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  • MIL-OSI: Bpce: Appointments of Mohamed Kallala and Philippe Setbon to the Executive Management Committee of BPCE

    Source: GlobeNewswire (MIL-OSI)

    Appointments of Mohamed Kallala and Philippe Setbon to the Executive Management Committee of BPCE

    Paris, February 5, 2025

    Mohamed Kallala, Chief Executive Officer of Natixis, in charge of Corporate & Investment Banking, and Philippe Setbon, Deputy Chief Executive Officer of Natixis, in charge of Asset & Wealth Management, are joining the Executive Management Committee of BPCE, following their direct reporting to Nicolas Namias, CEO of BPCE, since January 1, 2025. The Executive Management Committee of BPCE now has a total of twelve members.

    Biography of Mohamed Kallala

    Mohamed Kallala started his career in 1993 as an ALM trader for BNP Paribas before being appointed Head of Mergers & Acquisitions at Crédit Agricole Indosuez in 1995. In 2000, he founded Global Equities Corporate Finance. In 2005, he joined Natixis and became Head of Real Estate Specialist Advisory. In 2010, Mohamed was appointed Head of Real Estate Finance before becoming Global Head of Investment Banking in 2016. In early 2020, Mohamed Kallala became Global Head of Natixis Corporate & Investment Banking’s Global Markets activity, before becoming its Global Co-Head later the same year. In 2023, he was appointed Global Head of Natixis Corporate & Investment Banking businesses. In January 2025, he was appointed Chief Executive Officer of Natixis, in charge of Corporate & Investment Banking.

    Biography of Philippe Setbon

    Philippe Setbon began his career in 1990 as a financial analyst with Barclays Bank in Paris, before working for Groupe Azur-GMF for 10 years as Head of Asset Management. He then joined Generali Group in 2004 where he held a succession of senior roles including CEO of Generali Investments France, CEO of Generali Investments Europe Sgr and Chief Investment Officer for the whole Generali Group. He joined Groupama in 2013 as CEO of Groupama Asset Management. In 2019, he became CEO of Ostrum Asset Management, then CEO of Natixis Investment Managers in 2023. Philippe Setbon has been President of the French Asset Management Association (AFG) since June 2022. In January 2025, Philippe Setbon was appointed Deputy Chief Executive Officer of Natixis, in charge of Asset & Wealth Management.

    For Nicolas Namias, CEO of BPCE: “I would like to welcome Mohamed Kallala and Philippe Setbon to the Executive Management Committee, recognizing their professionalism and the excellent results they have achieved for the two global businesses of Groupe BPCE. This also demonstrates our commitment to the continued development of Natixis CIB and Natixis IM in service of their direct clients, as well as those of the Banques Populaires and Caisses d’Epargne. This move further enriches our Executive Management Committee by providing a balanced representation of each of the Group’s businesses, including retail banking and insurance as well as those with a global dimension, and our major functions. Now comprising 12 members, the Executive Management Committee illustrates the richness of career paths within the group, blending expertise and experience, and our ability to attract and nurture talent.”

    © Photo Credits :
    Mohamed Kallala : Fabrice Vallon
    Phlippe Setbon : Noura Felfel

    About Groupe BPCE

    Groupe BPCE is the second-largest banking group in France and the fourth in Europe. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group’s financial strength is recognized by four credit rating agencies with the following senior preferred LT ratings: Moody’s (A1, stable outlook), Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook).

    Attachment

    The MIL Network –

  • MIL-OSI: Radix, Gold Sponsor at ARC Industry Leadership Forum 2025, Revolutionizes Asset Performance & Operations

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 05, 2025 (GLOBE NEWSWIRE) — Radix, a global technology solutions company at the forefront of industrial digital transformation is proud to showcase a groundbreaking AI-powered solution designed to revolutionize operations in asset-intensive industries.

    As a Gold Sponsor at the ARC Leadership Forum 2025, taking place in Orlando, Florida, from February 10-13, 2025, Radix takes center stage for adding tangible, adoptable and scalable AI capabilities that deliver best-in-class asset performance and sustainability.

    What makes Radix AI solutions unique is the tailored effectiveness of their custom-built applications paired with the in-house, industry expertise and personalized customer focus and attention, resulting in immediate, beneficial impacts to both production and profits for any industrial company. At ARC, these capabilities will reflect the Radix theme of “On the Ground: Accelerate. Optimize. Scale.”

    Alex Clausbruch, CEO of North America at Radix, expressed his enthusiasm for the company’s continued participation with a large executive team attending alongside partners, such as Cognite and clients, like Devon Energy. “We pride ourselves on being “on the ground,” working side by side with our customers and partners. We are happy to share the innovative approaches to Asset performance management, energy transition, digitalization and sustainability to empower our customers to achieve transformational business performance and excellence,” Clausbruch commented

    Heavy hitters from Radix’s executive team and industry experts, along with its long-standing partners and customers, will be showcasing solutions during the ARC event and plan to focus on industries like Oil and Gas, Chemical, Manufacturing, and Power in both workshops and in scheduled sessions.

    “We are quickly growing and expanding our footprint in North America, and ARC is a fantastic platform to showcase what are doing to create a sustainable impact with our clients,” said, Natalia Klafke, Executive Vice President of Energy and Sustainability at Radix. “From energy management to more ways on how digital next-gen solutions are empowering customers to reach decarbonization targets, Radix is proud to showcase these and other capabilities at ARC 2025.”

    Radix’s delegation will participate in various sessions, including an interactive lunch workshop on asset-intensive solutions, a risk-reduction via smart infrastructure sustainability session, and an AI Industrial Co-pilot session focusing on cutting edge technology and successful transformation initiatives.

    For more information visit RADIX | ARC Industry Leadership Forum 2025.

    About Radix

    Founded in 2010, Radix is a privately held global technology solutions company providing consulting, engineering, operations technology, and data and software technology solutions.

    Radix combines key capabilities and practices to empower customers to thrive along their digital transformation journey. Radix provides technology-based, data-driven solutions to industrial and non-industrial companies worldwide. Radix has experience leading projects in more than 30 countries and has more than 1,700+ employees around the globe, with North American headquarters in Houston, Texas, main headquarters in Rio de Janeiro, additional offices in Sao Paulo and Belo Horizonte, and a presence in Singapore and Amsterdam. To learn more, visit www.radixeng.com.

    For more information:
    Citalouise Geiggar, Ph.D.
    citalouise.geiggar@radixeng.com   
    Radix

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bb0b2847-918b-4b84-bce7-0f69e507e71f

    The MIL Network –

  • MIL-OSI USA: Senator Baldwin Introduces Bipartisan Legislation to Support More Wisconsin Dairy Businesses

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WASHINGTON, D.C. – Today, U.S. Senators Tammy Baldwin (D-WI) and Marsha Blackburn (R-TN) introduced the Dairy Business Innovation Act of 2025, bipartisan legislation that will strengthen the Dairy Business Innovation Initiatives (DBII) to help more American dairy farmers and processors add value to their businesses, including creating new products, expanding their markets, and modernizing their production facilities. To date, the Baldwin-backed program has supported over 250 dairy farmers and processors in the Midwest, including 109 in Wisconsin.

    “My Dairy Business Innovation Initiative has helped Wisconsin dairy farmers, producers, and cheesemakers grow their operations, tap into new markets, and innovate new products,” said Senator Baldwin. “From expanding facilities and growing their operations to improving packaging and lowering their shipping costs, this program has helped Wisconsin businesses grow their bottom lines and create jobs in our rural communities. I’m fighting to expand this vital program so more farmers, cheesemakers, and dairy processors have the tools to innovate and drive our rural economy forward.”

    “The dairy industry is an essential part of the American economy. It is crucial that we provide the resources that dairies in Tennessee need to expand and create new products,” said Senator Blackburn. “With many small Tennessee dairies struggling to remain open, this bill will allow these businesses to diversify and expand their market competitiveness.”

    After Senator Baldwin successfully created the DBII program in the 2018 Farm Bill, multiple dairy business and innovation centers were established to serve producers across the country. These centers, in partnership with dairy farmers and processors, are spurring innovation in dairy businesses, fostering the development of new dairy products and modernizing existing dairy plants. As a result, the program has gone on to add value to the milk produced by American farmers and expand their market access.

    Each regional initiative is tasked with providing technical assistance and grants to farmers and processors, including:

    • Supporting new and expanding dairy businesses—Centers provide assistance with business plan development, accounting, market evaluation, and strategic planning.
    • Promoting innovation in dairy products—Dairy businesses receive assistance with product innovation, marketing and branding, packaging, distribution, supply chain innovation, food safety training and consultation, and dairy product production training.
    • Assisting with dairy plant modernization and process improvement—Dairy businesses receive assistance with processing facility improvement, including assistance with plant upgrades, food safety modernization, energy and water efficiency, byproduct reprocessing and use maximization, and waste treatment.

    The Dairy Business Innovation Act of 2025 builds on the support for regional dairy research and innovation centers across the country by raising the program’s annual authorization from $20 million to $36 million.

    The legislation is endorsed by the International Dairy Foods Association, Midwest Dairy Coalition, National Milk Producers Federation, Organic Valley, Wisconsin Cheese Makers Association, and the Wisconsin Farm Bureau Federation.

    “Dairy Business Innovation Initiatives have spurred both farm and processor business growth over the past five years, strengthening rural economies and creating career opportunities, but our work is far from done. Increased program funding is critical now as the dairy industry faces new market volatility, labor challenges, and inflation,” said Rebekah Sweeney, senior director of programs and policy for the Wisconsin Cheese Makers Association, serving nearly 900 dairy industry companies and cooperatives nationwide.  “We’re deeply grateful for Sen. Baldwin’s championship of Dairy Business Innovation Initiatives and for the bipartisan coalition of lawmakers working hard to see this program continue.”

    “We thank Senators Baldwin and Blackburn for their continued bipartisan leadership in strengthening the Dairy Business Innovation Initiatives program. Dairy has a storied history of pioneering effective new products and practices as dairy farmers and their cooperatives work to supply the U.S. and the world with nutritious, sustainably produced food. This program helps support researchers and their industry partners working to drive this innovation forward,” said Gregg Doud, President and CEO of National Milk Producers Federation. 

    “Senator Tammy Baldwin and Senator Marsha Blackburn should be commended for a bill that enhances the assets and investments in the U.S. the dairy industry,” said Adam Warthesen, Vice President of Government and Industry Affairs at Organic Valley. “Dairy is an economic engine in rural communities – we at Organic Valley know dairy processors who are doing more with support from this initiative and American farmers who are better positioned to bring milk to market because of it.”

    “Wisconsin dairy farmers are a mainstay of our state’s rural economy and its essential we continue to support innovation in an effort to keep it relevant,” said Wisconsin Farm Bureau President Brad Olson. “The Dairy Business Innovation Act of 2025 will increase the funding available to dairy farmers and processors to maintain Wisconsin’s place as a national and global leader. Wisconsin Farm Bureau appreciate Sen. Baldwin’s commitment to providing the necessary funding needed to help Wisconsin’s dairy industry develop new products and access emerging markets with the introduction of the Dairy Business Innovation Act of 2025.”

    “The Midwest Dairy Coalition applauds Senators Baldwin and Blackburn for their continued leadership in providing dairy farmers and dairy businesses with the resources to innovate and diversify their operations for a more economically sustainable future,” said Steve Etka, Policy Director, Midwest Dairy Coalition. 

    “IDFA applauds Senators Baldwin and Blackburn for introducing the Dairy Business Innovation Act of 2025.  The bill promotes innovation in the dairy processing sector and will help industry members work together to address common challenges and create new market opportunities for healthy and nutritious dairy products,” said International Dairy Foods Association (IDFA) President and CEO Michael Dykes, D.V.M.

    MIL OSI USA News –

  • MIL-OSI USA: SCHUMER REVEALS: AFTER TRUMP’S FUNDING FREEZE FIASCO, HEAD START PROGRAMS ACROSS UPSTATE NY & U.S. STILL MISSING MILLIONS IN VITAL FUNDING TO KEEP CHILDCARE RUNNING — EVEN LEADING TO CLOSURES,…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer

    Last Week Amid Trump’s Illegal Funding Freeze The Head Start Online Payment System Shut Down Across The Country, Despite The Admin Saying It Was Exempt From The Freeze And Has Provided No Explanation Why This Occurred

    Now A Week Later, Head Start Providers In NY And Across America Have Been Missing Payments They Rely On From Feds, Forcing Some Upstate Childcare Providers To Even Layoff Staff And Temporarily Shut Down Services Impacting Hundreds Of Families; Schumer Says This Cannot Continue And Is Demanding Immediate Action And Oversight

    Schumer: We Can’t Let NY’s Head Start Providers Be Left In Limbo, We Need This System Fixed & Answers NOW

    After Head Start providers in New York and across America were locked out of federal funding amid Trump’s federal funding freeze, U.S. Senator Chuck Schumer today revealed that a week later Head Start providers are now missing payments, facing delays and enduring severe technical issues with no end or clarity in sight. Schumer said after the payment management shutdown, despite the White House saying Head Start programs should be exempt, there have been continued reports of childcare programs in NY and across the country missing payments from the feds creating a growing problem, and even leading to some Head Start programs in NY temporarily closing or laying off staff, impacting hundreds of families in need of childcare.

    Schumer is now demanding HHS immediately address this problem, fix the payment system, and provide answers to give Head Start programs the assurances and funding they need to continue their essential childcare in rural and underserved communities. 

    “Trump’s illegal funding freeze created chaos for childcare programs across the country, and we still have no answer on why the payment system shut down. Now a week later Head Start programs still are missing federal payments, forcing some to shutter or even lay off staff, impacting hundreds of families here in Upstate NY. Enough is enough. Head Start providers cannot pay their teachers, staff or provide childcare without the assurances of payment,” said Senator Schumer. “I’m calling on HHS to take immediate action to ensure Head Start providers receive the funds and clarity they deserve. Right now Head Start providers and parents are worried sick this funding will continue to be delayed and they can be left high and dry when it comes to childcare. We can’t leave our children and families in limbo due to a chaotic and incompetent policy decision by this new administration. We need answers and this problem fixed now. Our parents, teachers, and children who rely on Head Start deserve nothing less.”

    Schumer explained after the Head Start programs across the country – including in Michigan, Connecticut, and Wisconsin – are still unable to access funding leading to major issues, and New York is now seeing these impacts as well. Head Start programs across Upstate NY and NYC have reported trouble getting paid, putting their cash flow at further risk and jeopardizing their ability to make payroll consistently for staff. For example, the Cattaraugus & Wyoming Counties Project Head Start, which serves 200+ children and employs 80+ staff across both counties, has said they are still unable to access funds. Without federal funding, the program has been unable to reopen and was forced to temporarily lay off all staff until this problem can be addressed.

    “As of Tuesday, January 28, 2025, all Head Start employees were sent home and program was closed due to the Executive Order to pause all federal grants and loans. Though this EO was rescinded, the pause has caused a back log of draw downs through the federal payment system. As of Tuesday, February 4, 2025, we still do not have answers. It seems the Department of HHS and the federal payment system are unable to agree where the problem is originating. We have almost 200 families without services and 84 employees without a job. To say it’s frustrating is an understatement,” said Cattaraugus & Wyoming Counties Project Head Start Board of Directors Chairperson, Andrea Aldinger. “I thank Senator Schumer for recognizing the importance of Head Start programs in local communities and for taking action to support affected families, children, and employees.” 

    “The New York State Head Start Association (NYSHSA) Board of Directors is concerned that the recent pause in funding had significant consequences for the thousands of children and families attending Head Start preschools and Early Head Start in NY,” said NYSHSA President Carolyn Wiggins. “We have heard from Head Start programs from across the state, from Western New York, to the Southern Tier and New York City, have experienced funding delays that rendered them unable to make payroll and, in some cases, temporarily close. We thank Senator Schumer for fighting to get answers and address this problem so we can continue our essential work to help children and families across NY.”

    Schumer is now leading Senate Democrats in demanding immediate action from the Trump administration and said HHS must fix this problem now and promptly disburse delayed funds to Head Start programs. The senators said programs and families deserve an explanation for why the funding freeze has continued and what the feds plan to do to ensure it never happens again. The lawmakers said families across America depend on this federal funding for childcare and their peace of mind.

    Schumer said Head Start programs cannot afford to continue normal operations without the assurances of payment processing and notices of grant renewals and that the feds must deliver the funding needed to resume operations and Head Start programs in New York and across the country need immediate answers about why this happening.

    “Despite reports of an end to a federal funding freeze, settlement house Head Start providers have still reported challenges and delays with payment since last week. Disrupting payments on contracted programs is devastating for child care providers who want to carry out their mission of caring for children and helping working parents get through their day to day. An interruption in cash flow, even for a few weeks, can have devastating consequences and puts providers in serious financial jeopardy to continue their operations. The Office of Head Start and the Department of Health and Human Services must prioritize the immediate payment of these vital child care services. Jeopardizing child care is no way to help working families,” said Susan Stamler, Executive Director of United Neighborhood Houses.

    A copy of Schumer’s letter he is leading with Senator Kaine and 27 of their colleagues in the Senate to Acting U.S. Department of Health and Human Services Secretary Dorothy Fink and Acting Director of the Office of Head Start Captain Tala Hooban can be found below:

    Dear Acting Secretary Dr. Fink and Acting Director Captain Hooban:

    We are writing today to raise ongoing, urgent concerns experienced by Head Start programs in our states and across the country. These concerns include (1) a lack of clarity on the status of renewals and notice of awards in the February 1st grant cycle, (2) delays in processing reimbursements through the Payment Management System (PMS), and (3) a lack of clear communication with grantees throughout this confusing time.

    We request your immediate action and assurance on the following:

    1. All requests for disbursements of funds submitted through PMS to be promptly processed to allow all Head Start programs to draw down federal funds;
    2. Programs on the February 1st grant cycle will be notified of their renewal or notice of award before the deadline to ensure no lapse in funding or program operations; and
    3. Transparent and consistent communication with Head Start programs to address the ongoing challenges.

    Since its inception in 1965, Head Start has provided critical early childhood education and comprehensive services to nearly 40 million low-income young children and their families in communities across the nation. Today, Head Start programs are supported by 250,000 staff to serve nearly 800,000 children across the nation. Head Start’s comprehensive services ensure children receive age-appropriate health care, dental care, immunizations, and health insurance, and they provide referrals to other critical services for parents, such as job training, adult education, nutrition services, and housing support. For the last several years, Congress has worked in a bipartisan manner to recognize this longstanding federal program’s important work by providing increased appropriations.

    Since the morning of Tuesday, January 28th, the Head Start community has faced immense uncertainty and disruptions by the Office of Management and Budget’s (OMB) memo (M-2513), directing federal agencies to “temporarily pause all activities related to obligation or disbursement of all federal financial assistance.” While the Trump Administration later clarified that Head Start would not be the target of the funding freeze, many Head Start programs across the country were unable to access the PMS to draw down federal funds. PMS was reinstated, but programs across the country have not had funding disbursed in a timely manner.

    Head Start programs cannot pay their teachers and staff and continue normal operations without the assurances of payment processing and notices of grant renewals and awards. This will impact children, families, and communities across the country, particularly the rural communities where these programs represent a large share of the childcare options.

    Even if this issue extends beyond the Office of Head Start, we urge you to do everything in your power to ensure these programs receive transparent and frequent communication on the progress of their funds being released. Head Start programs operate on razor-thin margins and cannot survive without timely intervention. Children, families, employees, and educators all depend on these critical federal funds.

    Once these issues are resolved, we request you provide responses to the following questions:

    1. What factors contributed to delayed disbursements to Head Start programs through the Payment Management System? What steps will be taken to ensure such delays will not occur in the future?
    2. How many Head Start programs were impacted by this delay and what were the immediate consequences on operations and services for children and families?
    3. What factors led to the lack of communication about grant renewals and awards for the February 1st cycle? What steps will be taken to ensure timely notices in the future?

    We thank you for your quick attention to this matter.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Martyn Oliver’s speech at the Sixth Form Colleges Association

    Source: United Kingdom – Government Statements

    Sir Martyn Oliver, Ofsted’s Chief Inspector, spoke at the Sixth Form Colleges Association (SFCA) 2025 Winter Conference/AGM in London.

    Thank you, it is a great honour to be here. I was actually a head of sixth form for quite a few years in my career. It is one of the best things I ever did.

    So, thank you so much for the invitation to speak to you today and my real sincere thanks to Bill for the very many numerous meetings that we’ve had over the past year – it really helped me significantly Bill.

    As you may know, on Monday we launched a consultation on our renewed education inspection framework. This is what we’ll use to inspect schools, early years providers, initial teacher education, and of course further education and skills providers including colleges like all of you.

    Now, hopefully some of you, all of you I hope, have already had a look at the proposals, or seen them reported in the media. Some of you may even have already taken part in the consultation. If so, thank you! But if you haven’t yet, please please do.

    We have designed what we believe will be a really strong new framework that will better inform parents and families, drive higher standards for children and learners, and reduce pressure on leaders and professionals like you.

    But we are sure there are things we can do to improve. So, take a look, take part, and let us know what you think. Maybe there’s a way we can better tailor things for you? Maybe there’s some language that could be clearer? Maybe there’s a way we can do more to highlight your strengths and help you improve?

    Whatever it is, please don’t miss the chance to make a real difference.

    Aims of the new framework

    If you haven’t had a chance to look yet, let me tell you a little bit about what we are proposing.

    We have designed our new approach very carefully. We have built on everything we heard in the Big Listen. We have worked closely with experts, parent groups, unions, professionals, and sector representatives. We have done all that with several aims in mind.

    First of all, we want to give parents and families better, more nuanced, and more helpful information about the places educating their children. We want reports that make sense to them, that give them the information they want and need, and that fairly represent what it is or would be like for their children at a provider.

    Secondly, we want to put a strong focus on inclusion. On the most disadvantaged and vulnerable. We are proposing a specific evaluation area for inclusion. But it will also be a thread running through everything else we look at. Because I believe that if you get it right for the most disadvantaged, you get it right for everyone. I don’t think there’s a provider out there getting it right for them, and wrong for everyone else.

    And thirdly, we want to make a better system for all of you. The people making a difference through educating young people. We will of course rightly continue to expect high standards for all, but we know we can do that in a better way for those being inspected.

    Improved reporting

    But let me start with our new report cards. As I said, we know from the Big Listen that parents wanted a more nuanced picture. They want to know what a provider is doing well, and what it could improve upon. They want an honest and fair appraisal of what it’s like for children at the provider.

    I think it’s fair to say, our old approach wasn’t doing that. Overall effectiveness judgements were too broad brush. They weren’t helpful. They weren’t doing you justice.

    So here’s what we’re proposing:

    We’ll be grading providers against a range of evaluation areas. Here you can see the areas for a 6th form college. We expect most providers to look something like this one – with most areas in the ‘secure’ column and perhaps a few in the ‘strong’ column. If we have any concerns, they would appear under ‘attention needed.’

    Then we have two grades at either end. We have ‘causing concern’ when serious improvement, and possibly intervention, is required. And we have ‘exemplary’ for the truly remarkable, sector-leading practice. The sort of things that we think others could learn from and want to highlight.

    We know that not everyone will be happy with idea of grades and this approach. But our top priority always has to be children and learners, and their families. Clarity and accountability for providers is not a nice to have for them, it’s a must have. Parents told us that’s what they wanted, and that’s what we’re delivering.

    But through grading specific areas, not providers as a whole, our reports, we hope, will be fairer.

    Through the secure grade, a high standard on its own, and then through the strong grade, our reports will really show off what providers do best.

    Through the attention needed grade we hope that will help guide leaders as to what you need to work on. And we will return sooner to check on progress.

    Through the causing concern grade, we will continue to call out unacceptably low standards.

    And through the exemplary grade, we will share the very best work in the sector, and drive standards ever higher.

    So, anyone reading the report will be able to get this sort of instant snapshot of a provider. What they’re doing well, and where they can do better. But they will also be able to click on to any of the areas and if they want to know more they can see the detail of what we found when we inspected.

    Now, congratulations because 6th form colleges have always been one of the strongest types of further education, with high grades and real added value for the young people that you educate. I’m sure that may well continue, but this way it will be possible to see in more detail what it is that you are doing well. A richer, a fuller, and a more representative picture.

    Inclusion

    As you will undoubtedly have heard, we now have inclusion as one of the evaluation areas. But if, after this, you take a look at the detail of what we’re proposing, you’ll also see that it is a theme throughout the other evaluation areas too.

