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MIL-OSI: DT Midstream Reports Strong Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

DETROIT, July 31, 2025 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) today announced second quarter 2025 reported net income of $107 million, or $1.04 per diluted share. For the second quarter of 2025, Operating Earnings were also $107 million, or $1.04 per diluted share. Adjusted EBITDA for the quarter was $277 million.

Reconciliations of Operating Earnings and Adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release.

The company also announced that the DT Midstream Board of Directors declared a $0.82 per share dividend on its common stock payable October 15, 2025 to stockholders of record at the close of business September 15, 2025.

“We had another strong quarter, and the business is performing on track with our full-year plan,” said David Slater, President and CEO. “We continue to make great progress advancing organic projects from our backlog, with $0.6 billion of projects reaching final investment decisions during the second quarter.”

Slater noted the following significant business updates:

Reached a final investment decision on Guardian Pipeline “G3” expansion of approximately 210 MMcf/d
Finalized our investment plan for the initial phase of modernization across our new interstate pipelines
Achieved an investment-grade credit rating with all three rating agencies
Established a record high quarterly gathering volume for our Haynesville system

“Our second quarter results put us in a strong position to meet our financial goals for 2025 and we are reaffirming our 2025 Adjusted EBITDA guidance of $1.095 to $1.155 billion and our 2026 Adjusted EBITDA early outlook range of $1.155 to $1.225 billion,” said Jeff Jewell, Executive Vice President and CFO.

The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) today. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.596.4144, and the toll number is 646.968.2525; the passcode is 9881735. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.

About DT Midstream

DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, including a plan of achieving 30% of its carbon emissions reduction by 2030. For more information, please visit the DT Midstream website at www.dtmidstream.com.

Why DT Midstream Uses Operating Earnings, Adjusted EBITDA and Distributable Cash Flow

Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that Operating Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors.

Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and loss from financing activities, further adjusted to include the proportional share of net income from equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items the company considers non-routine. DT Midstream believes Adjusted EBITDA is useful to the company and external users of DT Midstream’s financial statements in understanding operating results and the ongoing performance of the underlying business because it allows management and investors to have a better understanding of actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to investors because it is frequently used by analysts, investors and other interested parties in the midstream industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. DT Midstream uses Adjusted EBITDA to assess the company’s performance by reportable segment and as a basis for strategic planning and forecasting.

Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, certain items we consider non-routine and dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.

In this release, DT Midstream provides 2025 and 2026 Adjusted EBITDA guidance. The reconciliation of net income to Adjusted EBITDA as projected for full-year 2025 and 2026 is not provided. DT Midstream does not forecast net income as it cannot, without unreasonable efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these components could significantly impact such financial measures. At this time, DT Midstream is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, DT Midstream is not able to provide a corresponding GAAP equivalent for Adjusted EBITDA.

Forward-looking Statements

This release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions and on information currently available to us.

Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident” and other words of similar meaning. The absence of such words, expressions or statements, however, does not mean that the statements are not forward-looking. In particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance, future actions, conditions or events, potential future plans, strategies or transactions of DT Midstream, and other statements that are not historical facts, are forward-looking statements.

Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; changes in global trade policies and tariffs; global supply chain disruptions; actions taken by third-party operators, producers, processors, transporters and gatherers; changes in expected production from Expand Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation and water services; the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; our ability to successfully and timely implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to finance, complete, or successfully integrate acquisitions; our ability to realize the anticipated benefits of the Midwest Pipeline Acquisition and our ability to manage the risks of the Midwest Pipeline Acquisition; the price and availability of debt and equity financing; restrictions in our existing and any future credit facilities and indentures; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; geologic and reservoir risks and considerations; natural disasters, adverse weather conditions, casualty losses and other matters beyond our control; the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects; the impacts of geopolitical events, including the conflicts in Ukraine and the Middle East; labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel; large customer defaults; changes in tax status, as well as changes in tax rates and regulations; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act and the One Big Beautiful Bill Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to pipeline safety, climate change and greenhouse gas emissions; changes in laws and regulations or enforcement policies, including those relating to construction and operation of new interstate gas pipelines, ratemaking to which our pipelines may be subject, or other non-environmental laws and regulations; our ability to qualify for federal income tax credits by Clean Fuels Gathering; our ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; the suspension, reduction or termination of our customers’ obligations under our commercial agreements; disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; the effects of future litigation; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2024 and our reports and registration statements filed from time to time with the SEC.

The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2024, filed with the SEC on Form 10-K and any other reports filed with the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not put undue reliance on any forward-looking statements.

Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.

DT Midstream, Inc. Reconciliation of Reported to Operating Earnings (non-GAAP, unaudited)

	Three Months Ended
	June 30,								March 31,
		2025								2025
	Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings
	*(millions)*
Adjustments			$	—	$	—					$	—	$	—
Net Income Attributable to DT Midstream	$	107	$	—	$	—	$	107	$	108	$	—	$	—	$	108

	Six Months Ended
	June 30,								June 30,
		2025								2024
	Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings
	*(millions)*
Adjustments			$	—	$	—					$	—	$	—
Net Income Attributable to DT Midstream	$	215	$	—	$	—	$	215	$	193	$	—	$	—	$	193

(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments

DT Midstream, Inc. Reconciliation of Reported to Operating Earnings per diluted share⁽¹⁾(non-GAAP, unaudited)

	Three Months Ended
	June 30,								March 31,
		2025								2025
	Reported Earnings		Pre-tax Adjustments		Income Taxes⁽²⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽²⁾		Operating Earnings
	*(per share)*
Adjustments			$	—	$	—					$	—	$	—
Net Income Attributable to DT Midstream	$	1.04	$	—	$	—	$	1.04	$	1.06	$	—	$	—	$	1.06

	Six Months Ended
	June 30,								June 30,
		2025								2024
	Reported Earnings		Pre-tax Adjustments		Income Taxes⁽²⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽²⁾		Operating Earnings
	*(per share)*
Adjustments			$	—	$	—					$	—	$	—
Net Income Attributable to DT Midstream	$	2.10	$	—	$	—	$	2.10	$	1.97	$	—	$	—	$	1.97

(1) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations
(2) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP, unaudited)

	Three Months Ended						Six Months Ended
	June 30,			March 31,			June 30,			June 30,
		2025			2025			2025			2024
Consolidated	*(millions)*
Net Income Attributable to DT Midstream	$	107		$	108		$	215		$	193
Plus: Interest expense		40			40			80			79
Plus: Income tax expense		34			35			69			64
Plus: Depreciation and amortization		63			63			126			103
Plus: EBITDA from equity method investees⁽¹⁾		64			73			137			142
Less: Interest income		—			(1	)		(1	)		(1	)
Less: Earnings from equity method investees		(30	)		(37	)		(67	)		(85	)
Less: Depreciation and amortization attributable to noncontrolling interests		(1	)		(1	)		(2	)		(2	)
Adjusted EBITDA	$	277		$	280		$	557		$	493

(1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:

	Three Months Ended						Six Months Ended
	June 30,			March 31,			June 30,			June 30,
		2025			2025			2025			2024
	*(millions)*
Earnings from equity method investees	$	30		$	37		$	67		$	85
Plus: Depreciation and amortization attributable to equity method investees		19			22			41			41
Plus: Interest expense attributable to equity method investees		15			14			29			16
EBITDA from equity method investees	$	64		$	73		$	137		$	142

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment (non-GAAP, unaudited)

	Three Months Ended						Six Months Ended
	June 30,			March 31,			June 30,			June 30,
		2025			2025			2025			2024
Pipeline	*(millions)*
Net Income Attributable to DT Midstream	$	93		$	92		$	185			145
Plus: Interest expense		11			13			24			25
Plus: Income tax expense		29			30			59			48
Plus: Depreciation and amortization		28			28			56			37
Plus: EBITDA from equity method investees⁽¹⁾		64			73			137			142
Less: Interest income		—			(1	)		(1	)		(1	)
Less: Earnings from equity method investees		(30	)		(37	)		(67	)		(85	)
Less: Depreciation and amortization attributable to noncontrolling interests		(1	)		(1	)		(2	)		(2	)
Adjusted EBITDA	$	194		$	197		$	391		$	309

(1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:

	Three Months Ended						Six Months Ended
	June 30,			March 31,			June 30,			June 30,
		2025			2025			2025			2024
	*(millions)*
Earnings from equity method investees	$	30		$	37		$	67		$	85
Plus: Depreciation and amortization attributable to equity method investees		19			22			41			41
Plus: Interest expense attributable to equity method investees		15			14			29			16
EBITDA from equity method investees	$	64		$	73		$	137		$	142

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment (non-GAAP, unaudited)

	Three Months Ended				Six Months Ended
	June 30,		March 31,		June 30,		June 30,
		2025		2025		2025		2024
Gathering	*(millions)*
Net Income Attributable to DT Midstream	$	14	$	16	$	30	$	48
Plus: Interest expense		29		27		56		54
Plus: Income tax expense		5		5		10		16
Plus: Depreciation and amortization		35		35		70		66
Less: Interest income		—		—		—		—
Adjusted EBITDA	$	83	$	83	$	166	$	184

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP, unaudited)

	Three Months Ended						Six Months Ended
	June 30,			March 31,			June 30,			June 30,
		2025			2025			2025			2024
Consolidated	*(millions)*
Net Income Attributable to DT Midstream	$	107		$	108		$	215		$	193
Plus: Interest expense		40			40			80			79
Plus: Income tax expense		34			35			69			64
Plus: Depreciation and amortization		63			63			126			103
Less: Earnings from equity method investees		(30	)		(37	)		(67	)		(85	)
Less: Depreciation and amortization attributable to noncontrolling interests		(1	)		(1	)		(2	)		(2	)
Plus: Dividends and distributions from equity method investees		30			48			78			125
Less: Cash interest expense		(76	)		—			(76	)		(74	)
Less: Cash taxes		(4	)		2			(2	)		(3	)
Less: Maintenance capital investment⁽¹⁾		(6	)		(8	)		(14	)		(13	)
Distributable Cash Flow	$	157		$	250		$	407		$	387

(1) Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings.

The MIL Network –

August 5, 2025

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

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

Saeed Khan/Getty

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

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

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

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

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

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

Five reasons why this is happening

Here’s what’s going on:

1. Global supply chains have been disrupted

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

2. Good wind is often in remote places

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

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

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

3. Local construction and labour costs have soared

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

4. Interest rates have raised financing costs

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

5. Reliability concerns, regulatory delay and community opposition

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

Will solar take over?

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

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

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

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

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

Could wind come back?

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

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

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

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

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

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

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

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

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

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

MIL OSI Analysis – EveningReport.nz –

July 31, 2025

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

Source: GlobeNewswire (MIL-OSI)

THE GROUP IS ACCELERATING ITS DEVELOPMENT

	CRÉDIT AGRICOLE S.A.		CRÉDIT AGRICOLE GROUP
€m	Q2 2025	Change Q2/Q2	Q2 2025	Change Q2/Q2
Revenues	7,006	+3.1%	9,808	+3.2%
Expenses	-3,700	+2.2%	-5,872	+3.2%
Gross Operating Income	3,306	+4.1%	3,936	+3.1%
Cost of risk	-441	+4.2%	-840	-3.7%
Net income group share	2,390	+30.7%	2,638	+30.1%
C/I ratio	52.8%	-0.5 pp	59.9%	+0.0 pp
STRONG ACTIVITY IN ALL BUSINESS LINES Confirmation of the upturn of loan production in France, international credit activity still strong and consumer finance at a higher level Record net inflows in life insurance, high net inflows in asset management (driven by the medium/long-term and JVs); in insurance, revenues at a higher level driven by all activities CIB: record half year and strong quarter CONTINUOUS FLOW OF STRATEGIC OPERATIONS Gradual achievement of synergies in the ongoing integrations: progress of around 60% for RBC IS Europe and 25% for Degroof Petercam in Belgium Transactions concluded this quarter: launch of partnership with Victory Capital in the United States, increased stake in Banco BPM in Italy, acquisition of Merca Leasing in Germany and Petit-fils and Comwatt in France and acquisition of Santander’s 30.5% stake in CACEIS¹ New projects initiated: Acquisitions of Banque Thaler in Switzerland, Comwatt and Milleis in France, partnership with the Crelan Group in Belgium and development of Indosuez Wealth Management in Monaco HALF-YEARLY AND QUARTERLY RESULTS AT THEIR HIGHEST High profitability (Return on Tangible Equity of 16.6%), driven by high and growing revenues, a low cost/income ratio (53.9% in the first half) and a stable cost of risk (34 basis points on outstandings) Results especially benefiting from the capital gain related to the deconsolidation of Amundi US HIGH SOLVENCY RATIOS Crédit Agricole S.A.’s phased-in CET1 at 11.9% and CA Group phased-in CET1 at 17.6% CONTINUOUS SUPPORT FOR TRANSITIONS, WITH AN AWARD FROM EUROMONEY Continued withdrawal from fossil energies and reallocation to low-carbon energy sources Support for the transition of households and corporates Crédit Agricole named World’s Best Bank for Sustainable Finance at the Euromoney Awards for Excellence 2025 PRESENTATION OF THE MEDIUM-TERM PLAN ON 18 NOVEMBER 2025

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

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

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

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

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

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

Crédit Agricole Group

Group activity

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

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

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

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

Continued support for the energy transition

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

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

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

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

Group results

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

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

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

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

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

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

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

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

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

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

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

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

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

Credit Agricole Group, Income statement Q2 and H1 2025

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

Regional banks

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

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

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

Crédit Agricole S.A.

Results

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Activity of the Asset Gathering division

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

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

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

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

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

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

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

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

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

Results of the Asset Gathering division

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

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

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

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

Insurance results

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

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

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

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

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

Asset Management results

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

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

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

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

Wealth Management results ⁽²⁶⁾

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

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

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

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

Activity of the Large Customers division

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

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

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

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

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

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

Results of the Large Customers division

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

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

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

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

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

Corporate and Investment Banking results

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

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

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

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

Asset servicing results

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

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

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

Specialised financial services activity

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

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

Specialised financial services’ results

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

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

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

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

Personal Finance and Mobility results

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

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

Leasing & Factoring results

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

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

Crédit Agricole S.A. Retail Banking activity

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

Retail banking activity in France

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

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

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

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

Retail banking activity in Italy

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

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

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

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

International Retail Banking activity excluding Italy

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

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

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

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

French retail banking results

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

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

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

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

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

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

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

International Retail Banking results ⁽⁴¹⁾

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

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

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

Results in Italy

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

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

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

Results for Crédit Agricole Group in Italy ⁽⁴³⁾

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

International Retail Banking results – excluding Italy

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

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

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

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

Corporate Centre results

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

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

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

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

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

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

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

Financial strength

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

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

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

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

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

Crédit Agricole Group’s financial structure

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

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

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

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

Liquidity and Funding

Liquidity is measured at Crédit Agricole Group level.

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

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

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

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

This change in liquidity reserves is notably explained by:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Economic and financial environment

Review of the first half of 2025

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

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

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

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

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

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

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

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

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

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

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

2025–2026 Outlook

An anxiety-inducing context, some unprecedented resistance

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

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

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

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

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

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

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

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

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

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

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

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

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

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

	Q2-25
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,364	976	1,031	1,967	881	2,224	(635)	9,808
Operating expenses	(2,690)	(597)	(540)	(864)	(438)	(1,257)	514	(5,872)
Gross operating income	674	380	491	1,104	442	967	(121)	3,936
Cost of risk	(397)	(95)	(61)	(7)	(235)	(20)	(26)	(840)
Equity-accounted entities	1	–	–	58	(13)	10	–	56
Net income on other assets	1	1	0	449	1	0	0	452
Income before tax	278	286	430	1,604	194	958	(147)	3,604
Tax	(96)	(69)	(130)	(249)	(58)	(149)	136	(615)
Net income from discontinued or held-for-sale ope.	–	–	0	–	–	–	0	0
Net income	182	218	300	1,356	136	810	(11)	2,990
Non-controlling interests	(0)	(0)	(40)	(247)	(22)	(43)	1	(352)
Net income Group Share	182	217	260	1,108	114	767	(10)	2,638

	Q2-24
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,255	979	1,051	1,946	889	2,223	(837)	9,507
Operating expenses	(2,560)	(591)	(573)	(813)	(443)	(1,204)	497	(5,687)
Gross operating income	694	389	477	1,133	447	1,019	(340)	3,819
Cost of risk	(444)	(95)	(75)	(2)	(211)	(39)	(6)	(872)
Equity-accounted entities	2	–	–	33	29	10	–	74
Net income on other assets	1	2	0	(12)	(1)	2	(0)	(7)
Income before tax	253	296	402	1,152	265	993	(347)	3,014
Tax	(44)	(65)	(117)	(282)	(54)	(248)	48	(762)
Net income from discontinued or held-for-sale ope.	–	–	–	–	–	–	–	–
Net income	209	231	285	870	210	745	(299)	2,252
Non-controlling interests	(1)	(0)	(38)	(124)	(23)	(36)	(2)	(224)
Net income Group Share	208	231	247	746	187	710	(300)	2,028

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

	H1-25
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	6,716	1,939	2,079	4,016	1,749	4,632	(1,275)	19,856
Operating expenses	(5,220)	(1,222)	(1,075)	(1,799)	(912)	(2,617)	982	(11,864)
Gross operating income	1,496	717	1,003	2,217	837	2,015	(293)	7,992
Cost of risk	(717)	(186)	(128)	(17)	(484)	5	(48)	(1,575)
Equity-accounted entities	7	–	–	86	23	16	–	131
Net income on other assets	3	2	0	449	1	0	0	456
Income before tax	790	533	875	2,734	376	2,036	(341)	7,004
Tax	(267)	(181)	(267)	(599)	(71)	(453)	182	(1,656)
Net income from discontinued or held-for-sale ope.	–	–	0	–	–	–	–	0
Net income	523	352	608	2,135	305	1,583	(159)	5,348
Non-controlling interests	(0)	(0)	(82)	(348)	(43)	(78)	7	(545)
Net income Group Share	523	352	526	1,787	263	1,504	(151)	4,803

	H1-24
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	6,568	1,933	2,131	3,739	1,736	4,489	(1,565)	19,031
Operating expenses	(5,044)	(1,193)	(1,098)	(1,567)	(897)	(2,501)	1,024	(11,276)
Gross operating income	1,524	740	1,033	2,172	839	1,988	(541)	7,755
Cost of risk	(691)	(214)	(159)	(5)	(429)	(5)	(20)	(1,523)
Equity-accounted entities	7	–	–	61	59	14	–	142
Net income on other assets	3	4	(0)	(20)	(1)	2	(2)	(14)
Income before tax	842	530	875	2,208	468	1,999	(563)	6,361
Tax	(191)	(119)	(260)	(501)	(97)	(482)	133	(1,517)
Net income from discontinued or held-for-sale ope.	–	–	–	–	–	–	–	–
Net income	651	412	615	1,707	372	1,517	(430)	4,843
Non-controlling interests	(1)	(0)	(89)	(236)	(42)	(69)	6	(432)
Net income Group Share	650	412	525	1,471	330	1,448	(424)	4,412

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

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

	Q2-25
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	1,970	2,224	881	976	1,007	(51)	7,006
Operating expenses	(864)	(1,257)	(438)	(597)	(520)	(25)	(3,700)
Gross operating income	1,106	967	442	380	487	(76)	3,306
Cost of risk	(7)	(20)	(235)	(95)	(61)	(24)	(441)
Equity-accounted entities	58	10	(13)	–	–	(24)	30
Net income on other assets	453	0	1	1	0	0	455
Income before tax	1,610	958	194	286	426	(125)	3,350
Tax	(249)	(149)	(58)	(69)	(129)	113	(541)
Net income from discontinued or held-for-sale operations	–	–	–	–	0	–	0
Net income	1,361	810	136	218	297	(12)	2,809
Non-controlling interests	(261)	(58)	(22)	(10)	(59)	(10)	(420)
Net income Group Share	1,100	752	114	208	238	(22)	2,390

	Q2-24
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	1,944	2,223	889	979	1,027	(267)	6,796
Operating expenses	(813)	(1,204)	(443)	(591)	(555)	(15)	(3,621)
Gross operating income	1,131	1,019	447	389	472	(283)	3,175
Cost of risk	(2)	(39)	(211)	(95)	(72)	(5)	(424)
Equity-accounted entities	33	10	29	–	–	(25)	47
Net income on other assets	(12)	2	(1)	2	0	24	15
Income before tax	1,150	993	265	296	400	(289)	2,814
Tax	(283)	(248)	(54)	(65)	(117)	63	(704)
Net income from discontinued or held-for-sale operations	–	–	–	–	–	–	–
Net income	867	745	210	231	283	(226)	2,110
Non-controlling interests	(131)	(51)	(23)	(10)	(55)	(12)	(282)
Net income Group Share	736	694	187	220	228	(238)	1,828

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

	H1-25
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	4,028	4,632	1,749	1,939	2,033	(118)	14,263
Operating expenses	(1,799)	(2,617)	(912)	(1,222)	(1,035)	(106)	(7,691)
Gross operating income	2,229	2,015	837	717	998	(224)	6,571
Cost of risk	(17)	5	(484)	(186)	(128)	(45)	(855)
Equity-accounted entities	86	16	23	–	–	(47)	77
Net income on other assets	453	0	1	2	0	0	456
Income before tax	2,749	2,037	376	533	870	(316)	6,250
Tax	(601)	(454)	(71)	(181)	(266)	205	(1,368)
Net income from discontinued or held-for-sale operations	–	–	–	–	0	–	0
Net income	2,148	1,583	305	352	604	(111)	4,882
Non-controlling interests	(368)	(108)	(43)	(16)	(121)	(13)	(669)
Net income Group Share	1,780	1,475	263	337	483	(124)	4,213

	H1-24
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	3,733	4,489	1,736	1,933	2,085	(374)	13,602
Operating expenses	(1,567)	(2,501)	(897)	(1,193)	(1,060)	(71)	(7,289)
Gross operating income	2,166	1,988	839	740	1,024	(445)	6,312
Cost of risk	(5)	(5)	(429)	(214)	(154)	(16)	(824)
Equity-accounted entities	61	14	59	–	–	(46)	90
Net income on other assets	(20)	2	(1)	4	(0)	24	9
Income before tax	2,203	1,999	468	530	870	(483)	5,587
Tax	(502)	(482)	(97)	(119)	(259)	144	(1,315)
Net income from discontinued or held-for-sale operations	–	–	–	–	–	–	–
Net income	1,701	1,517	372	412	610	(339)	4,273
Non-controlling interests	(248)	(101)	(42)	(18)	(126)	(7)	(542)
Net income Group Share	1,453	1,416	330	393	485	(345)	3,731

Appendix 3 – Data per share

Credit Agricole S.A. – Earnings p/share, net book value p/share and ROTE


€m					Q2-25	Q2-24			H1-25			H1-24
Net income Group share					2,390	1,828			4,213			3,731
– Interests on AT1, including issuance costs, before tax					(141)	(83)			(270)			(221)
– Foreign exchange impact on reimbursed AT1					4	–			4			(247)
NIGS attributable to ordinary shares		[A]			2,252	1,745			3,947			3,263
Average number shares in issue, excluding treasury shares (m)		[B]			3,025	3,025			3,025			3,008
Net earnings per share		[A]/[B]			0.74 €	0.58 €			1.30 €			1.08 €

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

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

Alternative Performance Indicators⁵⁶

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Disclaimer

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

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

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

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

Applicable standards and comparability

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

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

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

Financial Agenda

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

Contacts

CREDIT AGRICOLE PRESS CONTACTS

CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

Institutional investors		investor.relations@credit-agricole-sa.fr
Individual shareholders	+ 33 800 000 777 (freephone number – France only)	relation@actionnaires.credit-agricole.com

Cécile Mouton	+ 33 1 57 72 86 79	cecile.mouton@credit-agricole-sa.fr
Equity investor relations:
Jean-Yann Asseraf Fethi Azzoug	+ 33 1 57 72 23 81 + 33 1 57 72 03 75	jean-yann.asseraf@credit-agricole-sa.fr fethi.azzoug@credit-agricole-sa.fr
Oriane Cante	+ 33 1 43 23 03 07	oriane.cante@credit-agricole-sa.fr
Nicolas Ianna	+ 33 1 43 23 55 51	nicolas.ianna@credit-agricole-sa.fr
Leila Mamou	+ 33 1 57 72 07 93	leila.mamou@credit-agricole-sa.fr
Anna Pigoulevski	+ 33 1 43 23 40 59	anna.pigoulevski@credit-agricole-sa.fr


Debt investor and rating agency relations:
Gwenaëlle Lereste	+ 33 1 57 72 57 84	gwenaelle.lereste@credit-agricole-sa.fr
Florence Quintin de Kercadio	+ 33 1 43 23 25 32	florence.quintindekercadio@credit-agricole-sa.fr
Yury Romanov	+ 33 1 43 23 86 84	yury.romanov@credit-agricole-sa.fr

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

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

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

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

⁽48⁾
⁽49⁾

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

Attachment

CASA_PR_2025-Q2

The MIL Network –

July 31, 2025

MIL-OSI: Security Federal Corporation Announces Increase in Quarterly and Year-To-Date Earnings

Source: GlobeNewswire (MIL-OSI)

AIKEN, S.C., July 30, 2025 (GLOBE NEWSWIRE) — Security Federal Corporation (the “Company”) (OTCID: SFDL), the holding company for Security Federal Bank (the “Bank”), today announced earnings and financial results for the three and six months ended June 30, 2025.

The Company reported net income available to common shareholders of $2.4 million, or $0.75 per common share, for the quarter ended June 30, 2025, compared to $2.1 million, or $0.66 per common share, for the second quarter of 2024. Year-to-date net income available to common shareholders was $5.0 million, or $1.56 per common share, for the six months ended June 30, 2025, compared to $3.9 million, or $1.20 per common share, during the six months ended June 30, 2024. The increase in both quarterly and year-to-date net income available to common shareholders was primarily due to increases in net interest income and non-interest income, as well as a decrease in the provision for credit losses, which were partially offset by an increase in non-interest expense, provision for income taxes and an increase in the payment of preferred stock dividends during 2025.

Second Quarter Financial Highlights

Net interest income increased $1.1 million, or 11.1%, to $11.3 million as interest income increased and interest expense decreased.
Total interest income increased $629,000, or 3.3%, to $19.4 million while total interest expense decreased $502,000, or 5.8%, to $8.1 million during the second quarter of 2025 compared to the same quarter in 2024. The increase in interest income was the result of a $1.1 million increase in interest income from loans and a $258,000 increase in income from other interest-earning assets, which was partially offset by a decrease in interest income from investments. Interest expense decreased during the second quarter of 2025 due to lower market interest rates and the payoff of outstanding borrowings with the Federal Reserve, which resulted in a lower average balance of these interest-bearing liabilities compared to the second quarter of 2024.
Non-interest income increased $141,000, or 5.7%, to $2.6 million during the second quarter of 2025 compared to the same quarter in the prior year primarily due to a $106,000 increase in rental income and $62,000 gain on sale of land held for sale. During the first quarter of 2025, we purchased a multi-tenant property resulting in an increase to rental income. The property is intended to be the future site of a full-service branch.
Non-interest expense increased $692,000, or 7.2%, to $10.4 million during the quarter ended June 30, 2025, compared to the same quarter in the prior year primarily due to increases in salaries and expenses for employee benefits, occupancy expense, debit card expenses and cloud services expenses, which were partially offset by a decrease in expenses for advertising and depreciation and maintenance of equipment.

	*Quarter Ended*
*(Dollars in Thousands, except for Earnings per Share)*	*6/30/2025*		*6/30/2024*
Total interest income	$	19,449	$	18,820
Total interest expense		8,137		8,639
Net interest income		11,312		10,181
Provision for credit losses		–		175
Net interest income after provision for credit losses		11,312		10,006
Non-interest income		2,595		2,454
Non-interest expense		10,361		9,669
Income before income taxes		3,546		2,791
Provision for income taxes		756		565
Net income		2,790		2,226
Preferred stock dividends		415		97
Net income available to common shareholders	$	2,375	$	2,129
Earnings per common share (basic)	$	0.75	$	0.66

Year to Date (Six Months) Comparative Financial Highlights

Net interest income increased $2.4 million, or 11.8%, to $22.5 million during the six months ended June 30, 2025 compared to the same period in the prior year.
Total interest income increased $1.1 million, or 3.0%, to $38.7 million while total interest expense decreased $1.2 million, or 7.1%, to $16.1 million during the six months ended June 30, 2025 compared to the same period in the prior year.
Non-interest income increased $264,000, or 5.5%, to $5.0 million during the six months ended June 30, 2025 compared to the same period in the prior year primarily due to an increase in rental income.
Non-interest expense increased $898,000, or 4.7%, to $20.2 million.

	*Six Months Ended*
*(Dollars in Thousands, except for Earnings per Share)*	*6/30/2025*		*6/30/2024*
Total interest income	$	38,682	$	37,540
Total interest expense		16,141		17,376
Net interest income		22,541		20,164
Provision for credit losses		–		510
Net interest income after provision for credit losses		22,541		19,654
Non-interest income		5,039		4,775
Non-interest expense		20,202		19,304
Income before income taxes		7,378		5,125
Provision for income taxes		1,582		1,146
Net income		5,796		3,979
Preferred stock dividends		830		97
Net income available to common shareholders	$	4,966	$	3,882
Earnings per common share (basic)	$	1.56	$	1.20

Credit Quality

The Company recorded no provision for credit losses during the first six months of 2025 compared to a $475,000 provision for credit losses on loans and a $35,000 provision for credit losses on unfunded commitments, resulting in a total provision for credit losses of $510,000 for the first six months of 2024.
Non-performing assets were $5.9 million, or 0.37% of total assets, at June 30, 2025, compared to $7.6 million, or 0.47% of total assets, at December 31, 2024.
The allowance for credit losses as a percentage of gross loans was 2.00% at June 30, 2025, compared to 1.98% at December 31, 2024.

*At Period End (dollars in thousands):*	*6/30/2025*			*12/31/2024*			*6/30/2024*
Non-performing assets	$	5,954		$	7,636		$	7,122
Non-performing assets to total assets		0.37	%		0.47	%		0.46	%
Allowance for credit losses	$	14,007		$	13,894		$	12,958
Allowance for credit losses to gross loans		2.00	%		1.98	%		1.95	%

Balance Sheet Highlights and Capital Management

Total assets were $1.6 billion at June 30, 2025, a year-over-year increase of $82.1 million, or 5.3%, and a $13.5 million, or 0.8%, increase since December 31, 2024.
Cash and cash equivalents decreased $36.1 million during the six months ended June 30, 2025 to $142.2 million at June 30, 2025, primarily because of the repayment of borrowings with the Federal Reserve.
Total loans receivable, net was $685.5 million at June 30, 2025, a $1.6 million, or 0.2%, decrease since December 31, 2024.
Investment securities increased $46.8 million, or 7.1%, during the first half of the year to $707.6 million at June 30, 2025, due to the purchases of investment securities exceeding maturities and principal paydowns.
Deposits increased $59.2 million, or 4.5%, during the first half of 2025 to $1.4 billion at June 30, 2025.
Borrowings decreased $53.4 million, or 57.4%, during the first half of 2025 to $39.6 million at June 30, 2025, primarily due to the repayment of borrowings with the Federal Reserve Bank.
Common equity book value per share increased to $34.02 at June 30, 2025, from $31.21 at December 31, 2024.

*BALANCE SHEET HIGHLIGHTS*
*Dollars in thousands (except per share amounts)*	*6/30/2025*			*12/31/2024*			*6/30/2024*
Total assets	$	1,625,236		$	1,611,773		$	1,543,101
Cash and cash equivalents		142,190			178,277			138,350
Total loans receivable, net		685,501			687,149			655,202
Investment securities		707,609			660,823			662,035
Deposits		1,383,201			1,324,033			1,236,154
Borrowings		39,566			92,964			118,641
Total shareholders’ equity		191,279			182,389			175,891
Common shareholders’ equity		108,330			99,440			92,942
Common equity book value per share	$	34.02		$	31.21		$	29.08
Total risk based capital to risk weighted assets (1)		20.46	%		19.96	%		19.49	%
CET1 capital to risk weighted assets (1)		19.20	%		18.71	%		18.24	%
Tier 1 leverage capital ratio (1)		10.54	%		9.88	%		10.23	%
(1) – Ratio is calculated using Bank only information and not consolidated information

Security Federal has 19 full-service branches located in Aiken, Ballentine, Clearwater, Columbia, Graniteville, Langley, Lexington, North Augusta, Ridge Spring, Wagener and West Columbia, South Carolina and Augusta and Evans, Georgia. A full range of financial services, including trust and investments, are provided by the Bank and insurance services are provided by the Bank’s wholly owned subsidiary, Security Federal Insurance, Inc.

Forward-looking statements:

Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding the Company’s mission and vision. These forward-looking statements are based upon current management expectations and may, therefore, involve risks and uncertainties. The Company’s actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety or range of factors including, but not limited to: potential adverse impacts to economic conditions in our local market area or other aspects of the Company’s business, operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; economic conditions in the Company’s primary market area; demand for residential, commercial business and commercial real estate, consumer, and other types of loans; success of new products; competitive conditions between banks and non-bank financial service providers; changes in the Community Development Capital Initiative (CDCI) Program; changes in management’s business strategies, including expectations regarding key growth initiatives and strategic priorities; legislative or regulatory changes that adversely affect the Company’s business, including the interpretation of regulatory capital or other rules; the ability to attract and retain deposits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; adverse changes in the securities markets; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; technology factors affecting operations, including disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform critical processing functions for us; pricing of products and services; environmental, social and governance goals and targets; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2024. These factors should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake any responsibility to update or revise any forward-looking statement.

The MIL Network –

July 31, 2025

MIL-OSI United Nations: Hailing Progress to Transform Food Systems, Deputy Secretary-General Urges Stronger Collaboration to End Global Hunger, at UN Summit+4 Stocktake’s Closing Plenary

Source: United Nations General Assembly and Security Council

Following are UN Deputy Secretary-General Amina Mohammed’s remarks, as prepared for delivery, at the closing plenary of the Second United Nations Food Systems Summit Stocktake (UNFSS+4), in Addis Ababa today:

Let me begin by extending my appreciation to the Government of Ethiopia for its warm hospitality, and to the Italian Government as well, for their support as Co-Hosts of this Second United Nations Food Systems Summit Stocktake.

Over the last three days, we have engaged and heard from over 3,000 of you — leaders from Ethiopia and Italy, Kenya, Somalia, Comoros, Liberia, Nigeria, Uganda, Cuba; the ministers from a wide range of sectors; National Convenors and other government representatives; youth, Indigenous Peoples, food producers, business, civil society, development partners; our Rome-based agencies; and the UN system. I am particularly grateful to the resident coordinators that joined us here in Addis and will now go back to work with renewed impetus to make food systems transformation a reality.

The energy and vitality of this movement continues to inspire. This gathering has reminded us of the value of coming together as a global community to benefit from the perspectives and experiences of others and to shape new, bold action for the future.

At the UN Food Systems Summit (UNFSS) in 2021, in the midst of a global pandemic, we embarked on a journey to grow and catalyse energy behind an emerging movement for the transformation of our food systems to achieve the 2030 Agenda for Sustainable Development and the Sustainable Development Goals (SDGs). Too often food systems are seen as part of our challenges, when they can be one of the greatest solutions to deliver for people, planet, peace and prosperity.

Two years ago, still grappling with the socioeconomic impacts of the pandemic, facing planetary crises and the effects of new conflicts, the Call to Action from the First Stocktake of the UN Food Systems Summit (UNFSS+2) in Rome appealed for inclusivity to strengthen our efforts to drive more targeted investment and mutual accountability.

Since then, Governments have continued to shift how they govern and shape policy for food systems. A total of 130 countries have articulated integrated, multisectoral National Pathways for Food Systems Transformation and here again; I want to acknowledge the incredible contribution of Sir David Nabarro.

In 168 countries, nationally determined contributions are now reflecting the critical role of food and agriculture in reducing greenhouse gas emissions as we seek to adapt and transform.

More than 170 countries are implementing school meal programmes that support child nutrition, often connecting with local producers and contributing to regenerative production practices. At the subnational level, many cities are leading the way in reducing food waste and strengthening local supply chains.

I am proud of what we have achieved. We have heard powerful stories of progress and rising ambition since 2021 from a diverse ecosystem of partners, who are reforming policies, championing local innovation and digitalization, mobilizing investments and partnerships and empowering women and youth.

And when it comes to our young people, there is increased understanding that ensuring youth-inclusive and youth-led food systems transformation is important both for enhancing youth welfare and building sustainable and resilient food systems.

The food systems movement has taken root in global and regional agreements — from the Twenty-Eighth Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) Declaration to initiatives emerging from the Group of Seven (G7) and Group of Twenty (G20) to regional agreements, such as the Kampala Declaration earlier this year.

These are powerful commitments to transform food systems for people and the planet that you have helped inspire. Thanks to your collective work and efforts we are better equipped to meet our ambition.

You are strengthening coalitions and launching new initiatives to help drive our work, including:

The Food Systems Accelerator, launched by Food and Agriculture Organization (FAO), GAIN and the UN Food Systems Coordination Hub, will support countries to turn strategies into financed, scalable change.
Through greater uptake of the Financial Flows to Food Systems framework, co-developed by the International Fund for Agricultural Development (IFAD) and the World Bank, we can help Governments design more effective, tailored financing strategies.
Business engagement — co-led by the Food and Agriculture Organization (FAO), UN Global Compact and the World Business Council for Sustainable Development — broke new ground. These efforts culminated in a Business Compendium of 15 investment-ready models, showing how business is shifting from commitment to implementation.
As a result of the investment pitch for Cameroon, the Global Flagship Initiative for Food Security has announced their intent to partner with the Joint SDG Fund to significantly scale up existing programmes. The launch for this large-scale commitment will take place in New York this September 2025.
The Convergence Initiative helps drive integration of food systems transformation and climate action for accelerated sustainable development and represents a useful resource for countries to navigate competing policy choices with partners.
Investments in critical sectors, including those under the Mattei Plan for Africa, are mobilizing public-private partnerships and catalysing private sector investment.
The UNFSS+4 Youth Declaration, crafted by more than 3,000 youth from all over the world, called for inclusive, participatory decision-making in food systems, climate justice and intergenerational collaboration.
The UNFSS Coalitions of Action demonstrated that they are dynamic vehicles for food systems transformation, mobilizing diverse stakeholders across sectors and scales to deliver impact aligned with national priorities.

With just five years until 2030, it is encouraging to see that the world remains committed to the realization of the 2030 Agenda.

As we conclude this Stocktake, we must acknowledge that we met in the face of challenges that test our moral values and threaten the future sustainability of our planet, underscoring the urgency of our work together.

The release of the 2025 State of Food Security and Nutrition in the World Report last night confirmed: hunger and malnutrition persist. Climate shocks, conflict, debt and inequality are widening the cracks in our systems.

It is estimated that between 638 and 720 million people — a bit less than 1 in 10 people in the world — faced hunger in 2024. 2.6 billion people are still unable to afford a healthy diet. Only about one third of children aged 6 to 23 months and two thirds of women aged 15 to 49 years achieved minimum dietary diversity globally.

People’s access to food in conflict zones is highly constrained and — in some instances — attempts to access humanitarian relief has led to injury and death. Whole communities experience man-made food insecurity and malnutrition, with extreme long-term consequences for their children.

Farmers everywhere are facing unprecedented adverse climate impacts, threatening livelihoods and food security. Developing economies are still coping with impacts of inflation, severe fiscal constraints, debt challenges and the high cost of capital. Looking ahead, 512 million people are still projected to be facing hunger in 2030, of whom nearly 60 per cent will be in Africa.

As we consider the pathway to 2030, peace and respect for human rights must anchor our ambition. Every person in our world — rich or poor, young or old — has the right to food that is accessible, affordable, safe and nutritious. Present and future generations are depending on our choices. Only through inclusive dialogue and genuine partnerships can countries and communities ensure faster and more effective progress.

As we leave this Stocktake and take what we achieved here in Addis back home and to other milestones, clear points of emphasis have been identified:

First, we must act urgently to summon the funding, innovations and global solidarity to build the food-secure and climate-resilient future that every person, everywhere, needs and deserves. The dramatic reduction in life-saving humanitarian funding to respond to these needs must be immediately reversed and safe access to life-saving humanitarian support granted.

Second, is to deepen the implementation of National Pathways for Food Systems Transformation. The effective and meaningful participation of all relevant stakeholders is a priority, with particular attention to involving family farmers, front-line food workers, women, youth, Indigenous Peoples and local communities.

Third, we must unlock finance and investment. That means mobilizing domestic resources and investments at scale for all dimensions of food systems transformation. It also means scaling up finance and investment by multilateral development banks, international financial institutions, and public development banks behind country priorities.

