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  • MIL-OSI: Introducing Commerce, the New Parent Brand of BigCommerce, Feedonomics and Makeswift, Powering an AI-Driven Future

    Source: GlobeNewswire (MIL-OSI)

    Commerce’s open, intelligent ecosystem connects the tools and systems that drive growth and empower businesses to unlock data potential and deliver seamless, personalized experiences at scale

    Commerce unveils unified AI vision to enable every merchant to thrive in the agentic commerce era

    AUSTIN, Texas, July 31, 2025 (GLOBE NEWSWIRE) — BigCommerce Holdings, Inc. (Nasdaq: BIGC), a leading open SaaS ecommerce platform for B2C and B2B businesses, today announced the launch of its new parent brand, Commerce, and that it has officially changed its corporate name to Commerce.com, Inc. (“Commerce” or the “Company”), unifying BigCommerce, Feedonomics and Makeswift to power the next era of agentic commerce. In connection with the name change and rebranding, effective on or about August 1, 2025, the Company’s common stock will begin trading on the Nasdaq Global Market under the ticker symbol “CMRC” and cease trading under “BIGC.” This strategic move introduces a bold vision for the future where AI navigates choices for consumers and businesses adapt with intelligent, composable tools.

    In conjunction with the rebrand, Commerce also unveiled the company’s vision and strategy for powering agentic commerce where AI acts on behalf of consumers to research, recommend and even transact. To support this shift, Commerce is focused on enabling merchants with the data infrastructure and intelligent storefronts needed to thrive in this next chapter of digital commerce.

    “Launching the Commerce brand is about more than a new name and logo,” said Commerce CEO Travis Hess. “It is a clear declaration to our customers, partners, investors and team that we are doubling down on innovation to give brands, retailers, manufacturers, distributors and wholesalers the flexibility, connectivity and care to help them move faster, scale smarter and grow on their terms. Agentic commerce requires a new playbook, and Commerce is here to deliver it with an open ecosystem built for speed, intelligence and flexibility.”

    Unifying Three Market-leading Solutions

    The individual BigCommerce, Feedonomics and Makeswift brands will continue to exist as three powerful solutions with a unified purpose:

    • BigCommerce is the flexible ecommerce platform that grows with merchants. It is trusted by teams that value speed and scalability, empowering innovation without constraint.
    • Feedonomics turns data into a competitive advantage, ensuring every product is AI-ready and optimized across hundreds of global channels.
    • Built for both marketers and developers, Makeswift is the intuitive visual editor that lets whole teams collaborate to create cutting-edge, personalized digital experiences.

    Together, Commerce connects the tools and systems that drive growth, whether it is part of our family of brands or a trusted outside partner. Its open, intelligent ecosystem empowers businesses to unlock data potential and deliver seamless, personalized experiences at scale.

    “Commerce is more than just another ecommerce company,” said Hess. “We are a trusted partner, an innovation engine and a champion that stands behind what we promise, and one of those promises is to provide an AI-driven ecosystem that aligns innovation with outcomes.”

    Delivering AI to Drive Results

    The way consumers discover and purchase products online is undergoing a dramatic transformation. Traditional organic search is rapidly losing ground as the “front door” of the internet. Instead, shoppers are turning to answer engines—AI-powered platforms like ChatGPT, Perplexity, Copilot and Google Cloud with Gemini—to find what they need and even buy it. In this new era, AI agents act on behalf of shoppers, searching, comparing, and even checking out across multiple channels, often without ever visiting a merchant’s website. These AI-driven experiences are seamless, contextual and increasingly the default for how consumers interact with commerce online.

    For large retail brands and technology companies, this means that web traffic is already shifting as the old playbook of SEO and paid ads becomes less effective. The conversation is focused on regaining visibility and relevance in a fundamentally new digital landscape.

    Commerce offers a complete solution for the AI era. Feedonomics optimizes merchant data for every touchpoint and holds strategic partnerships with leading AI platforms. BigCommerce provides the operating system for merchants of record. Makeswift powers AI-optimized storefronts. Every merchant needs an end-to-end strategy with these pillars for success in AI-driven commerce.

    Over the last few weeks, Commerce brands BigCommerce and Feedonomics have expanded partnerships with AI leaders Perplexity and Google Cloud to help businesses capitalize on agentic commerce opportunities to meet consumer expectations and create a competitive advantage.

    “At Commerce, we leverage AI where it delivers real, measurable results: powering personalization, automation and data orchestration across the entire customer journey from discovery to checkout,” said Vipul Shah, chief product officer at Commerce. “By delivering relevant, context-optimized data to digital channels including answer engines, and creating agentic tools to help merchants optimize their operations, Commerce helps businesses adapt in real time and grow intelligently. We’re not just following the AI wave; we’re in the room with the product and engineering teams from the leading AI companies shaping the future of the internet so that we are positioned to help our customers win.”

    Adventure brand Revelyst, the parent company of Bell, Bushnell, CamelBak and Giro; global consumer brand URBN, the parent company of Urban Outfitters, Anthropologie and many others; and Tapestry, the parent company of fashion brands such as Coach and Kate Spade New York; and Dell Technologies are already leveraging Commerce’s product data integrations to improve visibility, protect brand consistency and boost performance across AI-driven search experiences.

    “Since Travis stepped into the CEO role, he has assembled an experienced and visionary leadership team that came together with clarity and conviction to transform the company,” said Ellen Siminoff, executive chair of the board of directors at Commerce. “The launch of Commerce is the culmination of bold thinking, careful planning and hard work during a period of rapid industry change. This transformation positions the company for a return to long-term, sustainable growth. We are proud of our progress thus far and look forward to continuous execution.”

    Conference Call Information

    Commerce will host its first quarterly earnings call under the Commerce name later this morning at 7:00 a.m. CT (8:00 a.m. ET) Thursday, July 31, 2025. The conference call can be accessed by dialing (833) 634-1254 from the United States and Canada or (412) 317-6012 internationally and requesting to join the “Commerce conference call.” The live webcast of the conference call can be accessed from BigCommerce’s investor relations website at http://investors.bigcommerce.com.

    Following the completion of the call through 11:59 p.m. ET on Thursday, August 7, 2025, a telephone replay will be available by dialing (877) 344-7529 from the United States, (855) 669-9658 from Canada or (412) 317-0088 internationally with conference ID 7863771. A webcast replay will also be available at http://investors.bigcommerce.com for 12 months.

    About Commerce

    Commerce empowers businesses to innovate, grow, and thrive by providing an open, AI-driven commerce ecosystem. As the parent company of BigCommerce, Feedonomics, and Makeswift, Commerce connects the tools and systems that power growth, enabling businesses to unlock the full potential of their data, deliver seamless and personalized experiences across every channel, and adapt swiftly to an ever-changing market. Trusted by leading businesses like Coldwater Creek, Cole Haan, Harvey Nichols, King Arthur Baking Co., Melissa & Doug, Mizuno, Patagonia, Perry Ellis, Puma, SportsShoes, and Uplift Desk, Commerce delivers the storefront control, optimized data, and AI-ready tools businesses need to grow, serve diverse buyers, and operate with confidence in an increasingly intelligent, multi-surface world. For more information, visit commerce.com or follow us on X and LinkedIn.

    BigCommerce,® the Commerce logo, and other brands are the trademarks or registered trademarks of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owner.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “strategy, “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our ability to successfully execute our rebranding initiative, our increased focus on AI enablement, market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our plans and objectives for future operations, growth, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. These assumptions, uncertainties and risks include that, among others, our business would be harmed by any decline in new customers, renewals or upgrades, our limited operating history makes it difficult to evaluate our prospects and future results of operations, we operate in competitive markets, we may not be able to sustain our revenue growth rate in the future, our business would be harmed by any significant interruptions, delays or outages in services from our platform or certain social media platforms, and a cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks could negatively affect our business. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2024 and the future quarterly and current reports that we file with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to Commerce at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Commerce assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

    Media Contact:
    Brad Hem
    pr@commerce.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0e3864e0-299e-4612-a8de-892adb7645e8

    The MIL Network –

  • MIL-OSI: Radware Report Reveals Shifting Attack Vectors in Credential Stuffing Campaigns

    Source: GlobeNewswire (MIL-OSI)

    MAHWAH, N.J., July 31, 2025 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today released a new research report—The Invisible Breach: Business Logic Manipulation and API Exploitation in Credential Stuffing Attacks. The report reveals a paradigm shift in credential stuffing attacks. It underscores a fundamental transformation from volume-based attacks leveraging a series of repeated password attempts to sophisticated, multi-stage infiltration techniques.

    “To bypass traditional defenses, modern credential stuffing attacks are shifting away from traditional password-spraying techniques in favor of business logic manipulation, cross-platform device spoofing, and strategic API exploitation,” said Arik Atar, senior cyber threat intelligence researcher at Radware. “The message for defending organizations is clear. To match this new reality, they must move beyond credential-centric controls to adopt security strategies that validate entire user journeys, correlate cross-request behavior, and detect suspicious patterns in business logic flows.”

    Radware’s research examined 100 advanced credential stuffing configurations deployed through a well-known account takeover tool called SilverBullet.

    Advanced attack methodologies

    • Business logic attacks: 94% of configurations implement four or more business logic attack elements, with 54% demonstrating advanced orchestration, using 13+ distinct techniques.
    • API exploitation: 83% of configurations contain explicit API-targeting techniques.
    • Multi-device spoofing: 24% of attack scripts alternate between two device types during execution, with 71% employing cross-platform transitions, primarily between iOS and Windows.

    Primary targets

    • Industries: Technology/SaaS emerged as the primary target sector (27%), followed by financial services/government (16%), and the travel/airline (13%) sectors.
    • Online tools: There is a significant shift toward high-value AI tools (44% of all technology targets), potentially exploited by spammers who engage in account cracking to create large-scale phishing content. In addition, corporate tools (30%), including Microsoft 365, OneDrive, and Outlook, are likely targets for ransomware groups pursuing initial access to organizational systems.

    Centralized threat landscape

    • Concentration: 51% of the analyzed configurations, randomly collected over six months, were written by just three advanced threat actors: SVBCONFIGSMAKER, t.me/mrcombo1services, and @Magic_Ckg.
    • Specialization: Each threat actor had over two years of operational experience in distinct areas of specialization, including AI platform authentication bypass, mobile API exploitation, and Microsoft cloud services.

    Radware’s complete report—The Invisible Breach: Business Logic Manipulation and API Exploitation in Credential Stuffing Attacks—can be downloaded here.

    The research methodology was based on an analysis of 100 SilverBullet credential stuffing attack scripts to identify emerging trends, techniques, and tactics in modern account takeover (ATO) campaigns. The scripts were collected from Telegram channels of threat actors and published between December 2024 and May 2025.

    About Radware
    Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

    Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, and YouTube.

    ©2025 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

    THIS PRESS RELEASE AND RADWARE’S THE INVISIBLE BREACH: BUSINESS LOGIC MANIPULATION AND API EXPLOITATION IN CREDENTIAL STUFFING ATTACKS REPORT ARE PROVIDED FOR INFORMATIONAL PURPOSES ONLY. THESE MATERIALS ARE NOT INTENDED TO BE AN INDICATOR OF RADWARE’S BUSINESS PERFORMANCE OR OPERATING RESULTS FOR ANY PRIOR, CURRENT, OR FUTURE PERIOD.

    Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

    The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

    Safe Harbor Statement
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” For example, when we say in this press release that to match this new reality, organizations must move beyond credential-centric controls to adopt security strategies that validate entire user journeys, correlate cross-request behavior, and detect suspicious patterns in business logic flows, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, tensions between China and Taiwan, financial and credit market fluctuations (including elevated interest rates), impacts from tariffs or other trade restrictions, inflation, and the potential for regional or global recessions; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cybersecurity and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, or if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; our use of AI technologies that present regulatory, litigation, and reputational risks; risks related to the fact that our products must interoperate with operating systems, software applications and hardware that are developed by others; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns; our net losses in the past and the possibility that we may incur losses in the future; a slowdown in the growth of the cybersecurity and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; complications with the design or implementation of our new enterprise resource planning (“ERP”) system; our reliance on information technology systems; our ESG disclosures and initiatives; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

    The MIL Network –

  • MIL-OSI: WTW Reports Second Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    • Revenue1of $2.3 billion was flat compared to prior-year quarter due to the sale of TRANZACT
    • Organic Revenue growth of 5% for the quarter
    • Diluted Earnings per Share was $3.32 for the quarter, up 144% over prior year
    • Adjusted Diluted Earnings per Share was $2.86 for the quarter, up 20% over prior year2
    • Operating Margin was 16.3% for the quarter, up 690 basis points over prior year
    • Adjusted Operating Margin was 18.5% for the quarter, up 150 basis points from prior year

    LONDON, July 31, 2025 (GLOBE NEWSWIRE) — WTW (NASDAQ: WTW) (the “Company”), a leading global advisory, broking and solutions company, today announced financial results for the second quarter ended June 30, 2025.

    “Our strong second quarter results demonstrate the meaningful progress we’ve made towards advancing our strategy, helping deliver solid topline results, along with margin and earnings growth,” said Carl Hess, WTW’s Chief Executive Officer. “I’m pleased with how our businesses continued to prove their value and resilience this quarter, providing our clients with critical solutions to help manage people, risk and capital amidst economic uncertainty. Building on our strong first-half performance and continued momentum, we enter the second half of 2025 on track to deliver on our financial framework, including mid-single digit organic revenue growth, operating margin expansion, adjusted earnings per share growth, and free-cash-flow margin expansion. I’d like to thank our colleagues for their consistent execution and dedication to delivering for our clients.”

    Consolidated Results

    As reported, USD millions, except %

    Key Metrics Q2-25 Q2-242 Y/Y Change
    Revenue1 $2,261 $2,265 Reported (0)% | CC (1)% | Organic 5%
    Income from Operations $368 $212 74%
    Operating Margin % 16.3% 9.4% 690 bps
    Adjusted Operating Income $419 $385 9%
    Adjusted Operating Margin % 18.5% 17.0% 150 bps
    Net Income $332 $142 134%
    Adjusted Net Income $285 $247 15%
    Diluted EPS $3.32 $1.36 144%
    Adjusted Diluted EPS $2.86 $2.39 20%
    1 The revenue amounts included in this release are presented on a U.S. GAAP basis except where stated otherwise. The segment discussion is on an organic basis.
       
    2 Refer to “WTW Non-GAAP Measures” below and the Q2-25 Supplemental Slides for recast of historical Non-GAAP measures.
       

    Revenue was $2.26 billion for the second quarter of 2025, which was flat compared to $2.27 billion for the same period in the prior year due to the sale of TRANZACT. Excluding the impact of foreign currency, revenue decreased 1%. On an organic basis, revenue increased 5%. See Supplemental Segment Information for additional detail on book-of-business settlements and interest income included in revenue.

    Net Income for the second quarter of 2025 was $332 million compared to Net Income of $142 million in the prior-year second quarter. Adjusted EBITDA for the second quarter was $470 million, or 20.8% of revenue, an increase of 6%, compared to Adjusted EBITDA of $445 million, or 19.6% of revenue, in the prior-year second quarter. The U.S. GAAP tax rate for the second quarter was (6.8)%, and the adjusted income tax rate for the second quarter used in calculating adjusted diluted earnings per share was 18.0%.

    Cash Flow and Capital Allocation

    Cash flows from operating activities were $326 million for the six months ended June 30, 2025, compared to cash flows from operating activities of $431 million for the same prior-year period. Free cash flow for the six months ended June 30, 2025 and 2024 was $217 million and $305 million, respectively, a decrease of $88 million. The decline was primarily due to increased compensation and cash tax payments as well as the absence of cash inflows from TRANZACT following its sale on December 31, 2024, partly offset by lower Transformation program spending and operational improvements. During the quarter ended June 30, 2025, the Company repurchased 1,614,427 of its outstanding shares for $500 million.

    Second Quarter 2025 Segment Highlights

    Health, Wealth & Career (“HWC”)

    As reported, USD millions, except %

    Health, Wealth & Career Q2-25 Q2-24 Y/Y Change
    Total Revenue $1,180 $1,260 Reported (6)% | CC (8)% | Organic 4%
    Operating Income $280 $276 1%
    Operating Margin % 23.8% 21.9% 190 bps

    The HWC segment had revenue of $1.18 billion in the second quarter of 2025, a decrease of 6% (8% decrease constant currency and organic growth of 4%) from $1.26 billion in the prior year due to the sale of TRANZACT. Health delivered organic revenue growth driven by double-digit increases outside North America and solid performance in North America. Wealth generated organic revenue growth from higher levels of Retirement work globally alongside growth in our Investments business from new business wins and product launches. Career had modest revenue growth as healthy demand for advisory project work outside North America was offset by North America client postponement decisions made earlier in the year. Benefits Delivery & Outsourcing revenue was materially flat, as increased project and core administration work within Europe was tempered by lower commission revenue in the Individual Marketplace business compared to the prior year.

    Operating margins in the HWC segment increased 190 basis points from the prior-year second quarter to 23.8%, primarily due to the sale of TRANZACT. Excluding TRANZACT operating margins increased 20 basis points. Please refer to the Supplemental Slides for TRANZACT’s standalone historical financial results.

    Risk & Broking (“R&B”)

    As reported, USD millions, except %

    Risk & Broking Q2-25 Q2-24 Y/Y Change
    Total Revenue $1,047 $979 Reported 7% | CC 6% | Organic 6%
    Operating Income $222 $202 10%
    Operating Margin % 21.2% 20.6% 60 bps

    The R&B segment had revenue of $1.05 billion in the second quarter of 2025, an increase of 7% (6% increase constant currency and organic) from $979 million in the prior year. Corporate Risk & Broking (CRB) had organic revenue growth driven by higher levels of new business activity and strong client retention globally. Insurance Consulting and Technology (ICT) revenue was flat for the quarter as clients managed spend more cautiously amid ongoing economic uncertainty.

    Operating margins in the R&B segment increased 60 basis points from the prior-year second quarter to 21.2%, due primarily to operating leverage driven by strong organic revenue growth and savings from the Transformation program which were partially offset by headwinds from decreased interest income and foreign currency fluctuations.

    Select 2025 Financial Considerations

    Changes to Non-GAAP financial measures:

    • All reported non-GAAP metrics will exclude non-cash net periodic pension and postretirement benefits
    • Free cash flow and free cash flow margin will capture cash outflows for capitalized software costs
    • Refer to Supplemental Slides for recast of historical Non-GAAP measures

    Business mix:

    • TRANZACT business, which contributed $1.14 to adjusted diluted earnings per share in 2024, is no longer part of the business portfolio following the completion of the TRANZACT sale in the fourth quarter of 2024
    • Reinsurance joint venture with Bain Capital expected to be a headwind on adjusted diluted earnings per share of approximately $0.20, which will be partially mitigated by gains from other equity investments, resulting in a net headwind of approximately $0.10 at the interest in earnings of associates level

    Free cash flow:

    • Expect cash outflows in 2025 from the payment of accrued costs related to the Transformation program which concluded in 2024

    Capital allocation:

    • Expect share repurchases of ~$1.5 billion, subject to market conditions and potential capital allocation to organic and inorganic investment opportunities

    Foreign exchange:

    • Expect a foreign currency tailwind on adjusted diluted earnings per share of approximately $0.05 in 2025 at today’s rates

    Adjusted operating margin outlook:

    • ~100 basis points of average annual margin expansion over next 3 years in R&B
    • Incremental annual margin expansion at HWC and enterprise levels

    The 2025 Financial Considerations above include Non-GAAP financial measures. We do not reconcile forward-looking Non-GAAP measures for reasons explained under “WTW Non-GAAP Measures” below.

    Conference Call

    The Company will host a conference call to discuss the financial results for the second quarter 2025. It will be held on Thursday, July 31, 2025, beginning at 9:00 a.m. Eastern Time. A live, listen-only webcast of the conference call will be available on WTW’s website. Analysts and institutional investors may participate in the conference call’s question-and-answer session by registering in advance here. An online replay will be available at investors.wtwco.com shortly after the call concludes.

    About WTW

    At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at www.wtwco.com.

    WTW Non-GAAP Measures

    In order to assist readers of our consolidated financial statements in understanding the core operating results that WTW’s management uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Constant Currency Change, (2) Organic Change, (3) Adjusted Operating Income/Margin, (4) Adjusted EBITDA/Margin, (5) Adjusted Net Income, (6) Adjusted Diluted Earnings Per Share, (7) Adjusted Income Before Taxes, (8) Adjusted Income Taxes/Tax Rate, (9) Free Cash Flow and (10) Free Cash Flow Margin.

    We believe that those measures are relevant and provide pertinent information widely used by analysts, investors and other interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results.

    Within the measures referred to as ‘adjusted’, we adjust for significant items which will not be settled in cash, or which we believe to be items that are not core to our current or future operations. Some of these items may not be applicable for the current quarter, however they may be part of our full-year results. Additionally, we have historically adjusted for certain items which are not described below, but for which we may adjust in a future period when applicable. Items applicable to the quarter or full year results, or the comparable periods, include the following:

    • Restructuring costs and transaction and transformation – Management believes it is appropriate to adjust for restructuring costs and transaction and transformation when they relate to a specific significant program with a defined set of activities and costs that are not expected to continue beyond a defined period of time, or significant acquisition-related transaction expenses. We believe the adjustment is necessary to present how the Company is performing, both now and in the future when the incurrence of these costs will have concluded.
    • Provisions for specified litigation matters – We will include provisions for litigation matters which we believe are not representative of our core business operations. Among other things, we determine this by reference to the amount of the loss (net of insurance and other recovery receivables) and by reference to whether the matter relates to an unusual and complex scenario that is not expected to be repeated as part of our ongoing, ordinary business. These amounts are presented net of insurance and other recovery receivables. See the footnotes to the reconciliation tables below for more specificity on the litigation matter excluded from adjusted results.
    • Gains and losses on disposals of operations – Adjustment to remove the gains or losses resulting from disposed operations that have not been classified as discontinued operations.
    • Net periodic pension and postretirement benefits – Adjustment to remove the recognition of net periodic pension and postretirement benefits (including pension settlements), other than service costs. We have included this adjustment as applicable in our prior-period disclosures in order to conform to the current-period presentation.
    • Tax effect of significant adjustments – Relates to the incremental tax expense or benefit resulting from significant or unusual events including significant statutory tax rate changes enacted in material jurisdictions in which we operate, internal reorganizations of ownership of certain businesses that reduced the investment held by our U.S.-controlled subsidiaries and the recovery of certain refunds or payment of taxes related to businesses in which we no longer participate.

    We evaluate our revenue on an as reported (U.S. GAAP), constant currency and organic basis. We believe presenting constant currency and organic information provides valuable supplemental information regarding our comparable results, consistent with how we evaluate our performance internally.

    We consider Constant Currency Change, Organic Change, Adjusted Operating Income/Margin, Adjusted EBITDA/Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Income Before Taxes, Adjusted Income Taxes/Tax Rate and Free Cash Flow to be important financial measures, which are used to internally evaluate and assess our core operations and to benchmark our operating and liquidity results against our competitors. These non-GAAP measures are important in illustrating what our comparable operating and liquidity results would have been had we not incurred transaction-related and non-recurring items. Reconciliations of these measures are included in the accompanying tables with the following exception: The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency impacts necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non-GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.

    Our non-GAAP measures and their accompanying definitions are presented as follows:

    Constant Currency Change – Represents the year-over-year change in revenue excluding the impact of foreign currency fluctuations. To calculate this impact, the prior year local currency results are first translated using the current year monthly average exchange rates. The change is calculated by comparing the prior year revenue, translated at the current year monthly average exchange rates, to the current year as reported revenue, for the same period. We believe constant currency measures provide useful information to investors because they provide transparency to performance by excluding the effects that foreign currency exchange rate fluctuations have on period-over-period comparability given volatility in foreign currency exchange markets.

    Organic Change – Excludes the impact of fluctuations in foreign currency exchange rates, as described above and the period-over-period impact of acquisitions and divestitures on current-year revenue. We believe that excluding transaction-related items from our U.S. GAAP financial measures provides useful supplemental information to our investors, and it is important in illustrating what our core operating results would have been had we not included these transaction-related items, since the nature, size and number of these transaction-related items can vary from period to period.

    Adjusted Operating Income/Margin – Income from operations adjusted for amortization, restructuring costs, transaction and transformation and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted operating income margin is calculated by dividing adjusted operating income by revenue. We consider adjusted operating income/margin to be important financial measures, which are used internally to evaluate and assess our core operations and to benchmark our operating results against our competitors.

    Adjusted EBITDA/Margin – Net Income adjusted for provision for income taxes, interest expense, depreciation and amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted EBITDA Margin is calculated by dividing adjusted EBITDA by revenue. We consider adjusted EBITDA/margin to be important financial measures, which are used internally to evaluate and assess our core operations, to benchmark our operating results against our competitors and to evaluate and measure our performance-based compensation plans.

    Adjusted Net Income – Net Income Attributable to WTW adjusted for amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results and the related tax effect of those adjustments and the tax effects of internal reorganizations. This measure is used solely for the purpose of calculating adjusted diluted earnings per share.

    Adjusted Diluted Earnings Per Share – Adjusted Net Income divided by the weighted-average number of ordinary shares, diluted. Adjusted diluted earnings per share is used to internally evaluate and assess our core operations and to benchmark our operating results against our competitors.

    Adjusted Income Before Taxes – Income from operations before income taxes and interest in earnings of associates adjusted for amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted income before taxes is used solely for the purpose of calculating the adjusted income tax rate.

    Adjusted Income Taxes/Tax Rate – Provision for income taxes adjusted for taxes on certain items of amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, the tax effects of significant adjustments and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results, divided by adjusted income before taxes. Adjusted income taxes is used solely for the purpose of calculating the adjusted income tax rate. Management believes that the adjusted income tax rate presents a rate that is more closely aligned to the rate that we would incur if not for the reduction of pre-tax income for the adjusted items and the tax effects of internal reorganizations, which are not core to our current and future operations.

    Free Cash Flow – Cash flows from operating activities less cash used to purchase fixed assets and software. Free Cash Flow is a liquidity measure and is not meant to represent residual cash flow available for discretionary expenditures. Management believes that free cash flow presents the core operating performance and cash-generating capabilities of our business operations. As a result of our change in presentation, free cash flow for the prior period has been adjusted to conform to the current period, which includes the deduction of our capitalized software costs.

    Free Cash Flow Margin – Free Cash Flow as a percentage of revenue, which represents how much of revenue would be realized on a cash basis. We consider this measure to be a meaningful metric for tracking cash conversion on a year-over-year basis due to the non-cash nature of our pension income, which is included in our GAAP and Non-GAAP earnings metrics presented herein.

    These non-GAAP measures are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies. Non-GAAP measures should be considered in addition to, and not as a substitute for, the information contained within our condensed consolidated financial statements.

    WTW Forward-Looking Statements

    This document contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations. All statements, other than statements of historical facts, that address activities, events or developments that we expect or anticipate may occur in the future, including such things as: our outlook; the potential impact of natural or man-made disasters like health pandemics and other world health crises; future capital expenditures; ongoing working capital efforts; future share repurchases; financial results (including our revenue, costs or margins) and the impact of changes to tax laws on our financial results; existing and evolving business strategies including those related to acquisitions and dispositions; demand for our services and competitive strengths; strategic goals; the benefits of new initiatives; growth of our business and operations; the sustained health of our product, service, transaction, client, and talent assessment and management pipelines; our ability to successfully manage ongoing leadership, organizational and technology changes, including investments in improving systems and processes; our ability to implement and realize anticipated benefits of any cost-savings initiatives generated from our completed multi-year operational transformation program or other expense savings initiatives; our recognition of future impairment charges; and plans and references to future performance, including our future financial and operating results, short-term and long-term financial goals, plans, objectives, expectations and intentions, including with respect to free cash flow generation, adjusted net revenue, adjusted operating margin and adjusted earnings per share, are forward-looking statements. Also, when we use words such as ‘may’, ‘will’, ‘would’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘plan’, ‘continues’, ‘seek’, ‘target’, ‘goal’, ‘focus’, ‘probably’, or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.

