Category: Transport

MIL-OSI Security: Federal Jury Convicts Texas Man of Cocaine Trafficking

Source: Office of United States Attorneys

PITTSBURGH, Pa. – Jorge Luis Guerrero, of Socorro, Texas, was found guilty by a federal jury in Pittsburgh of possessing with intent to distribute 500 grams or more of cocaine, Acting United States Attorney Troy Rivetti announced today. The jury returned its verdict on July 29, 2025, after deliberating for five-and-a-half hours following a six-day trial.

Guerrero, 39, was tried before Senior United States District Judge Joy Flowers Conti.

The evidence presented at trial established that Guerrero transported five kilograms of cocaine to the Western District of Pennsylvania hidden in a secret compartment in the bumper of a vehicle registered to his wife. Accessing the cocaine required removing the bumper cover and bumper of the vehicle and then additional metal plates that concealed the compartment housing the cocaine.

Judge Conti scheduled sentencing for December 10, 2025. The law provides for a maximum total sentence of not less than five years and up to 40 years in prison, a fine of up to $5 million, or both. Under the federal Sentencing Guidelines, the actual sentence imposed is based on the seriousness of the offense and the prior criminal history, if any, of the defendant.

Assistant United States Attorneys Robert C. Schupansky and V. Joseph Sonson prosecuted this case on behalf of the United States.

Agents and task force officers from the Federal Bureau of Investigation, as well as personnel from the Socorro Police Department, United States Customs and Border Protection, and the United States Drug Enforcement Administration, assisted in the trial.

This prosecution is a result of an Organized Crime Drug Enforcement Task Force (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles high-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten communities throughout the United States. OCDETF uses a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

MIL Security OSI –

July 31, 2025
MIL-OSI Asia-Pac: HKTE revamps website to enable talent’s convenient search for information (with photo)

Source: Hong Kong Government special administrative region

HKTE revamps website to enable talent’s convenient search for information (with photo)
(1) an expanded guide to living in Hong Kong to cover 18 categories, including education, healthcare, taxation, etc;

(2) a new dedicated page for HKTE activities, providing one-stop registration services;

(3) an enhanced recruitment platform network; and

(4) the introduction of a chatbot function, providing instant feedback to enquiries from talent.Issued at HKT 13:00

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CategoriesMIL-OSI

MIL OSI Asia Pacific News –

July 31, 2025
MIL-OSI Security: A Chaplain No Matter Where

Source: United States Navy (Logistics Group Western Pacific)

For 250 years, our Navy has served the United States of America, but one community also proudly celebrates 250 years of service: our proud and sacred Chaplains.

On November 28, 1775, Benjamin Balch was appointed to serve religious services on the frigates Alliance and Boston as the first Naval Chaplain. Balch was given the nickname “The Fighting Parson” as he started the Navy Chaplain Corps’ strong and mighty history.

On a ship, a Chaplain is known for their services and open-door policies, but they are also seen as a pillar of support for the entire crew. They not only serve those in their religious community but also anyone willing to speak to them. In addition to the ship’s religious services outside their span, if the crew needs it, our Chaplain will provide.

Lieutenant Reginald Anderson-Exul is a proud Chaplain with over twenty years of experience in official ministry, dedicating six of those years to the Navy. Today, he works with the crew of the USS Pearl Harbor.

“My job on the USS Pearl Harbor is to provide spiritual needs of the crew,” said Lieutenant Reginal Anderson-Exul, the USS Pearl Harbor’s Chaplain. “There is a lot of resiliency-type of training that is tied in with that, and to make sure the overall morale of the crew is as high as can possibly be”. On board Anderson-Exul, he has worked hard to offer many different religious services, working to add services on Saturday for his Jewish community on board.

The USS Pearl Harbor is Anderson-Exul’s first deployment in his military career. USS Pearl Harbor is currently partaking in Pacific Partnership 2025, a humanitarian aid and disaster management mission. Pacific Partnership is not only an effort to help others, but also to strengthen the bond of allied nations. In its 21st iteration, Pacific Partnership has brought eight nations together: Australia, Canada, Germany, Japan, New Zealand, the Republic of Korea, the United Kingdom, and the United States. All the countries work alongside the crew of the USS Pearl Harbor and the staff of PACIFIC PARTNERSHIP 2025 to safely get to every port of the deployment. One of these volunteers is Lieutenant Commander Dave Godkin, who has served for the last twelve years as a Canadian Navy Chaplain.

“I was introduced to a series of different American Chaplains and then was asked if I was interested in participating, and I was,” spoke Godkin when asked about how he joined PACIFIC PARTNERSHIP 2025. He takes pride in his work as a Chaplain, working around the clock to help everyone and anyone he can. He has been on three ships, with Pacific Partnership being his third deployment. Godkin spoke highly of his work on the USS Pearl Harbor. “I’m there to support them, and I’m also there to support the chain of command. Helping people be in a position where they can be spiritually fit and operationally fit,” stated Godkin in an interview, “I really do; I really like helping people in general. I enjoy especially one-on-one, taking time to listen to a person,”.

Anderson-Exul and Godkin are excited to work together on the mission of Pacific Partnership, bringing communities closer and sharing the good word to those who need it. Anderson-Exul spoke on how it was to work together, “We both provide for people, care for people, and have a passion for religion, and it’s different, but it’s very much the same.” Godkin shares his sentiment, sharing that he is happy to get to know how everyone works. “You get used to a certain box of doing things, but then when you partner with nations that have their sphere of work, it’s a great way of pushing your boundaries to learn new things,”. Both Chaplains say that everything is coming together really well and are excited to continue working together on this mission. Even saying that it is a “Once-in-a-lifetime opportunity to serve other countries in humanitarian efforts and to contribute to the mission.”

In 1775, the first Chaplain was appointed to serve his mission. Now, 250 years later, no matter where a Chaplain comes from or what a Chaplain practices, they always have their sailors’ interests at heart. Doing whatever needs to be done to help their crew, whether it is conducting a religious ceremony or extending a hand, a Chaplain will always be there for you.

MIL Security OSI –

July 31, 2025

MIL-OSI: ING posts 2Q2025 net result of €1,675 million, with strong growth in lending volumes and fee income

Source: GlobeNewswire (MIL-OSI)

ING posts 2Q2025 net result of €1,675 million, with strong growth in lending volumes and fee income


2Q2025 profit before tax of €2,369 million with a CET1 ratio of 13.3%
•	Well on track to reach our targets, one year into our ‘Growing the difference’ strategy
•	Continued strong increase in mobile primary customers of over 300,000 to 14.9 million
•	Resilient total income, supported by higher customer balances, with particularly strong growth of our mortgage portfolio
•	Further growth in fee income in both Retail and Wholesale Banking, up 12% year-on-year
•	ING will pay an interim cash dividend of €0.35 per ordinary share
CEO statement “During the second quarter of 2025, we have continued to successfully execute our strategy, which we set out one year ago, by accelerating growth, increasing impact and delivering value,” said Steven van Rijswijk, CEO of ING. “The quarter started with heightened market volatility, as well as macroeconomic and geopolitical uncertainty, which still continue to this day. In that context, we are pleased that our customer base has shown significant growth and that our volumes have increased as we further diversified our income streams, with fees now making up almost 20% of our total income. We are well on track to reach our financial targets for 2027. “We have seen continued commercial momentum, with significant core lending growth, continued strong deposit gathering and a double-digit increase in fee income. Commercial NII declined year-on-year due to margin pressure and currency fluctuations, leaving total income stable. “In Retail Banking, we have gained over 300,000 mobile primary customers during the quarter, and 1.1 million, or 8% growth, year-on-year, with Germany, Spain, Italy, and Romania leading this growth. Net core lending growth has reached a quarterly record of €11.3 billion, including €7.2 billion in mortgages, mainly in the Netherlands, Australia and Germany, and €3.2 billion in Business Banking, driven by higher loan demand from our SME clients. We have attracted €8.9 billion in net customer deposits, partly from seasonal holiday allowances, and achieved a 12% increase year-on-year in retail fee income, primarily from higher investment activity. “In Wholesale Banking, net core lending growth was €4.1 billion, driven by strong momentum in Working Capital Solutions and in short-term trade-related financing. Demand for long-term corporate loans has remained subdued due to economic uncertainty, which impacted total income. Fee income has risen 12% year-on-year, driven by Lending, Global Capital Markets and Payments & Cash Management. “Costs have developed as expected, increasing moderately year-on-year. Prudent expense management remains a priority and the impact of inflation and investments was partly offset by efficiency measures. As part of this, we are making ongoing improvements to our KYC processes and we have announced the restructuring of our Wholesale Banking workforce, while continuing to invest in our commercial and product capabilities in both Retail and Wholesale Banking. “Risk costs were below our through-the-cycle average, reflecting the quality of our loan portfolio. Our CET1 ratio was 13.3%, including the impact of the share buyback programme, which was announced in May 2025 and is well underway. Our 4-quarter rolling average return on equity came out at 12.7%. “We continue to find ways to support our customers on their journeys to net zero. We have increased our sustainable volume mobilised to €67.8 billion for the first half of 2025, a 19% increase compared to the first half of 2024. In the Netherlands, we have introduced a new mortgage pricing model tied to energy labels that offers lower interest rates when eligible customers improve the energy label for their homes. “We are pleased with our results during a volatile first half of 2025. Although macroeconomic conditions remain challenging we are confident that our strategy sets us on course to become the best European bank and deliver on our targets. I want to thank our customers and clients for their continued trust in us and our employees for their continued dedication.”

Further information All publications related to ING’s 2Q 2025 results can be found at the quarterly results page on ING.com. For more on investor information, go to www.ing.com/investors. A short ING ON AIR video with CEO Steven van Rijswijk discussing our 2Q 2025 results is available on Youtube. For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via the @ING_news feed on X. Photos of ING operations, buildings and our executives are available for download at Flickr.

Investor conference call and webcast Steven van Rijswijk, Tanate Phutrakul and Ljiljana Čortan will discuss the results in an Investor conference call on 31 July 2025 at 9:00 a.m. CET. Members of the investment community can join the conference call at +31 20 708 5074 (NL), or +44 330 551 0202 (UK) (registration required via invitation) and via live audio webcast at www.ing.com.

Investor enquiries E: investor.relations@ing.com Press enquiries T: +31 20 576 5000 E: media.relations@ing.com

ING PROFILE ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries. ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N). ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of June 2025, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’ with an ESG risk rating of 18.0 (low risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate. IMPORTANT LEGAL INFORMATION Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’). ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2024 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding. Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to diﬀer materially from those expressed or implied in such statements. Actual results, performance or events may diﬀer materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the eﬀects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com. This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information. Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security. This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control. Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason. This document does not constitute an oﬀer to sell, or a solicitation of an oﬀer to purchase, any securities in the United States or any other jurisdiction.

Attachment

Full ING 2Q2025 Results Press Release (PDF)

The MIL Network –

July 31, 2025

MIL-OSI: Credit Agricole Sa: Results for the second quarter and first half 2025 – The Group is accelerating its development

Source: GlobeNewswire (MIL-OSI)

THE GROUP IS ACCELERATING ITS DEVELOPMENT

	CRÉDIT AGRICOLE S.A.		CRÉDIT AGRICOLE GROUP
€m	Q2 2025	Change Q2/Q2	Q2 2025	Change Q2/Q2
Revenues	7,006	+3.1%	9,808	+3.2%
Expenses	-3,700	+2.2%	-5,872	+3.2%
Gross Operating Income	3,306	+4.1%	3,936	+3.1%
Cost of risk	-441	+4.2%	-840	-3.7%
Net income group share	2,390	+30.7%	2,638	+30.1%
C/I ratio	52.8%	-0.5 pp	59.9%	+0.0 pp
STRONG ACTIVITY IN ALL BUSINESS LINES Confirmation of the upturn of loan production in France, international credit activity still strong and consumer finance at a higher level Record net inflows in life insurance, high net inflows in asset management (driven by the medium/long-term and JVs); in insurance, revenues at a higher level driven by all activities CIB: record half year and strong quarter CONTINUOUS FLOW OF STRATEGIC OPERATIONS Gradual achievement of synergies in the ongoing integrations: progress of around 60% for RBC IS Europe and 25% for Degroof Petercam in Belgium Transactions concluded this quarter: launch of partnership with Victory Capital in the United States, increased stake in Banco BPM in Italy, acquisition of Merca Leasing in Germany and Petit-fils and Comwatt in France and acquisition of Santander’s 30.5% stake in CACEIS¹ New projects initiated: Acquisitions of Banque Thaler in Switzerland, Comwatt and Milleis in France, partnership with the Crelan Group in Belgium and development of Indosuez Wealth Management in Monaco HALF-YEARLY AND QUARTERLY RESULTS AT THEIR HIGHEST High profitability (Return on Tangible Equity of 16.6%), driven by high and growing revenues, a low cost/income ratio (53.9% in the first half) and a stable cost of risk (34 basis points on outstandings) Results especially benefiting from the capital gain related to the deconsolidation of Amundi US HIGH SOLVENCY RATIOS Crédit Agricole S.A.’s phased-in CET1 at 11.9% and CA Group phased-in CET1 at 17.6% CONTINUOUS SUPPORT FOR TRANSITIONS, WITH AN AWARD FROM EUROMONEY Continued withdrawal from fossil energies and reallocation to low-carbon energy sources Support for the transition of households and corporates Crédit Agricole named World’s Best Bank for Sustainable Finance at the Euromoney Awards for Excellence 2025 PRESENTATION OF THE MEDIUM-TERM PLAN ON 18 NOVEMBER 2025

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

“The high-level results we are publishing this quarter serve our usefulness to the economy and European sovereignty.” ‍

Olivier Gavalda,
Chief Executive Officer of Crédit Agricole S.A.

“With this high level of results, we are confident in Crédit Agricole S.A.’s ability to achieve a net profit in 2025 higher than 2024, excluding the corporate tax surcharge. These results constitute a solid foundation for Crédit Agricole S.A.’s medium-term strategic plan, which will be unveiled on November 18, 2025.”

This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 63.5% of Crédit Agricole S.A.

All financial data are now presented stated for Crédit Agricole Group, Crédit Agricole S.A. and the business lines results, both for the income statement and for the profitability ratios.

Crédit Agricole Group

Group activity

The Group’s commercial activity during the quarter continued at a steady pace across all business lines, with a good level of customer capture. In the second quarter of 2025, the Group recorded +493,000 new customers in retail banking. More specifically, over the year, the Group gained 391,000 new customers for Retail Banking in France and 102,000 new International Retail Banking customers (Italy and Poland). At 30 June 2025, in retail banking, on-balance sheet deposits totalled €838 billion, up +0.6% year-on-year in France and Italy (+0.7% for Regional Banks and LCL and +0.3% in Italy). Outstanding loans totalled €885 billion, up +1.4% year-on-year in France and Italy (+1.4% for Regional Banks and LCL and +1.6% in Italy). Housing loan production continued its upturn in France compared to the low point observed at the start of 2024, with an increase of +28% for Regional Banks and +24% for LCL compared to the second quarter of 2024. For CA Italia, loan production was down -8.1% compared to the high second quarter of 2024. The property and casualty insurance equipment rate ⁽²⁾ rose to 44.2% for the Regional Banks (+0.7 percentage points compared to the second quarter of 2024), 28.4% for LCL (+0.6 percentage point) and 20.6% for CA Italia (+0.9 percentage point).

In Asset Management, quarterly inflows were very high at +€20 billion, fuelled by medium/long-term assets (+€11 billion) and JVs (+€10 billion). In insurance, savings/retirement gross inflows rose to a record €9.9 billion over the quarter (+22% year-on-year), with the unit-linked rate in production staying at a high 32%. Net inflows were at a record level at +€4.2 billion, spread evenly between euro-denominated funds and unit-linked contracts. The strong performance in property and casualty insurance was driven by price changes and portfolio growth (16.9 million contracts at end-June 2025, +3% year-on-year). Assets under management stood at €2,905 billion, up +5.2% year on year for the three business segments: in asset management at €2,267 billion (+5.2% year on year) despite a negative scope effect linked to the deconsolidation of Amundi US and the integration of Victory, in life insurance at €359 billion (+6.4% year on year) and in wealth management (Indosuez Wealth Management and LCL Private Banking) at €279 billion (+3.7% year on year).

Business in the SFS division showed strong activity. At CAPFM, consumer finance outstandings increased to €121.0 billion, up +4.5% compared with end-June 2024, with car loans representing 53% ⁽³⁾ of total outstandings, and new loan production up by +2.4% compared with the second quarter of 2024 (+12.4% compared to the first quarter of 2025), driven by traditional consumer finance, but with the automotive market remaining complex in Europe and China. Regarding Crédit Agricole Leasing & Factoring (CAL&F), lease financing outstandings are up +5.0% compared to June 2024 to €20.8 billion; however, production is down -19.4% compared to the second quarter of 2024, mainly in France. Factoring activity remains very strong, with a production of +26.6% year on year.

Momentum is strong in Large Customers, which again posted record revenues for the half-year in Corporate and Investment Banking and a high-level quarter. Capital markets and investment banking showed a high level of revenues driven by capital markets, especially from trading and primary credit activities, which partially offset the drop in revenues from structured equity activities. Financing activities are fuelled by structured financing with strong momentum in the renewable energy sector, and by CLF activities, driven by the acquisition financing sector. Lastly, Asset Servicing recorded a high level of assets under custody of €5,526 billion and assets under administration of €3,468 billion (+11% and +1.2%, respectively, compared with the end of June 2024), with good sales momentum and positive market effects over the quarter.

Continued support for the energy transition

The Group is continuing the mass roll-out of financing and investment to promote the transition. Thus, the exposure of Crédit Agricole Group ⁽⁴⁾ has increased 2.4 fold between 2020 and 2024 with €26.3 billion at 31 December 2024. Investments in low-carbon energy ⁽⁵⁾ increased 2.8 fold between end-2020 and June 2025, and represented €6.1 billion at 30 June 2025.

At the same time, as a universal bank, Crédit Agricole is supporting the transition of all its customers. Thus, outstandings related to the environmental transition ⁽⁶⁾ amounted to €111 billion at 31 March 2025, including €83 billion for energy-efficient property and €6 billion for “clean” transport and mobility.

In addition, the Group is continuing to move away from carbon energy financing; the Group’s phased withdrawal from financing fossil fuel extraction resulted in a -40% decrease in exposure in the period 2020 to 2024, equating to €5.6 billion at 31 December 2024.

In the field of sustainable finance, Crédit Agricole was named World’s Best Bank for Sustainable Finance at the Euromoney Awards for Excellence 2025.

Group results

In the second quarter of 2025, Crédit Agricole Group’s net income Group share came to €2,638 million, up +30.1% compared to the second quarter of 2024, and up +14.8% excluding capital gains related to the deconsolidation of Amundi US.

In the second quarter of 2025, revenues amounted to €9,808 million, up +3.2% compared to the second quarter of 2024. Operating expenses were up +3.2% in the second quarter of 2025, totalling -€5,872 million. Overall, Credit Agricole Group saw its cost/income ratio reach 59.9% in the second quarter of 2025, stable compared to the second quarter of 2024. As a result, the gross operating income stood at €3,936 million, up +3.1% compared to the second quarter of 2024.