And we have work to do to scale up private sector investment in agriculture and food systems. This should include the small and medium-sized enterprises that serve as a backbone of our food systems interfacing with millions of food producers and consumers.

Fourth, we must continue the drive for an integrated approach. We need to simultaneously pursue policy measures that focus on equity and resilience through linking environmental, economic and social dimensions of food systems. Policies should be rooted in local culture, communities and traditional knowledge to help guide approaches that can accelerate transformation and enhance self-reliance.

Fifth, we must continue to leverage science, technology and knowledge. Science and innovation are prerequisites for food systems transformation and can support alignment of health, agriculture, climate, biodiversity and economic objectives and policies. Strong science-policy-society interfaces are essential and must appreciate traditional knowledge.

New technologies, such as artificial intelligence, are changing our economies and our societies. The road ahead demands we leverage the appropriate and responsible use of technology to ensure prosperity for all in a healthy and liveable planet. The digital public infrastructure needs more investment to ensure the connectivity of our rural communities.

And, finally, we must connect with our future. I agree with our young people — they are not merely future beneficiaries of food systems change, they are active co-leaders in transformation. Policies should enhance opportunities for young people to create, innovate and thrive.

On the road to 2030, there will be important milestones that the outcomes of UNFSS+4 will inform and in which this movement will engage. These include the World Social Summit, United Nations Framework Convention on Climate Change (UNFCCC) COP30, UN Convention on Biological Diversity COP17 and the 2027 SDG Summit.

UNFSS+4 has reinforced the value of a dedicated space to foster collaboration, deepen systems approaches and encourage the emergence of food systems whose purposes are at the heart of the 2030 Agenda.

The UN Food Systems Coordination Hub will continue to advance progress at country level, through our resident coordinators and country teams, accompanying National Convenors and collaborating with other partners. Our movement has shown what is possible when we work together in deliberate ways across sectors, stakeholders and countries with a shared purpose.

I call on Governments and people everywhere to build on what has been accomplished and continue to work together for peace and to realize the vision of the 2030 Agenda. Let’s continue to lead the way — together.

MIL OSI United Nations News –

July 31, 2025

MIL-OSI USA: Highlighting the Impacts of Paying Off New York’s UI Debt

Source: US State of New York

overnor Kathy Hochul and Heather Mulligan, President and CEO of the Business Council of New York State, visited local business owner, Eli Smith, to discuss the impacts of using nearly $7 billion to pay off the federal Unemployment Insurance (UI) Trust Fund loan and replenish the Fund — a move that will bring the Fund to solvency, increase benefits for unemployed New Yorkers and cut costs to businesses. The Governor reached agreement to take this action back in May as part of the FY26 Enacted Budget.

“With the Unemployment Insurance Trust Fund loan paid off, businesses and workers across the state will feel and see the financial relief that they deserve during a time when inflation is just so high,” Governor Hochul said. “New York State continues to work to put money back into the pockets of New Yorkers, cut costs for our businesses and uplift the state’s economy.”

The Business Council of New York State President and CEO Heather Mulligan said, “On behalf of businesses across New York State, we are grateful that Governor Hochul found the UI debt to be a priority and agreed to fully pay off the remaining balance that had been a strain on all businesses, especially smaller employers across the state. This multi-billion-dollar burden served as an added tax on our employers for the past four years, restricting them from reinvesting in their businesses or local economies. We appreciate the willingness of the Assembly leadership to work with Governor Hochul and the business community to make the UI fund solvent.”

Before the COVID-19 pandemic, the UI Trust Fund had a positive balance of nearly $2.5 billion. However, due to the economic downturn caused by the pandemic, the balance was paid out to unemployed New Yorkers, requiring the State to borrow from the federal government to continue paying eligible claims. Paying off the debt and making the fund solvent allows the State to increase the maximum UI benefit rate for unemployed New Yorkers so that it better aligns with other states. The maximum weekly benefit to unemployed workers, which has been frozen because of the debt, will increase from $504 to $869 in October.

By paying off the debt, the State is also putting money back in the pockets of business owners, whose contribution rates had continued to climb while the debt was paid down. Employers are projected to save an average of $100 per employee in 2026 and $250 per employee in 2027. Additionally, the taxable wage base will increase in 2026, strengthening the trust fund over time and helping to maintain affordable tax rates for New York’s employers in the long term.

E. Smith Contractors President Eli Smith said, “By paying off the unemployment debt I will save more than $300 per employee, and with about 50 workers in New York, that savings adds up. I can take that savings and invest in new equipment, workforce development or other ways to improve my business. I appreciate the Governor and the Legislature taking this step and also the advocacy of the Business Council of New York State.”

New York State Department of Labor Commissioner Roberta Reardon said, “I thank Governor Hochul and the Legislature for paying off New York’s Unemployment Insurance Trust Fund debt, which is a win for both businesses and workers statewide. This action will cut costs for our businesses and increase benefits for unemployed New Yorkers when they need it most. By stabilizing this critical safety net for our workforce, we’re ensuring New York State is more affordable for all.”

Empire State Development President, CEO and Commissioner Hope Knight said, “The need for increased Unemployment Insurance contributions was a piece of New York’s greater post-COVID economic recovery challenge. By paying off the remaining federal Unemployment Insurance debt through the State Budget, Governor Hochul and the State Legislature are improving New York’s business climate and offering a direct, tangible benefit to businesses of all sizes across the state.”

Assembly Speaker Carl Heastie said, “Our small businesses have been clear – paying off the unemployment insurance debt has been a huge relief. Now they can shift that cost towards growing and thriving within our communities and we can provide better coverage for our unemployed families as they get back on their feet. The Assembly Majority fought hard for this inclusion in the budget as we understood the critical benefit this would have to small businesses and New York’s hardworking families as they continue to make our state a place we’re all proud to call home.”

State Senator Jessica Ramos said, “Paying off the Unemployment Insurance debt was long overdue and it’s a win for both workers and small businesses across New York. During the pandemic, our UI system was a lifeline, but for too long the burden of repayment fell unfairly on businesses while workers were stuck with frozen benefits. With this year’s budget, we finally turned the page. We’re raising benefits to meet the realities of today’s economy and easing the load on employers who kept our communities going. I’m grateful to Governor Hochul for working with us to get this done. This is what responsible, pro-worker, pro-business policy looks like.”

Assemblymember Harry B. Bronson said, “Paying off this debt was critical for all New Yorkers and our job creators. We secured relief for employers — especially small businesses, while ensuring unemployed New Yorkers receive substantially increased benefits that help them afford housing, groceries, and basic necessities during their job search. With today’s cost of living, these enhanced benefits make the difference between families staying afloat or falling behind. This action supports both workers facing hardship and creates an environment where businesses can grow and hire.”

Empire State Development Board Chair Kevin Law said, “Governor Hochul’s leadership in paying off New York’s Unemployment Insurance Trust Fund debt is a major win for businesses and workers — on Long Island and across the state. This critical step delivers real financial relief to employers while strengthening benefits for those who need them most. By reducing costs and restoring stability to the fund, we’re creating the conditions for sustained growth, economic resilience, and job creation.”

Long Island Association President and CEO Matt Cohen said, “The UI debt was one of the last lingering reminders of the economic toll of the Covid pandemic and so the LIA applauds Governor Hochul and the New York State Legislature for delivering this significant relief to our business community.”

HIA-LI President and CEO Terri Alessi-Miceli said, “We are grateful to Governor Hochul and the State Legislature for eliminating this burden on New York’s employers. Business owners on Long Island and the state can see meaningful relief that lowers the cost of doing business and strengthens our economy.”

Business Council of Westchester President and CEO Marsha Gordon said, “Replenishing the State’s Unemployment Insurance (UI) Fund has been one of the Business Council of Westchester’s (BCW) top legislative priorities. For years, businesses have shouldered the burden of paying over $5 billion dollars towards this debt, which was an added tax that significantly impacted their operations. The BCW applauds the governor’s leadership and commitment to extinguishing the UI debt, which will remove the serious negative impact that businesses across the state were facing.”

Capital Region Chamber, and the Center for Economic Growth (CEG) President and CEO Mark Eagan said, “Paying off the $7 billion outstanding federal unemployment insurance trust fund loan is a huge win for businesses, large and small. By paying off this loan, the UI program’s financial stability will be restored, and employers will no longer be saddled with higher UI taxes. We are grateful to Governor Hochul and the state legislature for addressing this outstanding debt in the final budget.”

Acting President and CEO of CenterState Syracuse Ben Sio said, “Across New York, small and mid-sized businesses will benefit from the important decision by Governor Hochul and the legislature to pay off New York’s nearly $7 billion unemployment insurance debt. For a small business, the thousands of dollars saved by the elimination of the mandatory UI surcharge to pay off this debt will translate into new investment into those businesses, new equipment or an added employee. Simply put, this is a win for New York’s economy.”

Greater Rochester Chamber President and CEO Bob Duffy said, “Governor Hochul’s decision to use $8 billion to restore solvency to the State’s unemployment insurance trust fund will have significant impacts on every business in New York State, from mom-and-pop shops to major legacy corporations. We have heard directly from our members that this decision will save them tens of thousands of dollars each year — savings that can be used to grow, create jobs, and invest in New York State. At a time of much uncertainty for businesses, these savings help stabilize the business community and ensure New York State remains competitive. We applaud the Governor’s leadership on this issue, and are proud to have worked alongside her and our other partners to secure this well-deserved funding for our business and labor community.”

Greater Utica Chamber of Commerce Executive Director Kari Puleo said, “Paying off the unemployment insurance debt is a game-changer for businesses across the Mohawk Valley. It eases the financial pressure our employers have been carrying since the pandemic and frees up resources to reinvest in their operations, their workforce, and their growth. It’s a meaningful step forward that strengthens our local economy and supports a brighter future for the region.”

Greater Binghamton Chamber of Commerce President and CEO Stacey Duncan said, “Over the past four years, New York State employers have faced significant challenges due to an unpredictable business climate, coupled with significant Unemployment Insurance costs. After depleting its UI Trust Fund in 2020, the state borrowed $11 billion to cover pandemic-related claims, saddling employers with maximum UI rates and interest assessment surcharges, costing small businesses over $6 billion. We are deeply grateful to Governor Hochul and the Legislature for recognizing the urgency of this issue and taking meaningful steps to support and prioritize the needs of small businesses.”

North Country Chamber of Commerce President Garry Douglas said, “Relief from this massive UI debt to the federal government caused by the pandemic was a top priority for business and we join in thanking Governor Hochul and legislative leaders for the full payback of almost $7 billion. This huge UI debt would otherwise have fallen on employers, including small business, through higher UI costs until paid off, even though the pandemic shutdowns and impacts were not their fault. This important and needed relief is highly welcome for all employers.”

MIL OSI USA News –

July 31, 2025

MIL-OSI Europe: Written question – Pandemic reaction time – E-002971/2025

Source: European Parliament

Question for written answer E-002971/2025
to the Commission
Rule 144
Moritz Körner (Renew)

Following the outbreak of the COVID-19 pandemic, the European Union provided financial support to Member States facing exceptional circumstances beyond their control.

The World Health Organization declared COVID-19 a global pandemic on 11 March 2020. In response, the EU introduced two major instruments: the SURE instrument, to support Member States in protecting employment, and NextGenerationEU (NGEU), as a broader recovery instrument.

The Commission proposed the SURE instrument on 2 April 2020, 23 days after the outbreak was declared a pandemic, and NGEU on 27 May 2020, 78 days after the pandemic declaration.

In the Commission’s view, what is the maximum amount of time, in line with the Treaties, that may elapse between the outbreak of any exceptional crisis and the provision of financial support to respond to that crisis?

Submitted: 17.7.2025

Last updated: 30 July 2025

MIL OSI Europe News –

July 31, 2025

MIL-OSI: FormFactor, Inc. Reports 2025 Second Quarter Results

Source: GlobeNewswire (MIL-OSI)

LIVERMORE, Calif., July 30, 2025 (GLOBE NEWSWIRE) — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the second quarter of fiscal 2025 ended June 28, 2025. Quarterly revenues were $195.8 million, an increase of 14.3% compared to $171.4 million in the first quarter of fiscal 2025, and a decrease of 0.8% from $197.5 million in the second quarter of fiscal 2024.

Anticipated strength in HBM and Foundry & Logic probe cards drove sequentially stronger second-quarter revenue
FormFactor is now shipping in volume to all three major HBM manufacturers
Closed acquisition of Farmers Branch manufacturing facility, providing significant operational flexibility in lower operating cost region

“FormFactor reported sequentially stronger second-quarter revenue that exceeded the high end of our outlook range, due to higher-than-anticipated growth in our probe-card business,” said Mike Slessor, CEO of FormFactor, Inc. “Despite this revenue strength, non-GAAP gross margin and overall profitability fell short of our outlook, mainly caused by an unfavorable shift in product mix and unforecasted ramp-up costs for a second HBM DRAM customer.”

Second Quarter Highlights

On a GAAP basis, net income for the second quarter of fiscal 2025 was $9.1 million, or $0.12 per fully-diluted share, compared to net income for the first quarter of fiscal 2025 of $6.4 million, or $0.08 per fully-diluted share, and net income for the second quarter of fiscal 2024 of $19.4 million, or $0.25 per fully-diluted share. Gross margin for the second quarter of 2025 was 37.3%, compared with 37.7% in the first quarter of 2025, and 44.0% in the second quarter of 2024.

On a non-GAAP basis, net income for the second quarter of fiscal 2025 was $21.2 million, or $0.27 per fully-diluted share, compared to net income for the first quarter of fiscal 2025 of $18.0 million, or $0.23 per fully-diluted share, and net income for the second quarter of fiscal 2024 of $27.3 million, or $0.35 per fully-diluted share. On a non-GAAP basis, gross margin for the second quarter of 2025 was 38.5%, compared with 39.2% in the first quarter of 2025, and 45.3% in the second quarter of 2024.

GAAP net cash provided by operating activities for the second quarter of fiscal 2025 was $18.9 million, compared to $23.5 million for the first quarter of fiscal 2025, and $21.9 million for the second quarter of fiscal 2024. Free cash flow for the second quarter of fiscal 2025 was negative $47.1 million, compared to free cash flow for the first quarter of fiscal 2025 of $6.3 million, and free cash flow for the second quarter of 2024 of $14.2 million.

A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below.

Outlook

Dr. Slessor added, “In the current third quarter, we expect to deliver revenue comparable to the second quarter, with slightly higher gross margin and operating profit.”

For the third quarter ending September 27, 2025, FormFactor is providing the following outlook*:

	GAAP	Reconciling Items**	Non-GAAP
Revenue	$200 million +/- $5 million	—	$200 million +/- $5 million
Gross Margin	38.5% +/- 1.5%	$3 million	40% +/- 1.5%
Net income per diluted share	$0.14 +/- $0.04	$0.11	$0.25 +/- $0.04
This outlook assumes consistent foreign currency rates. *Reconciling items are stock-based compensation, amortization of intangible assets and fixed asset fair value adjustments due to acquisitions, and restructuring charges, net of applicable income tax impacts.

We posted our revenue breakdown by geographic region, by market segment and with customers with greater than 10% of total revenue on the Investor Relations section of our website at www.formfactor.com. We will conduct a conference call at 1:25 p.m. PT, or 4:25 p.m. ET, today.

The public is invited to listen to a live webcast of FormFactor’s conference call on the Investor Relations section of our website at www.formfactor.com. A telephone replay of the conference call will be available approximately two hours after the conclusion of the call. The replay will be available on the Investor Relations section of our website, www.formfactor.com.

Use of Non-GAAP Financial Information:

To supplement our condensed consolidated financial results prepared under generally accepted accounting principles, or GAAP, we disclose certain non-GAAP measures of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow, that are adjusted from the nearest GAAP financial measure to exclude certain costs, expenses, gains and losses. Reconciliations of the adjustments to GAAP results for the three and six months ended June 28, 2025, and for outlook provided before, as well as for the comparable periods of fiscal 2024, are provided below, and on the Investor Relations section of our website at www.formfactor.com. Information regarding the ways in which management uses non-GAAP financial information to evaluate its business, management’s reasons for using this non-GAAP financial information, and limitations associated with the use of non-GAAP financial information, is included under “About our Non-GAAP Financial Measures” following the tables below.

About FormFactor:

FormFactor, Inc. (NASDAQ: FORM), is a leading provider of essential test and measurement technologies along the full semiconductor product life cycle – from characterization, modeling, reliability, and design de-bug, to qualification and production test. Semiconductor companies rely upon FormFactor’s products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company’s website at www.formfactor.com.

Forward-looking Statements:

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the federal securities laws, including with respect to the Company’s future financial and operating results, and the Company’s plans, strategies and objectives for future operations. These statements are based on management’s current expectations and beliefs as of the date of this release, and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding future financial and operating results, including under the heading “Outlook” above, and the Company’s performance, and other statements regarding the Company’s business. Forward-looking statements may contain words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” “forecast,” “continue,” and “prospect,” and the negative or plural of these words and similar expressions, and include the assumptions that underlie such statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in and impacts from export control, tariffs and other trade barriers; changes in demand for the Company’s products; customer-specific demand; market opportunity; anticipated industry trends; the availability, benefits, and speed of customer acceptance or implementation of new products and technologies; manufacturing, processing, and design capacity, goals, expansion, volumes, and progress; difficulties or delays in research and development; industry seasonality; risks to the Company’s realization of benefits from acquisitions; reliance on customers or third parties (including suppliers); changes in macro-economic environments; events affecting global and regional economic and market conditions and stability such as tariffs, military conflicts, political volatility, infectious diseases and pandemics, and similar factors, operating separately or in combination; and other factors, including those set forth in the Company’s most current annual report on Form 10-K, quarterly reports on Form 10-Q and other filings by the Company with the U.S. Securities and Exchange Commission. In addition, there are varying barriers to international trade, including restrictive trade and export regulations such as the US-China restrictions, dynamic tariffs, trade disputes between the U.S. and other countries, and national security developments or tensions, that may substantially restrict or condition our sales to or in certain countries, increase the cost of doing business internationally, and disrupt our supply chain. No assurances can be given that any of the events anticipated by the forward-looking statements within this press release will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Unless required by law, the Company is under no obligation (and expressly disclaims any such obligation) to update or revise its forward-looking statements whether as a result of new information, future events, or otherwise.

FORMFACTOR, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited)

	Three Months Ended							Six Months Ended
	June 28, 2025			March 29, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Revenues	$	195,798		$	171,356	$	197,474	$	367,154	$	366,199
Cost of revenues		122,860			106,833		110,574		229,693		216,561
Gross profit		72,938			64,523		86,900		137,461		149,638
Operating expenses:
Research and development		28,793			27,800		31,564		56,593		60,191
Selling, general and administrative		31,839			33,454		37,874		65,293		70,953
Total operating expenses		60,632			61,254		69,438		121,886		131,144
Gain on sale of business		—			—		310		—		20,581
Operating income		12,306			3,269		17,772		15,575		39,075
Interest income, net		2,642			3,317		3,415		5,959		6,571
Other income (expense), net		(6	)		890		360		884		880
Income before income taxes		14,942			7,476		21,547		22,418		46,526
Provision for income taxes		2,372			1,075		2,155		3,447		5,353
Loss from equity investment		3,484			—		—		3,484		—
Net income	$	9,086		$	6,401	$	19,392	$	15,487	$	41,173
Net income per share:
Basic	$	0.12		$	0.08	$	0.25	$	0.20	$	0.53
Diluted	$	0.12		$	0.08	$	0.25	$	0.20	$	0.52
Weighted-average number of shares used in per share calculations:
Basic		77,107			77,345		77,235		77,226		77,343
Diluted		77,527			77,884		78,717		77,721		78,746

FORMFACTOR, INC. NON-GAAP FINANCIAL MEASURE RECONCILIATIONS (In thousands, except per share amounts) (Unaudited)

	Three Months Ended									Six Months Ended
	June 28, 2025			March 29, 2025			June 29, 2024			June 28, 2025			June 29, 2024
GAAP Gross Profit	$	72,938		$	64,523		$	86,900		$	137,461		$	149,638
Adjustments:
Amortization of intangibles and fixed asset fair value adjustments due to acquisitions		528			542			545			1,070			1,131
Stock-based compensation		1,690			2,005			1,932			3,695			3,860
Restructuring charges		183			60			39			243			83
Non-GAAP Gross Profit	$	75,339		$	67,130		$	89,416		$	142,469		$	154,712

GAAP Gross Margin		37.3	%		37.7	%		44.0	%		37.4	%		40.9	%
Adjustments:
Amortization of intangibles and fixed asset fair value adjustments due to acquisitions		0.3	%		0.3	%		0.3	%		0.3	%		0.3	%
Stock-based compensation		0.8	%		1.2	%		1.0	%		1.0	%		1.1	%
Restructuring charges		0.1	%		—	%		—	%		0.1	%		—	%
Non-GAAP Gross Margin		38.5	%		39.2	%		45.3	%		38.8	%		42.3	%

GAAP operating expenses	$	60,632		$	61,254		$	69,438		$	121,886		$	131,144
Adjustments:
Amortization of intangibles		(191	)		(191	)		(191	)		(382	)		(382	)
Stock-based compensation		(7,701	)		(7,791	)		(8,277	)		(15,492	)		(16,754	)
Restructuring charges		(195	)		(2,823	)		(49	)		(3,018	)		(98	)
Costs related to sale and acquisition of businesses		(55	)		(217	)		(43	)		(272	)		(689	)
Non-GAAP operating expenses	$	52,490		$	50,232		$	60,878		$	102,722		$	113,221

GAAP operating income	$	12,306		$	3,269		$	17,772		$	15,575		$	39,075
Adjustments:
Amortization of intangibles and fixed asset fair value adjustments due to acquisitions		719			733			736			1,452			1,513
Stock-based compensation		9,391			9,796			10,209			19,187			20,614
Restructuring charges		378			2,883			88			3,261			181
Gain on sale of business, net of costs and acquisition related expenses		55			217			(267	)		272			(19,892	)
Non-GAAP operating income	$	22,849		$	16,898		$	28,538		$	39,747		$	41,491

FORMFACTOR, INC. NON-GAAP FINANCIAL MEASURE RECONCILIATIONS (In thousands, except per share amounts) (Unaudited)

	Three Months Ended									Six Months Ended
	June 28, 2025			March 29, 2025			June 29, 2024			June 28, 2025			June 29, 2024
GAAP net income	$	9,086		$	6,401		$	19,392		$	15,487		$	41,173
Adjustments:
Amortization of intangibles and fixed asset fair value adjustments due to acquisitions		719			733			736			1,452			1,513
Stock-based compensation		9,391			9,796			10,209			19,187			20,614
Restructuring charges		378			2,883			88			3,261			181
Gain on sale of business and assets, net of costs and acquisition related expenses		3,460			217			(267	)		3,677			(19,892	)
Income tax effect of non-GAAP adjustments		(1,812	)		(2,026	)		(2,835	)		(3,838	)		(1,922	)
Non-GAAP net income	$	21,222		$	18,004		$	27,323		$	39,226		$	41,667

GAAP net income per share:
Basic	$	0.12		$	0.08		$	0.25		$	0.20		$	0.53
Diluted	$	0.12		$	0.08		$	0.25		$	0.20		$	0.52

Non-GAAP net income per share:
Basic	$	0.28		$	0.23		$	0.35		$	0.51		$	0.54
Diluted	$	0.27		$	0.23		$	0.35		$	0.50		$	0.53

GAAP net cash provided by operating activities	$	18,893		$	23,539		$	21,878		$	42,432		$	54,890
Adjustments:
Sale of business and acquisition related payments in working capital		168			1,221			630			1,389			677
Cash paid for interest		95			92			101			187			201
Capital expenditures		(66,256	)		(18,584	)		(8,398	)		(84,840	)		(21,834	)
Free cash flow	$	(47,100	)	$	6,268		$	14,211		$	(40,832	)	$	33,934

GAAP net cash used in investing activities	$	(78,553	)	$	(84,660	)	$	(6,140	)	$	(163,213	)	$	(9,960	)
GAAP net cash used in financing activities	$	(4,214	)	$	(2,964	)	$	(4,934	)	$	(7,178	)	$	(19,426	)

FORMFACTOR, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)

	Six Months Ended
	June 28, 2025			June 29, 2024
Cash flows from operating activities:
Net income	$	15,487		$	41,173
Selected adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		17,051			14,563
Amortization		1,339			1,280
Stock-based compensation expense		19,187			20,614
Provision for excess and obsolete inventories		6,695			6,277
Loss from equity investment		3,484			—
Gain on sale of business and assets		(103	)		(20,581	)
Non-cash restructuring charges		2,160			—
Other activity impacting operating cash flows		(22,868	)		(8,436	)
Net cash provided by operating activities		42,432			54,890
Cash flows from investing activities:
Acquisition of property, plant and equipment		(84,840	)		(21,834	)
Proceeds from sale of business and assets		103			21,585
Purchase of equity investment		(67,156	)		—
Purchases of marketable securities, net		(11,320	)		(9,711	)
Net cash used in investing activities		(163,213	)		(9,960	)
Cash flows from financing activities:
Purchase of common stock through stock repurchase program, including excise tax paid		(24,586	)		(20,271	)
Proceeds from issuances of common stock		21,576			4,948
Principal repayments on term loans		(549	)		(534	)
Tax withholdings related to net share settlements of equity awards		(3,619	)		(3,569	)
Net cash used in financing activities		(7,178	)		(19,426	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		1,658			(2,826	)
Net increase (decrease) in cash, cash equivalents and restricted cash		(126,301	)		22,678
Cash, cash equivalents and restricted cash, beginning of period		197,206			181,273
Cash, cash equivalents and restricted cash, end of period	$	70,905		$	203,951

FORMFACTOR, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)

	June 28, 2025		December 28, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	67,380	$	190,728
Marketable securities		181,949		169,295
Accounts receivable, net of allowance for credit losses		115,199		104,294
Inventories, net		110,789		101,676
Restricted cash		1,061		3,746
Prepaid expenses and other current assets		48,884		35,389
Total current assets		525,262		605,128
Restricted cash		2,464		2,732
Operating lease, right-of-use-assets		19,475		22,579
Property, plant and equipment, net of accumulated depreciation		259,288		210,230
Equity investment		67,264		—
Goodwill		200,858		199,171
Intangibles, net		9,017		10,355
Deferred tax assets		94,795		92,012
Other assets		3,185		4,008
Total assets	$	1,181,608	$	1,146,215

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	59,932	$	62,287
Accrued liabilities		38,545		43,742
Current portion of term loan, net of unamortized issuance costs		1,121		1,106
Deferred revenue		16,450		15,847
Operating lease liabilities		7,919		8,363
Total current liabilities		123,967		131,345
Term loan, less current portion, net of unamortized issuance costs		11,644		12,208
Long-term operating lease liabilities		15,231		17,550
Deferred grant		18,000		18,000
Other liabilities		22,743		19,344
Total liabilities		191,585		198,447

Stockholders’ equity:
Common stock		77		77
Additional paid-in capital		850,064		837,586
Accumulated other comprehensive income (loss)		3,450		(10,840	)
Accumulated income		136,432		120,945
Total stockholders’ equity		990,023		947,768
Total liabilities and stockholders’ equity	$	1,181,608	$	1,146,215

About our Non-GAAP Financial Measures:

We believe that the presentation of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow provides supplemental information that is important to understanding financial and business trends and other factors relating to our financial condition and results of operations. Non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income are among the primary indicators used by management as a basis for planning and forecasting future periods, and by management and our board of directors to determine whether our operating performance has met certain targets and thresholds. Management uses non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income when evaluating operating performance because it believes that the exclusion of the items indicated herein, for which the amounts or timing may vary significantly depending upon our activities and other factors, facilitates comparability of our operating performance from period to period. We use free cash flow to conduct and evaluate our business as an additional way of viewing our liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our cash flows. Many investors also prefer to track free cash flow, as opposed to only GAAP earnings. Free cash flow has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures, and therefore it is important to view free cash flow as a complement to our entire consolidated statements of cash flows. We have chosen to provide this non-GAAP information to investors so they can analyze our operating results closer to the way that management does, and use this information in their assessment of our business and the valuation of our Company. We compute non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income, by adjusting GAAP net income, GAAP net income per basic and diluted share, GAAP gross profit, GAAP gross margin, GAAP operating expenses, and GAAP operating income to remove the impact of certain items and the tax effect, if applicable, of those adjustments. These non-GAAP measures are not in accordance with, or an alternative to, GAAP, and may be materially different from other non-GAAP measures, including similarly titled non-GAAP measures used by other companies. The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, net income, net income per basic and diluted share, gross profit, gross margin, operating expenses, or operating income in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. We may expect to continue to incur expenses of a nature similar to the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income should not be construed as an inference that these costs are unusual, infrequent or non-recurring. For more information on the non-GAAP adjustments, please see the table captioned “Non-GAAP Financial Measure Reconciliations” included in this press release.

Investor Contact:
Stan Finkelstein
Investor Relations
(925) 290-4273
ir@formfactor.com

Source: FormFactor, Inc.
FORM-F

The MIL Network –

July 31, 2025

MIL-OSI: Columbia Financial, Inc. Announces Financial Results for the Second Quarter Ended June 30, 2025

Source: GlobeNewswire (MIL-OSI)

FAIR LAWN, N.J., July 30, 2025 (GLOBE NEWSWIRE) — Columbia Financial, Inc. (the “Company”) (NASDAQ: CLBK), the mid-tier holding company for Columbia Bank (“Columbia”), reported net income of $12.3 million, or $0.12 per basic and diluted share, for the quarter ended June 30, 2025, as compared to $4.5 million, or $0.04 per basic and diluted share, for the quarter ended June 30, 2024. Earnings for the quarter ended June 30, 2025 reflected higher net interest income due to both an increase in interest income and a decrease in interest expense, higher non-interest income and a decrease in non-interest expense, partially offset by higher income tax expense.

For the six months ended June 30, 2025, the Company reported net income of $21.2 million, or $0.21 per basic and diluted share, as compared to $3.4 million, or $0.03 per basic and diluted share, for the six months ended June 30, 2024. Earnings for the six months ended June 30, 2025 reflected higher net interest income due to both an increase in interest income and a decrease in interest expense, a decrease in provision for credit losses and higher non-interest income, and a decrease in non-interest expense, partially offset by higher income tax expense.

Mr. Thomas J. Kemly, President and Chief Executive Officer commented: “We are pleased with our results for the second quarter of 2025, which reflect a substantial increase in earnings and the continued expansion of our net interest margin resulting from our previously announced strategies. During the quarter, we also experienced solid loan growth, complemented by the purchase of approximately $130.9 million in commercial equipment finance loans. Assets and deposits continued to increase throughout the 2025 period, and we reduced our overall operating costs.”

Results of Operations for the Three Months Ended June 30, 2025 and June 30, 2024

Net income of $12.3 million was recorded for the quarter ended June 30, 2025, an increase of $7.8 million, as compared to net income of $4.5 million for the quarter ended June 30, 2024. The increase in net income was primarily attributable to a $9.6 million increase in net interest income, a $993,000 increase in non-interest income and a $1.3 million decrease in non-interest expense, partially offset by a $3.9 million increase in income tax expense.

Net interest income was $53.7 million for the quarter ended June 30, 2025, an increase of $9.6 million, or 21.8%, from $44.1 million for the quarter ended June 30, 2024. The increase in net interest income was primarily attributable to a $3.2 million increase in interest income and a $6.4 million decrease in interest expense on deposits and borrowings. The increase in interest income was primarily due to an increase in the average balance of loans coupled with an increase in average yields on loans and securities. During the fourth quarter of 2024 the Company implemented a balance sheet repositioning transaction which resulted in an increase in the average yield on securities and a decrease in the cost of borrowings, which had a notable impact on net interest income for the quarter ended June 30, 2025. The 100 basis point decrease in market interest rates during the last four months of 2024 contributed to lower interest rates paid on new and repricing deposits and borrowings during the quarter ended June 30, 2025. Prepayment penalties, which are included in interest income on loans, totaled $615,000 for the quarter ended June 30, 2025, compared to $436,000 for the quarter ended June 30, 2024.

The average yield on loans for the quarter ended June 30, 2025 increased 3 basis points to 4.96%, as compared to 4.93% for the quarter ended June 30, 2024. Interest income on loans increased due to an increase in both the average balance and yield on loans. The average yield on securities for the quarter ended June 30, 2025 increased 66 basis points to 3.55%, as compared to 2.89% for the quarter ended June 30, 2024. This was a result of lower yielding securities sold as part of the balance sheet repositioning transaction implemented in the fourth quarter of 2024 being replaced with higher yielding securities purchased in 2024 and throughout the six months ended June 30, 2025. The average yield on other interest-earning assets for the quarter ended June 30, 2025 decreased 114 basis points to 5.16%, as compared to 6.30% for the quarter ended June 30, 2024, mainly due to a 150 basis point decrease in the dividend rate received on Federal Home Loan Bank stock.

Total interest expense was $62.8 million for the quarter ended June 30, 2025, a decrease of $6.4 million, or 9.3%, from $69.2 million for the quarter ended June 30, 2024. The decrease in interest expense was primarily attributable to a 19 basis point decrease in the average cost of interest-bearing deposits along with a 52 basis point decrease in the average cost of borrowings, coupled with a decrease in the average balance of borrowings, partially offset by an increase in the average balance of interest-bearing deposits. Interest expense on deposits decreased $482,000, or 1.0%, and interest expense on borrowings decreased $5.9 million, or 30.6% for the quarter ended June 30, 2025 as compared to the quarter ended June 30, 2024.

The Company’s net interest margin for the quarter ended June 30, 2025 increased 38 basis points to 2.19% when compared to 1.81%, due to an increase in the average yield on interest-earning assets coupled with a decrease in the average cost of interest-bearing liabilities. The weighted average yield on interest-earning assets increased 11 basis points to 4.75% for the quarter ended June 30, 2025 as compared to 4.64% for the quarter ended June 30, 2024. The average cost of interest-bearing liabilities decreased 31 basis points to 3.18% for the quarter ended June 30, 2025 as compared to 3.49% for the quarter ended June 30, 2024.

Non-interest income was $10.2 million for the quarter ended June 30, 2025, an increase of $993,000, or 10.8%, from $9.2 million for the quarter ended June 30, 2024. The increase was primarily attributable to an increase of $425,000 in demand deposit account fees mainly related to commercial account treasury services, an increase of $366,000 in loan fees and service charges related to swap income, gains on securities transactions of $336,000, and a $281,000 gain on the sale of real estate owned, partially offset by a decrease of $693,000 in other non-interest income. The gain on the sale of other real estate owned resulted from the sale of a commercial real estate property acquired by foreclosure in 2024 with a book value of $1.3 million which was sold in June 2025.

Non-interest expense was $44.9 million for the quarter ended June 30, 2025, a decrease of $1.3 million, or 2.9%, from $46.2 million for the quarter ended June 30, 2024. The decrease was primarily attributable to a decrease in professional fees of $1.0 million, as legal, regulatory, and compliance-related costs were higher in the 2024 period, a decrease in merger-related expenses of $692,000, and a decrease in other non-interest expense of $798,000.

Income tax expense was $4.2 million for the quarter ended June 30, 2025, an increase of $3.9 million, as compared to income tax expense of $279,000 for the quarter ended June 30, 2024, mainly due to an increase in pre-tax income. The Company’s effective tax rate was 25.4% and 5.8% for the quarters ended June 30, 2025 and 2024, respectively. The effective tax rate for the 2024 period was primarily impacted by permanent income tax differences.

Results of Operations for the Six Months Ended June 30, 2025 and June 30, 2024

Net income of $21.2 million was recorded for the six months ended June 30, 2025, an increase of $17.8 million, or 526.4%, compared to net income of $3.4 million for the six months ended June 30, 2024. The increase in net income was primarily attributable to a $17.7 million increase in net interest income, a $2.1 million decrease in provision for credit losses, a $2.0 million increase in non-interest income and a $3.2 million decrease in non-interest expense, partially offset by a $7.2 million increase in income tax expense.

Net interest income was $104.0 million for the six months ended June 30, 2025, an increase of $17.7 million, or 20.6%, from $86.3 million for the six months ended June 30, 2024. The increase in net interest income was primarily attributable to a $6.7 million increase in interest income and a $11.0 million decrease in interest expense on deposits and borrowings. The increase in interest income was primarily due to an increase in the average balance of loans coupled with an increase in the average yields on loans and securities. During the fourth quarter of 2024 the Company implemented a balance sheet repositioning transaction which resulted in an increase in the average yield on securities and a decrease in the cost of borrowings, which had a notable impact on net interest income for the six months ended June 30, 2025. The 100 basis point decrease in market interest rates during the last four months of 2024 contributed to a decrease in interest rates paid on new and repricing deposits and borrowings during the six months ended June 30, 2025. The decrease in interest expense on borrowings was also impacted by a decrease in the average balance of borrowings and the decrease in the cost of new borrowings. Prepayment penalties, which are included in interest income on loans, totaled $872,000 for the six months ended June 30, 2025, compared to $703,000 for the six months ended June 30, 2024.

The average yield on loans for the six months ended June 30, 2025 increased 6 basis points to 4.92%, as compared to 4.86% for the six months ended June 30, 2024. Interest income on loans increased due to an increase in both the average balance and yield on loans. The average yield on securities for the six months ended June 30, 2025 increased 73 basis points to 3.50%, as compared to 2.77% for the six months ended June 30, 2024. This was a result of lower yielding securities sold as part of the balance sheet repositioning transaction implemented in the fourth quarter of 2024 being replaced with higher yielding securities purchased in 2024 and throughout the six months ended June 30, 2025. The average yield on other interest-earning assets for the six months ended June 30, 2025 decreased 72 basis points to 5.47%, as compared to 6.19% for the six months ended June 30, 2024, due to lower dividends received on Federal Home Loan Bank stock.

Total interest expense was $124.6 million for the six months ended June 30, 2025, a decrease of $11.0 million, or 8.1%, from $135.6 million for the six months ended June 30, 2024. The decrease in interest expense was primarily attributable to a 10 basis point decrease in the average cost of interest-bearing deposits along with a 53 basis point decrease in the average cost of borrowings coupled with a decrease in the average balance of borrowings. Interest expense on deposits increased $1.2 million, or 1.3%, and interest expense on borrowings decreased $12.3 million, or 32.8% for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.

The Company’s net interest margin for the six months ended June 30, 2025 increased 37 basis points to 2.15%, when compared to 1.78% for the six months ended June 30, 2024. The net interest margin increased for the six months ended June 30, 2025, due to an increase in the average yield on interest-earning assets coupled with a decrease in the average cost of interest-bearing liabilities. The weighted average yield on interest-earning assets increased 15 basis points to 4.72% for the six months ended June 30, 2025, as compared to 4.57% for the six months ended June 30, 2024. The average cost of interest-bearing liabilities decreased 25 basis points to 3.19% for the six months ended June 30, 2025, as compared to 3.44% for the six months ended June 30, 2024.

The provision for credit losses for the six months ended June 30, 2025 was $5.4 million, a decrease of $2.1 million, or 27.7% from $7.5 million for the six months ended June 30, 2024. The decrease in provision for credit losses was primarily attributable to a decrease in net charge-offs, which totaled $4.1 million for the six months ended June 30, 2025 as compared to $5.5 million for the six months ended June 30, 2024, and a decrease in quantitative loss rates based on the evaluation of current and projected economic conditions.

Non-interest income was $18.6 million for the six months ended June 30, 2025, an increase of $2.0 million, or 12.1%, from $16.6 million for the six months ended June 30, 2024. The increase was primarily attributable to an increase in gain on securities transactions of $1.6 million, an increase of $900,000 in demand deposit account fees mainly related to commercial account treasury services, an increase of $461,000 in loan fees and service charges related to swap income and a $281,000 gain on the sale of real estate owned, partially offset by a decrease of $2.0 million in other non-interest income.

Non-interest expense was $88.8 million for the six months ended June 30, 2025, a decrease of $3.2 million, or 3.4% from $91.9 million for the six months ended June 30, 2024. The decrease was primarily attributable to a decrease in federal deposit insurance premiums of $615,000, a decrease in professional fees of $3.1 million, a decrease in merger-related expenses of $714,000 and a decrease in other non-interest expense of $1.3 million, partially offset by an increase in compensation and employee benefits expense of $2.3 million. Professional fees for legal, regulatory and compliance-related costs decreased in the 2025 period.

Income tax expense was $7.3 million for the six months ended June 30, 2025, an increase of $7.2 million, as compared to income tax expense of $150,000 for the six months ended June 30, 2024, mainly due to an increase in pre-tax income. The Company’s effective tax rate was 25.6% and 4.2% for the six months ended June 30, 2025 and 2024, respectively. The effective tax rate for the 2024 period was impacted by permanent income tax differences.

