Source: Government of Sweden
The humanitarian situation in Gaza is dire. Children are particularly vulnerable and severely affected under the current circumstances. In light of this, the Swedish Government has decided to allocate SEK 10 million to Save the Children’s efforts in Gaza.
Source: Government of Sweden
The humanitarian situation in Gaza is dire. Children are particularly vulnerable and severely affected under the current circumstances. In light of this, the Swedish Government has decided to allocate SEK 10 million to Save the Children’s efforts in Gaza.
Source: Government of Sweden
At the meeting of NATO Defence Ministers in Brussels on 5 June, member countries’ defence ministers agreed on new capability targets for the Alliance. In conjunction with the meeting, Swedish Minister for Defence Pål Jonson also signed a number of agreements on behalf of Sweden.
Source: The Conversation – Global Perspectives – By Julian Savulescu, Visiting Professor in Biomedical Ethics, Murdoch Children’s Research Institute; Distinguished Visiting Professor in Law, University of Melbourne; Uehiro Chair in Practical Ethics, The University of Melbourne
A young woman needs an abortion and the reasons, while urgent, are not medical. A United States Navy nurse at Guantánamo Bay is ordered to force-feed a defiant detainee on hunger strike.
These very different real-life cases have one connecting thread: the question of whether a health professional can conscientiously object to carrying out a patient’s request.
Freedom of conscience is often held up as a purely noble principle. But when it’s used to deny health care, it means a single person’s beliefs are dictating what is best for another person’s physical and mental health – which can have devastating, even fatal, results.
In our recent book, Rethinking Conscientious Objection in Healthcare, colleagues and I conclude doctors should not be free to make medical decisions based on their personal beliefs.
Freedom of conscience is strongly – but not absolutely – protected under international human rights law. It is enshrined in the Universal Declaration of Human Rights.
This principle has often been used for moral purposes: for example, to resist orders to torture or kill.
But after researching use of conscientious objection by health professionals, I have concluded it is seriously flawed when used to deny patients health services. This is especially so when particular doctors have a monopoly on service provision, as is the case with abortion and assisted dying in many rural and regional areas of Australia.
In Australia, doctors are allowed to conscientiously object to abortion, although nearly all states require referral to other service providers or information about how to access the relevant service.
In practice, these laws are not enforced and sometimes disregarded.
A doctor’s refusal can mean patients can be denied the standard of care they need, or indeed, any care at all.
Health-care professionals are not like pacifists refusing conscription into the military, opposing something forced upon them. They freely choose health-care careers that come with obligations and with ethical stances already established by professional codes of conduct.
People are free to hold whatever beliefs they choose, but those beliefs will inevitably close off some options for them. For example, a vegetarian will not be able to work in an abattoir. That is true for every one of us. But what shouldn’t happen is a doctor’s personal beliefs closing off legitimate options for their patient.
Instead of personal values, there are four key secular principles we propose that doctors should rely on when deciding how to advise patients about sensitive procedures:
is it legal?
is it a just and fair use of any resources that might be limited?
is it in the interests of the patient’s wellbeing?
is it what the patient has themselves decided they want?
Of course, there will be times when some of these principles are in conflict – that is when it is important to apply the most crucial ones, the wellbeing of the patient and the patient’s own wishes.
In Ireland in 2012, a young woman named Savita Halappanavar went to an Irish hospital for treatment for her miscarriage. Doctors knew there was no hope of the pregnancy surviving but refused to evacuate her uterus while there was still a fetal heartbeat, for fear of breaching Ireland’s anti-abortion laws. The result: Savita died of septicaemia at 31.
If doctors had put the patient’s wellbeing first, they would have given her that termination, despite the law, and it would have saved her life.
These are the principles that should have been applied to the examples above: the woman seeking an abortion for career reasons or the nurse refusing to force-feed prisoners.
The doctor (or nurse) should ask: Is it what the patient has autonomously decided they want? Will it lead to the best outcome for both their physical and their mental health?
If abortion will promote a woman’s wellbeing, it is in her interests. Hunger strikers should not be force-fed because it violates their autonomy.
While doctors’ personal values are important, they should not dictate care at the bedside. Not only can this disadvantage the patient, but it places an unfair burden on colleagues who do accept such work, and must carry a disproportionate load of procedures they might find unpleasant and financially unrewarding.
It also creates injustice. Patients who are educated, wealthy and well-connected already find it easier to access health care. Conscientious objection intensifies that unfairness in large swathes of the country because it further limits options.
Two countries with excellent health-care systems, Sweden and Finland, do not permit conscientious objection by medical professionals.
In Australia, it is time we do the same and strongly limit conscientious objection as a legal right for health professionals. We should also ensure those entering the discipline are prepared to take on all procedures relevant to their specialty.
And lastly, but most importantly, we should educate them that the patient’s interests and values must always come first. An individual doctor’s sense of moral authority should not be permitted to morph into medical and moral authoritarianism.
Julian Savulescu 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. Doctors shouldn’t be allowed to object to medical care if it harms their patients – https://theconversation.com/doctors-shouldnt-be-allowed-to-object-to-medical-care-if-it-harms-their-patients-260003
MIL OSI –
Source: The Conversation – Global Perspectives – By Julian Savulescu, Visiting Professor in Biomedical Ethics, Murdoch Children’s Research Institute; Distinguished Visiting Professor in Law, University of Melbourne; Uehiro Chair in Practical Ethics, The University of Melbourne
A young woman needs an abortion and the reasons, while urgent, are not medical. A United States Navy nurse at Guantánamo Bay is ordered to force-feed a defiant detainee on hunger strike.
These very different real-life cases have one connecting thread: the question of whether a health professional can conscientiously object to carrying out a patient’s request.
Freedom of conscience is often held up as a purely noble principle. But when it’s used to deny health care, it means a single person’s beliefs are dictating what is best for another person’s physical and mental health – which can have devastating, even fatal, results.
In our recent book, Rethinking Conscientious Objection in Healthcare, colleagues and I conclude doctors should not be free to make medical decisions based on their personal beliefs.
Freedom of conscience is strongly – but not absolutely – protected under international human rights law. It is enshrined in the Universal Declaration of Human Rights.
This principle has often been used for moral purposes: for example, to resist orders to torture or kill.
But after researching use of conscientious objection by health professionals, I have concluded it is seriously flawed when used to deny patients health services. This is especially so when particular doctors have a monopoly on service provision, as is the case with abortion and assisted dying in many rural and regional areas of Australia.
In Australia, doctors are allowed to conscientiously object to abortion, although nearly all states require referral to other service providers or information about how to access the relevant service.
In practice, these laws are not enforced and sometimes disregarded.
A doctor’s refusal can mean patients can be denied the standard of care they need, or indeed, any care at all.
Health-care professionals are not like pacifists refusing conscription into the military, opposing something forced upon them. They freely choose health-care careers that come with obligations and with ethical stances already established by professional codes of conduct.
People are free to hold whatever beliefs they choose, but those beliefs will inevitably close off some options for them. For example, a vegetarian will not be able to work in an abattoir. That is true for every one of us. But what shouldn’t happen is a doctor’s personal beliefs closing off legitimate options for their patient.
Instead of personal values, there are four key secular principles we propose that doctors should rely on when deciding how to advise patients about sensitive procedures:
is it legal?
is it a just and fair use of any resources that might be limited?
is it in the interests of the patient’s wellbeing?
is it what the patient has themselves decided they want?
Of course, there will be times when some of these principles are in conflict – that is when it is important to apply the most crucial ones, the wellbeing of the patient and the patient’s own wishes.
In Ireland in 2012, a young woman named Savita Halappanavar went to an Irish hospital for treatment for her miscarriage. Doctors knew there was no hope of the pregnancy surviving but refused to evacuate her uterus while there was still a fetal heartbeat, for fear of breaching Ireland’s anti-abortion laws. The result: Savita died of septicaemia at 31.
If doctors had put the patient’s wellbeing first, they would have given her that termination, despite the law, and it would have saved her life.
These are the principles that should have been applied to the examples above: the woman seeking an abortion for career reasons or the nurse refusing to force-feed prisoners.
The doctor (or nurse) should ask: Is it what the patient has autonomously decided they want? Will it lead to the best outcome for both their physical and their mental health?
If abortion will promote a woman’s wellbeing, it is in her interests. Hunger strikers should not be force-fed because it violates their autonomy.
While doctors’ personal values are important, they should not dictate care at the bedside. Not only can this disadvantage the patient, but it places an unfair burden on colleagues who do accept such work, and must carry a disproportionate load of procedures they might find unpleasant and financially unrewarding.
It also creates injustice. Patients who are educated, wealthy and well-connected already find it easier to access health care. Conscientious objection intensifies that unfairness in large swathes of the country because it further limits options.
Two countries with excellent health-care systems, Sweden and Finland, do not permit conscientious objection by medical professionals.
In Australia, it is time we do the same and strongly limit conscientious objection as a legal right for health professionals. We should also ensure those entering the discipline are prepared to take on all procedures relevant to their specialty.
And lastly, but most importantly, we should educate them that the patient’s interests and values must always come first. An individual doctor’s sense of moral authority should not be permitted to morph into medical and moral authoritarianism.
Julian Savulescu 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. Doctors shouldn’t be allowed to object to medical care if it harms their patients – https://theconversation.com/doctors-shouldnt-be-allowed-to-object-to-medical-care-if-it-harms-their-patients-260003
MIL OSI –
Source: GlobeNewswire (MIL-OSI)
Second-quarter highlights
HOUSTON and LONDON, July 22, 2025 (GLOBE NEWSWIRE) — Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the second quarter of 2025.
“We delivered strong second-quarter results, with total adjusted EBITDA margins increasing 170 basis points year-over-year to 17.5% despite a modest decline in revenue. This performance reflects the benefits of structural cost improvements and continued deployment of our business system, which is driving higher productivity, stronger operating leverage and more durable earnings across the company,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.
“IET orders totaled $3.5 billion in the quarter, resulting in another record backlog for the segment. Importantly, order momentum remained strong, supported by more than $550 million of data center related orders, despite the absence of large LNG awards. Following a strong first half and a positive outlook for second half awards, we are confident of achieving the full-year order guidance range for IET.”
“We remain confident in our ability to deliver solid performance in 2025, with continued growth in IET helping to offset softness in more market-sensitive areas of OFSE – underscoring the strength of our portfolio and the benefits of our strategic diversification. Accordingly, we are raising our full-year revenue and EBITDA guidance for IET and reestablishing full-year guidance for OFSE.”
“During the quarter, we also announced three strategic transactions to advance our portfolio optimization strategy, reinforcing efforts to enhance the durability of earnings and cash flow while creating long-term value for shareholders. These actions are designed to unlock value from non-core businesses in our portfolio and redeploy that capital into higher-margin opportunities that fit our financial and strategic frameworks.”
“We are progressing with our strategy of positioning the company for sustainable, differentiated growth and commend the focus and dedication of our people in executing this strategy,” concluded Simonelli.
* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”
| Three Months Ended | Variance | ||||||||||||||
| (in millions except per share amounts) | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Orders | $ | 7,032 | $ | 6,459 | $ | 7,526 | 9 | % | (7 | %) | |||||
| Revenue | 6,910 | 6,427 | 7,139 | 8 | % | (3 | %) | ||||||||
| Net income attributable to Baker Hughes | 701 | 402 | 579 | 74 | % | 21 | % | ||||||||
| Adjusted net income attributable to Baker Hughes* | 623 | 509 | 568 | 22 | % | 10 | % | ||||||||
| Adjusted EBITDA* | 1,212 | 1,037 | 1,130 | 17 | % | 7 | % | ||||||||
| Diluted earnings per share (EPS) | 0.71 | 0.40 | 0.58 | 76 | % | 22 | % | ||||||||
| Adjusted diluted EPS* | 0.63 | 0.51 | 0.57 | 23 | % | 11 | % | ||||||||
| Cash flow from operating activities | 510 | 709 | 348 | (28 | %) | 47 | % | ||||||||
| Free cash flow* | 239 | 454 | 106 | (47 | %) | F | |||||||||
* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”
Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.
“F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.
Quarter Highlights
Executing our portfolio optimization strategy
In the second quarter, Baker Hughes announced three strategic transactions, all of which reflect a disciplined capital allocation framework and a focus on core businesses with strong return potential.
First, the Company signed an agreement to form a joint venture with a subsidiary of Cactus, Inc., contributing the Oilfield Services & Equipment’s (“OFSE“) Surface Pressure Control (“SPC“) product line in exchange for approximately $345 million while maintaining a minority ownership stake.
Second, the Company announced an agreement to sell the Precision Sensors & Instrumentation (“PSI“) product line within Industrial & Energy Technology (“IET“) to Crane Company for approximately $1.15 billion. These proceeds will enhance the Company’s flexibility to reinvest in higher-growth, higher-return areas that support further margin expansion and improved returns.
Finally, Baker Hughes agreed to acquire Continental Disc Corporation (“CDC“), a leading provider of pressure management solutions, for approximately $540 million. The CDC acquisition strengthens the IET Industrial Products portfolio with a highly complementary, margin-accretive business that expands the Company’s position in the flow and pressure control market and enhances recurring, lifecycle driven revenue.
Key awards and technology achievements
The Company continued to support the development of critical data center projects, with year-to-date data center awards of more than $650 million. IET received an award to supply 30 NovaLT™ turbines, representing our largest data center award to-date. The turbines, alongside other associated Baker Hughes equipment, will deliver up to 500 megawatts (MW) of reliable and efficient power for data center development across various U.S. locations.
Frontier Infrastructure awarded a contract for NovaLT™ turbines, delivering up to 270 MW of power for its data center projects in Wyoming and Texas. This follows the March 2025 enterprise-wide agreement to accelerate large scale carbon capture and storage (“CCS“) and power solutions.
Baker Hughes continues to grow the pipeline of future data center opportunities. At the Saudi-U.S. Investment Forum in May, the Company signed an MoU with DataVolt that plans to power data centers globally, including the NEOM project in the Kingdom that intends to utilize Baker Hughes’ multi-fuel NovaLT™ technology solution.
In addition to growing demand from data center applications, IET experienced increased demand for NovaLT™ turbines in the gas infrastructure sector. During the second quarter, the segment secured an award for four gas turbines to support Aramco’s Master Gas System III pipeline project. Including this award, we have secured a total of $2.9 billion in gas infrastructure equipment orders over the past six quarters.
Highlighting the durability of IET’s lifecycle model, the segment was awarded several aftermarket services contracts. In Gas Technology Services (“GTS“), the Company secured more than $350 million of Contractual Services Agreements (“CSA“) during the quarter. We signed a maintenance agreement with Belayim Petroleum Company (“Petrobel”) to improve uptime and reliability of critical turbomachinery equipment in Egypt. Also in GTS, we renewed a multi-year service agreement with Oman LNG, including resident engineering support along with digital remote monitoring and diagnostics services delivered through iCenter™.
The Company gained further traction with New Energy globally, with year-to-date bookings now totaling $1.25 billion. In Climate Technology Solutions (“CTS“), we secured one of our largest CCS orders to-date, providing compression technology for a CCS hub in the Middle East. Also in CTS, we signed a framework agreement with Energinet in Denmark to supply 16 reciprocating compressor packages, supporting an increase in biogas production while driving methane and CO2 emissions reduction for gas infrastructure across the country.
Industrial Technology continued to demonstrate strong momentum across multiple end markets. In Industrial Solutions, we secured a variety of awards for our Cordant™ suite of solutions. This includes an award from a large NOC to deploy Asset Performance Management across several compression stations in the Middle East, and an award from NOVA Chemicals to optimize maintenance spend and maximize production.
OFSE maintained strong momentum in Mature Assets Solutions around the globe. In Angola, OFSE was awarded multi-year production solutions contracts for chemicals, artificial lift, and digital services to support a major operator’s offshore activities. In Kazakhstan, the TOPAN and Baker Hughes joint venture secured a critical production chemicals and services award. In Norway, Equinor awarded OFSE a contract to industrialize offshore plug and abandonment (“P&A“) operations in the Oseberg East field, which followed the announcement of a multi-year P&A framework agreement for integrated well services.
OFSE saw continued adoption of Leucipa™ automated field production solution, securing an award from Repsol for next-generation AI capabilities following the MoU signed in October 2024. The Company also signed an agreement with ENI to deploy Leucipa for electric submersible pumps (“ESP“) optimization and AI-powered predictive failure analytics in the Middle East.
Also in the Middle East, Baker Hughes signed a master services agreement with Aramco for installation and maintenance of ESPs across the Kingdom of Saudi Arabia.
In North America, OFSE secured a multi-year contract to provide drag reducing chemicals to be deployed on Genesis Energy’s Cameron Highway Oil Pipeline and Poseidon systems, each of which is operated and 64% owned by Genesis Energy. To support this agreement, OFSE will expand its chemicals manufacturing footprint and deploy Leucipa. Additionally, bp awarded OFSE a multi-year chemicals management services contract to optimize throughput and asset reliability in the U.S. Gulf Coast.
In Germany, OFSE successfully drilled Lower Saxony’s first productive deep geothermal exploration well, a project that leverages OFSE’s integrated well construction and production capabilities and the Company’s industry-leading subsurface-to-surface digital solutions to monitor and optimize operational performance.
Consolidated Financial Results
Revenue for the quarter was $6,910 million, an increase of 8% sequentially and down $229 million year-over-year. The decrease in revenue year-over-year was driven by a decrease in OFSE partially offset by an increase in IET.
The Company’s total book-to-bill ratio in the second quarter of 2025 was 1.0; the IET book-to-bill ratio was 1.1.
Net income as determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for the second quarter of 2025 was $701 million. Net income increased $299 million sequentially and increased $122 million year-over-year.
Adjusted net income (a non-GAAP financial measure) for the second quarter of 2025 was $623 million, which excludes adjustments totaling $78 million. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted net income for the second quarter of 2025 was up 22% sequentially and up 10% year-over-year.
Depreciation and amortization for the second quarter of 2025 was $293 million.
Adjusted EBITDA (a non-GAAP financial measure) for the second quarter of 2025 was $1,212 million, which excludes adjustments totaling $102 million. See Table 1a in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted EBITDA for the second quarter was up 17% sequentially and up 7% year-over-year.
The sequential increase in adjusted net income and adjusted EBITDA was primarily driven by an increase in volume, favorable FX, and overall productivity. The year-over-year increase in adjusted net income and adjusted EBITDA was driven by productivity and structural cost out initiatives, favorable FX, partially offset by lower volume in OFSE, and cost inflation in both segments.
Other Financial Items
Remaining Performance Obligations (“RPO”) in the second quarter of 2025 ended at $34 billion, an increase of $0.8 billion from the first quarter of 2025. OFSE RPO was $2.7 billion, down 3% sequentially, while IET RPO was $31.3 billion, up 3% sequentially. Within IET RPO, GTE RPO was $11.3 billion, and GTS RPO was $15.6 billion.
Income tax expense in the second quarter of 2025 was $256 million.
Other (income) expense, net in the second quarter of 2025 was $(134) million, primarily related to changes in fair value for equity securities of $(119) million.
GAAP diluted earnings per share was $0.71. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.63. Excluded from adjusted diluted earnings per share were all items listed in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”
Cash flow from operating activities was $510 million for the second quarter of 2025. Free cash flow (a non-GAAP financial measure) for the quarter was $239 million. A reconciliation from GAAP has been provided in Table 1c in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”
Capital expenditures, net of proceeds from disposal of assets, were $271 million for the second quarter of 2025, of which $184 million was for OFSE and $68 million was for IET.
Results by Reporting Segment
The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.
Oilfield Services & Equipment
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Segment results | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Orders | $ | 3,503 | $ | 3,281 | $ | 4,068 | 7 | % | (14 | %) | |||||
| Revenue | $ | 3,617 | $ | 3,499 | $ | 4,011 | 3 | % | (10 | %) | |||||
| EBITDA | $ | 677 | $ | 623 | $ | 716 | 9 | % | (5 | %) | |||||
| EBITDA margin | 18.7 | % | 17.8 | % | 17.8 | % | 0.9pts | 0.9pts | |||||||
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Revenue by Product Line | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Well Construction | $ | 921 | $ | 892 | $ | 1,090 | 3 | % | (16 | %) | |||||
| Completions, Intervention, and Measurements | 935 | 925 | 1,118 | 1 | % | (16 | %) | ||||||||
| Production Solutions | 968 | 899 | 958 | 8 | % | 1 | % | ||||||||
| Subsea & Surface Pressure Systems | 793 | 782 | 845 | 1 | % | (6 | %) | ||||||||
| Total Revenue | $ | 3,617 | $ | 3,499 | $ | 4,011 | 3 | % | (10 | %) | |||||
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Revenue by Geographic Region | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| North America | $ | 928 | $ | 922 | $ | 1,023 | 1 | % | (9 | %) | |||||
| Latin America | 639 | 568 | 663 | 12 | % | (4 | %) | ||||||||
| Europe/CIS/Sub-Saharan Africa | 653 | 580 | 827 | 13 | % | (21 | %) | ||||||||
| Middle East/Asia | 1,398 | 1,429 | 1,498 | (2 | %) | (7 | %) | ||||||||
| Total Revenue | $ | 3,617 | $ | 3,499 | $ | 4,011 | 3 | % | (10 | %) | |||||
| North America | $ | 928 | $ | 922 | $ | 1,023 | 1 | % | (9 | %) | |||||
| International | $ | 2,689 | $ | 2,577 | $ | 2,988 | 4 | % | (10 | %) | |||||
EBITDA excludes depreciation and amortization of $233 million, $226 million, and $223 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.
OFSE orders of $3,503 million for the second quarter of 2025 increased by 7% sequentially. Subsea and Surface Pressure Systems orders were $698 million, up 31% sequentially, and down 21% year-over-year.
OFSE revenue of $3,617 million for the second quarter of 2025 was up 3% sequentially, and down 10% year-over-year.
North America revenue was $928 million, up 1% sequentially. International revenue was $2,689 million, up 4% sequentially, with increase in all regions with the exception of Middle East and Asia.
Segment EBITDA for the second quarter of 2025 was $677 million, an increase of $54 million, or 9% sequentially. The sequential increase in EBITDA was primarily driven by productivity, structural cost-out initiatives, volume increase, partially offset by inflation and revenue mix.
Industrial & Energy Technology
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Segment results | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Orders | $ | 3,530 | $ | 3,178 | $ | 3,458 | 11 | % | 2 | % | |||||
| Revenue | $ | 3,293 | $ | 2,928 | $ | 3,128 | 12 | % | 5 | % | |||||
| EBITDA | $ | 585 | $ | 501 | $ | 497 | 17 | % | 18 | % | |||||
| EBITDA margin | 17.8 | % | 17.1 | % | 15.9 | % | 0.7pts | 1.9pts | |||||||
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Orders by Product Line | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Gas Technology Equipment | $ | 781 | $ | 1,335 | $ | 1,493 | (42 | %) | (48 | %) | |||||
| Gas Technology Services | 986 | 913 | 769 | 8 | % | 28 | % | ||||||||
| Total Gas Technology | 1,767 | 2,248 | 2,261 | (21 | %) | (22 | %) | ||||||||
| Industrial Products | 513 | 501 | 524 | 2 | % | (2 | %) | ||||||||
| Industrial Solutions | 327 | 281 | 281 | 16 | % | 16 | % | ||||||||
| Total Industrial Technology | 839 | 782 | 805 | 7 | % | 4 | % | ||||||||
| Climate Technology Solutions | 923 | 148 | 392 | F | F | ||||||||||
| Total Orders | $ | 3,530 | $ | 3,178 | $ | 3,458 | 11 | % | 2 | % | |||||
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Revenue by Product Line | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Gas Technology Equipment | $ | 1,624 | $ | 1,456 | $ | 1,539 | 12 | % | 6 | % | |||||
| Gas Technology Services | 752 | 592 | 691 | 27 | % | 9 | % | ||||||||
| Total Gas Technology | 2,377 | 2,047 | 2,230 | 16 | % | 7 | % | ||||||||
| Industrial Products | 488 | 445 | 509 | 10 | % | (4 | %) | ||||||||
| Industrial Solutions | 273 | 258 | 262 | 6 | % | 4 | % | ||||||||
| Total Industrial Technology | 761 | 703 | 770 | 8 | % | (1 | %) | ||||||||
| Climate Technology Solutions | 156 | 178 | 128 | (12 | %) | 22 | % | ||||||||
| Total Revenue | $ | 3,293 | $ | 2,928 | $ | 3,128 | 12 | % | 5 | % | |||||
EBITDA excludes depreciation and amortization of $56 million, $53 million, and $55 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.
