NewzIntel.com

Category: Taxation

  • MIL-OSI USA: ICYMI: On Bloomberg TV’s Balance of Power, Shaheen Details Her Senate Floor Effort to Block Trump Tariff Taxes from Taking Effect, Highlights Trade War Harms to Families and Businesses

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    (Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH), Ranking Member of the U.S. Senate Foreign Relations Committee and a top member of the U.S. Senate Small Business Committee, joined Bloomberg TV’s Balance of Power last night to discuss her Senate floor effort to block President Trump’s tariffs from taking effect on August 1 and lead her colleagues in detailing the real harm the Administration’s trade war causes to American families and businesses. Shaheen relayed the concerns she heard from Granite State small businesses during recent visits about the high costs, uncertainty and supply chain challenges posed by the President’s trade war.

    Click HERE to watch Senator Shaheen’s full interview.

    Key quotes from Senator Shaheen:

    • “I went to the floor several months ago with the same unanimous consent request for legislation that I’ve introduced, and the Republican majority objected to that – but I think it’s important to continue to raise the concern. Because every business that I visit in New Hampshire has expressed concern about the tariffs.”
    • “The other thing that I’ve heard from literally every business that I’ve visited is that, as much of a problem as the high tariffs are and the increases in cost, it’s the uncertainty that it means for their business. Because they don’t know what the President’s gonna do. […] So, businesses don’t know how to invest, they don’t know how to plan – and that creates real problems for businesses and the people who work there.”
    • “We just had a hearing in Foreign Relations today on critical minerals in Africa, and the fact that we’re not producing those critical minerals in the United States that we need for the auto industry, for our appliances and virtually everything we do. So we need to do that, but these tariffs aren’t going to help us with those critical minerals. We need to make some of those investments, and we need to have a strategy to do that.”

    Following the interview, Shaheen took to the Senate floor to call for unanimous consent to pass her Protecting Americans from Tax Hikes on Imported Goods Act and highlight the devastating impacts the trade war has on families, small businesses, American manufacturing and key trade partnerships across the world. If Senate Republicans had not blocked the move, Shaheen’s legislation would have clarified that the President does not have the authority to invoke the International Emergency Economic Powers Act (IEEPA) to level sweeping tariffs.

    Click HERE to watch Shaheen’s remarks in full.

    Senator Shaheen is helping lead efforts in Congress to mitigate the harmful impacts of President Trump’s tariffs. Last week, Shaheen helped introduce bipartisan legislation, Creating Access to Necessary American-Canadian Duty Adjustments (CANADA) Act, that would exempt United States-owned small businesses from the sweeping tariffs imposed on Canadian products. Last month, Shaheen led 30 Senators in filing an amicus brief in a key case, Oregon v. Department of Homeland Security, challenging the Trump Administration’s abuse of emergency powers to impose tariffs. In January, Shaheen introduced the Protecting Americans from Tax Hikes on Imported Goods Act.

    In recent months, Shaheen has traveled across the Granite State to discuss the impact of tariffs on New Hampshire’s tourism industry and to visit businesses impacted by President Trump’s trade war including Brueckner Group USA, Colby Footwear, Chatila’s Bakery, C&J, DCI Furniture, Mount Cabot Maple, American Calan Inc. and NH Ball Bearings.

    MIL OSI USA News –

  • MIL-OSI: HRC WORLD PLC: AUDITED ANNUAL RESULTS TO 31 MARCH 2025

    Source: GlobeNewswire (MIL-OSI)

    HRC WORLD PLC

    NASDAQ FIRST NORTH, COPENHAGEN
    TICKER: HRC
    ISIN: GB00BZ3CDY20

    31 July 2025

    AUDITED ANNUAL RESULTS TO 31 MARCH 2025

    The Board of Directors of HRC World Plc (the “Company”), has approved and subsequently are pleased to present its audited financial results for the financial year ended 31 March 2025. The audited financial statements are appended to this announcement and is also available at the Company’s website http://www.hrcplc.co.uk

    The Group reported revenue of US$818,000 for the year ending 31 March 2025, reflecting a much increased income compared to the previous year’s revenue of US$141,000. The financial year ended 31 March 2025 marked a significant improvement in the Group’s performance, reflecting early outcomes of its strategic realignment. The Group also narrowed its pre-tax loss to US$46,000, from US$220,000 in the prior year, indicating improved operational cost control despite ongoing investment in future growth sectors. These results underscore the Group’s steady progress in repositioning toward highpotential, technology-driven business segments.

    The Company remains optimistic about its strategic direction and future prospects and continued to advance its strategic transformation toward digital infrastructure and sustainable energy solutions. While restaurant management services remained part of our operations during the transition period, our focus has increasingly shifted to the development and future commercialisation of our data centre and IT infrastructure capabilities. These efforts reflect our commitment to building a future-ready business model centred on technology-driven services.

    As announced previously, the Directors are not proposing the payment of a dividend.

    THE DIRECTORS OF HRC WORLD PLC ACCEPT RESPONSIBILITY FOR THIS ANNOUNCEMENT

    About HRC World Plc
    HRC World Plc is an England & Wales incorporated public company with registration number 10829936 and is quoted on Nasdaq First North Growth Market (Copenhagen). HRC World provides café management services for developing tourist-based and event-based revenues in member restaurants as well as implementation of HRC Music initiatives.

    Further information may be found at the Company’s website: www.hrcplc.co.uk

    Company contact details
    HRC World Plc
    +603 7786 0500
    info@hrcplc.co.uk

    Certified Adviser
    Keswick Global AG
    info@keswickglobal.com
    +43 1 740 408045

    Attachment

    The MIL Network –

  • MIL-OSI USA: Tuberville, Risch Introduce Legislation to Protect Firearm Small Businesses

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)

    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Jim Risch (R-ID), and 16 other Republican colleagues to introduce the Equal Shot Act. The legislation prohibits the Small Business Administration (SBA) from discriminating against firearm-related businesses.

    “For years, the far left has tried to undermine Americans’ right to bear arms. Under Joe Biden, the Small Business Administration tried to cut off capital to firearm businesses in hopes of forcing them to close. That’s not acceptable for the freest country in the world.  In Alabama, we respect the 2nd Amendment. We respect freedom. And we stand with the small business owners who make our communities stronger and our country safer,” said Sen. Tuberville.“I’m proud to join this fight to ensure that lawful firearm-related businesses get the same opportunities as any other small business—no more picking winners and losers based on a political agenda. As a proud gun owner, I will always fight to protect our Second Amendment rights.”

    Joining Sens. Tuberville and Risch in introducing the Equal Shot Act are U.S. Sens. Mike Crapo (R-ID), Marsha Blackburn (R-TN), Ted Budd (R-NC), Shelley Moore Capito (R-WV), Bill Cassidy (R-LA), Steve Daines (R-MT), Deb Fischer (R-NE), Lindsey Graham (R-SC), Cindy Hyde-Smith (R-MS), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Mike Lee (R-UT), Cynthia Lummis (R-WY), Tim Scott (R-SC), and Tim Sheehy (R-MT).

    Earlier this week, Sens. Tuberville and Risch also introduced the National Shooting Sports Month Resolution recognizing August as National Shooting Sports Month.

    MORE:

    Tuberville Fights for Second Amendment Rights

    Tuberville Continues to Defend Second Amendment Rights
    Tuberville, Barrasso Push for Pro-Growth Tax Reductions, Lower Prices for Small Businesses

    Tuberville Speaks with Trump Defense Nominees on Supporting Small Businesses and Service Academy Oversight

    Tuberville, Colleagues Celebrate Small Businesses During Small Business Week

    Tuberville Fights to Give Small Businesses a Tax Break

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Amends Duties to Address the Flow of Illicit Drugs Across our Northern Border

    Source: US Whitehouse

    ADDRESSING A NATIONAL EMERGENCY: Today, President Donald J. Trump signed an Executive Order increasing the tariff on Canada from 25% to 35%, with the higher tariff set to go into effect on August 1, 2025.

    • Shortly after returning to office, President Trump declared a national emergency under the International Emergency Economic Powers Act (IEEPA) to address, among other things, the public health crisis caused by fentanyl and illicit drugs flowing across the northern border into the United States.
    • Canada has failed to cooperate in curbing the ongoing flood of fentanyl and other illicit drugs, and it has retaliated against the United States for the President’s actions to address this unusual and extraordinary threat to the United States.
    • In response to Canada’s continued inaction and retaliation, President Trump has found it necessary to increase the tariff on Canada from 25% to 35% to effectively address the existing emergency.
    • Goods qualifying for preferential tariff treatment under the United States-Mexico-Canada Agreement (USMCA) continue to remain not subject to the IEEPA Canada tariffs.
    • Goods transshipped to evade the 35% tariff will be subject, instead, to a transshipment tariff of 40%.

    COMBATING CANADA’S CONTINUED ROLE IN THE OPIOID CRISIS: Given Canada’s continued failure to arrest traffickers, seize illicit drugs, or coordinate with U.S. law enforcement and Canada’s retaliation against the United States for the President’s actions to address the unusual and extraordinary threat to America, further presidential action is necessary and appropriate to protect American lives and the national security and foreign policy of the United States.

    • Mexican cartels are increasingly operating fentanyl- and nitazene-synthesis labs in Canada. 
    • A recent study highlighted Canada’s heightened domestic production of fentanyl, and its growing footprint within international narcotics distribution.
    • Canada-based drug trafficking organizations maintain robust “super labs,” mostly in rural and dense areas in western Canada, some of which can produce 44 to 66 pounds of fentanyl weekly.
    • Fentanyl seizures at the northern border this fiscal year, with two months remaining, have surpassed total seizures of the past three years combined, underscoring Canada’s escalating role in this crisis.
    • The amount of fentanyl seized at the northern border to date this fiscal year could have killed more than 16 million Americans due to the drug’s potency.
    • Canada’s retaliatory trade measures against the United States further complicate bilateral efforts to address this escalating drug crisis.

    PUTTING AMERICA FIRST: President Trump is keeping his promise to stop the flood of illegal aliens and drugs into the United States.

    • Last November, President Trump promised to “sign all necessary documents to charge Mexico and Canada a 25% Tariff” on their imports “into the United States, and [their] ridiculous Open Borders.”
    • In February, President Trump signed Executive Order 14193 to impose an ad valorem duty rate of 25% on imports from Canada in response to the national emergency.
      • President Trump then provided Canada ample opportunity to curb the dangerous cartel activity and influx of lethal drugs flowing into our country.
    • In March, the President determined that Canada had failed to adequately address the situation and proceeded with the imposition of the 25% tariff.
    • Now, President Trump is taking further action to hold Canada accountable for its continued role in the illicit drug crisis.

    MIL OSI USA News –

  • MIL-OSI Submissions: Aviation – Lufthansa Group increases Adjusted EBIT by 27 percent in the second quarter and confirms full-year forecast

    Source: Lufthansa Group
    • Adjusted EBIT improves to EUR 871 million, net profit more than doubles to over 1 billion euros
    • Low oil prices have a positive impact on results
    • Demand from the US remains strong despite weakness of the US dollar, further growth on the North Atlantic
    • Lufthansa Cargo doubles quarterly result compared with previous year
    • Lufthansa Technik posts record result in first half of year
    • Unit cost increase reflects ongoing high cost inflation and higher location costs in home markets
    • Full-year forecast reaffirmed despite uncertainties.

    Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG: “The Lufthansa Group remains on course. Although the second quarter was again marked by geopolitical crises and economic uncertainties, we are today confirming our positive outlook for the full year. However, 2025 will remain a year of transformation for us, as delays in aircraft deliveries, certifications, and engine overhauls continue. The disproportionate burden on European airlines due to unilateral EU regulations also continues to put us at a disadvantage in global competition.

    In this challenging environment, we were able to increase our operating result by almost a third in the second quarter and double the Lufthansa Group result. The basis for this economic success is and remains the regained operational stability of our airlines. Thanks to the tremendous commitment of our employees on board and on the ground, we are now able to report positive operating results for the first six months of the year. Our core brand achieved its best stability and punctuality figures since 2016. This not only significantly improved customer satisfaction but also had a noticeable impact on earnings due to lower compensation payments.

    Lufthansa Cargo and Lufthansa Technik once again demonstrated their global leading performance in the first half of 2025. It is also encouraging that our investment in ITA Airways is already contributing to the Group’s financial success.

    We are continuing our necessary efforts to increase efficiency, productivity, and profitability, particularly in the turnaround of our core brand, in order to expand our position as the world’s largest airline group outside the US.”

    Results

    In the second quarter of 2025, the Lufthansa Group increased its revenue by three percent year-on-year to 10.3 billion euros (previous year: 10.0 billion euros). The Lufthansa Group generated an operating profit (Adjusted EBIT) of 871 million euros (previous year: 686 million euros). The improvement in earnings was mainly due to the four percent expansion of the flight program in the passenger business, a positive result from the investment in ITA Airways of 91 million euros, partly due to currency effects, and the doubling of the operating result of the logistics business segment compared to the previous year. As a result, the operating margin increased by 1.5 percentage points year-on-year in the second quarter. The Group net result was 1.01 billion euros, more than double the previous year’s figure (469 million euros). This disproportionate increase was due to extraordinary tax effects and currency effects.

    Passenger numbers and traffic development

    In the first half of the year, more than 61 million passengers flew with the airlines of the Lufthansa Group, an increase of two percent compared with 2024. In the second quarter alone, the airlines welcomed around 37 million passengers (previous year: 35.9 million) on board. Despite a four percent increase in seat capacity, the load factor remained stable compared with the previous year at 82 percent.

    The passenger airlines’ revenue per available seat kilometer (RASK) declined slightly by 0.9 percent in the second quarter compared with 2024 after adjusting for currency effects. This was primarily due to lower average prices in the European business as a result of intensifying competition. In contrast, average revenues from intercontinental traffic remained stable despite a market-wide expansion of capacity. Unit costs (CASK) excluding fuel and emissions expenses rose by 4.1 percent compared with the same quarter last year due to ongoing cost inflation, driven in particular by personnel and location costs.

    Overall, revenue from passenger airlines rose by three percent to 8.2 billion euros in the second quarter (previous year: 8.0 billion euros). Adjusted EBIT increased to 690 million euros (previous year: 581 million euros). All airlines generated a positive result in the second quarter.

    In the first half year, revenue for the passenger airlines totaled 14.1 billion euros, representing growth of around four percent compared with the previous year. Adjusted EBIT improved to -244 million euros (first half of 2024: -337 million euros). The positive development is mainly attributable to lower fuel costs, higher income from investments, and the absence of financial strike-related expenses in the previous year. In contrast to the first half of 2024, network stability also improved significantly, resulting in a 106 million euros reduction in financial expenses due to flight irregularities.

    The integration of ITA Airways, in which the Lufthansa Group holds a 41 percent stake in the first phase, is continuing to progress. The benefits for customers are already clearly noticeable. Since the beginning of July, the airlines of the Lufthansa Group and ITA Airways have harmonized the benefits for their respective status customers, such as mutual lounge access, priority boarding, and conditions for additional baggage.

    Also since July, flights from Lufthansa, SWISS, Austrian Airlines, and Brussels Airlines can be combined with long-haul flights from ITA Airways in a single booking. This has been possible for short- and medium-haul flights since March.

    Starting in September, ITA Airways guests will be able to store their travel profile electronically in the Lufthansa Group Travel ID and benefit from the associated digital customer services of the Lufthansa Group.

    Lufthansa Airlines continues to implement Turnaround program

    Lufthansa Airlines’ Turnaround program remains on track. Increasing operational stability forms the foundation for the success of this program. Significant progress has already been made in this regard: punctuality and reliability achieved their best figures in ten years in the first six months. At the same time, revenues increased. Revenue from flight-related ancillary services rose by more than 25 percent in the first half of the year. In addition, structural measures have been initiated with the announced closure of the customer service center in Peterborough (Canada) and the associated reduction in personnel, which will make Lufthansa Airlines more efficient in the long term. The Turnaround measures are expected to have a gross earnings effect of 1.5 billion euros in 2026 and 2.5 billion euros in 2028.

    Lufthansa Technik at record levels in the first half of the year, Lufthansa Cargo doubles its second quarter result compared with the previous year

    The sustained high demand for air travel is leading to a further increase in demand for maintenance and repair services. Lufthansa Technik’s revenue rose by eight percent to 2.0 billion euros in the second quarter (same quarter last year: 1.8 billion euros). Ongoing material shortages, the US dollar exchange rate and increased US tariffs led to a ten percent increase in expenses compared with the same quarter last year. Nevertheless, Lufthansa Technik achieved an Adjusted EBIT of 310 million euros in the first half of 2025, once again setting a new record.

    Lufthansa Cargo continued the positive trend of the first three months of the year in the second quarter. With an Adjusted EBIT of 73 million euros, the operating result in the second quarter doubled compared with the previous year (second quarter of 2024: 36 million euros). High demand for Asian e-commerce shipments and capacity bottlenecks in sea freight traffic led to an increase in demand and thus a higher load factor for Lufthansa Cargo. Since June 2025, Lufthansa Cargo has been marketing the freight capacity of ITA Airways’ South American routes to Rome. Lufthansa Cargo plans to gradually expand the marketing of belly capacity to all continental and intercontinental routes of the Italian airline. This will further consolidate Lufthansa Cargo’s route network.

    Balance sheet strengthened, debt reduced

    The Lufthansa Group’s operating cashflow amounted to around 2.8 billion euros in the first half of the year (previous year: 2.7 billion euros). Net investments remained at the previous year’s level at 1.6 billion euros. Overall, the Lufthansa Group generated an Adjusted Free Cashflow of 1.04 billion euros (previous year: 878 million euros).

    Net debt decreased slightly to 5.5 billion euros compared with the end of 2024 (December 31, 2024: 5.7 billion euros). Net pension obligations fell by 400 million euros to 2.2 billion euros due to the higher discount rate. The Lufthansa Group’s available liquidity increased by 100 million euros compared with the beginning of the year to 11.1 billion euros.

    Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG: “We continue to operate in a volatile environment with high uncertainty and high cost pressure. I am therefore pleased to be able to present another quarterly result that is significantly above the previous year and to report progress in our Turnaround program. In our assessment, opportunities and risks are balanced. We therefore continue to expect a full year 2025 result significantly above the previous year and Adjusted Free Cashflow at approximately the previous year’s level. We thereby confirm our guidance. At the same time, we are closely monitoring macroeconomic developments and can respond flexibly to changes in the business environment.”

    Outlook

    Global demand for air travel remains strong. However, geopolitical crises and macroeconomic uncertainties, particularly commodity price and exchange rate volatility, are affecting the accuracy of forecasts for the rest of the year. In addition, the tendency of many travelers to book at shorter notice is limiting visibility for the second half of the year.

    Despite ongoing global uncertainties, the Lufthansa Group is reaffirming its forecast for the full year and expects operating profit (Adjusted EBIT) to be significantly higher than last year (previous year: 1.6 billion euros) with capacity growth of around four percent.

    The company continues to expect Adjusted Free Cashflow to remain at the previous year’s level (previous year: 840 million euros). This includes net investments of 2.7 to 3.3 billion euros, primarily for the ongoing fleet renewal.

    Among other things, this will finance the remaining payments for the first Boeing 787-9 long-haul aircraft at the group’s largest hub in Frankfurt. By the end of the year, up to ten of these ‘Dreamliner’ with the new Allegris seat generation are expected to be added to the group’s fleet. In summer 2026, Lufthansa Airlines plans to operate a total of 15 Boeing 787-9 s from Frankfurt, more than doubling the number of aircraft offering the Lufthansa Allegris premium product to customers.

    Further information

    Further information on the results of individual business segments will be published in the report for the second quarter of 2025. This will be published simultaneously with this press release on July 31 at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/financial-reports.html.

    Traffic figures for the second quarter of 2025 will also be published at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/traffic-figures.html.

    MIL OSI – Submitted News –

  • MIL-OSI Australia: Tax time 2025 update – 29 July

    Source: New places to play in Gungahlin

    Welcome and governance

    The ATO Co-chair welcomed members and ATO attendees to the Tax Practitioner Stewardship Group (TPSG) Tax Time 2025 meeting.

    ATO Updates

    Frontline Services

    It’s been a busy start to the week and so far this tax time we’ve received 3.6 million individual lodgments. Overall, this is a 3% decrease compared to last year. Lodgment numbers for self-preparers have decreased 2%, whilst agent lodged returns are down 6%.

    We’ve received on average around 22,000 calls from agents each week, totalling 89,000. This is 11% down from this time last year.

    Around 21.2 million (or 95%) of Single Touch Payroll (STP) records have been finalised. This is similar to the same time last year.

    Member comments

    A member queried why so many tax agents are calling when they have access to the Online services for agents (OSFA) portal. We advised there could be several drivers for the calls. The key calls we are receiving from agents are primarily regarding payment negotiations and GST. Overall agent calls are on the decline, and this may be attributed to the reduction in calls regarding compromised accounts.

    A member advised the refund requests and Pay As You Go (PAYG) registrations functionality in OSFA has disappeared, which may also be a reason that agents are calling. We agreed to investigate this further.

    IT system updates & maintenance

    Overall, we’ve had good stability, and performance across systems throughout tax time, with a maintenance release successfully deployed over the weekend.

    It was however noted, that at around 8:30am AEST on 29 July 2025, we saw degradation across all online services that required authentication to access. Other services not requiring authentication remained stable. The issue was resolved around 11am AEST.

    Member comments

    A member advised access manager was still having problems and there were also some linking issues. We confirmed both access manager and ABR were having some intermittent issues and our teams were monitoring and addressing the degradation.

    ATO Digital services

    We noted that digital services are operating as intended and there is nothing to report.

    ATO Communications

    We released a statement in the media centre addressing the Four Corners report that aired on 28 July.

    The bill before Parliament to cut student debt by 20% this is not yet law (as at 29 July 2025). We advised that no action is required and there will be communications in the next couple of weeks encouraging agents to lodge as normal. We advised if the law passes, the reduction will be backdated to the student debt balance the individual had on 1 June 2025.

    Assistant Commissioner Sarah Vawser is presenting a Tax Time 2025 segment at next Tuesday’s TPB ‘tax time tips’External Link webinar.

    We’ve issued a taxpayer alert on GST Fraud, with a particular focus on some property and construction industries making false claims. Tax professionals can assist by reporting of any instances they become aware of to the ATO.

    Member comments

    A member queried if there were concerns that the Four Corners story will be seen as a ‘how to’ guide and whether we are expecting an increase in fraudulent claims as a result. We advised there have been a number of changes to strengthen the system since Operation Protego and we’re closely monitoring the situation.

    A member queried whether the communications to agents regarding the bill before Parliament to cut student debt, will be shared with the Content and Communications Working Group first. We advised until the legislation passes, no action can be taken, as this bill belongs to the Department of Education – however we will consider this suggestion.

    Member Insights and Experience

    Member comments

    A member advised that from a tax clinics point of view, they’re receiving a large amount of contact from individuals and small businesses experiencing financial difficulty. The tax clinics are analysing their data from the past 7 years regarding contact received, and what was required to assist. With over 10,000 applications during this time, they believe the data may assist the ATO to provide future educational pieces for vulnerable taxpayers. We advised we would be interested in the findings from their analysis.

    A member raised concerns around a communication issuing through myGov for first time PAYG Instalment receivers. Taxpayers receiving this message do not know what it means, the content seems to be missing the mark, and there is no call to action. We advised we will take the review of this communication as an action item.

    A member noted the Tax Ombudsman has released a report on letters issued by the ATO and agreed with the report, that too often the ATO is writing from a revenue authority focus without providing content the audience can clearly understand. We agreed with and will be implementing the Tax Ombudsman’s recommendations.

    Members agreed to shift the meetings to fortnightly. The next meeting will be Tuesday 12 August.

    Useful links

    MIL OSI News –

  • MIL-OSI USA News: From Coast to Coast, Americans Are Seeing the Benefits of President Trump’s Big Beautiful Bill

    Source: US Whitehouse

    Americans will see the benefits of President Donald J. Trump’s landmark One Big Beautiful Bill for years to come through historic tax relief, strengthened public programs, secure borders, military investments, and much more.

    Here is some of what is being written in local news outlets across the country:

    KCRG-TV (Cedar Rapids, IA): Small businesses say ‘no tax on tips’ a step in the right direction

    “Some business owners in eastern Iowa say new ‘no tax on tips’ provisions will help grow local businesses … It’s a relief some businesses say will make a huge difference with their employees.

    ‘More money in their pocket which will mean more money in the community,’ said Crystal Blin. Blin owns 319 social house, a bowling alley in Independence. She said small businesses can struggle to recruit employees against bigger companies, but no tax on tips means higher take home pay, which could help close the gap. …

    Some view no tax on tips as a reinvestment in their workers and a way to offer some stability. ‘In the service industry too, you’re always constantly worried about what that end of the year number is going to be, and now with this we kind of have some relief with that,’ said Cora Krueger. Krueger is the assistant general manager of Denali’s on the River … ‘The more money we can put in our employees pockets, that means that they can take those dollars and support our local community and surrounding communities,’ Blin said.”

    WENY-TV (Elmira, NY): Seniors Get a Boost: What to Know about the New Senior Tax Break Included in “One, Big, Beautiful Bill Act”

    “A new tax break is heading to seniors’ wallets. It comes in the form of a new deduction tucked into the ‘One, Big, Beautiful Bill Act,’ recently signed into law by President Donald Trump … Starting next year, the IRS is cutting many retirees a bit more slack. Under the new law, individuals age 65 and older can claim an additional $6,000 deduction—on top of the existing standard senior deduction. Married couples where both qualify? That’s a $12,000 tax break.”

    KSTP-TV (Saint Paul, MN): How the new US federal government $1,000 ‘baby bonus’ can help children

    “President Trump’s ‘big beautiful bill’ includes a new savings plan for children with a one-time deposit of $1,000 from the federal government for newborns … For new parents, it’s being called a ‘baby bonus.’ Every baby born this year, next year, and in 2027 will get the bonus, which parents can add to the account.”

    The Charlotte Observer (Charlotte, NC): How the “Big Beautiful Bill” boosts QSBS benefits for startup employees and founders

    “The new GOP budget legislation includes a massive win for startup employees and founders: dramatically expanded Qualified Small Business Stock (QSBS) benefits that could save qualifying investors from paying 28% capital gains taxes on millions of dollars in returns. The changes increase the maximum tax exclusion from $10 million to $15 million while allowing partial benefits after just three years instead of the current five-year minimum.”

    WCMH-TV (Columbus, OH): Anduril, the company behind Ohio’s new megaproject, favored in ‘Big Beautiful Bill’

    “As Anduril Industries ambitiously hopes to open its central Ohio-based drone and vehicular weapons manufacturing plant by July 2026, the defense systems manufacturer is already securing business. Trump’s new government spending bill allocates several billion dollars to border security and includes favorable policies for Anduril.”

    Anchorage Daily News (Anchorage, AK): Alaska has the chance to seize prosperity with the Big Beautiful Bill

    “These investments strengthen Alaska’s role in domestic energy production and in Arctic policy. At a time when global energy markets are uncertain and international competition is increasing, this legislation ensures Alaska is part of the solution. It’s also worth emphasizing that the bill doesn’t relax standards or bypass environmental oversight. It supports development within existing regulatory frameworks and honors Alaska’s history of balancing economic activity with environmental responsibility.”

    Fort Worth Star-Telegram (Forth Worth, TX): Trump signs ‘One Big Beautiful Bill’ into law. How much money will Texans save?

    “Right now, taxpayers can deduct up to $10,000 in state and local taxes from their federal income tax bill. The One, Big, Beautiful Bill Act raises that to $40,000 for 2025. The amount will go up 1% each year in 2026, 2027, 2028 and 2029. There are additional limitations for people earning more than $500,000 a year.”

    Startland News (Kansas City, MO): KC Tech Council celebrates tax fix in Trump’s ‘One Big Beautiful Bill’ that boosts growing businesses

    “A tax fix included in the recently signed ‘One Big Beautiful Bill’ — sprawling legislation meant to overhaul taxes in the United States — marks a major win for Kansas City’s tech and innovation economy, said Kara Lowe. At issue: a long-awaited change to Section 174 research and development expensing that now allows businesses to fully and permanently expense such investments, explained Lowe, CEO of KC Tech Council, which championed the fix alongside TECNA (Technology Councils of North America).”

    WCAU-TV (Philadelphia, PA): Trump’s ‘big beautiful bill’ locks in key tax breaks for homeowners—here’s what to know

    “President Donald Trump’s tax and spending bill revives and expands homeowner tax breaks — while making the current mortgage interest deduction cap permanent. The $750,000 limit on deductible mortgage debt ($375,000 for single filers) had been set to expire after 2025 and revert to the previous $1 million cap. Under the new law, that change is off the table.

    The bill also temporarily raises the SALT deduction cap from $10,000 to $40,000 per household for tax years 2025 through 2029, with a phaseout beginning at $500,000 of income in 2025. The deduction cap reverts to $10,000 in 2030. The change could be especially impactful for homeowners in high-tax states like New York, New Jersey and California, where deductible state and local taxes often exceed the previous $10,000 cap.”

    The Orange County Register (Irvine, CA): Big Beautiful bill delivers win for HSAs

    “Starting Jan. 1, 2026, Americans enrolled in Bronze or Catastrophic Affordable Care Act plans may contribute to HSAs — around 7.3 million people who previously lacked access in 2025. The bill also allows HSA funds to pay for direct primary care memberships — modernizing how Americans can save for and manage health care expenses — and makes permanent the ability of high-deductible health plans to waive the deductible for telehealth visits.”

    KARK-TV (Little Rock, AR): New federal budget includes relief for Arkansas farmers

    “Reference prices — set federal rates that trigger support payments when market prices drop — are one of the most relied-on tools in the farm safety net. For Arkansas rice producers, who say they’ve been using outdated prices from 2012, the new adjustment is expected to make a meaningful difference in margins.

    ‘We hope that this gives us some stability and some consistency where we can make better decisions,’ Coker said. ‘That affects everything — labor, equipment, fertilizer — it all depends on what we can afford.’”

    The Tennessean (Nashville, TN): Big Beautiful Bill includes tax credit for school vouchers: Here’s how much, how it works

    “As an example, if someone donates $1,000, they can later receive a $1,000 credit on their federal tax return, so long as they itemize their tax return and have a tax liability to apply the credit toward. That means the federal government absorbs the cost of the scholarships, essentially making them federal school vouchers.

    The tax credit far outweighs the benefits of a typical tax-deductible, charitable donation. At most, people are allowed to deduct 50% of their adjusted gross income for charitable donations, according to the IRS. In some cases 20% and 30% limits apply.

    ‘This is an unprecedented tax break, at the federal level,’ he said. ‘It’s just a super-sized incentive.’”

    Antelope Valley Press (Los Angeles, CA): President Trump’s Big Beautiful Bill is a step ahead for America

    “President Donald Trump’s ‘Big Beautiful Bill’ is the latest political victory in an action-packed first six months in office. The bill restores some good governance that protects taxpayers and citizens and is a huge boost to working families and entrepreneurs. The bill should increase prosperity and start to slow our unsustainable growth in government spending.”

    MageeNews.com (Mendenhall, MS): The “OBBB” Puts Americans and Farmers First

    “For working Americans including our farmers, ranchers and landowners, the OBBB was and is a series of HUGE ‘wins.’ Perhaps the greatest win was the significant tax relief delivered to all hardworking Americans. Recognizing that ‘Farm Security is National Security,’ these wins through the OBBB will strengthen our American producers for years – for generations – of future farm families.”

    The Berkeley Independent (Summerville, SC): 529 updates in ‘One Big Beautiful Bill’ give families even more flexibility for educational savings

    “As administrator of South Carolina’s Future Scholar 529 Plan, I’m happy to share that the recent passage of the One Big Beautiful Bill Act spells good news for South Carolina families who are using tax-advantaged 529 savings plans to save for their children’s education. The bill expands qualified uses for 529 funds, providing greater flexibility for families and making an already effective program even more beneficial.”

    Agweek (Fargo, ND): ‘One Big Beautiful Bill’ enhances farm program safety net

    “The large reconciliation bill, or the so-called ‘One Big Beautiful Bill,’ was passed by Congress and signed into law in early July … there are some adjustments and enhancements in the legislation that could be very beneficial to farmers, including increased reference prices and improved crop insurance provisions. … Approximately 90% of the added funding for ag-related programs in the reconciliation bill is targeted to farm ‘safety net’ programs, such as PLC, ARC-CO, crop insurance, and the Dairy Margin Coverage Program.”

    Sen. Marsha Blackburn (The Chronicle of Mt. Juliet, Mt. Juliet, TN): One Big Beautiful Bill is a victory for American people

    “On Independence Day, President Trump made history. He signed into law the One Big Beautiful Bill—a once-in-a-generation victory that fulfills his promise to Make America Great Again. By providing the largest tax cut in our nation’s history, it will supercharge our economy. Tennessee households will save an average of $2,600 in taxes next year and see an average annual take-home pay increase of over $10,000. With the largest-ever investment in border security, it empowers the Department of Homeland Security to complete President Trump’s border wall and hire thousands of new Border Patrol agents. It also bolsters our military, enacts common-sense permitting reforms to make America energy dominant again and eliminates hundreds of billions of dollars in far-left, Green New Deal spending, putting our nation on a more sustainable fiscal path.”

    Sen. Katie Britt (The Alexander City Outlook, Alexander City, AL): The one big beautiful bill delivers for Alabama

    “There’s been a lot of national conversation about how transformational this bill is. But let’s talk about what it means for Alabama. To start, Alabamians can expect to keep more of their hard-earned money because of this bill. We extended President Trump’s 2017 tax cuts and, as a result, prevented the largest tax hike in modern history. Alabama families were staring down an average of a $2,200 tax increase—we made sure that didn’t happen. We made sure to take care of our seniors as well, who will now be able to deduct up to $6,000 – $12,000 for couples filing jointly – from their taxes annually.”

    Sen. Mike Crapo (The Post Register, Idaho Falls, ID): A stronger future for Idahoans

    “Responsibility to Idaho taxpayers: The law also achieves the most significant spending reductions in history by slashing Green New Deal spending, eliminating tax loopholes, and rooting out waste, fraud and abuse in federal spending programs. When combined with the pro-growth elements of President Trump’s economic agenda, the Council of Economic Advisers estimates the United States will achieve nearly $4.5 trillion in deficit reduction over ten 10 years.”

    Sen. Steve Daines (Clark Fork Valley Press, Plains, MT): Big Beautiful Bill is a win for Montana

    “President Trump’s Big Beautiful Bill is a tremendous win for Montana. It will spur economic growth, strengthen border security as well as expand Montana’s energy sector and provide much-needed funding for our military. And thanks to the diligent work of the entire Montana congressional delegation, we defeated attempts to sell our public lands.”

    Sen. Deb Fischer (Syracuse Journal-Democrat, Syracuse, NE): How the One Big, Beautiful Bill Delivers Tax Relief to Nebraska Families

    “When Americans went to the polls last November, they sent a clear message. They want a government that prioritizes safer neighborhoods, more affordable energy, and real economic relief — especially for working families. Earlier this month, Congress responded with a tangible solution. We stopped a $4 trillion tax hike and advanced a law that locks in the economic policies that have helped families and small businesses thrive. This new law cements the 2017 Tax Cuts and Jobs Act (TCJA) into permanent policy, preserving critical tax benefits for families across the country. For the average Nebraska household, that means $2,400 a year in savings — money that can help pay for groceries, utilities, or a child’s education.”

    Rep. Ken Calvert (The Desert Sun, Palm Springs, CA): Tax Relief on the way for Coachella Valley taxpayers

    “The Coachella Valley is home to a unique mix of residents, including large populations of retired senior citizens and employees who support the region’s tourism economy. Despite the different demographics of these two groups, they will both see targeted benefits from the recent working family tax law I voted to pass earlier this month. Retired Americans who live on a fixed income rely heavily on the Social Security and Medicare benefits. Protecting those benefits is a top priority for our seniors – and it’s one of my top priorities, too. I promised the seniors I represent that I would not cut their benefits, and the recent tax and spending bill that was signed into law honors that commitment. There are no cuts to either Social Security or Medicare benefits in the bill.”

    Rep. Jeff Crank (The Colorado Springs Gazette, Colorado Springs, CO): Why I voted in favor of the One Big, Beautiful Bill

    “The One Big, Beautiful Bill, some of the most conservative legislation worked on in Congress, delivers the largest tax cuts in American history, ensures no tax on tips or overtime, protects Medicaid for our nation’s most vulnerable, increases defense spending, secures our borders and more. The bill promises a prosperous future for our country, yet there are some who continue to promote falsehoods about what this bill does. As the Representative for Colorado’s 5th Congressional District, it is my duty to outline why I voted for this bill. Let’s get this straight: the One Big, Beautiful Bill protects the Medicaid system for the most vulnerable and those that truly need it; benefits for pregnant women, children, seniors, and individuals with disabilities would see no changes with their Medicaid plans.”

    Rep. Randy Feenstra (The Gazette, Cedar Rapids, IA): ’Big Beautiful Bill’ grows our economy

    “For farmers and small businesses, the ‘One, Big, Beautiful Bill’ protects millions of smaller operations and businesses from excessive taxation by raising the death tax exemption. These entities also will benefit from doubled small business expensing, immediate R & D expensing, and deductions on qualified business income. It also increases reference prices for corn and soybeans, strengthens crop insurance, and fully funds foreign animal disease prevention, mitigation, and response.”

    Rep. Brett Guthrie (The Owensboro Messenger and Inquirer, Owensboro, KY): Here’s the truth: The One Big Beautiful Bill actually strengthens Medicaid

    “The Medicaid provisions included in the One, Big Beautiful Bill ensure our most vulnerable Americans continue receiving the support they need. It strengthens the program by removing deceased recipients from the Medicaid rolls, requiring states to conduct more frequent eligibility checks for the expansion population, ensuring that individuals are not enrolled in multiple states and enacting commonsense work requirements for able-bodied Americans who choose not to work. Additionally, our bill expands access to Home and Community Based Services for low-income seniors and individuals living with a disability.”

    Rep. Lisa McClain (The Detroit News, Detroit, MI): Big Beautiful Bill is a win for Michiganians

    “This landmark legislation combines common-sense reforms with bold investments in our communities. At its heart, the bill is about rebuilding the American dream from the ground up; making it more affordable to live, work and raise a family in Michigan. Whether you’re running a small business, working long shifts at a restaurant or raising kids, this bill will make your life better.”


    Rep. Tom Tiffany (Wausau Pilot & Review, Wausau, WI): What the One Big Beautiful Bill means for you

    “The bill also raises the Child Tax Credit to $2,200 per child and establishes a $1,000 investment account for American newborns, helping give every child a head start. It also supports working parents by expanding the Employer-Provided Child Care Credit, encouraging more businesses to offer affordable child care.”

    MIL OSI USA News –

  • MIL-OSI USA: Grassley Questions Treasury Nominee on Biofuels, Wind and Solar Provisions in the One Big Beautiful Bill

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Sen. Chuck Grassley (R-Iowa), a senior member and former chairman of the Senate Finance Committee, today questioned Treasury Department nominee Derek Theurer on the implementation of the One Big Beautiful Bill Act.

