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Category: United States of America

  • MIL-OSI: LECTRA: Second Quarter and First Half 2025 financial report available

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter and First Half 2025 financial report available

    Paris, July 24, 2025 – Lectra informs its shareholders, in compliance with Article 221-4-IV of the General Regulation of the Autorité des marchés financiers, that the Management Discussion and Analysis of Financial Condition and Results of Operations for the Second Quarter and First Half of 2025 is available on the company’s website: www.lectra.com

    It is also available, upon request, at the company’s headquarters 16-18 rue Chalgrin, 75016 Paris (email: investor.relations@lectra.com ).

    Copy of this document was filed with the AMF.

      

    About Lectra :  

    At the forefront of innovation since its founding in 1973, Lectra provides industrial intelligence technology solutions—combining software in SaaS mode, cutting equipment, data, and associated services—to players in the fashion, automotive and furniture industries. With boldness and passion, Lectra accelerates the transformation and success of its customers in a world in perpetual motion thanks to the key technologies of Industry 4.0: AI, big data, cloud and the Internet of Things.   

    The Group is present in more than one hundred countries. It operates three production sites for its cutting equipment, located in France, China and the United States. Lectra’s 3,000 employees are driven by three core values: being open-minded thinkers, trusted partners and passionate innovators. They all share the same concern for social responsibility, which is one of the pillars of Lectra’s strategy to ensure its sustainable growth and that of its customers.  

    Lectra reported revenues of €527 million in 2024, including €77 million coming from its SaaS offerings. The company is listed on Euronext, and is included in the CAC All Shares, CAC Technology, EN Tech Leaders and ENT PEA-PME 150 indices. 

    For more information, please visit lectra.com.  

    Lectra – World Headquarters et siège social : 16–18, rue Chalgrin • 75016 Paris • France 
    Tél. +33 (0)1 53 64 42 00 – lectra.com 
    Société anonyme au capital de 37 966 274 €. RCS Paris B 300 702 305 

    Attachment

    The MIL Network –

  • MIL-OSI: Volta Finance Limited – Net Asset Value(s) as at 30 June 2025

    Source: GlobeNewswire (MIL-OSI)

    Volta Finance Limited (VTA / VTAS)
    June 2025 monthly report

    NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES

    Guernsey, July 24, 2025

    AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for June 2025. The full report is attached to this release and will be available on Volta’s website shortly (www.voltafinance.com).

    Performance and Portfolio Activity

    Dear Investors,

    In June, Volta Finance achieved a net performance of +0.4% bringing the cumulative performance from August 2024 to date to +11.2%. Both the CLO Debt and CLO Equity assets of the Volta Finance portfolio delivered positive returns, in the context of a positive momentum across credit markets after the volatility induced by tariffs.

    June marked a return to a “risk on” environment, with strong gains in U.S. equity markets amid significant weakening of the US Dollar. This shift was fuelled by easing trade tensions and moderating inflation. Despite inflation levels being close to target, the Fed decided to keep interest rates unchanged at 4.25%-4.50% during their June meeting while elaborating on the unpredictable effects of Trump’s tariffs. In Europe, sentiment was mixed, with major indices ending the month flat. The ECB cut rates by 25 basis points while Christine Lagarde signalled a likely pause in future rate cuts. This easing comes as the eurozone inflation has returned to the central bank’s target of 2%.

    However, significant uncertainties still loom as we enter summer. Only a handful of countries reached agreements with their U.S. counterparts and the approaching deadline could trigger further disruptions notably in supply chains. The sudden escalation of the Iran/Israel situation, culminating in the U.S. bombings of Iranian nuclear facilities, also raised concerns regarding the stability of the region and added disruptions to oil supplies. This led to a spike in crude oil prices and increased interest in traditional safe-haven assets although they retraced by the end of the month due to a temporary resolution of the conflict.

    Credit markets shrugged those worries off and hedged close to the tightest levels experienced over the last year. For instance, the European High Yield index (Xover) settled at 283bps (from 300bps), close to the 280bps resistance level. On the Loan side, Euro Loans closed roughly unchanged at 97.70px (Morningstar European Leveraged Loan Index) while US Loans closed c. 40c up at 97.00px. Primary CLO levels moved sideways across all rated tranches, providing stability and the right environment for CLO formation. In terms of performance, US High Yield returned +1.9% over the month while Euro Loans were up +0.13% and US Loans +0.80%.

    The median CCC assets exposure in CLO portfolios remained stable at 4.5% in the US, slightly above the exposure of European CLOs to CCCs (4.1%). Loan maturity walls continued to transition towards 2030 and beyond, with the next significant refinancing deadlines in 2028 and 2031 in the US, while loan recoveries remained significantly higher than bonds at approximately 62% vs 48%.

    In terms of activity, the month was particularly busy as we faced some CLO debt redemptions (€4.8m) and actively replaced risk to maintain overall risk exposure unchanged. We purchased BB (600bps context), single-B (up to 900bps) and Equity risk from both the Primary and Secondary markets. Cash stood at 11% at the end of the month. Volta Finance’s cashflow generation was slightly up at €28.3m equivalent in interests and coupons over the last six months, representing close to 21% of June’s NAV on an annualized basis.

    Over the month, Volta’s CLO Equity tranches returned +1.6%** while CLO Debt tranches returned +1.0% performance**. The EUR/USD move to 1.18 had an impact on our long dollar exposure in terms of performance (0.4%).

    As of end of June 2025, Volta’s NAV was €273.0m, i.e. €7.46 per share.

    *It should be noted that approximately 0.14% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.07% as at 30 May 2025, 0.07% as at 31 March 2025.

    ** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.

    CONTACTS

    For the Investment Manager
    AXA Investment Managers Paris
    François Touati
    francois.touati@axa-im.com        
    +33 (0) 1 44 45 80 22

    Olivier Pons
    Olivier.pons@axa-im.com
    +33 (0) 1 44 45 87 30        

    Company Secretary and Administrator
    BNP Paribas S.A, Guernsey Branch
    guernsey.bp2s.volta.cosec@bnpparibas.com 
    +44 (0) 1481 750 853

    Corporate Broker
    Cavendish Securities plc
    Andrew Worne
    Daniel Balabanoff
    +44 (0) 20 7397 8900

    *****
    ABOUT VOLTA FINANCE LIMITED

    Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

    Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

    *****

    ABOUT AXA INVESTMENT MANAGERS
    AXA Investment Managers (AXA IM) is a multi-expert asset management company within the BNP Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,800 professionals and €859 billion in assets under management as of the end of June 2024.  

    *****

    This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.

    This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

    *****

    This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

    *****
    This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

    Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

    The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

    The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

    Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

    *****

    Attachment

    The MIL Network –

  • MIL-OSI: Volta Finance Limited – Net Asset Value(s) as at 30 June 2025

    Source: GlobeNewswire (MIL-OSI)

    Volta Finance Limited (VTA / VTAS)
    June 2025 monthly report

    NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES

    Guernsey, July 24, 2025

    AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for June 2025. The full report is attached to this release and will be available on Volta’s website shortly (www.voltafinance.com).

    Performance and Portfolio Activity

    Dear Investors,

    In June, Volta Finance achieved a net performance of +0.4% bringing the cumulative performance from August 2024 to date to +11.2%. Both the CLO Debt and CLO Equity assets of the Volta Finance portfolio delivered positive returns, in the context of a positive momentum across credit markets after the volatility induced by tariffs.

    June marked a return to a “risk on” environment, with strong gains in U.S. equity markets amid significant weakening of the US Dollar. This shift was fuelled by easing trade tensions and moderating inflation. Despite inflation levels being close to target, the Fed decided to keep interest rates unchanged at 4.25%-4.50% during their June meeting while elaborating on the unpredictable effects of Trump’s tariffs. In Europe, sentiment was mixed, with major indices ending the month flat. The ECB cut rates by 25 basis points while Christine Lagarde signalled a likely pause in future rate cuts. This easing comes as the eurozone inflation has returned to the central bank’s target of 2%.

    However, significant uncertainties still loom as we enter summer. Only a handful of countries reached agreements with their U.S. counterparts and the approaching deadline could trigger further disruptions notably in supply chains. The sudden escalation of the Iran/Israel situation, culminating in the U.S. bombings of Iranian nuclear facilities, also raised concerns regarding the stability of the region and added disruptions to oil supplies. This led to a spike in crude oil prices and increased interest in traditional safe-haven assets although they retraced by the end of the month due to a temporary resolution of the conflict.

    Credit markets shrugged those worries off and hedged close to the tightest levels experienced over the last year. For instance, the European High Yield index (Xover) settled at 283bps (from 300bps), close to the 280bps resistance level. On the Loan side, Euro Loans closed roughly unchanged at 97.70px (Morningstar European Leveraged Loan Index) while US Loans closed c. 40c up at 97.00px. Primary CLO levels moved sideways across all rated tranches, providing stability and the right environment for CLO formation. In terms of performance, US High Yield returned +1.9% over the month while Euro Loans were up +0.13% and US Loans +0.80%.

    The median CCC assets exposure in CLO portfolios remained stable at 4.5% in the US, slightly above the exposure of European CLOs to CCCs (4.1%). Loan maturity walls continued to transition towards 2030 and beyond, with the next significant refinancing deadlines in 2028 and 2031 in the US, while loan recoveries remained significantly higher than bonds at approximately 62% vs 48%.

    In terms of activity, the month was particularly busy as we faced some CLO debt redemptions (€4.8m) and actively replaced risk to maintain overall risk exposure unchanged. We purchased BB (600bps context), single-B (up to 900bps) and Equity risk from both the Primary and Secondary markets. Cash stood at 11% at the end of the month. Volta Finance’s cashflow generation was slightly up at €28.3m equivalent in interests and coupons over the last six months, representing close to 21% of June’s NAV on an annualized basis.

    Over the month, Volta’s CLO Equity tranches returned +1.6%** while CLO Debt tranches returned +1.0% performance**. The EUR/USD move to 1.18 had an impact on our long dollar exposure in terms of performance (0.4%).

    As of end of June 2025, Volta’s NAV was €273.0m, i.e. €7.46 per share.

    *It should be noted that approximately 0.14% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.07% as at 30 May 2025, 0.07% as at 31 March 2025.

    ** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.

    CONTACTS

    For the Investment Manager
    AXA Investment Managers Paris
    François Touati
    francois.touati@axa-im.com        
    +33 (0) 1 44 45 80 22

    Olivier Pons
    Olivier.pons@axa-im.com
    +33 (0) 1 44 45 87 30        

    Company Secretary and Administrator
    BNP Paribas S.A, Guernsey Branch
    guernsey.bp2s.volta.cosec@bnpparibas.com 
    +44 (0) 1481 750 853

    Corporate Broker
    Cavendish Securities plc
    Andrew Worne
    Daniel Balabanoff
    +44 (0) 20 7397 8900

    *****
    ABOUT VOLTA FINANCE LIMITED

    Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

    Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

    *****

    ABOUT AXA INVESTMENT MANAGERS
    AXA Investment Managers (AXA IM) is a multi-expert asset management company within the BNP Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,800 professionals and €859 billion in assets under management as of the end of June 2024.  

    *****

    This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.

    This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

    *****

    This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

    *****
    This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

    Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

    The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

    The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

    Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

    *****

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    The MIL Network –

  • MIL-OSI: LECTRA: First half 2025: stable revenues and limited decline in EBITDA in a context of increased volatility in Q2

    Source: GlobeNewswire (MIL-OSI)

    First half 2025: stable revenues and limited decline in EBITDA in a context of increased volatility in Q2

    • Revenues: 261.3 million euros (stable)*
    • EBITDA before non-recurring items: 40.4 million euros (-4%)*
    • Annual objectives are no more relevant, in the absence of visibility

    (*) At actual exchange rates

      April 1 – June 30 January 1 – June 30
      2025 2024 Variation 2025/2024   2025 2024 Variation 2025/2024
    (in millions of euros)     Actual exchange rates Like-for-like(1)       Actual exchange rates Like-for-like(1)
    Revenues 126.8 132.7 -4% -2%   261.3 262.3 0% -1%
    ARR (2)(3) – – – –   90.9 88.9 +2% +6%
    EBITDA before non-recurring items (3) 19.2 21.2 -9% -3%   40.4 42.2 -4% -4%
    EBITDA margin before non-recurring items 15.2% 15.9% -0.7 point -0.2 point   15.4% 16.1% -0.7 point -0.7 point
    Net income 5.3 4.4 20% –   11.1 11.1 0% –
    Consolidated Shareholders’ Equity (2) – – – –   343.8 374.4 – –
    Net cash (+) / Net debt (-) (2) – – – –   -34.1 -20.6 – –

    (1) At constant exchange rates and comparable scope
    (2) As of June 30, 2025 and December 31, 2024
    (3) The definition of performance indicators is included in the Financial report as of 30 June 2025

    Paris, July 24, 2025. Today, Lectra’s Board of Directors, chaired by Daniel Harari, reviewed the consolidated financial statements for the first half of 2025, which have been subject to a limited review by the Statutory Auditors.

    1. A PARADIGM SHIFT AT THE GLOBAL LEVEL

    The deterioration in the global economic situation since early March continued throughout the second quarter, extending to all geographical areas and all sectors of activity. The US tariff announcements on April 2 came as a shock that increased the uncertainty weighing on the business climate, particularly for the Group’s customers, who are highly exposed to international trade.

    While the direct impact of these measures is limited for Lectra, the indirect impacts, linked to the reactions of the customers concerned, together with the lack of visibility, have led to a pause in their investment decisions. The Group’s customers — brands and subcontractors alike — must adapt to this new economic situation, whether in terms of pricing policy, production, investment or future strategy, and are waiting for negotiations to be concluded before choosing their options.

    The 90-day suspension of reciprocal tariffs, announced on April 9 and due to end on July 9 was followed by further announcements. The frequent changes in the decisions of the US administration and the negotiations still underway have contributed to persistent uncertainty.

    The direct impacts of tariffs remain limited, and are under control

    European and Chinese exports to the United States account for less than 10% of Lectra’s sales. Starting in April, Lectra has taken several measures to deal with the new commercial situation: the Group has reflected the full impact of customs tariffs on price lists in the United States for equipment, consumables and parts and maintenance contracts. It also rerouted some shipments to Mexico to avoid customs formalities and removed several products from the Chinese and American catalogs.

    Indirect impacts are characterized by high customer wait-and-see position

    Lectra’s three strategic markets are highly exposed to tariffs.

    Particularly in the fashion and automotive sectors, the United States’ dependence on imports is very strong. Whatever the outcome of the negotiations, the need to diversify sources of supply and their countries of origin seems clear and will require additional production capacities and relocations.

    In the Group’s three strategic markets, the turbulence of the last few months represents medium- and long-term development opportunities for Lectra, irrespective of the tariff rates ultimately decided, and will necessarily lead to structural changes in the industrial landscape and supply chains.

         2.   Q2 2025

    The slowdown that affected the Americas and Automotive from mid-March onwards spread to all geographies and sectors. Indeed, the successive announcements, then the shock of “Liberation Day” on April 2, have led to a strong wait-and-see attitude from customers. New systems orders were accordingly 27% lower in the second quarter.

    Q2 2025 revenues were down 4% on an actual basis and 2% on a like-for-like basis, reflecting the continued slowdown that began in mid-March.

    EBITDA before non-recurring items (€19.2 million) declined 3%, resulting in a recurring EBITDA margin before non-recurring items of 15.2%, down 0.7 percentage point on an actual basis (0.2 percentage point like-for-like).

    Considering the amortization of intangible assets (€5.7 million), income from operations before non-recurring items was down 6% on a like-to-like basis, to €8.9 million. Net income reached €5.3 million, up 20% on an actual basis, driven by a reduction in tax expense. 

         3.   FIRST HALF 2025

    To facilitate analysis of the Group’s results, the financial statements are compared to those published in 2024 that consolidated Launchmetrics as of January 23 (“actual”) and, for the analysis of variations, to the 2024 Proforma statements that consolidate Launchmetrics as of January 1, expressed at 2024 exchange rates (like-for-like”). Proforma revenues and EBITDA increased by €2.5 million and €0.3 million respectively compared to the reported financial statements.

    H1 2025 revenues amounted to €261.3 million, down 1%. This breaks down into €69.3 million in non-recurring revenues, down 7%, and €192.0 million in recurring revenues (73% of revenues), up 2%, including €43.6 million in revenues from SaaS subscription contracts (17% of revenues, +13%).

    The ARR at June 30, 2025 was €90.9 million, up 6% on a like-for-like basis (+2% on an actual basis) compared to the level at the end of 2024, confirming the relevance of Lectra’s strategy.

    In a context of declining revenues, the gross margin reached €190.0 million, up 1%, and the gross margin rate stood at 72.7%, up 1 point, thanks to the favorable sales mix and strengthened cost control.

    EBITDA before non-recurring items reached €40.4 million, down 4%, with an EBITDA margin before non-recurring items of 15.4%, down 0.6 point.

    Income from operations before non-recurring items amounted to €19.2 million, down 9%.

    Net income, following a tax expense of 3.6 million euros, was stable at 11.1 million euros.

    Free cash flow before non-recurring items remained high in the first half of 2025 at € 33.0 million, reflecting good management of the working capital requirement, which was negative by €41.6 million, benefiting from lower receivables and a further reduction in inventories.

    As of June 30, 2025, the Group’s balance sheet remained very strong: shareholders’ equity stood at €343.8 million and net debt at €34.1 million after disbursement of the second tranche of Launchmetrics’ share capital (€20.5 million), the acquisition of Glengo Turkey (€1.7 million), and dividend payments (€15.2 million). Net debt consisted in financial debt of €94.6 million and cash of €60.6 million, reflecting the continued deleveraging of the company.

         4.   OUTLOOK

    In the Annual Financial Report 2024 published February 12, 2025, Lectra reiterated its long-term vision, as well as the objectives of its 2023-2025 strategic roadmap. The Group then underlined, in a deteriorating environment, its resilient nature, the quality of its fundamentals, and the pursuit of its strategy with a focus on the development of its SaaS business.

    Following the series of announcements on tariffs, the 2025 outlook had not been updated when the first quarter 2025 results were published on April 24, 2025.