“F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.
IET orders of $3,530 million for the second quarter of 2025 increased by $72 million, or 2% year-over-year. The increase was driven primarily by Climate Technology Solutions and partially offset by Gas Technology.
IET revenue of $3,293 million for the second quarter of 2025 increased $165 million, or 5% year-over-year. The increase was driven by Gas Technology Equipment, up $85 million or 6% year-over-year, Gas Technology Services, up $61 million or 9% year-over-year, and Climate Technology Solutions, up $28 million or 22% year-over-year.
Segment EBITDA for the quarter was $585 million, an increase of $88 million, or 18% year-over-year. The year-over-year increase in segment EBITDA was driven by positive pricing, favorable FX, and productivity, partially offset by cost inflation.
Reconciliation of GAAP to non-GAAP Financial Measures
Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.
Table 1a. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted EBITDA and Segment EBITDA
| Three Months Ended | ||||||||||
| (in millions) | June 30, 2025 | March 31, 2025 | June 30, 2024 | |||||||
| Net income attributable to Baker Hughes (GAAP) | $ | 701 | $ | 402 | $ | 579 | ||||
| Net income attributable to noncontrolling interests | 10 | 7 | 2 | |||||||
| Provision for income taxes | 256 | 152 | 243 | |||||||
| Interest expense, net | 54 | 51 | 47 | |||||||
| Depreciation & amortization | 293 | 285 | 283 | |||||||
| Change in fair value of equity securities (1) | (119 | ) | 140 | (19 | ) | |||||
| Other charges and credits (1) | 17 | — | (6 | ) | ||||||
| Adjusted EBITDA (non-GAAP) | 1,212 | 1,037 | 1,130 | |||||||
| Corporate costs | 78 | 85 | 83 | |||||||
| Other (income) / expense not allocated to segments | (28 | ) | 1 | — | ||||||
| Total Segment EBITDA (non-GAAP) | $ | 1,262 | $ | 1,124 | $ | 1,213 | ||||
| OFSE | 677 | 623 | 716 | |||||||
| IET | 585 | 501 | 497 | |||||||
(1) Change in fair value of equity securities and other charges and credits are reported in “Other (income) expense, net” on the condensed consolidated statements of income (loss).
Table 1a reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted EBITDA and Segment EBITDA. Adjusted EBITDA and Segment EBITDA exclude the impact of certain identified items.
Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes
| Three Months Ended | ||||||||||
| (in millions, except per share amounts) | June 30, 2025 | March 31, 2025 | June 30, 2024 | |||||||
| Net income attributable to Baker Hughes (GAAP) | $ | 701 | $ | 402 | $ | 579 | ||||
| Change in fair value of equity securities | (119 | ) | 140 | (19 | ) | |||||
| Other adjustments | 17 | — | 14 | |||||||
| Tax adjustments(1) | 24 | (32 | ) | (6 | ) | |||||
| Total adjustments, net of income tax | (78 | ) | 108 | (11 | ) | |||||
| Less: adjustments attributable to noncontrolling interests | — | — | — | |||||||
| Adjustments attributable to Baker Hughes | (78 | ) | 108 | (11 | ) | |||||
| Adjusted net income attributable to Baker Hughes (non-GAAP) | $ | 623 | $ | 509 | $ | 568 | ||||
| Denominator: | ||||||||||
| Weighted-average shares of Class A common stock outstanding diluted | 991 | 999 | 1,001 | |||||||
| Adjusted earnings per share – diluted (non-GAAP) | $ | 0.63 | $ | 0.51 | $ | 0.57 | ||||
(1) All periods reflect the tax associated with the other (income) loss adjustments.
Table 1b reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.
Table 1c. Reconciliation of Net Cash Flows from Operating Activities to Free Cash Flow
| Three Months Ended | ||||||||||
| (in millions) | June 30, 2025 | March 31, 2025 | June 30, 2024 | |||||||
| Net cash flows from operating activities (GAAP) | $ | 510 | $ | 709 | $ | 348 | ||||
| Add: cash used for capital expenditures, net of proceeds from disposal of assets | (271 | ) | (255 | ) | (242 | ) | ||||
| Free cash flow (non-GAAP) | $ | 239 | $ | 454 | $ | 106 | ||||
Table 1c reconciles net cash flows from operating activities, which is the directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.
Financial Tables (GAAP)
| Condensed Consolidated Statements of Income (Loss) | |||||||||||||
| (Unaudited) | |||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
| (In millions, except per share amounts) | 2025 | 2024 | 2025 | 2024 | |||||||||
| Revenue | $ | 6,910 | $ | 7,139 | $ | 13,337 | $ | 13,557 | |||||
| Costs and expenses: | |||||||||||||
| Cost of revenue | 5,295 | 5,493 | 10,247 | 10,469 | |||||||||
| Selling, general and administrative | 567 | 643 | 1,144 | 1,261 | |||||||||
| Research and development costs | 161 | 158 | 307 | 322 | |||||||||
| Other (income) expense, net | (134 | ) | (26 | ) | 6 | (48 | ) | ||||||
| Interest expense, net | 54 | 47 | 105 | 88 | |||||||||
| Income before income taxes | 967 | 824 | 1,528 | 1,465 | |||||||||
| Provision for income taxes | (256 | ) | (243 | ) | (408 | ) | (421 | ) | |||||
| Net income | 711 | 581 | 1,120 | 1,044 | |||||||||
| Less: Net income attributable to noncontrolling interests | 10 | 2 | 17 | 10 | |||||||||
| Net income attributable to Baker Hughes Company | $ | 701 | $ | 579 | $ | 1,103 | $ | 1,034 | |||||
| Per share amounts: | |||||||||||||
| Basic income per Class A common stock | $ | 0.71 | $ | 0.58 | $ | 1.11 | $ | 1.04 | |||||
| Diluted income per Class A common stock | $ | 0.71 | $ | 0.58 | $ | 1.11 | $ | 1.03 | |||||
| Weighted average shares: | |||||||||||||
| Class A basic | 988 | 996 | 990 | 997 | |||||||||
| Class A diluted | 991 | 1,001 | 995 | 1,002 | |||||||||
| Cash dividend per Class A common stock | $ | 0.23 | $ | 0.21 | $ | 0.46 | $ | 0.42 | |||||
| Condensed Consolidated Statements of Financial Position | |||||||
| (Unaudited) | |||||||
| (In millions) | June 30, 2025 | December 31, 2024 | |||||
| ASSETS | |||||||
| Current Assets: | |||||||
| Cash and cash equivalents | $ | 3,087 | $ | 3,364 | |||
| Current receivables, net | 6,511 | 7,122 | |||||
| Inventories, net | 5,105 | 4,954 | |||||
| All other current assets | 2,915 | 1,771 | |||||
| Total current assets | 17,618 | 17,211 | |||||
| Property, plant and equipment, less accumulated depreciation | 5,176 | 5,127 | |||||
| Goodwill | 5,801 | 6,078 | |||||
| Other intangible assets, net | 3,919 | 3,951 | |||||
| Contract and other deferred assets | 1,841 | 1,730 | |||||
| All other assets | 4,385 | 4,266 | |||||
| Total assets | $ | 38,740 | $ | 38,363 | |||
| LIABILITIES AND EQUITY | |||||||
| Current Liabilities: | |||||||
| Accounts payable | $ | 4,340 | $ | 4,542 | |||
| Short-term debt | 66 | 53 | |||||
| Progress collections and deferred income | 5,680 | 5,672 | |||||
| All other current liabilities | 2,429 | 2,724 | |||||
| Total current liabilities | 12,515 | 12,991 | |||||
| Long-term debt | 5,968 | 5,970 | |||||
| Liabilities for pensions and other postretirement benefits | 997 | 988 | |||||
| All other liabilities | 1,392 | 1,359 | |||||
| Equity | 17,868 | 17,055 | |||||
| Total liabilities and equity | $ | 38,740 | $ | 38,363 | |||
| Outstanding Baker Hughes Company shares: | |||||||
| Class A common stock | 985 | 990 | |||||
| Condensed Consolidated Statements of Cash Flows | ||||||||||
| (Unaudited) | ||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||
| (In millions) | 2025 | 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||||
| Net income | $ | 711 | $ | 1,120 | $ | 1,044 | ||||
| Adjustments to reconcile net income to net cash flows from operating activities: | ||||||||||
| Depreciation and amortization | 293 | 579 | 566 | |||||||
| Stock-based compensation cost | 52 | 102 | 101 | |||||||
| Change in fair value of equity securities | (119 | ) | 21 | (71 | ) | |||||
| (Benefit) provision for deferred income taxes | 36 | (17 | ) | 33 | ||||||
| Working capital | (120 | ) | 98 | (36 | ) | |||||
| Other operating items, net | (343 | ) | (684 | ) | (505 | ) | ||||
| Net cash flows provided by operating activities | 510 | 1,219 | 1,132 | |||||||
| Cash flows from investing activities: | ||||||||||
| Expenditures for capital assets | (301 | ) | (601 | ) | (625 | ) | ||||
| Proceeds from disposal of assets | 30 | 74 | 101 | |||||||
| Other investing items, net | (15 | ) | (69 | ) | (6 | ) | ||||
| Net cash flows used in investing activities | (286 | ) | (596 | ) | (530 | ) | ||||
| Cash flows from financing activities: | ||||||||||
| Repayment of long-term debt | — | — | (125 | ) | ||||||
| Dividends paid | (227 | ) | (456 | ) | (419 | ) | ||||
| Repurchase of Class A common stock | (196 | ) | (384 | ) | (324 | ) | ||||
| Other financing items, net | (20 | ) | (105 | ) | (61 | ) | ||||
| Net cash flows used in financing activities | (443 | ) | (945 | ) | (929 | ) | ||||
| Effect of currency exchange rate changes on cash and cash equivalents | 29 | 45 | (35 | ) | ||||||
| Decrease in cash and cash equivalents | (190 | ) | (277 | ) | (362 | ) | ||||
| Cash and cash equivalents, beginning of period | 3,277 | 3,364 | 2,646 | |||||||
| Cash and cash equivalents, end of period | $ | 3,087 | $ | 3,087 | $ | 2,284 | ||||
| Supplemental cash flows disclosures: | ||||||||||
| Income taxes paid, net of refunds | $ | 211 | $ | 418 | $ | 336 | ||||
| Interest paid | $ | 98 | $ | 148 | $ | 150 | ||||
Supplemental Financial Information
Supplemental financial information can be found on the Company’s website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.
Conference Call and Webcast
The Company has scheduled an investor conference call to discuss management’s outlook and the results reported in today’s earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Wednesday, July 23, 2025, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company’s website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.
Forward-Looking Statements
This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a “forward-looking statement”). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target,” “goal” or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company’s annual report on Form 10-K for the annual period ended December 31, 2024 and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). The documents are available through the Company’s website at: www.investors.bakerhughes.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.
These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:
About Baker Hughes:
Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
For more information, please contact:
Investor Relations
Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com
Media Relations
Adrienne M. Lynch
+1 713-906-8407
adrienne.lynch@bakerhughes.com
Source: GlobeNewswire (MIL-OSI)
Second-quarter highlights
HOUSTON and LONDON, July 22, 2025 (GLOBE NEWSWIRE) — Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the second quarter of 2025.
“We delivered strong second-quarter results, with total adjusted EBITDA margins increasing 170 basis points year-over-year to 17.5% despite a modest decline in revenue. This performance reflects the benefits of structural cost improvements and continued deployment of our business system, which is driving higher productivity, stronger operating leverage and more durable earnings across the company,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.
“IET orders totaled $3.5 billion in the quarter, resulting in another record backlog for the segment. Importantly, order momentum remained strong, supported by more than $550 million of data center related orders, despite the absence of large LNG awards. Following a strong first half and a positive outlook for second half awards, we are confident of achieving the full-year order guidance range for IET.”
“We remain confident in our ability to deliver solid performance in 2025, with continued growth in IET helping to offset softness in more market-sensitive areas of OFSE – underscoring the strength of our portfolio and the benefits of our strategic diversification. Accordingly, we are raising our full-year revenue and EBITDA guidance for IET and reestablishing full-year guidance for OFSE.”
“During the quarter, we also announced three strategic transactions to advance our portfolio optimization strategy, reinforcing efforts to enhance the durability of earnings and cash flow while creating long-term value for shareholders. These actions are designed to unlock value from non-core businesses in our portfolio and redeploy that capital into higher-margin opportunities that fit our financial and strategic frameworks.”
“We are progressing with our strategy of positioning the company for sustainable, differentiated growth and commend the focus and dedication of our people in executing this strategy,” concluded Simonelli.
* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”
| Three Months Ended | Variance | ||||||||||||||
| (in millions except per share amounts) | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Orders | $ | 7,032 | $ | 6,459 | $ | 7,526 | 9 | % | (7 | %) | |||||
| Revenue | 6,910 | 6,427 | 7,139 | 8 | % | (3 | %) | ||||||||
| Net income attributable to Baker Hughes | 701 | 402 | 579 | 74 | % | 21 | % | ||||||||
| Adjusted net income attributable to Baker Hughes* | 623 | 509 | 568 | 22 | % | 10 | % | ||||||||
| Adjusted EBITDA* | 1,212 | 1,037 | 1,130 | 17 | % | 7 | % | ||||||||
| Diluted earnings per share (EPS) | 0.71 | 0.40 | 0.58 | 76 | % | 22 | % | ||||||||
| Adjusted diluted EPS* | 0.63 | 0.51 | 0.57 | 23 | % | 11 | % | ||||||||
| Cash flow from operating activities | 510 | 709 | 348 | (28 | %) | 47 | % | ||||||||
| Free cash flow* | 239 | 454 | 106 | (47 | %) | F | |||||||||
* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”
Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.
“F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.
Quarter Highlights
Executing our portfolio optimization strategy
In the second quarter, Baker Hughes announced three strategic transactions, all of which reflect a disciplined capital allocation framework and a focus on core businesses with strong return potential.
First, the Company signed an agreement to form a joint venture with a subsidiary of Cactus, Inc., contributing the Oilfield Services & Equipment’s (“OFSE“) Surface Pressure Control (“SPC“) product line in exchange for approximately $345 million while maintaining a minority ownership stake.
Second, the Company announced an agreement to sell the Precision Sensors & Instrumentation (“PSI“) product line within Industrial & Energy Technology (“IET“) to Crane Company for approximately $1.15 billion. These proceeds will enhance the Company’s flexibility to reinvest in higher-growth, higher-return areas that support further margin expansion and improved returns.
Finally, Baker Hughes agreed to acquire Continental Disc Corporation (“CDC“), a leading provider of pressure management solutions, for approximately $540 million. The CDC acquisition strengthens the IET Industrial Products portfolio with a highly complementary, margin-accretive business that expands the Company’s position in the flow and pressure control market and enhances recurring, lifecycle driven revenue.
Key awards and technology achievements
The Company continued to support the development of critical data center projects, with year-to-date data center awards of more than $650 million. IET received an award to supply 30 NovaLT™ turbines, representing our largest data center award to-date. The turbines, alongside other associated Baker Hughes equipment, will deliver up to 500 megawatts (MW) of reliable and efficient power for data center development across various U.S. locations.
Frontier Infrastructure awarded a contract for NovaLT™ turbines, delivering up to 270 MW of power for its data center projects in Wyoming and Texas. This follows the March 2025 enterprise-wide agreement to accelerate large scale carbon capture and storage (“CCS“) and power solutions.
Baker Hughes continues to grow the pipeline of future data center opportunities. At the Saudi-U.S. Investment Forum in May, the Company signed an MoU with DataVolt that plans to power data centers globally, including the NEOM project in the Kingdom that intends to utilize Baker Hughes’ multi-fuel NovaLT™ technology solution.
In addition to growing demand from data center applications, IET experienced increased demand for NovaLT™ turbines in the gas infrastructure sector. During the second quarter, the segment secured an award for four gas turbines to support Aramco’s Master Gas System III pipeline project. Including this award, we have secured a total of $2.9 billion in gas infrastructure equipment orders over the past six quarters.
Highlighting the durability of IET’s lifecycle model, the segment was awarded several aftermarket services contracts. In Gas Technology Services (“GTS“), the Company secured more than $350 million of Contractual Services Agreements (“CSA“) during the quarter. We signed a maintenance agreement with Belayim Petroleum Company (“Petrobel”) to improve uptime and reliability of critical turbomachinery equipment in Egypt. Also in GTS, we renewed a multi-year service agreement with Oman LNG, including resident engineering support along with digital remote monitoring and diagnostics services delivered through iCenter™.
The Company gained further traction with New Energy globally, with year-to-date bookings now totaling $1.25 billion. In Climate Technology Solutions (“CTS“), we secured one of our largest CCS orders to-date, providing compression technology for a CCS hub in the Middle East. Also in CTS, we signed a framework agreement with Energinet in Denmark to supply 16 reciprocating compressor packages, supporting an increase in biogas production while driving methane and CO2 emissions reduction for gas infrastructure across the country.
Industrial Technology continued to demonstrate strong momentum across multiple end markets. In Industrial Solutions, we secured a variety of awards for our Cordant™ suite of solutions. This includes an award from a large NOC to deploy Asset Performance Management across several compression stations in the Middle East, and an award from NOVA Chemicals to optimize maintenance spend and maximize production.
OFSE maintained strong momentum in Mature Assets Solutions around the globe. In Angola, OFSE was awarded multi-year production solutions contracts for chemicals, artificial lift, and digital services to support a major operator’s offshore activities. In Kazakhstan, the TOPAN and Baker Hughes joint venture secured a critical production chemicals and services award. In Norway, Equinor awarded OFSE a contract to industrialize offshore plug and abandonment (“P&A“) operations in the Oseberg East field, which followed the announcement of a multi-year P&A framework agreement for integrated well services.
OFSE saw continued adoption of Leucipa™ automated field production solution, securing an award from Repsol for next-generation AI capabilities following the MoU signed in October 2024. The Company also signed an agreement with ENI to deploy Leucipa for electric submersible pumps (“ESP“) optimization and AI-powered predictive failure analytics in the Middle East.
Also in the Middle East, Baker Hughes signed a master services agreement with Aramco for installation and maintenance of ESPs across the Kingdom of Saudi Arabia.
In North America, OFSE secured a multi-year contract to provide drag reducing chemicals to be deployed on Genesis Energy’s Cameron Highway Oil Pipeline and Poseidon systems, each of which is operated and 64% owned by Genesis Energy. To support this agreement, OFSE will expand its chemicals manufacturing footprint and deploy Leucipa. Additionally, bp awarded OFSE a multi-year chemicals management services contract to optimize throughput and asset reliability in the U.S. Gulf Coast.
In Germany, OFSE successfully drilled Lower Saxony’s first productive deep geothermal exploration well, a project that leverages OFSE’s integrated well construction and production capabilities and the Company’s industry-leading subsurface-to-surface digital solutions to monitor and optimize operational performance.
Consolidated Financial Results
Revenue for the quarter was $6,910 million, an increase of 8% sequentially and down $229 million year-over-year. The decrease in revenue year-over-year was driven by a decrease in OFSE partially offset by an increase in IET.
The Company’s total book-to-bill ratio in the second quarter of 2025 was 1.0; the IET book-to-bill ratio was 1.1.
Net income as determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for the second quarter of 2025 was $701 million. Net income increased $299 million sequentially and increased $122 million year-over-year.
Adjusted net income (a non-GAAP financial measure) for the second quarter of 2025 was $623 million, which excludes adjustments totaling $78 million. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted net income for the second quarter of 2025 was up 22% sequentially and up 10% year-over-year.
Depreciation and amortization for the second quarter of 2025 was $293 million.
Adjusted EBITDA (a non-GAAP financial measure) for the second quarter of 2025 was $1,212 million, which excludes adjustments totaling $102 million. See Table 1a in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted EBITDA for the second quarter was up 17% sequentially and up 7% year-over-year.
The sequential increase in adjusted net income and adjusted EBITDA was primarily driven by an increase in volume, favorable FX, and overall productivity. The year-over-year increase in adjusted net income and adjusted EBITDA was driven by productivity and structural cost out initiatives, favorable FX, partially offset by lower volume in OFSE, and cost inflation in both segments.
Other Financial Items
Remaining Performance Obligations (“RPO”) in the second quarter of 2025 ended at $34 billion, an increase of $0.8 billion from the first quarter of 2025. OFSE RPO was $2.7 billion, down 3% sequentially, while IET RPO was $31.3 billion, up 3% sequentially. Within IET RPO, GTE RPO was $11.3 billion, and GTS RPO was $15.6 billion.
Income tax expense in the second quarter of 2025 was $256 million.
Other (income) expense, net in the second quarter of 2025 was $(134) million, primarily related to changes in fair value for equity securities of $(119) million.
GAAP diluted earnings per share was $0.71. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.63. Excluded from adjusted diluted earnings per share were all items listed in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”
Cash flow from operating activities was $510 million for the second quarter of 2025. Free cash flow (a non-GAAP financial measure) for the quarter was $239 million. A reconciliation from GAAP has been provided in Table 1c in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”
Capital expenditures, net of proceeds from disposal of assets, were $271 million for the second quarter of 2025, of which $184 million was for OFSE and $68 million was for IET.
Results by Reporting Segment
The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.
Oilfield Services & Equipment
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Segment results | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Orders | $ | 3,503 | $ | 3,281 | $ | 4,068 | 7 | % | (14 | %) | |||||
| Revenue | $ | 3,617 | $ | 3,499 | $ | 4,011 | 3 | % | (10 | %) | |||||
| EBITDA | $ | 677 | $ | 623 | $ | 716 | 9 | % | (5 | %) | |||||
| EBITDA margin | 18.7 | % | 17.8 | % | 17.8 | % | 0.9pts | 0.9pts | |||||||
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Revenue by Product Line | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Well Construction | $ | 921 | $ | 892 | $ | 1,090 | 3 | % | (16 | %) | |||||
| Completions, Intervention, and Measurements | 935 | 925 | 1,118 | 1 | % | (16 | %) | ||||||||
| Production Solutions | 968 | 899 | 958 | 8 | % | 1 | % | ||||||||
| Subsea & Surface Pressure Systems | 793 | 782 | 845 | 1 | % | (6 | %) | ||||||||
| Total Revenue | $ | 3,617 | $ | 3,499 | $ | 4,011 | 3 | % | (10 | %) | |||||
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Revenue by Geographic Region | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| North America | $ | 928 | $ | 922 | $ | 1,023 | 1 | % | (9 | %) | |||||
| Latin America | 639 | 568 | 663 | 12 | % | (4 | %) | ||||||||
| Europe/CIS/Sub-Saharan Africa | 653 | 580 | 827 | 13 | % | (21 | %) | ||||||||
| Middle East/Asia | 1,398 | 1,429 | 1,498 | (2 | %) | (7 | %) | ||||||||
| Total Revenue | $ | 3,617 | $ | 3,499 | $ | 4,011 | 3 | % | (10 | %) | |||||
| North America | $ | 928 | $ | 922 | $ | 1,023 | 1 | % | (9 | %) | |||||
| International | $ | 2,689 | $ | 2,577 | $ | 2,988 | 4 | % | (10 | %) | |||||
EBITDA excludes depreciation and amortization of $233 million, $226 million, and $223 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.