    There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including the following: our ability to successfully establish, execute and achieve our global business strategy as it evolves; our ability to fully realize the anticipated benefits of our growth strategy, including inorganic growth through acquisitions; our ability to achieve our short-term and long-term financial goals, such as with respect to our cash flow generation, and the timing with respect to such achievement; the risks related to changes in general economic conditions, business and political conditions, changes in the financial markets, inflation, credit availability, increased interest rates, changes in trade policies, increased tariffs and retaliatory actions; the risks to our short-term and long-term financial goals from any of the risks or uncertainties set forth herein; the risks relating to the adverse impacts of macroeconomic trends, including those relating to changes in trade policies and tariffs, as well as political events, war, such as the Russia-Ukraine and Israel-Hamas wars, and other international disputes, terrorism, natural disasters, public health issues and other business interruptions on the global economy and capital markets, such as uncertainty in the global markets, inflation, changes in interest rates and recessionary trends, changes in spending by government agencies and contractors, which could have a material adverse effect on our business, financial condition, results of operations and long-term goals; our ability to successfully hedge against fluctuations in foreign currency rates; the risks relating to the adverse impacts of natural or man-made disasters such as health pandemics and other world health crises on the demand for our products and services, our cash flows and our business operations; material interruptions to or loss of our information processing capabilities, or failure to effectively maintain and upgrade our information technology resources and systems and related risks of cybersecurity breaches or incidents; our ability to comply with complex and evolving regulations related to data privacy, cybersecurity and artificial intelligence; the risks relating to the transitional arrangements in effect subsequent to our completed sale of TRANZACT; significant competition that we face and the potential for loss of market share and/or profitability; the impact of seasonality and differences in timing of renewals and non-recurring revenue increases from disposals and book-of-business sales; the insufficiency of client data protection, potential breaches of information systems or insufficient safeguards against cybersecurity breaches or incidents; the risk of increased liability or new legal claims arising from our new and existing products and services, and expectations, intentions and outcomes relating to outstanding litigation; the risk of substantial negative outcomes on existing or potential future litigation or investigation matters; changes in the regulatory environment in which we operate, including, among other risks, the impacts of pending competition law and regulatory investigations; various claims, government inquiries or investigations or the potential for regulatory action; our ability to make divestitures or acquisitions, including our ability to integrate or manage acquired businesses or carve-out businesses to be disposed, as well as our ability to identify and successfully execute on opportunities for strategic collaboration; our ability to integrate direct-to-consumer sales and marketing solutions with our existing offerings and solutions; our ability to successfully manage ongoing organizational changes, including as a result of our recently-completed multi-year operational transformation program, investments in improving systems and processes, and in connection with our acquisition and divestiture activities; disasters or business continuity problems; our ability to successfully enhance our billing, collection and other working capital efforts, and thereby increase our free cash flow; our ability to properly identify and manage conflicts of interest; reputational damage, including from association with third parties; reliance on third-party service providers and suppliers; risks relating to changes in our management structures and in senior leadership; the loss of key employees or a large number of employees and rehiring rates; our ability to maintain our corporate culture; doing business internationally, including the impact of global trade policies and retaliatory considerations as well as foreign currency exchange rates; compliance with extensive government regulation; the risk of sanctions imposed by governments, or changes to associated sanction regulations (such as sanctions imposed on Russia) and related counter-sanctions; our ability to effectively apply technology, data and analytics solutions, including through the use of artificial intelligence, for internal operations, maintaining industry standards, meeting client preferences and gaining competitive advantage, among other things; changes and developments in the insurance industry or the U.S. healthcare system, including those related to Medicare, and any other changes and developments in legal, regulatory, economic, business or operational conditions that could impact our businesses; the inability to protect our intellectual property rights, or the potential infringement upon the intellectual property rights of others; fluctuations in our pension assets and liabilities and related changes in pension income, including as a result of, related to, or derived from movements in the interest rate environment, investment returns, inflation, or changes in other assumptions that are used to estimate our benefit obligations and their effect on adjusted earnings per share; our capital structure, including indebtedness amounts, the limitations imposed by the covenants in the documents governing such indebtedness and the maintenance of the financial and disclosure controls and procedures of each; our ability to obtain financing on favorable terms or at all; adverse changes in our credit ratings; the impact of recent or potential changes to U.S. or foreign laws, and the enactment of additional, or the revision of existing, state, federal, and/or foreign laws and regulations, recent judicial decisions and development of case law, other regulations and any policy changes and legislative actions, including those that may impose additional excise taxes or impact our effective tax rate; U.S. federal income tax consequences to U.S. persons owning at least 10% of our shares; changes in accounting principles, estimates or assumptions; our recognition of future impairment charges; risks relating to or arising from environmental, social and governance (‘ESG’) practices; fluctuation in revenue against our relatively fixed or higher-than-expected expenses; the risk that investment levels increase; the laws of Ireland being different from the laws of the U.S. and potentially affording less protections to the holders of our securities; and our holding company structure potentially preventing us from being able to receive dividends or other distributions in needed amounts from our subsidiaries.

    The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information, please see Part I, Item 1A in our Annual Report on Form 10-K, and our subsequent filings with the SEC. Copies are available online at http://www.sec.gov or www.wtwco.com.

    Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.

    Our forward-looking statements speak only as of the date made and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.

    Contact

    INVESTORS
    Claudia De La Hoz | Claudia.Delahoz@wtwco.com

    WTW
    Supplemental Segment Information
    (In millions of U.S. dollars)
    (Unaudited)
         
    REVENUE    
                  Components of Revenue Change(i)
                        Less:       Less:    
        Three Months Ended
    June 30,    		     As Reported   Currency   Constant Currency   Acquisitions/   Organic
        2025     2024     % Change   Impact   Change   Divestitures   Change
                                     
    Health, Wealth & Career                                
    Revenue excluding interest income   $ 1,173     $ 1,251     (6)%   1%   (7)%   (12)%   4%
    Interest income     7       9                      
    Total     1,180       1,260     (6)%   1%   (8)%   (12)%   4%
                                     
    Risk & Broking                                
    Revenue excluding interest income   $ 1,024     $ 950     8%   1%   6%   0%   6%
    Interest income     23       29                      
    Total     1,047       979     7%   1%   6%   0%   6%
                                     
    Segment Revenue   $ 2,227     $ 2,239     (1)%   1%   (2)%   (7)%   5%
    Corporate, reimbursable expenses and other     24       20                      
    Interest income     10       6                      
    Revenue   $ 2,261     $ 2,265     0%   1%   (1)%   (6)%   5%(ii)
                  Components of Revenue Change(i)
                        Less:       Less:    
        Six Months Ended June 30,     As Reported   Currency   Constant Currency   Acquisitions/   Organic
        2025     2024     % Change   Impact   Change   Divestitures   Change
                                     
    Health, Wealth & Career                                
    Revenue excluding interest income   $ 2,331     $ 2,578     (10)%   0%   (10)%   (13)%   3%
    Interest income     14       18                      
    Total     2,345       2,596     (10)%   0%   (10)%   (13)%   3%
                                     
    Risk & Broking                                
    Revenue excluding interest income   $ 2,029     $ 1,900     7%   0%   7%   0%   7%
    Interest income     45       57                      
    Total     2,074       1,957     6%   0%   6%   0%   6%
                                     
    Segment Revenue   $ 4,419     $ 4,553     (3)%   0%   (3)%   (7)%   5%
    Corporate, reimbursable expenses and other     45       41                      
    Interest income     20       12                      
    Revenue   $ 4,484     $ 4,606     (3)%   0%   (3)%   (7)%   5%(ii)
    (i) Components of revenue change may not add due to rounding.
    (ii) Interest income did not contribute to organic change for the three and six months ended June 30, 2025.


    BOOK-OF-BUSINESS SETTLEMENTS AND INTEREST INCOME

        Three Months Ended June 30,
        HWC   R&B   Corporate   Total
        2025   2024   2025   2024   2025   2024   2025   2024
    Book-of-business settlements   $ —     $ —     $ 3     $ 2     $ —     $ —     $ 3     $ 2  
    Interest income     7       9       23       29       10       6       40       44  
    Total   $ 7     $ 9     $ 26     $ 31     $ 10     $ 6     $ 43     $ 46  
        Six Months Ended June 30,
        HWC   R&B   Corporate   Total
        2025   2024   2025   2024   2025   2024   2025   2024
    Book-of-business settlements   $ 2     $ —     $ 3     $ 4     $ —     $ —     $ 5     $ 4  
    Interest income     14       18       45       57       20       12       79       87  
    Total   $ 16     $ 18     $ 48     $ 61     $ 20     $ 12     $ 84     $ 91  


    SEGMENT OPERATING INCOME     (i)

        Three Months Ended
    June 30,
        2025   2024
                 
    Health, Wealth & Career   $ 280     $ 276  
    Risk & Broking     222       202  
    Segment Operating Income   $ 502     $ 478  
        Six Months Ended
    June 30,
        2025   2024
                 
    Health, Wealth & Career   $ 591     $ 612  
    Risk & Broking     448       405  
    Segment Operating Income   $ 1,039     $ 1,017  
    (i) Segment operating income excludes certain costs, including amortization of intangibles, restructuring costs, transaction and transformation expenses, certain litigation provisions, and to the extent that the actual expense based upon which allocations are made differs from the forecast/budget amount, a reconciling item will be created between internally-allocated expenses and the actual expenses reported for U.S. GAAP purposes.


    SEGMENT OPERATING MARGINS

        Three Months Ended June 30,
        2025   2024
    Health, Wealth & Career   23.8%   21.9%
    Risk & Broking   21.2%   20.6%
        Six Months Ended June 30,
        2025   2024
    Health, Wealth & Career   25.2%   23.6%
    Risk & Broking   21.6%   20.7%


    RECONCILIATIONS OF SEGMENT OPERATING INCOME TO INCOME FROM OPERATIONS BEFORE INCOME TAXES

        Three Months Ended June 30,
        2025   2024
                 
    Segment Operating Income   $ 502     $ 478  
    Amortization     (49 )     (60 )
    Restructuring costs     —       (3 )
    Transaction and transformation(i)     (2 )     (97 )
    Unallocated, net(ii)     (83 )     (106 )
    Income from Operations     368       212  
    Interest expense     (64 )     (68 )
    Other income, net     9       23  
    Income from operations before income taxes and interest in earnings of associates   $ 313     $ 167  
        Six Months Ended June 30,
        2025   2024
                 
    Segment Operating Income   $ 1,039     $ 1,017  
    Amortization     (97 )     (120 )
    Restructuring costs     —       (21 )
    Transaction and transformation(i)     (2 )     (222 )
    Unallocated, net(ii)     (140 )     (162 )
    Income from Operations     800       492  
    Interest expense     (129 )     (132 )
    Other (loss)/income, net     (55 )     49  
    Income from operations before income taxes and interest in earnings of associates   $ 616     $ 409  
    (i) In addition to legal fees and other transaction costs, includes primarily consulting fees and compensation costs related to the Transformation program.
    (ii)  Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes.
    WTW
    Reconciliations of Non-GAAP Measures
    (In millions of U.S. dollars, except per share data)
    (Unaudited)
     
    RECONCILIATIONS OF NET INCOME ATTRIBUTABLE TO WTW TO ADJUSTED DILUTED EARNINGS PER SHARE
           
        Three Months Ended June 30,
        2025   2024
                 
    Net income attributable to WTW   $ 331     $ 141  
    Adjusted for certain items:            
    Amortization     49       60  
    Restructuring costs     —       3  
    Transaction and transformation     2       97  
    Provision for specified litigation matter (i)     —       13  
    Net periodic pension and postretirement benefits     (13 )     (21 )
    Tax effect on certain items listed above(ii)     (10 )     (39 )
    Tax effect of significant adjustments     (74 )     (7 )
    Adjusted Net Income   $ 285     $ 247  
                 
    Weighted-average ordinary shares, diluted     100       103  
                 
    Diluted Earnings Per Share   $ 3.32     $ 1.36  
    Adjusted for certain items:(iii)            
    Amortization     0.49       0.58  
    Restructuring costs     —       0.03  
    Transaction and transformation     0.02       0.94  
    Provision for specified litigation matter (i)     —       0.13  
    Net periodic pension and postretirement benefits     (0.13 )     (0.20 )
    Tax effect on certain items listed above(ii)     (0.10 )     (0.38 )
    Tax effect of significant adjustments     (0.74 )     (0.07 )
    Adjusted Diluted Earnings Per Share(iii)   $ 2.86     $ 2.39  
        Six Months Ended June 30,
        2025   2024
                 
    Net income attributable to WTW   $ 566     $ 331  
    Adjusted for certain items:            
    Amortization     97       120  
    Restructuring costs     —       21  
    Transaction and transformation     2       222  
    Provision for specified litigation matter(i)     —       13  
    Net periodic pension and postretirement benefits     62       (43 )
    Gain on disposal of operations     (14 )     —  
    Tax effect on certain items listed above(ii)     (38 )     (85 )
    Tax effect of significant adjustments     (74 )     (7 )
    Adjusted Net Income   $ 601     $ 572  
                 
    Weighted-average ordinary shares, diluted     100       104  
                 
    Diluted Earnings Per Share   $ 5.64     $ 3.20  
    Adjusted for certain items:(iii)            
    Amortization     0.97       1.16  
    Restructuring costs     —       0.20  
    Transaction and transformation     0.02       2.14  
    Provision for specified litigation matter(i)     —       0.13  
    Net periodic pension and postretirement benefits     0.62       (0.42 )
    Gain on disposal of operations     (0.14 )     —  
    Tax effect on certain items listed above(ii)     (0.38 )     (0.82 )
    Tax effect of significant adjustments     (0.74 )     (0.07 )
    Adjusted Diluted Earnings Per Share(iii)   $ 5.99     $ 5.53  
    (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.
    (ii) The tax effect was calculated using an effective tax rate for each item.
    (iii) Per share values and totals may differ due to rounding.


    RECONCILIATIONS OF NET INCOME TO ADJUSTED EBITDA

        Three Months Ended June 30,  
        2025   2024  
                   
    Net Income   $ 332   14.7% $ 142   6.3%
    (Benefit from)/provision for income taxes     (21 )     26    
    Interest expense     64       68    
    Depreciation     57       57    
    Amortization     49       60    
    Restructuring costs     —       3    
    Transaction and transformation     2       97    
    Provision for specified litigation matter(i)     —       13    
    Net periodic pension and postretirement benefits     (13 )     (21 )  
    Adjusted EBITDA and Adjusted EBITDA Margin   $ 470   20.8% $ 445   19.6%
        Six Months Ended June 30,  
        2025   2024  
                   
    Net Income   $ 571   12.7% $ 336   7.3%
    Provision for income taxes     44       74    
    Interest expense     129       132    
    Depreciation     111       116    
    Amortization     97       120    
    Restructuring costs     —       21    
    Transaction and transformation     2       222    
    Provision for specified litigation matter(i)     —       13    
    Net periodic pension and postretirement benefits     62       (43 )  
    Gain on disposal of operations     (14 )     —    
    Adjusted EBITDA and Adjusted EBITDA Margin   $ 1,002   22.3% $ 991   21.5%
    (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.


    RECONCILIATIONS OF INCOME FROM OPERATIONS TO ADJUSTED OPERATING INCOME

        Three Months Ended June 30,  
        2025   2024  
                   
    Income from operations and Operating margin   $ 368   16.3% $ 212   9.4%
    Adjusted for certain items:              
    Amortization     49       60    
    Restructuring costs     —       3    
    Transaction and transformation     2       97    
    Provision for specified litigation matter(i)     —       13    
    Adjusted operating income and Adjusted operating income margin   $ 419   18.5% $ 385   17.0%
        Six Months Ended June 30,  
        2025   2024  
                   
    Income from operations and Operating margin   $ 800   17.8% $ 492   10.7%
    Adjusted for certain items:              
    Amortization     97       120    
    Restructuring costs     —       21    
    Transaction and transformation     2       222    
    Provision for specified litigation matter(i)     —       13    
    Adjusted operating income and Adjusted operating income margin   $ 899   20.0% $ 868   18.8%
    (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.


    RECONCILIATIONS OF GAAP INCOME TAXES/TAX RATE TO ADJUSTED INCOME TAXES/TAX RATE

        Three Months Ended June 30,
        2025   2024
                 
    Income from operations before income taxes and interest in earnings of associates   $ 313     $ 167  
                 
    Adjusted for certain items:            
    Amortization     49       60  
    Restructuring costs     —       3  
    Transaction and transformation     2       97  
    Provision for specified litigation matter(i)     —       13  
    Net periodic pension and postretirement benefits     (13 )     (21 )
    Adjusted income before taxes   $ 351     $ 319  
                 
    (Benefit from)/provision for income taxes   $ (21 )   $ 26  
    Tax effect on certain items listed above(ii)     10       39  
    Tax effect of significant adjustments     74       7  
    Adjusted income taxes   $ 63     $ 72  
                 
    U.S. GAAP tax rate     (6.8 )%     15.6 %
    Adjusted income tax rate     18.0 %     22.4 %
        Six Months Ended June 30,
        2025   2024
                 
    Income from operations before income taxes and interest in earnings of associates   $ 616     $ 409  
                 
    Adjusted for certain items:            
    Amortization     97       120  
    Restructuring costs     —       21  
    Transaction and transformation     2       222  
    Provision for specified litigation matter(i)     —       13  
    Net periodic pension and postretirement benefits     62       (43 )
    Gain on disposal of operations     (14 )     —  
    Adjusted income before taxes   $ 763     $ 742  
                 
    Provision for income taxes   $ 44     $ 74  
    Tax effect on certain items listed above(ii)     38       85  
    Tax effect of significant adjustments     74       7  
    Adjusted income taxes   $ 156     $ 166  
                 
    U.S. GAAP tax rate     7.1 %     18.1 %
    Adjusted income tax rate     20.5 %     22.3 %
    (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.
    (ii) The tax effect was calculated using an effective tax rate for each item.


    RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW

        Six Months Ended June 30,
        2025   2024
                 
    Cash flows from operating activities   $ 326     $ 431  
    Less: Additions to fixed assets and software     (109 )     (126 )
    Free Cash Flow   $ 217     $ 305  
    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Statements of Income
    (In millions of U.S. dollars, except per share data)
    (Unaudited)
                 
        Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
        2025   2024   2025   2024
    Revenue   $ 2,261     $ 2,265     $ 4,484     $ 4,606  
                             
    Costs of providing services                        
    Salaries and benefits     1,449       1,397       2,773       2,739  
    Other operating expenses     336       439       701       896  
    Depreciation     57       57       111       116  
    Amortization     49       60       97       120  
    Restructuring costs     —       3       —       21  
    Transaction and transformation     2       97       2       222  
    Total costs of providing services     1,893       2,053       3,684       4,114  
                             
    Income from operations     368       212       800       492  
                             
    Interest expense     (64 )     (68 )     (129 )     (132 )
    Other income/(loss), net     9       23       (55 )     49  
                             
    INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES   313       167       616       409  
                             
    Benefit from/(provision for) income taxes     21       (26 )     (44 )     (74 )
                             
    INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES   334       141       572       335  
                             
    Interest in earnings of associates, net of tax     (2 )     1       (1 )     1  
                             
    NET INCOME   332       142       571       336  
                             
    Income attributable to non-controlling interests     (1 )     (1 )     (5 )     (5 )
                             
    NET INCOME ATTRIBUTABLE TO WTW   $ 331     $ 141     $ 566     $ 331  
                             
    EARNINGS PER SHARE                        
    Basic earnings per share   $ 3.34     $ 1.37     $ 5.68     $ 3.22  
    Diluted earnings per share   $ 3.32     $ 1.36     $ 5.64     $ 3.20  
                             
    Weighted-average ordinary shares, basic     99       103       100       103  
    Weighted-average ordinary shares, diluted     100       103       100       104  
    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Balance Sheets
    (In millions of U.S. dollars, except share data)
    (Unaudited)
                 
        June 30,   December 31,
        2025   2024
    ASSETS            
    Cash and cash equivalents   $ 1,963     $ 1,890  
    Fiduciary assets     10,720       9,504  
    Accounts receivable, net     2,364       2,494  
    Prepaid and other current assets     558       1,217  
    Total current assets     15,605       15,105  
    Fixed assets, net     696       661  
    Goodwill     8,938       8,799  
    Other intangible assets, net     1,232       1,295  
    Right-of-use assets     495       485  
    Pension benefits assets     578       530  
    Other non-current assets     934       806  
    Total non-current assets     12,873       12,576  
    TOTAL ASSETS   $ 28,478     $ 27,681  
    LIABILITIES AND EQUITY            
    Fiduciary liabilities   $ 10,720     $ 9,504  
    Deferred revenue and accrued expenses     1,726       2,211  
    Current debt     549       —  
    Current lease liabilities     124       118  
    Other current liabilities     752       765  
    Total current liabilities     13,871       12,598  
    Long-term debt     4,762       5,309  
    Liability for pension benefits     550       615  
    Provision for liabilities     369       341  
    Long-term lease liabilities     500       502  
    Other non-current liabilities     246       299  
    Total non-current liabilities     6,427       7,066  
    TOTAL LIABILITIES     20,298       19,664  
    COMMITMENTS AND CONTINGENCIES            
    EQUITY(i)            
    Additional paid-in capital     11,012       10,989  
    (Accumulated deficit)/retained earnings     (206 )     109  
    Accumulated other comprehensive loss, net of tax     (2,706 )     (3,158 )
    Total WTW shareholders’ equity     8,100       7,940  
    Non-controlling interests     80       77  
    Total Equity     8,180       8,017  
    TOTAL LIABILITIES AND EQUITY   $ 28,478     $ 27,681  
         
    (i) Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 97,853,208 (2025) and 99,805,780 (2024); Outstanding 97,853,208 (2025) and 99,805,780 (2024) and (b) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2025 and 2024.
    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Statements of Cash Flows
    (In millions of U.S. dollars)
    (Unaudited)
           
        Six Months Ended June 30,
        2025   2024
    CASH FLOWS FROM OPERATING ACTIVITIES            
    NET INCOME   $ 571     $ 336  
    Adjustments to reconcile net income to total net cash from operating activities:            
    Depreciation     111       116  
    Amortization     97       120  
    Non-cash restructuring charges     —       12  
    Non-cash lease expense     47       49  
    Net periodic cost/(benefit) of defined benefit pension plans     94       (11 )
    Provision for doubtful receivables from clients     7       10  
    Benefit from deferred income taxes     (70 )     (25 )
    Share-based compensation     68       54  
    Net gain on disposal of operations     (14 )     —  
    Non-cash foreign exchange loss/(gain)     30       (12 )
    Other, net     18       22  
    Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:            
    Accounts receivable     225       118  
    Other assets     (99 )     (161 )
    Other liabilities     (778 )     (242 )
    Provisions     19       45  
    Net cash from operating activities     326       431  
                 
    CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES            
    Additions to fixed assets and software     (109 )     (126 )
    Acquisitions of operations, net of cash acquired     (14 )     (18 )
    Contributions to investments in associates     (8 )     —  
    Net proceeds from sale of operations     836       —  
    Net purchases of held-to-maturity securities     (50 )     —  
    Net purchases of available-for-sale securities     (43 )     (14 )
    Net cash from/(used in) investing activities     612       (158 )
                 
    CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES            
    Senior notes issued     —       746  
    Debt issuance costs     —       (9 )
    Repayments of debt     (2 )     (652 )
    Repurchase of shares     (700 )     (301 )
    Net proceeds from fiduciary funds held for clients     141       783  
    Payments of deferred and contingent consideration related to acquisitions     (15 )     —  
    Cash paid for employee taxes on withholding shares     (43 )     (24 )
    Dividends paid     (179 )     (176 )
    Acquisitions of and dividends paid to non-controlling interests     (2 )     (3 )
    Net cash (used in)/from financing activities     (800 )     364  
                 
    INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH     138       637  
    Effect of exchange rate changes on cash, cash equivalents and restricted cash     207       (53 )
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD (i)     4,998       3,792  
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (i)   $ 5,343     $ 4,376  
         
    (i) The amounts of cash, cash equivalents and restricted cash, their respective classification on the condensed consolidated balance sheets, as well as their respective portions of the increase or decrease in cash, cash equivalents and restricted cash for each of the periods presented have been included in the Supplemental Disclosure of Cash Flow Information section.

    SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

        Six Months Ended June 30,
        2025   2024
                 
    Supplemental disclosures of cash flow information:            
    Cash and cash equivalents   $ 1,963     $ 1,247  
    Fiduciary funds (included in fiduciary assets)     3,380       3,129  
    Total cash, cash equivalents and restricted cash   $ 5,343     $ 4,376  
                 
    Decrease in cash, cash equivalents and other restricted cash   $ (3 )   $ (154 )
    Increase in fiduciary funds     141       791  
    Total (i)   $ 138     $ 637  
    (i) Does not include the effect of exchange rate changes on cash, cash equivalents and restricted cash.

    The MIL Network –

  • MIL-OSI Africa: Canon named a Leader in IDC MarketScape: Worldwide Hardcopy Remanufacturing 2025 Vendor Assessment

    Source: APO

    Today, Canon (https://en.Canon-CNA.com) is pleased to announce that it has been named as a Leader in The IDC MarketScape: Worldwide Hardcopy Remanufacturing 2025 Vendor Assessment [1]. The report highlights the increased demand for circularity and sustainability in the print and document solutions market and takes an in-depth look at the global, regional, and local level activities of eight major industry vendors.

    The study looks specifically at device and consumables remanufacturing, assessing the capabilities of those surveyed through a number of factors including types of remanufactured products, levels of innovation, cost of ownership, sales strategy and distribution. With demand for remanufactured printing technology increasing as sustainability becomes an integral business priority, the report provides a strong reference point for businesses who wish to improve the carbon footprint of their print infrastructure.

    The IDC MarketScape report highlighted Canon’s strengths including its remanufacturing history and resources, citing that “Canon has been remanufacturing its products since the last millennium and has a wealth of experience and resources across the globe to meet current and future market trends for reuse”. It also noted the breadth of Canon’s office multifunction printer portfolio, highlighting. that “Canon’s remanufactured devices include monochrome and colour A3 devices and cover a wide variety of speed segments”.

    Building on this, Hiro Imamura, Executive Vice President, Digital Printing & Solutions at Canon Europe comments; “With a strong heritage in sustainability and global remanufacturing and refurbishing expertise, we are well placed to help our customers make concrete steps to improve their carbon footprint and meet their environmental goals. Reusing, recycling and repairing our products for a second life is a core part of this approach and we are delighted to be recognised as a Leader in this important IDC MarketScape report. We will continue to accelerate our efforts towards the circular economy, reducing impacts across every single part of our business and expanding our sustainable product range, from our printers to our papers, to further support our customers for the future”.

    About Canon’s sustainability actions

    Canon is committed to achieving carbon net zero emissions by 2050 and has recently been awarded with the EcoVadis Platinum Rating for its sustainability efforts, placing it within the top 1%  of companies assessed, with an overall score in the 99th percentile. This accolade highlights Canon’s strong sustainability focus throughout its global business, across crucial areas covering environmental, social and governance criteria.

    Circular approach

    Support for the circular economy also forms a significant part of Canon’s sustainability strategy. The robust and durable nature of Canon’s products provides a strong platform for refurbishment and remanufacturing processes – supporting the organization in its efforts to recycle parts and hardware, where possible, for a second life.

    Canon remanufactures its flagship imageRUNNER ADVANCE multifunction devices, which it markets as the imageRUNNER ADVANCE ES and ES+ range in the EMEA region, and as the Refreshed Series in Japan. This robust monochrome and colour A3 range is made with at least 90%+ reused parts, undergoing intensive cleaning, part replacement and rebuilding processes at Canon’s specialist factories. This result is a like new quality product which delivers optimal performance to support different business needs. Within its production print business, Canon also remanufactures its Arizona devices to support customers in the wide format segment. 

    Additionally, in EMEA, Canon also refurbishes its imageRUNNER ADVANCE range to create its Certified Used (CU range) – these multifunction devices deliver quality, high performance printers, which are designed for a second life.

    Canon’s second life products are also supported by regular firmware and software updates – helping customers to deliver high levels of workflow productivity with security and further contributing towards their sustainability efforts.

    Recycling

    Canon also has a long-established inkjet cartridge recycling programme, which began in 1996 and is available in 15 countries across Europe. At Canon Bretagne in France, Canon operates a closed loop toner cartridge recycling programme and since 2011, has established a system for collecting used toner bottles, refilling them with toner, and supplying them to the European market, helping to further reduce Canon’s plastic usage.

    To learn more about Canon’s approach to sustainability, please see here (http://apo-opa.co/46BqReK)

    [1] Doc # EUR153222025, March 2025

    Distributed by APO Group on behalf of Canon Central and North Africa (CCNA).

