Source: Government of Sweden
This material provides an overview of main areas of the Government policy on gender equality. It describes current political goals and strategies and gives a brief historical background to important reforms. It also identifies further remaining challenges and explains how the Government is addressing these and what measures are taken in order to initiate change.
Source: Government of Sweden
The shortage of workers with sought-after skills is one of the main obstacles to growth for companies in Sweden and has also become an obstacle to regional development. In light of this, the Government is allocating SEK 25 million in 2024 to strengthen coordination of the ongoing efforts of eleven government agencies linked to attracting and retaining international expertise.
Source: GlobeNewswire (MIL-OSI)
LEAWOOD, Kan., July 30, 2025 (GLOBE NEWSWIRE) — Euronet (“Euronet” or the “Company”) (NASDAQ: EEFT), a global leader in payments processing and cross-border transactions, announced today second quarter 2025 financial results.
Euronet reports the following consolidated results for the second quarter 2025 compared with the same period of 2024:
See the reconciliation of non-GAAP items in the attached financial schedules.
“I’m very pleased with the business’ constant currency operating profit growth of 13% and the margin expansion of 112 basis points—on its own, this is exciting. But, I’m more excited about our accomplishments to further our digital strategy through the acquisition of a leading credit card issuing platform – CoreCard – and the signing of a Ren agreement with one of the top three banks in the United States.
The acquisition of CoreCard fits nicely with our Ren platform. As described in a separate press release, this is not just a credit issuing platform, it’s a platform serving leading brands in the US, processing at scale, tried and tested. This premier product gives us yet more opportunity to go after the $10 billion issuing market where the market growth rates are much stronger outside the United States, which aligns strongly with our global business where more than 75% of our revenues are from outside the United States. Moreover, another exciting aspect of the issuing business is its margin opportunity, nearing 50 percent. It’s these kinds of initiatives that have contributed to our 20-year double digit growth rate and will continue to drive future growth – focused on digital payments. This acquisition is directly in line with our strategy to shift a stronger mix of our business toward the digital economy.
Not only did we advance our digital agenda with the credit issuing platform, we just signed an agreement with one of the top three banks in the United States for the deployment of our Ren ATM operating and switching product. While we have had many successes with Ren outside the US, this is not just the first agreement in the US we’ve signed, but it is with super impressive top-tiered bank – a real testament to the value proposition of Ren”, said Michael J. Brown, Euronet’s Chairman and Chief Executive Officer.
Segment and Other Results
The EFT Processing Segment reports the following results for the second quarter 2025 compared with the same period or date in 2024:
Constant currency revenue, operating income, and adjusted EBITDA growth in the second quarter 2025 was driven by market expansion, growth across most existing markets and the addition of access fees and an increase in interchange fees in certain markets.
The epay Segment reports the following results for the Q2 2025 compared with the same period or date in 2024:
Constant currency revenue growth was driven by continued payments and digital media growth. Operating income and adjusted EBITDA grew faster than revenue, driven by a shift in product mix and effective operating expense management. Transaction growth from payments and digital media was offset by a decrease in low margin mobile transactions in India.
The Money Transfer Segment reports the following results for the Q2 2025 compared with the same period or date in 2024:
Constant currency revenue growth was primarily driven by growth in cross-border transactions, partially offset by a decrease in intra-US transactions. Direct-to-consumer digital transactions grew by 29%, reflecting continued consumer demand for digital products. Operating income and adjusted EBITDA growth outpaced revenue growth due to gross margin expansion and leverage of scale. Additionally, the Money Transfer segment continued to expand both its market footprint through the acquisition of a 60% interest in Kyodai Remittance as well as its industry leading global payments network to now reach 4.1 billion bank accounts, 3.2 billion wallet accounts and 631,000 payment locations.
Corporate and Other reports $22.7 million of expense for the second quarter 2025 compared with $19.1 million for the second quarter 2024. The increase in corporate expenses is largely from the increase in long-term share-based compensation.
Balance Sheet and Financial Position
Unrestricted cash and cash equivalents on hand was $1,329.3 million as of June 30, 2025, compared to $1,393.6 million as of March 31, 2025. Total indebtedness was $2,438.1 million as of June 30, 2025, compared to $2,202.5 million as of March 31, 2025. Availability under the Company’s revolving credit facilities was approximately $884.2 million as of June 30, 2025.
The change in net cash is the result of cash generated from operations, working capital fluctuations and share repurchases of $2.3 million shares for $247 million during the second quarter.
Outlook
Taking into consideration recent trends in the business and the global economy, the Company anticipates its 2025 adjusted EPS will grow 12% to 16% year-over-year, consistent with its 10- and 20-year compounded annualized growth rates. This outlook does not include any changes that may develop in foreign exchange rates, interest rates or other unforeseen factors.
Non-GAAP Measures
In addition to the results presented in accordance with U.S. GAAP, the Company presents non-GAAP financial measures, such as constant currency financial measures, operating income, adjusted EBITDA, and adjusted earnings per share. These measures should be used in addition to, and not a substitute for, revenues, operating income, net income and earnings per share computed in accordance with U.S. GAAP. We believe that these non-GAAP measures provide useful information to investors regarding the Company’s performance and overall results of operations. These non-GAAP measures are also an integral part of the Company’s internal reporting and performance assessment for executives and senior management. The non-GAAP measures used by the Company may not be comparable to similarly titled non-GAAP measures used by other companies. The attached schedules provide a full reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measure.
The Company does not provide a reconciliation of its forward-looking non-GAAP measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for GAAP and the related GAAP and non-GAAP reconciliation, including adjustments that would be necessary for foreign currency exchange rate fluctuations and other charges reflected in the Company’s reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.
(1) Constant currency financial measures are computed as if foreign currency exchange rates did not change from the prior period. This information is provided to illustrate the impact of changes in foreign currency exchange rates on the Company’s results when compared to the prior period.
(2) Adjusted EBITDA is defined as net income excluding, to the extent incurred in the period, interest expense, income tax expense, depreciation, amortization, share-based compensation and other non-cash purchase accounting adjustments, non-operating or non-recurring items that are considered expenses or income under U.S. GAAP. Adjusted EBITDA represents a performance measure and is not intended to represent a liquidity measure.
(3) Adjusted earnings per share is defined as diluted U.S. GAAP earnings per share excluding, to the extent incurred in the period, the tax-effected impacts of: a) foreign currency exchange gains or losses, b) share-based compensation, c) acquired intangible asset amortization, d) non-cash income tax expense, e) non-cash investment gain f) other non-operating or non-recurring items and g) dilutive shares relate to the Company’s convertible bonds. Adjusted earnings per share represent a performance measure and is not intended to represent a liquidity measure.
Conference Call and Slide Presentation
Euronet Worldwide will host an analyst conference call on July 31, 2025, at 9:00 a.m. Eastern Time to discuss these results. The call may also include discussion of Company developments on the Company’s operations, forward-looking information, and other material information about business and financial matters. The conference call and accompanying slide show presentation will be accessible via webcast by following the link posted on http://ir.euronetworldwide.com. Participants wanting to access the conference call by telephone should dial (800)715-9871 (USA) or (646)307-1963 (international).
A webcast replay will be available beginning approximately one hour after the event at http://ir.euronet worldwide.com and will remain available for one year.
About Euronet Worldwide, Inc.
A global leader in payments processing and cross-border transactions, Euronet moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit processing, ATMs, point-of-sale services, branded payments, currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone. Visit the company’s website at www.euronetworldwide.com.
Starting in Central Europe in 1994, Euronet now supports an extensive global real-time digital and cash payments network that includes 57,326 installed ATMs, approximately 1.2 million EFT point-of-sale terminals and a growing portfolio of outsourced debit and credit card services which are under management in 69 countries; card software solutions; a prepaid processing network of approximately 721,000 point-of-sale terminals at approximately 354,000 retailer locations in 64 countries; and a global money transfer network of approximately 631,000 locations serving 200 countries and territories with digital connections to 4.1 billion bank accounts, 3.2 billion digital wallet accounts and 4.0 billion Visa debit cards through Visa Direct payments. Euronet serves clients from its corporate headquarters in Leawood, Kansas, USA, and 67 worldwide offices. For more information, please visit the company’s website at www.euronetworldwide.com.
Cautionary Statement Regarding Forward-Looking Statements
This communication contains “forward-looking statements” within the United States Private Securities Litigation Reform Act of 1995. You can identify these statements and other forward-looking statements in this document by words such as “may,” “will,” “should,” “can,” “could,” “anticipate,” “estimate,” “expect,” “predict,” “project,” “future,” “potential,” “intend,” “plan,” “assume,” “believe,” “forecast,” “look,” “build,” “focus,” “create,” “work,” “continue,” “target,” “poised,” “advance,” “drive,” “aim,” “forecast,” “approach,” “seek,” “schedule,” “position,” “pursue,” “progress,” “budget,” “outlook,” “trend,” “guidance,” “commit,” “on track,” “objective,” “goal,” “strategy,” “opportunity,” “ambitions,” “aspire” and similar expressions, and variations or negative of such terms or other variations thereof. Words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements.
Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such statements regarding the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement’), dated as of July 30, 2025, by and among CoreCard, Euronet and Genesis Merger Sub Inc. (the “Transaction”), including the expected timing of the closing of the Transaction; future financial and operating results; benefits and synergies of the Transaction; future opportunities for the combined company; the conversion of equity interests contemplated by the Merger Agreement; the issuance of common stock of Euronet contemplated by the Merger Agreement; the expected filing by Euronet with the SEC of the Registration Statement and the proxy statement/prospectus; the ability of the parties to complete the proposed Transaction considering the various closing conditions and any other statements about future expectations that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All such forward-looking statements are based upon current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions, many of which are beyond the control of Euronet and CoreCard, that could cause actual results to differ materially from those expressed in such forward-looking statements. Key factors that could cause actual results to differ materially include, but are not limited to, the expected timing and likelihood of completion of the Transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the Transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement; the possibility that CoreCard’s shareholders may not approve the Transaction; the risk that the parties may not be able to satisfy the conditions to the Transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the Transaction; the risk that any announcements relating to the Transaction could have adverse effects on the market price of Euronet’s common stock; the risk that the Transaction and its announcement could have an adverse effect on the parties’ business relationships and business generally, including the ability of CoreCard or Euronet to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers, and on their operating results and businesses generally; the risk of unforeseen or unknown liabilities; customer, shareholder, regulatory and other stakeholder approvals and support; the risk of potential litigation relating to the Transaction that could be instituted against CoreCard or its directors and/or officers; the risk associated with third party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the Transaction which are not waived or otherwise satisfactorily resolved; the risk of rating agency actions and Euronet’s ability to access short- and long-term debt markets on a timely and affordable basis; the risk of various events that could disrupt operations, including: conditions in world financial markets and general economic conditions; inflation; the war in Ukraine and the related economic sanctions; and military conflicts in the Middle East.
These risks, as well as other risks related to the proposed Transaction, will be described in the Registration Statement that will be filed with the SEC in connection with the proposed Transaction. While the list of factors presented here and the list of factors to be presented in the Registration Statement are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Additional factors that may affect future results are contained in each company’s filings with the SEC, including each company’s most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K, all of which are available at the SEC’s website http://www.sec.gov. Euronet regularly posts important information to the investor relations section of its website. Any forward-looking statements made in this release speak only as of the date of this release. Except as may be required by law, neither Euronet nor CoreCard intends to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances.
Important Information for Investors and Stockholders
In connection with the proposed transaction, Euronet plans to file with the SEC a registration statement on Form S-4 (the “Registration Statement”), which will include a proxy statement of CoreCard that also constitutes a prospectus of Euronet, and any other documents in connection with the transaction. After the Registration Statement has been declared effective by the SEC, the definitive proxy statement/prospectus will be sent to the holders of common stock of CoreCard. INVESTORS AND SHAREHOLDERS OF CORECARD AND EURONET ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT EURONET, CORECARD, THE TRANSACTION AND RELATED MATTERS. The registration statement and proxy statement/prospectus and other documents filed by Euronet or CoreCard with the SEC, when filed, will be available free of charge at the SEC’s website at www.sec.gov. Alternatively, investors and stockholders may obtain free copies of documents that are filed or will be filed with the SEC by Euronet, including the registration statement and the proxy statement/prospectus, on Euronet’s website at https://ir.euronetworldwide.com/for-investors, and may obtain free copies of documents that are filed or will be filed with the SEC by CoreCard, including the proxy statement/prospectus, on CoreCard’s website at https://investors.CoreCard.com/. The information included on, or accessible through, Euronet’s or CoreCard’s website is not incorporated by reference into this press release.