OFSE orders of $3,503 million for the second quarter of 2025 increased by 7% sequentially. Subsea and Surface Pressure Systems orders were $698 million, up 31% sequentially, and down 21% year-over-year.
OFSE revenue of $3,617 million for the second quarter of 2025 was up 3% sequentially, and down 10% year-over-year.
North America revenue was $928 million, up 1% sequentially. International revenue was $2,689 million, up 4% sequentially, with increase in all regions with the exception of Middle East and Asia.
Segment EBITDA for the second quarter of 2025 was $677 million, an increase of $54 million, or 9% sequentially. The sequential increase in EBITDA was primarily driven by productivity, structural cost-out initiatives, volume increase, partially offset by inflation and revenue mix.
Industrial & Energy Technology
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Segment results | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Orders | $ | 3,530 | $ | 3,178 | $ | 3,458 | 11 | % | 2 | % | |||||
| Revenue | $ | 3,293 | $ | 2,928 | $ | 3,128 | 12 | % | 5 | % | |||||
| EBITDA | $ | 585 | $ | 501 | $ | 497 | 17 | % | 18 | % | |||||
| EBITDA margin | 17.8 | % | 17.1 | % | 15.9 | % | 0.7pts | 1.9pts | |||||||
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Orders by Product Line | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Gas Technology Equipment | $ | 781 | $ | 1,335 | $ | 1,493 | (42 | %) | (48 | %) | |||||
| Gas Technology Services | 986 | 913 | 769 | 8 | % | 28 | % | ||||||||
| Total Gas Technology | 1,767 | 2,248 | 2,261 | (21 | %) | (22 | %) | ||||||||
| Industrial Products | 513 | 501 | 524 | 2 | % | (2 | %) | ||||||||
| Industrial Solutions | 327 | 281 | 281 | 16 | % | 16 | % | ||||||||
| Total Industrial Technology | 839 | 782 | 805 | 7 | % | 4 | % | ||||||||
| Climate Technology Solutions | 923 | 148 | 392 | F | F | ||||||||||
| Total Orders | $ | 3,530 | $ | 3,178 | $ | 3,458 | 11 | % | 2 | % | |||||
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Revenue by Product Line | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Gas Technology Equipment | $ | 1,624 | $ | 1,456 | $ | 1,539 | 12 | % | 6 | % | |||||
| Gas Technology Services | 752 | 592 | 691 | 27 | % | 9 | % | ||||||||
| Total Gas Technology | 2,377 | 2,047 | 2,230 | 16 | % | 7 | % | ||||||||
| Industrial Products | 488 | 445 | 509 | 10 | % | (4 | %) | ||||||||
| Industrial Solutions | 273 | 258 | 262 | 6 | % | 4 | % | ||||||||
| Total Industrial Technology | 761 | 703 | 770 | 8 | % | (1 | %) | ||||||||
| Climate Technology Solutions | 156 | 178 | 128 | (12 | %) | 22 | % | ||||||||
| Total Revenue | $ | 3,293 | $ | 2,928 | $ | 3,128 | 12 | % | 5 | % | |||||
EBITDA excludes depreciation and amortization of $56 million, $53 million, and $55 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.
“F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.
IET orders of $3,530 million for the second quarter of 2025 increased by $72 million, or 2% year-over-year. The increase was driven primarily by Climate Technology Solutions and partially offset by Gas Technology.
IET revenue of $3,293 million for the second quarter of 2025 increased $165 million, or 5% year-over-year. The increase was driven by Gas Technology Equipment, up $85 million or 6% year-over-year, Gas Technology Services, up $61 million or 9% year-over-year, and Climate Technology Solutions, up $28 million or 22% year-over-year.
Segment EBITDA for the quarter was $585 million, an increase of $88 million, or 18% year-over-year. The year-over-year increase in segment EBITDA was driven by positive pricing, favorable FX, and productivity, partially offset by cost inflation.
Reconciliation of GAAP to non-GAAP Financial Measures
Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.
Table 1a. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted EBITDA and Segment EBITDA
| Three Months Ended | ||||||||||
| (in millions) | June 30, 2025 | March 31, 2025 | June 30, 2024 | |||||||
| Net income attributable to Baker Hughes (GAAP) | $ | 701 | $ | 402 | $ | 579 | ||||
| Net income attributable to noncontrolling interests | 10 | 7 | 2 | |||||||
| Provision for income taxes | 256 | 152 | 243 | |||||||
| Interest expense, net | 54 | 51 | 47 | |||||||
| Depreciation & amortization | 293 | 285 | 283 | |||||||
| Change in fair value of equity securities (1) | (119 | ) | 140 | (19 | ) | |||||
| Other charges and credits (1) | 17 | — | (6 | ) | ||||||
| Adjusted EBITDA (non-GAAP) | 1,212 | 1,037 | 1,130 | |||||||
| Corporate costs | 78 | 85 | 83 | |||||||
| Other (income) / expense not allocated to segments | (28 | ) | 1 | — | ||||||
| Total Segment EBITDA (non-GAAP) | $ | 1,262 | $ | 1,124 | $ | 1,213 | ||||
| OFSE | 677 | 623 | 716 | |||||||
| IET | 585 | 501 | 497 | |||||||
(1) Change in fair value of equity securities and other charges and credits are reported in “Other (income) expense, net” on the condensed consolidated statements of income (loss).
Table 1a reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted EBITDA and Segment EBITDA. Adjusted EBITDA and Segment EBITDA exclude the impact of certain identified items.
Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes
| Three Months Ended | ||||||||||
| (in millions, except per share amounts) | June 30, 2025 | March 31, 2025 | June 30, 2024 | |||||||
| Net income attributable to Baker Hughes (GAAP) | $ | 701 | $ | 402 | $ | 579 | ||||
| Change in fair value of equity securities | (119 | ) | 140 | (19 | ) | |||||
| Other adjustments | 17 | — | 14 | |||||||
| Tax adjustments(1) | 24 | (32 | ) | (6 | ) | |||||
| Total adjustments, net of income tax | (78 | ) | 108 | (11 | ) | |||||
| Less: adjustments attributable to noncontrolling interests | — | — | — | |||||||
| Adjustments attributable to Baker Hughes | (78 | ) | 108 | (11 | ) | |||||
| Adjusted net income attributable to Baker Hughes (non-GAAP) | $ | 623 | $ | 509 | $ | 568 | ||||
| Denominator: | ||||||||||
| Weighted-average shares of Class A common stock outstanding diluted | 991 | 999 | 1,001 | |||||||
| Adjusted earnings per share – diluted (non-GAAP) | $ | 0.63 | $ | 0.51 | $ | 0.57 | ||||
(1) All periods reflect the tax associated with the other (income) loss adjustments.
Table 1b reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.
Table 1c. Reconciliation of Net Cash Flows from Operating Activities to Free Cash Flow
| Three Months Ended | ||||||||||
| (in millions) | June 30, 2025 | March 31, 2025 | June 30, 2024 | |||||||
| Net cash flows from operating activities (GAAP) | $ | 510 | $ | 709 | $ | 348 | ||||
| Add: cash used for capital expenditures, net of proceeds from disposal of assets | (271 | ) | (255 | ) | (242 | ) | ||||
| Free cash flow (non-GAAP) | $ | 239 | $ | 454 | $ | 106 | ||||
Table 1c reconciles net cash flows from operating activities, which is the directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.
Financial Tables (GAAP)
| Condensed Consolidated Statements of Income (Loss) | |||||||||||||
| (Unaudited) | |||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
| (In millions, except per share amounts) | 2025 | 2024 | 2025 | 2024 | |||||||||
| Revenue | $ | 6,910 | $ | 7,139 | $ | 13,337 | $ | 13,557 | |||||
| Costs and expenses: | |||||||||||||
| Cost of revenue | 5,295 | 5,493 | 10,247 | 10,469 | |||||||||
| Selling, general and administrative | 567 | 643 | 1,144 | 1,261 | |||||||||
| Research and development costs | 161 | 158 | 307 | 322 | |||||||||
| Other (income) expense, net | (134 | ) | (26 | ) | 6 | (48 | ) | ||||||
| Interest expense, net | 54 | 47 | 105 | 88 | |||||||||
| Income before income taxes | 967 | 824 | 1,528 | 1,465 | |||||||||
| Provision for income taxes | (256 | ) | (243 | ) | (408 | ) | (421 | ) | |||||
| Net income | 711 | 581 | 1,120 | 1,044 | |||||||||
| Less: Net income attributable to noncontrolling interests | 10 | 2 | 17 | 10 | |||||||||
| Net income attributable to Baker Hughes Company | $ | 701 | $ | 579 | $ | 1,103 | $ | 1,034 | |||||
| Per share amounts: | |||||||||||||
| Basic income per Class A common stock | $ | 0.71 | $ | 0.58 | $ | 1.11 | $ | 1.04 | |||||
| Diluted income per Class A common stock | $ | 0.71 | $ | 0.58 | $ | 1.11 | $ | 1.03 | |||||
| Weighted average shares: | |||||||||||||
| Class A basic | 988 | 996 | 990 | 997 | |||||||||
| Class A diluted | 991 | 1,001 | 995 | 1,002 | |||||||||
| Cash dividend per Class A common stock | $ | 0.23 | $ | 0.21 | $ | 0.46 | $ | 0.42 | |||||
| Condensed Consolidated Statements of Financial Position | |||||||
| (Unaudited) | |||||||
| (In millions) | June 30, 2025 | December 31, 2024 | |||||
| ASSETS | |||||||
| Current Assets: | |||||||
| Cash and cash equivalents | $ | 3,087 | $ | 3,364 | |||
| Current receivables, net | 6,511 | 7,122 | |||||
| Inventories, net | 5,105 | 4,954 | |||||
| All other current assets | 2,915 | 1,771 | |||||
| Total current assets | 17,618 | 17,211 | |||||
| Property, plant and equipment, less accumulated depreciation | 5,176 | 5,127 | |||||
| Goodwill | 5,801 | 6,078 | |||||
| Other intangible assets, net | 3,919 | 3,951 | |||||
| Contract and other deferred assets | 1,841 | 1,730 | |||||
| All other assets | 4,385 | 4,266 | |||||
| Total assets | $ | 38,740 | $ | 38,363 | |||
| LIABILITIES AND EQUITY | |||||||
| Current Liabilities: | |||||||
| Accounts payable | $ | 4,340 | $ | 4,542 | |||
| Short-term debt | 66 | 53 | |||||
| Progress collections and deferred income | 5,680 | 5,672 | |||||
| All other current liabilities | 2,429 | 2,724 | |||||
| Total current liabilities | 12,515 | 12,991 | |||||
| Long-term debt | 5,968 | 5,970 | |||||
| Liabilities for pensions and other postretirement benefits | 997 | 988 | |||||
| All other liabilities | 1,392 | 1,359 | |||||
| Equity | 17,868 | 17,055 | |||||
| Total liabilities and equity | $ | 38,740 | $ | 38,363 | |||
| Outstanding Baker Hughes Company shares: | |||||||
| Class A common stock | 985 | 990 | |||||
| Condensed Consolidated Statements of Cash Flows | ||||||||||
| (Unaudited) | ||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||
| (In millions) | 2025 | 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||||
| Net income | $ | 711 | $ | 1,120 | $ | 1,044 | ||||
| Adjustments to reconcile net income to net cash flows from operating activities: | ||||||||||
| Depreciation and amortization | 293 | 579 | 566 | |||||||
| Stock-based compensation cost | 52 | 102 | 101 | |||||||
| Change in fair value of equity securities | (119 | ) | 21 | (71 | ) | |||||
| (Benefit) provision for deferred income taxes | 36 | (17 | ) | 33 | ||||||
| Working capital | (120 | ) | 98 | (36 | ) | |||||
| Other operating items, net | (343 | ) | (684 | ) | (505 | ) | ||||
| Net cash flows provided by operating activities | 510 | 1,219 | 1,132 | |||||||
| Cash flows from investing activities: | ||||||||||
| Expenditures for capital assets | (301 | ) | (601 | ) | (625 | ) | ||||
| Proceeds from disposal of assets | 30 | 74 | 101 | |||||||
| Other investing items, net | (15 | ) | (69 | ) | (6 | ) | ||||
| Net cash flows used in investing activities | (286 | ) | (596 | ) | (530 | ) | ||||
| Cash flows from financing activities: | ||||||||||
| Repayment of long-term debt | — | — | (125 | ) | ||||||
| Dividends paid | (227 | ) | (456 | ) | (419 | ) | ||||
| Repurchase of Class A common stock | (196 | ) | (384 | ) | (324 | ) | ||||
| Other financing items, net | (20 | ) | (105 | ) | (61 | ) | ||||
| Net cash flows used in financing activities | (443 | ) | (945 | ) | (929 | ) | ||||
| Effect of currency exchange rate changes on cash and cash equivalents | 29 | 45 | (35 | ) | ||||||
| Decrease in cash and cash equivalents | (190 | ) | (277 | ) | (362 | ) | ||||
| Cash and cash equivalents, beginning of period | 3,277 | 3,364 | 2,646 | |||||||
| Cash and cash equivalents, end of period | $ | 3,087 | $ | 3,087 | $ | 2,284 | ||||
| Supplemental cash flows disclosures: | ||||||||||
| Income taxes paid, net of refunds | $ | 211 | $ | 418 | $ | 336 | ||||
| Interest paid | $ | 98 | $ | 148 | $ | 150 | ||||
Supplemental Financial Information
Supplemental financial information can be found on the Company’s website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.
Conference Call and Webcast
The Company has scheduled an investor conference call to discuss management’s outlook and the results reported in today’s earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Wednesday, July 23, 2025, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company’s website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.
Forward-Looking Statements
This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a “forward-looking statement”). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target,” “goal” or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company’s annual report on Form 10-K for the annual period ended December 31, 2024 and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). The documents are available through the Company’s website at: www.investors.bakerhughes.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.
These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:
About Baker Hughes:
Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
For more information, please contact:
Investor Relations
Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com
Media Relations
Adrienne M. Lynch
+1 713-906-8407
adrienne.lynch@bakerhughes.com
Source: GlobeNewswire (MIL-OSI)
*Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled
HOUSTON, July 22, 2025 (GLOBE NEWSWIRE) — Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the second quarter of 2025.
Revenues for the second quarter of 2025 were $1,204 million, an increase of 1% sequentially and a decrease of 14% year-over-year. Operating income in the second quarter of 2025 was $237 million, an increase of 67% sequentially and a decrease of 10% year-over-year. Net income in the second quarter of 2025 was $136 million, with a 11.3% margin, an increase of 79%, or 493 basis points, sequentially, and an increase of 9%, or 240 basis points, year-over-year. Adjusted EBITDA* was $254 million, with a 21.1% margin, flat, or a decrease of 11 basis points, sequentially, and a decrease of 30%, or 488 basis points, year-over-year. Basic income per share in the second quarter of 2025 was $1.87, an increase of 81% sequentially and an increase of 10% year-over-year. Diluted income per share in the second quarter of 2025 was $1.87, an increase of 81% sequentially and an increase of 13% year-over-year.
Second quarter 2025 cash flows provided by operating activities were $128 million, a decrease of 10% sequentially and a decrease of 15% year-over-year. Adjusted free cash flow* was $79 million, an increase of 20% sequentially and a decrease of 18% year-over-year. Capital expenditures were $54 million in the second quarter of 2025, a decrease of 30% sequentially and a decrease of 13% year-over-year.
Girish Saligram, President and Chief Executive Officer, commented, “Our core operating markets continued to exhibit activity slowdown during the quarter, driven by geopolitical events, supply-demand imbalance concerns, and trade uncertainties. Despite these structural headwinds, the One Weatherford team delivered second-quarter results in line with expectations, reflecting disciplined execution and operational efficiency in a distinctly softer market. The sequential performance demonstrates strong fundamentals and the resilience of our operating model. Revenues increased and adjusted EBITDA was flat despite the previously announced divestiture of certain businesses in Argentina. Adjusted Free Cash Flow also increased, even as receivables continued to build in Latin America due to lack of payments in Mexico. This performance underscores the strength of the new Weatherford operating paradigm and marks a positive departure from past responses to prior market cycle inflections.
Looking ahead, activity levels in both North America and international markets continue to show signs of sluggishness, and expectations for a broader sector recovery have shifted further to the right. While we anticipate a relatively flat trajectory on revenues for the immediate future, we remain focused on driving adjusted free cash flow conversion through portfolio optimization, structural cost efficiencies, optimization of working capital, and CAPEX efficiency.”
*Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled
Operational & Commercial Highlights
Technology Highlights
Shareholder Return
During the second quarter of 2025, Weatherford paid dividends of $18 million and repurchased shares for approximately $34 million, resulting in a total shareholder return of $52 million. In the first half of the year, Weatherford paid dividends of $36 million and repurchased shares for approximately $87 million, resulting in a total shareholder return of $123 million.
On July 17, 2025, our Board declared a cash dividend of $0.25 per share of the Company’s ordinary shares, payable on September 4, 2025, to shareholders of record as of August 6, 2025.
Results by Reportable Segment
Drilling and Evaluation (“DRE”)
| Three Months Ended | Variance | |||||||||||||||
| ($ in Millions) | June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
Seq. | YoY | |||||||||||
| Revenue | $ | 335 | $ | 350 | $ | 427 | (4) % | (22) % | ||||||||
| Segment Adjusted EBITDA | $ | 69 | $ | 74 | $ | 130 | (7) % | (47) % | ||||||||
| Segment Adj EBITDA Margin | 20.6 | % | 21.1 | % | 30.4 | % | (55) bps | (985) bps | ||||||||
Second quarter 2025 DRE revenue of $335 million decreased by $15 million, or 4% sequentially, primarily from lower Wireline activity in North America and Latin America partly offset by higher Drilling Services activity in Europe/Sub-Sahara Africa/Russia and Latin America. Year-over-year DRE revenue decreased by $92 million, or 22%, primarily from lower activity across all geographies, especially in Latin America, partly offset by higher Drilling Services activity in Europe/Sub-Sahara Africa/ Russia, North America and Middle East/North Africa/Asia.
Second quarter 2025 DRE segment adjusted EBITDA of $69 million decreased by $5 million, or 7% sequentially, primarily from lower Wireline activity, partly offset by higher Drilling Services activity. Year-over-year DRE segment adjusted EBITDA decreased by $61 million, or 47%, primarily from lower activity across all geographies, especially in Latin America.
Well Construction and Completions (“WCC”)
| Three Months Ended | Variance | ||||||||||||||||
| ($ in Millions) | June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
Seq. | YoY | ||||||||||||
| Revenue | $ | 456 | $ | 441 | $ | 504 | 3 | % | (10) % | ||||||||
| Segment Adjusted EBITDA | $ | 118 | $ | 128 | $ | 145 | (8) | % | (19) % | ||||||||
| Segment Adj EBITDA Margin | 25.9 | % | 29.0 | % | 28.8 | % | (315) | bps | (289) bps | ||||||||
Second quarter 2025 WCC revenue of $456 million increased by $15 million, or 3% sequentially, primarily from higher Liner Hangers and Cementation Products activity partly offset by lower Completions activity especially in Latin America. Year-over-year WCC revenues decreased by $48 million, or 10%, primarily from lower activity in Latin America, Europe/Sub-Sahara Africa/Russia and North America partly offset by higher Liner Hangers activity in Middle East/North Africa/Asia.
Second quarter 2025 WCC segment adjusted EBITDA of $118 million decreased by $10 million, or 8% sequentially, primarily from lower Completions activity partly offset by higher Liner Hangers activity and Cementation Products activity and fall through. Year-over-year WCC segment adjusted EBITDA decreased by $27 million, or 19%, primarily from lower activity in Latin America, Europe/Sub-Sahara Africa/Russia and North America partly offset by higher Liner Hangers and TRS fall through in Middle East/North Africa/Asia.
Production and Intervention (“PRI”)
| Three Months Ended | Variance | ||||||||||||||||
| ($ in Millions) | June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
Seq. | YoY | ||||||||||||
| Revenue | $ | 327 | $ | 334 | $ | 369 | (2) | % | (11) % | ||||||||
| Segment Adjusted EBITDA | $ | 63 | $ | 62 | $ | 85 | 2 | % | (26) % | ||||||||
| Segment Adj EBITDA Margin | 19.3 | % | 18.6 | % | 23.0 | % | 70 | bps | (377) bps | ||||||||
Second quarter 2025 PRI revenue of $327 million decreased by $7 million, or 2% sequentially, primarily from lower Pressure Pumping activity in Latin America pursuant to the sale of the Argentina Pressure Pumping business partly offset by higher Artificial Lift and Sub-sea Intervention activity. Year-over-year PRI revenue decreased by $42 million, or 11%, as lower activity across all geographies was partly offset by higher Sub-sea intervention activity in Latin America.
Second quarter 2025 PRI segment adjusted EBITDA of $63 million increased by $1 million, or 2% sequentially, primarily from higher Sub-sea Intervention activity and fall through partly offset by lower Pressure Pumping activity in Latin America pursuant to the sale of the Argentina Pressure Pumping business. Year-over-year PRI segment adjusted EBITDA decreased by $22 million, or 26%, primarily from lower activity across all geographies, partly offset by higher Sub-sea intervention activity and fall through in Latin America.
Revenue by Geography
| Three Months Ended | Variance | |||||||||||||
| ($ in Millions) | June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
Seq. | YoY | |||||||||
| North America | $ | 241 | $ | 250 | $ | 252 | (4) % | (4) % | ||||||
| International | $ | 963 | $ | 943 | $ | 1,153 | 2 | % | (16) % | |||||
| Latin America | 195 | 241 | 353 | (19) % | (45) % | |||||||||
| Middle East/North Africa/Asia | 524 | 503 | 542 | 4 | % | (3) % | ||||||||
| Europe/Sub-Sahara Africa/Russia | 244 | 199 | 258 | 23 | % | (5) % | ||||||||
| Total Revenue | $ | 1,204 | $ | 1,193 | $ | 1,405 | 1 | % | (14) % | |||||
North America
Second quarter 2025 North America revenue of $241 million decreased by $9 million, or 4% sequentially, primarily from lower Wireline activity in Canada Land, partly offset by higher Cementation Products and Liner Hangers activity. Year-over-year, North America decreased by $11 million, or 4% , primarily from lower activity across all the segments, partly offset by higher activity in US Offshore.
International
Second quarter 2025 international revenue of $963 million increased by $20 million, or 2% sequentially and decreased by $190 million, or 16% year-over-year.
Second quarter 2025 Latin America revenue of $195 million decreased by $46 million, or 19% sequentially, primarily from lower activity in Argentina pursuant to the sale of the Argentina Pressure Pumping business, partly offset by higher Sub-sea intervention activity. Year-over-year, Latin America revenue decreased by $158 million, or 45%, primarily from lower activity in Mexico and Argentina, partly offset by higher Sub-sea intervention activity.
Second quarter 2025 Middle East/North Africa/Asia revenue of $524 million increased by $21 million, or 4% sequentially, primarily from higher Liner Hangers and Cementation Products activity partly offset by lower Drilling Services. Year-over-year, the Middle East/North Africa/Asia revenue decreased by $18 million, or 3%, primarily from lower activity in the DRE and PRI segments partly offset by higher Liner Hangers activity.
Second quarter 2025 Europe/Sub-Sahara Africa/Russia revenue of $244 million increased by $45 million, or 23% sequentially, primarily from higher activity across all the segments. Year-over-year, Europe/Sub-Sahara Africa/Russia revenue decreased by $14 million, or 5%, primarily from lower activity across all the segments especially WCC, partly offset by higher Drilling Services and Pressure Pumping.