    Media enquiries, please contact:
    Canon Central and North Africa
    Mai Youssef
    e. Mai.youssef@canon-me.com

    APO Group – PR Agency
    Rania ElRafie
    e. Rania.ElRafie@apo-opa.com

    About IDC MarketScape:
    IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of technology and service suppliers in a given market. The research utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each supplier’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of technology suppliers can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective suppliers.

    About Canon Central and North Africa:
    Canon Central and North Africa (CCNA) (https://en.Canon-CNA.com) is a division within Canon Middle East FZ LLC (CME), a subsidiary of Canon Europe. The formation of CCNA in 2016 was a strategic step that aimed to enhance Canon’s business within the Africa region – by strengthening Canon’s in-country presence and focus. CCNA also demonstrates Canon’s commitment to operating closer to its customers and meeting their demands in the rapidly evolving African market.

    Canon has been represented in the African continent for more than 15 years through distributors and partners that have successfully built a solid customer base in the region. CCNA ensures the provision of high quality, technologically advanced products that meet the requirements of Africa’s rapidly evolving marketplace. With over 100 employees, CCNA manages sales and marketing activities across 44 countries in Africa.

    Canon’s corporate philosophy is Kyosei (http://apo-opa.co/4moTJvy) – ‘living and working together for the common good’. CCNA pursues sustainable business growth, focusing on reducing its own environmental impact and supporting customers to reduce theirs using Canon’s products, solutions and services. At Canon, we are pioneers, constantly redefining the world of imaging for the greater good. Through our technology and our spirit of innovation, we push the bounds of what is possible – helping us to see our world in ways we never have before. We help bring creativity to life, one image at a time. Because when we can see our world, we can transform it for the better.

    For more information: https://en.Canon-CNA.com

    Media files

    .

    MIL OSI Africa –

  • MIL-OSI China: Beijing accelerates recovery efforts after rare downpours

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

    Beijing is ramping up recovery efforts to restore power, clear roads and deliver essential supplies to residents displaced by flash floods and landslides triggered by some of the most intense rainfall in the city’s mountainous outskirts.

    In Miyun District, one of the worst-hit areas, a makeshift supply hub in Xizhuangzi Village was bustling by Wednesday morning, with stacks of bottled water, instant noodles, sausages and preserved eggs ready for dispatch.

    More than 60 tonnes of emergency supplies were distributed across Miyun on Monday and Tuesday, and on Wednesday morning, four helicopters were deployed to continue airdropping relief materials. Repair crews were also dispatched to restore damaged communication and power lines, according to local authorities.

    As of midnight Monday, 30 people had been confirmed dead in Beijing, including 28 in Miyun District and two in Yanqing District. Authorities said that the Miyun Reservoir recorded its highest inflow, highest water level and fastest outflow since its construction in 1959.

    In Yanqing, more than 4,200 people have been relocated. Some 488 rescue teams, comprising over 8,300 personnel, were dispatched to carry out relief efforts. Communication has been reestablished in all previously unreachable villages, damaged roads cleared, and essential services such as power supply restored.

    Taotiaogou, a remote village in Yanqing, was among the hardest hit. After over 48 hours of rescue efforts, its 49 residents were gradually brought to safety.

    “I’ve never seen such ferocious floodwaters in my life,” said 89-year-old Zhai Cheng’an, recalling how his home was quickly engulfed by muddy torrents.

    Zhai Yonghui, deputy Party chief of Taotiaogou Village, said the downpour intensified at 10:20 p.m. on July 26, breaking local rainfall records. Yanqing District plans to help residents from the devastated village start a new life in other sites.

    “The water will recede, and we will have homes again. We believe in that,” he added.

    As part of ongoing recovery efforts, train services on the Beijing-Baotou high-speed railway will resume Thursday after being suspended due to severe rain in Beijing and Hebei Province earlier in the week, according to China Railway Hohhot Group Co., Ltd.

    The heavy rains have also battered other parts of northern China.

    In Hebei, eight people have been confirmed dead and 18 remain missing in Xinglong County, while eight people were killed after a rain-triggered landslide struck a village in Luanping County. In Shanxi Province, 10 people were confirmed dead after a midsize bus carrying 14 passengers went missing Sunday morning following days of heavy rainfall.

    MIL OSI China News –

  • MIL-OSI United Kingdom: Mine water heat lab insights could supercharge clean heat

    Source: United Kingdom – Executive Government & Departments

    Press release

    Mine water heat lab insights could supercharge clean heat

    New data from the UK’s mine water heat lab shows warm water flows better than expected, boosting the case for clean, low-cost heat from coalfields.

    Dr Fiona Todd and colleague, Dr Rebecca Chambers, collecting data at the Gateshead Mine Water Heat Living Lab

    Six months after launch, the UK’s first mine water heat Living Laboratory is revealing exciting insights into what lies beneath our feet, helping to accelerate the safe and sustainable use of mine water as a clean heat source.

    Geophysical data released this month shows, for the first time, how much space there is to store water within the rocks underground and how easily this can flow through historical mine workings.

    These 2 factors, known in science as porosity and permeability, are crucial for understanding how much warm water is available, how quickly it can be used and how reliably it can provide heat.

    Dr Fiona Todd, geoscientist and lead of the Mining Remediation Authority project, said:

    This is the first time we’ve been able to collect this kind of information inside real mine workings.

    It’s a huge step forward in understanding mine water heat resources. These properties help us determine how much heat is available, how quickly we can extract it and how sustainable it could be over time.

    As part of the new data release, researchers are also sharing remarkable CCTV footage from inside the boreholes, offering the first glimpse into old workings that haven’t been seen since they were last mined decades ago, while also showing water movement and structural features that bring scientific findings to life.

    Living lab six-month anniversary

    Dr Todd added:

    It’s like opening a time capsule, but instead of coal what we’re now extracting is knowledge and possibly clean heat for generations.

    These insights were made possible by using specialised tools which were carefully deployed through monitoring boreholes at the Living Laboratory, located between three operational heat schemes in a shared mining block in Gateshead.

    Using this equipment, researchers can:

    • see how water flows underground
    • measure how much heat can be stored and extracted
    • understand how mine workings interact across a shared network

    Many of the tools used, such as caliper, gamma, density, temperature, electrical conductivity, heat pulse flow meter and CCTV, are commonly used in water wells. However, the team also used a cutting-edge technique called Borehole Magnetic Resonance (BMR), described as “an MRI scan for rocks.” This marks the first known use of BMR in mine water heat research, providing new insight into how water is stored and flows through underground rocks, crucial for understanding the heat resource.

    As well as routine temperature and chemistry monitoring results, which have also been released, this new geophysics dataset adds a new layer of understanding to the Living Laboratory’s mission to inform the future of sustainable mine water heat across Britain’s former coalfields.

    It provides open-access data to help government, industry and academia work together to broaden the adoption of mine water heat as a viable, long-term renewable resource.

    Senior Technical Specialist for the Environment Agency in the North East, Sally Gallagher, said:

    As the environmental regulator for England our role is to ensure renewable heat technologies are sustainable and do not adversely impact the environment. It’s great to see the first findings of this innovative research study and understand more how mine water can be used for heating.

    Launched by the Mining Remediation Authority in January 2025, the Gateshead mine water heat Living Laboratory is the only facility in the world designed to monitor how heat, water and geology behave between multiple operational mine water heat schemes in a shared underground system.

    Further information:

    Access the open geophysical dataset for the Living Lab

    For media enquiries contact the community response team

    Email communityresponse@miningremediation.gov.uk

    Telephone 0800 288 4211

    For emergency media enquiries (out of hours) call: 0800 288 4242.
    Only urgent media calls will be attended to.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: CPSC Anchor It! Campaign Marks 10 Years: Fewer Furniture Tip-Overs Lead to Safer American Households

    Source: US Consumer Product Safety Commission

    WASHINGTON, D.C. – The U.S. Consumer Product Safety Commission (CPSC) is marking the 10th anniversary of the Anchor It! campaign, a landmark initiative launched in 2015 to address the deadly hazard of TV and furniture tip-overs. With the help of industry advocates and several parents who lost their children to tip-overs, CPSC started the campaign to educate parents and caregivers about the dangers of falling TVs and furniture amid widespread child injuries and fatalities. Campaign efforts contributed to a nearly 50-percent decline in tip-over-related injuries and deaths in the U.S. 
    The Anchor It! campaign promoted the use of anti-tip devices through video and radio Public Service Announcements, social media, and journalism. It showed consumers that the threat of furniture tip-overs is serious, but anchoring is simple.
    One of the biggest safety improvements of the past decade has been CPSC’s federal mandatory standard, which was directed by Congress through passage of the STURDY (Stop Tip-overs of Unstable, Risky Dressers on Youth) Act. The mandatory standard, which went into effect in September 2023, requires clothing storage units such as dressers and armoires to meet key stability requirements. CPSC continues to work with manufacturers and retailers to recall unsafe dressers and to keep them out of consumers’ homes.
    “CPSC has made great strides in the past 10 years to minimize these hazards and save lives,” said Acting Chairman Peter Feldman. “I am grateful for the work of our dedicated staff, safety advocates, and the American furniture industry, without whose collaboration none of this would be possible.” 
    Kimberly Amato, co-founder of Parents Against Tip-Overs (PAT), shared that the CPSC Anchor It! campaign has been an invaluable partner for PAT over the past decade. “The parents who founded PAT came together in the wake of their personal tragedies with a simple mission: to ensure no other children were injured or killed as the result of a tip-over,” she said. “Collaborating with CPSC to educate parents, grandparents, and caregivers of young children to prevent tip-over tragedies and ensure all communities know why and how to anchor their furniture has contributed to the success of our shared goal.”
    CPSC urges Americans to take essential steps to protect themselves and their families from dangerous tip-over risks:

    Anchor TVs and furniture, such as bookcases and dressers, securely to the wall.
    When anchoring is not possible, place TVs on a sturdy, low base, push the TV back as far as possible, and keep cable cords out of reach.
    Avoid storing appealing items such as toys and remotes where kids may be tempted to climb to reach for them; store heavier items on lower shelves.

    For consumers’ peace of mind, CPSC’s Anchor It! campaign website outlines three simple steps to install an anchoring kit correctly.  
    CPSC’s Anchor It! campaign has marked its 10th anniversary by preparing video testimonials from PAT parents affected by tip-over incidents. Media can download footage of the testimonials here.
    The Anchor It! campaign’s PSA safety video includes real-life footage of children and falling furniture. Media can download the video: “Even When You’re Watching.”

    About the U.S. CPSCThe U.S. Consumer Product Safety Commission (CPSC) is charged with protecting the public from unreasonable risk of injury associated with the use of thousands of types of consumer products. Deaths, injuries, and property damage from consumer product-related incidents cost the nation more than $1 trillion annually. Since the CPSC was established more than 50 years ago, it has worked to ensure the safety of consumer products, which has contributed to a decline in injuries associated with these products. 
    Federal law prohibits any person from selling products subject to a Commission ordered recall or a voluntary recall undertaken in consultation with the CPSC.
    For lifesaving information:

    MIL OSI USA News –

  • MIL-OSI USA: Secretary Noem is Taking a Sledgehammer to Criminal Human Trafficking Rings

    Source: US Federal Emergency Management Agency

    Headline: Secretary Noem is Taking a Sledgehammer to Criminal Human Trafficking Rings

    lass=”text-align-center”>On this World Day Against Trafficking in Persons, Kristi Noem and the Department of Homeland Security continue taking action to disrupt criminal human trafficking organizations
    WASHINGTON – On this year’s World Day Against Trafficking in Persons, the Department of Homeland Security (DHS) is announcing a series of major crack downs against the worst of the worst criminal organizations: human trafficking rings

     
    The previous administration’s open border policies empowered human traffickers and allowed over 450,000 unaccompanied children to be illegally smuggled over the border

     
    Under President Trump and DHS Secretary Kristi Noem, the full weight of the American government is bringing the hammer down on human trafficking rings

      In just the first few months, the Trump administration has developed leads on thousands of human trafficking cases

     
    DHS has also cracked down on the criminal terrorist gang Tren de Aragua, which enriches itself through the sex trafficking of vulnerable young women

      The Trump administration has arrested more than 2,700 members of Tren de Aragua so far

     
    This crisis is fueled by organized crime networks: sophisticated cartels that exploited the weakness of the previous administration, especially its open border and refusal to enforce immigration law, to rake in billions from forced labor, brutal sexual exploitation, coercing innocent people into drug running, and other heinous crimes

     
    “The brave men and women of DHS are the best in the world at going after traffickers

    They are always able to track down those who are trafficking individuals, find the ringleaders, and rip that evil off by its head,” said Secretary Kristi Noem

    “I’m so thankful that I get the chance to lead individuals like that, and agents who get up every day to help save our children and to save women and men from the kind of slavery that we’ve seen

    ” 
    Below are some examples of how DHS is fighting to put human traffickers out of business: 

    July 28, 2025: As part of Operation Apex Predator, a Child Exploitation Investigations Unit initiative with the Cyber Crimes Center, Immigration and Customs Enforcement (ICE) Newark arrested four illegal alien child predators over the course of four days

    All four are registered sex offenders

    July 23, 2025: ICE arrested 243 illegal aliens in the Denver metro area

    Among those arrested were aliens wanted for human trafficking, and several members of transnational criminal organizations (TCOs), including Tren de Aragua (TdA), Los Zetas, and the Sinaloa Cartel

    July 22, 2025: Following an ICE Homeland Security Investigations (HSI) investigation, a resident of Laredo, Texas was sentenced to 63 months in prison for smuggling 101 migrants in a locked trailer

    Among the illegal aliens smuggled were 12 children

    The suspect was sentenced after pleading guilty to conspiracy to transport migrants

    July 21, 2025: As a result of an investigation by ICE HSI Rio Grande Valley, a convicted human smuggler was sentenced to 20 years in prison for possessing images of sexual assaults of prepubescent children

    July 10, 2025: ICE and Customs and Border Protection (CBP) executed criminal warrant operations at marijuana facilities in Carpinteria and Camarillo, California

    In these facilities, at least 14 migrant children were rescued from potential exploitation, forced labor, and human trafficking

    During this operation, federal officers also arrested at least 361 illegal aliens

    Among those arrested were criminals with convictions for kidnapping, rape, attempted rape, and attempted child molestation, among other charges

    July 10, 2025: As the result of an ICE New York investigation, the leader of a Mexican sex trafficking organization was sentenced to 188 months in prison for sex trafficking multiple victims by force, fraud, and coercion

    July 9, 2025: An ICE Del Rio investigation resulted in an illegal Honduran alien being sentenced to 10 years in prison, with three years of supervised release, for his role in smuggling thousands of aliens into the United States for financial gain

    His smuggling conspiracy spanned three years and involved thousands of aliens from 11 different countries

    July 7, 2025: Border Patrol agents assisted the U

    S

    Marshals in executing an arrest warrant on a high-priority target linked to a criminal syndicate operating in human exploitation

    The suspect, a U

    S

    citizen, was wanted for multiple charges, including procurement of persons, placing individuals into prostitution, residing in a house of prostitution, and profiting from the earnings of prostitution

    The suspect was arrested without incident in Yuma, Arizona

     
    June 24, 2025: HSI Nashville identified one child victim and one adult victim of labor trafficking

    During an immigration court proceeding, the child victim revealed that she and her 18-year-old brother had been forced by their sponsor to work to pay off their smuggling fees and to pay for the sponsor’s household expenses

    June 16, 2025: A worksite enforcement operation by ICE HSI targeted employers and subcontractors who knowingly hire illegal aliens

    During this operation, HSI Mobile identified and rescued a child and arrested eight foreign nationals for violating immigration law

    The child was found to be working among adults and was believed to have never attended school since entering the United States two years ago

    June 6, 2025: The Department of Justice (DOJ) indicted Kilmar Abrego Garcia, a Venezuelan illegal alien and member of MS-13 arrested by ICE, on charges of alien smuggling and conspiracy to commit alien smuggling

    Despite the mainstream media insisting for months that Garcia was an innocent “Maryland father,” he is now standing trial after evidence emerged of his involvement in criminal smuggling rings

    June 2, 2025: ICE Rio Grande Valley discovered a stash house in South Texas and subsequently arrested 16 illegal aliens

    The owner of the property admitted to harboring the illegal aliens, who came from five different countries

    A Mexican national was taken in for questioning for his role in human smuggling

    May 28, 2025: HSI New York special agents arrested an adult male from Ecuador at his residence for violations relating to the sexual exploitation of a child

    New York received information regarding a 15-year-old female who was apprehended near El Paso, Texas, after illegally entering the United States

    At that time, she was pregnant with the adult’s child and had been in a relationship with him in Ecuador since the age of thirteen

    The subject organized the smuggling of the teenager across the border to engage in sexual acts

    His mother sponsored her after her illegal entry, and the subject continued his relationship with the children, living with his mother in Harlem

    May 28, 2025: CBP issued a Withhold Release Order against Zhen Fa 7, a Chinese-flagged fishing vessel

    As a result, CBP officers at all U

    S

    ports of entry will detain seafood harvested by Zhen Fa 7 based on reasonable suspicion that the vessel uses forced labor to harvest such seafood

    May 28, 2025: Border Patrol agents in the San Diego Sector prevented an attempt to smuggle two Mexican nationals into the United States

    The attempt involved one United States citizen and one Mexican national, who attempted to smuggle the illegal aliens across the border using a truck

    Inside the truck were three fully loaded firearms, including a “ghost gun

    ” The suspected smugglers face felony charges of bringing in and harboring aliens, and unlawful acts involving firearms

     
    May 12, 2025: HSI Austin identified and rescued a child, arrested two Guatemalan nationals for violating immigration law, and initiated an HSI-led investigation of state and federal charges of human trafficking and statutory rape

    During a welfare check, HSI Agents, assisted by the FBI, identified a pregnant 14-year-old female residing with an unrelated adult male sponsor, later determined to be the biological father of the unborn child

    May 7, 2025: CBP’s Air and Marine Operations (AMO) interdicted a vessel with four illegal aliens from Uzbekistan that were being smuggled into Puerto Rico

    The vessel attempted to enter Puerto Rico on the island of Vieques; onboard were the four illegal aliens from Uzbekistan and three United States citizens

    The Uzbeki nationals did not have any documents for an authorized entry or stay in the United States

    May 4, 2025: Border Patrol agents in the Tucson Sector arrested a United States citizen and two Mexican nationals after a high-speed pursuit

    The United States citizen, who was driving the car and had an extensive criminal history, fled from law enforcement at high speed after failing to stop at an immigration checkpoint

    After crashing into another car, the three occupants fled on foot before being arrested

    The driver faces federal charges that include human smuggling, fleeing law enforcement, and endangering human life

    May 2, 2025: Four Mexican nationals in the United States illegally were charged for their roles in an international human smuggling conspiracy that brought aliens across the Canadian border into the United States for profit

    The smuggling organization had been operating for two years and smuggled hundreds of aliens per week through Canada

    The aliens or their family members would pay thousands of dollars to be smuggled into the United States

    April 29, 2025: CBP officers at the Area Port of San Luis arrested a woman in connection with the failed smuggling attempt of a child

    The suspect, a Mexican citizen, had sedated the child prior to attempting to cross the border

    The suspect also presented a false birth certificate and alleged that she was the mother; the officers discovered that there was no family relationship between the woman and the child

    April 2, 2025: CBP issued a Withhold Release Order against Taepyung Salt Farm, based on information that reasonably indicates the use of forced labor in the production of the company’s sea salt products

    As a result, CBP personnel at all U

    S

    ports of entry will detain sea salt products from Taepyung Salt Farm in South Korea

    March 25, 2025: After an ICE Arizona investigation with law enforcement partners, a human smuggling coordinator was sentenced to 30 months in prison for her role in smuggling over 100 Colombians into the United States

    She had been operating a travel agency in her native country, Colombia, where she would charge the victims a fee to travel to Mexico, with additional bribes required at Mexican airports

    February 14, 2025: Working with the Tennessee Bureau of Investigation, an ICE investigation led to a four-count indictment against eight defendants with ties to Tren de Aragua on charges related to their involvement with a transnational commercial sex enterprise

    Everyone can be part of the fight against human trafficking

    The DHS Blue Campaign can help you recognize human trafficking and provide resources to report suspicious activity to law enforcement

     
    ###

    MIL OSI USA News –

  • MIL-OSI USA: NASA Releases Opportunity to Boost Commercial Space Tech Development

    Source: NASA

    NASA has released a new proposal opportunity for industry to tap into agency know-how, resources, and expertise. The Announcement of Collaboration Opportunity (ACO), managed by the Space Technology Mission Directorate, enables valuable collaboration without financial exchanges between NASA and industry partners. Instead, companies leverage NASA subject matter experts, facilities, software, and hardware to accelerate their technologies and prepare them for future commercial and government use. 
    On Wednesday, NASA issued a standing ACO announcement for partnership proposals which will be available for five years and will serve as the umbrella opportunity for topic-specific appendix releases. NASA intends to issue appendices every six to 12 months to address evolving space technology needs. The 2025 ACO appendix is open for proposals until Sept. 24.  
    NASA will host an informational webinar about the opportunity and appendix at 2 p.m. EDT on Wednesday, Aug. 6. Interested proposers are encouraged to submit questions which will be answered during the webinar and will be available online after the webinar.   
    NASA teaming with industry isn’t new – decades of partnerships have resulted in ambitious missions that benefit all of humanity. But in recent years, NASA has also played a key role as a technology enabler, providing one-of-a-kind tools, resources, and infrastructure to help commercial aerospace companies achieve their goals.  
    Since 2015, NASA has collaborated with industry on approximately 80 ACO projects. Here are some ways the collaborations have advanced space technology: 

    Blue Origin and NASA worked together on several ACOs to mature the company’s lunar lander design. NASA provided technical reports and assessments and conducted tests at multiple centers to help Blue Origin advance a stacked fuel cell system for a lander’s primary power source. Other Blue Origin ACO projects evaluated high-temperature engine materials and advanced a landing navigation and guidance system. 
    Blue Origin’s Blue Moon Mark 1 (MK1) lander is delivering NASA science and technology to the Moon through the agency’s Commercial Lunar Payload Services initiative. In 2023, NASA selected Blue Origin as a Human Landing System provider to develop its Blue Moon MK2 lander for future crewed lunar exploration. 

    Blue Origin’s Blue Moon Mark 1 (MK1) lander is delivering NASA science and technology to the Moon through the agency’s Commercial Lunar Payload Services initiative. In 2023, NASA selected Blue Origin as a Human Landing System provider to develop its Blue Moon MK2 lander for future crewed lunar exploration. 

    Throughout a year-long ACO, NASA and SpaceX engineers worked together to perform in-depth computational fluid analysis of proposed propellant transfer methods between two SpaceX Starship spacecraft in low-Earth orbit. The SpaceX-specific analysis utilized Starship flight data and data from previous NASA research and development to identify potential risks and help mitigate them during the early stages of commercial development. NASA also provided inputs as SpaceX developed an initial concept of operations for its orbital propellant transfer missions. 

    SpaceX used the ACO analyses to inform the design of its Starship Human Landing System, which NASA selected in 2021 to put the first Artemis astronauts on the Moon. 

    Advanced Space and NASA partnered to advance the company’s Cislunar Autonomous Positioning System – software that allows lunar spacecraft to determine their location without relying exclusively on tracking from Earth.  

    The CAPSTONE (Cislunar Autonomous Positioning System Technology Operations and Navigation Experiment) spacecraft launched to the Moon in 2022 and continues to operate and collect critical data to refine the software. Under the ACO, Advanced Space was able to use NASA’s Lunar Reconnaissance Orbiter to conduct crosslink experiments with CAPSTONE, helping mature the navigation solution for future missions. The mission’s Cislunar Autonomous Positioning System technology was initially supported through the NASA Small Business Innovation Research program. 

    Sensuron and NASA matured a miniature, rugged fiber optic sensing system capable of taking thermal and shape measurements for multiple applications. Throughout the ACO, Sensuron benefitted from NASA’s expertise in fiber optics and electrical, mechanical, and system testing engineering to design, fabricate, and “shake and bake” its prototype laser. 

    Space missions could use the technology to monitor cryogenic propellant levels and determine a fuel tank’s structural integrity throughout an extended mission. The laser technology also has medical applications on Earth, which ultimately resulted in the Sensuron spinoff company, The Shape Sensing Company. 

    In 2023, Venturi Astrolab began work with NASA under an ACO to test its flexible lunar tire design. The company tapped into testing capabilities unique to NASA, including heat transfer to cold lunar soil, traction, and life testing. The data validated the performance of tire prototypes, helping ready the design to support future NASA missions. 
    In 2024, NASA selected three companies, including Venturi Astrolab, to advance capabilities for a lunar terrain vehicle that astronauts could use to travel around the lunar surface, conducting scientific research on the Moon and preparing for human missions to Mars. 

    The Announcement of Collaboration Opportunity (ACO) is one of many ways NASA enables commercial industry to develop, build, own, and eventually operate space systems. To learn more about these technology projects and more, visit: https://techport.nasa.gov/.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom signs legislation 7.30.25

    Source: US State of California 2

    Jul 30, 2025

    SACRAMENTO – Governor Gavin Newsom today announced that he has signed the following bills:

    • AB 17 by Assemblymember Juan Alanis (R-Modesto) – Elections: precinct maps.
    • AB 377 by Assemblymember David Tangipa (R-Clovis) – High-Speed Rail Authority: business plan: Merced to Bakersfield segment. A signing message can be found here.
    • AB 379 by Assemblymember Nick Schultz (D-Burbank) – Crimes: prostitution.
    • AB 642 by Assemblymember Al Muratsuchi (D-Torrance) – Emergencies proclaimed by the Governor: school employee catastrophic leave.
    • AB 951 by Assemblymember Tri Ta (R-Westminster) – Health care coverage: behavioral diagnoses.
    • AB 1029 by Assemblymember Avelino Valencia (D-Anaheim) – Statements of financial interest: digital financial assets.
    • AB 1051 by Assemblymember Laurie Davies (R-Laguna Niguel) – Route 76: Payómkawish Highway.
    • AB 1114 by Assemblymember Anamarie Ávila Farías (D-Martinez) – Emergency vehicles: fee and toll exemptions.
    • AB 1216 by the Committee on Education – Elementary and secondary education: omnibus.
    • AB 1459 by the Committee on Environmental Safety and Toxic Materials – Hazardous waste: underground storage tanks.
    • SB 251 by Senator Anna Caballero (D-Merced) – Claims against the state: appropriation.
    • SB 428 by Senator John Laird (D-Santa Cruz) – State Auditor: permanent office.
    • SB 521 by Senator Lena Gonzalez (D-Long Beach) – Public employment: disqualification.
    • SB 648 by Senator Lola Smallwood-Cuevas (D-Los Angeles) – Employment: gratitudes: enforcement.
    • SB 652 by Senator Laura Richardson (D-South Bay) – Private security services: security guards: training.
    • SB 693 by Senator Dave Cortese (D-Silicon Valley) – Employees: meal periods.

    For full text of the bills, visit: http://leginfo.legislature.ca.gov.

    Press releases, Recent news

    Recent news

    Jul 30, 2025

    News What you need to know: California is standing up for all Americans by challenging Trump’s unlawful tariff policy, which is slowing the national economy and raising prices for consumers.  SACRAMENTO – Governor Gavin Newsom today filed an amicus brief in support of…

    Jul 30, 2025

    News What you need to know: California is taking targeted action to address the mental health crisis among young men and boys today with a new executive order focused on suicide prevention, behavioral health, and helping find purpose through education, family, and…

    Jul 29, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Gerald Tolbert, of La Jolla, has been appointed to the Medical Board of California. Tolbert has been a Clinical Assistant Professor at the Department of Emergency Medicine and Medical…

    MIL OSI USA News –

  • MIL-OSI USA: Trump tariff policy continues to cause chaos in American economy

    Source: US State of California 2

    Jul 30, 2025

    What you need to know: California is standing up for all Americans by challenging Trump’s unlawful tariff policy, which is slowing the national economy and raising prices for consumers. 

    SACRAMENTO – Governor Gavin Newsom today filed an amicus brief in support of another lawsuit challenging the Trump administration’s illegal tariff debacle.  The tariffs continue to cause chaos in the national economy, raise prices for American families, and put California’s ongoing economic dominance under threat.