    Grassley asked whether Theurer would advise the Treasury Department to maintain its longstanding interpretation of “began construction.” Grassley requested a timeline on formal guidance for implementing the clean fuels tax credit to provide Iowa’s biofuels industry greater certainty.

    Grassley also questioned Bryan Switzer, nominee to be Deputy U.S. Trade Representative, about America’s trade balance with China. 

    [embedded content]

    VIDEO

    On Wins on the One Big Beautiful Bill Act

    The One Big Beautiful Bill was an historic achievement. We averted the largest tax increase in history. It made pro-growth business provisions permanent. It unlocked business investment that will create jobs. The bill also provides additional middle-class tax relief.

    Implementing the Bill as Congress Intended

    As Treasury works to implement the bill, the agency must work with members to ensure the provisions are implemented according to the statute and faithful to congressional intent.

    So, the first question is a very general one. Can we count on you to keep Congress well informed during the implementation process and consult with [relevant] members of Congress where questions arise as to what was congressional intent?

    Wind and Solar Provisions, 45Z Implementation

    There are several provisions that I’m particularly interested in, in seeing faithfully implemented. This includes the structure of the phase-out for the wind and solar credits and modifications to the Clean Fuels Production Credit. And, remember, you’re talking to the father of the Wind Energy Tax Credit.

    I worked with my colleagues to provide wind and solar an appropriate glide path for the orderly phase-out of the tax credits. Ultimately, Congress enshrined in statute a 12-month transition period based on when projects “begin construction.”

    What it means for a project to “begin construction” has been very well established by Treasury guidance for more than a decade. Moreover, Congress specifically references current Treasury guidance to set that term’s meaning in law. It seems to me, this is a case where both the law and congressional intent are very, very clear.

    So, Mr. Theurer, will you commit to advising the Department that both the law and congressional intent are clear and that the “beginning of construction” – those official words – means what it has meant for more than a decade?

    Impact of the Clean Fuels Credit on Biofuels

    The reconciliation bill includes an extension and modification of [the] Clean Fuel[s] Production Tax Credit under 45Z. Implementing this credit properly and quickly is important for the biofuels industry and its participants, especially farmers. The Biden administration failed to meaningfully address 45Z regulations, which has caused major market disruptions, including plant closures.

    When can we expect to see guidance formally implementing the clean fuels credit so the biofuels industry can confidently move forward with operations?

    America’s Trade Balance with China

    You will be handling areas of international trade, and I’m interested in China. Based on your personal history, you know how challenging this will be. Do you think that the whole United States economy needs to decouple completely from China, or only certain sectors of our economy?

    -30-

    MIL OSI USA News –

  • MIL-OSI: Atos – Half-year 2025 results on track. Full Year 2025 targets confirmed

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    Half-year 2025 results on track
    Full Year 2025 targets confirmed

    • Significant progress in the execution of the Genesis transformation plan
      • Reset of cost base well engaged, already impacting profitability
      • Over 50% of the overall Genesis restructuring target incurred
        at the end of June
      • Growth pillar initial phase achieved to deliver long-term ambition
    • Operating Margin up 80 bps proforma from 2.0% to 2.8%, to €113m (+15.4% yoy) despite the material decline in revenue, as anticipated
      • Atos SBU: +1.7 pts to 5.7% driven by initial benefits from the restructuring plan and tight contract management
      • Eviden SBU: -1.7 pts to -7.9% – consistent with previously announced seasonality
    • Significant improvement in Free Cash Flow1to -€96m (including -€154m cash restructuring) from -€593m in H1 2024
    • H1 revenue at €4,020m, down 17.4% organically due to expected impact of contracts exit and low business traction in 2024.
    • Achieved a 10 pts yoy Book-to-Bill improvement reaching 83% despite soft market environment with:
      • Improved or flat order entry in all regions apart from France
      • Continued strategic deal wins with 11 large multi-year contracts signed vs. 5 in H1 2024. The positive commercial momentum is expected to continue in H2 2025
      • Rolling 12-month pipeline increased by €1.5bn in Q2 including €1.3bn in large deals (over €30m)
    • Full Year 2025 targets and long-term trajectory confirmed   
    • Share Purchase Agreement signed with the French State for the sale of Advanced Computing activities

    Paris, August 1st, 2025 – Atos, a leading provider of AI-powered digital transformation, today announces its half year 2025 financial results.

    Philippe Salle, Atos Group Chairman of the Board of Directors and Chief Executive Officer, declared:

    “In a challenging environment, I am very encouraged by the determination of our teams in rolling-out the Genesis transformation plan with no delay. The voluntary optimization of the Group cost base is already starting to show initial benefits as shown through our half-year results: the operating margin is improving by over 15% year-on-year, a positive momentum which we intend to pursue. Our limited cash consumption is reflecting our disciplined approach to cash management, and we notice a sheer increase in enthusiasm among our customers towards the strategic refocusing of the Group.
    We also reached a new significant milestone towards the sale of our Advanced Computing activities with the signature of a share purchase agreement with the French State.
    We are looking ahead to the rest of the year and beyond with confidence and a single focus: executing on our strategy. We remain strongly committed to our 2025 targets and our long-term financial trajectory.”

    H1 2025 performance highlights

    In € million H1 2025 H1 2024 Var.   H1 2024* Organic Var.
    Revenue 4,020  4,964 (944)   4,865 (845) 
    Operating Margin 113  115 (2)   98 +15
    In % of revenue 2.8% 2.3% +0.5 pts   2.0%  +0.8 pts
    OMDA 309  373 (64)      
    In % of revenue 7.7% 7.5% +0.2 pts      
    Net income – Group share  -696 -1,941 + 1,245      
    Free Cash Flow2 -96  -593 + 497      
    Net debt (excl. IFRS 9 adjustment) -1,681  -4,218 + 2,537      

    *: at constant scope and June 2025 average exchange rates

    Operational performance

    Group revenue reached 4,020 million euros in the first half 2025, reflecting a 17.4% organic decline compared to the first half of 2024, driven by 2024 contract losses and voluntary contract exits, especially in the Atos Strategic Business Unit (SBU) in the United States and the United Kingdom, as well as overall soft market environment. The Atos SBU generated revenue of 3,603 million euros, down 17.9% organically compared to the first half of 2024. The Eviden SBU revenue was down 11.9% compared to the first half of 2024, to 417 million euros in the first half of 2025.

    Group operating margin reached 113 million euros in the first half of 2025, representing an organic 15% increase compared to the first half of 2024 and 2.8% of revenue (compared to 2.0% in the first half of 2024), despite a 845 million revenue decline year-on-year. This performance demonstrates the initial benefits of the cost reduction measures engaged since the beginning of the year, especially in the Atos SBU where the operating margin improved 18% year-on-year. The Eviden SBU profitability was lower than last year, as expected, due to a strong seasonality throughout the year.

    Disclosure in this section represents the revised reporting structure of Atos Group, following the implementation of the new organization in the first half 2025 reporting period. These are those that will be presented in the consolidated financial statements for the first half of 2025, which will be included in the 2025 half year report. Atos has identified Atos France, Atos BNN Benelux & the Nordics, Atos UK&I, Atos USA & CA, Atos GACE, Atos IM, Atos Global Delivery Centers, Eviden and Global Structures as the operating segments, mirroring the internal reporting structure. This reflects the review, management and assessment of the group’s operating results by Group Management following the implementation of the new organization.

    In € million  H1 2025 Revenue H1 2024*   Revenue Organic variation H1 2025 OM H1 2024 OM* H1 2025 OM Organic variation*  
     
    ATOS 3,603 4,391 -17.9% 204 173 5.7% +18.2%  
    Germany, Austria & Central Europe 767 831 -7.6% 1 -11 0.1% ns  
    USA & Canada 695 978 -29.0% 70 92 10.1% -24.4%  
    France 591 663 -10.8% 13 9 2.1% +45.4%  
    UK & Ireland 583 821 -29,0% 50 48 8.6% +4.5%  
    International Markets 561 668 -16.0% 46 39 8.2% +18.8%  
    BNN Benelux & the Nordics 402 425 -5.4% 23 -1 5.6% ns  
    Global Delivery Centers 5 6 -18.7% 2 -3 0.1% ns  
    Eviden 417 474 -11.9% -33 -30 -7.9% +11.5%  
    Global Structures – – – -57 -45 -1.4% +28.8%  
    Group total 4,020 4,865 -17.4% 113 98 2.8% +15.4%  

     *: at constant scope and June 2025 average exchange rates

    Atos – Germany, Austria & Central Europe revenue was 767 million euros in the first half of 2025, representing a 7.6% organic decline compared to the first half of 2024 with a significant ramp down from a couple of large clients who implemented insourcing strategies. It also stemmed from managed exits from low profitability contracts. That was partially offset by successful fertilization and cross selling at existing clients.

    Operating margin improved by 140 basis points year-on-year despite the non-recurring treatment of some reorganization expenses in the first half of 2024. It reached breakeven in the first half of 2025 thanks to the restructured delivery of existing contract portfolio and benefits from cost-saving initiatives.

    Atos – USA & Canada revenue decreased by 284 million euros year-on-year on a proforma basis. This was driven essentially by 2024 large contract completions and ramp-downs as well as an uncertain macro and political environment. Churn on small size contracts was more than offset by growing activity at existing clients and new contracts during the period.

    Operating margin improved 60 basis points compared to the first half of 2024 despite the material impact from revenue fall thru, thanks to the Genesis-led margin optimization actions already in place. It stood at 70 million euros in the first half of 2025.

    Atos – France revenue reached 591 million euros in the first half of 2025, down 10.8% organically from the first half of 2024, due to high exposure to the recently muted public sector and the impact of financial restructuring on client perception in 2024.

    Operating margin improved by 80 basis points year-on-year thanks to the benefit of cost-cutting initiatives on indirect costs, an improved billability rate despite revenue decline and improving low profitability contract management, quality of delivery and automation.

    Atos – UK & Ireland revenue reached 583 million euros in the first half of 2025, down 29% organically year-on-year mostly as a result of planned large public sector BPO contracts completion in the fourth quarter of 2024.

    Operating margin improved 280 basis points compared to the first half of 2024. In absolute terms, it was stable year-on-year despite the sharp decrease in revenue, thanks to the restructuring of low profitability contracts, successful delivery of new business and an already visible impact from cost-saving initiatives.

    Atos – International Markets revenue was down 16% organically in the first half of 2025, to 561 million euros, mostly driven by softer performance in Asia Pacific, Switzerland and Major events that had benefited from the Olympics in the first half of 2024. That was partially offset by growing revenues in South America.

    Operating margin improved by 240 bps compared to the first half of 2024 and reached 46 million euros in the first half of 2025 (up 7 million year-on-year). The contribution from lost revenue was more than offset by improved productivity, benefits from the Genesis transformation plan and lower one-off costs year-on-year with Olympics-related marketing costs incurred in the first half of 2024.

    Atos – BNN, Benelux and the Nordics revenue stood at 402 million euros in the first half of 2025, down 5.4% organically compared to the first half of 2024 with churn partially offset by growing activity at existing clients.

    Operating margin turned positive in the first half of 2025, to 23 million euros, or 5.6% of revenues. This was driven by the ramp up of higher profitability contracts and positive contribution from the Genesis action plan and continued positive service and project delivery.

    Eviden revenue was 417 million euros in the first half of 2025, down 11.9% organically year-on-year, driven by the anticipated strong seasonality in Advanced Computing (down 10.9% compared to the first half of 2024).
    Operating margin was –33 million euros, compared to -30 million euros in the first half of 2024 again, due to the seasonality in Advanced Computing. Significant revenue and profit recognition is expected in the fourth quarter of 2025. On a full-year basis the business unit is expected to generate positive operating margin.

    Global Structures costs stood at -57 million euros in the first half of 2025, compared to -45 million euros in the first half of 2024, due to the non-recurring treatment of reorganization costs in the first half of 2024 and the UEFA marketing costs incurred centrally in the first half of 2025.

    Update on the Genesis plan execution

    At the Capital Markets Day that was held on May 14, 2025, the Group unveiled “Genesis”, its strategic and transformation plan for the next 4 years. It includes 22 workstreams regrouped under 7 pillars:

    • Growth
    • Human Resources
    • Countries review
    • Portfolio review
    • Gross Margin
    • Cost review
    • Cash

    During the first half of 2025 significant progress was achieved, including the following:

    • Growth transformation: it has now passed the initial phase with a new growth and sales teams operating model deployed in all geographies and centrally. That included the right sizing and upskilling of the teams and sales enablement initiatives as well as prioritization to ensure frontline excellence and support future growth ambition. With that, processes were streamlined and optimized, enabling the sales force to concentrate efforts on meeting client needs. It is anticipated to yield results from the second half onwards
    • Countries review: to sharpen the geographical focus as announced in the Capital Markets Day, the Group exited one country and formally launched disposal processes for additional non-core countries
    • Contract portfolio review: in the first half of 2025, the Group reduced its exposure to low margin contracts (ie contracts with a project margin below 5%) to only three significant ones (vs seven at the end of 2024), and totaling a c.16 million euros negative impact on operating margin compared to c.52 million euros in the first half of 2024
    • Delivery and G&A optimization: the billability rate improved from 76% to 79% during the first half, and the General & Administrative cost base was reduced by 10% compared to the same period last year. Overall, over 50% of the 3-year restructuring envelope of 700 million euros was incurred at the end of June. The total headcount was 69,597 at the end of the period

    Order entry and backlog

    Commercial activity

    Order entry reached €3.3 billion in H1 2025, slightly lower than the reported H1 2024 level, due to:

    • Muted commercial activity in France where significant organizational changes are being implemented to improve commercial efficiency, enrich our offering and secure long term business performance. All other regions delivered roughly flat or growing order entry in the first half of the year
    • The soft market environment observed in the last few months

    Book-to-bill ratio was 83% in the first half of 2025, up from 73% in the same period of 2024. Main contract signatures in the second quarter of 2025 included two 4+ years Digital workplace deals totaling 140 million euros (of which 100 million euros in North America and 40 million euros in the UK), a 5+ years 80 million euros mainframe deal with a North American wholesaler of technology products, a 4+ years 50 million euros Cybersecurity contract in the public sector in Belgium, and two 3+ years digital applications contracts in Europe for a cumulative amount of 90 million euros with a consumer goods player on one side and a public sector body on the other.

    Backlog & commercial pipeline

    At the end of June 2025, the full backlog reached €12 billion representing 1.5 years of revenue.
    The full qualified pipeline amounted to €4.1 billion at the end of June 2025, representing 6.1 months of revenue.

    Net income

    OOI
    Other operating income and expenses amounted to –566 million euros in the first half of 2025, compared to –1,819 million euros in the first half of 2024. It mostly included restructuring and other non-recurring charges in relation to the Genesis transformation plan, as well as litigation provisions.

    Financial income
    Net financial expense was -202 million euros in the first half of 2025, compared to -175 million euros in the first half of 2024, reflecting the new debt structure of the Group and the fair value adjustment of the net debt.

    Tax
    Tax charge stood at -41 million euros in the first half of 2025, compared to -62 million euros in the first half of 2024.

    Net result group share
    As a result of the above net result Group share was a loss of –696 million euros in the first half of 2025, compared to a loss of –1,941 million euros in the first half of 2024.

    Free cash flow

    Free cash flow for the period stood at –96 million euros for the period excluding changes in working capital actions (WCA), reflecting the following items:

    • Operating margin before depreciation and amortization (OMDA) of 309 million euros
    • Capex of –93 million euros, or 2.3% of revenues
    • Leases of –122 million euros
    • Change in working capital requirement (excluding WCA) of 167 million euros, mostly driven by lower activity in the first half of 2025
    • Cash restructuring of –154 million euros, in relation to the Genesis transformation plan
    • Tax paid of -13 million euros
    • Net cash cost of debt of –80 million euros, including 18 million euros of financial income
    • Other items for –109 millions, that included litigation and onerous contracts

    Net debt and debt covenants

    At June 30, 2025, net debt was 1,681 million euros (746 million euros including IFRS 9 debt fair value adjustment), compared to 1,238 million euros as of December 31, 2024 (275 million euros including IFRS 9 debt fair value adjustment), and mainly consisted of:

    • Cash and cash equivalents for 1,364 million euros
    • Borrowings for 3,057 million euros (nominal value, excluding PIK) or 2,186 million euros including IFRS 9 fair value adjustment and PIK

    The new credit documentation requires the Group to maintain:

    • from 31 March 2025, a minimum liquidity level of €650 million, to be verified at the end of each financial quarter
    • from 30 June 2027, as from each half-year end, a maximum level of financial leverage (“Total Net Leverage Ratio Covenant”), which is defined as the ratio of Financial indebtedness (mainly excluding IFRS 16 impacts and IFRS 9 debt fair value treatment) to pre-IFRS 16 OMDA; the ceilings thus applicable will be determined no later than 30 June 2026 with reference to a flexibility of 30% in relation to the Business Plan adopted by the Group at that time; these ceilings will in any event remain between 3.5x and 4.0x.

    As of June 30, 2025, the Group financial leverage ratio (as defined in glossary) was 4.0x.

    Outlook

    The Group confirms its full year 2025 targets:

    • c. 8.5 billion euros revenue3
    • around 4% operating margin
    • net change in cash4 before debt repayment of c. -350 million euros

    The long-term financial trajectory also remains unchanged.

    In 2026, the Group expects to generate positive organic growth and net change in cash4 before debt repayment and M&A.

    In 2028, with the assumption of a disposal of Advanced Computing in FY 2026 and a progressive reduction of its geographic footprint, the Group expects:

    • to grow revenues organically to between 8.5 and 9 billion euros, representing a 5-7% CAGR between 2025 and 2028. Strategic, targeted and disciplined M&A could further increase revenue to up to 9 to 10 billion euros
    • to reach an operating margin of around 10%, supported by cost reduction measures and structural visible growth, partially offset by an acceleration of R&D investments
    • to achieve a leverage ratio below 1.5x net debt/OMDAL5. On the path to an investment grade rating, the Group expects to achieve a BB profile in 2027

    Sale of Advanced Computing

    On July 31, 2025, Atos Group signed a share purchase agreement with the French State for the sale of its Advanced Computing business, excluding Vision AI activities, for an enterprise value (EV) of €410 million, including €110m earn-outs that are based on profitability indicators for fiscal years 2025 (€50 million potential earn-out that should be paid upon closing) and 2026 (€60 million additional potential earn-out). This EV is in line with the confirmatory offer received from the French State on June 2, 2025 which has been approved by Atos Group Board of Directors.

    Atos Advanced Computing business regroups the High-Performance Computing (HPC) & Quantum as well as the Business Computing & Artificial intelligence divisions. The transaction perimeter is expected to generate revenue of circa €0.8 billion in 2025.

    The French State will become the new shareholder of these activities, further supporting the business and its development over the long term.

    Social processes for the signing of the SPA agreement are closed. The transaction is expected to close over H1 2026 once the carveout is completed and relevant authorizations have been received.

    Interim condensed consolidated financial statements

    Atos Group Board of Directors in its meeting held on July 31, 2025, has reviewed the Group interim condensed consolidated financial statements closed at June 30, 2025. The Statutory Auditors have completed their usual limited review of the half-year condensed consolidated financial statements and issued their unqualified report.

    Conference call

    Atos Group’s Management invites you to attend the first half 2025 results conference call on Friday, August 1st, 2025, at 08:00 am (CET – Paris).

    You can join the webcast of the conference via the following link:

    https://edge.media-server.com/mmc/p/mz677p34

    If you want to join the conference by telephone, please register via this link:

    https://register-conf.media-server.com/register/BIc7cb4acc36ee4ddbbe4878cdc98936fa

    Upon registration, you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.

    After the conference, a replay of the webcast will be available on atos.net, in the Investors section.

    Forthcoming events

    October 20, 2025 (After Market Close) Third quarter 2025 revenue

    APPENDIX

    H1 2024 revenue and operating margin at constant scope and exchange rates reconciliation

    For the analysis of the Group’s performance, revenue and OM for H1 2025 is compared with H1 2024 revenue and OM at constant scope and foreign exchange rates. Reconciliation between the H1 2024 reported revenue and OM, and the H1 2024 revenue and OM at constant scope and foreign exchange rates is presented below, by segment.

    H1 2024 revenue H1 2024 published Restatement H1 2024 restated Internal transfers Scope effects Exchange rates effects H1 2024*
    In € million
    ATOS 4,259 234 4,493 -3 -85 -13 4,391
    Germany, Austria & Central Europe 779 62 841 0 -11 0 831
    USA & Canada 949 38 987 0 0 -9 978
    France 686 39 725 -4 -58 0 663
    UK & Ireland 791 17 808 0 0 13 821
    International Markets 675 27 702 0 -16 -17 668
    BNN Benelux & the Nordics 375 49 424 1 0 0 425
    Global Delivery Centers 4 2 6 0 0 0 6
    Eviden 705 -234 471 3 0 0 474
    Global Structures –  – – – – – – 
    Group Total 4,964 0 4,964 0 -86 -13 4,865
    H1 2024 Operating Margin H1 2024 published Restatement H1 2024 restated Internal transfers Scope effects Exchange rates effects H1 2024*
    In € million
    ATOS 175 -1 174 1 -15 12 173
    Germany, Austria & Central Europe -16 2 -14 -2 -2 7 -11
    USA & Canada 97 0 96 0 0 -4 92
    France 14 -2 12 2 -10 5 9
    UK & Ireland 47 0 47 0 0 1 48
    International Markets 40 0 40 0 -3 2 39
    BNN Benelux & the Nordics -4 3 -1 -3 0 3 -1
    Global Delivery Centers -3 -3 -6 3 0 -1 -3
    Eviden -16 2 -14 -2 0 -13 -30
    Global Structures -44 -1 -45 1 0 -1 -45
    Group Total 115 0 115 0 -15 -2 98

    *: at constant scope and June 2025 average exchange rates

    Restatement corresponds to the transfer of Cybersecurity Services from Eviden to Atos.

    Scope effects amounted to €-86 million. They related to the divesture of Worldgrid in France, International Markets (Iberia) and Germany.

    Currency effects negatively contributed to revenue of -13 million. They mostly came from the depreciation of the US dollar, the Brazilian real, the Argentinian peso and the Turkish lira, partially compensated by the appreciation of the British pound.

    Q1 2024 revenue at constant scope and exchange rates reconciliation

    For the analysis of the Group’s performance, revenue for Q1 2025 is compared with Q1 2024 revenue at constant scope and foreign exchange rates.

    Q1 2024 revenue Q1 2024 published Restatement Q1 2024 restated Internal transfers Scope effects Exchange rates effects Q1 2024*
    In € million
    ATOS 2,155 118 2,273 -1 -43 22 2,251
    Germany, Austria & Central Europe 385 30 416 0 -6 0 410
    USA & Canada 474 20 493 0 0 15 509
    France 354 20 375 -2 -30 0 343
    UK & Ireland 410 9 419 0 0 10 430
    International Markets 339 14 352 0 -8 -4 341
    BNN Benelux & the Nordics 190 25 215 0 0 0 215
    Global Delivery Centers 2 1 3 0 0 0 3
    Eviden 324 -118 206 1 0 1 207
    Global Structures 0 0 0 0 0 0 0
    Group Total 2,479 0 2,479 0 -44 23 2,458

    * at constant scope and June 2025 average exchange rates

    Q2 2024 revenue at constant scope and exchange rates reconciliation

    For the analysis of the Group’s performance, revenue for Q2 2025 is compared with Q2 2024 revenue at constant scope and foreign exchange rates.

    Q2 2024 revenue Q2 2024 published Restatement Q2 2024 restated Internal transfers Scope effects Exchange rates effects Q2 2024*
    In € million 
    ATOS 2,105 116 2,220 -2 -42 -35 2,140
    Germany, Austria & Central Europe 394 31 425 0 -5 0 420
    USA & Canada 476 18 494 0 0 -24 470
    France 331 18 350 -2 -28 0 320
    UK & Ireland 380 9 389 0 0 2 391
    International Markets 337 13 350 0 -8 -13 327
    BNN Benelux & the Nordics 184 25 209 0 0 0 210
    Global Delivery Centers 2 1 3 0 0 0 3
    Eviden 381 -116 265 2 0 0 266
    Global Structures – – – – – – –
    Group Total 2,486 0 2,486 0 -42 -36 2,407

    * at constant scope and June 2025 average exchange rates

    Q1 2025 and Q2 2025 revenue according to the new Group reporting structure

    In € million  Q1 2025 Revenue Q1 2024*   Revenue Organic variation* Q2 2025 Revenue Q2 2024*   Revenue Organic variation*  
     
    ATOS 1,861 2,251 -17.3% 1,742 2,140 -18.6%  
    Germany, Austria & Central Europe 385 410 -6.1% 382 420 -9.1%  
    USA & Canada 370 509 -27.3% 324 470 -31.0%  
    France 304 343 -11.4% 287 320 -10.2%  
    UK & Ireland 302 430 -29.6% 280 391 -28.4%  
    International Markets 290 341 -14.8% 271 327 -17.1%  
    BNN Benelux & the Nordics 206 215 -4.4% 196 210 -6.4%  
    Global Delivery Centers 2 3 -10.6% 2 3 -23.9%  
    Eviden 208 207 0.1% 210 266 -21.3%  
    Global Structures – – – – – –  
    Group total 2,068 2,458 -15.9% 1,952 2,407 -18.9%  

    * at constant scope and June 2025 average exchange rates

    H1 2025 consolidated Profit & Loss Account

    (in € million) 6 months ended June 30, 2025 6 months ended June 30, 2024
    Revenue 4,020 4,964
    Personnel expense -2,115 -2,615
    Non-personnel operating expense -1,792 -2,235
    Operating margin 113 115
    % of revenue 2.8% 2.3%
    Other operating income and expense -566 -1,819
    Operating income (loss) -452 -1,704
    % of revenue -11.3% -34.3%
    Net cost of financial debt -162 -73
    Other financial expense -62 -135
    Other financial income 22 33
    Net financial income (expense) -202 -175
    Net income (loss) before tax -654 -1,879
    Tax charge -41 -62
    Net income (loss) -695 -1,941
    Of which:    
    ▪ attributable to owners of the parent -696 -1,941
    ▪ non-controlling interests 1 0

    H1 2025 Consolidated Cash Flow Statement

    in € million 6 months ended
    June 30, 2025    		 6 months ended
    June 30, 2024
    Net income (loss) before tax -654 -1,879
    Depreciation of fixed assets 134 125
    Depreciation of right-of-use 99 138
    Net addition (release) to operating provisions -1 -10
    Net addition (release) to financial provisions 6 28
    Net addition (release) to other operating provisions 199 -55
    Amortization of intangible assets (PPA from acquisitions) 12 29
    Impairment of goodwill and other non-current assets 24 1 570
    Losses (gains) on disposals of non-current assets 3 71
    Net charge for equity-based compensation – 3
    Unrealized losses (gains) on changes in fair value and other – -1
    Net cost of financial debt 162 73
    Interests on lease liability 15 19
    Net cash from (used in) operating activities
    before change in working capital requirement and taxes    		 -3 111
    Tax paid -13 -45
    Change in working capital requirement 43 -1 477
    Net cash from (used in) operating activities 28 -1,411
    Payment for tangible and intangible assets -93 -278
    Proceeds from disposals of tangible and intangible assets – 5
    Net operating investments -93 -273
    Amounts paid for acquisitions and long-term investments – -10
    Net proceeds from disposals of financial investments 1 -1
    Net long-term financial investments 1 -11
    Net cash from (used in) investing activities -92 -284
    Common stock issued 1 –
    Purchase and sale of treasury stock – -1
    Dividends paid* – -12
    Dividends paid to non-controlling interests – -2
    Lease payments -122 -159
    New borrowings – 470
    Repayment of borrowings – -10
    Interests paid -80 -53
    Other flows related to financing activities -6 -77
    Net cash from (used in) financing activities -207 155
    Increase (decrease) in net cash and cash equivalents -271 -1,540
    Opening net cash and cash equivalents 1,739 2,295
    Increase (decrease) in net cash and cash equivalents -271 -1,540
    Impact of exchange rate fluctuations on cash and cash equivalents -104 4
    Closing net cash and cash equivalents 1,364 759

    H1 2025 Balance Sheet

    (in € million) June 30,
    2025    		 December 31, 2024
    ASSETS    
    Goodwill 574 653
    Intangible assets 306 349
    Tangible assets 524 580
    Right-of-use assets 466 550
    Equity-accounted investments 12 12
    Non-current financial assets 98 131
    Deferred tax assets 213 184
    Total non-current assets 2,193 2,458
    Trade accounts and notes receivable 2,190 2,435
    Current taxes 90 102
    Other current assets 1,340 1,510
    Current financial instruments 0 2
    Cash and cash equivalents 1,364 1,739
    Total current assets 4,984 5,788
    TOTAL ASSETS 7,176 8,246
    (in € million) June 30,
    2025    		 December 31, 2024
    LIABILITIES AND SHAREHOLDERS’ EQUITY    
    Common stock 19 18
    Additional paid-in capital 1,887 1,887
    Consolidated retained earnings -1,302 -1,354
    Net income (loss) attributable to the owners of the parent -696 248
    Equity attributable to the owners of the parent -91 799
    Non-controlling interests 1 –
    Total shareholders’ equity -91 799
    Provisions for pensions and similar benefits 664 782
    Non-current provisions 465 345
    Borrowings 2,174 2,089
    Deferred tax liabilities 138 69
    Non-current lease liabilities 438 498
    Other non-current liabilities 4 3
    Total non-current liabilities 3,884 3,787
    Trade accounts and notes payable 971 1,018
    Current taxes 66 75
    Current provisions 386 315
    Current portion of borrowings 11 17
    Current lease liabilities 190 207
    Other current liabilities 1,759 2,028
    Total current liabilities 3,383 3,660
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 7,176 8,246

    Glossary

    Operational capital employed: Operational capital employed comprises net fixed assets and net working capital but excludes goodwill and net assets held for sale.

    Current and non-current assets or liabilities: A current and non-current distinction is made between assets and liabilities on the consolidated statement of financial position. Atos has classified as current assets and liabilities those assets and liabilities that Atos expects to realize, use or settle during its normal cycle of operations, which can extend beyond 12 months following the period end. Current assets and liabilities, excluding the current portion of borrowings, lease liabilities and provisions, and current financial instruments represent the Group working capital requirement.

    DSO: (Days of Sales Outstanding). DSO is the amount of trade accounts receivable (including contract assets) expressed in days of revenue (on a last-in, first-out basis). The number of days is calculated in accordance with the Gregorian calendar.

    Organic growth: Organic growth represents the percent growth of a unit based on a constant scope and exchange rates basis.

    CAGR: The Compound Annual Growth Rate reflects the mean annual growth rate over a specified period of time longer than one year. It is calculating by dividing the value at the end of the period in question by its value at the beginning of that period, raise the result to the power of one divided by the period length, and subtract one from the subsequent result. As an example:

    2019-2021 revenue CAGR = (Revenue 2021 / Revenue 2018) (1/3) -1

    Operating margin: Operating margin equals to External Revenues less personnel and operating expense. It is calculated before Other Operating Income and Expense as defined below.

    Other operating income and expense: 

    Other operating income and expense include:

    • the amortization and impairment of intangible assets recognized as part of business combinations such as customer relationships, technologies and goodwill
    • when accounting for business combinations, the Group may record provisions in the opening statement of financial position for a period of 12 months beyond the business combination date. After the 12-month period, unused provisions arising from changes in circumstances are released through the income statement under “Other operating income and expense”
    • the cost of acquiring and integrating newly controlled entities, including earn out with or without presence conditions
    • the net gains or losses on disposals of consolidated companies or businesses
    • the fair value of shares granted to employees including social contributions
    • the restructuring and rationalization expense relating to business combinations or qualified as unusual, infrequent and abnormal. When a restructuring plan qualifies for Other operating income and expense, the related real estate rationalization & associated costs regarding premises are presented on the same line
    • the curtailment effects on restructuring costs and the effects of plan amendments on defined benefit plans resulting from triggering events that are not under control of Atos management
    • the net gain or loss on tangible and intangible assets that are not part of Atos core-business such as real estate
    • other unusual, abnormal and infrequent income or expense such as major disputes or litigation.

    Gross margin and indirect costs: Gross margin is composed of revenue less the direct costs of goods sold. Direct costs relate to the generation of products and/or services delivered to customers, while indirect costs include all costs related to indirect staff (defined hereafter), which are not directly linked to the realization of the revenue. The operating margin comprises gross margin less indirect costs.

    EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization): for Atos, EBITDA is based on Operating Margin less non-cash items and is referred to as OMDA (Operating Margin before Depreciation and Amortization).

    OMDA (Operating Margin before Depreciation and Amortization) is calculated as follows:

    Operating margin:

    • less – Depreciation of fixed assets (as disclosed in the “financial report”)
    • less – Depreciation of right of use (as disclosed in the “financial report”)
    • less – Net charge (release) of provisions (composed of net charge of provisions for current assets and net charge of provisions for contingencies and losses, both disclosed in the “financial report”)
    • less – Net charge (release) of provisions for pensions (as disclosed in the “financial report”).

    OMDAL: OMDA – lease repayments.

    Gearing: The proportion, expressed as a percentage of net debt to total shareholders’ equity (Group share and minority interests).

    Interest cover ratio: Operating margin divided by the net cost of financial debt, expressed as a multiple.

    Leverage ratio: Net debt (before changes in working capital actions and IFRS 9 fair value adjustment) / OMDAL rolling 12-months.

    Operating income (loss): Operating income (loss) comprises net income (loss) before deferred and current income taxes, net financial income (expense), and share of net profit (loss) of equity-accounted investments.

    Cash flow from operations: Cash flow coming from the operations and calculated as a difference between OMDA, net capital expenditures, lease payment and change in working capital requirement.

    Net cash or net debt: Net cash or net debt comprises total borrowings (bonds, short term and long-term loans, securitization and other borrowings), short-term financial assets and liabilities bearing interest with maturity of less than 12 months, less cash and cash equivalents. Liabilities associated with lease contracts and derivatives are excluded from the net debt.

    Free Cash Flow (FCF): The Free Cash Flow represents the change in net cash or net debt, excluding capital increase, share buyback, dividends paid to shareholders and non-controlling interests, net acquisition or disposal of companies.

    Earnings (loss) per share (EPS): Basic EPS is the net income (loss) divided by the weighted-average number of common shares outstanding during the period. Diluted EPS is the net income (loss) divided by the diluted weighted-average number of common shares for the period (number of shares outstanding + dilutive instruments with dilutive effect).

    Revenue: Revenue related to Atos’ sales to third parties (excluding VAT).

    TCV (Total Contract Value): The Total Value of a Contract at signature (prevision or estimation) over its duration represents the firm order and contractual part of the contract excluding any clause on the decision of the client, as anticipated withdrawal clause, additional option or renewal.

    Order entry/bookings: The TCV, orders or amendments signed during a defined period. When an offer is won (contract signed), the total contract value is added to the backlog and the order entry is recognized.

    Book-to-bill: The Book-to-Bill is the ratio expressed in percentage of the order entry in a period divided by revenue of the same period.

    Backlog/Order cover: The value of signed contracts, orders and amendments that remain to be recognized over their contract lives.

    Pipeline: The value of revenues that may be earned from outstanding commercial proposals issued to clients. Qualified pipeline applies an estimated percentage likelihood of proposal success.

    Direct Staff: Direct staff includes permanent staff and subcontractors, whose work is billable to a third party.

    Indirect staff: Indirect staff includes permanent staff or subcontractors, who are not billable to clients. Indirect staff is not directly involved in the generation of products and/or services delivered to clients.

    Disclaimer

    This document contains forward-looking statements that involve risks and uncertainties, including references, concerning the Group’s expected growth and profitability in the future which may significantly impact the expected performance indicated in the forward-looking statements. These risks and uncertainties are linked to factors out of the control of the Company and not precisely estimated, such as market conditions or competitors’ behaviors. Any forward-looking statements made in this document are statements about Atos’s beliefs and expectations and should be evaluated as such. Forward-looking statements include statements that may relate to Atos’s plans, objectives, strategies, goals, future events, future revenues or synergies, or performance, and other information that is not historical information. Actual events or results may differ from those described in this document due to a number of risks and uncertainties that are described within the 2024 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF) on April 10, 2025 under the registration number D.25-0238. Atos does not undertake, and specifically disclaims, any obligation or responsibility to update or amend any of the information above except as otherwise required by law.

    This document does not contain or constitute an offer of Atos’s shares for sale or an invitation or inducement to invest in Atos’s shares in France, the United States of America or any other jurisdiction. This document includes information on specific transactions that shall be considered as projects only. In particular, any decision relating to the information or projects mentioned in this document and their terms and conditions will only be made after the ongoing in-depth analysis considering tax, legal, operational, finance, HR and all other relevant aspects have been completed and will be subject to general market conditions and other customary conditions, including governance bodies and shareholders’ approval as well as appropriate processes with the relevant employee representative bodies in accordance with applicable laws.

    About Atos Group

    Atos Group is a global leader in digital transformation with c. 70,000 employees and annual revenue of c. € 10 billion, operating in 67 countries under two brands — Atos for services and Eviden for products. European number one in cybersecurity, cloud and high-performance computing, Atos Group is committed to a secure and decarbonized future and provides tailored AI-powered, end-to-end solutions for all industries. Atos is a SE (Societas Europaea) and listed on Euronext Paris.

    The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

    Contact

    Investor relations: investors@atos.net

    Individual shareholders: +33 8 05 65 00 75

    Media relations: globalprteam@atos.net

    1 Excluding change in Working Capital Actions

    2 Excluding change in Working Capital Actions

    3 At Dec 31, 2024 currency

    4 At constant currency

    5 Defined as Operating Margin before Depreciations, Amortization and Leases

    Attachment

    The MIL Network –

  • MIL-OSI: UAB “Atsinaujinančios energetikos investicijos” publishes its factsheet for the second quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    UAB “Atsinaujinančios energetikos investicijos” (the Company) publishes its factsheet, providing information about the Company’s investment portfolio, key events, business strategy, operating segments, and financial indicators as of 30 June 2025. 

    2025 Q2 KEY EVENTS 

    • The total aggregated 2025 YTD Revenue and YTD EBITDA amounted to 5,634 kEUR and 3,138 kEUR, respectively. 
    • The decision has been made to extend the Company’s term by two years, until February 2028. 
    • From the issuance proceeds of the new 2.5-year, fixed coupon, 100 mEUR Green Bonds Programme and bond redemption cash tender offer in June, the Investment Company has successfully refinanced 37.2 mEUR worth of outstanding green bonds that were to mature in December 2025. 

    Solar development in Poland: 

    • The construction of 67.8 MW total capacity PV Energy Projects sp. z. o.o. portfolio nears completion.  As of the reporting period, 47.9 MW are operational. Two projects (~2 MW) were energised during this quarter, and two projects (0.95 MW each) are planned to be energised in Q2 2025. The anticipated COD for the entire park is set for March 2026. 
    • The PL SUN sp. z o.o. portfolio, with a total capacity of 113.99 MW, is divided into two phases. Construction works for the first phase (66.6 MW) were largely finalised in Q2 2024. Of this, 26.47 MW were energised in Q4 2024. 20 MW were energised in this quarter. The remaining 20.2 MW are projected to be energised in Q3 2025. Construction of the second phase commenced in October 2024. Balance of System, technical advisory, and O&M contracts have been signed. Modules and inverters have been delivered to all sites. Mounting structure construction and module installation works have been finished in 7 sites (45.1 MW). Transformer stations were delivered to four sites (32.2 MW).  