About Weatherford
Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company conducts business in approximately 75 countries and has approximately 17,300 team members representing more than 110 nationalities and 310 operating locations. Visit weatherford.com for more information and connect with us on social media.
Conference Call Details
Weatherford will host a conference call on Wednesday, July 23, 2025, to discuss the Company’s results for the second quarter ended June 30, 2025. The conference call will begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).
Listeners are encouraged to download the accompanying presentation slides which will be available in the investor relations section of the Company’s website.
Listeners can participate in the conference call via a live webcast at https://www.weatherford.com/investor-relations/investor-news-and-events/events/ or by dialing +1 877-328-5344 (within the U.S.) or +1 412-902-6762 (outside of the U.S.) and asking for the Weatherford conference call. Participants should log in or dial in approximately 10 minutes prior to the start of the call.
A telephonic replay of the conference call will be available until August 6, 2025, at 5:00 p.m. Eastern Time. To access the replay, please dial +1 877-344-7529 (within the U.S.) or +1 412-317-0088 (outside of the U.S.) and reference conference number 1312926. A replay and transcript of the earnings call will also be available in the investor relations section of the Company’s website.
Contacts
For Investors:
Luke Lemoine
Senior Vice President, Corporate Development & Investor Relations
+1 713-836-7777
investor.relations@weatherford.com
For Media:
Kelley Hughes
Senior Director, Communications & Employee Engagement
media@weatherford.com
Forward-Looking Statements
This news release contains projections and forward-looking statements concerning, among other things, the Company’s adjusted EBITDA*, adjusted EBITDA margin*, adjusted free cash flow*, shareholder return program, forecasts or expectations regarding business outlook, prospects for its operations, capital expenditures, expectations regarding future financial results, and are also generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “outlook,” “budget,” “intend,” “strategy,” “plan,” “guidance,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon the current beliefs of Weatherford’s management and are subject to significant risks, assumptions, and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Readers are cautioned that forward-looking statements are only estimates and may differ materially from actual future events or results, based on factors including but not limited to: global political, economic and market conditions, political disturbances, war or other global conflicts, terrorist attacks, changes in global trade policies, tariffs and sanctions, weak local economic conditions and international currency fluctuations; general global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; various effects from conflicts in the Middle East and the Russia Ukraine conflicts, including, but not limited to, nationalization of assets, extended business interruptions, sanctions, treaties and regulations (including changes in the regulatory environment) imposed by various countries, associated operational and logistical challenges, and impacts to the overall global energy supply; cybersecurity issues; our ability to comply with, and respond to, climate change, environmental, social and governance and other sustainability initiatives and future legislative and regulatory measures both globally and in specific geographic regions; the potential for a resurgence of a pandemic in a given geographic area and related disruptions; the price and price volatility of, and demand for, oil and natural gas; the macroeconomic outlook for the oil and gas industry; our ability to generate cash flow from operations to fund our operations; our ability to effectively and timely adapt our technology portfolio, products and services to remain competitive, and to address and participate in changes to the market demands, including for the transition to alternate sources of energy such as geothermal, carbon capture and responsible abandonment, including our digitalization efforts, increases in the prices and lead times, and the lack of availability of our procured products and services, including due to macroeconomic and geopolitical conditions such as tariffs and changes in trade policies, our ability to timely collect from customers; our ability to effectively execute our capital allocation framework; our ability to return capital to shareholders, including those related to the timing and amounts (including any plans or commitments in respect thereof) of any dividends and share repurchases; and the realization of additional cost savings and operational efficiencies.
These risks and uncertainties are more fully described in Weatherford’s reports and registration statements filed with the Securities and Exchange Commission, including the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, you should not place undue reliance on any of the Company’s forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.
*Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled
| Weatherford International plc | ||||||||||||||||||||
| Selected Statements of Operations (Unaudited) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| ($ in Millions, Except Per Share Amounts) | June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
June 30, 2025 |
June 30, 2024 |
|||||||||||||||
| Revenues: | ||||||||||||||||||||
| DRE Revenues | $ | 335 | $ | 350 | $ | 427 | $ | 685 | $ | 849 | ||||||||||
| WCC Revenues | 456 | 441 | 504 | 897 | 962 | |||||||||||||||
| PRI Revenues | 327 | 334 | 369 | 661 | 717 | |||||||||||||||
| All Other | 86 | 68 | 105 | 154 | 235 | |||||||||||||||
| Total Revenues | 1,204 | 1,193 | 1,405 | 2,397 | 2,763 | |||||||||||||||
| Operating Income: | ||||||||||||||||||||
| DRE Segment Adjusted EBITDA[1] | $ | 69 | $ | 74 | $ | 130 | $ | 143 | $ | 260 | ||||||||||
| WCC Segment Adjusted EBITDA[1] | 118 | 128 | 145 | 246 | 265 | |||||||||||||||
| PRI Segment Adjusted EBITDA[1] | 63 | 62 | 85 | 125 | 158 | |||||||||||||||
| All Other[2] | 19 | 4 | 23 | 23 | 50 | |||||||||||||||
| Corporate[2] | (15 | ) | (15 | ) | (18 | ) | (30 | ) | (32 | ) | ||||||||||
| Depreciation and Amortization | (64 | ) | (62 | ) | (86 | ) | (126 | ) | (171 | ) | ||||||||||
| Share-based Compensation | (9 | ) | (7 | ) | (12 | ) | (16 | ) | (25 | ) | ||||||||||
| Gain on Sale of Business | 70 | — | — | 70 | — | |||||||||||||||
| Restructuring Charges | (11 | ) | (29 | ) | (5 | ) | (40 | ) | (8 | ) | ||||||||||
| Other (Charges) Credits | (3 | ) | (13 | ) | 2 | (16 | ) | — | ||||||||||||
| Operating Income | 237 | 142 | 264 | 379 | 497 | |||||||||||||||
| Other Expense: | ||||||||||||||||||||
| Interest Expense, Net of Interest Income of $14, $11, $17, $25 and $31 |
(21 | ) | (26 | ) | (24 | ) | (47 | ) | (53 | ) | ||||||||||
| Loss on Blue Chip Swap Securities | (1 | ) | — | (10 | ) | (1 | ) | (10 | ) | |||||||||||
| Other Expense, Net | (24 | ) | (20 | ) | (20 | ) | (44 | ) | — | (42 | ) | |||||||||
| Income Before Income Taxes | 191 | 96 | 210 | 287 | 392 | |||||||||||||||
| Income Tax Provision | (46 | ) | (10 | ) | (73 | ) | (56 | ) | (132 | ) | ||||||||||
| Net Income | 145 | 86 | 137 | 231 | 260 | |||||||||||||||
| Net Income Attributable to Noncontrolling Interests | 9 | 10 | 12 | 19 | 23 | |||||||||||||||
| Net Income Attributable to Weatherford | $ | 136 | $ | 76 | $ | 125 | $ | 212 | $ | 237 | ||||||||||
| Basic Income Per Share | $ | 1.87 | $ | 1.04 | $ | 1.71 | $ | 2.91 | $ | 3.25 | ||||||||||
| Basic Weighted Average Shares Outstanding | 72.2 | 73.1 | 73.2 | 72.7 | 73.1 | |||||||||||||||
| Diluted Income Per Share | $ | 1.87 | $ | 1.03 | $ | 1.66 | $ | 2.90 | $ | 3.16 | ||||||||||
| Diluted Weighted Average Shares Outstanding | 72.4 | 73.4 | 75.3 | 72.9 | 75.0 | |||||||||||||||
| [1] | Segment adjusted EBITDA is our primary measure of segment profitability under U.S. GAAP ASC 280 “Segment Reporting” and represents segment earnings before interest, taxes, depreciation, amortization, share-based compensation, restructuring charges and other adjustments. Research and development expenses are included in segment adjusted EBITDA. |
| [2] | All Other includes results from non-core business activities (including integrated services and projects), and Corporate includes overhead support and centrally managed or shared facilities costs. All Other and Corporate do not individually meet the criteria for segment reporting. |
| Weatherford International plc | |||||
| Selected Balance Sheet Data (Unaudited) | |||||
| ($ in Millions) | June 30, 2025 | December 31, 2024 | |||
| Assets: | |||||
| Cash and Cash Equivalents | $ | 943 | $ | 916 | |
| Restricted Cash | 60 | 59 | |||
| Accounts Receivable, Net | 1,177 | 1,261 | |||
| Inventories, Net | 881 | 880 | |||
| Property, Plant and Equipment, Net | 1,136 | 1,061 | |||
| Intangibles, Net | 305 | 325 | |||
| Liabilities: | |||||
| Accounts Payable | 685 | 792 | |||
| Accrued Salaries and Benefits | 252 | 302 | |||
| Current Portion of Long-term Debt | 26 | 17 | |||
| Long-term Debt | 1,565 | 1,617 | |||
| Shareholders’ Equity: | |||||
| Total Shareholders’ Equity | 1,519 | 1,283 | |||
| Weatherford International plc | ||||||||||||||||||||
| Selected Cash Flows Information (Unaudited) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| ($ in Millions) | June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
June 30, 2025 |
June 30, 2024 |
|||||||||||||||
| Cash Flows From Operating Activities: | ||||||||||||||||||||
| Net Income | $ | 145 | $ | 86 | $ | 137 | $ | 231 | $ | 260 | ||||||||||
| Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: |
||||||||||||||||||||
| Depreciation and Amortization | 64 | 62 | 86 | 126 | 171 | |||||||||||||||
| Foreign Exchange Losses | 17 | 13 | 8 | 30 | 23 | |||||||||||||||
| Loss on Blue Chip Swap Securities | 1 | — | 10 | 1 | 10 | |||||||||||||||
| Gain on Disposition of Assets | (3 | ) | (1 | ) | (25 | ) | (4 | ) | (32 | ) | ||||||||||
| Gain on Sale of Business | (70 | ) | — | — | (70 | ) | — | |||||||||||||
| Deferred Income Tax Provision (Benefit) | (5 | ) | 7 | 13 | 2 | 27 | ||||||||||||||
| Share-Based Compensation | 9 | 7 | 12 | 16 | 25 | |||||||||||||||
| Changes in Accounts Receivable, Inventory, Accounts Payable and Accrued Salaries and Benefits |
(22 | ) | (17 | ) | (22 | ) | (39 | ) | (174 | ) | ||||||||||
| Other Changes, Net | (8 | ) | (15 | ) | (69 | ) | (23 | ) | (29 | ) | ||||||||||
| Net Cash Provided By Operating Activities | 128 | 142 | 150 | 270 | 281 | |||||||||||||||
| Cash Flows From Investing Activities: | ||||||||||||||||||||
| Capital Expenditures for Property, Plant and Equipment | (54 | ) | (77 | ) | (62 | ) | (131 | ) | (121 | ) | ||||||||||
| Proceeds from Disposition of Assets | 5 | 1 | 8 | 6 | 18 | |||||||||||||||
| Proceeds from Sale of Businesses | 97 | — | — | 97 | — | |||||||||||||||
| Purchases of Blue Chip Swap Securities | (83 | ) | — | (50 | ) | (83 | ) | (50 | ) | |||||||||||
| Proceeds from Sales of Blue Chip Swap Securities | 82 | — | 40 | 82 | 40 | |||||||||||||||
| Business Acquisitions, Net of Cash Acquired | — | — | — | — | (36 | ) | ||||||||||||||
| Proceeds from Sale of Investments | — | — | — | — | 41 | |||||||||||||||
| Other Investing Activities | (4 | ) | (3 | ) | 3 | (7 | ) | (7 | ) | |||||||||||
| Net Cash Provided by (Used In) Investing Activities | 43 | (79 | ) | (61 | ) | (36 | ) | (115 | ) | |||||||||||
| Cash Flows From Financing Activities: | ||||||||||||||||||||
| Repayments of Long-term Debt | (34 | ) | (39 | ) | (87 | ) | (73 | ) | (259 | ) | ||||||||||
| Distributions to Noncontrolling Interests | (8 | ) | — | (9 | ) | (8 | ) | (9 | ) | |||||||||||
| Tax Remittance on Equity Awards | — | (20 | ) | (1 | ) | (20 | ) | (9 | ) | |||||||||||
| Share Repurchases | (34 | ) | (53 | ) | — | (87 | ) | — | ||||||||||||
| Dividends Paid | (18 | ) | (18 | ) | — | (36 | ) | — | ||||||||||||
| Other Financing Activities | (3 | ) | (3 | ) | (5 | ) | (6 | ) | (12 | ) | ||||||||||
| Net Cash Used In Financing Activities | $ | (97 | ) | $ | (133 | ) | $ | (102 | ) | $ | (230 | ) | $ | (289 | ) | |||||
| Weatherford International plc |
| Non-GAAP Financial Measures Defined (Unaudited) |
We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, Weatherford’s management believes that certain non-GAAP financial measures (as defined under the SEC’s Regulation G and Item 10(e) of Regulation S-K) may provide users of this financial information additional meaningful comparisons between current results and results of prior periods and comparisons with peer companies. The non-GAAP amounts shown in the following tables should not be considered as substitutes for results reported in accordance with GAAP but should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.
Adjusted EBITDA* – Adjusted EBITDA* is a non-GAAP measure and represents consolidated income before interest expense, net, income taxes, depreciation and amortization expense, and excludes, among other items, restructuring charges, share-based compensation expense, as well as other charges and credits. Management believes adjusted EBITDA* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA* should be considered in addition to, but not as a substitute for consolidated net income and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.
Adjusted EBITDA margin* – Adjusted EBITDA margin* is a non-GAAP measure which is calculated by dividing consolidated adjusted EBITDA* by consolidated revenues. Management believes adjusted EBITDA margin* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA margin* should be considered in addition to, but not as a substitute for consolidated net income margin and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.
Adjusted Free Cash Flow* – Adjusted Free Cash Flow* is a non-GAAP measure and represents cash flows provided by (used in) operating activities, less capital expenditures plus proceeds from the disposition of assets. Management believes adjusted free cash flow* is useful to understand our performance at generating cash and demonstrates our discipline around the use of cash. Adjusted free cash flow* should be considered in addition to, but not as a substitute for cash flows provided by operating activities and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.
Net Debt* – Net Debt* is a non-GAAP measure that is calculated taking short and long-term debt less cash and cash equivalents and restricted cash. Management believes the net debt* is useful to assess the level of debt in excess of cash and cash and equivalents as we monitor our ability to repay and service our debt. Net debt* should be considered in addition to, but not as a substitute for overall debt and total cash and should be viewed in addition to the Company’s results prepared in accordance with GAAP.
Net Leverage* – Net Leverage* is a non-GAAP measure which is calculated by dividing by taking net debt* divided by adjusted EBITDA* for the trailing 12 months. Management believes the net leverage* is useful to understand our ability to repay and service our debt. Net leverage* should be considered in addition to, but not as a substitute for the individual components of above defined net debt* divided by consolidated net income attributable to Weatherford and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.
*Non-GAAP – as defined above and reconciled to the GAAP measures in the section titled GAAP to Non-GAAP Financial Measures Reconciled
| Weatherford International plc | ||||||||||||||||||||
| GAAP to Non-GAAP Financial Measures Reconciled (Unaudited) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| ($ in Millions, Except Margin in Percentages) | June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
June 30, 2025 |
June 30, 2024 |
|||||||||||||||
| Revenues | $ | 1,204 | $ | 1,193 | $ | 1,405 | $ | 2,397 | $ | 2,763 | ||||||||||
| Net Income Attributable to Weatherford | $ | 136 | $ | 76 | $ | 125 | $ | 212 | $ | 237 | ||||||||||
| Net Income Margin | 11.3 | % | 6.4 | % | 8.9 | % | 8.8 | % | 8.6 | % | ||||||||||
| Adjusted EBITDA* | $ | 254 | $ | 253 | $ | 365 | $ | 507 | $ | 701 | ||||||||||
| Adjusted EBITDA Margin* | 21.1 | % | 21.2 | % | 26.0 | % | 21.2 | % | 25.4 | % | ||||||||||
| Net Income Attributable to Weatherford | $ | 136 | $ | 76 | $ | 125 | $ | 212 | $ | 237 | ||||||||||
| Net Income Attributable to Noncontrolling Interests | 9 | 10 | 12 | 19 | 23 | |||||||||||||||
| Income Tax Provision | 46 | 10 | 73 | 56 | 132 | |||||||||||||||
| Interest Expense, Net of Interest Income of $14, $11, $17, $25 and $31 |
21 | 26 | 24 | 47 | 53 | |||||||||||||||
| Loss on Blue Chip Swap Securities | 1 | — | 10 | 1 | 10 | |||||||||||||||
| Other Expense, Net | 24 | 20 | 20 | 44 | 42 | |||||||||||||||
| Operating Income | 237 | 142 | 264 | 379 | 497 | |||||||||||||||
| Depreciation and Amortization | 64 | 62 | 86 | 126 | 171 | |||||||||||||||
| Other Charges (Credits)[1] | 3 | 13 | (2 | ) | 16 | — | ||||||||||||||
| Gain on Sale of Business | (70 | ) | — | — | (70 | ) | — | |||||||||||||
| Restructuring Charges | 11 | 29 | 5 | 40 | 8 | |||||||||||||||
| Share-Based Compensation | 9 | 7 | 12 | 16 | 25 | |||||||||||||||
| Adjusted EBITDA* | $ | 254 | $ | 253 | $ | 365 | $ | 507 | $ | 701 | ||||||||||
| Net Cash Provided By Operating Activities | $ | 128 | $ | 142 | $ | 150 | $ | 270 | $ | 281 | ||||||||||
| Capital Expenditures for Property, Plant and Equipment |
(54 | ) | (77 | ) | (62 | ) | (131 | ) | (121 | ) | ||||||||||
| Proceeds from Disposition of Assets | 5 | 1 | 8 | 6 | 18 | |||||||||||||||
| Adjusted Free Cash Flow* | $ | 79 | $ | 66 | $ | 96 | $ | 145 | $ | 178 | ||||||||||
| [1] | Other Charges (Credits) in the three and six months ended June 30, 2025 primarily includes fees to third-party financial institutions related to collections of certain receivables from our largest customer in Mexico and other miscellaneous charges and credits. |
*Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined
| Weatherford International plc | ||||||||||
| GAAP to Non-GAAP Financial Measures Reconciled Continued (Unaudited) | ||||||||||
| ($ in Millions) | June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
|||||||
| Current Portion of Long-term Debt | $ | 26 | $ | 22 | $ | 20 | ||||
| Long-term Debt | 1,565 | 1,583 | 1,628 | |||||||
| Total Debt | $ | 1,591 | $ | 1,605 | $ | 1,648 | ||||
| Cash and Cash Equivalents | $ | 943 | $ | 873 | $ | 862 | ||||
| Restricted Cash | 60 | 57 | 58 | |||||||
| Total Cash | $ | 1,003 | $ | 930 | $ | 920 | ||||
| Components of Net Debt | ||||||||||
| Current Portion of Long-term Debt | $ | 26 | $ | 22 | $ | 20 | ||||
| Long-term Debt | 1,565 | 1,583 | 1,628 | |||||||
| Less: Cash and Cash Equivalents | 943 | 873 | 862 | |||||||
| Less: Restricted Cash | 60 | 57 | 58 | |||||||
| Net Debt* | $ | 588 | $ | 675 | $ | 728 | ||||
| Net Income for trailing 12 months | $ | 481 | $ | 470 | $ | 500 | ||||
| Adjusted EBITDA* for trailing 12 months | $ | 1,188 | $ | 1,299 | $ | 1,327 | ||||
| Net Leverage* (Net Debt*/Adjusted EBITDA*) | 0.49 | x | 0.52 | x | 0.55 | x | ||||
*Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined
Source: The Conversation (Au and NZ) – By Julian Savulescu, Visiting Professor in Biomedical Ethics, Murdoch Children’s Research Institute; Distinguished Visiting Professor in Law, University of Melbourne; Uehiro Chair in Practical Ethics, The University of Melbourne
A young woman needs an abortion and the reasons, while urgent, are not medical. A United States Navy nurse at Guantánamo Bay is ordered to force-feed a defiant detainee on hunger strike.
These very different real-life cases have one connecting thread: the question of whether a health professional can conscientiously object to carrying out a patient’s request.
Freedom of conscience is often held up as a purely noble principle. But when it’s used to deny health care, it means a single person’s beliefs are dictating what is best for another person’s physical and mental health – which can have devastating, even fatal, results.
In our recent book, Rethinking Conscientious Objection in Healthcare, colleagues and I conclude doctors should not be free to make medical decisions based on their personal beliefs.
Freedom of conscience is strongly – but not absolutely – protected under international human rights law. It is enshrined in the Universal Declaration of Human Rights.
This principle has often been used for moral purposes: for example, to resist orders to torture or kill.
But after researching use of conscientious objection by health professionals, I have concluded it is seriously flawed when used to deny patients health services. This is especially so when particular doctors have a monopoly on service provision, as is the case with abortion and assisted dying in many rural and regional areas of Australia.
In Australia, doctors are allowed to conscientiously object to abortion, although nearly all states require referral to other service providers or information about how to access the relevant service.
In practice, these laws are not enforced and sometimes disregarded.
A doctor’s refusal can mean patients can be denied the standard of care they need, or indeed, any care at all.
Health-care professionals are not like pacifists refusing conscription into the military, opposing something forced upon them. They freely choose health-care careers that come with obligations and with ethical stances already established by professional codes of conduct.
People are free to hold whatever beliefs they choose, but those beliefs will inevitably close off some options for them. For example, a vegetarian will not be able to work in an abattoir. That is true for every one of us. But what shouldn’t happen is a doctor’s personal beliefs closing off legitimate options for their patient.
Instead of personal values, there are four key secular principles we propose that doctors should rely on when deciding how to advise patients about sensitive procedures:
is it legal?
is it a just and fair use of any resources that might be limited?
is it in the interests of the patient’s wellbeing?
is it what the patient has themselves decided they want?
Of course, there will be times when some of these principles are in conflict – that is when it is important to apply the most crucial ones, the wellbeing of the patient and the patient’s own wishes.
In Ireland in 2012, a young woman named Savita Halappanavar went to an Irish hospital for treatment for her miscarriage. Doctors knew there was no hope of the pregnancy surviving but refused to evacuate her uterus while there was still a fetal heartbeat, for fear of breaching Ireland’s anti-abortion laws. The result: Savita died of septicaemia at 31.
If doctors had put the patient’s wellbeing first, they would have given her that termination, despite the law, and it would have saved her life.
These are the principles that should have been applied to the examples above: the woman seeking an abortion for career reasons or the nurse refusing to force-feed prisoners.
The doctor (or nurse) should ask: Is it what the patient has autonomously decided they want? Will it lead to the best outcome for both their physical and their mental health?
If abortion will promote a woman’s wellbeing, it is in her interests. Hunger strikers should not be force-fed because it violates their autonomy.
While doctors’ personal values are important, they should not dictate care at the bedside. Not only can this disadvantage the patient, but it places an unfair burden on colleagues who do accept such work, and must carry a disproportionate load of procedures they might find unpleasant and financially unrewarding.
It also creates injustice. Patients who are educated, wealthy and well-connected already find it easier to access health care. Conscientious objection intensifies that unfairness in large swathes of the country because it further limits options.
Two countries with excellent health-care systems, Sweden and Finland, do not permit conscientious objection by medical professionals.
In Australia, it is time we do the same and strongly limit conscientious objection as a legal right for health professionals. We should also ensure those entering the discipline are prepared to take on all procedures relevant to their specialty.
And lastly, but most importantly, we should educate them that the patient’s interests and values must always come first. An individual doctor’s sense of moral authority should not be permitted to morph into medical and moral authoritarianism.