The cost of credit risk stood at -€840 million, a decrease of -3.7% compared to the second quarter of 2024. It includes a reversal of +€24 million on performing loans (stage 1 and 2) linked to reversals for model updates which offset the updating of macroeconomic scenarios and the migration to default of some loans. The cost of proven risk shows an addition to provisions of -€845 million (stage 3). There was also an addition of -€18 million for other risks. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the second quarter were updated, with a central scenario (French GDP at +0.8% in 2025, +1.4% in 2026) an unfavourable scenario (French GDP at +0.0% in 2025 and +0.6% in 2026) and an adverse scenario (French GDP at -1.9% in 2025 and -1.4% in 2026). The cost of risk/outstandings ⁽⁷⁾reached 27 basis points over a four rolling quarter period and 28 basis points on an annualised quarterly basis ⁽⁸⁾.

Pre-tax income stood at €3,604 million, a year-on-year increase of +19.6% compared to second quarter 2024. This includes the contribution from equity-accounted entities of €56 million (down -24.0%) and net income on other assets, which came to +€452 million this quarter, due to a capital gain of €453 million on the deconsolidation of Amundi US. The tax charge was -€615 million, down +€147 million, or -19.3% over the period.

Net income before non-controlling interests was up +32.8% to reach €2,990 million. Non-controlling interests increased by +57%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.

Net income Group share in first half 2025 amounted to €4,803 million, compared with €4,412 million in first half 2024, an increase of +8.9%.

Revenues totalled €19,856 million, up +4.3% in first half 2025 compared with first half 2024.

Operating expenses amounted to -€11,864 million up +5.2% compared to the first half of 2024, especially due to support for business development, IT expenditure and the integration of scope effects. The cost/income ratio for the first half of 2025 was 59.8%, up +0.5 percentage points compared to the first half of 2024.

Gross operating income totalled €7,992 million, up +3.0% compared to the first half of 2024.

Cost of risk for the half-year rose moderately to -€1,575 million (of which -€23 million in cost of risk on performing loans (stage 1 and 2), -€1,522 million in cost of proven risk, and +€29 million in other risks, i.e. an increase of +3.4% compared to first half 2024.

As at 30 June 2025, risk indicators confirm the high quality of Crédit Agricole Group’s assets and risk coverage level. The prudent management of these loan loss reserves has enabled the Crédit Agricole Group to have an overall coverage ratio for doubtful loans (83.3% at the end of June 2025).

Net income on other assets stood at €456 million in first half 2025, vs. -€14 million in first half 2024. Pre-tax income before discontinued operations and non-controlling interests rose by +10.1% to €7,004 million. The tax charge stood at -€1,66 million, a +9.1% increase. This change is related to the exceptional corporate income tax for -€250 million (corresponding to an estimation of -€330 million in 2025, assuming the 2025 fiscal result being equal to 2024 fiscal result).

Underlying net income before non-controlling interests was therefore up by +10.4%. Non-controlling interests stood at -€545 million in the first half of 2024, up +26.1%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.

Credit Agricole Group, Income statement Q2 and H1 2025

En m€	Q2-25	Q2-24	∆ Q2/Q2	H1-25	H1-24	∆ H1/H1
Revenues	9,808	9,507	+3.2%	19,856	19,031	+4.3%
Operating expenses	(5,872)	(5,687)	+3.2%	(11,864)	(11,276)	+5.2%
Gross operating income	3,936	3,819	+3.1%	7,992	7,755	+3.0%
Cost of risk	(840)	(872)	(3.7%)	(1,575)	(1,523)	+3.4%
Equity-accounted entities	56	74	(24.0%)	131	142	(7.9%)
Net income on other assets	452	(7)	n.m.	456	(14)	n.m.
Change in value of goodwill	–	–	n.m.	–	–	n.m.
Income before tax	3,604	3,014	+19.6%	7,004	6,361	+10.1%
Tax	(615)	(762)	(19.3%)	(1,656)	(1,517)	+9.1%
Net income from discontinued or held-for-sale ope.	0	–	n.m.	0	–	n.m.
Net income	2,990	2,252	+32.8%	5,348	4,843	+10.4%
Non controlling interests	(352)	(224)	+57.0%	(545)	(432)	+26.1%
Net income Group Share	2,638	2,028	+30.1%	4,803	4,412	+8.9%
Cost/Income ratio (%)	59.9%	59.8%	+0.0 pp	59.8%	59.2%	+0.5 pp

Regional banks

Gross customer capture stands at +285,000 new customers. The percentage of customers using their current accounts as their main account is increasing and the share of customers using digital tools remains at a high level. Credit market share (total credits) stood at 22.6% (at the end of March 2025, source: Banque de France), stable compared to March 2024. Loan production is up +18.8% compared to the second quarter of 2024, linked to the confirmed upturn in housing loans, up +28.3% compared to the second quarter of 2024 and +10% compared to the first quarter of 2025, and also driven by specialised markets up +13.4% compared to the second quarter of 2024. The average lending production rate for home loans stood at 3.02% ⁽⁹⁾, -16 basis points lower than in the first quarter of 2025. By contrast, the global loan stock rate improved compared to the second quarter of 2024 (+7 basis points). Outstanding loans totalled €652 billion at the end of June 2025, up by +1.2% year-on-year across all markets and up slightly by +0.5% over the quarter. Customer assets were up +2.8% year-on-year to reach €923.3 billion at the end of June 2025. This growth was driven both by on-balance sheet deposits, which reached €606.1 billion (+0.8% year-on-year), and off-balance sheet deposits, which reached €317.2 billion (+7.1% year-on-year) benefiting from strong inflows in life insurance. Over the quarter, demand deposits drove customer assets with an increase of +2.0% compared to the first quarter of 2025, while term deposits decreased by -0.4%. The market share of on-balance sheet deposits is up compared to last year and stands at 20.2% (Source Banque de France, data at the end of March 2025, i.e. +0.1 percentage points compared to March 2024). The equipment rate for property and casualty insurance ⁽¹⁰⁾ was 44.2% at the end of June 2025 and is continuing to rise (up +0.7 percentage points compared to the end of June 2024). In terms of payment instruments, the number of cards rose by +1.5% year-on-year, as did the percentage of premium cards in the stock, which increased by 2.2 percentage points year-on-year to account for 17.8% of total cards.

In the second quarter of 2025, the Regional Banks’ consolidated revenues including the SAS Rue La Boétie dividend stood at €5,528 million, up +4.2% compared to the second quarter of 2024, including the reversal of Home Purchase Saving Plans provisions in the second quarter of 2025 for €16.3 million and in the second quarter of 2024 for +€22 million ⁽¹¹⁾. Excluding this item, revenues were up +4.3% compared to the second quarter of 2024, fuelled by the increase in fee and commission income (+1.9%), driven by insurance, account management and payment instruments, and by portfolio revenues (+9.2%) benefiting from the increase in dividends traditionally paid in the second quarter of each year. In addition, the intermediation margin was slightly down over one year (-2.5%) but remained stable compared to the first quarter of 2025. Operating expenses were up +5.1%, especially relating to IT expenditure. Gross operating income was up year-on-year (+3.4%). The cost of risk was down -13.3% compared with the second quarter of 2024 to -€397 million. The cost of risk/outstandings (over four rolling quarters) was stable compared to the first quarter of 2025, at a controlled level of 21 basis points. Thus, the net pre-tax income was up +7.3% and stood at €2,482 million. The consolidated net income of the Regional Banks stood at €2,375 million, up +5.0% compared with the second quarter of 2024. Lastly, the Regional Banks’ contribution to net income Group share was €182 million in the second quarter of 2025, down -12.7% compared to the second quarter of 2024.

In the first half 2025, revenues including the dividend from SAS Rue La Boétie were up (+3.1%) compared to the first half of 2024. Operating expenses rose by +3.4%, and gross operating income consequently grew by +2.6% over the first half. Finally, with a cost of risk up slightly by +1.4%, the Regional banks’ net income Group share, including the SAS Rue La Boétie dividend, amounted to €2,721 million, up +0.7% compared to the first half of 2024. Finally, the Regional Banks’ contribution to the results of Crédit Agricole Group in first half 2025 amounted to €523 million (-19.6%) with revenues of €6,716 million (+2.2%) and a cost of risk of -€717 million (+3.7%).

Crédit Agricole S.A.

Results

Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 30 July 2025 to examine the financial statements for the second quarter of 2025.

In the second quarter of 2025, Crédit Agricole S.A.’s net income Group share amounted to €2,390 million, an increase of +30.7% from the second quarter of 2024. The results of the second quarter of 2025 are based on high revenues, a cost/income ratio maintained at a low level and a controlled cost of risk. They were also favourably impacted by the change in corporate income tax, and the capital gain related to the deconsolidation of Amundi US.

Revenues are at a high level and increasing. Revenues totalled €7,006 million, up +3.1% compared to the second quarter of 2024. The growth in the Asset Gathering division (+1.3%) is related to strong activity in Insurance, the impact of volatility and risk aversion of customers for Amundi, the deconsolidation of Amundi US (-€89 million) and the integration of Degroof Petercam (+€96 million). Revenues for Large Customers are stable and stood at a high level both for Crédit Agricole CIB and CACEIS. Specialised Financial Services division revenues (-1.0%) were impacted by a positive price effect in the Personal Finance and Mobility business line and by a cyclical drop in margins on factoring. Revenues for Retail Banking in France (-0.3%) were impacted by an unfavourable base effect on the interest margin, offset by good momentum in fee and commission income. Finally, international retail banking revenues (-1.9%) were mainly impacted by the reduction in the intermediation margin in Italy, partially offset by good momentum in fee and commission income over all the entities of the scope. Corporate Centre revenues were up +€214 million, positively impacted by Banco BPM (+€109 million, mainly related to the increase in dividends received).

Operating expenses totalled -€3,700 million in the second quarter of 2025, an increase of +2.2% compared to the second quarter of 2024. The -€80 million increase in expenses between the second quarter of 2024 and the second quarter of 2025 was mainly due to -€25 million in scope effect and integration costs, (especially including -€51 million related to the deconsolidation of Amundi US, +€89 million related to the integration of Degroof Petercam and -€20 million related to the reduction in ISB integration costs into CACEIS) and +€58 million due to a positive base effect related to the contribution on the DGS (deposit guarantee fund in Italy).

The cost/income ratio thus stood at 52.8% in the second quarter of 2025, an improvement of -0.5 percentage point compared to second quarter 2024. Gross operating income in the second quarter of 2025 stood at €3,306 million, an increase of +4.1% compared to the second quarter of 2024.

As at 30 June 2025, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk coverage level. The Non Performing Loans ratio showed little change from the previous quarter and remained low at 2.3%. The coverage ratio ⁽¹²⁾ was high at 72.2%, down -2.8 percentage points over the quarter. Loan loss reserves amounted to €9.4 billion for Crédit Agricole S.A., relatively unchanged from the end of March 2025. Of these loan loss reserves, 35.3% were for provisioning for performing loans.

The cost of risk was a net charge of -€441 million, up +4.2% compared to the second quarter of 2024, and came mainly from a provision for non-performing loans (level 3) of -€524 million (compared to a provision of -€491 million in the second quarter of 2024). Net provisioning on performing loans (stages 1 and 2) is a reversal of +€91 million, compared to a reversal of +€31 million in the second quarter of 2024, and includes reversals for model effects and the migration to default of some loans, which offset the prudential additions to provisions for updating macroeconomic scenarios. Also noteworthy is an addition to provisions of -€8 million for other items (legal provisions) versus a reversal of +€37 million in the second quarter of 2024. By business line, 53% of the net addition for the quarter came from Specialised Financial Services (50% at end-June 2024), 21% from LCL (22% at end-June 2024), 14% from International Retail Banking (17% at end-June 2024), 4% from Large Customers (9% at end-June 2024) and 5% from the Corporate Centre (1% at end-June 2024). The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the second quarter were updated, with a central scenario (French GDP at +0.8% in 2025, +1.4% in 2026) an unfavourable scenario (French GDP at +0.0% in 2025 and +0.6% in 2026) and an adverse scenario (French GDP at -1.9% in 2025 and -1.4% in 2026). In the second quarter of 2025, the cost of risk/outstandings remained stable at 34 basis points over a rolling four quarter period ⁽¹³⁾ and 32 basis points on an annualised quarterly basis ⁽¹⁴⁾.

The contribution of equity-accounted entities stood at €30 million in second quarter 2025, down -€17 million compared to second quarter 2024, or -35.1%. This drop is related to the impairment of goodwill of a stake in CAL&F and non-recurring items especially the drop in remarketing revenues at CAPFM, offset by the impact of the first consolidation of Victory Capital (+€20 million). The net income on other assets was €455 million in the second quarter of 2025 and includes the capital gain related to the deconsolidation of Amundi US of €453 million. Pre-tax income, discontinued operations and non-controlling interests therefore increased by +19% to €3,350 million.

The tax charge was -€541 million, versus -€704 million for the second quarter 2024. This quarter’s tax includes positive elements, especially the non-taxation of the capital gain linked to the deconsolidation of Amundi US. The tax charge for the quarter remains estimated and will be reassessed by the end of the year.

Net income before non-controlling interests was up +33.1% to €2,809 million. Non-controlling interests stood at -€420 million in the second quarter of 2025, up +48.7%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.

Stated net income Group share in the first half of 2024 amounted to €4,213 million, compared with €3,731 million in the first half of 2024, an increase of +12.9%.

Revenues increased +4.9% compared to the first half of 2024, driven by the performance of the Asset Gathering, Large Customers, and Specialised Financial Services business lines and the Corporate Centre. Operating expenses were up +5.5% compared to the first half of 2024, especially in connection with supporting the development of business lines and the integration of scope effects. The cost/income ratio for the first half of the year was 53.9%, an improvement of 0.3 percentage points compared to first half 2024. Gross operating income totalled €6,571 million, up +4.1% compared to first half 2024. The cost of risk increased by +3.8% over the period, to -€-855 million, versus -€824 million for first half 2024.

The contribution of equity-accounted entities stood at €77 million in first half 2025, down -€13 million compared to first half 2024, or -14.1%. Net income from other assets was €456 million in the first half of 2025. Pre-tax income, discontinued operations and non-controlling interests therefore increased by +11.9% to €6,250 million. The tax charge was -€1,368 million, versus -€1,315 million for first half 2024. This includes the exceptional corporate income tax of -€152 million, corresponding to an estimation of -€200 million in 2025 (assuming 2025 fiscal result being equal to 2024 fiscal result). Net income before non-controlling interests was up +14.3% to €4,882 million. Non-controlling interests stood at -€669 million in first half 2025, up +23.5% compared to first half 2024.

Earnings per share stood at €0.74 per share in the second quarter 2025, versus €0.58 in the second quarter 2024.

RoTE ⁽¹⁵⁾, which is calculated on the basis of an annualised net income Group share ⁽¹⁶⁾ and IFRIC charges, additional corporate tax charge and the capital gain on deconsolidation of Amundi US linearised over the year, net of annualised Additional Tier 1 coupons (return on equity Group share excluding intangibles) and net of foreign exchange impact on reimbursed AT1, and restated for certain volatile items recognised in equity (including unrealised gains and/or losses), reached 16.7% in the first half of 2024, up +1.3 percentage points compared to the first half of 2024.

Crédit Agricole S.A. – Income statement, Q2 and H1-25

En m€	Q2-25	Q2-24	∆ Q2/Q2	H1-25	H1-24	∆ H1/H1
Revenues	7,006	6,796	+3.1%	14,263	13,602	+4.9%
Operating expenses	(3,700)	(3,621)	+2.2%	(7,691)	(7,289)	+5.5%
Gross operating income	3,306	3,175	+4.1%	6,571	6,312	+4.1%
Cost of risk	(441)	(424)	+4.2%	(855)	(824)	+3.8%
Equity-accounted entities	30	47	(35.2%)	77	90	(14.1%)
Net income on other assets	455	15	x 29.4	456	9	x 50.7
Change in value of goodwill	–	–	n.m.	–	–	n.m.
Income before tax	3,350	2,814	+19.0%	6,250	5,587	+11.9%
Tax	(541)	(704)	(23.2%)	(1,368)	(1,315)	+4.0%
Net income from discontinued or held-for-sale ope.	0	–	n.m.	0	–	n.m.
Net income	2,809	2,110	+33.1%	4,882	4,273	+14.3%
Non-controlling interests	(420)	(282)	+48.7%	(669)	(542)	+23.5%
Net income Group Share	2,390	1,828	+30.7%	4,213	3,731	+12.9%
Earnings per share (€)	0.74	0.58	+29.1%	1.30	1.08	+20.3%
Cost/Income ratio (%)	52.8%	53.3%	-0.5 pp	53.9%	53.6%	+0.3 pp

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

Activity of the Asset Gathering division

At end-June 2025, the assets under management of the Asset Gathering (AG) division stood at €2,905 billion, up +€27 billion over the quarter (i.e. +1%), mainly due to positive net inflows in asset management, and insurance, and a positive market and foreign exchange effect over the period. Over the year, assets under management rose by +5.2%.

Insurance activity (Crédit Agricole Assurances) was very strong, with total revenues at a high level of €12.7 billion, up +17.9% compared to second quarter 2024.

In Savings/Retirement, second quarter 2025 revenues reached €9.9 billion, up +22.3% compared to second quarter 2024, in a buoyant environment, especially in France. Unit-linked rate in gross inflows⁽¹⁷⁾ is stable year-on-year at 32.0%. The net inflows reached a record +€4.2 billion (+€2.7 billion compared to the second quarter of 2024), comprised of +€2.4 billion net inflows from euro funds and +€1.8 billion from unit-linked contracts.

Assets under management (savings, retirement and funeral insurance) continued to grow and came to €359.4 billion (up +€21.5 billion year-on-year, or +6.4%). The growth in outstandings was driven by the very high level of quarterly net inflows and favourable market effects. Unit-linked contracts accounted for 30.2% of outstandings, up +0.6 percentage points compared to the end of June 2024.

In property and casualty insurance, premium income stood at €1.4 billion in the second quarter of 2025, up +9.3% compared to the second quarter of 2024. Growth stemmed from a price effect, with the increase in the average premium benefiting from revised rates induced by climate change and inflation in repair costs as well as changes in the product mix, and a volume effect, with a portfolio of over €16.9 million ⁽¹⁸⁾ policies at the end of June 2025 (or +2.8% over the year). Lastly, the combined ratio at the end of June 2025 stood at 94.7% ⁽¹⁹⁾, stable year-on-year and an improvement of +1.4 percentage points compared to the last quarter.

In death & disability/creditor insurance/group insurance, premium income for the second quarter of 2025 stood at €1.4 billion, down slightly by -0.6% compared to the second quarter of 2024. Individual death & disability showed growth of +7.1% related to the increase in the average amount of guarantees. Creditor insurance showed a drop in activity of -4.3% over the period, especially related to international consumer finance. Group insurance was slightly up at +2.2%.