Balance Sheet Summary

Total assets increased $263.5 million, or 2.5%, to $10.7 billion at June 30, 2025 as compared to $10.5 billion at December 31, 2024. The increase in total assets was primarily attributable to an increase in debt securities available for sale of $31.0 million, and an increase in loans receivable, net, of $254.1 million, partially offset by a decrease in cash and cash equivalents of $41.0 million.

Cash and cash equivalents decreased $41.0 million, or 14.2%, to $248.2 million at June 30, 2025 from $289.2 million at December 31, 2024. The decrease was primarily attributable to purchases of securities of $159.3 million, purchases of loans of $150.9 million and the origination of loans receivable, partially offset by proceeds from principal repayments on securities of $98.5 million, and repayments on loans receivable.

Debt securities available for sale increased $31.0 million, or 3.0%, to $1.1 billion at June 30, 2025 from $1.0 billion at December 31, 2024. The increase was attributable to purchases of securities of $126.0 million, consisting primarily of U.S. government obligations and mortgage-backed securities, and a decrease in the gross unrealized loss on securities of $22.1 million, partially offset by maturities on securities of $28.5 million, repayments on securities of $73.6 million, and the sale of securities of $15.7 million.

Loans receivable, net, increased $254.1 million, or 3.2%, to $8.1 billion at June 30, 2025 from $7.9 billion at December 31, 2024. Multifamily loans, commercial real estate loans and commercial business loans increased $118.1 million, $177.8 million, and $104.5 million, respectively, partially offset by decreases in one-to-four family real estate loans, construction loans and home equity loans and advances of $81.6 million, $58.2 million, and $2.6 million, respectively. The increase in commercial business loans was primarily due to the purchase of $130.9 million in equipment finance loans from a third party in May 2025, at a $3.2 million discount, which included $5.1 million of purchased credit deteriorated loans (“PCD”). The principal balance of the PCD loans was charged-off by $3.2 million. The allowance for credit losses for loans increased $4.5 million to $64.5 million at June 30, 2025 from $60.0 million at December 31, 2024, primarily due to an increase in the outstanding balance of loans.

Total liabilities increased $223.2 million, or 2.4%, to $9.6 billion at June 30, 2025 from $9.4 billion at December 31, 2024. The increase was primarily attributable to an increase in total deposits of $39.3 million, or 0.5%, and an increase in borrowings of $192.0 million, or 17.8%, partially offset by a decrease in other liabilities of $12.2 million. The increase in total deposits consisted of increases in non-interest-bearing demand deposits, money market accounts and certificates of deposit of $1.9 million, $114.0 million, and $80.2 million, respectively, partially offset by decreases in interest-bearing demand deposits and savings and club accounts of $149.0 million and $7.7 million, respectively. The $192.0 million increase in borrowings was driven by a net increase in short-term borrowings of $122.0 million, coupled with new long-term borrowings of $130.0 million, partially offset by repayments of $60.0 million in maturing long-term borrowings. Proceeds from borrowings were utilized to fund the purchase of $130.9 million in equipment finance loans from a third party in May 2025.

Total stockholders’ equity increased $40.3 million, or 3.7%, with a balance of $1.1 billion at both June 30, 2025 and December 31, 2024. The increase in total stockholders’ equity was primarily attributable to net income of $21.2 million, and an increase of $15.3 million in other comprehensive income, which includes changes in unrealized losses on debt securities available for sale and unrealized gains on swap contracts, net of taxes, included in other comprehensive income.

Asset Quality

The Company’s non-performing loans at June 30, 2025 totaled $39.5 million, or 0.49% of total gross loans, as compared to $21.7 million, or 0.28% of total gross loans, at December 31, 2024. The $17.8 million increase in non-performing loans was primarily attributable to a $5.9 million construction loan designated as non-performing during the 2025 period, an increase in non-performing one-to-four family real estate loans of $2.6 million, an increase in non-performing commercial real estate loans of $7.5 million, and an increase in non-performing commercial business loans of $1.3 million. The $5.9 million non-performing construction loan represents the construction of a mixed use five-story building with both commercial space and apartments. The increase in non-performing one-to-four family real estate loans was due to an increase in the number of loans from 32 non-performing loans at December 31, 2024 to 43 loans at June 30, 2025. The increase in non-performing commercial real estate loans was due to an increase in the number of loans from four non-performing loans at December 31, 2024 to 14 loans at June 30, 2025. The increase in non-performing commercial business loans was due to an increase in the number of loans from 11 non-performing loans at December 31, 2024 to 16 loans at June 30, 2025. Non-performing assets as a percentage of total assets totaled 0.37% at June 30, 2025, as compared to 0.22% at December 31, 2024.

For the quarter ended June 30, 2025, net charge-offs totaled approximately $3.2 million, as compared to $533,000 in net charge-offs recorded for the quarter ended June 30, 2024. For the six months ended June 30, 2025, net charge-offs totaled $4.1 million as compared to $5.5 million in net charge-offs recorded for the six months ended June 30, 2024. Charge-offs for the three and six months ended June 30, 2025 included $3.2 million in charge-offs related to PCD loans included in the equipment finance loan purchase noted above.

The Company’s allowance for credit losses on loans was $64.5 million, or 0.79% of total gross loans, at June 30, 2025, compared to $60.0 million, or 0.76% of total gross loans, at December 31, 2024. The increase in the allowance for credit losses for loans was primarily due to an increase in the outstanding balance of loans.

About Columbia Financial, Inc.

The consolidated financial results include the accounts of Columbia Financial, Inc., its wholly-owned subsidiary Columbia Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries. Columbia Financial, Inc. is a Delaware corporation organized as Columbia Bank’s mid-tier stock holding company. Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank, MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates 69 full-service banking offices and offers traditional financial services to consumers and businesses in its market area.

Forward Looking Statements

Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “projects,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates, higher inflation and their impact on national and local economic conditions; changes in monetary and fiscal policies of the U.S. Treasury, the Board of Governors of the Federal Reserve System and other governmental entities; the impact of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the impact of legal, judicial and regulatory proceedings or investigations, competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which the Company operates, including changes that adversely affect a borrowers’ ability to service and repay the Company’s loans; the effect of acts of terrorism, war or pandemics, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; changes in the value of securities in the Company’s portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and securities; legislative changes and changes in government regulation; changes in accounting standards and practices; the risk that goodwill and intangibles recorded in the Company’s consolidated financial statements will become impaired; cyber-attacks, computer viruses and other technological risks that may breach the security of our systems and allow unauthorized access to confidential information; the inability of third party service providers to perform; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits and effectively manage liquidity; risks related to the implementation of acquisitions, dispositions, and restructurings; the successful implementation of our December 2024 balance sheet repositioning transaction; the risk that the Company may not be successful in the implementation of its business strategy, or its integration of acquired financial institutions and businesses, and changes in assumptions used in making such forward-looking statements which are subject to numerous risks and uncertainties, including but not limited to, those set forth in Item 1A of the Company’s Annual Report on Form 10-K and those set forth in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, the Company’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.

Non-GAAP Financial Measures

Reported amounts are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release also contains certain supplemental non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results. Specifically, the Company provides measures based on what it believes are its operating earnings on a consistent basis and excludes material non-routine operating items which affect the GAAP reporting of results of operations. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s core financial results for the periods presented. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

The Company also provides measurements and ratios based on tangible stockholders’ equity. These measures are commonly utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors.

A reconciliation of GAAP to non-GAAP financial measures are included at the end of this press release. See “Reconciliation of GAAP to Non-GAAP Financial Measures”.


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Consolidated Statements of Financial Condition (In thousands)

	June 30,		December 31,
	2025		2024
Assets	(Unaudited)
Cash and due from banks	$	248,113	$	289,113
Short-term investments		111		110
Total cash and cash equivalents		248,224		289,223

Debt securities available for sale, at fair value		1,056,950		1,025,946
Debt securities held to maturity, at amortized cost (fair value of $368,232, and $350,153 at June 30, 2025 and December 31, 2024, respectively)		402,159		392,840
Equity securities, at fair value		7,253		6,673
Federal Home Loan Bank stock		68,663		60,387

Loans receivable		8,175,499		7,916,928
Less: allowance for credit losses		64,467		59,958
Loans receivable, net		8,111,032		7,856,970

Accrued interest receivable		41,161		40,383
Office properties and equipment, net		82,176		81,772
Bank-owned life insurance		278,756		274,908
Goodwill and intangible assets		120,003		121,008
Other real estate owned		—		1,334
Other assets		322,651		324,049
Total assets	$	10,739,028	$	10,475,493

Liabilities and Stockholders’ Equity
Liabilities:
Deposits	$	8,135,483	$	8,096,149
Borrowings		1,272,578		1,080,600
Advance payments by borrowers for taxes and insurance		49,525		45,453
Accrued expenses and other liabilities		160,734		172,915
Total liabilities		9,618,320		9,395,117

Stockholders’ equity:
Total stockholders’ equity		1,120,708		1,080,376
Total liabilities and stockholders’ equity	$	10,739,028	$	10,475,493

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Consolidated Statements of Income (In thousands, except per share data)

	Three Months Ended June 30,					Six Months Ended June 30,
	2025			2024		2025		2024
Interest income:	(Unaudited)					(Unaudited)
Loans receivable	$	99,646		$	95,252	$	194,756	$	188,201
Debt securities available for sale and equity securities		10,301			9,241		20,043		17,026
Debt securities held to maturity		2,922			2,502		5,733		4,871
Federal funds and interest-earning deposits		2,443			4,459		5,301		8,022
Federal Home Loan Bank stock dividends		1,179			1,832		2,821		3,793
Total interest income		116,491			113,286		228,654		221,913
Interest expense:
Deposits		49,344			49,826		99,489		98,244
Borrowings		13,444			19,380		25,137		37,389
Total interest expense		62,788			69,206		124,626		135,633

Net interest income		53,703			44,080		104,028		86,280

Provision for credit losses		2,468			2,194		5,401		7,472

Net interest income after provision for credit losses		51,235			41,886		98,627		78,808

Non-interest income:
Demand deposit account fees		2,015			1,590		3,903		3,003
Bank-owned life insurance		1,990			1,804		3,849		3,584
Title insurance fees		861			744		1,507		1,247
Loan fees and service charges		1,744			1,378		2,800		2,339
Gain (loss) on securities transactions		336			—		336		(1,256	)
Change in fair value of equity securities		272			101		580		452
(Loss) gain on sale of loans		(15	)		181		500		366
Gain on sale of other real estate owned		281			—		281		—
Other non-interest income		2,689			3,382		4,888		6,897
Total non-interest income		10,173			9,180		18,644		16,632

Non-interest expense:
Compensation and employee benefits		28,933			27,659		57,516		55,172
Occupancy		5,968			6,054		12,153		12,027
Federal deposit insurance premiums		1,739			1,879		3,619		4,234
Advertising		563			661		1,094		1,287
Professional fees		3,519			4,509		6,034		9,143
Data processing and software expenses		4,103			3,914		8,164		7,881
Merger-related expenses		—			692		—		714
Other non-interest expense, net		81			879		171		1,447
Total non-interest expense		44,906			46,247		88,751		91,905

Income before income tax expense		16,502			4,819		28,520		3,535

Income tax expense		4,197			279		7,315		150

Net income	$	12,305		$	4,540	$	21,205	$	3,385

Earnings per share-basic	$	0.12		$	0.04	$	0.21	$	0.03
Earnings per share-diluted	$	0.12		$	0.04	$	0.21	$	0.03
Weighted average shares outstanding-basic		101,985,784			101,651,511		101,898,636		101,699,126
Weighted average shares outstanding-diluted		101,985,784			101,651,511		101,898,636		101,804,386

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Average Balances/Yields

	For the Three Months Ended June 30,
	2025								2024
	Average Balance			Interest and Dividends		Yield / Cost			Average Balance			Interest and Dividends		Yield / Cost
	(Dollars in thousands)
Interest-earnings assets:
Loans	$	8,059,332		$	99,646		4.96	%	$	7,774,052		$	95,252		4.93	%
Securities		1,493,913			13,223		3.55	%		1,633,801			11,743		2.89	%
Other interest-earning assets		281,611			3,622		5.16	%		401,633			6,291		6.30	%
Total interest-earning assets		9,834,856			116,491		4.75	%		9,809,486			113,286		4.64	%
Non-interest-earning assets		860,948								871,525
Total assets	$	10,695,804							$	10,681,011

Interest-bearing liabilities:
Interest-bearing demand	$	1,938,459		$	10,898		2.25	%	$	1,948,389		$	13,708		2.83	%
Money market accounts		1,332,835			9,424		2.84	%		1,220,774			8,323		2.74	%
Savings and club deposits		645,167			1,114		0.69	%		674,793			1,370		0.82	%
Certificates of deposit		2,788,547			27,908		4.01	%		2,545,967			26,425		4.17	%
Total interest-bearing deposits		6,705,008			49,344		2.95	%		6,389,923			49,826		3.14	%
FHLB advances		1,218,442			13,303		4.38	%		1,576,514			19,219		4.90	%
Junior subordinated debentures		7,045			141		8.03	%		7,023			161		9.22	%
Total borrowings		1,225,487			13,444		4.40	%		1,583,537			19,380		4.92	%
Total interest-bearing liabilities		7,930,495		$	62,788		3.18	%		7,973,460		$	69,206		3.49	%

Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,443,627								1,416,047
Other non-interest-bearing liabilities		215,390								260,107
Total liabilities		9,589,512								9,649,614
Total stockholders’ equity		1,106,292								1,031,397
Total liabilities and stockholders’ equity	$	10,695,804							$	10,681,011

Net interest income				$	53,703							$	44,080
Interest rate spread							1.57	%							1.15	%
Net interest-earning assets	$	1,904,361							$	1,836,026
Net interest margin							2.19	%							1.81	%
Ratio of interest-earning assets to interest-bearing liabilities		124.01	%							123.03	%

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Average Balances/Yields

	For the Six Months Ended June 30,
	2025								2024
	Average Balance			Interest and Dividends		Yield / Cost			Average Balance			Interest and Dividends		Yield / Cost
	(Dollars in thousands)
Interest-earnings assets:
Loans	$	7,977,402		$	194,756		4.92	%	$	7,788,459		$	188,201		4.86	%
Securities		1,485,771			25,776		3.50	%		1,588,767			21,897		2.77	%
Other interest-earning assets		299,424			8,122		5.47	%		383,989			11,815		6.19	%
Total interest-earning assets		9,762,597			228,654		4.72	%		9,761,215			221,913		4.57	%
Non-interest-earning assets		866,499								861,632
Total assets	$	10,629,096							$	10,622,847

Interest-bearing liabilities:
Interest-bearing demand	$	1,999,157		$	22,438		2.26	%	$	1,973,569		$	27,092		2.76	%
Money market accounts		1,307,676			18,662		2.88	%		1,227,857			17,093		2.80	%
Savings and club deposits		647,201			2,221		0.69	%		681,664			2,607		0.77	%
Certificates of deposit		2,772,808			56,168		4.08	%		2,531,145			51,452		4.09	%
Total interest-bearing deposits		6,726,842			99,489		2.98	%		6,414,235			98,244		3.08	%
FHLB advances		1,140,113			24,857		4.40	%		1,511,830			37,067		4.93	%
Junior subordinated debentures		7,041			280		8.02	%		7,020			322		9.22	%
Total borrowings		1,147,154			25,137		4.42	%		1,518,850			37,389		4.95	%
Total interest-bearing liabilities		7,873,996		$	124,626		3.19	%		7,933,085		$	135,633		3.44	%

Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,438,262								1,404,161
Other non-interest-bearing liabilities		218,314								248,514
Total liabilities		9,530,572								9,585,760
Total stockholders’ equity		1,098,524								1,037,087
Total liabilities and stockholders’ equity	$	10,629,096							$	10,622,847

Net interest income				$	104,028							$	86,280
Interest rate spread							1.53	%							1.13	%
Net interest-earning assets	$	1,888,601							$	1,828,130
Net interest margin							2.15	%							1.78	%
Ratio of interest-earning assets to interest-bearing liabilities		123.99	%							123.04	%

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Components of Net Interest Rate Spread and Margin

	Average Yields/Costs by Quarter
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Yield on interest-earning assets:
Loans		4.96	%		4.89	%		4.88	%		5.00	%		4.93	%
Securities		3.55			3.45			2.99			2.90			2.89
Other interest-earning assets		5.16			5.75			6.00			6.72			6.30
Total interest-earning assets		4.75	%		4.69	%		4.61	%		4.70	%		4.64	%

Cost of interest-bearing liabilities:
Total interest-bearing deposits		2.95	%		3.01	%		3.13	%		3.21	%		3.14	%
Total borrowings		4.40			4.44			4.65			4.87			4.92
Total interest-bearing liabilities		3.18	%		3.21	%		3.38	%		3.52	%		3.49	%

Interest rate spread		1.57	%		1.48	%		1.23	%		1.18	%		1.15	%
Net interest margin		2.19	%		2.11	%		1.88	%		1.84	%		1.81	%

Ratio of interest-earning assets to interest-bearing liabilities		124.01	%		123.96	%		124.02	%		123.06	%		123.03	%

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Selected Financial Highlights

	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
SELECTED FINANCIAL RATIOS ⁽¹⁾:
Return on average assets		0.46	%		0.34	%	(0.79		)%		0.23	%		0.17	%
Core return on average assets		0.47	%		0.35	%		0.42	%		0.23	%		0.20	%
Return on average equity		4.46	%		3.31	%	(7.86		)%		2.32	%		1.77	%
Core return on average equity		4.58	%		3.37	%		4.09	%		2.29	%		2.06	%
Core return on average tangible equity		5.14	%		3.78	%		4.74	%		2.58	%		2.34	%
Interest rate spread		1.57	%		1.48	%		1.23	%		1.18	%		1.15	%
Net interest margin		2.19	%		2.11	%		1.88	%		1.84	%		1.81	%
Non-interest income to average assets		0.38	%		0.33	%	(0.88		)%		0.33	%		0.35	%
Non-interest expense to average assets		1.68	%		1.68	%		1.73	%		1.60	%		1.74	%
Efficiency ratio		70.30	%		74.57	%		205.17	%		78.95	%		86.83	%
Core efficiency ratio		69.41	%		74.20	%		73.68	%		79.14	%		85.34	%
Average interest-earning assets to average interest-bearing liabilities		124.01	%		123.96	%		124.02	%		123.06	%		123.03	%
Net charge-offs to average outstanding loans ⁽²⁾		0.04	%		0.04	%		0.07	%		0.14	%		0.03	%

⁽¹⁾ Ratios are annualized when appropriate.
⁽²⁾ The June 30, 2025 ratio includes $3.2 million of non-annualized PCD charge-offs related to the purchased commercial equipment finance loans.

ASSET QUALITY DATA:
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
	(Dollars in thousands)

Non-accrual loans	$	39,545		$	24,856		$	21,701		$	28,014		$	25,281
90+ and still accruing		—			—			—			—			—
Non-performing loans		39,545			24,856			21,701			28,014			25,281
Real estate owned		—			1,334			1,334			1,974			1,974
Total non-performing assets	$	39,545		$	26,190		$	23,035		$	29,988		$	27,255

Non-performing loans to total gross loans		0.49	%		0.31	%		0.28	%		0.36	%		0.33	%
Non-performing assets to total assets		0.37	%		0.25	%		0.22	%		0.28	%		0.25	%
Allowance for credit losses on loans (“ACL”)	$	64,467		$	62,034		$	59,958		$	58,495		$	57,062
ACL to total non-performing loans		163.02	%		249.57	%		276.29	%		208.81	%		225.71	%
ACL to gross loans		0.79	%		0.78	%		0.76	%		0.75	%		0.73	%

LOAN DATA:
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
	(In thousands)
Real estate loans:
One-to-four family	$	2,629,372		$	2,676,566		$	2,710,937		$	2,737,190		$	2,764,177
Multifamily		1,578,733			1,567,862			1,460,641			1,399,000			1,409,316
Commercial real estate		2,517,693			2,429,429			2,339,883			2,312,759			2,316,252
Construction		415,403			437,081			473,573			510,439			462,880
Commercial business loans		726,526			614,049			622,000			586,447			554,768
Consumer loans:
Home equity loans and advances		256,384			253,439			259,009			261,041			260,427
Other consumer loans		2,602			2,547			3,404			2,877			2,689
Total gross loans		8,126,713			7,980,973			7,869,447			7,809,753			7,770,509
Purchased credit deteriorated loans		11,998			10,395			11,686			11,795			12,150
Net deferred loan costs, fees and purchased premiums and discounts		36,788			35,940			35,795			35,642			36,352
Allowance for credit losses		(64,467	)		(62,034	)		(59,958	)		(58,495	)		(57,062	)
Loans receivable, net	$	8,111,032		$	7,965,274		$	7,856,970		$	7,798,695		$	7,761,949

	At June 30, 2025
	(Dollars in thousands)
	Balance		% of Gross Loans			Weighted Average Loan to Value Ratio			Weighted Average Debt Service Coverage
Multifamily Real Estate	$	1,578,733		19.8	%		59.0	%		1.86	x

Owner Occupied Commercial Real Estate	$	686,005		8.6	%		53.1	%		2.23	x

Investor Owned Commercial Real Estate:
Retail / Shopping centers	$	544,476		6.8	%		54.2	%		1.45	x
Mixed Use		209,619		2.6			58.5			2.52
Industrial / Warehouse		435,261		5.5			54.4			1.60
Non-Medical Office		167,986		2.1			51.6			1.69
Medical Office		98,801		1.2			61.0			1.49
Single Purpose		43,332		0.5			60.7			1.44
Other		332,213		4.2			50.4			1.85
Total	$	1,831,688		23.0	%		54.3	%		1.70	x

Total Multifamily and Commercial Real Estate Loans	$	4,096,426		51.3	%		55.9	%		1.85

DEPOSIT DATA:
	June 30, 2025					March 31, 2025					December 31, 2024
	Balance		Weighted Average Rate			Balance		Weighted Average Rate			Balance		Weighted Average Rate
	(Dollars in thousands)

Non-interest-bearing demand	$	1,439,951		—	%	$	1,490,243		—	%	$	1,438,030		—	%
Interest-bearing demand		1,872,265		2.03			1,935,384		2.08			2,021,312		2.19
Money market accounts		1,355,682		2.79			1,333,668		2.84			1,241,691		2.82
Savings and club deposits		644,761		0.70			651,713		0.70			652,501		0.75
Certificates of deposit		2,822,824		3.96			2,783,927		4.08			2,742,615		4.24
Total deposits	$	8,135,483		2.36	%	$	8,194,935		2.40	%	$	8,096,149		2.47	%

CAPITAL RATIOS:
	June 30,			December 31,
	2025 ⁽¹⁾			2024
Company:
Total capital (to risk-weighted assets)		14.18	%		14.20	%
Tier 1 capital (to risk-weighted assets)		13.35	%		13.40	%
Common equity tier 1 capital (to risk-weighted assets)		13.27	%		13.31	%
Tier 1 capital (to adjusted total assets)		10.37	%		10.02	%

Columbia Bank:
Total capital (to risk-weighted assets)		14.40	%		14.41	%
Tier 1 capital (to risk-weighted assets)		13.53	%		13.56	%
Common equity tier 1 capital (to risk-weighted assets)		13.53	%		13.56	%
Tier 1 capital (to adjusted total assets)		9.95	%		9.64	%

⁽¹⁾ Estimated ratios at June 30, 2025

Reconciliation of GAAP to Non-GAAP Financial Measures

Book and Tangible Book Value per Share
	June 30,			December 31,
	2025			2024
	(Dollars in thousands)

Total stockholders’ equity	$	1,120,708		$	1,080,376
Less: goodwill		(110,715	)		(110,715	)
Less: core deposit intangible		(7,933	)		(8,964	)
Total tangible stockholders’ equity	$	1,002,060		$	960,697

Shares outstanding		104,927,137			104,759,185

Book value per share	$	10.68		$	10.31
Tangible book value per share	$	9.55		$	9.17

Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

Reconciliation of Core Net Income
	Three Months Ended June 30,					Six Months Ended June 30,
	2025			2024		2025			2024
	(In thousands)

Net income	$	12,305		$	4,540	$	21,205		$	3,385
Less/add: (gain) loss on securities transactions, net of tax		(251	)		—		(251	)		1,130
Add: FDIC special assessment, net of tax		—			97		—			490
Add: severance expense, net of tax		354			—		517			67
Add: merger-related expenses, net of tax		—			652		—			672
Add: litigation expenses, net of tax		242			—		242			—
Core net income	$	12,650		$	5,289	$	21,713		$	5,744

Return on Average Assets
	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	(Dollars in thousands)

Net income	$	12,305		$	4,540		$	21,205		$	3,385

Average assets	$	10,695,804		$	10,681,011		$	10,629,096		$	10,622,847

Return on average assets		0.46	%		0.17	%		0.40	%		0.06	%

Core net income	$	12,650		$	5,289		$	21,713		$	5,744

Core return on average assets		0.47	%		0.20	%		0.41	%		0.11	%

Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

Return on Average Equity
	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	(Dollars in thousands)

Total average stockholders’ equity	$	1,106,292		$	1,031,397		$	1,098,524		$	1,037,087
Less/add: (gain)loss on securities transactions, net of tax		(251	)		—			(251	)		1,130
Add: FDIC special assessment, net of tax		—			97			—			490
Add: severance expense, net of tax		354			—			517			67
Add: merger-related expenses, net of tax		—			652			—			672
Add: litigation expenses, net of tax		242			—			242			—
Core average stockholders’ equity	$	1,106,637		$	1,032,146		$	1,099,032		$	1,039,446

Return on average equity		4.46	%		1.77	%		3.89	%		0.66	%

Core return on core average equity		4.58	%		2.06	%		3.98	%		1.11	%

Return on Average Tangible Equity
	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	(Dollars in thousands)

Total average stockholders’ equity	$	1,106,292		$	1,031,397		$	1,098,524		$	1,037,087
Less: average goodwill		(110,715	)		(110,715	)		(110,715	)		(110,715	)
Less: average core deposit intangible		(8,241	)		(10,381	)		(8,511	)		(10,668	)
Total average tangible stockholders’ equity	$	987,336		$	910,301		$	979,298		$	915,704

Core return on average tangible equity		5.14	%		2.34	%		4.47	%		1.26	%

Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

Efficiency Ratios
	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	(Dollars in thousands)

Net interest income	$	53,703		$	44,080		$	104,028		$	86,280
Non-interest income		10,173			9,180			18,644			16,632
Total income	$	63,876		$	53,260		$	122,672		$	102,912

Non-interest expense	$	44,906		$	46,247		$	88,751		$	91,905

Efficiency ratio		70.30	%		86.83	%		72.35	%		89.30	%

Non-interest income	$	10,173		$	9,180		$	18,644		$	16,632
Less /add: (gain) loss on securities transactions		(336	)		—			(336	)		1,256
Core non-interest income	$	9,837		$	9,180		$	18,308		$	17,888

Non-interest expense	$	44,906		$	46,247		$	88,751		$	91,905
Less: FDIC special assessment, net		—			(103	)		—			(565	)
Less: severance expense		(475	)		—			(695	)		(74	)
Less: merger-related expenses		—			(692	)		—			(714	)
Less: litigation expenses		(325	)		—			(325	)		—
Core non-interest expense	$	44,106		$	45,452		$	87,731		$	90,552

Core efficiency ratio		69.41	%		85.34	%		71.71	%		86.93	%

Columbia Financial, Inc.
Investor Relations Department
(833) 550-0717

The MIL Network –

July 31, 2025

MIL-OSI: AMSC Reports First Quarter Fiscal Year 2025 Financial Results and Business Outlook

Source: GlobeNewswire (MIL-OSI)

First Quarter Financial Highlights:

Increased Revenue by 80% Year Over Year to Above $70 Million
Reported Net Income of Over $6 Million and Non-GAAP Net Income Exceeding $11 million
Achieved Gross Margin Greater than 30%

Company to host conference call tomorrow, July 31, at 10:00 am ET

AYER, Mass., July 30, 2025 (GLOBE NEWSWIRE) — AMSC (Nasdaq: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™ and protect and expand the capability and resiliency of our Navy’s fleet, today reported financial results for its first quarter of fiscal year 2025 ended June 30, 2025.

Revenues for the first quarter of fiscal 2025 were $72.4 million compared with $40.3 million for the same period of fiscal 2024. The year-over-year increase was driven by organic growth and the acquisition of NWL, Inc.

AMSC’s net income for the first quarter of fiscal 2025 was $6.7 million, or $0.17 per share, compared to a net loss of $2.5 million, or $0.07 per share, for the same period of fiscal 2024. The Company’s non-GAAP net income for the first quarter of fiscal 2025 was $11.6 million, or $0.30 per share, compared with a non-GAAP net income of $3.0 million, or $0.09 per share, in the same period of fiscal 2024. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

Cash, cash equivalents, and restricted cash on June 30, 2025, totaled $213.4 million, compared with $85.4 million at March 31, 2025.

“We’ve kicked off fiscal 2025 with accelerated growth, delivering a standout first quarter marked by significant progress and exceptional execution that surpassed our expectations,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “AMSC grew fiscal first quarter revenue by 80% year-over-year, generated net income of over $6 million marking our fourth consecutive quarter of profitability, and achieved expanded gross margins surpassing 30%. Strength in the semiconductor market—driven by growing demand for applications such as artificial intelligence and data centers—contributed to our momentum, while bookings and backlog remained steady. These results highlight our continued progress in scaling the business, diversifying revenue streams, and driving outstanding financial performance. We approach the remainder of fiscal 2025 with confidence in our team and business.”

Business Outlook
For the second quarter ending September 30, 2025, AMSC expects that its revenues will be in the range of $65.0 million to $70.0 million. The Company’s net income for the second quarter of fiscal 2025 is expected to exceed $2.0 million, or $0.05 per share. The Company’s non-GAAP net income (as defined below) is expected to exceed $6.0 million, or $0.14 per share.

Conference Call Reminder
In conjunction with this announcement, AMSC management will participate in a conference call with investors beginning at 10:00 a.m. Eastern Time on Thursday, July 31, 2025, to discuss the Company’s financial results and business outlook. Those who wish to listen to the live or archived conference call webcast should visit the “Investors” section of the Company’s website at https://ir.amsc.com. The live call can be accessed by dialing 1-844-481-2802 or 1-412-317-0675 and asking to join the AMSC call. A replay of the call may be accessed 2 hours following the call by dialing 1-877-344-7529 and using conference passcode 4291224.

About AMSC (Nasdaq: AMSC)
AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy™. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. Through its Marinetec™ Solutions, AMSC provides ship protection systems and is developing propulsion and power management solutions designed to help fleets increase system efficiencies, enhance power quality and boost operational safety. Through its Windtecc™ Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Company’s solutions are enhancing the performance and reliability of power networks, increasing the operational safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.

AMSC, American Superconductor, D-VAR, D-VAR VVO, Gridtec, Marinetec, Windtec, Neeltran, NEPSI, NWL, Smarter, Cleaner … Better Energy, and Orchestrate the Rhythm and Harmony of Power on the Grid are trademarks or registered trademarks of American Superconductor Corporation. All other brand names, product names, trademarks or service marks belong to their respective holders.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any statements in this release regarding execution of our goals and strategies, including scaling our business and diversifying revenue streams; growing demand for applications such as artificial intelligence and data centers; backlog; expectations regarding the second quarter of fiscal 2025; our expected GAAP and non-GAAP financial results for the quarter ending September 30, 2025; and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements represent management’s current expectations and are inherently uncertain. There are a number of important factors that could materially impact the value of our common stock or cause actual results to differ materially from those indicated by such forward-looking statements. These important factors include, but are not limited to: We have not been historically profitable, which may recur in the future. Our operating results may fluctuate significantly from quarter to quarter and may fall below expectations in any particular fiscal quarter; While we generated positive operating cash flow in fiscal 2024 and the prior year, we have a history of negative operating cash flows, and we may require additional financing in the future, which may not be available to us; Our technology and products could infringe intellectual property rights of others, which may require costly litigation and, if we are not successful, could cause us to pay substantial damages and disrupt our business; Changes in exchange rates could adversely affect our results of operations; If we fail to maintain proper and effective internal control over financial reporting, our ability to produce accurate and timely financial statements could be impaired and may lead investors and other users to lose confidence in our financial data; We may be required to issue performance bonds, which restricts our ability to access any cash used as collateral for the bonds; We may not realize all of the sales expected from our backlog of orders and contracts; If we fail to implement our business strategy successfully, our financial performance could be harmed; We rely upon third-party suppliers for the components and subassemblies of many of our Grid and Wind products, making us vulnerable to supply shortages and price fluctuations, which could harm our business; Our contracts with the U.S. and Canadian governments are subject to audit, modification or termination by such governments and include certain other provisions in favor of the governments. The continued funding of such contracts may remain subject to annual legislative appropriation, which, if not approved, could reduce our revenue and lower or eliminate our profit; Changes in U.S. government defense spending could negatively impact our financial position, results of operations, liquidity and overall business; Our business and operations may be materially adversely impacted in the event of a failure or security breach of our or any critical third parties’ IT Systems or Confidential Information; Failure to comply with evolving data privacy and data protection laws and regulations or to otherwise protect personal data, may adversely impact our business and financial results; Our success is dependent upon attracting and retaining qualified personnel and our inability to do so could significantly damage our business and prospects; We may acquire additional complementary businesses or technologies, which may require us to incur substantial costs for which we may never realize the anticipated benefits; A significant portion of our Wind segment revenues are derived from a single customer. If this customer’s business is negatively affected, it could adversely impact our business; Our success in addressing the wind energy market is dependent on the manufacturers that license our designs; Many of our revenue opportunities are dependent upon subcontractors and other business collaborators; Problems with product quality or product performance may cause us to incur warranty expenses and may damage our market reputation and prevent us from achieving increased sales and market share; Many of our customers outside of the United States may be either directly or indirectly related to governmental entities, and we could be adversely affected by violations of the United States Foreign Corrupt Practices Act and similar worldwide anti-bribery laws outside the United States; We have had limited success marketing and selling our superconductor products and system-level solutions, and our failure to more broadly market and sell our products and solutions could lower our revenue and cash flow; We or third parties on whom we depend may be adversely affected by natural disasters, including events resulting from climate change, and our business continuity and disaster recovery plans may not adequately protect us or our value chain from such events; Uncertainty surrounding our prospects and financial condition may have an adverse effect on our customer and supplier relationships; Pandemics, epidemics, or other public health crises may adversely impact our business, financial condition and results of operations; Adverse changes in domestic and global economic conditions could adversely affect our operating results; Our international operations are subject to risks that we do not face in the United States, which could have an adverse effect on our operating results; Our products face competition, which could limit our ability to acquire or retain customers; We have operations in, and depend on sales in, emerging markets, including India, and global conditions could negatively affect our operating results or limit our ability to expand our operations outside of these markets. Changes in India’s political, social, regulatory and economic environment may affect our financial performance; Industry consolidation could result in more powerful competitors and fewer customers; Our success could depend upon the commercial adoption of the REG system, which is currently limited, and a widespread commercial market for our REG products may not develop; Increasing focus and scrutiny on environmental sustainability and social initiatives could adversely impact our business and financial results; Growth of the wind energy market depends largely on the availability and size of government subsidies, economic incentives and legislative programs designed to support the growth of wind energy; Lower prices for other energy sources may reduce the demand for wind energy development, which could have a material adverse effect on our ability to grow our Wind business; We may be unable to adequately prevent disclosure of trade secrets and other proprietary information; Our patents may not provide meaningful or long-term protection for our technology, which could result in us losing some or all of our market position; Third parties have or may acquire patents that cover the materials, processes and technologies we use or may use in the future to manufacture our Amperium products, and our success depends on our ability to license such patents or other proprietary rights; There are a number of technological challenges that must be successfully addressed before our superconductor products can gain widespread commercial acceptance, and our inability to address such technological challenges could adversely affect our ability to acquire customers for our products; Our common stock has experienced, and may continue to experience, market price and volume fluctuations, which may prevent our stockholders from selling our common stock at a profit and could lead to costly litigation against us that could divert our management’s attention; Unfavorable results of legal proceedings could have a material adverse effect on our business, operating results and financial condition and the other important factors discussed under the caption “Risk Factors” in Part 1. Item 1A of our Form 10-K for the fiscal year ended March 31, 2025, and our other reports filed with the SEC. These important factors, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)

	Three Months Ended June 30,
	2025		2024
Revenues
Grid	$	60,087	$	32,336
Wind		12,271		7,954
Total revenues		72,358		40,290

Cost of revenues		47,869		28,065

Gross margin		24,489		12,225

Operating expenses:
Research and development		4,304		2,286
Selling, general and administrative		14,204		8,898
Amortization of acquisition-related intangibles		337		412
Change in fair value of contingent consideration		—		3,920
Total operating expenses		18,845		15,516

Operating income (loss)		5,644		(3,291	)

Interest income, net		932		1,120
Other income (expense), net		347		(160	)
Income (loss) before income tax expense		6,923		(2,331	)

Income tax expense		199		193

Net income (loss)	$	6,724	$	(2,524	)

Net income (loss) per common share
Basic	$	0.17	$	(0.07	)
Diluted	$	0.17	$	(0.07	)

Weighted average number of common shares outstanding
Basic		38,875		35,676
Diluted		39,742		35,676

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data)

	June 30, 2025			March 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	207,890		$	79,494
Accounts receivable, net		54,684			46,186
Inventory, net		71,602			71,169
Prepaid expenses and other current assets		13,332			8,055
Restricted cash		1,349			1,613
Total current assets		348,857			206,517

Property, plant and equipment, net		38,521			38,572
Intangibles, net		5,579			5,916
Right-of-use assets		4,041			3,829
Goodwill		48,164			48,164
Restricted cash		4,180			4,274
Deferred tax assets		1,262			1,178
Equity-method investments		1,406			1,113
Other assets		836			958
Total assets	$	452,846		$	310,521

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable and accrued expenses	$	38,401		$	32,282
Lease liability, current portion		854			685
Deferred revenue, current portion		66,055			66,797
Total current liabilities		105,310			99,764

Deferred revenue, long term portion		9,836			9,336
Lease liability, long term portion		2,906			2,684
Deferred tax liabilities		1,647			1,595
Other liabilities		31			28
Total liabilities		119,730			113,407

Stockholders’ equity:
Common stock, $0.01 par value, 75,000,000 shares authorized; 45,564,273 and 39,887,536 shares issued and 45,160,922 and 39,484,185 shares outstanding at June 30, 2025 and March 31, 2025, respectively		456			399
Additional paid-in capital		1,388,948			1,259,540
Treasury stock, at cost, 403,351 at June 30, 2025 and March 31, 2025		(3,765	)		(3,765	)
Accumulated other comprehensive income		1,378			1,565
Accumulated deficit		(1,053,901	)		(1,060,625	)
Total stockholders’ equity		333,116			197,114
Total liabilities and stockholders’ equity	$	452,846		$	310,521

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)

	Three Months Ended June 30,
	2025			2024
Cash flows from operating activities:

Net income (loss)	$	6,724		$	(2,524	)
Adjustments to reconcile net income (loss) to net cash provided by operations:
Depreciation and amortization		1,229			1,008
Stock-based compensation expense		4,526			1,229
Provision for excess and obsolete inventory		711			503
Amortization of operating lease right-of-use assets		243			192
Deferred income taxes		7			(2	)
Earnings from equity method investments		(293	)		—
Change in fair value of contingent consideration		—			3,920
Other non-cash items		140			(3	)
Changes in operating asset and liability accounts:
Accounts receivable		(8,512	)		2,786
Inventory		(1,046	)		(3,799	)
Prepaid expenses and other assets		(5,084	)		(3,099	)
Operating leases		(64	)		(195	)
Accounts payable and accrued expenses		6,321			(1,734	)
Deferred revenue		(777	)		5,127
Net cash provided by operating activities		4,125			3,409

Cash flows from investing activities:
Purchases of property, plant and equipment		(814	)		(265	)
Change in other assets		79			245
Net cash used in investing activities		(735	)		(20	)

Cash flows from financing activities:
Repayment of debt		—			(16	)
Employee taxes paid related to net settlement of equity awards		—			(126	)
Proceeds from public equity offering, net of offering expenses		124,577			—
Net cash provided by (used in) financing activities		124,577			(142	)

Effect of exchange rate changes on cash		71			(4	)

Net increase in cash, cash equivalents and restricted cash		128,038			3,243
Cash, cash equivalents and restricted cash at beginning of period		85,381			92,280
Cash, cash equivalents and restricted cash at end of period	$	213,419		$	95,523

RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (In thousands, except per share data)

	Three Months Ended June 30,
	2025		2024
Net income (loss)	$	6,724	$	(2,524	)
Stock-based compensation		4,526		1,229
Amortization of acquisition-related intangibles		337		412
Change in fair value of contingent consideration		—		3,920
Non-GAAP net income	$	11,587	$	3,037

Non-GAAP net income per share – basic	$	0.30	$	0.09
Non-GAAP net income per share – diluted	$	0.29	$	0.08
Weighted average shares outstanding – basic		38,875		35,676
Weighted average shares outstanding – diluted		39,742		37,032

Reconciliation of Forecast GAAP Net Income to Non-GAAP Net Income (In millions, except per share data)

	Three Months Ending
	September 30, 2025
Net income		$	2.0
Stock-based compensation			3.7
Amortization of acquisition-related intangibles			0.3
Non-GAAP net income		$	6.0
Non-GAAP net income per share		$	0.14
Shares outstanding			43.5

Note: Non-GAAP net income is defined by the Company as net income before stock-based compensation; amortization of acquisition-related intangibles; change in fair value of contingent consideration, other non-cash or unusual charges, and the tax effect of adjustments calculated at the relevant rate for our non-GAAP metric. The Company believes non-GAAP net income and non-GAAP net income per share assist management and investors in comparing the Company’s performance across reporting periods on a consistent basis by excluding these non-cash, non-recurring or other charges that it does not believe are indicative of its core operating performance. Actual GAAP and non-GAAP net income for the fiscal quarter ending September 30, 2025, including the above adjustments, may differ materially from those forecasted in the table above. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measure included in this release, however, should be considered in addition to, and not as a substitute for or superior to, net income or other measures of financial performance prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP net income is set forth in the table above.