    “Trump’s illegal tariffs are stagnating our economy and hurting American families. Bragging that your unlawful policies are producing ‘BETTER THAN EXPECTED’ results while the economy slowed.  That’s like an F student bragging because they got a D-. We should all expect more from the executive branch. California will continue to stand up against Trump’s unlawful actions on behalf of all Americans.”

    Governor Gavin Newsom

    In the first six months of Trump’s presidency, the US economy slowed as a result of his policies. While Trump celebrates that his administration’s economic performance is “BETTER THAN EXPECTED,” American families continue to feel the pain from the impacts of his failed negotiations and increased prices. 

    Even Fox Business set the record straight on Fox News saying: Let’s be real clear here. Tariffs cost, they’re a tax. That tax often gets passed on to consumers.

    Consumers, retailers and the business economy are bracing for the impacts of Trump’s tariffs going into effect in August. Here’s how Trump’s failed tariff policy is impacting all Americans:

    • Fewer people are buying goods. Consumer spending is down to only a 1.4 percent annual rate in the second quarter — well below the 2.8 percent growth in spending in 2024.
    • Stockpiling in anticipation of price increases. Trump tariffs are expected to raise prices on groceries and even Trump officials have reportedly started stockpiling to prepare for price increases and shortages.
    • Prices are already increasing. Price increases due to tariffs could cost households on average an extra $2,400 in 2025, the Yale Budget Lab predicted in their most recent analysis.
       

    A one-two gut punch for California

    In addition to the national repercussions, Trump’s tariffs are having an outsized impact on California’s economy in recent months:

    • Families and workers will bear the brunt. Tariffs could cost households $25 billion and lead to a loss of over 64,000 jobs across California.
    • Businesses are also paying the price. California firms incurred $11.3 billion in tariff costs from January through May 2025, the highest of any state in the country.
    • Global supply chains will continue to be impacted, especially here at home. Recently, the Port of Los Angeles was operating at only 70% capacity due to ongoing tariffs and Southern California saw a 40% decline in job postings related to trade and logistics.

    Standing up for California 

    On April 16, Governor Newsom and Attorney General Rob Bonta filed a lawsuit arguing that President Trump lacks the authority to unilaterally impose tariffs through the International Economic Emergency Powers Act, creating immediate and irreparable harm to California, the world’s fourth largest economy, and nation’s leading manufacturing and agriculture state. Today’s amicus brief was filed as part of a separate lawsuit filed by private parties, but aligns with California’s arguments. The lawsuit is ongoing.
     

    “As the country braces for continuous chaos from President Trump’s illegal tariffs, standing united to fight for American consumers and businesses is more important than ever,” said Attorney General Bonta. “Today, I urge the U.S. Court of Appeals for the D.C. Circuit  to affirm the District Court’s decision that President Trump’s chaotic tariffs are unlawful — not one word in the International Emergency Economic Powers Act, the Trump Administration’s vehicle for these tariffs, authorizes tariffs. These illegal tariffs will affect everything from the cost of essential household items like food and toilet paper to the cost of housing. The tariff chaos is a man-made crisis, and California families and industries will pay the price.”

    Today’s brief was filed in Learning Resources, Inc. v. Trump, a lawsuit challenging the tariffs President Trump imposed under the International Emergency Economic Powers Act (IEEPA) and argues that the U.S. District Court for the District of Columbia was correct in holding that the Trump Administration’s interpretation of its authority is unlawful. 

    Recent news

    Jul 30, 2025

    News What you need to know: California is taking targeted action to address the mental health crisis among young men and boys today with a new executive order focused on suicide prevention, behavioral health, and helping find purpose through education, family, and…

    Jul 29, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Gerald Tolbert, of La Jolla, has been appointed to the Medical Board of California. Tolbert has been a Clinical Assistant Professor at the Department of Emergency Medicine and Medical…

    Jul 29, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced that he has signed the following bills:AB 104 by Assemblymember Jesse Gabriel (D-Encino) – Budget Act of 2025.AB 138 by the Committee on Budget – State employment: state bargaining units.SB 119 by the Committee…

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Heathrow expansion is a “flightmare on Downing Street” say Greens

    Source: Green Party of England and Wales

    by Green Party

    Responding to the release of detailed proposals for Heathrow Airport expansion, Green Party MP, Ellie Chowns, reiterated the Green Party’s opposition to airport expansion, saying,

    “Heathrow Airport expansion is a flightmare on Downing Street for people and planet. On one hand, this government is saying they’re taking the climate crisis seriously, and on the other, they’re backing a project that will release a reported 4.4m tonnes of CO2 a year. These expansion plans would see the number of flights at Heathrow Airport go up to 720,000 from their current capped number of 480,000 a year.

    These expansion plans are, at their heart, aimed to deliver profit for shareholders to enable a small group of people to fly more and more. In the UK we have a few frequent flyers that make up less than 3% of the UK population but take 30% of all journeys. On top of this, they seem oblivious to the impact that these plans will have on the communities currently living around Heathrow. Government must be grounded in reality and look hard at the climate science. No credible net-zero plan can include rampant airport expansion, and it’s time Labour looked to the many, many alternative ways to create high-paid green jobs.”

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Economy grows 3.1% in Q2

    Source: Hong Kong Information Services

    Hong Kong’s economy in the second quarter increased 3.1% year-on-year, picking up from the 3% growth in the preceding quarter.

     

    The Census & Statistics Department announced the figures today as it released its advance estimates on gross domestic product for the second quarter.

     

    According to the estimates, private consumption expenditure increased 1.9% in real terms in the second quarter.

     

    Government consumption expenditure grew 2.5% year-on-year.

     

    Gross domestic fixed capital formation rose 2.9% year-on-year.

     

    Over the same period, exports of goods increased 11.5%, accelerated further from the growth of 8.4% in the first quarter. Imports of goods grew 12.7%, higher than the increase of 7.2% in the first quarter.

     

    Compared with a year earlier, exports of services rose 7.5% in the second quarter, while imports of services went up 7%.

     

    Commenting on the figures, the Government said that during the second quarter, total exports of goods saw accelerated growth, as the external demand was resilient and the temporary easing of US tariff measures led to some rush shipments.

     

    Exports of services continued to expand notably, thanks to strong growth in inbound tourism, further expansion in cross-boundary traffic, and vibrant financial and related business service activities amid the buoyant local stock market.

     

    Domestically, private consumption expenditure resumed moderate growth after four consecutive quarters of decline, as supported by the stabilisation in the domestic consumption market. Meanwhile, overall investment expenditure increased further alongside the economic expansion.

     

    Hong Kong’s economy exhibited remarkable resilience in the first half of 2025.

     

    Looking ahead, steady economic growth in Asia, particularly in the Mainland, combined with the Government’s various measures to bolster consumption sentiment, attract investment, diversify markets, and promote economic growth, will continue to provide steadfast support for various segments of the Hong Kong economy.

     

    Nevertheless, uncertainties in the external environment remain elevated. The US’ renewed tariff hikes of late will exert pressure on global trade flows as well as its domestic economic activity and inflation. The uncertain pace of US interest rate cuts will also affect investment sentiment.

     

    Moreover, the “rush shipment” effect is expected to fade later this year.

     

    Hong Kong’s economic performance going forward will, to a certain extent, depend on how these factors evolve, the Government added.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Real Matters Reports Third Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    (all amounts are expressed in millions of U.S. dollars, excluding per share amounts and unless otherwise stated)

    TORONTO, July 31, 2025 (GLOBE NEWSWIRE) — Real Matters Inc. (TSX: REAL) (“Real Matters” or the “Company”), a leading network management services platform for the mortgage and insurance industries, today announced its financial results for the third quarter ended June 30, 2025.

    “Consolidated revenues increased 22% sequentially in the third quarter to $45.4 million, in line with a seasonal uptick in U.S. Appraisal purchase mortgage market volumes and double-digit revenue growth in all three segments. We posted positive consolidated Adjusted EBITDA(A) of $0.3 million, up from a loss of $1.9 million in the second quarter of 2025,” said Real Matters Chief Executive Officer Brian Lang.

    “We continued to launch new clients in the third quarter across all three of our segments and performed at the top of lender scorecards. Subsequent to quarter end, we also went live with our second Tier 1 lender in U.S. Title and added a new top-15 lender in U.S. Appraisal,” added Lang. “Overall, we remain on track with the execution of our strategy which is focused on growing market share and readying the business to scale up when mortgage market volumes normalize.”

    “The number of mortgages being originated at higher interest rates continues to rise, steadily expanding the pool of potential refinance candidates,” concluded Lang. “Currently, nearly 12 million mortgages have rates above 6%, and approximately 8 million of those mortgages have rates above 6.5%. This presents a significant opportunity for us once the rate environment begins to shift – and we are strategically positioned to capitalize on it.”

    Q3 2025 Summary

    • Consolidated revenue of $45.4 million, down 8% year-over-year as increased revenue in our U.S. Title segment was offset by lower year-over-year U.S. Appraisal revenue
    • Consolidated Adjusted EBITDA(A) of $0.3 million compared with $1.7 million in Q3’24
    • Net loss of $4.9 million, down from net income of $1.7 million in Q3’24 primarily due to an increase of $5.6 in net foreign exchange loss
    • Launched four new clients
    • Real Matters’ U.S. Appraisal mortgage origination volumes were down 16% year-over-year mainly due to lower purchase origination volumes
    • Real Matters’ U.S. Title mortgage origination volumes up 52% year-over-year due to net market share gains with clients and higher refinance origination market volumes
    • Cash and cash equivalents of $43.8 million and no outstanding debt as at June 30, 2025

    Financial and Operational Summary

        Quarter ended       Nine months ended   %
      2025   2025   2025   2024   2024   % Change1   2025   2024   Change1
        Q3   Q2   Q1   Q4   Q3   Quarter
    over
    Quarter    		 Year
    over
    Year    		   June 30 June 30   Year
    over
    Year
    Consolidated                                        
    Revenue $ 45.4   $ 37.3   $ 41.0   $ 45.6   $ 49.5     22%   -8%     $ 123.7   $ 127.1     -3%  
    Net Revenue(A) $ 11.9   $ 10.1   $ 10.9   $ 12.0   $ 13.1     18%   -10%     $ 32.8   $ 34.3     -5%  
    Adjusted EBITDA(A) $ 0.3   $ (1.9 ) $ (1.7 ) $ 0.6   $ 1.7     116%   -82%     $ (3.2 ) $ 1.3     -351%  
    Net (loss) income $ (4.9 ) $ (2.2 ) $ 2.3   $ (0.2 ) $ 1.7     -119%   -386%     $ (4.8 ) $ 0.2     -2855%  
    Net (loss) income per diluted share $ (0.07 ) $ (0.03 ) $ 0.03   $ 0.00   $ 0.02     -133%   -450%     $ (0.06 ) $ 0.00     0%  
    Adjusted Net (loss) income(A) $ (0.5 ) $ (1.2 ) $ (0.3 ) $ 0.9   $ 1.7     58%   -129%     $ (2.0 ) $ 1.8     -211%  
    Adjusted Net (loss) income(A) per diluted share $ (0.01 ) $ (0.02 ) $ 0.00   $ 0.01   $ 0.02     50%   -150%     $ (0.03 ) $ 0.02     -250%  
                                             
    U.S. Appraisal segment                                        
    Revenue $ 32.6   $ 26.7   $ 29.4   $ 33.8   $ 37.5     22%   -13%     $ 88.6   $ 96.9     -8%  
    Net Revenue(A) $ 8.5   $ 7.3   $ 7.8   $ 9.0   $ 10.3     17%   -17%     $ 23.6   $ 27.0     -13%  
    Net Revenue(A) margin   26.2%     27.3%     26.5%     26.7%     27.6%             26.6%     27.9%      
    Adjusted EBITDA(A) $ 4.0   $ 2.6   $ 2.4   $ 4.1   $ 5.5     58%   -26%     $ 9.1   $ 12.6     -28%  
    Adjusted EBITDA(A) margin   47.7%     35.4%     30.9%     45.2%     53.2%             38.4%     46.6%      
                                             
    U.S. Title segment                                        
    Revenue $ 2.8   $ 2.3   $ 2.5   $ 2.4   $ 2.1     23%   30%     $ 7.6   $ 6.2     22%  
    Net Revenue(A) $ 1.5   $ 1.2   $ 1.4   $ 1.2   $ 0.9     24%   57%     $ 4.0   $ 2.8     43%  
    Net Revenue(A) margin   52.6%     52.1%     53.4%     49.8%     43.6%             52.7%     45.0%      
    Adjusted EBITDA(A) $ (1.7 ) $ (2.1 ) $ (1.8 ) $ (1.6 ) $ (1.9 )   19%   12%     $ (5.6 ) $ (5.2 )   -8%  
    Adjusted EBITDA(A) margin   -117.7%     -179.6%     -132.3%     -131.4%     -209.8%             -140.9%     -187.3%      
                                             
                                             
    Canadian segment                                        
    Revenue $ 10.0   $ 8.3   $ 9.1   $ 9.4   $ 9.9     19%   1%     $ 27.5   $ 24.0     14%  
    Net Revenue(A) $ 1.9   $ 1.6   $ 1.7   $ 1.8   $ 1.9     18%   0%     $ 5.2   $ 4.5     14%  
    Net Revenue(A) margin   18.7%     19.0%     18.9%     18.9%     19.0%             18.9%     18.9%      
    Adjusted EBITDA(A) $ 1.3   $ 1.0   $ 1.1   $ 1.2   $ 1.3     21%   -3%     $ 3.4   $ 2.9     19%  
    Adjusted EBITDA(A) margin   67.6%     65.7%     66.1%     67.7%     69.3%             66.5%     63.7%      
                                             
    Corporate segment                                        
    Adjusted EBITDA(A) $ (3.3 ) $ (3.4 ) $ (3.4 ) $ (3.1 ) $ (3.2 )   2%   -4%     $ (10.1 ) $ (9.0 )   -13%  
                                                                 

    Note 1 – Percentage change is calculated based on figures disclosed in our MD&A which are rounded to the nearest thousands of dollars.

    Conference Call and Webcast
    A conference call to review the results will take place at 10:00 a.m. (ET) on Thursday, July 31, 2025, hosted by Chief Executive Officer Brian Lang and Chief Financial Officer Rodrigo Pinto. An accompanying slide presentation will be posted to the Investor section of our website shortly before the call.

    To access the call:

    • Participants can dial-in to the conference call; however, pre-registration is required. To register, visit: https://register-conf.media-server.com/register/BI798e8af4ea274111bfa0efe3766760a2.
    • Once registered, you will receive an email including dial-in details and a unique access code required to join the live call.
    • Please ensure you have registered at least 10 minutes prior to the conference call start time.

    To listen to the live webcast of the call:

    The webcast will be archived and a transcript of the call will be available in the Investor section of our website following the call.

    (A) Non-GAAP Measures
    The non-GAAP measures used in this news release, including Net Revenue, Adjusted EBITDA and Adjusted Net Income do not have a standardized meaning prescribed by IFRS® Accounting Standards and are therefore unlikely to be comparable to similar measures presented by other issuers. These non-GAAP measures are more fully defined and discussed in the Company’s MD&A for the three and nine months ended June 30, 2025 under the heading “Non-GAAP measures”, which is incorporated by reference in this Press Release and available on SEDAR+ at www.sedarplus.ca.

    Real Matters financial results for the three and nine months ended June 30, 2025 are included in the unaudited interim condensed consolidated financial statements and the accompanying MD&A, each of which are available on SEDAR+ at www.sedarplus.ca. In addition, supplemental information is available on our website at www.realmatters.com.

    Net Revenue represents the difference between revenues and transaction costs. Net Revenue margin is calculated as Net Revenue divided by Revenues. The reconciling items between net income or loss and Net Revenue were as follows:

                Quarter ended   Nine months ended
        Q3 2025   Q2 2025   Q1 2025   Q4 2024   Q3 2024   June 30,
    2025    		 June 30,
    2024
                                   
    Net (loss) income $ (4.9 ) $ (2.2 ) $ 2.3   $ (0.2 ) $ 1.7     $ (4.8 ) $ 0.2  
    Operating expenses   11.9     12.1     12.7     12.6     11.8       36.5     34.6  
    Amortization   0.7     0.7     0.7     0.8     0.8       2.1     2.4  
    Restructuring expenses   0.1     –     0.4     –     –       0.5     –  
    Interest expense   0.1     0.1     0.1     0.1     0.1       0.3     0.3  
    Interest income   (0.4 )   (0.5 )   (0.5 )   (0.5 )   (0.5 )     (1.3 )   (1.3 )
    Net foreign exchange loss (gain)   4.7     0.2     (6.1 )   1.3     (0.9 )     (1.2 )   (1.1 )
    Loss (gain) on fair value of derivatives   0.3     0.6     1.7     (1.9 )   (0.1 )     2.6     (0.2 )
    Income tax (recovery) expense   (0.6 )   (0.9 )   (0.4 )   (0.2 )   0.2       (1.9 )   (0.6 )
    Net Revenue $ 11.9   $ 10.1   $ 10.9   $ 12.0   $ 13.1     $ 32.8   $ 34.3  
                                                 

    Adjusted EBITDA represents net income or loss before stock-based compensation expense, amortization, restructuring expenses, interest expense, interest income, net foreign exchange gain or loss, gain or loss on fair value of derivatives and income tax expense or recovery. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Net Revenue. The reconciling items between net income or loss and Adjusted EBITDA were as follows:

                Quarter ended   Nine months ended
        Q3 2025   Q2 2025   Q1 2025   Q4 2024   Q3 2024   June 30,
    2025    		 June 30,
    2024
                                   
    Net (loss) income $ (4.9 ) $ (2.2 ) $ 2.3   $ (0.2 ) $ 1.7     $ (4.8 ) $ 0.2  
    Stock-based compensation expense   0.3     0.1     0.1     1.2     0.4       0.5     1.6  
    Amortization   0.7     0.7     0.7     0.8     0.8       2.1     2.4  
    Restructuring expenses   0.1     –     0.4     –     –       0.5     –  
    Interest expense   0.1     0.1     0.1     0.1     0.1       0.3     0.3  
    Interest income   (0.4 )   (0.5 )   (0.5 )   (0.5 )   (0.5 )     (1.3 )   (1.3 )
    Net foreign exchange loss (gain)   4.7     0.2     (6.1 )   1.3     (0.9 )     (1.2 )   (1.1 )
    Loss (gain) on fair value of derivatives   0.3     0.6     1.7     (1.9 )   (0.1 )     2.6     (0.2 )
    Income tax (recovery) expense   (0.6 )   (0.9 )   (0.4 )   (0.2 )   0.2       (1.9 )   (0.6 )
    Adjusted EBITDA $ 0.3   $ (1.9 ) $ (1.7 ) $ 0.6   $ 1.7     $ (3.2 ) $ 1.3  
                                                 

    The reconciling items between net income or loss and Adjusted Net Income or Loss were as follows:

                Quarter ended   Nine months ended
        Q3 2025   Q2 2025   Q1 2025   Q4 2024   Q3 2024   June 30,
    2025    		 June 30,
    2024
                                   
    Net (loss) income $ (4.9 ) $ (2.2 ) $ 2.3   $ (0.2 ) $ 1.7     $ (4.8 ) $ 0.2  
    Stock-based compensation expense   0.3     0.1     0.1     1.2     0.4       0.5     1.6  
    Amortization of intangibles   0.4     0.4     0.4     0.5     0.4       1.2     1.2  
    Restructuring expenses   0.1     –     0.4     –     –       0.5     –  
    Net foreign exchange loss (gain)   4.7     0.2     (6.1 )   1.3     (0.9 )     (1.2 )   (1.1 )
    Loss (gain) on fair value of derivatives   0.3     0.6     1.7     (1.9 )   (0.1 )     2.6     (0.2 )
    Related tax effects   (1.4 )   (0.3 )   0.9     –     0.2       (0.8 )   0.1  
    Adjusted Net (Loss) Income $ (0.5 ) $ (1.2 ) $ (0.3 ) $ 0.9   $ 1.7     $ (2.0 ) $ 1.8  
                                                 

    Forward-Looking Information
    This Press Release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Words such as “could”, “forecast”, “target”, “may”, “will”, “would”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “seek”, “believe”, “likely” and “predict” and variations of such words and similar expressions are intended to identify such forward-looking information, although not all forward-looking information contains these identifying words.

    The forward-looking information in this Press Release includes statements which reflect the current expectations of management with respect to our business and the industry in which we operate and is based on management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management believes appropriate and reasonable in the circumstances. The forward-looking information reflects management’s beliefs based on information currently available to management, including information obtained from third party sources, and should not be read as a guarantee of the occurrence or timing of any future events, performance or results.

    The forward-looking information in this Press Release is subject to risks, uncertainties and other factors that are difficult to predict and that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. A comprehensive discussion of the factors which could cause results or events to differ from current expectations can be found in the “Risk Factors” section of our Annual Information Form for the year ended September 30, 2024, which is available on SEDAR+ at www.sedarplus.ca.

    Readers are cautioned not to place undue reliance on the forward-looking information, which reflect our expectations only as of the date of this Press Release. Except as required by law, we do not undertake to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

    About Real Matters
    Real Matters is a leading network management services provider for the mortgage lending and insurance industries. Real Matters’ platform combines its proprietary technology and network management capabilities with tens of thousands of independent qualified field professionals to create an efficient marketplace for the provision of mortgage lending and insurance industry services. Our clients include top 100 mortgage lenders in the U.S. and some of the largest banks and insurance companies in Canada. We are a leading independent provider of residential real estate appraisals to the mortgage market and a leading independent provider of title services in the U.S. Headquartered in Markham (ON), Real Matters has principal offices in Buffalo (NY) and Middletown (RI). Real Matters is listed on the Toronto Stock Exchange under the symbol REAL. For more information, visit www.realmatters.com.

    For more information:
    Lyne Beauregard
    Vice President, Investor Relations and Corporate Communications
    Real Matters
    lbeauregard@realmatters.com
    416.994.5930

    The MIL Network –

  • MIL-OSI: Brazil’s Grupo Petrópolis Uses Descartes Routing Solution to Optimize Nationwide Beverage Distribution

    Source: GlobeNewswire (MIL-OSI)

    SÃO PAULO and ATLANTA, July 31, 2025 (GLOBE NEWSWIRE) — Descartes Systems Group (Nasdaq:DSGX) (TSX:DSG), the global leader in uniting logistics-intensive businesses in commerce, announced that Brazil’s Grupo Petrópolis is using Descartes’ routing and fleet management solution to enhance its nationwide beverage distribution operations using approximately 2,900 vehicles. The Descartes solution helped Grupo Petrópolis achieve an on-time delivery rate of 98%, reduce overtime hours by 9% and decrease fuel consumption by 5%. These improvements reflect more efficient and sustainable fleet operations.

    “To better meet customer needs, we wanted a fleet management platform to enhance on-time performance, improve service in case of returns or customer concerns and advance sustainability goals by reducing carbon emissions,” said Luís Moura, Manager at Grupo Petrópolis. “The Descartes solution gives us a new level of control and visibility into our large distribution network. Across 160 locations, routes are now more intelligent and efficient, and we track all routes in real-time. If a driver goes off a planned route, the system immediately signals the detour so our team can respond quickly, which is critical to providing reliable service. And, because we can act with much more delivery precision and agility, we have lowered fuel and maintenance costs, gained visibility into idle vehicles and overcome challenges with product and delivery traceability.”

    Part of Descartes’ routing, mobile and telematics solution suite, the Descartes routing and fleet management solution helps retail food and beverage distribution companies, like Grupo Petrópolis, manage routes for optimal efficiency and minimize the impact of unforeseen events on customer service levels, mileage and costs. By continually re-optimizing route plans based on real-time traffic data and other variables, the solution enhances customer service by improving on-time delivery performance, lowers mileage by guiding drivers through shorter route paths, and decreases total route time and costs by helping drivers navigate through heavy traffic with alternate routes and stop sequences. The solution also monitors planned vs. actual deliveries, product traceability, journey control (including lunch breaks, overnights and overtime), route deviations, unplanned stops and departure or arrival delays.

    “Our collaboration with Grupo Petrópolis highlights how advanced routing solutions can help transform complex distribution environments into highly efficient, sustainable, and customer-focused logistics operations,” said Douglas Alves, Sales Executive at Descartes. “As food and beverage distributors look for opportunities to enhance last mile performance, our solution suite can help rebalance distribution networks; improve route productivity, execution and sustainability; respond more dynamically to demand; and accelerate cash flow with electronic proof-of-delivery.”

    Learn more about Descartes’ route execution and fleet performance management solutions and its Routing, Mobile and Telematics solution suite.

    About Grupo Petrópolis

    Grupo Petrópolis is the only major company in the beer sector with 100% Brazilian capital. It produces the beer brands Itaipava, Crystal, Petra, Black Princess, Cacildis, Cabaré, Lokal, and Weltenburger; the vodkas Blue Spirit Ice and Nordka; Cabaré Ice; the energy drinks TNT Energy Drink and Magneto; the liquid dietary supplement TNT Sports Drink; Petra mineral water; Petra tonic; and the soft drink It!. Through environmental projects, it promotes the planting and maintenance of thousands of trees, as well as sustainability initiatives and environmental education projects for public schools. Learn more at www.grupopetropolis.com.br and on LinkedIn.

    About Descartes

    Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and Twitter.

    Global Media Contact
    Cara Strohack                                                                     
    Tel: 226-750-8050                                 
    cstrohack@descartes.com  

    Cautionary Statement Regarding Forward-Looking Statements

    This release contains forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relate to Descartes’ routing, mobile and telematics solution offerings and potential benefits derived therefrom; and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada including Descartes’ most recently filed management’s discussion and analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purposes of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

    The MIL Network –

  • MIL-OSI: CSW Industrials Reports Record Fiscal 2026 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, July 31, 2025 (GLOBE NEWSWIRE) — CSW Industrials, Inc. (NYSE: CSW or the “Company”) today reported record results for the fiscal 2026 first quarter period ended June 30, 2025.

    Fiscal 2026 First Quarter Highlights (comparisons to fiscal 2025 first quarter)

    • Total revenue increased 16.6% to a first quarter record of $263.6 million, driven by the recent acquisitions of Aspen Manufacturing, PSP Products, and PF WaterWorks
    • Net income attributable to CSW of $40.9 million, increased 6.0% to a first quarter record, compared to $38.6 million
    • Earnings per diluted share (“EPS”) of $2.43, decreased 1.9% when compared to $2.47
    • Adjusted EPS of $2.85, excluding the amortization of acquisition-related intangible assets, increased 2.5% when compared to $2.78
    • EBITDA grew 5.3% to a first quarter record of $68.7 million
    • Paid down $40 million of debt at quarter-end, strengthening the balance sheet after borrowing $135 million for the Aspen Manufacturing acquisition during the quarter, resulting in a net leverage ratio (net Debt to EBITDA), in accordance with our credit facility, of 0.2x

    Comments from the Chairman, President, and Chief Executive Officer

    Joseph B. Armes, CSW Industrials’ Chairman, President, and Chief Executive Officer, commented, “I am very pleased to announce record revenue, net income, EBITDA, and adjusted EPS for the fiscal first quarter. These results were driven by the outstanding performance of our strategic acquisitions of PSP Products, PF WaterWorks, and, most recently, Aspen Manufacturing, which added complimentary, US manufactured, repair-focused air handlers and evaporator coils to the attractive HVAC/R end market. As we have demonstrated over the past decade, our disciplined allocation of capital to acquisitions of innovative products fuels additional future organic revenue growth by adding vitality to our product portfolio while increasing our market share.”

    Armes continued, “Organic volumes were down in the quarter off a challenging comparison, mostly driven by softer demand for products tied to weak housing activity. As we discussed on our previous earnings call, we continue to anticipate delivering full year organic growth in revenue and adjusted EBITDA for each segment, along with consolidated EPS growth and stronger operating cash flow, recognizing that timing can create quarterly fluctuations.”

    Fiscal 2026 First Quarter Consolidated Results

    Fiscal first quarter revenue was $263.6 million, a $37.5 million or 16.6% increase over the prior year period. Total revenue growth included $43.7 million or 19.3% inorganic growth contributed by the Aspen Manufacturing, PSP Products, and PF WaterWorks acquisitions, which are all reported within the Contractor Solutions segment, offset by a slight reduction in organic revenue of $6.2 million or 2.8%.

