Category: Trade

MIL-OSI USA: Ranking Member Frankel Opening Remarks at Full Committee Markup of the National Security, Department of State, and Related Programs Funding Bill
Source: United States House of Representatives – Congresswoman Lois Frankel (FL-21)

Thank you, Mr. Chairman. I’m going to start by recognizing the collegiality of our Chairman Mr. Diaz-Balart and the thoughtful members on both sides of the aisle. And of course, I want to thank our hardworking staff for their tireless efforts. But most of all, I want to recognize the brave and committed Americans—our diplomats, USAID workers, humanitarian teams, and public health experts and our partners around the world—who bring our country’s values to the world’s toughest places. They’re the ones who delivered vaccines to remote villages in Congo, who help girls in Ethiopia escape forced marriage and find education and safety.

I’ve seen their work up close–I know many of us have—and the impact of the programs we funded. Children who escaped the brutality of Assad’s Syria thriving in classrooms in Jordan. Mothers in Malawi learning skills to support their families. Pregnant women in Kenya staying healthy with support from HIV clinics. To all of these workers —past and present: You are the patriots. You represent the best of America. And those who are still serving deserve more than our thanks. They deserve the tools to get the job done.

Mr. Chairman, I wish we had a bipartisan bill in front of us that I could support that honored that service and reflected America’s leadership. If we had a responsible allocation and a White House that understood diplomacy, development, and humanitarian aid, we could have gotten there. But instead, here we are, questioning whether any of this matters when the President just ignores the will of Congress and the laws we pass.

So today, I strongly oppose the FY 2026 Republican bill. It’s not just a funding cut—it’s a reckless blueprint for American retreat. Our President seems to think relying on threats and bullying alone is a smart strategy. But chaotic tariffs, cruel immigration crackdowns, and this tepid foreign aid plan before us today is not going to make us more safe, secure, or more prosperous. And attention: we are ceding the world to China. And let me be clear: This bill does not lower costs for hard working families and retirees on day one as promised by President Trump—instead it puts hard earned finances at risk by hurting global stability.

And tax breaks for billionaires is not a trade-off for millions of starving children and let me just say that this bill does not make one bit of difference in making up the $4 trillion addition to our debt when the Republicans pass what they call their Big Bill their Big Beautiful Bill I call it the Big Ugly Bill And this bill is just adds to the list of troubling actions by the Administration.

Here’s what’s happened leading up: Foreign aid has been held up illegally, then justified by an inane clawback known as recission; USAID—an agency backed by Congress that fights poverty and prevents conflict—gutted; Over 10,000 development and humanitarian professionals dismissed by Elon Musk; 5,000 life-saving aid programs abruptly terminated; 1,300 State Department staff laid off; Offices shuttered. Decades of progress wiped out. How disgusting , the richest man in the world was allowed to pull the plug on programs that save the world’s poorest children.

The infrastructure and staffing is no longer present to carry out the few programs that remain. Let me say this again with emphasis: The infrastructure and staffing is no longer present to carry out the few programs that remain.

All while the world faces crisis after crisis: Wars and armed conflict, Extreme weather, Hunger and famine, Disease outbreaks, Mass migration, and Rising authoritarian regimes

These aren’t distant problems. They land right at our door: Fragile states collapse and migration surges; Trade stops and U.S. farmers and businesses lose buyers ;Climate disasters destroy crops and homes; Broken health systems allow deadly viruses to spread; And when we step back, China and Russia step in—not to help, but to expand their grip.

We’re leaving behind a gap they fill with money, weapons, and propaganda taking over the airwaves – reaching listeners who used to rely on Voice of America and our international broadcasting. They want to remake the world to fit their playbook.

Meanwhile, sadly our allies are also slashing foreign aid —pushed to spend more on weapons by Mr. Trump. As global needs explode, democracy’s soft power is vanishing. This bill fails to meet this moment.

Here’s what it really does:

Cuts 22% from the international affairs budget – that’s $13 billion, diminishing funding for development and economic assistance:
- Kids kicked out of the classroom and cut off from clean water
- Farmers losing seeds and tools to make a living
- Violence prevention programs vanishing
- Local nonprofits shut down
The bill slashes humanitarian aid by 42%:
- In Nigeria, malnourished infants are dying without food
- In Myanmar, hospitals are going dark
- In The Gambia, support for survivors of female genital mutilation has ended—as the country debates making it legal again
- In Ukraine, wounded soldiers go without care
- In Ecuador, women entrepreneurs are losing lifelines and heading for our border
This is a blow to our credibility, our moral standing, and our global influence. Soft power – interestingly enough – development and diplomacy – have been secret weapons abroad. Without them, we’re losing Americans on the ground who know the terrain, see trouble coming, and keep us one step ahead.

And as always, my, my, my. Here we go again–Republicans couldn’t resist one more swipe at women: Slashing family planning programs that save hundreds of thousands of lives each year and prevent millions of unplanned pregnancies, Reinstating the Global Gag Rule—which blocks funding to foreign groups that even talk about abortion; you can’t even say the word “abortion”, not do abortion, say the word “abortion”– you lose your funding, Gutting the UNFPA—which provides basic reproductive and maternal care in over 150 countries

And while this bill guts humanitarian programs and walks away from the world’s most vulnerable, the administration is also on the road to destroying one of the smartest, most effective tools of U.S. foreign policy: the Women, Peace, and Security agenda. WPS is not some fringe idea. It’s the law, signed by guess who, Donald Trump. It passed with strong bipartisan support. And here’s why: Women experience conflict differently than men—often bearing the brunt of sexual violence, displacement, and the burden of caring for families amid chaos—yet they are too often excluded from life changing decisions. The WPS agenda has helped train diplomats, strengthen alliances, and put more women at the center of peace and security.

When women are at the table for peace talks, recovery, and crisis response, the results are better. Period. Peace lasts longer. Communities recover faster. And Missions succeed. And yet, this administration shut down the State Department’s office that leads that work—right when we need women’s leadership the most. That’s not just shortsighted. It makes the world less safe and works directly against our own interests.

The bill also abandons multilateral institutions and organizations—UNICEF, the UN Development Program, the African and Asian Development Banks, the World Bank, the World Health Organization—undermining our ability to shape the global agenda and ceding ground to autocrats. Guess who? Attention: China is going to take over this world.

So why should Americans care that these cuts are going to cost more than they save? Because these cuts hurt American families, too. When we walk away from the world: Chaos spreads; Troops are put in harm’s way; Our adversaries gain ground; And we pay the price—in dollars, and in lives.

And look, I say this not just as a lawmaker, but as a mother. My son served in the Marines. He was sent to two wars–Iraq and Afghanistan– I know what it means when diplomacy fails. The cost isn’t hypothetical—it hits our soldiers and their families the hardest.

Let me remind you: the international affairs budget was already less than 1% of our federal spending. But it delivered huge returns: Markets for American goods; Stability abroad; Protection from pandemics; Fewer troops sent into harm’s way.

Last week, we passed an $832 billion defense bill—that’s hard power. But even our top generals warn: without soft power alongside it, that number will only keep rising. So, Mr. Chairman, This bill is a lost opportunity. It’s a failure to lead. It hurts American families because when health systems collapse, people get sick. When trade stalls, jobs vanish. When diplomacy fails, our loved ones go to war. So let me close with this: Democrats aren’t giving up. We’re ready to work together with Republicans to reach a bill that reflects our values, keeps our promises, and protects American lives. Because we can’t bomb and drone our way to peace and prosperity. A strong America doesn’t hide. And it doesn’t bully. A strong America leads—with vision, with courage, and compassion. And That’s the bill we should be fighting for. Thank you. I yield back.

MIL OSI USA News –
July 25, 2025
MIL-OSI: Walrus and Veea Inc. Announce Strategic Partnership to Unlock High-Performance Edge Utility for Decentralized Data Storage
Source: GlobeNewswire (MIL-OSI)

PALO ALTO, Calif. and NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — Walrus, the decentralized data storage protocol built by Mysten Labs, the original contributors to Sui, and Veea Inc. (Nasdaq:VEEA), a leader in intelligent edge infrastructure, today announced the adoption of Walrus as a VeeaHub STAX™ edge solution to provide high-performance data transport and storage capabilities for the decentralized network. The bundled solution is aimed at creating a highly secure, scalable, and low-latency data environment for Walrus’ decentralized storage solution, allowing the network to handle even the most data-intensive tasks for DApps and AI development.

VeeaHub STAX is a highly integrated computing and connectivity platform that leverages Non-Volatile Memory Express (NVMe) architecture, designed to support various edge computing tasks over heterogeneous networks for decentralized applications. VeeaHub STAX, while powering a connectivity and computing mesh network with Walrus operating on its multi-Gbps NVMe clusters, ensures that data is reliably stored, instantly available, and secure.

“Veea’s edge infrastructure paired with Walrus’s programmable, decentralized storage offers new capabilities for developers building secure and scalable applications,” said Kostas Chalkias, Co-Founder & Chief Cryptographer of Mysten Labs. “Veea’s NVMe-powered nodes enable low-latency access to data stored on Walrus, increasing data availability for builders and empowering new use cases for edge AI and decentralized applications, including innovations like communications even in the absence of direct internet access.” Mr. Chalkias recently demonstrated internetless transactions, a direct result of the collaboration between Veea and Mysten Labs, where Sui nodes can send and receive transactions with no internet connection.

The integration will allow Walrus to scale seamlessly with thousands of STAX-NVMe storage nodes, maintaining the security and reliability of Walrus’ decentralized storage network while offering both costs and network speeds comparable to centralized data storage solutions of cloud services. Additional benefits from the integration include:
- Access to tens of terabytes of storage for ultra-low latency, high-throughput, and decentralized applications over distributed hyperconverged networks with Edge AI.
- Hybrid NVMe storage architecture designed for “hot content” delivery, unlocking applications for gaming, video streaming, and AI development.
- Scalable, low-cost object storage to improve cost optimization for enterprise data.
- Enhancements to both data availability and compliance, ensuring enterprises have access to scalable storage without compromising data sovereignty.
- Improved data recovery capabilities, enabling enterprises to easily recover important files.
“We are thrilled to be working with Mysten Labs to deliver a pioneering solution that unlocks new capabilities, with genuine trust in a high-performance edge data platform, for a broad range of use cases, including ever more demanding edge AI solutions and Web3 applications,” said Allen Salmasi, Chairman and CEO of Veea Inc. “With Walrus having the ability to directly store and serve media on STAX-NVMe, such as images, sounds, sprites, videos, or game assets, developers can leverage the Walrus Decentralized Store now to readily build applications that run on a Decentralized Physical Infrastructure Network (DePIN) with Veea’s STAX-5G/NVMe or STAX-NVMe nodes.”

Developed by the original contributors to the leading smart contract platform and layer 1 blockchain Sui, Walrus builds on Mysten Labs’ extensive innovations in blockchain infrastructure. Walrus is the data layer for the decentralized internet, and delivers programmable, scalable, and cost-efficient storage designed for the needs of decentralized applications and AI systems.

To learn more about Walrus, please visit: https://www.walrus.xyz/.

About Mysten Labs

Mysten Labs is a team of leading technological experts in distributed systems, programming languages and cryptography. Founded by the former senior executives of Meta’s Novi Research and the lead architects of the Diem blockchain, Mysten Labs is creating foundational infrastructure to reimagine the decentralized internet. Mysten Labs is the original contributor to Sui, the only blockchain built for mass adoption, and the original contributor to Walrus, the decentralized storage platform that allows any application to publish, read, and program any data type. Users can learn more at mystenlabs.com.

About Veea

Veea Inc. (NASDAQ: VEEA) formed in 2014 and headquartered in New York City, is a leader in smart edge connectivity, computing and Edge AI for enterprise and public infrastructure. Its flagship VeeaHub™ STAX platform delivers intelligent edge networking, security, and scalable NVMe storage for the future of digital business and connected communities. Its VeeaONE™ platform enables unified edge computing, multiaccess multiprotocol communications, edge storage, edge AI with AI-driven cybersecurity in multi-tenant fully integrated all-in-one VeeaHub^® products. Similar to cloud-management of smartphones and similar user devices, VeeaHub products are cloud- and locally-managed with equivalent capabilities on VeeaCloud™. Applications and services delivered through VeeaHub devices benefit from cybersecure connections with Zero Trust Network Access (ZTNA), optionally, with a highly simplified, plug and play, 5G-based SecureConnect™ offering. Veea has received numerous recognitions by Gartner Group, Market Reports World’s and IoT Evolution for Edge Computing and Edge AI since 2021. For more information about Veea and its product offerings, visit veea.com and follow us on LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: the Company’s business strategies, and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Cautionary Note on Forward-Looking Statements” and the additional risk described in Veea’s Form 10-K for the year ended December 31, 2024 and any subsequent filings which Veea makes with the U.S. Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

For media inquiries, please contact:

Walrus: press@walrus.xyz

Veea Inc.:

The Equity Group

Devin Sullivan
Managing Director
dsullivan@equityny.com

Conor Rodriguez
Associate
crodriguez@equityny.com

The MIL Network –
July 25, 2025
MIL-OSI: droppGroup Leads $5M Pre-Seed in D-GN: Betting Big on the Ethical Layer for AI

Source: GlobeNewswire (MIL-OSI)

Miami, Florida, July 24, 2025 (GLOBE NEWSWIRE) — – droppGroup, the US-based company behind sovereign-grade AI and blockchain solutions, alongside Saudi businessman Hamoud Al-Rumayyan and veteran crypto firm Hub Culture, has fully subscribed the $5 million pre-seed round of Data Guardians Network (D-GN) – a decentralized platform delivering the most accurate and ethically sourced training data in the AI market.

This investment strengthens droppGroup’s ethical AI infrastructure, already in deployment with Saudi Aramco, Cisco, and multiple government partners, while expanding a growing portfolio of critical technologies grounded in compliance, transparency, and human-centered design.

“Billions of dollars in lawsuits are hitting the AI industry because foundational models have been trained on stolen or unlicensed data,” said Faisal Al Monai, Chairman of droppGroup. “D-GN solves this industrial problem. It transforms global human input into an auditable, tokenized data engine that ethically trains, verifies and improves AI systems across voice, image and text. We took part of the round because we see this as a core pillar of the future AI stack for all our clients.”

“When we saw Meta purchase a stake in Scale AI for around $14-15 billion, investing in D‑GN at this stage looked like a steal. We believe D-GN is the Scale AI killer”. Said Faisal Al Monai, Chairman of droppGroup. “More importantly, D‑GN does it differently, upholding both ethical AI and ethical labor standards. No outsourcing to click‑farms, no gray IP zones – just transparent, auditable, fair data.”

Unlike Scale AI, which has faced criticism over opaque labor practices and the use of unlicensed content, D-GN builds datasets through a decentralized contributor model with on-chain traceability via Solan and stablecoin payments via Tether’s USDT, openly ensuring workers are paid fairly and AI models are trained responsibly.

“As Saudi Arabia transforms into a global hub for AI and innovation, our focus must remain on building infrastructure rooted in ethics, equity and opportunity”. Said Mr Hamoud Al-Rumayyan. “Data Guardians Network represents a new model, one where the people who power AI are finally included in its value creation. This is not just an investment, it’s a step toward a more inclusive digital economy aligned with the Saudi Vision 2030”. He concluded.

Johanna Cabildo, Founder and CEO of D-GN, commented:
“We built D-GN so that everyday people could have a stake in the future of AI, not just be the invisible labor behind it. droppGroup understands that vision deeply. This partnership gives us the fuel and the infrastructure to scale ethical data at a global level.”

With this investment, D-GN will scale contributor operations in MENA, Latin America and Southeast Asia, expand multimodal frontier datasets (voice, lip sync, human-emotion mapping) and deepen integrations with open-source and enterprise AI frameworks.

About droppGroup

droppGroup is a US-based AI and blockchain infrastructure company building the secure, sovereign systems of tomorrow. The parent company behind droppOne, it supports highly sensitive deployments across governments and Fortune 500s.

www.droppgroup.xyz

About Data Guardians Network (D-GN)

D-GN is a decentralized platform that turns global human input into ethically sourced training data for AI. Through stablecoin rewards, blockchain transparency and decentralized governance, D-GN enables enterprises and model developers to build AI systems that are fair, traceable and regulation-ready.

www.dataguardians.network

Media Contact:Dominic dominic.c@lunaPR.io

The MIL Network –

July 25, 2025
MIL-OSI Banking: Microsoft Research Asia launches Singapore lab
Source: Microsoft

Headline: Microsoft Research Asia launches Singapore lab

_{Left to Right: Mr. Rodrigo Kede Lima, President, Microsoft Asia; Ms. Dee Templeton, Corporate Vice President, Microsoft CTO Office; Dr. Tan See Leng, Minister for Manpower & Minister-in-charge of Energy and Science & Technology in the Ministry of Trade and Industry; Dr. Peter Lee, President, Microsoft Research; Dr. Doug Burger, Technical Fellow and Corporate Vice President, Microsoft Research; Mr. Jermaine Loy, Managing Director, Singapore Economic Development Board (EDB); Dr. Lidong Zhou, Corporate Vice President, Managing Director, Microsoft Research Asia}

New Microsoft Research Asia lab in Singapore to drive fundamental research and talent development in collaboration with local institutions

Singapore, July 24, 2025 – Microsoft today announced the launch of Microsoft Research Asia – Singapore, its first lab in Southeast Asia, aimed at driving cutting-edge AI research, co-innovating AI-powered solutions for key industries, and nurturing the next generation of AI talent across the region. Supported by the Singapore Economic Development Board (EDB), the establishment of the lab further deepens Microsoft’s commitment to Singapore’s thriving innovation ecosystem and expands its global research footprint in Asia.

Guest-of-Honour, Dr. Tan See Leng, Minister for Manpower & Minister-in-charge of Energy and Science & Technology in the Ministry of Trade and Industry, delivered his remarks at the launch ceremony of the Microsoft Research Asia Singapore lab today alongside Dr. Peter Lee, President of Microsoft Research.

Singapore as a Strategic Hub in Microsoft’s Global Research Network

As a key node in Microsoft’s global research network, Microsoft Research Asia – Singapore will drive innovation on intertwined goals: deploying industry-transforming AI, pursuing frontier breakthroughs in AI foundations, and advancing responsible, socially beneficial applications. Its research agenda supports Singapore’s National AI Strategy 2.0 and aligns with Microsoft’s broader vision for AI as a force that empowers individuals, transforms industries, and addresses global challenges.

“Singapore plays a critical role in our global research strategy,” said Peter Lee, President of Microsoft Research. “Its leadership in science, engineering and digital governance, along with its strong culture of public-private-academic collaboration, makes it an ideal environment for advancing inclusive and impactful AI. Through this lab, we are investing in long-term collaborations that accelerate discovery and bring real-world solutions to the region.”

“The establishment of Microsoft Research Asia’s first lab in Southeast Asia reflects our commitment to partner leading tech players to deliver real-world impact through AI, from Singapore,” said Jermaine Loy, Managing Director, EDB. “Importantly, the new lab will create new opportunities for researchers and companies in areas such as healthcare and finance. We look forward to deepening our collaboration with Microsoft to advance Singapore’s digital economy.”

The launch marks a strategic expansion of Microsoft Research Asia, building upon two decades of collaboration with Singapore’s universities, research institutions and innovation leaders. With a committed presence in Singapore, Microsoft will enhance joint research, cultivate local talent, and contribute to national and regional research ecosystem and development.

Driving Multi-Domain AI Innovation through Interdisciplinary Collaboration

The strategic priorities of Microsoft Research Asia – Singapore are already taking shape through a series of interdisciplinary initiatives. By collaborating with local partners and leveraging cross-sector expertise, the lab is applying advanced AI technologies across key industrial and societal domains:
- Accelerating industry transformation through domain-specific foundation models and agentic AI that generate actionable insights across sectors like healthcare, finance, and logistics.
- Advancing precision health by leveraging SingHealth’s data and expertise to develop AI capabilities aimed at delivering personalized analysis and enhanced diagnostic accuracy to enable better patient outcomes.
- Pushing the frontiers of spatial intelligence with National University of Singapore (NUS) and Nanyang Technological University Singapore (NTU Singapore) to develop embodied AI for complex tasks in smart environments.
- Adapting AI to align with Southeast Asian cultural context and norms, ensuring systems are both reliable and trustworthy within the region.
“These initiatives reflect our commitment to combining deep fundamental research with close cross-disciplinary collaboration,” said Lidong Zhou, Corporate Vice President of Microsoft and Managing Director of Microsoft Research Asia. “By working closely with Singapore’s research and innovation ecosystem, we aim to accelerate scientific discovery and build AI technologies that drive real impact for industry, society, and individuals alike.”

Developing AI Talent and Strengthening Ecosystem Collaboration

Another key pillar of Microsoft Research Asia – Singapore is nurturing AI talent and deepening academic collaboration to drive scientific excellence and support Singapore’s vibrant innovation ecosystem. The lab works closely with leading institutions including the National University of Singapore (NUS), Nanyang Technological University, Singapore (NTU Singapore), and Singapore Management University (SMU) to advance both fundamental and applied research, while equipping the next generation of researchers with real-world experience.

Today’s launch builds on the announcement earlier this year of Microsoft Research Asia’s five-year research collaboration agreement with NUS to accelerate AI research and cultivate computing talent across the region. As part of this collaboration, the lab aims to nurture PhD students through the Industrial Postgraduate Programme (IPP), a programme supported by EDB, as well as PhD programmes offered by the NUS School of Computing.

In addition, Microsoft Research Asia is fostering academic exchange and strengthening the research ecosystem through summer schools and joint workshops with NUS, NTU Singapore and SMU.

About Microsoft Research Asia

Microsoft Research Asia, established in 1998, is Microsoft’s research arm in the Asia-Pacific region. By embracing interdisciplinary and cross-boundary research rooted in the Asia-Pacific region, Microsoft Research Asia aims to define the new paradigm of computing and create breakthrough technologies that shape the future of AI and humanity for the better, both regionally and globally. For more information, visit: https://www.microsoft.com/en-us/research/lab/microsoft-research-asia

About Microsoft

Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.

For media inquiries, please contact:

Microsoft Singapore

Zoe Knobel: [email protected]

Edelman (partner agency for Microsoft Singapore) Edelman: [email protected]
MIL OSI Global Banks –
July 25, 2025
MIL-OSI: Trader AI: This Trader AI App Sets New Standard in AI-Driven Trading with Unmatched Security and User Approval
Source: GlobeNewswire (MIL-OSI)

New York City, NY, July 24, 2025 (GLOBE NEWSWIRE) — Trader AI, a pioneering fintech platform specializing in AI-powered cryptocurrency trading, today announces the launch of its fully integrated trading robot tailored specifically for Canadian investors. Building on extensive development and rigorous testing, Trader AI delivers a secure, compliant, and highly automated solution designed to help both novice and experienced traders optimize returns while effectively managing risk.

By seamlessly combining advanced machine learning algorithms, real-time market analysis, and regulatory compliance, Trader AI establishes itself as a frontrunner in the emerging landscape of AI-driven crypto trading. With the cryptocurrency market expanding rapidly—exceeding USD 50 billion in annual trading volume—investors are seeking innovative tools that simplify trading processes without compromising on security or transparency. Trader AI’s newly announced features and localized support address these needs directly, empowering Canadians to participate confidently in digital asset markets.

Key Highlights:
- AI-Powered Signal Generation: Proprietary machine learning models continuously scan global crypto markets to identify high-probability trade setups across major coins—including Bitcoin (BTC), Ethereum (ETH), and top altcoins—enabling swift, data-driven decision-making.
- Fully Automated Execution: Direct API integrations with FINTRAC-registered Canadian brokerages ensure that algorithmic signals translate instantly into live orders, minimizing latency and slippage.
- User-Centric Interface: A clean, intuitive dashboard guides users from registration to live trading in under 20 minutes, supported by a built-in demo mode for risk-free practice and an optional manual trading toggle for advanced traders.
- Robust Risk Management: Dynamic stop-loss and take-profit mechanisms adjust automatically to real-time volatility metrics, while customizable position-sizing algorithms safeguard capital with preset risk thresholds.
- Transparent Fee Structure: Trader AI requires a minimum deposit of USD 250 and operates commission-free—fees are embedded solely within market-standard spreads, ensuring full cost transparency.
- Canadian-Focused Compliance: With partnerships in Ontario and British Columbia, Trader AI operates alongside regulated broker-dealers, maintains PIPEDA-aligned data practices, and offers optional KYC verification for withdrawals exceeding CAD 2,000 per month.
- Localized Support & Education: 24/7 live chat, toll-free phone lines, region-specific webinars on taxation and compliance, and a bilingual knowledge base demonstrate Trader AI’s commitment to serving Canada’s diverse trading community.
Visit Here to Register on the Trader AI – Select Your Country Here!!!

Trader AI’s Mission: Democratizing Crypto Trading

In recent years, the cryptocurrency sector has witnessed explosive growth—often accompanied by elevated volatility, regulatory uncertainty, and a steep learning curve for newcomers. Recognizing these challenges, Trader AI was conceived to bridge the gap between sophisticated algorithmic trading and accessibility for everyday Canadians. By leveraging artificial intelligence, the platform aims to automate labor-intensive tasks such as trend analysis, technical indicator computation, and real-time order generation, freeing users from the need to monitor markets around the clock.

How Trader AI Works: A Technical Overview

According to official website, Trader AI’s core engine is anchored in a multi-layered AI architecture that integrates supervised learning, deep neural networks, and real-time data aggregation. Below is an outline of the platform’s operational framework:
1. Comprehensive Market Data Aggregation
  - Trader AI continuously ingests live order book data, trade histories, volume indicators, and social sentiment inputs from over 20 global exchanges.
  - All incoming data undergoes cleaning and normalization, ensuring consistency for downstream machine learning modules.
2. Machine Learning and Pattern Recognition
  - A combination of supervised models—trained on historical price movements from January 2017 to December 2024—and unsupervised clustering algorithms identify characteristic market patterns, such as sudden volume surges, technical divergence, and on-chain network activity that historically precedes price shifts.
  - Periodic model retraining occurs every four weeks, incorporating the most recent market data to adapt to evolving conditions.
3. Signal Generation and Scoring
  - When the AI identifies a pattern that meets predefined confidence thresholds (typically 70–85% probability), it issues a trade signal complete with suggested entry price, stop-loss, take-profit levels, and ideal position size relative to account equity.
  - Each signal is assigned a Signal Quality Score (SQS)—a proprietary metric ranging from 0 to 100—that reflects confidence based on factors such as liquidity depth, volatility, and historical win rate for similar setups.
4. Automated Order Execution
  - Upon user authorization (via the “Auto-Trade” toggle), signals are dispatched instantly through secure API connections to partnered Canadian brokerages and select international exchanges.
  - In live conditions, orders are executed with an average round-trip latency of under 150 milliseconds, minimizing the risk of slippage during periods of heightened volatility.
5. Dynamic Risk Management
  - Stop-loss and take-profit parameters adjust in real-time based on Average True Range (ATR) and Bollinger Band expansions. For example, if an asset’s 24-hour volatility spikes above 8%, the AI narrows stop-loss bands by 10–15% to limit drawdown.
  - The platform’s Position Sizing Algorithm (PSA) calculates optimal trade size by referencing account balance, risk tolerance (e.g., 1–3% per trade), and portfolio diversification targets. Any deviation beyond preset risk thresholds triggers an automated alert or halts new allocations.
Registration and Onboarding: Getting Started in Minutes

Trader AI’s streamlined registration process has been optimized for speed, transparency, and regulatory compliance—ensuring that Canadian clients can begin trading quickly without unnecessary hurdles. The following steps outline the typical user journey from initial sign-up to live trading:
1. Account Creation
  - Visit official website homepage, click “Sign Up,” and complete the registration form with basic information:
    
    Full legal name
    
    Email address
    
    Country of residence (preselected as based on IP detection)
    
    Phone number (for 2FA and important notifications)
  - Users must acknowledge the platform’s Terms of Service and Privacy Policy, both of which include specific disclosures regarding data handling under PIPEDA regulations.
2. Email and Phone Verification
  - An email containing a verification link is sent immediately; clicking the link confirms the email address.
  - A one-time code (OTP) is dispatched to the registered phone number. Entering this code completes the two-step verification process.
3. Demo Account Activation
  - Without any deposit requirement, new users receive CAD 10,000 in virtual funds to explore the platform’s features and test AI-generated signals.
  - The demo environment simulates real market conditions, including bid-ask spreads and execution latencies, enabling risk-free practice trades.
4. Minimum Deposit and Funding Options
  - To transition from demo to live trading, a minimum deposit of USD 250 is required.
  - Canadian users may fund accounts via:
    
    Interac e-Transfer: Funds clear within 1–2 business hours.
    