In Asset Management (Amundi), assets under management by Amundi increased by +0.9% and +5.2% respectively over the quarter and the year, reaching a new record of €2,267 billion at the end of June 2025. They take into account the first integration of Victory Capital over the quarter with a scope effect of -€9.7 billion (effect of the deconsolidation of Amundi US for -€70 billion and the integration of Victory for +€60 billion). US business assets amount to €94 billion at end-June 2025, including €36 billion of assets distributed by Amundi to non-US customers (fully integrated) and €58 billion of assets distributed by Victory to US customers (26% share). In addition to the scope effect, assets benefited from a high level of inflows over the quarter (+€20.5 billion) a positive market effect of +€57 billion, and a strong negative exchange rate impact of -€48 billion related to the drop in the US dollar and Indian rupee. Net inflows are balanced between medium/long term assets (+€11 billion) and JVs (+€10 billion). The Institutionals segment also recorded net inflows of +€8.7 billion over the quarter, driven by strong seasonal activity in employee savings (+€4 billion in MLT assets). The JV segment showed net inflows of €10.3 billion over the period, with an upturn of inflows in India and a confirmed recovery in China. Finally, the retail segment showed net inflows of €1.4 billion over the quarter.

In Wealth management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €279 billion at the end of June 2025, and were up +3.7% compared to June 2024 and stable compared to March 2025.

For Indosuez Wealth Management assets under management at the end of June stood at €214 billion ⁽²⁰⁾, up +0.4% compared to the end of March 2025, with slightly negative net inflows of -€0.1 billion. Production is supported by structured products and mandates, partially offsetting the outflow especially linked to liquidity events of large customers. The market and foreign exchange impact of the quarter is positive at €1 billion. Compared to end-June 2024, assets are up by +€9 billion, or +4.5%. Also noteworthy is the announcement of the Banque Thaler acquisition project in Switzerland on 4 April 2025 and that of the plan to acquire the Wealth Management customers of BNP Paribas Group in Monaco on 23 June 2025.

Results of the Asset Gathering division

In the second quarter of 2025, Asset Gathering generated €1,970 million of revenues, up +1.3% compared to the second quarter of 2024. Expenses increased +6.2% to -€864 million and gross operating income came to €1,106 million, -2.2% compared to the second quarter of 2024. The cost/income ratio for the second quarter of 2025 stood at 43.8%, up +2.0 percentage points compared to the same period in 2024. Equity-accounted entities showed a contribution of €58 million, up +77.4%, especially in relation to the first integration of the contribution of Victory Capital of 26% over this quarter in the Asset Management division for €20 million. The net income on other assets is impacted by the recognition of a capital gain of €453 million also related to the partnership with Victory Capital. Consequently, pre-tax income was up by +40.1% and stood at €1,610 million in the second quarter of 2025. The net income Group share showed an increase of +49.3% to €1,100 million.

In the first semester of 2025, the Asset Gathering division generated revenues of €4,028 million, up +7.9% compared to first half 2024. Expenses increased by +14.8%. As a result, the cost/income ratio stood at 44.7%, up +2.7 percentage points compared to the first half of 2024. Gross operating income stood at €2,229 million, a increase of +2.9% compared to first half 2024. Equity-accounted entities showed a contribution of €86 million, up +39.4%, especially in relation to the first integration of the contribution of Victory Capital of 26% over the second quarter of 2025 in the Asset Management division. The net income on other assets is impacted by the recognition of a capital gain of €453 million also related to the partnership with Victory Capital in second quarter 2025. Taxes stood at €601 million, a +19.8% increase. Net income Group share of the Asset Gathering division includes the additional corporate tax charge in France and amounted to €1,780 million, up +22.5% compared to the first half of 2024. The increase affected all the business lines of the division, (+66.1% for Asset Management, +0.8% for Insurance and +92.3% for Wealth Management).

In the second quarter of 2025, the Asset Gathering division contributed by 41% to the net income Group share of the Crédit Agricole S.A. core businesses and 28% to revenues (excluding the Corporate Centre division).

As at 30 June 2025, equity allocated to the division amounted to €13.2 billion, including €10.6 billion for Insurance, €1.9 billion for Asset Management, and €0.7 billion for Wealth Management. The division’s risk weighted assets amounted to €51.4 billion, including €24.0 billion for Insurance, €19.7 billion for Asset Management and €7.7 billion for Wealth Management.

Insurance results

In the second quarter of 2025, insurance revenues amounted to €790 million, up +2.1% compared to the second quarter of 2024. They are supported by Savings/Retirement in relation to the growth in activity and a positive financial result over the period, Property & Casualty which benefits from a good level of activity and financial results, and by the performance of Death & Disability, which offsets a tightening of technical margins in creditor. Revenues for the quarter included €587 million from savings/retirement and funeral insurance ⁽²¹⁾, €89 million from personal protection ⁽²²⁾ and €114 million from property and casualty insurance ⁽²³⁾.

The Contractual Service Margin (CSM) totalled €26.8 billion at the end of June 2025, an increase of +6.3% compared to the end of December 2024. It benefited from a contribution of new business greater than the CSM allocation and a positive market effect. The annualised CSM allocation factor was 8.0% at end-June 2025.

Non-attributable expenses for the quarter stood at -€87 million, down -0.9% over the second quarter of 2024. As a result, gross operating income reached €703 million, up +2.5% compared to the same period in 2024. The net pre-tax income was up +2.2% and stood at €703 million. The tax charge totalled €143 million, down -19.9% during the period. Net income Group share stood at €557 million, up +12.6% compared to the second quarter of 2024.

Revenues from insurance in the first half of 2025 came to €1,517 million, up +1.5% compared to the first half of 2024. Gross operating income stood at €1,335 million, up +1.4% compared to the first half of 2024. Non-attributable expenses came to €182 million, i.e. an increase of +2.0%. The cost/income ratio is thus 12.0%, below the target ceiling set by the Medium-Term Plan of 15%. The net income Group share includes the additional corporate tax charge in France and reached €997 million, up +0.8% compared to first half 2024.

Insurance contributed 23% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-June 2025 and 10% to their revenues (excluding the Corporate Centre division).

Asset Management results

In the second quarter of 2025, revenues amounted to €771 million, showing a fall of -10.8% compared to the second quarter of 2024. The deconsolidation of Amundi US (previously fully consolidated) and the integration of Victory Capital (at 26% on the equity-accounted entities line) took effect this quarter. As a result, restated for this scope effect,⁽²⁴⁾, revenues were stable (-0.6%) compared with the second half of 2024. Net management fee and commission income was up +1.0% ⁽²⁵⁾ compared with second quarter 2024. Amundi Technology’s revenues recorded a significant increase and rose +50% over the second quarter of 2024, thanks to the integration of Aixigo (the European leader in Wealth Tech, the acquisition of which was finalised in November 2024) which amplified the continued strong organic growth. Performance fee income fell -29%²⁵ from the second quarter of 2024 due to market volatility and financial revenues fell in connection with the drop in rates. Operating expenses amounted to -€429 million, a decline of -8.8% from the second quarter of 2024. Excluding the scope effect related to the Victory Capital partnership²⁴, they were up +2.2% over the period. The cost/income ratio was up at 55.7% (+1.2 percentage points compared to second quarter 2024). Gross operating income stood at €341 million, down -13.2% compared to the second quarter of 2024. The contribution of the equity-accounted entities, carrying the contribution of Amundi’s Asian joint ventures as well as the new contribution of Victory Capital starting this quarter, was €58 million (+€20 million of which for Victory Capital, whose contribution is recognised with an offset of one quarter, so excluding the synergies already realised in the second quarter of 2025; the contribution of the joint ventures rose sharply to +16.6%, particularly in India), an increase of +77.4% over the second quarter of 2024. Net income on other assets was impacted by the recognition of a non-monetary capital gain of €453 million, also related to the partnership with Victory Capital, over the second quarter of 2025. Consequently, pre-tax income came to €850 million, double the second quarter of 2024. Non-controlling interests were impacted by the partnership with Victory Capital and amounted to €249 million over the quarter. Net income Group share amounted to €506 million, up sharply (x2.3) compared to the second quarter of 2024, taking account of the impact of the partnership with Victory Capital.

Over the first half of 2025, revenues remained stable at €1,663 million (-0.3%). Excluding the scope effect related to the partnership with Victory Capital in the second quarter of 2025, it would represent an increase of +5.3% over the period. Operating expenses posted a slight increase of +0.7%. Excluding the scope effect related to the partnership with Victory Capital, they would increase +5.3% over the period. The cost/income ratio was 55.7%, an increase of +0.5 percentage points compared to first half 2024. This resulted in a -1.5% decline in gross operating income from the first half of 2024. The income of the equity-accounted entities rose +39.4%, primarily reflecting the first integration of the Victory Capital contribution over second quarter 2025. Net income on other assets was impacted by the recognition of a non-monetary capital gain of €453 million also related to the partnership with Victory Capital over the second quarter of 2025. In total, net income Group share for the half includes the additional corporate tax charge in France and stood at €689 million, an increase of +66.1%.

Asset management contributed 16% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end June 2025 and by 12% to their underlying revenues.

At 30 June 2025, equity allocated to the Asset Management business line amounted to €1.9 billion, while risk weighted assets totalled €19.7 billion.

Wealth Management results ⁽²⁶⁾

In the second quarter of 2025, revenues from wealth management amounted to €409 million, up +33.3% compared to the second quarter of 2024, benefiting from the impact of the integration of Degroof Petercam in June 2024. Excluding this effect, ⁽²⁷⁾ revenues were sustained by the positive momentum of transactional income and the good resilience of the net interest margin, despite falling rates. Expenses for the quarter amounted to -€348 million, up +36.4% compared to the second quarter of 2024, impacted by a Degroof Petercam scope effect²⁷ and -€22.5 million in integration costs in the second quarter of 2025 ⁽²⁸⁾. Excluding these impacts, expenses rose slightly at +1.7% compared to the second quarter of 2024. The cost/income ratio for the second quarter of 2025 stood at 85%, up +1.9 percentage points compared to the same period in 2024. Excluding integration costs, it amounted to 79.5%. Gross operating income reached €61 million, an increase of (+18.3%) compared to the second quarter of 2024. Cost of risk remained moderate at -€5 million. Net income Group share amounted to €36 million, up +52.7% compared to the second quarter of 2024.

In the first half of 2025, wealth management revenues rose by +48.6% over the first half of 2024, notably benefiting from the integration of Degroof Petercam⁽²⁹⁾ in June 2024 to reach €848 million. Expenses rose by +47.5% due to the impact of the integration of Degroof Petercam²⁹ in June 2024 and integration costs. Gross operating income was therefore up +54.0% at €156 million. Net income on other assets was nil in the first half of 2025 compared with -€20 million in the first half of 2024, corresponding to Degroof Petercam acquisition costs. Net income Group share was €94 million over the first half, up +92.3% from first half 2024. The additional net income Group share target of +€150 million to +€200 million in 2028 following the integration of Degroof Petercam is confirmed and the rate of progression in synergies realised was approximately 25%.

Wealth Management contributed 2% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-June 2025 and 6% of their revenues (excluding the Corporate Centre division).

At 30 June 2025, equity allocated to Wealth Management was €0.7 billion and risk weighted assets totalled €7.7 billion.

Activity of the Large Customers division

The large customers division posted good activity in the second quarter of 2025, thanks to good performance from Corporate and Investment banking (CIB) and strong activity in asset servicing.

In the second quarter of 2025, revenues from Corporate and Investment Banking were stable at €1,705 million, which is -0.1% compared to second quarter 2024 (+5% excluding FVA/DVA volatile elements and foreign exchange impact). Capital Markets and Investment Banking activity was down -2.7% from second quarter 2024 (+3% excluding non-recurring items and foreign exchange impact), but remained at a high level at €860 million, supported in part by a new progression in revenues from Capital Market activities (+2.8% over second quarter 2024, +10% excluding FVA/DVA volatile items and foreign exchange impact) particularly on the trading and primary credit activities that partially offset the decline in structured equity revenues. Revenues from financing activities rose to €845 million, an increase of +2.8% compared to the second quarter of 2024 (+7% excluding non-recurring items and foreign exchange impact). This mainly reflects the performance of structured financing, where revenues rose +6.8% compared to the second quarter of 2024, primarily explained by the dynamism of the renewable energy sector (increase in production on wind and solar projects). Commercial Banking was up +0.7% versus second quarter 2024, driven by the activities of Corporate & Leveraged Finance, boosted by the acquisition financing sector.

Financing activities consolidated its leading position in syndicated loans (#1 in France ⁽³⁰⁾ and #2 in EMEA³⁰). Crédit Agricole CIB reaffirmed its strong position in bond issues (#2 All bonds in EUR Worldwide³⁰) and was ranked #1 in Green, Social & Sustainable bonds in EUR ⁽³¹⁾. Average regulatory VaR stood at €11.1 million in the second quarter of 2025, up from €10.5 million in the first quarter of 2025, reflecting changes in positions and financial markets. It remained at a level that reflected prudent risk management.

For Asset Servicing, business growth was supported by strong commercial activity and favourable market effects.

Assets under custody rose by +1.1% at the end of June 2025 compared to the end of March 2025 and increased by +11.3% compared to the end of June 2024, to reach €5,526 billion. Assets under administration fell by
-3.0% over the quarter because of a planned customer withdrawal, and were up +1.2% year-on-year, totalling €3,468 billion at end-June 2025.

On 4 July 2025, Crédit Agricole S.A. announced the finalisation of the buyback of the 30.5% interest held by Santander in CACEIS.

Results of the Large Customers division

In the second quarter of 2025, revenues of the Large Customers division once again reached a record level at €2,224 million (stable from second quarter 2024), buoyed by an excellent performance in the Corporate and Investment Banking and Asset Servicing business lines.

Operating expenses increased by +4.4% due to IT investments and business line development. As a result, the division’s gross operating income was down -5.1% from the second quarter of 2024, standing at €967 million. The division recorded a limited addition for provision of the cost of risk of -€20 million integrating the update of economic scenarios and benefiting from favourable model effects, to be compared with an addition of -€39 million in the second quarter of 2024. Pre-tax income amounted to €958 million, down -3.3% compared to the second quarter of 2024. The tax charge amounted to -€149 million in second quarter 2025. Finally, net income Group share totalled €752 million in the second quarter of 2025, an increase of +8.3% over the second quarter of 2024.

In first half 2025, the revenues of the Large Customers business line amounted to a historic high of €4,632 million (+3.2% compared to first half 2024). Operating expenses rose +4.6% compared to first half 2024 to €2,617 million, largely related to staff costs and IT investments. Gross operating income for first half of 2025 therefore totalled €2,015 million, up +1.4% from first half 2024. The cost of risk ended the first half of 2025 with a net provision to provisions of -€5 million, which was stable compared with the first half of 2024. The business line’s contribution to underlying net income Group share was at €1,475 million, up +4.1% compared to first half 2024.

The business line contributed 34% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-June 2025 and 32% to revenues excluding the Corporate Centre.

At 30 June 2025, the equity allocated to the division was €12.8 billion and its risk weighted assets were €134.7 billion.

Corporate and Investment Banking results

In the second quarter of 2025, revenues from Corporate and Investment Banking posted a strong performance at €1,705 million (stable in relation to second quarter 2024, +5% excluding FVA/DVA volatile items and foreign exchange impact).

Operating expenses rose by +6.7% to -€895 million, mainly due to IT investments and the development of business line activities. Gross operating income declined -6.6% compared to second quarter 2024 and recorded a high level of +€810 million. Cost/income ratio was 52.5%, an improvement of +3.3 percentage points for the period. Cost of risk recorded a limited net provision of -€19 million integrating the update of economic scenarios and benefiting from positive model effects. Pre-tax income in second quarter 2025 stands at €793 million, down -5.7% compared to the second quarter of 2024. Lastly, stated net income Group share was up +6.7% to €659 million in the second quarter of 2025.

In first half 2025, stated revenues rose by +3.7% compared to first half 2024, to €3,591 million, the highest historical half-year level ever. Operating expenses rose +7.1%, mainly due to variable compensation and IT investments to support the development of the business lines. As a result, gross operating income was €1,704 million and stable compared to first half 2024. The cost of risk recorded a net reversal of +€4 million in the first half of 2025, compared to a reversal of +€7 million in the first half of 2024. The income tax charge stood at -€376 million, down -9.3%. Lastly, stated net income Group share for first half 2025 stood at €1,307 million, an increase of +3.0% over the period.

Risk weighted assets at end-June 2025 were down -€6.6 billion compared to end-March 2025, to €123.6 billion, mainly explained by model effects.

Asset servicing results

In the second quarter of 2025, revenues for Asset Servicing remained stable compared to second quarter 2024 at €519 million, as the solid performance of the net interest margin was offset by a drop in fee and commission income (notably on foreign exchange). Operating expenses were down by -1.1% to -€361 million, due to the decrease in ISB integration costs compared to the second quarter of 2024 ⁽³²⁾. Apart from this effect, expenses were up slightly pending the acceleration of synergies. As a result, gross operating income was up by +3.8% to €158 million in the second quarter of 2025. The cost/income ratio for the second quarter of 2025 stood at 69.6%, down -1.0 percentage points compared to the same period in 2024. Consequently, pre-tax income was up by +8.8% and stood at €165 million in the second quarter of 2025. Net income Group share rose +21.1% compared to second quarter 2024.

Stated revenues for first half 2025 were up +1.5% compared with first half 2024, buoyed by the strong commercial momentum and a favourable trend in the interest margin over the period. Expenses declined -1.3% and included -€13.7 million in integration costs related to the acquisition of ISB’s activities (versus -€44.3 million in integration costs in the first half of 2024). Gross operating income rose +8.8% increase compared to first half 2024.
The cost/income ratio stood at 70.1%, down 2.0 points compared to the second half of 2024. The additional net income target ⁽³³⁾of +€100 million in 2026 following the integration of ISB is confirmed and the rate of progression in synergies realised is approximately 60%.

Finally, the contribution of the business line to net income Group share in the first half of 2025 was €168 million, representing a +13.9% increase compared to the first half of 2024.

Specialised financial services activity

Crédit Agricole Personal Finance & Mobility’s (CAPFM) commercial production totalled €12.4 billion in second quarter 2025, an increase of +2.4% from second quarter 2024, and an increase of +12.4% compared to first quarter 2025. This increase was carried by traditional consumer finance, while the automobile activity remained stable in a still complex market in Europe and China. The share of automotive financing ⁽³⁴⁾ in quarterly new business production stood at 49.6%. The average customer rate for production was down slightly by -9 basis points from the first quarter of 2025. CAPFM assets under management stood at €121.0 billion at end-June 2025, up +4.5% from end-June 2024, over all scopes (Automotive +6.6% ⁽³⁵⁾, LCL and Regional Banks +4.2%, Other Entities +2.5%), benefiting from the expansion of the management portfolio with the Regional Banks and the promising development of car rental with Leasys and Drivalia. Lastly, consolidated outstandings totalled €68.0 billion at end-June 2025, down -0.9% from end-June 2024.