Julian Savulescu 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. Doctors shouldn’t be allowed to object to medical care if it harms their patients – https://theconversation.com/doctors-shouldnt-be-allowed-to-object-to-medical-care-if-it-harms-their-patients-260003
Source: GlobeNewswire (MIL-OSI)
FREMONT, Calif., July 22, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced today financial results for the second quarter of 2025, which included the summary below from its President and CEO, Badri Kothandaraman.
We reported quarterly revenue of $363.2 million in the second quarter of 2025, along with 48.6% for non-GAAP gross margin. We shipped approximately 1.53 million microinverters, or 675.4 megawatts DC, and 190.9 megawatt hours (MWh) of IQ® Batteries.
Highlights for the second quarter of 2025 are listed below:
Our revenue and earnings for the second quarter of 2025 are provided below, compared with the prior quarter:
(In thousands, except per share and percentage data)
| GAAP | Non-GAAP | ||||||||||||||||||||||
| Q2 2025 | Q1 2025 | Q2 2024 | Q2 2025 | Q1 2025 | Q2 2024 | ||||||||||||||||||
| Revenue | $ | 363,153 | $ | 356,084 | $ | 303,458 | $ | 363,153 | $ | 356,084 | $ | 303,458 | |||||||||||
| Gross margin | 46.9 | % | 47.2 | % | 45.2 | % | 48.6 | % | 48.9 | % | 47.1 | % | |||||||||||
| Operating expenses | $ | 133,486 | $ | 136,319 | $ | 135,367 | $ | 77,781 | $ | 79,423 | $ | 81,706 | |||||||||||
| Operating income | $ | 37,007 | $ | 31,922 | $ | 1,799 | $ | 98,613 | $ | 94,637 | $ | 61,080 | |||||||||||
| Net income | $ | 37,052 | $ | 29,730 | $ | 10,833 | $ | 89,869 | $ | 89,243 | $ | 58,824 | |||||||||||
| Basic EPS | $ | 0.28 | $ | 0.23 | $ | 0.08 | $ | 0.69 | $ | 0.68 | $ | 0.43 | |||||||||||
| Diluted EPS | $ | 0.28 | $ | 0.22 | $ | 0.08 | $ | 0.69 | $ | 0.68 | $ | 0.43 | |||||||||||
Total revenue for the second quarter of 2025 was $363.2 million, compared to $356.1 million in the first quarter of 2025. Our revenue in the second quarter of 2025 included $40.4 million of safe harbor revenue, compared to $54.3 million of safe harbor revenue in the first quarter. Our revenue in the United States for the second quarter of 2025 increased approximately 3%, compared to the first quarter. The increase was the result of seasonality partially offset by lower safe harbor revenue. Our revenue in Europe increased approximately 11% for the second quarter of 2025, compared to the first quarter. The increase in revenue was primarily due to higher microinverter and battery sales as we continued to ramp shipments of our IQ® Battery 5P™ with FlexPhase during the second quarter.
Our non-GAAP gross margin was 48.6% in the second quarter of 2025, compared to 48.9% in the first quarter. Our non-GAAP gross margin, excluding net benefit from the Inflation Reduction Act (IRA), was 37.2% in the second quarter of 2025, compared to 38.3% in the first quarter. The reciprocal tariffs had a negative impact of approximately two percentage points on margins.
Our non-GAAP operating expenses were $77.8 million in the second quarter of 2025, compared to $79.4 million in the first quarter. Our non-GAAP operating income was $98.6 million in the second quarter of 2025, compared to $94.6 million in the first quarter.
We exited the second quarter of 2025 with $1.53 billion in cash, cash equivalents and marketable securities and generated $26.6 million in cash flow from operations in the second quarter. Our capital expenditures were $8.2 million in the second quarter of 2025, compared to $14.6 million in the first quarter of 2025.
In the second quarter of 2025, we repurchased 702,948 shares of our common stock at an average price of $42.67 per share for a total of approximately $30.0 million. We also spent approximately $3.0 million by withholding shares to cover taxes for employee stock vesting that reduced the diluted shares by 58,332 shares.
During the second quarter of 2025, we shipped approximately 1.41 million microinverters from manufacturing facilities in the United States that we booked for 45X production tax credits. We continued to ship our IQ8HC™ Microinverters, IQ8P-3P™ Commercial Microinverters, and IQ® Battery 5Ps from these facilities, meeting domestic content requirements.
We shipped a record 190.9 MWh of IQ Batteries in the second quarter of 2025, compared to 170.1 MWh in the first quarter. More than 11,700 installers worldwide are certified to install our IQ Batteries, compared to more than 10,900 installers worldwide in the first quarter of 2025. In addition, we have 210 MWh of batteries in our fleet currently enrolled in virtual power plant (VPP) programs globally.
During the second quarter of 2025, we began shipping our fourth-generation Enphase Energy System, which includes the IQ® Battery 10C, IQ® Meter Collar, and IQ® Combiner 6C, to customers in the United States. The IQ Battery 10C is designed to be 30% more energy-dense, occupy 62% less wall space, and lower the cost of install compared to previous models. Together, these components simplify the entire backup installation process, enhance reliability, and provide greater value to homeowners. The IQ Meter Collar has now been approved by 29 U.S. utilities.
We also ramped shipments of our IQ Battery with FlexPhase into more countries in Europe. This AC-coupled battery system supports both single-phase and three-phase homes, providing full backup capability and superior flexibility to meet diverse home energy needs.
The IQ® EV Charger 2, our most advanced residential charger to date, is now shipping to 18 countries across Europe, Australia, and New Zealand. This smart charger is designed to work seamlessly with Enphase solar and battery systems or as a powerful standalone solution. We also started shipping our IQ® Balcony Solar Kit, a simple and efficient solution for harnessing solar energy from panels installed on apartment balconies, in Belgium and Germany during the second quarter of 2025.
We continue to strengthen our digital platform and improve the customer experience. We are investing in several new enhancements for Solargraf, our all-in-one installer platform, including expanded third-party ownership (TPO) partner integrations, a custom tariff builder, enhanced dealership management features, and a simplified, AI-driven design experience – all aimed at making Solargraf even more powerful and intuitive.
BUSINESS HIGHLIGHTS
On July 17, 2025, Enphase Energy announced initial shipments of the IQ Battery 5P supplied from manufacturing facilities in the United States with higher domestic content than previous models.
On July 10 and July 2, 2025, Enphase Energy announced that production shipments of its IQ EV Charger 2 have expanded Europe to now include Greece, Romania, Ireland, Poland, Australia, and New Zealand.
On June 16, 2025, Enphase Energy announced the launch of the IQ Battery 5P with FlexPhase, for customers in more European countries, including Spain, Portugal, France, Sweden, Denmark, Belgium, and the Netherlands.
On June 4, 2025, Enphase Energy announced that IQ8P-3P Commercial Microinverters made with domestic content were selected for significant commercial projects on a Florida school, an affordable housing complex in Rhode Island, and a community center in California.
On May 19, 2025, Enphase Energy introduced IQ® Energy Management that integrates with Enphase solar and battery systems to enable smart management of variable electricity rates and select third-party electric vehicle (EV) chargers, heat pumps, and resistive electric water heaters in France.
On May 12 and May 7, 2025, Enphase Energy announced the launch of the IQ Balcony Solar System in Belgium and Germany that empowers apartment dwellers and homeowners with limited roof space to generate their own clean energy from balconies, patios, and small outdoor areas.
On May 8, 2025, Enphase Energy announced the availability of new software that allows homeowners with existing legacy IQ7™ Microinverter-based systems to seamlessly expand their solar capacity using IQ8™ Microinverters.
On April 28, 2025, Enphase Energy announced production shipments of IQ8 Microinverters in Japan through a distribution agreement with ITOCHU Corporation, one of the largest trading companies in the country.
THIRD QUARTER 2025 FINANCIAL OUTLOOK
For the third quarter of 2025, Enphase Energy estimates both GAAP and non-GAAP financial results as follows:
For 2025, Enphase expects a GAAP tax rate of 19-21% and a non-GAAP tax rate of 15-17%, including IRA benefits.
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Use of non-GAAP Financial Measures
Enphase Energy has presented certain non-GAAP financial measures in this press release. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this press release. Non-GAAP financial measures presented by Enphase Energy include non-GAAP gross profit, gross margin, operating expenses, income from operations, net income, net income per share (basic and diluted), net IRA benefit, and free cash flow.
These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Enphase Energy’s results of operations as determined in accordance with GAAP. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Enphase Energy uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Enphase Energy believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.
As presented in the “Reconciliation of Non-GAAP Financial Measures” tables below, each of the non-GAAP financial measures excludes one or more of the following items for purposes of calculating non-GAAP financial measures to facilitate an evaluation of Enphase Energy’s current operating performance and a comparison to its past operating performance:
Stock-based compensation expense. Enphase Energy excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash in nature. Moreover, the impact of this expense is significantly affected by Enphase Energy’s stock price at the time of an award over which management has limited to no control.
Acquisition related amortization. This item represents amortization of acquired intangible assets, which is a non-cash expense. Acquisition related amortization of acquired intangible assets are not reflective of Enphase Energy’s ongoing financial performance.
Restructuring and asset impairment charges. Enphase Energy excludes restructuring and asset impairment charges due to the nature of the expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of fees paid for cash-based severance costs, accelerated stock-based compensation expense and asset write-downs of property and equipment and acquired intangible assets, and other contract termination costs resulting from restructuring initiatives.
Non-cash interest expense. This item consists primarily of amortization of debt issuance costs and accretion of debt discount because these expenses do not represent a cash outflow for Enphase Energy except in the period the financing was secured and such amortization expense is not reflective of Enphase Energy’s ongoing financial performance.
Non-GAAP income tax adjustment. This item represents the amount adjusted to Enphase Energy’s GAAP tax provision or benefit to exclude the income tax effects of GAAP adjustments such as stock-based compensation, amortization of purchased intangibles, and other non-recurring items that are not reflective of Enphase Energy ongoing financial performance.
Non-GAAP net income per share, diluted. Enphase Energy excludes the dilutive effect of in-the-money portion of convertible senior notes as they are covered by convertible note hedge transactions that reduce potential dilution to our common stock upon conversion of the Notes due 2025, Notes due 2026, and Notes due 2028, and includes the dilutive effect of employee’s stock-based awards and the dilutive effect of warrants. Enphase Energy believes these adjustments provide useful supplemental information to the ongoing financial performance.
Net IRA benefit. This item represents the advanced manufacturing production tax credit (AMPTC) from the IRA for manufacturing microinverters in the United States, partially offset by the incremental manufacturing cost incurred in the United States relative to manufacturing in India. The AMPTC is accounted for by Enphase Energy as an income-based government grants that reduces cost of revenues in the condensed consolidated statements of operations.
Free cash flow. This item represents net cash flows from operating activities less purchases of property and equipment.
Conference Call Information
Enphase Energy will host a conference call for analysts and investors to discuss its second quarter 2025 results and third quarter 2025 business outlook today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The call is open to the public by dialing (833) 634-5018. A live webcast of the conference call will also be accessible from the “Investor Relations” section of Enphase Energy’s website at https://investor.enphase.com.
Following the webcast, an archived version will be available on the website for approximately one year. In addition, an audio replay of the conference call will be available by calling (877) 344-7529; replay access code 6021998, beginning approximately one hour after the call.
Forward-Looking Statements
This press release contains forward-looking statements, including statements related to Enphase Energy’s expectations as to its third quarter of 2025 financial outlook, including revenue, shipments of IQ Batteries by MWh, gross margin with net IRA benefit and excluding net IRA benefit, estimated shipments of U.S. manufactured microinverters, operating expenses, and annualized effective tax rate with IRA benefit; its expectations regarding the expected net IRA benefit; future enhancements for Solargraf; and the capabilities, advantages, features, and performance of its technology and products. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Enphase Energy’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of certain risks and uncertainties including those risks described in more detail in its most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other documents on file with the SEC from time to time and available on the SEC’s website at www.sec.gov. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.
A copy of this press release can be found on the investor relations page of Enphase Energy’s website at https://investor.enphase.com.
About Enphase Energy, Inc.
Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power – and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 83.1 million microinverters, and more than 4.9 million Enphase-based systems have been deployed in over 160 countries. For more information, visit https://enphase.com/.
© 2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, IQ8, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.
Contact:
Zach Freedman
Enphase Energy, Inc.
Investor Relations
ir@enphaseenergy.com
| ENPHASE ENERGY, INC. | |||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||
| (In thousands, except per share data) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
June 30, 2025 |
June 30, 2024 |
|||||||||||||||
| Net revenues | $ | 363,153 | $ | 356,084 | $ | 303,458 | $ | 719,237 | $ | 566,797 | |||||||||
| Cost of revenues | 192,660 | 187,843 | 166,292 | 380,503 | 314,123 | ||||||||||||||
| Gross profit | 170,493 | 168,241 | 137,166 | 338,734 | 252,674 | ||||||||||||||
| Operating expenses: | |||||||||||||||||||
| Research and development | 45,421 | 50,174 | 48,871 | 95,595 | 103,082 | ||||||||||||||
| Sales and marketing | 50,708 | 48,948 | 51,775 | 99,656 | 105,082 | ||||||||||||||
| General and administrative | 34,035 | 34,035 | 33,550 | 68,070 | 68,732 | ||||||||||||||
| Restructuring and asset impairment charges | 3,322 | 3,162 | 1,171 | 6,484 | 3,078 | ||||||||||||||
| Total operating expenses | 133,486 | 136,319 | 135,367 | 269,805 | 279,974 | ||||||||||||||
| Income (loss) from operations | 37,007 | 31,922 | 1,799 | 68,929 | (27,300 | ) | |||||||||||||
| Other income, net | |||||||||||||||||||
| Interest income | 14,911 | 17,032 | 19,203 | 31,943 | 38,912 | ||||||||||||||
| Interest expense | (815 | ) | (2,047 | ) | (2,220 | ) | (2,862 | ) | (4,416 | ) | |||||||||
| Other expense, net | (8,898 | ) | (14 | ) | (7,566 | ) | (8,912 | ) | (7,479 | ) | |||||||||
| Total other income, net | 5,198 | 14,971 | 9,417 | 20,169 | 27,017 | ||||||||||||||
| Income (loss) before income taxes | 42,205 | 46,893 | 11,216 | 89,098 | (283 | ) | |||||||||||||
| Income tax provision | (5,153 | ) | (17,163 | ) | (383 | ) | (22,316 | ) | (4,981 | ) | |||||||||
| Net income (loss) | $ | 37,052 | $ | 29,730 | $ | 10,833 | $ | 66,782 | $ | (5,264 | ) | ||||||||
| Net income (loss) per share: | |||||||||||||||||||
| Basic | $ | 0.28 | $ | 0.23 | $ | 0.08 | $ | 0.51 | $ | (0.04 | ) | ||||||||
| Diluted | $ | 0.28 | $ | 0.22 | $ | 0.08 | $ | 0.50 | $ | (0.04 | ) | ||||||||
| Shares used in per share calculation: | |||||||||||||||||||
| Basic | 131,031 | 131,869 | 135,646 | 131,447 | 135,768 | ||||||||||||||
| Diluted | 135,219 | 136,208 | 136,123 | 135,719 | 135,768 | ||||||||||||||
| ENPHASE ENERGY, INC. | |||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
| (In thousands) | |||||
| (Unaudited) | |||||
| June 30, 2025 |
December 31, 2024 |
||||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ | 370,536 | $ | 369,110 | |
| Restricted cash | — | 95,006 | |||
| Marketable securities | 1,159,648 | 1,253,480 | |||
| Accounts receivable, net | 223,218 | 223,749 | |||
| Inventory | 173,016 | 165,004 | |||
| Prepaid expenses and other assets | 362,523 | 220,735 | |||
| Total current assets | 2,288,941 | 2,327,084 | |||
| Property and equipment, net | 136,902 | 147,514 | |||
| Intangible assets, net | 32,380 | 42,398 | |||
| Goodwill | 214,890 | 211,571 | |||
| Other assets | 193,426 | 205,542 | |||
| Deferred tax assets, net | 312,250 | 315,567 | |||
| Total assets | $ | 3,178,789 | $ | 3,249,676 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| Current liabilities: | |||||
| Accounts payable | $ | 162,697 | $ | 90,032 | |
| Accrued liabilities | 206,537 | 196,887 | |||
| Deferred revenues, current | 129,040 | 237,225 | |||
| Warranty obligations, current | 33,136 | 34,656 | |||
| Debt, current | 631,179 | 101,291 | |||
| Total current liabilities | 1,162,589 | 660,091 | |||
| Long-term liabilities: | |||||
| Deferred revenues, non-current | 331,531 | 341,982 | |||
| Warranty obligations, non-current | 172,950 | 158,233 | |||
| Other liabilities | 59,542 | 55,265 | |||
| Debt, non-current | 571,540 | 1,201,089 | |||
| Total liabilities | 2,298,152 | 2,416,660 | |||
| Total stockholders’ equity | 880,637 | 833,016 | |||
| Total liabilities and stockholders’ equity | $ | 3,178,789 | $ | 3,249,676 | |
| ENPHASE ENERGY, INC. | ||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
June 30, 2025 |
June 30, 2024 |
||||||||||||||||
Cash flows from operating activities: |
||||||||||||||||||||
| Net income (loss) | $ | 37,052 | $ | 29,730 | $ | 10,833 | $ | 66,782 | $ | (5,264 | ) | |||||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||
| Depreciation and amortization | 20,085 | 19,915 | 20,484 | 40,000 | 40,621 | |||||||||||||||
| Net accretion of premium (discount) on marketable securities | (1,234 | ) | 3,512 | (1,030 | ) | 2,278 | 1,795 | |||||||||||||
| Provision for doubtful accounts | 130 | 62 | 1,897 | 192 | 1,767 | |||||||||||||||
| Asset impairment | 1,538 | 27 | 6,241 | 1,565 | 6,573 | |||||||||||||||
| Non-cash interest expense | 828 | 1,679 | 2,157 | 2,507 | 4,289 | |||||||||||||||
| Change in fair value of debt securities | 9,464 | (323 | ) | 1,931 | 9,141 | 989 | ||||||||||||||
| Stock-based compensation | 53,896 | 55,633 | 52,757 | 109,529 | 113,590 | |||||||||||||||
| Deferred income taxes | 403 | 8,560 | (14,076 | ) | 8,963 | (22,368 | ) | |||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||
| Accounts receivable | 8,681 | 1,760 | 82,183 | 10,441 | 159,542 | |||||||||||||||
| Inventory | (28,991 | ) | 20,979 | 31,825 | (8,012 | ) | 37,527 | |||||||||||||
| Prepaid expenses and other assets | (64,261 | ) | (75,553 | ) | (42,810 | ) | (139,814 | ) | (53,707 | ) | ||||||||||
| Accounts payable, accrued and other liabilities | 37,212 | 54,232 | (23,944 | ) | 91,444 | (90,228 | ) | |||||||||||||
| Warranty obligations | 2,639 | 10,558 | 15 | 13,197 | (11,908 | ) | ||||||||||||||
| Deferred revenues | (50,813 | ) | (82,357 | ) | (1,401 | ) | (133,170 | ) | (6,955 | ) | ||||||||||
| Net cash provided by operating activities | 26,629 | 48,414 | 127,062 | 75,043 | 176,263 | |||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||
| Purchases of property and equipment | (8,259 | ) | (14,608 | ) | (9,636 | ) | (22,867 | ) | (17,007 | ) | ||||||||||
| Investment in tax equity fund | (1,440 | ) | (6,904 | ) | — | (8,344 | ) | — | ||||||||||||
| Purchases of marketable securities | (284,306 | ) | (200,826 | ) | (300,053 | ) | (485,132 | ) | (772,321 | ) | ||||||||||
| Maturities and sale of marketable securities | 242,820 | 335,398 | 282,063 | 578,218 | 779,436 | |||||||||||||||
| Net cash provided by (used in) investing activities | (51,185 | ) | 113,060 | (27,626 | ) | 61,875 | (9,892 | ) | ||||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||
| Settlement of Notes due 2025 | — | (102,168 | ) | — | (102,168 | ) | (2 | ) | ||||||||||||
| Repurchase of common stock | (29,993 | ) | (99,964 | ) | (99,908 | ) | (129,957 | ) | (141,904 | ) | ||||||||||
| Proceeds from issuance of common stock under employee equity plans | 5,302 | 67 | 6,769 | 5,369 | 7,955 | |||||||||||||||
| Payment of withholding taxes related to net share settlement of equity awards | (2,864 | ) | (12,110 | ) | (7,473 | ) | (14,974 | ) | (67,515 | ) | ||||||||||
| Net cash used in financing activities | (27,555 | ) | (214,175 | ) | (100,612 | ) | (241,730 | ) | (201,466 | ) | ||||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 7,557 | 3,675 | (374 | ) | 11,232 | (1,551 | ) | |||||||||||||
| Net decrease in cash, cash equivalents and restricted cash | (44,554 | ) | (49,026 | ) | (1,550 | ) | (93,580 | ) | (36,646 | ) | ||||||||||
| Cash, cash equivalents and restricted cash — Beginning of period | 415,090 | 464,116 | 253,652 | 464,116 | 288,748 | |||||||||||||||
| Cash, cash equivalents and restricted cash — End of period | $ | 370,536 | $ | 415,090 | $ | 252,102 | $ | 370,536 | $ | 252,102 | ||||||||||
| ENPHASE ENERGY, INC. | ||||||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||
| (In thousands, except per share data and percentages) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
June 30, 2025 |
June 30, 2024 |
||||||||||||||||
| Gross profit (GAAP) | $ | 170,493 | $ | 168,241 | $ | 137,166 | $ | 338,734 | $ | 252,674 | ||||||||||
| Stock-based compensation | 4,311 | 4,239 | 3,730 | 8,550 | 7,912 | |||||||||||||||
| Acquisition related amortization | 1,590 | 1,580 | 1,890 | 3,170 | 3,781 | |||||||||||||||
| Gross profit (Non-GAAP) | $ | 176,394 | $ | 174,060 | $ | 142,786 | $ | 350,454 | $ | 264,367 | ||||||||||
| Gross margin (GAAP) | 46.9 | % | 47.2 | % | 45.2 | % | 47.1 | % | 44.6 | % | ||||||||||
| Stock-based compensation | 1.3 | 1.2 | 1.3 | 1.2 | 1.3 | |||||||||||||||
| Acquisition related amortization | 0.4 | 0.5 | 0.6 | 0.4 | 0.7 | |||||||||||||||
| Gross margin (Non-GAAP) | 48.6 | % | 48.9 | % | 47.1 | % | 48.7 | % | 46.6 | % | ||||||||||
| Operating expenses (GAAP) | $ | 133,486 | $ | 136,319 | $ | 135,367 | $ | 269,805 | $ | 279,974 | ||||||||||
| Stock-based compensation(1) | (49,506 | ) | (50,885 | ) | (49,027 | ) | (100,391 | ) | (105,678 | ) | ||||||||||
| Acquisition related amortization | (2,877 | ) | (2,849 | ) | (3,463 | ) | (5,726 | ) | (6,925 | ) | ||||||||||
| Restructuring and asset impairment charges(1) | (3,322 | ) | (3,162 | ) | (1,171 | ) | (6,484 | ) | (3,078 | ) | ||||||||||
| Operating expenses (Non-GAAP) | $ | 77,781 | $ | 79,423 | $ | 81,706 | $ | 157,204 | $ | 164,293 | ||||||||||
| (1)Includes stock-based compensation as follows: | ||||||||||||||||||||
| Research and development | $ | 20,481 | $ | 21,647 | $ | 20,210 | $ | 42,128 | $ | 44,760 | ||||||||||
| Sales and marketing | 16,657 | 16,396 | 16,784 | 33,053 | 34,962 | |||||||||||||||
| General and administrative | 12,368 | 12,842 | 12,033 | 25,210 | 25,956 | |||||||||||||||
| Restructuring and asset impairment charges | 79 | 509 | — | 588 | — | |||||||||||||||
| Total | $ | 49,585 | $ | 51,394 | $ | 49,027 | $ | 100,979 | $ | 105,678 | ||||||||||
| Income (loss) from operations (GAAP) | $ | 37,007 | $ | 31,922 | $ | 1,799 | $ | 68,929 | $ | (27,300 | ) | |||||||||
| Stock-based compensation | 53,817 | 55,124 | 52,757 | 108,941 | 113,590 | |||||||||||||||
| Acquisition related amortization | 4,467 | 4,429 | 5,353 | 8,896 | 10,706 | |||||||||||||||
| Restructuring and asset impairment charges | 3,322 | 3,162 | 1,171 | 6,484 | 3,078 | |||||||||||||||
| Income from operations (Non-GAAP) | $ | 98,613 | $ | 94,637 | $ | 61,080 | $ | 193,250 | $ | 100,074 | ||||||||||
| Net income (loss) (GAAP) | $ | 37,052 | $ | 29,730 | $ | 10,833 | $ | 66,782 | $ | (5,264 | ) | |||||||||
| Stock-based compensation | 53,817 | 55,124 | 52,757 | 108,941 | 113,590 | |||||||||||||||
| Acquisition related amortization | 4,467 | 4,429 | 5,353 | 8,896 | 10,706 | |||||||||||||||
| Restructuring and asset impairment charges | 3,322 | 3,162 | 1,171 | 6,484 | 3,078 | |||||||||||||||
| Non-cash interest expense | 829 | 1,678 | 2,157 | 2,507 | 4,289 | |||||||||||||||
| Non-GAAP income tax adjustment | (9,618 | ) | (4,880 | ) | (13,447 | ) | (14,498 | ) | (19,619 | ) | ||||||||||
| Net income (Non-GAAP) | $ | 89,869 | $ | 89,243 | $ | 58,824 | $ | 179,112 | $ | 106,780 | ||||||||||
| Net income (loss) per share, basic (GAAP) | $ | 0.28 | $ | 0.23 | $ | 0.08 | $ | 0.51 | $ | (0.04 | ) | |||||||||
| Stock-based compensation | 0.41 | 0.42 | 0.39 | 0.80 | 0.84 | |||||||||||||||
| Acquisition related amortization | 0.03 | 0.04 | 0.04 | 0.08 | 0.08 | |||||||||||||||
| Restructuring and asset impairment charges | 0.03 | 0.02 | 0.01 | 0.06 | 0.02 | |||||||||||||||
| Non-cash interest expense | 0.01 | 0.01 | 0.02 | 0.02 | 0.03 | |||||||||||||||
| Non-GAAP income tax adjustment | (0.07 | ) | (0.04 | ) | (0.11 | ) | (0.11 | ) | (0.14 | ) | ||||||||||
| Net income per share, basic (Non-GAAP) | $ | 0.69 | $ | 0.68 | $ | 0.43 | $ | 1.36 | $ | 0.79 | ||||||||||
| Shares used in basic per share calculation GAAP and Non-GAAP | 131,031 | 131,869 | 135,646 | 131,447 | 135,768 | |||||||||||||||
| Net income (loss) per share, diluted (GAAP) | $ | 0.28 | $ | 0.22 | $ | 0.08 | $ | 0.50 | $ | (0.04 | ) | |||||||||
| Stock-based compensation | 0.41 | 0.42 | 0.38 | 0.83 | 0.84 | |||||||||||||||
| Acquisition related amortization | 0.03 | 0.04 | 0.04 | 0.07 | 0.08 | |||||||||||||||
| Restructuring and asset impairment charges | 0.03 | 0.03 | 0.01 | 0.05 | 0.02 | |||||||||||||||
| Non-cash interest expense | 0.01 | 0.01 | 0.02 | 0.02 | 0.03 | |||||||||||||||
| Non-GAAP income tax adjustment | (0.07 | ) | (0.04 | ) | (0.10 | ) | (0.11 | ) | (0.15 | ) | ||||||||||
| Net income per share, diluted (Non-GAAP) | $ | 0.69 | $ | 0.68 | $ | 0.43 | $ | 1.36 | $ | 0.78 | ||||||||||
| Shares used in diluted per share calculation GAAP | 135,219 | 136,208 | 136,123 | 135,719 | 135,768 | |||||||||||||||
| Shares used in diluted per share calculation Non-GAAP | 131,144 | 132,133 | 136,123 | 131,644 | 136,439 | |||||||||||||||
| Income-based government grants (GAAP) | $ | 61,040 | $ | 53,631 | $ | 24,329 | $ | 114,671 | $ | 42,946 | ||||||||||
| Incremental cost for manufacturing in U.S. | (19,528 | ) | (15,773 | ) | (5,950 | ) | (35,301 | ) | (10,832 | ) | ||||||||||
| Net IRA benefit (Non-GAAP) | $ | 41,512 | $ | 37,858 | $ | 18,379 | $ | 79,370 | $ | 32,114 | ||||||||||
| Net cash provided by operating activities (GAAP) | $ | 26,629 | $ | 48,414 | $ | 127,062 | $ | 75,043 | $ | 176,263 | ||||||||||
| Purchases of property and equipment | (8,259 | ) | (14,608 | ) | (9,636 | ) | (22,867 | ) | (17,007 | ) | ||||||||||
| Free cash flow (Non-GAAP) | $ | 18,370 | $ | 33,806 | $ | 117,426 | $ | 52,176 | $ | 159,256 | ||||||||||
This press release was published by a CLEAR® Verified individual.