Contacts:

AMSC Director, Communications:
Nicol Golez
978-399-8344
Nicol.Golez@amsc.com

Investor Relations:
Carolyn Capaccio
Phone: (212) 838-3777
amscIR@allianceadvisors.com

Public Relations:
Joe Luongo
(914) 906-5903
jluongo@rooneypartners.com

The MIL Network –

July 31, 2025

MIL-OSI: EZCORP Reports Third Quarter Fiscal 2025 Results Continued Top-line Momentum Drives Exceptional Earnings Growth

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, July 30, 2025 (GLOBE NEWSWIRE) — EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its third quarter ended June 30, 2025.

Unless otherwise noted, all amounts in this release are in conformity with U.S. generally accepted accounting principles (“GAAP”) and comparisons shown are to the same period in the prior year.

THIRD QUARTER HIGHLIGHTS

Pawn loans outstanding (PLO) increased 11% to $291.6 million.
Net income increased 48% to $26.5 million. On an adjusted basis¹, net income increased 46% to $25.2 million.
Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
Adjusted EBITDA increased 42% to $45.2 million.
Total revenues increased 11% to $311.0 million, while gross profit increased 10% to $183.6 million.
Grew our footprint by 52 stores, including 40 stores acquired in Mexico on June 17, 2025.

CEO COMMENTARY AND OUTLOOK

Lachie Given, Chief Executive Officer, stated, “This quarter showcased continued strong momentum in our business, disciplined execution from our team, and the scalability of our platform. We delivered record Q3 revenue and achieved all-time high PLO as demand remains strong for immediate cash solutions and secondhand goods. When combined with meaningful efficiency gains throughout the organization, we turned top-line momentum into exceptional earnings growth, as reflected by a 42% increase in adjusted EBITDA and 36% growth in diluted EPS.

“During the quarter, we grew our footprint by 52 stores, including 49 in LatAm and 3 in the US, 1 of which is a luxury store in Miami Beach. We continue to focus on strategic expansion to scale our business, as well as exceptional operating performance across geographies. In the U.S., disciplined expense management and store level execution drove a 32% increase in segment contribution. In Latin America, we delivered over 30% growth in contribution on a constant currency basis, resulting from both organic growth and a partial quarter benefit from acquired stores.

“Our recently strengthened balance sheet with $472 million in liquidity enables us to fund accelerated growth, organically and through strategic acquisitions. Our pipeline of M&A prospects is compelling, and we are ideally positioned to capitalize on attractive scale opportunities. Looking ahead, we remain highly focused on disciplined capital allocation, operational excellence, and delivering long-term value for our shareholders.”

CONSOLIDATED RESULTS

Three Months Ended June 30	As Reported				Adjusted¹
in millions, except per share amounts		2025		2024		2025		2024

Total revenues	$	311.0	$	281.4	$	319.9	$	281.4
Gross profit	$	183.6	$	166.7	$	188.4	$	166.7
Income before tax	$	34.7	$	23.0	$	34.0	$	22.9
Net income	$	26.5	$	18.0	$	25.2	$	17.2
Diluted earnings per share	$	0.34	$	0.25	$	0.33	$	0.24
EBITDA (non-GAAP measure)	$	45.7	$	31.8	$	45.2	$	31.7

PLO increased 11% to $291.6 million, up $29.9 million. On a same-store² basis, PLO increased 9% due to increase in average loan size, continued strong pawn demand and improved operational performance.
Total revenues increased 11% and gross profit increased 10%, reflecting improved pawn service charge (PSC) revenues due to higher average PLO.
PSC increased 7% as a result of higher average PLO.
Merchandise sales gross margin remained consistent at 36%. Aged general merchandise improved to 2.3% of total general merchandise inventory, down 83 basis points.
Net inventory increased 31%, as a result of an increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.4x, from 2.7x.
Store expenses increased 2% and 1% on a same-store basis.
General and administrative expenses increased 9% primarily due to labor, with approximately 50% due to long term incentive compensation.
Income before taxes was $34.7 million, up 51% from $23.0 million, and adjusted EBITDA increased 42% to $45.2 million.
Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
Cash and cash equivalents at the end of the quarter was $472.1 million, up from $170.5 million as of September 30, 2024. The increase was due primarily to $300.0 million (less issuance costs) from the issuance of the Senior Notes due 2032 offset by an increase in earning assets.

SEGMENT RESULTS

U.S. Pawn

PLO ended the quarter at $221.1 million, an increase of 11% on a total and same-store basis due to increase in average loan size, strong loan demand and improved operational performance.
Total revenues increased 11% and gross profit increased 12%, driven by increased PSC, merchandise sales and scrap sales.
PSC increased 8% as a result of higher average PLO, partially offset by lower PLO yield.
Merchandise sales increased 4%, on a total and same-store basis, and sales gross margin increased by 80 bps to 38.5%. Aged general merchandise decreased by 260 basis points to 2.5%, or $1.2 million of total general merchandise inventory. Excluding our Max Pawn luxury stores, aged general merchandise was 1.8%.
Net inventory increased 36% due to increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.1x, from 2.6x.
Store expenses increased 3% on a total and same-store basis.

Segment contribution increased 32% to $47.6 million.
Segment store count increased by 3 to 545, due to acquisitions, including 1 luxury store in Miami Beach.

Latin America Pawn

PLO improved to $70.6 million, an increase of 13% (16% on constant currency basis). On a same-store basis, PLO increased 2% (4% increase on a constant currency basis). The difference is driven primarily by our recent acquisition.
Total revenues increased 11% (21% on constant currency basis), and gross profit increased 6% (16% on a constant currency basis), primarily due to increased merchandise sales and pawn service charges.
PSC increased to $31.4 million, an increase of 3% (13% on a constant currency basis) as a result of higher average PLO.
Merchandise sales increased 12% (23% on constant currency basis) and increased 8% on a same-store basis (19% increase on a constant currency basis). Merchandise sales gross margin decreased to 31% from 32%. Aged general merchandise increased to 2.2% from 0.9% of total general merchandise inventory.
Net inventory increased 18% (21% on a constant currency basis) due to an increase in PLO and decrease in inventory turnover to 3.0x, from 3.1x. On a same-store basis, net inventory increased by 10% (13% on a constant currency basis). The difference is driven primarily by our recent acquisition.
Store expenses increased 1% (12% increase on a constant currency basis) and decreased 3% on a same-store basis (7% increase on a constant currency basis). The constant currency increase was due primarily to increased labor, in line with store activity and minimum wage increases.
Segment contribution increased 20% to $12.4 million (30% on a constant currency basis to $13.5 million).
Segment store count increased by 49 to 791, primarily due to the acquisition of 40 stores, the addition of 10 de novo stores and the consolidation of 1 store.

FORM 10-Q

EZCORP’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 has been filed with the Securities and Exchange Commission. The report is available in the Investor Relations section of the Company’s website at http://investors.ezcorp.com. EZCORP shareholders may obtain a paper copy of the report, free of charge, by sending a request to the investor relations contact below.

CONFERENCE CALL

EZCORP will host a conference call on Thursday, July 31, 2025, at 8:00 am Central Time to discuss Third Quarter Fiscal 2025 results. Analysts and institutional investors may participate on the conference call by registering online at https://register-conf.media-server.com/register/BI4f3cd4b3bf1d44a198c59f67b0acdc6f. Once registered you will receive the dial-in details with a unique PIN to join the call. The conference call will be webcast simultaneously to the public through this link: https://edge.media-server.com/mmc/p/hqptihjy. A replay of the conference call will be available online at http://investors.ezcorp.com shortly after the end of the call.

ABOUT EZCORP

Formed in 1989, EZCORP has grown into a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index.

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FORWARD LOOKING STATEMENTS

This announcement contains certain forward-looking statements regarding the Company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the Company’s strategy, initiatives and future performance, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors, current or future litigation and risks associated with the COVID-19 pandemic. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

Contact:
Email: Investor_Relations@ezcorp.com
Phone: (512) 314-2220

EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months Ended June 30,						Nine Months Ended June 30,
(in thousands, except per share amounts)		2025			2024			2025			2024
Revenues:
Merchandise sales	$	168,624		$	158,140		$	524,434		$	502,230
Jewelry scrapping sales		26,970			15,395			64,640			43,191
Pawn service charges		115,339			107,830			348,262			321,442
Other revenues		48			56			131			188
Total revenues		310,981			281,421			937,467			867,051
Merchandise cost of goods sold		108,226			101,211			341,605			322,680
Jewelry scrapping cost of goods sold		19,116			13,483			48,367			37,479
Gross profit		183,639			166,727			547,495			506,892
Operating expenses:
Store expenses		119,123			116,335			352,101			341,472
General and administrative		21,780			20,060			60,089			54,869
Depreciation and amortization		8,003			8,158			24,358			24,942
Loss (gain) on sale or disposal of assets and other		—			20			25			(149	)
Other operating income		(1,262	)		—			(1,262	)		(765	)
Total operating expenses		147,644			144,573			435,311			420,369
Operating income		35,995			22,154			112,184			86,523
Interest expense		8,458			3,539			14,886			10,381
Interest income		(5,440	)		(2,931	)		(9,408	)		(8,452	)
Equity in net income of unconsolidated affiliates		(1,200	)		(1,263	)		(4,180	)		(4,135	)
Other (income) expense		(536	)		(191	)		377			(627	)
Income before income taxes		34,713			23,000			110,509			89,356
Income tax expense		8,210			5,050			27,600			21,457
Net income	$	26,503		$	17,950		$	82,909		$	67,899

Basic earnings per share	$	0.45		$	0.33		$	1.47		$	1.23
Diluted earnings per share	$	0.34		$	0.25		$	1.08		$	0.89

Weighted-average basic shares outstanding		59,134			54,898			56,308			55,022
Weighted-average diluted shares outstanding		82,918			83,008			83,144			84,309

EZCORP, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in thousands, except share and per share amounts)	June 30, 2025			June 30, 2024			September 30, 2024

Assets:
Current assets:
Cash and cash equivalents	$	472,088		$	218,038		$	170,513
Short-term restricted cash		9,609			9,204			9,294
Pawn loans		291,634			261,720			274,084
Pawn service charges receivable, net		45,410			40,638			44,013
Inventory, net		225,489			171,937			191,923
Prepaid expenses and other current assets		43,417			40,391			39,171
Total current assets		1,087,647			741,928			728,998
Investments in unconsolidated affiliates		13,753			12,297			13,329
Other investments		51,903			51,220			51,900
Property and equipment, net		67,439			59,926			65,973
Right-of-use assets, net		236,064			235,030			226,602
Long-term restricted cash		5,380			—			—
Goodwill		321,907			308,847			306,478
Intangible assets, net		57,960			60,164			58,451
Deferred tax asset, net		25,841			25,245			25,362
Other assets, net		15,174			15,506			16,144
Total assets	$	1,883,068		$	1,510,163		$	1,493,237

Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net	$	—		$	137,326		$	103,072
Accounts payable, accrued expenses and other current liabilities		78,756			69,742			85,737
Customer layaway deposits		33,336			20,067			21,570
Operating lease liabilities, current		60,183			58,905			58,998
Total current liabilities		172,275			286,040			269,377
Long-term debt, net		517,601			223,998			224,256
Deferred tax liability, net		2,017			416			2,080
Operating lease liabilities		184,295			188,996			180,616
Other long-term liabilities		16,822			9,258			12,337
Total liabilities		893,010			708,708			688,666
Commitments and contingencies
Stockholders’ equity:
Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 57,992,965 as of June 30, 2025; 51,771,917 as of June 30, 2024; and 51,582,698 as of September 30, 2024		580			518			516
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171		30			30			30
Additional paid-in capital		448,073			347,082			348,366
Retained earnings		586,549			493,830			507,206
Accumulated other comprehensive loss		(45,174	)		(40,005	)		(51,547	)
Total equity		990,058			801,455			804,571
Total liabilities and equity	$	1,883,068		$	1,510,163		$	1,493,237

EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Nine Months Ended June 30,
(in thousands)		2025			2024

Operating activities:
Net income	$	82,909		$	67,899
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		24,358			24,942
Amortization of deferred financing costs		1,238			1,212
Non-cash lease expense		43,889			43,999
Deferred income taxes		(542	)		438
Other adjustments		(1,877	)		69
Provision for inventory reserve		39			589
Stock compensation expense		9,213			7,945
Equity in net income from investment in unconsolidated affiliates		(4,180	)		(4,135	)
Changes in operating assets and liabilities, net of business acquisitions:
Pawn service charges receivable		(364	)		(1,593	)
Inventory		(9,205	)		(2,775	)
Prepaid expenses, other current assets and other assets		(74	)		(3,625	)
Accounts payable, accrued expenses and other liabilities		(58,023	)		(65,396	)
Customer layaway deposits		11,276			1,055
Income taxes		(927	)		(360	)
Net cash provided by operating activities		97,730			70,264
Investing activities:
Loans made		(738,670	)		(683,121	)
Loans repaid		417,734			391,297
Recovery of pawn loan principal through sale of forfeited collateral		291,903			272,781
Capital expenditures, net		(23,051	)		(16,870	)
Acquisitions, net of cash acquired		(17,093	)		(11,963	)
Proceeds from note receivable		241			1,100
Investment in unconsolidated affiliate		(718	)		(993	)
Investment in other investments		—			(15,000	)
Dividends from unconsolidated affiliates		3,614			3,535
Net cash used in investing activities		(66,040	)		(59,234	)
Financing activities:
Taxes paid related to net share settlement of equity awards		(3,971	)		(3,253	)
Proceeds from borrowings		300,000			—
Debt issuance cost		(7,563	)		—
Payments on assumed debt		(6,410	)		—
Purchase and retirement of treasury stock		(6,000	)		(9,009	)
Payments of finance leases		(450	)		(386	)
Net cash provided by (used in) financing activities		275,606			(12,648	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash		(26	)		(108	)
Net increase in cash, cash equivalents and restricted cash		307,270			(1,726	)
Cash and cash equivalents and restricted cash at beginning of period		179,807			228,968
Cash and cash equivalents and restricted cash at end of period	$	487,077		$	227,242

EZCORP, Inc. OPERATING SEGMENT RESULTS

	Three Months Ended June 30, 2025 (Unaudited)
(in thousands)	U.S. Pawn		Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	112,249	$	56,375		$	—		$	168,624		$	—		$	168,624
Jewelry scrapping sales		23,750		3,220			—			26,970			—			26,970
Pawn service charges		83,930		31,409			—			115,339			—			115,339
Other revenues		31		17			—			48			—			48
Total revenues		219,960		91,021			—			310,981			—			310,981
Merchandise cost of goods sold		69,084		39,142			—			108,226			—			108,226
Jewelry scrapping cost of goods sold		16,814		2,302			—			19,116			—			19,116
Gross profit		134,062		49,577			—			183,639			—			183,639
Segment and corporate expenses (income):
Store expenses		83,778		35,345			—			119,123			—			119,123
General and administrative		—		—			—			—			21,780			21,780
Depreciation and amortization		2,651		2,156			—			4,807			3,196			8,003
Other operating income		—		—			—			—			(1,262	)		(1,262	)
Interest expense		—		71			—			71			8,387			8,458
Interest income		—		(427	)		(604	)		(1,031	)		(4,409	)		(5,440	)
Equity in net (income) loss of unconsolidated affiliates		—		—			(1,409	)		(1,409	)		209			(1,200	)
Other expense (income)		—		(12	)		—			(12	)		(524	)		(536	)
Segment contribution	$	47,633	$	12,444		$	2,013		$	62,090
Income (loss) before income taxes									$	62,090		$	(27,377	)	$	34,713

	Three Months Ended June 30, 2024 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	107,849		$	50,291		$	—		$	158,140		$	—		$	158,140
Jewelry scrapping sales		13,757			1,638			—			15,395			—			15,395
Pawn service charges		77,416			30,414			—			107,830			—			107,830
Other revenues		28			28			—			56			—			56
Total revenues		199,050			82,371			—			281,421			—			281,421
Merchandise cost of goods sold		67,229			33,982			—			101,211			—			101,211
Jewelry scrapping cost of goods sold		11,887			1,596			—			13,483			—			13,483
Gross profit		119,934			46,793			—			166,727			—			166,727
Segment and corporate expenses (income):
Store expenses		81,441			34,894			—			116,335			—			116,335
General and administrative		—			—			—			—			20,060			20,060
Depreciation and amortization		2,408			2,090			—			4,498			3,660			8,158
(Gain) loss on sale or disposal of assets and other		(2	)		22			—			20			—			20
Interest expense		—			—			—			—			3,539			3,539
Interest income		—			(370	)		(605	)		(975	)		(1,956	)		(2,931	)
Equity in net (income) loss of unconsolidated affiliates		—			—			(1,406	)		(1,406	)		143			(1,263	)
Other (income) expense		—			(184	)		12			(172	)		(19	)		(191	)
Segment contribution	$	36,087		$	10,341		$	1,999		$	48,427
Income (loss) before income taxes										$	48,427		$	(25,427	)	$	23,000

	Nine Months Ended June 30, 2025 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	357,964		$	166,470		$	—		$	524,434		$	—		$	524,434
Jewelry scrapping sales		56,146			8,494			—			64,640			—			64,640
Pawn service charges		259,354			88,908			—			348,262			—			348,262
Other revenues		82			49			—			131			—			131
Total revenues		673,546			263,921			—			937,467			—			937,467
Merchandise cost of goods sold		225,412			116,193			—			341,605			—			341,605
Jewelry scrapping cost of goods sold		42,017			6,350			—			48,367			—			48,367
Gross profit		406,117			141,378			—			547,495			—			547,495
Segment and corporate expenses (income):
Store expenses		250,399			101,702			—			352,101			—			352,101
General and administrative		—			—			—			—			60,089			60,089
Depreciation and amortization		8,050			6,191			—			14,241			10,117			24,358
Loss on sale or disposal of assets and other		17			8			—			25			—			25
Other operating income		—			—			—			—			(1,262	)		(1,262	)
Interest expense		—			71			—			71			14,815			14,886
Interest income		—			(966	)		(1,803	)		(2,769	)		(6,639	)		(9,408	)
Equity in net (income) loss of unconsolidated affiliates		—			—			(4,898	)		(4,898	)		718			(4,180	)
Other expense (income)		(7	)		(220	)		—			(227	)		604			377
Segment contribution		147,658			34,592		$	6,701		$	188,951
Income (loss) before income taxes										$	188,951		$	(78,442	)	$	110,509

	Nine Months Ended June 30, 2024 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	348,211		$	154,019		$	—		$	502,230		$	—		$	502,230
Jewelry scrapping sales		39,258			3,933			—			43,191			—			43,191
Pawn service charges		236,499			84,943			—			321,442			—			321,442
Other revenues		94			59			35			188			—			188
Total revenues		624,062			242,954			35			867,051			—			867,051
Merchandise cost of goods sold		218,736			103,944			—			322,680			—			322,680
Jewelry scrapping cost of goods sold		33,965			3,514			—			37,479			—			37,479
Gross profit		371,361			135,496			35			506,892			—			506,892
Segment and corporate expenses (income):
Store expenses		239,536			101,936			—			341,472			—			341,472
General and administrative		—			—			—			—			54,869			54,869
Depreciation and amortization		7,548			6,821			—			14,369			10,573			24,942
(Gain) loss on sale or disposal of assets and other		(6	)		(240	)		—			(246	)		97			(149	)
Other operating income		—			—			—			—			(765	)		(765	)
Interest expense		—			—			—			—			10,381			10,381
Interest income		—			(1,398	)		(1,811	)		(3,209	)		(5,243	)		(8,452	)
Equity in net (income) loss of unconsolidated affiliates		—			—			(4,278	)		(4,278	)		143			(4,135	)
Other (income) expense		—			(231	)		27			(204	)		(423	)		(627	)
Segment contribution	$	124,283		$	28,608		$	6,097		$	158,988
Income (loss) before income taxes										$	158,988		$	(69,632	)	$	89,356

EZCORP, Inc. STORE COUNT ACTIVITY (Unaudited)

	Three Months Ended June 30, 2025
	U.S. Pawn	Latin America Pawn		Consolidated

As of March 31, 2025	542	742		1,284
New locations opened	—	10		10
Locations acquired	3	40		43
Locations combined or closed	—	(1	)	(1	)
As of June 30, 2025	545	791		1,336

	Three Months Ended June 30, 2024
	U.S. Pawn	Latin America Pawn	Consolidated

As of March 31, 2024	535	711	1,246
New locations opened	1	6	7
Locations acquired	5	—	5
As of June 30, 2024	541	717	1,258

	Nine Months Ended June 30, 2025
	U.S. Pawn	Latin America Pawn		Consolidated

As of September 30, 2024	542	737		1,279
New locations opened	—	23		23
Locations acquired	3	41		44
Locations combined or closed	—	(10	)	(10	)
As of June 30, 2025	545	791		1,336

	Nine Months Ended June 30, 2024
	U.S. Pawn		Latin America Pawn		Consolidated

As of September 30, 2023	529		702		1,231
New locations opened	1		20		21
Locations acquired	12		—		12
Locations combined or closed	(1	)	(5	)	(6	)
As of June 30, 2024	541		717		1,258

Non-GAAP Financial Information (Unaudited)

In addition to the financial information prepared in conformity with accounting U.S. generally accepted accounting principles (“GAAP”), we provide certain other non-GAAP financial information on a constant currency (“constant currency”) and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflects an additional way of viewing aspects of our business that, when viewed with GAAP results, provides a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.

Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. In addition, we have an equity method investment that is denominated in Australian dollars and is translated into U.S. dollars. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three and nine months ended June 30, 2025 and 2024 were as follows:

	June 30,		Three Months Ended June 30,		Nine Months Ended June 30,
	2025	2024	2025	2024	2025	2024

Mexican peso	18.8	18.3	19.5	17.2	20.0	17.3
Guatemalan quetzal	7.6	7.6	7.6	7.6	7.6	7.6
Honduran lempira	25.8	24.3	25.7	24.3	25.2	24.3
Australian dollar	1.5	1.5	1.6	1.5	1.6	1.5

Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.

Miscellaneous Non-GAAP Financial Measures

	Three Months Ended June 30,
(in millions)		2025			2024

Net income	$	26.5		$	18.0
Interest expense		8.5			3.5
Interest income		(5.4	)		(2.9	)
Income tax expense		8.2			5.0
Depreciation and amortization		8.0			8.2
EBITDA	$	45.7		$	31.8

	Total Revenues		Gross Profit		Income Before Tax			Tax Effect			Net Income			Diluted EPS			EBITDA

2025 Q3 Reported	$	311.0	$	183.6	$	34.7		$	8.2		$	26.5		$	0.34		$	45.7
Corporate lease termination		—		—		(1.3	)		(0.3	)		(1.0	)		(0.01	)		(1.3	)
FX impact		—		—		(0.2	)		—			(0.2	)		—			(0.2	)
Non-recurring foreign tax expense		—		—		—			0.8			(0.8	)		(0.01	)		—
Constant Currency		8.9		4.8		0.8			0.1			0.7			0.01			1.0
2025 Q3 Adjusted	$	319.9	$	188.4	$	34.0		$	8.8		$	25.2		$	0.33		$	45.2

	Total Revenues		Gross Profit		Income Before Tax			Tax Effect		Net Income			Diluted EPS			EBITDA

2024 Q3 Reported	$	281.4	$	166.7	$	23.0		$	5.0	$	18.0		$	0.25		$	31.8
Non-recurring foreign tax expense		—		—		—			0.7		(0.7	)		(0.01	)		—
FX impact		—		—		(0.1	)		—		(0.1	)		—			(0.1	)
2024 Q3 Adjusted	$	281.4	$	166.7	$	22.9		$	5.7	$	17.2		$	0.24		$	31.7

	Three Months Ended June 30, 2025				Nine Months Ended June 30, 2025
(in millions)	U.S. Dollar Amount		Percentage Change YOY		U.S. Dollar Amount		Percentage Change YOY

Consolidated revenues	$	311.0	11	%	$	937.5	8	%
Currency exchange rate fluctuations		8.9				30.9
Constant currency consolidated revenues	$	319.9	14	%	$	968.4	12	%

Consolidated gross profit	$	183.6	10	%	$	547.5	8	%
Currency exchange rate fluctuations		4.8				16.1
Constant currency consolidated gross profit	$	188.4	13	%	$	563.6	11	%

Consolidated net inventory	$	225.5	31	%	$	225.5	31	%
Currency exchange rate fluctuations		1.3				1.3
Constant currency consolidated net inventory	$	226.8	32	%	$	226.8	32	%

Latin America Pawn gross profit	$	49.6	6	%	$	141.4	4	%
Currency exchange rate fluctuations		4.8				16.1
Constant currency Latin America Pawn gross profit	$	54.4	16	%	$	157.5	16	%

Latin America Pawn PLO	$	70.6	13	%	$	70.6	13	%
Currency exchange rate fluctuations		1.5				1.5
Constant currency Latin America Pawn PLO	$	72.1	16	%	$	72.1	16	%

Latin America Pawn PSC revenues	$	31.4	3	%	$	88.9	5	%
Currency exchange rate fluctuations		2.9				9.6
Constant currency Latin America Pawn PSC revenues	$	34.3	13	%	$	98.5	16	%

Latin America Pawn merchandise sales	$	56.4	12	%	$	166.5	8	%
Currency exchange rate fluctuations		5.7				20.2
Constant currency Latin America Pawn merchandise sales	$	62.1	23	%	$	186.7	21	%

Latin America Pawn segment profit before tax	$	12.4	20	%	$	34.6	21	%
Currency exchange rate fluctuations		1.1				3.0
Constant currency Latin America Pawn segment profit before tax	$	13.5	30	%	$	37.6	32	%

The MIL Network –

July 31, 2025

MIL-OSI Economics: Microsoft Cloud and AI strength fuels fourth quarter results

Source: Microsoft

Headline: Microsoft Cloud and AI strength fuels fourth quarter results

REDMOND, Wash. — July 30, 2025 — Microsoft Corp. today announced the following results for the quarter ended June 30, 2025, as compared to the corresponding period of last fiscal year:

Revenue was $76.4 billion and increased 18% (up 17% in constant currency)
Operating income was $34.3 billion and increased 23% (up 22% in constant currency)
Net income was $27.2 billion and increased 24% (up 22% in constant currency)
Diluted earnings per share was $3.65 and increased 24% (up 22% in constant currency)

“Cloud and AI is the driving force of business transformation across every industry and sector,” said Satya Nadella, chairman and chief executive officer of Microsoft. “We’re innovating across the tech stack to help customers adapt and grow in this new era, and this year, Azure surpassed $75 billion in revenue, up 34 percent, driven by growth across all workloads.”

“We closed out the fiscal year with a strong quarter, highlighted by Microsoft Cloud revenue reaching $46.7 billion, up 27% (up 25% in constant currency) year-over-year,” said Amy Hood, executive vice president and chief financial officer of Microsoft.

Business Highlights

Revenue in Productivity and Business Processes was $33.1 billion and increased 16% (up 14% in constant currency), with the following business highlights:

Microsoft 365 Commercial products and cloud services revenue increased 16% (up 15% in constant currency) driven by Microsoft 365 Commercial cloud revenue growth of 18% (up 16% in constant currency)
Microsoft 365 Consumer products and cloud services revenue increased 21% driven by Microsoft 365 Consumer cloud revenue growth of 20%
LinkedIn revenue increased 9% (up 8% in constant currency)
Dynamics products and cloud services revenue increased 18% (up 17% in constant currency) driven by Dynamics 365 revenue growth of 23% (up 21% in constant currency)

Revenue in Intelligent Cloud was $29.9 billion and increased 26% (up 25% in constant currency), with the following business highlights:

Server products and cloud services revenue increased 27% driven by Azure and other cloud services revenue growth of 39%

Revenue in More Personal Computing was $13.5 billion and increased 9%, with the following business highlights:

Windows OEM and Devices revenue increased 3%
Xbox content and services revenue increased 13% (up 12% in constant currency)
Search and news advertising revenue excluding traffic acquisition costs increased 21% (up 20% in constant currency)

Microsoft returned $9.4 billion to shareholders in the form of dividends and share repurchases in the fourth quarter of fiscal year 2025.

Fiscal Year 2025 Results

Microsoft Corp. today announced the following results for the fiscal year ended June 30, 2025, as compared to the corresponding period of last fiscal year:

Revenue was $281.7 billion and increased 15%
Operating income was $128.5 billion and increased 17% (up 18% in constant currency)
Net income was $101.8 billion and increased 16% (up 15% in constant currency)
Diluted earnings per share was $13.64 and increased 16%

Business Outlook

Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.

Quarterly Highlights, Product Releases, and Enhancements

Every quarter Microsoft delivers hundreds of products, either as new releases, services, or enhancements to current products and services. These releases are a result of significant research and development investments, made over multiple years, designed to help customers be more productive and secure and to deliver differentiated value across the cloud and the edge.

Here are the major product releases and other highlights for the quarter, organized by product categories, to help illustrate how we are accelerating innovation across our businesses while expanding our market opportunities.

Webcast Details

Satya Nadella, chairman and chief executive officer, Amy Hood, executive vice president and chief financial officer, Alice Jolla, chief accounting officer, Keith Dolliver, corporate secretary and deputy general counsel, and Jonathan Neilson, vice president of investor relations, will host a conference call and webcast at 2:30 p.m. Pacific time (5:30 p.m. Eastern time) today to discuss details of the company’s performance for the quarter and certain forward-looking information. The session may be accessed at http://www.microsoft.com/en-us/investor. The webcast will be available for replay through the close of business on July 30, 2026.

Constant Currency

Microsoft presents constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. All growth comparisons relate to the corresponding period in the last fiscal year. Microsoft has provided this non-GAAP financial information to aid investors in better understanding our performance. The non-GAAP financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.

Financial Performance Constant Currency Reconciliation

	Three Months Ended June 30,
($ in millions, except per share amounts)	Revenue	Operating Income	Net Income	Diluted Earnings per Share
2024 As Reported (GAAP)	$64,727	$27,925	$22,036	$2.95
2025 As Reported (GAAP)	$76,441	$34,323	$27,233	$3.65
Percentage Change Y/Y (GAAP)	18%	23%	24%	24%
Constant Currency Impact	$619	$326	$356	$0.05
Percentage Change Y/Y Constant Currency	17%	22%	22%	22%

	Twelve Months Ended June 30,
($ in millions, except per share amounts)	Revenue	Operating Income	Net Income	Diluted Earnings per Share
2024 As Reported (GAAP)	$245,122	$109,433	$88,136	$11.80
2025 As Reported (GAAP)	$281,724	$128,528	$101,832	$13.64
Percentage Change Y/Y (GAAP)	15%	17%	16%	16%
Constant Currency Impact	$(485)	$(351)	$56	$0.01
Percentage Change Y/Y Constant Currency	15%	18%	15%	16%

Segment Revenue Constant Currency Reconciliation

	Three Months Ended June 30,
($ in millions)	Productivity and Business Processes	Intelligent Cloud	More Personal Computing
2024 As Reported (GAAP)	$28,627	$23,785	$12,315
2025 As Reported (GAAP)	$33,112	$29,878	$13,451
Percentage Change Y/Y (GAAP)	16%	26%	9%
Constant Currency Impact	$368	$184	$67
Percentage Change Y/Y Constant Currency	14%	25%	9%

We have recast certain prior period amounts to conform to the way we internally manage and monitor our business.

Selected Product and Service Revenue Constant Currency Reconciliation

	Three Months Ended June 30, 2025
	Percentage Change Y/Y (GAAP)	Constant Currency Impact	Percentage Change Y/Y Constant Currency
Microsoft Cloud	27%	(2)%	25%
Microsoft 365 Commercial products and cloud services	16%	(1)%	15%
Microsoft 365 Commercial cloud	18%	(2)%	16%
Microsoft 365 Consumer products and cloud services	21%	0%	21%
Microsoft 365 Consumer cloud	20%	0%	20%
LinkedIn	9%	(1)%	8%
Dynamics products and cloud services	18%	(1)%	17%
Dynamics 365	23%	(2)%	21%
Server products and cloud services	27%	0%	27%
Azure and other cloud services	39%	0%	39%
Windows OEM and Devices	3%	0%	3%
Xbox content and services	13%	(1)%	12%
Search and news advertising excluding traffic acquisition costs	21%	(1)%	20%

About Microsoft

Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.

Forward-Looking Statements

Statements in this release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:

intense competition in all of our markets that could adversely affect our results of operations;
focus on cloud-based and AI services presenting execution and competitive risks;
significant investments in products and services that may not achieve expected returns;
acquisitions, joint ventures, and strategic alliances that could have an adverse effect on our business;
cyberattacks and security vulnerabilities that could lead to reduced revenue, increased costs, liability claims, or harm to our reputation or competitive position;
disclosure and misuse of personal data that could cause liability and harm to our reputation;
the possibility that we may not be able to protect information in our products and services from use by others;
abuse of our advertising, professional, marketplace, or gaming platforms that may harm our reputation or user engagement;
products and services, how they are used by customers, and how third-party products and services interact with them, presenting security, privacy, and execution risks;
issues about the use of AI in our offerings that may result in reputational or competitive harm, or liability;
excessive outages, data losses, and disruptions of our online services if we fail to maintain an adequate operations infrastructure;
supply or quality problems;
potential consequences of new, existing, and evolving legal and regulatory requirements;
claims against us that could result in adverse outcomes in legal disputes;
uncertainties relating to our business with government customers;
additional tax liabilities;
an inability to protect and utilize our intellectual property may harm our business and operating results;
claims that Microsoft has infringed the intellectual property rights of others;
damage to our reputation or our brands that may harm our business and results of operations;
adverse economic or market conditions that could harm our business;
catastrophic events or geopolitical conditions, such as the COVID-19 pandemic, that could disrupt our business;
exposure to increased economic and operational uncertainties from operating a global business, including the effects of foreign currency exchange; and
the dependence of our business on our ability to attract and retain talented employees.

For more information about risks and uncertainties associated with Microsoft’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Microsoft’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Microsoft’s Investor Relations department at (800) 285-7772 or at Microsoft’s Investor Relations website at http://www.microsoft.com/en-us/investor.

All information in this release is as of June 30, 2025. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.

For more information, press only:

Microsoft Media Relations, WE Communications for Microsoft, (425) 638-7777, [email protected]

For more information, financial analysts and investors only:

Jonathan Neilson, Vice President, Investor Relations, (425) 706-4400

Note to editors: For more information, news and perspectives from Microsoft, please visit the Microsoft News Center at http://www.microsoft.com/news. Web links, telephone numbers, and titles were correct at time of publication, but may since have changed. Shareholder and financial information, as well as today’s 2:30 p.m. Pacific time conference call with investors and analysts, is available at http://www.microsoft.com/en-us/investor.

MIL OSI Economics –

July 31, 2025

MIL-OSI Banking: Microsoft Cloud and AI strength fuels fourth quarter results

Source: Microsoft

Headline: Microsoft Cloud and AI strength fuels fourth quarter results

Microsoft Cloud and AI Strength Fuels Fourth Quarter Results

REDMOND, Wash. — July 30, 2025 — Microsoft Corp. today announced the following results for the quarter ended June 30, 2025, as compared to the corresponding period of last fiscal year:

· Revenue was $76.4 billion and increased 18% (up 17% in constant currency)

· Operating income was $34.3 billion and increased 23% (up 22% in constant currency)

· Net income was $27.2 billion and increased 24% (up 22% in constant currency)

· Diluted earnings per share was $3.65 and increased 24% (up 22% in constant currency)

“Cloud and AI is the driving force of business transformation across every industry and sector,” said Satya Nadella, chairman and chief executive officer of Microsoft. “We’re innovating across the tech stack to help customers adapt and grow in this new era, and this year, Azure surpassed $75 billion in revenue, up 34 percent, driven by growth across all workloads.”

“We closed out the fiscal year with a strong quarter, highlighted by Microsoft Cloud revenue reaching $46.7 billion, up 27% (up 25% in constant currency) year-over-year,” said Amy Hood, executive vice president and chief financial officer of Microsoft.

Business Highlights

Revenue in Productivity and Business Processes was $33.1 billion and increased 16% (up 14% in constant currency), with the following business highlights:

· Microsoft 365 Commercial products and cloud services revenue increased 16% (up 15% in constant currency) driven by Microsoft 365 Commercial cloud revenue growth of 18% (up 16% in constant currency)

· Microsoft 365 Consumer products and cloud services revenue increased 21% driven by Microsoft 365 Consumer cloud revenue growth of 20%

· LinkedIn revenue increased 9% (up 8% in constant currency)

· Dynamics products and cloud services revenue increased 18% (up 17% in constant currency) driven by Dynamics 365 revenue growth of 23% (up 21% in constant currency)

Revenue in Intelligent Cloud was $29.9 billion and increased 26% (up 25% in constant currency), with the following business highlights:

· Server products and cloud services revenue increased 27% driven by Azure and other cloud services revenue growth of 39%

Revenue in More Personal Computing was $13.5 billion and increased 9%, with the following business highlights:

· Windows OEM and Devices revenue increased 3%

· Xbox content and services revenue increased 13% (up 12% in constant currency)

· Search and news advertising revenue excluding traffic acquisition costs increased 21% (up 20% in constant currency)

Microsoft returned $9.4 billion to shareholders in the form of dividends and share repurchases in the fourth quarter of fiscal year 2025.

Fiscal Year 2025 Results

Microsoft Corp. today announced the following results for the fiscal year ended June 30, 2025, as compared to the corresponding period of last fiscal year:

· Revenue was $281.7 billion and increased 15%

· Operating income was $128.5 billion and increased 17% (up 18% in constant currency)

· Net income was $101.8 billion and increased 16% (up 15% in constant currency)

· Diluted earnings per share was $13.64 and increased 16%

Business Outlook

Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.

Quarterly Highlights, Product Releases, and Enhancements

Every quarter Microsoft delivers hundreds of products, either as new releases, services, or enhancements to current products and services. These releases are a result of significant research and development investments, made over multiple years, designed to help customers be more productive and secure and to deliver differentiated value across the cloud and the edge.

Here are the major product releases and other highlights for the quarter, organized by product categories, to help illustrate how we are accelerating innovation across our businesses while expanding our market opportunities.

Webcast Details

Satya Nadella, chairman and chief executive officer, Amy Hood, executive vice president and chief financial officer, Alice Jolla, chief accounting officer, Keith Dolliver, corporate secretary and deputy general counsel, and Jonathan Neilson, vice president of investor relations, will host a conference call and webcast at 2:30 p.m. Pacific time (5:30 p.m. Eastern time) today to discuss details of the company’s performance for the quarter and certain forward-looking information. The session may be accessed at http://www.microsoft.com/en-us/investor. The webcast will be available for replay through the close of business on July 30, 2026.

Constant Currency

Microsoft presents constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. All growth comparisons relate to the corresponding period in the last fiscal year. Microsoft has provided this non-GAAP financial information to aid investors in better understanding our performance. The non-GAAP financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.

