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 Sweden
Today, the Defence Materiel Administration and its Danish counterpart, the Danish Ministry of Defence Acquisition and Logistics Organisation, signed a contract with BAE Systems Hägglunds for the coordinated procurement of 205 units of the Combat Vehicle 90, CV9035 MKIIIC version.
Source: Government of Sweden
On Tuesday 13 June, the task force for Jewish Life in Sweden held its first meeting. Discussions focused on what the situation looks like today and how living a Jewish life in Sweden can be made easier. More than 30 participants gathered to collaborate and engage in dialogue.
Source: Government of Sweden
In light of the recent developments, Minister for Social Affairs and Public Health Jakob Forssmed and Minister for Foreign Affairs Tobias Billström invited representatives of faith communities to a discussion to listen to their views and thoughts on recent events.
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: Government of Sweden
Support to Ukraine is the most important priority during the Swedish Presidency of the Council of the EU. On 1–2 June, the Swedish Presidency held a high-level meeting on protecting children to highlight how Ukrainian children have been affected by Russia’s aggression, and to discuss what EU Member States can do to respond to their needs. A very large number of Member States signed a declaration at the meeting.
Source: Government of Sweden
The transition package to improve long-term flexibility, adaptability and security in the labour market is based on a proposal from the trade unions and employers within the private sector. All workers gain better opportunities for transition and skills development throughout their working life, and Sweden’s competitiveness is strengthened. This involves a reformed labour law, a new student finance scheme and new basic transition and skills support.
Source: Government of Sweden
The European Commission and the Swedish Presidency will jointly review the progress of the Commission’s Strategic Framework on Health and Safety at Work 2021–2027 at the Occupational safety and health summit in Stockholm on 15–16 May. The themes include mental health at work, the ‘vision zero’ approach to work-related deaths, and the impact of climate change on occupational safety and health (OSH).
Source: Government of Sweden
On 3–4 May, the EU social affairs and labour market ministers will gather in Stockholm for an informal meeting hosted by Minister for Employment and Integration Johan Pehrson and Minister for Older People and Social Security Anna Tenje. Minister for Gender Equality and Working Life Paulina Brandberg will also take part.
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: Government of Sweden
Over seven million people in Ukraine have been forced to leave their homes and seek temporary protection from Russia’s aggression, both within Ukraine and in other European countries. The overwhelming majority are women and children. Children are often among the most vulnerable in war and conflict. Sweden and Ukraine have now entered into a cooperation agreement to continue supporting and protecting children.
Source: Government of Sweden
During the week of 20–24 March, several meetings focusing on education will be held as part of the Swedish Presidency of the Council of the EU. Skills supply, the green transition and education for Ukrainian pupils are among the agenda items. Minister for Education Mats Persson and Minister for Schools Lotta Edholm will both deliver opening addresses.
Source: Government of Sweden
On 20–21 April, the Swedish Presidency of the Council of the European Union and the European Union Agency for Fundamental Rights (FRA) will hold a conference in Lund, focusing on institutional protection of human rights in times of crisis.
Source: Government of Sweden
Inflation is starting to come down, but Swedish businesses and households are still burdened by high prices and interest rates. This means a weaker economic situation and that the Swedish economy is considered to be in a recession that will last until 2025. These are the Ministry of Finance’s conclusions presented in a new forecast of the economic outlook.
Source: Government of Sweden
The theme of this year’s World Health Assembly (WHA) was the World Health Organization (WHO) at 75 and the work it does. Representing the EU and its Member States, Minister for Health Care Acko Ankarberg Johansson took part on the first two days (21–22 May).
Source: Government of Sweden
(New version) Today, 3 December, Sweden and the United States have signed a statement of intent on enhanced cooperation between Swedish and US special forces. The contents of the statement are secret, but it will allow for enhanced operational and capability-developing cooperation between special forces.
Source: Government of Sweden
On 12 April, participants from throughout the EU will gather to jointly identify and share experiences from their work promoting LGBTIQ people’s rights and opportunities. It will also serve as a springboard for continued work on the EU strategy for LGBTIQ people’s equal rights.
Source: Government of Sweden
Sweden and the majority of World Health Organization (WHO) Member States in the WHO European Region have decided to relocate the WHO European Office for the Prevention and Control of Noncommunicable Diseases from Moscow to Copenhagen. The decision was taken in support of Ukraine and enables the WHO to continue its work fighting noncommunicable diseases in Europe.
Source: GlobeNewswire (MIL-OSI)
2025 Half-Year Results:
Continued strategic deployment with the
Asset Management Platform ramp up:
Wendel Group now manages €45 billion+,
of which €39 billion of Private Assets under Management
for third parties
NAV per share at €167.7 as of June 30, 2025
Implementation of a semi-annual interim dividend starting in November 2025, with an interim dividend of €1.50
Taking into account the dividend payment of €4.7, the fully diluted net asset value1per share as of June 30, 2025 is down 2.4% compared to the end of March 2025, and stable at constant exchange rates.
The strengthening of euro vs US dollar, generated a -€4.7 per share FX effect in Q2. At constant exchange rate, NAV main components evolved as follows:
Principal investments: H1 2025 performance supported by listed companies
Asset management: strong momentum in fundraising and revenue growth
Dynamic implementation of new strategic directions
A more attractive dividend policy for shareholders: introduction of semi-annual interim dividend payments starting in 2025
Strong financial structure and committed to remaining Investment Grade
Consolidated net sales for H1 2025 €4,177.6 million, up +7.2% overall and up +3.9% organically year-to-date
| Laurent Mignon, Wendel Group CEO, commented:
“ With the successful closing of Monroe Capital’s acquisition, Wendel materializes its strategy to grow third-party asset management alongside our principal investment activity. With Monroe Capital and IK Partners representing €39 billion of assets under management and €4.3 billion raised in H1 2025, we are building a strong and significant Asset management player generating recurring and predictable income, enhancing significantly Wendel’s value creation profile. IK Partners has closed its Midcap and Small Cap strategies at their hardcaps, finalizing its 2024/2025 fundraising at €6 billion, in line with the ambition announced when it was acquired by Wendel in October 2023. We are actively building a diversified pipeline of high-quality acquisition opportunities to expand our third-party asset management business. We actively support the development of our permanent capital portfolio companies in navigating a persistently complex macroeconomic environment. Our teams remain fully mobilized to generate value through the current portfolio and further develop our asset management platform while maintaining a solid financial profile. Our strategic transformation has also gone hand in hand with a reinforced cash return to shareholders, reflected in the €4.7 dividend per share paid in May, growing 17.5% vs 2024. Given the stronger recurring and predictable cash flow generation of Wendel, we have decided to implement a semi-annual interim dividend payment policy starting in 2025. ” |
Wendel’s net asset value as of June 30, 2025: €167.7 per share on a fully diluted basis
Wendel’s Net Asset Value (NAV) as of June 30, 2025, was prepared by Wendel to the best of its knowledge and on the basis of market data available at this date and in compliance with its methodology.
Fully diluted Net Asset Value was €167.7 per share as of June 30, 2025 (see details in the table below), as compared to €176.7 on March 31, 2025, representing a decrease of -5.1% over the quarter and stable restated from the dividend paid in May 2025 and at constant exchange rate. Compared to the last 20-day average share price as of June 30, the discount to the fully diluted NAV per share was -48.4% as of June 30, 2025,.
FX had a negative impact of -4.7€ per share over the second quarter due to the dollar evolution vs. euro.
Bureau Veritas is slightly up over the quarter (+1.2% on a 20-day average). IHS Towers (+29.5%) and Tarkett (+3%) 20-day average share prices also contributed positively to the NAV. Total value creation per share of listed assets was therefore positive (+€3.5) at constant exchange rate on a fully diluted basis over the second quarter 2025.
Unlisted asset contribution to NAV was negative over the second quarter with a total change per share of – €5.0 at a constant exchange rate reflecting selected assets operational performance and multiples evolution.
Asset management activities contribution to NAV was positive, +€3.8 at a constant exchange rate, due to IK Partners and Monroe Capital blended multiples’ evolution and good FRE generation. A total of €49M of sponsor money is included in the NAV as of end of June, both for IK Partners and Monroe Capital.
Cash operating costs, Net Financing Results and Other items impacted NAV by -€1.9 at constant exchange rate, as Wendel benefits from a positive carry and maintains a good cost control.
Over the first half of the year, total Net Asset Value evolution per share amounted to -€13.2, restated from the €4.7 of dividend returned to shareholders in May 2025, i.e. -€6.2 at a constant exchange rate.