    I make no apologies for that. Inclusion is important to me, but we know through the Big Listen, it’s important to children too. So we want to make sure providers are considerate of the most vulnerable and disadvantaged in everything that they do.

    I’m really interested in your views on what we’re proposing here. Many of you are already doing a great deal to help disadvantaged and young people. I know many 6th form colleges often do more than their neighbours to educate children with SEND, children from poorer backgrounds, children with lower grades, and children with other disadvantages.

    But of course, this is incredibly complicated, and only gets more so when trying to define what it is to be disadvantaged or vulnerable for young people once they turn 16. So, once again, your input will be really valuable to Lee and I.

    And of course, we need to be really clear on what we mean by inclusion. We have a working definition in the consultation as well, but we want to consider all views so it can be improved.

    So please do take part in this section of the consultation if you can. It’s something we absolutely have to get right, and with your help we will.

    Improved system for you

    But as well as improving the way that we report, and making sure we never lose sight of the most vulnerable, we also want to make sure we reduce the pressure on you. We want to let you focus on doing what’s best for the young people you educate.

    So, we will use new toolkits that are bespoke for the different types of provision. There will be a toolkit for further education and skills providers like you. And then different ones for schools, independent schools, early years, and initial teacher education.

    Obviously, there will be some overlap. Some of what you do is pretty similar to what schools with 6th forms do. And where appropriate we will use the same standards to inspect you both. But there are also differences, which we want to make sure we recognise and account for. Leadership of a school educating children from 11 to 18 is obviously different to a college. So, we want to be fair and balanced, while recognising the real differences that do exist.

    But no matter whether you’re a 6th form college or a nursery, or anything in between, we will still do what we can to reduce pressure and complexity for you.

    Here’s an example of one of the proposed toolkits that we’ll be using to inspect you.

    There’s a table like this for each of the evaluation areas that you saw on the previous slide. Within each area there are themes that say 6th form evaluation area curriculum and then you can see the theme is possibly attention needed, secure and strong. There is a description of what provision would look like at each of the grade levels too. You can see those as the standards on this slide.

    These will be published in full. We want to be fully transparent, and will be publishing our inspector training materials too. But we also want you to be able to use the toolkit when we inspect, and also in between inspections.

    And we have based these toolkits on the legal requirements and professional standards that you are already working to. We don’t want you doing anything different just ‘for Ofsted’.

    We’ll also be taking more account of your context, the circumstances in which you’re working. We of course can’t excuse unacceptably low standards, but we do want to do more to recognise the value you’re adding, the difference that you’re making.

    So our inspections will be different, but we also want them to feel different. We want to be more collaborative. We want to be more supportive. We want inspection based around professional dialogue. We’ll have a discussion, starting with the secure grade. We’ll ask you things like, “where do you think you are?”, and, “what evidence can you show us?”, “what are you really proud of”, and “what are you currently working on?”

    Every provider will also be able to select a nominee. A senior staff member who will work with us closely throughout the process and be fully involved and informed.

    And we’re taking other steps like dropping deep dives as the only main method for gathering evidence, only having a single type of inspection so you know exactly what inspection to expect, developing inspection teams with experience of working in each remit, and introducing more iterative monitoring visits to support rapid improvement.

    We hope these will combine with steps that we’ve already taken to make life a little easier for you during inspections, and when you’re expecting one.

    Please take part

    So that’s a whirlwind tour of what we’re proposing. But please please do take part in the consultation and take a look at all of it in more detail. You can get straight to the consultation through the QR code on the slide there.

    As I said, we have developed it really carefully and deliberately over many months, and with lots of external input. But it is also not set in stone. I didn’t come here today just to tell you ‘this is what is happening’. I came to ask for your help.

    I want your scrutiny, your expertise, your consideration. So please let us know if you think something could be better, or clearer, or fairer. And if you think something’s great, definitely tell us that too! I’d be delighted, Bill, to receive a response from the Sixth Form Colleges Association too.

    We’re consulting until 28 April and we’ll be testing our approach during that time too. Our inspectors will complete full training on the new finalised approach before they start inspecting colleges like yours in November. That gives us the whole of the period from the consultation closing and all of September and all of October to train you and to train our staff. This will be an unprecedented amount of training that takes place if this consultation stands.

    With your help and input, we can build the best system for parents and families, for you, and most importantly for children, young people, and all learners.

    Updates to this page

    Published 5 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Attorney General Bonta: Owner of Santa Cruz Residential Care Home Arrested for Elder Abuse

    Source: US State of California

    Wednesday, February 5, 2025

    Contact: (916) 210-6000, agpressoffice@doj.ca.gov

    SANTA CRUZ – California Attorney General Rob Bonta today announced the arrest and charges against the owner of Rose Garden Residential Care Home and her employee for felony elder abuse that caused the death of a dependent adult in their care. Both defendants have been taken into custody and will face prosecution by the California Department of Justice Division of Medi-Cal Fraud and Elder Abuse, for a single count of felony elder abuse each.
     
    “Elders deserve care, respect, and protection,” said Attorney General Bonta. “Those who are responsible for the care of elderly and dependent adults carry a profound duty to ensure their safety and well-being. At the California Department of Justice, we are committed to standing against any form of elder abuse or neglect, and we will take immediate action to hold accountable those who exploit or harm these vulnerable individuals.”
     
    The victim, an 88-year-old dementia patient, was discovered deceased after departing from Rose Garden. The investigation revealed that the staff member responsible for his care fell asleep and was unaware of his absence. Dressed only in a t-shirt and diaper, the victim wandered .4 miles away from Rose Garden and died due to cold exposure. 
     
    It is important to note that criminal charges must be proven in a court of law. Every defendant is presumed innocent until proven guilty.

    DMFEA works to protect Californians by investigating and prosecuting those responsible for abuse, neglect, and fraud committed against elderly and dependent adults in the state, and those who perpetrate fraud on the Medi-Cal program.
     
    The Division of Medi-Cal Fraud and Elder Abuse receives 75 percent of its funding from the U.S. Department of Health and Human Services under a grant award totaling $69,244,976 for Federal fiscal year (FY) 2025. The remaining 25 percent is funded by the State of California. FY 2025 is from October 1, 2024, through September 30, 2025.
     
    A copy of the complaint can be found here.
     

    # # #

    MIL OSI USA News –

  • MIL-OSI Security: Former Soldier Sentenced to Over Seven Years in Prison for Sexual Abuse of a Child on Joint Base Lewis-McChord

    Source: Federal Bureau of Investigation (FBI) State Crime News

    Defendant previously investigated in the Army and prosecuted in State Court for sexual assault crimes

    Tacoma – A former U.S. Army soldier was sentenced today in U.S. District Court in Tacoma to 87 months in prison for abusive sexual contact with a child, announced U.S. Attorney Tessa M. Gorman. Cameron James Taylor, 49, of Seattle, pleaded guilty in May 2024 and has been in custody since his guilty plea.  At today’s sentencing hearing Chief U.S. District Judge David G. Estudillo noted the conduct in this case may cause the victim lifetime torment. The victim “is a strong individual” and “shows courage to move on” Chief Judge Estudillo said.

    “This horrific conduct cannot go unpunished. Our work to protect children on our military bases is a priority in the Western District of Washington,” said U.S. Attorney Gorman. “Mr. Taylor sexually assaulted a child who was just 5 years old. He then pressured the child to hide the conduct when questioned by other adults. I commend the strength of the victim in this case.”

    According to records filed in the case, Taylor left the Army in 2016 with an “Other than Honorable” discharge after he was investigated for sexual assault of an unconscious female in Germany, and for assaulting soldiers who went to arrest him. Taylor resigned in lieu of Court Martial.

    Once back in the U.S., Taylor was convicted of the 2019 sexual assault of a 5-year-old neighbor child. Taylor forced the child to massage him and reach into his pants. In 2022, Taylor was sentenced in King County Superior Court to 18 months in prison.

    During the investigation related to the neighbor child, other children who had been in Taylor’s care were interviewed. Taylor had coached a child, who was now a teen about hiding his sexual assaults. Ultimately, the child disclosed to a relative that in 2012, while stationed on JBLM, Taylor locked the then 5- or 6-year-old in a closet and sexually assaulted the child.

    On the eve of trial, Taylor pleaded guilty.

    In asking for the 8-year sentence prosecutors wrote to the court, “Taylor’s crimes reveal a man who lacks empathy and who prioritized his own pleasure over others’ pain. Taylor is also no stranger to the justice system; this is his third criminal sex offense. The government hopes that a 96-month sentence, coupled with lifetime supervised release, will prevent Taylor from reoffending again.”

    Taylor is required to register as a sex offender following his prison term. Chief Judge Estudillo ordered that he be on supervised release for ten years following prison.

    The case was investigated by U.S. Army Criminal Investigations (CID), the King County Sheriff’s Office, and the FBI.

    The case was prosecuted by Assistant United States Attorneys Hillary K. Stuart and Erika J. Evans.

    MIL Security OSI –

  • MIL-OSI Security: Jefferson Parish Man Sentenced for Federal Gun and Drug Charges

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – U.S. Attorney Duane A. Evans announced that JAZZ GILDS (“GILDS”), age 39, a resident of Jefferson Parish, was sentenced on January 30, 2025, by United States District Judge Wendy B. Vitter, after previously pleading guilty to Counts 1 and 3 of a 3-count indictment.  Count 1 charged him with possession with the intent to distribute methamphetamine and cocaine, in violation of Title 21, United States Code, Sections 841(a)(1) and (b)(1)(C).  Count 3 charged him with being a felon in possession of firearms, in violation of Title 18, United States Code, Sections 922(g)(1) and 924(a)(2).

    GILDS was sentenced to 108 months’ imprisonment as to Counts 1 and 3 of the indictment, to run concurrently.  Judge Vitter also ordered GILDS be placed on supervised release for 3 years and pay a $200 mandatory special assessment fee.

    According to court documents, GILDS became involved in a physical altercation with two individuals at a Jefferson Parish hotel before fleeing in a stolen vehicle.  Jefferson Parish Sheriff’s Office deputies later apprehended GILDS, who had attempted to flee on foot.  A search of the vehicle uncovered a Ruger Model P942 .40-caliber semi-automatic pistol, and a stolen Anderson Manufacturing Model AM-15, 5.56×45 millimeter caliber semi-automatic rifle.  Additionally, during a search of GILDS’s hotel room, deputies seized illegal narcotics and ammunition.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone.  On May 26, 2021, the department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    U.S. Attorney Evans praised the work of the Bureau of Alcohol, Tobacco, Firearms and Explosives and the Jefferson Parish Sheriff’s Department.  The case was prosecuted by Assistant United States Attorney Troy Bell of the Violent Crime Unit.

    MIL Security OSI –

  • MIL-OSI Security: Indy Man Sentenced to 3 Years Probation for Manufacturing and Mailing 30,000 Fake IDs

    Source: Office of United States Attorneys

    INDIANAPOLIS— James Watt, 26, of Indianapolis, has been sentenced to 3 years of probation after pleading guilty to unlawful production of document or authentication feature and money laundering.

    According to court documents, between March 13, 2019, and February 16, 2023, James Watt worked for a public website that allowed customers to purchase fake driver’s licenses, paid for mostly by Bitcoin. The website’s tag line boasted “Your #1 Trusted Source for Fake IDs.”

    Over the course of four years, Watt manufactured more than 30,000 fraudulent driver’s licenses and other forms of false identification. Customers would upload photos of themselves and an address to which to send the new I.D. Watt then mailed the false identifications via U.S. Postal Service collection boxes throughout Indianapolis, usually late at night to avoid detection.

    In exchange for this work, Watt was paid more than 14 Bitcoin. As of January 16, 2025, 14 bitcoin was worth more than $1.3 million.

    Although many of the fake IDs were purchased by underage college students, many IDs were purchased by adults far older than 21, implying their use for another nefarious purpose. Identification is needed to board a plane, buy cough medicine, rent a car, open a bank account, apply for government assistance, pick-up a prescription, visit a casino, and purchase a firearm. Through Watt’s help, his customers were able to get fake identifications for all these purposes.

    “Watt nearly became a millionaire simply through the manufacturing and mailing of thousands of fake IDs, essentially running a one-man BMV,” said John E. Childress, Acting United States Attorney for the Southern District of Indiana. “While Watt was not the operator of the website, he had a far more critical role, utilizing equipment and skill to manufacture quality fake identifications and brazenly violate the law thousands of times over. I commend the IRS-CI and USPIS for their thorough investigative work leading to today’s outcome.”

    “I am proud of our inspectors who work so diligently to protect the mail from being utilized to further illicit activities,” said Acting Inspector in Charge Felicia George. “Thanks to our collaborative investigative efforts with IRS-CI, we were able to identify and take down part of a large-scale operation, while also seizing the proceeds of it from our area of responsibility. I would like to thank the inspectors, agents, and AUSA Eakman for their hard work on this case.”

    The U.S. Postal Investigation Service and IRS Criminal Investigation investigated this case. The sentence was imposed by U.S. District Judge James P. Hanlon.

    Acting U.S. Attorney Childress thanked Assistant U.S. Attorney Adam Eakman, who prosecuted this case.

    ###

    MIL Security OSI –

  • MIL-OSI Security: U.S. Attorney’s Office Collects More Than $26 Million in Civil and Criminal Actions in Fiscal Year 2024

    Source: Office of United States Attorneys

    New Haven – Acting U.S. Attorney Marc H. Silverman today announced that the District of Connecticut collected $26,212,307 in criminal and civil actions in Fiscal Year 2024.  Of this amount, approximately $14,110,085 was collected in criminal actions and approximately $12,102,222 was collected in civil actions.

    The Connecticut U.S. Attorney’s Office also worked with other U.S. Attorney’s Offices and components of the Department of Justice to collect an additional $20,069 in cases pursued jointly by these offices.

    “In the last fiscal year, our dedicated attorneys and staff have helped to recover more than $26 million,” said Acting U.S. Attorney Silverman.  “These funds are returned directly to crime victims, used to support victim services, and bolster federal, state, and local law enforcement efforts.  Through our criminal prosecutions and civil enforcement actions, we remain steadfast in our commitment to seeking justice, removing illicit profits from wrongdoers, and safeguarding the integrity of crucial government programs.”

    Significant criminal recoveries included more than a $1 million in restitution from multiple defendants involved in a bid rigging scheme related to insulation contracts, and the satisfaction of a restitution obligation from a Connecticut business owner who was required to pay more than $2 million in back taxes, interest, and penalties to the IRS.  Large civil recoveries included approximately $4.5 million from a network of healthcare companies who are alleged to have submitted false claims to Medicare and Connecticut Medicaid for telehealth psychological care services, and more than $1 million from the operators of Connecticut dental practices who are alleged to have paid patient recruiters to steer Connecticut Medicaid patients to their practice, in violation of federal and state laws.

    The U.S. Attorneys’ Offices, along with the department’s litigating divisions, are responsible for enforcing and collecting civil and criminal debts owed to the U.S. and criminal debts owed to federal crime victims.  The law requires defendants to pay restitution to victims of certain federal crimes who have suffered a physical injury or financial loss.  While restitution is paid to the victim, criminal fines and felony assessments are paid to the department’s Crime Victims Fund, which distributes the funds collected to federal and state victim compensation and victim assistance programs.

    Additionally, the Connecticut U.S. Attorney’s Office, working with partner agencies and divisions, collected $5,525,420 in asset forfeiture actions in FY 2024.  Forfeited assets deposited into the Department of Justice Assets Forfeiture Fund are used to restore funds to crime victims and for a variety of law enforcement purposes.

    The U.S. Attorney’s Office is charged with enforcing federal criminal laws in Connecticut and representing the federal government in civil litigation.  The Office is composed of approximately 68 Assistant U.S. Attorneys and 57 staff members at offices in New Haven, Bridgeport, and Hartford.

    MIL Security OSI –

  • MIL-OSI Security: Cincinnati men plead guilty to stealing mail, postal keys as part of armed robberies

    Source: Office of United States Attorneys

    CINCINNATI – Two local men pleaded guilty in U.S. District Court to stealing USPS arrow keys during armed robberies of postal carriers.

    Antonio Toombs, 21, and Lorenzo Brandon, 22, participated in two separate armed robberies on the same day.

    Toombs and Brandon each pleaded guilty to two counts of stealing mail or property of the United States Postal Service, a crime punishable by up to 25 years in prison.

    According to their plea agreements, on Oct. 21, 2023, Toombs, Brandon and a juvenile participated in the assaults and armed robberies of two postal carriers. At approximately 12:40pm, they assaulted the first victim near Hanna Avenue in Cincinnati and stole the postal carrier’s arrow key. Later that day, around 3:40pm, they did the same against a second victim near Harry Lee Lane in Cincinnati.

    Congress sets the maximum statutory sentence. Sentencing of the defendants is determined by the Court based on the advisory sentencing guidelines and other statutory factors and will be imposed at future hearings.

    Kenneth L. Parker, United States Attorney for the Southern District of Ohio, and Lesley Allison, Inspector in Charge, U.S. Postal Inspection Service (USPIS), Pittsburgh Division, announced the guilty pleas entered before U.S. District Court Judge Jeffery P. Hopkins. Assistant United States Attorney Timothy S. Mangan is representing the United States in this case.

    # # #

    MIL Security OSI –

  • MIL-OSI Security: United States Attorney’s Office Underscores Enforcement of Executive Order on Immigration

    Source: Office of United States Attorneys

    SAN JUAN, Puerto Rico – The United States Attorney’s Office for the District of Puerto Rico, through United States Attorney W. Stephen Muldrow, issues the following statement to underscore support for the January 20, 2025, Executive Order, entitled “Protecting the American People Against Invasion.”

    Department of Justice agencies in Puerto Rico, including the U.S. Attorney’s Office, the Federal Bureau of Investigation, the U.S. Marshals Service, the Drug Enforcement Administration, the Bureau of Alcohol, Tobacco, Firearms & Explosives, and the Bureau of Prisons, underscore their support and partnership with the Department of Homeland Security (DHS) and all its components in Puerto Rico to enforce our nation’s immigration laws.

    The Justice Department and DHS will also continue to collaborate and work closely with our counterparts within the Government of Puerto Rico, to include the Puerto Rico Department of Justice, the Puerto Rico Department of Public Safety, the Puerto Rico Police Bureau, and other governmental agencies, as well as municipal police departments to protect our communities from harm.

    The U.S. Attorney’s Office’s implementation of the Executive Order will focus on the apprehension and prosecution of criminal aliens, as well as supporting the prosecution and/or expedited removal from the United States of aliens without legal status. The apprehension and prosecution or removal of aliens includes special interest aliens deemed by the DHS to be from a country that poses a national security or counterintelligence threat.

    “Those aliens who are involved in criminal activity, who are fugitives from justice, who have prior criminal convictions and/or come from nations that pose a threat to our national security, remain a priority for the Department of Justice,” said United States Attorney Muldrow. “We are also fully committed to supporting the efforts of the Department of Homeland Security, and all its components, to make Puerto Rico and the United States safer.”

    “The FBI remains committed to working alongside our law enforcement partners to uphold the rule of law and ensure public safety,” said Joseph González, Special Agent in Charge of the FBI’s San Juan Field Office. “Through this initiative, continued collaboration and intelligence-driven operations, we are supporting efforts to protect our communities, while adhering to our mission of upholding the Constitution.”

    “Homeland Security Investigations (HSI) is dedicated to identifying and prosecuting individuals who are illegally present in the United States, ensuring they are swiftly removed to their home countries,” said Rebecca González-Ramos, Special Agent in Charge of HSI San Juan. “The executive order aims to protect the United States from individuals who pose a threat to public safety by committing crimes.”

    “The Drug Enforcement Administration remains resolute in its mission to protect the communities of Puerto Rico and the U.S. Virgin Islands from the devastating impact of drug trafficking and transnational criminal organizations. These criminal networks not only threaten public safety through the distribution of dangerous narcotics but also exploit immigration vulnerabilities to further their illicit enterprises. Through intelligence-driven investigations, collaborative enforcement operations, and strategic partnerships with our federal, state, and local counterparts, the DEA will aggressively target those who pose a threat to our national security and the well-being of our citizens. Our enforcement efforts will focus on identifying, disrupting, and prosecuting individuals and organizations engaged in drug trafficking, money laundering, and violent crime. Additionally, we remain committed to supporting the efforts of the Department of Homeland Security and the Department of Justice in the apprehension and prosecution of criminal aliens involved in drug-related offenses. The DEA Caribbean Division will continue to conduct high-impact operations aimed at preventing narcotics and criminal elements from infiltrating our shores. These enforcement efforts are crucial in ensuring the safety and security of the people of Puerto Rico and the continental United States. The message is clear: those who attempt to use our territory as a gateway for illicit activities will be met with the full force of federal law enforcement,” stated Michael A. Miranda, Special Agent in Charge of DEA Caribbean Division.

    “We stand in unison with our Federal and Puerto Rico partners in this all-hands-on deck to stem the tide of illegal immigration,” said Christopher A. Robinson, Special Agent in Charge of the Bureau of Alcohol, Tobacco, Firearms and Explosives, Miami Field Division.

    The United States Marshals Service, whose mission includes apprehending federal and state fugitives, will lead an initiative – Operation Homeland – to focus resources and coordinate enforcement operations with DOJ and DHS components on the apprehension of alien fugitives charged with federal and local crimes.

    “Historically, the United States Marshals have played a crucial role in serving our nation by apprehending and removing dangerous fugitives from our communities. In this instance, we have teamed up with our federal law enforcement partners to focus on apprehending non-U.S. citizens who have active criminal warrants. We are confident that these collaborative efforts will lead to safer communities. We encourage all citizens to continue cooperating with our investigations to help locate these fugitives and bring them to justice,” said Wilmer Ocasio-Ibarra, U.S. Marshal District of Puerto Rico.

    As recently announced by Immigration and Customs Enforcement (ICE), on January 30, 2025, the below-listed individuals entered into Puerto Rican waters without inspection and were detained by the CBP. Earlier that day, Coast Guard had previously boarded the sailing vessel Mistress, but the vessel was allowed to continue its voyage to St. Martin.  Instead of going to St. Martin, the S/V Mistress entered U.S. waters without inspection and anchored off La Parguera, where they were arrested and processed for expedited removal by DHS officials, including the United States Border Patrol and Immigration and Customs Enforcement (ICE). Specifically, the following eight individuals were encountered on a private boat off the southwest coast of Puerto Rico:

    Name                                    Country of Citizenship

    Erlanbek Narkoziev              Kyrgyzstan

    Jafar Valamatov                    Russia

    Kanal Assylbekov                 Kazakhstan

    Nikita Torshin                       Kazakhstan

    Sanjarjon Sidikov                  Uzbekistan

    Shackhat Uurustamov           Kyrgyzstan

    Odiljon Azimov                     Kyrgyzstan

    Shukrat Akhemodov              Russia

    “Every day CBP Officers are responsible with determining the admissibility of aliens arriving at our ports of entry.  Foreign travelers requesting entry undergo an inspection and determination of admissibility to the United States, and if they are not admissible, they are returned to their point of embarkation,” indicated Roberto Vaquero, Director of the San Juan Office of Field Operations. “Our officers will be vigilant in determining admissibility and will also inspect authorized presence from passengers in domestic flights as they try to reach the Continental US.”

    “The Ramey Sector of the US Border Patrol remains steadfast in protecting our Caribbean borders and deter irregular migration attempts.  U.S. immigration law makes it a crime to enter or attempt to enter without requesting admission at a port of entry designated for that purpose by immigration officials,” stated Reggie Johnson, Acting Chief Patrol Agent. “Migrants should know that they will face full legal consequences of unlawful entry.”

    “Air and Marine Operations agents and assets will support the whole of government effort to enforce immigration laws and protect our borders from emerging threats,” said Christopher Hunter, Director of the Caribbean Air and Marine Branch. “AMO safeguards our Nation by anticipating and confronting security threats through our aviation and maritime law enforcement expertise, innovative capabilities, and partnerships at the border and beyond.”

    ###

    MIL Security OSI –

  • MIL-OSI Security: Stafford Man Indicted for Firearms, Meth Trafficking

    Source: Office of United States Attorneys

    KANSAS CITY, Mo. – A Stafford, Mo., man who purchased more than 50 firearms has been indicted by a federal grand jury for illegally trafficking firearms and methamphetamine.

    David Allen Gaunt, 57, was charged in a 16-count indictment returned by a federal grand jury in Kansas City, Mo., on Tuesday, Feb. 4. The indictment replaces a criminal complaint that was filed against Gaunt on Jan. 16, 2025.

    The federal indictment alleges that Gaunt participated in a conspiracy to traffic firearms from June 21, 2023, to Jan. 23, 2025. Those firearms, according to the indictment, included a Kalashnikov pistol, a Century Arms pistol, a Tokarev shotgun, a Canik pistol and an HS Produkt pistol. In addition to the conspiracy, Gaunt is charged with one count of trafficking those firearms to a recipient who was legally prohibited from possessing them.

    The federal indictment also charges Gaunt with being an unlawful user of a controlled substance while in possession of 15 different firearms. Gaunt is charged with four counts of making a false statement to a licensed firearms dealer in order to purchase firearms, four counts of possessing methamphetamine with the intent to distribute, four counts of possessing firearms in furtherance of a drug-trafficking crime, and one count of distributing methamphetamine.

    According to an affidavit filed in support of the original criminal complaint, Gaunt has personally purchased more than 50 firearms. On every purchase, the affidavit says, Gaunt marked “No” on the federal form that asked, “Are you an unlawful user of, or addicted to, marijuana or any depressant, stimulant, narcotic drug, or any other controlled substance?” Eighteen of these firearms have been recovered by law enforcement, from Gaunt and others. Additionally, 11 of the firearms Gaunt purchased have been either sold to or pawned at pawn shops.

    Springfield police officers seized three of those firearms during the execution of two search warrants in separate drug-trafficking investigations in June 2023, and the Greene County Sheriff’s Department seized one of those firearms during enforcement activities in July 2023. All of the firearms were seized from individuals who were legally prohibited from possessing firearms, the affidavit says, and were traced to Gaunt as the original purchaser.

    On Aug. 16, 2023, Springfield police officers stopped Gaunt near S. Glenstone Avenue and E. St. Louis Street. When officers searched his vehicle, they found six firearms. On Nov. 6, 2024, Springfield officers conducted a traffic stop of a vehicle operated by Gaunt. Officers seized a Sig Sauer 9mm pistol from Gaunt’s waistband. A clear plastic bag of methamphetamine was found in the center console of the vehicle.

    The charges contained in this indictment are simply accusations, and not evidence of guilt. Evidence supporting the charges must be presented to a federal trial jury, whose duty is to determine guilt or innocence.

    This case is being prosecuted by Assistant U.S. Attorney Stephanie L. Wan. It was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Greene County, Mo., Sheriff’s Department, the Springfield, Mo., Police Department, and the Missouri State Highway Patrol.

    MIL Security OSI –

  • MIL-OSI: Bpce: Groupe BPCE Results Q4-24 & 2024

    Source: GlobeNewswire (MIL-OSI)

    Paris, February 5, 2025

    STRONG PERFORMANCES IN 2024

    • Excellent performance in Q4-24 •
    • Net income (Group share) of €3.5bn in 2024, strong growth of +26% •
    • VISION 2030: dynamic implementation of the strategic project •

    Q4-24: net banking income at €6bn, up +11% YoY; very good performance achieved by retail banking and the global businesses; net income of €913m, +140% YoY
    2024: net banking income of €23.3bn, 5% growth YoY driven by all the business lines; gross operating income up by a strong 18% notably thanks to good cost control; reported net income2of €3.5bn, up by 26% YoY

    Very high levels of solvency and liquidity with a CET1 ratio of 15.6%3 and a LCR of 142%4 at end-2024

    RETAIL BANKING & INSURANCE    Sharp 14% growth in revenues in Q4-24 and 4% in 2024 driven in particular by the confirmed rebound in net interest margins and commissions. The Banque Populaire and Caisse d’Epargne retail banking networks enjoyed sustained growth in their customer bases with the addition of 846,000 new clients6in 2024

    • Local & regional financing: €84bn of funding for our clients of individual, professional, corporate, and institutional clients; 1% year-on-year growth in loan outstandings, rising to a total of €724bn at end-December 2024
    • Deposits & savings7up by €5bn year-on-year, reaching a total of €681bn at end-December 2024
    • Insurance: gross inflows8 of €14.9bn in life insurance in 2024. Premiums up 15% in 2024 YoY. The equipment rate9for P&C and Personal Protection insurance stood at ~35% at end-December 2024
    • Financial Solutions & Expertise: net banking income remained stable in Q4-24 and rose by 2% in full-year 2024 vs. a high basis of comparison in 2023. Good performance reported by the Leasing and Consumer Credit activities
    • Digital & Payments: +5% growth in the number of card transactions at end-December 2024 YoY. Oney net banking income up 8% in full-year 2024

    GLOBAL FINANCIAL SERVICES Strong revenue growth, +8% in Q4-24 and full-year 2024; very dynamic business development in Corporate & Investment Banking, net banking income up 5% in Q4-24 year-on-year; very good performance achieved by Asset Management with net banking income up 11% in Q4-24 year-on-year

    • Corporate & Investment Banking: net banking income of €1.1bn in Q4-24; +19% growth in revenues in Q4-24 YoY for Global Markets, driven by the Fixed-income and Equity segments; net banking income up 2% for Global Finance, driven in particular by Trade Finance activities, and up by 6% for Investment Banking activities in Q4-24
    • Asset & Wealth Management: Natixis IM’s assets under management up 13% YtD, reaching an all-time high of €1,317bn at end-December 2024; very high net fund inflows of €40bn in full-year 2024, particularly from Fixed-Income expertise; net banking income of €968m in Q4-24, reflecting strong growth of 11% YoY.

    Expenses remained stable year-on-year in 2024 and good improvement in the cost/income by 3.5pp

    Prudent provisioning policy: cost of risk of €2.1bn in 2024, i.e. 24bps, standing below the announced guidance level; €596 million in Q4-24, down 20% year-on-year

    Financial strength: CET1 ratio of 15.6%3at end-December 2024; liquidity reserves of €302bn

    VISION 2030 strategic project: fast-paced and dynamic implementation  

    • April 2024: announcement of the project to acquire SGEF, making Groupe BPCE the European leader in equipment leasing; completion of the transaction scheduled for Q1-25.
    • June 2024: plan to create France’s No. 1 payment processor in partnership with BNP Paribas with a view to becoming one of the top 3 players in Europe.
    • June 2024: commercial partnerships with two leaders in their respective markets: Leroy Merlin and Verisure
    • January 2025: announcement of plan to create Europe’s leading asset manager in a joint venture with Generali.
    • Plans to create a shared technology platform for retail banking activities

    1 See the notes on methodology annexed to this press release 2Group share 3 Ratio estimated at end-December 2024 integrating pro forma the coming impact of SGEF and Nagelmackers acquisitions 4Average end-of month LCRs in Q4-24 5 Estimated at end-December 2024 6 196,100 new active clients over the year 7 On-balance sheet savings & deposits within the scope of the Retail Banking & Insurance business unit 8 Excluding reinsurance treaty with CNP Assurance 9 Scope of the individual clients in the BP and CE retail banking networks

    Nicolas Namias, Chairman of the Management Board of BPCE, said: “2024 marked the return of strong performance across all our business lines. Groupe BPCE saw its earnings grow by 26% over the year as a whole and by a total of 140% in the fourth quarter of 2024.

    Banques Populaires and Caisses d’Epargne benefited from the confirmed rebound in their net interest margin along with an extremely buoyant level of commercial activity, illustrated by the arrival of 846,000 new clients in 2024. All the business lines serving the retail banking networks – Insurance, Payments, Financial Solutions & Expertise – generated growth both in full-year 2024 and in the 4thquarter of the year. It also proved to be a remarkable quarter and full-year period for the global business lines managed by Natixis CIB and Natixis IM with, in particular, 19% revenue growth in our capital markets activities in the fourth quarter, and a record-breaking 40 billion euros in net inflows for our asset management activities in the course of the year.

    These results testify to the dynamic implementation of our VISION 2030 strategic project. In the space of a year, we announced the planned acquisition of SGEF, making the Group the front-ranking European equipment leasing specialist, an initiative due to be completed early this year; the creation, with BNP Paribas, of the French leader in payment processing, with a view to becoming one of the top 3 players in Europe; plans to create a champion in asset management with Generali that would be No.1 in Europe in terms of revenues and one of the top 10 asset management specialists worldwide. Today, we announce our ambition to create a common technological platform for the Banques Populaires and Caisses d’Epargne by setting up a joint information system. Designed to further enhance the Group’s performance, this project sets out to optimize the service offered to our 35 million clients and to improve the day-to-day lives of our employees and, in the process, support the development of retail banking in France. These projects give concrete expression to our determination to pursue well-balanced development across our three priority growth areas: France, Europe, and the rest of the world.

    These extremely exciting prospects for the months ahead will be driven by our staff of employees, who this year demonstrated their tremendous mobilization and enthusiasm during the Olympic & Paralympic Games Paris 2024. We gave expression to our promise to share the Games with as many people as possible in every territorial region of France. This event enabled us to strengthen our ties with our clients both in regional France and around the world, and we will continue to foster these relationships by contributing to the sustainable development of the economies in which we do business, in line with our cooperative values.”

    The quarterly financial statements of Groupe BPCE for the period ended December 31, 2024, approved by the Management Board on February 3, 2025, were verified and reviewed by the Supervisory Board, at a meeting chaired by Eric Fougère on February 5, 2025.

    In this document, 2023 figures have been restated on a pro-forma basis (see annex for the reconciliation of reported data to pro-forma data).

    Groupe BPCE

    €m1 Q4-24 Q4-23 % Change 2024 2023 % Change
    Net banking income 6,046 5,462 11% 23,317 22,198 5%
    Operating expenses (4,184) (4,129) 1% (16,384) (16,328) 0%
    Gross operating income 1,862 1,332 40% 6,933 5,870 18%
    Cost of risk (596) (744) (20)% (2,061) (1,731) 19%
    Income before tax 1,262 537 135% 4,956 4,182 19%
    Income tax (326) (159) 106% (1,357) (1,340) 1%
    Net income – Group share 913 381 140% 3,520 2,804 26%
    Exceptional items (64) (100) (35)% (155) (122) 28%
    Underlying2net income – Group share  977 481 103% 3,675 2,925 26%
    Underlying cost to income ratio3 67.8% 74.6% (6.8)pp 69.4% 72.9% (3.5)pp

    1 Reported figures as far as “Net income (Group share)” 2 “Underlying” means exclusive of exceptional items 3 The underlying cost/income ratio of Groupe BPCE is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annex on pages 18 and 24.  

    1.     Groupe BPCE

    Unless specified to the contrary, the financial data and related comments refer to the reported results of the Group and
    business lines; changes express differences between Q4-24 and Q4-23 and between full-year 2024 and full-year 2023.

    Groupe BPCE’s net banking income rose by 11% to reach 6,046 million euros in Q4-24 thanks to strong commercial activity in all business lines. At the end of December 2024, it stood at 23,317 million euros, up 5%.

    Revenues from the Retail Banking & Insurance business unit (RB&I) rose 14% in Q4-24 to 4,064 million euros and stood at 15,397 million euros in full-year 2024, representing growth of 4%. Banques Populaires and Caisses d’Epargne put up a strong commercial performance, attracting more than 846,000 new clients1 across all markets since the beginning of the year.

    Revenues in the Financial Solutions & Expertise business unit, stable in Q4-24 and up 2% in full-year 2024, were driven in particular by the leasing and consumer credit businesses. The Insurance business unit benefited from strong business momentum in life insurance with gross new inflows2 of 14.9 billion euros. Business was buoyant for the Digital & Payments business unit with renewed momentum for Oney.

    Revenues from the Global Financial Services (GFS) business unit were up 8% in Q4-24 and full-year 2024, reaching a total of 2,055 million euros and 7,947 million euros respectively. Corporate & Investment Banking revenues, buoyed up by strong commercial performance across all its business lines, came to 1,087 million euros in Q4-24, up 5%, and to 4,440 million euros in full-year 2024, up 7%. The net banking income generated by Asset & Wealth Management stood at 968 million euros in Q4-24, up 11%, and reached a total of 3,507 million euros in full-year 2024, up 10%. Assets under management, which rose to their highest level ever thanks to record-breaking fund inflows and positive market and currency effects, rose by 13% in the course of the year to reach 1,317 billion euros.

    The net interest margin stood at 7.6 billion euros, up 4% year-on-year, while commission income, which reached 11 billion euros in full-year 2024, was up 7% year-on-year.

    In full-year 2024, operating expenses remained stable at 16,384 million euros, rising 1% to 4,184 million euros in Q4-24, benefitting from positive jaws effects over the 2 periods.

    The underlying cost/income ratio3 improved by 6.8pp in Q4-24 to 67.8%, and by 3.5pp in full-year 2024 to 69.4%

    Gross operating income rose by 40% to 1,862 million euros in Q4-24, and by 18% to 6,933 million euros in full-year 2024.

    Groupe BPCE’s cost of risk, which came to -2,061 million euros in 2024, increased by a total of 19% vs. a low basis of comparison in 2023. In Q4-24, it stood at -596 million euros, down 20%.

    Performing loans are deemed to be rated ‘Stage 1’ or ‘Stage 2,’ while loans with proven risk are rated ‘Stage 3.’

    1    196,100 new active clients in full-year 2024 ² Excluding the reinsurance treaty with CNP Assurances3 The underlying cost/income ratio of Groupe BPCE is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annex on page 24

    For Groupe BPCE, the amount of provisions for performing loans rated ‘Stage 1’ or ‘Stage 2’ corresponds:

    • For the quarter, to a reversal of 31 million euros in Q4-24 vs. an allocation of 34 million euros in Q3-24 and vs. an allocation of 145 million euros in Q4-23,
    • For the 12-month period, a reversal of 177 million euros in 2024 vs. a reversal of 112 million euros in 2023.

    Provisions for loan outstandings with proven risk, rated ‘Stage 3,’ correspond:

    • For the quarter, to an allocation of 627 million euros in Q4-24 vs. an allocation of 488 million euros in Q3-24 and vs. an allocation of 598 million euros in Q4-23,
    • For the 12-month period, an allocation of 2,238 million euros in 2024 vs. an allocation of 1,843 million euros in 2023.

    In Q4-24, the cost of risk for Groupe BPCE stood at 28bps in terms of gross customer outstandings, down 7bps. This figure includes a reversal of 1bp on performing loans (vs. an allocation of 7bps in Q4-23) and an allocation on loan outstandings with proven risk of 29bps vs. an allocation of 28bps in Q4-23.
    In Q4-24, the cost of risk remained stable for the Retail Banking & Insurance business unit at 30bps, including a 1bp provision for performing loans (vs. a 5bps allocation to provisions in Q4-23) and a 30bps allocation on loan outstandings with proven risk, as in Q4-23.
    The cost of risk for the Corporate & Investment Banking business unit came to 55bps (vs. 37bps in Q4-23), including a 13bps reversal on performing loans (vs. a 16bps provision in Q4-23) and a 67bps provision on loans with proven risk (vs. a 21bps provision in Q4-23).

    In 2024, Groupe BPCE’s cost of risk stood at 24bps of gross customer loan outstandings. This figure includes a 2bps reversal of provisions on performing loans (vs. a 1bp reversal in 2023) and a 26bps provision on loans with proven risk (vs. a 22bps provision in 2023).
    The cost of risk was 24bps for the Retail Banking & Insurance business unit (21bps in 2023), including a 2bps reversal on performing loans (as in 2023) and a 26bps provision on loans with proven risk (vs. a 23bps provision in 2023).
    The cost of risk for the Corporate & Investment Banking business unit came to 40bps (24bps in 2023), including a 6bps reversal on performing loans (vs. a 4bps reversal in 2023) and a 46bps provision on loans with proven risk (vs. a 28bps provision in 2023).

    The ratio of non-performing loans to gross loan outstandings stood at 2.5% at December 31, 2024, up 0.1pp compared with end-December 2023.

    Reported net income (Group share) came to 913 million euros in Q4-24, up 140%. In full-year 2024, it stood at 3,520 million euros, up 26%.

    The impact of exceptional items on net income (Group share) was -64 million euros in Q4-24 vs. -100 million euros in Q4-23 and -155 million euros in full-year 2024 vs. -122 million euros in full-year 2023.

    Underlying net income (Group share)1 rose by 103% to stand at 977 million euros in Q4-24, and grew by 26% to 3,675 million euros in full-year 2024.

    1 “Underlying” means exclusive of exceptional items

    2.   A Group mobilized to decarbonize the economy and committed to making impact accessible to all

    Strong commitments in 2024

    • Climate commitments:

    The Group has published new decarbonization ambitions for the 111 most highly emissive industrial sectors: Aluminum, Aviation, Commercial real estate, Residential real estate, Agriculture, Automotive, Steel and Cement, and has strengthened its ambitions in the Power Generation and Oil & Gas sectors.

    • Environmental commitments:

    Groupe BPCE has strengthened its commitment by joining act4nature international.

    • Social commitments by providing financing for players in the social & solidarity-based economy, in social housing and the Public Sector.

    Innovative and concrete actions for our clients

    • The Banques Populaires and Caisses d’Epargne retail banking networks have launched innovations to facilitate home ownership and offer all individual customers energy-efficient renovation solutions to preserve the value of their real-estate assets: for example, by the end of November 2024, over 640 million euros in financing had been granted for energy-efficient home renovation, and the Advice and Sustainable Solutions digital module had received over 5 million unique visitors.
    • The Group serves the SME and ISE clients of the Banques Populaires and Caisses d’Epargne, as well as local communities by providing locally-based advice and by financing the transition of their business models. It has also strengthened its partnership with the European Investment Bank (EIB) for the innovation and energy transition with over one billion euros in transition and decarbonization financing.
    • Green revenues in the CIB rose by +14% in 2024 YoY, driven by sustainable finance and renewable energy & new energy activities including tailored-made solutions and dedicated expertise provided by the Green Hub.

    Groupe BPCE, a pioneer in sustainable finance, launched 5 green and social bond issues in the course of 2024 for an aggregate value of more than 3.6 billion euros, including the 1st Social Bond with a profit-sharing coupon for the benefit of the Institut Robert-Debré du Cerveau de l’Enfant (Children’s Brain Development Institute), supported by APHP (Paris Public Hospitals).

    1 Given the insignificant amount of Natixis CIB’s financing dedicated to freight and passenger ships, Groupe BPCE has not published its action plan for this industrial sector

    3.   Capital, loss-absorbing capacity, liquidity, and funding

    3.1        CET11ratio

    Groupe BPCE’s CET1 ratio at end-December 2024 stood at an estimated 16.2%, unchanged from the previous quarter. It includes the following impacts:

    • Retained earnings: +21bps,
    • Net issuance of cooperative shares: +3bps,
    • Change in risk-weighted assets: – 33bps,
    • Other changes, including variations in the prudential backstop provision, items included under Other Comprehensive Income, and other adjustments: +4bps.

    The Group’s CET1 ratio – presented on a pro-forma basis to reflect the inclusion of the future impacts of the SGEF and Nagelmackers acquisitions (-54bps) – stands at 15.6%,

    At end-December 2024, Groupe BPCE held an equity buffer estimated at 18.6 billion euros above the threshold for triggering the maximum distributable amount (MDA) for equity capital, taking account of the prudential requirements laid down by the ECB applicable on January 2, 2025.

    3.2         TLAC ratio1

    The Total Loss-Absorbing Capacity (TLAC) stood at an estimated 122.1 billion euros at the end of December 2024. The TLAC ratio, expressed as a percentage of risk-weighted assets, stood at an estimated 26.7%2 at the end of December 2024 (without taking account of preferred senior debt for the calculation of this ratio), well above the standard requirements of the Financial Stability Board that were equal to 22.4% at January 2, 2025.

    3.3        MREL ratio1

    Expressed as a percentage of risk-weighted assets at December 31, 2024, Groupe BPCE’s subordinated MREL ratio (without taking account of preferred senior debt for the calculation of this ratio) and the total MREL ratio stood at 26.7%2 and 34.6%, well above the minimum requirements laid down by the SRB at January 2, 2025 of 22.4%3 and 27.3%3 respectively.

    3.4        Leverage ratio1

    At December 31, 2024, the estimated leverage ratio stood at 5.1%, well above the requirement.

    3.5        Liquidity reserves at a high level

    The LCR (Liquidity Coverage Ratio) for Groupe BPCE is well above the regulatory requirement of 100%, at an average of 142% of month-end LCRs for the 4th quarter 2024.
    Liquidity reserves stood at 302 billion euros at December 2024, representing a coverage ratio of 177% of short-term financial debt (including short-term maturities of medium- to long-term financial debt).

    3.6        MLT funding plan: 32% of the 2025 objectives completed as at January 31, 2025

    The size of the MLT funding plan, excluding structured private placements and Asset Backed Securities (ABS), has been set at 23 billion euros for 2025. The breakdown per type of debt is as follows:

    • 10 billion euros in TLAC funding: 2.0 billion euros in Tier 2 funding and 8 billion euros in senior non-preferred debt,
    • 3 billion euros senior preferred debt,
    • 10 billion euros in covered bonds.

    The target for ABS is 8 billion euros.

    At January 31, 2025, Groupe BPCE had raised 7.3 billion euros, excluding structured private placements and ABS (32% of the 23 billion euro funding plan):

    • 5.6 billion euros in TLAC funding: 1.7 billion euros in Tier 2 funding (87% of requirements) and 3.9 billion euros in senior non-preferred debt (49% of requirements),
    • 1.7 billion euros in covered bonds (17% of requirements).

    At January 31, 2025, the amount of ABS raised came to a total of 0.7 billion euros, i.e. 8% of the target.

    Capital adequacy, Total loss-absorbing capacity – see the note on methodology
    1 Estimated at December 31, 2024 2 Groupe BPCE has chosen to waive the possibility provided by Article 72 Ter (3) of the Capital Requirements Regulation (CRR) to use senior preferred debt to ensure compliance with its TLAC/subordinated MREL requirements. 3 Following reception of MREL’s annual letter for 2024

    4.   Results of the business lines

    Unless specified to the contrary, the financial data and related comments refer to the reported results of the Group and
    business lines; changes express differences between Q4-24 and Q4-23 and between full-year 2024 and full-year 2023.

    4.1        Retail Banking & Insurance

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 4,064 14% 15,397 4%
    Operating expenses (2,497) (0)% (9,902) 1%
    Gross operating income 1,567 45% 5,495 10%
    Cost of risk (556) (13)% (1,751) 16%
    Income before tax 998 142% 3,807 8%
    Exceptional items (45) (60)% (115) 3%
    Underlying2income before tax 1,044 98% 3,922 8%
    Underlying cost/income ratio3 60.4% (8.5)pp 63.6% (2.2)pp

    At end-December 2024, loan outstandings rose by 1% to 724 billion euros. Outstanding home loans remained stables at 400 billion euros, while equipment loans rose by 3% during the year to 199 billion euros.

    At end-December 2024, on-balance sheet customer deposits & savings totaled 681 billion euros, representing an increase of 5 billion euros year-on-year, with a 5% rise in term accounts and a 3% year-on-year increase in both regulated and unregulated passbook savings accounts.

    Net banking income for the Retail Banking & Insurance business unit rose by 14% in Q4-24 to 4,064 million euros, and by 4% in full-year 2024 to 15,397 million euros. In Q4-24, these changes reflect the good level of business activities: in the networks, revenues rose by 17% for the Banque Populaire retail banking network and by 14% for the Caisse d’Épargne network. Net banking income for both networks also recorded growth in full-year 2024, by 4% for the Banque Populaire network and by 3% for the Caisse d’Épargne network.

    The Financial Solutions & Expertise business lines continued to benefit from strong sales momentum, particularly in the leasing segment. Revenues remained stable in Q4-24 but saw 2% growth in full-year 2024. In Insurance, premiums4 rose by 15% in 2024, driven by both Non-Life Insurance and Life & Personal Protection Insurance. The Digital & Payments business unit reported a 14% increase in revenues in Q4-24 and 7% growth in full-year 2024, driven by card transactions and instant payment operations.

    Operating expenses remained tightly managed, stable in Q4-24 at 2,497 million euros, and up by just 1% in full-year 2024 to 9,902 million euros.

    The underlying cost/income ratio3 improved by 8.5pp in Q4-24 to 60.4%, and by 2.2pp in full-year 2024 to 63.6%.

    The business unit’s gross operating income benefited from a strong positive jaws effect, rising by 45% in Q4-24 to
    1,567 million euros and by 10% in full-year 2024 to 5,495 million euros.

    The cost of risk amounted to -556 million euros in Q4-24, down 13%, and stood at -1,751 million euros in 2024, up 16%.

    For the business unit as a whole, income before tax amounted to 998 million euros in Q4-24, up 142%, and stood at 3,807 million in full-year 2024, up 8%.

    Underlying income before tax2 amounted to 1,044 million euros in Q4-24, up 98%, and came to 3,922 million euros in full-year 2024, up 8%.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4Excluding reinsurance treaty with CNP Assurance

    4.1.1         Banque Populaire network
    The Banque Populaire retail banking network is comprised of 14 cooperative banks (12 regional Banques Populaires along
    with CASDEN Banque Populaire and Crédit Coopératif) and their subsidiaries, Crédit Maritime Mutuel, and the Mutual
    Guarantee Companies.

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 1,614 17% 6,098 4%
    Operating expenses (980) 1% (4,047) 2%
    Gross operating income 634 56% 2,051 8%
    Cost of risk (266) (6)% (814) 25%
    Income before tax 352 137% 1,285 (2)%
    Exceptional items (17) 77% (51) ns
    Underlying2income before tax 369 133% 1,336 2%
    Underlying cost/income ratio3 59.7% (10.2)pp 65.5% (1.9)pp

    Loan outstandings remained stable year-on-year, standing at 301 billion euros at the end of December 2024.
    On-balance sheet customer deposits & savings decreased by 2 billion euros year-on-year at the end of December 2024, with term accounts remaining stable during the 12-month period, while both regulated and unregulated passbook savings accounts saw 2% year-on-year growth.

    Net banking income came to 6,098 million euros in full-year 2024, up 4% year-on-year. This included 3.2 billion euros in net interest margin4,5 up 5% year-on-year, and 2.9 billion euros in commissions5 (up 3% year-on-year).
    In Q4-24, net banking income came to a total of 1,614 million euros, up 17% year-on-year.

    Operating expenses rose by a limited 1% in Q4-24 to 980 million euros, and increased by 2% in full-year 2024, to 4,047 million euros.
    The underlying cost/income ratio3 consequently saw a 10.2pp improvement in Q4-24, to 59.7%, and a 1.9pp improvement in full-year 2024, to 65.5%.

    Gross operating income benefited from positive jaws effects, rising by 56% to 634 million euros in Q4-24 and by 8% to 2,051 million euros in full-year 2024.

    The cost of risk stood at -266 million euros in Q4-24, down 6%, and -814 million euros in 2024, up 25%.

    Income before tax came to 352 million euros in Q4-24 (+137%) and 1,285 million euros in 2024 (-2%).

    Underlying income before tax2 amounted to 369 million euros in Q4-24 (+133%) and 1,336 million euros in full-year 2024
    (+2%).

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4 Excluding provisions for home-purchase savings schemes 5 Income on regulated savings has been restated to account for the net interest margin and included under commissions

    4.1.2        Caisse d’Epargne network
    The Caisse d’Epargne retail banking network comprises 15 individual Caisses d’Epargne along with their subsidiaries

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 1,616 14% 6,054 3%
    Operating expenses (1,084) 0% (4,216) 1%
    Gross operating income 531 55% 1,838 10%
    Cost of risk (205) (6)% (640) 16%
    Income before tax 328 161% 1,200 7%
    Exceptional items (27) 171% (60) ns
    Underlying2income before tax 355 162% 1,260 13%
    Underlying cost/income ratio3 65.4% (9.8)pp 68.7% (2.7)pp

    Loan outstandings rose by 1% year-on-year to 376 billion euros at the end of December 2024.
    On-balance sheet customer deposits & savings increased by 5 billion euros year-on-year, with growth in term accounts (+12%) and an increase in regulated and unregulated passbook savings accounts (+3%).

    Net banking income rose by 3% to reach 6,054 million euros in full-year 2024, including:

    • 2.6 billion euros in net interest margin4,5, down 3% year-on-year,
    • 3.4 billion euros in commissions5 up 7% year-on-year.

    Net banking income came to a total of 1,616 million euros, up 14% year-on-year, in Q4-24 and stood at 6,054 million euros, up 3% year-on-year in full-year 2024.

    Operating expenses remained stable at 1,084 million euros in Q4-24, and rose by 1% in full-year 2024 to 4,216 million euros.

    The underlying cost/income ratio3 improved by 9.8pp to 65.4% in Q4-24 and by 2.7pp to 68.7% in full-year 2024.

    Gross operating income benefited from positive jaws effects in Q4-24 (+55%), rising to 531 million euros, and enjoyed 10% growth in full-year 2024, rising to 1,838 million euros.

    The cost of risk came to -205 million euros in Q4-24, down 6%, and to -640 million euros in 2024, up 16%.

    Income before tax rose by 161% to 328 million euros in Q4-24, and came to 1,200 million euros in 2024.
    (+7%).

    Underlying income before tax2 amounted to 355 million euros in Q4-24 (+162%) and 1,260 million euros in full-year 2024
    (+13%).

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4 Excluding provisions for home-purchase savings schemes 5 Income on regulated savings has been restated to account for the net interest margin and included under commissions

    4.1.3        Financial Solutions & Expertise

    €m1 Q4-24 %

    Change

    		 2024 %

    Change
    Net banking income 334 (0)% 1,303 2%
    Operating expenses (169) 1% (636) 1%
    Gross operating income 165 (2)% 667 3%
    Cost of risk (38) (30)% (108) 11%
    Income before tax 125 11% 555 2%
    Exceptional items 0 ns 0 ns
    Underlying2income before tax 125 11% 555 1%
    Underlying cost/income ratio3 50.7% 1.0pp 48.8% (0.3)pp

    Sales momentum remained strong in services designed for individual customers, particularly in consumer credit, with average loan outstandings (personal loans and revolving credit) up 7% year-on-year, consolidating the Group’s position as France’s leading bank for consumer credit.

    The Leasing activity continued to provide robust support to companies with growth in average outstandings (+10% year-on-year) chiefly driven by equipment leasing (+17%). Energéco, a player committed to the renewable energies sector, had an exceptional year with production exceeding, for the first time, one billion transactions arranged.

    Despite the unfavorable business environment, the business lines working in the housing and real estate sector demonstrated their resilience with confirmation in Q4-2024 of the positive upturn of activity in personal loan guarantees, leading to an increase in gross written premiums (+2% in Q4-24 year-on-year vs. -40% in the first 9 months of 2024).

    Net banking income for the Financial Solutions & Expertise business unit remained stable at 334 million euros in Q4-24, but rose 2% to 1,303 million euros in full-year 2024.

    Operating expenses, which stood at 169 million euros in Q4-24 and 636 million euros in full-year 2024, remained tightly managed.

    The underlying cost/income ratio3 increased by 1.0pp in Q4-24 to 50.7% and improved by 0.3pp in full-year 2024 to 48.8%.

    Gross operating income, which came to 165 million euros in Q4-24, was down 2%; it stood at 667 million euros in full-year 2024, up 3%.

    The cost of risk stood at -38 million euros in Q4-24, down 30%, and at -108 million euros in full-year 2024 (+11%).

    Income before tax rose by 11% to 125 million euros in Q4-24 and increased by 2% to 555 million euros in full-year 2024.

    Underlying income before tax2 rose by 11% in Q4-24 and by 1% in full-year 2024, to 125 million euros and 555 million euros respectively.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses

    4.1.4        Insurance1
    The results presented below concern the Insurance business unit held directly by BPCE since March 1, 2022.

    €m2 Q4-24 % Change 2024 % Change
    Net banking income 171 17% 694 10%
    Operating expenses3 (36) (10)%4 (143) (12)%4
    Gross operating income 135 28% 550 17%
    Income before tax 141 32% 566 19%
    Exceptional items 0 ns 0 ns
    Underlying5income before tax 141 30% 566 17%
    Underlying cost/income ratio6 21.3% (5.3)pp 20.7% (4.1)pp

    In Q4-24, premiums7 reached 4.8 billion euros, up 12% thanks to the considerable dynamism demonstrated by Life Insurance and Life & Personal Protection insurance. In full-year 2024, premiums7 rose by 15% to 18.6 billion euros, with a 16% increase for Life & Personal Protection insurance and a 9% increase for Property & Casualty insurance.

    Life insurance assets under management7 reached 103 billion euros at the end of December 2024 thanks to record-breaking net inflows in both euro funds and unit-linked products. Since the end of December 2023, life insurance assets have risen by 12%, driven by significant positive inflows in both euro funds and unit-linked products. Gross inflows7 in life insurance stood at 14.9 billion euros in 2024. Unit-linked products accounted for 53% of inflows7 at the end of December 2024.

    In the Property & Casualty segment, the client equipment rate for both networks was approximately 35%8 at the end of December 2024, up 0.5pp since the end of December 2023.

    Net banking income rose by 17% in Q4-24 to 171 million euros, and rose by 10% to 694 million euros in full-year 2024.

    Operating expenses3 fell by 10%4 year-on-year in Q4-24 to 36 million euros, and by 12%4 in full-year 2024 to 143 million euros.

    The underlying cost/income ratio6 improved by 5.3pp to stand at 21.3% in Q4-24, and improved by 4.1pp to reach 20.7% in full-year 2024.

    Thanks to positive jaws effects in Q4-24 and full-year 2024, EBITDA rose by 28% and 17% respectively.

    Income before tax also improved, rising by 32% to 141 million euros in Q4-24 and by 19% to 566 million euros in full-year 2024.

    Underlying5income before tax came to 141 million euros in Q4-24 (+30%) and to 566 million euros in full-year 2024 (+17%).

    1 BPCE Assurances 2 Reported figures until “Income before tax” 3 “Operating expenses” corresponds to “non-attributable expenses” under IFRS 17, i.e. all costs that are not directly attributable to insurance contracts 4 At constant method: +7% in Q4-24 YoY and +4% in 2024 YoY 5 “Underlying” means exclusive of exceptional items 6 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 7 Excluding reinsurance treaty with CNP Assurance
    8 Scope: combined individual clients of the BP and CE networks

    4.1.5         Digital & Payments

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 227 14% 873 7%
    o/w Payments 128 10% 491 6%
    o/w Oney 99 19% 382 8%
    Operating expenses (173) 1% (646) (1)%
    o/w Payments (108) 9% (394) 3%
    o/w Oney (65) (10)% (252) (7)%
    Gross operating income 54 96% 227 39%
    Cost of risk (33) (52)% (126) (26)%
    Income before tax 20 ns 97 ns
    Exceptional items (1) (99)% (5) (96)%
    Underlying2income before tax 21 ns 102 125%
    Underlying cost/income ratio3 76.2% (3.5)pp 73.9% (2.1)pp

    Digital & AI

    At the end of December 2024, 11.8 million customers were active on Banques Populaires and Caisses d’Epargne mobile applications (up 3% vs. end-December 2023).

    The “AI for all” in-house generative AI solution was being used by over 26,000 employees at the end of December 2024 (i.e. 25% of all Group employees.)

    Thanks to transformative AI, 10 million documents had been verified automatically (+71%) by end-December 2024.

    Payments

    Net banking income enjoyed 10% growth in Q4-24 and 6% growth in full-year 2024, while operating expenses rose 9% in Q4-24 and 3% in full-year 2024.

    The widespread use of Wero (European Payments Initiative) enables all customers to send and receive money via instant account-to-account payments in less than 10 seconds. Wero handles 2 million transactions per month and serves over 2 million active customers.

    In the Payment Solutions business, the number of card transactions rose by 5% year-on-year, with continued growth in mobile and instant payments (+54% and +49% year-on-year respectively) and the ongoing rollout of Android POS terminals (multiplied by a factor of 2). The launch of Google Pay has strengthened our range of mobile products.

    Oney Bank

    Net banking income rose by 8% in 2024 thanks to improved margin rates and the asset repricing effect. Oney maintained its leadership position in the BNPL4 segment in France while business was robust in Europe outside France (+19% in volumes year-on-year).

    Management expenses remained well under control, falling by 7% in full-year 2024.

    The sharp drop in the cost of risk in 2024 (-26% YoY) confirms the positive impact of our action plans.
    Net banking income for the Digital & Payments business unit rose by 14% in Q4-24 and by 7% in full-year 2024, to reach 227 million euros and 873 million euros respectively.

    The business unit’s operating expenses were up 1% in Q4-24 and down 1% in full-year 2024, to reach 173 million euros and 646 million euros respectively.

    This led to a 3.5pp improvement in the underlying cost/income ratio3 to 76.2% in Q4-24 and a 2.1pp improvement to 73.9% in full-year 2024.

    Gross operating income, which benefitted from positive jaws effects, rose by 96% in Q4-24 to 54 million euros, and by 39% to 227 million euros in full-year 2024.

    The cost of risk fell by 52% in Q4-24 to -33 million euros, and by 26% in full-year 2024 to -126 million euros.

    Income before tax amounted to 20 million euros in Q4-24 and 97 million euros full-year 2024.

    Underlying2income before tax came to 21 million euros in Q4-24 and 102 million euros in full-year 2024, equal to a sharp rise of 125%.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4 Buy Now Pay Later

    4.2 Global Financial Services
    The GFS business unit includes the Asset & Wealth Management activities and the Corporate & Investment Banking activities of
    Natixis.

    €m1   Q4-24 % Change Constant Fx % change 2024 % Change Constant Fx % change
    Net banking income   2,055 8% 7% 7,947 8% 8%
    o/w CIB   1,087 5% 5% 4,440 7% 7%
    o/w AWM   968 11% 10% 3,507 10% 10%
    Operating expenses   (1,501) 8% 7% (5,651) 7% 7%
    o/w CIB   (738) 5% 5% (2,889) 8% 8%
    o/w AWM   (763) 11% 10% (2,763) 6% 6%
    Gross operating income   553 8% 7% 2,296 10% 10%
    Cost of risk   (86) 18%   (268) 73%  
    Income before tax   479 14%   2,051 4%  
    Exceptional items   0 ns   0 ns  
    Underlying2income before tax   479 10%   2,051 3%  
    Underlying cost/income ratio3   73.1% 0.7pp   71.1% (0.1)pp  

    GFS revenues rose by 8% in both Q4-24 and full-year 2024 to respectively 2,055 million euros (+7% at constant exchange rates) and 7,947 million euros (+8% at constant exchange rates). These trends are the result of the robust performance of our global business lines.

    In Q4-24, revenues generated by the Corporate & Investment Banking business rose by 5% to 1,087 million euros thanks, in particular, to the strong performance achieved by the Global Markets (+19%) and Global Finance (+2%) activities in full-year 2024. Net banking income for the CIB business in full-year 2024 rose by 7% to 4,440 million euros.

    In Q4-24, Asset & Wealth Management revenues rose 10% at constant exchange rates to 968 million euros, chiefly thanks to higher management fees year-on-year. Assets under management rose by 13% since the begging of the year to reach a historic high of 1,317 billion euros, with record inflows and a strong positive market and change effects.

    GFS operating expenses increased by 8% in Q4-24 and by 7% in 2024, to respectively 1,501 million euros (+7% at constant exchange rates) and 5,651 million euros (+7% at constant exchange rates). This rise in expenses is in line with revenue growth, leading to positive jaws effects in full-year 2024.

    In Q4-24, Corporate & Investment Banking operating expenses rose by 5% in line with revenue growth. Asset & Wealth Management expenses rose by 10% at constant exchange rates in Q4-24.

    The underlying cost/income ratio3 was 73.1% in Q4-24 and 71.1% in full-year 2024, up 0.7pp and down 0.1pp respectively.

    Gross operating income rose 8% in Q4-24 to 553 million euros (+7% at constant exchange rates); it rose 10% in full-year 2024 to 2,296 million euros (+10% at constant exchange rates).

    The cost of risk increased by 18% in Q4-24 and by 73% in full-year 2024, to -86 million euros and -268 million euros respectively.

    Income before tax rose by 14% in Q4-24 to 479 million euros, and by 4% in full-year 2024 to 2,051 million euros.

    Underlying2income before tax for Q4-24 was 479 million euros, up 10%, and stood at 2,051 million euros in full-year 2024, up 3%.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses

    4.2.1        Corporate & Investment Banking
    The Corporate & Investment Banking (CIB) business unit includes the Global markets, Global finance, Investment banking and
    M&A activities of Natixis.

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 1,087 5% 4,440 7%
    Operating expenses (738) 5% (2,889) 8%
    Gross operating income 349 5% 1,551 3%
    Cost of risk (98) 60% (282) 78%
    Income before tax 262 3% 1,293 (3)%
    Exceptional items 0 ns 0 ns
    Underlying2income before tax 262 1% 1,293 (4)%
    Underlying cost/income ratio3 67.9% 0.2pp 65.1% 1.2pp

    Global Markets revenues rose by 19% to 452 million euros in full-year 2024. Revenues generated by the Equity business rose 53% to 96 million euros in Q4-24, driven by a strong performance in the Global Securities Financing activity. FIC-T revenues rose by 14% to 354 million euros in Q4-24, driven by a strong performance in the Credit and Foreign Exchange segments.

    Global Finance revenues were up 2%, rising to 466 million euros in Q4-24 thanks to the sustained momentum of Trade Finance activities.

    Investment Banking revenues were up 6% to 50 million euros in Q4-24, driven by the Acquisition & Strategic Finance and SECM business lines.
    The M&A business lines recorded revenues of 361 million euros in full-year 2024, up 11% year-on-year.
    Natixis Partners has acquired a stake in Financière de Courcelles in order to strengthen its position in the French M&A market within the small, mid, and upper mid-cap segments.

    Net banking income generated by the Corporate & Investment Banking business unit rose by 5% in Q4-24 and by 7% in full-year 2024, to 1,087 million euros and 4,440 million euros respectively.

    Operating expenses, which stood at 738 million euros in Q4-24, reflect 5% growth; expenses rose 8% in full-year 2024 to 2,889 million euros, in line with revenue growth.

    The underlying cost/income ratio3 increased by 0.2pp to 67.9% in Q4-24, and by 1.2pp to 65.1% in full-year 2024.

    Gross operating income rose by 5% in Q4-24 to 349 million euros, and by 3% in full-year 2024 to 1,551 million euros.

    The cost of risk stood at -98 million euros, up 60%, in Q4-24, and at -282 million euros, up 78%, in full-year 2024.

    Income before tax was up 3% to 262 million euros in Q4-24, and down 3% to 1,293 million euros in full-year 2024.

    Underlying2income before tax was up 1% to 262 million euros in Q4-24, and down 4% to 1,293 million euros in full-year 2024.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses

    4.2.2        Asset & Wealth Management
    The business unit includes the Asset & Wealth Management activities of Natixis.

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 968 11% 3,507 10%
    Operating expenses (763) 11% (2,763) 6%
    Gross operating income 205 12% 744 27%
    Income before tax 217 32% 759 21%
    Exceptional items 0 ns 0 ns
    Underlying2income before tax 217 24% 759 16%
    Underlying cost/income ratio3 78.8% 1.0pp 78.8% (2.0)pp

    In Asset Management, assets under management4 reached an all-time high of 1,317 billion euros at the end of December 2024, up 13% since the beginning of the year, with record net inflows and strong positive market and currency effects.

    Net inflows into Asset Management4 reached 40 billion euros in full-year 2024, chiefly thanks to fixed-income products from Loomis Sayles and DNCA, and to life insurance products. Private asset inflows remained positive on an annual basis.

    ESG assets accounted for 40.3% of assets under management at the end of December 2024.

    Asset management revenues grew at constant exchange rates by 10% in full-year 2024 but also in Q4-2024, driven by a higher level of average assets under management (+10% in Q4-2024).

    In Asset Management4 in full-year 2024, the total fee rate (excluding performance fees) stood at 25.2bps (stable) and at 36.8bps excluding insurance asset management (-1.1bp).

    Net banking income for the Asset & Wealth Management business unit rose by 11% in Q4-24 to 968 million euros, and by 10% in full-year 2024 to 3,507 million euros.

    Operating expenses came to 763 million euros, up 11% in Q4-24, and to 2,763 million euros, up 6% in full-year 2024.

    The underlying cost/income ratio3increased by 1.0pp in Q4-24 to 78.8%, and improved by 2.0pp in full-year 2024 to 78.8%.

    Gross operating income rose by 12% to 205 million euros in Q4-24, and by 27% to 744 million euros in full-year 2024.

    Income before tax came to 217 million euros in Q4-24 (+32%), and to 759 million euros in full-year 2024 (+21%).

    Underlying2income before tax rose by 24% to 217 million euros in Q4-24, and by 16% to 759 million euros in full-year 2024.
            

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4 Asset management: Europe includes Dynamic Solutions and Vega IM; North America includes WCM IM; excluding Wealth Management

    ANNEXES

    Notes on methodology

    Presentation on the pro-forma quarterly results

    The 2023 quarterly series are presented pro forma with changes in standards and organization:
    The sectoral reallocation of the results of the private equity activities of the entities BP Développement & CE Développement from Corporate center to RB&I and GFS divisions.
    The new management standards adopted by Natixis (including the normative allocation of capital to the business lines) within the GFS division.
    The main evolutions impact RB&I, GFS and the Corporate center.
    The data for 2023 has been recalculated to obtain a like-for-like basis of comparison.
    The quarterly series of Groupe BPCE remain unchanged.
    The tables showing the transition from reported 2023 to pro-forma 2023 are presented on annexes.

    Exceptional items

    Exceptional items and the reconciliation of the reported income statement to the underlying income statement of Groupe BPCE are detailed in the annexes.

    Net banking income

    Customer net interest income, excluding regulated home savings schemes, is computed on the basis of interest earned from transactions with customers, excluding net interest on centralized savings products (Livret A, Livret Développement Durable, Livret Épargne Logement passbook savings accounts) in addition to changes in provisions for regulated home purchase savings schemes. Net interest on centralized savings is assimilated to commissions.

    Operating expenses

    Operating expenses correspond to the aggregate total of the “Operating Expenses” (as presented in the second amendment of Group’s universal registration document, note 4.7 appended to the consolidated financial statements of Groupe BPCE) and “Depreciation, amortization and impairment for property, plant and equipment and intangible assets.”

    Cost/income ratio

    Groupe BPCE’s cost/income ratio is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annexes.
    Business line cost/income ratios are calculated on the basis of underlying net banking income and operating expenses.

    Cost of risk

    The cost of risk is expressed in basis points and measures the level of risk per business line as a percentage of the volume of loan outstandings; it is calculated by comparing net provisions booked with respect to credit risks of the period to gross customer loan outstandings at the beginning of the period.

    Loan oustandings and deposits & savings

    Restatements regarding transitions from book outstandings to outstandings under management are as follows:
    Loan outstandings: the scope of outstandings under management does not include securities classified as customer loans and receivables and other securities classified as financial operations,
    Deposits & savings: the scope of outstandings under management does not include debt securities (certificates of deposit and savings bonds).

    Capital Adequacy

    Common Equity Tier 1 is determined in accordance with the applicable CRR II/CRD IV rules, after deductions.
    Additional Tier-1 capital takes account of subordinated debt issues that have become non-eligible and subject to ceilings at the phase-out rate in force.
    The leverage ratio is calculated in accordance with the applicable CRR II/CRD V rules. Centralized outstandings of regulated savings are excluded from the leverage exposures as are Central Bank exposures for a limited period of time (pursuant to ECB decision 2021/27 of June 18, 2021).

    Total loss-absorbing capacity

    The amount of liabilities eligible for inclusion in the numerator used to calculate the Total Loss-Absorbing Capacity (TLAC) ratio is determined by article 92a of CRR. Please note that a quantum of Senior Preferred securities has not been included in our calculation of TLAC.
    This amount is consequently comprised of the 4 following items:

    • Common Equity Tier 1 in accordance with the applicable CRR II/CRD IV rules,
    • Additional Tier-1 capital in accordance with the applicable CRR II/CRD IV rules,
    • Tier-2 capital in accordance with the applicable CRR II/CRD IV rules,
    • Subordinated liabilities not recognized in the capital mentioned above and whose residual maturity is greater than 1 year, namely:
      • The share of additional Tier-1 capital instruments not recognized in common equity (i.e. included in the phase-out),
      • The share of the prudential discount on Tier-2 capital instruments whose residual maturity is greater than 1 year,
      • The nominal amount of Senior Non-Preferred securities maturing in more than 1 year.

    Liquidity

    Total liquidity reserves comprise the following:

    • Central bank-eligible assets include: ECB-eligible securities not eligible for the LCR, taken for their ECB valuation (after ECB haircut), securities retained (securitization and covered bonds) that are available and ECB-eligible taken for their ECB valuation (after ECB haircut) and private receivables available and eligible for central bank funding (ECB and the Federal Reserve), net of central bank funding,
    • LCR eligible assets comprising the Group’s LCR reserve taken for their LCR valuation,
    • Liquid assets placed with central banks (ECB and the Federal Reserve), net of US Money Market Funds deposits and to which fiduciary money is added.

    Short-term funding corresponds to funding with an initial maturity of less than, or equal to, 1 year and the short-term maturities of medium-/long-term debt correspond to debt with an initial maturity date of more than 1 year maturing within the next 12 months.
    Customer deposits are subject to the following adjustments:

    • Addition of security issues placed by the Banque Populaire and Caisse d’Epargne retail banking networks with their customers, and certain operations carried out with counterparties comparable to customer deposits
    • Withdrawal of short-term deposits held by certain financial customers collected by Natixis in pursuit of its intermediation activities.

    Business line indicators – BP & CE networks

    Average rate (%) for residential mortgages: the average client rate for residential mortgages corresponds to the weighted average of actuarial rates for committed residential mortgages, excluding ancillary items (application fees, guarantees, creditor insurance). The rates are weighted by the amounts committed (offers made, net of cancellations) over the period under review. The calculation is based on aggregate residential mortgages, excluding zero interest rate loans.

    Average rate (%) for consumer loans: the average client rate for consumer loans corresponds to the weighted average of the actuarial rates for committed consumer loans, excluding ancillary items (application fees, guarantees, creditor insurance). The rates are weighted by the amounts committed (offers made net of cancellations) over the period under review. The calculation is based on the scope of amortizable consumer loans, excluding overdraft and revolving loans.

    Average rate (%) for equipment loans: the average customer rate for equipment loans is the average of the actuarial rates for equipment loans in each volume-weighted market.

    Digital indicators

    The number of active customers using mobile apps corresponds to the number of customers who have made at least one visit via one mobile apps over one month.
    The number of documents checked automatically corresponds to the number of documents transmitted by customers through their digital spaces or in a physical branch and checked automatically: eligibility for the LEP popular passbook savings account and customer intelligence documents (KYC) for consumer loans, mortgages (digital) and new business relationships (digital and physical branches).

    Impact indicators

    Financing for energy-efficient home renovation for individual clients: this indicator calculates the aggregate annual production of loans granted to individual customers (natural persons) to finance energy renovation work, expressed in €m:

    – Rénovation Energétique (Energy Renovation): consumer credit for environmentally-friendly properties,
    – ECO PTZ MPR: consumer credit designed for renovation work eligible for the MaPrimeRenov program (government scheme to support energy-efficient home renovation work) for up to a total of €30,000,
    – ECO PTZ: interest-free regulated home improvement loan for up to a total of €50,000

    Number of unique visitors to the ‘Advice and Sustainable Solutions’ digital module: this indicator calculates the aggregate annual number of unique visitors who consult the ‘Advice and sustainable solutions’ page on BP and CE mobile applications.

    Financing BtoB clients in their transition and decarbonization efforts: this indicator calculates the aggregate annual amount of loans granted to businesses to help finance their transition and decarbonization efforts, expressed in €m. This aggregate total is derived from the sum of BtoB loan amounts (Green loans + Impact loans + Vehicle Leasing + Green Lease with Purchase Option/Long-Term Rental agreements (LOA/LDD Green).

    Within the scope of CIB activities, Green revenues are comprised of:

    • Sustainable Finance (GSH scope)
    • Renewable & new energies franchises
    • Activities with clients/assets rated Dark & Medium Green (Green Weighting Factor).

    (restated for scope reconciliations).

    Reconciliation of 2023 data to pro forma data

    Retail banking and Insurance Q1-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 3,891 (2,496) 1,107 (269) 840
    Sectoral reallocation 12 (1) 11 0 11
    Pro forma figures 3,903 (2,497) 1,118 (269) 851
    Global Financial Services Q1-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 1,822 (1,303) 590 (146) 432
    Sectoral reallocation 0 0 0 0 0
    New rules 32 (2) 30 (4) 26
    Pro forma figures 1,854 (1,305) 621 (151) 458
    Corporate center Q1-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 102 (788) (729) (10) (739)
    Sectoral reallocation (12) 1 (11) 0 (11)
    New rules (32) 2 (30) 4 (26)
    Pro forma figures 57 (785) (771) (5) (776)
    Retail banking and Insurance Q2-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 3,655 (2,459) 952 (224) 729
    Sectoral reallocation (15) (1) (15) (0) (15)
    Pro forma figures 3,640 (2,460) 936 (224) 713
    Global Financial Services Q2-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 1,798 (1,282) 429 (115) 300
    Sectoral reallocation (0) (0) (0) (0) (0)
    New rules 31 (5) 26 (3) 22
    Pro forma figures 1,829 (1,287) 455 (118) 322
    Corporate center Q2-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 13 (58) (44) (14) (56)
    Sectoral reallocation 15 1 16 0 16
    New rules (31) 5 (26) 3 (22)
    Pro forma figures (3) (52) (54) (10) (63)
    Retail banking and Insurance Q3-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 3,721 (2,358) 1,072 (268) 799
    Sectoral reallocation (13) (1) (14) 0 (14)
    Pro forma figures 3,709 (2,359) 1,058 (268) 785
    Global Financial Services Q3-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 1,736 (1,279) 444 (114) 319
    Sectoral reallocation (0) (0) (0) 0 (0)
    New rules 31 (4) 27 (4) 23
    Pro forma figures 1,767 (1,283) 470 (118) 341
    Corporate center Q3-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures (3) (175) (176) (23) (200)
    Sectoral reallocation 13 1 14 0 14
    New rules (31) 4 (27) 4 (23)
    Pro forma figures (21) (170) (189) (19) (210)
    Retail banking and Insurance Q4-23      
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income    		      
    Reported figures 3,557 (2,497) 395 (122) 294      
    Sectoral reallocation 19 (1) 18 (0) 18      
    Pro forma figures 3,576 (2,499) 413 (122) 312      
                 
    Global Financial Services Q4-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 1,874 (1,389) 391 (118) 255
    Sectoral reallocation 0 (1) (0) (0) (0)
    New rules 33 (4) 29 (3) 26
    Pro forma figures 1,908 (1,394) 420 (121) 280
    Corporate center Q4-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 31 (243) (249) 81 (168)
    Sectoral reallocation (20) 2 (18) 0 (18)
    New rules (33) 4 (29) 3 (26)
    Pro forma figures (22) (237) (296) 84 (211)

    Q4-24 & Q4-23 results : reconcialiation of reported data to alternative performance measures

    €m   Net banking income Operating expenses Cost of
    risk    		 Gains or
    losses on
    other assets    		 Income
    before tax    		 Net income
    – Group share
    Reported Q4-24 results   6,046 (4,184) (596) (35) 1,262 913
    Transformation and reorganization costs Business lines/Corporate center 0 (86)   (1) (87) (64)
    Disposals Corporate center       (1) (1) (1)
    Q4-24 results excluding exceptional items   6,045 (4,098) (596) (34) 1,349 977
    €m   Net banking income Operating expenses Cost of
    risk    		 Gains or
    losses on
    other assets    		 Income
    before tax    		 Net income
    – Group share
    Pro forma reported Q4-23 results   5,462 (4,129) (744) (43) 537 381
    Transformation and reorganization costs Business lines/Corporate center (5) (54) (34)   (93) (57)
    Disposals Corporate center       (43) (43) (43)
    Pro forma Q4-23 results excluding exceptional items   5,467 (4,076) (710) (0) 672 481

    2024 & 2023 results : reconcialiation of reported data to alternative performance measures

    €m   Net banking income Operating expenses Cost of
    risk    		 Gains or
    losses on
    other assets    		 Income
    before tax    		 Net income
    – Group share
    Reported 2024 results   23,317 (16,384) (2,061) 28 4,956 3,520
    Transformation and reorganization costs Business lines/Corporate center 3 (208)   (1) (206) (153)
    Disposals Corporate center 0     (3) (3) (3)
    2024 results excluding exceptional items   23,314 (16,176) (2,061) 32 5,165 3,675
    €m   Net banking income Operating expenses Cost of
    risk    		 Gains or
    losses on
    other assets    		 Income
    before tax    		 Net income
    – Group share
    Pro forma reported 2023 results   22,198 (16,328) (1,731) 8 4,182 2,804
    Transformation and reorganization costs Business lines/Corporate center 2 (213) (32)   (242) (164)
    Disposals  Corporate center       (45) (45) (44)
    Litigations Business lines/Corporate center 87       87 87
    Pro forma 2023 results excluding exceptional items   22,108 (16,115) (1,699) 53 4,381 2,925

    Groupe BPCE : underying cost to income ratio

    €m Net banking income Operating expenses Underlying
    cost income ratio
    Q4-24 reported figures 6,046 (4,184)  
    Impact of exceptional items 0 (86)  
    Q4-24 underlying figures 6,045 (4,098) 67.8%
    €m Net banking income Operating expenses Underlying
    cost income ratio
    Q4-23 Pro forma reported figures 5,462 (4,129)  
    Impact of exceptional items (5) (54)  
    Q4-23 Pro forma underlying figures 5,467 (4,076) 74.6%

    Groupe BPCE : underying cost to income ratio

    €m Net banking income Operating expenses Underlying
    cost income ratio
    2024 reported figures 23,317 (16,384)  
    Impact of exceptional items 3 (208)  
    2024 underlying figures 23,314 (16,176) 69.4%
    €m Net banking income Operating expenses Underlying
    cost income ratio
    2023 Pro forma reported figures 22,198 (16,328)  
    Impact of exceptional items 89 (213)  
    2023 Pro forma underlying figures 22,108 (16,115) 72.9%

    Groupe BPCE : quarterly income statement per business line

      RETAIL BANKING
    & INSURANCE    		 GLOBAL FINANCIAL SERVICES CORPORATE CENTER GROUPE
    BPCE
    €m Q4-24 Q4-23 Q4-24 Q4-23 Q4-24 Q4-23 Q4-24 Q4-23 %
    Net banking income 4,064 3,576 2,055 1,908 (73) (22) 6,046 5,462 11%
    Operating expenses (2,497) (2,499) (1,501) (1,394) (186) (237) (4,184) (4,129) 1%
    Gross operating income 1,567 1,077 553 514 (259) (259) 1,862 1,332 40%
    Cost of risk (556) (643) (86) (73) 46 (28) (596) (744) (20)%
    Income before tax 998 413 479 420 (215) (296) 1,262 537 x 2
    Income tax (222) (122) (124) (121) 19 84 (326) (159) x 2
    Non-controlling interests (5) 21 (18) (19) 0 1 (23) 3 ns
    Net income – Group share 772 312 337 280 (196) (211) 913 381 x 2

    Groupe BPCE : 2024 income statement per business line

      RETAIL BANKING
    & INSURANCE    		 GLOBAL FINANCIAL SERVICES CORPORATE CENTER GROUPE
    BPCE
    €m 2024 2023 2024 2023 2024 2023 2024 2023 %
    Net banking income 15,397 14,828 7,947 7,358 (27) 12 23,317 22,198 5%
    Operating expenses (9,902) (9,815) (5,651) (5,269) (831) (1,244) (16,384) (16,328) 0%
    Gross operating income 5,495 5,013 2,296 2,088 (858) (1,232) 6,933 5,870 18%
    Cost of risk (1,751) (1,505) (268) (154) (43) (72) (2,061) (1,731) 19%
    Income before tax 3,807 3,526 2,051 1,966 (902) (1,310) 4,956 4,182 19%
    Income tax (891) (882) (534) (507) 67 49 (1,357) (1,340) 1%
    Non-controlling interests (14) 18 (66) (56) 1 1 (79) (38) x 2
    Net income – Group share 2,902 2,661 1,452 1,402 (834) (1,260) 3,520 2,804 26%

    Groupe BPCE : quarterly series

    GROUPE BPCE
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 5,815 5,467 5,455 5,462 5,753 5,626 5,892 6,046
    Operating expenses (4,587) (3,799) (3,812) (4,129) (4,151) (4,008) (4,041) (4,184)
    Gross operating income 1,228 1,667 1,642 1,332 1,602 1,618 1,851 1,862
    Cost of risk (326) (342) (319) (744) (382) (560) (523) (596)
    Income before tax 968 1,337 1,339 537 1,233 1,124 1,336 1,262
    Net income – Group share 533 973 917 381 875 806 925 913

    Groupe BPCE : Consolidated balance sheet

    ASSETS
    €m    		 Dec. 31, 2024 Dec. 31, 2023
    Cash and amounts due from central banks 133,186 152,669
    Financial assets at fair value through profit or loss 230,521 214,582
    Hedging derivatives 7,624 8,855
    Financial assets at fair value through other comprehensive income 57,166 48,073
    Securities at amortized cost 27,021 26,373
    Loans and advances to banks and similar at amortized cost 115,862 108,631
    Loans and receivables due from customers at amortized cost 851,843 839,457
    Revaluation difference on interest rate risk-hedged portfolios (856) (2,626)
    Financial investments of insurance activities 115,631 103,615
    Insurance contracts issued – Assets 1,134 1,124
    Reinsurance contracts held – Assets 9,320 9,564
    Current tax assets 640 829
    Deferred tax assets 4,160 4,575
    Accrued income and other assets 16,444 14,611
    Non-current assets held for sale 438 –
    Investments in accounted for using equity method 2,146 1,616
    Investment property 733 717
    Property, plant and equipment 6,085 6,023
    Intangible assets 1,147 1,110
    Goodwill 4,312 4,224
    TOTAL ASSETS 1,584,558 1,544,022
    LIABILITIES
    €m    		 Dec. 31, 2024 Dec. 31, 2023
    Amounts due to central banks 1 2
    Financial liabilities at fair value through profit or loss 218,963 204,023
    Hedging derivatives 14,260 14,973
    Debt securities 304,957 292,598
    Amounts due to banks and similar 69,953 79,634
    Amounts due to customers 723,090 711,658
    Revaluation difference on interest rate risk-hedged portfolios, liabilities 14 159
    Insurance contracts issued – Liabilities 117,551 106,137
    Reinsurance contracts held – Liabilities 119 149
    Current tax liabilities 2,206 2,026
    Deferred tax liabilities 1,323 1,640
    Accrued expenses and other liabilities 20,892 22,492
    Liabilities associated with non-current assets held for sale 312 –
    Provisions 4,748 4,825
    Subordinated debt 18,401 18,801
    Shareholders’ equity 87,768 84,905
    Equity attributable to equity holders of the parent 87,137 84,351
    Non-controlling interests 630 553
    TOTAL LIABILITIES 1,584,558 1,544,022

    Groupe BPCE : Goodwill

    €m Dec. 31, 2023 Acquisitions IRFS5 reclassifications Translation adjustments Dec. 31, 2024
    Retail Banking & Insurance 822 58     879
    Asset & Wealth Management 3,257 1 (72) 95 3,280
    Corporate & Investment Banking 144     7 151
    Total 4,224 58 (72) 102 4,312

    Groupe BPCE: Statement of changes in shareholders’ equity

    €m Equity attributable to shareholders’ equity
    December 31, 2023 84,407
    Restatements1 (56)
    December 31, 2023 restated 84,351
    Distributions (833)
    Change in capital (cooperative shares) 90
    Impact of acquisitions and disposals on non-controlling interests (minority interests) (48)
    Income 3,520
    Changes in gains & losses directly recognized in equity 144
    Capital gains and losses reclassified as reserves (31)
    Others (56)
    December 31, 2024 87,137

    1 Opening shareholders’ equity has been adjusted for Funding Valuation Adjustments whose non-material impact on income has not given rise to a change in the latter in the 2024 consolidated financial statements

    Retail Banking & Insurance: quarterly income statement

      BANQUE POPULAIRE NETWORK CAISSE D’EPARGNE NETWORK FINANCIAL SOLUTIONS & EXPERTISE INSURANCE DIGITAL & PAYMENTS OTHER NETWORK RETAIL BANKING & INSURANCE
    €m Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 %  
    Net banking income 1,614 1,382 17% 1,616 1,423 14% 334 335 (0)% 171 146 17% 227 199 14% 101 91 12% 4,064 3,576 14%  
    Operating expenses (980) (975) 1% (1,084) (1,081) 0% (169) (167) 1% (36) (41) (10)% (173) (171) 1% (53) (63) (16)% (2,497) (2,499) (0)%  
    Gross operating income 634 407 56% 531 343 55% 165 168 (2)% 135 105 28% 54 27 96% 48 28 75% 1,567 1,077 45%  
    Cost of risk (266) (282) (6)% (205) (218) (6)% (38) (54) (31)%       (33) (69) (52)% (15) (19) (23)% (556) (643) (13)%  
    Income before tax 352 149 x2 328 126 x3 125 112 12% 141 107 32% 20 (89) ns 33 9 x4 998 413 x2  
    Income tax (73) (45) 62% (78) (20) x4 (33) (27) 22% (29) (25) 16% 0 (2) ns (8) (2) x4 (222) (122) 82%  
    Non-controlling interests (0) (6) (94)% (1) (3) (66)% 0 (0) ns 0 (1) ns (3) 30 ns       (5) 21 ns  
    Net income – Group share 278 98 x3 248 103 x2 92 85 8% 112 81 39% 16 (61) ns 25 7 x4 772 312 x2  
      BANQUE POPULAIRE NETWORK CAISSE D’EPARGNE NETWORK FINANCIAL SOLUTIONS & EXPERTISE INSURANCE DIGITAL & PAYMENTS OTHER NETWORK RETAIL BANKING & INSURANCE
    €m 2024 2023 % 2024 2023 % 2024 2023 % 2024 2023 % 2024 2023 % 2024 2023 % 2024 2023 %  
    Net banking income 6,098 5,862 4% 6,054 5,858 3% 1,303 1,274 2% 694 633 10% 873 816 7% 375 384 (2)% 15,397 14,828 4,%  
    Operating expenses (4,047) (3,970) 2% (4,216) (4,181) 1% (636) (630) 1% (143) (163) (12)% (646) (652) (1)% (213) (218) (2)% (9,902) (9,815) 1%  
    Gross operating income 2,051 1,892 8% 1,838 1,677 10% 667 644 3% 550 470 17% 227 164 39% 162 166 (2)% 5,495 5,013 10%  
    Cost of risk (814) (651) 25% (640) (553) 16% (108) (98) 11%       (126) (171) (26)% (62) (33) 89% (1,751) (1,505) 16%  
    Income before tax 1,285 1,308 (2)% 1,200 1,125 7% 555 545 2% 566 475 19% 97 (68) ns 103 140 (26)% 3,807 3,526 8%  
    Income tax (307) (329) (7)% (264) (254) 4% (146) (140) 4% (123) (99) 24% (27) (25) 9% (24) (35) (30)% (891) (882) 1%  
    Non-controlling interests (9) (24) (64)% (5) (7) (24)% 0 (0) ns 0 (0) ns (0) 49 ns       (14) 18 ns  
    Net income – Group share 970 954 2% 931 864 8% 409 405 1% 443 376 18% 70 (43) ns 79 106 (25)% 2,902 2,661 9%  

    Retail Banking & Insurance: 2024 income statement

    Retail banking & insurance: quarterly series

    RETAIL BANKING & INSURANCE
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 3,903 3,640 3,709 3,576 3,763 3,701 3,869 4,064
    Operating expenses (2,497) (2,460) (2,359) (2,499) (2,547) (2,456) (2,403) (2,497)
    Gross operating income 1,406 1,180 1,350 1,077 1,217 1,245 1,467 1,567
    Cost of risk (308) (252) (302) (643) (296) (475) (423) (556)
    Income before tax 1,118 936 1,058 413 934 831 1,044 998
    Net income – Group share 851 713 785 312 709 637 785 772

    Retail Banking & Insurance: Banque Populaire and Caisse d’Epargne networks quarterly series

    BANQUE POPULAIRE NETWORK
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 1,569 1,442 1,469 1,382 1,489 1,489 1,506 1,614
    Operating expenses (1,018) (1,015) (961) (975) (1,043) (1,025) (999) (980)
    Gross operating income 551 427 508 407 445 464 508 634
    Cost of risk (132) (110) (127) (282) (125) (228) (195) (266)
    Income before tax 434 328 398 149 329 290 315 352
    Net income – Group share 332 240 284 98 252 210 230 278
                     
    CAISSE D’EPARGNE NETWORK
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 1,537 1,465 1,432 1,423 1,454 1,467 1,517 1,616
    Operating expenses (1,066) (1,041) (993) (1,081) (1,085) (1,038) (1,008) (1,084)
    Gross operating income 470 424 440 343 368 429 509 531
    Cost of risk (136) (84) (115) (218) (100) (176) (159) (205)
    Income before tax 334 340 325 126 270 252 350 328
    Net income – Group share 253 256 253 103 208 194 281 248

    Retail Banking & Insurance: FSE quarterly series

    FINANCIAL SOLUTIONS & EXPERTISE
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 315 306 318 335 327 320 322 334
    Operating expenses (157) (151) (154) (167) (162) (154) (151) (169)
    Gross operating income 158 155 164 168 166 166 171 165
    Cost of risk (6) (19) (18) (54) (24) (22) (24) (38)
    Income before tax 151 136 146 112 141 143 146 125
    Net income – Group share 112 102 107 85 104 106 108 92

    Retail Banking & Insurance: Insurance quarterly series

    INSURANCE
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 180 126 181 146 188 118 217 171
    Operating expenses (43) (37) (42) (41) (42) (25) (40) (36)
    Gross operating income 137 89 139 105 146 93 177 135
    Income before tax 139 93 137 107 149 99 177 141
    Net income – Group share 109 83 103 81 113 92 126 112

    Retail Banking & Insurance: Digital & Payments quarterly series

    DIGITAL & PAYMENTS
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 205 203 209 199 215 214 218 227
    Operating expenses (161) (163) (157) (171) (160) (159) (154) (173)
    Gross operating income 44 40 52 27 55 55 64 54
    Cost of risk (32) (41) (29) (69) (31) (32) (30) (33)
    Income before tax 8 (6) 19 (89) 24 22 32 20
    Net income – Group share 7 (3) 13 (61) 17 16 21 16

    Retail Banking & Insurance: Other network quarterly series

    OTHER NETWORK
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 97 97 99 91 91 93 90 101
    Operating expenses (51) (52) (52) (63) (55) (55) (51) (53)
    Gross operating income 46 45 47 28 37 38 39 48
    Cost of risk (2) 2 (14) (19) (16) (17) (14) (15)
    Income before tax 52 47 33 9 20 25 25 33
    Net income – Group share 39 36 25 7 16 19 20 25

    Global Financial Services: quarterly income statement per business line

      ASSET AND WEALTH MANAGEMENT CORPORATE & INVESTMENT
    BANKING    		 GLOBAL FINANCIAL
    SERVICES
    €m Q4-24 Q4-23 Q4-24 Q4-23 Q4-24 Q4-23 %
    Net banking income 968 874 1,087 1,034 2,055 1,908 8%
    Operating expenses (763) (691) (738) (703) (1,501) (1,394) 8%
    Gross operating income 205 183 349 331 553 514 8%
    Cost of risk 12 (12) (98) (62) (86) (73) 18%
    Share in net income of associates 0 0 12 4 12 4 x3
    Gains or losses on other assets 0 (7) 0 (17) 0 (24) ns
    Income before tax 217 165 262 255 479 420 14%
    Net income – Group share 143 105 194 176 337 280 20%

    Global Financial Services: 2024 income statement per business line

      ASSET AND WEALTH MANAGEMENT CORPORATE & INVESTMENT
    BANKING    		 GLOBAL FINANCIAL
    SERVICES
    €m 2024 2023 2024 2023 2024 2023 %
    Net banking income 3,507 3,192 4,440 4,166 7,947 7,358 8%
    Operating expenses (2,763) (2,604) (2,889) (2,666) (5,651) (5,269) 7%
    Gross operating income 744 588 1,551 1,500 2,296 2,088 10%
    Cost of risk 14 4 (282) (158) (268) (154) 73%
    Share in net income of associates 0 0 23 13 23 14 67%
    Gains or losses on other assets 0 35 0 (17) 0 18 ns
    Income before tax 759 627 1,293 1,338 2,051 1,966 4%
    Net income – Group share 500 425 952 977 1,452 1,402 4%

    Global Financial Services: quarterly series

    GLOBAL FINANCIAL SERVICES
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24  
    Net banking income 1,854 1,829 1,767 1,908 1,933 1,983 1,976 2,055  
    Operating expenses (1,305) (1,287) (1,283) (1,394) (1,368) (1,366) (1,415) (1,501)  
    Gross operating income 549 542 483 514 564 617 561 553  
    Cost of risk 27 (91) (17) (73) (58) (82) (41) (86)  
    Income before tax 621 455 470 420 510 539 525 479  
    Net income – Group share 458 322 341 280 364 384 366 337  

    Corporate & Investment Banking: quarterly series

    CORPORATE & INVESTMENT BANKING
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24  
    Net banking income 1,074 1,056 1,002 1,034 1,102 1,133 1,118 1,087  
    Operating expenses (661) (651) (650) (703) (706) (694) (751) (738)  
    Gross operating income 412 405 352 331 396 439 367 349  
    Cost of risk 21 (90) (28) (62) (54) (91) (39) (98)  
    Income before tax 437 318 328 255 346 352 333 262  
    Net income – Group share 321 233 247 176 255 261 242 194  

    Asset & Wealth Management: quarterly series

    ASSET & WEALTH MANAGEMENT
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24  
    Net banking income 781 773 764 874 830 850 858 968  
    Operating expenses (644) (636) (633) (691) (662) (673) (664) (763)  
    Gross operating income 137 137 131 183 168 178 194 205  
    Cost of risk 6 (1) 11 (12) (5) 9 (2) 12  
    Income before tax 184 136 143 165 163 187 192 217  
    Net income – Group share 137 89 94 105 109 123 124 143  

    Corporate center: quarterly series

    CORPORATE CENTER
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 57 (3) (21) (22) 57 (58) 46 (73)
    Operating expenses (785) (52) (170) (237) (236) (186) (223) (186)
    Gross operating income (728) (55) (191) (259) (179) (244) (176) (259)
    Cost of risk (46) 1 0 (28) (28) (2) (59) 46
    Share in income of associates 2 0 1 (9) 3 0 1 5
    Gains or losses on other assets (0) 0 (0) (0) (6) 1 3 (8)
    Income before tax (771) (54) (189) (296) (210) (245) (232) (215)
    Net income – Group share (776) (63) (210) (211) (198) (215) (226) (196)

    DISCLAIMER

    This document may contain forward-looking statements and comments relating to the objectives and strategy of Groupe BPCE. By their very nature, these forward-looking statements inherently depend on assumptions, project considerations, objectives and expectations linked to future events, transactions, products and services as well as on suppositions regarding future performance and synergies.

    No guarantee can be given that such objectives will be realized; they are subject to inherent risks and uncertainties and are based on assumptions relating to the Group, its subsidiaries and associates and the business development thereof; trends in the sector; future acquisitions and investments; macroeconomic conditions and conditions in the Group’s principal local markets; competition and regulation. Occurrence of such events is not certain, and outcomes may prove different from current expectations, significantly affecting expected results. Actual results may differ significantly from those anticipated or implied by the forward-looking statements. Groupe BPCE shall in no event have any obligation to publish modifications or updates of such objectives.

    Information in this presentation relating to parties other than Groupe BPCE or taken from external sources has not been subject to independent verification; the Group makes no statement or commitment with respect to this third-party information and makes no warranty as to the accuracy, fairness, precision or completeness of the information or opinions contained in this press release. Neither Groupe BPCE nor its representatives shall be held liable for any errors or omissions or for any harm that may result from the use of this presentation or of its contents or any related material, or of any document or information referred to in this presentation.

    The financial information presented in this document relating to the fiscal period ended December 31, 2024 has been drawn up in compliance with IFRS standards, as adopted in the European Union.
    This financial information is not the equivalent of summary financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting”.

    Preparation of the financial information requires Management to make estimates and assumptions in certain areas regarding uncertain future events.

    These estimates are based on the judgment of the individuals preparing this financial information and the information available at the date of the balance sheet. Actual future results may differ from these estimates. For further information, see chapter 5, part 5.1, note 2.3 “Use of estimates and judgments” of the Universal Registration Document 2023 filed with the Autorité des Marchés Financiers, the French financial markets authority.
    With respect to the financial information of Groupe BPCE for the quarter ended December 31, 2024, and in view of the context mentioned above, attention should be drawn to the fact that the estimated increase in credit risk and the calculation of expected credit losses (IFRS 9 provisions) are largely based on assumptions that depend on the macroeconomic context.

    Significant factors liable to cause actual results to differ from those anticipated in the projections are related to the banking and financial environment in which Groupe BPCE operates, which exposes it to a multitude of risks. These potential risks liable to affect Groupe BPCE’s financial results are detailed in the “Risk factors & risk management” chapter of the latest amendment to the 2023 Universal Registration Document filed with the Autorité des Marchés Financiers.

    Investors are advised to consider the uncertainties and risk factors liable to affect the Group’s operations when examining the information contained in the projection elements.

    The financial results contained in this presentation have not been reviewed by the statutory auditors. The quarterly financial information of Groupe BPCE for the period ended December 31, 2024, approved by the Management Board at a meeting convened on February 3, 2025, were verified and reviewed by the Supervisory Board at a meeting convened on February 5, 2025.

    The sum of the values shown in the tables and analyses may differ slightly from the total reported owing to rounding effects.

    About Groupe BPCE
    Groupe BPCE is the second-largest banking group in France. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the wholesale banking expertise of Natixis Corporate & Investment Banking and with the asset & wealth management services provided by Natixis Investment Managers.
    The Group’s financial strength is recognized by four financial rating agencies: Moody’s (A1, stable outlook), Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook).

             groupebpce.com

    Attachment

    The MIL Network –

  • MIL-OSI Global: Turkey’s earthquake reconstruction efforts must balance speed with fairness

    Source: The Conversation – Canada – By Fatma Ozdogan, PhD Candidate & Researcher, Université de Montréal

    Earthquake survivors in Hatay Province, Turkey, on Sept. 6, 2024. (Fatma Özdoğan)

    Two years after the devastating 2023 earthquakes in Turkey that killed about 60,000 people and caused the collapse of 57,000 buildings, the country’s recovery remains slow, fragmented, and heavily politicized.

    Despite large-scale reconstruction efforts, branded the “Reconstruction of the Century,” there is no clear strategy or timeline, and affected communities are still excluded from decision-making.

    Given the scale of destruction, reconstruction efforts will likely take years. Large-scale government housing projects on city outskirts are being prioritized due to their speed and the ease of land acquisition. However, these developments often come at the cost of uprooting established communities, pushing people into peripheral areas with limited access to services like transport and education and fewer economic opportunities.

    Temporary accommodations like container cities continue to deteriorate. Overcrowding, inadequate sanitation and unreliable access to clean water, electricity, health care and education are widespread. Women face heightened safety risks, and schools are overwhelmed, forcing many families to relocate unwillingly or leaving children with no option but to hitchhike to school.

    ‘Disaster of the century’ narrative

    From the outset, Turkey’s political leadership framed the 2023 earthquakes as the “disaster of the century,” using their scale to deflect scrutiny from governance failures. Weak enforcement of earthquake regulations and systemic negligence played a key role in the destruction, yet officials have avoided accountability.

    This narrative was reinforced by contractors facing trial, who claimed the devastation was caused by an extraordinary natural event rather than poor construction practices or regulatory failures. By portraying the disaster as unavoidable, they have sought to shift responsibility away from those who contributed to the destruction.

    The rapid removal of debris further weakened efforts to establish accountability. Clearing ruins so quickly erased critical evidence that could have explained why some buildings collapsed while others remained standing. Many structures were never properly assessed, and legal cases against those responsible have struggled to move forward due to missing documentation.

    Survivors seeking justice remain trapped in lengthy legal battles with little hope for accountability. Among them are initiatives like Families in Pursuit of Justice and the Association for the Survival of the Champion Angels, led by relatives of victims, continue to demand accountability from contractors and officials.

    It is important to note that earthquake-induced ground motions in a few localities did exceed the parameters defined in the building codes, but this should only have resulted in damage, not total building collapses.

    Land expropriation and legal battles

    Turkey’s construction industry, closely tied to political power, has benefited from disaster recovery, reinforcing existing economic and political hierarchies. Large-scale reconstruction projects serve as an economic engine, giving firms with close government ties an advantage while sidelining local communities.

    The awarding of large-scale projects without competitive bidding has fuelled concerns that reconstruction is prioritizing political and economic interests over the needs of local communities.

    One of the key mechanisms enabling top-down reconstruction is the designation of reserve areas, a legal tool allowing the state to expropriate land for redevelopment under the justification of disaster recovery and urban renewal. This process has often led to forced displacement, particularly in areas with high land value or where redevelopment aligns with broader political and economic interests.

    This is evident in Akevler, a neighbourhood in central Antakya, where residents received sudden expropriation orders, even for structurally sound or repaired homes. Many launched legal challenges, marking their buildings with signs reading “Do not demolish; in court” to resist state-led destruction.

    In November 2024, there was a significant legal victory for residents when a court issued a stay within the reserve area in Akevler. The court cited “irreparable harm” and ruled that demolitions and evictions could not proceed without due legal process. This decision also extended to vacant parcels, reinforcing concerns about arbitrary land seizures.

    Beyond urban areas, rapid recovery decisions have also disregarded environmental concerns. In Defne, Hatay, earthquake survivor Çiğdem Mutlu Arslan has been fighting to protect her family’s ancestral olive grove. In July 2024, a contractor — citing post-disaster road construction — cut down 32 of 40 trees, some more than 150 years old, without an expropriation decision.

    Determined to resist further encroachment, Arslan set up camp on her land, documenting the destruction and raising awareness of how recovery policies are exacerbating environmental degradation. Her struggle reflects broader post-disaster consequences, where recovery efforts threaten communities, heritage and the environment.

    ‘Building Back Better’

    While these struggles highlight the shortcomings of post-disaster recovery, there are potentially better and fairer ways to approach reconstruction. Building Back Better (BBB) has become a central principle globally accepted, shaping expectations for reconstruction.

    Introduced by the United Nations after the 2004 Indian Ocean tsunami, BBB promotes rebuilding stronger, more resilient and more equitable communities rather than simply restoring pre-disaster conditions. BBB prioritizes disaster-resistant infrastructure, social equity and sustainability to reduce future risks.

    Yet, BBB faces significant challenges. The tension between rapid reconstruction and long-term resilience often leads to trade-offs, where speed takes priority over equity and sustainability. Vulnerable communities, particularly low-income groups with insecure land tenure rights, frequently receive inadequate attention, exacerbating pre-existing inequalities.

    For BBB to be effective, recovery strategies must be inclusive and adapted to local contexts. However, many disaster-prone regions lack the social safety nets and institutional capacity to implement BBB successfully. Additionally, the framework’s broad and ambiguous goals often result in inconsistent applications, where vulnerabilities are reinforced rather than addressed.

    A more effective path forward

    Drawing from these examples and considering the global discourse around post-disaster recovery, a more effective approach must prioritize social justice, transparency and long-term resilience. Several key measures should be considered:

    A people-centred recovery: Reconstruction must prioritize affected communities rather than external economic or political interests. Ensuring access to stable housing, education and health care while addressing existing inequalities is crucial. Organized civil society groups can assist with articulating needs and developing community-driven plans. Decentralized access to financing for communities coupled with technical support can help with realizing these plans.

    Transparency and accountability: Decision-making must be open to public scrutiny, and legal rulings must be enforced.

    Challenging dominant narratives: Moving beyond narratives that frame disasters as inevitable is critical. Acknowledging governance failures and addressing systemic issues will be key to preventing future tragedies.

    Balancing speed with resilience: While urgent needs must be met, reconstruction should incorporate more sustainable planning to prevent future displacement and social impacts.

    Reforming the construction industry: Ensuring the effective enforcement of regulations and addressing systemic gaps in oversight are essential to reducing vulnerability to future disasters.

    Without these measures, Turkey risks repeating past mistakes, deepening inequalities and failing to provide stability for disaster-affected communities.

    Cassidy Johnson receives funding from UK Engineering and Physical Sciences Research Council, “Learning from Earthquakes: Building Resilient Communities Through Earthquake Reconnaissance, Response and Recovery,” grant EP/P025951/1.

    Fatma Ozdogan 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. Turkey’s earthquake reconstruction efforts must balance speed with fairness – https://theconversation.com/turkeys-earthquake-reconstruction-efforts-must-balance-speed-with-fairness-248730

    MIL OSI – Global Reports –

  • MIL-OSI USA: Attorney General James’ Office of Special Investigation Releases Report on Death of Ervin Zacarias Antonio Agustin

    Source: US State of New York

    NEW YORK – New York Attorney General Letitia James’ Office of Special Investigation (OSI) today released its report on the death of Ervin Zacarias Antonio Agustin, who died on May 19, 2024 following a motor vehicle collision involving a New York City Police Department (NYPD) officer in Queens County. Following a thorough investigation, which included review of the vehicle’s dashboard camera, an interview with the involved officer, and comprehensive legal analysis, OSI determined that a prosecutor would not be able to prove beyond a reasonable doubt at trial that the officer committed a crime, and therefore criminal charges would not be pursued in this matter.

    In the early morning hours of May 19, 2024, an NYPD officer was traveling in a marked police vehicle with his turret lights and siren activated, traveling to the scene of a motor vehicle collision investigation in Queens. The officer was traveling southbound on the Van Wyck Expressway, a multi-lane highway that runs north-south with three lanes in each direction, separated by a concrete divider, and no pedestrian traffic. The speed limit of the expressway was 50 MPH, and 40 MPH in construction zones. As the officer approached the vicinity of Archer Avenue, he was traveling at a speed of 63 MPH. Mr. Agustin attempted to run across the expressway and was struck by the officer’s vehicle. The collision occurred near a construction site, with construction equipment parked behind the concrete barriers lining both sides of the southbound lanes.

    Under OSI’s analysis of New York’s Vehicle and Traffic Law, Penal Law, and case law from New York’s highest court, a police officer who causes a death while properly responding to an emergency in a police vehicle cannot be charged with a crime unless the officer acts recklessly or intentionally. The criminal charge that requires recklessness is Manslaughter in the Second Degree, in which a person is guilty when they recklessly cause the death of another person. “Recklessly” means that the person consciously disregards a “substantial and unjustifiable” risk of death and that their actions are a “gross deviation” from a reasonable standard of conduct.

    In this case, while the officer caused Mr. Agustin’s death, the evidence does not establish beyond a reasonable doubt that the officer’s conduct was a gross deviation from the standard that would have been observed by a reasonable officer in the same circumstances, or that the officer consciously disregarded a substantial and unjustifiable risk of death. The officer was speeding because he was responding to an emergency. In addition, the officer had no reason to expect that a person would attempt to cross the expressway on foot, as the Van Wyck Expressway is closed to pedestrians. There was no evidence that the officer was impaired by drugs or alcohol, and no evidence that he was otherwise distracted at the time of the collision. Therefore, OSI concluded that there was insufficient evidence to pursue criminal charges.  

    MIL OSI USA News –

  • MIL-OSI USA: Governor Stein Announces Cold Storage Company Will Create 123 Jobs In Robeson County

    Source: US State of North Carolina

    Headline: Governor Stein Announces Cold Storage Company Will Create 123 Jobs In Robeson County

    Governor Stein Announces Cold Storage Company Will Create 123 Jobs In Robeson County
    bwood

    Raleigh, NC

    Today, Governor Josh Stein announced that Cold-Link Logistics, a cold storage management firm, will create 123 new jobs in Robeson County. The company will invest $85.5 million to build a cold storage warehouse in Lumberton.

    “North Carolina is consistently ranked as a top state to do business thanks to our skilled workforce, robust transportation infrastructure, and friendly business climate,” said Governor Josh Stein. “We are proud to welcome Cold-Link Logistics to our state and to partner with them to bring more jobs to Robeson County.” 

    A subsidiary of family-owned Mandich Group, Cold-Link Logistics is a full-service third-party logistics cold storage company. Headquartered in Florida, the company’s cold storage locations provide customized product handling, storage, order picking and load preparation, blast freezing, and other value-added logistics services. Cold-Link Lumberton will be a modern 233,000-square-foot temperature-controlled building that will serve the local and regional poultry business, as well as a broad variety of other food companies, manufacturers, and distributors. The company is building on 55 acres in the new Southeast Crossroads Industrial Park.

    “We are excited to expand our footprint into the great State of North Carolina,” said Michael Mandich, Managing Partner of Cold-Link Logistics. “We have listened to our customers and their need for additional cold storage warehousing in the Southeast regions surrounding Lumberton. There’s a strong interest among the protein and other food manufacturers in this area to work with a family owned and operated company like Cold-Link that can offer first-class, value-added services. The Robeson County Community has welcomed us with open arms. After looking into many areas to expand our business we knew this was the right place to locate our 10th facility.”

    “North Carolina’s supply chain for food and agriculture has always been an economic driver for our state,” said N.C. Commerce Secretary Lee Lilley. “Our agricultural legacy and commitment to innovation will help companies like Cold-Link establish its operations and increase its footprint in the southeastern United States.”

    New positions for the company include managers, supervisors, warehouse staff, and shipping and receiving personnel. Wages for the positions will vary, but altogether, the average annual salary will be $50,128, which exceeds the Robeson County average of $42,964. These new jobs could create a potential annual payroll impact of more than $6.1 million.

    A performance-based grant of $375,000 from the One North Carolina Fund has been awarded to MG88 Lumberton Cold Storage, LLC, which does business under the name Cold-Link Logistics Lumberton, LLC, to support the project locating to Robeson County. The OneNC Fund provides financial assistance to local governments to help attract economic investment and to create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All OneNC grants require a matching participation from local governments, and any award is contingent upon that condition being met.

    “This is fantastic news for region and the entire state,” said Senator Danny Earl Britt, Jr. “Being situated along the I-95 corridor, Lumberton is a great location for warehouse and distribution companies looking to invest in growing markets with a solid pipeline of talent.”

    “Cold-Link’s decision to build in the Southeast Crossroads Industrial Park is yet another symbol of the strong collaboration to grow our state’s economy,” said Representative Jarrod Lowery. “We are grateful for all the state, regional, and local partners that helped prepare the site and Robeson County for economic development wins such as this.”

    In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, North Carolina Community College System, Golden LEAF Foundation, Electricities, Robeson County, Robeson County Committee of 100, North Carolina’s Southeast, and the City of Lumberton. 

    Feb 5, 2025

    MIL OSI USA News –

  • MIL-OSI Economics: IADC Welcomes 2 New Regional Reps for Latin America

    Source: International Association of Drilling Contractors – IADC

    Headline: IADC Welcomes 2 New Regional Reps for Latin America

    IADC recently welcomed two new Regional Representatives for the IADC Latin America (LATAM) Regional Chapter: Soraya Carvalho and Ricardo Carvalho of Soraya & Carvalho Consulting. 

    Soraya and Ricardo each bring over 17 years of industry experience and have been actively involved with the IADC LATAM Chapter since its beginning. Their extensive backgrounds include leadership roles at NOV, Transocean, and IADC, where they gained deep expertise in business development, sales, project management, contract negotiations, strategic planning, and overall business operations. In addition to running their own consulting firm, Soraya and Ricardo are key members of Sophia Oilfield Supply Services — Ricardo serves as the Director of Operations – LATAM, while Soraya is the VP of Sales – LATAM. 

    IADC is very pleased to welcome Soraya and Ricardo as the new IADC LATAM Chapter Regional Representatives. Their dynamic leadership will be key to strengthening our community and enhancing Member value throughout the region.

    MIL OSI Economics –

  • MIL-OSI Economics: Jason’s Story: Just one simple conversation can have a lifelong impact

    Source: International Association of Drilling Contractors – IADC

    Headline: Jason’s Story: Just one simple conversation can have a lifelong impact

    The following is part of IADC’s 85th anniversary campaign, “Many Stories, One Voice,” which aims to showcase the real human stories behind the drilling industry. 

    Jason McFarland

    When I think about the importance of mentorship in our industry, one person is top of mind: Ken Fischer. Our professional relationship spanned decades, and he fundamentally shaped who I am today.

    Over Thanksgiving in 2008, Ken and I traveled to the UAE on IADC business, then to Oman for the IADC Well Control Middle East Conference. I was IADC’s VP of Membership at the time; I’d been working with Ken since 1996, a year after I started with our Association in what’s known today as the IADC Bookstore.

    We were staying at the Grand Hyatt Muscat Oman, and the hotel was hosting a Thanksgiving dinner for its American guests. Ken and I got our plates and sat out on the patio, and that’s when a seemingly ordinary moment changed the trajectory of my career and my life.

    After our meal, Ken pulled out a scrap piece of paper that had the cab driver’s phone number from the night before. He started drawing out a leadership assessment grid, listing key attributes like vision, leadership, management, and technical competency. Then, he began evaluating several individuals—including me—and grading them on each of these attributes.

    The exercise Ken drew out and the conversation that followed were straightforward, because that was Ken’s way, but they changed my life. There were two things that made this moment transformative for me.

    Most importantly, this was the first time anyone had pulled me aside and told me that they thought I had potential. He believed in me at a time when I didn’t yet believe in myself. He showed me that I have something to offer, even though it took me a while to fully believe what we discussed that day.

    Secondly, he provided a clear, honest roadmap for my personal and professional growth. We talked about my weaknesses and the areas I could improve in, which motivated me to take action.

    At the time of our conversation, serving as IADC’s president was simply nowhere on my radar. But I kept that piece of paper with me, a constant reminder of Ken’s wisdom and encouragement. Years later, in 2015, I was honored to be given an opportunity to serve as IADC’s President—a journey, I believe, that truly began with that simple but powerful conversation in Oman.

    A few years ago, I visited Ken at his ranch during his battle with cancer. I pulled out the same worn piece of paper from Oman. He was astonished I still had it, and I told him what a pivotal moment that had been for me. I’m so grateful I had the opportunity to express to Ken how much he meant to me and what an impact he’d had on my personal and professional life before he passed away.

    Mentors like Ken don’t just guide careers—they change lives. They see potential in young professionals and nurture it with care, wisdom, and genuine belief. In our industry, these connections can be a truly invaluable resource.

    To everyone reading this: If you have a mentor who’s inspired you, tell them. Let them know how much you appreciate them and the impact they’ve had on you. And if you’re in a position to mentor others, don’t underestimate the profound impact you can have on someone with a simple, encouraging conversation.

    MIL OSI Economics –

  • MIL-OSI Economics: From the Chairman: Advancing advocacy necessitates a more nuanced energy dialogue

    Source: International Association of Drilling Contractors – IADC

    Headline: From the Chairman: Advancing advocacy necessitates a more nuanced energy dialogue

    In a new editorial from the Jan/Feb issue of Drilling Contractor, IADC Chairman Kevin Neveu reflects on the Association’s 85th anniversary, offering a powerful perspective on the critical role of the drilling industry in today’s complex energy landscape.

    Neveu emphasizes the need for more sophisticated advocacy, challenging oversimplified narratives about energy. He argues that the current dialogue often unfairly characterizes hydrocarbons and CO2 as “bad” while branding renewable energy as “good,” ignoring the intricate realities of global energy infrastructure.

    According to Neveu, 

    “This black-and-white, either-or approach ignores the complexity of highly engineered energy infrastructure and the intricate relationship between different energy sources in powering our world. Even more troubling is that it undermines our ability to address real challenges.”

    A bright spot in Neveu’s message is the growth of IADC’s Student Chapter program, which has expanded from three to 21 chapters since 2019, including 12 in the US and 9 outside the US. He finds hope in the enthusiasm of young industry professionals who are eager to be part of innovative solutions.

    The 2025 Chairman calls for active engagement across the industry, encouraging Members to participate through committee work, conference involvement, mentorship, and advocacy. As IADC celebrates its milestone 85th year, Neveu’s vision is clear: to advance the energy dialogue step by step, building a foundation for more nuanced discussions and collaborative future solutions.

    MIL OSI Economics –

  • MIL-OSI Submissions: Tech – Ivo raises $16M Series A to deliver reliable AI contract review at scale, as it launches Ivo Search Agent

    Source: Ivo

    AI-powered legal assistant cuts contract review time by 75%, as demand surges for intelligent automation in corporate legal departments.

    San Francisco, California – February 6, 2024; Contract negotiation remains the most challenging bottleneck in the contract lifecycle, with legal teams spending hours on manual redlining and revisions while ensuring perfect accuracy. As contract volumes surge, in-house lawyers face mounting pressure to review more agreements than ever before – yet traditional automation tools prioritize speed over accuracy, forcing legal teams to choose between efficiency and reliability. Today, Ivo announces a $16 million Series A funding round to scale its AI-powered contract review solution that has already helped over 150 corporate legal teams negotiate their agreements. Ivo’s customers include companies like Canva, Fonterra, Pipedrive, Weightwatchers, Eventbrite, Blue Cross Blue Shield Kansas City, and several Fortune 500’s.

    The Series A funding round is led by Costanoa Ventures, with participation from Fika Ventures, Uncork Capital, NFDG, Blackbird VC, GD1, and Phase One Ventures. It brings Ivo’s total funding to $22.2 million, following early backing from Daniel Gross and a $4.8 million seed round led by Fika Ventures and Uncork Capital.

    Ivo has developed a breakthrough approach to contract review that sets new standards for accuracy. The platform automatically checks agreements against company requirements, generates specific suggestions for resolving discrepancies, and creates compromise language between conflicting clauses. Unlike competitors that treat legal review as a simple automation problem, Ivo’s sophisticated AI produces naturalistic redlines that mirror the work of experienced attorneys, maintaining consistent terminology and making minimal necessary changes.

    “When I was a corporate lawyer, contract review was amongst the most manual and time-consuming tasks,” says Min-Kyu Jung, CEO and Co-founder of Ivo. Determined to solve this problem himself, Jung left his legal career, taught himself to code, and began building what would become Ivo. After speaking with hundreds of legal professionals and iterating through multiple versions of the product, his team developed a solution that lawyers could use in confidence.

    The impact on legal teams has been immediate and significant. “Ivo reduced our average time to approve counterparty NDAs for signatures from four days to two, while first pass turn improved from an average of 11 hours to 5 minutes,” says Adrie Christiansen, Legal Operations Lead at Quora. Similarly, Geotab’s legal team reports an average savings of 45 minutes per contract review – a 75% efficiency gain that allows their lawyers to focus on strategic work. This improvement comes without sacrificing accuracy, as Ivo’s transparency allows lawyers to understand and validate every suggestion. The platform has proven particularly valuable for high-volume contract review, where maintaining consistency across thousands of agreements is critical. Through extensive customization options and playbook features, legal teams can establish clear guardrails that enable business users to handle initial contract reviews while ensuring proper escalation protocols.

    The timing of Ivo’s expansion is critical. As artificial intelligence emerges as potentially the most transformative technology since the internet, legal teams face mounting pressure to adopt solutions that can scale their capabilities. Yet most AI tools lack the sophistication to handle complex legal analysis, creating more work for lawyers who must double-check every output. With its team of in-house lawyers continually refining and enhancing the platform, Ivo has developed an approach that augments rather than replaces legal judgment – acting as a “powerful force multiplier” for teams handling increasingly large volumes of contracts.

    Today’s launch of Ivo Search Agent marks another milestone in the company’s mission to transform how legal teams work. This new capability revolutionizes contract search and analysis by eliminating the need for manual metadata tagging — a significant pain point in traditional contract lifecycle management systems. Legal teams can now search and generate reports across their entire contract portfolio regardless of where documents are stored, whether in cloud storage solutions like Box and SharePoint or local computers. The system works seamlessly across various data sources, including CLM integrations, requiring minimal implementation while delivering comprehensive insights.

    “Ivo is fundamentally transforming contract review for lawyers and legal teams,” said Amy Cheetham, Partner at Costanoa Ventures. “By leveraging AI to manage the meticulous, painstaking work of contract review, Ivo gives legal teams tools designed by lawyers to work faster with greater accuracy. In a world where legal organizations are constantly under pressure to meet business demands and improve efficiency, the launch of Ivo’s new search tool will allow legal teams to search and generate reports across their entire contract portfolio, significantly reducing their workload and increasing efficiency.”

    “The legal profession is in the early stages of an AI-driven transformation,” adds Min-Kyu Jung. “We’re building Ivo to ensure this change enhances rather than diminishes the crucial role of legal judgment. Our vision is to give every legal team the power to handle enterprise-scale contract volumes while maintaining the highest standards of accuracy and control.”

    About Ivo

    Ivo is on a mission to reduce the time, effort and cost spent on contracts. Ivo was founded out of a belief that contracts are foundational to commerce. The founders saw first-hand how contract review was slowing down mission-critical projects, and decided to do something about it.

    Founded in New Zealand and now headquartered in San Francisco, Ivo powers the world’s most comprehensive and accurate AI Contract Review platform, designed to help legal and business teams accelerate time-to-close and unblock contracts from key business processes.

    By using AI to reduce the time, effort, and cost of negotiating contracts, Ivo makes it easier for businesses to work together. For more information please visit https://www.ivo.ai/ or follow via LinkedIn

    About Costanoa Ventures

    Founded in 2012, Costanoa Ventures partners with technical and product founders as early as company formation, with a focus on apps and infrastructure in data, dev and fintech. Costanoa is a long-term partner to entrepreneurs who want hands-on help in their earliest company stages on all things go-to-market and talent. For more information, please visit https://costanoa.vc/

    MIL OSI – Submitted News –

  • MIL-OSI USA: Secretary Collins’ message to Veterans and VA employees

    Source: US Department of Veterans Affairs

    Skip to content

    It is my life’s honor to serve America’s Veterans as secretary of Veterans Affairs, and I thank President Donald J. Trump as well as the U.S. Senate for their confidence in me.

    America is the greatest nation on Earth precisely because of the Veterans willing to step forward and defend our freedom. I’ve witnessed this firsthand throughout my two decades in the military, as I’ve served with some of the finest men and women our nation has to offer.

    In addition to being a Navy Veteran, I am an Air Force Reserve colonel and chaplain. During my time in the military, I’ve learned that leadership is about listening, serving, motivating and setting a good example for those around you. That is the approach I will bring to the Department of Veterans Affairs.

    When President Trump offered me this job, he gave me simple instructions: take great care of America’s Veterans. Here is how we’re going to accomplish the task the president has set out for us:

    • We’re going to deliver timely access to care and benefits for every eligible Veteran, family member, caregiver and survivor.
    • We’re going to put Veterans at the center of everything VA does, focusing relentlessly on customer service and convenience.
    • We’re going to challenge the status quo in order to find new and better ways of helping VA beneficiaries.
    • We’re going to celebrate the vast majority of VA employees who do a great job every day and hold employees accountable when they fall short of the mission.
    • We’re going to provide Veterans with the health care choices they have earned while maintaining and improving VA’s direct health care capabilities.
    • And we’re going to do a better job reaching Veterans at risk of homelessness or suicide – especially those who have had no contact with VA.

    My commitment to my fellow servicemembers and Veterans will serve as my compass for the way ahead, and I am honored to be working with the men and women of VA to accomplish our noble and vital mission.

    Together, we will strengthen VA so it works better for America’s heroes. Let’s get to work.

    Reporters and media outlets with questions or comments should contact the Office of Media Relations at vapublicaffairs@va.gov

    Veterans with questions about their health care and benefits (including GI Bill). Questions, updates and documents can be submitted online.

    Contact us online through Ask VA

    Veterans can also use our chatbot to get information about VA benefits and services. The chatbot won’t connect you with a person, but it can show you where to go on VA.gov to find answers to some common questions.

    Learn about our chatbot and ask a question

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    MIL OSI USA News –

  • MIL-OSI: SOITEC REPORTS FY’25 THIRD QUARTER REVENUE

    Source: GlobeNewswire (MIL-OSI)

    SOITEC REPORTS FY’25 THIRD QUARTER REVENUE

    • Reaching €226m, Q3’25 revenue was almost stable vs. Q2’25 and down 10% at constant exchange rates and perimeter compared with Q3’24
    • 9M’25 revenue reached €564m, down 12% on a reported basis and decreased by 13% at constant exchange rates and perimeter vs. 9M’24
    • FY’25 guidance revised: revenue expected to decrease by high single digit year-on-year at constant exchange rates and perimeter (compared to flat previously), and EBITDA1margin2expected between 32% and 34% (compared to around 35% previously)
    • Given the current lack of visibility on end markets, Soitec expects at this stage quite limited growth for FY’26

    Bernin (Grenoble), France, February 5th, 2025 – Soitec (Euronext Paris), a world leader in designing and manufacturing innovative semiconductor materials, today announced consolidated revenue of 226 million Euros for the third quarter of FY’25 (ended December 29th, 2024), down 6% on a reported basis compared to the third quarter of FY’24. This reflects a 10% decline at constant exchange rates and perimeter, a positive currency impact of 5% and a negative scope effect3 of 1%.

    Pierre Barnabé, Soitec’s CEO, commented: “After a very strong sequential rebound in the second quarter, we maintained the third-quarter revenue at a fairly similar level. The good performance of the Mobile Communications division was driven by sustained momentum in POI, and a seasonal tailwind in RF-SOI sales. Despite seasonal restocking in the second half of the fiscal year, the customers continue to optimize RF-SOI inventory levels based on seasonality and market conditions, which will keep driving fluctuations over the next few quarters. At the same time, we are strengthening our position as a leader, notably with the introduction of new innovative 300mm products. The Automotive and Industrial division continues to be impacted by a weak automotive market. In Edge & Cloud AI, the momentum remains strong, supported by significant investments in cloud infrastructure across the industry to accelerate AI computing power, as well as increasing demand at the edge for lower energy consumption and processing costs.

    Due to worsening conditions in the Automotive and Consumer markets, a couple of customers have requested to put some delivery requests on hold. As a consequence, we are adjusting our guidance for fiscal year 2025, with annual revenue expected to decrease by high single digit year-on-year. We are managing our EBITDA margin to be between 32% and 34%.

    With the lack of visibility on our end markets for now, it is also too early to provide specific guidance for fiscal year 2026. Given current market conditions, we expect at this stage quite limited growth for fiscal year 2026.

    Our fundamentals remain solid and will allow us to accelerate as end markets recover. We continue to enhance our technology leadership, to strengthen our SOI positioning with both existing and new customers, and to deploy our expansion into compound semiconductors with the acceleration of POI volumes and a fifth customer in qualification on SmartSiCTM.”

    Third quarter FY’25 consolidated revenue (unaudited)

      Q3’25 Q3’24 Q3’25/Q3’24
             
             
    (Euros millions)     change reported chg. at const. exch. rates & perimeter
             
    Mobile Communications 154 130 +18% +11%
    Automotive & Industrial 25 44 -43% -47%
    Edge & Cloud AI 47 65 -28% -30%
             
    Revenue 226 240 -6% -10%

    Q3’25 revenue reached 226 million Euros. After the sharp sequential increase achieved in Q2’25, it was up 4% versus Q2’25 on a reported basis (down 2% at constant exchange rates and perimeter). Compared to Q3’24, it was down 10% at constant exchange rates and perimeter.

    Q3’25 revenue reflected an improved performance in Mobile Communications and a weaker performance in Automotive & Industrial as well as in Edge & Cloud AI which was due to a different phasing in Imager-SOI wafer sales.

    Mobile Communications

    Mobile Communications revenue reached 154 million Euros in Q3’25, up 11% at constant exchange rates and perimeter compared to Q3’24. In the context of a healthier smartphone market and inventory situation, Mobile Communications revenue continued to recover in Q3’25 after the sharp rebound already experienced in Q2’25.

    As expected, growth in RF-SOI wafer sales has resumed. Q3’25 sales were significantly higher than in Q2’25, and also higher than in Q3’24. While reflecting different situations, inventories in the overall supply chain now seem to progressively normalize. Soitec is confident that growth in RF-SOI wafer sales will continue in Q4’25. Soitec continues to reinforce its strong customer intimacy, leveraging state-of-the-art Innovation capabilities to develop leading-edge products, as evidenced by the announcement of its commitment to provide GlobalFoundries with its latest generation of RF-SOI 300mm wafers to support GF’s most advanced 9SW platform.

    Sales of POI (Piezoelectric-on-Insulator) wafers dedicated to RF filters continue to grow quarter after quarter, as the adoption of Surface Acoustic Wave (SAW) filters on POI is accelerating with ten active customers in production, and more than ten in qualification. Q3’25 POI wafer sales were significantly higher than in Q2’25 and Q3’24. Soitec is engaged with all leading US fabless companies.

    Sales of FD-SOI wafers, the only solution for fully integrated 5G mmWave system-on-chip, have made further progress in Q3’25, showing an increase from Q2’25 as well as growth compared to Q3’24.

    Automotive & Industrial

    Automotive & Industrial revenue reached 25 million Euros in Q3’25, lower than in Q2’25 and down 47% at constant exchange rates and perimeter compared Q3’24, reflecting the ongoing difficulties of the automotive market.

    Power-SOI wafer sales reached a particularly low level in Q3’25, as the ongoing weakness of the automotive market is leading to some inventory adjustments at customer level. Power-SOI remains a key component for gate drivers, in vehicle networking and in Battery Management ICs.

    Conversely, FD-SOI wafers recorded a better level of sales in Q3’25 than in Q3’24. Automotive FD-SOI continue to be mostly driven by adoption for microcontrollers, radar and wireless connectivity, delivering on superior performance and power efficiency.

    Further SmartSiCTM samples and prototypes were delivered during Q3’25, paving the way for new qualifications. Soitec has engaged with a fifth customer in a qualification process. The current weakness of the automotive market and the longer than initially anticipated customers’ qualification cycles confirm a delay in the expected wafer production ramp-up, as stated earlier this year.

    Edge & Cloud AI

    Edge & Cloud AI revenue reached 47 million Euros in Q3’25, down 30% at constant exchange rates and perimeter compared to Q3’24. Performance was however contrasted from one product to another.

    Demand in Photonics-SOI wafers continue to benefit from a very positive momentum driven by high investments in Cloud infrastructure. Sales of Photonics-SOI were much stronger in Q3’25 than in Q2’25, and significantly higher than in Q3’24. This reflects the need for more powerful and more energy-efficient data centers to support the exponential growth of AI-related computing power capabilities. Photonics-SOI has become a standard technology platform for high-speed and high bandwidth optical interconnections in data centers, adopted in pluggable optical transceivers, and used for the development of Co-Packaged Optics.

    Sales of FD-SOI wafers remained as strong as in Q2’25 but were lower than in Q3’24. FD-SOI technology is a key enabler for AI-driven consumer and industrial IoT applications due to its unique power efficiency, performance, thermal management and reliability advantages.

    Sales of Imager-SOI wafers for 3D imaging applications are down year-on-year, reflecting the phase out of this product.

    First nine months FY’25 consolidated revenue (unaudited)

      9M’25 9M’24 9M’25/9M’24
             
    (Euros millions)     change reported chg. at const. exch. rates & perimeter
             
    Mobile Communications 326 388 -16% -18%
    Automotive & Industrial 84 119 -29% -31%
    Edge & Cloud AI 154 133 +15% +16%
             
    Revenue 564 641 -12% -13%

    Consolidated revenue reached 564 million Euros in 9M’25, down 13% at constant exchange rates and perimeter compared to 641 million Euros in 9M’24.

    Overall, the decrease in Soitec’s 9M’25 revenue essentially reflects lower volumes in both RF-SOI and Power-SOI wafers, partly offset by strong performances in POI, Photonics-SOI and Imager-SOI wafers.

    Mobile Communications revenue reached 326 million Euros in 9M’25 (58% of total revenue), down 18% at constant exchange rates and perimeter compared to 9M’24, with significant improvement quarter after quarter over FY’25.

    Automotive & Industrial revenue amounted to 84 million Euros in 9M’25 (15% of total revenue), down 31% at constant exchange rates and perimeter compared to 9M’24, reflecting the current weakness of the automotive market.

    Edge & Cloud AI revenue reached 154 million Euros in 9M’25 (27% of total revenue), up 16% at constant exchange rates and perimeter compared to 9M’24, supported by strong growth of photonics SOI products.

    FY’25 outlook

    Soitec expects FY’25 revenue to be down high single digit year on year, at constant exchange rates and perimeter (compared to flat revenue previously) as a couple of customers requested to put some deliveries on hold on the back of worsening conditions in the Automotive and Consumer markets. This implies strong sequential growth in Q4’25, primarily driven by the continued recovery in RF-SOI wafer sales supported by some seasonal restocking. Additionally, Soitec will continue to benefit from strong demand for Photonics-SOI products and the growing adoption of POI.

    Soitec is managing FY’25 EBITDA1margin2 to be between 32% and 34%.

    FY’26 outlook

    With the lack of visibility on our end markets for now, it is too early to provide specific guidance for fiscal year 2026. Given current market conditions, Soitec expects at this stage quite limited growth for fiscal year 2026.

    Q3’25 key events

    Divestment of Dolphin Design’s main businesses

    Dolphin Design’s mixed-signal IP activities have been acquired on November 5th, 2024, by Jolt Capital, a private equity firm specializing in European deeptech investments. Dolphin Design’s ASIC activities were sold to NanoXplore, a major player in SoC and FPGA semiconductor design, on December 30th, 2024.

    Dolphin Design, acquired by Soitec in 2018, has long been at the forefront of delivering cutting-edge semiconductor design solutions in mixed-signal IP and ASICs.The sale of Dolphin Design’s two main business activities will support Soitec’s focus on strategic development and growth opportunities in its core advanced semiconductor materials business.

    Following these operations, Dolphin Design revenue will no longer be reported from Q4’25 onwards, and will have no impact on Soitec financial statements from FY’26.

    Appointment of Frédéric Lissalde as Chairman of the Board

    During the meeting of the Board of Directors held on November 20th, 2024, upon recommendation of the Compensation and Nominations Committee, Frédéric Lissalde, who has been Director since the Annual General Meeting held on July 23rd, 2024, was appointed as Chairman of the Board of Directors as of March 1st, 2025, for the remainder of his term of office as Director.

    Soitec to collaborate with GlobalFoundries in the production of high-performance RF-SOI semiconductors

    On December 4th, 2024, Soitec announced its commitment to deliver 300mm RF-SOI substrates to GlobalFoundries (GF) for the production of GF’s leading RF-SOI technology platforms, including the company’s most advanced RF solution, 9SW. Building on the longstanding relationship between the two companies, this commitment will ensure the supply of advanced RF-SOI engineered substrates required for 5G, 5G-Advanced, Wi-Fi, and other smart mobile device Radio Frequency Front-End (RFFE) modules. To support advanced connectivity, GF’s 9SW RF-SOI platform with its superior switching, low-noise amplifiers (LNA) and logic processing capabilities offers significant advantages and value for premium smartphones by delivering enhanced RF performance, improved power efficiency and scalability. These features are critical for ensuring a superior user experience in high-end devices.

    Soitec continues its collaboration with MIT’s Microsystems Technology Laboratories, thereby strengthening its presence in the United States

    On December 12th, 2024, Soitec announced the continuation of its research collaboration with the Microsystems Technology Laboratories (MTL) of the Massachusetts Institute of Technology (MIT). This agreement covers research in innovative semiconductor materials for diverse applications, including mobile communications, power devices, sensors and quantum computing. Soitec is thereby further solidifying its presence in the North American semiconductor sector, intensifying its efforts amidst favorable industrial and regulatory dynamics supporting semiconductor development.

    # # #

    Analysts conference call to be held in English on Thursday 6thFebruary at 8:00 am CET.

    To listen this conference call, the audiocast is available live and in replay at the following address: https://channel.royalcast.com/soitec/#!/soitec/20250206_1

    # # #

    Agenda

    FY’25 results are due to be published on May 27th, 2025, after market close.

    # # #

    Disclaimer

    This document is provided by Soitec (the “Company”) for information purposes only.

    The Company’s business operations and financial position are described in the Company’s 2023-2024 Universal Registration Document (which notably includes the Annual Financial Report) which was filed on June 5th, 2024, with the French stock market authority (Autorité des Marchés Financiers, or AMF) under number D.24-0462, as well as in the Company’s 2024-2025 half-year financial report released on November 20th, 2024. The French versions of the 2023-2024 Universal Registration Document and the 2024-2025 half-year financial report, together with English courtesy translations for information purposes of both documents, are available for consultation on the Company’s website (www.soitec.com), in the section Company – Investors – Financial Reports.

    Your attention is drawn to the risk factors described in Chapter 2.1 (Risk factors and controls mechanism) of the Company’s 2023-2024 Universal Registration Document.

    This document contains summary information and should be read in conjunction with the 2023-2024 Universal Registration Document and the 2024-2025 half-year financial report.

    This document contains certain forward-looking statements. These forward-looking statements relate to the Company’s future prospects, developments and strategy and are based on analyses of earnings forecasts and estimates of amounts not yet determinable. By their nature, forward-looking statements are subject to a variety of risks and uncertainties as they relate to future events and are dependent on circumstances that may or may not materialize in the future. Forward-looking statements are not a guarantee of the Company’s future performance. The occurrence of any of the risks described in Chapter 2.1 (Risk factors and controls mechanism) of the 2023-2024 Universal Registration Document may have an impact on these forward-looking statements.

    The Company’s actual financial position, results and cash flows, as well as the trends in the sector in which the Company operates may differ materially from those contained in this document. Furthermore, even if the Company’s financial position, results, cash-flows and the developments in the sector in which the Company operates were to conform to the forward-looking statements contained in this document, such elements cannot be construed as a reliable indication of the Company’s future results or developments.

    The Company does not undertake any obligation to update or make any correction to any forward-looking statement in order to reflect an event or circumstance that may occur after the date of this document.

    This document does not constitute or form part of an offer or a solicitation to purchase, subscribe for, or sell the Company’s securities in any country whatsoever. This document, or any part thereof, shall not form the basis of, or be relied upon in connection with, any contract, commitment or investment decision.

    Notably, this document does not constitute an offer or solicitation to purchase, subscribe for or to sell securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from the registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Company’s shares have not been and will not be registered under the Securities Act. Neither the Company nor any other person intends to conduct a public offering of the Company’s securities in the United States.

    # # #

    About Soitec

    Soitec (Euronext – Tech Leaders), a world leader in innovative semiconductor materials, has been developing cutting-edge products delivering both technological performance and energy efficiency for over 30 years. From its global headquarters in France, Soitec is expanding internationally with its unique solutions, and generated sales of 1 billion Euros in fiscal year 2023-2024. Soitec occupies a key position in the semiconductor value chain, serving three main strategic markets: Mobile Communications, Automotive and Industrial, and Edge & Cloud AI (previously Smart Devices). The company relies on the talent and diversity of its 2,300 employees, representing 50 different nationalities, working at its sites in Europe, the United States and Asia. Soitec has registered over 4,000 patents.

    Soitec, SmartSiC™ and Smart Cut™ are registered trademarks of Soitec.

    For more information: https://www.soitec.com/en/ and follow us on X: @Soitec_Official

    # # #

    # # #

    Appendix

    Consolidated revenue per quarter (Q3’25 unaudited)

    Quarterly revenue Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25   9M’24 9M’25
     

    (Euros millions)

    		                    
                         
    Mobile Communications 89    169    130    222 48    124    154      388 326   
    Automotive & Industrial 37 38 44 44 26 33 25   119 84
    Edge & Cloud AI 31 37 65 70 46 61 47   133 154
                         
    Revenue 157    245    240    337 121    217    226      641    564   
    Change in quarterly revenue Q1’25/Q1’24 Q2’25/Q2’24 Q3’25/Q3’24   9M’25/9M’24
      Reported
    change    		 Organic change1 Reported
    change    		 Organic change1 Reported
    change    		 Organic change1   Reported
    change    		 Organic change1
    (vs. previous year)                  
                       
    Mobile Communications -45% -46% -27% -25% +18% +11%   -16% -18%
    Automotive & Industrial -29% -31% -13% -11% -43% -47%   -29% -31%
    Edge & Cloud AI +49% +47% +62% +66% -28% -30%   +15% +16%
                       
    Revenue -23% -24% -11% -9% -6% -10%   -12% -13%
    1. At constant exchange rates and comparable scope of consolidation (there was no scope effect in Q1’25 and Q2’25 vs. Q1’24 and Q2’24 – in Q3’25 Soitec sold Dolphin Design’s mixed signal IP activities on November 5th, 2024)

    # # #

    1 The EBITDA represents operating income (EBIT) before depreciation, amortization, impairment of non-current assets, non-cash items relating to share-based payments, provisions for impairment of current assets and for contingencies and expenses, and disposals gains and losses. This alternative indicator of performance is a non-IFRS quantitative measure used to measure the company’s ability to generate cash from its operating activities. EBITDA is not defined by an IFRS standard and must not be considered an alternative to any other financial indicator

    2 EBITDA margin = EBITDA from continuing operations / Revenue

    3 The scope effect is related to the divestment of Dolphin Design’s mixed signal IP activities which was completed on November 5th, 2024

    Attachment

    The MIL Network –

  • MIL-OSI: Canadian General Investments: Investment Update – Unaudited

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Canada, Feb. 05, 2025 (GLOBE NEWSWIRE) — Canadian General Investments, Limited (CGI) (TSX:CGI) (LSE: CGI) reports on an unaudited basis that its net asset value per share (NAV) at January 31, 2025 was $70.79 resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 2.1% and 26.3%, respectively. These compare with the 3.5% and 25.2% returns of the benchmark S&P/TSX Composite Index on a total return basis for the same periods.

    The Company employs a leveraging strategy, by way of bank borrowing, with the intent to enhance returns to common shareholders. As at January 31, 2025, the leverage represented 13.5% of CGI’s net assets, down from 13.8% at the end of 2024 and 14.7% at January 31, 2024.

    The closing price for CGI’s common shares at January 31, 2025 was $39.75, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of -1.8% and 14.0%, respectively.

    The sector weightings of CGI’s investment portfolio at market as of January 31, 2025 were as follows:

         
    Information Technology 23.7 %
    Industrials 22.7 %
    Financials 13.9 %
    Energy 11.7 %
    Materials 11.4 %
    Consumer Discretionary 9.9 %
    Real Estate 4.2 %
    Cash & Cash Equivalents 1.9 %
    Communication Services 0.6 %
         

    The top ten investments which comprised 37.0% of the investment portfolio at market as of January 31, 2025 were as follows:

         
    The Descartes Systems Group Inc. 4.0 %
    TFI International Inc. 4.0 %
    Canadian Pacific Kansas City Limited 4.0 %
    NVIDIA Corporation 3.9 %
    Celestica Inc. 3.7 %
    Apple Inc. 3.5 %
    Shopify Inc. 3.5 %
    WSP Global Inc. 3.5 %
    Mastercard Incorporated 3.5 %
    Franco-Nevada Corporation 3.4 %
         

    FOR FURTHER INFORMATION PLEASE CONTACT:
    Jonathan A. Morgan
    President & CEO
    Phone: (416) 366-2931
    Fax: (416) 366-2729
    e-mail: cgifund@mmainvestments.com
    website: www.canadiangeneralinvestments.ca

    The MIL Network –

  • MIL-OSI United Kingdom: Net Zero Council relaunched to supercharge Clean Energy Superpower Mission

    Source: United Kingdom – Executive Government & Departments

    Government relaunches an expanded Net Zero Council, bringing together business, civil society and local authorities to drive the clean energy transition as part of the Plan for Growth.

    • New Net Zero Council is tasked with ensuring the clean energy transition drives economic growth and creates jobs as part of government’s Plan for Change
    • brings together a broader range of representatives from organisations including World Wildlife Fund, Design Council and Local Government Association, alongside others including Siemens, HSBC and Nestle
    • Council to deepen public-private partnership to maximise economic opportunities for the UK

    Leaders from major businesses, civil society and local authorities have backed the government’s pro-growth and clean energy superpower missions following a meeting of the relaunched Net Zero Council (5 February), with a plan to help sectors accelerate to net zero and support thousands of jobs.

    Co-chaired by Energy Secretary Ed Miliband and Co-operative Group CEO Shrine Khoury-Haq, the Council brings together leaders from some of the UK’s biggest businesses, charities and organisations, as well as trade unions and local authorities.  

    New members include representatives from the Trades Union Congress and Design Council, bringing expertise of green skills and jobs creation to the council to support the government’s mission for clean energy growth on the path to net zero.  

    This broader coalition strengthens the Council’s ability to unlock the opportunities of decarbonisation, with major industry players such as Siemens, Nestle and HSBC returning to the Council alongside new members including the Local Government Association and Aviva Investors to seize the growth opportunities of decarbonising the economy. 

    The first meeting focused on agreeing the Council’s priorities for 2025/26, which will include: 

    • a new focus on providing expert input to inform government strategies relating to net zero
    • supporting the development and delivery of sector roadmaps, helping businesses to develop transition plans and investors to identify opportunities
    • supporting small and medium-sized enterprises to decarbonise while maximising the benefits of the transition
    • informing the government’s approach to public engagement and developing products to support public participation with net zero

    A new Delivery Group will oversee the Council’s workstreams and help to drive progress. 

    The relaunch reflects a new mission-led approach, ensuring government actively engages with a broad range of industry leaders and stakeholders to drive progress towards net zero. This will support the Plan for Change to help deliver new jobs and economic opportunities while ensuring a fair transition. 

    Energy Secretary Ed Miliband said: 

    Businesses and leaders across our country recognise that clean power and accelerating towards net zero represents the economic opportunity of the 21st century.  

    It is one which will protect bills, create jobs, and tackle the climate crisis. This Council is about mission-driven leadership, bringing government, business and civil society together to turn ambition into action. 

    By working in partnership, we can drive the investment, innovation and industrial transformation needed to make the UK a clean energy superpower.  

    Climate Minister Kerry McCarthy said: 

    The relaunch of the Net Zero Council comes at a critical moment in the UK’s journey towards a clean energy future.  

    Bringing together leaders from across business, finance and civil society, the Council will play a crucial role in accelerating net zero ambitions, driving economic growth and creating thousands of jobs. 

    Shirine Khoury-Haq, CEO of The Co-operative Group, said: 

    Working urgently for a faster, fairer transition to a greener, cleaner economy is an absolute imperative. For the sake of our planet and for every community here in the UK and around the globe, it’s crucial we work together to unlock the significant opportunities the transition will bring for economic growth too. 

    I’m therefore delighted to be continuing in my role as Co-chair of the Net Zero Council. The science couldn’t be clearer that we must act collectively and decisively, and co-operation between businesses, civic society and government is what we need now more than ever. 

    While the Council itself is made up of senior leaders from key sectors, it is committed to an inclusive engagement strategy, ensuring a broad range of voices contribute to net zero delivery beyond formal members. This approach will ensure that businesses, communities and experts across the UK have opportunities to inform strategy, share best practices and help shape the transition. 

    Statements from Net Zero Council and Delivery Group members  

    Bev Cornaby, Director of the UK Corporate Leaders Group (CLG UK), said:

    The relaunch of the Net Zero Council marks an important step in strengthening collaboration between government, business, civil society, and local government to accelerate the UK’s transition to net zero. Businesses are ready to lead, invest, and innovate, but they need the right policy framework and long-term clarity to unlock the full potential of a clean, competitive economy. The UK Corporate Leaders Group welcomes the opportunity to bring business leadership and ambition to the Council, supporting accelerated delivery and ensuring that government strategies are informed by real-world insights and that industry can play a central role in delivering a net zero future.

    David Thomas, Chief Executive of Barratt Redrow, said:  

    I’m pleased to join the Net Zero Council at a critical time for the environment and as we scale up to build the new high quality, energy efficient homes the UK desperately needs. 

    Government has set out its clear ambition to shift to clean energy, meanwhile the homebuilding industry is making good progress towards delivering net zero homes and places – but we must unite behind one plan and work together to build a sustainable future.

    Minnie Moll, Chief Executive of the Design Council, said:   

    I am honoured to join the Net Zero Council to contribute to this crucial national mission and represent the voice of design as a transformative tool for innovation. Design has the power to cut across sectors, fuelling innovative thinking, embracing circular approaches, and turning the challenges of climate change into opportunities for economic growth, improved quality of life, and a cleaner, more sustainable future for all. We are excited to bring our expertise to this ambitious mission and support the UK’s leadership in becoming a clean energy superpower.

    John Scanlon, Chief Executive Officer for SUEZ recycling and recovery UK said: 

    I am delighted to bring SUEZ’s expertise in the circular economy to the Net Zero Council. Often unseen, the work of the waste and resources sector sits at the core of the delivery of the Industrial Strategy – at the same time as we are taking steps to decarbonise our own operations, the sector is helping other sectors to decarbonise by providing secondary resources for manufacturing, and energy and fuels for transport, homes and industry. A resource efficient economy is a thriving economy and I’m looking forward to working in partnership with industry peers to advance the Government’s mission to become a Clean Energy Superpower.

    Ian Simm, Founder & Chief Executive, Impax Asset Management said:  

    It’s very encouraging to see the Net Zero Council relaunched and I welcome the decision to expand its membership to include representatives from civil society and local government. The Council has a vital role to play at a moment when pivotal decisions are being made that will decide the future shape of the UK economy, not least on housing, infrastructure, and energy supply. I look forward to providing an investor’s view regarding how the Council can maximise its impact and effectiveness, both in helping to shape the shift to a net-zero economy and in supporting the Government’s broader and much needed growth agenda.

     Jennifer Beckwith, Senior Manager, CBI, said: 

    Accelerating to net zero and achieving growth is society’s defining economic challenge – one that can only be achieved through industry and government partnership. Inaction on the transition is costlier than action and business wants to play its part in achieving sustainable growth. 

    Increasing decarbonisation beyond the power sector is the big opportunity to grow clean energy markets, scale infrastructure and advance green technologies. The government leading collaboration across business and finance sectors powerfully signals to investors a focus on delivery that can help get capital moving.

    Ed Lockhart, Convenor, Broadway Initiative, said: 

    UK businesses need certainty, including on the transition to a clean energy future, to invest, grow and ultimately improve living standards. 

    By launching the Net Zero Council aligned to the clean energy mission, the Government is providing a much-needed platform for the business community, financial institutions, civil society and Government to work in partnership on a shared and inclusive long-term plan. 

    The Broadway Initiative looks forward to bringing business and environmental organisations together to make the most of this opportunity.

    Updates to this page

    Published 5 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Help make Salford pharmacies better

    Source: City of Salford

    The Salford Health and Wellbeing Board is working on a new Pharmaceutical Needs Assessment (PNA) for local Salford pharmacies.

    Residents across Salford are being asked to share their experiences. What services do you currently use at local pharmacies, and what services do you need? Are some of the questions being asked.

    The Pharmaceutical Needs Assessment (PNA) examines the current provision of pharmaceutical services in Salford and whether this meets the population’s needs.

    The assessment helps identify any potential gaps in pharmaceutical service delivery. For example, NHS England will use the PNA to help decide whether to approve applications for new pharmacies in Salford.

    Salford Health and Wellbeing Board is conducting a new Pharmaceutical Needs Assessment (PNA) for Salford, which involves gathering feedback from the public regarding pharmacy services.

    The PNA is a legal requirement for the Salford Health and Wellbeing Board. However, residents sharing opinions can help ensure that pharmacy services in Salford are tailored to residents’ needs.

    Responses will assist in identifying any gaps in services and could influence future decisions regarding changes in pharmacy provision.

    Councillor Mishal Saeed, Executive Support Member for Social Care and Mental Health, said: “Our local pharmacies are essential pillars of our community, providing invaluable care and support through services like NHS Pharmacy First and the NHS Minor Ailment Scheme. With many pharmacies offering weekend access and free consultations for common illnesses, we are making healthcare more accessible than ever.

    Pharmacists are on hand to address medication concerns, promote healthy living, and offer vital services such as contraception and smoking cessation support. By collaborating and promoting initiatives within our networks, we can enhance the support for local pharmacy services in Salford and ensure that every member of our community has access to the care they need.

    We would greatly appreciate your support in promoting the survey within your networks, community groups and digital channels to encourage as many responses as possible. Your contribution will be invaluable to local pharmacy services in Salford.”

    Residents looking to share their feedback and have their say should visit, www.salford.gov.uk/pharmacysurvey.

    Share this

    Date published
    Wednesday 5 February 2025

    Press and media enquiries

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New climate plan set to be scrutinised

    Source: City of Plymouth

    A range of new measures designed to help reduce greenhouse gas emissions throughout Plymouth are set to be discussed by members next week.

    The latest incarnation of the Net Zero Action Plan (NZAP), a three-year delivery strategy that sets out the City Council’s response to its pledge to reach net zero, will be debated by the Natural Infrastructure and Growth scrutiny panel on Wednesday 12 February.

    While detailing updates on a number of ongoing actions like the continuing electrification of fleet vehicles, as well as the retro-fitting of low-carbon heating methods on buildings, new initiatives are also in the pipeline.

    These include:

    • Beginning the delivery of the externally-funded £400m heat network which will see major buildings in the city centre with the waterfront connected and heated by a central source
    • Submitting an expression of interest for participation in the Department of Transport’s e-scooter trial scheme
    • Support the delivery of the UK’s first end-to-end commercial waste recycling plant for electric vehicle batteries in Plymouth
    • Following the lead of other similar-sized cities by exploring the feasibility, potential role and benefits of emissions-based vehicle charging tariffs.

    Councillor Tom Briars-Delve, Cabinet Member for the Environment and Climate Change, will present the plan to colleagues.

    Tom said: “This latest version of the Net Zero Action Plan is bold and brings forward a raft of measures that will make great strides towards our net zero ambitions.

    “Although previous plans have also been effective, this time we have gone back to the data and thus have an increased focus on the city’s most high emitting sectors, namely transport and buildings.

    “I do understand that for some people, parts of this plan may seem ambitious but ambitious is what we must be if we are to ensure the environmental sustainability of our city and planet.”

    The NZAP covers two areas – commitments to reduce emissions from Council-owned facilities and also how the Council can use its influence to help the city as a whole move towards net zero.

    The Council has been producing the plan with annual updates since it first declared a climate emergency in 2019, and through actions already completed has reduced its own carbon emissions by 18.1 per cent between 2019 and 2022.

    Following its appearance at the cross-party scrutiny committee, any recommendations will be considered before the NZAP is voted on by Full Council on 17 March.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Isle of Wight Council unveils 2025/26 budget amid financial pressures 5 February 2025 Isle of Wight Council unveils 2025/26 budget amid financial pressures

    Source: Aisle of Wight

    In the face of escalating costs and funding challenges, the Isle of Wight Council has today (Wednesday) unveiled its budget for 2025/26, with a spotlight on community protection and essential improvements.

    The draft budget seeks to tackle the substantial pressures on public finances while safeguarding the wellbeing of residents and preserving the essential frontline services that many Islanders depend on.

    The financial climate for local government remains tough, with costs climbing faster than income and funding. The council faces the daunting task of additional spending of £15.8 million in children’s services and adult social care next year, merely to maintain services at existing levels.

    This significant increase is driven by rising demand and the need to ensure vulnerable residents receive the care and support they require.

    In response, the council proposes a five per cent council tax increase, including two per cent specifically for adult social care. This is in line with the majority of councils across the country, which are facing similar pressures, although some authorities are contemplating increases as high as 15 to 25 per cent. The Isle of Wight Council is striving to keep increases as low as possible.

    The council’s strategy relies on careful use of reserves to manage its underlying budget deficit over time. However, it’s crucial to maintain these reserves at responsible levels to ensure financial stability and to be able to continue providing services at sustainable levels.

    Of the £1.5 million savings needed next year, efficiencies and income generation will deliver the required savings without cutting services. This includes streamlining operations and exploring new revenue streams to maintain service levels.

    After listening to the needs of local businesses and residents, the council is proposing to freeze parking charges at their current levels for the second consecutive year. This measure aims to alleviate the financial strain on household budgets and support the high street. Additionally, crossing charges on the floating bridge will remain unchanged.

    The council will also continue to invest in highway drainage schemes to reduce flooding and fund repairs to footpaths and bridleways damaged by the recent winter storms. These investments are crucial for maintaining safe and accessible infrastructure across the Island. A key highlight of the budget is the investment in schemes to support coastal protection, crucial for protecting the homes and livelihoods of residents in vulnerable coastal regions.

    This includes repairs or improvements to promenades, seawalls, railings and groyne refurbishment, which are essential for mitigating the impacts of coastal erosion and climate change.

    The budget also includes improvements at Beaulieu House, the children’s disability residential and respite home in Newport, ensuring it can continue to provide essential services and support to those in need. These upgrades will enhance the facility’s capacity to deliver high-quality care and support. Meanwhile, the council is introducing schemes specifically designed to help young people who are leaving the care system find stable and long-term housing options.

    The budget also prioritises responsible repairs and renewals in public spaces. By maintaining and improving the public realm, the council aims to create a safe, functional, and welcoming environment for all residents and visitors. This includes replacing play equipment, litter bins and benches where necessary.

    In addition, the council has planned investments in capital schemes for school maintenance and adaptations to disabled residents’ homes as part of a £13 million capital programme. These projects will improve educational facilities across the Island and enable disabled residents to live independently in their own homes.

    Furthermore, there is more planned investment in the Gouldings care home in Freshwater and the Parklands Dementia Hub in Cowes, building on the significant improvements already made in these important facilities.

    Council leader, Councillor Phil Jordan, said: “Despite the challenging financial climate, our commitment to protecting and improving our community remains steadfast. We are dedicated to ensuring our community continues to thrive, even in the face of economic pressures.

    “One of our top priorities is the protection of our coastal areas. By investing in coastal infrastructure, we are taking proactive steps to safeguard our coastal regions from erosion and flooding. This investment goes beyond infrastructure; it’s about securing the homes and livelihoods of our residents.

    “The council continues to advocate for fair funding for the Island from the government. By maximising spend from minimal funding, keeping charges down, investing in capital schemes, balancing the budget responsibly, using reserves wisely, and re-structuring where possible, we are working hard to minimise any adverse impacts on our residents.

    “This draft budget is about balancing our financial responsibilities with the needs of our community, and I believe it strikes  that balance effectively.”

    Looking ahead, the council acknowledges the need for ongoing savings and has forecast a savings requirement of £2.5 million for 2026/27 and £2 million per annum for the subsequent years, to ensure long-term financial sustainability.

    The budget will be considered by the council’s Cabinet on Thursday, 13 February, and by Full Council on Wednesday, 26 February.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Residents can now sign up for this year’s garden waste collections in Sunderland.

    Source: City of Sunderland

    Registration is now open for garden waste collections, and residents with a garden are being encouraged to sign up before Friday 28 February to guarantee receiving all 17 fortnightly collections between March and November 2025.

    This year garden waste will be collected from Tuesday 25 March, with a subscription fee of £38.50. Anyone who signs up after Friday 28 February may not receive all the collections, but the price will remain the same.

    Garden waste collected from brown bins is taken to a facility where its first shredded and then naturally processed into compost.

    There are many benefits to recycling your garden waste. These include cutting disposal costs while turning waste into a useful and valuable soil conditioner, for landscaping and gardening. It’s also a natural method of processing material which prevents unnecessary waste and helps reduce your carbon impact.

    Sunderland City Council’s Cabinet for the Environment, Net Zero and Transport, Councillor Lindsey Leonard said: “By turning garden waste into compost, you’re not only helping the environment, but also supporting a greener, more sustainable future for everyone.” 

    “While signing up for the collections is optional, garden waste collections play a vital role in helping our community recycle more and reduce the amount of waste sent for energy recovery. It’s more convenient for residents to allow us to dispose of the garden on your behalf.”

    To sign up and find out more information visit www.sunderland.gov.uk/gardenwaste

    Use the ‘find my bin day’ service to check when to put your garden waste bin out for collection at www.sunderland.gov.uk/bindays

    If you currently don’t have a garden waste bin or you would like to order an additional garden waste bin, call 0191 520 5550 or visit www.sunderland.gov.uk/gardenwaste

    MIL OSI United Kingdom –

  • MIL-OSI USA: FDA Alerts Patients to Regularly Check Diabetes-Related Smartphone Device Alert Settings, Especially Following Phone Hardware or Software Changes

    Source: US Department of Health and Human Services – 3

    Date Issued: February 5, 2025

    The U.S. Food and Drug Administration (FDA) is alerting patients who use diabetes devices and their caregivers of reports where users of continuous glucose monitors (CGMs), insulin pumps, automated insulin dosing systems, and other diabetes devices did not receive or did not hear alerts from their smartphones. A missed alert for a diabetes-related safety issue may lead to serious harm, including severe hypoglycemia (low blood sugar), severe hyperglycemia (high blood sugar), diabetic ketoacidosis (when the body does not have enough insulin to use blood sugar for energy), and death.

    Apps for diabetes devices allow users to configure alert settings, such as which alerts to receive, how often and how the alerts are delivered (audible, vibration, or text only). If a user’s smartphone is not configured correctly, critical safety alerts that the user expects to receive may be missed. They might not be delivered, or the volume might be too low to notice audible alerts. 

    The FDA has identified the following hardware and software configurations, changes, and updates that may lead to critical alerts not being received as expected, including:

    • Software configuration issues, such as app notification permissions, using “do not disturb” or “focus mode,” or the app entering “deep sleep” after a period of not being used.
    • Connecting new hardware, such as wireless earphones or car audio, that can change default volume of alerts or prevent delivery of alerts.
    • Operating system (OS) updates that are not supported by the medical device app.

    Recommendations for Patients and Caregivers

    • Carefully follow the instructions provided by diabetes device manufacturers when installing, setting up, or updating mobile medical apps on your smartphone.
    • Turn off automatic OS updates and do not update your phone’s OS until you check your diabetes device manufacturer’s website to verify that the medical apps you use are compatible with the new OS version. Turn off automatic OS updates by navigating to your system settings, usually accessible through a gear icon, and find the “software update” option; within this section, look for a toggle switch labeled “automatic updates” or similar, and disable it.
    • After updating your OS or adding a new accessory such as wireless headphones, confirm alert settings and then carefully monitor your medical device app to make sure you can receive and hear alerts as expected. 
    • At least once a month, check that your smartphone alerts are configured as expected. Ensure your volume, vibration, notifications, and other relevant settings still work.
    • If you are not receiving alerts as expected from your mobile medical app, or you cannot hear them, call the technical support number for your medical device for assistance.
    • Report any problems with your diabetes device to the FDA.

    Recommendations for Health Care Providers

    Inform patients and their caregivers that people who rely on smartphone-compatible diabetes devices that connect to their smartphones should:

    • Periodically check smartphone settings to ensure that they can receive critical alerts.
    • Confirm that diabetes devices still provide alerts as expected through their smartphones after making any hardware or software updates or connecting external hardware.

    Device Description

    Many diabetes-related devices use mobile medical apps as part of the medical device system. These mobile medical apps run on smartphones and manage or provide information from diabetes-related devices. 

    Many types of diabetes devices can use a mobile medical app installed on a smartphone to deliver safety alerts, including CGMs, insulin pumps, automated insulin dosing systems, and others. The settings within the mobile medical app, as well as the settings in the smartphone itself, must be configured correctly for alerts to be delivered as users expect. Users may be able to choose how some alerts are delivered, such as by push notifications, vibration alerts, or audible alerts. 

    Medical device manufacturers provide instructions on how to configure these apps and smartphones so users can receive the alerts they want according to their preferred delivery method. For example, medical device manufacturers may instruct users to disable smartphone features like “Focus mode,” which includes such options as “Do Not Disturb” and “Sleep Focus.” They may also suggest disabling “Low Power Mode,” “Adaptive Battery,” “Standby mode,” “Assistive Access,” or others to ensure that the mobile medical app can deliver alerts. Users may also be instructed to grant certain permissions to mobile medical apps such as Bluetooth, location, notifications, background usage, or others. 

    During normal use of a smartphone, many things can happen that could change how alerts are delivered. For example: 

    • Updates to smartphone operating systems may introduce new features or change existing settings in the diabetes mobile medical app. 
    • OS updates for cybersecurity issues may change existing alert settings.
    • When new audio devices are connected to a smartphone — such as wireless headphones, Bluetooth speakers, or car audio — the volume settings for notifications including critical alerts may change. 
    • Users may enable smartphone features such as battery saver, focus mode, or others and later forget to disable these features.

    FDA Actions

    The FDA is working with diabetes-related medical device manufacturers to ensure that smartphone alert configurations of their devices are carefully evaluated before use by patients. 

    The FDA is also working with manufacturers to ensure that settings in smartphones and mobile medical apps that may impact safety alerts are continuously tested, and any updates to recommended configurations are communicated quickly and clearly to users.

    The FDA will keep the public informed if significant new information becomes available.

    Reporting Problems with Your Device

    If you think you had a problem with your diabetes-related device, the FDA encourages you to report the problem through the MedWatch Voluntary Reporting Form.

    Health care personnel employed by facilities that are subject to the FDA’s user facility reporting requirements should follow the reporting procedures established by their facilities.

    Questions?

    If you have questions, contact CDRH’s Division of Industry and Consumer Education (DICE).

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