Source: US Global Legal Monitor
The following is a guest post by foreign law intern, Yuri Rattanaboonsen. Yuri works with Foreign Law Specialist, Sayuri Umeda, in the Global Legal Research Directorate in the Law Library of Congress.
In Thailand, surnames are generally unique to family lines, and more often than not, we rarely meet a stranger who has the same surname if he or she is not a distant relative.
Before the enactment of the Thai Nationality Act in 1913, which is also known as the Surname Act, surnames were uncommon for the general public. This law required all Thai citizens and permanent residents to register a family surname for the first time. As a result, many families had to create a new surname. One important feature of the law was that each family’s surname had to be unique. (Thai Nationality Act sec.12(5).) If a name was already registered, the family would have to register a different one.
Currently, the Person’s Name Act B.E. 2505 (1962), as amended by the Person’s Name Act (No. 3), B.E. 2548 (2005), governs the rules for personal names in Thailand. It still states “[t]he surname shall not repeat … a registered surname.” (sec. 8(3).)
Thai Surnames
Originally, Thai surnames often reflected a person’s ancestry, place of origin, or occupation, and usually consisted of two to three syllables. They can relate to information about religion, social class, or even links to royalty or heritage.
Thai immigrant families’ surnames are often long. For example, because many Chinese families’ surnames were the same and were already in use, many immigrant families had to modify or expand them to register unique surnames under the 1913 law. Some families chose Thai words that sounded similar to their original Chinese surname. Others created longer surnames by adding extra syllables or translating the original name’s meaning into Thai. As a result, many names and surnames today are long and complex.
The Person’s Name Act limits the length of a surname. It states “[t]he surname shall … not be comprised of more than 10 alphabetical letters….” (Id. sec. 8(5).) This only applies to the Thai alphabet. Therefore, a romanized Thai surname often has more than 10 Roman characters.
It is rare, but some overlap of Thai surnames exists because technology was not advanced enough to detect all registered surnames nationwide at the time the registry was created. The Department of Provincial Administration’s system, which can check the population registration going back to 1984, came online to link data nationwide in 1993. It was then discovered that many people are not relatives but have the same last names.
Name Change
When a surname is changed to a new one, it often becomes quite long. In Thailand, people can change their names for any reason. (Id. sec. 17) Many individuals choose to change their names for personal, cultural, or spiritual reasons.
Some people change names based on astrological beliefs, selecting letters that are thought to be compatible with the individual’s birthday. In these naming calculations, each letter and vowel has a specific meaning. People try to make the total value of their name and surname lucky or strong. To do this, they often need to use more letters, which results in longer names and surnames. However, many people who do not hold these beliefs still have short surnames.
Permission to Use Another Person’s Surname
A Thai person who is not a spouse or relative of another person and who has a different surname can have the person’s surname upon permission of the person who registered the surname. The act states that the permission “can be made by filing an application to the local Registrar in the area where he or she has his or her name on the household registry …The permission … shall be valid only upon the local Registrar’s issuance of a letter showing the permission to use such surname to” a particular person. (Id. sec. 11.)
Romanization of surnames
The same Thai names might be spelled differently in Roman characters on passports or national identity cards due to the different practices in different registrars’ offices. In addition, the registrar’s consideration and opinion affected the registration process. (Id. sec. 18.)
In July 2023, Bangkok Metropolitan sent a letter to the Department of Provincial Administration to discuss the practice of using Roman characters for first and last names on national identity cards. The Department of Provincial Administration responded by stating that a person’s name must be romanized through transliteration based on phonetic principles, as written in the Prime Minister’s Office Announcement of English transliteration criteria on August 26, 1989, and the Royal Institute criteria for transliteration of Thai into Roman letters by phonetic means on January 11, 1999. The Department of Provincial Administration also forwarded this response to all provincial governors to study and practice in the same way. No other specific regulation was made apart from what the Person’s Name Act B.E. 2505 (1962) provides.
Nickname of Thai People
Although it is not officially registered or recognized under Thai law, nicknames are widely used in everyday life. Most Thai individuals receive a nickname at birth. Thai people do not usually change their nicknames; some do, but fewer compared to changes in their first names and surnames. Thais’ nicknames have changed over time. In the past, most nicknames were in Thai, which were short and simple. usually named after animals, fruits, colors, and nature, such as Khao (Rice), Kai (Chicken), Fah (Sky/Blue), and Ploy (Gemstone). Nowadays, the number of syllables increases, and the use of foreign languages in nicknames has increased. Nicknames can be random English words, such as Donut, Golf, or New Year, brand names, such as Porsche, Benz, or Pepsi, or even be an alphabet letter, such as A, B, S, or X.
A person may go by their nickname socially and professionally for their entire life, but only their official given name will appear in legal contracts, government records, and academic certifications. In daily life, individuals are more commonly known by their nickname than their full legal name.
Further Reading
If you would like to know how other countries regulate names, do not forget to check out our other blog posts on that topic, among them, Jenny’s post on naming laws in Germany, Kelly’s post on banning baby names in New Zealand, Laney’s on how many times you can change a name in Taiwan, or Elin’s post on Icelandic name laws.
Subscribe to In Custodia Legis – it’s free! – to receive interesting posts drawn from the Law Library of Congress’s vast collections and our staff’s expertise in U.S., foreign, and international law.
Source: European Parliament
Question for written answer E-002871/2025
to the Commission
Rule 144
Alice Teodorescu Måwe (PPE), Rasa Juknevičienė (PPE), Wouter Beke (PPE), Petras Auštrevičius (Renew), Matej Tonin (PPE)
Directive 2003/88/EC[1] (Working Time Directive) sets minimum standards for rest and working hours across the EU. While Article 17 allows derogations for specific sectors, including the armed forces, the scope and application of these exemptions remain legally unclear. This ambiguity has led to inconsistent national practices and legal uncertainty for Member States.
Some countries (e.g. Sweden, Germany and Ireland) have introduced structured systems to balance soldiers’ right to rest with operational demands. The Commission has expressed support for Ireland’s recent reforms, while other models – such as Sweden’s use of collective agreements – have faced criticism. This variation highlights the need for a clearer and more harmonised legal basis for flexibility under the directive.
In the light of evolving security threats and the Commission’s emphasis on ensuring interoperability and readiness of national armed forces within a common EU framework, we ask:
is the Commission willing to consider or propose amendments to the Working Time Directive to establish a more explicit, harmonised exemption framework for military personnel – particularly concerning activities such as deployment, emergency response and training?
Submitted: 14.7.2025
Source: GlobeNewswire (MIL-OSI)
Nokia Corporation
Inside information
22 July 2025 at 19:00 EEST
Inside Information: Nokia lowers 2025 operating profit guidance due to currency
Espoo, Finland – Nokia is today providing an update to its financial guidance for full year 2025. Nokia’s underlying business performed as expected through the first half, however, considering currency and tariff headwinds which are outside its control and have transpired since its Q1 results, the company feels it is prudent at this point to lower its operating profit outlook range. Nokia is lowering its comparable operating profit outlook range to EUR 1.6 billion to EUR 2.1 billion (previously EUR 1.9 billion to EUR 2.4 billion). Nokia’s guidance for free cash flow conversion from comparable operating profit remains 50% to 80%. Nokia’s guidance is now based on a EUR:USD rate of 1.17, while the currency rate used in January was 1.04.
Since Nokia provided guidance in January for the full year 2025, two headwinds outside its control are impacting the 2025 outlook. The largest headwind is currency fluctuations (particularly the weaker USD), an approximately EUR 230 million negative impact (EUR 140 million operationally and EUR 90 million from non-cash venture fund currency revaluations). Also, the current tariff landscape is expected to impact full year operating profit by EUR 50 million to EUR 80 million.
Update to Nokia’s financial outlook for 2025
| Updated | Previous (Issued 30 Jan) | |
| Comparable Operating Profit1 | EUR 1.6 billion to EUR 2.1 billion | EUR 1.9 billion to EUR 2.4 billion |
| Free cash flow conversion from comparable operating profit | 50% to 80% | 50% to 80% |
1 Outlook is based on a EUR:USD rate of 1.17 for the remainder of the year.
In the second quarter, based on its preliminary financials, Nokia expects to report net sales of approximately EUR 4.55 billion and comparable operating profit of EUR 300 million. The Q2 comparable operating profit includes a negative impact from its venture funds of EUR 50 million primarily related to currency.
Nokia will release its second quarter and half year 2025 financial results on Thursday 24th July 2025.
Nokia will conduct a conference call with analysts and investors to discuss its second quarter performance and business outlook on 24 July 2025 at 11:30am EEST / 09:30am BST / 04:30am US EST.
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
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 our 2024 annual report on Form 20-F published on 13 March 2025 under Operating and financial review and prospects-Risk factors.
Source: GlobeNewswire (MIL-OSI)
Nokia Corporation
Inside information
22 July 2025 at 19:00 EEST
Inside Information: Nokia lowers 2025 operating profit guidance due to currency
Espoo, Finland – Nokia is today providing an update to its financial guidance for full year 2025. Nokia’s underlying business performed as expected through the first half, however, considering currency and tariff headwinds which are outside its control and have transpired since its Q1 results, the company feels it is prudent at this point to lower its operating profit outlook range. Nokia is lowering its comparable operating profit outlook range to EUR 1.6 billion to EUR 2.1 billion (previously EUR 1.9 billion to EUR 2.4 billion). Nokia’s guidance for free cash flow conversion from comparable operating profit remains 50% to 80%. Nokia’s guidance is now based on a EUR:USD rate of 1.17, while the currency rate used in January was 1.04.
Since Nokia provided guidance in January for the full year 2025, two headwinds outside its control are impacting the 2025 outlook. The largest headwind is currency fluctuations (particularly the weaker USD), an approximately EUR 230 million negative impact (EUR 140 million operationally and EUR 90 million from non-cash venture fund currency revaluations). Also, the current tariff landscape is expected to impact full year operating profit by EUR 50 million to EUR 80 million.
Update to Nokia’s financial outlook for 2025
| Updated | Previous (Issued 30 Jan) | |
| Comparable Operating Profit1 | EUR 1.6 billion to EUR 2.1 billion | EUR 1.9 billion to EUR 2.4 billion |
| Free cash flow conversion from comparable operating profit | 50% to 80% | 50% to 80% |
1 Outlook is based on a EUR:USD rate of 1.17 for the remainder of the year.
In the second quarter, based on its preliminary financials, Nokia expects to report net sales of approximately EUR 4.55 billion and comparable operating profit of EUR 300 million. The Q2 comparable operating profit includes a negative impact from its venture funds of EUR 50 million primarily related to currency.
Nokia will release its second quarter and half year 2025 financial results on Thursday 24th July 2025.
Nokia will conduct a conference call with analysts and investors to discuss its second quarter performance and business outlook on 24 July 2025 at 11:30am EEST / 09:30am BST / 04:30am US EST.
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
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 our 2024 annual report on Form 20-F published on 13 March 2025 under Operating and financial review and prospects-Risk factors.
Source: The Conversation – Africa – By Jonathan Salerno, Associate Professor, Colorado State University, Colorado State University
Protecting livestock in areas where large carnivores (like lions) live is increasingly important as human land use expands, wildlife habitat shrinks, and climatic changes reshape the ways in which humans and wildlife interact. Protecting the carnivores from livestock owners is important too. Intact carnivore populations support more resilient food webs and the ecosystem services they provide.
It’s not easy for people, livestock, and carnivores to live together without conflict, though. One of the best ways to reduce conflict is to protect livestock like cattle and sheep from being attacked by predators.
There are various methods to do this, like guarding livestock or erecting fences. That’s all very well for the livestock inside the fences, but do predators simply turn to the nearest unprotected livestock for their meal instead? Are the neighbours’ cattle, sheep, and goats at greater risk? This question hasn’t been explored much by researchers.
We’re a group of conservation practitioners and scientists who have studied the interactions of carnivores, livestock, and people in Tanzania and elsewhere for decades to try and find solutions to conflict problems.
Our study area is next to a national park which protects important populations of lion, leopard, hyena, African wild dog, and cheetah. The people who live here have traditionally kept their livestock overnight in enclosures made of acacia-thorn branches. More recently, some of them have built pens, or corrals, from tall chain link fencing. We knew from years working with communities and from previous research that these fortified corrals were effective at keeping livestock safe from predators.
Our next step was to find out whether this made other nearby livestock less safe.
Read more: What’s behind the conflict between people and animals in Tanzania
The results were intriguing. We found that the new enclosures made predation less likely in the nearby traditional enclosures too.
This type of beneficial spillover effect had yet to be documented in other systems where interventions aim to protect livestock from large carnivores.
Our results show that in conservation, it’s important to look closely at complex local dynamics. The findings may help explain why there’s so much uncertainty about the effectiveness of various human–wildlife conflict mitigation strategies.
People who keep livestock in east Africa have long had strategies to keep their animals safe from large carnivores. Sometimes acacia-thorn night enclosures (known locally as bomas), intensive herding practices, and guarding dogs work well.
Other times, and especially in communities within and adjacent to large, protected carnivore populations, traditional strategies fall short.
This is the case in Tanzania’s Ruaha-Rungwa Landscape. In our study area adjacent to Ruaha National Park, any pastoralist or agropastoralist (herding and crop farming) household has about a 30% chance of losing one or more animals to predation each year. This is a serious economic loss on top of important cultural and emotional costs.
Lion Landscapes, an organisation that some of us have been running for over a decade, works to support human-carnivore coexistence. Adjacent to Ruaha, we have been partnering with households to build 1.8-metre chain-link corrals. We subsidise them. Households contribute 25% of the cost and some of the labour for construction.
We analysed about 25,000 monthly reports of livestock predation in fenced and traditional enclosures, using statistical models. There were 846 predation events over nearly four years. Unexpectedly, while we did detect spillover effects, these appeared to be beneficial. Rather than displacing conflicts, fortified enclosures actually conferred protective effects on their traditional-enclosure neighbours.
For example, households within 50 metres (the minimum observed distance) of a fortified enclosure were half as likely to experience predation compared with distant households 2 kilometres away. And these beneficial effects increased with the number of fortified enclosures in a neighbourhood. Finally, the effects appeared to be durable over time.
The fortified enclosures were extremely effective. We showed that households could break even after paying for the fence in just a few years through avoided livestock losses. And we know that when domestic animals aren’t being killed, their owners are more tolerant of predators. We didn’t record carnivore killings in this study but it has happened fairly frequently in the area in the past.
In a few of the world’s human-wildlife conflict systems, where data exist to assess spillover effects, there is evidence that detrimental spillovers do occur. For instance, beehive deterrents may redirect elephants to nearby crop fields, or lethal removal of individual wolves may redirect the surviving pack to prey on adjacent ranches. Nevertheless, these are very under-studied interactions.
In systems where humans, livestock, and wildlife overlap and sometimes come into conflict, management strategies too often focus on wildlife. Another option is to reduce whatever attracts wildlife. In the case of large carnivores, this means managing livestock.
Read more: Livestock are threatened by predators – but old-fashioned shepherding may be an effective solution
Our results support this approach by demonstrating that management and protection of livestock is fundamental for reducing conflict, and can benefit not only livestock owners but landscape-level coexistence.
Conservationists and policy-makers need to encourage these practices that benefit people, carnivores, and livestock in shared landscapes.
– Livestock and lions make uneasy neighbours: how a fence upgrade helped protect domestic and wild animals in Tanzania
– https://theconversation.com/livestock-and-lions-make-uneasy-neighbours-how-a-fence-upgrade-helped-protect-domestic-and-wild-animals-in-tanzania-258113
Source: The Conversation – Africa – By Paa Kwesi Wolseley Prah, Postdoctoral Fellow, Dublin City University
Ghana stands out in west Africa as a nation that has not experienced terrorist attacks, even though it’s geographically close to countries that have. In Burkina Faso, Mali and Nigeria, extremist groups such as Boko Haram and Islamic State in West Africa (ISWAP) have wreaked havoc.
This resilience is not accidental. It is the result of deliberate counter-terrorism strategies employed by Ghana’s security institutions.
Ghana’s counter-terrorism framework was set out in 2020. It has four pillars: prevent, pre-empt, protect, and respond. The idea is to coordinate multiple agencies, including the Ghana Police Service, Ghana Immigration Service, Ghana Armed Forces and the National Intelligence Bureau.
These pillars guide strategies to address both immediate threats and underlying vulnerabilities. Poverty, religious radicalism and porous borders are common drivers of terrorism in west Africa.
I am an international security and global governance researcher. My co-author is a government and international studies scholar.
Four years ago we wrote a paper examining Ghana’s resilience against terrorist attacks. Our findings are still relevant given the increasing activities of terror groups in the west African region.
Read more: West Africa terror: why attacks on military bases are rising – and four ways to respond
We wanted to identify what works as a potential model for other countries.
Using a qualitative methodology, we interviewed stakeholders — including police officers, members of the armed forces, Muslim community leaders, and immigration officials. We also analysed the national framework for preventing and countering violent extremism and terrorism.
Our findings showed that Ghana’s success is traceable to an approach that integrates community engagement with advanced border technology, inter-agency training, media collaboration and intelligence operations. And it addresses both immediate and underlying threats.
We argue that Ghana’s ability to balance prevention with security offers solutions for stability in a geopolitically volatile region.
Read more: Ghana’s new president faces tough regional security problems: why he’s well-placed to tackle them
One of the standout strategies is community engagement. This serves multiple purposes, from guiding people away from extremism to gathering intelligence.
The Ghana Police Service, for instance, engages Muslim-dominated communities, known as “Zongos”, to counter radical Islamic ideologies that could be exploited by terrorist groups.
By collaborating with local religious leaders, police make communities aware of the dangers of radicalisation. They foster trust and encourage residents to report suspicious activities. This approach also works in tackling illegal arms circulation.
Ghana has an estimated 2.3 million small arms in circulation – 1.1 million of them illegally possessed. The availability of so many weapons fuels terrorist activities across west Africa.
Community based de-radicalisation aligns with global best practices. In Norway, for instance, it was used to disengage youth from extremist groups.
Ghana’s border control management is another part of its counter-terrorism strategy. Ghana Immigration Service uses advanced security software and integrated systems like the “Immigration 360” system, designed to fully automate passenger processing and data management.
The system manages records of fingerprints and other data to improve reporting and intelligence sharing between Ghana Immigration and other security agencies.
The technology makes it possible to quickly identity individuals on terrorist watchlists and detects concealed goods. This helps prevent illegal cross-border movements.