    At the end of the second quarter, there were still no signs of significant improvement that would point to an upturn in activity. The economic and political context remains uncertain and continues to lead to a strong wait-and-see attitude on the part of the Group’s customers. In this context, the annual objectives announced by the Group in February 2025 are no more relevant.

    The Company remains attentive to the evolution of the situation and relies on its solid fundamentals, notably its low net debt and high free cash flow generation, to pursue its strategy.

    The 2024 Annual Financial Report, as well as the Management Discussion and Analysis of Financial Conditions and Results of Operations and the financial statements for H1 2025 are available on lectra.com. Q3 and the first nine months of 2025 earnings will be published on October 29, 2025 after market. 

    About Lectra

    At the forefront of innovation since its founding in 1973, Lectra provides industrial intelligence technology solutions—combining software in SaaS mode, cutting equipment, data, and associated services—to players in the fashion, automotive and furniture industries. With boldness and passion, Lectra accelerates the transformation and success of its customers in a world in perpetual motion thanks to the key technologies of Industry 4.0: AI, big data, cloud and the internet of things. 

    The Group is present in more than one hundred countries. It operates three production sites for its cutting equipment, located in France, China and the United States. Lectra’s 3,000 employees are driven by three core values: being open-minded thinkers, trusted partners and passionate innovators. They all share the same concern for social responsibility, which is one of the pillars of Lectra’s strategy to ensure its sustainable growth and that of its customers.

    Lectra reported revenues of €527 million in 2024, including €77 million coming from its SaaS offerings. The company is listed on Euronext, and is included in the CAC All Shares, CAC Technology, EN Tech Leaders and ENT PEA-PME 150 indices.

    For more information, visit ww.lectra.com. 

    Lectra – World Headquarters et siège social: 16–18, rue Chalgrin • 75016 Paris • France
    Tel. +33 (0)1 53 64 42 00 – lectra.com
    A French Société Anonyme with capital of € 37,966,274. RCS Paris B 300 702 305

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  • MIL-OSI Submissions: The US has sanctioned UN special rapporteur Francesca Albanese – here’s why she’s the wrong target

    Source: The Conversation – UK – By Alvina Hoffmann, Lecturer in Diplomatic Studies, Department of Politics and International Studies, SOAS, University of London

    The United States has imposed sanctions against the UN’s special rapporteur in the Palestinian territories, Francesca Albanese. It’s an unprecedented situation. The US secretary of state, Marco Rubio, cited as the reason her direct engagement with the International Criminal Court “in efforts to investigate, arrest, detain, or prosecute nationals of the United States or Israel”.

    The statement also described Albanese’s “threatening letters to dozens of entities worldwide, including major American companies” as an escalation of her strategies. The sanctions were framed as preventing “illegitimate ICC overreach and abuse of power” and as part of Trump’s Executive Order 14203 on imposing sanctions on the ICC.

    This raises the question: who are special rapporteurs and why would Albanese’s performance of her role elicit such a strong reaction from the US? Special rapporteurs are independent human rights experts, part of the UN Human Rights Council’s special procedures system established in 1979. There are 46 “thematic mandates” on issues such as extrajudicial killings, enforced disappearances and the environment, and 14 “country mandates”, including in Palestine.

    Experts on human rights from academia, advocacy, law and other relevant professional fields are appointed to fulfil a variety of tasks. These include undertaking country visits, sending communications to states about individual cases of human rights violations, developing international human rights standards, engaging in advocacy and providing technical cooperation based on their legal and thematic expertise.

    In 1967, 22 years after it was set up, the United Nations established institutional provisions for independent experts on human rights. This happened first in 1967 when it appointed an ad hoc working group of experts on apartheid and racial discrimination in southern Africa. In 1968 the same group of experts was appointed to investigate “Israeli Practices Affecting the Human Rights of the Palestinian People and Other Arabs of the Occupied Territories”. This is still in place today.

    Neither South Africa nor Israel allowed experts to enter their territories to inspect their human rights record at the time. But in 2003, nearly a decade after it first held democratic elections, South Africa issued a standing invitation to all thematic special procedures, meaning they committed themselves, at least in theory, to always accept requests to visit from rapporteurs.

    Attacks on individual rapporteurs

    Albanese, a specialist in international human rights law, is the eighth rapporteur since the creation of her mandate in 1993. She was appointed to this pro bono position in 2022 for three years, and her mandate was recently renewed for another period of three years.

    It was her most recent report from June 30 which led to her being sanctioned by the US. The report focused on the role of the corporate sector in “colonial endeavours and associated genocides” and named over 60 companies as “complicit”.

    A host of institutions and leading human rights figures have come to her defence. Agnes Callamard, a former special rapporteur on extrajudicial killings, now the secretary general of Amnesty international noted the “chilling effects for all special rapporteurs” of the US decision. Top UN human rights officials denounced this dangerous precedent and called for its reversal.

    In February 2024, the government of Israel declared Albanese persona non grata in response to her remark that “the victims of the October 7 massacre were not murdered because of their Jewishness, but in response to Israeli oppression”. As with the newly imposed sanctions, she called this step a distraction and called upon the world to keep their focus on Gaza.

    Diplomatic immunity

    Special rapporteurs are granted diplomatic immunity which, in theory, should enable them to speak up or write critical reports without the fear of reprisals. But in 1989 and 1999 the ICJ had to intervene with an advisory opinion on two cases when this status was jeopardised after the home countries of two special rapporteurs tried to restrict their freedom of speech. This involved Romanian national Dumitru Mazilu, tasked with writing a report on “Human rights and youth”, and Malaysian national Dato’ Param Cumaraswamy, special rapporteur on the independence of judges and lawyers.

    Special rapporteurs wrote a collective letter denouncing the second case, when the Malaysian government filed several legal proceedings against Cumaraswamy. The body of experts called this “judicial harassment of a special rapporteur” and “a challenge to the status of the United Nations as a whole, its officials and its experts on mission”.

    Special rapporteurs occupy an ambiguous institutional position. They take their mandate from the Human Rights Council, but they act in their personal capacity, and hence are not considered to be UN officials. In practice, they need to balance relations carefully between the UN secretariat, civil society, state representatives and, at times, their own countries.

    The advisory opinions helped clarify that it was the secretary general, as the head of the United Nations, that entrusts them with the privileges of diplomatic immunity. The arrangement also leaves the door open for national courts to disagree with the secretary general. This enabled individual countries in some cases to exercise some form of control over their own nationals.

    The recent attack on Albanese adds to the broader budgetary crisis of the UN, as the Trump administration is withholding funds of about US$1.5 billion (£1.2 billion) in addition to other countries such as China, Russia and Saudi Arabia. These are serious challenges for the UN human rights and humanitarian aid programmes. As past cases of attacks against individual rapporteurs have shown, it is important for all rapporteurs to stand together as one body and defend the integrity of the system as a whole.

    Despite these attacks on her integrity and person, Albanese maintains faith in the human rights law instruments. As she stated during a public talk I attended at SOAS University of London in November 2024, we are yet to unlock the full potential of these instruments. This can only be done as a collective.

    Alvina Hoffmann has previously been funded by the Economic and Social Research Council (UKRI).

    – ref. The US has sanctioned UN special rapporteur Francesca Albanese – here’s why she’s the wrong target – https://theconversation.com/the-us-has-sanctioned-un-special-rapporteur-francesca-albanese-heres-why-shes-the-wrong-target-261788

    MIL OSI –

  • MIL-OSI Security: Illegal Alien Caught Dragging Trafficked Woman Back to Captivity Arrested After His Removal Proceedings Were Terminated by Biden Administration

    Source: US Department of Homeland Security

    ICE immediately lodged an arrest detainer to ensure this criminal illegal alien will never be released into American communities

    WASHINGTON — On July 15, 2025, Immigration and Customs Enforcement (ICE) issued a detainer for Jose Armando Carcamo-Perdomo, an illegal alien from Honduras, charged by local police with kidnapping and assault. This criminal illegal alien is suspected of sex trafficking and assaulting a Chinese woman.

    According to local reports, Carcamo “kept the sex-trafficking victim hostage for five days without food or water — while he beat her and sexually assaulted her.” A nearby Ring doorbell camera recorded Carcamo picking up the victim on the street and abducting her. Local reports say he is also accused of tying her up, punching, and raping her. 

    “This accused kidnapper and suspected sex trafficker was just one of the countless criminal illegal aliens who inexplicably had their removal proceedings terminated by the Biden Administration and were allowed to remain in the country,” said Assistant Secretary Tricia McLaughlin. “Thanks to the leadership of President Trump and Secretary Noem, criminal illegal aliens are being locked up and will no longer be allowed to terrorize American communities. Our message is clear: criminals are not welcome in the United States.” 

    Carcamo illegally entered the United States at the southern border on November 24, 2020. Under the Biden Administration, ICE filed a motion with an immigration judge to have his removal proceedings terminated.  

    On September 8, 2023, a judge granted the Biden Administration’s motion.  

    Following his arrest for kidnapping and assault, ICE, in accordance with the Laken Riley Act, issued a detainer for his arrest to ensure this criminal illegal alien will never be released into American communities.

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    MIL Security OSI –

  • MIL-OSI: ING completes acquisition of Van Lanschot Kempen stake 

    Source: GlobeNewswire (MIL-OSI)

    ING completes acquisition of Van Lanschot Kempen stake 

    ING announced today that it has completed the acquisition of a 17.6% stake in Van Lanschot Kempen N.V., bringing the total interest in the company to 20.3%. The agreement to acquire the stake from Reggeborgh Groep B.V. was announced on 3 March 2025. 

    Under the terms of the agreement, ING directly acquired a stake of 7.2% in March 2025, bringing its stake in Van Lanschot Kempen to 9.9%. After receiving regulatory approval, the remaining 10.4% was transferred, bringing ING’s stake to 20.3%. The transaction has a minimal impact on ING’s CET1 ratio.  

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

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

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

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

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

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

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

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

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

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

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

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

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  • MIL-OSI USA: Bean Bill Targets Violence Against Police Animals

    Source: United States House of Representatives – Representative Aaron Bean Florida (4th District)

    WASHINGTON—Today, U.S. Congressman Aaron Bean (FL-04) proudly introduced the LEO K9 Protection Act, a bill aimed at strengthening penalties for individuals who use a deadly weapon to harm a federal police dog or horse in the line of duty.

    Named in honor of K9 Leo, a fallen Marion County, Florida, canine deputy, the bill expands federal protections to include any state, county, or local police animal assisting a federal agency. It also provides a good-faith exception for emergency veterinary care and directs USDOT to allow EMS providers to transport injured police K9s, at their discretion.

    This announcement comes as attacks on ICE agents have surged 830%, underscoring the urgent need to extend protections to their canine and equine partners, who face the same threats in the line of duty. 

    Upon introduction, Congressman Bean said: “Our police dogs and horses serve on the front lines, protecting officers and communities alike. They deserve real protection, not just praise—and the “LEO K9 Protection Act” will deliver tougher penalties against those who harm these heroic animals in the line of duty.”

    The legislation was introduced in collaboration with K9s United, a nonprofit organization dedicated to supporting and advocating for law enforcement animals.

    “This is a defining moment in the fight to protect federal working K9s who defend our nation every day,” said Debbie Johnson, president and founder of K9s United. “Working K9s are loyal partners, fearless protectors and beloved family members. They charge into danger without hesitation to safeguard communities and they deserve to be protected and treated with the urgency their service demands. The introduction today of the LEO K9 Protection Act is the result of years of tireless advocacy and we are proud to carry this mission forward. We are deeply grateful to Congressman Bean for standing with us to honor and protect our nation’s four-legged heroes.”

    In the past year alone, 21 police K9s lost their lives in the line of duty, including K9 Leo.

    “K9 Leo was more than a partner; he was family. He gave his life to protect others, and not a day goes by that I don’t feel his absence. The Leo K9 Protection Act ensures that the sacrifices of courageous K9s like Leo are never forgotten and that the next injured K9 has the best chance of returning home. By supporting this bill, we can guarantee that federal working K9s receive the urgent care they deserve and help prevent more handlers from experiencing the heartbreak of losing their partners in the line of duty,” said Sergeant Justin Tortora, Marion County Sheriff’s Office.

    Read the exclusive on the Leo K9 Protection Act in the Daily Caller here.

     

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    MIL OSI USA News –

  • MIL-OSI USA: Rep. Young Kim Leads Bipartisan Bill to Strengthen U.S.–Korea Ties

    Source: United States House of Representatives – Representative Young Kim (CA-39)

    Washington, DC – Yesterday, House Foreign Affairs Subcommittee on East Asia and the Pacific Chairwoman Young Kim (CA-40) and Representative Sydney Kamlager‑Dove (CA-37) introduced the bipartisan Partner with Korea Act (H.R.4687) to encourage greater collaboration between U.S. and Korean businesses. 

    The Partner with Korea Act builds on the U.S.–Korea Free Trade Agreement (KORUS FTA) by creating an allotment of 15,000 E-4 highly skilled work visas for Korean nationals with specialized education or expertise, provided that potential employers ensure the visa holders are not hired for positions that American workers could fill. Similar visa categories have been created through free trade agreements with countries, such as Australia and Singapore. 

    “As the Chinese Communist Party and North Korea increase aggression and work to rewrite the world’s rules-based international order, our partnership with South Korea has never been more vital,” said Rep. Young Kim. “South Korea’s highly skilled workforce can help support our economic and national security amid rising threats in the Indo-Pacific. As we mark 72 years of the U.S.-ROK alliance, I’m proud to join forces with Rep. Kamlager-Dove to unlock new economic opportunities that strengthen both of our nations.” 

     “Immigrants power our economy—not just in Los Angeles but nationwide,” said Congresswoman Kamlager-Dove. “Korean immigrants are an integral part of America’s fabric, making essential contributions in various industries, from technology to healthcare and beyond. As a proud representative of the vibrant Korean American community in Los Angeles, I am honored to introduce legislation that will open doors for high-skilled workers from the Republic of Korea. When we fail to attract and retain immigrant talent, our businesses and economy suffer—that’s why the Partner with Korea Act is crucial for keeping America competitive.” 

    The KORUS FTA passed Congress in 2011 and took effect in March of 2012. The Partner with Korea Act was previously introduced in the 113th, 114th, 115th, 116th, 117th, and 118th Congresses by the late Congressman Gerry Connolly (VA-11). Rep. Kim has helped lead this bipartisan effort since she’s been in Congress. 

    Read more about the bill HERE. 

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Fitzgerald and Senator Lummis Introduce Legislation to Reform the National Education Association Federal Charter

    Source: United States House of Representatives – Congressman Scott Fitzgerald (WI-05)

    WASHINGTON, DC – Congressman Scott Fitzgerald (WI-05) and Senator Cynthia Lummis (R-WY) introduced the Stopping Teachers Unions from Damaging Education Needs Today (STUDENT) Act to rein in the National Education Association (NEA) through its federal charter and rededicate the organization to the pursuit of increased student learning and quality education in schools across the United States.

    The STUDENT Act makes substantial and much needed limitations and conditions to the NEA charter, bringing it in line with other federally chartered organizations. The bill establishes the following charter changes and best practices:

    • Ensures the NEA is no longer exempt from paying D.C. property tax, a wholly unnecessary benefit for the largest union in America.
    • Keeps the NEA from engaging in discrimination or employing hiring quotas.
    • Requires all members to explicitly consent to paying dues and fees.
    • Prevents the corporation and its affiliates from calling for strikes or work stoppages.
    • Requires any NEA officer to be a U.S. citizen.
    • Makes the corporation keep track and account for all records, meeting notes, and other documents.
    • Sends all assets to the Department of the Treasury if the NEA ever dissolves.
    • Prohibits the union from encouraging or requiring members to adhere to any critical race theory concept.

    “The NEA long ago transformed from an educational association into a political machine, pushing a progressive agenda that puts activists ahead of students’ needs,” said Rep. Fitzgerald. “The STUDENT Act reins in NEA’s federal charter, restores accountability, and demands a return to its original purpose: educating, not indoctrinating, American children.”

    “The NEA has exploited its federal charter to advance a radical political agenda that puts ideology before education,” said Sen. Lummis. “Wyoming parents and teachers deserve better than a union that prioritizes woke politics over student achievement. The resolution passed at the NEA Representative Assembly to cut ties with the Anti-Defamation League because of its support for Israel is abhorrent and does nothing to stem the rising tide of antisemitic incidents we’ve witnessed nationwide. Federal charters should be reserved for organizations that serve patriotic, charitable, historical, or educational purposes – not for unions that push divisive and antisemitic ideologies.”

    “Rep. Fitzgerald and Sen. Lummis should be commended for their leadership in introducing the STUDENT Act, which would address some of the NEA’s most concerning conduct and make it more accountable to the public and even its own members,” said Freedom Foundation CEO Aaron Withe. “The Freedom Foundation is proud to stand with these courageous lawmakers in the fight to restore sanity to public education.”

    BACKGROUND: The NEA, a teachers’ union, was given a federal charter through an act of Congress in 1906. Congress has granted charters to organizations with a patriotic, charitable, historical, or educational purpose, which provides these organizations with prestige and, in some cases, indirect financial benefit. The NEA, the largest union in the United States, while supposedly “non-partisan,” has time and time again supported woke, liberal causes through their endorsements and other political contributions.

    A 2023 report by the Freedom Foundation found that because the NEA was incorporated in the District of Columbia prior to its grant of a federal charter, revoking such charter would neither strip it of its corporate existence, nor cause it to alter its operations. Reforming, rather than repealing, the NEA’s federal charter, will provide greater accountability to its members and rid the organization of its partisan slant.

    Read the bill text here.

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    MIL OSI USA News –

  • MIL-OSI USA: Vasquez Announces Major Milestone: $4.3 Million Returned to Southern New Mexicans through Casework

    Source: US Representative Gabe Vasquez’s (NM-02)

    WASHINGTON, D.C. – On July 24, 2025, U.S. Representative Gabe Vasquez (NM-02) announced that his office has successfully returned over $4.3 million to constituents in New Mexico’s Second District in 2025. 