Fully diluted NAV per share of €167.7 as of June 30, 2025
| (in millions of euros) | 06/30/2025 | 03/31/2025 | ||||
| Listed investments | Number of shares | Share price (1) | 3,088 | 2,965 | ||
| Bureau Veritas | 89.9m(2)/120.3m | €29.2/€28.5 | 2,630 | 2,565 | ||
| IHS | 63.0m/63.0m | $5.7/$4.4 | 307 | 254 | ||
| Tarkett | €16.9/€16.4 | 151 | 146 | |||
| Investment in unlisted assets (3) | 3,071 | 3,346 | ||||
| Asset Management Activities (4) | 1,824 | 1,778 | ||||
| Asset Managers (IK Partners & Monroe Capital) | 1,775 | 1,749 | ||||
| Sponsor Money | 49 | 29 | ||||
| Other assets and liabilities of Wendel & holding companies (5) | 150 | 161 | ||||
| Net cash position & financial assets (6) | 1,770 | 2,058 | ||||
| Gross asset value | 9,903 | 10,308 | ||||
| Wendel bond debt & accrued interests | -2,373 | -2,378 | ||||
| IK Partners transaction deferred payment and Monroe Capital earnout | -235 | -244 | ||||
| Net Asset Value | 7,295 | 7,686 | ||||
| Of which net debt | -838 | -564 | ||||
| Number of shares | 44,461,997 | 44,461,997 | ||||
| Net Asset Value per share | €164.1 | €172.9 | ||||
| Wendel’s 20 days share price average | €86.6 | €92.0 | ||||
| Premium (discount) on NAV | -47.2% | -46.8% | ||||
| Number of shares – fully diluted | 42,457,994 | 42,456,176 | ||||
| Fully diluted Net Asset Value, per share | €167.7 | €176.7 | ||||
| Premium (discount) on fully diluted NAV | -48.4% | -47.9% | ||||
(1) Last 20 trading days average as of June 30, 2025, and March 31, 2025.
(2) Number of shares adjusted from the Forward Sale Transaction of 30,357,140 shares of Bureau Veritas. The value of the call spread transaction to benefit from up to c.15% of the stock price appreciation on the equivalent number of shares is taken into account in Other assets & liabilities of Wendel & holding companies.
(3) Investments in unlisted companies (Stahl, Crisis Prevention Institute, ACAMS, Scalian, Globeducate, Wendel Growth). Aggregates retained for the calculation exclude the impact of IFRS16.
(4) Investments in IK Partners and Monroe Capital (excl. Cash to be distributed to shareholders). Valued as a platform based on Net Income / Distributable earnings multiples.
(5) Of which 2,004,003 treasury shares as of June 30, 2025, and 2,005,821 as of March 31, 2025.
(6) Cash position and short-term financial assets of Wendel & holdings.
Assets and liabilities denominated in currencies other than the euro have been converted at exchange rates prevailing on the date of the NAV calculation.
If co-investment and managements LTIP conditions are realized, subsequent dilutive effects on Wendel’s economic ownership are accounted for in NAV calculations. See page 285 of the 2024 Registration Document.
Wendel’s Principal Investments’ portfolio rotation
On March 12, 2025, Wendel realized a successful placement of Bureau Veritas shares as part of a prepaid 3-year forward sale representing approximately 6.7% of Bureau Veritas share capital and increased its financial flexibility by reducing the pro forma loan-to-value ratio to approximately 17%. The transaction immediately generated net cash proceeds of approximately €750M to Wendel.
Wendel invested €41.5M in Scalian in H1 2025 to support its external growth and to strengthen its balance sheet.
Wendel’s Asset Management platform evolution
Acquisition of a controlling stake in Monroe Capital LLC closed, a transformational transaction in line with the strategic roadmap
Wendel completed on March 31, 2025 the definitive partnership agreement including the acquisition, together with AXA IM Prime, of 75% of Monroe Capital LLC (“Monroe Capital” or “the Company”), and a sponsoring program of $800 million to accelerate Monroe Capital’s growth, together with an investment of up to $200 million in GP commitment.
With IK Partners and Monroe Capital, Wendel’s third party asset management platform reached €39 billion in AUM5, and should generate, on a full-year basis, c.€ 455 million revenues6, c.€160 million pre-tax FRE (c.€100 million in pre-tax FRE (Wendel share) in 2025. Wendel’s ambition is to reach €150 million (Wendel share) in pre-tax FRE in 2027.
Third-Party Asset Management Platform: 22% of Gross Asset Value excluding cash
Over the first half of 2025, the Wendel Asset Management platform (IK Partners and Monroe Capital), focused on the midmarket private markets, registered particularly strong levels of activity, generating a total of €152.0 million in Management fees and others, up 355 % vs. H1 2024, thanks to good organic growth and strong scope effects: Only IK Partners was consolidated over 2 months in H1 2024, to be compared in H1 2025 with a 6 months consolidation for IK and 3 months consolidation for Monroe Capital in H1 2025.
As a consequence, the consolidated Fee Related Earnings of the platform amounted to €59.9 million in H1 2025, up 318% vs last year, and Profit Before Tax was €60.2 million, up 303% vs. last year.
The Wendel Asset Management Platform has known a Strong Momentum in terms of fund raising with €4.3 billion raised over the semester, without any sponsor money committed by Wendel.
IK Partners has closed its Midcap and its Small Cap strategy at the hard cap. This completes IK fund raising cycle (2024/2025) at €6 billion, in line with the announced target at acquisition in October 2023. Monroe Capital has also maintained its strong dynamic with $4 billion of asset raised in 6 months with a good diversification in terms of strategies and geographies.
As of June 30, 2025 Wendel’s third-party asset management platform7 represented total assets under management of €39.1 billion (of which €10.1 billion of Dry Powder8), and FPAuM9 of €29.0 billion, FX adjusted, up +187% year-to-date. Over the period, €5.0 billion of new Fee Paying AuM were generated and about €3 billion of exits and payoffs have been realized.
Sponsor money invested by Wendel
Wendel committed in 2024 €434 million in IK Partners funds (of which €300 million in IK X). As of June 30, 2025, a value of €49 million of sponsor money have been called in IK Partners and Monroe Capital funds.
Principal Investment companies’ sales
Figures post IFRS 16 unless otherwise specified.
Listed Assets: 38% of Gross Asset Value excluding cash
Bureau Veritas: Robust organic revenue growth and strong margin increase in H1 2025 as the LEAP | 28 strategy execution accelerates; Confirmed 2025 outlook
(full consolidation)
Revenue in the first half of 2025 amounted to €3,192.5 million, a 5.7% increase compared to H1 2024. The organic increase was 6.7% compared to H1 2024 (including 6.2% in the second quarter of 2025) and a broad organic growth across most businesses and geographies.
First half adjusted operating profit increased by 8.8% to €491.5 million. This represents an adjusted operating margin of 15.4%, up 44bps year-on-year and up 55bps at constant currency.
As of June 30, 2025, adjusted net financial debt was €1,254.7 million and the adjusted net financial debt/EBITDA ratio was maintained at a low level of 1.11x (vs. 1.06x as of December 31, 2024).
2025 share buyback program
Bureau Veritas executed the €200 million share buyback program announced on April 24, 2025, thus
acquiring c.1.5% of the outstanding share capital (6.7 million shares) through the market during the
months of May and June 2025. The purchase was completed at an average price of €29.77 per share.
2025 outlook confirmed
Based on a robust first half performance, a solid backlog, and strong underlying market fundamentals, and in line with the LEAP | 28 financial ambitions, Bureau Veritas still expects to deliver for the full year 2025:
For further details: group.bureauveritas.com
IHS Towers – IHS Towers will report its H1 2025 results in August 2025
Tarkett reported its H1 on July 29, 2025
For more information: https://www.tarkett-group.com/en/investors/
Unlisted Assets: 38% of Gross Asset Value excluding cash
| (in millions) | Sales | EBITDA | Net debt | |||
| H1 2024 | H1 2025 | H1 2024 including IFRS 16 | H1 2025 including IFRS 16 | Δ | end of June including IFRS 16 | |
| Stahl | €464.7 | €462.9 | €106.7 | €90.8 | -14.9% | €357.8 |
| CPI | $66.9 | $69.5 | $28.4 | $29.9 | +5.3% | $370.8 |
| ACAMS | $48.7 | $53.4 | $8.9 | $13.7 | +53.9% | $161.2 |
| Scalian | €271.8 | €257.6 | €30.3 | €28.9 | -4.6% | €354.8 |
| Globeducate(1) | €202.6 | €224.7 | na | €77.7 | na | €739.6 |
(1) Globeducate acquisition was completed on October 16th, 2024. Globeducate fiscal year ends in August, and figures shown are last six months at the end of May 2025. Indian operations are deconsolidated and accounted for by the equity method.
Stahl – Total sales slightly down -0.4% in H1 2025 in a context of challenging market conditions in the automotive and luxury goods end-markets. Strong EBITDA margin of 19.6%.
(Full consolidation)
Stahl, the world leader in specialty coatings for flexible materials, posted total sales of €462.9 million in the first half of 2025, representing a total decrease of -0.4% versus H1 2024.
Organically, sales were down -5.9%, in a context of lower demand across end-markets due to very high levels of uncertainty around changing tariffs and destocking in the supply chains served by Stahl, while FX contributed -2.0%. Acquisitions contributed positively (+7.6%) to total sales variation, thanks to the acquisition of Weilburger Graphics GmbH completed in September 2024.
Half Year 2025 EBITDA11 amounted to €90.8 million (-14.9% vs. H1 2024), translating into a strong EBITDA margin of 19.6%, thanks to a disciplined margin and fixed costs management, as well as a good diversification across geographies and segments.
Net debt as of June 30th, 2025, was €357.8 million12, versus €383.8 million at the end of 2024 and leverage stood at 1.9x13.
Crisis Prevention Institute reports +4.0% in revenue and +5.3% EBITDA growth. Andee Harris will become the new CEO of CPI on August 20, 2025.
(full consolidation)
Crisis Prevention Institute recorded first half 2025 revenue of $69.5 million, up +4% compared to H1 2024. Of this increase, +3.2% was organic growth, -0.2% came from FX movements and +1.1% from scope effect related to the Verge acquisition in Norway in January 2025. Despite ongoing federal oversight and funding uncertainty for some of CPI’s US customers that may have led to deferred spending on expanded training, CPI’s installed base of certified instructors continued to renew and maintain their certification and train their colleagues. Growth in the first half therefore increased revenues from renewals and learning materials in North America, as well as double digit growth in markets outside North America.
H1 2025 EBITDA was $29.9 million14, reflecting a margin of 43.0%. EBITDA was up +5.3% vs. H1 2024 while margins are slightly up due to tight cost policy and in spite of lower-than-expected top line growth.
As of June 30, 2025, net debt totaled $370.8 million15, or 4.7x EBITDA as defined in CPI’s credit agreement. In early July, CPI raised $60 million through an incremental term loan to fund c. $33 million dividend payment to Wendel by year end and a partial repurchase of management’s shares. Both the dividend and the share repurchases are expected to occur in September.
On August 20, 2025, Andee Harris will become CEO of CPI and a member of the company’s board of directors.
Andee Harris will take over from Tony Jace, CPI’s current CEO, who is retiring after leading CPI’s significant expansion over the past 16 years. Tony will remain on CPI’s Board of Directors through the end of 2025.
Andee Harris was the CEO of Challenger, a global leader in training, technology and consulting. Harris will bring more than two decades of experience in growing and scaling service and technology businesses. She has previously led multiple companies, both as CEO and Senior Vice President, through periods of rapid revenue growth, digital transformation, critical fundraising and successful acquisition.
ACAMS – Total sales up +9.6% in H1, reflecting double-digit growth in the core Americas and APAC segments, generating very strong EBITDA growth.
(full consolidation)
ACAMS, the global leader in training and certifications for anti-money laundering and financial-crime prevention professionals, generated total revenue of $53.4 million, up +9.6% compared to the first half of 2024. First-half results were driven by double-digit growth in Americas and APAC segments, with both bank and non-bank customers, as well as improved conference sponsorship & exhibition sales.
H1 growth reflects momentum from recent strategic and organizational changes including the senior leadership additions in 2024, a shift in focus to selling solutions for large enterprise customers, market expansion with the introduction of the Certified Anti-Fraud Specialist certification (CAFS), and investments in the technology platform.
EBITDA16 for the first half was c.$13.7 million, up 53.9% vs. H1 2024 and reflecting a 25.7% margin, up 740 bps year-over-year. The strong increase in first half profitability largely reflects the aforementioned revenue growth as well as strong cost control by the Company’s management.
As of June 30, 2025, net debt totaled $161.2 million17, down from $165.0 million at the end of 2024, which represents 4.8x EBITDA as defined in ACAMS’ credit agreement, with ample room relative to the 9.5x covenant level.
ACAMS anticipates continued mid-to-high single digit growth in revenues for 2025. To support its long-term development, which is expected to produce accelerated levels of growth and profitability over the next several years, additional investments and hirings will be made in H2 2025, leading to more normalized c.25% margin for the full year.
Scalian – Total sales down 5.2% in first-half 2025, reflecting persistently tough market conditions for engineering services and digital services companies. Equity contributions by Wendel since the beginning of the year totalling €41.5 million to support Scalian’s acquisition-led growth and strengthen its balance sheet.
Changes in governance with the appointment of a new Chief Executive Officer.
Scalian, a leader in digital transformation and operational performance consulting, reported total sales of €257.6 million as of June 30, 2025, down 5.2% year on year. The downturn in sales continues to take hold in several sectors and geographies, particularly in France and in automotive in Germany. Sales were down 11.1% on a like-for-like basis (including a negative currency impact), and benefited from a positive scope effect of 5.9% driven by acquisitions that were accretive in terms of growth and margins.
Other European countries and North America reported further robust growth, buoyed by the acquisition of Mannarino, which made a significant contribution to half-year earnings thanks to strong business momentum.
Scalian generated €28.9 million in EBITDA18 over first-half 2025. The EBITDA margin stood at 11.2% of sales, in line with the level recorded for full-year 2024, reflecting a tight rein on costs. As of June 30, 2025, net debt19 stood at €354.8 million (leverage of 6.7x20 EBITDA).
Over the past 24 months, Scalian has undertaken bold transformation initiatives, which are being accelerated in 2025 in response to the worsening market environment:
These initiatives, aimed at strengthening Scalian’s business model and attractiveness, have already had a positive impact, and have led to significant commercial successes in recent months, including major agreements in the aerospace and defense sectors.
Since the beginning of the year, Wendel has injected an additional €41.5 million in equity to support Scalian’s acquisition-led growth and strengthen its balance sheet.
Wendel is also announcing today a major change in Scalian’s governance, with the appointment of a new Chief Executive Officer effective October 1 at the latest, the date on which Yvan Chabanne will step down following a decade of intensive development. The aim is to launch Scalian into the next cycle of growth and transformation with a new Chief Executive Officer, who has already been identified, also a highly experienced executive from the engineering industry, whose name will be announced shortly.
David Darmon, Chairman of Scalian’s Supervisory Board:
“On behalf of the Wendel Group, I would like to extend my warmest thanks to Yvan Chabanne for his remarkable achievements and unfailing commitment at the helm of Scalian, the brand he founded. Under his leadership, the Group has undergone an exceptional transformation: it has expanded strongly on an international level, become a leader in engineering, digital transformation and operational performance consulting, strengthened its positions with major customers and multiplied its sales almost ten-fold – half of which through a dozen acquisitions. Today, consolidated sales stand at around €530 million.
We are delighted to welcome on board a new Chief Executive Officer whose international background, in-depth knowledge of our businesses and unifying leadership skills will be key assets in supporting the Group’s development going forward. We look forward to working alongside the future Chief Executive Officer on an ambitious value creation plan, which will unleash the full potential of this magnificent company, driven by the expertise, dedication and talent of its teams.”
Globeducate – Total sales up +10.9%21over 6-month period ending May 31, 2025. Annualized EBITDA margin c.25%22in line with expectations.
(Accounted for by the equity method. Globeducate acquisition was completed on October 16th, 2024. Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures. 6-month revenue and EBITDA from December 1, 2024 to May 31, 2025).
Globeducate, one of the world’s leading bilingual K-12 education groups, posted total sales of €224.7 million1 for the 6-month period ending May 31, 2025, representing a total increase of +10.9% over last year. Of this increase, +3.3% came from accretive M&A transactions.
EBITDA2 for the same period stood at €77.7 million. EBITDA is always particularly high at this time of year driven by the seasonality of the business (revenues are recognized over the academic year while costs are spread out across the entire fiscal year) and will smooth out over the next quarter. EBITDA was in line with expectations and ensures an annualized EBITDA margin at c.25%. This solid financial performance was fueled by a combination of organic and external growth as well as strict cost control.
Since the beginning of Globeducate’s fiscal year (September 1, 2024 – August 31, 2025), the Group has completed 3 acquisitions: Olympion School and the International School of Paphos in Cyprus, and l’Ecole des Petits in the UK.
Net debt as of May 31, 2025, was €739.6 million23 and leverage stood at 6.3x4.
Consolidated Accounts
The Supervisory Board met on July 30, 2025, under the chairmanship of Nicolas ver Hulst, to review Wendel’s condensed consolidated financial statements, as approved by the Executive Board on July 25, 2025. The interim financial statements were subject to a limited review by the Statutory Auditors prior to publication.
Wendel Group’s consolidated net sales totaled €4,177.6 million, up +7.2% overall and up +3.9% organically. FX contribution is -2.1% and scope effect is +5.4%.
The net income from operations of Group companies, Group share amounted to €86.0 million, down -17.9%.
Financial expenses, operating expenses and taxes recorded by Wendel represented €46.0 million, up €13.2 million from the €32.9 million reported in H1 2024, mainly due to lower returns from cash. Operating expenses were down 15.6% due to good cost control.
H1 2025 net income Group share €4.3 million vs. €388.2 million in the first half of 2024, reflecting a €418.6 million capital gain group share from the disposal of Constantia Flexibles in H1 2024. In H1 2025, The impact (group share) of impairment on investments was limited over the period, as the reversal of the impairment on Tarkett Participation was offset by the impairment recognized on Scalian, as a result of the slowdown in its markets. The gain on the forward sale of Bureau Veritas in 2025 and the positive change in the fair value of IHS are not recognized in the income statement but in shareholder equity.
Estimated impact of new tariffs on Wendel’s businesses
Wendel Group’s companies are mainly business services, and are therefore only slightly directly impacted by conflicts over tariffs. For industrial companies (Stahl and Tarkett), these two companies have production units generally located in the countries in which they generate their revenues. According to the information available, the direct impact for these two companies is limited. The lack of visibility on the evolution of tariffs, as well as their real impact on global economic growth and USD exchange rates, constitute the main risk on the value creation potential of our assets. In the second quarter of 2025, the main indirect impact of trade tariffs was on the euro-dollar exchange rate, which impacted the valuation of some of our assets, mainly US companies or listed in the US. The impacts of trade tariffs specific to each company are described in the relevant sections of this press release.
Agenda
Thursday, October 23, 2025
Q3 2025 Trading update – Publication of NAV as of September 30, 2025 (post-market release)
Friday, December 12, 2025,
2025 Investor Day.
Wednesday, February 25, 2026
Full-Year 2025 Results – Publication of NAV as of December 31, 2025, and Full-Year consolidated financial statements (post-market release)
Wednesday, April 22, 2026
Q1 2026 Trading update – Publication of NAV as of March 31, 2026 (post-market release)
Thursday, May 21, 2026
Annual General Meeting
Wednesday, July 29, 2026
H1 2026 results – Publication of NAV as of June 30, 2026, and condensed Half-Year consolidated financial statements (post-market release)
About Wendel
Wendel is one of Europe’s leading listed investment firms. Regarding its principal investment strategy, the Group invests in companies which are leaders in their field, such as ACAMS, Bureau Veritas, Crisis Prevention Institute, Globeducate, IHS Towers, Scalian, Stahl and Tarkett. In 2023, Wendel initiated a strategic shift into third-party asset management of private assets, alongside its historical principal investment activities. In May 2024, Wendel completed the acquisition of a 51% stake in IK Partners, a major step in the deployment of its strategic expansion in third-party private asset management and also completed in March 2025 the acquisition of 72% of Monroe Capital. As of June 30, 2025, Wendel manages 39 billion euros on behalf of third-party investors, and c.6.2 billion euros invested in its principal investments activity.
Wendel is listed on Eurolist by Euronext Paris.
Standard & Poor’s ratings: Long-term: BBB, stable outlook – Short-term: A-2
Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of “Grand Mécène de la Culture” in 2012.For more information: wendelgroup.com
Follow us on LinkedIn @Wendel
Appendix 1: H1 2025 Consolidated sales and results
H1 2025 consolidated net sales
| (in millions of euros) | H1 2024 | H1 2025 | Δ | Organic Δ |
| Bureau Veritas | 3,021.7 | 3,192.5 | +5.7% | +6.7% |
| Stahl | 464.7 | 462.9 | -0.4% | -5.9% |
| Scalian (1) | 271.8 | 257.6 | -5.2% | -11.1% |
| CPI | 61.9 | 63.7 | +3.0% | +3.2% |
| ACAMS | 44.5 | 48.8 | +9.6% | +9.8% |
| IK Partners (2) | 33.4 | 91.2 | n.a. | n.a. |
| Monroe Capital (3) | n.a. | 60.8 | n.a. | n.a. |
| Consolidated sales | 3,897.9 | 4,177.6 | +7.2% | +3.9% |
(1) Scalian, which had a different reporting date to Wendel (refer to 2023 consolidated financial statements – Note 2 – 1.” Changes in scope of consolidation in 2023″), realigns its closing date with Wendel group. Consequently, sale’s contribution corresponds to 6 months’ sales between January 1st 2025 and June 30 2025. The contribution published last year (€278.2M) corresponded to 6 months’ sales between October 1st 2024 and March 31st 2025.
(2) Acquisition d’IK Partners in May 2024. Contribution of sales for 2 months in 2024 versus 6 months in 2025.
(3) Contribution of 3 months’ sales from April 1st, 2025 to June 30, 2025. Including PRE.
H1 2025 net sales of equity-accounted companies
| (in millions of euros) | H1 2024 | H1 2025 | Δ | Organic Δ |
| Tarkett (4) | 1,558.7 | 1,573.5 | +0.9% | -0.2% |
| Globeducate (5) | n.a. | 224.7 | n.a. | n.a. |
(4) Selling price adjustments in the CIS countries are historically intended to offset currency movements and are therefore excluded from the “organic growth” indicator.
(5) Contribution of 6 months of sales from December 1st, 2024 to May 31st, 2025 excluding India.
H1 2025 consolidated results
| (in millions of euros) | H1 2024 | H1 2025 |
| Contribution from asset management | 11.6 | 49.0 |
| Consolidated subsidiaries | 364.6 | 353.8 |
| Financing, operating expenses and taxes | -32.9 | -46.0 |
| Net income from operations(1) | 343.4 | 356.8 |
| Net income from operations, Group share | 104.8 | 86.0 |
| Non-recurring income/loss | 643.4 | 15.7 |
| Impact of goodwill allocation | -50.4 | -65.1 |
| Impairment | -90.6 | -39.4 |
| Total net income (2) | 845.8 | 268.0 |
| Net income, Group share | 388.2 | 4.3 |
(1) Net income before goodwill allocation entries and non-recurring items.
(2) IHS is accounted for as financial assets through OCI
H1 2025 net income from operations
| (in millions of euros) | H1 2024 | H1 2025 | Change | |||
| IK Partners | 11.6 | 30.3 | +161.8% | |||
| Monroe Capital | n.a. | 18.7 | n.a. | |||
| Total contribution from asset management | 11.6 | 49.0 | n.a. | |||
| Total contribution from AM Group share | 5.9 | 29.3 | +153.2% | |||
| Bureau Veritas | 302.5 | 307.9 | +1.8% | |||
| Stahl | 52.6 | 36.0 | -31.6% | |||
| Scalian | 0.3 | -6.5 | n.a. | |||
| CPI | 4.8 | 6.0 | +23.7% | |||
| ACAMS | -3.0 | -1.3 | n.a. | |||
| Tarkett (equity accounted) | 7.4 | 3.7 | -50.4% | |||
| Globeducate (equity accounted) | n.a. | 8.0 | n.a; | |||
| Total contribution from Group companies | 364.6 | 353.8 | -3.0% | |||
| of which Group share | 131.6 | 102.5 | -22.1% | |||
| Operating expenses net of management fees | -38.2 | -32.2 | -15.6% | |||
| Taxes | -1.7 | -2.1 | +21.3% | |||
| Financial expenses | 19.0 | -1.0 | -105.3% | |||
| Non-cash operating expenses | -11.9 | -10.5 | -11.2% | |||
| Net income from operations | 343.4 | 356.8 | +3.9% | |||
| of which Group share | 104.8 | 86.0 | -17.9% | |||
Appendix 2: Conversion from accounting presentation to economic presentation
Please refer to table 5.1 of the consolidated statements.
Appendix 3: Glossary
1 Fully diluted of share buybacks and treasury shares. Net Asset Value non fully diluted stands at €164.1.
2 As of end of June 2025, AuM of IK Partners and Monroe Capital
3 This amount includes usual closing adjustments
4 Including sponsor money commitment in IK (-€434m partly called as of 06.30.2025) & expected commitments in Monroe Capital (-$200m partly called as of 06.30.2025), IK Partners transaction deferred payment (-€131m), Monroe Capital 100% acquisition (including estimated earnout and puts on residual capital, i.e -$527M), and pro forma of Bureau Veritas dividend payment in July (€80.9 million).