    Wind Projects: 

    • The Energy Production license for the Anykščiai wind farm was obtained in August 2024. Jonava and Rokiškis wind farms obtained the license this quarter, in April.  
    • The 112 MW wind farm developed under Zala Elektriba SIA is scheduled to commence construction in the middle of July. The substation user’s part BoP agreement was signed in June. 

    Hybrid Projects: 

    • The hybrid projects managed by UAB “Ekoelektra” and UAB “KNT Holding” are progressing, with the majority of land lease agreements and cable and road servitudes secured for the former, and approximately 80% secured for the latter.  

    Contact person for further information: 

    Mantas Auruškevičius 

    Manager of the Investment Company 

    mantas.auruskevicius@lordslb.lt 

    Attachment

    The MIL Network –

  • MIL-OSI China: China clarifies tax incentives for foreign investors reinvesting dividends

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

    BEIJING, Aug. 1 — China’s State Taxation Administration (STA) has released detailed implementation rules for foreign investors claiming tax credits on reinvested dividends, providing operational guidelines for preferential tax treatment under a recently released policy.

    In June, China’s finance, taxation and commerce authorities unveiled a tax incentive granting foreign investors a 10 percent corporate income tax credit on direct domestic investments funded by dividends from Chinese resident companies.

    The measure, effective as of Jan. 1, 2025 and running through Dec. 31, 2028 — allows unused credits to be carried forward and applies lower rates under existing tax treaties.

    According to a notice released by the STA on Thursday, profits used to pay up subscribed registered capital or increase paid-in capital or capital reserves, qualify as eligible reinvestment.

    The STA notice also clarified executable frameworks for this tax incentive, including definition of the holding period for reinvestment by foreign investors, the calculation method for the determination of the tax credit amount, and procedures for foreign investors to claim tax credits.

    China, notably, has been offering tax incentives to boost overseas investment. Foreign reinvestment in China benefiting from a tax deferral policy saw rapid growth in 2024, earlier data from the STA showed.

    MIL OSI China News –

  • MIL-OSI: Brookfield Business Partners Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    BROOKFIELD, NEWS, Aug. 01, 2025 (GLOBE NEWSWIRE) — Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC) announced today financial results for the quarter ended June 30, 2025.

    “We had an active quarter, reaching an agreement on the sale of a partial interest in three businesses, investing $300 million to acquire two market-leading businesses, and repurchasing an additional 2.2 million of common equity at highly accretive levels,” said Anuj Ranjan, CEO of Brookfield Business Partners. “The strength of our financial results in an uneven macroeconomic environment underscores the resilience of our operations, while progress on our value creation plans and capital recycling initiatives enable us to continue compounding growth for investors.”

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    US$ millions (except per unit amounts), unaudited   2025   2024       2025   2024
    Net income (loss) attributable to Unitholders1 $ 26 $ (20 )   $ 106 $ 28
    Net income (loss) per limited partnership unit2 $ 0.12 $ (0.10 )   $ 0.49 $ 0.13
               
    Adjusted EBITDA3 $ 591 $ 524     $ 1,182 $ 1,068

    Net income attributable to Unitholders for the three months ended June 30, 2025 was $26 million ($0.12 per limited partnership unit), compared to net loss of $20 million (loss of $0.10 per limited partnership unit) in the prior period.

    Adjusted EBITDA for the three months ended June 30, 2025 was $591 million, compared to $524 million in the prior period reflecting increased performance on a same store basis and contribution from recently completed acquisitions. Prior period results included $71 million of contribution from disposed operations including our offshore oil services’ shuttle tanker operation which was sold in January 2025.

    Operational Update

    The following table presents Adjusted EBITDA by segment:

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    US$ millions, unaudited   2025     2024       2025     2024  
    Industrials $ 307   $ 213     $ 611   $ 441  
    Business Services   205     182       418     387  
    Infrastructure Services   109     157       213     300  
    Corporate and Other   (30 )   (28 )     (60 )   (60 )
    Adjusted EBITDA $ 591   $ 524     $ 1,182   $ 1,068  

    Our Industrials segment generated Adjusted EBITDA of $307 million for the three months ended June 30, 2025, compared to $213 million during the same period in 2024, benefiting from strong operating performance at our advanced energy storage operation. Current period results included $71 million of tax recoveries as well as contribution from recent acquisitions including our electric heat tracing systems manufacturer which was acquired in January 2025. Prior period results included contribution from our Canadian aggregates production operation which was sold in June 2024.

    Our Business Services segment generated Adjusted EBITDA of $205 million for the three months ended June 30, 2025, compared to $182 million during the same period in 2024 which reflected the impact of reduced contribution from our dealer software and technology services operation in the prior period. Prior period results included contribution from our road fuels operation which was sold in July 2024.

    Our Infrastructure Services segment generated Adjusted EBITDA of $109 million for the three months ended June 30, 2025, compared to $157 million during the same period in 2024 primarily reflecting the sale of our offshore oil services’ shuttle tanker operation in January 2025.

    The following table presents Adjusted EFO4 by segment:

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    US$ millions, unaudited   2025     2024       2025     2024  
    Adjusted EFO          
    Industrials $ 154   $ 206     $ 284   $ 386  
    Business Services   105     86       222     254  
    Infrastructure Services   38     76       204     148  
    Corporate and Other   (63 )   (79 )     (131 )   (168 )

    Adjusted EFO included the benefit of lower interest expense due to a reduction in corporate borrowings compared to the prior period. Industrials Adjusted EFO reflected the impact of higher interest expense related to the funding of a distribution received from our advanced energy storage operation during the current year. Adjusted EFO in the prior period included $103 million of net gains related to the disposition of our Canadian aggregates production operation and the sale of public securities.

    Strategic Initiatives

    • Capital Recycling
      In July, we completed the previously announced sale of a partial interest in three businesses to a new evergreen private equity fund managed by Brookfield Asset Management. In exchange, BBU will receive units of the new evergreen fund with an initial redemption value of approximately $690 million, representing an aggregate 8.6% discount to net asset value (NAV) of the interests sold. In the 18-month period following the initial close of the new evergreen fund, the units are expected to be redeemed for cash.
    • Canadian Mortgage Lender
      In July, we entered into a partnership to privatize First National Financial Corporation, a leading publicly-listed Canadian residential and multi-family mortgage lender, for $2.7 billion. The transaction is expected to be funded with approximately $1.3 billion of equity, of which BBU’s share is expected to be approximately $145 million for an 11% interest in the business. The transaction is expected to close later this year, subject to obtaining the required shareholder, court and regulatory approvals and the satisfaction of other customary closing conditions.
    • Specialty Consumables and Equipment Manufacturer
      In May, we completed the previously announced acquisition of Antylia Scientific, a leading manufacturer and distributor of critical consumables and testing equipment serving life sciences and environmental labs for approximately $1.3 billion. BBU invested $168 million for a 26% interest.
    • Unit Repurchase Program
      During the quarter, we invested $56 million to repurchase 2.2 million units and shares of Brookfield Business Partners at an average price of approximately $25 per unit and share. Since the start of the year, our buyback program has returned $157 million to owners through the repurchase of 6.5 million units and shares under our normal course issuer bid (NCIB), which we plan to renew once it expires later this month.

    Liquidity

    We ended the quarter with approximately $2.3 billion of liquidity at the corporate level, including $2.2 billion of availability on our credit facilities. Pro forma for announced and recently closed transactions, corporate liquidity is approximately $2.9 billion.

    Distribution

    The Board of Directors has declared a quarterly distribution in the amount of $0.0625 per unit, payable on September 29, 2025 to unitholders of record as at the close of business on August 29, 2025.

    Additional Information

    The Board has reviewed and approved this news release, including the summarized unaudited interim condensed consolidated financial statements contained herein.

    Brookfield Business Partners’ Letter to Unitholders and the Supplemental Information are available on our website https://bbu.brookfield.com under Reports & Filings.

    Notes:
    1 Attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, special limited partnership unitholders and BBUC exchangeable shareholders.
    2 Net income (loss) per limited partnership unit calculated as net income (loss) attributable to limited partners divided by the average number of limited partnership units outstanding for the three and six months ended June 30, 2025 which were 88.9 million and 84.5 million, respectively (June 30, 2024: 74.3 million and 74.3 million, respectively).
    3 Adjusted EBITDA is a non-IFRS measure of operating performance presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of interest income (expense), net, income taxes, depreciation and amortization expense, gains (losses) on dispositions, net, transaction costs, restructuring charges, revaluation gains or losses, impairment expenses or reversals, other income or expenses, and preferred equity distributions. The partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. The partnership believes that Adjusted EBITDA provides a comprehensive understanding of the ability of its businesses to generate recurring earnings which allows users to better understand and evaluate the underlying financial performance of the partnership’s operations and excludes items that the partnership believes do not directly relate to revenue earning activities and are not normal, recurring items necessary for business operations. Please refer to the reconciliation of net income (loss) to Adjusted EBITDA included in this news release.
    4 Adjusted EFO is the partnership’s segment measure of profit or loss and is presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of depreciation and amortization expense, deferred income taxes, transaction costs, restructuring charges, unrealized revaluation gains or losses, impairment expenses or reversals and other income or expense items that are not directly related to revenue generating activities. The partnership’s economic ownership interest in consolidated subsidiaries excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. In order to provide additional insight regarding the partnership’s operating performance over the lifecycle of an investment, Adjusted EFO includes the impact of preferred equity distributions and realized disposition gains or losses recorded in net income, other comprehensive income, or directly in equity, such as ownership changes. Adjusted EFO does not include legal and other provisions that may occur from time to time in the partnership’s operations and that are one-time or non-recurring and not directly tied to the partnership’s operations, such as those for litigation or contingencies. Adjusted EFO includes expected credit losses and bad debt allowances recorded in the normal course of the partnership’s operations. Adjusted EFO allows the partnership to evaluate its segments on the basis of return on invested capital generated by its operations and allows the partnership to evaluate the performance of its segments on a levered basis.

    Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. Investors have flexibility to invest in our company either through Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN), a limited partnership or Brookfield Business Corporation (NYSE, TSX: BBUC), a corporation. For more information, please visit https://bbu.brookfield.com.

    Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management’s Private Equity Group. Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion of assets under management.

    Please note that Brookfield Business Partners’ previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR, and are available at https://bbu.brookfield.com under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

    For more information, please contact:

    Conference Call and Quarterly Earnings Webcast Details

    Investors, analysts and other interested parties can access Brookfield Business Partners’ second quarter 2025 results as well as the Letter to Unitholders and Supplemental Information on our website https://bbu.brookfield.com under Reports & Filings.

    The results call can be accessed via webcast on August 1, 2025 at 10:00 a.m. Eastern Time at BBU2025Q2Webcast or participants can preregister at BBU2025Q2ConferenceCall. Upon registering, participants will be emailed a dial-in number and unique PIN. A replay of the webcast will be available at https://bbu.brookfield.com.

    Brookfield Business Partners L.P.
    Consolidated Statements of Financial Position
     
      As at
    US$ millions, unaudited June 30, 2025   December 31, 2024
               
    Assets          
    Cash and cash equivalents   $ 3,329     $ 3,239
    Financial assets     11,658       12,371
    Accounts and other receivable, net     7,148       6,279
    Inventory and other assets     5,808       5,728
    Property, plant and equipment     10,591       13,232
    Deferred income tax assets     1,959       1,744
    Intangible assets     19,158       18,317
    Equity accounted investments     2,397       2,325
    Goodwill     13,287       12,239
    Total Assets   $ 75,335     $ 75,474
               
    Liabilities and Equity          
    Liabilities          
    Corporate borrowings   $ 1,116     $ 2,142
    Accounts payable and other     13,766       16,691
    Non-recourse borrowings in subsidiaries of the partnership     42,493       36,720
    Deferred income tax liabilities     2,639       2,613
               
    Equity          
    Limited partners $ 2,291     $ 1,752  
    Non-controlling interests attributable to:          
    Redemption-exchange units   1,330       1,644  
    Special limited partner   —       —  
    BBUC exchangeable shares   1,805       1,721  
    Preferred securities   740       740  
    Interest of others in operating subsidiaries   9,155       11,451  
          15,321       17,308
    Total Liabilities and Equity   $ 75,335     $ 75,474
    Brookfield Business Partners L.P.
    Consolidated Statements of Operating Results
     
    US$ millions, unaudited Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
      2025     2024       2025     2024  
               
    Revenues $ 6,695   $ 11,946     $ 13,444   $ 23,961  
    Direct operating costs   (5,465 )   (10,928 )     (10,867 )   (21,806 )
    General and administrative expenses   (271 )   (307 )     (582 )   (624 )
    Interest income (expense), net   (801 )   (778 )     (1,571 )   (1,574 )
    Equity accounted income (loss)   23     31       15     54  
    Impairment reversal (expense), net   (14 )   —       (14 )   10  
    Gain (loss) on dispositions, net   6     84       220     99  
    Other income (expense), net   (103 )   (100 )     (186 )   16  
    Income (loss) before income tax   70     (52 )     459     136  
    Income tax (expense) recovery          
    Current   (119 )   (122 )     (316 )   (212 )
    Deferred   184     239       248     344  
    Net income (loss) $ 135   $ 65     $ 391   $ 268  
    Attributable to:          
    Limited partners $ 11   $ (7 )   $ 41   $ 10  
    Non-controlling interests attributable to:          
    Redemption-exchange units   6     (6 )     29     9  
    Special limited partner   —     —       —     —  
    BBUC exchangeable shares   9     (7 )     36     9  
    Preferred securities   13     13       26     26  
    Interest of others in operating subsidiaries   96     72       259     214  
    Brookfield Business Partners L.P.
    Reconciliation of Non-IFRS Measure
     
    US$ millions, unaudited   Three Months Ended June 30, 2025
      Business
    Services    		   Infrastructure
    Services    		   Industrials   Corporate
    and Other    		   Total
                         
    Net income (loss)   $ 253     $ (173 )   $ 95     $ (40 )   $ 135  
                         
    Add or subtract the following:                    
    Depreciation and amortization expense     208       175       384       —       767  
    Impairment reversal (expense), net     —       —       14       —       14  
    Gain (loss) on dispositions, net     (6 )     —       —       —       (6 )
    Other income (expense), net1     (200 )     76       229       (2 )     103  
    Income tax (expense) recovery     9       10       (76 )     (8 )     (65 )
    Equity accounted income (loss)     (5 )     (4 )     (14 )     —       (23 )
    Interest income (expense), net     238       142       401       20       801  
    Equity accounted Adjusted EBITDA2     28       40       20       —       88  
    Amounts attributable to non-controlling interests3     (320 )     (157 )     (746 )     —       (1,223 )
    Adjusted EBITDA   $ 205     $ 109     $ 307     $ (30 )   $ 591  

    Notes:
    1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $236 million of net gain recognized upon the deconsolidation of our healthcare services operation, $183 million of expenses related to employee incentive payments linked to the realization of value at our advanced energy storage operation, $59 million of net revaluation losses, $57 million of business separation expenses, stand-up costs and restructuring charges, $19 million of net loss on debt modification and extinguishment, $3 million of transaction costs and $18 million of other expenses.
    2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.
    3 Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.

    Brookfield Business Partners L.P.
    Reconciliation of Non-IFRS Measure
     
    US$ millions, unaudited   Six Months Ended June 30, 2025
      Business
    Services    		   Infrastructure
    Services    		   Industrials   Corporate
    and Other    		   Total
                         
    Net income (loss)   $ 253     $ (17 )   $ 240     $ (85 )   $ 391  
                         
    Add or subtract the following:                    
    Depreciation and amortization expense     430       340       727       —       1,497  
    Impairment reversal (expense), net     —       —       14       —       14  
    Gain (loss) on dispositions, net     (6 )     (214 )     —       —       (220 )
    Other income (expense), net1     (132 )     (3 )     322       (1 )     186  
    Income tax (expense) recovery     27       35       25       (19 )     68  
    Equity accounted income (loss)     (8 )     22       (29 )     —       (15 )
    Interest income (expense), net     468       291       767       45       1,571  
    Equity accounted Adjusted EBITDA2     52       73       35       —       160  
    Amounts attributable to non-controlling interests3     (666 )     (314 )     (1,490 )     —       (2,470 )
    Adjusted EBITDA   $ 418     $ 213     $ 611     $ (60 )   $ 1,182  

    Notes:
    1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $236 million of net gain recognized upon the deconsolidation of our healthcare services operation, $183 million of expenses related to employee incentive payments linked to the realization of value at our advanced energy storage operation, $135 million of business separation expenses, stand-up costs and restructuring charges, $125 million of unrealized gains recorded on reclassification of property, plant and equipment to finance leases at our offshore oil services operation, $110 million of net revaluation losses, $38 million of transaction costs, $22 million of net loss on debt modification and extinguishment and $59 million of other expenses.
    2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method.
    3 Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.

    Brookfield Business Partners L.P.
    Reconciliation of Non-IFRS Measure
     
    US$ millions, unaudited   Three Months Ended June 30, 2024
      Business
    Services    		   Infrastructure
    Services    		   Industrials   Corporate
    and Other    		   Total
                         
    Net income (loss)   $ (5 )   $ (92 )   $ 216     $ (54 )   $ 65  
                         
    Add back or deduct the following:                    
    Depreciation and amortization expense     248       222       339       —       809  
    Gain (loss) on dispositions, net     —       —       (84 )     —       (84 )
    Other income (expense), net1     51       22       26       1       100  
    Income tax expense (recovery)     (17 )     4       (91 )     (13 )     (117 )
    Equity accounted income (loss)     (5 )     (11 )     (15 )     —       (31 )
    Interest income (expense), net     253       178       309       38       778  
    Equity accounted Adjusted EBITDA2     18       44       15       —       77  
    Amounts attributable to non-controlling interests3     (361 )     (210 )     (502 )     —       (1,073 )
    Adjusted EBITDA   $ 182     $ 157     $ 213     $ (28 )   $ 524  

    Notes:
    1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $82 million related to provisions recorded at our construction operation, $49 million of net gains on debt modification and extinguishment, $41 million of business separation expenses, stand-up costs, and restructuring charges, $21 million of net revaluation gains, $8 million of transaction costs and $39 million of other expenses.
    2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method.
    3 Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.

    Brookfield Business Partners L.P.
    Reconciliation of Non-IFRS Measure
     
    US$ millions, unaudited   Six Months Ended June 30, 2024
      Business
    Services    		   Infrastructure
    Services    		   Industrials   Corporate
    and Other    		   Total
                         
    Net income (loss)   $ 235     $ (157 )   $ 314     $ (124 )   $ 268  
                         
    Add back or deduct the following:                    
    Depreciation and amortization expense     502       434       681       —       1,617  
    Impairment reversal (expense), net     (4 )     (12 )     6       —       (10 )
    Gain (loss) on dispositions, net     (15 )     —       (84 )     —       (99 )
    Other income (expense), net1     (89 )     4       58       11       (16 )
    Income tax expense (recovery)     7       1       (118 )     (22 )     (132 )
    Equity accounted income (loss), net     (6 )     (15 )     (33 )     —       (54 )
    Interest income (expense), net     505       358       636       75       1,574  
    Equity accounted Adjusted EBITDA2     35       83       31       —       149  
    Amounts attributable to non-controlling interests3     (783 )     (396 )     (1,050 )     —       (2,229 )
    Adjusted EBITDA   $ 387     $ 300     $ 441     $ (60 )   $ 1,068  

    Notes:
    1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $179 million of net revaluation gains, $82 million related to provisions recorded at our construction operation, $61 million of business separation expenses, stand-up costs and restructuring charges, $50 million of other income related to a distribution at our entertainment operation, $38 million of net gains on debt modification and extinguishment, $29 million of transaction costs and $79 million of other expenses.
    2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method.
    3 Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.

    Brookfield Business Corporation Reports Second Quarter 2025 Results
     

    Brookfield, News, August 1, 2025 – Brookfield Business Corporation (NYSE, TSX: BBUC) announced today its net income (loss) for the quarter ended June 30, 2025.

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    US$ millions, unaudited   2025     2024     2025     2024  
               
    Net income (loss) attributable to Brookfield Business Partners $ (120 ) $ 124   $ (178 ) $ (26 )

    Net loss attributable to Brookfield Business Partners for the three months ended June 30, 2025 was $120 million, compared to net income of $124 million during the same period in 2024. Current period results included $176 million of remeasurement loss on our exchangeable and class B shares that are classified as liabilities under IFRS and a net gain recognized upon the deconsolidation of our healthcare services operation due to loss of control. Prior period results reflect the impact of reduced contribution from our construction operation. As at June 30, 2025, the exchangeable and class B shares were remeasured to reflect the closing price of $25.93 per unit.

    Dividend

    The Board of Directors has declared a quarterly dividend in the amount of $0.0625 per share, payable on September 29, 2025 to shareholders of record as at the close of business on August 29, 2025.

    Additional Information

    Each exchangeable share of Brookfield Business Corporation has been structured with the intention of providing an economic return equivalent to one unit of Brookfield Business Partners L.P. Each exchangeable share will be exchangeable at the option of the holder for one unit. Brookfield Business Corporation will target that dividends on its exchangeable shares be declared and paid at the same time as distributions are declared and paid on the Brookfield Business Partners’ units and that dividends on each exchangeable share will be declared and paid in the same amount as distributions are declared and paid on each unit to provide holders of exchangeable shares with an economic return equivalent to holders of units.

    In addition to carefully considering the disclosures made in this news release in its entirety, shareholders are strongly encouraged to carefully review the Letter to Unitholders, Supplemental Information and other continuous disclosure filings which are available at https://bbu.brookfield.com.

    Please note that Brookfield Business Corporation’s previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR and are available at https://bbu.brookfield.com/bbuc under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

    Brookfield Business Corporation
    Consolidated Statements of Financial Position
     
      As at
    US$ millions, unaudited June 30, 2025   December 31, 2024
               
    Assets          
    Cash and cash equivalents   $ 613     $ 1,008
    Financial assets     290       353
    Accounts and other receivable, net     3,234       3,229
    Inventory, net     26       52
    Other assets     517       627
    Property, plant and equipment     181       2,480
    Deferred income tax assets     236       197
    Intangible assets     5,980       5,966
    Equity accounted investments     187       198
    Goodwill     5,018       4,988
    Total Assets   $ 16,282     $ 19,098
               
    Liabilities and Equity          
    Liabilities          
    Accounts payable and other   $ 2,981     $ 5,276
    Non-recourse borrowings in subsidiaries of the company     7,940       8,490
    Exchangeable and class B shares     1,815       1,709
    Deferred income tax liabilities     967       988
               
    Equity          
    Brookfield Business Partners $ (159 )     $ (59 )  
    Non-controlling interests   2,738         2,694    
          2,579       2,635
    Total Liabilities and Equity   $ 16,282     $ 19,098
    Brookfield Business Corporation
    Consolidated Statements of Operating Results
     
    US$ millions, unaudited Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
      2025     2024       2025     2024  
               
    Revenues $ 1,860   $ 1,929     $ 3,826   $ 3,794  
    Direct operating costs   (1,695 )   (1,860 )     (3,484 )   (3,512 )
    General and administrative expenses   (69 )   (77 )     (144 )   (141 )
    Interest income (expense), net   (212 )   (203 )     (431 )   (413 )
    Equity accounted income (loss)   2     2       5     3  
    Impairment reversal (expense), net   —     —       —     (2 )
    Remeasurement of exchangeable and class B shares   (176 )   237       (183 )   126  
    Other income (expense), net   236     (59 )     202     (70 )
    Income (loss) before income tax   (54 )   (31 )     (209 )   (215 )
    Income tax (expense) recovery          
    Current   14     16       (9 )   (28 )
    Deferred   17     55       60     109  
    Net income (loss) $ (23 ) $ 40     $ (158 ) $ (134 )
    Attributable to:          
    Brookfield Business Partners   (120 )   124       (178 )   (26 )
    Non-controlling interests $ 97   $ (84 )   $ 20   $ (108 )


    Cautionary Statement Regarding Forward-looking Statements and Information

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Business Partners, as well as regarding recently completed and proposed acquisitions, dispositions, and other transactions, and the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts”, “views”, “potential”, “likely” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”.

    Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, investors and other readers should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Business Partners to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations and our plans and strategies may vary materially from those expressed in the forward-looking statements and forward-looking information herein.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to, the following: the cyclical nature of our operating businesses and general economic conditions and risks relating to the economy, including unfavorable changes in interest rates, foreign exchange rates, inflation, commodity prices and volatility in the financial markets; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; business competition, including competition for acquisition opportunities; strategic actions including our ability to complete dispositions and achieve the anticipated benefits therefrom; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; changes to U.S. laws or policies, including changes in U.S. domestic and economic policies as well as foreign trade policies and tariffs; technological change; litigation; cybersecurity incidents; the possible impact of international conflicts, wars and related developments including terrorist acts and cyber terrorism; operational, or business risks that are specific to any of our business services operations, infrastructure services operations or industrials operations; changes in government policy and legislation; catastrophic events, such as earthquakes, hurricanes and pandemics/epidemics; changes in tax law and practice; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States including those set forth in the “Risk Factors” section in our annual report for the year ended December 31, 2024 filed on Form 20-F.

    Statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described herein can be profitably produced in the future. We qualify any and all of our forward-looking statements by these cautionary factors.

    We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

    Cautionary Statement Regarding the Use of a Non-IFRS Measure

    This news release contains references to a Non-IFRS measure. Adjusted EBITDA is not a generally accepted accounting measure under IFRS and therefore may differ from definitions used by other entities. We believe this is a useful supplemental measure that may assist investors in assessing the financial performance of Brookfield Business Partners and its subsidiaries. However, Adjusted EBITDA should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS.

    References to Brookfield Business Partners are to Brookfield Business Partners L.P. together with its subsidiaries, controlled affiliates and operating entities. Unitholders’ results include limited partnership units, redemption-exchange units, general partnership units, BBUC exchangeable shares and special limited partnership units. More detailed information on certain references made in this news release will be available in our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our interim report for the second quarter ended June 30, 2025 furnished on Form 6-K.

    The MIL Network –

  • MIL-OSI USA: Rep. Simpson Highlights Efforts to Make Housing More Affordable

    Source: US State of Idaho

    Rep. Simpson Highlights Efforts to Make Housing More Affordable

    Washington, August 1, 2025

    WASHINGTON—Today, Idaho Congressman Mike Simpson highlighted his recent legislative actions to address housing affordability in America. These actions include supporting President Trump’s One Big Beautiful Bill, voting to advance the Fiscal Year 2026 Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, and cosponsoring the Housing Supply Frameworks Act introduced by Representative Mike Flood of Nebraska.
    “Idaho is one of the fastest-growing states in the nation, and one of the top concerns I’ve heard in recent years is what Congress is doing to tackle the housing affordability crisis,” said Rep. Simpson. “Thanks to President Trump’s One Big Beautiful Bill and its historic tax relief provisions, addressing this issue has now become a reality. The pro-growth policies in the bill will unleash American economic prosperity and make housing more affordable by putting more money back into the pockets of Idahoans and all Americans. I was proud to support the One Big Beautiful Bill and will continue supporting policies that make housing a priority.”
    Efforts to Make Housing More Affordable:

    H.R. 1 – The One Big Beautiful Bill Act. President Trump signed this legislation into law on July 4th, 2025. The One Big Beautiful Bill extends and expands the Low-Income Housing Tax Credit, permanently extends the tax deduction on mortgage interest, and makes improvements to the Opportunity Zone program.
    H.R. 4552 – The Fiscal Year 2026 Transportation, Housing and Urban Development, and Related Agencies Appropriations Act. This legislation maintains funding at responsible levels for housing programs and refocuses housing assistance to promote self-sufficiency while continuing to support America’s most vulnerable.
    H.R. 2840 – The Housing Supply Frameworks Act. This legislation directs the U.S. Department of Housing and Urban Development to develop frameworks for best practices on zoning and land-use policies.

    MIL OSI USA News –

  • MIL-OSI: TransAlta Reports Strong Second Quarter 2025 Results, Advancement of Strategic Priorities and Reaffirms Guidance

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Aug. 01, 2025 (GLOBE NEWSWIRE) — TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) today reported its financial results for the second quarter ended June 30, 2025.

    “Our strong second quarter results illustrate the value of our diversified fleet and exceptional operational performance. Our Alberta portfolio’s hedging strategy and active asset optimization continued to generate realized prices well above spot prices while environmental credits generated by our hydro and wind assets significantly offset our gas fleet’s carbon price compliance obligation. While we continue to navigate a challenging Alberta price environment, our assets continue to perform well, and we remain confident in achieving our 2025 Outlook,” said John Kousinioris, President and Chief Executive Officer.

    “Our team remains focused on advancing our strategic priorities. We are pleased with the progress on our Alberta data centre strategy and the associated negotiations, which now reflect the Alberta Electric System Operator’s (AESO) approach to large load integration. The AESO currently expects Demand Transmission Service contracts to be executed in mid-September, which will secure each proponent’s access to system capacity. We continue to work closely with our counterparties and are progressing towards the execution of a data centre memorandum of understanding in relation to our system capacity allocation,” added Mr. Kousinioris.

    “Finally, we continue to progress negotiations on conversion opportunities at Centralia and are working towards executing a definitive agreement later this year with our customer for the full capacity of Centralia Unit 2.”

    Second Quarter 2025 Highlights

    • Achieved strong operational availability of 91.6 per cent in 2025, compared to 90.8 per cent in 2024
    • Adjusted EBITDA(1) of $349 million, compared to $316 million for the same period in 2024
    • Free Cash Flow (FCF)(1) of $177 million, or $0.60 per share, remained consistent with the same period in 2024
    • Adjusted earnings before income taxes(1) of $122 million, or $0.41 per share, compared to $112 million, or $0.37 per share, for the same period in 2024
    • Cash flow from operating activities of $157 million, or $0.53 per share, compared to $108 million, or $0.36 per share, from the same period in 2024
    • Net loss attributable to common shareholders(1) of $112 million, or $0.38 per share, compared to net earnings attributable to common shareholders of $56 million, or $0.18 per share, for the same period in 2024

    Second Quarter 2025 Operational and Financial Highlights

    $ millions, unless otherwise stated Three Months Ended Six Months Ended
    June 30,
    2025    		 June 30,
    2024    		 June 30,
    2025    		 June 30,
    2024
    Operational information        
    Availability (%) 91.6   90.8 93.3   91.5
    Production (GWh) 4,813   4,781 11,645   10,959
    Select financial information        
    Revenues 433   582 1,191   1,529
    Adjusted EBITDA(1) 349   316 619   658
    Adjusted earnings before income taxes(1) 122   112 150   256
    (Loss) earnings before income taxes (95 ) 94 (46 ) 361
    Adjusted net earnings after taxes attributable to common shareholders(1) 54   70 84   197
    Net (loss) earnings attributable to common shareholders (112 ) 56 (66 ) 278
    Cash flows        
    Cash flow from operating activities 157   108 164   352
    Funds from operations(1) 252   236 431   490
    Free cash flow(1) 177   177 316   398
    Per share        
    Adjusted net earnings attributable to common shareholders per share(1) 0.18   0.23 0.28   0.64
    Net (loss) earnings per share attributable to common shareholders, basic and diluted (0.38 ) 0.18 (0.22 ) 0.91
    Cash flow from operating activities per share 0.53   0.36 0.55   1.15
    Funds from operations per share(1) 0.85   0.78 1.45   1.60
    FCF per share(1) 0.60   0.58 1.06   1.30
    Dividends declared per common share —   0.06 0.07   0.06
    Weighted average number of common shares outstanding 297   303 297   306


    Segmented Financial Performance

    $ millions

    		 Three Months Ended Six Months Ended
    June 30,
    2025    		 June 30,
    2024    		 June 30,
    2025    		 June 30,
    2024
    Hydro 126   83   173   170  
    Wind and Solar 89   88   191   177  
    Gas 128   142   232   267  
    Energy Transition 19   2   56   29  
    Energy Marketing 26   39   47   78  
    Corporate (39 ) (38 ) (80 ) (63 )
    Total adjusted EBITDA(1)(2) 349   316   619   658  
    Adjusted earnings before income taxes(1) 122   112   150   256  
    (Loss) earnings before income taxes (95 ) 94   (46 ) 361  
    Adjusted net earnings attributable to common shareholders(1) 54   70   84   197  
    Net (loss) earnings attributable to common shareholders (112 ) 56   (66 ) 278  


    Key Business Developments

    Credit Facility Extension

    On July 16, 2025, the Company executed agreements to extend committed credit facilities totalling $2.1 billion with a syndicate of lenders. The revised agreements extend the maturity dates of the syndicated credit facility from June 30, 2028 to June 30, 2029 and the bilateral credit facilities from June 30, 2026 to June 30, 2027.

    Divestiture of Poplar Hill

    During the second quarter of 2025, the Company signed an agreement for the divestiture of the 48 MW Poplar Hill asset, as required by the consent agreement with the federal Competition Bureau and pursuant to the terms of the acquisition of Heartland Generation. Energy Capital Partners will be entitled to receive the proceeds from the sale of Poplar Hill, net of certain adjustments, following completion of the divestiture.

    Recontracting of Ontario Wind Facilities

    During the second quarter of 2025, the Company successfully recontracted its Melancthon 1, Melancthon 2 and Wolfe Island wind facilities through the Ontario Independent Electricity System Operator Five-Year Medium-Term 2 Energy Contract (MT2e). MT2e will replace current energy contracts for the three wind facilities when they expire, extending the contract dates until April 30, 2031, for Melancthon 1 and April 30, 2034, for Melancthon 2 and Wolfe Island.

    Normal Course Issuer Bid (NCIB)

    On May 27, 2025, the Company announced that it had received approval from the Toronto Stock Exchange to repurchase up to a maximum of 14 million common shares during the 12-month period that commenced May 31, 2025 and will terminate on May 30, 2026.

    On Feb. 19, 2025, the Company announced it was allocating up to $100 million to be returned to shareholders in the form of share repurchases.

    During the six months ended June 30, 2025, the Company purchased and cancelled a total of 1,932,800 common shares at an average price of $12.42 per common share, for a total cost of $24 million, including taxes.

    Conference call and webcast

    TransAlta will host a conference call and webcast at 9:00 a.m. MST (11:00 a.m. EST) today, August 1, 2025, to discuss our second quarter 2025 results. The call will begin with comments from John Kousinioris, President and Chief Executive Officer, and Joel Hunter, EVP Finance and Chief Financial Officer, followed by a question-and-answer period.

    Second Quarter 2025 Conference Call

    Webcast link: https://edge.media-server.com/mmc/p/zpy9addj

    To access the conference call via telephone, please register ahead of time using the call link here: https://register-conf.media-server.com/register/BI215de673b3704e0da46b2a02e0f35bb0. Once registered, participants will have the option of 1) dialing into the call from their phone (via a personalized PIN); or 2) clicking the “Call Me” option to receive an automated call directly to their phone.

    If you are unable to participate in the call, the replay will be accessible at https://edge.media-server.com/mmc/p/zpy9addj. A transcript of the broadcast will be posted on TransAlta’s website once it becomes available.

    Related Materials

    Related materials, including the consolidated financial statements and Management’s Discussion and Analysis (MD&A) will be available on the Investor Centre section of TransAlta’s website at https://transalta.com/investors/presentations-and-events/ and https://transalta.com/investors/results-reporting/ and have been filed under TransAlta Corporation’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.

    Notes

    1. These items (Adjusted EBITDA, adjusted earnings (loss) before income taxes, adjusted net earnings (loss) after income taxes attributable to common shareholders, funds from operations, free cash flow, adjusted net earnings attributable to common shareholders per share, funds from operations (FFO) per share and free cash flow (FCF) per share) are non-IFRS measures, which are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Presenting these items from period to period provides management and investors with the ability to evaluate earnings (loss) trends more readily in comparison with prior periods’ results. Please refer to the Non-IFRS financial measures section of this earnings release for further discussion of these items, including, where applicable, reconciliations to measures calculated in accordance with IFRS.
    2. During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. Therefore, the Company has applied this composition to all previously reported periods. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.

    Non-IFRS financial measures

    We use a number of financial measures to evaluate our performance and the performance of our business segments, including measures and ratios that are presented on a non-IFRS basis, as described below. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from our consolidated financial statements prepared in accordance with IFRS. We believe that these non-IFRS amounts, measures and ratios, read together with our IFRS amounts, provide readers with a better understanding of how management assesses results.

    Non-IFRS amounts, measures and ratios do not have standardized meanings under IFRS. They are unlikely to be comparable to similar measures presented by other companies and should not be viewed in isolation from, as an alternative to, or more meaningful than, our IFRS results.

    We calculate adjusted measures by adjusting certain IFRS measures for certain items we believe are not reflective of our ongoing operations in the period. Except as otherwise described, these adjusted measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, unless stated otherwise.

    Adjusted EBITDA

    Each business segment assumes responsibility for its operating results measured by adjusted EBITDA. Adjusted EBITDA is an important metric for management that represents our core operational results.

    During the first quarter of 2025, our adjusted EBITDA composition was amended to remove the impact of realized gain (loss) on closed exchange positions, which was included in adjusted EBITDA composition until the fourth quarter of 2024. The adjustment was intended to explain a timing difference between our internally and externally reported results and was useful at a time when markets were more volatile. The impact of realized gain (loss) on closed exchange positions was removed to simplify our reporting. Accordingly, the Company has applied this composition to all previously reported periods.

    During the first quarter of 2025, our adjusted EBITDA composition was amended to remove the impact of Australian interest income, which was included in adjusted EBITDA composition until the fourth quarter of 2024. Initially, on the commissioning of the South Hedland facility in July 2017, we prepaid approximately $74 million of electricity transmission and distribution costs. Interest income, which was recorded on the prepaid funds, was reclassified as a reduction in the transmission and distribution costs expensed each period to reflect the net cost to the business. The impact of Australian interest income was removed to simplify our reporting since the amounts were not material. Accordingly, the Company has applied this composition to all previously reported periods.

    Interest, taxes, depreciation and amortization are not included, as differences in accounting treatment may distort our core business results. In addition, certain reclassifications and adjustments are made to better assess results, excluding those items that may not be reflective of ongoing business performance. This presentation may facilitate the readers’ analysis of trends. The most directly comparable IFRS measure is earnings before income taxes.

    Adjusted Revenue

    Adjusted Revenues is Revenues (the most directly comparable IFRS measure) adjusted to exclude:

    The impact of unrealized mark-to-market gains or losses and unrealized foreign exchange gains or losses on commodity transactions.

    Certain assets that we own in Canada and Western Australia are fully contracted and recorded as finance leases under IFRS. We believe that it is more appropriate to reflect the payments we receive under the contracts as a capacity payment in our revenues instead of as finance lease income and a decrease in finance lease receivables.

    Revenues from the Planned Divestitures as they do not reflect ongoing business performance.

    Adjusted Fuel and Purchased Power

    Adjusted Fuel and Purchased Power is Fuel and Purchased Power (the most directly comparable IFRS measure) adjusted to exclude fuel and purchased power from the Planned Divestitures as it does not reflect ongoing business performance.

