crucial role in regulating metabolism, insulin sensitivity, and weight stability.
    • Not FDA-regulated: Most of the Pink Salt Trick kits sold online are unregulated and vary widely in quality. Some are sourced from poorly tested suppliers and may contain microplastics or industrial contaminants.

    In contrast, Trimology was developed to avoid all of these pitfalls. Its probiotic strains and resistant starches are carefully dosed for metabolic safety, backed by lab data, and formulated in cGMP-certified facilities. There’s no sodium loading, no electrolyte disruption, and no gimmicky biohacks.

    Trimology’s gut-first approach helps re-establish satiety signaling, healthy blood sugar control, and long-term fat regulation—all while nurturing the digestive ecosystem, not irritating it. Its gradual, cumulative effects are exactly what the body needs—not a one-time shock that confuses internal systems and creates dependency.

    Perhaps most importantly, Trimology doesn’t promise miracles. It encourages consistency, not urgency, which is critical in breaking the cycle of fad-based dieting that trends like the Pink Salt Trick perpetuate. Trimology provides a more intelligent, research-backed solution

    How Trimology Supports Weight Loss

    Trimology supports weight loss by targeting foundational metabolic pathways—not by temporary suppression or dehydration. Its key strategy: nourish beneficial gut bacteria with RS2 and inulin to optimize butyrate production. Butyrate enhances insulin sensitivity, reduces systemic inflammation, and reinforces the gut lining—helping the body regulate blood sugar and fat storage more effectively.

    The included probiotic strains further support natural hunger regulation: Akkermansia is linked with improved satiety hormone function and better insulin response; Clostridium butyricum promotes sustained butyrate output; and Bifidobacterium infantis may help stabilize mood, reduce food cravings, and normalize ghrelin/leptin balance.

    Users are advised to take a single capsule each morning with water or coffee—no complex fasting windows, no food tracking. Over time (usually 2–4 weeks), users report sharper energy, fewer cravings, less bloating, and gradual weight reduction—consistent with internal metabolic reset before visible change.

    Trimology positions weight loss not as an immediate outcome, but as a secondary benefit of restoring internal harmony and resilience—ideally paired with healthy eating and movement, but not dependent on them.

    Key Ingredients of Trimology

    Trimology’s formula stands on five core active components:

    • Pharmaceutical‐grade RS2 (resistant starch): sourced from green banana or potato starch; resists digestion until it reaches the colon, where specific bacteria ferment it, producing butyrate—a short-chain fatty acid central to metabolic regulation.
    • Chicory root (inulin): a soluble fiber and prebiotic that nourishes a diverse gut microbiome, amplifying butyrate production and improving digestion and glucose response.
    • Clostridium butyricum: a robust butyrate-producer that helps lower inflammation, stabilize gut environment, and support fat-burning pathways.
    • Akkermansia muciniphila: known to improve gut barrier integrity, increase satiety hormone responses, and enhance insulin sensitivity—like a natural appetite regulator.
    • Bifidobacterium infantis: associated with reduced cravings, hormone regulation, better digestion, and mood balance—all supportive of sustainable weight.

    These ingredients were chosen not for hype, but for measurable roles in reactivating the gut‑brain‑fat axis. Together, they form what Trimology refers to as the “Signal Reset Triad”—a synergy that supports calm inflammatory processes, improved satiety, and metabolic resilience.

     Visit Trimology Official Website To Know More About ……..

    What Makes Trimology Different From Other Weight Loss Supplements

    Trimology diverges from traditional fat burners or appetite suppressants in several key ways:

    1. No stimulants or synthetic hormones: unlike energizing fat‑burners loaded with caffeine or hormone‑mimicking compounds, Trimology works through microbiome support—not chemical triggers.
    2. Transparent labeling: ingredients are clearly identified, including specific probiotic strains and prebiotic sources. No proprietary blends or ambiguous fillers—each component was selected based on clinical research.
    3. Simplicity and compatibility: single capsule daily, compatible with most lifestyles and diet plans. No food tracking, no cycles, no loading phases. Reviewers consistently praise its integration ease and non‑aggressive positioning.
    4. Sustainable orientation: Trimology encourages long‑term use to rebuild metabolic signaling—not short bursts of weight loss that fade when the supplement ends.
    5. Gut‑focused rather than symptom focused: Rather than treating appetite or bloating as surface issues, Trimology treats them as symptoms of disrupted gut‑brain communication, aiming for root‑cause recalibration.

    Why Women Over 30 Are More Likely to Fall for These Weight Loss Trends

    Women over 30—especially in their late 30s and 40s—often encounter metabolic shifts as hormonal cycles evolve and gut microbiome diversity diminishes. Age-related declines in resistant starch intake, poorer insulin sensitivity, and changing satiety hormone patterns can make weight less responsive to diet and exercise alone.

    Traditional diet programs often backfire for this demographic, causing fatigue, rebound weight gain, or hormonal disruption. Many women report frustration after trying numerous programs with limited long-term results. This vulnerability makes them more susceptible to quick-fix trends like the Pink Salt Trick—offering false hope with minimal effort and social proof.

    Trimology acknowledges these real challenges. Unlike superficial hacks, it works by targeting age‑sensitive systems: gut‑brain communication, butyrate deficit recovery, and hormone stability. Its gentle, supportive approach aligns with women’s busy lives and biological realities: a daily capsule versus restrictive detoxes or influencer‑pushed gimmicks.

    By addressing the invisible drivers of metabolic slowdown—not just calories or fat—Trimology offers a credible alternative for those most affected by modern metabolic.

    Is This Product Backed by Science?

    Yes—while Trimology is a supplement, its formula is built on published scientific research into resistant starch, gut microbiota, and metabolic signaling.

    • RS2 has been shown in multiple studies to increase butyrate production, reduce inflammation, and support healthy glycemic response.
    • Akkermansia muciniphila has clinical data linking it to improved insulin sensitivity and satiety hormone levels.
    • Clostridium butyricum is documented for its resilience and butyrate‑producing capacity.
    • Bifidobacterium infantis has been associated with reduced appetite and improved digestion.

    Although Trimology capsules themselves haven’t undergone large‑scale clinical trials, each ingredient is supported by peer‑reviewed research. Independent reviewers and affiliate health blogs repeatedly cite these scientific underpinnings in endorsement articles.

    Furthermore, Trimology emphasizes ingredient sourcing transparency, avoids false claims or miracle marketing, and communicates realistic expectations—traits aligned with science‑based consumer trust.

    Where To Get Trimology?

    Trimology is available exclusively through its official website. This direct‑to‑consumer model helps ensure authenticity, clarity in pricing and subscription options, and avoids counterfeit distribution common in third‑party marketplaces.

    In contrast to viral “Pink Salt Trick” videos with undisclosed affiliate links, Trimology’s official site provides detailed ingredient listings, FAQ sections, customer support contacts, and opt‑out cancellation policies at no hidden fees.

    Users should purchase only via the official domain to avoid scams or unauthorized resellers. Many reviewers also recommend starting with the introductory offer (typically 30‑day supply) before committing to longer subscriptions.

    Final Thoughts: Why This Trend Matters More Than It Seems

    On the surface, the Pink Salt Trick appears harmless: a pinch of salt, a glass of water, maybe lemon and honey. But beneath the glossy viral veneer lies the risk of misinformation, procedural mimicry, and potential health issues for those with hypertension or kidney conditions.

    This trend exemplifies what happens when social media bypasses scientific validation—when AI‑generated celebrity testimonials and simplified ritual hacks displace rigorous evidence and expert guidance. It’s a warning sign: even well‑meaning health culture can propagate dangerous fads fast.

    Trimology represents the opposite trajectory. It doesn’t promise instant transformation but offers a model of sustainable metabolic realignment rooted in gut science, real‑food traditions, and transparent sourcing. It shifts the narrative from external fixes to internal recalibration.

    In a cultural moment flooded with wellness trends, the difference between viral popularity and scientific credibility matters. The Pink Salt Trick may vanish as its lack of efficacy becomes clearer; Trimology, by contrast, seeks longer‑term trust through measurable ingredients and consumer empowerment.

    For consumers—especially women over 30—it’s a reminder to prioritize evidence over endorsement, gut‑health over gimmicks, and sustainable support over superficial trend chasing.

    Media Contact:
    Brand website: https://trimologyweight.com/
    Project name: Trimology
    Email: support@trimologyweight.com
    Phone: +1 (302) 467-2939

    Attachment

    The MIL Network

  • MIL-OSI: NDT Global Announces Strategic Addition of Entegra®

    Source: GlobeNewswire (MIL-OSI)

    QUÉBEC CITY, July 31, 2025 (GLOBE NEWSWIRE) — NDT Global, a leading provider of advanced diagnostic inspection and integrity solutions for the energy sector, is proud to announce the acquisition of Entegra, a premium technology company specializing in Ultra-High-Resolution Magnetic Flux Leakage (UHR MFL) in-line inspection services.

    This strategic union brings together two market-leading technology providers significantly enhancing NDT Global’s service portfolio, strengthening its growing position in the gas pipeline market, and reinforcing its continued commitment to delivering the best data driven insights and high-performance integrity solutions. Together, NDT Global and Entegra are affirming their stance in redefining the future of pipeline integrity. By harnessing the power of technology, the complimentary services will act as an enabler for safer, more cost-effective pipeline operations, empowering customers with the insights needed to make smarter, faster decisions for their assets.

    The combination of NDT ILI, Dynamic Risk, and now Entegra brings together highly complementary technology platforms in ultrasonic testing (UT), Acoustic Resonance (ART), UHR MFL, and data management solutions, creating a unique set of solutions for pipeline operators seeking best-in-class data-driven inspection, diagnostic, and integrity services across a diverse asset base.

    “This is a pivotal moment for NDT Global,” said Martin Thériault, CEO and Chairman of NDT Global. “Entegra’s entrepreneurial spirit, technical leadership and excellence, and deep market knowledge make them an ideal fit for our joint vision going forward. The company will work on accelerating the development of next-generation inspection technologies and, in return, deliver an even greater value to customers through enhanced service offerings and global reach.”