There are gaps in Ghana’s defences, however. The influx of migrants fleeing extremist violence in Burkina Faso, Mali and Niger in 2024 highlights the urgency of scaling up investments in the technology.
Read more: West Africa could soon have a jihadist state – here’s why
Ghana combats new and varying forms of terrorism by uncovering trends and training personnel to deal with them.
A notable example was the six-day joint training in 2022 involving the Ghana Immigration Service, Police Service, Customs, Economic and Organised Crime Office, and the National Intelligence Bureau.
The country also works with regional neighbours like Burkina Faso, Togo and Benin, and partners such as the United States, through initiatives like “Operation Epic Guardian”.
Terrorists rely on media to amplify fear and publicise their causes. Ghana’s security agencies counter this tactic by actively engaging media houses to report accurately.
The Ghana Armed Forces, for instance, works with media to debunk false reports, which can cause public panic and inadvertently aid terrorists.
The Ghana Police Service emphasises regular dialogue with media to ensure sensitive information is verified before publication, reducing the risk of tipping off suspects. However, media competition for viewers poses a challenge.
Surveillance and intelligence gathering is critical. Plainclothes armed forces and immigration personnel blend into communities to monitor potential threats. The approach has worked but is constrained by resources.
It can also risk human rights violations, such as wrongful profiling, and is less effective against multiple targets compared to technological solutions like facial recognition or CCTV.
Read more: Funding terror: how west Africa’s deadly jihadists get the money they need to survive
Despite its successes, Ghana’s counter-terrorism framework faces challenges that could undermine its long-term efficacy:
logistical and financial constraints
the influx of migrants fleeing regional violence
a lack of harmonised security cultures within the regional body, Ecowas.
In all, Ghana’s strategies offer lessons for west Africa, where terrorism is a growing threat.
Its community engagement model could be followed in Nigeria, Burkina Faso, Mali and Niger to counter radicalisation and arms proliferation, provided it avoids religious stereotyping.
– Ghana’s security strategy has kept terror attacks at bay: what other countries can learn from its approach
– https://theconversation.com/ghanas-security-strategy-has-kept-terror-attacks-at-bay-what-other-countries-can-learn-from-its-approach-260333
Source: The Conversation – Africa (2) – By Paa Kwesi Wolseley Prah, Postdoctoral Fellow, Dublin City University
Ghana stands out in west Africa as a nation that has not experienced terrorist attacks, even though it’s geographically close to countries that have. In Burkina Faso, Mali and Nigeria, extremist groups such as Boko Haram and Islamic State in West Africa (ISWAP) have wreaked havoc.
This resilience is not accidental. It is the result of deliberate counter-terrorism strategies employed by Ghana’s security institutions.
Ghana’s counter-terrorism framework was set out in 2020. It has four pillars: prevent, pre-empt, protect, and respond. The idea is to coordinate multiple agencies, including the Ghana Police Service, Ghana Immigration Service, Ghana Armed Forces and the National Intelligence Bureau.
These pillars guide strategies to address both immediate threats and underlying vulnerabilities. Poverty, religious radicalism and porous borders are common drivers of terrorism in west Africa.
I am an international security and global governance researcher. My co-author is a government and international studies scholar.
Four years ago we wrote a paper examining Ghana’s resilience against terrorist attacks. Our findings are still relevant given the increasing activities of terror groups in the west African region.
Read more:
West Africa terror: why attacks on military bases are rising – and four ways to respond
We wanted to identify what works as a potential model for other countries.
Using a qualitative methodology, we interviewed stakeholders — including police officers, members of the armed forces, Muslim community leaders, and immigration officials. We also analysed the national framework for preventing and countering violent extremism and terrorism.
Our findings showed that Ghana’s success is traceable to an approach that integrates community engagement with advanced border technology, inter-agency training, media collaboration and intelligence operations. And it addresses both immediate and underlying threats.
We argue that Ghana’s ability to balance prevention with security offers solutions for stability in a geopolitically volatile region.
Read more:
Ghana’s new president faces tough regional security problems: why he’s well-placed to tackle them
One of the standout strategies is community engagement. This serves multiple purposes, from guiding people away from extremism to gathering intelligence.
The Ghana Police Service, for instance, engages Muslim-dominated communities, known as “Zongos”, to counter radical Islamic ideologies that could be exploited by terrorist groups.
By collaborating with local religious leaders, police make communities aware of the dangers of radicalisation. They foster trust and encourage residents to report suspicious activities. This approach also works in tackling illegal arms circulation.
Ghana has an estimated 2.3 million small arms in circulation – 1.1 million of them illegally possessed. The availability of so many weapons fuels terrorist activities across west Africa.
Community based de-radicalisation aligns with global best practices. In Norway, for instance, it was used to disengage youth from extremist groups.
Ghana’s border control management is another part of its counter-terrorism strategy. Ghana Immigration Service uses advanced security software and integrated systems like the “Immigration 360” system, designed to fully automate passenger processing and data management.
The system manages records of fingerprints and other data to improve reporting and intelligence sharing between Ghana Immigration and other security agencies.
The technology makes it possible to quickly identity individuals on terrorist watchlists and detects concealed goods. This helps prevent illegal cross-border movements.
There are gaps in Ghana’s defences, however. The influx of migrants fleeing extremist violence in Burkina Faso, Mali and Niger in 2024 highlights the urgency of scaling up investments in the technology.
Read more:
West Africa could soon have a jihadist state – here’s why
Ghana combats new and varying forms of terrorism by uncovering trends and training personnel to deal with them.
A notable example was the six-day joint training in 2022 involving the Ghana Immigration Service, Police Service, Customs, Economic and Organised Crime Office, and the National Intelligence Bureau.
The country also works with regional neighbours like Burkina Faso, Togo and Benin, and partners such as the United States, through initiatives like “Operation Epic Guardian”.
Terrorists rely on media to amplify fear and publicise their causes. Ghana’s security agencies counter this tactic by actively engaging media houses to report accurately.
The Ghana Armed Forces, for instance, works with media to debunk false reports, which can cause public panic and inadvertently aid terrorists.
The Ghana Police Service emphasises regular dialogue with media to ensure sensitive information is verified before publication, reducing the risk of tipping off suspects. However, media competition for viewers poses a challenge.
Surveillance and intelligence gathering is critical. Plainclothes armed forces and immigration personnel blend into communities to monitor potential threats. The approach has worked but is constrained by resources.
It can also risk human rights violations, such as wrongful profiling, and is less effective against multiple targets compared to technological solutions like facial recognition or CCTV.
Read more:
Funding terror: how west Africa’s deadly jihadists get the money they need to survive
Despite its successes, Ghana’s counter-terrorism framework faces challenges that could undermine its long-term efficacy:
logistical and financial constraints
the influx of migrants fleeing regional violence
a lack of harmonised security cultures within the regional body, Ecowas.
In all, Ghana’s strategies offer lessons for west Africa, where terrorism is a growing threat.
Its community engagement model could be followed in Nigeria, Burkina Faso, Mali and Niger to counter radicalisation and arms proliferation, provided it avoids religious stereotyping.
The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
– ref. Ghana’s security strategy has kept terror attacks at bay: what other countries can learn from its approach – https://theconversation.com/ghanas-security-strategy-has-kept-terror-attacks-at-bay-what-other-countries-can-learn-from-its-approach-260333
Source: The Conversation – Africa (2) – By Jonathan Salerno, Associate Professor, Colorado State University, Colorado State University
Protecting livestock in areas where large carnivores (like lions) live is increasingly important as human land use expands, wildlife habitat shrinks, and climatic changes reshape the ways in which humans and wildlife interact. Protecting the carnivores from livestock owners is important too. Intact carnivore populations support more resilient food webs and the ecosystem services they provide.
It’s not easy for people, livestock, and carnivores to live together without conflict, though. One of the best ways to reduce conflict is to protect livestock like cattle and sheep from being attacked by predators.
There are various methods to do this, like guarding livestock or erecting fences. That’s all very well for the livestock inside the fences, but do predators simply turn to the nearest unprotected livestock for their meal instead? Are the neighbours’ cattle, sheep, and goats at greater risk? This question hasn’t been explored much by researchers.
We’re a group of conservation practitioners and scientists who have studied the interactions of carnivores, livestock, and people in Tanzania and elsewhere for decades to try and find solutions to conflict problems.
Our study area is next to a national park which protects important populations of lion, leopard, hyena, African wild dog, and cheetah. The people who live here have traditionally kept their livestock overnight in enclosures made of acacia-thorn branches. More recently, some of them have built pens, or corrals, from tall chain link fencing. We knew from years working with communities and from previous research that these fortified corrals were effective at keeping livestock safe from predators.
Our next step was to find out whether this made other nearby livestock less safe.
Read more:
What’s behind the conflict between people and animals in Tanzania
The results were intriguing. We found that the new enclosures made predation less likely in the nearby traditional enclosures too.
This type of beneficial spillover effect had yet to be documented in other systems where interventions aim to protect livestock from large carnivores.
Our results show that in conservation, it’s important to look closely at complex local dynamics. The findings may help explain why there’s so much uncertainty about the effectiveness of various human–wildlife conflict mitigation strategies.
People who keep livestock in east Africa have long had strategies to keep their animals safe from large carnivores. Sometimes acacia-thorn night enclosures (known locally as bomas), intensive herding practices, and guarding dogs work well.
Other times, and especially in communities within and adjacent to large, protected carnivore populations, traditional strategies fall short.
This is the case in Tanzania’s Ruaha-Rungwa Landscape. In our study area adjacent to Ruaha National Park, any pastoralist or agropastoralist (herding and crop farming) household has about a 30% chance of losing one or more animals to predation each year. This is a serious economic loss on top of important cultural and emotional costs.
Lion Landscapes, an organisation that some of us have been running for over a decade, works to support human-carnivore coexistence. Adjacent to Ruaha, we have been partnering with households to build 1.8-metre chain-link corrals. We subsidise them. Households contribute 25% of the cost and some of the labour for construction.
We analysed about 25,000 monthly reports of livestock predation in fenced and traditional enclosures, using statistical models. There were 846 predation events over nearly four years. Unexpectedly, while we did detect spillover effects, these appeared to be beneficial. Rather than displacing conflicts, fortified enclosures actually conferred protective effects on their traditional-enclosure neighbours.
For example, households within 50 metres (the minimum observed distance) of a fortified enclosure were half as likely to experience predation compared with distant households 2 kilometres away. And these beneficial effects increased with the number of fortified enclosures in a neighbourhood. Finally, the effects appeared to be durable over time.
The fortified enclosures were extremely effective. We showed that households could break even after paying for the fence in just a few years through avoided livestock losses. And we know that when domestic animals aren’t being killed, their owners are more tolerant of predators. We didn’t record carnivore killings in this study but it has happened fairly frequently in the area in the past.
In a few of the world’s human-wildlife conflict systems, where data exist to assess spillover effects, there is evidence that detrimental spillovers do occur. For instance, beehive deterrents may redirect elephants to nearby crop fields, or lethal removal of individual wolves may redirect the surviving pack to prey on adjacent ranches. Nevertheless, these are very under-studied interactions.
In systems where humans, livestock, and wildlife overlap and sometimes come into conflict, management strategies too often focus on wildlife. Another option is to reduce whatever attracts wildlife. In the case of large carnivores, this means managing livestock.
Read more:
Livestock are threatened by predators – but old-fashioned shepherding may be an effective solution
Our results support this approach by demonstrating that management and protection of livestock is fundamental for reducing conflict, and can benefit not only livestock owners but landscape-level coexistence.
Conservationists and policy-makers need to encourage these practices that benefit people, carnivores, and livestock in shared landscapes.
Amy Dickman works for Lion Landscapes as the Joint CEO
Jonathan Salerno, Kevin Crooks, Rekha Warrier, and Stewart Breck do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
– ref. Livestock and lions make uneasy neighbours: how a fence upgrade helped protect domestic and wild animals in Tanzania – https://theconversation.com/livestock-and-lions-make-uneasy-neighbours-how-a-fence-upgrade-helped-protect-domestic-and-wild-animals-in-tanzania-258113
Source: US FBI
LOS ANGELES – A Swedish national who licensed the rights of the late Colombian narco-terrorist Pablo Escobar pleaded guilty today to six federal criminal charges for defrauding investors by marketing and selling products – including flamethrowers and cellphones – that he never delivered.
Olof Kyros Gustafsson, 32, a.k.a. “El Silencio,” pleaded guilty to one count of conspiracy to commit wire fraud and mail fraud, one count of wire fraud, one count of mail fraud, one count of conspiracy to commit money laundering, one count of concealment money laundering, and one count of international concealment money laundering.
Gustafsson has been in federal custody since March 28, when he was extradited to the United States from Spain, where he was arrested in December 2023.
According to his plea agreement, Gustafsson was the CEO of Escobar Inc., a corporation registered in Puerto Rico that held successor-in-interest rights to the persona and legacy of Pablo Escobar, the deceased Colombian narco-terrorist and late head of the Medellín Cartel. Escobar Inc. used Pablo Escobar’s likeness and persona to market and sell purported consumer products to the public.
From July 2019 to November 2023, Gustafsson identified existing products in the marketplace that were being manufactured and sold to the public. He then used the Escobar persona to market and advertise similar and competing products purportedly being sold by Escobar Inc., advertising them at a price substantially lower than existing counterparts being sold by other companies.
Gustafsson then purportedly sold the products – including an Escobar Flamethrower, an Escobar Fold Phone, an Escobar Gold 11 Pro Phone, and Escobar Cash (marketed as a “physical cryptocurrency”) – to customers, receiving payments via PayPal, Stripe, Coinbase, among other payment processors, as well as bank and wire transfers.
Despite receiving customer payments, Gustafsson did not deliver the Escobar Inc. products to paying customers because the products did not exist.
In furtherance of the scheme, Gustafsson sent crudely made samples of the purported Escobar Inc. products to online technology reviewers and social media influencers to attempt to increase the public’s demand for them. For example, Gustafsson sent Samsung Galaxy Fold Phones wrapped in gold foil and disguised as Escobar Inc. phones to online technology reviewers to attempt to induce victims who watched the online reviews into buying the products that never would be delivered.
Also, rather than sending paying customers the actual products, Gustafsson mailed them a “Certificate of Ownership,” a book, or other Escobar Inc. promotional materials so there was a record of mailing from the company to the customer. When a paying customer attempted to obtain a refund when the product was never delivered, Gustafsson fraudulently referred the payment processor to the proof of mailing for the Certificate of Ownership or other material as proof that the product itself was shipped and that the customer had received it so the refund requests would be denied.
Gustafsson also caused bank accounts to be opened under his name and entities he controlled to be used as funnel accounts – bank accounts into which he deposited and withdrew proceeds derived from his criminal activities. The purpose was to conceal and disguise the nature, location, source, ownership, and control of the proceeds. The bank accounts were located in the United States, Sweden, and the United Arab Emirates.
United States District Judge Fernando L. Aenlle-Rocha scheduled a December 5 sentencing hearing, at which time Gustafsson will face a statutory maximum sentence of 20 years in federal prison for each fraud-related count and up to 10 years in federal prison for each money laundering-related count.
As part of his plea agreement, Gustafsson agreed to pay up to $1.3 million in restitution to victims, as well as to forfeiture to funds that were proceeds of the fraud schemes, including money currently held in a bank account in Sweden.
IRS Criminal Investigation, the FBI, and the Federal Deposit Insurance Corporation-Office of Inspector General are investigating this matter, with assistance from the Department of Justice’s Office of International Affairs, the United States Marshals Service, Eurojust, Spanish authorities, and French judicial authorities.
Assistant United States Attorney Joshua O. Mausner of the Violent and Organized Crime Section is prosecuting this case.
Source: US FBI
LOS ANGELES – A Swedish national who licensed the rights of the late Colombian narco-terrorist Pablo Escobar pleaded guilty today to six federal criminal charges for defrauding investors by marketing and selling products – including flamethrowers and cellphones – that he never delivered.
Olof Kyros Gustafsson, 32, a.k.a. “El Silencio,” pleaded guilty to one count of conspiracy to commit wire fraud and mail fraud, one count of wire fraud, one count of mail fraud, one count of conspiracy to commit money laundering, one count of concealment money laundering, and one count of international concealment money laundering.
Gustafsson has been in federal custody since March 28, when he was extradited to the United States from Spain, where he was arrested in December 2023.
According to his plea agreement, Gustafsson was the CEO of Escobar Inc., a corporation registered in Puerto Rico that held successor-in-interest rights to the persona and legacy of Pablo Escobar, the deceased Colombian narco-terrorist and late head of the Medellín Cartel. Escobar Inc. used Pablo Escobar’s likeness and persona to market and sell purported consumer products to the public.
From July 2019 to November 2023, Gustafsson identified existing products in the marketplace that were being manufactured and sold to the public. He then used the Escobar persona to market and advertise similar and competing products purportedly being sold by Escobar Inc., advertising them at a price substantially lower than existing counterparts being sold by other companies.
Gustafsson then purportedly sold the products – including an Escobar Flamethrower, an Escobar Fold Phone, an Escobar Gold 11 Pro Phone, and Escobar Cash (marketed as a “physical cryptocurrency”) – to customers, receiving payments via PayPal, Stripe, Coinbase, among other payment processors, as well as bank and wire transfers.
Despite receiving customer payments, Gustafsson did not deliver the Escobar Inc. products to paying customers because the products did not exist.
In furtherance of the scheme, Gustafsson sent crudely made samples of the purported Escobar Inc. products to online technology reviewers and social media influencers to attempt to increase the public’s demand for them. For example, Gustafsson sent Samsung Galaxy Fold Phones wrapped in gold foil and disguised as Escobar Inc. phones to online technology reviewers to attempt to induce victims who watched the online reviews into buying the products that never would be delivered.
Also, rather than sending paying customers the actual products, Gustafsson mailed them a “Certificate of Ownership,” a book, or other Escobar Inc. promotional materials so there was a record of mailing from the company to the customer. When a paying customer attempted to obtain a refund when the product was never delivered, Gustafsson fraudulently referred the payment processor to the proof of mailing for the Certificate of Ownership or other material as proof that the product itself was shipped and that the customer had received it so the refund requests would be denied.
Gustafsson also caused bank accounts to be opened under his name and entities he controlled to be used as funnel accounts – bank accounts into which he deposited and withdrew proceeds derived from his criminal activities. The purpose was to conceal and disguise the nature, location, source, ownership, and control of the proceeds. The bank accounts were located in the United States, Sweden, and the United Arab Emirates.
United States District Judge Fernando L. Aenlle-Rocha scheduled a December 5 sentencing hearing, at which time Gustafsson will face a statutory maximum sentence of 20 years in federal prison for each fraud-related count and up to 10 years in federal prison for each money laundering-related count.
As part of his plea agreement, Gustafsson agreed to pay up to $1.3 million in restitution to victims, as well as to forfeiture to funds that were proceeds of the fraud schemes, including money currently held in a bank account in Sweden.
IRS Criminal Investigation, the FBI, and the Federal Deposit Insurance Corporation-Office of Inspector General are investigating this matter, with assistance from the Department of Justice’s Office of International Affairs, the United States Marshals Service, Eurojust, Spanish authorities, and French judicial authorities.
Assistant United States Attorney Joshua O. Mausner of the Violent and Organized Crime Section is prosecuting this case.
Source: GlobeNewswire (MIL-OSI)
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.
Oslo, Norway, 21 July 2025.
Reference is made to the stock exchange announcement published earlier today on 21 July 2025 by IDEX Biometrics ASA (“IDEX” or the “Company”) regarding a contemplated underwritten private placement (the “Private Placement”) of new shares in the Company (the “Offer Shares”), where Arctic Securities AS has acted as manager and bookrunner (the “Manager”).
The Private Placement has been successfully completed, raising gross proceeds to the Company of NOK 30,000,000, through the issuance of 9,090,909 Offer Shares at a subscription price per Offer Share of NOK 3.30 (the “Offer Price”).
The net proceeds from the Private Placement will be used for the Company’s commercialization efforts in line with the new business strategy announced in March 2025 as well as for general corporate purposes.
Altea AS, Pinchcliffe AS (closely associated company of the CEO and CFO, Anders Storbråten), Anders Storbråten, Charles Street International Ltd. (Robert Keith) and K-Konsult AS (closely associated company of the chairperson of the board of directors, Morten Opstad) (the “Underwriters”) had, subject to customary conditions, accepted to be allocated Offer Shares that were not applied for during the Application Period (as defined herein) for up to NOK 30,000,000 pursuant to an underwriting agreement entered into with the Company (the “UWA”). An underwriting fee equal to 5% of the underwriting commitment by each Underwriter will be payable by the Company to each of the Underwriters in the form of a total of 454,542 new shares in the Company (the “Underwriting Shares”), subject to the approval and issuance of the Underwriting Shares by the EGM (as defined herein).
The Private Placement was divided into two tranches: Tranche 1 (“Tranche 1”) consisted of 4,731,594 Offer Shares, and the share capital increase related to Tranche 1 have been resolved by the board of directors (the “Board”) pursuant to an authorization granted by the Company’s general meeting held on 21 May 2025 (the “Authorization”). Tranche 2 (“Tranche 2”) will consist of the number of Offer Shares that, together with the Tranche 1 shares, is necessary in order to raise gross proceeds of NOK 30 million. The issuance of Offer Shares in Tranche 2 remains subject to approval by an extraordinary general meeting, scheduled to be held on or about 14 August 2025 (the “EGM”). Applicants will receive a pro rata portion of shares from Tranche 1 and Tranche 2 based on their overall allocation in the Private Placement, with the exception of the Underwriters, which have agreed that the new shares it is allocated in the Private Placement will all be allocated in Tranche 2.
The completion of Tranche 1 is otherwise subject to (i) the Share Lending Agreement and the UWA remaining in full force and effect (“Tranche 1 Conditions”). The completion of Tranche 2 is subject to (i) completion of Tranche 1, (ii) approval by the EGM and (iii) the Share Lending Agreement and the UWA remaining in full force and effect (“Tranche 2 Conditions”). Both the Tranche 1 Conditions and the Tranche 2 Conditions include the share capital increase pertaining to the issuance of the allocated Offer Shares under such tranche being validly registered with the Norwegian Register of Business Enterprises and the allocated Offer Shares being validly issued and registered in the Norwegian Central Securities Depository Euronext Securities Oslo (“VPS”). Completion of Tranche 1 is not conditional upon completion of Tranche 2, and acquisition of shares in Tranche 1 will remain final and binding and cannot be revoked or terminated by the respective applicants if Tranche 2 is not completed. The Board reserves the right to cancel, and/or modify the terms of the Private Placement, at any time and for any reason prior to delivery of the Offer Shares in Tranche 1, without or on short notice. The applicant acknowledges that Tranche 1 and Tranche 2 of the Private Placement will be cancelled if the relevant conditions for such tranches (or issuance) are not fulfilled, and may be cancelled by the Board in its sole discretion for any other reason whatsoever prior to delivery of the Offer Shares in Tranche 1. Neither the Manager nor the Company will be liable for any losses if the Private Placement is cancelled or modified, irrespective of the reason for such cancellation or modification.
Following completion of Tranche 1, the Company’s share capital will be NOK 52,095,850 divided into 52,095,850 shares, each with a par value of NOK 1.00. Following completion of Tranche 2 of the Private Placement and issuance of the Underwriting Shares, both subject to EGM approval, the Company’s share capital will be NOK 56,909,707 divided into 56,909,707 shares, each with a par value of NOK 1.00.
The Private Placement (Tranche 1 and Tranche 2) will be settled with existing and unencumbered shares in the Company that are already listed on the Oslo Stock Exchange, pursuant to a share lending agreement entered into between the Company, the Manager and an existing shareholder (the “Share Lending Agreement”). The Share Lending Agreement will be settled with the new shares in the Company issued by the Board pursuant to the Authorization (as described above) and issued by the EGM, as applicable.
