Category: Switzerland

MIL-OSI Security: Assistant Attorney General Leslie R. Caldwell Delivers Remarks at the 12th Annual State of the Net Conference

Source: United States Attorneys General 13

Remarks as prepared for delivery

Good morning. The Attorney General apologizes for not being able to be here today. She was at the World Economic Forum in Switzerland – addressing cybercrime issues – and, unfortunately, unable to get back to D.C. in time for this because of the snowstorm.

Thank you, Tim [Lordan], for that warm welcome, and for your leadership of the Internet Education Foundation (IEF). I also want to thank the IEF for the invaluable services you have provided since your organization was founded nearly two decades ago – and that you continue to provide today. Through this conference series, you bring together industry leaders, dedicated experts and devoted public servants to explore how we can harness new technologies to build more empowered communities and a stronger nation.

As the Assistant Attorney General of the Criminal Division, my foremost task in the cyber area is the vigorous, fair and effective enforcement of our cyber laws. The Justice Department does that by finding ways to protect our networks against evolving threats, by thwarting bad actors online, and by ensuring that both our security and our liberties remain as strong in the digital age as they have been throughout our history.

Essentially, we are focused on a question that President Obama posed in his State of the Union address a few weeks ago: How do we make technology work for us, and not against us?

In our age of rapid change and constant disruption, that question is relevant to almost every aspect of our lives, including law enforcement and national security.

There is no doubt that technology has both expanded and complicated our capacity to detect, investigate and prosecute crimes. Today, by using new technologies, we can analyze some types of evidence with unprecedented speed and accuracy, and coordinate with partners around the world in real time.

But as law enforcers have become better equipped, so have the law breakers we’re working to disrupt. Digital technology has transformed how police and prosecutors do our jobs, but it has also transformed how wrongdoers commit their crimes. Our bank accounts and personal information now exist online, tempting thieves and fraudsters.

The greater anonymity of cyberspace gives cover to drug dealers and arms traffickers. Dark websites are used to circulate illicit content, like images of child sexual exploitation and stolen credit cards.

Communication is frequently by instant message and email, so there are no actual paper trails, but rather virtual ones in data stored on digital devices, hard drives and in the cloud. And it isn’t just criminals who exploit the Internet for nefarious purposes.

The web also hosts groups and individuals who seek to harm our core security interests – from state-sponsored hackers conducting economic espionage; to rogue militants and official cyber warfare units targeting our infrastructure; to terrorist groups plotting attacks, radicalizing recruits and spreading hateful ideologies.

These emerging threats require nimble, innovative and adaptive responses, and at the Department of Justice, we are committed to doing our part to ensure that law enforcement stays a step ahead of bad actors.

The FBI continues to investigate cyber intrusions and national security threats while monitoring individuals, organized groups and state actors who might attempt to steal sensitive data or inflict harm. We recently created a Cybersecurity Unit within our Criminal Division, staffed with experienced prosecutors fluent in the law, policy and practice of cybercrime prevention.

And the Bureau of Alcohol, Tobacco, Firearms and Explosives has established an Internet Investigations Center (known as IIC) where federal agents, legal counsel and investigators track and counter illegal online firearms trafficking. The IIC – which was highlighted in the president’s recent recommendations to curb gun violence – has already identified a number of significant traffickers operating over the Internet, and their work has led to prosecutions against individuals and groups using the “dark net” to traffic guns to criminals or attempting to buy firearms illegally online.

Of course, the Department of Justice’s work to combat cybercrime is enhanced through our collaboration with law enforcement partners in other agencies, such as the U.S. Secret Service and U.S. Postal Inspection Service. And we are working to enhance cybersecurity and information sharing through our work with the Department of Homeland Security.

These are important steps to protect our online information and to combat crime here at home – but with an entity as vast and complex as the Internet, we must also reach beyond our own borders to partner with other countries. And that’s exactly what we’ve done.

In the last fiscal year, the FBI’s Cyber Division embedded three permanent Cyber Assistant Legal Attachés in the United Kingdom, Canada and Australia to help facilitate information-sharing, improve cooperation on investigations and build even stronger relationships with our allies.

We recently placed a Criminal Division prosecutor with Eurojust in The Hague and one in Southeast Asia. These positions will help to facilitate information-sharing, improve cooperation on investigations and build even stronger relationships with our law enforcement partners in other countries.

We’ve also created a cyber unit in our Office of International Affairs (OIA) dedicated to responding to and executing requests for electronic evidence from foreign authorities – requests that have increased by 1,000 percent over the last decade.

To help manage that significant growth, we have been actively hiring additional attorneys and professional staff for OIA’s Mutual Legal Assistance Treaty Modernization Project, and we hope to continue expanding our ability to help our overseas counterparts. And we are providing critical, real-time assistance to foreign counterparts through the 24/7 Points of Contact Network established by the Group of Seven Nations and by the Budapest Cybercrime Convention – a convention that, I am pleased to note, continues to be joined by countries around the world committed to fighting cybercrime.

Partnerships like these don’t just cultivate closer connections with our friends and allies – they also get results. In 2012, we participated in a multinational sweep of child-pornography websites, ultimately dismantling more than 200 websites that sexually exploited children.

In November 2014, we joined more than 15 countries under the auspices of the European Cybercrime Centre – or EC3 – to launch Operation Onymous, which shuttered a number of so-called “dark market websites” peddling drugs, weapons, stolen credit card data, fake passports and computer-hacking tools.

And this past July, our joint effort with EC3 shut down the Darkode hacking forum – an underground site where hackers convened to buy, sell and trade malicious software, botnets, intrusion tools and stolen personal information. That operation involved a coalition of 20 nations, led by the U.S. Department of Justice and EC3, and allowed us to charge, arrest or search 70 Darkode members and associates around the world.

The Justice Department will continue to work with foreign law enforcement agencies to prevent and prosecute groups and individuals that illegally use the Internet for crime and exploitation. Of course, as we seek to ensure the safety and integrity of our devices, databases and networks, it is crucial that we work closely not only with other law enforcement officers, but also with the people who create and design these products themselves – the executives, entrepreneurs and engineers who make America’s tech sector the envy of the world.

Our collaboration has been instrumental in a range of important victories, including the takedown of the GameOver Zeus Botnet, an operation in which technology and data-security companies played an invaluable role. We are committed to building on those successes by maintaining strong partnerships with the private sector.

That’s why the department has placed a high priority on entities like the FBI’s National Cyber Investigative Joint Task Force, which enables collaboration across government to respond to computer intrusions and attacks, and the National Cyber-Forensics & Training Alliance, which brings together law enforcement, private partners and experts in academia to address the cyber threats we face together.

And it’s why the Attorney General and I have been meeting regularly with industry leaders to foster cooperation and discuss urgent issues – including last week at the World Economic Forum in Switzerland, where the Attorney General joined with industry leaders to endorse five recommendations for enhancing public/private partnerships to fight cybercrime. We will continue to reach out to representatives of the tech industry, and our door is always open to new ideas for combatting cybercrime and online extremism.

One area where cooperation between the government and the private sector is especially important is in addressing the growing problem of the government’s inability to obtain critical information in electronic form even when we have court authorization to do so. This is the problem known as “going dark.”

While investigations used to rely on physical evidence – like handwritten notes, or documents stored in filing cabinets – as you can imagine, in the 21^st century that kind of evidence is growing scarce. Our ability to track and prosecute criminals now often depends on instant messages, emails and other forms of digital information. In fact, nearly every criminal investigation we undertake at the federal level relies on electronic evidence.

But as new ways of using encryption become an increasingly standard feature of personal electronic devices and messaging platforms, companies are losing the ability to respond to lawful processes. Those materials are increasingly inaccessible to law enforcement officers, even when we have a warrant to examine them. And we find ourselves facing obstacles which can stop our investigations and prosecutions in their tracks.

The security of our online information is critically important, and so is the legal process that protects our values and our safety. These are complementary, not competing priorities. After all, digital security is a vital tool, but it is not a cure-all – especially when it impedes our ability to protect ourselves and each other in the physical world.

The Department of Justice is completely committed to seeking and obtaining judicial authorization for electronic evidence collection in all appropriate circumstances. But once that authorization is obtained, we need to be able to act on it if we are to keep our communities safe and our country secure.

From gang activity to child abductions to national security threats, the ability to access electronic evidence in a timely manner is often essential to successfully conducting lawful investigations and preventing harm to potential victims.

As FBI Director [James] Comey recently said, in May, two terrorists attempted to kill a lot of people. One of the terrorists exchanged 109 messages with an overseas terrorist. We have no idea what he said because it was encrypted. That is a big problem. We have to grapple with it.

That’s why the Justice Department and organizations like the International Association of Chiefs of Police, the National District Attorneys Association and the Major Cities Chiefs Association feel strongly that there needs to be a way for law enforcement to retrieve critical information in cases where it’s necessary and authorized. We are committed to working with innovators, leaders and problem-solvers like you to figure out how we can best meet this public need together.

Of course, our interest in working together with you extends beyond this particular issue. The Internet has so fundamentally changed the way we live our lives that there are times when institutions like law enforcement must evolve. And as we seek to adapt to this new reality in a wide variety of ways, your creativity, your expertise and your leadership can help us ensure that the innovations we enjoy will benefit and protect the American people – and not those who would harm them or their liberties and rights.

We understand that this is no easy task. These are novel and difficult challenges. But what makes us confident about our ability to succeed is that, throughout our history, this country has always found a way to move forward while retaining the values that make us who we are. We are certain that we will do the same in the digital age. And together, we will build a brighter, safer and more prosperous future for all.

Thank you for your ongoing cooperation in that effort, and for your commitment to our shared goals. I look forward to all that we will accomplish – together – in the weeks and months ahead.

MIL Security OSI –

February 6, 2025
MIL-OSI Security: Principal Deputy Associate Attorney General Bill Baer Delivers Remarks Highlighting Elder Justice at the State Of Financial Fraud in America Event
Source: United States Attorneys General 13

Remarks as prepared for delivery

Thank you Robert for that kind introduction and for your leadership and dedication as CEO of Financial Industry Regulatory Authority (FINRA). And thank you to the Stanford Center on Longevity and the FINRA Investor Education Foundation, for hosting this conference and for the great work that you do. It is an honor to join with the many people in this audience who dedicate their lives to combatting financial fraud and protecting elderly Americans. This is a noble and enduring effort.

As many people here know, financial fraud targeted at the elderly is a serious problem. At the beginning of 2011, the first Baby Boomers reached the age of 65. I reached that milestone myself just last year. Indeed, 10,000 Americans turn 65 every day, and the percentage of Americas over 65 is growing. 5.8 percent of this group experiences identity theft in a given year. I had that ugly experience just last month. 13.8 percent experiences consumer fraud in a given year. 4.5 percent of people over 50 experience financial fraud in a five-year period. While there are varying accounts about how much the overall financial loss is, it is well into the billions of dollars.

Statistics aside, we are here together because we know all too well that this is a problem that takes a personal toll. Almost all of us know someone who has been the victim of financial fraud. And while it affects people of all ages, it can be especially devastating for elderly people, many of whom are dependent on their savings and are concerned about their own mental decline or other people’s perception of their mental decline.

I recently saw letters written by the victims of a set of schemes that we took action against. One described having sent “hundreds of checks” for a company’s “great offers” and tried to explain to the fraudster that “due to bad eyes, [he] has to use magnifying glasses to read” and had “been caught paying many times for th[e] very same offer.” Another, believing that the con men would send him a promised gift, tried to explain that he had sent his prior payments by money order and was now enclosing cash, “all [he] can send.” Another explained that when she gets the vast inheritance she’d been promised, she would use it to help her family, the homeless and needy children.

The nature and scope of elder fraud varies tremendously. At the Department of Justice, we see small, family based schemes, such as caregivers tricking elderly victims out of their savings or abusing powers of attorney. We see institutional schemes, such as nursing homes that provide unnecessary services or bill for services never provided. And we see global fraud networks that are—quite literally—organized crime. These schemes involve networks of businesses with careful divisions of labor. They target millions of Americans, maintain lists of victims, and, once someone has been duped, target those people again and again. One recent victim wrote a letter explaining: “Each day I keep getting more and more offers and it’s almost impossible for me to keep up with them.”

Large and diverse problems like this require broad based solutions. We at the Department of Justice know we can’t solve this problem alone. Coordination is essential not only with our federal partners, but with local, state and international authorities. And public and private partnerships are key to our understanding of the scope of the problem and to the lasting success of any solution.

Research into basic questions, such as why are elderly people vulnerable, and how can we detect fraud and abuse, is critical to attacking the problem. The FINRA Foundation and Stanford Center on Longevity launched the Financial Fraud Research Center five years ago. As some of your ongoing research has demonstrated, there is a natural decline in cognition as people age, especially ability to think fast and process new information. The elderly are sometimes lonely or otherwise socially isolated. Some are uncomfortable with technology. Many have pools of relatively liquid retirement assets. Some are dependent on caregivers. All of these factors make the elderly particularly susceptible to certain schemes.

There is much more to learn. The Department of Justice has invested in partnerships to help us all better understand the causes and risk factors associated with elder financial exploitation. For example, just a few weeks ago, we announced an award of nearly $800,000 to the Urban Institute and the University of Southern California to develop and test prevention programs that will address elder abuse, neglect and financial exploitation. To enhance our understanding of financial exploitation by conservators and guardians, last year our Office for Victims of Crime funded a project to search for innovative, evidence-based programs and practices that successfully detect and remedy conservator fraud. And people like you are furthering our understanding. This conference is highlighting emerging research on susceptibility to fraud and fraud prevention.

Beyond efforts to understand how and why elder fraud occurs, continuing dedication to enforcement is required to stop it. This is not a partisan issue. We have seen Democratic and Republican administrations alike express a shared commitment to using all tools in the Department of Justice’s enforcement arsenal. Back in the 1990s, under Attorney General Reno, the Department of Justice created the Elder Justice Initiative to centralize information, facilitate training, and coordinate within the Department and across the federal government. During the Bush Administration, the Department of Justice initiated an elder mistreatment research grant program, funding cutting edge research on elder abuse and financial exploitation that continues today.

During this Administration, Congress created the Elder Justice Coordinating Council as part of the Affordable Care Act to facilitate interagency cooperation at the highest of levels. At the Department of Justice, we formed the Attorney General’s Advisory Committee’s Elder Justice Working Group, which is comprised of U.S. Attorneys from across the country who are dedicated to improving our information sharing on financial scams targeting the elderly. And just this year, we created ten regional Elder Justice Task Forces that operate throughout the country, partnering with state and local law enforcement and prosecutors to enhance our collective response to elder financial fraud and abuse.

Our Elder Justice Initiative has also been assisting with community capacity building. This includes supporting the training of local law enforcement and prosecutors. And to enhance civil legal aid to seniors, in June 2016, the Department of Justice, in collaboration with the Corporation for National and Community Service, launched the Elder Justice AmeriCorps, the first-ever army of lawyers and paralegals to help elderly victims of abuse and exploitation. The program will support 300 AmeriCorps members throughout the country and is expected to reach over 8,000 older adults over the next two years.

A multi-faceted problem requires coordination between different federal agencies; it demands a whole of government approach. Mail is involved; we must coordinate with the Postal Inspection Service. Money is involved; we must coordinate with the Treasury Department. People target the elderly; we must coordinate with agencies that serve the elderly, such as the Social Security Administration.

And more and more, we are seeing schemes that are highly complex and global. Stopping these schemes require extensive cooperation—not just with state and local authorities, but also across the federal government and with our international counterparts. For example, the Department of Justice’s Consumer Protection Branch co-chairs the International Mass-Marketing Fraud Working Group, a network of civil and criminal law enforcement agencies from Australia, Belgium, Canada, Europol, the Netherlands, Nigeria, Norway, Spain, the United Kingdom and the United States.

We can point to meaningful progress. In the past several years, we have successfully shut down several international lottery scams where con men and women have contacted elderly victims in the United States, told the victims they won cash and prizes, and persuaded them to send thousands of dollars in fees to release the money. Of course, the victims never received cash or prizes in return. In a series of cases, perpetrators made calls from Jamaica using Voice Over Internet Protocol technology that made it appear as if the calls were coming from the United States. They convinced victims to send money to middlemen in South Florida and North Carolina, who forwarded the money to Jamaica. We have had great success breaking up these networks through joint efforts between Jamaican law enforcement and U.S. agencies including the Postal Inspection Service, Department of Homeland Security, U.S. Marshals Service, Federal Trade Commission and Internal Revenue Service. Since 2009, the Department of Justice has prosecuted or is prosecuting over 100 individuals linked to such lottery schemes, and has convicted and sentenced over 40 defendants.

We have had similar success going after global “psychic schemes.” Con men and women send letters purportedly written by “world-renowned psychics” stating that they had a vision revealing that the recipient has the opportunity to obtain great wealth. The letters appear personalized, refer to the recipient by name, and often contain portions that appear handwritten. The solicitations urge victims to purchase products and services that will ensure this good fortune. Investigations by the Department of Justice and Postal Inspection Service, among others, revealed the complexity of these schemes. Not only were there the fraudsters themselves, but there were separate companies performing different roles, such as processing victim payments and maintaining databases of consumers who responded to solicitations. In a two-week period, one company in the United States processed as much as $500,000 in payments for just one psychic scheme. We have discovered similar companies in Quebec, Hong Kong, Switzerland and France.

Perhaps the most significant example of cooperation to date were our wide-ranging enforcement actions taken in September of this year to dismantle a global network of mass mailing schemes targeting elderly and vulnerable victims. The schemes involved a network with components in Canada, France, India, the Netherlands, Singapore, Switzerland, Turkey and the United States. The network included an India-based printer that manufactured solicitations and arranged for bulk shipment to U.S. victims; a mailer in Switzerland; list brokers in the United States who bought and sold lists of victims so that once victims had fallen prey, others could target them; a “caging” service in the Netherlands that collected money; and a Canadian payment processor that, for more than 20 years, helped dozens of international fraudsters gain access to U.S. banks and take money from Americans. Stopping this network involved coordination between the Department of Justice, Department of Treasury, Postal Inspection Service, Federal Trade Commission, Iowa Attorney General’s office and counterparts in other countries. Just to give you a sample of the coordinated actions, on Sept. 22, 2016:
- The Treasury Department’s Office of Foreign Assets Control blocked assets from the Canadian payment processor and a network of individuals and entities across 18 countries.
- The Justice Department filed criminal charges and a civil injunction against a Turkish mass mailer.
- The Justice Department brought a series of civil actions to shut down companies based in the United States, India, Switzerland and Singapore. These companies were responsible for mailing millions of multi-piece solicitations to potential victims throughout the United States.
- The Justice Department entered into a consent decree with two Dutch “caging” businesses that collected and forward money. Our efforts were coordinated with Dutch authorities who executed search warrants on the businesses and took control of the Dutch post office boxes used to receive victims’ funds.
- The Federal Trade Commission filed a case against a related mass-mailer, printer, and list broker.
- The Iowa Attorney General negotiated a compliance agreement with two firms that brokered victim lists.
Of course, what matters even more than going after these schemes is preventing people from falling prey in the first place. Here too, federal agencies are working in cooperation and dedicated to the effort. The Department of Justice has distributed educational materials about these kinds of scams, the U.S. Postal Inspection Service has developed an electronic press kit for media outlets, my former colleagues at the Federal Trade Commission operate a “Pass It On” campaign that encourages people to share information about frauds that affect older Americans, the Social Security Administration is educating beneficiaries through its network of over 1,200 field offices nationwide, and the Consumer Financial Protection Bureau has produced a mail fraud alert placemat in coordination with Meals on Wheels America to distribute to seniors nationwide. Similarly, private organizations that work in the area of elder justice and consumer protection are doing their part. For example, AARP will be posting information through its Fraud Watch Network. And the Consumers Union, the policy arm of Consumer Reports, is alerting consumers about a variety of elder scams.

Going forward, the Department of Justice will continue to work with private, local, state, federal and global partners. And we urge all of you to tell us where the Department can do more. The federal government’s work on behalf of the elderly began long before this Administration, and it will continue long after. I expect that my successors, and my successors’ successors, will share our commitment to making sure our parents, grandparents and friends age with grace and dignity. And I look forward to all of you, who have worked so hard in this area, working with the next Administration to combat financial fraud and protect elderly Americans. Thank you again for having me here today.

MIL Security OSI –
February 6, 2025
MIL-OSI: Manufacture the impossible: SAEKI raises $6.7M to transform large-scale manufacturing

Source: GlobeNewswire (MIL-OSI)

Zurich, Feb. 05, 2025 (GLOBE NEWSWIRE) — With global supply chains facing mounting pressures and costs continuing to rise, manufacturing is at a critical juncture. Industries like aerospace, automotive, and construction face long lead times and high costs for large-format components, relying heavily on fragmented supply chains and labor-intensive processes. Today, manufacturing automation business SAEKI announced a $6.7M funding round to address these challenges through its innovative approach to digital manufacturing.

The seed round was led by Lightbird with participation from Founderful, 2100VC, Danobat, and multiple high-profile business angels.

The SAEKI team.

Unlike traditional manufacturers who rely on manual processes, SAEKI combines large-scale additive manufacturing with precision CNC machining in a unified production system. This hybrid approach enables the company to deliver precision-engineered components in days rather than weeks, while maintaining the highest quality standards through automated inspection processes. By incorporating automated quality assurance, the company ensures every part meets stringent industry standards, enabling faster delivery times and improved cost efficiency for large-format components.

The 3D Robot Printer in action

SAEKI is also announcing the launch of its breakthrough instant quoting platform, enabling customers to upload designs, configure requirements, and receive immediate pricing for precision-engineered parts. By eliminating traditional quoting bottlenecks, SAEKI has reduced the procurement cycle from days to minutes.

“There’s an exponential and widening divide between what we can design and what we can actually build,” commented Andrea Perissinotto, co-founder and CEO of SAEKI. “While engineers can now use AI to create hundreds of optimized designs, legacy manufacturing simply can’t deliver these components cost-effectively. By automating the entire process, from quoting to final inspection, to make these advanced designs manufacturable at scale. Our mission at SAEKI is to make manufacturing faster, more efficient, and more reliable. By integrating additive manufacturing with CNC machining and quality assurance, we’re giving industries the tools they need to innovate without constraints. This isn’t just about making parts; it’s about reshaping the way industries approach production. This is a defining moment for European manufacturing as we set out to build a future with fully autonomous factories”.

SAEKI’s origins are deeply rooted in hands-on manufacturing experience. The company’s CEO Andrea Perissinotto began his journey in his uncle’s workshop, where he witnessed firsthand how traditional production relied heavily on scarce, highly skilled craftsmen with decades of experience. “We saw an opportunity to integrate advanced manufacturing technologies to overcome these limitations and scale production efficiently,” said Andrea Perissinotto. “The existing processes demand decades of experience and are incredibly hard to scale. With AI and robotics, we’re now able to abstract and automate these skills”

SAEKI founders: (L to R) Oliver Harley, Matthias Leschok and Andrea Perissinotto.

SAEKI was founded by Andrea Perissinotto (CEO), Oliver Harley (CTO) and Dr. Matthias Leschok (COO), during their studies at ETH Zürich. The trio identified a unique opportunity to bring industrial-scale efficiency to large-format additive manufacturing and CNC machining, making the process faster and more cost-effective.

SAEKI’s technology-driven approach not only reduces waste and shortens lead times, but also helps reshore critical manufacturing capabilities to Europe. Moreover, by minimizing reliance on overseas suppliers, the company aligns with broader industry trends toward sustainability and supply-chain resilience.

The opportunity for SAEKI and the entire industry is immense. In meetings, one of the largest Swiss construction groups said the country would need another 3-4 SAEKIs to meet the potential demand for their formwork products. While a global automotive manufacturer noted that using SAEKI’s 3D-printed composite tooling shaved 2 weeks off of their production schedule. The sheer speed of delivery, 1 week vs 6 weeks from traditional suppliers, presented a significant opportunity.

“The company’s focus on large-format manufacturing is particularly timely, as sectors like aerospace and construction face increasing demand for complex, high-performance parts”, said Thomas Meier, Partner at Lightbird. “Global supply chains are under pressure, with rising costs and delays becoming the norm. We believe that SAEKI’s ability to deliver high-quality components quickly and reliably sets a new standard for the industry.”

The investment will accelerate SAEKI’s development of autonomous factories that integrate quoting, 3D printing, machining, and inspection into a seamless process. “We share SAEKI’s vision of European dynamism and strengthening Switzerland’s manufacturing position,” said Alex Stöckl, Partner at Founderful. “Their interdisciplinary team has shown remarkable progress, demonstrating the potential to reshape industrial production.”

Ends

Media images can be found here.

About SAEKI
Founded at ETH Zürich, SAEKI combines cutting-edge manufacturing technologies with deep industry expertise to deliver on-demand solutions for large-scale components. By streamlining production processes and ensuring the highest quality standards, SAEKI is reshaping the manufacturing landscape and enabling industries to innovate without limits.

The MIL Network –

February 6, 2025

MIL-OSI USA: U.S. International Trade in Goods and Services, December and Annual 2024

Source: US Bureau of Economic Analysis

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $98.4 billion in December, up $19.5 billion from $78.9 billion in November, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:	$98.4 Billion	+24.7%°
Exports:	$266.5 Billion	–2.6%°
Imports:	$364.9 Billion	+3.5%°
Next release: Thursday, March 6, 2025 (°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, February 5, 2025

Exports, Imports, and Balance (exhibit 1)

December exports were $266.5 billion, $7.1 billion less than November exports. December imports were $364.9 billion, $12.4 billion more than November imports.

The December increase in the goods and services deficit reflected an increase in the goods deficit of $18.9 billion to $123.0 billion and a decrease in the services surplus of $0.6 billion to $24.5 billion.

For 2024, the goods and services deficit increased $133.5 billion, or 17.0 percent, from 2023. Exports increased $119.8 billion or 3.9 percent. Imports increased $253.3 billion or 6.6 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $4.7 billion to $83.8 billion for the three months ending in December.

Average exports decreased $1.2 billion to $268.8 billion in December.
Average imports increased $3.5 billion to $352.7 billion in December.

Year-over-year, the average goods and services deficit increased $19.2 billion from the three months ending in December 2023.

Average exports increased $9.8 billion from December 2023.
Average imports increased $29.0 billion from December 2023.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $7.5 billion to $170.2 billion in December.

Exports of goods on a Census basis decreased $6.7 billion.

Consumer goods decreased $1.8 billion.
- Pharmaceutical preparations decreased $1.4 billion.
Industrial supplies and materials decreased $1.8 billion.
- Crude oil decreased $0.9 billion.
- Other petroleum products decreased $0.3 billion.
- Other precious metals decreased $0.3 billion.
- Fertilizers, pesticides, and insecticides decreased $0.3 billion.
Capital goods decreased $1.4 billion.
- Computers decreased $0.9 billion.
- Civilian aircraft increased $1.4 billion.
Automotive vehicles, parts, and engines decreased $0.9 billion.
- Trucks, buses, and special purpose vehicles decreased $0.4 billion.
- Other automotive parts and accessories decreased $0.3 billion.

Net balance of payments adjustments decreased $0.8 billion.

Exports of services increased $0.4 billion to $96.3 billion in December.

Travel increased $0.3 billion.
Financial services increased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $11.4 billion to $293.1 billion in December.

Imports of goods on a Census basis increased $11.3 billion.

Industrial supplies and materials increased $10.8 billion.
- Finished metal shapes increased $9.2 billion.
- Nonmonetary gold increased $1.0 billion.
Consumer goods increased $2.2 billion.
- Toys, games, and sporting goods increased $0.8 billion.
- Cell phones and other household goods increased $0.8 billion.
Capital goods increased $1.3 billion.
- Computers increased $1.2 billion.
- Computer accessories increased $0.9 billion.
- Civilian aircraft decreased $1.1 billion.
Automotive vehicles, parts, and engines decreased $2.2 billion.
- Passenger cars decreased $1.6 billion.

Net balance of payments adjustments increased $0.1 billion.

Imports of services increased $1.0 billion to $71.8 billion in December.

Transport increased $0.5 billion.
Travel increased $0.3 billion.

Real Goods in 2017 Dollars – Census Basis (exhibit 11)

The real goods deficit increased $14.9 billion, or 15.4 percent, to $111.9 billion in December, compared to a 17.3 percent increase in the nominal deficit.

Real exports of goods decreased $5.4 billion, or 3.7 percent, to $141.9 billion, compared to a 3.8 percent decrease in nominal exports.
Real imports of goods increased $9.5 billion, or 3.9 percent, to $253.8 billion, compared to a 4.0 percent increase in nominal imports.

Revisions

In addition to revisions to source data for the November statistics, the seasonally adjusted goods data were revised for January through November so that the totals of the seasonally adjusted months equal the annual totals.

Revisions to November exports

Exports of goods were revised up $0.1 billion.
Exports of services were revised up $0.1 billion.

Revisions to November imports

Imports of goods were revised up $0.8 billion.
Imports of services were revised up $0.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The December figures show surpluses, in billions of dollars, with Netherlands ($5.0), South and Central America ($3.5), United Kingdom ($2.3), Hong Kong ($0.7), Brazil ($0.4), Saudi Arabia ($0.4), Belgium ($0.3), and Australia ($0.2). Deficits were recorded, in billions of dollars, with China ($25.3), European Union ($20.4), Mexico ($15.2), Switzerland ($13.0), Vietnam ($11.4), Canada ($7.9), Germany ($7.6), Taiwan ($6.9), Ireland ($6.2), South Korea ($5.6), Japan ($5.5), India ($4.9), Italy ($4.1), Malaysia ($2.5), France ($1.1), Israel ($0.8), and Singapore ($0.4).

The deficit with Switzerland increased $9.1 billion to $13.0 billion in December. Exports decreased $0.7 billion to $1.2 billion and imports increased $8.4 billion to $14.2 billion.
The deficit with Canada increased $2.9 billion to $7.9 billion in December. Exports decreased $0.4 billion to $29.1 billion and imports increased $2.5 billion to $37.0 billion.
The deficit with Ireland decreased $3.1 billion to $6.2 billion in December. Exports decreased $0.1 billion to $1.2 billion and imports decreased $3.2 billion to $7.5 billion.

Annual Summary for 2024

Exports, Imports, and Balance (exhibit 1)

For 2024, the goods and services deficit was $918.4 billion, up $133.5 billion from $784.9 billion in 2023. Exports were $3,191.6 billion, up $119.8 billion from 2023. Imports were $4,110.0 billion, up $253.3 billion from 2023.

The 2024 increase in the goods and services deficit reflected an increase in the goods deficit of $148.5 billion, or 14.0 percent, to $1,211.7 billion and an increase in the services surplus of $14.9 billion, or 5.4 percent, to $293.3 billion.

The goods and services deficit was 3.1 percent of current-dollar gross domestic product in 2024, up from 2.8 percent in 2023.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $38.6 billion to $2,083.8 billion in 2024.

Exports of goods on a Census basis increased $47.1 billion.

Capital goods increased $40.2 billion.
- Computer accessories increased $11.3 billion.
- Civilian aircraft engines increased $8.7 billion.
- Computers increased $8.2 billion.
- Semiconductors increased $8.1 billion.
Other goods increased $17.9 billion. (See the “Notice” for more information.)
Automotive vehicles, parts, and engines decreased $10.8 billion.
- Other automotive parts and accessories decreased $4.3 billion.
- Passenger cars decreased $4.0 billion.
- Trucks, buses, and special purpose vehicles decreased $3.0 billion.

Net balance of payments adjustments decreased $8.5 billion.

Exports of services increased $81.2 billion to $1,107.8 billion in 2024.

Travel increased $26.3 billion.
Other business services increased $16.0 billion.
Telecommunications, computer, and information services increased $11.9 billion.
Financial services increased $11.6 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $187.1 billion to $3,295.6 billion in 2024.

Imports of goods on a Census basis increased $187.2 billion.

Capital goods increased $103.3 billion.
- Computer accessories increased $33.5 billion.
- Computers increased $28.3 billion.
- Semiconductors increased $9.4 billion.
- Other industrial machinery increased $9.0 billion.
Consumer goods increased $48.4 billion.
- Pharmaceutical preparations increased $43.6 billion.
Automotive vehicles, parts, and engines increased $16.1 billion.
- Passenger cars increased $10.0 billion.
- Other automotive parts and accessories increased $4.8 billion.
Foods, feeds, and beverages increased $15.9 billion.
- Meat products increased $3.5 billion.
- Fruits, frozen juices increased $2.3 billion.
- Bakery products increased $2.2 billion.
- Other foods increased $2.0 billion.
- Vegetables increased $1.7 billion.

Net balance of payments adjustments decreased $0.2 billion.

Imports of services increased $66.2 billion to $814.4 billion in 2024.

Travel increased $19.2 billion.
Charges for the use of intellectual property increased $12.2 billion.
Transport increased $11.7 billion.
Insurance services increased $11.5 billion.

Real Goods in 2017 Dollars – Census Basis (exhibit 11)

The real goods deficit increased $98.8 billion, or 9.6 percent, to $1,132.4 billion in 2024, compared to a 13.2 percent increase in the nominal deficit.

Real exports of goods increased $41.7 billion, or 2.5 percent, to $1,737.8 billion, compared to a 2.3 percent increase in nominal exports.
Real imports of goods increased $140.5 billion, or 5.1 percent, to $2,870.2 billion, compared to a 6.1 percent increase in nominal imports.

Goods by Selected Countries and Areas – Census Basis (exhibits 14 and 14a)

The 2024 figures show surpluses, in billions of dollars, with Netherlands ($55.5), South and Central America ($47.3), Hong Kong ($21.9), Australia ($17.9), and United Kingdom ($11.9). Deficits were recorded, in billions of dollars, with China ($295.4), European Union ($235.6), Mexico ($171.8), Vietnam ($123.5), Ireland ($86.7), Germany ($84.8), Taiwan ($73.9), Japan ($68.5), South Korea ($66.0), Canada ($63.3), India ($45.7), Thailand ($45.6), Italy ($44.0), Switzerland ($38.5), Malaysia ($24.8), Indonesia ($17.9), France ($16.4), Austria ($13.1), and Sweden ($9.8).

The deficit with the European Union increased $26.9 billion to $235.6 billion in 2024. Exports increased $2.6 billion to $370.2 billion and imports increased $29.4 billion to $605.8 billion.
The deficit with Taiwan increased $26.1 billion to $73.9 billion in 2024. Exports increased $2.4 billion to $42.3 billion and imports increased $28.5 billion to $116.3 billion.
The surplus with the Netherlands increased $12.7 billion to $55.5 billion in 2024. Exports increased $8.3 billion to $89.6 billion and imports decreased $4.4 billion to $34.1 billion.

All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.

Next release: March 6, 2025, at 8:30 a.m EST
U.S. International Trade in Goods and Services, January 2025

Notice

Impact of Canada Border Services Agency’s (CBSA) Release of CBSA Assessment and Revenue Management (CARM)

The CBSA introduced a new accounting system (CARM) on October 21, 2024. As a result, importers in Canada have experienced delays in filing shipment information. These delays affected the compilation of statistics on U.S. exports of goods to Canada for September through December 2024, which are derived from data compiled by Canada through the United States – Canada Data Exchange. A dollar estimate of the filing backlog is included in estimates for late receipts and, following the Census Bureau’s customary practice for late receipt estimates, is included in the export end-use category “Other goods” as well as in exports to Canada. This estimate will be replaced with the actual transactions reported by the Harmonized System classification in June 2025 with the release of “U.S. International Trade in Goods and Services, Annual Revision.” Until then, please refer to the supplemental spreadsheet “CARM Exports to Canada Corrections,” which provides a breakdown of the late receipts by 1-digit end-use category. This spreadsheet will be updated as late export transactions are received to reflect reassignments from the initial “Other goods” category to the appropriate 1-digit end-use category.

If you have questions or need additional information, please contact the Census Bureau, Economic Indicators Division, International Trade Macro Analysis Branch, on 800-549-0595, option 4, or at eid.international.trade.data@census.gov or BEA, Balance of Payments Division, at InternationalAccounts@bea.gov.

Upcoming Changes to the Real (Chained-Dollar) Series

Effective with the release of the February 2025 statistics on April 3, 2025, the Census Bureau will continue to use the Bureau of Labor Statistics (BLS) U.S. Import and Export Price Indexes to calculate the chained-dollar series (exhibits 10 and 11). The BLS will be implementing changes to the indexes with the release of the February 2025 U.S. Import and Export Price Indexes on March 18, 2025. The changes to the indexes could impact the chained-dollar values. Please refer to the BLS notice for additional information on the Upcoming Change to Data Source for Import and Export Price Indexes: U.S. Bureau of Labor Statistics.

If you have any questions or need additional information, please contact the Census Bureau, Economic Statistical Methods Division, International Trade Statistical Methods Branch, on 301-763-3080.

MIL OSI USA News –

February 6, 2025

MIL-OSI New Zealand: Economics – KOF Business Tendency Surveys: dampener at the start of 2025

Source: KOF Economic Institute

The KOF Business Situation Indicator for the Swiss private sector, which is calculated on the basis of the KOF Business Tendency Surveys, fell in January. It had previously risen in October and November last year and remained virtually unchanged in December. Business expectations for the next six months were once again slightly more cautious in January than they had been in December.

Trends vary from sector to sector. The outlook for manufacturing appears fairly bleak. The Business Situation Indicator here has fallen for the second month in a row, and companies are very uncertain about the future. They are planning to expand their production much more cautiously than before and are increasingly looking to cut jobs.

Private consumption supporting the economy

In the areas associated with building activity – project engineering and construction – the Business Situation Indicator fell for the second month in a row. The indicator also fell in the financial and insurance sectors and in other services. By contrast, firms in the retail, wholesale and hospitality sectors reported an improvement in their business. Private consumption is therefore continuing to support the economy.

Many firms’ expectations more cautious than before

In addition to their current business situation, the prospects for project engineering firms, the construction industry, financial and insurance service providers as well as other services have also deteriorated. The outlook is also less optimistic than before in the hospitality industry, which reported a more encouraging business situation in January. Forecasts in manufacturing have changed only slightly compared with the previous month. Wholesalers are increasingly anticipating a sustained upturn.

Labour shortages easing in some sectors; wage forecasts virtually unchanged

Complaints about a shortage of suitable workers in other services are once again declining significantly. This problem is also becoming less acute in the wholesale and manufacturing sectors. In contrast, there are growing challenges facing construction and project engineering.

Firms’ forecasts of wage levels over the next twelve months have remained virtually unchanged since last autumn. Gross salaries are expected to rise by 1.5 per cent. Firms reckon that pay growth is likely to be below average in the retail sector and above average in the hospitality industry.

The results of the KOF Business Tendency Surveys from January 2025 include responses from around 4,500 firms from manufacturing, construction and the major service sectors. This equates to a response rate of around 60 per cent.

MIL OSI New Zealand News –

February 5, 2025
MIL-OSI Russia: Vladimir Spivakov held an open rehearsal as part of the project “Lesson with a Star”

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

The second season of the Lesson with a Star project has begun, in which outstanding artists conduct master classes, sharing their experience with students of Moscow art schools and students of creative colleges. The famous violinist and conductor, People’s Artist of the USSR, full Cavalier of the Order “For Merit to the Fatherland”, President of the Moscow International House of Music (MIHM) Vladimir Spivakov held an open rehearsal together with the State Chamber Orchestra “Moscow Virtuosi” that he heads. The lesson was held in the chamber hall of the MIHM.

“The project, which began in 2024, has received a lively response from both students and teachers of children’s art schools and students of creative colleges, as well as representatives of culture and art – famous and experienced artists, artists, musicians. Thanks to “Lesson with a Star”, students of children’s art schools and students of specialized colleges last season were able to learn first-hand about all the intricacies of the profession. This year, we plan to develop new formats, including off-site classes for children in workshops, concert halls, theaters and studios where our mentors work,” said the Minister of the Moscow Government, head of the capital’s Department of Culture

Alexey Fursin.

More than 150 people attended the master class — talented children, teachers and parents. They were able to see the entire process of preparation for the upcoming concert. The young listeners were keenly interested in the fact that the soloist who participated in the rehearsal, 13-year-old pianist from Switzerland Lukas Schiesch, was their peer. The maestro’s comments on the intricacies of performing Wolfgang Amadeus Mozart’s Piano Concerto No. 12, addressed to the soloist, were understandable to the young participants of the master class and were perceived as useful advice from the legendary musician, which can help in the daily learning process.

“I am glad that such a meeting took place. In order for a person to become an individual in any field, and especially in music and art, great examples are needed. And such examples are received by the children with whom we work. I think that today’s meeting, which was so warm, will be remembered by them for a long time,” Vladimir Spivakov admitted after the rehearsal.

In the second season of the project, famous musicians, artists, and sculptors prepared open lessons for students of Moscow art schools. Meetings with artists Konstantin Petrov and Nikas Safronov will take place in February.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please Note; This Information is Raw Content Directly from the Information Source. It is account to What the Source Is Stating and Does Not Reflect the Position of Mil-Sosi or Its Clients.

https: //vv.mos.ru/nevs/ite/149701073/

MIL OSI Russia News –

February 5, 2025

MIL-OSI: Credit Agricole SA : CONTINUED STRONG EARNINGS MOMENTUM IN 2024

Source: GlobeNewswire (MIL-OSI)

CONTINUED STRONG EARNINGS MOMENTUM IN 2024
CASA AND CAG STATED AND UNDERLYING DATA Q4-2024

	CRÉDIT AGRICOLE S.A.			CRÉDIT AGRICOLE GROUP
		Stated	Underlying		Stated	Underlying
Revenues		€7,092m +17.4% Q4/Q4	€7,116m +18.2% Q4/Q4		€9,817m +11.9% Q4/Q4	€9,840m +13.4% Q4/Q4
Expenses		-€3,917m +5.6% Q4/Q4	-€3,878m +4.4% Q4/Q4		-€5,863m +3.2% Q4/Q4	-€5,824m +2.4% Q4/Q4
Gross Operating Income		€3,175m +36.2% Q4/Q4	€3,238m +40.4% Q4/Q4		€3,954m +28.0% Q4/Q4	€4,017m +34.3% Q4/Q4
Cost of risk		-€594m +35.0% Q4/Q4	-€594m +35.0% Q4/Q4		-€867m +13.9% Q4/Q4	-€867m +13.9% Q4/Q4
Net income group share		€1,689m +26.6% Q4/Q4	€1,730m +32.8% Q4/Q4		€2,149m +24.6% Q4/Q4	€2,190m +33.7% Q4/Q4
C/I ratio		55.2% -6.2 pp Q4/Q4	54.5% -7.2 pp Q4/Q4		59.7% -5.1 pp Q4/Q4	59.2% -6.4 pp Q4/Q4
ALL OF THE FINANCIAL TARGETS OF THE 2025 AMBITIONS PLAN EXCEEDED AS OF 2024 STRONG INCREASE IN QUARTERLY AND FULL-YEAR EARNINGS Record quarterly and full-year revenues, fuelled by the excellent performance by Asset Gathering and Large Customers High profitability: low cost/income ratio (increase in recurring expenses contained at +3.0% Q4/Q4) and 14.0% return on tangible equity in 2024 Cost of risk rose in Q4-24, driven by provisions for performing loans related to model effects at Crédit Agricole CIB and Crédit Agricole Personal Finance & Mobility (CAPFM) PROPOSED 2024 DIVIDEND INCREASE TO €1.10 PER SHARE (+5% VS. 2023) STRONG ACTIVITY IN ALL BUSINESS LINES Robust growth in retail banking and consumer finance driven by multiple factors: continued upturn in the home loan business in France (up +18%), higher corporate loan production, thriving international lending business, consumer finance stability at a high level and confirmed stabilisation of the deposit mix in France Record CIB, asset management and insurance business, reflected in the record level in insurance revenues with contributions from all activities, high net inflows and record level of assets under management, as well as a new quarterly and full-year record reached by CIB CAPITAL OPERATIONS AND STRATEGIC PROJECTS Instruments finalised to acquire an additional 5.2% in Banco BPM Signing of an agreement for the acquisition of Santander’s 30.5% stake in CACEIS Acquisition of aixigo, European leader in Wealth Tech Finalization of the acquisition of 50% of GAC Leasing in China by CAPFM SOLID CAPITAL AND LIQUIDITY POSITIONS Crédit Agricole S.A.’s phased-in CET1 at 11.7% and Group phased-in CET1 at 17.2% CONTINUED SUPPORT FOR THE ENERGY TRANSITION Phased withdrawal from fossil energies and reallocation of investments to renewable energy Decarbonisation pathways in line with targets (oil & gas, power and automotive)

At the meeting of the Board of Directors of Crédit Agricole S.A. on 4 february 2025, SAS Rue La Boétie informed the company of its intention to purchase Crédit Agricole S.A. shares on the market for a maximum amount of 500 million euros in line with the operations announced in August 2023 and in November 2022. Details of the transaction are provided in a press release issued today by SAS Rue La Boétie.

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

« The Group’s excellent results illustrate our overall capacity to support all our customers in a global and loyal relationship over the long term. Three-quarters of these results are retained to serve the development of the economy. I would like to thank all of our employees who work every day with professionalism and commitment. »

Philippe Brassac,
Chief Executive Officer of Crédit Agricole S.A.

« Driven by its unique Group model based on utility and universality, the Crédit Agricole Group reports excellent results in 2024. Crédit Agricole S.A. has once again exceeded all the financial objectives of its strategic plan, one year ahead of schedule. »

This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 62.4% of Crédit Agricole S.A. Please see the appendices to this press release for details of specific items, which are restated in the various indicators to calculate underlying income.

Crédit Agricole Group

Group activity

The Group’s commercial activity during the quarter continued at a steady pace across all business lines, with a good level of customer capture. During 2024, the Group added +1 900,000 new customers in Retail Banking and grew its customer base by +214,000 customers. More specifically, over the year, the Group gained +1 500,000 new customers for Retail Banking in France and +400,000 new International Retail Banking customers (Italy and Poland). The customer base also grew (+126,000 and +88,000 customers, respectively).

At 31 December 2024, retail banking on-balance sheet deposits totalled €837 billion, up +1.8% year-on-year in France and Italy (+0.5% for Regional Banks and LCL and +1.7% in Italy). Outstanding loans totalled €880 billion, up +0.4% year-on-year in France and Italy (+0.3% for Regional Banks and LCL and +1.7% in Italy). Home loan production picked up gradually in France during this quarter, recording an increase of +1% for the Regional Banks and +11% for LCL compared to the third quarter of 2024, and +7.8% and +59% respectively compared to the fourth quarter of 2023. Although high, home loan production by CA Italia was down -6.3% compared with an already high Q4 2023. The property and casualty insurance equipment rate¹ rose to 43.9% for the Regional Banks (+0.8 percentage points compared with the third quarter of 2023), 27.9% for LCL (+0.4 percentage point) and 20.0% for CA Italia (+1.2 percentage point).

In asset management, inflows remained strong at +€20.5 billion, fuelled by strong medium/long-term assets, excluding JVs (+€17.9 billion) and at the JVs. In insurance, savings/retirement gross inflows rose to a record €8.3 billion over the quarter (+17% year-on-year), with the unit-linked rate in production staying at a high 37.4%. Net inflows were positive at +€2.4 billion, growing for both euro-denominated and unit-linked contracts. The strong performance in property and casualty insurance was driven by price changes and portfolio growth (16.7 million contracts at end-December 2024, +5.3% year-on-year). Assets under management totalled €2,867 billion, up +12.1% in the year for all three segments: asset management rose 10% over the year to €2,240 billion; life insurance was up +5.1% to €347.3 billion; and wealth management (Indosuez Wealth Management and LCL Private Banking) increased 46.9% year-on-year to €279 billion, notably with the positive impact of the consolidation of Degroof Petercam (€69 billion in assets under management consolidated in the second quarter of 2024).

Business in the SFS division was stable. At CAPFM, consumer finance outstandings increased to €119.3 billion, up +5.6% compared with the end of December 2023, buoyed by car loans, which accounted for 53%² of total outstandings. New loan production decreased slightly, by -2.9% compared with the same period in 2023, mainly due to the Chinese market. Regarding Crédit Agricole Leasing & Factoring (CAL&F), production of lease financing outstandings was up +7.2% vs. December 2023 to 20.3%, with a particularly strong contribution from property leasing and renewable energy financing.

Large Customers again posted record results for both the quarter and the full year in Corporate and Investment Banking. Capital Markets and Investment Banking held up well with a strong performance by the repo and securitisation businesses, while Financing activities reaped the benefits of growth in commercial activities. Asset Servicing recorded a high level of assets under custody of €5,291 billion and assets under administration of €3,397 billion (+12.1% and +3%, respectively, compared with the end of December 2023), with good sales momentum and positive market effects over the quarter.

Each of the Group’s business lines posted strong activity (see Infra).

Roll-out of strategic plan

Crédit Agricole S.A.’s model offers constantly renewed potential for organic growth. This model is based on three pillars: customer acquisition, customer equipment and the development of new offers. Gross customer capture amounts to 1.9 million new customers on average since 2022, which marked the roll-out of the Horizon 2025 plan. Customer equipment is growing steadily across our various offers. The bank’s market share in household loans stood structurally at 30%³ helping to drive the market shares for our other offerings. These currently stand at 28% in asset management,³ 27% in payment services,³ 23% in individual death and disability insurance,⁴ 19% in creditor insurance,⁴ 15% in life insurance,⁴ 7% in property and casualty insurance,⁴ and 4% in property services.⁴ Lastly, in line with our universal banking model, we are steadily expanding our customer offers: the new CA Transitions et Energies (CATE) and CA Santé et Territoires (CAST) business lines have been rolled out for the large-scale financing of renewable energy projects as well as the production and supply of electricity, and to offer solutions to improve access to healthcare and support for the elderly.

This model is complemented by a steady stream of self-financed acquisitions and partnerships, through the consolidation of Crédit Agricole S.A.’s business lines in their markets to build the universal bank. Following on from acquisitions in the period 2019 to 2021 for a total of €3.3 billion, all of which were successful with some €1.3 billion⁵ in revenues generated, and a cost/income ratio of 52%, acquisitions and partnerships during the period covered by the Medium-Term Plan were in five main areas of development. The total investment was €7.2 billion⁶ (against €1.4 billion in disposals),⁷ generating around €3 billion in revenues.

First of all, transactions to consolidate our business lines and strengthen our expertise were carried out in France and Europe, in particular: Private Banking through the transaction under way with Degroof Petercam, and a 70% stake in the capital of Wealth Dynamix⁸; Asset Servicing with the creation of Uptevia⁹, a common company with BNP Paribas, the acquisition of RBC Investor Services’ European businesses and the purchase of Santander’s minority interest in CACEIS; and Asset Management with the acquisitions of Alpha Associates¹⁰ and aixigo¹¹; and finally, Leasing and factoring activity accelerate its development in Germany with the acquisition of Merca Leasing¹². Crédit Agricole S.A. is also structuring its property services through the acquisition of property management business of Casino (Sudeco), and more recently the ones of Nexity.

At the same time, the bank has expanded its distribution networks through new partnerships, notably by taking a stake in Banco BPM; signing a new distribution agreement between Crédit Agricole Assurances and Banco BPM for non-life and creditor insurance in Italy; partnership in automobile insurance with Mobilize Financial Services, subsidiary of Renault¹³; and entering into a distribution agreement between Amundi US and Victory Capital¹⁴.

In addition, Specialised Financial Services division developed a comprehensive mobility with: the joint venture Leasys, created with Stellantis to become the European leader in long-term car rental; 100% of CA Auto Bank was acquired, in order to develop partnerships with smaller manufacturers and with independent distributors; six European subsidiaries of ALD and LeasePlan were acquired; and lastly, CA Mobility Services was formed, to create 20 service offers by 2026, mainly through the acquisition of a minority stake in WATEA¹⁵, the creation of a joint venture with Opteven¹⁶, the acquisition of a stake in HiFlow¹⁷, and the commercial partnership with FATEC¹⁸. More recently, Credit Agricole Personal Finance & Mobility strengthens its partnership with the car manufacturer GAC with, on the one hand a financial partnership aimed at entrusting CA Auto Bank the financing of vehicules from the Chinese manufacturer in Europe, and on the other end, the acquisition of 50% of the capital of GAC Leasing in order to offer from 2025 financial and operational leasing on the Chinese market.

In addition, Crédit Agricole S.A. has acquired a stake in Worklife¹⁹ and formed a partnership with Wordline²⁰ as part of its drive to accelerate digitisation and innovation. In January 2024, Crédit Agricole S.A. announced its acquisition of a 7% non-controlling interest in Worldline.

Lastly, to support the transitions in the new CATE and CAST business lines, Crédit Agricole S.A. acquired minority stakes of 40% in R3 (energy transition consultancy) and 43% in Selfee (energy production and supply), and become a reference shareholder in the capital of Office Santé²¹ and Cette Famille²². In addition, Crédit Agricole Assurances acquired majority stakes of 93% in Omedys²³ and 86% in Medicalib²³.

These two pillars of Crédit Agricole S.A.’s universal banking model ensure steady, high growth in revenues and high profitability. Revenues have grown every year between 2015 and 2024 regardless of the environment at an average annual rate of +5.6%. Operational efficiency has also steadily improved with the cost/income ratio falling -15 percentage points in the period 2015 to 2024. Profitability has also risen significantly over the past 10 years. ROTE was 14% at the end of 2024, the highest since 2015, offering even more attractive shareholder remuneration: the dividend per share has tripled in the 10-year period.

Continued support for the energy transition

The Group is continuing the mass roll-out of financing and investment to promote the transition. The Crédit Agricole Group increased its exposure to low-carbon energy financing²⁴ by +141% between the end of 2020 and the end of 2024, with €26.3 billion in financing at 31 December 2024.

Investments by Crédit Agricole Assurances²⁵ and Amundi Transition Energétique in low-carbon energy totalled €6 billion at 31 December 2024. What is more, Crédit Agricole Assurances hit its target of 14 GW of renewable energy production capacity financed one year ahead of schedule.

At the same time, as a universal bank, Crédit Agricole is supporting the transition of all its customers. Crédit Agricole CIB’s green loan portfolio²⁶ grew by +75% between the end of 2022 and December 2024, and represented €21.7 billion at 31 December 2024. The Group also continues to encourage low-carbon mobility. 37% of new vehicles financed by CAPFM in 2024 were electric or hybrid vehicles. The target for the end of 2025 is 50%.

In addition, the Group is continuing on its pathway to exit the financing of carbon-based energies and is disclosing progress at end 2024 in three sectors, in line with their 2030 targets (vs. a 2020 baseline). Financed emissions in the oil and gas sector were reduced by -70% at end 2024 working towards a target of -75% by the end of 2030. The intensity of financed emissions in the power sector²⁷ was down by -29% at end 2024, for a target of -58% by the end of 2030, and by -21% in the automotive sector, for a target of -50% by 2030.

The Group’s phased withdrawal from financing fossil fuel extraction resulted in a -40% decrease in outstandings in the period 2020 to 2024, equating to €5.6 billion at 31 December 2024. At the same time, large-scale financing of low-carbon energies, with outstandings of €26.3 billion, will increase their relative share of the energy mix financed from 54% in 2020 to 82% by the end of 2024.

Group results

In the fourth quarter of 2024, Crédit Agricole Group’s stated net income Group share came to €2,149 million, up +24.6% compared with the fourth quarter of 2023.

Specific items in the fourth quarter of 2024 had a negative net impact of -€42 million on the net income Group share of the Crédit Agricole Group. These items comprise the following recurring accounting items: recurring accounting volatility items, namely the DVA (Debt Valuation Adjustment), the issuer spread portion of the FVA, and secured lending for -€19 million in net income Group share from Capital Markets and Investment Banking, and the hedging of the loan book in Large Customers for +€1 million in net income Group share. In addition to these recurring items, there were other items specific to this quarter: ISB integration costs of
-€15 million in the net income Group share of Large Customers and the Degroof Petercam integration costs of
-€9 million in the net income Group share of Asset Gathering.

Specific items for the fourth quarter of 2023 had a combined impact of +€86 million on net income Group share and included +€69 million in recurring accounting items and +€17 million in non-recurring items. The recurring items mainly corresponded to the reversal of the Home Purchase Saving Plans provision of +€64 million (+€5 million for LCL, +€4 million for the Corporate Centre and +€55 million for the Regional Banks); the other recurring items (+€5 million) are split between the issuer spread portion of the FVA²⁸ and secured lending (+€4 million) and loan book hedging (+€1 million). The non-recurring items related to the ongoing reorganisation of the Mobility activities²⁹ in the SFS division (+€18 million).

Excluding these specific items, Crédit Agricole Group’s underlying net income Group share³⁰ amounted to €2,190 million, up +33.7% compared to fourth quarter 2023.

Crédit Agricole Group – Stated and underlying results, Q4-24 and Q4-23

€m	Q4-24 stated	Specific items	Q4-24 underlying	Q4-23 stated	Specific items	Q4-23 underlying	∆ Q4/Q4 stated	∆ Q4/Q4 underlying

Revenues	9,817	(24)	9,840	8,769	93	8,677	+11.9%	+13.4%
Operating expenses excl.SRF	(5,863)	(39)	(5,824)	(5,682)	4	(5,686)	+3.2%	+2.4%
SRF	–	–	–	–	–	–	n.m.	n.m.
Gross operating income	3,954	(63)	4,017	3,088	97	2,991	+28.0%	+34.3%
Cost of risk	(867)	0	(867)	(762)	–	(762)	+13.9%	+13.9%
Equity-accounted entities	80	–	80	73	–	73	+9.9%	+9.9%
Net income on other assets	(20)	(1)	(19)	(19)	–	(19)	+7.5%	+2.2%
Change in value of goodwill	4	–	4	2	12	(9)	+60.4%	n.m.
Income before tax	3,150	(64)	3,214	2,382	109	2,274	+32.2%	+41.4%
Tax	(784)	16	(799)	(455)	(23)	(432)	+72.4%	+85.1%
Net income from discont’d or held-for-sale ope.	–	–	–	(10)	–	(10)	(100.0%)	(100.0%)
Net income	2,366	(48)	2,414	1,918	86	1,832	+23.4%	+31.8%
Non controlling interests	(217)	7	(224)	(194)	–	(194)	+12.2%	+15.6%
Net income Group Share	2,149	(42)	2,190	1,724	86	1,638	+24.6%	+33.7%
Cost/Income ratio excl.SRF (%)	59.7%		59.2%	64.8%		65.5%	-5.1 pp	-6.4 pp

In the fourth quarter of 2024, underlying revenues amounted to €9,840 million, up +13.4% compared to the fourth quarter of 2023, driven by favourable results from most of the business lines. Underlying revenues were up in French Retail Banking, while the Asset Gathering division benefited from good business momentum and the integration of Degroof Petercam, the Large Customers division enjoyed a high level of revenues across all of its business lines and the Specialised Financial Services division benefited from a positive price effect. In addition, International Retail Banking revenues were stable. Underlying operating expenses were up +2.4% in fourth quarter 2024, totalling €5,824 million. Overall, the Group saw its underlying cost/income ratio reach 59.2% in the fourth quarter of 2024, a -6.4 percentage point improvement. As a result, the underlying gross operating income came to €4,017 million, up +34.3% compared to the fourth quarter 2023.

The underlying cost of credit risk stood at -€867 million, an increase of +13.9% compared to fourth quarter 2023. This figure comprises an amount of -€363 million to prudential provisions on performing loans (stages 1 and 2) and an amount of -€489 million for the cost of proven risk (stage 3). There was also an addition of
-€16 million for other risks. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the fourth quarter were updated from the third quarter, with a favourable scenario (French GDP at +1.1% in 2024, +1.3% in 2025) and an unfavourable scenario (French GDP at +1.1% in 2024 and -0.1% in 2025). The cost of risk/outstandings³¹reached 27 basis points over a four rolling quarter period and 29 basis points on an annualised quarterly basis³².

Underlying pre-tax income stood at €3,214 million, a year-on-year increase of +41.4% compared to fourth quarter 2023. This includes the contribution from equity-accounted entities for €80 million (up +9.9%) and net income on other assets, which came to -€19 million over this quarter. The underlying tax charge was up +85.1% over the period, with the tax rate this quarter rising by +6.0 percentage points to 25.5%. Underlying net income before non-controlling interests was up +31.8% to €2,414 million. Non-controlling interests rose +15.6%. Lastly, underlying net income Group share was €2,190 million, +33.7% higher than in the fourth quarter of 2023.

Crédit Agricole Group – Stated and underlying results 2024 and 2023

En m€	2024 stated	Specific items	2024 underlying	2023 stated	Specific items	2023 underlying	∆ 2024/2023 stated	∆ 2024/2023 underlying

Revenues	38,060	93	37,967	36,492	851	35,641	+4.3%	+6.5%
Operating expenses excl.SRF	(22,729)	(123)	(22,606)	(21,464)	(14)	(21,450)	+5.9%	+5.4%
SRF	–	–	–	(620)	–	(620)	(100.0%)	(100.0%)
Gross operating income	15,332	(30)	15,362	14,408	837	13,572	+6.4%	+13.2%
Cost of risk	(3,191)	(20)	(3,171)	(2,941)	(84)	(2,856)	+8.5%	+11.0%
Equity-accounted entities	283	(0)	283	263	(39)	302	+7.6%	(6.1%)
Net income on other assets	(39)	(24)	(15)	88	89	(1)	n.m.	x 18.9
Change in value of goodwill	4	–	4	2	12	(9)	+60.4%	n.m.
Income before tax	12,388	(74)	12,462	11,821	814	11,007	+4.8%	+13.2%
Tax	(2,888)	12	(2,900)	(2,748)	(203)	(2,545)	+5.1%	+13.9%
Net income from discont’d or held-for-sale ope.	–	–	–	(3)	–	(3)	(100.0%)	(100.0%)
Net income	9,500	(62)	9,562	9,071	611	8,459	+4.7%	+13.0%
Non controlling interests	(860)	23	(883)	(813)	(0)	(813)	+5.8%	+8.7%
Net income Group Share	8,640	(39)	8,679	8,258	611	7,647	+4.6%	+13.5%
Cost/Income ratio excl.SRF (%)	59.7%		59.5%	58.8%		60.2%	+0.9 pp	-0.6 pp

For full-year 2024, stated net income Group share amounted to €8,640 million, compared with €8,258 million for full-year 2023, an increase of +4.6%.

Specific items for full-year 2024 include the specific items of the Regional Banks (+€47 million in reversals of Home Purchase Savings Plan provisions) and Crédit Agricole S.A. specific items, which are detailed in the Crédit Agricole S.A. section.

Excluding specific items, underlying net income Group share reached €8,679 million, up +13.5% compared with full-year 2023.

Underlying revenues totalled €37,967 million, up +6.5% compared with full-year 2023, driven by all business lines (excluding Corporate Centre).

Underlying operating expenses amounted to -€22,606 million, up +5.4% excluding SRF compared to full-year 2023, mainly due to higher compensation in an inflationary environment, support for business development, IT expenditure and scope effects as detailed for each division. The underlying cost/income ratio for full-year 2024 was 59.5%, a -0.6 percentage point improvement compared to full-year 2023 excluding SRF. The SRF stood at
-€620 million in 2023.

Underlying gross operating income totalled €15,362 million, up +13.2% compared to full-year 2023.

The underlying cost of risk for full-year 2024 rose to -€3,171 million (of which -€540 million in cost of risk on performing loans (stages 1 and 2), -€2,637 million in cost of proven risk, and +€6 million in other risks corresponding mainly to reversals of legal provisions), i.e. an increase of +11.0% compared to full-year 2023.

As at 31 December 2024, risk indicators confirm the high quality of Crédit Agricole Group’s assets and risk coverage level. The diversified loan book is mainly geared towards home loans (45% of gross outstandings) and corporates (33% of gross outstandings). Loan loss reserves amounted to €21.3 billion at the end of December 2024 (€11.7 billion for Regional Banks), 42.2% of which represented provisioning of performing loans (47.3% for Regional Banks). The prudent management of these loan loss reserves meant that the Crédit Agricole Group’s overall coverage ratio for doubtful loans at the end of December 2024 was 84.9%.

Underlying net income on other assets stood at -€15 million for full-year 2024 versus -€1 million for full-year 2023. Underlying pre-tax income before discontinued operations and non-controlling interests rose by +13.2% to €12,462 million. The tax charge was -€2,900 million, up +13.9%, with an underlying effective tax rate of 23.8%, stable compared to full-year 2023. Underlying net income before non-controlling interests was therefore up by +13.0%. Non-controlling interests amounted to -€883 million for full-year 2024, up +8.7%.

Underlying net income Group share for full-year 2024 thus stood at €8,679 million, up 13.5% compared to full-year 2023.

Regional banks

Gross customer capture stands at +273,000 new customers and the customer base grew by +10,000 new customers over the same period. The percentage of customers using demand deposits as their main account and those who use digital tools continued to increase. Credit market share (total credits) stands at 22.7% (at the end of September 2024, source Banque de France). Loan production was up +7.4% compared to the fourth quarter of 2023, reflecting the +7.8% rise in home loans and specialised markets. Home loan production has been gradually recovering since the beginning of the year. The average production rate for home loans stood at 3.35%³³ over October and November 2024, -12 basis points lower than in the third quarter of 2024. By contrast, the global loan stock rate showed a gradual improvement (+16 basis points compared to the fourth quarter of 2023). Outstanding loans totalled €648 billion at the end of December 2024, stable year-on-year across all markets but up slightly by +0.2% over the quarter.
Customer assets were up +2.6% year-on-year to reach €910.9 billion at the end of December 2024. This growth was driven both by on-balance sheet deposits, which reached €605.9 billion (+1.7% year-on-year), and off-balance sheet deposits, which reached €305 billion (+4.4% year-on-year) benefiting from strong inflows in life insurance. The mix of on-balance sheet deposits for the quarter remained almost unchanged, with demand deposits and term deposits fluctuating by -0.5% and +0.1%, respectively, from end-September 2024. The market share of balance sheet collection is up compared to last year and stands at 20.3% (Source Banque de France, data at the end of September 2024, i.e. +0.4 percentage points compared to September 2023). The equipment rate for property and casualty insurance³⁴ was 43.9% at the end of December 2024 and continues to rise (up +0.8 percentage point compared to the end of December 2023). In terms of payment instruments, the number of cards rose by +1.6% year-on-year, as did the percentage of premium cards in the stock, which increased by 1.6 percentage points year-on-year to account for 16.4% of total cards.
In the fourth quarter of 2024, the Regional Banks’ consolidated revenues including the SAS Rue La Boétie dividend³⁵ stood at €3,247 million, up +0.7% compared to the fourth quarter of 2023, notably impacted by a base effect of +€73.6 million related to the reversal of the Home Purchase Savings Plan provision in the fourth quarter of 2023³⁶. Excluding this item, revenues were up +3.1% compared to the fourth quarter of 2023, the rise in the net interest margin (+9.8% excluding Home Purchase Savings³⁶) and good momentum of fee and commission income (+1.6%) in insurance, account management and payment instruments offsetting the drop in portfolio revenues (-10.0%). Operating expenses were stable (+0.7%), below inflation. Gross operating income was up +0.8% year-on-year (+11.6% excluding the Home Purchase Savings Plan base effect³⁶). The cost of risk was down -24.6% compared with the fourth quarter of 2023 to -€242 million. The cost of risk/outstandings (over four rolling quarters) remained under control at 20 basis points (a -1 basis point drop compared to third quarter 2024).
The Regional Banks’ consolidated net income, including the SAS Rue La Boétie dividend³⁵ amounted to €419 million, up +19.9% compared to the fourth quarter 2023 (+42.1% excluding the base effect³⁶).
The Regional Banks’ contribution to net income Group share was €403 million in the fourth quarter of 2024, up +20.3% compared to the fourth quarter of 2023.
In full-year 2024, revenues including the SAS Rue La Boétie dividend were up +1.9% compared to the same period in 2023. Operating expenses rose by +1.4%, resulting in a rise in gross operating income of +2.7%. Finally, with a cost of risk up +14.0%, the Regional Banks’ net income Group share, including the SAS Rue La Boétie dividend, amounted to €3,470 million, up +2.5% compared to full-year 2023 (+5.5% excluding the Home Purchase Savings Plan base effect³⁶).The Regional Banks’ contribution to the results of Crédit Agricole Group in full-year 2024 amounted to €1,423 million in stated net income Group share (-18.9% compared to the same period in 2023), with revenues of €13,110 million (-1.1%), expenses of -€9,956 (+2.6%) and a cost of risk of -€1,319 million (+14.5%).

Crédit Agricole S.A.

Results

Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 4 February 2025 to examine the financial statements for the fourth quarter of 2024.

Crédit Agricole S.A. – Stated and underlying results, Q4-24 and Q4-23

€m	Q4-24 stated	Specific items	Q4-24 underlying	Q4-23 stated	Specific items	Q4-23 underlying	∆ Q4/Q4 stated	∆ Q4/Q4 underlying

Revenues	7,092	(24)	7,116	6,040	19	6,021	+17.4%	+18.2%
Operating expenses excl.SRF	(3,917)	(39)	(3,878)	(3,710)	4	(3,714)	+5.6%	+4.4%
SRF	–	–	–	–	–	–	n.m.	n.m.
Gross operating income	3,175	(63)	3,238	2,330	24	2,307	+36.2%	+40.4%
Cost of risk	(594)	0	(594)	(440)	–	(440)	+35.0%	+35.0%
Equity-accounted entities	62	–	62	61	–	61	+2.4%	+2.4%
Net income on other assets	(9)	(1)	(8)	(17)	–	(17)	(45.9%)	(51.9%)
Change in value of goodwill	–	–	–	2	12	(9)	n.m.	(100.0%)
Income before tax	2,634	(64)	2,698	1,937	35	1,902	+36.0%	+41.9%
Tax	(681)	16	(697)	(369)	(4)	(365)	+84.7%	+91.0%
Net income from discont’d or held-for-sale ope.	–	–	–	(10)	–	(10)	n.m.	n.m.
Net income	1,953	(48)	2,001	1,558	32	1,527	+25.3%	+31.1%
Non controlling interests	(264)	7	(271)	(224)	(0)	(224)	+17.8%	+21.1%
Net income Group Share	1,689	(41)	1,730	1,334	31	1,303	+26.6%	+32.8%
Earnings per share (€)	0.52	(0.01)	0.54	0.41	0.01	0.40	+26.8%	+33.4%
Cost/Income ratio excl. SRF (%)	55.2%		54.5%	61.4%		61.7%	-6.2 pp	-7.2 pp

In the fourth quarter of 2024, Crédit Agricole S.A.’s stated net income Group share came to €1,689 million, up +26.6% compared to the fourth quarter of 2023, having benefited from non-recurring items related to reversals of Home Purchase Savings Plan and Cheque Image Exchange fine provisions and from the end of the reorganisation of the Mobility activities (see below). This was an excellent result for the fourth quarter of 2024, based on high revenues (exceeding €7 billion) and a cost/income ratio kept at a low level.

Specific items for this quarter had a cumulative impact of -€41 million on net income Group share, and included the following recurring accounting items: recurring accounting volatility items in revenues, such as the DVA (Debt Valuation Adjustment), the issuer spread portion of the FVA and secured lending for -€19 million in net income Group share in the Large Customers segment, and the hedging of the loan book in the Large Customers segment for +€1 million in net income Group share. In addition to these recurring items, there were a number of items specific to this quarter: Degroof Petercam integration costs of -€8 million in the net income Group share in Asset Gathering; ISB integration costs for -€15 million in the net income Group share in Large Customers.

Specific items for the fourth quarter 2023 had a cumulative impact of +€31 million on net income Group share, and included recurring accounting items for +€14 million and non-recurring items for +€17 million. The recurring items mainly corresponded to the reversal of the Home Purchase Savings Plans provision of +€8 million (+€4 million for LCL and +€4 million for the Corporate Centre); the other recurring items – the issuer spread portion of the FVA and secured lending (+€4 million) and loan book hedging (+€1 million) – offset each other. The non-recurring items related to the ongoing reorganisation of the Mobility activities in the SFS division (+€17 million).

Excluding specific items, underlying net income Group share³⁷ stood at €1,730 million in the fourth quarter of 2024, up +32.8% compared to the fourth quarter of 2023.

In the fourth quarter of 2024, underlying revenues were at a high level, standing at €7,116 million. They were up sharply by +18.2% compared to the fourth quarter of 2023. This growth was driven by growth in the Asset Gathering division (+31.6%) which in turn was driven by the rise in outstandings across all business lines, including the integration of Degroof Petercam³⁸. There was a positive base effect relating to very high weather-related claims in the fourth quarter of 2023. Large Customer division revenues (+10.6%) were driven by good results from all business lines with continued revenue growth in corporate and investment banking in the fourth quarter, in addition to an improvement in the net interest margin and fee and commission income within CACEIS. Specialised Financial Services division revenues (+4.0%) benefited mainly from positive price effects in the Personal Finance and Mobility business line. French Retail Banking growth (+0.8%) was driven by the rise in fee and commission income which offset the drop in NIM, and International Retail Banking revenues (-0.5%) were stable. Corporate Centre revenues were up +€362 million, positively impacted by the dividend and the revaluation of the equity interest in Banco BPM of +€294 million.

Underlying operating expenses totalled -€3,878 million in the fourth quarter of 2024, an increase of +4.4% compared to the fourth quarter of 2023, reflecting the support given to business line development. The -€164 million year-on-year rise in expenses was mainly due to a -€132 million scope effect³⁹.

The underlying cost/income ratio in fourth quarter 2024 stood at 54.5%, a decrease of -7.2 percentage points compared to fourth quarter 2023.

Underlying gross operating income in the fourth quarter of 2024 stood at €3,238 million, an increase of +40.4% compared to the fourth quarter of 2023.

As at 31 December 2024, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk coverage level. The diversified loan book is mainly geared towards home loans (26% of gross outstandings) and corporates (44% of Crédit Agricole S.A. gross outstandings). The Non-Performing Loans ratio was down
-0.2 point from the previous quarter and remains low at 2.3%. The coverage ratio⁴⁰ was high at 74.1%, up +2.7 percentage points over the quarter. Loan loss reserves amounted to €9.6 billion for Crédit Agricole S.A., relatively unchanged from end September 2024. Of those loan loss reserves, 35.8% were for performing loans (percentage up +1.5% from the previous quarter).

The underlying cost of risk showed a net addition of -€594 million, up +35.0% from the fourth quarter of 2023, including a -€278 million addition for performing loans (stages 1 and 2) (versus a reversal of -€1 million in the fourth quarter of 2023) and -€297 million in provisioning for proven risks (stage 3) (versus -€373 million in the fourth quarter of 2023). Also note a provision of -€18 million for other items (legal provisions), primarily for the SFS business line (-€30 million in legal provisions). By business line, 52% of the net addition for the quarter came from Specialised Financial Services (an increase from end-December 2023, unchanged from September 2024), 13% from LCL (22% at end-September 2023), 17% from International Retail Banking (23% at end-December 2023), 16% from Large Customers (9% at end-December 2023) and 1% from the Corporate Centre (3% at end-December 2023). The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the fourth quarter were updated relative to the third quarter, with a favourable scenario (French GDP at +1.1% in 2024, +1.3% in 2025) and an unfavourable scenario (French GDP at +1.1% in 2024 and -0.1% in 2025). In the fourth quarter of 2024, the cost of risk/outstandings was 34 basis points over a rolling four-quarter period⁴¹ and 44 basis points on an annualised quarterly basis⁴² (a deterioration of 1 basis point and 10 basis points, respectively, versus the fourth quarter of 2023 for both bases).

The underlying contribution from equity-accounted entities amounted to €62 million in the fourth quarter of 2024, up +2.4% compared to the fourth quarter of 2023, mainly due to the growth of equity-accounted entities in the personal finance and mobility business line.

Underlying income⁴³before tax, discontinued operations and non-controlling interests was up +41.9% to €2,698 million. The underlying effective tax rate stood at 26.4%, up +6.7 percentage points on fourth quarter 2023. The underlying tax charge was -€697 million, a +91% increase chiefly due to a positive base effect. Underlying net income before non-controlling interests was up +31.1% to €2,001 million. Non-controlling interests amounted to -€271 million in the fourth quarter of 2024, an increase of +21.1%.

Underlying earnings per share in fourth quarter 2024 came to €0.54, up +33.4% compared to fourth quarter 2023.

Crédit Agricole S.A. – Stated and underlying results, 2024 and 2023

En m€	2024 stated		Specific items	2024 underlying	2023 stated	Specific items	2023 underlying	∆ 2024/2023 stated	∆ 2024/2023 underlying

Revenues		_27,181	₃₀	_27,151	_25,180	₆₁₇	_24,563	_+7.9%	_+10.5%
Operating expenses excl.SRF		_(14,895)	₍₁₂₃₎	_(14,772)	_(13,632)	₍₁₄₎	_(13,618)	_+9.3%	_+8.5%
SRF		_–	_–	_–	₍₅₀₉₎	_–	₍₅₀₉₎	_(100.0%)	_(100.0%)
Gross operating income		_12,286	₍₉₄₎	_12,379	_11,039	₆₀₃	_10,436	_+11.3%	_+18.6%
Cost of risk		_(1,850)	₍₂₀₎	_(1,830)	_(1,777)	₍₈₄₎	_(1,693)	_+4.1%	_+8.1%
Equity-accounted entities		₁₉₄	₍₀₎	₁₉₄	₁₉₇	₍₃₉₎	₂₃₅	_(1.5%)	_(17.6%)
Net income on other assets		₍₄₎	₍₂₄₎	₂₀	₈₅	₈₉	₍₄₎	_n.m.	_n.m.
Change in value of goodwill		_–	_–	_–	₂	₁₂	₍₉₎	_(100.0%)	_(100.0%)
Income before tax		_10,625	₍₁₃₈₎	_10,763	_9,546	₅₈₀	_8,966	_+11.3%	_+20.0%
Tax		_(2,472)	₂₈	_(2,500)	_(2,201)	₍₁₅₃₎	_(2,047)	_+12.3%	_+22.1%
Net income from discont’d or held-for-sale ope.		_–	_–	_–	₍₃₎	_–	₍₃₎	_n.m.	_n.m.
Net income		_8,153	₍₁₀₉₎	_8,263	_7,343	₄₂₇	_6,916	_+11.0%	_+19.5%
Non controlling interests		_(1,067)	₂₄	_(1,090)	₍₉₉₅₎	₍₂₎	₍₉₉₂₎	_+7.3%	_+9.9%
Net income Group Share		_7,087	₍₈₆₎	_7,172	_6,348	₄₂₅	_5,923	_+11.6%	_+21.1%
Earnings per share (€)		_2.11	_(0.03)	_2.14	_1.94	_0.14	_1.80	_+8.5%	_+18.5%
Cost/Income ratio excl.SRF (%)		_54.8%		_54.4%	_54.1%		_55.4%	_{+0.7 pp}	_{-1.0 pp}

Over year 2024, stated net income Group share amounted to €7,087 million, versus €6,348 million for full-year 2023, an increase of +11.6%.

Specific items for 2024 had a negative impact of -€86 million on stated net income Group share and comprise +€21 million in recurring accounting items and -€107 million in non-recurring items. The recurring items mainly correspond to the reversals of and additions to the Home Purchase Savings Plans provisions for +€1 million net, as well as the accounting volatility items of the Large Customers division (the DVA for +€15 million and loan book hedging for +€6 million). Non-recurring items relate to the integration and acquisition costs of Degroof Petercam (-€35 million) within the Asset Gathering division, the costs of integrating ISB (-€52 million) within the Large Customers division and an additional provision for risk in Ukraine (-€20 million) within the International Retail Banking division.

Excluding specific items, underlying net income Group share reached €7,172 million, up +21.1% compared to full-year 2023.

Underlying revenues were up +10.5% year-on-year, driven by all business lines. Underlying operating expenses excluding SRF were +8.5% higher than in 2023, essentially reflecting the development of the Group’s business lines and the integration of scope effects, partially offset by the end of the SRF⁴⁴ building-up period. The underlying cost/income ratio excluding SRF for the period was 54.4%, a decrease of 1 percentage point compared to the same period in 2023. Underlying gross operating income totalled €12,379 million, up +18.6% compared to full-year 2023. The underlying cost of risk increased by +8.1% over the period to
-€1,830 million, versus -€1,693 million in 2023. Lastly, underlying contributions from equity-accounted entities amounted to €194 million, down -17.6% over the period.

Underlying earnings per share stood at €2.14 per share for full-year 2024, up 18.5% from full-year 2023.

Underlying RoTE⁴⁵, which is calculated on the basis of an annualised Underlying Net Income Group Share⁴⁶ and IFRIC charges linearised over the year, net of annualised Additional Tier 1 coupons (return on equity Group share excluding intangibles) and net of foreign exchange impact on reimbursed AT1, and restated for certain volatile items recognised in equity (including unrealised gains and/or losses), reached 14.0% in 2024, up +1.4 percentage point compared to 2023.

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

Activity of the Asset Gathering division

In the fourth quarter of 2024, assets under management in the Asset Gathering division (AG) stood at

€2,867 billion, up +€58 billion over the quarter (or +2.1%), mainly due to a positive market effect and strong net inflows in the three business lines – Asset Management, Insurance and Wealth Management. Over the year, assets under management rose by +12.1%.

Insurance activity (Crédit Agricole Assurances) was very dynamic with total premium income of €10.9 billion – a record level for a fourth quarter – up +14.2% compared to the fourth quarter of 2023, and up in all three segments: savings/retirement, property and casualty, and death & disability/creditor/group insurance. In total for the year, overall premium income also stood to a record €43.6 billion, up +17.2% vs. 2023.

In Savings/Retirement, fourth-quarter premium income stood at €8.3 billion, up +17.3% compared to the fourth quarter of 2023. Business was driven by euro payment bonus campaigns in France, launched during the first quarter, which boosted gross euro inflows, as well as by a confirmed upturn in international business. Unit-linked contracts accounted for 37.4% of gross inflows⁴⁷, down -12.8 percentage points over the year, reflecting the reduced appeal of unit-linked bond products. The quarter’s net inflows⁴⁷ totalled +€2.4 billion (up +€0.8 billion compared to the third quarter of 2024), comprised of +€1.4 billion net inflows from unit-linked contracts and +€1.1 billion from euro funds. In total, Savings/Retirement premium income amounted to €32.1 billion, up +21.5% compared to the end of December 2023.

Assets under management (savings, retirement and funeral insurance) continued to grow and came to €347.3 billion (up +€17.0 billion year-on-year, or +5.1%). The growth of assets under management was supported by positive market effects and positive net inflows. Unit-linked contracts accounted for 30.0% of outstandings, up +1.1 percentage point compared to the end of December 2023.

The profit sharing rate on Predica’s euro-denominated life insurance policies in 2024 remained stable compared to 2023.⁴⁸ The Policy Participation Reserve (PPE⁴⁹) amounted to €7.5 billion at 31 December 2024, representing 3.3% of total euro outstandings.

In property and casualty insurance, premium income rose to €1.2 billion in the fourth quarter of 2024, up +9.9%⁵⁰ compared to the fourth quarter of 2023. Growth stemmed from a price effect, with the increase in the average premium benefiting from revised rates and changes in the product mix, and a volume effect, with a portfolio of close to €16.7 million⁵¹ policies at the end of December 2024 (an increase of +5.3% over the year). The combined ratio at end-December 2024 was 94.4%,⁵² an improvement of -2.7 percentage points year-on-year, related to a positive base effect due to lower claims in the fourth quarter of 2024 compared with the same period one year earlier, which was impacted by fierce storms. In total, at the end of December 2024, premium income stood at €6.2 billion, an increase of +8.2% compared to full-year 2023.

In death & disability/creditor/group insurance, premium income for the fourth quarter of 2024 stood at €1.3 billion, up +1.4% compared to the fourth quarter of 2023. The strong performance in individual death and disability insurance and group insurance (+9.9% and +22.1%, respectively, compared to fourth quarter 2023) offset a decline in creditor insurance of -4.9% in both consumer finance and mortgage lending. In total, at the end of December 2024, premium income from personal protection insurance stood at €5.3 billion, an increase of +4.6% compared to 2023.

In Asset Management (Amundi), assets under management by Amundi increased by +2.2% and +10.0% respectively over the quarter and the year, reaching a new record of €2,240 billion at the end of December 2024, benefiting from the positive market effect, but also from a high level of inflows over the quarter and year.

Over the quarter, net inflows amounted to +€20.5 billion, the highest level since 2021, driven by medium-long-term assets ⁵³ (+€17.9 billion) in active management and, as in previous quarters, in ETFs. Third-party distributors also posted record inflows in 2024, which were well diversified and positive in all asset classes.

The Retail segment recorded record net inflows in 2024 from third-party distributors, well diversified across all asset classes, and positive inflows from partner networks in France. The institutional segment continued to record solid commercial momentum, with net inflows driven by medium/long-term assets in the institutional and sovereign segments, and by treasury products in the corporate segment. Finally, JVs continue to benefit from the dynamic inflows of SBI MF in India. Thus, the increase in assets under management of +€48.5 billion over the quarter is linked to a good level of activity (net inflows of +€20.5 billion) and a positive market and foreign exchange effect of +€28.1 billion. In 2024, the increase in assets under management of +€203 billion is linked to record net inflows of +€55.4 billion, doubling compared to 2023, a favorable market effect of +€140.1 billion and a scope effect of +€7.9 billion in connection with the integration of Alpha Associate since the second quarter of 2024.

In Wealth Management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €279 billion at the end of December 2024, and were up +1.9% compared to September 2024 and +46,9% compared to December 2023.

For Indosuez Wealth Management assets under management at the end of December stood at €215 billion⁵⁴, up +2.6% compared to the end of September 2024, thanks to a good level of activity with net inflows of +€1.9 billion and a favourable market effect of +€3.7 billion. Compared to the end of December 2023, assets under management were up by +€87 billion (or +68.2%), taking into account a scope effect of €69 billion (integration of Degroof Petercam in June 2024). Also of note over the quarter was the continued integration of Degroof Petercam with several capital reorganisations in France and in Luxembourg, and the effective mergers of legal entities planned for Q3 2025. In 2025, Wealth Management projects in the region of €70-80 million in additional integration costs for Degroof Petercam.

Results of the Asset Gathering division

In the fourth quarter of 2024, the Asset Gathering division generated €2,045 million in revenues, up +31.6% compared to the fourth quarter of 2023, driven by all the division’s business lines. Expenses increased +28% to -€930 million and gross operating income came to €1,116 million, +34.7% compared to fourth quarter of 2023. The cost/income ratio for the fourth quarter of 2024 stood at 45.5%, down -1.3 percentage points compared to the same period in 2023. Taxes amounted to -€315 million, up +82.3%, notably related to the scope of insurance activities. Net income Group share for Asset Gathering division was €695 million in the fourth quarter of 2024, up +27.4% compared to the same period in 2023.

In full-year 2024, Asset Gathering generated €7,648 million in revenues, up +14.4% compared to the end of December 2023, driven by very high level of revenues in all three business lines – in Insurance, Asset Management and Wealth Management. Expenses excluding SRF increased +17.1%.to -€3,365 million, while gross operating income came to €4,284 million (up +12.5% compared to end-December 2023). As a result, the cost/income ratio excluding SRF stood at 44%, up +1.0 percentage points compared to the end of December 2023. The tax charge was -€973 million in 2024, up +11.7% on 2023. Finally, Asset Gathering net income Group share came to €2,875 million, up +13.1% compared to 2023, up in the three activities of the Asset Gathering division.

At end-December 2024, the Asset Gathering, contributed 38% to the underlying net income Group share of the Crédit Agricole S.A. core businesses and 28% to underlying revenues (excluding the Corporate Centre division).

As at 31 December 2024, equity allocated to the division amounted to €12.6 billion, including €10.4 billion for Insurance, €1.3 billion for Asset Management, and €0.9 billion for Wealth Management. The division’s risk-weighted assets amounted to €57.5 billion, including €34.5 billion for Insurance, €13.7 billion for Asset Management and €9.4 billion for Wealth Management.

Underlying RoNE (return on normalised equity) stood at 26.9% at the end of December 2024.

Insurance results

In the fourth quarter of 2024, insurance revenues reached €715 million, up sharply by +37.1% compared to the fourth quarter of 2023, benefiting from a favorable base effect (fourth quarter 2023 having been impacted by the high claims rate related to storms Ciaran and Domingos), dynamic activity and growth in assets under management. Revenues for the quarter include €540 million from savings/retirement⁵⁵, €93 million from personal protection⁵⁶ and €141 million from property and casualty insurance⁵⁷.

The CSM (Contractual Service Margin) stood at €25.2 billion at 31 December 2024, up 5.8% year-on-year, benefiting from the positive impact of the revaluation of the stock and the contribution of new business exceeding the CSM allocation. The CSM allocation factor was 7.7% in 2024. Non-attributable expenses for the quarter amounted to -€77 million, up +2.7% vs. the fourth quarter of 2023. As a result, gross operating income reached €638 million, up +42.9% compared to the same period in 2023. Taxes amounted to -€218 million, compared with -€79 million in the fourth quarter of 2023, in connection with the increase in the tax rate to 34.5% (+16.7 percentage points compared to the fourth quarter of 2023). This change is linked in particular to an upward reassessment of the tax rate including a decrease in the valuation of assets at a reduced rate. Non-controlling interests amounted to €3 million compared to €-32 million in the fourth quarter of 2023, impacted by the inclusion of accounting items related to the redemption of RT1 instruments. Net income Group share was €418 million, up +24.5% compared to the fourth quarter of 2023.

Full year 2024 insurance revenues reached €2,845 million, up +11.9% compared to 2023, in line with dynamic activity, the increase in outstandings, as well as the lower claims experience in 2024 compared to 2023. Non-attributable expenses amounted to -€341 million, up +9.3%. The cost/income ratio is thus 12%, below the target ceiling set by the Medium-Term Plan of 15%. Gross operating income was €2,504 million (+12.2% compared to 2023). The tax expense was -€572 million, up +16.6% compared to 2023, in line with the lower contribution of reduced tax rate operations to the overall tax rate. As a result, net income Group share reached €1,884 million, up +14% compared to 2023.

Insurance contributed 25% to the underlying net income Group share of Crédit Agricole S.A.’s business lines (excluding AHM) at the end of December 2024 and 10% to their underlying revenues.

Crédit Agricole Assurances remains solid with a prudential Solvency 2 ratio superior to 200% as of 31 December 2024.

Asset Management results

In the fourth quarter of 2024, revenues reached €901 million, up +14.5% compared to the fourth quarter of 2023, mainly driven by management and technology revenues. Net management fees posted sustained growth of +13.5% compared to the fourth quarter of 2023, linked to the good level of activity and the increase in average assets under management. Performance fees were also up +67.6% compared to the fourth quarter of 2023, benefiting from the good performance of active strategies, particularly rates and credit. Amundi Technology’s revenues continued their sustained growth and increased by +47,1% compared to the fourth quarter of 2023, amplified this quarter by the first consolidation of aixigo, a European leader in Wealth Tech, whose acquisition was finalized in November 2024. Operating expenses amounted to €-506 million, up +16.2% compared to the fourth quarter of 2024, mainly explained by the effect of the first consolidation of Alpha Associates and aixigo, the acceleration of strategic investments, the growth of variable compensation revenues related to operational performance and acquisition-related integration costs.⁵⁸ Restated for integration costs, the increase in expenses remains lower than the increase in revenues, thus generating a positive jaws effect. Gross operating income was €395 million, up +12.5% compared to the fourth quarter of 2023, reflecting double-digit revenue growth. The contribution of associates, including the contribution of Amundi’s Asian joint ventures, amounted to €29 million, up +1.8% compared to the fourth quarter of 2023. The tax expense amounted to -€80 million (down -9.6%). Net income before deduction of minority interests amounted to €341 million, up +18% compared to the same period in 2023. As a result, net income Group share was €226 million, +16.2% compared to the fourth quarter of 2023.

In 2024, net banking income reached €3,406 million, up +9.1% in asset management, reflecting growth in management revenues, linked to the growth in average assets under management and the very good performance of active and passive management. Amundi Technology’s revenues also grew strongly, amplified by the acquisition of aixigo in the fourth quarter of 2024. Operating expenses excluding SRF amounted to -€1,890 million, an increase of +8.8%, explained by the first consolidation of Alpha Associates and aixigo, investments in growth areas, the increase in provisions for variable compensation in line with operational performance and integration costs⁵⁸.The cost/income ratio excluding SRF stood at 55.5%, stable compared to 2023 (-0.2 percentage points). Thus, gross operating income increased by +9.7% compared to 2023, reflecting the increase in revenues. Profit from associates increased by +20.9%, mainly driven by the JV in India, which contributed more than €100 million for the first time to this result. In the end, net income Group share was €849 million, up +11.7% compared to 2023.

Wealth Management results⁵⁹

In the fourth quarter of 2024, net banking income from wealth management amounted to €430 million, up +73.9% compared to the fourth quarter of 2023, benefiting from the impact of the integration of Degroof Petercam in June 2024.⁶⁰ Excluding this effect, revenues were supported by the good momentum of management fees in connection with the increase in outstandings, offsetting the anticipated decrease in the net interest margin on deposits. Expenses for the quarter amounted to -€347 million, up +60.4% compared to the fourth quarter of 2023, impacted by a Degroof Petercam⁶⁰ and -€12.8 million in integration costs. Restated for these impacts, the evolution of expenses is slightly lower than in the fourth quarter of 2023. The cost/income ratio for the fourth quarter of 2024 stood at 80.8%, down -6.8 percentage points compared to the same period in 2023. Restated for integration and acquisition costs, the cost/income ratio was 77.8%. Gross operating income reached €82 million, up sharply (x 2.7) compared to the fourth quarter of 2023. The cost of risk for the quarter remained moderate at -€3 million, in line with the fourth quarter of 2023 (-€5 million). Net income Group share reached €51 million, up sharply (x 3.3) compared to the fourth quarter of 2023. Restated for integration and acquisition costs⁶¹, net income Group share for the fourth quarter of 2024 amounted to €60 million.

For the full year 2024, net banking income from the wealth management business amounted to €1,397 million, up +36.6% compared to the end of December 2023, benefiting in particular from the integration of Degroof Petercam in June 2024⁶². Expenses excluding SRF were up +37.5% due to a Degroof Petercam⁶² scope effect and -€26.4 million in integration costs. Restated for these impacts, 2024 expenses are up slightly by +2.8% compared to 2023. Gross operating income increased by +35.0% to €264 million. The cost of risk at the end of 2024 was -€15 million, up -€11 million compared to the end of December 2023, related to the consideration of litigation and the provisioning of various cases. Net income on other assets amounted to -€23 million, mainly corresponding to acquisition costs for Degroof Petercam⁶³, restated for specific items. Net income Group share for 2024 was €142 million, up 11.1% compared to 2023. Restated for integration and acquisition costs⁶³, 2024 net income Group share amounted to €177 million.

Wealth Management contributed 2% to the underlying net income Group share of Crédit Agricole S.A.’s business lines (excluding AHM) at the end of December 2024 and 5% of their underlying revenues.

As of 31 December 2024, the equity allocated to Wealth Management amounted to €0.9 billion; risk weighted assets are €9.4 billion.

Activity of the Large Customers division

Once again in Q4 2024, Corporate and Investment Banking (CIB) posted an excellent performance across all its businesses (best fourth quarter and best year in terms of revenues). Asset servicing also recorded strong business momentum during the period.

Corporate and Investment Banking’s fourth-quarter underlying revenues rose sharply to €1,596 million, an increase of +9.9% compared with the fourth quarter of 2023, driven by growth in its two business lines. Revenues from Financing activities were up +4.4% year-on-year to €898 million. This was mainly due to the strong performance recorded by Commercial Banking (+4.0% versus the fourth quarter of 2023), driven by good momentum in Corporate activities, especially in the Telecom sector, and strong revenues from asset financing and project financing, especially in Green energy and Aerospace. Capital Markets and Investment Banking also grew its revenues to €699 million, an increase of +18.0% compared with the fourth quarter of 2023. Growth was fuelled by the high revenues maintained by Capital Markets (+17.0% versus the fourth quarter of 2023), driven by the Repo and Securitisation businesses, and the strong performance recorded by Investment Banking (with growth of +23.0% compared with the fourth quarter of 2023) thanks to the strong performance of Structured Equities.

In total, Corporate and Investment Banking’s underlying revenue rose a steep +6.5% year-on-year to €6,540 million, driven by growth in its two business lines. Revenues from Financing activities were up +5.7% compared to the total for 2023, at €3,355 million. Capital Markets and Investment Banking also grew its revenues by +7.3% compared with the end of December 2023, to total €3,185 million.

Financing activities consolidated its leading position in syndicated loans (#1 in France⁶⁴ and #2 in EMEA⁶⁴). Crédit Agricole CIB reaffirmed its strong position in bond issues (#4 All bonds in EUR Worldwide⁶⁴) and was ranked #2 in Green, Social & Sustainable bonds in EUR.⁶⁵ Average regulatory VaR stood at €9.5 million in the fourth quarter of 2024, down from the €10.1 million recorded in the third quarter of 2024, reflecting changes in positions and the financial markets. It remained at a level that reflected prudent risk management.

In Asset Servicing, buoyant sales and favourable market conditions boosted growth in assets over the year, which offset the planned withdrawal of ISB customers. The fourth quarter of 2024 saw the continued migration of ISB (formerly RBC Investor Services in Europe) client portfolios to CACEIS platforms, following the effective merger of the legal entities with those of CACEIS on 31 May 2024. Client migration is now practically complete. On 19 December 2024, Crédit Agricole S.A. announced the signature of an agreement to acquire Santander’s 30.5% non-controlling stake in CACEIS, with the aim of full ownership.

Assets under custody increased by +4.5% at end-December 2024 compared with end September 2024, and by +12.1% compared with end December 2023, to reach €5,291 billion. Assets under administration also increased by +0.3% this quarter and were up +3.0% year-on-year, totalling €3,397 billion at end December 2024.

Results of the Large Customers division

In the fourth quarter of 2024, stated revenues of the Large Customers division once again reached a record level, with €2,108 million, up +8.9% compared with the fourth quarter of 2023, buoyed by an excellent performance in the Corporate and Investment Banking and Asset Servicing business lines.

Operating expenses increased (+7.4%) compared with the fourth quarter of 2023, due to IT investments and business development. As a result, the division’s gross operating income was up +11.6% compared with the fourth quarter of 2023 to €810 million. The division recorded an overall net provision for cost of risk of -€93 million in the fourth quarter of 2024, compared with additions of -€39 million in the fourth quarter of 2023. Stated pre-tax income totalled €723 million, an increase over the period (+4.7%). The tax charge was -€166 million. Lastly, stated Net income Group share came to €512 million in the fourth quarter of 2024, compared with stated income of €525 million in Q4 2023.

Over full-year 2024, stated revenues of the Large Customers division was a record high of €8,651 million, up +11.2% compared with the 2023 total. At -€5,039 million, operating expenses excluding SRF rose +11.8% compared with the same period in 2023, due mainly to IT investments and business development. Expenses for the year include ISB integration costs of -€97 million. Gross operating income stood at €3,612 million for full-year 2024, representing an increase of +22.0% compared to 2023. Over the period, the cost of risk recorded a net addition of -€117 million, compared to an addition of -€120 million in the same period in 2023. The business line’s contribution to stated Net income Group share was €2,448 million, a strong increase of +21.7% compared to full-year 2023.

The business line contributed 32% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-December 2024 and 31% to underlying revenues excluding the Corporate Centre.

At 31 December 2024, the equity allocated to the division was €14 billion and its risk-weighted assets were €147.8 billion.

Underlying RoNE (return on normalised equity) stood at 17.7% at the end of December 2024.

Corporate and Investment Banking results

In the fourth quarter of 2024, Corporate and Investment Banking stated revenues reached a record at €1,573 million, up +7.7% from the fourth quarter of 2023. This was a record fourth quarter for Corporate and Investment Banking. The specific items had an impact of -€23.7 million in the fourth quarter of 2024 (compared to +€7.8 million in the fourth quarter of 2023) and comprised the DVA, the issuer spread portion of the FVA, and secured lending for -€25.6 million (compared to +€6.0 million in the fourth quarter of 2023) and loan book hedging totalling +€1.9 million (compared to +€1.8 million in the fourth quarter of 2023).

Operating expenses rose by +6.3% to -€902 million, mainly due to IT investments and the development of business line activities. Gross operating income rose sharply by +9.7% compared to the fourth quarter of 2023, taking it to a high level of +€671 million. The cost/income ratio was 57.4%, a slight change of -0.8 percentage point over the period. The cost of risk recorded a net addition of -€86 million, higher than the fourth quarter 2023 (-€32 million). This level of allocations is driven by model effects. The overall level remains low with a cost of risk/outstandings of 7 basis points⁶⁶. Lastly, pre-tax income in the fourth quarter of 2024 stood at €586 million, versus €580 million in the fourth quarter of 2023 (up +1.0%). The tax charge stood at -€139 million. Lastly, stated net income Group share was down -7.1% at €437 million in the fourth quarter of 2024.

In 2024, stated revenues were up +7.6% to a record level of €6,568 million for the year, with balanced growth between Corporate and Investment Banking and on a very good level recorded for full-year 2023. The specific items over the period had an impact of +€28.5 million (compared to -€38.9 million in 2023) and comprised the DVA, the issuer spread portion of the FVA, and secured lending for +€20.2 million (compared to -€14.6 million in 2023) and loan book hedging totalling +€8.2 million, (compared to -€24.3 million in 2023).

Operating expenses excluding SRF rose +5.4%, mainly due to variable compensation and investments in IT and employees to support the development of the business lines. The cost/income ratio of 53.7% remained contained and below the MTP target. As a result, gross operating income of €3,040 million was up sharply (+22.3% compared with full-year 2023.) The cost of risk recorded a net addition of -€93 million for 2024, compared to a net addition of -€111 million for 2023. The income tax charge stood at -€748 million, up +29.4%. Lastly, stated net income Group share totalled €2,152 million for 2024, an increase of +22.7% over the period.

Risk weighted assets at the end of December 2024 amounted to €136.9 billion, up by +€8.3 billion compared to the end of September 2024, notably due to an unfavourable foreign exchange impact and rating.

Asset servicing results

In the fourth quarter of 2024, the revenues of Asset Servicing were up +12.7% compared to the fourth quarter of 2023, totalling €535 million. This rise was driven by high fee and commission income, itself driven by the increase in assets and by the favourable trend in net interest margin. Operating expenses rose by +9.8% to -€396 million, including -€2.7 million in scope effects linked to the consolidation of the remaining ISB entities and -€26.6 million in ISB integration costs restated as specific items (-€24.9 million in integration costs in the fourth quarter of 2023). Excluding these effects, the increase in expenses was +9.3% compared to the third quarter of 2023, linked to IT expenses and business growth. As a result, gross operating income was up by +21.7% to €139 million in the fourth quarter of 2024. Thus, the cost/income ratio stood at 74%, down -1.9 percentage point. Excluding ISB integration costs, it stood at 69.0%. Net income thus totalled €110 million, up +36.9% compared with the fourth quarter of 2023. Adjusted for the €35 million share of non-controlling interests, the business line’s contribution to net income Group share totalled €75 million in the fourth quarter of 2024, up +36.4% compared with the fourth quarter of 2023.

In 2024, revenues totalled €2,083 million, up +24.2% compared to the same period in 2023, buoyed by the integration of ISB, strong commercial momentum and a favourable trend in the interest margin over the period. Costs excluding SRF increased by +30.1% and stood at €1,511 million. They included a scope effect of -€207 million over the first six months of 2024 and -€97 million in ISB integration costs. Gross operating income was up +20.4% compared to full year 2023. The cost/income ratio stood at 72.6%, up 3.3 points compared to 2023. Excluding ISB integration costs, the cost/income ratio stood at 67.9%. Net income thus rose by +15.8%. The overall contribution of the business line to net income Group share at the end of December 2024 was €296 million, representing a +15.1% increase compared to full year 2023.

Specialised financial services activity

The commercial production of Crédit Agricole Personal Finance & Mobility (CAPFM) totalled €11.7 billion in the fourth quarter of 2024. This represents a decrease, mainly due to the Chinese market, of -2.9% compared to fourth quarter 2023. The share of automotive financing⁶⁷ in quarterly new business production stood at 50.2% this quarter. The average customer rate for production was up +5 basis points from the third quarter of 2024. CAPFM’s assets under management stood at €119.3 billion at the end of December 2024, up +5.6% compared to the end of December 2023, driven by all activities (Automotive +8.2%⁶⁸ with Crédit Agricole Auto Bank and Leasys, LCL and Regional Banks +5.3%; Other entities +3.2%). Lastly, consolidated outstandings totalled €69.1 billion at the end of December 2024, up +3.3% compared to the fourth quarter of 2023.

In January 2025, CAPFM announced the finalisation of the acquisition of 50% of GAC Leasing.

Crédit Agricole Leasing & Factoring (CAL&F) commercial production increased by +15.7% compared to the fourth quarter of 2023. It was driven by property leasing and renewable energy financing. Leasing outstandings rose +7.2% year-on-year, both in France (+5.9%) and internationally (+12.3%), to reach €20.3 billion at the end of December 2024 (of which €16.0 billion in France and €4.3 billion internationally). Commercial factoring production was up sharply, recording a twofold increase compared to the fourth quarter of 2023. It was driven by the signing of significant contracts both in France, where production increased by +32.5% in the fourth quarter of 2024 compared to the fourth quarter of 2023, and internationally, where production was multiplied by a factor of 3.5 in the fourth quarter of 2024 compared to the fourth quarter of 2023. Factoring outstandings at end-December 2024 were up +3.7% compared to end-December 2023, and factored revenues were up by +6.9% compared to the same period in 2023.

Specialised financial services’ results

The revenues of the Specialised Financial Services division were €915 million in the fourth quarter of 2024, up +4.0% compared to the fourth quarter of 2023. Expenses amounted to -€447 million, down -0.5% versus fourth quarter 2023 and down -1.4% excluding the base effect⁶⁹ related to the reorganisation of the Mobility activities at CAPFM in the fourth quarter of 2023. The cost/income ratio stood at 48.8%, up -2.2 percentage points compared to the same period in 2023. Gross operating income thus came to €468 million, up +8.6% compared to the fourth quarter of 2023. Cost of risk amounted to -€306 million, up +66.2% compared to the fourth quarter of 2023, with this quarter including model revisions at CAPFM, essentially leading to a -€50 million deterioration in unproven risk, and a -€30 million provision for legal risk of which UK car loans. Net income from equity-accounted entities rose +8.4% compared to the fourth quarter of 2023 to €43 million, with this quarter including around €14 million in non-recurring items. The change in value of goodwill was €0 million vs. €12 million in the fourth quarter of 2023, and excluding the base effect⁶⁹ related to the reorganisation of Mobility activities at CAPFM, there was no change. The division’s Net income Group share amounted to €124 million, down -43.1% compared to the same period in 2023, and down -8.4% excluding the base effect⁶⁹ related to the reorganisation of Mobility activities at CAPFM and excluding provisions for legal risks and model revisions in Q4-24 at CAPFM.

Over 2024, revenues for the Specialised Financial Services division fell by -2.2%, but rose by +6.8% excluding the base effect⁷⁰ related to the reorganisation of the Mobility activities at CAPFM, compared to 2023. This favourable trend was driven by a good performance in CAL&F (+6.8%) and by higher revenues for CAPFM excluding the base effect⁷⁰ (+6.8%), benefiting from the scope effects linked to the strategic pivot around Mobility at CAPFM, which led to the 100% consolidation of Crédit Agricole Auto Bank from the second quarter of 2023 and of ALD and LeasePlan activities in six European countries, as well as the acquisition of a majority stake in the capital of Hiflow in the third quarter of 2023. Costs excluding SRF increased by +6.4% compared to 2023. Expenses excluding SRF, the base effect⁷⁰ and scope effects rose by +2.3%. The cost/income ratio stood at 50.6%, or +4.1 percentage points versus the same period in 2023; excluding the base effect⁷⁰, the change was +0.3 percentage points. Cost of risk increased by +10.1% compared to 2023, to -€958 million, and increased by +21.9% excluding the base effect⁷⁰.This rise notably includes the impact of scope effects as well as -€50 million due to model revisions and a -€30 million provision for legal risk of which UK car loans in the fourth quarter of 2024 at CAPFM. The contribution from equity-accounted entities was down -3.3% versus the same period in 2023, and down -25.5% excluding the base effect⁷⁰, due to the full consolidation of Crédit Agricole Auto Bank in the second quarter of 2023, which was previously accounted for using the equity method. Net income on other assets amounted to -€12 million at the end of December 2024, compared to €71 million at the end of December 2023 and -€18 million excluding the base effect⁷⁰. The change in value of goodwill was €0 million for 2024 vs. €12 million for 2023, and excluding the base effect⁷⁰ related to the reorganisation of the Mobility activities at CAPFM, there was no change. Net income Group share thus came to €625 million, down -26.6% compared to 2023, and down -7.5% excluding the base effect⁷⁰ related to the reorganisation of the Mobility activities at CAPFM.

The business line contributed 8% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-December 2024 and 13% to underlying revenues excluding the Corporate Centre.

At 31 December 2024, the equity allocated to the division was €7.2 billion and its risk-weighted assets were €76.2 billion.

The underlying RoNE (return on normalised equity) stood at 8.1% for the 12 months of 2024.

Personal Finance and Mobility results

CAPFM revenues reached €722 million in the fourth quarter of 2024, up +4.5% compared to the fourth quarter of 2023, with a positive price effect thanks in particular to the production margin rate, which improved by +75 basis points in the fourth quarter of 2024 compared to the fourth quarter of 2023 (up +31 basis points compared to the third quarter of 2024), and with around €30 million in non-recurring items in the fourth quarter of 2024. Expenses were down by -0.7% and stood at -€347 million. They were down by -1.9% excluding the base effect⁷¹ related to the reorganisation of the Mobility activities compared to the same period in 2023. Gross operating income stood at €375 million, up +9.9%. The cost/income ratio stood at 48.1%, or -2.5 percentage points versus the same period in 2023 and -3.2 percentage points excluding the base effect⁷¹ related to the reorganisation of the Mobility activities. Cost of risk increased by +68.4% to -€286 million compared to the fourth quarter of 2023, with this quarter including model revisions leading essentially to a -€50 million deterioration in unproven risk, and a -€30 million provision for legal risk of which UK car loans. The cost of risk/outstandings thus stood at 127 basis points⁷², a deterioration of +6 basis points compared to the fourth quarter of 2023. The Non Performing Loans ratio was 4.7% at the end of December 2024, up +0.2 percentage point compared to the end of September 2024, while the coverage ratio reached 73.2%, down -1.0 percentage point compared to the end of September 2024. The contribution from equity-accounted entities rose by +9.7% compared to the same period in 2023. Excluding the base effect⁷¹ related to the reorganisation of the Mobility activities, the change in value of goodwill is zero, it stood at €12 million in the fourth quarter of 2023. As a result, net income Group share totalled €74 million in the fourth quarter of 2024, i.e. -56.2% compared to the same period the previous year. Excluding the base effect⁷¹ and excluding the legal provisions and model revisions, net income Group share was down -11.7%.

In 2024, CAPFM’s revenues totalled €2,764 million, down -4.3% compared with 2023, but up +6.8% excluding the base effect related to the reorganisation of the Mobility activities⁷³. Revenues benefited from scope effects related to the strategic pivot around Mobility that had resulted in the full consolidation of Crédit Agricole Auto Bank from the second quarter of 2023, the acquisition of ALD and LeasePlan activities in six European countries, and the acquisition of a majority stake in the capital of Hiflow in the third quarter of 2023. Expenses excluding SRF stood at -€1,382 million, an increase of +7.0% on 2023. Expenses excluding SRF, excluding the base effect⁷³ and scope effects, were up +1.7%. Gross operating income therefore came in at €1,382 million, which was a drop of -12.8% but an increase of +6.4% excluding the base effect⁷³. The cost/income ratio stood at 50.0%, or +5.3 percentage points versus the same period in 2023; excluding the base effect⁷³, the change was +0.7 percentage points. Cost of risk increased by +8.6% compared with 2023, to -€877 million, and rose +21.3% when the base effect⁷³ is excluded. This rise notably includes the impact of scope effects as well as a model revision leading essentially to a -€50 million deterioration in unproven risk, and a -€30 million provision for legal risk of which UK car loans. The contribution from equity-accounted entities was down -0.8% versus the same period in 2023, and down -22.9% excluding the base effect⁷³ related to the scope effects of Crédit Agricole Auto Bank, which was fully consolidated in the second quarter of 2023 having previously been accounted for using the equity method. Net income on other assets was down -€82.1 million between 2024 and 2023. However, excluding the base effect⁷³, it was up +€7 million. The change in value of goodwill was €0 million for 2024 against €12 million for 2023, and excluding the base effect⁷³ related to the reorganisation of the Mobility activities, there was no change. As a result, net income Group share stood at €422 million for 2024, a decline of -37.5% from the same period one year earlier. Excluding the base effect⁷³, net income Group share was down -15.4% from the same period in 2023.

Leasing & Factoring results

CAL&F’s revenues totalled €193 million, up +1.9% compared with the fourth quarter of 2023. This increase was driven by factoring, which benefited from positive volume effects (increase in factored revenues). Expenses remained stable with an increase of +0.4%, while the cost/income ratio stood at 51.7%, an improvement of -0.8 percentage points from the fourth quarter of 2023. Gross operating income rose +3.5% to €93 million, with a positive jaws effect of +1.5 percentage points. Cost of risk totalled -€20 million, up +40.1% compared to the same period in 2023. This rise was mainly due to the small business and SME markets. Cost of risk/outstandings stood at 24 basis points⁷², up +4 basis points compared to fourth quarter 2023. As a result, net income Group share was €50 million, up +1.7% compared with the fourth quarter of 2023.

In 2024, revenues totalled €756 million, an increase of +6.8% compared to 2023. Costs excluding SRF increased by +4.3% to €398 million. Gross operating income rose significantly, +15.1% compared to 2023, to €358 million. The underlying cost/income ratio excluding SRF amounted to 52.6%, an improvement of -1.2 percentage points compared to 2023. The cost of risk increased by +29.7%, compared to the same period in 2023, to -€81 million. Net income Group share was €203 million, up +15.0% compared to the year 2023.

Crédit Agricole S.A. Retail Banking activity

Activity in Crédit Agricole S.A.’s Retail Banking business was solid during the quarter, with an increasing number of customers taking out insurance policies. Home loan production in France is steadily recovering, while continuing to rise for corporate loans. Outside France, loan activity was dynamic.

Retail banking activity in France

In the fourth quarter of 2024, activity remained strong with the upturn in mortgage lending and non-remunerated demand deposits which rose over the quarter. Customer acquisition is dynamic, with 60,000 new customers this quarter.

The equipment rate for car, multi-risk home, health, legal, all mobile devices or personal accident insurance rose by +0.4 percentage points to stand at 27.9% at end-December 2024.

Loan production totalled €8.5 billion, representing a year-on-year increase of +34.2%. The fourth quarter of 2024 confirmed the recovery in home loan production (+59.3% compared to the fourth quarter of 2023 and +10.6% compared to the third quarter of 2023), boosted by the proactive pricing policy. The average production rate for home loans came to 3.24%, down -14 basis points from the third quarter of 2024 and -92 basis points year on year. The home loan stock rate improved by +5 basis points over the quarter and by +18 basis points year on year. The strong momentum continued in the corporate market (+28.9% year on year) and the small business market (+19.3% year on year) but slowed for the consumer segment (-8.2%), in a challenging economic environment.

Outstanding loans stood at €171 billion at end-December 2024, representing a +1.1% increase quarter-on-quarter and year-on-year (of which +1.3% for home loans, +0.8% for loans to professionals, +0.7% for loans to corporate). Customer assets totalled €255.0 billion at end-December 2024, up +3.0% year on year, driven by non-remunerated deposits and off-balance sheet funds. Customer assets also rose +0.7% during the quarter, thanks to the increase in demand deposit volumes (+1.1% compared with end-September 2024) in a still-uncertain environment, as well as term deposits (+1.2% compared with end-September 2024). Off-balance sheet deposits benefited from a positive year-on-year market effect across all segments and positive net inflows in life insurance.

Retail banking activity in Italy

In the fourth quarter of 2024, CA Italia posted gross customer capture of 45,000.

Loan outstandings at CA Italia stood at €62.1 billion at end-December 2024⁷⁴, up +1.7% compared with end-December 2023. This was despite the downturn in the Italian market⁷⁵, driven by the retail segment, which posted an increase in outstandings of 3.2%, and the corporate segment, which recorded an increase in outstandings of 3.6%. Loan production, buoyed by the solid momentum in all markets, rose +4.5% compared with the fourth quarter of 2023. Home loan production was good but nevertheless recorded a decline compared to a very high fourth quarter in 2023 (-6.3%). The loan stock rate fell by -20 bp on the third quarter of 2024, but was down less sharply than market rates.

Customer assets at end-December 2024 totalled €120 billion, up +3.6% compared with end-December 2023; on-balance sheet deposits were relatively unchanged from the previous year at +0.5%, while the cost of ressources decreased. Lastly, off-balance sheet deposits rose +7.7%, benefiting from a market effect and positive net inflows.

CA Italia’s equipment rate in car, multi-risk home, health, legal, all mobile devices or personal accident insurance increased to 20.0%, up 1.2 percentage points compared with the fourth quarter of 2023.

Crédit Agricole Group activity in Italy⁷⁶

The Group’s business lines in Italy continued to grow throughout 2024. They served 6.1 million customers at end-December 2024, and the Group’s market share stood at 5%⁷⁷ in Italy at end-2024.

Crédit Agricole Italia has the best NPS among commercial banks.⁷⁸ The Group’s business lines were ranked 2^nd in consumer finance⁷⁹, 3^rd in asset management⁸⁰, and 4^th in life bancassurance⁸¹.

Loans outstanding stood at €102 billion at end-December 2024 (+2% versus end-December 2023). Total customer assets stood at €340 billion at end-December 2024 (+2.7% compared to end-December 2023).

International Retail Banking activity excluding Italy

For International Retail Banking excluding Italy, loan outstandings were stable at -0.2% at current exchange rates at end-December 2024 compared with end-December 2023 (+5.2% at constant exchange rates). Customer assets rose by +1.2% over the same period at current exchange rates (+8,9% at constant exchange rates).

In Poland in particular, loan outstandings increased by +3.8% versus December 2023 (+2.1% at constant exchange rates) and customer assets by +7.5% (+9.3% at constant exchange rates), against a backdrop of fierce competition for deposits. Loan production in Poland also remained strong, rising +9% compared with the fourth quarter of 2023 at current exchange rates (+6.3% at constant exchange rates).

In Egypt, loan outstandings fell -16.4% between end-December 2024 and end-December 2023 (+29.3% at constant exchange rates). Over the same period, inflows fell by -26.8% but were still up +13.2% at constant exchange rates.

The surplus of deposits over loans in Poland and Egypt amounted to €2.4 billion at 31 December 2024, and totalled €4.1 billion including Ukraine.

French retail banking results

In the fourth quarter of 2024, LCL’s revenues stood at €960 million, stable (+0.1%) compared with the fourth quarter of 2023 (+0.8% excluding the reversal of the provision for Home Purchase Saving Plans in the fourth quarter of 2023⁸²). The increase in fee and commission income (+8.4% Q4/Q4) was driven by all activities (excluding securities management), but mainly by strong momentum in cash flow and card premiums. NIM was down -7.7% Q4/Q4 (-6.6% excluding the reversal of the provision for Home Purchase Saving Plans in the fourth quarter of 2023⁸²). This quarter, the net interest margin was boosted by higher lending yields (stock repricing +18 bp Q4/Q4 and +5 bp Q4/Q3) making it possible to offset the increased cost of resources and a lower contribution from macro-hedging.

Expenses were down by -1.1% and stood at -€647 million, benefiting in particular from a positive base effect (non-recurring items recorded in Q4 2023 including provisions on HR, property and IT components) making it possible to offset continued investments linked to IT and external expenditure (marketing, communication). The cost/income ratio stood at 67.4%, down 0.8 percentage point compared to fourth quarter 2023. Gross operating income rose by +2.7% to €313 million.

The cost of risk was down -19.3% compared with the fourth quarter of 2023 to -€78 million (including -€42 million in cost of risk on performing loans, -€36 million in proven risk), cost of risk/outstandings remained stable at 22 basis points, in a context of a deterioration for SMEs and small businesses. The coverage ratio stood at 62.6% at end-December 2024 (+2.8 percentage point compared with end-September 2024). The non-performing loans ratio was 2.0% at end December 2024, -0.1 percentage point compared to end September 2024. As a result, net income Group share increased by +13.1% compared with the fourth quarter of 2024 (+16.3% excluding the Home Purchase Saving Plan base effect⁸²).

For the year 2024, LCL revenues were up +0.6% compared to 2023, totalling €3,872 million (+2.6% excluding the Home Purchase Saving Plan base effect⁸³). The net interest margin was down -1.6% (+1.3% excluding the Home Purchase Saving Plan base effect⁸³), benefiting from gradual loan repricing, making it possible to offset the increased cost of resources. Fee and commission income was up +2.7% compared to 2024 (+3.9% excluding the Cheque Image base effect⁸⁴ in 2023), particularly on life insurance segments supported by the increase in assets in a positive market context, on non-life insurance linked to property and casualty insurance, and on payment instruments and account management. Costs excluding SRF were up +2.2% due to continued investments linked to IT and external expenditure (marketing, communication). The cost/income ratio excluding SRF stood at 63.2% (+1.0 percentage point compared with 2023). Gross operating income grew by +1.0% year on year. Cost of risk increased by +24.0%, impacted by the rise in proven risk on the corporate market, including corporate-specific files and on the retail market (small businesses and consumer finance). All in all, the business line’s contribution to net income Group share stood at €790 million, down -5.4% (+1.8% excluding the Home Purchase Saving Plan base effect and Cheque Image fine reversal)

In all, the business line contributed 10% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) in 2024 and 14% to underlying revenues excluding the Corporate Centre.

At 31 December 2024, the equity allocated to the business line stood at €5.4 billion and risk-weighted assets amounted to €56.8 billion. LCL’s underlying return on normalised equity (RoNE) stood at 13.7% in 2024.

International Retail Banking results⁸⁵

In the fourth quarter of 2024, revenues for International Retail Banking totalled
€969 million, stable (-0.5% at current exchange rates, +2.8% at constant exchange rates) compared with the fourth quarter of 2023. Operating expenses were under control at €568 million, down -9.5% (-8.3% at constant exchange rates). Gross operating income consequently totalled €401 million, up +15.7% (+24.6% at constant exchange rates) for the period. Cost of risk amounted to -€100 million, down -2.5% compared with the fourth quarter of 2023 (-0.5% at constant exchange rates).

All in all, net income Group share for CA Italia, CA Egypt, CA Poland and CA Ukraine amounted to €158 million in the fourth quarter of 2024, up +54% (+68.6% at constant exchange rates).

For full-year 2024, International Retail Banking revenues rose by +2.8% to €4,059 million (+1.0% at constant exchange rates). Expenses excluding SRF were under control at -€2,148 million, an increase of +1.4% on 2023. Gross operating income totalled €1,911 million, up +6.7% (+5.3% at constant exchange rates). The cost of risk fell by -32.5% (-21.2% at constant exchange rates) -€313 million compared to 2023. All in all, net income Group share of International Retail Banking was €836 million, compared with €703 million in 2023.

In full-year 2024 the International Retail Banking business line contributed 11% to the underlying net income Group share of Crédit Agricole S.A’s core businesses. (excluding the Corporate Centre) and 15% to underlying revenues excluding the Corporate Centre.

As at 31 December 2024, the capital allocated to International Retail Banking was €4.5 billion and risk-weighted assets totalled €46.9 billion.

Results in Italy

In fourth quarter 2024, Crédit Agricole Italia’s revenues stood at €733 million, up +2.7% from fourth quarter 2023. The net interest margin was relatively stable from fourth quarter 2023 (-0.2% compared to fourth quarter 2023) and fee and commission income (-0.1%) benefited from the strong momentum of fee and commission income on assets under management (+18.8% compared to fourth quarter 2023). Operating expenses, excluding DGS, were stable at +0.8% compared to the fourth quarter of 2023.

Cost of risk amounted to -€76 million in the fourth quarter of 2024, down -21.2% from the fourth quarter of 2023, and corresponded almost entirely to provisions for proven risk. Cost of risk/outstandings⁸⁶ stood at 40 basis points, an improvement of four basis points compared with the third quarter of 2024. The Non Performing Loans ratio improved compared with the third quarter of 2024 to stand at 2.9%, while the coverage ratio was 75.1% (+1.5 percentage points compared with the third quarter of 2024). Net income Group share for CA Italia was €112 million, up +74.3% compared to the fourth quarter of 2023.

In full-year 2024, revenues for Crédit Agricole Italia rose by +1.3% to €3,056 million. Expenses excluding SRF and DGS (deposit guarantee fund in Italy) were under control at €1,602 million, up +0.1% compared with full-year 2023. Gross operating income stood at €1,396 million, a slight increase of +6.1% compared to 2023. The cost of risk amounted to -€246 million, down -25.5% compared to 2023. As a result, the net income Group share of CA Italia totalled €608 million, an increase of +12.7% compared to 2023.

CA Italy’s underlying RoNE (return on normalised equity) was 20,8% at 31 December 2024.

Results for Crédit Agricole Group in Italy⁸⁷

For full-year 2024, the underlying net income Group share of entities in Italy was €1,254 million, up 20% compared to 2023. This reflects the ongoing momentum of the various business lines, particularly Retail Banking, Asset Gathering, and Large Customers. The breakdown by business line is as follows: Retail Banking 49%; Specialised Financial Services 18%; Asset Gathering and Insurance 21%; and Large Customers 12%. Lastly, Italy’s contribution to the net income Group share of Crédit Agricole S.A. in full-year 2024 was 16%.

International Retail Banking results – excluding Italy

In the fourth quarter of 2024, revenues for International Retail Banking excluding Italy totalled €236 million, up -9.3% (+3.3% at constant exchange rates) compared to the fourth quarter of 2023. Revenues in Poland were up +2.5% on the fourth quarter of 2023 (+0.1% at constant exchange rates), boosted by a higher net interest margin. Revenues in Egypt fell (-21.5% compared with the fourth quarter of 2023) due to foreign exchange rate movements (depreciation of the Egyptian pound) but were particularly buoyant at constant exchange rates (+25%), benefiting from a sharp increase in the interest margin. Operating expenses for International Retail Banking excluding Italy amounted to €126 million, down -1.3% compared with the fourth quarter of 2023 (+5.1% at constant exchange rates). Gross operating income amounted to €110 million, a decrease of -17.1% (+1.9% at constant exchange rates) compared with the fourth quarter of 2023. The cost of risk was stable at -€24 million, versus -€6 million in fourth quarter 2023. Furthermore, at end December 2024, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 124% and 151% respectively. In Ukraine, the local coverage ratio remains prudent (409%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €46 million, up 20.2% compared with the fourth quarter of 2023 at current exchange rates (+56.4% at constant exchange rates).

In full-year 2024, revenues for International Retail Banking excluding Italy totalled €1,003 million, up +7.7% (+19.0% at constant exchange rates) compared to 2023, driven by the increase in the net interest margin. Revenues in Poland increased dynamically by +21% compared to 2023 (+15% at constant exchange rates) driven by net interest margin and commissions. Revenues in Egypt decreased slightly by -3% at current exchange rates compared to 2023, taking into account the evolution of exchange rates (in a context of devaluation of the EGP currency) but remain very well oriented at constant exchange rates (+43% compared to 2023), benefiting from a strong increase in the interest margin. Operating expenses amounted to -€488 million, up +6.9% compared with 2023 (+10.6% at constant exchange rates). The cost/income ratio at end-December 2024 was 48.6% (an improvement of 0.4 points on the cost/income ratio at end-December 2023). Thanks to strong growth in revenues, gross operating income came to €515 million, up 8.5% (+28.1% at constant exchange rates) from 2023. Cost of risk amounted to -€67 million, down -50.0% (-49.1% at constant exchange rates) compared to 2023. All in all, International Retail Banking excluding Italy contributed €228 million to net income Group share.

The underlying RoNE (return on normalised equity) of Other IRB (excluding CA Italy) stood at 29.5% at 31 December 2024.

At 31 December 2024, the entire Retail Banking business line contributed 21% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) and 29% to underlying revenues excluding the Corporate Centre.

At 31 December 2024, the division’s equity amounted to €9.9 billion. Its risk-weighted assets totalled €103.7 billion.

Corporate Centre results

The net income Group share of the Corporate Centre was +€18 million in the fourth quarter of 2024, up +€236 million compared with the fourth quarter of 2023. The positive contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€26 million) and other items (+€44 million).
The contribution of the “structural” component (-€26 million) was up by +€193 million compared with the fourth quarter of 2023 and can be broken down into three types of activity:

The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution amounted to -€354 million in the fourth quarter of 2024, down -€116 million, mainly due to a negative corporate income tax catch-up effect of -€91 million.
The business lines that are not part of the core businesses, such as CACIF (private equity), CA Immobilier, CATE and BforBank (equity-accounted). They contributed +€315 million in the fourth quarter 2024, up +€297 million from the fourth quarter of 2023. This was due to the negative impact of the revaluation of Banco BPM shares for +234 million in revenues (+€271m in the fourth quarter of 2024 compared to +€37m in the fourth quarter of 2023), as well as an interim dividend of +€60 in revenues.
Group support functions. Their contribution amounted to +€12 million this quarter (+€12 million compared with the fourth quarter of 2023).

The contribution of “other items” was up +€43 million compared with the fourth quarter of 2023.
The “internal margins” effect at the time of the consolidation of the insurance activity at the Crédit Agricole level was accounted for through the Corporate Centre. Over the quarter, the impact of internal margins was -€198 million in revenues and +€198 million in expenses.

Over 2024, the underlying net income Group share of the Corporate Centre division was -€488 million, up +€105 million compared with 2023. The structural component contributed -€539 million, and other items of the division recorded a positive contribution of +€51 million over the year.
The “structural” component contribution was up €160 million compared with 2023 and can be broken down into three types of activities:

The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution amounted to -€1,120 million in 2024, down -€202 million compared to 2023, including a base effect of -€171 million related the reversal of the provision for Home Purchase Saving Plans recognised in the third quarter of 2023 as well as -€42 million relating to the reversal of the Cheque Image Exchange fine in the second quarter of 2023;
Business lines not attached to the core businesses, such as CACIF (private equity) and CA Immobilier and BforBank: their contribution, which stood at +€549 million in 2024, was up +€343 on 2023. This increase was primarily due to the end of the SRF building-up period (+€77 million) and the impact of the valuation and dividend of Banco BPM shares for +€387 million;
The Group’s support functions: their contribution for 2024 was +€32 million, up +€19 million compared to 2023.

The contribution of “other items” was down -€55 million compared to 2023.
The “internal margins” effect at the time of the consolidation of the insurance activity at the Crédit Agricole level was accounted for through the Corporate Centre. Over the year, the impact of internal margins was -€832 million in revenues and +€832 million in expenses.

At 31 December 2024, risk-weighted assets stood at €30.0 billion.

Financial strength

Crédit Agricole Group

At 31 December 2024, the phased-in Common Equity Tier 1 (CET1) ratio of Crédit Agricole Group was 17.2%, a decrease of -0.2 percentage point compared to end-September 2024. Therefore, the Crédit Agricole Group posted a substantial buffer of 7.4 percentage points between the level of its CET1 ratio and the 9.8% SREP requirement. The fully loaded CET1 ratio was 17.1%.
During the fourth quarter 2024:

The CET1 ratio benefited from an impact of +25 basis points related to retained earnings.
Changes in risk weighted assets related to business line organic growth impacted the Group’s CET1 ratio by -28 basis points (see below), mainly due to a rating effect of -15 basis points.
Methodology, M&A and other effects had a negative impact of -14 basis points and included, in particular, the -12 basis point Basel 4 impact relating to the consolidation of leasing activities.

The phased-in Tier 1 ratio stood at 18.3%, while the phased-in total ratio was 20.9% at end-December 2024.
The phased-in leverage ratio stood at 5.5%, remaining stable compared with end-September 2024, well above the regulatory requirement of 3.5%.
Risk-weighted assets for the Crédit Agricole Group amounted to €653 billion, up +€17.5 billion compared with 30 September 2024. The change can be broken down by business line as follows: Retail Banking +6.9 billion (including +4.1 billion in negative rating effects on LCL and the Regional Banks, Asset Gathering -1.3 billion, Specialised Financial Services +4.3 billion, Large Customers +7.3 billion (impacted by foreign exchange and negative rating effects) and Corporate Centre +0.3 billion.

Maximum Distributable Amount (MDA and L-MDA) trigger thresholds

The transposition of Basel regulations into European law (CRD) introduced a restriction mechanism for distribution that applies to dividends, AT1 instruments and variable compensation. The Maximum Distributable Amount (MDA, the maximum sum a bank is allowed to allocate to distributions) principle aims to place limitations on distributions in the event the latter were to result in non-compliance with combined capital buffer requirements.

The distance to the MDA trigger is the lowest of the respective distances to the SREP requirements in CET1 capital, Tier 1 capital and total equity.

At 31 December 2024, Crédit Agricole Group posted a buffer of 666 basis points above the MDA trigger, i.e. €44 billion in CET1 capital.

Failure to comply with the leverage ratio buffer requirement would result in a restriction of distributions and the calculation of a maximum distributable amount (L-MDA).

At 31 December 2024, Crédit Agricole Group posted a buffer of 197 basis points above the L-MDA trigger, i.e. €43 billion in Tier 1 capital. At the Crédit Agricole Group level, it is the distance to the L-MDA trigger that determines the distance to distribution restriction.

At 31 December 2024, Crédit Agricole S.A. posted a buffer of 296 basis points above the MDA trigger, i.e. 12 billion in CET1 capital. Crédit Agricole S.A. is not subject to the L-MDA requirement.

TLAC

Crédit Agricole Group must comply with the following TLAC ratio requirements at all times:

a TLAC ratio above 18% of risk-weighted assets (RWA), plus – in accordance with EU directive CRD 5 – a combined capital buffer requirement (including, for Crédit Agricole Group, a 2.5% capital conservation buffer, a 1% G-SIB buffer, the counter-cyclical buffer set at 0.77% and the 0.05% systemic risk buffer for CA Group at 31 December 2024). Considering the combined capital buffer requirement, Crédit Agricole Group must adhere to a TLAC ratio of above 22.3%;
a TLAC ratio of above 6.75% of the Leverage Ratio Exposure (LRE).

The Crédit Agricole Group’s 2025 target is to maintain a TLAC ratio greater than or equal to 26% of RWA excluding eligible senior preferred debt.

At 31 December 2024, Crédit Agricole Group’s TLAC ratio stood at 26.9% of RWA and 8.0% of leverage ratio exposure, excluding eligible senior preferred debt⁸⁸, which is well above the requirements. The TLAC ratio, expressed as a percentage of risk-weighted assets, decreased by 40 basis points over the quarter, due to risk-weighted assets increasing more rapidly than equity and eligible items over the period. Expressed as a percentage of leverage exposure (LRE), the TLAC ratio was down 20 basis points compared with September 2024.

The Group thus has a TLAC ratio excluding eligible senior preferred debt that is 460 basis points higher, i.e. €30 billion, than the current requirement of 22.3% of RWA.

At end-December 2024, €10.4 billion equivalent had been issued in the market (senior non-preferred and Tier 2 debt) as well as €2.5 billion of AT1. The amount of Crédit Agricole Group senior non-preferred securities taken into account in the calculation of the TLAC ratio was €34.5 billion.

MREL

The required minimum levels are set by decisions of resolution authorities and then communicated to each institution, then revised periodically. At 31 December 2024, Crédit Agricole Group has to meet a minimum total MREL requirement of:

22.01% of RWA, plus – in accordance with EU directive CRD 5 – a combined capital buffer requirement (including, for Crédit Agricole Group, a 2.5% capital conservation buffer, a 1% G-SIB buffer, the counter-cyclical buffer set at 0.77% and the 0.05% systemic risk buffer for CA Group at 31 December 2024). Considering the combined capital buffer requirement, the Crédit Agricole Group has to meet to a total MREL ratio of above 26.3%;
6.25% of the LRE.

At 31 December 2024, the Crédit Agricole Group had a total MREL ratio of 32.4% of RWA and 9.7% of leverage exposure, well above the requirement.

An additional subordination requirement (“subordinated MREL”) is also determined by the resolution authorities and expressed as a percentage of RWA and LRE. At 31 December 2024, this subordinated MREL requirement for the Crédit Agricole Group was:

18.25% of RWA, plus a combined capital buffer requirement. Considering the combined capital buffer requirement, the Crédit Agricole Group has to meet to a subordinated MREL ratio of above 22.6%;
6.25% of leverage exposure.

At 31 December 2024, Crédit Agricole Group had a subordinated MREL ratio of 26.9% of RWA and 8.0% of leverage exposure, well above the requirement.

The distance to the maximum distributable amount trigger related to MREL requirements (M-MDA) is the lowest of the respective distances to the MREL, subordinated MREL and TLAC requirements expressed in RWA.

At 31 December 2024, Crédit Agricole Group had a buffer of 430 basis points above the M-MDA trigger, i.e. €28 billion in CET1 capital; the distance to the M-MDA trigger corresponds to the distance between the subordinated MREL ratio and the corresponding requirement.

Crédit Agricole S.A.

At 31 December 2024, Crédit Agricole S.A.’s solvency ratio was higher than the Medium-Term Plan target, with a phased-in Common Equity Tier 1 (CET1) ratio of 11.7%, stable compared to end-September 2024. Crédit Agricole S.A. therefore had a comfortable buffer of 3.0 percentage points between the level of its CET1 ratio and the 8.6% SREP requirement. The fully loaded CET1 ratio was 11.6%.
During the fourth quarter 2024:

The CET1 ratio benefited this quarter from a positive impact of +19 basis points linked to retained earnings. This impact corresponds to net income Group share net of AT1 coupons (impact of +38 basis points) and of the distribution of 50% of earnings, i.e. a provision for dividends of 27 euro cents per share in third quarter 2024 (-20 basis points).
Changes in risk-weighted assets related to business line organic growth impacted the CET1 ratio by -12 basis points, of which a rating effect of -10 basis points in Corporate and Investment Banking and French Retail Banking.
- Methodology, M&A and other effects had a negative impact of -13 basis points and included, in particular, the -12 basis point Basel 4 impact relating to the consolidation of leasing activities.
The phased-in leverage ratio was 3.9% at end-December 2024, up +0.1 percentage point compared to end-September 2024 and above the 3% requirement.

The phased-in Tier 1 ratio stood at 13.4% and the phased-in total ratio at 17.4% this quarter.
Risk weighted assets for Crédit Agricole S.A. amounted to 415 billion at end of December 2024, up by +€12.9 billion compared to 30 September 2024. The change can be broken down by core business line as follows:

The Retail Banking divisions showed an increase of +€2.1 billion, particularly in France, with a rating effect at LCL of +€1.9 billion.
Asset Gathering posted a decrease of -€1.2 billion essentially for Insurance due to the impact of the interim dividend.
Specialised Financial Services increased by +€4.3 billion, due to the Basel 4 impact of consolidation of leasing activities
Large Customers recorded an increase in risk-weighted assets of +€7.4 billion over the quarter, mainly as a result of the growth of the Corporate and Investment Banking business lines, and negative foreign exchange effects (+€2.7 billion) and ratings (+€1.5 billion).
The Corporate Centre divisions posted an increase in risk-weighted assets of +€0.4 billion.

Liquidity and Funding

Liquidity is measured at Crédit Agricole Group level.

Preliminary presentation information:

At 31 December 2024, changes have been made to the liquidity balance sheet:

In assets, the section “Cash and Central Bank deposits (including mandatory reserves)”, eligible to LCR, was reduced to “Central Bank deposits (without Cash and mandatory reserves)”, for consistency with the presentation of Liquidity reserves, which exclude Cash and mandatory reserves. The latter have been reclassified under stable application of funds for the surplus of stable funding resources over stable application of funds, in the section “Net working capital” (see Infra). This methodological change had a negative impact on the indicator of €16 billion;
In assets, the sections “Interbank assets” and “Reverse repos (net) and other ST” in the banking book have been merged into a single section called “Treasury assets”;
In liabilities, the “Customer-related funds” section now only contains customer deposits eligible for the Stable Resources Position indicator⁸⁹, and bonds issued by Group entities through its retail networks as well as national or supranational borrowings are now listed in the “LT debt” section (formerly called “MLT market funds”);
The sections “Tangible and intangible assets” previously in assets and “Equity and similar” previously in liabilities are netted in a single section called “Net working capital” in liabilities. The later now also includes the difference between accrued liabilities and accrued interests, which were historically included in the section “Reverse repos and other ST”. This reclassification had a positive impact on the surplus of stable funding resources over stable application of funds of €3 billion.

In addition, the following changes have been made to the breakdown of long-term debt (considered within the meaning of banking activities) from the 31 December 2024:

Senior Preferred bonds issued by Group entities through its retail networks are classified within other debt with the same ranking issued on the market;
National or supranational borrowings are classified as senior secured debt.

Comments on the liquidity position:

Diversified and granular customer deposits has increased by +2% over the quarter (€1,152 billion at 31 December 2024). The stabilisation of the breakdown in deposits continues this quarter in France.

The Group’s liquidity reserves, at market value and after haircuts⁹⁰, amounted to €473 billion at 31 December 2024, up +€7 billion compared to 30 September 2024.

Liquidity reserves (without Cash and Central Bank deposits) covered more than twice the short term debt net of treasury assets.

This increase in liquidity reserves is notably explained by:

The increase in the securities portfolio (HQLA and non-HQLA) for +€24 billion, due to the subscription of additional securities (instead of Central Banks deposits, Cf. Infra) and to the change in haircuts to better reflect the economic reality of central bank value;
The decrease of collateral already pledged to Central Banks and unencumbered for -€12 billion since additional private non-financial corporate claims (ACC Corpo) are no longer eligible to ECB funding from Q4.

Crédit Agricole Group also continued its efforts to maintain immediately available reserves (after recourse to ECB financing). Central bank eligible non-HQLA assets after haircuts amounted to €139 billion.

Standing at €1,685 billion at 31 December 2024, the Group’s liquidity balance sheet shows a surplus of stable funding resources over stable application of funds of €177 billion, down -€12 billion compared with end-September 2024. This surplus remains well above the Medium-Term Plan target of €110bn-€130bn.

Long term debt was €305 billion at 31 December 2024, up from pro-forma end-September 2024.

This included:

Senior secured debt of €84 billion;
Senior preferred debt of €159 billion, up +€10 billion, of which €7.5 billion due to the consolidation of CAPFM’s car lease subsidiaries in compliance with CRR3 regulation;
Senior non-preferred debt of €37 billion;
And Tier 2 securities of €25 billion.

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

At 31 December 2024, the end of month LCR ratios were 127% for Crédit Agricole Group (representing a surplus of €66 billion) and 131% for Crédit Agricole S.A. (representing a surplus of €64 billion). They were higher than the Medium-Term Plan target (around 110%). The LCR ratio was lower in December given higher one-month net outflows weighing on the denominator of the ratio.

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

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

At 31 December 2024, the Group’s main issuers raised the equivalent of €32.7 billion⁹¹in medium-to-long-term debt on the market, 81% of which was issued by Crédit Agricole S.A.

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

Crédit Agricole Assurances issued €750 million in Tier 2 10-year bullet subordinated and made a tender offer on two subordinated perpetual issuances (FR0012444750 & FR0012222297) for €788.5 million in September;
Crédit Agricole Personal Finance & Mobility issued:
- €2 billion equivalent in EMTN issuances and €0.9 billion in securitisations through Crédit Agricole Auto Bank (CAAB);
- €0.7 billion in securitisations through Agos;
Crédit Agricole Italia issued two senior secured debt issuances for a total of €1.5 billion, of which €500 million in Green Bond format;
Crédit Agricole next bank (Switzerland) issued three tranches in senior secured format for a total of 300 million Swiss francs, of which 100 million Swiss francs in Green Bond format

At 31 December 2024, Crédit Agricole S.A. raised the equivalent of €24.1 billion through the market⁹²^,⁹³.

The bank raised the equivalent of €24.1 billion, of which €7.3 billion in senior non-preferred debt and €3.1 billion in Tier 2 debt, as well as €7.2 billion in senior preferred debt and €6.5 billion in senior secured debt at end-December. The financing comprised a variety of formats and currencies, including:

€6.3 billion⁹⁴^,⁹⁵;
6.35 billion⁹⁶ US dollars (€5.8 billion equivalent);
1.1 billion pounds sterling (€1.3 billion equivalent);
230 billion Japanese yen (€1.4 billion equivalent);
0.8 billion Swiss francs (€0.8 billion equivalent);
1.75 billion Australian dollars (€1.1 billion equivalent);
7 billion renminbi (€0.9 billion equivalent).

At end-December, Crédit Agricole S.A. had issued 64%⁹⁷^,⁹⁸ of its funding plan in currencies other than the euro.

In addition, on 2 January 2024, Crédit Agricole S.A. issued a PerpNC6 AT1 bond for €1.25 billion at an initial rate of 6.5% and, on 24 September 2024, a PerpNC10 AT1 bond for $1.25 billion at an initial rate of 6.7%.

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

The programme was 30% completed at 31 January 2025, with:

€0.5 billion in senior secured debt;
€0.3 billion equivalent in senior preferred debt;
€4.6 billion equivalent in senior non-preferred debt;
€0.7 billion equivalent in Tier 2 debt.

Economic and financial environment

2024 retrospective

Continuing trend of disinflation and monetary easing

The global context remained contentious and eruptive, marked by significant geopolitical tensions and ongoing open conflicts such as the wars in Ukraine and the Middle East, which began in February 2022 and October 2023, respectively. On their emergence, these conflicts had caused tensions for upstream prices, particularly for grain, gas and maritime transport. These sharp price increases combined with sources of inflation arising from the post-Covid recovery: pressure on demand (recovering strongly) and supply (tight), problems or disruptions in supply, slow return of the participation rate on the labour market to its pre-pandemic level (labour shortage, wage pressures).
This combination of shocks resulted in a sudden upturn in global inflation, which peaked at 10.3% in October 2022 (an annual average of 8.7% in 2022 after 3.8% in 2021). This high inflation and the need to anchor inflation expectations quickly, to avoid price-wage spirals and persisting very high levels of inflation, resulted in sharp monetary tightening. The Federal Reserve and the ECB also began, in March and July 2022, respectively, a powerful rate hike cycle (increases of 525 and 450 base points (bp), respectively, in around 15 months). Thanks to the resorption of shocks upstream, the normalisation of the labour markets and the effects of monetary tightening, disinflation occurred from 2023 (average global inflation at 6.9%); global growth held up well overall.
2024 was marked by widespread continued disinflation (average global inflation at 5%, 4.5% year-on-year in December), despite the resilience of services prices being almost as widespread. After having kept their policy rates at high levels for some time, the major central banks started to make cuts in the summer. While the ECB reduced its deposit rate by 150 bp (to 3% for a refinancing rate of 3.15% in December 2024), the Fed reduced the federal funds target rate by 100 bp (upper bound at 4.50% in December 2024). Widely anticipated, this monetary easing provided support to still robust global growth (recession was avoided despite the high inflation followed by much stricter financial conditions) but for which the overall resilience still masks very mixed performances.
Overall resilient growth masking mixed performances

In the US, the economy once again demonstrated its robustness in 2024, with growth that continued to exceed expectations, coming in at an annual average of 2.8% (after 2.9% in 2023). Despite some pockets of weakness (households with low incomes, negative net equity, small businesses, vulnerable workers more exposed to high interest rates), the monetary and financial tightening did not have a widespread depressive effect thanks to an overall strengthening of balance sheets (corporate and household) after the financial crisis. While the employment market showed signs of a slowdown, this was more of a normalisation following a period of overheating rather than a deep deterioration. The unemployment rate rose only slightly, (4.1% at end-December 2024 vs 3.8% one year earlier). Lastly, confirming that the last mile of disinflation is the hardest, year-on-year inflation climbed very slowly from September to reach 2.9% in December.
In China, the property market has not yet stabilised and support measures (lowering mortgage rates, lowering reserve requirement rates to free up liquidity, creating support funds to buy back certain vacant properties or properties under construction) have not generated the confidence boost expected. Households have preferred to maintain their precautionary savings, to the detriment of consumption, and weak domestic demand has continued to feed strong deflationary pressure. Thanks to better-than-expected growth in the last quarter (5.4% year-on-year), average annual growth reached the government target of “around 5%”. However, inflation (0.2% in 2024) remained far below the Central Bank’s 3% target.
In France, growth came in at 1.1% in 2024, as in 2023. However, inflation dropped sharply, with an annual average of 2%, after 4.9% in 2023. This disinflation led to increased purchasing power for households, although this did not translate into a sharp rise in consumption. The savings rate for households therefore increased to 18%, as an annual average, compared to below 17% in 2023 and 14% before the health crisis (2015-2019). Employment proved very resilient in 2024 and the unemployment rate showed only a slight increase (7.4%). As the previous tightening of financial terms continued to weigh heavily on private investment, domestic demand decelerated and growth was driven by foreign trade and the public sector. While public consumer spending drove growth, on the other side of the coin, the public deficit significantly increased and should reach around 6.2% of GDP (after 5.5% in 2023).

In Italy, the slowdown in activity continued in 2024, with growth limited to 0.5%. The disinflation process that began at the end of 2023 continued (average annual inflation of 1.1%) but was not enough to significantly boost the economy. A buoyant employment market (with an unemployment rate of 6.7%, down one point on 2023), low inflation and slight wage increases enabled an upturn in purchasing power after two years of decline. Despite this support, growth in household consumption remained moderate and the savings rate stabilised after its drop in 2023. Investment growth stagnated, driven solely by projects linked to the stimulus package, while productive investment declined sharply, particularly in the third quarter. Continued restrictive financing terms and insufficient demand, both domestically and internationally, have hampered supply, particularly in industry, which saw a marked drop. The construction sector, supported in the first six months by the delayed effect of the Super Bonus, then slowed.

Financial markets

Disinflation did not drive inflation rates to the targets set by the major central banks, but within their “comfort zones” and enabled them, during the summer, to ease their monetary policy. However, firstly, the “last mile” of disinflation has proved harder than the markets had anticipated and, secondly, the US election revived hopes of stronger growth but fears of higher inflation in the US. Consequently, investors have had to temper their hopes for monetary easing and bond rate cuts, particularly in the US.

On the other side of the Atlantic, while two-year US Treasury yields fell back very slightly during the year (around 4.25% in December 2024), longer-term rates (US 10-year Treasuries) picked up by almost 65 bp (to almost 4.60%). In the eurozone, with a fairly depressed growth outlook and modest inflation, 2-year and 10-year swap rates fell by around 65 bp and 15 bp, respectively, over the year (to 2.20% and 2.35%). The trend in sovereign spreads reflected the relative economic, as well as political, performance of the economies. Whilst difficulties piled up in Germany, the European periphery enjoyed political stability and/or better economic growth. While the Bund rate (German 10-year rate) gained 30 bp over the year (to 2.35%, i.e. the 10-year swap rate level, having been nearly 50 bp below this level at the end of December 2023), peripheral spreads tightened. In France, political instability and concerns about the trajectory of French debt prompted the spread to widen. At the end of 2024, the Spanish, Italian and French 10-year yield spreads against the Bund were around 120, 70 and 80 bp, respectively, (i.e. variations of -25 bp, -50 bp and +30 bp over the year). France’s spread is now higher than Spain’s.

In 2024, US economic performance far outstripped that of other major regions, notably Europe. Whilst US equity markets were again buoyed by the performance of the “Magnificent Seven” and the expected benefits of the US election, Europe suffered for a variety of reasons (depressed manufacturing sector, high energy costs, excessive regulation, Chinese competition, technology gap, political concerns in France and Germany etc.). Between the start and end of 2024, the S&P index rose by 24%, the Eurostoxx 50 was up 8% and the CAC was down 2%. Lastly, although stable on average over the year (at US$1.08), the euro fell against the dollar by 5.5% between January and December 2024.

2025 Outlook

A highly conditional scenario

More than ever, the outlook is dependent on the future course of US geopolitics and economic policy. The assumptions made about the scale and timing of the measures to be taken by the new administration suggest that, in the US, the economy is likely to remain resilient, but also that inflation will pick up, monetary easing will be modest and long-term interest rates will come under upwards pressure. Moreover, these measures are only one explanation for the eurozone’s expected sluggish recovery, below potential.
Outlining the US (and, by extension, global) scenario obviously involves making assumptions about both the scale of the measures likely to be implemented and their timing, depending on whether they fall under the purview of the President or require the approval of Congress. As far as tariffs are concerned, the US President’s threats seem to be tantamount to extreme pressure tactics. They call for an intermediate scenario consisting of substantial increases, but not as high as campaign proposals. Trade tariffs would likely rise to an average of 40% for China, from the second quarter of 2025, and to an average of 6% for the rest of the world, phased in over the second half of 2025. An aggressive fiscal policy, favouring tax cuts and maintaining extremely high deficits, would be implemented later. Its effects could be seen from 2026 onwards. In terms of immigration, restrictions could be applied from the start of the presidential term. They would be followed by a very sharp slowdown in immigration flows and, while deportations are to be expected, they would be selective as opposed to a massive and indiscriminate deportation of millions of people. Lastly, deregulation, from which the energy and finance sectors are likely to benefit the most, would have rather positive effects throughout the presidential term of office.

In the US, these policy guidelines should, on the whole, favour growth. If the expected positive effect of an aggressive fiscal policy and deregulation exceeds the negative impact of tariffs and immigration restrictions, growth will follow. Given the resilience of the US economy, whose growth is still expected to outperform forecasts to settle at around 2.8% in 2024, this suggests that growth will remain strong, albeit slightly weaker. Due to a number of vulnerabilities (low-income households and small businesses are more exposed to high interest rates), our scenario assumes a slowdown to 1.9% in 2025, before a recovery to 2.2% in 2026, a trend that is likely to be accompanied by an upturn in inflation. The end of the disinflationary path to the 2% target is, in fact, the most arduous, and tariffs could result in price pressure ranging between 25 to 30 basis points. Headline inflation could therefore fall back to around 2% next spring, before rising to around 2.5% by the end of 2025 and then remain stable in 2026. The potential for monetary policy easing will be very limited.

In the eurozone, growth is likely to be sluggish, with the economy still not meeting its growth potential and below the pace enjoyed by the US. Although the upturn in household consumption points to slightly stronger growth, the latest data regarding investment does not augur well for a marked acceleration. Falling inflation boosts purchasing power, as well as a rebuilding of real wealth, implying less saving, and lower interest rates help to restore property purchasing power. The ingredients are there for a continued recovery in household spending, albeit only at a very moderate pace, however, as fiscal consolidation and global uncertainty are likely to encourage a continued high savings rate. Our scenario therefore assumes a modest acceleration in consumption to 1.1% in 2025 and 1.2% in 2026, after 0.7% in 2024. After a sharp fall in 2024, investment in 2025 is likely to continue to be penalised by the delay in passing on the interest rate cuts and, above all, by weak domestic demand and growing uncertainty about foreign demand. Investment is expected to grow by just 1.5%, before firming slightly in 2026 (2%). The Trump administration’s policies are likely to have a moderately negative impact on growth in the eurozone, in the short term primarily due to uncertainty. Les politiques de l’administration Trump auraient un impact modérément négatif sur la croissance de la zone euro, dont le canal le plus important à court terme serait l’incertitude. In addition, the monetary and fiscal policy mix remains unfavourable to growth, with the central bank policy rate returning to neutral by mid-2025, while the reduction in the ECB’s balance sheet continues to reflect a restrictive stance. Our forecasts therefore place growth on a relatively soft acceleration trend, rising from 0.7% in 2024 to 1% in 2025, then 1.2% in 2026: growth potential would be attained, but the output gap, which is slightly negative, would not yet be closed, as the growth gap with the US economy would widen.
In France, in 2025, assuming that a 2025 finance act is adopted at the beginning of the year (probably at the end of the first quarter) and that the recovery in public finances is weaker than forecast by the former Barnier government’s draft bill, growth would fall to 0.8%. Economic activity would be curbed, especially at the start of the year, by the uncertainty surrounding national politics and international trade policies. Households and businesses are likely to adopt a more wait-and-see attitude to consumption, investment and hiring. Household consumption is nevertheless set to rise as a result of the ongoing disinflation process, with inflation easing to 2.1% on an annual average basis (CPI), but only slightly. The household savings rate is not expected to fall until the second half of the year and will remain very high, while the unemployment rate is set to rise moderately. Private investment, meanwhile, is expected to remain stable, with an upturn postponed until 2026. Foreign trade is no longer expected to contribute to growth, as imports and exports are expected to grow at more or less the same rate. A slight re-stocking phenomenon is set to support growth, but budgetary efforts are likely to weaken. The public deficit is, however, only expected to fall slightly, to 6% of GDP. In Italy, a slight improvement is expected in 2025, with GDP growth forecast at 0.6%. Although a weakening labour market and slightly higher inflation are expected, consumption should become the main driver of the economy. Productive investment could benefit from a more favourable monetary environment. The construction sector will continue to be weakened by the after-effects of the boom of previous years, despite partial support from projects under the stimulus package.

Regarding emerging countries, were it not for the difficulties associated with “Trump 2.0”, the situation would be improving, with lower US central bank policy rates conducive to global monetary easing, easing of downwards pressure on emerging currencies and, more generally, on external financing for emerging countries, with domestic growth buoyed by falling inflation and interest rate cuts and exports to developed countries (primarily the US) still buoyant. However, the effects of these supporting factors are at risk of being undermined by the probable repercussions of the measures taken by the new US administration. In addition to trade tariffs that are likely to make emerging country exports more expensive and more limited, there will be less monetary accommodation in the US and a probable reduction in US military and financial support for Ukraine, fuelling geopolitical uncertainty in Europe. It will therefore be preferable to be a large country with a low level of openness, such as India, Indonesia or Brazil, a commodity-exporting country or an economy that is well integrated with China, which is preparing for the Trump storm.

In China, the last Politburo meeting concluded in December with a commitment by the authorities to implement a “more proactive” fiscal policy and a “sufficiently accommodating” monetary policy, in order to boost domestic demand and stabilise the property and equity markets. A period of trade tensions is looming and, apart from restrictions on exports of critical products (including rare earths), the means of retaliation are limited. It is difficult to respond by boosting the competitiveness of exports (the yuan is already historically low) or by reciprocally raising tariffs, which would risk penalising already very fragile domestic consumption. The authorities’ plans to provide more vocal support for domestic demand are commendable, but the effectiveness of this strategy will depend on household confidence. The upturn cannot be ordered by decree, and our scenario continues to predict a slowdown in growth in 2025.

The market’s hopes of a sharp monetary easing have been refuted and are absolutely no longer on the agenda, especially in the US.

In an economy that is expected to remain robust, with inflation holding above 2% and which could pick up again, the easing would be modest. After a total reduction of 100 basis points in 2024 (bp), the Fed could ease by a further 50 bp in total, taking the Fed funds rate (upper limit of the target range) to 4.00% in the first half of 2025, before pausing for a prolonged period. With inflation on target and no recession in sight, the ECB is likely to continue moderate easing via its central bank policy rates, while extending its quantitative tightening. After its four 25 bp cuts in 2024, the ECB is expected to cut rates by 25 bp at its meetings in January, March and April, then maintain its deposit rate at 2.25%, i.e. very slightly below the neutral rate estimate (2.50%).
Everything points to a scenario of rising long-term interest rates. In the US, given the economic scenario (limited slowdown in growth and moderation in inflation concentrated at the beginning of the period) and modest monetary easing followed by an earlier pause, interest rates could fall slightly in the first half of 2025 before picking up. The new forecasts look to a ten-year Treasury rate nearing 4.50% at the end of 2025, then rising to around 5.00% at the end of 2026.

In the eurozone, a number of factors lead to a scenario of rising sovereign interest rates: excessive monetary easing expectations by the markets, the correction of which could lead to a rise in swap rates, an increase in the volume of government securities linked to the ECB’s balance sheet reduction (Quantitative Tightening) as well as still-high net national issuance and the extension of the rise in US bond yields to their European equivalents. Whilst the German economy (where early elections will be held in February) continues to suffer, and the political situation in France is not any clearer, “peripheral” countries have seen their sound economic results (notably Spain) and their political stability (this applies to Italy and Spain) rewarded by a significant tightening of their spreads against the German 10-year rate in 2024. They should benefit from the same supportive factors in 2025. Our scenario therefore assumes German, French and Italian ten-year interest rates of 2.55%, 3.15% and 3.55%, respectively, at the end of 2025.

Lastly, on the dollar front, a number of positive factors, including the increased attractiveness of the dollar in terms of yield, seem to have already been largely incorporated into its price. As a result, our scenario assumes that the greenback will remain close to its recent highs throughout 2025, without exceeding them for any long period.

Appendix 1 – Specific items, Crédit Agricole Group and Crédit Agricole S.A.

Crédit Agricole Group – Specific items

	Q4-24		Q4-23		2024		2023
€m	Gross impact*	Impact on Net income	Gross impact*	Impact on Net income	Gross impact*	Impact on Net income	Gross impact*	Impact on Net income

DVA (LC)	(26)	(19)	6	4	20	15	(15)	(11)
Loan portfolio hedges (LC)	2	1	2	1	8	6	(24)	(18)
Home Purchase Savings Plans (LCL)	–	–	6	5	1	1	58	43
Home Purchase Savings Plans (CC)	–	–	5	4	(0)	(0)	236	175
Home Purchase Savings Plans (RB)	–	–	74	55	63	47	192	142
Mobility activities reorganisation (SFS)	–	–	–	–	–	–	300	214
Check Image Exchange penalty (CC)	–	–	–	–	–	–	42	42
Check Image Exchange penalty (LCL)	–	–	–	–	–	–	21	21
Check Image Exchange penalty (RB)	–	–	–	–	–	–	42	42
_{Total impact on revenues}	₍₂₄₎	₍₁₈₎	₉₃	₆₉	₉₃	₆₉	₈₅₁	₆₅₀
_{Degroof Petercam integration costs (AG)}	₍₁₃₎	₍₁₀₎	_–	_–	₍₂₆₎	₍₁₉₎	_–	_–
_{ISB integration costs (LC)}	₍₂₇₎	₍₁₅₎	_–	_–	₍₉₇₎	₍₅₂₎	_–	_–
_{Mobility activities}_{reorganisation (}_SFS)	_–	_–	₄	₃	_–	_–	₍₁₄₎	₍₁₀₎
_{Total impact on operating expenses}	₍₃₉₎	₍₂₅₎	₄	₃	₍₁₂₃₎	₍₇₂₎	₍₁₄₎	₍₁₀₎
Mobility activities reorganisation (SFS)	–	–	–	–	–		(85)	(61)
Provision for risk Ukraine (IRB)	–	–	–	–	(20)	(20)	–	–
Total impact on cost of credit risk	–	–	–	–	(20)	(20)	(85)	(61)
Mobility activities reorganisation (SFS)	–	–	–	–	–	–	(39)	(39)
Total impact equity-accounted entities	–	–	–	–	–		(39)	(39)
ISB integration costs (LC)	(2)	–	–	–	(2)	–	–	–
Degroof Petercam acquisition costs (AG)	1	1	–	–	(22)	(16)	–	–
Mobility activities reorganisation (SFS)	–	–	–	–	–	–	89	57
Total impact Net income on other assets	(1)	1	–	–	(24)	(16)	89	57
Mobility activities reorganisation (SFS)	–	–	12	12	–	–	12	12
Total impact on change of value of goodwill	–	–	12	12	–	–	12	12
Mobility activities reorganisation (SFS)	–	–	–	3	–	–	–	3
Total impact on tax	–	–	–	3	–	–	–	3

Total impact of specific items	(64)	(42)	109	86	(74)	(39)	814	611
Asset gathering	(12)	(9)	–	–	(49)	(36)	–	–
French Retail banking	–	–	80	59	65	48	312	248
International Retail banking	–	–	–	–	(20)	(20)	–	–
Specialised financial services	–	–	16	17	–	–	263	176
Large customers	(52)	(33)	8	6	(70)	(31)	(39)	(29)
Corporate centre	–	–	5	4	(0)	(0)	277	216

* Impact before tax and before minority interests

Crédit Agricole S.A. – Specific items

Q4-24

Q4-23

2024

2023

€m

Gross
impact*

Impact on
Net income

Gross
impact*

Impact on
Net income

Gross
impact*

Impact on
Net income

Gross
impact*

Impact on
Net income

DVA (LC)

(26)

(19)

(15)

(11)

Loan portfolio hedges (LC)

(24)

(18)

Home Purchase Savings Plans (LCL)

–

Home Purchase Savings Plans (CC)

–

(2)

(1)

236

175

Mobility activities reorganisation (SFS)

–

300

214

Check Image Exchange penalty (CC)

–

Check Image Exchange penalty (LCL)

–

Total impact on revenues

₍₂₄₎

₍₁₇₎

₁₉

₁₄

₃₀

₂₁

₆₁₇

₄₆₄

_{Degroof Petercam integration costs (AG)}

₍₁₃₎

₍₉₎

_–

₍₂₆₎

₍₁₉₎

_–

_{ISB integration costs (LC)}

₍₂₇₎

₍₁₅₎

_–

₍₉₇₎

₍₅₂₎

_–

_{Mobility activities reorganisation (SFS)}

_–

₄

₃

_–

₍₁₄₎

₍₁₀₎

Total impact on expenses

₍₃₉₎

₍₂₅₎

₄

₃

₍₁₂₃₎

₍₇₁₎

₍₁₄₎

₍₁₀₎

Provision for risk Ukraine (IRB)

–

(20)

–

Mobility activities reorganisation (SFS)

–

(85)

(61)

Total impact on cost of credit risk

–

(20)

(85)

(61)

Mobility activities reorganisation (SFS)

–

(39)

Total impact equity-accounted entities

–

(39)

ISB integration costs (LC)

(2)

–

(2)

–

Degroof Petercam acquisition costs (AG)

–

(22)

(16)

–

Mobility activities reorganisation (SFS)

–

Total impact Net income on other assets

(1)

–

(24)

(16)

Mobility activities reorganisation (SFS)

–

Total impact on change of value of goodwill

–

Mobility activities reorganisation (SFS)

–

Total impact on tax

–

Total impact of specific items

(64)

(41)

(138)

(86)

580

425

Asset gathering

(12)

(9)

–

(49)

(35)

–

French Retail banking

–

International Retail banking

–

(20)

–

Specialised financial services

–

263

176

Large customers

(52)

(32)

(70)

(32)

(39)

(28)

Corporate centre

–

(2)

(1)

277

216

* Impact before tax and before minority interests

Appendix 2 – Crédit Agricole Group: income statement by business line

Crédit Agricole Group – Results by business line, Q4-23 and Q4-24

	Q4-24 (stated)
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,276	960	993	2,037	915	2,108	(472)	9,817
Operating expenses excl. SRF	(2,503)	(647)	(588)	(930)	(447)	(1,298)	549	(5,863)
SRF	–	–	–	–	–	–	–	–
Gross operating income	773	313	405	1,107	468	810	77	3,954
Cost of risk	(263)	(78)	(97)	(11)	(306)	(93)	(19)	(867)
Equity-accounted entities	1	–	–	29	43	7	–	80
Net income on other assets	(2)	1	0	(0)	(9)	(1)	(10)	(20)
Income before tax	513	236	308	1,125	196	724	48	3,150
Tax	(110)	(44)	(100)	(313)	(49)	(166)	(2)	(784)
Net income from discont’d or held-for-sale ope.	–	–	–	–	–	–	–	–
Net income	404	192	207	813	147	557	46	2,366
Non controlling interests	(1)	(0)	(31)	(117)	(24)	(34)	(11)	(217)
Net income Group Share	403	192	177	696	124	523	35	2,149

	Q4-23 (stated)
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,227	959	1,000	1,550	880	1,936	(782)	8,769
Operating expenses excl. SRF	(2,485)	(654)	(646)	(726)	(449)	(1,209)	488	(5,682)
SRF	–	–	–	–	–	–	–	–
Gross operating income	742	305	353	824	431	727	(294)	3,088
Cost of risk	(321)	(96)	(98)	(4)	(184)	(39)	(20)	(762)
Equity-accounted entities	(0)	–	(0)	29	40	5	–	73
Net income on other assets	(1)	0	2	(5)	(11)	(1)	(4)	(19)
Income before tax	420	209	258	843	288	692	(328)	2,382
Tax	(85)	(39)	(104)	(172)	(53)	(130)	128	(455)
Net income from discont’d or held-for-sale ope.	(0)	–	(10)	–	–	–	–	(10)
Net income	336	170	144	671	235	562	(200)	1,918
Non controlling interests	0	0	(24)	(123)	(18)	(25)	(4)	(194)
Net income Group Share	336	170	120	548	217	537	(204)	1,724

Crédit Agricole Group – Results by business line, 2024 et 2023

	2024 (stated)
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	13,110	3,872	4,153	7,633	3,520	8,652	(2,879)	38,060
Operating expenses excl. SRF	(9,956)	(2,448)	(2,225)	(3,365)	(1,780)	(5,039)	2,084	(22,729)
SRF	–	–	–	–	–	–	–	–
Gross operating income	3,155	1,424	1,928	4,268	1,740	3,613	(795)	15,332
Cost of risk	(1,319)	(373)	(316)	(29)	(958)	(117)	(79)	(3,191)
Equity-accounted entities	8	–	–	123	125	27	–	283
Net income on other assets	1	5	0	(23)	(12)	1	(13)	(39)
Income before tax	1,849	1,056	1,612	4,339	895	3,523	(887)	12,388
Tax	(423)	(229)	(536)	(970)	(187)	(883)	341	(2,888)
Net income from discont’d or held-for-sale ope.	–	–	–	–	–	–	–	–
Net income	1,425	827	1,076	3,369	708	2,641	(546)	9,500
Non controlling interests	(2)	(0)	(160)	(481)	(82)	(139)	4	(860)
Net income Group Share	1,423	827	916	2,889	625	2,502	(542)	8,640

	2023 (stated)
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	13,259	3,850	4,040	6,693	3,597	7,780	(2,728)	36,492
Operating expenses excl. SRF	(9,702)	(2,396)	(2,189)	(2,874)	(1,673)	(4,507)	1,877	(21,464)
SRF	(111)	(44)	(40)	(6)	(29)	(312)	(77)	(620)
Gross operating income	3,446	1,410	1,811	3,813	1,896	2,961	(928)	14,408
Cost of risk	(1,152)	(301)	(463)	(5)	(871)	(120)	(28)	(2,941)
Equity-accounted entities	9	–	1	102	130	21	–	263
Net income on other assets	5	21	3	(10)	71	2	(5)	88
Income before tax	2,308	1,130	1,353	3,900	1,237	2,865	(971)	11,821
Tax	(551)	(256)	(425)	(868)	(306)	(691)	350	(2,748)
Net income from discont’d or held-for-sale ope.	(0)	–	(3)	1	(0)	–	–	(3)
Net income	1,756	874	924	3,033	931	2,174	(621)	9,071
Non controlling interests	(0)	(0)	(145)	(466)	(79)	(118)	(4)	(813)
Net income Group Share	1,756	874	780	2,566	851	2,056	(625)	8,258

Appendix 3 – Crédit Agricole S.A.: Results by business line

Crédit Agricole S.A. – Results by business line, Q4-24 et Q4-23

	Q4-24 (stated)
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	2,045	2,108	915	960	969	95	7,092
Operating expenses excl. SRF	(930)	(1,298)	(447)	(647)	(568)	(28)	(3,917)
SRF	–	–	–	–	–	–	–
Gross operating income	1,116	810	468	313	401	67	3,175
Cost of risk	(11)	(93)	(306)	(78)	(100)	(6)	(594)
Equity-accounted entities	29	7	43	–	–	(17)	62
Net income on other assets	(0)	(1)	(9)	1	0	(0)	(9)
Income before tax	1,133	723	196	236	302	44	2,634
Tax	(315)	(166)	(49)	(44)	(101)	(7)	(681)
Net income from discont’d or held-for-sale ope.	–	–	–	–	–	–	–
Net income	819	557	147	192	201	37	1,953
Non controlling interests	(124)	(45)	(24)	(9)	(43)	(19)	(264)
Net income Group Share	695	512	124	183	158	18	1,689

	Q4-23 (stated)
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	1,555	1,935	880	959	974	(262)	6,040
Operating expenses excl. SRF	(726)	(1,209)	(449)	(654)	(627)	(44)	(3,710)
SRF	–	–	–	–	–	–	–
Gross operating income	828	726	431	305	347	(306)	2,330
Cost of risk	(4)	(39)	(184)	(96)	(102)	(14)	(440)
Equity-accounted entities	29	5	40	–	(0)	(12)	61
Net income on other assets	(5)	(1)	(11)	0	2	(3)	(17)
Income before tax	848	691	288	209	246	(345)	1,937
Tax	(173)	(129)	(53)	(39)	(103)	128	(369)
Net income from discont’d or held-for-sale ope.	–	–	–	–	(10)	–	(10)
Net income	675	562	235	170	134	(217)	1,558
Non controlling interests	(130)	(37)	(18)	(8)	(31)	(1)	(224)
Net income Group Share	546	525	217	162	103	(218)	1,334

Crédit Agricole S.A. – Results by business line, 2024 et 2023

	2024 (stated)
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	7,648	8,651	3,520	3,872	4,059	(570)	27,181
Operating expenses excl. SRF	(3,365)	(5,039)	(1,780)	(2,448)	(2,148)	(116)	(14,895)
SRF	–	–	–	–	–	–	–
Gross operating income	4,284	3,612	1,740	1,424	1,911	(685)	12,286
Cost of risk	(29)	(117)	(958)	(373)	(313)	(59)	(1,850)
Equity-accounted entities	123	27	125	–	–	(82)	194
Net income on other assets	(23)	1	(12)	5	0	23	(4)
Income before tax	–	–	–	–	–	–	–
Tax	4,355	3,523	895	1,056	1,599	(803)	10,625
Net income from discont’d or held-for-sale ope.	(973)	(883)	(187)	(229)	(535)	336	(2,472)
Net income	–	–	–	–	–	–	–
Non controlling interests	3,381	2,640	708	827	1,063	(466)	8,153
Net income Group Share	(506)	(192)	(82)	(37)	(227)	(22)	(1,067)
Revenues	2,875	2,448	625	790	836	(488)	7,087

	2023 (stated)
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	6,688	7,779	3,597	3,850	3,949	(683)	25,180
Operating expenses excl. SRF	(2,874)	(4,507)	(1,673)	(2,396)	(2,118)	(64)	(13,632)
SRF	(6)	(312)	(29)	(44)	(40)	(77)	(509)
Gross operating income	3,808	2,960	1,896	1,410	1,791	(825)	11,039
Cost of risk	(5)	(120)	(870)	(301)	(464)	(17)	(1,777)
Equity-accounted entities	102	21	130	–	1	(58)	197
Net income on other assets	(10)	2	71	21	3	(3)	85
Income before tax	–	–	12	–	–	(9)	2
Tax	3,894	2,864	1,237	1,130	1,332	(911)	9,546
Net income from discont’d or held-for-sale ope.	(872)	(690)	(306)	(256)	(422)	346	(2,201)
Net income	1	–	(0)	–	(3)	–	(3)
Non controlling interests	3,024	2,174	931	874	906	(565)	7,343
Net income Group Share	(483)	(162)	(79)	(39)	(204)	(28)	(995)
Revenues	2,541	2,011	852	835	703	(593)	6,348

Appendix 4 – Data per share

Crédit Agricole S.A. – Earnings p/share, net book value p/share and RoTE

(€m)

Q4-2024
Q4-2023

2024
2023

Net income Group share – stated

1,689
1,334

7,087
6,348
– Interests on AT1, including issuance costs, before tax

(112)
(87)

(463)
(458)
– Foreign exchange impact on reimbursed AT1

–
–

(266)
–
NIGS attributable to ordinary shares – stated

[A]
1,577
1,247

6,358
5,890
Average number shares in issue, excluding treasury shares (m)

[B]
3,025
3,032

3,015
3,031
Net earnings per share – stated

[A]/[B]
0.52 €
0.41 €

2.11 €
1.94 €
Underlying net income Group share (NIGS)

1,730
1,303

7,172
5,923
Underlying NIGS attributable to ordinary shares

[C]
1,618
1,216

6,443
5,465
Net earnings per share – underlying

[C]/[B]
0.54 €
0.40 €

2.14 €
1.80 €

(€m)

31/12/2024
31/12/2023
Shareholder’s equity Group share

74,710
71,086
– AT1 issuances

(7,218)
(7,220)
– Unrealised gains and losses on OCI – Group share

1,256
1,074
– Payout assumption on annual results*

(3,327)
(3,181)
Net book value (NBV), not revaluated, attributable to ordin. sh.

[D]

65,421
61,760
– Goodwill & intangibles** – Group share

(17,851)
(17,347)
Tangible NBV (TNBV), not revaluated attrib. to ordinary sh.

[E]

47,569
44,413
Total shares in issue, excluding treasury shares (period end, m)

[F]

3,025
3,029

NBV per share, after deduction of dividend to pay (€)

Dividend to pay (€)

TNBV per share, after deduction of dividend to pay (€)

TNBV per sh., before deduct. of divid. to pay (€)

€21.6	20,4 €
€1.10	1,05 €
€15.7	14,7 €
€16.8	15,7 €

20,4 €

1,05 €

14,7 €

15,7 €

€20.4

€1.05

€14.7

€15.7

* dividend proposed to the Board meeting to be paid
** including goodwill in the equity-accounted entities

(€m)

2024
2023
Net income Group share – stated

[K]

7,087
6,348
Impairment of intangible assets

[L]

0
0
Stated NIGS annualised

[N] = ([K]-[L]-[M])*4/4+[M]

7,087
6,348
Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised

[O]

-729
-458
Stated result adjusted

[P] = [N]+[O]

6,358
5,890
Tangible NBV (TNBV), not revaluated attrib. to ord. sh. – avg *** (3)

[J]

46,125
43,281
Stated ROTE adjusted (%)

= [P] / [J]

13.8%
13.6%
Underlying Net income Group share

[Q]

7,172
5,923
Underlying NIGS annualised

[R] = ([Q]-[M])*4/4+[M]

7,172
5,923
Underlying NIGS adjusted

[S] = [R]+[O]

6,443
5,465
Underlying ROTE adjusted(%)

= [S] / [J]

14.0%
12.6%
*** including assumption of dividend for the current exercise

0.0%

(1) Underlying: see appendixes for more details on specific items
(2) Underlying ROTE calculated on the basis of an annualised underlying net income Group share and linearised IFRIC costs over the year
(3) Average of the NTBV not revalued attributable to ordinary shares, calculated between 31/12/2023 and 31/12/2024 (line [E]), restated with an assumption of dividend for current exercises

Alternative Performance Indicators⁹⁹

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

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

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

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

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

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

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

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

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

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

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

MREL
The MREL (Minimum Requirement for Own Funds and Eligible Liabilities) ratio is defined in the European “Bank Recovery and Resolution Directive” (BRRD). This Directive establishes a framework for the resolution of banks throughout the European Union, with the aim to provide resolution authorities with shared instruments and powers to pre-emptively tackle banking crises, preserve financial stability and reduce taxpayers’ exposure to losses. Directive (EU) 2019/879 of 20 May 2019 known as “BRRD2” amended the BRRD and was transposed into French law by Order 2020-1636 of 21 December 2020.

The MREL ratio corresponds to an equity and eligible liabilities buffer required to absorb losses in the event of resolution. Under BRRD2, the MREL ratio is calculated as the amount of equity and eligible liabilities expressed as a percentage of risk weighted assets (RWA), as well as a leverage ratio exposure (LRE). Are eligible for the numerator of the total MREL ratio the Group’s regulatory equity, as well as eligible liabilities issued by the corporate centre and the Crédit Agricole network affiliated entities, i.e. subordinated notes, senior non-preferred debt instruments and certain senior preferred debt instruments with residual maturities of more than one year.

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

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

TLAC
The Financial Stability Board (FSB) has defined the calculation of a ratio aimed at estimating the adequacy of the bail-in and recapitalisation capacity of Global Systemically Important Banks (G-SIBs). This Total Loss Absorbing Capacity (TLAC) ratio provides resolution authorities with the means to assess whether G-SIBs have sufficient bail-in and recapitalisation capacity before and during resolution. It applies to Global Systemically Important Banks, and therefore to Crédit Agricole Group. Agricole. The TLAC ratio requirement was transposed into European Union law via CRR2 and has been applicable since 27 June 2019.

The Group’s regulatory equity as well as subordinated notes and eligible senior non-preferred debt with residual maturities of more than one year issued by Crédit Agricole S.A. are eligible for the numerator of the TLAC ratio.

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

Underlying Net income Group share
The underlying net income Group share represents the stated net income Group share from which specific items have been deducted (i.e., non-recurring or exceptional items) to facilitate the understanding of the company’s actual earnings.

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

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

Disclaimer

The financial information on Crédit Agricole S.A. and Crédit Agricole Group for the fourth quarter and the full year 2024 comprises this press release and the presentation and the attached appendices which are available on the website: https://www.credit-agricole.com/en/finance/finance/financial-publications.

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

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

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

Applicable standards and comparability

The figures presented for the twelve-month period ending 31 December 2024 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with regulations currently in force.

Note: The scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole Groups have not changed materially since the Crédit Agricole S.A. 2023 Universal Registration Document and its A.01 update (including all regulatory information about the Crédit Agricole Group) were filed with the AMF (the French Financial Markets Authority).

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

At 30 June 2024, Indosuez Wealth Management had completed the acquisition of Degroof Petercam and now holds 65% of Banque Degroof Petercam alongside with CLdN Cobelfret, its historical shareholder, which would maintain a 20% stake in capital. As of 30 September 2024, Indosuez Wealth Management’s stake in Degroof Petercam has increased to 76%.

At 30 June 2024, Amundi had completed the acquisition of Alpha Associates, an independent asset manager offering multi-management investment solutions in private assets.

As of December 31, 2024, Amundi finalized the acquisition of aixigo, a European Wealth Tech player, to complete the ALTO platform’s offering.

As of December 31, 2024, Crédit Agricole S.A. has entered into financial instruments for 5.2% of Banco BPM’s share capital.

Financial Agenda

30 April 2025                Publication of the 2025 first quarter results
14 May 2025                General Meeting
31 July 2025                Publication of the 2025 second quarter and the first half-year results
30 October 2025                Publication of the 2025 third quarter and first nine months results

Contacts

CREDIT AGRICOLE PRESS CONTACTS

CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

Institutional investors	+ 33 1 43 23 04 31	investor.relations@credit-agricole-sa.fr
Individual shareholders	+ 33 800 000 777 (freephone number – France only)	relation@actionnaires.credit-agricole.com

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


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

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

1 Car, home, health, legal, all mobile phones or personal accident insurance.
2 CA Auto Bank, automotive JVs and automotive activities of other entities
3 2024 market shares: CRCA and LCL household loans (source: Banque de France and internal); French UCITS (all customer segments); payments (in No. of transactions; source: Banque de France and internal)
4 2023 market shares: insurance (Argus de l’Assurance and France Assureurs); property services
5 Economic outlook to 2025
6 Purchase price of transactions carried out since 2022. Includes shares acquired in Banco BPM and Worldline
7 Disposal of Crédit du Maroc, La Médicale, Crédit Agricole Serbia and others
8 Indosuez Wealth management acquires a 70% stake in Wealth Dynamix, a fintech specialising in client relationship management for private banks, wealth management and asset management actors across the world.
9 Creation of Uptevia, held in equal shares by CACEIS and BNPP, wich brings together the activities for the issuers of the two banks.
10 Independent asset manager offering private markets multi-manager investment solutions.
11 Technology company of high value-added modular service for distributors of savings solutions.
12 Acquisition of Merca Leasing, independent leasing company in Germany
13 Commercial partnership for automobile insurance between Mobilize Financial Services, subsidiary of Renault Group, specialised in services facilitating access to automobiles, and Pacifica, Property and Casualty subsidiary of Credit Agricole Assurances
14 Merge between Amundi and Victory Capital, acquisition of a participation of 26.1% in Victory Capital, and signature of distribution and services agreement lasting 15 years.
15 Digital fleet management tool on monthly subscription
16 Extended warranty
17 Delivery of single vehicule
18 Agreement allowing CA Autobank, Drivalia, Agilauto and Leasys to offer fatec fllet management services to their customers in France
19 Employee benefits management tool
20 Creation of a joint venture to develop innovative commercial offers.
21 Leader in design, construction, and daily support for multidisciplinary collective primary care structures
22 Credit Agricole Santé et Territoires and 10 regional banks enter the capital of Cette Famille, major player in inclusive housing for seniors in France.
23 Omedys, specialist in assisted telemedicine, Medicalib, home care expert
24 Low-carbon energy outstandings made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy outstandings for Crédit Agricole CIB.
25 Listed investments managed directly, listed investments managed under mandate and unlisted investments managed directly
26 Crédit Agricole CIB green asset portfolio, in line with the eligibility criteria of the Group Green Bond Framework published in November 2023.
27 Scope of power sector: CACIB and Unifergie (Crédit Agricole Transitions & Energies)
28 DVA (Debt Valuation Adjustment)
29Specific (one-off) items had impacted the fourth quarter of 2023 for the SFS division and for CACF as follows: +€17m in net income Group share, of which +€4m on operating expenses, +€12m on badwill and +€1m on tax.
30 See Appendixes for more details on specific items.
31 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
32 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
33 Average rate of loans to monthly production for October and November 2024.
34 Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
35 SAS Rue La Boétie dividend paid annually in Q2
36 Home Purchase Savings Plan base effect (reversal of the Home Purchase Savings Plan provision) in Q4-23 totalling +€73.6m in revenues and +€54.6m in net income Group share.

37 Underlying, excluding specific items.
38 Scope effect of Degroof Petercam revenues: +€158 million in the fourth quarter of 2024.
39 Scope effect in expenses in the fourth quarter of 2024: Degroof Petercam for -€120 million and miscellaneous others.

40 Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator.
41 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
42 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
43 See Appendixes for more details on specific items.
44 SRF costs amounted to -€509 million over full-year 2023

45 See Appendixes for details on the calculation of the RoTE (return on tangible equity)
46 The annualised underlying net income Group share corresponds to the annualisation of the underlying net income Group share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC impacts to linearise them over the year
47 In local standards
48 Can reach up to 3.85% for the Anaé policy with a UL rate > 50% and benefiting from management fees of 0.5%
49 Scope “Life France”
50 Property and casualty insurance premium income includes a scope: effect linked to the initial consolidation of CATU in Q2-24 (a property and casualty insurance entity in Poland): 9.4% Q4/Q4 increase in premium income at constant scope

51 Scope: property and casualty in France and abroad
52 Combined property & casualty ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee and commission income)/gross premiums earned. Undiscounted ratio: 96.4% (-4.3 pp over the year)
53 Excl. JVs
54 Excluding assets under custody for institutional clients
55 Amount of allocation of Contractual Service Margin (CSM) and Risk Adjustment (RA) including funeral guarantees
56 Amount of allocation of CSM and RA
57 Net of cost of reinsurance, excluding financial results
58 Integration costs related to the acquisition of aixigo and the partnership with Victory Capital, which are expected to be completed towards the end of Q1 25, were recorded as operating expenses in the fourth quarter of 2024 for a total of -€14 million.
59 Indosuez Wealth Management scope
60 Degroof Petercam data for the quarter included in Wealth Management results: Revenues of €158m and expenses of -€120m (excluding integration costs partly borne by Degroof Petercam)
61 In Q4 24: -€12.8 million of integration costs (impacting the operating expenses line); and +€0.8 million in acquisition costs (impacting the line gains and losses on other assets)
62 2024 Degroof Petercam data included in the results of the Wealth Management business: NBI of €347 million and expenses of -€259 million (excluding integration costs partially borne by Degroof Petercam)
63 In 2024: -€26.4 million in integration costs (impacting the operating expenses line); and -€22.2 million in acquisition costs (impacting the line gains and losses on other assets)
64 Refinitiv LSEG
65 Bloomberg in EUR
66 Cost of risk for the last four quarters divided by the average of the outstandings at the start of all four quarters of the year
67 CA Auto Bank, automotive JVs and auto activities of other entities
68 CA Auto Bank and automotive JVs
69 Q4-23 base effects related to the reorganisation of the Mobility activities (Expenses +€4m, Changes in value of goodwill +€12m, Corporate income tax +€1m and Net income Group share +€17m)
70 12M-23 base effect linked to the reorganisation of Mobility activities (revenues €300m, expenses -€14m, cost of risk -€85m, equity-accounted entities -€39m, income on other assets €89m, Change in the value of goodwill +€12m, corporate tax €87m, net income Group share €176m)
71 Q4-23 base effects related to the reorganisation of the Mobility activities (Expenses +€4m, Changes in value of goodwill +€12m, Corporate income tax +€1m and Net income Group share +€17m)
72 Cost of risk for the last four quarters as a proportion of the average outstandings at the beginning of the period for the last four quarters.
7312M-23 base effect related to the reorganisation of the Mobility activities (Revenues €300m, Expenses -€14m, Cost of risk -€85m, Equity-accounted entities -€39m, GPAI €89m, Changes in value of goodwill +€12m, Corporate income tax €87m and Net income Group share €176m)
74 Net of POCI outstandings
75 Source: Abi Monthly Outlook, January 2024: -1.0% Dec./Dec. for all loans
76 At 31 December 2024, this scope corresponds to the aggregation of all Group entities present in Italy: CA Italy, CAPFM (Agos, Leasys, CA Auto Bank), CAA (CA Vita, CACI, CA Assicurazioni), Amundi, Crédit Agricole CIB, CAIWM, CACEIS, CALEF.
77 In number of branches
78 Net Promoter Score; source: Doxa survey, October 2023.
79 Assofin publication, 30/04/2024 (excluding credit cards).
80 Assets under management Source: Assogestioni, 31/05/2024
81 Production. Source: IAMA, 30/04/2024
82 Home Purchase Saving Plan base effect (reversal of the provision for Home Purchase Saving Plans) in Q4-23 of +€6.1 million in revenues and +€4.5 million in net income Group share versus 0 in Q4 2024.
83 Home Purchase Saving Plan base effect (reversal of the provision for Home Purchase Saving Plans) in 2023 of +€57.9 million in revenues and +€41.2 million in net income Group share versus €3.1 million in revenues and +€2.2 million in net income Group share in 2024.
84 Reversal of provision for Cheque Image Exchange Provision of + €21m in Q2-23
85 At 31 December 2024 this scope includes the entities CA Italy, CA Polska, CA Egypt and CA Ukraine.

86 Over a rolling four quarter period.
87 At 31 December 2024, this scope corresponds to the aggregation of all Group entities present in Italy: CA Italy, CAPFM (Agos, Leasys, CA Auto Bank), CAA (CA Vita, CACI, CA Assicurazioni), Amundi, Crédit Agricole CIB, CAIWM, CACEIS, CALEF.
88 As part of its annual resolvability assessment, Crédit Agricole Group has chosen in 2024 to continue waiving the possibility offered by Article 72ter(3) of the Capital Requirements Regulation (CRR) to use senior preferred debt for compliance with its TLAC requirements over the resolvability period that will begin during 2025.
89 Which excludes some client deposits from the asset custody business in coherence with the internal management.
90Securities within liquidity reserves are valued after discounting idiosyncratic stress (previously systemic stress) to better reflect the economic reality of central bank value.
91 Gross amount before buy-backs and amortisations
92 Gross amount before buy-backs and amortisations
93 Excl. AT1 issuances
94 Gross amount before buy-backs and amortisations
95 Excl. senior secured debt
96 Gross amount before buy-backs and amortisations
97 Gross amount before buy-backs and amortisations
98 Excl. AT1 issuances
99 APMs are financial indicators not presented in the financial statements or defined in accounting standards but used in the context of financial communications, such as underlying net income Group share or RoTE. They are used to facilitate the understanding of the company’s actual performance. Each APM indicator is matched in its definition to accounting data.

Attachment

EN_CASA_PR_2024-Q4

The MIL Network –

February 5, 2025

MIL-OSI: UK’s Aldermore Bank selects Temenos to launch new small business savings notice accounts

Source: GlobeNewswire (MIL-OSI)

GRAND-LANCY, Switzerland, Feb. 04, 2025 (GLOBE NEWSWIRE) — Temenos (SIX: TEMN) today announced that UK-based Aldermore Bank (Aldermore) has selected Temenos SaaS to modernize its existing savings operations starting with quickly launching new savings notice accounts for small businesses.

The bank will adopt Temenos Business & Corporate Enterprise Service to achieve a fast time to market and scale efficiently as it seeks to grow customer deposits and unlock new sources of revenue. Using Temenos’ end-to-end service for business and corporate banking, Aldermore will leverage pre-configured, proven capabilities across core and digital banking, to enable rapid deployment of its new products.

Following the launch of these, Aldermore will also migrate its existing business savings accounts to Temenos, consolidating multiple legacy systems on a single, cloud-based solution with the highest security standards. This will enable the bank to increase efficiency and deliver exceptional experiences in line with its customer-centric business model.

Part of First Rand Group, the largest financial services group in Africa, Aldermore is a multi-specialist lending and savings provider with total assets of £20.5bn. The bank is focused on helping groups underserved by mainstream providers, particularly SMEs, homeowners, landlords and intermediaries.

With Temenos Business & Corporate Enterprise Service, Aldermore will benefit from high levels of automation to easily configure banking services that meet the specific needs of its client base. Leveraging, pre-packaged capabilities tailored to the UK market, as well as pre-defined user journeys and proven processes, Aldermore will be able to quickly move these into production and scale according to customer demand on a proven, modern solution.

Alex Myers, Commercial Director for savings at Aldermore Bank, said: “This strategic technology investment will help us to rapidly expand our offering, providing more customer-centric solutions and exceptional experiences for the underserved small business market. With Temenos SaaS, we can launch new products in record time, with the agility to adapt to the changing needs of our customers.”

Mark Yamin-Ali, Managing Director, Europe, Temenos, commented: “We’re delighted Aldermore has chosen Temenos SaaS to help drive its expansion of business savings. Aldermore prioritized both advanced technology and robust functionality, and Temenos was the only provider that met both needs. With pre-configured, proven capabilities tailored to the UK market and the small business sector, Temenos will help the bank to deliver a much faster time to market and increased efficiency as it looks to drive future growth.”

Temenos is the global market leader in banking software, ranked #1 by IBS Intelligence in eight categories, including core, digital and Islamic banking, in the latest IBS Intelligence Sales League Table. Temenos was also named a Leader in the The Forrester Wave™: Digital Banking Processing Platforms, Q4 2024.

About Aldermore Bank
Aldermore backs more people to go for it, in life and business. We get finance to people who want to get on in life; building businesses, buying property and purchasing vehicles. And we champion equality by supporting those that the big traditional banks can’t or won’t help.

The Group consists of two operating companies, Aldermore Bank plc and MotoNovo Finance Limited. Aldermore Bank provides finance to business owners, homeowners and landlords, and supports savers. It operates online, by phone and through networks. MotoNovo Finance helps people buy their next car, van or motorcycle.

Aldermore Group is part of FirstRand Group, the largest financial services group in Africa by market capitalisation.

About Temenos
Temenos (SIX: TEMN) is the world’s leading platform for banking, serving clients in 150 countries by helping them build new banking services and state-of-the-art customer experiences. Top performing banks using Temenos software achieve cost-income ratios almost half the industry average and returns on equity 2X the industry average.

For more information, please visit www.temenos.com.

Media Contacts

Scott Rowe & Michael Anderson Temenos Global Public Relations Tel: +44 20 7423 3857 Email: press@temenos.com	Gabriel Goonetillake Temenos Team at Edelman Smithfield Tel: +44 7813 407710 Email: Temenos@EdelmanSmithfield.com

The MIL Network –

February 5, 2025

MIL-OSI: Enphase Energy Reports Financial Results for the Fourth Quarter of 2024

Source: GlobeNewswire (MIL-OSI)

FREMONT, Calif., Feb. 04, 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 fourth quarter of 2024, which included the summary below from its President and CEO, Badri Kothandaraman.

We reported quarterly revenue of $382.7 million in the fourth quarter of 2024, along with 53.2% for non-GAAP gross margin. We shipped approximately 2.01 million microinverters, or 878.0 megawatts DC, and 152.4 megawatt hours of IQ^® Batteries.

Financial highlights for the fourth quarter of 2024 are listed below:

Strong U.S. manufacturing: shipped 1.69 million microinverters and 6.7 megawatt hours of IQ Batteries
Quarterly revenue of $382.7 million
GAAP gross margin of 51.8%; non-GAAP gross margin of 53.2% with net IRA benefit
Non-GAAP gross margin of 39.7%, excluding net IRA benefit of 13.5%
GAAP operating income of $54.8 million; non-GAAP operating income of $120.4 million
GAAP net income of $62.2 million; non-GAAP net income of $125.9 million
GAAP diluted earnings per share of $0.45; non-GAAP diluted earnings per share of $0.94
Free cash flow of $159.2 million; ending cash, cash equivalents, restricted cash and marketable securities of $1.72 billion

Our revenue and earnings for the fourth quarter of 2024 are provided below, compared with the prior quarter:

(In thousands, except per share and percentage data)

	GAAP									Non-GAAP
	Q4 2024			Q3 2024			Q4 2023			Q4 2024			Q3 2024			Q4 2023
Revenue	$	382,713		$	380,873		$	302,570		$	382,713		$	380,873		$	302,570
Gross margin		51.8	%		46.8	%		48.5	%		53.2	%		48.1	%		50.3	%
Operating expenses	$	143,489		$	128,383		$	156,893		$	83,322		$	81,612		$	86,551
Operating income (loss)	$	54,804		$	49,788		$	(10,231	)	$	120,434		$	101,411		$	65,587
Net income	$	62,160		$	45,762		$	20,919		$	125,862		$	88,402		$	73,474
Basic EPS	$	0.46		$	0.34		$	0.15		$	0.94		$	0.65		$	0.54
Diluted EPS	$	0.45		$	0.33		$	0.15		$	0.94		$	0.65		$	0.54

Our revenue and earnings for the fiscal year 2024 are provided below, compared with the prior year:

(In thousands, except per share and percentage data)

	GAAP						Non-GAAP
	FY 2024			FY 2023			FY 2024			FY 2023
Revenue	$	1,330,383		$	2,290,786		$	1,330,383		$	2,290,786
Gross margin		47.3	%		46.2	%		48.9	%		47.1	%
Operating expenses	$	551,846		$	612,647		$	329,227		$	382,115
Operating income	$	77,292		$	445,741		$	321,919		$	697,210
Net income	$	102,658		$	438,936		$	321,044		$	613,241
Basic EPS	$	0.76		$	3.22		$	2.37		$	4.50
Diluted EPS	$	0.75		$	3.08		$	2.37		$	4.41

Total revenue for the fourth quarter of 2024 was $382.7 million, compared to $380.9 million in the third quarter of 2024. Our revenue in the United States for the fourth quarter of 2024 increased approximately 6%, compared to the third quarter. The increase in revenue was due to higher microinverter sales. Our revenue in Europe decreased approximately 25% for the fourth quarter of 2024, compared to the third quarter. The decline in revenue was the result of a further softening in European demand.

Our non-GAAP gross margin was 53.2% in the fourth quarter of 2024, compared to 48.1% in the third quarter. Our non-GAAP gross margin, excluding net IRA benefit, was 39.7% in the fourth quarter of 2024, compared to 38.9% in the third quarter.

Our non-GAAP operating expenses were $83.3 million in the fourth quarter of 2024, compared to $81.6 million in the third quarter. The increase was driven by higher R&D expense on new products. Our non-GAAP operating income was $120.4 million in the fourth quarter of 2024, compared to $101.4 million in the third quarter.

We exited the fourth quarter of 2024 with $1.72 billion in cash, cash equivalents, restricted cash and marketable securities and generated $167.3 million in cash flow from operations in the fourth quarter. Our capital expenditures were $8.1 million in the fourth quarter of 2024, compared to $8.5 million in the third quarter of 2024.

In the fourth quarter of 2024, we repurchased 2,883,438 shares of our common stock at an average price of $69.25 per share for a total of approximately $199.7 million. We also spent approximately $5.0 million by withholding shares to cover taxes for employee stock vesting that reduced the diluted shares by 68,532 shares.

We shipped 152.4 megawatt hours of IQ Batteries in the fourth quarter of 2024, compared to 172.9 megawatt hours in the third quarter. More than 10,300 installers worldwide are certified to install our IQ Batteries, compared to more than 9,000 installers worldwide in the third quarter of 2024.

During the fourth quarter of 2024, we shipped approximately 1.69 million microinverters from our contract manufacturing facilities in the United States that we booked for 45X production tax credits. We also expanded our higher domestic content product offerings, and shipped our IQ8HC™ Microinverters, IQ8X™ Microinverters, IQ8P-3P™ Commercial Microinverters, and IQ^® Battery 5Ps, all with higher domestic content than previous models and produced at our contract manufacturing facilities in the United States.

During the fourth quarter of 2024, we made great strides with the IQ^® Meter Collar, fourth-generation IQ Battery, and new IQ^® Combiner products. We launched the IQ^® PowerPack 1500, a 1.5 kWh smart, portable energy system for home, work, and on-the-go use. In Europe, we introduced the IQ^® EV Charger 2, a next-generation smart charger that integrates with our solar and battery systems seamlessly or works as a standalone. In January 2025, we began shipping the IQ^® Battery 5P™ with FlexPhase to Germany, Austria, and Switzerland, delivering reliable backup power for both single- and three-phase installations.

BUSINESS HIGHLIGHTS

On Jan. 30, 2025, Enphase Energy announced that it is expanding in Southeast Asia by entering the solar markets in Vietnam and Malaysia with IQ8P™ Microinverters.

On Jan. 27, 2025, Enphase Energy announced integration with Octopus Energy’s smart tariffs in the UK, such as “Intelligent Octopus Flux” (IO Flux), which can help customers save money on electricity bills.

On Jan. 23, 2025, Enphase Energy announced that its IQ8™ Microinverters for residential and commercial applications, are now in compliance with the Build America, Buy America (BABA) Act.

On Jan. 13, 2025, Enphase Energy announced shipments of its most powerful and versatile battery yet, the IQ Battery 5P with FlexPhase, for customers in Germany, Austria, and Switzerland. With reliable backup power and support for single- and three-phase systems, it offers unmatched flexibility for home energy needs.

On Jan. 9, 2025, Enphase Energy announced that it is expanding into Latin America with IQ8P Microinverters, bringing solar solutions to Colombia, Panama, and Costa Rica for residential and commercial use.

On Jan. 7, 2025, Enphase Energy announced that IQ8 Microinverters were selected for a 2.2 MW solar project at the Belgoprocess radioactive waste facility in Dessel, Belgium.

On Dec. 17, 2024, Enphase Energy announced initial shipments of its most powerful home battery to-date, the IQ Battery 5P, for customers in India.

On Dec. 5 and Dec. 9, 2024, Enphase Energy announced collaborations with two energy providers in the Netherlands, Frank Energie and NextEnergy, to enable participation in the grid imbalance energy marketplace.

On Dec. 3, 2024, Enphase Energy announced the launch of Busbar Power Control software that empowers homeowners to install larger solar and battery systems without costly main electrical panel upgrades.

On Nov. 11, 2024, Enphase Energy announced an AI-powered do-it-yourself (DIY) permitting feature on Solargraf^®, to automate the complex solar permitting process for installers in the USA.

On Nov. 4, 2024, Enphase Energy announced the launch of its most powerful Enphase Energy System to-date, featuring the IQ Battery 5P and IQ8 Microinverters, for customers in Romania.

FIRST QUARTER 2025 FINANCIAL OUTLOOK

For the first quarter of 2025, Enphase Energy estimates both GAAP and non-GAAP financial results as follows:

Revenue to be within a range of $340.0 million to $380.0 million, which includes shipments of 150 to 170 megawatt hours of IQ Batteries. The first quarter of 2025 financial outlook includes approximately $50.0 million of safe harbor revenue. We define safe harbor revenue as any sales made to customers who plan to install the inventory over more than one year.
GAAP gross margin to be within a range of 46.0% to 49.0% with net IRA benefit
Non-GAAP gross margin to be within a range of 48.0% to 51.0% with net IRA benefit and 38.0% to 41.0% excluding net IRA benefit. Non-GAAP gross margin excludes stock-based compensation expense and acquisition related amortization
Net IRA benefit to be within a range of $36.0 million to $39.0 million based on estimated shipments of 1,200,000 units of U.S. manufactured microinverters
GAAP operating expenses to be within a range of $143.0 million to $147.0 million
Non-GAAP operating expenses to be within a range of $81.0 million to $85.0 million, excluding $62.0 million estimated for stock-based compensation expense, acquisition related expenses and amortization, restructuring and asset impairment charges

For 2025, GAAP and non-GAAP annualized effective tax rate with IRA benefit, excluding discrete items, is expected to be within a range of 17.0% to 19.0%.

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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 expenses and amortization. This item represents expenses incurred related to Enphase Energy’s business acquisitions, which are non-recurring in nature, and amortization of acquired intangible assets, which is a non-cash expense. Acquisition related expenses and 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 Mexico, India, and China. 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 fourth quarter 2024 results and first 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 3831590, 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 first quarter of 2025 financial outlook, including revenue, shipments of IQ Batteries by megawatt hours, 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; its expectations on the timing and introduction of new products and updates to existing products, including the IQ Meter Collar, fourth-generation IQ Battery, and new IQ Combiner products; its expectations regarding higher domestic content product offerings; 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 80.0 million microinverters, and approximately 4.7 million Enphase-based systems have been deployed in more than 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									Year Ended
	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Net revenues	$	382,713		$	380,873		$	302,570		$	1,330,383		$	2,290,786
Cost of revenues		184,420			202,702			155,908			701,245			1,232,398
Gross profit		198,293			178,171			146,662			629,138			1,058,388
Operating expenses:
Research and development		50,390			47,843			55,291			201,315			227,336
Sales and marketing		51,799			49,671			53,409			206,552			231,792
General and administrative		31,901			30,192			33,379			130,825			137,835
Restructuring and asset impairment charges		9,399			677			14,814			13,154			15,684
Total operating expenses		143,489			128,383			156,893			551,846			612,647
Income (loss) from operations		54,804			49,788			(10,231	)		77,292			445,741
Other income, net
Interest income		18,417			19,977			20,493			77,306			69,728
Interest expense		(2,252	)		(2,237	)		(2,268	)		(8,905	)		(8,839	)
Other income (expense), net		(1,270	)		(16,785	)		4,233			(25,534	)		6,509
Total other income, net		14,895			955			22,458			42,867			67,398
Income before income taxes		69,699			50,743			12,227			120,159			513,139
Income tax (provision) benefit		(7,539	)		(4,981	)		8,692			(17,501	)		(74,203	)
Net income	$	62,160		$	45,762		$	20,919		$	102,658		$	438,936
Net income per share:
Basic	$	0.46		$	0.34		$	0.15		$	0.76		$	3.22
Diluted	$	0.45		$	0.33		$	0.15		$	0.75		$	3.08
Shares used in per share calculation:
Basic		133,815			135,329			136,092			135,167			136,376
Diluted		138,128			139,914			139,205			140,004			143,290

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

	December 31, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	369,110	$	288,748
Restricted cash		95,006		—
Marketable securities		1,253,480		1,406,286
Accounts receivable, net		223,749		445,959
Inventory		165,004		213,595
Prepaid expenses and other assets		220,735		88,930
Total current assets		2,327,084		2,443,518
Property and equipment, net		147,514		168,244
Operating lease, right of use asset, net		24,617		19,887
Intangible assets, net		42,398		68,536
Goodwill		211,571		214,562
Other assets		180,925		215,895
Deferred tax assets, net		315,567		252,370
Total assets	$	3,249,676	$	3,383,012
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	90,032	$	116,164
Accrued liabilities		196,887		261,919
Deferred revenues, current		237,225		118,300
Warranty obligations, current		34,656		36,066
Debt, current		101,291		—
Total current liabilities		660,091		532,449
Long-term liabilities:
Deferred revenues, non-current		341,982		369,172
Warranty obligations, non-current		158,233		153,021
Other liabilities		55,265		51,008
Debt, non-current		1,201,089		1,293,738
Total liabilities		2,416,660		2,399,388
Total stockholders’ equity		833,016		983,624
Total liabilities and stockholders’ equity	$	3,249,676	$	3,383,012

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

	Three Months Ended									Year Ended
	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Cash flows from operating activities:
Net income	$	62,160		$	45,762		$	20,919		$	102,658		$	438,936
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		20,665			20,103			20,841			81,389			74,708
Net accretion of discount on marketable securities		(7,490	)		(2,904	)		(2,950	)		(8,599	)		(15,561	)
Provision for doubtful accounts		2,206			2,704			(129	)		6,677			1,153
Asset impairment		4,702			17,568			9,700			28,843			10,603
Non-cash interest expense		2,188			2,173			2,126			8,650			8,380
Net loss (gain) from change in fair value of debt securities		(3,697	)		741			(2,670	)		(1,967	)		(8,078	)
Stock-based compensation		51,830			45,940			55,222			211,360			212,857
Deferred income taxes		(30,675	)		(5,276	)		(5,053	)		(58,319	)		(43,348	)
Changes in operating assets and liabilities:
Accounts receivable		2,684			49,414			105,771			211,640			(12,478	)
Inventory		(6,167	)		17,231			(39,481	)		48,591			(63,887	)
Prepaid expenses and other assets		(16,487	)		(64,149	)		(2,401	)		(134,343	)		(59,777	)
Accounts payable, accrued and other liabilities		(27,396	)		32,088			(139,277	)		(85,536	)		(22,149	)
Warranty obligations		8,657			7,053			221			3,802			57,641
Deferred revenues		104,112			1,690			12,611			98,847			117,780
Net cash provided by operating activities		167,292			170,138			35,450			513,693			696,780
Cash flows from investing activities:
Purchases of property and equipment		(8,064	)		(8,533	)		(20,075	)		(33,604	)		(110,401	)
Purchases of marketable securities		(93,138	)		(319,190	)		(337,757	)		(1,184,649	)		(2,081,431	)
Maturities and sale of marketable securities		351,843			215,241			433,869			1,346,520			1,840,477
Investments in private companies		—			—			—			—			(15,000	)
Net cash provided by (used in) investing activities		250,641			(112,482	)		76,037			128,267			(366,355	)
Cash flows from financing activities:
Partial settlement of convertible notes		—			(5	)		—			(7	)		—
Repurchase of common stock		(199,666	)		(49,794	)		(99,998	)		(391,364	)		(409,998	)
Payment of excise tax on net stock repurchases		(2,773	)		—			—			(2,773	)		—
Proceeds from issuance of common stock under employee equity plans		4,719			14			12,555			12,688			13,870
Payment of withholding taxes related to net share settlement of equity awards		(5,012	)		(6,286	)		(27,546	)		(78,813	)		(120,646	)
Net cash used in financing activities		(202,732	)		(56,071	)		(114,989	)		(460,269	)		(516,774	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(7,410	)		2,638			2,175			(6,323	)		1,853
Net increase (decrease) in cash and cash equivalents and restricted cash		207,791			4,223			(1,327	)		175,368			(184,496	)
Cash and cash equivalents—Beginning of period		256,325			252,102			290,075			288,748			473,244
Cash, cash equivalents and restricted cash—End of period	$	464,116		$	256,325		$	288,748		$	464,116		$	288,748

ENPHASE ENERGY, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data and percentages)
(Unaudited)

	Three Months Ended									Year Ended
	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Gross profit (GAAP)	$	198,293		$	178,171		$	146,662		$	629,138		$	1,058,388
Stock-based compensation		3,678			2,948			3,582			14,538			13,357
Acquisition related amortization		1,784			1,904			1,894			7,469			7,580
Gross profit (Non-GAAP)	$	203,755		$	183,023		$	152,138		$	651,145		$	1,079,325

Gross margin (GAAP)		51.8	%		46.8	%		48.5	%		47.3	%		46.2	%
Stock-based compensation		0.9			0.8			1.2			1.0			0.6
Acquisition related amortization		0.5			0.5			0.6			0.6			0.3
Gross margin (Non-GAAP)		53.2	%		48.1	%		50.3	%		48.9	%		47.1	%

Operating expenses (GAAP)	$	143,489		$	128,383		$	156,893		$	551,846		$	612,647
Stock-based compensation ⁽¹⁾		(47,884	)		(42,992	)		(51,640	)		(196,554	)		(199,500	)
Acquisition related expenses and amortization		(2,884	)		(3,102	)		(3,888	)		(12,911	)		(15,317	)
Restructuring and asset impairment charges ⁽¹⁾		(9,399	)		(677	)		(14,814	)		(13,154	)		(15,715	)
Operating expenses (Non-GAAP)	$	83,322		$	81,612		$	86,551		$	329,227		$	382,115

⁽¹⁾Includes stock-based compensation as follows:
Research and development	$	20,951		$	19,790		$	23,839		$	85,501		$	88,367
Sales and marketing		15,893			14,237			16,472			65,092			65,703
General and administrative		11,041			8,965			11,329			45,962			45,430
Restructuring and asset impairment charges		267			—			—			267			—
Total	$	48,152		$	42,992		$	51,640		$	196,822		$	199,500

Income (loss) from operations (GAAP)	$	54,804		$	49,788		$	(10,231	)	$	77,292		$	445,741
Stock-based compensation		51,563			45,940			55,222			211,093			212,857
Acquisition related expenses and amortization		4,668			5,006			5,782			20,380			22,897
Restructuring and asset impairment charges		9,399			677			14,814			13,154			15,715
Income from operations (Non-GAAP)	$	120,434		$	101,411		$	65,587		$	321,919		$	697,210

Net income (GAAP)	$	62,160		$	45,762		$	20,919		$	102,658		$	438,936
Stock-based compensation		51,563			45,940			55,222			211,093			212,857
Acquisition related expenses and amortization		4,668			5,006			5,782			20,380			22,897
Restructuring and asset impairment charges		9,399			677			14,814			13,154			15,715
Non-cash interest expense		2,188			2,173			2,126			8,650			8,380
Non-GAAP income tax adjustment		(4,116	)		(11,156	)		(25,389	)		(34,891	)		(85,544	)
Net income (Non-GAAP)	$	125,862		$	88,402		$	73,474		$	321,044		$	613,241

Net income per share, basic (GAAP)	$	0.46		$	0.34		$	0.15		$	0.76		$	3.22
Stock-based compensation		0.39			0.34			0.40			1.56			1.56
Acquisition related expenses and amortization		0.03			0.04			0.08			0.15			0.17
Restructuring and asset impairment charges		0.07			0.01			0.11			0.10			0.12
Non-cash interest expense		0.02			0.02			0.02			0.06			0.06
Non-GAAP income tax adjustment		(0.03	)		(0.10	)		(0.22	)		(0.26	)		(0.63	)
Net income per share, basic (Non-GAAP)	$	0.94		$	0.65		$	0.54		$	2.37		$	4.50

Shares used in basic per share calculation GAAP and Non-GAAP		133,815			135,329			136,092			135,167			136,376

Net income per share, diluted (GAAP)	$	0.45		$	0.33		$	0.15		$	0.75		$	3.08
Stock-based compensation		0.39			0.33			0.39			1.56			1.57
Acquisition related expenses and amortization		0.04			0.04			0.08			0.15			0.16
Restructuring and asset impairment charges		0.07			0.01			0.10			0.10			0.11
Non-cash interest expense		0.02			0.02			0.01			0.06			0.06
Non-GAAP income tax adjustment		(0.03	)		(0.08	)		(0.19	)		(0.26	)		(0.57	)
Net income per share, diluted (Non-GAAP) ⁽²⁾	$	0.94		$	0.65		$	0.54		$	2.37		$	4.41

Shares used in diluted per share calculation GAAP		138,128			139,914			139,205			140,004			143,290
Shares used in diluted per share calculation Non-GAAP		134,053			135,839			137,187			135,641			139,214

Income-based government grants (GAAP)	$	68,040		$	46,552		$	32,887		$	157,538		$	53,470
Incremental cost for manufacturing in U.S.		(16,123	)		(11,396	)		(7,112	)		(38,351	)		(11,603	)
Net IRA benefit (Non-GAAP)	$	51,917		$	35,156		$	25,775		$	119,187		$	41,867

Net cash provided by operating activities (GAAP)	$	167,292		$	170,138		$	35,450		$	513,693		$	696,780
Purchases of property and equipment		(8,064	)		(8,533	)		(20,075	)		(33,604	)		(110,401	)
Free cash flow (Non-GAAP)	$	159,228		$	161,605		$	15,375		$	480,089		$	586,379

(2) Calculation of non-GAAP diluted net income per share for the year ended December 31, 2023 excludes convertible Notes due 2023 interest expense, net of tax of less than $0.1 million from non-GAAP net income.

This press release was published by a CLEAR® Verified individual.

The MIL Network –

February 5, 2025

MIL-OSI Global: Emilia Pérez: the film’s wildly unrealistic representation of Mexican narco-violence and trans lives is insulting

Source: The Conversation – UK – By Ailsa Peate, Lecturer in Latin American and Museum Studies, University of Westminster

You would think that Jacques Audiard’s 13-time Oscar-nominated Emilia Pérez was the most watched film of the year given the discussion it has generated. The Mexican-set, French-made film’s opening weekend in Mexico tells a different story.

Emilia Pérez sees the eponymous antagonist-heroine experience a transformation, undergoing gender-affirming procedures in order to leave behind her former dangerous, violent life as a cartel leader in Mexico.

It came eighth at the box office in Mexico, which is hardly surprising. The effects of narco violence saw 613 murders and 626 disappearances between September and December 2024 in Sinaloa State in northwestern Mexico as its eponymous cartel’s factions fight for territory.

Considering the context in which it was released, little positive noise has been made about Emilia Pérez within Mexico given its sensationalist, reductive representations of violence. Internationally, its representation of trans experiences has been criticised.

Though well acted, it is thoughtless. The luxurious life Emilia lives as a trans woman is far detached from reality of most trans people in Mexico, where the average life expectancy for a trans person is 35.

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We follow Rita Mora Castro (Zoe Saldaña), an underappreciated lawyer who works hard only for men to take the credit. Rita is hired by cartel head Juan “Manitas” del Monte (Karla Sofía Gascón) to find a surgeon for her transition to start again as Emilia Pérez. After the transition, Emilia has Manitas declared dead, leaving behind her mourning wife, Jessi (Selena Gómez) and their two young sons who she has relocated to Switzerland for their safety.

After four years, Emilia tracks down Rita to have Jessi and the children moved back to Mexico, posing as Manitas’ distant relative. Emilia then works with Rita to launch a non-profit, “La Lucecita”, that helps the families of missing persons after Emilia becomes appalled by how many disappeared people there are in Mexico.

Emilia’s immediate reaction to such social injustice demonstrates a naivety on Audiard’s part. Despite Manitas having destroyed lives, Emilia wants to dignify them. We are asked to believe that she had no idea about these wretched, miserable souls. But thankfully, Emilia’s “La Lucecita” is here to rescue them. The NGO will find the remains of the disappeared, making them visible again. Good thing Emilia made all that (drug) money to fund the work…

Trailer for Emilia Pérez.

The sheer unbelievability of Pérez not knowing about the violent reverberations of her work aside, I was gratified to see the disappeared of Mexico centralised in the film. The stories of Argentina, Chile, Uruguay, Guatemala and Colombia usually dominate when it comes to the consequences of human rights abuses in the region.

Political prisoners, state terrorism, death flights and extrajudicial murders date back at least as far as the 1960s in Mexico, with the Indomitable Memory Museum in Mexico City doing fantastic work to highlight this history and dignify victims. In particular, the story of the Ayotzinapa 43, who were disappeared en route to Mexico City for an annual march against state corruption and human rights abuses in 2014.

But, considering its direction, Emilia Pérez takes on a white saviour narrative and our heroine simply throws (drug) money at the problem. Audiard’s (admitted) lack of serious thought given to violence ,wealth and power in this context is laughable. Ask “searcher” groups, who go looking for the remains of their disappeared loved ones, like Las Rastredoras de El Fuerte to conjure up money for their work at a fancy gala (and watch I Called for You in Silence, a heartbreaking documentary on their struggles) and see what the reaction is.

Emilia Pérez had the chance to add some nuance to the violence in Mexico today, to demonstrate that this does not exist in a vacuum. It had a chance to go beyond what the transfeminist philosopher Sayak Valencia and the expert in feminist visual culture Sonia Herrera Sánchez would term a kind of sensationalist, colonialist “pornomisery” to present gender fluidity and sexuality in a troubled and troubling context.

I was disappointed. I found it impossible to watch the film without seeing constant instances of what Sayak Valencia deems gore capitalism in action. “Death has become the most profitable business in existence,” according to Valencia.

She outlines that in the era of drug war Mexico (2006 to the present) power is the new capital in a moment where hyper-masculinity and levels of violence are out of control. The lifeless body signifies a capital of fear and power.

Rather than Emilia Pérez forming any coherent commentary on this, the film contributes to it – how much will Audiard make from a film about bodies, what is done to them and how they are destroyed by Mexico’s drug war? How many awards? How much (more) power gained?

Zoe Saldaña sings “El Mal” from Emilia Pérez.

Bodily transition – from living to dead; from male to female – is a motif in the film, and one used as a lazy plot device. Emilia is no longer Manitas; in fact, she’s Manitas’ antithesis, who, therefore, does good for society. This dichotomy between “giving woman” and “violent man” only serves to perpetuate outdated views of womanhood. Karla Sofía Gascón was strong in this role, though I must ask why a Mexican trans actress couldn’t have played Pérez. For instance, Nava Mau of Baby Reindeer.

We know that Emilia Pérez isn’t that bothered about nuance, being one reason the film has been so ripe for satire. It is a narco-telenovela-cum-queer musical from the perspective of a 72-year-old white French man.

If you are looking for a show or film that does what Emilia Pérez should have, I can only recommend the one-off series Somos, a thoughtful take on the 2011 Allende massacre to temper such thoughtless representation.

Ailsa Peate 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. Emilia Pérez: the film’s wildly unrealistic representation of Mexican narco-violence and trans lives is insulting – https://theconversation.com/emilia-perez-the-films-wildly-unrealistic-representation-of-mexican-narco-violence-and-trans-lives-is-insulting-249066

MIL OSI – Global Reports –

February 5, 2025
MIL-OSI Africa: DRC: history is repeating itself in Lubumbashi as the world scrambles for minerals to go green

Source: The Conversation – Africa – By Brandon Marc Finn, Research Scientist at the School for Environment and Sustainability, University of Michigan

Lubumbashi is a city in the mineral-rich Katanga region in the south of the Democratic Republic of Congo (DRC).

Many people might not have heard of it, but Lubumbashi and its surrounding region have been at the centre of global geopolitics since the start of the 20th century. The area provided immense sources of copper, a metal that helped electrify the planet in the 1900s. It was also the source of all the uranium for the atom bombs used in the second world war.

The global demand for these minerals came at a great price. Lubumbashi grew as a divided city where housing and labour were spatially and racially segregated. Congolese workers were exploited, abused and taxed as urban and mining strategies were used to reshape society.

History is repeating itself. Neocolonialism now shapes the extraction of DRC resources.

Read more: DRC is the world’s largest producer of cobalt – how control by local elites can shape the global battery industry

Today, the southern DRC produces over 70% of the world’s cobalt. Cobalt is a mineral essential to decarbonisation – a strategy to reduce harmful carbon dioxide emissions. Cobalt is present in batteries in electric vehicles, mobile phones, laptop computers and renewable energy storage systems.

Like copper and uranium before it, cobalt mining has been linked to widescale exploitation and child labour. Corruption and elite capture remain defining features of mining in the DRC.

We are academics who research urbanisation, mining and sustainability as well as urban planning and environmental management. Our recent paper addresses the fact that African cities like Lubumbashi are at the heart of events that have shaped the modern world, yet they are woefully neglected in global urban theory (thinking about how cities form and develop) and urban geography.

Focusing on the global north and neglecting the south leads to major data gaps and contributes to mismatched and outdated urban policy.

Rock containing cobalt. © Brandon Marc Finn

We also argue that the human rights abuses and perils of today’s cobalt mining are new forms of old colonial practices. They strip the land and people of resources without proper pay. They offer green minerals to the global north at the cost of lives in the global south.

Sustainable cities and global decarbonisation are essential if we are to reduce cities’ carbon footprints and decarbonise economies in the face of the climate crisis.

Lubumbashi’s history, therefore, can offer a fuller understanding of the human and historical costs of minerals that shape cities – and the world.

A brief history of Lubumbashi

Lubumbashi was originally called Elisabethville. It was established by colonial Belgium in 1910 precisely to extract copper for global markets. This was done through a company named Union Minière du Haut Katanga (UMHK).

Concessionary companies made enormous profits in the Congo Free State between 1885 and 1908. The entire country stood under the private ownership of King Leopold II of Belgium. These companies were given the right to extract minerals and rubber through taxes imposed on local people.

A road being built in the Belgian Free State in 1890. PHAS/Universal Images Group/Getty Images

The Belgian Compagnie du Katanga (which later founded UMHK) had the task of establishing the physical and economic infrastructure of the region. In exchange for laying the groundwork for the extractive industries, soon to be headquartered in Elisabethville, the company was given a third of all unoccupied land in Katanga. The Belgians established a copper smelter and constructed roads. Temporary headquarters were established to supervise Elisabethville’s expansion.

One initial method of controlling the local rural people was a “hut tax” that had to be paid to live in Lubumbashi. Later, a “head tax” was introduced to raise funds for colonial management. It forced people into labour as the only means to pay off their newly acquired debt to the colonial state.

Elisabethville served as the device to assert effective occupation. It also staved off the possibility of British occupation of the territory. The Belgians planned Elisabethville by reproducing the urban forms and racial segregation of Bulawayo’s grid in Southern Rhodesia (part of today’s Zimbabwe) and Johannesburg in South Africa.

Elisabethville’s early plan. F Grevisse/Institut Royal Colonial Belge

UMHK dominated the colonial economy as demand for copper increased worldwide. UMHK also stipulated which seeds would be planted where for agriculture. It dissolved local markets and whipped labourers.

Copper was in such high demand because it is a non-corrosive material that conducts electricity well. It lined telegraph and electrical transmission cables across the globe.

Copper mining acted as a springboard from which UMHK could spread its influence. It developed railways, cities, labour camps and mining sites throughout Katanga.

Spatial segregation in Elisabethville. P Vandenbak

This allowed UMHK access to the extraction of another resource that would shape the global geopolitical landscape: uranium – extracted from the Shinkolobwe mine in Katanga.

It was the Belgian colonial presence that allowed the US to have access to uranium deposits as they sought to beat Germany in the race to build atomic weapons. All the uranium used in the two nuclear bombs dropped on Hiroshima and Nagasaki came from Katanga.

This highlights the global significance of, but a neglected focus on, the impacts of mineral supply chains in the global south. Control over Lubumbashi’s minerals cannot be underplayed in this global historical event.

Katanga seceded from the Congo for three years, 11 days after the country gained independence from Belgium in 1960. The fight to gain control over Katanga’s resources led to the US and Belgian-backed assassination of the first independence leader, Patrice Lumumba. He was intent on reunifying Congo.

Mobutu Sese Seko became president of Zaire (today’s DRC) after a coup in 1965. He nationalised UMHK a year later. Mobutu served as president for almost 32 years, and his regime was characterised by autocratic corruption and economic exploitation.

Cobalt and global decarbonisation

The growth of modern technology relies, at least in part, on the extraction of cobalt in the DRC before it is shipped, mainly to China.

Cobalt is extracted as a byproduct of copper mining. Artisanal and small-scale mining and child labour remain a salient feature of cobalt extraction in the DRC. These miners receive little to no support and reflect the historical structural marginalisation created in the region.

Europeans settled in the city centre and locals in camps and informal areas. Junior Kannah/AFP/Getty Images

Lubumbashi serves as the mining headquarters of the southern DRC, and other cities, like Kolwezi, have grown rapidly in response to the surge in cobalt demand. Spatial and labour-related inequalities from the past are being replicated and expanded on in the present.

The DRC’s impoverishment continues apace as South African, Kazakh, Swiss and, with increasing influence, Chinese mining companies maintain their practice of exclusionary extraction, social displacement and political corruption.

Why this matters

Our research shows the importance of understanding the history of extraction and urban settlement in the region to shed light on new forms of old practices associated with decarbonisation. We see this as a continuing form of colonial power – as neocolonialism.

Contemporary debates around global inequalities associated with decarbonisation highlight how African populations must endure poor living conditions while the global north transitions to low-carbon technologies. We must find ways to move away from carbon-based economies that do not reproduce colonial inequalities.

Read more: Patrice Lumumba’s tooth represents plunder, resilience and reparation

Lubumbashi demonstrates the importance of African cities and resources in understanding critical global developmental and geopolitical issues.

For decarbonisation to be socially and environmentally just, it must contend with the people, places, and environments on which the future of low-carbon technology is based. Lubumbashi’s history shows how challenging this task will be.

– DRC: history is repeating itself in Lubumbashi as the world scrambles for minerals to go green
– https://theconversation.com/drc-history-is-repeating-itself-in-lubumbashi-as-the-world-scrambles-for-minerals-to-go-green-248571

MIL OSI Africa –

February 5, 2025
MIL-OSI Global: DRC: history is repeating itself in Lubumbashi as the world scrambles for minerals to go green

Source: The Conversation – Africa – By Brandon Marc Finn, Research Scientist at the School for Environment and Sustainability, University of Michigan

Lubumbashi is a city in the mineral-rich Katanga region in the south of the Democratic Republic of Congo (DRC).

Many people might not have heard of it, but Lubumbashi and its surrounding region have been at the centre of global geopolitics since the start of the 20th century. The area provided immense sources of copper, a metal that helped electrify the planet in the 1900s. It was also the source of all the uranium for the atom bombs used in the second world war.

The global demand for these minerals came at a great price. Lubumbashi grew as a divided city where housing and labour were spatially and racially segregated. Congolese workers were exploited, abused and taxed as urban and mining strategies were used to reshape society.

History is repeating itself. Neocolonialism now shapes the extraction of DRC resources.

Read more:
DRC is the world’s largest producer of cobalt – how control by local elites can shape the global battery industry

Today, the southern DRC produces over 70% of the world’s cobalt. Cobalt is a mineral essential to decarbonisation – a strategy to reduce harmful carbon dioxide emissions. Cobalt is present in batteries in electric vehicles, mobile phones, laptop computers and renewable energy storage systems.

Like copper and uranium before it, cobalt mining has been linked to widescale exploitation and child labour. Corruption and elite capture remain defining features of mining in the DRC.

We are academics who research urbanisation, mining and sustainability as well as urban planning and environmental management. Our recent paper addresses the fact that African cities like Lubumbashi are at the heart of events that have shaped the modern world, yet they are woefully neglected in global urban theory (thinking about how cities form and develop) and urban geography.

Focusing on the global north and neglecting the south leads to major data gaps and contributes to mismatched and outdated urban policy.

We also argue that the human rights abuses and perils of today’s cobalt mining are new forms of old colonial practices. They strip the land and people of resources without proper pay. They offer green minerals to the global north at the cost of lives in the global south.

Sustainable cities and global decarbonisation are essential if we are to reduce cities’ carbon footprints and decarbonise economies in the face of the climate crisis.

Lubumbashi’s history, therefore, can offer a fuller understanding of the human and historical costs of minerals that shape cities – and the world.

A brief history of Lubumbashi

Lubumbashi was originally called Elisabethville. It was established by colonial Belgium in 1910 precisely to extract copper for global markets. This was done through a company named Union Minière du Haut Katanga (UMHK).

Concessionary companies made enormous profits in the Congo Free State between 1885 and 1908. The entire country stood under the private ownership of King Leopold II of Belgium. These companies were given the right to extract minerals and rubber through taxes imposed on local people.

The Belgian Compagnie du Katanga (which later founded UMHK) had the task of establishing the physical and economic infrastructure of the region. In exchange for laying the groundwork for the extractive industries, soon to be headquartered in Elisabethville, the company was given a third of all unoccupied land in Katanga. The Belgians established a copper smelter and constructed roads. Temporary headquarters were established to supervise Elisabethville’s expansion.

One initial method of controlling the local rural people was a “hut tax” that had to be paid to live in Lubumbashi. Later, a “head tax” was introduced to raise funds for colonial management. It forced people into labour as the only means to pay off their newly acquired debt to the colonial state.

Elisabethville served as the device to assert effective occupation. It also staved off the possibility of British occupation of the territory. The Belgians planned Elisabethville by reproducing the urban forms and racial segregation of Bulawayo’s grid in Southern Rhodesia (part of today’s Zimbabwe) and Johannesburg in South Africa.

UMHK dominated the colonial economy as demand for copper increased worldwide. UMHK also stipulated which seeds would be planted where for agriculture. It dissolved local markets and whipped labourers.

Copper was in such high demand because it is a non-corrosive material that conducts electricity well. It lined telegraph and electrical transmission cables across the globe.

Copper mining acted as a springboard from which UMHK could spread its influence. It developed railways, cities, labour camps and mining sites throughout Katanga.

This allowed UMHK access to the extraction of another resource that would shape the global geopolitical landscape: uranium – extracted from the Shinkolobwe mine in Katanga.

It was the Belgian colonial presence that allowed the US to have access to uranium deposits as they sought to beat Germany in the race to build atomic weapons. All the uranium used in the two nuclear bombs dropped on Hiroshima and Nagasaki came from Katanga.

This highlights the global significance of, but a neglected focus on, the impacts of mineral supply chains in the global south. Control over Lubumbashi’s minerals cannot be underplayed in this global historical event.

Katanga seceded from the Congo for three years, 11 days after the country gained independence from Belgium in 1960. The fight to gain control over Katanga’s resources led to the US and Belgian-backed assassination of the first independence leader, Patrice Lumumba. He was intent on reunifying Congo.

Mobutu Sese Seko became president of Zaire (today’s DRC) after a coup in 1965. He nationalised UMHK a year later. Mobutu served as president for almost 32 years, and his regime was characterised by autocratic corruption and economic exploitation.

Cobalt and global decarbonisation

The growth of modern technology relies, at least in part, on the extraction of cobalt in the DRC before it is shipped, mainly to China.

Cobalt is extracted as a byproduct of copper mining. Artisanal and small-scale mining and child labour remain a salient feature of cobalt extraction in the DRC. These miners receive little to no support and reflect the historical structural marginalisation created in the region.

Lubumbashi serves as the mining headquarters of the southern DRC, and other cities, like Kolwezi, have grown rapidly in response to the surge in cobalt demand. Spatial and labour-related inequalities from the past are being replicated and expanded on in the present.

The DRC’s impoverishment continues apace as South African, Kazakh, Swiss and, with increasing influence, Chinese mining companies maintain their practice of exclusionary extraction, social displacement and political corruption.

Why this matters

Our research shows the importance of understanding the history of extraction and urban settlement in the region to shed light on new forms of old practices associated with decarbonisation. We see this as a continuing form of colonial power – as neocolonialism.

Contemporary debates around global inequalities associated with decarbonisation highlight how African populations must endure poor living conditions while the global north transitions to low-carbon technologies. We must find ways to move away from carbon-based economies that do not reproduce colonial inequalities.

Read more:
Patrice Lumumba’s tooth represents plunder, resilience and reparation

Lubumbashi demonstrates the importance of African cities and resources in understanding critical global developmental and geopolitical issues.

For decarbonisation to be socially and environmentally just, it must contend with the people, places, and environments on which the future of low-carbon technology is based. Lubumbashi’s history shows how challenging this task will be.

Brandon Marc Finn has received funding from the University of Michigan and Harvard University to conduct this research.

Patrick Brandful Cobbinah has received research funding from the Lincoln Institute of Land Policy. He is a member of the Planning Institute of Australia.

– ref. DRC: history is repeating itself in Lubumbashi as the world scrambles for minerals to go green – https://theconversation.com/drc-history-is-repeating-itself-in-lubumbashi-as-the-world-scrambles-for-minerals-to-go-green-248571

MIL OSI – Global Reports –

February 5, 2025
MIL-OSI Security: IAEA Follow-up Mission Recognizes Spain’s Continued Commitment to Improve Nuclear and Radiation Safety
Source: International Atomic Energy Agency – IAEA

An IAEA team of experts today completed a follow-up review of Spain’s regulatory framework for nuclear and radiological safety. (CSN)
An International Atomic Energy Agency (IAEA) team of experts assessed that Spain showed a strong commitment to nuclear and radiation safety, and confirmed that Spain has successfully enhanced its regulatory framework, fully implementing recommendations made during the Agency’s 2018 mission.

The Integrated Regulatory Review Service (IRRS) follow-up mission, which took place from 27 January to 3 February at the request of the Government of Spain was hosted by the Nuclear Safety Council (CSN), the Ministry for Ecological Transition and Demographic Challenge (MITECO), the Ministry of Health (MoH), and the Ministry of Interior (MoI). Its purpose was to review progress on the recommendations and suggestions identified in the initial IRRS mission in 2018, except for those covering the management of radioactive waste, spent fuel and decommissioning. These will be covered by an upcoming Integrated Review Service for Radioactive Waste and Spent Fuel Management, Decommissioning and Remediation (ARTEMIS) follow-up mission, which is expected to take place later in 2025.

IRRS missions are designed to strengthen the effectiveness of the national nuclear and radiation safety regulatory infrastructure, based on IAEA safety standards and international good practices, while recognizing the responsibility of each country to ensure nuclear and radiation safety.

Spain utilizes nuclear and radiation technologies for energy production, medical applications, industry and research. The country has seven operating nuclear power reactors, producing around 20 per cent of its electricity. Three nuclear power plants are in permanent shutdown, which are in different stages of decommissioning and closure. Most of the reactor sites have interim spent fuel storage facilities, and Spain has one disposal facility for very low, low and intermediate level radioactive waste.

As part of its review, the IRRS team – comprised of four regulatory experts from France, Germany, Switzerland and the United States of America, as well as four IAEA staff members – conducted interviews and discussions with CSN and MITECO staff and representatives from the MoH and MoI. The team reviewed the actions taken by Spain to address the recommendations and suggestions made in 2018 and found that 12 recommendations and 20 suggestions have been adequately addressed. As a result, they have been either fully closed or closed on the basis of progress made and confidence in effective completion in due time.

“The IRRS team was very impressed with the high degree of commitment and professionalism demonstrated by our Spanish counterparts,” said Scott Morris, Regional Administrator for the US Nuclear Regulatory Commission and Team Leader for this mission. “Their focus on continuous improvement of the legal and regulatory framework for nuclear and radiological safety in Spain is commendable.”

The mission team identified notable achievements by CSN in the following areas:
- Developing a human resource plan, including a systematic training approach for all staff.
- Strengthening the safety culture of the CSN.
- Establishment of a national radon action plan.
- Ensuring CSN’s effective collaboration with the Autonomous Communities of Spain.
Two good practices were also highlighted:
- The Digital Radiation Passbook, a digital platform created by CSN that provides users with real time dose data, reduces the need for manual data input and enables the regulator to conduct real-time statistical analyses; and
- A centralized digital dosimetry system, provided by the CSN, to be used during emergencies for real-time radiation dose monitoring of emergency workers of all off-site response organizations.
The IRRS team suggested that Spain establish guidance documents related to possible radiation risks delivered to the public by authorized parties as required by legal provisions, in accordance with a graded approach.

Juan Carlos Lentijo, CSN President, said: “The IRRS follow-up mission reinforces Spain’s commitment to nuclear safety and radiation protection. This process is a valuable tool to work on robust and future-proof safety systems, where excellence continues to be the highest priority.”

The final mission report will be provided to the Government in about three months.

IAEA Safety Standards

The IAEA Safety Standards provide a robust framework of fundamental principles, requirements and guidance to ensure safety. They reflect an international consensus and serve as a global reference for protecting people and the environment from the harmful effects of ionizing radiation.
MIL Security OSI –
February 5, 2025
MIL-OSI: STMicroelectronics and HighTec EDV-Systeme collaborate for safer software-defined vehicles
Source: GlobeNewswire (MIL-OSI)

STMicroelectronics and HighTec EDV-Systeme collaborate for safer software-defined vehicles

Where safety meets safety: ST’s Stellar MCUs certified to the highest level of risk management, ISO 26262 ASIL D, are now supported with the same safety level by HighTec’s Rust compiler

Geneva, Switzerland and Saarbrücken, Germany, February 4, 2025 – STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, and HighTec EDV-Systeme GmbH are advancing automotive functional safety with a complete solution that will accelerate the development of safety-critical systems to make software-defined vehicles safer and more affordable.

The solution supports the Rust programming language and combines HighTec’s Rust compiler, qualified to ISO 26262 ASIL D, with ST’s Stellar, the first 28nm microcontrollers certified to the same safety standard. Rust is gaining significant momentum in the automotive industry for its strong safety and reliability features.

“Software-defined principles are transforming vehicle design, and ownership experiences, replacing traditional hardwired electronic control units (ECUs) with programmable systems,” explained Davide Santo, Automotive Microcontroller Business Unit Director, STMicroelectronics. “This is the future for vehicles with any type of powertrain, letting automakers easily differentiate their product ranges and dynamically update vehicle features. The collaboration with our longstanding partner HighTec, ensures that automotive manufacturers can leverage the power of Rust while meeting the highest safety standards in the industry.”

“Here at HighTec, our engineers created the industry’s first software compiler to support Rust, the modern safety-ready programming language, and achieve qualification to the highest level of the automotive functional-safety standard, ISO 26262 ASIL D,” said Mario Cupelli, CTO at HighTec EDV-Systeme. “On the other hand, ST’s Stellar automotive microcontrollers are the first 28nm components certified according to ISO 26262 ASIL D. This makes them a natural fit with our compiler, enabling customers to have a complete solution where safety is assured seamlessly across compiler, hardware, and software.”

As automakers face intense pressure to shorten development cycles and meet evolving safety standards, this collaboration provides a robust and powerful safety compliant solution for automotive software development. The integration of the ASIL D qualified Rust compiler into the Stellar MCU family accelerates the development of safety-critical systems, reducing time-to-market while maintaining strict compliance with automotive safety requirements.

Rust’s safety, performance, and reliability have made it an emerging choice for automotive mission-critical systems, poised to shape the future of the automotive industry. With HighTec’s Rust compiler support for Stellar products, ST is offering to its automotive customers an integrated, richly featured, and efficient toolchain that accelerates development cycles while ensuring compliance with ISO 26262.

ST and HighTec are sharing a vision of creating innovative solutions that meet the highest safety standards in the automotive industry. The close cooperation ensures that developers can now integrate Rust along with their valuable C/C++ code base into their safety-critical projects with Stellar and accelerate the development of safety-critical systems, reducing time-to-market while maintaining strict compliance with automotive safety and security requirements.

Further technical information:
Rust contains provisions to protect the safety of memory, process threads, and data types. This ensures superior resilience appropriate for critical automotive systems, while Rust’s runtime efficiency is comparable to C/C++ in execution time and memory usage. These characteristics significantly lower costs in software development and maintenance, shorten development cycles, and increase safety and security.

HighTec’s C/C++ and Rust automotive grade compiler allows Rust’s safety benefits to be integrated alongside legacy C/C++ code to build safe and secure automotive applications for the next-generation of software-defined vehicles.

ST’s Stellar automotive MCUs are built on Arm® Cortex®-R52+ cores and a robust safety-focused hardware architecture. They are the first 28nm MCUs to achieve an ISO 26262 ASIL D certification, attained through an accredited assessor early in 2024. Additionally, they adhere to ISO 21434 cybersecurity standards and comply with UN155 requirements, which ensure meeting the latest safety and security standards. The Stellar MCUs offer exceptional performance, scalability, and integration for next-generation automotive vehicles, electrification, and safety-critical systems.

The HighTec Rust compiler complements the already established HighTec C/C++ compiler suite. Both are qualified according to the highest safety level ISO 26262 ASIL D and enable automotive software developers to take full advantage of the high reliability and performance features of ST’s Stellar MCUs. The overall toolchain is built on the modern LLVM open-source technology and allows a hybrid development of Rust code along with C/C++, enabling the transition to modern software architectures. ST’s Stellar MCUs now benefit from HighTec’s Rust compiler, allowing a seamless development of safety-critical applications.

For more information about HighTec’s ISO 26262 ASIL D qualified Rust and C/C++ compiler for ST’s Stellar automotive MCUs, please visit www.hightec-rt.com/rust

About STMicroelectronics
At ST, we are over 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are committed to achieving our goal to become carbon neutral on scope 1 and 2 and partially scope 3 by 2027. Further information can be found at www.st.com.

INVESTOR RELATIONS
Jérôme Ramel
EVP Corporate Development & Integrated External Communication
Tel: +41.22.929.59.20
jerome.ramel@st.com

MEDIA RELATIONS
Alexis Breton
Corporate External Communications
Tel: +33.6.59.16.79.08
alexis.breton@st.com

About HighTec EDV Systeme GmbH
HighTec EDV-Systeme GmbH, Saarbruecken/Germany, is the world’s largest commercial provider of compilers using innovative open-source technologies and offers ISO 26262 ASIL D certified tools for embedded software development, the real-time operating system PXROS-HR, and a wide range of design-in services.
HighTec’s ASIL D qualified C/C++ compiler for leading multicore microcontrollers in the automotive and industrial sectors such as Arm®, TriCore™/AURIX™/TRAVEO™ families, RISC-V, Power Architecture (PowerPC) and GTM architectures are continuously adapted and optimized to new architectures in close cooperation with the silicon partners.
In addition to the multi-architecture compiler, HighTec offers PXROS-HR, a safety-certified multicore RTOS for applications with safety and multicore requirements. PXROS-HR guarantees robustness, safety, high performance, and data security in real-time environments. PXROS-HR is certified according to ISO 26262 ASIL D / IEC 61508 SIL 3 and is complemented for ASIL D development by a Tool Qualification Kit as a basis for the certification of customer applications.
Complementing this portfolio, HighTec offers development, training and consulting services.
Founded in 1982, HighTec is a privately held global company with offices in Germany, the Czech Republic, the Netherlands, Hungary and China. For more information about HighTec EDV-Systeme GmbH, visit www.hightec-rt.com.

Company Contact
HighTec EDV-Systeme GmbH
Europaallee 19
66113 Saarbrücken/Germany
Tel.: +49 681 92613-16
Email: info@hightec-rt.com

Press Contact Agency:
Catherine Schneider
Mexperts AG
Tel.: +49 8143 59744-27
Email: catherine.schneider@mexperts.de

Attachments
- T4671A — Feb 4 2025 — ST_HighTec auto MCU collaboration_FINAL FOR PUBLICATION
- T4671A — Feb 4 2025 — ST_HighTec auto MCU collaboration_PARTNER VISUAL
The MIL Network –
February 5, 2025
MIL-OSI Africa: Civil Society Organizations Brief the Committee on the Elimination of Discrimination against Women on the Situation of Women in the Democratic Republic of the Congo, Nepal, Belarus and Luxembourg

Source: Africa Press Organisation – English (2) – Report:

GENEVA, Switzerland, February 4, 2025/APO Group/ —

The Committee on the Elimination of Discrimination against Women was this afternoon briefed by representatives of civil society organizations on the situation of women’s rights in the Democratic Republic of the Congo, Nepal, Belarus and Luxembourg, the reports of which the Committee will review this week.

In relation to the Democratic Republic of the Congo, speakers raised concerns regarding gender-based violence and abuse of internally displaced women and girls in the context of the escalating conflict, and the impact of the withdrawal of the United Nations Organization Stabilization Mission in the Democratic Republic of the Congo.

On Nepal, speakers addressed discrimination against vulnerable women, including indigenous women and girls, lesbian, bisexual, transgender and intersex women, and women sex workers; anti-discrimination legislation; and the participation of women in political processes.

Non-governmental organizations speaking on Belarus raised topics including the dissolution of civil society organizations, imprisonment of women human rights defenders, and barriers to access to justice for women.

Regarding Luxembourg, a speaker raised issues related to a lack of gender sensitive policies and measures to address intersecting forms of discrimination, and the subordination of women through the social system.

The National Human Rights Commissioner of the Democratic Republic of the Congo spoke on the country, as did the following non-governmental organizations: Centre for Migration, Gender, and Justice; Groupe d’Action pour les Droits de la Femme; and SAVIE ASBL LGBT.

Regarding Nepal, the following non-governmental organizations spoke: Forum for Women, Law and Development; Feminist Dalit Organization; Nepal Indigenous Women Federation; Sex Workers and Allies South Asia and Team; Campaign for Change, Mitini Nepal, and Intersex Asia; and Visible Impact.

The following non-governmental organizations spoke on Belarus: Belarusian Helsinki Committee; Human Constanta; Belarusian Congress of Democratic Trade Unions; Coalition against gender-based and domestic violence; and Our House.

A representative of the Consultative Commission of the Grand-Duchy of Luxembourg on Human Rights spoke on Luxembourg.

The Committee also held an informal meeting with the Working Group on Business and Human Rights and representatives from civil society and the business sector on “increasing the bottom line through smart, gender-inclusive, rights-focused approaches in digitisation.”

Opening the meeting, Nahla Haidar, the newly elected Committee Chairperson, said artificial intelligence and digital technologies had revolutionised everyday life and business practices across sectors in ways that were never envisioned in the past. She called for action to prevent bias and discrimination against women through cyber-enabled modalities; expand women’s economic opportunities in the new digital era; and equip women and girls with necessary skills, capacities and tools to contribute to providing digital solutions.

In the meeting, speakers discussed topics such as measures to prevent discrimination of women in the private sector, and particularly in the field of technology; measures to promote access to science, technology, engineering and maths education for women; measures to address the impacts of artificial intelligence on women; and measures to protect women’s rights in the energy transition era.

Committee Experts and members of the Working Group spoke in the meeting, as did representatives of the United Nations Office of the High Commissioner for Human Rights, the World Trade Organization, and various private sector and civil society organizations.

The Committee on the Elimination of Discrimination against Women’s ninetieth session is being held from 3 to 21 February. All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage. Meeting summary releases can be found here. The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

The Committee will next meet in public at 10 a.m. on Tuesday, 4 February to consider the report of the Democratic Republic of the Congo submitted under the exceptional reporting procedure (CEDAW/C/COD/EP/1).

Opening Remarks by the Committee Chair

NAHLA HAIDAR, Committee Chairperson, said that during each session, the Committee invited national and international non-governmental organizations to informal public meetings to provide specific information on the States parties that were scheduled for consideration by the Committee. She welcomed the representatives of non-governmental organizations and national human rights institutions that had come to provide information on the States parties whose reports were being considered this week: Democratic Republic of the Congo, Nepal, Belarus and Luxembourg.

Statements by Non-Governmental Organizations from the Democratic Republic of the Congo, Nepal and Belarus

Democratic Republic of the Congo

On the Democratic Republic of the Congo, speakers, among other things, said violence against displaced persons was on the rise in the State. Gender-based violence, specifically, was rampant, leaving survivors with limited access to justice. Displaced women had a lack of access to reproductive health care and were giving birth in unsafe conditions. The economic struggles that displaced women and girls faced were equally alarming. With scarce income opportunities, many were driven to survival sex, which exposed them to sexual exploitation and abuse.

The withdrawal of the United Nations Organization Stabilisation Mission in the Democratic Republic of the Congo raised real concerns. Plans from national authorities to take on the responsibilities of the Mission remained lacking. Armed militias and members of the security forces continued to abuse women with impunity. There were also “tolerance houses” where internally displaced women and girls were sexually abused. Justice remained inaccessible for most survivors.

Speakers called on the Government to bolster administrative capacities; ensure the transfer of United Nations facilities to the armed forces; investigate “tolerance houses” and hold perpetrators of gender-based violence criminally liable; control the spread of weapons; and ensure justice and dignity for all women in the State. Speakers also called for a national migration strategy that was gender-responsive; mechanisms for gender-based violence prevention, mitigation, and response; provision of health services and resources, especially with regards to maternity health, that connected to related concerns such as food insecurity and nutrition; and programmes to expand livelihood provisions that supported displaced women and girls.

Nepal

Speakers said Nepal had yet to enact a robust anti-discrimination law, making women more vulnerable to abuse. There was a need to criminalise discrimination against women and eliminate all discriminatory legal provisions against them. The State party also needed to allocate sufficient human and financial resources to public bodies working on women’s rights. Appropriate support needed to be provided to women victims of violence.

Fifteen per cent of Nepal’s population of women faced multiple forms of discrimination; many women faced social exclusion and violence. Some girls did not report crimes due to a lack of trust in the justice system.

Nepal needed to amend the Constitution to address historical discrimination of indigenous women and to recognise the customary laws of indigenous people. The Government needed to amend the act on the rights of persons with disabilities to address the rights of indigenous women with disabilities. Access to justice needed to be promoted for indigenous women and women with disabilities.

Nepal had failed to ratify the Palermo Protocol, and human trafficking and sex work were treated as the same in the country. Sex workers faced various forms of discrimination and violence. Nepal’s legislation had a direct impact on sex workers’ access to citizenship. Legislation on trafficking in persons needed to be amended to differentiate between trafficking and sex work. The Government also needed to facilitate sex workers’ access to citizenship and promote awareness raising campaigns on the rights of sex workers.

Lesbian, bisexual, transgender and intersex girls faced harmful treatment and violence, and systematic discrimination in education and healthcare in Nepal, and the Government had failed to act in response. The Government needed to ensure such women could access single women’s allowances, redefine marriage to include gender-free terminology, and support this group’s access to rights.

Education on sexual and reproductive health remained optional and inadequate in Nepal. It needed to be made compulsory. Legislation needed to be amended to fully decriminalise abortion, particularly abortions in cases of rape. The State also needed to amend legislation to include sexual and reproductive health and rights and sensitise health care providers and community members on safe births. It further needed to decriminalise sexual relations between consenting adolescents under the age of 18.

The meaningful participation of women in political processes was lacking; many women politicians faced violence. Nepal needed to investigate historic violence against marginalised women, collect disaggregated data on women, enhance women’s leadership capacities, take measures to eliminate discrimination against marginalised women and girls, and provide quality health services to all women and girls, particularly indigenous women, at a minimal cost.

Belarus

Speakers on Belarus said the Constitution did not provide effective protection against discrimination. Women’s rights to education and health care were limited. Belarus had institutionalised discriminatory food provisions; women and girls were not able to access fruit and nuts, leading to long-term health risks.

Access to justice for women was undermined by the persistent persecution of women human rights defenders. Women activists had been falsely labelled as terrorists despite their peaceful actions. The State had systematically dissolved various civil society organizations, including many that supported women. Almost 2,000 non-governmental organizations had been forced to liquidate. All women’s organizations that had prepared shadow reports to the Committee for the last review had been liquidated. It was immensely difficult to find legal assistance due to the political suppression of lawyers. In 2022, the Government had forcibly liquidated all trade unions. Six women trade union activists remained in prisons.

At least 139 women were political prisoners in Belarus. They lacked access to healthcare and were persistently ill-treated. Imprisoned women faced forced labour and modern forms of slavery. If women refused to work, they were put in “cages of shame” and forced to stand outside for several hours. Women prisoners earned between five and 10 euros per month and faced harsh penalties for not meeting quotas.

When domestic violence cases were reported to police, police screened the political activities of the victim rather than provide support. Victims and aggressors were invited together to meetings with authorities, promoting impunity.

Women migrants were vulnerable to trafficking and violence. Domestic violence was not a ground for asylum in Belarus.

Luxembourg

No non-governmental organizations spoke on the situation of women in Luxembourg.

Questions by Committee Experts

A Committee Expert said that there were many laws and policies for women in the Democratic Republic of the Congo, but there was weak implementation. How was the transitional justice policy being implemented for women? Was there a plan to promote the security of women and girls in the Democratic Republic of the Congo?

The Expert shared the non-governmental organizations’ concern regarding the suppression of civil society in Belarus. Were there plans to update the national action plan on human rights in Belarus, and were there plans to establish a national human rights institution?

Another Expert asked about anti-trafficking activities being carried out in the Democratic Republic of the Congo. To what extent were women represented in local governments and decision-making bodies in Nepal?

One Committee Expert asked about financial resources devoted to implementing the national gender equality plan in Nepal. What were areas of concern related to sexual and reproductive health services in Belarus?

A Committee Expert asked about problems regarding access to justice for Dalit women in Nepal. How common was the dowry custom in Nepal? Why was the dowry for younger women and girls lower?

Another Committee Expert asked if the Democratic Republic of the Congo had laws on the accountability of military personnel and contractors involved in violence against women. What social protection system and benefits did Belarus have for women and girls?

One Committee Expert asked about legal provisions that needed to be challenged. What needed to be done to educate girls and society about the harms of the kumari practice in Nepal, which isolated girls from their community?

A Committee Expert called for information on the Democratic Republic of the Congo’s national action plan on the development of the security forces. What action had been taken to dismantle non-governmental armed groups in the east? Was it still possible for non-governmental organizations in Belarus to protect women and interact with the Government?

Responses by Non-Governmental Organizations

Nepal

Responding to questions on Nepal, speakers said there was a very low percentage of women in federal and provincial decision-making bodies in Nepal, and an even lower percentage of Dalit women. There needed to be increased representation of women in these bodies. There were several laws that directly discriminated against women, including laws on legal residences, which considered women and girls’ residences as those of their husbands and fathers. Divorced women lost their property rights. It was prohibited to oppose gender biases in cultural and social practices. Nepal’s laws did not recognise lesbian, bisexual, transgender and intersex women as minorities; this needed to be done.

In Nepal, the parents of women paid dowries, and less dowry was paid for younger women. Dowry payments were most prevalent in the south of the country. The Criminal Code criminalised this practice, but it still existed.

Sexual and reproductive health education was part of the school curriculum but was no longer a compulsory subject. There were also gaps in sexual and reproductive health legislation, with many marginalised women not able to access sexual and reproductive health services.

Dalit women and other marginalised women could not easily access the justice system. They were not made aware of where and how to access justice and faced violence and discrimination from the police because of their identity.

Belarus

Responding to questions on Belarus, speakers said Belarus’ Gender Equality Council did not include non-governmental organizations working on human rights and gender equality. Belarus’ legislation on incitement to hatred was used to oppress women human rights defenders. One such woman had been imprisoned for seven years under this legislation. Raids, inspections and blocking of websites were tools used by the Government to restrict the activities of civil society organizations.

Statements by National Human Rights Institutions

Democratic Republic of the Congo

GISÈLE KAPINGA NTUMBA, National Human Rights Commissioner of the Democratic Republic of the Congo, said the Democratic Republic of the Congo was going through one of its darkest times in recent history, marked by the invasion of the M23 rebels in the east of the country, which was facing a protracted, violent crisis. Many women and girls had been displaced and were facing heightened risks of sexual violence and rape. The National Human Rights Commission had conducted investigations into sexual violence linked to conflict, engaging with competent institutions to address this problem and combat impunity.

The Commission welcomed that the Government had implemented several measures to protect women and girls from sexual and gender-based violence, including a law criminalising such violence and enshrining access to justice for victims. However, there was still a long way to go until these measures could effectively protect civilians from sexual and gender-based violence. The number of internally displaced persons continued to grow, and there had been many cases of rape reported. There needed to be increased funds to limit the circulation of small arms and light weapons, build new camps, and increase humanitarian aid for internally displaced persons. Care for victims of sexual and gender-based violence needed to be given by trained professionals.

The national fund for compensation for the victims of gender-based violence had helped victims to access care. The Commission also welcomed the organisation of travelling courts to combat impunity. The Government needed to restore peace in the east and take steps to protect civilians from gender-based violence, and provide internally displaced persons with adequate aid. Armed groups needed to respect the rules of international humanitarian law and implement an immediate ceasefire. The international community needed to promote peace by adopting sanctions against M23 and other armed groups.

Luxembourg

LAURA CAROCHA, Human and Social Sciences Expert,Commission consultative des Droits de l’Homme du Grand-Duché de Luxembourg [Consultative Commission of the Grand-Duchy of Luxembourg on Human Rights], welcomed the efforts made by Luxembourg to combat discrimination against women since the last report, while noting persistent shortcomings, including a social system that kept women in a subordinate position to men. Luxembourg’s policy favoured a “neutral” approach that was not gender sensitive. Ms. Carocha urged politicians to openly acknowledge this systemic patriarchal domination and to make the deconstruction of this mechanism a priority. To this end, it was imperative that the Government finally implemented the principle of gender mainstreaming in a cross-cutting manner in all its policies.

Luxembourg’s equality efforts lacked an intersectional approach and the Government rarely addressed multiple and intersecting forms of discrimination. Disability was conspicuously absent from the National Action Plan for Equality between Women and Men, while the gender dimension was neglected in the National Action Plan on Disability. It was essential to have detailed data, disaggregated by gender, age, ethnicity, disability and education level, to better understand and address the different forms of discrimination that women faced. The Government also needed to impose concrete actions on companies, municipalities and administrations in terms of gender equality and the fight against discrimination against women.

All actions taken in the fight against discrimination against women needed to be carried out in close collaboration with civil society. This cooperation needed to be translated into lasting partnerships and political will to ensure that the contributions of civil society were seriously considered in the decision-making process.

Ms. Carocha concluded by calling for the recognition of multiple forms of discrimination, and a proactive and participatory response from the Government to gender inequalities rooted in societal dynamics. This meant adopting structural solutions that addressed the root causes of discrimination.

Questions by Committee Experts

A Committee Expert offered condolences to the people of the Democratic Republic of the Congo, including families of civilians who had lost their lives. What did the National Human Rights Commission wish the Committee to highlight in the dialogue with the State party?

Another Committee Expert asked about measures to prevent conflict-related gender-based violence in the Democratic Republic of the Congo.

One Committee Expert asked if humanitarian aid groups were able to access Goma and deliver food, health and menstrual products?

A Committee Expert expressed concern regarding the lack of participation from women’s organizations from Luxembourg in the dialogue. What progress had been made in reforming the Constitution? Was there an initiative to amend the timeframe for authorising abortions in the State? The State party did not publish data broken down by origin. Could data be provided on migrant workers in Luxembourg?

Another Committee Expert asked about Luxembourg’s process for identifying stateless persons.

Responses by National Human Rights Institutions

GISÈLE KAPINGA NTUMBA, National Human Rights Commissioner of the Democratic Republic of the Congo, said that in Goma, people in displacement camps had been bombarded. They had no power and no water, and the Rwandese army was on its way in. The international community needed to assist the Democratic Republic of the Congo in creating humanitarian corridors to assist internally displaced persons fleeing the region. The State had approved laws and measures on preventing sexual violence, but implementing these was a challenge, particularly in regions where the Government did not have control. In the dialogue, the Committee needed to ask the Government to choose diplomacy over other means, as the population was dying for nothing. Those involved in the conflict needed to be prosecuted. The international community needed to condemn the situation in the east and promote diplomacy.

Meeting with the Working Group on Business and Human Rights

Statements

ANDREA ORI, Director, Groups in Focus Section, Human Rights Treaties Branch, United Nations Office of the High Commissioner for Human Rights, said that the meeting would address the nexus between business and human rights, and gender and digital technologies. Cooperation and practices in digital fields needed to not perpetrate discrimination against women. There was room for improvement on measures addressing gender discrimination in the workplace, representation of women in leadership positions, workplace harassment, and labour rights for women. Women were over-represented in low-paying jobs. Stereotypes hindered women’s access to finance and investments, and women had less access to technology and digital services. Today’s discussion would focus on enhancing the promotion and protection of women.

NAHLA HAIDAR, Committee Chairperson, said artificial intelligence and digital technologies had revolutionised everyday life and business practices across sectors in ways that were never envisioned in the past. Strategic, innovative modalities to better safeguard the rights of women and girls called for partnerships, joint approaches and harmonised frameworks. Women needed to be engaged in digital developments from the beginning. States needed to avoid the re-inventing of stereotypes, bias and discrimination and the perpetuation of violence against women through cyber-enabled modalities; safeguard women’s livelihoods and expand economic opportunities in the new digital era for them; and equip women and girls with necessary skills, capacities and tools to contribute to providing digital solutions.

This briefing was anticipated to be the first in a series of collaborative efforts to address substantive issues on women’s economic rights in a digital world based on the provisions of the Convention. Business and human rights principles and the jurisprudence of the Committee and standards could be systematically deployed to uphold and respond to women’s rights protection and economic empowerment, particularly through inclusive digital technologies.

Sadly, gender equality had often been constrained by interpretations outside the text of the Convention, resulting in persistent gender gaps and disparities. Critical partnerships would enable the Committee to explore a collaborative and coordinated approach for bridging digital gender inequalities to create a more inclusive and equitable digital future for women and girls, one that was not only free of all forms of violence but also offered them equal opportunities to access and utilise digital technologies to boost their livelihoods and human capital assets.

LYRA JAKULEVIČIENĖ, Chairperson of the Working Group on Business and Human Rights, said that this year, the Working Group was preparing a report on the use of artificial intelligence in businesses and its human rights impacts. It focused on the deployment of artificial intelligence technologies and procurement by States and businesses, looking at biases and other issues. The use of artificial intelligence and other technologies had many benefits and but also created concerns, including related to gender, and these would be captured in the report. Synergy with the Committee would help both bodies to advance their agendas and strengthen the global protection of human rights, particularly for vulnerable women and girls.

ESTHER EGHOBAMIEN-MSHELIA, Committee Expert, said 300 million fewer women than men had access to mobile internet globally. Although about a third of small and medium enterprises were owned by women, women were under-represented in discussions on the global value chain. States needed to focus on the energy transition and artificial intelligence technologies, as if they did not address issues in these fields, the gender gaps would widen.

FERNANDA HOPENHAYM, Gender Focal Point of the Working Group on Business and Human Rights, said the United Nations Guiding Principles on Business and Human Rights had a cross-cutting gender perspective, and this needed to be addressed by States and businesses. The Guiding Principles said that States needed to include a gender perspective in all policies on business and human rights. It also called on businesses to respect human rights and to implement measures promoting diversity and inclusion. Women needed to be able to access remedies in cases in which their rights were violated. Technologies needed to be gender sensitive, responsive and transformative.

Panel Discussion

In the ensuing discussion, speakers, among other things, said women faced many barriers to accessing the labour market; these needed to be addressed. Countries needed to change company cultures to address discrimination against women employees, and promote diversity and family-friendly policies. Businesses needed to consider documents outlining the rights of women and girls, such as the Convention, and use tools to assess the effectiveness of gender equality measures. They also needed to create an enabling environment for women. Another key requirement was to conduct human rights due diligence with a gender lens.

Some speakers expressed concerns related to discrimination against women in the technology sector. Many companies lacked a gender lens when assessing their value chains and were not carrying out gender-related due diligence. There was evidence of disproportionate harm to non-binary women and the targeting of women human rights defenders online. Companies were actively amplifying gender biases. The Committee and the Working Group needed to work with civil society and to call out companies by name when they violated human rights. They also needed to promote corporate accountability and prevent regression.

Speakers presented measures to change cultural mindsets to support women to succeed professionally; to promote a healthy work-life balance for women; to raise awareness of women’s rights among businesses; and to develop rules and tools to protect women and girls on social media platforms.

Some speakers said technology could allow for greater access to education for women and girls, so women needed increased access to it. One speaker said girls had less opportunities to study in fields such as programming and robotics. With simple reforms and measures encouraging participation, more and more women and girls would choose information technology as a profession, they said.

Some speakers expressed concerns that artificial intelligence technology was not sufficiently regulated. It was possible for artificial intelligence systems to learn and reproduce societal biases and there were also privacy concerns regarding the data that these systems used. One speaker presented efforts to eliminate biases in artificial intelligence systems and to develop tools to ensure that such systems respected human rights.

One speaker called for respect for women’s rights in the energy transition. Women had strong roles to play in preventing child labour in the energy sector and supporting children’s access to education. Businesses needed to ensure women’s experiences were incorporated in energy transition programmes, and to finance science, technology, engineering and maths education programmes for women, speakers said.

MIL OSI Africa –

February 5, 2025
MIL-OSI Europe: Empa Young Scientist Fellowship: Young researcher sheds light on quantum molecules

Source: Switzerland – Federal Administration in English

Empa researcher Eve Ammerman wants to bring quantum technologies one step closer to application by combining quantum effects with light. This should enable future quantum-based devices to communicate better with existing technologies. Her research project is being supported with a two-year Empa Young Scientist Fellowship.

MIL OSI Europe News –

February 4, 2025
MIL-OSI Economics: US startups secure over half of high-value VC deals announced globally during 2024, finds GlobalData

Source: GlobalData

US startups secure over half of high-value VC deals announced globally during 2024, finds GlobalData

Posted in Business Fundamentals

The US maintained its dominance in the global venture capital (VC) landscape in 2024, securing over half of all high value* deals. With a commanding 56.6% share by high-value VC deal volume and 64.5% by value, the US significantly outpaced other markets, underscoring strong investor confidence in its startup ecosystem amid the evolving economic conditions and shifting global investment trends, according to GlobalData, a leading data and analytics company.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The US-based startups attracting big-ticket deals showcases the solid confidence VC investors have in the country’s startup ecosystem. It is also noteworthy that the US was distantly followed by China, which accounted for 12.3% and 14.4% share of high-value VC deal volume and value, respectively, during 2024.”

An analysis of GlobalData’s Deals Database revealed that the US saw the announcement of 291 high-value VC deals during 2024 while the total value of these deals stood at $92 billion. Meanwhile, a total of 63 high-value VC deals worth $20.6 billion were announced in China during the same period.

Bose adds: “Of the top 10 countries by high-value VC deals volume in 2024, two were from North America while Europe and the Asia-Pacific region had four countries each.”

The UK occupied the third position by high-value VC deals volume in 2024, followed by Germany, India, Canada, Singapore, France, Japan and Switzerland.

Bose concludes: “The concentration of high-value VC deals in a few key markets highlights the evolving dynamics of global venture funding. While the US continues to dominate, the presence of multiple European and Asia-Pacific countries in the top rankings signals a broader diversification of investor interest, driven by innovation and emerging growth opportunities worldwide.”

* ≥ $100 million

MIL OSI Economics –

February 4, 2025
MIL-OSI Africa: Groundbreaking Ebola vaccination trial launches today in Uganda

Source: Africa Press Organisation – English (2) – Report:

GENEVA, Switzerland, February 4, 2025/APO Group/ —

In a global first, Uganda’s Ministry of Health, the World Health Organization (WHO) and other partners today launched a first ever vaccine trial for Ebola from the Sudan species of the virus, and at an unprecedented speed for a randomized vaccine trial in an emergency.

The principal investigators from Makerere University and the Uganda Virus Research Institute (UVRI), with support from WHO and other partners, have worked tirelessly to get the trial ready in 4 days since the outbreak was confirmed on 30 January. It is the first trial to assess the clinical efficacy of a vaccine against Ebola disease due to Sudan virus. The speed was achieved through advanced research preparedness, while ensuring full compliance with national and international regulatory and ethical requirements.

The candidate vaccine was donated by IAVI, with financial support from WHO, the Coalition for Epidemic Preparedness Innovations (CEPI), Canada’s International Development Research Centre (IDRC), and the European Commission’s Health Emergency Preparedness and Response Authority (HERA) and support from the Africa Centres for Disease Control and Prevention (Africa CDC).

“This is a critical achievement towards better pandemic preparedness, and saving lives when outbreaks occur,” said Dr Tedros Adhanom Ghebreyesus, WHO’s Director-General. “This is possible because of the dedication of Uganda’s health workers, the involvement of communities, the Ministry of Health of Uganda, Makerere University and UVRI, and research efforts led by WHO involving hundreds of scientists through our research and development Filoviruses network. We thank our partners for their dedication and cooperation, from IAVI for donating the vaccine, to CEPI, EU HERA and Canada’s IDRC for funding, and Africa CDC for further support. This massive achievement would simply not be possible without them.”

In 2022, during the previous outbreak of Ebola disease (also from the Sudan species of the virus) in Uganda, a randomized protocol for candidate vaccines was developed. Principal investigators were designated under the leadership of the Minister of Health, and teams were trained to allow such a trial to take place during an active outbreak.

The randomized vaccine trial to assess the recombinant vesicular stomatitis virus (rVSV) candidate vaccine was launched at a ceremony in Kampala today by the Minister of Health of Uganda. WHO is co-sponsoring the trial. WHO was represented by Dr Mike Ryan, Executive Director of WHO’s Health Emergencies Programme and Deputy Director-General, and the WHO representative to Uganda Dr Kasonde Mwinga, along with other colleagues.

Three vaccination rings were defined today. The first ring involves about 40 contacts and contacts of contacts of the first reported and confirmed case, a health worker who has died.

Although several promising candidate medical countermeasures are progressing through clinical development, as of now, there is no licensed vaccine available to effectively combat a potential future outbreak of Ebola disease from the Sudan species of the virus. Licensed vaccines exist only for the disease caused by Ebola virus, formerly known as Zaïre ebolavirus. Likewise for treatments, approved treatments are only available for Ebola virus.

The vaccine for the trial was recommended by the independent WHO candidate vaccine prioritization working group. If the candidate vaccine is effective, it can contribute to controlling this outbreak and generate data for vaccine licensure.

In 2022, the research teams were trained in good clinical practice (GCP) and standard operating procedures for such trials. They completed refresher training in recent days. WHO colleagues experienced in trials and in ring vaccination arrived in Uganda over the weekend to support the trial implementation and GCP compliance.

The vaccine doses were pre-positioned in the country. WHO worked with the principal investigators and national authorities and the vaccine developer to review cold chain documentation and ensure the doses were stored correctly over the previous years. As part of the signed agreement with the Ministry of Health, WHO has a signed agreement with IAVI for additional doses of the candidate vaccine to be made available shortly.

MIL OSI Africa –

February 4, 2025
MIL-OSI New Zealand: Local News – Porirua set to host another massive Waitangi Day event

Source: Porirua City Council

You can expect another awesome Waitangi Day event in Porirua.

Waitangi Day at Te Rauparaha Park on Thursday 6 February, runs from midday to 5pm and will feature live music performances from homegrown talent PERE and Kings.

Also hitting the stage will be Swiss, The Voice Australia’s Roland Williams, Ella Monnery and Hoseah Partsch, and Leisure Tomlins.

Don’t miss cultural performances by Mana Whenua me te Kāhui Kuratea, and visiting Canadian Indigenous group the Kumugwe Cultural Society.

The fun continues inside Te Rauparaha Arena and Pātaka Art + Museum, with lots of free activities for tamariki and art and history to discover.

Visitors will also have the chance to check out the many stalls set up on Te Rauparaha Park, as well as choosing from a range of tasty kai options from food trucks located along Norrie St.

The popular free waka tours are also returning for the day, giving people the chance to paddle around Te-Awarua-o-Porirua Harbour, thanks to Toa Waka Ama.

“Last year we welcomed more than 30,000 people into our city centre for Waitangi Day, with many coming from outside of Porirua,” says Porirua Mayor Anita Baker.

“The range of musicians, performers, activities, stalls and kai on offer means there will be something for everyone.”

Last year the event was named Best Arts, Culture or Heritage Event at the NZEA Event Awards.

This year’s event has a zero waste kaupapa, so remember to pack your keep cups for inu (drinks) and kai (food), and is smoke and vape free.

There are plenty of ways to get to Te Rauparaha Park for Waitangi Day – walk, scoot or bike to the city centre if coming from nearby.

As it’s a public holiday Council parking is free in the city, although there will be fewer available parks due to event road closures. Visitors are encouraged to catch the train to Porirua city and make the five-minute walk around the waterfront to the action. Some mobility parking spaces will be available at Te Rauparaha Arena.

MIL OSI New Zealand News –

February 4, 2025
MIL-OSI USA: NASA’s InSight Finds Marsquakes From Meteoroids Go Deeper Than Expected

Source: NASA

With help from AI, scientists discovered a fresh crater made by an impact that shook material as deep as the Red Planet’s mantle.
Meteoroids striking Mars produce seismic signals that can reach deeper into the planet than previously known. That’s the finding of a pair of new papers comparing marsquake data collected by NASA’s InSight lander with impact craters spotted by the agency’s Mars Reconnaissance Orbiter (MRO).
The papers, published on Monday, Feb. 3, in Geophysical Research Letters (GRL), highlight how scientists continue to learn from InSight, which NASA retired in 2022 after a successful extended mission. InSight set the first seismometer on Mars, detecting more than 1,300 marsquakes, which are produced by shaking deep inside the planet (caused by rocks cracking under heat and pressure) and by space rocks striking the surface.
By observing how seismic waves from those quakes change as they travel through the planet’s crust, mantle, and core, scientists get a glimpse into Mars’ interior, as well as a better understanding of how all rocky worlds form, including Earth and its Moon.

Researchers have in the past taken images of new impact craters and found seismic data that matches the date and location of the craters’ formation. But the two new studies represent the first time a fresh impact has been correlated with shaking detected in Cerberus Fossae, an especially quake-prone region of Mars that is 1,019 miles (1,640 kilometers) from InSight.
The impact crater is 71 feet (21.5 meters) in diameter and much farther from InSight than scientists expected, based on the quake’s seismic energy. The Martian crust has unique properties thought to dampen seismic waves produced by impacts, and researchers’ analysis of the Cerberus Fossae impact led them to conclude that the waves it produced took a more direct route through the planet’s mantle.
InSight’s team will now have to reassess their models of the composition and structure of Mars’ interior to explain how impact-generated seismic signals can go that deep.
“We used to think the energy detected from the vast majority of seismic events was stuck traveling within the Martian crust,” said InSight team member Constantinos Charalambous of Imperial College London. “This finding shows a deeper, faster path — call it a seismic highway — through the mantle, allowing quakes to reach more distant regions of the planet.”
Spotting Mars Craters With MRO
A machine learning algorithm developed at NASA’s Jet Propulsion Laboratory in Southern California to detect meteoroid impacts on Mars played a key role in discovering the Cerberus Fossae crater. In a matter of hours, the artificial intelligence tool can sift through tens of thousands of black-and-white images captured by MRO’s Context Camera, detecting the blast zones around craters. The tool selects candidate images for examination by scientists practiced at telling which subtle colorations on Mars deserve more detailed imaging by MRO’s High-Resolution Imaging Science Experiment (HiRISE) camera.
“Done manually, this would be years of work,” said InSight team member Valentin Bickel of the University of Bern in Switzerland. “Using this tool, we went from tens of thousands of images to just a handful in a matter of days. It’s not quite as good as a human, but it’s super fast.”
Bickel and his colleagues searched for craters within roughly 1,864 miles (3,000 kilometers) of InSight’s location, hoping to find some that formed while the lander’s seismometer was recording. By comparing before-and-after images from the Context Camera over a range of time, they found 123 fresh craters to cross-reference with InSight’s data; 49 of those were potential matches with quakes detected by the lander’s seismometer. Charalambous and other seismologists filtered that pool further to identify the 71-foot Cerberus Fossae impact crater.
Deciphering More, Faster
The more scientists study InSight’s data, the better they become at distinguishing signals originating inside the planet from those caused by meteoroid strikes. The impact found in Cerberus Fossae will help them further refine how they tell these signals apart.
“We thought Cerberus Fossae produced lots of high-frequency seismic signals associated with internally generated quakes, but this suggests some of the activity does not originate there and could actually be from impacts instead,” Charalambous said.
The findings also highlight how researchers are harnessing AI to improve planetary science by making better use of all the data gathered by NASA and ESA (European Space Agency) missions. In addition to studying Martian craters, Bickel has used AI to search for landslides, dust devils, and seasonal dark features that appear on steep slopes, called slope streaks or recurring slope linae. AI tools have been used to find craters and landslides on Earth’s Moon as well.
“Now we have so many images from the Moon and Mars that the struggle is to process and analyze the data,” Bickel said. “We’ve finally arrived in the big data era of planetary science.”
More About InSight
JPL managed InSight for the agency’s Science Mission Directorate. InSight was part of NASA’s Discovery Program, managed by the agency’s Marshall Space Flight Center in Huntsville, Alabama. Lockheed Martin Space in Denver built the InSight spacecraft, including its cruise stage and lander, and supported spacecraft operations for the mission.
A number of European partners, including France’s Centre National d’Études Spatiales (CNES) and the German Aerospace Center (DLR), supported the InSight mission. CNES provided the Seismic Experiment for Interior Structure (SEIS) instrument to NASA, with the principal investigator at IPGP (Institut de Physique du Globe de Paris). Significant contributions for SEIS came from IPGP; the Max Planck Institute for Solar System Research (MPS) in Germany; the Swiss Federal Institute of Technology (ETH Zurich) in Switzerland; Imperial College London and Oxford University in the United Kingdom; and JPL. DLR provided the Heat Flow and Physical Properties Package (HP3) instrument, with significant contributions from the Space Research Center (CBK) of the Polish Academy of Sciences and Astronika in Poland. Spain’s Centro de Astrobiología (CAB) supplied the temperature and wind sensors.
A division of Caltech in Pasadena, California, JPL manages the Mars Reconnaissance Orbiter Project for NASA’s Science Mission Directorate, Washington. The University of Arizona, in Tucson, operates HiRISE, which was built by BAE Systems in Boulder, Colorado. The Context Camera was built by, and is operated by, Malin Space Science Systems in San Diego.
For more about Insight, visit:

InSight Lander

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2025-013

MIL OSI USA News –

February 4, 2025
MIL-OSI United Nations: Committee on the Elimination of Discrimination against Women Opens Ninetieth Session

Source: United Nations – Geneva

The Committee on the Elimination of Discrimination against Women this morning opened its ninetieth session, hearing a statement from Andrea Ori, Chief of the Groups in Focus Section of the Human Rights Treaties Branch of the Office of the High Commissioner for Human Rights, and hearing the solemn declarations of eight newly elected Committee Members. The Committee also adopted its agenda for the session, during which it will review the reports of Belize, Belarus, Congo, Democratic Republic of the Congo (exceptional report), Liechtenstein, Luxembourg, Nepal and Sri Lanka.

Opening the session, Mr. Ori congratulated the eight new members of the Committee who officially assumed their duties today and congratulated the four Committee Members who were re-elected for the term 2025–2028. This year marked the commemoration of the thirtieth anniversary of the Beijing Declaration and Platform for Action, which was unanimously adopted by 189 States in September 1995 at the Fourth United Nations World Conference on Women held in Beijing. The Beijing Declaration and Platform for Action laid out a vision for ensuring women’s human rights and achieving gender equality around the world.

However, Mr. Ori said, despite considerable progress on gender equality in the past 30 years, the world was still far from achieving this vision. Approximately one in three women globally experienced physical and/or sexual violence during their lifetime. Sexual violence against women and girls was used as a tactic of war in numerous conflicts. Gender parity in decision-making remained a distant goal, with only 26 per cent of parliamentarians in the world being women. At the upcoming fifty-ninth session of the Human Rights Council, the President of the Council would convene the annual high-level panel discussion on human rights mainstreaming under the theme “Thirtieth anniversary of the Beijing Declaration and Platform for Action”, supported by the Office of the High Commissioner for Human Rights, United Nations Women and other agencies. Mr. Ori wished the Committee a successful and productive session.

Ana Peláez Narváez, Chairperson of the Committee, said that, since the last session, the number of States parties that had ratified the Convention had remained at 189. The number of States parties that had accepted the amendment to article 20, paragraph 1 of the Convention concerning the meeting time of the Committee remained at 81. Since the last session, Cook Islands, Fiji, Ireland, Kenya, Mexico, Romania, Solomon Islands, Togo and Tuvalu had submitted their periodic reports to the Committee.

The following eight new Committee Members made their solemn declaration: Hamida Al-Shukairi (Oman), Violet Eudine Barriteau (Barbados), Nada Moustafa Fathi Draz (Egypt), Mu Hong (China), Madina Jarbussynova (Kazakhstan), Jelena Pia-Comella (Andorra), Erika Schläppi (Switzerland), and Patsilí Toledo Vasquez (Chile).

In a private meeting following the opening, the Committee will elect a new Chair and Bureau for the Committee.

The Committee adopted the agenda and programme of work of the session, and the Chair and Committee Experts then discussed the activities they had undertaken since the last session.

Brenda Akia, on behalf of Natasha Stott Despoja, Committee Rapporteur on follow-up to concluding observations, briefed the Committee on the status of the follow-up reports received in response to the Committee’s concluding observations.

The Committee on the Elimination of Discrimination against Women’s ninetieth session is being held from 3 to 21 February. All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage. Meeting summary releases can be found here. The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

The Committee will next meet in public at 3 p.m. this afternoon with representatives of national human rights institutions and non-governmental organizations and the Working Group on business and human rights.

Opening Statement by the Representative of the Secretary-General

ANDREA ORI, Chief of the Groups in Focus Section of the Human Rights Treaties Branch of the Office of the High Commissioner for Human Rights, congratulated the eight new members of the Committee who officially assumed their duties today: Hamida Al-Shukairi (Oman), Violet Eudine Barriteau (Barbados), Nada Moustafa Fathi Draz (Egypt), Mu Hong (China), Madina Jarbussynova (Kazakhstan), Jelena Pia-Comella (Andorra), Erika Schläppi (Switzerland), and Patsilí Toledo Vasquez (Chile). He also congratulated the four Committee Members who were re-elected for the term 2025–2028: Corinne Dettmeijer-Vermeulen (Netherlands), Nahla Haidar El Addal (Lebanon), Bandana Rana (Nepal), and Natasha Stott Despoja (Australia).

Mr. Ori said this year marked the commemoration of the thirtieth anniversary of the Beijing Declaration and Platform for Action, which was unanimously adopted by 189 States in September 1995 at the Fourth United Nations World Conference on Women held in Beijing. The Beijing Declaration and Platform for Action laid out a vision for ensuring women’s human rights and achieving gender equality around the world. However, despite considerable progress on gender equality in the past 30 years, the world was still far from achieving this vision.

Approximately one in three women globally experienced physical and/or sexual violence during their lifetime. Sexual violence against women and girls was used as a tactic of war in numerous conflicts. Gender parity in decision-making remained a distant goal, with only 26 per cent of parliamentarians in the world being women. In economic life, women occupied only 28.2 per cent of management positions. About 800 women and girls still died every day from preventable causes related to pregnancy and childbirth.

Moreover, the world was witnessing a backlash against women’s human rights and gender equality, especially against women’s sexual and reproductive health rights, with an increase in attacks against abortion providers, shrinking civic space for women human rights defenders, and reduced funding. In that context, Mr. Ori welcomed the Committee’s timely work on a new general recommendation on gender stereotypes, which would be kicked off with the half-day of general discussion on gender stereotypes on 17 February from 3 to 6 pm. The thirtieth anniversary of the Beijing Declaration and Platform for Action presented a key opportunity to renew the commitments made by Member States to ensure women’s rights and achieve gender equality.

At the upcoming fifty-ninth session of the Human Rights Council, the President of the Council would convene the annual high-level panel discussion on human rights mainstreaming under the theme “Thirtieth anniversary of the Beijing Declaration and Platform for Action”, supported by the Office of the High Commissioner for Human Rights, United Nations Women and other agencies. The panel, to be held on 24 February, would be opened by the High Commissioner for Human Rights, Volker Türk, and possibly the Secretary-General, António Guterres, and would discuss progress and challenges in protecting women’s rights and gender equality. Committee expert Nahal Haidar would be one of the panellists. Together with United Nations Women, the Office was also planning a side event during the session which would focus on the pushback against women’s rights and gender equality in the context of humanitarian action.

Mr. Ori said last year had been particularly challenging, due to the liquidity crisis which had hampered and continued to hamper the Committee’s work. The Office was doing its utmost to ensure that the Committee and other treaty bodies could implement their mandates, however, all indications pointed to a continuation of the difficult liquidity situation for the foreseeable future. The treaty body strengthening process had reached a key moment, with the adoption of the biennial resolution on the treaty body system by the General Assembly in December 2024. On Human Rights Day last year, the Geneva Human Rights Platform, in cooperation with the Office and the Directorate of International Law of the Swiss Federal Department of Foreign Affairs, organised an informal meeting of the Chairs and the Committees’ focal points on working methods, which explored the latest developments concerning the treaty body system and sought to identify possible ways to improve the harmonisation of procedures. Mr. Ori said the Office of the High Commissioner would continue to work alongside the Chairs and all the treaty body experts to strengthen the system. He concluded by wishing the Committee a successful and productive session

Statements by Committee Experts

ANA PELÁEZ NARVÁEZ, Committee Chairperson, called on the eight newly elected members to make their solemn declarations to the Committee. She also congratulated those who had been re-elected.

The Committee then adopted its agenda and programme of work for the session.

Ms. Peláez Narváez said that since the last session, the number of States parties that had ratified the Convention had remained at 189. The number of States parties that had accepted the amendment to article 20, paragraph 1 of the Convention concerning the meeting time of the Committee remained at 81. She was pleased to inform that since the last session, Cook Islands, Fiji, Ireland, Kenya, Mexico, Romania, Solomon Islands, Togo and Tuvalu had submitted their periodic reports to the Committee. Since making the simplified reporting procedure the default procedure for States parties’ reporting to the Committee, 13 States parties had indicated that they wished to opt out and maintain the traditional reporting procedure.

The Chair and Committee Experts then discussed the activities they had undertaken since the last session.

Ms. Peláez Narváez said as the pre-sessional Working Group for the ninetieth session was cancelled due to the ongoing liquidity situation of the United Nations, there was no report of the pre-sessional Working Group to be presented. The Committee had subsequently decided to consider the pending reports from the following States parties at this ninetieth session: Belize, Belarus, Congo, Democratic Republic of the Congo (exceptional report), Liechtenstein, Luxembourg, Nepal and Sri Lanka.

BRENDA AKIA, Alternate Rapporteur on follow-up to concluding observations, speaking on behalf of NATASHA STOTT DESPOJA, Committee Rapporteur, briefed the Committee on the status of the follow-up reports received in response to the Committee’s concluding observations. She said that at the end of the eighty-ninth session, follow-up letters outlining the outcome of assessments of follow-up reports were sent to Bolivia, Türkiye, South Africa, Morocco and Azerbaijan. Reminder letters were sent to Mongolia, Namibia, Portugal and the United Arab Emirates. For the present session, the Committee had received follow-up reports from Belgium, Gambia, Sweden and Switzerland, all received on time; and from Portugal, received with more than five months’ delay.

________

CEDAW.25.001E

Produced by the United Nations Information Service in Geneva for use of the information media; not an official record.

English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

MIL OSI United Nations News –

February 4, 2025
MIL-OSI Global: Will multinational companies flock to Syria? Maybe, if foreign aid arrives first

Source: The Conversation – UK – By Ana Carolina Garriga, Professor of Political Science, University of Essex

hanohiki / Shutterstock

Syria’s new foreign minister, Asaad al-Shaibani, recently appeared at the World Economic Forum’s annual conference in the Swiss resort of Davos. He announced that his country is open for business and seeking foreign investment.

After more than 13 years of civil war and decades of dictatorship that saw Syria become a pariah state, the country needs all the financial support it can get. But will foreign firms set up shop in Syria?

Countries like Syria, emerging from conflict, face the challenge of convincing investors they are a safe environment for investment. Our research suggests companies look at what governments are doing in terms of aid when considering whether to invest. In general, post-war countries that receive more foreign aid subsequently receive more foreign investment.

Foreign direct investment (FDI) typically involves multinational companies building factories, opening stores or investing capital in businesses abroad. It can be highly beneficial for developing countries.

FDI is the most stable source of international financing, and generally has positive long-term effects on economic growth and poverty reduction. More importantly for incumbent governments, FDI has positive short-term effects on domestic employment, government financing and spending, and foreign exchange reserves.

It also has a potential positive effect on government approval ratings, as attracting inward FDI signifies political competence to voters. These reasons are why almost all governments compete to receive these financial flows.

FDI is especially important in post-conflict countries. Civil wars typically destroy or seriously harm the productive capacity of countries. In Syria, the conflict destroyed tens of billions of US dollars worth of infrastructure, and incapacitated more than half its electrical grid.

After 13 years of civil war, Syria needs all the financial support it can get.
Vagabjorn / Shutterstock

War often disrupts a country’s access to the international economic exchanges that help economic growth. Since the beginning of its conflict in March 2011, Syria’s annual exports have dropped from US$8.8 billion (£7.1 billion) to US$1 billion, due to the war and war-related sanctions. Its economy has shrunk by 54%.

Foreign investment can contribute substantially to rebuilding the economy. But post-conflict countries might seem risky to investors.

Foreign firms sometimes avoid countries plagued by violence, political instability, or political risk. Conflict could reemerge in Syria, and multinational corporations probably do not want their business in a place where factories could be bombed or customers killed.

Post-conflict situations are also relatively information-poor environments. Conflict often hampers data collection efforts, and governments, in desperate need of capital, may be incentivised to misrepresent the actual state of the economy or strength of the political system.

In the case of Syria, foreign observers do not know what to make of the new ruling coalition, which is led by a designated terrorist organisation in Hayat Tahrir al-Sham. While the international community seems to want to support Syria – the UK, for example, has been clear about its intention to help the country – observers are unsure about the environment and how it might change in the coming years.

In these kinds of situation, international investors look at a variety of signals. In our research, we show that one key signal is whether other governments have sent official development aid to post-conflict countries.

Following the aid

We argue that the decision to send aid to a country signals the donors’ trust of local authorities. What matters is this presence of aid, whether or not the aid achieves its intended purpose.

Examining decades of global data, we have found a robust relationship between foreign aid and subsequent investment in post-conflict countries – with one striking exception.

There does not seem to be a relationship between aid from the US and foreign investment. Because so much of US foreign aid is geostrategic – to shore up alliances or secure access to particular areas – investors do not seem to view it as a valuable signal about the recipient country.

So, Syria should perhaps not worry too much about the new US president Donald Trump’s plan to cut American foreign aid. If aid from other government donors can still flow in, this could encourage investment to follow.

Fortunately for Syria, some countries and international organisations have already pledged aid – including the UK, which has announced £50 million in humanitarian aid for the country and its refugees. This seems like a good sign for Syria’s future – even more so because of the signal it sends to foreign investors.

Specific domestic policies that encourage FDI and build stronger institutions will be necessary to secure investment in the longer term. Syria will need to demonstrate its commitment to the rule of law and property rights, while creating a stable environment for investment.

However, if the pledged aid materialises – and if more countries chip in – this could lead to substantial economic benefits for Syria.

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. Will multinational companies flock to Syria? Maybe, if foreign aid arrives first – https://theconversation.com/will-multinational-companies-flock-to-syria-maybe-if-foreign-aid-arrives-first-248406

MIL OSI – Global Reports –

February 4, 2025
MIL-OSI Submissions: Economy – KOF Employment Indicator: outlook remains subdued

Source: KOF Economic Institute

The KOF Employment Indicator has fallen slightly in the first quarter of 2025 compared with last quarter. This decline is primarily due to the worsening employment prospects in the retail and manufacturing sectors. Overall, the Swiss labour market is expected to remain subdued this quarter and next.

In the first quarter of 2025 the KOF Employment Indicator has fallen to 2.6 points, down from 3 points (revised from 3.9 points) in the last quarter of 2024. The indicator is thus continuing to move towards its long-term average of 1.5 points. The analysis conducted for the first quarter of 2025 is based on the responses of around 4,500 firms that were surveyed in January about their employment plans and forecasts. As the KOF Employment Indicator is used to predict the actual employment trend, the current indicator value points to a moderate employment trend on the Swiss labour market over the coming months.

The modest decline in the employment indicator is attributable to both of its sub-components. On balance, the firms surveyed rate the employment outlook for the next three months as being slightly less positive than it was three months ago (2 points compared with 2.5 points one quarter ago). In addition, their assessment of the employment situation has also deteriorated slightly overall (3.2 points compared with 3.5 points one quarter ago).

Bleak employment prospects in manufacturing

The sectors with the most negative employment outlook are wholesale and manufacturing. In manufacturing, for example, a clear majority of firms consider their current staffing levels to be too high on balance and are planning to reduce them over the coming months. The KOF Employment Indicator for this sector has fallen further since last quarter and now stands at minus 12.4 points. It has been in negative territory since mid-2023.

On balance, most of the firms surveyed in the retail, wholesale and hospitality sectors are also planning to reduce their workforces. In the other sectors, however – particularly in insurance, construction and other services – the number of firms that expect to increase their headcount exceeds those that do not.

MIL OSI – Submitted News –

February 4, 2025
MIL-OSI United Nations: Workshop on Population and Housing Censuses

Source: United Nations Economic Commission for Europe

30 September – 01 October 2024

Palais des Nations, Geneva, Switzerland

See also Meeting of the Group of Experts on Population and Housing Censuses

General

62833 _ Report _ 397250 _ English _ 773 _ 428254 _ pdf

62833 _ Report _ 397250 _ Russian _ 864 _ 428255 _ pdf

Census plans and experiences

Understanding users and uses of census data; seeking and acting on stakeholder feedback

Assessing readiness to adopt administrative sources for or in support of censuses

Dissemination

Measuring degrees of urbanization

MIL OSI United Nations News –

February 3, 2025
MIL-OSI United Nations: Group of Experts on Measuring Poverty and Inequality

Source: United Nations Economic Commission for Europe

28 – 29 November 2024

Palais des Nations, Geneva, Switzerland

See also Workshop on Harmonization of Poverty Statistics

General

68812 _ Report _ 398101 _ English _ 773 _ 430040 _ pdf

A. Social policies, social transfers, and data

B. Intra-household poverty

C. Assets-based poverty and inequality

D. Data sources and methods to complement surveys

E. Energy poverty

F. Inequality in consumption

G. Hard-to-reach population groups

H. Panel discussion – Drivers for change in poverty statistics

I. Communicating statistics on poverty and inequality

J. Work under the Conference of European Statisticians

MIL OSI United Nations News –

February 3, 2025
MIL-OSI: BAWAG Group: Acquisition of Barclays Consumer Bank Europe successfully completed

Source: GlobeNewswire (MIL-OSI)

VIENNA, Austria – February 3, 2025 – Following the receipt of regulatory approvals as announced on 9^th of January, BAWAG Group today announces the successful acquisition of the Hamburg-based Barclays Consumer Bank Europe from Barclays Bank Ireland PLC. BAWAG Group will work with the current leadership team to continue growing its Retail business in Germany and the broader DACH/NL region.

During a transitional period, the business will continue to operate under the Barclays brand, with rebranding expected to be unveiled in 2026. At present, there are no changes for customers: both the products and their associated terms and conditions remain unaffected following the completion of the transaction.

BAWAG Group will report FY 2024 results on March 4, 2025 and will host an Investor Day on the same day.

About Barclays Consumer Bank Europe

Barclays Consumer Bank Europe has been operating successfully in Germany for more than 30 years and is one of the leading providers of credit cards with a genuine credit function. The company’s other business areas include consumer loans, installment purchase financing via the online retailer Amazon and overnight money accounts. Further information can be found at www.barclays.de.

About BAWAG Group

BAWAG Group AG is a publicly listed holding company headquartered in Vienna, Austria, serving 2.5 million retail, small business, corporate, real estate and public sector customers across Austria, Germany, Switzerland, Netherlands, Western Europe, and the United States. The Group operates under various brands and across multiple channels offering comprehensive savings, payment, lending, leasing, investment, building society, factoring and insurance products and services. Our goal is to deliver simple, transparent, and affordable financial products and services that our customers need. BAWAG Group’s Investor Relations website https://www.bawaggroup.com/ir contains further information, including financial and other information for investors.

Forward looking statement

This release contains “forward-looking statements” regarding the financial condition, results of operations, business plans and future performance of BAWAG Group. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” “would,” “could” and other similar expressions are intended to identify these forward-looking statements. These forward-looking statements reflect management’s expectations as of the date hereof and are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, economic conditions, the regulatory environment, loan concentrations, vendors, employees, technology, competition, and interest rates. Readers are cautioned not to place undue reliance on the forward-looking statements as actual results may differ materially from the results predicted. Neither BAWAG Group nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this report or its content or otherwise arising in connection with this document. This report does not constitute an offer or invitation to purchase or subscribe for any securities and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This statement is included for the express purpose of invoking “safe harbor provisions”.

Contact:

Financial Community:
Jutta Wimmer (Head of Investor Relations)
Tel: +43 (0) 5 99 05-22474

IR Hotline: +43 (0) 5 99 05-34444
E-mail: investor.relations@bawaggroup.com

Media:
Manfred Rapolter (Head of Corporate Communications and Social Engagement)
Tel: +43 (0) 5 99 05-31210
E-mail: communications@bawaggroup.com

This text can also be downloaded from our website: https://www.bawaggroup.com

The MIL Network –

February 3, 2025
MIL-OSI Europe: Average annual inflation for residential property in 2024 was 1.7%

Source: Switzerland – Department of Home Affairs

The Swiss Residential Property Price Index (IMPI) rose in the 4th quarter 2024 by 1.8% compared with the previous quarter and reached 120.2 points (4th quarter 2019 = 100). Compared with the same quarter of the previous year, inflation was 2.4%. Average annual inflation for residential property in 2024 was 1.7%. These are some of the results from the Federal Statistical Office (FSO).

MIL OSI Europe News –

February 3, 2025
MIL-OSI United Nations: Review of the Integrated Programme of Work
Source: United Nations Economic Commission for Europe

In 2024 and 2025, the Integrated Programme of Work (IPoW) 2022-2025 of the UNECE Committee on Forests and the Forest Industry (COFFI) and the FAO European Forestry Commission (EFC) will be reviewed as per decision by the eighty-first session of the Economic Commission for Europe Committee on Forests and the Forest Industry (COFFI) and the forty-first session of the Food and Agriculture Organization European Forestry Commission (EFC. This will lead to the draft 2026-2029 Integrated Programme of Work to be adopted by COFF and EFC in November 2025.

The review process will be organized in several steps:
- 15 April informal online feedback session: for all delegates (country representatives and other stakeholders) an opportunity to share feedback on the successes and shortcomings of current 2022-2025 Integrated Programme of Work including structure, scope, goals, themes, work areas, Teams of Specialists (number, focus, management); implementation principles; support, organizational responsibilities, expert support, etc..
Feedback received will guide the secretariat in the preparation of a new zero draft of the IPoW 2026-29 which will be reviewed at the 22 May session in Geneva.

Documentation:

Integrated Programme of Work 2022-2025:

https://unece.org/forests/integrated-programme-work

Report of the Joint Session of UNECE COFFI and FAO EFC 2023 (FORESTA2023):

https://unece.org/sites/default/files/2023-12/ECE_TIM_2023_2_FAO_EFC_2023.pdf

Next step:
- 22 May In -person (Geneva, Switzerland) and online consultation workshop: Review of the zero draft (more information to follow)
Contact: Secretariat

MIL OSI United Nations News –
February 2, 2025
MIL-OSI United Nations: Meeting of the Group of Experts on Quality of Employment

Source: United Nations Economic Commission for Europe

14 – 16 May 2024

Geneva Switzerland

Agenda, logistics, and report

60898 _ Report _ 392959 _ English _ 773 _ 417093 _ pdf

Session 1: Measurement of quality of employment

Session 2: New forms of employment

Session 3: Administrative and other data sources for measuring quality and forms of employment

Session 4: Progress of work on Measuring Quality of Employment

MIL OSI United Nations News –

February 2, 2025
MIL-OSI United Kingdom: Four years on from the Military Coup in Myanmar
Source: United Kingdom – Executive Government & Departments

Joint statement by Australia, Canada, the European Union, the Republic of Korea, New Zealand, Norway, Switzerland, the United Kingdom and the United States
Today marks four years since the Myanmar military regime overthrew the democratically elected government in Myanmar, creating one of the largest crises in the Indo-Pacific. Since the coup, the people of Myanmar remain subject to military rule that has deprived many of their rights, democratic aspirations and, for thousands, their liberty and their lives.

We condemn in the strongest terms the Myanmar military regime’s escalating violence harming civilians, including human rights violations, sexual and gender-based violence, and systematic persecution and discrimination against all religious and ethnic minorities. The military’s airstrikes are killing civilians, destroying schools, markets, places of worship and medical facilities; with almost a 25-fold increase since 2021 this represents an average of three airstrikes per day. The rise in airstrikes in areas with no active conflict has marked a clear escalation by the military.

We call on the Myanmar military regime to immediately de-escalate violence, ensure unhindered and safe humanitarian access across the country, and we urge all parties to prioritize the protection of civilians and fully adhere to International Humanitarian Law and International Human Rights Law.

As of 2025, humanitarian needs have increased twenty-fold since the coup. Over one-third of the population,19.9 million people, are now in need of humanitarian assistance to meet their basic needs. An estimated 15.2 million people are in need of food assistance and cases of preventable diseases are on the rise.

Increasing needs and ongoing conflict have displaced up to 3.5 million people internally – an increase of nearly one million in the last year. Many more people are forced to flee across Myanmar’s borders. Rising transnational crime, including narcotics production and trafficking, scam centres and human trafficking, harm the people of Myanmar and affect neighbouring countries, risking instability in the broader region.

The current trajectory is not sustainable for Myanmar or the region. Now is the time for the Myanmar military regime to immediately change course. We strongly urge the Myanmar military regime to cease violence, including harming civilians and civilian infrastructure, release all political prisoners, and engage in genuine and inclusive dialogue with all stakeholders. These are essential first steps towards any peaceful, democratic transition, reflecting the will of Myanmar’s people.

We reiterate our support for the central role of the Association of Southeast Asian Nations (ASEAN) and the Five Point Consensus, including the ASEAN Chair’s Special Envoy, in addressing the Myanmar and resultant refugee crisis. We strongly welcome collaboration between the ASEAN and United Nations (UN) Special Envoys. We call on the international community to continue to support the implementation of UN Security Council Resolution 2669 (2022). We underline the need for accountability for all atrocities committed in Myanmar, human rights must be safeguarded, violations and abuses must be prevented.

We will continue to stand in solidarity with the people of Myanmar and support their vision for an inclusive, peaceful and prosperous future.

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Updates to this page

Published 31 January 2025
MIL OSI United Kingdom –
February 1, 2025

Category: Switzerland

A brief history of Lubumbashi

Cobalt and global decarbonisation

Why this matters

A brief history of Lubumbashi

Cobalt and global decarbonisation

Why this matters

Source: Porirua City Council

Following the aid

General

Census plans and experiences

Understanding users and uses of census data; seeking and acting on stakeholder feedback

Assessing readiness to adopt administrative sources for or in support of censuses

Dissemination

Measuring degrees of urbanization

General

A. Social policies, social transfers, and data

B. Intra-household poverty

C. Assets-based poverty and inequality

D. Data sources and methods to complement surveys

E. Energy poverty

F. Inequality in consumption

G. Hard-to-reach population groups

H. Panel discussion – Drivers for change in poverty statistics

I. Communicating statistics on poverty and inequality

J. Work under the Conference of European Statisticians

Agenda, logistics, and report

Session 1: Measurement of quality of employment

Session 2: New forms of employment

Session 3: Administrative and other data sources for measuring quality and forms of employment

Session 4: Progress of work on Measuring Quality of Employment

Share this page

Updates to this page