    Credit/Debit Card (Visa/Mastercard): Instant funding up to CAD 5,000 per day for non-verified accounts.
    
    Wire Transfer: Larger deposit limits (up to CAD 50,000 daily) with a 1–2 business day processing time.
  - Immediately after deposit confirmation, live trading features unlock—allowing users to choose between fully automated or manual signal execution.
5. Optional KYC Verification
  - For withdrawals exceeding CAD 2,000 per month, users are prompted to complete Know Your Customer (KYC) verification by uploading:
    
    A government-issued photo ID (e.g., driver’s license, passport)
    
    Proof of address (e.g., utility bill, bank statement dated within the last 90 days)
  - KYC checks typically finalize within 24–48 hours, though urgent requests may be expedited upon user inquiry.
6. Live Trading Activation
  - With funds deposited and (if necessary) KYC cleared, users can configure initial risk parameters—such as daily drawdown limits, maximum open trades, and preferred asset baskets.
  - The AI engine is now primed to generate signals. Traders can elect “Auto-Trade” to allow fully automated execution or opt to review and manually approve each AI recommendation.
Core Features and Functionalities

As per official website, Trader AI’s feature set has been refined to balance sophistication with usability—addressing the distinct needs of Canada’s diverse trading population. The following sections highlight the platform’s most compelling capabilities:

1. AI-Powered Trade Signals
- Proprietary Algorithms: Trader AI’s AI suite includes recurrent neural networks (RNNs) and convolutional neural networks (CNNs), which process time-series price data, order flow imbalances, and macroeconomic indicators to forecast short-term price movements.
- Cross-Asset Analysis: Signals are not isolated to single-asset momentum. The system examines correlations between Bitcoin, major equities indices, and global macro events—such as central bank announcements—to adjust trading thresholds.
- Signal Quality Score (SQS): Each trade recommendation includes an SQS metric (0–100) reflecting confidence based on factors like market depth, recent volatility shifts, and historical win rates for analogous setups. Users can filter signals by minimum SQS thresholds (e.g., ≥ 70) to ensure high-probability engagement.
2. Automated Trade Execution
- API Integrations: Trader AI maintains secure API connections with FINTRAC-registered Canadian brokerages—such as Maple Brokerage and Aurora Digital Assets—and renowned international exchanges. This reduces counterparty risk by routing orders through regulated entities rather than holding funds internally.
- Low-Latency Order Routing: By co-locating servers near major exchange matching engines, Trader AI achieves average order round-trip times under 150 ms. This is critical during rapid price fluctuations when even small delays can erode profit margins.
- Slippage Control: Users may elect “Maximum Slippage Tolerance” parameters (e.g., 0.1%–0.5% of trade size) to prevent orders from executing at disadvantageous prices. If slippage exceeds the user-defined threshold, orders are canceled automatically.
3. Customizable Strategy Settings
- Risk Tolerance Profiles: “Conservative,” “Moderate,” and “Aggressive” presets allow users to quickly adopt risk frameworks aligned with their goals. Conservative settings limit daily drawdown to 2% of account equity and cap leverage at 2x; moderate settings permit up to 4% drawdown and 5x leverage; aggressive settings enable up to 6% drawdown and 10x leverage (subject to brokerage approvals).
- Asset Basket Creation: User-defined “Smart Baskets” group multiple cryptocurrencies—such as “Top 5 by Market Cap,” “Emerging DeFi Tokens,” or “Stablecoin Arbitrage.” The platform rebalances these baskets weekly based on performance, market capitalization changes, and liquidity metrics.
- Volatility-Adaptive Stop-Loss: Stop-loss percentages are not static. Instead, they adjust proportionally to the 14-day Average True Range (ATR) and Bollinger Band expansions. For example, if the ATR for Bitcoin spikes from 2% to 4%, the stop-loss widens by 10–15% to avoid premature exit during heightened volatility.
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4. Portfolio Diversification Engine
- Balanced Allocation Recommendations: The AI provides suggested allocation percentages across multiple asset classes—e.g., 40% BTC, 25% ETH, 15% top-10 altcoins, and 20% stablecoins—based on risk-adjusted performance data and user-defined risk tolerance.
- Correlated Asset Mitigation: By monitoring correlation coefficients between assets (e.g., BTC vs. ETH correlation of 0.85), the platform can reduce overweight positions to minimize systemic exposure. When correlation exceeds 0.9, the AI recommends temporary reallocation to lower-correlation assets.
- Automated Rebalancing: Weekly portfolio rebalancing ensures that no single asset exceeds preset maximum exposure (e.g., 25% of total equity). If an asset’s value grows beyond this cap, the system executes partial sell orders and redistributes proceeds to underweighted categories.
5. Comprehensive Reporting and Analytics
- Real-Time Dashboard: The homepage features live P&L, open trade positions, daily profit percentages, and drawdown statistics. A customizable graph displays historical performance, including monthly ROI comparisons against benchmark indices like the S&P 500 and TSX Composite.
- Sharpe Ratio & Sortino Ratio: Users can view risk-adjusted performance metrics to gauge risk efficiency. A Sharpe Ratio above 1.5 is highlighted in green, indicating favorable risk-adjusted returns. Sortino Ratio (which penalizes downside volatility) is also displayed for more precise risk assessment.
- Trade History: A searchable log details each executed trade (entry price, exit price, timestamp, P&L, SQS). Users can filter by asset, date range, or trade outcome (win/loss). CSV export functionality enables further analysis in external tools.
6. Security and Data Protection
- SSL Encryption & Data Integrity: All data in transit is encrypted via AES 256-bit SSL/TLS protocols. Sensitive user information—such as login credentials and payment details—resides in encrypted databases with advanced hashing (bcrypt) and tokenization methods.
- Two-Factor Authentication (2FA): Upon login, users must input their password followed by a one-time code generated through an authenticator app (e.g., Google Authenticator) or delivered via SMS. This two-tier verification effectively prevents unauthorized access, even if credentials are compromised.
- Third-Party Security Audits: Leading cybersecurity firms—such as CanSecWest Security—conduct quarterly penetration tests and codebase reviews. Summary reports are shared with the Canadian Office of the Privacy Commissioner to demonstrate ongoing compliance with PIPEDA.
- Data Residency: All Canadian user data is stored on servers located within Canada, ensuring compliance with provincial data sovereignty regulations. Backups occur daily and are encrypted with unique user-specific keys.
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7. Transparent Fee Structure
- No Subscription Fees: Trader AI does not charge recurring platform fees—traders benefit from a zero-cost software model.
- Embedded Spread-Only Costs: All trading costs are embedded in exchange spreads. For example:
  - BTC–USD: Typical spread between 0.10% and 0.20%.
  - ETH–USD: Typical spread between 0.12% and 0.22%.
  - Top Altcoins (e.g., LINK, DOT): Spreads between 0.20% and 0.40%.
- Withdrawal Fees:
  - Interac e-Transfer (≤ CAD 1,000): Flat CAD 20 fee.
  - Interac e-Transfer (> CAD 1,000): No fee.
  - Wire Transfers: CAD 30 processing fee (waivable for account balances > CAD 10,000).
- Currency Conversion Markup: For trades executed in USD or other foreign currencies, a transparent 0.25% conversion margin is applied—visibly displayed on the funding page prior to transaction confirmation.
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Localized Support and Educational Initiatives

Trader AI’s success in Canada is rooted in its investment in region-specific support and educational resources. Recognizing that regulatory requirements and tax implications for cryptocurrencies vary significantly from country to country, the platform has implemented multiple initiatives to guide Canadian users.

1. Multi-Channel Customer Support
- 24/7 Live Chat: Available directly on the website, live chat is staffed around the clock by bilingual (English/French) agents trained in both technical troubleshooting and Canadian regulatory guidelines.
- Toll-Free Canadian Phone Lines: Operating daily from 8 AM to 8 PM ET, dedicated support lines (1-800-IMPATH1) ensure prompt resolution of urgent issues—ranging from account access difficulties to withdrawal queries.
- Email Ticketing System: For non-urgent matters, users can submit support tickets via support@immediate-path.com. Average response time is 4–6 hours on weekdays; weekend requests are addressed within 12 hours.
2. Dedicated Compliance Resources
- Regulatory Updates Section: A rotating banner on the Trader AI homepage alerts users to any changes in Canadian crypto regulations—such as new FINTRAC reporting guidelines or provincial licensing requirements.
- Tax Reporting Guides: Downloadable PDFs explain:
  - How to classify various transactions (spot trading, staking rewards, airdrops) for CRA reporting.
  - Strategies for netting gains and losses across multiple wallets and platforms—ensuring accurate portfolio-wide tax calculations.
- AML & KYC Policy Disclosure: Users can review Trader AI’s anti-money-laundering protocols, including suspicious transaction reporting criteria and process flows for large withdrawals requiring enhanced due diligence.
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Safety and Security

As crypto regulatory framework continues to evolve, Trader AI remains committed to exceeding compliance standards and upholding the highest levels of security—minimizing risk for users and partners alike.

1. Data Privacy and PIPEDA Compliance
- PIPEDA-Aligned Privacy Policy: Trader AI’s privacy policy explicitly references the Personal Information Protection and Electronic Documents Act (PIPEDA), ensuring that Canadian user data is collected, processed, and stored in accordance with federal requirements.
- Data Residency: All Canadian user data is housed on servers located within Canadian jurisdiction (Toronto and Montreal data centers), offering additional protection under provincial data sovereignty regulations (e.g., Ontario’s provincial data residency requirements).
- User Rights: Canadians retain full control over personal information—users can request access, correction, or deletion of their data at any time by contacting privacy@immediate-path.com.
2. Encryption and Infrastructure Security
- End-to-End SSL/TLS Encryption: All data transmitted between user browsers and Trader AI’s servers is encrypted via AES 256-bit SSL/TLS protocols, preventing interception or tampering.
- Hashed Password Storage: User passwords are stored using bcrypt with a work factor of 12, making brute-force compromises computationally infeasible.
- Intrusion Detection & Multi-Tenant Segmentation: Network traffic is continuously scanned by an Intrusion Detection System (IDS). Each user’s trading environment resides within an isolated container, preventing cross-account data leaks or unauthorized lateral movement by attackers.
Comparative Performance: Backtesting and Live Results

Trader AI’s performance results—both in backtesting and real-world conditions—underscore its capability to navigate dynamic crypto landscape:

Backtesting Overview (January 2020–December 2024)
- Annualized Return (Conservative Settings): 45%
  - Parameters: Maximum daily drawdown capped at 2%, trades limited to 07:00–16:00 EST (peak liquidity hours), leverage ≤ 2x.
  - Historical drawdown: 12% during March 2020 “Corona Crash.”
- Annualized Return (Moderate Settings): 70%
  - Parameters: Daily drawdown ≤ 4%, 24/7 trading, leverage ≤ 5x.
  - Historical drawdown: 18% during May 2021 “Altseason Correction.”
- Annualized Return (Aggressive Settings): 95%
  - Parameters: Daily drawdown ≤ 6%, leverage ≤ 10x, full asset basket allocation including high-volatility DeFi tokens.
  - Historical drawdown: 25% during November 2021 “Crypto Winter II.”
Metrics
- Average Win Rate: 62%
- Average Risk/Reward Ratio: 1:1.8
- Maximum Drawdown (Conservative): 12%
- Maximum Drawdown (Aggressive): 25%
Asset Coverage and Diversification Strategies

Trader AI supports a broad spectrum of digital assets, enabling traders to construct diversified portfolios that mitigate risk and capture growth across multiple sectors:
1. Major Cryptocurrencies
  - Bitcoin (BTC): The flagship asset, receiving the highest allocation in most conservative and moderate baskets.
  - Ethereum (ETH): Backbone of decentralized finance (DeFi) and smart contracts, featured prominently.
  - Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), Cardano (ADA): Liquid, established altcoins available for core portfolio building.
2. Emerging DeFi and Layer-1 Tokens
  - Polkadot (DOT), Solana (SOL), Avalanche (AVAX): Rapidly scaling networks with robust ecosystems—suitable for moderate-risk allocations.
  - Chainlink (LINK), Aave (AAVE), Uniswap (UNI): Leading DeFi and oracle solutions that often exhibit high volatility paired with substantial upside potential.
3. Metaverse and NFT-Related Tokens
  - Decentraland (MANA), Axie Infinity (AXS), The Sandbox (SAND): Assets tied to virtual real estate and blockchain gaming—ideal for investors seeking exposure to Web3 trends.
4. Stablecoin Pairs and Hedging Options
  - Tether (USDT), USD Coin (USDC), Dai (DAI): Trader AI’s AI can automatically rotate capital into these stablecoins when market volatility exceeds user-defined thresholds (e.g., 10% 24-hour price swing), preserving equity during short-term drawdowns.
5. Sector-Specific Baskets
  - “Layer 1 Champions”: Allocation across BTC, ETH, DOT, SOL, AVAX.
  - “DeFi Innovators”: Allocation across LINK, AAVE, UNI, SUSHI, COMP.
  - “Metaverse Mavericks”: Allocation across MANA, AXS, SAND, FLOW.
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Payments, Fees, and Account Funding

Trader AI’s commitment to transparency extends to its straightforward funding and fee model. Canadian users benefit from local payment options, minimal entry capital requirements, and no hidden subscription charges.

1. Minimum Deposit Requirement
- Base Capital: USD 250 (equivalent to approximately CAD 330 at current exchange rates).
- Deposit Methods for Canadians:
  - Interac e-Transfer: Typical processing time of 1–2 business hours; no fees for deposits over CAD 1,000; flat CAD 20 fee for deposits ≤ CAD 1,000.
  - Credit/Debit Card (Visa, Mastercard): Instant processing with a daily limit of CAD 5,000 for non-verified accounts.
  - Wire Transfer: For larger capital needs (up to CAD 50,000 per transaction), processed in 1–2 business days; CAD 30 fee applies (waivable for initial deposits > CAD 10,000).
- Currency Conversion: For trades executed on non-CAD pairs, an automatic 0.25% conversion margin is applied. Real-time mid-market exchange rates are displayed prior to transaction.
2. Fee Structure
- Software Access: No subscription or platform fees—Trader AI’s model is “software-free,” with all platform maintenance costs absorbed by the company.
- Trading Costs (Embedded Spreads):
  - BTC–USD/CAD: Spreads between 0.10% and 0.20%.
  - ETH–USD/CAD: Spreads between 0.12% and 0.22%.
  - Major Altcoins: Spreads ranging from 0.20% to 0.40%.
  - Spread rates adjust dynamically based on overall market liquidity—tightening during high-liquidity periods and widening slightly during low-liquidity windows (e.g., weekends, public holidays).
- Withdrawal Fees:
  - Interac e-Transfer (≤ CAD 1,000): Flat CAD 20.
  - Interac e-Transfer (> CAD 1,000): No fee.
  - Wire Transfer: CAD 30 (waived if account balance exceeds CAD 10,000 at time of withdrawal).
  - Credit/Debit Card Refunds: If a user funded via card and requests a refund to the same card, a 2% processing fee applies to cover issuer charges.
- Overnight Funding Fees: If a user employs leverage (up to 10x for aggressive strategies), an overnight interest rate of 0.03% per day is applied—transparent line-item in the trade ticket before order execution.
About Trader AI

Trader AI Inc. is a AI-driven cryptocurrency trading solutions. Founded in 2023 by a team of quantitative analysts, data scientists, and seasoned software engineers, Trader AI’s mission is to democratize algorithmic trading—making advanced, data-driven strategies accessible to investors of all experience levels.

Key Facts:
- Established: 2023
- Core Product: AI-powered crypto trading robot with automated and manual trading modes
- Target Market: Crypto investors, ranging from first-time traders to institutional participants
- Regulatory Partners: Maple Brokerage (Ontario), Victory Crypto (British Columbia)—both FINTRAC-registered
Company Vision: Trader AI seeks to empower Canadians by providing state-of-the-art AI trading tools under a fully compliant, transparent framework. By combining deep learning, robust risk management, and localized support, Trader AI aims to elevate Canada as a global hub for safe, responsible cryptocurrency trading.

Conclusion

Trader AI stands at the forefront of AI-driven cryptocurrency trading, combining cutting-edge machine learning, rigorous risk management, and a deep commitment to regulatory compliance. For both newcomers and seasoned traders, the platform offers a streamlined onboarding process, transparent fee structures, and a robust suite of tools designed to optimize performance while safeguarding capital. All users benefit from local payment integrations, bilingual support, and educational resources that demystify tax reporting and compliance requirements.

Whether you’re aiming to augment your existing strategy or take your first steps into automated crypto trading, Trader AI delivers an accessible, secure, and high-performing environment. With a proven track record of consistent returns—backed by both backtesting data and real-world results—this platform has quickly become a trusted choice for Canadian investors seeking to navigate volatile markets with confidence.

Ready to experience the power of AI-driven trading for yourself? Sign up for a free demo account and explore Trader AI’s features with CAD 10,000 in virtual funds. When you’re ready to trade live, a minimum deposit of USD 250 (approximately CAD 330) unlocks full access to all automated and manual trading modes. Discover why thousands of Canadians are turning to Trader AI to harness smarter strategies and take control of their crypto portfolios.

Forward-Looking Statements

This press release contains forward-looking statements that reflect Trader AI Inc.’s expectations regarding future events, including anticipated performance, product enhancements, and regulatory developments. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied. Trader AI Inc. assumes no obligation to update or revise these statements except as required by applicable law.

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Media Contact

Trader AI

50 W 4th St,
New York, NY 10012, USA
Email: info@traderai.ai
Phone
AU +61284889800
UK +442038379676
Website – https://traderai.ai

General Disclaimer:
The content provided in this article is for informational and educational purposes only. It does not constitute financial, legal, or professional advice. Readers are advised to consult a certified financial advisor, licensed loan officer, or legal professional before making any financial decisions. The information presented may not apply to every individual circumstance and is not intended to substitute professional judgment or regulatory guidance. The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. We does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
Trading Disclaimer:
Trading cryptocurrencies carries a high level of risk, and may not be suitable for all investors. Before deciding to trade cryptocurrency you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with cryptocurrency trading, and seek advice from an independent financial advisor. ICO’s, IEO’s, STO’s and any other form of offering will not guarantee a return on your investment.
HIGH RISK WARNING: Dealing or Trading FX, CFDs and Cryptocurrencies is highly speculative, carries a level of non-negligible risk and may not be suitable for all investors. You may lose some or all of your invested capital, therefore you should not speculate with capital that you cannot afford to lose. Please refer to the risk disclosure below. Trader AI does not gain or lose profits based on your activity and operates as a services company. Trader AI is not a financial services firm and is not eligible of providing financial advice. Therefore, Trader AI shall not be liable for any losses occurred via or in relation to this informational website.
SITE RISK DISCLOSURE: Trader AI does not accept any liability for loss or damage as a result of reliance on the information contained within this website; this includes education material, price quotes and charts, and analysis. Please be aware of and seek professional advice for the risks associated with trading the financial markets; never invest more money than you can risk losing. The risks involved in FX, CFDs and Cryptocurrencies may not be suitable for all investors. Trader AI doesn’t retain responsibility for any trading losses you might face as a result of using or inferring from the data hosted on this site.
LEGAL RESTRICTIONS: Without limiting the above mentioned provisions, you understand that laws regarding financial activities vary throughout the world, and it is your responsibility to make sure you properly comply with any law, regulation or guideline in your country of residence regarding the use of the Site. To avoid any doubt, the ability to access our Site does not necessarily mean that our Services and/or your activities through the Site are legal under the laws, regulations or directives relevant to your country of residence. It is against the law to solicit US individuals to buy and sell commodity options, even if they are called “prediction” contracts, unless they are listed for trading and traded on a CFTC-registered exchange unless legally exempt. The UK Financial Conduct Authority has issued a policy statement PS20/10, which prohibits the sale, promotion, and distribution of CFD on Crypto assets. It prohibits the dissemination of marketing materials relating to distribution of CFDs and other financial products based on
Cryptocurrencies that addressed to UK residents. The provision of trading services involving any MiFID II financial instruments is prohibited in the EU, unless when authorized/licensed by the applicable authorities and/or regulator(s). Please note that we may receive advertising fees for users opted to open an account with our partner advertisers via advertisers websites. We have placed cookies on your computer to help improve your experience when visiting this website. You can change cookie settings on your computer at any time. Use of this website indicates your acceptance of this website. Please be advised that the names depicted on our website, including but not limited to Trader AI, are strictly for marketing and illustrative purposes. These names do not represent or imply the existence of specific entities, service providers, or any real-life individuals. Furthermore, the pictures and/or videos presented on our website are purely promotional in nature and feature professional actors. These actors are not actual users, clients, or traders, and their depictions should not be interpreted as endorsements or representations of real-life experiences. All content is intended solely for illustrative purposes and should not be construed as factual or as forming any legally binding relationship
RISKS ASSOCIATED WITH FUTURES TRADING
Futures transactions involve high risk. The amount of the initial margin is low compared to the value of the futures contract, so that transactions are “leveraged” or “geared”. A relatively small market movement has a proportionately larger impact on the funds that you have deposited or have to pay: this can work both for you and against you. You may experience the total loss of the initial margin funds as well as any additional funds deposited in the system. If the market develops in a way that is contrary to your position or if margins are increased, you may be asked to pay significant additional funds at short notice to maintain your position. In this case it may also happen that your broker account is in the red and you thus have to make payments beyond the initial investment.
RISKS ASSOCIATED WITH ELECTRONIC TRADING
Before you begin carrying out transactions with an electronic system, you should carefully review the rules and provisions of the stock exchange offering the system, or of the financial instruments listed that you intend to trade, as well as your broker’s conditions. Online trading has inherent risks due to system responses/reaction times and access times that may vary due to market conditions, system performance and other factors, and on which you have no influence. You should be aware of these additional risks in electronic trading before you carry out investment transactions.
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All information included in this article is presented in good faith and believed to be accurate at the time of writing. However, no representations or warranties are made regarding the completeness, accuracy, reliability, or timeliness of any information presented. Any reliance placed on such information is strictly at the reader’s own risk. The publisher does not accept responsibility for typographical errors, outdated information, or changes to products, terms, or policies after publication.
Regulatory and Jurisdictional Disclaimer:
Lending laws vary by jurisdiction, and not all services described in this article may be available in every state or region. It is the responsibility of the reader to understand and comply with local laws and regulations. The platforms mentioned are independently operated and are not controlled or endorsed by the publisher.
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The MIL Network –
July 25, 2025
Industry leaders hail game changing India-UK free trade agreement

Source: Government of India

Source: Government of India (4)

Prime Minister Narendra Modi and his British counterpart Keir Starmer on Thursday signed the eagerly-awaited India-UK Free Trade Agreement (FTA), marking a landmark moment in the bilateral economic relationship.

As part of the historic pact, the UK will reduce duties on 99 per cent of Indian exports, while India will lower tariffs on 90 per cent of British goods, significantly easing tariff barriers and regulatory procedures across multiple sectors.

The agreement is expected to make imported goods more affordable for Indian consumers, including luxury cars, cosmetics, medical devices, gin, and Scotch whisky. Within the next two years, India’s leather industry is projected to increase its market share in the UK by 5 per cent.

A high-level industry delegation led by Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises and Co-Chair of the India-UK CEO Forum, accompanied Prime Minister Modi. The delegation included 16 key business leaders and was organized by the Confederation of Indian Industry (CII).

Calling the pact a “game-changer,” Indian industry leaders praised the FTA for opening new opportunities and strengthening long-term economic collaboration between the two nations.

“Indian industry across all sectors welcomes the India–UK FTA with great optimism. This agreement establishes a modern, forward-looking partnership that will stimulate innovation, ease market access, and foster investment,” said Mittal. “Businesses in both India and the UK stand to benefit as this lays the foundation for expanding bilateral cooperation across key growth sectors.”

Dr. Anish Shah, Group CEO and MD of Mahindra Group, called the agreement a transformative milestone in the global economic landscape. “It’s not just a win for trade, but a blueprint for a modern, values-led partnership that puts innovation, sustainability, and inclusive growth at the heart of global collaboration,” he said.

Kirit Bhansali, Chairman of the Gem and Jewellery Export Promotion Council, noted the FTA’s positive impact on India’s gem and jewellery sector. “Currently, exports to the UK stand at $941 million. With the duty concessions in place, this figure is expected to surge to $2.5 billion within the next three years, elevating overall bilateral trade in our sector to an estimated $7 billion,” Bhansali said.

(IANS)

July 25, 2025
MIL-OSI Africa: Afreximbank to avail $75 million to Central Bank of The Gambia in a cross-currency swap

Source: APO

African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has signed an agreement to avail a US$75-million five-year cross-currency swap to the Central Bank of The Gambia (CBG) for the financing of strategic projects undertaken in The Gambia by the Government, through the National Roads Authority (NRA).

The agreement, signed in Abuja, Nigeria, as part of activities to mark the 32^nd Afreximbank Annual Meetings (AAM2025) held from 25 to 28 June, provides for Afreximbank to use the local currency proceeds to purchase NRA-issued bonds, which will serve as the swap securities for the transaction, to finance strategic projects undertaken by the Agency.

Signing the agreement for Afreximbank was Mr. Haytham Elmaayergi, Executive Vice President, Global Trade Bank, Afreximbank, while Mr. Buah Saidy, Governor of Central Bank of The Gambia, signed for his organisation.

Commenting on the agreement, Mr. Elmaayergi said that the transaction reflected Afreximbank’s commitment to driving trade finance in Africa by supporting its member countries to achieve much needed liquidity to enable them finance trade-enabling infrastructure in their countries.

“Through this facility, Afreximbank is using its resources to leverage financing to Africa by unlocking capital and creating additional capacity in support of trade transactions into Africa,” he explained. He noted that this partnership comes at a pivotal time in The Gambia’s development trajectory, as the country intensifies efforts to upgrade its transport infrastructure to meet growing trade and connectivity needs. The cross-currency swap is expected to support the construction and rehabilitation of both rural and urban road networks, reinforcing the Gambia’s commitment to building a more connected, productive and inclusive economy.

According to him, this initiative will enable more efficient movement of goods and services, reduce travel times for commuters and businesses, and improve road safety. Over the long term, these developments will contribute to a more reliable and extensive national road network, helping to deepen regional integration, enhance agricultural and industrial output, and promote sustainable, broad-based economic growth across the country. This transaction underscores Afreximbank’s ongoing commitment to supporting African countries in mobilizing innovative financing tools to unlock development and trade potential.

On his part, Governor Buah Saidy acknowledged the need for development financing to address supply-sided constraints to development in The Gambia. This swap, he said “will relax the binding constraint of a challenging transport network, by enabling NRA to build many more roads that H.E. President Adama Barrow has instructed them to build to ease the movement and lives of Gambians”.

Governor Saidy noted that the financing made available through the swap will allow NRA to build roads that will open up the economy by connecting the production areas in the rural parts of the country to the markets in the urban centres.

CBG is a founding shareholder of Afreximbank while NRA, established in 2006, is responsible for the administration, control, construction and maintenance of all roads in The Gambia.