Financial Performance Constant Currency Reconciliation

($ in millions, except per share amounts)	Revenue	Operating Income	Net Income	Diluted Earnings per Share
	Three Months Ended June 30,
2024 As Reported (GAAP)	$64,727	$27,925	$22,036	$2.95
2025 As Reported (GAAP)	$76,441	$34,323	$27,233	$3.65
Percentage Change Y/Y (GAAP)	18%	23%	24%	24%
Constant Currency Impact	$619	$326	$356	$0.05
Percentage Change Y/Y Constant Currency	17%	22%	22%	22%

($ in millions, except per share amounts)	Revenue	Operating Income	Net Income	Diluted Earnings per Share
	Twelve Months Ended June 30,
2024 As Reported (GAAP)	$245,122	$109,433	$88,136	$11.80
2025 As Reported (GAAP)	$281,724	$128,528	$101,832	$13.64
Percentage Change Y/Y (GAAP)	15%	17%	16%	16%
Constant Currency Impact	$(485)	$(351)	$56	$0.01
Percentage Change Y/Y Constant Currency	15%	18%	15%	16%

Segment Revenue Constant Currency Reconciliation

	Three Months Ended June 30,
($ in millions)	Productivity and Business Processes	Intelligent Cloud	More Personal Computing
2024 As Reported (GAAP)	$28,627	$23,785	$12,315
2025 As Reported (GAAP)	$33,112	$29,878	$13,451
Percentage Change Y/Y (GAAP)	16%	26%	9%
Constant Currency Impact	$368	$184	$67
Percentage Change Y/Y Constant Currency	14%	25%	9%

We have recast certain prior period amounts to conform to the way we internally manage and monitor our business.

Selected Product and Service Revenue Constant Currency Reconciliation

	Three Months Ended June 30, 2025
	Percentage Change Y/Y (GAAP)	Constant Currency Impact	Percentage Change Y/Y Constant Currency
Microsoft Cloud	27%	(2)%	25%
Microsoft 365 Commercial products and cloud services	16%	(1)%	15%
Microsoft 365 Commercial cloud	18%	(2)%	16%
Microsoft 365 Consumer products and cloud services	21%	0%	21%
Microsoft 365 Consumer cloud	20%	0%	20%
LinkedIn	9%	(1)%	8%
Dynamics products and cloud services	18%	(1)%	17%
Dynamics 365	23%	(2)%	21%
Server products and cloud services	27%	0%	27%
Azure and other cloud services	39%	0%	39%
Windows OEM and Devices	3%	0%	3%
Xbox content and services	13%	(1)%	12%
Search and news advertising excluding traffic acquisition costs	21%	(1)%	20%

About Microsoft

Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.

Forward-Looking Statements

Statements in this release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:

· intense competition in all of our markets that could adversely affect our results of operations;

· focus on cloud-based and AI services presenting execution and competitive risks;

· significant investments in products and services that may not achieve expected returns;

· acquisitions, joint ventures, and strategic alliances that could have an adverse effect on our business;

· cyberattacks and security vulnerabilities that could lead to reduced revenue, increased costs, liability claims, or harm to our reputation or competitive position;

· disclosure and misuse of personal data that could cause liability and harm to our reputation;

· the possibility that we may not be able to protect information in our products and services from use by others;

· abuse of our advertising, professional, marketplace, or gaming platforms that may harm our reputation or user engagement;

· products and services, how they are used by customers, and how third-party products and services interact with them, presenting security, privacy, and execution risks;

· issues about the use of AI in our offerings that may result in reputational or competitive harm, or liability;

· excessive outages, data losses, and disruptions of our online services if we fail to maintain an adequate operations infrastructure;

· supply or quality problems;

· potential consequences of new, existing, and evolving legal and regulatory requirements;

· claims against us that could result in adverse outcomes in legal disputes;

· uncertainties relating to our business with government customers;

· additional tax liabilities;

· an inability to protect and utilize our intellectual property may harm our business and operating results;

· claims that Microsoft has infringed the intellectual property rights of others;

· damage to our reputation or our brands that may harm our business and results of operations;

· adverse economic or market conditions that could harm our business;

· catastrophic events or geopolitical conditions, such as the COVID-19 pandemic, that could disrupt our business;

· exposure to increased economic and operational uncertainties from operating a global business, including the effects of foreign currency exchange; and

· the dependence of our business on our ability to attract and retain talented employees.

For more information about risks and uncertainties associated with Microsoft’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Microsoft’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Microsoft’s Investor Relations department at (800) 285-7772 or at Microsoft’s Investor Relations website at http://www.microsoft.com/en-us/investor.

All information in this release is as of June 30, 2025. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.

For more information, press only:

Microsoft Media Relations, WE Communications for Microsoft, (425) 638-7777, rrt@we-worldwide.com

For more information, financial analysts and investors only:

Jonathan Neilson, Vice President, Investor Relations, (425) 706-4400

Note to editors: For more information, news and perspectives from Microsoft, please visit the Microsoft News Center at http://www.microsoft.com/news. Web links, telephone numbers, and titles were correct at time of publication, but may since have changed. Shareholder and financial information, as well as today’s 2:30 p.m. Pacific time conference call with investors and analysts, is available at http://www.microsoft.com/en-us/investor.

**MICROSOFT CORPORATION**

INCOME STATEMENTS

(In millions, except per share amounts) (Unaudited)
	Three Months Ended June 30,		Twelve Months Ended June 30,
	Three Months Ended June 30,		Twelve Months Ended June 30,
	2025	2024	2025	2024
Revenue:
Product	$17,136	$13,217	$63,946	$64,773
Service and other	59,305	51,510	217,778	180,349
Total revenue	76,441	64,727	281,724	245,122
Cost of revenue:
Product	3,314	1,438	13,501	15,272
Service and other	20,700	18,246	74,330	58,842
Total cost of revenue	24,014	19,684	87,831	74,114
Gross margin	52,427	45,043	193,893	171,008
Research and development	8,829	8,056	32,488	29,510
Sales and marketing	7,285	6,816	25,654	24,456
General and administrative	1,990	2,246	7,223	7,609
Operating income	34,323	27,925	128,528	109,433
Other expense, net	(1,707)	(675)	(4,901)	(1,646)
Income before income taxes	32,616	27,250	123,627	107,787
Provision for income taxes	5,383	5,214	21,795	19,651
Net income	$27,233	$22,036	$101,832	$88,136
Earnings per share:
Basic	$3.66	$2.96	$13.70	$11.86
Diluted	$3.65	$2.95	$13.64	$11.80
Weighted average shares outstanding:
Basic	7,432	7,433	7,433	7,431
Diluted	7,461	7,472	7,465	7,469

COMPREHENSIVE INCOME STATEMENTS

(In millions) (Unaudited)
	Three Months Ended June 30,		Twelve Months Ended June 30,
	Three Months Ended June 30,		Twelve Months Ended June 30,
	2025	2024	2025	2024
Net income	$27,233	$22,036	$101,832	$88,136
Other comprehensive income (loss), net of tax:
Net change related to derivatives	(9)	(4)	(5)	24
Net change related to investments	444	88	1,574	957
Translation adjustments and other	1,051	(239)	674	(228)
Other comprehensive income (loss)	1,486	(155)	2,243	753
Comprehensive income	$28,719	$21,881	$104,075	$88,889

BALANCE SHEETS

(In millions) (Unaudited)
	June 30, 2025	June 30, 2024
Assets
Current assets:
Cash and cash equivalents	$30,242	$18,315
Short-term investments	64,323	57,228
Total cash, cash equivalents, and short-term investments	94,565	75,543
Accounts receivable, net of allowance for doubtful accounts of $944 and $830	69,905	56,924
Inventories	938	1,246
Other current assets	25,723	26,021
Total current assets	191,131	159,734
Property and equipment, net of accumulated depreciation of $93,653 and $76,421	204,966	135,591
Operating lease right-of-use assets	24,823	18,961
Equity and other investments	15,405	14,600
Goodwill	119,509	119,220
Intangible assets, net	22,604	27,597
Other long-term assets	40,565	36,460
Total assets	$619,003	$512,163
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$27,724	$21,996
Short-term debt	0	6,693
Current portion of long-term debt	2,999	2,249
Accrued compensation	13,709	12,564
Short-term income taxes	7,211	5,017
Short-term unearned revenue	64,555	57,582
Other current liabilities	25,020	19,185
Total current liabilities	141,218	125,286
Long-term debt	40,152	42,688
Long-term income taxes	25,986	27,931
Long-term unearned revenue	2,710	2,602
Deferred income taxes	2,835	2,618
Operating lease liabilities	17,437	15,497
Other long-term liabilities	45,186	27,064
Total liabilities	275,524	243,686
Commitments and contingencies
Stockholders’ equity:
Common stock and paid-in capital – shares authorized 24,000; outstanding 7,434 and 7,434	109,095	100,923
Retained earnings	237,731	173,144
Accumulated other comprehensive loss	(3,347)	(5,590)
Total stockholders’ equity	343,479	268,477
Total liabilities and stockholders’ equity	$619,003	$512,163

CASH FLOWS STATEMENTS

(In millions) (Unaudited)
	Three Months Ended June 30,		Twelve Months Ended June 30,
	Three Months Ended June 30,		Twelve Months Ended June 30,
	2025	2024	2025	2024
Operations
Net income	$27,233	$22,036	$101,832	$88,136
Adjustments to reconcile net income to net cash from operations:
Depreciation, amortization, and other	11,203	6,380	34,153	22,287
Stock-based compensation expense	3,073	2,696	11,974	10,734
Net recognized losses on investments and derivatives	56	44	609	305
Deferred income taxes	(2,221)	(1,145)	(7,056)	(4,738)
Changes in operating assets and liabilities:
Accounts receivable	(16,179)	(13,246)	(10,581)	(7,191)
Inventories	(81)	55	309	1,284
Other current assets	(3,686)	(2,528)	(3,044)	(1,648)
Other long-term assets	418	(1,240)	(2,950)	(6,817)
Accounts payable	(652)	4,204	569	3,545
Unearned revenue	18,361	15,657	5,438	5,348
Income taxes	1,043	(806)	(38)	1,687
Other current liabilities	5,346	4,652	5,922	4,867
Other long-term liabilities	(1,267)	436	(975)	749
Net cash from operations	42,647	37,195	136,162	118,548
Financing
Proceeds from issuance (repayments) of debt, maturities of 90 days or less, net	0	(1,142)	(5,746)	5,250
Proceeds from issuance of debt	0	197	0	24,395
Repayments of debt	0	(13,065)	(3,216)	(29,070)
Common stock issued	548	534	2,056	2,002
Common stock repurchased	(4,546)	(4,210)	(18,420)	(17,254)
Common stock cash dividends paid	(6,169)	(5,574)	(24,082)	(21,771)
Other, net	(677)	(303)	(2,291)	(1,309)
Net cash used in financing	(10,844)	(23,563)	(51,699)	(37,757)
Investing
Additions to property and equipment	(17,079)	(13,873)	(64,551)	(44,477)
Acquisition of companies, net of cash acquired and divestitures, and purchases of intangible and other assets	(1,743)	(1,342)	(5,978)	(69,132)
Purchases of investments	(21,631)	(2,831)	(29,775)	(17,732)
Maturities of investments	4,618	1,557	16,079	24,775
Sales of investments	2,621	2,023	9,309	10,894
Other, net	2,642	(382)	2,317	(1,298)
Net cash used in investing	(30,572)	(14,848)	(72,599)	(96,970)
Effect of foreign exchange rates on cash and cash equivalents	183	(103)	63	(210)
Net change in cash and cash equivalents	1,414	(1,319)	11,927	(16,389)
Cash and cash equivalents, beginning of period	28,828	19,634	18,315	34,704
Cash and cash equivalents, end of period	$30,242	$18,315	$30,242	$18,315

SEGMENT REVENUE AND OPERATING INCOME

(In millions) (Unaudited)
	Three Months Ended June 30,		Twelve Months Ended June 30,
	Three Months Ended June 30,		Twelve Months Ended June 30,
	2025	2024	2025	2024
Revenue
Productivity and Business Processes	$33,112	$28,627	$120,810	$106,820
Intelligent Cloud	29,878	23,785	106,265	87,464
More Personal Computing	13,451	12,315	54,649	50,838
Total	$76,441	$64,727	$281,724	$245,122
Operating Income
Productivity and Business Processes	$18,993	$15,706	$69,773	$59,661
Intelligent Cloud	12,140	9,835	44,589	37,813
More Personal Computing	3,190	2,384	14,166	11,959
Total	$34,323	$27,925	$128,528	$109,433

We have recast certain prior period amounts to conform to the way we internally manage and monitor our business.

MIL OSI Global Banks –

July 31, 2025

MIL-OSI: EZCORP Reports Third Quarter Fiscal 2025 Results

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, July 30, 2025 (GLOBE NEWSWIRE) — EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its third quarter ended June 30, 2025.

Unless otherwise noted, all amounts in this release are in conformity with U.S. generally accepted accounting principles (“GAAP”) and comparisons shown are to the same period in the prior year.

THIRD QUARTER HIGHLIGHTS

Pawn loans outstanding (PLO) increased 11% to $291.6 million.
Net income increased 48% to $26.5 million. On an adjusted basis¹, net income increased 46% to $25.2 million.
Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
Adjusted EBITDA increased 42% to $45.2 million.
Total revenues increased 11% to $311.0 million, while gross profit increased 10% to $183.6 million.
Grew our footprint by 52 stores, including 40 stores acquired in Mexico on June 17, 2025.

CEO COMMENTARY AND OUTLOOK

Lachie Given, Chief Executive Officer, stated, “This quarter showcased continued strong momentum in our business, disciplined execution from our team, and the scalability of our platform. We delivered record Q3 revenue and achieved all-time high PLO as demand remains strong for immediate cash solutions and secondhand goods. When combined with meaningful efficiency gains throughout the organization, we turned top-line momentum into exceptional earnings growth, as reflected by a 42% increase in adjusted EBITDA and 36% growth in diluted EPS.

“During the quarter, we grew our footprint by 52 stores, including 49 in LatAm and 3 in the US, 1 of which is a luxury store in Miami Beach. We continue to focus on strategic expansion to scale our business, as well as exceptional operating performance across geographies. In the U.S., disciplined expense management and store level execution drove a 32% increase in segment contribution. In Latin America, we delivered over 30% growth in contribution on a constant currency basis, resulting from both organic growth and a partial quarter benefit from acquired stores.

“Our recently strengthened balance sheet with $472 million in liquidity enables us to fund accelerated growth, organically and through strategic acquisitions. Our pipeline of M&A prospects is compelling, and we are ideally positioned to capitalize on attractive scale opportunities. Looking ahead, we remain highly focused on disciplined capital allocation, operational excellence, and delivering long-term value for our shareholders.”

CONSOLIDATED RESULTS

Three Months Ended June 30	As Reported				Adjusted¹
in millions, except per share amounts		2025		2024		2025		2024

Total revenues	$	311.0	$	281.4	$	319.9	$	281.4
Gross profit	$	183.6	$	166.7	$	188.4	$	166.7
Income before tax	$	34.7	$	23.0	$	34.0	$	22.9
Net income	$	26.5	$	18.0	$	25.2	$	17.2
Diluted earnings per share	$	0.34	$	0.25	$	0.33	$	0.24
EBITDA (non-GAAP measure)	$	45.7	$	31.8	$	45.2	$	31.7

PLO increased 11% to $291.6 million, up $29.9 million. On a same-store² basis, PLO increased 9% due to increase in average loan size, continued strong pawn demand and improved operational performance.
Total revenues increased 11% and gross profit increased 10%, reflecting improved pawn service charge (PSC) revenues due to higher average PLO.
PSC increased 7% as a result of higher average PLO.
Merchandise sales gross margin remained consistent at 36%. Aged general merchandise improved to 2.3% of total general merchandise inventory, down 83 basis points.
Net inventory increased 31%, as a result of an increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.4x, from 2.7x.
Store expenses increased 2% and 1% on a same-store basis.
General and administrative expenses increased 9% primarily due to labor, with approximately 50% due to long term incentive compensation.
Income before taxes was $34.7 million, up 51% from $23.0 million, and adjusted EBITDA increased 42% to $45.2 million.
Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
Cash and cash equivalents at the end of the quarter was $472.1 million, up from $170.5 million as of September 30, 2024. The increase was due primarily to $300.0 million (less issuance costs) from the issuance of the Senior Notes due 2032 offset by an increase in earning assets.

SEGMENT RESULTS

U.S. Pawn

PLO ended the quarter at $221.1 million, an increase of 11% on a total and same-store basis due to increase in average loan size, strong loan demand and improved operational performance.
Total revenues increased 11% and gross profit increased 12%, driven by increased PSC, merchandise sales and scrap sales.
PSC increased 8% as a result of higher average PLO, partially offset by lower PLO yield.
Merchandise sales increased 4%, on a total and same-store basis, and sales gross margin increased by 80 bps to 38.5%. Aged general merchandise decreased by 260 basis points to 2.5%, or $1.2 million of total general merchandise inventory. Excluding our Max Pawn luxury stores, aged general merchandise was 1.8%.
Net inventory increased 36% due to increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.1x, from 2.6x.
Store expenses increased 3% on a total and same-store basis.

Segment contribution increased 32% to $47.6 million.
Segment store count increased by 3 to 545, due to acquisitions, including 1 luxury store in Miami Beach.

Latin America Pawn

PLO improved to $70.6 million, an increase of 13% (16% on constant currency basis). On a same-store basis, PLO increased 2% (4% increase on a constant currency basis). The difference is driven primarily by our recent acquisition.
Total revenues increased 11% (21% on constant currency basis), and gross profit increased 6% (16% on a constant currency basis), primarily due to increased merchandise sales and pawn service charges.
PSC increased to $31.4 million, an increase of 3% (13% on a constant currency basis) as a result of higher average PLO.
Merchandise sales increased 12% (23% on constant currency basis) and increased 8% on a same-store basis (19% increase on a constant currency basis). Merchandise sales gross margin decreased to 31% from 32%. Aged general merchandise increased to 2.2% from 0.9% of total general merchandise inventory.
Net inventory increased 18% (21% on a constant currency basis) due to an increase in PLO and decrease in inventory turnover to 3.0x, from 3.1x. On a same-store basis, net inventory increased by 10% (13% on a constant currency basis). The difference is driven primarily by our recent acquisition.
Store expenses increased 1% (12% increase on a constant currency basis) and decreased 3% on a same-store basis (7% increase on a constant currency basis). The constant currency increase was due primarily to increased labor, in line with store activity and minimum wage increases.
Segment contribution increased 20% to $12.4 million (30% on a constant currency basis to $13.5 million).
Segment store count increased by 49 to 791, primarily due to the acquisition of 40 stores, the addition of 10 de novo stores and the consolidation of 1 store.

FORM 10-Q

EZCORP’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 has been filed with the Securities and Exchange Commission. The report is available in the Investor Relations section of the Company’s website at http://investors.ezcorp.com. EZCORP shareholders may obtain a paper copy of the report, free of charge, by sending a request to the investor relations contact below.

CONFERENCE CALL

EZCORP will host a conference call on Thursday, July 31, 2025, at 8:00 am Central Time to discuss Third Quarter Fiscal 2025 results. Analysts and institutional investors may participate on the conference call by registering online at https://register-conf.media-server.com/register/BI4f3cd4b3bf1d44a198c59f67b0acdc6f. Once registered you will receive the dial-in details with a unique PIN to join the call. The conference call will be webcast simultaneously to the public through this link: https://edge.media-server.com/mmc/p/hqptihjy. A replay of the conference call will be available online at http://investors.ezcorp.com shortly after the end of the call.

ABOUT EZCORP

Formed in 1989, EZCORP has grown into a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index.

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FORWARD LOOKING STATEMENTS

This announcement contains certain forward-looking statements regarding the Company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the Company’s strategy, initiatives and future performance, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors, current or future litigation and risks associated with the COVID-19 pandemic. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

Contact:
Email: Investor_Relations@ezcorp.com
Phone: (512) 314-2220

EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months Ended June 30,						Nine Months Ended June 30,
(in thousands, except per share amounts)		2025			2024			2025			2024
Revenues:
Merchandise sales	$	168,624		$	158,140		$	524,434		$	502,230
Jewelry scrapping sales		26,970			15,395			64,640			43,191
Pawn service charges		115,339			107,830			348,262			321,442
Other revenues		48			56			131			188
Total revenues		310,981			281,421			937,467			867,051
Merchandise cost of goods sold		108,226			101,211			341,605			322,680
Jewelry scrapping cost of goods sold		19,116			13,483			48,367			37,479
Gross profit		183,639			166,727			547,495			506,892
Operating expenses:
Store expenses		119,123			116,335			352,101			341,472
General and administrative		21,780			20,060			60,089			54,869
Depreciation and amortization		8,003			8,158			24,358			24,942
Loss (gain) on sale or disposal of assets and other		—			20			25			(149	)
Other operating income		(1,262	)		—			(1,262	)		(765	)
Total operating expenses		147,644			144,573			435,311			420,369
Operating income		35,995			22,154			112,184			86,523
Interest expense		8,458			3,539			14,886			10,381
Interest income		(5,440	)		(2,931	)		(9,408	)		(8,452	)
Equity in net income of unconsolidated affiliates		(1,200	)		(1,263	)		(4,180	)		(4,135	)
Other (income) expense		(536	)		(191	)		377			(627	)
Income before income taxes		34,713			23,000			110,509			89,356
Income tax expense		8,210			5,050			27,600			21,457
Net income	$	26,503		$	17,950		$	82,909		$	67,899

Basic earnings per share	$	0.45		$	0.33		$	1.47		$	1.23
Diluted earnings per share	$	0.34		$	0.25		$	1.08		$	0.89

Weighted-average basic shares outstanding		59,134			54,898			56,308			55,022
Weighted-average diluted shares outstanding		82,918			83,008			83,144			84,309

EZCORP, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in thousands, except share and per share amounts)	June 30, 2025			June 30, 2024			September 30, 2024

Assets:
Current assets:
Cash and cash equivalents	$	472,088		$	218,038		$	170,513
Short-term restricted cash		9,609			9,204			9,294
Pawn loans		291,634			261,720			274,084
Pawn service charges receivable, net		45,410			40,638			44,013
Inventory, net		225,489			171,937			191,923
Prepaid expenses and other current assets		43,417			40,391			39,171
Total current assets		1,087,647			741,928			728,998
Investments in unconsolidated affiliates		13,753			12,297			13,329
Other investments		51,903			51,220			51,900
Property and equipment, net		67,439			59,926			65,973
Right-of-use assets, net		236,064			235,030			226,602
Long-term restricted cash		5,380			—			—
Goodwill		321,907			308,847			306,478
Intangible assets, net		57,960			60,164			58,451
Deferred tax asset, net		25,841			25,245			25,362
Other assets, net		15,174			15,506			16,144
Total assets	$	1,883,068		$	1,510,163		$	1,493,237

Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net	$	—		$	137,326		$	103,072
Accounts payable, accrued expenses and other current liabilities		78,756			69,742			85,737
Customer layaway deposits		33,336			20,067			21,570
Operating lease liabilities, current		60,183			58,905			58,998
Total current liabilities		172,275			286,040			269,377
Long-term debt, net		517,601			223,998			224,256
Deferred tax liability, net		2,017			416			2,080
Operating lease liabilities		184,295			188,996			180,616
Other long-term liabilities		16,822			9,258			12,337
Total liabilities		893,010			708,708			688,666
Commitments and contingencies
Stockholders’ equity:
Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 57,992,965 as of June 30, 2025; 51,771,917 as of June 30, 2024; and 51,582,698 as of September 30, 2024		580			518			516
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171		30			30			30
Additional paid-in capital		448,073			347,082			348,366
Retained earnings		586,549			493,830			507,206
Accumulated other comprehensive loss		(45,174	)		(40,005	)		(51,547	)
Total equity		990,058			801,455			804,571
Total liabilities and equity	$	1,883,068		$	1,510,163		$	1,493,237

EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Nine Months Ended June 30,
(in thousands)		2025			2024

Operating activities:
Net income	$	82,909		$	67,899
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		24,358			24,942
Amortization of deferred financing costs		1,238			1,212
Non-cash lease expense		43,889			43,999
Deferred income taxes		(542	)		438
Other adjustments		(1,877	)		69
Provision for inventory reserve		39			589
Stock compensation expense		9,213			7,945
Equity in net income from investment in unconsolidated affiliates		(4,180	)		(4,135	)
Changes in operating assets and liabilities, net of business acquisitions:
Pawn service charges receivable		(364	)		(1,593	)
Inventory		(9,205	)		(2,775	)
Prepaid expenses, other current assets and other assets		(74	)		(3,625	)
Accounts payable, accrued expenses and other liabilities		(58,023	)		(65,396	)
Customer layaway deposits		11,276			1,055
Income taxes		(927	)		(360	)
Net cash provided by operating activities		97,730			70,264
Investing activities:
Loans made		(738,670	)		(683,121	)
Loans repaid		417,734			391,297
Recovery of pawn loan principal through sale of forfeited collateral		291,903			272,781
Capital expenditures, net		(23,051	)		(16,870	)
Acquisitions, net of cash acquired		(17,093	)		(11,963	)
Proceeds from note receivable		241			1,100
Investment in unconsolidated affiliate		(718	)		(993	)
Investment in other investments		—			(15,000	)
Dividends from unconsolidated affiliates		3,614			3,535
Net cash used in investing activities		(66,040	)		(59,234	)
Financing activities:
Taxes paid related to net share settlement of equity awards		(3,971	)		(3,253	)
Proceeds from borrowings		300,000			—
Debt issuance cost		(7,563	)		—
Payments on assumed debt		(6,410	)		—
Purchase and retirement of treasury stock		(6,000	)		(9,009	)
Payments of finance leases		(450	)		(386	)
Net cash provided by (used in) financing activities		275,606			(12,648	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash		(26	)		(108	)
Net increase in cash, cash equivalents and restricted cash		307,270			(1,726	)
Cash and cash equivalents and restricted cash at beginning of period		179,807			228,968
Cash and cash equivalents and restricted cash at end of period	$	487,077		$	227,242

EZCORP, Inc. OPERATING SEGMENT RESULTS

	Three Months Ended June 30, 2025 (Unaudited)
(in thousands)	U.S. Pawn		Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	112,249	$	56,375		$	—		$	168,624		$	—		$	168,624
Jewelry scrapping sales		23,750		3,220			—			26,970			—			26,970
Pawn service charges		83,930		31,409			—			115,339			—			115,339
Other revenues		31		17			—			48			—			48
Total revenues		219,960		91,021			—			310,981			—			310,981
Merchandise cost of goods sold		69,084		39,142			—			108,226			—			108,226
Jewelry scrapping cost of goods sold		16,814		2,302			—			19,116			—			19,116
Gross profit		134,062		49,577			—			183,639			—			183,639
Segment and corporate expenses (income):
Store expenses		83,778		35,345			—			119,123			—			119,123
General and administrative		—		—			—			—			21,780			21,780
Depreciation and amortization		2,651		2,156			—			4,807			3,196			8,003
Other operating income		—		—			—			—			(1,262	)		(1,262	)
Interest expense		—		71			—			71			8,387			8,458
Interest income		—		(427	)		(604	)		(1,031	)		(4,409	)		(5,440	)
Equity in net (income) loss of unconsolidated affiliates		—		—			(1,409	)		(1,409	)		209			(1,200	)
Other expense (income)		—		(12	)		—			(12	)		(524	)		(536	)
Segment contribution	$	47,633	$	12,444		$	2,013		$	62,090
Income (loss) before income taxes									$	62,090		$	(27,377	)	$	34,713

	Three Months Ended June 30, 2024 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	107,849		$	50,291		$	—		$	158,140		$	—		$	158,140
Jewelry scrapping sales		13,757			1,638			—			15,395			—			15,395
Pawn service charges		77,416			30,414			—			107,830			—			107,830
Other revenues		28			28			—			56			—			56
Total revenues		199,050			82,371			—			281,421			—			281,421
Merchandise cost of goods sold		67,229			33,982			—			101,211			—			101,211
Jewelry scrapping cost of goods sold		11,887			1,596			—			13,483			—			13,483
Gross profit		119,934			46,793			—			166,727			—			166,727
Segment and corporate expenses (income):
Store expenses		81,441			34,894			—			116,335			—			116,335
General and administrative		—			—			—			—			20,060			20,060
Depreciation and amortization		2,408			2,090			—			4,498			3,660			8,158
(Gain) loss on sale or disposal of assets and other		(2	)		22			—			20			—			20
Interest expense		—			—			—			—			3,539			3,539
Interest income		—			(370	)		(605	)		(975	)		(1,956	)		(2,931	)
Equity in net (income) loss of unconsolidated affiliates		—			—			(1,406	)		(1,406	)		143			(1,263	)
Other (income) expense		—			(184	)		12			(172	)		(19	)		(191	)
Segment contribution	$	36,087		$	10,341		$	1,999		$	48,427
Income (loss) before income taxes										$	48,427		$	(25,427	)	$	23,000

	Nine Months Ended June 30, 2025 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	357,964		$	166,470		$	—		$	524,434		$	—		$	524,434
Jewelry scrapping sales		56,146			8,494			—			64,640			—			64,640
Pawn service charges		259,354			88,908			—			348,262			—			348,262
Other revenues		82			49			—			131			—			131
Total revenues		673,546			263,921			—			937,467			—			937,467
Merchandise cost of goods sold		225,412			116,193			—			341,605			—			341,605
Jewelry scrapping cost of goods sold		42,017			6,350			—			48,367			—			48,367
Gross profit		406,117			141,378			—			547,495			—			547,495
Segment and corporate expenses (income):
Store expenses		250,399			101,702			—			352,101			—			352,101
General and administrative		—			—			—			—			60,089			60,089
Depreciation and amortization		8,050			6,191			—			14,241			10,117			24,358
Loss on sale or disposal of assets and other		17			8			—			25			—			25
Other operating income		—			—			—			—			(1,262	)		(1,262	)
Interest expense		—			71			—			71			14,815			14,886
Interest income		—			(966	)		(1,803	)		(2,769	)		(6,639	)		(9,408	)
Equity in net (income) loss of unconsolidated affiliates		—			—			(4,898	)		(4,898	)		718			(4,180	)
Other expense (income)		(7	)		(220	)		—			(227	)		604			377
Segment contribution		147,658			34,592		$	6,701		$	188,951
Income (loss) before income taxes										$	188,951		$	(78,442	)	$	110,509

	Nine Months Ended June 30, 2024 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	348,211		$	154,019		$	—		$	502,230		$	—		$	502,230
Jewelry scrapping sales		39,258			3,933			—			43,191			—			43,191
Pawn service charges		236,499			84,943			—			321,442			—			321,442
Other revenues		94			59			35			188			—			188
Total revenues		624,062			242,954			35			867,051			—			867,051
Merchandise cost of goods sold		218,736			103,944			—			322,680			—			322,680
Jewelry scrapping cost of goods sold		33,965			3,514			—			37,479			—			37,479
Gross profit		371,361			135,496			35			506,892			—			506,892
Segment and corporate expenses (income):
Store expenses		239,536			101,936			—			341,472			—			341,472
General and administrative		—			—			—			—			54,869			54,869
Depreciation and amortization		7,548			6,821			—			14,369			10,573			24,942
(Gain) loss on sale or disposal of assets and other		(6	)		(240	)		—			(246	)		97			(149	)
Other operating income		—			—			—			—			(765	)		(765	)
Interest expense		—			—			—			—			10,381			10,381
Interest income		—			(1,398	)		(1,811	)		(3,209	)		(5,243	)		(8,452	)
Equity in net (income) loss of unconsolidated affiliates		—			—			(4,278	)		(4,278	)		143			(4,135	)
Other (income) expense		—			(231	)		27			(204	)		(423	)		(627	)
Segment contribution	$	124,283		$	28,608		$	6,097		$	158,988
Income (loss) before income taxes										$	158,988		$	(69,632	)	$	89,356

EZCORP, Inc. STORE COUNT ACTIVITY (Unaudited)

	Three Months Ended June 30, 2025
	U.S. Pawn	Latin America Pawn		Consolidated

As of March 31, 2025	542	742		1,284
New locations opened	—	10		10
Locations acquired	3	40		43
Locations combined or closed	—	(1	)	(1	)
As of June 30, 2025	545	791		1,336

	Three Months Ended June 30, 2024
	U.S. Pawn	Latin America Pawn	Consolidated

As of March 31, 2024	535	711	1,246
New locations opened	1	6	7
Locations acquired	5	—	5
As of June 30, 2024	541	717	1,258

	Nine Months Ended June 30, 2025
	U.S. Pawn	Latin America Pawn		Consolidated

As of September 30, 2024	542	737		1,279
New locations opened	—	23		23
Locations acquired	3	41		44
Locations combined or closed	—	(10	)	(10	)
As of June 30, 2025	545	791		1,336

	Nine Months Ended June 30, 2024
	U.S. Pawn		Latin America Pawn		Consolidated

As of September 30, 2023	529		702		1,231
New locations opened	1		20		21
Locations acquired	12		—		12
Locations combined or closed	(1	)	(5	)	(6	)
As of June 30, 2024	541		717		1,258

Non-GAAP Financial Information (Unaudited)

In addition to the financial information prepared in conformity with accounting U.S. generally accepted accounting principles (“GAAP”), we provide certain other non-GAAP financial information on a constant currency (“constant currency”) and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflects an additional way of viewing aspects of our business that, when viewed with GAAP results, provides a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.

Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. In addition, we have an equity method investment that is denominated in Australian dollars and is translated into U.S. dollars. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three and nine months ended June 30, 2025 and 2024 were as follows:

	June 30,		Three Months Ended June 30,		Nine Months Ended June 30,
	2025	2024	2025	2024	2025	2024

Mexican peso	18.8	18.3	19.5	17.2	20.0	17.3
Guatemalan quetzal	7.6	7.6	7.6	7.6	7.6	7.6
Honduran lempira	25.8	24.3	25.7	24.3	25.2	24.3
Australian dollar	1.5	1.5	1.6	1.5	1.6	1.5

Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.

Miscellaneous Non-GAAP Financial Measures

	Three Months Ended June 30,
(in millions)		2025			2024

Net income	$	26.5		$	18.0
Interest expense		8.5			3.5
Interest income		(5.4	)		(2.9	)
Income tax expense		8.2			5.0
Depreciation and amortization		8.0			8.2
EBITDA	$	45.7		$	31.8

	Total Revenues		Gross Profit		Income Before Tax			Tax Effect			Net Income			Diluted EPS			EBITDA

2025 Q3 Reported	$	311.0	$	183.6	$	34.7		$	8.2		$	26.5		$	0.34		$	45.7
Corporate lease termination		—		—		(1.3	)		(0.3	)		(1.0	)		(0.01	)		(1.3	)
FX impact		—		—		(0.2	)		—			(0.2	)		—			(0.2	)
Non-recurring foreign tax expense		—		—		—			0.8			(0.8	)		(0.01	)		—
Constant Currency		8.9		4.8		0.8			0.1			0.7			0.01			1.0
2025 Q3 Adjusted	$	319.9	$	188.4	$	34.0		$	8.8		$	25.2		$	0.33		$	45.2

	Total Revenues		Gross Profit		Income Before Tax			Tax Effect		Net Income			Diluted EPS			EBITDA

2024 Q3 Reported	$	281.4	$	166.7	$	23.0		$	5.0	$	18.0		$	0.25		$	31.8
Non-recurring foreign tax expense		—		—		—			0.7		(0.7	)		(0.01	)		—
FX impact		—		—		(0.1	)		—		(0.1	)		—			(0.1	)
2024 Q3 Adjusted	$	281.4	$	166.7	$	22.9		$	5.7	$	17.2		$	0.24		$	31.7

	Three Months Ended June 30, 2025				Nine Months Ended June 30, 2025
(in millions)	U.S. Dollar Amount		Percentage Change YOY		U.S. Dollar Amount		Percentage Change YOY

Consolidated revenues	$	311.0	11	%	$	937.5	8	%
Currency exchange rate fluctuations		8.9				30.9
Constant currency consolidated revenues	$	319.9	14	%	$	968.4	12	%

Consolidated gross profit	$	183.6	10	%	$	547.5	8	%
Currency exchange rate fluctuations		4.8				16.1
Constant currency consolidated gross profit	$	188.4	13	%	$	563.6	11	%

Consolidated net inventory	$	225.5	31	%	$	225.5	31	%
Currency exchange rate fluctuations		1.3				1.3
Constant currency consolidated net inventory	$	226.8	32	%	$	226.8	32	%

Latin America Pawn gross profit	$	49.6	6	%	$	141.4	4	%
Currency exchange rate fluctuations		4.8				16.1
Constant currency Latin America Pawn gross profit	$	54.4	16	%	$	157.5	16	%

Latin America Pawn PLO	$	70.6	13	%	$	70.6	13	%
Currency exchange rate fluctuations		1.5				1.5
Constant currency Latin America Pawn PLO	$	72.1	16	%	$	72.1	16	%

Latin America Pawn PSC revenues	$	31.4	3	%	$	88.9	5	%
Currency exchange rate fluctuations		2.9				9.6
Constant currency Latin America Pawn PSC revenues	$	34.3	13	%	$	98.5	16	%

Latin America Pawn merchandise sales	$	56.4	12	%	$	166.5	8	%
Currency exchange rate fluctuations		5.7				20.2
Constant currency Latin America Pawn merchandise sales	$	62.1	23	%	$	186.7	21	%

Latin America Pawn segment profit before tax	$	12.4	20	%	$	34.6	21	%
Currency exchange rate fluctuations		1.1				3.0
Constant currency Latin America Pawn segment profit before tax	$	13.5	30	%	$	37.6	32	%

The MIL Network –

July 31, 2025

MIL-OSI: CVR Energy Reports Second Quarter 2025 Results, Announces Leadership Transition Plans

Source: GlobeNewswire (MIL-OSI)

Second quarter net loss attributable to CVR Energy stockholders of $114 million; EBITDA loss of $24 million; adjusted EBITDA of $99 million
Second quarter loss per diluted share of $1.14 and adjusted loss per diluted share of 23 cents
Prepaid $70 million and $20 million in principal of the Term Loan in June and July 2025, respectively
Mark Pytosh to assume role of President, Chief Executive Officer and Director on January 1, 2026, following Dave Lamp retirement; Brett Icahn appointed to the Board of Directors effective August 1, 2025
CVR Partners announced a cash distribution of $3.89 per common unit

SUGAR LAND, Texas, July 30, 2025 (GLOBE NEWSWIRE) — CVR Energy, Inc. (NYSE: CVI, “CVR Energy” or the “Company”) today announced second quarter 2025 net loss attributable to CVR Energy stockholders of $114 million, or $1.14 per diluted share, compared to second quarter 2024 net income attributable to CVR Energy stockholders of $21 million, or 21 cents per diluted share. Adjusted loss for the second quarter of 2025 was 23 cents per diluted share, compared to adjusted earnings per diluted share of 9 cents in the second quarter of 2024. Net loss for the second quarter of 2025 was $90 million, compared to net income of $38 million in the second quarter of 2024. Second quarter 2025 EBITDA loss was $24 million, compared to second quarter 2024 EBITDA of $103 million. Adjusted EBITDA for the second quarter of 2025 was $99 million, compared to adjusted EBITDA of $87 million in the second quarter of 2024.

“CVR Energy’s 2025 second quarter earnings results for its refining business were impacted by an $89 million unfavorable mark-to-market impact on its outstanding Renewable Fuel Standard obligation as well as reduced throughput volumes while we ran off intermediate inventory following the completion of the planned turnaround at the Coffeyville refinery,” said Dave Lamp, CVR Energy’s President and Chief Executive Officer.

“CVR Partners achieved solid operating results for the second quarter of 2025, with a combined ammonia production rate of 91 percent,” Mr. Lamp said. “CVR Partners also was pleased to declare a second quarter 2025 cash distribution of $3.89 per common unit.”

The Company also announced leadership transition plans following Mr. Lamp’s notice of his intent to retire as President and Chief Executive Officer effective December 31, 2025. Mark A. Pytosh, the Company’s Executive Vice President – Corporate Services who also serves as President, Chief Executive Officer and Director of the general partner of CVR Partners, LP (“CVR Partners”), is expected to assume the role of President, Chief Executive Officer and Director of CVR Energy while continuing to serve in those same roles for CVR Partners’ general partner. Mr. Lamp is expected to remain on the Company’s Board of Directors and the board of directors of CVR Partners’ general partner.

“I would like to thank our employees, communities and stockholders for their support over the past several years. It has been a privilege to have worked closely with our strong management team to drive value throughout the organization, and I look forward to continuing to serve our companies as a member of the Board,” said Mr. Lamp. “Mark has been a strong leader for CVR Partners and for our midstream operations. We have worked closely together for many years, and I am confident he is the right person to build upon the foundations we have laid while driving CVR Energy and CVR Partners into the future.”