    Gross profit in the fiscal first quarter was $115.4 million, representing 7.5% growth over $107.4 million in the prior year period. Gross margin contracted 370 bps to 43.8%, compared to 47.5% in the prior year period. The gross margin decrease was primarily a result of the inclusion of recent acquisitions, unfavorable quarterly impact of sales mix and volume leverage, and the inflation of some material costs, including the direct and indirect impact from tariffs.

    Operating expenses were $60.6 million in the current fiscal quarter, compared to $52.4 million in the prior fiscal quarter due to additional expenses related to acquired companies. Operating expenses as a percentage of revenue were 23.0%, slightly lower than the prior year period of 23.2%.

    Operating income in the current period was $54.9 million compared to $55.1 million in the prior year period. Operating income as a percentage of revenue was 20.8%, compared to 24.3% in the prior year period. The decrease in operating margin was a result of the previously mentioned contraction in the gross margin.

    Interest expense, net of interest income, was $1.0 million, compared to interest expense of $2.5 million in the prior year period. The $1.5 million decrease in interest expense was a result of reduced average borrowing during the current fiscal quarter and one month of interest income earned on cash balances prior to funding the Aspen acquisition on May 1, 2025.

    Net income attributable to CSW (net of non-controlling interest in the joint venture) increased 6.0% to $40.9 million compared to the prior year period of $38.6 million. EPS was $2.43, compared to $2.47 in the prior period due to the incremental increase in shares outstanding resulting from the follow-on equity offering in September 2025. Adjusted EPS, after excluding the amortization of acquisition-related intangible assets, increased 2.5% to $2.85, compared to $2.78 in the prior year period.

    Fiscal 2026 first quarter EBITDA increased 5.3% to a record $68.7 million, up from $65.3 million in the prior year period. EBITDA margin contracted 280 bps to 26.1%, compared to 28.9% in the prior year period due to the contraction in gross margin offset slightly by leverage on operating expenses.

    The quarterly cash flows from operations of $60.6 million were mostly comparable to $62.7 million in the prior year period, with some routine fluctuations in working capital.

    Free cash flow, defined as cash flow from operations minus capital expenditures, was $57.7 million, as compared to $59.6 million in the prior year period.

    Following quarter-end, the Company announced its twenty-sixth consecutive regular quarterly cash dividend in the amount of $0.27 per share, which will be paid on August 8, 2025, to shareholders of record on July 25, 2025.

    The Company’s effective tax rate for the fiscal first quarter was 24.3%, as compared to 26.4% in the prior year period.

    Fiscal 2026 First Quarter Segment Results

    Contractor Solutions segment revenue was $196.7 million, a $36.3 million or 22.6% increase over the prior year period, comprised of inorganic growth of $43.7 million from the recent acquisitions of Aspen Manufacturing, PSP Products, and PF WaterWorks, offset by a 4.6% or $7.4 million reduction in organic revenue from decreased unit volumes. Organic unit volumes were down in the current quarter due to soft housing activity, a one-time stock up of inventory in the prior year period for a customer’s added distribution center network, higher preseason sales in our fiscal fourth quarter ended March 31, 2025, and consumers’ shift to repair of HVAC units versus replacement. As compared to the prior year period, net revenue growth was driven by the HVAC/R, electrical, and plumbing end markets. Segment operating income improved to $52.8 million compared to $49.9 million in the prior year period. The incremental profit resulted from the inclusion of recently acquired businesses and was partially offset by the impact of lower organic sales, as well as unfavorable volume leverage and sales mix. Segment operating income margin for the fiscal first quarter was 26.8% compared to 31.1% in the prior year period primarily due to the gross margin impact of recent acquisitions on our overall profit margin. Segment EBITDA in the fiscal first quarter increased 11.6% to $65.0 million, or 33.0% of revenue, compared to $58.3 million, or 36.3% of revenue in the prior year period.

    Specialized Reliability Solutions segment revenue was $36.8 million, flat to revenue reported in the prior year period. Revenue increased in the mining and energy end markets and declined in the general industrial and rail transportation end markets. Segment operating income was $5.2 million, as compared to $7.2 million in the prior year period, a decrease of 26.7%. Segment operating income margin for the fiscal first quarter was 14.2%, compared to the prior year period of 19.4% as a result of an escalation in commodity pricing, one-time expenses associated with the consolidation of a manufacturing facility, and unfavorable sales mix. Segment EBITDA in the fiscal first quarter was $6.5 million, or 17.7% of revenue, compared to $8.5 million, or 23.1% of revenue in the prior year period.

    Engineered Building Solutions segment revenue was $31.9 million, a 3.2% increase compared to $30.9 million in the prior year period. Segment operating income was $4.0 million, or 12.5% of revenue, as compared to the prior year period of $5.7 million, or 18.5% of revenue. The reduction in operating income was driven by the inflation of some project costs due to tariffs, as well as growth investment in the sales team and R&D to pursue prospective revenue opportunities. Segment EBITDA and EBITDA margin in the fiscal first quarter were $4.4 million and 13.9%, respectively, compared to $6.2 million and 20.1%, respectively, in the prior year period.

    All percentages are calculated based upon the attached financial statements. Share counts used in determining the diluted EPS are based on a weighted average of outstanding shares throughout the reporting period.

    Conference Call Information

    The Company will host a conference call today at 10:00 a.m. ET to discuss the results, followed by a question-and-answer session for the investment community. A live webcast of the call can be accessed at https://cswindustrials.gcs-web.com/. To access the call, participants may dial 1-877-407-0784, international callers may use 1-201-689-8560, and request to join the CSW Industrials earnings call.

    A telephonic replay will be available shortly after the conclusion of the call and until Thursday, August 14, 2025. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671 and enter access code 13754759. The call will also be available for replay via webcast link on the Investors portion of the CSW website www.cswindustrials.com.

    Safe Harbor Statement

    This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “forecasts,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations, and financial performance and condition.

    The forward-looking statements included in this press release are based on our current expectations, projections, estimates, and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

    All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

    Non-GAAP Financial Measures

    This press release includes an analysis of adjusted diluted earnings per share attributable to CSW, adjusted net income attributable to CSW, adjusted effective tax rate, adjusted operating income and free cash flows, which are non-GAAP financial measures of performance. Attributable to CSW is defined to exclude the income attributable to the non-controlling interest in the Whitmore JV.

    CSW utilizes adjusted EBITDA (earnings before interest, tax, depreciation and amortization) as an additional consolidated, non-GAAP financial measure, which consists of consolidated net income including income attributable to the non-controlling interest in the Whitmore JV, adjusted to remove the impact of income taxes, interest expense, depreciation, amortization and impairment, and significant nonrecurring items.

    For a reconciliation of these measures to the most directly comparable GAAP measures and for a discussion of why we consider these non-GAAP measures useful, see the “Reconciliation of Non-GAAP Measures” section of this release.

    About CSW Industrials, Inc.

    CSW Industrials is a diversified industrial growth company with industry-leading operations in three segments: Contractor Solutions, Specialized Reliability Solutions, and Engineered Building Solutions. CSW provides niche, value-added products with two essential commonalities: performance and reliability. The primary end markets we serve with our well-known brands include: HVAC/R, plumbing, electrical, general industrial, architecturally-specified building products, energy, mining, and rail transportation. For more information, please visit www.cswindustrials.com.

    Investor Relations

    Alexa Huerta
    Vice President, Investor Relations and Treasurer
    214-489-7113
    alexa.huerta@cswindustrials.com


    CSW INDUSTRIALS, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (unaudited)
        Three Months Ended
    June 30,
    (Amounts in thousands, except per share amounts)     2025       2024  
    Revenues, net   $ 263,646     $ 226,177  
    Cost of revenues     (148,204 )     (118,756 )
    Gross profit     115,442       107,421  
    Selling, general and administrative expenses     (60,566 )     (52,361 )
    Operating income     54,876       55,060  
    Interest expense, net     (1,022 )     (2,520 )
    Other income, net     528       260  
    Income before income taxes     54,382       52,800  
    Provision for income taxes     (13,211 )     (13,950 )
    Net income     41,171       38,850  
    Less: Income attributable to redeemable noncontrolling interest     (246 )     (259 )
    Net income attributable to CSW Industrials, Inc.   $ 40,925     $ 38,591  
             
    Net income per share attributable to CSW Industrials, Inc.        
    Basic   $ 2.43     $ 2.48  
    Diluted   $ 2.43     $ 2.47  
             
    Weighted average number of shares outstanding:        
    Basic     16,808       15,534  
    Diluted     16,863       15,596  
    CSW INDUSTRIALS, INC.
    CONSOLIDATED BALANCE SHEETS
    (unaudited)
    (Amounts in thousands, except for per share amounts)   June 30, 2025   March 31, 2025
    ASSETS        
    Current assets:        
    Cash and cash equivalents   $ 37,990     $ 225,845  
    Accounts receivable, net of allowance for expected credit losses of $869 and $1,137, respectively     179,409       155,651  
    Inventories, net     217,671       194,876  
    Prepaid expenses and other current assets     15,962       16,489  
    Total current assets     451,032       592,861  
    Property, plant and equipment, net of accumulated depreciation of $117,394 and $113,219, respectively     99,742       93,415  
    Goodwill     365,412       264,092  
    Intangible assets, net     536,418       357,910  
    Other assets     83,315       70,787  
    Total assets   $ 1,535,919     $ 1,379,065  
             
    LIABILITIES AND EQUITY        
    Current liabilities:        
    Accounts payable   $ 64,560     $ 54,767  
    Accrued and other current liabilities     93,336       92,435  
    Total current liabilities     157,896       147,202  
    Long-term debt     95,000       —  
    Retirement benefits payable     1,072       1,083  
    Other long-term liabilities     151,690       138,347  
    Total liabilities     405,658       286,632  
    Commitments and contingencies (See Note 13)        
    Redeemable noncontrolling interest     20,433       20,187  
    Equity:        
    Common shares, $0.01 par value     178       177  
    Additional paid-in capital     509,100       501,286  
    Treasury shares, at cost (1,042 and 1,027 shares, respectively)     (130,111 )     (122,125 )
    Retained earnings     741,404       705,035  
    Accumulated other comprehensive loss     (10,743 )     (12,127 )
    Total equity     1,109,828       1,072,246  
    Total liabilities, redeemable noncontrolling interest and equity   $ 1,535,919     $ 1,379,065  
    CSW INDUSTRIALS, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (unaudited)
        Three Months Ended June 30,
    (Amounts in thousands)     2025       2024  
    Cash flows from operating activities:        
    Net income   $ 41,171     $ 38,850  
    Adjustments to reconcile net income to net cash provided by operating activities:        
    Depreciation     3,929       3,622  
    Amortization of acquisition-related intangible assets & inventory step-up     9,411       6,312  
    Amortization of deferred financing fees     322       191  
    Provision for inventory reserves     242       517  
    Provision for credit losses     72       378  
    Share-based compensation     4,037       3,746  
    Net gain on disposals of property, plant and equipment     —       (13 )
    Net pension benefit     17       16  
    Net deferred taxes     790       2,084  
    Changes in operating assets and liabilities:        
    Accounts receivable     (7,788 )     (998 )
    Inventories     7,641       (6,766 )
    Prepaid expenses and other current assets     656       3,438  
    Other assets     43       28  
    Accounts payable and other current liabilities     6       10,923  
    Retirement benefits payable and other liabilities     92       327  
    Net cash provided by operating activities     60,641       62,655  
    Cash flows from investing activities:        
    Capital expenditures     (2,904 )     (3,101 )
    Proceeds from sale of assets     —       13  
    Cash paid for investments     —       (500 )
    Cash paid for acquisitions, net of cash received     (323,814 )     (50 )
    Proceeds from acquisitions’ true-up     —       470  
    Net cash used in investing activities     (326,718 )     (3,168 )
    Cash flows from financing activities:        
    Borrowings on line of credit     135,000       7,723  
    Repayments of line of credit     (40,000 )     (58,723 )
    Payments of deferred loan costs     (2,835 )     —  
    Purchase of treasury shares     (9,091 )     (7,891 )
    Payments of contingent consideration     (113 )     (113 )
    Dividends     (4,537 )     (3,262 )
    Net cash provided by (used in) financing activities     78,424       (62,266 )
    Effect of exchange rate changes on cash and equivalents     (202 )     (525 )
    Net change in cash and cash equivalents     (187,855 )     (3,304 )
    Cash and cash equivalents, beginning of period     225,845       22,156  
    Cash and cash equivalents, end of period   $ 37,990     $ 18,852  


    Reconciliation of Non-GAAP Measures

    We use adjusted earnings per share attributable to CSW, adjusted net income attributable to CSW, adjusted operating income, adjusted effective tax rate, and adjusted EBITDA, together with financial measures prepared in accordance with GAAP, such as revenue, cost of revenue, operating expense, operating income and net income attributable to CSW, to assess our historical and prospective operating performance and to enhance our understanding of our core operating performance. Free cash flow is a non-GAAP financial measure and is defined as cash flow from operations less capital expenditures. We also believe these measures are useful for investors to assess the operating performance of our business without the effect of non-recurring items. In the following tables, there could be immaterial differences in amounts presented due to rounding.

    CSW INDUSTRIALS, INC.
    RECONCILIATION OF NET INCOME ATTRIBUTABLE TO CSW TO ADJUSTED NET INCOME ATTRIBUTABLE TO CSW
    (Unaudited)
    (Amounts in thousands)   Three Months Ended June 30,
          2025       2024  
    Net income attributable to CSW   $ 40,925     $ 38,592  
             
    Adjusting items:        
    Amortization of acquisition-related intangible assets and inventory step-up     9,412       6,311  
    Amortization tax effect     (2,325 )     (1,559 )
    Adjusted net income attributable to CSW   $ 48,012     $ 43,344  
             
    Net Income Attributable to CSW per diluted common share   $ 2.43     $ 2.47  
             
    Adjusting Items, per dilutive common share:        
    Amortization of acquisition-related intangible assets and inventory step-up     0.56       0.40  
    Amortization tax effect     (0.14 )     (0.10 )
    Adjusted net income attributable to CSW per dilutive common share   $ 2.85     $ 2.78  
    CSW INDUSTRIALS, INC.
    Reconciliation of Net Income Attributable to CSW to EBITDA
    (unaudited)
    (Amounts in thousands)   Three Months Ended June 30,
          2025       2024  
    Net Income attributable to CSW   $ 40,925     $ 38,591  
    Plus: Income attributable to redeemable noncontrolling interest     246       259  
    Net Income   $ 41,171     $ 38,850  
             
    Adjusting Items:        
    Interest expense, net     1,022       2,520  
    Income tax expense     13,212       13,950  
    Depreciation & amortization     13,338       9,932  
    EBITDA   $ 68,742     $ 65,252  
    CSW INDUSTRIALS, INC.
    Reconciliation of Segment Operating Income to Segment EBITDA
    (unaudited)
    (Amounts in thousands)   Three months ended June 30, 2025
        Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Corporate and Other Consolidated
    Revenue, net   $ 196,740   $ 36,806   $ 31,896   $ (1,796 ) $ 263,646  
                 
    Operating Income   $ 52,759   $ 5,241   $ 3,999   $ (7,123 ) $ 54,876  
    % Revenue     26.8 %   14.2 %   12.5 %     20.8 %
                 
    Adjusting Items:            
    Other income (expense), net     698     (76 )   8     (102 )   528  
    Depreciation & amortization     11,540     1,337     416     45     13,338  
    EBITDA   $ 64,996   $ 6,503   $ 4,423   $ (7,180 ) $ 68,742  
    % Revenue     33.0 %   17.7 %   13.9 %     26.1 %
                 
    (Amounts in thousands)   Three months ended June 30, 2024
        Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Corporate and Other Consolidated
    Revenue, net   $ 160,418   $ 36,791   $ 30,893   $ (1,926 ) $ 226,177  
                 
    Operating Income   $ 49,884   $ 7,150   $ 5,723   $ (7,698 ) $ 55,060  
    % Revenue     31.1 %   19.4 %   18.5 %     24.3 %
                 
    Adjusting Items:            
    Other income (expense), net     396     (63 )   (7 )   (66 )   260  
    Depreciation & amortization     7,983     1,423     485     41     9,932  
    EBITDA   $ 58,263   $ 8,511   $ 6,201   $ (7,723 ) $ 65,252  
    % Revenue     36.3 %   23.1 %   20.1 %     28.9 %
    CSW INDUSTRIALS, INC.
    Reconciliation of Operating Cash Flow to Free Cash Flow
    (Unaudited)
    (Amounts in thousands)   Three Months Ended June 30,
          2025       2024  
    Net cash provided by operating activities   $ 60,641     $ 62,655  
    Less: Capital expenditures     (2,904 )     (3,101 )
    Free cash flow   $ 57,737     $ 59,554  
    EBITDA     68,742       65,252  
    Free cash flow % EBITDA     84.0 %     91.3 %

    The MIL Network –

  • MIL-Evening Report: Grattan on Friday: Aggrieved Liberals stamp their feet, testing Sussan Ley’s authority

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    As any leader of a political party knows, when you demote people they can become difficult, or worse.

    Among Opposition Leader Sussan Ley’s multiple problems are two very unhappy former frontbenchers. Sarah Henderson, who was opposition education spokeswoman last term, and Jane Hume, who had a high profile in finance, were dumped to the backbench in Ley’s reshuffle.

    There were mixed views about Ley’s judgement. But it was clear neither would take the relegation lying down.

    Henderson at the time declared she found it regrettable that “a number of high-performing Liberal women have been overlooked or demoted”. Hume said, ominously, “there is something very liberating about being on the backbench and being able to speak without having to stick to the party line and without having to stick to talking points”.

    This week, both women used their freedom to freelance.

    On the government’s student debt legislation, Henderson made her presence felt by moving an amendment designed to cap indexation. It got only a handful of votes from the crossbench. The opposition abstained.

    Also in the Senate, Hume put down her marker, on a motion moved by One Nation repudiating the net zero target. Predictably, Matt Canavan (Nationals) and Alex Antic (right-wing South Australian Liberal) voted for the motion. The Liberals’ official position – given they’re in no-man’s land, reviewing their policy – was to abstain. But Hume and Andrew McLachlan (a moderate from South Australia), voted against the motion.

    Hume has kept a regular spot on Sky News Australia, an opportunity to use her “liberated” voice.

    Then there’s Andrew Hastie who, despite being a frontbencher, doesn’t feel under collective discipline. Hastie, whom some see as a possible future leader, didn’t get his wish for a non-security portfolio in the reshuffle. Instead, the former defence spokesman was moved to home affairs, a broad job that presents many opportunities.

    When the Western Australian Liberal council passed a motion rejecting net zero at the weekend, Hastie gave his enthusiastic backing.

    He then got stuck into state Liberal leader Basil Zempilas, who had said the WA parliamentary party supported “the status quo on the net zero targets”.

    Hastie fired off a newsletter to supporters declaring, “This motion – moved and supported by my division of Canning – reflects a growing concern from mainstream Australians about our expensive energy bills, unreliable supply, and the erosion of our national sovereignty.

    “I was therefore disappointed to see [Zempilas] publicly dismiss those concerns.”

    The government was quick to exploit this, with Climate Change Minister Chris Bowen telling parliament on Thursday Hastie “will undermine any opposition leader he can find. He’s taking a practice run in Perth for what he intends to do in Canberra, some time in the next 12 months as we all know. He loves undermining leaders of the opposition.”

    Peter Dutton was a disaster for the Liberals, as the election drubbing showed. But he was (mostly) able to impose substantial unity on the parliamentary party.

    That was seen as a big achievement. But it had two downsides. At the time, it stifled what might have been useful internal debate, or warnings, that could have helped the opposition. And now it has left some Liberals who felt they held their tongues last time determined not to do so again. Even those not aggrieved for specific reasons are likely to be more inclined to be outspoken this term.

    Ley will not be able to impose the degree of discipline that Dutton did.

    Meanwhile, as the aggrieved Liberals were stamping their feet, their colleague James Paterson, new to his post of finance spokesman, was seeking to repair some of the political damage the opposition did by its attacks on the public service.

    The hostility to the public service goes back a long way – some might argue it’s ingrained in the Liberals’ DNA. It was strong during Scott Morrison’s prime ministership.

    Dutton promised massive cuts to the Canberra-based public service, which even the Liberals admit would have been unattainable. Hume’s plan to force public servants back into the office five days a week, a policy the opposition had to drop midway through the election campaign, has also left deep suspicion.

    For the Liberals, attacking the public service has always appeared a ready road to savings. But the political dangers are obvious. It is not the seats directly affected – the ACT always votes Labor. But assaults on the public service can be readily segued by the Coalition’s opponents into code for attacks on government services.

    Paterson, who’s also shadow minister for the public service, told an Australian Financial Review summit on government services, “It is not lost on me that promising significant cuts to the size of the APS or changing the way public servants work from home was poorly received and not just here in Canberra.”

    Paterson said, “I have great respect for public servants, and I recognise the significant contributions they make to our democracy.

    “The Coalition aspires to have a respectful, constructive relationship with the APS. We want a motivated, high-performing public service that works in genuine partnership with government to deliver the services Australians rely on. And we want it to do so as a trusted steward of taxpayer dollars.”

    On the basis of history, the public servants will remain suspicious of the Liberals; Paterson’s aim will be to mitigate that as much as possible.

    In a twist on the working-from-home debate, the secretary of the health department, Blair Comley, this week expressed some concern about the implications of the trend.

    “I don’t think anyone is suggesting we go back to a rigid five days a week and no flexibility,” Comley told the AFR summit. But he was worried about what was happening to “learning, development, mentoring, and what’s happening to the social capital”.

    Knowing the sensitivities of the issue, Comley was extremely careful with his words. Hume, having been burned once, was not putting her hand into this particular fire again. “That is not a policy that the Coalition has now, not a policy that we took to the election”, she said. There is a limit to being liberated.

    Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Grattan on Friday: Aggrieved Liberals stamp their feet, testing Sussan Ley’s authority – https://theconversation.com/grattan-on-friday-aggrieved-liberals-stamp-their-feet-testing-sussan-leys-authority-262026

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Security: Defense News in Brief: 101 Critical Days of Summer Mid-Term Update

    Source: United States Navy

    The weekend of July 12-13 marked the midpoint of the 101 Critical Days of Summer. There were seven motorcycle fatalities, two vehicle fatalities and one pedestrian fatality during the first half of the summer and we still have a significant portion of the second half left. These losses are tragic and sobering and remind us that we must double down on our efforts to apply the principles of risk management in all our efforts and mitigate the risks we identify.

    MIL Security OSI –

  • MIL-OSI Russia: The CSR discussed how platform employment regulation will develop

    Translation. Region: Russian Federal

    Source: Ministry of Economic Development (Russia) – Ministry of Economic Development (Russia) –

    An important disclaimer is at the bottom of this article.

    The Center for Strategic Research held a round table entitled “Platform Employment in the New Conditions: What Changes After the Law on the Platform Economy.” Together with representatives of the Ministry of Economic Development, the State Duma, the expert and academic community, as well as leading digital platforms, they discussed the adopted law on the platform economy and future regulatory detailing at the level of by-laws.

    According to the participants, the adopted law was an important step in the formation of a basic regulatory framework, but it is now that the most subtle and meaningful part of the work begins – filling this framework with tools, concepts and mechanisms.

    The moderator of the round table, CEO of the CSR Pavel Smelov noted: “Russia is one of the few countries where digital platforms have become a truly systemic part of the economy. We have not just implemented technologies, we have created our own model – and this is a serious competitive advantage. Now our task is not to lose our leadership, to take the next step – to turn the platform economy into a full-fledged export model. It is no longer just about technologies, but about a new logic of the economic structure that can be transmitted beyond the country’s borders.”

    Also, in his opinion, the key direction of the next stage is the issue of platform employment: “We are already living in a new reality: there is a platform, there is a platform economy, and we still continue to hold on to the old model of social security, as if nothing has changed. The social security system needs to be revised taking into account how the employment market is actually structured today. People are developing other principles of financial stability: investments, a safety net, additional income. Therefore, it is important not only to protect, but also to educate – to help people navigate modern work formats and make informed decisions. Especially when it comes to those for whom the platform is not their main, but additional employment.”

    The Ministry of Economic Development emphasized that the implementation of the law will require a flexible and consistent approach, especially in terms of employment. The main focus in the coming months is work on by-laws, the launch of a digital platform registry mechanism, and the preparation of clarifications.

    “Russia has made great strides in developing the platform economy: we already have our own effectively functioning models that are of interest abroad. But it is important not to stop there. Platforms are developing rapidly, and regulation should not slow down, but rather accompany this process, be flexible and targeted. We see that citizens make decisions based not only on the logic of the future, but also on current circumstances — and pensions and social guarantees are not always perceived as real values. Therefore, the platform can become a channel through which we will rethink social policy — at the level of product, convenience, and trust. We have examples when digital, platform services became a necessary tool for performers to legalize and comply with legal requirements, including the calculation and payment of taxes. Platform tools have proven their convenience and demand. In turn, this approach provides additional opportunities to ensure control by the state. Our task today is not to go to extremes, but to maintain an open dialogue, flexibility, and thoughtfulness. This is precisely the strength of the platform economy,” said Vladimir Voloshin, Director of the Department of Digital Development and Data Economy at the Ministry of Economic Development.

    State Duma Deputy Stanislav Naumov reported that an expert council will be created under the Committee on Economic Policy, which will undertake in-depth study of unresolved issues.

    “In September, we are ready to move on. For me personally, there are three priorities today. The first is export orientation: platforms should help Russian businesses enter foreign markets, and not just regulate access of foreign players to ours. The second is the development of internal B2B interaction, where online platforms can become a full-fledged infrastructure for cooperation between suppliers. And the third is the use of platforms to improve the efficiency of state and municipal procurement,” he said.

    As for platform employment, according to the deputy, this is not just a regulatory issue – it is a question of filling the social fund and, as a result, a real opportunity to increase the minimum level of pensions in those regions where it is objectively insufficient today. “This is how I understand the social task of regulation,” he concluded.

    Business supported the general vector, but drew attention to the need for a differentiated approach. Industry representatives emphasized that uniform standards for platforms with fundamentally different models — from marketplaces to service aggregators — could result in risks for flexibility and employment.

    “The platform economy has already changed the market, and the self-employed regime has proven that people are ready to come out of the shadows if they are offered transparent and convenient conditions. Let’s not abolish what works, but rebuild the old – so that the economy, employment and the contribution system develop synchronously,” said Anton Danilov-Danilyan, Deputy Chairman of Delovaya Rossiya, head of the working group of transport service aggregators at the Russian Union of Industrialists and Entrepreneurs. According to Yuri Bogdanov, General Director of the Association of Digital Platforms, “it is digitalization, platform development and the tax regime on professional income that give the state a chance to oust gray practices through transparency.”

    “Platform employment is being formed to a greater extent in industries with high demand for flexible types of employment, allowing for the expansion of participation of various groups of the population in the economy. Therefore, it is important not just to offer them standard social benefits, but to understand what they really need and what they are ready to use,” noted Rimma Chichakyan, Director of Legal Affairs and Government Relations at Yandex Taxi.

    Ozon representative Alexander Vasiliev supported this position. “We are no longer living in an industrial economy, but in a post-industrial economy, and regulation should take this into account. At the same time, it is important to maintain a choice between different employment formats and not limit new models,” he noted.

    The participants of the discussion agreed that the development of the platform economy does not require strict regulation, but rather fine-tuning and careful attention to specifics. Among the priority areas, the participants highlighted the need to clarify the criteria for the integrity of platforms, the formation of mechanisms for distinguishing employment from shadow schemes, as well as work on the status of the performer and protection tools. Particular attention was paid to the creation of a sustainable format for dialogue between the state, business and experts – both on the parliamentary platform and within the framework of the implementation of the law in practice.

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

    .

    MIL OSI Russia News –

  • MIL-OSI USA: ICYMI: The Countdown is on for Huge Health Insurance Price Increases Following Republican Passage of Trump’s “One Big Beautiful Bill”

    Source: United States House of Representatives – Congresswoman Kim Schrier, M.D. (WA-08)

    IN CASE YOU MISSED IT: Donald Trump and Republicans’ “One Big Beautiful Bill” contains the most significant and devastating cuts to healthcare in American history, ripping away coverage from 15 million Americans, slashing Medicaid, and allowing for the expiration of critical tax credits that have helped stabilize premiums for millions who rely on Affordable Care Act policies. 

    As a result, millions of Americans and hundreds of thousands of Washingtonians will see the cost of their healthcare skyrocket or will potentially lose their coverage altogether once these premium hikes take effect at the end of this year. 