Oakwood Green Africa served as transaction adviser to the NRA and CBG for the transaction, providing them guidance on the structure and facilitating the swap.

AAM2025, which attracted an estimated 7,000 participants, including Heads of States, Prime Ministers, ministers and business leaders, from across Africa, the Caribbean and beyond, ended with the Annual General Meeting of Afreximbank Shareholders where Dr. George Elombi was appointed the incoming President of the Bank to replace Prof. Benedict Oramah whose tenure is ending after two five-year terms at the helm.

Distributed by APO Group on behalf of Afreximbank.

Media Contact:
Vincent Musumba
Communications and Events Manager (Media Relations)
Email: press@afreximbank.com

Follow on Social Media:
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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

For more information, visit: www.Afreximbank.com

Media files

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MIL OSI Africa –

July 25, 2025
MIL-OSI Europe: Christine Lagarde, Luis de Guindos: Monetary policy statement

Source: European Central Bank

Christine Lagarde, President of the ECB,
Luis de Guindos, Vice-President of the ECB

Frankfurt am Main, 24 July 2025

Good afternoon, the Vice-President and I welcome you to our press conference.

The Governing Council today decided to keep the three key ECB interest rates unchanged. Inflation is currently at our two per cent medium-term target. The incoming information is broadly in line with our previous assessment of the inflation outlook. Domestic price pressures have continued to ease, with wages growing more slowly. Partly reflecting our past interest rate cuts, the economy has so far proven resilient overall in a challenging global environment. At the same time, the environment remains exceptionally uncertain, especially because of trade disputes.

We are determined to ensure that inflation stabilises at our two per cent target in the medium term. We will follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance. In particular, our interest rate decisions will be based on our assessment of the inflation outlook and the risks surrounding it, in light of the incoming economic and financial data, as well as the dynamics of underlying inflation and the strength of monetary policy transmission. We are not pre-committing to a particular rate path.

The decisions taken today are set out in a press release available on our website.

I will now outline in more detail how we see the economy and inflation developing and will then explain our assessment of financial and monetary conditions.

Economic activity

In the first quarter the economy grew more strongly than expected. This was partly because firms frontloaded exports ahead of expected tariff hikes. But growth was also bolstered by stronger private consumption and investment.

Recent surveys point to an overall modest expansion in both the manufacturing and services sectors. At the same time, higher actual and expected tariffs, the stronger euro and persistent geopolitical uncertainty are making firms more hesitant to invest.

The robust labour market, rising real incomes and solid private sector balance sheets continue to support consumption. Unemployment stood at 6.3 per cent in May, close to its lowest level since the introduction of the euro. Easier financing conditions are underpinning domestic demand, including in the housing market. Over time, higher public investment in defence and infrastructure should also support growth.

More than ever, the Governing Council considers it crucial to urgently strengthen the euro area and its economy in the present geopolitical environment. Fiscal and structural policies should make the economy more productive, competitive and resilient. Governments should prioritise growth-enhancing structural reforms and strategic investment, while ensuring sustainable public finances. It is important to complete the savings and investments union and the banking union, following a clear and ambitious timetable, and to rapidly establish the legislative framework for the potential introduction of a digital euro. The Governing Council welcomes the Eurogroup’s commitment to improve the effectiveness, quality and composition of public spending and supports the efforts by European authorities to preserve the mutual benefits of global trade.

Inflation

Annual inflation stood at 2.0 per cent in June, after 1.9 per cent in May. Energy prices went up in June but are still lower than a year ago. Food price inflation eased slightly to 3.1 per cent. Goods inflation edged down to 0.5 per cent in June, whereas services inflation ticked up to 3.3 per cent, from 3.2 per cent in May.

Indicators of underlying inflation are overall consistent with our two per cent medium-term target. Labour costs have continued to moderate. Year-on-year growth in compensation per employee slowed to 3.8 per cent in the first quarter, down from 4.1 per cent in the previous quarter. Combined with stronger productivity growth, this led to slower growth in unit labour costs. Forward-looking indicators, including the ECB’s wage tracker and surveys on wage expectations of firms, consumers and professional forecasters, point to a further decline in wage growth.

Short-term consumer inflation expectations declined in both May and June, reversing the uptick observed in previous months. Most measures of longer-term inflation expectations continue to stand at around 2 per cent, supporting the stabilisation of inflation around our target.

Risk assessment

Risks to economic growth remain tilted to the downside. Among the main risks are a further escalation in global trade tensions and associated uncertainties, which could dampen exports and drag down investment and consumption. A deterioration in financial market sentiment could lead to tighter financing conditions and greater risk aversion, and make firms and households less willing to invest and consume. Geopolitical tensions, such as Russia’s unjustified war against Ukraine and the tragic conflict in the Middle East, remain a major source of uncertainty. By contrast, if trade and geopolitical tensions were resolved swiftly, this could lift sentiment and spur activity. Higher defence and infrastructure spending, together with productivity-enhancing reforms, would add to growth. An improvement in business confidence would also stimulate private investment.

The outlook for inflation is more uncertain than usual, as a result of the volatile global trade policy environment. A stronger euro could bring inflation down further than expected. Moreover, inflation could turn out to be lower if higher tariffs lead to lower demand for euro area exports and induce countries with overcapacity to reroute their exports to the euro area. Trade tensions could lead to greater volatility and risk aversion in financial markets, which would weigh on domestic demand and would thereby also lower inflation. By contrast, inflation could turn out to be higher if a fragmentation of global supply chains pushed up import prices and added to capacity constraints in the domestic economy. A boost in defence and infrastructure spending could also raise inflation over the medium term. Extreme weather events, and the unfolding climate crisis more broadly, could drive up food prices by more than expected.

Financial and monetary conditions

Market interest rates have increased since our last meeting, especially at longer maturities. At the same time, our past interest rate cuts continue to make corporate borrowing less expensive. The average interest rate on new loans to firms declined to 3.7 per cent in May, from 3.8 per cent in April. The cost of issuing market-based debt also came down, falling to 3.6 per cent in May. While the growth rate of loans to firms moderated to 2.5 per cent in May, corporate bond issuance was stronger, growing at a rate of 3.4 per cent in annual terms.

Credit standards for business loans were broadly unchanged in the second quarter, as reported in our latest bank lending survey for the euro area. While banks’ concerns about the economic risks faced by their customers had a tightening impact on credit standards, this was broadly offset by stronger competition among lenders. Meanwhile, firms’ demand for credit increased slightly, benefiting from lower interest rates, but they remained cautious because of global uncertainty and trade tensions.

The average interest rate on new mortgages has barely changed since the start of the year and stood at 3.3 per cent in May. Growth in mortgage lending edged up to 2.0 per cent in May, in the context of a strong increase in demand, while credit standards tightened slightly in the second quarter.

Conclusion

The Governing Council today decided to keep the three key ECB interest rates unchanged. We are determined to ensure that inflation stabilises at our two per cent target in the medium term. We will follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance. Our interest rate decisions will be based on our assessment of the inflation outlook and the risks surrounding it, in light of the incoming economic and financial data, as well as the dynamics of underlying inflation and the strength of monetary policy transmission. We are not pre-committing to a particular rate path.

In any case, we stand ready to adjust all of our instruments within our mandate to ensure that inflation stabilises sustainably at our medium-term target and to preserve the smooth functioning of monetary policy transmission.

We are now ready to take your questions.

MIL OSI Europe News –

July 25, 2025
MIL-OSI United Kingdom: Business leaders welcome the UK-India Free Trade Agreement
Source: United Kingdom – Executive Government & Departments

Press release

Business leaders welcome the UK-India Free Trade Agreement

Business leaders have strongly welcomed the signing of the UK-India Free Trade Agreement.
Business leaders have strongly welcomed the signing of the UK-India Free Trade Agreement, as Business and Trade Secretary, Jonathan Reynolds and India’s Commerce and Industry Minister, Piyush Goyal, signed the landmark trade deal.

The £4.8bn trade deal will unlock economic growth for each region and nation of the UK, and is widely backed by large and small businesses across aerospace, financial and professional services, food and drink, and the automotive sector.

Business Groups

Rain Newton-Smith, CEO, CBI said:

In an era of rising protectionism, today’s announcement sends a powerful signal that the UK is open for business and remains resolute in its commitment to free and fair trade.

A trade agreement with India – one of the world’s fastest-growing economies – is a springboard for long-term partnership and prosperity. UK firms can take advantage of this new platform to scale, diversify and compete on the global stage.

The CBI looks forward to working closely alongside the Confederation of Indian Industry to turn ambition into action and negotiation into real-world impact. Ensuring this agreement delivers tangible benefits for businesses on both sides will be critical to meeting the UK’s growth ambitions.

William Bain, Head of Trade Policy at the BCC, said:

The signing of this agreement is a clear signal of the UK’s continuing commitment to free and fair trade. It will open a new era for our businesses and boost investment between two of the world’s largest economies.   

Currently around 16,000 UK companies are trading goods with Indian companies, and there is high interest in our Chamber Network to grow that.  This deal will create new opportunities in the transport, travel, creative and business support sectors alongside traditional strengths in finance and professional services.

Policy Chair of the Federation of Small Businesses (FSB), Tina McKenzie, said:

India is the fourth largest economy in the world, and today’s trade deal provides exciting growth potential for UK small businesses.

Already one-in-seven (14%) of our members who export have India among their overseas markets, and this deal opens the way for that number to grow. It’s welcome that the agreement includes a specific small business chapter.

Encouraging more small firms to trade internationally, and making it easier for those who already do to increase their international trade, is an important flank in the quest for economic growth. Reducing barriers is key to achieving that.

Richard Heald OBE, Chair, UK-India Business Council, said:

The UK-India FTA marks a historic milestone in the bilateral relationship.

Businesses across both countries have long called for an agreement that reduces barriers, enhances market access, and creates a clear framework for long-term, sustainable growth. We congratulate both governments for their commitment and ambition in bringing this complex negotiation to fruition. Success in the FTA will support further economic growth for the world’s 5th and 6th largest economies. It will catalyse collaboration into other areas too.

Aerospace

Tufan Erginbiligic, Rolls-Royce CEO, said:

India is an important market for our business, with over 90 years of partnership with Indian industry and the Indian Government.

We welcome the provisions in this Free Trade Agreement, including those that bring closer alignment with international standards for trade in civil aerospace.

These agreements will benefit Rolls-Royce and our customers, paving the way for future aerospace growth in India.

Financial and professional services

Ian Stuart, CEO of HSBC UK, said:

Today’s signing of the UK-India Free Trade Agreement marks an important milestone for both countries.

This is a vibrant and fast-growing corridor and will bring huge opportunities for both British and Indian businesses as they seek to grow internationally.

As the world’s largest trade bank with deep roots in both countries, we look forward to supporting our clients to take advantage of the full benefits of this historic agreement.

Bill Winters CBE, Group Chief Executive of Standard Chartered and Co-Chair of the UK-India Financial Partnership, said:

This landmark agreement between the UK and India – two of the world’s largest and most dynamic economies – is a tremendous achievement.

It will drive greater innovation, unlock growth, and build prosperity across this long-established corridor of trade, capital and investment.

As one of the largest and oldest international banks in India, we welcome the certainty the FTA provides for UK services and the meaningful opportunities that lower tariffs will create for businesses large and small in both markets.

Rohan Malik, EY EMEIA and UK & Ireland Government & Public Sector Managing Partner, said:

Over the past decade, total trade value between the UK and India has more than doubled from £16.6bn to £40bn and this agreement will further strengthen the flourishing economic relationship between the two countries.

Enhanced access to one of the world’s largest markets should offer considerable advantages for financial and professional services businesses, unlocking commercial opportunities and supporting growth across two strategically significant sectors of the UK economy.

Adam Gagen, Global Head of Government Affairs at Revolut, said: 

As a UK fintech with significant business in India, we welcome the announcement of this UK-India FTA.

It is an important partnership to bring these two vital economies closer together and to foster improved trade links, better investment flows and more jobs.

Revolut looks forward to working with the UK Government to maximise the value of this FTA and we strongly congratulate the hard work of DBT for getting this over the line.

Nicola Watkinson, Managing Director for International, TheCityUK, said:

India is a market with huge growth potential and a strong FTA between our two markets will open up valuable new trade and investment opportunities for UK businesses.

The UK financial and related professional services industry is well placed to support India’s growth ambitions through the provision of services in areas such as green finance, risk management and capital market development, as well as benefit from India’s digital innovations.

We welcome the formal signing of the FTA and look forward to continuing to build on its foundations to forge a strong and lasting partnership with India.

Automotives

Mike Hawes, SMMT Chief Executive, said:

The UK-India trade agreement represents a significant achievement, partially liberalising the Indian automotive market for the first time.

While the highly complex deal confirms some compromises, its entry into force will provide commercial opportunities for UK manufacturers who will be able to access vastly reduced tariffs on internal combustion vehicles from day one, and on electrified vehicles and parts in the longer term.

To ensure maximum and timely benefit, we now need rapid ratification and renewed efforts to agree fair and workable solutions on tariff-rate-quotas administration.

A JLR spokesperson said:

We welcome this free trade agreement between the UK and India, which over time will deliver reduced tariff access to the Indian car market for JLR’s luxury vehicles.

India is an important market for our British built products and represents significant future growth opportunities.

Food and drink

Nik Jhangiani, Interim Chief Executive, Diageo, said:

This agreement marks a great moment for both Scotch and Scotland, and we’ll be raising a glass of Johnnie Walker to all those who have worked so hard to get it secured.

Jean-Etienne Gourgues, Chivas Brothers Chairman and CEO, said:

Signature of the UK-India FTA is a sign of hope in challenging times for the spirits industry. 

India is the world’s biggest whisky market by volume and greater access will be an eventual game changer for the export of our Scotch whisky brands, such as Chivas Regal and Ballantine’s.

The deal will support long term investment and jobs in our distilleries in Speyside and our bottling plant at Kilmalid and help deliver growth in both Scotland and India over the next decade.

Let’s hope that both governments will move quickly to ratification so business can get to work implementing the deal!

Mark Kent, Chief Executive of the SWA said:

The Scotch Whisky industry has long championed a free trade agreement between the UK and India.

The signing of the FTA is an historic moment and is an important milestone to reducing tariffs on Scotch Whisky in a growing market.

This will contribute to the government’s growth objective, by laying the foundations for further investment and jobs.

George Hyde, Head of Trade, The Food and Drink Federation:

We’re pleased to see the details of the new Free Trade Agreement with India, with tariffs for iconic British products, including chocolate, breakfast cereals and biscuits set to be phased out over the next decade.

We also welcome that this agreement protects the UK’s sugar and rice milling sectors, reflecting the vital role these industries play in boosting local economies.

With exports of UK food and drink to India already worth nearly £300 million annually, improved access to this growing market will help strengthen the competitiveness of our sector and help future-proof the nation’s food security.

We look forward to working with government to help businesses make the most of this opportunity.

Nick Spencer, Export and Travel Retail Manager at Southwestern Distillery Ltd, said:

There are tremendous hurdles for UK spirits producers in terms of entering and succeeding in the Indian market.

The extremely high import tariffs are probably the most significant barrier to entry we have experienced anywhere internationally.

The FTA is a fabulous step forward. Since its announcement, we have already received significant new interest from Indian importers and the prospect of success in the Indian market now looks much brighter.

Stephen Davies, Chief Executive of Penderyn Distillery, said:

We are developing our business and brand awareness in both domestic and travel retail sectors in India. It’s an exciting and developing market for us.

The agreement to reduce tariffs will provide a better platform for us and our industry to develop links and build business over the next five years.

These are exciting times.

Medtech

Gordon Sanghera, CEO of Oxford Nanopore Technologies, said:

The UK-India Free Trade Agreement is more than a policy document it’s a foundation for action.

India’s deep scientific talent, clear ambition and growing global influence make it one of the most exciting places in the world to build long-term partnerships in science and healthcare.

And this moment, with the FTA in place, gives companies like ours the confidence to invest, to scale and to co-create in ways that weren’t possible before.

Deepak Nath, Chief Executive Officer, Smith+Nephew, said:

Given the size of the Indian economy and its healthcare system, India is an important location for Smith+Nephew. The Free Trade Agreement offers the potential to build trading links in the healthcare sector.

We hope that the Free Trade Agreement will enable Smith+Nephew’s innovative medical technologies to support more healthcare professionals to return their patients to health and mobility.

Philip McKee, Sales Manager at Biopanda, a Belfast-based medtech manufacturer which exports in vitro test kits for clinical laboratories, veterinary practice, and food safety laboratories, said:

Biopanda have been supplying a range of diagnostic products to the Indian market throughout the past ten years. We value the business we have done already throughout India and with the introduction of the UK-India FTA this should benefit in increased trade with the removal of export barriers.

This will hopefully increase the market access, allowing our distributors throughout India to provide a larger range of our highly accurate clinical diagnostic products at a lower price to the consumer.

Manufacturing

Graeme Macdonald, JCB Chief Executive, said:

India is a great country in which to do business. JCB has been manufacturing machines there since 1979. So, we know India very well and the opportunity for British businesses in that huge market is significant.

It’s the fifth largest economy in the world and is tipped to become the third largest by 2028. This Free Trade Agreement should give British businesses the confidence they need to enter the market, trade more easily and benefit from the massive opportunity.

Professor Carl Stephen Patrick Hunter OBE, Chairman Coltraco Ultrasonics Limited & Director-General The Durham Institute of Research, Development & Invention, said:

Coltraco Ultrasonics is strongly supportive of the India FTA Trade Agreement and proud to have modestly contributed to and advising the British negotiating team on various chapters.

The UK private sector can now, because of the India FTA, the Windsor Framework CPTPP, and a variety of other UK FTAs, look out to the world, balancing our exporting and investment opportunities between the USA, the EU and Asia Pacific.

It is a tremendous success and we thank British and Indian Civil Servants for their public service in the UK-India FTA.

Mark Ridgway OBE DL, CEO of Rhodes Group, said:

As a manufacturer of advanced metalforming machinery used in the forming and lightweighting of aircraft, India is a strong market for Group Rhodes and offers significant growth potential. The recent UK-India trade deal not only sets the scene for reduced tariffs on machinery but also serves to both enhance our competitiveness as a UK exporter and reduce the complexity of trade with this fast-growing market.

Importantly, the UK-India FTA recognises UK origin content of at least 20% as qualification as a ‘local supplier’ in India. This provides equal treatment in the Indian government procurement process and the opportunity for Group Rhodes to build on its existence reference sites within the Indian aerospace sector.

Idir Boudaoud, Founder and CEO at Sensoteq, said:

India is a key growth market for Sensoteq — its vast and rapidly evolving manufacturing sector aligns perfectly with our mission to improve machine reliability through smarter monitoring. This trade deal is a real breakthrough for us.

Simplified and transparent customs procedures, modernised rules of origin, and stronger IP protections mean we can enter the market with greater speed, confidence, and security.

This agreement gives businesses like ours the access and assurance needed to thrive in one of the world’s most important industrial markets.

William Crawford, Director of Concrete Canvas Ltd, said: 

India is a dynamic and vibrant economy and an increasingly important market for Concrete Canvas products. A UK-India FTA will help to accelerate our plans for growth by reducing trade barriers and making us more competitive.

This is welcome news for both UK and Indian businesses!

Creative Industries

Richard Masters, Premier League Chief Executive, said:

India continues to be incredibly important to the Premier League and our clubs. It is a vibrant country that presents exciting opportunities and significant potential. The opening of our office in Mumbai earlier this year was a significant milestone for the Premier League, demonstrating our commitment to build on longstanding work to engage local fans, develop grassroots and elite football and further promote the game in India.

The continued growth of the Premier League and UK businesses in India will have a positive impact on our domestic economy. We welcome the signing of this new trade deal which will support UK businesses operating in India.

Richard Pring, Co-Founder at Wales Interactive, said:

The UK-India Free Trade Agreement has the potential to strengthen creative partnerships and streamline production across borders. With India’s vast film and television industry, it creates new opportunities for studios like ours to collaborate with international talent and share our interactive stories and games with even wider audiences.

Digital and Tech

Simon Hansford, Chief Commercial Officer at Civo, a cloud provider founded in Hertfordshire, said:

The UK-India trade deal is a game-changer for UK businesses. Significant tariff reductions on our exports will mean our products can be more competitive and accessible in India’s rapidly growing market. Guaranteed access to India’s public procurement market and simplified customs processes could be transformational for many.

This deal offers substantial benefits, boosting confidence and creating new avenues for growth in areas that were previously challenging to navigate, making it easier for UK SMEs to trade and thrive internationally.

Clean Energy

Neil Spann, CEO of Power Roll, said:

As a UK clean energy company committed to fostering global impact, the UK-India trade agreement marks a significant milestone for us. It lowers barriers to entry and enhances our ability to collaborate with Indian partners in one of the world’s most dynamic renewable energy markets. India’s ambitious solar targets and drive for domestic innovation align perfectly with our flexible solar technology and long-term growth strategy.

As one of the world’s fastest-growing economies and a key player in the global renewable energy transition, India presents a major opportunity for UK clean energy technology. This trade deal enables us to position UK flexible solar as a key solution to India’s energy goals. We are excited to continue to build upon our existing relationships with valued collaborators by expanding our presence in India following a successful visit earlier this year.

Transport

Chris Woodroofe, Manchester Airport Managing Director, said:

We are proud this new route with IndiGo will deliver growth here in the North, and for the UK as a whole.

Boosted by the new UK-India FTA, the direct connectivity it provides will unlock opportunities for the region’s businesses to trade with India and will facilitate investment into the UK.

That will help turbo charge the Government’s Industrial Strategy by boosting innovation and productivity in the sectors that will sit at the heart of the country’s future prosperity.

Textiles

Bill Leach, Global Sales Director, John Smedley Ltd, said:

India is one of the fastest growing luxury markets in the world, and we are very excited about the UK- India Free Trade Agreement coming to fruition.

John Smedley knitwear is already sold in over 50 countries around the world, and now that the FTA has been signed, we shall very much look forward to ensuring that an ever-increasing number of discerning luxury consumers in India will enjoy greater access to The World’s Finest Knitwear.

We are thankful to DBT for their significant efforts in bringing this FTA to successful conclusion.

Cosmetics

Dr Emma Meredith OBE, Director-General, CTPA (Cosmetic, Toiletry and Perfumery Association), said:

The UK-India Free Trade Agreement (FTA) represents a significant opportunity for the cosmetics and personal care industry. Tariff reduction and the commitments to ongoing cooperation will enhance market access and create new opportunities for growth for UK brands and manufacturers. CTPA welcomes the strengthening of the bilateral ties through the negotiation process, a great first step in the delivery of substantial benefits for our sector.

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Published 24 July 2025
MIL OSI United Kingdom –
July 25, 2025
India–UK CETA to strengthen global footprint of Indian SMEs

Source: Government of India

Source: Government of India (4)

India and the United Kingdom on Thursday signed a landmark Comprehensive Economic and Trade Agreement (CETA), aimed at enhancing access to goods and services between the two countries.

The agreement, signed in the presence of Prime Minister Narendra Modi and UK Prime Minister Keir Starmer, is set to give a major boost to India’s small and medium enterprises (SMEs), which form the backbone of the country’s economy. SMEs contributed around 30.1% to India’s GDP in 2022–23 and accounted for 45.8% of India’s total exports in 2024–25.

SMEs benefit from various provisions of the CETA, including through provisions on faster processing at customs, agreements to recognise and facilitate digital systems and paperless trade, and a dedicated chapter to help SMEs. A contact point for SMEs will be established under the ambit of the CETA, facilitating communication and coordination benefiting SMEs.

In addition to lower tariffs and better market access, SMEs will also benefit from the cooperation between India and the UK on best practices regarding trade education and finance, digital skills, business infrastructure and other important areas, facilitating business opportunities for SMEs.

The Working Group on Government Procurement and on Innovation enable cooperation to address the issues of SMEs and facilitate participation in government procurement and innovation.

July 24, 2025
India–UK CETA to boost employment, gender equality and youth opportunities

Source: Government of India

Source: Government of India (4)

India and the United Kingdom on Thursday signed a landmark Comprehensive Economic and Trade Agreement (CETA), aimed at enhancing access to goods and services between the two countries.

The agreement, signed in the presence of Prime Minister Narendra Modi and UK Prime Minister Keir Starmer, will generate tangible employment gains and create brighter futures for Indian workers across multiple sectors. It also focuses on fostering inclusive economic growth by creating meaningful opportunities for women and youth across both nations.

The immediate removal of duties on Indian products from labour-intensive sectors such as gems and jewellery, textiles, leather and footwear, and food processing will not only boost employment but also directly benefit Indian workers in these industries.

The CETA offers a range of protections to workers by endorsing internationally recognized labour rights. Workers will benefit from increased public awareness of labour laws and access to impartial and independent tribunals and proceedings for the enforcement of their rights in an accessible and transparent manner.

Expanding opportunities for women and youth

India’s youth, aged 15 to 29, make up approximately 27.3% of the population and are key drivers of social and economic change. The CETA is poised to expand high-quality employment pathways for this demographic by easing access to services markets, securing mutual recognition of professional qualifications, and facilitating short-term mobility for talent in sectors such as IT, healthcare, finance, and the creative industries.

By fostering cooperation on gender-responsive standards, sharing best practices in financial services, and improving digital inclusion, the CETA ensures that women business owners, entrepreneurs, and young professionals can access new markets, acquire valuable information, and participate equitably in global, regional, and domestic economies.

Dedicated working groups under the CETA will promote activities that address discriminatory practices, encourage diversity, and further gender equality. Lower tariffs on inputs and advanced manufacturing equipment can spur MSME supply-chain integration, creating skilled vocational jobs beyond metros.

Additionally, the CETA will promote cooperative activities between the Parties that will enable capacity and skill development of workers.

The CETA also provides enhanced market access for workers which include better mobility access to the UK for Indian workers engaged in maintenance and repair and tourist guides, among others. The CETA and its enhanced market access will create job opportunities for a wide range of workers across various sectors.

July 24, 2025
India–UK CETA paves global pathways for Indian businesses

Source: Government of India

Source: Government of India (4)

India and the United Kingdom on Thursday signed a landmark Comprehensive Economic and Trade Agreement (CETA), aimed at enhancing access to goods and services between the two countries.

The agreement, signed in the presence of Prime Minister Narendra Modi and UK Prime Minister Keir Starmer, is poised to offer wide-ranging benefits for Indian businesses, enabling them to expand their global footprint and deepen their presence in the UK market.

Beyond lower tariffs and broader market access for Indian goods and services, the agreement promotes ease of doing business with the UK through simplified and streamlined customs and trade facilitation processes. This includes established systems like a Single Window and the Authorised Economic Operator framework.

Moreover, the provision of non-discriminatory treatment for Indian businesses and exporters across goods, services, and government procurement will strengthen their competitive position within the UK market.

The CETA serves as a strategic catalyst for Indian enterprises operating within the UK, facilitating the optimal deployment of skilled personnel to deliver competitively benchmarked services aligned with UK market expectations.

Prominent service sector entities, particularly in information technology with an established presence in the UK, stand to benefit from enhanced regulatory certainty regarding visa provisions for the assignment of Indian professionals. This framework is expected to strengthen bilateral economic ties and support the sustained growth of India’s services exports to the UK.

Businesses will also benefit from the cooperative efforts enshrined in various chapters of the CETA, like the Innovation Working Group and cooperation on digital identities and trade, that will help promote connectivity, digital trade growth, collaboration on best practice principles and innovative opportunities; and responsible business conduction and corporate responsibility practices.

