Category: Military Intelligence

MIL-OSI Security: FBI New Orleans Recognizes 45th Anniversary of the Joint Terrorism Task Force
Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)
The Federal Bureau of Investigation is marking the 45th anniversary of the creation of its first Joint Terrorism Task Force. Formed in New York in 1980, the first JTTF became a model for law enforcement cooperation across the nation. The FBI New Orleans JTTF is the group responsible for the ongoing investigation into the New Year’s Day terrorist attack on Bourbon Street.

The FBI New Orleans Field Office organized its JTTF 25 years ago in April of 2000, with Louisiana State Police representing the only full-time local law enforcement partner working with the FBI, Department of Defense, and what is now the Department of Homeland Security. The JTTF allowed for a concentration of dedicated FBI manpower and resources. This new JTTF supplemented work already being done by regional task forces and working groups.

Today, the following agencies provide full-time support to the JTTF mission across the state:
- Louisiana State Police
- New Orleans Police Department
- Jefferson Parish Sheriff’s Office
- St. Bernard Parish Sheriff’s Office
- St. Charles Parish Sheriff’s Office
- Plaquemines Parish Sheriff’s Office
- East Baton Rouge Parish Sheriff’s Office
- United States Army
- United States Coast Guard
- Department of Homeland Security
- United States Secret Service
JTTFs can be found at each of the FBI’s 55 field offices and many of their smaller offices—around 280 locations in all.

JTTFs gather trained investigators, intelligence analysts, linguists, and tactical experts from federal, state, local, territorial, and Tribal law enforcement and intelligence agencies. Task force members share intelligence and investigative leads and respond to threats and incidents.

“We rely on our law enforcement partners to help keep our communities safe,” said Jonathan Tapp, special agent in charge of FBI New Orleans. “All of our partners bring their special skills and expertise to these teams, making us all that much stronger.”

The FBI’s JTTF model dates to 1979, when the New York Police Department and the FBI’s New York Field Office created a joint task force to tackle violent bank robberies. They imitated the model in 1980, when terrorist bombings, bomb threats, and other violence plagued the city, and announced the formation of the first JTTF in April 1980.

After the 9/11 attacks, FBI leadership directed all FBI field offices to establish a JTTF. In addition, the FBI established its National Joint Terrorism Task Force to support the local task forces in June of 2002. The NJTTF, at FBI Headquarters, enhances communication, coordination, and cooperation from partner agencies.

JTTFs have disrupted dozens of plots in the past four decades. The FBI New Orleans JTTF is dedicated to identifying and targeting for prosecution terrorist organizations planning or carrying out terrorist acts occurring in or affecting the State of Louisiana and apprehend individuals committing such violations.

Resources

A recorded video interview with David Scott, assistant director of the Counterterrorism Division, is available for media outlet use on the FBI’s new DVIDs page. This is the main “hub” for FBI-produced multimedia projects that can be directly downloaded and used by the media. This video is not intended to be amplified in its raw form but rather edited into on-air products.

MIL Security OSI –
April 25, 2025
MIL-OSI Global: What is the Resistance Front? An expert explains the terror group that carried out the latest Kashmir attack?

Source: The Conversation – UK – By M. Sudhir Selvaraj, Assistant Professor, Peace Studies and International Development, University of Bradford

India is in mourning after 26 tourists were killed on April 22 in a resort in picturesque Pahalgam. The massacre is considered to be the deadliest attack on tourists in Indian-administered Kashmir since 2000.

The attack happened during peak tourist season as thousands flocked to the popular tourist destination. Most of those killed were Indians, with the exception of one Nepalese national. All the victims were men.

Pakistan has denied any involvement, but there are serious fears of escalation between the two nuclear powers. India’s defence minister, Rajnath Singh, openly accused Pakistan and threatened: “We will not only target those who carried out the attack. We will also target those who planned this act in the shadows, on our soil.”

India has shut a key border between the countries, expelled Pakistan’s diplomats and suspended the landmark Indus waters treaty which allows the sharing of water between the two countries.

The timing of these attacks is noteworthy as it coincides with major international and domestic events. The US vice-president, J.D. Vance, had arrived the day before with his Indian-American wife Usha and their three children, seeking closer India-US relations against the backdrop of a burgeoning trade war between the US and China. Notably, Pakistan considers China historically as an all-weather friend and ally.

The attack also comes a few weeks after the Indian government passed the Waqf (Amendment) Act which seeks to change how properties worth billions donated by Muslims, including mosques, madrassas, graveyards and orphanages, are governed. This act is also accused of diluting the rights of India’s Muslim communities by permitting the appointment of non-Muslims to their boards and tribunals.

Resistance Front

The Resistance Front (TRF) has claimed responsibility for the attack. A hitherto lesser-known armed group in the Kashmir region, TRF emerged in 2019 with the aim to fight for Kashmir’s secession from India. In 2023, it was designated as a terrorist organisation by the Indian government under the Unlawful Activities (Prevention) Act (UAPA), and the group’s founder, Sheikh Sajjad Gul was declared a terrorist.

TRF was formed largely in response to the Indian government’s move to strip Kashmir (India’s erstwhile only Muslim-majority state) of its semi-autonomous status in 2019. At this point, the Modi split Kasmhir into two union territories – Jammu & Kashmir – and brought it under more direct federal control.

The move also paved the way for the extension of land-owning rights and access to government-sponsored job quotas to non-locals. These changes could deprive locals of much-needed opportunities, and radically alter the demographics of the region.

In a message on messaging app Telegram, the group said: “Consequently, violence will be directed toward those attempting to settle illegally.” This tends to support the idea that the influx of “outsiders” was the justification for the attack.

In its short life, TRF has been responsible for numerous attacks targeting civilians, security forces and politicians in the region. The group took shape using social media and continues to rely on it to organise and recruit members.

Notably, the name TRF breaks from traditional rebel groups operating in the region, most of whom bear Islamic names. By doing so, it supposedly aims to project a “neutral” (read as non-religious) front, rather emphasising the fight for Kashmiri nationalism.

Was Pakistan involved?

The group is also reported to be linked to the Pakistani spy agency, Inter-Services Intelligence (ISI). Pakistan has denied these links. But analysts fear that any retaliation could escalate and threaten the tenuous peace along the border between the two countries.

Importantly, the TRF is believed to be an offshoot of, – or perhaps simply a front for – the Lashkar-e-Taiba (LeT), a Pakistan-based armed group. The LeT was involved in many terrorist attacks on Indian soil, most significantly, the 2008 Mumbai terrorist attacks in which an estimated 176 people were killed. The perpetrators of the atrocity are believed by many – including the US government – to have involved help from the ISI.

While not explicitly stated as a link to the Pahalgam attack, it is noteworthy that the suspected mastermind of the Mumbai attacks, Tahawwur Rana, a Pakistan-born Canadian citizen was extradited to India from the US on April 10. The US Embassy in New Delhi has confirmed that Rana will stand trial in India on ten criminal charges.

In contrast to the supposed “neutral” ostensibly non-Islamist nature of the TRF, the LeT (which translates as Army of the Righteous/Pure), is a Sunni terrorist group. Its aim is to to establish an Islamic state in south Asia and parts of central Asia – with Kashmir being integral to its plans.

To achieve this, since its formation in the early 1990s, the group’s focus has been on attacking military and civilian targets in Kashmir, supporting Pakistan’s claim to the region.

In the late 1990s, the then US president, Bill Clinton, described south Asia as the most dangerous place on Earth. Given the chance of a rapidly escalating India-Pakistan standoff, this could well be the case once again.

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

– ref. What is the Resistance Front? An expert explains the terror group that carried out the latest Kashmir attack? – https://theconversation.com/what-is-the-resistance-front-an-expert-explains-the-terror-group-that-carried-out-the-latest-kashmir-attack-250663

MIL OSI – Global Reports –

April 25, 2025

MIL-OSI: WENDEL: Q1 2025 Trading update

Source: GlobeNewswire (MIL-OSI)

Q1 2025 NAV per share at €176.7

Continued strategic deployment :

€34bn of private Assets under Management for third parties

Solid financial structure:
Strong liquidity and LTV ratio at 17.2%

Fully diluted Net Asset Value¹as of March 31, 2025: €176.7 per share

Fully diluted NAV per share down -4.8% since the start of the year reflecting market volatility and evolution of valuation multiples:
- Listed assets (29% of Gross Asset Value): flat total value year-to-date
- Unlisted assets (33% of GAV): total value down 7.3%, mainly due to lower market multiples
- Following the acquisition of Monroe Capital, Asset Management now represents 17% of GAV

Good performance of Group companies in Q1 20205

Principal investments: all Group companies generated positive total sales growth in Q1, except Scalian

Asset management: good momentum in fundraising and revenue growth

IK Partners’ revenues up +33% in Q1. Successful closing of the IK X flagship fund at €3.3 billion, the largest fund raised in its history and continued momentum in fundraising of IK Small & Dev Cap
Altogether IK Partners and Monroe have successfully raised more than €3 billion of new funds on various strategies over Q1 2025

Successful implementation of new strategic directions

Principal Investments: successful Forward Sale of 6.7% of Bureau Veritas’ share capital, at a price of €27.25 per share on March 12, 2025
- Wendel entered into a call spread transaction to benefit from up to c.15% of the stock price appreciation over the next three years on the equivalent number of shares underlying the Forward Sale Transaction
- Total net proceeds for Wendel of €750 million
- Wendel has retained 26.5% of the share capital and 41.2% of the voting rights of Bureau Veritas
Asset Management: With Monroe Capital acquisition, Wendel’s third party asset management platform reached €34 billion in AUM²
- On March 31, 2025, Wendel has invested $1.13³ billion to acquire 72% of Monroe Capital’s shares together with rights to c.20% of the carried interest generated on past and future funds

Dividend: €4.70 per share, up 17.5%, proposed to May 15, 2025, AGM

c.2.5% of NAV as of December 31, 2024, as stated in the strategic roadmap
Representing a yield of c. 5.5% compared to the current share price⁴

Strong financial structure and committed to remaining Investment Grade

Debt maturity of 3.4 years with an average cost of 2.4%
LTV ratio at 17.2%⁵ as of March 31, 2025, on a pro forma basis
Pro forma total liquidity of €1.7⁶ billion as of March 31, 2025, including c.€800 million in cash and €875 million in committed credit facility (fully undrawn)
On March 31, 2025, S&P revised Wendel outlook to ‘Stable’ from ‘Negative’ on debt reduction and reaffirmed its ‘BBB’ rating

Laurent Mignon, Wendel Group CEO, commented:

“The first quarter of 2025 marks a significant milestone for Wendel, with the successful closing of Monroe Capital’s acquisition, materializing our strategy to grow third-party asset management alongside our principal investment activity. With €34 billion of assets under management and €3.4 billion raised in Q12025 now with Monroe Capital and IK Partners, we are building a strong and significant Asset management player generating recurring and predictable income, enhancing significantly Wendel’s value creation profile.

We also successfully completed a forward sale of Bureau Veritas shares, achieved in good conditions, generating €750M of proceeds, that, combined with our financial discipline, contributed to significantly improve of our LTV ratio. This strengthened financial profile is a key lever to successfully deliver our 2027 value creation roadmap. Our teams remain fully mobilized to generate value through the current portfolio and put in place the asset management platform.”

Wendel’s net asset value as of March 31, 2025: €176.7 per share on a fully diluted basis

Wendel’s Net Asset Value (NAV) as of March 31, 2025, was prepared by Wendel to the best of its knowledge and on the basis of market data available at this date and in compliance with its methodology.

Fully diluted Net Asset Value was €176.7 per share as of March 31, 2025 (see detail in the table below), as compared to €185.7 on December 31, 2024, representing a decrease of -4.8% since the start of the year. Compared to the last 20-day average share price as of March 31, the discount to the March 31, 2025, fully diluted NAV per share was -47.9%.

Bureau Veritas contributed negatively to Net Asset Value, as end of March 2025, its 20-day average share price was down YTD (-3.2%). IHS Towers (+37.2%) and Tarkett (+55.5%) 20-day average share prices impacted positively the NAV. Total value creation per share of listed assets was therefore neutral (+€0.0) on a fully diluted basis over the first quarter.

Unlisted asset contribution to NAV was negative over the course of the quarter with a total change per share of -€6.5 reflecting overall multiples’ decrease.

Asset management activities contribution to NAV was slightly negative, -€0.8, due to IK Partners multiples’ evolution. A total of €29M of sponsor money is included in the NAV as of end of March, both for IK Partners and Monroe.

Cash operating costs, Net Financing Results and Other items impacted NAV by -€1.7, as Wendel benefits from a positive carry and maintains a good cost control.

Total Net Asset Value evolution per share amounted to -€9.0 since the start of the year.

Fully diluted NAV per share of €176.7 as of March 31, 2025

(in millions of euros)				03/31/2025	12/31/2024
Listed investments	Number of shares	Share price ⁽¹⁾		2,965	3,793
Bureau Veritas	89.9m⁽²⁾/120.3m		€28.5/€29.5	2,565	3,544
IHS	63.0m/63.0m		$4.4/$3.2	254	192
Tarkett		€16.4/€10.5		146	57
Investment in unlisted assets ⁽³⁾				3,346	3,612
Asset Management Activities ⁽⁴⁾				1,778	616
Asset Managers (IK Partners & Monroe)				1,749	616
Sponsor Money				29	–
Other assets and liabilities of Wendel and holding companies ⁽⁵⁾				161	174
Net cash position & financial assets ⁽⁶⁾				2,058	2,407
Gross asset value				10,308	10,603
Wendel bond debt				-2,378	-2,401
IK Partners transaction deferred payment and Monroe earnout				-244	-131
Net Asset Value				7,686	8,071
Of which net debt				-564	-124
Number of shares				44,461,997	44,461,997
Net Asset Value per share				€172.9	€181.5
Wendel’s 20 days share price average				€92.0	€93.5
Premium (discount) on NAV				-46.8%	-48.5%
Number of shares – fully diluted				42,456,176	42,466,569
Fully diluted Net Asset Value, per share				€176.7	€185.7
Premium (discount) on fully diluted NAV				-47.9%	-49.6%

(1)  Last 20 trading days average as of March 31, 2025, and December 31, 2024.
(2)  Number of shares adjusted from the Forward Sale Transaction of 30,357,140 shares of Bureau Veritas. The value of the call spread transaction to benefit from up to c.15% of the stock price appreciation on the equivalent number of shares is taken into account in Other assets & liabilities.
(3)  Investments in unlisted companies (Stahl, Crisis Prevention Institute, ACAMS, Scalian, Globeducate, Wendel Growth). Aggregates retained for the calculation exclude the impact of IFRS16.
(4)  Investment in IK Partners (excl. Cash to be distributed to shareholders), in Monroe and sponsor money.
(5)  Of which 2,005,821 treasury shares as of March 31, 2025, and 1,995,428 as of December 31, 2024.
(6)  Cash position and short-term financial assets of Wendel & holdings.
Assets and liabilities denominated in currencies other than the euro have been converted at exchange rates prevailing on the date of the NAV calculation.
If co-investment and managements LTIP conditions are realized, subsequent dilutive effects on Wendel’s economic ownership are accounted for in NAV calculations. See page 285 of the 2024 Registration Document.

Wendel’s Principal Investments’ portfolio rotation

On March 12, 2025, Wendel realized a successful placement of Bureau Veritas shares as part of a prepaid 3-year forward sale representing approximately 6.7% of Bureau Veritas share capital and increased its financial flexibility by reducing the pro forma loan-to-value ratio to approximately 17%. The transaction immediately generated net cash proceeds of approximately €750M to Wendel.

Wendel reinvested €11.5m in Scalian upon the acquisition of a specialized IT services player focused on the Defense sector in January 2025.

Wendel’s Asset Management platform evolution

Acquisition of a controlling stake in Monroe Capital LLC closed, a transformational transaction in line with the strategic roadmap

Wendel completed on March 31, 2025 the definitive partnership agreement including the acquisition, together with AXA IM Prime, of 75% of Monroe Capital LLC (“Monroe Capital” or “the Company”), and a sponsoring program of $800 million to accelerate Monroe Capital’s growth, together with an investment of up to $200 million in GP commitment.

With IK Partners and Monroe Capital, Wendel’s third party asset management platform reached €34 billion in AUM⁷, and should generate, on a full-year basis, c.€ 455 million revenues⁸, c.€160 million pre-tax FRE (c.€100 million in pre-tax FRE (Wendel share) in 2025. Wendel’s ambition is to reach €150 million (Wendel share) in pre-tax FRE in 2027.

Strong value creation and performance of Third Party Asset Management (17% of Gross Asset Value)

Q1 2025 performance

Over the first quarter of 2025, IK Partners registered again particularly strong levels of activity, generating a total of €46.4 million in revenue, up 33 % vs. Q1 2024. Total Assets under Management (€14.9 billion, of which €4.8 billion of Dry Powder⁹) grew by 8% since the beginning of the year, and FPAuM¹⁰ (€10.2 billion) by 2%. Over the period, €0.64 billion of new funds were raised (IK X, IK PF III, IK SC IV and IK CV I) and 2 exits have been realized, for over €0.26 billion.

As of March 31, 2025, Wendel’s third party asset management platform¹¹ represented total assets under management of €34 billion and achieved €3.4 billion of fundraising.

Sponsor money invested by Wendel

Wendel committed €500 million in IK Partners funds (of which €300 million in IK X). As of March 31, 2025, €29 million of sponsor money have been called in IK Partners and Monroe Capital funds.

Principal Investment companies’ sales

Listed Assets: 29% of Gross Asset Value

Bureau Veritas – A robust first quarter and an unchanged 2025 outlook; Increased returns to shareholders with a €200m share buyback program
(full consolidation)

Bureau Veritas revenue in the first quarter of 2025 amounted to €1,558.7 million, an 8.3% increase compared to the first quarter of 2024. Bureau Veritas delivered an organic growth of 7.3%.
Three businesses led the growth: Industry, up 14.3%, Marine & Offshore, up 11.8%, and Certification, up 10.9%. Agri-Food & Commodities grew 6.0% while both Consumer Products Services and Buildings & Infrastructure grew low-single-digit organically in the first quarter of 2025.
The scope effect was a positive 1.4%, reflecting bolt-on acquisitions (contributing to +3.0%) finalized in the past few quarters and partly offset by the impact of divestments completed over the last twelve months (contributing to -1.6%). Currency fluctuations had a negative impact of 0.4%, due to the strength of the euro against most currencies.