The commercial production of Crédit Agricole Leasing & Factoring (CAL&F) was down -19.4% from second quarter 2024 in leasing, primarily in France in an unfavourable market context ⁽³⁶⁾. In International, production was up, particularly in Poland. Leasing outstandings rose +5.0% year-on-year, both in France (+4.1%) and internationally (+8.6%), to reach €20.8 billion at end-June 2025 (of which €16.4 billion in France and €4.5 billion internationally). Commercial production in factoring was up +26.6% versus second quarter 2024, carried by France, which rose +83.8%, which benefited from the signing of a significant contract; international fell by -27.0%, mainly in Germany. Factoring outstandings at end-June 2025 were up +3.7% compared to end-June 2024, and factored revenues were up by +5.0% compared to the same period in 2024.

Specialised financial services’ results

In the second quarter of 2025, revenues of the Specialised Financial Services division were €881 million, down -1.0% compared to the second quarter of 2024. Expenses stood at -€438 million, down -1.0% compared to the second quarter of 2024. The cost/income ratio stood at 49.8%, stable compared to the same period in 2024. Gross operating income thus stood at €442 million, down -1.0% compared to the second quarter of 2024. Cost of risk amounted to -€235 million, up +11.7% compared to the second quarter of 2024. Income for the equity-accounted entities amounted to -€13 million, a significant decline from second quarter 2024 which was €29 million, mainly linked to the drop in remarketing revenues for CAPFM as well as a depreciation of goodwill for CAL&F. Pre-tax income for the division amounted to €194 million, down -26.7% compared to the same period in 2024. Net income Group share amounted to €114 million, down -38.9% compared to the same period in 2024.

In the first half of 2025, revenues for the Specialised Financial Services division were €1,749 million, which was up +0.8% from first half 2024. Operating expenses were up +1.7% from first half 2024 at -€912 million. Gross operating income amounted to €837 million, stable (-0.2%) in relation to first half 2024. The cost/income ratio stood at 52.1%, up +0.5 percentage points compared to the same period in 2024. The cost of risk increased by +12.8% compared to the first quarter of 2024 to -€484 million. The contribution of the equity-accounted entities dropped -62.2% from the same period in 2024, mainly linked to the decline in remarketing revenues CAPFM and a depreciation of goodwill for CAL&F (in the second quarter of 2025). Net income Group share includes the corporate tax additional charge in France and amounted to €263 million, down -20.3% compared to the same period in 2024.

The business line contributed 6% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-June 2025 and 12% to revenues excluding the Corporate Centre.

At 30 June 2025, the equity allocated to the division was €7.7 billion and its risk weighted assets were €80.7 billion.

Personal Finance and Mobility results

In the second quarter of 2025, CAPFM revenues totalled €697 million, up +0.3% from the second quarter of 2024, with a positive price effect benefiting from the improvement in the production margin rate, which rose +35 basis points compared to second quarter 2024 (and which was down -7 basis points from first quarter 2025), partially absorbed by the increase in subordinated debt ⁽³⁷⁾. Expenses totalled -€339 million, a drop of -1.1% and the jaws effect was positive over the quarter at +1.3 percentage points. Gross operating income thus stood at €358 million, an increase of +1.5% compared to the second quarter of 2024. The cost/income ratio stood at 48.7%, up -0.6 percentage points compared to the same period in 2024. The cost of risk stood at -€228 million, up +19.6% from the second quarter of 2024. The cost of risk/outstandings thus stood at 135 basis points⁽³⁸⁾, a slight deterioration of +5 basis points compared to the first quarter of 2025, especially in international activities. The Non Performing Loans ratio was 4.6% at end-June 2025, slightly up by +0.1 percentage points compared to end-March 2025, while the coverage ratio reached 73.2%, down -0.2 percentage points compared to end-March 2025. The contribution from the equity-accounted entities fell by -71.4% compared to the same period in 2024, related mainly to the drop in remarketing revenues. Pre-tax income amounted to €140 million, down -27.1% compared to the same period in 2024. Net income Group share amounted to €81 million, down -38.4% compared to the previous year.

In the first half of 2025, CAPFM revenues reached €1,380 million, i.e. +1.1% over the first half of 2024, benefiting from volume and positive price effects partially offset by the increase in subordinated debt³⁷. The expenses came to -€709 million, up +1.7% compared to the first half of 2024, related primarily to employee expenses and IT expenses. Gross operating income stood at €671 million, up +0.6%. The cost/income ratio stood at 51.4%, up +0.3 percentage points compared to the same period in 2024. The cost of risk rose by +16.3% over the first half of 2024 to -€453 million, notably related to a slight degradation on the international subsidiaries. The contribution from equity-accounted entities fell by -25.9% compared to the same period in 2024, primarily due to the decline in remarketing revenues. Therefore, net income Group share, which includes the additional corporate tax charge in France, amounted to €188 million, down -18.7% from the first half of 2024.

Leasing & Factoring results

In the second quarter of 2025, CAL&F revenues totalled €183 million, down -5.4% from second quarter 2024 due to the decline in factoring margins (related to the rate decrease). Revenues were up in leasing. Operating expenses stood at -€99 million, down -0.8% over the quarter, and the cost/income ratio stood at 54.0%, an improvement of +2.6 percentage points compared to the second quarter of 2024. Gross operating income stood at €84 million, down -10.4% compared to the second quarter of 2024. The cost of risk includes a provision reversal on performing loans of +€20 million and thus amounted to -€7 million over the quarter, a drop of -63.9% from the same period in 2024. Cost of risk/outstandings stood at 21 basis points³⁸, down -4 basis points compared to second quarter 2024. Income of the equity-accounted entities totalled -€22 million in second quarter 2025, a sharp decline from second quarter 2024 at -€2 million, due to a depreciation of goodwill. Pre-tax income amounted to €54 million, down -25.4% compared to the same period in 2024. Net income Group share includes the corporate tax additional charge in France and amounted to €33 million, down -40.2% compared to the previous year.

In the first half of 2025, revenues were stable (-0.6%) from first half 2024 at €369 million with an increase on leasing absorbed by a decrease in factoring margins because of the decrease in rates. Operating expenses increased by +1.9% to -€203 million. Gross operating income was down -3.5% from the first half of 2024 to total €166 million. The cost/income ratio stood at 55.0%, up +1.3 percentage points compared to first half 2024. The cost of risk declined from the first half of 2024 (-21.8%) because of a provision reversal of +€20 million on performing loans in the second quarter of 2025. The contribution of the equity-accounted entities amounted to -€24 million in the first half of 2025, down sharply from the first half of 2024 at -€4 million due to a depreciation of goodwill in first half 2025. Finally, net income Group share includes the additional corporate tax charge in France and amounted to €75 million, down -24.1% from the first half of 2024.

Crédit Agricole S.A. Retail Banking activity

In Retail Banking at Crédit Agricole S.A. this quarter, loan production in France continued its upturn compared to the second quarter of 2024. It was down in Italy in a very competitive housing market. The number of customers with insurance is progressing.

Retail banking activity in France

In the second quarter of 2025, activity was steady, with an upturn in loan activity, especially real estate loans, compared with the second quarter of 2024, and an increase in inflows. Customer acquisition remained dynamic, with 68,000 new customers this quarter.

The equipment rate for car, multi-risk home, health, legal, all mobile phones or personal accident insurance rose by +0.6 percentage points to stand at 28.4% at end-June 2025.

Loan production totalled €6.8 billion, representing a year-on-year increase of +14%. Second quarter 2025 recorded an increase in the production of real estate loans (+24% over second quarter 2024). The average production rate for home loans came to 3.07%, down -11 basis points from the first quarter of 2025 and -77 basis points year on year. The home loan stock rate improved by +3 basis points over the quarter and by +18 basis points year on year. The strong momentum continued in the corporate market (+10% year on year) and the small business market (+15% year on year) and remains up in the consumer finance segment (+2%).

Outstanding loans stood at €171.5 billion at end-June 2025, representing a quarter-on-quarter increase (+0.5%) and year-on-year (+2.0%, including +1.8% for home loans, +1.7% for loans to small businesses, and +3.4% for corporate loans). Customer assets totalled €256.0 billion at end-June 2025, up +1.7% year on year, driven by off-balance sheet funds and with a slight increase of on-balance sheet deposits. Over the quarter, customer assets remained stable at -0.2% in relation to end-March 2025, with an increase of demand deposits for +2.6% while term deposits dropped -8.5% over the quarter in an environment that remains uncertain. Off-balance sheet deposits benefited from a positive year-on-year market effect and on the quarter and positive net inflows in life insurance.

Retail banking activity in Italy

In the second quarter of 2025, CA Italia posted gross customer capture of 54,000.

Loans outstanding at CA Italia at the end of June 2025 stood at €62.0 billion ⁽³⁹⁾, up +1.6% compared with end-June 2024, in an Italian market up slightly ⁽⁴⁰⁾, driven by the retail market, which posted an increase in outstandings of +2.8%. The loan stock rate declined by -96 basis points against the second quarter of 2024 and by -24 basis points from the first quarter of 2025. Loan production for the quarter was down -8.1% compared with a high second quarter 2024, in a very competitive home market in the second quarter of 2025. Loan production for the half rose by +1.3% compared with the first half of 2024.

Customer assets at end-June 2025 totalled €120.5 billion, up +3.2% compared with end-June 2024; on-balance sheet deposits were relatively unchanged (+0.3%) from end-June 2024. Finally, off-balance sheet deposits increased by +6.9% over the same period and benefited from net flows and a positive market effect.

CA Italia’s equipment rate in car, multi-risk home, health, legal, all mobile phones or personal accident insurance was 20.6%, up +0.9 percentage points over the second quarter of 2024.

International Retail Banking activity excluding Italy

For International Retail Banking excluding Italy, loan outstandings were €7.4 billion, up +5.2% at current exchange rates at end-June 2025 compared with end-June 2024 (+6.6% at constant exchange rates). Customer assets rose by +€11.7 billion and were up +6.4% over the same period at current exchange rates (+9.7% at constant exchange rates).

In Poland in particular, loan outstandings increased by +5.2% compared to end-June 2024 (+3.6% at constant exchange rates) driven by the retail segment and on-balance sheet deposits of +8.2% (+6.6% at constant exchange rates). Loan production in Poland rose this quarter compared to the second quarter of 2024 (+7.9% at current exchange rates and +6.5% at constant exchange rates). In addition, gross customer capture in Poland reached 48,000 new customers this quarter.

In Egypt, commercial activity was strong in all markets. Loans outstanding rose +6.8% between end-June 2025 and end-June 2024 (+20.9% at constant exchange rates). Over the same period, on-balance sheet deposits increased by +9.0%% and were up +23.3% at constant exchange rates.

Liquidity is still very strong with a net surplus of deposits over loans in Poland and Egypt amounting to +€2.0 billion at 30 June 2025, and reached €3.5 billion including Ukraine.

French retail banking results

In the second quarter of 2025, LCL revenues amounted to €976 million, stable from the second quarter of 2024. The increase in fee and commission income (+3.1% over second quarter 2024) was driven by the strong momentum in insurance (life and non-life). NIM was down -3.4%, under the impact of an unfavourable base effect, but improved compared to the first quarter of 2025 (+7.8%), thanks to the progressive repricing of loans and the decrease in the cost of customer-related funds (which benefited from a positive change in the deposit mix) and of refinancing, offset by a lower contribution from macro-hedging.

Expenses were up slightly by +1.0% and stood at -€597 million linked to ongoing investments. The cost/income ratio stood at 61.1%, an increase by 0.8 percentage points compared to second quarter 2024. Gross operating income fell by -2.4% to €380 million.

The cost of risk was stable (-0.3% compared with second quarter 2024) and amounted to -€95 million (including an addition to provisions of -€104 million on proven risk and a reversal of +€10 million on healthy loans, incorporating the impact of the scenario update offset by the model update. The cost of risk/outstandings was stable at 20 basis points, with its level still high in the professional market. The coverage ratio still remains at a high level and was 60.9% at the end of June 2025. The Non Performing Loans ratio was 2.1% at the end of June 2025.

Finally, pre-tax income stood at €286 million, down -3.4% compared to the second quarter of 2024, and net income Group share was down -5.7% from the second quarter of 2024.

In the first half of 2025, LCL revenues were stable, up +0.3% compared to first half 2024 and totalled €1,939 million. The net interest margin was down (-2.6%), benefiting from gradual loan repricing and lower funding and refinancing costs, although the impact of macro-hedging remained positive, though less favourable, and there was an unfavourable base effect in the second quarter. Fee and commission income rose +3.4% compared to first half 2024, particularly on insurance. Expenses rose by +2.4% over the period and the cost/income ratio remained under control (+1.3 percentage points compared with first half 2024) at 63.0%. Gross operating income fell by -3.1% and the cost of risk improved by -12.9%. Lastly, the business line’s contribution to net income Group share includes the additional corporate tax charge in France and amounted to €337 million (-14.4% compared to the first half of 2024).

In the end, the business line contributed 8% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) in the second quarter of 2025 and 13% to revenues excluding the Corporate Centre division.

At 30 June 2025, the equity allocated to the business line stood at €5.3 billion and risk weighted assets amounted to €55.7 billion.

International Retail Banking results ⁽⁴¹⁾

In the second quarter of 2025, revenues for International Retail Banking totalled €1,007 million, down compared with the second quarter of 2024 (-1.9% at current exchange rates, -1.3% at constant exchange rates). Operating expenses amounted to -€520 million, down -6.3% (-6.0% at constant exchange rates), and benefited from the end of the contribution to the DGS in 2025, which was recorded for -€58 million in the second quarter of 2024. Gross operating income consequently totalled €487 million, up +3.2% (+4.3% at constant exchange rates) for the period. Cost of risk amounted to -€61 million, down -15.5% compared to second quarter 2024 (-19.8% at constant exchange rates). All in all, net income Group share for CA Italia, CA Egypt, CA Poland and CA Ukraine amounted to €238 million in the second quarter of 2025, up +4.3% (and +6.4% at constant exchange rates).

In first half 2025, International Retail Banking revenues fell by -2.5% to €2,033 million (-0.7% at constant exchange rates). Operating expenses totalled -€1,035 million, down -2.4% (-4% at constant exchange rates) from the first half of 2024, and benefited from the end of the contribution to the DGS in 2025, which had been recorded for -€58 million in the second quarter of 2024. Gross operating income totalled €998 million, down -2.6% (+2.9% at constant exchange rates). The cost of risk fell by -17.3% (-14.2% at constant exchange rates) to -€128 million compared to first half 2024. Ultimately, net income Group share of International Retail Banking was €483 million, stable in comparison with €485 million in the first half of 2024.

At 30 June 2025, the capital allocated to International Retail Banking was €4.3 billion and risk weighted assets totalled €44.9 billion.

Results in Italy

In the second quarter of 2025, Crédit Agricole Italia’s revenues amounted to €767 million, down -2.2% from second quarter 2024, due to the decline in the net interest margin (-4.4% compared with the second quarter of 2024 related to the decrease in rates). The net interest margin was up +2% compared to first quarter 2025. Fee and commission income on managed assets rose significantly by +11.6% compared to second quarter 2024. Operating expenses were -€398 million, down -9.5% from second quarter 2024, due to the end of the contribution to the DGS in 2025, whereas an amount of -€58 million had been recognised in this respect in the second quarter of 2024. Excluding the DGS, expenses rose by +4.3% compared to the second quarter of 2024 because of employee and IT expenses to support the growth of the business lines.

The cost of risk was -€45 million in the second quarter of 2025, a decrease of -26.4% from second quarter 2024, and continues to fall with an improvement in the quality of the assets and the coverage ratio. In effect, the cost of risk/outstandings ⁽⁴²⁾ is 36 basis points, an improvement of 3 basis points versus the first quarter of 2025; the Non Performing Loans ratio is 2.7% and is improved from the first quarter of 2025, just like the coverage ratio which is 81.0% (+3.1 percentage points over the first quarter of 2025). This translates into a net income Group share of €172 million for CA Italia, up +12.3% compared to the second quarter of 2024.

In first half 2025, revenues for Crédit Agricole Italia fell by -0.9% to €1,545 million. Operating expenses amounted to -€781 million, down -4.8% from the first half of 2024, and an increase of +2.4% excluding the DGS for -€58 million in the second quarter of 2024. This took gross operating income to €763 million, up +3.4% compared to first half 2024. The cost of risk amounted to -€102 million, down -17.2% compared to the first half of 2024. As a result, net income Group share of CA Italia totalled €350 million, an increase of +5.2% compared to first half 2024.

Results for Crédit Agricole Group in Italy ⁽⁴³⁾

In the first half of 2025, the net income Group share of entities in Italy amounted to €652 million, down -1.1% compared to the first half of 2024. The breakdown by business line is as follows: Retail Banking 54%; Specialised Financial Services 14%; Asset Gathering and Insurance 19%; and Large Customers 13%. Lastly, Italy’s contribution to net income Group share of Crédit Agricole S.A. in first half 2025 was 15%.

International Retail Banking results – excluding Italy

In the second quarter of 2025, revenues for International Retail Banking excluding Italy totalled €240 million, down -1.1% (+1.7% at constant exchange rates) compared to the second quarter of 2024. Revenues in Poland were up +9.5% in the second quarter of 2024 (+8.3% at constant exchange rates), boosted by net interest margin and fee and commission income. Revenues in Egypt were down -9.2% (-4.8% at constant exchange rates) with a residual base effect related to the exceptional foreign exchange activity of the second quarter of 2024. The increase in fee and commission income does not offset the slight decline in net interest margin. Operating expenses for International Retail Banking excluding Italy amounted to -€123 million, up +6.0% compared to the second quarter of 2024 (+7.5% at constant exchange rates) due to the effect of employee expenses and taxes in Poland as well as employee expenses and IT expenses in Egypt. At constant exchange rates, the jaws effect was positive by +2.6 percentage points in Poland. Gross operating income amounted to €117 million, down -7.5% (-3.6% at constant exchange rates) compared to the second quarter of 2024. The cost of risk is low at -€16 million, compared with -€11 million in the second quarter of 2024. Furthermore, at end-June 2025, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 124% and 135%, respectively. In Ukraine, the local coverage ratio remains prudent (558%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €66 million, down -11.9% compared with the second quarter of 2024 (-6.5% at constant exchange rates).

In the first half of 2025, revenues for International Retail Banking excluding Italy totalled €488 million, down -7.1% (-1.1% at constant exchange rates) compared to the first half of 2024. Operating expenses amounted to -€254 million, up +5.9% compared to the first half of 2024 (+8.4% at constant exchange rates). The cost/income ratio stood at 52.0% at the end of June 2025, decreasing by 6.4 percentage points compared to the first half of 2024. Gross operating income amounted to €235 million, down -17.9% (-9.7% at constant exchange rates) compared to the first half of 2024. Cost of risk amounted to -€26 million, down -17.8% (-19.7% at constant exchange rates) compared to the first half of 2024. All in all, International Retail Banking excluding Italy contributed €133 million to net income Group share.

At 30 June 2025, the entire Retail Banking business line contributed 19% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) and 28% to revenues excluding the Corporate Centre.

At 30 June 2025, the division’s equity amounted to €9.6 billion. Its risk weighted assets totalled €100.6 billion.

Corporate Centre results

The net income Group share of the Corporate Centre was -€22 million in second quarter 2025, up +€217 million compared to second quarter 2024. The contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€60 million) and other items (+€39 million).
The contribution of the “structural” component (-€60 million) was up by +€184 million compared with the second quarter of 2024 and can be broken down into three types of activity:

The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution was -€287 million in the second quarter of 2025, up +€45 million.
The businesses that are not part of the business lines, such as CACIF (Private equity), CA Immobilier, CATE and BforBank (equity-accounted), and other investments. Their contribution, at +€217 million in the second quarter of 2025, was up +€140 million compared to the second quarter of 2024, including the positive impact of the Banco BPM dividend linked to an increased stake of 19.8% combined with a rise in the value of the securities (+€143 million).
Group support functions. Their contribution amounted to +€9 million this quarter (unchanged compared with the second quarter of 2024).

The contribution from “other items” amounted to +€39 million, up +€32 million compared to the second quarter of 2024, mainly due to ESTER/BOR volatility factors.

The underlying net income Group share of the Corporate Centre division in first half 2025 was -€124 million, up +€221 million compared to first half 2024. The structural component contributed -€114 million, while the division’s other items contributed -€10 million over the half-year.
The “structural” component contribution was up +€237 million compared to first half 2024 and can be broken down into three types of activity:

The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution amounted to -€601 million for first half 2025, up +€26 million compared to first half 2024;
Business lines not attached to the core businesses, such as Crédit Agricole CIF (private equity) and CA Immobilier, BforBank and other investments: their contribution, which stood at +€469 million in first half 2025, an increase compared to the first half of 2024 (+€207 million).
The Group’s support functions: their contribution for the first half of 2025 was +€18 million, up +€4 million compared to the first half of 2024.

The contribution of “other items” was down -€15 million compared to first half 2024.

At 30 June 2025, risk weighted assets stood at €38.3 billion.

Financial strength

Crédit Agricole Group has the best level of solvency among European Global Systemically Important Banks.

Capital ratios for Crédit Agricole Group are well above regulatory requirements. At 30 June 2025, the phased Common Equity Tier 1 ratio (CET1) for Crédit Agricole Group stood at 17.6%, or a substantial buffer of 7.7 percentage points above regulatory requirements. Over the quarter, the CET1 ratio remained stable, reflecting the increase in retained earnings of +31 basis points (bp), -29 bp of organic growth in the business lines, +5 bp of methodological impact and -13 bp of M&A transactions, OCI and other items.

Crédit Agricole S.A., in its capacity as the corporate centre of the Crédit Agricole Group, fully benefits from the internal legal solidarity mechanism as well as the flexibility of capital circulation within the Crédit Agricole Group. Its phased-in CET1 ratio as at 30 June 2025 stood at 11.9%, 3.2 percentage points above the regulatory requirement, -20 bp compared to the March 2025. The change over the quarter was due to the retained earnings of +28 bp, business lines’ organic growth of -23 bp, +4 bp from methodology impacts and -33 bp from M&A transactions, OCI and other⁴⁴. The proforma CET1 ratio Including M&A transactions completed after 30 June 2025 would be 11.6%.

The breakdown of the change in Crédit Agricole S.A.’s risk weighted assets by business line is the combined result of: +€3.4 billion for the Retail Banking divisions linked to changes in the business lines, -€0.3 billion for Asset Gathering, taking into account the increase in insurance dividends, +€1.7 billion for Specialised Financial Services, -€7.0 billion for Large Customers, linked to favourable methodology and FX impact and moderate business line growth, and +€3.2 billion for the Corporate Centre division, notably linked to the impact of the increase in the Banco BPM stake to 19.8%.

For the Crédit Agricole Group, the Regional Banks’ risk weighted assets increased by +€6.9 billion. The evolution of the other businesses follows the same trend as for Crédit Agricole S.A.

Crédit Agricole Group’s financial structure

	Crédit Agricole Group			Crédit Agricole S.A.
	*30/06/25*	31/03/25	Exigences 30/06/25	*30/06/25*	31/03/25	Exigences 30/06/25
Phased-in CET1 ratio⁴⁵	17.6%	17.6%	9.88%	11.9%	12.1%	8.71%
Tier1 ratio⁴⁵	18.9%	19.0%	11.72%	14.0%	14.3%	10.52%
Total capital ratio⁴⁵	21.4%	21.8%	14.17%	17.8%	18.4%	12.94%
Risk-weighted assets (€bn)	649	641		406	405
Leverage ratio	5.6%	5.6%	3.5%	3.9%	4.0%	3.0%
Leverage exposure (€bn)	2,191	2,173		1,445	1,434
TLAC ratio (% RWA)⁴⁵^,⁴⁶	27.6%	28.5%	22.4%
TLAC ratio (% LRE)⁴⁶	8.2%	8.4%	6.75%
Subordinated MREL ratio (% RWA)⁴⁵	27.6%	28.5%	21.6%
Subordinated MREL ratio (% LRE)	8.2%	8.4%	6.25%
Total MREL ratio (% RWA)⁴⁵	32.7%	34.0%	26.2%
Total MREL ratio (% LRE)	9.7%	10.0%	6.25%
Distance to the distribution restriction trigger (€bn)⁴⁷	46	46		13	14

For Crédit Agricole S.A., the distance to the trigger for distribution restrictions is the distance to the MDA trigger⁴⁸, i.e. 318 basis points, or €13 billion of CET1 capital at 30 June 2025. Crédit Agricole S.A. is not subject to either the L-MDA (distance to leverage ratio buffer requirement) or the M-MDA (distance to MREL requirements).

For Crédit Agricole Group, the distance to the trigger for distribution restrictions is the distance to the L-MDA trigger at 30 June 2025. Crédit Agricole Group posted a buffer of 209 basis points above the L-MDA trigger, i.e. €46 billion in Tier 1 capital.

At 30 June 2025, Crédit Agricole Group’s TLAC and MREL ratios are well above requirements⁴⁹. Crédit Agricole Group posted a buffer of 530 basis points above the M-MDA trigger, i.e. €34 billion in CET1 capital. At this date, the distance to the M-MDA trigger corresponds to the distance between the TLAC ratio and the corresponding requirement. The Crédit Agricole Group’s 2025 target is to maintain a TLAC ratio greater than or equal to 26% of RWA excluding eligible senior preferred debt.

Liquidity and Funding

Liquidity is measured at Crédit Agricole Group level.

As of 31 December 2024, changes have been made to the presentation of the Group’s liquidity position (liquidity reserves and balance sheet, breakdown of long-term debt). These changes are described in the 2024 Universal Registration Document.

Diversified and granular customer deposits remain stable compared to March 2025 (€1,147 billion at end-June 2025).

The Group’s liquidity reserves, at market value and after haircuts⁵⁰, amounted to €471 billion at 30 June 2025, down -€16 billion compared to 31 March 2025.

Liquidity reserves covered more than twice the short-term debt net of treasury assets.

This change in liquidity reserves is notably explained by:

The decrease in the securities portfolio (HQLA and non-HQLA) for -€7 billion;
The decrease in collateral already pledged to Central Banks and unencumbered for -€13 billion, linked to the decline in self-securitisations for -€7 billion and the decrease in receivables eligible for central bank for -€6 billion;
The increase in central bank deposits for +€4 billion.

Crédit Agricole Group also continued its efforts to maintain immediately available reserves (after recourse to ECB financing). Central bank eligible non-HQLA assets after haircuts amounted to €131 billion.

Standing at €1,696 billion at 30 June 2025, the Group’s liquidity balance sheet shows a surplus of stable funding resources over stable application of funds of €179 billion, down -€18 billion compared with end-March 2025. This surplus remains well above the Medium-Term Plan target of €110bn-€130bn.

Long term debt was €316 billion at 30 June 2025, slightly up compared with end-March 2025. This included:

Senior secured debt of €93 billion, up +€4 billion;
Senior preferred debt of €162 billion;
Senior non-preferred debt of €38 billion, down -€2 billion due to the MREL/TLAC eligible debt;
And Tier 2 securities of €23 billion, down -€1 billion.

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

At 30 June 2025, the average LCR ratios (calculated on a rolling 12-month basis) were 137% for Crédit Agricole Group (representing a surplus of €87 billion) and 142% for Crédit Agricole S.A. (representing a surplus of €84 billion). They were higher than the Medium-Term Plan target (around 110%).

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

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

At 30 June 2025, the Group’s main issuers raised the equivalent of €21.3 billion⁵¹in medium-to-long-term debt on the market, 84% of which was issued by Crédit Agricole S.A.

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

Crédit Agricole Assurances issued €750 million in RT1 perpetual NC10.75 year;
Crédit Agricole Personal Finance & Mobility issued:
- €1 billion in EMTN issuances through Crédit Agricole Auto Bank (CAAB);
- €420 million in securitisations through Agos;
Crédit Agricole Italia issued one senior secured debt issuance for a total of €1 billion;
Crédit Agricole next bank (Switzerland) issued two tranches in senior secured format for a total of 200 million Swiss francs, of which 100 million Swiss francs in Green Bond format.

At 30 June 2025, Crédit Agricole S.A. raised the equivalent of €16.5 billion through the market 51^,⁵².

The bank raised the equivalent of €16.5 billion, of which €7.3 billion in senior non-preferred debt and €2.8 billion in Tier 2 debt, as well as €1.7 billion in senior preferred debt and €4.7 billion in senior secured debt at end-June. The financing comprised a variety of formats and currencies, including:

€2.75 billion 52^,⁵³ ;
5.4 billion US dollars (€5.1 billion equivalent);
1.6 billion pounds sterling (€1.9 billion equivalent);
179.3 billion Japanese yen (€1.1 billion equivalent);
0.4 billion Singapore dollars (€0.3 billion equivalent);
0.6 billion Australian dollars (€0.4 billion equivalent);
0.3 billion Swiss francs (€0.3 billion equivalent).

At end-June, Crédit Agricole S.A. had issued 77%⁵²^,⁵³ of its funding plan in currencies other than the euro.

In addition, on 13 February 2025, Crédit Agricole S.A. issued a PerpNC10 AT1 bond for €1.5 billion at an initial rate of 5.875% and announced on 30 April 2025 the regulatory call exercise for the AT1 £ with £103m outstanding (XS1055037920) – ineligible, grandfathered until 28/06/2025 – redeemed on 30/06/2025.

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

The programme was 82% completed at 30 June 2025, with:

€4.7 billion in senior secured debt;
€1.7 billion equivalent in senior preferred debt;
€7.3 billion equivalent in senior non-preferred debt;
€2.8 billion equivalent in Tier 2 debt.

Economic and financial environment

Review of the first half of 2025

An even more conflict-ridden and unpredictable environment, causing a slowdown

The first half of the year took place in an even more conflict-ridden and unpredictable environment, marked by open wars and powerful geopolitical and trade tensions. The war in Ukraine remained a major unresolved issue: President Trump’s initiatives aimed at ending the conflict proved fruitless, while signalling a strategic shift in US policy, notably away from protecting European territory. President Trump’s statements on NATO (demanding that military spending be increased to 5% of GDP) forced Europe to accelerate the overhaul of its defence strategy, as evidenced by the announcement of a white paper detailing defence support measures worth €800 billion. With the Israeli-Palestinian conflict continuing without any lasting political solution in sight, international tensions peaked in June with Israel’s attack on Iran, quickly joined by its US ally. After twelve days of clashes, a ceasefire was announced on 24 June.

Donald Trump’s return to the US presidency has obviously resulted in a protectionist offensive of unexpected violence. This offensive culminated in “Liberation Day” on 2 April, when “reciprocal” tariffs were imposed on all of the United States’ trading partners. While China was particularly targeted, the European Union was also severely affected; even the countries participating in the North American Free Trade Agreement (NAFTA, United States, Canada, Mexico) were not spared, as they were subject to sector-specific tariffs applicable everywhere (steel, aluminium, automobiles, semiconductors). However, these announcements were followed by a presidential U-turn on 9 April, with reciprocal tariffs being lowered to 10% and a 90-day truce agreed upon to allow for the negotiation of bilateral trade agreements. At the end of this pause (9 July), the US president decided to extend it (to 1 August), offering hope to major trading partners (the European Union, Japan and South Korea) that agreements could be reached to reduce tariffs, while leaving economic players in uncertainty about international trade conditions. Only the United Kingdom, China and Vietnam have signed an agreement.

The unpredictability of US trade policy, characterised by dramatic announcements followed by partial reversals, has created ongoing uncertainty. In the first half of the year, this was reflected in mixed economic and financial performances across countries, suggesting a more pronounced global slowdown. The IMF has therefore revised its global growth forecast for 2025 downwards to 2.8% (a decrease of -0.5 percentage points (pp) compared to its January forecast and the growth observed in 2024).

The US economy has shown early signs of slowing down, hit by weaker consumer spending and, above all, a sharp rise in imports as companies seek to build up stocks ahead of the entry into force of new tariffs. GDP contracted by 0.5% in the first quarter (annualised quarter-on-quarter change). After moderating but remaining above the Federal Reserve’s (Fed) 2% target, inflation (year-on-year) stood at 2.7% in June (after 2.4% in May). Core inflation (excluding volatile components, food and energy) reached 2.9%; the increase in tariffs (although not yet finalised) already seems to be visible in the cost of certain goods (furniture, textiles and clothing, household appliances). Despite this turbulence, the job market has stayed relatively strong (unemployment rate at 4.2% in May, still within the narrow range it has been in since May 2024), providing some stability for an otherwise fragile economy.

In China, despite a very difficult external environment and punitive US tariffs, growth (5.4% and 5.2% in the first and second quarters) stabilised above the official target of 5% for 2025. While consumption is sluggish, a weakness reflected in the absence of inflation (which has not exceeded 1% year-on-year since February 2024), exports have continued to accelerate, making a surprising contribution to growth. At 2.1 percentage points in the first quarter of 2025, the contribution from net external demand reached an historic high (excluding Covid), reflecting China’s undisputed dominance in global manufacturing, although temporary positive effects (anticipation of US tariffs at the beginning of the year) should not be overlooked.

In an unfavourable environment, the eurozone held up well, with growth initially estimated at 0.3% (quarter-on-quarter) and then revised upwards (0.6%, or 1.5% year-on-year). Growth in the eurozone was mainly driven by investment, followed by net external demand and finally household consumption (with respective contributions to growth of 0.4 pp, 0.3 pp and 0.1 pp), while inventories subtracted 0.1 pp from growth and final public expenditure was “neutral”. This overall performance continued to mask varying national fortunes: among the largest member countries, Spain continued to post very strong growth (0.6%) and Germany saw an upturn (0.4%), while Italy and France posted fairly sustained (0.3%) and weak (0.1%) growth rates, respectively. Continued disinflation (to 1.9% year-on-year in May after 2.2% in April and 2.6% in May 2024) and anchored expectations made it possible for the ECB to continue its monetary easing, reassured by the convergence of inflation towards its 2% target.

In France, in particular, after benefiting from the boost provided by the Paris Olympic and Paralympic Games in the third quarter of 2024 (+0.4% quarter-on-quarter), activity declined slightly in the last quarter of last year (-0.1%) due to after-effects. It picked up again in the first quarter of 2025, but growth remained weak (+0.1%). Domestic demand, which contributed negatively to growth, is largely responsible for this sluggishness. Household consumption declined (-0.2%), undermined by a record savings rate (18% of household disposable income, compared with 15.4% in the eurozone) for 45 years (excluding the Covid period), while public consumption slowed (+0.2% after +0.4%). Investment continued to stagnate, reflecting the fact that companies in France are more indebted than in the rest of the eurozone (making them more vulnerable to past interest rate hikes) and the budgetary efforts of public administrations to reduce the public deficit. As a result, domestic demand weighed on growth in the first quarter (-0.1 pp). However, it was mainly foreign trade that undermined growth (-0.8 pp) due to the collapse of exports, particularly in the aerospace sector. Unlike its European peers, France did not benefit from the sharp rise in global trade in the first quarter (+1.7%) in anticipation of US tariffs.

In terms of monetary policy, the first half of 2025 was marked by a notable divergence between the status quo of the Federal Reserve (Fed) and the continued easing by the European Central Bank (ECB). The ECB cut interest rates four times by 25 basis points (bp) each, bringing the cumulative reduction in the deposit rate (2% since 11 June) to 200 bp since the start of easing (June 2024). However, after cutting its policy rate by 100 bp in 2024 (to 4.50%), the Fed kept rates unchanged due to overly modest progress on inflation, even though growth did not appear to be definitively at risk. Inflationary risks linked to tariffs led it to adopt a very cautious stance, which was widely criticised by President Trump.
The financial markets, while remaining subject to bouts of nervousness prompted by geopolitical events, generally kept pace with Donald Trump’s stated ambitions, their feasibility and his U-turns. Thus, the theme of the American exception at the beginning of the year (growth exceeding potential, resilience despite interest rates set to rise, the privileged status of the dollar, unlimited capacity to borrow and shift risks to the rest of the world) has been supplanted by disenchantment with US assets following “Liberation Day”. Following the president’s backtracking and announcement of a 90-day pause, serious doubts were raised about his ability to truly deliver on his domestic and international commitments. Periods marked by exaggerated negativity have therefore alternated with periods dominated by equally exaggerated positivity.

Bond markets therefore experienced mixed movements. During the first half of the year, in the United States, the decline in yields ⁽⁵⁴⁾ on short maturities was ultimately quite sharp (nearly 60 bp for the two-year swap rate to nearly 3.50%) and exceeded that of the ten-year swap rate (down 38 bp to 3.69%), giving the curve a steeper slope. Despite Moody’s rating downgrade, the yield on 10-year sovereign bonds (US Treasuries) fell in line with the swap rate for the same maturity, which it now exceeds by more than 50 bp (at 4.23%). In the eurozone, the steepening effect was less pronounced and unfolded differently: there was a less marked decline in the two-year swap rate (from 22 bp to 1.90%) and an increase in the ten-year swap rate (from 23 bp to 2.57%). Under the influence of the Merz government’s expansionary budget programme, the German 10-year yield (Bund) rose (24 bp to 2.61%) and exceeded the swap rate for the same maturity by a few basis points. Ten-year swap spreads on benchmark European sovereign bonds narrowed in the first half of the year, with Italy posting the strongest performance (spread down 27 bp to 90 bp). This improvement reflects a more favourable perception of Italy’s public finances and a degree of political stability, in contrast to the turbulence of previous years. Italian growth also showed unexpected resilience in the face of trade tensions. Penalised since the dissolution of parliament in June 2024 by a damaging lack of a parliamentary majority and severely deteriorated public finances, the French spread nevertheless narrowed during the half-year, falling from a high level (85 bp) to 71 bp. It now exceeds the Spanish spread (at 67 bp).