July 24, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

Second Quarter 2025 Highlights

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

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

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

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

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

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

FINANCIAL REVIEW

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

2025 EXPENSE AND TAX GUIDANCE UPDATE⁶

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

STRATEGIC AND BUSINESS UPDATES

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

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

ABOUT NASDAQ

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

NON-GAAP INFORMATION

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

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

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

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

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

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

WEBSITE DISCLOSURE

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

Media Relations Contact:

David Lurie
+1.914.538.0533
David.Lurie@Nasdaq.com

Investor Relations Contact:

Ato Garrett
+1.212.401.8737
Ato.Garrett@Nasdaq.com

-NDAQF-

Nasdaq, Inc.
Condensed Consolidated Statements of Income
(in millions, except per share amounts)
(unaudited)

		Three Months Ended						Six Months Ended
		June 30,			June 30,			June 30,			June 30,
			2025			2024			2025			2024

Revenues:
Capital Access Platforms		$	527		$	481		$	1,042		$	960
Financial Technology			464			420			896			813
Market Services			1,090			883			2,224			1,678
Other Revenues			9			8			18			18
	Total revenues		2,090			1,792			4,180			3,469
Transaction-based expenses:
Transaction rebates			(629	)		(483	)		(1,208	)		(965	)
Brokerage, clearance and exchange fees			(155	)		(150	)		(429	)		(227	)
Revenues less transaction-based expenses			1,306			1,159			2,543			2,277

Operating Expenses:
Compensation and benefits			352			328			681			669
Professional and contract services			39			39			75			72
Technology and communication infrastructure			79			69			156			135
Occupancy			30			27			58			56
General, administrative and other			23			30			29			58
Marketing and advertising			14			12			28			23
Depreciation and amortization			158			153			313			308
Regulatory			14			18			29			28
Merger and strategic initiatives			20			4			44			13
Restructuring charges			9			56			15			82
	Total operating expenses		738			736			1,428			1,444
Operating income			568			423			1,115			833
Interest income			12			6			24			12
Interest expense			(95	)		(102	)		(192	)		(211	)
Net gain on divestitures			39			—			39			—
Other income			1			12			—			13
Net income from unconsolidated investees			23			2			50			6
Income before income taxes			548			341			1,036			653
Income tax provision			96			119			190			198
Net income			452			222			846			455
Net loss attributable to noncontrolling interests			—			—			1			1
Net income attributable to Nasdaq		$	452		$	222		$	847		$	456

Per share information:
Basic earnings per share		$	0.79		$	0.39		$	1.47		$	0.79
Diluted earnings per share		$	0.78		$	0.38		$	1.46		$	0.79
Cash dividends declared per common share		$	0.27		$	0.24		$	0.51		$	0.46

Weighted-average common shares outstanding
for earnings per share:
Basic			574.1			576.4			574.6			575.9
Diluted			579.0			579.0			579.5			578.9

Nasdaq, Inc.
Revenue Detail
(in millions)
(unaudited)

				Three Months Ended						Six Months Ended
				June 30,			June 30,			June 30,			June 30,
					2025			2024			2025			2024

CAPITAL ACCESS PLATFORMS
	Data and Listing Services revenues			$	198		$	187		$	391		$	372
	Index revenues				196			167			388			336
	Workflow and Insights revenues				133			127			263			252
		Total Capital Access Platforms revenues			527			481			1,042			960

FINANCIAL TECHNOLOGY
	Financial Crime Management Technology revenues				81			67			157			131
	Regulatory Technology revenues				104			95			206			186
	Capital Markets Technology revenues				279			258			533			496
		Total Financial Technology revenues			464			420			896			813

MARKET SERVICES
	Market Services revenues				1,090			883			2,224			1,678
	Transaction-based expenses:
			Transaction rebates		(629	)		(483	)		(1,208	)		(965	)
			Brokerage, clearance and exchange fees		(155	)		(150	)		(429	)		(227	)
		Total Market Services revenues, net			306			250			587			486

OTHER REVENUES					9			8			18			18

REVENUES LESS TRANSACTION-BASED EXPENSES				$	1,306		$	1,159		$	2,543		$	2,277

Nasdaq, Inc.
Condensed Consolidated Balance Sheets
(in millions)

		June 30,			December 31,
			2025			2024
Assets		(unaudited)
Current assets:
	Cash and cash equivalents	$	732		$	592
	Restricted cash and cash equivalents		195			31
	Default funds and margin deposits		5,218			5,664
	Financial investments		84			184
	Receivables, net		896			1,022
	Other current assets		227			293
Total current assets			7,352			7,786
Property and equipment, net			656			593
Goodwill			14,328			13,957
Intangible assets, net			6,741			6,905
Operating lease assets			441			375
Other non-current assets			865			779
Total assets		$	30,383		$	30,395

Liabilities
Current liabilities:
	Accounts payable and accrued expenses	$	246		$	269
	Section 31 fees payable to SEC		411			319
	Accrued personnel costs		280			325
	Deferred revenue		848			711
	Other current liabilities		154			215
	Default funds and margin deposits		5,218			5,664
	Short-term debt		500			399
Total current liabilities			7,657			7,902
Long-term debt			8,678			9,081
Deferred tax liabilities, net			1,540			1,594
Operating lease liabilities			453			388
Other non-current liabilities			237			230
Total liabilities			18,565			19,195

Commitments and contingencies
Equity
Nasdaq stockholders’ equity:
	Common stock		6			6
	Additional paid-in capital		5,425			5,530
	Common stock in treasury, at cost		(706	)		(647	)
	Accumulated other comprehensive loss		(1,869	)		(2,099	)
	Retained earnings		8,955			8,401
Total Nasdaq stockholders’ equity			11,811			11,191
	Noncontrolling interests		7			9
Total equity			11,818			11,200
Total liabilities and equity		$	30,383		$	30,395

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Net Income Attributable to Nasdaq and Diluted Earnings Per Share
(in millions, except per share amounts)
(unaudited)


		Three Months Ended						Six Months Ended
		June 30,			June 30,			June 30,			June 30,
			2025			2024			2025			2024

U.S. GAAP net income attributable to Nasdaq		$	452		$	222		$	847		$	456
Non-GAAP adjustments:
	Amortization expense of acquired intangible assets ⁽¹⁾		122			122			243			244
	Merger and strategic initiatives expense ⁽²⁾		20			4			44			13
	Restructuring charges ⁽³⁾		9			56			15			82
	Net gain on divestitures ⁽⁴⁾		(39	)		—			(39	)		—
	Net income from unconsolidated investees ⁽⁵⁾		(23	)		(2	)		(50	)		(6	)
	Gain on extinguishment of debt ⁽⁶⁾		—			—			(19	)		—
	Legal and regulatory matters ⁽⁷⁾		1			13			4			16
	Pension settlement charge ⁽⁸⁾		—			—			—			23
	Other loss (income) ⁽⁹⁾		1			(10	)		1			(9	)
	Total non-GAAP adjustments		91			183			199			363
	Non-GAAP adjustment to the income tax provision ⁽¹⁰⁾		(24	)		(41	)		(70	)		(88	)
	Other tax adjustments ⁽¹¹⁾		(27	)		33			(27	)		33
	Total non-GAAP adjustments, net of tax		40			175			102			308
Non-GAAP net income attributable to Nasdaq		$	492		$	397		$	949		$	764

U.S. GAAP diluted earnings per share		$	0.78		$	0.38		$	1.46		$	0.79
	Total adjustments from non-GAAP net income above		0.07			0.31			0.18			0.53
Non-GAAP diluted earnings per share		$	0.85		$	0.69		$	1.64		$	1.32

Weighted-average diluted common shares outstanding for earnings per share:			579.0			579.0			579.5			578.9


(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement.
(3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release.
(4) For the three and six months ended June 30, 2025, we recorded pre-tax net gains on the sale of our Nordic power futures business and our Nasdaq Risk Modelling for Catastrophes business, which are included in net gain on divestitures in the Condensed Consolidated Statements of Income.
(5) We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.
(6) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.
(7) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a Swedish Financial Supervisory Authority, or SFSA, fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income.
(8) For the six months ended June 30, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
(9) For the three and six months ended June 30, 2024, other items primarily include net gains from strategic investments entered into through our corporate venture program, which are included in other income in our Condensed Consolidated Statements of Income.
(10) The non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment. For the six months ended June 30, 2025, this also includes a release of the prior year’s reserves following a favorable audit settlement.
(11) For the three and six months ended June 30, 2025, we recorded a tax benefit related to payments made to certain former Adenza employees. For the three and six months ended June 30, 2024, other tax adjustments also includes a one-time net tax expense of $33 million related to the completion of an intra-group transfer of certain IP assets to our U.S. headquarters.

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin
(in millions)
(unaudited)

		Three Months Ended						Six Months Ended
		June 30,			June 30,			June 30,			June 30,
			2025			2024			2025			2024

U.S. GAAP operating income		$	568		$	423		$	1,115		$	833
Non-GAAP adjustments:
	Amortization expense of acquired intangible assets ⁽¹⁾		122			122			243			244
	Merger and strategic initiatives expense ⁽²⁾		20			4			44			13
	Restructuring charges ⁽³⁾		9			56			15			82
	Gain on extinguishment of debt ⁽⁴⁾		—			—			(19	)		—
	Legal and regulatory matters ⁽⁵⁾		1			13			4			16
	Pension settlement charge ⁽⁶⁾		—			—			—			23
	Other loss		1			2			1			2
	Total non-GAAP adjustments		153			197			288			380
Non-GAAP operating income		$	721		$	620		$	1,403		$	1,213

Revenues less transaction-based expenses		$	1,306		$	1,159		$	2,543		$	2,277

U.S. GAAP operating margin ⁽⁷⁾			44	%		36	%		44	%		37	%

Non-GAAP operating margin ⁽⁸⁾			55	%		53	%		55	%		53	%

Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.
(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement.
(3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release.
(4) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.
(5) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a SFSA fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income.
(6) For the six months ended June 30, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
(7) U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.
(8) Non-GAAP operating margin equals non-GAAP operating income divided by revenues less transaction-based expenses.

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses
(in millions)
(unaudited)

		Three Months Ended						Six Months Ended
		June 30,			June 30,			June 30,			June 30,
			2025			2024			2025			2024

U.S. GAAP operating expenses		$	738		$	736		$	1,428		$	1,444
Non-GAAP adjustments:
	Amortization expense of acquired intangible assets ⁽¹⁾		(122	)		(122	)		(243	)		(244	)
	Merger and strategic initiatives expense ⁽²⁾		(20	)		(4	)		(44	)		(13	)
	Restructuring charges ⁽³⁾		(9	)		(56	)		(15	)		(82	)
	Gain on extinguishment of debt ⁽⁴⁾		—			—			19			—
	Legal and regulatory matters ⁽⁵⁾		(1	)		(13	)		(4	)		(16	)
	Pension settlement charge ⁽⁶⁾		—			—			—			(23	)
	Other loss		(1	)		(2	)		(1	)		(2	)
	Total non-GAAP adjustments		(153	)		(197	)		(288	)		(380	)
Non-GAAP operating expenses		$	585		$	539		$	1,140		$	1,064


(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement.
(3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release.
(4) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.
(5) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a SFSA fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income.
(6) For the six months ended June 30, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.

Nasdaq, Inc.
Reconciliation of Organic Impacts for Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
Non-GAAP Operating Income, and Non-GAAP Diluted Earnings Per Share
(in millions, except per share amounts)
(unaudited)


	Three Months Ended				Total Variance				Other Impacts ⁽¹⁾				Adjusted/Organic Impact ⁽²⁾
	June 30, 2025		June 30, 2024		$		%		$		%		$		%
CAPITAL ACCESS PLATFORMS
Data and Listing Services revenues	$	198	$	187	$	11	6	%	$	3	2	%	$	8	5	%
Index revenues		196		167		29	17	%		—	—	%		29	17	%
Workflow and Insights revenues		133		127		6	5	%		1	1	%		5	5	%
Total Capital Access Platforms revenues		527		481		46	10	%		4	1	%		42	9	%

FINANCIAL TECHNOLOGY
Financial Crime Management Technology revenues		81		67		14	20	%		—	—	%		14	20	%
Regulatory Technology revenues		104		95		9	10	%		—	(1	)%		9	11	%
Capital Markets Technology revenues		279		258		21	8	%		—	—	%		21	8	%
Total Financial Technology revenues		464		420		44	10	%		—	—	%		44	10	%

Solutions revenues ⁽³⁾		991		901		90	10	%		4	—	%		86	10	%

Market Services, net revenues		306		250		56	22	%		4	2	%		52	21	%

Other revenues		9		8		1	5	%		—	3	%		1	1	%

Revenues less transaction-based expenses	$	1,306	$	1,159	$	147	13	%	$	8	1	%	$	139	12	%

Non-GAAP Operating Expenses	$	585	$	539	$	46	9	%	$	5	1	%	$	41	8	%

Non-GAAP Operating Income	$	721	$	620	$	101	16	%	$	3	1	%	$	98	16	%

Non-GAAP diluted earnings per share	$	0.85	$	0.69	$	0.16	24	%	$	—	—	%	$	0.16	24	%


Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.
(1) Reflects the impacts from changes in foreign currency exchange rates and the impact of a divestiture within Capital Markets Technology.
(2) Adjusted and organic period over period change are calculated by (i) removing the impact of period-over-period changes in foreign currency exchange rates (ii) adjusting for the impact of a divestiture and (iii) adjusting for the impact of AxiomSL on-premises contracts for ratable recognition for 2Q24, which was immaterial during that period. Adjusted operating results also exclude the impact of the previously announced one-time revenue benefit in our Index business in 1Q24 ($16 million), which did not have an impact on our 2Q25 period over period change but does have an impact on year to date period over period results. Adjusted and organic changes are equivalent as they include the same period over period adjustments.
(3) Represents Capital Access Platforms and Financial Technology segments.

Nasdaq, Inc.
Key Drivers Detail
(unaudited)

		Three Months Ended						Six Months Ended
		June 30,			June 30,			June 30,			June 30,
			2025			2024			2025			2024
Capital Access Platforms
	Annualized recurring revenues (in millions) ⁽¹⁾	$	1,315		$	1,226		$	1,315		$	1,226
	Initial public offerings
	The Nasdaq Stock Market ⁽²⁾		79			39			142			66
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic		6			5			10			6
	Total new listings
	The Nasdaq Stock Market ⁽²⁾		194			84			364			163
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic ⁽³⁾		6			10			15			12
	Number of listed companies
	The Nasdaq Stock Market ⁽⁴⁾		4,238			4,004			4,238			4,004
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic ⁽⁵⁾		1,148			1,198			1,148			1,198
	Index
	Number of licensed exchange traded products ⁽⁶⁾		422			373			422			373
	Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions)	$	745		$	569		$	745		$	569
	Total average ETP AUM tracking Nasdaq indexes (in billions)	$	663		$	531		$	662		$	512
	TTM ⁽⁷⁾ net inflows ETP AUM tracking Nasdaq indexes (in billions)	$	88		$	53		$	88		$	53
	TTM ⁽⁷⁾ net appreciation ETP AUM tracking Nasdaq indexes (in billions)	$	88		$	115		$	88		$	115

Financial Technology
	Annualized recurring revenues (in millions) ⁽¹⁾
	Financial Crime Management Technology	$	308		$	258		$	308		$	258
	Regulatory Technology		376			338			376			338
	Capital Markets Technology		932			846			932			846
	Total Financial Technology	$	1,616		$	1,442		$	1,616		$	1,442

Market Services
	Equity Derivative Trading and Clearing
	U.S. equity options
	Total industry average daily volume (in millions)		52.5			42.1			53.0			42.7
	Nasdaq PHLX matched market share		9.6	%		9.9	%		9.4	%		10.1	%
	The Nasdaq Options Market matched market share		4.3	%		5.5	%		4.7	%		5.4	%
	Nasdaq BX Options matched market share		1.7	%		2.3	%		1.7	%		2.3	%
	Nasdaq ISE Options matched market share		6.6	%		6.9	%		6.7	%		6.6	%
	Nasdaq GEMX Options matched market share		4.4	%		2.6	%		4.0	%		2.6	%
	Nasdaq MRX Options matched market share		2.8	%		2.1	%		2.8	%		2.3	%
	Total matched market share executed on Nasdaq’s exchanges		29.4	%		29.3	%		29.3	%		29.3	%
	Nasdaq Nordic and Nasdaq Baltic options and futures
	Total average daily volume of options and futures contracts		223,450			251,677			240,133			246,527

	Cash Equity Trading
	Total U.S.-listed securities
	Total industry average daily share volume (in billions)		18.4			11.8			17.1			11.8
	Matched share volume (in billions)		158.4			119.3			295.5			236.0
	The Nasdaq Stock Market matched market share		13.5	%		15.6	%		13.8	%		15.7	%
	Nasdaq BX matched market share		0.3	%		0.3	%		0.3	%		0.3	%
	Nasdaq PSX matched market share		0.1	%		0.2	%		0.1	%		0.2	%
	Total matched market share executed on Nasdaq’s exchanges		13.9	%		16.1	%		14.2	%		16.2	%
	Market share reported to the FINRA/Nasdaq Trade Reporting Facility		47.7	%		42.9	%		47.9	%		42.2	%
	Total market share ⁽⁸⁾		61.6	%		59.0	%		62.1	%		58.4	%
	Nasdaq Nordic and Nasdaq Baltic securities
	Average daily number of equity trades executed on Nasdaq’s exchanges		804,121			663,897			796,426			665,183
	Total average daily value of shares traded (in billions)	$	5.7		$	4.7		$	5.5		$	4.7
	Total market share executed on Nasdaq’s exchanges ⁽⁹⁾		71.9	%		74.1	%		71.2	%		73.3	%


	(1) Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
	(2) New listings include IPOs, issuers that switched from other listing venues, closed-end funds and separately listed ETPs. For the three months ended June 30, 2025 and 2024, IPOs included 41 and 8 SPACs, respectively. For the six months ended June 30, 2025 and 2024, IPOs included 59 and 13 SPACs, respectively.
	(3) New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
	(4) Number of total listings on The Nasdaq Stock Market for the three and six months ended June 30, 2025 and 2024 included 914 and 645 ETPs, respectively.
	(5) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
	(6) The number of listed ETPs as of June 30, 2024 has been updated to reflect a revised methodology whereby an ETP listed on multiple exchanges is counted as one product, rather than formerly being counted per exchange. This change had no impact on reported AUM.
	(7) Trailing 12-months.
	(8) Includes transactions executed on The Nasdaq Stock Market’s, Nasdaq BX’s and Nasdaq PSX’s systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.
	(9) European cash equities markets include cash equities exchanges of Sweden, Denmark, Finland, and Iceland. Minor adjustments to prior periods reflect data from a new consolidated data provider that accurately captures all primary trading venues and Multilateral Trading Facilities, or MTFs.

The MIL Network –

July 24, 2025

India and UK sign landmark trade deal: How CETA could benefit different sections of society

Source: Government of India

Source: Government of India (4)

India and the United Kingdom have inked a landmark Comprehensive Economic and Trade Agreement (CETA), aimed at boosting bilateral trade and investment. The deal is expected to bring substantial benefits across various segments of Indian society.

By promoting greater market access, technology exchange and investment flows, the agreement would create inclusive and sustainable growth opportunities.

The CETA document outlines targeted advantages for farmers, fisherfolk, tribal communities, informal and formal workers, women entrepreneurs, youth, MSMEs and professionals.

It emphasizes trade facilitation, skill development, value chain integration and enhanced mobility. CETA would act as a vehicle for equitable growth, rural upliftment and greater global integration of India’s diverse economic stakeholders.

Indian farming communities stand to gain from easier access to the UK market and more opportunities to sell their produce due to tariff elimination.

Among other concessions, the UK will liberalise access, effective from the date of implementation, for a range of Indian agricultural and food products, including meats, dairy, tea, coffee, spices, fruits, vegetables, fruit juices, and processed foods. By unlocking preferential access to the UK’s USD 63.4 billion agricultural market, the Comprehensive Economic and Trade Agreement (CETA) gives Indian farmers a direct route to a high-value global customer base and achieve better returns for their goods.

The CETA agreement takes fully into account the interests of Indian producers of sensitive agricultural products like dairy products, vegetables, apples, edible oils, oats, etc. by keeping those tariff lines under a sensitive list.

The agricultural sector also benefits from the non-application of safeguard duties on Indian exports. Farmers will also benefit from commitments taken under the CETA to acknowledge traditional knowledge, especially in the patent process for genetic resources.

The immediate removal of duties on Indian products from labour-intensive sectors such as gems and jewellery, textiles, leather and footwear, and food processing will not only boost employment but also directly benefit Indian workers in these industries.

The CETA marks a significant step forward in advancing opportunities for women and youth across both nations. It includes progressive provisions designed to break down barriers and promote greater participation in international trade, digital innovation, and government procurement for women, youth, and under-represented groups.

By fostering cooperation on gender-responsive standards, sharing best practices in financial services, and improving digital inclusion, the CETA ensures that women business owners, entrepreneurs, and young professionals can access new markets, acquire valuable information, and participate equitably in global, regional, and domestic economies.

India’s youth, aged 15 to 29 and comprising approximately 27.3% of the population, are at the forefront of the country’s social and economic transformation. The CETA is poised to expand high-quality employment pathways for Indian youth by easing services market access, securing mutual recognition of professional qualifications and facilitating short-term mobility for talent in IT, healthcare, finance, and creative sectors.

Lower tariffs on inputs and advanced manufacturing equipment can spur MSME supply-chain integration, creating skilled vocational jobs beyond metros. By fostering access to global value chains and enhancing competitiveness, CETA will empower Indian youth with essential skills and pathways to participate in international markets and future growth.

SMEs are a vital part of India’s economy, contributing around 30.1% of India’s GDP in 2022-23 and 45.8% in India’s total export in 2024-25.

SMEs benefit from various provisions of the CETA, including through provisions on faster processing at customs, agreements to recognise and facilitate digital systems and paperless trade, and a dedicated chapter to help SMEs. A contact point for SMEs will be established under the ambit of the CETA, facilitating communication and coordination benefiting SMEs.

Indian businesses will gain a lot from this CETA. Other than lower tariffs and market access for Indian goods and services, the CETA offers ease of doing business with the UK through simplified and streamlined customs and trade facilitation processes from established systems like a Single Window and Authorised Economic Operator.

Non-discriminatory treatment to Indian businesses and exporters when it comes to goods, services and government procurement, benefits Indian businesses in the UK market.

Qualified professionals such as architects, engineers and medical professionals will be able to take advantage of the enhanced market access under the CETA and provide services in the UK. This is expected to create direct and indirect jobs through the expansion of service sectors.

CETA also provides professionals with better mobility access to the UK. Independent professionals providing services such as R&D and computer services will be able to take advantage of these mobility commitments and provide their services in the UK. This will directly lead to job creation and better opportunities for a wide range of professionals, thereby increasing the quality of life.

The CETA ensures comprehensive market access for goods across most sectors, fully addressing India’s export interests. India stands to benefit from the duty elimination of tariffs on approximately 99% of tariff lines, covering nearly 100% of the trade value.

This opens up significant opportunities to boost bilateral trade between India and the UK.

In key labor-intensive sectors, duties have been reduced to zero from previously high levels- up to 20% on marine products, 12% on textiles and clothing, 8% on chemicals, and 10% on base metals. Notably, in the processed food sector, tariffs on 99.7% of lines have been slashed from as high as 70% to zero, offering a major boost for Indian exporters.

(ANI)

July 24, 2025
India-UK CETA to empower Indian fisherfolk with global opportunities

Source: Government of India

Source: Government of India (4)

The Comprehensive Economic and Trade Agreement (CETA) between India and the United Kingdom is poised to significantly enhance the competitiveness of India’s fishery and aquaculture sector, which accounts for 7.96% of global fish production and supports the livelihoods of approximately 28 million individuals.

By eliminating tariffs and providing preferential access to the USD 3 billion fisheries market of the UK, the CETA directly benefits Indian seafood exporters, particularly those supplying high-demand products such as shrimp and other seafood.

The enhanced market access is set to boost exports, which will directly benefit Indian fishermen of Andhra Pradesh, Gujarat, Karnataka, Odisha, and Maharashtra.

Overall, the CETA will not only strengthen India’s fisheries exports but also contribute to the welfare and livelihoods of fishermen, promote coastal economic development, and enhance the competitiveness of the Indian fisheries sector on the global stage. Through this agreement, India strengthens not only its seafood exports but also its commitment to inclusive and equitable trade.

July 24, 2025
MIL-OSI Russia: The Chinese city of Manzhouli and the Russian Republic of Buryatia have agreed to deepen cooperation

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, July 24 (Xinhua) — Officials from China’s Manzhouli City and Russia’s Buryatia Republic have agreed to deepen cooperation in agriculture, tourism, logistics and the food industry, the press service of Manzhouli City in the Inner Mongolia Autonomous Region said.

This week, the 3rd Forum on Scientific, Technical, Trade and Economic Cooperation between Manzhouli and the Republic of Buryatia was held in Manzhouli. It was attended by officials from Manzhouli, the Export Support Center of the Republic of Buryatia, and business representatives from both sides.

Manzhouli is China’s largest land border crossing, accounting for more than 65 percent of China-Russia trade overland. Those present at the forum called for expanding and raising the level of bilateral cooperation.

The forum featured presentations of products from enterprises on both sides and meetings of entrepreneurs. A cooperation agreement was concluded between the Manzhouli International Trade Promotion Committee and the Buryatia Chamber of Commerce and Industry.

The forum aims to strengthen mutual understanding and trust between Chinese and Russian enterprises. Its participants hope to further deepen pragmatic cooperation, achieve mutual benefit and win-win, and give new impetus to the development of friendly relations between China and Russia and the economies of the regions of the two sides. -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 –

July 24, 2025
India-UK CETA to boost Indian farmers’ global access and rural prosperity

Source: Government of India

Source: Government of India (4)

The India–UK Comprehensive Economic and Trade Agreement (CETA) will open new avenues of growth for Indian farmers. Focused on tariff elimination and improved market access, the deal promises to connect Indian agricultural producers with the UK’s high-value market, enhance rural prosperity, and strengthen India’s position in global agri-trade.

Farmers – sow local, sell global

Indian farming communities stand to gain from easier access to the UK market and more opportunities to sell their produce due to tariff elimination. Among others, UK will liberalise at entry into force Indian meats, dairy products, tea, coffee, spices, fruits, vegetables, fruit juices, and processed agriculture products. By unlocking preferential access to the UK’s USD 63.4 billion agricultural market, the CETA gives Indian farmers a direct route to a high-value global customer base and achieve better returns for their goods.

The agreement takes fully into account the interests of Indian producers of sensitive agricultural products like dairy products, vegetables, apples, edible oils, oats, etc. by keeping those tariff lines under sensitive list.

The agricultural sector also benefits from the non-application of safeguard duties on Indian exports. Farmers will benefit from commitments taken under the CETA to acknowledge traditional knowledge, especially in the patent process for genetic resources.

Additionally, the CETA will facilitate inclusive and tech-agnostic innovation across diverse sectors, including agriculture sector.

Collectively, the CETA is expected to ensure higher and more stable incomes for Indian farmers, promote rural prosperity, and secure long-term export opportunities—solidifying India’s place as a key player in global agricultural trade.

July 24, 2025

MIL-OSI: TransUnion Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Exceeded second quarter 2025 financial guidance across all key financial metrics
Delivered 9 percent organic constant currency revenue growth (10 percent reported) led by U.S. Financial Services
De-levered to 2.8x Leverage Ratio at quarter-end and repurchased $47 million shares through mid-July
Raising 2025 financial guidance, we now expect to deliver 6 to 7 percent revenue growth for the year on both a reported and organic constant currency basis

CHICAGO, July 24, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended June 30, 2025.

Second Quarter 2025 Results

Revenue:

Total revenue for the quarter was $1,140 million, an increase of 10 percent (10 percent on a constant currency basis and 9 percent on an organic constant currency basis), compared with the second quarter of 2024.

Earnings:

Net income attributable to TransUnion was $110 million for the quarter, compared with $85 million for the second quarter of 2024. Diluted earnings per share was $0.56, compared with $0.44 in the second quarter of 2024. Net income attributable to TransUnion margin was 9.6 percent, compared with 8.2 percent in the second quarter of 2024.
Adjusted Net Income was $213 million for the quarter, compared with $193 million for the second quarter of 2024. Adjusted Diluted Earnings per Share was $1.08, compared with $0.99 in the second quarter of 2024.
Adjusted EBITDA was $407 million for the quarter, compared with $377 million for the second quarter of 2024, an increase of 8 percent (8 percent on a constant currency basis). Adjusted EBITDA margin was 35.7 percent, compared with 36.2 percent in the second quarter of 2024.

“In the second quarter, TransUnion delivered strong results that again exceeded financial guidance,” said Chris Cartwright, President and CEO. “U.S. Markets revenue grew 10 percent, led by Financial Services and Insurance. International grew 6 percent on an organic constant currency basis, with India accelerating to 8 percent growth and Canada and Africa delivering double-digit growth.”

“We are raising our 2025 guidance, reflecting strong results in the first half of the year and ongoing business momentum, balanced against continuing market uncertainty. We now expect revenue growth of 6 to 7 percent.”

“After the last several years of investment, we are now focused on execution and value creation. Through our transformation, we now have more and better solutions than ever. We are already seeing the emerging benefits of our accelerated pace of innovation and believe we are well-positioned to drive a generation of industry-leading growth.”

Second Quarter 2025 Segment Results

Segment revenue and Adjusted EBITDA for the second quarter of 2025, which includes the revenue from Monevo in Consumer Interactive and United Kingdom and the corresponding Adjusted EBITDA in U.S. Markets and International, and the related growth rates compared with the second quarter of 2024 were as follows:

(in millions)	Second Quarter 2025		Reported Growth Rate		Constant Currency Growth Rate		Organic Constant Currency Growth Rate
U.S. Markets:
Financial Services	$	420	17	%	17	%	17	%
Emerging Verticals		324	5	%	5	%	5	%
Consumer Interactive		147	3	%	3	%	2	%
Total U.S. Markets Revenue	$	890	10	%	10	%	10	%

U.S. Markets Adjusted EBITDA	$	337	7	%	7	%	7	%

International:
Canada	$	42	9	%	10	%	10	%
Latin America		34	(1	)%	4	%	4	%
United Kingdom		67	19	%	13	%	5	%
Africa		18	15	%	14	%	14	%
India		67	5	%	8	%	8	%
Asia Pacific		24	(7	)%	(8	)%	(8	)%
Total International Revenue	$	253	7	%	7	%	6	%

International Adjusted EBITDA	$	108	7	%	8	%	8	%

Liquidity and Capital Resources

Cash and cash equivalents was $688 million at June 30, 2025 and $679 million at December 31, 2024.

For the six months ended June 30, 2025, cash provided by operating activities was $344 million, compared with $349 million in 2024. The decrease in cash provided by operating activities was primarily due to higher income tax payments, the timing of accounts receivable collections and higher bonus payouts, mostly offset by improved operating performance and lower interest expense in 2025 compared with 2024. For the six months ended June 30, 2025, cash used in investing activities was $224 million, compared with $127 million in 2024. The increase in cash used in investing activities was primarily due to our acquisition of Monevo, a current year investment in a note receivable and an increase in capital expenditures. For the six months ended June 30, 2025, capital expenditures were $145 million, compared with $131 million in 2024. Capital expenditures as a percent of revenue represented 7% and 6%, respectively, for the six months ended June 30, 2025 and 2024. For the six months ended June 30, 2025, cash used in financing activities was $127 million, compared with $150 million in 2024. Cash used in financing activities was lower primarily due to higher debt repayments in 2024, partially offset by stock buybacks in 2025.

Third Quarter and Full Year 2025 Outlook

Our guidance is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company, including general macroeconomic conditions, interest rates and inflation. There are numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results expressed by this guidance.

	Three Months Ended September 30, 2025						Twelve Months Ended December 31, 2025
(in millions, except per share data)	Low			High			Low			High
Revenue, as reported	$	1,115		$	1,135		$	4,432		$	4,472
Revenue growth¹:
As reported		3	%		5	%		6	%		7	%
Constant currency^{1, 2}		3	%		5	%		6	%		7	%
Organic constant currency^{1, 3}		2	%		4	%		6	%		7	%

Net income attributable to TransUnion	$	78		$	87		$	412		$	432
Net income attributable to TransUnion growth		14	%		28	%		45	%		52	%
Net income attributable to TransUnion margin		7.0	%		7.7	%		9.3	%		9.7	%

Diluted Earnings per Share	$	0.39		$	0.44		$	2.07		$	2.18
Diluted Earnings per Share growth		13	%		27	%		43	%		51	%

Adjusted EBITDA, as reported⁵	$	397		$	411		$	1,580		$	1,610
Adjusted EBITDA growth, as reported⁴		1	%		4	%		5	%		7	%
Adjusted EBITDA margin		35.6	%		36.2	%		35.7	%		36.0	%

Adjusted Diluted Earnings per Share⁵	$	0.99		$	1.04		$	4.03		$	4.14
Adjusted Diluted Earnings per Share growth	(5		)%		—	%		3	%		6	%

Additional revenue growth assumptions:

The impact of changing exchange rates is expected to have less than 0.5 point of headwind for Q3 2025 and less than 0.5 point of headwind for FY 2025.
The impact of the recent acquisition is expected to have approximately 1 point of benefit for Q3 2025 and approximately 0.5 point of benefit for FY 2025.
The impact of mortgage is expected to be approximately 2 points of benefit for Q3 2025 and 2 points of benefit for FY 2025.
Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions.

Additional Adjusted EBITDA assumptions:

The impact of changing foreign currency exchange rates is expected to have less than 0.5 point of headwind for Q3 2025 and less than 0.5 point of headwind for FY 2025.
For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.

Earnings Webcast Details

In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. This session and the accompanying presentation materials may be accessed at www.transunion.com/tru. A replay of the call will also be available at this website following the conclusion of the call.

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good^® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

http://www.transunion.com/business

Availability of Information on TransUnion’s Website

Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. While not all of the information that the Company posts to the TransUnion Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in TransUnion to review the information that it shares on www.transunion.com/tru.

Forward-Looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions.

Factors that could cause actual results to differ materially from those described in the forward-looking statements, or that could materially affect our financial results or such forward-looking statements include:

macroeconomic effects and changes in market conditions, including the impact of tariffs, inflation, risk of recession, and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate;
our ability to provide competitive services and prices;
our ability to retain or renew existing agreements with large or long-term customers;
our ability to maintain the security and integrity of our data;
our ability to deliver services timely without interruption;
our ability to maintain our access to data sources;
government regulation and changes in the regulatory environment;
litigation or regulatory proceedings;
our approach to the use of artificial intelligence;
our ability to effectively manage our costs;
our efforts to execute our transformation plan and achieve the anticipated benefits and savings;
our ability to maintain effective internal control over financial reporting or disclosure controls and procedures;
economic and political stability in the United States and risks associated with the international markets where we operate;
our ability to effectively develop and maintain strategic alliances and joint ventures;
our ability to timely develop new services and the market’s willingness to adopt our new services;
our ability to manage and expand our operations and keep up with rapidly changing technologies;
our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions;
our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property;
our ability to defend our intellectual property from infringement claims by third parties;
the ability of our outside service providers and key vendors to fulfill their obligations to us;
further consolidation in our end-customer markets;
the increased availability of free or inexpensive consumer information;
losses against which we do not insure;
our ability to make timely payments of principal and interest on our indebtedness;
our ability to satisfy covenants in the agreements governing our indebtedness;
our ability to maintain our liquidity;
stock price volatility;
our dividend payments;
share repurchase plans;
dividend rate;
our reliance on key management personnel; and
changes in tax laws or adverse outcomes resulting from examination of our tax returns.

There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

The forward-looking statements contained in this earnings release speak only as of the date of this earnings release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release.

For More Information

TRANSUNION AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited) (in millions, except per share data)

	June 30, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	687.5		$	679.5
Trade accounts receivable, net of allowance of $27.4 and $19.9		895.9			798.9
Other current assets		322.3			323.4
Total current assets		1,905.7			1,801.8
Property, plant and equipment, net of accumulated depreciation and amortization of $536.4 and $506.3		228.5			203.5
Goodwill		5,256.7			5,144.3
Other intangibles, net of accumulated amortization of $2,522.2 and $2,294.5		3,238.7			3,257.5
Other assets		488.1			577.7
Total assets	$	11,117.7		$	10,984.8
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable	$	345.1		$	294.6
Current portion of long-term debt		76.1			70.6
Other current liabilities		519.9			694.4
Total current liabilities		941.1			1,059.6
Long-term debt		5,060.4			5,076.6
Deferred taxes		370.7			415.3
Other liabilities		119.3			114.5
Total liabilities		6,491.5			6,666.0
Stockholders’ equity:
Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of June 30, 2025 and December 31, 2024, respectively		—			—
Common stock, $0.01 par value; 1.0 billion shares authorized at June 30, 2025 and December 31, 2024, 201.4 million and 201.5 million shares issued at June 30, 2025 and December 31, 2024, respectively, and 194.8 million and 194.9 million shares outstanding as of June 30, 2025 and December 31, 2024, respectively		2.0			2.0
Additional paid-in capital		2,600.7			2,558.9
Treasury stock at cost; 6.7 million and 6.6 million shares at June 30, 2025 and December 31, 2024, respectively		(342.0	)		(334.6	)
Retained earnings		2,571.1			2,357.9
Accumulated other comprehensive loss		(311.6	)		(367.2	)
Total TransUnion stockholders’ equity		4,520.2			4,217.0
Noncontrolling interests		106.0			101.8
Total stockholders’ equity		4,626.2			4,318.8
Total liabilities and stockholders’ equity	$	11,117.7		$	10,984.8

TRANSUNION AND SUBSIDIARIES Consolidated Statements of Operations (Unaudited) (in millions, except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Revenue	$	1,139.7		$	1,040.8		$	2,235.5		$	2,062.0
Operating expenses
Cost of services (exclusive of depreciation and amortization below)		469.9			406.7			915.5			813.0
Selling, general and administrative		335.0			310.8			591.8			616.4
Depreciation and amortization		142.7			132.9			281.6			266.9
Restructuring		—			8.1			—			26.3
Total operating expenses		947.5			858.4			1,788.9			1,722.4
Operating income		192.2			182.4			446.6			339.6
Non-operating income and (expense)
Interest expense		(55.7	)		(67.9	)		(111.8	)		(136.5	)
Interest income		8.8			6.7			17.3			12.1
Earnings from equity method investments		5.0			4.6			9.3			9.3
Other income and (expense), net		6.6			(5.1	)		(10.8	)		(20.8	)
Total non-operating income and (expense)		(35.4	)		(61.7	)		(96.0	)		(135.9	)
Income before income taxes		156.8			120.7			350.5			203.7
Provision for income taxes		(44.4	)		(31.0	)		(85.4	)		(44.1	)
Net income		112.4			89.7			265.1			159.7
Less: net income attributable to noncontrolling interests		(2.8	)		(4.7	)		(7.4	)		(9.5	)
Net income attributable to TransUnion	$	109.6		$	85.0		$	257.7		$	150.1

Basic earnings per common share from:
Net income attributable to TransUnion	$	0.56		$	0.44		$	1.32		$	0.77
Diluted earnings per common share from:
Net income attributable to TransUnion	$	0.56		$	0.44		$	1.31		$	0.77
Weighted-average shares outstanding:
Basic		195.0			194.2			195.0			194.2
Diluted		197.2			195.2			197.2			195.3

As a result of displaying amounts in millions, rounding differences may exist in the table above.

TRANSUNION AND SUBSIDIARIES Consolidated Statements of Cash Flows (Unaudited) (in millions)

	Six Months Ended June 30,
		2025			2024
Cash flows from operating activities:
Net income	$	265.1		$	159.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		281.6			266.9
Loss on repayment of loans		—			2.6
Deferred taxes		(54.1	)		(63.6	)
Stock-based compensation		70.5			51.8
Other		29.1			19.5
Changes in assets and liabilities:
Trade accounts receivable		(98.4	)		(71.3	)
Other current and long-term assets		8.0			45.1
Trade accounts payable		37.1			53.7
Other current and long-term liabilities		(195.1	)		(115.2	)
Cash provided by operating activities		343.8			349.2
Cash flows from investing activities:
Capital expenditures		(145.4	)		(130.7	)
Proceeds from sale/maturities of other investments		0.2			—
Investments in consolidated affiliates, net of cash acquired		(55.7	)		—
Investments in nonconsolidated affiliates and notes receivable		(25.0	)		(4.4	)
Proceeds from the sale of investments in nonconsolidated affiliates		—			3.8
Other		2.2			4.8
Cash used in investing activities		(223.7	)		(126.5	)
Cash flows from financing activities:
Proceeds from term loans		—			934.9
Repayments of term loans		—			(927.9	)
Repayments of debt		(43.2	)		(99.4	)
Debt financing fees		—			(13.5	)
Dividends to shareholders		(45.1	)		(41.4	)
Proceeds from issuance of common stock		10.5			12.4
Employee taxes paid on restricted stock units recorded as treasury stock		(7.4	)		(11.4	)
Repurchase of common stock		(38.8	)		—
Distributions to noncontrolling interests		(3.3	)		(3.8	)
Cash used in financing activities		(127.3	)		(150.1	)
Effect of exchange rate changes on cash and cash equivalents		15.2			(5.6	)
Net change in cash and cash equivalents		8.0			67.0
Cash and cash equivalents, beginning of period		679.5			476.2
Cash and cash equivalents, end of period	$	687.5		$	543.2

As a result of displaying amounts in millions, rounding differences may exist in the table above.

TRANSUNION AND SUBSIDIARIES
Non-GAAP Financial Measures

We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes, Adjusted Effective Tax Rate and Leverage Ratio for all periods presented. These are important financial measures for the Company but are not financial measures as defined by GAAP. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income attributable to the Company, diluted earnings per share or cash provided by operating activities. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented in the tables below.

We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. These are measures frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours.

Our board of directors and executive management team use Adjusted EBITDA as an incentive compensation measure for most eligible employees and Adjusted Diluted Earnings per Share as an incentive compensation measure for certain of our senior executives.

Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to our Leverage Ratio which is partially based on Adjusted EBITDA. Investors also use our Leverage Ratio to assess our ability to service our debt and make other capital allocation decisions.

Consolidated Adjusted EBITDA

Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted EBITDA for the periods presented:

Net interest expense is the sum of interest expense and interest income as reported on our Consolidated Statements of Operations.
Provision for income taxes, as reported on our Consolidated Statements of Operations.
Depreciation and amortization, as reported on our Consolidated Statements of Operations.
Stock-based compensation is used as an incentive to engage and retain our employees. It is predominantly a non-cash expense. We exclude stock-based compensation because it may not correlate to the underlying performance of our business operations during the period since it is measured at the grant date fair value and it is subject to variability as a result of performance conditions and timing of grants. These expenses are reported within cost of services and selling, general and administrative on our Consolidated Statements of Operations.
Operating model optimization program represents employee separation costs, facility lease exit costs and other business process optimization expenses incurred in connection with the transformation plan discussed further in “Results of Operations – Factors Affecting Our Results of Operations” in our Quarterly Report on Form 10-Q for the three months ended June 30, 2025. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business. Further, these costs will vary and may not be comparable during the transformation initiative as we progress toward an optimized operating model. These costs are reported primarily in restructuring and selling, general and administrative on our Consolidated Statements of Operations.
Accelerated technology investment includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar’s capabilities to enhance and complement our cloud-based technology already under development as part of Project Rise. As a result, we extended Project Rise’s timeline to 2024 and increased the total estimated cost to approximately $240 million. In November 2023, we announced our plans to further leverage Neustar’s technology to standardize and streamline our product delivery platforms and to build a single global platform for fulfillment of our product lines. The additional investment is expected to be approximately $90 million during 2024 and 2025 and represents the final phase of the technology investment in our global technology infrastructure and core customer applications. We expect that the accelerated technology investment will fundamentally transform our technology infrastructure by implementing a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance and enable a continuous improvement approach to avoid the need for another major technology overhaul in the foreseeable future. The unique effort to build a secure, reliable and performant hybrid cloud infrastructure requires us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current on-premise environment by maintaining our existing technology team to ensure no disruptions to our customers. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur after the program has been completed and are not representative of our underlying operating performance. Therefore, we believe that excluding these costs from our non-GAAP measures provides a better reflection of our ongoing cost structure. These costs are primarily reported in cost of services and therefore do not include amounts that are capitalized as internally developed software.
Mergers and acquisitions, divestitures and business optimization expenses are non-recurring expenses associated with specific transactions (exploratory or executed) and consist of (i) transaction and integration costs, (ii) post-acquisition adjustments to contingent consideration or to assets and liabilities that occurred after the acquisition measurement period, (iii) fair value and impairment adjustments related to investments and call and put options, including gains or losses on a step acquisition, (iv) transition services agreement income, and (v) a loss on disposal of a business. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These expenses are reported in costs of services, selling, general and administrative and other income and (expenses), net, on our Consolidated Statements of Operations.
Net other adjustments principally relate to: (i) deferred loan fee expense from debt prepayments and refinancing, (ii) currency remeasurement on foreign operations, (iii) other debt financing expenses consisting primarily of revolving credit facility deferred financing fee amortization and commitment fees and expenses associated with ratings agencies and interest rate hedging, (iv) certain legal and regulatory expenses, net, and (v) other non-operating (income) expense. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business and create variability between periods based on the nature and timing of the expense or income. These costs are reported in selling, general and administrative and in non-operating income and expense, net as applicable based on their nature on our Consolidated Statements of Operations.

Consolidated Adjusted EBITDA Margin

Management defines Consolidated Adjusted EBITDA Margin as Consolidated Adjusted EBITDA divided by total revenue as reported.

Adjusted Net Income

Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted Net Income for the periods presented:

Amortization of certain intangible assets represents non-cash amortization expenses related to assets that arose from our 2012 change in control transaction and business combinations occurring after our 2012 change in control. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary dependent upon the timing of the transactions that give rise to these assets. Amortization of intangible assets is included in depreciation and amortization on our Consolidated Statements of Operations.
Stock-based compensation (see Consolidated Adjusted EBITDA above)
Operating model optimization program (see Consolidated Adjusted EBITDA above)
Accelerated technology investment (see Consolidated Adjusted EBITDA above)
Mergers and acquisitions, divestiture and business optimization (see Consolidated Adjusted EBITDA above)
Net other is consistent with the definition in Consolidated Adjusted EBITDA above except that other debt financing expenses and certain other miscellaneous income and expense that are included in the adjustment to calculate Adjusted EBITDA are excluded in the adjustment made to calculate Adjusted Net Income.
Total adjustments for income taxes relates to the cumulative adjustments discussed below for Adjusted Provision for Income Taxes. This adjustment is made for the reasons indicated in Adjusted Provision for Income Taxes below. Adjustments related to the provision for income taxes are included in the line item by this name on our Consolidated Statements of operations.

Adjusted Diluted Earnings Per Share

Management defines Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding.

Adjusted Provision for Income Taxes

Management has excluded the following items from our provision for income taxes for the periods presented:

Tax effect of above adjustments represents the income tax effect of the adjustments related to Adjusted Net Income described above. The tax rate applied to each adjustment is based on the nature of each line item. We include the tax effect of the adjustments made to Adjusted Net Income to provide a comprehensive view of our adjusted net income.
Excess tax expense (benefit) for stock-based compensation is the permanent difference between expenses recognized for book purposes and expenses recognized for tax purposes, in each case related to stock-based compensation expense. We exclude this amount from the Adjusted Provision for Income Taxes in order to be consistent with the exclusion of stock-based compensation from the calculation of Adjusted Net Income.
Other principally relates to (i) deferred tax adjustments, including rate changes, (ii) infrequent or unusual valuation allowance adjustments, (iii) return to provision, tax authority audit adjustments, and reserves related to prior periods, and (iv) other non-recurring items. We exclude these items because they create variability that impacts comparability between periods.

Adjusted Effective Tax Rate

Management defines Adjusted Effective Tax Rate as Adjusted Provision for Income Taxes divided by Adjusted income before income taxes. We calculate adjusted income before income taxes by excluding the pre-tax adjustments in the calculation of Adjusted Net Income discussed above and noncontrolling interest related to these pre-tax adjustments from income before income taxes.

Leverage Ratio

Management defines Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period.

This earnings release presents constant currency growth rates assuming foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. This earnings release also presents organic constant currency growth rates, which assumes consistent foreign currency exchange rates between years and also eliminates the impact of our recent acquisitions. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions.

Free cash flow is defined as cash provided by operating activities less capital expenditures and is a measure we may refer to.

Refer to Schedules 1 through 7 for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measure.

SCHEDULE 1 TRANSUNION AND SUBSIDIARIES Revenue and Adjusted EBITDA growth rates as Reported, CC, and Organic CC (Unaudited)

	For the Three Months Ended June 30, 2025 compared with the Three Months Ended June 30, 2024								For the Six Months Ended June 30, 2025 compared with the Six Months Ended June 30, 2024
	Reported		CC Growth¹		Inorganic		Organic CC Growth²		Reported		CC Growth¹		Inorganic		Organic CC Growth²
Revenue:
Consolidated	9.5	%	9.5	%	0.7	%	8.9	%	8.4	%	8.8	%	0.3	%	8.5	%
U.S. Markets	10.0	%	10.0	%	0.3	%	9.8	%	9.3	%	9.3	%	0.1	%	9.2	%
Financial Services	17.1	%	17.1	%	—	%	17.1	%	15.9	%	15.9	%	—	%	15.9	%
Emerging Verticals	4.9	%	4.9	%	—	%	4.9	%	5.4	%	5.4	%	—	%	5.4	%
Consumer Interactive	3.3	%	3.3	%	1.5	%	1.8	%	1.3	%	1.3	%	0.7	%	0.5	%
International	7.4	%	7.4	%	2.0	%	5.5	%	4.9	%	6.7	%	1.0	%	5.7	%
Canada	9.0	%	10.5	%	—	%	10.5	%	4.8	%	8.7	%	—	%	8.7	%
Latin America	(1.0	)%	4.0	%	—	%	4.0	%	(0.8	)%	5.5	%	—	%	5.5	%
United Kingdom	18.7	%	12.6	%	8.4	%	4.6	%	13.8	%	11.0	%	4.3	%	7.0	%
Africa	15.0	%	13.7	%	—	%	13.7	%	13.5	%	11.7	%	—	%	11.7	%
India	4.8	%	7.6	%	—	%	7.6	%	0.5	%	4.0	%	—	%	4.0	%
Asia Pacific	(6.8	)%	(7.7	)%	—	%	(7.7	)%	—	%	—	%	—	%	—	%

Adjusted EBITDA:
Consolidated	8.1	%	8.3	%	—	%	8.3	%	9.4	%	10.2	%	—	%	10.2	%
U.S. Markets	6.8	%	6.8	%	—	%	6.8	%	9.4	%	9.4	%	—	%	9.4	%
International	7.2	%	8.0	%	—	%	7.9	%	4.9	%	7.6	%	—	%	7.6	%

Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
Organic CC growth rate is the CC growth rate less the inorganic growth rate.

SCHEDULE 2 TRANSUNION AND SUBSIDIARIES Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin (Unaudited) (dollars in millions)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Revenue:
U.S. Markets gross revenue
Financial Services	$	419.9		$	358.7		$	823.5		$	710.4
Emerging Verticals		323.6			308.5			638.5			606.0
Consumer Interactive		146.9			142.1			285.1			281.5
U.S. Markets gross revenue	$	890.4		$	809.3		$	1,747.0		$	1,597.8

International gross revenue
Canada	$	42.3		$	38.8		$	80.1		$	76.5
Latin America		34.1			34.5			66.9			67.4
United Kingdom		67.2			56.6			126.1			110.8
Africa		18.2			15.8			35.1			30.9
India		66.6			63.5			135.3			134.6
Asia Pacific		24.5			26.2			51.5			51.5
International gross revenue	$	252.9		$	235.4		$	495.0		$	471.7

Total gross revenue	$	1,143.2		$	1,044.7		$	2,242.1		$	2,069.6

Intersegment revenue eliminations
U.S. Markets	$	(1.9	)	$	(2.4	)	$	(3.5	)	$	(4.7	)
International		(1.6	)		(1.5	)		(3.1	)		(3.0	)
Total intersegment revenue eliminations	$	(3.5	)	$	(3.9	)	$	(6.6	)	$	(7.6	)

Total revenue as reported	$	1,139.7		$	1,040.8		$	2,235.5		$	2,062.0

Adjusted EBITDA:
U.S. Markets	$	337.2		$	315.8		$	657.4		$	600.9
International		108.0			100.8			217.8			207.6
Corporate		(38.2	)		(40.0	)		(71.0	)		(73.8	)
Adjusted EBITDA Margin:¹
U.S. Markets		37.9	%		39.0	%		37.6	%		37.6	%
International		42.7	%		42.8	%		44.0	%		44.0	%

Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA.

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA:
Net income attributable to TransUnion	$	109.6		$	85.0		$	257.7		$	150.1
Net interest expense		47.0			61.2			94.5			124.4
Provision for income taxes		44.4			31.0			85.4			44.1
Depreciation and amortization		142.7			132.9			281.6			266.9
EBITDA	$	343.7		$	310.1		$	719.2		$	585.4
Adjustments to EBITDA:
Stock-based compensation		40.2			27.8			70.5			51.9
Mergers and acquisitions, divestitures and business optimization¹		(4.6	)		0.7			13.2			9.8
Accelerated technology investment²		23.2			18.2			43.3			36.8
Operating model optimization program³		5.4			14.6			15.2			39.1
Net other⁴		(0.8	)		5.2			(57.3	)		11.7
Total adjustments to EBITDA	$	63.3		$	66.5		$	85.0		$	149.3
Consolidated Adjusted EBITDA	$	407.0		$	376.6		$	804.1		$	734.7

Net income attributable to TransUnion margin		9.6	%		8.2	%		11.5	%		7.3	%
Consolidated Adjusted EBITDA margin⁵		35.7	%		36.2	%		36.0	%		35.6	%

As a result of displaying amounts in millions, rounding differences may exist in the tables above and footnotes below.

Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025		2024
Transaction and integration costs	$	2.9		$	1.2		$	8.2	$	3.4
Fair value and impairment adjustments		(7.6	)		0.7			5.0		0.8
Post-acquisition adjustments		—			(1.2	)		—		5.7
Total mergers and acquisitions, divestitures and business optimization	$	(4.6	)	$	0.7		$	13.2	$	9.8

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Foundational Capabilities	$	4.2	$	8.3	$	11.7	$	15.0
Migration Management		19.0		8.7		31.6		18.8
Program Enablement		—		1.2		—		2.9
Total accelerated technology investment	$	23.2	$	18.2	$	43.3	$	36.8

Operating model optimization consisted of the following adjustments:

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Employee separation	$	—	$	7.9	$	—	$	24.6
Facility exit		—		0.2		—		1.7
Business process optimization		5.4		6.5		15.2		12.8
Total operating model optimization	$	5.4	$	14.6	$	15.2	$	39.1

Net other consisted of the following adjustments:

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Deferred loan fee expense from debt prepayments and refinancing	$	—		$	6.0		$	(0.1	)	$	9.1
Other debt financing expenses		0.6			0.6			1.1			1.1
Currency remeasurement on foreign operations		(1.5	)		(1.3	)		(2.1	)		1.3
Legal and regulatory expenses, net		—			—			(56.0	)		—
Other non-operating (income) expense		0.2			(0.1	)		(0.1	)		0.2
Total other adjustments	$	(0.8	)	$	5.2		$	(57.3	)	$	11.7

Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

SCHEDULE 3 TRANSUNION AND SUBSIDIARIES Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited) (in millions, except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Income attributable to TransUnion	$	109.6		$	85.0		$	257.7		$	150.1

Weighted-average shares outstanding:
Basic		195.0			194.2			195.0			194.2
Diluted		197.2			195.2			197.2			195.3

Basic earnings per common share from:
Net income attributable to TransUnion	$	0.56		$	0.44		$	1.32		$	0.77
Diluted earnings per common share from:
Net income attributable to TransUnion	$	0.56		$	0.44		$	1.31		$	0.77

Reconciliation of Net income attributable to TransUnion to Adjusted Net Income:
Net income attributable to TransUnion	$	109.6		$	85.0		$	257.7		$	150.1
Adjustments before income tax items:
Amortization of certain intangible assets¹		73.1			71.3			143.9			143.3
Stock-based compensation		40.2			27.8			70.5			51.9
Mergers and acquisitions, divestitures and business optimization²		(4.6	)		0.7			13.2			9.8
Accelerated technology investment³		23.2			18.2			43.3			36.8
Operating model optimization program⁴		5.4			14.6			15.2			39.1
Net other⁵		(1.5	)		4.8			(58.2	)		10.7
Total adjustments before income tax items	$	135.6		$	137.4		$	227.9		$	291.6
Total adjustments for income taxes⁶		(32.1	)		(29.4	)		(64.8	)		(69.7	)
Adjusted Net Income	$	213.1		$	193.0		$	420.7		$	372.0

Weighted-average shares outstanding:
Basic		195.0			194.2			195.0			194.2
Diluted		197.2			195.2			197.2			195.3

Adjusted Earnings per Share:
Basic	$	1.09		$	0.99		$	2.16		$	1.92
Diluted	$	1.08		$	0.99		$	2.13		$	1.90

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Reconciliation of Diluted earnings per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share:
Diluted earnings per common share from:
Net income attributable to TransUnion	$	0.56		$	0.44		$	1.31		$	0.77
Adjustments before income tax items:
Amortization of certain intangible assets¹		0.37			0.37			0.73			0.73
Stock-based compensation		0.20			0.14			0.36			0.27
Mergers and acquisitions, divestitures and business optimization²		(0.02	)		—			0.07			0.05
Accelerated technology investment³		0.12			0.09			0.22			0.19
Operating model optimization program⁴		0.03			0.08			0.08			0.20
Net other⁵		(0.01	)		0.02			(0.30	)		0.05
Total adjustments before income tax items	$	0.69		$	0.70		$	1.16		$	1.49
Total adjustments for income taxes⁶		(0.16	)		(0.15	)		(0.33	)		(0.36	)
Adjusted Diluted Earnings per Share	$	1.08		$	0.99		$	2.13		$	1.90

Each component of earnings per share is calculated independently, therefore, rounding differences exist in the table above.

	1.	Consists of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisitions after our 2012 change-in-control transaction.
	2.	Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025		2024
Transaction and integration costs	$	2.9		$	1.2		$	8.2	$	3.4
Fair value and impairment adjustments		(7.6	)		0.7			5.0		0.8
Post-acquisition adjustments		—			(1.2	)		—		5.7
Total mergers and acquisitions, divestitures and business optimization	$	(4.6	)	$	0.7		$	13.2	$	9.8

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Foundational Capabilities	$	4.2	$	8.3	$	11.7	$	15.0
Migration Management		19.0		8.7		31.6		18.8
Program Enablement		—		1.2		—		2.9
Total accelerated technology investment	$	23.2	$	18.2	$	43.3	$	36.8

Operating model optimization consisted of the following adjustments:

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Employee separation	$	—	$	7.9	$	—	$	24.6
Facility exit		—		0.2		—		1.7
Business process optimization		5.4		6.5		15.2		12.8
Total operating model optimization	$	5.4	$	14.6	$	15.2	$	39.1

Net other consisted of the following adjustments:

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Deferred loan fee expense from debt prepayments and refinancing	$	—		$	6.0		$	(0.1	)	$	9.1
Currency remeasurement on foreign operations		(1.5	)		(1.3	)		(2.1	)		1.3
Legal and regulatory expenses, net		—			—			(56.0	)		—
Other non-operating (income) and expense		—			0.1			—			0.3
Total other adjustments	$	(1.5	)	$	4.8		$	(58.2	)	$	10.7

Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.

SCHEDULE 4 TRANSUNION AND SUBSIDIARIES Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate (Unaudited) (dollars in millions)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Income before income taxes	$	156.8		$	120.7		$	350.5		$	203.7
Total adjustments before income tax items from Schedule 3		135.6			137.4			227.9			291.6
Adjusted income before income taxes	$	292.4		$	258.1		$	578.5		$	495.3

Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes:
Provision for income taxes		(44.4	)		(31.0	)		(85.4	)		(44.1	)
Adjustments for income taxes:
Tax effect of above adjustments		(33.0	)		(31.7	)		(65.3	)		(66.7	)
Eliminate impact of excess tax expense for stock-based compensation		(0.2	)		(0.1	)		0.3			0.9
Other¹		1.1			2.5			0.2			(4.0	)
Total adjustments for income taxes	$	(32.1	)	$	(29.4	)	$	(64.8	)	$	(69.7	)
Adjusted Provision for Income Taxes	$	(76.5	)	$	(60.4	)	$	(150.3	)	$	(113.8	)

Effective tax rate		28.3	%		25.7	%		24.4	%		21.6	%
Adjusted Effective Tax Rate		26.2	%		23.4	%		26.0	%		23.0	%

As a result of displaying amounts in millions, rounding differences may exist in the table above.

Other adjustments for income taxes include:

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Deferred tax adjustments	$	(2.9	)	$	—		$	(7.4	)	$	(5.2	)
Valuation allowance adjustments		(0.7	)		—			1.5			0.2
Return to provision, audit adjustments and reserves related to prior periods		3.9			3.3			4.9			2.3
Other adjustments		0.8			(0.8	)		1.2			(1.3	)
Total other adjustments	$	1.1		$	2.5		$	0.2		$	(4.0	)

SCHEDULE 5 TRANSUNION AND SUBSIDIARIES Leverage Ratio (Unaudited) (dollars in millions)

	Trailing Twelve Months Ended June 30, 2025
Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA:
Net income attributable to TransUnion	$	391.9
Net interest expense		206.8
Provision for income taxes		140.2
Depreciation and amortization		552.5
EBITDA	$	1,291.4
Adjustments to EBITDA:
Stock-based compensation	$	139.9
Mergers and acquisitions, divestitures and business optimization¹		29.9
Accelerated technology investment²		90.8
Operating model optimization program³		71.0
Net other⁴		(47.2	)
Total adjustments to EBITDA	$	284.3
Consolidated Adjusted EBITDA		1,575.7
Adjusted EBITDA for Pre-Acquisition Period⁵		1.7
Leverage Ratio Adjusted EBITDA	$	1,577.4

Total debt	$	5,136.5
Less: Cash and cash equivalents		687.5
Net Debt	$	4,449.0

Ratio of Net Debt to Net income attributable to TransUnion		11.4
Leverage Ratio		2.8

As a result of displaying amounts in millions, rounding differences may exist in the table above.

Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Trailing Twelve Months Ended June 30, 2025
Transaction and integration costs	$	16.0
Fair value and impairment adjustments		12.6
Post-acquisition adjustments		1.3
Total mergers and acquisitions, divestitures and business optimization	$	29.9

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Trailing Twelve Months Ended June 30, 2025
Foundational Capabilities	$	32.3
Migration Management		55.9
Program Enablement		2.5
Total accelerated technology investment	$	90.8

Operating model optimization consisted of the following adjustments:

	Trailing Twelve Months Ended June 30, 2025
Employee separation	$	—
Facility exit		40.5
Business process optimization		30.5
Total operating model optimization	$	71.0

Net other consisted of the following adjustments:

	Trailing Twelve Months Ended June 30, 2025
Deferred loan fee expense from debt prepayments and refinancings	$	8.6
Other debt financing expenses		2.3
Currency remeasurement on foreign operations		(1.3	)
Legal and regulatory expenses, net		(56.0	)
Other non-operating (income) and expense		(0.8	)
Total other adjustments	$	(47.2	)

The trailing twelve months ended June 30, 2025 includes the nine months of Adjusted EBITDA related to Monevo prior to our acquisition in April 2025.

SCHEDULE 6 TRANSUNION AND SUBSIDIARIES Segment Depreciation and Amortization (Unaudited) (in millions)

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024

U.S. Markets	$	105.2	$	99.4	$	206.4	$	200.1
International		36.6		32.5		73.2		64.7
Corporate		0.9		1.0		2.0		2.0
Total depreciation and amortization	$	142.7	$	132.9	$	281.6	$	266.9

As a result of displaying amounts in millions, rounding differences may exist in the table above.

SCHEDULE 7 TRANSUNION AND SUBSIDIARIES Reconciliation of Non-GAAP Guidance (Unaudited) (in millions, except per share data)

	Three Months Ended September 30, 2025						Twelve Months Ended December 31, 2025
	Low			High			Low			High
Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA:
Net income attributable to TransUnion	$	78		$	87		$	412		$	432
Interest, taxes and depreciation and amortization		235			239			931			940
EBITDA	$	312		$	326		$	1,342		$	1,372
Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments¹		85			85			238			238
Adjusted EBITDA	$	397		$	411		$	1,580		$	1,610

Net income attributable to TransUnion margin		7.0	%		7.7	%		9.3	%		9.7	%
Consolidated Adjusted EBITDA margin²		35.6	%		36.2	%		35.7	%		36.0	%

Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:
Diluted earnings per share	$	0.39		$	0.44		$	2.07		$	2.18
Adjustments to diluted earnings per share¹		0.60			0.60			1.96			1.96
Adjusted Diluted Earnings per Share	$	0.99		$	1.04		$	4.03		$	4.14

As a result of displaying amounts in millions, rounding differences may exist in the table above.

These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release.
Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

The MIL Network –

July 24, 2025

MIL-OSI NGOs: Israel/OPT: At UN conference states must prioritize ending Israel’s genocide, unlawful occupation and apartheid
Source: Amnesty International –

The high-level UN conference to discuss a peaceful settlement of the question of Palestine and implementation of the two-state solution next week must be centered around the immediate and effective application of international law, including states’ obligations to prevent and punish genocide and apartheid and end Israel’s unlawful occupation of Palestinian territory, said Amnesty International in an advocacy briefing published today.

The briefing outlines a series of recommendations for states to take meaningful action and exert the necessary pressure on Israel to end its ongoing genocide against the Palestinians in Gaza, lift the inhumane humanitarian blockade and dismantle its unlawful occupation of the Palestinian territory and its system of apartheid imposed on all Palestinians whose rights it controls.

“If the ministers gathering in New York next week are truly committed to forging just, comprehensive and lasting peace and security for both Israelis and Palestinians, the first priority must be to take concrete action to end Israel’s ongoing genocide against Palestinians in Gaza and its unlawful military occupation of Palestinian territory, which has fuelled mass violations against Palestinians and enabled and entrenched Israel’s cruel system of apartheid,” said Agnès Callamard, Amnesty International’s Secretary General.

The current catastrophic crisis created by Israel in Gaza is unbearable, and states must act with urgency and resolve. Statements, condemnation and limited state actions are failing to protect civilians and uphold international humanitarian law.

States must be unequivocal: Israel is not above the law and accountability is a priority.

Amnesty International’s Secretary General Agnès Callamard

“Genuine and meaningful action by states must begin, first and foremost, with the demand for an immediate and sustained ceasefire, as well as the lifting of Israel’s illegal blockade. Without these fundamental urgent steps, any process aimed at addressing the future of Palestinians lacks credibility. How such process be considered meaningful when Palestinians are being slaughtered, starved and forcibly displaced into ever-shrinking pockets of land on a daily basis?”

Among the recommendations, Amnesty International is urgently calling on states to:
- Demand an immediate and lasting ceasefire in Gaza, ensure full, unimpeded access to all areas of Gaza and firmly reject Israel’s military-controlled, non-neutral aid distribution model. A principled, UN-led humanitarian response must be immediately restored, and funding for impartial humanitarian organizations must be maintained and expanded.
- End any trade or transfers that contribute to or are linked to the genocide, apartheid or the unlawful occupation. This includes in the first place banning all weapons and surveillance equipment transfers and any military assistance to Israel. States must end preferential trade agreements and cooperation deals with Israel, including the EU-Israel Trade Agreement.
- Adopt targeted sanctions against those Israeli officials most implicated in international crimes and cooperate with the International Criminal Court, including by implementing its arrest warrants.
- Commit to the reconstruction of the Gaza Strip and the rehabilitation of its people while opposing any forced displacement of Palestinians within or outside of Gaza.
- Establish mechanisms for reparations and rehabilitation of Palestinians, with Israel bearing the primary financial responsibility.
Amnesty International calls also on corporations to refuse any involvement in, or direct linkage to Israel’s unlawful actions. Corporations must ensure that they are not contributing to serious human rights violations themselves.

The organization also calls on civil society and the public at large to continue mobilizing and campaigning to demand that states abide by their legal obligations under international law and denounce companies, banks and other economic actors that contribute to or are directly linked to Israel’s violations of international law, and demand that they stop.

“States must be unequivocal: Israel is not above the law and accountability is a priority. They must seize the opportunity presented by this conference to end their active or tacit support for Israeli violations or their self-imposed inertia. The conference must lead to a clear commitment by all states to suspend all economic activity that contributes to or is directly linked to Israel’s illegal occupation, its system of apartheid or its genocide against the Palestinians in Gaza,” said Agnès Callamard.

“With the very survival of Palestinians at stake, there’s no time to waste with false promises or platitudes. As people continue to take to the streets to demand global action and as more and more states are recognizing Israel’s genocide for what it is, an empty, performative exercise would not be just tone-deaf, it would be unconscionable. For this conference to be anything more than a charade, states must heed our calls. They must turn words into action that is firmly rooted in international law and protection of human rights.”

Co-chaired by France and Saudi Arabia, the High-level International Conference for the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution will take place in New York from 28 to 29 July 2025. Agnès Callamard and other Amnesty International spokespeople will be available for interviews.
MIL OSI NGO –
July 24, 2025
MIL-OSI: MEXC Research: Every Second Gen Z Trader Now Relies on AI for Crypto Trading Decisions
Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, July 24, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, has released a new behavioral intelligence report showing a dramatic generational shift in crypto trading patterns. Based on in-platform analytics of over 780,000 Gen Z users (aged 18–27), the report finds that two-thirds of this cohort either currently rely on or are willing to adopt AI-powered tools as part of their trading strategies.

The MEXC data reveals a clear generational divide in how traders interact with technology, manage risk, and emotionally navigate volatile markets. With 67% of Gen Z users activating at least one AI bot or strategy in the last 90 days, the report underscores a shift toward automation, emotional regulation, and strategic delegation in crypto investing.

Key Takeaways:
- 67% of Gen Z users activated at least one AI-powered trading bot within Q2 2025.
- 22.1% of Gen Z traders engage regularly (4+ interactions/month) with AI tools or rule-based strategies.
- Gen Z accounts for 60% of all AI bot activations on MEXC.
- Gen Z uses AI trading tools 11.4 days/month, more than double the engagement of users over 30.
- Gen Z users are 2.4x more likely to use AI-generated signals than traditional technical indicators.
These trends intensify during periods of market uncertainty. Usage patterns reveal a deliberate strategy: 73% of Gen Z users activate bots during volatility spikes, but consciously disable them during stagnant or low-volume periods, signaling intentional, rather than passive, AI deployment.

Psychological Insights: Trust in AI, Control Through Delegation

MEXC’s data shows that Gen Z’s affinity for AI reflects more than convenience — it’s part of a broader behavioral adaptation. Bots function as emotional anchors, reducing panic sell-offs by 47% compared to manual traders during high-stress market events.

Gen Z configures automated strategies with clear parameters, then steps back. This “structured delegation” helps them manage cognitive overload and avoid impulsive decisions. The report cites parallel trends in workplace behavior: according to a May 2025 study by Resume.org, over 50% of Gen Z workers consider ChatGPT a co-worker or even a “friend.”

AI as Risk Management

The latest metrics also suggest that, beyond automation — the primary advantage of using AI tools — Gen Z traders are increasingly recognizing their value in risk management. Specifically, MEXC’s research highlights several behavioral patterns among Gen Z users who adopt AI:
- 1.9x less likely to reactively trade in the first 3 minutes of market events — the most emotionally vulnerable window.
- 2.4x more likely to implement stop-loss and take-profit rules.
- 58% of all Gen Z AI trading activity occurred during spikes in MEXC’s internal volatility index.
These observations suggest a semi-automated, discipline-enforcing approach, where AI serves as a protective layer against emotional volatility.

Gen Z vs. Millennials in AI Trading

MEXC’s cross-age analysis reveals a stark behavioral divergence. While Millennials prefer thesis-driven, chart-heavy strategies, Gen Z treats trading as an interactive, fast-paced environment — mirroring their behaviors on platforms like TikTok and Discord. This generation prefers modular, customizable tools that match their fragmented attention spans and emotional bandwidth.

The Road Ahead: AI Becomes the Interface

According to MEXC’s forecast, AI is on track to evolve from a feature into the foundation of trading platforms. By 2028, more than 80% of Gen Z traders are projected to rely on AI for full-cycle portfolio management, including dynamic asset rebalancing, cross-chain yield strategies, tax automation, and risk-tiered exposure allocation.

This evolution parallels a broader market trend: the global AI trading platform industry is projected to grow at a CAGR of over 20%, reaching $69.96 billion by 2034.

Yet, the report also warns of the risks of overreliance. AI systems are only as sound as the data and assumptions they’re built on. Black swan events, algorithmic bias, or opaque models can undermine trust and performance. MEXC emphasizes the need for transparent, auditable AI frameworks and user education to ensure safe adoption.

The full report is available at the link.

About MEXC

Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 40 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.

For more information, visit: MEXC Website｜X｜Telegram｜How to Sign Up on MEXC

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/c881191b-eb34-40af-b7d3-08913eacdd83

https://www.globenewswire.com/NewsRoom/AttachmentNg/32fd0af1-1c82-4276-9f2a-75670304e4ba

The MIL Network –
July 24, 2025
MIL-OSI Europe: Cocoa with a conscience: Funding fair and forest‑friendly beans

Source: European Investment Bank

The European Union has taken steps to combat deforestation and child labour through the Sustainable Cocoa Initiative and the Alliance for Sustainable Cocoa. Those initiatives call on countries like the Ivory Coast and Ghana, which produce 60% of the world’s cocoa, to improve oversight of the sector, combat deforestation and child labour, and ensure decent incomes for farmers. Exporters will also have to comply with a new European regulation on deforestation, which is expected to go into force in 2026.

In parallel, the Ivorian government has embarked on an “ambitious initiative” to implement new African standards that trace crops across cocoa-producing regions and improve environmental protection, says Sylvain Caurla, an agroforestry engineer with the European Investment Bank who works on sustainable cocoa and reforestation projects in the Ivory Coast.

“Cocoa has been a major driver of deforestation in recent decades,” Caurla says. “But cocoa is also a major contributor to Ivorian GDP. There is a world strategy around protecting forests, but also producing cocoa in a different way, a sustainable way – a way that provides a decent livelihood for communities that depend on it.”

The EIB’s loan to BNI was approved in September 2024, just in time for the main cocoa harvest season, which lasts from October to March. In a few weeks, BNI was able to put together projects – loans for agricultural cooperatives and others – accounting for about 90% of the EIB funds, says Marc-Antoine Coursaget, the loan officer in EIB Global who is handling the investment.

Around 60% of the financed cooperatives are led by young entrepreneurs or employ a significant number of young people, while 40% are either led by women or have a large number of women in the workforce.

The EIB and Agence Française de Développement will also provide technical assistance to help BNI strengthen its environmental and social management system and enable cocoa producers meet EU requirements and the demands of international certifications. Those regulations and certifications are designed to curb cacao’s incursion into Ivory Coast’s rainforest, which has shrunk by more than 80% since 1960, with devastating consequences for biodiversity.

Ivory Coast has embarked on vast programmes of reforestation to counter the loss. The EIB is providing €150 million to support the country’s forest preservation, rehabilitation and expansion strategy.

“The European Union has two main priorities in Ivory Coast: one is the Sustainable Cocoa Initiative and the second is low-carbon transition,” Coursaget says. “And when you fight deforestation, you also help reduce carbon emissions.”

MIL OSI Europe News –

July 24, 2025
MIL-OSI Russia: New Horizons of Solutions: From Theory to Practice of Risk Management

Translation. Region: Russian Federal

Source: Peter the Great St. Petersburg Polytechnic University –

An important disclaimer is at the bottom of this article.

The Polytechnic University solemnly awarded the winners and prize-winners of the All-Russian student case championship “Risk Management: New Horizons for Solutions”. The organizers are the Higher School of Industrial Management of the Institute of Industrial Management, Economics and Trade and the consulting company “Trust Technologies”.

Joint-Stock Company “Trust Technologies” provides audit and consulting services to corporate clients in various sectors of the economy. According to the RAEX rating agency, in 2025 the company entered the top five largest Russian participants in the audit and consulting services market.

The case championship was attended by 56 students from St. Petersburg, Moscow, Yekaterinburg, Voronezh and Tambov. As part of 15 teams, the students solved cases dedicated to risk management issues related to an unstable external environment, technological risks, digitalization and sustainable development. The participants presented projects combining digital technologies, risk management methods and models, as well as forecasting tools in an uncertain environment.

“The ability to manage risks in modern conditions is a critically important competency for any business. The level of the presented student projects, their depth of development and practical orientation are pleasing. Cooperation with the company “Trust Technologies”, a strong partner occupying a leading position in the audit and consulting services market, is very important for us. This creates a unique environment for cultivating young and in-demand specialists in the labor market, ready to get involved in solving real business problems of Russian companies,” said Olga Kalinina, Director of the Higher School of Industrial Management, at the opening of the final.

The teams defended their solutions before an expert jury, which included representatives of the Trust Technologies company: Svetlana Kuzmenkova, Senior Manager of the Non-Financial Risk Group, Viktor Kosmachev, Senior Consultant of the Systemic Changes and Business Development Practice, Evgeniya Filyanina, Consultant of the Non-Financial Risk Group, as well as Associate Professors of the Higher School of Industrial Management of the IPMEiT Anna Timofeeva, Evgeny Makarenko and Elena Kiseleva.

The best project solution was presented by the AllRisks team, which became the absolute winner of the championship. The team included Artem Rudenko (SPbGEU), Mikhail Borovkov (ITMO), Elizaveta Egorova and Polina Ivanova (SPbPU).

The first place winner was the PonITech SPbPU team: Diana Yakimenko, Maria Belova, Maria Platonova and Vitaly Trofimov.

The second place was taken by the Ratio team from the Peoples’ Friendship University of Russia named after Patrice Lumumba: Daria Dreval, Larisa Ordina, Elizaveta Kostyaeva and Veronika Vatrukhina.

The third place went to the “Risk Hunters” – Valentina Fedorova, Anastasia Rusakova, Arina Katrina, Egor Bogdanov and Liana Pogosyan from SPbSUT.

“We set a difficult task for the participants: to develop risk management solutions that not only take into account modern challenges, but also integrate digital tools for forecasting and management in conditions of uncertainty. As a result of the defenses, we saw non-standard approaches, a strong analytical background and a willingness to offer specific mechanisms that can be applied in practice. We are confident that for many students this championship will become a springboard to a successful career in business,” commented Evgeniya Filyanina, consultant of the non-financial risks group.

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 –

July 24, 2025

MIL-OSI: OMS Energy Technologies Inc. Announces Fiscal Year 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, July 24, 2025 (GLOBE NEWSWIRE) — OMS Energy Technologies Inc. (“OMS” or the “Company”) (NASDAQ: OMSE), a growth-oriented manufacturer of surface wellhead systems (“SWS”) and oil country tubular goods (“OCTG”) for the oil and gas industry, today announced its financial results for the fiscal year ended March 31, 2025.

Fiscal Year 2025 Financial Highlights

Total revenues in 2025 were $203.6 million, compared with $18.2 million for the period from April 1, 2023, through June 15, 2023, and $163.3 million for the period from June 16, 2023, through March 31, 2024.
Gross margin in 2025 was 33.9%, compared with 27.6% for the period from April 1, 2023, through June 15, 2023, and 29.9% for the period from June 16, 2023, through March 31, 2024.
Operating profit in 2025 was $59.9 million, compared with $3.2 million for the period from April 1, 2023, through June 15, 2023, and $40.2 million for the period from June 16, 2023, through March 31, 2024.

Mr. How Meng Hock, Chairman and Chief Executive Officer of OMS, commented, “We are extremely proud to report strong results for fiscal year 2025 in our first earnings announcement as a publicly listed company. Our double-digit revenue growth, expanded gross margin, and increase in operating profit are a direct result of our team’s disciplined execution and commitment to delivering value across all areas of our business. We have also recorded several new customer wins and contract renewals since our IPO in May, further broadening and diversifying our revenue base. With our focus on long-term growth, we’re entering fiscal 2026 with strong momentum and a clear strategy for continued innovation and expansion.”

Mr. Kevin Yeo, Chief Financial Officer, added, “Our fiscal 2025 financial performance reflects both top-line strength and meaningful margin improvement. Total revenues grew to $203.6 million, with gross margin reaching 33.9%. Operating profit increased to $59.9 million, highlighting our enhanced cost discipline and the benefits of growing economies of scale. Our net profit for the year was $47.0 million. When excluding a one-time $49.4 million bargain purchase gain recognized in fiscal 2024 related to the Management Buyout, our underlying profitability in 2025 demonstrates strong growth momentum. Supported by these solid fundamentals, a healthy balance sheet and loyal customer base, we remain confident of driving sustainable growth and building long-term shareholder value.”

Fiscal Year 2025 Financial Results

Total revenues. Total revenues in 2025 were $203.6 million, compared with $18.2 million for the period from April 1, 2023, through June 15, 2023, and $163.3 million for the period from June 16, 2023, through March 31, 2024.

Specialty connectors and pipes. Revenues from sales of specialty connectors and pipes in 2025 were $143.1 million, compared with $5.1 million for the period from April 1, 2023, through June 15, 2023, and $113.5 million for the period from June 16, 2023, through March 31, 2024. This increase was primarily due to a significant increase in demand from one of the Company’s major customers who had higher levels of business activities related to oil and gas production.
Surface wellhead and Christmas tree equipment. Revenues from sales of surface wellhead and Christmas tree equipment in 2025 were $8.7 million, compared with $3.0 million for the period from April 1, 2023, through June 15, 2023, and $6.8 million for the period from June 16, 2023, through March 31, 2024. This decrease was primarily due to delayed demand from one of the Company’s major customers in Indonesia, who is rationalizing their requirements as they plan for increased production to meet Indonesia’s energy security plan, as well as a delayed shipment to the Middle East which will materialize in the fiscal year 2026.
Premium threading services. Revenues from rendering of premium threading services in 2025 were $36.8 million, compared with $7.6 million for the period from April 1, 2023, through June 15, 2023, and $31.1 million for the period from June 16, 2023, through March 31, 2024. This slight decrease was primarily attributable to a relatively stable level of rig activities across oil and gas customers in the countries that drive demand for the Company’s premium threading services.
Other ancillary services. Revenues generated from other ancillary services in 2025 were $15.0 million, compared with $2.4 million for the period from April 1, 2023, through June 15, 2023, and $11.9 million for the period from June 16, 2023, through March 31, 2024. This increase was primarily due to greater customer demand for engineering testing, inspection and maintenance services.

Cost of revenues. Cost of revenues in 2025 was $134.6 million, compared with $13.2 million for the period from April 1, 2023, through June 15, 2023, and $114.5 million for the period from June 16, 2023, through March 31, 2024.

Gross profit. Gross profit in 2025 was $69.0 million, compared with $5.0 million for the period from April 1, 2023, through June 15, 2023, and $48.7 million for the period from June 16, 2023, through March 31, 2024. Gross margin in 2025 was 33.9%, compared with 27.6% for the period from April 1, 2023, through June 15, 2023, and 29.9% for the period from June 16, 2023, through March 31, 2024. The increase was mainly due to the growth in total revenues, as well as the benefits from economies of scale stemming from higher sales volume, sourcing productivity and an increase in the proportion of higher-margin services performed.

Selling, general and administrative expenses. Selling, general and administrative expenses in 2025 were $9.1 million, compared with $1.8 million for the period from April 1, 2023, through June 15, 2023, and $8.6 million for the period from June 16, 2023, through March 31, 2024. The decrease was mainly due to a decrease in legal and professional fees, staff expenses and depreciation.

Operating profit. Operating profit in 2025 was $59.9 million, compared with $3.2 million for the period from April 1, 2023, through June 15, 2023, and $40.2 million for the period from June 16, 2023, through March 31, 2024.

Total other income/(expense), net. Total other income, net in 2025 was $0.2 million, compared with total other expense, net of $0.08 million for the period from April 1, 2023, through June 15, 2023, and total other income, net of $50.2 million for the period from June 16, 2023, through March 31, 2024. The change was primarily due to a non-recurring bargain purchase gain of $49.4 million related to the management buyout in the period from June 16, 2023, through March 31, 2024.

Net profit. Net profit in 2025 was $47.0 million, compared with $2.4 million for the period from April 1, 2023, through June 15, 2023, and $82.1 million for the period from June 16, 2023, through March 31, 2024.

Basic and diluted EPS. Basic and diluted earnings per share were both $1.18 in 2025, compared with $2.19 for the period June 16, 2023, through March 31, 2024.

Balance Sheet and Cash Flow

As of March 31, 2025, the Company’s cash and cash equivalents and restricted cash totaled $75.8 million, compared with $45.4 million as of March 31, 2024.

Net cash provided by operating activities was $40.5 million, compared with net cash used of $2.9 million for the period from April 1, 2023, through June 15, 2023, and net cash provided of $24.0 million for the period from June 16, 2023, through March 31, 2024.

About OMS Energy Technologies Inc.

OMS Energy Technologies Inc. (NASDAQ: OMSE) is a growth-oriented manufacturer of surface wellhead systems (SWS) and oil country tubular goods (OCTG) for the oil and gas industry. Serving both onshore and offshore exploration and production operators, OMS is a trusted single-source supplier across six vital jurisdictions in the Asia Pacific, Middle Eastern and North African (MENA) regions. The Company’s 11 strategically located manufacturing facilities in key markets ensure rapid response times, customized technical solutions and seamless adaptation to evolving production and logistics needs. Beyond its core SWS and OCTG offerings, OMS also provides premium threading services to maximize operational efficiency for its customers.

For more information, please visit ir.omsos.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

OMS Energy Technologies Inc.
Investor Relations
Email: ir@omsos.com

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: oms@thepiacentegroup.com

Hui Fan
Tel: +86-10-6508-0677
Email: oms@thepiacentegroup.com

Unaudited Summary of Financial Results Consolidated Statements of Financial Positions

	For the year ended March 31, 2025		For the year ended March 31, 2024
	US$’000		US$’000
Assets
Current assets:
Cash and cash equivalents	72,950		43,470
Restricted cash, current	1,692		1,593
Trade receivables	13,467		31,948
Contract assets	983		1,730
Inventories	32,546		30,689
Prepayment and other current assets	1,646		3,067
Amount due from a related party	1,584		1,585
Total Current Assets	124,868		114,082

Non-current assets:
Restricted cash, non-current	1,189		367
Right-of-use assets	8,086		3,549
Property, plant and equipment	32,055		32,040
Intangible assets	42		126
Deferred tax assets	2,938		2,574
Prepayment and other non-current assets	1,327		694
Total Non-Current Assets	45,637		39,350
Total Assets	170,505		153,432

Liabilities
Current Liabilities:
Trade and other payables	15,070		47,535
Loans and borrowings	—		6,504
Tax payable	8,200		6,669
Lease liabilities, current	1,187		741
Total Current Liabilities	24,457		61,449

Non-current Liabilities:
Employee benefits obligation	827		751
Lease liabilities, non-current	6,096		1,843
Deferred tax liabilities	4,217		3,684
Other payables, non-current	—		5,000
Provisions	321		351
Total Non-Current Liabilities	11,461		11,629
Total Liabilities	35,918		73,078

Equity
Share capital	4		4
Share premium	72,648		67,648
Retained earnings	58,634		13,818
Accumulated other comprehensive loss	(2,397	)	(4,441	)
Equity attributable to Shareholders of the Company	128,889		77,029
Non-controlling interests	5,698		3,325
Total equity	134,587		80,354

Total liabilities and equity	170,505		153,432

Consolidated Statements of Profit or Loss and Other Comprehensive Income

	Successor		Successor		Predecessor
	For the year ended March 31, 2025		For the period June 16, 2023 through March 31, 2024		For the period April 1 through June 15, 2023
	US$’000		US$’000		US$’000
Revenue – third parties	203,607		163,267		16,967
Revenue – related parties	—		—		1,215
Total revenue	203,607		163,267		18,182

Cost of revenue – third parties	(134,620	)	(114,525	)	(13,080	)
Cost of revenue – related parties	—		—		(75	)
Total cost of revenue	(134,620	)	(114,525	)	(13,155	)

Gross profit	68,987		48,742		5,027

Selling, general and administrative expenses	(9,122	)	(8,574	)	(1,790	)
Operating profit	59,865		40,168		3,237

Bargain purchase gain	—		49,429		—
Other income/(expenses), net – third parties	246		775		(108	)
Other income, net – related parties	—		—		29
Total other income/(expenses), net	246		50,204		(79	)

Finance income – third parties	339		55		9
Finance income – related parties	—		—		65
Total finance income	339		55		74

Finance cost – third parties	(284	)	(915	)	(38	)
Finance cost – related parties	—		—		(162	)
Total finance cost	(284	)	(915	)	(200	)

Profit before tax	60,166		89,512		3,032
Income tax expense	(13,189	)	(7,424	)	(657	)
Net profit	46,977		82,088		2,375

Other comprehensive income/(loss):
Items that will not be reclassified to profit or loss
Foreign currency translation differences	2,258		(1,701	)	(610	)
Changes resulting from actuarial remeasurement of employee benefits obligation	(2	)	(33	)	(9	)
Other comprehensive income/(loss), net of tax	2,256		(1,734	)	(619	)
Total comprehensive income	49,233		80,354		1,756

Net profit attributable to:
Shareholders of the Company	44,816		80,880		1,867
Non-controlling interests	2,161		1,208		508
Net profit	46,977		82,088		2,375

Total comprehensive income attributable to:
Shareholders of the Company	46,860		79,184		1,310
Non-controlling interests	2,373		1,170		446
Total comprehensive income	49,233		80,354		1,756

Basic and diluted weighted-average shares outstanding	37,822,500		36,900,000
Basic and diluted earnings per share (as adjusted) (US$)	1.18		2.19

Consolidated Statements of Cash Flows

	Successor		Successor		Predecessor
	For the year ended March 31, 2025		For the period June 16, 2023 through March 31, 2024		For the period April 1 through June 15, 2023
	US$’000		US$’000		US$’000
Operating activities
Net profit	46,977		82,088		2,375
Adjustments for:
Income tax expenses	13,189		7,424		657
Depreciation of property, plant and equipment	2,711		3,800		251
Amortization of intangible assets	84		97		6
Depreciation of right-of-use assets	1,412		1,030		140
Loss/(gain) on disposal of property, plant and equipment	111		(357	)	—
Allowance for/(reversal of) inventories obsolescence	571		(335	)	(6	)
Allowance for/(reversal of) expected credit losses	121		(3	)	—
Finance costs	284		915		200
Finance income	(339	)	(55	)	(74	)
Loss/(gain) on unrealized foreign exchange	493		(793	)	134
Gain on bargain purchase	—		(49,429	)	—

Changes in operating assets and liabilities:
Trade receivables	18,975		(17,961	)	(2,727	)
Contract assets	764		(1,505	)	1,139
Inventories	(2,329	)	(20,817	)	(360	)
Prepayment and other assets	809		418		(1,219	)
Trade receivables due from related parties	—		284		(428	)
Trade and other payables	(32,239	)	26,157		(2,224	)
Employee benefits obligation	59		11		24
	51,653		30,969		(2,112	)
Cash provided by operations:
Interest received	339		55		74
Income taxes paid	(11,490	)	(6,979	)	(852	)
Net cash provided by/(used in) operating activities	40,502		24,045		(2,890	)

Investing activities
Proceeds from sale of property, plant and equipment	—		698		—
Cash payment for management buyout	—		(2,000	)	—
Acquisition of property, plant and equipment	(2,863	)	(3,238	)	(1,200	)
Acquisition of intangible asset	—		(11	)	—
Repayment from/(loan to) related parties	—		—		20,981
Amount due from a related party	1		(1,585	)	—
Net cash (used in)/provided by investing activities	(2,862	)	(6,136	)	19,781
Financing activities
Advances from potential investors	—		5,000		—
Proceeds from loans and borrowings	—		—		874
Proceeds from loans from related parties	—		—		8,845
Repayment of loans from related parties	—		—		(28,038	)
Repayment of loans and borrowings	(6,504	)	(3,874	)	—
Interest paid	(253	)	(211	)	(200	)
Payment of lease liabilities	(1,302	)	(824	)	(197	)
Net cash (used in)/provided by financing activities	(8,059	)	91		(18,716	)
Effect of foreign exchange on cash, cash equivalents and restricted cash	820		(2,473	)	(75	)
Net increase/(decrease) in cash, cash equivalents and restricted cash	30,401		15,527		(1,900	)
Cash, cash equivalents and restricted cash at beginning of year/period	45,430		29,903		31,803
Cash, cash equivalents and restricted cash at end of year/period	75,831		45,430		29,903
Less: Restricted cash, non-current	1,189		367		1,150
Less: Restricted cash, current	1,692		1,593		1,087
Cash and cash equivalents at end of year/period	72,950		43,470		27,666

The MIL Network –

July 24, 2025

MIL-OSI Security: Smuggler of Firearms from Key West to Haiti Sentenced in D.C. to 30 Months in Prison

Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

WASHINGTON – Jean Wiltene Eugene, 57, of Key West, Florida, was sentenced today in U.S. District Court to 30 months in prison and a $20,000 fine for his role in a gunrunning operation that illegally exported firearms to Haiti, announced U.S. Attorney Jeanine Ferris Pirro.

Eugene pleaded guilty on April 11, 2025, to one count of smuggling. In addition to the prison term, Judge Carl J. Nichols ordered Eugene to serve 24 months of supervised release.

Joining in the announcement of the sentence were Assistant Attorney General John A. Eisenberg of the Justice Department’s National Security Division, and FBI Acting Special Agent in Charge Justin Fleck of the Miami Field Office.

According to court documents, Eugene is a U.S. citizen who was born in Haiti and resides in Key West. On Sept. 23, 2021, Eugene knowingly exported more than two firearms from the United States to Haiti contrary to U.S. laws and regulations, including the prohibitions in the Export Administration Regulations and the Export Control Reform Act of 2018, knowing the firearms were intended for exportation contrary to such laws and regulations. In particular, Eugene exported the firearms without having first obtained the required license from the Bureau of Industry and Security, located in the District of Columbia. Anyone who violates the smuggling statute may be fined up to $250,000 and imprisoned for up to 10 years.

Eugene arranged to ship vehicles to Haiti through a Florida-based export company. Eugene signed the company’s terms and conditions of shipments, which required the shipper to affirm that the vehicles did not contain any firearms or ammunition. In a subsequent interview with law enforcement, Eugene admitted that, in 2020 and 2021, he shipped two vehicles to Haiti with firearms hidden inside. Eugene stated that he placed food and other items around the bins holding the firearms so border authorities would not find the weapons.

In a later interview with federal agents, Eugene stated that nine firearms he purchased in Key West under his name were currently located at his gas station in Haiti and that none of those firearms remained in the United States. He admitted that he knew it was illegal to ship weapons to Haiti when confronted by the federal agents.

Eugene was arrested May 4, 2024, in Key West.

This case was investigated by the FBI Miami Field Office with assistance from the Bureau of Alcohol, Tobacco, Firearms and Explosives and the Department of Commerce’s Office of Export Enforcement. It was prosecuted by Assistant U.S. Attorney Kimberly Paschall and Trial Attorney Beau Barnes of the National Security Division, as well as former Assistant U.S. Attorney Pravallika Palacharla. Substantial assistance was provided by the United States Attorney’s Office for the Southern District of Florida.

25cr78

MIL Security OSI –

July 24, 2025
MIL-OSI Russia: The Polytechnic University is completing the process of accepting documents for budget-funded bachelor’s and specialist’s degrees

Translation. Region: Russian Federal

Source: Peter the Great St. Petersburg Polytechnic University –

An important disclaimer is at the bottom of this article.

The admissions campaign at Peter the Great St. Petersburg Polytechnic University is in full swing, and its first stage is coming to an end. On July 25 at 12:00 Moscow time, the deadline for accepting documents for the bachelor’s and specialist’s programs of full-time budgetary education ends. Applicants have only one day left to submit an application and finally decide on their future profession.

Currently, more than 139,000 applications have been submitted for bachelor’s and specialist’s degree programs, which confirms the high interest of applicants in the Polytechnic University. In terms of the number of applications, the leading positions are still occupied by the Institute of Computer Science and Cybersecurity, the Institute of Industrial Management, Economics and Trade, the Institute of Mechanical Engineering, Materials and Transport.

Although you can submit documents to SPbPU online from anywhere in the country, the Admissions Committee is always happy to meet with applicants in person. This year, a modern multifunctional space has been organized in the Reading Room of the Main Academic Building, where you can submit documents with the help of the Admissions Committee staff, sign a training agreement and, of course, submit consent for enrollment (in 2025, it replaces the need to provide an original education document). Next to the Reading Room, there are institute stands where university representatives provide detailed information about training programs, internship opportunities and employment prospects. During the admissions campaign, meetings and tours of laboratories were also held for applicants and their parents, allowing them to get acquainted with the university infrastructure.

This year, in order to be enrolled in a university, it is necessary to provide consent for enrollment instead of the original educational document. At the moment, more than 1,500 applicants have already submitted consent for enrollment.

The main innovation of this year was the “Petrovskaya Wave” program, which guarantees admission to applicants with high scores. If the applicant’s score exceeds the established threshold, the university will enroll him or her even in a fee-paying place – at its own expense. In 2025, the wave will apply to some areas of the Institute of Energy, the Institute of Mechanical Engineering, Materials and Transport, and the Institute of Electronics and Telecommunications.

Also in 2025, a new grant system for talented applicants was introduced. Winners and prize winners of Olympiads, as well as students entering with high Unified State Exam scores, can receive a grant of up to 120,000 rubles, as well as an additional payment of 50,000 rubles subject to excellent academic performance. In 2025, more than 500 winners and prize winners of Olympiads applied to the Polytechnic University, of which 150 have already agreed to enroll in the university.

After the document submission process is complete, the enrollment stage will begin. On July 27, the competitive lists will be published, according to which applicants will be able to assess their situation and opportunities for admission. In order to be enrolled in the Polytechnic University, applicants must provide consent for enrollment (on the State Services portal, in person at the admissions office or by mail) within the established deadlines:

until August 1, 12:00 Moscow time — for applicants on quotas and without entrance examinations until August 5, 12:00 Moscow time — for applicants to the main competitive places

On July 2, priority enrollment will take place for preferential categories and winners and prize winners of Olympiads, and on August 7, the main stage of enrollment for full-time budgetary education will take place.

Saint Petersburg Polytechnic University is waiting for its future main heroes and is preparing for a new academic year full of discoveries, scientific achievements and exciting events!

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.

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MIL OSI Russia News –

July 24, 2025
MIL-OSI Africa: Celebrating youth and Ugandan cinema with a double premiere

Source: APO

.

The youth-focused “Opportunities are Here” project premiered season two of its reality TV show, alongside the thriller, “You May Kiss the Bride Goodbye”

The TV reality series follows the personal and professional journeys of young creatives as they learn, collaborate and navigate the high-pressure demands of film production. The series captures the reality of building a career in Uganda’s film sector, from brainstorming and budgeting to late-night edits and final screening.

With mentors including actor and broadcaster Gaetano Kaggwa, filmmaker and scriptwriter Nana Kagga, actress and writer Cleopatra Koheirwe, and actor Michael Wawuyo Jr., the series is airing on NTV every Thursday at 8:30 pm.

Supported by the Geneva-based UN small business agency, the International Trade Centre (ITC), and the European Union (EU), “Opportunities are Here” season two builds on the momentum of its acclaimed first season, which featured creative minds from across the continent, including Nollywood star Dakore Egbuson-Akande and Ugandan actors Gaetano Kaggwa, Nana Kagga and Cleopatra Koheirwe.

H.E. Jan Sadek, the European Union Ambassador to Uganda, expressed his admiration for the work achieved through the programme, saying, “We see huge potential in Uganda’s creative industries. Projects like OAH (Opportunities are Here) are a chance to build skills, connect with others, and get your work seen. Young Ugandan creatives should not be afraid to aim for international platforms. Their unique perspective is what the world is looking for.”

Since its inception, the “Opportunities are Here” project has reached over seven million people through media and campaigns, with over 11,140 creatives trained. This has further resulted in 13,595+ jobs created, with 135+ youth-led productions completed.

Chief of “Youth, Women and Vulnerable Communities” at ITC, Raimund Moser says: “Over the last three years, we’ve seen that with the right skills, mentorship and platforms, youth can lead the way in redefining African cinema. This is not just about storytelling—it’s about job creation and raising the visibility of creative services as a sector with great growth potential.”

The premiere night also featured a new film, “You May Kiss the Bride Goodbye”, a psychological thriller featuring Hellen Lukoma, Mbabazi Catherine Uwera, Fidel Sankara, Allan Kutos Katongole and Nuwa Wamala Nnyanzi, among other Ugandan actors.

The film was written, co-directed and produced by seven young filmmakers who participated in seasons one and two. The team includes Kahbuya Vanessa (Kvan), Kavuma Vieri, Nodryn Evanci Kabuye, Elly E. Debuni, Illungole Emmanuel, Nsiima Chloe and Manirahari Colline.

This project brought together writers, actors and producers to create their first commercially viable film using a team-based approach, mirroring real-life production, guided by industry professionals, including Joel Tugaineyo (co-producer), Drake Steven Makanga (director), Loukman Ali (creative director) and Alex Ireeta (director of photography), among others.

In close collaboration with international film distributors, it was decided the film would be a thriller, a genre with high commercial potential. The filmmakers have been screening the movie in cinemas throughout Uganda in the past several weeks.

Distributed by APO Group on behalf of International Trade Centre.

MIL OSI Africa –

July 24, 2025

MIL-OSI: BE Semiconductor Industries N.V. Announces Q2-25 Results

Source: GlobeNewswire (MIL-OSI)

Q2-25 Revenue and Net Income of € 148.1 Million and € 32.1 Million, Respectively

H1-25 Revenue and Net Income of € 292.2 Million and € 63.6 Million, Respectively

DUIVEN, the Netherlands, July 24, 2025 (GLOBE NEWSWIRE) — BE Semiconductor Industries N.V. (the “Company” or “Besi”) (Euronext Amsterdam: BESI; OTC markets: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the second quarter and first half year ended June 30, 2025.

Key Highlights Q2-25

Revenue of € 148.1 million grew 2.8% vs. Q1-25 and was within prior guidance due primarily to higher die attach shipments for mainstream computing applications. Revenue decreased 2.1% vs. Q2-24 principally due to weakness in mobile end markets partially offset by growth in hybrid bonding shipments
Orders of € 128.0 million decreased 3.0% vs. Q1-25 due primarily due to ongoing weakness in mainstream computing and mobile applications partially offset by significant new orders for TCB Next systems. Orders declined 30.9% vs. Q2-24 due primarily to lower orders for hybrid bonding and mobile applications
Gross margin of 63.3% decreased by 0.3 points vs. Q1-25 and by 1.7 points vs. Q2-24 due to a less favorable product mix and adverse forex effects from a decline in the USD versus the euro
Net income of € 32.1 million increased 1.9% vs. Q1-25. Versus Q2-24, net income decreased 23.4% due principally to lower revenue and gross margins, increased R&D spending and higher interest expense related to the Senior Note offering in July 2024. Q2-25 net margin decreased to 21.6% vs. 21.9% in Q1-25 and 27.7% in Q2-24
Cash and deposits of € 490.2 million at June 30, 2025 increased by 90.6% vs. June 30, 2024 due to the Senior Note offering in July 2024

Key Highlights H1-25

Revenue of € 292.2 million decreased 1.8% vs. H1-24 principally due to ongoing weakness in mainstream assembly markets, particularly for mobile and automotive applications, partially offset by increased shipments of hybrid bonding systems
Orders of € 259.9 million were down 17.0% vs. H1-24 primarily due to lower bookings for hybrid bonding systems and for mobile applications, partially offset by increased die attach orders by Asian subcontractors for AI related computing applications and new orders for Besi’s TCB Next system
Gross margin of 63.4% decreased by 2.7 points versus H1-24 primarily due to a less favorable product mix and adverse forex effects
Net income of € 63.6 million decreased € 12.3 million, or 16.2%, vs. H1-24 primarily due to lower revenue and gross margin and higher interest expense. Similarly, Besi’s net margin decreased to 21.7% versus 25.5% in H1-24

Q3-25 Outlook

Revenue is expected to decline 5-15% vs. the € 148.1 million reported in Q2-25
Orders are expected to increase significantly vs. Q2-25 primarily due to increased demand for hybrid bonding systems and die attach systems for AI-related 2.5D computing applications
Gross margin is expected to range between 60-62% and decrease vs. the 63.3% realized in Q2-25 primarily due to adverse forex effects from a significantly lower USD versus the euro
Operating expenses are expected to be flat +/- 5% vs. € 50.2 million in Q2-25

(€ millions, except EPS)	Q2- 2025	Q1- 2025	Δ	Q2- 2024	Δ	HY1- 2025	HY1- 2024	Δ
Revenue	148.1	144.1	+2.8%	151.2	-2.1%	292.2	297.5	-1.8%
Orders	128.0	131.9	-3.0%	185.2	-30.9%	259.9	313.0	-17.0%
Gross Margin	63.3%	63.6%	-0.3	65.0%	-1.7	63.4%	66.1%	-2.7
Operating Income	43.5	39.3	+10.7%	49.3	-11.8%	82.8	90.0	-8.0%
Net Income	32.1	31.5	+1.9%	41.9	-23.4%	63.6	75.9	-16.2%
Net Margin	21.6%	21.9%	-0.3	27.7%	-6.1	21.7%	25.5%	-3.8
EPS (basic)	0.40	0.40	–	0.53	-24.5%	0.80	0.97	-17.5%
EPS (diluted)	0.40	0.40	–	0.53	-24.5%	0.80	0.97	-17.5%
Net Cash and Deposits	-36.0*	159.4	-122.6%	74.4*	-148.4%	-36.0*	74.4*	-148.4%

* Reflects cash dividend payments of € 172.8 million and € 171.5 million in Q2-25 and Q2-24, respectively.

Richard W. Blickman, President and Chief Executive Officer of Besi, commented:
“Besi reported Q2-25 revenue, operating income and net income of € 148.1 million, € 43.5 million and € 32.1 million, respectively. Revenue and operating results were at the midpoint of prior guidance in a mainstream assembly equipment market still affected by soft demand for mobile and automotive applications. Market development in Q2-25 was also affected by increased customer caution due to global trade tensions. Q2-25 revenue and operating income grew sequentially by 2.8% and 10.7%, respectively, as we saw an increase in shipments to Asian subcontractors for AI-related datacenter applications combined with a 4.3% decrease in sequential operating expenses. Orders for the quarter decreased 3.0% versus Q1-25 as weakness in mainstream computing and mobile applications was partially offset by new orders for Besi’s TCB Next system.

For the first half year, revenue of € 292.2 million decreased 1.8% versus H1-24 reflecting broader assembly market trends as weakness in mobile and, to a lesser extent, automotive end markets was significantly offset by growth in hybrid bonding revenue which more than doubled versus H1-24. Orders decreased by 17.0% due to the timing of customer orders for hybrid bonding systems and a lack of new product introductions in high-end smartphones. H1-25 operating and net income decreased by 8.0% and 16.2%, respectively, versus H1-24 primarily due to lower revenue and a 2.7-point reduction in gross margin from a less favorable product mix, adverse net forex effects from the decline of the USD versus the euro and increased interest expense related to Besi’s Senior Note issuance in July 2024. Liquidity remained strong with cash and deposits of € 490.2 million at June 30, 2025 increasing by 90.6% vs. June 30, 2024 due to the Senior Note offering in July 2024.

We believe the outlook for Besi’s business in H2-25 has improved in recent weeks based on customer feedback and order trends subsequent to quarter end. Expanded capex budgets for AI infrastructure have been confirmed by each of the leading industry players in recent quarters with new use cases emerging in cloud and edge computing along with co-packaged optics. Advanced packaging is one of the key ways to achieve AI system differentiation, develop innovative consumer edge AI devices and provide the most energy-efficient data center performance. Advanced packaging demand for AI applications remains strong given new device introductions expected in 2026-2028. We believe we are well positioned in the fastest-growing advanced packaging market segments including data centers, photonics, AI-enhanced PCs and mobile devices and EVs/autonomous driving.

As such, orders for our hybrid bonding systems are expected to increase significantly in H2-25 versus both H1-25 and H2-24 in both advanced logic and HBM4 memory applications as customers advance their technology roadmaps for new product introductions in 2026 and 2027. Customer interest in our TCB Next system for both memory and logic applications has also expanded significantly. TCB Next cycle times have improved with shipments anticipated in Q4-25 from orders received in Q2-25. We also anticipate increased orders for 2.5D advanced packaging systems for AI-related datacenter applications from both global IDMs and Asian subcontractors. In addition, there are early signs of a recovery in our mainstream assembly markets principally related to increased demand by Asian subcontractors for high-end mobile applications and high-performance computing applications for consumer markets.

For Q3-25, we anticipate that revenue will decline by approximately 5-15% versus Q2-25. However, orders for Q3-25 are expected to increase significantly on a sequential basis due to increased demand for hybrid bonding and 2.5D advanced packaging applications. Besi’s gross margin is anticipated to decline to a range of 60-62% in Q3-25 due to the adverse impact of a 12.8% decline in the value of the USD versus the euro in the first half of 2025. Operating expenses in Q3-25 are expected to be flat plus or minus 5% versus Q2-25 despite increased R&D spending.”

Share Repurchase Activity
During the quarter, Besi spent € 20.7 million to repurchase approximately 196,000 of its ordinary shares at an average price of € 105.80 per share. As of June 30, 2025, € 72.2 million of the current € 100 million share repurchase authorization has been used to repurchase approximately 644,000 ordinary shares at an average price of € 111.96 per share. As of June 30, 2025, Besi held approximately 2.0 million shares in treasury, equivalent to 2.5% of shares outstanding.

Investor and media conference call A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EDT). To register for the conference call and/or to access the audio webcast and webinar slides, please visit www.besi.com.
Important Dates • Publication Q3/Nine-month results • Publication Q4/Full year results	October 23, 2025 February 2026

Basis of Presentation
The accompanying Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2024 Annual Report, which is available on www.besi.com.

Contacts:
Richard W. Blickman, President & CEO
Andrea Kopp-Battaglia, Senior Vice President Finance
Claudia Vissers, Executive Secretary/IR coordinator
Edmond Franco, VP Corporate Development/US IR coordinator
Michael Sullivan, Investor Relations
Tel. (31) 26 319 4500
investor.relations@besi.com

About Besi
Besi is a leading manufacturer of assembly equipment supplying a broad portfolio of advanced packaging solutions to the semiconductor and electronics industries. We offer customers high levels of accuracy, reliability and throughput at a lower cost of ownership with a principal focus on wafer level and substrate assembly solutions. Customers are primarily leading semiconductor manufacturers, foundries, assembly subcontractors and electronics and industrial companies. Besi’s ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.