2025 Share buyback program
On April 24, 2025, Bureau Veritas announces a new EUR 200 million share buyback program to be completed by the end of June 2025. This decision reflects the Group’s confidence in its resilient business model and takes advantage of the current share price.

2025 Outlook unchanged

While customers are navigating an uncertain period, Bureau Veritas has a robust opportunities pipeline, a solid backlog, and mid-to-long-term strong market fundamentals. Therefore, Bureau Veritas keeps its outlook unchanged, and expects to deliver for the full year 2025: Mid-to-high single-digit organic revenue growth;
Improvement in adjusted operating margin at constant exchange rates;
Strong cash flow, with a cash conversion¹² above 90%.

For more information: https://group.bureauveritas.com

IHS Towers – IHS Towers will report its Q1 results in May 2025

Tarkett reported its Q1 on April 17, 2025

For more information: https://www.tarkett-group.com/en/investors/

Unlisted Assets: 33% of Gross Asset Value

	Sales (in millions)
	Q1 2024	Q1 2025
Stahl	€225.6	€231.0
CPI	$29.0	$30.7
ACAMS	$20.7	$22.0
Scalian	€140.6	€131.8
Globeducate ⁽¹⁾	n/a	€109.6

(1) Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures. 3 months revenue from December 1, 2024, to February 28, 2025.

Stahl – Total sales¹³up +2.4% in Q1 2025, in challenging market conditions
(full consolidation)

Stahl, the world leader in specialty coatings for flexible materials, posted total sales of €231.0 million in Q1 2025, representing a total increase of +2.4% versus Q1 2024.

Q1 2025 was marked by increased levels of market uncertainty driven by geopolitical and trade tensions. Organic growth was -5.4%, against a high comparison basis with Q1 2024 (when sales grew organically by +9.8%). Scope contributed positively by +8.1% thanks to the Weilburger Graphics acquisition completed in September 2024, while FX was negative (-0.3%).

Proforma for the sale of the wet-end leather chemicals activities, total growth over the quarter would have been +6.0%.

Crisis Prevention Institute – Revenue growth of +5.8% as compared with Q1 2024

(full consolidation)

Crisis Prevention Institute recorded first quarter 2025 revenue of $30.7 million, up +5.8% vs. Q1 2024. Of this increase, +5.3% was organic growth, -0.9% came from FX movements and +1.4% from scope effect. Despite ongoing federal oversight and funding uncertainty for some of CPI’s customers, staff training sessions have continued to grow, however customers have been slower to add or replace new certified instructors during this period of uncertainty.

On January 21, 2025, CPI announced the acquisition of Verge, a Norwegian leader in behavior intervention and training. This acquisition extends CPI’s presence in the Nordics, and enhances CPI’s ability to support professionals worldwide, leveraging Verge’s innovative techniques to address challenging behaviors, aggression and violence.

ACAMS – Total sales up +6.4% in Q1, reflecting double-digit growth in the core North American segment as well as continued momentum in the conference sponsorship & exhibition business

(full consolidation)

ACAMS, the global leader in training and certifications for anti-money laundering and financial-crime prevention professionals, generated total revenue of $22.0 million, up +6.4% compared to the first quarter of 2024¹⁴. First-quarter results were driven by double-digit growth in the core North American segment, with both bank and non-bank customers, as well as improved conference sponsorship & exhibition sales, offset by headwinds in select EMEA and APAC markets.

Q1 growth reflects momentum from recent strategic and organizational changes including the senior leadership additions in 2024, a shift in focus to selling solutions for large enterprise customers, market expansion with the introduction of the Certified Anti-Fraud Specialist certification (CAFS), and investments in the technology platform. ACAMS anticipates continued growth in 2025 as these strategic changes and investments take hold.

Scalian – Decrease of total sales of -6.3% in Q1 2025, in the context of continued market growth slowdown. Acquisition of a French IT services specializing in the defense sector in January 2025.

(full consolidation) 

Scalian, a leading consulting firm in digital transformation and operational performance reported total sales of €131.8M as of March 31, 2025, a -6.3% decrease vs. last year. The slowdown is spread across several sectors and geographies particularly automotive in Europe and Aeronautics (supply chain disruptions). Sales are down -11.2% organically but have benefited from a positive scope effect of +4.9%.

In January 2025, Scalian completed the acquisition of a French IT services specialist. The acquisition was funded through shareholders’ equity contribution, including a €11.5m equity injection from Wendel in Scalian. This acquisition further reinforces Scalian’s unique positioning in the OT/IT space and is fully in line with the buy-and-build strategy implemented by the Group and which has resulted in the acquisitions of Yucca in 2023 as well as Mannarino and Dulin in 2024.

Globeducate – Revenue growth of +11%¹⁵

(Accounted for by the equity method. Globeducate acquisition was completed on October 16^th, 2024. Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures. 3 months revenue from December 1, 2024- February 28, 2025.)

Globeducate, one of the world’s leading bilingual K-12 education groups, recorded first quarter 2025 revenue of €109.6 million, up +11% vs. Q1 2024. Of this increase, +3.5% came from accretive M&A transactions.

Over September and November 2024, Globeducate completed 2 acquisitions:1 in Cyprus (Olympion School) and 1 in the UK (Ecole des Petits).

Preliminary estimated impact of new tariffs on Wendel’s businesses

Wendel Group’s companies are mainly business services, and are therefore only slightly directly impacted by conflicts over tariffs. For industrial companies (Stahl and Tarkett), these two companies have production units generally located in the countries in which they generate their revenues. According to the information available, the direct impact for these two companies is limited. The lack of visibility on the evolution of tariffs, as well as their real impact on global economic growth and USD exchange rates, constitute the main risk on the value creation potential of our assets.

1 Fully diluted of share buybacks and treasury shares. Without adjusting for dilution, NAV stands at €7,719m and €173.6 per share.
2 As of end of March 2025, AuM of IK Partners and Monroe Capital

3 This amount includes usual closing adjustments

4 Share price as of April 23, 2025: €86.05

5 Including sponsor money commitment in IK (-€500m partly called as of 03.31.2025) & expected commitments in Monroe Capital (-$200m partly called as of 03.31.2025), IK Partners transaction deferred payment (-€131m), Monroe Capital 100% acquisition (including estimated earnout and puts on residual capital, i.e -$528M).

6 €2.1bn of cash as of March 31, 2025, restated from sponsor money commitment in IK (-€500m partly called as of 03.31.2025) & expected commitments in Monroe Capital (-$200m partly called as of 03.31.2025), IK Partners transaction deferred payment (-€131m), Monroe Capital 100% acquisition (including estimated earnout and puts on residual capital, i.e -$528M).

7 As of end of March 2025

8 Based on USD/EUR exchange rate of 1.05

9 Commitments not yet invested

10 Fee Paying AuM

11 IK Partners and Monroe Capital

12 (Net cash generated from operating activities – lease payments + corporate tax)/adjusted operating profit.

13 Total sales including wet-end activities, of which sale closing is expected in Q2 2025.

14 Revenue in Q1 2024 excludes PPA restatement impact of $0.3m. Including this restatement, revenue is $20.4m in Q1 2024.

15 Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures. 3 months revenue from December 1, 2024 to February 28, 2025. These figures are compared with the same period last year and are estimated and non audited, accordingly, changes in percentages are rounded to the nearest whole figure.

Agenda

Thursday, May 15, 2025, at 3 PM CEST

Annual General Meeting

Wednesday, July 30, 2025

H1 2025 results – Publication of NAV as of June 30, 2025, and condensed Half-Year consolidated financial statements (post-market release)

Thursday, October 23, 2025

Q3 2025 Trading update – Publication of NAV as of September 30, 2025 (post-market release)

Friday, December 12, 2025

2025 Investor Day.

About Wendel

Wendel is one of Europe’s leading listed investment firms. Regarding its principal investment strategy, the Group invests in companies which are leaders in their field, such as ACAMS, Bureau Veritas, Crisis Prevention Institute, Globeducate, IHS Towers, Scalian, Stahl and Tarkett. In 2023, Wendel initiated a strategic shift into third-party asset management of private assets, alongside its historical principal investment activities. In May 2024, Wendel completed the acquisition of a 51% stake in IK Partners, a major step in the deployment of its strategic expansion in third-party private asset management and also completed in March 2025 the acquisition of 72% of Monroe Capital. As of March 31, 2025, Wendel manages 34 billion euros on behalf of third-party investors, and c.6.3 billion euros invested in its principal investments activity.

Wendel is listed on Eurolist by Euronext Paris.

Standard & Poor’s ratings: Long-term: BBB, stable outlook – Short-term: A-2

Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of “Grand Mécène de la Culture” in 2012.

For more information: wendelgroup.com

Attachment

Wendel_Q1_2025_EN_

The MIL Network –

April 25, 2025

MIL-OSI USA: Speaker Johnson Hosts Awards Ceremony Honoring 2025 Congressional Art Competition Winners and Community Leaders

Source: United States House of Representatives – Representative Mike Johnson (LA-04)

Speaker Johnson Hosts Awards Ceremony Honoring 2025 Congressional Art Competition Winners and Community Leaders

Washington, April 24, 2025

WASHINGTON — Today, Speaker Johnson honored winners of the 2025 Congressional Art Competition and Congressional Commendation recipients at the 2025 Community Awards Ceremony for Louisiana’s Fourth Congressional District.

“We just had an extraordinary event – we love to do this annually. We give out awards for people who really represent our communities well and do a lot of extraordinary work in all of our 20 parishes around the 4th Congressional District, which is the greatest district in America. There is of honor to give, and it is due,” Speaker Johnson said. “It was a great day, and we love to do this event.”

The Congressional Art Competition is a nationwide, visual art contest for high school students, in which one piece of artwork from each congressional district is chosen by a panel of judges to be displayed in the U.S. Capitol Building for one year. The second, third, and fourth place selections will be proudly displayed in Speaker Johnson’s congressional offices.

Congressional Commendation recipients were submitted for consideration by constituents of Louisiana’s Fourth Congressional District and chosen for their efforts to better their communities.

2025 Congressional Art Competition Winners:

1^st Place: “Craw-Fever” by Grace Rougeau, Faith Training Christian Academy2^nd Place: “Glow of the Magnolia” by Ava Agee, Airline High School
3^rd Place: “Serene” by Samirah Etienna, South Beauregard High School
4^th Place: “Bayou’s Serenity” by EMantyi Mosby, Airline High School
Staff Pick: “Beauty of the Swamp” by Jarei’Yuana Adams, Homer High School
Staff Pick: “In Loving Memory” by Angela Smith, Simsboro High School

2025 Congressional Commendation Recipients:

Allen:

Patsy Cavenah, Founder and Director of Lighthouse Ministries

Beauregard:

Kenneth Harlow, DeRidder Fire Chief (30 years of service)

Bossier:

Natalie Davis, Haughton High School student, worked to get girls’ wrestling sanctioned in Louisiana
Brad Zagone, Bossier City Fire Chief (30 years of service)
James “Trey” Morriss, Mission Operation Secret Squirrel, Director of Staff, Eighth Air Force & Joint-Global Strike Operations Center
Warren Ward, Mission Operation Secret Squirrel, Executive Director, Louisiana Tech Research Institute
Lane Calloway, Barksdale Air Force Base Historian

Caddo:

Laurie Boswell, CEO of Holy Angels
Jacob Schneider, Caddo Magnet High School student, Eagle Scout, led a team from Shreveport to Tumutumu, Kenya to train 72 students in livestock management, farming skills needed to increase the yield of their family farms by 60%, and financial skills to market their produce and manage their money.

Bienville:

Deanna Curtis, Bienville Court Appointed Special Advocate, Chamber President, Victims for Youth Justice Board Member, and DART volunteer

Claiborne:

Pat Abshire, Claiborne Chamber President

Grant:

Bonita Armour, created an after-school program for Grant Parish youth

Jackson:

Wilda Smith, Secretary and Treasurer for the Jackson Parish Museum Board, Jackson Parish Tourism, Jackson Parish Cancer Board, Jonesboro Hodge Lions Club Board, Secretary Jackson Parish Industrial District Board, and the Treasurer Jackson Parish Study Guild

Lincoln:

Sam Mattox, Oldest-living WWII veteran in Louisiana, turning 106 this year

Ouachita:

Roy Heatherly, Ouachita Chamber President

Sabine:

Crystal Hable, dedicated to service and organization of events in community
Blake Byles, organizes hunting trips for disabled children and veterans

Union:

Axton Nolan, 2025 U.S. Service Academy Appointee, United States Air Force Academy

Vernon:

Melinda Granger, School teacher of 36 years at Rosepine High School

Webster:

Jerry Madden, Minden Lion, veteran, past Minden Man of the Year

MIL OSI USA News –

April 25, 2025

MIL-OSI USA: Remarks by Vice President Vance on the U.S. and India’s Shared Economic Priorities

US Senate News:

Source: The White House
class=”has-text-align-center”>Rajasthan International CenterJaipur, India
3:17 P.M. IST
     THE VICE PRESIDENT: Hello. Good to see everybody. How we doing?
AUDIENCE: Good.
     THE VICE PRESIDENT: Good. Good.
     Well, it’s an amazing privilege to be here in Jaipur. I’m thrilled to address the Ananta Centre’s India-U.S. Forum, and I’m thrilled to have you all here with me. Thanks to all of you, the business leaders, decision-makers, and, of course, the students for being here. And thanks to our great team at the U.S. embassy for everything that you guys do for our country.
     In the United States, we’re proud of the deep connection between our nations — between India and the United States. Prime Minister Modi, as most of you probably know, was one of the first visitors welcomed into the Oval Office during President Trump’s second term. And like President Trump, the prime minister inspires remarkable loyalty because of the strength of his belief in his people and in his country.
     Now, we’re so grateful for Prime Minister Modi’s hospitality, as well as the reception that he and everyone else in this country have given us on this first trip for me to India. This is my first time visiting the birthplace of my wife’s parents, and she’s, of course, in the front row there. There you are, Usha. (Applause.)
     You — she’s a bit of a celebrity, it turns out, in India. I think more so than her husband. But I haven’t been here long, but already I’ve been fortunate enough to visit the Akshardham Temple — did I pronounce that right, honey? — I did okay? — all right — with my family this morning, as a matter of fact. And last night, Prime Minister Modi welcomed me, Usha, and our three small children at his beautiful home.
     I’ve been amazed by the ancient beauty of the architecture of India, by the richness of India’s history and traditions, but also by India’s laser-like focus on the future. And those things, I think — this appreciation for history and tradition, and this focus on the future — is very much something that I think animates this country in 2025.
     Now, in other countries I visited, it sometimes feels like there’s a flatness, a sameness, a desire to just be like everyone else in the world. But it’s different here. There’s a vitality to India, a sense of infinite possibility, of new homes to be built, new skylines to be raised, and lives to be enriched. And there’s a pride in being Indian, a feeling of excitement about the days that lie ahead.
     Now, it’s a striking contrast with too many in the West, where some in our leadership class seem stricken by self-doubt and even fear of the future. To them, humanity is always one bad decision away from catastrophe. The world will soon end, they tell us, because we’re burning too much fuel or making too many things or having too many children. And so, rather than invest in the future, they too often retreat from it.
     Some of them pass laws that force their nations to use less power. They cancel nuclear and other energy generation facilities, even as their choices — the choices of these leaders — lead to more dependence on foreign adversaries. Meanwhile, their message to their friends, to countries like India, is to tell them that they are not allowed to grow.
     Well, President Trump rejects these failed ideas. He wants America to grow. He wants India to grow, and he wants to build the future with our partners all over the globe. (Applause.)
     And when I look at this audience or when I visit this incredible country over these last couple of days, I see a people that will not be held back.
     Now, the most profound responsibility I believe that all of us have is not to ourselves but to the next generation, to make sure we leave them with a better society than the one that our parents and our grandparents gave us. And this is the world that America seeks to create with you.
     We want to build a bright new world, one that’s constantly innovating, one that’s helping people to form families, making it easier to build, invest, and trade together in pursuit of common goals.
     Now, I believe that our nations have much to offer one another, and that’s why we come to you as partners looking to strengthen our relationship.
     Now, we’re not here to preach that you do things any one particular way. Too often, in the past, Washington approached Prime Minister Modi with an attitude of preachiness or even one of condescension. Prior administrations saw India as a source of low-cost labor on the one hand, even as they criticized the prime minister’s government — arguably the most popular in the democratic world. And as I told Prime Minister Modi last night, he’s got approval ratings that would make me jealous. (Laughter and applause.)
     But it wasn’t just India. This attitude captured too much of our economic relationship with the rest of the world, so we shipped countless jobs overseas and, with them, our capacity to make things — from furniture, appliances, and even weapons of war. We traded hard power for soft power, because with economic integration, we were told, would also come peace through sameness. Over time, we’d all assume the same sort of bland, secular, universal values no matter where you lived. The world was flat after all. That was the thesis, and that was what they told us.
     And when that thesis proved false or at least incomplete, leaders in the West took it upon themselves to flatten it by any means necessary. But many people across the world — and I think your country counts among them — they did not want to be flattened. Many were proud of where they came from: their way of life, the kind of jobs they worked, and the kind of jobs their parents worked before them. And that very much includes people in my own country, the United States of America.
     Now, some of you are aware of my own background. I actually didn’t plan to talk about my background at all until last night at dinner, while my children mostly behaved — we gave them A-minus for behavior with the prime minister — the prime minister said, “I have one request. I want you to talk a little bit about your background.” And so, I wanted to do that — for those of you who don’t know anything about me, I wanted to talk about it.
     I come from — and I’m biased — the greatest state in the Union, the state of Ohio: a longtime manufacturing powerhouse in the United States of America. My home, specifically, is a place called Middletown. Now, it’s not a massive city by any means — it’s not Jaipur — but it’s a decent-sized town and a place where people make things, which has been a point of pride in Middletown for generations.
It’s filled with families like my own, some of whom called us “hillbillies” — Americans who came down from the surrounding hills and mountains of West Virginia, Tennessee, and Kentucky to cities like Middletown in pursuit of the manufacturing jobs that were creating widespread prosperity for families all across America. They came to Middletown in search of what we call back home “the American dream.”
     In Middletown, my parents raised me, my grandparents raised me. They taught us to work hard. They taught me to study hard, and they taught me to love God and my country and always be good to your own.
     My granddad, who I called “Papaw” growing up, he typified that. Late into life, he worked as a steelmaker at the local mill, and I know India has a lot of those. Papaw’s job gave him a good wage, stable hours, and a generous pension. All that allowed him to support not just him and my grandmother but his own daughter and grandkids with him. Now, by the time I came around, money was awfully tight, but he worked hard to make a good living for all of us.
     Now, I know Papaw and Mamaw were grateful for the way of life their country made possible. Their generation bore witness to the formation of America’s great middle class, and by creating an economy centered around production, around workers who build things, and around the value of their labor, our nation’s leaders then transformed their country and made thousands of little Middletowns possible.
     The government supported its labor force. We created incentives for productive industries to take root and struck good deals with international partners to sell the goods made in the United States of America.
     But as America settled in to world historic prosperity it generated, our leaders began to take that very prosperity and what created it for granted. They forgot the importance of building, of supporting productive industry, of striking fair deals, and of supporting our workers and their families.
And as time went on, we saw the consequences. In my hometown, factories left, jobs evaporated. America’s Middletowns ceased to be the lifeblood of our nation’s economy. And the United States — as it became transformed, those very people — the working class, the background of the United States of America — were dismissed as backwards for holding on to the values their people had held dear for generations.
Now, Middletown’s story is my story, but it’s hardly unusual in the United States of America. There are tens of millions of Americans who, over the last 20 or so years, have woken up to what’s happening in our nation. But I believe they woke up well before it’s too late.
Now, like you, we want to appreciate our history, our culture, our religion. We want to do commerce and strike good deals with our friends. We want to found our vision of the future upon the proud recognition of our heritage, rather than self-loathing and fear.
I work for a president who has long understood all of this. Whether through fighting those who seek to erase American history or in support of fairer trade deals abroad, he has been consistent on these issues for decades. And as a result, under the Trump Administration, America now has a government that has learned from the mistakes of the past.
It’s why President Trump cares so deeply about protecting the manufacturing economy that is the lifeblood of American prosperity and making sure America’s workers have opportunities for good jobs.
As we saw earlier this month, he will go to extraordinary lengths to protect and expand those opportunities for all Americans.
And so, today, I come here with a simple message: Our administration seeks trade partners on the basis of fairness and of shared national interests.
We want to build relationships with our foreign partners who respect their workers, who don’t suppress their wages to boost exports but respect the value of their labor.
We want partners that are committed to working with America to build things, not just allowing themselves to become a conduit for transshipping others goods.
And finally, we want to partner with people and countries who recognize the historic nature of the moment we’re in, of the need to come together and build something truly new — a system of global trade that is balanced, one that is open, and one that is stable and fair.
Now, I want to be clear: America’s partners need not look exactly like America, nor must our governments do everything exactly the same way, but we should have some common goals. And I believe, here in India, we do in both o- — economics and in national security.
And that’s why we’re so excited. That’s why I’m so excited to be here today. In India, America has a friend, and we seek to strengthen the warm bonds our great nations already share.
Now, critics have attacked my president, President Trump, for starting a trade war in an effort to bring back the jobs of the past, but nothing could be further from the truth. He seeks to rebalance global trade so that America, with friends like India, can build a future worth having for all of our people together.
And when President Trump and Prime Minister Modi announced in February that our countries aim to more than double our bilateral trade to $500 billion by the end of the decade, I know that both of them meant it, and I’m encouraged by everything our nations are doing to get us there.
As many of you are aware, both of our governments are hard at work on a trade agreement built on shared priorities, like creating new jobs, building durable supply chains, and achieving prosperity for our workers.
In our meeting yesterday, Prime Minister Modi and I made very good progress on all of those points, and we are especially excited to formally announce that America and India have officially finalized the terms of reference for the trade negotiation. I think this is a vital step. (Applause.) Thank you. I believe this is a vital step toward realizing President Trump’s and Prime Minister Modi’s vision because it sets a roadmap toward a final deal between our nations.
I believe there is much that America and India can accomplish together. And on that note, I want to talk about a few areas of collaboration today, how India and the United States can work together: first, perhaps most importantly, to protect our nations; second, to build great things; and finally, to innovate the cutting-edge technologies both our countries will need in the years to come.
Now, on defense, our countries already enjoy a close relationship — one of the closest relationships in the world. America does more military exercises with India than we do with any other nation on Earth.
The U.S.-India COMPACT that President Trump and Prime Minister Modi announced in February will lay the foundation for even closer collaboration between our countries. From Javelins to Stryker combat vehicles, our nations will coproduce many of the munitions and equipment that we’ll need to deter foreign aggressors — not because we seek war, but because we seek peace, and we believe the best path to peace is through mutual strength. And the — launching the joint Autonomous Systems Industry Alliance will enable America and India to develop the most state-of-the-art maritime systems needed for victory.
It’s fitting that India, this year, is hosting the Quad Leaders’ Summit this fall. Our interests in a free, open, peaceful, and prosperous Indo-Pacific are in full alignment. Both of us know that the region must remain safe from any hostile powers that seek to dominate it.
Growing relations between our countries over the last decade are part of what led America to designate India a Major Defense Partner — the first of that class. This designation means that India now shares, with the UAE, a defense and technology infrastructure and partnership with the United States on par with America’s closest allies and friends.
But we actually feel that Indir- — India has much more to gain from its continued defense partnership with the United States, and let me sketch that out a little bit.
We, of course, want to collaborate more. We want to work together more. And we want your nation to buy more of our military equipment, which, of course, we believe is the best in class.
American fifth-generation F-35s, for example, would give the Indian Air Force the ability to defend your air space and protect your people like never before. And I’ve met a lot of great people from the Indian Air Force just in the last couple of days.
India, like America, wants to build, and that will mean that we have to produce more energy. That’s more energy production and more energy consumption. And it’s one of the many reasons why I think our nations have so much to gain by strengthening our energy ties.
As President Trump is fond of saying, America has once again begun to “drill, baby drill.” And we think that will inure to the benefit of Americans but it will also benefit India as well.
Past administrations in the United States of America, I — I think motifated [motivated] by a fear of the future, have tied our hands and restricted American investments in oil and natural gas production. This administration recognizes that cheap, dependable energy en- — is an essential part of making things and is an essential part of economic independence for both of our nations.
Of course, America is blessed with vast natural resources and an unusual capacity to generate energy, so much that we want to be able to sell it to our friends, like India. Well, we believe your nation will benefit from American energy exports and expanding those exports. You’ll be able to build more, make more, and grow more, but at much lower energy costs.
We also want to help India explore its own considerable natural resources, including its offshore natural gas reserves and critical mineral supplies. We have the capacity and we have the desire to help. Moreover, we think energy coproduction will help beat unfair competitors in other foreign markets.
But India, we believe, can go a long way to enhance energy ties between our nations. And one suggestion I have is maybe consider dropping some of the nontariff barriers for American access to the Indian market.
     Now, I’ve talked about this, of course, with Prime Minister Modi. And, look, President Trump and I know that Prime Minister Modi is a tough negotiator. He drives a hard bargain. It’s one of the reasons why we respect him. (Applause.)
     And — and we don’t blame Prime Minister Modi for fighting for India’s industry, but we do blame American leaders of the past for failing to do the same for our workers, and we believe that we can fix that to the mutual benefit of both the United States and India.
     Let me give an example. American ethanol, we believe, made from the finest corn in the world, can play a tremendous role in enhancing our partnership. And I know our farmers would be delighted to support India’s energy security ambitions.
     We welcome the Modi government’s budget announcement to amend India’s civil nuclear liability laws, which currently prevent U.S. producers from exporting small modular reactors and building larger U.S.-designed reactors in India.
     There’s much that we can create, much that we can do together.
     We believe that American energy can help realize India’s nuclear power production goals — and this is very important — as well as its AI ambitions. Because, as the United States knows well and I know that India knows well, there is no AI future without energy security and energy dominance.
     And that brings me to my final point of collaboration. I believe that the technological collaboration between our countries is going to extend well beyond defense and energy.
     The U.S.-India TRUST initiative that President Trump and Prime Minister Modi have launched will be a cornerstone of the partnership in the future. It’ll build on billions of dollars of planned investments that American companies have already announced across India.
     In the years to come, we’re going to see data centers, pharmaceuticals, undersea cables, and countless other critical goods being developed and being built because of the American and Indian economic partnership.
     And I’ll say it again, I think that our nations have so much to gain by investing in one another: America investing in India and, of course, India investing in the United States of America.
     And I know that Americans, our people are excited about that prospect and that President Trump and I are looking forward to stronger ties.
     Americans want further access to Indian markets. This is a great place to do business, and we want to give our people more access to this country. And Indians, we believe, will thrive from greater commerce from the United States. This is very much a win-win partnership and certainly will be far into the future.
     And as I know this audience knows better than most, neither Americans nor Indians are alone in looking to scale up their manufacturing capacity. The competition extends well beyond cheap consumer goods and into munitions, energy infrastructure, and all sorts of other cutting-edge technologies. I believe that if our nations fail to keep pace, the consequences for the Indo-Pacific, but really the consequences for the entire world, will be quite dire.
     And this, again, is where India and the United States have so much to offer one another. We’ve got great hardware — the leading artificial intelligence hardware in the world. You have one of the most exciting start-up technology infrastructures anywhere in the world.
     There’s a lot to be gained by working together, and this is why President Trump and I both welcome India’s leadership in a number of diplomatic organizations, but, of course, in the Quad.
     We believe a stronger India means greater economic prosperity but also greater stability across the Indo-Pacific, which is, of course, a shared goal for all of us in this room and is a shared goal for both of our countries.
     I want to close with — with one last story, or maybe a couple of stories. So, you know, my — my son Ewan is seven years old. He’s our firstborn son. And yesterday, after we — we had dinner at the prime minister’s house, the food was so good and the prime minister was so kind to our three children that Ewan came up to me afterwards, and he said, “Dad, you know, I think maybe I could live in India.” (Laughter and applause.)
     And — but I think after about 90 minutes in the Jaipur sun today at the great palace — (laughter) — he suggested that maybe we should move to England. (Laughter.) So, you take the — the good with the bad here.
     But I — I want to talk about Prime Minister Modi because I think he’s a special person. I first met Prime Minister Modi at the AI Action Summit in February, and we had a lot of important discussions on AI and other policies to prepare for.
     The prime minister also managed to figure out that my son Vivek was actually turning five years old on the trip. This was in Paris just a couple of months ago.
     So, think about this. Amid a huge international policy conference, he took the time to stop by where I was staying; wish our second son, Vivek, a happy birthday; and even bring him a gift. Usha and I were both genuinely touched by his graciousness, and we have been even more impressed by his warmth since we arrived in India.
     Now, it’s interesting. Some of you may know that when you’re a politician, your kids spend almost as much time in the limelight as you do. And the — the great things about kids is they are brutally honest. They’re brutally honest with everybody, whether you want them to be or not.
     And our seven-year-old, our five-year-old, and then our — our three-year-old baby girl, Mirabel — it’s interesting. They have only really been — they’ve only really attached themselves to; they’ve only really liked, I should say; they’ve only really built a rapport with — with two world leaders.
     The fors- — first, of course, is President Trump. He just has a certain energy about them — about him. But Prime Minister Modi, it’s the exact same thing. Our kids just like him. And I think that because kids are such good strong [judge] of characters, I just like Prime Minister Modi too, and I think it’s a great foundation for the future of our relationship. (Applause.)
     I could tell then — I could tell when Prime Minister Modi came over a couple of months ago and I believe today that he is a serious leader who has thought deeply about India’s future prosperity and security, not just for the rest of his time in office but over the next century.
     And I want to end by making a simple overarching point. We are now officially one quarter into the 21st century — 25 years in, 75 years to go. And I really believe that the future of the 21st century is going to be determined by the strength of the United States-India partnership. I believe — (applause) — thank you.
     I believe that if India and the United States work together successfully, we are going to see a 21st century that is prosperous and peaceful. But I also believe that if we fail to work together successfully, the 21st century could be a very dark time for all of humanity.
     So, I want to say, it’s — it’s clear to me, as it is to most observers, that President Trump, of course, intends to rebalance America’s economic relationship with the rest of the world. That’s going to cause — fundamentally will cause profound changes within our borders in the United States, but, of course, with other countries as well.
     But I believe that this rebalancing is going to produce great benefits for American workers, it’s going to produce great benefits for the people of India, and because our partnership is so important to the future of the world, I believe President Trump’s efforts, joined, of course, by the whole country of India and Prime Minister Modi, will make the 21st century the best century in human history. Let’s do it together.
     God bless you. And thank you for having me. (Applause.)
                             END                3:42 P.M. IST

MIL OSI USA News –

April 25, 2025
MIL-OSI United Kingdom: British-Irish Intergovernmental Conference (BIIGC) Joint Communiqué
Source: United Kingdom – Government Statements

Press release

British-Irish Intergovernmental Conference (BIIGC) Joint Communiqué

Today the Secretary of State for Northern Ireland, Hilary Benn MP, and the Parliamentary Under-Secretary of State, Fleur Anderson MP, attended the British-Irish Intergovernmental Conference in Hillsborough Castle.
Secretary of State for Northern Ireland, Hilary Benn MP, and Parliamentary Under-Secretary of State for Northern Ireland, Fleur Anderson MP, with Tánaiste, Minister for Foreign Affairs and Minister for Defence, Simon Harris and Minister for Justice, Jim O’Callaghan, at the latest meeting of the British-Irish Intergovernmental Conference, held in Northern Ireland.

A meeting of the British-Irish Intergovernmental Conference took place in Hillsborough Castle on 24 April 2025.

The Government of the United Kingdom of Great Britain and Northern Ireland was represented by the Secretary of State for Northern Ireland, the Rt Hon Hilary Benn MP, and the Parliamentary Under-Secretary of State for Northern Ireland, Fleur Anderson MP.

The Government of Ireland was represented by the Tánaiste, Minister for Foreign Affairs and Trade and Minister for Defence, Simon Harris TD, and the Minister for Justice, Jim O’Callaghan TD.

Legacy

The UK Government and the Government of Ireland noted that one of the aims of the Good Friday Agreement – to acknowledge and address the suffering of victims and survivors of the Troubles – remains unrealised. Both Governments reaffirmed their strong desire to work in partnership on this issue and expressed a mutual commitment to making timely progress so that families can obtain the information and accountability that they deserve and have long sought.

Both Governments reflected on the positive and constructive bilateral discussions that had taken place since the last BIIGC on the Northern Ireland Troubles (Legacy & Reconciliation) Act 2023 and the Commission it established. They noted the substantive progress made and emphasised that their aim remains to reach agreement on a joint, comprehensive approach to legacy issues consistent with the principles of the Stormont House Agreement – including ensuring that legacy mechanisms are human rights compliant and balanced, proportionate, transparent, fair and equitable.

The UK Government and the Government of Ireland agreed that any joint approach to legacy will require agreement on all key issues, including: fundamental reform of the Independent Commission for Reconciliation and Information Recovery to ensure its human rights compliance and to strengthen its practical independence, governance and oversight; the approach to legacy inquests and information retrieval; and ensuring that there are clear reciprocal commitments by both the UK Government and the Government of Ireland.

It was agreed that both Governments would continue to work quickly and intensively in seeking to finalise a joint approach. The UK Government remains committed to introducing legislation to repeal and replace the Legacy Act when Parliamentary time allows, and the Government of Ireland will introduce its own legislation as necessary. Ultimately, securing the confidence of victims, survivors, and families will remain at the heart of the work of both Governments.

Political stability

The Governments discussed their shared commitment to the good operation of all three strands of the Good Friday Agreement. They affirmed the importance of the full and timely implementation of the Windsor Framework. They took stock of recent developments including US tariff measures and their respective engagement with stakeholders to date.

The UK Government also provided an update on the ongoing efforts to support the Northern Ireland Executive with public service transformation.

Security update

The Governments discussed the current security situation, including the Northern Ireland-related terrorism (NIRT) threat. That the NIRT threat level remains unchanged at SUBSTANTIAL is testament to the work being done by agencies on both sides of the border. This cross-border cooperation remains a vital part of work to tackle the terrorist threat and wider harms.

They discussed an update on the process underway jointly to appoint an Independent Expert to carry out a short scoping and engagement exercise to assess whether there is merit in, and support for, a formal process of engagement to bring about paramilitary group transition to disbandment.

British-Irish cooperation

Ministers reflected on the recent UK-Ireland Summit, including on how future meetings of the BIIGC could complement the programme of cooperation agreed at the Summit.

They reaffirmed their shared commitment to protecting the Common Travel Area to the benefit of citizens across these islands and noted, in particular, the importance of continued engagement with all stakeholders to ensure the UK ETA scheme operates smoothly.

The Governments agreed that the Conference would meet again in the coming months.

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Published 24 April 2025
MIL OSI United Kingdom –
April 25, 2025
MIL-OSI United Kingdom: UK bolsters support for Syrian people by amending Syria sanctions
Source: United Kingdom – Executive Government & Departments

Press release

UK bolsters support for Syrian people by amending Syria sanctions

Updates to UK Syria sanctions regulations will help the people of Syria rebuild their country and economy following the fall of Assad
Today’s updates to UK Syria sanctions regulations will help the people of Syria rebuild their country and economy following the fall of Assad.

Amendments will allow UK to hold Assad and his associates accountable for human rights violations.

Ensuring long-term stability in Syria is essential for regional and UK security – the foundation of the government’s Plan for Change.

The Syrian financial system will be supported to open up and rebuild following the fall of Assad, with the UK government announcing today (24 April) that it is amending its sanctions regulations on Syria and lifting sanctions on 12 entities.

The amendments will remove UK restrictions on some sectors including financial services and energy production in Syria, helping to facilitate essential investment in Syria’s energy infrastructure and supporting the Syrian people to rebuild their country and economy.

Amendments to UK legislation will also allow the UK to hold Assad and his associates accountable for their atrocious actions against the people of Syria, while giving the UK scope to deploy future sanctions in the Syria context, should that become necessary.

Additionally, sanctions on 12 entities will be lifted, including the Syrian Ministry of Defence, Ministry of Interior and media companies.

Sanctions imposed on members of the former regime and those involved in the illicit trade in captagon will remain in place.

These amendments will support Syria’s transition to a more stable and prosperous country, bolstering regional and UK security in line with the government’s Plan for Change.