On the equity markets, European indexes outperformed their US counterparts, with the Euro Stoxx 50 up 10% since the start of the year (and a spectacular rise of nearly 25% for the banking sector), while the S&P 500, which was much more volatile over the period, rose by nearly 7%, buoyed by high-tech stocks. The US dollar lost some of its lustre amid economic and international policy uncertainty, with the euro appreciating by 14% against the dollar and 6% in nominal effective terms. Finally, the price of gold rose by 26% in the first half of the year, reaching a record high of US$3,426 per ounce in April, confirming its status as a preferred safe haven during this period of intense uncertainty.

2025–2026 Outlook

An anxiety-inducing context, some unprecedented resistance

The economic and financial scenario, which has already had to contend with the volatility and unpredictability of US economic policy, is unfolding against an even more uncertain international backdrop, in which the risk of disruptive events (blockade of the Strait of Hormuz, incidents affecting infrastructure in the Gulf etc.) cannot be entirely ruled out.

Our economic scenario for the United States has always been based on a two-step sequence in line with the pace of the economic policy planned by Donald Trump: a positive impact on inflation but a negative impact on growth from tariffs (which fall within the president’s prerogatives), followed by a positive but delayed effect from aggressive budgetary policy (which requires congressional approval). Although our forecasts for 2025 have been revised slightly downwards, our US scenario remains on track, in line with the timetable for economic policy measures: while avoiding recession, growth is expected to slow sharply in 2025, coupled with a pick-up in inflation, before regaining momentum in 2026.

Even with the recent de-escalation, tariff rates remain significantly higher than they were before Donald Trump’s second election. The negative impact of the new trade policy is the main driver of the decline in the growth forecast for 2025 (1.5% after 2.8% in 2024), while more favourable aspects (the “One Big Beautiful Bill”, tax cuts and deregulation) should contribute to the expected upturn in 2026 (2.2%). The possibility of a recession in 2025 has been ruled out due to solid fundamentals, including lower sensitivity to interest rates, very healthy household finances and a labour market that remains relatively robust, even if there are signs of deterioration. Despite the expected slowdown in growth, our inflation forecasts have been revised upwards. Tariffs are expected to cause year-on-year inflation to rise by around 80 basis points (bp) at peak impact. Although this effect is temporary, inflation (annual average) is expected to reach 2.9% in 2025 and 2.7% in 2026. It is therefore expected to continue to exceed 2%, with underlying inflation stabilising at around 2.5% at the end of 2026.

In a conflict-ridden and unpredictable external environment, Europe is expected to find salvation in domestic demand, allowing it to better withstand the global slowdown. Two alternative scenarios, between which the balance is delicate, are likely to unfold: a scenario of resilience in the eurozone economy based on an increase in private spending but also, and perhaps above all, in public spending on defence and infrastructure; a scenario of stagnating activity under the effect of a series of negative shocks: competitiveness shocks linked to higher tariffs, appreciation of the euro and the negative impact of uncertainty on private confidence.

We favour the scenario of resilience against a backdrop of a buoyant labour market, a healthy economic and financial situation for the private sector and a favourable credit cycle. The effective implementation of additional public spending, particularly the “German bazooka”(⁵⁵), certainly needs to be confirmed. However, this spending could provide the eurozone with growth driven by stronger domestic demand at a time when global growth is slowing. It would offer a type of exceptionalism, especially compared to the past decade, which would put eurozone growth above its medium-term potential. Average annual growth in the eurozone is expected to accelerate slightly in 2025 to 0.9% and strengthen to 1.3% in 2026. Average inflation is expected to continue to moderate, reaching 2.1% and 1.8% in 2025 and 2026, respectively.

In Germany, the sluggish economy should return to robust growth. Although more exposed than its partners to protectionist policies, the economy should be boosted by the public investment plan. This plan and the removal of barriers to financing infrastructure and defence investment that had previously seemed insurmountable give hope for a significant, albeit not immediate, recovery. While the effects are likely to be minimal in 2025 due to implementation delays, a significant flow of funds is expected in 2026, with positive spillover effects for Germany’s European neighbours and the eurozone as a whole. German growth could recover significantly, rising from -0.2% in 2024 to 0.1% in 2025 and, above all, 1.2% in 2026. In France, growth is expected to remain sluggish in the second quarter of 2025, before accelerating slightly in the second half of the year. The real upturn would not come until 2026, driven by a recovery in investment and the initial favourable impact of German government measures. The risks remain mainly on the downside for activity in the short term. Our scenario assumes growth rates of 0.6% and 1.2% in 2025 and 2026, respectively (after 1.1% in 2024). In Italy, incomplete catching-up and a recent decline in purchasing power, despite strong employment, are likely to limit the potential for a recovery in household consumption. Positive surprises on the investment front are likely to continue, thanks to improved financing conditions and subsidies for the energy and digital transitions. While the recent weakness in industrial orders may weigh on productive investment, construction is holding up well. However, doubts remain about growth potential, with post-pandemic sector allocation favouring less productive sectors. Growth is expected to reach 0.6% in 2025 and 0.7% in 2026 (after 0.7% in 2024).

The central scenario for the eurozone (developed and quantified in June) assumes that the tariff dispute with the United States will remain unchanged as of 4 June, i.e. a general increase in tariffs to 10% (except for exempted products), 25% on cars and 50% on steel. The risks associated with this central scenario are bearish. The stagnation scenario could materialise if the trade dispute with the United States were to escalate, if competitive pressures were to intensify, if private confidence were to deteriorate significantly and, finally, if fiscal stimulus were to be implemented more gradually than anticipated.

Such an uncertain environment, characterised by global slowdown and shrinking export opportunities, would certainly have led in the past (and not so long ago) to underperformance by emerging economies, which are further hampered by risk aversion in the markets, higher interest rates and pressure on their currencies. However, despite tariffs (the effects of which will obviously vary greatly from one economy to another), our scenario remains broadly optimistic for the major emerging countries. These countries could show unprecedented resilience thanks to support measures that are likely to partially cushion the impact of an unfavourable environment: relatively strong labour markets, fairly solid domestic demand, monetary easing (with a few exceptions), and a limited slowdown in China (after holding up well in the first half of the year, growth is expected to approach 4.5% in 2025 due to the anticipated slowdown in the second half linked to the trade war). Finally, emerging market currencies have held up well and the risk of defensive rate hikes, which would weigh heavily on growth, is lower than might have been feared. However, these relatively positive prospects are accompanied by higher-than-usual risks due to the unpredictability of US policy.

In terms of monetary policy, the end of the easing cycles is drawing nearer. In the US, the scenario (a sharp slowdown in 2025, an upturn in 2026 and inflation continuing to significantly exceed the target) and the uncertainties surrounding it should encourage the Fed to remain patient, despite Donald Trump’s calls for a more accommodative policy. The Fed is likely to proceed with a slight easing followed by a long pause. Our scenario still assumes two cuts in 2025, but pushes them back by one quarter (to September and December, from June and September previously). After these two cuts, the Fed is likely to keep rates unchanged with a maximum upper limit of 4% throughout 2026.

As for the ECB, although it refuses to rule out any future rate cuts, it may well have reached the end of its easing cycle due to an expected recovery in growth and inflation on target. Of course, a deterioration in the economic environment would justify further easing: the ECB stands ready to cut rates if necessary. Our scenario assumes that the deposit rate will remain at 2% in 2026.

On the interest rate front, in the United States, persistent inflationary risks and a budgetary trajectory deemed unsustainable, a compromised AAA rating, the volatility of economic decisions and heightened investor concerns are exerting upward pressure. Our scenario assumes a 10-year US Treasury yield of around 4.70% at the end of 2025 and 4.95% at the end of 2026. In the eurozone, resilient growth that is expected to accelerate, inflation on target and the ECB believed to have almost completed its easing cycle point to a slight rise in interest rates and a stabilisation or even tightening of sovereign spreads. The German 10-year yield (Bund) could thus approach 2.90% at the end of 2025 and 2.95% at the end of 2026. For the same maturity, the spread offered by France relative to the Bund would fluctuate around 60/65 bp, while Italy’s would narrow to 90 bp by the end of 2026.

Finally, the US dollar continues to lose ground. The inconsistency and unpredictability of Donald Trump’s economic policies, the deteriorating US budget outlook and speculation about official plans to devalue the dollar, combined with resistance from other economies, are all factors putting pressure on the dollar, although this does not necessarily spell the end of its status as a key reserve currency in the short term. The euro/dollar exchange rate is expected to settle at 1.17 in the fourth quarter of 2025, before depreciating in 2026 (1.10).

Appendix 1 – Crédit Agricole Group: income statement by business line

Credit Agricole Group – Results par by business line, Q2-25 and Q2-24

	Q2-25
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,364	976	1,031	1,967	881	2,224	(635)	9,808
Operating expenses	(2,690)	(597)	(540)	(864)	(438)	(1,257)	514	(5,872)
Gross operating income	674	380	491	1,104	442	967	(121)	3,936
Cost of risk	(397)	(95)	(61)	(7)	(235)	(20)	(26)	(840)
Equity-accounted entities	1	–	–	58	(13)	10	–	56
Net income on other assets	1	1	0	449	1	0	0	452
Income before tax	278	286	430	1,604	194	958	(147)	3,604
Tax	(96)	(69)	(130)	(249)	(58)	(149)	136	(615)
Net income from discontinued or held-for-sale ope.	–	–	0	–	–	–	0	0
Net income	182	218	300	1,356	136	810	(11)	2,990
Non-controlling interests	(0)	(0)	(40)	(247)	(22)	(43)	1	(352)
Net income Group Share	182	217	260	1,108	114	767	(10)	2,638

	Q2-24
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,255	979	1,051	1,946	889	2,223	(837)	9,507
Operating expenses	(2,560)	(591)	(573)	(813)	(443)	(1,204)	497	(5,687)
Gross operating income	694	389	477	1,133	447	1,019	(340)	3,819
Cost of risk	(444)	(95)	(75)	(2)	(211)	(39)	(6)	(872)
Equity-accounted entities	2	–	–	33	29	10	–	74
Net income on other assets	1	2	0	(12)	(1)	2	(0)	(7)
Income before tax	253	296	402	1,152	265	993	(347)	3,014
Tax	(44)	(65)	(117)	(282)	(54)	(248)	48	(762)
Net income from discontinued or held-for-sale ope.	–	–	–	–	–	–	–	–
Net income	209	231	285	870	210	745	(299)	2,252
Non-controlling interests	(1)	(0)	(38)	(124)	(23)	(36)	(2)	(224)
Net income Group Share	208	231	247	746	187	710	(300)	2,028

Credit Agricole Group – Results par by business line, H1-25 and H1-24

	H1-25
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	6,716	1,939	2,079	4,016	1,749	4,632	(1,275)	19,856
Operating expenses	(5,220)	(1,222)	(1,075)	(1,799)	(912)	(2,617)	982	(11,864)
Gross operating income	1,496	717	1,003	2,217	837	2,015	(293)	7,992
Cost of risk	(717)	(186)	(128)	(17)	(484)	5	(48)	(1,575)
Equity-accounted entities	7	–	–	86	23	16	–	131
Net income on other assets	3	2	0	449	1	0	0	456
Income before tax	790	533	875	2,734	376	2,036	(341)	7,004
Tax	(267)	(181)	(267)	(599)	(71)	(453)	182	(1,656)
Net income from discontinued or held-for-sale ope.	–	–	0	–	–	–	–	0
Net income	523	352	608	2,135	305	1,583	(159)	5,348
Non-controlling interests	(0)	(0)	(82)	(348)	(43)	(78)	7	(545)
Net income Group Share	523	352	526	1,787	263	1,504	(151)	4,803

	H1-24
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	6,568	1,933	2,131	3,739	1,736	4,489	(1,565)	19,031
Operating expenses	(5,044)	(1,193)	(1,098)	(1,567)	(897)	(2,501)	1,024	(11,276)
Gross operating income	1,524	740	1,033	2,172	839	1,988	(541)	7,755
Cost of risk	(691)	(214)	(159)	(5)	(429)	(5)	(20)	(1,523)
Equity-accounted entities	7	–	–	61	59	14	–	142
Net income on other assets	3	4	(0)	(20)	(1)	2	(2)	(14)
Income before tax	842	530	875	2,208	468	1,999	(563)	6,361
Tax	(191)	(119)	(260)	(501)	(97)	(482)	133	(1,517)
Net income from discontinued or held-for-sale ope.	–	–	–	–	–	–	–	–
Net income	651	412	615	1,707	372	1,517	(430)	4,843
Non-controlling interests	(1)	(0)	(89)	(236)	(42)	(69)	6	(432)
Net income Group Share	650	412	525	1,471	330	1,448	(424)	4,412

Appendix 2 – Crédit Agricole S.A.: ‍ Income statement by business line

Crédit Agricole S.A. – Results par by business line, Q2-25 and Q2-24

	Q2-25
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	1,970	2,224	881	976	1,007	(51)	7,006
Operating expenses	(864)	(1,257)	(438)	(597)	(520)	(25)	(3,700)
Gross operating income	1,106	967	442	380	487	(76)	3,306
Cost of risk	(7)	(20)	(235)	(95)	(61)	(24)	(441)
Equity-accounted entities	58	10	(13)	–	–	(24)	30
Net income on other assets	453	0	1	1	0	0	455
Income before tax	1,610	958	194	286	426	(125)	3,350
Tax	(249)	(149)	(58)	(69)	(129)	113	(541)
Net income from discontinued or held-for-sale operations	–	–	–	–	0	–	0
Net income	1,361	810	136	218	297	(12)	2,809
Non-controlling interests	(261)	(58)	(22)	(10)	(59)	(10)	(420)
Net income Group Share	1,100	752	114	208	238	(22)	2,390

	Q2-24
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	1,944	2,223	889	979	1,027	(267)	6,796
Operating expenses	(813)	(1,204)	(443)	(591)	(555)	(15)	(3,621)
Gross operating income	1,131	1,019	447	389	472	(283)	3,175
Cost of risk	(2)	(39)	(211)	(95)	(72)	(5)	(424)
Equity-accounted entities	33	10	29	–	–	(25)	47
Net income on other assets	(12)	2	(1)	2	0	24	15
Income before tax	1,150	993	265	296	400	(289)	2,814
Tax	(283)	(248)	(54)	(65)	(117)	63	(704)
Net income from discontinued or held-for-sale operations	–	–	–	–	–	–	–
Net income	867	745	210	231	283	(226)	2,110
Non-controlling interests	(131)	(51)	(23)	(10)	(55)	(12)	(282)
Net income Group Share	736	694	187	220	228	(238)	1,828

Crédit Agricole S.A. – Results par by business line, H1-25 and H1-24

	H1-25
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	4,028	4,632	1,749	1,939	2,033	(118)	14,263
Operating expenses	(1,799)	(2,617)	(912)	(1,222)	(1,035)	(106)	(7,691)
Gross operating income	2,229	2,015	837	717	998	(224)	6,571
Cost of risk	(17)	5	(484)	(186)	(128)	(45)	(855)
Equity-accounted entities	86	16	23	–	–	(47)	77
Net income on other assets	453	0	1	2	0	0	456
Income before tax	2,749	2,037	376	533	870	(316)	6,250
Tax	(601)	(454)	(71)	(181)	(266)	205	(1,368)
Net income from discontinued or held-for-sale operations	–	–	–	–	0	–	0
Net income	2,148	1,583	305	352	604	(111)	4,882
Non-controlling interests	(368)	(108)	(43)	(16)	(121)	(13)	(669)
Net income Group Share	1,780	1,475	263	337	483	(124)	4,213

	H1-24
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	3,733	4,489	1,736	1,933	2,085	(374)	13,602
Operating expenses	(1,567)	(2,501)	(897)	(1,193)	(1,060)	(71)	(7,289)
Gross operating income	2,166	1,988	839	740	1,024	(445)	6,312
Cost of risk	(5)	(5)	(429)	(214)	(154)	(16)	(824)
Equity-accounted entities	61	14	59	–	–	(46)	90
Net income on other assets	(20)	2	(1)	4	(0)	24	9
Income before tax	2,203	1,999	468	530	870	(483)	5,587
Tax	(502)	(482)	(97)	(119)	(259)	144	(1,315)
Net income from discontinued or held-for-sale operations	–	–	–	–	–	–	–
Net income	1,701	1,517	372	412	610	(339)	4,273
Non-controlling interests	(248)	(101)	(42)	(18)	(126)	(7)	(542)
Net income Group Share	1,453	1,416	330	393	485	(345)	3,731

Appendix 3 – Data per share

Credit Agricole S.A. – Earnings p/share, net book value p/share and ROTE


€m					Q2-25	Q2-24			H1-25			H1-24
Net income Group share					2,390	1,828			4,213			3,731
– Interests on AT1, including issuance costs, before tax					(141)	(83)			(270)			(221)
– Foreign exchange impact on reimbursed AT1					4	–			4			(247)
NIGS attributable to ordinary shares		[A]			2,252	1,745			3,947			3,263
Average number shares in issue, excluding treasury shares (m)		[B]			3,025	3,025			3,025			3,008
Net earnings per share		[A]/[B]			0.74 €	0.58 €			1.30 €			1.08 €

€m									30/06/25			30/06/24
Shareholder’s equity Group share								75,528				70,396
– AT1 issuances								(8,612)				(7,164)
– Unrealised gains and losses on OCI – Group share								872				1,305
Net book value (NBV), not revaluated, attributable to ordin. sh.				[D]				67,787				64,537
– Goodwill & intangibles** – Group share								(18,969)				(17,775)
Tangible NBV (TNBV), not revaluated attrib. to ordinary sh.				[E]				48,818				46,763
Total shares in issue, excluding treasury shares (period end, m)				[F]				3,025				3,025
NBV per share, after deduction of dividend to pay (€)	[D]/[F]								22.4 €			21.3 €
TNBV per share, after deduction of dividend to pay (€)	[G]=[E]/[F]								16.1 €			15.5 €
** y compris les écarts d’acquisition dans les participations ne donnant pas le contrôle
€m									H1-25			H1-24
Net income Group share							4,213			3,731
Added value Amundi US									304			0
Additionnal corporate tax									-129			0
IFRIC									-173			-110
NIGS annualised ⁽¹⁾	[N]								8,382			7,572
Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised	[O]								-536			-689
Result adjusted			[P] = [N]+[O]					7,846			6,884
Tangible NBV (TNBV), not revaluated attrib. to ord. shares – average*** ⁽²⁾			[J]					47,211			44,710
ROTE adjusted (%)	= [P] / [J]								16.6%			15.4%
*** including assumption of dividend for the current exercise									*0,0%*

⁽¹⁾ROTE calculated on the basis of an annualised underlying net income Group share and linearised IFRIC costs over the year
⁽²⁾Average of the NTBV not revalued attributable to ordinary shares. calculated between 31/12/2024 and 30/06/2025 (line [E]), restated with an assumption of dividend for current exercises

Alternative Performance Indicators⁵⁶

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Disclaimer

The financial information on Crédit Agricole S.A. and Crédit Agricole Group for second quarter and first half 2025 comprises this presentation and the attached appendices and press release which are available on the website: https://www.credit-agricole.com/finance/publications-financieres.

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

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

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

Applicable standards and comparability

The figures presented for the six-month period ending 30 June 2025 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with the applicable regulations in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

Note: The scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole groups have not changed materially since the Crédit Agricole S.A. 2024 Universal Registration Document and its A.01 update (including all regulatory information about the Crédit Agricole Group) were filed with the AMF (the French Financial Markets Authority).

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

Financial Agenda

30 October 2025                Publication of the 2025 third quarter and first nine months results
18 November 2025        Presentation of the Medium-Term Plan
4 February 2026                Publication of the 2025 fourth quarter and full year results
30 April 2026                Publication of the 2026 first quarter results
20 May 2026                2026 General Meeting
31 July 2026                Publication of the 2026 second quarter and the first half-year results
30 October 2026                Publication of the 2026 third quarter and first nine months results

Contacts

CREDIT AGRICOLE PRESS CONTACTS

CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

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

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


Debt investor and rating agency relations:
Gwenaëlle Lereste	+ 33 1 57 72 57 84	gwenaelle.lereste@credit-agricole-sa.fr
Florence Quintin de Kercadio	+ 33 1 43 23 25 32	florence.quintindekercadio@credit-agricole-sa.fr
Yury Romanov	+ 33 1 43 23 86 84	yury.romanov@credit-agricole-sa.fr

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

1 Closing at 4^thof July
⁽2⁾Car, home, health, legal, all mobile phones or personal accident insurance.
⁽3⁾CA Auto Bank, automotive JVs and automotive activities of other entities
⁽4⁾Low-carbon energy exposures made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy exposures for Crédit Agricole CIB.
⁽5⁾CAA outstandings (listed investments managed directly, listed investments managed under mandate and unlisted investments managed directly) and Amundi Transition Energétique.
⁽6⁾Crédit Agricole Group outstandings, directly or via the EIB, dedicated to the environmental transition according to the Group’s internal sustainable assets framework, as of 31/03/2025. Change of method on property compared with the outstandings reported at 30/09/2024: with the same method, the outstandings at 31/03/2025 would be €85.9 billion.
⁽7⁾The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
⁽8⁾The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
⁽9⁾Average rate of loans to monthly production for April to May 2025
⁽10⁾Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
⁽11⁾Reversal of the provision for Home Purchase Saving Plans: +€16.3m in Q2-25 vs. +€22m in Q2-24 in revenues (+€12.1m in Q2-25 vs. +€17m in Q2-24 in net income Group share)

⁽12⁾Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator.
⁽13⁾The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
⁽14⁾The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
⁽15⁾See Appendixes for details on the calculation of the RoTE (return on tangible equity)
⁽16⁾The annualised net income Group share corresponds to the annualisation of the net income Group share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC impacts, the effects of the additional corporate tax charge and the capital gain related to the deconsolidation of Amundi US to linearise them over the year.
⁽17⁾In local standards
⁽18⁾Scope: property and casualty in France and abroad
⁽19⁾Combined property & casualty ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee and commission income)/gross premiums earned. Undiscounted ratio: 97.4% (+0.1 pp over the year)
⁽20⁾Excluding assets under custody for institutional clients
⁽21⁾Amount of allocation of Contractual Service Margin (CSM), loss component and Risk Adjustment (RA), and operating variances net of reinsurance, in particular
⁽22⁾Amount of allocation of CSM, loss component and RA, and operating variances net of reinsurance, in particular.
⁽23⁾Net of reinsurance cost, including financial results
⁽24⁾Pro forma scope effect of deconsolidated Amundi US in Q2 2024: €89m in revenues and €51m in expenses.
⁽25⁾Excluding scope effect
⁽26⁾Indosuez Wealth Management scope
⁽27⁾Degroof Petercam scope effect April/May 2025: Revenues of €96m and expenses of -€71m
⁽28⁾Q2-25 Integration costs: -€22.5m vs -€5.4m in Q2-24
⁽29⁾Degroof Petercam scope effect over H1-25: reminder of figures for Degroof Petercam scope effect of Q1-25 revenues of €164m and expenses of -€115m
⁽30⁾Refinitiv LSEG
⁽31⁾Bloomberg in EUR
⁽32⁾ISB integration costs: -€5m in Q2-25 (vs -€24.4m in Q2-24)
⁽33⁾Net income becomes net income Group share following the purchase of minority shares in Santander by Crédit Agricole S.A.
⁽34⁾CA Auto Bank, automotive JVs and auto activities of other entities
⁽35⁾CA Auto Bank and automotive JVs
⁽36⁾Lease financing of corporate and professional equipment investments in France: -7.5% in Q1-25 (source: ASF)
⁽37⁾Increase in RWA of around +€7G primarily connected to the consolidation of the leasing activities in Q4-24
⁽38⁾Cost of risk for the last four quarters as a proportion of the average outstandings at the beginning of the period for the last four quarters.
⁽39⁾Net of POCI outstandings
⁽40⁾Source: Abi Monthly Outlook, July 2025: +0.9% June/June for all loans
⁽41⁾At 30 June 2025 this scope includes the entities CA Italia, CA Polska, CA Egypt and CA Ukraine.

(42) Over a rolling four quarter period.
⁽43⁾At 30 June 2025, this scope corresponds to the aggregation of all Group entities present in Italy: CA Italia, CAPFM (Agos, Leasys, CA Auto Bank), CAA (CA Vita, CACI, CA Assicurazioni), Amundi, Crédit Agricole CIB, CAIWM, CACEIS, CALEF.
⁽44⁾Banco BPM stake -21 bps; Stake in Victory Capital: – 8 bps or –1 bp including capital gain from the deconsolidation of Amundi US; Additional threshold excess for other financial participations: -7 bps.

⁽48⁾
⁽49⁾

⁽54⁾This refers to the change between the value at 30 June 2025 and the value at 1 (or 2) January 2025; the latter is the value of the variable concerned at 30 June 2025.
⁽55⁾In March, Parliament approved the creation of a €500 billion infrastructure investment fund over 12 years. The first phase of the reform of the debt brake was also approved, allowing regions to run a structural deficit of up to 0.35% of GDP. Finally, defence spending above 1% of GDP will be exempt from the deficit calculation. The adoption of these measures has broken down barriers to financing infrastructure and defence investment that had previously seemed insurmountable.
⁽56⁾APMs are financial indicators not presented in the financial statements or defined in accounting standards but used in the context of financial communications, such as net income Group share or RoTE. They are used to facilitate the understanding of the company’s actual performance. Each APM indicator is matched in its definition to accounting data.

Attachment

CASA_PR_2025-Q2

The MIL Network –

July 31, 2025

MIL-OSI: EfTEN Real Estate Fund AS unaudited results for 2nd quarter and 1st half-year 2025

Source: GlobeNewswire (MIL-OSI)

Fund Manager’s Commentary

In Q2 2025, the Baltic commercial real estate market continued to reflect similar trends as in previous quarters. Transaction activity remained very low, primarily due to a lack of equity capital, and modest economic growth did not bring new major tenants to the market. On a positive side, the decline in EURIBOR continued, resulting in reduced borrowing costs.

Despite intense competition in the tenant market, EfTEN Real Estate Fund AS managed to decrease portfolio’s vacancy by 0.7 percentage points during the quarter, down to 3.7%. New tenants were added in the retail segment, and after a long pause, the first faintly positive signs were also observed in the Estonian office segment. On the other hand, the high volume of new developments in recent years continues to pressure the Vilnius office market. In Q2, the Paemurru logistics center within the fund’s portfolio was completed, and construction of Block C at the Valkla elderly home was finalized. As a result, the fund’s sales revenue increased by 4.5% compared to Q1 and by 3.1% year-on-year.

The fund’s subsidiaries have floating interest rate bank loans. With the rapid decline in EURIBOR, interest expenses have decreased significantly. However, euro interest rates have now reached a level where further substantial decrease is unlikely. In this context, the fund has started fixing interest rates—one subsidiary entered into an interest rate swap agreement in June with a nominal value of €11.6 million at a rate of 1.995%. Given favourable swap terms, the fund plans to continue fixing interest rates for up to half of its loan portfolio.

Financial Performance Overview

EfTEN Real Estate Fund AS earned consolidated sales revenue of €8.210 million for Q2 2025 (Q2 2024: €7.957 million), and consolidated revenue for H1 2025 was €16.068 million (H1 2024: €15.918 million). This represents a 3.1% year-on-year increase for Q2 and a 1.0% increase for H1. Revenue increase was primarily driven by new investments in the logistics and elderly care sectors.

The fund’s consolidated net operating income (NOI) for H1 2025 was €14.845 million (H1 2024: €14.781 million), reflecting a 0.4% increase. The NOI margin was 92% in H1 (2024: 93%), indicating that direct property-related costs (including land tax, insurance, maintenance and improvement works), along with marketing expenses, accounted for 8% of the fund’s revenue (2024: 7%).

In Q2 2025, the fund earned a consolidated net profit of €4.025 million (Q2 2024: €2.442 million). The increase in net profit was primarily due to the positive change in the fair value of investment properties, which amounted to €546 thousand in June 2025, compared to a revaluation loss of €1.454 million in the same period in 2024. Additionally, the decrease in interest expenses resulting from the decline in EURIBOR had a positive impact on quarterly net profit—interest costs totalled €1.697 million in Q2 2025, down from €2.237 million a year earlier.

The consolidated net profit for H1 2025 was €8.192 million (H1 2024: €6.250 million). Interest expenses decreased by €973 thousand, or 22%, year-on-year.

As of 30 June 2025, the Group’s total assets amounted to €399.517 million (31 December 2024: €398.763 million), of which the fair value of investment properties accounted for 95.6% (31 December 2024: 93.7%).

Real estate portfolio

As of 30 June 2025, the Group held 37 (31 December 2024: 36) commercial real estate investments with a fair value of €382.018 million (31 December 2024: €373.815 million) and an acquisition cost of €378.218 million (31 December 2024: €370.561 million). In addition to the investment properties owned by the fund’s subsidiaries, the Group also holds a 50% interest in a joint venture that owns the Palace Hotel in Tallinn, with a fair value of €8.630 million as of 30 June 2025 (31 December 2024: €8.630 million).

In the first half of 2025, the Group invested a total of €7.657 million in both new properties and the development of the existing real estate portfolio.

In March, the Group’s subsidiary EfTEN Hiiu OÜ acquired a property located at Hiiu 42 in Tallinn for €4 million. Under an existing lease agreement, the North Estonia Medical Centre Foundation continues to occupy part of the property, while a long-term (10 + 10 years) lease was signed for the remaining space with Hiiu Südamekodu OÜ, a company within the Südamekodud AS group. In cooperation with the tenant and Südamekodud AS, the building will be partially redeveloped into a general elderly home called “Nõmme Südamekodu,” which will eventually accommodate up to 170 residents.

In H1 2025, construction of Block C at the Valkla care home was completed, and phase II construction began at the Ermi elderly home in Tartu.

In April 2025, the Paemurru logistics center—acquired in autumn of the previous year—was completed, with an additional €1.743 million invested in the property during the first half of the year.

In the first six months of 2025, the Group earned a total of €15.571 million in rental income, representing a 1% increase compared to the same period in 2024.

As of 30 June 2025, the vacancy rate for the Group’s investment properties stood at 3.7% (31 December 2024: 2.6%). The highest vacancy was in the office segment at 16.2%, where leasing of vacant space has taken longer than in previous periods. Compared to the end of last year, the most notable increase in vacancy occurred in the office building at Pärnu mnt 102 in Tallinn, where an additional 2.2 thousand sqm of space became vacant.

EfTEN Real Estate Fund AS conducts regular valuations of its investment properties twice a year—as of 30 June and 31 December. Based on the valuations carried out by Colliers International in June 2025, the fair value of the investment properties increased by 0.1%, resulting in a revaluation gain of €0.5 million for the fund.

Financing

In April 2025, subsidiaries of EfTEN Real Estate Fund AS increased their total bank loan commitments by €7.32 million, reflecting improved financial capacity. Additionally, bank financing totalling €2.67 million was used in the first half of the year for the construction of the Valkla elderly home and the Paemurru logistics center. In April, the fund’s subsidiary EfTEN Hiiu OÜ entered into a loan agreement of €3.25 million to finance the redevelopment of the building at Hiiu 42. As of the end of June, this loan had not yet been drawn down.

Over the next 12 months, loan agreements of eleven subsidiaries will mature, with a total outstanding balance of €40.641 million as of 30 June 2025. The LTV (Loan-to-Value) ratios of these maturing loans range from 37% to 46%, and the related investment properties generate stable rental cash flows. Therefore, management of the Fund does not foresee any obstacles to refinancing.

As of 30 June 2025, the Group’s weighted average interest rate on loan agreements was 3.95% (31 December 2024: 4.89%), and the overall LTV stood at 41% (31 December 2024: 40%). All loan agreements of the fund’s subsidiaries are based on floating interest rates. To mitigate interest rate risk, one of the Group’s subsidiaries entered into an interest rate swap agreement in June 2025 with a notional amount of €11.6 million, fixing the 1-month EURIBOR at 1.995%.

As of 30 June 2025, the fund’s interest coverage ratio (ICR) was 3.7 (30 June 2024: 2.9), with the improvement primarily driven by the decrease in EURIBOR.

Share information

As of 30 June 2025, the registered share capital of EfTEN Real Estate Fund AS was €114,403 thousand (31 December 2024: unchanged). The share capital consisted of 11,440,340 shares (31 December 2024: unchanged), each with a nominal value of €10 (31 December 2024: unchanged).

The net asset value (NAV) per share of EfTEN Real Estate Fund AS was €19.98 as of 30 June 2025 (31 December 2024: €20.37), reflecting a 1.9% decrease during the first half of 2025. Excluding dividend distributions, the fund’s NAV would have increased by 4.1% over the same period.

As of 30 June 2025, 32.18% of the shares belonged to the fund’s board and management members and persons associated with them.

CONSOLIDATED STATEMEMT OF COMPREHENSIVE INCOME

	2nd quarter		6 months
	2025	2024	2025	2024
€ thousands
Sales revenue	8 210	7 957	16 068	15 918
Cost of services sold	-389	-341	-895	-759
Gross profit	7 821	7 616	15 173	15 159

Marketing costs	-187	-178	-328	-378
General and administrative expenses	-941	-880	-1 947	-1 819
Profit / loss from investment properties fair value changes	546	-1 454	546	-1 454
Other operating income and expense	15	44	-22	86
Operating profit	7 254	5 148	13 422	11 594

Profit/-loss from joint ventures	87	-204	29	-254
Interest income	35	64	118	165
Other finance income and expense	-1 739	-2 238	-3 542	-4 473
Profit before income tax	5 637	2 770	10 027	7 032

Income tax expense	-1 612	-328	-1 835	-782
Net profit of the financial year	4025	2442	8 192	6 250
Total comprehensive income for the period	4 025	2 442	8 192	6 250
Earnings per share
– basic	0,35	0,23	0,72	0,58
– diluted	0,35	0,23	0,72	0,58

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	30.06.2025	31.12.2024
€ thousands
ASSETS
Cash and cash equivalents	13 449	18 415
Short-term deposits	0	2 092
Receivables and accrued income	1 671	2 055
Prepaid expenses	137	138
Total current assets	15 257	22 700

Long-term receivables	133	154
Shares in joint ventures	1 989	1 960
Investment property	382 018	373 815
Property, plant and equipment	120	134
Total non-current assets	384 260	376 063
TOTAL ASSETS	399 517	398 763

LIABILITIES AND EQUITY
Borrowings	45 418	30 300
Derivatives	42	0
Liabilities and prepayments	2 705	3 245
Total current liabilities	48 165	33 545

Borrowings	110 688	119 120
Other long-term liabilities	2 090	1 928
Deferred income tax liability	10 008	11 097
Total non-current liabilities	122 786	132 145
TOTAL LIABILITIES	170 951	165 690

Share capital	114 403	114 403
Share premium	90 306	90 306
Statutory reserve capital	4 156	2 799
Retained earnings	19 701	25 565
TOTAL EQUITY	228 566	233 073
TOTAL LIABILITIES AND EQUITY	399 517	398 763

Marilin Hein
CFO
Phone +372 6559 515
E-mail: marilin.hein@eften.ee

Attachment

EREF_6kuud_vahearuanne_2025_ENG

The MIL Network –

July 31, 2025

MIL-Evening Report: Kids need to floss too, even their baby teeth. But how do you actually get them to do it?
Source: The Conversation (Au and NZ) – By Dileep Sharma, Professor and Head of Discipline – Oral Health, University of Newcastle

Jonathan Borba/Pexels

A survey from the Australian Dental Association out this week shows about three in four children never floss their teeth, or have adults do it for them. Many of the survey respondents thought it wasn’t worthwhile for baby teeth.

As anyone who cares for kids knows, it can be hard enough to get them to brush twice daily, let alone floss.

So how do you actually get kids to floss? Why do they need to anyway?

Do kids really need to floss?

Flossing can reach between the teeth where toothbrushes can’t. It removes the soft food debris and biofilm, a slimy layer on teeth that harbours microbes, and so reduces the risk of dental decay and gum disease.

So flossing is essential as soon as children’s teeth erupt and are in contact with the next one. This is typically at the age of six to eight months when the lower front teeth start to emerge through their gums.

But they’re just baby teeth, right?

You may be thinking flossing is not worth the time or trouble, especially for younger children who’ll lose their baby teeth in a few years anyway.

However, baby teeth play a vital role in how children’s jaw bones develop and their face appears. And losing baby teeth early – due to the dental decay that can arise from not flossing – can have several effects.

As a child, it can change their speech and appearance. These can affect a child’s self-esteem and impact their wellbeing, depending on their age.

Losing baby teeth early can also affect them as a teenager or adult. Baby teeth act as a guide to where permanent teeth should erupt so losing them early can lead to crowding of teeth, needing orthodontic treatment (braces). In fact, premature loss of baby teeth can increase the risk of “malocclusion” or problems in the position of permanent teeth by more than 2.5 times.

Cleaning between the teeth is also vital for teens to reduce the risk of gingivitis (inflammation of the gums). This is very common in this age group due to changes in hormone levels.

Yes, it can be challenging

Setting up a regular flossing routine may be challenging for many families. It’s one more thing to squeeze into the early morning rush to get to school or work. It can be hard to motivate tired children to floss at the end of the day too.

The technique itself also needs a level of manual dexterity for the kids themselves or for the parents who floss younger kids’ teeth.

You or your kids may have some form of dental anxiety due to previous negative experiences with dental visits. This may affect dental hygiene, or your likelihood to floss.

All of these factors can lead to lack of motivation or reluctance to floss, and so increases the risk of dental decay and gum disease in children.

But there are ways to help you and your kids develop and stick to a flossing regime.

OK, you’ve convinced me. What next?

First, gather your equipment.