No Offer or Solicitation
This press release is not intended to and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to appropriate registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Participants in the Solicitation
Euronet and CoreCard and their respective directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies from CoreCard’s shareholders in connection with the proposed Transaction. A description of participants’ direct or indirect interests, by security holdings or otherwise, will be included in the proxy statement/prospectus relating to the proposed Transaction when it is filed with the SEC. Information regarding Euronet’s directors and executive officers is contained in the definitive proxy statement, dated April 4, 2025, for its 2025 annual meeting of stockholders, and in Euronet’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Information regarding CoreCard’s directors and executive officers is contained in CoreCard’s definitive proxy statement, dated April 14, 2025, for its 2025 annual meeting of shareholders, and CoreCard’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Additional information regarding ownership of Euronet’s securities by its directors and executive officers, and of ownership of CoreCard’s securities by its directors and executive officers, is included in each such person’s SEC filings on Forms 3 and 4. These documents and the other SEC filings described in this paragraph may be obtained free of charge as described above under the heading “Important Information for Investors and Stockholders.”
| EURONET WORLDWIDE, INC. |
| Condensed Consolidated Balance Sheets |
| (in millions) |
| As of | |||||
| June 30, | As of | ||||
| 2025 | December 31, | ||||
| (unaudited) | 2024 | ||||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ | 1,329.3 | $ | 1,278.8 | |
| ATM cash | 937.4 | 643.8 | |||
| Restricted cash | 40.3 | 9.2 | |||
| Settlement assets | 1,547.1 | 1,522.7 | |||
| Trade accounts receivable, net | 328.4 | 284.9 | |||
| Prepaid expenses and other current assets | 353.8 | 297.1 | |||
| Total current assets | 4,536.3 | 4,036.5 | |||
| Property and equipment, net | 365.0 | 329.7 | |||
| Right of use lease asset, net | 152.5 | 132.1 | |||
| Goodwill and acquired intangible assets, net | 1,160.4 | 1,048.1 | |||
| Other assets, net | 340.7 | 288.1 | |||
| Total assets | $ | 6,554.9 | $ | 5,834.5 | |
| LIABILITIES AND EQUITY | |||||
| Current liabilities: | |||||
| Settlement obligations | $ | 1,547.1 | $ | 1,522.7 | |
| Accounts payable and other current liabilities | 898.3 | 842.3 | |||
| Current portion of operating lease obligations | 55.0 | 48.3 | |||
| Short-term debt obligations | 1,434.8 | 812.7 | |||
| Total current liabilities | 3,935.2 | 3,226.0 | |||
| Debt obligations, net of current portion | 1,002.3 | 1,134.4 | |||
| Operating lease obligations, net of current portion | 100.8 | 87.4 | |||
| Capital lease obligations, net of current portion | 1.0 | 1.4 | |||
| Deferred income taxes | 64.4 | 71.8 | |||
| Other long-term liabilities | 87.8 | 84.3 | |||
| Total liabilities | 5,191.5 | 4,605.3 | |||
| Total equity | 1,363.4 | 1,229.2 | |||
| Total liabilities and equity | $ | 6,554.9 | $ | 5,834.5 | |
| EURONET WORLDWIDE, INC. |
| Consolidated Statements of Operations |
| (unaudited – in millions, except share and per share data) |
| Three Months Ended | |||||||
| June 30, | |||||||
| 2025 | 2024 | ||||||
| Revenues | $ | 1,074.3 | $ | 986.2 | |||
| Operating expenses: | |||||||
| Direct operating costs, exclusive of depreciation | 620.6 | 580.8 | |||||
| Salaries and benefits | 173.5 | 158.0 | |||||
| Selling, general and administrative | 87.8 | 79.4 | |||||
| Depreciation and amortization | 33.8 | 33.7 | |||||
| Total operating expenses | 915.7 | 851.9 | |||||
| Operating income | 158.6 | 134.3 | |||||
| Other income (expense): | |||||||
| Interest income | 6.2 | 5.9 | |||||
| Interest expense | (28.2 | ) | (20.1 | ) | |||
| Foreign currency exchange loss, net | (5.7 | ) | 1.5 | ||||
| Other income | 0.4 | 0.8 | |||||
| Total other expense, net | (27.3 | ) | (11.9 | ) | |||
| Income before income taxes | 131.3 | 122.4 | |||||
| Income tax expense | (33.6 | ) | (39.2 | ) | |||
| Net income | 97.7 | 83.2 | |||||
| Net loss attributable to noncontrolling interests | (0.1 | ) | (0.1 | ) | |||
| Net income attributable to Euronet Worldwide, Inc. | $ | 97.6 | $ | 83.1 | |||
| Add: Interest expense from assumed conversion of convertible notes, net of tax | 0.1 | 1.0 | |||||
| Net income for diluted earnings per share calculation | $ | 97.7 | $ | 84.1 | |||
| Earnings per share attributable to Euronet | |||||||
| Worldwide, Inc. stockholders – diluted | $ | 2.27 | $ | 1.73 | |||
| Diluted weighted average shares outstanding | 42,954,631 | 48,700,270 | |||||
| EURONET WORLDWIDE, INC. |
| Reconciliation of Net Income to Operating Income (Expense) to Operating Income (Expense) and Adjusted EBITDA |
| (unaudited – in millions) |
.
| Three months ended June 30, 2025 | |||||||||||||||
| EFT Processing |
epay | Money Transfer |
Corporate Services |
Consolidated | |||||||||||
| Net income | $ | 97.7 | |||||||||||||
| Add: Income tax expense | 33.6 | ||||||||||||||
| Add: Total other expense, net | 27.3 | ||||||||||||||
| Operating income (expense) | $ | 84.6 | $ | 31.1 | $ | 65.6 | $ | (22.7 | ) | $ | 158.6 | ||||
| Add: Depreciation and amortization | 26.0 | 1.7 | 6.0 | 0.1 | 33.8 | ||||||||||
| Add: Share-based compensation | — | — | — | 13.8 | 13.8 | ||||||||||
| Earnings before interest, taxes, depreciation, amortization, share-based compensation (Adjusted EBITDA) |
$ | 110.6 | $ | 32.8 | $ | 71.6 | $ | (8.8 | ) | $ | 206.2 | ||||
.
| Three months ended June 30, 2024 | |||||||||||||||
| EFT Processing |
epay | Money Transfer |
Corporate Services |
Consolidated | |||||||||||
| Net income | $ | 83.2 | |||||||||||||
| Add: Income tax expense | 39.2 | ||||||||||||||
| Add: Total other expense, net | 11.9 | ||||||||||||||
| Operating income (expense) | $ | 79.9 | $ | 26.2 | $ | 47.3 | $ | (19.1 | ) | $ | 134.3 | ||||
| Add: Depreciation and amortization | 25.1 | 1.8 | 6.7 | 0.1 | 33.7 | ||||||||||
| Add: Share-based compensation | — | — | — | 10.2 | 10.2 | ||||||||||
| Earnings before interest, taxes, depreciation, amortization, share-based compensation (Adjusted EBITDA) (1) |
$ | 105.0 | $ | 28.0 | $ | 54.0 | $ | (8.8 | ) | $ | 178.2 | ||||
(1) Adjusted EBITDA is a non-GAAP measure that should be considered in addition to, and not a substitute for, net income computed in accordance with U.S. GAAP.
| EURONET WORLDWIDE, INC. Reconciliation of Adjusted Earnings per Share (unaudited – in millions, except share and per share data) |
|||||||
| Three Months Ended | |||||||
| June 30, | |||||||
| 2025 | 2024 | ||||||
| Net income attributable to Euronet Worldwide, Inc. | $ | 97.6 | $ | 83.1 | |||
| Foreign currency exchange loss (gain) | 5.7 | (1.5 | ) | ||||
| Intangible asset amortization (1) | 4.7 | 6.5 | |||||
| Share-based compensation (2) | 13.8 | 10.2 | |||||
| Income tax effect of above adjustments (3) | (13.7 | ) | 4.3 | ||||
| Non-cash investment gain (4) | (0.4 | ) | — | ||||
| Non-cash GAAP tax expense (5) | 3.0 | 1.9 | |||||
| Adjusted earnings (6) | $ | 110.7 | $ | 104.5 | |||
| Adjusted earnings per share – diluted (6) | $ | 2.56 | $ | 2.25 | |||
| Diluted weighted average shares outstanding (GAAP) | 42,954,631 | 48,700,270 | |||||
| Effect of adjusted EPS dilution of convertible notes | (176,123 | ) | (2,781,818 | ) | |||
| Effect of unrecognized share-based compensation on diluted shares outstanding |
406,912 | 420,305 | |||||
| Adjusted diluted weighted average shares outstanding | 43,185,420 | 46,338,757 | |||||
(1) Intangible asset amortization of $4.7 million and $6.5 million are included in depreciation and amortization expense of $33.8 million and $33.7 million for both the three months ended June 30, 2025 and June 30, 2024, in the consolidated statements of operations.
(2) Share-based compensation of $13.8 million and $10.2 million are included in salaries and benefits expense of $173.5 million and $158.0 million for the three months ended June 30, 2025 and June 30, 2024, respectively, in the consolidated statements of operations.
(3) Adjustment is the aggregate U.S. GAAP income tax effect on the preceding adjustments determined by applying the applicable statutory U.S. federal, state and/or foreign income tax rates.
(4) Non-cash investment gain of $0.4 million is included in other income in the consolidated statement of operations.
(5) Adjustment is the non-cash GAAP tax impact recognized on certain items such as the utilization of certain material net deferred tax assets and amortization of indefinite-lived intangible assets.
(6) Adjusted earnings and adjusted earnings per share are non-GAAP measures that should be considered in addition to, and not as a substitute for, net income and earnings per share computed in accordance with U.S. GAAP.
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra
With parliament now finished its first fortnight’s session, attention will soon be on the government’s August 19-21 economic reform roundtable, bringing together business, unions, experts and community representatives to pursue consensus on ways to lift Australia’s flagging productivity.
Independent member for Wentworth Allegra Spender is one of the 25 participants invited to the roundtable. She’s particularly focused on tax reform and last week held a tax roundtable of her own.
Spender joined the podcast to talk about making tax fairer, the need for greater economic reform, climate policy, the social media ban for under 16s, a ceasefire in Gaza, and more.
On her ambitions on tax policy, Spender says income tax indexation is something that would benefit younger, working Australians:
Myself and actually another number of crossbenchers […] wrote to both the government and the opposition last term, really pushing for tax indexation. And really the heart of this is startling statistics from last term. The [Reserve Bank of Australia] put out some information that showed that bracket creep was a bigger impost on average households’ budgets than the RBA increases in the interest rate.
[…] Just to give you two statistics about young working people: households over the age of 65, in the last 10 odd years, have grown their wealth by around 50%. Households under the age of 35 have not grown their worth at all, pretty much. So they are going backwards relative to the rest of the country. A household, two households, both on a $100,000, sitting next to each other. If [one] household is retired, they have to pay on average half the tax of a working age household.
Spender says the system is stacked against young people, who “are really struggling economically compared to previous generations”.
It’s in your early and midlife that you need money for housing, to raise kids and everything else. So we don’t have a tax system that works for younger people. We have a tax system that burdens younger people strongly and then actually gives people more tax breaks when they’re older, and normally wealthier.
On climate targets, Spender says while she’ll be guided by the yet-to-be-provided Climate Change Authority’s advice, she wants to see Australia “try and lead other countries” – pointing to the United Kingdom, which has set a target to cut emissions by at least 81% by 2035.
The Climate Change Authority put out their interim guidance to say that a target within 65 to 75% [emissions reduction on 2005 levels] was both achievable from an economic point of view and also appropriate towards a scientific point of view.
My view is that we should be at the very top end of that. Now, if the Climate Change Authority significantly reviews, you know, revises down their targets, I will reconsider. But I think really what we should be doing is to say how can we be as ambitious as possible. And the reason I think that is important is actually, you know, from a business point of view, ambition and certainty is what they need to make the big investments that will actually achieve it.
Ambition is needed from a scientific point of view, because if we took, say, less than 75% [emissions reduction], and the rest of the world did too, we would be looking at outcomes that are catastrophic for Australia. Regular days in Sydney and Melbourne that are above 50 degrees. A huge loss of coral reef. Continued adverse weather events.
On the news that the government will include YouTube in its social media ban for under 16s, Spender says it’s now up to social media companies to make their websites safer to lift the bans.
My eldest daughter [who’s 12] has a strong view on this. And she’s actually a big fan of the ban. She was like, ‘I just don’t understand how it makes sense to leave YouTube in and TikTok out’. […] She’s not on social media, but other people are, and she finds it sometimes frustrating.
But I think the challenge on this is always going to be the implementation. I think it’s fiendishly complicated to implement. I think genuinely the most valuable part of this ban is actually the signal to families and parents about what is expected and what isn’t.
[…] I think the ball’s in the social media companies’ courts. If they want to move to a life beyond the ban, they need to show how they can make their platforms safe for younger Australians, because I don’t think they have delivered that to date. So I’d be open if they can provide the evidence of how they can change things. I’m always open minded to reversing or changing those bans. But at the moment, [social media] isn’t safe.
Michelle Grattan 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. Politics with Michelle Grattan: independent MP Allegra Spender on making tax fairer for younger Australians – https://theconversation.com/politics-with-michelle-grattan-independent-mp-allegra-spender-on-making-tax-fairer-for-younger-australians-262225
Source: Government of Sweden
Preventing and combating men’s violence against women and honour-based violence and oppression is a highly prioritised issue in action for gender equality. Through its gender equality policy, the Government is investing over SEK 600 million in this area in 2024. The appropriation directions given to several government agencies have given them important mandates to strengthen these efforts, which require long-term sustainability and persistence.
Source: People’s Republic of China – State Council News
China’s local governments issued new bonds worth over 2.6 trillion yuan (about 365.71 billion U.S. dollars) in the first six months of this year, data from the Ministry of Finance showed on Wednesday.
Of the total, general-purpose bond issuance came in at 452 billion yuan for the period and special-purpose bond issuance amounted to over 2.1 trillion yuan.
From January to June, local government bonds were issued with an average term of 15.9 years and at an average interest rate of 1.92 percent.
By the end of last month, China’s outstanding local government debts stood at approximately 51.95 trillion yuan, the ministry said.
China has pledged a more proactive fiscal policy this year to shore up sustained economic and social development.
The country plans to issue 4.4 trillion yuan of local government special-purpose bonds in 2025, marking an increase of 500 billion yuan from last year, according to this year’s government work report.
Source: New Development Bank
Johannesburg, South Africa – on July 22, 2025, The New Development Bank (NDB) and the South African National Roads Agency Soc Limited (SANRAL) have today signed a landmark loan agreement worth ZAR7 billion to finance the rehabilitation and expansion of key national road segments. This strategic partnership reflects a shared commitment to modernizing South Africa’s transport infrastructure, reducing logistics costs, and boosting economic growth.
The loan agreement will fund critical upgrades including the widening of highways, rehabilitation of bridges, and improvement of intersections along major freight corridors. These infrastructure enhancements are expected to significantly reduce travel times, improve road safety, and facilitate smoother movement of goods and people across the country.
To optimise financial efficiency, the loan is denominated in South African Rand (ZAR), which helps reduce debt financing charges by mitigating currency risk and aligning repayment obligations with local revenue streams.
South Africa’s transport sector plays a vital role in the national economy, and efficient road networks are essential for supporting trade, tourism, and job creation. By investing in the modernization of its road infrastructure, SANRAL aims to lower transportation costs for the majority of road users in South Africa, enhance connectivity between urban and rural areas, and stimulate inclusive economic development.
This financing aligns with the New Development Bank’s mission to support sustainable infrastructure projects that foster regional integration and economic resilience. As Mr. Monale Ratsoma, Chief Financial Officer, explained, “This loan agreement with SANRAL demonstrates the New Development Bank’s commitment to partnering with South Africa in building resilient and efficient infrastructure that drives economic transformation. We are proud to support projects that will improve the quality of life for millions of South Africans.”
From SANRAL’s perspective, Reginald Demana, Chief Executive Officer, emphasised, “The investment from the New Development Bank is a vital step towards upgrading our national road network. It will enable us to deliver safer, more reliable roads that underpin economic growth and social development.
The signing ceremony took place in Johannesburg at NDB’s Africa Regional Office and was attended by senior officials from both organisations, highlighting the strong cooperation between the New Development Bank and South African government agencies.
Background Information
New Development Bank
NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.
For more information on NDB, please visit www.ndb.int
South African National Roads Agency LTD
The South African National Roads Agency (SANRAL) is an independent, statutory company. South Africa’s Ministry of Transport is the sole shareholder and owner of SANRAL. Its mandate focuses on building and maintaining roads to enhance connectivity and development in South Africa.
US Senate News:
Source: United States Senator for Vermont – Bernie Sanders
WASHINGTON, July 30 – Sen. Bernie Sanders (I-Vt.) today released the following statement after forcing a vote on the floor of the United States Senate to block the sale of arms to Israel:
By a vote of 27-17, the members of the Senate Democratic caucus voted to stop sending arms shipments to a Netanyahu government which has waged a horrific, immoral, and illegal war against the Palestinian people.
The tide is turning. The American people do not want to spend billions to starve children in Gaza.
The Democrats are moving forward on this issue, and I look forward to Republican support in the near future.
Source: Government of Sweden
How many people work at the Government Offices? What was the central government budget like last year? How many acts and ordinances were issued last year? The answer to these and other questions can be found in the Swedish Government Offices Yearbook 2022.
Source: United States House of Representatives – Congressman August Pfluger (TX-11)
Washington, July 22, 2025
WASHINGTON, DC — Congressman August Pfluger (TX-11), Chairman of the House Homeland Security Subcommittee on Counterterrorism and Intelligence, released the following statement after the House Republican Conference selected Rep. Andrew Garbarino (R-NY) to serve as the next Chairman of the House Committee on Homeland Security:
“Congratulations to my colleague, Andrew Garbarino, on his selection as the next Chairman of the U.S. House Committee on Homeland Security. His appointment reflects a strong commitment to securing our borders, strengthening cybersecurity, and protecting our critical infrastructure. Under President Trump’s leadership, we have made historic strides in national security, and I am confident that Chairman Garbarino will continue that momentum to meet today’s evolving threats. As Chairman of the Homeland Security Subcommittee on Counterterrorism, I look forward to working alongside him in our shared mission to safeguard the American people and defend the Homeland.”
Source: People’s Republic of China – Ministry of National Defense
HONG KONG, July 30 (Xinhua) — The Hong Kong Garrison of the Chinese People’s Liberation Army (PLA) on Wednesday held a reception to celebrate the 98th anniversary of the founding of the PLA at Stonecutters Island Barracks, attended by around 400 people.
John Lee, chief executive of the Hong Kong Special Administrative Region (HKSAR), Zhou Ji, director of the Liaison Office of the Central People’s Government in the HKSAR, Dong Jingwei, director of the Office for Safeguarding National Security of the Central People’s Government in the HKSAR, Cui Jianchun, commissioner of the Chinese Foreign Ministry in the HKSAR, Peng Jingtang, commander of the Chinese PLA Hong Kong Garrison, Lai Ruxin, political commissar of the PLA Hong Kong Garrison, veterans of the Hong Kong Independent Battalion of the Dongjiang Column, and people from all walks of life in Hong Kong attended the event.
In his speech, Peng said that over the past 98 years, under the strong leadership of the Communist Party of China (CPC), the PLA have endured the flames of war and made remarkable historical contributions to the party and the people.
Peng said that this year marks the 80th anniversary of victory in the Chinese People’s War of Resistance against Japanese Aggression and in the World Anti-Fascist War. Led by the CPC, the Hong Kong Independent Battalion of the Dongjiang Column played a vital role in defending Hong Kong and fighting against Japanese invaders, making an important contribution to the global victory over fascism.
Peng also reviewed the hard work of the PLA garrison in Hong Kong, which has faithfully fulfilled its sacred duty of safeguarding Hong Kong’s long-term prosperity and stability, serving as a vital anchor of security and reassurance.
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Source: People’s Republic of China – State Council News
Customs operations at the Hainan Free Trade Port, which will be completely independent island-wide from mid-December, are expected to strengthen the port’s connectivity with Asia-Pacific economies and boost its appeal to global investors, said market watchers and business leaders.
They said that the move, which follows a policy announcement by the government earlier this month, would elevate Hainan’s strategic position in international trade and economic relations, enabling the island to serve as a unique platform for global business cooperation, particularly in sectors seeking closer integration with international markets.
The policy envisages the establishment of a designated area, under the special supervision of Customs authorities, that covers the whole island of Hainan.
Yu Tao, a researcher at the National Institute for South China Sea Studies in Haikou, Hainan province, said the island-wide independent Customs operation will preserve the Hainan FTP’s close economic ties with the Chinese mainland and support the development of a unified national market.
Building a unified national market is essential to unleashing domestic demand, facilitating the efficient flow of goods and factors, improving resource allocation and fully harnessing the market’s industrial and demand advantages, according to information released by the Research Office of the State Council.
In addition, the newly released negative list clearly defines, for the first time, the full scope of goods and items subject to import and export restrictions in the Hainan FTP, said Yu.
“Based on favorable policies, the list offers clearer regulatory guidance for businesses and enhances trade liberalization and facilitation through more relaxed administrative measures,” he added.
Zhou Mi, a researcher at the Beijing-based Chinese Academy of International Trade and Economic Cooperation, expressed a similar view.
“The policy’s appeal goes beyond consumer-facing imports and is expected to drive a broader restructuring of manufacturing across the Asia-Pacific region, fostering a trade environment distinct from existing frameworks,” he said.
Zhou said Hainan will become a more attractive destination for investment and industrial development, significantly lowering operating costs for businesses in the Asia-Pacific region.
For instance, the scope of zero-tariff goods will expand from the current 1,900 tariff lines to about 6,600, covering about 74 percent of all tariff lines — an increase of nearly 53 percentage points compared with the level before the policy’s implementation at the end of this year, said the Ministry of Finance.
Zhou noted that the intensified market competition may prompt adjustments or relocations in traditional industries such as manufacturing, biomedicine, duty-free retail and hospitality, potentially changing the existing income structure of local residents.
The actual utilization of foreign capital in Hainan reached 102.5 billion yuan ($14.3 billion) over the past five years, with an average annual growth rate of 14.6 percent. Meanwhile, its offshore duty-free sales have grown rapidly, accounting for over 8 percent of the global duty-free market, data from the Hainan provincial government showed.
With China creating more favorable conditions to drive the opening-up in the Hainan FTP, DFS Group, a part of French multinational LVMH Group, and Shanghai-based Shenya Group will jointly build a mega luxury retail complex in Sanya, Hainan.
Scheduled for completion in 2026, this project is expected to generate more than 1,000 jobs and spur the development of related businesses, including infrastructure, logistics, and hotel and catering services in the Hainan FTP, said Nancy Liu, president of DFS China.
She said the project is expected to attract between 16 million and 18 million visitors yearly by 2030 and create lucrative commercial opportunities for Sanya.
Source: United States House of Representatives – Congressman Steny H Hoyer (MD-05)
WASHINGTON, DC – Congressman Steny H. Hoyer (MD-05), Ranking Member of the Financial Services and General Government (FSGG) Appropriations Subcommittee, released the following statement today after reports that the Internal Revenue Service (IRS) has cancelled the Direct File program:
“Internal Revenue Service (IRS) Commissioner Billy Long’s announcement that the Direct File program is cancelled echoes the same message that Donald Trump and his Republican allies have been sending to the American people for years: ‘you’re on your own.’ If you’re among the 72% of Americans who would like a fast, easy, and free method to file your taxes, you’re on your own now that the administration has eliminated Direct File.
“Direct File worked. Over the past two years, hundreds of thousands of Americans across 25 states participated in the Direct File pilot program to file their taxes for free. In 2024, 90% of those taxpayers rated their experience with Direct File as ‘excellent’ or ‘above average.’ During the most recent tax season, that figure increased to 94%. Crucially, on average, Direct File saved participants $160 and hours of time they would have normally spent filing their taxes.
“That’s why I helped lead Democrats’ efforts to establish Direct File through the Inflation Reduction Act: to save Americans time and money. The federal government requires Americans to pay their taxes, thus it ought to provide them a free and easy way to do so. That logic is lost on the Trump Administration. He may be telling Americans they’re on their own, but I will keep fighting for them by standing up for Direct File and other programs that lower their costs and make their lives easier.”
Source: Government of Sweden
In December, Minister for Justice Gunnar Strömmer held a meeting with representatives of a number of government agencies, academia and municipalities to discuss a new comprehensive strategy against violent extremism and terrorism. The Government had previously announced that a new strategy against violent extremism and terrorism would be drafted.
Source: Government of India
Source: Government of India (4)
President Donald Trump has said that India and the US were still negotiating a trade deal despite his threat to impose a 25 per cent tariff, and a final decision may be known by the end of the week.
“We’re talking to India now, we’ll see what happens,” he said on Wednesday, hours after he had threatened the 25 per cent tariffs and the 100 per cent penalty for buyers of Russian energy he had proposed. He said that India, which he asserted has one of the highest tariffs in the world, was now “willing to cut it very substantially.”
However, he was silent on the Russian penalty when asked by a reporter and instead spoke of the 10 per cent penalty he had proposed for BRICS members.
Since he says negotiations are continuing, the morning threat appears to be a negotiating ploy and gives both countries wiggle room to reach an accord. He has also not issued a formal letter on the tariffs.
India had replied defiantly to the threat, saying the government “will take all steps necessary to secure our national interest.” India indicated that agriculture was likely a sticking point in the negotiations.
The statement said, “The government attaches the utmost importance to protecting and promoting the welfare of our farmers, entrepreneurs, and MSMEs (Micro, Small, and Medium Enterprises).” The US wants India to open its markets to US agriculture and dairy, which could impact its vast agriculture sector.
Trump and his officials, like Commerce Secretary Howard Lutnick, had spoken optimistically that India would be among the first to make a deal, but it hasn’t materialised. India was among the first countries to start trade negotiations with Washington on tariffs, and Trump had repeatedly said that an agreement was imminent, most recently last week.
The negotiations were making fantastic progress, India’s Commerce Minister Piyush Goyal said last week in a media interview in London. “I do hope we’ll be able to conclude a very consequential partnership,” he said.
In its response, India’s Commerce Ministry said, “India and the US have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months.”
“We remain committed to that objective,” it added. Speaking to reporters at the White House, Trump called Prime Minister Narendra Modi “a friend of mine,” as he usually prefaces differences on tariffs.
He said, nonchalantly, “It doesn’t matter too much whether we have a deal or whether we charge them a certain tariff, but you’ll know at the end of this week.”
He repeated his tirade about India’s high tariffs, saying that while the US buys a lot from India, the US doesn’t sell as much there because of the tariffs. India had the highest or one of the highest tariffs in the world, with levies going as high as 175 per cent, he said.
When a reporter asked him about the penalty for buying Russian energy, he did not answer that and, instead, veered off into talking about BRICS and how it was “anti-United States.” “India is a member of that, if you can believe it,” he said.
“It’s an attack on the dollar, and we’re not going to let anybody attack the dollar,” he said. So, when it comes to India, he said, “It’s partially BRICS, and it’s partially the trade.”
In the Truth Social post, Trump had said India has “always bought a vast majority of their military equipment from Russia, and are Russia’s largest buyer of energy, along with China, at a time when everyone wants Russia to stop the killing in Ukraine.”
“All things not good! India will therefore be paying a tariff of 25 per cent, plus a penalty for the above, starting on August first,” he wrote, capitalising parts of the post in his style. (IANS)
Source: Government of India
Source: Government of India (4)
The Government of India has taken note of a recent statement by the US President concerning bilateral trade and is currently studying its implications.
Over the past few months, India and the United States have been engaged in negotiations aimed at concluding a fair, balanced, and mutually beneficial bilateral trade agreement. The government has reiterated its commitment to achieving this objective.
Emphasizing its priorities, the government said that it attaches the utmost importance to protecting and promoting the welfare of farmers, entrepreneurs, and Micro, Small and Medium Enterprises (MSMEs).
It further added that all necessary steps will be taken to secure the country’s national interest, as has been the case with other trade agreements, including the recently concluded Comprehensive Economic and Trade Agreement with the United Kingdom.
Source: Hong Kong Information Services
Hongkong Post will issue a set of special stamps and associated philatelic products themed “Giant Panda Twin Cubs” on August 15.
The central government gifted a pair of giant pandas, Ying Ying and Le Le, to the Hong Kong Special Administrative Region in 2007. The pandas welcomed a pigeon pair of cubs on August 15, 2024. The twin cubs are the first giant pandas successfully bred and born in Hong Kong, and Ying Ying is the world’s oldest first-time giant panda mother.
Their birth is especially meaningful as it helps advance the conservation and breeding efforts for giant pandas in Hong Kong.
Hongkong Post will issue a set of six stamps, two stamp sheetlets and associated philatelic products themed “Giant Panda Twin Cubs” to showcase the highlights of their daily lives at different stages and witness their growth journey.
Click here for for the sales arrangements for these stamp products.
Additionally, Hongkong Post will specially launch a “Giant Panda Twin Cubs” cachet from August 15 for stamping.
US Senate News:
Source: United States Senator Reverend Raphael Warnock – Georgia
Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA) issued the following statement on his intentions to vote “YES” on two joint resolutions of disapproval amid mass starvation in Gaza.
“It is wrong to starve children and other innocent civilians to death. Yet, whether through gross incompetence, woeful indifference, or some combination thereof, that is exactly what is happening right now in Gaza under the leadership of Benjamin Netanyahu and his government. It is a moral atrocity that cannot abide the conscience of those who believe in human dignity, freedom, and human thriving. That is why I will vote to support the Joint Resolution of Disapproval put before the Senate tonight.
“I’ve made clear I support the state of Israel and its right to defend itself. Today, I urge the state of Israel, the United States, and the world to move as quickly as possible to get the people of Gaza the same nourishment and care that we would want for our own children.
“I pray for a ceasefire and the return of the hostages home to their families, and look forward to resuming the work of securing peace and safety for all those in the region.”
Source: Government of India
Source: Government of India (4)
U.S. President Donald Trump on Wednesday slapped a 50% tariff on most Brazilian goods to fight what he has called a “witch hunt” against former President Jair Bolsonaro, but softened the blow by excluding sectors such as aircraft, energy and orange juice from heavier levies.
Trump announced the tariffs, some of the steepest levied on any economy in the U.S. trade war, as his administration also unveiled sanctions on the Brazilian supreme court justice who has been overseeing Bolsonaro’s trial on charges of plotting a coup.
“Alexandre de Moraes has taken it upon himself to be judge and jury in an unlawful witch hunt against U.S. and Brazilian citizens and companies,” Treasury Secretary Scott Bessent said in a statement.
Bessent said Moraes “is responsible for an oppressive campaign of censorship, arbitrary detentions that violate human rights, and politicized prosecutions — including against former President Jair Bolsonaro.”
Last week, the Brazilian justice levied search warrants and restraining orders against Bolsonaro over allegations he courted Trump‘s interference in his criminal case, in which he is accused of plotting to stop President Luiz Inacio Lula da Silva from taking office in 2023.
Trump‘s final tariff order and the sanctions followed weeks of sparring with Lula, who has likened the U.S. president, a close ideological ally of Bolsonaro’s, to an unwanted “emperor.”
On Wednesday, Lula and his government closed ranks behind Moraes, calling the U.S. sanctions “unacceptable.”
“The Brazilian government considers the use of political arguments to defend the trade measures announced by the U.S. government against Brazilian exports to be unjustifiable,” it said in a statement.
Lula added that Brazil was willing to negotiate trade with the U.S., but that it would not give up on the tools it had at hand to defend itself, hinting that retaliation was possible.
Still, Trump‘s tariff order threatened that if Brazil were to retaliate, the U.S. would also up the ante.
DIPLOMACY AT WORK
Despite Trump‘s effort to use the tariffs to alter the trajectory of a pivotal criminal trial, the range of exemptions came as a relief for many in Brasilia, who since Trump announced the tariff earlier this month had been urging protections for major exporters caught in the crossfire.
“We’re not facing the worst-case scenario,” Brazilian Treasury Secretary Rogerio Ceron told reporters.
The new tariffs will go into effect on August 6, not on Friday as Trump announced originally.
Trump‘s executive order formalizing a 50% tariff excluded dozens of key Brazilian exports to the United States, including civil aircraft, pig iron, precious metals, wood pulp, energy and fertilizers.
Planemaker Embraer EMBR3.SA, whose chief executive has met with officials in Washington and U.S. clients in recent days to plead its case for relief, said an initial review indicated that a 10% tariff imposed by Trump in April remains in place, with the exclusion applying to the additional 40%.
The exceptions are likely a response to concerns from U.S. companies, rather than a step back from Trump‘s efforts to influence Brazilian politics, said Rafael Favetti, a partner at political consultancy Fatto Inteligencia Politica in Brasilia.
“This also shows that Brazilian diplomacy did its work correctly by working to raise awareness among U.S. companies,” he said.
Brazil‘s minister of foreign affairs, Mauro Vieira, said he met with U.S. Secretary of State Marco Rubio on Wednesday to express the nation’s willingness to discuss tariffs after negotiations stalled in June, though he stressed Bolsonaro’s legal troubles were not up for debate.
It remains unclear what Brazilian authorities “are bringing to the negotiating table to, for instance, open the domestic market,” Goldman Sachs said in a note to clients.
IMPACT SMALLER THAN EXPECTED
The effective tariff rate on Brazilian shipments to the U.S. should be around 30.8%, lower than previously expected due to the exemptions, according to Goldman.
Oil shipments to the U.S., which had been suspended, are set to restart after being spared, lobby group IBP said. Meanwhile, mining lobby Ibram said the exemptions covered 75% of mining exports.
However, it was still too soon to celebrate, said former Brazilian trade secretary Welber Barral, estimating that Brazil exports some 3,000 different products to the United States.
“There will be an impact,” Barral said.
Trump‘s tariff exemptions did not shield two of Brazil‘s key exports to the U.S., beef and coffee.
Meatpackers expect to log $1 billion in losses in the second half of the year on the new tariffs, lobby group Abiec, which represents beef producers including JBS JBS3.SA and Marfrig MRFG3.SA, said.
Coffee exporters will also continue to push for exemptions, they said in a statement.
The government said it was readying measures to protect Brazil‘s businesses and workers.
If Brazil were to retaliate against Trump‘s measures, that “would generate a larger negative impact” on activity and inflation, Goldman said.
“The political inclination may be to retaliate, but exporters and business associations have been urging the Brazilian administration to engage, negotiate and de-escalate.”
(Reuters)
Source: Government of Sweden
This year’s theme for the task force for Jewish life in Sweden is safety and security. The task force was presented on 26 January and its work will continue throughout the electoral period. The three civil society organisations invited to participate in the task force have now agreed to take part, and the first meeting will be held June.
Source: Office of United States Attorneys
SAN JOSE – A criminal complaint was unsealed today charging Richard Tillman with the federal crime of malicious destruction by fire of a U.S. post office in San Jose. Tillman made his initial appearance in federal district court in San Jose today.
According to the criminal complaint, in the early hours of July 20, 2025, Tillman, 44, set fire to the Almaden Valley United States Post Office located on Crown Boulevard in San Jose. Tillman allegedly purchased “instalogs” and lighter fluid and drove to the U.S. post office. The complaint describes that Tillman then placed the instalogs throughout his vehicle, poured lighter fluid over the instalogs, backed his vehicle into the lobby of the U.S. post office, exited the vehicle, and lit the vehicle on fire with a match.
Tillman then allegedly began spray painting the words “Viva La Me” on the outside of the building after starting the fire, but did not finish the graffiti because the heat from the fire was too intense.
The Almaden Valley United States Post Office was partially destroyed by the fire, as depicted below:
The San Jose Fire Department and the San Jose Police Department responded to the fire. Tillman allegedly told law enforcement officers that he set the fire to make a statement to the U.S. government and that he livestreamed the event on YouTube using his phone.
United States Attorney Craig H. Missakian, U.S. Postal Inspection Service (USPIS), San Francisco Division Inspector in Charge Stephen M. Sherwood, Bureau of Alcohol, Tobacco, and Firearms (ATF) Acting Special Agent in Charge Robert Topper, and Federal Bureau of Investigation (FBI) Special Agent in Charge Sanjay Virmani made the announcement.
Tillman is currently in federal custody. He is next scheduled to appear in district court on Aug. 6, 2025, for a status conference before U.S. Magistrate Judge Nathanael Cousins.
A criminal complaint merely alleges that crimes have been committed, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt. If convicted, the defendant faces a maximum sentence of 20 years in prison, a minimum sentence of five years in prison, and a fine of $250,000 for the charge of malicious destruction of government property by fire in violation of 18 U.S.C. § 844(f)(1). Any sentence following conviction would be imposed by the court after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.
Assistant U.S. Attorney Michael G. Pitman is prosecuting the case with the assistance of Sahib Kaur. The prosecution is the result of an investigation by the USPIS, ATF, FBI, and the San Jose Police Department. The U.S. Attorney’s Office appreciates the assistance of the Santa Clara County District Attorney’s Office.
US Senate News:
Source: United States Senator for Washington State Patty Murray
Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA) issued the following statement on her vote in favor of two Joint Resolutions of Disapproval (JRD) sponsored by Senator Bernie Sanders (I-VT) that would block the sale of certain weapons to Israel:
“This legislative tool is not perfect, but frankly, it is time to say enough to the suffering of innocent young children and families. As a longtime friend and supporter of Israel, I am voting yes to send a message: the Netanyahu government cannot continue with this strategy. Netanyahu has prolonged this war at every turn to stay in power. We are witnessing a man-made famine in Gaza—children and families should not be dying from starvation or disease when literal tons of aid and supplies are just sitting across the border. Israel has a right to defend itself and Hamas is a brutal terrorist organization that should be eliminated, but the level of suffering and loss of life we are seeing in Gaza must come to an end—I feel strongly that the vast majority of the American public understands these simple truths. It’s on the Trump administration and the Netanyahu government to finally secure a diplomatic end to this conflict, get aid into Gaza, get the hostages returned, and start working toward a permanent and lasting peace for Israelis and Palestinians alike.”
Source: Government of Sweden
On Saturday 2 December at the UN Climate Change Conference (COP28), Prime Minister Ulf Kristersson, French President Emmanuel Macron and the United States Special Presidential Envoy for Climate John Kerry – together with heads of state and government, ministers and industrial leaders from some 20 countries – launched a declaration for strengthened cooperation in the area of civil nuclear energy.
Source: GlobeNewswire (MIL-OSI)
ING posts 2Q2025 net result of €1,675 million, with strong growth in lending volumes and fee income
| 2Q2025 profit before tax of €2,369 million with a CET1 ratio of 13.3% | |
| • | Well on track to reach our targets, one year into our ‘Growing the difference’ strategy |
| • | Continued strong increase in mobile primary customers of over 300,000 to 14.9 million |
| • | Resilient total income, supported by higher customer balances, with particularly strong growth of our mortgage portfolio |
| • | Further growth in fee income in both Retail and Wholesale Banking, up 12% year-on-year |
| • | ING will pay an interim cash dividend of €0.35 per ordinary share |
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CEO statement “We have seen continued commercial momentum, with significant core lending growth, continued strong deposit gathering and a double-digit increase in fee income. Commercial NII declined year-on-year due to margin pressure and currency fluctuations, leaving total income stable. “In Retail Banking, we have gained over 300,000 mobile primary customers during the quarter, and 1.1 million, or 8% growth, year-on-year, with Germany, Spain, Italy, and Romania leading this growth. Net core lending growth has reached a quarterly record of €11.3 billion, including €7.2 billion in mortgages, mainly in the Netherlands, Australia and Germany, and €3.2 billion in Business Banking, driven by higher loan demand from our SME clients. We have attracted €8.9 billion in net customer deposits, partly from seasonal holiday allowances, and achieved a 12% increase year-on-year in retail fee income, primarily from higher investment activity. “In Wholesale Banking, net core lending growth was €4.1 billion, driven by strong momentum in Working Capital Solutions and in short-term trade-related financing. Demand for long-term corporate loans has remained subdued due to economic uncertainty, which impacted total income. Fee income has risen 12% year-on-year, driven by Lending, Global Capital Markets and Payments & Cash Management. “Costs have developed as expected, increasing moderately year-on-year. Prudent expense management remains a priority and the impact of inflation and investments was partly offset by efficiency measures. As part of this, we are making ongoing improvements to our KYC processes and we have announced the restructuring of our Wholesale Banking workforce, while continuing to invest in our commercial and product capabilities in both Retail and Wholesale Banking. “Risk costs were below our through-the-cycle average, reflecting the quality of our loan portfolio. Our CET1 ratio was 13.3%, including the impact of the share buyback programme, which was announced in May 2025 and is well underway. Our 4-quarter rolling average return on equity came out at 12.7%. “We continue to find ways to support our customers on their journeys to net zero. We have increased our sustainable volume mobilised to €67.8 billion for the first half of 2025, a 19% increase compared to the first half of 2024. In the Netherlands, we have introduced a new mortgage pricing model tied to energy labels that offers lower interest rates when eligible customers improve the energy label for their homes. “We are pleased with our results during a volatile first half of 2025. Although macroeconomic conditions remain challenging we are confident that our strategy sets us on course to become the best European bank and deliver on our targets. I want to thank our customers and clients for their continued trust in us and our employees for their continued dedication.” |
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| Further information All publications related to ING’s 2Q 2025 results can be found at the quarterly results page on ING.com. For more on investor information, go to www.ing.com/investors. A short ING ON AIR video with CEO Steven van Rijswijk discussing our 2Q 2025 results is available on Youtube. |
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| Investor conference call and webcast Steven van Rijswijk, Tanate Phutrakul and Ljiljana Čortan will discuss the results in an Investor conference call on 31 July 2025 at 9:00 a.m. CET. Members of the investment community can join the conference call at +31 20 708 5074 (NL), or +44 330 551 0202 (UK) (registration required via invitation) and via live audio webcast at www.ing.com. |
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| Investor enquiries E: investor.relations@ing.com Press enquiries |
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ING PROFILE ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N). ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of June 2025, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’ with an ESG risk rating of 18.0 (low risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate. 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Attachment
Source: GlobeNewswire (MIL-OSI)
Solid H1 2025 financial results despite
softer revenue growth amid elongated sales cycles
Paris, France, July 31, 2025 – Planisware, a leading provider of B2B AI powered SaaS platforms serving the rapidly growing Project Economy, announces today its H1 2025 results. Revenue amounted to € 95.8 million, up by +10.6% in current currencies. In constant currencies, revenue growth reached +11.0% (€+9.1 million), mainly led by the continued success of the Group’s SaaS Model** up by +17.4% in constant currencies (€+11.7 million). In a context of a still challenging economic and geopolitical environment now having tangible impact on delayed customer decision making, recurring revenue amounted to €88.6 million (92% of total revenue) and was up by +16.0% in constant currencies, while non-recurring activities faced high comparison basis.
Adjusted EBITDA* reached € 34.3 million (up +18.1% vs. H1 2024), representing 35.8% of revenue, higher than the objective of c. 35% adjusted EBITDA margin* for 2025. The year-on-year margin improvement of c. +230 basis points is the result of the translation of revenue growth and a positive mix effect, combined with further operational efficiencies resulting from the Group’s strict financial discipline.
Current operating profit reached € 27.1 million in H1 2025, up by +15.8% compared to H1 2024 and Profit for the period amounted to € 21.7 million, up by +35.5% compared to H1 2024 that was impacted by IPO costs.
Cash generation was strong in H1 2025, with adjusted FCF* reaching € 32.9 million, representing a Cash Conversion Rate* of 95.9%, above the objective of c. 80% for 2025 but in line with the usual seasonality in H1 due to SaaS solutions cash collection at the beginning of the year. Net cash position* (excluding lease liabilities) was € 182.0 million as of June 30, 2025, compared to € 176.1 million as of December 31, 2024 and € 156.4 million as of June 30, 2024.
Loïc Sautour, CEO of Planisware, commented: “In recent months, as uncertainties around global macroeconomic conditions intensified across our key markets, we have observed increased cautiousness from our customers. This has led to longer decision-making cycles weighing on our commercial momentum and revenue growth, primarily in our non-recurring activities and with new logos.
At the same time, our recurring business lines have continued to deliver solid performance, particularly with existing clients, a testament to the strong demand for our solutions and their sustained business impact.
Our commercial pipeline continues to expand, supported by a high volume of strategic engagements with both existing customers and new prospects, underscoring the strength and relevance of our competitive value proposition. This provides encouraging mid-term visibility for renewed momentum once market conditions stabilize.
Despite the softer revenue growth trajectory, Planisware achieved a significant improvement in profitability in H1 2025. Our ongoing focus on operational efficiency and disciplined resource allocation enabled us to enhance margins and maintain best-in-class cash conversion rate, further strengthening the Group’s foundation for the future.
In light of these dynamics and a more moderate growth outlook for the remainder of 2025, we have prudently revised our 2025 revenue objectives to c. 10%. We now target an adjusted EBITDA margin of 36%, up from 35% previously. This adjustment reflects our commitment to navigating the current environment with discipline while safeguarding profitability and preserving our ability to invest in long-term growth.
As always, Planisware remains focused on supporting our customers’ strategic priorities and on reinforcing our leadership in project and portfolio management solutions, even in the face of heightened economic headwinds.”
H1 2025 revenue by revenue stream
| In € million | H1 2025 | H1 2024 | Variation YoY |
Variation in cc* |
| Recurring revenue | 88.6 | 76.6 | +15.5% | +16.0% |
| SaaS & Hosting | 45.6 | 38.8 | +17.6% | +18.1% |
| Annual licenses | 0.1 | – | N/A | N/A |
| Evolutive support | 27.2 | 22.9 | +18.4% | +18.9% |
| Subscription support | 5.9 | 5.6 | +5.3% | +6.1% |
| Maintenance | 9.7 | 9.3 | +4.8% | +5.2% |
| Non-recurring revenue | 7.2 | 10.0 | -27.7% | -27.5% |
| Perpetual licenses | 2.0 | 4.1 | -52.3% | -52.2% |
| Implementation & others non-recurring | 5.3 | 5.9 | -10.6% | -10.4% |
| Total revenue | 95.8 | 86.6 | +10.6% | +11.0% |
* Revenue evolution in constant currencies, i.e. at H1 2024 average exchange rates.
Reaching € 95.8 million in H1 2025, revenue was up by +10.6% in current currencies and +11.0% in constant currencies. The exchange rates effect was mainly related to the depreciation of the US dollar versus the euro, partially compensated by the appreciation of the Japanese yen and the British pound. In order to reflect the underlying performance of the Company independently from exchange rate fluctuations, the following analysis refers to revenue evolution in constant currencies, applying H1 2024 average exchange rates to H1 2025 revenue figures, unless expressly stated otherwise.
Recurring revenue
Representing 92% of H1 2025 total revenue, up by c.+400 basis points versus 88% in H1 2024, recurring revenue reached € 88.6 million, up by +16.0%.
Revenue growth was led by +17.4% growth of Planisware’s SaaS model (i.e. SaaS & Hosting, Annual licenses, and Evolutive & Subscription support), of which SaaS & Hosting revenue was up by +18.1% thanks to contracts secured with new customers as well as continued expansion within the installed base. Revenue of support activities (Evolutive & Subscription support), intrinsically related to Planisware’s SaaS offering, grew by +16.4%.
Maintenance revenue was up by +5.2% in the context of the Group’s shift from its prior Perpetual license model to a SaaS model and reflecting the strong demand for licenses in the start of 2024 from customers with specific on-premises needs, in particular in the defense industry.
Non-recurring revenue
Non-recurring revenue was down by -27.5% in H1 2025, mostly due to the decline by -52.2% in Perpetual licenses against a particularly strong H1 2024 comparison base and despite several extensions and upgrades sold to customers with specific on-premises needs.
Implementation declined by -10.4% as a results of Planisware’s continues focus on shorter implementations and faster delivery to customers, combined with the lack of new logo signatures since H2 2024.
H1 2025 revenue by region
| In € million | H1 2025 | H1 2024 | Variation YoY |
Variation in cc* |
| Europe | 45.5 | 41.9 | +8.6% | +8.6% |
| North America | 41.6 | 37.6 | +10.8% | +12.0% |
| APAC & ROW | 8.6 | 7.1 | +20.7% | +20.4% |
| Total revenue | 95.8 | 86.6 | +10.6% | +11.0% |
* Revenue evolution in constant currencies, i.e. at H1 2024 average exchange rates.
In H1 2025, all key geographies contributed to Planisware’s revenue growth:
H1 2025 revenue by pillar
| In € million | H1 2025 | H1 2024 | Variation YoY |
Variation in cc* |
| Product Development & Innovation | 50.5 | 48.3 | +4.5% | +5.1% |
| Project Controls & Engineering | 22.1 | 16.0 | +38.2% | +38.8% |
| IT Governance & Digital Transformation** | 16.3 | 15.6 | +4.8% | +5.1% |
| Project Business Automation | 6.8 | 6.6 | +2.7% | +2.7% |
| Others | 0.1 | 0.2 | -37.1% | -36.9% |
| Total revenue | 95.8 | 86.6 | +10.6% | +11.0% |
* Revenue evolution in constant currencies, i.e. at H1 2024 average exchange rates.
** Formally named Agility & IT Project Portfolios (A&IT).
By Pilar, revenue growth in H1 2025 was quite concentrated in Project Controls & Engineering and, to a lesser extent Product Development & Innovation:
H1 2025 key financial figures
| In € million | H1 2025 | H1 2024 | Variation YoY |
| Total revenue | 95.8 | 86.6 | +10.6% |
| Cost of sales | -25.7 | -24.9 | +3.2% |
| Gross profit | 70.1 | 61.7 | +13.5% |
| Gross margin | 73.2% | 71.3% | +190 bps |
| Operating expenses | -43.0 | -68.4 | -37.2% |
| Current operating profit | 27.1 | 23.4 | +15.8% |
| Other operating income & expenses | – | -5.8 | |
| Operating profit | 27.1 | 17.7 | +53.6% |
| Profit for the period | 21.7 | 16.0 | +35.5% |
| Adjusted EBITDA* | 34.3 | 29.0 | +18.1% |
| Adjusted EBITDA margin* | 35.8% | 33.5% | +230 bps |
| Adjusted FCF* | 32.9 | 36.9 | -11.0% |
| Cash Conversion Rate* | 95.9% | 127.2% | |
| Net cash position* | 182.0 | 156.4 | +16.4% |
* Non-IFRS measure. Non-IFRS measures included in this document are defined in the disclaimer at the end of this document.
Gross profit and margin
Reaching € 25.7 million in H1 2025, cost of sales was broadly stable year-on-year. As a percentage of revenue, cost of sales decreased by -190 basis points to 26.8% thanks to a continued strict monitoring of costs and further operational efficiency gains.
This enabled Planisware to deliver a € 70.1 million gross profit in H1 2025 (+13.5% year-on-year), representing a 73.2% gross margin, a significant improvement of c. +190 basis points compared to 71.3% in H1 2024.
Operating profit and profit for the period
R&D expenses, consisting primarily of staff expenses directly associated with R&D teams, as well as amortization of capitalized development costs and the benefits from the French research tax credit, represented 11.7% of revenue and reached € 11.2 million. Planisware intends to maintain a high level of R&D spending, as it believes that its ability to provide innovative products and software solutions, expand its offerings portfolio and promote its offerings in the project management market will have a considerable effect on its revenues and operating results in the future.
Reaching € 17.4 million in H1 2025 (18.2% of revenue), Sales & marketing expenses increased by €+1.9 million, or +12.5%, compared to € 15.5 million in H1 2024, or +30 basis points, led in particular by the increase in employee-related costs in the salesforce and marketing team. Sales & marketing expenses are expected to continue to increase in the future as Planisware plans on expanding its domestic and international selling and marketing activities in order to strengthen its leading market position.
Representing 15.0% of revenue in H1 2025, General & administrative expenses reached € 14.3 million (€+2.4 million, or +19.6% compared to € 12.0 million in H1 2024). Two third of this increase was related to employee costs engaged to support the growth of the business, the strengthening of global support functions, and the international expansion of the Group. The remaining third was related to foreign exchange effects on operating assets and liabilities and share base compensation expenses accounted on a significantly higher share price in H1 2025 than in H1 2024 (partially pre-IPO). Planisware expects that, as the Company continues to scale up in the future, General & administrative expenses will slightly decrease as a percentage of revenue.
As a result, current operating profit reached € 27.1 million in H1 2025, up by +15.8% compared to H1 2024.
There was no Other operating income & expenses in H1 2025 while it amounted to a net expense of € 5.8 million related to IPO costs in H1 2024. As a results of the above, operating profit reached the same level as current operating profit at € 27.1 million in H1 2025 and showed a +53.6% (or €+9.5 million), compared to € 17.7 million in H1 2024.
Representing a loss of € 0.8 million in H1 2025, financial results deteriorated compared to a € 1.9 million income recorded in H1 2024. This was primarily driven by foreign exchange losses arising from the revaluation at closing rates of cash and cash equivalents held in foreign currencies for € 2.5 million.
Income tax expense amounted to € 4.7 million in H1 2025, +30.3% compared to € 3.6 million in H1 2024, slightly less than profit for the period increase.
As a result of these evolutions, profit for the period reached € 21.7 million in H1 2025, up by +35.5% (€+5.7 million) compared to H1 2024.
Adjusted EBITDA
Adjusted EBITDA* reached € 34.3 million, a strong increase compared to H1 2024 (€+5.3 million, or +18.1%). It represented 35.8% of H1 2025 revenue, c. +230 basis points compared to 33.5% in H1 2024. The increase in adjusted EBITDA reflects the translation of revenue growth into profit as the business is fueled by the addition of new customers, a positive mix effect and further operational efficiencies on employee-related costs.
Cash generation and net cash position
Change in working capital was €+8.3 million thanks to subscription contracts billed in advance of the services rendered. Capital expenditures totaled € 2.4 million, representing 2.5% of revenue, compared to € 2.1 million in H1 2024 (2.4% of revenue) and in line with the usual c. 3% level targeted over the year. Finally, tax paid in H1 2025 amounted to € 7.5 million compared to € 4.1 million in H1 2024 due to the significant increase of 2024 taxable profit.
In H1 2025, adjusted Free Cash Flow* reached € 32.9 million, representing a Cash Conversion Rate* of 95.9%. H1 2025 adjusted Free Cash Flow was down by 11.0% year-on-year due to a lower conversion rate related to delays in the collection of some invoices and earlier payment for social security contributions in France than in H1 2024. Nevertheless, it does not question the yearly objective of 80% level that the Group considers being the normative Cash Conversion Rate for the coming years.
As of June 30, 2025, except for lease liabilities related to offices and datacenter facilities which amounted to € 17.9 million (€ 17.0 million as of December 31, 2024 and € 14.0 million as of June 30, 2024) and small amounts of bank overdrafts, Planisware did not have any financial debt. As a result, the Group’s net cash position* amounted to€ 182.0 million as of June 30, 2025 compared to € 176.1 million as of December 31, 2024 and € 156.4 million as of June 30, 2024.
Headcount evolution
| Total number of employees by region | 30.06.24 | 31.12.24 | 30.06.25 |
| Europe | 395 | 403 | 429 |
| North America | 167 | 174 | 183 |
| APAC & ROW | 152 | 171 | 188 |
| Total | 714 | 748 | 800 |
Total headcount grew by +7.0% (+52 employees) over the first half of the year and by +12.0% (+86 employees) over 12 months.
Hiring efforts mostly targeted the fastest growing region, APAC & ROW, with headcount net growth by +9.9% (+17 employees) in H1 2025 and by +23.7% (+36 employees) over 12 months.
By function, besides support teams, the hirings mostly concerned Sales & Marketing with headcount net growth by +10.5% (+14 employees) in H1 2025 and by +18.5% (+23 employees) over 12 months, as part of Planisware’s growth strategy.
Updated 2025 objectives
Taking into account further elongation of sales cycles materializing since the start of the year leading to delays in the start of new contracts, Planisware updates its 2025 objectives:
Appendices
Q2 2025 revenue by revenue stream
| In € million | Q2 2025 | Q2 2024 | Variation YoY |
Variation in cc* |
| Recurring revenue | 44.7 | 39.5 | +13.2% | +15.9% |
| SaaS & Hosting | 22.9 | 19.9 | +15.1% | +17.7% |
| Annual licenses | 0.09 | – | N/A | N/A |
| Evolutive support | 14.0 | 12.1 | +15.5% | +18.0% |
| Subscription support | 2.9 | 2.8 | +3.9% | +8.2% |
| Maintenance | 4.8 | 4.7 | +3.3% | +5.2% |
| Non-recurring revenue | 3.6 | 6.2 | -42.5% | -41.6% |
| Perpetual licenses | 1.1 | 3.0 | -62.8% | -62.2% |
| Implementation & others non-recurring | 2.5 | 3.2 | -23.8% | -22.6% |
| Total revenue | 48.3 | 45.7 | +5.6% | +8.1% |
* Revenue evolution in constant currencies, i.e. at Q2 2024 YTD average exchange rates.
Non-IFRS measures reconciliations
| In € million | H1 2025 | H1 2024 |
| Current operating profit after share of profit of equity-accounted investee | 27.1 | 23.4 |
| Depreciation and amortization of intangible, tangible and right-of-use assets | 4.2 | 3.5 |
| Share-based payments | 3.0 | 2.1 |
| Adjusted EBITDA** | 34.3 | 29.0 |
| In € million | H1 2025 | H1 2024 |
| Net cash from operating activities | 36.2 | 35.2 |
| Capital expenditures | -2.4 | -2.1 |
| Other finance income/costs | -1.0 | -1.8 |
| IPO costs paid | 0.0 | 5.6 |
| Adjusted Free Cash Flow** | 32.9 | 36.9 |
Investors & Analysts conference call
Planisware’s management team will host an international conference call on July 31, 2025 at 8:00am CET to details H1 2025 performance and key achievements, by means of a presentation followed by a Q&A session. The webcast and its subsequent replay will be available on planisware.com.
Upcoming event
Contact
About Planisware
Planisware is a leading business-to-business (“B2B”) provider of AI powered Software-as-a-Service (“SaaS”) platforms serving the rapidly growing Project Economy. Planisware’s mission is to provide solutions that help organizations transform how they strategize, plan and deliver their projects, project portfolios, programs and products.
With circa 800 employees across 18 offices, Planisware operates at significant scale serving around 600 organizational clients in a wide range of verticals and functions across more than 30 countries worldwide. Planisware’s clients include large international companies, medium-sized businesses and public sector entities.
Planisware is listed on the regulated market of Euronext Paris (Compartment A, ISIN code FR001400PFU4, ticker symbol “PLNW”).
For more information, visit: https://planisware.com/ and connect with Planisware on LinkedIn.
Disclaimer
Forward-looking statements
This document contains statements regarding the prospects and growth strategies of Planisware. These statements are sometimes identified by the use of the future or conditional tense, or by the use of forward-looking terms such as “considers”, “envisages”, “believes”, “aims”, “expects”, “intends”, “should”, “anticipates”, “estimates”, “thinks”, “wishes” and “might”, or, if applicable, the negative form of such terms and similar expressions or similar terminology. Such information is not historical in nature and should not be interpreted as a guarantee of future performance. Such information is based on data, assumptions, and estimates that Planisware considers reasonable. Such information is subject to change or modification based on uncertainties in the economic, financial, competitive or regulatory environments.
This information includes statements relating to Planisware’s intentions, estimates and targets with respect to its markets, strategies, growth, results of operations, financial situation and liquidity. Planisware’s forward-looking statements speak only as of the date of this document. Absent any applicable legal or regulatory requirements, Planisware expressly disclaims any obligation to release any updates to any forward-looking statements contained in this document to reflect any change in its expectations or any change in events, conditions or circumstances, on which any forward-looking statement contained in this document is based. Planisware operates in a competitive and rapidly evolving environment; it is therefore unable to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business or the extent to which the occurrence of a risk or combination of risks could have significantly different results from those set out in any forward-looking statements, it being noted that such forward-looking statements do not constitute a guarantee of actual results.
Rounded figures
Certain numerical figures and data presented in this document (including financial data presented in millions or thousands and certain percentages) have been subject to rounding adjustments and, as a result, the corresponding totals in this document may vary slightly from the actual arithmetic totals of such information.
Variation in constant currencies
Variation in constant currencies represent figures based on constant exchange rates using as a base those used in the prior year. As a result, such figures may vary slightly from actual results based on current exchange rates.
Non-IFRS measures
This document includes certain unaudited measures and ratios of the Group’s financial or non-financial performance (the “non-IFRS measures”), such as “Adjusted EBITDA”, “Adjusted EBITDA margin”, “Adjusted Free Cash Flow”, “cash conversion rate”, and “Net cash position”. Non-IFRS financial information may exclude certain items contained in the nearest IFRS financial measure or include certain non-IFRS components. Readers should not consider items which are not recognized measurements under IFRS as alternatives to the applicable measurements under IFRS. These measures have limitations as analytical tools and readers should not treat them as substitutes for IFRS measures. In particular, readers should not consider such measurements of the Group’s financial performance or liquidity as an alternative to profit for the period, operating income or other performance measures derived in accordance with IFRS or as an alternative to cash flow from (used in) operating activities as a measurement of the Group’s liquidity. Other companies with activities similar to or different from those of the Group could calculate non-IFRS measures differently from the calculations adopted by the Group.
Non-IFRS measures included in this document are defined as follows:
1 Non-IFRS measure. Non-IFRS measures included in this document are defined in the disclaimer at the end of this document.
** Planisware’s SaaS Model is composed of SaaS & Hosting, Annual Licenses, Evolutive support, and Subscription support reporting lines.
Attachment
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
CONTINUOUS FLOW OF STRATEGIC OPERATIONS
HALF-YEARLY AND QUARTERLY RESULTS AT THEIR HIGHEST
HIGH SOLVENCY RATIOS
CONTINUOUS SUPPORT FOR TRANSITIONS, WITH AN AWARD FROM EUROMONEY
PRESENTATION OF THE MEDIUM-TERM PLAN ON 18 NOVEMBER 2025 |
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Dominique Lefebvre, “The high-level results we are publishing this quarter serve our usefulness to the economy and European sovereignty.” |
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Olivier Gavalda, “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.” |
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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 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 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:
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:
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.:
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:
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:
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:
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 |
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1 Closing at 4thof July
(2)Car, home, health, legal, all mobile phones or personal accident insurance.
(3)CA Auto Bank, automotive JVs and automotive activities of other entities
(4)Low-carbon energy exposures made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy exposures for Crédit Agricole CIB.
(5)CAA outstandings (listed investments managed directly, listed investments managed under mandate and unlisted investments managed directly) and Amundi Transition Energétique.
(6)Crédit Agricole Group outstandings, directly or via the EIB, dedicated to the environmental transition according to the Group’s internal sustainable assets framework, as of 31/03/2025. Change of method on property compared with the outstandings reported at 30/09/2024: with the same method, the outstandings at 31/03/2025 would be €85.9 billion.
(7)The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
(8)The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
(9)Average rate of loans to monthly production for April to May 2025
(10)Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
(11)Reversal of the provision for Home Purchase Saving Plans: +€16.3m in Q2-25 vs. +€22m in Q2-24 in revenues (+€12.1m in Q2-25 vs. +€17m in Q2-24 in net income Group share)
(12)Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator.
(13)The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
(14)The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
(15)See Appendixes for details on the calculation of the RoTE (return on tangible equity)
(16)The annualised net income Group share corresponds to the annualisation of the net income Group share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC impacts, the effects of the additional corporate tax charge and the capital gain related to the deconsolidation of Amundi US to linearise them over the year.
(17)In local standards
(18)Scope: property and casualty in France and abroad
(19)Combined property & casualty ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee and commission income)/gross premiums earned. Undiscounted ratio: 97.4% (+0.1 pp over the year)
(20)Excluding assets under custody for institutional clients
(21)Amount of allocation of Contractual Service Margin (CSM), loss component and Risk Adjustment (RA), and operating variances net of reinsurance, in particular
(22)Amount of allocation of CSM, loss component and RA, and operating variances net of reinsurance, in particular.
(23)Net of reinsurance cost, including financial results
(24)Pro forma scope effect of deconsolidated Amundi US in Q2 2024: €89m in revenues and €51m in expenses.
(25)Excluding scope effect
(26)Indosuez Wealth Management scope
(27)Degroof Petercam scope effect April/May 2025: Revenues of €96m and expenses of -€71m
(28)Q2-25 Integration costs: -€22.5m vs -€5.4m in Q2-24
(29)Degroof Petercam scope effect over H1-25: reminder of figures for Degroof Petercam scope effect of Q1-25 revenues of €164m and expenses of -€115m
(30)Refinitiv LSEG
(31)Bloomberg in EUR
(32)ISB integration costs: -€5m in Q2-25 (vs -€24.4m in Q2-24)
(33)Net income becomes net income Group share following the purchase of minority shares in Santander by Crédit Agricole S.A.
(34)CA Auto Bank, automotive JVs and auto activities of other entities
(35)CA Auto Bank and automotive JVs
(36)Lease financing of corporate and professional equipment investments in France: -7.5% in Q1-25 (source: ASF)
(37)Increase in RWA of around +€7G primarily connected to the consolidation of the leasing activities in Q4-24
(38)Cost of risk for the last four quarters as a proportion of the average outstandings at the beginning of the period for the last four quarters.
(39)Net of POCI outstandings
(40)Source: Abi Monthly Outlook, July 2025: +0.9% June/June for all loans
(41)At 30 June 2025 this scope includes the entities CA Italia, CA Polska, CA Egypt and CA Ukraine.
(42) Over a rolling four quarter period.
(43)At 30 June 2025, this scope corresponds to the aggregation of all Group entities present in Italy: CA Italia, CAPFM (Agos, Leasys, CA Auto Bank), CAA (CA Vita, CACI, CA Assicurazioni), Amundi, Crédit Agricole CIB, CAIWM, CACEIS, CALEF.
(44)Banco BPM stake -21 bps; Stake in Victory Capital: – 8 bps or –1 bp including capital gain from the deconsolidation of Amundi US; Additional threshold excess for other financial participations: -7 bps.
(48)
(49)
(54)This refers to the change between the value at 30 June 2025 and the value at 1 (or 2) January 2025; the latter is the value of the variable concerned at 30 June 2025.
(55)In March, Parliament approved the creation of a €500 billion infrastructure investment fund over 12 years. The first phase of the reform of the debt brake was also approved, allowing regions to run a structural deficit of up to 0.35% of GDP. Finally, defence spending above 1% of GDP will be exempt from the deficit calculation. The adoption of these measures has broken down barriers to financing infrastructure and defence investment that had previously seemed insurmountable.
(56)APMs are financial indicators not presented in the financial statements or defined in accounting standards but used in the context of financial communications, such as net income Group share or RoTE. They are used to facilitate the understanding of the company’s actual performance. Each APM indicator is matched in its definition to accounting data.
Attachment
Source: GlobeNewswire (MIL-OSI)
Press release
31 July 2025 – N° 11
Second quarter 2025 results
EUR 226 million net income in Q2 2025,
contributing to a EUR 425 million net income in H1 2025
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SCOR SE’s Board of Directors met on 30 July 2025, under the chairmanship of Fabrice Brégier, to approve the Group’s Q2 2025 financial statements.
Thierry Léger, Chief Executive Officer of SCOR, comments: “After a strong first quarter, all our business activities continue to perform well, contributing to a Group net income of EUR 226 million in the second quarter of 2025. The excellent combined ratio in P&C is the result of our disciplined underwriting and of successful strategy to grow into profitable and diversifying lines of business. This allows us to build an additional level of prudence to our P&C reserves. L&H and Investments also deliver strong results. Despite increased competition in the P&C reinsurance segment, SCOR has compensated the impact by optimizing its business mix and retrocession, leading to an unchanged net expected technical profitability in the treaty renewals year-to-date. I remain confident for the rest of the year and in SCOR’s ability to execute the Forward 2026 strategic plan.”
Group performance and context
SCOR records EUR 226 million net income (EUR 225 million adjusted1) in Q2 2025, supported by all business activities:
The annualized Return on Equity stands at 22.6% (22.6% adjusted1) in Q2 2025 and the Group Economic Value over the first half of 2025 increases by 10.5%4 at constant economics5. Over the first half of 2025, SCOR reports a net income of EUR 425 million (EUR 420 million adjusted1), implying an annualized Return on Equity of 20.3% (20.1% adjusted1).
The Group solvency ratio is estimated at 210% at the end of Q2 2025, in the upper part of the optimal range of 185%-220%, and stable versus FY 2024. This is supported by the strong operating capital generation from all business activities, net of capital deployment for business growth and the accrual of dividend for the first half of 2025, partly offset by unfavorable market variances.
June-July P&C reinsurance treaty renewals
During the June-July 2025 renewals, SCOR continues to grow in its preferred and diversifying lines, maintaining its underwriting discipline in a competitive context.
EGPI7 on the business up for renewal in June-July stays flat, with continued growth in the diversifying lines (+11.8%8) driven by International Casualty and Marine, while Alternative Solutions declines by 3.8%, impacted by a large contract that was not renewed. Exposure to US Casualty is further reduced. As a reminder, premiums up for renewals in June-July represent c.14% of annual P&C reinsurance premiums up for renewals.
Since the start of the year, SCOR has achieved gross premium growth of +6.2%8 for its renewed portfolio with a stable price evolution. On a year-to-date basis, the net technical profitability9 is expected to remain unchanged for the renewed portfolio compared to last year. SCOR is successfully weathering a competitive environment thanks to its strategy of growing in a profitable and diversified way.
Looking ahead, SCOR anticipates a continued trend of overcapacity in the reinsurance segment, which is expected to exert pressure on pricing. Nonetheless, SCOR maintains a sharp focus on accessing attractive business opportunities, and is committed to maintaining stringent underwriting discipline, prepared to redeploy capital or reduce capacity if necessary to meet its hurdle rates.
Excellent P&C underlying performance
In Q2 2025, P&C insurance revenue stands at EUR 1,833 million, down -6.6% at constant exchange rates (down -9.7% at current exchange rates) compared to Q2 2024, impacted by a large contract commutation effect of -6.4 points. Excluding this effect, P&C insurance revenue would decline by -0.2% at constant exchange rates. Strong growth in the Reinsurance segment from preferred lines is mostly offset by reduced business in Agriculture and US Casualty reinsurance and in SCOR Business Solutions.
New business CSM in Q2 2025 stands at EUR 225 million, down -6.4% at current exchange rates compared to Q2 2024, mainly driven by an unfavorable foreign exchange effect. New business CSM in H1 2025 stands at EUR 935 million, up +4.8% compared to H1 2024, reflecting the successful P&C strategy to grow into profitable and diversifying lines of business.
P&C (re)insurance key figures:
| In EUR million
(at current exchange rates) |
Q2 2025 | Q2 2024 | Variation | H1 2025 | H1 2024 | Variation |
| P&C insurance revenue | 1,833 | 2,031 | -9.7% | 3,692 | 3,868 | -4.6% |
| P&C insurance service result | 241 | 201 | 19.6% | 446 | 383 | 16.6% |
| Combined ratio | 82.5% | 86.9% | -4.4pts | 83.7% | 87.0% | -3.3pts |
| P&C new business CSM | 225 | 240 | -6.4% | 935 | 891 | 4.8% |
The P&C combined ratio stands at 82.5% in Q2 2025, compared to 86.9% in Q2 2024. It includes:
The P&C insurance service result of EUR 241 million is driven by a CSM amortization of
EUR 286 million, a risk adjustment release of EUR 25 million, a negative experience variance of
EUR -60 million and an impact of onerous contracts of EUR 10 million.
L&H H1 experience variances in line with expectations
In Q2 2025, L&H insurance revenue amounts to EUR 1,986 million, down -0.1% at constant exchange rates (-3.3% at current exchange rates) compared to Q2 2024. SCOR continues to build its L&H CSM through new business generation (EUR 136 million new business CSM10 in Q2 2025), notably from Protection business with positive true ups from Q1 2025.
L&H reinsurance key figures:
| In EUR million
(at current exchange rates) |
Q2 2025 | Q2 2024 | Variation | H1 2025 | H1 2024 | Variation |
| L&H insurance revenue | 1,986 | 2,054 | -3.3% | 4,191 | 4,330 | -3.2% |
| L&H insurance service result | 118 | -329 | n.a. | 236 | -257 | n.a. |
| L&H new business CSM | 136 | 145 | -6.2% | 212 | 257 | -17.7% |
The L&H insurance service result amounts to EUR 118 million in Q2 2025. It includes:
Investments delivering a return on invested assets at 3.6%
As of 30 June 2025, total invested assets amount to EUR 23.2 billion. SCOR’s asset mix is optimized, with 78% of the portfolio invested in fixed income. SCOR has a high-quality fixed income portfolio with an average rating of A+ and a duration of 3.9 years.
Investments key figures:
| In EUR million
(at current exchange rates) |
Q2 2025 | Q2 2024 | Variation | H1 2025 | H1 2024 | Variation |
| Total invested assets | 23,189 | 22,682 | 2.2% | 23,189 | 22,682 | 2.2% |
| Regular income yield | 3.5% | 3.6% | -0.1pt | 3.5% | 3.5% | 0pt |
| Return on invested assets* | 3.6% | 3.3% | 0.3pt | 3.7% | 3.3% | 0.4pt |
(*) Fair value through income on invested assets excludes EUR 1 million in Q2 2025 and EUR 7 million in H1 2025 related to the pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR.
Total investment income on invested assets stands at EUR 21011 million in Q2 2025. The return on invested assets stands at 3.6%11 (vs. 3.8% in Q1 2025) and the regular income yield at 3.5% (vs. 3.5% in Q1 2025).
The reinvestment rate stands at 4.1%12 as of 30 June 2025, compared to 4.3% as of 31 March 2025. The invested assets portfolio remains highly liquid and financial cash flows of EUR 8.5 billion are expected over the next 24 months13, enabling SCOR to benefit from still-elevated reinvestment rates.
New developments on arbitrations
SCOR has been informed that Covéa just filed a request for arbitration to contest the validity of the settlement agreement drawn up and concluded in the presence of the French regulator ACPR on 10 June 202114. SCOR considers this request unfounded and will vigorously defend its rights. This request for a new arbitration comes in addition to the ongoing arbitration on the retrocession treaties, initiated by SCOR in November 2022 and which has now reached its final phase. In this context, Covéa has requested that the tribunal in charge of the 2022 arbitration stay its decision until the outcome of this new arbitration. SCOR opposes this request and remains firmly committed to keeping the current proceedings within the agreed timeline, for a decision to be rendered in the course of 2026. These latest developments have no impact on SCOR’s business and its ability to deliver its strategic plan Forward 2026.
This update is an ad hoc disclosure pursuant to Article 17 of Regulation (EU) No 596/2014 of 16 April 2014.
*
* *
APPENDIX
1 – SCOR Group Q2 2025 key financial details
| In EUR million
(at current exchange rates) |
Q2 2025 | Q2 2024 | Variation | H1 2025 | H1 2024 | Variation |
| Insurance revenue | 3,819 | 4,085 | -6.5% | 7,883 | 8,198 | -3.8% |
| Gross written premiums1 | 4,661 | 5,076 | -8.2% | 9,569 | 10,029 | -4.6% |
| Insurance Service Result2 | 358 | -127 | n.a. | 682 | 126 | n.a. |
| Management expenses | -313 | -318 | 1.6% | -614 | -612 | -0.3% |
| Annualized ROE3 | 22.6% | -23.7% | n.a. | 20.3% | -4.7% | n.a. |
| Annualized ROE excluding the mark to market impact of the option on own shares from Q2 2025 | 22.6% | -21.9% | n.a. | 20.1% | -4.5% | n.a. |
| Net income3,4 | 226 | -308 | n.a. | 425 | -112 | n.a. |
| Net income4 excluding the mark to market impact of the option on own shares from Q2 2025 | 225 | -283 | n.a. | 420 | -107 | n.a. |
| Economic value5,6 | 8,469 | 8,425 | 0.5% | 8,469 | 8,425 | 0.5% |
| Shareholders’ equity | 4,129 | 4,500 | -8.2% | 4,129 | 4,500 | -8.2% |
| Contractual Service Margin (CSM)6 | 4,340 | 3,924 | 10.6% | 4,340 | 3,924 | 10.6% |
1: GWP is not a metric defined under the IFRS 17 accounting framework (non-GAAP metric); 2: Includes revenues on financial contracts reported under IFRS 9; 3: Taking into account the mark to market impact of the option on own shares. Q2 2025 impact of EUR 1 million before tax, H1 2025 impact of EUR 7 million before tax. 4: Consolidated net income, Group share; 5. Defined as the sum of the shareholder’s equity and the Contractual Service Margin (CSM); 6: Net of tax. A notional tax rate of 25% is applied to the CSM.
2 – P&L key figures Q2 2025
| In EUR million
(at current exchange rates) |
Q2 2025 | Q2 2024 | Variation | H1 2025 | H1 2024 | Variation |
| Insurance revenue | 3,819 | 4,085 | -6.5% | 7,883 | 8,198 | -3.8% |
|
1,833 | 2,031 | -9.7% | 3,692 | 3,868 | -4.6% |
|
1,986 | 2,054 | -3.3% | 4,191 | 4,330 | -3.2% |
| Gross written premiums1 | 4,661 | 5,076 | -8.2% | 9,569 | 10,029 | -4.6% |
|
2,250 | 2,438 | -7.7% | 4,759 | 4,865 | -2.2% |
|
2,410 | 2,637 | -8.6% | 4,810 | 5,164 | -6.9% |
| Investment income on invested assets | 210 | 184 | 14.3% | 436 | 376 | +15.8% |
| Operating results | 347 | -227 | n.a. | 665 | 60 | n.a. |
| Net income2,3 | 226 | -308 | n.a. | 425 | -112 | n.a. |
| Net income2excluding the mark to market impact of the option on own shares from Q2 2025 | 225 | -283 | n.a. | 420 | -107 | n.a. |
| Earnings per share3(EUR) | 1.26 | -1.72 | n.a. | 2.38 | -0.63 | n.a. |
| Earnings per share (EUR) excluding the mark to market impact of the option on own shares from Q2 2025 | 1.26 | -1.58 | n.a. | 2.35 | -0.60 | n.a. |
| Operating cash flow | 395 | 134 | 194.2% | 546 | 286 | 90.9% |
1: GWP is not a metric defined under the IFRS 17 accounting framework (non-GAAP metric); 2: Consolidated net income, Group share; 3: Taking into account the mark to the market impact of the option on own shares. Q2 2025 impact of EUR 1 million before tax, H1 2025 impact of EUR 7 million before tax.
3 – P&L key ratios Q2 2025
| In EUR million
(at current exchange rates) |
Q2 2025 | Q2 2024 | Variation | H1 2025 | H1 2024 | Variation |
| Return on invested assets 1,2 | 3.6% | 3.3% | +0.3pts | 3.7% | 3.3% | +0.4pts |
| P&C combined ratio 3 | 82.5% | 86.9% | -4.4pts | 83.7% | 87.0% | -3.3pts |
| Annualized ROE4 | 22.6% | -23.7% | n.a. | 20.3% | -4.7% | n.a. |
| Annualized ROE excluding the mark to market impact of the option on own shares | 22.6% | -21.9% | n.a. | 20.1% | -4.5% | n.a. |
| Economic Value growth5 | n.a. | n.a. | n.a. | 10.5% | -7.3% | +17.8pts |
1: Annualized; 2: In Q2 2025 and H1 2025, fair value through income on invested assets excludes respectively EUR 1m and EUR 7m pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR; 3: The combined ratio is the sum of the total claims, the total variables commissions, and the P&C attributable management expenses, divided by the net insurance revenue for P&C business; 4: Taking into account the mark to the market impact of the option on own shares. Q2 2025 impact of EUR 1 million before tax, H1 2025 impact of EUR 7 million before tax; 5: Not annualized. Growth at constant economic assumptions, and excluding the mark to market impact of the option on own shares. The starting point is adjusted for the payment of dividend of EUR 1.8 per share (EUR 322 million in total) for the fiscal year 2024, paid in 2025. Economic Value defined as the sum of the shareholders’ equity and the Contractual Service Margin (CSM), net of tax. A notional tax rate of 25% is applied to the CSM.
4 – Balance sheet key figures as of 30 June 2025
| In EUR million (at current exchange rates) |
As of 30 June 2025 |
As of 31 December 2024 |
Variation |
| Total invested assets 1 | 23,189 | 24,155 | -4.0% |
| Shareholders’ equity | 4,129 | 4,524 | -8.7% |
| Book value per share (EUR) | 23.09 | 25.22 | -8.5% |
| Economic Value2 | 8,469 | 8,615 | -1.7% |
| Economic Value per share (EUR)3 | 47.35 | 48.03 | -1.4% |
| Financial leverage ratio4 | 24.9% | 24.5% | 0.3pts |
| Total liquidity5 | 2,362 | 2,466 | -4.2% |
1: Excludes 3rd party net insurance business investments; 2: The Economic Value (defined as the sum of the shareholders’ equity and the Contractual Service Margin (CSM), net of tax) includes minority interests; 3: The Economic Value per share excludes minority interests; 4: The leverage ratio is calculated as the percentage of subordinated debt compared to the sum of Economic Value and subordinated debt in IFRS 17; 5: Includes cash and cash equivalents and short-term investments.
*
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| SCOR, a leading global reinsurer
As a leading global reinsurer, SCOR offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying “The Art & Science of Risk”, SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society. The Group generated premiums of EUR 20.1 billion in 2024 and serves clients in more than 150 countries from its 37 offices worldwide. For more information, visit: www.scor.com |
Media Relations Alexandre Garcia media@scor.com Investor Relations Follow us on LinkedIn |
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All content published by the SCOR group since January 1, 2024, is certified with Wiztrust. You can check the authenticity of this content at wiztrust.com. |
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General
Figures presented throughout this press release may not add up precisely to the totals in the tables and text. Percentages and percent changes are calculated on complete figures (including decimals); therefore, this press release might contain immaterial differences in sums and percentages due to rounding. Unless otherwise specified, the sources for the business ranking and market positions are internal.
This press release does not constitute an offer to sell or exchange, or a solicitation of an offer to buy SCOR securities in any jurisdiction.
Forward-looking statements
This press release includes forward-looking statements, assumptions, and information about SCOR’s financial condition, results, business, strategy, plans and objectives, including in relation to SCOR’s current or future projects.
These statements may be identified by the use of the future tense or conditional mode, or terms such as “estimate”, “believe”, “anticipate”, “aim”, “expect”, “have the objective”, “intend to”, “plan”, “result in”, “should”, and other similar expressions.
It should be noted that the achievement of these objectives, forward-looking statements, assumptions and information is dependent on circumstances and facts that may or may not arise in the future.
No guarantee can be given regarding the achievement of these forward-looking statements, assumptions and information. These forward-looking statements, assumptions and information are not guarantees of future performance. Forward-looking statements, assumptions and information (including on objectives) may be impacted by known or unknown risks, identified or unidentified uncertainties and other factors that may significantly impact the future results, performance and accomplishments planned or expected by SCOR.
In particular, it should be noted that the full impact of the economic, financial and geopolitical risks on SCOR’s business and results cannot be precisely assessed.
Accordingly, all assessments, assumptions, and figures presented in this press release should be considered as estimates based on evolving analyses, and encompass a wide range of theoretical hypotheses, which are highly evolutive.
Information regarding risks and uncertainties that may affect SCOR’s business is set forth in the 2024 Universal Registration Document filed on March 20, 2025, under number n°D.25-0124 with the French Autorité des marchés financiers (AMF) available on SCOR’s website www.scor.com and on the AMF’s website www.amf-france.org.
In addition, such forward-looking statements, assumptions and information are not “profit forecasts” within the meaning of Article 1 of Commission Delegated Regulation (EU) 2019/980.
SCOR does not undertake and has no obligation or intention to complete, update, revise or change these forward-looking statements, assumptions and information, whether as a result of new information, future events or otherwise.
Financial information
The Group’s financial information contained in this press release is prepared on the basis of IFRS and interpretations issued and approved by the European Union.
Unless otherwise specified, prior-year balance sheet, income statement items and ratios have not been reclassified.
The calculation of financial ratios (such as return on invested assets, regular income yield, return on equity and combined ratio) is detailed in the Appendices of the presentation related to the financial results for the second quarter and first half of 2025 which is available on SCOR’s website www.scor.com.
The financial results for the first half of 2025 have been subject to a limited review by SCOR’s statutory auditors. Unless otherwise specified, all figures are presented in Euros.
Any financial data or figures for a period subsequent to June 30, 2025 are not to be construed as a forecast of the expected financials for these periods
1 Adjusted by excluding the mark to market impact of the option on own shares.
2 Includes revenues on financial contracts reported under IFRS 9.
3 Defined as the sum of the shareholders’ equity and the Contractual Service Margin (CSM), net of tax. 25% notional tax rate applied on CSM.
4 Not annualized. The starting point is adjusted for the future payment of dividend of EUR 1.8 per share (EUR 322 million in total) for the fiscal year 2024, paid in 2025.
5 Growth at constant economic assumptions (i.e. adjusted for interest rate changes and FX impacts on shareholders’ equity and CSM) as of 31 December 2024 and excluding the mark to market impact of the option on own shares.
6 Solvency ratio estimated after taking into account the dividend accrual for the first six months based on the dividend paid for the fiscal year 2024 (EUR1.8 per share).
7 Estimated Gross Premium Income (EGPI).
8 Compared to the same period in 2024.
9 Measured by net underwriting ratio, excluding Alternative Solutions.
10 Includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts).
11 Excluding the mark to the market impact of the option on own shares. Q2 2025 impact of EUR 1 million before tax.
12 Reinvestment rate is based on Q2 2025 asset allocation of yielding asset classes (i.e. fixed income, loans and real estate), according to current reinvestment duration assumptions. Yield curves & spreads as of 30/06/2025.
13 As of 30 June 2025. Includes current cash balances and future coupons and redemptions.
14SCOR and Covéa announce the signing of a settlement agreement | SCOR
Attachment
Source: The Conversation (Au and NZ) – By Dileep Sharma, Professor and Head of Discipline – Oral Health, University of Newcastle
A survey from the Australian Dental Association out this week shows about three in four children never floss their teeth, or have adults do it for them. Many of the survey respondents thought it wasn’t worthwhile for baby teeth.
As anyone who cares for kids knows, it can be hard enough to get them to brush twice daily, let alone floss.
So how do you actually get kids to floss? Why do they need to anyway?
Flossing can reach between the teeth where toothbrushes can’t. It removes the soft food debris and biofilm, a slimy layer on teeth that harbours microbes, and so reduces the risk of dental decay and gum disease.
So flossing is essential as soon as children’s teeth erupt and are in contact with the next one. This is typically at the age of six to eight months when the lower front teeth start to emerge through their gums.
You may be thinking flossing is not worth the time or trouble, especially for younger children who’ll lose their baby teeth in a few years anyway.
However, baby teeth play a vital role in how children’s jaw bones develop and their face appears. And losing baby teeth early – due to the dental decay that can arise from not flossing – can have several effects.
As a child, it can change their speech and appearance. These can affect a child’s self-esteem and impact their wellbeing, depending on their age.
Losing baby teeth early can also affect them as a teenager or adult. Baby teeth act as a guide to where permanent teeth should erupt so losing them early can lead to crowding of teeth, needing orthodontic treatment (braces). In fact, premature loss of baby teeth can increase the risk of “malocclusion” or problems in the position of permanent teeth by more than 2.5 times.
Cleaning between the teeth is also vital for teens to reduce the risk of gingivitis (inflammation of the gums). This is very common in this age group due to changes in hormone levels.
Setting up a regular flossing routine may be challenging for many families. It’s one more thing to squeeze into the early morning rush to get to school or work. It can be hard to motivate tired children to floss at the end of the day too.
The technique itself also needs a level of manual dexterity for the kids themselves or for the parents who floss younger kids’ teeth.
You or your kids may have some form of dental anxiety due to previous negative experiences with dental visits. This may affect dental hygiene, or your likelihood to floss.
All of these factors can lead to lack of motivation or reluctance to floss, and so increases the risk of dental decay and gum disease in children.
But there are ways to help you and your kids develop and stick to a flossing regime.
First, gather your equipment.
Interdental brushes look like mini bottle brushes. These are more effective for larger spaces between adjacent teeth, or if your child has braces.
Floss or floss picks are only effective for areas with smaller or no spaces between adjacent teeth. Kid-friendly designs, such as animal-shaped and colourful floss and floss picks, can be an excellent option to make this routine more enjoyable. Flavoured floss, or floss that smells like fruit or chocolate can be appealing. Involving kids in the choice of floss or floss picks can boost their motivation to floss.
Alternatively, a waterjet flosser can make cleaning between the teeth more engaging. It’s as effective as regular dental floss.
For toddlers and preschoolers, using rewards and positive reinforcements, such as sticker charts or gold stars, can keep kids motivated to floss. So stock up.
Then choose your timing. Flossing is best done once a day, either in the morning or before bedtime. That’s because flossing can effectively remove biofilm between the teeth for 24 hours. You can floss before or after brushing.
Parents will need to brush and floss the teeth of infants and children up to five years old, until the children develop their own manual dexterity.
For infants, it’s easier if one adult holds them upright or sits them on their lap while the other does the flossing. For toddlers and preschoolers it may be easier to floss if they are sitting on the toilet, or standing at the basin with their head tilted back.
Last of all, lead by example. Kids with parents who regularly floss tend to pick up the routine quickly.
Flossing is only one part of preventing tooth decay and dental diseases, such as gum disease. It’s also important for children to:
avoid snacking on food with a high sugar content
choose plain water over fruit juices or fizzy drinks
avoid falling asleep with a feeding bottle containing milk, fruit juice or sugary liquids
avoid using a dummy dipped in sugary liquids or honey
clean their tongue while brushing their teeth
see a dentist or oral health professional well before their first tooth erupts so they can get used to the idea of a dental appointment.
Dileep Sharma receives funding from the Dental Council of NSW, International Association for Dental, Oral, and Craniofacial Research, Australian government Department of Foreign Affairs and Trade, International College of Dentists and Tropical Australian Academic Health Centre for his dental research projects. He is affiliated with The International Association for Dental, Oral, and Craniofacial Research and Australian Dental Association.
– ref. Kids need to floss too, even their baby teeth. But how do you actually get them to do it? – https://theconversation.com/kids-need-to-floss-too-even-their-baby-teeth-but-how-do-you-actually-get-them-to-do-it-262209
Source: Government of India
Source: Government of India (4)
The World Championship of Legends (WCL) semifinal between India Champions and Pakistan Champions was officially cancelled on Wednesday after the Indian team refused to take the field against their Pakistani counterparts, citing strong public sentiment following the Pahalgam terror attack.
The decision comes weeks after the Indian side had already forfeited a group stage match against Pakistan, with several players including Shikhar Dhawan openly stating their unwillingness to compete against a nation they accuse of supporting terrorism.
In a statement issued on Wednesday evening, the WCL organisers confirmed the match had been called off. “We respect the India Champions’ decision to withdraw from the semifinals, and we equally respect the Pakistan Champions’ readiness to compete. Taking all factors into consideration, the match between the India Champions and the Pakistan Champions has been called off,” the statement read.
“As a result, Pakistan Champions will advance to the final,” it added.
The Yuvraj Singh-led India Champions had earned their semifinal spot after a remarkable comeback win over the West Indies Champions, chasing 145 in just 13.2 overs, thanks to a blistering 21-ball half-century from Stuart Binny. The win came after a shaky start to the tournament, where India suffered three defeats in their first four games.
However, the larger geopolitical backdrop continued to loom large over the tournament. Public anger in India following the Pahalgam terror attack—believed to have links to Pakistan—has fuelled calls to boycott sporting ties with the country. The sentiment found voice in the India Champions squad, with players like Suresh Raina, Irfan Pathan, and Yusuf Pathan standing firm alongside Dhawan.
The organisers, while expressing disappointment over the disruption to the tournament, acknowledged the emotional undercurrent. “We have always believed in the power of sport to bring about positive change in the world. But we also realise that public sentiment must always be respected—after all, everything we do is for our audience,” the statement said.
The cancellation of the high-voltage semifinal has cast a shadow over the final stages of the WCL, which aimed to bring former legends of the game back into the spotlight. As it stands, Pakistan Champions will now await their opponent in the summit clash, with the other semifinal proceeding as scheduled.
IANS
Source: Lufthansa Group
Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG:
“The Lufthansa Group remains on course. Although the second quarter was again marked by geopolitical crises and economic uncertainties, we are today confirming our positive outlook for the full year. However, 2025 will remain a year of transformation for us, as delays in aircraft deliveries, certifications, and engine overhauls continue. The disproportionate burden on European airlines due to unilateral EU regulations also continues to put us at a disadvantage in global competition.
In this challenging environment, we were able to increase our operating result by almost a third in the second quarter and double the Lufthansa Group result. The basis for this economic success is and remains the regained operational stability of our airlines. Thanks to the tremendous commitment of our employees on board and on the ground, we are now able to report positive operating results for the first six months of the year. Our core brand achieved its best stability and punctuality figures since 2016. This not only significantly improved customer satisfaction but also had a noticeable impact on earnings due to lower compensation payments.
Lufthansa Cargo and Lufthansa Technik once again demonstrated their global leading performance in the first half of 2025. It is also encouraging that our investment in ITA Airways is already contributing to the Group’s financial success.
We are continuing our necessary efforts to increase efficiency, productivity, and profitability, particularly in the turnaround of our core brand, in order to expand our position as the world’s largest airline group outside the US.”
Results
In the second quarter of 2025, the Lufthansa Group increased its revenue by three percent year-on-year to 10.3 billion euros (previous year: 10.0 billion euros). The Lufthansa Group generated an operating profit (Adjusted EBIT) of 871 million euros (previous year: 686 million euros). The improvement in earnings was mainly due to the four percent expansion of the flight program in the passenger business, a positive result from the investment in ITA Airways of 91 million euros, partly due to currency effects, and the doubling of the operating result of the logistics business segment compared to the previous year. As a result, the operating margin increased by 1.5 percentage points year-on-year in the second quarter. The Group net result was 1.01 billion euros, more than double the previous year’s figure (469 million euros). This disproportionate increase was due to extraordinary tax effects and currency effects.
Passenger numbers and traffic development
In the first half of the year, more than 61 million passengers flew with the airlines of the Lufthansa Group, an increase of two percent compared with 2024. In the second quarter alone, the airlines welcomed around 37 million passengers (previous year: 35.9 million) on board. Despite a four percent increase in seat capacity, the load factor remained stable compared with the previous year at 82 percent.
The passenger airlines’ revenue per available seat kilometer (RASK) declined slightly by 0.9 percent in the second quarter compared with 2024 after adjusting for currency effects. This was primarily due to lower average prices in the European business as a result of intensifying competition. In contrast, average revenues from intercontinental traffic remained stable despite a market-wide expansion of capacity. Unit costs (CASK) excluding fuel and emissions expenses rose by 4.1 percent compared with the same quarter last year due to ongoing cost inflation, driven in particular by personnel and location costs.
Overall, revenue from passenger airlines rose by three percent to 8.2 billion euros in the second quarter (previous year: 8.0 billion euros). Adjusted EBIT increased to 690 million euros (previous year: 581 million euros). All airlines generated a positive result in the second quarter.
In the first half year, revenue for the passenger airlines totaled 14.1 billion euros, representing growth of around four percent compared with the previous year. Adjusted EBIT improved to -244 million euros (first half of 2024: -337 million euros). The positive development is mainly attributable to lower fuel costs, higher income from investments, and the absence of financial strike-related expenses in the previous year. In contrast to the first half of 2024, network stability also improved significantly, resulting in a 106 million euros reduction in financial expenses due to flight irregularities.
The integration of ITA Airways, in which the Lufthansa Group holds a 41 percent stake in the first phase, is continuing to progress. The benefits for customers are already clearly noticeable. Since the beginning of July, the airlines of the Lufthansa Group and ITA Airways have harmonized the benefits for their respective status customers, such as mutual lounge access, priority boarding, and conditions for additional baggage.
Also since July, flights from Lufthansa, SWISS, Austrian Airlines, and Brussels Airlines can be combined with long-haul flights from ITA Airways in a single booking. This has been possible for short- and medium-haul flights since March.
Starting in September, ITA Airways guests will be able to store their travel profile electronically in the Lufthansa Group Travel ID and benefit from the associated digital customer services of the Lufthansa Group.
Lufthansa Airlines continues to implement Turnaround program
Lufthansa Airlines’ Turnaround program remains on track. Increasing operational stability forms the foundation for the success of this program. Significant progress has already been made in this regard: punctuality and reliability achieved their best figures in ten years in the first six months. At the same time, revenues increased. Revenue from flight-related ancillary services rose by more than 25 percent in the first half of the year. In addition, structural measures have been initiated with the announced closure of the customer service center in Peterborough (Canada) and the associated reduction in personnel, which will make Lufthansa Airlines more efficient in the long term. The Turnaround measures are expected to have a gross earnings effect of 1.5 billion euros in 2026 and 2.5 billion euros in 2028.
Lufthansa Technik at record levels in the first half of the year, Lufthansa Cargo doubles its second quarter result compared with the previous year
The sustained high demand for air travel is leading to a further increase in demand for maintenance and repair services. Lufthansa Technik’s revenue rose by eight percent to 2.0 billion euros in the second quarter (same quarter last year: 1.8 billion euros). Ongoing material shortages, the US dollar exchange rate and increased US tariffs led to a ten percent increase in expenses compared with the same quarter last year. Nevertheless, Lufthansa Technik achieved an Adjusted EBIT of 310 million euros in the first half of 2025, once again setting a new record.
Lufthansa Cargo continued the positive trend of the first three months of the year in the second quarter. With an Adjusted EBIT of 73 million euros, the operating result in the second quarter doubled compared with the previous year (second quarter of 2024: 36 million euros). High demand for Asian e-commerce shipments and capacity bottlenecks in sea freight traffic led to an increase in demand and thus a higher load factor for Lufthansa Cargo. Since June 2025, Lufthansa Cargo has been marketing the freight capacity of ITA Airways’ South American routes to Rome. Lufthansa Cargo plans to gradually expand the marketing of belly capacity to all continental and intercontinental routes of the Italian airline. This will further consolidate Lufthansa Cargo’s route network.
Balance sheet strengthened, debt reduced
The Lufthansa Group’s operating cashflow amounted to around 2.8 billion euros in the first half of the year (previous year: 2.7 billion euros). Net investments remained at the previous year’s level at 1.6 billion euros. Overall, the Lufthansa Group generated an Adjusted Free Cashflow of 1.04 billion euros (previous year: 878 million euros).
Net debt decreased slightly to 5.5 billion euros compared with the end of 2024 (December 31, 2024: 5.7 billion euros). Net pension obligations fell by 400 million euros to 2.2 billion euros due to the higher discount rate. The Lufthansa Group’s available liquidity increased by 100 million euros compared with the beginning of the year to 11.1 billion euros.
Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG:
“We continue to operate in a volatile environment with high uncertainty and high cost pressure. I am therefore pleased to be able to present another quarterly result that is significantly above the previous year and to report progress in our Turnaround program. In our assessment, opportunities and risks are balanced. We therefore continue to expect a full year 2025 result significantly above the previous year and Adjusted Free Cashflow at approximately the previous year’s level. We thereby confirm our guidance. At the same time, we are closely monitoring macroeconomic developments and can respond flexibly to changes in the business environment.”
Outlook
Global demand for air travel remains strong. However, geopolitical crises and macroeconomic uncertainties, particularly commodity price and exchange rate volatility, are affecting the accuracy of forecasts for the rest of the year. In addition, the tendency of many travelers to book at shorter notice is limiting visibility for the second half of the year.
Despite ongoing global uncertainties, the Lufthansa Group is reaffirming its forecast for the full year and expects operating profit (Adjusted EBIT) to be significantly higher than last year (previous year: 1.6 billion euros) with capacity growth of around four percent.
The company continues to expect Adjusted Free Cashflow to remain at the previous year’s level (previous year: 840 million euros). This includes net investments of 2.7 to 3.3 billion euros, primarily for the ongoing fleet renewal.
Among other things, this will finance the remaining payments for the first Boeing 787-9 long-haul aircraft at the group’s largest hub in Frankfurt. By the end of the year, up to ten of these ‘Dreamliner’ with the new Allegris seat generation are expected to be added to the group’s fleet. In summer 2026, Lufthansa Airlines plans to operate a total of 15 Boeing 787-9 s from Frankfurt, more than doubling the number of aircraft offering the Lufthansa Allegris premium product to customers.
Further information
Further information on the results of individual business segments will be published in the report for the second quarter of 2025. This will be published simultaneously with this press release on July 31 at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/financial-reports.html.
Traffic figures for the second quarter of 2025 will also be published at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/traffic-figures.html.