    Congresswoman Schrier addresses her constituents about forthcoming health insurance price hikes.

    In response to this price hike, Congresswoman Schrier stated: “It is unacceptable and morally bankrupt that Donald Trump and Congressional Republicans are giving tax breaks to billionaires at the expense of working families across my district. Their Big Ugly Bill will enact devastating price hikes on essential healthcare for hundreds of thousands of Washingtonians at a time when so many are already struggling to make ends meet. I will continue to fight to reverse these actions and ensure all Americans can access affordable and comprehensive healthcare.”

    In the coming months, Congresswoman Schrier will continue to focus on hearing from her constituents about how these skyrocketing costs will impact their lives, taking those stories to the other Washington, and seeking comprehensive solutions to keep health insurance costs down and keep people insured ahead of the December 31, 2025, expiration of these credits. 

    You can follow Congresswoman Schrier’s social media and this webpage for updates and a countdown to track when premiums will soar pending action from Republicans in Congress. As open enrollment gets underway, she has asked constituents to report changes in their premiums, co-pays, and deductibles.

    MIL OSI USA News –

  • MIL-OSI: Toobit Simplifies Crypto Purchases with Credit/Debit Card Payment Feature

    Source: GlobeNewswire (MIL-OSI)

    GEORGE TOWN, Cayman Islands, July 31, 2025 (GLOBE NEWSWIRE) — Toobit, the award-winning global cryptocurrency exchange, today announces its new credit/debit card payment feature, making it easier and faster for users to buy digital currencies using fiat.

    The new feature allows users to seamlessly purchase popular cryptocurrencies like USDT, BTC, ETH, ADA, and USDC directly with Visa and Mastercard credit/debit cards. Supporting a wide array of fiat currencies, including USD, EUR, GBP, JPY, and more, Toobit is making crypto more accessible to a broad international audience.

    To ensure robust security and reliability for these transactions, Toobit has partnered with industry leaders Simplex (a Nuvei company) and AdvCash. These collaborations leverage advanced fraud prevention technologies, offering users peace of mind for their crypto purchases.

    “The future of finance is digital, but the path to entry must be simple and secure for everyone,” said Mike Williams, Chief Communication Officer at Toobit. “Our new credit/debit card payment feature is a bridge designed to empower the next wave of crypto adopters. By eliminating complexity and maximizing trust, we are confident this will accelerate mainstream engagement with the digital economy.”

    How to purchase crypto via credit/debit card on Toobit

    1. Log in to your Toobit account or register if you are a new user.
    2. Navigate to the “Buy crypto” section.
    3. Choose your preferred fiat currency and the cryptocurrency you wish to receive.
    4. Enter the purchase amount and link your bank card by providing the required details.
    5. Confirm the transaction and wait for your crypto to be credited to your account.

    This development comes amid a period of explosive growth in the cryptocurrency sector. The worldwide market is on a clear growth trajectory, with projected revenues expected to hit US$85.7 billion in 2025. Looking ahead, the market is forecast to expand at a compound annual growth rate (CAGR) of 11.01%, pushing its total value to an estimated US$95.1 billion by 2026.

    Furthermore, the global market for fiat-to-crypto on-ramp solutions, which facilitates purchases like those offered by Toobit, is projected to reach USD 23.4 billion by 2033. This underscores the increasing demand for accessible pathways into the digital economy.

    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. 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/e1edc9cd-17c3-4125-82e3-317fd94da86b

    The MIL Network –

  • MIL-OSI: AMG Reports Financial and Operating Results for the Second Quarter and First Half of 2025

    Source: GlobeNewswire (MIL-OSI)

    • Positive net client cash flows of more than $8 billion, driven by ongoing momentum in private markets and liquid alternatives 
    • New partnership with Montefiore Investment further diversifies AMG’s business and expands its participation in private markets
    • Economic Earnings per share of $5.39 for the quarter, an increase of 15% relative to prior-year quarter
    • Repurchased ~$100 million in common stock, bringing total share repurchases to ~$273 million in the first half of the year

    WEST PALM BEACH, Fla., July 31, 2025 (GLOBE NEWSWIRE) — AMG, a strategic partner to leading independent investment management firms globally, today reported its financial and operating results for the second quarter and six months ended June 30, 2025.

    Jay C. Horgen, Chief Executive Officer of AMG, said:
    “In the second quarter, AMG reported growth of 15% in Economic Earnings per share relative to the year-ago quarter, reflecting the disciplined execution of our capital allocation strategy and the increasing momentum in our business. Net client cash flows of more than $8 billion firmwide were driven by record flows into alternatives, reflecting ongoing strength in private markets fundraising and growing client demand for liquid alternative strategies.

    “Through strong ongoing execution of our strategy, we are accelerating the evolution of AMG’s business toward areas of secular growth. AMG’s Affiliates managing private markets and liquid alternative strategies generated net client inflows of approximately $33 billion in the first half of the year, reflecting the ongoing demand for our Affiliates’ specialized strategies. In addition, we recently announced a new partnership with Montefiore, a leading European private equity firm focused on the services sector. So far in 2025, we have announced four new partnerships with firms collectively managing approximately $24 billion in alternative strategies, underscoring the ongoing demand for AMG’s unique approach, which magnifies the competitive advantages of partner-owned firms while also preserving their independence.

    “With our excellent capital position and distinct competitive advantages, including our worldwide reputation as a collaborative strategic partner to the highest-quality independent firms, we are uniquely positioned to execute on our opportunity set. We remain confident in our ability to generate meaningful additional shareholder value over time, as we invest in new and existing Affiliates while also returning excess capital to shareholders within our disciplined capital allocation framework.”

    FINANCIAL HIGHLIGHTS     Three Months Ended       Six Months Ended  
    (in millions, except as noted and per share data)     6/30/2024   6/30/2025       6/30/2024   6/30/2025  
    Operating Performance Measures                        
    AUM (at period end, in billions)     $ 701.0   $ 771.0       $ 701.0     $ 771.0  
    Average AUM (in billions)       693.1     736.6         686.5       724.3  
    Net client cash flows (in billions)       0.9     8.1         (2.9 )     7.7  
    Aggregate fees       1,098.1     1,173.5         2,569.7       2,443.9  
    Financial Performance Measures                        
    Net income (controlling interest)     $ 76.0   $ 84.3       $ 225.8     $ 156.6  
    Earnings per share (diluted)(1)       2.26     2.80         6.49       5.01  
    Supplemental Performance Measures(2)                        
    Adjusted EBITDA (controlling interest)     $ 217.5   $ 219.7       $ 477.3     $ 447.9  
    Economic net income (controlling interest)       155.9     159.2         342.6       317.9  
    Economic earnings per share       4.67     5.39         10.06       10.58  
                                       

    For additional information on our Supplemental Performance Measures, including reconciliations to GAAP, see the Financial Tables and Notes.

    Capital Management
    During the second quarter of 2025, the Company repurchased approximately $100 million in common stock, bringing total share repurchases to approximately $273 million in the first half of the year, and announced a second-quarter cash dividend of $0.01 per share of common stock, payable August 25, 2025 to stockholders of record as of the close of business on August 11, 2025.

    About AMG
    AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally. AMG’s strategy is to generate long‐term value by investing in high-quality independent partner-owned firms, through a proven partnership approach, and allocating resources across AMG’s unique opportunity set to the areas of highest growth and return. Through its distinctive approach, AMG magnifies its Affiliates’ existing advantages and actively supports their independence and ownership culture. As of June 30, 2025, AMG’s aggregate assets under management were approximately $771 billion across a diverse range of private markets, liquid alternative, and differentiated long-only investment strategies. For more information, please visit the Company’s website at www.amg.com.

             

    Conference Call, Replay, and Presentation Information
    A conference call will be held with AMG’s management at 11:00 a.m. Eastern time today. Parties interested in listening to the conference call should dial 1-877-407-8291 (U.S. calls) or 1-201-689-8345 (non-U.S. calls) shortly before the call begins.

    The conference call will also be available for replay beginning approximately one hour after the conclusion of the call. To hear a replay of the call, please dial 1-877-660-6853 (U.S. calls) or 1-201-612-7415 (non-U.S. calls) and provide conference ID 13754341. The live call and replay of the session and a presentation highlighting the Company’s performance can also be accessed via AMG’s website at https://ir.amg.com/.

    Investor and Media Relations: Patricia Figueroa
    +1 (617) 747-3300
    ir@amg.com
    pr@amg.com

    Financial Tables Follow

    ASSETS UNDER MANAGEMENT – STATEMENTS OF CHANGES (in billions) 

      Alternatives   Differentiated Long-Only  
    BY STRATEGY – QUARTER TO DATE Private
    Markets    		   Liquid
    Alternatives    		     Equities   Multi-
    Asset &
    Fixed
    Income    		   Total  
    AUM, March 31, 2025 $ 140.3   $ 154.8     $ 302.1   $ 115.0   $ 712.2  
    Client cash inflows and commitments   7.8     16.8       10.7     5.0     40.3  
    Client cash outflows   (0.0 )   (5.3 )     (21.2 )   (5.7 )   (32.2 )
    Net client cash flows   7.8     11.5       (10.5 )   (0.7 )   8.1  
    New investments   —     12.4       —     —     12.4  
    Market changes   1.3     1.3       24.0     3.8     30.4  
    Foreign exchange   0.7     2.9       5.4     1.1     10.1  
    Realizations and distributions (net)   (0.7 )   (0.1 )     (0.0 )   (0.1 )   (0.9 )
    Other   —     (1.1 )     (0.0 )   (0.2 )   (1.3 )
    AUM, June 30, 2025 $ 149.4   $ 181.7     $ 321.0   $ 118.9   $ 771.0  
                                     
      Alternatives   Differentiated Long-Only  
    BY STRATEGY – YEAR TO DATE Private
    Markets    		   Liquid
    Alternatives    		     Equities   Multi-
    Asset &
    Fixed
    Income    		   Total  
    AUM, December 31, 2024 $ 135.4   $ 140.7     $ 316.2   $ 115.6   $ 707.9  
    Client cash inflows and commitments   11.3     32.7       19.5     9.8     73.3  
    Client cash outflows   (0.1 )   (11.0 )     (43.7 )   (10.8 )   (65.6 )
    Net client cash flows   11.2     21.7       (24.2 )   (1.0 )   7.7  
    New investments   1.7     12.4       —     —     14.1  
    Market changes   1.8     3.6       22.0     3.5     30.9  
    Foreign exchange   0.9     4.4       7.1     1.4     13.8  
    Realizations and distributions (net)   (1.6 )   (0.0 )     (0.1 )   (0.3 )   (2.0 )
    Other   —     (1.1 )     0.0     (0.3 )   (1.4 )
    AUM, June 30, 2025 $ 149.4   $ 181.7     $ 321.0   $ 118.9   $ 771.0  
                                     

    CONSOLIDATED STATEMENTS OF INCOME

      Three Months Ended
    (in millions, except per share data) 6/30/2024   6/30/2025
    Consolidated revenue $ 500.3     $ 493.2  
           
    Consolidated expenses:      
    Compensation and related expenses   215.3       263.7  
    Selling, general and administrative   89.4       95.7  
    Intangible amortization and impairments   7.3       6.3  
    Interest expense   33.5       34.5  
    Depreciation and other amortization   3.1       2.5  
    Other expenses (net)   10.8       10.0  
    Total consolidated expenses   359.4       412.7  
           
    Equity method income (net)(3)   18.1       65.6  
    Investment and other income   19.3       25.5  
    Income before income taxes   178.3       171.6  
           
    Income tax expense   43.3       35.7  
    Net income   135.0       135.9  
           
    Net income (non-controlling interests)   (59.0 )     (51.6 )
    Net income (controlling interest) $ 76.0     $ 84.3  
           
    Average shares outstanding (basic)   31.5       28.5  
    Average shares outstanding (diluted)   35.3       31.4  
           
    Earnings per share (basic) $ 2.42     $ 2.96  
    Earnings per share (diluted)(1) $ 2.26     $ 2.80  
                   

    RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES(2)

      Three Months Ended
    (in millions, except per share data) 6/30/2024   6/30/2025
    Net income (controlling interest) $ 76.0     $ 84.3  
    Intangible amortization and impairments   65.6       31.0  
    Intangible-related deferred taxes   14.7       14.6  
    Other economic items(4)   (0.4 )     29.3  
    Economic net income (controlling interest) $ 155.9     $ 159.2  
           
    Average shares outstanding (adjusted diluted)   33.4       29.5  
    Economic earnings per share $ 4.67     $ 5.39  
           
    Net income (controlling interest) $ 76.0     $ 84.3  
    Interest expense   33.5       34.4  
    Income taxes   42.3       35.1  
    Intangible amortization and impairments   65.6       31.0  
    Other items(4)   0.1       34.9  
    Adjusted EBITDA (controlling interest) $ 217.5     $ 219.7  
                   

    See Notes for additional information.

    CONSOLIDATED STATEMENTS OF INCOME

      Six Months Ended
    (in millions, except per share data) 6/30/2024   6/30/2025
    Consolidated revenue $ 1,000.3     $ 989.8  
           
    Consolidated expenses:      
    Compensation and related expenses   455.7       494.1  
    Selling, general and administrative   181.1       190.4  
    Intangible amortization and impairments   14.5       89.6  
    Interest expense   63.4       68.6  
    Depreciation and other amortization   6.1       5.3  
    Other expenses (net)   19.9       21.6  
    Total consolidated expenses   740.7       869.6  
           
    Equity method income (net)(3)   135.7       140.9  
    Investment and other income   37.2       37.1  
    Income before income taxes   432.5       298.2  
           
    Income tax expense   98.7       63.1  
    Net income   333.8       235.1  
           
    Net income (non-controlling interests)   (108.0 )     (78.5 )
    Net income (controlling interest) $ 225.8     $ 156.6  
           
    Average shares outstanding (basic)   32.1       28.9  
    Average shares outstanding (diluted)   36.0       32.3  
           
    Earnings per share (basic) $ 7.02     $ 5.43  
    Earnings per share (diluted)(1) $ 6.49     $ 5.01  
                   

    RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES(2)

      Six Months Ended
    (in millions, except per share data) 6/30/2024   6/30/2025
    Net income (controlling interest) $ 225.8     $ 156.6  
    Intangible amortization and impairments   91.2       116.8  
    Intangible-related deferred taxes   30.9       13.9  
    Other economic items(4)   (5.3 )     30.6  
    Economic net income (controlling interest) $ 342.6     $ 317.9  
           
    Average shares outstanding (adjusted diluted)   34.0       30.0  
    Economic earnings per share $ 10.06     $ 10.58  
           
    Net income (controlling interest) $ 225.8     $ 156.6  
    Interest expense   63.4       68.5  
    Income taxes   99.7       65.4  
    Intangible amortization and impairments   91.2       116.8  
    Other items(4)   (2.8 )     40.6  
    Adjusted EBITDA (controlling interest) $ 477.3     $ 447.9  
                   

    See Notes for additional information.

    CONSOLIDATED BALANCE SHEETS

      Period Ended
    (in millions) 12/31/2024   6/30/2025
    Assets      
    Cash and cash equivalents $ 950.0     $ 361.0  
    Receivables   409.7       571.0  
    Investments   595.6       644.1  
    Goodwill   2,504.9       2,537.6  
    Acquired client relationships (net)   1,777.8       1,716.1  
    Equity method investments in Affiliates (net)   2,246.6       2,618.3  
    Fixed assets (net)   57.6       56.7  
    Other assets   288.7       302.8  
    Total assets $ 8,830.9     $ 8,807.6  
           
    Liabilities and Equity      
    Payables and accrued liabilities $ 639.1     $ 692.4  
    Debt   2,620.2       2,621.2  
    Deferred income tax liability (net)   520.5       544.3  
    Other liabilities   402.4       474.9  
    Total liabilities   4,182.2       4,332.8  
           
    Redeemable non-controlling interests   350.5       336.1  
    Equity:      
    Common stock   0.6       0.6  
    Additional paid-in capital   733.1       701.2  
    Accumulated other comprehensive loss   (163.6 )     (125.0 )
    Retained earnings   6,899.8       7,055.9  
        7,469.9       7,632.7  
    Less: treasury stock, at cost   (4,124.6 )     (4,394.0 )
    Total stockholders’ equity   3,345.3       3,238.7  
    Non-controlling interests   952.9       900.0  
    Total equity   4,298.2       4,138.7  
    Total liabilities and equity $ 8,830.9     $ 8,807.6  
                   

     

    Notes
       
    (1) Earnings per share (diluted) adjusts for the dilutive effect of the potential issuance of incremental shares of our common stock.

    We assume the settlement of all of our Redeemable non-controlling interests using the maximum number of shares permitted under our arrangements. The issuance of shares and the related income acquired are excluded from the calculation if an assumed purchase of Redeemable non-controlling interests would be anti-dilutive to diluted earnings per share.

    We are required to apply the if-converted method to our outstanding junior convertible securities when calculating Earnings per share (diluted). Under the if-converted method, shares that are issuable upon conversion are deemed outstanding, regardless of whether the securities are contractually convertible into our common stock at that time. For this calculation, the interest expense (net of tax) attributable to these dilutive securities is added back to Net income (controlling interest), reflecting the assumption that the securities have been converted. Issuable shares for these securities and related interest expense are excluded from the calculation if an assumed conversion would be anti-dilutive to diluted earnings per share.

    The following table provides a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share:
       
        Three Months Ended   Six Months Ended
      (in millions) 6/30/2024   6/30/2025   6/30/2024   6/30/2025
      Numerator              
      Net income (controlling interest) $ 76.0     $ 84.3     $ 225.8     $ 156.6  
      Income (loss) from hypothetical settlement of Redeemable non-controlling interests, net of taxes   0.3       0.3       0.7       (1.5 )
      Interest expense on junior convertible securities, net of taxes   3.4       3.4       6.7       6.7  
      Net income (controlling interest), as adjusted $ 79.7     $ 88.0     $ 233.2     $ 161.8  
      Denominator              
      Average shares outstanding (basic)   31.5       28.5       32.1       28.9  
      Effect of dilutive instruments:              
      Stock options and restricted stock units   1.9       1.0       1.9       1.1  
      Hypothetical issuance of shares to settle Redeemable non-controlling interests   0.2       0.2       0.3       0.6  
      Junior convertible securities   1.7       1.7       1.7       1.7  
      Average shares outstanding (diluted)   35.3       31.4       36.0       32.3  
                                     
    (2) As supplemental information, we provide non-GAAP performance measures of Adjusted EBITDA (controlling interest), Economic net income (controlling interest), and Economic earnings per share. We believe that many investors use our Adjusted EBITDA (controlling interest) when comparing our financial performance to other companies in the investment management industry. Management utilizes these non-GAAP performance measures to assess our performance before our share of certain non-cash GAAP expenses primarily related to the acquisition of interests in Affiliates and to improve comparability between periods. Economic net income (controlling interest) and Economic earnings per share are used by management and our Board of Directors as our principal performance benchmarks, including as one of the measures for determining executive compensation. These non-GAAP performance measures are provided in addition to, but not as a substitute for, Net income (controlling interest), Earnings per share, or other GAAP performance measures. For additional information on our non-GAAP measures, see our most recent Annual and Quarterly Reports on Form 10-K and 10-Q, respectively, which are accessible on the SEC’s website at www.sec.gov.

    Adjusted EBITDA (controlling interest) represents our performance before our share of interest expense, income and certain non-income based taxes, depreciation, amortization, impairments, gains and losses related to Affiliate Transactions, and non-cash items such as certain Affiliate equity activity, gains and losses on our contingent payment obligations, and unrealized gains and losses on seed capital, general partner commitments, and other strategic investments. Adjusted EBITDA (controlling interest) is also adjusted to include realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.

    Under our Economic net income (controlling interest) definition, we adjust Net income (controlling interest) for our share of pre-tax intangible amortization and impairments related to intangible assets (including the portion attributable to equity method investments in Affiliates) because these expenses do not correspond to the changes in the value of these assets, which do not diminish predictably over time. We also adjust for deferred taxes attributable to intangible assets because we believe it is unlikely these accruals will be used to settle material tax obligations. Further, we adjust for gains and losses related to Affiliate Transactions, net of tax, and other economic items. Other economic items include certain Affiliate equity activity, gains and losses related to contingent payment obligations, tax windfalls and shortfalls from share-based compensation, unrealized gains and losses on seed capital, general partner commitments, and other strategic investments, and realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.

    Economic earnings per share represents Economic net income (controlling interest) divided by the Average shares outstanding (adjusted diluted). In this calculation, we exclude the potential shares issued upon settlement of Redeemable non-controlling interests from Average shares outstanding (adjusted diluted) because we intend to settle those obligations without issuing shares, consistent with all prior Affiliate equity purchase transactions. The potential share issuance in connection with our junior convertible securities is measured using a “treasury stock” method. Under this method, only the net number of shares of common stock equal to the value of the junior convertible securities in excess of par, if any, are deemed to be outstanding. We believe the inclusion of net shares under a treasury stock method best reflects the benefit of the increase in available capital resources (which could be used to repurchase shares of our common stock) that occurs when these securities are converted and we are relieved of our debt obligation.

    The following table provides a reconciliation of Average shares outstanding (adjusted diluted):
       

       

        Three Months Ended   Six Months Ended
      (in millions) 6/30/2024   6/30/2025   6/30/2024   6/30/2025
      Average shares outstanding (diluted) 35.3     31.4     36.0     32.3  
      Hypothetical issuance of shares to settle Redeemable non-controlling interests (0.2 )   (0.2 )   (0.3 )   (0.6 )
      Junior convertible securities (1.7 )   (1.7 )   (1.7 )   (1.7 )
      Average shares outstanding (adjusted diluted) 33.4     29.5     34.0     30.0  
                             
    (3) The following table presents pre-tax equity method earnings, equity method intangible amortization and impairments, and equity method income tax, which in aggregate form Equity method income (net):
       
        Three Months Ended   Six Months Ended
      (in millions) 6/30/2024   6/30/2025   6/30/2024   6/30/2025
      Pre-tax equity method earnings $ 80.3     $ 94.1     $ 222.8     $ 193.6  
      Equity method intangible amortization and impairments   (60.8 )     (27.0 )     (81.6 )     (45.6 )
      Equity method income tax   (1.4 )     (1.5 )     (5.5 )     (7.1 )
      Equity method income (net) $ 18.1     $ 65.6     $ 135.7     $ 140.9  
                                     
    (4) For the three and six months ended June 30, 2025, other economic items and other items include a one-time expense of $30.5 million which resulted from a modification of Affiliate equity which, consistent with the definitions of our non-GAAP performance measures, has been added back to Economic net income (controlling interest) and Adjusted EBITDA (controlling interest).
       

    Forward-Looking Statements and Other Matters

    Certain matters discussed in this press release issued by Affiliated Managers Group, Inc. (“AMG” or the “Company”) may constitute forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “preliminary,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “projects,” “positioned,” “prospects,” “intends,” “plans,” “estimates,” “pending investments,” “anticipates,” or the negative version of these words or other comparable words. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, global trade tensions and changes in trade policies, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, uncertainties relating to closing of pending investments or transactions and potential changes in the anticipated benefits thereof, the investment performance and growth rates of our Affiliates and their ability to effectively market their investment strategies, the mix of Affiliate contributions to our earnings, and other risks, uncertainties, and assumptions, including those described under the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors may be updated from time to time in our periodic filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as required by applicable law.

    This press release does not constitute an offer of any products, investment vehicles, or services of any AMG Affiliate.

    From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.

    The MIL Network –

  • MIL-OSI: BitMart Releases 2025 Mid-Year Report: Surpasses 12M Users Amid Market Challenges Through Innovation-Led Growth

    Source: GlobeNewswire (MIL-OSI)

    Mahe, Seychelles, July 31, 2025 (GLOBE NEWSWIRE) — Global crypto exchange BitMart has unveiled its 2025 Mid-Year Report, showcasing impressive growth driven by cutting-edge technology, smart product expansion, and a strong focus on emerging assets. Despite a broader industry slowdown marked by fragmented liquidity and tempered user growth, BitMart bucked the trend—crossing 12 million registered users globally and maintaining a top-tier position in trading volume and market share through consistent innovation and strategic development.

    As of the end of June 2025, BitMart’s global registered users surpassed 12 million, with market share and trading volumes continuing to rank among the top global exchanges.

    Technological Innovation Drives Growth

    In the first half of 2025, BitMart launched its third-generation trading system, designed around speed, stability, and scalability. The new system reduces order processing time to 2 milliseconds and supports up to 80,000 orders per second, ensuring uninterrupted, stable operations even during periods of high volatility. Its modular and scalable architecture not only supports rapid growth in trading volumes but also lays a solid foundation for future innovations such as AI-driven trading and intelligent analytics.

    Powered by a series of technological upgrades and product optimizations, BitMart achieved strong growth against market headwinds. Global registered users surpassed 12 million, up 20% from the previous period. Average daily spot trading volume rose by more than 120% over the previous half-year, with May alone posting a 128% surge — the fastest growth among major global exchanges. Futures trading volume also increased by 52%, further consolidating BitMart’s leading position in the derivatives market.

    Deepening Asset Discovery: A Hub for High-Quality Projects

    BitMart has consistently leveraged a rigorous asset screening process and deep industry insights to offer users a wide range of opportunities. In the first half of 2025, the platform listed 538 quality assets spanning sectors such as MEME, AI, RWA, DePIN, and GameFi, including 341 first launches, which accounted for 63%. These new listings delivered strong market performance, with 24 tokens gaining over 1,000%, 46 rising by more than 500%, and 154 increasing by over 100%; notably, 19 of the top 20 best-performing tokens were first launched on BitMart.

    In May, BitMart launched the BM Discovery Zone, dedicated to early-stage, high-potential on-chain projects. Combining real-time data and dynamic risk control, the zone offers users a secure and efficient way to access early assets. By the end of June, it had listed 50 tokens, attracted over 300,000 participants, and recorded trading volumes of more than 300 million USDT, highlighting BitMart’s strong capabilities in asset discovery.

    A Diversified Product Matrix Enhancing User Experience

    In the first half of 2025, BitMart not only made breakthroughs in its trading system and asset offerings but also carried out a comprehensive upgrade of its product matrix and service ecosystem, expanding across derivatives, wealth management, fiat services, and Web3 and AI innovations to deliver a richer and more efficient trading experience.

    In derivatives, supported by an advanced matching engine and deep liquidity, BitMart’s futures trading volume continued to grow, with 468 tokens now available. In May, the platform launched three major initiatives: a Slippage Protection Program that lowered the compensation threshold to 0.02%, an Elite Trader Program to incentivize top traders, and a Community Partner Program to expand global engagement. Combining strong technical infrastructure with incentive mechanisms, these programs have created a flywheel driven by technology, ecosystem, and liquidity, helping BitMart capture high-value opportunities in the derivatives market.

    In wealth management, BitMart introduced new products including a dedicated Wealth Zone and a Crypto Loans service, while optimizing the user interface and launching joint campaigns to offer users a variety of asset growth options. As a result, wealth management products have become increasingly attractive, with AUM rising 266% since the beginning of the year. Going forward, BitMart will continue to innovate and refine its wealth management offerings, empowering more users to achieve stable asset growth.

    Fiat services also saw rapid growth. P2P trading has been continuously optimized, with transaction volume up 253%, orders up 67%, and the share of first-time buyers increasing by 54%. The newly launched card purchase service supports Visa, MasterCard and other major payment channels, covering 40+ countries and regions and supporting 20+ local fiat currencies. In the first half of the year, transaction volume grew more than 4.6 times, with both first-purchase and repeat-purchase rates showing significant improvement. As more local payment and fiat channels are added, BitMart will continue to expand in regulated markets and improve the payment experience, enabling global users to enter the market with zero barriers.

    In the area of Web3 and AI innovation, BitMart launched DEX+, overcoming the limitations of traditional single-chain DEX platforms and complex operations by supporting real-time discovery and convenient trading across multiple chains. Meanwhile, new AI-powered tools such as X Insight and Beacon have also been introduced, making investment decisions more efficient and intelligent.

    Expansion of the BMX Ecosystem

    BitMart’s platform token BMX continued to advance across multiple dimensions, including operational strategies, product integration, and community development, driving steady growth of the platform’s ecosystem. With the ongoing deflationary mechanism, BMX’s circulation structure has been further optimized and overall trading activity remains stable. Through regular trading competitions, VIP flash sales, anniversary campaigns and other initiatives, BMX’s use cases and user engagement have been continuously enhanced. At the same time, BitMart plans to expand additional features around payments and wallet ecosystems, such as cashback rewards and staking yields, to further strengthen the financial attributes and ecosystem value of BMX.