Hamish Falconer, Minister for the Middle East, said:

The Syrian people deserve the opportunity to rebuild their country and economy, and a stable Syria is in the UK’s national interest. That’s why I’m pleased that today the UK has amended its Syria sanctions and lifted sanctions on 12 entities to support them to do just that.

The UK is committed to building greater stability in Syria and the wider region. This also enables us to bolster national security at home to support the government’s Plan for Change.

This announcement builds on the decision in March to lift asset freezes on 24 Syrian entities, including the Central Bank of Syria, Syrian Arab Airlines, and energy companies.

The UK remains committed to working with the Syrian government and international partners to support an inclusive political transition in Syria, including the protection of human rights, unfettered access for humanitarian aid, safe destruction of chemical weapons stockpiles, and combatting terrorism and extremism. We will continue to press the Syrian government to ensure it meets the commitments it has made.

The UK continues to provide life-saving humanitarian assistance to Syrians inside Syria and across the region, including pledging £160 million to support Syria’s recovery and stability in 2025.

Media enquiries

Email newsdesk@fcdo.gov.uk

Telephone 020 7008 3100

Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

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Published 24 April 2025
MIL OSI United Kingdom –
April 25, 2025
MIL-OSI: RTI Unveils Connext AI, Revolutionizing Physical AI System Development

Source: GlobeNewswire (MIL-OSI)

SUNNYVALE, Calif., April 24, 2025 (GLOBE NEWSWIRE) — Real-Time Innovations (RTI), the software framework company for physical AI systems, today announced Connext^® AI: a suite of LLM-powered tools designed to build robust, scalable real-time systems. By integrating AI with the Connext software customers know and trust, RTI is setting the standard for advancing the future of physical AI system development. Connext AI adds intelligent assistance to tools for design, coding, and debugging. Connext AI accelerates time to market, streamlines workflows, and enhances system reliability like never before.

Uniquely, this AI platform is built on decades of RTI experience including thousands of pages of documentation, code repositories, numerous use cases, and data models with over 3,000 types. Connext AI is custom-designed to read User Manuals, API documentation, code examples, and much more to provide the best possible information via today’s top LLM.

The Connext AI suite is available today with its first three capabilities: the Connext AI Chatbot (a 24/7 Chatbot for instant responses to product questions), a Github Copilot extension for Visual Studio Code, and new AI-powered features in System Designer for streamlined configuration. Connext users can rely on the same Connext solution proven in real-world systems today, now enhanced with AI to quickly deliver critical information, ready-to-use code snippets, and complete project setups.

“In the age of AI, relevance hinges on speed,” said Stan Schneider, CEO at RTI. “Connext AI enables much faster development of data-centric architectures for intelligent and autonomous system builders. We now offer an intelligent assistant that seamlessly accelerates development, providing developers—both novice and expert—with an on-demand Connext specialist, placing RTI’s deep expertise right at their fingertips.”

Connext has long been a cornerstone for building modular systems, and now, AI integration significantly amplifies its capabilities. Recognizing the challenges of design and implementation, Connext AI automates key aspects like data model and code generation which allows developers to maximize the potential of RTI products and focus solely on innovation.

The AI-Powered Chatbot provides immediate troubleshooting, FAQs, and guidance, ensuring developers get real-time support. System Designer delivers streamlined system configuration and design by using best practices to generate code and data models, greatly reducing manual effort. The Copilot Extension offers AI-assisted coding seamlessly integrated with Visual Studio, providing intelligent recommendations and auto-generating code for faster, error-free development. All three of these capabilities are powered by the same underlying platform purpose-built for autonomy: Connext AI.

Connext AI is available today as part of the Connext product suite. Discover how Connext AI accelerates real-time systems development and enhances development workflows. Learn more here.

About RTI

RTI is the software framework company for physical AI systems, with a mission to run a smarter world. RTI Connext^® provides the data architecture for over 2,000 designs in Aerospace and Defense, Medtech, Automotive, and Robotics – running in more than $1T of total deployed systems worldwide. Only RTI combines decades of technical expertise with industry-leading software and tools to develop smarter systems, faster. Learn more at www.rti.com.

The MIL Network –

April 25, 2025
MIL-OSI Security: Defense News: USS Cape St. George Arrives in San Diego after Modernization

Source: United States Navy

SAN DIEGO – The Ticonderoga-class guided-missile cruiser USS Cape St. George (CG 71) arrived Apr. 22 in its new homeport of Naval Base San Diego, California from Naval Base Everett, Washington, after conducting phased modernization at Vigor Shipyard in Seattle. This move was a permanent change of station for the crew and family members.

MIL Security OSI –

April 25, 2025
MIL-OSI USA: Ciscomani Reiterates Support for Medicaid at Arizona Chamber Event

Source: United States House of Representatives – Congressman Juan Ciscomani (Arizona)

Phoenix, AZ – U.S. Congressman Juan Ciscomani reaffirmed his unwavering commitment to preserving Medicaid benefits for those who rely on it, like single mothers, the working poor, individuals with disabilities, and the elderly.

“We’ve got to make sure that we protect Medicaid for people the program was intended to serve,” said Ciscomani at the Arizona Chamber of Commerce’s annual Update from Capitol Hill Lunch.

Earlier this month, Ciscomani and twelve Republican colleagues sent a letter to House Republican Leadership and Energy and Commerce Committee Chairman Brett Guthrie reiterating their support on Medicaid and making clear the lawmakers would not vote for legislation that reduces Medicaid coverage for vulnerable populations. 

The Congressman also told the audience that there is no question that the federal government can, and must, do more to reduce waste and safeguard the long-term financial viability of Medicaid. You can watch Ciscomani’s remarks here.

“As the federal government has grown, so have inefficiencies and unnecessary bureaucracies,” said Ciscomani. “I have been crystal clear that I do not support reducing Medicaid coverage for those the program was intended to serve. What I do support are targeted reforms, such as implementing work requirements for able-bodied adults with no dependents and strengthening eligibility verification to ensure that every dollar is maximized and spent on vulnerable individuals who rely on Medicaid.”

The Congressman also told audiences that while we have made great strides to secure the southern border, Mexican drug cartels are regrouping as border security has ramped up under the Trump administration. 

“The threat is still real, Mexican drug cartels aren’t going to surrender their multi-billion dollar businesses easily,” he said. “The fight is not over and there is still a lot of work that needs to be done to codify the administration’s border security efforts into law.”

In March, Ciscomani, who serves as Vice Chair of the House Appropriations Homeland Security Subcommittee, hosted nine freshman Republican lawmakers on a tour of the Arizona – Mexico border. Here, they learned about the cartel’s effort to use unmanned aerial drones to carry out their illicit operations and threaten our national security. As a result, Ciscomani and Rep. John McGuire (VA-05) penned a letter to Secretary of Defense Pete Hegseth, Secretary of Homeland Security Kristi Noem, and Federal Aviation Administrator Chris Rocheleau about countering drones at the southern border. You can watch NewsNation’s coverage here.

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MIL OSI USA News –

April 25, 2025
MIL-OSI USA: Governor Pillen Declares Emergency, Mobilizes Nebraska National Guard and Issues Statewide Burn Ban Following Fire in Brown County

Source: US State of Nebraska

.j.hynes.civ@army.mil”>kevin.j.hynes.civ@army.mil

Katrina Cerveny, NEMA, (402) 326-3179, katrina.cerveny@nebraska.gov

Governor Pillen Declares Emergency, Mobilizes Nebraska National Guard and Issues Statewide Burn Ban Following Fire in Brown County

LINCOLN, NE – Governor Jim Pillen has authorized the Nebraska National Guard to mobilize 29 soldiers and airmen to assist local volunteer fire departments, which are currently battling the Plum Creek Fire near Johnstown, Nebraska, in Brown County. Nebraska Army National Guard aerial resources have also been authorized to support the firefighting mission.

The assignment of state resources is in response to a request received Tuesday evening through the Nebraska Emergency Management Agency (NEMA) to assist local volunteer firefighters who have been fighting the fire since Monday. The Plum Creek Fire is now estimated to have burned 6,600 acres. Forty-five cattle have died, and a cabin has been destroyed. Other structures have been threatened and were boxed in with heavy equipment to provide protection. The cause of the fire has been attributed to a permitted burn that got out of control.

Gov. Pillen issued a statewide burn ban during a news conference at the Nebraska Emergency Management Agency today, alongside other state officials. He emphasized the persistent dry conditions that have continued to plague the state. In February, the Governor issued an emergency declaration for wildfires in Custer and Dawes counties that were also fueled by dry conditions, high winds and a lake of humidity.

“It’s way too dry in Nebraska right now, and it only takes one burn, one mistake and then you have a situation like we have in Plum Creek. The risks are too significant,” said Gov. Pillen.

Department of Agriculture Director Sherry Vinton touched on the rough and dangerous terrain where the fire is burning, and the extreme difficulty that it posed for fire crews and others who were trying to control flames.

“As the director of agriculture, and a rancher myself, I support the statewide burn ban. While fire is a tool that we use in our agricultural operations and for conservation, right now our current conditions make it just too dangerous,” stressed Dir. Vinton. “Protecting our land, our livestock, wildlife, and most importantly, people in our neighborhoods and our communities from the potential of wildfire damage, is of the utmost importance right now.”

Currently, more than 60 local, state and federal partners are responding to the Plum Creek Fire.

“I applaud the governor for taking this action to save lives and protect property,” NEMA Assistant Director Erv Portis said. “Safety is our number one priority.”

The Nebraska Army National Guard is providing two UH-60 Blackhawk helicopters and a ground crew of 16 to assist with fire suppression. The helicopters departed on their mission this morning and made 70 water drops throughout the day.

“We appreciate the willingness of our soldiers and airmen, as well as their families and employers, to support these local volunteer firefighters as they work tirelessly to control this wildfire,” said Col. Shane Varejcka, Nebraska National Guard chief of the joint staff.

The Governor signed three documents – a proclamation providing state assistance to the Plum Creek Fire, a proclamation providing for state resources to be utilized in response to drought conditions and an executive order establishing the statewide burning ban in all areas of the state through April 30.

Those documents are included with this release.

MIL OSI USA News –

April 25, 2025
MIL-OSI Security: Defense News: USS New York, USS Oak Hill to Participate in Fleet Week New York 2025

Source: United States Navy

NORFOLK, Va. – Fleet Week New York returns to New York City on May 21 – 27, 2025, with two U.S. Navy ships, two Coast Guard cutters, and five U.S. Navy Academy Yard Patrol boats (YPs). Additionally, our Canadian neighbor will join the week-long celebration.

MIL Security OSI –

April 25, 2025
MIL-OSI Security: Defense News: Nimitz Carrier Strike Group Suspends Search for Missing Crew Member in Guam

Source: United States Navy

PHILIPPINE SEA – The U.S. Navy suspended the active search for a Sailor assigned to the aircraft carrier USS Nimitz (CVN 68), effective at 9:00 a.m. on April 24, 2025. The Sailor’s family has been notified, and their name is being withheld until 24 hours after next-of-kin notification is complete in accordance with Navy policy.

MIL Security OSI –

April 25, 2025
MIL-OSI Russia: Tatyana Golikova took part in the annual all-Russian scientific and practical conference “From the Year of the Family to the Century of the Family”

Translation. Region: Russian Federal

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

The All-Russian scientific and practical conference “From the Year of the Family to the Century of the Family” was held at the international information agency “Russia Today”. The conference was attended by Deputy Prime Minister Tatyana Golikova, Presidential Plenipotentiary Representative in the Central Federal District Igor Shchegolev, Head of the Presidential Administration for Public Projects Sergei Novikov, Minister of Transport Roman Starovoit, State Secretary – Deputy Minister of Defense Anna Tsivileva, Chairperson of the Federation Council Committee on Science, Education and Culture Liliya Gumerova. The conference was organized by the D.I. Mendeleev Institute of Demographic Policy.

“Supporting families, preserving health, and preserving the population is the main national goal defined by the President of our country, Vladimir Vladimirovich Putin. To achieve it, we need a steady increase in the birth rate. The well-being of Russia depends on how many of us there are and at what rate we grow. The result of the Year of the Family was that the total fertility rate in 2024 was maintained at the 2023 level – 1.4. In 18 regions, an increase in the birth rate is recorded, including in those where this indicator had previously declined. In addition, last year, the growth in the birth of third and subsequent children was maintained – by 1.1%. Over the past two years, the number of large families and children in them has increased by 1.2 times,” said Tatyana Golikova.

Last year, the Government approved the Strategy of Actions for the implementation of family and demographic policies, support for large families until 2036. On January 1, 2025, the national project “Family” was launched, including measures to support young, large families, the older generation, develop children’s healthcare, strengthen reproductive health, and promote family values.

The Decree of the President of Russia “On social support for large families” established the permanent status of a large family and retained the right of regions to expand this category. In 40 regions, decisions have already been made to provide support measures for large families without taking into account the criteria of need.

Since October 1, 2024, thanks to the created register of large families, the issuance of an electronic certificate has been launched without collecting additional documents. To date, more than 1.6 million electronic certificates have been issued.

Since 2022, the title of “Mother Heroine” has been revived; in terms of the level of social guarantees, it is equal to the title of Hero of Labor.

It is important to pay special attention to preserving the reproductive health of the population and working with women in a situation of reproductive choice. For this purpose, since 2024, the program of state guarantees has included medical examination of the adult population to assess reproductive health. A serious task for the regions is to increase the popularity of reproductive medical examination among residents.

At the same time, work on preserving already conceived lives – reducing the number of abortions – is extremely important. A set of measures of legal, psychological, medical and social assistance to women in the situation of reproductive choice has been developed. Thanks to this, more than 41 thousand pregnancies were saved last year.

The quality and availability of medical care in small towns and rural areas is improving. Within the framework of the national project “Family”, 336 additional women’s consultations will be created, 142 perinatal centers, maternity hospitals and 180 children’s hospitals will be modernized, children’s clinics will be equipped with 536 mobile medical complexes.

Particular attention is paid to promoting family values, creating conditions for family leisure, creativity, sports, modernization of cultural centers, regional theaters, museums, libraries, and clubs.

In addition, measures are being taken to successfully combine professional development with the birth and upbringing of children.

Over the past two years, insurance guarantees for working women have been significantly expanded, including an increase in the maximum benefit amounts. In 2025, the amount of maternity benefits and monthly child care benefits increased by 1.4 times compared to 2024. The right to child care benefits for up to one and a half years in the event of early return to work of a parent has been retained.

To develop corporate social and demographic policy, a corporate demographic standard was developed, which was adopted at the end of last year by the Russian Tripartite Commission for the Regulation of Social and Labor Relations and is now recommended for implementation in the practice of enterprises and organizations.

Attention is paid to supporting student families. Universities are opening support centers for them, creating conditions for living together in dormitories, including for spouses from different universities, opening short-term stay groups for children and mother-and-child rooms, and developing the practice of transferring young mothers-students from paid education to a budget place.

“For the birth of a child, it is important to have confidence in the future, in a job with a growing salary, in the prospective development of the city or town where the family lives – the creation of new jobs, a comfortable and safe environment, improvement of social infrastructure. Therefore, everything that is done in the regions should be family-oriented. Issues of construction of residential and social facilities, transport accessibility, ecology – each project implemented should be aimed at creating favorable conditions for families, so that there are more of us, Russians,” said Tatyana Golikova.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

April 25, 2025
MIL-OSI Global: Memes and conflict: Study shows surge of imagery and fakes can precede international and political violence

Source: The Conversation – USA – By Tim Weninger, Collegiate Proessor of Engineering, University of Notre Dame

AI tools reveal how images have been manipulated. William Theisen et al.

Imagine a country with deep political divisions, where different groups don’t trust each other and violence seems likely. Now, imagine a flood of political images, hateful memes and mocking videos from domestic and foreign sources taking over social media. What is likely to happen next?

The widespread use of social media during times of political trouble and violence has made it harder to prevent conflict and build peace. Social media is changing, with new technologies and strategies available to influence what people think during political crises. These include new ways to promote beliefs and goals, gain support, dehumanize opponents, justify violence and create doubt or dismiss inconvenient facts.

At the same time, the technologies themselves are becoming more sophisticated. More and more, social media campaigns use images such as memes, videos and photos – whether edited or not – that have a bigger impact on people than just text.

It’s harder for AI systems to understand images compared with text. For example, it’s easier to track posts that say “Ukrainians are Nazis” than it is to find and understand fake images showing Ukrainian soldiers with Nazi symbols. But these kinds of images are becoming more common. Just as a picture is worth a thousand words, a meme is worth a thousand tweets.

Our team of computer and social scientists has tackled the challenge of interpreting image content by combining artificial intelligence methods with human subject matter experts to study how visual social media posts change in high-risk situations. Our research shows that these changes in social media posts, especially those with images, serve as strong indicators of coming mass violence.

Surge of memes

Our recent analysis found that in the two weeks leading up to Russia’s 2022 invasion of Ukraine there was a nearly 9,000% increase in the number of posts and a more than 5,000% increase in manipulated images from Russian milbloggers. Milbloggers are bloggers who focus on current military conflicts.

These huge increases show how intense Russia’s online propaganda campaign was and how it used social media to influence people’s opinions and justify the invasion.

This also shows the need to better monitor and analyze visual content on social media. To conduct our analysis, we collected the entire history of posts and images from the accounts of 989 Russian milbloggers on the messaging app Telegram. This includes nearly 6 million posts and over 3 million images. Each post and image was time-stamped and categorized to facilitate detailed analysis.

Media forensics

We had previously developed a suite of AI tools capable of detecting image alterations and manipulations. For instance, one detected image shows a pro-Russian meme mocking anti-Putin journalist and former Russian soldier Arkady Babchenko, whose death was faked by Ukrainian security services to expose an assassination plot against him.

The meme features the language “gamers don’t die, they respawn,” alluding to video game characters who return to life after dying. This makes light of Babchenko’s predicament and illustrates the use of manipulated images to convey political messages and influence public opinion.

This is just one example out of millions of images that were strategically manipulated to promote various narratives. Our statistical analysis revealed a massive increase in both the number of images and the extent of their manipulations prior to the invasion.

Political context is critical

Although these AI systems are very good at finding fakes, they are incapable of understanding the images’ political contexts. It is therefore critical that AI scientists work closely with social scientists in order to properly interpret these findings.

Our AI systems also categorized images by similarity, which then allowed subject experts to further analyze image clusters based on their narrative content and culturally and politically specific meanings. This is impossible to do at a large scale without AI support.

For example, a fake image of French president Emmanuel Macron with Ukrainian governor Vitalii Kim may be meaningless to an AI scientist. But to political scientists the image appears to laud Ukrainians’ outsize courage in contrast to foreign leaders who have appeared to be afraid of Russian nuclear threats. The goal was to reinforce Ukrainian doubts about their European allies.

This manipulated image combines French president Emmanuel Macron with Ukranian governor Vitalii Kim. It requires the expertise of political scientists to interpret the creator’s pro-Russian meaning.
William Theisen et al.

Meme warfare

The shift to visual media in recent years brings a new type of data that researchers haven’t yet studied much in detail.

Looking at images can help researchers understand how adversaries frame each other and how this can lead to political conflict. By studying visual content, researchers can see how stories and ideas are spread, which helps us understand the psychological and social factors involved.

This is especially important for finding more advanced and subtle ways people are influenced. Projects like this also can contribute to improving early warning efforts and reduce the risks of violence and instability.

Tim Weninger receives funding from the US Department of Defense and the US Agency for International Development.

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

– ref. Memes and conflict: Study shows surge of imagery and fakes can precede international and political violence – https://theconversation.com/memes-and-conflict-study-shows-surge-of-imagery-and-fakes-can-precede-international-and-political-violence-233055

MIL OSI – Global Reports –

April 25, 2025
MIL-OSI: HUMAN Launches Ad Click Defense, Empowering Platforms with Advanced Click Validation
Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) — HUMAN Security, Inc., a leading cybersecurity company committed to safeguarding every step of the customer’s online journey by defending against bots, fraud, and digital risk, announced today the launch of Ad Click Defense for ad tech platforms including DSPs, retail media networks and walled gardens. This new solution helps advertising platforms protect revenue and maintain advertiser trust by allowing them to detect and filter invalid clicks that would otherwise compromise campaign performance and measurement.

LinkedIn, the world’s largest professional network, has expanded its integration with HUMAN to include Ad Click Defense, enhancing the advertiser experience across the LinkedIn Audience Network by helping verify performance metrics represent only valid clicks. This integration complements LinkedIn’s first-party protections against invalid clicks, underscoring their commitment to maintaining the highest-quality standards for advertiser campaigns on the LinkedIn Audience Network. With digital ad spend and advertiser expectations continuing to grow, platforms face mounting pressure to ensure every click represents genuine user engagement. HUMAN’s Ad Click Defense addresses this challenge by leveraging real-time behavioral analysis at the time of the click.

“In today’s performance-driven advertising landscape, marketers need to know their budgets are driving genuine engagement,” said Jay Benach, GM Media Security at HUMAN. “Our Ad Click Defense solution analyzes then empowers platforms to filter click and touch events at the transaction level, rather than broadly clustering and merely labelling them as suspicious. This solution reinforces our commitment to supporting a fraud-free digital ecosystem, which now extends to many unique and additional platforms, especially those that exclusively offer high-performance click traffic.”

Unlike alternative solutions that rely solely on device signals or landing page activity, HUMAN’s approach to identifying invalid clicks analyzes actual click behavior in real-time with proprietary detection technology. As users engage with advertisements, Ad Click Defense identifies subtle indicators of both sophisticated (SIVT) and general (GIVT) invalid click traffic. This precise differentiation is essential for platforms to filter out fraudulent traffic accurately while preserving genuine user engagement.

“Embracing new solutions that help validate results is essential for advertisers to prove ROI,” said Abhishek Shrivastava, VP of Product at LinkedIn. “Our continued work with HUMAN reinforces our commitment to providing our customers with reliable metrics to help them reach and engage decision makers with confidence and drive meaningful business results.”

The solution’s key capabilities include:
- Advanced protection based on real-time behavioral analysis of the click or touch event, supported by 400+ detection algorithms across the HUMAN Defense Platform
- Detection and classification of both sophisticated (SIVT) and general (GIVT) invalid clicks or touch events
- Continuous monitoring and protection against emerging click fraud schemes through analysis of attack patterns across 3 billion internet-connected devices monthly
By validating clicks with behavioral analysis, advertising platforms can now filter invalid or manipulated interactions, ensuring that performance metrics reflect valid clicks. Ad Click Defense adds to HUMAN’s comprehensive protection for ad tech platforms, providing advertisers with confidence that their campaigns are protected at every stage from sophisticated fraud.

About HUMAN
HUMAN is a leading cybersecurity company committed to protecting the integrity of the digital world. We verify that digital interactions, transactions, and connections are authentic, secure, and human. The Human Defense Platform safeguards the entire customer journey with high-fidelity decision-making that defends against bots, fraud, and digital threats. Each week, HUMAN verifies 20 trillion digital interactions, providing unparalleled telemetry data to enable rapid, effective responses to even the most sophisticated threats. Recognized by our customers as a G2 Leader, HUMAN continues to set the standard in cybersecurity. For more information please visit www.humansecurity.com

Contact information:
Masha Krylova, Director of Communications
press@humansecurity.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8107cb16-b365-451d-b696-05638e6d2fdb.

The MIL Network –
April 25, 2025
MIL-OSI USA: Hoeven: North Dakota Awarded Nearly $28 Million Over Damages Resulting from DAPL Protests

US Senate News:

Source: United States Senator for North Dakota John Hoeven
04.23.25
Lawsuit Ruling Comes in Addition to $10 Million Senator Secured to Reimburse the State
BISMARCK, N.D. – Senator John Hoeven today issued the following statement after U.S. District Judge Daniel Traynor ruled in favor of the State of North Dakota in its lawsuit against the federal government for damages from the Dakota Access Pipeline (DAPL) protests. The state was awarded nearly $28 million to help cover emergency response costs resulting from the federal government’s negligence during the protests. This comes in addition to the $10 million that Hoeven secured in 2017 as a member of the Senate Appropriations Committee to help reimburse the state.
“The federal government, through its negligence, allowed lawlessness to take hold on Army Corps land, resulting in months of disruption to local residents’ lives, threats to their safety and significant costs to the state,” said Hoeven. “We commend Attorney General Drew Wrigley and his team for securing today’s verdict, which recognizes the harm resulting from the Obama administration’s refusal to enforce the law and police illegal activity during the DAPL protests. This nearly $28 million award is about accountability for federal officials and, when combined with the $10 million we previously secured, making the State of North Dakota whole again.”

MIL OSI USA News –

April 25, 2025
MIL-OSI Global: Pope Francis: ‘ethical helmsman’ whose feel for international relations steered church in turbulent times

Source: The Conversation – UK – By Sara Silvestri, Senior Lecturer & UG Programme Director, Department of International Politics, City St George’s, University of London

I met Pope Francis in 2016. It was part of a symposium of the former Pontifical Council for Migrants and Itinerant People (now recast by Francis as the Dicastery for Promoting Integral Human Development). I presented some of my work on migration – as attention to migrants and refugees was a central theme of his pontificate, more prominently than for his predecessor, whom I had also met a few years earlier.

After the conference proceedings, we had an official audience, next to the Sistine Chapel: Francis made a speech and we greeted him one by one. I had my 21 month-old daughter with me that day, thinking of the rare opportunity we would both enjoy.

But I’d underestimated the length of the formalities involved. My daughter screamed “Open the doors, let me out!” through the whole of the pope’s speech. I was distraught, but Francis responded very gently to the disruption. He stopped in the middle of the speech and commented how sweet and lovely it was to hear the voice of a child. I could feel it was not just a platitude – he meant it.

In the disarray that is current global politics, with the world wracked by conflict and injustice, the papacy of Francis I has been a beacon of hope.

In a world that appears to be rearranging itself around the principle that might is right, where the whims and the prejudices of strongmen leaders are blindly followed by millions, he represented the most important ethical helm there is. He did this not by taking on ideological positions but by sticking in a steadfast manner to his message that mercy trumps bullies and that compassion will always prevail over hatred.

The image of Francis delivering a sermon from a pulpit designed to look like a ship’s helm when he visited the island of Lampedusa in 2013 strikes me as very symbolic of his papacy. In his first official trip as pope, Francis drew attention to the marginalised, migrants and refugees inspired by the parable of the good Samaritan. But he did so not in a way that patronised migrants as victims or reduced the church to a humanitarian agency.

He launched into a loud condemnation of the economic and political structures that forced those people on to boats. He railed against the people and conditions that effectively enabled those deaths in the huge cemetery that the Mediterranean has become. Expressing his “closeness” to migrants and determined to “challenge our consciences” and the “globalisation of indifference”, he warned we are all complicit in Cain’s killing of his brother.

Critics may carp that he hasn’t really effected any significant change within or outside the church. That while moves were made towards reforms of church attitudes towards women priests and LGBTQ+ issues, real progress has still to be achieved.

That despite his appeals, death keeps swallowing human lives in the Mediterranean and in conflict zones. Despite his championing of environmental causes, forests are still burning.

But it was not his job to run global politics. While he was, technically, a head of state of Vatican City, he did not see himself as a politician. The instructions for his funeral reiterate this: simple, “as a disciple of Christ” and not like “the powerful of the world”.

He saw his role as a spiritual shepherd trying to serve and protect his flock. His vision of Christianity was about mercy and freedom of conscience, with the church’s place close to the “existential peripheries” of the world, not to the centres of power.

His final message, delivered on Easter Day 2025, is particularly telling. It states: “Evil has not disappeared from history; it will remain until the end, but it no longer has the upper hand; it no longer has power over those who accept the grace of this day.”

This in my view sums up the enormous power that Francis unstintingly asserted among Catholics: the power of unconditional love and mercy – not in an idealised form, but well aware of the presence of evil in the world and respectful of individual freedom.

Reaching across faiths

Because of his courage and the political-but-non-political position that enabled him to speak of ethical issues at the heart of political decisions, Francis became widely respected by religious and political leaders. He was loved by ordinary people from all walks of life and, importantly, belief systems, although some were puzzled by his informal style.

In 2019 he made a joint declaration with the imam of Al-Azhar in Cairo, Ahmed Al-Tayeb, entitled Human Fraternity for World Peace and Living Together. This, and his 2020 encyclical Fratelli Tutti, which is subtitled “on fraternity and social friendship”, gave impetus to inter-faith dialogue. As he put it: “God has created all human beings equal in rights, duties and dignity, and has called them to live together as brothers and sisters.”

The last push Francis gave to the Church between 2021 and 2024 was the Synod on Synodality. This was a major enterprise which aimed to revive the sense of global community of believers and witnesses. It stressed the importance of praying together and exercising discernment in important decisions by acknowledging diversity, listening to each other and to the Holy Spirit.

Interpersonal communication and embracing mercy in order to achieve the common good were two key themes of Francis’ pontificate. He was concerned with the dangers of our individualistic “throwaway culture” and aware of the contradictions of a globalised world where loneliness prevails.

Francis did not solve the problem of carbon emissions, he did not stop wars in Ukraine, Palestine or Yemen. He did not make women priests or deacons, and did not fully embrace the LGBTQ+ community, despite some initial inching towards this.

But he made a space to reflect about all those issues, removing the church from a pedestal, centring it on the joyful message of the Gospel and “bringing it out” to all the people – Catholics and non Catholics alike.

That, in itself, is an immense achievement in the long history and slow transformation of the church.

Dr Sara Silvestri is Senior Lecturer in International Politics at City, St George’s University of London where she teaches religion and politics and runs the Europe research cluster. She is also a Bye Fellow of St Edmund’s College, Cambridge University, is affiliated with the Interfaith Research Programme in the Divinity Faculty, University of Cambridge, and is a Trustee of the Council on Christian Approaches to Defence and Disarmament. Sara Silvestri has received funding from ESRC, British Academy, Luce Foundation, the King Baudouin Foundation, the Plater Trust, Caritas Internationalis, the European Commission.

– ref. Pope Francis: ‘ethical helmsman’ whose feel for international relations steered church in turbulent times – https://theconversation.com/pope-francis-ethical-helmsman-whose-feel-for-international-relations-steered-church-in-turbulent-times-255153

MIL OSI – Global Reports –

April 25, 2025
MIL-OSI Security: Defense News: Naval Special Warfare Honors Fallen Operator Gage Ingram With Posthumous Medal

Source: United States Navy

IMPERIAL BEACH, Calif.- On a serene spring day, as a gentle breeze danced across the terrace and the sun broke through the clouds, a collective silence enveloped the Silver Strand Training Complex in Imperial Beach, Calif. Naval Special Warfare (NSW) Gold Star families, distinguished guests, NSW members, their families, and friends gathered to honor the unparalleled bravery and selflessness of Naval Special Warfare Operator 1st Class Nathan Gage Ingram.

MIL Security OSI –

April 25, 2025
MIL-OSI Video: Send it!

Source: US Army (video statements)

U.S. Army video by Spc. Luciano Alcala, 3rd Infantry Division

About the U.S. Army:

The Army Mission – our purpose – remains constant: To deploy, fight and win our nation’s wars by providing ready, prompt & sustained land dominance by Army forces across the full spectrum of conflict as part of the joint force.

Interested in joining the U.S. Army?
Visit: spr.ly/6001igl5L

Connect with the U.S. Army online:
Web: https://www.army.mil
Facebook: https://www.facebook.com/USarmy/
X: https://www.twitter.com/USArmy
Instagram: https://www.instagram.com/usarmy/
LinkedIn: https://www.linkedin.com/company/us-army
#USArmy #Soldiers #Military #Shorts #Army

https://www.youtube.com/watch?v=Np3dfIbXOK0

MIL OSI Video –

April 25, 2025
MIL-OSI China: Navigator Meeting of Beijing Xiangshan Forum to be held in Beijing：defense spokesperson 2025-04-24 The inaugural Navigator Meeting of the Beijing Xiangshan Forum will be held in Beijing from April 28 to 30, a Chinese defense spokesperson said on Thursday.
Source: People’s Republic of China – Ministry of National Defense 2
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MIL OSI China News –
April 24, 2025
MIL-OSI China: Chinese military will deepen and expand its participation in UN peacekeeping operations: Defense Spokesperson 2025-04-24 “Chinese military will continue to deepen and expand its participation in UN Peacekeeping Operations, and contribute more to the implementation of the Global Security Initiative and the building of a community with a shared future for mankind,” said a Chinese defense spokesperson.
Source: People’s Republic of China – Ministry of National Defense 2
BEJING, April 24 — “Chinese military will continue to deepen and expand its participation in UN Peacekeeping Operations (UNPKOs), and contribute more to the implementation of the Global Security Initiative and the building of a community with a shared future for mankind,” said Chinese Defense Spokesperson Senior Colonel Zhang Xiaogang at a regular press conference on Thursday.

The spokesperson introduced that since its first deployment 35 years ago, the Chinese military has participated in 25 peacekeeping missions, and dispatched over 50,000 personnel to more than 20 countries and regions, including the Democratic Republic of Congo, Lebanon and South Sudan. Chinese peacekeepers completed tasks such as mine clearance and explosive ordinance disposal, medical treatment, security escorts, and protection of civilians. China’s Blue Helmets have stepped forward for world peace with courage and persistence in despite of difficulties and dangers. And, 17 Chinese peacekeepers, including Liu Mingfang, Du Zhaoyu and Shen Liangliang, have made their ultimate sacrifice for the UN peacekeeping cause.

The spokesperson continued that it’s the Chinese military’s objective to preserve peace and protect the people. China is the largest troop contributor to UNPKOs among the permanent members of the UN Security Council, and the second largest contributor to UN peacekeeping assessments. The Chinese military maintains an 8,000-strong peacekeeping standby force, which consists of 28 units in 10 categories, such as infantry, medical and rapid response units. The Chinese military has conducted exchanges and cooperation on peacekeeping with over 90 countries and 10 international and regional organizations.

“We have built ‘Shared’ series, an international brand of peacekeeping operations. As we speak, approximately 1,800 Chinese peacekeepers are executing tasks in the UN headquarters and seven mission areas,” said the spokesperson, adding that the Chinese military will continue to deepen and expand its participation in UNPKOs, and contribute more to the implementation of the Global Security Initiative and the building of a community with a shared future for mankind.
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MIL OSI China News –
April 24, 2025
MIL-OSI: Gilat to Report First Quarter 2025 Results on Monday, May 19th

Source: GlobeNewswire (MIL-OSI)

PETAH TIKVA, Israel, April 24, 2025 (GLOBE NEWSWIRE) — Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today announced that it will release its first quarter 2025 financial results on Monday, May 19th, 2025.

Conference Call and Webcast

Following the release, Adi Sfadia, Chief Executive Officer, and Gil Benyamini, Chief Financial Officer, will discuss Gilat’s first quarter 2025 results and business achievements and participate in a question and answer session:

Date: Monday, May 19, 2025

Start: 09:00 AM EST / 16:00 IST

Dial-in: US: 1-888-407-2553

International: +972-3-918-0609

A simultaneous webcast of the conference call will be available on the Gilat website at www.gilat.com and through this link: https://veidan.activetrail.biz/gilatq1-2025

The webcast will also be archived for a period of 30 days on the Company’s website and through the link above.

About Gilat

Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we develop and deliver deep technology solutions for satellite, ground, and new space connectivity, offering next-generation solutions and services for critical connectivity across commercial and defense applications. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.

Together with our wholly owned subsidiaries—Gilat Wavestream, Gilat DataPath, and Gilat Stellar Blu—we offer integrated, high-value solutions supporting multi-orbit constellations, Very High Throughput Satellites (VHTS), and Software-Defined Satellites (SDS) via our Commercial and Defense Divisions. Our comprehensive portfolio is comprised of a cloud-based platform and modems; high-performance satellite terminals; advanced Satellite On-the-Move (SOTM) antennas and ESAs; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense markets, field services, network management software, and cybersecurity services.

Gilat’s products and tailored solutions support multiple applications including government and defense, IFC and mobility, broadband access, cellular backhaul, enterprise, aerospace, broadcast, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: http://www.gilat.com

Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to the terrorist attacks by Hamas, and the hostilities between Israel and Hamas and Israel and Hezbollah. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.

Contact:

Gilat Satellite Networks

Hagay Katz, Chief Product and Marketing Officer

hagayk@gilat.com

Alliance Advisors:

GilatIR@allianceadvisors.com

Phone: +1 212 838 3777

The MIL Network –

April 24, 2025
MIL-OSI Economics: Thales reports its order intake and sales for the first quarter of 2025
Source: Thales Group

Headline: Thales reports its order intake and sales for the first quarter of 2025

24 Apr 2025

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Order intake: €3.8 billion, down -25% (-27% on an organic basis¹)

Sales: €5.0 billion, up +12.2% (+9.9% on an organic basis)

All 2025 financial objectives confirmed²

Thales (Euronext Paris: HO) today announced its order intake and sales for the first quarter of 2025.

“In the first quarter of 2025, Thales recorded organic sales growth of nearly 10%, demonstrating the strong momentum of our Defence and Avionics activities, as well as the excellent visibility the Group enjoys.
Order intake in the first quarter of 2025 was solid, and showed growth compared to the same periods in 2022 and 2023. The decline observed compared to the first quarter of 2024 is explained by a particularly high comparison basis.
Thanks to the commitment of our teams, we confirm all our annual financial targets for 2025, including a book-to-bill ratio over 1 for the year 2025.”
Patrice Caine, Chairman & Chief Executive Officer

Order intake

Order intake for the first quarter of 2025 amounted to €3,778 million, down -27% at constant scope and exchange rates compared to the first three months of 2024 (-25% on a reported basis) due to a very high comparison base, particularly in the Defence segment. In the first quarter of 2024, Thales had recorded, among other contracts, two contracts with a unit value exceeding €500 million each: the third phase of the contract signed by Indonesia for the acquisition of Rafale aircraft (18 out of a total of 42), as well as an order for an air surveillance system for a military customer in the Middle East. However, the Group is benefiting from a robust commercial momentum in all its activities for this first quarter of 2025, particularly in the Aerospace segment. For reference, order intake amounted to €3,422 million in Q1 2023 and €3,033 million in Q1 2022.

During the first quarter of 2025, Thales recorded five large orders worth over €100 million each, for a total of €707 million:

Order from Space Norway, Northern Europe’s leading satellite operator, for the supply of a telecommunications satellite, THOR 8;

Order from SKY Perfect JSAT to Thales Alenia Space for JSAT-32, a geostationary telecommunications satellite;

Signing of a contract between Thales and the European Space Agency (ESA) to develop Argonaut, a future autonomous and versatile lunar lander designed to deliver cargo and scientific instruments to the Moon;

Order from the Dutch Ministry of Defence for the modernisation and support of vehicle tactical simulators;

Order from the French Defence Procurement Agency (DGA) for the development, production, and maintenance of vetronics equipment for various Army vehicles as part of the SCORPION programme.

At €3,071 million, order intake with a unit value of less than €100 million was down -10% compared to the first three months of 2024; meanwhile, those with a unit value of less than €10 million were slightly up in the first quarter of 2025.

Geographically⁴, order intake in mature markets amounted to €2,914 million, similar to the first quarter of 2024 (+2% on a reported basis and a decrease of -1% at constant scope and exchange rates). Order intake in emerging markets amounted to €864 million (-61% as of March 31, 2025, in organic terms), affected by a very high comparison basis in these markets from the first quarter of 2024 (contracts for the Rafale in Indonesia and for an air surveillance system for a military customer in the Middle East mentioned previously).

Order intake in the Aerospace segment totaled €1,530 million, compared to €1,003 million in the first three months of 2024 (+45% at constant scope and exchange rates). The Avionics market continued to benefit from strong demand across its various businesses and recorded one large order with a unit value exceeding €100 million in its Training and Simulation business. In addition, Space benefited in the first quarter from favorable phasing of expected 2025 order intake, with the notification of three large orders with a unit value greater than €100 million, two related to the telecommunications business and one to the exploration business.

At €1,302 million (compared to €3,122 million in the first three months of 2024, representing an organic change of -59%), order intake in the Defence segment compared to a very high base in Q1 2024. One large order with a unit value over €100 million was recorded in the first quarter of 2025 compared to four in the same period in 2024. The Group reaffirms its objective of a book-to-bill ratio greater than 1 for the Defence segment in 2025.

At €922 million, order intake in the Cyber & Digital segment was structurally very close to sales as most business lines in this segment operate on short sales cycles. The order book is therefore not significant.

Sales

Sales for the first quarter of 2025 reached €4,960 million, compared to €4,421 million in the first quarter of 2024, up 9.9%⁵ at constant scope and exchange rates (up 12.2% on a reported basis).

Geographically⁶, sales recorded solid growth in both mature markets (+9.7% in organic terms), notably in the United Kingdom (+14.9%) and emerging markets with organic growth of +10.5% during the period.

Sales in the Aerospace segment amounted to €1,342 million, up 13.5% compared to the first quarter of 2024 (+8.4% at constant scope and exchange rates). This growth reflects ongoing robust demand in the Avionics market, leading the business to grow double-digit and achieve a solid performance across all activities as well as in both civil and military domains. Sales in the Space business continue to be impacted by the weak demand observed over the past two years in telecommunications satellites.

Sales in the Defence segment totaled €2,685 million, up +16.5% compared to the first quarter of 2024 (+15.0% at constant scope and exchange rates). This growth is observed across all businesses in the Defence segment, notably in land and air systems, which benefitted from production capacity expansion projects being deployed, especially for radars’ production.

Sales in the Cyber & Digital segment stood at €903 million, down -1.5% compared to the first three months of 2024 (-2.1% at constant scope and exchange rates), reflecting contrasting trends:

Cyber businesses were stable in the first quarter of 2025 (+0.2% at constant scope and exchange rates):

The Cyber Security Products business is recording growth, leveraging Imperva’s complementary offer. The beginning of 2025 is moreover marked by the merger of the Imperva and Thales’ sales teams, a key step in the integration process that will unlock the full potential of the business, though its execution may generate some short-term disturbances;

The Cyber Premium Services business was impacted by a soft market demand start this first 2025 quarter, notably in Australia, and reported a decline in sales compared to the first quarter of 2024. For this business, which represents approximately 20% of total Cyber activity, the Group’s priority is to standardise operations to improve margins and focus the sales strategy on selective profitable growth segments.

In Digital businesses (down -3.6% at constant scope and exchange rates):

Sales from Payment Services returned to positive growth in the first quarter of 2025, after five consecutive quarters of decline;

Sales in Identity and Biometrics solutions declined. This business faced revenues downturn due to COVID in 2020. Post pandemic, an important catch-up effect occurred through to 2024, in the travel documents segment. As a consequence, the comparison effect is not favourable as this business is now normalising to a more usual run rate.

Outlook

Thales continues to benefit from a strong visibility in the vast majority of its businesses and enjoys a robust medium to long-term outlook.

The Group has initiated preliminary work to assess the impacts of the increase in tariffs, as they are stand today. Such analysis takes into account the affected flows on the one hand, and the cases of exemption from tariffs on the other hand (such as in defence activities), along with certain protective contractual conditions in our export contracts (incoterms). Furthermore, Thales is working on mitigation plans in response to these new regulations: use of specific customs programmes such as duty drawback or temporary Importations under Bonds, the redirection of certain production flows, transfer pricing, supply chain adjustments (alternate sourcing), customer surcharging…

These estimates are based on the latest available information on announced tariffs increases and exemptions as known on April 24, 2025, and Thales’ estimates to date. At this stage, the Group estimates that the net direct impact from those elements is contained. The potential indirect impact is not known at this stage.

As a result, assuming no new disruptions of the macroeconomic geopolitical context and the evolution of new tariffs, Thales confirms all of its 2025 financial objectives, as listed below:

A book-to-bill ratio above 1;

Organic sales growth of between +5% and +6%, corresponding to annual sales in the range of €21.7 billion to €21.9 billion⁷;

An Adjusted EBIT margin between 12.2% and 12.4%.

****

^{This press release contains certain forward-looking statements. Although Thales believes that its expectations are based on reasonable assumptions, actual results may differ significantly from the forward-looking statements due to various risks and uncertainties, as described in the Company’s Universal Registration Document, which has been filed with the French financial markets authority (Autorité des marchés financiers – AMF).}

¹^{In this press release, “organic” means “at constant scope and exchange rates”.}

²^{Assuming no new disruptions of the macroeconomic geopolitical context or evolution of new tariffs.}

³^{Mature markets: Europe, North America, Australia, New Zealand. Emerging markets: all other countries.}

⁴^{See table on page 6.}

⁵^{Taking into account a currency effect of €17 million and a net scope effect of €84 million.}

⁶^{See table on page 6.}

^{7 Based on April 2025 scope and year to date average foreign exchange rates as of April 2025.}

MIL OSI Economics –
April 24, 2025
MIL-OSI China: Philippines’ provocations undermine common interests of regional countries: Defense Spokesperson 2025-04-24 “The Philippines frequently conducted the so-called joint patrols and exercises, and invited and deployed strategic and tactical weapons, seriously undermining the common interests of regional countries,” said a Chinese defense spokesperson on Thursday.
Source: People’s Republic of China – Ministry of National Defense 2

BEIJING, April 24 — “The Philippines frequently conducted the so-called joint patrols and exercises, and invited and deployed strategic and tactical weapons, seriously undermining the common interests of regional countries,” said a Chinese defense spokesperson on Thursday.

Senior Colonel Zhang Xiaogang, spokesperson for China’s Ministry of National Defense, made the remarks at a regular press conference when asked to comment on the recent exercises conducted by the US, the Philippines and other countries.

According to media report, the US, the Philippines and other countries are conducting Exercise Balikatan. As part of the exercise, the US military has, for the first time, deployed anti-ship missile system to the Luzon Strait north of the Philippines. Some analysts believe that this is to simulate the blockade of the Bashi Channel during a crisis in the Taiwan Strait. Previously, the Philippines and the US also organized Exercise Cope Thunder.

“We always hold that military cooperation between countries should not target or hurt the interests of any third party, nor should it jeopardize regional peace and stability. The South China Sea should be a sea of peace, cooperation and friendship,” said Snr. Col. Zhang.

“However, the Philippines holds a candle to the devil by currying favor and colluding with the US and other outside countries,” he said.

The spokesperson stressed that the Chinese side firmly opposes any country using Taiwan question as an excuse to strengthen regional military deployment and stir up tension and confrontation.

“Regardless of external challenges and turbulence, China will resolutely safeguard its territorial sovereignty and maritime rights and interests, and firmly maintain peace and stability in the region,” said the spokesperson.

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MIL OSI China News –
April 24, 2025
MIL-OSI China: China-Egypt Eagles of Civilization 2025 joint air force training deepens cooperation between two militaries: Defense Spokesperson 2025-04-24 “This will help enhance technical and tactical capabilities of the two air forces and deepen substantive cooperation between the Chinese and Egyptian militaries,” said Senior Colonel Zhang Xiaogang.

Source: People’s Republic of China – Ministry of National Defense 2

BEIJING, April 24 — “This will help enhance technical and tactical capabilities of the two air forces and deepen substantive cooperation between the Chinese and Egyptian militaries,” said Senior Colonel Zhang Xiaogang, spokesperson for China’s Ministry of National Defense, at a regular press conference on Thursday.

The spokesperson made the above remarks when being asked to introduce the tactical and strategic outcomes of the on-going China-Egypt Eagles of Civilization 2025 joint air force training.

The spokesperson said that Eagles of Civilization 2025 joint air force training is the first joint training between the Chinese and Egyptian armed forces. The two sides deployed fighter jets, AEW&Cs, tankers and helicopters to the event. Drills on air combat and air refueling began on April 19, and subjects of air support and battlefield search and rescue will also be covered.

“The joint training will run until early May. The Chinese PLAAF aircraft will train in collaboration with assets of the Egyptian Air Force. This will help enhance technical and tactical capabilities of the two air forces and deepen substantive cooperation between the Chinese and Egyptian militaries,” added the spokesperson.

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MIL OSI China News –

April 24, 2025

MIL-OSI Security: NATO Summit media advisory

Source: NATO

The Netherlands will host a NATO Summit in The Hague on 24-25 June 2025. The meeting will be chaired by the NATO Secretary General and will take place at the World Forum, Churchillplein 10, 2517 JW The Hague, Netherlands.
Media accreditation for the event is now open. See details below.
An international Media Centre, designated for the accredited media, will operate at the Summit venue from the 23 to 26 June 2025. Media representatives will access the premises through the Accreditation Office.

MEDIA ACCREDITATION IS OPEN

Media representatives wishing to cover the Summit in person (including those with an annual accreditation with NATO) will need to register here.
The deadline to register and apply for media accreditation is 6 June 2025, 23h59 CEST.
Media representatives need to apply as soon as possible to allow sufficient time for processing their requests. Due to high demand, late applications will not be considered.
NATO will confirm the accreditation by email, via the email address used to register, together with details about how media representatives can pick up their badges.
Due to high demand and space limitations, NATO recommends media organisations to limit their physical presence on site.
Media representatives will pick up their badge in-person in the Accreditation Office. It is mandatory to bring:
- the same ID document that you used to apply for accreditation online
- the same proof of media status (press card and/or Letter from your Editor) used for the registration
- and confirmation email (with QR code) in order to receive your pass.
In accordance with NATO media accreditation procedures, NATO reserves the right to deny or withdraw accreditation of media representatives from media organisations who abuse their privileges, put the accreditation to improper use, or act in a way not consistent with the principles of the Organization.

ACCESS

The Accreditation Office will be the only point of entry and exit for the NATO Summit Media Centre.
The Accreditation Office will be located at Stadhouderslaan 15, The Hague. It will be accessible by city public transport (tram/bus), taxi, car or bike. There are no parking facilities nearby the venue. A passenger drop-off point and bicycle racks will be available.

OPENING HOURS

Times and dates are subject to change

	Accreditation Office	International Media Centre
Saturday 21 June	Open	Closed
Sunday 22 June	Open (PM)	Open (PM) for broadcasters only
Monday 23 June	Open	Open
Tuesday 24 June	Open	Open
Wednesday 25 June	Open	Open 24h
Thursday 26 June	Closed	Open until 2h00 a.m.

MEDIA PROGRAMME

The media programme will be available online at a later stage. To help with media travel plans, the Summit’s formal opening is on 24 June 2025, and its end in the afternoon on 25 June 2025.
Details about the programme and media logistics will be available in mid-June. Please check the NATO website and X accounts (@NATOPress and @NATO) for updates.
All summit media events will be transmitted live by the Summit Host TV to the media centre, online and via satellite. Bilateral events between delegations are not a part of the official Summit programme. Details of these bilateral events should be sought from the delegations concerned.

POOLS

Visual media will be able to cover the main summit events based on a pool system. More details about pool opportunities will be provided together with the media programme.
Journalists accepting a NATO pool position must share immediately all information and material collected while in the pool with any accredited media that request it, at no charge and with no restriction on the use of the material for news purposes. Media organisations that want pooled images should first contact the wire service / photo agency of which they are a client. Media representatives and news organisations must identify that it is pooled material every time it is used. Pooled material can only be used for legitimate news purposes and it cannot be sold.

MEDIA CENTRE – FACILITIES

The Media Centre will offer:
- A press working area, including CCTV, Wi-Fi as well as wired internet connection.
- A limited number of TV and radio editing booths.
- A press conference area with informal media huddle positions and briefing rooms of different sizes.
- An information desk and access to the NATO and Dutch media teams.
- Catering area.
- A limited number of outdoor and indoor stand-up positions.
- Limited area for satellite and TV van parking.
- Live video feed distribution (HDSDI 1080/50i BNC terminal)
- A fully equipped TV studio wired for live transmission (only for the leaders’ engagements).
- Limited space available for broadcasters wishing to set up their own area for live TV.
Working space in the Media Centre’s general working area does not need to be pre-booked and can be used on a first come-first-served basis.
The TV and radio editing booths, the indoor and outdoor stand-up positions as well as space for dedicated TV studios need to be booked in advance. Look for more details in the Broadcasting chapter bellow.

BROADCAST

NEP Groep/Wirtz Film will act as Host TV for the NATO Summit. All Summit events open to the media will be covered by the Host TV and will be available via satellite (on world feed), in the International Media Centre and on the NATO website.
Broadcast-quality B-roll will be available for free download from the NATO Multimedia Portal. Journalists need to register to the portal to be able to download videos: natomultimedia.tv/portal/Register.html. For more information, contact content@natomultimedia.tv.
Transcripts of the Secretary General’s public remarks, as well as pictures taken by NATO photographers will be available on the NATO website.
The Media Centre will include a limited number of bookable editing booths for television and radio. Requests for booking should be addressed to broadcastoperations@mfasummits.nl before 6 June 2025.
The following complimentary amenities will be available in the editing booths:
- Desks and working space for 2 people;
- Light, electricity (230v on 2-pin distribution boards), lockable door;
- Wi-Fi and cabled internet;
- Access to the (main) video feed based on HDSDI1080i50 with 8ch embedded audio
Outdoor stand-up positions will be situated near the International Media Centre, with a view on the Summit venue. The indoor stand-up positions will have a view on the press filing area. All positions will be equipped with electrical power, internet connection, and have Summit branding elements. Outdoor positions will have a canopy in case of inclement weather.
Broadcasters who plan for continuous live coverage can book a dedicated stand-up position at broadcastoperations@mfasummits.nl before 6 June 2025.
A fully equipped TV studio wired for live transmission will also be available only for the engagements with leaders and will be open for booking by national delegations.
Limited space is available for broadcasters who wish to set up their area for continuous live coverage. Basic amenities will be available (backdrop, basic furniture, access to electricity and internet). For bookings and further details please contact broadcastoperations@mfasummits.nl before 6 June 2025.
There is very limited parking place available for broadcasters to park their satellite or TV vans near the Media Centre in the secure area. For reservations, send an e-mail to broadcastoperations@mfasummits.nl. Broadcasters will be contacted separately with access information. Due to security restrictions, satellite trucks will be required to remain parked for the duration of the Summit. Access is possible on 22 or 23 of June 2025.
Distances from the SNG / TV vans compound to:
- Outdoor Stand-up positions: 600 m
- Indoor Stand-up positions: 450 m
- Workspaces/Editbooths: 550 m
- Indoor live TV areas (mentioned in para 29): 550 m
  For OB-trucks add another 170 m
Satellite and TV vans will have access to electrical power (380V/50Hz/5 pins CEE) and wired internet (50 Mb up/down). Broadcasters should bring their own cables to connect to the electric network. Pool feeds will be available at the SNG Compound (HD-SDI 1080i50)
Limited fibre connection from the editing booths area and interior stand-up positions will be available to the satellite and tv vans parking (for video HDSDI1080i50 or analogue line level audio). Specific requirements and technical questions can be sent to broadcastoperations@mfasummits.nl.
Media representatives can bring their bulky equipment and satellite and tv vans to the Media Centre on 22 June 2025, upon appointment. Please send a request to broadcastoperations@mfasummits.nl before 13 June 2025. Media representatives will receive more detailed information of the procedure after sending an e-mail.
All wireless device usage at the NATO Summit must be pre-approved and registered with RDI. Due to the high demand for radio spectrum, special licensing, testing and tagging protocols will be enforced. To apply for a license, submit a request form to RDI with details of your equipment and intended use. Licenses are issued based on availability and priority.
For more information: Public events | Rijksinspectie Digitale Infrastructuur (RDI)

CATERING

Tea, coffee, water and snacks will be available free of charge during the opening hours of Media Centre. Hot meals will be available at set times, also free of charge.

PUBLIC DIPLOMACY AND DEFENCE INDUSTRY EVENTS

There will be a flagship public diplomacy event, the NATO Public Forum, taking place on the Summit site on 24 and 25 June. The Forum is organised by the NATO Public Diplomacy Division, together with the host nation and three Dutch-based international think tanks – the Atlantic Commission, The Hague Centre for Strategic Studies (HCSS) and the Netherlands Institute for International Relations Clingendael. The event will be livestreamed on NATO YouTube. A number of Heads of State and Government, Ministers and high-level international security policy experts are expected to speak. The agenda will be available closer to the Summit on natopublicforum.org.
NATO, the Dutch Ministries of Foreign Affairs and of Defence, and VNO-NCW, the largest employers’ organisation in the Netherlands, will organise the NATO Summit Defence Industry Forum at the Summit venue, to facilitate high-level engagements of NATO, Allied Ministers and governments officials with executives from defence and non-defence industry, including from small and medium-size enterprises and start-ups. Details will be provided in due course.
Media representatives accredited to the Summit will have opportunities for direct coverage; details will be specified in the media program.

ACCOMMODATION AND TRANSPORTATION

Media representatives are invited to book accommodation in or close (Delft/Leiden) to The Hague by contacting the hotels directly. If useful, The Hague & Partners is well placed to provide guidance for accommodation.

TRAVELLING TO THE HAGUE FOR THE NATO SUMMIT – VISAS

Journalists who need a visa to enter The Netherlands will be responsible for making their own arrangements. More information on visa requirements is available on the webpage of the Ministry of Foreign Affairs of Netherlands here: Check if you need a visa for the Netherlands | Travelling to the Netherlands | Government.nl

CONTACTS

Please send your enquiry to the appropriate email address:

NATO Summit Media Coordination
Ms Alina COCA – Summitmediaoperations@hq.nato.int

The Netherlands Media Coordination – mediaoperations@minbuza.nl

Media queries on substance (Summit content) and interview requests for NATO officials:

Contact the NATO Press Office

MIL Security OSI –

April 24, 2025

MIL-OSI Global: Threatening diversity, threatening growth: the business effects of Trump’s anti-DEI and anti-trans agendas

Source: The Conversation – France – By Matteo Winkler, Professeur associé en droit et fiscalité, HEC Paris Business School

Recent months have seen a dramatic shift in US policies on diversity, equity, and inclusion (DEI). These changes carry deep economic consequences. President Donald Trump’s executive orders aim to ban DEI initiatives in federal agencies and contractors, and private companies have felt pressure to weaken or drop their DEI programmes. Trump has framed what was once a corporate safeguard against discrimination as “illegal and immoral”, marking a stark reversal in legal and business norms. Federal judges have blocked some of Trump’s orders, or elements of them, and some legal processes are ongoing.

Transgender rights have become a lightning rod in this shifting landscape. The barrage of federal directives seeks to challenge – or outright eliminate – protections in areas ranging from health care to education to the military. Beyond the immediate harm to trans individuals, these policies pose threats to multinational companies that have long defended inclusive workplace values. Their leaders must now navigate a cultural minefield where staying silent risks public backlash, while openly supporting trans employees can invite legal and political complications. The business repercussions of this moral issue could affect everything from brand reputation to talent retention.

A weekly e-mail in English featuring expertise from scholars and researchers. It provides an introduction to the diversity of research coming out of the continent and considers some of the key issues facing European countries. Get the newsletter!

The economic imperative of DEI initiatives

There is a growing ensemble of research suggesting that DEI policies are not just nice-to-have but a corporate imperative. This year, the World Economic Forum reported that organizations that include DEI in their core business strategies improve performance, innovation and employee satisfaction. These findings are in line with other studies, which have consistently demonstrated that inclusive workplaces not only attract top talent but perform better financially and have higher returns on assets and net income.

With regard to people identifying as LGBTI+, a 2024 report by the Organization for Economic Co-operation and Development highlighted that inclusive policies enable LGBTI+ individuals to achieve their full employment and productivity potential, benefiting both their well-being and society at large. Moreover, according to Open for Business, a think tank whose mission is making a case for LGBTQ+ inclusion in private and public settings, companies with “larger LGBTQ+ workforce benefit from diverse perspectives but also foster environments where innovation and productivity thrive”. It has also been found that human rights violations against LGBTI+ people diminish economic output at the micro level, suggesting that inclusive societies are more likely to experience robust economic growth.

À lire aussi :
Business schools are facing challenges to their diversity commitments. They must reinforce them to train leaders effectively

Research has also shown that trans-inclusive business practices have long been associated with innovation, employee satisfaction and market competitiveness. Companies that provide gender-neutral bathroom access, introduce the inclusive use of pronouns and support employees’ gender transitions have been proven to foster relational authenticity in the workplace.

Discrimination and exclusion, by contrast, not only harm individuals but also impede economic growth by limiting the available talent pool and reducing overall productivity. In September 2024, the American Civil Liberties Union (ACLU) reported that “laws and policies designed to restrict or prevent access or supports for transgender and nonbinary people” endanger LGBTQ+ individuals and their allies, leading to increased fear, lack of safety and a rise in anti-LGBTQ+ violence. More generally, these laws and policies can also deter businesses from investing in regions perceived as discriminatory. Also in September, the Movement Advancement Project identified that the lack of legal protection against discrimination contributes to economic instability for LGBTQ+ families, which can lead to wage gaps, job insecurity and reduced access to benefits, ultimately contributing to reduced consumer spending and lower economic participation.

Language targeting trans rights and visibility

Despite the benefits of DEI initiatives, the current US administration has sought to enact several policies aimed at dismantling them, resulting in organizations, both public and private, to suspend funding for DEI and outreach programmes. In Trump’s executive orders, anything – policy, programme or initiative – related to or benefitting trans people in access to healthcare, academic research, scientific inquiry, school policies, personal safety, participation in sports, and military service is now rejected as “gender ideology extremism”.

Targeting sports, education and the military is functional to an ideological battle aimed at erasing spaces where trans people are most vulnerable. These spaces are also formative arenas in shaping national identity and the public perception of DEI initiatives. When they become politicized, they can also affect how businesses frame their values, manage risks and engage with their different stakeholders.

À lire aussi :
Anti-DEI guidance from Trump administration misinterprets the law and guts educators’ free speech rights

The anti-trans executive orders begin by redefining the term “sex” for interpretations of federal law. According to the text of “Defending Women from Gender Ideology Extremism and Restoring Biological Truth to Federal Government”, a person is either male or female, which is determined by their reproductive cells at conception – a definition in which biology takes precedence over individual rights and legal protections. “Keeping Men Out of Women’s Sports” weaponizes this “biological truth” by threatening to cut off federal funds to schools that allow trans athletes to participate in them. “Prioritizing Military Excellence and Readiness” equates being transgender with medical or physical incapacity despite no evidence suggesting that trans service members negatively impact military readiness. “Ending Radical Indoctrination in K-12 Schooling” seeks to prevent schools from teaching about gender identity, which would strip trans youth of critical support systems. And “Protecting Children from Chemical and Surgical Mutilation” describes gender-affirming healthcare as “destructive”.

The ripple effects of this anti-trans rhetoric extend into the private sector, compelling businesses to reevaluate their DEI strategies in fear of backlash or scrutiny. Even before the last US presidential election, companies such as Ford, Harley-Davidson and Lowe’s withdrew their participation in the Corporate Equality Index, a national benchmarking tool on corporate policies and practices related to LGBTQ+ workplace equality. In the wake of Trump’s anti-DEI and anti-trans orders, organizers of various Pride events in the US and Canada learned that some corporations, including longtime sponsors, had decided not to fund them. And according to the New York Times, some companies erased language and terms related to DEI from annual reports filed this year, including Dow Chemical, whose reference to LGBTQ+ employee resource groups disappeared from its public documents.

Navigating between inclusive values and anti-DEI pressure

Three patterns seem to be emerging on how companies are navigating the tension between values that are inclusive of LGBTI+ people and the growing pressure to scrub DEI commitments within the US context. For the moment, these patterns do not reflect formalized strategies but adaptive responses to an environment that has grown in complexity in a very short time. Some corporate actions reflect deliberate strategy aimed at protecting global consistency, while others appear more reactive, shaped by local market pressures.

The first pattern involves establishing a sort of internal firewall between US and international operations. Banco Santander provides a clear example of this approach. Thus far, it has maintained global DEI commitments such as tying executive bonuses to increased gender equality in leadership. This group stated that such targets would not be applied to countries where governmental policies target DEI. In this pattern, DEI programmes are maintained abroad but are dismantled in the US to minimize political exposure in the latter.

The second approach, observed at accounting firm Deloitte, is a cultural split between US operations and those overseas: while entities under the same global brand may still share data, practices, or strategic frameworks internally, they now adopt publicly distinct positions on DEI. Deloitte UK has remained vocal on its DEI commitments, highlighting the cultural and political fault lines that multinationals must now navigate.

The third approach is a retraction of DEI altogether. Target offers a striking example. In 2023, under increased political and consumer pressure, the company rolled back some of its LGBTQ+ inclusion efforts by reducing the number of Pride-related items for sale. In 2025, four days after Trump’s inauguration, Target announced it would “end its three-year DEI goals”, cease reporting to the Corporate Equality Index and “end a program focused on carrying more products from Black- or minority-owned businesses”, as reported by CNBC. The moves resulted in considerable public criticism, and more notably, coincided with a marked drop in foot traffic – “nearly 5 million fewer visits” over a four-week period – revealing reputational and financial risks associated with the abandoning of DEI policies. By contrast, bulk retailer Costco, which said three days after the inauguration that its shareholders voted against a proposal seen as unfriendly to the company’s DEI programmes, “saw nearly 7.7 million more visits” during that same stretch.

À lire aussi :
A boycott campaign fuels tension between Black shoppers and Black-owned brands – evoking the long struggle for ‘consumer citizenship’

In light of the evidence, it is clear that undermining DEI initiatives poses substantial risks – not just to human dignity, but to economic competitiveness. Businesses and policymakers must recognize that DEI is not merely a social or ethical imperative but a core strategy for growth and innovation. By fostering environments where all individuals can thrive, we unlock the full potential of our workforce and ensure sustainable economic growth.

Conversely, discriminatory policies contribute to social instability, brain drain and economic stagnation. In the United States, the rollback of DEI initiatives and the marginalization of transgender individuals threaten to erode the nation’s ability to uphold human rights and maintain business competitiveness. History demonstrates that exclusionary policies ultimately harm societies rather than strengthen them. The question remains whether the US can afford to sacrifice social stability and economic growth in pursuit of ideological battles. The evidence suggests that it cannot.

Matteo Winkler is a member of the Open for Business Academic Committee. He has received funding from the HEC Foundation.

Marcelle Laliberté is a member of Women in Aerospace Europe and HEC We&Men, and a contributor to the UN`s High Advisory Board on Governing AI for Humanity.

– ref. Threatening diversity, threatening growth: the business effects of Trump’s anti-DEI and anti-trans agendas – https://theconversation.com/threatening-diversity-threatening-growth-the-business-effects-of-trumps-anti-dei-and-anti-trans-agendas-255040

MIL OSI – Global Reports –

April 24, 2025
MIL-OSI Russia: NSU held a telethon with colleagues from the National University of Uzbekistan

Translation. Region: Russian Federal

Source: Novosibirsk State University – Novosibirsk State University –

Novosibirsk State University held a telethon with colleagues from the National University of Uzbekistan named after Mirzo Ulugbek “Heroes of Science and the Front: Memory of Teachers and Scientists”, dedicated to the 80th anniversary of the Victory in the Great Patriotic War.

The telethon was organized by partners in the Consortium of Researchers of the History of North and Central Asian Countries, the Humanitarian Institute of NSU and the Faculty of History of the Mirzo Ulugbek National University of Uzbekistan.

Opening the meeting, Professor, Doctor of Historical Sciences Andrey Zuyev emphasized: “A lot of time has passed, but we must not forget about this, the most grandiose event of the 20th century for our history. Representatives of all peoples and social groups of the Soviet Union took part in the war. And our event is dedicated to preserving the memory of the teachers and scientists who contributed to the common Victory.”

Professor of the National University of Uzbekistan, Doctor of Historical Sciences Akhmadjon Khalikulov, who spoke in response, shared the same point of view.

The telethon program opened with a report by Academician of the Russian Academy of Sciences, Professor Vyacheslav Molodin, “Scientists of Siberia on the Front of the Great Patriotic War and in the Post-War Period,” which became the basis for a chapter in a collective monograph on this topic, prepared by the Siberian Branch of the Academy of Sciences.

He recalled that during the war, many scientists were already working in Novosibirsk, where the Novosibirsk Committee of Scientists was created in early 1942, with Academician S.A. Chaplygin becoming its honorary chairman. A year later, a branch of the USSR Academy of Sciences was formed, consisting of the following institutes: Mining and Geology, Transport and Energy, Chemical and Metallurgical, and Medical and Biological.

“Among the priority tasks facing the institutes of the Siberian branch of the Academy of Sciences was the use of natural resources of the Urals and Siberia in the interests of the country’s defense, since many sources of strategic raw materials ended up in enemy-occupied territories,” Molodin said. And, as the academician showed in his report, the geologists successfully coped with it.

It is difficult to overestimate the contribution to the victory of the future founders of Akademgorodok. Mikhail Alekseevich Lavrentyev developed the theory of cumulation and decoding the actions of cumulative shells, on the basis of which a number of effective anti-tank ammunition was created, which played, among other things, a significant role in the outcome of the Battle of Kursk. The research of Sergei Alekseevich Khristianovich helped to increase the accuracy of shooting of another important class of weapons of that war – multiple launch rocket systems. The third co-founder of Akademgorodok Sergei Lvovich Sobolev worked on the development of computational mathematics during the war, and the results of his work later found expression in the successful implementation of the atomic and space projects of the Soviet Union.

Many of the future famous scientists of the Siberian Branch of the Academy of Sciences went through the Great Patriotic War as soldiers and officers of the Red Army. Among them were the founder of the Institute of Nuclear Physics G.I. Budker, the founder of the Institute of Semiconductor Physics A.V. Rzhanov, one of the founders of the Institute of Thermal Physics S.S. Kutateladze, the author of the famous experiment on domesticating foxes and one of those who revived genetics in the USSR D.K. Belyaev, the future founder of the Physics and Mathematics School and one of the fathers of Soviet cybernetics A.A. Lyapunov and many others, whose names were also mentioned in Academician Molodin’s report.

Also, as part of the telethon, PhD in History Stanislav Egorov presented a digital exhibition “From the War Fronts to the Scientific and Teaching Front: NSU Humanities Scientists — Participants in the Great Patriotic War.”

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

April 24, 2025

MIL-OSI: Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance

Source: GlobeNewswire (MIL-OSI)

Press Release

VELIZY-VILLACOUBLAY, France — April 24, 2025

Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance

Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the first quarter 2025 ended March 31, 2025. The Group’s Board of Directors approved these estimated results on April 23, 2025. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

Summary Highlights¹

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

1Q25: Software revenue increased by 5% driven by recurring revenue up 7%;
1Q25: Strong subscription growth of 14%, bringing New business up 7%;
1Q25: 3DEXPERIENCE software revenue growth of 17%;
1Q25: Diluted EPS up 5% (6% as reported) to €0.32;
1Q25: Cash flow from operations grew 21%, as reported, to €813 million (IFRS);
FY25: Full year objectives unchanged, total revenue growth of 6-8% and diluted EPS of €1.36-€1.39.

Dassault Systèmes’ Chief Executive Officer Commentary

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

“In February this year we announced Gen 7, the new generation of representation of our customers’ virtual universes – we call it 3D UNIV+RSES. This seventh generation of MODSIM data, powered by AI and spatial computing, makes the 3DEXPERIENCE the next-generation platform for knowledge and know-how, establishing it as a global IP management platform. Early customer feedback confirms that platform-based AI leveraging virtual twins creates competitive advantage.

We’ve had a solid start to the year. In the first quarter, the Manufacturing Industries sector performed well led by Aerospace & Defense and High Tech, along with Transportation & Mobility in China, Japan and US. At the same time, we’re accelerating in Sovereign Infrastructure, where energy, security, and AI capabilities – through high-performance data centers – are becoming strategic imperatives for nations and territories.

We are committed to being the trusted partner for our customers – helping them stay ahead, while strengthening our leadership position for the long term and raising barriers to entry.”

Dassault Systèmes’ Chief Financial Officer Commentary

(revenue, operating margin and diluted EPS (‘EPS’) growth rates in constant currencies,
data on a non-IFRS basis)

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

“In the first quarter, our revenue is driven by strong subscription growth of 14%. As a result, recurring revenue now represents 86% of software revenue, highlighting the resilience of our business model. Regarding operational efficiency, we reached the upper end of our EPS guidance and saw strong growth in operating cash flow, increasing by 21% as reported.

Entering 2025, our approach was to provide a risk-adjusted financial outlook. Since then, the introduction of new tariffs has created a more volatile market environment, which could lead to longer decision-making cycles. That said, our pipeline remains solid, and our current visibility aligns with the midpoint of our full year guidance.

Therefore, we keep our 2025 outlook of 6-8% total revenue growth and 7-10% EPS growth unchanged. In addition, we are slightly adjusting our operating margin target, expecting a year-over-year expansion of 50-70 basis points, versus 70-100 basis points prior, to gain additional flexibility and invest in Gen 7 to support our long-term growth.”

Financial Summary

In millions of Euros, except per share data and percentages	IFRS				Non-IFRS
In millions of Euros, except per share data and percentages	Q1 2025	Q1 2024	Change	Change in constant currencies	Q1 2025	Q1 2024	Change	Change in constant currencies
Total Revenue	1,573.0	1,499.7	5%	4%	1,573.0	1,499.7	5%	4%
Software Revenue	1,432.7	1,352.8	6%	5%	1,432.7	1,352.8	6%	5%
Operating Margin	19.4%	21.6%	(2.3)pts		30.9%	31.1%	(0.2)pt
Diluted EPS	0.20	0.21	(9)%		0.32	0.30	6%	5%

First Quarter 2025 Versus 2024 Financial Comparisons

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

Total Revenue: Total revenue in the first quarter grew by 4% to €1.57 billion, and software revenue increased by 5% to €1.43 billion. Subscription & support revenue rose by 7%; recurring revenue represented 86% of software revenue, up 2 basis points versus last year. Licenses and other software revenue declined by 10% to €198 million. Services revenue was down 6% to €140 million, during the quarter.
Software Revenue by Geography: Revenue in the Americas increased by 7% to represent 43% of software revenue. This growth acceleration is driven by Aerospace & Defense, Transport & Mobility and High-Tech. Despite tariff uncertainty, Europe increased by 1%, led by good growth in Aerospace & Defense. Europe represented 36% of software revenue. In Asia, revenue increased by 5%, driven by India, Southeast Asia and Korea. Asia represented 22% of software revenue.
Software Revenue by Product Line:
- Industrial Innovation software revenue increased by 8% to €793 million. This strong broad-based performance was led by CATIA, ENOVIA, DELMIA and NETVIBES. Industrial Innovation software represented 55% of software revenue.

Life Sciences software revenue was stable at €293 million, accounting for 20% of software revenue. MEDIDATA was impacted by continued CRO² headwinds, while benefiting from the steady dynamic with Large Pharma and Mid-Market.
Mainstream Innovation software revenue increased by 2% to €347 million. SOLIDWORKS had a slow start to the year, but saw solid bookings and good momentum in 3DEXPERIENCE adoption. CENTRIC PLM was impacted by timing of renewals, after an exceptional year of growth in 2024. Mainstream Innovation represented 24% of software revenue, during the period.

Software Revenue by Industry: Aerospace & Defense, High Tech and Industrial Equipment were among the best performers during the quarter.
Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 17%, driven by Aerospace & Defense, High Tech and Transportation & Mobility, along with opportunities in the sovereign infrastructure domain. 3DEXPERIENCE software revenue represented 39% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 7% and represented 25% of software revenue during the period. 3DEXPERIENCE Cloud software revenue increased by 41%.
Operating Income and Margin: IFRS operating income declined by 6% to €304 million, as reported. Non-IFRS operating income increased by 3% in constant currencies to €486 million (up 4% as reported). The IFRS operating margin stood at 19.4% compared to 21.6% in the first quarter of 2024. The non-IFRS operating margin totaled 30.9% versus 31.1% during the same period last year.
Earnings per Share: IFRS diluted EPS was €0.20, down 9% as reported. Non-IFRS diluted EPS grew to €0.32, up 6% as reported, or 5% in constant currencies.
Cash Flow from Operations (IFRS): Cash flow from operations totaled €813 million, an increase of 21% relative to the same period last year with strong cash collection. Cash flow from operations was principally used for the acquisition of ContentServ for €191 million (net of €11 million of cash acquired), repurchase of Treasury Shares for €80 million, repayment of debt for €59 million and €56 million for investments in CAPEX.
Balance Sheet (IFRS): Dassault Systèmes had a net cash position of €1.79 billion as of March 31, 2025, an increase of €0.33 billion, compared to €1.46 billion for the year ending December 31, 2024. Cash and cash equivalents totaled €4.24 billion at the end of March 2025.

Financial Objectives for 2025

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


		Q2 2025	FY 2025
Total Revenue (billion)		€1.520 – €1.580	€6.567 – €6.667
Growth		2 – 6%	6 – 7%
Growth ex FX		3 – 7%	6 – 8%

Software revenue growth *		3 – 7%	6 – 8%
	Of which licenses and other software revenue growth *	(6) – 1%	2 – 6%
	Of which recurring revenue growth *	5 – 8%	7 – 8%
Services revenue growth *		3 – 7%	4 – 6%

Operating Margin		29.8% – 29.9%	32.3% – 32.6%

EPS Diluted		€0.30 – €0.31	€1.36 – €1.39
Growth		(1) – 3%	7 – 9%
Growth ex FX		1 – 5%	7 – 10%

US dollar		$1.10 per Euro	$1.09 per Euro
Japanese yen (before hedging)		JPY 155.0 per Euro	JPY 156.4 per Euro
* Growth in Constant Currencies

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

The 2025 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2025 principal currency exchange rates above: no significant contract liabilities write-downs; share-based compensation expenses, including related social charges, estimated at approximately €213 million (these estimates do not include any new stock option or share grants issued after March 31, 2025); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €353 million, largely impacted by the acquisition of MEDIDATA and lease incentives of acquired companies at approximately €1 million.

The above objectives also do not include any impact from other operating income and expenses, a net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after March 31, 2025.

Corporate Announcements

Today’s Webcast and Conference Call Information

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

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

Investor Relations Events

Capital Markets Day: June 6, 2025
Second Quarter 2025 Earnings Release: July 24, 2025
Third Quarter 2025 Earnings Release: October 23, 2025
Fourth Quarter 2025 Earnings Release: February 11, 2026

Forward-looking Information

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

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

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

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

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

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

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

In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY155.0 to €1.00, before hedging for the second quarter 2025. The Group has assumed an average US dollar to euro exchange rate of US$1.09 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY156.4 to €1.00, before hedging for the full year 2025. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.

Non-IFRS Financial Information

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

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

FOR MORE INFORMATION

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

ABOUT DASSAULT SYSTÈMES

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

Dassault Systèmes Investor Relations Team FTI Consulting

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

Jamie Ricketts : +44 20 3727 1600

investors@3ds.com

Dassault Systèmes Press Contacts

Corporate / France Arnaud MALHERBE

arnaud.malherbe@3ds.com

+33 (0)1 61 62 87 73

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

APPENDIX TABLE OF CONTENTS

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

Glossary of Definitions

Non-IFRS Financial Information

Acquisitions and Foreign Exchange Impact

Condensed consolidated statements of income

Condensed consolidated balance sheet

Condensed consolidated cash flow statement

IFRS – non-IFRS reconciliation

DASSAULT SYSTÈMES – Glossary of Definitions

Information in Constant Currencies

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

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

Information on Growth excluding acquisitions (“organic growth”)

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

Information on Industrial Sectors

The Group provides broad end-to-end software solutions and services: its platform-based virtual twin experiences combine modeling, simulation, data science and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.

These three sectors comprise twelve industries:

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

Information on Product Lines

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

Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
Mainstream Innovation software revenue which includes SOLIDWORKS, as well as its CENTRIC PLM and 3DVIA brands.

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

GEOs

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

These GEOs are structured into three groups:

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

3DEXPERIENCE Software Contribution

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

Cloud revenue

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

New business

New business is the combination of subscription revenue and licenses & other software revenue.

DASSAULT SYSTÈMES

NON-IFRS FINANCIAL INFORMATION

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

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

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

In millions of Euros, except per share data, percentages, headcount and exchange rates	Non-IFRS reported
	Three months ended
	March 31, 2025	March 31, 2024	Change	Change in constant currencies
Total Revenue	€ 1,573.0	€ 1,499.7	5%	4%

Revenue breakdown by activity
Software revenue	1,432.7	1,352.8	6%	5%
Of which licenses and other software revenue	198.1	218.5	(9)%	(10)%
Of which subscription and support revenue	1,234.6	1,134.3	9%	7%
Services revenue	140.2	146.8	(4)%	(6)%

Software revenue breakdown by product line
Industrial Innovation	793.1	731.4	8%	8%
Life Sciences	292.6	284.7	3%	0%
Mainstream Innovation	347.1	336.7	3%	2%

Software Revenue breakdown by geography
Americas	611.1	553.6	10%	7%
Europe	513.2	503.2	2%	1%
Asia	308.4	296.0	4%	5%

Operating income	€ 486.1	€ 466.5	4%
Operating margin	30.9%	31.1%

Net income attributable to shareholders	€ 420.1	€ 397.2	6%
Diluted earnings per share	€ 0.32	€ 0.30	6%	5%

Closing headcount	26,225	25,780	2%

Average Rate USD per Euro	1.05	1.09	(3)%
Average Rate JPY per Euro	160.45	161.15	(0)%

DASSAULT SYSTÈMES

ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

(unaudited; in millions of Euros)

In millions of Euros

Non-IFRS reported

o/w growth at constant rate and scope

o/w change of scope impact at current year rate

o/w FX impact on previous year figures

March 31,

2025

March 31,

2024

Change

Revenue QTD

1,573.0

1,499.7

73.3

52.6

0.9

19.8

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

In millions of Euros, except per share data and percentages	IFRS reported
	Three months ended
	March 31,	March 31,
	2025	2024
Licenses and other software revenue	198.1	218.5
Subscription and Support revenue	1,234.6	1,134.3
Software revenue	1,432.7	1,352.8
Services revenue	140.2	146.8
Total Revenue	€ 1,573.0	€ 1,499.7
Cost of software revenue ⁽¹⁾	(129.2)	(111.9)
Cost of services revenue	(131.1)	(131.8)
Research and development expenses	(348.6)	(311.4)
Marketing and sales expenses	(446.5)	(420.3)
General and administrative expenses	(120.4)	(105.1)
Amortization of acquired intangible assets and of tangible assets revaluation	(88.3)	(93.3)
Other operating income and expense, net	(4.4)	(1.8)
Total Operating Expenses	(1,268.5)	(1,175.6)
Operating Income	€ 304.5	€ 324.1
Financial income (loss), net	30.3	30.2
Income before income taxes	€ 334.8	€ 354.2
Income tax expense	(75.5)	(68.3)
Net Income	€ 259.4	€ 286.0
Non-controlling interest	1.2	(0.3)
Net Income attributable to equity holders of the parent	€ 260.5	€ 285.7
Basic earnings per share	0.20	0.22
Diluted earnings per share	€ 0.20	€ 0.21
Basic weighted average shares outstanding (in millions)	1,312.3	1,313.6
Diluted weighted average shares outstanding (in millions)	1,332.2	1,331.1

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

IFRS reported	Three months ended March 31, 2025
IFRS reported	Change ⁽²⁾	Change in constant currencies
Total Revenue	5%	4%
Revenue by activity
Software revenue	6%	5%
Services revenue	(4)%	(6)%
Software Revenue by product line
Industrial Innovation	8%	8%
Life Sciences	3%	0%
Mainstream Innovation	3%	2%
Software Revenue by geography
Americas	10%	7%
Europe	2%	1%
Asia	4%	5%

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

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED BALANCE SHEET

(unaudited; in millions of Euros)

In millions of Euros	IFRS reported
	March 31,	December 31,
	2025	2024
ASSETS
Cash and cash equivalents	4,242.9	3,952.6
Trade accounts receivable, net	1,709.5	2,120.9
Contract assets	34.3	30.1
Other current assets	464.8	464.0
Total current assets	6,451.5	6,567.6
Property and equipment, net	928.7	945.8
Goodwill and Intangible assets, net	7,597.6	7,687.1
Other non-current assets	358.9	345.5
Total non-current assets	8,885.2	8,978.3
Total Assets	€ 15,336.7	€ 15,545.9
LIABILITIES
Trade accounts payable	199.5	259.9
Contract liabilities	1,716.0	1,663.4
Borrowings, current	411.4	450.8
Other current liabilities	1,109.7	1,147.4
Total current liabilities	3,436.6	3,521.5
Borrowings, non-current	2,043.3	2,042.8
Other non-current liabilities	887.9	900.9
Total non-current liabilities	2,931.3	2,943.7
Non-controlling interests	14.3	14.1
Parent shareholders’ equity	8,954.5	9,066.6
Total Liabilities	€ 15,336.7	€ 15,545.9

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

(unaudited; in millions of Euros)

In millions of Euros	IFRS reported
	Three months ended
	March 31,	March 31,	Change
	2025	2024	Change
Net income attributable to equity holders of the parent	260.5	285.7	(25.2)
Non-controlling interest	(1.2)	0.3	(1.4)
Net income	259.4	286.0	(26.6)
Depreciation of property and equipment	50.5	47.6	2.8
Amortization of intangible assets	89.6	95.2	(5.6)
Adjustments for other non-cash items	16.1	37.7	(21.6)
Changes in working capital	397.4	204.4	193.0
Net Cash From Operating Activities	€ 813.0	€ 670.9	€ 142.1

Additions to property, equipment and intangibles assets	(55.9)	(57.2)	1.2
Payment for acquisition of businesses, net of cash acquired	(193.8)	(4.5)	(189.2)
Other	(37.8)	22.3	(60.1)
Net Cash Provided by (Used in) Investing Activities	€ (287.5)	€ (39.4)	€ (248.1)

Proceeds from exercise of stock options	22.2	21.3	0.8
Repurchase and sale of treasury stock	(80.1)	(131.1)	51.0
Acquisition of non-controlling interests	(0.2)	(2.6)	2.5
Repayment of borrowings	(58.9)	(0.1)	(58.8)
Repayment of lease liabilities	(22.6)	(24.0)	1.4
Net Cash Provided by (Used in) Financing Activities	€ (139.6)	€ (136.5)	€ (3.0)

Effect of exchange rate changes on cash and cash equivalents	(95.7)	32.7	(128.4)

Increase (decrease) in cash and cash equivalents	€ 290.3	€ 527.7	€ (237.4)


Cash and cash equivalents at beginning of period	€ 3,952.6	€ 3,568.3
Cash and cash equivalents at end of period	€ 4,242.9	€ 4,095.9

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

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

In millions of Euros, except per share data and percentages	Three months ended March 31,						Change
	2025	Adjustment⁽¹⁾	2025	2024	Adjustment⁽¹⁾	2024	IFRS	Non-IFRS⁽²⁾
	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Non-IFRS⁽²⁾
Total Revenue	€ 1,573.0	–	€ 1,573.0	€ 1,499.7	–	€ 1,499.7	5%	5%
Revenue breakdown by activity
Software revenue	1,432.7	–	1,432.7	1,352.8	–	1,352.8	6%	6%
Licenses and other software revenue	198.1	–	198.1	218.5	–	218.5	(9)%	(9)%
Subscription and Support revenue	1,234.6	–	1,234.6	1,134.3	–	1,134.3	9%	9%
Recurring portion of Software revenue	86%		86%	84%		84%
Services revenue	140.2	–	140.2	146.8	–	146.8	(4)%	(4)%
Software Revenue breakdown by product line
Industrial Innovation	793.1	–	793.1	731.4	–	731.4	8%	8%
Life Sciences	292.6	–	292.6	284.7	–	284.7	3%	3%
Mainstream Innovation	347.1	–	347.1	336.7	–	336.7	3%	3%
Software Revenue breakdown by geography
Americas	611.1	–	611.1	553.6	–	553.6	10%	10%
Europe	513.2	–	513.2	503.2	–	503.2	2%	2%
Asia	308.4	–	308.4	296.0	–	296.0	4%	4%
Total Operating Expenses	€ (1,268.5)	€ 181.6	€ (1,086.9)	€ (1,175.6)	€ 142.4	€ (1,033.2)	8%	5%
Share-based compensation expense and related social charges	(88.5)	88.5	–	(46.7)	46.7	–
Amortization of acquired intangible assets and of tangible assets revaluation	(88.3)	88.3	–	(93.3)	93.3	–
Lease incentives of acquired companies	(0.4)	0.4	–	(0.7)	0.7	–
Other operating income and expense, net	(4.4)	4.4	–	(1.8)	1.8	–
Operating Income	€ 304.5	€ 181.6	€ 486.1	€ 324.1	€ 142.4	€ 466.5	(6)%	4%
Operating Margin	19.4%		30.9%	21.6%		31.1%
Financial income (loss), net	30.3	0.6	30.9	30.2	1.0	31.2	1%	(1)%
Income tax expense	(75.5)	(21.6)	(97.1)	(68.3)	(31.6)	(99.9)	11%	(3)%
Non-controlling interest	1.2	(0.9)	0.2	(0.3)	(0.3)	(0.5)	N/A	(141)%
Net Income attributable to shareholders	€ 260.5	€ 159.6	€ 420.1	€ 285.7	€ 111.5	€ 397.2	(9)%	6%
Diluted Earnings Per Share ⁽³⁾	€ 0.20	€ 0.12	€ 0.32	€ 0.21	€ 0.08	€ 0.30	(9)%	6%

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

In millions of Euros, except percentages	Three months ended March 31,								Change
In millions of Euros, except percentages	2025 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2025 Non-IFRS	2024 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2024 Non-IFRS	IFRS	Non- IFRS
Cost of revenue	(260.3)	4.9	0.1	(255.2)	(243.8)	2.9	0.2	(240.6)	7%	6%
Research and development expenses	(348.6)	32.5	0.1	(316.0)	(311.4)	17.9	0.3	(293.2)	12%	8%
Marketing and sales expenses	(446.5)	24.5	0.1	(421.9)	(420.3)	13.7	0.1	(406.5)	6%	4%
General and administrative expenses	(120.4)	26.6	0.0	(93.8)	(105.1)	12.3	0.0	(92.7)	15%	1%
Total		€ 88.5	€ 0.4			€ 46.7	€ 0.7

⁽²⁾ The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
⁽³⁾ Based on a weighted average 1,332.2 million diluted shares for Q1 2025 and 1,331.1 million diluted shares for Q1 2024, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 260.5 million for Q1 2025 (€ 285.7 million for Q1 2024). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

1 IFRS figures for 1Q25: total revenue at €1.57 billion, operating margin of 19.4% and diluted EPS at €0.20.

2 Contract Research Organizations

Attachment

Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance

The MIL Network –

April 24, 2025

Date:	Monday, May 19, 2025
Start:	09:00 AM EST / 16:00 IST
Dial-in:	US: 1-888-407-2553
	International: +972-3-918-0609

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