    Adjusted Gross Margin

    Adjusted gross margin is calculated as adjusted revenues less adjusted fuel and purchased power and carbon compliance costs, where adjustments to revenue or fuel and purchased power were applied as stated above. The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment. The most directly comparable IFRS measure is gross margin in the consolidated statement of earnings.

    Adjusted OM&A

    Adjusted OM&A is OM&A (the most directly comparable IFRS measure) adjusted to exclude:

    Acquisition-related transaction and restructuring costs, mainly comprised of severance, legal and consultant fees as these do not reflect ongoing business performance.

    ERP integration costs representing planning, design and integration costs of upgrades to the existing ERP system as they represent project costs that do not occur on a regular basis, and therefore do not reflect ongoing performance.

    OM&A from the Planned Divestitures as it does not reflect ongoing business performance.

    Adjusted Net Other Operating Income

    Adjusted Net Other Operating Income is Net Other Operating Income (the most directly comparable IFRS measure) adjusted to exclude insurance recoveries related to the Kent Hills replacement costs of the tower collapse as these relate to investing activities and are not reflective of ongoing business performance.

    Adjustments to Earnings (Loss) in Addition to Interest, Taxes, Depreciation and Amortization

    • Fair value change in contingent consideration payable is not included as it is not reflective of ongoing business performance.
    • Asset impairment charges and reversals are not included as these are accounting adjustments that impact depreciation and amortization and do not reflect ongoing business performance.
    • Any gains or losses on asset sales or foreign exchange gains or losses are not included as these are not part of operating income.

    Adjustments for Equity-Accounted Investments

    • During the fourth quarter of 2020, we acquired a 49 per cent interest in the Skookumchuck wind facility, which is treated as an equity investment under IFRS and our proportionate share of the net earnings is reflected as equity income on the statement of earnings under IFRS. As this investment is part of our regular power-generating operations, we have included our proportionate share of adjusted EBITDA for the Skookumchuck wind facility in our total adjusted EBITDA. In addition, in the Wind and Solar adjusted results, we have included our proportionate share of revenues and expenses to reflect the full operational results of this investment. We have not included adjusted EBITDA of other equity-accounted investments in our total adjusted EBITDA as it does not represent our regular power-generating operations.

    Adjusted Earnings (Loss) before income taxes

    Adjusted earnings (loss) before income taxes represents segmented earnings (loss) adjusted for certain items that we believe do not reflect ongoing business performance and is an important metric for evaluating performance trends in each segment.

    For details of the adjustments made to earnings (loss) before income taxes (the most directly comparable IFRS measure) to calculate adjusted earnings (loss) before income taxes, refer to the Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment section of the MD&A.

    Adjusted Net Earnings (Loss) attributable to common shareholders

    Adjusted net earnings (loss) attributable to common shareholders represents net earnings (loss) attributable to common shareholders adjusted for specific reclassifications and adjustments and their tax impact, and is an important metric for evaluating performance. For details of the reclassifications and adjustments made to net earnings (loss) attributable to common shareholders (the most directly comparable IFRS measure), please refer to the reconciliation of net earnings (loss) to adjusted net earnings (loss) attributable to common shareholders in the Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment section of the MD&A.

    Adjusted Net Earnings (Loss) per common share attributable to common shareholders

    Adjusted net earning (loss) per common share attributable to common shareholders is calculated as adjusted net earnings (loss) attributable to common shareholders divided by a weighted average number of common shares outstanding during the period. The measure is useful in showing the earnings per common share for our core operational results as it excludes the impact of items that do not reflect an ongoing business performance. Adjusted net earnings (loss) attributable per common share is a non-IFRS ratio and the most directly comparable IFRS measure is net income (loss) per common share attributable to common shareholders. Refer to the reconciliation of earnings (loss) before income taxes to adjusted net earnings (loss) attributable to common shareholders in the Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment section of the MD&A.

    Funds From Operations (FFO)

    Represents a proxy for cash generated from operating activities before changes in working capital and provides the ability to evaluate cash flow trends in comparison with results from prior periods. FFO is calculated as cash flow from operating activities before changes in working capital and is adjusted for transactions and amounts that the Company believes are not representative of ongoing cash flows from operations.

    Free Cash Flow (FCF)

    Represents the amount of cash that is available to invest in growth initiatives, make scheduled principal debt repayments, repay maturing debt, pay common share dividends or repurchase common shares and provides the ability to evaluate cash flow trends in comparison with the results from prior periods. Changes in working capital are excluded so that FFO and FCF are not distorted by changes that we consider temporary in nature, reflecting, among other things, the impact of seasonal factors and timing of receipts and payments.

    Non-IFRS Ratios

    FFO per share, FCF per share and adjusted net debt to adjusted EBITDA are non-IFRS ratios that are presented in the MD&A. Refer to the Reconciliation of Cash Flow from Operations to FFO and FCF and Key Non-IFRS Financial Ratios sections of the MD&A for additional information.

    Net Interest Expense

    Net interest expense is calculated as total interest expense less total interest income and non-cash items. For detailed calculation refer to the table in the Reconciliation of Adjusted EBITDA to FFO and FCF section of this MD&A. Net Interest expense is a proxy for the actual cash interest paid that approximates the cash outflow in the FFO and FCF calculation. The most directly comparable IFRS measure is total interest expense.

    FFO per share and FCF per share

    FFO per share and FCF per share are calculated using the weighted average number of common shares outstanding during the period. FFO per share and FCF per share are non-IFRS ratios.

    Supplementary financial measures include available liquidity, carbon compliance per MWh, fuel cost per MWh, hedged power price average per MWh, realized foreign exchange loss, sustaining capital expenditures, the Alberta electricity portfolio metrics and unrealized foreign exchange loss (gain).

    Reconciliation of these non-IFRS financial measures to the most comparable IFRS measure are provided below.

    Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment

    The following table reflects adjusted EBITDA and adjusted earnings (loss) before income taxes by segment and provides reconciliation to earnings (loss) before income taxes for the three months ended June 30, 2025:

      Hydro Wind &
    Solar(1)    		 Gas Energy
    Transition    		 Energy
    Marketing    		 Corporate Total Equity-
    accounted
    investments(1)    		 Reclass
    adjustments    		 IFRS
    financials
    Revenues 129   59   204   73   38   (67 ) 436   (3 ) —   433  
    Reclassifications and adjustments:                  
    Unrealized mark-to-market (gain) loss 18   68   71   15   (2 ) —   170   —   (170 ) —  
    Decrease in finance lease receivable —   —   7   —   —   —   7   —   (7 ) —  
    Finance lease income —   2   3   —   —   —   5   —   (5 ) —  
    Revenues from Planned Divestitures —   —   (3 ) —   —   —   (3 ) —   3   —  
    Unrealized foreign exchange gain on commodity —   —   —   —   (2 ) —   (2 ) —   2   —  
    Adjusted revenue 147   129   282   88   34   (67 ) 613   (3 ) (177 ) 433  
    Fuel and purchased power 7   9   106   51   —   —   173   —   —   173  
    Reclassifications and adjustments:                    
    Fuel and purchased power related to Planned Divestitures —   —   (1 ) —   —   —   (1 ) —   1   —  
    Adjusted fuel and purchased power 7   9   105   51   —   —   172   —   1   173  
    Carbon compliance costs (recovery) —   1   (8 ) —   —   (67 ) (74 ) —   —   (74 )
    Adjusted gross margin 140   119   185   37   34   —   515   (3 ) (178 ) 334  
    OM&A 13   25   65   18   8   45   174   (1 ) —   173  
    Reclassifications and adjustments:                    
    OM&A related to Planned Divestitures —   —   (1 ) —   —   —   (1 ) —   1   —  
    ERP integration costs —   —   —   —   —   (6 ) (6 ) —   6   —  
    Acquisition-related transaction and restructuring costs —   —   —   —   —   (1 ) (1 ) —   1   —  
    Adjusted OM&A 13   25   64   18   8   38   166   (1 ) 8   173  
    Taxes, other than income taxes 1   5   5   —   —   1   12   —   —   12  
    Net other operating income —   —   (12 ) —   —   —   (12 ) —   —   (12 )
    Adjusted EBITDA(2) 126   89   128   19   26   (39 ) 349        
    Depreciation and amortization (8 ) (52 ) (74 ) (13 ) —   (4 ) (151 ) 1   —   (150 )
    Equity income —   —   —   —   —   —   —   —   1   1  
    Interest income —   —   —   —   —   7   7   (1 ) —   6  
    Interest expense —   —   —   —   —   (89 ) (89 ) 1   —   (88 )
    Realized foreign exchange gain —   —   —   —   —   6   6   —   —   6  
    Adjusted earnings (loss) before income taxes(2) 118   37   54   6   26   (119 ) 122        
    Reclassifications and adjustments above (18 ) (70 ) (80 ) (15 ) 4   (7 ) (186 )      
    Finance lease income —   2   3   —   —   —   5   —   —   5  
    Skookumchuk earnings reclass to Equity income(1) —   (1 ) —   —   —   1   —   —   —   —  
    Asset impairment charges —   —   —   (11 ) —   (2 ) (13 ) —   —   (13 )
    Unrealized foreign exchange loss —   —   —   —   —   (23 ) (23 ) —   —   (23 )
    Earnings (loss) before income taxes 100   (32 ) (23 ) (20 ) 30   (150 ) (95 ) —   —   (95 )
    1. The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
    2. Adjusted EBITDA, adjusted earnings (loss) before income taxes are non-IFRS measures, are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.

    The following table reflects adjusted EBITDA and adjusted earnings (loss) before income taxes by segment and provides reconciliation to earnings (loss) before income taxes for the three months ended June 30, 2024:

      Hydro Wind &
    Solar(1)    		 Gas Energy
    Transition    		 Energy
    Marketing    		 Corporate Total Equity-
    accounted
    investments(1)    		 Reclass
    adjustments    		 IFRS
    financials
    Revenues 99   112   284   79   47   (34 ) 587   (5 ) —   582  
    Reclassifications and adjustments:                  
    Unrealized mark-to-market (gain) loss 1   8   10   (14 ) 1   —   6   —   (6 ) —  
    Decrease in finance lease receivable —   —   5   —   —   —   5   —   (5 ) —  
    Finance lease income —   2   2   —   —   —   4   —   (4 ) —  
    Unrealized foreign exchange gain on commodity —   —   (1 ) —   —   —   (1 ) —   1   —  
    Adjusted revenue 100   122   300   65   48   (34 ) 601   (5 ) (14 ) 582  
    Fuel and purchased power 3   8   97   46   —   —   154   —   —   154  
    Carbon compliance costs (recovery) —   —   26   —   —   (34 ) (8 ) —   —   (8 )
    Adjusted gross margin 97   114   177   19   48   —   455   (5 ) (14 ) 436  
    OM&A 13   24   42   15   9   42   145   (1 ) —   144  
    Reclassifications and adjustments:                  
    Acquisition-related transaction and restructuring costs —   —   —   —   —   (4 ) (4 ) —   4   —  
    Adjusted OM&A 13   24   42   15   9   38   141   (1 ) 4   144  
    Taxes, other than income taxes 1   4   3   2   —   —   10   (1 ) —   9  
    Net other operating income —   (2 ) (10 ) —   —   —   (12 ) —   —   (12 )
    Adjusted EBITDA(2)(3) 83   88   142   2   39   (38 ) 316   —   —   —  
    Depreciation and amortization (8 ) (47 ) (56 ) (15 ) (1 ) (5 ) (132 ) 1   —   (131 )
    Equity income —   —   —   —   —   1   1   —   2   3  
    Interest income —   —   —   —   —   8   8   —   —   8  
    Interest expense —   —   —   —   —   (80 ) (80 ) —   —   (80 )
    Realized foreign exchange loss(3) —   —   —   —   —   (1 ) (1 ) —   —   (1 )
    Adjusted earnings (loss) before income taxes(2) 75   41   86   (13 ) 38   (115 ) 112   —   —   —  
    Reclassifications and adjustments above (1 ) (10 ) (16 ) 14   (1 ) (4 ) (18 ) —   —   —  
    Finance lease income —   2   2   —   —   —   4   —   —   4  
    Skookumchuk earnings reclass to Equity income(1) —   (2 ) —   —   —   2   —   —   —   —  
    Asset impairment (charges) reversals —   (1 ) —   1   —   (5 ) (5 ) —   —   (5 )
    Gain on sale of assets and other(3) —   —   —   1   —   —   1   —   —   1  
    Unrealized foreign exchange loss(3) —   —   —   —   —   (1 ) (1 ) —   —   (1 )
    Earnings (loss) before income taxes 74   30   72   3   37   (122 ) 94   —   —   94  
    1. The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
    2. Adjusted EBITDA, adjusted earnings (loss) before income taxes are non-IFRS measures, are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.
    3. During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. Therefore, the Company has applied this composition to all previously reported periods.

    The following table reflects adjusted EBITDA and adjusted earnings (loss) before income taxes by segment and provides reconciliation to earnings (loss) before income taxes for the six months ended June 30, 2025:

      Hydro Wind &
    Solar(1)    		 Gas Energy
    Transition    		 Energy
    Marketing    		 Corporate Total Equity-
    accounted
    investments(1)    		 Reclass
    adjustments    		 IFRS
    financials
    Revenues 215   166   594   227   65   (66 ) 1,201   (10 ) —   1,191  
    Reclassifications and adjustments:                  
    Unrealized mark-to-market (gain) loss (3 ) 104   39   14   (1 ) —   153   —   (153 ) —  
    Decrease in finance lease receivable —   1   14   —   —   —   15   —   (15 ) —  
    Finance lease income —   3   8   —   —   —   11   —   (11 ) —  
    Revenues from Planned Divestitures —   —   (7 ) —   —   —   (7 ) —   7   —  
    Unrealized foreign exchange gain on commodity —   —   —   —   (2 ) —   (2 ) —   2   —  
    Adjusted revenue 212   274   648   241   62   (66 ) 1,371   (10 ) (170 ) 1,191  
    Fuel and purchased power 11   19   269   149   —   2   450   —   —   450  
    Reclassifications and adjustments:                  
    Fuel and purchased power related to Planned Divestitures —   —   (3 ) —   —   —   (3 ) —   3   —  
    Adjusted fuel and purchased power 11   19   266   149   —   2   447   —   3   450  
    Carbon compliance costs (recovery) —   2   41   —   —   (68 ) (25 ) —   —   (25 )
    Adjusted gross margin 201   253   341   92   62   —   949   (10 ) (173 ) 766  
    OM&A 26   54   124   35   15   94   348   (2 ) —   346  
    Reclassifications and adjustments:                  
    OM&A related to Planned Divestitures —   —   (3 ) —   —   —   (3 ) —   3   —  
    ERP integration costs —   —   —   —   —   (10 ) (10 ) —   10   —  
    Acquisition-related transaction and restructuring costs —   —   —   —   —   (5 ) (5 ) —   5   —  
    Adjusted OM&A 26   54   121   35   15   79   330   (2 ) 18   346  
    Taxes, other than income taxes 2   10   10   1   —   1   24   —   —   24  
    Net other operating income —   (4 ) (22 ) —   —   —   (26 ) —   —   (26 )
    Reclassifications and adjustments:                  
    Insurance recovery —   2   —   —   —   —   2   —   (2 ) —  
    Adjusted net other operating income —   (2 ) (22 ) —   —   —   (24 ) —   (2 ) (26 )
    Adjusted EBITDA(2) 173   191   232   56   47   (80 ) 619        
    Depreciation and amortization (17 ) (105 ) (138 ) (28 ) (2 ) (9 ) (299 ) 3   —   (296 )
    Equity income —   —   —   —   —   (1 ) (1 ) —   4   3  
    Interest income —   —   —   —   —   12   12   (1 ) —   11  
    Interest expense —   —   —   —   —   (183 ) (183 ) 2   —   (181 )
    Realized foreign exchange gain —   —   —   —   —   2   2   —   —   2  
    Adjusted earnings (loss) before income taxes(2) 156   86   94   28   45   (259 ) 150        
    Reclassifications and adjustments above 3   (106 ) (60 ) (14 ) 3   (15 ) (189 )      
    Finance lease income —   3   8   —   —   —   11   —   —   11  
    Skookumchuk earnings reclass to Equity income(1) —   (4 ) —   —   —   4   —   —   —   —  
    Fair value change in contingent consideration payable —   —   34   —   —   —   34   —   —   34  
    Asset impairment (charges) reversals —   —   (34 ) 13   —   (7 ) (28 ) —   —   (28 )
    Loss on sale of assets and other —   —   —   —   —   (1 ) (1 ) —   —   (1 )
    Unrealized foreign exchange loss —   —   —   —   —   (23 ) (23 ) —   —   (23 )
    Earnings (loss) before income taxes 159   (21 ) 42   27   48   (301 ) (46 ) —   —   (46 )
    1. The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
    2. Adjusted EBITDA, adjusted earnings (loss) before income taxes are non-IFRS measures, are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.

    The following table reflects adjusted EBITDA and adjusted earnings (loss) before income taxes by segment and provides reconciliation to earnings (loss) before income taxes for the six months ended June 30, 2024:

      Hydro Wind &
    Solar(1)    		 Gas Energy
    Transition    		 Energy
    Marketing    		 Corporate Total Equity-
    accounted
    investments(1)    		 Reclass
    adjustments    		 IFRS
    financials
    Revenues 211   251   717   296   99   (34 ) 1,540   (11 ) —   1,529  
    Reclassifications and adjustments:                  
    Unrealized mark-to-market (gain) loss (4 ) (13 ) (81 ) (20 ) (2 ) —   (120 ) —   120   —  
    Decrease in finance lease receivable —   1   9   —   —   —   10   —   (10 ) —  
    Finance lease income —   3   3   —   —   —   6   —   (6 ) —  
    Unrealized foreign exchange gain on commodity —   —   (2 ) —   —   —   (2 ) —   2   —  
    Adjusted revenue 207   242   646   276   97   (34 ) 1,434   (11 ) 106   1,529  
    Fuel and purchased power 9   17   239   212   —   —   477   —   —   477  
    Carbon compliance costs (recovery) —   —   66   —   —   (34 ) 32   —   —   32  
    Adjusted gross margin 198   225   341   64   97   —   925   (11 ) 106   1,020  
    OM&A 26   44   88   33   19   70   280   (2 ) —   278  
    Reclassifications and adjustments:                  
    Acquisition-related transaction and restructuring costs —   —   —   —   —   (7 ) (7 ) —   7   —  
    Adjusted OM&A 26   44   88   33   19   63   273   (2 ) 7   278  
    Taxes, other than income taxes 2   8   6   2   —   —   18   (1 ) —   17  
    Net other operating income —   (4 ) (20 ) —   —   —   (24 ) —   —   (24 )
    Adjusted EBITDA(2)(3) 170   177   267   29   78   (63 ) 658        
    Depreciation and amortization (15 ) (90 ) (111 ) (31 ) (2 ) (9 ) (258 ) 3   —   (255 )
    Equity income —   —   —   —   —   (1 ) (1 ) —   5   4  
    Interest income —   —   —   —   —   15   15   —   —   15  
    Interest expense —   —   —   —   —   (149 ) (149 ) —   —   (149 )
    Realized foreign exchange loss(4) —   —   —   —   —   (9 ) (9 ) —   —   (9 )
    Adjusted earnings (loss) before income taxes(2) 155   87   156   (2 ) 76   (216 ) 256        
    Reclassifications and adjustments above 4   9   71   20   2   (7 ) 99        
    Finance lease income —   3   3   —   —   —   6   —   —   6  
    Skookumchuk earnings reclass to Equity income(1) —   (5 ) —   —   —   5   —   —   —   —  
    Asset impairment (charges) reversals —   (5 ) —   4   —   (5 ) (6 ) —   —   (6 )
    Gain on sale of assets and other(4) —   —   —   1   —   2   3   —   —   3  
    Unrealized foreign exchange gain(4) —   —   —   —   —   3   3   —   —   3  
    Earnings (loss) before income taxes 159   89   230   23   78   (218 ) 361   —   —   361  
    1. The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
    2. Adjusted EBITDA, adjusted earnings (loss) before income taxes are non-IFRS measures, are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.
    3. During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. Therefore, the Company has applied this composition to all previously reported periods.

    Reconciliation of Earnings Before Income Taxes to Adjusted Net Earnings attributable to common shareholders

    The following table reflects reconciliation of (loss) earnings before income taxes to adjusted net earnings attributable to common shareholders for the three and six months ended June 30, 2025 and June 30, 2024:

      Three months ended
    June 30    		 Six months ended
    June 30
      2025   2024   2025   2024  
    (Loss) earnings before income taxes (95 ) 94   (46 ) 361  
    Income tax expense 11   28   18   57  
    Net (loss) earnings (106 ) 66   (64 ) 304  
    Net (loss) earnings attributable to non-controlling interests (7 ) (3 ) (11 ) 13  
    Preferred share dividends 13   13   13   13  
    Net (loss) earnings attributable to common shareholders (112 ) 56   (66 ) 278  
    Adjustments and reclassifications (pre-tax):        
    Adjustments and reclassifications to Revenues 177   14   170   (106 )
    Adjustments and reclassifications to Fuel and purchased power 1   —   3   —  
    Adjustments and reclassifications to OM&A 8   4   18   7  
    Adjustments and reclassifications to Net other operating income —   —   (2 ) —  
    Fair value change in contingent consideration payable (gain) —   —   (34 ) —  
    Finance lease income (5 ) (4 ) (11 ) (6 )
    Asset impairment charges 13   5   28   6  
    Loss (gain) on sale of assets and other —   (1 ) 1   (3 )
    Unrealized foreign exchange loss (gain)(1) 23   —   23   (3 )
    Calculated tax (expense) recovery on adjustments and reclassifications(2) (51 ) (4 ) (46 ) 24  
    Adjusted net earnings attributable to common shareholders(3) 54   70   84   197  
    Weighted average number of common shares outstanding in the period 297   303   297   306  
    Net (loss) income per common share attributable to common shareholders (0.38 ) 0.18   (0.22 ) 0.91  
    Adjustments and reclassifications (net of tax) 0.56   0.05   0.50   (0.26 )
    Adjusted net earnings per common share attributable to common shareholders(3) 0.18   0.23   0.28   0.64  
    1. Unrealized foreign exchange (loss) gain is a supplementary financial measure. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this MD&A for more details.
    2. Represents a theoretical tax calculated by applying the Company’s consolidated effective tax rate of 23.3 per cent for the three and six months ended June 30, 2025 (three and six months ended June 30, 2024 — 23.3 per cent). The amount does not take into account the impact of different tax jurisdictions the Company’s operations are domiciled and does not include the impact of deferred taxes.
    3. Adjusted net earnings attributable to common shareholders and Adjusted net earnings per common share attributable to common shareholders are non-IFRS measures, are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. The most directly comparable IFRS measures are net earnings attributable to common shareholders and net earnings per share attributable to common shareholders, basic and diluted. Refer to the Non-IFRS financial measures section in this earnings release for more details.

    Reconciliation of cash flow from operations to FFO and FCF

    The table below reconciles our cash flow from operating activities to our FFO and FCF:

      Three months ended
    June 30    		 Six months ended
    June 30
      2025   2024   2025   2024  
    Cash flow from operating activities(1) 157   108   164   352  
    Change in non-cash operating working capital balances 81   114   198   107  
    Cash flow from operations before changes in working capital 238   222   362   459  
    Adjustments        
    Share of adjusted FFO from joint venture(1) 1   2   3   4  
    Decrease in finance lease receivable 7   5   15   10  
    Clean energy transition provisions and adjustments —   2   —   2  
    Brazeau penalties payment —   —   33   —  
    Acquisition-related transaction and restructuring costs 2   4   8   7  
    Other(2) 4   1   10   8  
    FFO(3) 252   236   431   490  
    Deduct:        
    Sustaining capital expenditures(1) (57 ) (40 ) (80 ) (40 )
    Dividends paid on preferred shares (13 ) (13 ) (26 ) (26 )
    Distributions paid to subsidiaries’ non-controlling interests (2 ) (5 ) (2 ) (24 )
    Principal payments on lease liabilities —   (1 ) (1 ) (2 )
    Other (3 ) —   (6 ) —  
    FCF(3) 177   177   316   398  
    Weighted average number of common shares outstanding in the period 297   303   297   306  
    Cash flow from operating activities per share 0.53   0.36   0.55   1.15  
    FFO per share(3) 0.85   0.78   1.45   1.60  
    FCF per share(3) 0.60   0.58   1.06   1.30  
    1. Includes our share of amounts for the Skookumchuck wind facility, an equity-accounted joint venture.
    2. Other consists of production tax credits, which is a reduction to tax equity debt, less distributions from an equity-accounted joint venture.
    3. These items are not defined and have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. Therefore, the Company has applied this composition to all previously reported periods. Refer to the Non-IFRS financial measures and other specified financial measures section in this earnings release.

    The table below provides a reconciliation of our adjusted EBITDA to our FFO and FCF:

      Three months ended
    June 30    		 Six months ended
    June 30
    $ millions, unless otherwise stated 2025   2024   2025   2024  
    Adjusted EBITDA(1)(5) 349   316   619   658  
    Provisions (2 ) 6   6   6  
    Net interest expense(2) (66 ) (57 ) (138 ) (105 )
    Current income tax expense (46 ) (33 ) (59 ) (60 )
    Realized foreign exchange gain (loss)(3) 4   (1 ) 2   (9 )
    Decommissioning and restoration costs settled (11 ) (12 ) (20 ) (19 )
    Other non-cash items 24   17   21   19  
    FFO(4)(5) 252   236   431   490  
    Deduct:        
    Sustaining capital expenditures(3)(5) (57 ) (40 ) (80 ) (40 )
    Dividends paid on preferred shares (13 ) (13 ) (26 ) (26 )
    Distributions paid to subsidiaries’ non-controlling interests (2 ) (5 ) (2 ) (24 )
    Principal payments on lease liabilities —   (1 ) (1 ) (2 )
    Other (3 ) —   (6 ) —  
    FCF(4)(5) 177   177   316   398  
    1. Adjusted EBITDA is defined in the Additional IFRS Measures and Non-IFRS Measures of this earnings release and reconciled to earnings (loss) before income taxes above. During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. Therefore, the Company has applied this composition to all previously reported periods.
    2. Net interest expense is a non-IFRS measure, is not defined and has no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the table below for detailed calculation.
    3. Supplementary financial measure. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.
    4. These items are not defined and have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. FFO and FCF are defined in the Non-IFRS financial measures and other specified financial measures section in this earnings release and reconciled to cash flow from operating activities above.
    5. Includes our share of amounts for Skookumchuck wind facility, an equity-accounted joint venture.

    Net interest expense in the reconciliation of our adjusted EBITDA to our FFO and FCF is calculated as follows:

      Three months ended
    June 30    		 Six months ended
    June 30
      2025   2024   2025   2024  
    Interest expense 88   80   181   149  
    Less: Interest Income (6 ) (8 ) (11 ) (15 )
    Less: non-cash items(1) (16 ) (15 ) (32 ) (29 )
    Net Interest Expense 66   57   138   105  
    1. Non-cash items include accretion of provisions, financing cost amortization and other non-cash items.

    TransAlta is in the process of filing its unaudited interim Consolidated Financial Statements and accompanying notes, as well as the associated Management’s Discussion & Analysis (MD&A). These documents will be available today on the Investors section of TransAlta’s website at www.transalta.com or through SEDAR at www.sedarplus.ca.

    About TransAlta Corporation:

    TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with affordable, energy efficient and reliable power. Today, TransAlta is one of Canada’s largest producers of wind power and Alberta’s largest producer of thermal generation and hydro-electric power. For over 114 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and the Future-Fit Business Benchmark, which also defines sustainable goals for businesses. Our reporting on climate change management has been guided by the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures Standard and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has achieved a 70 per cent reduction in GHG emissions or 22.7 million tonnes CO2e since 2015 and received an upgraded MSCI ESG rating of AA.

    For more information about TransAlta, visit our web site at transalta.com.

    Cautionary Statement Regarding Forward-Looking Information

    This news release includes “forward-looking information,” within the meaning of applicable Canadian securities laws, and “forward-looking statements,” within the meaning of applicable United States securities laws, including the Private Securities Litigation Reform Act of 1995 (collectively referred to herein as “forward-looking statements”). Forward-looking statements are not facts, but only predictions and generally can be identified by the use of statements that include phrases such as “may”, “will”, “can”, “could”, “would”, “shall”, “believe”, “expect”, “estimate”, “anticipate”, “intend”, “plan”, “forecast”, “foresee”, “potential”, “enable”, “continue” or other comparable terminology. These statements are not guarantees of our future performance, events or results and are subject to risks, uncertainties and other important factors that could cause our actual performance, events or results to be materially different from those set out in or implied by the forward-looking statements. In particular, this news release contains forward-looking statements about the following, among other things: the strategic objectives of the Company and that the execution of the Company’s strategy will realize value for shareholders; our capital allocation and financing strategy; our sustainability goals and targets, including those in our 2024 Sustainability Report; our 2025 Outlook; our financial and operational performance, including our hedge position; optimizing and diversifying our existing assets; the increasingly contracted nature of our fleet; expectations about strategies for growth and expansion; data centre opportunities, including the AESO’s expectation around the timing of execution of Demand Transmission Service contracts and entering into a data centre memorandum of understanding; opportunities for Centralia redevelopment, including the execution of a definitive agreement with our customer for the full capacity of Centralia Unit 2; expectations regarding ongoing and future transactions, including the sale of Poplar Hill; expected costs and schedules for planned projects; expected regulatory processes and outcomes, including in relation to the Alberta restructured energy market; the completion and closing of acquisition and divestiture transactions which are subject to customary closing terms and conditions, the power generation industry and the supply and demand of electricity; the cyclicality of our business; expected outcomes with respect to legal proceedings; the expected impact of future tax and accounting changes; and expected industry, market and economic conditions.

    The forward-looking statements contained in this news release are based on many assumptions including, but not limited to, the following: no significant changes to applicable laws and regulations; no unexpected delays in obtaining required regulatory approvals; no material adverse impacts to investment and credit markets; no significant changes to power price and hedging assumptions; no significant changes to gas commodity price assumptions and transport costs; no significant changes to interest rates; no significant changes to the demand and growth of renewables generation; no significant changes to the integrity and reliability of our facilities; no significant changes to the Company’s debt and credit ratings; no unforeseen changes to economic and market conditions; no significant event occurring outside the ordinary course of business; and realization of expected impacts from ongoing and future transactions.

    These assumptions are based on information currently available to TransAlta, including information obtained from third-party sources. Actual results may differ materially from those predicted. Factors that may adversely impact what is expressed or implied by forward-looking statements contained in this news release include, but are not limited to: fluctuations in power prices; changes in supply and demand for electricity; our ability to contract our electricity generation for prices that will provide expected returns; our ability to replace contracts as they expire; risks associated with development projects and acquisitions; failure to complete divestitures on the terms and conditions specified or at all; any difficulty raising needed capital in the future on reasonable terms or at all; our ability to achieve our targets relating to ESG; long-term commitments on gas transportation capacity that may not be fully utilized over time; changes to the legislative, regulatory and political environments; environmental requirements and changes in, or liabilities under, these requirements; operational risks involving our facilities, including unplanned outages and equipment failure; disruptions in the transmission and distribution of electricity; reductions in production; impairments and/or writedowns of assets; adverse impacts on our information technology systems and our internal control systems, including increased cybersecurity threats; commodity risk management and energy trading risks; reduced labour availability and ability to continue to staff our operations and facilities; disruptions to our supply chains; climate-change related risks; reductions to our generating units’ relative efficiency or capacity factors; general economic risks, including deterioration of equity and debt markets, increasing interest rates or rising inflation; general domestic and international economic and political developments, including potential trade tariffs; industry risk and competition; counterparty credit risk; inadequacy or unavailability of insurance coverage; increases in the Company’s income taxes and any risk of reassessments; legal, regulatory and contractual disputes and proceedings involving the Company; reliance on key personnel; and labour relations matters.

    The foregoing risk factors, among others, are described in further detail under the heading “Governance and Risk Management” in the MD&A, which section is incorporated by reference herein.

    Readers are urged to consider these factors carefully when evaluating the forward-looking statements and are cautioned not to place undue reliance on them. The forward-looking statements included in this news release are made only as of the date hereof and we do not undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise, except as required by applicable laws. The purpose of the financial outlooks contained herein is to give the reader information about management’s current expectations and plans and readers are cautioned that such information may not be appropriate for other purposes.

    Note: All financial figures are in Canadian dollars unless otherwise indicated.

    For more information:

    Investor Inquiries: Media Inquiries:
    Phone: 1-800-387-3598 in Canada and U.S. Phone: 1-855-255-9184
    Email: investor_relations@transalta.com Email: ta_media_relations@transalta.com

    The MIL Network –

  • MIL-OSI Russia: Marat Khusnullin visited the DPR on a working trip

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – Government of the Russian Federation –

    An important disclaimer is at the bottom of this article.

    Marat Khusnullin held a meeting on issues of socio-economic development of the DPR

    August 1, 2025

    Marat Khusnullin inspected the Portovik stadium in Mariupol

    August 1, 2025

    Working visit of Marat Khusnullin to the DPR. Opening of the court building in the Primorsky district of Mariupol

    August 1, 2025

    Marat Khusnullin’s working visit to the DPR. Checking the pace of work on the construction of a water pipeline to transfer water from the Pavlopil reservoir

    August 1, 2025

    Previous news Next news

    Marat Khusnullin held a meeting on issues of socio-economic development of the DPR

    Deputy Prime Minister Marat Khusnullin made a working visit to the Donetsk People’s Republic. In Mariupol, he inspected the Portovik stadium, a new residential complex and a renovated courthouse, and held a meeting on the socio-economic development of the region.

    “The judicial system, especially for the development of the reunited regions, is of utmost importance. Therefore, on the instructions of the President, we have made a separate program together with the Supreme Court. And so, step by step, we are repairing and putting in order all such facilities, in order to create conditions for the integration of Donbass and Novorossiya into the legal field of the country, including with the help of infrastructure,” said Marat Khusnullin.

    The stadium reconstruction is almost complete: the football fields, running tracks, sports grounds and tennis court have been updated, and the martial arts, volleyball and basketball halls have been renovated.

    The new residential complex, which was built under the supervision of specialists from the Unified Customer in Construction, has 182 apartments with interior decoration, installed plumbing and kitchen furniture. Residents will begin receiving keys to them in the near future.

    During a meeting on issues of socio-economic development of the region, the Deputy Prime Minister heard the construction, financial, industrial, and agricultural blocks.

    “I can note that the region has good volumes of housing construction, and we are approving a full-fledged program for roads until 2030. Tax revenues to the regional budget are also at a good level. We will use these funds for additional needs of the region. We also discussed the implementation of the program for capital repairs of houses and restoration of public infrastructure, which is also being carried out under the control of the Territorial Development Fund. We separately discussed the extensive work to stabilize the water supply of the republic,” the Deputy Prime Minister added.

    At the end of his working visit, Marat Khusnullin, together with the management of the PPC “Territorial Development Fund”, checked the progress of work at one of the most important water supply facilities under construction for the DPR.

    “The 17-kilometer water pipeline for transferring water from the Pavlopil reservoir, together with the second such facility – for transferring from Uglegorsk – should lead to the replenishment of almost 40% of the resource. I have instructed to reduce the launch time of the facility, to speed up the delivery of equipment. The issue of water shortage in the DPR is acute, a comprehensive approach is needed to solve this problem,” said Marat Khusnullin.

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

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: China clarifies rules for tax breaks on reinvested dividends for foreign investors

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    BEIJING, Aug. 1 (Xinhua) — China’s General Administration of Taxation (GATT) has released detailed rules for foreign investors to claim tax breaks on reinvested dividends, providing operational guidance on the preferential tax treatment under the newly unveiled policy measures.

    In June this year, the Ministry of Finance, the State Tax Administration and the Ministry of Commerce of the People’s Republic of China announced that they would provide foreign investors with a 10 percent corporate income tax rebate on direct domestic investment financed by dividends from profits of enterprises resident in the People’s Republic of China.

    The benefit, which will be in effect from January 1, 2025, to December 31, 2028, will allow unused tax credits to be carried forward to a later date and allow lower rates to be applied under applicable tax treaties.

    According to a notice issued by the State Tax Service on Thursday, profits used to make additional contributions to subscribed authorized capital or to increase paid-in capital or capital reserves qualify as reinvestment.

    The agency’s notice also explains the scope of this tax incentive, including the definition of the time period for reinvestment, the method for calculating the tax credit amount, and the procedures for foreign investors to receive tax incentives.

    Notably, China offers tax incentives to encourage overseas investment. In 2024, the preferential policy of temporarily exempting foreign investors from paying taxes on certain types of profits led to a rapid increase in foreign reinvestment in China, according to previously published data from the State Tax Inspectorate of China. -0-

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

    .

    MIL OSI Russia News –

  • MIL-OSI Africa: Technical mission to Ghana on the deployment of Système Interconnecté de Gestion des Marchandises en Transit (SIGMAT) between Ghana and Côte d’Ivoire

    Source: APO – Report:

    .

    From the 21st to 25th of July 2025, the ECOWAS Commission conducted a technical mission to Ghana as part of transit reforms aimed at ensuring the efficient cross-border movement of goods in the region. To this end, an IT solution called SIGMAT – “Système interconnecté de gestion des marchandises en transit” (Interconnected System for the Management of Goods in Transit) – was established to enable the electronic exchange of data between Member States.

    Since the launch of SIGMAT in 2019, the Member States that have implemented this tool have reported its significant impact on transit procedures and the benefits it has brought to the countries.

    It is in this context that ECOWAS Ministers from the Member States of the Abidjan-Lagos Corridor (ALCO), meeting in Cotonou on the 5th of October 2023, requested the ECOWAS Commission to ensure the prompt deployment of SIGMAT in the five Member States of the corridor. This is to facilitate the smooth cross-border movement of goods along the corridor.

    Consequently, the ECOWAS Commission carried out a technical mission to Ghana from 21st to 25th July 2025 to assess and address the interconnection challenges between Ghana and Côte d’Ivoire in order to ensure seamless SIGMAT connectivity along the Abidjan-Lagos Corridor. The mission brought together technical and functional experts from the Commission, Côte d’Ivoire and Ghana.

    During a meeting with the Commissioner of Customs of Ghana, the Director of Customs Union and Taxation, Mr. Salifou TIEMTORE, on behalf of the ECOWAS Commissioner for Economic Affairs and Agriculture, Mrs. Massandjé TOURE-LITSE, reiterated the commitment of the ECOWAS Commission to support Member States in their efforts to ensure the deployment of SIGMAT on all trade corridors to facilitate the efficient movement of goods in the region.

    For his part, the Commissioner of Customs of Ghana, Brigadier General Glover ASHONG ANNAN, expressed the Ghana Revenue Authority’s gratitude to the ECOWAS Commission for this timely intervention aimed at securing transit trade in the ECOWAS region and reducing transit-related fraud that threatens the revenues and security of Member States.

    At the end of the mission, the technical and functional challenges hindering the proper functioning of transit between Côte d’Ivoire and Ghana were resolved.

    – on behalf of Economic Community of West African States (ECOWAS).

    MIL OSI Africa –

  • MIL-OSI Africa: Regional Workshop on the Economic Community of West Africa States (ECOWAS) Fiscal Expenditure Methodology for Francophone and Lusophone States

    Source: APO – Report:

    .

    The ECOWAS Commission, in collaboration with the World Bank, has launched a four-day regional workshop from the 28th to the 31st of July,2025 in Dakar, Senegal focused on strengthening the capacity of francophone and lusophone Member States to evaluate and manage tax expenditures.

    Speaking at the opening ceremony, the Representative of the Minister of Finance of Senegal, Mr. Issa Faye warmly welcomed delegates on behalf of the Government and people of Senegal. He emphasized the country’s commitment to greater fiscal transparency and effective public resource management. “Tax exemptions, if well-targeted, can be tools for growth and poverty reduction. However, their real impact must be rigorously measured” he noted. Senegal’s hosting of the event, he added, reflects its strong support for regional fiscal harmonization and cooperation.

    Mr. Rajiv Kumar, representing the World Bank, acknowledged the progress made by several ECOWAS Member States and encouraged greater transparency and systematic reporting. “World Bank is pleased to partner with ECOWAS to deliver this important workshop that aims to strengthen the capacity of member states to manage the fiscal and economic impact of tax expenditures,” he stated.

    In her opening remarks, H.E. Ambassador Zelma Yollande Nobre Fassinou, ECOWAS Resident Representative to Senegal, emphasized the importance of the workshop and expressed gratitude to the Government of Senegal for its continued support for regional integration efforts. She highlighted that “Tax expenditures,when not properly evaluated, can undermine domestic resource mobilization and limit the capacity of our governments to finance vital programs.” Ambassador Fassinou emphasized that the workshop is not only a platform for technical learning but also an opportunity to strengthen partnerships and enhance collective governance in line with the 2023 ECOWAS Directive on Tax Expenditures. She further noted the importance of timely submission of tax expenditure reports by Member States, in alignment with the provisions of the Directive, as an important step towards improved transparency and accountability in fiscal policy across the region.

    Ambassador Fassinou also highlighted the workshop’s aim to encourage open dialogue and peer exchange, noting that participants will present their national frameworks, challenges, and best practices. “This workshop provides an ideal platform to deepen our shared understanding, align our methodologies, and enhance regional cooperation in managing fiscal incentives” she said.

    The workshop features technical sessions, practical exercises, and country presentations aimed at improving governance, transparency and alignment of tax incentives with national development strategies. Participants include officials from finance ministries, tax administrations and regional and international partners.

    This workshop reinforces ECOWAS’ commitment to strengthening national capacities and aligning fiscal practices with regional integration objectives.

    – on behalf of Economic Community of West African States (ECOWAS).

    MIL OSI Africa –

  • MIL-OSI Security: U.S. Department of Justice Announces Compensation Process for Victims Trafficked Through Backpage.com

    Source: United States Attorneys General 7

    Today, the Department of Justice announced the launch of the Backpage remission process to compensate victims whose trafficking was facilitated through the Backpage.com website. This marks the largest remission process to date to compensate victims of human trafficking.

    “Backpage.com facilitated the exploitation of women and children as one of the largest online advertisers for commercial sex and sex trafficking over its 14-year existence,” said Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division. “Backpage and its executives made millions off the trafficking of victims. Today’s announcement underscores the Department’s unwavering commitment to use forfeiture to take the profit out of crime and to compensate victims.”

    “Backpage used its position as the leading commercial sex advertisement website to make millions of dollars through their corrupt and heinous peddling of people,” said U.S. Attorney Timothy Courchaine for the District of Arizona. “The District of Arizona was proud to hold its executives accountable though criminal convictions and is proud to continue our efforts by forfeiting those ill-gotten gains to compensate real victims.”

    “Today’s announcement shows the FBI’s commitment to ensuring that those who profit from human trafficking face the consequences of their actions,” said Assistant Director Jose A. Perez of the FBI Criminal Investigative Division. “We will continue to work alongside partners to thwart this industry by decimating its capacity for monetary gain while seeking safeguards for its victims.”

    “Sex trafficking is one of the most horrific crimes we confront as a society,” said Chief Guy Ficco of IRS Criminal Investigation. “While traffickers try to operate in the shadows, the money always leaves a trail—and that’s where we come in. IRS-CI is committed to following that financial trail to expose criminal networks and help bring justice to survivors. We’re proud to work with our federal partners to dismantle those who profit from exploitation. Victims in this case should file their petitions by Feb. 2, 2026, to access the compensation they rightfully deserve.”

    From 2004 to April 2018, criminals used Backpage.com as an online platform to facilitate commercial sex and sex trafficking, including trafficking of minors. In April 2018, the government seized Backpage.com. To date, Backpage.com, its owners, and key executives and businesses related to the platform have been found guilty of criminal offenses, including conspiring to facilitate unlawful commercial sex using a facility in interstate or foreign commerce and money laundering, and have been sentenced to federal terms of imprisonment.

    In December 2024, the Department of Justice forfeited over $200 million in assets traceable to Backpage’s profits. These funds are now available to compensate victims for eligible losses. The Department of Justice has retained Epiq Global Inc. (Epiq) to serve as the Remission Administrator for this matter.

    Victims whose sex trafficking was facilitated through advertisements posted on Backpage.com between Jan. 1, 2004, and April 6, 2018, and who incurred financial losses related to their trafficking may be eligible for remission. Individuals, their representatives, or estates of deceased victims may file a petition online or may obtain a Petition Form online at https://www.backpageremission.com/. Victims may also call, email, or write to the Remission Administrator to request that a Petition Form be sent to them.

    The deadline to file a petition for remission is Feb, 2, 2026. For more information about the remission process – including eligibility requirements, updates, and frequently asked questions – please visit the official website at https://www.backpageremission.com/ or contact Epiq at 1-888-859-9206 toll-free, or 1-971-316-5053 for international calls, charges may apply. The Remission Administrator and the Justice Department will not ask for any payment to participate in this remission process.

    The United States Postal Inspection Service (USPIS), the FBI, and IRS Criminal Investigation (IRS-CI) investigated this matter. 

    Senior Trial Attorney Austin Berry of the Criminal Division’s Child Exploitation and Obscenity Section (CEOS) and Assistant U.S. Attorney Kevin Rapp with assistance on forfeiture from Joseph Bozdech of the District of Arizona are prosecuting the case. Assistant U.S. Attorney Jonathan S. Galatzan, Chief of the Central District of California’s Asset Forfeiture and Recovery Section, handled the asset forfeiture aspects of the related civil cases. Special Agent Richard Robinson of IRS-CI, Special Agent Desirae Tolhurst of the FBI, USPIS Inspectors Lyndon Versoza and Quoc Thai, and Analyst Jane Chung with the Joint Regional Intelligence Center, spearheaded the investigation.

    The Department of Justice, through the Asset Forfeiture Program, works diligently to compensate victims of crime. Since 2000, the Criminal Division’s Money Laundering and Asset Recovery Section (MLARS), which oversees the Asset Forfeiture Program’s victim compensation program, has successfully used its specialized expertise to return more than $12 billion in forfeited assets to victims of crime. MLARS Senior Attorney Advisor Jane K. Lee and Attorney Advisor Brittany R. Van Camp with the section’s Program Management and Training Unit are leading the remission process.   

    MIL Security OSI –

  • MIL-OSI USA: U.S. Department of Justice Announces Compensation Process for Victims Trafficked Through Backpage.com

    Source: US State of California

    Today, the Department of Justice announced the launch of the Backpage remission process to compensate victims whose trafficking was facilitated through the Backpage.com website. This marks the largest remission process to date to compensate victims of human trafficking.

    “Backpage.com facilitated the exploitation of women and children as one of the largest online advertisers for commercial sex and sex trafficking over its 14-year existence,” said Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division. “Backpage and its executives made millions off the trafficking of victims. Today’s announcement underscores the Department’s unwavering commitment to use forfeiture to take the profit out of crime and to compensate victims.”

    “Backpage used its position as the leading commercial sex advertisement website to make millions of dollars through their corrupt and heinous peddling of people,” said U.S. Attorney Timothy Courchaine for the District of Arizona. “The District of Arizona was proud to hold its executives accountable though criminal convictions and is proud to continue our efforts by forfeiting those ill-gotten gains to compensate real victims.”

    “Today’s announcement shows the FBI’s commitment to ensuring that those who profit from human trafficking face the consequences of their actions,” said Assistant Director Jose A. Perez of the FBI Criminal Investigative Division. “We will continue to work alongside partners to thwart this industry by decimating its capacity for monetary gain while seeking safeguards for its victims.”

    “Sex trafficking is one of the most horrific crimes we confront as a society,” said Chief Guy Ficco of IRS Criminal Investigation. “While traffickers try to operate in the shadows, the money always leaves a trail—and that’s where we come in. IRS-CI is committed to following that financial trail to expose criminal networks and help bring justice to survivors. We’re proud to work with our federal partners to dismantle those who profit from exploitation. Victims in this case should file their petitions by Feb. 2, 2026, to access the compensation they rightfully deserve.”

    From 2004 to April 2018, criminals used Backpage.com as an online platform to facilitate commercial sex and sex trafficking, including trafficking of minors. In April 2018, the government seized Backpage.com. To date, Backpage.com, its owners, and key executives and businesses related to the platform have been found guilty of criminal offenses, including conspiring to facilitate unlawful commercial sex using a facility in interstate or foreign commerce and money laundering, and have been sentenced to federal terms of imprisonment.

    In December 2024, the Department of Justice forfeited over $200 million in assets traceable to Backpage’s profits. These funds are now available to compensate victims for eligible losses. The Department of Justice has retained Epiq Global Inc. (Epiq) to serve as the Remission Administrator for this matter.

    Victims whose sex trafficking was facilitated through advertisements posted on Backpage.com between Jan. 1, 2004, and April 6, 2018, and who incurred financial losses related to their trafficking may be eligible for remission. Individuals, their representatives, or estates of deceased victims may file a petition online or may obtain a Petition Form online at https://www.backpageremission.com/. Victims may also call, email, or write to the Remission Administrator to request that a Petition Form be sent to them.

    The deadline to file a petition for remission is Feb, 2, 2026. For more information about the remission process – including eligibility requirements, updates, and frequently asked questions – please visit the official website at https://www.backpageremission.com/ or contact Epiq at 1-888-859-9206 toll-free, or 1-971-316-5053 for international calls, charges may apply. The Remission Administrator and the Justice Department will not ask for any payment to participate in this remission process.

    The United States Postal Inspection Service (USPIS), the FBI, and IRS Criminal Investigation (IRS-CI) investigated this matter. 

    Senior Trial Attorney Austin Berry of the Criminal Division’s Child Exploitation and Obscenity Section (CEOS) and Assistant U.S. Attorney Kevin Rapp with assistance on forfeiture from Joseph Bozdech of the District of Arizona are prosecuting the case. Assistant U.S. Attorney Jonathan S. Galatzan, Chief of the Central District of California’s Asset Forfeiture and Recovery Section, handled the asset forfeiture aspects of the related civil cases. Special Agent Richard Robinson of IRS-CI, Special Agent Desirae Tolhurst of the FBI, USPIS Inspectors Lyndon Versoza and Quoc Thai, and Analyst Jane Chung with the Joint Regional Intelligence Center, spearheaded the investigation.

    The Department of Justice, through the Asset Forfeiture Program, works diligently to compensate victims of crime. Since 2000, the Criminal Division’s Money Laundering and Asset Recovery Section (MLARS), which oversees the Asset Forfeiture Program’s victim compensation program, has successfully used its specialized expertise to return more than $12 billion in forfeited assets to victims of crime. MLARS Senior Attorney Advisor Jane K. Lee and Attorney Advisor Brittany R. Van Camp with the section’s Program Management and Training Unit are leading the remission process.   

    MIL OSI USA News –

  • MIL-OSI USA: Gov. Kemp Announces 114 Appointments to Boards, Authorities, and Commissions

    Source: US State of Georgia

    Atlanta, GA – Governor Brian P. Kemp today announced 114 appointments and reappointments to various state boards, authorities, and commissions.

    Georgia Composite Medical Board

    Srenni Gangasani and David Retterbush were reappointed.

    Kamesha Harbison is a board-certified obstetrician-gynecologist serving the South Columbus community. She has provided women’s health care in the Chattahoochee Valley for over a decade, delivering comprehensive OB/GYN services and assisting with more than 1,000 births. She has also led community health initiatives, including organizing prenatal education and resource events for expectant mothers. Harbison began her career as a high school biology and chemistry teacher after earning a B.S. and M.Ed. from Xavier University of Louisiana. She later earned her medical degree from the University of Iowa Roy J. and Lucille A. Carver College of Medicine and completed her OB/GYN residency at Mercer University in Macon, Georgia. As an educator, she developed a mentoring program to address adolescent health, hygiene, and goal setting—laying the foundation for her transition into women’s healthcare. She is recognized for her commitment to patient education, community outreach, and improving health outcomes for women across the region.

    State Workforce Development Board

    Bárbara Rivera Holmes was sworn in as the 11th Commissioner of the Georgia Department of Labor and the state’s first Latina constitutional officer on April 4, 2025, by Georgia Gov. Brian Kemp. Holmes’ extensive experience includes appointments by former Gov. Nathan Deal to the Board of Regents of the University System of Georgia, which oversees Georgia’s 26 public colleges and universities, and by former Lt. Gov. Geoff Duncan as co-chair of the Georgia Innovates Task Force, which helped design the state’s technology blueprint. A former journalist, Holmes has earned awards for excellence in journalism from the Georgia Associated Press. She holds degrees in journalism and Spanish from Florida Southern College and studied at Estudio Sampere Internacional in Spain. A native of San Juan, Puerto Rico, Holmes resides in Albany with her husband, David, and their daughter.

    Steve Bradshaw served eight years on the DeKalb County Board of Commissioners. First elected in 2016, he was re-elected in 2020 without opposition. During his tenure, he was twice unanimously elected by his colleagues to serve as Presiding Officer of the Board. He also chaired several key committees, including Finance, Audit and Budget; Public Works and Infrastructure; and County Operations. Prior to public service, Bradshaw spent more than 15 years in the private sector in operations management and business development roles, most recently as business development manager for Delta Global Staffing, a subsidiary of Delta Air Lines. Bradshaw began his professional career as a U.S. Army officer as a tank commander. He served in both domestic and international assignments, including deployment to the Middle East during the First Persian Gulf War. His final military post was as a leadership instructor at the Army Officer Candidate School. He holds a master’s degree in public administration from Georgia State University and later served as an adjunct professor in the university’s Andrew Young School of Policy Studies, teaching both undergraduate and graduate students.

    Hearing Panel of the Judicial Qualifications Commission

    Richard Hyde was reappointed.

    Georgia Board of Examiners of Licensed Dietitians

    Cicely Thomas was reappointed.

    Alison Sturgill is a licensed and registered dietitian with over a decade of clinical experience specializing in oncology nutrition. She currently serves as a clinical dietitian IV at the Emory Proton Therapy Center, where she provides medical nutrition therapy to patients undergoing radiation treatment for various cancers. Previously, she held a similar role at Emory University Hospital, where she led inpatient oncology nutrition care and served as a preceptor and educator for dietetic interns. Sturgill holds both a Master of Science and a Bachelor of Science in Nutrition from Murray State University and is a Certified Specialist in Oncology Nutrition (CSO). Her work has been published in the Journal of Nursing Care Quality, and she remains active in multiple professional organizations, including the Academy of Nutrition and Dietetics.

    Franklin D. Roosevelt Warm Springs Memorial Advisory Committee

    Eric Bentley is retired from the Georgia Department of Natural Resources with over three decades of service to Georgia State Parks and Historic Sites, including a deep and enduring connection to the Little White House State Historic Site. A graduate of the University of Georgia with a degree in forest resources, Bentley began his career at Unicoi State Park before serving in various leadership roles, including park manager at Kolomoki Mounds and Fort Yargo. He was named Manager of the Year in 2009 and later served as Region 3 Manager, where he oversaw operations at the Little White House and F.D. Roosevelt State Park, secured funding, and strengthened partnerships with the Advisory Committee. From 2019 until his retirement in 2022, Bentley served as Assistant Director of State Parks, continuing to advocate for the Little White House and playing a key role in advancing major preservation projects.

    Board of Juvenile Justice

    Lisa Colbert was reappointed.

    State Board of Veterinary Medicine

    Jessica Sewell was reappointed.

    Employee Benefit Plan Council

    Courtney Ware and Christopher Wells were reappointed.

    Angelique McClendon was appointed Commissioner of the Georgia Department of Driver Services (DDS) on May 1, 2025. She joined DDS as General Counsel in 2015 and was later promoted to Assistant Deputy Commissioner of Legal and Regulatory Affairs. Her legal career began in 2005 as an assistant solicitor in DeKalb County, followed by her service as an assistant attorney general for the State of Georgia from 2008 to 2015, where she represented public safety agencies, including DDS.  McClendon has provided legal guidance on major state initiatives, including Georgia’s Digital Driver’s License, and is a recognized expert on identity management, digital credentials, and data privacy. She has held leadership roles with the American Association of Motor Vehicle Administrators (AAMVA), helping shape national policy and best practices in driver’s license administration. She holds a Bachelor of Science in chemistry from Xavier University of Louisiana and a Juris Doctor from Georgia State University College of Law.

    Board of Community Affairs

    Kwanza Hall, Donna Armstrong Lackey, and Charlie Maddox were reappointed.

    State Board of Technical College System of Georgia

    Mike Long, Fran Millar, and Lisa Winton were reappointed.

    North Georgia Mountains Authority

    Jeff Andrews, Randy Dellinger, Patrick Denney, Dan Garcia, and Paul Shailendra were reappointed.

    State Board of Podiatry Examiners

    Rupal Gupta is a board-certified podiatrist with over 20 years of clinical, academic, and administrative experience. She currently practices at Ankle and Foot Centers of America and has held leadership roles in both hospital and professional association settings, including serving as president of the Georgia Podiatric Medical Association and department chief at Emory Johns Creek Hospital. Gupta completed her residency at Jackson North Medical Center, where she received advanced training in surgical and non-surgical foot and ankle care, trauma, and wound management. She holds a Doctorate in podiatric medicine from Kent State University and a bachelor’s degree from Emory University. Dedicated to advancing podiatric medicine and public health, she has been an active advocate for clinical standards and evidence-based policy and continues to serve on various hospital committees and community initiatives.

    Lake Lanier Islands Development Authority

    Daniel Dooley and Lauren Talley were reappointed.

    Georgia Rural Development Council

    Robert “Bob” Ray, Jr. is managing member of Ray Family Farms, LLC, where he and his siblings continue six generations and over 200 years of family farming, now focused on pecan production and pine timber. Before returning full-time to agriculture, Ray served for 15 years as President and CEO of Flint Energies. Ray’s public service includes his tenure as Assistant Secretary of State and Chief Operating Officer under Secretary of State Cathy Cox, where he directed agency operations and intergovernmental affairs. Earlier in his career, he was legislative director for the Georgia Farm Bureau Federation and also worked as a corporate lending officer with NCNB National Bank. He holds a bachelor’s in finance from the University of Georgia’s Terry College of Business. Ray has served in leadership roles with Georgia EMC, Green Power EMC, GRESCO, and Leadership Georgia, and remains active in agricultural and community organizations statewide.

    Georgia Commission on the Holocaust

    Jon Barry is President and Founder of Spectrum Maintenance Services and leads the company’s marketing and growth strategies. His career in commercial real estate spans four decades, including extensive experience in all aspects of brokerage and property management. Initially formed to support Barry’s shopping center management platform, SMS has grown to become Atlanta’s leading full-service property maintenance company. Barry previously served on the Board of Advisors of the Kennesaw State University Entrepreneurship Center, is a member of CEO NetWeavers, and has served as mentor to numerous rising professionals.

    Georgia Ports Authority

    James Allgood, Jr., Leda Chong, and Doug Hertz were reappointed.

    Georgia Student Finance Commission Board of Commissioners

    John Loud, Sarah Hawthorne, Ed Pease, and David Perez were reappointed.

    State Board of Accountancy

    Emily Farrell and Todd Tolbert were reappointed.

    Carlton Hodges is a certified public accountant with more than four decades of experience in public accounting, specializing in tax compliance and audit services. He began his career in 1980 with SRLS, where he advanced to Tax Manager following a merger with Price Waterhouse. His practice focuses on business, individual, fiduciary, and nonprofit tax returns, as well as audit and accounting engagements in sectors such as construction, services, and government-assisted entities. Carlton holds Bachelor of Business Administration degrees in finance and accounting from Armstrong State College. He is a member of both the Georgia Society of CPAs and the American Institute of CPAs, and serves on the board and leadership council of the Georgia Society, where he also chairs the GSCPA Insurance Trust. His civic involvement includes prior service as a Pooler City Councilman, treasurer of the Savannah-Chatham MPC, and leadership roles with the Armstrong Foundation and Rotary Club of Savannah West.

    State Board of Registration for Professional Engineers and Land Surveyors

    Trent Turk was reappointed.

    Board of Commissioners of the Sheriffs’ Retirement Fund of Georgia

    Billy Hancock and Dan Kilgore were reappointed.

    Georgia Sports Hall of Fame Authority

    Bill Shanks and Earl Wright were reappointed.

    Phil Schaefer is an award-winning sportscaster whose career spans more than five decades across basketball, football, baseball, and golf. He was the voice of UGA basketball for 17 years, called Atlanta Hawks games for five seasons, and served as a CBS Radio broadcaster for the NCAA Tournament for 20 years. In football, he spent 16 years as UGA’s color commentator, 10 years as the voice of the Peach Bowl, and 20 years as public address announcer for the Atlanta Falcons. Schaefer also covered the Braves for 39 years and the Masters Tournament for 55 consecutive years, earning the Masters Major Achievement Award in 2010. A three-time Georgia Sportscaster of the Year, Schaefer held leadership roles at WSB Radio and later served as Athletic Coordinator for the DeKalb County School System. He is a member of the Georgia Radio Hall of Fame and the Georgia Sports Hall of Fame, and has received over 40 national and regional journalism awards, including a Peabody. He holds degrees from Ohio State University and Georgia State University and is the author of Sins of a Southern Sportscaster.

    Board of Behavioral Health and Developmental Disabilities

    Deb Bailey, Amanda Owens, Bill Slaughter, Jean Sumner, and Jimmy Thomas were reappointed.

    Georgia Behavior Analyst Licensing Board

    Margaret Molony and Robin Osborne were reappointed.

    Georgia Public Telecommunications Commission

    Greg Garrett and Mary Ellen Imlay were reappointed.

    Stephen Lawson is a principal in Dentons’ Regulatory, Public Policy, and Government Affairs practice in Atlanta, with nearly 15 years of experience in public affairs, communications, and political strategy. He has advised Fortune 500 companies, nonprofits, trade associations, and elected officials on complex issues including policy strategy, crisis management, media relations, and advocacy. Prior to joining Dentons, Lawson was president of Full Focus Communications, a public affairs firm based in Atlanta. He has served in senior advisory roles for high-profile public officials, including Florida Governors Rick Scott and Ron DeSantis, and in Georgia for Lieutenant Governor Burt Jones, Agriculture Commissioner Tyler Harper, Congressman Mike Collins, and Speaker of the House Jon Burns.

    George Levert is a retired venture capitalist with more than two decades of experience in technology investment. He was a Founding Partner of Kinetic Ventures, where he led investments in telecommunications, network automation, and internet technologies. He served on the boards of more than a dozen venture-backed companies, including Metricom, Pathfire, and Proficient Networks. Prior to his career in venture capital, he held roles with Oglethorpe Power Corporation, Accenture, Boeing, and the U.S. Navy Civil Engineer Corps during the Vietnam War. Levert holds a B.S. in electrical engineering from Louisiana Tech University and an M.S. in management from Georgia Tech. He has served on numerous civic and nonprofit boards, including the Georgia Tech Foundation, Catholic Charities of Atlanta, the Atlanta Opera, and the American Red Cross. He is also a former board member of the Smithsonian National Museum of African Art and the Museum of the American Indian. Levert has endowed multiple scholarships and leadership awards and remains active in philanthropic, educational, and faith-based organizations. He and his wife, Dale, live in Atlanta and have two sons and two granddaughters.

    Savannah-Georgia Convention Center Authority

    Bert Brantley, Martin Miller, and Pritpal Singh were reappointed.

    Board of Human Services

    Lisa Hamilton, Scott Johnson, and Jack Williams were reappointed.

    Criminal Justice Coordinating Council

    Nancy Bills, Denise Downer-McKinney, Ron Freeman, Scotty Hancock, and Joe Hood were reappointed.

    Board of Public Health

    James Curran, Lucky Jain, Mitch Rodriguez, Ryan Shin, and T.E. Valliere-White were reappointed.

    Professional Standards Commission

    Angela Byrne has over 11 years of teaching experience in public and private schools. She currently teaches ESOL to K–6 students at Anna K. Davie Elementary in Rome City Schools, where she has served for the past six years. Her previous roles include teaching kindergarten, fourth, and fifth grade. She holds certifications in Elementary Education and Middle Grades Math and Science, with endorsements in ESOL and Online Teaching. She has received the Rome City Schools Central Office Support Employee of the Year and the Anna K. Davie Star Teacher Award. Byrne lives in Rome, Georgia, with her husband, Lewis, and their three children.

    Christy Edwards is an elementary educator with 14 years of experience in the Hall County School System. She currently serves as the Language Lab Teacher at Tadmore Elementary, focusing on data-driven instruction and student performance. She previously taught second, fourth, and fifth grades, as well as Early Intervention Program (EIP) support. She holds a B.S. in early childhood education from the University of North Georgia and an ESOL endorsement from Pioneer RESA. Edwards has served as a Leadership Team member, RTI representative, and professional learning facilitator.

    Zach Miller is a certified elementary educator currently teaching reading, science, and social studies at Roan School in Dalton. He holds a Bachelor of Science in early childhood education from Dalton State College and is certified in Early Childhood Education (P-5), with endorsements in ESOL and K–5 Mathematics. Named Teacher of the Year at Roan School in 2025, Miller focuses on a student-centered approach that integrates project-based learning and relationship-building to drive academic success. He founded the District Elementary Soccer Tournament and mentors students through Soccer for Success. He also leads Roan’s Soccer and Disc Golf Clubs, coordinates the Social Studies Bee, and partners with local nonprofits to support families in need. Miller is active in his church, serving as vice chairman of the deacons at Fellowship Bible Church and leading the soccer portion of Grace Presbyterian Church’s summer sports camp.

    State Rehabilitation Council

    Jo Ellen Hancock is a long-serving advocate and leader in the fields of special education, behavioral health, and community engagement. Since 2005, she has served as the parent mentor for special education with the Cherokee County School District, supporting families and fostering collaboration between schools and parents of students with disabilities. She holds multiple leadership roles across state and local behavioral health organizations, including chair of the Statewide Leadership Council and immediate past chair of the Region 1 Advisory Council for the Georgia Department of Behavioral Health and Developmental Disabilities (DBHDD). She also serves on the Georgia Behavioral Health Planning and Advisory Council and the Behavioral Health Services Coalition. Hancock is a certified peer specialist – parent and currently chairs the Cherokee County Local Interagency Planning Team (LIPT), where she has led efforts to coordinate services for children with complex needs since 2018. She serves on the advisory board for NAMI Georgia and is communications chair for the Holly Springs Optimist Club.

    Charity Roberts assumed the position of State Director (IDEA) for the Office of Federal Programs Division for Exceptional Children on January 1, 2025. She is a quadruple Eagle from Georgia Southern University, obtaining her bachelor’s and master’s degrees in special education. She completed a specialist and doctorate degree in educational leadership. She is certified in multiple fields within general and special education, such as elementary education, reading (P-8), special education preschool, physical and health disabilities, and P-12 special education adaptive and general curriculum. Roberts has over 30 years of experience in special education instruction and leadership in a variety of roles. After serving as a special education teacher, she became a district director of special education. From there, Roberts provided leadership support as a GLRS Director for twelve years before joining the Georgia Department of Education Office of Rural Education and Innovation.

    Board of Community Supervision

    Jimmy Kitchens and Steve Queen were reappointed.

    Judicial Legal Defense Fund Commission

    Christine Hayes serves as Deputy Executive Counsel in the Office of Governor Brian P. Kemp. Prior to joining the Governor’s staff, she was director of governmental affairs for the State Bar of Georgia, where she worked on a variety of legislative issues that affect the judiciary and the legal profession. She also held roles at the Judicial Council/Administrative Office of the Courts, Georgia General Assembly, and as an associate at Fields Howell where she focused on insurance coverage issues and related litigation. Hayes holds a bachelor’s degree in political science from the University of Florida and a law degree from Emory University. She and her husband, Jonathan, live in Atlanta with their two daughters.

    State Board of Long-term Care Facility Administrators

    Timothy Bush and Laura Cayce were reappointed.

    Suzanne Gerhardt serves as Senior Vice President of Health Services at PruittHealth, Inc., where she oversees skilled nursing center operations across four states. With a career in long-term care that began in 1983, she brings decades of hands-on experience in healthcare management, including roles in business operations, social services, admissions, and auditing. Gerhardt became a licensed Nursing Home Administrator in 1997 and has since managed multiple facilities and regional operations. She is known for her focus on regulatory compliance, operational efficiency, and improving patient outcomes. In addition to her leadership at PruittHealth, she has served in various roles with the Georgia Health Care Association, including Chair of the Board and, currently, as immediate past chair.

    Donna Sant is a public policy professional with extensive experience in political organizing, campaign operations, and grassroots leadership. She served as Chairman of the Houston County Republican Party from 2018 to 2024 and has held multiple roles within the Georgia Republican Party, including State Committee Member and County Vice Chair. She has led volunteer efforts, managed election headquarters, coordinated large-scale events, and served as a liaison between voters and candidates. Sant holds a master’s in public policy from Liberty University and a B.F.A. in TV/Film production from Valdosta State College. A graduate of Republican Leadership for Georgia, she is also a recipient of the Ted & Barbara Waddle Award of Excellence. She lives in Elko, Georgia, with her husband. They have three adult children. Sant will serve as the consumer member on the State Board of Long-term Care Facility Administrators.

    Board of Trustees of the Teachers Retirement System of Georgia

    Mary Elizabeth Davis is the Superintendent of Cherokee County Schools, serving 42,000 students. She has spent nearly 20 years in Georgia public education, holding leadership roles in four school districts. Prior to her current role, she served as Superintendent of Henry County Schools for nearly seven years, where she led improvements in operational systems, financial management, and student outcomes. Her previous roles include Chief Academic Officer in Cobb County and Assistant Superintendent for Curriculum and Instruction in Gwinnett County. She began her career as a chemistry teacher and coach in Fairfax County, Virginia. Davis was named one of District Administration’s 100 most influential education leaders in 2024 and is a former finalist for Georgia Superintendent of the Year. She holds a chemistry degree from Messiah College and a Ph.D. in Education Policy from Georgia State University. She lives in Canton, Georgia with her husband and two children.

    Board of Juvenile Justice

    Lisa Colbert was reappointed.

    State Board of Veterinary Medicine

    Jessica Sewell was reappointed.

    Georgia Opioid Settlement Advisory Commission

    Trey Bennett is the general counsel and grants division director for the Georgia Governor’s Office of Planning and Budget. A seasoned attorney and public policy advisor, Bennett has over a decade of legal and governmental experience, including past service as deputy executive counsel to Governor Brian Kemp. He oversees the ethical execution of billions of dollars in federal grant funding, advises on statewide emergency responses, and helps shape key legislation across multiple sectors. Bennett also has substantial courtroom experience, having served as both a criminal prosecutor and a defense attorney in Northeast Georgia. He holds a J.D. from the University of Georgia School of Law and lives in Hoschton, Georgia, with his wife, Katherine, and their four children.

    Council for the Arts- Chair

    Colt Chambers was reappointed.

    Board of Commissioners of the Superior Court Clerks’ Retirement Fund of Georgia

    Timothy Harper, Linda Hays, Daniel Jordan, Michael King, and Rhett Walker were reappointed.

    Georgia Public Service Commission Advisory Committee

    Jeff Jacques is a civil engineering professional with over 35 years of experience in transportation and utility coordination. He began his career with the Georgia Department of Transportation in 1983 as a civil engineer co-op and held various roles over a 20 year tenure, including district utilities engineer and area maintenance engineer. Since 2007, he has served as worksite utility coordination supervisor and utility coordination manager with CWM. Jacques is actively involved in the Georgia Utility Coordination Council, Georgia 811 Excavator Advisory Council, GHCA Utilities Task Force, and the GUCC Legislative Committee. He also served Franklin County as a Republican member of the Board of Commissioners from 2002 to 2018 and as Chairman from 2023 to 2024. A graduate of Emmanuel College and Southern Tech, Jacques resides in Franklin County with his wife, Christy. They have three adult children, and he is a member of Liberty Baptist Church in Carnesville.

    Disability Services Ombudsman Medical Review Group

    George Leach is an Assistant Professor of Emergency Medicine at Emory University School of Medicine and an attending physician at Grady Memorial Hospital. He has over 15 years of clinical and academic experience, with a focus on quality improvement, systems-based practice, and medical education. Leach completed his undergraduate studies at the University of North Carolina and earned his medical degree from Emory University, where he also completed his emergency medicine residency and served as chief resident. His academic contributions include developing a national curriculum for advanced emergency medicine learners and leading peer review process improvements at Grady. He is a member of multiple professional organizations, including the American College of Emergency Physicians and the Society for Academic Emergency Medicine. Dr. Leach has received numerous teaching awards and is actively involved in resident education, mentorship, and committee leadership at Emory and Grady.

    Georgia Environmental Finance Authority

    Jimmy Andrews and Travis Turner were reappointed.

    Georgia Child Support Commission

    Ben Land was reappointed.

    Behavioral Health Reform and Innovation Commission

    Kevin Tanner was reappointed as Chairman.

    Karen Bailey, Melanie Dallas, Jason Downey, Nora Haynes, Miriam Shook, Sarah Vinson, DeJuan White, and Michael Yochelson were reappointed.

    DeAnna Julian serves as Chief Executive Officer of the Frazer Center, a nonprofit providing inclusive early childhood, adult, and behavioral health services for individuals with intellectual and developmental disabilities (IDD). She also serves as President of the Service Providers Association for Developmental Disabilities (SPADD), where she works to strengthen Georgia’s IDD service network through policy engagement and provider collaboration. A former special education teacher, Julian holds certifications in special education, early childhood, and physical education, along with a master’s degree in education and transition services from the University of Kansas. She previously served as Executive Director of The Arc of Southwest Georgia, leading efforts to expand access and advance systemic reform. With more than 20 years of leadership in education and disability services, Julian has been recognized with honors including the Annette Bowling Advocacy Award and Albany’s Top 40 Under 40. She lives in Atlanta with her husband, Steve, and their two adult children.

    Carey Parrott, Sr. is the founder and CEO of Parrott Counseling Services, LLC, with over two decades of experience in addiction and mental health counseling. A licensed clinical social worker, master addictions counselor, certified clinical supervisor, and certified peer specialist for addictive diseases, he provides direct care and specialized services to individuals, families, and justice-involved populations, including re-entry and mandated clients. Parrott is a two-time graduate of the University of Georgia, earning a B.S. in psychology and an M.S.W. He later earned a doctorate in clinical social work leadership from Tulane University. His professional background includes service as caregiver support coordinator at the U.S. Department of Veterans Affairs, where he supported veterans and families navigating the challenges of mental illness and substance use. He has also served as a consultant to the Georgia Department of Behavioral Health and Developmental Disabilities, providing clinical supervision and workforce development for addiction counselors statewide. Parrott began his career working in residential treatment settings and community behavioral health programs. He is recognized for his collaborative, personalized approach and his ongoing commitment to supporting recovery and resilience in the Athens community and beyond.

    Child Advocate Advisory Committee

    Andre Blanchard and Jay Watkins were reappointed.

    Georgia Hotel Motel Tax Performance Review Board

    David Dukes was reappointed. 

    MIL OSI USA News –

  • MIL-OSI USA: 3 CoE Students Pursue In-Depth Research Projects as University Scholars

    Source: US State of Connecticut

    As 2025 University Scholars, three College of Engineering students are spending their last three semesters pursuing personalized research projects.

    Open to all undergraduate students, the University Scholar Program allows students to design an in-depth research or creative project and to craft a learning plan that supports their academic goals during their final three semesters. Each student is mentored by an advisory committee of three faculty.

    Admission to the University Scholars program is based on an application submitted during the first semester of a student’s junior year. Applications are reviewed by an interdisciplinary committee of faculty members who may select up to 30 University Scholars in any given year.

    The University Scholars and their projects are below:

    Laxmi Chinmaya Vobbineni ’26
    Project Title: The Synergic Role of Electrical and Chemical Stimulation in Wound Healing of Diabetic Patients

    University Scholar Laxmi Vobbineni ’26 is exploring techniques that can help diabetes patients heal faster from wounds.

    People with diabetes often have trouble healing from wounds. Since high blood sugar can damage blood vessels and weaken the immune system, white blood cells struggle to reach the wound. This can slow tissue repair and lead to ongoing inflammation.

    Wounds may heal very slowly, become chronic, or leave scars—and this can be painful and expensive for patients.

    University Scholar Laxmi Vobbineni ’26, a biomedical engineering and molecular and cell biology double major, is working to help diabetic patients heal from wounds faster by using chemical and electrical stimulation.

    “Chemical stimulation, such as ion channel blockers, in conjunction with electrical stimulation may improve the wound healing process for diabetic patients,” she says.

    By combining these treatments with an ionically-conductive biomaterial called scaffolding, ions can help restore electrical signals in the body that guide white blood cells to repair tissue.

    “Our hope is to develop a system that has high potential for clinical use,” Vobbineni says.

    Vobbineni’s advisors are Syam Nukavarapu, professor and department head in Biomedical Engineering; David Daggett, associate professor-in-residence of molecular and cell biology; and Sangamesh Kumbar, associate professor of orthopedic surgery at the UConn Health Center. She also interns at the UConn Health Center under Kumbar, working on projects related to the fields of tissue engineering and drug delivery.

    Vobbineni, a member of the Society of Women Engineers and STEM Scholar Executive Board, volunteers as a nursing aide at the Hospital for Special Care in New Britain, Connecticut. She also holds an executive board position for the UConn FIRST (For Inspiration and Recognition of Science and Technology) Lego League Explore Program, which uses Legos and technology to excite youth about robotics and STEM.

    Her involvement in FIRST began in middle school and high school and sparked her interest in innovation. “This is one of the reasons I decided to pursue biomedical engineering,” she says.

    After graduation, Vobbineni plans to pursue medical school and work in the field of emergency medicine.

    Wyeth Haddock ’26
    Project Title: Developing a Copper-Based Medium Entropy Alloy with Enhanced Mechanical Properties for Space Applications

    University Scholar Wyeth Haddock ’26, at left, is working at the National Center for Electron Microscopy in Berkeley, California this summer.

    As a University Scholar, Wyeth Haddock ’26, a materials science and engineering major, is developing a structural material for use in extreme environments with potential applications in space exploration and nuclear energy.

    His project focuses on synthesizing and analyzing an alloy made from copper, dysprosium, and yttrium (Cu-Dy-Y) that exhibits enhanced mechanical properties. By studying the alloy’s microstructure, phase stability, and mechanical behavior across temperature regimes, Haddock hopes to demonstrate improved material performance in extreme conditions and understand unique deformation behavior.

    “If successful, the alloy could support the development of more durable materials for space exploration,” he says.

    Haddock’s advisors include Seok-Woo Lee, associate professor of materials science and engineering and Director of Undergraduate Studies; and Yuanyuan Zhu, associate professor of materials science and engineering and director of the MSE Honors Program.

    Haddock, an honors student from Fairfax, Vermont, is president of the UConn Running Club, and is a member of the UConn Materials Advantage Society, Tau Beta Pi Engineering Honor Society, Alpha Sigma Mu MSE Honor Society, and the ASM Board of Trustees. His jobs on campus include work as a campus tour guide and undergraduate teaching assistant. He recently served as a facilitator for the Honors First Year Experience program and as a Floor Mentor for the Honors 2 Opportunities Learning Community.

    This summer, Haddock is a STROBE Summer Undergraduate Research Scholar at the University of California at Berkeley where he works in the National Center for Electron Microscopy at the Lawrence Berkeley National Laboratory.

    “Throughout my UConn experience, I’ve immersed myself in collaborative communities, working in a lab, facilitating a first-year course, and traveling nationally to compete in running races,” he says. “These sorts of experiences have allowed me to further my learning, as I seek to positively impact the world around me.”

    Haddock intends to pursue a Ph.D. in materials science and engineering, with an emphasis on understanding how atomic structure influences the properties of materials. He hopes to continue research in structural materials, developing the materials necessary for the complex demands of an evolving world.

    Passionate about education and outreach, Wyeth also hopes to continually inspire younger audiences to get involved in materials science and engineering.

    Zhengyang Wei ’26
    Project Title: Stability Analysis on 9D Shear Flow Model by Small-Signal Finite-Gain Lp Stable Theorem

    University Scholar Zhengyang Wei ’26 is exploring ways to improve the stability and performance of aerodynamic designs.

    Turbulence—when fluid flow becomes chaotic—is difficult to control, but preventing it is important in many engineering systems. As a University Scholar, mechanical engineering major Zhengyang Wei ’26 is using mathematical tools to prevent turbulence by studying shear flows. In shear flows, layers of liquid or gas move parallel to each other but at different speeds.

    By finding the conditions that keep the flow stable, Wei’s research can help improve the stability and performance of aerodynamic designs, industrial systems, and other applications. This work contributes to developing effective strategies for controlling shear flows and advancing fluid dynamics research.

    “For example, we can mitigate the transition to turbulence in the wind over an airplane wing, which will make the flight more stable and efficient,” he explains.

    His advisors are Chang Liu, assistant professor in the School of Mechanical, Aerospace, and Manufacturing Engineering; Reza Sheikhi, professor-in-residence in the School of Mechanical, Aerospace, and Manufacturing Engineering; and Jason Lee, professor-in-residence in the School of Mechanical, Aerospace, and Manufacturing Engineering.

    As a member of the FLUids, rEduction, Nonlinearity, and Turbulence (FLUENT) Lab, Wei and Liu published a paper on shear flows in the June 2025 issue of arXiv.

    Wei, a math minor, also is a 2025 Summer Undergraduate Research Fund (SURF) awardee. He plans to pursue a Ph.D. in fluid stability or optimization.

    As University Scholars, Vobbineni, Haddock, and Wei receive a range of benefits designed to support and enrich their academic journey. These include a financial award that covers the General University Fee and Student Health Services Fee for up to three regular semesters, or until graduation from the program. Scholars are also eligible for course credit fee waivers for up to nine credits of summer or intersession courses, and the opportunity to enroll in graduate-level courses with instructor permission.

    Students accepted into a UConn graduate program while in the University Scholar Program may begin working toward their graduate degree as undergraduates, with the ability to apply eligible graduate-level coursework toward that degree.

    MIL OSI USA News –

  • MIL-OSI: Coface SA: Coface confirms its good start to the year and continues its strategic investments. Annualised return on tangible equity at 12.6%

    Source: GlobeNewswire (MIL-OSI)

    Coface confirms its good start to the year and continues its strategic investments. Annualised return on tangible equity at 12.6%

    Paris, 31 July 2025 – 5.35 p.m.

    • Turnover: €937m, up +2.3% at constant FX and perimeter
      • Trade Credit Insurance revenue up +1.7%; client activity up +1.8%
      • Client retention back up at near-record (94.0% vs. 92.8% in H1-24); pricing remained negative
        (-1.6%), in line with historical trends
      • Business Information growing again double-digit (+14.7% at constant FX); Debt Collection up +35.0%; Factoring down slightly by -1.5% due to lower interest rates
    • Net loss ratio at 40.1%, up 5.1 ppts; net combined ratio at 71.3%, up 7.9 ppts
      • Gross loss ratio at 37.8%, up 5.3 ppts year-on-year but improving slightly in Q2-25 relative to the previous quarter, showing good risk control
      • Net cost ratio up 2.8 ppts at 31.2%, reflecting past inflation as well as continued investments
    • Coface continues to strengthen its credit insurance business and is rolling out its data strategy:
      • Strengthening governance with the appointment of Joerg Diewald as Director of Information Services and Partnerships and Thibault Surer as head of a new technology division focused on data, connectivity and product innovation
      • Creation of a new Lloyd’s syndicate allowing Coface to offer AA solutions to its clients
      • Acquisition of Cedar Rose and Novertur International
    • Net income (Group share) at €124.2m, down 12.7% compared with the record set in H1-24. Annualised RoATE1at 12.6%
    • Estimated solvency ratio of 195%2, above the target range (155% – 175%)

    Unless otherwise indicated, changes are expressed by comparison with the results as at 30 June 2024.

    Commenting, Xavier Durand, CEO of Coface, said:
    “Coface generated net income of €62m in Q2-25, down from a record Q2-24. The number of bankruptcies worldwide has continued to rise steadily and is now well above pre-COVID levels. Through constant vigilance and flawless execution, we have contained the increase in the loss experience, with the uncertainties created by the increase in tariffs in the United States having probably yet to fully materialise.
    However, our revenues are growing, both in credit insurance and services. This growth is being driven by our investments, which have brought new business to a record level in insurance and services.
    These deliberate investments strengthen our distribution capabilities, the range of products and services available to our clients, and our risk analysis tools. Since the beginning of the year, we have made two acquisitions in information services, Cedar Rose and Novertur. We have also announced the launch of a Lloyd’s syndicate to offer AA solutions to some of our clients.
    Lastly, our solvency ratio remains high, at 195%.”  

    Key figures at 30 June 2025

    The Board of Directors of COFACE SA examined the consolidated financial statements at 30 June 2025 at its meeting of 31 July 2025. These statements were also previously reviewed by the Audit Committee at its meeting of 30 July 2025. These interim consolidated financial statements have been subject to limited review by the Statutory Auditors. The limited review report is being issued.

    Income statement items in €m H1-24 H1-25 Variation % ex FX*
    Insurance revenue 754.3 760.0 +0.8% +1.7%
    Other revenues 168.5 176.6 +4.9% +4.8%
    REVENUE 922.7 936.6 +1.5% +2.3%
    UNDERWRITING INCOME (LOSS) NET OF REINSURANCE 195.0 153.6 (21.2)% (20.3)%
    Investment income, net of management expenses,excluding finance costs 40.8 26.3 (35.4)% (36.0)%
    Insurance finance expenses (18.1) 6.7 (137.1)% (130.8)%
    CURRENT OPERATING INCOME 217.7 186.6 (14.3)% (14.1)%
    Other operating income and expenses (0.5) (0.6) +21.8% +12.2%
    OPERATING INCOME 217.2 186.0 (14.4)% (14.2)%
    NET INCOME (GROUP SHARE) 142.3 124.2 (12.7)% (12.7)%
             
    Key ratios H1-24 H1-25 Variation
    Loss ratio after reinsurance 35.0% 40.1% 5.1 ppts
    Cost ratio after reinsurance 28.4% 31.2% 2.8 ppts
    COMBINED RATIO AFTER REINSURANCE 63.4% 71.3% 7.9 ppts
             
    Balance sheet items in €m 2024 H1-25 Variation
    Total equity (Group share) 2,193.6 2,098,0 (4.4)%
      H1-24 H1-25    
    Solvency ratio 195%1 195%1 0 ppt

    * Excluding scope effect.
    1This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.

    1.   Revenue

    Coface posted consolidated turnover of €937m in the first half of 2025, up +2.3% at constant FX and perimeter compared with H1-24. On a reported basis (at current FX and perimeter), turnover was up +1.5%.

    Revenues from insurance activities (including Bonding and Single Risk) increased +1.7% at constant FX and perimeter, benefiting from a slight increase in client activity and the return to a record retention level at 94.0%. New business reached €76m, the highest since H1-20, driven by an increase in demand and benefiting from growth investments made by Coface.

    Growth in client activity had a positive impact of +1.8% in H1-25 against a backdrop of extreme political uncertainty, particularly in terms of tariffs, and modest economic growth. The price effect remained negative at -1.6% in H1-25, in line with long-term trends. This decrease is largely explained by a very low past loss experience, offset by today’s return to normal.

    Turnover from non-insurance activities was up +8.2% compared with H1-24. Factoring turnover fell -1.5% in H1-25 and -2.2% in Q2 25 on lower interest rates and weak client activity in Germany and Poland. Information services turnover continued to post double-digit growth, at +14.7%. Debt Collection commissions increased, from a still modest base, by +35% due to the increase in claims to be collected. Fee and commission were up +2.3%.

    Total revenue in €m
    (by invoicing region)    		 H1-24 H1-25 Variation % ex FX3
    Northern Europe 185.0 185.2 +0.1% +0.1%
    Western Europe 187.6 191.6 +2.1% +1.0%
    Central and Eastern Europe 87.0 83.9 (3.5)% (3.8)%
    Mediterranean & Africa 276.0 280.2 +1.5% +3.0%
    North America 88.7 87.7 (1.2)% +2.0%
    Latin America 38.2 41.5 +8.6% +17.5%
    Asia-Pacific 60.2 66.5 +10.5% +9.5%
    Total Group 922.7 936.6 +1.5% +2.3%

    In the Northern Europe region, turnover was up +0.1% at constant and current FX. The credit insurance business benefited from robust new business and a high retention rate. Factoring turnover was down -1.6%.

    In Western Europe, turnover rose +1.0% at constant FX (2.1% at current FX) on solid sales performances in services (+27%) and credit insurance, offsetting the loss of a contract with a financial institution.

    In Central and Eastern Europe, turnover was down -3.8% at constant FX (-3.5% at current FX) but improved significantly compared with the previous quarter (-6.9%). Credit insurance was negatively impacted by a non-recurring effect recorded in 2024, as well as the transfer of a major contract to the Asia-Pacific region.

    In the Mediterranean & Africa region, which is driven by Italy and Spain, turnover increased +3.0% at constant FX and +1.5% at current FX, the result of a high retention rate and a more dynamic economy overall.

    In North America, turnover rose +2.0% at constant FX (-1.2% on a reported basis). The region is benefiting from an improvement in new business. Reported figures have been adversely affected by the sharp fall in the US dollar since the beginning of the year.

    In Latin America, turnover was up +17.5% at constant FX and +8.6% at current FX. The region is benefiting from the persistently high level of local inflation, which is benefiting client activity.

    Turnover in the Asia-Pacific region was up +9.5% at constant FX and +10.5% at current FX, driven by a high retention rate, a rebound in client activity, and the transfer of a client from another region.

    2.   Result

    • Combined ratio

    The combined ratio after reinsurance stood at 71.3% in H1-25 (up 7.9 ppts year on year) and 74.0% in Q2-25, reaching a level close to the cycle average.

    (i)  Loss ratio

    The gross loss ratio stood at 37.8%, up 5.3 ppts year-on-year. This increase reflects the return to normal of the loss experience, offset by the reserve releases, which remain at a high level. The number of mid-sized claims increased but remains below long-term trends.

    The Group’s reserving policy remained unchanged. The amount of provisions related to the underwriting year, although discounted, remained in line with the historical average. The rigorous management of past claims enabled the Group to record 41.0 ppts of recoveries.

    The net loss ratio increased to 40.1%, up 5.1 ppts compared with H1-24, but close to the level reached in H1-23 (40.3%), in today’s more difficult economic environment.

    (ii)  Cost ratio

    Coface is pursuing its strict cost management policy while maintaining its investments, in accordance with the Power the Core strategic plan. Costs were up +7.0% in H1-25 at constant FX and perimeter and +6.3% at current FX.

    The cost ratio before reinsurance stood at 34.6% in H1-25, up 2.0 ppts year on year. This increase mainly resulted from cost inflation (0.6 ppt) as well as continued investments (2.3 ppts). Conversely, the improved product mix (information services, debt collection and fee and commission income) had a positive effect of -0.9 ppt. The trend in reinsurance commissions explains the remainder of the variation.

    • Financial income

    Income from financial investments was +€26.3m in the first half of the year. The total includes an FX effect of -€17.0m on financial assets, owing to the sharp fall in the dollar against the euro, as well as a negative impact of the application of IAS 29 (hyperinflation) in Turkey of -€6.7m.

    The portfolio’s current income (i.e. excluding capital gains, depreciation and FX) was €52.1m. The accounting yield4, excluding capital gains and fair value effect, was 1.6% in H1-25. The yield on new investments was 3.7%.

    Insurance finance expenses (IFE) were positive at €6.7m in H1-25. They include a significant FX gain (+€23.1m) on technical liabilities, which reflects the expense recorded on assets and partially on net loss.

    • Operating income and net income

    Operating income totalled €186.0m in H1-25, down 14.4%, approaching the level reached in H1-23.

    The effective tax rate in H1-25 was 25% (vs. 27% in H1-24).

    Overall, net income (Group share) was €124.2m, down 12.7% compared with H1-24, slightly below the result in H1-23 (€128.8m) in a more difficult economic environment.

    3.   Shareholders’ equity

    At 30 June 2025, Group shareholders’ equity was €2,098.0m, down €95.6m or -4.4% (€2,193.6m at 31 December 2024).

    The change is mainly due to positive net income of €124.2m, the dividend payment of -€209m, and the increase in unrealised capital gains (€21.9m).

    The annualised return on average tangible equity (RoATE) was 12.6% at 30 June 2025, down compared with the previous year, in line with the decline in net income.

    The solvency ratio stood at 195%5, stable compared with H1-24. It remains well above the Group’s target range (155%-175%).

    4.   Outlook

    The second quarter of 2025 was marked by the continued increase in tariffs announced by the United States. The US administration’s announcements of sharp increases alternated with deferments of varying duration and the signing of a few bilateral agreements. As things stand today, tariffs on imports from Europe should reach 15%.

    Some tariffs (automotive, metals) have already come into force and have had direct negative consequences on the trade flows of the goods concerned. Conversely, announcements of deferred tariffs triggered advance purchases, bolstering economic activity. Lastly, extreme uncertainty as to the final outcome of the tariff issue have led to a postponement of investments as well as the redirection of Chinese exports, particularly towards markets deemed more stable.

    This highly uncertain environment is impacting global trade and the health of companies in markedly different ways. During the second quarter, Coface downgraded the ratings of 23 sectors and 4 countries. Persistent inflationary pressures are preventing central banks from cutting rates for now. Demand is being supported solely by the maintenance of high public deficits and the continuation of an extremely strong investment cycle to foster the development of AI technology.

    Business failures have increased in 80% of advanced economies and are now at a decade high, 20% to 25% higher than in 2019.

    Coface’s expertise in risk management and services (information services, debt collection) is more relevant than ever in this context of rapid change. The company is resolutely pursuing its investments while they weigh on the cost ratio in the short term. Since the beginning of the year, Coface has announced two acquisitions (Cedar Rose and Novertur) as well as the creation of a Lloyd’s syndicate and a technology division.

    Conference call for financial analysts

    Coface’s H1-2025 results will be discussed with financial analysts during the conference call that will take place on Thursday 31 July at 6.00 p.m. (Paris time). It will be accessible:

    The presentation will be available (in English only) at the following address:
    http://www.coface.com/fr/Investisseurs/Résultats-et-rapports-financiers

    Appendices

    Quarterly results

    Income statement items in €m
    Quarterly figures    		 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25   % % ex. FX*
    Insurance revenue 378.6 375.6 375.9 382.7 382.9 377.1   +0.4% +2.3%
    Other revenues 85.0 83.4 78.0 85.5 90.3 86.3   +3.5% +4.2%
    REVENUE 463.7 459.1 453.8 468.3 473.2 463.4   +0.9% +2.6%
    UNDERWRITING INCOME (LOSS)
    AFTER REINSURANCE    		 100.3 94.7 88.8 84.9 85.4 68.2   (27.9)% (25.5)%
    Investment income, net of management expenses, excluding finance costs 17.9 22.8 19.0 31.9 10.4 15.9   (30.3)% (29.5)%
    Insurance finance expenses (11.4) (6.7) (7.3) (17.1) (4.1) 10.8   (262.8)% (249.1)%
    CURRENT OPERATING INCOME 106.8 110.9 100.5 99.7 91.6 95.0   (14.3)% (12.9)%
    Other operating income and expenses (0.1) (0.5) (2.6) (5.5) (0.4) (0.3)   (43.9)% (48.0)%
    OPERATING INCOME 106.8 110.4 97.9 94.2 91.2 94.7   (14.2)% (12.7)%
    NET INCOME (GROUP SHARE) 68.4 73.8 65.4 53.4 62.1 62.1   (15.9)% (14.7)%
    Income tax rate 27.2% 26.8% 25.5% 36.2% 23.0% 26.3%   (0,5) ppt

    Cumulated results

    Income statement items in €m
    Cumulated figures    		 Q1-24 H1-24 9M-24 FY-24 Q1-25 H1-25   % % ex. FX*  
    Insurance revenue 378.6 754.3 1,130.2 1,512.9 382.9 760.0   +0.8% +1.7%  
    Other revenues 85.0 168.5 246.4 331.9 90.3 176.6   +4.9% +4.8%  
    TURNOVER 463.7 922.7 1,376.6 1,844.8 473.2 936.6   +1.5% +2.3%  
    UNDERWRITING INCOME (LOSS)
    AFTER REINSURANCE    		 100.3 195.0 283.8 368.7 85.4 153.6   (21.2)% (20.3)%  
    Investment income, net of management expenses, excluding finance costs 17.9 40.8 59.8 91.7 10.4 26.3   (35.4)% (36.0)%  
    Insurance finance expenses (11.4) (18.1) (25.4) (42.5) (4.1) 6.7   (137.1)% (130.8)%  
    CURRENT OPERATING INCOME 106.8 217.7 318.2 417.9 91.6 186.6   (14.3)% (14.1)%  
    Other operating income and expenses (0.1) (0.5) (3.1) (8.6) (0.4) (0.6)   +21.8% +12.2%  
    OPERATING INCOME 106.8 217.2 315.1 409.2 91.2 186.0   (14.4)% (14.2)%  
    NET INCOME (GROUP SHARE) 68.4 142.3 207.7 261.1 62.1 124.2   (12.7)% (12.7)%  
    Income tax rate 27.2% 27.0% 26.5% 28.7% 23.0% 24.7%   (2,3) ppt

    * Excluding scope effect.

    CONTACTS

    INVESTOR/ANALYST RELATIONS
    Thomas Jacquet: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina Andriamiadantsoa: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    MEDIA RELATIONS
    Saphia Gaouaoui: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Adrien Billet: +33 1 49 02 23 63 – adrien.billet@coface.com

    FINANCIAL CALENDAR 2025
    (subject to change)
    9M-2025 results: 3 November 2025, after market close

    FINANCIAL INFORMATION
    This press release, as well as all of COFACE SA’s regulated information, can be found on the Group’s website: https://www.coface.com/investors

    For regulated information on Alternative Performance Indicators (APMs), please refer to our Interim Financial Report for H1-2025 and our 2024 Universal Registration Document (see 3.7 “Key financial performance indicators”).

      Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
    You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    As a global leading player in trade credit risk management for almost 80 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
    Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
    Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
    In 2024, Coface employed +5,200 people and recorded a turnover of ~€1.845 billion.

    www.coface.com

    COFACE SA is listed on Compartment A of Euronext Paris
    ISIN: FR0010667147 / Ticker: COFA

    DISCLAIMER – Certain statements in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and they may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these statements. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2024 Universal Registration Document filed with AMF on 3 April 2025 under the number D.25-0227 to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts or to provide new information on future events or any other circumstance.

    1 RoATE = Return on average tangible equity.
    2 This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.
    3 Excluding scope effect.
    4 Book yield calculated on the average of the investment portfolio excluding non-consolidated investments.
    5 This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.

    Attachment

    The MIL Network –

  • MIL-OSI: 2025 second-quarter results Solid performance amid a volatile environment Annual Net Cash Flow objective reaffirmed

    Source: GlobeNewswire (MIL-OSI)

    Paris (France), July 31, 2025

    2025 second-quarter results
    Solid performance amid a volatile environment
    Annual Net Cash Flow objective reaffirmed

    • Segment revenue of $274m in Q2 2025, up +6% year-on-year, fueled by Geoscience (GEO) and Sensing & Monitoring (SMO)
    • Segment adjusted EBITDAs of $107m in Q2 2025 (+14% year-on-year) or 39% margin (c.+270 bps). Profitability increase mostly driven by: 1/ the end of vessel penalties at EDA in January 2025 and 2/ good progress on the restructuring plan at SMO
    • Net Cash Flow generation of $30m in Q2 2025
    • Bond maturity extended to October 2030 after end-March 2025 successful refinancing, $125m available RCF1
    • 2025 financial objectives reaffirmed

    Sophie Zurquiyah, Chair and CEO of Viridien: “Viridien delivered a solid performance in the second quarter of 2025. Despite a volatile environment, the Group demonstrated resilience, driven by its primary focus on offshore markets and on leading oil companies. Combined with ongoing internal performance improvements, this resulted in robust year-on-year growth in both segment revenue and margins. From a cash perspective, Viridien generated a solid $30 m in Net Cash Flow during the quarter, reinforcing our confidence in reaching our full-year target of $100 m. The combination of a healthy Geoscience backlog and expected licensing activity toward year-end supports our confidence in maintaining momentum on our deleveraging path.”

    (in millions of $)2 Q2 2025 Q2 2024 Change (%) H1 2025 H1 2024 Change (%)
    Segment figures            
    Revenue 274 258 +6% 575 532 +8%
    Adjusted EBITDAs 107 94 +14% 250 200 +25%
    IFRS figures            
    Revenue 234 317 -26% 492 566 -13%
    EBITDAs 68 150 -55% 167 230 -27%
    Operating Income 15 52 -72% 71 72 -1%
    Net Income 6 35 -83% -22 32 n.a.
    Net Cash Flow 30 -6 n.a. 10 24 -61%
    Net Debt 997 941 +6% 997 941 +6%

    KEY HIGHLIGHTS PER BUSINESS LINE3

    Data, Digital and Energy Transition (DDE)

    Segment revenue at $181 m in Q2 2025, up +3% year-on-year driven by Geoscience. New business opportunities are emerging in HPC, while low-carbon initiatives are slowing down due to delays in CCUS projects.

    Geoscience (GEO)

    • Revenue at $115 m (+10%)
    • Solid performance mostly driven by work performed in Latin America and Middle East
    • For the past few years, Viridien has seen growing demand for advanced, high-quality, high-end subsurface imaging, especially in the US Gulf, Middle East, North Africa, and South America

    Earth Data (EDA)

    • Revenue at $66 m (-8%), following a strong performance in the first quarter of 2025
    • New OBN projects started in Norway and the US Gulf

    Segment adjusted EBITDAs reached $101 m, up +6% year-on-year, with a margin increase of c.+160 basis points. This performance reflects improving margins in Earth Data, which now fully benefits from the end of the vessel capacity agreement. EDA Cash EBITDA breakeven over the period.

    Sensing and Monitoring (SMO)

    Segment revenue at $93 m in Q2 2025, a solid +14% increase year-on-year. Activity is mostly driven by the Land segment, with strong deliveries of nodal system in South America and cabled systems in the MENA region, in particular. The Marine segment remains subdued. In New Businesses, Infrastructure monitoring is showing double-digit growth, while our Marlin Offshore Logistics solution achieved encouraging initial commercial success, with a contract signed with ONGC.

    Segment adjusted EBITDAs stood at $13 m, more than double last year’s figure, reflecting both revenue growth and the gradual positive impact of ongoing restructuring actions. In margin terms, second-quarter EBITDA reached nearly 13.7%, representing a c.+620 bp improvement year-on-year.

    Segment adjusted Operating income at $7 m vs -$2m in Q2 2024.

    CONSOLIDATED IFRS FIGURES4

    Profit & Loss

    Consolidated IFRS revenue for the second quarter of 2025 came in at $234m, down -26% year-on-year. EBITDAs stood at $68m, down -55%.

    IFRS Net Income reaches $6m, vs $35m in the second quarter of 2024, after accounting for -$53 m of leases and D&A, -$27m net cost of financial debt, +$12m other financial income linked to the partial capitalization of refinancing operation costs and partly offset by forex impacts, and +$6m of deferred tax assets.

    (in millions of $) Q2 2025 Q2 2024 Change (%) H1 2025 H1 2024 Change (%)
    €/$ exchange rate  1.12 1.08     1.08 1.08   
    Revenue 234 317 -26% 492 566 -13%
    EBITDAs 68 150 -55% 167 230 -27%
    Operating income 15 52 -72% 71 72 -1%
    Equity from investment -1 0 n.a. -1 0 n.a.
    Net cost of financial debt -27 -25 +6% -52 -49 +6%
    Other financial income (loss) 12 -1 n.a. -34 -1 n.s.
    Income taxes 6 -8 n.a. -7 -6 +32%
    Net Income (loss) from continuing operations 5 19 -74% -24 16 n.a.
    Net Income (loss) from discontinued operations 1 16 -92% 2 16 -88%
    Consolidated Net Income (loss) 6 35 -83% -22 32 n.a.

    Cash Flow and Net debt

    Net Cash Flow of $10 m generated in the first half of 2025, including $30 m in the second quarter alone. A solid performance in light of the significant pressure on the Group’s working capital, caused by overdue receivables from Mexican National Oil Company PEMEX (c.$50 m as of June 30, 2025) and largely contributing to the negative -$46m change in working capital over the period.

    Also worth noting that Net Cash Flow in the first half of 2024 included a one-off positive inflow of $38 m, related to the settlement of a litigation with ONGC.

    (in millions of $) Q2 2025 Q2 2024 Change (%) H1 2025 H1 2024 Change (%)
    Segment EBITDAs 108 91 +19% 250 196 +28%
    Income Tax Paid -4 -9 -52% -8 -12 -31%
    Change in Working Capital & Provisions 1 -3 n.a. -46 -3 n.s.
    Other Cash Items -1 0 n.a. -1 0 n.a.
    Cash from Operating Activity 103 78 +32% 195 180 +8%
    Total Capex -58 -57 +1% -119 -115 +3%
    Acquisitions and Proceeds of Assets 1 0 n.a. 1 0 n.s.
    Cash from Investing Activity -56 -56 0% -118 -114 +3%
    Paid Cost of Debt -1 -45 -97% -40 -43 -8%
    Lease Repayment -16 -16 +5% -26 -27 -5%
    Cash from Financing Activity -18 -61 -71% -67 -71 -6%
    Discontinued Operations Acquisitions 0 33 -100% 0 30 -100%
    Net Cash Flow 30 -6 n.a. 10 24 -60%

    Bond maturity significantly extended to October 2030 following the successful refinancing at end-March 2025.
    Ample liquidity in place, including a $125m RCF5.

    (in millions of $) June 30, 2025 Dec. 31, 2024 Change (%) June 30, 2024 Change (%)
    Liquidity 262 392 -33% 430 -39%
    Cash 162 302 -46% 340 -52%
    Undrawn RCF 100 90 +11% 90 +11%
    Gross Debt 1,158 1,223 -5% 1,281 -10%
    Bonds 9876 1,049 -6% 1,126 -12%
    Other borrowings 31 31 -1% 32 -3%
    Accrued interests 25 18 +33% 20 +24%
    Lease liabilities 116 125 -7% 103 +12%
    Net Debt 997 921 +8% 941 +6%

    OUTLOOK

    The oil price environment has remained volatile in recent months but consistently above the $60/bbl threshold, generally considered an industry equilibrium level. In this context, Oil & Gas companies have maintained most of their exploration and development commitments, particularly in Viridien’s core segments.

    Assuming no major disruption to the current environment, Viridien reaffirms its confidence in generating around $100m in Net Cash Flow for 2025, supported by:

    • Geoscience growth, driven by industry-leading technology and a strong backlog;
    • Earth Data late sales, expected to benefit from upcoming lease rounds, combined with disciplined new multi-client engagements;
    • Sensing & Monitoring, fueled by broad land activity.

    ***

    Q2 2025 conference call details

    The press release and presentation will be made available on www.viridiengroup.com at 5:45 p.m. (CET).

    An English-language conference call is scheduled today at 6:00 p.m. (CET).

    Participants must register for the conference call by clicking here to receive a dial-in number and PIN code. Participants may also join the live webcast by clicking here.

    A replay of the conference call will be available starting the following day, for a period of 12 months, in audio format on the Company’s website www.viridiengroup.com.

    Status of the statutory auditors’ procedures

    The Board of Directors met on July 31, 2025, and closed the consolidated financial statements as of June 30, 2025. Limited review procedures were completed, and an unqualified opinion has been issued by the statutory auditors.

    Next financial information

    2025 third-quarter results: October 30, 2025 (after market close)

    About Viridien

    Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resources, digital, energy transition and infrastructure challenges. Viridien employs around 3,200 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).

    Disclaimer

    Certain information included in this press release is not historical data but forward-looking statements. These forward-looking statements are based on current beliefs and assumptions, including, but not limited to, assumptions about current and future business strategies and the environment in which Viridien operates, and involve known and unknown risks, uncertainties and other factors, which may cause actual results or performance, or the results or other events, to be materially different from those expressed or implied in such forward-looking statements. These risks and uncertainties include those discussed or identified in Chapter 2 “Risk Management and Internal Control” of the Universal Registration Document dated March 6, 2025, filed with the French Financial Markets Authority (AMF) under number D. 25-0075 and available on the Group’s website (www.viridiengroup.com) and on the AMF website (www.amffrance.org). These forward-looking statements and information are not guarantees of future performance. Forward-looking statements speak only as of the date of this press release. This press release does not contain or constitute an offer of securities or an invitation or inducement to invest in securities in France, the United States, or any other area.

    Investors contact

    VP Investor Relations and Corporate Finance
    Alexandre Leroy
    alexandre.leroy@viridiengroup.com
    +33 6 85 18 44 31

    APPENDICES

    Quarterly statements are unaudited and not subject to any review. Only IFRS condensed interim consolidated financial statements were subject to a review report by statutory auditors.

    Key Segment P&L figures

    (in millions of $) Q2 2025 Q2 2024 Change (%) H1 2025 H1 2024 Change (%)
    €/$ exchange rate  1.12 1.08     1.08 1.08   
    Segment Revenue 274 258 +6% 575 532 +8%
    DDE 181 177 +3% 396 362 +9%
    Geoscience 115 105 +10% 226 193 +17%
    Earth Data 66 72 -8% 170 169 +1%
    SMO 93 82 +14% 180 170 +6%
    Land 57 29 +99% 108 74 +47%
    Marine 21 42 -50% 46 75 -39%
    Other 15 11 +36% 26 21 +20%
    Segment EBITDAs 108 91 +19% 250 196 +28%
    Adjusted Segment EBITDAs 107 94 +14% 250 200 +25%
    DDE 101 96 +6% 238 199 +19%
    SMO 13 6 +108% 27 16 +63%
    Corporate and other -7 -8 -15% -15 -16 -8%
    Segment Operating Income 22 26 -16% 87 53 +63%
    Adjusted Segment Operating Income 21 29 -28% 86 57 +50%
    DDE 21 39 -47% 87 74 +17%
    SMO 7 -2 n.a. 15 0 n.s.
    Corporate and other -7 -8 -16% -16 -17 -6%
    EDA Cash EBITDA 0 10 -100% 39 44 -11%

    Other KPIs

    (in millions of $) H1 2025 H1 2024 Change (%)
    Geoscience Backlog 317 246 +29%
    Total Capex 119 115 +3%
    Earth Data Library Net Book Value7 508  440 +15%

    Definition of Alternative Performance Indicators (API)

    In its communications, Viridien includes Alternative Performance Indicators, the main ones being Segment Revenue, Segment EBITDAs, Adjusted Segment EBITDAs, and EDA Cash EBITDA. Their definitions are set out in the 2024 Universal Registration Document filed with the French Financial Markets Authority (AMF) and are reiterated below:

    • Segment revenue: Segment revenue is prepared in accordance with internal management reporting with Earth Data prefunding revenues recorded based upon percentage of completion.
    • Segment EBITDAs: Segment EBITDAs is defined as earnings before interest, tax, income from equity affiliates, depreciation, amortization net of amortization costs capitalized to Earth Data surveys, and cost of share-based compensation for employees and senior executives. The cost of share-based compensation includes the cost of stock options and allotments of performance shares. Segment EBITDAs is calculated based on internal management reporting, in which prefunding revenue from Earth Data surveys is recognized using the percentage of completion method.
    • Adjusted segment EBITDAs: Adjusted segment EBITDAs is Segment EBITDAs adjusted for non-recurring charges and gains.
    • EDA Cash EBITDA: EDA Cash EBITDA is defined as EDA (Earth Data) adjusted segment EBITDAs less investment in EDA surveys for the period, excluding inactivity compensation fees related to the vessel capacity agreement signed between Viridien and Shearwater. This indicator is used exclusively for the EDA activity.

    Reconciliation of API with the condensed interim consolidated financial statements

    The table below outlines the accounting adjustments made in accordance with IFRS 158 requirements. Over the period, these adjustments primarily relate to major survey projects conducted by Earth Data in the US Gulf and Norway.

      Q2 2025 H1 2025
    (in millions of $) Segment IFRS 15 adjustments IFRS Segment IFRS 15 adjustments IFRS
    Revenue 274 -40 234 575 -83 492
    EBITDAs 108 -40 68 250 -83 167
    Adjustments -1     0    
    Adjusted EBITDAs 107 -40 67 250 -83 167

    Interim Consolidated Statement of Operations

    (In millions of US$, except per share data) H1 2025 H1 2024
    Operating revenues 491.8 565.8
    Other income from ordinary activities 0.1 0.1
    Total income from ordinary activities 492.0 565.9
    Cost of operations (361.0) (424.1)
    Gross profit 131.0 141.8
    Research and development expenses – net (6.8) (9.6)
    Marketing and selling expenses (16.4) (19.0)
    General and administrative expenses (37.7) (38.0)
    Other revenues (expenses) – net 1.0 (3.6)
    Operating Income (loss) 71.2 71.6
    Cost of financial debt – gross (55.2) (55.1)
    Income from cash and cash equivalents 2.9 5.8
    Cost of financial debt – net (52.3) (49.3)
    Other financial income (loss) (34.4) (0.8)
    Income (loss) before income taxes and share of income (loss) from companies accounted for under the equity method (15.4) 21.5
    Income taxes (7.4) (5.6)
    Income (loss) before share of income (loss) from companies accounted for under the equity method (22.8) 15.9
    Net income (loss) from companies accounted for under the equity method (1.0) 0.0
    Net income (loss) from continuing operations (23.8) 15.9
    Net income (loss) from discontinued operations 1.9 16.1
    Consolidated net income (loss) (21.9) 32.0
    Attributable to:    
    Owners of Viridien SA (22.3) 31.6
    Non-controlling interests 0.4 0.4
    Net income (loss) per share9    
    Basic (3.12) 4.43
    Diluted (3.12) 4.41
    Net income (loss) from continuing operations per share8    
    Basic (3.38) 2.17
    Diluted (3.38) 2.16
    Net income (loss) from discontinued operations per share8    
    Basic 0.26 2.25
    Diluted 0.26 2.25

    Interim Consolidated Statement of Financial Position

    (In millions of US$) June 30, 2025 Dec. 31, 2024
    ASSETS    
    Cash and cash equivalents 161.6 301.7
    Trade accounts and notes receivable, net 330.7 339.9
    Inventories and work-in-progress, net 162.1 163.3
    Income tax assets 10.2 22.9
    Other current assets, net 78.8 74.0
    Assets held for sale, net 28.3 24.5
    Total current assets 771.7 926.2
    Deferred tax assets 47.2 43.6
    Other non-current assets, net 9.1 8.9
    Investments and other financial assets, net 24.7 25.7
    Investments in companies under the equity method 5.1 1.1
    Property, plant and equipment, net 205.3 220.6
    Intangible assets, net 589.3 535.4
    Goodwill, net 1,092.8 1,082.8
    Total non-current assets 1,973.5 1,918.1
    TOTAL ASSETS 2,745.2 2,844.3
    LIABILITIES AND EQUITY    
    Financial debt – current portion 63.1 56.9
    Trade accounts and notes payables 113.6 120.9
    Accrued payroll costs 82.5 84.5
    Income taxes payable 12.1 20.4
    Advance billings to customers 20.8 19.2
    Provisions — current portion 17.1 19.7
    Other current financial liabilities 0.0 0.5
    Other current liabilities 218.5 182.5
    Liabilities associated with non-current assets held for sale 2.3 2.4
    Total current liabilities 530.0 507.0
    Deferred tax liabilities 13.2 18.4
    Provisions – non-current portion 33.1 28.8
    Financial debt – non-current portion 1,095.3 1,165.6
    Other non-current financial liabilities 0.0 0.0
    Other non-current liabilities 1.9 1.7
    Total non-current liabilities 1,143.5 1,214.5
    Common stock: 11,201,879 shares authorized and 7,180,449 shares with a nominal value of €1.00 outstanding at June 30, 2025. 8.7 8.7
    Additional paid-in capital 118.7 118.7
    Retained earnings 1,014.7 1,036.5
    Other Reserves (0.9) 55.2
    Treasury shares (20.1) (20.1)
    Cumulative income and expense recognized directly in equity (1.7) (1.1)
    Cumulative translation adjustment (85.0) (113.3)
    Equity attributable to owners of Viridien S.A. 1,034.5 1,084.7
    Non-controlling interests 37.2 38.1
    Total equity 1,071.8 1,122.8
    TOTAL LIABILITIES AND EQUITY 2,745.2 2,844.3

    Interim Consolidated Statement of Cash Flows

    (In millions of US$)   H1 2025 H1 2024
    OPERATING ACTIVITIES      
    Consolidated net income (loss)   (21.9) 32.0
    Less: Net income (loss) from discontinued operations   (1.9) (16.1)
    Net income (loss) from continuing operations   (23.8) 15.9
    Depreciation, amortization and impairment   42.6 47.8
    Earth Data surveys impairment and amortization   59.0 116.3
    Depreciation and amortization capitalized in Earth Data surveys   (7.5) (7.0)
    Variance on provisions   (3.6) (0.3)
    Share-based compensation expenses   1.7 1.8
    Net (gain) loss on disposal of fixed and financial assets   (0.8) 0.1
    Share of (income) loss in companies recognized under equity method   1.0 –
    Other non-cash items   30.0 0.8
    Net cash-flow including net cost of financial debt and income tax   98.5 175.4
    Less: Cost of financial debt   52.3 49.3
    Less: Income tax expense (gain)   7.4 5.6
    Net cash-flow excluding net cost of financial debt and income tax   158.1 230.4
    Income tax paid   (8.3) (12.0)
    Net cash-flow before changes in working capital   149.8 218.4
    Changes in working capital   45.0 (38.2)
    – change in trade accounts and notes receivable   51.0 (17.2)
    – change in inventories and work-in-progress   16.8 11.0
    – change in other current assets   (6.7) 0.9
    – change in trade accounts and notes payable   (3.8) (12.5)
    – change in other current liabilities   (12.3) (20.3)
    Net cash-flow from operating activities   194.8 180.2
           
    INVESTING ACTIVITIES      
    Total capital expenditures (including variation of fixed assets suppliers, excluding Earth Data surveys)   (17.2) (17.8)
    Investment in Earth Data surveys, net cash   (101.6) (97.0)
    Proceeds from disposals of tangible and intangible assets   1.0 0.5
    Dividends received from investments in companies under the equity method   – 0.5
    Variation in other non-current financial assets   2.0 (3.3)
    Net cash-flow from investing activities   (115.7) (117.0)
    FINANCING ACTIVITIES      
    Repayment of long-term debt   (1,074.5) (0.4)
    Total issuance of long-term debt   945.7 –
    Call premium   (21.9) –
    Refinancing transaction costs paid   (3.7)  –
    Lease repayments   (26.1) (27.1)
    Interests paid   (40.4) (43.2)
    Dividends paid and share capital reimbursements:      
    – to owners of Viridien   0 –
    – to non-controlling interests of integrated companies   (1.4) (3.8)
    Net cash-flow from financing activities   (222.4) (74.5)
           
    Effects of exchange rates on cash   3.7 (5.3)
    Net cash flows incurred by discontinued operations   (0.4) 29.6
    Net increase (decrease) in cash and cash equivalents   (140.1) 12.9
    Cash and cash equivalents at beginning of year   301.7 327.0
    Cash and cash equivalents at end of period   161.6 339.9

    1 $125m RCF of which $25m ancillary guarantee facility (used for $12 m) and $100m fully undrawn
    2 Quarterly statements are unaudited and not subject to any review. Only IFRS condensed interim consolidated financial statements were subject to a review report by statutory auditors
    3 Please refer to the “Definitions of Alternative Performance Indicators” in the appendices for explanations of the terms used in this section
    4 The reconciliation of alternative performance indicators to the condensed interim consolidated financial statements is provided in the appendices, along with their definitions
    5 $125m RCF of which $25m ancillary guarantee facility (used for $12 m) and $100m fully undrawn
    6 Including a $66m negative foreign exchange impact compared to December 31, 2024
    7 Post IFRS15 and 16

    8 IFRS 15 requires that Earth Data prefunding revenues be recognized only upon delivery of the final processed data, that is, when the performance obligation is fulfilled. As a result, revenue and margin recognition for ongoing surveys is deferred. Viridien’s segment reporting, however, continues to apply the percentage-of-completion method previously used before the adoption of IFRS 15, for recognizing Earth Data prefunding revenues and associated margins
    9 As a result of the July 31, 2024 reverse share split, the calculation of basic and diluted earnings per shares for June 2024 has been adjusted retrospectively. Number of ordinary shares outstanding has been adjusted to reflect the proportionate change in the number of shares

    Attachment

    The MIL Network –

  • MIL-OSI: Euronext publishes Q2 2025 results

    Source: GlobeNewswire (MIL-OSI)

    Euronext publishes Q2 2025 results

    Euronext’s diversified business drives all-time record results, supported by organic growth, favourable market conditions and disciplined capital allocation.

    Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 31 July 2025 – Euronext, the leading European capital market infrastructure, today publishes its results for the second quarter of 2025.

    • Q2 2025 revenue and income was up +12.8% to €465.8 million:

    Non-volume-related revenue and income represented 58% of total revenue and income and covered 161% of underlying operating expenses, excluding D&A1:

    • Securities Services revenues grew to €86.2 million (+6.5%), driven by increasing assets under custody, higher settlement activity and double-digit growth in value-added services;
    • Capital Markets and Data Solutions revenue grew to €165.4 million (+12.0%), driven by the continued commercial expansion of Advanced Data Solutions and the strong performance of Euronext Corporate and Investor Solutions and Technology Services, supported by the acquisition of Admincontrol. Like-for-like at constant currencies, revenue grew by +6.5%;
    • Net treasury income grew to €20.0 million (+45.1%), demonstrating the benefits of the Euronext Clearing expansion, high volatility and the internalisation of net treasury income from LCH SA following the derivatives clearing migration in Q3 2024.

    Volume-related revenue was driven by high market volatility in the second quarter:

    • FICC2Markets revenue grew to €87.7 million (+20.1%), driven by another record performance in fixed income trading and clearing and in FX trading;
    • Equity Markets revenue grew to €106.2 million (+9.5%), reflecting a strong quarter in cash equity trading and clearing further boosted by high volatility in the first part of the quarter.
    • Underlying operating expenses excluding D&A were at €168.4 million (+7.9%), in line with Euronext’s 2025 underlying costs guidance. This reflects a step-up in growth investments and the impact of acquisitions, partially offset by a strong cost discipline. Euronext’s underlying operating expense guidance excluding D&A of €670 million excludes Admincontrol, acquired on 13 May 2025.
    • Adjusted EBITDA was €297.3 million (+15.8%) and adjusted EBITDA margin was 63.8% (+1.6pt).
    • Adjusted net income was €204.4 million (+23.8%) and adjusted EPS was €2.02 (+27.0%), supported by received dividends .
    • Reported net income was €183.8 million (+29.7%) and reported EPS was €1.81 (+32.1%).
    • Net debt to adjusted EBITDA3was at 1.8x at the end of June 2025, in line with Euronext’s target range. This ratio reflects the impact of the acquisition of Admincontrol on 13 May 2025 and the dividend payment in May 2025.

    Key figures for the second quarter of 2025:

    in €m, unless stated otherwise Q2 2025 Q2 2024 % var % var l-f-l
    Revenue and income 465.8 412.9 +12.8% +10.5%
    Underlying operational expenses exc. D&A                         (168.4) (156.1) +7.9% +3.9%
    Adjusted EBITDA 297.3 256.8 +15.8% +14.4%
    Underlying EBITDA margin 63.8% 62.2% +1.6pts +2.2pts
    Net income4                          183.8 141.7 +29.7%  
    Adjusted net income4                         204.4 165.2 +23.8%  
    Adjusted EPS (basic, in €) 2.02 1.59 +27.0%  
    Reported EPS (basic, in €) 1.81 1.37 +32.1%  
    • Progress with the delivery of ‘Innovate for Growth 2027’:
      • Euronext has strengthened its development in the Nordics and in the UK with the acquisition of Admincontrol on 13 May 2025. This transaction improves the share of subscription-based revenue and is in line with its ambition to scale up the SaaS offering.
      • Euronext is expanding its footprint in the Nordics and in the power business with the acquisition of Nasdaq Nordic’s power futures business. The final regulatory approval for the acquisition has been granted. Euronext and Nasdaq are now focusing on the upcoming migration of open interest from Nasdaq Clearing to Euronext Clearing in Q1 2026.
      • Euronext partnerships with Euroclear5 and Clearstream6 on tri-party collateral management support the broader expansion of its repo clearing services across Europe. In July 2025, Euronext launched the first phase of a multi-year strategy7 to deliver a fully integrated, pan-European clearing model.
      • On 31 July 2025, Euronext announced the submission of a voluntary share exchange offer to acquire all shares of HELLENIC EXCHANGES-ATHEX STOCK EXCHANGE S.A. (“ATHEX”), in exchange for newly issued Euronext shares, at a fixed conversion rate of 20.000 ATHEX ordinary shares for each new Euronext share8,9. Based on Euronext’s closing price of €142.7 as of 30 July 2025, the proposed Offer values ATHEX at €7.14 per share and the entire issued and to be issued ordinary share capital of ATHEX at approximately €412.8 million on a fully diluted basis. The Board of Directors of ATHEX is unanimously supportive of the Offer to ATHEX shareholders and entered into a cooperation agreement with Euronext.

    Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:
    “In the second quarter of 2025, Euronext achieved all-time record revenue and income of €465.8 million, driven by organic growth and acquisitions. This is the fifth consecutive quarter of double-digit topline growth. The strong performance reflects the strength of Euronext’s diversified business model, capable of capturing favourable market conditions and of generating non-volume-related revenue growth.

    We have continued to invest in growth, while we maintained a strong cost discipline. Euronext reached an adjusted EBITDA close to €300 million in Q2 2025, marking a significant +15.8% increase compared to Q2 2024. In Q2 2025, we reached record adjusted EPS of €2.02 per share. Our reported EPS grew by +32.1% compared to Q2 2024, to €1.81 per share.

    We continue to foster the integration and competitiveness of European capital markets via strategic initiatives. With a strong footprint in Italian repo, a growing list of government bond coverage, and the majority of key clearing members already connected, Euronext is well positioned to become the clearing house of choice for European repo.

    Europe shows an unprecedented commitment to establish a Savings and Investments Union, and Euronext is a key player in Europe to accelerate the delivery of this ambition. Since the beginning of the year, Euronext has continued to deploy capital to expand across Europe. We have expanded our presence in the Nordics with the acquisition of Admincontrol and will further strengthen our position with the migration of Nasdaq Nordic’s power futures to Euronext Clearing in Q1 2026.

    The contemplated acquisition of ATHEX would expand our integrated model across Europe to deliver the Savings and Investments Union. We are strongly committed to boosting the development and attractivity of Greek markets internationally and generating efficiencies and competitiveness across the Group.”

    Q2 2025 business highlights

    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue and income 465.8 412.9 +12.8% +10.5%
    Securities Services 86.2 80.9 +6.5% +3.9%
    Capital Markets and Data Solutions                           165.4 147.7 +12.0% +6.5%
    FICC Markets 87.7 73.0 +20.1% +20.9%
    Equity Markets 106.2 97.0 +9.5% +9.5%
    Net treasury income 20.0 13.8 +45.1% +45.1%
    Other income 0.3 0.4 -30.4% -31.1%
    • Non-volume-related revenue
      • Securities Services
    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue 86.2 80.9 +6.5% +3.9%
    Custody & Settlement 77.5 70.0 +10.8% +7.8%
    Other Post Trade 8.6 10.9 -21.1% -21.1%

    Revenue from Custody and Settlement in Q2 2025 was at €77.5 million, +10.8% compared to Q2 2024. This strong performance was driven by growing Assets under Custody, dynamic settlement instructions and continued double-digit growth in services, supported by the acquisition of Acupay. At the end of the quarter, Assets under Custody amounted to €7.34 trillion, up +4.5% compared to end of Q2 2024. Over 36.9 million instructions were settled via Euronext Securities during the second quarter of 2025, up +15.0% compared to the second quarter of 2024.

    Other Post Trade revenue, which includes membership fees and other non-volume-related clearing fees, was €8.6 million in Q2 2025. The -21.1% decrease compared to Q2 2024 stems from the internalisation of the net treasury income related to Euronext derivatives flows in September 2024, which are now integrated in the net treasury income line.

    • Capital Markets and Data Solutions
    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue 165.4 147.7 +12.0% +6.5%
    Primary Markets 46.5 45.5 +2.3% +2.5%
    Advanced Data Solutions 65.2 60.6 +7.5% +4.6%
    Corporate and Investor Solutions and Technology Services                             53.7 41.5 +29.2% +13.5%

    Primary Markets revenue was €46.5 million in Q2 2025, an increase of +2.3% compared to Q2 2024. The second quarter recorded slower equity listing activity explained by a volatile environment. Euronext sustained its leading position for equity listing with 6 new listings.

    Advanced Data Solutions revenue was €65.2 million in Q2 2025, up +7.5% compared to Q2 2024. This dynamic performance reflects the contribution of GRSS, strong appetite from retail and growing monetisation of diversified datasets.

    Corporate and Investor Solutions and Technology Services revenue grew by +29.2% in Q2 2025 to €53.7 million. This strong performance reflects the contribution of Admincontrol for half a quarter and double-digit growth of investor solutions and colocation services.

    • Net treasury income

    Net treasury income was at €20.0 million, +45.1% compared to Q2 2024. This reflect the benefit from the Euronext Clearing expansion and the internalisation of treasury income from LCH SA following the completion of the derivatives clearing migration, as well as higher cash collateral posted to the CCP due to the elevated market volatility.

    • Volume-related revenue
      • FICC Markets
    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue 87.7 73.0 +20.1% +20.9%
    Fixed income trading & clearing 51.7 39.2 +31.9% +31.9%
    Commodities trading & clearing 26.7 26.0 +2.7% +3.1%
    FX trading 9.3 7.8 +18.9% +25.2%

    Fixed income trading and clearing revenue reached €51.7 million in Q2 2025, up +31.9% compared to Q2 2024, driven by record fixed income trading activity supported by favourable market conditions.

    Commodities10 trading and clearing revenue reached €26.7 million in Q2 2025, up +2.7% compared to Q2 2024, reflecting record intraday power trading volumes and softer agricultural commodity trading and clearing.

    FX trading revenue was up +18.9%, at €9.3 million in Q2 2025, reflecting record trading volumes in April 2025, which outbalanced the negative currency impact of the USD.

    • Equity Markets
    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue 106.2 97.0 +9.5% +9.5%
    Cash equity trading & clearing 93.4 80.4 +16.2% +16.2%
    Financial derivatives trading & clearing 12.8 16.6 -22.9% -22.9%

    Cash equity trading and clearing revenue11 was €93.4 million in Q2 2025, up +16.2% compared to Q2 2024 driven by exceptional market volatility. Euronext recorded average daily cash trading volumes of €13.4 billion, up +21.2% compared to Q2 2024. Euronext reached solid average revenue capture on cash trading at 0.52 bps for the second quarter of 2025, despite higher volumes and larger average order size compared to Q2 2024. Euronext market share on cash equity trading averaged 63.5% in Q2 2025.

    Financial derivatives trading and clearing revenue was €12.8 million in Q2 2025, -22.9% compared to Q2 2024. This mostly reflects lower volatility and the decrease of the average clearing fees. Following the clearing migration, certain clearing fees are now reported in the line Other Post Trade revenues, and as such not fully comparable with Q2 2024.

    Q2 2025 financial performance

    In €m, unless stated otherwise Q2 2025 Q2 2024 % var % var l-f-l
    Revenues and income 465.8 412.9 +12.8% +10.5%
    Underlying operating expenses excl. D&A                        (168.4) (156.1) +7.9% +3.9%
    Adjusted EBITDA 297.3 256.8 +15.8% +14.4%
    Adjusted EBITDA margin 63.8% 62.2% +1.6pts +2.2pts
    Operating expenses excl. D&A (171.8) (162.9) +5.5% +1.6%
    EBITDA 293.9 249.9 +17.6% +16.2%
    Depreciation & amortisation (48.2) (47.9) +0.5% +1.0%
    Total expenses (220.0) (210.9) +4.3% +1.2%
    Adjusted operating profit 274.7 234.8 +17.0% +15.7%
    Operating profit 245.8 202.0 +21.7%  
    Net financing income / (expense) (5.7) 3.5 N/A  
    Results from equity investments 24.5 1.2 N/A  
    Profit before income tax 264.5 206.7 +28.0%  
    Income tax expense (68.1) (55.7) +22.3%  
    Minority interests (12.6) (9.2) +36.3%  
    Net income 183.8 141.7 +29.7%  
    Adjusted net income 204.4 165.2 +23.8%  
    Adjusted EPS (basic, in €) 2.02 1.59 +27.0%  
    Reported EPS (basic, in €) 1.81 1.37 +32.1%  
    Adjusted EPS (diluted, in€) 2.01 1.59 +26.4%  
    Reported EPS (diluted, in€) 1.81 1.36 +33.1%  
    • Q2 2025 adjusted EBITDA

    Underlying operating expenses excluding D&A1 were at €168.4 million (+7.9%). The increase compared to Q2 2024 reflects investments in growth and the impact of acquisitions performed in 2025, partially offset by cost discipline.
    As a result of a double digit growth in revenue, adjusted EBITDA for the quarter reached €297.3 million, up +15.8% compared to Q2 2024. This represents an adjusted EBITDA margin of 63.8%, up +1.6pts vs. Q2 2024. On a like-for-like basis at constant currencies, adjusted EBITDA grew by +14.4% compared to Q2 2024.
    Q2 2025 non-underlying operating expenses excluding D&A amounted to €3.4 million, mostly related to the integration of recent acquisitions. As a consequence, reported EBITDA was at €293.9 million, up +17.6% compared to Q2 2024.

    • Q2 2025 net income, share of the parent company shareholders

    Depreciation and amortisation accounted for €48.2 million in Q2 2025, +0.5% more than Q2 2024. PPA related to acquired businesses accounted for €19.1 million. Adjusted operating profit was €274.7 million, up +17.0% compared to Q2 2024. Euronext reported a net financing expense of €5.7 million in Q2 2025, compared to €3.5 million net financing income in Q2 2024. The variation reflects decreasing interest rates, lower cash position after the redemption of the €500 million bond and the recognition of non-cash interest expense related to the convertible bonds.

    Income tax for Q2 2025 was €68.1 million. This translated into an effective tax rate of 25.7% for the quarter, compared to 27.0% in Q2 2024. The tax rate was positively impacted by the tax-exempt €24.5 million dividend received by Euroclear. Share of non-controlling interests amounted to €12.6 million, correlated with the strong performance of MTS and Nord Pool.

    As a result, the reported net income, share of the parent company shareholders, increased by +29.7%for Q2 2025 compared to Q2 2024, to €183.8 million. This represents a reported EPS of €1.81 basic and €1.81 diluted. Adjusted net income, share of the parent company shareholders, was up +23.8% to €204.4 million. Adjusted EPS (basic) was €2.02 and adjusted EPS (diluted) was €2.01. The increase in EPS reflects higher profit and a lower number of outstanding shares over the second quarter of 2025 compared to Q2 2024. The weighted number of shares used over the second quarter of 2025 was 101,374,346 for the basic calculation and 102,130,793 for the diluted calculation, compared to 103,653,544 and 103,986,292 respectively over the second quarter of 2024. The difference in share count is due to the share repurchase programme executed by Euronext and the consideration of the convertible bonds under IAS 33.

    In Q2 2025, Euronext reported a net cash flow from operating activities of €135.0 million, compared to €111.5 million in Q2 2024, reflecting higher profit before tax and higher income tax paid in Q2 2025. Excluding the impact of working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 52.3% of EBITDA in Q2 2025.

    Q2 2025 corporate highlights since publication of the first quarter 2025 results on 14 May 2025

    • Euronext received regulatory approval for the acquisition of Nasdaq Nordic power futures

    On 4 June 2025, Euronext received regulatory approval for the extension of Euronext Clearing to power derivatives under Article 15 of EMIR. With this final approval, all regulatory approvals for the acquisition of Nasdaq Nordic’s power futures business have been granted. Euronext and Nasdaq continue to focus on the upcoming migration of open interest from Nasdaq Clearing to Euronext Clearing in Q1 202612.

    • Partnership with Clearstream on collateral management

    On 16 June 2025, Euronext and Clearstream announced the start of a new partnership13 to advance the continued development of Euronext Clearing’s collateral management services across repo and other asset classes.
    As part of this initiative, Clearstream will serve as a triparty agent (TPA) for Euronext Clearing, facilitating advanced collateral management capabilities. Clients will benefit from automated, flexible and operationally streamlined solutions that enhance margin and balance sheet optimisation. Clearstream will act as an independent third party, handling the collateral selection, valuation and substitution to ensure compliance with eligibility criteria while minimising operational complexities. In addition, Clearstream will manage settlement and custody services, provide robust regulatory reporting, and support liquidity and risk management objectives. The go-live of this enhanced service offering is scheduled for November 2025.

    • Euronext successfully launched its inaugural convertible bonds issuance

    On 22 May 2025, Euronext announced the success of its offering of senior unsecured bonds due 2032 convertible into new shares and/or exchangeable for existing shares of the Company (“OCEANEs”) (the “Bonds”), by way of a placement to qualified investors only, for a nominal amount of €425 million (the “Offering”)14. The Bonds were issued with a denomination of €100,000 each (the “Principal Amount”), and will be convertible and/or exchangeable into new and/or existing shares of Euronext (the “Shares”) and will pay a fixed coupon at a rate of 1.50% per annum, payable semi-annually in arrear on 30 May and 30 November of each year (or on the following business day if this date is not a business day), and for the first time on 30 November 2025. The initial conversion price of the Bonds is set at €191.1654. Unless previously converted, exchanged, redeemed or purchased and cancelled, the Bonds will be redeemed at par on 30 May 2032 (or on the following business day if such date is not a business day) (the “Maturity Date”).

    • Euronext successfully migrated Italian markets to a harmonised clearing framework

    On 30 June 2025, Euronext completed the migration of the Italian derivatives and cash equity markets to its Core Clearing System. Euronext is now clearing all its financial derivatives, commodities and cash equities markets through a single, streamlined, harmonised clearing gateway. This important milestones delivers to Euronext Clearing clients further material operational and risk management efficiencies, which optimise their total cost of trading on Euronext markets.

    Corporate highlights since 1 July 2025

    • Euronext launched the first phase of its strategic multi-year Repo expansion initiative15

    On 8 July 2025, Euronext announced the launch of its initiative to expand access, improve collateral usage and position Euronext as a leading Central Counterparty (CCP) for European repo markets. As a cornerstone of Euronext’s strategic plan announced in November 2024, the Repo initiative sets in motion Euronext’s vision to build a fully integrated, pan-European post-trade infrastructure. Euronext now offers repo clearing for Spanish, Portuguese and Irish government bonds, alongside its established Italian offering. For the first time, international firms can join the platform with seamless onboarding and scalable settlement operations.

    • Euronext to launch voluntary share exchange offer for all ATHEX shares

    On 31 July 2025, Euronext announced the submission of a voluntary share exchange offer to acquire all shares of HELLENIC EXCHANGES-ATHEX STOCK EXCHANGE S.A. (“ATHEX”), in exchange for newly issued Euronext shares, at a fixed conversion rate of 20.000 ATHEX ordinary shares for each new Euronext share16,17. Based on Euronext’s closing price of €142.7 as of 30 July 2025, the proposed Offer values ATHEX at €7.14 per share and the entire issued and to be issued ordinary share capital of ATHEX at approximately €412.8 million on a fully diluted basis. The Board of Directors of ATHEX is unanimously supportive of the Offer to ATHEX shareholders and entered into a cooperation agreement with Euronext.

    The combination between Euronext and ATHEX is in line with Euronext’s ambition to integrate European capital markets. The combined Group will foster harmonisation of European capital markets on a unified technology. Greek markets would benefit from increased visibility towards global investors as part of the leading single liquidity pool in Europe.

    Euronext expects the combination to deliver €12 million annual run-rate cash synergies by the end of 2028, with implementation costs related to these synergies expected at €25 million. The Offer is in line with Euronext’s investment criteria of ROCE > WACC in year 3 to 5 after the acquisition and is expected to be accretive for Euronext shareholders after delivery of synergies in year 1.

    The Offer is expected to be open for acceptance, subject to regulatory approvals, from Q4 2025. The transaction is expected to be completed by the end of 2025.

    Results Webcast

    A webcast will be held on Friday, 1 August 2025, at 09:00 CEST (Paris time) / 08:O0 BST (London time):

    For the live webcast go to: Webcast

    The webcast will be available for replay after the call at the webcast link and on the Euronext Investor Relations webpage.

    Contacts

    ANALYSTS & INVESTORS – ir@euronext.com

    Investor Relations        Aurélie Cohen                 

            Judith Stein        +33 6 15 23 91 97

    MEDIA – mediateam@euronext.com 

    Europe        Aurélie Cohen         +33 1 70 48 24 45 

            Andrea Monzani         +39 02 72 42 62 13 

    Belgium        Marianne Aalders         +32 26 20 15 01                 

    France, Corporate        Flavio Bornancin-Tomasella        +33 1 70 48 24 45                 

    Ireland        Catalina Augspach        +39 02 72 42 62 13                 

    Italy         Ester Russom         +39 02 72 42 67 56                 

    The Netherlands        Marianne Aalders         +31 20 721 41 33                 

    Norway         Cathrine Lorvik Segerlund        +47 41 69 59 10                 

    Portugal         Sandra Machado        +351 91 777 68 97                

    About Euronext 
    Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway and Portugal.
    As of June 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal host nearly 1,800 listed issuers with €6.3 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.
    For the latest news, go to euronext.com or follow us on X and LinkedIn.

    Disclaimer

    This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. The figures in this document have not been audited or reviewed by our external auditor. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

    © 2025, Euronext N.V. – All rights reserved. 

    The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

    Appendix

    The figures in this Appendix have not been audited or reviewed by our external auditor.

    Non-IFRS financial measures

    For comparative purposes, the company provides unaudited non-IFRS measures including:

    • Operational expenses excluding depreciation and amortisation, underlying operational expenses excluding depreciation and amortisation;
    • EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin.

    Non-IFRS measures are defined as follows:

    • Operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses;
    • Underlying operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses, excluding non-recurring costs;
    • Underlying revenue and income as the total of revenue and income, excluding non-recurring revenue and income;
    • Non-underlying items as items of revenue, income and expense that are material by their size and/or that are infrequent and unusual by their nature or incidence are not considered to be recurring in the normal course of business and are classified as non-underlying items on the face of the income statement within their relevant category in order to provide further understanding of the ongoing sustainable performance of the Group. These items can include:
      • integration or double run costs of significant projects, restructuring costs and costs related to acquisitions that change the perimeter of the Group;
      • one-off finance costs, gains or losses on sale of subsidiaries and impairments of investments:
      • amortisation and impairment of intangible assets which are recognised as a result of acquisitions and mostly comprising customer relationships, brand names and software that were identified during purchase price allocation (PPA);
      • tax related to non-underlying items.
    • Adjusted operating profit as the operating profit adjusted for any non-underlying revenue and income and non-underlying costs, including PPA of acquired businesses;
    • EBITDA as the operating profit before depreciation and amortisation;
    • Adjusted EBITDA as the adjusted operating profit before depreciation and amortisation adjusted for any non-underlying operational expenses excluding depreciation and amortisation;
    • EBITDA margin as EBITDA divided by total revenue and income;
    • Adjusted EBITDA margin as adjusted EBITDA, divided by total revenue and income;
    • Adjusted net income, as the net income, share of the parent company shareholders, adjusted for any non-underlying items and related tax impact.

    Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures and should be read only in conjunction with the consolidated financial statements.

    Consolidated income statement

      Q2 2025 Q2 2024
    In € million, unless stated otherwise Underlying Non-
    underlying    		 Reported Underlying Non-
    underlying    		 Reported
    Revenues 465.8 – 465.8 412.9 – 412.9
    Securities Services 86.2 – 86.2 80.9 – 80.9
    Custody and Settlement 77.5 – 77.5 70.0 – 70.0
    Other Post Trade 8.6 – 8.6 10.9 – 10.9
    Capital Markets and Data Solutions 165.4 – 165.4 147.7 – 147.7
    Primary Markets 46.5 – 46.5 45.5 – 45.5
    Advanced Data Solutions 65.2 – 65.2 60.6 – 60.6
    Corporate and Investor Solutions
    and Technology Services    		 53.7 – 53.7 41.5 – 41.5
    FICC markets 87.7 – 87.7 73.0 – 73.0
    Fixed income trading and clearing 51.7 – 51.7 39.2 – 39.2
    Commodities trading and clearing 26.7 – 26.7 26.0 – 26.0
    FX trading 9.3 – 9.3 7.8 – 7.8
    Equity markets 106.2 – 106.2 97.0 – 97.0
    Cash equity trading and clearing 93.4 – 93.4 80.4 – 80.4
    Financial derivatives trading and clearing 12.8 – 12.8 16.6 – 16.6
    Net treasury income 20.0 – 20.0 13.8 – 13.8
    Other income 0.3 – 0.3 0.4 – 0.4
    Operating expenses excl. D&A (168.4) (3.4) (171.8) (156.1) (6.8) (162.9)
    Salaries and employee benefits (92.2) (1.1) (93.3) (79.9) (0.4) (80.2)
    Other operational expenses, of which (76.3) (2.2) (78.5) (76.2) (6.5) (82.7)
    System & Communication (26.5) (0.2) (26.7) (24.7) (1.1) (25.9)
    Professional services (17.7) (2.2) (19.9) (13.6) (4.4) (17.9)
    Clearing expense (0.2) – (0.2) (9.9) – (9.9)
    Accommodation (4.5) 0.1 (4.4) (4.1) (0.3) (4.4)
    Other operational expenses (27.3) – (27.4) (23.9) (0.7) (24.6)
    EBITDA 297.3 (3.4) 293.9 256.8 (6.8) 249.9
    EBITDA margin 63.8%   63.1% 62.2%   60.5%
    Depreciation & amortisation (22.6) (25.6) (48.2) (21.9) (26.0) (47.9)
    Total expenses (191.0) (29.0) (220.0) (178.0) (32.8) (210.9)
    Operating profit 274.7 (29.0) 245.8 234.8 (32.8) 202.0
    Net financing income/(expense) (5.7) – (5.7) 3.5 – 3.5
    Results from equity investment 24.5 – 24.5 0.1 1.2 1.2
    Profit before income tax 293.5 (29.0) 264.5 238.4 (31.7) 206.7
    Income tax expense (75.6) 7.5 (68.1) (64.0) 8.3 (55.7)
    Non-controlling interests (13.4) 0.8 (12.6) (9.2) (0.1) (9.2)
    Net income
    share of the parent company shareholders    		 204.4 (20.6) 183.8 165.2 (23.4) 141.7
    EPS (basic, in €) 2.02   1.81 1.59   1.37
    EPS (diluted, in €) 2.01   1.81 1.59   1.36

    Adjusted EPS definition

     In € million, unless stated otherwise Q2 2025 Q2 2024
    Net income reported                183.8                 141.7
    EPS reported (in €) 1.81 1.37
    Adjustments for non-underlying items included in:    
    Operating expenses exc. D&A (3.4) (6.8)
    Depreciation and amortisation (25.6) (26.0)
    Results from equity investments                   –                  1.2
    Non-controlling interest 0.8 (0.1)
    Tax related to adjustments                       7.5                       8.3
    Adjusted net income                 204.4                  165.2
    Adjusted EPS (in €)                     2.02                     1.59

    Consolidated comprehensive income statement

    In € million Q2 2025 Q2 2024
    Profit for the period 196.4 151.0
         
    Other comprehensive income    
    Items that may be reclassified to profit or loss:    
    – Exchange differences on translation of foreign operations    (53.6) 15.2
    – Income tax impact on exchange differences on translation of foreign operations    7.4 (1.9)
    – Gains and losses on cash flow hedges    (2.2) –
    – Change in value of debt investments at fair value through other comprehensive income –    0.3
    – Income tax impact on change in value of debt investments at fair value through
    other comprehensive income    		    –    (0.1)
         
    Items that will not be reclassified to profit or loss:    
    – Change in value of equity investments at fair value through other comprehensive income    46.1 6.5
    – Income tax impact on change in value of equity investments at fair value through
    other comprehensive income    		 (0.4) (1.0)
    – Remeasurements of post-employment benefit obligations    1.9 1.9
    – Income tax impact on remeasurements of post-employment benefit obligations – (0.2)
    Other comprehensive income for the period, net of tax (0.8) 20.8
    Total comprehensive income for the period 195.6 171.8
         
    Comprehensive income attributable to:    
    – Owners of the parent 184.0 162.5
    – Non-controlling interests 11.6 9.3

    Consolidated statement of financial position

    In € million 30 June 2025 31 March 2025
    Non-current assets    
    Property, plant and equipment 103.0 107.4
    Right-of-use assets 85.1 88.2
    Goodwill and other intangible assets18 6,586.7 6,096.5
    Deferred income tax assets 24.0 29.1
    Investments in associates and joint ventures 0.8 0.8
    Financial assets at fair value through OCI 403.1 357.0
    Other non-current assets 3.4 3.4
    Total non-current assets 7,206.2 6,682.4
         
    Current assets    
    Trade and other receivables 463.8 574.2
    Income tax receivable 32.2 17.5
    Derivative financial instruments 0.1 2.2
    CCP clearing business assets 348,903.3 341,647.6
    Other current financial assets 59.3 59.5
    Cash & cash equivalents 919.3 1,642.3
    Total current assets 350,378.1 343,943.3
    Total assets 357,584.2 350,625.7
         
    Equity    
    Shareholders’ equity 4,153.5 4,224.6
    Non-controlling interests 144.3 161.7
    Total equity 4,297.9 4,386.3
         
    Non-current liabilities    
    Borrowings 2,311.7 2,537.5
    Lease liabilities 69.8 71.7
    Other non-current financial liabilities 3.5 3.5
    Deferred income tax liabilities 488.4 495.1
    Post-employment benefits 21.2 23.0
    Contract liabilities 53.3 54.2
    Other provisions 7.1 7.0
    Total non-current liabilities 2,955.0 3,192.1
    Current liabilities    
    Borrowings 602.7 524.0
    Lease liabilities 22.2 21.9
    Other current financial liabilities1 103.5 –
    CCP clearing business liabilities 348,949.3 341,695.3
    Income tax payable 68.8 99.3
    Trade and other payables 422.5 526.5
    Contract liabilities 158.5 176.2
    Other provisions 3.7 4.1
    Total current liabilities      350,331.3 343,047.3
    Total equity and liabilities     357,584.2 350,625.7

    Consolidated statement of cash flows

    In € million Q2 2025 Q2 2024
    Profit before tax 264.5 206.7
    Adjustments for:    
    – Depreciation and amortisation 48.2 47.9
               – Share-based payments 5.6 2.9
    -Results from equity investments (24.5) –
    -Gain on sale of associate – (1.2)
    -Share of profit from associates and joint ventures – (0.1)
               – Changes in working capital (43.8) (67.9)
    Cash flow from operating activities 250.0 188.4
    Income tax paid (115.1) (76.9)
    Net cash flows from operating activities 135.0 111.5
         
    Cash flow from investing activities    
    Business combinations, net of cash acquired                                     (400.4) (38.5)
    Proceeds from sale of associate –                              0.9
    Purchase of current financial assets (0.4) (0.6)
    Redemption of current financial assets (0.2) 17.7
    Purchase of property, plant and equipment                                    (3.2)                               (5.0)
    Purchase of intangible assets (28.1) (15.8)
    Interest received                                     7.3 11.3
    Asset acquisitions (27.7) –
    Proceeds from sale of property, plant, equipment and intangible assets – (0.1)
    Dividends received from equity investments 24.5 –
    Dividends received from associates and joint ventures                                         – 0.1
    Net cash flow from investing activities (428.2) (30.0)
         
    Cash flow from financing activities    
    Proceeds from borrowings, net of transaction fees 846.2 –
    Repayment of borrowings, net of transaction fees (925.0) –
    Interest paid (29.2) (28.2)
    Payment of lease liabilities (3.4) (4.2)
    Transactions in own shares 0.0 (10.0)
    Withholding tax paid at vesting of shares (1.9) (1.2)
    Dividends paid to the company’s shareholders (293.4) (257.3)
    Dividends paid to non-controlling interests (18.2) (18.9)
    Net cash flow from financing activities (424.9) (319.6)
         
    Total cash flow over the period (718.1) (238.1)
    Cash and cash equivalents – Beginning of period 1,642.3 1,609.6
    Non-cash exchange gains/(losses) on cash and cash equivalents (4.9) 4.6
    Cash and cash equivalents – End of period 919.3 1,376.0

    Business indicators for the second quarter of 2025

    • Securities Services
    Custody and Settlement Q2 2025 Q2 2024 % var
    Number of settlement instructions over the period 36,946,162 32,114,794 +15.0%
    Assets under Custody (in €bn), end of period 7,344 7,030 +4.5%
    • Capital Markets
    Primary Markets Q2 2025 Q2 2024 % var
    Number of issuers on Equities – Euronext 1,766 1,862 -5.0%
    Number of issuers on Equities – SMEs 1,371 1,469 -7.0%
    Number of listed Funds 2,179 2,347 -7.0%
    Number of listed ETFs 4,322 3,885 +11.0%
    Number of listed Bonds 57,367 58,147 -1.0%
    Capital raised on primary and secondary market (in €m)      
    Number of new equity listings 13 17  
    Money raised – New equity listings (including over-allotment) 155 3,403 -95.0%
    Money raised – Follow-ons on equities 4,457 2,362 +89.0%
    Money raised – Bonds 316,817 304,686 +4.0%
    • FICC Markets
    Fixed income trading and clearing Q2 2025 Q2 2024 % var
    Number of trading days 62 63 –
    Transaction value (in €m, single counted)      
    MTS      
    ADV MTS Cash 59,182 36,287 +63.0%
    TAADV MTS Repo 612,821 448,618 +37.0%
    Other fixed income      
    ADV fixed income 1,588 1,689 -6.0%
    Number of transactions and lots cleared (double counted)      
    Bonds – Wholesale (nominal value in €bn) 8,571 6,918 +23.9%
    Bonds – Retail (number of contracts) 3,313,182 3,658,240 -9.4%
    Commodities trading and clearing Q2 2025 Q2 2024 % var
    Number of trading days 91 91 –
    Power volume (in TWh) – ADV Day-ahead Power Market 2.53 2.53 0.0%
    Power volume (in TWh) – ADV Intraday Power Market          0.56 0.36 +58.0%
    Derivatives volume (in lots)      
    Number of trading days 62 63 –
    Commodity 6,746,377 7,898,126 -14.6%
    Futures 6,473,697 7,197,681 -10.1%
    Options 272,680 700,445 -61.1%
    FX trading Q2 2025 Q2 2024 % var
    Number of trading days 65 65 –
    FX volume (in $m, single counted)      
    Total Euronext FX 2,025,494 1,783,772 +13.6%
    ADV Euronext FX 31,161 27,443 +13.6%
    • Equity Markets
    Cash equity trading and clearing Q2 2025 Q2 2024 % var
    Number of trading days 62 63 –
    Number of transactions (buy and sell) (reported trades included)      
    Total Cash Market 186,375,884 152,354,170 +21.5%
    ADV Cash Market 3,006,063 2,434,193 +23.5%
    Transaction value (€ million, single counted)      
    Total Cash Market 831,391 696,882 +19.3%
    ADV Cash Market 13,410 11,062 +21.2%
    Shares (number of transactions and lots cleared – single counted) 75,751,603 55,211,959 +37.2%
    Financial derivatives trading and clearing Q2 2025 Q2 2024 % var
    Number of trading days 62 63 –
    Derivatives Volume (in lots) – Equity 30,293,449 35,317,815 -14.2%
    Index 10,684,578 13,753,365 -22.3%
    Futures 6,465,795 7,760,863 -16.7%
    Options 4,218,783 5,992,502 -29.6%
    Individual Equity 19,608,871 21,564,450 -9.1%
    Futures 526,418 2,782,606 -81.1%
    Options 19,082,453 18,781,844 +1.6%

    1 Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.
    2   Fixed income, commodities and currencies
    3 Last twelve months adjusted EBITDA. Net debt to last twelve months reported EBITDA ratio was at 1.9x.
    4 Share of the parent company shareholders
    5https://www.euronext.com/en/about/media/euronext-press-releases/euronext-announces-collaboration-euroclear-enhance-euronext
    6https://www.euronext.com/en/about/media/euronext-press-releases/euronext-and-clearstream-launch-partnership-further-strengthen
    7https://www.euronext.com/en/about/media/euronext-press-releases/euronext-launches-first-phase-its-strategic-multi-year-repo
    8https://www.euronext.com/en/about/media/euronext-press-releases/euronext-launch-voluntary-share-exchange-offer-for-all-athex-0
    9 Offer is subject to customary and regulatory approvals.
    10 Including revenue from power trading and clearing
    11 Including equities, ETFs, warrants and certificates
    12www.euronext.com/en/news/euronext-nasdaq-clearing-agreement-power-derivatives-transfer-set-for-march-2026.
    13 www.euronext.com/en/about/media/euronext-press-releases/euronext-and-clearstream-launch-partnership-further-strengthen
    14www.euronext.com/en/investor-relations/financial-information/news/euronext-announces-success-its-offering-bonds-due
    15 www.euronext.com/en/about/media/euronext-press-releases/euronext-launches-first-phase-its-strategic-multi-year-repo
    16 https://www.euronext.com/en/about/media/euronext-press-releases/euronext-launch-voluntary-share-exchange-offer-for-all-athex-0
    17 Offer is subject to customary and regulatory approvals.