Mr. Pytosh joined the general partner of CVR Partners as a Director in 2011 and became President and Chief Executive Officer in May 2014. In January 2018, Mr. Pytosh was appointed Executive Vice President – Corporate Services of the Company with executive responsibility over the Company’s midstream operations. Prior to joining CVR Partners, Mr. Pytosh held senior financial roles in energy, power, solid waste and investment banking. Mr. Pytosh is expected to remain President, Chief Executive Officer and Director of CVR Partners’ general partner.

Mr. Pytosh commented, “Dave’s leadership, operating discipline and strong corporate values have inspired the Company. I look forward to building upon Dave’s incredible legacy while leveraging our operating platform and strong management team to position the Company for positive growth and maximizing value for all of our stockholders.”

On July 28, 2025, the Board appointed Brett Icahn as a director effective August 1, 2025, increasing the Board size to nine members.

Petroleum Segment

The Petroleum Segment reported a second quarter 2025 net loss of $137 million and EBITDA loss of $84 million, compared to net income of $18 million and EBITDA of $56 million for the second quarter of 2024. Adjusted EBITDA for the Petroleum Segment was $38 million for the second quarter of 2025, compared to adjusted EBITDA of $37 million for the second quarter of 2024.

Combined total throughput for the second quarter of 2025 was approximately 172,000 barrels per day (“bpd”) compared to approximately 186,000 bpd of combined total throughput for the second quarter of 2024. Throughput during the current quarter was lower primarily to allow processing of intermediate inventories built during the turnaround at the Coffeyville, Kansas, refinery which began in the first quarter of 2025 and was completed in April 2025.

Refining margin for the second quarter of 2025 was $35 million, or $2.21 per total throughput barrel, compared to $185 million, or $10.94 per total throughput barrel, during the same period in 2024. Included in our second quarter 2025 refining margin were unfavorable mark-to-market impacts on our outstanding Renewable Fuel Standard (“RFS”) obligation of $89 million, unfavorable inventory valuation impacts of $31 million, and unfavorable unrealized derivative impacts of $2 million primarily related to Canadian crude oil positions. Excluding these items, adjusted refining margin for the second quarter of 2025 was $9.95 per barrel, compared to an adjusted refining margin per barrel of $9.81 for the second quarter of 2024. The increase in adjusted refining margin per barrel was primarily due to an increase in the Group 3 2-1-1 crack spread.

Renewables Segment

Effective beginning with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and due to the prominence of the renewables business relative to the Company’s overall 2024 performance, we revised our reportable segments to reflect a new reportable segment: Renewables. The Renewables Segment includes the operations of the renewable diesel unit and renewable feedstock pretreater at the refinery in Wynnewood, Oklahoma.

The Renewables Segment reported second quarter 2025 net loss of $11 million and EBITDA loss of $5 million, compared to net loss of $11 million and EBITDA loss of $5 million for the second quarter of 2024. Adjusted EBITDA loss for the Renewables Segment was $4 million for the second quarter of 2025, compared to adjusted EBITDA loss of $2 million for the second quarter of 2024.

Total vegetable oil throughput for the second quarter of 2025 was approximately 155,000 gallons per day (“gpd”), compared to approximately 127,000 gpd for the second quarter of 2024.

Renewables margin was $5 million, or $0.38 per vegetable oil throughput gallon, for the second quarter of 2025 compared to $5 million, or 43 cents per vegetable oil throughput gallon, for the second quarter of 2024. Factors contributing to our second quarter 2025 renewables margin were higher net sales of $13 million resulting from increased production and sales volumes, increased renewable diesel yield due to improved catalyst performance, and increased biomass-based diesel RIN and LCFS credit prices in the current period, partially offset by the loss of the BTC in the current period and a decrease in average CARB ULSD prices of 24 cents per gallon. Higher net sales were partially offset by higher cost of sales of $12 million due to an increase in throughput and production volumes.

Nitrogen Fertilizer Segment

The Nitrogen Fertilizer Segment reported net income of $39 million and EBITDA of $67 million on net sales of $169 million for the second quarter of 2025, compared to net income of $26 million and EBITDA of $54 million on net sales of $133 million for the second quarter of 2024.

Production at CVR Partners, LP’s (“CVR Partners”) fertilizer facilities decreased compared to the second quarter of 2024, producing a combined 197,000 tons of ammonia during the second quarter of 2025, of which 54,000 net tons were available for sale while the rest was upgraded to other fertilizer products, including 321,000 tons of urea ammonia nitrate (“UAN”). During the second quarter of 2024, the fertilizer facilities produced a combined 221,000 tons of ammonia, of which 69,000 net tons were available for sale while the remainder was upgraded to other fertilizer products, including 337,000 tons of UAN.

For the second quarter 2025, average realized gate prices for ammonia and UAN were up 14 percent and 18 percent, respectively, over the prior year to $593 and $317 per ton, respectively. Average realized gate prices for ammonia and UAN were $520 and $268 per ton, respectively, for the second quarter of 2024.

Corporate and Other

The Company reported an income tax benefit of $42 million, or 31.7 percent of loss before income taxes, for the three months ended June 30, 2025, compared to an income tax benefit of $26 million, or (219.7) percent of income before income taxes, for the three months ended June 30, 2024. The increase in income tax benefit was primarily due to a decrease in overall pretax earnings while the change in the effective tax rate was primarily due to changes in pretax earnings attributable to noncontrolling interest and the impact of federal and state tax credits and incentives in relation to overall pretax earnings.

Cash, Debt and Dividend

Consolidated cash and cash equivalents were $596 million at June 30, 2025, a decrease of $391 million from December 31, 2024. Consolidated total debt and finance lease obligations were $1.9 billion at June 30, 2025, including $570 million held by the Nitrogen Fertilizer Segment.

On June 30, 2025, certain of the Company’s subsidiaries (the “Term Loan Borrowers”) prepaid $70 million in principal of the senior secured term loan facility (the “Term Loan”), in addition to required principal and interest payments as set forth in the Term Loan. As a result of this transaction, the Company recognized a $1 million loss on extinguishment of debt in the second quarter of 2025, related to the write-off of unamortized discount and deferred financing costs. Further, on July 25, 2025, the Term Loan Borrowers prepaid an additional $20 million in principal of the Term Loan, plus any accrued and unpaid interest to the redemption date.

CVR Energy will not pay a cash dividend for the second quarter of 2025.

Today, CVR Partners announced that the Board of Directors of its general partner declared a second quarter 2025 cash distribution of $3.89 per common unit, which will be paid on August 18, 2025, to common unitholders of record as of August 11, 2025.

Second Quarter 2025 Earnings Conference Call

CVR Energy previously announced that it will host its second quarter 2025 Earnings Conference Call on Thursday, July 31, at 1 p.m. Eastern. The Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.

The second quarter 2025 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8291. The webcast will be archived and available for 14 days at https://edge.media-server.com/mmc/p/939p6amw. A repeat of the call also can be accessed for 14 days by dialing (877) 660-6853, conference ID 13754877.

Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: continued safe and reliable operations; drivers of our results; EBITDA and Adjusted EBITDA; management changes; impacts of planned and unplanned downtime; timing of turnarounds and impacts thereof on our results; asset utilization, capture, production volume, throughput, product yield and crude oil gathering rates, including the factors impacting same; cash flow generation; operating income and net sales, including the factors impacting same; refining margin; crack spreads, including the drivers thereof; impact of costs to comply with the RFS and revaluation of our RFS liability; inventory levels and valuation impacts; derivative gains and losses and the drivers thereof; renewable feedstocks; production rates and operations capabilities of our renewable diesel unit, including the ability to return to hydrocarbon service; demand trends; RIN generation levels; benefits of our corporate transformation to segregate our renewables business; access to capital and new partnerships; RIN pricing, including its impact on performance and the Company’s ability to offset the impact thereof; LCFS credit and CARB ULSD pricing; carbon capture and decarbonization initiatives; demand for refined products; ammonia and UAN pricing; global fertilizer industry conditions; grain prices; crop inventory levels; crop and planting levels; production levels and utilization at our nitrogen fertilizer facilities; nitrogen fertilizer sales volumes; ability to and levels to which we upgrade ammonia to other fertilizer products, including UAN; income tax expense and benefits, including the drivers thereof; pretax earnings and our effective tax rate; the availability and impact of tax credits and incentives; use of proceeds under our debt instruments; debt levels; ability to paydown debt, make debt prepayments and terms associated therewith; cash and cash equivalent levels; dividends and distributions, including the timing, payment and amount (if any) thereof; direct operating expenses, capital expenditures, depreciation and amortization; turnaround expense; cash reserves; labor supply shortages, difficulties, disputes or strikes, including the impact thereof; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) the health and economic effects of any pandemic, demand for fossil fuels and price volatility of crude oil, other feedstocks and refined products; the ability of Company to pay cash dividends and of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; impacts of the planting season on CVR Partners; our controlling shareholder’s intention regarding ownership of our common stock or CVR Partners’ common units; general economic and business conditions; political disturbances, geopolitical instability and tensions; existing and future laws, rulings, policies and regulations, including the reinterpretation or amplification thereof by regulators, and including but not limited to those relating to the environment, climate change, and/or the production, transportation, or storage of hazardous chemicals, materials, or substances, like ammonia; political uncertainty and impacts to the oil and gas industry and the United States economy generally as a result of actions taken by a new administration, including the imposition of tariffs or changes in climate or other energy laws, rules, regulations, or policies; impacts of plant outages; potential operating hazards from accidents, fires, severe weather, tornadoes, floods, wildfires, or other natural disasters; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. The terms of the employment agreement referenced herein are qualified in their entirety by the text of the agreement which will be duly disclosed in the Company’s upcoming filings with the Securities and Exchange Commission.

About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the renewable fuels and petroleum refining and marketing business, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners. CVR Energy subsidiaries serve as the general partner and own approximately 37 percent of the common units of CVR Partners.

Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website.

Contact Information:

Investor Relations

Richard Roberts
(281) 207-3205
InvestorRelations@CVREnergy.com

Media Relations

Brandee Stephens
(281) 207-3516
MediaRelations@CVREnergy.com

Non-GAAP Measures

Our management uses certain non-GAAP performance measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are important factors in assessing our operating results and profitability and include the performance and liquidity measures defined below.

As a result of continuing volatile market conditions and the impacts certain non-cash items may have on the evaluation of our operations and results, the Company began disclosing the Adjusted Refining Margin non-GAAP measure, as defined below, in the second quarter of 2024. We believe the presentation of this non-GAAP measure is meaningful to compare our operating results between periods and better aligns with our peer companies. All prior periods presented have been conformed to the definition below.

The following are non-GAAP measures we present for the periods ended June 30, 2025 and 2024:

EBITDA – Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.

Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA – Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization.

Refining Margin – The difference between our Petroleum Segment net sales and cost of materials and other.

Adjusted Refining Margin – Refining Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Refining Margin and Adjusted Refining Margin, per Throughput Barrel – Refining Margin and Adjusted Refining Margin divided by the total throughput barrels during the period, which is calculated as total throughput barrels per day times the number of days in the period.

Direct Operating Expenses per Throughput Barrel – Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.

Renewables Margin – The difference between our Renewables Segment net sales and cost of materials and other.

Adjusted Renewables Margin – Renewables Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Renewables Margin and Adjusted Renewables Margin, per Vegetable Oil Throughput Gallon – Renewables Margin and Adjusted Renewables Margin divided by the total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

Direct Operating Expenses per Vegetable Oil Throughput Gallon – Direct operating expenses for our Renewables Segment divided by total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

Adjusted EBITDA, Petroleum Adjusted EBITDA, Renewables Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA – EBITDA, Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Adjusted Earnings (Loss) per Share – Earnings (loss) per share adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.

Free Cash Flow – Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures.

We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. See “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.

Factors Affecting Comparability of Our Financial Results

Petroleum Segment

Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future due to capitalized expenditures as part of planned turnarounds. Total capitalized expenditures were $24 million and $3 million during the three months ended June 30, 2025 and 2024, respectively, and $190 million and $42 million during the six months ended June 30, 2025 and 2024, respectively.

CVR Energy, Inc.
(all information in this release is unaudited)

Consolidated Statement of Operations Data


	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, except per share data)		2025			2024			2025			2024
Net sales	$	1,761		$	1,967		$	3,407		$	3,829
Operating costs and expenses:
Cost of materials and other		1,582			1,667			3,099			3,130
Direct operating expenses (exclusive of depreciation and amortization)		169			173			324			337
Depreciation and amortization		76			70			142			145
Cost of sales		1,827			1,910			3,565			3,612
Selling, general and administrative expenses (exclusive of depreciation and amortization)		36			28			73			63
Depreciation and amortization		2			2			4			4
(Gain) loss on asset disposal		(1	)		—			—			1
Operating (loss) income		(103	)		27			(235	)		149
Other (expense) income:
Interest expense, net		(30	)		(19	)		(55	)		(39	)
Other income, net		1			4			4			8
(Loss) income before income tax benefit		(132	)		12			(286	)		118
Income tax benefit		(42	)		(26	)		(91	)		(10	)
Net (loss) income		(90	)		38			(195	)		128
Less: Net income attributable to noncontrolling interest		24			17			42			25
Net (loss) income attributable to CVR Energy stockholders	$	(114	)	$	21		$	(237	)	$	103

Basic and diluted (loss) earnings per share	$	(1.14	)	$	0.21		$	(2.36	)	$	1.02
Dividends declared per share	$	—		$	0.50		$	—		$	1.00

Adjusted (loss) earnings per share *	$	(0.23	)	$	0.09		$	(0.81	)	$	0.12
EBITDA *	$	(24	)	$	103		$	(85	)	$	306
Adjusted EBITDA *	$	99		$	87		$	122		$	186

Weighted-average common shares outstanding – basic and diluted		100.5			100.5			100.5			100.5

See “Non-GAAP Reconciliations” section below.

Selected Consolidated Balance Sheet Data

(in millions)	June 30, 2025		December 31, 2024
Cash and cash equivalents	$	596	$	987
Working capital (inclusive of cash and cash equivalents)		201		726
Total assets		3,984		4,263
Total debt and finance lease obligations, including current portion		1,861		1,919
Total liabilities		3,318		3,375
Total CVR stockholders’ equity		466		703

Selected Consolidated Cash Flow Data

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)		2025			2024			2025			2024
Net cash used in:
Operating activities	$	176		$	81		$	(19	)	$	258
Investing activities		(185	)		(74	)		(267	)		(129	)
Financing activities		(90	)		(65	)		(105	)		(729	)
Net decrease in cash, cash equivalents, and restricted cash	$	(99	)	$	(58	)	$	(391	)	$	(600	)

Free cash flow *	$	(12	)	$	7		$	(297	)	$	128

* See “Non-GAAP Reconciliations” section below.

Selected Segment Data

	Three Months Ended June 30,
		2025											2024
(in millions)	Petroleum			Renewables			Nitrogen Fertilizer		Consolidated			Petroleum		Renewables			Nitrogen Fertilizer		Consolidated
Net sales	$	1,561		$	76		$	169	$	1,761		$	1,795	$	63		$	133	$	1,967
Operating (loss) income		(133	)		(11	)		46		(103	)		10		(11	)		34		27
Net (loss) income		(137	)		(11	)		39		(90	)		18		(11	)		26		38
EBITDA *		(84	)		(5	)		67		(24	)		56		(5	)		54		103

Capital expenditures ⁽¹⁾
Maintenance	$	14		$	1		$	6	$	21		$	22	$	—		$	4	$	27
Growth		9			1			4		15			11		2			1		14
Total capital expenditures	$	23		$	2		$	10	$	36		$	33	$	2		$	5	$	41

	Six Months Ended June 30,
		2025											2024
(in millions)	Petroleum			Renewables			Nitrogen Fertilizer		Consolidated			Petroleum		Renewables			Nitrogen Fertilizer		Consolidated
Net sales	$	3,038		$	142		$	311	$	3,407		$	3,517	$	97		$	261	$	3,829
Operating (Loss) Income		(295	)		(11	)		81		(235	)		128		(21	)		54		149
Net (loss) income		(297	)		(11	)		66		(195	)		145		(20	)		39		128
EBITDA *		(202	)		1			120		(85	)		227		(9	)		93		306

Capital expenditures ⁽¹⁾
Maintenance	$	55		$	1		$	10	$	66		$	44	$	1		$	9	$	57
Growth		17			1			6		26			25		9			1		35
Total capital expenditures	$	72		$	2		$	16	$	92		$	69	$	10		$	10	$	92

* See “Non-GAAP Reconciliations” section below.
(1) Capital expenditures are shown exclusive of capitalized turnaround expenditures.

Selected Balance Sheet Data

	June 30, 2025								December 31, 2024
(in millions)	Petroleum		Renewables		Nitrogen Fertilizer		Consolidated		Petroleum		Renewables		Nitrogen Fertilizer		Consolidated
Cash and cash equivalents ⁽¹⁾	$	325	$	22	$	114	$	596	$	735	$	13	$	91	$	987
Total assets		3,011		414		998		3,984		3,288		420		1,019		4,263
Total debt and finance lease obligations, including current portion ⁽²⁾		293		—		570		1,861		354		—		569		1,919

(1) Corporate cash and cash equivalents consisted of $135 million and $148 million at June 30, 2025 and December 31, 2024, respectively.
(2) Corporate total debt and finance lease obligations, including current portion consisted of $998 million and $996 million at June 30, 2025 and December 31, 2024, respectively.

Petroleum Segment

Key Operating Metrics per Total Throughput Barrel

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)		2025		2024		2025		2024
Refining margin *	$	2.21	$	10.94	$	1.14	$	13.68
Adjusted refining margin *		9.95		9.81		9.04		10.15
Direct operating expenses *		6.45		6.94		7.32		6.34

See “Non-GAAP Reconciliations” section below.

Refining Throughput and Production Data by Refinery

Throughput Data	Three Months Ended June 30,		Six Months Ended June 30,
(in bpd)	2025	2024	2025	2024
Coffeyville
Gathered crude	61,505	87,402	44,213	74,903
Other domestic	30,718	28,625	21,584	37,275
Canadian	581	9,518	610	9,525
Condensate	—	5,079	—	6,390
Other feedstocks and blendstocks	7,883	10,773	7,111	11,671
Wynnewood
Gathered crude	55,470	34,190	56,936	38,624
Other domestic	1,595	2,421	1,087	1,210
Condensate	8,965	5,965	9,556	8,114
Other feedstocks and blendstocks	5,432	2,235	5,309	3,287
Total throughput	172,149	186,208	146,406	190,999

Production Data	Three Months Ended June 30,				Six Months Ended June 30,
(in bpd)	2025		2024		2025		2024
Coffeyville
Gasoline	50,323		71,515		34,718		72,119
Distillate	46,911		57,710		33,645		56,858
Other liquid products	(428	)	7,015		2,930		5,784
Solids	3,711		4,990		2,523		4,985
Wynnewood
Gasoline	36,657		25,672		38,190		28,828
Distillate	23,645		16,053		24,293		17,610
Other liquid products	8,267		2,349		6,671		3,956
Solids	12		6		11		6
Total production	169,098		185,310		142,981		190,146

Crude utilization ⁽¹⁾	76.9	%	83.9	%	64.9	%	85.2	%
Light product yield (as % of crude throughput) ⁽²⁾	99.2	%	98.7	%	97.7	%	99.6	%
Liquid volume yield (as % of total throughput) ⁽³⁾	96.1	%	96.8	%	95.9	%	96.9	%
Distillate yield (as % of crude throughput) ⁽⁴⁾	44.4	%	42.6	%	43.2	%	42.3	%

(1) Total Gathered crude, Other domestic, Canadian, and Condensate throughput (collectively, “Total Crude Throughput”) divided by consolidated crude oil throughput capacity of 206,500 bpd.
(2) Total Gasoline and Distillate divided by Total Crude Throughput.
(3) Total Gasoline, Distillate, and Other liquid products divided by total throughput.
(4) Total Distillate divided by Total Crude Throughput.

Key Market Indicators

	Three Months Ended June 30,						Six Months Ended June 30,
(dollars per barrel)		2025			2024			2025			2024
West Texas Intermediate (WTI) NYMEX	$	63.74		$	80.63		$	67.52		$	78.81
Crude Oil Differentials to WTI:
Brent		2.97			4.40			3.29			4.60
WCS (heavy sour)		(9.43	)		(12.53	)		(10.92	)		(14.66	)
Condensate		(0.71	)		(0.66	)		(0.68	)		(0.76	)
Midland Cushing		0.74			1.08			0.92			1.31
NYMEX Crack Spreads:
Gasoline		24.76			27.48			20.86			25.07
Heating Oil		26.99			24.67			27.71			30.62
NYMEX 2-1-1 Crack Spread		25.87			26.07			24.29			27.85
PADD II Group 3 Product Basis:
Gasoline		(3.58	)		(10.61	)		(3.20	)		(10.33	)
Ultra-Low Sulfur Diesel		(0.12	)		(3.89	)		(3.60	)		(7.04	)
PADD II Group 3 Product Crack Spread:
Gasoline		21.18			16.87			17.66			14.74
Ultra-Low Sulfur Diesel		26.87			20.78			24.11			23.59
PADD II Group 3 2-1-1		24.02			18.83			20.89			19.17

Renewables Segment

Key Operating Metrics per Vegetable Oil Throughput Gallon

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Renewables margin *	$	0.38	$	0.43	$	0.76	$	0.51
Adjusted renewables margin *		0.44		0.67		0.68		0.64
Direct operating expenses *		0.54		0.72		0.51		0.76

See “Non-GAAP Reconciliations” section below.

Renewables Throughput and Production Data

	Three Months Ended June 30,				Six Months Ended June 30,
(in gallons per day)	2025		2024		2025		2024
Throughput Data
Corn Oil	1,107		33,253		10,488		34,947
Soybean Oil	153,609		93,303		144,837		66,128

Production Data
Renewable diesel	148,373		117,277		146,292		89,936

Renewable utilization ⁽¹⁾	61.4	%	50.2	%	61.6	%	40.1	%
Renewable diesel yield (as % of corn and soybean oil throughput)	95.9	%	92.7	%	94.2	%	89.0	%

(1) Total corn and soybean oil throughput divided by total renewable throughput capacity of 252,000 gallons per day.

Key Market Indicators

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Chicago Board of Trade (CBOT) soybean oil (dollars per pound)	$	0.49	$	0.45	$	0.47	$	0.46
Midwest crude corn oil (dollars per pound)		0.50		0.51		0.48		0.53
CARB ULSD (dollars per gallon)		2.36		2.60		2.38		2.63
NYMEX ULSD (dollars per gallon)		2.16		2.51		2.27		2.61
California LCFS (dollars per metric ton)		52.36		51.51		59.13		57.37
Biodiesel RINs (dollars per RIN)		1.08		0.51		0.94		0.55

Nitrogen Fertilizer Segment

	Three Months Ended June 30,				Six Months Ended June 30,
(percent of capacity utilization)	2025		2024		2025		2024
Ammonia utilization rate ⁽¹⁾	91	%	102	%	96	%	96	%

(1) Reflects our ammonia utilization rate on a consolidated basis. Utilization is an important measure used by management to assess operational output at each of CVR Partners’ facilities. Utilization is calculated as actual tons produced divided by capacity. We present our utilization for the three and six months ended June 30, 2025 and 2024 and take into account the impact of our current turnaround cycles on any specific period. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides a comparative baseline against industry peers and eliminates the disparity of plant configurations for upgrade of ammonia into other nitrogen products. With our efforts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well we operate.

Sales and Production Data

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Consolidated sales volumes (thousands of tons):
Ammonia		57		43		117		113
UAN		345		330		681		614

Consolidated product pricing at gate (dollars per ton): ⁽¹⁾
Ammonia	$	593	$	520	$	573	$	525
UAN		317		268		287		268

Consolidated production volume (thousands of tons):
Ammonia (gross produced) ⁽²⁾		197		221		413		414
Ammonia (net available for sale) ⁽²⁾		54		69		117		130
UAN		321		337		668		643

Feedstock:
Petroleum coke used in production (thousands of tons)		130		133		261		261
Petroleum coke used in production (dollars per ton)	$	56.68	$	62.96	$	49.54	$	69.21
Natural gas used in production (thousands of MMBtus) ⁽³⁾		1,897		2,213		4,057		4,361
Natural gas used in production (dollars per MMBtu) ⁽³⁾	$	3.29	$	1.93	$	4.00	$	2.51
Natural gas in cost of materials and other (thousands of MMBtus) ⁽³⁾		2,201		1,855		3,807		3,620
Natural gas in cost of materials and other (dollars per MMBtu) ⁽³⁾	$	3.63	$	1.85	$	4.05	$	2.65

(1) Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.
(2) Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
(3) The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.

Key Market Indicators

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Ammonia — Southern plains (dollars per ton)	$	576	$	523	$	569	$	545
Ammonia — Corn belt (dollars per ton)		630		565		624		581
UAN — Corn belt (dollars per ton)		403		288		364		290

Natural gas NYMEX (dollars per MMBtu)	$	3.51	$	2.32	$	3.69	$	2.21

Q3 2025 Outlook

The table below summarizes our outlook for certain operational statistics and financial information for the third quarter of 2025. See “Forward-Looking Statements” above.

	Q3 2025
	Low			High
Petroleum
Total throughput (bpd)		200,000			215,000
Crude utilization ⁽¹⁾		92	%		97	%
Direct operating expenses (in millions) ⁽²⁾	$	105		$	115

Renewables
Total throughput (in millions of gallons)		16			20
Renewable utilization ⁽⁴⁾		70	%		85	%
Direct operating expenses (in millions) ⁽²⁾	$	8		$	10

Nitrogen Fertilizer
Ammonia utilization rate		93	%		98	%
Direct operating expenses (in millions) ⁽²⁾	$	60		$	65

Capital Expenditures (in millions) ⁽³⁾
Petroleum	$	25		$	30
Renewables		1			3
Nitrogen Fertilizer		20			25
Other		1			2
Total capital expenditures	$	47		$	60

(1) Represents crude oil throughput divided by consolidated crude oil throughput capacity of 206,500 bpd.
(2) Direct operating expenses are shown exclusive of depreciation and amortization, turnaround expenses, and inventory valuation impacts.
(3) Turnaround and capital expenditures are disclosed on an accrual basis.
(4) Represents renewable feedstock throughput divided by total renewable throughput capacity of 252,000 gallons per day.

Non-GAAP Reconciliations

Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)		2025			2024			2025			2024
Net (loss) income	$	(90	)	$	38		$	(195	)	$	128
Interest expense, net		30			19			55			39
Income tax benefit		(42	)		(26	)		(91	)		(10	)
Depreciation and amortization		78			72			146			149
EBITDA		(24	)		103			(85	)		306
Adjustments:
Revaluation of RFS liability, unfavorable (favorable)		89			—			200			(91	)
Unrealized loss (gain) on derivatives, net		2			(17	)		(1	)		7
Inventory valuation impacts, unfavorable (favorable)		32			1			8			(36	)
Adjusted EBITDA	$	99		$	87		$	122		$	186

Reconciliation of Basic and Diluted (Loss) Earnings per Share to Adjusted (Loss) Earnings per Share

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Basic and diluted (loss) earnings per share	$	(1.14	)	$	0.21		$	(2.36	)	$	1.02
Adjustments: ⁽¹⁾
Revaluation of RFS liability, unfavorable (favorable)		0.65			—			1.50			(0.68	)
Unrealized loss (gain) on derivatives, net		0.02			(0.13	)		(0.01	)		0.05
Inventory valuation impacts, unfavorable (favorable)		0.24			0.01			0.06			(0.27	)
Adjusted (loss) earnings per share	$	(0.23	)	$	0.09		$	(0.81	)	$	0.12

(1) Amounts are shown after-tax, using the Company’s marginal tax rate, and are presented on a per share basis using the weighted average shares outstanding for each period.

Reconciliation of Net Cash (Used In) Provided By Operating Activities to Free Cash Flow

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)		2025			2024			2025			2024
Net cash (used in) provided by operating activities	$	176		$	81		$	(19	)	$	258
Less:
Capital expenditures		(41	)		(43	)		(92	)		(90	)
Capitalized turnaround expenditures		(148	)		(32	)		(191	)		(44	)
Return of equity method investment		1			1			5			4
Free cash flow	$	(12	)	$	7		$	(297	)	$	128

Reconciliation of Petroleum Segment Net (Loss) Income to EBITDA and Adjusted EBITDA

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)		2025			2024			2025			2024
Petroleum net (loss) income	$	(137	)	$	18		$	(297	)	$	145
Interest (income) expense, net		5			(5	)		5			(10	)
Depreciation and amortization		48			43			90			92
Petroleum EBITDA		(84	)		56			(202	)		227
Adjustments:
Revaluation of RFS liability, unfavorable (favorable)		89			—			200			(91	)
Unrealized loss (gain) on derivatives, net		2			(17	)		(1	)		7
Inventory valuation impacts, unfavorable (favorable) ⁽¹⁾		31			(2	)		10			(39	)
Petroleum Adjusted EBITDA	$	38		$	37		$	7		$	104

Reconciliation of Petroleum Segment Gross (Loss) Profit to Refining Margin and Adjusted Refining Margin

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)		2025			2024			2025			2024
Net sales	$	1,561		$	1,795		$	3,038		$	3,517
Less:
Cost of materials and other		(1,526	)		(1,610	)		(3,008	)		(3,041	)
Direct operating expenses (exclusive of depreciation and amortization)		(102	)		(118	)		(193	)		(221	)
Depreciation and amortization		(48	)		(43	)		(90	)		(92	)
Gross (loss) profit		(115	)		24			(253	)		163
Add:
Direct operating expenses (exclusive of depreciation and amortization)		102			118			193			221
Depreciation and amortization		48			43			90			92
Refining margin		35			185			30			476
Adjustments:
Revaluation of RFS liability, unfavorable (favorable)		89			—			200			(91	)
Unrealized loss (gain) on derivatives, net		2			(17	)		(1	)		7
Inventory valuation impacts, unfavorable (favorable) ⁽¹⁾		31			(2	)		10			(39	)
Adjusted refining margin	$	157		$	166		$	239		$	353

Total throughput barrels per day		172,149			186,208			146,406			190,999
Days in the period		91			91			181			182
Total throughput barrels		15,665,597			16,944,862			26,499,565			34,761,961

Refining margin per total throughput barrel	$	2.21		$	10.94		$	1.14		$	13.68
Adjusted refining margin per total throughput barrel		9.95			9.81			9.04			10.15
Direct operating expenses per total throughput barrel		6.45			6.94			7.32			6.34

(1) The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

Reconciliation of Renewables Segment Net Loss to EBITDA and Adjusted EBITDA

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)		2025			2024			2025			2024
Renewables net loss	$	(11	)	$	(11	)	$	(11	)	$	(20	)
Interest income, net		—			—			—			(1	)
Depreciation and amortization		6			6			12			12
Renewables EBITDA		(5	)		(5	)		1			(9	)
Adjustments:
Inventory valuation impacts, (favorable) unfavorable ⁽¹⁾		1			3			(2	)		2
Renewables Adjusted EBITDA	$	(4	)	$	(2	)	$	(1	)	$	(7	)

Reconciliation of Renewables Segment Gross Loss to Renewables Margin and Adjusted Renewables Margin

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, except throughput data)		2025			2024			2025			2024
Net sales	$	76		$	63		$	142		$	97
Less:
Cost of materials and other		(71	)		(58	)		(121	)		(88	)
Direct operating expenses (exclusive of depreciation and amortization)		(7	)		(8	)		(14	)		(13	)
Depreciation and amortization		(6	)		(6	)		(12	)		(12	)
Gross loss		(8	)		(9	)		(5	)		(16	)
Add:
Direct operating expenses (exclusive of depreciation and amortization)		7			8			14			13
Depreciation and amortization		6			6			12			12
Renewables margin		5			5			21			9
Inventory valuation impacts, (favorable) unfavorable ⁽¹⁾		1			3			(2	)		2
Adjusted renewables margin	$	6		$	8		$	19		$	11

Total vegetable oil throughput gallons per day		154,716			126,556			155,325			101,075
Days in the period		91			91			181			182
Total vegetable oil throughput gallons		14,079,118			11,516,572			28,113,944			18,395,649

Renewables margin per vegetable oil throughput gallon	$	0.38		$	0.43		$	0.76		$	0.51
Adjusted renewables margin per vegetable oil throughput gallon		0.44			0.67			0.68			0.64
Direct operating expenses per vegetable oil throughput gallon		0.54			0.72			0.51			0.76

(1) The Renewables Segment’s basis for determining inventory value under GAAP is FIFO. Changes in renewable diesel and renewable feedstock prices can cause fluctuations in the inventory valuation of renewable diesel, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when renewable diesel prices increase and an unfavorable inventory valuation impact when renewable diesel prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

Reconciliation of Nitrogen Fertilizer Segment Net Income to EBITDA and Adjusted EBITDA

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)		2025		2024		2025		2024
Nitrogen Fertilizer net income	$	39	$	26	$	66	$	39
Interest expense, net		7		8		15		15
Depreciation and amortization		21		20		39		39
Nitrogen Fertilizer EBITDA and Adjusted EBITDA	$	67	$	54	$	120	$	93

The MIL Network –

July 31, 2025

MIL-OSI: Silicon Motion Announces Results for the Period Ended June 30, 2025

Source: GlobeNewswire (MIL-OSI)

Business Highlights

Second quarter of 2025 sales increased 19% Q/Q and decreased 6% Y/Y
- SSD controller sales: 2Q of 2025 increased 0% to 5% Q/Q and decreased 15% to 20% Y/Y
- eMMC+UFS controller sales: 2Q of 2025 increased 40% to 45% Q/Q and increased 10% to 15% Y/Y
- SSD solutions sales: 2Q of 2025 increased 0% to 5% Q/Q and decreased 45% to 50% Y/Y

Financial Highlights

	2Q 2025 GAAP	2Q 2025 Non-GAAP*
• Net sales	$198.7 million (+19% Q/Q, -6% Y/Y)	$198.7 million (+19% Q/Q, -6% Y/Y)
• Gross margin	47.7%	47.7%
• Operating margin	11.2%	12.8%
• Earnings per diluted ADS	$0.49	$0.69

* Please see supplemental reconciliations of U.S. Generally Accepted Accounting Principles (“GAAP”) to all non-GAAP financial measures mentioned herein towards the end of this news release.

TAIPEI, Taiwan and MILPITAS, Calif., July 31, 2025 (GLOBE NEWSWIRE) — Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion,” the “Company” or “we”) today announced its financial results for the quarter ended June 30, 2025. For the second quarter of 2025, net sales (GAAP) increased sequentially to $198.7 million from $166.5 million in the first quarter of 2025. Net income (GAAP) decreased to $16.3 million, or $0.49 per diluted American depositary share (“ADS”) (GAAP), from net income (GAAP) of $19.5 million, or $0.58 per diluted ADS (GAAP), in the first quarter of 2025.

For the second quarter of 2025, net income (non-GAAP) increased to $23.0 million, or $0.69 per diluted ADS (non-GAAP), from net income (non-GAAP) of $20.3 million, or $0.60 per diluted ADS (non-GAAP), in the first quarter of 2025.

All financial numbers are in U.S. dollars unless otherwise noted.

Second Quarter of 2025 Review
“We experienced a strong recovery in our business during the second quarter of 2025 and delivered revenue well above our previously provided range,” stated Wallace Kou, President and CEO of Silicon Motion. “Our industry leading PCIe5 client SSD controller sales grew more than 75% quarter-over-quarter as AI-at-the-edge PCs are beginning to gain market traction and as white box AI server makers continue to leverage mainstream hardware components. Our eMMC and UFS products experienced strong growth during the second quarter of 2025, primarily driven by better-than-anticipated smartphone sales and market share gains. We are benefiting from increased product and market diversification and we believe that we are better positioned to deliver long-term, sustainable growth due to our expanding portfolio of leading consumer, enterprise, automotive, industrial and storage solutions.”

Key Financial Results

(in millions, except percentages and per ADS amounts)	GAAP			Non-GAAP
(in millions, except percentages and per ADS amounts)	2Q 2025	1Q 2025	2Q 2024	2Q 2025	1Q 2025	2Q 2024
Revenue	$198.7	$166.5	$210.7	$198.7	$166.5	$210.7
Gross profit Percent of revenue	$94.7 47.7%	$78.4 47.1%	$96.8 45.9%	$94.7 47.7%	$78.4 47.1%	$96.8 46.0%
Operating expenses	$72.4	$68.6	$66.0	$69.3	$63.6	$62.1
Operating income Percent of revenue	$22.3 11.2%	$9.8 5.9%	$30.7 14.6%	$25.3 12.8%	$14.9 8.9%	$34.7 16.5%
Earnings per diluted ADS	$0.49	$0.58	$0.91	$0.69	$0.60	$0.96

Other Financial Information

(in millions)	2Q 2025	1Q 2025	2Q 2024
Cash, cash equivalents and restricted cash—end of period	$282.3	$331.7	$343.6
Routine capital expenditures	$7.4	$7.0	$6.3
Dividend payments	$16.7	$17.0	$16.8
Share repurchases	—	$24.3	—

During the second quarter of 2025, we had $15.6 million of capital expenditures, including $7.4 million for the routine purchases of testing equipment, software, design tools and other items, and $8.2 million for building construction and improvements in Hsinchu, Taiwan.

Returning Value to Shareholders

On October 28, 2024, our Board of Directors declared a $2.00 per ADS annual cash dividend to be paid in quarterly installments of $0.50 per ADS. On May 22, 2025, we paid $16.7 million to Silicon Motion shareholders as the third installment of the annual cash dividend.

On February 6, 2025, we announced that our Board of Directors had authorized a new program for the Company to repurchase up to $50 million of our ADSs over a six-month period. In the second quarter of 2025, we did not repurchase any of our ADSs.

Business Outlook
“Our diversification strategy is expanding our market opportunities as we continue to invest in new products and markets. In 2025, we are benefitting from the introduction of several new products including our leading 6nm, 8-channel PCIe5 client SSD controller, our new eMMC and UFS controllers, and our MicroSD controller that is selling alongside the Nintendo Switch 2. In the second half of the year, we expect to further benefit from the initial ramp of our new 6nm, 4-channel PCIe5 client SSD controller targeting the mass market in late 2025, our first MonTitan enterprise/AI-class product, and our boot drive storage products for DPU network accelerators for the greater SSD data storage ecosystem. We expect to ramp each of these products to scale in 2026 with our customers. Additionally, we continue to experience significant design win activity and demand for our leading automotive portfolio, and we expect to benefit from a mix shift to higher ASP products moving forward as customers shift to our growing portfolio of full solutions. We expect a stronger second half of the year, and we continue to target a revenue run rate of $1 billion for 2025 as we exit the year,” stated Mr. Kou.

For the third quarter of 2025, management expects:

($ in millions, except percentages)	GAAP	Non-GAAP Adjustment	Non-GAAP
Revenue	$219 to $228 +10% to 15% Q/Q	—	$219 to $228 +10% to 15% Q/Q
Gross margin	48.0% to 49.0%	Approximately $0.1*	48.0% to 49.0%
Operating margin	8.9% to 11.5%	Approximately $6.5 to $7.5**	12.3% to 14.3%

* Projected gross margin (non-GAAP) excludes $0.1 million of stock-based compensation.
** Projected operating margin (non-GAAP) excludes $6.5 million to $7.5 million of stock-based compensation and dispute related expenses.

Conference Call & Webcast:

The Company’s management team will conduct a conference call at 8:00 am Eastern Time on July 31, 2025.

Conference Call Details
Participants must register in advance to join the conference call using the link provided below. Conference access information (including dial-in information and a unique access PIN) will be provided in the email received upon registration.

Participant Online Registration:
https://register-conf.media-server.com/register/BI9e8eb8a4d35743cfa957757c6a1207e2

A webcast of the call will be available on the Company’s website at www.siliconmotion.com.

Discussion of Non-GAAP Financial Measures

To supplement the Company’s unaudited consolidated financial results calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company discloses certain non-GAAP financial measures that exclude stock-based compensation and other items, including gross profit (non-GAAP), gross margin (non-GAAP), operating expenses (non-GAAP), operating profit (non-GAAP), operating margin (non-GAAP), non-operating income (expense) (non-GAAP), net income (non-GAAP), and earnings per diluted ADS (non-GAAP). These non-GAAP measures are not in accordance with or an alternative to GAAP and may be different from similarly-titled non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all the amounts associated with the Company’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measure. We compensate for the limitations of our non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.