    Steady Progress in Global Compliance

    In the first half of 2025, building on its global presence, BitMart further increased investment in compliance development and reached strategic partnerships with leading local compliance service providers worldwide, aiming to build a more robust, transparent, and sustainable compliance framework. This cooperation covers clearing, custody, trading, and licensing compliance, aiming to provide higher compliance standards for the platform. The related systems have now entered the integration testing phase and are expected to officially launch services for major regulated markets worldwide by the end of this year. This will mark an important milestone in BitMart’s global compliance strategy and represent a critical step toward connecting global users with compliant markets.

    Building Long-Term Competitiveness

    With strong innovation and deep market insight, BitMart achieved significant breakthroughs in the first half of 2025. From rapid global user growth to deeper asset discovery and issuance capabilities, as well as the introduction of innovative products and major technology upgrades, BitMart has consistently maintained a leading position. Looking ahead, BitMart will continue to deepen technological innovation, enhance platform products, and provide smarter and more personalized services to meet the increasingly diverse needs of global users, contributing to the sustained growth and prosperity of the ecosystem.

    Full Report: https://bitmart.zendesk.com/hc/en-us/articles/39435771069211

    About BitMart

    BitMart is a premier global digital asset trading platform with more than 12 million users worldwide. Consistently ranked among the top crypto exchanges on CoinGecko, BitMart offers over 1,700 trading pairs with competitive fees. Committed to continuous innovation and financial inclusivity, BitMart empowers users globally to trade seamlessly. Learn more about BitMart at Website, follow their X (Twitter), or join their Telegram for updates, news, and promotions. Download BitMart App to trade anytime, anywhere.

    Disclaimer:

    The information provided is for informational purposes only and should not be considered a recommendation to buy, sell, or hold any financial assets. All information is provided in good faith. However, we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of such information.

    All crypto investments, including earnings, are highly speculative in nature and involve substantial risk of loss. Past, hypothetical, or simulated performance is not necessarily indicative of future results. The value of digital currencies can go up or down and there can be a substantial risk in buying, selling, holding, or trading digital currencies. You should carefully consider whether trading or holding digital currencies is suitable for you based on your personal investment objectives, financial circumstances, and risk tolerance. BitMart does not provide any investment, legal or tax advice.

    The MIL Network –

  • MIL-OSI: Commerce Announces Second Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, July 31, 2025 (GLOBE NEWSWIRE) — Commerce.com, Inc. (Nasdaq: BIGC) (formerly BigCommerce Holdings, Inc.), a provider of an open, intelligent ecosystem of technology solutions that empower businesses to unlock data potential and deliver seamless, personalized experiences at scale, today announced financial results for its second quarter ended June 30, 2025. Earlier this morning, BigCommerce announced the launch of its new parent brand, Commerce, and that it has officially changed its corporate name to Commerce.com, Inc. (“Commerce” or the “Company”), unifying BigCommerce, Feedonomics and Makeswift to power the next era of agentic commerce. In connection with the name change and rebranding, the Company will change its ticker to the symbol “CMRC” on the Nasdaq Global Market effective on or about August 1, 2025.

    “The second quarter was a defining period for our company, and today we mark an important milestone as we reintroduce ourselves as Commerce,” said Travis Hess, CEO of Commerce. “The strategy, product and go-to-market engine we have built over the past year came together behind a singular focus: powering an AI-driven commerce ecosystem at scale. Our transformation phase is over. We have moved fully into execution and growth.”

    Second Quarter Financial Highlights:

    • Total revenue was $84.4 million, up 3% compared to the second quarter of 2024.
    • Total annual revenue run-rate (“ARR”) as of June 30, 2025 was $354.6 million, up 3% compared to June 30, 2024.
    • Subscription solutions revenue was $63.7 million, up 3% compared to the second quarter of 2024.
    • ARR from accounts with at least one enterprise plan (“Enterprise Accounts”) was $269.3 million as of June 30, 2025, up 6% from June 30, 2024.
    • ARR from Enterprise Accounts as a percent of total ARR was 76% as of June 30, 2025, compared to 73% as of June 30, 2024.
    • GAAP gross margin was 79%, compared to 76% in the second quarter of 2024. Non-GAAP gross margin was 80%, compared to 77% in the second quarter of 2024.

    Other Key Business Metrics

    • Number of enterprise accounts was 5,803, down 3% compared to the second quarter of 2024.
    • Average revenue per account (“ARPA”) of enterprise accounts was $46,403, up 9% compared to the second quarter of 2024.
    • Revenue in the United States grew by 3% compared to the second quarter of 2024.
    • Revenue in EMEA grew by 7% and revenue in APAC declined by 4% compared to the second quarter of 2024.

    Loss from Operations and Non-GAAP Operating Income (Loss)

    • GAAP loss from operations was ($6.8) million, compared to ($13.5) million in the second quarter of 2024.
    • Included in GAAP loss from operations was a restructuring charge of $1.6 million.
    • Non-GAAP operating income was $4.8 million, compared to $1.9 million in the second quarter of 2024.

    Net Income (Loss) and Earnings Per Share

    • GAAP net loss was ($8.4) million, compared to ($11.3) million in the second quarter of 2024.
    • Non-GAAP net income was $3.2 million or 4% of revenue, compared to $4.1 million or 5% of revenue in the second quarter of 2024.
    • GAAP basic net loss per share was ($0.10) based on 80.1 million shares of common stock, compared to ($0.15) based on 77.5 million shares of common stock in the second quarter of 2024.
    • Non-GAAP basic net income per share was $0.04 based on 80.1 million shares of common stock, compared to $0.05 based on 77.5 million shares of common stock in the second quarter of 2024.

    Adjusted EBITDA

    • Adjusted EBITDA was $5.7 million, compared to $3.0 million in the second quarter of 2024.

    Cash

    • Cash, cash equivalents, restricted cash, and marketable securities totaled $135.6 million as of June 30, 2025.
    • For the three months ended June 30, 2025, net cash provided by operating activities was $13.6 million, compared to $11.7 million provided by operating activities for the same period in 2024. We reported free cash flow of $11.9 million in the three months ended June 30, 2025.

    Business Highlights:

    Corporate Highlights

    • Former Adobe Fellow and Vice President of Technology Anil Kamath joined the Company’s Board of Directors.
    • In July, BigCommerce scored 24 out of 24 total medals in the 2025 Paradigm B2B Combines for Digital Commerce Solutions (Enterprise and Midmarket Editions) for the third consecutive year. The Company advanced its rankings in five categories in both Editions and achieved more Gold medals in Midmarket than other platforms.
    • In July, BigCommerce also announced the launch of the B2B Quick Start Accelerator, a partner-led implementation program built to help mid-market B2B sellers launch faster, reduce risk and realize ROI sooner.
    • TrustRadius recognized Commerce with a 2025 Top Rated Award for ecommerce, based on the Company’s strong customer reviews.

    Customer Highlights

    • Minerva Beauty, a large salon and spa equipment showroom in the United States, launched a new storefront in partnership with Commerce agency partner Forix, featuring a custom shipping app that improves service and transparency for clients.
    • Great Star Tools, a leading manufacturer of innovative hand and power tools, used Commerce’s Multi-Storefront functionality to build B2B and B2C sites for its companies Primeline Parts and Arrow Tool Group.
    • Belami e-Commerce, a fast-growing online retailer and ecommerce services provider launched three storefronts on Catalyst and Makeswift using Commerce’s Multi-Storefront functionality and leveraging Commerce’s integration with PayPal Fastlane.
    • NanoTemper Technologies, a manufacturer of high-quality biophysical instruments and solutions that deliver reliable, precise results to customers, primarily laboratories, across Europe and the United States, launched a new storefront using Commerce’s B2B Edition.
    • Bright SG, a software company that provides cloud-based solutions for accounting, payroll, and HR to businesses across the UK and Ireland, worked with Commerce partner Brave Bison to implement a custom recurring payment solution using Stripe and Bright’s ERP system, Maxio, along with a custom WordPress integration.

    Partner Highlights

    • In June, Commerce announced their customers now have access to cutting-edge AI-powered search engine Perplexity to optimize visibility and relevance for brands in AI search results. Commerce now provides Perplexity with pre-optimized, structured product data, ensuring that the LLM understands and recognizes merchants’ products, leading to superior search results that favor the brand.
    • In July, Commerce announced a deepened partnership with Google Cloud to accelerate merchant performance using Google Cloud’s next-generation AI tools.
    • In July, Commerce announced the launch of a powerful ecommerce accelerator purpose-built for the UK building materials industry. Developed in collaboration with leading digital agency Brave Bison, Product Information Management technology provider Pimberly, and construction industry consultant The Journey, the “Branch of the Future” accelerator provides building merchants with a comprehensive toolkit to digitize operations, meet the expectations of next-generation buyers and future-proof their businesses.

    Q3 and 2025 Financial Outlook:

    For the third quarter of 2025, we currently expect:

    • Total revenue between $85 million to $87 million.
    • Non-GAAP operating income is expected to be between $2.3 million to $3.3 million.

    For the full year 2025, we currently expect:

    • Total revenue between $339.6 million and $346.6 million.
    • Non-GAAP operating income between $19 million and $25 million.

    Our third quarter and 2025 financial outlook is based on a number of assumptions that are subject to change and many of which are outside our control. If actual results vary from these assumptions, our expectations may change. There can be no assurance that we will achieve these results.

    We do not provide guidance for loss from operations , the most directly comparable GAAP measure to Non-GAAP operating income, and similarly cannot provide a reconciliation between its forecasted Non-GAAP operating income and Non-GAAP income per share and these comparable GAAP measures without unreasonable effort due to the unavailability of reliable estimates for certain items. These items are not within our control and may vary greatly between periods and could significantly impact future financial results.

    Conference Call Information

    The financial results and business highlights will be discussed on a conference call and webcast scheduled at 7:00 a.m. CT (8:00 a.m. ET) on Thursday, July 31, 2025. The conference call can be accessed by dialing (833) 634-1254 from the United States and Canada or (412) 317-6012 internationally and requesting to join the “Commerce conference call.” The live webcast of the conference call can be accessed from Commerce’s investor relations website at http://investors.bigcommerce.com.

    Following the completion of the call through 11:59 p.m. ET on Thursday, August 7, 2025, a telephone replay will be available by dialing (877) 344-7529 from the United States, (855) 669-9658 from Canada or (412) 317-0088 internationally with conference ID 7863771. A webcast replay will also be available at http://investors.bigcommerce.com for 12 months.

    About Commerce

    Commerce empowers businesses to innovate, grow, and thrive by providing an open, AI-driven commerce ecosystem. As the parent company of BigCommerce, Feedonomics, and Makeswift, Commerce connects the tools and systems that power growth, enabling businesses to unlock the full potential of their data, deliver seamless and personalized experiences across every channel, and adapt swiftly to an ever-changing market. Trusted by leading businesses like Coldwater Creek, Cole Haan, Harvey Nichols, King Arthur Baking Co., Melissa & Doug, Mizuno, Patagonia, Perry Ellis, Puma, SportsShoes, and Uplift Desk, Commerce delivers the storefront control, optimized data, and AI-ready tools businesses need to grow, serve diverse buyers, and operate with confidence in an increasingly intelligent, multi-surface world. For more information, visit commerce.com or follow us on X and 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, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “strategy,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our ability to successfully execute our rebranding initiative, our increased focus on AI enablement, market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our Q3 and fiscal 2025 financial outlook, our plans and objectives for future operations, growth, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. These assumptions, uncertainties and risks include that, among others, our business would be harmed by any decline in new customers, renewals or upgrades, our limited operating history makes it difficult to evaluate our prospects and future results of operations, we operate in competitive markets, we may not be able to sustain our revenue growth rate in the future, our business would be harmed by any significant interruptions, delays or outages in services from our platform or certain social media platforms, and a cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks could negatively affect our business. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2024 and the future quarterly and current reports that we file with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to Commerce at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Commerce assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

    Use of Non-GAAP Financial Measures

    We have provided in this press release certain financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Our management uses these Non-GAAP financial measures internally in analyzing our financial results and believes that use of these Non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar Non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable financial measures prepared in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. A reconciliation of our historical Non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.

    Annual Revenue Run-Rate

    We calculate annual revenue run-rate at the end of each month as the sum of: (1) contractual monthly recurring revenue at the end of the period, which includes platform subscription fees, invoiced growth adjustments, feed management subscription fees, recurring professional services revenue, and other recurring revenue, multiplied by twelve to prospectively annualize recurring revenue, and (2) the sum of the trailing twelve-month non-recurring and variable revenue, which includes one-time partner integrations, one-time fees, payments revenue share, and any other revenue that is non-recurring and variable.

    Enterprise Account Metrics

    To measure the effectiveness of our ability to execute against our growth strategy, we calculate ARR attributable to Enterprise Accounts. We define Enterprise Accounts as accounts with at least one unique Enterprise plan subscription or an enterprise level feed management subscription (collectively “Enterprise Accounts”). These accounts may have more than one Enterprise plan or a combination of Enterprise plans and non-enterprise plans.

    Average Revenue Per Account

    We calculate average revenue per account (“ARPA”) for accounts in the Enterprise cohort at the end of a period by including customer-billed revenue and an allocation of partner and services revenue, where applicable. We allocate partner revenue, where applicable, primarily based on each customer’s share of gross merchandise volume (“GMV”) processed through that partner’s solution. For partner revenue that is not directly linked to customer usage of a partner’s solution, we allocate such revenue based on each customer’s share of total platform GMV. Each account’s partner revenue allocation is calculated by taking the account’s trailing twelve-month partner revenue, then dividing by twelve to create a monthly average to apply to the applicable period in order to normalize ARPA for seasonality.

    Adjusted EBITDA

    We define Adjusted EBITDA as our net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, restructuring charges, depreciation, gain on convertible notes extinguishment, interest income, interest expense, other expense, and our provision or benefit for income taxes.

    Acquisition related costs include contingent compensation arrangements entered into in connection with acquisitions and achieved earnout related to an acquisition.

    Restructuring charges include severance benefits, right-of-use asset impairments, lease termination gain, software impairments, accelerated depreciation and amortization, and professional services costs.

    Depreciation includes depreciation expenses related to the Company’s fixed assets.

    The most directly comparable GAAP measure is net loss.

    Non-GAAP Operating Income (Loss)

    We define Non-GAAP Operating Income (Loss) as our GAAP Loss from operations, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, and restructuring charges. The most directly comparable GAAP measure is our loss from operations.

    Non-GAAP Net Income (Loss)

    We define Non-GAAP Net Income (Loss) as our GAAP net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, restructuring charges, and gain on convertible notes extinguishment. The most directly comparable GAAP measure is our net loss.

    Non-GAAP Basic and Dilutive Net Income (Loss) per Share

    We define Non-GAAP Basic and Dilutive Net Income (Loss) per Share as our Non-GAAP net income (loss), defined above, divided by our basic and diluted GAAP weighted average shares outstanding. The most directly comparable GAAP measure is our basic net loss per share.

    Free Cash Flow

    We define Free Cash flow as our GAAP cash flow provided by (used in) operating activities less our cash paid for website domain name and GAAP purchases of property, equipment, leasehold improvements and capitalized internal-use software (Capital Expenditures). The most directly comparable GAAP measure is our cash flow provided by (used in) operating activities.

    BigCommerce,® the Commerce logo, and other brands are the trademarks or registered trademarks of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owner.

    Media Relations Contact Investor Relations Contact
    Brad Hem Tyler Duncan
    PR@Commerce.com InvestorRelations@Commerce.com
     
    Commerce.com, Inc.

    Condensed Consolidated Balance Sheets
    (in thousands)
     
        June 30,     December 31,  
        2025     2024  
        (unaudited)        
    Assets            
    Current assets            
    Cash and cash equivalents   $ 46,265     $ 88,877  
    Restricted cash     1,164       1,479  
    Marketable securities     88,190       89,283  
    Accounts receivable, net     51,767       48,117  
    Prepaid expenses and other assets, net     14,722       14,641  
    Deferred commissions     7,556       8,822  
    Total current assets     209,664       251,219  
    Property and equipment, net     8,983       9,128  
    Operating lease, right-of-use-assets     7,114       1,993  
    Prepaid expenses and other assets, net of current portion     5,797       3,146  
    Deferred commissions, net of current portion     4,143       5,559  
    Intangible assets, net     14,906       17,317  
    Goodwill     51,927       51,927  
    Total assets   $ 302,534     $ 340,289  
    Liabilities and stockholders’ equity            
    Current liabilities            
    Accounts payable   $ 8,775     $ 7,018  
    Accrued liabilities     3,464       3,194  
    Deferred revenue     55,738       46,590  
    Operating lease liabilities     1,766       2,438  
    Other liabilities     28,538       28,766  
    Total current liabilities     98,281       88,006  
    Convertible notes     157,545       216,466  
    Operating lease liabilities, net of current portion     6,709       1,680  
    Other liabilities, net of current portion     1,233       768  
    Total liabilities     263,768       306,920  
    Stockholders’ equity            
    Common stock     7       7  
    Additional paid-in capital     669,068       654,905  
    Accumulated other comprehensive income     114       145  
    Accumulated deficit     (630,423 )     (621,688 )
    Total stockholders’ equity     38,766       33,369  
    Total liabilities and stockholders’ equity   $ 302,534     $ 340,289  
     
    Commerce.com, Inc.

    Condensed Consolidated Statements of Operations
    (in thousands, except per share amounts)
    (unaudited)
     
        For the three months ended June 30,     For the six months ended June 30,  
        2025     2024     2025     2024  
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189  
    Cost of revenue (1)     17,739       19,811       34,723       38,250  
    Gross profit     66,694       62,018       132,080       123,939  
    Operating expenses:                        
    Sales and marketing(1)     35,071       34,425       65,437       66,857  
    Research and development(1)     18,310       20,287       37,516       40,275  
    General and administrative(1)     15,855       15,436       29,499       30,365  
    Amortization of intangible assets     2,520       2,452       4,855       4,919  
    Acquisition related costs     111       334       444       667  
    Restructuring charges     1,614       2,572       3,526       2,572  
    Total operating expenses     73,481       75,506       141,277       145,655  
    Loss from operations     (6,787 )     (13,488 )     (9,197 )     (21,716 )
    Gain on convertible note extinguishment     0       0       3,931       0  
    Interest income     1,171       3,196       2,471       6,374  
    Interest expense     (2,522 )     (720 )     (5,065 )     (1,440 )
    Other expense     (23 )     (111 )     (130 )     (443 )
    Loss before provision for income taxes     (8,161 )     (11,123 )     (7,990 )     (17,225 )
    Provision for income taxes     (221 )     (132 )     (745 )     (422 )
    Net loss   $ (8,382 )   $ (11,255 )   $ (8,735 )   $ (17,647 )
    Basic net loss per share   $ (0.10 )   $ (0.15 )   $ (0.11 )   $ (0.23 )
    Shares used to compute basic net loss per share     80,122       77,456       79,482       77,041  
                         

    (1) Amounts include stock-based compensation expense and associated payroll tax costs, as follows:

        For the three months ended June 30,     For the six months ended June 30,  
        2025     2024     2025     2024  
    Cost of revenue   $ 720     $ 1,028     $ 1,466     $ 1,684  
    Sales and marketing     1,820       3,138       3,595       5,005  
    Research and development     2,740       3,273       5,782       6,749  
    General and administrative     2,045       2,582       1,901       5,174  
     
    Commerce.com, Inc.

    Condensed Consolidated Statements of Cash Flows
    (in thousands)
    (unaudited)
     
      Three months ended June 30,     Six months ended June 30,  
      2025     2024     2025     2024  
                           
    Cash flows from operating activities                      
    Net loss $ (8,382 )   $ (11,255 )   $ (8,735 )   $ (17,647 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:                      
    Depreciation and amortization expense   3,845       3,512       8,126       6,998  
    Amortization of discount on convertible notes   165       497       352       994  
    Amortization of premium on convertible notes   (408 )     0       (810 )     0  
    Stock-based compensation expense   7,236       10,009       12,445       18,397  
    Provision for expected credit losses   1,598       850       2,528       1,713  
    Gain on convertible notes extinguishment   0       0       (3,931 )     0  
    Other   0       (37 )     0       (37 )
    Changes in operating assets and liabilities:                      
    Accounts receivable   (9,005 )     (6,790 )     (5,985 )     (9,378 )
    Prepaid expenses and other assets   2,159       3,935       (2,925 )     (1,025 )
    Deferred commissions   747       (402 )     2,682       (191 )
    Accounts payable   444       (356 )     1,122       (1,245 )
    Accrued and other liabilities   8,078       4,168       (59 )     (433 )
    Deferred revenue   7,080       7,607       9,148       10,175  
    Net cash provided by operating activities   13,557       11,738       13,958       8,321  
    Cash flows from investing activities:                      
    Cash paid for website domain name   0       0       (2,444 )     0  
    Cash paid for acquisition   0       (100 )     0       (100 )
    Purchase of property, equipment, leasehold improvements and capitalized internal-use software   (1,651 )     (1,064 )     (2,476 )     (1,870 )
    Maturity of marketable securities   13,000       62,525       41,579       91,965  
    Purchase of marketable securities   (32,572 )     (1,037 )     (40,517 )     (36,602 )
    Net cash provided by (used in) investing activities   (21,223 )     60,324       (3,858 )     53,393  
    Cash flows from financing activities:                      
    Proceeds from exercise of stock options   1,973       271       3,069       1,245  
    Taxes paid related to net share settlement of stock options   (126 )     0       (1,351 )     (1,325 )
    Payment of convertible note issuance costs   0     0       (217 )   0  
    Repayment of convertible notes and financing obligation   0       (137 )     (54,528 )     (271 )
    Net cash provided by (used in) financing activities   1,847       134       (53,027 )     (351 )
    Net change in cash and cash equivalents and restricted cash   (5,819 )     72,196       (42,927 )     61,363  
    Cash and cash equivalents and restricted cash, beginning of period   53,248       62,012       90,356       72,845  
    Cash and cash equivalents and restricted cash, end of period $ 47,429     $ 134,208     $ 47,429     $ 134,208  
    Supplemental cash flow information:                      
    Cash paid for interest $ 0     $ 6     $ 5,685     $ 445  
    Cash paid for taxes $ 259     $ 42     $ 479     $ 182  
    Right-of-use asset obtained in exchange for new operating lease liability $ 0     $ 0     $ 5,516     $ 0  
    Noncash investing and financing activities:                      
    Capital additions, accrued but not paid $ 735     $ 117     $ 735     $ 117  
    Fair value of shares issued as consideration for acquisition $ 0     $ 248     $ 0     $ 248  
     
    Commerce.com, Inc.

    Disaggregation of Revenue
     
    Disaggregated Revenue:
     
        Three months ended June 30,     Six months ended June 30,  
    (in thousands)   2025     2024     2025     2024  
    Subscription solutions   $ 63,656     $ 61,796     $ 125,769     $ 122,755  
    Partner and services     20,777       20,033       41,034       39,434  
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189  
    Revenue by Geography:
     
        Three months ended June 30,     Six months ended June 30,  
    (in thousands)   2025     2024     2025     2024  
    Revenue:                        
    United States   $ 64,405     $ 62,428     $ 127,026     $ 123,567  
    EMEA     9,889       9,281       19,854       18,473  
    APAC     6,118       6,343       12,043       12,597  
    Rest of World     4,021       3,777       7,880       7,552  
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189  
     
    Commerce.com, Inc

    Reconciliation of GAAP to Non-GAAP Results
    (in thousands, except per share amounts)
    (unaudited)
     
    Reconciliation of loss from operations to Non-GAAP operating income:
     
        Three months ended June 30,     Six months ended June 30,    
        2025     2024     2025     2024    
    (in thousands)                          
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189    
                               
    Loss from operations   $ (6,787 )   $ (13,488 )   $ (9,197 )   $ (21,716 )  
    Plus:                          
    Stock-based compensation expense and associated payroll tax costs     7,325       10,021       12,744       18,612    
    Amortization of intangible assets     2,520       2,452       4,855       4,919    
    Acquisition related costs     111       334       444       667    
    Restructuring charges     1,614       2,572       3,526       2,572    
    Non-GAAP operating income   $ 4,783     $ 1,891     $ 12,372     $ 5,054    
    Non-GAAP operating income as a percentage of revenue     5.7   %   2.3   %   7.4   %   3.1   %
     
    Reconciliation of net loss & basic net loss per share to Non-GAAP net income & Non-GAAP basic and diluted net income per share:
     
        Three months ended June 30,     Six months ended June 30,    
        2025     2024     2025     2024    
    (in thousands)                          
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189    
                               
    Net loss   $ (8,382 )   $ (11,255 )   $ (8,735 )   $ (17,647 )  
    Plus:                          
    Stock-based compensation expense and associated payroll tax costs     7,325       10,021       12,744       18,612    
    Amortization of intangible assets     2,520       2,452       4,855       4,919    
    Acquisition related costs     111       334       444       667    
    Restructuring charges     1,614       2,572       3,526       2,572    
    Gain on convertible notes extinguishment     0       0       (3,931 )     0    
    Non-GAAP net income   $ 3,188     $ 4,124     $ 8,903     $ 9,123    
    Basic net loss per share   $ (0.10 )   $ (0.15 )   $ (0.11 )   $ (0.23 )  
    Non-GAAP basic net income per share   $ 0.04     $ 0.05     $ 0.11     $ 0.12    
    Non-GAAP diluted net income per share   $ 0.04     $ 0.05     $ 0.11     $ 0.12    
    Shares used to compute basic net loss per share and basic Non-GAAP net income per share     80,122       77,456       79,482       77,041    
    Shares used to compute diluted Non-GAAP net income per share     80,988       79,291       80,660       79,085    
    Non-GAAP net income as a percentage of revenue     3.8   %   5.0   %   5.3   %   5.6   %
     
    Reconciliation of net loss to adjusted EBITDA:
     
        Three months ended June 30,     Six months ended June 30,    
        2025     2024     2025     2024    
    (in thousands)                          
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189    
                               
    Net loss   $ (8,382 )   $ (11,255 )   $ (8,735 )   $ (17,647 )  
    Plus:                          
    Stock-based compensation expense and associated payroll tax costs     7,325       10,021       12,744       18,612    
    Amortization of intangible assets     2,520       2,452       4,855       4,919    
    Acquisition related costs     111       334       444       667    
    Restructuring charges     1,614       2,572       3,526       2,572    
    Depreciation     946       1,060       2,190       2,079    
    Gain on convertible notes extinguishment     0       0       (3,931 )     0    
    Interest income     (1,171 )     (3,196 )     (2,471 )     (6,374 )  
    Interest expense     2,522       720       5,065       1,440    
    Other expenses     23       111       130       443    
    Provision for income taxes     221       132       745       422    
    Adjusted EBITDA   $ 5,729     $ 2,951     $ 14,562     $ 7,133    
    Adjusted EBITDA as a percentage of revenue     6.8   %   3.6   %   8.7   %   4.4   %
     
    Reconciliation of Cost of revenue to Non-GAAP cost of revenue:
     
        Three months ended June 30,     Six months ended June 30,    
        2025     2024     2025     2024    
    (in thousands)                          
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189    
                               
    Cost of revenue   $ 17,739     $ 19,811     $ 34,723     $ 38,250    
    Less:                          
    Stock-based compensation expense and associated payroll tax costs     720       1,028       1,466       1,684    
    Non-GAAP cost of revenue   $ 17,019     $ 18,783     $ 33,257     $ 36,566    
    As a percentage of revenue     20.2   %   23.0   %   19.9   %   22.5   %
     
    Reconciliation of Sales and marketing expense to Non-GAAP sales and marketing expense:
     
        Three months ended June 30,     Six months ended June 30,    
        2025     2024     2025     2024    
    (in thousands)                          
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189    
                               
    Sales and marketing   $ 35,071     $ 34,425     $ 65,437     $ 66,857    
    Less:                          
    Stock-based compensation expense and associated payroll tax costs     1,820       3,138       3,595       5,005    
    Non-GAAP sales and marketing   $ 33,251     $ 31,287     $ 61,842     $ 61,852    
    As a percentage of revenue     39.4   %   38.2   %   37.1   %   38.1   %
     
    Reconciliation of Research and development expense to Non-GAAP research and development expense:
     
        Three months ended June 30,     Six months ended June 30,    
        2025     2024     2025     2024    
    (in thousands)                          
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189    
                               
    Research and development   $ 18,310     $ 20,287     $ 37,516     $ 40,275    
    Less:                          
    Stock-based compensation expense and associated payroll tax costs     2,740       3,273       5,782       6,749    
    Non-GAAP research and development   $ 15,570     $ 17,014     $ 31,734     $ 33,526    
    As a percentage of revenue     18.4   %   20.8   %   19.0   %   20.7   %
     
    Reconciliation of General and administrative expense to Non-GAAP general and administrative expense:
     
        Three months ended June 30,     Six months ended June 30,    
        2025     2024     2025     2024    
    (in thousands)                          
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189    
                               
    General & administrative   $ 15,855     $ 15,436     $ 29,499     $ 30,365    
    Less:                          
    Stock-based compensation expense and associated payroll tax costs     2,045       2,582       1,901       5,174    
    Non-GAAP general & administrative   $ 13,810     $ 12,854     $ 27,598     $ 25,191    
    As a percentage of revenue     16.4   %   15.7   %   16.5   %   15.5   %
     
    Reconciliation of net cash provided by operating activities to free cash flow:
     
        Three months ended June 30,     Six months ended June 30,  
        2025     2024     2025     2024  
    (in thousands)                        
    Net cash provided by operating activities   $ 13,557     $ 11,738     $ 13,958     $ 8,321  
    Cash paid for website domain name     0       0       (2,444 )     0  
    Purchase of property, equipment, leasehold improvements and capitalized internal-use software     (1,651 )     (1,064 )     (2,476 )     (1,870 )
    Free cash flow   $ 11,906     $ 10,674     $ 9,038     $ 6,451  

    The MIL Network –

  • MIL-OSI: Codere Online Reports Financial Results for the Second Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    • Total revenue was €51.4 mm in Q2 2025, while net gaming revenue1 was €54.8 mm in the period, 1% above Q2 2024 (12% in constant currency terms).
    • Mexico revenue was €26.3 mm in Q2 2025, while net gaming revenue was €29.0 mm in the period, 3% above Q2 2024 (23% in constant currency terms).
    • Net loss was €3.1 mm in H1 2025 versus a net loss of €0.2 mm in H1 2024 primarily due to the impact from exchange rates (€3.0 mm loss in H1 2025 versus €4.8 mm gain in H1 2024).
    • Total cash position of €45.2 mm as of June 30, 2025.
    • Reiterating 2025 net gaming revenue outlook of €220-230 million and Adj. EBITDA2 outlook of €10-15 million.
    • Repurchased $0.7 million of the Company’s shares under the Company’s $5.0 million share buyback plan through July 30, 2025.