5 As of end of June 2025
6 Based on USD/EUR exchange rate of 1.08
7 IK Partners and Monroe Capital
8 Commitments not yet invested
9 Fee Paying AuM
10 (Net cash generated from operating activities – lease payments + corporate tax)/adjusted operating profit
11 EBITDA including IFRS 16 impacts, EBITDA excluding IFRS 16 stands at €87.6m.
12 Including IFRS 16 impacts. Net debt excluding the impact of IFRS 16 was €341.8m.
13 Leverage as per credit documentation definition.
14 Recurring EBITDA post IFRS 16. Recurring EBITDA pre IFRS 16 was $29.3m
15 Post IFRS 16 impact. Net debt pre IFRS 16 impact was $367.9m.
16 EBITDA including IFRS 16. EBITDA excluding IFRS16 stands at $13.1m
17 Including IFRS 16 impacts. Net debt excluding the impact of IFRS 16 was $159.5 million.
18 EBITDA including IFRS 16 impact. Excluding IFRS 16, EBITDA stands at €24.2 million.
19 Net debt including IFRS 16 impact. Excluding IFRS 16, net debt stands at €324.0 million.
20 As per credit documentation (pre IFRS 16).
21 6-month revenue from December 1, 2024, to May 31, 2025. Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures. These figures are compared with the same period last year and are estimated and non-audited.
22 EBITDA including IFRS 16 impacts and excluding Indian activities.
23 Including IFRS 16 impacts; excluding IFRS 16, net debt stood at €572.1 million.
4 Leverage as per credit documentation definition.
Attachment
Source: The Conversation – UK – By Brian Brivati, Visiting Professor of Contemporary History and Human Rights, Kingston University
Keir Starmer has announced that the UK will recognise Palestinian statehood by September 2025 unless Israel meets certain conditions, marking a significant shift in UK policy.
For decades, successive UK governments withheld recognition, insisting it could only come as part of a negotiated settlement between Israel and Palestine. This position, rooted in the Oslo accords of the 1990s and aligned with US policy, effectively gave Israel a veto over Palestinian statehood. As long as Israel refused to engage seriously in peace talks, the UK refrained from acting.
Starmer has now broken with this precedent, potentially aligning the UK with 147 other countries. But the Israeli government must take what the UK calls “substantive steps” toward peace. These include agreeing to a ceasefire in Gaza, allowing full humanitarian access, explicitly rejecting any plans to annex West Bank territory, and returning to a credible peace process aimed at establishing a two-state solution.
If Israel meets these conditions, the UK would presumably withhold recognition until the “peace process” has been completed. Starmer made clear that Britain will assess Israeli compliance in September and reserves the right to proceed with recognition regardless of Israel’s response. The message was unambiguous: no one side will have a veto.
This is more than just clever internal politics and party management. Anything that puts any pressure on Israel to move towards peace should be welcomed. But will it amount to much more than that?
Starmer has faced criticism over the last few years for resisting recognising Palestine as a state. While Labour’s frontbench held the line for much of the past year, rank-and-file discontent has grown – and with it, the political risks.
At the heart of Labour’s internal tensions lie two irreconcilable blocs. On one side are MPs and activists – both inside the party and expelled from it – who are vocally pro-Palestinian and have been outraged by the government’s failure to act. On the other side are members of the Labour right who continue to back Israel, oppose unilateral recognition of statehood and focus on the terrible crimes of Hamas but not the IDF campaign in Gaza.
Between them sits a soft-centre majority, for whom foreign policy is not a defining issue. They are not ideologically committed to either side but have become increasingly uneasy with the escalating violence and the UK’s diplomatic inertia.
As the humanitarian catastrophe in Gaza deepens, public outrage in the UK has grown. Mass protests have put mounting pressure on the government to act. Within parliament, over 200 MPs, including many from Labour, signed a letter demanding immediate recognition of Palestine. Senior cabinet ministers reportedly pushed hard for the shift on electoral grounds, as well as principle.
International dynamics have also played a crucial role. France’s announcement that it would recognise Palestine by September, becoming the first major western power to do so, created additional pressure. Spain, Ireland, Norway and several other European states have already taken the step. Britain chose to align itself with this emerging consensus.
These pressures combined created a sense of urgency and political opportunity. Starmer’s government appears to be using the threat of recognition as leverage –pressuring Israel to return to negotiations and halt annexation plans.
The calculation seems to be that Israel will either meet the UK’s conditions or face diplomatic consequences, including recognition of Palestine without its consent. There is also the possibility that Israel will simply ignore the UK and press on with its campaign for “Greater Israel”.
That is why, while this is a meaningful departure from the past, it is not without problems. Chief among them is the principle of conditionality itself. By making recognition contingent on Israeli behaviour, the UK risks reinforcing the very logic it claims to be rejecting – that Palestinian rights can be granted or withheld based on the actions of the occupying power.
Recognition of statehood should not be used as a diplomatic carrot or stick. It is a matter of justice, not reward. Palestinians are entitled to self-determination under international law.
There is also concern that the September deadline could become another missed opportunity. If Israel makes vague or symbolic gestures – such as issuing carefully worded statements or temporarily suspending one settlement expansion – will the UK delay recognition further, claiming that “progress” is being made?
Palestinians have seen such tactics before. Recognition has been delayed for decades in the name of preserving leverage. But leverage for what?
The Israeli government, dominated by ultra-nationalists and pro-annexation hardliners, is unlikely to satisfy the UK’s conditions in good faith. The risk is that the deadline becomes a mirage – always imminent, never reached.
Recognition also comes as part of a proposed new peace plan. This will be supported by the UK, France and Germany, and it allows the government to say it is being consist with its policy that recognition is part of a peace plan.
If, by some miracle, pressure works and Israel meets all the conditions, then the UK can claim that recognition has played a role in bringing Israel back to the negotiating table.
But if recognition is then withheld, there will not be two equal actors at that table. The State of Palestine will not have been recognised by key international players, and a new round of western-run peace processes will begin. These do not have a good track record.
If Israel fails to agree to a ceasefire and let aid into Gaza, then Starmer will be forced to go through with recognition.
For now, he has defused the internal division in his party. It is clever politics, good party management – it remains to be seen if it is also statesmanship.
Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.
Brian Brivati is affiliated with Britain Palestine Project, a Scottish Charity that campaigns for equal rights, justice and security for Israelis and Palestiniains
– ref. Starmer’s move on Palestinian statehood is clever politics – https://theconversation.com/starmers-move-on-palestinian-statehood-is-clever-politics-262239
Source: Government of Canada News
July 30, 2025 – Ottawa, Ontario – Global Affairs Canada
The Foreign Ministers of Andorra, Australia, Canada, Finland, France, Iceland, Ireland, Luxembourg, Malta, New Zealand, Norway, Portugal, San Marino, Slovenia and Spain, issued the following statement:
“We, Ministers of Foreign Affairs of Andorra, Australia, Canada, Finland, France, Iceland, Ireland, Luxembourg, Malta, New Zealand, Norway, Portugal, San Marino, Slovenia and Spain, condemn the heinous and antisemitic terrorist attack of October 7th, 2023;
“Demand an immediate ceasefire, the immediate and unconditional release of all hostages of Hamas, including the remains, as well as ensuring unhindered humanitarian access;
“Reiterate our unwavering commitment to the vision of the two-State solution where two democratic States, Israel and Palestine, live side by side in peace within secure and recognized borders, consistent with international law and relevant UN resolutions, and in this regard stress the importance of unifying the Gaza Strip with the West Bank under the Palestinian Authority;
“Express grave concern over the high number of civilian casualties and humanitarian situation in Gaza and emphasize the essential role of the United Nations and its agencies in facilitating humanitarian assistance;
Welcome the commitments made by the President of the Palestinian Authority on June 10th where he (i) condemns the October 7th terrorist attacks (ii) calls for the liberation of hostages and disarmament of Hamas (iii) commits to terminate the prisoner payment system (iv) commits to schooling reform, (v) commits to call for elections within a year to trigger generational renewal and (vi) accepts the principle of a demilitarized Palestinian State;
“Ahead of the meeting of the Heads of State and Government that will take place during the high-level week of the 80th session of the United Nations General Assembly (UNGA 80) in September 2025, we, Ministers of Foreign Affairs of Andorra, Australia, Canada, Finland, France, Iceland, Ireland, Luxembourg, Malta, New Zealand, Norway, Portugal, San Marino, Slovenia and Spain, have already recognized, have expressed or express the willingness or the positive consideration of our countries to recognize the State of Palestine, as an essential step towards the two-State solution, and invite all countries that have not done so to join this call;
“Urge countries who have not done so yet to establish normal relations with Israel, and to express their willingness to enter into discussions on the regional integration of the State of Israel;
“Express our determination to work on an architecture for the ‘day after’ in Gaza which guarantees the reconstruction of Gaza, the disarmament of Hamas and its exclusion from the Palestinian governance.”