Settlement of Tranche 1 of the Private Placement is expected to take place on a delivery versus payment basis on or about 24 July 2025. Settlement of Tranche 2 of the Private Placement is expected to take place on a delivery versus payment basis on or about 18 August 2025.
The Board has considered the contemplated Private Placement in light of the equal treatment obligations under the Norwegian Securities Trading Act and Oslo Børs’ Circular no. 2/2014 and deems that the Private Placement is in compliance with these requirements. The Board holds the view that it will be in the common interest of the Company and its shareholders to raise equity through a private placement, in view of the current market conditions and the growth opportunities currently available to the Company. A private placement enables the Company to raise capital in an efficient manner, and the Private Placement is structured to ensure that a market-based subscription price is achieved.
Taking into consideration that the Private Placement was conducted as a publicly announced bookbuilding process and a market-based subscription price was achieved, the Board has concluded that a subsequent offering towards existing shareholders is not necessary.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and section 5 -12 of the Norwegian Securities Trading Act. This stock exchange release was published by Kjell-Arne Besseberg, Chief Operating Officer, on 21 July 2025 at 23:15 CEST.
About IDEX Biometrics ASA
IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.
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 its 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 EU Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression “EU 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 document.
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.
Neither the Manager nor any of their affiliates make any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein.
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. Neither the Manager nor any of their affiliates accept any liability arising from the use of this announcement.
Source: US Global Legal Monitor
This post is part of our Frequently Asked Legal Questions series.
This year marks the 110th anniversary of the adoption of six laws on children’s rights in Norway, which became known as the “Castbergian Child Acts” (Castbergske barnelovene) and regulate the relationship between parent and child, in particular strengthening children’s rights over their unwed fathers. The laws are part of UNESCO ‘s Memory of the World.
The laws are
Why are they called the Castbergian Child Laws?
The name of the child laws is derived from Johan Castberg, the President of the Odelsting (the lower chamber of the then two chambers of Norwegian Parliament) who presented the bill in the Norwegian Parliament, and who has been called the father of the Castbergian laws. He has himself called Katti Anker Møller the mother of the child’s act for her advocacy for women’s and children’s rights.
In addition to the Norwegian child laws, Johan Castberg also lent his name to Norway’s northernmost oil field in the Barents Sea.
What are the Castbergian Laws?
As mentioned above, the laws are six laws or amendments to laws that specify rights of the child, in particular in relation to its parents. The laws are described in one combined bill, the Odelstings Proposition Nr. 5 1914 (Ot. Prp. nr 5 (1914)). The bill starts with the following sentence:
“The hygienic, social, and financial circumstances under which a person is born and raised during their first years of life determine their later development. [These circumstances] to a great extent determine whether the child will become a vigorous individual and a useful member of society.” (Ot. Prp. 5, 1914 at 1, all translations by author.)
It later continues by explaining the failures of the current laws related to children and paternity at the time.
“In one area, the society has not, however, yet reached the recognition of the child’s natural rights over the parent. Namely, this applies to children born outside of marriage. Our legislation is still built on the provocative and unnatural fiction, that such a child only has a mother, legally it does not have a father. This applies even when there is no doubt who the father is. The law deprives also in this instance the child of [its natural] child’s right over the father.” (Ot. Prp. 5, 1914 at 2.)
The bill then goes on to describe the inconsistency of the law, which gives the child all its right over the mother, both in terms of a right to support, name, and inheritance from the mother’s relatives, but none over the father, noting that
“[r]esponsibility, duty, burden are placed on her – so much heavier because the father in accordance with the law is not carrying his share. This discrepancy between the man and the woman’s responsibility is so much more unjust because the woman is the suffering party and in general the weaker party. The birth of a child disrupts her organism, creates a complete upheaval in her social, physical and economic life, and lessens for a shorter or longer period of time, her ability to work and demands her energies to care for the child. The discrepancy between man’s and woman’s responsibilities is much more conspicuous as it is due to legislation in which women have had no part, a legislation only given by men. This is not only an injustice to the mother and the child, but a demoralizing system, because it releases the man from his natural responsibility and therefore tempts him to carelessness in a relationship that should be the most serious and responsible in a person’s life; that of bringing another human being into the world.” (Id. at 2.)
The law was thus not intended just to protect the child, but to also solve what Castberg saw as an inherent unfairness between the sexes. Women had gained the right to vote in 1913, through an amendment to the constitution, and the first woman to be elected to parliament was elected in 1921.
What was the reason for the change in law?
While the term “illegitimate” child was removed from the law that specified how children born outside of marriage were to be treated before 1915, there were still large differences associated with being born to married or unwed parents under Norwegian law in 1915, ranging from different name rights, to the right to inheritance, and the right to receive monetary support from the father.
The main reason Castberg invoked for changing the laws was a publication (Socialstatistik, V, Om Børn, fødte udenfor Ægteskab), from the Norwegian Statics Bureau (Statistics Norway) that showed that the rate of infanticide was between twice and three times as prevalent among children born to unwed parents as among children born to wed parents. This, argued Castberg, was because the mother and child born out of wedlock were still stigmatized and that unmarried mothers had less resources to tend to their child than wed mothers. (Ot. Prp. 5, 1914 at 2.)
How was paternity established?
These laws set up certain procedures for paternity determination that carry over into our day. The Castbergian laws required that the mother inform the treating midwife who the father was at minimum three months before the child was born. (6 § Lov om barn hvis forældre ikke harindgaat egteskap med hverandre.) Persons familiar with the possible paternity were required to testify and falsely accusing a man of being the father of one’s child was subject to imprisonment for up to two years. (Id.) Children were no longer admitted to the National Population Registry with the designation “father unknown.”
Norwegian mothers continue to be required to inform their midwives who the father is or may be, and the state has an obligation to find out in cases where the mother does not know or refuses to tell. (1 § Barnelova.)
What if the father denied paternity?
The Castbergian laws also removed a previous legal provision by which the father could solemnly swear that he was not the father and thereby release himself of paternity. Under the Castbergian laws, the courts were now free to determine who was more trustworthy, the mother or the contesting father. (10 § Lov om barn hvis forældre ikke harindgaat egteskap med hverandre.) Today, a DNA-test can resolve the issue. (4 § Barnelova.)
What were other notable changes?
The perhaps most notable changes at the time were that children born in and outside of wedlock were given the same rights pertaining to inheritance from the father and father’s family (3 § Arveloven; Ot. Prp. nr. 5, 1914 at 76-78) and the child also had a right to carry his or her father’s surname or his or her mother’s. ( 1§ Lov om barn hvis forældre ikke har indgaat egteskap med hverandre.) The father also had a duty to pay support to the child, and support to the mother for breastfeeding the child the first nine months (opamningsbidrag). (Id. 18 §.) If he was not able, the municipality would pay the mother. The state (through the local bidragsfogd) now also had a duty to collect the payment from the father, including by garnishing wages. (Id. 23-25 §§.)
Where can I find rules on paternity today?
Paternity and rules on co-mothers (the role of a same-sex partner to the birthing mother) are regulated in the Children’s Act. (3-4 §§ Lov om barn og foreldre (barnelova)(LOV 1981-04-8-7).) A person wishing to register paternity or co-motherhood can do so at the Norwegian Labour and Welfare Administration (NAV).
Additional Resources
The laws themselves are found in the Norwegian Gazette, Norsk Lovtidende, for the year 1915, which is part of the Law Library collection for Norway.
Library of Congress Collection Holdings authored by Johan Castberg
Additional Law Library of Congress Online resources on Norway
Additional Law Library of Congress Online resources on Child law
If you have a question regarding laws of Norway or on the topic of child law, you can also submit it using the Ask a Librarian form on our website.
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Source: United Nations secretary general
The Secretary-General met with H.E. Mr. Petteri Orpo, Prime Minister of the Republic of Finland. The Secretary-General and the Prime Minister discussed the global geopolitical situation, including Ukraine and the Middle East, along with the role of the United Nations.
The 2030 Agenda and the UN80 initiative were also discussed. The Secretary-General commended Finland’s leadership in advancing multilateralism, and its steadfast contributions to the UN system.
Source: WTO
Headline: Arbitrators issue award in EU-China intellectual property dispute
This is the second appeal arbitration conducted under the Multi-Party Interim Appeal Arbitration Arrangement (MPIA) to which both China and the European Union are participants.
Summary of key findings
Download:
In pdf format:
What is the MPIA?
The MPIA was agreed upon among its original 18 participating members in April 2020 to provide the possibility of resorting to arbitration under Article 25 of the DSU in case of an appeal in disputes between any two or more participating members. Currently the following WTO members are parties to the MPIA: Australia; Benin; Brazil; Canada; Chile; China; Colombia; Costa Rica; Ecuador; the European Union; Guatemala; Hong Kong, China; Iceland; Japan; Macao, China; Malaysia; Mexico; Montenegro; New Zealand; Nicaragua; Norway; Pakistan; Paraguay; Peru; the Philippines; Singapore; Switzerland; Ukraine; the United Kingdom; and Uruguay.
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Source: WTO
Headline: Arbitrators issue award in EU-China intellectual property dispute
This is the second appeal arbitration conducted under the Multi-Party Interim Appeal Arbitration Arrangement (MPIA) to which both China and the European Union are participants.
Summary of key findings
Download:
In pdf format:
What is the MPIA?
The MPIA was agreed upon among its original 18 participating members in April 2020 to provide the possibility of resorting to arbitration under Article 25 of the DSU in case of an appeal in disputes between any two or more participating members. Currently the following WTO members are parties to the MPIA: Australia; Benin; Brazil; Canada; Chile; China; Colombia; Costa Rica; Ecuador; the European Union; Guatemala; Hong Kong, China; Iceland; Japan; Macao, China; Malaysia; Mexico; Montenegro; New Zealand; Nicaragua; Norway; Pakistan; Paraguay; Peru; the Philippines; Singapore; Switzerland; Ukraine; the United Kingdom; and Uruguay.
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Source: European Parliament
Question for written answer E-002843/2025
to the Commission
Rule 144
Asger Christensen (Renew)
Each year, millions of spent hens in Denmark, Sweden and Finland pose a logistical and sustainability challenge because of insufficient slaughterhouse capacity. The only specialised facility in the region operates well below the scale needed to process the volume of end-of-lay hens.
Mobile slaughter systems, such as the Danish BioChick solution, offer a practical and animal welfare-friendly alternative. The process involves the hens being stunned, inspected by a veterinary surgeon, and acidified to a pH of 2 to yield a product suitable for biogas generation. However, under Regulation (EC) No 1069/2009[1], this material is classified as Category 2, whereas it would be Category 3 if processed in a traditional slaughterhouse. This classification prevents its use in renewable energy, despite similar hygiene and safety standards and better animal welfare standards.
In parallel, new EU transport rules may further restrict long-distance movement of spent hens, increasing the relevance of mobile slaughter and biogas conversion as one of the few sustainable solutions.
Submitted: 11.7.2025
Source: GlobeNewswire (MIL-OSI)
Next steps in the merger process
Kvika banki and Arion Bank announced on 6 July that the boards of directors of the companies had decided to initiate discussions on merging the companies and have signed a letter of intent to that effect. The aim of the merger is to combine the companies’ strengths and to create a robust financial institution which offers comprehensive services for its customers.
One of the largest mergers on the Icelandic financial market
This represents one of the largest mergers undertaken on the Icelandic financial market and the process can be expected to take some time. Regular updates on the status and progress of negotiations will be provided as and when needed.
The first steps involve due diligence reviews and merger negotiations between the companies, a process which is already underway. The parties aim to request preliminary discussions with the Icelandic Competition Authority in August, where the aims of the merger and benefits resulting from it, both for customers and the Icelandic financial market, will be presented. The parties hope that the preliminary discussions, the finalization of contracts and the due diligence review will be completed in the next few months. Assuming that the preliminary discussions with the Icelandic Competition Authority are successful, the merger will be formally announced to the regulators and will be submitted for approval at shareholders’ meetings of both companies.
Enhanced banking services
If the merger between Kvika and Arion goes ahead it will strengthen and enhance the banking services provided to the customers of the merged company – retail, corporate and investors. The merger will generate opportunities for risk distribution and more diverse revenue streams, while also creating a more effective business and bringing greater efficiency to the Icelandic financial market.
In recent years Kvika has been an active competitor on the markets, not least through its brand Auður which has had a substantial impact on the deposits market and has recently made a successful entry into the home loan market. Following the merger, the companies’ brands will continue to play a key role for customers.
Source: The Conversation – UK – By Renaud Foucart, Senior Lecturer in Economics, Lancaster University Management School, Lancaster University
The UK government’s new ten-year-plan to transform the NHS includes a focus on preventing ill health rather than treating illness. But to what extent should people depend on the state to help them make healthy decisions?
Some think any kind of nudge in that direction is symptomatic of a “nanny state” overstepping its boundaries. Others might argue that nanny knows best, or that governments should do whatever works best both economically and to keep people healthy.
Either way, if a country like the UK wants to keep providing free (or at least tax-payer funded) and universal healthcare, rather than charging every patient for their specific needs, its choices are limited.
Take obesity for example, which is estimated to cost the NHS around £12.6 billion a year – more than 5% of its total budget.
In 2022, 28.7% of adults in the UK had obesity, compared to 10.9% in France, 14.3% in Denmark and 22% in Belgium. (In the US, it was 42.8%.)
Government analysis claims that if everyone who is overweight reduced their calorie intake by just 216 calories a day – roughly equivalent to a single 500ml bottle of fizzy drink – obesity would be halved, and so would the associated costs. It also estimates that cutting the calorie count of a daily diet by just 50 calories would lift 340,000 children and 2 million adults out of obesity.
But how should it persuade people to cut those calories? Happy to ignore accusations of being a nanny state, the UK government is now working with food retailers and manufacturers to encourage people to make healthier choices.
Under the plan, products will be made with less sugar and fat. And the data that supermarkets own about your shopping habits (through online shopping and loyalty cards) will be used to nudge you towards more fruits and vegetables and fewer bags of crisps. Businesses that fail to induce changes in customer consumption will face financial penalties.
And perhaps this is more effective than personal responsibility. Recent alternative policies which relied on individual action like following diets using the NHS weight loss app have not worked.
The UK has also invested hundred of millions of pounds trying to encourage people to burn calories by walking and cycling more. But the country remains reluctant to reduce its car-dependence, with its cities poorly served by public transport. Walking and cycling are just not that popular.
So perhaps state intervention is the only policy British people are willing to accept. Understandably, they want the freedom to make their own choices when it comes to exercise, eating and drinking, but they also want to keep the NHS free. Only 7% would support charging people for their use of healthcare.
Another option is to tax the consumption of fat and sugar to pay for the cost it imposes on others. In 2016, the UK was among the first countries to introduce a tax on sugary drinks. Since then, the total amount of sugar in British soft drinks has decreased by 46%, because changing the recipes means the producers pay less tax.
Research shows that the tax also deters younger people from buying too much sugar. However, it does little to reduce consumption among those who have the most sugar-intensive diets, just like alcohol taxes do nothing to convince the most addicted alcoholics to drink less.
There is also a valid argument that taxing sugar and fat is unfair. Unhealthy food is a much larger proportion of the budget of poorer households than it is for wealthier one, making it a regressive tax.
Yet policies nudging people towards healthy choices often have a good track record. A study of food labelling policies which placed warning labels on high sugar and high calorie foods in Chile showed that people bought less of them.
To stay below the threshold, firms then changed their recipes, just like with the tax. In that case, the warnings led to people consuming 11.5% less sugar and 2.8% less fat.
While paternalistic interventions can be annoying or upsetting, pretending obesity is purely an individual choice is misleading. Obesity starts in childhood, and can destroy future choices. Children with obesity are more likely to be bullied, and don’t do as well at school.
The state regularly bans harmful products without controversy. Even if you wanted to, you could not insulate your house with asbestos, and the UK is currently busy banning the sale of tobacco to anyone born after 2009.
With NHS waiting lists remaining at record highs, and a struggling economy, risk of the country becoming a nanny state by trying to encourage healthier food might actually be a pretty minor one.
Renaud Foucart 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. Is a ‘nanny state’ a price worth paying to keep the NHS free? The evidence shows it could work – https://theconversation.com/is-a-nanny-state-a-price-worth-paying-to-keep-the-nhs-free-the-evidence-shows-it-could-work-260539
Source: US State of Connecticut
When you think of barnacles, you likely picture shell-like creatures stuck to the sides of boats or docks, or even whales. However, did you know that some of the barnacles that attach to other animals are not just hitching a ride — they actually hijack their host?
“Instead of gluing themselves to a rock or something, they glue themselves to a host, often a crab, and they inject themselves into that host, and live their entire life as a root network growing through their host. It’s almost like a fungal network or plant root system. They have no real body in the way that we think of animal bodies,” says UConn Department of Ecology and Evolutionary Biology Assistant Professor James Bernot.
Bernot and his colleagues – including lead author Niklas Dreyer from the Natural History Museum of Denmark and Biodiversity Research Center Academia Sinica, Taiwan; Jørgen Olesen at the Natural History Museum of Denmark; Gregory Kolbasov at Moscow University; Jens Høeg at the University of Copenhagen; and Ryuji Machida and Benny Chan at the Biodiversity Research Center Academia Sinica, Taiwan – published their research on a mysterious group of crustaceans in Current Biology (LINK) to hopefully solve an enduring puzzle about these strange creatures.
Bernot explains that barnacles are crustaceans, like crabs or shrimp, and they have evolved unique strategies for survival. For example, they go from a free-swimming larval form to live the rest of their lives permanently attached to their substrate of choice.
A particularly enigmatic group called “y-larvae,” also known as Facetotecta, resembles young barnacles. Y-larvae have been studied in plankton samples since the 1800s, but Bernot says the real mystery is figuring out what they grow up to be—so far, the adult stage has never been seen. Though that element remains unanswered, in this new paper, the researchers are getting closer to finding out.
To look for clues on how y-larvae fit into the tree of life, the researchers collected more than 3,000 of the tiny crustaceans and analyzed their genes. They did this by sequencing the transcriptome, which is similar to a genome but represents the RNA that is expressed.
“We were finally able to confirm, in the realm of big data science, that they are, in fact, related to barnacles, but they aren’t closely related to any of the other parasitic barnacles. This was interesting to test by building a giant tree of life for all the crustaceans, then adding this little branch of y-larvae , this very unknown group, to that bigger tree, and we saw that they are related to barnacles, but more as distant cousins,” says Bernot.
Though not closely related to parasitic barnacles, these crustaceans are also likely parasitic because they have some structures in common with their parasitic cousins, says Bernot, including antennae with claws that may be used to hook onto their host.
“One of the best pieces of evidence we have that y-larvae become parasitic is that if we expose them to crustacean growth hormone, they will hatch out of their little swimming larval shape into a small slug-like body, which is similar to what parasitic barnacles do when they enter a host,” says Bernot. “The fact that if we give them hormones, they also molt into a slug-like thing, suggests they go on to be parasitic somewhere, but we still don’t know what host they end up in. Being hidden inside another animal’s body could explain why we haven’t found the adult stage of y-larvae yet.”
Although these crustaceans are unusual and largely unknown with only 17 species described so far, Bernot says some of his co-authors found more than 100 new and different species from a single harbor in Japan. There is more to learn about these enigmatic animals.
“We know the other parasitic barnacles do weird things. The ones that grow like roots inside of crabs castrate their hosts, so their hosts are no longer able to reproduce. They trick their hosts into thinking that the host is pregnant, so it starts taking care of this mass that grows outside of its body, but that mass is part of the barnacle and not actually the eggs of the host, and even if they infect a male crab, the male crab becomes feminized and starts behaving like a pregnant female crab. Y-larvae could be having similarly impactful roles in ecosystems, but we won’t know until we find what hosts they are living in and what they are doing there,” says Bernot.
Since the y-larvae transcriptome sequencing showed they were not closely related to parasitic barnacles, Bernot says that it is likely that y-larvae and parasitic barnacles evolved in a process called convergent evolution.
“Because they’re probably both parasitic and doing similar things, they’ve evolved similar strategies to attach to a host and to become this slug-like larva. It’s amazing to think that that really weird, unique lifestyle evolved multiple times.”
Different species of barnacles use different strategies when they become sessile adults. Besides living on inanimate objects, those that live on animals like whales are not considered parasitic because they are essentially hitching a ride and do not feed on their host. Others attach to the host and have structures that they use to feed on the host. Understanding the evolution of these different strategies is important, and Bernot says that a project they are currently working on involves building the evolutionary tree of all barnacles to observe and understand some of the evolutionary patterns.
“A big question is, what is it about barnacles that has given them so much variability over evolutionary time to take on so many different shapes and forms and lifestyles? They have come up with incredibly ingenious strategies for making their ways of life, and often their ways of life seem very bizarre to us, but they have clearly been very successful,” says Bernot. “These animals have been around for hundreds of millions of years and there are several thousand species of them, so they have come up with some really amazing solutions to complex problems.”
Some of those solutions could also help humans. For example, Bernot says, there is a lot of interest in trying to better understand barnacle glues.
“They glue themselves to docks, they glue themselves to boats, and that is a problem. The Navy spends millions of dollars on additional fuel because barnacles on their ships cause additional drag. Also having more powerful glues that can dry underwater would be very useful for mechanical reasons, but maybe also for dentistry and things like that,” says Bernot. “There could be a lot of applications if we can better understand some of these amazing solutions that barnacles have evolved.”
Source: Government of Canada News
July 21, 2025 – Ottawa, Ontario – Global Affairs Canada
The Foreign Ministers of Australia, Austria, Belgium, Canada, Denmark, Estonia, Finland, France, Iceland, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, The Netherlands, New Zealand, Norway, Poland, Portugal, Slovenia, Spain, Sweden, Switzerland, the United Kingdom, and the European Union Commissioner for Equality, Preparedness and Crisis Management, today issued the following statement:
“We, the signatories listed below, come together with a simple, urgent message: the war in Gaza must end now.
“The suffering of civilians in Gaza has reached new depths. The Israeli government’s aid delivery model is dangerous, fuels instability and deprives Gazans of human dignity. We condemn the drip feeding of aid and the inhumane killing of civilians, including children, seeking to meet their most basic needs of water and food. It is horrifying that over 800 Palestinians have been killed while seeking aid. The Israeli Government’s denial of essential humanitarian assistance to the civilian population is unacceptable. Israel must comply with its obligations under international humanitarian law.
“The hostages cruelly held captive by Hamas since 7 October 2023 continue to suffer terribly. We condemn their continued detention and call for their immediate and unconditional release. A negotiated ceasefire offers the best hope of bringing them home and ending the agony of their families.
“We call on the Israeli government to immediately lift restrictions on the flow of aid and to urgently enable the UN and humanitarian NGOs to do their life-saving work safely and effectively.
“We call on all parties to protect civilians and uphold the obligations of international humanitarian law. Proposals to remove the Palestinian population into a “humanitarian city” are completely unacceptable. Permanent forced displacement is a violation of international humanitarian law.
“We strongly oppose any steps towards territorial or demographic change in the Occupied Palestinian Territories. The E1 settlement plan announced by Israel’s Civil Administration, if implemented, would divide a future Palestinian state in two, marking a flagrant breach of international law, and critically undermine the two-state solution. Meanwhile, settlement building across the West Bank and East Jerusalem has accelerated while settler violence against Palestinians has soared. This must stop.
“We urge the parties and the international community to unite in a common effort to bring this terrible conflict to an end, through an immediate, unconditional and permanent ceasefire. Further bloodshed serves no purpose. We reaffirm our complete support to the efforts of the US, Qatar and Egypt to achieve this.
“We are prepared to take further action to support an immediate ceasefire and a political pathway to security and peace for Israelis, Palestinians and the entire region.”
This statement has been signed by: