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  • MIL-OSI Analysis: Ukraine joins other Russian neighbours in quitting landmines treaty: another deadly legacy in the making

    Source: The Conversation – UK – By Marcel Vondermassen, Scientific Coordinator and Deputy Executive Manager of the IZEW, University of Tübingen

    Ukraine’s president, Volodymyr Zelensky, recently signed a decree to withdraw from the Ottawa convention banning the use of anti-personnel landmines. This move follows the example of Finland, Poland, Estonia and Lithuania, who all quit the treaty in recent months.

    The logic behind these states withdrawing from the treaty is mostly because of the threat posed by Russia. At first glance landmines seem like a cost-effective way to deter or slow an invader. Proponents see them as a necessary evil to protect national sovereignty against the threat from a much larger conventional force deployed by an aggressive neighbour.

    But this short-term thinking can be dangerous, because it doesn’t consider the long-term cost of putting explosive devices into the ground. According to the Landmine Monitor for 2024, more than 110,000 people were killed by landmines and explosive remnants of war in the past 25 years, and over 5,700 died just last year. Eight out of ten of those killed were civilians, many of whom were children.

    Sign up to receive our weekly World Affairs Briefing newsletter from The Conversation UK. Every Thursday we’ll bring you expert analysis of the big stories in international relations.

    Although it is cheap to lay landmines, demining is expensive and creates a financial burden for future generations. The UN estimates that it can cost between five and 100 times more to clear a mine than to lay one, depending on the circumstances.

    In Angola, for example, demining efforts continue nearly 50 years after the civil war broke out and 23 years after it ended. Encouragingly, Angola has reduced the threat with help of Halo Trust, a UK-based nongovernmental organisation. In 30 years they destroyed over 123,000 landmines. But to get Angola landmine free will require about US$240 million (£177 million) in additional funding.

    While Angola aims to be landmine-free within a few years, the current scale of contamination in Ukraine will pose a deadly hazard to civilians for generations, as Sarah Njeri – a landmines expert at SOAS, University of London, wrote in 2023.

    Looking through the prism of peace

    What Europe needs today is better analysis and more public awareness of the current crisis and its long-term effects. This is a tricky task, especially for the media, because the violence is “asynchronous”. This means that mines can be laid years before anyone is harmed by them. It’s important to have open and honest conversations in public so that both politicians and the public have something clear and trustworthy to rely on when making these fateful decisions.

    This means accepting that the concerns of the Baltic nations, Poland and Finland are valid. Their actions are a response the threat posed by Russia and the uncertainty surrounding America’s future role on the world stage. But there’s also an opportunity. Nobody in these countries takes the decision to use landmines lightly. This means, that if their European allies can provide credible security guarantees, these countries might change their plans.

    Nevertheless, the Peace Report 2025, compiled by four leading German peace research institutes, highlights that this way of thinking remains rooted in a military mindset. The planned increase in military budgets among Nato countries should be complemented by greater investment in diplomacy, peace research and peace building.

    The Peace Report lists nine recommendations for a more peaceful world, which are not pacifist. They recognise the need to close the gaps in European defence capabilities – but this is not enough. To create a peaceful Europe the legitimate security interests of all sides need to be considered. This includes Russia. At the same time, the report emphasises the need to strengthen, not weaken, the rules-based order. Abandoning the Ottawa treaty will further weaken that order.

    Withdrawing from the landmine treaty is not just a military calculation, and it affects more than just eastern European countries. It’s an issue that presents a real challenge to Europe as a whole. Laying mines would litter future farmland and forests with an indiscriminate threat that recognises no ceasefire and cannot distinguish friend from enemy, combatant from civilian or adult from child.

    If we don’t learn from the past, future reports will still be counting thousands of child casualties, but from the landmines laid in the 2020s.

    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.

    Marcel Vondermassen 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. Ukraine joins other Russian neighbours in quitting landmines treaty: another deadly legacy in the making – https://theconversation.com/ukraine-joins-other-russian-neighbours-in-quitting-landmines-treaty-another-deadly-legacy-in-the-making-261684

    MIL OSI Analysis –

  • MIL-OSI United Kingdom: Joint Statement on the Invocation of the OSCE Moscow Mechanism

    Source: United Kingdom – Executive Government & Departments

    Speech

    Joint Statement on the Invocation of the OSCE Moscow Mechanism

    UK and 40 other countries invoke the Moscow Mechanism to address ill treatment of prisoners of war by the Russian Federation

    Thank you, Chair.   I will deliver an abridged version of this statement this afternoon. The full statement will be circulated in writing and I request that it be attached to the Journal of the Day.  

    I am delivering this statement on behalf of the following participating States: Albania, Andorra, Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Canada, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France,  Georgia, Germany, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta,  Moldova, Monaco, Montenegro, Netherlands, North Macedonia, Norway, Poland, Portugal, Romania,  San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom.   

    Today, our delegations will send the following letter to ODIHR Director Maria Telalian, invoking the Moscow Mechanism, with the support of Ukraine, as we continue to have concerns regarding violations of international humanitarian law and international human rights law following Russia’s full-scale war of aggression against Ukraine, including with regard to ill treatment of Ukrainian Prisoners of War (POW).   

    Director Telalian, 

    With Russia’s war of aggression against Ukraine in its fourth year and as Russia’s illegal occupation of the Autonomous Republic of Crimea and the city of Sevastopol and certain areas of the Donetsk and Luhansk regions of Ukraine has entered its eleventh year, we continue to witness large scale human suffering and alarming reports of violations of international humanitarian law (IHL) and of international human rights law (IHRL), many of which may amount to the most serious international crimes.  

    Against the backdrop of the full-scale war of aggression against Ukraine, launched by the Russian Federation on February 24, 2022, a number of credible sources, including the Moscow Mechanism expert missions, the Office for Democratic Institutions and Human Rights, the Office of the High Commissioner for Human Rights and the UN Independent International Commission of Inquiry, as well as civil society organizations, have reported that the Russian Federation has consistently violated the rights of prisoners of war (POWs) throughout their detention and at multiple detention facilities within the temporarily occupied territories of Ukraine and the Russian Federation. There have been credible reports that the extensive and routine torture and ill-treatment of Ukrainian POWs throughout their detention constitutes a continued systematic pattern of state policy and practice by the Russian Federation. Torture follows common patterns across different locations, indicating it is a coordinated, deliberate, and systematic practice.  

    In 2022, 2023 and 2024, 45 OSCE Delegations, following bilateral consultations with Ukraine under the Vienna (Human Dimension) Mechanism, invoked Paragraph 8 of the Moscow (Human Dimension) Mechanism. The reports of the independent missions of experts, received by OSCE participating States, confirmed our shared concerns about the impact of the Russian Federation’s invasion and acts of war, its violations and abuses of IHRL, and violations of IHL in Ukraine.  

    We remain particularly alarmed by the findings of the expert missions that some of the violations may amount to war crimes and crimes against humanity as well as the identification of patterns of reported violations of IHL and IHRL regarding the treatment of prisoners of war.  

    The prohibition against torture in international law is absolute.  Parties to an armed conflict are obliged to ensure the rights of POWs as set out in the Third Geneva Convention of 1949 relative to the Treatment of Prisoners of War and Additional Protocol I to the Geneva Conventions. Prisoners of war must at all times be protected, particularly against acts of violence or intimidation and against insults and public curiosity. No physical or mental torture, nor any other form of coercion, may be inflicted on prisoners of war to secure from them information of any kind whatever. Prisoners of war who refuse to answer may not be threatened, insulted or exposed to unpleasant or disadvantageous treatment of any kin Torture and inhuman treatment of POWs are grave breaches of the Geneva Conventions, and likewise war crimes under the Rome Statute of the International Criminal Court. 

    ODIHR’s Ukraine Monitoring Initiative has continued to identify patterns of reported IHL and IHRL violations related to the treatment of Ukrainian POWs including in their Sixth Interim Report of 13 December 2024 and their Seventh Interim Report of 15 July 2025. Interviews with survivors and witnesses attested to a continued practice of systematic torture and other IHL and IHRL violations perpetrated against Ukrainian POWs  prompting serious concerns about the Russian Federation’s failure to comply with the fundamental principles that govern the treatment of POWs.  

    In equal measure, the OHCHR and the UN Human Rights Monitoring Mission in Ukraine (HRMMU) have reported on the systematic and widespread use of torture of Ukrainian POWs by Russian authorities. In its March 2023 report, the HRMMU documented violations of IHRL and IHL in 32 of 48 detention facilities in Russia and Russian-occupied territories of Ukraine, related to torture and other ill-treatment,  dire conditions of internment  including inadequate quarters, food, hygiene, and medical care, along with restricted communication, forced labor, and a lack of access of independent monitors. .  Many were held incommunicado deprived of the possibility to communicate with family or the outside world. Russian authorities subjected Ukrainian POWs to unlawful prosecutions for mere participation in hostilities; using torture to extract confessions; and denying fair trials.   

    According to witness testimonies, there were numerous incidents whereby POWs died in captivity due to execution, torture, ill-treatment and/or inadequate medical attention as well as inhumane conditions during their captivity.   

    The OHCHR’s October 2024 Report on the Treatment of Prisoners of War further documented detailed and consistent accounts of torture or ill treatment in Russian Federation custody.   

    Survivors have described the wide-ranging methods of torture or ill-treatment of Ukrainian POWs including: severe physical beatings; electrocution (including the targeting of genitalia); excessively intense physical exercise; stress positions; dog attacks; mock executions (including simulated hangings); threats of physical violence and death; sexual violence, including rape; threats of rape and castration; threats of coerced sexual acts; and other forms of humiliation.   

    Since the end of August 2024, OHCHR also has recorded a significant increase in credible allegations of executions of Ukrainian servicepersons captured by Russian armed forces, involving at least 97 individuals.   

    The UN Independent International Commission of Inquiry on Ukraine (UN COI) stated on 23 September 2024 that it has evidence of widespread and systematic torture by Russian authorities against Ukrainian civilians and POWs in the temporarily occupied territories and in Russia. They concluded that torture follows common patterns across different locations, indicating it is a coordinated practice.  In their March 2025 report, the UN COI again called on the Russian Federation to immediately end the widespread and systematic use of torture and other forms of ill-treatment committed against civilian detainees and prisoners of war  

    The Office of the Prosecutor General of Ukraine is investigating the reported execution of 273 Ukrainian POWs, including 208 who were reportedly executed on the battlefield and 59 in the ‘‘Olenivka’’ colony. However, the real number of those executed is likely much higher. 

    We are deeply concerned about the severity and frequency of these violations and abuses. We are particularly appalled by reported executions of Ukrainian POWs and Ukrainian soldiers rendered hors de combat upon their surrender and by the desecration/mutilation of bodies.  We are also deeply concerned with the practice of filming and distributing images of these abhorrent incidents.  

    Following grave concerns over the ill-treatment of Ukrainian POWs, highlighted, inter alia, by the UN Human Rights Monitoring Mission in Ukraine, the Independent International Commission of Inquiry on Ukraine and the Office of the High Commissioner for Human Rights and the OSCE, we call on all parties to the armed conflict ensure that POWs are treated in full compliance with IHL.  

    We recall that OSCE participating States have committed themselves to respect IHL, including the Third Geneva Convention relative to the Treatment of Prisoners of War of 1949, bearing in mind that the willful killing, torture, inhuman treatment, causing great suffering, or serious injury to body or health of persons protected under the Geneva Conventions, including prisoners of war, constitutes a war crime. No prisoner of war may be subjected to physical mutilation or to medical or scientific experiments of any kind which are not justified by the medical, dental or hospital treatment of the prisoner concerned and carried out in his interest. Likewise, prisoners of war must at all times be protected, particularly against acts of violence or intimidation and against insults and public curiosity. 

    We also recall that the prohibition of torture is a peremptory norm of international law without territorial limitation, which applies at all times and in all places.   Measures of reprisal against POWs are prohibited. 

    We call on the Russia Federation to end the torture and ill-treatment of all detainees and ensure adequate conditions of detention including the provision of basic needs such as food, water, clothing, and medical care. We further call for providing timely and accurate information on detainees’ whereabouts and legal status, and for granting international humanitarian organizations, like the International Committee of the Red Cross, unfettered access to such persons. 

    Gravely concerned by the continuing impacts of Russia’s ongoing aggression against Ukraine, and gravely concerned by credible allegations of the torture, ill-treatment and executions of Ukrainian POWs, and soldiers hors de combat, the delegations of Albania, Andorra, Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Canada, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France,  Georgia, Germany, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta,  Moldova, Monaco, Montenegro, Netherlands, North Macedonia, Norway, Poland, Portugal, Romania,  San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom, following bilateral consultations with Ukraine under the Vienna Mechanism, invoke the Moscow (Human Dimension) Mechanism under Paragraph 8 of that document.  

    We request that ODIHR inquire of Ukraine whether it would invite a mission of experts to build upon previous findings, and:  

    To establish the facts and circumstances surrounding possible contraventions of relevant OSCE commitments; violations and abuses of human rights; and violations of IHL, including possible cases of war crimes and crimes against humanity, related to the treatment of Ukrainian POWs by the Russian Federation ; 

    To collect, consolidate, and analyse this information including to determine if there is a pattern of widespread and systematic torture, ill-treatment and execution of Ukrainian POWs and soldiers hors de combat and/or at detention facilities by the Russian Federation in the temporarily occupied territories and in Russia and 

    To offer recommendations on relevant accountability mechanisms. 

    We also invite ODIHR to provide any relevant information or documentation derived from any new expert mission to other appropriate accountability mechanisms, including the UN Human Rights Monitoring Mission in Ukraine or the Independent International Commission of Inquiry on Ukraine, as well as national, regional, or international courts or tribunals that have, or may in future have, jurisdiction.  

    Thank you for your attention.

    Updates to this page

    Published 24 July 2025

    Invasion of Ukraine

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: 50 years on from the signing of the Helsinki Final Act Russia fails to live up to its promises: UK statement to the OSCE

    Source: United Kingdom – Executive Government & Departments 3

    Speech

    50 years on from the signing of the Helsinki Final Act Russia fails to live up to its promises: UK statement to the OSCE

    Ambassador Holland commits to continuing to highlight and condemn Russia’s attacks against Ukraine for as long as Russia insists on carrying them out. Doing so is necessary because of the obvious humanitarian imperative but it is also a question of living up to our promises to one another when we signed the Helsinki Final Act.

    Thank you, Mr Chair.

    Mr Chair, there have been 120 Permanent Councils and 46 Special and Reinforced Permanent Councils since Russia launched its illegal full scale war of aggression on Ukraine in February 2022.  The UK has spoken on each of these occasions, highlighting Russia’s violation of the Helsinki principles and the Final Act.

    Next week we gather in Helsinki to mark 50 years of the signature of the Final Act. This should have been a moment to reflect on its positive and historic legacy; alongside the UN and Paris Charters, it has set the standards by which we should treat each other and our citizenry. Instead we are travelling to Finland with drones still pummelling Ukrainian civilian targets indiscriminately and an unapologetic Russia refusing to take the outstretched hand of peace offered to them by the victim of their aggression, Ukraine.

    The UK deeply regrets that there is still no sign of a let up in these attacks on civilians. One of the latest of these was an attack on the entrance to a metro station providing shelter to Ukrainian civilians escaping Russian bombardment. The Russian State evidently want as many Ukrainian people to be terrorised as possible. The UK will continue to highlight and condemn them for as long as Russia insists on carrying them out. As well as an obvious humanitarian imperative, doing so is also a question of living up to our promises to one another when we signed the Helsinki Final Act.

    Thank you, Mr Chair.

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Nasdaq Reports Second Quarter 2025 Results; Double-Digit Net Revenue Growth Reflects Strong Momentum Across All Divisions

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the second quarter of 2025.

    • Second quarter 2025 net revenue1 was $1.3 billion, an increase of 13% over the second quarter of 2024, or up 12% on an organic2 basis. This included Solutions3 revenue growing 10%.
    • Annualized Recurring Revenue (ARR)4 of $2.9 billion increased 10% over the second quarter of 2024, or up 9% on an organic basis. Annualized SaaS revenue increased 13%, or 12% on an organic basis, and represented 37% of ARR.
    • Financial Technology revenue of $464 million increased 10% over the second quarter of 2024.
    • Index revenue of $196 million grew 17%, with $88 billion of net inflows over the trailing twelve months and $20 billion in the second quarter of 2025.
    • GAAP diluted earnings per share grew over 100% in the second quarter of 2025. Non-GAAP5 diluted earnings per share grew 24% in the second quarter of 2025.
    • In the second quarter of 2025, the company returned $155 million to shareholders through dividends and $100 million through repurchases of common stock. The company also repaid $400 million of senior unsecured notes in the quarter.

    Second Quarter 2025 Highlights

    (US$ millions, except per share) 2Q25 YoY change % Adjusted2YoY
    change %    		 Organic YoY
    change %
    Solutions revenue $991 10% 10% 10%
    Market Services net revenue $306 22% 21% 21%
    Net revenue $1,306 13% 12% 12%
    GAAP operating income $568 34%    
    Non-GAAP operating income $721 16% 16% 16%
    ARR $2,931 10% 9% 9%
    GAAP diluted EPS $0.78 103%    
    Non-GAAP diluted EPS $0.85 24%   24%

    Note: Adjusted and organic change for 2Q25 as compared to 2Q24 are equivalent as they include the same period over period adjustments. Refer to the footnotes to this press release for more information.

    Adena Friedman, Chair and CEO said, “Nasdaq delivered an excellent second quarter performance amid a dynamic market environment. Our ability to deliver broad-based growth through cycles is testament to our role as a partner to our clients, helping them capture strategic opportunities, manage risk, and solidify their operational resilience.

    Looking ahead, we remain well-positioned to enhance value for our clients and shareholders by driving innovation and deepening our client relationships through our One Nasdaq approach.”

    Sarah Youngwood, Executive Vice President and CFO said, “Nasdaq’s financial results highlight the resilience of our business model and its ability to achieve exceptional revenue and earnings growth with strong free cash flow generation.

    We are executing well on our capital allocation priorities, including repaying debt, and have surpassed our gross leverage milestone 16 months ahead of plan. We will optimize for long-term investor returns as we make organic growth investments and balance further deleveraging with opportunistic share repurchases.”

    FINANCIAL REVIEW

    • Second quarter 2025 net revenue was $1,306 million, reflecting 13% growth versus the prior year period. Organic net revenue growth was 12%.
    • Solutions revenue was $991 million in the second quarter of 2025, up 10% versus the prior year period, reflecting strong growth from Index and Financial Technology.
    • ARR grew 10% year-over-year, or 9% on an organic basis, in the second quarter of 2025, with 12% ARR growth for Financial Technology, or 11% on an organic basis, and 7% ARR growth for Capital Access Platforms, or 6% on an organic basis.
    • Market Services net revenue was $306 million in the second quarter of 2025, up 22% versus the prior year period, or 21% on an organic basis.
    • Second quarter 2025 GAAP operating expenses were $738 million, in line with the prior year period. The quarter reflected lower restructuring costs, offset by higher compensation and benefits costs, merger and strategic initiative costs, and increased investments in technology and people to drive innovation and long-term growth.
    • Second quarter 2025 non-GAAP operating expenses were $585 million, reflecting 9% growth versus the prior year period, or 8% growth on an organic basis. The organic increase for the quarter reflected growth driven by increased investments in technology and people to drive innovation and long-term growth, partially offset by the benefit of synergies.
    • Cash flow from operations was $746 million for the second quarter, enabling the company to make continued progress on its deleveraging plan. In the second quarter of 2025, the company returned $155 million to shareholders through dividends and $100 million through repurchases of common stock. As of June 30, 2025, there was $1.5 billion remaining under the board authorized share repurchase program. The company also repaid $400 million of senior unsecured notes in the second quarter of 2025.

    2025 EXPENSE AND TAX GUIDANCE UPDATE6

    • The company is updating its 2025 non-GAAP operating expense guidance to a range of $2,295 million to $2,335 million. The driver of the update is the impact of foreign exchange rates, which is offset in net revenue. The company is maintaining its 2025 non-GAAP tax rate guidance in the range of 22.5% to 24.5%.

    STRATEGIC AND BUSINESS UPDATES

    • Financial Technology achieved solid revenue growth across each subdivision in a dynamic macro environment. Robust client demand drove double-digit revenue and ARR growth. FinTech delivered 57 new clients, 130 upsells, and a record 7 cross-sells. Second quarter highlights included:
      • Financial Crime Management Technology is executing on its key growth initiatives. Second quarter results included three new enterprise client signings, including a cross-sell client and 2 upsells, reflecting continued progress on its enterprise client land and expand strategy. Nasdaq Verafin added 46 new small-and-medium bank clients in the second quarter. The business also signed its first proof of concept project with a European Tier 1 bank as part of its international expansion strategy.
      • Regulatory Technology’s success with new client wins and upsells driving growth. AxiomSL signed a new client and a cross-sell. The business accelerated its momentum with existing clients in the second quarter with 34 upsells, including the renewal of a large bank. Surveillance signed 6 new clients in the quarter, including 2 market operators and a European regulator, as well as 3 cross-sells. The business closed 33 upsells in the quarter, including a strategic upsell to a large European bank.
      • Solid momentum in Capital Markets Technology. Second quarter client demand was robust, supported by the ongoing market modernization mega trend. Calypso signed 2 new clients, 37 upsells, and a cross-sell. Market Technology secured 2 new clients, 24 upsells, and a cross-sell. In the second quarter, the business signed 3 clients to its fourth-generation marketplace technology platform, Nasdaq Eqlipse, including 2 fully managed services mandates where Nasdaq hosts and manages the clients’ entire trading environment and one AWS-hosted SaaS deployment.
    • Index ETP assets under management reached record levels and surpassed $700 billion at quarter-end. In the second quarter, Index had $20 billion in net inflows. ETP AUM was $745 billion at quarter-end, an all-time high. Nasdaq launched 33 new Index products in the second quarter, including 21 international products, 12 products in partnership with new Index clients, and 7 in the institutional insurance annuity space. Nasdaq and CME Group signed an extension through 2039 of CME Group’s exclusive license contract to offer futures and options on futures based on the Nasdaq-100 and other Nasdaq indexes, reflecting the companies’ shared commitment to delivering value through trusted benchmark products.
    • Nasdaq extended its listing leadership to 46 consecutive quarters. Nasdaq had the highest number of first half listings since 2021. New listings in the first half included 83 operating companies that raised more than $8 billion in total proceeds, contributing to a 81% win rate for eligible operating company listings. In the second quarter, the company welcomed 38 U.S. operating company IPOs that raised more than $3.5 billion in proceeds with a 79% win rate. Nasdaq maintained momentum in its switch program, attracting nearly $50 billion in market value in the second quarter and over $270 billion year-to-date, including Shopify, Thomson Reuters, and Kimberly Clark.
    • Market Services delivered record net revenue with record cash equities and derivatives revenue in the U.S. Nasdaq’s exchanges achieved record U.S. cash equities volumes in a quarter in which the industry achieved record volumes. During the Russell reconstitution, Nasdaq’s Closing Cross successfully executed 2.5 billion shares in 0.871 seconds across Nasdaq-listed securities that represented a record $102.5 billion dollars in notional value. Extending the first quarter’s trend, Nasdaq’s North American markets continued to experience exceptional message traffic in the second quarter, reaching a new record of more than 560 billion messages7 in a day. Nasdaq’s European equities business achieved sequential market share improvement in an elevated volume environment.
    • Nasdaq continues to execute on its 2025 strategic priorities — Integrate, Innovate, Accelerate — positioning the company to capitalize on opportunities for sustainable, scalable, and resilient growth.
      • Integrate – Nasdaq is on track to action its $140 million expanded net expense efficiency program by year-end, with approximately $130 million actioned as of the end of the second quarter. In the second quarter, Nasdaq surpassed the 3.3x gross leverage milestone that was set following the Adenza acquisition, achieving this milestone 16 months ahead of plan.
      • Innovate – Nasdaq continues to focus on innovating across the business. In July, Nasdaq Verafin announced the launch of its Agentic AI workforce. This suite of digital workers, now in beta testing, has the potential to address the most resource intensive anti-money laundering workflows. For example, when onboarded into a bank’s alert triage workflow, the Digital Sanctions Analyst automates the screening, documentation and acknowledgement processes, reducing alert review workload requiring human intervention by more than 80%. Beyond AI, Calypso announced a proof of concept that expands its industry-leading collateral management capabilities with digital assets. The use case demonstrates Nasdaq’s ability to integrate on-chain capabilities and help financial institutions manage collateral across asset classes in a more dynamic and efficient manner. Nasdaq became the exclusive distributor of Nasdaq Private Market’s Tape D(R) API in the second quarter to deliver real-time private market data and valuation insights to investors.
      • Accelerate – Nasdaq continued to deliver on its One Nasdaq strategy driving 7 cross-sell wins across Financial Technology in the quarter for a total of 26 cross-sells since the Adenza acquisition. Nasdaq remains on track to surpass $100 million in run-rate revenue from cross-sells by the end of 2027. At the end of the second quarter, cross-sells continued to account for over 15% of Financial Technology’s sales pipeline.

    ____________
    1 Represents revenue less transaction-based expenses.
    2 Adjusted and organic change for 2Q25 as compared to 2Q24 are equivalent as they include the same period over period adjustments. These changes are calculated by (i) removing the impact of period over period changes in foreign currency exchange rates (ii) adjusting for the impact of a divestiture and (iii) adjusting for the impact of AxiomSL on-premises contracts for ratable recognition for 2Q24, which was immaterial during that period. As it relates to ARR, organic changes only exclude the impacts of period over period changes in foreign currency exchange rates and a divestiture as the AxiomSL ratable recognition adjustment had no impact on ARR. Adjusted operating results also exclude the impact of the previously announced one-time revenue benefit in our Index business in 1Q24 ($16 million), which did not have an impact on our 2Q25 period over period change but does have an impact on year to date period over period results.
    3 Constitutes revenue from our Capital Access Platforms and Financial Technology segments.
    4 Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
    5 Refer to our reconciliations of U.S. GAAP to non-GAAP net income attributable to Nasdaq, diluted earnings per share, operating income, operating expenses and organic impacts included in the attached schedules.
    6 U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.
    7 Message count represents the number of records across Nasdaq’s U.S. options, U.S. and Canadian equities markets, trade reporting facilities, and bond exchange that are recorded into Nasdaq’s data warehouse on a daily basis.

    ABOUT NASDAQ

    Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    NON-GAAP INFORMATION

    In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP net income attributable to Nasdaq, non-GAAP diluted earnings per share, non-GAAP operating income, and non-GAAP operating expenses, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation tables of U.S. GAAP to non-GAAP information provided at the end of this release. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.

    These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.

    We understand that analysts and investors regularly rely on non-GAAP financial measures, such as those noted above, to assess operating performance. We use these measures because they highlight trends more clearly in our business that may not otherwise be apparent when relying solely on U.S. GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our ongoing operating performance.

    Organic revenue and expense growth, organic change and organic impact are non-GAAP measures that reflect adjustments for: (i) the impact of period over period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture and (iii) the impact of AxiomSL on-premises contracts for ratable recognition in comparable periods to align with current period presentation. Reconciliations of these measures are described within the body of this release or in the reconciliation tables at the end of this release.

    Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenue and expenses are translated using monthly average exchange rates. Certain discussions in this release isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Operating results excluding the impact of foreign currency fluctuations are calculated by translating the current period’s results by the prior period’s exchange rates.

    Restructuring programs: In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. We further expanded this program in the fourth quarter of 2024 to accelerate our momentum and further optimize our efficiencies (efficiency program). We have incurred costs principally related to employee-related costs, contract terminations, asset impairments and other related costs and expect to incur additional costs in these areas in an effort to accelerate efficiencies through location strategy and enhanced AI capabilities. Actions taken as part of this program will be complete by the end of 2025, while certain costs may be recognized in the first half of 2026. We expect to achieve benefits primarily in the form of expense synergies. In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional realignment program with a focus on realizing the full potential of this structure. As of September 30, 2024, we completed our divisional realignment program. Costs related to the Adenza restructuring and the divisional realignment programs are recorded as “restructuring charges” in our condensed consolidated statements of income. We exclude charges associated with these programs for purposes of calculating non-GAAP measures as they are not reflective of ongoing operating performance or comparisons in Nasdaq’s performance between periods.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, dividend program, trading volumes, products and services, ability to transition to new business models, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

    WEBSITE DISCLOSURE

    Nasdaq intends to use its website, https://ir.nasdaq.com/, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.

    Media Relations Contact:

    David Lurie
    +1.914.538.0533
    David.Lurie@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    Nasdaq, Inc.
    Condensed Consolidated Statements of Income
    (in millions, except per share amounts)
    (unaudited)
               
      Three Months Ended   Six Months Ended
      June 30,   June 30,   June 30,   June 30,
        2025       2024       2025       2024  
                     
    Revenues:              
    Capital Access Platforms $ 527     $ 481     $ 1,042     $ 960  
    Financial Technology   464       420       896       813  
    Market Services   1,090       883       2,224       1,678  
    Other Revenues   9       8       18       18  
      Total revenues   2,090       1,792       4,180       3,469  
    Transaction-based expenses:              
    Transaction rebates   (629 )     (483 )     (1,208 )     (965 )
    Brokerage, clearance and exchange fees   (155 )     (150 )     (429 )     (227 )
    Revenues less transaction-based expenses   1,306       1,159       2,543       2,277  
                   
    Operating Expenses:              
    Compensation and benefits   352       328       681       669  
    Professional and contract services   39       39       75       72  
    Technology and communication infrastructure   79       69       156       135  
    Occupancy   30       27       58       56  
    General, administrative and other   23       30       29       58  
    Marketing and advertising   14       12       28       23  
    Depreciation and amortization   158       153       313       308  
    Regulatory   14       18       29       28  
    Merger and strategic initiatives   20       4       44       13  
    Restructuring charges   9       56       15       82  
      Total operating expenses   738       736       1,428       1,444  
    Operating income   568       423       1,115       833  
    Interest income   12       6       24       12  
    Interest expense   (95 )     (102 )     (192 )     (211 )
    Net gain on divestitures   39       —       39       —  
    Other income   1       12       —       13  
    Net income from unconsolidated investees   23       2       50       6  
    Income before income taxes   548       341       1,036       653  
    Income tax provision   96       119       190       198  
    Net income   452       222       846       455  
    Net loss attributable to noncontrolling interests   —       —       1       1  
    Net income attributable to Nasdaq $ 452     $ 222     $ 847     $ 456  
                   
    Per share information:              
    Basic earnings per share $ 0.79     $ 0.39     $ 1.47     $ 0.79  
    Diluted earnings per share $ 0.78     $ 0.38     $ 1.46     $ 0.79  
    Cash dividends declared per common share $ 0.27     $ 0.24     $ 0.51     $ 0.46  
                   
    Weighted-average common shares outstanding              
    for earnings per share:              
    Basic   574.1       576.4       574.6       575.9  
    Diluted   579.0       579.0       579.5       578.9  
                     
    Nasdaq, Inc.
    Revenue Detail
    (in millions)
    (unaudited)
                     
            Three Months Ended   Six Months Ended
            June 30,   June 30,   June 30,   June 30,
              2025       2024       2025       2024  
                         
    CAPITAL ACCESS PLATFORMS              
      Data and Listing Services revenues $ 198     $ 187     $ 391     $ 372  
      Index revenues   196       167       388       336  
      Workflow and Insights revenues   133       127       263       252  
        Total Capital Access Platforms revenues   527       481       1,042       960  
                         
    FINANCIAL TECHNOLOGY              
      Financial Crime Management Technology revenues   81       67       157       131  
      Regulatory Technology revenues   104       95       206       186  
      Capital Markets Technology revenues   279       258       533       496  
        Total Financial Technology revenues   464       420       896       813  
                         
    MARKET SERVICES              
      Market Services revenues   1,090       883       2,224       1,678  
      Transaction-based expenses:              
          Transaction rebates   (629 )     (483 )     (1,208 )     (965 )
          Brokerage, clearance and exchange fees   (155 )     (150 )     (429 )     (227 )
        Total Market Services revenues, net   306       250       587       486  
                         
    OTHER REVENUES   9       8       18       18  
                         
    REVENUES LESS TRANSACTION-BASED EXPENSES $ 1,306     $ 1,159     $ 2,543     $ 2,277  
                         
    Nasdaq, Inc.
    Condensed Consolidated Balance Sheets
    (in millions)
               
          June 30,   December 31,
            2025       2024  
    Assets   (unaudited)    
    Current assets:        
      Cash and cash equivalents   $ 732     $ 592  
      Restricted cash and cash equivalents     195       31  
      Default funds and margin deposits     5,218       5,664  
      Financial investments     84       184  
      Receivables, net     896       1,022  
      Other current assets     227       293  
    Total current assets     7,352       7,786  
    Property and equipment, net     656       593  
    Goodwill     14,328       13,957  
    Intangible assets, net     6,741       6,905  
    Operating lease assets     441       375  
    Other non-current assets     865       779  
    Total assets   $ 30,383     $ 30,395  
               
    Liabilities        
    Current liabilities:        
      Accounts payable and accrued expenses   $ 246     $ 269  
      Section 31 fees payable to SEC     411       319  
      Accrued personnel costs     280       325  
      Deferred revenue     848       711  
      Other current liabilities     154       215  
      Default funds and margin deposits     5,218       5,664  
      Short-term debt     500       399  
    Total current liabilities     7,657       7,902  
    Long-term debt     8,678       9,081  
    Deferred tax liabilities, net     1,540       1,594  
    Operating lease liabilities     453       388  
    Other non-current liabilities     237       230  
    Total liabilities     18,565       19,195  
             
    Commitments and contingencies        
    Equity        
    Nasdaq stockholders’ equity:        
      Common stock     6       6  
      Additional paid-in capital     5,425       5,530  
      Common stock in treasury, at cost     (706 )     (647 )
      Accumulated other comprehensive loss     (1,869 )     (2,099 )
      Retained earnings     8,955       8,401  
    Total Nasdaq stockholders’ equity     11,811       11,191  
      Noncontrolling interests     7       9  
    Total equity     11,818       11,200  
    Total liabilities and equity   $ 30,383     $ 30,395  
               
    Nasdaq, Inc.  
    Reconciliation of U.S. GAAP to Non-GAAP Net Income Attributable to Nasdaq and Diluted Earnings Per Share  
    (in millions, except per share amounts)  
    (unaudited)  
                         
                     
           Three Months Ended   Six Months Ended  
          June 30,   June 30,   June 30,   June 30,  
            2025       2024       2025       2024    
                         
    U.S. GAAP net income attributable to Nasdaq   $ 452     $ 222     $ 847     $ 456    
    Non-GAAP adjustments:                  
      Amortization expense of acquired intangible assets (1)     122       122       243       244    
      Merger and strategic initiatives expense (2)     20       4       44       13    
      Restructuring charges (3)     9       56       15       82    
      Net gain on divestitures (4)     (39 )     —       (39 )     —    
      Net income from unconsolidated investees (5)     (23 )     (2 )     (50 )     (6 )  
      Gain on extinguishment of debt (6)     —       —       (19 )     —    
      Legal and regulatory matters (7)     1       13       4       16    
      Pension settlement charge (8)     —       —       —       23    
      Other loss (income) (9)     1       (10 )     1       (9 )  
      Total non-GAAP adjustments     91       183       199       363    
      Non-GAAP adjustment to the income tax provision (10)     (24 )     (41 )     (70 )     (88 )  
      Other tax adjustments (11)     (27 )     33       (27 )     33    
      Total non-GAAP adjustments, net of tax     40       175       102       308    
    Non-GAAP net income attributable to Nasdaq   $ 492     $ 397     $ 949     $ 764    
                         
    U.S. GAAP diluted earnings per share   $ 0.78     $ 0.38     $ 1.46     $ 0.79    
      Total adjustments from non-GAAP net income above     0.07       0.31       0.18       0.53    
    Non-GAAP diluted earnings per share   $ 0.85     $ 0.69     $ 1.64     $ 1.32    
                         
    Weighted-average diluted common shares outstanding for earnings per share:     579.0       579.0       579.5       578.9    
                         
                         
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.  
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement.  
    (3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release.  
    (4) For the three and six months ended June 30, 2025, we recorded pre-tax net gains on the sale of our Nordic power futures business and our Nasdaq Risk Modelling for Catastrophes business, which are included in net gain on divestitures in the Condensed Consolidated Statements of Income.  
    (5) We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.  
    (6) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.  
    (7) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a Swedish Financial Supervisory Authority, or SFSA, fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income.  
    (8) For the six months ended June 30, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.  
    (9) For the three and six months ended June 30, 2024, other items primarily include net gains from strategic investments entered into through our corporate venture program, which are included in other income in our Condensed Consolidated Statements of Income.  
    (10) The non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment. For the six months ended June 30, 2025, this also includes a release of the prior year’s reserves following a favorable audit settlement.  
    (11) For the three and six months ended June 30, 2025, we recorded a tax benefit related to payments made to certain former Adenza employees. For the three and six months ended June 30, 2024, other tax adjustments also includes a one-time net tax expense of $33 million related to the completion of an intra-group transfer of certain IP assets to our U.S. headquarters.  
                         
    Nasdaq, Inc.  
    Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin  
    (in millions)  
    (unaudited)  
                     
           Three Months Ended   Six Months Ended  
          June 30,   June 30,   June 30,   June 30,  
            2025       2024       2025       2024    
                         
    U.S. GAAP operating income   $ 568     $ 423     $ 1,115     $ 833    
    Non-GAAP adjustments:                  
      Amortization expense of acquired intangible assets (1)     122       122       243       244    
      Merger and strategic initiatives expense (2)     20       4       44       13    
      Restructuring charges (3)     9       56       15       82    
      Gain on extinguishment of debt (4)     —       —       (19 )     —    
      Legal and regulatory matters (5)     1       13       4       16    
      Pension settlement charge (6)     —       —       —       23    
      Other loss     1       2       1       2    
      Total non-GAAP adjustments     153       197       288       380    
    Non-GAAP operating income   $ 721     $ 620     $ 1,403     $ 1,213    
                       
    Revenues less transaction-based expenses   $ 1,306     $ 1,159     $ 2,543     $ 2,277    
                         
    U.S. GAAP operating margin (7)     44 %     36 %     44 %     37 %  
                         
    Non-GAAP operating margin (8)     55 %     53 %     55 %     53 %  
                         
    Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.  
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.  
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement.  
    (3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release.  
    (4) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.  
    (5) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a SFSA fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income.  
    (6) For the six months ended June 30, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.  
    (7) U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.  
    (8) Non-GAAP operating margin equals non-GAAP operating income divided by revenues less transaction-based expenses.  
                         
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses
    (in millions)
    (unaudited)
                   
           Three Months Ended   Six Months Ended
          June 30,   June 30,   June 30,   June 30,
            2025       2024       2025       2024  
                       
    U.S. GAAP operating expenses   $ 738     $ 736     $ 1,428     $ 1,444  
    Non-GAAP adjustments:                
      Amortization expense of acquired intangible assets (1)     (122 )     (122 )     (243 )     (244 )
      Merger and strategic initiatives expense (2)     (20 )     (4 )     (44 )     (13 )
      Restructuring charges (3)     (9 )     (56 )     (15 )     (82 )
      Gain on extinguishment of debt (4)     —       —       19       —  
      Legal and regulatory matters (5)     (1 )     (13 )     (4 )     (16 )
      Pension settlement charge (6)     —       —       —       (23 )
      Other loss     (1 )     (2 )     (1 )     (2 )
      Total non-GAAP adjustments     (153 )     (197 )     (288 )     (380 )
    Non-GAAP operating expenses   $ 585     $ 539     $ 1,140     $ 1,064  
                       
                       
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement.
    (3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release.
    (4) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.
    (5) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a SFSA fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income.
    (6) For the six months ended June 30, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
                       
    Nasdaq, Inc.
    Reconciliation of Organic Impacts for Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
    Non-GAAP Operating Income, and Non-GAAP Diluted Earnings Per Share
    (in millions, except per share amounts)
    (unaudited)
                                   
                                   
      Three Months Ended   Total Variance   Other Impacts (1)   Adjusted/Organic
    Impact     (2)
      June 30, 2025   June 30, 2024   $   %   $   %   $   %
    CAPITAL ACCESS PLATFORMS                              
    Data and Listing Services revenues $ 198   $ 187   $ 11   6 %   $ 3   2 %   $ 8   5 %
    Index revenues   196     167     29   17 %     —   — %     29   17 %
    Workflow and Insights revenues   133     127     6   5 %     1   1 %     5   5 %
    Total Capital Access Platforms revenues   527     481     46   10 %     4   1 %     42   9 %
                                   
    FINANCIAL TECHNOLOGY                              
    Financial Crime Management Technology revenues   81     67     14   20 %     —   — %     14   20 %
    Regulatory Technology revenues   104     95     9   10 %     —   (1 )%     9   11 %
    Capital Markets Technology revenues   279     258     21   8 %     —   — %     21   8 %
    Total Financial Technology revenues   464     420     44   10 %     —   — %     44   10 %
                                   
    Solutions revenues (3)   991     901     90   10 %     4   — %     86   10 %
                                   
    Market Services, net revenues   306     250     56   22 %     4   2 %     52   21 %
                                   
    Other revenues   9     8     1   5 %     —   3 %     1   1 %
                                   
    Revenues less transaction-based expenses $ 1,306   $ 1,159   $ 147   13 %   $ 8   1 %   $ 139   12 %
                                   
    Non-GAAP Operating Expenses $ 585   $ 539   $ 46   9 %   $ 5   1 %   $ 41   8 %
                                   
    Non-GAAP Operating Income $ 721   $ 620   $ 101   16 %   $ 3   1 %   $ 98   16 %
                                   
    Non-GAAP diluted earnings per share $ 0.85   $ 0.69   $ 0.16   24 %   $ —   — %   $ 0.16   24 %
                                   
                                   
    Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.
    (1) Reflects the impacts from changes in foreign currency exchange rates and the impact of a divestiture within Capital Markets Technology.
    (2) Adjusted and organic period over period change are calculated by (i) removing the impact of period-over-period changes in foreign currency exchange rates (ii) adjusting for the impact of a divestiture and (iii) adjusting for the impact of AxiomSL on-premises contracts for ratable recognition for 2Q24, which was immaterial during that period. Adjusted operating results also exclude the impact of the previously announced one-time revenue benefit in our Index business in 1Q24 ($16 million), which did not have an impact on our 2Q25 period over period change but does have an impact on year to date period over period results. Adjusted and organic changes are equivalent as they include the same period over period adjustments.
    (3) Represents Capital Access Platforms and Financial Technology segments.
                                   
    Nasdaq, Inc.
    Key Drivers Detail
    (unaudited)
                     
        Three Months Ended   Six Months Ended
        June 30,   June 30,   June 30,   June 30,
          2025       2024       2025       2024  
    Capital Access Platforms              
      Annualized recurring revenues (in millions) (1) $ 1,315     $ 1,226     $ 1,315     $ 1,226  
      Initial public offerings              
      The Nasdaq Stock Market (2)   79       39       142       66  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic   6       5       10       6  
      Total new listings              
      The Nasdaq Stock Market (2)   194       84       364       163  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (3)   6       10       15       12  
      Number of listed companies              
      The Nasdaq Stock Market (4)   4,238       4,004       4,238       4,004  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (5)   1,148       1,198       1,148       1,198  
      Index              
      Number of licensed exchange traded products (6)   422       373       422       373  
      Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions) $ 745     $ 569     $ 745     $ 569  
      Total average ETP AUM tracking Nasdaq indexes (in billions) $ 663     $ 531     $ 662     $ 512  
      TTM (7) net inflows ETP AUM tracking Nasdaq indexes (in billions) $ 88     $ 53     $ 88     $ 53  
      TTM (7) net appreciation ETP AUM tracking Nasdaq indexes (in billions) $ 88     $ 115     $ 88     $ 115  
                     
    Financial Technology              
      Annualized recurring revenues (in millions) (1)              
      Financial Crime Management Technology $ 308     $ 258     $ 308     $ 258  
      Regulatory Technology   376       338       376       338  
      Capital Markets Technology   932       846       932       846  
      Total Financial Technology $ 1,616     $ 1,442     $ 1,616     $ 1,442  
                     
    Market Services              
      Equity Derivative Trading and Clearing              
      U.S. equity options              
      Total industry average daily volume (in millions)   52.5       42.1       53.0       42.7  
      Nasdaq PHLX matched market share   9.6 %     9.9 %     9.4 %     10.1 %
      The Nasdaq Options Market matched market share   4.3 %     5.5 %     4.7 %     5.4 %
      Nasdaq BX Options matched market share   1.7 %     2.3 %     1.7 %     2.3 %
      Nasdaq ISE Options matched market share   6.6 %     6.9 %     6.7 %     6.6 %
      Nasdaq GEMX Options matched market share   4.4 %     2.6 %     4.0 %     2.6 %
      Nasdaq MRX Options matched market share   2.8 %     2.1 %     2.8 %     2.3 %
      Total matched market share executed on Nasdaq’s exchanges   29.4 %     29.3 %     29.3 %     29.3 %
      Nasdaq Nordic and Nasdaq Baltic options and futures              
      Total average daily volume of options and futures contracts   223,450       251,677       240,133       246,527  
                     
      Cash Equity Trading              
      Total U.S.-listed securities              
      Total industry average daily share volume (in billions)   18.4       11.8       17.1       11.8  
      Matched share volume (in billions)   158.4       119.3       295.5       236.0  
      The Nasdaq Stock Market matched market share   13.5 %     15.6 %     13.8 %     15.7 %
      Nasdaq BX matched market share   0.3 %     0.3 %     0.3 %     0.3 %
      Nasdaq PSX matched market share   0.1 %     0.2 %     0.1 %     0.2 %
      Total matched market share executed on Nasdaq’s exchanges   13.9 %     16.1 %     14.2 %     16.2 %
      Market share reported to the FINRA/Nasdaq Trade Reporting Facility   47.7 %     42.9 %     47.9 %     42.2 %
      Total market share (8)   61.6 %     59.0 %     62.1 %     58.4 %
      Nasdaq Nordic and Nasdaq Baltic securities              
      Average daily number of equity trades executed on Nasdaq’s exchanges   804,121       663,897       796,426       665,183  
      Total average daily value of shares traded (in billions) $ 5.7     $ 4.7     $ 5.5     $ 4.7  
      Total market share executed on Nasdaq’s exchanges (9)   71.9 %     74.1 %     71.2 %     73.3 %
                     
                     
      (1) Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
      (2) New listings include IPOs, issuers that switched from other listing venues, closed-end funds and separately listed ETPs. For the three months ended June 30, 2025 and 2024, IPOs included 41 and 8 SPACs, respectively. For the six months ended June 30, 2025 and 2024, IPOs included 59 and 13 SPACs, respectively.
      (3) New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
      (4) Number of total listings on The Nasdaq Stock Market for the three and six months ended June 30, 2025 and 2024 included 914 and 645 ETPs, respectively.
      (5) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
      (6) The number of listed ETPs as of June 30, 2024 has been updated to reflect a revised methodology whereby an ETP listed on multiple exchanges is counted as one product, rather than formerly being counted per exchange. This change had no impact on reported AUM.
      (7) Trailing 12-months.
      (8) Includes transactions executed on The Nasdaq Stock Market’s, Nasdaq BX’s and Nasdaq PSX’s systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.
      (9) European cash equities markets include cash equities exchanges of Sweden, Denmark, Finland, and Iceland. Minor adjustments to prior periods reflect data from a new consolidated data provider that accurately captures all primary trading venues and Multilateral Trading Facilities, or MTFs.
                     

    The MIL Network –

  • MIL-OSI United Nations: 24 July 2025 Departmental update WHO unveils health and environment scorecards for 194 countries

    Source: World Health Organisation

    The World Health Organization (WHO) has released the 2024 update of its health and environment country scorecards, assessing how countries are managing eight major environmental threats to health across sectors. These threats include air pollution, unsafe water, sanitation and hygiene (WASH), climate change, loss of biodiversity, exposure to chemicals, and radiation, occupational risks, and environmental risks in and around health care facilities. This year’s edition also introduces a new summary score, offering a concise snapshot of how environmental conditions are impacting people’s health.

    WHO’s health and environment country scorecards serve as a valuable tool for guiding national action. They provide detailed data across the eight key areas linking environment, climate change, and health policies, promoting cross-sectoral engagement, and helping governments prioritize evidence-based interventions. 

    “Tackling environmental risks isn’t optional—it’s a prescription for better health, stronger economies, and a safer future. You can’t have healthy people on a sick planet,” said Dr Maria Neira, WHO Director, Department of Environment, Climate Change and Health. “We urge all countries to take bold, coordinated action across sectors to reduce environmental threats. Investing in clean air, safe water, and climate-protective policies is not just good for the planet. It’s essential for the health and future of their people.”

    From among countries, Norway and Canada received the highest scores overall. Among income groups, Argentina scored highest for upper-middle-income countries, Jordan for lower-middle-income, and Malawi for low-income countries. European countries led in regional averages, followed by the Americas, Western Pacific, and Eastern Mediterranean, and other regions.

    In this third round of scorecards, the introduction of the summary score marks a significant step forward in helping countries prioritize action on health and environment. The summary score is designed to condense a wide range of environmental health indicators into a single, accessible measure. Comprising 25 key indicators across environment, climate change, and health, the score enables countries to track progress at national, regional, and global levels—highlighting trends in exposures, health impacts, policy implementation, as well as identifying critical data gaps.

    The scorecards support countries in conducting situation assessments and setting evidence-based priorities for action. While large disparities exist between countries, shaped in part by differing levels of economic resources, every country has an opportunity to strengthen efforts to reduce environmental health risks.

    “The updated scorecards, together with the summary score, now bring new visibility to the links between environment and health at country level,” said Dr Annette Pruess, Unit Head, Department of Environment, Climate Change and Health, WHO. “This is a powerful tool for governments to identify challenges and shape targeted responses.”

    About 25% of the global burden of disease is linked to environmental threats that are largely preventable. By addressing these environmental risk factors through stronger policies, cleaner technologies, and sustainable practices, we can significantly reduce preventable illnesses and deaths—improving health outcomes while protecting our planet.

    MIL OSI United Nations News –

  • MIL-OSI NGOs: Update 304 – IAEA Director General Statement on Situation in Ukraine

    Source: International Atomic Energy Agency (IAEA) –

    The International Atomic Energy Agency (IAEA) this week provided Ukraine with a freight vehicle for the transport of radioactive material, its 150th delivery of equipment to support nuclear safety and security in the country during the military conflict, Director General Rafael Mariano Grossi said today.

    State Enterprise USIE Izotop – involved in the management of radioactive material intended for medical, industrial and other purposes – received the truck that was funded by the European Union (EU) and Sweden. IAEA staff helped ensure that transport safety and security considerations were taken into account in the design of the vehicle.

    “Since the start of the conflict three and a half years ago, the IAEA has coordinated assistance for Ukraine of a wide range of technical equipment, medical supplies and other items that are of vital importance for nuclear safety and security. These deliveries are part of our overall efforts aimed at preventing a nuclear accident during this devastating war,” Director General Grossi said.

    “Thanks to the generous support of many of our Member States and the European Union, we have now carried out shipments with a total value of more than 19 million euros, each one helping to enhance different aspects of nuclear safety and security,” he said.

    Several other deliveries have taken place in recent weeks, supported by Belgium, the EU and Japan: the regional state laboratory in Mykolaiv province – badly affected by the destruction of the Kakhovka dam in mid-2023 – received a real-time PCR cycler (Polymerase Chain Reaction, a nuclear-derived technique) for fast and accurate analysis to help it fight the spread of disease as a result of the flooding; the medical unit of the Rivne Nuclear Power Plant received an ultrasound system; and a subsidiary of national nuclear operator Energoatom received a cryostat system ensuring continuity of services affected by power cuts and liquid nitrogen supply challenges.

    Director General Grossi said nuclear safety and security remains under threat in Ukraine.

    At the Zaporizhzhya Nuclear Power Plant (ZNPP), the IAEA team based at the site has continued to hear shelling, explosions, and gunfire almost every day.

    Earlier this month, the ZNPP informed the IAEA team that the site’s training centre was targeted in a drone strike on 13 July, resulting in damage to its roof. There were no reports of casualties. The team was not granted access to assess the damage to the training centre located outside the site perimeter, with the plant citing security concerns.

    In addition, the ZNPP’s off-site power situation continues to be extremely fragile, with the plant having had access to just one single power line for almost three months now, compared to ten before the conflict.

    The nearby city of Enerhodar – where most ZNPP staff live – suffered an electricity blackout on 17 July due to damage to its main power line, according to information provided to the IAEA team members.  They were also told that subsequent shelling had damaged some buildings in the city, which was also observed when the team visited Enerhodar on 19 July.

    A forest fire near Enerhodar that caused smoke which was observed by the IAEA team last weekend has been extinguished without any impact on nuclear safety, the plant said.  

    The IAEA team has continued to carry out walkdowns across the ZNPP site to monitor nuclear safety and security, observing the testing of three emergency diesel generators as well as visiting the containment and safety system rooms of two reactor units.

    They also discussed with the plant management different options for refilling the plant’s cooling pond following the loss of the Kakhovka dam two years ago and further planning on emergency preparedness and response, including preparations for a site exercise later this year.

    At Ukraine’s operating nuclear power plants (NPPs) – Khmelnytskyy, Rivne and South Ukraine – three of their total of nine units are currently in shutdown for refuelling and maintenance.

    The IAEA team based at these plants, and the Chornobyl site, reported hearing air raid alarms nearly every day over the past week.

    At the Khmelnytskyy and South Ukraine NPPs, the IAEA teams were informed that during the night of 18 July drones were detected a few kilometres away from the two sites. That same evening, the team at Chornobyl observed flashes of light and heard explosions in the distance.

    MIL OSI NGO –

  • MIL-OSI United Nations: Update 304 – IAEA Director General Statement on Situation in Ukraine

    Source: International Atomic Energy Agency (IAEA)

    The International Atomic Energy Agency (IAEA) this week provided Ukraine with a freight vehicle for the transport of radioactive material, its 150th delivery of equipment to support nuclear safety and security in the country during the military conflict, Director General Rafael Mariano Grossi said today.

    State Enterprise USIE Izotop – involved in the management of radioactive material intended for medical, industrial and other purposes – received the truck that was funded by the European Union (EU) and Sweden. IAEA staff helped ensure that transport safety and security considerations were taken into account in the design of the vehicle.

    “Since the start of the conflict three and a half years ago, the IAEA has coordinated assistance for Ukraine of a wide range of technical equipment, medical supplies and other items that are of vital importance for nuclear safety and security. These deliveries are part of our overall efforts aimed at preventing a nuclear accident during this devastating war,” Director General Grossi said.

    “Thanks to the generous support of many of our Member States and the European Union, we have now carried out shipments with a total value of more than 19 million euros, each one helping to enhance different aspects of nuclear safety and security,” he said.

    Several other deliveries have taken place in recent weeks, supported by Belgium, the EU and Japan: the regional state laboratory in Mykolaiv province – badly affected by the destruction of the Kakhovka dam in mid-2023 – received a real-time PCR cycler (Polymerase Chain Reaction, a nuclear-derived technique) for fast and accurate analysis to help it fight the spread of disease as a result of the flooding; the medical unit of the Rivne Nuclear Power Plant received an ultrasound system; and a subsidiary of national nuclear operator Energoatom received a cryostat system ensuring continuity of services affected by power cuts and liquid nitrogen supply challenges.

    Director General Grossi said nuclear safety and security remains under threat in Ukraine.

    At the Zaporizhzhya Nuclear Power Plant (ZNPP), the IAEA team based at the site has continued to hear shelling, explosions, and gunfire almost every day.

    Earlier this month, the ZNPP informed the IAEA team that the site’s training centre was targeted in a drone strike on 13 July, resulting in damage to its roof. There were no reports of casualties. The team was not granted access to assess the damage to the training centre located outside the site perimeter, with the plant citing security concerns.

    In addition, the ZNPP’s off-site power situation continues to be extremely fragile, with the plant having had access to just one single power line for almost three months now, compared to ten before the conflict.

    The nearby city of Enerhodar – where most ZNPP staff live – suffered an electricity blackout on 17 July due to damage to its main power line, according to information provided to the IAEA team members.  They were also told that subsequent shelling had damaged some buildings in the city, which was also observed when the team visited Enerhodar on 19 July.

    A forest fire near Enerhodar that caused smoke which was observed by the IAEA team last weekend has been extinguished without any impact on nuclear safety, the plant said.  

    The IAEA team has continued to carry out walkdowns across the ZNPP site to monitor nuclear safety and security, observing the testing of three emergency diesel generators as well as visiting the containment and safety system rooms of two reactor units.

    They also discussed with the plant management different options for refilling the plant’s cooling pond following the loss of the Kakhovka dam two years ago and further planning on emergency preparedness and response, including preparations for a site exercise later this year.

    At Ukraine’s operating nuclear power plants (NPPs) – Khmelnytskyy, Rivne and South Ukraine – three of their total of nine units are currently in shutdown for refuelling and maintenance.

    The IAEA team based at these plants, and the Chornobyl site, reported hearing air raid alarms nearly every day over the past week.

    At the Khmelnytskyy and South Ukraine NPPs, the IAEA teams were informed that during the night of 18 July drones were detected a few kilometres away from the two sites. That same evening, the team at Chornobyl observed flashes of light and heard explosions in the distance.

    MIL OSI United Nations News –

  • MIL-OSI Security: Update 304 – IAEA Director General Statement on Situation in Ukraine

    Source: International Atomic Energy Agency – IAEA

    The International Atomic Energy Agency (IAEA) this week provided Ukraine with a freight vehicle for the transport of radioactive material, its 150th delivery of equipment to support nuclear safety and security in the country during the military conflict, Director General Rafael Mariano Grossi said today.

    State Enterprise USIE Izotop – involved in the management of radioactive material intended for medical, industrial and other purposes – received the truck that was funded by the European Union (EU) and Sweden. IAEA staff helped ensure that transport safety and security considerations were taken into account in the design of the vehicle.

    “Since the start of the conflict three and a half years ago, the IAEA has coordinated assistance for Ukraine of a wide range of technical equipment, medical supplies and other items that are of vital importance for nuclear safety and security. These deliveries are part of our overall efforts aimed at preventing a nuclear accident during this devastating war,” Director General Grossi said.

    “Thanks to the generous support of many of our Member States and the European Union, we have now carried out shipments with a total value of more than 19 million euros, each one helping to enhance different aspects of nuclear safety and security,” he said.

    Several other deliveries have taken place in recent weeks, supported by Belgium, the EU and Japan: the regional state laboratory in Mykolaiv province – badly affected by the destruction of the Kakhovka dam in mid-2023 – received a real-time PCR cycler (Polymerase Chain Reaction, a nuclear-derived technique) for fast and accurate analysis to help it fight the spread of disease as a result of the flooding; the medical unit of the Rivne Nuclear Power Plant received an ultrasound system; and a subsidiary of national nuclear operator Energoatom received a cryostat system ensuring continuity of services affected by power cuts and liquid nitrogen supply challenges.

    Director General Grossi said nuclear safety and security remains under threat in Ukraine.

    At the Zaporizhzhya Nuclear Power Plant (ZNPP), the IAEA team based at the site has continued to hear shelling, explosions, and gunfire almost every day.

    Earlier this month, the ZNPP informed the IAEA team that the site’s training centre was targeted in a drone strike on 13 July, resulting in damage to its roof. There were no reports of casualties. The team was not granted access to assess the damage to the training centre located outside the site perimeter, with the plant citing security concerns.

    In addition, the ZNPP’s off-site power situation continues to be extremely fragile, with the plant having had access to just one single power line for almost three months now, compared to ten before the conflict.

    The nearby city of Enerhodar – where most ZNPP staff live – suffered an electricity blackout on 17 July due to damage to its main power line, according to information provided to the IAEA team members.  They were also told that subsequent shelling had damaged some buildings in the city, which was also observed when the team visited Enerhodar on 19 July.

    A forest fire near Enerhodar that caused smoke which was observed by the IAEA team last weekend has been extinguished without any impact on nuclear safety, the plant said.  

    The IAEA team has continued to carry out walkdowns across the ZNPP site to monitor nuclear safety and security, observing the testing of three emergency diesel generators as well as visiting the containment and safety system rooms of two reactor units.

    They also discussed with the plant management different options for refilling the plant’s cooling pond following the loss of the Kakhovka dam two years ago and further planning on emergency preparedness and response, including preparations for a site exercise later this year.

    At Ukraine’s operating nuclear power plants (NPPs) – Khmelnytskyy, Rivne and South Ukraine – three of their total of nine units are currently in shutdown for refuelling and maintenance.

    The IAEA team based at these plants, and the Chornobyl site, reported hearing air raid alarms nearly every day over the past week.

    At the Khmelnytskyy and South Ukraine NPPs, the IAEA teams were informed that during the night of 18 July drones were detected a few kilometres away from the two sites. That same evening, the team at Chornobyl observed flashes of light and heard explosions in the distance.

    MIL Security OSI –

  • MIL-OSI United Kingdom: Holidaymakers heading to Europe urged to help protect British farmers by not bringing back meat and dairy products

    Source: United Kingdom – Executive Government & Departments

    Press release

    Holidaymakers heading to Europe urged to help protect British farmers by not bringing back meat and dairy products

    Call for holidaymakers to follow rules introduced to help protect farmers from Foot and Mouth

    UK holidaymakers heading to Europe this summer are being urged to help protect British farmers from Foot and Mouth disease by not bringing back meat and dairy products 

    Europe has seen a wave of cases impacting Hungary, Austria and Germany, and the UK Chief Vet is today (July 24th) urging the British public to comply with the rules, so we avoid a devastating outbreak like the one that was experienced in 2001. 

    Foot and Mouth disease is a highly contagious viral disease that can, in some cases, kill cattle, sheep, pigs and other cloven-hoofed animals. It can be carried in animal products – including meat, dairy products and some processed food. The virus can remain viable for months and can rapidly spread through contaminated objects and the movement of people.  

    It is illegal for travellers entering GB to bring with them untreated meat or dairy products including lamb, pork, mutton, venison and goat meat, and all other products made from these meats or containing them – such as sandwiches and sausages – from the EU, regardless of whether they are packed, packaged or have been bought at duty free.     

    This includes products such as cheese, chorizo, salami, serrano ham, pâté, yoghurt, butter, milk, and sandwiches containing any of the banned meats.  

    These strict rules were introduced due to the toll Foot and Mouth can have on the farming industry . An outbreak could result in the culling of large numbers of the country’s livestock and cost the UK economy billions of pounds in production shortfalls, lost trade and disease control. The outbreak in GB in 2001 is estimated to have cost £15 billion (in current prices) in disease control costs alone.  

    Biosecurity Minister, Baroness Hayman, said: 

    Maintaining the integrity of our biosecurity against Foot and Mouth Disease is essential, and this updated control strategy reflects our strengthened approach to managing that risk. It reflects our clear determination to safeguard our borders. 

    We are asking the public to take this seriously. Do not bring prohibited animal or plant products into the country—doing so puts farmers livelihoods at risk.

    UK Chief Veterinary Officer Christine Middlemiss said:  

    Foot and Mouth disease has been recently circulating on the continent. The disease presents a significant risk to Britain’s food security and economy. 

    This highly contagious disease causes considerable suffering to livestock and has a devastating economic and personal impact on farmers, who lose their prized animals.  I know it is disappointing not to be able to bring back produce from your holidays, but please avoid temptation – you will be doing your bit to help protect our hard-working farmers.

    To further strengthen the country’s response to foot and mouth disease, the Government has today updated the Foot and Mouth Control Strategy for GB which will support the UK’s ability to prevent, detect, and respond to an outbreak, protecting the livestock industry and rural economy. This is the first update in over a decade. This comes ahead of an exercise later this year to test Government preparedness. The updated framework provides information to help farmers protect their business and outlines how government will respond effectively to outbreaks. 

    Last month, the Government announced £1bn funding for a new investment programme to build a new National Biosecurity Centre – a cutting-edge scientific campus in Surrey that will serve as the UKs foremost animal biosecurity facility. This will better protect the public and farmers from animal disease by enhancing the country’s detection, surveillance and control capabilities for high-risk animal diseases, such as avian influenza, foot and mouth disease, and African swine fever, and enhance our ability to manage concurrent disease outbreaks. 

    Foot and mouth disease is a notifiable disease and must be reported. If you suspect foot and mouth disease in your animals, you must report it immediately by calling:    

    • 03000 200 301 in England     

    • 0300 303 8268 in Wales     

    • your local  Field Services Office in Scotland 

    ENDS 

    Notes to editors – current restrictions  

    • Travellers are currently banned from bringing all dairy products and some meats from the European Union (EU) into GB. These restrictions aim to prevent the introduction of FMD and other harmful animal diseases such as ASF, PPR and LSD.   

    • It is illegal for travellers entering GB (not Northern Ireland) to bring with them lamb, pork, mutton, venison and goat meat, and all other products made from these meats or containing them – such as sandwiches and sausages – from the EU, regardless of whether they are packed, packaged or have been bought at duty free.     

    • This includes products such as cheese, chorizo, salami, serrano ham, pâté, yoghurt, butter, milk, and sandwiches containing any of the banned meats.  

    • The current restrictions were introduced in April in response to rising cases of FMD in Europe, and to protect the health of British livestock, the security of farmers, and the UK’s food security. Restrictions on travellers bringing back certain meat and dairy products were already in place to curb the spread of ASF and PPR in Europe.   

    • Travellers are also banned from bringing any meat, meat products, milk or milk-based products into GB from countries outside the EU, Switzerland, Norway, Iceland, Liechtenstein, the Faroe Islands and Greenland.  

    • Border Force will check for prohibited goods as part of customs checks. Travellers found with prohibited items must surrender them at the border or have them seized and destroyed. In serious cases, those found with such may be fined up to £5,000 in England or prosecuted across GB.  

    • The government continues to work closely with ports, airports and travel operators to raise awareness of the ban, including via prominent signage.  

    • The measures will stay in place until the personal import of affected products no longer poses a significant biosecurity risk to GB.  

    • The restrictions do not apply to travellers arriving into GB from Northern Ireland, Jersey, Guernsey, or the Isle of Man.  

    • The measures apply only to personal imports, e.g. goods that travellers bring back with them from holiday. Commercial food imports must undergo other biosecurity requirements, including heat treatments and accompanying export health certificates signed by official veterinarians to mitigate the risk of diseases, such as FMD, ASF, PPR and LSD.  

    • More information for travellers arriving from the EU can be found here: https://www.gov.uk/bringing-food-into-great-britain/meat-dairy-fish-animal-products

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: UNESCO strengthens fire resilience in the Pantanal and Cerrado with support from local communities

    Source: UNESCO World Heritage Centre

    The initiative aims to protect areas recognized as World Natural Heritage Sites and Biosphere Reserves through the Heritage Emergency Fund (HEF).

    UNESCO is intensifying its efforts in Brazil to protect areas recognized as World Natural Heritage Sites and Biosphere Reserves in response to the rise in extreme wildfires driven by climate change. Through the Heritage Emergency Fund (HEF), the organization is leading a strategic initiative to bolster fire resilience in the Pantanal of Mato Grosso and in Goiás.

    A total of 60 volunteers were trained through this project: 30 in the Pantanal Matogrossense National Park (MT), 15 in Chapada dos Veadeiros National Park (GO), and 15 in Emas National Park (GO). Around 800 pieces of equipment were distributed, including firefighting tools and Personal Protective Equipment (PPE). Additionally, an action plan is being developed to guide volunteer firefighters, based on Integrated Fire Management (IFM) and UNESCO’s Fire Risk Management Guide.

    “The project funded by the Heritage Emergency Fund makes a significant contribution to local communities by recognizing and strengthening their vital role in fire prevention and control”

    Interinstitutional initiative in the Pantanal

    From 22 to 25 April 2025, the Serra do Amolar — a remote and hard-to-reach region between Corumbá (MS) and Cáceres (MT), on the border with Bolivia — hosted a community brigade training supported by UNESCO’s Heritage Emergency Fund. The activity took place in the Pantanal Matogrossense National Park, in collaboration with WWF-Brazil, GEF Terrestrial (Funbio), Ibama (PrevFogo), Ecoa (Ecology and Action), and the Brazilian Navy.

    Three brigades, made up of 30 Pantanal residents — including 14 women — took part in the training. Over three intensive days of technical and practical lessons, participants learned fire prevention and control techniques from specialists.

    In addition to traditional methods — such as the use of specific tools, fire front control, heat mapping, and surveillance — the training incorporated agroforestry practices adapted to the Pantanal context. “One innovation was the management of slash-and-burn plots and backyard gardens. These areas, besides being vital for local subsistence, serve as ecological corridors that can protect wildlife during fires”, explains André Luiz Siqueira, Director of Ecoa.

    Another innovation was the introduction of the Sigma tool, a software developed by SOS Pantanal, which sends real-time fire alerts to mobile phones. Using satellite imagery and data such as wind direction and temperature, the technology is accessible even to those with limited formal education.

    Support from the Brazilian Navy enabled the logistics for participants and specialists, including transport via small boats, 950 liters of petrol, and 870 kilograms of food. Accommodation was provided by staff from the Chico Mendes Institute for Biodiversity Conservation (ICMBio).

    Geographical and climatic challenges in firefighting

    Corumbá, covering over 64,000 km², is the 11th largest municipality in Brazil. The rugged terrain of the Serra do Amolar and limited access via rivers or air pose logistical challenges for firefighting. The presence of peat — organic matter accumulated in wetlands — creates highly flammable biomass during the dry season, making fires frequent and intense.

    The region encompassing the Pantanal Matogrossense National Park is part of a UNESCO World Heritage Site alongside three Private Natural Heritage Reserves, and is also recognized as a Ramsar Site — an international designation for wetlands of high ecological importance.

    “The Pantanal harbors great biodiversity and is vital for fish reproduction (ichthyofauna). This region is essential for traditional peoples, sustainable tourism, and the conservation of species such as the jaguar, giant otter, and giant anteater”

    In 2024, the Pantanal experienced one of the worst wildfire seasons on record. According to the Laboratory for Environmental Satellite Applications (Lasa/UFRJ), around 2.6 million hectares — 17% of the biome — were consumed by fire. This was the second-highest figure since the historical series began in 2012, surpassed only by 2020, when 3.6 million hectares were devastated.

    “The drought pattern has changed. Although climate change is intensifying, those combating the fires are now better organized. We have more brigade members, resources, support from the National Security Force, the Armed Forces, and a more structured state response,” says Márcio Yule, coordinator of PrevFogo/Ibama in Mato Grosso do Sul.

    Extreme drought — worsened by the El Niño phenomenon — combined with improper fire use, high temperatures, and low humidity, has increased vegetation vulnerability and impacted biodiversity and traditional community livelihoods.

    I’ve been a brigade member since 2001, and the training helps us in many ways. Having the right equipment, rather than just our bare hands, makes all the difference. As traditional people, we have knowledge of fire management and know the land. When firefighters arrive, they need to talk to the community to understand what’s happening here. This combination of our knowledge, training, and equipment allows us to care for the land and the Pantanal.

    She is a quilombola and indigenous woman from the Guató people, living in the Barra de São Lourenço community — on the banks of the Cuiabá River near the Paraguay River, on the border between Mato Grosso do Sul and Mato Grosso, and the frontier with Bolivia.

    Silas Ismael

    Despite the increasingly challenging climate scenario, the combination of community mobilization, traditional knowledge, and technology has proven effective in mitigating damage. “The formation of civil brigades is more than a fire response plan — it is a territorial adaptation strategy that supports autonomy and resilience in the Pantanal,” says Osvaldo Barassi Gajardo, Conservation Specialist at WWF-Brazil.

    With each new training session, more than just skills are developed — a living protection network is built, where nature, science, and community walk hand in hand. Brigade member Eliane has a dream for the world’s largest wetland. “We care for nature, and nature cares for us. My dream is a green Pantanal full of animals”.

    Rosi do Céu, rooted in the Cerrado

    Since childhood, 47-year-old Rosilene Rodrigues da Silva Santos has guided people through the beauties and unique features of the Cerrado biome in Chapadão do Céu, Goiás, Brazil.

    “I grew up in this region. When visitors came to our house looking for tours, my parents would ask me to show them the trails, explain the routes, and teach them how to reach Emas National Park”. Today, Rosi works as a guide at the park during weekend and holidays, volunteers as a firefighter, and has served as a primary school teacher for the past 28 years. Currently, she teaches first grade at a municipal school in Chapadão do Céu from Monday to Friday.

    In 2010, a massive wildfire devastated approximately 90% of the 132,000 hectares of Emas National Park and the surrounding region. “That was my first time volunteering. The fire lasted several days, and the entire community helped. We brought clothes, supplies, and food for those battling the flames. It was my first experience with fire”.

    In her view, “nature still hasn’t fully recovered” from that fire. “The animals didn’t all return, there are far fewer now. But the Cerrado is life. It regenerates. The trees are twisted, with thick bark and deep roots. It’s on purpose. When fire comes, it doesn’t consume the forest floor. The Cerrado survives, it’s resilient,” she explains.

    In April, Rosi participated in a fire brigade training coordinated by UNESCO, with support from the Heritage Emergency Fund (HEF), and with WWF-Brazil. Trainings were held at three sites: Chapada dos Veadeiros National Park (GO), Emas National Park (GO), and Pantanal Matogrossense National Park (MT) – addressing conservation efforts across the Cerrado and Pantanal biomes.

    The training was excellent. Now we’re better prepared to manage the park during the dry season, following the management plan. And if emergencies arise, we know how to fight fires strategically, safely, and effectively.

    But if you ask Rosi do Céu (Rosi of the Sky) what she loves most, the answer is nature and wildlife. “Some people admire celebrities. I admire those who love nature. I love the wilderness and care for animals”.

    Rosi also makes handcrafted items from bamboo and wood, and rescues snakes and wild animals when needed. “Just send me a message on WhatsApp. If there’s an opossum or any creature, people say, Call Rosi, she’ll take care of it.” In 2018, she rescued a tapir and named her Preciosa (Precious). “Every time I go to Emas National Park, near where she stays, I call her name, she comes and eats from my hand. It’s love,” says the firefighter, guide, teacher, artisan, and animal caregiver.

    Eliane: ancestral wisdom

    Eliane Aires de Souza, 58 years, carries in her eyes and hands the wisdom born of deep interaction with nature and ancestral knowledge. A Pantanal native, she lives in the community of Barra de São Lourenço (MT), shaped by the waters and the vibrant life that surrounds her. She is an Indigenous woman of the Guató people, with quilombola ancestry, and works the land with knowledge and care as an agroforestry practitioner. Since 2001, she has served as a civilian firefighter, confronting the wildfires that each year are increasingly threatening the Pantanal.

    Silas Ismael

    This is our way of life. The Pantanal is our home. Having proper training and equipment helps us take care of it and protect our collective house.

    Eliane is a mother, grandmother, and president of the Renascer Women’s Association, created to strengthen the dreams and autonomy of the women in her community. In her words, she highlights the daily challenges of keeping culture alive and staying connected to the land. “Here, we live off fishing, bait, and handicrafts”.

    Eliane feels the effects of climate change and the abandonment of the rivers. She speaks with sadness of the Rio Velho, which no longer flows as it once did. “It’s like a clogged vein in the body. If we don’t take care of the river, the whole body falls ill”. For her, protecting nature means protecting herself, her family, her community, and the future. “That tree behind you is like a vein, it gives life to other lives”.

    In her daily life, Eliane cultivates an agroforestry system at home. She nurtures and protects the land. “That’s what agroforestry is: we care for it, and it cares for us”. Drawing on ancestral wisdom, she explains the importance of nourishing the soil, preserving humidity, and ensuring shade, life, and food. She grows bananas, cassava, lemons, and oranges, and dreams of more. She envisions a seedling nursery and a green corridor that reconnects fragmented forest areas, providing food for animals and nourishing hope.

    “If we keep waiting, the soil will die. And with it, our way of life”. She refuses to depend on the city for basic needs. “It’s the dream that keeps us going”.

    And perhaps it is that persistent force of dreaming, that way of resisting with hands in the soil, body in the canoe, and soul in the crafts, that keeps the Pantanal alive. As long as there are Elianes and Rosis, there will be hope for rebirth.

    About the UNESCO Heritage Emergency Fund

    This activity was supported by the UNESCO Heritage Emergency Fund (HEF). We express our gratitude to its donors: the Principality of Andorra, the Qatar Fund for Development, Canada, the Slovak Republic, the Republic of Estonia, the French Republic, the Republic of Lithuania, the Grand Duchy of Luxembourg, the Principality of Monaco, the Kingdom of Norway, the Kingdom of the Netherlands, the Republic of Poland, the United Kingdom of Great Britain and Northern Ireland, the Republic of Serbia, and ANA Holdings INC.

    MIL OSI United Nations News –

  • MIL-OSI: Nokia Corporation Report for Q2 and Half Year 2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation

    Half year financial report
    24 July 2025 at 08:00 EEST

    Nokia Corporation Report for Q2 and Half Year 2025

    Solid performance offset by currency impact

    • Q2 comparable net sales declined 1% y-o-y on a constant currency and portfolio basis (2% reported) due to a 13% decline in Mobile Networks which had benefited from accelerated revenue recognition in the prior year. Network Infrastructure grew 8% while Cloud and Network Services grew 14%. Nokia Technologies grew 3%.
    • Comparable gross margin in Q2 was flat y-o-y at 44.7% (reported increased 10bps to 43.4%). Gross margins were broadly stable in Network Infrastructure and Mobile Networks and improved in Cloud and Network Services.
    • Q2 comparable operating margin decreased 290bps y-o-y to 6.6% (reported up 790bps to 1.8%), driven by a negative EUR 50 million venture fund impact which includes a EUR 60 million negative currency revaluation. Operating profit was also impacted by tariffs.
    • Q2 comparable diluted EPS for the period of EUR 0.04; reported diluted EPS for the period of EUR 0.02.
    • Q2 free cash flow of EUR 0.1 billion, net cash balance of EUR 2.9 billion.
    • As announced on 22 July 2025, full year 2025 comparable operating profit outlook revised to between EUR 1.6 and 2.1 billion (was between EUR 1.9 and 2.4 billion) with free cash flow conversion from comparable operating profit unchanged at between 50% and 80%.

    This is a summary of the Nokia Corporation Report for Q2 and Half Year 2025 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group’s financial information as well as on Nokia’s outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at www.nokia.com/financials. Investors should not solely rely on summaries of Nokia’s financial reports and should also review the complete reports with tables.

    JUSTIN HOTARD, PRESIDENT AND CEO, ON Q2 2025 RESULTS

    In the following quote, net sales comments and growth rates are referring to comparable net sales and are on a constant currency and portfolio basis.

    During my first quarter as CEO, I’ve spent significant time engaging with our stakeholders. One message has stood out: Connectivity is becoming a critical differentiator in the AI supercycle, not only for communication service providers and hyperscalers, but also for new areas like defense and national security. With our portfolio in mobile and fiber access, data center, and transport networks, Nokia is uniquely positioned to be a leader in this market transition. Customer conversations have increased my optimism about our opportunity: There’s been a strong validation of what sets us apart – our technology, partnering culture, and the exceptional talent of our people.

    At the same time, our customers expect us to engage with them as one integrated company as they partner with us across our portfolio. Further it is clear we need to continue to evolve how we work so we move faster, improve productivity and focus on what brings value to our customers. As a result, we’re unifying our corporate functions to simplify how we work, build a more cohesive culture and begin to unlock operating leverage.

    We have a great opportunity to drive a unified vision for the future of networks, and I am looking forward to discussing our strategy and full value creation story at our Capital Markets Day in New York on November 19.

    Turning to our second quarter results, the significant currency fluctuations, particularly the weaker USD, had a meaningful impact on both our net sales and operating profit. On a constant currency and portfolio basis our overall net sales declined 1%, however excluding a settlement benefit in the prior year, sales would have grown 3%. Network Infrastructure grew 8% in Q2. Mobile Networks’ net sales declined 13%, primarily related to the aforementioned prior year settlement benefit and also due to project timing in India. Cloud and Network Services grew 14% with strong momentum in 5G Core. Nokia Technologies grew 3% and secured several new agreements in the quarter.

    Q2 comparable gross margin was stable year-on-year at 44.7%. Operating profit in the quarter was impacted by a non-cash negative impact to venture funds of EUR 50 million which included a EUR 60 million negative currency revaluation and the effect of tariffs we highlighted in Q1, contributing to our comparable operating margin declining 290 bps to 6.6%. Despite the cash impact of 2024 incentives during Q2, we had a strong cash performance and have generated free cash flow of over EUR 800 million in the first half.

    Q2 saw continued strong order momentum in Optical Networks with a book-to-bill well above 1, driven by new hyperscaler orders. We had several key wins in the quarter, including a deal with a large US communication service provider along with receiving our first award for 800G pluggables from a US hyperscaler. Across the group, Nokia generated 5% of sales in Q2 from hyperscalers. While we still have a lot of work ahead of us, I’m pleased with the progress we are making integrating Infinera, including executing on synergies. Additionally, the commercial momentum we are seeing reinforces the long-term value creation opportunity of the acquisition.

    Looking ahead we expect a stronger second half performance, particularly in Q4 consistent with normal seasonality. For the full year, the underlying business is trending largely as expected. We continue to expect strong growth in Network Infrastructure, growth in Cloud and Network Services and largely stable net sales in Mobile Networks on a constant currency and portfolio basis. In Nokia Technologies we expect approximately EUR 1.1 billion in operating profit.

    However, we are facing two headwinds to our full year operating profit outlook which are outside of our control, currency due to the weaker US Dollar, and tariffs. Currency has an approximately EUR 230 million negative impact relative to our expectations at the start of the year with EUR 90 million from non-cash venture fund currency revaluations. The current tariff levels are forecasted to impact operating profit by EUR 50 million to EUR 80 million inclusive of those in Q2. Considering these two headwinds, we decided it was prudent at this point to lower our comparable operating profit outlook to a range of EUR 1.6 billion to EUR 2.1 billion from the prior range of EUR 1.9 billion to EUR 2.4 billion.

    Justin Hotard
    President and CEO

    FINANCIAL RESULTS

    EUR million (except for EPS in EUR) Q2’25 Q2’24 YoY change Q1-Q2’25 Q1-Q2’24 YoY change
    Reported results            
    Net sales 4 546 4 466 2% 8 936 8 910 0%
    Gross margin % 43.4% 43.3% 10bps 42.5% 46.5% (400)bps
    Research and development expenses (1 161) (1 134) 2% (2 306) (2 259) 2%
    Selling, general and administrative expenses (744) (715) 4% (1 472) (1 408) 5%
    Operating profit 81 432 (81)% 32 836 (96)%
    Operating margin % 1.8% 9.7% (790)bps 0.4% 9.4% (900)bps
    Profit from continuing operations 83 370 (78)% 24 821 (97)%
    Profit/(loss) from discontinued operations 13 (512)   13 (525)  
    Profit/(loss) for the period 96 (142)   36 296 (88)%
    EPS for the period, diluted 0.02 (0.03)   0.01 0.05 (80)%
    Net cash and interest-bearing financial investments 2 879 5 475 (47)% 2 879 5 475 (47)%
    Comparable results            
    Net sales 4 551 4 466 2% 8 941 8 910 0%
    Constant currency and portfolio YoY change(1)             (1%)             (2%)
    Gross margin % 44.7% 44.7% 0bps 43.5% 47.6% (410)bps
    Research and development expenses (1 126) (1 064) 6% (2 241) (2 140) 5%
    Selling, general and administrative expenses (612) (610) 0% (1 199) (1 194) 0%
    Operating profit 301 423 (29)% 457 1 023 (55)%
    Operating margin % 6.6% 9.5% (290)bps 5.1% 11.5% (640)bps
    Profit for the period 236 328 (28)% 390 840 (54)%
    EPS for the period, diluted 0.04 0.06 (33)% 0.07 0.15 (53)%
    Business group results Network
    Infrastructure    		 Mobile
    Networks    		 Cloud and Network Services Nokia
    Technologies    		 Group Common and Other
    EUR million Q2’25 Q2’24 Q2’25 Q2’24 Q2’25 Q2’24 Q2’25 Q2’24 Q2’25 Q2’24
    Net sales 1 904 1 522 1 732 2 078 557 507 357 356 3 4
    YoY change 25%   (17)%   10%   0%   (25)%  
    Constant currency and portfolio YoY change(1) 8%   (13)%   14%   3%   (25)%  
    Gross margin % 38.2% 38.4% 41.1% 41.8% 42.7% 37.5% 100.0% 100.0%    
    Operating profit/(loss) 109 97 77 182 9 (35) 255 258 (150) (78)
    Operating margin % 5.7% 6.4% 4.4% 8.8% 1.6% (6.9)% 71.4% 72.5%    

    (1) This metric provides additional information on the growth of the business and adjusts for both currency impacts and portfolio changes. The full definition is provided in the Alternative performance measures section in Nokia Corporation Report for Q2 and Half Year 2025.

    SHAREHOLDER DISTRIBUTION

    Dividend

    Under the authorization by the Annual General Meeting held on 29 April 2025, the Board of Directors may resolve on the distribution of an aggregate maximum of EUR 0.14 per share to be paid in respect of financial year 2024. The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period unless the Board decides otherwise for a justified reason.

    On 24 July 2025, the Board resolved to distribute a dividend of EUR 0.04 per share. The dividend record date is 29 July 2025 and the dividend will be paid on 7 August 2025. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.

    As previously announced, on 29 April 2025 the Board resolved to distribute a dividend of EUR 0.04 per share. The dividend record date was 5 May 2025 and the dividend was paid on 12 May 2025. Following these distributions, the Board’s remaining distribution authorization is a maximum of EUR 0.06 per share.

    OUTLOOK

      Full Year 2025
    Comparable operating profit(1,2) EUR 1.6 billion to EUR 2.1 billion (adjusted from EUR 1.9 billion to 2.4 billion)
    Free cash flow(1) 50% to 80% conversion from comparable operating profit

    1Please refer to Alternative performance measures section in Nokia Corporation Report for Q2 and Half Year 2025 for a full explanation of how these terms are defined.
    2Outlook is based on a EUR:USD rate of 1.17 for the remainder of the year.

    The outlook and all of the underlying outlook assumptions described below are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this report.

    Along with Nokia’s official outlook targets provided above, Nokia provides the below additional assumptions that support the group level financial outlook.

      Full year 2025 Comment  
    Q3 Seasonality   Normal seasonality would imply flat net sales sequentially into Q3. The business expects somewhat more challenging product mix along with continued R&D investment. Comparable operating margin expected to be largely stable sequentially.  
    Group Common and Other operating expenses Approximately EUR 400 million    
    Comparable financial income and expenses Positive EUR 50 to 150 million    
    Comparable income tax rate ~25%    
    Cash outflows related to income taxes EUR 500 million    
    Capital expenditures EUR 650 million    
    Recurring gross cost savings EUR 400 million Related to ongoing cost savings program and not including Infinera-related synergies  
    Restructuring and associated charges related to cost savings programs EUR 250 million Related to ongoing cost savings program and not including Infinera-related synergies  
    Restructuring and associated cash outflows EUR 400 million Related to ongoing cost savings program and not including Infinera-related synergies  

    RISK FACTORS

    Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to: 

    • Competitive intensity, which is expected to continue at a high level as some competitors seek to take share;
    • Changes in customer network investments related to their ability to monetize the network;
    • Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments;
    • Our ability to procure certain standard components and the costs thereof, such as semiconductors;
    • Disturbance in the global supply chain;
    • Impact of inflation, increased global macro-uncertainty, major currency fluctuations, changes in tariffs and higher interest rates;
    • Potential economic impact and disruption of global pandemics;
    • War or other geopolitical conflicts, disruptions and potential costs thereof;
    • Other macroeconomic, industry and competitive developments;
    • Timing and value of new, renewed and existing patent licensing agreements with licensees;
    • Results in brand and technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to licensing and regulatory landscape for patent licensing;
    • The outcomes of on-going and potential disputes and litigation;
    • Our ability to execute, complete, successfully integrate and realize the expected benefits from transactions;
    • Timing of completions and acceptances of certain projects;
    • Our product and regional mix;
    • Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various countries and OECD initiatives;
    • Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet;
    • Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions;

    as well the risk factors specified under Forward-looking statements of this release, and our 2024 annual report on Form 20-F published on 13 March 2025 under Operating and financial review and prospects-Risk factors.

    FORWARD-LOOKING STATEMENTS

    Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, tariffs, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, value creation, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “could“, “see”, “plan”, “ensure” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in the Risk Factors above.

    ANALYST WEBCAST

    • Nokia’s webcast will begin on 24 July 2025 at 11.30 a.m. Finnish time (EEST). The webcast will last approximately 60 minutes.
    • The webcast will be a presentation followed by a Q&A session. Presentation slides will be available for download at www.nokia.com/financials.
    • A link to the webcast will be available at www.nokia.com/financials.
    • Media representatives can listen in via the link, or alternatively call +1-412-317-5619.

    FINANCIAL CALENDAR

    • Nokia plans to publish its third quarter and January-September 2025 results on 23 October 2025.

    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.

    Inquiries:

    Nokia
    Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia
    Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI: Bigbank’s Unaudited Financial Results for Q2 2025

    Source: GlobeNewswire (MIL-OSI)

    Bigbank’s total gross loan portfolio reached a record high of 2.44 billion euros by the end of the quarter, up 141 million euros (+6%) quarter on quarter and 537 million euros (+28%) year on year, driven by the strategic product lines of business loans and home loans. Growth in the consumer loan portfolio was more modest. During the quarter, the business loan portfolio increased by 54 million euros (+7%) to 862 million euros, the home loan portfolio by 53 million euros (+8%) to 717 million euros and the consumer loan portfolio by 19 million euros (+2%) to 860 million euros. For the first time in Bigbank’s history, business loans also became the largest credit product line in terms of portfolio size.

    On the deposit side, the savings deposit portfolio recorded strong growth in the second quarter, increasing by 154 million euros to 1.3 billion euros (+13%). However, the term deposit portfolio decreased by 59 million euros to 1.34 billion euros during the quarter. The stabilising interest rate environment has made the interest rates on more flexible savings deposits competitive with those on term deposits. Therefore, many depositors have opted for savings deposits when their term deposits have matured. At the end of the second quarter, the current accounts opened for retail customers in Estonia totalled 3.4 million euros. All current account holders earn interest at the rate of 2%, the best available on the market. The Group’s total deposit portfolio grew by 96 million euros (+4%) quarter on quarter and by 393 million euros (+17%) year on year, reaching 2.65 billion euros.

    Bigbank’s net profit for the first six months of 2025 was 18.7 million euros. Net profit for the same period in 2024 was 15.8 million euros. In the second quarter, Bigbank’s net profit amounted to 8.9 million euros, down 0.5 million euros from the second quarter of 2024 (-5%). In the second quarter, Bigbank’s profit before income tax amounted to 11.5 million euros, up 0,3 million euros from the second quarter of 2024 (+3%).

    Interest income grew quarter on quarter, because the growth in the loan portfolio had a stronger impact than the decrease in interest rates during the year. Interest income for the second quarter amounted to 45.2 million euros, an increase of 1.8 million euros (+4%) year on year. Due to the growth of the deposit portfolio and an increase in the volume of bonds issued, interest expense grew by 0.6 million euros (+3%) to 19.5 million euros. As a result, Bigbank’s net interest income grew by 1.2 million euros (+5%) year on year to 25.7 million euros.

    The quality of the loan portfolio continued to improve in the second quarter: the net allowance for expected credit losses and provisions totalled 1.4 million euros, down 4.4 million euros year on year. This positive trend is mostly attributable to an improvement in the quality of the consumer loan portfolio in all three Baltic countries. The credit quality of home loans remained very good, while that of the business loan portfolio was stable. The share of stage 3 (non-performing) loans decreased by 3.8 million euros in the second quarter, accounting for 4.7% of the total loan portfolio at the end of the quarter (-0.4 pp from the end of the first quarter). The relatively high share of stage 3 loans is mainly due to a small number of larger loans which are well secured and therefore do not increase expected credit loss expenses.

    Bigbank’s strong team, which is the driving force behind growing business volumes, continued to expand. At the end of the second quarter of 2025, Bigbank had 613 employees: 378 in Estonia, 102 in Lithuania, 91 in Latvia, 22 in Finland, 15 in Bulgaria and 5 in Sweden. Salary expenses for the second quarter totalled 8.2 million euros, up 1.8 million euros year on year (+28%).

    The second quarter saw significant progress in the development of everyday banking products. At the beginning of the quarter, Bigbank became a direct member of the SEPA Credit Transfer scheme. This enabled the Group to become fully independent of other financial intermediaries in the euro area. Bigbank has been a direct member of the SEPA Instant Credit Transfer scheme, enabling it to make instant payments independently, since 2024. Another significant milestone was reached at the end of June with the launch of the Bigbank mobile app. Initially made available to retail customers of the Estonian business unit, the modern and convenient app is expected to be launched in Lithuania and Latvia in the coming quarters.

    The value of the Group’s investment property portfolio was 72.3 million euros at the end of the second quarter. A significant change to the property portfolio was the decrease in the value of the agricultural land in Estonia, which fell by 1.7 million euros (around 5%) due to an overall decline in transaction prices in the market during the quarter.

    Two bond issues also took place in the second quarter. In May, Bigbank issued Additional Tier 1 (AT1) bonds totalling 2.44 million euros, thereby increasing its Additional Tier 1 capital by the same amount. In June, Bigbank carried out the first in a series of public unsecured subordinated bond offerings (T2) under a new programme. Due to strong investor interest, Bigbank increased the volume of the T2 bond offering from 3 million euros to 6 million euros, thereby raising its Tier 2 capital by the same amount.

    In the second quarter, Moody’s Ratings affirmed all of the ratings and assessments that it had assigned to Bigbank AS last year.

    • Long-term and short-term deposit ratings: Ba1/NP
    • Baseline Credit Assessment (BCA) and Adjusted BCA: ba2
    • Long-term and short-term Counterparty Risk Ratings: Baa2/P-2
    • Long-term and short-term Counterparty Risk Assessments: Baa2(cr)/P-2(cr)

    The outlook on the bank’s long-term deposit rating was revised from stable to negative.

    After the reporting date and before this report was authorised for issue, Bigbank received the decision of the Financial Supervision and Resolution Authority of 7 July 2025, which waived the previously applied minimum requirement for own funds and eligible liabilities. According to the requirement, the Group had to maintain a minimum ratio of own funds and eligible liabilities to total risk exposure amount (TREA) of 12.49%. Bigbank complied with this requirement throughout its effective term and would be able to continue to do so in the future. There is no new minimum ratio requirement set by Financial Supervision and Resolution Authority.

    Income statement, in thousands of euros Q2 2025 Q2 2024 6M 2025 6M 2024
    Net interest income 25,773 24,464 51,336 50,021
    Net fee and commission income 2,550 2,245 5,073 4,409
    Net income (loss) on financial assets 694 2,007 2,645 3,078
    Net other operating income -1,120 -977 -2,015 -1,826
    Total net operating income 27,897 27,739 57,039 55,682
    Salaries and associated charges -8,258 -6,351 -15,735 -12,763
    Administrative expenses -2,875 -2,285 -5,626 -5,954
    Depreciation, amortisation and impairment -2,176 -2,100 -4,313 -4,152
    Other gains (losses) -1,796 1,090 -1,782 -1,329
    Total expenses -15,105 -9,646 -27,456 -24,198
    Profit before loss allowances 12,792 18,093 29,583 31,484
    Net expected credit loss allowances -1,289 -6,811 -5,924 -12,531
    Profit before income tax 11,503 11,282 23,659 18,953
    Income tax expense -2,616 -1,857 -4,917 -3,132
    Profit for the period from continuing operations 8,887 9,425 18,742 15,821
    Profit from discontinued operations 0 8 0 29
    Profit for the period 8,887 9,433 18,742 15,850
    Statement of financial position, in thousands of euros 30 June 2025 31 March 2025 31 Dec 2024 30 June 2024
    Cash and cash equivalents 468,770 487,160 448,661 626,081
    Debt securities at FVOCI 42,508 49,431 22,334 9,907
    Loans to customers 2,438,608 2,297,987 2,196,482 1,902,001
    Other assets 109,143 109,603 110,939 89,255
    Total assets 3,059,029 2,944,181 2,778,416 2,627,244
    Customer deposits and loans received 2,656,328 2,560,513 2,401,689 2,264,137
    Subordinated notes 104,147 95,943 91,668 88,148
    Other liabilities 17,871 16,885 15,290 22,113
    Total liabilities 2,778,346 2,673,341 2,508,647 2,374,398
    Equity 280,683 270,840 269,769 252,846
    Total liabilities and equity 3,059,029 2,944,181 2,778,416 2,627,244

    Compared to the unaudited financial results published for Q2 2024, the net interest income and the net allowance for expected credit losses for the first six months of 2024 have been adjusted, both reduced by 1.3 million euros. The adjustment is related to an identified error, where interest income from impaired financial assets had been accrued on the gross exposure of the financial assets, rather than on net basis. This correction does not impact the net profit for the first six months of 2024.

    Commentary by Martin Länts, chairman of the management board of Bigbank AS:

    In the second quarter of 2025, Bigbank continued its strong growth across all core business areas, bringing the consolidated total assets above the 3-billion-euro mark for the first time. The growth of the loan portfolio lifted its volume beyond 2.4 billion euros, representing an increase of nearly one-third year on year. Strategic segments such as business loans and home loans continued to drive growth.

    Alongside loan portfolio growth, its quality also improved. The net allowance for expected credit losses and provisions decreased by more than fourfold compared to the same period last year, totalling 1.4 million euros in the second quarter. This positive change is mainly attributable to improvements in the credit quality of the Baltic consumer loan portfolios, which also supported growth in the bank’s net profit. Net profit for the first half of 2025 was 18.7 million euros, of which 8.9 million euros were earned in the second quarter.

    The deposit portfolio also continued to grow both year on year and quarter on quarter. The primary growth driver was the savings deposit segment, the volume of which has reached a similar level as term deposits, totalling nearly 1.3 billion euros at the end of the second quarter. People have become increasingly active in searching for interest-bearing options for their funds, finding an attractive opportunity in Bigbank’s savings deposit product, but increasingly also in our current accounts.

    As the first bank in Estonia, we offer all current account holders the opportunity to earn 2% interest on their account balances while maintaining daily access to their funds. Although our current accounts have only recently been launched in Estonia, we already see that more than 25% of our retail banking customers of the business unit have opened an account. We will continue expanding our daily banking functionalities, an important milestone of which was the launch of the Bigbank mobile app at the end of June. We also plan to roll out current account services to the Latvian and Lithuanian markets in the coming quarters.

    In May and June, we successfully completed two bond issues. Both transactions support the continued rapid growth of the bank, ensure compliance with regulatory capital requirements, and facilitate further expansion of our home loan and business loan portfolios.

    We thank all investors, partners, and customers of Bigbank for your trust, which enables us to grow our business volumes and create long-term value.

    Bigbank AS (www.bigbank.eu), with over 30 years of operating history, is a commercial bank owned by Estonian capital. As of 30 June 2025, the bank’s total assets amounted to 3.1 billion euros, with equity of 281 million euros. Operating in nine countries, the bank serves more than 174,000 active customers and employs over 600 people. The credit rating agency Moody’s has assigned Bigbank a long-term bank deposit rating of Ba1, along with a baseline credit assessment (BCA) and an adjusted BCA of Ba2.

    Argo Kiltsmann
    Member of the Management Board
    Telephone: +372 5393 0833
    Email: argo.kiltsmann@bigbank.ee
    www.bigbank.ee

    Attachment

    The MIL Network –

  • MIL-OSI: Q2 2025 Trading Update and Invitation to Earnings Call

    Source: GlobeNewswire (MIL-OSI)

    Oslo, 24 July 2025 – DNO ASA, the Norwegian oil and gas operator, will publish its Q2 2025 operating and interim financial results on 21 August at 07:00 (CET). A videoconference call with executive management will follow at 10:00 (CET). Today the Company provides an update on production, sales volumes and other selected information for the quarter.

    Volumes (boepd)

    Gross operated production Q2 2025 Q1 2025 Q2 2024
    Kurdistan 74,760 82,081 79,783
    North Sea 5,526 8,864 –
           
    Net entitlement production Q2 2025 Q1 2025 Q2 2024
    Kurdistan 18,675 18,464 17,167
    North Sea 33,348 19,296 16,321
           
    Sales Q2 2025 Q1 2025 Q2 2024
    Kurdistan 18,675 18,464 17,167
    North Sea 32,393 17,216 12,871
           
    Equity accounted production (net) Q2 2025 Q1 2025 Q2 2024
    Côte d’Ivoire         3,175 3,375 3,256

    Selected cash flow items

    DNO’s share of oil from the Tawke license during the quarter was sold to local buyers as the Iraq-Türkiye Pipeline remained closed. All payments were made in advance of loadings and transferred directly into DNO’s international bank accounts.

    In the second quarter, DNO paid a dividend of NOK 0.3125 per share (totaling USD 30.2 million), which represents NOK 1.25 per share on an annualized basis.

    On 12 June, the transformative acquisition of Sval Energi Group AS was completed. Upon completion, DNO paid USD 440 million to the seller; this represents agreed consideration including interest between effective date and closing, less USD 22.5 million deposit paid in March. Sval Energi’s production is included in the table above as from June 1, and will be reported together with its financial results in the Company’s Q2 operating and interim financial results effective that date. A tax instalment of USD 114 million was made in June.

    On the financing side during the quarter, DNO redeemed the remaining USD 350 million of outstanding DNO04 bonds on 10 April. In June, DNO completed a private placement of USD 400 million of new subordinated hybrid bonds and borrowed USD 300 million under a one-year bank bridge loan facility. At the end of the second quarter, there were USD 348 million outstanding under Sval Energi’s prepayment facilities and DNO Group’s cash deposits stood at USD 788 million. All outstanding debt under DNO’s North Sea subsidiaries’ reserve-based lending facilities was repaid and not renewed during the quarter.

    North Sea exploration

    DNO participated in one exploration well on the Norwegian Continental Shelf in the quarter. The Vidsyn well in PL586 (25 percent interest with 17.5 percent added following the acquisition of Sval Energi) was spudded on 14 June and was announced as a discovery in July.

    Earnings call login details

    Please visit www.dno.no for login details ahead of the call.

    Disclaimer

    The information contained in this release is based on a preliminary assessment of the Company’s Q2 2025 operating and interim financial results and may be subject to change.

    –

    For further information, please contact:
    Media: media@dno.no
    Investors: investor.relations@dno.no

    –

    DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire, Netherlands and Yemen. More information is available at www.dno.no

    This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

    The MIL Network –

  • MIL-OSI New Zealand: Research – Study of ancient sea creature’s DNA links New Zealand to oceans around the world

    Source: New Zealand Institute for Earth Science Limited (Earth Sciences New Zealand)

    A world-first study of marine life, including sea creatures found in New Zealand’s dark, cold, pressurised ocean depths, has revealed that deep-sea life is surprisingly more connected than previously thought. The research, led by Australia’s Museums Victoria Research Institute and just published in Nature, found that while marine life in shallow waters is regionally unique, deeper ocean life shows more global connectivity, with some deep-sea species found across vast distances, even on opposite sides of the world.
    A previous lack of global data meant that the connections of deep-sea species weren’t fully known, but the researchers from 19 different institutions, including Earth Sciences New Zealand (formerly NIWA), were able to discover how marine life is connected across the sea floor. The landmark study mapped the global distribution and evolutionary relationships of brittle stars (Ophiuroidea), an ancient, spiny animal found from shallow coastal waters to the deepest abyssal plains, and from the equator to the poles.
    In the most comprehensive study of its kind, brittle star DNA from four dozen collections, including from Earth Sciences New Zealand’s invertebrate collection in Wellington, was examined. By analysing over 2,500 DNA samples collected from over 300 research voyages in all oceans and at various depths, the researchers were able to uncover how the deep-sea invertebrates have evolved and migrated across the oceans over the past 100 million years, linking ecosystems from Iceland to Tasmania.
    ‘You might think of the deep sea as remote and isolated, but for many animals on the seafloor, it’s actually a connected superhighway,’ said study lead Dr Tim O’Hara, Senior Curator of Marine Invertebrates at Museums Victoria Research Institute. ‘Over long timescales, deep-sea species have expanded their ranges by thousands of kilometres. This connectivity is a global phenomenon that’s gone unnoticed, until now.’
    The brittle star was chosen because the animals, which have lived on Earth for over 480 million years, are found on all ocean floors, including at depths of more than 3,500 metres, says Dr O’Hara. “These animals don’t have fins or wings, but they’ve still managed to span entire oceans. The secret lies in their biology; their larvae can survive for a long time in cold water, hitching a ride on slow-moving deep-sea currents.”
    With the yolk-rich larvae able to drift on deep ocean currents for extended periods, the brittle stars have been able to colonise far-flung regions. Unlike marine life in shallow waters, which is restricted by temperature boundaries, deep-sea environments are more stable and allow species to disperse over vast distances, the study found. “The research shows that deep-sea communities, particularly at temperate latitudes, are more closely related across regions than their shallow-water counterparts. This may be due to historic ocean currents and temperature patterns that allowed species to spread over time. For example, marine animals found off southern Australia share close evolutionary links with those in the North Atlantic, on the other side of the planet.”
    However, the deep sea is not uniform, and while species can spread widely, factors such as extinction events, environmental change, and geography have created a patchwork of biodiversity across the seafloor.
    Deep-sea ecosystems are more connected than first thought, says study co-author Sadie Mills, invertebrate collection manager at Earth Sciences New Zealand (formerly NIWA). “Understanding how species are related and their connections in the ocean at different depths and different latitudes is key to protecting marine biodiversity across the entire planet. These global links should be taken into account in planning.”
    As threats from deep-sea mining and climate change increase, this new appreciation of how life is distributed and moves through this vast environment is essential if we want to protect it, says Dr O’Hara. “It’s a paradox. The deep sea is highly connected, but also incredibly fragile.”

    (Ref. https://www.nature.com/articles/s41586-025-09307-1 )

    MIL OSI New Zealand News –

  • MIL-OSI United Kingdom: The prolonged suffering will have irreversible consequences that will last generations: Joint statement on conflict and hunger in Gaza

    Source: United Kingdom – Executive Government & Departments 3

    Speech

    The prolonged suffering will have irreversible consequences that will last generations: Joint statement on conflict and hunger in Gaza

    A joint statement by the Permanent Missions to the UN of the Dominican Republic, Estonia, France, Germany, Guyana, Ireland, Mexico, the Kingdom of the Netherlands, Norway, Sierra Leone, Slovenia, Spain, Sweden, Switzerland and the United Kingdom.

    It is unacceptable that man-made and avoidable conflict-induced hunger continues to afflict civilians in Gaza. The prolonged suffering will have irreversible consequences that will last generations.

    From the May IPC Special Snapshot, we know that the Gaza Strip is facing a critical risk of famine. The entire population is facing high levels of acute food insecurity, with 500,000 people facing starvation and more than 70,000 children set to require treatment for acute malnutrition. 

    The latest figures are even more disturbing, and we are witnessing increased deaths due to malnutrition. This follows sustained denial of essential humanitarian assistance to civilians by Israel.

    To address this crisis, we call on all parties to fully comply with their obligations under international law, including international humanitarian law. In particular, we call on Israel as the occupying power to adhere to its obligations under international law and UN Security Council Resolution 2417. Israel must:

    • Lift its restrictions on humanitarian aid and facilitate immediate, safe, rapid, unhindered and sustained humanitarian access by the UN and humanitarian organisations that ensures relief supplies at scale to civilians in need throughout Gaza.
    • Facilitate the effective delivery of life-saving nutrition, health, water, sanitation and other essential services by the UN and humanitarian organisations, as well as the fuel needed to sustain them.
    • Protect objects necessary for food production and distribution and facilitate the restoration of essential commercial supplies and market systems at scale.
    • Urgently ensure the protection of civilians, including aid workers, UN and associated personnel, and medical personnel, and allow their unrestricted access.

    We urge all parties to do everything to support efforts to reach agreement on a new ceasefire and hostage release deal. While humanitarian assistance is essential, the answer to conflict-induced hunger is peace.

    We need to ensure accountability for actors who deliberately cause or prolong conflict-induced hunger in violation of international law. Using starvation of civilians as a method of warfare may constitute a war crime.

    All Member States should use their influence to address conflict-driven hunger in Gaza and promote compliance by all parties to the conflict with international law.

    We call for rapid and full implementation of humanitarian commitments made by Israel including the steps agreed between Israel and the EU to improve the humanitarian situation in Gaza. This is imperative. We will follow delivery measures by Israel closely.

    We must all support the work of the UN-coordinated humanitarian system in Gaza led by OCHA. It is best equipped to ensure aid is delivered to civilians, apply established strong aid diversion prevention systems and adhere with humanitarian principles.

    UNRWA remains crucial to the delivery of humanitarian aid and essential services, despite increasing restrictions and attacks.

    The new Israel-approved aid delivery model is dangerous and is not operating in accordance with humanitarian principles. We condemn the killing of well over 800 Palestinians, including children, seeking water and food. 

    The 20 July incident where people came under Israeli fire beside a WFP convoy was terrible. Humanitarian action must be based on humanity, neutrality, impartiality and independence.

    We condemn the heinous attack by Hamas on October 7 2023. Hamas must release all hostages unconditionally now.

    Immediate action is needed to address this debilitating suffering.

    Updates to this page

    Published 23 July 2025

    MIL OSI United Kingdom –

  • MIL-Evening Report: Five arms, no heart and a global family: what DNA revealed about the weird deep-sea world of brittle stars

    Source: The Conversation (Au and NZ) – By Tim O’Hara, Senior Curator of Marine Invertebrates, Museums Victoria Research Institute

    A brittle star of the species _Gorgonocephalus eucnemis_. Lagunatic Photo / Getty Images

    You may have read that the deep sea is a very different environment from the land and shallow water. There is no light, it is very cold, and the pressure of all the water above is immense.

    Plants can’t grow there, and the energy powering life mostly comes from organic matter sinking from the sunlit surface. These facts have been known for more than 150 years.

    But I want to tell you something you probably don’t know about the deep sea: for animals on the seafloor, it is a very connected environment. There are few environmental barriers to stop animals slowly expanding their distribution to cover thousands of kilometres. Over a million years, deep-sea animals can spread from Iceland to Tasmania.

    In a new study published today in Nature, we map the distribution and relatedness of a single group of marine animals across all ocean seafloors, from the coast down to the abyssal plains of the deep sea, from the equator to the pole.

    Australia’s ocean research vessel RV Investigator, operated by the CSIRO Marine National Facility, was used to explore deepsea life around Christmas Island in the Indian Ocean.
    Chris Bray / CSIRO, CC BY-NC

    Five arms, no brain, no eyes or heart

    We sequenced the DNA of thousands of animal specimens stored in natural history collections of museums across the globe, deposited from hundreds of research voyages. For the first time, we have enough data to explore how marine life has evolved and dispersed across the oceans over the past 100 million years.

    We studied a group of animals called brittle stars, strange spiny creatures with a disc-like body and five sinuous or branched arms. They have a central mouth and gut, but no brain, no eyes and no heart.

    A branched brittle star (Gorgonocephalus chilensis) specimen taken from Coral Seamount, southwest Indian Ocean.
    Tim O’Hara / Museums Victoria, CC BY

    While these shy animals would not be always familiar to beach combers or snorkelers, they are perfect for our project as they are found in abundance across deep seafloors and frequently surveyed by research expeditions. They have inhabited our planet for more than 480 million years, efficiently consuming and recycling organic matter.

    Deep-sea lifestyles

    Life in the deep is distributed in a different way to that in shallow seas.

    In shallow waters, the temperature differs a lot between the tropics, the temperate regions (mid latitudes) and the poles. This imposes a barrier to the movement of marine life. Animals (and plants) generally adapt to a narrow range of temperatures and only rarely spread to other climates.

    So, if you are a tropical shallow-water species, you cannot migrate through frigid waters around South America, or through the Canadian Arctic, to get from the Pacific to Atlantic Ocean. For tens of millions of years, shallow marine species have evolved independently in different oceans and seas.

    Tropical shallow-water brittle stars such as Ophiothrix purpurea cannot migrate through cold waters.
    Julian Finn / Museums Victoria, CC BY-NC

    But we found the deep sea is not like that. Species in different regions are much more closely related.

    In fact, the age and geographic distribution of species on a family tree of deep-sea brittle stars resembles that of a group of seabirds or marine mammals. Yet these brittle stars don’t have wings or fins to get around.

    The deep-sea brittle star Ophiotholia can burrow like a corkscrew into muddy seafloors.
    Caroline Harding / Museums Victoria, CC BY

    How eggs and larvae roam the globe

    The secret of how slow-moving brittle stars migrate across oceans appears to be their eggs and larvae.

    In warm, shallow waters, a yolk-filled food reserve is rapidly used up by the developing larva. But in the cold deep sea, a yolky larva can survive with very slow metabolic activity, drifting on slow-moving currents for more than a year before settling. This greatly expands the range of a brittle star’s offspring.

    Moreover, there are numerous seamounts, ridges and plains on the oceanic seafloor that offer transit points for long-distance migration at different depths. This dispersal across oceans has been going on for a long time.

    Deep-sea ‘highways’ where brittle stars disperse across the Atlantic and Indian oceans.
    Tim O’Hara / Museums Victoria, CC BY

    The most prominent of these dispersal highways is across the southern Indian Ocean, transporting deep-sea animals from the Atlantic and Southern Oceans to Australia and New Zealand. In contrast, very few shallow-water animals have traversed such vast distances.

    A patchwork of deep-sea life

    While brittle star populations show lots of evidence of long-distance connections, deep-sea communities are not uniform around the planet.

    Life in the deep is perilous. There is always the threat that a given species may be wiped out in particular regions.

    Seawater conditions can change, as can currents and food supplies. New predators or diseases may arrive at any time.

    Over time, the combination of high connectivity and high rates of regional extinction has led to a patchwork of deep-sea species distributions across oceans.

    To conserve these ecosystems into the future, we will need a much better understanding of the global patterns of deep-sea life.

    Tim O’Hara has received funding from CSIRO’s Marine National Facility, Parks Australia, Ocean Census, and from philanthropic support of Museums Victoria Research Institute.

    – ref. Five arms, no heart and a global family: what DNA revealed about the weird deep-sea world of brittle stars – https://theconversation.com/five-arms-no-heart-and-a-global-family-what-dna-revealed-about-the-weird-deep-sea-world-of-brittle-stars-261566

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: QFSCOIN Launches the Most Profitable Platform for Yielding Crypto in 2025, Designed for Global Investors to Earn BTC, LTC, and DOGE coin

    Source: GlobeNewswire (MIL-OSI)

    New York City, NY, July 23, 2025 (GLOBE NEWSWIRE) —  Dogecoin (DOGE) is making headlines again, this time, not just for memes and social media hype. Recent on-chain data reveals that whales, the largest investors in the market, are quietly accumulating DOGE. If you want to catch this wave, QFSCOIN offers a seamless solution. With QFSCOIN, users can generate returns from Dogecoin, Bitcoin, and Litecoin directly, without needing any hardware. Daily payouts are automated, and it’s never been easier to start building your crypto income.

    What On-Chain Data Tells Us About Dogecoin Whales
    In crypto markets, whales, large holders of a particular coin, often signal future price movement. Blockchain analytics indicate that whale activity surrounding Dogecoin has steadily increased in recent weeks. These major investors have continued expanding their holdings, suggesting strong confidence in DOGE’s long-term potential.
    When large accumulations occur, it often points to upcoming demand spikes or positive catalysts. This behavior can reduce supply and elevate prices, giving early participants an edge before broader market awareness sets in.

    Why Earn Dogecoin with QFSCOIN Right Now?
    Instead of purchasing DOGE at elevated prices, earning it through QFSCOIN provides a cost-effective and scalable alternative. Since 2019, QFSCOIN, founded in the U.S., has become a leading platform for automated crypto income. It operates secure data centers across the U.S., Canada, Norway, and Iceland, leveraging state-of-the-art technology for performance and efficiency.
    QFSCOIN is fully regulated by U.S. financial authorities, offering peace of mind to users worldwide.

    What Makes QFSCOIN Stand Out?

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    Flexible Crypto Earning Plans for All Investors
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    Why You Should Start Now
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    Attachment

    The MIL Network –

  • MIL-OSI Security: Sacramento Man Sentenced to 25 Years in Prison for Sexual Exploitation of Children

    Source: US FBI

    Jayson Fernandez Butay, 30, of Sacramento, was sentenced today by U.S. District Judge William B. Shubb to 25 years in prison for producing child sexual abuse material and possessing child sexual abuse material, Acting U.S. Attorney Kimberly A. Sanchez announced. Judge Shubb also ordered Butay to pay $118,278 to his victims in restitution.

    According to court documents, in April 2019, Butay used Snapchat to correspond with a 15‑year-old girl living in Finland. Butay lied about his identity and convinced her to send him naked images of herself. Once he received these images, Butay threatened to disclose them to his victim’s family and friends unless she sent him sexually explicit videos. In this way, Butay obtained at least one additional sexually explicit video from the victim. Butay also produced child sexual abuse material depicting additional minor victims, including at least one 9-year-old girl who remains unidentified, using common internet applications.

    Law enforcement agents subsequently executed federal search warrants at Butay’s residence in Sacramento. Agents seized hundreds of images and videos from Butay’s digital devices that depicted the sexual exploitation of children, including infants.

    “This investigation highlights the serious threat sextortionists pose to children who use popular messaging and social media apps,” said FBI Sacramento Field Office Special Agent in Charge Sid Patel. “Online anonymity combined with the natural inexperience of youth creates a dangerous environment that parents must better understand and monitor. The FBI works closely with our law enforcement partners to identify and bring these predators to justice. We urge anyone who has been targeted or victimized to come forward. You are not alone — we will help you.”

    This case was the product of an investigation by the Federal Bureau of Investigation. Assistant U.S. Attorney Sam Stefanki is prosecuting the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute those who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit Justice.gov/PSC.

    MIL Security OSI –

  • MIL-OSI Africa: The ‘Oil Industry, African Energy Chamber (AEC) and Africa Bromance’ Remains Committed to Africa’s Energy Development Despite Attacks from Foreign Funded Groups

    Source: APO

    In yet another attack on the African oil and gas industry, Extinction Rebellion has condemned South Africa as it strives to advance oil and gas exploration across its offshore market. An article published this week by the group’s spokesperson Moraig Peden cites new offshore oil and gas projects as being in direct conflict with the country’s climate commitments, despite the fact that operators have secured environmental authorization to explore offshore. Representing the voice of the African energy sector, the African Energy Chamber (AEC) (https://EnergyChamber.org) condemns the article as yet another blatant attack on not only the African energy industry but its population at large. Oil and gas will play a fundamental role in alleviating energy poverty in Africa and the AEC – in collaboration with the oil industry and African communities – will continue advocating for offshore exploration and production.   

    Groups such as Extinction Rebellion has been consistent in their attacks against the industry, turning to violent and disruptive measures to voice their biases and relentless opposition. Rather than peaceful protests, foreign funded environmental groups have turned to climate-motivated sabotage. Activists from Shut the System, for example, sabotaged internet cables in London in early 2025. Following which, the group stated that they “vow to wage a campaign of sabotage targeting the tools, property and machinery of those most responsible for global warming.” This is a direct attack on the industry.  

    Another group, Just Stop Oil, has also been relentless. Attacks include throwing soup at Van Gogh’s Sunflowers painting, throwing paint on Stonehenge, gluing themselves to roads to stop traffic, cable-tying themselves to goal posts at sports events and England-wide blockades at ten critical oil facilities in 2022. Just Stop Oil protestors were also given multi-year prison sentences in England in 2024 for their roles in closing multiple junctions of the M25 motorway. In the US, Greenpeace was issued to pay $660 million in damages in 2025 for malicious interference with the Dakota Access Pipeline. The group also has a history of occupying coal power plants and blocking coal shipments in New Zealand, Australia and the UK. But it is the group’s attacks on the industry in Africa that stand to bring far-reaching disruptions.   

    Greenpeace has been strongly opposing exploration in Africa by companies such as Shell, Meren Energy (formerly Africa Oil Corp), TotalEnergies and more. All three companies have secured environmental authorization and/or financing for their offshore activities but Greenpeace continues to launch attacks against these companies. The company challenged Shell’s exploration rights in court and continues to ask for donations to support its attacks on oil companies.  

    “We at the chamber expected these attacks as we approach this next edition of AEW: Invest in African Energies. These attacks always come. We denounce the violence of Extinction rebellion.  We hope that we will have a robust conversation about Africans right to drill and provide energy for the millions of Africans that live without access to electricity or clean cooking solutions. The AEC-Africa-Oil and Gas Industry bromance will continue fighting for Africa. We will continue fighting to make energy poverty history. We will continue fighting for generations to come,” states NJ Ayuk, Executive Chairman of the AEC.  

    It is clear that the writer Peden does not fully understand the African context. If the writer truly understood what every day Africans in Mali, Mozambique, Namibia and other countries go through, she would not have this extremist and radical environmental agenda against the continent’s energy development. We must be reminded that over 600 million Africans live without access to electricity while over 900 million people live without access to clean cooking solutions. But it seems that Extinction Rebellion is bent on ensuring that Africans remain without access to electricity or the energy they need for the future. This is exactly what the AEC opposes. This is also why we are proud to be part of a bromance with Africa and the global oil and gas industry. This is why we will continue fighting for oil and gas exploration.  

    It is surprising to see that Extinction Rebellion and Peden criticize African exploration efforts when they fail to criticize the bromance between countries in other parts of the world and the oil and gas industry. They do not criticize Norway for producing four million bpd and sanctioning new energy projects or the UK which is drilling in the North Sea or the US in the Gulf. It is Africa, where people want to drill for more oil and gas to help lift the continent out of poverty, that the attacks come. 

    “I was hoping the she would bring Greta Thunberg along because she will protest anything. Moraig Peden and the foreign funded green groups now have the Mantashe Derangement Syndrome.  The attacks on Africans by Moraig Peden and Extinction rebellion deceitful and dishonest, Or blatantly dishonest. This is just the beginning, Africans and the energy industry have been through tough times, but you’ve never seen me quit and there’s no quitting on our fight to make energy poverty history and industrialize Africa. We see Moraig Peden’s attacks as simply hypocrisy especially coming from a wealthy woman with a Eurocentric view of energy who believes Africans should stay in the dark while she is shopping for car elevators” Concluded Ayuk. 

    Distributed by APO Group on behalf of African Energy Chamber.

    Media files

    .

    MIL OSI Africa –

  • MIL-OSI: EnerPure Appoints Advisory Board Members to Support Strategic Growth and Commercialization Efforts

    Source: GlobeNewswire (MIL-OSI)

    Winnipeg, MB, July 23, 2025 (GLOBE NEWSWIRE) — EnerPure Inc. (“EnerPure” or the “Company”), a waste to energy company, is pleased to announce the appointment of Gary Farrar, Susan Rohac, and Mogens L. Mathiesen as Advisory Board Members. Each of these newly appointed Advisors brings significant industry experience and expertise in their respective areas and their thought leadership, strategic acumen, and experience will be invaluable to management as EnerPure moves through the commercialization and growth phase.

    “Gary, Susan, and Mogens as true experts in their respective fields provide tremendous depth and width to the knowledge base of our team, we are honoured to have them on the team” said Rick Koshman, President and CEO of EnerPure. “Each of them brings a unique and highly complementary skill set that aligns perfectly with our goal to deploy 21 recycling plants in 6 years. Gary with over 46 years experience in UMO recycling, Susan as one of Canada’s most prolific Cleantech investors, and Mogens with his shipping decarbonization focus provide us with priceless industry insights and know-how as we look to navigate the next few years.”

    About Gary Farrar
    Gary is a seasoned executive with over 45 years of leadership in the used motor oil (UMO) recycling and environmental services industry across North America. His expertise spans operations, business development, logistics, refinery supply, and sales. He has held senior roles including U.S. Vice President of Supply and Product Sales at Safety-Kleen, where he led the growth of recycled oil streams and oversaw the world’s largest UMO re-refinery. As General Manager of Safety-Kleen Canada, he managed nationwide operations and multiple business lines. At Heritage-Crystal Clean, he helped launch and scale a 75-million-gallon refinery in Indianapolis. Gary is known for building high-performing teams and driving operational and commercial success in complex industrial environments.

    About Susan Rohac – LinkedIn
    Susan recently retired from BDC (Business Development Bank of Canada) after 34 years of service. As Managing Partner of the Climate Tech venture capital fund, she led a pan-Canadian team of investment professionals and managed a portfolio of over $1 billion in assets including a $500 million fund that was launched in 2022 focusing on investing in Canada’s most promising cleantech companies. She has invested in a wide range of climate technologies such as CCUS, CDR, hydrogen, critical minerals, energy storage/battery, mobility, proptech, and advanced materials. Susan was recognized as a Climate Leader in 2024 by the Clean50 and was recipient of the Clean16 award. Susan holds honour degrees in both science and finance and has her executive MBA and ICD governance designation.

    About Mogens L. Mathiesen – LinkedIn
    Mogens has over 25 years of expertise in maritime technology and sustainability. Specializing in maritime decarbonisation, he has pioneered data-driven solutions to reduce shipping emissions. As Chief Industry and Strategy Officer at HUB Ocean, Mogens led initiatives to enable green shipping routes and foster industry collaboration. He co-founded Arundo Analytics, driving the development of analytics platforms for maritime applications, and volunteers in the Ocean Rescue Service in Norway. With an M.Sc. in Ocean Engineering and Marine Cybernetics from the NTNU and UC Berkeley, Mogens is committed to advancing sustainable practices through innovation and strategic leadership.

    About EnerPure – https://enerpure.tech
    “We recycle Used Motor Oil (UMO) to reduce GHG emissions while producing a lower carbon-intensive marine fuel.”

    Each year ~17 billion litres of UMO* are improperly burned or dumped, causing widespread environmental harm. EnerPure sees a tremendous opportunity to solve this problem through the deployment of its modular micro-scale recycling plants using its patented technology to convert UMO into high-quality marine fuel.

    EnerPure is entering its next phase of growth, with our first commercial plant planned for Alberta. Our recycling plants require ~5% of the capex of traditional solutions, enabling localized recycling (while reducing the cost of collection) and providing strong economic returns. 

    Our technology has been proven via our pilot plant (operating at 43% of scale) with 1.6 million litres processed and validated through the sale of over 1.2 million litres. Our drop-in ISO 8217-compliant marine fuel is in high demand in a growing market with its 14.6% lower carbon intensity.  Annually each recycling plant can reduce greenhouse gas (“GHG”) emissions and criteria air contaminants by 36,315 and 437 tonnes, respectively.

    EnerPure, while delivering strong economic returns, offers a proven, scalable platform where environmental need meets commercial opportunity, powering the energy transition through smart regional recycling.

    *UMO is defined as any petroleum-based or synthetic lubricating oil that cannot be used for its original purpose due to contamination.

    Disclosure and Caution
    This press release may contain certain disclosures that may constitute “forward-looking statements” within the meaning of Canadian securities legislation. In making the forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable. However, the forward-looking statements are subject to numerous risks, uncertainties and other factors, including but not limited to economic, capital expenditures, and engineering projections, that may cause future results to differ materially from those expressed or implied in such forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

    The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

     

    The MIL Network –

  • MIL-OSI China: Chinese Vice Premier He Lifeng will be in Sweden on July 27-30 for trade talks with US

    Source: People’s Republic of China – State Council News

    Chinese Vice Premier He Lifeng will be in Sweden from July 27 to 30 for economic and trade talks with the United States upon mutual agreement, the commerce ministry announced Wednesday.

    Following the important consensus reached during the phone talks between the two heads of state on June 5, the two sides will leverage the role of the China-U.S. economic and trade consultation mechanism, and continue to engage in consultations on economic and trade issues of mutual concern based on the principle of mutual respect, peaceful coexistence and win-win cooperation, said a spokesperson with the ministry.

    MIL OSI China News –

  • MIL-OSI Russia: Rosneft Continues Whale Research

    Translation. Region: Russian Federal

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    World Whale and Dolphin Day is celebrated annually on July 23. The date was established to draw humanity’s attention to the need to preserve and protect cetaceans and other marine mammals.

    Rosneft pays special attention to environmental issues and the preservation of biodiversity. The Company’s activities are based on the principle of preserving a favorable environment and biological diversity in all regions of presence. Studying and protecting the population of whales and dolphins is one of the areas of Rosneft’s environmental program.

    One of the main species that receives close attention is the gray whale of the Okhotsk Sea population. The monitoring program for these whales has been carried out on the north-eastern shelf of Sakhalin Island for almost 30 years. As part of the research, specialists annually conduct a population census, observe the behavior of animals and study their food supply, carry out photo-identification studies, and acoustic monitoring.

    Until the 1990s, the Okhotsk Sea gray whale population was considered to be completely exterminated and was classified as a species on the verge of extinction. In 2018, the western gray whale population was classified as endangered, indicating a slow but steady recovery of the Okhotsk subpopulation of gray whales.

    In 2019, the Okhotsk Sea populations of gray and Greenland whales were included by the Russian Ministry of Natural Resources in the list of rare and endangered species of wildlife requiring priority measures for restoration and reintroduction. In 2020, the Okhotsk Sea population of gray whales was listed in the Red Book of the Russian Federation.

    In addition, the Company conducts environmental monitoring of the Okhotsk-Korean population of gray whales on the north-eastern shelf of Sakhalin Island. Specialists annually perform photo identification, population census, and studies of the food supply and behavior of mammals. The main life period of gray whales in the Sea of Okhotsk is fattening and reproduction, so studying the state of their food supply is one of the most important stages of observations.

    As part of the study of the Okhotsk-Korean gray whale population, unique acoustic monitoring is also being conducted, which includes recording and analyzing the level of natural and anthropogenic underwater noise. The research allows us to study the nature of sounds and model their propagation. Acoustic measurements are carried out using autonomous underwater recorders developed specifically for the project.

    Rosneft is an active participant in the Interdepartmental Working Group under the Ministry of Natural Resources of the Russian Federation to ensure the conservation of the Okhotsk-Korean population of gray whales. The working group develops proposals for the development of legislation for population management, coordinates the interaction of interested federal and regional executive authorities, the business community, scientific and public organizations.

    In 2020, Rosneft, together with the P.P. Shirshov Institute of Oceanology of the Russian Academy of Sciences, implemented a large-scale project to study and monitor Black Sea dolphins. Based on the results of 3 years of observations, modern up-to-date data were obtained on the number and preferred habitats of these Black Sea cetaceans, and the characteristics of their seasonal distribution. Recommendations for the study and conservation of dolphins were prepared.

    Reference:

    The gray whale is the only whale species that has mastered bottom feeding. Whales usually scoop up benthos from the bottom along with water, silt and pebbles at a depth of 15-60 m and filter the suspension through their baleen. The gray whale’s diet includes up to 70 species of invertebrates, including annelids, bivalves, small crustaceans and young fish.

    Gray whales swim slowly – on average 5-8 km/h, which allows marine parasites to cling to the whale’s skin and establish their colonies. The total weight of these fellow travelers can reach 180 kg per whale.

    Department of Information and AdvertisingPJSC NK RosneftJuly 23, 2025

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: Vice Premier He Lifeng to visit Sweden on July 27-30 to participate in trade talks with the US – Ministry of Commerce

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

    Source: People’s Republic of China – State Council News

    Xinhua | 23.07.2025

    Key words: china-politics

    Source: Xinhua

    Vice Premier He Lifeng will visit Sweden from July 27-30 to participate in trade talks with the US – Ministry of Commerce Vice Premier He Lifeng will visit Sweden from July 27-30 to participate in trade talks with the US – Ministry of Commerce

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: Folkestone business wins US contract through $475,000 UK Export Finance deal

    Source: United Kingdom – Executive Government & Departments

    Press release

    Folkestone business wins US contract through $475,000 UK Export Finance deal

    UKEF announces its support for British engineering firm Dyrhoff, enabling the company to supply key components for a large-scale water management project in the United States.

    A water control gate installed by Dyrhoff in Scotland. Image provided by Dyrhoff

    • Dyrhoff, a Folkestone-based provider of water control gates, has recently won a major export contract following support from UK Export Finance (UKEF) and NatWest.

    • The business is supporting a flood protection project in North Dakota, using both UK and internationally manufactured parts.

    Dyrhoff, a provider of water control gates, has won a major contract to deliver two pneumatically operated spillway gates for a flood protection project in North Dakota, USA, following support from a government financing scheme.

    Throughout its more than 30 years, the business has specialised in the design and supply of inflatable rubber dams and spillway gates. These gates can be used to reduce flood risk and aid water regulation.

    In line with the government’s Plan for Change and its mission to kickstart economic growth, UKEF guaranteed a $475,000 finance facility to be issued by NatWest. This facility enabled Dyrhoff to meet the bonding terms required to win the contract in North Dakota.

    Dyrhoff works with UK and international partners to engineer and manufacture parts which are subsequently assembled at the project location. The majority of Dyrhoff’s business originates from overseas contracts, contributing to 156 projects in over 33 countries, including USA, Italy, Canada, Norway, Turkey, Portugal and Indonesia.

    Although Dyrhoff is a seasoned exporter, the financial support provided by UKEF has enabled the business to win one of its largest contracts to date.

    As a result of the North Dakota deal and other successful contracts, Dyrhoff is now planning to increase staff numbers at its manufacturing facility in Folkestone, Kent.

    Don Mason, Director at Dyrhoff said:

    We have been providing market-leading rubber dam and spillway solutions since 1989, but the support afforded by UKEF has enabled us to set our sights on an exciting overseas growth opportunity.

    By assisting us in winning such a significant project for the business, UKEF support has set us up to carry on building momentum in key markets like the USA. Despite economic uncertainty in the market, we are now well placed to use this project as a springboard for success.

    Lisa Maddison-Brown, Kent, East Sussex and West Sussex Export Finance Manager at UKEF said:

    We are really pleased to be able to assist a business which maintains a focus on developing critical infrastructure to keep areas safe from flooding. A key goal of ours is to continue placing British engineering at the heart of vital projects worldwide, and Dyrhoff is helping to do just that.

    Ellie Morrison, Trade Finance Manager at NatWest commented:

    I’m delighted to announce NatWest’s Trade Finance support for Dyrhoff, as they secure a significant export contract creating impactful engineering solutions that serve a crucial international and domestic purpose.

    The financing package has equipped Dyrhoff to meet essential bonding requirements, thereby enabling the company to secure and mobilise on this project. This partnership, facilitated with the support of UK Export Finance, aligns with NatWest’s commitments to foster the growth of UK-based businesses and contributing to vital infrastructure projects worldwide.

    Dyrhoff are a great example of a successful UK exporter and NatWest is proud to support the business with the financial solutions they need to thrive globally.

    News of Dyrhoff’s success follows on from the recent publication of UKEF’s Annual Reports and Accounts for 2024/25. The department provided £14.5 billion in loans, guarantees and insurance in support of exporters of all sizes and supported up to 70,000 jobs.

    Contact

    Media enquiries:

    Updates to this page

    Published 23 July 2025

    MIL OSI United Kingdom –

  • MIL-Evening Report: Gaza – an open question for NZ’s foreign minister Winston Peters

    OPEN QUESTION: By Bryan Bruce

    Dear Rt Hon Winston Peters,

    There was a time when New Zealanders stood up for what was morally right. There are memorials around our country for those who died fighting fascism, we wrote parts of the UN Charter of Human Rights, we took an anti-nuclear stance in 1984, and three years prior to that, many of us stood against apartheid in South Africa by boycotting South African products and actively protesting against the 1981 Springbok Rugby Tour.

    To call out the Israeli government for genocide and ethnic cleansing in Gaza is not to be antisemitic. Nor is it to be pro- Hamas. It is to simply to be pro-human.

    While acknowledging the peace and humanitarian initiatives on the Foreign Affairs website, I note there is no calling out of the genocide and ethnic cleansing that cannot be denied is happening in Gaza.

    The Israeli government is systematically demolishing whole towns and cities — including churches, mosques, even removing trees and vegetation — to deprive the Palestinian people the opportunity to return to their homeland; and there have been constant blocks to humanitarian aid as part of a policy forced starvation.

    There is no doubt crimes against international law have been committed, which is why the International Criminal Court (ICC) in The Hague has issued warrants for the arrest of Israeli Prime Minister Benjamin Netanyahu and Yoav Gallant, his former defence minister, for alleged crimes against humanity.

    So, my question to you is: why are you not pictured standing in this photograph (below) alongside the representatives from 33 nations at the July 16 2025 Gaza emergency conference in Bogotá?

    The nations that took part in the Gaza emergency summit in were:

    Norway, Portugal, Slovenia, Spain, Turkey, Colombia, South Africa, Bolivia, Cuba, Honduras, Malaysia, Namibia, Algeria, Bangladesh, Botswana, Brazil, Chile, China, Djibouti, Indonesia, Iraq, Ireland, Lebanon, Libya, Mexico, Nicaragua, Oman, Pakistan, Palestine, Qatar, Saint Vincent and the Grenadines, Uruguay and Venezuela.

    Representatives from 33 nations at the July 16 2025 Gaza emergency conference in Bogotá. Image: bryanbruce.substack.com

    Is your policy simply to fall in behind the USA denying there is genocide and ethnic cleansing happening in Gaza?

    If not, are you prepared to endorse the six coordinated diplomatic, legal and economic measures already signed up to by 12 of the participating countries in the Bogetà summit, to restrain Israel’s assault on the Occupied Palestinian Territories and defend international law at large?

    Remaining countries, which could still include New Zealand, have a deadline of September 20, to coincide with the 80th UN General Assembly, for additional states to join them.

    The 6 agreed measures are:
     Prevent the provision or transfer of arms, munitions, military fuel, related military equipment, and dual-use items to Israel.

    Prevent the transit, docking, and servicing of vessels at any port
     in all cases where there is a clear risk of the vessel being used to carry arms, munitions, military fuel, related military equipment, and dual-use items to Israel

    Prevent the carriage of arms, munitions, military fuel, related military equipment, and dual-use items to Israel on vessels bearing our flag . . .  and ensure full accountability, including de-flagging, for non-compliance with this prohibition.

    Commence an urgent review of all public contracts, to prevent public institutions and funds from supporting Israel’s illegal occupation of the Palestinian Territory and entrenching its unlawful presence.

    Comply with obligations to ensure accountability for the most serious crimes under international law, through robust, impartial and independent investigations and prosecutions at national or international levels, to ensure justice for all victims and the prevention of future crimes.

    Support universal jurisdiction mandates, as and where applicable in national legal frameworks and judiciaries, to ensure justice for victims of international crimes committed in the Occupied Palestinian Territory.

    In addition, are you prepared to specifically support the enforcement of the International Criminal Court arrest warrants issued last year for Israeli Prime Minister Benjamin Netanyahu and Yoav Gallant, his former defence minister, for alleged crimes against humanity and war crimes in Gaza including murder and forced starvation, in a war that has left more than 211,000 Palestinians, including many children, dead, maimed, or missing since October 2023, according to the Gaza Health Ministry? (That’s a figure that is approximately the entire population of Hamiton and Rotorua).

    What then is the NZ government’s policy? Are we going to support International Law and call out the Israeli government’s acts of genocide in Gaza, or not?

    Yours sincerely,

    Bryan Bruce
     Investigative documentary maker, journalist and podcaster.
     Auckland.

    Bryan Bruce is a New Zealand investigative journalist and documentary maker. Republished from Bruce’s substack page.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Gaza – an open question for NZ’s foreign minister Winston Peters

    OPEN QUESTION: By Bryan Bruce

    Dear Rt Hon Winston Peters,

    There was a time when New Zealanders stood up for what was morally right. There are memorials around our country for those who died fighting fascism, we wrote parts of the UN Charter of Human Rights, we took an anti-nuclear stance in 1984, and three years prior to that, many of us stood against apartheid in South Africa by boycotting South African products and actively protesting against the 1981 Springbok Rugby Tour.

    To call out the Israeli government for genocide and ethnic cleansing in Gaza is not to be antisemitic. Nor is it to be pro- Hamas. It is to simply to be pro-human.

    While acknowledging the peace and humanitarian initiatives on the Foreign Affairs website, I note there is no calling out of the genocide and ethnic cleansing that cannot be denied is happening in Gaza.

    The Israeli government is systematically demolishing whole towns and cities — including churches, mosques, even removing trees and vegetation — to deprive the Palestinian people the opportunity to return to their homeland; and there have been constant blocks to humanitarian aid as part of a policy forced starvation.

    There is no doubt crimes against international law have been committed, which is why the International Criminal Court (ICC) in The Hague has issued warrants for the arrest of Israeli Prime Minister Benjamin Netanyahu and Yoav Gallant, his former defence minister, for alleged crimes against humanity.

    So, my question to you is: why are you not pictured standing in this photograph (below) alongside the representatives from 33 nations at the July 16 2025 Gaza emergency conference in Bogotá?

    The nations that took part in the Gaza emergency summit in were:

    Norway, Portugal, Slovenia, Spain, Turkey, Colombia, South Africa, Bolivia, Cuba, Honduras, Malaysia, Namibia, Algeria, Bangladesh, Botswana, Brazil, Chile, China, Djibouti, Indonesia, Iraq, Ireland, Lebanon, Libya, Mexico, Nicaragua, Oman, Pakistan, Palestine, Qatar, Saint Vincent and the Grenadines, Uruguay and Venezuela.

    Representatives from 33 nations at the July 16 2025 Gaza emergency conference in Bogotá. Image: bryanbruce.substack.com

    Is your policy simply to fall in behind the USA denying there is genocide and ethnic cleansing happening in Gaza?

    If not, are you prepared to endorse the six coordinated diplomatic, legal and economic measures already signed up to by 12 of the participating countries in the Bogetà summit, to restrain Israel’s assault on the Occupied Palestinian Territories and defend international law at large?

    Remaining countries, which could still include New Zealand, have a deadline of September 20, to coincide with the 80th UN General Assembly, for additional states to join them.

    The 6 agreed measures are:
     Prevent the provision or transfer of arms, munitions, military fuel, related military equipment, and dual-use items to Israel.

    Prevent the transit, docking, and servicing of vessels at any port
     in all cases where there is a clear risk of the vessel being used to carry arms, munitions, military fuel, related military equipment, and dual-use items to Israel

    Prevent the carriage of arms, munitions, military fuel, related military equipment, and dual-use items to Israel on vessels bearing our flag . . .  and ensure full accountability, including de-flagging, for non-compliance with this prohibition.

    Commence an urgent review of all public contracts, to prevent public institutions and funds from supporting Israel’s illegal occupation of the Palestinian Territory and entrenching its unlawful presence.

    Comply with obligations to ensure accountability for the most serious crimes under international law, through robust, impartial and independent investigations and prosecutions at national or international levels, to ensure justice for all victims and the prevention of future crimes.

    Support universal jurisdiction mandates, as and where applicable in national legal frameworks and judiciaries, to ensure justice for victims of international crimes committed in the Occupied Palestinian Territory.

    In addition, are you prepared to specifically support the enforcement of the International Criminal Court arrest warrants issued last year for Israeli Prime Minister Benjamin Netanyahu and Yoav Gallant, his former defence minister, for alleged crimes against humanity and war crimes in Gaza including murder and forced starvation, in a war that has left more than 211,000 Palestinians, including many children, dead, maimed, or missing since October 2023, according to the Gaza Health Ministry? (That’s a figure that is approximately the entire population of Hamiton and Rotorua).

    What then is the NZ government’s policy? Are we going to support International Law and call out the Israeli government’s acts of genocide in Gaza, or not?

    Yours sincerely,

    Bryan Bruce
     Investigative documentary maker, journalist and podcaster.
     Auckland.

    Bryan Bruce is a New Zealand investigative journalist and documentary maker. Republished from Bruce’s substack page.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Prosafe SE: Commencement of subscription period for the Warrants Offering

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE’S REPUBLIC OF CHINA, SOUTH AFRICA, NEW ZEALAND, JAPAN OR THE UNITED STATES, OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL 

    Reference is made to the stock exchange announcement made by Prosafe SE (“Prosafe” or the “Company“) on 18 July 2025 regarding the publication of a prospectus (the “Prospectus“) approved by the Norwegian Financial Supervisory Authority for, inter alia, the offering of up to 17,868,651 warrants (the “Warrants“) (the “Warrants Offering“).