Source: Government of India
Source: Government of India (4)
Damage to European forests from increased logging, wildfires, drought and pests is reducing their ability to absorb carbon dioxide, putting European Union emissions targets at risk, scientists warned on Wednesday.
The European Union has committed to reaching net zero emissions by 2050. The target includes the expectation that forests will suck up hundreds of millions of tonnes of CO2 emissions and store it in trees and soil, to compensate for pollution from industry.
But that assumption is now in doubt. The average annual amount of CO2 Europe’s forests removed from the atmosphere in 2020-2022 was nearly a third lower than in the 2010-2014 period, according to a paper led by scientists from the EU’s Joint Research Centre – its independent science research service.
In the later period, forests absorbed around 332 million net tonnes of CO2 equivalent per year, said the paper, published in the journal Nature. Recent data from EU countries suggest an even steeper decline.
“This trend, combined with the declining climate resilience of European forests, indicates that the EU’s climate targets, which rely on an increasing carbon sink, might be at risk,” the paper said.
Today, Europe’s land and forestry sector offsets around 6% of the EU’s annual greenhouse gas emissions. That’s 2% short of the amount the EU calculates is needed to meet climate goals – with the gap expected to widen by 2030.
Agustín Rubio Sánchez, professor of ecology and soil science at the Polytechnic University of Madrid, said it was “wishful thinking” to rely on forests to meet climate targets.
“Forests can help, but they shouldn’t be assigned quantities to balance carbon budgets,” he told Reuters.
The findings are a political headache for EU governments, who are negotiating a new, legally-binding 2040 climate target – which is designed to use forests to offset pollution that industries cannot eliminate.
Already, some are warning this won’t be possible.
“What should we do when there are factors that we, as countries, as governments, have not much ability to control – like forest fires or drought,” Sweden’s environment minister Romina Pourmokhtari said in a news conference last week.
Over-harvesting, climate change-fuelled wildfires and droughts, and pest outbreaks are all depleting forests’ carbon storage.
However, some of these risks can be managed – for example, by reducing intense logging, or planting more diverse tree species, which may enhance CO2 storage and help forests withstand climate extremes and pests, the paper said.
(Reuters)
Source: The Conversation (Au and NZ) – By Michelle H. Lim, Associate Professor, Sydney School of Public Health, University of Sydney
Loneliness is not a word often associated with young people. We tend to think of our youth as a time spent with family, friends and being engaged with school and work activities. Loneliness is an experience we may be more likely to associate with older people.
In a new report looking at loneliness in young Australians, we found 43% of people aged 15 to 25 feel lonely. That’s more than two in five young people.
While one in four felt lonely when asked, one in seven had felt lonely for at least two years (what we call persistent loneliness).
There’s more we should be doing in Australia to address loneliness among young people and more broadly.
In this report, we analysed data from the Household, Income and Labour Dynamics in Australia survey from 2022–23. This helped us understand what sort of factors increase the risk of loneliness among young people.
We found having poor physical health and mental health can double (or more) the likelihood of persistent loneliness among young people.
Life circumstances, as well as socioeconomic and behavioural factors, also play a role, as shown below.
Worryingly, young people who report persistent loneliness are over seven times more likely to experience high or very high psychological distress compared to those who aren’t lonely.
But loneliness in young people should not be seen just as a mental health issue. Research shows it can have consequences for physical health too. For example, a study published in 2024 found loneliness is linked to early signs of vascular dysfunction (functional changes to the arteries) in adults as young as 22.
As well as analysing data, we also interviewed young people aged 16 to 25 from diverse backgrounds about what helps them make healthy social connections, and what hinders them.
One of the things they flagged was a need for safe community spaces. A male participant from metro New South Wales, aged between 22 and 25, said:
After lectures, someone’s hungry, you go to eat together. We used to go to [Name of restaurant] after almost every lecture. Talk or discuss somethings so it gave us that extra opportunity to mingle amongst each other and take that next step towards building a good friendship.
We found technology could both help and hinder social connections. A female from regional Victoria, aged 22 to 25, who identified as LGBTIQ+, told us:
If you’re in school or something like that and you don’t really have […] many people within your community to look to, it’s really nice being able to connect with people and make those friends online.
On the flip side, a female participant from metropolitan Victoria, aged between 16 and 18, said:
a lot of maybe like mean stuff or like bullying and stuff happens over the Internet […] there’s a big group chat and like everyone’s texting on it or something. And then a lot of the time, people will break off into a smaller chat […] or they’ll break off into one on one and be like, ohh, do you see what she said?
The high cost of living was also regarded as a hindrance to maintaining social connections. As a male aged 22 to 25 from metro NSW told us:
you’ll go on [a] drive [with friends] or whatever […] but that is so like incredibly expensive. Having to pay for your own car and like petrol and insurance and maintenance. Sometimes it’s hard to […] even like […] sit down in peace and have a chat. All the cafes will close at 2 and by the time everyone gets out of their jobs, you’re having to go to a restaurant and [you’re] spending 50 dollars.
Loneliness has long been treated as a personal issue but it’s increasingly clear we have to shift our approach to include community-wide and systemic solutions.
The World Health Organization’s Commission on Social Connection recently released a report pointing to loneliness as a public health, social, community and economic issue.
In Australia, the economic burden of loneliness stands at A$2.7 billion each year for associated health-care costs including GP and hospital visits.
And there are additional costs including lower workforce productivity and educational outcomes that have yet to be accounted for.
Some countries have already developed and implemented strategies to address loneliness. In 2023, Denmark, for example, commissioned the development of a national loneliness action plan led by a consortium of organisations. This was underpinned by an investment of around 21 million Danish kroner (roughly A$5 million) over 2023–25.
Australia now stands at a crossroads.
A national strategy underpinned by evidence and by lived experience is crucial to effectively address loneliness. This approach would:
coordinate efforts across sectors: health, education, social services and business
identify effective strategies that should be included in a comprehensive response, and the principles to guide their delivery in communities and other settings
highlight sub-groups at risk of persistent loneliness who should be prioritised within population-wide strategies
commit to the delivery of a national awareness campaign that can educate the public and reduce stigma around loneliness.
With the right national strategy, we will be able to increase our capacity to help all Australians, not just young people, connect in meaningful ways.
If this article has raised issues for you, or if you’re concerned about someone you know, call Lifeline on 13 11 14. You can learn more about youth loneliness and how to help at Ending Loneliness Together.
Michelle H. Lim is the CEO and Scientific Chair of Ending Loneliness Together. She is also the Vice-Chair of the International Scientific Board of the Global Initiative on Loneliness and Connection, and is part of the Technical Advisory Group – Social Connection at the World Health Organization.
Ben Smith is a member of the Management Committee and Scientific Advisory Board of Ending Loneliness Together. He is also the Conjoint Chair of Public Health with the Western Sydney Local Health District.
– ref. More than 2 in 5 young Australians are lonely, our new report shows. This is what could help – https://theconversation.com/more-than-2-in-5-young-australians-are-lonely-our-new-report-shows-this-is-what-could-help-261260
Source: International Atomic Energy Agency (IAEA)
The IAEA team based at Ukraine’s Zaporizhzhya Nuclear Power Plant (ZNPP) carried out independent measurements today to confirm that there had been no increase in radiation levels at the site, contrary to some social media posts overnight, Director General Rafael Mariano Grossi said.
Using IAEA monitoring equipment, the team members measured only normal levels during a site walkdown. Their measurements confirmed other data collected separately at the site, as well as information provided by the plant itself.
“The team took immediate action after becoming aware of these social media reports, enabling us to provide assurances that radiation levels remained unchanged. Once again, this shows the importance of the IAEA’s presence at the Zaporizhzhya Nuclear Power Plant and Ukraine’s other nuclear power sites. Thanks to this presence, we can provide timely, factual and impartial technical information to the public about nuclear safety and security in Ukraine,” Director General Grossi said.
The general nuclear safety situation at the ZNPP remains precarious, however, with the plant continuing to rely on one single power line for the electricity it needs to cool its reactors and for other essential nuclear safety and security functions. Before the conflict, it had access to 10 external power lines.
In addition, the IAEA team reported hearing military activities almost every day over the past week, at different distances from the site, which is located on the frontline.
Earlier this week, the team members performed a walkdown of a turbine hall of one reactor unit where they were once again denied access to the western part of the hall.
The IAEA teams present at Ukraine’s operating nuclear power plants (NPPs) — Khmelnytskyy, Rivne and South Ukraine NPPs – and the Chornobyl NPP site reported hearing air raid alarms nearly every day over the past week. At Khmelnytskyy, the team had to shelter twice on 28 July.
Three of Ukraine’s nine operating reactor units continued to be in shutdown for refuelling and maintenance, including work on some of the off-site power lines.
As part of the IAEA’s comprehensive assistance programme to support nuclear safety and security in Ukraine, the Slavutych City Hospital this week received mobile radiography equipment and the Ukrainian Hydrometeorological Center and Hydrometeorological organizations of the State Emergency Service of Ukraine received laboratory equipment. These deliveries were funded by Australia, the European Union and Norway.
Source: International Atomic Energy Agency (IAEA) –
The IAEA team based at Ukraine’s Zaporizhzhya Nuclear Power Plant (ZNPP) carried out independent measurements today to confirm that there had been no increase in radiation levels at the site, contrary to some social media posts overnight, Director General Rafael Mariano Grossi said.
Using IAEA monitoring equipment, the team members measured only normal levels during a site walkdown. Their measurements confirmed other data collected separately at the site, as well as information provided by the plant itself.
“The team took immediate action after becoming aware of these social media reports, enabling us to provide assurances that radiation levels remained unchanged. Once again, this shows the importance of the IAEA’s presence at the Zaporizhzhya Nuclear Power Plant and Ukraine’s other nuclear power sites. Thanks to this presence, we can provide timely, factual and impartial technical information to the public about nuclear safety and security in Ukraine,” Director General Grossi said.
The general nuclear safety situation at the ZNPP remains precarious, however, with the plant continuing to rely on one single power line for the electricity it needs to cool its reactors and for other essential nuclear safety and security functions. Before the conflict, it had access to 10 external power lines.
In addition, the IAEA team reported hearing military activities almost every day over the past week, at different distances from the site, which is located on the frontline.
Earlier this week, the team members performed a walkdown of a turbine hall of one reactor unit where they were once again denied access to the western part of the hall.
The IAEA teams present at Ukraine’s operating nuclear power plants (NPPs) — Khmelnytskyy, Rivne and South Ukraine NPPs – and the Chornobyl NPP site reported hearing air raid alarms nearly every day over the past week. At Khmelnytskyy, the team had to shelter twice on 28 July.
Three of Ukraine’s nine operating reactor units continued to be in shutdown for refuelling and maintenance, including work on some of the off-site power lines.
As part of the IAEA’s comprehensive assistance programme to support nuclear safety and security in Ukraine, the Slavutych City Hospital this week received mobile radiography equipment and the Ukrainian Hydrometeorological Center and Hydrometeorological organizations of the State Emergency Service of Ukraine received laboratory equipment. These deliveries were funded by Australia, the European Union and Norway.
Source: International Atomic Energy Agency – IAEA
The IAEA team based at Ukraine’s Zaporizhzhya Nuclear Power Plant (ZNPP) carried out independent measurements today to confirm that there had been no increase in radiation levels at the site, contrary to some social media posts overnight, Director General Rafael Mariano Grossi said.
Using IAEA monitoring equipment, the team members measured only normal levels during a site walkdown. Their measurements confirmed other data collected separately at the site, as well as information provided by the plant itself.
“The team took immediate action after becoming aware of these social media reports, enabling us to provide assurances that radiation levels remained unchanged. Once again, this shows the importance of the IAEA’s presence at the Zaporizhzhya Nuclear Power Plant and Ukraine’s other nuclear power sites. Thanks to this presence, we can provide timely, factual and impartial technical information to the public about nuclear safety and security in Ukraine,” Director General Grossi said.
The general nuclear safety situation at the ZNPP remains precarious, however, with the plant continuing to rely on one single power line for the electricity it needs to cool its reactors and for other essential nuclear safety and security functions. Before the conflict, it had access to 10 external power lines.
In addition, the IAEA team reported hearing military activities almost every day over the past week, at different distances from the site, which is located on the frontline.
Earlier this week, the team members performed a walkdown of a turbine hall of one reactor unit where they were once again denied access to the western part of the hall.
The IAEA teams present at Ukraine’s operating nuclear power plants (NPPs) — Khmelnytskyy, Rivne and South Ukraine NPPs – and the Chornobyl NPP site reported hearing air raid alarms nearly every day over the past week. At Khmelnytskyy, the team had to shelter twice on 28 July.
Three of Ukraine’s nine operating reactor units continued to be in shutdown for refuelling and maintenance, including work on some of the off-site power lines.
As part of the IAEA’s comprehensive assistance programme to support nuclear safety and security in Ukraine, the Slavutych City Hospital this week received mobile radiography equipment and the Ukrainian Hydrometeorological Center and Hydrometeorological organizations of the State Emergency Service of Ukraine received laboratory equipment. These deliveries were funded by Australia, the European Union and Norway.
US Senate News:
Source: United States Senator for Kentucky Mitch McConnell
WASHINGTON, D.C. – U.S. Senator Mitch McConnell (R-KY), Chairman of the Senate Appropriations Defense Subcommittee, delivered opening remarks at a McCain Institute event “Highlighting Policy Recommendations for Post-War Russia.” Below are his remarks as prepared for delivery:
It’s hard to think of a more appropriate home for the Task Force’s important work than the McCain Institute, or a more fitting ringleader than a proud McCain alumnus like Dan Twining.
My good friend, John McCain, was so unapologetic and clear-eyed about the scope of America’s interests. And he relished being the speck in Vladimir Putin’s eye through his solidarity with the free peoples of eastern Europe…
He supported the expansion of the greatest military alliance in the history of the world… And stood for the right of sovereign nations to choose their destiny.
When Putin called the fall of the Soviet Union the “greatest political catastrophe of the 20th century,” John understood that he meant it, and urged our colleagues to take Russia’s neo-Soviet ambitions seriously.
In the not-so-distant past, that sort of clarity – acknowledging that Russia still threatened America’s interests – could invite public scorn…
…Like the sort of sanctimonious condemnation a certain former colleague of mine received from President Obama during a prime-time debate.
We heard that Putin would moderate… That his ambitions were limited… And that anyone who suggested otherwise was a dusty Cold Warrior past his prime.
Well, to that I say: It is so good to be among friends!
***
Needless to say, the importance of grappling with Russia’s behavior and motivations can no longer be laughed away.
Wake-up call is perhaps the most tired phrase of the past three years.
And yet that’s exactly what Putin’s escalation in 2022 was: an urgent, overdue, uncomfortable, and undeniable alarm.
It was a reminder that the realities of geopolitics don’t care which region we’d rather prioritize or what we’d rather spend our treasure on. The bravery of Ukraine’s defenders and the suffering of its civilians press us to remember that our enemies get a vote.
There are, of course, promising signs that the West has managed to free itself from the delusion that hegemonic aggressors can be appeased.
Reports of our European allies’ rebuilding their military strength are not exaggerated.
Nearly all NATO members today are striving toward the Baltics’ example of investment and readiness… And those who are not should hear from all of us.
In the process, allies are making overdue sacrifices to stamp out dependency on Russian energy…
They’re placing enormous investments in cutting-edge American-made weapons…
And they’re proving willing to break domestic political china – even changing a Constitution or two – to unlock deeper and more sustained commitments to collective defense.
This transformation is real. It’s well underway. And it’ll be essential to securing America’s interests in the coming decades.
What about here at home? As friends of Ukraine, we may be tempted to dwell on the ways we drag behind this progress… and overlook the ways we underpin it.
We may rightly be frustrated by years of murky commitments, slow-walked assistance, fear of escalation, and confusion about who the aggressor is.
But I would suggest that, on this, America has much to be proud of.
Just consider the cascading benefits of U.S. assistance to Ukraine: a small fraction of our defense budget has helped Ukraine resist and degrade a more powerful military aggressor.
After years of talk and little action to address the shortcomings of our own arsenal and defense industrial base, we’ve spurred massive investments in replenishing stocks and producing deterrent capabilities faster.
By partnering with the world’s most experienced practitioners of drone warfare, we’ve tapped into a wealth of knowledge about the changing nature of the modern battlefield. Ukraine’s expertise is teaching America today what our forces will need to prevail tomorrow.
And as NATO’s biggest spender, America has encouraged much of our allies’ transformation.
***
Of course, I don’t mean to suggest that we’ve escaped the gravitational pull of complacency and short-sightedness for good. Our allies’ progress is not assured forever. European security – and trans-Atlantic security – is not some clock to be wound once and left alone.
Perhaps the biggest lesson of 2022 – even bigger than the need to invest urgently today – is the importance of long-term commitments, and steady, annual investments in defense.
And on this front, America must continue to lead by our example. We simply cannot expect allies to reach and sustain five percent if we’re only willing to spend three-and-a-half, ourselves.
A strategy to lead from behind is no strategy at all. And as the Task Force makes perfectly clear, this goes beyond spending targets – it’s about presence, too.
Even as our allies and partners build more lethal forces, there’s still no more credible deterrent than American commitment.
No wonder European allies generously support rotational deployments of U.S. troops and invest in state-of-the-art training ranges for joint exercises. These commitments improve our collective readiness and interoperability, and they’re worth sustaining.
The task of illustrating the strategic importance of Europe to America’s security interests is not ours, alone. In fact, for years now, there’s been no more effective communicator of what’s at stake in Ukraine – strategically and morally – than Putin, himself.
As he continues to throw a generation into the meat-grinder of combat and target Ukrainian mothers and children at will, Putin is sending a clear message.
And in the face of his brutal aggression and public revisionism, overwhelming majorities of Americans recognize Russia as our adversary… and see that the outcome of Putin’s war of conquest matters immensely to us.
Much to the dismay of restrainers and isolationists who thought they’d get to freelance American foreign policy, the President of the United States increasingly sees Putin’s signals for what they are.
The President has been right to recognize Putin’s play for time. He’s been right to entertain proposals for new, secondary sanctions. Most importantly, he’s been right to green-light further lethal assistance to Ukraine.
I’ve said this before: Stopping the killing is a noble goal, but the price of peace matters. And there will be no enduring peace unless Ukraine is equipped to credibly deter further aggression from Russia.
***
The appetite of neo-Soviet imperialism does not end with Ukraine. How do we know?
Because Putin’s predecessors subjugated far wider swaths of Europe…
Because he invaded Georgia…
And because, as we speak, his troops are in Moldova, too!
Nations that have spent centuries in Russia’s shadow do not stumble westward by accident.
Finland and Sweden did not join NATO out of symbolic solidarity with Ukraine.
They did it because they know that Putin wants more.
So the Task Force is right to take the long view and grapple seriously with what comes next.
What comes next for the trans-Atlantic alliance?
What comes next for the increasingly aligned authoritarians working to undermine U.S. interests and influence?
What comes next for America and our ability to defend these interests and preserve this influence?
As you put it, our deterrence is not divisible. And I would add: this is because our credibility is not divisible.
No U.S. ally in the Indo-Pacific has time to waste on the notion that the implications of deterrence in Europe are confined to a separate sphere of influence.
No ally in Europe can afford to miss the crystal-clear connection between Russian aggression and support from China, North Korea, and Iran.
The consequences of America’s strategic decisions still ripple across oceans and continents with equal speed.
And a headline that reads “Russia Wins, America Loses” will read as clearly in Beijing, Tehran, and Pyongyang as it does here in Washington.
Avoiding that outcome will take more work from all of us. Thank you for all you’re doing.
Source: GlobeNewswire (MIL-OSI)
Press Release
Optus partners with Nokia to strengthen reliability of Voice with cloud-native solution supporting the deployment of new 5G enhanced voice services
31 July 2025
Espoo, Finland – Optus, the second largest operator in Australia, is extending its existing partnership with Nokia and has contracted the company to refresh its Voice Platform (IP Multimedia Subsystem – IMS) and deliver highly resilient cloud-native voice services. Voice is an important service for Australia, and with this new platform Optus will deliver highly reliable and efficient 5G voice services to over 10 million customers.
Nokia’s IMS platform (Cloud Native Communication Suite – CNCS) is cloud native, operationally efficient and has lower energy consumption, making it the right platform for addressing the needs of Australian consumers.
“Reliability is the cornerstone of Optus’ Network strategy, and Voice is one of the most critical services provided by Optus. Nokia CNCS provides us with a new and highly flexible pathway that will allow us to improve network resiliency, security and enhance the subscriber experience with better and faster time-to-market services, through both on-premise and cloud deployment that assists in better quality and customer experience through a matrix of intelligent automation tools,” said Tony Baird, Chief Technology Officer at Optus.
The containerized CNCS will be run on Red Hat OpenShift, the leading hybrid cloud application platform powered by Kubernetes, which is also Optus’ preferred CaaS provider.
“We are pleased to further expand our Optus collaboration with Nokia’s cloud-native CNCS architecture and accelerate the delivery of new 5G services in multi-cloud environments with intelligent automation and intent-based operations. By simplifying network complexity, CNCS allows operators to respond faster to customer needs and deliver a superior, frictionless experience,” said Raghav Sahgal, President of Cloud and Network Services at Nokia.
The Nokia Core Network portfolio is fully cloud native which makes it much easier for operators to run their full 4G/5G Core in cloud-native network functions.
About Nokia
At Nokia, we create technology that helps the world act together.
As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.
With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.
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Source: United Nations MIL OSI
Following are UN Deputy Secretary-General Amina Mohammed’s remarks, as prepared for delivery, at the UN Food Systems Summit+4 Stocktake (UNFSS+4) School Meals Coalition Featured Event: “Unlocking Sustainable Investments for Home-Grown School Meals”, in Addis Ababa today:
It is truly inspiring to witness how far the School Meals Coalition has come. With over 100 Governments working together to expand and improve these strategic programmes, it is now one of the most successful global mobilizations in recent years.
First, I want to recognize the leadership that has brought us here, especially of the three co-chairs — Brazil, France and Finland — whose early and continued support has been instrumental to the Coalition’s success.
I also want to commend all Governments in the Coalition that are working resolutely to expand and strengthen their school meal programmes and that have achieved clear and measurable progress since the last Stocktake.
Today’s speakers are excellent examples. The progress we witness is being driven by Governments, but they are not walking alone. Partners across the School Meals Coalition are working hand in hand with Governments to deliver on their national commitments.
But, why is there so much momentum behind school meals? Why are so many Governments and partners making this a priority? Because school meals are more than just a plate of food. They are a lever to building more inclusive, sustainable food systems, and to equipping the next generation with the health, nutrition and education they deserve to reach their potential.
To truly pull that lever — to unlock its full power — we must focus on four key priorities.
First: Expand coverage and raise collective ambitions. As we’ve just heard from our distinguished speakers, momentum is building. Next to our Governments on stage, countries like Rwanda, which has achieved near-universal primary school coverage, and Indonesia, which is scaling up at an unprecedented pace, are showing what’s possible.
Now, the Global Alliance Against Hunger and Poverty has joined forces with the School Meals Coalition to rally Governments and development partners behind a bold global target: to reach an additional 150 million children in low- and middle-income countries by 2030, as agreed at the Group of 20 (G20) last year. This means moving from commitment to delivery with the School Meals Coalition and the Global Alliance working with countries ready to lead the way.
Second: Pull the lever — use procurement to transform food systems. Countries continue to harness the potential of school meal programmes to catalyse food systems transformation, including ambitious targets regarding procurement from smallholder farmers, but we must go further by aligning school-meal menus and procurement with nutrition, sustainability and social goals; by using clean cooking solutions in schools; by reducing food loss and waste; and through food, nutrition and climate education in schools.
Third: Integrate school meals into climate finance. When rooted in sustainability, school meals have enormous potential to advance climate mitigation and adaptationm and to promote biodiversity. The thirtieth session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP30) in Brazil offers us a chance to move school meals from a climate blind spot to a climate solution. Let’s work to ensure these programmes are included in future Nationally Determined Contributions and embedded in climate financing pipelines where they belong.
Fourth: Plug the financing gap. The Sevilla Commitment, adopted a few weeks ago, calls on all of us to close the gap between ambition and means. But, with 35 low- and middle-income countries in high risk of or in debt distress, we must explore innovative financing solutions to ensure an economically stable future for those countries– from health taxes and natural resource revenues to debt swaps and Multilateral Development Bank investments.
We have much to learn from the innovation that has taken place in countries for the last two years since we last met in Rome as reported in the UNFSS+4 Report of the Secretary-General. Let’s make sure we use the momentum of the Sevilla Commitment to attract the finance that is needed.
Let me close with a powerful motto from a dear friend and leading advocate, Ndidi Nwuneli of the ONE Campaign. “Our job is not to scale our work. It’s to scale what works.” This is what we see across the School Meals Coalition: Governments and partners coming together to expand a solution that works.
So, let’s build on the progress we’ve made — and finish what we started in 2021: by 2030, every child receiving a healthy, nutritious meal in school. Let’s feed the future together.