    “I’m excited to announce that my office has put over $4 million back in constituents’ pockets,” said Vasquez. “New Mexicans deserve an accessible, accountable government that works for them without red tape or bureaucracy. These success stories are a testament to my office’s commitment to ensuring hard working folks get every last dollar they deserve.”

    Rep. Vasquez’s casework team works directly with constituents to resolve issues with federal agencies including the IRS, Social Security Administration, Department of Veterans Affairs, and more.

    “With the help of Congressman Vasquez, our case was resolved in just two weeks — with back pay of $4,555.00 and monthly benefits of $421.00. We are so grateful for the fast, successful outcome thanks to Congressman Vasquez. After a tough year of loss and disappointment, their help turned everything around,” said Dorothy and Stefanie of Socorro.

    “Congressman Vasquez was a great help in helping me recover $9,512 in delayed income tax refunds from the past two years, which had been held up after my husband passed away,” said Kate of Las Cruces.

    “Before my VA benefits were approved, I was barely getting by, unable to afford basics like food. With the $78,816 I received in benefits and back pay, I paid off high‑interest debt and now can live with dignity. I’m deeply grateful to Congressman Vasquez and his office for helping make this possible,” said Jerome of Belen.

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    MIL OSI USA News –

  • MIL-OSI USA: Welch Denounces Trump’s Attacks on DOJ’s Civil Rights Division in Judiciary Subcommittee Hearing 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. — U.S. Senator Peter Welch (D-Vt.), Raking Member of the Senate Judiciary Subcommittee on The Constitution, this week denounced the President Trump’s attacks on the Department of Justice’s (DOJ) Civil Rights Division, including the Administration’s plans to freeze all new civil rights cases or investigations at the division. 
    Ahead of yesterday’s hearing, Senator Welch released a memorandum with the new policy statements provided to career attorneys at the Civil Rights Division. These directives, which have not previously been made public, show how the Division’s enforcement priorities have been narrowed, changed, and in some cases reversed under the leadership of Assistant Attorney General for Civil Rights Harmeet Dhillon, to mirror and advance President Trump’s political agenda. The memo also sheds light on Assistant Attorney General Dhillon’s efforts to oust career attorneys through reassignments and resignations. Senator Welch’s office obtained data showing that since the beginning of President Trump’s second term, more than 368 individuals have left the Civil Rights Division and only two Section chiefs remain in place. 
    “The Civil Rights Division is a crown jewel in the Department of Justice of the United States of America,” said Senator Welch. “But there’s a profound difference in the Justice Department today than there was the day before the election. The new policy directives that are being issued to DOJ attorneys is the zealous and faithful pursuit of, ‘The priorities of the President.’ No! It’s the priorities of the Constitution. It’s the priorities of the legislation passed by Congress. It is not the priorities of any person, even if that person is the President of the United States. That is not what the job of the Justice Department is to do.” 
    Watch Senator Welch’s full remarks below:  
    Read Senator Welch’s opening remarks as delivered here. 
    Senator Welch questioned Ms. Dhillon about whether the Trump Administration influenced the DOJ’s highly irregular decision to order mid-decade redistricting of Texas’ congressional districts. The Senator also called out Ms. Dhillon for her refusal to acknowledge that President Biden won the 2020 Presidential Election.   
    Read key excerpts from Senator Welch’s exchange with Ms. Dhillon: 
    “As you know, President Trump has recently ‘encouraged’—I’ll use that—Texas Republicans to do mid-cycle redistricting in order to gain more seats in the House of Representatives. I understand that after the President made that decision, or that announcement, you personally sent a letter on July 7 to Texas—in your capacity as Assistant Attorney General—arguing that four Democratic districts violate federal law,” said Senator Welch. “Before you sent the letter on July 7, did you have any conversation with any representatives of the White House?”   
    Ms. Dhillon: “Senator, as you’re aware, there are privileges that are involved in all Executive Branch communications and without—I’m not able to testify without breaching the Department of Justice’s guidelines in that regard. So, I’m unable to answer any questions about conversations I may have had with other Executive Branch officials.”   
    Senator Welch: “I’m not asking you what the content of the conversation was. I’m asking whether there was any conversation with anyone from the White House before you sent that July 7 letter.”  
    Ms. Dhillon: “Senator, I have the same answer. I think you’re aware of the scope, the broad scope of privileges that apply to lawyers’ conduct.” 
    Senator Welch: “Well, here’s what I’m aware of: the President made a directive—which is highly unusual—telling a legislature, the Texas legislature, mid-decade to do redistricting when we do that every ten years. And oh, it just so happened the Assistant Attorney General sent a letter to that legislature—after the President made his announcement—and said that your investigations suggest four districts are in violation of federal law.” 
    Ms. Dhillon: “Is there a question, Senator?” 
    Senator Welch: “There’s a point here that it’s hard to believe that that wasn’t coordinated.” 
    Senator Welch has been a leading voice in pushing back against the Trump Administration’s attacks on the rule of law and efforts to undermine the Department of Justice. In April, Senator Welch led six Senate Judiciary Committee colleagues in demanding answers from the DOJ concerning the Trump Administration’s efforts to dismantle the Department’s Civil Rights Division. The Senators separately called for Senator Eric Schmitt (R-Mo.), Chair of the Judiciary Subcommittee on the Constitution, to immediately hold an oversight hearing with Assistant Attorney General Dhillon on the politicization of DOJ’s Civil Rights Division. 
    During President Trump’s first week in office, Senator Welch slammed the President’s plans to freeze all new civil rights cases or investigations at DOJ’s Civil Rights Division and suggestions that it would sideline police reform agreements established by the Biden Administration.  

    MIL OSI USA News –

  • MIL-OSI USA: Warner & Kaine Applaud Congressional Reapproval of VA Medical Facility Leases

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner
    WASHINGTON – Today, U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) issued the following statement after the House Committee on Veterans’ Affairs voted to approve updated authorizations for 18 Veterans Affairs (VA) major medical facility leases – the final congressional committee needed to greenlight the leases, including one for a proposed outpatient clinic in Hampton Roads:
    “We’re very pleased that all four congressional committees have now approved these much-needed VA leases, including the proposed new outpatient clinic in Hampton Roads. This is a major step forward in expanding access to high-quality, convenient care for the more than 60 percent of Hampton VA Medical Center patients who live on the south side of the region. For years, we’ve pushed to get these kinds of facilities authorized and built, because we refuse to accept a system where veterans are stuck with long wait times or forced to travel hours for basic appointments. With this final vote, we are one step closer to ensuring these long-overdue facilities become a reality.
    “Now that the leases have cleared every hurdle in Congress, we’ll be pushing the VA and GSA to award these leases, and make sure these projects get off the ground without delay. Our veterans have waited long enough.” 
    While these leases were originally authorized under the PACT Act, which both senators strongly supported, updated cost estimates and rent bids prompted the VA and the General Services Administration (GSA) to seek reauthorization from four congressional committees. With yesterday’s action by the House Veterans’ Affairs Committee, the leases have now been reauthorized by all four needed committees: the Senate Committee on Environment and Public Works, the Senate Committee on Veterans’ Affairs, the House Committee on Transportation and Infrastructure, and the House Committee on Veterans’ Affairs.
    Sens. Warner and Kaine have long fought to expand health care and benefits for Virginia’s nearly 700,000 veterans. Sens. Warner and Kaine began raising the alarm about the significant backlog of unapproved VA leases in 2016. After putting significant pressure on officials across the federal government, Congress unanimously passed the Providing Veterans Overdue Care Act, legislation written by Sen. Warner and supported by Sen. Kaine, to cut the backlog and get over two dozen delayed VA medical facilities’ leases approved.

    MIL OSI USA News –

  • MIL-OSI USA: Warner & Kaine Applaud Congressional Reapproval of VA Medical Facility Leases

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – Today, U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) issued the following statement after the House Committee on Veterans’ Affairs voted to approve updated authorizations for 18 Veterans Affairs (VA) major medical facility leases – the final congressional committee needed to greenlight the leases, including one for a proposed outpatient clinic in Hampton Roads:

    “We’re very pleased that all four congressional committees have now approved these much-needed VA leases, including the proposed new outpatient clinic in Hampton Roads. This is a major step forward in expanding access to high-quality, convenient care for the more than 60 percent of Hampton VA Medical Center patients who live on the south side of the region. For years, we’ve pushed to get these kinds of facilities authorized and built, because we refuse to accept a system where veterans are stuck with long wait times or forced to travel hours for basic appointments. With this final vote, we are one step closer to ensuring these long-overdue facilities become a reality.

    “Now that the leases have cleared every hurdle in Congress, we’ll be pushing the VA and GSA to award these leases, and make sure these projects get off the ground without delay. Our veterans have waited long enough.” 

    While these leases were originally authorized under the PACT Act, which both senators strongly supported, updated cost estimates and rent bids prompted the VA and the General Services Administration (GSA) to seek reauthorization from four congressional committees. With yesterday’s action by the House Veterans’ Affairs Committee, the leases have now been reauthorized by all four needed committees: the Senate Committee on Environment and Public Works, the Senate Committee on Veterans’ Affairs, the House Committee on Transportation and Infrastructure, and the House Committee on Veterans’ Affairs.

    Sens. Warner and Kaine have long fought to expand health care and benefits for Virginia’s nearly 700,000 veterans. Sens. Warner and Kaine began raising the alarm about the significant backlog of unapproved VA leases in 2016. After putting significant pressure on officials across the federal government, Congress unanimously passed the Providing Veterans Overdue Care Act, legislation written by Sen. Warner and supported by Sen. Kaine, to cut the backlog and get over two dozen delayed VA medical facilities’ leases approved.

    MIL OSI USA News –

  • MIL-OSI USA: Warner & Kaine Applaud Congressional Reapproval of VA Medical Facility Leases

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – Today, U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) issued the following statement after the House Committee on Veterans’ Affairs voted to approve updated authorizations for 18 Veterans Affairs (VA) major medical facility leases – the final congressional committee needed to greenlight the leases, including one for a proposed outpatient clinic in Hampton Roads:

    “We’re very pleased that all four congressional committees have now approved these much-needed VA leases, including the proposed new outpatient clinic in Hampton Roads. This is a major step forward in expanding access to high-quality, convenient care for the more than 60 percent of Hampton VA Medical Center patients who live on the south side of the region. For years, we’ve pushed to get these kinds of facilities authorized and built, because we refuse to accept a system where veterans are stuck with long wait times or forced to travel hours for basic appointments. With this final vote, we are one step closer to ensuring these long-overdue facilities become a reality.

    “Now that the leases have cleared every hurdle in Congress, we’ll be pushing the VA and GSA to award these leases, and make sure these projects get off the ground without delay. Our veterans have waited long enough.” 

    While these leases were originally authorized under the PACT Act, which both senators strongly supported, updated cost estimates and rent bids prompted the VA and the General Services Administration (GSA) to seek reauthorization from four congressional committees. With yesterday’s action by the House Veterans’ Affairs Committee, the leases have now been reauthorized by all four needed committees: the Senate Committee on Environment and Public Works, the Senate Committee on Veterans’ Affairs, the House Committee on Transportation and Infrastructure, and the House Committee on Veterans’ Affairs.

    Sens. Warner and Kaine have long fought to expand health care and benefits for Virginia’s nearly 700,000 veterans. Sens. Warner and Kaine began raising the alarm about the significant backlog of unapproved VA leases in 2016. After putting significant pressure on officials across the federal government, Congress unanimously passed the Providing Veterans Overdue Care Act, legislation written by Sen. Warner and supported by Sen. Kaine, to cut the backlog and get over two dozen delayed VA medical facilities’ leases approved.

    MIL OSI USA News –

  • MIL-OSI USA: Warner & Kaine Applaud Congressional Reapproval of VA Medical Facility Leases

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – Today, U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) issued the following statement after the House Committee on Veterans’ Affairs voted to approve updated authorizations for 18 Veterans Affairs (VA) major medical facility leases – the final congressional committee needed to greenlight the leases, including one for a proposed outpatient clinic in Hampton Roads:

    “We’re very pleased that all four congressional committees have now approved these much-needed VA leases, including the proposed new outpatient clinic in Hampton Roads. This is a major step forward in expanding access to high-quality, convenient care for the more than 60 percent of Hampton VA Medical Center patients who live on the south side of the region. For years, we’ve pushed to get these kinds of facilities authorized and built, because we refuse to accept a system where veterans are stuck with long wait times or forced to travel hours for basic appointments. With this final vote, we are one step closer to ensuring these long-overdue facilities become a reality.

    “Now that the leases have cleared every hurdle in Congress, we’ll be pushing the VA and GSA to award these leases, and make sure these projects get off the ground without delay. Our veterans have waited long enough.” 

    While these leases were originally authorized under the PACT Act, which both senators strongly supported, updated cost estimates and rent bids prompted the VA and the General Services Administration (GSA) to seek reauthorization from four congressional committees. With yesterday’s action by the House Veterans’ Affairs Committee, the leases have now been reauthorized by all four needed committees: the Senate Committee on Environment and Public Works, the Senate Committee on Veterans’ Affairs, the House Committee on Transportation and Infrastructure, and the House Committee on Veterans’ Affairs.

    Sens. Warner and Kaine have long fought to expand health care and benefits for Virginia’s nearly 700,000 veterans. Sens. Warner and Kaine began raising the alarm about the significant backlog of unapproved VA leases in 2016. After putting significant pressure on officials across the federal government, Congress unanimously passed the Providing Veterans Overdue Care Act, legislation written by Sen. Warner and supported by Sen. Kaine, to cut the backlog and get over two dozen delayed VA medical facilities’ leases approved.

    MIL OSI USA News –

  • MIL-OSI USA: Warner & Kaine Applaud Congressional Reapproval of VA Medical Facility Leases

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – Today, U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) issued the following statement after the House Committee on Veterans’ Affairs voted to approve updated authorizations for 18 Veterans Affairs (VA) major medical facility leases – the final congressional committee needed to greenlight the leases, including one for a proposed outpatient clinic in Hampton Roads:

    “We’re very pleased that all four congressional committees have now approved these much-needed VA leases, including the proposed new outpatient clinic in Hampton Roads. This is a major step forward in expanding access to high-quality, convenient care for the more than 60 percent of Hampton VA Medical Center patients who live on the south side of the region. For years, we’ve pushed to get these kinds of facilities authorized and built, because we refuse to accept a system where veterans are stuck with long wait times or forced to travel hours for basic appointments. With this final vote, we are one step closer to ensuring these long-overdue facilities become a reality.

    “Now that the leases have cleared every hurdle in Congress, we’ll be pushing the VA and GSA to award these leases, and make sure these projects get off the ground without delay. Our veterans have waited long enough.” 

    While these leases were originally authorized under the PACT Act, which both senators strongly supported, updated cost estimates and rent bids prompted the VA and the General Services Administration (GSA) to seek reauthorization from four congressional committees. With yesterday’s action by the House Veterans’ Affairs Committee, the leases have now been reauthorized by all four needed committees: the Senate Committee on Environment and Public Works, the Senate Committee on Veterans’ Affairs, the House Committee on Transportation and Infrastructure, and the House Committee on Veterans’ Affairs.

    Sens. Warner and Kaine have long fought to expand health care and benefits for Virginia’s nearly 700,000 veterans. Sens. Warner and Kaine began raising the alarm about the significant backlog of unapproved VA leases in 2016. After putting significant pressure on officials across the federal government, Congress unanimously passed the Providing Veterans Overdue Care Act, legislation written by Sen. Warner and supported by Sen. Kaine, to cut the backlog and get over two dozen delayed VA medical facilities’ leases approved.

    MIL OSI USA News –

  • MIL-OSI USA: Warner & Kaine Applaud Congressional Reapproval of VA Medical Facility Leases

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – Today, U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) issued the following statement after the House Committee on Veterans’ Affairs voted to approve updated authorizations for 18 Veterans Affairs (VA) major medical facility leases – the final congressional committee needed to greenlight the leases, including one for a proposed outpatient clinic in Hampton Roads:

    “We’re very pleased that all four congressional committees have now approved these much-needed VA leases, including the proposed new outpatient clinic in Hampton Roads. This is a major step forward in expanding access to high-quality, convenient care for the more than 60 percent of Hampton VA Medical Center patients who live on the south side of the region. For years, we’ve pushed to get these kinds of facilities authorized and built, because we refuse to accept a system where veterans are stuck with long wait times or forced to travel hours for basic appointments. With this final vote, we are one step closer to ensuring these long-overdue facilities become a reality.

    “Now that the leases have cleared every hurdle in Congress, we’ll be pushing the VA and GSA to award these leases, and make sure these projects get off the ground without delay. Our veterans have waited long enough.” 

    While these leases were originally authorized under the PACT Act, which both senators strongly supported, updated cost estimates and rent bids prompted the VA and the General Services Administration (GSA) to seek reauthorization from four congressional committees. With yesterday’s action by the House Veterans’ Affairs Committee, the leases have now been reauthorized by all four needed committees: the Senate Committee on Environment and Public Works, the Senate Committee on Veterans’ Affairs, the House Committee on Transportation and Infrastructure, and the House Committee on Veterans’ Affairs.

    Sens. Warner and Kaine have long fought to expand health care and benefits for Virginia’s nearly 700,000 veterans. Sens. Warner and Kaine began raising the alarm about the significant backlog of unapproved VA leases in 2016. After putting significant pressure on officials across the federal government, Congress unanimously passed the Providing Veterans Overdue Care Act, legislation written by Sen. Warner and supported by Sen. Kaine, to cut the backlog and get over two dozen delayed VA medical facilities’ leases approved.

    MIL OSI USA News –

  • MIL-OSI USA: Warner & Kaine Applaud Congressional Reapproval of VA Medical Facility Leases

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – Today, U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) issued the following statement after the House Committee on Veterans’ Affairs voted to approve updated authorizations for 18 Veterans Affairs (VA) major medical facility leases – the final congressional committee needed to greenlight the leases, including one for a proposed outpatient clinic in Hampton Roads:

    “We’re very pleased that all four congressional committees have now approved these much-needed VA leases, including the proposed new outpatient clinic in Hampton Roads. This is a major step forward in expanding access to high-quality, convenient care for the more than 60 percent of Hampton VA Medical Center patients who live on the south side of the region. For years, we’ve pushed to get these kinds of facilities authorized and built, because we refuse to accept a system where veterans are stuck with long wait times or forced to travel hours for basic appointments. With this final vote, we are one step closer to ensuring these long-overdue facilities become a reality.

    “Now that the leases have cleared every hurdle in Congress, we’ll be pushing the VA and GSA to award these leases, and make sure these projects get off the ground without delay. Our veterans have waited long enough.” 

    While these leases were originally authorized under the PACT Act, which both senators strongly supported, updated cost estimates and rent bids prompted the VA and the General Services Administration (GSA) to seek reauthorization from four congressional committees. With yesterday’s action by the House Veterans’ Affairs Committee, the leases have now been reauthorized by all four needed committees: the Senate Committee on Environment and Public Works, the Senate Committee on Veterans’ Affairs, the House Committee on Transportation and Infrastructure, and the House Committee on Veterans’ Affairs.

    Sens. Warner and Kaine have long fought to expand health care and benefits for Virginia’s nearly 700,000 veterans. Sens. Warner and Kaine began raising the alarm about the significant backlog of unapproved VA leases in 2016. After putting significant pressure on officials across the federal government, Congress unanimously passed the Providing Veterans Overdue Care Act, legislation written by Sen. Warner and supported by Sen. Kaine, to cut the backlog and get over two dozen delayed VA medical facilities’ leases approved.

    MIL OSI USA News –

  • MIL-OSI USA: Warner & Kaine Applaud Congressional Reapproval of VA Medical Facility Leases

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – Today, U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) issued the following statement after the House Committee on Veterans’ Affairs voted to approve updated authorizations for 18 Veterans Affairs (VA) major medical facility leases – the final congressional committee needed to greenlight the leases, including one for a proposed outpatient clinic in Hampton Roads:

    “We’re very pleased that all four congressional committees have now approved these much-needed VA leases, including the proposed new outpatient clinic in Hampton Roads. This is a major step forward in expanding access to high-quality, convenient care for the more than 60 percent of Hampton VA Medical Center patients who live on the south side of the region. For years, we’ve pushed to get these kinds of facilities authorized and built, because we refuse to accept a system where veterans are stuck with long wait times or forced to travel hours for basic appointments. With this final vote, we are one step closer to ensuring these long-overdue facilities become a reality.

    “Now that the leases have cleared every hurdle in Congress, we’ll be pushing the VA and GSA to award these leases, and make sure these projects get off the ground without delay. Our veterans have waited long enough.” 

    While these leases were originally authorized under the PACT Act, which both senators strongly supported, updated cost estimates and rent bids prompted the VA and the General Services Administration (GSA) to seek reauthorization from four congressional committees. With yesterday’s action by the House Veterans’ Affairs Committee, the leases have now been reauthorized by all four needed committees: the Senate Committee on Environment and Public Works, the Senate Committee on Veterans’ Affairs, the House Committee on Transportation and Infrastructure, and the House Committee on Veterans’ Affairs.

    Sens. Warner and Kaine have long fought to expand health care and benefits for Virginia’s nearly 700,000 veterans. Sens. Warner and Kaine began raising the alarm about the significant backlog of unapproved VA leases in 2016. After putting significant pressure on officials across the federal government, Congress unanimously passed the Providing Veterans Overdue Care Act, legislation written by Sen. Warner and supported by Sen. Kaine, to cut the backlog and get over two dozen delayed VA medical facilities’ leases approved.

    MIL OSI USA News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Secures Major Settlement with Columbia University

    Source: US Whitehouse

    SECURING HISTORIC SETTLEMENT WITH COLUMBIA UNIVERSITY: Today, President Donald J. Trump secured a historic settlement with Columbia University to address violations of federal civil rights laws and to restore fairness, merit, and safety in higher education.

    • The agreement ensures Columbia will not engage in unlawful racial discrimination in hiring, admissions, or university programming. Columbia will provide access to all relevant data and information to rigorously assess compliance with its commitment to merit-based hiring and admissions. 
    • Columbia will pay the United States $200 million to settle claims related to discriminatory practices, marking a significant win for accountability in academia.
    • Columbia will also pay the largest employment-discrimination public settlement in almost 20 years. Over $20 million will be paid to resolve alleged civil rights violations against Jewish Columbia employees that occurred on its campus following the October 7, 2023, Hamas terror attacks. This is also the largest ever settlement for victims of anti-Semitism and for workers of any religion.
    • The agreement secures privacy, dignity, and fairness in women’s sports, programing, facilities, and housing.
    • The agreement mandates a comprehensive review of Columbia’s portfolio of programs in regional areas, starting with those relating to the Middle East, and fosters new faculty appointments to promote intellectual diversity.
    • Columbia will strengthen oversight of international students by reviewing admission processes, including by assessing applicants’ reasons for wishing to study in the U.S., sharing relevant data with the Federal Government, and reducing financial dependence on overwhelming international student enrollment.
    • Columbia will enhance campus safety and ensure a safe learning environment by appropriately enforcing strict rules against disruptive protests, prohibiting masked protests, and maintaining trained security officers and ongoing cooperation with the New York Police Department.
    • The agreement establishes robust oversight, including with an independent Resolution Monitor and an Administrator, to ensure Columbia complies with the agreement and federal laws.
    • Consistent with Columbia’s announcement in March, student discipline and rules have been moved from an unaccountable faculty senate to the Office of the Provost, providing for stronger oversight, transparency, and accountability.
    • The agreement reinstates most terminated federal grants, restores Columbia’s eligibility for future grants and awards, and closes pending investigations into the university.

    ADDRESSING DISCRIMINATORY PRACTICES AT COLUMBIA UNIVERSITY: The Trump Administration took action to address Columbia University’s violations of federal civil rights laws, protecting students and upholding fairness in higher education.

    • The settlement culminates after concerning public incidents and subsequent civil rights investigations and actions regarding Columbia’s alleged discrimination on the basis of race and national origin.
    • Columbia’s failure to ensure a safe, non-discriminatory campus environment, including issues with protest policies and disciplinary processes, raised urgent concerns about student safety and free inquiry.
    • By securing this settlement, the Trump Administration is ensuring that Columbia upholds merit-based standards, complies with federal law, and fosters an environment of academic excellence and safety for all students.

    ADVANCING REFORMS IN HIGHER EDUCATION: President Trump is holding elite universities accountable, ensuring they prioritize fairness, merit, and American values.  

    • The Administration has challenged elite universities like Harvard and Columbia for discriminating against student and staff, failing to protect students from violent anti-Semitism, and otherwise failing to be a responsible steward of taxpayer dollars.
    • President Trump signed a Proclamation to safeguard national security by suspending the entry of foreign nationals seeking to study or participate in exchange programs at Harvard University. 
    • The Administration successfully negotiated a resolution with the University of Pennsylvania to keep men out of women’s sports and restore the trophies and records of women.

    MIL OSI USA News –

  • MIL-OSI USA: NIST Makes First Detection of Cannabis in Breath From Edibles

    Source: US Government research organizations

    Credit: Victor Moussa/Shutterstock

    Cannabis has gained increased use in the United States, outpacing alcohol as Americans’  daily recreational drug of choice. Nearly 20 percent of cannabis users have admitted to driving after using the drug. However, unlike for alcohol, reliable roadside tests for cannabis don’t exist. Even blood tests can’t determine when a person used cannabis, leaving law enforcement without a way to determine a person’s recent use, much less how intoxicated they are.  

    To make things more complicated, there are multiple ways to consume cannabis, such as smoking, vaping, ingestion and dabbing (inhaling a concentrated form of cannabis extracts). Scientists know that the psychoactive component tetrahydrocannabinol (THC) shows up in breath after smoking, but what about edibles? Would those show up in breath too?

    The answer is yes; they do. In a study published in the Journal of Analytical Toxicology, researchers at the National Institute of Standards and Technology (NIST) and their colleagues made the first cannabinoid measurements in breath after study participants ingested cannabis-infused edibles. 

    “This is an important step forward, that we can detect THC increases in breath after the ingestion of cannabis,” said Jennifer Berry, NIST research chemist and lead author on the paper. 

    Making a breathalyzer for cannabis is harder than making a breathalyzer for alcohol. Alcohol is a relatively simple and highly volatile molecule: It easily travels through the lungs and evaporates when it contacts air. But THC is a larger, more complicated molecule with very low volatility, and consumption is typically hundreds of times less than alcohol. It shows up in very small concentrations in breath, making THC detection much more challenging.  Regular users of cannabis can have THC in their breath for at least eight hours and in their blood for potentially weeks after stopping use,  meaning that a single measurement is insufficient to learn when a person last used it. 

    In the new study, NIST’s partners at the University of Colorado Anschutz Medical Campus observed 29 participants who each brought a cannabis-infused gummy to the lab with them. The edibles contained anywhere from 5 to 100 milligrams of THC. Researchers first took a breath sample from the participants before they ingested the product. Then they observed each participant for three hours, obtaining breath samples approximately every hour. 

    NIST researchers measured the concentration of THC and other cannabinoids in breath at those intervals. They detected THC in most of the participants before they took the edible, even though they had been asked to abstain for eight hours before the study. That wasn’t surprising. Our bodies process cannabinoids slowly, taking weeks to get them out of our systems compared with hours for alcohol.  

    The researchers found that 19 of the participants showed significant increases in THC in the three-hour period after ingesting the edible. Many of them exhibited a peak and then a decline in THC concentration during that time. Four of the participants did not show any change in THC, and six showed only a decrease from their first breath sample. However, it is possible that the measurements may have missed the time window in which a jump in THC could have occurred.

    The observed spikes and dips in THC levels clear up some questions about how cannabinoids distribute in our bodies and leave our systems after use. There is a common misconception that THC in breath is from leftover smoke in the lungs after smoking cannabis. This study shows that THC that is swallowed in edibles can make it through the digestive system and be exhaled back out through the lungs, Berry said. This matches something else that stood out to the NIST team, that edible cannabis takes time to show up in breath. “Edibles aren’t that different from smoked cannabis and alcohol in that way,” Berry said. “Whether you inhale it or ingest it, it will show up in breath, but it may take some time before doing so.”

    This study provides just the first steps of understanding how edible cannabis shows up in breath, said Kavita Jeerage, a NIST research chemical engineer leading the cannabis breath research. But this first detection of THC from edibles in breath provides encouraging signs that future instruments will be able to measure THC from ingested cannabis. 

    It will be up to toxicologists to determine what those measurements say about impairment, she said, work that NIST’s research partners are already pursuing.

    “Our partners at Anschutz conducted a variety of assessments to probe impairment after participants ingested their cannabis gummies, including observing participants’ driving abilities with a driving simulator. The breath samples were a bonus that allowed us to gather first-ever data to explore whether THC increases in breath after edible ingestion,” Jeerage said. “Looking forward, we can now tackle the question of when THC increases after edible ingestion, when it goes back to baseline, and how to analyze breathalyzer data to get the information needed.”  

    “This study supports the idea that multiple breath measurements over a period of time could be a way to use a breathalyzer to detect cannabis use, regardless of how it’s ingested,” said Tara Lovestead, a NIST chemical engineer on the cannabis breath research project. “However, devices will still need standards to ensure that they are accurate and used correctly, standards that don’t yet exist.” 

    NIST itself is not developing a cannabis breathalyzer, Lovestead added. Instead, NIST’s role is to help ensure that measurements of cannabis in breath can be accurate, reliable and have scientifically sound standards behind them. NIST will be hosting a workshop with device developers in September to discuss a path forward.  

    Paper:  Jennifer L. Berry, Ashley Brooks-Russell, Tara M. Lovestead and Kavita M. Jeerage. The detection of cannabinoids in breath after ingestion of cannabis-infused edibles. Journal of Analytical Toxicology. Published online July 10, 2025. DOI: 10.1093/jat/bkaf063

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Simpson Works to Ensure the Lava Ridge Wind Project is Blown Away

    Source: US State of Idaho

    WASHINGTON—This week, the House Committee on Appropriations voted to advance the Fiscal Year 2026 Interior, Environment and Related Agencies Appropriations Bill. Idaho Congressman Mike Simpson–Chairman of the House Interior and Environment Appropriations Subcommittee–authored language to prohibit any funds to approve construction activities related to the out-of-touch Lava Ridge Wind Project from being obligated unless and until the Secretary of the Interior has completed a review of the Department of the Interior’s Record of Decision.
    “After four years of an administration that ignored the voices of Idahoans and downplayed their concerns, President Biden’s BLM tried, and failed, to ram through the out-of-touch Lava Ridge Wind Project,” said Rep. Simpson. “Like many Idahoans, I am grateful that President Trump signed an executive order to kill this project on Day One. As Chairman of the House Interior, Environment, and Related Agencies Appropriations Subcommittee, my goal is to ensure that no future renewable wind project gets as close to implementation as the Lava Ridge Wind Project did. Now that we have an administration that has our backs, I am confident that Secretary Burgum understands Idahoans expect more out of the use of our public lands. The language included in my bill goes hand-in-hand with President Trump’s executive order. I look forward to working with the administration toward common-sense solutions.”
    Text of Rep. Simpson’s provision: None one of the funds made available by this Act may be obligated or expended for the purpose of processing or approving any notice to proceed with any construction activities relating to the Lava Ridge Wind Project right-of-way authorization unless and until the Secretary of the Interior has completed a review of the Department of the Interior’s Record of Decision authorizing the use of public lands through the Lava Ridge Wind Project right-of-way and, as appropriate, conducted a new, comprehensive analysis in accordance with Section 2(b) of the Presidential Memorandum titled ‘‘Temporary Withdrawal of All Areas on the Outer Continental Shelf from Offshore Wind Leasing and Review of the Federal Government’s Leasing and Permitting Practices for Wind Projects,’’ dated January 20, 2025.
    Rep. Simpson’s Previous Actions Against the Lava Ridge Wind Project 
    Rep. Simpson has been a strong vocal opponent of the Lava Ridge Wind Project and most recently authored language in the 118th Congress that blocked the final Environmental Impact Statement for the Lava Ridge Wind Project.
    Rep. Simpson also made an initial attempt to block the project by authoring language—passed by Congress and signed into law by the President—directing the Department of the Interior to reengage and incorporate feedback from the stakeholders on alternative plans before moving forward with Lava Ridge. The Department failed to meet the language requirements of that law.
    Additionally, Rep. Simpson questioned BLM Director Tracy Stone-Manning on the proposed Lava Ridge Wind Project on public lands in Magic Valley, Idaho, and if the pressure to increase renewable energy trumps the impacts on species and cultural sites. 
    Rep. Simpson and the Idaho Delegation introduced legislation that would prevent the Secretary of the Interior from approving a wind or solar project on public lands if the Legislature in the respective state has passed a resolution of disapproval.
    Rep. Simpson, the Idaho Delegation, Idaho Governor Brad Little, and Lt. Governor Scott Bedke sent a letter to the Idaho State Director for the BLM. They expressed concerns about the proposed Lava Ridge wind farm in south-central Idaho. 

    MIL OSI USA News –

  • MIL-OSI USA: Gov. Kemp: Pilgrim’s to Build New Prepared Foods Facility, Creating 630 New Jobs in Walker County

    Source: US State of Georgia

    ATLANTA – Governor Brian P. Kemp today announced that Pilgrim’s, one of the world’s leading food companies, will invest $400 million to expand its footprint in Georgia. The company will build a new, multi-phase prepared foods facility in LaFayette, Walker County, supporting more than 630 new jobs at full capacity.

    “Georgia’s No. 1 industry of agriculture continues to drive growth with companies like Pilgrim’s creating quality jobs in communities like LaFayette,” said Governor Brian Kemp. “As our state’s economy continues to advance, we are excited to see these continued innovations and the opportunities they will bring for hardworking Georgians.”

    Pilgrim’s is a leading global provider of high-quality food products. Across the State of Georgia, the company currently supports an estimated 7,500 jobs and operates seven food production facilities, in addition to supporting facilities like feed mills and hatcheries.

    “Expanding the Pilgrim’s footprint in Georgia highlights our ongoing commitment to the region and our company’s long-term growth strategy,” said Fabio Sandri, Pilgrim’s CEO. “This significant investment will allow further growth of our prepared foods business by expanding brands like Just Bare, Pilgrim’s, and Gold Kist, and supporting increasing demand in retail and foodservice channels. We are also proud of our role in creating jobs and being a strong community partner.”

    The new facility, located at the Walker County Business Park in LaFayette, will produce a variety of fully cooked chicken products to support the growth of its fast-growing prepared foods business. The project is expected to get underway in the fall of 2025, and hiring is expected to begin in 2027, aligning with the expected completion of the first phase of construction. To learn more about Pilgrim’s, including where interested individuals can apply for jobs, visit jobs.pilgrims.com.

    “We welcome Pilgrim’s to Walker County and LaFayette,” said LaFayette Mayor and Chairman of the Walker County Development Authority Andy Arnold. “Pilgrim’s has a wonderful history of positive community involvement, and the creation of up to 630 jobs for our area is a game changer for many families. We look forward to our partnership.”

    “This is a tremendous opportunity for Walker County to provide stable jobs and long-term security for residents who want to work where they live,” said Chairwoman and CEO Angie Teems, Walker County Government. “Not only is this a well-respected company with a strong track record, but it already has a presence in our community through its partnerships with local poultry growers. Expanding their operations here is a natural next step that will strengthen our local economy and reinforce our county’s commitment to supporting hardworking families.”

    Senior Regional Project Manager Lori Dowdy represented the Georgia Department of Economic Development’s (GDEcD) Global Commerce team on this competitive project in partnership with the Walker County Development Authority and Georgia Quick Start.

    “We are excited that Pilgrim’s continues to grow its footprint and drive economic opportunities here in Georgia,” said GDEcD Commissioner Pat Wilson. “Agriculture has long been the backbone of our economy, laying the groundwork for today’s thriving food and beverage sector. Critical industries like cold storage and logistics build on that legacy, generating jobs and opportunities across the state. Congratulations to Walker County for helping bring these new investments and possibilities to LaFayette.”

    About Pilgrim’s

    Pilgrim’s employs over 61,000 people and operates protein processing plants and prepared-foods facilities in 14 states, Puerto Rico, Mexico, the U.K, the Republic of Ireland, and continental Europe. The Company’s primary distribution is through retailers and foodservice distributors. For more information, please visit www.pilgrims.com.

    MIL OSI USA News –

  • MIL-OSI: 74Software: Sustained Momentum Reinforces Long-Term Objectives

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Paris, July 24, 2025

    74Software: Sustained Momentum Reinforces Long-Term Objectives

    • Group H1 2025 revenue of €344.0m, up 6.5% organically and 6.2% in total
    • Strong H1 across both brands – Axway up 8.9% to €160.8m and SBS up 5.0% to €184.2m
    • Marked improvement in margin on operating activities, up 585bps to 12.0% of revenue (€41.3m)
    • ARR increased year-on-year by 11.8% at Axway and 10.9% at SBS, further strengthening recurring revenues

    74Software’s Board of Directors, chaired by Pierre Pasquier, approved today the financial statements for the first half of 2025, which were subject to a limited review by the statutory auditors1. Consequently, 74Software announces:

    Half-Year Key Income Statement Items
                       
        Half-year 2025   Half-year 2024
    Proforma
    6M AXW + 6M SBS    		   Half-year 2024
    Reported
    Axway Standalone
        €m % of Rev.   €m % of Rev.   €m % of Rev.
    TOTAL REVENUE   344.0     323.9     148.7  
    GROSS PROFIT   228.1 66.3%   206.8 63.9%   104.7 70.5%
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   17.1 11.5%
    OPERATING PROFIT   19.5 5.7%   2.6 0.8%   8.3 5.6%
    NET PROFIT   5.8 1.7%   -15.6 -4.8%   2.8 1.9%
    EARNINGS PER SHARE   0.20 €     -0.54 €     0.13 €  

    Patrick Donovan, Chief Executive Officer, stated:

    “Our H1 results confirm our strong start to the year and demonstrate both the strength of our strategic direction and our ability to execute in-line with our stated plans. As noted in our Q1 press release, the solid early execution front-loads part of the year’s commercial activity— especially in the Axway business. We remain fully committed to our full-year guidance and, more broadly, to our 2027 and 2028 ambitions. Axway is now firmly established as a subscription-first business, while SBS is rapidly scaling its modular banking platforms and expanding its SaaS footprint. With recurring revenue accelerating and capital deployment tightly managed, 74Software is becoming a more structured, resilient, and forward-looking group — built to deliver long-term value creation.”

    Comments on H1 2025 activity

    74Software delivered a strong first-half performance, confirming its ability to execute on its strategic roadmap and capitalize on the operational integration initiated following the transaction closing in September 2024. Revenue growth was solid in both brands, while profitability improved as planned — reflecting the strength of the Group’s model and the improved execution driven by Axway’s infrastructure software expertise and SBS’s leadership in banking software.

    Following a particularly dynamic Q1, the second quarter allowed the Group to consolidate its gains, maintain commercial selectivity, and further shift toward a recurring, scalable revenue model. Axway has now largely transitioned, while SBS continues to advance its own transformation, expanding SaaS deployments and rebalancing its revenue mix in favor of product revenue. Key highlights for the period include:

    • Axway recorded a strong first half, with consistent growth across all product lines. Nearly 60 new customers were signed during the period (+20% year-on-year), with new-name deals accounting for around one-third of Q2 bookings. Large-scale projects gained momentum, including six contracts exceeding €1 million signed in Q2 alone. Demand for cloud-based delivery continued to rise, with Axway-managed deployments representing 40% of Q2 bookings and 35% over the first half. This shift was broad-based, with steady adoption across all geographies and industry verticals.
    • SBS also reported strong results, with product revenue now accounting for 75% of total revenue, up from 67% in H1 2024 — marking significant progress in the company’s shift toward a software-led model. Growth was supported by all product lines, including solid license activity in integrated platforms, components, and financing solutions, as well as continued expansion of modular offerings. The company has now contracted more than 230 SaaS regulatory reporting services, reinforcing adoption across its client base. During the period, SBS welcomed several new clients and completed the first SaaS deployment of its digital engagement platform in Europe. Two additional implementations are scheduled for the third quarter in Africa, where demand is driven by microfinance and Islamic banking. The company’s progress was also recognized through multiple industry awards highlighting its leadership in compliance, payments, and digital banking.

    The Group enters H2 with improving visibility, disciplined execution, and a clear focus on delivering its full-year objectives. Integration of support functions between Axway and SBS is now largely complete, and joint commercial initiatives are steadily expanding across selected regions.

    Comments on H1 2025 operational performance

    Half-year Revenue Breakdown by Portfolio Brand
               
      H1 2025 H1 2024
    Proforma    		 H1 2024
    Restated    		 Total
    Growth    		 Organic
    Growth
    €m / %
    Axway Scope 160.8 148.7 147.6 8.1% 8.9%
    SBS Scope 184.2 175.2 175.4 5.1% 5.0%
               
    Consolidation -1.0 0.0 0.0 – –
               
    74Software 344.0 323.9 323.0 6.2% 6.5%

    In the first half of 2025, the Group generated revenue of €344.0 million, reflecting total growth of 6.2% and organic growth of 6.5% year-on-year. This performance was supported by both brands, with Axway contributing €160.8 million in revenue and organic growth of 8.9%, and SBS contributing €184.2 million with 5.0% organic growth (compared to proforma H1 2024).

    Half-year Revenue Breakdown by Type
               
      H1 2025 H1 2024
    Proforma    		 H1 2024
    Restated    		 Total
    Growth    		 Organic
    Growth
    €m / %
    Product revenue 280.0 248.7 248.1 12.6% 12.9%
    Recurring revenue 258.0 229.3 228.7 12.5% 12.8%
    o/w Maintenance & Support 91.5 96.2 96.0 -4.9% -4.7%
    o/w Customer-managed Subscription 98.7 76.6 76.5 28.8% 29.0%
    o/w Own-managed Subscription 67.8 56.5 56.2 20.0% 20.6%
    License revenue 22.1 19.4 19.4 13.5% 13.7%
               
    Services revenue 64.0 75.2 74.9 -14.9% -14.6%
               
    Total revenue 344.0 323.9 323.0 6.2% 6.5%

    In the first half of 2025, Product revenue reached €280.0 million, up 12.9% organically, reflecting strong execution across both Axway and SBS. The Group continued to benefit from rising demand for subscription-based offers, with both customer-managed and own-managed subscriptions posting growth above 20%. Maintenance revenue declined as anticipated, while license activity increased but remained low at 6.4% of total revenue. Product revenues accounted for 81% of total revenue (up from 77% in H1 2024) and recurring revenues were at 75% of total revenue (up from 71% in H1 2024), confirming 74Software’s successful transition toward a product- and subscription-led model.

    Axway generated €143.3 million in product revenue, up 10.5% organically. Recurring activities made nearly the entire contribution, driven by a 29.5% increase in customer-managed subscriptions and 6.8% growth in own-managed deployments, reflecting continued momentum in hybrid environments. License revenue decreased by 34.9% as the company continues to phase out new license sales. Maintenance and support dropped by 20.6% due to the continued shift of the customer base towards subscription models. Services revenue was slightly lower, down 2.2%, and represented 11% of Axway’s total.

    SBS recorded €137.7 million in product revenue, up 16.3% organically, with strong performance across all product categories. Own-managed subscriptions rose by 35.2%, customer-managed subscriptions by 25.5%, and maintenance and support increased by 4.2%, supported by a growing installed base. License revenue climbed 21.2%, reflecting continued expansion of integrated and lending solutions. Recurring revenue now represents 64% of SBS’s business (up from 58% in H1 2024), with services accounting for 25% and licenses for 11%. This illustrates SBS’s continued shift from a service-led to a product-led business model.

    Group-wide, Services generated €64.0 million in the first half, or 18.6% of total revenue, down 14.6% compared to last year. This decrease mainly reflects SBS’s repositioning, while Axway’s service contribution remained stable. The difference in service trends between the two businesses stems from their respective models. Axway relies on lighter implementation cycles, whereas SBS delivers more comprehensive banking transformation programs.

    At the end of June 2025, ARR for Axway stood at €255.9 million, reflecting an organic growth of 11.8% year-on-year. SBS also continued to expand its ARR to €233.3 million, up 10.9% organically year-on-year. These solid performances confirm the effectiveness of both companies’ strategic repositioning and reinforce the Group’s revenue predictability and resilience.

    Comments on H1 2025 product line performance

    Axway, a recognized leader in application infrastructure and middleware, delivered solid momentum in the first half of 2025. All product lines contributed to growth, supported by strong commercial execution and increasing demand for cloud-based solutions:

    • Managed File Transfer remained a key contributor despite a normalization of activity following an exceptional 2024. The gradual erosion of legacy maintenance was more than offset by strong momentum in managed deployments, confirming the sustained value of Axway’s hybrid approach.
    • B2B Integration delivered robust gains across the board, benefiting from growing demand for managed solutions and early signs of successful cross-sell with SBS. The product line also saw improvements in both subscription and service revenue.
    • API Management accelerated sharply, supported by strong commercial execution and increased adoption of its integration and engagement modules. The Fusion extension also contributed positively, confirming the platform’s potential.
    • Specialized Products, including the Financial Accounting Hub, maintained steady momentum through targeted compliance and finance use cases. Recent wins via ecosystem partnerships reinforced Axway’s positioning with key accounts.

    SBS, a trusted provider of banking and financing software, posted solid growth in all product lines, confirming the strength of its modular and targeted approach as it continues its shift toward a product-led model:

    • Financing Products maintained a steady trajectory, reflecting stable demand in wholesale auto finance and UK mortgage service. Activity remained resilient despite longer decision cycles in certain regions.
      • Modular Products continued to gain traction, primarily driven by momentum in instant payments and the regulatory reporting platform. Cross-sell into the integrated base gained pace, confirming the appeal of modular architectures.
      • Integrated Products delivered consistent performance, with solid customer retention and ongoing functional improvements. In some markets, modular alternatives are beginning to complement legacy platforms, paving the way for more composable setups. SBS’ market-leading product in Africa continues to perform strongly, adding new customers as well as increasing share of wallet in its installed base.
    • Banking Components continued to gain momentum, particularly in payments, lending, and cards. The strength of customer relationships across key accounts in France continues to drive upsells.

    Comments on H1 2025 profit on operating activities

    Profit on Operating Activities – Group
                       
        H1 2025   H1 2024
    Proforma    		   Change
        €m % of Rev.   €m % of Rev.   €m Basis Points
    Product revenue   280.0 81.4%   248.7 76.8%   + 31.3 + 461
    Services revenue   64.0 18.6%   75.2 23.2%   – 11.2 – 461
    Total revenue   344.0     323.9     + 20.1  
    Total costs of revenue   115.9     117.1     – 1.2  
    GROSS PROFIT   228.1 66.3%   206.9 63.9%   + 21.2 + 243
    o/w product gross profit   217.9 77.8%   191.7 77.0%   + 26.2 + 75
    o/w services gross profit   10.2 15.9%   15.2 20.2%   – 5.0 – 422
    Operating expenses   186.8 54.3%   186.9 57.7%   – 0.1 – 341
    o/w research & development   93.2 27.1%   95.0 29.3%   – 1.8 – 224
    o/w sales & marketing   62.8 18.3%   62.3 19.2%   + 0.5 – 96
    o/w general & administrative   30.8 8.9%   29.6 9.1%   + 1.1 – 20
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   + 21.4 + 585
    Net Capitalisation of R&D   8.4 2.4%   9.1 2.8%   – 0.8 – 39
    in % of gross R&D   8.2%     8.8%     -0.5%  

    In H1 2025, profit on operating activities reached €41.3 million, representing a margin of 12.0% of revenue, compared with 6.1% in H1 2024. This sharp improvement reflects strong gross profit expansion, driven by a more favorable revenue mix and tight cost control across operating expenses with all lines showing year-on-year efficiencies. Gross margins increased—particularly at Axway—thanks to strong bookings in customer-managed subscriptions, which generated significant upfront revenue at high margins.

    Comments on H1 2025 net profit

    Net Profit – Group
                       
        Half-year 2025   Half-year 2024
    Proforma
    6M AXW + 6M SBS    		   Half-year 2024
    Reported
    Axway Standalone
        €m % of Rev.   €m % of Rev.   €m % of Rev.
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   17.1 11.5%
    Share-based expenses   -6.7     -2.4     -2.9  
    Amortization of allocated intangibles   -6.2     -7.1     -1.7  
    PROFIT FROM RECURRING OPERATIONS   28.4 8.3%   10.5 3.2%   12.5 8.4%
    Other operating income and expenses   -8.9     -7.9     -4.1  
    OPERATING PROFIT   19.5 5.7%   2.6 0.8%   8.3 5.6%
    Cost of financial debt   -9.0     -8.9     -2.7  
    Other financial income and expenses   -2.2     -2.0     -0.9  
    Income tax expenses   -2.5     -7.2     -2.0  
    NET PROFIT   5.8 1.7%   -15.6 -4.8%   2.8 1.9%
    Earnings per share   0.20 €     -0.54 €     0.13 €  

    Profit from recurring operations reached €28.4 million, after accounting for the amortization of allocated intangibles and share-based expenses. This marks a substantial improvement from the H1 2024 proforma figure of €10.5 million.

    Share-based expenses increased, reflecting the inclusion of SBS in the new long-term incentive program, the Group’s strong share price performance, and higher employer social security rates in France. The purchase price allocation (PPA) related to the SBS acquisition has now been finalized. Amortization of allocated intangibles has been restated for 2024 on a pro forma basis and is expected to total €12–13 million for full-year 2025.

    After including other operating income and expenses, such as restructuring charges and non-recurring items totaling €8.9 million, operating profit amounted to €19.5 million, compared with €2.6 million on a proforma basis in H1 2024.

    Net profit for the half-year came to €5.8 million (1.7%), a significant turnaround from the €15.6 million loss recorded on a proforma basis in the prior year.

    Basic earnings per share stood at €0.20, compared with a loss of €0.54 per share in the first half of 2024 (proforma).

    Financial position on June 30, 2025

    74Software made strong progress in its deleveraging effort during H1 2025. Free cash flow was particularly robust, supported by seasonal inflows from maintenance and subscription renewals, as well as the first-time implementation of a factoring program on selected receivables. Unlevered free cash flow reached €76.4 million, enabling €42 million in debt repayments and boosting cash balances. As a result, net debt stood at €191.8 million (before IFRS 16), with a leverage ratio of 1.83x and a gearing ratio of 0.37x—achieving the full-year leverage target of below 2.0x well ahead of schedule. This deleveraging is expected to reduce interest expenses going forward. Due to seasonal patterns in cash collection, the leverage ratio is expected to remain below 2.0x through year-end, though without material further improvement.

    Shareholders’ equity stood at €512.8 million (72.8% of total capital) at June 30, 2025.

    Change in the workforce

    At June 30, 2025, the Group employed 4,679 full-time equivalents, compared with 4,787 at year-end 2024. This 2.6% reduction reflects continued disciplined workforce management across both Axway and SBS, aligned with the Group’s operational efficiency focus.

    Targets & Ambitions

    Following a strong first half, 74Software confirms its full-year 2025 guidance, underpinned by solid execution and front-loaded bookings. The Group continues to target revenue growth between 2% and 4%, reaching approximately €700 million, with an operating margin between 14% and 16%. Due to the first-time introduction of the factoring program, unlevered free cash flow is now expected to be at least 10% of revenue, and the leverage ratio is projected to remain below 2.0x.

    Looking ahead, 74Software reiterates its ambition to surpass €750 million in revenue by 2027 with an operating margin above 17%, and to reach around 20% by 2028 — in line with its trajectory toward a scalable, profitable, and product-led growth model.

    [ NEW TIME ] Today, Thursday, July 24, 2025, 6.00 p.m. (CEST):

    2025 HALF-YEAR RESULTS – VIRTUAL ANALYST CONFERENCE

    •  Register here or join by phone by dialing one of the numbers below:
      • France: +33 (0) 1 70 37 71 66 / USA: +1 786 697 3501 / International: +44 (0) 33 0551 0200

    Please note that the meeting will be held in English.

    Financial Calendar

    Thursday, October 30, 2025, before market opening: Publication of Q3 2025 Revenue

    Thursday, February 26, 2026, after market closing: Publication of 2025 Full-Year Results

    Glossary and Alternative Performance Measures

    Axway ARR: Annual Recurring Revenue – Expected annual billing amounts from all active maintenance and subscription agreements.

    SBS ARR: Annual Recurring Revenue – Monthly recurring revenue (MRR) for the last month of the reporting period multiplied by 12. Where contracts are affected by seasonality or contracted volume-based elements, the last 12 months of revenue are aggregated in determining ARR. Expected recurring revenue from contracts signed but not yet active are not included in ARR.

    NPS: Net Promoter Score – Customer satisfaction and recommendation indicator for a company.

    Organic growth: Growth in revenue between the period under review and the prior period, restated for consolidation scope and exchange rate impacts.

    Profit on operating activities: Profit from recurring operations adjusted for the non-cash share-based payment expense, as well as the amortization of allocated intangible assets.

    Proforma: Proforma measures assume the acquisition of SBS happened at the beginning of the respective reporting period.

    Restated revenue: Revenue for the prior year, adjusted for the consolidation scope and exchange rates of the current year.

    Unlevered free cash flow: Free cash flow before exceptional items and before net interest expense.

    About 74Software

    74Software is an enterprise software group founded through the combination of Axway and SBS – independently operated leaders with unique experience and capabilities to deliver mission-critical software for a data driven world. A pioneer in enterprise integration solutions for 25 years, Axway supports major brands and government agencies around the globe with its core line of MFT, B2B, API, and Financial Accounting Hub products. SBS empowers banks and financial institutions to reimagine tomorrow’s digital experiences with a composable cloud-based architecture that enables deposits, lending, compliance, payments, consumer, and asset finance services and operations to be deployed worldwide. 74Software serves more than 11,000 companies, including over 1,500 financial service customers. To learn more, visit 74Software.com

    Contacts – Investor Relations:

    Arthur Carli – +33 (0)1 47 17 24 65 – acarli@74software.com

    Chloé Chouard – +33 (0)1 47 17 21 78 – cchouard@74software.com

    Appendices (1/5)

    Income Statement – Group
                       
        Half-year 2025   Half-year 2024
    Proforma
    6M AXW + 6M SBS    		   Half-year 2024
    Reported
    Axway Standalone
        €m % of Rev.   €m % of Rev.   €m % of Rev.
    TOTAL REVENUE   344.0     323.9     148.7  
    Total costs of revenue   -115.9     -117.1     -44.0  
    GROSS PROFIT   228.1 66.3%   206.9 63.9%   104.7 70.5%
    Operating expenses   -186.8     -186.9     -87.6  
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   17.1 11.5%
    Share-based expenses   -6.7     -2.4     -2.9  
    Amortization of allocated intangibles   -6.2     -7.1     -1.7  
    PROFIT FROM RECURRING OPERATIONS   28.4 8.3%   10.5 3.2%   12.5 8.4%
    Other operating income and expenses   -8.9     -7.9     -4.1  
    OPERATING PROFIT   19.5 5.7%   2.6 0.8%   8.3 5.6%
    Cost of financial debt   -9.0     -8.9     -2.7  
    Other financial income and expenses   -2.2     -2.0     -0.9  
    Income tax expenses   -2.5     -7.2     -2.0  
    NET PROFIT   5.8 1.7%   -15.6 -4.8%   2.8 1.9%
    Earnings per share   0.20 €     -0.54 €     0.13 €  
    Simplified Balance Sheet                    
                         
    in €m   H1 2025
    IFRS
    Consolidated    		 FY 2024
    IFRS Consolidated    		 Change   in €m   H1 2025
    IFRS
    Consolidated    		 FY 2024
    IFRS Consolidated    		 Change
    Accounts receivables   246.7 293.5 – 46.8   Cash & cash equivalents   -57.8 -41.4 – 16.4
    Other current assets   123.3 101.9 + 21.4   Financial debt   249.6 291.8 – 42.2
    Accounts payables   -34.1 -28.7 – 5.4   Net debt   191.8 250.4 – 58.6
    Deferred revenue   -138.2 -88.6 – 49.6   Equity   512.8 532.4 – 19.6
    Other current liabilities   -137.2 -158.0 + 20.8   CAPITAL EMPLOYED   704.6 782.8 – 78.2
    Net working capital   60.5 120.1 – 59.7            
    Tangible fixed assets   20.9 25.0 – 4.1            
    Goodwill   523.1 497.4 + 25.7       H1 2025
    IFRS
    Consolidated    		 FY 2024
    IFRS Consolidated    		 Change
    Other intangibles   132.1 192.3 – 60.2      
    Fixed assets   676.1 714.7 – 38.6   Ratios  
    Other assets   100.2 78.1 + 22.1   DSO (days)   121 145 -24
    Other liabilities   -132.1 -130.1 – 2.0   Net debt / total capital   27.2% 32.0% – 4.8%
    Other assets – liabilities   -31.9 -52.0 + 20.1   Equity / total capital   72.8% 68.0% + 4.8%
    INVESTED ASSETS   704.5 782.8 – 78.4            
    Cash Flow Statement              
                   
      H1 2025   H1 2024   Change Axway
    H1 25 vs. H1 24
    in €m 74Software SBS Axway   Axway Standalone  
    Operating cashflow 89.6 35.8 53.9   15.0   + 38.8
    o/w change in NWC 55.0 29.4 25.6   2.6   + 23.1
    o/w other operating cashflow 34.6 6.4 28.2   12.5   + 15.7
    Investing cashflow -14.2 -9.8 -4.4   -2.7   – 1.6
    o/w PP&E & others -5.0 -0.6 -4.4   -2.7   – 1.7
    o/w capitalized R&D -9.2 -9.2 0.0   0.0   0.0
    Financing cashflow -58.1 -14.6 -43.4   -12.6   – 30.8
    o/w debt repayment -42.0 0.0 -42.0   0.0   – 42.0
    o/w other financing cashflow -16.1 -14.6 -1.4   -12.6   + 11.2
    NET CHANGE IN CASH 16.2 11.1 5.1   -0.2   + 5.3
                   
    Unlevered free cashflow 76.4 29.0 47.4   13.9   + 33.5
    as a % of revenue 22.2% 15.7% 29.5%   9.4%   + 20.1%

    Appendices (2/5)

    Profit on Operating Activities – Axway
                       
        H1 2025
    Axway    		   H1 2024
    Reported
    Axway    		   Change
        €m % of Rev.   €m % of Rev.   €m Basis Points
    Product revenue   143.3 89.1%   130.5 87.8%   + 12.8 + 134
    Services revenue   17.5 10.9%   18.2 12.2%   – 0.7 – 134
    Total revenue   160.8     148.7     + 12.1  
    Total costs of revenue   40.3     44.0     – 3.7  
    GROSS PROFIT   120.5 74.9%   104.7 70.4%   + 15.8 + 451
    o/w product gross profit   119.3 83.2%   104.6 80.2%   + 14.7 + 308
    o/w services gross profit   1.2 7.0%   0.1 0.6%   + 1.1 + 644
    Operating expenses   93.8 58.4%   87.6 58.9%   + 6.2 – 58
    o/w research & development   32.6 20.3%   31.2 21.0%   + 1.4 – 69
    o/w sales & marketing   43.0 26.8%   41.8 28.1%   + 1.2 – 137
    o/w general & administrative   18.2 11.3%   14.6 9.8%   + 3.6 + 148
    PROFIT ON OPERATING ACTIVITIES   26.7 16.6%   17.1 11.5%   + 9.6 + 508
    Profit on Operating Activities – SBS
                       
        H1 2025
    SBS    		   H1 2024
    Proforma
    SBS    		   Change
        €m % of Rev.   €m % of Rev.   €m Basis Points
    Product revenue   137.7 74.8%   118.2 67.5%   + 19.5 + 729
    Services revenue   46.5 25.2%   57.0 32.5%   – 10.5 – 729
    Total revenue   184.2     175.2     + 8.9  
    Total costs of revenue   76.6     73.1     + 3.5  
    GROSS PROFIT   107.6 58.4%   102.1 58.3%   + 5.5 + 14
    o/w product gross profit   98.6 71.6%   87.1 73.6%   + 11.5 – 202
    o/w services gross profit   9.0 19.3%   15.1 26.4%   – 6.1 – 710
    Operating expenses   93.0 50.5%   99.3 56.7%   – 6.3 – 619
    o/w research & development   60.6 32.9%   63.8 36.4%   – 3.3 – 354
    o/w sales & marketing   19.8 10.7%   20.5 11.7%   – 0.7 – 93
    o/w general & administrative   12.6 6.8%   15.0 8.6%   – 2.4 – 173
    PROFIT ON OPERATING ACTIVITIES   14.6 7.9%   2.8 1.6%   + 11.8 + 633
    Quarterly Revenue Breakdown by Portfolio Brand
                 
        Q1 2025   Q2 2025   H1 2025
    €m      
    Axway Scope   82.5   78.3   160.8
    SBS Scope   88.3   95.8   184.2
                 
    Consolidation   -0.4   -0.6   -1.0
                 
    74Software   170.4   173.5   344.0

    Appendices (3/5)

    Quarterly Revenue Breakdown by Type
                 
        Q1 2025   Q2 2025   H1 2025
    €m / %      
    Product revenue   139.1   141.0   280.0
    Recurring revenue   129.5   128.4   258.0
    o/w Maintenance & Support   47.0   44.5   91.5
    o/w Customer-managed Subscription   48.6   50.1   98.7
    o/w Own-managed Subscription   34.0   33.8   67.8
    License revenue   9.5   12.5   22.1
                 
    Services revenue   31.3   32.6   64.0
                 
    Total revenue   170.4   173.6   344.0
    Quarterly Revenue Breakdown by Type – Axway
                 
        Q1 2025   Q2 2025   H1 2025
    €m / %      
    Product revenue   73.4   69.8   143.3
    Recurring revenue   72.1   69.5   141.6
    o/w Maintenance & Support   14.4   12.8   27.2
    o/w Customer-managed Subscription   43.7   43.2   87.0
    o/w Own-managed Subscription   13.9   13.4   27.4
    License revenue   1.3   0.4   1.7
                 
    Services revenue   9.0   8.5   17.5
                 
    Total revenue – Axway   82.5   78.3   160.8
    Quarterly Revenue Breakdown by Type – SBS
                 
        Q1 2025   Q2 2025   H1 2025
    €m / %      
    Product revenue   66.0   71.7   137.7
    Recurring revenue   57.9   59.5   117.3
    o/w Maintenance & Support   32.5   31.7   64.2
    o/w Customer-managed Subscription   4.9   6.9   11.7
    o/w Own-managed Subscription   20.5   20.9   41.4
    License revenue   8.2   12.2   20.4
                 
    Services revenue   22.3   24.2   46.5
                 
    Total revenue SBS   88.3   95.8   184.2

    Appendices (4/5)

    Half-year Revenue Breakdown by Portfolio Brand & Type      
                     
        H1 2025
    Axway    		   H1 2025
    SBS    		   H1 2025
    Consolidation    		   H1 2025
    74Software
    €m / %        
    Product revenue   143.3   137.7   -1.0   280.0
    Recurring revenue   141.6   117.3   -1.0   258.0
    o/w Maintenance & Support   27.2   64.2   0.0   91.5
    o/w Customer-managed Subscription   87.0   11.7   0.0   98.7
    o/w Own-managed Subscription   27.4   41.4   -1.0   67.8
    License revenue   1.7   20.4   0.0   22.1
                     
    Services revenue   17.5   46.5   0.0   64.0
                     
    Total revenue   160.8   184.2   -1.0   344.0
    Half-year Revenue Breakdown by Portfolio Brand & Type      
                     
        H1 2024
    Axway    		   H1 2024 Proforma
    SBS    		   H1 2024 Proforma Consolidation   H1 2024 Proforma 74Software
    €m / %        
    Product revenue   130.5   118.2   0.0   248.7
    Recurring revenue   127.9   101.4   0.0   229.3
    o/w Maintenance & Support   34.6   61.6   0.0   96.2
    o/w Customer-managed Subscription   67.3   9.3   0.0   76.6
    o/w Own-managed Subscription   25.9   30.5   0.0   56.5
    License revenue   2.6   16.8   0.0   19.4
                     
    Services revenue   18.2   57.0   0.0   75.2
                     
    Total revenue   148.7   175.2   0.0   323.9
    Half-year Revenue Breakdown by Region
                 
      H1 2025 H1 2024
    Proforma    		 H1 2024
    Restated    		 Total
    Growth    		 Organic
    Growth
     
      €m % of Rev.
    Europe 208.1 60.5% 203.0 203.2 2.5% 2.4%
    o/w France 99.5 28.9% 99.7 99.7 -0.2% -0.2%
    o/w UK 46.7 13.6% 44.8 45.0 4.3% 3.7%
    Americas 73.3 21.3% 65.6 64.6 11.7% 13.5%
    Middle East & Africa 43.1 12.5% 39.3 39.3 9.7% 9.7%
    Asia & Pacific 19.4 5.7% 15.9 15.8 22.0% 22.7%
                 
    74Software 344.0   323.9 323.0 6.2% 6.5%

    Appendices (5/5)

    Headcount
           
      30/06/2025 31/12/2024 Change
    Europe 3.001 3.090 -89
    Americas 370 378 -8
    Asia – Pacific 869 882 -13
    Middle East – Africa 439 437 2
           
    TOTAL 4.679 4.787 -108
    Impact on Half-year Revenue of Changes in Scope and Exchange Rates
           
    €m / % H1 2025 H1 2024 Growth
    Revenue 344.0 148.7 + 131.4%
    Changes in exchange rates   -0.9  
    Revenue at constant exchange rates 344.0 147.7 + 132.8%
    Changes in scope   +175.2  
    Revenue at constant scope and exchange rates 344.0 323.0 + 6.5%
    Changes in Main Exchange Rates
           
    For 1€ Average Rate
    H1 2025    		 Average rate
    H1 2024    		 Change
    US Dollar 1.093 1.081 – 1.1%
    Great Britain Pound 0.842 0.855 + 1.5%

    1 The interim consolidated financial statements were subject to limited review procedures.

    Attachment

    The MIL Network –

  • MIL-OSI: 74Software: Sustained Momentum Reinforces Long-Term Objectives

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Paris, July 24, 2025

    74Software: Sustained Momentum Reinforces Long-Term Objectives

    • Group H1 2025 revenue of €344.0m, up 6.5% organically and 6.2% in total
    • Strong H1 across both brands – Axway up 8.9% to €160.8m and SBS up 5.0% to €184.2m
    • Marked improvement in margin on operating activities, up 585bps to 12.0% of revenue (€41.3m)
    • ARR increased year-on-year by 11.8% at Axway and 10.9% at SBS, further strengthening recurring revenues

    74Software’s Board of Directors, chaired by Pierre Pasquier, approved today the financial statements for the first half of 2025, which were subject to a limited review by the statutory auditors1. Consequently, 74Software announces:

    Half-Year Key Income Statement Items
                       
        Half-year 2025   Half-year 2024
    Proforma
    6M AXW + 6M SBS    		   Half-year 2024
    Reported
    Axway Standalone
        €m % of Rev.   €m % of Rev.   €m % of Rev.
    TOTAL REVENUE   344.0     323.9     148.7  
    GROSS PROFIT   228.1 66.3%   206.8 63.9%   104.7 70.5%
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   17.1 11.5%
    OPERATING PROFIT   19.5 5.7%   2.6 0.8%   8.3 5.6%
    NET PROFIT   5.8 1.7%   -15.6 -4.8%   2.8 1.9%
    EARNINGS PER SHARE   0.20 €     -0.54 €     0.13 €  

    Patrick Donovan, Chief Executive Officer, stated:

    “Our H1 results confirm our strong start to the year and demonstrate both the strength of our strategic direction and our ability to execute in-line with our stated plans. As noted in our Q1 press release, the solid early execution front-loads part of the year’s commercial activity— especially in the Axway business. We remain fully committed to our full-year guidance and, more broadly, to our 2027 and 2028 ambitions. Axway is now firmly established as a subscription-first business, while SBS is rapidly scaling its modular banking platforms and expanding its SaaS footprint. With recurring revenue accelerating and capital deployment tightly managed, 74Software is becoming a more structured, resilient, and forward-looking group — built to deliver long-term value creation.”

    Comments on H1 2025 activity

    74Software delivered a strong first-half performance, confirming its ability to execute on its strategic roadmap and capitalize on the operational integration initiated following the transaction closing in September 2024. Revenue growth was solid in both brands, while profitability improved as planned — reflecting the strength of the Group’s model and the improved execution driven by Axway’s infrastructure software expertise and SBS’s leadership in banking software.

    Following a particularly dynamic Q1, the second quarter allowed the Group to consolidate its gains, maintain commercial selectivity, and further shift toward a recurring, scalable revenue model. Axway has now largely transitioned, while SBS continues to advance its own transformation, expanding SaaS deployments and rebalancing its revenue mix in favor of product revenue. Key highlights for the period include:

    • Axway recorded a strong first half, with consistent growth across all product lines. Nearly 60 new customers were signed during the period (+20% year-on-year), with new-name deals accounting for around one-third of Q2 bookings. Large-scale projects gained momentum, including six contracts exceeding €1 million signed in Q2 alone. Demand for cloud-based delivery continued to rise, with Axway-managed deployments representing 40% of Q2 bookings and 35% over the first half. This shift was broad-based, with steady adoption across all geographies and industry verticals.
    • SBS also reported strong results, with product revenue now accounting for 75% of total revenue, up from 67% in H1 2024 — marking significant progress in the company’s shift toward a software-led model. Growth was supported by all product lines, including solid license activity in integrated platforms, components, and financing solutions, as well as continued expansion of modular offerings. The company has now contracted more than 230 SaaS regulatory reporting services, reinforcing adoption across its client base. During the period, SBS welcomed several new clients and completed the first SaaS deployment of its digital engagement platform in Europe. Two additional implementations are scheduled for the third quarter in Africa, where demand is driven by microfinance and Islamic banking. The company’s progress was also recognized through multiple industry awards highlighting its leadership in compliance, payments, and digital banking.

    The Group enters H2 with improving visibility, disciplined execution, and a clear focus on delivering its full-year objectives. Integration of support functions between Axway and SBS is now largely complete, and joint commercial initiatives are steadily expanding across selected regions.

    Comments on H1 2025 operational performance

    Half-year Revenue Breakdown by Portfolio Brand
               
      H1 2025 H1 2024
    Proforma    		 H1 2024
    Restated    		 Total
    Growth    		 Organic
    Growth
    €m / %
    Axway Scope 160.8 148.7 147.6 8.1% 8.9%
    SBS Scope 184.2 175.2 175.4 5.1% 5.0%
               
    Consolidation -1.0 0.0 0.0 – –
               
    74Software 344.0 323.9 323.0 6.2% 6.5%

    In the first half of 2025, the Group generated revenue of €344.0 million, reflecting total growth of 6.2% and organic growth of 6.5% year-on-year. This performance was supported by both brands, with Axway contributing €160.8 million in revenue and organic growth of 8.9%, and SBS contributing €184.2 million with 5.0% organic growth (compared to proforma H1 2024).

    Half-year Revenue Breakdown by Type
               
      H1 2025 H1 2024
    Proforma    		 H1 2024
    Restated    		 Total
    Growth    		 Organic
    Growth
    €m / %
    Product revenue 280.0 248.7 248.1 12.6% 12.9%
    Recurring revenue 258.0 229.3 228.7 12.5% 12.8%
    o/w Maintenance & Support 91.5 96.2 96.0 -4.9% -4.7%
    o/w Customer-managed Subscription 98.7 76.6 76.5 28.8% 29.0%
    o/w Own-managed Subscription 67.8 56.5 56.2 20.0% 20.6%
    License revenue 22.1 19.4 19.4 13.5% 13.7%
               
    Services revenue 64.0 75.2 74.9 -14.9% -14.6%
               
    Total revenue 344.0 323.9 323.0 6.2% 6.5%

    In the first half of 2025, Product revenue reached €280.0 million, up 12.9% organically, reflecting strong execution across both Axway and SBS. The Group continued to benefit from rising demand for subscription-based offers, with both customer-managed and own-managed subscriptions posting growth above 20%. Maintenance revenue declined as anticipated, while license activity increased but remained low at 6.4% of total revenue. Product revenues accounted for 81% of total revenue (up from 77% in H1 2024) and recurring revenues were at 75% of total revenue (up from 71% in H1 2024), confirming 74Software’s successful transition toward a product- and subscription-led model.

    Axway generated €143.3 million in product revenue, up 10.5% organically. Recurring activities made nearly the entire contribution, driven by a 29.5% increase in customer-managed subscriptions and 6.8% growth in own-managed deployments, reflecting continued momentum in hybrid environments. License revenue decreased by 34.9% as the company continues to phase out new license sales. Maintenance and support dropped by 20.6% due to the continued shift of the customer base towards subscription models. Services revenue was slightly lower, down 2.2%, and represented 11% of Axway’s total.

    SBS recorded €137.7 million in product revenue, up 16.3% organically, with strong performance across all product categories. Own-managed subscriptions rose by 35.2%, customer-managed subscriptions by 25.5%, and maintenance and support increased by 4.2%, supported by a growing installed base. License revenue climbed 21.2%, reflecting continued expansion of integrated and lending solutions. Recurring revenue now represents 64% of SBS’s business (up from 58% in H1 2024), with services accounting for 25% and licenses for 11%. This illustrates SBS’s continued shift from a service-led to a product-led business model.

    Group-wide, Services generated €64.0 million in the first half, or 18.6% of total revenue, down 14.6% compared to last year. This decrease mainly reflects SBS’s repositioning, while Axway’s service contribution remained stable. The difference in service trends between the two businesses stems from their respective models. Axway relies on lighter implementation cycles, whereas SBS delivers more comprehensive banking transformation programs.

    At the end of June 2025, ARR for Axway stood at €255.9 million, reflecting an organic growth of 11.8% year-on-year. SBS also continued to expand its ARR to €233.3 million, up 10.9% organically year-on-year. These solid performances confirm the effectiveness of both companies’ strategic repositioning and reinforce the Group’s revenue predictability and resilience.

    Comments on H1 2025 product line performance

    Axway, a recognized leader in application infrastructure and middleware, delivered solid momentum in the first half of 2025. All product lines contributed to growth, supported by strong commercial execution and increasing demand for cloud-based solutions:

    • Managed File Transfer remained a key contributor despite a normalization of activity following an exceptional 2024. The gradual erosion of legacy maintenance was more than offset by strong momentum in managed deployments, confirming the sustained value of Axway’s hybrid approach.
    • B2B Integration delivered robust gains across the board, benefiting from growing demand for managed solutions and early signs of successful cross-sell with SBS. The product line also saw improvements in both subscription and service revenue.
    • API Management accelerated sharply, supported by strong commercial execution and increased adoption of its integration and engagement modules. The Fusion extension also contributed positively, confirming the platform’s potential.
    • Specialized Products, including the Financial Accounting Hub, maintained steady momentum through targeted compliance and finance use cases. Recent wins via ecosystem partnerships reinforced Axway’s positioning with key accounts.

    SBS, a trusted provider of banking and financing software, posted solid growth in all product lines, confirming the strength of its modular and targeted approach as it continues its shift toward a product-led model:

    • Financing Products maintained a steady trajectory, reflecting stable demand in wholesale auto finance and UK mortgage service. Activity remained resilient despite longer decision cycles in certain regions.
      • Modular Products continued to gain traction, primarily driven by momentum in instant payments and the regulatory reporting platform. Cross-sell into the integrated base gained pace, confirming the appeal of modular architectures.
      • Integrated Products delivered consistent performance, with solid customer retention and ongoing functional improvements. In some markets, modular alternatives are beginning to complement legacy platforms, paving the way for more composable setups. SBS’ market-leading product in Africa continues to perform strongly, adding new customers as well as increasing share of wallet in its installed base.
    • Banking Components continued to gain momentum, particularly in payments, lending, and cards. The strength of customer relationships across key accounts in France continues to drive upsells.

    Comments on H1 2025 profit on operating activities

    Profit on Operating Activities – Group
                       
        H1 2025   H1 2024
    Proforma    		   Change
        €m % of Rev.   €m % of Rev.   €m Basis Points
    Product revenue   280.0 81.4%   248.7 76.8%   + 31.3 + 461
    Services revenue   64.0 18.6%   75.2 23.2%   – 11.2 – 461
    Total revenue   344.0     323.9     + 20.1  
    Total costs of revenue   115.9     117.1     – 1.2  
    GROSS PROFIT   228.1 66.3%   206.9 63.9%   + 21.2 + 243
    o/w product gross profit   217.9 77.8%   191.7 77.0%   + 26.2 + 75
    o/w services gross profit   10.2 15.9%   15.2 20.2%   – 5.0 – 422
    Operating expenses   186.8 54.3%   186.9 57.7%   – 0.1 – 341
    o/w research & development   93.2 27.1%   95.0 29.3%   – 1.8 – 224
    o/w sales & marketing   62.8 18.3%   62.3 19.2%   + 0.5 – 96
    o/w general & administrative   30.8 8.9%   29.6 9.1%   + 1.1 – 20
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   + 21.4 + 585
    Net Capitalisation of R&D   8.4 2.4%   9.1 2.8%   – 0.8 – 39
    in % of gross R&D   8.2%     8.8%     -0.5%  

    In H1 2025, profit on operating activities reached €41.3 million, representing a margin of 12.0% of revenue, compared with 6.1% in H1 2024. This sharp improvement reflects strong gross profit expansion, driven by a more favorable revenue mix and tight cost control across operating expenses with all lines showing year-on-year efficiencies. Gross margins increased—particularly at Axway—thanks to strong bookings in customer-managed subscriptions, which generated significant upfront revenue at high margins.

    Comments on H1 2025 net profit

    Net Profit – Group
                       
        Half-year 2025   Half-year 2024
    Proforma
    6M AXW + 6M SBS    		   Half-year 2024
    Reported
    Axway Standalone
        €m % of Rev.   €m % of Rev.   €m % of Rev.
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   17.1 11.5%
    Share-based expenses   -6.7     -2.4     -2.9  
    Amortization of allocated intangibles   -6.2     -7.1     -1.7  
    PROFIT FROM RECURRING OPERATIONS   28.4 8.3%   10.5 3.2%   12.5 8.4%
    Other operating income and expenses   -8.9     -7.9     -4.1  
    OPERATING PROFIT   19.5 5.7%   2.6 0.8%   8.3 5.6%
    Cost of financial debt   -9.0     -8.9     -2.7  
    Other financial income and expenses   -2.2     -2.0     -0.9  
    Income tax expenses   -2.5     -7.2     -2.0  
    NET PROFIT   5.8 1.7%   -15.6 -4.8%   2.8 1.9%
    Earnings per share   0.20 €     -0.54 €     0.13 €  

    Profit from recurring operations reached €28.4 million, after accounting for the amortization of allocated intangibles and share-based expenses. This marks a substantial improvement from the H1 2024 proforma figure of €10.5 million.

    Share-based expenses increased, reflecting the inclusion of SBS in the new long-term incentive program, the Group’s strong share price performance, and higher employer social security rates in France. The purchase price allocation (PPA) related to the SBS acquisition has now been finalized. Amortization of allocated intangibles has been restated for 2024 on a pro forma basis and is expected to total €12–13 million for full-year 2025.

    After including other operating income and expenses, such as restructuring charges and non-recurring items totaling €8.9 million, operating profit amounted to €19.5 million, compared with €2.6 million on a proforma basis in H1 2024.

    Net profit for the half-year came to €5.8 million (1.7%), a significant turnaround from the €15.6 million loss recorded on a proforma basis in the prior year.

    Basic earnings per share stood at €0.20, compared with a loss of €0.54 per share in the first half of 2024 (proforma).

    Financial position on June 30, 2025

    74Software made strong progress in its deleveraging effort during H1 2025. Free cash flow was particularly robust, supported by seasonal inflows from maintenance and subscription renewals, as well as the first-time implementation of a factoring program on selected receivables. Unlevered free cash flow reached €76.4 million, enabling €42 million in debt repayments and boosting cash balances. As a result, net debt stood at €191.8 million (before IFRS 16), with a leverage ratio of 1.83x and a gearing ratio of 0.37x—achieving the full-year leverage target of below 2.0x well ahead of schedule. This deleveraging is expected to reduce interest expenses going forward. Due to seasonal patterns in cash collection, the leverage ratio is expected to remain below 2.0x through year-end, though without material further improvement.

    Shareholders’ equity stood at €512.8 million (72.8% of total capital) at June 30, 2025.

    Change in the workforce

    At June 30, 2025, the Group employed 4,679 full-time equivalents, compared with 4,787 at year-end 2024. This 2.6% reduction reflects continued disciplined workforce management across both Axway and SBS, aligned with the Group’s operational efficiency focus.

    Targets & Ambitions

    Following a strong first half, 74Software confirms its full-year 2025 guidance, underpinned by solid execution and front-loaded bookings. The Group continues to target revenue growth between 2% and 4%, reaching approximately €700 million, with an operating margin between 14% and 16%. Due to the first-time introduction of the factoring program, unlevered free cash flow is now expected to be at least 10% of revenue, and the leverage ratio is projected to remain below 2.0x.

    Looking ahead, 74Software reiterates its ambition to surpass €750 million in revenue by 2027 with an operating margin above 17%, and to reach around 20% by 2028 — in line with its trajectory toward a scalable, profitable, and product-led growth model.

    [ NEW TIME ] Today, Thursday, July 24, 2025, 6.00 p.m. (CEST):

    2025 HALF-YEAR RESULTS – VIRTUAL ANALYST CONFERENCE

    •  Register here or join by phone by dialing one of the numbers below:
      • France: +33 (0) 1 70 37 71 66 / USA: +1 786 697 3501 / International: +44 (0) 33 0551 0200

    Please note that the meeting will be held in English.

    Financial Calendar

    Thursday, October 30, 2025, before market opening: Publication of Q3 2025 Revenue

    Thursday, February 26, 2026, after market closing: Publication of 2025 Full-Year Results

    Glossary and Alternative Performance Measures

    Axway ARR: Annual Recurring Revenue – Expected annual billing amounts from all active maintenance and subscription agreements.

    SBS ARR: Annual Recurring Revenue – Monthly recurring revenue (MRR) for the last month of the reporting period multiplied by 12. Where contracts are affected by seasonality or contracted volume-based elements, the last 12 months of revenue are aggregated in determining ARR. Expected recurring revenue from contracts signed but not yet active are not included in ARR.

    NPS: Net Promoter Score – Customer satisfaction and recommendation indicator for a company.

    Organic growth: Growth in revenue between the period under review and the prior period, restated for consolidation scope and exchange rate impacts.

    Profit on operating activities: Profit from recurring operations adjusted for the non-cash share-based payment expense, as well as the amortization of allocated intangible assets.

    Proforma: Proforma measures assume the acquisition of SBS happened at the beginning of the respective reporting period.

    Restated revenue: Revenue for the prior year, adjusted for the consolidation scope and exchange rates of the current year.

    Unlevered free cash flow: Free cash flow before exceptional items and before net interest expense.

    About 74Software

    74Software is an enterprise software group founded through the combination of Axway and SBS – independently operated leaders with unique experience and capabilities to deliver mission-critical software for a data driven world. A pioneer in enterprise integration solutions for 25 years, Axway supports major brands and government agencies around the globe with its core line of MFT, B2B, API, and Financial Accounting Hub products. SBS empowers banks and financial institutions to reimagine tomorrow’s digital experiences with a composable cloud-based architecture that enables deposits, lending, compliance, payments, consumer, and asset finance services and operations to be deployed worldwide. 74Software serves more than 11,000 companies, including over 1,500 financial service customers. To learn more, visit 74Software.com

    Contacts – Investor Relations:

    Arthur Carli – +33 (0)1 47 17 24 65 – acarli@74software.com

    Chloé Chouard – +33 (0)1 47 17 21 78 – cchouard@74software.com

    Appendices (1/5)

    Income Statement – Group
                       
        Half-year 2025   Half-year 2024
    Proforma
    6M AXW + 6M SBS    		   Half-year 2024
    Reported
    Axway Standalone
        €m % of Rev.   €m % of Rev.   €m % of Rev.
    TOTAL REVENUE   344.0     323.9     148.7  
    Total costs of revenue   -115.9     -117.1     -44.0  
    GROSS PROFIT   228.1 66.3%   206.9 63.9%   104.7 70.5%
    Operating expenses   -186.8     -186.9     -87.6  
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   17.1 11.5%
    Share-based expenses   -6.7     -2.4     -2.9  
    Amortization of allocated intangibles   -6.2     -7.1     -1.7  
    PROFIT FROM RECURRING OPERATIONS   28.4 8.3%   10.5 3.2%   12.5 8.4%
    Other operating income and expenses   -8.9     -7.9     -4.1  
    OPERATING PROFIT   19.5 5.7%   2.6 0.8%   8.3 5.6%
    Cost of financial debt   -9.0     -8.9     -2.7  
    Other financial income and expenses   -2.2     -2.0     -0.9  
    Income tax expenses   -2.5     -7.2     -2.0  
    NET PROFIT   5.8 1.7%   -15.6 -4.8%   2.8 1.9%
    Earnings per share   0.20 €     -0.54 €     0.13 €  
    Simplified Balance Sheet                    
                         
    in €m   H1 2025
    IFRS
    Consolidated    		 FY 2024
    IFRS Consolidated    		 Change   in €m   H1 2025
    IFRS
    Consolidated    		 FY 2024
    IFRS Consolidated    		 Change
    Accounts receivables   246.7 293.5 – 46.8   Cash & cash equivalents   -57.8 -41.4 – 16.4
    Other current assets   123.3 101.9 + 21.4   Financial debt   249.6 291.8 – 42.2
    Accounts payables   -34.1 -28.7 – 5.4   Net debt   191.8 250.4 – 58.6
    Deferred revenue   -138.2 -88.6 – 49.6   Equity   512.8 532.4 – 19.6
    Other current liabilities   -137.2 -158.0 + 20.8   CAPITAL EMPLOYED   704.6 782.8 – 78.2
    Net working capital   60.5 120.1 – 59.7            
    Tangible fixed assets   20.9 25.0 – 4.1            
    Goodwill   523.1 497.4 + 25.7       H1 2025
    IFRS
    Consolidated    		 FY 2024
    IFRS Consolidated    		 Change
    Other intangibles   132.1 192.3 – 60.2      
    Fixed assets   676.1 714.7 – 38.6   Ratios  
    Other assets   100.2 78.1 + 22.1   DSO (days)   121 145 -24
    Other liabilities   -132.1 -130.1 – 2.0   Net debt / total capital   27.2% 32.0% – 4.8%
    Other assets – liabilities   -31.9 -52.0 + 20.1   Equity / total capital   72.8% 68.0% + 4.8%
    INVESTED ASSETS   704.5 782.8 – 78.4            
    Cash Flow Statement              
                   
      H1 2025   H1 2024   Change Axway
    H1 25 vs. H1 24
    in €m 74Software SBS Axway   Axway Standalone  
    Operating cashflow 89.6 35.8 53.9   15.0   + 38.8
    o/w change in NWC 55.0 29.4 25.6   2.6   + 23.1
    o/w other operating cashflow 34.6 6.4 28.2   12.5   + 15.7
    Investing cashflow -14.2 -9.8 -4.4   -2.7   – 1.6
    o/w PP&E & others -5.0 -0.6 -4.4   -2.7   – 1.7
    o/w capitalized R&D -9.2 -9.2 0.0   0.0   0.0
    Financing cashflow -58.1 -14.6 -43.4   -12.6   – 30.8
    o/w debt repayment -42.0 0.0 -42.0   0.0   – 42.0
    o/w other financing cashflow -16.1 -14.6 -1.4   -12.6   + 11.2
    NET CHANGE IN CASH 16.2 11.1 5.1   -0.2   + 5.3
                   
    Unlevered free cashflow 76.4 29.0 47.4   13.9   + 33.5
    as a % of revenue 22.2% 15.7% 29.5%   9.4%   + 20.1%

    Appendices (2/5)

    Profit on Operating Activities – Axway
                       
        H1 2025
    Axway    		   H1 2024
    Reported
    Axway    		   Change
        €m % of Rev.   €m % of Rev.   €m Basis Points
    Product revenue   143.3 89.1%   130.5 87.8%   + 12.8 + 134
    Services revenue   17.5 10.9%   18.2 12.2%   – 0.7 – 134
    Total revenue   160.8     148.7     + 12.1  
    Total costs of revenue   40.3     44.0     – 3.7  
    GROSS PROFIT   120.5 74.9%   104.7 70.4%   + 15.8 + 451
    o/w product gross profit   119.3 83.2%   104.6 80.2%   + 14.7 + 308
    o/w services gross profit   1.2 7.0%   0.1 0.6%   + 1.1 + 644
    Operating expenses   93.8 58.4%   87.6 58.9%   + 6.2 – 58
    o/w research & development   32.6 20.3%   31.2 21.0%   + 1.4 – 69
    o/w sales & marketing   43.0 26.8%   41.8 28.1%   + 1.2 – 137
    o/w general & administrative   18.2 11.3%   14.6 9.8%   + 3.6 + 148
    PROFIT ON OPERATING ACTIVITIES   26.7 16.6%   17.1 11.5%   + 9.6 + 508
    Profit on Operating Activities – SBS
                       
        H1 2025
    SBS    		   H1 2024
    Proforma
    SBS    		   Change
        €m % of Rev.   €m % of Rev.   €m Basis Points
    Product revenue   137.7 74.8%   118.2 67.5%   + 19.5 + 729
    Services revenue   46.5 25.2%   57.0 32.5%   – 10.5 – 729
    Total revenue   184.2     175.2     + 8.9  
    Total costs of revenue   76.6     73.1     + 3.5  
    GROSS PROFIT   107.6 58.4%   102.1 58.3%   + 5.5 + 14
    o/w product gross profit   98.6 71.6%   87.1 73.6%   + 11.5 – 202
    o/w services gross profit   9.0 19.3%   15.1 26.4%   – 6.1 – 710
    Operating expenses   93.0 50.5%   99.3 56.7%   – 6.3 – 619
    o/w research & development   60.6 32.9%   63.8 36.4%   – 3.3 – 354
    o/w sales & marketing   19.8 10.7%   20.5 11.7%   – 0.7 – 93
    o/w general & administrative   12.6 6.8%   15.0 8.6%   – 2.4 – 173
    PROFIT ON OPERATING ACTIVITIES   14.6 7.9%   2.8 1.6%   + 11.8 + 633
    Quarterly Revenue Breakdown by Portfolio Brand
                 
        Q1 2025   Q2 2025   H1 2025
    €m      
    Axway Scope   82.5   78.3   160.8
    SBS Scope   88.3   95.8   184.2
                 
    Consolidation   -0.4   -0.6   -1.0
                 
    74Software   170.4   173.5   344.0

    Appendices (3/5)

    Quarterly Revenue Breakdown by Type
                 
        Q1 2025   Q2 2025   H1 2025
    €m / %      
    Product revenue   139.1   141.0   280.0
    Recurring revenue   129.5   128.4   258.0
    o/w Maintenance & Support   47.0   44.5   91.5
    o/w Customer-managed Subscription   48.6   50.1   98.7
    o/w Own-managed Subscription   34.0   33.8   67.8
    License revenue   9.5   12.5   22.1
                 
    Services revenue   31.3   32.6   64.0
                 
    Total revenue   170.4   173.6   344.0
    Quarterly Revenue Breakdown by Type – Axway
                 
        Q1 2025   Q2 2025   H1 2025
    €m / %      
    Product revenue   73.4   69.8   143.3
    Recurring revenue   72.1   69.5   141.6
    o/w Maintenance & Support   14.4   12.8   27.2
    o/w Customer-managed Subscription   43.7   43.2   87.0
    o/w Own-managed Subscription   13.9   13.4   27.4
    License revenue   1.3   0.4   1.7
                 
    Services revenue   9.0   8.5   17.5
                 
    Total revenue – Axway   82.5   78.3   160.8
    Quarterly Revenue Breakdown by Type – SBS
                 
        Q1 2025   Q2 2025   H1 2025
    €m / %      
    Product revenue   66.0   71.7   137.7
    Recurring revenue   57.9   59.5   117.3
    o/w Maintenance & Support   32.5   31.7   64.2
    o/w Customer-managed Subscription   4.9   6.9   11.7
    o/w Own-managed Subscription   20.5   20.9   41.4
    License revenue   8.2   12.2   20.4
                 
    Services revenue   22.3   24.2   46.5
                 
    Total revenue SBS   88.3   95.8   184.2

    Appendices (4/5)

    Half-year Revenue Breakdown by Portfolio Brand & Type      
                     
        H1 2025
    Axway    		   H1 2025
    SBS    		   H1 2025
    Consolidation    		   H1 2025
    74Software
    €m / %        
    Product revenue   143.3   137.7   -1.0   280.0
    Recurring revenue   141.6   117.3   -1.0   258.0
    o/w Maintenance & Support   27.2   64.2   0.0   91.5
    o/w Customer-managed Subscription   87.0   11.7   0.0   98.7
    o/w Own-managed Subscription   27.4   41.4   -1.0   67.8
    License revenue   1.7   20.4   0.0   22.1
                     
    Services revenue   17.5   46.5   0.0   64.0
                     
    Total revenue   160.8   184.2   -1.0   344.0
    Half-year Revenue Breakdown by Portfolio Brand & Type      
                     
        H1 2024
    Axway    		   H1 2024 Proforma
    SBS    		   H1 2024 Proforma Consolidation   H1 2024 Proforma 74Software
    €m / %        
    Product revenue   130.5   118.2   0.0   248.7
    Recurring revenue   127.9   101.4   0.0   229.3
    o/w Maintenance & Support   34.6   61.6   0.0   96.2
    o/w Customer-managed Subscription   67.3   9.3   0.0   76.6
    o/w Own-managed Subscription   25.9   30.5   0.0   56.5
    License revenue   2.6   16.8   0.0   19.4
                     
    Services revenue   18.2   57.0   0.0   75.2
                     
    Total revenue   148.7   175.2   0.0   323.9
    Half-year Revenue Breakdown by Region
                 
      H1 2025 H1 2024
    Proforma    		 H1 2024
    Restated    		 Total
    Growth    		 Organic
    Growth
     
      €m % of Rev.
    Europe 208.1 60.5% 203.0 203.2 2.5% 2.4%
    o/w France 99.5 28.9% 99.7 99.7 -0.2% -0.2%
    o/w UK 46.7 13.6% 44.8 45.0 4.3% 3.7%
    Americas 73.3 21.3% 65.6 64.6 11.7% 13.5%
    Middle East & Africa 43.1 12.5% 39.3 39.3 9.7% 9.7%
    Asia & Pacific 19.4 5.7% 15.9 15.8 22.0% 22.7%
                 
    74Software 344.0   323.9 323.0 6.2% 6.5%

    Appendices (5/5)

    Headcount
           
      30/06/2025 31/12/2024 Change
    Europe 3.001 3.090 -89
    Americas 370 378 -8
    Asia – Pacific 869 882 -13
    Middle East – Africa 439 437 2
           
    TOTAL 4.679 4.787 -108
    Impact on Half-year Revenue of Changes in Scope and Exchange Rates
           
    €m / % H1 2025 H1 2024 Growth
    Revenue 344.0 148.7 + 131.4%
    Changes in exchange rates   -0.9  
    Revenue at constant exchange rates 344.0 147.7 + 132.8%
    Changes in scope   +175.2  
    Revenue at constant scope and exchange rates 344.0 323.0 + 6.5%
    Changes in Main Exchange Rates
           
    For 1€ Average Rate
    H1 2025    		 Average rate
    H1 2024    		 Change
    US Dollar 1.093 1.081 – 1.1%
    Great Britain Pound 0.842 0.855 + 1.5%

    1 The interim consolidated financial statements were subject to limited review procedures.

    Attachment

    The MIL Network –

  • MIL-OSI USA: ICYMI: Gov. Hochul’s Op-Ed in the USA Today Network

    Source: US State of New York

    oday, the USA Today Network published an op-ed by Governor Kathy Hochul outlining her commitment to securing New York’s clean energy future, including her bold new directive to the New York Power Authority to take the next step towards building an advanced nuclear power plant in Upstate New York. From leading the nation in community solar to delivering major offshore wind projects, Governor Hochul lays out her vision for an energy strategy to power the next generation of jobs, technology, and economic growth and explains why advanced nuclear must be part of that future. Text of the op-ed can be viewed online and is available below:

    Affordability starts with energy.

    Whether it’s powering a home, a business, or a factory floor, reliable and reasonably priced electricity makes New York’s high quality of life possible. That’s why I’ve made it a cornerstone of our strategy to grow jobs, attract investment, and give families a reason to stay and build their lives here.

    It’s why I’ve worked to attract transformational economic development projects, like Micron’s $100 billion semiconductor campus outside of Syracuse and our nation-leading effort to create the country’s largest super computer dedicated to responsible AI in Buffalo. These investments bring jobs, opportunity, and long-overdue momentum to upstate communities.

    I grew up in Western New York. I remember when the region thrived — when energy from the Niagara River powered steel plants, car factories, and a middle class strong enough to support entire towns. In 1961, President John F. Kennedy stood at the opening of the Niagara hydropower plant and called it “an example to the world of North American efficiency and determination.”

    But when the economic tides shifted and innovation stalled, upstate cities were left behind. What followed was decades of disinvestment and job loss.

    Now, New York has a chance to reverse that trend — but we need to ensure we have the sufficient power to do it. I believe our state can lead the next energy revolution and, in doing so, bring a new era of prosperity to the regions that once powered America.

    NYPA must embrace advance nuclear power upstate

    That’s why I recently directed the New York Power Authority to take the next step in building an advanced nuclear power plant upstate. It’s a bold move, but one grounded in reality. If we want to power the economy of the future, we need a clean, reliable, around-the-clock source of electricity. Advanced nuclear power can deliver that.

    New York is already a national leader in renewable energy. We’ve topped the charts two years running as the number one community solar market in the country and beat our 2025 distributed solar goal a year ahead of schedule. We built South Fork Wind, the nation’s first utility-scale offshore wind farm, and put two more major projects — Sunrise Wind and Empire Wind — back on track after I raised their importance directly with the White House.

    These aren’t just policy wins. They represent real jobs, clean power, and progress.

    But solar only works when the sun shines, and wind turbines only spin when the weather is right. The industries of tomorrow need a fully dependable electric grid. They need certainty, which means renewables and clean baseload.

    The next chapter of New York’s economy depends on our ability to power it. Without enough clean and affordable energy, we won’t be able to support the jobs, homes and innovations we’re fighting to bring here.

    Imagine this: Microchips manufactured outside Syracuse are shipped to the University at Buffalo, where they power AI research. Those breakthroughs spark new startups in Rochester, create supply chain opportunities in Binghamton, and support robotics labs in Schenectady. That’s the future we want for upstate New York — one where our communities are connected, our workforce is empowered and our economy is firing on all cylinders.

    But that vision doesn’t run on hope. It runs on electricity, and a lot of it.

    That’s why I’ve committed to an all-of-the-above energy strategy. In just the last five years, we’ve built more than two gigawatts of renewable energy, making New York’s electric grid the second cleanest per capita in the country. But we can’t stop there.

    Advanced nuclear power can fuel New York’s future

    Advanced nuclear power offers baseload electricity without burning fossil fuels. One gigawatt can power one million homes. It’s reliable, carbon-free, and scalable. And it’s not untested — New York already has three nuclear plants that have operated safely and efficiently for decades. These next-generation reactors will be even more advanced and secure.

    I understand concerns about cost. Some projects, like the plant in Georgia, came in late and over budget. We are learning from those experiences, applying best practices and ensuring tight oversight. We can show the country that New York still knows how to build with ambition, discipline and results.

    We’re not just imagining the future. We’re constructing it. When we pair New York’s world-class workforce with forward-looking energy investments, we unlock a new era of innovation and inclusive economic growth.

    Energy helped write the story of the Rust Belt’s rise and fall. Now, it can power the comeback. Let’s seize that opportunity — and build the future that every New Yorker deserves.

    Kathy Hochul is Governor of New York.

    MIL OSI USA News –

  • MIL-OSI USA: Chairman Capito Participates in EPW T&I Subcommittee Hearing on Surface Transportation Improvements

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito

    [embedded content]

    To watch Chairman Capito’s questions, click here or the image above.

    WASHINGTON, D.C. – Yesterday, U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works (EPW) Committee, participated in an EPW Transportation and Infrastructure Subcommittee hearing on proposals to improve America’s transportation infrastructure.

    During the subcommittee hearing, Chairman Capito opened with remarks outlining the need for the Surface Transportation Reauthorization Bill to provide states with needed flexibility, and how projects could be done more efficiently with permitting reform. Additionally, Chairman Capito asked for an update on efforts to rebuild the Francis Scott Key Bridge in Maryland.

    HIGHLIGHTS:

    FLEXIBILITY FOR STATES:

    “My history here on Capitol Hill has been that transportation and infrastructure is something that we all have. We have our different needs, but we all have need for. So, I think flexibility, Senator Lummis, I think, asked the first question I was going to ask of Mr. Orn on the flexibilities that you get by having the formula funding. We’re not going to build highways in West Virginia the same way that you build them in North Dakota, or Maryland, or other places. There’s just different needs.”

    PERMITTING REFORM:

    “I think one of the things that is important as well, is permitting reform. I think if we can get bipartisan permitting reform, all of these dollars will go a lot faster, and a lot more efficiently than they have in the past.”

    UPDATE ON FRANCIS SCOTT KEY BRIDGE:

    Chairman Capito:

    “Could you update me on the status of the reconstruction of the bridge and tell us the current cost estimate for that bridge?”

    Samantha Biddle, Deputy Secretary, Maryland Department of Transportation:

    “Of course, and thank you as well for your support and partnership as we navigated what was truly a catastrophic event that we are still working through. So, we’re so immensely grateful for the federal support. This is a critical national freight and supply chain asset, and we pledge to remain transparent with this committee and providing updates, as well as in our efforts to seek reimbursement to the responsible party for that bridge collision. To date, the Francis Scott Key Bridge rebuild has been environmentally cleared, and we have a progressive design-build contractor in place, and pre-construction and demolition activities are currently underway. We appreciate the strong continued partnership with the Federal Highway Administration, as well as our progressive design-build contractor, Kiewit, and we do remain on track to deliver a new bridge as quickly and cost effectively as possible. However, due to the progressive design-build process that we’re working through, we are currently still tracking the initial cost estimate from earlier on in the bridge rebuild process.”

    Click HERE to watch Chairman Capito’s questions.

    MIL OSI USA News –

  • MIL-OSI USA: Chairman Capito Participates in EPW T&I Subcommittee Hearing on Surface Transportation Improvements

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito

    [embedded content]

    To watch Chairman Capito’s questions, click here or the image above.

    WASHINGTON, D.C. – Yesterday, U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works (EPW) Committee, participated in an EPW Transportation and Infrastructure Subcommittee hearing on proposals to improve America’s transportation infrastructure.

    During the subcommittee hearing, Chairman Capito opened with remarks outlining the need for the Surface Transportation Reauthorization Bill to provide states with needed flexibility, and how projects could be done more efficiently with permitting reform. Additionally, Chairman Capito asked for an update on efforts to rebuild the Francis Scott Key Bridge in Maryland.

    HIGHLIGHTS:

    FLEXIBILITY FOR STATES:

    “My history here on Capitol Hill has been that transportation and infrastructure is something that we all have. We have our different needs, but we all have need for. So, I think flexibility, Senator Lummis, I think, asked the first question I was going to ask of Mr. Orn on the flexibilities that you get by having the formula funding. We’re not going to build highways in West Virginia the same way that you build them in North Dakota, or Maryland, or other places. There’s just different needs.”

    PERMITTING REFORM:

    “I think one of the things that is important as well, is permitting reform. I think if we can get bipartisan permitting reform, all of these dollars will go a lot faster, and a lot more efficiently than they have in the past.”

    UPDATE ON FRANCIS SCOTT KEY BRIDGE:

    Chairman Capito:

    “Could you update me on the status of the reconstruction of the bridge and tell us the current cost estimate for that bridge?”

    Samantha Biddle, Deputy Secretary, Maryland Department of Transportation:

    “Of course, and thank you as well for your support and partnership as we navigated what was truly a catastrophic event that we are still working through. So, we’re so immensely grateful for the federal support. This is a critical national freight and supply chain asset, and we pledge to remain transparent with this committee and providing updates, as well as in our efforts to seek reimbursement to the responsible party for that bridge collision. To date, the Francis Scott Key Bridge rebuild has been environmentally cleared, and we have a progressive design-build contractor in place, and pre-construction and demolition activities are currently underway. We appreciate the strong continued partnership with the Federal Highway Administration, as well as our progressive design-build contractor, Kiewit, and we do remain on track to deliver a new bridge as quickly and cost effectively as possible. However, due to the progressive design-build process that we’re working through, we are currently still tracking the initial cost estimate from earlier on in the bridge rebuild process.”

    Click HERE to watch Chairman Capito’s questions.

    MIL OSI USA News –

  • MIL-OSI USA: Chairman Capito Participates in EPW T&I Subcommittee Hearing on Surface Transportation Improvements

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    [embedded content]
    To watch Chairman Capito’s questions, click here or the image above.
    WASHINGTON, D.C. – Yesterday, U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works (EPW) Committee, participated in an EPW Transportation and Infrastructure Subcommittee hearing on proposals to improve America’s transportation infrastructure.
    During the subcommittee hearing, Chairman Capito opened with remarks outlining the need for the Surface Transportation Reauthorization Bill to provide states with needed flexibility, and how projects could be done more efficiently with permitting reform. Additionally, Chairman Capito asked for an update on efforts to rebuild the Francis Scott Key Bridge in Maryland.
    HIGHLIGHTS:
    FLEXIBILITY FOR STATES:
    “My history here on Capitol Hill has been that transportation and infrastructure is something that we all have. We have our different needs, but we all have need for. So, I think flexibility, Senator Lummis, I think, asked the first question I was going to ask of Mr. Orn on the flexibilities that you get by having the formula funding. We’re not going to build highways in West Virginia the same way that you build them in North Dakota, or Maryland, or other places. There’s just different needs.”
    PERMITTING REFORM:
    “I think one of the things that is important as well, is permitting reform. I think if we can get bipartisan permitting reform, all of these dollars will go a lot faster, and a lot more efficiently than they have in the past.”
    UPDATE ON FRANCIS SCOTT KEY BRIDGE:
    Chairman Capito:
    “Could you update me on the status of the reconstruction of the bridge and tell us the current cost estimate for that bridge?”
    Samantha Biddle, Deputy Secretary, Maryland Department of Transportation:
    “Of course, and thank you as well for your support and partnership as we navigated what was truly a catastrophic event that we are still working through. So, we’re so immensely grateful for the federal support. This is a critical national freight and supply chain asset, and we pledge to remain transparent with this committee and providing updates, as well as in our efforts to seek reimbursement to the responsible party for that bridge collision. To date, the Francis Scott Key Bridge rebuild has been environmentally cleared, and we have a progressive design-build contractor in place, and pre-construction and demolition activities are currently underway. We appreciate the strong continued partnership with the Federal Highway Administration, as well as our progressive design-build contractor, Kiewit, and we do remain on track to deliver a new bridge as quickly and cost effectively as possible. However, due to the progressive design-build process that we’re working through, we are currently still tracking the initial cost estimate from earlier on in the bridge rebuild process.”
    Click HERE to watch Chairman Capito’s questions.

    MIL OSI USA News –