    Paul Cooper, President of NDT Global, highlights “The addition of Entegra’s market-leading capabilities to our portfolio allows us to offer a broader, more integrated suite of solutions to our clients. It also helps us to better serve the growing needs of the gas pipeline sector, where Entegra has built a strong reputation for innovation and reliability. All in all, the merged entities will accelerate our joint growth journey based on technology and innovation. It’s a bold step forward in our mission to deepen partnerships and lead the industry with innovation that protects what matters most.”

    “I can’t thank Amberjack Capital enough for their direction and support the past 10 years, and I’m really excited about what we’re going to achieve in the next phase of our growth story as we bring together the two best brands in in-line-inspection” said Mark Olson, Chairman and CEO, Entegra. “Our purpose, our ‘Why’ if you will, is to make better every pipeline with which we interact, and this deal accelerates that quest by several years.”

    The combined entity will benefit from expanded international reach and the ability to deliver joint UT and MFL scopes, axial and now circumferential, to valued clients. This move also supports NDT Global’s and Entegra’s long-term vision of becoming the most trusted partner in pipeline integrity management.

    The transaction was made possible through the continued support of Novacap, the majority shareholder of NDT Global, alongside La Caisse (formerly CDPQ), and NDT Global as well as Entegra founders and executives. Before today’s announcement, Entegra was owned by Amberjack Capital Partners as well as a group of co-founders led by Mark Olson, who played a pivotal role in building the company’s reputation for innovation and excellence in the MFL space. As part of the transaction, the NDT Global and Entegra founders and key management will remain shareholders of the combined company.

    “We are thrilled to unite two leading innovators in the ILI industry, combining world-class technology platforms and talented teams. This partnership enhances NDT’s ability to serve customers and uphold the integrity of critical infrastructure globally. We are proud to continue our partnership with Martin, Paul and the NDT team, and we warmly welcome Mark and the entire Entegra family as we work together to build a stronger, more impactful business together” added David Lewin, Lead Senior Partner Novacap.

    “NDT Global has distinguished itself through its ability to innovate and develop state-of-the-art solutions, becoming a global reference in the integrity and inspection services industry,” adds Kim Thomassin, Executive Vice-President and Head of Québec at La Caisse. “With this investment, La Caisse is strengthening NDT Global’s ambitious growth strategy through both equity and debt financing — building on our recent support to unlock the company’s full potential.”

    Jason Turowsky, Managing Partner of Amberjack Capital Partners, said “Amberjack is proud to have supported Entegra’s exceptional growth, driven by its talented team and commitment to innovation. We are confident the combination with NDT Global will propel further advancements in pipeline integrity solutions, benefiting clients globally. We congratulate Mark and the Entegra team and look forward to their continued success.”

    McCarthy Tétrault LLP and Willkie Farr & Gallagher LLP acted as legal advisors to NDT Global, while Jefferies LLC acted as exclusive financial advisor to NDT Global.

    Sidley Austin LLP acted as legal advisor to Entegra, while Baird acted as its exclusive financial advisor.

    ABOUT NDT GLOBAL

    NDT Global is the leading provider of in-line diagnostic solutions, integrity management and subsea robotics solutions, offering advanced data insights and services that ensure the safety and longevity of energy-sector infrastructure assets. Recognized as the forerunner in ultrasonic inspection innovations—including Pulse Echo, Pitch-and-Catch, Phased Array, and Acoustic Resonance (ART Scan) technologies — the company continues to push technological advancement and the introduction of revolutionary new inspection technologies, including gas pipelines, to ensure the safety of its customers’ critical assets. NDT Global employs approximately 880 people. Learn more at www.ndt-global.com.

    ABOUT ENTEGRA

    Recognized as the industry-leading, trusted supplier of in-line inspection services for corrosion, 3rd party damage, pipe grade classification, hard spot assessment, and for assessing the effectiveness of cathodic protection systems for oil and gas pipelines, Entegra provides the most thorough, clear, and nuanced knowledge about the condition of pipelines inspected. The Company offers ultra-high resolution axial MFL, circumferential MFL, Caliper, low-field, GPS mapping, and cathodic protection current mapping services for critical energy infrastructure. Learn more at www.entegrasolutions.com.

    ABOUT NOVACAP

    Novacap is a leading North American private equity investor and one of Canada’s most experienced private equity firms. Founded in 1981 to partner with visionary entrepreneurs, Novacap focuses on middle market and lower-middle market companies in four core sectors: Technologies, Digital Infrastructure, Industries and Financial Services. Novacap combines deep sector specific expertise and strategic and operational excellence to partner with entrepreneurs and management teams. Since its inception, the firm has made primary and add-on investments in more than 250 companies. With over C$11 billion in assets under management and a presence across offices in Montreal, Toronto, and New York, Novacap accelerates value creation through strategic growth initiatives and a strong focus on execution. For more information, please visit: https://novacapcorp.com.

    ABOUT LA CAISSE

    At La Caisse, formerly CDPQ, we have invested for 60 years with a dual mandate: generate optimal long-term returns for our 48 depositors, who represent over 6 million Quebecers, and contribute to Québec’s economic development.

    As a global investment group, we are active in the major financial markets, private equity, infrastructure, real estate and private credit. As at December 31, 2024, La Caisse’s net assets totaled CAD 473 billion. For more information, visit lacaisse.com or consult our LinkedIn or Instagram pages.

    La Caisse is a registered trademark of Caisse de dépôt et placement du Québec that is protected in Canada and other jurisdictions and licensed for use by its subsidiaries.

    ABOUT AMBERJACK CAPITAL PARTNERS

    Amberjack Capital is a private equity firm that invests in and partners with entrepreneurs and business owners to build market leaders serving the industrial, infrastructure and environmental services end markets. Often the first institutional investor in founder-led companies, Amberjack has a particular focus on supporting high performing companies undertaking strategic or transformative initiatives. Headquartered in Houston, TX, the firm has raised $2.1 billion of committed capital since its inception in 2006 and has invested in over 50 companies.

    For more information:

    Tracey Murray
    Director, Marketing
    NDT Global
    Tel.: (403) 819-9351
    tmurray@ndt-global.com

    The MIL Network

  • MIL-OSI Security: CISA and USCG Identify Areas for Cyber Hygiene Improvement After Conducting Proactive Threat Hunt at US Critical Infrastructure Organization

    Source: US Department of Homeland Security

    Summary

    The Cybersecurity and Infrastructure Security Agency (CISA) and U.S. Coast Guard (USCG) are issuing this Cybersecurity Advisory to present findings from a recent CISA and USCG hunt engagement. The purpose of this advisory is to highlight identified cybersecurity issues, thereby informing security defenders in other organizations of potential similar issues and encouraging them to take proactive measures to enhance their cybersecurity posture. This advisory has been coordinated with the organization involved in the hunt engagement.

    In 2024, CISA led a proactive hunt engagement at a U.S. critical infrastructure organization with the support of USCG analysts. During hunts, CISA proactively searches for evidence of malicious activity or malicious cyber actor presence on customer networks. The organization invited CISA to conduct a proactive hunt to determine if an actor had been present in the organization’s environment. (Note: Henceforth, unless otherwise defined, “CISA” is used in this advisory to refer to the hunt team as an umbrella for both CISA and USCG analysts).

    During this engagement, CISA did not identify evidence of malicious cyber activity or actor presence on the organization’s network, but did identify cybersecurity risks, including:

    • Insufficient logging;
    • Insecurely stored credentials;
    • Shared local administrator (admin) credentials across many workstations;
    • Unrestricted remote access for local admin accounts;
    • Insufficient network segmentation configuration between IT and operational technology (OT) assets; and
    • Several device misconfigurations.

    In coordination with the organization where the hunt was conducted, CISA and USCG are sharing cybersecurity risk findings and associated mitigations to assist other critical infrastructure organizations with improving their cybersecurity posture. Recommendations are listed for each of CISA’s findings, as well as general practices to strengthen cybersecurity for OT environments. These mitigations align with CISA and the National Institute for Standards and Technology’s (NIST) Cross-Sector Cybersecurity Performance Goals (CPGs), and with mitigations provided in the USCG Cyber Command’s (CGCYBER) 2024 Cyber Trends and Insights in the Marine Environment (CTIME) Report.

    Although no malicious activity was identified during this engagement, critical infrastructure organizations are advised to review and implement the mitigations listed in this advisory to prevent potential compromises and better protect our national infrastructure. These mitigations include the following (listed in order of importance):

    • Do not store passwords or credentials in plaintext. Instead, use secure password and credential management solutions such as encrypted password vaults, managed service accounts, or built-in secure features of deployment tools.
      • Ensure that all credentials are encrypted both at rest and in transit. Implement strict access controls and regular audits to securely manage scripts or tools accessing credentials.
      • Use code reviews and automated scanning tools to detect and eliminate any instances of plaintext credentials on hosts or workstations.
      • Enforce the principle of least privilege, only granting users and processes the access necessary to perform their functions.
    • Avoid sharing local administrator account credentials. Instead, provision unique, complex passwords for each account using tools like Microsoft’s Local Administrator Password Solution (LAPS) that automate password management and rotation.
    • Enforce multifactor authentication (MFA) for all administrative access, including local and domain accounts, and for remote access methods such as Remote Desktop Protocol (RDP) and virtual private network (VPN) connections.
    • Implement and enforce strict policies to only use hardened bastion hosts isolated from IT networks equipped with phishing-resistant MFA to access industrial control systems (ICS)/OT networks, and ensure regular workstations (i.e., workstations used for accessing IT networks and applications) cannot be used to access ICS/OT networks.
    • Implement comprehensive (i.e., large coverage) and detailed logging across all systems, including workstations, servers, network devices, and security appliances.
      • Ensure logs capture information such as authentication attempts, command-line executions with arguments, and network connections.
      • Retain logs for an appropriate period to enable thorough historical analysis (adhering to organizational policies and compliance requirements) and aggregate logs in an out-of-band, centralized location, such as a security information event management (SIEM) tool, to protect them from tampering and facilitate efficient analysis.