Our non-GAAP financial measures are provided to enhance the user’s overall understanding of our current financial performance and our prospects for the future. Specifically, we believe the non-GAAP results provide useful information to both management and investors as these non-GAAP results exclude certain expenses, gains and losses that we believe are not indicative of our core operating results and because they are consistent with the financial models and estimates published by many analysts who follow the Company. We use non-GAAP measures to evaluate the operating performance of our business, for comparison with our forecasts, and for benchmarking our performance externally against our competitors. Also, when evaluating potential acquisitions, we exclude the items described below from our consideration of the target’s performance and valuation. Since we find these measures to be useful, we believe that our investors benefit from seeing the results from management’s perspective in addition to seeing our GAAP results. We believe that these non-GAAP measures, when read in conjunction with the Company’s GAAP financials, provide useful information to investors by offering:

the ability to make more meaningful period-to-period comparisons of the Company’s on-going operating results;
the ability to better identify trends in the Company’s underlying business and perform related trend analysis;
a better understanding of how management plans and measures the Company’s underlying business; and
an easier way to compare the Company’s operating results against analyst financial models and operating results of our competitors that supplement their GAAP results with non-GAAP financial measures.

The following are explanations of each of the adjustments that we incorporate into our non-GAAP measures, as well as the reasons for excluding each of these individual items in our reconciliation of these non-GAAP financial measures:

Stock-based compensation expense consists of non-cash charges related to the fair value of restricted stock units awarded to employees. The Company believes that the exclusion of these non-cash charges provides for more accurate comparisons of our operating results to our peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, the Company believes it is useful to investors to understand the specific impact of share-based compensation on its operating results.

Restructuring charges relate to the restructuring of our underperforming product lines, principally the write-down of NAND flash, embedded DRAM and SSD inventory valuation and severance payments.

Dispute related expenses consist of legal, consultant, other fees and resolution related to the dispute.

Foreign exchange loss (gain) consists of translation gains and/or losses of non-US$ denominated current assets and current liabilities, as well as certain other balance sheet items, which result from the appreciation or depreciation of non-US$ currencies against the US$. We do not use financial instruments to manage the impact on our operations from changes in foreign exchange rates, and because our operations are subject to fluctuations in foreign exchange rates, we therefore exclude foreign exchange gains and losses when presenting non-GAAP financial measures.

Realized/Unrealized loss (gain) on investments relates to the disposal and net change in fair value of long-term investments.

Silicon Motion Technology Corporation Consolidated Statements of Income (in thousands, except percentages and per ADS data, unaudited)

	For Three Months Ended									For the Six Months Ended
	Jun. 30,			Mar. 31,			Jun. 30,			Jun. 30,			Jun. 30,
	2024			2025			2025			2024			2025
	($)			($)			($)			($)			($)
Net sales		210,670			166,492			198,675			399,981			365,167
Cost of sales		113,893			88,125			103,988			218,084			192,113
Gross profit		96,777			78,367			94,687			181,897			173,054
Operating expenses
Research & development		50,788			55,026			58,147			105,180			113,173
Sales & marketing		6,777			7,115			7,093			13,081			14,208
General & administrative		7,215			6,460			7,118			13,689			13,578
Loss from settlement of litigation		1,250			–			–			1,250			–
Operating income		30,747			9,766			22,329			48,697			32,095
Non-operating income (expense)
Interest income, net		4,175			2,929			2,706			7,241			5,635
Foreign exchange gain (loss), net		245			373			(3,302	)		833			(2,929	)
Realized/Unrealized gain(loss) on investments		1,855			3,296			(1,051	)		247			2,245
Others, net		–			–			1			–			1
Subtotal		6,275			6,598			(1,646	)		8,321			4,952
Income before income tax		37,022			16,364			20,683			57,018			37,047
Income tax expense (benefit)		6,201			(3,099	)		4,372			10,181			1,273
Net income		30,821			19,463			16,311			46,837			35,774

Earnings per basic ADS		0.92			0.58			0.49			1.39			1.06
Earnings per diluted ADS		0.91			0.58			0.49			1.39			1.06

Margin Analysis:
Gross margin		45.9	%		47.1	%		47.7	%		45.5	%		47.4	%
Operating margin		14.6	%		5.9	%		11.2	%		12.2	%		8.8	%
Net margin		14.6	%		11.7	%		8.2	%		11.7	%		9.8	%

Additional Data:
Weighted avg. ADS equivalents		33,684			33,634			33,557			33,596			33,596
Diluted ADS equivalents		33,697			33,827			33,562			33,687			33,681

Silicon Motion Technology Corporation Reconciliation of GAAP to Non-GAAP Operating Results (in thousands, except percentages and per ADS data, unaudited)

	For Three Months Ended									For the Six Months Ended
	Jun. 30,			Mar. 31,			Jun. 30,			Jun. 30,			Jun. 30,
		2024			2025			2025			2024			2025
	($)			($)			($)			($)			($)
Gross profit (GAAP)		96,777			78,367			94,687			181,897			173,054
*Gross margin (GAAP)*		45.9	%		47.1	%		47.7	%		45.5	%		47.4	%
Stock-based compensation (A)		14			73			–			86			73
Restructuring charges		46			–			–			46			–
Gross profit (non-GAAP)		96,837			78,440			94,687			182,029			173,127
*Gross margin (non-GAAP)*		46.0	%		47.1	%		47.7	%		45.5	%		47.4	%

Operating expenses (GAAP)		66,030			68,601			72,358			133,200			140,959
Stock-based compensation (A)		(371	)		(4,738	)		(175	)		(3,464	)		(4,913	)
Dispute related expenses		(3,527	)		(277	)		(2,841	)		(5,059	)		(3,118	)
Operating expenses (non-GAAP)		62,132			63,586			69,342			124,677			132,928

Operating profit (GAAP)		30,747			9,766			22,329			48,697			32,095
*Operating margin (GAAP)*		14.6	%		5.9	%		11.2	%		12.2	%		8.8	%
Total adjustments to operating profit		3,958			5,088			3,016			8,655			8,104
Operating profit (non-GAAP)		34,705			14,854			25,345			57,352			40,199
*Operating margin (non-GAAP)*		16.5	%		8.9	%		12.8	%		14.3	%		11.0	%

Non-operating income (expense) (GAAP)		6,275			6,598			(1,646	)		8,321			4,952
Foreign exchange loss (gain), net		(245	)		(373	)		3,302			(833	)		2,929
Unrealized holding loss (gain) on investments		(1,855	)		(3,296	)		1,051			(247	)		(2,245	)

Non-operating income (expense) (non-GAAP)		4,175			2,929			2,707			7,241			5,636

Net income (GAAP)		30,821			19,463			16,311			46,837			35,774
Total pre-tax impact of non-GAAP adjustments		1,858			1,419			7,369			7,575			8,788
Income tax impact of non-GAAP adjustments		(218	)		(610	)		(670	)		(365	)		(1,280	)
Net income (non-GAAP)		32,461			20,272			23,010			54,047			43,282

Earnings per diluted ADS (GAAP)	$	0.91		$	0.58		$	0.49		$	1.39		$	1.06
Earnings per diluted ADS (non-GAAP)	$	0.96		$	0.60		$	0.69		$	1.60		$	1.28

Shares used in computing earnings per diluted ADS (GAAP)		33,697			33,827			33,562			33,687			33,681
Non-GAAP adjustments		18			20			18			23			33
Shares used in computing earnings per diluted ADS (non-GAAP)		33,715			33,847			33,580			33,710			33,714

(A)Excludes stock-based compensation as follows:
Cost of sales		14			73			–			86			73
Research & development		94			3,003			55			2,237			3,058
Sales & marketing		173			862			79			520			941
General & administrative		104			873			41			707			914

Silicon Motion Technology Corporation Consolidated Balance Sheets (In thousands, unaudited)

	Jun. 30,	Mar. 31,	Jun. 30,
	2024	2025	2025
	($)	($)	($)
Cash and cash equivalents	289,175	275,140	208,043
Accounts receivable (net)	191,692	206,693	220,924
Inventories	240,811	180,903	208,005
Refundable deposits – current	51,036	53,015	70,308
Prepaid expenses and other current assets	31,460	32,102	68,040
Total current assets	804,174	747,853	775,320
Long-term investments	17,301	20,636	19,620
Property and equipment (net)	179,550	193,603	208,826
Other assets	29,121	29,310	29,997
Total assets	1,030,146	991,402	1,033,763

Accounts payable	36,411	23,048	37,455
Income tax payable	14,103	14,782	17,370
Accrued expenses and other current liabilities	134,947	130,277	134,377
Total current liabilities	185,461	168,107	189,202
Other liabilities	60,182	50,968	55,620
Total liabilities	245,643	219,075	244,822
Shareholders’ equity	784,503	772,327	788,941
Total liabilities & shareholders’ equity	1,030,146	991,402	1,033,763

Silicon Motion Technology Corporation Condensed Consolidated Statements of Cash Flows (in thousands, unaudited)

	For Three Months Ended									For the Six Months Ended
	Jun. 30,			Mar. 31,			Jun. 30,			Jun. 30,			Jun. 30,
		2024			2025			2025			2024			2025
	($)			($)			($)			($)			($)
Net income		30,821			19,463			16,311			46,837			35,774
Depreciation & amortization		5,802			7,225			7,445			11,411			14,670
Stock-based compensation		385			4,811			175			3,550			4,986
Investment losses (gain) & disposals		(1,855	)		(3,309	)		1,053			(247	)		(2,256	)
Changes in operating assets and liabilities		(13,660	)		22,082			(42,258	)		(32,246	)		(20,176	)
Net cash provided by (used in) operating activities		21,493			50,272			(17,274	)		29,305			32,998

Purchase of property & equipment		(10,427	)		(11,661	)		(15,551	)		(21,176	)		(27,212	)
Proceeds from disposal of properties		–			13			–			–			13
Net cash used in investing activities		(10,427	)		(11,648	)		(15,551	)		(21,176	)		(27,199	)

Dividend payments		(16,820	)		(16,956	)		(16,746	)		(33,629	)		(33,702	)
Share repurchases		–			(24,291	)		(21	)		–			(24,312	)
Net cash used in financing activities		(16,820	)		(41,247	)		(16,767	)		(33,629	)		(58,014	)

Net increase (decrease) in cash, cash equivalents & restricted cash		(5,754	)		(2,623	)		(49,592	)		(25,500	)		(52,215	)
Effect of foreign exchange changes		86			37			124			121			161
Cash, cash equivalents & restricted cash—beginning of period		349,279			334,333			331,747			368,990			334,333
Cash, cash equivalents & restricted cash—end of period		343,611			331,747			282,279			343,611			282,279

About Silicon Motion:

We are the global leader in supplying NAND flash controllers for solid state storage devices. We supply more SSD controllers than any other company in the world for servers, PCs and other client devices and are the leading merchant supplier of eMMC and UFS embedded storage controllers used in smartphones, IoT devices and other applications. We also supply customized high-performance hyperscale data center and specialized industrial and automotive SSD solutions. Our customers include most of the NAND flash vendors, storage device module makers and leading OEMs. For further information on Silicon Motion, visit us at www.siliconmotion.com.

Forward-Looking Statements:
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to the unpredictable volume and timing of customer orders, which are not fixed by contract but vary on a purchase order basis; the loss of one or more key customers or the significant reduction, postponement, rescheduling or cancellation of orders from one or more customers; general economic conditions or conditions in the semiconductor or consumer electronics markets; the impact of inflation on our business and customer’s businesses and any effect this has on economic activity in the markets in which we operate; the functionalities and performance of our information technology (“IT”) systems, which are subject to cybersecurity threats and which support our critical operational activities, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology; the effects on our business and our customer’s business taking into account the ongoing U.S.-China tariffs and trade disputes; the uncertainties associated with any future global or regional pandemic; the continuing tensions between Taiwan and China, including enhanced military activities; decreases in the overall average selling prices of our products; changes in the relative sales mix of our products; changes in our cost of finished goods; supply chain disruptions that have affected us and our industry as well as other industries on a global basis; the payment, or non-payment, of cash dividends in the future at the discretion of our Board of Directors and any announced planned increases in such dividends; changes in our cost of finished goods; the availability, pricing, and timeliness of delivery of other components and raw materials used in the products we sell given the current raw material supply shortages being experienced in our industry; our customers’ sales outlook, purchasing patterns, and inventory adjustments based on consumer demands and general economic conditions; any potential impairment charges that may be incurred related to businesses previously acquired or divested in the future; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the U.S. Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 30, 2025. Other than as required under the securities laws, we do not intend, and do not undertake any obligation to, update or revise any forward-looking statements, which apply only as of the date of this news release.

The MIL Network –

July 31, 2025

MIL-OSI Europe: Wars that annihilate peoples and the “Tranquillitas Ordinis” of Saint Augustine

Source: Agenzia Fides – MIL OSI

Wednesday, 30 July 2025

VaticanMedia

by Cardinal Dominique Joseph Mathieu OFMConv*Tehran (Agenzia Fides) – More than a month has passed since the ceasefire came into effect, and we are still far from a peace agreement. Everything suggests that, instead of considering negotiations, the parties involved have turned to their own arms suppliers to stock up and prepare for new hostilities.Upon leaving Castel Gandolfo on July 22, Pope Leo addressed journalists and said: “We must encourage everyone to abandon their weapons, as well as the money hidden behind every war.”Analysts who until recently spoke globally of a new Cold War climate are now evoking a Third World War. Unlike the Second World War, this is no longer about territorial conquests based on ideology, but rather about interference in foreign territories with the aim of destabilizing existing regimes.We have moved from a bipolar world—West/Soviet Union—to a monopolized world, dominated by the hegemony of the so-called “free world” in the face of a malignant threat. Today, we are evolving toward a multipolar world, with emerging powers such as those of the BRICS. The world order is, therefore, undergoing a transformation.Israel and Iran accuse each other of being at risk of annihilation. One attacks Jewish Zionism, which oppresses Muslim Palestinians; the other attacks the mullahs’ regime, which threatens Israel’s very existence with its nuclear program. The main source of conflict lies in the ideology that demonizes the other and its supposed ambitions.It is the populations, criminalized by hostile propaganda, who pay the price. Not a day goes by without reports of the deaths of so-called collateral victims.To minimize the impact of this violence, some invoke statistics showing that, unlike in previous wars, the percentage of civilian casualties is lower than in the past, in order to affirm the supposed morality of their armies. Others emphasize the right to reciprocity. These discourses fuel questions about the right to defense and the proportionality of the response.Differentiated deterrence—the supposed monopoly of nuclear weapons on the one hand and the right to defense on the other—does not aim to bring the two sides closer together. Likewise, a premeditated preventive war, justified by a supposedly imminent threat, which could unilaterally impose peace through capitulation or the overthrow of the regime, is not a solution. State terrorism, with its infiltration, violence, or support for certain countries, parties, or ethnic groups, does not lead to peace.In reality, peoples desire to live in peace. But their leaders are mired in enmities that only know the language of weapons. Since 1979, Iran and Israel have no longer had diplomatic relations and remain in a state of tension. For 46 years, there have been no attempts at rapprochement, reconciliation, or peace processes.At the international level, a notable agreement was the Joint Comprehensive Plan of Action (JCPOA), which provided for concessions on Iran’s nuclear ambitions, limited exclusively to civilian use, in exchange for sanctions relief. Iranian officials have not ruled out resuming this agreement, but only if it is fair, in a win-win context.The Nuclear Non-Proliferation Treaty (NPT) not only prohibits new nations from acquiring nuclear weapons, but also dismantles those that already possess them. States that still possess nuclear arsenals, while maintaining and modernizing them, now avoid referring to them as arsenals, preferring the term “deterrents.”Dag Hammarskjöld’s quote, “The UN was not created to take us to heaven, but to save us from hell,” reminds us that when universal charters are codified, the goal is to prevent conflicts and catastrophes to avoid the worst for humanity.As Immanuel Kant wrote after the Napoleonic Wars in his essay “Toward Perpetual Peace” (Zum ewigen Frieden, 1795): “The state of peace between men living side by side is not a state of nature […]; therefore, the state of peace must be established.” To address the emergencies of the 21st century, Jeffrey Sachs asserts that “the path to peace lies in shared solutions to common problems—climate change, pandemics, poverty—and not in military domination” (Address at the Global Solutions Summit, Berlin, 2021).Just as conflicts affect the world order, peace must be a common interest, not subject to the veto of a few.In “The City of God,” Saint Augustine defines peace as the “tranquility of order” (tranquillitas ordinis). He distinguishes two levels: earthly peace (relative, which Saint Thomas Aquinas defines as “temporary”), as a necessary means for social life to avoid chaos – especially through treaties – and divine peace (absolute and, according to Aquinas, “spiritual”), which constitutes the ultimate goal of humanity and requires spiritual conversion.Jesus, shortly before his passion, reminds us that peace is a gift from God in John 14:27: “Peace I leave with you; my peace I give to you.” Even in suffering and persecution, this peace endures, because it is interior. It comes from union with God. Earthly peace is a reflection and fruit of Christ’s peace.As members of the Church, which, following in Christ’s footsteps, promotes human dignity, justice, and peace, we must be impartial, giving to Caesar what is Caesar’s and to God what is God’s.We must work for peace between the parties, not for the victory of one of them (cf. 2 Cor 5:18), loving the oppressor and the oppressed, without justifying injustice (Jn 3:16). Christians are called to “hate evil” (Rom 12:9) but to “bless its enemies” (Mt 5:44).As peoples of the world, we are all children of God, created in his image. Jews, Christians, Muslims, children of Abraham, have a moral duty to respect one another as brothers and sisters, children of the same Father. Why would we want to fight against the uniqueness of others? Since we turned our weapons against our fellow human beings, these brothers and sisters have lost their value, becoming annihilated enemies. And the consequences affect not only the enemy, but the entire world.The Holy See, in its diplomatic work for peace and reconciliation, explores every possibility to offer a framework for fair negotiations. The universal Church and the local Churches are, as far as possible, instruments of peace and charity, close to all, especially the most vulnerable, without discrimination, and always at their side in prayer. This is an expression of Christian charity and a response to the Gospel call to love one’s neighbor.Pray for the victims: This means asking God to inspire leaders to seek peaceful solutions and avoid war, which can no longer be considered a solution, as its ever-increasing risks outweigh its supposed benefits.The 2025 document Antiqua et Nova reiterates that peace cannot be achieved by force alone, but must be built through patient diplomacy, the active promotion of justice, solidarity, integral human development, and respect for human dignity.Pope Benedict XVI also emphasized in 2006, on the occasion of the 39th World Day of Peace, that peace is a divine gift that demands the responsibility to conform human history to divine order, and that failure to comply with the universal moral law and fundamental human rights prevents the realization of peace. The wounds of Christ are open in today’s world. The risen Jesus, emerging from the tomb, burst into the Upper Room and showed them to the frightened disciples who had locked themselves inside. Now they invite us to open our doors to testify to the world that darkness does not have the last word. (Agenzia Fides, 30/7/2025)*Archbishop of Tehran-Isfahan
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MIL OSI Europe News –

July 31, 2025

MIL-OSI Africa: Global hunger declines, but rises in Africa and western Asia: United Nation (UN) report

Source: APO

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An estimated 8.2 percent of the global population, or about 673 million people, experienced hunger in 2024, down from 8.5 percent in 2023 and 8.7 percent in 2022. However, progress was not consistent across the globe, as hunger continued to rise in most subregions of Africa and western Asia, according to this year’s The State of Food Security and Nutrition in the World (SOFI 2025) report published today by five specialized agencies of the United Nations.

Launched during the Second UN Food Systems Summit Stocktake (UNFSS+4) in Addis Ababa, SOFI 2025 indicates that between 638 and 720 million people faced hunger in 2024. Based on the point estimate* of 673 million, this represents a decrease of 15 million people from 2023 and of 22 million from 2022.

While the decline is welcome, the latest estimates remain above pre-pandemic levels, with the high food inflation of recent years contributing to the slow recovery in food security.

Notable improvements are seen in southern Asia and Latin America. The prevalence of undernourishment (PoU) in Asia fell from 7.9 percent in 2022 to 6.7 percent, or 323 million people, in 2024. Additionally, Latin America and the Caribbean as a region saw the PoU fall to 5.1 percent, or 34 million people, in 2024, down from a peak of 6.1 percent in 2020.

Unfortunately, this positive trend contrasts sharply with the steady rise in hunger across Africa and western Asia, including in many countries affected by prolonged food crises. The proportion of the population facing hunger in Africa surpassed 20 percent in 2024, affecting 307 million people, while in western Asia an estimated 12.7 percent of the population, or more than 39 million people, may have faced hunger in 2024.

It is projected that 512 million people could be chronically undernourished by 2030. Almost 60 percent of those will be in Africa. This highlights the immense challenge of achieving SDG 2 (Zero Hunger), warned the Food and Agriculture Organization of the United Nations (FAO), the International Fund for Agricultural Development (IFAD), the United Nations agency for children (UNICEF), the UN World Food Programme (WFP), and the World Health Organization (WHO).

Tracking nutrition targets

From 2023 to 2024, the global prevalence of moderate or severe food insecurity – an assessment registering the experience of constraints on access to adequate food during part of the year – decreased slightly, from 28.4 to 28.0 percent, accounting for 2.3 billion people. This is 335 million more than in 2019, before the COVID-19 pandemic, and 683 million more than in 2015, when the Sustainable Development Agenda was adopted.
Among the indicators of child nutrition, the prevalence of stunting in children under five declined from 26.4 percent in 2012 to 23.2 percent in 2024, reflecting global progress.
The prevalence of child overweight (5.3 percent in 2012 and 5.5 percent in 2024), and in child wasting (7.4 percent in 2012 and 6.6 percent in 2024) remains largely unchanged.
The percentage of infants under six months exclusively breastfed increased significantly, from 37.0 percent in 2012 to 47.8 percent in 2023, reflecting growing recognition of its health benefits.
The prevalence of adult obesity rose from 12.1 percent in 2012 to 15.8 percent in 2022.
New data show an increase in the global prevalence of anaemia among women aged 15 to 49, from 27.6 percent in 2012 to 30.7 percent in 2023.
Estimates for a new SDG indicator introduced in the report reveal that about one-third of children aged 6 to 23 months and two-thirds of women aged 15 to 49 years met minimum dietary diversity.

Food inflation

SOFI 2025 also examines the causes and consequences of the 2021–2023 food price surge and its impact on food security and nutrition.

The report highlights that the global policy response to the COVID-19 pandemic – characterized by extensive fiscal and monetary interventions – combined with the impacts of the war in Ukraine and extreme weather events, contributed to recent inflationary pressures.

This food price inflation has hindered the post-pandemic recovery in food security and nutrition. Since 2020, global food price inflation has consistently outpaced headline inflation. The gap peaked in January 2023, with food inflation reaching 13.6 percent, 5.1 percentage points above the headline rate of 8.5 percent.

Low-income countries have been particularly hit hard by rising food prices. While median global food price inflation increased from 2.3 percent in December 2020 to 13.6 percent in early 2023, it climbed even higher in low-income countries, peaking at 30 percent in May 2023.

Despite rising global food prices, the number of people unable to afford a healthy diet fell from 2.76 billion in 2019 to 2.60 billion in 2024. However, the improvement was uneven. In low-income countries, where the cost of a healthy diet rose more sharply than in higher-income countries, the number of people unable to afford a healthy diet increased from 464 million in 2019 to 545 million in 2024. In lower-middle-income countries (excluding India), the number rose from 79 million in 2019 to 869 million over the same period.

The report recommends a combination of policy responses to food price inflation. They include targeted and time-bound fiscal measures, such as social protection programs, to safeguard vulnerable households; credible and transparent monetary policies to contain inflationary pressures; and strategic investments in agrifood R&D, transport and production infrastructure, and market information systems to improve productivity and resilience.

What they said

FAO Director-General, QU Dongyu: “While it is encouraging to see a decrease in the global hunger rate, we must recognize that progress is uneven. SOFI 2025 serves as a critical reminder that we need to intensify efforts to ensure that everyone has access to sufficient, safe, and nutritious food. To achieve this, we must work collaboratively and innovatively with governments, organizations, and communities to address the specific challenges faced by vulnerable populations, especially in regions where hunger remains persistent.”

IFAD President, Alvaro Lario: “In times of rising food prices and disrupted global value chains, we must step up our investments in rural and agricultural transformation. These investments are not only essential for ensuring food and nutrition security – they are also critical for global stability.”

UNICEF Executive Director, Catherine Russell: “Every child deserves the chance to grow and thrive. Yet over 190 million children under the age of 5 are affected by undernutrition, which can have negative consequences for their physical and mental development. This robs them of the chance to live to their fullest potential. The State of Food Security and Nutrition in the World report for 2025 underscores the need to act urgently for the world’s youngest and most vulnerable children, as rising food prices could deepen nutrition insecurity for millions of families. We must work in collaboration with governments, the private sector and communities themselves to ensure that vulnerable families have access to food that is affordable and with adequate nutrition for children to develop. That includes strengthening social protection programs and teaching parents about locally produced nutritious food for children, including the importance of breastfeeding, which provides the best start to a baby’s life.

WFP Executive Director, Cindy McCain: “Hunger remains at alarming levels, yet the funding needed to tackle it is falling. Last year, WFP reached 124 million people with lifesaving food assistance. This year, funding cuts of up to 40 percent mean that tens of millions of people will lose the vital lifeline we provide. While the small reduction in overall rates of food insecurity is welcome, the continued failure to provide critical aid to people in desperate need will soon wipe out these hard-won gains, sparking further instability in volatile regions of the world.”

WHO Director-General, Dr Tedros Adhanom Ghebreyesus: “In recent years, the world has made good progress in reducing stunting and supporting exclusive breastfeeding, but there is still much to be done to relieve millions of people from the burdens of food insecurity and malnutrition. This report provides encouraging news, but also shows where the gaps are and who is being left behind, and where we must direct our efforts to ensure that everyone has access to a healthy and nutritious diet.”

Distributed by APO Group on behalf of World Health Organization (WHO).

MIL OSI Africa –

July 30, 2025

MIL-OSI United Nations: 29 July 2025 Departmental update Community innovation leads the way at 2025 Global Conference on Climate and Health through “Ideas Labs”

Source: World Health Organisation

As the world braces for increasingly complex climate and health challenges, local innovations, Indigenous knowledge, and community-rooted practices take centre stage at the 2025 Global Conference on Climate and Health, co-hosted by the Government of Brazil, WHO, and PAHO, from 29 to 31 July in Brasília.

A key feature of the Conference, the Ideas Lab, spotlights a bold new wave of thinking and doing, showcasing pioneering efforts that span from predictive malaria mapping and clean air advocacy to artificial intelligence and sustainable healthcare. Designed to complement the official programme, the Ideas Lab serves as a platform to amplify innovative local and Indigenous knowledge, youth-led and technological solutions, and cross-sector policy approaches that link climate action with better health outcomes.

Over three days, participants are presenting replicable solutions that will inform and bolster the forthcoming Belém Health Action Plan across three key tracks: 1) Health Surveillance and Monitoring, 2) Evidence-Based Policy and Capacity Building, and 3) Innovation and Production.

“The Ideas Lab is about more than showcasing innovations. It’s about equity, participation, and policy relevance,” said Dr Maria Neira, Director, Department of Environment, Climate Change and Health, World Health Organization. “These sessions create space for communities to speak for themselves, to be heard, and to input into the COP30 process to put health at the heart of climate decisions.”

Ideas Lab contributors span Community-Based Organizations to universities, specialist networks to NGOs, with representation from across the globe.

Sessions include, among others:

Mapping Toxic Transfers in Uganda: A cross-disciplinary project using geospatial tools, water testing, and health data to trace the impacts of climate-induced flooding on community health, while informing safe water and infrastructure policy.
Predictive Modelling for climate-driven malaria dynamics: A predictive malaria system combining climate and health data to trigger targeted community interventions, co-led by women’s groups and rooted in local knowledge for urbanizing African Regions.
Innovative Financing for Health Resilience: From Brazil to Indonesia, examples of blended capital solutions offer a roadmap to close the climate-health financing gap, especially critical for countries facing dwindling development aid.
Adapting Health Supply Chains: A dialogue on how to future-proof the multitrillion-dollar health supply chain for climate resilience, equity, and sustainability.
The Right to Clean Air: From Brazil to Australia and the pacific, inviting solidarity between communities experiencing escalating threats to air quality, health and cultural survival.
AI for Climate-Resilient Health Systems: Showcasing how the Global South is pioneering artificial intelligence to strengthen pandemic preparedness and deliver culturally relevant, sustainable health interventions across 20 countries.
Intergenerational dialogue plays a key role in transforming One Health ideas into concrete, sustainable actions and real-time solutions, where mechanisms for youth engagement in One Health can be adjusted to the needs and wants of each setting and context.

Equity is at the heart of the Global Conference and equitable solutions are highlighted throughout the Ideas Lab, with sessions exploring how climate change disproportionately impacts women, migrants, Indigenous peoples, and youth, and how these groups are also leading in climate and health action. Examples include the Emerge Study which examines the relationship between climate extremes, forced migration, and health in Latin America, and how migration can be supported as an adaptive strategy, and Youth for One Health, a proposal that is grounded in intergenerational justice and builds on youth councils globally to advocate for biodiversity, planetary health, and green cities.

Towards COP30: From dialogue to delivery

The Ideas Lab will feed directly into conference outcomes and COP30 preparations, helping generate actionable tools and knowledge products that can be adapted by countries, particularly through the Belém Health Action Plan. By fostering participation across regions and sectors, it aims to seed long-term collaboration across and between climate change action and human health.

MIL OSI United Nations News –

July 30, 2025

MIL-OSI: Himax Subsidiary Liqxtal Proprietary Vision-Care Pro-Eye Monitor Named Finalist for Top Ten Age-Friendly Technology Product

Source: GlobeNewswire (MIL-OSI)

TAINAN, Taiwan, July 29, 2025 (GLOBE NEWSWIRE) — Liqxtal Technology Inc. (“Liqxtal”), a subsidiary of Himax Technologies, Inc. (Nasdaq: HIMX), and a pioneer in liquid crystal optical innovation, today announced that its flagship vision-care product, the Liqxtal^® Pro-Eye Monitor, has been selected as a finalist in the 2025 Top Ten Age-Friendly Technology Product Awards, presented by the Taiwan Healthy Ageing Tech Show Committee. This prestigious recognition honors outstanding innovations that promote health, comfort, and quality of life for Taiwan’s aging population.

Built on Liqxtal’s patented electrically tunable liquid crystal technology, the Pro-Eye monitor projects digital images to a virtual viewing distance of approximately 16 feet, dramatically farther than the typical 20 – 24 inches of conventional monitors. This design significantly eases ciliary muscle strain and reduces eye fatigue, offering a more natural and effortless viewing experience, especially for seniors experiencing dry eyes or blurred vision due to extended screen use.

With Taiwan’s senior population rapidly growing, technologies that support visual wellness are increasingly vital to long-term care and healthy aging. Since its debut, the Pro-Eye Monitor has garnered strong interest across healthcare, eldercare, and smart home industries for its potential to redefine visual comfort for older adults. Evaluated by a panel of experts from the Taiwan Ministry of Economic Affairs and academic institutions, its selection as a top ten finalist underscores Liqxtal’s leadership in age-friendly innovation.

Liqxtal Pro-Eye Monitor will be showcased at the 2025 Taiwan Healthy Ageing Tech Show, held August 8 – 10 at Taipei World Trade Center Hall 1. Purposefully engineered to address age-related visual challenges, the Pro-Eye represents Liqxtal’s commitment to improving elderly eye health through advanced optical technology. During the event, Liqxtal will also exhibit other smart optical solutions, including the Liqxtal^® Dim, which integrates Liqxtal’s proprietary pixelated liquid crystal light valve with Himax’s WiseEye™ ultralow power AI sensing technology, empowering an intelligent system that automatically adjusts light transmittance based on ambient conditions, enhancing both comfort and safety for seniors in varying lighting environments.

“Liqxtal has been dedicated to advancing liquid crystal optical technologies to deliver eye-care solutions that provide both comfort and functionality,” said Dr. Hung Shan Chen, President of Liqxtal. “Being named a finalist for the top 10 Age-Friendly Technology Awards is a significant milestone that reinforces our commitment to extending this transformative technology to a broader range of aging-related applications, bringing us closer to our vision of a smarter, healthier lifestyle.”

Liqxtal warmly invites media, healthcare professionals, and industry partners to visit Booth A805 at the Taiwan Healthy Ageing Tech Show during August 8 –10, to experience the Pro-Eye Monitor firsthand and explore how next-generation liquid crystal optics are shaping the future of visual wellness in senior care.

About Liqxtal Technology Inc.

Liqxtal Technology Inc. is a Taiwan based company that has been focused on exploring opportunities with liquid crystal (“LC”) beyond just displays since the company’s inception. With a distinguished track record in liquid crystal optics, Liqxtal has developed liquid crystal based optical components such as LC lens for ophthalmic application, LC diffuser for 3D sensing and LC retarder for light sensing. Additionally, Liqxtal designed and released LQ001, a high voltage & tunable frequency LC driver with a 1mm x 2mm footprint, which is particularly ideal for portable products. As a subsidiary of Himax Technologies, Liqxtal also integrates novel display solutions such as tunable backlight with local dimming capability powered by FPGA for niche applications. Lastly, Liqxtal is dedicated to novel vision eyewear technology and strives to innovate and advance useful optical solutions to the world.

About Himax Technologies, Inc.

Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEye™ Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,609 patents granted and 370 patents pending approval worldwide as of June 30, 2025.

http://www.himax.com.tw

Forward Looking Statements

Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2024 filed with the SEC, as may be amended.

Liqxtal Contact:

Henry Hung, Deputy Director of Market & Sales Division
Liqxtal Technology Inc.
Tel: +886-6-505-0880
Email: info@liqxtal.com

Himax Contacts:

Karen Tiao, Head of IR/PR
Himax Technologies, Inc.
Tel: +886-2-2370-3999
Fax: +886-2-2314-0877
Email: hx_ir@himax.com.tw
www.himax.com.tw

Mark Schwalenberg, Director
Investor Relations – US Representative
MZ North America
Tel: +1-312-261-6430
Email: HIMX@mzgroup.us
www.mzgroup.us

A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/30cd9f50-e221-43d4-a3cb-836122c81cf7

The MIL Network –

July 30, 2025

Classrooms of change: How National Education Policy 2020 is transforming learning

Source: Government of India

Source: Government of India (4)

Five years ago, on July 29, India embarked on a journey to overhaul its education system with the launch of the National Education Policy 2020. Today, its impact is increasingly visible in classrooms across the country – reshaping how children learn, how teachers teach, and how schools function.

NEP 2020 marked a paradigm shift from rigid, exam-centric education to a more flexible, inclusive, and learner-focused model. Anchored in India’s cultural heritage and aligned with global goals like Sustainable Development Goal 4 (SDG-4), the policy laid out a vision for an education system that fosters curiosity, critical thinking, and lifelong learning – from the foundational stage to secondary levels.

One of NEP’s major successes has been the prioritisation of early childhood education and foundational learning. With the launch of the NIPUN Bharat Mission in 2021, the government aimed to ensure that every child achieves Foundational Literacy and Numeracy (FLN) by Grade 3. Initiatives such as Vidya Pravesh, Balvatikas, and Jadui Pitara have introduced millions of children to joyful, play-based learning. The results have been promising: Annual Status of Education Report (ASER) 2024 reported a significant rise in foundational reading and arithmetic levels among Class III children in government schools. 23.4% children could read Grade II-level text in 2024, up from 16.3% in 2022 and 20.9% in 2018. Arithmetic proficiency has also improved, with 27.6% of Class III students now able to perform basic subtraction, compared to 20.2% in 2022 and 20.9% in 2018.

A restructured school framework under the 5+3+3+4 model is supported by two new national curriculum frameworks – National Curriculum Framework for the Foundational Stage (NCF-FS) and National Curriculum Framework for School Education (NCF-SE). These have replaced rote learning with competency-based, multidisciplinary education. New textbooks like Mridang, Sarangi, and Joyful Mathematics reflect India’s linguistic and cultural diversity while encouraging deeper engagement and creativity. Vocational education now begins as early as Grade 6, and career pathways are supported through the National Credit Framework.

Samagra Shiksha, the flagship school reform scheme, has helped boost enrolment and reduce dropouts. Infrastructure has improved substantially – with nearly all schools having access to drinking water, electricity, and gender-inclusive toilets. Hostels under schemes like Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN) and Dharti Aaba Janjatiya Gram Utkarsh Abhiyan (DAJGUA), along with 5,269 Kasturba Gandhi Balika Vidyalayas, have provided critical support to girls and children from marginalised communities.

The digital push has also been transformative. Platforms like Digital Infrastructure for Knowledge Sharing (DIKSHA) and PM eVIDYA have enabled access to quality learning content in over 130 languages, even during the pandemic. The Rashtriya Vidya Samiksha Kendra (RVSK) now provides real-time education data, improving governance and accountability.

Teachers remain central to NEP’s success. Over 14 lakh educators have undergone training through National Initiative for School Heads’ and Teachers’ Holistic Advancement (NISHTHA), with continuous support through digital platforms. Assessment reforms are underway through Performance Assessment, Review and Analysis of Knowledge for Holistic Development (PARAKH), which has championed competency-based evaluations and holistic progress cards that assess not only academics but creativity, socio-emotional development, and well-being.

NEP 2020 also places strong emphasis on inclusion. The Pre Assessment Holistic Screening Tool (PRASHAST) tool helps schools support children with disabilities, while Indian Sign Language has been introduced as a secondary subject. The National Institute of Open Schooling (NIOS) has developed flexible pathways for out-of-school children and even for Agniveers to complete their education.

July 30, 2025

MIL-OSI Europe: ECB Consumer Expectations Survey results – June 2024

Source: European Central Bank

29 July 2025

Compared with May 2025:

median consumer perceptions of inflation over the previous 12 months remained unchanged, as did median expectations for inflation three and five years ahead, while median inflation expectations for one year ahead decreased;
expectations for nominal income growth over the next 12 months remained unchanged, while expectations for spending growth over the next 12 months decreased;
expectations for economic growth over the next 12 months became less negative, while the expected unemployment rate in 12 months’ time decreased;
expectations for growth in the price of homes over the next 12 months decreased slightly, as did expectations for mortgage interest rates 12 months ahead.

Inflation

In June, the median rate of perceived inflation over the previous 12 months remained unchanged at 3.1% for the fifth consecutive month, its lowest level since September 2021. Meanwhile, median expectations for inflation over the next 12 months decreased by 0.2 percentage points to 2.6%, meaning that the increases observed in March and April were fully reversed in May and June. Expectations for three years ahead were unchanged at 2.4%, while expectations for inflation five years ahead held steady at 2.1% for the seventh consecutive month. Uncertainty about inflation expectations over the next 12 months was unchanged in June. Broadly, the evolution of inflation perceptions and expectations followed similar trends across income groups. However, over the previous year and a half lower income quintiles reported slightly higher inflation perceptions and short-horizon expectations than higher income quintiles. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (aged 35-54 and 55-70), although the gap was narrower than in previous years.

Inflation results

Income and consumption

Consumers’ expectations for nominal income growth over the next 12 months remained unchanged at 1.0% in June. However, this apparent stability conceals a decline in expectations among higher income individuals, offset by an increase in expectations among lower income groups. Perceived nominal spending growth over the previous 12 months held steady at 5.0% in June. In contrast, expected nominal spending growth over the next 12 months decreased further to 3.2% in June, from 3.5% in May and 3.7% in April. This decline reflects the heightened economic uncertainty of recent months as well as lower expected inflation.

Income and consumption results

Economic growth and labour market

Economic growth expectations for the next 12 months became less negative, rising to -1.0% in June from -1.1% in May and -1.9% in April. Expectations for the unemployment rate 12 months ahead edged down to 10.3% in June, from 10.4% in May. Consumers continued to expect that the future unemployment rate would be only slightly higher than the perceived current unemployment rate (9.8%), suggesting a broadly stable labour market outlook.

Economic growth and labour market results

Housing and credit access

Consumers expected the price of their home to increase by 3.1% over the next 12 months, a slight decline from 3.2% in May. Expectations for mortgage interest rates 12 months ahead fell to 4.3%, down from 4.4% in May. As in previous months, lower income households expected the highest mortgage interest rates 12 months ahead (4.9%), while higher income households expected the lowest rates (3.9%). The net percentage of households reporting tighter (relative to those reporting easier) access to credit over the previous 12 months increased slightly, while the net percentage of those expecting tighter credit conditions over the next 12 months declined marginally.

Housing and credit access results

The microdata underlying the aggregate results are available on the Consumer Expectations Survey (CES) web page in the Data and methodological information section.

The release of the Consumer Expectations Survey (CES) results for July is scheduled for 1 September 2025.

For media queries, please contact: Alessandro Speciale, tel.: +49 172 1670791.