    Madrid, Spain and Tel Aviv, Israel, July 31, 2025 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited3 financial results for the quarter ended June 30, 2025.

    Below are the main financial and operating metrics of the period.

      Quarter ended June 30   Six months ended June 30
      2024 2025 Chg. %   2024 2025 Chg. %
                   
    Net Gaming Revenue (EUR mm)1              
    Spain 21.8 22.1 1%   44.1 44.0 (0%)
    Mexico 28.2 29.0 3%   54.8 59.5 9%
    Other 4.4 3.7 (16%)   8.5 8.2 (4%)
    Total 54.4 54.8 1%   107.4 111.8 4%
                   
    Avg. Monthly Active Players (000s)4              
    Spain 51.5 49.7 (3%)   50.8 50.9 0%
    Mexico 62.3 84.6 36%   62.4 83.3 33%
    Other 31.8 20.8 (35%)   31.2 24.0 (23%)
    Total 145.6 155.1 7%   144.4 158.2 10%

    Aviv Sher, CEO of Codere Online, stated, “Our net gaming revenue reached €54.8 million in the second quarter of 2025, slightly above the prior year period despite the headwinds we faced across most of our markets. In Mexico, we were successful in growing net gaming revenue despite the 19% devaluation of the Mexican peso and grew our portfolio of active customers in the country by an impressive 36% versus Q2 2024.”

    Oscar Iglesias, CFO of Codere Online, commented, “We continue to see strong underlying trends in Mexico, where our net gaming revenue grew by 23% in local currency. With the first half of the year now behind us, and notwithstanding that a number of challenges still remain, we continue to expect to meet our net gaming revenue outlook of €220-230 million and Adj. EBITDA outlook of €10-15 million that we shared earlier this year.”

    Recent Events

    Compliance with Nasdaq Listing Requirements

    • On June 2nd the Company filed its 2024 annual report and on June 6th, Nasdaq informed the Company that it had regained compliance with applicable listing requirements.
    • As a result, the Company’s securities will continue to be listed and traded on the Nasdaq Capital Market and are no longer subject to a delisting process.

    Repurchases under the Share Buyback Plan

    • The Company has repurchased $0.7 million of the Company’s shares at an average price of $6.89 per share under its $5.0 million authorized share buyback plan through July 30, 2025.
    • The plan (as approved by shareholders) authorizes the Company to repurchase up to 1 million of its ordinary shares and expires on March 3, 2026.

    Conference Call Information

    Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, July 31, 2025. Dial-in details as well as the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call.

    Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)

      Quarter ended June 30   Six months ended June 30
    Figures in EUR mm 2024 2025 Chg. %   2024 2025 Chg. %
                   
    Total              
                   
    Revenue 51.7 51.4 (1%)   102.1 105.7    4%
    (+) Accounting Adjustments5 2.7 3.5 30%   5.3 6.1    15%
    Net Gaming Revenue 54.4 54.8 1%   107.4 111.8 4%
                   
    Spain              
                   
    Revenue 21.8 22.1 1%   44.1 44.0 (0%)
    (+) Accounting Adjustments5 – – n.m.   – – n.m.
    Net Gaming Revenue 21.8 22.1 1%   44.1 44.0 (0%)
                   
    Mexico              
                   
    Revenue 25.3 26.3 4%   49.2 53.9 10%
    (+) Accounting Adjustments5 2.9 2.7 (7%)   5.6 5.6 –
    Net Gaming Revenue 28.2 29.0 3%   54.8 59.5 9%
                   
    Other              
                   
    Revenue 4.5 3.0 (33%)   8.8 7.8 (11%)
    (+) Accounting Adjustments5 (0.1) 0.7 n.m.   (0.3) 0.4 n.m.
    Net Gaming Revenue 4.4 3.7 (16%)   8.5 8.2 (4%)

    Reconciliation of Net Income (IFRS) to Adj. EBITDA (non-IFRS)5

      Quarter ended June 30   Six months ended June 30
    Figures in EUR mm 2024 2025 Chg.   2024 2025 Chg.
                   
    Net Income (Loss) (3.7) (2.4) 1.2   (0.2) (3.1) (2.8)
    (+/-) Provision for Corporate Income Tax 0.4 1.1 0.6   0.9 1.3 0.3
    (+/-) Interest Expense / (Income) (0.0) 1.9 2.0   (4.8) 3.0 7.8
    (+/-) Var. in Fair Value of Public Warrants 3.9 1.3 (2.5)   5.8 1.9 (3.9)
    (+) D&A 0.1 0.2 0.1   0.1 0.3 0.2
    EBITDA 0.7 2.1 1.4   1.7 3.4 1.7
    (+) Employee LTIP Expense 0.6 (0.9) (1.4)   1.1 (0.4) (1.5)
    (+/-) Other Accounting Adjustments 0.0 0.0 (0.0)   0.2 0.1 (0.1)
    Adj. EBITDA (Pre Non-Recurring Items) 1.3 1.3 (0.0)   3.0 3.1 0.0
    (+) Non-Recurring Items 0.0 1.1 1.1   0.0 1.1 1.1
    Adj. EBITDA 1.3 2.3 1.1   3.0 4.1 1.1

    About Codere Online 

    Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online, launched in 2014 as part of the renowned casino operator Codere Group, offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere Online currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina; this online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.

    About Codere Group
    Codere Group is a multinational group devoted to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).

    Note on Rounding. Due to decimal rounding, numbers presented throughout this report may not add up precisely to the totals and subtotals provided, and percentages may not precisely reflect the absolute figures.

    Forward-Looking Statements
    Certain statements in this document may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Codere Online Luxembourg, S.A. and its subsidiaries (collectively, “Codere Online”) or Codere Online’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this document may include, for example, statements about Codere Online’s financial performance and, in particular, the potential evolution and distribution of its net gaming revenue; any prospective and illustrative financial information; and changes in Codere Online’s strategy, future operations and target addressable market, financial position, estimated revenues and losses, projected costs, prospects and plans.

    These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Codere Online’s or its management team’s views as of any subsequent date, and Codere Online does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

    As a result of a number of known and unknown risks and uncertainties, Codere Online’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that Codere Online does not presently know or that Codere Online currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Some factors that could cause actual results to differ include (i) changes in applicable laws or regulations, including online gaming, privacy, data use and data protection rules and regulations as well as consumers’ heightened expectations regarding proper safeguarding of their personal information, (ii) the impacts and ongoing uncertainties created by regulatory restrictions, changes in perceptions of the gaming industry, changes in policies and increased competition, and geopolitical events such as war, (iii) the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Codere Online operates, (v) the risk that Codere Online and its current and future collaborators are unable to successfully develop and commercialize Codere Online’s services, or experience significant delays in doing so, (vi) the risk that Codere Online may never achieve or sustain profitability, (vii) the risk that Codere Online will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (viii) the risk that Codere Online experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party providers, including the Codere Group, are not able to fully and timely meet their obligations, (x) the risk that the online gaming operations will not provide the expected benefits due to, among other things, the inability to obtain or maintain online gaming licenses in the anticipated time frame or at all, (xi) the risk that Codere Online is unable to secure or protect its intellectual property, (xii) the risk that Codere Online’s securities may be delisted from Nasdaq and (xiii) the possibility that Codere Online may be adversely affected by other political, economic, business, and/or competitive factors. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

    Financial Information and Non-GAAP Financial Measures
    Codere Online’s financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which can differ in certain significant respects from generally accepted accounting principles in the United States of America (“U.S. GAAP”).

    This document includes certain financial measures not presented in accordance with U.S. GAAP or IFRS (“non-GAAP”), such as, without limitation, net gaming revenue, Adjusted EBITDA and constant currency information. These non-GAAP financial measures are not measures of financial performance in accordance with U.S. GAAP or IFRS and may exclude items that are significant in understanding and assessing Codere Online’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under U.S. GAAP or IFRS. You should be aware that Codere Online’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. In addition, the audit of Codere Online’s financial statements in accordance with PCAOB standards, may impact how Codere Online currently calculates its non-GAAP financial measures, and we cannot assure you that there would not be differences, and such differences could be material.

    Codere Online believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing Codere Online’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Reconciliations of non-GAAP financial measures to their most directly comparable measure under IFRS are included herein.

    This document may include certain projections of non-GAAP financial measures. Codere Online is unable to quantify certain amounts that would be required to be included in the most directly comparable U.S. GAAP or IFRS financial measures without unreasonable effort, due to the inherent difficulty and variability of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such comparable measures or such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted, ascertained or assessed, which could have a material impact on its future IFRS financial results. Consequently, no disclosure of estimated comparable U.S. GAAP or IFRS measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.

    Use of Projections
    This document contains financial forecasts with respect to Codere Online’s business and projected financial results, including net gaming revenue and adjusted EBITDA. Codere Online’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this document, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this document. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See “Forward-Looking Statements” above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Codere Online or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this document should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.

    For further information on the limitations and assumptions underlying these projections, please refer to Codere Online’s filings with the SEC.

    Preliminary Information
    This document contains figures, financial metrics, statistics and other information that is preliminary and subject to change (the “Preliminary Information”). The Preliminary Information has not been audited, reviewed, or compiled by any independent registered public accounting firm. This Preliminary Information is subject to ongoing review including, where applicable, by Codere Online’s independent auditors. Accordingly, no independent registered public accounting firm has expressed an opinion or any other form of assurance with respect to the Preliminary Information. During the course of finalizing such Preliminary Information, adjustments to such Preliminary Information presented herein may be identified, which may be material. Codere Online undertakes no obligation to update or revise the Preliminary Information set forth in this document as a result of new information, future events or otherwise, except as otherwise required by law. The Preliminary Information may differ from actual results. Therefore, you should not place undue reliance upon this Preliminary Information. The Preliminary Information is not a comprehensive statement of financial results, and should not be viewed as a substitute for full financial statements prepared in accordance with IFRS. In addition, the Preliminary Information is not necessarily indicative of the results to be achieved in any future period.

    No Offer or Solicitation
    This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

    Trademarks
    This document may contain trademarks, service marks, trade names and copyrights of Codere Online or other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this document may be listed without the TM, SM, © or ® symbols, but Codere Online will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights.

    Industry and Market Data
    In this document, Codere Online relies on and refers to certain information and statistics obtained from publicly available information and third-party sources, which it believes to be reliable. Codere Online has not independently verified the accuracy or completeness of any such publicly-available and third-party information, does not make any representation as to the accuracy or completeness of such data and does not undertake any obligation to update such data after the date of this document. You are cautioned not to give undue weight to such industry and market data.

    Contacts:

    Investors and Media
    Guillermo Lancha
    Director, Investor Relations and Communications
    Guillermo.Lancha@codereonline.com
    (+34) 628.928.152

    1 Net Gaming Revenue is a non-IFRS measure; please see reconciliation of Net Gaming Revenue to Revenue at the end of the report.

    2 Adjusted EBITDA is a non-IFRS measure; please see reconciliation of Adjusted EBITDA to Net Income at the end of the report. Net gaming revenue and Adjusted EBITDA outlooks are forward-looking non-IFRS measures; please see important disclaimers at the end of the report.
    3 See “Preliminary Information” below.        

    4 Average Monthly Active Players include real money (i.e. exclude free bets) sports betting and casino actives.

    5 Figures primarily reflect differences in recognition of revenue related to certain partner and affiliate agreements in place in Colombia, VAT impact from entry fees in Mexico and the impact from the application of inflation accounting (IAS 29) in Argentina.
    5 Please refer to page 26 of our Q2 2025 Earnings Presentation for further details regarding this reconciliation.

    The MIL Network –

  • MIL-OSI Economics: Galaxy Z Fold7 Achieves Record-breaking Milestone in the US

    Source: Samsung

    Samsung pioneered the foldable smartphone category more than six years ago, and now, in its seventh generation, is raising the bar on what a smartphone can do. Galaxy Z Fold7 and Galaxy Z Flip7 offer powerful performance, refined AI experiences, and enhanced durability in incredibly thin and light designs. And the latest Z series advancements are fueling new levels of interest from consumers.
    Both Galaxy Z Fold7 and Galaxy Z Flip7 saw more than a 25% increase in total preorders compared to the previous generation. That includes more Galaxy Z Fold7 pre-orders than any previous Z Fold device in US history. As part of that, carrier partners saw nearly a 60% pre-order jump cumulatively for both devices compared to last year’s models. In-store shoppers are taking advantage of getting their hands on the devices, with thin, light and compact designs, as well as camera improvements being among the top interest drivers.
    Since last week’s general availability, momentum for both devices remain strong, with orders continuing to outpace the previous generation by more than 25%. Further, Galaxy Z Fold7 is out pacing its previous model by nearly 50% since availability opened on July 25.

    “Foldables have reached an inflection point as they are becoming a mainstream choice for users,” said Drew Blackard, Senior Vice President of Mobile Product Management at Samsung Electronics America. “Now on our seventh generation, we’ve addressed consumer feedback year after year and have arrived at the kind of experience you can’t get on any other device. When people go hands-on with a Z series device, they’re hooked — and now it’s all coming together with record-breaking numbers.”

    As interest in Z series foldables continues to grow, user trends are shifting — mainly their color and style preferences. While black has historically been the preferred choice of Z Fold users, Blue Shadow made up nearly half of Z Fold7 pre-orders. With Galaxy Z Flip7, demand for Coralred color option has also beat expectations, making up 25% of Z Flip7 pre-orders. These trends are remaining steady through the first week of availability.

    Both Galaxy Z Fold7 and Galaxy Z Flip7 build on years of consumer feedback, including the cutting-edge AI features for Galaxy Z series unveiled at Galaxy Unpacked in July. Whether you’re a creative looking for powerful tools to take your work to the next level, want to tap into the power of Now Bar1 to stay on top of your busy schedule, or rely on Gemini Live2 for helpful, intuitive AI-powered conversations, the Galaxy Z series brings together the best of Galaxy to offer an ultra-like experience for the first time on Flip and Fold.
    Building on decades of smartphone innovation, the latest additions to the Galaxy Z series are expanding the foldables landscape. And with availability just underway — the full story is still unfolding.  Galaxy Z Fold7, Galaxy Z Flip7, and Galaxy Z Flip7 FE are available for purchase now at Samsung.com, Samsung Experience Stores, carriers, and retail stores nationwide.
    For more information about the Galaxy Z series, please visit the Samsung US Newsroom, SamsungMobilePress.com and Samsung.com.

    MIL OSI Economics –

  • MIL-OSI Africa: Outreach brings government services closer to communities 

    Source: Government of South Africa

    A provincial outreach aimed at bringing essential government services to communities and fostering principles of transparency, accountability, and inclusive development was recently held in KwaZulu-Natal.

    Premier Thamsanqa Ntuli together with Members of the Provincial Executive Council (MECs) led the community outreach in Mthonjaneni Local Municipality, as part of the ongoing Operation Sukuma Sakhe (stand up and build) Cabinet Day.

    The flagship initiative is a cornerstone of the provincial government’s people-centred service delivery strategy.

    The day-long programme on Wednesday saw provincial departments and government entities delivering a range of crucial services to residents, including assistance with identity documents, healthcare screenings, social grant applications, agricultural support, and youth development initiatives.

    “Operation Sukuma Sakhe is about ensuring that government is present where the people are. It is about addressing challenges together and accelerating service delivery so that no community is left behind,” Ntuli said.

    The outreach culminated in a community engagement session where residents had an opportunity to raise concerns and shared feedback directly with the Premier, MECs, and senior officials.

    Inadequate road infrastructure, limited access to healthcare, water and sanitation, and the need for increased economic opportunities were among the key issues raised at the session.

    In response, the Premier and the provincial leadership made commitments that the concerns raised will be addressed. 
    “These dialogues are a vital reminder of why we serve. Listening to the voices of the people helps us to deliver better, and it keeps us accountable as leaders,” the Premier said.

    In a special tribute to the district’s elderly, the Premier and Cabinet members also honoured local centenarians from the King Cetshwayo District with certificates and gifts, acknowledging their invaluable contributions to family and society.

    “Our centenarians are living testaments of resilience, wisdom, and community spirit. They deserve to be honoured for the lives they have built and the families and communities they continue to inspire,” the Premier said.

    Operation Sukuma Sakhe continues to strengthen the partnership between government and communities, ensuring that service delivery is not only improved but also guided by the needs and aspirations of the people.

    The visit to Mthonjaneni reaffirmed the provincial government’s commitment to responsive governance, inclusive development, and the dignity of all its people. –  SAnews.gov.za
     

    MIL OSI Africa –

  • MIL-OSI United Kingdom: Membership of Fundamental Review of Building Regulations Guidance

    Source: United Kingdom – Executive Government & Departments

    News story

    Membership of Fundamental Review of Building Regulations Guidance

    The government has appointed six members to the Fundamental Review of Building Regulations Guidance panel today.

    Today (31 July), the government has announced the appointment of six members to the Fundamental Review of Building Regulations Guidance panel.  

    The panel is being appointed to support work to deliver on the recommendation from the Grenfell Tower Public Inquiry Phase 2 report, accepted by the government, to review the statutory guidance which accompany the Building Regulations known as Approved Documents.

    In December 2024, we announced that the Building Safety Regulator would be leading a fundamental review of the building regulations guidance, to centre on how they are produced, structured and presented. The Fundamental Review of Building Regulations Guidance panel members will support and inform the review and the members each come with extensive experience across a range of sectors. 

    The panel will provide an interim update in early 2026 and a final report in Summer 2026.

    Minister for Building Safety, Alex Norris said:

    “The appointment of this panel is an important step in our response to the Grenfell Tower Inquiry. Guidance which supports compliance with Building Regulations must be clear, accurate, and practical, and subject to regular updates to ensure it remains effective.  

    “The work of the panel will support our delivery of 1.5 million new homes, by making compliance easier, improving safety and quality in construction, and ensuring greater confidence in the building safety system. I look forward to receiving the panel’s recommendations.”

    Background on the Approved Documents and Building Regulations system

    • The Building Regulations set the minimum required standards for building work, referred to as the ‘functional requirements’.  
    • The Approved Documents contain general guidance on the performance expected of materials and building work, including practical examples of how to achieve compliance in common building situations. 
    • The Grenfell Tower Inquiry raised concerns about the way that the statutory guidance is expressed. In April 2023, the responsibility for updating and keeping Approved Documents under review was transferred to the Building Safety Regulator (BSR), in line with their duty under the Building Safety Act 2022 to keep under review the safety and standards of buildings.  
    • In December 2024, the BSR was commissioned by the government to conduct a fundamental review of the statutory guidance, and the new panel has been appointed to inform this work.

    Further information

    The establishment of the panel was announced on 31 July 2025.

    The Grenfell Tower Phase 2 Inquiry recommended that the statutory guidance be urgently reviewed. On 2 December 2024 the Deputy Prime Minister announced a fundamental review of the statutory guidance to the Building Regulations. This panel will inform that review.   The panel’s role is advisory.  The aim is to produce an interim report in early 2026 and a final report by Summer 2026.   

    Further updates, including the panel’s Terms of Reference, will be published shortly.

    Panel members

    Dinah Bornat, Architect 

    Dinah is a renowned advocate for people-centred development. She is the Director & Co-founder of ZCD, a research-led practice based in London who work on residential, community and commercial projects. She has served as a design advocate for the Mayor of London and an adviser to local authorities and developers. 

    Dan Rossiter, Digital Expert

    Dan is the Built Environment Sector Lead at the British Standards Institute, and Vice-President Technical at the Chartered Institute of Architectural Technologists. He has previously provided his expertise to several national committees relating to information management and technical documentation in the built environment. 

    Danielle Michalska-Morris, Housebuilder 

    Danielle is the Director of Research and Technical Innovation at Taylor Wimpey. She brings to the panel her expert knowledge and experience in low carbon building design and building services.

    Rachel Ferguson, Planner 

    Rachel is Senior Development Manager at Pocket Living. She has extensive expertise in affordable housing, and brings her broad experience in planning including strategic masterplans, estate regeneration projects and new build residentials to this panel. 

    Professor Luke Bisby, Technical Expert

    Luke is the Chair of Fire and Structures and Director of Discipline at the University of Edinburgh. He served as an expert witness to the Grenfell Tower Inquiry, and will bring particular expertise on fire safety to this panel. 

    Dr Hywel Davies, Technical Expert    

    Hywel is the former technical Director for the Chartered Institution of Building Services Engineers (CIBSE). He served as the previous chair of DLUHC’s statutory committee, and the Building Regulations Advisory Committee. He brings to this panel his broad expertise on a range of technical areas.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: European Union maintains vital support for WFP’s lifesaving assistance in Algeria

    Source: World Food Programme

    ALGIERS – The European Union (EU) has reaffirmed its commitment to Sahrawi refugees in Algeria through sustained funding for the United Nations World Food Programme (WFP), enabling the delivery of vital food assistance to over 133,000 vulnerable people each month. This month marks the second year of the multi-year partnership that provides €5 million annually to address one of the world’s most protracted refugee crises.

    In the remote desert camps near Tindouf, where Sahrawi refugees have lived since 1975, WFP’s assistance remains a lifeline. More than 80 percent of the population relies entirely on humanitarian aid to meet their basic food needs. Through its partnership with the Algerian Red Crescent, WFP distributes monthly food rations tailored to nutritional needs, while increasingly prioritising programmes, including Social Behaviour Change (SBC) initiatives, addressing malnutrition among children and pregnant women and promoting better nutrition practices.

    “We are deeply grateful to the European Union for their unwavering support and commitment to the Sahrawi refugees,” said Aline Rumonge, WFP Representative and Country Director in Algeria. “This strong and reliable partnership provides the sustained funding we need to deliver life-saving assistance while improving the effectiveness of our operations in the camps.”

    In 2024, WFP provided nearly 19,000 metric tons of food and reached 8,600 pregnant and breastfeeding women with monthly cash-based transfers to improve dietary diversity and reduce the risk of anaemia. In addition, WFP distributed specialised nutritious food to prevent and treat moderate acute malnutrition among children under five.

    The EU has been a cornerstone donor for WFP’s operations in Algeria, contributing €102 million (US$123.4 million) since 2003. With needs persisting and global attention waning, this enduring partnership underscores a shared commitment to ensure Sahrawi refugees are not forgotten.

    WFP has supported the Sahrawi refugees in Algeria since 1986. WFP’s operations in the country are carried out and monitored in collaboration with national and international organizations to ensure food assistance reaches the people for whom it is intended.

    #                #            #

    The United Nations World Food Programme is the world’s largest humanitarian organization, saving lives in emergencies, building prosperity and supporting a sustainable future for people recovering from conflict, disasters and the impact of climate change.

    Follow us on X @wfp_media @wfp_mena

    MIL OSI United Nations News –

  • MIL-OSI Asia-Pac: Task Group on New Medical School conducts overall evaluation of proposals (with photo)

    Source: Hong Kong Government special administrative region

    Task Group on New Medical School conducts overall evaluation of proposals (with photo) 
         Between May and June this year, the Task Group held two meetings with the three universities that submitted proposals, namely Hong Kong Baptist University, the Hong Kong Polytechnic University and the Hong Kong University of Science and Technology, to have in-depth discussions and gain a better understanding of their submissions. Subsequently, the expert advisors conducted a comprehensive review of the proposals in their respective areas of expertise and provided advice from various perspectives (including innovative strategic positioning, curriculum structure and assessment methodologies, and financial sustainability) in accordance with the 10 key parameters set.
     
         At today’s meeting, the expert advisors conducted an overall assessment of the proposals, and initiated the next phase of follow-up work to conduct a thorough study of the funding arrangements and financial sustainability of the proposals. A final recommendation on the establishment of the new medical school is expected to be provided to the Government later this year.
     
         Professor Lo said, “Since its establishment, the Task Group has taken forward the evaluation exercise at full speed in a rigorous, impartial and professional manner. The meeting today marks a key milestone in the evaluation process, as the Task Group has largely reached a consensus on the evaluation of the proposals. We will consolidate the views of all Task Group members and submit our recommendation to the Chief Executive as soon as possible. The Government will thoroughly consider the Task Group’s report and announce the results in due course. I look forward to working with the Task Group in entering the next phase of preparing for the establishment of the new medical school.”
     
         Professor Lo emphasised, “The establishment of the third medical school is of paramount importance to the long-term development of the healthcare system in Hong Kong. The key to long-term development lies in reform and innovation. The new medical school will not only increase the number of locally trained doctors, but will also introduce healthy competition and complementary development with the two existing medical schools, hence creating synergy, raising the standard and capacity of local healthcare services, scientific research and medical education in the long run, thereby achieving the strategic goal of developing Hong Kong into an international health and medical innovation hub.”
     
         Dr Choi said, “I sincerely thank the expert advisors and members of the Task Group for their efforts over the past months and their valuable professional input throughout the evaluation process. The establishment of a new medical school will inject impetus into Hong Kong’s higher education sector. We hope the selected university will leverage the strategic advantage of being located in the Northern Metropolis University Town to foster curriculum innovation, interdisciplinary collaboration, and the nurturing of healthcare professionals equipped with global vision and innovative capability. This initiative responds to the national strategy of building the nation into a leading country in education and will further promote regional collaboration and the integration of innovation. We are confident that the new medical school will open a new chapter for higher education and medical development in Hong Kong.”
     
         The Chief Executive announced in the 2024 Policy Address that the Government supports the establishment of the third medical school by a local university to nurture more outstanding medical practitioners to support the local healthcare system in providing quality services, while at the same time promoting the development of Hong Kong into an international medical training, research and innovation hub. To take forward the relevant work, the Task Group was established in October 2024, comprising seasoned local, Mainland and overseas academics in medical education and university management, professionals, representatives from the Medical Council of Hong Kong and the Hong Kong Academy of Medicine, as well as representatives from the relevant government bureaux and departments.
    Issued at HKT 19:12

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    MIL OSI Asia Pacific News –