    18 The Nasdaq Nordic transaction qualifies as an ‘asset acquisition’. The full purchase price, consisting of a fixed amount of US$35.0 million and a contingent consideration amount estimated at US$115.0 million, is allocated to customer relationships as an intangible asset. The Group has chosen to apply the liability approach that follows IFRIC 1 principles for recognition of the contingent consideration liability, whereby subsequent changes in the liability are adjusted against the carrying amount of the related asset.

    Attachment

    The MIL Network –

  • MIL-OSI USA: On Senate Floor, Shaheen Leads Colleagues in Attempts to Lessen Harmful Impacts of Trump Tariff Taxes on American Families and Businesses; Republicans Block Shaheen Bill to Shield Granite Staters from Higher Costs

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    **Shaheen’s bill would have clarified that the President does not have the authority to level sweeping tariffs through the International Emergency Economic Powers Act (IEEPA), but it was blocked from passage by Senate Republicans**

    (Washington, DC) – Ahead of many of President Trump’s sweeping tariffs taking effect on Friday, U.S. Senator Jeanne Shaheen (D-NH), Ranking Member of the U.S. Senate Foreign Relations Committee and a top member of the U.S. Senate Committee on Small Business and Entrepreneurship, took to the Senate floor this evening to call for unanimous consent to pass her Protecting Americans from Tax Hikes on Imported Goods Act and lead her colleagues in highlighting the devastating impacts the President’s trade war has on families, small businesses, American manufacturing and key trade partnerships across the world. If Senate Republicans had not blocked the move, Shaheen’s legislation would have clarified that the President does not have the authority to invoke the International Emergency Economic Powers Act (IEEPA) to level sweeping tariffs. Click HERE to watch Shaheen’s remarks in full.

    U.S. Senators Peter Welch (D-VT), Maria Cantwell (D-WA), Ed Markey (D-MA), Ron Wyden (D-OR), Amy Klobuchar (D-MN) and Richard Blumenthal (D-CT) joined Shaheen to underscore the damaging effects of the Trump tariff taxes.

    Key quotes from Senator Shaheen:

    • “Those tariffs are expected to add about $2,400 in costs for the average household per year. That’s why I introduced the Protecting Americans from Tax Hike on Imported Goods Act. This bill states clearly that the International Emergency Economic Powers Act cannot be used to place taxes on imports. If the President needs to block a dangerous product, he still can under my legislation. But if there is a real threat, I think we’d want to stop it, not just tax it. That’s what my bill does. It makes clear what a Federal Court has already found: that IEEPA, the International Emergency Economic Powers Act, does not authorize tariffs. Passing my bill would give businesses and families more certainty to plan for the future, and to keep more of their hard-earned dollars in their pockets.”
    • “Now we just saw a deal announced with the EU by the President and Ursula von der Leyen, the head of the European Commission, forcing 15% taxes on imports. Now compare that to what we were paying in 2024 for at the same time. That was about 1.5%. So under this “great deal” that the President negotiated with the EU, Americans are going to be paying ten times what we paid last year. And with Japan, President Trump agreed to a 15% tax. That’s also ten times what we were paying last year. So, let’s not pretend that these are some big wins. The President can announce that, but they’re only a slight improvement on a crisis that the President created himself.”
    • “At a time when people are rightly worried about the rising cost of living, Trump’s tariffs amount to a tax to make everything from clothes to housing to food even more expensive. For example, last month, home prices hit a record high. And these tariffs could add more than $10,000 to the cost of a home. Coffee prices hit a record high earlier this year, and now President Trump wants to put a 50% tariff on Brazil, our largest source of coffee. As families do their back to school shopping, they’re going to see higher prices for clothing and shoes. Those prices could go up by 35% by the end of the year. And for new parents, just for example, the price of one stroller at Walmart went up 50% in two months.”

    Full Remarks as Delivered

    On Friday, we may be facing the next escalation in the President’s trade war. The tariffs that the President announced in April on virtually every country in the world are set to go into full effect tomorrow night at 12:01 AM.

    Those tariffs are expected to add about $2,400 in costs for the average household per year.

    That’s why I introduced the Protecting Americans from Tax Hike on Imported Goods Act. This bill states clearly that the International Emergency Economic Powers Act cannot be used to place taxes on imports. If the President needs to block a dangerous product, he still can under my legislation.

    But if there is a real threat, I think we’d want to stop it, not just tax it. That’s what my bill does. It makes clear what a Federal Court has already found: That IEEPA, the International Emergency Economic Powers Act, does not authorize tariffs.

    Passing my bill would give businesses and families more certainty to plan for the future, and to keep more of their hard-earned dollars in their pockets.

    Virtually every business in New Hampshire that I’ve visited since the President announced his proposed tariffs has said that, in addition to the tariffs, the uncertainty is as difficult for them as the tariffs.

    So, I’m disappointed that Senator Crapo decided to block this commonsense legislation. Sadly, I’m not surprised.

    But this bill would do so much to help families and businesses in all of our states. It would shield them from higher costs.

    And we’ve been hearing about some of these deals that Senator Crapo referred to that have been reached with the EU and Japan. But let’s be clear about what those deals mean, because even after those deals, those “agreements”, trade agreements, Americans are going to be left paying dramatically higher tariffs.

    A new analysis this week found that we will be paying the highest tariffs since the Great Depression. And we saw what those tariffs before the Great Depression contributed to.

    Now we just saw a deal announced with the EU by the President and Ursula von der Leyen, the head of the European Commission, forcing 15% taxes on imports.

    Now compare that to what we were paying in 2024 for at the same time. That was about 1.5%. So under this “great deal” that the President negotiated with the EU, Americans are going to be paying ten times what we paid last year.

    And with Japan, President Trump agreed to a 15% tax. That’s also ten times what we were paying last year.

    So, let’s not pretend that these are some big wins. The President can announce that, but they’re only a slight improvement on a crisis that the President created himself.

    At a time when people are rightly worried about the rising cost of living, Trump’s tariffs amount to a tax to make everything from clothes to housing to food even more expensive.

    For example, last month, home prices hit a record high. And these tariffs could add more than $10,000 to the cost of a home.

    Coffee prices hit a record high earlier this year, and now President Trump wants to put a 50% tariff on Brazil, our largest source of coffee.

    As families do their back to school shopping, they’re going to see higher prices for clothing and shoes.

    Those prices could go up by 35% by the end of the year.

    And for new parents, just for example, the price of one stroller at Walmart went up 50% in two months.

    And there are countless more products that are facing higher prices.

    So let’s be clear: These tariffs do nothing to bring down costs. And in fact, I could add, as I said earlier in this statement, about $2,400 to the average household’s yearly expenses.

    That’s money that most families don’t have just lying around. We have all of those costs from these tariffs. And yet at this moment, 30 hours from when the tariffs are going to go into effect, we still have seen no official notice implementing any of these deals.

    And that includes, by the way, no clarity on whether prescription drugs coming from Europe will face a 15% tariff starting in two days.

    I had a chance to meet with a pharmaceutical company this week, and they were lamenting what the impact was going to be on prescription drug prices because of the tariffs from the EU.

    Last Friday, I visited the Brueckner Group in New Hampshire. They supply equipment to domestic manufacturers and import some of their specialized machines, which they make in Europe.

    The machines they bring in are sold to manufacturers here in the U.S. to make everything from IV bags to toothpaste containers. They have 80 employees in the U.S., and far more work on their machines at other companies across the country.

    They saw orders put on hold in April, and further investments in the U.S. are delayed because they can’t be certain what the tariffs are going to be that they might face.

    So they told me that even worse than the tariffs in some way, is the uncertainty that’s been created, the chaos that’s been created by President Trump’s announcements because people don’t know how to plan. Businesses don’t know what to invest in.

    I believe in supporting domestic manufacturing. It’s New Hampshire’s third largest industry, but half of all imports are raw materials and intermediate goods. The very things that domestic manufacturers rely on.

    Instead of supporting domestic manufacturing, these trade policies are making future American manufacturing more expensive. And furthermore, they’re threatening jobs.

    You know, my husband and I started out our married life owning and operating a small business. I know the hardest part of small businesses is growing and sustaining those businesses when you’re uncertain about what’s going to happen. And that’s what these tariffs create. As I heard, Brueckner Group USA, as I’ve heard of every business I’ve visited.

    When I visited Brueckner four days ago, we had a 10% tax on everything imported from the EU, and at the time, that was set to jump to 30% this Friday. Then Sunday we saw an agreement to set the tax at 15%, but with unclear exceptions to that tax. Like as I heard from the pharmaceutical company, with prescription drugs.

    I also heard from Flight Coffee Roasters in Bedford, New Hampshire. They’re worried about the President’s threat to place new tariffs on Brazil because they’ve already been paying a 10% markup on coffee because of these tariffs. Now they’re facing a 50% tax on Brazilian coffee starting on Friday, and they have no choice but to charge consumers more.

    Their most popular product comes from Brazil. So this is a big hit to their business. And they can’t be sure how this is going to impact their sales.

    And we should be clear, the U.S. has a trade surplus with Brazil.

    This threat is just because the President wants Brazil’s independent judiciary to stop the prosecution of Brazil’s former President.

    How is any business supposed to plan for that kind of rationale and for those kinds of swings?

    They need to secure financing. They need to place orders. They need to invest in order to grow in the months and years ahead.

    But building a new plant and moving production takes time. In some cases, it takes years.

    So how can companies plan when they don’t even know whether the Trump tax, his tariff, is going to be 10% or 30% or something in between or something higher?

    New Hampshire’s in a housing crisis. How can builders plan their costs when no one can tell them if there’s going to be a new 30 or even 50% tax on their materials come Friday?

    And how can a family already struggling with high costs continue to pay the rent and put food on the table if their household expenses are going up $2,400 this year?

    And now, on Friday, the administration is planning to make the good businesses and families need 10 or 30 or 40 or 50% more expensive overnight.

    This President promised to lower the price of everything: Groceries, rent, energy. What these tariffs do is just the opposite.

    And we’re hearing a lot of positive spin from the administration about the deals that they’re striking. But let me end by making two points.

    First, we heard a lot of talk about 90 deals in 90 days. Well, we’re way past that deadline. And we’ve seen six, count them, six announcements. And it’s not even clear that Vietnam has actually agreed to what the President announced.

    Second, I want to remind all of us that these deals all force Americans and American businesses to pay a tax rate that is far higher than what we saw before the President engaged in this trade war.

    I talked earlier about how for both Europe and Japan, Americans will face a tax that’s ten times higher than we paid last year. That same trend holds across every deal he’s announced.

    With Indonesia, he agreed to a 19% tax, four times what we paid last year. With the Philippines, a 20% tax, up from 1.3%. So 15 times what we paid last year. And for the UK, where we have a trade surplus, again, a trade surplus, he agreed to a 10% tariff, again ten times what we paid in 2024.

    So we should be very clear: All of these rates are an increase from what Americans have been paying since April.

    This President has raised average tariffs from 2.5% to more than 17%, the highest level since the Great Depression.

    Again and again, he is adding cost to American families and businesses. And what are these costs for? They’re to finance tax cuts for the wealthiest Americans, for the biggest corporations.

    The end result of the President’s art of the deal on trade is higher costs for families, uncertainty for businesses and alienated allies who no longer view America as a reliable partner to do business with.

    Thank you, Mr. President. I yield the floor.

    Senator Shaheen is helping lead efforts in Congress to mitigate the harmful impacts of President Trump’s tariffs. Last week, Shaheen helped introduce bipartisan legislation, Creating Access to Necessary American-Canadian Duty Adjustments (CANADA) Act, that would exempt United States-owned small businesses from the sweeping tariffs imposed on Canadian products. Last month, Shaheen led 30 Senators in filing an amicus brief in a key case, Oregon v. Department of Homeland Security, challenging the Trump Administration’s abuse of emergency powers to impose tariffs. In January, Shaheen introduced the Protecting Americans from Tax Hikes on Imported Goods Act.

    In recent months, Shaheen has traveled across the Granite State to discuss the impact of tariffs on New Hampshire’s tourism industry and to visit businesses impacted by President Trump’s trade war including Brueckner Group USA, Colby Footwear, Chatila’s Bakery, C&J, DCI Furniture, Mount Cabot Maple, American Calan Inc. and NH Ball Bearings.

    MIL OSI USA News –

  • MIL-OSI: Equasens: H1 revenue at 30 June 2025: €116.0m

    Source: GlobeNewswire (MIL-OSI)

    Villers-lès-Nancy (France), 31 July 2025 – 6:00 PM (CET)

    PRESS RELEASE

    H1 revenue at 30 June 2025: €116.0m
    +7.4% on a reported basis and +6.4% like-for-like

    H1 2025 Group revenue (€m) 2024
    Reported basis    		 2025
    Reported basis    		 Change /
    Reported basis    		 Of which external growth Like-for-like change
    (organic growth)
    Q1 53.3 57.0 3.7 6.9% 0.5 3.2 5.9%
    Q2 54.7 58.9 4.3 7.8% 0.5 3.8 6.9%
    Total 108.0 116.0 8.0 7.4% 1.1 6.9 6.4%
    H1 2025 revenue / Division (€m) 2024
    Reported basis    		 2025
    Reported basis    		 Change /
    Reported basis    		 Of which external growth Like-for-like change
    (organic growth
    Pharmagest 82,1 85,9 3,9 4,7%   3,9 4,7%
    Axigate Link 15,4 16,5 1,0 6,7%   1,0 6,7%
    e-Connect 5,5 7,5 2,0 36,6%   2,0 36,6%
    Médical Solutions 3,9 5,1 1,1 29,1% 1,1 0,1 2,2%
    Fintech 1,1 1,0 -0,1 -7,6%   -0,1 -7,6%
    Total 108,0 116,0 8,0 7,4% 1,1 6,9 6,4%

    As of 30 June 2025, Equasens Group (Euronext Paris™ – Compartment B – FR 0012882389 -EQS), a leading provider of digital solutions for healthcare professionals, reported revenue of €116.0m, up 7.4% from H1 2024 on a reported basis and 6.4% like-for-like.

    Revenue from CALIMED SAS, acquired by the Medical Solutions Division in December 2024, was restated to reflect changes in the scope of consolidation (€1.1m).

    H1 2025 highlights by type of business

    In order to facilitate the analysis of performance, a new breakdown of the Group’s activities is proposed: “maintenance and subscriptions” includes all recurring revenues, and “software and services” mainly includes license sales and revenues from training, consulting, and intermediation.

    • Configuration and hardware sales (+9.9%) remain a major growth driver for the Group, particularly for the Pharmagest (+6.1%) and e-Connect (+125.9%) Divisions
    • Maintenance and subscriptions (+5.5%) grow steadily, benefiting from customer loyalty and the success of SaaS offerings, particularly in the Axigate Link Division (+5.6%). Calimed (Medical Solutions Division) contributed growth of 2.0% to this segment.
    • Software solutions and services (+6.4%) continue to perform very well, driven by license sales, particularly those linked to the Pharmagest Division’s latest product launches (+4.6%) and by new deployments by the Axigate Link Division (+8.9%).
    H1 2025 revenue / Activity (€m) 2024**
    Reported basis    		 2025
    Reported basis    		 Change / Reported basis
    Configurations and hardware 42.9 47.1 4.2 9.9%
    Maintenance and subscriptions 48.7 51.4 2.7 5.5%
    Software and services 16.4 17.4 1.1 6.4%
    Total 108.0 116.0 8.0 7.4%

    * Maintenance and subscriptions: recurring revenues including SaaS
    ** 2024 reported basis: reconstituted data

    H1 2025 highlights by Division
            
    The PHARMAGEST Division recorded H1 revenue of €85.9m (+4.7%).  This performance confirms the positive momentum that began in Q1 2025, driven by innovation and improved customer satisfaction.

    • In France, all business activities grew (+3.4% to €74.0m), driven by:
      • Equipment renewal needs and new equipment offerings, the “electronic labels” business was particularly buoyant in the second quarter.
      • The launch, in early 2025, of differentiating software solutions focused on pharmacy automation, productivity and safety. The market response to these new solutions has been very positive, with over 800 id.genius and 160 id.secure box sold.
      • Electronic invoice management solutions for pharmacies (Digipharmacie), which confirmed its market leadership by adding more than 900 new customers.
      • Only the professional training sector (Atoopharm) is experiencing a slowdown in response to changes in the regulatory environment, and in particular a one-year extension of the training cycle.
    • In Italy, sales grew evenly across both wholesale and pharmacy activities (+16.5% to €7.7m). This positive sales momentum remained strong, with the opening of more than 150 new pharmacies in the first half.
    • In Germany, sales were up (+11.2% to €3.0m) in both the medication adherence and pharmacy management segments, thanks in particular to the success of id.express payment terminals.
    • In Belgium, the return to growth has been confirmed (+6.4% to €1.2m).

    This Division accounts for 74.1% of total revenue.

    The AXIGATE LINK division reported H1 2025 revenue of €16.5m (+6.7%).

    • The Nursing Home sector (+4.5% to €8.4m) has benefited from the ESMS NUMERIQUE public funding in France, resulting in a strong business performance. Titanlink has been deployed at 164 sites since January 2025 in France (789 in total) and 16 in Belgium (58 sites in total).
    • The Homecare sector (+13.9% to €3.9m) has continued to perform well, driven by the signing of new contracts and the success of offers designed for Regional Resource Centres (CRT) and Family Caregiver Support Services (PFR). Expansion into the Home Care Services market has met with a very positive response.
    • The Hospital sector (+16.6% to €2.1m) has been particularly successful, with the signature of contracts for four hospital networks, confirming the growing reputation of the Axigate Hospilink solution in this market.

    This Division accounts for 14.2% of total revenue.

    The E-CONNECT division reported H1 2025 revenue of €7.5m (+36.6%).

    • Building on the momentum of Q1, the Division continued to roll out its Mobility solutions at a rapid pace, notably eS-KAP+, a new solution launched in Q1 2025 that has been very well received by more than 20 key software publishers in this market.
    • Since March 2025, the project to equip smartphones with a digital solution of the French health insurance card (Apps Vitale) has been gradually rolled out in accordance with the regional timetable established by the French national health insurance system.

    This Division accounts for 6.5% of total revenue.

    The MEDICAL SOLUTIONS Division had €5.1m in revenue, up 29.1% on a reported basis and 2.2% like-for-like.

    • The integration of Calimed (acquired at the end of 2024) has been the main driver of this growth as its SaaS offering for surgeons and doctors continues to attract new customers thanks to its high added value for these professions.
    • The Division’s long-standing solutions are benefiting from the very positive response to new offerings like the LOQUii voice-based AI companion and add-on services like online backup, attesting to the loyalty of the customer base and the strength of the recurring model in an intensely competitive environment.

    The Division accounts for 4.4% of total revenue.

    The FINTECH Division had H1 revenue of €1.0m (-7.6%).

    • Efforts are continuing to clean up the customer portfolio to limit risk exposure and improve its quality.
    • Sales remained buoyant in a difficult economic environment.

    The Division accounts for 0.9% of total revenue.

    Material subsequent events after 30 June 2025 Acquisition of the DIS and ResUrgences businesses – Strategic reinforcement of the AXIGATE LINK Division

    On July 1st, 2025, the Group finalized the acquisition of two businesses specialising in solutions for the public healthcare sector: Novaprove (publisher of ResUrgences software) and the business assets of DIS. This strategic acquisition, which adds more than 300 customers from the public healthcare sector and generates annual revenue of around €5m, significantly strengthens the position of the Axigate Link Division in the hospital and medical-social software market.
    ResUrgences, a cloud platform specialising in the management of hospital emergency services, used by eight university hospitals and 75 other establishments, and the DIS range representing a comprehensive suite of digital solutions used by 215 sites (125 healthcare establishments and 90 nursing homes), further enhance the Division’s existing offering. The integration of these new functional modules (Electronic Patient Records, invoicing, accounting, inventory management, and HR) into the Hospilink, Titanlink and Domilink ranges will create a comprehensive ecosystem to support the digital transformation of public and private institutions, in line with the Group’s ambition to become the leading technology partner for the French healthcare system.

    H2 2025 outlook:

    Encouraged by the positive commercial momentum experienced across all of its divisions in H1 2025, Equasens Group looks ahead to the second half with confidence for which it is expecting continuing growth.
    At the same time, Equasens Group remains attentive to the decisions of public authorities regarding the level of financial compensation granted by health insurance for the purchase of generic and biosimilar medicines. These decisions could have an impact on pharmacy economics and the pharmacy network.
    The investment and structural efforts made since 2024 are starting to show results, with the successful rollout of new software solutions for all healthcare professionals. These measures will be maintained for the remainder of FY 2025.
    The integration of DIS and ResUrgences businesses, effective as of 1 July 2025, will start contributing to the performance of the Axigate Link Division in Q3 and will create promising technical and commercial synergies.
    With a solid financial structure, the Group remains attentive to opportunities for external growth, both in France and in Europe that will strengthen its position as a leader in digital healthcare solutions.

    Financial calendar:

    • H1 2025 results: 26 September 2025
    • Presentation of H1 2025 results to analysts (SFAF): 29 September 2025 – Paris
    • Q3 2025 revenue: 5 November 2025
    • FY 2025 revenue: 5 February 2026

    About Equasens Group

    Founded over 35 years ago, Equasens Group, a leader in digital healthcare solutions, today employs over 1.300 people across Europe.
    Equasens Group’s specialised business applications facilitate the day-to-day work of healthcare professionals and their teams, working in private practice, collaborative medical structures or healthcare establishments. The Group also provides comprehensive support to healthcare professionals in the transformation of their profession by developing electronic equipment, digital solutions and healthcare robotics, as well as data hosting, financing and training adapted to their specific needs.
    And reflecting the spirit of its tagline “Technology for a More Human Experience”, the Group is a leading provider of interoperability solutions that improve coordination between healthcare professionals, their communications and data exchange resulting in better patient care and a more efficient and secure healthcare system.

    Listed on Euronext Paris™ – Compartment B

    Indexes: MSCI GLOBAL SMALL CAP – GAÏA Index 2020 – CAC®SMALL and CAC®All-Tradable
    Included in the Euronext Tech Leaders segment and the European Rising Tech label

    Eligible for the Deferred Settlement Service (“Service à Réglement Différé” – SRD) and equity savings accounts invested in small and mid caps (PEA-PME).
    ISIN: FR 0012882389 – Ticker Code: EQS

    Get all the news about Equasens Group www.equasens.com and on LinkedIn

    CONTACTS

    EQUASENS Group
    Analyst and Investor Relations:
    Chief Administrative and Financial Officer: Frédérique Schmidt
    Tel: +33 (0)3 83 15 90 67 – frederique.schmidt@equasens.com

    Financial communications agency:
    FIN’EXTENSO – Isabelle Aprile

    Tel.: +33 (0)6 17 38 61 78 – i.aprile@finextenso.fr

    Forward-looking statements
    This press release contains forward-looking statements that are not guarantees of future performance and are based on current opinions, forecasts and assumptions, including, but not limited to, assumptions about Equasens’ current and future strategy and the environment in which Equasens operates. These involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements, or industry results or other events, to materially differ from those expressed in or implied by such forward-looking statements. These risks and uncertainties include those detailed in Chapter 3 “Risk factors” of the Universal Registration Document filed with the French financial market authority (Autorité des Marchés Financiers or AMF) on April 29, 2025 under number D.25-0334. These forward-looking statements are valid only as of the date of this press release.

    Attachment

    The MIL Network –

  • MIL-OSI USA: Explosive Ernst Report Exposes Government Boondoggles $160 Billion Over Budget

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)

    WASHINGTON – After her years of advocacy led to the defunding of the California Crazy Train, U.S. Senator Joni Ernst (R-Iowa) is releasing an explosive new report exposing other taxpayer-funded projects that are billions of dollars over budget or more than five years behind schedule.
    Her report details how the worst boondoggles have racked up a combined $162.9 billion in cost overruns from their original projections.
    “Slamming the brakes on the California Crazy Train – that I fought for years to defund – was a strong start, but there is a lot more work to do,” said Ernst. “The boondoggles I am exposing are collectively $160 billion over budget and need to be brought to a squealing halt. When a government project goes off the rails, the public deserves to know. My bipartisan Billion Dollar Boondoggles Act ensures that all future boondoggles like these are publicized.”
    “If you’re receiving taxpayer dollars, you should expect to be held accountable by the American people,” said U.S. Department of Transportation Secretary Sean P. Duffy. “No more boondoggles! Thank you, Senator Ernst, for your leadership in Congress to ensure federal dollars are being used effectively and efficiently.”
    Some of the worst boondoggles other than the California Crazy Train uncovered by Ernst include:

    The Department of Veterans Affairs electronic health record system upgrade that has tripled in cost from an initial $16.1 billion price tag to $49.8 billion.

    Additionally, flaws with the new system may have contributed to the deaths of several veterans and caused harm to others.

    The Bay Area Rail Transit Extension – that Nancy Pelosi tried to sneak funding for into a COVID relief bill – has ballooned in costs from $4.7 billion to $12.8 billion.

    At nearly $2 billion per mile, it’s been labeled “the worst new transit project in the U.S.”

    The National Aeronautics and Space Administration’s (NASA) Artemis moon mission launch booster and engine contracts that have already run $6 billion over budget.

    The real budget is a blackhole because “NASA hasn’t established an official cost estimate.”

    Read Ernst’s full report, “Off the Rails, the Billion Dollar Boondoggles Taking Taxpayers for a Ride,” here.
    Background:
    Ernst has long led the fight calling out government boondoggles, including the California High-Speed Rail, that are billions over budget and years behind schedule.
    In 2022, Ernst successfully inserted a provision into the Inflation Reduction Act requiring the Department of Transportation (DOT) to keep track of projects paid for by taxpayers that are a billion dollars over budget or behind schedule. After the Biden administration refused to enact the provision in the Inflation Reduction Act, Ernst continued her efforts and pushed for her Billion Dollar Boondoggle Act in 2023 to expose these government projects.
    In April 2025, Ernst asked the Trump administration to provide a list of billion dollar boondoggle projects funded by DOT that are either over budget or behind schedule. DOT Secretary Sean Duffy ended the Biden administration’s years of stonewalling and worked to get the data to Ernst.
    Ernst’s Billion Dollar Boondoggle Act advanced out of the Homeland Security and Governmental Affairs Committee this week. The bill would replicate this report across all of government to further expose wasteful projects sucking up tax dollars.

    MIL OSI USA News –

  • MIL-OSI USA: Ezell, Kiggans, Malliotakis Introduce Port Crane Tax Credit of 2025 to Boost National Security and Domestic Manufacturing

    Source: United States House of Representatives – Congressman Mike Ezell (Mississippi 4th District)

    U.S. Representatives Mike Ezell (MS-04), Jen Kiggans (VA-02), and Nicole Malliotakis (NY-11) introduced the Port Crane Tax Credit of 2025, legislation to amend the Internal Revenue Code of 1986 to establish tax credits that incentivize the domestic production of port cranes, a critical step toward strengthening U.S. supply chain security and revitalizing American manufacturing.

    The bill comes in response to growing bipartisan concerns over foreign-made port infrastructure—particularly cranes manufactured in adversarial nations—being installed at key U.S. shipping terminals. The proposed tax credit would reduce the financial burden for companies investing in American-made cranes and components, encouraging domestic production and reducing U.S. reliance on foreign suppliers for critical port equipment.

    “Our ports are essential to our economy—and our national security,” Ezell said. “They serve as the gateways for trade, driving billions of dollars in commerce and supporting millions of jobs across the country. But more than that, they are critical infrastructure, and their vulnerability can pose real risks to our national safety. From cybersecurity threats to supply chain disruptions, foreign control over critical components—like ship-to-shore cranes—creates unacceptable exposure to espionage, sabotage, and logistical choke points. The Port Crane Tax Credit of 2025 is about putting American workers and American safety first. It will incentivize the production and deployment of domestically manufactured cranes, reduce our dependence on adversarial nations, and stimulate investment in American manufacturing and innovation. This isn’t just an economic policy—it’s a national security imperative. I’m proud to introduce this legislation to strengthen our ports, empower our workforce, and reinforce the foundation of American resilience.”

    “Port security is vital, not just to our economy, but to our national defense. And yet many of these ports don’t get the security they so desperately need. The threat of cyber intrusions and espionage from the Chinese Communist Party is real. We must do everything in our power to protect our critical infrastructure, and that includes securing the cranes that operate at our ports,” Kiggans said. “I’m deeply concerned that so many of our ports are forced to use cranes manufactured by Shanghai Zhenhua Heavy Industries (ZPMC), a Chinese state-owned company. It makes no sense to let our top adversary build and maintain the very equipment that powers our supply chains. I’m proud to support the Port Crane Tax Credit Act introduced by my colleague Rep. Ezell, which will empower our port operators to use American-made cranes. Port security is national security. The work our ports do is imperative—we cannot afford to leave that in the hands of the Chinese Communist Party.”

    “Our bipartisan legislation delivers strong incentives to produce port cranes and expand domestic manufacturing right here in the United States, advancing our America First agenda to rebuild domestic industry and protect our national security,” Malliotakis said. “For maritime communities like ours, that means more good-paying jobs, a stronger local economy, and greater independence from foreign supply chains.”

    “Without safe, reliable and affordable cranes, America’s ports would not be able to move the goods that sustain our economy and support the daily lives of American consumers,” Cary S. Davis, AAPA President and CEO said. “Instead of levying unfair taxes on port development, the Port Cranes Tax Credit Act is a tangible first step on the supply side towards incentivizing the reshoring of key CHE in the coming years since there are currently no domestic STS crane manufacturers. We thank lead sponsors Representatives Ezell and Malliotakis, alongside original cosponsors, Representatives Weber and Kiggans, for recognizing the need for supply side incentives – not punishments on the demand side through taxes – and encourage others concerned about the future of the port industry and our nation’s supply chains to support this bill and quickly get it to President Trump’s desk.”

    “Congressman Mike Ezell’s leadership on the Port Crane Tax Credit Act of 2025 is exactly the kind of forward-thinking support Gulf Coast ports like ours need to stay competitive and meet the demands of a modern, American-made supply chain,” Bo Ethridge, Port Director, Port Pascagoula. “Port Pascagoula plays a critical role in the regional economy, and as manufacturing continues to return to U.S. shores, our port is experiencing increased demand and new growth opportunities. Yet we remain the only major Gulf Coast port without cargo cranes, which is an infrastructure gap that limits our ability to diversify commodities. This legislation is a vital step toward closing that gap. With federal support, including incentives like this tax credit, we can move forward with the acquisition of two mobile harbor cranes that will significantly enhance our operational capabilities and position us to serve a broader range of industries and cargo types. We’re proud to work alongside Congressman Ezell to strengthen America’s ports and power the future of domestic manufacturing.”

    “Congressman Ezell’s Port Crane Tax Credit Act will help ensure America supports critical infrastructure by growing domestic crane manufacturing capacity,” Jon Nass, CEO and Executive Director, Port of Gulfport. “It creates a path to bring new skilled jobs to Mississippi and reinforces our ability to compete globally while supporting our maritime and port industries. We appreciate Congressman Ezell’s leadership on this important legislation.”

    “Strengthening and securing our nation’s supply chain resiliency depends on U.S.-built and manufactured port cranes.  This bill addresses urgent national security concerns, and our nation’s ports greatly benefit from this proposed legislation to create tax incentives to support domestic production of port infrastructure equipment,” explained Paul Anderson, Port Tampa Bay President and CEO.

    “Modern cargo handling equipment is a major capital expense for Port operations. As the largest inland public port and logistic hub in Upstate New York, the Port of Albany couldn’t function without key equipment – from our mobile harbor cranes to our front loaders and forklifts. We have to keep the supply chain moving. If we have to wait six months, a year, even two years for a piece of equipment to be delivered, that should be unacceptable, but it’s become the norm due to market conditions,” Richard J. Hendrick Sr., Port of Albany CEO and AAPA Board of Directors Vice Chair said. “The Port’s been operating for almost one hundred years, and the numbers don’t lie – our overall economic impact on New York State is annually more than $813 million with approximately 4,500 related jobs. Vessel calls have increased 41% during the past year due to Heavy Lift work and breakbulk cargo. I’m proud of those numbers, and the people who make those numbers possible, year after year, but they need to have the right equipment. We need to support onshoring manufacturing and good manufacturing jobs, and to make sure that our U.S. ports are equipped to continue to get the job done. I applaud Representatives Malliotakis and Ezell, and original cosponsors Representatives Weber and Kiggans, for taking decisive action to move the 2025 Port Cranes Tax Credit Act forward.”

    The legislation aligns with broader efforts in Congress to protect critical infrastructure and bolster domestic supply chains in the face of growing economic and geopolitical threats.

    The Port Crane Tax Credit of 2025 is expected to draw bipartisan support and will be referred to the House Committee on Ways and Means for further consideration.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: VIDEO: Ricketts Fights for America’s Producers

    US Senate News:

    Source: United States Senator Pete Ricketts (Nebraska)

    WASHINGTON, D.C. – This week, during his weekly press call with Nebraska media, U.S. Senator Pete Ricketts (R-NE) discussed the One Big Beautiful Bill and his work to secure the future for those who feed and fuel America.

    Watch the video here.

    “Agriculture is the heart and soul of what we do in Nebraska,” said Ricketts.  “Family farms, ranches, and agri-businesses are the backbone of communities across our state.  The One Big Beautiful Bill helps producers today and lays the foundation for strong agricultural growth tomorrow. It grows our economy at home and will help gain new markets abroad.”

    TRANSCRIPT:

    Senator Ricketts: “Agriculture is the heart and soul of what we do in Nebraska. 

    “Family farms, ranches, and agri-businesses are the backbone of communities across Nebraska. 

    “The One Big Beautiful Bill helps producers today and lays the foundation for strong agricultural growth tomorrow.  

    “It grows our economy at home and will help gain new markets abroad. 

    “The One Big Beautiful Bill (OBBB) secures the future for those who feed and fuel America—and the world.  

    “The One Big Beautiful Bill backs our way of life. 

    “First of all, the bill avoided a $2,400 tax increase that would have hit the average Nebraska family. 

    “That’s $2,400 that Nebraskans can continue to spend on groceries, electric bills or to save for a family vacation.   

    “The bill also helps farmers plan for the next generation. 

    “Over 80% of Nebraska’s farms are family-owned. 

    “The 2017 Tax Cuts and Jobs Act cut in half the number of farm and ranch families that were going to be subject to the Death Tax. 

    “The Big Beautiful Bill ensures the Death Tax exemption will now be permanent and rise with inflation. 

    “This will ensure that over $200 billion in hard-earned family farm assets across the country will go to the next generation and not the government. 

    “Now, more farms will be passed down, not taxed away to Uncle Sam.  

    “The 45Z clean fuel production credit is another major win for Nebraska. 

    “Biofuels are a win for consumers who save money at the pump. 

    “It’s a win for the environment, because it helps clean up our environment, and it’s a win for our farmers and ranchers. 

    “Last year, Nebraskans saved $325 million using ethanol blends. 

    “Last time I fueled up at Hy-Vee with E10, I saved 55 cents per gallon. 

    “The 45Z credit boosts biofuel production and creates value for farmers and ranchers. 

    “It narrows eligible feedstock commodities to North America, protecting Nebraska farmers from foreign competition. 

    “Producers in Communist China should be prevented from receiving American tax subsidies. 

    “All of this boosts demand for row crops and renewable fuel production. 

    “That means more jobs and better prices. 

    “Nebraska’s 25 ethanol plants support 1,300 jobs and have a $6 billion impact. 

    “The credit gives investors the certainty they need to hire and expand. 

    “Nebraska agriculture feeds and fuels the world. 

    “When I was Governor, I led trade missions to places like Japan and Vietnam to build strong relationships between foreign importers and Nebraska producers. 

    “I launched an international trade council to discover new opportunities for overseas markets. 

    “Nebraska’s economy thrives when our producers can reach high-paying global markets. 

    “Recognizing this, the One Big Beautiful Bill strengthens the Supplemental Agricultural Trade Promotion Program. 

    “It provides $285 million annually to promote U.S. agricultural exports. 

    “It doubles funding for the Market Access Program and the Foreign Market Development program. 

    “That means more demand for Nebraska beef, corn, and soybeans abroad. 

    “Simply put, when agriculture thrives, so does the entire Nebraska economy. 

    “Maintaining current exports and opening up markets under the bill will help get better prices for their products for our producers.

    “The big beautiful bill gives critical support to young farmers and ranchers, as well, taking over the family business or starting out on their own.  

    “The Beginning Farmer and Rancher Development Benefit was extended from five years to ten years.  

    “That gives new producers access to critical risk management tools.   

    “The bill also supports educational access for rural students.   

    “It excludes agricultural assets from student financial aid calculations. 

    “That means farm kids will not be discriminated against when applying for financial aid.  

    “For young Nebraskans, the bill expands Pell Grant eligibility to short-term job training. 

    “That includes hands-on fields like welding, diesel tech, and irrigation systems. 

    “Now, a young Nebraskan in Scottsbluff, for example, can learn a trade and start working at places like Aulick Industries without piling up debt.  

    “The One Big Beautiful Bill helps Nebraska producers grow and reinvest. 

    “Full expensing is now permanent for property like tractors and other heavy machinery. 

    “A corn grower in Custer County will be able to fully write off a new, more efficient combine. 

    “Another provision in the bill boosts expensing for tools and equipment. 

    “This helps small businesses from welders to seed dealers invest to improve productivity. 

    “The Big Beautiful Bill gives producers needed updates to the farm safety net. 

    “Reference prices now reflect today’s markets. 

    “Drought aid under the Livestock Forage Program has been improved. 

    “Now, producers facing feed losses from grazing shortfalls will see faster relief. 

    “These updates give producers support, stability, and long-term certainty.  

    “Nebraska’s future depends on certainty for farmers, ranchers, and agri-business. 

    “The One Big Beautiful Bill supports agriculture today and protects the next generation of farmers and ranchers. 

    “That is how we keep producing the Good Life.” 

    MIL OSI USA News –