Caution Concerning Forward-Looking Statements
This press release contains statements about management’s future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “will”, “would”, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The financial guidance set forth under the heading “Outlook” contains such forward-looking statements. While these forward-looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward-looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; the extent and duration of the COVID-19 and other global pandemics and the associated adverse impacts on the global economy, financial markets, global supply chains and our operations as well as those of our customers and suppliers; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; consolidation activity and industry alliances in the semiconductor industry that may result in further increased customer concentration, inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, conflict minerals regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region where we have a substantial portion of our production facilities; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel, including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers.

In addition, the United States and other countries have recently levied tariffs and taxes on certain goods and could significantly increase or impose new tariffs on a broad array of goods. They have imposed, and may continue to impose, new trade restrictions and export regulations. Increased or new tariffs and additional taxes, including any retaliatory measures, trade restrictions and export regulations, could negatively impact end-user demand and customer investment in semiconductor equipment, increase Besi’s supply chain complexity and manufacturing costs, decrease margins, reduce the competitiveness of our products or restrict our ability to sell products, provide services or purchase necessary equipment and supplies. Any or all of the foregoing factor could have a material and adverse effect on our business, results of operations or financial condition. In addition, investors should consider those additional risk factors set forth in Besi’s annual report for the year ended December 31, 2024 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

Consolidated Statements of Operations

(€ thousands, except share and per share data)	Three Months Ended June 30, (unaudited)		Six Months Ended June 30, (unaudited)
	2025	2024	2025	2024

Revenue	148,101	151,176	292,246	297,490
Cost of sales	54,410	52,908	106,833	100,951

Gross profit	93,691	98,268	185,413	196,539

Selling, general and administrative expenses	30,629	30,514	63,587	70,155
Research and development expenses	19,571	18,503	39,073	36,422

Total operating expenses	50,200	49,017	102,660	106,577

Operating income	43,491	49,251	82,753	89,962

Financial expense, net	5,693	1,045	8,652	1,634

Income before taxes	37,798	48,206	74,101	88,328

Income tax expense	5,748	6,261	10,545	12,404

Net income	32,050	41,945	63,556	75,924

Net income per share – basic	0.40	0.53	0.80	0.97
Net income per share – diluted	0.40	0.53	0.80	0.97
Number of shares used in computing per share amounts: – basic – diluted ¹	79,184,703 81,288,679	79,281,533 81,941,471	79,206,267 81,405,308	78,231,430 82,023,808

______________________
¹⁾ The calculation of diluted income per share assumes the exercise of equity settled share based payments and the conversion of all Convertible Notes outstanding

Consolidated Balance Sheets

(€ thousands)	June 30, 2025 (unaudited)	March 31, 2025 (unaudited)	December 31, 2024 (audited)
ASSETS

Cash and cash equivalents	330,170	405,736	342,319
Deposits	160,000	280,000	330,000
Trade receivables	178,615	170,440	181,862
Inventories	96,977	103,836	103,285
Other current assets	53,821	46,099	40,927

Total current assets	819,583	1,006,111	998,393

Property, plant and equipment	51,089	42,868	44,773
Right of use assets	13,799	15,161	15,726
Goodwill	44,857	45,610	46,010
Other intangible assets	103,933	98,622	96,677
Investment property	5,206	–	–
Deferred tax assets	27,494	29,240	31,567
Other non-current assets	1,303	1,347	1,330

Total non-current assets	247,681	232,848	236,083

Total assets	1,067,264	1,238,959	1,234,476


Bank overdraft	–	840	776
Current portion of long-term debt	–	–	2,042
Trade payables	47,458	46,598	52,630
Other current liabilities	95,530	111,170	111,531

Total current liabilities	142,988	158,608	166,979

Long-term debt	526,184	525,493	525,653
Lease liabilities	10,873	11,770	12,350
Deferred tax liabilities	10,523	10,416	10,320
Other non-current liabilities	19,915	19,328	17,910

Total non-current liabilities	567,495	567,007	566,233

Total equity	356,781	513,344	501,264

Total liabilities and equity	1,067,264	1,238,959	1,234,476

Consolidated Cash Flow Statements

(€ thousands)	Three Months Ended June 30, (unaudited)		Six Months Ended June 30, (unaudited)
	2025	2024	2025	2024

Cash flows from operating activities:

Income before income tax	37,798	48,206	74,101	88,328

Depreciation and amortization	7,458	6,980	14,765	13,793
Share based payment expense	4,342	6,916	8,783	23,816
Financial expense, net	5,694	1,045	8,653	1,634

Changes in working capital	(11,032)	(46,694)	(13,145)	(49,945)
Interest (paid) received	3,726	3,893	839	5,062
Income tax paid	(21,988)	(15,428)	(23,563)	(17,517)

Net cash provided by operating activities	25,998	4,918	70,433	65,171

Cash flows from investing activities:
Capital expenditures	(11,764)	(3,216)	(13,497)	(8,866)
Capitalized development expenses	(7,320)	(4,912)	(14,057)	(9,575)
Acquisition of investment property	(5,206)	–	(5,206)	–
Repayments of (investments in) deposits	120,000	85,000	170,000	95,000

Net cash provided by (used in) investing activities	95,710	76,872	137,240	76,559

Cash flows from financing activities:
Proceeds from (payments of) bank lines of credit	(840)	–	(776)	–
Proceeds from (payments of) debt	(2,042)	–	(2,042)	–
Payments of lease liabilities	(1,111)	(1,063)	(2,225)	(2,106)
Purchase of treasury shares	(20,721)	(14,810)	(42,785)	(29,589)
Dividends paid to shareholders	(172,811)	(171,534)	(172,811)	(171,534)

Net cash used in financing activities	(197,525)	(187,407)	(220,639)	(203,229)

Net increase (decrease) in cash and cash equivalents	(75,817)	(105,617)	(12,966)	(61,499)
Effect of changes in exchange rates on cash and cash equivalents	251	798	817	256
Cash and cash equivalents at beginning of the period	405,736	232,053	342,319	188,477

Cash and cash equivalents at end of the period	330,170	127,234	330,170	127,234

Supplemental Information (unaudited) (€ millions, unless stated otherwise)

REVENUE	Q2-2025			Q1-2025			Q4-2024			Q3-2024			Q2-2024			Q1-2024

Per geography:
China	37.5		25%	40.5		28%	42.8		28%	45.5		29%	57.5		38%	58.5		40%
Asia Pacific (excl. China)	66.1		45%	56.3		39%	53.5		35%	51.6		33%	54.1		36%	43.6		30%
EU / USA / Other	44.5		30%	47.3		33%	57.1		37%	59.5		38%	39.6		26%	44.2		30%

Total	148.1		100%	144.1		100%	153.4		100%	156.6		100%	151.2		100%	146.3		100%

ORDERS	Q2-2025			Q1-2025			Q4-2024			Q3-2024			Q2-2024			Q1-2024

Per geography:
China	44.4		35%	39.7		30%	40.4		33%	45.4		30%	43.3		23%	51.1		40%
Asia Pacific (excl. China)	60.7		47%	51.7		39%	38.8		32%	69.3		46%	72.0		39%	45.0		35%
EU / USA / Other	22.9		18%	40.5		31%	42.7		35%	37.1		24%	69.9		38%	31.6		25%

Total	128.0		100%	131.9		100%	121.9		100%	151.8		100%	185.2		100%	127.7		100%

Per customer type:
IDM	71.9		56%	48.1		36%	61.2		50%	84.5		56%	122.4		66%	53.5		42%
Foundries/Subcontractors	56.1		44%	83.8		64%	60.7		50%	67.3		44%	62.8		34%	74.2		58%

Total	128.0		100%	131.9		100%	121.9		100%	151.8		100%	185.2		100%	127.7		100%

HEADCOUNT	June 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024

Fixed staff (FTE)	1,831		88%	1,820		88%	1,812		93%	1,807		87%	1,783		86%	1,760		88%
Temporary staff (FTE)	239		12%	251		12%	134		7%	271		13%	279		14%	236		12%

Total	2,070		100%	2,071		100%	1,946		100%	2,078		100%	2,062		100%	1,996		100%

OTHER FINANCIAL DATA	Q2-2025			Q1-2025			Q4-2024			Q3-2024			Q2-2024			Q1-2024

Gross profit	93.7		63.3%	91.7		63.6%	98.2		64.0%	101.2		64.7%	98.3		65.0%	98.3		67.2%


Selling, general and admin expenses:
As reported	30.6		20.7%	33.0		22.9%	28.6		18.6%	27.3		17.4%	30.5		20.2%	39.6		27.1%
Share-based compensation expense	(4.3	)	-2.9%	(4.4	)	-3.1%	(2.9	)	-1.8%	(3.4	)	-2.1%	(6.9	)	-4.6%	(16.9	)	-11.6%

SG&A expenses as adjusted	26.3		17.8%	28.6		19.8%	25.7		16.8%	23.9		15.3%	23.6		15.6%	22.7		15.5%


Research and development expenses:
As reported	19.6		13.2%	19.5		13.5%	19.0		12.4%	18.9		12.1%	18.5		12.2%	17.9		12.2%
Capitalization of R&D charges	7.3		4.9%	6.7		4.6%	5.4		3.5%	4.4		2.8%	4.9		3.2%	4.7		3.2%
Amortization of intangibles	(3.9	)	-2.6%	(3.7	)	-2.5%	(3.9	)	-2.5%	(3.9	)	-2.5%	(3.6	)	-2.3%	(3.6	)	-2.4%

R&D expenses as adjusted	23.0		15.5%	22.5		15.6%	20.5		13.4%	19.4		12.4%	19.8		13.1%	19.0		13.0%


Financial expense (income), net:
Interest income	(3.4	)		(5.0	)		(5.1	)		(5.2	)		(3.0	)		(4.0	)
Interest expense	6.4			6.3			6.1			5.7			2.1			2.8
Net cost of hedging	2.3			1.8			2.0			1.9			1.4			1.6
Foreign exchange effects, net	0.4			(0.1	)		0.9			(0.8	)		0.5			0.2

Total	5.7			3.0			3.9			1.6			1.0			0.6


Operating income (as % of net sales)	43.5		29.4%	39.3		27.2%	50.6		33.0%	55.1		35.2%	49.3		32.6%	40.7		27.8%

EBITDA (as % of net sales)	50.9		34.4%	46.6		32.3%	58.0		37.8%	62.4		39.8%	56.2		37.2%	47.5		32.5%

Net income (as % of net sales)	32.1		21.6%	31.5		21.9%	59.3		38.6%	46.8		29.9%	41.9		27.7%	34.0		23.2%

Effective tax rate	15.2%			13.2%			-27.0%			12.6%			13.0%			15.3%


Income per share
Basic	0.40			0.40			0.75			0.59			0.53			0.44
Diluted	0.40			0.40			0.74			0.59			0.53			0.44

Average shares outstanding (basic)	79,184,703			79,228,071			79,402,192			79,630,787			79,281,533			77,181,326

Shares repurchased
Amount	20.7			22.1			22.4			27.8			14.8			14.8
Number of shares	195,647			186,869			198,450			230,807			105,042			101,049


Gross cash	490.2			685.7			672.3			637.4			257.2			447.1

Net cash	(36.0	)		159.4			143.8			110.7			74.4			180.9

The MIL Network –

July 24, 2025

MIL-OSI: Defiance Launches JPX: The First 2X Leveraged ETF on JPM (JP Morgan)

Source: GlobeNewswire (MIL-OSI)

MIAMI, July 24, 2025 (GLOBE NEWSWIRE) — Defiance ETFs, a leader in thematic and leveraged exchange-traded funds, today announced the launch of a new innovative ETF: the Defiance Daily Target 2X Long JPM ETF (Ticker: JPX). JPX provides investors with amplified 2X daily exposure to the performance of JPMorgan Chase & Co. (JPM), empowering retail investors to capitalize on high-growth opportunities in the financial services without the need for a margin account.

JPX seeks to deliver daily investment results, before fees and expenses, of 200% of the daily performance of JPMorgan Chase & Co., a global financial powerhouse known for its leadership in banking, asset management, and investment services. JPX utilizes derivatives such as swaps and options to achieve its leveraged objectives, offering precise exposure to these dynamic companies.

“JPX represents Defiance’s continued commitment to pioneering leveraged ETFs that give investors amplified access to transformative companies,” said Sylvia Jablonski, CEO of Defiance ETFs. “JPMorgan’s dominance in financial innovation makes JPX a timely addition to our lineup, allowing active investors to pursue high-growth strategies in resilient sectors.”

Why JPMorgan Chase & Co.?
JPMorgan Chase & Co. is a cornerstone of the global economy, with a market-leading position in consumer banking, corporate & investment banking, and asset & wealth management. As digital transformation accelerates in finance, JPM continues to innovate with fintech integrations, blockchain applications, and sustainable investing initiatives, positioning it for sustained growth amid economic shifts.

An investment in JPX is not an investment in JPMorgan Chase & Co.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage, and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the Underlying Security’s performance is flat, and it is possible that the Fund will lose money even if the Underlying Security’s performance increases over a period longer than a single day. An investor could lose the full principal value of his/her investment within a single day.

About Defiance
Founded in 2018, Defiance is at the forefront of ETF innovation. Defiance is a leading ETF issuer specializing in thematic, income, and leveraged ETFs. Our first-mover leveraged single-stock ETFs empower investors to take amplified positions in high-growth companies, providing precise leverage exposure without the need to open a margin account.

IMPORTANT DISCLOSURES

The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the investment company. Please read carefully before investing. A hard copy of the prospectuses can be requested by calling 833.333.9383.

Defiance ETFs LLC is the ETF sponsor. The Fund’s investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”).

Investing involves risk. Principal loss is possible. As an ETF, the funds may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. A portfolio concentrated in a single industry or country, may be subject to a higher degree of risk.

There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment.

JPM Risks. The Funds invest in swap contracts and options that are based on the share prices of JPM. This subjects the Funds to the risk that the respective share prices decrease. If the share price of JPM decreases, the Funds will likely lose value and, as a result, the Funds may suffer significant losses. Therefore, as a result of the Funds’ exposure to the values of JPM, the Funds may also be subject to the following risks:

Underlying Securities Trading Risk. The trading prices of JPM may be highly volatile and could continue to be subject to wide fluctuations in response to various factors.

Underlying Securities Performance Risk. JPM may fail to meet publicly announced guidelines or other expectations about its business, which could cause its share price to decline.

Financial Services Industry Risk (JPX). The financial services industry can be significantly affected by regulatory changes, economic conditions, interest rate fluctuations, and competitive pressures.

Derivatives Risks. The Funds’ derivative investments carry risks such as an imperfect match between the derivative’s performance and its underlying assets, and the potential for loss of principal, which can exceed the initial investment.

Swap Agreements. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions.

Leverage Risk. As part of the Funds’ principal investment strategy, the Funds will make investments in swap contracts and options. These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to the Underlying Securities, as well as the potential for greater loss.

Compounding Risk. The Funds have a single day investment objective, and performance for any other period is the result of compounding daily returns for each trading day. The effects of compounding will likely cause the performance of a Fund to be either greater than or less than the Underlying Security’s performance times the stated multiple in the Fund’s investment objective, before accounting for fees and fund expenses.

High Portfolio Turnover Risk. A high portfolio turnover rate increases transaction costs, which may increase the Funds’ expenses and reduce performance. Frequent trading may also cause adverse tax consequences for investors in the Funds due to an increase in short-term capital gains.

Non-Diversification Risk. Because the Funds are non-diversified, they may invest a greater percentage of their assets in the securities of a single issuer or a smaller number of issuers than if they were diversified funds.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk of the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.

New Fund Risk. As newly formed funds, they have no operating history, providing a limited basis for investors to assess performance or management.

Brokerage commissions may be charged on trades.

Distributed by Foreside Fund Services, LLC.

David Hanono, info@defianceetfs.com, 833.333.9383

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a6fcf824-f9fc-4d50-a76d-7c63a7166247

The MIL Network –

July 24, 2025
MIL-OSI: Defiance Launches JPX: The First 2X Leveraged ETF on JPM (JP Morgan)

Source: GlobeNewswire (MIL-OSI)

MIAMI, July 24, 2025 (GLOBE NEWSWIRE) — Defiance ETFs, a leader in thematic and leveraged exchange-traded funds, today announced the launch of a new innovative ETF: the Defiance Daily Target 2X Long JPM ETF (Ticker: JPX). JPX provides investors with amplified 2X daily exposure to the performance of JPMorgan Chase & Co. (JPM), empowering retail investors to capitalize on high-growth opportunities in the financial services without the need for a margin account.

JPX seeks to deliver daily investment results, before fees and expenses, of 200% of the daily performance of JPMorgan Chase & Co., a global financial powerhouse known for its leadership in banking, asset management, and investment services. JPX utilizes derivatives such as swaps and options to achieve its leveraged objectives, offering precise exposure to these dynamic companies.

“JPX represents Defiance’s continued commitment to pioneering leveraged ETFs that give investors amplified access to transformative companies,” said Sylvia Jablonski, CEO of Defiance ETFs. “JPMorgan’s dominance in financial innovation makes JPX a timely addition to our lineup, allowing active investors to pursue high-growth strategies in resilient sectors.”

Why JPMorgan Chase & Co.?
JPMorgan Chase & Co. is a cornerstone of the global economy, with a market-leading position in consumer banking, corporate & investment banking, and asset & wealth management. As digital transformation accelerates in finance, JPM continues to innovate with fintech integrations, blockchain applications, and sustainable investing initiatives, positioning it for sustained growth amid economic shifts.

An investment in JPX is not an investment in JPMorgan Chase & Co.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage, and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the Underlying Security’s performance is flat, and it is possible that the Fund will lose money even if the Underlying Security’s performance increases over a period longer than a single day. An investor could lose the full principal value of his/her investment within a single day.

About Defiance
Founded in 2018, Defiance is at the forefront of ETF innovation. Defiance is a leading ETF issuer specializing in thematic, income, and leveraged ETFs. Our first-mover leveraged single-stock ETFs empower investors to take amplified positions in high-growth companies, providing precise leverage exposure without the need to open a margin account.

IMPORTANT DISCLOSURES

The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the investment company. Please read carefully before investing. A hard copy of the prospectuses can be requested by calling 833.333.9383.

Defiance ETFs LLC is the ETF sponsor. The Fund’s investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”).

Investing involves risk. Principal loss is possible. As an ETF, the funds may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. A portfolio concentrated in a single industry or country, may be subject to a higher degree of risk.

There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment.

JPM Risks. The Funds invest in swap contracts and options that are based on the share prices of JPM. This subjects the Funds to the risk that the respective share prices decrease. If the share price of JPM decreases, the Funds will likely lose value and, as a result, the Funds may suffer significant losses. Therefore, as a result of the Funds’ exposure to the values of JPM, the Funds may also be subject to the following risks:

Underlying Securities Trading Risk. The trading prices of JPM may be highly volatile and could continue to be subject to wide fluctuations in response to various factors.

Underlying Securities Performance Risk. JPM may fail to meet publicly announced guidelines or other expectations about its business, which could cause its share price to decline.

Financial Services Industry Risk (JPX). The financial services industry can be significantly affected by regulatory changes, economic conditions, interest rate fluctuations, and competitive pressures.

Derivatives Risks. The Funds’ derivative investments carry risks such as an imperfect match between the derivative’s performance and its underlying assets, and the potential for loss of principal, which can exceed the initial investment.

Swap Agreements. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions.

Leverage Risk. As part of the Funds’ principal investment strategy, the Funds will make investments in swap contracts and options. These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to the Underlying Securities, as well as the potential for greater loss.

Compounding Risk. The Funds have a single day investment objective, and performance for any other period is the result of compounding daily returns for each trading day. The effects of compounding will likely cause the performance of a Fund to be either greater than or less than the Underlying Security’s performance times the stated multiple in the Fund’s investment objective, before accounting for fees and fund expenses.

High Portfolio Turnover Risk. A high portfolio turnover rate increases transaction costs, which may increase the Funds’ expenses and reduce performance. Frequent trading may also cause adverse tax consequences for investors in the Funds due to an increase in short-term capital gains.

Non-Diversification Risk. Because the Funds are non-diversified, they may invest a greater percentage of their assets in the securities of a single issuer or a smaller number of issuers than if they were diversified funds.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk of the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.

New Fund Risk. As newly formed funds, they have no operating history, providing a limited basis for investors to assess performance or management.

Brokerage commissions may be charged on trades.

Distributed by Foreside Fund Services, LLC.

David Hanono, info@defianceetfs.com, 833.333.9383

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a6fcf824-f9fc-4d50-a76d-7c63a7166247

The MIL Network –

July 24, 2025
MIL-OSI: Toobit Launches Flagship International Futures Tournament (TIFT) with 3,000,000 USDT Prize Pool
Source: GlobeNewswire (MIL-OSI)

GEORGE TOWN, Cayman Islands, July 24, 2025 (GLOBE NEWSWIRE) — Toobit, the award-winning global cryptocurrency exchange, today announces the official launch of its highly anticipated Toobit International Futures Tournament (TIFT). Featuring a massive 3,000,000 USDT in total prizes, TIFT is set to be one of the most exhilarating trading competitions of the year, inviting top-tier traders from across the globe to put their strategies to the test and claim their share of the monumental prize pool.

Traders can register now to take advantage of exclusive early bird incentives. Participants who register early will receive a 10 USDT sign-up bonus from a 20,000 USDT prize pool. An additional 20 USDT bonus is available for early registrants who achieve a futures trading volume exceeding 30,000 USDT during the tournament, drawn from a 30,000 USDT pool. These bonuses are allocated on a first-come, first-served basis.

TIFT offers a dynamic competition structure designed to ignite the competitive spirit in every trader, featuring intense team and individual challenges. Beyond the lucrative prizes, TIFT offers an unparalleled platform for traders to benchmark their skills, learn from top performers, and elevate their trading strategies in a high-stakes, real-time environment.

Here’s what TIFT has in store:

Team Expedition

Unite with a squad and strategize for a share of the 1,500,000 USDT prize pool. Rewards are distributed among Captains and top-performing team members.

Solo Summit

Climb the leaderboard and conquer the 600,000 USDT prize pool by outperforming the competition based on trading volume.

Climber’s Cache

Participate in daily draws to win from a 790,000 USDT pool of bonuses, including USDT, DOGE, TON, and exclusive Toobit merchandise.

Early Bird & Team Captain Incentives

Get in early and lead the charge. An additional 100,000 USDT is allocated for early registrants and Team Captains.

“We’re thrilled to kick off the Toobit International Futures Tournament,” said Mike Williams, Chief Communication Officer at Toobit. “This competition offers an incredible opportunity for traders to showcase their skills and earn rewards. TIFT is all about fostering a vibrant, competitive, and engaging environment, empowering our community with diverse ways to participate and win. We’re excited to witness the strategies unfold and celebrate the achievements of our participants.”

Key dates to remember:
- Early Bird Registration: July 23, 2025, 10:00 UTC – July 30, 2025, 10:00 UTC
- Team Creation Period: July 23, 2025, 10:00 UTC – August 1, 2025, 23:59 UTC
- User Registration Period: July 23, 2025, 10:00 UTC – August 25, 2025, 10:00 UTC
- Team/Solo Competition Period: August 4, 2025, 00:00 UTC – August 25, 2025, 10:00 UTC
- Climber’s Cache Draw Period: July 23, 2025, 10:00 UTC – August 25, 2025, 10:00 UTC
Register on the TIFT page. For complete rules and prize details, visit the Toobit announcement page.

About Toobit

Toobit is where the future of crypto trading unfolds—an award-winning cryptocurrency derivatives exchange built for those who thrive exploring new frontiers. With deep liquidity and cutting-edge technology, Toobit empowers traders worldwide to navigate the digital asset markets with confidence. We offer a fair, secure, seamless, and transparent trading experience, ensuring every trade is an opportunity to discover what’s next.

For more information about Toobit, visit: Website | X | Telegram | LinkedIn | Discord | Instagram

Contact: Davin C.
Email: market@toobit.com
Website: www.toobit.com

Disclaimer: This content is provided by Toobit. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.Globenewswire does not endorse any content on this page.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4fa03ae1-03ce-4b08-9d58-abb5c6697641

The MIL Network –
July 24, 2025

Category: Trade

Singapore as a Strategic Hub in Microsoft’s Global Research Network

Driving Multi-Domain AI Innovation through Interdisciplinary Collaboration

Developing AI Talent and Strengthening Ecosystem Collaboration

About Microsoft Research Asia

About Microsoft

Christine Lagarde, President of the ECB,Luis de Guindos, Vice-President of the ECB

Economic activity

Inflation

Risk assessment

Financial and monetary conditions

Conclusion

Business leaders welcome the UK-India Free Trade Agreement

Business Groups

Rain Newton-Smith, CEO, CBI said:

William Bain, Head of Trade Policy at the BCC, said:

Policy Chair of the Federation of Small Businesses (FSB), Tina McKenzie, said:

Richard Heald OBE, Chair, UK-India Business Council, said:

Aerospace

Tufan Erginbiligic, Rolls-Royce CEO, said:

Financial and professional services

Ian Stuart, CEO of HSBC UK, said:

Bill Winters CBE, Group Chief Executive of Standard Chartered and Co-Chair of the UK-India Financial Partnership, said:

Rohan Malik, EY EMEIA and UK & Ireland Government & Public Sector Managing Partner, said:

Adam Gagen, Global Head of Government Affairs at Revolut, said:

Nicola Watkinson, Managing Director for International, TheCityUK, said:

Automotives

Mike Hawes, SMMT Chief Executive, said:

A JLR spokesperson said:

Food and drink

Nik Jhangiani, Interim Chief Executive, Diageo, said:

Jean-Etienne Gourgues, Chivas Brothers Chairman and CEO, said:

Mark Kent, Chief Executive of the SWA said:

George Hyde, Head of Trade, The Food and Drink Federation:

Nick Spencer, Export and Travel Retail Manager at Southwestern Distillery Ltd, said:

Stephen Davies, Chief Executive of Penderyn Distillery, said:

Medtech

Gordon Sanghera, CEO of Oxford Nanopore Technologies, said:

Deepak Nath, Chief Executive Officer, Smith+Nephew, said:

Philip McKee, Sales Manager at Biopanda, a Belfast-based medtech manufacturer which exports in vitro test kits for clinical laboratories, veterinary practice, and food safety laboratories, said:

Manufacturing

Graeme Macdonald, JCB Chief Executive, said:

Professor Carl Stephen Patrick Hunter OBE, Chairman Coltraco Ultrasonics Limited & Director-General The Durham Institute of Research, Development & Invention, said:

Mark Ridgway OBE DL, CEO of Rhodes Group, said:

Idir Boudaoud, Founder and CEO at Sensoteq, said:

William Crawford, Director of Concrete Canvas Ltd, said:

Creative Industries

Richard Masters, Premier League Chief Executive, said:

Richard Pring, Co-Founder at Wales Interactive, said:

Digital and Tech

Simon Hansford, Chief Commercial Officer at Civo, a cloud provider founded in Hertfordshire, said:

Clean Energy

Neil Spann, CEO of Power Roll, said:

Transport

Chris Woodroofe, Manchester Airport Managing Director, said:

Textiles

Bill Leach, Global Sales Director, John Smedley Ltd, said:

Cosmetics

Dr Emma Meredith OBE, Director-General, CTPA (Cosmetic, Toiletry and Perfumery Association), said:

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Updates to this page

Christine Lagarde, President of the ECB,
Luis de Guindos, Vice-President of the ECB

Adam Gagen, Global Head of Government Affairs at Revolut, said: 

William Crawford, Director of Concrete Canvas Ltd, said: 