    The subscription period for the Warrants Offering (the “Subscription Period“) commences today, 23 July 2025 at 09:00 hours (CEST) and expires on 6 August 2025 at 16:30 hours (CEST), unless extended in accordance with the terms set out in the Prospectus.

    The Warrants may be subscribed for by shareholders of the Company as of 16 May 2025, as recorded in the Company’s shareholder register in Euronext Securities Oslo (VPS) on 20 May 2025 (the “Record Date“) (the “Eligible Shareholders“). The Eligible Shareholders shall have a preferential right to subscribe for and be allocated the Warrants in proportion to their shareholding in the Company on the Record Date, pursuant to Section 11-13 of the Norwegian Public Limited Liability Companies Act, cf. Section 10-4. The preferential right to subscribe for the Warrants may not be transferred by the Eligible Shareholders. Oversubscription or subscription without subscription rights is not permitted. The Warrants may not be subscribed for by investors in jurisdictions where such subscription is not permitted or where the offering of such warrants is not legally allowed.

    No consideration shall be paid for the Warrants. The Warrants shall not be transferable. The Warrants will be registered in Euronext Securities Oslo (VPS).

    Subscriptions for Warrants must be made by submitting a correctly completed subscription form to the Receiving Agent (as defined below) during the Subscription Period, or may, for subscribers who are residents of Norway with a Norwegian personal identification number, be made online during the Subscription Period. Please see the Prospectus for further information about the Warrants Offering, including subscription procedures and the complete terms of the Warrants Offering. The Prospectus (including the subscription form for the Warrants Offering) is, subject to applicable securities laws, available on the Company’s website: www.prosafe.com.

    Subscriptions may only be made on the basis of the Prospectus. Allocation of Warrants will be made by the Company’s board of directors based on the number of Warrants subscribed for by each shareholder in accordance with the number of Warrants each subscriber has the right to subscribe for.

    The Warrants may be exercised during the period starting at 09:00 (CEST) on 11 August 2025 and concluding at 16:30 (CEST) on 25 August 2025 (the “Exercise Period“). One Warrant entitles the holder to request the issuance of one ordinary share in the Company. Eligible Shareholders having validly subscribed for and been allocated Warrants will receive an exercise form prior to the Exercise Period. Exercise shall be carried out by submitting a correctly completed exercise form to the Receiving Agent (as defined below) during the Exercise Period, or may, for Warrant holders who are residents of Norway with a Norwegian personal identification number, be made online during the Exercise Period. Warrants that are not exercised before the expiry of the Exercise Period will have no value and will lapse without compensation to the holder.

    To the extent members of the Company’s board of directors or management or closely related parties of such are prohibited from exercising Warrants in the Exercise Period due to securities law restrictions, these shall have the right to exercise Warrants during a period which expires two weeks after such restrictions lapse, as set out in the resolution to issue the Warrants at the Company’s extraordinary general meeting held on 16 May 2025 (the “EGM“). Exercises can in any case not take place after 31 December 2025.

    The subscription price upon exercise of the Warrants is EUR 0.01 per new share. Pursuant to the resolution adopted by the EGM, the Company plans to establish a NOK-based exchange mechanism for the contribution, whereby each exercising Warrant holder will be debited a NOK amount covering the EUR subscription amount, currently expected to be NOK 0.15 per share.

    Advokatfirmaet Schjødt AS acts as legal advisor to the Company in connection with the Warrants Offering. DNB Issuer Services, a part of DNB Bank ASA (the “Receiving Agent” as well as the “Settlement Agent“) acts as both the Receiving Agent and Settlement Agent for the Company in connection with the Warrants Offering.

    For further information, please contact:

    Terje Askvig, CEO

    Phone: +47 952 03 886

    Reese McNeel, CFO

    Phone: +47 415 08 186

    This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and the requirements of Oslo Børs’ Continuing Obligations.

    About Prosafe

    Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to https://www.prosafe.com (https://www.prosafe.com/)

    Important information

    This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

    The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act“), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the offering or their securities in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned in this announcement will be made solely to “qualified institutional buyers” as defined in Rule 144A under the Securities Act.

    In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression “Prospectus Regulation” means Regulation 2017/1129 as amended together with any applicable implementing measures in any Member State.

    This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only for relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

    Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “expect”, “anticipate”, “strategy”, “intends”, “estimate”, “will”, “may”, “continue”, “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control.

    Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in investment levels and need for the Company’s services, changes in the general economic, political and market conditions in the markets in which the Company operate, the Company’s ability to attract, retain and motivate qualified personnel, changes in the Company’s ability to engage in commercially acceptable acquisitions and strategic investments, and changes in laws and regulation and the potential impact of legal proceedings and actions. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not provide any guarantees that the assumptions underlying the forward-looking statements in this announcement are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this announcement or any obligation to update or revise the statements in this announcement to reflect subsequent events. You should not place undue reliance on the forward-looking statements in this announcement. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.

    This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities in the Company.

    The MIL Network –

  • MIL-OSI Submissions: Energy Sector – Equinor second quarter 2025 results

    Source: Equinor

    23 JULY 2025 – Equinor delivered an adjusted operating income* of USD 6.53 billion and USD 1.74 billion after tax* in the second quarter of 2025. Equinor reported a net operating income of USD 5.72 billion and a net income of USD 1.32 billion. Adjusted net income* was USD 1.67 billion, leading to adjusted earnings per share* of USD 0.64.

    Solid financial results

    • Strong operational performance and production growth
    • Higher US onshore gas production capturing higher prices
    • Stable cost and capex in line with guidance
    • Balance sheet remains robust through lower price environment

    Strategic progress

    • Announced divestment of the Peregrino field in Brazil for USD 3.5 billion
    • Financial close of Bałtyk 2 & 3 offshore wind projects in Poland
    • Empire Wind 1 project development back in execution. Impairments driven by regulatory changes for future offshore wind projects leading to a loss of future synergies on South Brooklyn Marine Terminal, and increased exposure to tariffs

    Capital distribution

    • Ordinary cash dividend of USD 0.37 per share, third tranche of share buy-back of up to USD 1.265 billion
    • Expected total capital distribution of USD 9 billion in 2025

    Anders Opedal, President and CEO of Equinor ASA:
    “We are on track to deliver production growth in 2025 in line with our guidance. Strong operational performance and Johan Castberg reaching plateau are key contributors this quarter. In today’s volatile markets we stay committed to being a long-term energy provider to Europe.”

    “Last year, we strengthened our onshore gas portfolio in the US and this has created substantial value this quarter, with a fifty percent increase in gas production at prices almost eighty percent higher than the same time last year.“

    “We continue to progress our portfolio in renewables, and the Empire Wind 1 project development is back in execution. We have reached financial close for the Bałtyk 2 & 3 offshore wind projects in Poland at favourable terms, contributing to strong returns.”

    Solid production

    Equinor delivered a total equity production of 2,096 mboe per day in the second quarter, up 2% from 2,048 mboe in the same quarter last year.

    On the Norwegian continental shelf the operational performance was strong. New production from the Johan Castberg field reaching plateau and Halten East contributed. Together, this offset natural decline, impact from the turnaround at Hammerfest LNG and maintenance at the Kollsnes processing plant.

    The acquisition of additional interests in US onshore assets in 2024, and higher production from these assets, contributed to a 28% increase in oil and gas production from US in the second quarter, compared to the same period last year.

    The production from the international upstream segment, excluding US, is down compared to the same quarter last year, due to exits from Nigeria and Azerbaijan in 2024. Higher production in Brazil, and new wells in Argentina and Angola, contributed positively.

    The total power generation from the renewable portfolio was 0.83 TWh. The increase compared to second quarter last year is due to ramp up of power production from Dogger Bank A and new production from the onshore wind farm Lyngsåsa in Sweden which was acquired in first quarter 2025.

    In the quarter, Equinor completed 5 offshore exploration wells on the NCS with 2 commercial discoveries.

    Strong financial results

    Equinor delivered an adjusted operating income* of USD 6.53 billion and USD 1.74 billion after tax* in the second quarter of 2025. The results are affected by lower liquids prices, which were partially offset by higher gas prices and higher production.

    The reported net operating income of USD 5.72 billion is down from USD 7.66 billion in the same quarter last year. This is impacted by an impairment of USD 955 million due to regulatory changes causing loss of synergies from future offshore wind projects and increased exposure to tariffs. Of this, USD 763 million is related to Empire Wind 1/South Brooklyn Marine Terminal project and the remainder is related to the Empire Wind 2 lease.

    Equinor realised a European gas price of USD 12.0 per mmbtu and realised liquids prices were USD 63.0 per bbl in the second quarter.

    Adjusted operating and administrative expenses* are stable from the same quarter last year.

    Strong operational performance generated cash flows provided by operating activities, before taxes paid and working capital items, of USD 9.17 billion for the second quarter.

    Equinor paid two NCS tax instalments totalling USD 6.85 billion in the quarter. From August, the payments of tax on the NCS will be changed to ten installments annually, and for third quarter Equinor expects to pay two installments of NOK 19.7 billion each.

    Cash flow from operations after taxes paid* ended at USD 1.94 billion.

    Organic capital expenditure* was USD 3.40 billion for the quarter, and total capital expenditures were USD 3.58 billion.

    The net debt to capital employed adjusted ratio* was 15.2% at the end of the second quarter, compared to 6.9% at the end of the first quarter of 2025. The calculation of net debt ratio includes the effect of the Norwegian state’s share of the share buy-back, at USD 4.26 billion paid in July.

    Strategic progress

    Since the end of the last quarter, Equinor progressed projects to facilitate long-term production and value creation on the Norwegian continental shelf. The plan for development and operation on Fram South was submitted and final investment decision was made on Johan Sverdrup phase 3 in the North Sea which are expected to increase the recoverable volumes from the field by 40-50 million boe.

    After less than three months in production, the Johan Castberg field in the Barents Sea reached plateau on 17 June. The same month, an oil discovery estimated at approximately 9-15 million barrels was made in the area and can contribute with additional reserves for the field.

    Equinor and Centrica signed a long-term gas sales agreement of 55 TWh of natural gas per year for a period of 10 years, demonstrating the importance of long-term gas supplies from the NCS to support the UK’s energy security.

    Equinor continues to high-grade its international portfolio. In the quarter, the sale of the Peregrino field in Brazil for USD 3.5 billion was announced. Equinor will focus on the start-up of the Bacalhau field expected on stream later in 2025 and progressing the Raia gas project. New exploration acreage in the Santos basin was awarded.

    Financial close was announced on the Bałtyk 2 and Bałtyk 3 offshore wind projects with financing packages totalling EUR 6 billion. The wind projects are located offshore Poland with an expected total capacity of 1.4 GW.

    Competitive capital distribution

    The board of directors has decided a cash dividend of USD 0.37 per share for the second quarter of 2025, in line with communication at the Capital Markets Update in February.

    Expected total capital distribution for 2025 is USD 9 billion, including a share buy-back programme of up to USD 5 billion. The board has decided to initiate a third tranche of the share buy-back programme of up to USD 1.265 billion. The tranche will commence on 24 July and end no later than 27 October 2025.

    The second tranche of the share buy-back programme for 2025 was completed on 17 July 2025 with a total value of USD 1.265 billion.

    All share buy-back amounts include shares to be redeemed by the Norwegian state.

    *For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.

    MIL OSI – Submitted News –

  • England fight back to down Italy in extra time and reach Euro 2025 final

    Source: Government of India

    Source: Government of India (2)

    hloe Kelly fired home the rebound from her own penalty to net a 119th-minute winner as reigning champions England pulled off a stunning comeback to beat Italy 2-1 after extra time on Tuesday and reach the Women’s European Championship final.

    England fell behind in the first half but hit back to level through Michelle Agyemang six minutes into second-half stoppage time and when Emma Severini pulled down Beth Mead in the box in extra time, Kelly grabbed the chance to decide the game.

    Her first effort was saved but she was quick off the mark to rifle in the rebound and send England through to the final where they will face either Spain or Germany.

    After a come-from-behind penalty shootout win over Sweden in the quarter-finals, England again flirted with disaster, but their late surge floored Italy, whose hopes of reaching a first final since 1997 were crushed.

    The win propelled England into a third successive major final after their Euro 2022 success and World Cup loss to Spain the following year.

    With the Italians riding a wave of confidence after a last-minute winner against Norway in their quarter-final, they defended brilliantly and attacked incisively on the break.

    Their persistence paid off in the 33rd minute of a gritty semi-final when a ball from the right found its way to Barbara Bonansea, who took a touch before lashing it into the roof of the net.

    England then dominated possession and created a slew of chances as the Italians rode their luck, but too often the English attackers unleashed shots from distance that were easily dealt with or flew harmlessly over the bar.

    With their hopes of defending their title slowly slipping away, 19-year-old substitute Agyemang snapped up a loose ball in the box and fired home to send the game to extra time.

    Agyemang almost scored again with an effort deep into the second half of the extra period, out-sprinting and out-muscling the Italian defence only to see her deft lob towards goal bounce back off the crossbar.

    Sensing that they could avoid a repeat of their quarter-final penalty shootout against Sweden, England poured forward and reaped their reward when Mead was fouled in the box, but there was one more twist in the tale.

    Kelly took her usual prancing run-up, but Italy keeper Laura Giuliani kept her nerve and saved, only for the England winger to score from the follow-up and seal her side’s spot in Sunday’s final in Basel.

    “I just tried my best for the team. It wasn’t supposed to go like that, that penalty, but (I was) ready for the rebound and ready for any opportunity given to me wearing an England badge,” a delighted Kelly said.

    England defender Lucy Bronze said they had been forced to dig deep to reach the final.

    “Yeah, we don’t know if it’s the easy way it seems this tournament, but we find a way to win,” she said.

    “I think it was the 96th minute and then the 118th minute … we just … found a way to get the goals and get the ball (in) the last minute.”

    For Italy, who had defended superbly until England’s equaliser, the loss was a devastating blow.

    “Obviously, going out like this hurts a lot. Having stood up to the champions should give us a lot of confidence for the future. There are no words to describe the emotions we have experienced on this journey,” coach Andrea Soncin said.

    “This evening, for as hard as the girls fought, we definitely deserved a different ending. Many difficult situations to comment on. It’s sad, but I am and we are very proud.”

    (Reuters)

  • MIL-OSI: Equinor second quarter 2025 results

    Source: GlobeNewswire (MIL-OSI)

    Equinor (OSE:EQNR, NYSE:EQNR) delivered an adjusted operating income* of USD 6.53 billion and USD 1.74 billion after tax* in the second quarter of 2025. Equinor reported a net operating income of USD 5.72 billion and a net income of USD 1.32 billion. Adjusted net income* was USD 1.67 billion, leading to adjusted earnings per share* of USD 0.64.

    Solid financial results

    • Strong operational performance and production growth
    • Higher US onshore gas production capturing higher prices
    • Stable cost and capex in line with guidance
    • Balance sheet remains robust through lower price environment

    Strategic progress

    • Delivered key milestones on Johan Castberg, Johan Sverdrup phase 3 and Fram South/Troll
    • Announced divestment of the Peregrino field in Brazil for USD 3.5 billion
    • Financial close of Baltyk 2 & 3 offshore wind projects in Poland
    • Empire Wind 1 project development back in execution. Impairments driven by regulatory changes for future offshore wind projects leading to a loss of future synergies on South Brooklyn Marine Terminal, and increased exposure to tariffs

    Capital distribution

    • Ordinary cash dividend of USD 0.37 per share, third tranche of share buy-back of up to USD 1.265 billion
    • Expected total capital distribution of USD 9 billion in 2025

    Anders Opedal, President and CEO of Equinor ASA:

    “We are on track to deliver production growth in 2025 in line with our guidance. Strong operational performance and Johan Castberg reaching plateau are key contributors this quarter. In today’s volatile markets we stay committed to being a long-term energy provider to Europe.”

    “Last year, we strengthened our onshore gas portfolio in the US and this has created substantial value this quarter, with a fifty percent increase in gas production at prices almost eighty percent higher than the same time last year.“

    “We continue to progress our portfolio in renewables, and the Empire Wind 1 project development is back in execution. We have reached financial close for the Baltyk 2 & 3 offshore wind projects in Poland at favourable terms, contributing to strong returns.”

    Solid production

    Equinor delivered a total equity production of 2,096 mboe per day in the second quarter, up 2% from 2,048 mboe in the same quarter last year.

    On the Norwegian continental shelf the operational performance was strong. New production from the Johan Castberg field reaching plateau and Halten East contributed. Together, this offset natural decline, impact from the turnaround at Hammerfest LNG and maintenance at the Kollsnes processing plant.

    The acquisition of additional interests in US onshore assets in 2024, and higher production from these assets, contributed to a 28% increase in oil and gas production from US in the second quarter, compared to the same period last year.

    The production from the international upstream segment, excluding US, is down compared to the same quarter last year, due to exits from Nigeria and Azerbaijan in 2024. Higher production in Brazil, and new wells in Argentina and Angola, contributed positively.

    The total power generation from the renewable portfolio was 0.83 TWh. The increase compared to second quarter last year is due to ramp up of power production from Dogger Bank A and new production from the onshore wind farm Lyngsåsa in Sweden which was acquired in first quarter 2025.

    In the quarter, Equinor completed 5 offshore exploration wells on the NCS with 2 commercial discoveries.

    Strong financial results

    Equinor delivered an adjusted operating income* of USD 6.53 billion and USD 1.74 billion after tax* in the second quarter of 2025. The results are affected by lower liquids prices, which were partially offset by higher gas prices and higher production.

    The reported net operating income of USD 5.72 billion is down from USD 7.66 billion in the same quarter last year. This is impacted by an impairment of USD 955 million due to regulatory changes causing loss of synergies from future offshore wind projects and increased exposure to tariffs. Of this, USD 763 million is related to Empire Wind 1/South Brooklyn Marine Terminal project and the remainder is related to the Empire Wind 2 lease.

    Equinor realised a European gas price of USD 12.0 per mmbtu and realised liquids prices were USD 63.0 per bbl in the second quarter.

    Adjusted operating and administrative expenses* are stable from the same quarter last year.

    Strong operational performance generated cash flows provided by operating activities, before taxes paid and working capital items, of USD 9.17 billion for the second quarter.

    Equinor paid two NCS tax instalments totalling USD 6.85 billion in the quarter. From August, the payments of tax on the NCS will be changed to ten installments annually, and for third quarter Equinor expects to pay two installments of NOK 19.7 billion each.

    Cash flow from operations after taxes paid* ended at USD 1.94 billion.

    Organic capital expenditure* was USD 3.40 billion for the quarter, and total capital expenditures were USD 3.58 billion.

    The net debt to capital employed adjusted ratio* was 15.2% at the end of the second quarter, compared to 6.9% at the end of the first quarter of 2025. The calculation of net debt ratio includes the effect of the Norwegian state’s share of the share buy-back, at USD 4.26 billion paid in July.

    Strategic progress

    Since the end of the last quarter, Equinor progressed projects to facilitate long-term production and value creation on the Norwegian continental shelf. The plan for development and operation on Fram South was submitted and final investment decision was made on Johan Sverdrup phase 3 in the North Sea which are  expected to increase the recoverable volumes from the field by 40-50 million boe.

    After less than three months in production, the Johan Castberg field in the Barents Sea reached plateau on 17 June. The same month, an oil discovery estimated at approximately 9-15 million barrels was made in the area and can contribute with additional reserves for the field.

    Equinor and Centrica signed a long-term gas sales agreement of 55 TWh of natural gas per year for a period of 10 years, demonstrating the importance of long-term gas supplies from the NCS to support the UK’s energy security.

    Equinor continues to high-grade its international portfolio. In the quarter, the sale of the Peregrino field in Brazil for USD 3.5 billion was announced. Equinor will focus on the start-up of the Bacalhau field expected on stream later in 2025 and progressing the Raia gas project. New exploration acreage in the Santos basin was awarded.

    Financial close was announced on the Baltyk 2 and Baltyk 3 offshore wind projects with financing packages totalling EUR 6 billion. The wind projects are located offshore Poland with an expected total capacity of 1.4 GW.

    Competitive capital distribution

    The board of directors has decided a cash dividend of USD 0.37 per share for the second quarter of 2025, in line with communication at the Capital Markets Update in February.

    Expected total capital distribution for 2025 is USD 9 billion, including a share buy-back programme of up to USD 5 billion. The board has decided to initiate a third tranche of the share buy-back programme of up to USD 1.265 billion. The tranche will commence on 24 July and end no later than 27 October 2025.

    The second tranche of the share buy-back programme for 2025 was completed on 17 July 2025 with a total value of USD 1.265 billion.

    All share buy-back amounts include shares to be redeemed by the Norwegian state.

    – – –

    *For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.

    – – –

    Further information from:

    Investor relations
    Bård Glad Pedersen, Senior vice president Investor relations,
    +47 918 01 791 (mobile)

    Press
    Sissel Rinde, Vice president Media relations,
    +47 412 60 584 (mobile)

    This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

    Attachments

    The MIL Network –