Notes

Unless otherwise indicated, the statistics presented in this press release refer to the 2% winsorised mean. For further details, see ECB Consumer Expectations Survey – Guide to the computation of aggregate statistics.
The CES is a monthly online survey of, currently, around 19,000 adult consumers (i.e. aged 18 or over) from 11 euro area countries: Belgium, Germany, Ireland, Greece, Spain, France, Italy, the Netherlands, Austria, Portugal and Finland. The main aggregate results of the CES are published on the ECB’s website every month. The results are used for policy analysis and complement other data sources used by the ECB.
Further information about the survey and the data collected is available on the CES web page. Detailed information can also be found in the following two publications: Bańkowska, K. et al., “ECB Consumer Expectations Survey: an overview and first evaluation”, Occasional Paper Series, No 287, ECB, Frankfurt am Main, December 2021; and Georgarakos, D. and Kenny, G., “Household spending and fiscal support during the COVID-19 pandemic: Insights from a new consumer survey”, Journal of Monetary Economics, Vol. 129, Supplement, July 2022, pp. S1-S14.
The survey results do not represent the views of the ECB’s decision-making bodies or staff.

MIL OSI Europe News –

July 30, 2025

Global hunger falls but conflict and climate threaten progress, UN says

Source: Government of India

Source: Government of India (4)

The number of hungry people around the world fell for a third straight year in 2024, retreating from a COVID-era spike, even as conflict and climate shocks deepened malnutrition across much of Africa and western Asia, a U.N. report said on Monday.

Around 673 million people, or 8.2% of the world’s population, experienced hunger in 2024, down from 8.5% in 2023, according to the State of Food Security and Nutrition in the World report, jointly prepared by five U.N. agencies.

They said the report focussed on chronic, long-term problems and did not fully reflect the impact of acute crises brought on by specific events and wars, including Gaza.

Maximo Torero, the chief economist for the U.N. Food and Agricultural Organization, said improved access to food in South America and India had driven the overall decline but cautioned that conflict and other factors in places such as Africa and the Middle East risked undoing those gains.

“If conflict continues to grow, of course, if vulnerabilities continue to grow, and the debt stress continues to increase, the numbers will increase again,” he told Reuters on the sidelines of a U.N. food summit in Ethiopia.

“Conflict continues to drive hunger from Gaza to Sudan and beyond,” U.N. Secretary-General Antonio Guterres said in remarks delivered by video link to the summit. “Hunger further feeds future instability and undermines peace.”

In 2024, the most significant progress was registered in South America and Southern Asia, the U.N. report said.

In South America, the hunger rate fell to 3.8% in 2024 from 4.2% in 2023. In Southern Asia, it fell to 11% from 12.2%.

Progress in South America was underpinned by better agricultural productivity and social programmes like school meals, Torero said. In Southern Asia, it was mostly due to new data from India showing more people with access to healthy diets.

The overall 2024 hunger numbers were still higher than the 7.5% recorded in 2019 before the COVID pandemic.

The picture is very different in Africa, where productivity gains are not keeping up with high population growth and the impacts of conflict, extreme weather and inflation.

In 2024, more than one in five people on the continent, 307 million, were chronically undernourished, meaning hunger is more prevalent than it was 20 years ago.

Africa is projected to account for nearly 60% of the world’s hungry people by 2030, the report said.

The gap between global food price inflation and overall inflation peaked in January 2023, driving up the cost of diets and hitting low-income nations hardest, the report said.

Overall adult obesity rose to nearly 16% in 2022, from 12% in 2012, it added.

The number of people unable to afford a healthy diet dropped globally in the past five years to 2.6 billion in 2024 from 2.76 billion in 2019, the report said.

(Reuters)

July 30, 2025

MIL-Evening Report: Keith Rankin Analysis – Representation versus Reality; Reaching a Low Point

Analysis by Keith Rankin.

Keith Rankin, trained as an economic historian, is a retired lecturer in Economics and Statistics. He lives in Auckland, New Zealand.

Have you noticed how, in New Zealand news items and weather reports, Nelson and Marlborough are called the “top” of the South Island rather than the ‘north’ of that island. We also get phrases such as the “lower North Island” and the “upper North Island”. And New Zealand’s narrators regularly refer to New Zealand as being at the “bottom of the world”.

These phrases reference the (conventionally portrayed) map of the world, not the world itself. Rotate the map 180°. Nelson-Marlborough will still be the north of the South Island. But they will now be at the bottom of the top island! (And noting that the Roof of the World is the Tibetan Himalayas, not the North Pole. The South Island is at a higher latitude than the North Island; eg 44°S rather than 38°S. And Upper Egypt is south of – lower than? – Lower Egypt.)

Another really annoying aspect of a similar problem – in this case, the problem of colloquial jargon – is the propensity of financial journalists to refer to ‘up’ as ‘north’, as in “the stockmarket is heading north”. An even more egregious example I heard on RNZ on 29 May (Reserve Bank cuts OCR 25 basis points) was the Acting Reserve Bank Governor (Christian Hawkesby) referring to the ‘North Star’ as the ‘target’ of arcane monetary policy. Especially problematic was when he said “if you knew your North Star was much further south”. A bit ‘woo woo’ new age, if you get my meaning. Is the Reserve Bank trying to navigate the stormy seas where myth and reality meet, as in the search for Moby Dick? (Irish navigators 4,000 years ago could always return from a trip to Spain by following the North Star. Being in the ‘lower world’, Maui and Kupe faced more complex problems.)

Does the Reserve Bank make policy decisions based on Tarot Cards? Indeed, astrology did guide policy formation for most of human history.

The lesser problem is that ‘bottom’ has a pejorative meaning; a meaning that has been transferred to the word ‘south’ (which means ‘poor’ in the label ‘Global South’). The more substantive problem is the diminishing ability of ‘modern man’ (or at least homo sapiens in the Global North) to think abstractly. A diminishing abstract capacity allows us to conflate the reality of the planet Earth with its representation in the form of a map. And once too many of us see the representation as the same thing as the reality, the ongoing repetition of that framed construct self-reinforces; we give in to the narrative for the sake of mental peace and quiet. The imputed ‘reality’ of the conventional map becomes hard-wired; the map becomes reality, hardware rather than software.

Other examples of incongruent representation follow.

Knowledge Rich

‘Knowledge rich’ is a label that doesn’t match the package; refer Govt’s curriculum changes come under fire RNZ 22 July 2025. The phrase ‘knowledge rich’ appears to be an example of vacuous bureaucratic weasel words, to use a bit of idiomatic anti-jargon; a label useless except for obfuscation purposes. We would expect that the term ‘knowledge rich’ would mean something like ’emphasising the acquisition of knowledge’; ie the more understanding of reality the better.

When asked to define ‘knowledge rich’, the senior bureaucrat interviewee said in that RNZ interview: “really well-structured, clear content, the things that we want young people to know [my emphasis] and the things [skills?] that we want them to know how to do; we want them to learn … in nice sequential and … coherent learning pathway… structured ways … and that teachers need clarity on what needs to be taught and what students should be learning at any particular point on the pathway”. That’s actually reasonably clear for a bureaucrat put on the spot, but it’s not in any way the meaning of ‘knowledge rich’. This definition is about structure and constrained knowledge acquisition; it’s about young people learning what the state wants them to learn, only what the state wants them to learn, and in the ways the state wants them to learn. The label contradicts the reality, possibly with political intent.

A Humanitarian City

The Israeli government has rightly been described as ‘Machiavellian’ (refer Machiavelli) when it represents its planned concentration zone in Rafah (Southern Gaza) as a ‘Humanitarian City’. (Refer ‘Humanitarian city’ would be concentration camp for Palestinians, says former Israeli PM, The Guardian, 13 July 2025; and Israel turning Gaza into ‘graveyard of children and starving’: UNRWA chief, Al Jazeera News, 11 July 2025. And the new Israeli-American terror unit operating in Gaza is masquerading as the Gaza Humanitarian Foundation; refer What is the Gaza Humanitarian Foundation, and why has it been criticised? Al Jazeera explainer, 20 May 2025.

It is clear that the Israeli government is exploiting the increased naivete of the western news audience; a state of entrenched naivety that – as noted above – has become hard-wired in too many of our brains, thanks to the ongoing use of language which presents representation as reality.

We should also note that, in Germany in the 1930s, Adolf Hitler was able to gain a groundswell of popular support through his representation of Jews as cunning and Machiavellian disrupters; it does not serve Israel well for their present-day leaders to give any semblance of support to Hitler’s portrayal.

Holocaust

Through a relentless multi-decade campaign, it has become hard-wired into too many western brains that there was little more to World War Two than The Holocaust; ie that WW2 was essentially a battle between ‘Hitler’ and ‘The Jews’, and that it was resolved by white knights in the form of Churchill and Roosevelt and Truman coming to the rescue – albeit too late – by dealing to Hitler and giving (as compensation) Palestine to The Jews. In the process, most other narratives in that war are by now largely forgotten.

World War Two was of course far more complex. Further, the label Holocaust is an inaccurate portrayal of those catastrophic events. One strength of the English language is its capacity to borrow from other languages. The correct label for this greatest of catastrophes should be that from the victims’ own language; their label, the Shoah. The word holocaust, correctly used, has connotations of fire and brimstone (especially raining from the sky); the best-known biblical example being the destruction of Sodom and Gomorrah ‘documented’ in Genesis. We may note that part of the divine and the diabolical intents of both the biblical holocaust and of the Shoah was to eradicate homosexuals. World War Two has a number of ready-made examples of true holocausts; many perpetrated by the Allies, starting with Operation Gomorrah which incinerated Hamburg in 1943, and ending with the nuclear explosion over Nagasaki, Japan, in 1945.

The Holocaust obscures the holocausts, and much else. Inadequate representation indeed misrepresents the Shoah as a biblical spectacle, whereas it was really a coldly cynical mix of operations conducted in the then shadows. Was the Shoah a bigger catastrophe than Gomorrah? Probably yes.

Genocide and Terrorism

Earlier in the 2020s, people such as Paula Penfold and Liz Truss tried to represent the Chinese government’s persecution of the East Turkestan (aka Xinjiang) Uyghurs as “genocide”. They were ‘weaponising’ the g-word, part of a wider cross-partisan opportunity to demonise China during the Covid19 pandemic.

In the light of recent events in the Levant, an obvious and unmistakeable genocide which too many people refrain from calling a ‘genocide’, those anti-China representations look rather silly.

It is perfectly possible that people using the same identity label can be both victims of genocide and perpetrators of genocide; most likely at different places in different times. Most petty of all, this ‘is it a genocide?’ has become an elitist word-game. Anyone who thinks that if what is happening in Palestine does not meet some English-language definition of ‘genocide’ is morally bound to come up with an alternative word or phrase – presumably a somethingelse-icide – that more accurately conveys their assessment. Myself, I think that these events may be even more than a genocide; such as philosopher historian AC Grayling’s term culturicide (from Among the Dead Cities) which expresses what – for example, the Morgenthau Plan – looked to impose on post-war Germany (seeking to reduce Germany, with a pre-war population of 80 million to an impoverished ‘pastoral’ nation of 30 million). Cultural erasure is more than genocide.

Genocide is an unfortunate reality, a human propensity which has occurred in the past, is occurring in the present, and will occur periodically (unless finished by the ‘final genocide’, or biocide) in the future. Trying to weasel our way around it through an absence of language is a trait which has hard-wired itself, through denial and distractive fig-leaves, into elite cultures of complicity and impunity.

Another such word is ‘terrorism’. Winston Churchill and his bomber commander Arthur Harris had no doubt about the meaning of that word. So did the victims of their fiery terror, in Hamburg and many other cities. Now the representation of ‘terror’ through this word is restricted to a selected subset of resistance organisations. Winston Churchill understood that meaning of ‘terrorism’, too. His friend – Walter Guinness, 1st Baron Moyne – was assassinated in Cairo by fascist Lehi terrorists. (Re Lehi, see Stern: The Man, the Gang and the State, Al Jazeera 13 Aug 2024.)

Appeasement

This word may be used improperly, as a damaging misrepresentation of a political opponent, or avoided when it is most needed. (Grayling, in Among the Dead Cities, concludes that the Churchill/Harris holocausts on German cities, were in large part an ineffective appeasement of Josef Stalin.)

Here’s a correct recent use of the a-word: “With such uncontrolled power and aggressive posture, it seems Israel is seeking submission [in Syria and the rest of the ‘Middle East’ region]. The Trump administration’s approach of solving crises by appeasing Israel will entrench this doctrine and push the region into further instability.” (Nour Odeh, reporting from Amman in lieu of Al Jazeera ban by Israel, Al Jazeera News, about 8:05am NZ time, 20 July 2025. She ‘hit the nail on the head’.)

Could someone who has been represented as an ‘appeaser’ ever be a justifiable winner of a Nobel Peace Prize? I think the answer is a ‘qualified yes’; just as good fishers sometimes have to appease their quarry before reeling them in. But, I think, neither an appeaser of Netanyahu nor Stalin could qualify for that prize.

In reality, appeasement has to be done sometimes. New Zealand dairy owners have been routinely asked to appease violent robbers. And, in the movies, when someone points a gun at someone and says “hands up”, the victim almost always appeases the gunner, regardless of their moral position.

‘Appeasement’ is a representation that’s both underused and overused; a representation designed to construct a deception. If we cannot distinguish between representation and reality, label and labelled, then we stand to become victims to all kinds of mischievous narratives.

Cost of Living

The Government and the Opposition both frame the alleged “cost of living crisis” as a problem of inflation rather than deflation. Indeed, the linguistic minefield around economic policy is so problematic that a whole separate article is required to examine it.

The key issue for us here is that the ‘cost-of-living’ framing – ie representation – in government circles is that the economy must be in an inflationary phase and therefore a deflationary policy is required. However, when the New Zealand public complain about the ‘cost-of-living’ they are saying that prices are too high compared to their incomes; it’s an ‘affordability crisis’, not an inflationary crisis. And clearly the deflationary retrenchment policies – meaning policies to slow the economy down, to instigate a recession – pursued by the government are a critical part of the problem. The government’s solution is to represent its actual class-war anti-growth policies as ‘pro-growth’ policies. And the Labour Opposition completely falls for the way the government frames New Zealand’s structural recession as a ‘cost-of-living’ crisis.

At present, New Zealand has near-record-high (north!?) ‘terms of trade’, only slightly below the record highs of 2022. New Zealand’s terms of trade are now 50% higher than they were in 2000, and nearly 100% higher than the dramatic lows of the mid-1970s and early 1980s. As when Brian Easton wrote In Stormy Seas: The Post-War New Zealand Economy in 1997, the terms of trade represented the stormy waves, some bigger than others; and the favourable crests of those waves were when New Zealand expected (and generally got) economic good times. The troughs during the Muldoon years – not Robert Muldoon’s fault; he never had the power to shift the tides of a stormy world – were very difficult times for Aotearoa New Zealand. In these terms the twenty-first century has been the ‘best of times’ for New Zealand, and the 2020s the ‘very best of times’. Yet they are also the ‘worst of times’, to reference Charles Dickens. (Many of our most potent truths come from literature.)

New Zealand, like other countries, has experienced economic cycles and economic shocks. Through my lifetime one consistent cycle has been the short ‘trade-cycle’, on average about 32 months. We are near the crest of that cycle now. The last quarterly growth peak, September 2022, led to an annual growth peak of 4% in the year-to June 2023. Based on the usual timing of the trade cycle, June 2025 will be the next quarterly peak. It will not be pretty, if that will be the best GDP data that we get on this government’s watch. Any positivity when the next GDP figures are released in September, in colloquial jargon, may be characterised as a ‘dead-cat bounce’.

The government is undertaking structural retrenchment under the cover of a ‘cost-of-living crisis’ that means very different things to different people. Insinuating that New Zealand has a crisis of inflation – taken as a synonym for ‘overspending’ – when it has a very real crisis of structural recession and growing unemployment, is a particularly cynical misrepresentation of reality.

Conclusion

We too easily fall for these misrepresentations of reality; for representations that, in our minds, become a reality like treacle; sets of overlayed representations which play tricks on our minds. That makes us, and our political Opposition parties, quite unable to form coherent critiques of the too many misrepresented and problematic things that are happening to us.

In New Zealand, although we are allegedly at the ‘bottom of the world’, in the Far Southeast (fortunately not in the incorrectly named ‘Middle East’!). We also pride ourselves as being in the West and in the Global North. What is genuinely true is that Aotearoa New Zealand is geographically very far from most of the rest of humanity. We could use that birds-eye bottom-of-the-world detached perspective to see past the labels, the frames, the self-serving narratives. We don’t have to play ‘silly buggers’ when the rest of the world is so-doing; we can cut through the ‘bullshit’, to use some more colloquial jargon. We can be the North Star of the South.

With escalating geopolitical wars, and plenty of undertested nuclear weapons in the hands of numerous political sociopaths, being at ‘the bottom of the world’ may not be such a great place to be. All of us of a certain age remember British, American, and French nuclear testing in Oceania. Some, a bit older, remember nuclear testing in Japan.

*******

Keith Rankin (keith at rankin dot nz), trained as an economic historian, is a retired lecturer in Economics and Statistics. He lives in Auckland, New Zealand.

MIL OSI Analysis – EveningReport.nz –

July 28, 2025

Vaccines prevented over 2.5 million COVID deaths worldwide: Study

Source: Government of India

Source: Government of India (4)

Vaccines have prevented more than 2.5 million deaths caused by SARS-CoV-2, the virus behind COVID-19, according to a new study.

Led by researchers from the Catholic University of the Sacred Heart in Italy, the study found that one COVID-related death was avoided for every 5,400 vaccine doses administered.

About 82% of the lives saved involved people who were vaccinated before contracting the virus. Additionally, 57% of the total lives saved were during the Omicron period, and 90% of the deaths prevented were among individuals aged 60 and above.

Overall, the study estimated that vaccines saved 14.8 million years of life globally—equivalent to one year of life saved for every 900 doses administered. The findings were published in the JAMA Health Forum journal.

“Previous studies attempted to estimate lives saved by vaccines using different models, timeframes, or regional data,” said Dr. Angelo Maria Pezzullo and Dr. Antonio Cristiano. “However, this study is the most comprehensive to date. It uses global data, includes the Omicron period, quantifies life years saved, and is based on fewer assumptions regarding pandemic trends.”

For the analysis, researchers examined global population data and applied a series of statistical models to determine who became ill with COVID-19—either before or after vaccination—and during or after the Omicron period, including age and mortality outcomes.

“We compared this data with modeled estimates assuming no COVID vaccination. This allowed us to calculate how many people were saved and the number of life years gained due to vaccination,” explained Dr. Pezzullo.

The study also revealed that 76% of the saved life years were among people over 60. However, residents of long-term care facilities accounted for only 2% of the total benefit.

Children and adolescents accounted for just 0.01% of lives saved and 0.1% of life years saved. Similarly, young adults aged 20–29 contributed 0.07% of lives saved and 0.3% of life years saved, the researchers noted.

—IANS

July 28, 2025

MIL-OSI Africa: Long-COVID, viruses and ‘zombie’ cells: new research looks for links to chronic fatigue and brain fog

Source: The Conversation – Africa – By Burtram C. Fielding, Dean Faculty of Sciences and Professor in the Department of Microbiology, Stellenbosch University

Millions of people who recover from infections like COVID-19, influenza and glandular fever are affected by long-lasting symptoms. These include chronic fatigue, brain fog, exercise intolerance, dizziness, muscle or joint pain and gut problems. And many of these symptoms worsen after exercise, a phenomenon known as post-exertional malaise.

Medically the symptoms are known as myalgic encephalomyelitis or chronic fatigue syndrome (ME/CFS). The World Health Organization classifies this as a post viral fatigue syndrome, and it is recognised by both the WHO and the United States Centers for Disease Control and Prevention as a brain disorder.

Experiencing illness long after contracting an infection is not new, as patients have reported these symptoms for decades. But COVID-19 has amplified the problem worldwide. Nearly half of people with ongoing post-COVID symptoms – a condition known as long-COVID – now meet the criteria for ME/CFS. Since the start of the pandemic in 2020, it is estimated that more than 400 million people have developed long-COVID.

To date, no widely accepted and testable mechanism has fully explained the biological processes underlying long-COVID and ME/CFS. Our work offers a new perspective that may help close this gap.

Our research group studies blood and the cardiovascular system in inflammatory diseases, as well as post-viral conditions. We focus on coagulation, inflammation and endothelial cells. Endothelial cells make up the inner layer of blood vessels and serve many important functions, like regulating blood clotting, blood vessel dilation and constriction, and inflammation.

Our latest review aims to explain how ME/CFS and long-COVID start and progress, and how symptoms show up in the body and its systems. By pinpointing and explaining the underlying disease mechanisms, we can pave the way for better clinical tools to diagnose and treat people living with ME/CFS and long-COVID.

What is endothelial senescence?

In our review, our international team proposes that certain viruses drive endothelial cells into a half-alive, “zombie-like” state called cellular senescence. Senescent endothelial cells stop dividing, but continue to release molecules that awaken and confuse the immune system. This prompts the blood to form clots and, at the same time, prevent clot breakdown, which could lead to the constriction of blood vessels and limited blood flow.

By placing “zombie” blood-vessel cells at the centre of these post-viral diseases, our hypothesis weaves together microclots, oxygen debt (the extra oxygen your body needs after strenuous exercise to restore balance), brain-fog, dizziness, gut leakiness (a digestive condition where the intestinal lining allows toxins into the bloodstream) and immune dysfunction into a single, testable narrative.

From acute viral infection to ‘zombie’ vessels

Viruses like SARS-CoV-2, Epstein–Barr virus, HHV-6, influenza A, and enteroviruses (a group of viruses that cause a number of infectious illnesses which are usually mild) can all infect endothelial cells. They enable a direct attack on the cells that line the inside of blood vessels. Some of these viruses have been shown to trigger endothelial senescence.

Multiple studies show that SARS-CoV-2 (the virus which causes COVID-19 disease) has the ability to induce senescence in a variety of cell types, including endothelial cells. Viral proteins from SARS-CoV-2, for example, sabotage DNA-repair pathways and push the host cell towards a senescent state, while senescent cells in turn become even more susceptible to viral entry. This reciprocity helps explain why different pathogens can result in the same chronic illness. Influenza A, too, has shown the ability to drive endothelial cells into a senescent, zombie-like state.

What we think is happening

We propose that when blood-vessel cells turn into “zombies”, they pump out substances that make blood thicker and prone to forming tiny clots. These clots slow down circulation, so less oxygen reaches muscles and organs. This is one reason people feel drained.

During exercise, the problem worsens. Instead of the vessels relaxing to allow adequate bloodflow, they tighten further. This means that muscles are starved of oxygen and patients experience a crash the day after exercise. In the brain, the same faulty cells let blood flow drop and leak, bringing on brain fog and dizziness.

In the gut, they weaken the lining, allowing bits of bacteria to slip into the bloodstream and trigger more inflammation. Because blood vessels reach every corner of the body, even scattered patches of these “zombie” cells found in the blood vessels can create the mix of symptoms seen in long-COVID and ME/CFS.

Immune exhaustion locks in the damage

Some parts of the immune system kill senescent cells. They are natural-killer cells, macrophages and complement proteins, which are immune molecules capable of tagging and killing pathogens. But long-COVID and ME/CFS frequently have impaired natural-killer cell function, sluggish macrophages and complement dysfunction.

Senescent endothelial cells may also send out a chemical signal to repel immune attack. So the “zombie cells” actively evade the immune system. This creates a self-sustaining loop of vascular and immune dysfunction, where senescent endothelial cells persist.

In a healthy person with an optimally functioning immune system, these senescent endothelial cells will normally be cleared. But there is significant immune dysfunction in ME/CFS and long-COVID, and this may enable the “zombie cells” to survive and the disease to progress.

Where the research goes next

There is a registered clinical trial in the US that is investigating senescence in long-COVID. Our consortium is testing new ways to spot signs of ageing in the cells that line our blood vessels. First, we expose healthy endothelial cells in the lab to blood from patients to see whether it pushes the cells into a senescent, or “zombie,” state.

At the same time, we are trialling non‑invasive imaging and fluorescent probes that could one day reveal these ageing cells inside the body. In selected cases, tissue biopsies may later confirm what the scans show. Together, these approaches aim to pinpoint how substances circulating in the blood drive cellular ageing and how that, in turn, fuels disease.

Our aim is simple: find these ageing endothelial cells in real patients. Pinpointing them will inform the next round of clinical trials and open the door to therapies that target senescent cells directly, offering a route to healthier blood vessels and, ultimately, lighter disease loads.

– Long-COVID, viruses and ‘zombie’ cells: new research looks for links to chronic fatigue and brain fog
– https://theconversation.com/long-covid-viruses-and-zombie-cells-new-research-looks-for-links-to-chronic-fatigue-and-brain-fog-261108

MIL OSI Africa –

July 27, 2025

MIL-OSI Submissions: Long-COVID, viruses and ‘zombie’ cells: new research looks for links to chronic fatigue and brain fog

Source: The Conversation – Africa (2) – By Burtram C. Fielding, Dean Faculty of Sciences and Professor in the Department of Microbiology, Stellenbosch University

Millions of people who recover from infections like COVID-19, influenza and glandular fever are affected by long-lasting symptoms. These include chronic fatigue, brain fog, exercise intolerance, dizziness, muscle or joint pain and gut problems. And many of these symptoms worsen after exercise, a phenomenon known as post-exertional malaise.

Medically the symptoms are known as myalgic encephalomyelitis or chronic fatigue syndrome (ME/CFS). The World Health Organization classifies this as a post viral fatigue syndrome, and it is recognised by both the WHO and the United States Centers for Disease Control and Prevention as a brain disorder.

Experiencing illness long after contracting an infection is not new, as patients have reported these symptoms for decades. But COVID-19 has amplified the problem worldwide. Nearly half of people with ongoing post-COVID symptoms – a condition known as long-COVID – now meet the criteria for ME/CFS. Since the start of the pandemic in 2020, it is estimated that more than 400 million people have developed long-COVID.

To date, no widely accepted and testable mechanism has fully explained the biological processes underlying long-COVID and ME/CFS. Our work offers a new perspective that may help close this gap.

Our research group studies blood and the cardiovascular system in inflammatory diseases, as well as post-viral conditions. We focus on coagulation, inflammation and endothelial cells. Endothelial cells make up the inner layer of blood vessels and serve many important functions, like regulating blood clotting, blood vessel dilation and constriction, and inflammation.

Our latest review aims to explain how ME/CFS and long-COVID start and progress, and how symptoms show up in the body and its systems. By pinpointing and explaining the underlying disease mechanisms, we can pave the way for better clinical tools to diagnose and treat people living with ME/CFS and long-COVID.

What is endothelial senescence?

In our review, our international team proposes that certain viruses drive endothelial cells into a half-alive, “zombie-like” state called cellular senescence. Senescent endothelial cells stop dividing, but continue to release molecules that awaken and confuse the immune system. This prompts the blood to form clots and, at the same time, prevent clot breakdown, which could lead to the constriction of blood vessels and limited blood flow.

By placing “zombie” blood-vessel cells at the centre of these post-viral diseases, our hypothesis weaves together microclots, oxygen debt (the extra oxygen your body needs after strenuous exercise to restore balance), brain-fog, dizziness, gut leakiness (a digestive condition where the intestinal lining allows toxins into the bloodstream) and immune dysfunction into a single, testable narrative.

From acute viral infection to ‘zombie’ vessels

Viruses like SARS-CoV-2, Epstein–Barr virus, HHV-6, influenza A, and enteroviruses (a group of viruses that cause a number of infectious illnesses which are usually mild) can all infect endothelial cells. They enable a direct attack on the cells that line the inside of blood vessels. Some of these viruses have been shown to trigger endothelial senescence.

Multiple studies show that SARS-CoV-2 (the virus which causes COVID-19 disease) has the ability to induce senescence in a variety of cell types, including endothelial cells. Viral proteins from SARS-CoV-2, for example, sabotage DNA-repair pathways and push the host cell towards a senescent state, while senescent cells in turn become even more susceptible to viral entry. This reciprocity helps explain why different pathogens can result in the same chronic illness. Influenza A, too, has shown the ability to drive endothelial cells into a senescent, zombie-like state.

What we think is happening

We propose that when blood-vessel cells turn into “zombies”, they pump out substances that make blood thicker and prone to forming tiny clots. These clots slow down circulation, so less oxygen reaches muscles and organs. This is one reason people feel drained.

During exercise, the problem worsens. Instead of the vessels relaxing to allow adequate bloodflow, they tighten further. This means that muscles are starved of oxygen and patients experience a crash the day after exercise. In the brain, the same faulty cells let blood flow drop and leak, bringing on brain fog and dizziness.

In the gut, they weaken the lining, allowing bits of bacteria to slip into the bloodstream and trigger more inflammation. Because blood vessels reach every corner of the body, even scattered patches of these “zombie” cells found in the blood vessels can create the mix of symptoms seen in long-COVID and ME/CFS.

Immune exhaustion locks in the damage

Some parts of the immune system kill senescent cells. They are natural-killer cells, macrophages and complement proteins, which are immune molecules capable of tagging and killing pathogens. But long-COVID and ME/CFS frequently have impaired natural-killer cell function, sluggish macrophages and complement dysfunction.

Senescent endothelial cells may also send out a chemical signal to repel immune attack. So the “zombie cells” actively evade the immune system. This creates a self-sustaining loop of vascular and immune dysfunction, where senescent endothelial cells persist.

In a healthy person with an optimally functioning immune system, these senescent endothelial cells will normally be cleared. But there is significant immune dysfunction in ME/CFS and long-COVID, and this may enable the “zombie cells” to survive and the disease to progress.

Where the research goes next

There is a registered clinical trial in the US that is investigating senescence in long-COVID. Our consortium is testing new ways to spot signs of ageing in the cells that line our blood vessels. First, we expose healthy endothelial cells in the lab to blood from patients to see whether it pushes the cells into a senescent, or “zombie,” state.

At the same time, we are trialling non‑invasive imaging and fluorescent probes that could one day reveal these ageing cells inside the body. In selected cases, tissue biopsies may later confirm what the scans show. Together, these approaches aim to pinpoint how substances circulating in the blood drive cellular ageing and how that, in turn, fuels disease.

Our aim is simple: find these ageing endothelial cells in real patients. Pinpointing them will inform the next round of clinical trials and open the door to therapies that target senescent cells directly, offering a route to healthier blood vessels and, ultimately, lighter disease loads.

Burtram C. Fielding works for Stellenbosch University. He has received funding from the National Research Foundation, South Africa and the Technology Innovation Agency.

Resia Pretorius is a Distinguished Research Professor at Stellenbosch University and receives funding from Balvi Research Foundation and Kanro Research Foundation. She is also affiliated with University of Liverpool as a Honorary Professor. Resia is a founding director of the Stellenbosch University start-up company, Biocode Technologies and has various patents related to microclot formation in Long COVID.

Massimo Nunes receives funding from Kanro Research Foundation.

– ref. Long-COVID, viruses and ‘zombie’ cells: new research looks for links to chronic fatigue and brain fog – https://theconversation.com/long-covid-viruses-and-zombie-cells-new-research-looks-for-links-to-chronic-fatigue-and-brain-fog-261108

MIL OSI –

July 27, 2025

MIL-OSI China: Beijing Youth Film Festival unveils initiative to empower young filmmakers

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

Organizers of the 6th Beijing Youth Film Festival announced the launch of eight major events for 2025 at a press conference in Beijing on July 24. The events aim to provide emerging filmmakers with professional growth opportunities while also contributing to Beijing’s cultural vibrancy and enhancing its profile as a global cinematic hub.

Actor Huang Xiaoming receives a certificate for his appointment as the image ambassador for the 6th Beijing Youth Film Festival from Li Enjie, president of the Beijing Cultural Development Foundation, during a press event in Beijing, July 24, 2025. [Photo courtesy of Beijing Cultural Development Foundation]

The youth film festival, an official affiliate event of the Beijing International Film Festival, is organized by the Beijing Cultural Development Foundation and will establish a full-industry-chain platform spanning creative incubation, academic exchange and screening promotion.

Lyu Hui, vice president of the foundation, said this year’s festival running from July to December arrives as Chinese cinema marks two historic moments — the 120th anniversary of Chinese film and a period of industry restructuring. The festival’s eight major events include a launch ceremony, film submissions, opening gala, thematic events, screenings and promotions, extended activities, filmmaker training camp and awards ceremony.

He said the festival had launched a new talent initiative to identify cinematographers, sound engineers and production designers through guild recommendations, strengthening industry specialization and providing comprehensive support for emerging filmmakers. It will also hold a public welfare training camp using a “small crew + long-term shooting” approach, with veterans mentoring up-and-coming filmmakers in short film production.

Submissions for outstanding films are now open and will be accepted through Nov. 18. The festival will conclude in December with an awards ceremony.

Lyu also expressed hopes of receiving entries related to the Chinese People’s War of Resistance Against Japanese Aggression and the World Anti-Fascist War, as 2025 marks the 80th anniversary of victory in both historic conflicts.

The festival will officially open in September, followed by academic forums and thematic exchanges. Screenings will primarily be held on university campuses, with additional theater and open-air showings. The event will further collaborate with Beijing-based resources to promote the integration of culture, commerce and tourism.

Also at the press conference, renowned director Cao Baoping was announced as president of the awards jury. Acclaimed actor Huang Xiaoming was named as the festival’s image ambassador, while rising actor Shang Yuxian was appointed promotional ambassador.

At the event, director Cao Baoping stated, “I will work with my fellow jurors to select the most meaningful and valuable works from all shortlisted films and provide all possible support and encouragement.”

Huang Xiaoming shared his reflections on youth and creativity: “True performance means shedding pretenses, breaking boundaries and embracing imperfection. That raw sincerity with bravery — even with its clumsiness and recklessness — forms the foundation of youth creation. The Beijing Youth Film Festival guards this creative courage: the courage to capture overlooked corners and tender emotions, to pave one’s cinematic path step by step, and to believe in the power of Chinese stories.”

The annual Beijing Youth Film Festival was launched in 2014 and restructured in 2018 to merge with the Beijing International Film Festival. However, the festival was put on hold for several years due to the pandemic.

Organizers and ambassadors pose for a group photo at the press conference for the 6th Beijing Youth Film Festival in Beijing, July 24, 2025. [Photo courtesy of Beijing Cultural Development Foundation]

Reflecting on the festival’s hiatus, Li Enjie, president of the Beijing Cultural Development Foundation, said: “Over the past few years, we’ve been delighted to see outstanding young directors, screenwriters and actors observe societal progress with fresh eyes, document our changing times, and convey warmth and empathy through film — demonstrating the cultural responsibility and creative vitality of China’s younger generation.”

“Supporting youth cinema has never been about simple charity or assistance. It’s a strategic investment in our cultural future,” he added. “Giving opportunities to young talent means enabling Chinese cinema’s growth, and more importantly, creating space for cultural prosperity.”

MIL OSI China News –

July 27, 2025

MIL-OSI USA: Senator Marshall: This is America’s Golden Age

US Senate News:

Source: United States Senator for Kansas Roger Marshall

Senator Marshall Joins Fox Business to Discuss President Trump’s First Six Months in Office
Washington – On Friday, U.S. Senator Roger Marshall, M.D. (R-Kansas), joined Maria Bartiromo on Fox Business’ Mornings with Maria to discuss the historic wins that the Trump Administration has secured in just six months, including tax cuts, a secure border, and multiple trade deals, as well as Democrats’ weaponization of the intelligence community.

Click HERE or on the image above to watch Senator Marshall’s full interview.
On President Trump’s First Six Months in Office:
“Well, we’re on Trump time right now. Maria, I think what’s more important is what the American people think. We did three telephone town halls, 5,000 Kansans on those phone calls, and over 80% of them feel our country’s generally going in the right direction.
“Now, by the way, 70% of them think work requirements are good as well. But this is the sort of a new golden era. The border is secure. We’re rolling back regulations. The price of gas and groceries are down. President Trump on these trade deals – major, major wins for all of Americans, but especially rural America, when it comes to agriculture and energy opportunities.”
On Senate Republicans’ work to pass Appropriations bills to avoid shutdown:
“Well, if there’s a is a shutdown, it’s on the back of Chuck Schumer. He’s doing everything he can to sabotage the process. On the other hand, under the leadership of Susan Collins and all these Appropriations Committees, they’ve got their work done.
“The big news here is that, actually, we’re going back to pre-pandemic spending levels, working towards a balanced budget. So we’ve done our work. The appropriations committees are passing those out in twenty-five to one unanimous in some of the twelve buckets you’re talking about.
“So, now we’ll have to bring them to the floor, and we’ll see if Chuck Schumer keeps eight Democrats from voting for those, so we’re doing our work. If anything, if this doesn’t come to fruition, it will be on the back of Chuck Schumer.”
On Democrats’ weaponization of the intelligence community:
“They lied to us about Joe Biden’s mental health. They lied to us about COVID. And of course, they’ve lied to us all things Russia, Russia, Russia.
“I do remember interviewing with you and going back to the FISA court abuse. I think in 2017 you were already covering that. This is the next chapter of that FISA court abuse. And in this case, it’s new evidence with President Obama’s fingerprints all over this.
“He took evidence that his intelligence agency said, look, there was no interference, and now, he’s turned that narrative around and then weaponized his intelligence community to paralyze President Trump’s presidency going forward.
“When I look at a story like this, the first thing I want to know is, what’s their motive? Well, the Democrats clearly had a motive here. They wanted to delegitimize the election, and they wanted to cripple President Trump’s agenda going forward. And to your point, they did just that.
“The next thing I asked, you know, does the story make sense? It makes 100% sense. I’m not a conspiracy theorist, but here we have again, this next chapter of the FISA court abuse. This would absolutely be the next chapter of this. Then, where’s the evidence? Well, here’s the evidence. The smoking gun, this document from the White House, this new document, which Tulsi Gabbard has uncovered, that President Obama literally switched the narrative, saying that Russia interfered with the election. He wanted to delegitimize that election and freeze out President Trump’s agenda and the will [of] the American people, by the way.”
On President Trump’s trade deals and deterring China:
“Well, Maria, I just want to again compliment President Trump and what he’s doing strategically with trade to try to put China in a box. If you think about his trade agreements, he’s done here, put the UK aside, but you mentioned earlier, trade agreements with Japan, all those South Sea countries right now, as well as Indonesia.
“Indonesia is the fourth largest country in the world, and what China is doing is they’re sending those goods to places like Indonesia and Vietnam, and then trying to get into the US on that lower tariff.
“So, President Trump is boxing in China right now, and I think he’s made it very, very clear as far as the fentanyl precursors go, and by the way, because the border secure, there’s less fentanyl coming into the country right now. There’s less crime. There’s less fentanyl poisoning as well.”

MIL OSI USA News –

July 27, 2025

MIL-OSI New Zealand: Building Code pause brings certainty to construction

Source: New Zealand Government

The Government is providing more certainty for the building sector by pausing any new major changes to the Building Code system, Building and Construction Minister Chris Penk has announced.

“The building sector has faced significant disruption over the past few years in dealing with the pandemic, supply chain challenges and a boom-and-bust cycle that has made the infrastructure pipeline unpredictable,” Mr Penk says.

“Up until now, the Ministry of Business, Innovation and Employment (MBIE) has typically conducted ongoing, rolling reviews of different parts of the Building Code.

“It’s time to bring stability and clarity to the system so the sector can confidently plan and move forward with the construction and infrastructure projects we need to build New Zealand into a world-class nation.

“Builders, designers and developers need a clear runway to plan ahead and invest with confidence, and ad hoc changes to Building Code requirements makes that difficult.

“That’s why we’re pausing any further major changes and moving to a predictable three-year cycle for Building Code system updates.

“This new approach will give businesses the clarity they need to prepare in advance, rather than constantly having to react to unexpected rule changes.

“Designers and builders will have more headspace to focus on their important work of building more homes and delivering infrastructure projects that support better public services, instead of constantly reworking plans or second-guessing what might change next.

“The pause applies only to major changes outside the three year cycle. The Government will continue to consider straightforward updates when needed – especially those that protect life safety and meet New Zealand’s trade obligations. Changes to support energy efficiency, the Building Product Specifications and fire safety will continue as planned.

“Supporting a strong and thriving building sector is an important part of driving the economic growth that benefits all Kiwis.

“This Government has already taken steps to improve productivity – including reforms that will allow trusted professionals to consent their own work, improving access to overseas products to lower building costs, and advancing legislation to make building granny flats easier.

“This next step is about giving the sector time, certainty and space to deliver.”

The first regular cycle of Building Code system updates will take place in 2028.

Note to editors:

New Zealand’s Building Code System includes the Building Code (found in regulations made under the Building Act 2004) and a range of technical compliance documents, including Acceptable Solutions and Verification Methods (AS/VMs), and the Building Product Specifications (BPS).
The Minister for Building and Construction is responsible for changes to regulations under the Building Act, and the Chief Executive of MBIE is responsible for any changes to technical compliance documents.

MIL OSI New Zealand News –

July 27, 2025

Category: Pandemic

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What is endothelial senescence?

From acute viral infection to ‘zombie’ vessels

What we think is happening

Immune exhaustion locks in the damage

Where the research goes next