    For more detailed mitigations addressing the identified cybersecurity risks, see the Mitigations section of this advisory.

    Technical Details

    Note: This advisory uses the MITRE ATT&CK® Matrix for Enterprise framework, version 17. See Appendix: MITRE ATT&CK Tactics and Techniques for a table of potential activity mapped to MITRE ATT&CK tactics and techniques.

    Overview

    Cybersecurity and Infrastructure Security Agency (CISA) and United States Coast Guard (USCG) analysts (collectively referred to as CISA in this report) conducted a threat hunt engagement at a critical infrastructure organization in 2024. During this hunt, CISA proactively searched for evidence of malicious activity or the presence of a malicious cyber actor on the customer’s network using host, network, industrial control system (ICS), and commercial cloud and open-source analysis tools. CISA searched for evidence of activity by looking for specific exploitation tactics, techniques, and procedures (TTPs) and associated artifacts.

    While CISA did not find evidence of threat actor presence on the organization’s network, the team did identify several cybersecurity risks. These findings are listed below in order of risk. Technical details of each identified cyber risk are included, along with the potential impact from threat actor exploitation of each risk (recommendations for mitigating each risk are listed in the Mitigations section below).

    Several of these findings align with those observed during similar engagements conducted by US Coast Guard Cyber Command (CGCYBER), which are documented in their 2024 Cyber Trends and Insights in the Marine Environment (CTIME) report. The authoring agencies encourage critical infrastructure organizations to review the CTIME report to understand trends in the techniques/attack paths threat actors are using to compromise at-risk organizations, and what mitigations organizations should implement to prevent a successful attack.

    Key Findings

    Shared Local Admin Accounts with Non-Unique Passwords Stored as Plaintext

    Details: CISA identified a few local admin accounts with non-unique passwords; these accounts were shared across many hosts. The credentials for each account were stored plaintext in batch scripts. CISA discovered these authorized scripts were configured to create user accounts with local admin privileges and then set identical, non-expiring passwords—these passwords were stored in plaintext in the script. One script was configured to create an admin account (set with a password stored in the script in plaintext) and automatically add to the admin group. The account was set as the local admin account on many other hosts.

    Potential Impact: The storage of local admin credentials in plaintext scripts across numerous hosts increases the risk of widespread unauthorized access, and the usage of non-unique passwords facilitates lateral movement throughout the network. Malicious actors with access to workstations with either of these batch scripts could obtain the passwords for these local admin accounts by searching the filesystem for strings like net user /add, identifying scripts containing usernames and passwords [T1552.001], and accessing these accounts to move laterally.

    For example, during a controlled security validation exercise (with explicit permission from the customer), CISA used the credentials found in one of the scripts to log into its associated admin account locally on a workstation [T1078.003], and then establish a Remote Desktop Protocol (RDP) connection to another workstation [T1021.001]. This demonstrated that the credentials allowed local login to an admin account and enabled lateral movement to any workstation with the account. While using this account, the user had local admin privileges on many workstations. Upon initiating the RDP session, the system issued out a notification that another user was currently logged in and that continuing the session would disconnect the existing user, confirming that the account can be accessed remotely via RDP.

    The uniform use of local admin accounts with identical, non-expiring passwords across numerous hosts, coupled with the storage of these credentials in plaintext within accessible scripts, elevates the risk of unauthorized access and lateral movement throughout the network.

    With local admin access, malicious cyber actors can:

    • Modify existing accounts or create new accounts [T1098], potentially escalating privileges or maintaining persistent access.
    • Install malicious browser extensions on compromised systems [T1112].
    • Communicate with compromised systems using standard application layer protocols [T1071], which may bypass certain security monitoring tools.
    • Modify local policies to escalate privileges or disable security features [T1484].
    • Alter system configurations or install software that executes at startup [T1547], ensuring continued access and persistence.
    • Hijack the execution flow of applications to inject malicious code [T1574].

    The widespread distribution of plaintext credentials and the use of identical passwords across hosts increases the risk of unauthorized access throughout the network. This vulnerability heightens the potential for attackers to conduct unauthorized activities, which may impact the confidentiality, integrity, and availability of the organization’s assets.

    Note: This finding was associated with workstations only; servers and other devices were not affected.

    Insufficient Network Segmentation Configuration Between IT and Operational Technology Environments

    Details: While assessing interconnectivity between the customer’s IT and operational technology (OT) environments, CISA identified that the OT environment was not properly configured. Specifically, standard user accounts could directly access the supervisory control and data acquisition (SCADA) virtual local area network (VLAN) directly from IT hosts.

    First, CISA determined it was possible to establish a connection via port 21 from a user workstation in the IT network to a system within the SCADA VLAN. The test established that a network path was available, the remote host was reachable, the port was open and listening for connections, and that the port was directly accessible between the IT and SCADA VLANs, with misconfigured network-level restrictions—for example, firewalls or access control lists (ACLs)—blocking the Transmission Control Protocol (TCP) connection on the port. This test was conducted using a standard user account on a regular IT workstation without administrative privileges [T1078].

    Second, CISA discovered that the customer did not have sufficient secured bastion hosts dedicated for accessing SCADA and heating, ventilation, and air conditioning (HVAC) systems. A bastion host­—sometimes referred to as a jump box or jump server—is a specialized, highly secured system (often a server or dedicated workstation) that serves as the sole access point between a network segment (such as an internal IT network) and a protected internal network (like an OT or ICS environment). By inspecting and filtering all inbound and outbound traffic, a bastion host is designed to prevent unauthorized access and lateral movement, ensuring that only authenticated and authorized users can interact with internal systems. Though several hosts were designated as bastion hosts for remote access to SCADA and HVAC systems, they lacked the enhanced security configuration, dedicated monitoring, and specialized scrutiny expected of bastion hosts.

    Potential Impact: Insufficient OT network segmentation configuration, network access control (NAC), and the ability of a non-privileged user within the IT network to use their credentials to access the critical SCADA VLAN [T1078] presents a security and safety risk. Given that SCADA and HVAC systems control physical processes, compromises of these systems can have real-world consequences, including risks to personnel safety, infrastructure integrity, and equipment functionality.

    Malicious actors could further exploit potentially unsecured workstations with access to OT systems, and insufficient network segmentation configuration between IT and OT systems, in the following ways:

    • Use RDP or Secure Shell (SSH) protocols to move laterally from compromised IT workstations to OT systems [T1021.001] [T1021.004].
    • Execute commands and scripts using scripting languages like PowerShell to attack OT systems [T1059].
    • Map network connections to identify paths to OT systems [T1049].
    • Gather information about network configurations to plan attacks on OT systems [T1016].

    By exploiting these weaknesses, attackers can potentially gain unauthorized access to critical OT systems, manipulate physical processes, disrupt operations, and cause harm.

    Insufficient Log Retention and Implementation

    Details: CISA was unable to hunt for every MITRE ATT&CK® procedure in the scoped hunt plan partly because the organization’s event logging system was insufficient for this analysis. For example, Windows event logs from workstations were not being forwarded to the organization’s security information event management (SIEM), verbose command line auditing was not enabled (meaning command line arguments were not being captured in Event ID 4688), logging in the SIEM was not as comprehensive as required for the analysis, and log retention did not allow for a thorough analysis of historical activity.

    Potential Impact: The absence of comprehensive and detailed logs, along with a lack of an established baseline for normal network behavior, prevented CISA from performing thorough behavior and anomaly-based detection. This limitation hindered the ability to hunt for certain TTPs, such as living-off-the-land techniques, the use of valid accounts [T1078], and other TTPs used by sophisticated threat actors. Such techniques often do not produce discrete indicators of compromise or trigger alerts from antivirus software, intrusion detection systems (IDS), or endpoint detection and response (EDR) solutions. Further, the lack of workstation logs in the organization’s SIEM meant CISA could not analyze authentication events to identify anomalous activities, such as unauthorized access using local administrator credentials. This gap exposes networks to undetected lateral movement and unauthorized access.

    Insufficient logging can prevent the detection of malicious activity by hindering investigations, which makes detection of threat actors more challenging and leaves the network susceptible to undetected threats.

    Additional Findings

    Misconfigured sslFlags on a Production Server

    Details: CISA used PowerShell to examine the ApplicationHost.config file[1]—a central configuration file for Internet Information Services (IIS) that governs the behavior of the web server and its applications and websites—on a production IIS server. CISA observed an HTTPS binding configured with sslFlags==“0”, which keeps IIS in its legacy “one-certificate-per-IP” mode. This mode disables modern certificate-management features, and because mutual Transport Layer Security (TLS) (client-certificate authentication) must be enabled separately in “SSL Settings” or by adding , the binding leaves the client-certificate enforcement off by default, allowing any TLS client to complete the handshake anonymously. Moreover, sslFlags does not control protocol or cipher selection, so outdated protocols or weak cipher suites (e.g., SSL 3.0, TLS 1.0/1.1) may still be accepted unless Secure Channel (Schannel)[2] has been explicitly hardened.

    Potential Impact: The misconfigured sslFlags could enable threat actors to attempt an adversary-in-the-middle attack [T1557] to intercept credentials and data transmitted between clients and the IIS server. Malicious actors could also exploit vulnerabilities in older Secure Sockets Layer (SSL)/TLS protocols, as well as weak cipher suites, increasing the risk for protocol downgrade attacks in which an attacker forces the server and client to negotiate the use of weaker encryption standards [T1562.010]. This compromises the confidentiality and integrity of data transmitted over this channel. Furthermore, the absence of client certificate enforcement meant the server did not validate the identity of the connecting clients beyond the basic SSL/TLS handshake. This deficiency exposed the server to risks where unauthorized or malicious clients could impersonate legitimate users, potentially gaining access to sensitive resources without proper verification.

    Misconfigured Structured Query Language Connections on a Production Server

    Details: CISA reviewed machine.config file on a production server and identified that it was configured with a centralized database connection string, LocalSqlServer, for both profile and role providers. This configuration implies that, unless overridden in each application’s web.config files, every ASP.NET site on the server connects to the same Structured Query Language (SQL) Express or aspnetdb database and shares the same credentials context.

    Additionally, CISA identified that the machine.config file set the minRequiredPasswordLength to be less than 15 characters, which is CISA’s recommended password length.

    Potential Impact: Using a centralized database approach increases risk, as a single breach or misconfiguration in this central SQL database server can compromise all applications dependent on the server. This creates a single point of failure and could be exploited by attackers aiming to gain broad access to the system.

    Additionally, setting the minimum password length to any password under 15 characters is more vulnerable to various forms of brute-force attacks, such as password guessing [T1110.001], cracking [T1110.002], spraying [T1110.003], and credential stuffing [T1110.004]. If a threat actor successfully cracked these weak passwords, they could gain unauthorized access to user or application accounts and leverage vulnerabilities within applications to further escalate privileges, potentially leading to unauthorized access to the backend SQL Server databases. This could result in data breaches, data manipulation, or a loss of database integrity.

    Mitigations

    CISA and USCG recommend that critical infrastructure organizations implement the mitigations below to improve their organization’s cybersecurity posture. Recommendations to reduce cyber risk are listed for each of CISA’s findings during this engagement and are ordered starting from the highest to lowest importance for organizations to implement. CISA and USCG also include general practices to strengthen cybersecurity for OT environments that are not tied to specific findings.

    These mitigations align with the Cross-Sector Cybersecurity Performance Goals jointly developed by CISA and the National Institute for Standards and Technology (NIST). The Cybersecurity Performance Goals (CPGs) provide a minimum set of practices and protections that CISA and NIST recommend all organizations implement. CISA and NIST based the CPGs on existing cybersecurity frameworks and guidance to protect against the most common and impactful TTPs. Visit CISA’s CPGs webpage for more information.

    Many of these mitigations also align with recommendations made by CGCYBER in their 2024 CTIME report. The report provides relevant information and lessons learned about cybersecurity risks gathered through operations similar to this threat hunt engagement, and best practices to mitigate these risks. Please see the 2024 CTIME report for additional recommendations for critical infrastructure organizations to implement to harden their environments against malicious activity.

    Implement Unique Credentials and Access Control Measures for Administrator Accounts

    • Provision unique and complex credentials for local administrator accounts [CPG 2.C] on all systems. Do not use shared or identical administrative credentials across systems. Ensure service accounts/machine accounts have passwords unique from all member user accounts.
      • For example, organizations can deploy Microsoft LAPS (see Microsoft Learn’s Windows LAPS Overview for more information) to ensure each machine has a unique, complex local administrator password; passwords are rotated automatically within Microsoft Active Directory, reducing the window of vulnerability; and that password retrieval is limited to authorized personnel only.
    • Require phishing-resistant multifactor authentication (MFA) [CPG 2.H] in addition to unique passwords for all administrative access, including local- and domain-level administrator accounts, RDP sessions, and VPN connections.
    • Use privileged access workstations (PAWs) dedicated solely for administrative tasks and isolate them from the internet and general network to reduce exposure to threats and lateral movement.
      • Harden PAWs by applying CIS Benchmarks: limit software to essential administrative functions, disable unnecessary services and ports, and ensure regular updates and patches.
      • Enforce strict access controls to restrict PAW access to authorized administrators only.
    • Conduct continuous auditing of privileged accounts by regularly collecting and analyzing logs of administrative activities, such as login attempts, command executions, and configuration changes [CPG 2.T].
      • Configure automated alerts for anomalous behaviors, including logins outside standard hours, access from unauthorized locations, and repeated failed logins.
      • Periodically review all administrator accounts to confirm the necessity and appropriateness of access levels; align these auditing practices with NIST SP 800-53 Rev. 5 Controls AU-2 (Auditable Events) and AU-12 (Audit Record Generation).
    • Apply the principle of least privilege by limiting administrative privileges to the minimum required for users to perform their roles [CPG 2.E].
      • Create individual administrative accounts with unique credentials and role-specific permissions and disable or rename built-in local administrator accounts to reduce common attack vectors.
      • Avoid using shared administrator accounts to improve accountability and auditability, and ensure administrators use standard accounts for non-administrative tasks to minimize credential exposure.
      • Implement Role-Based Access Control (RBAC) to assign permissions based on job functions, as aligned with NIST SP 800-53 Rev. 5 Control AC-5 (Separation of Duties).
    • Identify and remove unauthorized or unnecessary local administrator accounts, maintain oversight by documenting and tracking all authorized accounts, and enforce strict account management policies by restricting account creation privileges and implementing approval workflows for new administrator accounts.

    Securely Store and Manage Credentials

    • Purge credentials from the System Center Configuration Manager (SCCM). Review SCCM packages, task sequences, and scripts to ensure that no plaintext credentials are embedded, and update or remove any configurations that deploy scripts with plaintext credentials.
    • Do not store plaintext credentials in scripts. Instead, store credentials in a secure manner, such as with a credential/password manager or vault, or other privileged account management solution [CPG 2.L].
    • Use encrypted communication. If scripts must retrieve credentials at runtime, use encrypted channels and protocols (e.g., TLS 1.3) to communicate with secure credential stores. Ensure that credentials are not written to disk or exposed in logs.
    • Use unique local administrator passwords, such as by deploying Microsoft LAPS. Set appropriate permissions on Active Directory attributes used by LAPS (ms-MCS-AdmPwd and ms-MCS-AdmPwdExpirationTime) per Microsoft’s security recommendations.

    Establish Network Segmentation Between IT and OT Environments

    • Assess the existing network architecture to ensure effective segmentation between the IT and OT networks [CPG 2.F]—this process should evaluate both logical and physical segmentation, ensuring clear boundaries between IT and OT assets.
      • Use NIST SP 800-82 Rev. 3 (Guide to OT Security) and International Electrotechnical Commission (IEC) 62443 standards as guides for network segmentation best practices.
      • Network segmentation is essential for containing breaches within isolated segments and preventing them from spreading across networks. Depending on your environment, consider implementing the following segmentation:
        • Implement VLAN segmentation with inter-VLAN access controls.
        • Create separate VLANs for IT and OT systems, specifically isolating OT components such as SCADA systems from IT network VLANs.
        • Configure inter-VLAN access controls, including Layer 3 ACLs, to restrict traffic between IT and SCADA VLANs.
        • Deploy firewalls with application-layer filtering capabilities to monitor and control data flow between the VLANs, ensuring that only authorized protocols and devices can communicate across segments.
    • Implement a demilitarized zone (DMZ) between IT and OT environments to provide an additional security layer.
      • Position firewalls at both the IT-DMZ and OT-DMZ boundaries to filter traffic and enforce strict communication policies.
      • Configure the DMZ to act as an intermediary, with only essential communications permitted between IT and OT networks.
      • Ensure the DMZ hosts shared services (e.g., bastion hosts, jump servers, or data historians) that require limited interaction with both environments, with access controls and monitoring in place.
    • Consider a full network re-architecture if current segmentation methods cannot effectively separate IT and OT networks.
      • Collaborate with cybersecurity and network experts to design an architecture that meets ICS-specific security requirements—this redesign may involve transitioning to a micro-segmented or zero trust architecture, which includes strict identity verification for all users and devices attempting to access OT assets.[3]
    • Implement unidirectional gateways (data diodes) where appropriate to prevent bidirectional communication.
    • Keep network diagrams, configuration files, and asset inventories up to date.
    • Regularly test segmentation controls to validate their effectiveness in restricting unauthorized access by conducting penetration testing and security assessments.
      • Include simulated breach scenarios to confirm that segmentation contains threats within isolated zones.
      • Ensure compliance with NIST SP 800-53 Rev. 5 Control AC-4 (Information Flow Enforcement) to align segmentation measures with best practices for controlled information flow.

    Prevent Unauthorized Access via Port 21

    • Disable File Transfer Protocol (FTP) services on SCADA devices and servers if they are not required. Replace FTP with secure alternatives, such as SSH FTP (SFTP) or FTP over TLS/SSL (FTPS).
    • Block inbound and outbound FTP traffic on port 21 using firewalls and ACLs.
      • Implement restrictive ACL policies at network boundaries to control FTP access across all network layers.
      • As outlined in CIS Control 9.2 (Limit Unnecessary Ports, Protocols, and Services), close any unused ports to strengthen network defenses.
    • Implement IDS/Intrusion Prevention System (IPS) technologies to monitor traffic between the IT network and SCADA VLAN, use signature and anomaly detection, and integrate IDS/IPS with a SIEM system for centralized monitoring.
    • Enhance authentication and encryption mechanisms. Require MFA for SCADA access, use secure remote access technologies when necessary, securely encrypt communications (using protocols such as TLS 1.2 or higher, preferably TLS 1.3), and establish VPN tunnels to communicate between IT networks and SCADA systems.
    • Perform network traffic filtering and deep packet inspection.
      • Use SCADA-aware firewalls capable of understanding SCADA protocols and inspecting and filtering traffic at the application layer.
      • Only allowlist authorized protocols and command structures to SCADA operations. Use one-way communication devices to prevent data from flowing back into the SCADA network.

    Establish Secure Bastion Hosts for OT Network Access

    • Ensure bastion hosts are dedicated secure access points exclusively used to access the OT network and deployed as exclusive management gateways for all devices within a network.
      • Make bastion hosts the single access points for conducting all administrative tasks, system management, and configuration changes; this centralizes access control and ensures any interaction with the OT system passes through a rigorously monitored and secure environment, minimizing the potential for unauthorized access.
    • Do not allow staff to use bastion hosts as regular workstations.
      • Provide staff with separate workstations for accessing email, internet browsing, etc., on the IT network.
      • Establish and enforce policies that prohibit non-administrative activities on bastion hosts, ensuring they remain dedicated to OT network access.
    • Regularly audit and monitor bastion hosts to maintain security integrity, prevent unauthorized use, and quickly address any vulnerabilities or policy non-compliance.
    • Configure comprehensive logging of all activities on bastion hosts, including authentication attempts, command executions, configuration changes, and file transfers. Aggregate logs into a SIEM.
    • Isolate bastion hosts from the IT network; bastion hosts should reside in a separate security zone with restricted communication pathways (see CISA’s infographic on Layering Network Security Through Segmentation).
      • Deploy bastion hosts in a DMZ, imposing physical and logical isolation from other networks.
      • Configure firewalls between the IT network, bastion hosts, and the OT network, enforcing strict access control policies to allow only necessary traffic.
    • Ensure secure configuration and hardening of bastion hosts: Comply with NIST SP 800-123 and CIS Benchmarks and CNSSI 4009-2015, remove nonessential applications and services to reduce the attack surface, configure system settings to be secure, conduct effective patch management, enforce the principle of least functionality, and disable unused ports and protocols.
    • Implement access control policies: remove any access permissions to the OT network from IT workstations and ensure only bastion hosts have access to the OT network.
      • Implement NAC solutions to enforce policy-driven access control decisions based on device compliance and user authentication to provide dynamic access control and real-time visibility into the devices on the network.
    • Equip each bastion host with robust authentication mechanisms, including phishing resistant MFA [CPG 2.H], to verify the identity of users accessing the network.
      • Align with AAL3 as defined in NIST SP 800-63B. AAL3 requires hardware-based authenticators and proof of possession of cryptographic keys through secure authentication protocols.
    • Implement stringent access controls that restrict access to authorized personnel only using RBAC principles, ensuring that personnel can only access information and perform tasks pertinent to their roles and duties. This reduces the risk of internal threats or lateral movement and prevents unauthorized access.
    • Securely configure remote access tools, including by using secure protocols and disabling remote access tools on IT workstations to the OT network, enforcing that all remote access occurs through bastion hosts.
      • Disable insecure protocols like Telnet and unencrypted VNC to prevent interception and unauthorized access.
      • Log all remote access sessions and monitor for unauthorized or anomalous activities.

    Implement Comprehensive Logging, Log Retention, and Analysis

    • Implement comprehensive and verbose (i.e., detailed) logging across all systems, including workstations, servers, network devices, and security appliances [CPG 2.T].
      • Enable logging of critical events such as authentication attempts, command-line executions with command arguments (Event ID 4688), and network connections.
    • Aggregate logs in an out-of-band, centralized location [CPG 2.U] where adversaries cannot tamper with them, such as a dedicated SIEM, in order to facilitate behavior analytics, anomaly detection, and proactive threat hunting [CPG 2.T, 2.U]. For more information on behavior- and anomaly-based detection techniques, see joint guidance Identifying and Mitigating Living off the Land.
    • Ensure comprehensive logging on bastion hosts for all activities. Capture detailed records of login attempts [CPG 2.G], commands executed (with command arguments enabled), configurations changed, and files transferred.
    • Continuously monitor logs for early detection of anomalous activities. Configure the SIEM to generate automatic alerts for suspicious activity and implement behavior analysis techniques to detect anomalies.
    • Securely store log backups and use tamper resistant storage [CPG 2.U] to prevent a threat actor from altering or purging logs to conceal malicious activity.

    For additional guidance on logging, see joint guidance Best Practices for Event Logging and Threat Detection.

    Securely Configure HTTPS Bindings and LocalSqlServer Connection String

    • Enforce both client certificate verification and secure renegotiation in IIS by configuring the sslFlags setting to “3” in the ApplicationHost.config file. Setting sslFlags=“3” requires clients to present valid X.509 certificates for authentication and implements the TLS Renegotiation Indication Extension (RFC 5746). To implement this, perform the following steps:
      • Locate the element for the HTTPS site within ApplicationHost.config.
      • Set the sslFlags attribute to “3”: .
      • Restart IIS to apply the changes: iisreset.
    • Restrict the server to use only secure and up-to-date SSL/TLS protocols and cipher suites.
      • Disable deprecated protocols like SSL 2.0, SSL 3.0, TLS 1.0, and TLS 1.1 to prevent protocol downgrade attacks that compromise the confidentiality and integrity of data.
    • Override the global settings in machine.config by modifying each application’s web.config file to define its own connection strings and providers. This isolates applications at the database level and allows for tailored security configurations for each application.
    • Create dedicated SQL Server database accounts for each application with permissions limited to necessary operations (e.g., SELECT, INSERT, UPDATE), and avoid granting excessive privileges.
      • Do not assign roles like db_owner or sysadmin to application accounts. This reduces the risk of privilege escalation and enhances accountability through segregated access logs.
    • Use machine.config only for configurations that must be applied globally across all applications on the server.
      • Audit the machine.config file to ensure no application-specific settings are present.

    Enforce Strong Password Policies

    • Implement a system-enforced policy that requires a minimum password length of 15 or more characters for all password-protected IT assets and all OT assets, when technically feasible [CPG 2.B].
      • Consider leveraging passphrases and password managers to make it easier for users to maintain sufficiently long passwords.
    • In instances where minimum password lengths are not technically feasible, apply and record compensating controls, such as rate-limiting login attempts, account lockout thresholds, and strong network segmentation. Prioritize these systems for upgrade or replacement.
    • Implement MFA [CPG 2.H] in addition to strong passwords (i.e., passwords 15 characters or longer).

    Additional Mitigation Recommendations to Strengthen Cybersecurity

    CISA and USCG recommend critical infrastructure organizations implement the following additional mitigations (not tied to specific findings from the engagement) to improve the cybersecurity of their IT and OT environments:

    • Secure RDP from the IT to OT environments by deploying dedicated VPNs for all remote interactions with the OT network. Using RDP without strong authentication practices can lead to credential theft. Additionally, RDP does not inherently segregate or closely monitor user sessions, which can allow a compromised session to affect other parts of the network.
      • Deploy VPNs with strong encryption protocols such as SSL/TLS or Internet Protocol Security (IPsec) [CPG 2.K] to safeguard data integrity and confidentiality; use MFA [CPG 2.H] at all VPN access points to ensure only authorized personnel can gain access.
      • Configure VPN gateways to perform rigorous security checks and manage traffic destined for the OT network, ensuring comprehensive validation of all communications through pre-defined security policies.
        • VPN gateways should function as the primary enforcement points for access controls, scrutinizing every data packet to detect and block unauthorized access attempts.
      • Align the VPN traffic monitoring with the DMZ’s capabilities to regulate and inspect the data flow between IT and OT environments.
      • As part of the broader network architecture review, ensure the VPN infrastructure is correctly segmented from other network resources [CPG 2.F] to prevent any spillover effects from the IT environment to the OT network, containing potential breaches within isolated network zones.
      • Within the VPN configuration, enforce strict routing rules that require all remote access requests to pass through the DMZ and be authenticated by bastion hosts. This minimizes the risk of unauthorized access and ensures that all remote interactions with the OT network are monitored and controlled.
    • If wireless technology is employed within the OT environment, implement Wi-fi Protected Access 3 (WPA3)-Enterprise encryption with strong authentication protocols like Extensible Authentication Protocol (EAP)-TLS to ensure data confidentiality and integrity.
      • Deploy and continuously monitor Wireless Intrusion Prevention Systems (WIPS) to detect, prevent, and respond to unauthorized access attempts and anomalous activities within the wireless network infrastructure.
      • Disable unnecessary features like Service Set Identifier (SSID) broadcasting and peer-to-peer networking, enable Media Access Control (MAC) filtering as an additional layer, and keep wireless firmware updated.

    Validate Security Controls

    In addition to applying mitigations, CISA and USCG recommend exercising, testing, and validating your organization’s security program against the threat behaviors mapped to the MITRE ATT&CK for Enterprise framework in this advisory. CISA and USCG recommend testing your existing security controls inventory to assess how they perform against the ATT&CK techniques described in this advisory.

    To get started:

    1. Select an ATT&CK technique described in this advisory (see Table 1 to Table 9).
    2. Align your security technologies against the technique.
    3. Test your technologies against the technique.
    4. Analyze your detection and prevention technologies’ performance.
    5. Repeat the process for all security technologies to obtain a set of comprehensive performance data.
    6. Tune your security program—including people, processes, and technologies—based on the data generated by this process.

    CISA and USCG recommend continually testing your security program, at scale, in a production environment to ensure optimal performance against the MITRE ATT&CK techniques identified in this advisory.

    Contact Information

    Critical infrastructure organizations are encouraged to report suspicious or criminal activity related to information in this advisory to:

    Additional Resources

    For more information on improving cyber hygiene for critical infrastructure IT and OT environments, please see the following additional resources authored by CISA, CGCYBER, and international partners:

    Disclaimer

    The information in this report is being provided “as is” for informational purposes only. CISA and USCG do not endorse any commercial entity, product, company, or service, including any entities, products, or services linked within this document. Any reference to specific commercial entities, products, processes, or services by service mark, trademark, manufacturer, or otherwise, does not constitute or imply endorsement, recommendation, or favoring by CISA and USCG.

    Version History

    July 31, 2025: Initial version.

    Appendix: MITRE ATT&CK Tactics and Techniques

    See Table 1 to Table 9 for all referenced threat actor tactics and techniques in this advisory. For assistance with mapping malicious cyber activity to the MITRE ATT&CK framework, see CISA and MITRE ATT&CK’s Best Practices for MITRE ATT&CK Mapping and CISA’s Decider Tool.

    Table 1: Initial Access
    Technique Title ID Use
    Valid Accounts T1078 Malicious actors could use access to valid accounts for access to IT and OT networks.
    Valid Accounts: Local Accounts T1078.003 Threat actors could use credentials obtained for local administrator accounts to gain administrator access to workstations or services that use the account.
    Account Manipulation T1098 Malicious actors could modify existing accounts or create new accounts to maintain access or escalate privileges. 
    Table 2: Execution
    Technique Title ID Use
    Command and Scripting Interpreter  T1059 Malicious actors could use script interpreters like PowerShell to execute commands and scripts. 
    Table 3: Persistence
    Technique Title ID Use
    Boot or Autostart Execution T1547 Malicious actors could configure autostart execution paths to ensure persistence.
    Hijack Execution Flow T1574 Malicious actors could hijack the execution flow of applications and inject malicious code.
    Table 4: Privilege Escalation
    Technique Title ID Use
    Domain or Tenant Policy Modification T1484 Malicious actors could modify domain policies to escalate privileges or evade defenses.
    Table 5: Defense Evasion
    Technique Title ID Use
    Modify Registry T1112 Malicious actors could install malicious browser extensions on compromised systems.
    Impair Defenses: Downgrade Attack T1562.010 Malicious actors could exploit vulnerabilities in older systems to force a downgrade to a less secure mode of operation.
    Table 6: Credential Access
    Technique Title ID Use
    Unsecured Credentials: Credentials in Files T1552.001 Malicious actors could search for and exploit credentials stored in unsecured files. 
    OS Credential Dumping T1003 Malicious actors could extract credentials from memory or storage from unsecured workstations.
    Adversary-in-the-Middle T1557 Malicious actors could position themselves between networked devices to intercept credentials and other data. 
    Brute Force: Password Guessing T1110.001 Malicious actors could systematically guess possible passwords.
    Brute Force: Password Cracking T1110.002 Malicious actors could recover plaintext credentials after obtaining password hashes or other similar credential material.
    Brute Force: Password Spraying T1110.003 Malicious actors could attempt to use a common password against different accounts to try to obtain account access. 
    Brute Force: Credential Stuffing T1110.004 Malicious actors could try to use credentials gained from an unrelated account to gain access to a desired account in the victim’s environment. 
    Table 7: Discovery
    Technique Title ID Use
    System Network Connections Discovery T1049 Malicious actors could map network connections to identify paths to OT systems from an unsecured IT workstation with access to the OT network. 
    System Network Configuration Discovery T1016 Malicious actors could use an unsecured workstation to discover network configurations.
    Table 8: Lateral Movement
    Technique Title ID Use
    Remote Services: Remote Desktop Protocol T1021.001 Malicious actors could use valid credentials to establish an RDP connection to access a workstation. 
    Remote Services: SSH T1021.004 Malicious actors could use valid accounts to establish an SSH connection to a workstation.
    Table 9: Command and Control
    Technique Title ID Use
    Application Layer Protocol T1071 Malicious actors could use application layer protocols to communicate with systems they compromised while blending in with existing network traffic. 

    MIL Security OSI

  • MIL-OSI: LYNO Launches Early Bird Presale Phase with 16 Million Tokens at $0.050

    Source: GlobeNewswire (MIL-OSI)

    ROAD TOWN, British Virgin Islands, July 31, 2025 (GLOBE NEWSWIRE) — LYNO, a decentralized cross-chain arbitrage protocol powered by artificial intelligence (AI), has officially launched the Early Bird phase of its token presale. This initial phase is offering 16 million $LYNO tokens at the price of $0.050 per token. Once this allocation is sold out, the next phase will see the token price increase to $0.055. This announcement marks the beginning of LYNO’s public sale process as it aims to distribute 28% of its total token supply through a seven-phase community presale.

    This milestone represents a significant step forward in LYNO’s roadmap as it prepares for its official platform deployment. The project’s token sale structure is designed to progressively increase the token price at each stage, incentivizing early participation and distributing value to early supporters.

    Purpose-Built Arbitrage Protocol for DeFi

    LYNO is engineered to automate cross-chain arbitrage opportunities across fragmented decentralized finance (DeFi) markets. Its infrastructure enables users to benefit from price inefficiencies across different blockchain networks, executing profitable trades without requiring any manual intervention. The platform supports over 15 EVM-compatible chains, maximizing market coverage and arbitrage scope.

    The protocol operates on a four-layer architectural model: DataAIExecution, and Settlement. This layered system allows LYNO to constantly monitor real-time price feeds, apply machine learning algorithms to identify profitable opportunities, and execute trades using smart contracts and flash loans. This approach aims to deliver high-speed execution and accuracy, setting the stage for a more efficient decentralized trading environment.

    Integration with Leading Blockchain Bridges

    LYNO’s design includes compatibility with several of the leading cross-chain messaging and liquidity bridges. This includes integration with LayerZeroAxelarWormhole, and others, which ensures seamless capital movement across networks. By using these bridges, LYNO can minimize slippage, reduce latency, and increase transaction success rates in arbitrage operations. These integrations are essential for real-time cross-chain trading, enabling LYNO to maintain its operational speed and accuracy across diverse DeFi markets.

    Utility and Tokenomics

    The $LYNO token is central to the protocol’s operation. It will serve multiple functions within the LYNO ecosystem, including:

    • Governance participation: Token holders can vote on protocol upgrades, fee structures, and future proposals.
    • Staking: Users can stake tokens to receive a share of the protocol’s profits.
    • Tool access: Holders can unlock AI-based real-time analytics and arbitrage monitoring tools.

    LYNO has implemented a multi-layered tokenomic model designed to align user incentives with the long-term success of the platform. Key features include:

    • Buyback and burn mechanisms to support price stability and reduce circulating supply.
    • Liquidity mining incentives for early liquidity providers.
    • Revenue sharing model distributing up to 60% of platform fees to stakers and participants.

    These mechanisms are intended to increase transparency, support decentralization, and maintain consistent user engagement. The project has been audited by Cyberscope, further enhancing its credibility and focus on smart contract security.

    How to Participate in the Presale

    Investors who wish to take part in the Early Bird presale can do so by connecting their wallets—such as MetaMask, Trust Wallet, or any WalletConnect-compatible wallet—to the LYNO presale platform at https://lyno.ai/#presale. The supported payment options for purchasing $LYNO tokens include ETHUSDC, and USDT. Tokens purchased during the presale will be claimable after the conclusion of all presale phases.

    This Early Bird phase is time-sensitive and available on a first-come, first-served basis. After the initial 16 million tokens are sold, the token price will increase from $0.050 to $0.055 in the next stage. This price progression will continue through the subsequent rounds, designed to reward early contributors before the token listing on exchanges.

    Building a Transparent and Automated DeFi Future

    LYNO is part of a new wave of DeFi protocols aiming to reduce inefficiencies and human error in the arbitrage trading process. By leveraging artificial intelligence, cross-chain compatibility, and fully automated systems, LYNO introduces an alternative to manual DeFi trading strategies.

    With increasing fragmentation in liquidity across blockchains and growing interest in interoperable DeFi solutions, LYNO’s protocol arrives at a time when seamless arbitrage execution is becoming increasingly important. The LYNO platform aims to help users unlock value from market inefficiencies while offering governance and income opportunities via staking and community engagement.

    About LYNO

    LYNO is an AI-powered, decentralized cross-chain arbitrage protocol built to automate real-time profitable trades across multiple EVM-compatible chains. The protocol is designed to optimize DeFi trading by offering speed, transparency, and efficiency while leveraging powerful AI technologies and smart contract automation. LYNO’s infrastructure is compatible with top bridge solutions, making it a versatile and forward-looking solution for decentralized arbitrage.

    For More Information, Please Visit:

    Contact:
    LYNO AI
    Email: contact@lyno.ai

    Disclaimer: This content is provided by LYNO. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/7f1c0f27-b1f5-4966-b736-ef6709c13738

    https://www.globenewswire.com/NewsRoom/AttachmentNg/88ca5dde-10a7-4491-b8c2-fd5abf715a3a

    The MIL Network

  • MIL-OSI Russia: Financial news: Decision of the Board of Directors on Amendments to the Type C Account Regime

    Translation. Region: Russian Federal

    Source: Central Bank of Russia –

    An important disclaimer is at the bottom of this article.

    On July 31, 2025, the Board of Directors of the Bank of Russia decided to introduce Decision of the Board of Directors of the Bank of Russia dated November 21, 2022 “On the establishment of the type “C” account regime for settlements and the implementation (execution) of transactions (operations) to which the procedure for fulfilling obligations provided for by Decree of the President of the Russian Federation dated March 5, 2022 No. 95 “On the temporary procedure for fulfilling obligations to certain foreign creditors” applies change, adding the following words to paragraph twelve of subparagraph 1.1 of paragraph 1:

    “; transfers by order of a non-resident for whom a type “C” bank account has been opened in favor of a resident for the purpose of fulfilling the non-resident’s obligation to transfer funds, provided that transactions (operations) related to such transfers are concluded between the said resident and the non-resident from whose type “C” bank account funds are debited, which entail the transfer of ownership of securities to the resident in accordance with permits issued on the basis of decrees of the President of the Russian Federation, if the terms of such transactions (operations) provide for the alienation in favor of the non-resident of property (including property rights) recorded abroad, the disposal of which is restricted due to unfriendly actions of foreign states; transfers at the order of a non-resident for whom a type “C” bank account has been opened, in the amount of dividends previously credited to the type “C” bank account due to this non-resident, in favor of the resident for the purpose of fulfilling the non-resident’s obligation to transfer funds, subject to obtaining permission issued on the basis of decrees of the President of the Russian Federation to pay dividends to the non-resident.”

    The decision of the Board of Directors of the Bank of Russia to amend the decision of the Board of Directors of the Bank of Russia dated November 21, 2022 shall apply from the date of its publication on the official website of the Bank of Russia on the information and telecommunications network “Internet”.

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

    MIL OSI Russia News

  • MIL-OSI Asia-Pac: Hong Kong Science Museum’s new exhibition to showcase country’s achievements in aerospace, aviation and navigation (with photos)

    Source: Hong Kong Government special administrative region – 4

         Jointly presented by the Hong Kong Special Administrative Region Government and the China National Space Administration (CNSA), the “Bank of China (Hong Kong) Presents: National Development and Achievements Series – Endless Exploration: The Journey of Chinese Aerospace, Aviation and Navigation” exhibition will be launched at the Hong Kong Science Museum (HKScM) from tomorrow (August 1) to September 7. This is the first time for Hong Kong to showcase the country’s achievements in these three major arenas in the same exhibition. Featuring a rich array of artefacts, models, graphics, videos and interactive exhibits, the exhibition not only presents important developments in relevant fields, but also aims to inspire the public, especially youngsters, with a passion for technological innovation while enhancing national confidence in science and technology.
     
         Addressing the opening ceremony today (July 31), the Chief Secretary for Administration, Mr Chan Kwok-ki, said that the Chang’e-6’s successful return to earth bringing lunar soil samples from the far side of the Moon last year represents a global first, underscoring China’s leading position in lunar exploration. Hong Kong is proactively integrating into national development matters and making significant contributions, with local scientists having the opportunity to participate in major national scientific research projects. These achievements affirm Hong Kong’s unique advantages in contributing to national development with an international vision. He further said that this exhibition showcases the remarkable achievements of the Chang’e lunar exploration programme as well as the country’s remarkable accomplishments in aerospace, aviation and navigation. It also highlights Hong Kong’s role as a cultural hub connecting China with the world, telling the good story of China and promoting patriotism to the public.

         Other officiating guests today included the Chief Engineer of the CNSA, Dr Li Guoping; the First-level Inspector of the Department of Educational, Scientific and Technological Affairs of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region, Mr Liu Maozhou; the Vice Chairman and Chief Executive of Bank of China (Hong Kong) Limited, Mr Sun Yu; the Under Secretary for Culture, Sports and Tourism, Mr Raistlin Lau; the Convenor of the Working Group on Patriotic Education under the Constitution and Basic Law Promotion Steering Committee, Legislative Council Member, Dr Starry Lee; the Chairperson of the Science Sub-committee of the Museum Advisory Committee, Professor Alexander Wai; the Director of Leisure and Cultural Services, Ms Manda Chan; and the Museum Director of the HKScM, Mr Patrick Lau.
     
         This exhibition achieves several “firsts”, including the first concurrent display in Hong Kong of lunar soil samples collected from the far side and near side of the Moon by the Chang’e-6 and the Chang’e-5 respectively. Other exhibits debuting in Hong Kong include the Chang’e-6 returner and parachute, seawater samples collected from 10,000 metres under the sea, as well as models of the “three pearls” of the shipbuilding industry, namely an aircraft carrier, a luxury cruise ship and a liquefied natural gas carrier.
     
    Moreover, the HKScM will display large-scale aerospace, aviation and maritime models concurrently, including an approximately 12m-tall 1:5 Long March-5 launch vehicle and a full-size Fendouzhe full-ocean-depth manned submersible with a length of approximately 10m displayed outdoors, as well as a 1:8 model of a Y-20 heavy lifter with a wingspan of approximately 6m displayed indoors for the first time.
     
         Apart from the exhibits from the Mainland, the exhibition also presents Hong Kong’s significant contributions to the space and deep-sea exploration projects of the country. There are also interactive exhibits, namely the “Lunar Base”, the “Zhurong Rover Expedition” and more, for visitors to experience the challenges of building a lunar base and exploring Mars.
     
    Fixed-point guided tours will be provided on Saturdays and Sundays from August 9 to September 7. A series of lectures will be conducted on August 1 and August 4 by experts invited from the Mainland, who will share their knowledge of aviation, aerospace and navigation, as well as the achievements and future plans of the country in related fields. Members of the public are welcome to participate in the tours and lectures on-site. Other activities include experiment classes, workshops and demonstrations for the public to explore the scientific principles behind aviation and deep-sea navigation.
       
         The exhibition is jointly organised by the Leisure and Cultural Services Department and the News Center of the CNSA, as solely sponsored by the Bank of China (Hong Kong) Limited. It is one of the activities of the Chinese Culture Promotion Series. For details of the exhibition and activities, please visit the HKScM website at hk.science.museum/en/web/scm/exhibition/exploration2025.html.

    MIL OSI Asia Pacific News

  • MIL-OSI USA: Early-Career Spotlight: From Astrophysics to Applied Artificial Intelligence, Hilary Egan Charts a Creative Path Through Science

    Source: US National Renewable Energy Laboratory


    Welcome to the Materials, Chemical, and Computational Science (MCCS) Early-Career Spotlight, a monthly feature showcasing NREL’s early-career researchers’ interests, motivations, and achievements. This month, features Hilary Egan, who has been a data scientist at NREL since 2020.

    When not in the lab solving AI problems, Hilary Egan enjoys outdoor activities like paddleboarding, climbing, and biking. Photo by Hilary Egan, NREL

    For Hilary Egan, a data scientist at NREL, a career in science was not a straight line but rather one shaped by curiosity, adaptability, and a deep interest in computational problem-solving.

    “I was born in Germany to Canadian parents, and we moved around a lot throughout Canada and the United States,” Egan said. “When it came time for college, I landed at Michigan State University, majoring in physics with minors in math and computer science. I dabbled in experimental physics and worked in a laser lab early on, but honestly, I was a little too clumsy for it. I wanted something that connected all my interests.”

    That desire to connect the dots led Egan to computational physics, where she found her stride.

    “I started working at the high-performance computing center on campus and eventually joined an astronomy lab doing computational research—I absolutely loved it,” she said. That experience inspired her to pursue a Ph.D. in astrophysics and planetary science at the University of Colorado Boulder, with a strong focus on computation.

    From Fellowship to National Laboratory Career

    Egan’s graduate work was supported by the U.S. Department of Energy Computational Science Graduate Fellowship, a pivotal experience that introduced her to the national laboratory system.

    “Through the fellowship, I had the opportunity to intern at NREL. I wanted to challenge myself and get outside my comfort zone, and NREL’s mission really resonated with me,” she said. “I was also curious about artificial intelligence (AI), which was just starting to gain momentum. During my internship, I worked on using AI to predict data center loads and align them with renewable energy availability. It was a great experience, and I was lucky to come back to NREL after finishing my Ph.D. I’ve been here ever since.”

    Today, Egan applies her expertise in AI and computational science to a wide range of energy challenges.

    “My work spans applied AI and computational methods across NREL’s mission space—from enhancing energy efficiency in data centers to using AI to accelerate building retrofits to developing autonomous laboratory systems,” she said.

    This year, she is on detail to the U.S. Department of Energy Office of Energy Efficiency and Renewable Energy, where she is helping coordinate an agencywide AI strategy.

    Embracing Growth, in Science and Beyond

    What Egan enjoys most about her work is the constant opportunity to learn.

    “I love getting to be a bit of a scientific dilettante,” she said. “I wasn’t interested in narrowing my focus to one small corner of science for my entire career. At NREL, I get to explore new areas and work with incredibly smart, passionate people who care deeply about the mission. It’s really inspiring.”

    Egan credits strong communication skills as one of the most valuable tools in her professional toolkit.

    “To me, scientific communication means understanding your audience, writing clearly, and giving compelling presentations,” she said. “I’ve developed those skills through everything from taking writing-focused liberal arts courses in college to writing science blogs and even doing community theater. Getting feedback from different audiences is key—it teaches you where the message isn’t landing and why.”

    Outside the lab, Egan brings the same curiosity and enthusiasm to her free time.

    “I’m definitely a serial hobby picker-upper,” she said. “I love climbing, mountain biking, birding, and paddleboarding. I also read constantly, and I’ve spent years playing and coaching competitive ultimate frisbee. Lately, I’ve been sewing and just started pottery classes. I kind of run my free time like a kid at summer camp!”

    From astrophysics to AI-driven energy solutions, Egan exemplifies the spirit of scientific exploration and innovation that drives NREL forward.

    Learn more about NREL’s computational science and AI research.

    MIL OSI USA News

  • MIL-OSI Russia: Sergey Kiriyenko and Dmitry Chernyshenko congratulated the winners of the Big Change contest

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – Government of the Russian Federation –

    An important disclaimer is at the bottom of this article.

    On July 31, the final stage of the Big Break competition for schoolchildren in grades 5–7 was held at the Artek International Children’s Center. More than 700 students from 67 regions of Russia took part in it.

    First Deputy Chief of Staff of the Presidential Executive Office of Russia Sergei Kiriyenko and Deputy Prime Minister Dmitry Chernyshenko took part in the closing ceremony of the competition and congratulated the winners.

    Russian President Vladimir Putin sent a welcoming address to the participants of the “Big Change”, in which the head of state, in particular, noted: “The legendary “Artek” is once again becoming a center of attraction for gifted, active, generous with extraordinary ideas children from different regions of our country and foreign countries. At all stages of the competition, you fully demonstrated your talents and abilities, learned to work in a team, found true friends. And today, in a fair fight with worthy opponents, strive to become the leaders of the “Big Change”.

    “You have an opportunity to realize the dream with which you came to the “Big Change” competition. This year our competition is dedicated to a dream, and it, just like the friendship that is born in “Artek”, only becomes stronger over the years. I want to wish that the dream with which you came here, to “Artek”, and which appeared in you here, also becomes stronger. And that you yourself become stronger and can not only dream, but also realize your dream,” said Sergei Kiriyenko.

    Deputy Prime Minister Dmitry Chernyshenko also addressed the children: “Dear children! The Big Change competition, launched on the initiative of President Vladimir Vladimirovich Putin, is coming to an end. This competition is truly a huge change, because this year it has become part of the national project Youth and Children. It has already united 7 million participants from all over the country. You must understand that you are not just winners here – you have a mission: everything that you have seen and learned here, you must implement in life.”

    300 winners of the Big Change competition among schoolchildren in grades 5–7 will receive the main prize – a Dream Trip on the Big Change train from Moscow to Vladivostok and back.

    “This year we celebrate the 80th anniversary of the Great Victory, and the Year of the Defender of the Fatherland is being held at the initiative of the President of Russia. Servicemen of the special military operation, participants of the presidential program “Time of Heroes” handed over the Eternal Flame, lit for the first time in history at the North Pole, to the youth of Russia in memory of the Heroes of the Great Patriotic War. And now it is here, in “Artek”, at the final of the competition “Big Change”. We want every Artek child to share the feeling of pride in our country and preserve the memory of our heroes,” said the head of Rosmolodezh Grigory Gurov.

    Dmitry Chernyshenko also talked to the finalists of the Big Change competition. Among them are young scientists, media professionals, musicians, winners and prize winners of Olympiads at various levels, and activists of the Movement of the First.

    The Deputy Prime Minister noted that Russia has all the opportunities to realize the potential of children and adolescents, largely thanks to the national project “Youth and Children”.

    The guys told Dmitry Chernyshenko about their projects and ideas, covering topics from an inclusive environment to developments to improve the agricultural sector, and also read a poem of their own composition dedicated to the 80th anniversary of the Great Victory.

    An interesting example of the use of artificial intelligence was the project of Semyon Veretennikov from the Belgorod region. Developed for his grandfather, a beekeeper, an interactive hive with AI allows remote monitoring of the condition of bees and control of the hive via messenger.

    The Deputy Prime Minister suggested integrating Semyon’s idea into the “Berloga” project – a series of useful video games about the world of bear engineers, which teaches schoolchildren to think like programmers, introduces them to technologies and helps them become participants in next-level technology clubs.

    Dmitry Chernyshenko also spoke with the first “ambassador of peace” of the USSR, Ekaterina Lycheva, who is often called the Soviet Samantha Smith. In the 1980s, she, like Samantha Smith, became a symbol of children’s diplomacy and the desire for peace between the USSR and the USA.

    Ekaterina Lycheva spoke about the international children’s program “The World of BRICS – the World of the Future”, which is currently taking place in Artek. As a result of the program, more than 3,200 Artek children from more than 69 countries will adopt a joint declaration-appeal to all heads of state “For Peace” and invite five children from each country to the International Children’s Center “Artek” in 2026.

    The Deputy Prime Minister also visited the DNA Isolation laboratory, where technology is used to isolate DNA from various living objects for further genetic research.

    The All-Russian competition “Big Change” is the flagship project of the “Movement of the First”. The competition is held with the support of the Federal Agency for Youth Affairs (Rosmolodezh), the Ministry of Education and Science and the Ministry of Science and Higher Education.

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

    MIL OSI Russia News

  • MIL-OSI Europe: Written question – Proliferation of media and digital platform regulators – E-003076/2025

    Source: European Parliament

    Question for written answer  E-003076/2025
    to the Commission
    Rule 144
    Catherine Griset (PfE), Séverine Werbrouck (PfE), André Rougé (PfE), Gilles Pennelle (PfE), Fabrice Leggeri (PfE)

    The number of EU agencies and offices involved in monitoring media and digital platforms has increased: there is the European Board for Media Services, European Audiovisual Observatory, European Union Agency for Cybersecurity, Body of European Regulators for Electronic Communications and European Digital Media Observatory.

    These European regulators are in addition to the national regulators, which are also growing in number.

    • 1.Does the Commission agree that this proliferation of regulators makes it difficult for Europeans to understand precisely what they do?
    • 2.Within the Commission itself, the DSA compliance monitoring team is set to expand from 100 to 200 members. Does the Commission acknowledge that the rise in the number of authorities and staff involved in media and digital platform regulation has an escalating financial impact on EU taxpayers?
    • 3.Given that it is seeking to simplify EU regulation, does it plan to reduce the number of agencies and offices, especially those dedicated to media and digital platform oversight?

    Submitted: 24.7.2025

    Last updated: 31 July 2025

    MIL OSI Europe News

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Announces Actions to Get Americans the Best Prices in the World for Prescription Drugs

    Source: US Whitehouse

    REDUCING DRUG PRICES FOR AMERICANS AND TAXPAYERS: Today, President Donald J. Trump sent letters to leading pharmaceutical manufacturers outlining the steps they must take to bring down the prices of prescription drugs in the United States to match the lowest price offered in other developed nations (known as the most-favored-nation, or MFN, price). The steps include:

    • Calling on manufacturers to provide MFN prices to every single Medicaid patient.
    • Requiring manufacturers to stipulate that they will not offer other developed nations better prices for new drugs than prices offered in the United States.
    • Providing manufacturers with an avenue to cut out middlemen and sell medicines directly to patients, provided they do so at a price no higher than the best price available in developed nations.
    • Using trade policy to support manufacturers in raising prices internationally provided that increased revenues abroad are reinvested directly into lowering prices for American patients and taxpayers.

    The letters inform manufacturers that if they “refuse to step up,” the federal government “will deploy every tool in our arsenal to protect American families from continued abusive drug pricing practices.”

    Letters were sent to AbbVie, Amgen, AstraZeneca, Boehringer Ingelheim, Bristol Myers Squibb, Eli Lilly, EMD Serono, Genentech, Gilead, GSK, Johnson & Johnson, Merck, Novartis, Novo Nordisk, Pfizer, Regeneron, and Sanofi.

    ENDING GLOBAL FREELOADING ON AMERICAN PHARMACEUTICAL INNOVATION:  President Trump is taking decisive action to rebalance a system that allows pharmaceutical manufacturers to offer low prices to other wealthy nations while charging Americans significantly higher prices. 

    • According to recent data, the prices Americans pay for brand-name drugs are more than three times the price other Organization for Economic Cooperation and Development nations pay, even after accounting for discounts manufacturers provide in the U.S.
    • The United States has less than five percent of the world’s population, yet roughly 75% of global pharmaceutical profits come from American taxpayers.
    • Drug manufacturers benefit from generous research subsidies and enormous healthcare spending by the U.S. Government. Instead of passing that benefit through to American consumers, drug manufacturers then discount their products abroad to gain access to foreign markets and subsidize those discounts through high prices charged in America. Americans are subsidizing drug-manufacturer profits and foreign health systems, both in development and once the drugs are sold.

    ONCE AGAIN DELIVERING ON PROMISES TO PUT AMERICAN PATIENTS FIRST: Today’s letters are an important step in President Trump’s work to get Americans the best deal in the world on prescription drugs.

    • On May 12, 2025, President Trump signed an Executive Order titled: “Delivering Most-Favored-Nation Prescription Drug Pricing to American Patients” directing the Administration to take numerous actions to bring American drug prices in line with those paid by similar nations.
    • Following the Order, the Administration engaged pharmaceutical manufacturers in discussions to achieve MFN pricing in the United States. Today’s letters indicate that industry proposals have fallen short, and from this point forward, President Trump will only accept from drug manufacturers a commitment that provides American families immediate relief from vastly inflated drug prices and an end to the freeriding by European and other developed nations on American innovations.
    • President Trump has been relentless in his effort to address the unfair and outrageous prices Americans pay for prescription drugs:
      • President Trump: “In case after case, our citizens pay massively higher prices than other nations pay for the same exact pill, from the same factory, effectively subsidizing socialism aboard [abroad] with skyrocketing prices at home. So we would spend tremendous amounts of money in order to provide inexpensive drugs to another country. And when I say the price is different, you can see some examples where the price is beyond anything — four times, five times different.”

    MIL OSI USA News

  • MIL-OSI USA: NASA Installs Key ‘Sunblock’ Shield on Roman Space Telescope

    Source: NASA

    Technicians have successfully installed two sunshields onto NASA’s Nancy Grace Roman Space Telescope’s inner segment. Along with the observatory’s Solar Array Sun Shield and Deployable Aperture Cover, the panels (together called the Lower Instrument Sun Shade), will play a critical role in keeping Roman’s instruments cool and stable as the mission explores the infrared universe.

    The team is on track to join Roman’s outer and inner assemblies this fall to complete the full observatory, which can then undergo further prelaunch testing.
    “This shield is like an extremely strong sunblock for Roman’s sensitive instruments, protecting them from heat and light from the Sun that would otherwise overwhelm our ability to detect faint signals from space,” said Matthew Stephens, an aerospace engineer at NASA’s Goddard Space Flight Center in Greenbelt, Maryland.
    The sunshade, which was designed and engineered at NASA Goddard, is essentially an extension of Roman’s solar panels, except without solar cells. Each sunshade flap is roughly the size of a garage door — about 7 by 7 feet (2.1 by 2.1 meters) — and 3 inches (7.6 centimeters) thick.
    “They’re basically giant aluminum sandwiches, with metal sheets as thin as a credit card on the top and bottom and the central portion made up of a honeycomb structure,” said Conrad Mason, an aerospace engineer at NASA Goddard.
    This design makes the panels lightweight yet stiff, and the material helps limit heat transfer from the side facing the Sun to the back—no small feat considering the front will be hot enough to boil water (up to 216 degrees Fahrenheit, or 102 degrees Celsius) while the back will be much colder than Antarctica’s harshest winter (minus 211 Fahrenheit, or minus 135 Celsius). A specialized polymer film blanket will wrap around each panel to temper the heat, with 17 layers on the Sun side and one on the shaded side.
    The sunshade will be stowed and gently deploy around an hour after launch.

    “The deploying mechanisms have dampers that work like soft-close hinges for drawers or cabinets, so the panels won’t slam open and rattle the observatory,” Stephens said. “They each take about two minutes to move into their final positions. This is the very first system that Roman will deploy in space after the spacecraft separates from the launch vehicle.”
    Now completely assembled, Roman’s inner segment is slated to undergo a 70-day thermal vacuum test next. Engineers and scientists will test the full functionality of the spacecraft, telescope, and instruments under simulated space conditions. Following the test, the sunshade will be temporarily removed while the team joins Roman’s outer and inner assemblies, and then reattached to complete the observatory. The mission remains on track for launch no later than May 2027 with the team aiming for as early as fall 2026.

    Download high-resolution video and images from NASA’s Scientific Visualization Studio
    The Nancy Grace Roman Space Telescope is managed at NASA’s Goddard Space Flight Center in Greenbelt, Maryland, with participation by NASA’s Jet Propulsion Laboratory in Southern California; Caltech/IPAC in Pasadena, California; the Space Telescope Science Institute in Baltimore; and a science team comprising scientists from various research institutions. The primary industrial partners are BAE Systems Inc. in Boulder, Colorado; L3Harris Technologies in Rochester, New York; and Teledyne Scientific & Imaging in Thousand Oaks, California.
    By Ashley BalzerNASA’s Goddard Space Flight Center, Greenbelt, Md.

    MIL OSI USA News