Interdental brushes look like mini bottle brushes. These are more effective for larger spaces between adjacent teeth, or if your child has braces.

Floss or floss picks are only effective for areas with smaller or no spaces between adjacent teeth. Kid-friendly designs, such as animal-shaped and colourful floss and floss picks, can be an excellent option to make this routine more enjoyable. Flavoured floss, or floss that smells like fruit or chocolate can be appealing. Involving kids in the choice of floss or floss picks can boost their motivation to floss.

Alternatively, a waterjet flosser can make cleaning between the teeth more engaging. It’s as effective as regular dental floss.

For toddlers and preschoolers, using rewards and positive reinforcements, such as sticker charts or gold stars, can keep kids motivated to floss. So stock up.

Then choose your timing. Flossing is best done once a day, either in the morning or before bedtime. That’s because flossing can effectively remove biofilm between the teeth for 24 hours. You can floss before or after brushing.

Parents will need to brush and floss the teeth of infants and children up to five years old, until the children develop their own manual dexterity.

For infants, it’s easier if one adult holds them upright or sits them on their lap while the other does the flossing. For toddlers and preschoolers it may be easier to floss if they are sitting on the toilet, or standing at the basin with their head tilted back.

Last of all, lead by example. Kids with parents who regularly floss tend to pick up the routine quickly.

Any more tips?

Flossing is only one part of preventing tooth decay and dental diseases, such as gum disease. It’s also important for children to:
- avoid snacking on food with a high sugar content
- choose plain water over fruit juices or fizzy drinks
- avoid falling asleep with a feeding bottle containing milk, fruit juice or sugary liquids
- avoid using a dummy dipped in sugary liquids or honey
- clean their tongue while brushing their teeth
- see a dentist or oral health professional well before their first tooth erupts so they can get used to the idea of a dental appointment.
Dileep Sharma receives funding from the Dental Council of NSW, International Association for Dental, Oral, and Craniofacial Research, Australian government Department of Foreign Affairs and Trade, International College of Dentists and Tropical Australian Academic Health Centre for his dental research projects. He is affiliated with The International Association for Dental, Oral, and Craniofacial Research and Australian Dental Association.

– ref. Kids need to floss too, even their baby teeth. But how do you actually get them to do it? – https://theconversation.com/kids-need-to-floss-too-even-their-baby-teeth-but-how-do-you-actually-get-them-to-do-it-262209
MIL OSI Analysis – EveningReport.nz –
July 31, 2025
MIL-OSI Banking: Lufthansa Group increases Adjusted EBIT by 27 percent in the second quarter and confirms full-year forecast

Source: Lufthansa Group

Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG:

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

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

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

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

Results

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

Passenger numbers and traffic development

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

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

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

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

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

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

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

Lufthansa Airlines continues to implement Turnaround program

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

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

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

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

Balance sheet strengthened, debt reduced

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

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

Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG:

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

Outlook

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

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

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

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

Further information

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

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

MIL OSI Global Banks –

July 31, 2025
MIL-OSI Banking: Lufthansa Group increases Adjusted EBIT by 27 percent in the second quarter and confirms full-year forecast

Source: Lufthansa Group

Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG:

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

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

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

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

Results

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

Passenger numbers and traffic development

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

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

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

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

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

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

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

Lufthansa Airlines continues to implement Turnaround program

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

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

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

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

Balance sheet strengthened, debt reduced

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

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

Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG:

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

Outlook

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

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

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

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

Further information

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

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

MIL OSI Global Banks –

July 31, 2025
MIL-OSI United Nations: Unlock More Capital, Deputy Secretary-General Urges at AGFUND Event Citing Real Leadership across Africa to Achieve Sustainable Food Security, Resilience

Source: United Nations MIL OSI

Following are UN Deputy Secretary-General Amina Mohammed’s remarks, as prepared for delivery, at the UN Food Systems Summit+4 Stocktake (UNFSS+4) Arab Gulf Programme for Development (AGFUND) side event: “Mobilizing Investment for Sustainable Development Goal (SDG) 2: The Role of Public-Private Partnerships”, in Addis Ababa today:

It is a pleasure to be with you today to confront one of the great injustices of our time, and to spotlight a response that offers hope.

Let me start with the stark reality we all know too well. Hunger is rising. Over 800 million people are food insecure. Climate shocks and conflict are battering food systems. Inflation and instability are undermining livelihoods.

Once again, those with the least are paying the highest price. Behind the numbers are human potential being lost every single day. Children whose growth is stunted, mothers who skip meals to feed their families and farmers trapped in cycles of debt when harvests fail.

This is both a development emergency and a solvable failure. We have the knowledge and the means, what we lack is the scale of investment needed to act decisively. Food systems don’t stop at borders: rivers flow across regions and markets stretch across continents. Our response must reflect that same interconnection grounded in shared responsibility.

We meet here in Addis Ababa, a city that has long embodied African cooperation and leadership. There is no better place to recommit to food security and resilience.

Food is more than a necessity. It is also a foundation for peace and a force for unity. In a divided world, food carries the promise of shared responsibility and shared survival. It is with this understanding that I welcome the Global Flagship Initiative for Food Security.

That is why I welcome the Global Flagship Initiative for Food Security. Launched at the Sixteenth Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP16) under Saudi leadership and supported by AGFUND and many others, this initiative offers a structured, forward-looking response to today’s urgent needs.

The value of the Flagship lies in its design. It brings together science and policy, local knowledge and institutional finance, Governments and field-based delivery. Over 30 partners are already involved.

With careful targeting and strong regional coordination, the Flagship is directing resources to the people and places that need them most — smallholder farmers, women producers and fragile ecosystems.

This approach recognizes that sustainable food security cannot be achieved through top-down solutions alone. It requires empowering local communities, strengthening Indigenous knowledge systems and ensuring that women — who produce the majority of the world’s food — have equal access to land, credit and decision-making power.

This initiative is not just a vision on paper, it is already generating real momentum — through integration with the Global Drought Resilience Partnership and through collaboration with the Joint SDG Fund in countries like Ethiopia and Cameroon. These efforts show that it’s possible to build practical, blended financing models that support action.

We are seeing real leadership across Africa. Countries are moving forward with national strategies, restoring land and linking action to results. This is African leadership in motion rooted in local priorities, supported by global partners.

Yet we must be clear-eyed about the obstacles that remain, particularly around financing. The financing gap for food systems transformation is estimated at over $300 billion annually.

Connected, is the fundamental inequity in how climate finance flows. The countries most affected by climate change receive the least support, while those who have contributed least to the problem bear the greatest burden.

The financing gap is felt most in the least developed countries and small island developing States. We need to unlock more capital, not only from traditional sources, but also through environmental, social and governance bonds, responsible land investment and climate-aligned funds.

Before I close, I want to acknowledge the partners who have made this possible. Let me thank AGFUND and Dr. Nasser Al Kahtani for their leadership, the Crop Trust for hosting the Secretariat and the Arab Coordination Group for their financial and strategic backing.

As we move forward together, we must remember what this work is really about. This initiative is a reminder that change comes from purpose, partnership and persistence.

So, let us move forward with a shared determination. Because food systems transformation is not only about agriculture. It is about dignity. It is about justice. It is about the future we owe one another.

MIL OSI United Nations News –

July 31, 2025
MIL-OSI USA: Brownley, Johnson, Krishnamoorthi, Moolenar Reintroduce Bipartisan Legislation to Safeguard U.S. Infrastructure from Foreign Spy Technology

Source: United States House of Representatives – Julia Brownley (D-CA)

Washington, DC – Today, Congresswoman Julia Brownley (D-CA), Congressman Dusty Johnson (R-SD), Congressman Raja Krishnamoorthi (D-IL), and Congressman John Moolenaar (R-MI) announced the reintroduction of the Securing Infrastructure from Adversaries Act, bipartisan legislation that would prohibit the U.S. Department of Transportation from using Light Detection and Ranging (LiDAR) technology produced by foreign adversaries.

LiDAR technology produces highly detailed 3-D maps used to manage transportation infrastructure, improve traffic safety, and support airport and disaster response operations. However, companies from foreign adversaries, like China, are expanding their footprint in this critical industry. Given Chinese laws requiring companies to share data with their government, this technology poses a growing risk of foreign surveillance and interference with U.S. infrastructure. This bipartisan bill would ensure taxpayer dollars are not used to purchase equipment that could compromise, disrupt, or manipulate our nation’s critical infrastructure.

“While LiDAR technology is widely employed in our nation’s transit infrastructure, including in airports, autonomous vehicles, and traffic control systems, it is increasingly being produced by Chinese companies that are required to hand over any data collected by their equipment to the Chinese government upon request. This raises serious concerns that China could not only access sensitive data mapping U.S. infrastructure, but also use it to disrupt the systems that rely on their technology,” said Congresswoman Brownley. “Now more than ever, we must remain vigilant and proactive in safeguarding the infrastructure that Americans depend on every day.”

“LiDAR technology creates incredibly detailed maps of its surroundings. Allowing our adversaries like China to have access to these maps of critical infrastructure like ports, railways, airports, roads, and bridges could allow them to disrupt our supply chains and cause a national security crisis,” said Congressman Johnson. “My bill ensures our nation’s critical infrastructure is protected from the malign interests of the Chinese Communist Party.”

“LiDAR is essential to modern infrastructure, but when it’s controlled by companies linked to the Chinese Communist Party, it becomes a security risk,” said Select Committee on China Ranking Member Krishnamoorthi. “We can’t allow adversaries to gather sensitive data or disrupt our systems. This bill takes a necessary step to keep our infrastructure secure and our technology supply chains trusted.”

“Taxpayer dollars should never be used to fund technology from our adversaries,” said Select Committee on China Chairman Moolenaar (R-MI). “This bill makes America’s critical infrastructure more secure from foreign surveillance and influence by ensuring the Department of Transportation is not supporting the growing market share of Chinese-made LiDAR equipment. It’s a common-sense step to put American security first.”

“Trucks reach every corner of the country and routinely access some of our nation’s most sensitive sites—such as ports, border crossings, and military installations. That is why supply chain and infrastructure security are very important to our industry,” said Henry Hanscom, Senior Vice President of Legislative Affairs at the American Trucking Associations. “The American Trucking Associations commends Reps. Johnson, Brownley, Moolenaar, and Krishnamoorthi for taking this issue seriously by working to block potential national security threats from foreign-owned LiDAR technology.”

“This legislation marks an important step forward in strengthening the security of America’s transportation systems and critical infrastructure. As LiDAR technology becomes increasingly central to the future of transportation, including autonomous systems, it’s essential that the technology used to build and operate our national infrastructure is safe, secure, and protected against adversarial interference,” said Michael Robbins, President and CEO of the Association for Uncrewed Vehicle Systems International.

Read the full text of the bill here.

###

Issues: 119th Congress, National Security, Transportation and Infrastructure

MIL OSI USA News –

July 31, 2025
MIL-OSI USA: Attorney General James Fights to Protect Immigrant Communities and Public Safety in Rochester

Source: US State of New York

EW YORK – New York Attorney General Letitia James today took action to stand up for vulnerable immigrant communities in Rochester. In an amicus brief filed in the U.S. District Court for the Western District of New York, Attorney General James emphasized that localities with laws that limit local authorities’ involvement in federal immigration enforcement keep communities safe and allow local law enforcement to use resources to address local public safety priorities, such as fighting crime and reducing gun violence. Attorney General James further argues that Rochester’s longstanding law, often referred to as a “sanctuary city” law, is constitutional because the Constitution grants states and their localities power over the day-to-day public safety of residents within their jurisdiction. In the brief filed today, Attorney General James asks the court to grant judgment in Rochester’s favor in the U.S. Department of Justice’s (DOJ) lawsuit against the city.

“For years, these laws in Rochester and cities throughout New York have kept New Yorkers safe,” said Attorney General James. “The Trump administration’s attacks on immigrant communities are cruel and shameful. Rochester’s law is constitutional, and my office will continue to use every tool at our disposal to protect New Yorkers.”

Rochester’s law, like many other sanctuary city laws, limits local or state agencies’ involvement in federal civil immigration enforcement and is intended to build trust between immigrant communities and law enforcement and ensure local resources are spent on local priorities. Rochester first enacted its law in 1986 and later updated it in 2017. It does not limit cooperation between local and federal authorities on criminal matters. In April, DOJ filed a lawsuit against Rochester, arguing that the city’s law is unconstitutional because it is preempted by federal law. In her brief, Attorney General James argues that Rochester’s law does not violate the Constitution, and that the 10th amendment reserves police power to states and their localities.

Attorney General James writes that the law helps keep New Yorkers safe because it encourages individuals in immigrant communities to report crimes, serve as witnesses, and seek critical medical care or social services without fearing deportation. Studies have repeatedly indicated that greater involvement of local law enforcement in immigration enforcement makes immigrant communities less likely to interact with police, and more likely to become victims of crime or other exploitation. Other research has concluded that immigrant community members often refrain from seeking vital local services, including health care services, when they fear that local officials could report them to immigration authorities. Delaying medical care for fear of deportation can cause serious health complications for people who need it.

Attorney General James explains that imposing federal immigration priorities on already strained local officials can detract from local needs. A former Rochester police chief, who held the position at the time of the enactment of the city’s 2017 law, explained that it was intended to avoid diverting scarce resources and time away from the community’s public safety priorities, like reducing gun violence.

Attorney General James is asking the court to grant judgment in Rochester’s favor in the DOJ’s lawsuit and uphold Rochester’s sanctuary city law.

Attorney General James has been a national leader in fighting to protect and defend immigrant communities. In July, Attorney General James joined a coalition of 19 other states in defending essential legal services for unaccompanied immigrant children. Also in July, Attorney General James urged the U.S. Court of Appeals for the First Circuit to uphold an order blocking the federal government from mass terminating the Cuba, Haiti, Nicaragua, and Venezuela parole program. Attorney General James also joined a coalition of 17 other attorneys general in supporting the American Civil Liberties Union’s lawsuit challenging the federal government’s use of unlawful immigration enforcement tactics in Los Angeles, California. In June, Attorney General James co-led a coalition of 17 attorneys general in defending hundreds of thousands of Venezuelan immigrants who had their legal status threatened after the Trump administration attempted to eliminate Temporary Protected Status (TPS).

MIL OSI USA News –

July 31, 2025
MIL-OSI USA: Dermatology Providers Agree to Pay Nearly $850,000 to Resolve Allegations of False Wound Repair Claims

Source: US State of California

Forefront Dermatology S.C. and Henghold Surgery Center LLC, have agreed to pay $847,394 to resolve allegations that they violated the False Claims Act by knowingly causing the submission of falsely coded claims to Medicare for wound repair procedures.

Forefront owns and operates a dermatology practice in Florida doing business as Henghold Dermatology. Henghold Surgery Center is an ambulatory surgery center that closed in 2023, and is wholly owned by William B. Henghold, M.D. Both the practice and surgery center performed wound repair procedures following Mohs micrographic surgery, a method of skin cancer removal.

The United States alleged that Henghold Dermatology and Henghold Surgery Center caused the submission of false claims to Medicare by using inaccurate wound repair billing codes for which Medicare paid more money than it would have paid for the wound repairs that were actually performed — a practice known as “upcoding.” Specifically, Henghold Dermatology and Henghold Surgery Center falsely coded linear repairs as if they were flap repairs and falsely coded smaller flap repairs as if they were larger flap repairs.

“Improperly billing Medicare depletes valuable government resources that provide necessary medical care to millions of Americans,” said Assistant Attorney General Brett A. Shumate of the Justice Department’s Civil Division. “We will hold accountable health care providers who enrich themselves by defrauding federal health care programs.”

“This office will continue to aggressively root out fraud, waste, and abuse in our healthcare system by pursuing providers who submit false claims to Medicare,” said U.S. Attorney John P. Heekin for the Northern District of Florida. “We will hold those who attempt to defraud the federal government accountable to the fullest extent of the law.”

“Schemes that cause Medicare to pay for costlier services than were actually performed waste taxpayer funding, threatening the integrity of this federal health care program,” said Deputy Inspector General for Investigations Christian J. Schrank of the U.S. Health and Human Services Office of Inspector General (HHS-OIG). “Working together with our law enforcement partners, HHS-OIG will continue to investigate allegations of improper billing schemes to protect taxpayer-funded health care programs and the people served by them.”

The civil settlement includes the resolution of claims brought under the qui tam or whistleblower provisions of the False Claims Act by Christopher Wolfe, M.D., a former Forefront employee. Under those provisions, a private party can file an action on behalf of the United States and receive a portion of any recovery. The qui tam case is captioned U.S. ex rel. Wolfe v. Henghold et al., No. 3:23-cv-21624 (N.D. Fla.). Dr. Wolfe will receive $152,531 in connection with the settlement.

The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Northern District of Florida, with assistance from HHS-OIG.

The investigation and resolution of this matter illustrates the government’s emphasis on combating healthcare fraud. One of the most powerful tools in this effort is the False Claims Act. Tips and complaints from all sources about potential fraud, waste, abuse, and mismanagement, can be reported to the Department of Health and Human Services at 800-HHS-TIPS (800-447-8477).

The matter was investigated by Trial Attorney Colin Shannon and Assistant U.S. Attorneys John Spaccarotella, Mary Ann Couch, and Marie Moyle for the Northern District of Florida.

The claims resolved by the settlement are allegations only and there has been no determination of liability.

MIL OSI USA News –

July 31, 2025
MIL-OSI Security: Dermatology Providers Agree to Pay Nearly $850,000 to Resolve Allegations of False Wound Repair Claims

Source: United States Attorneys General

Forefront Dermatology S.C. and Henghold Surgery Center LLC, have agreed to pay $847,394 to resolve allegations that they violated the False Claims Act by knowingly causing the submission of falsely coded claims to Medicare for wound repair procedures.

Forefront owns and operates a dermatology practice in Florida doing business as Henghold Dermatology. Henghold Surgery Center is an ambulatory surgery center that closed in 2023, and is wholly owned by William B. Henghold, M.D. Both the practice and surgery center performed wound repair procedures following Mohs micrographic surgery, a method of skin cancer removal.

The United States alleged that Henghold Dermatology and Henghold Surgery Center caused the submission of false claims to Medicare by using inaccurate wound repair billing codes for which Medicare paid more money than it would have paid for the wound repairs that were actually performed — a practice known as “upcoding.” Specifically, Henghold Dermatology and Henghold Surgery Center falsely coded linear repairs as if they were flap repairs and falsely coded smaller flap repairs as if they were larger flap repairs.

“Improperly billing Medicare depletes valuable government resources that provide necessary medical care to millions of Americans,” said Assistant Attorney General Brett A. Shumate of the Justice Department’s Civil Division. “We will hold accountable health care providers who enrich themselves by defrauding federal health care programs.”

“This office will continue to aggressively root out fraud, waste, and abuse in our healthcare system by pursuing providers who submit false claims to Medicare,” said U.S. Attorney John P. Heekin for the Northern District of Florida. “We will hold those who attempt to defraud the federal government accountable to the fullest extent of the law.”

“Schemes that cause Medicare to pay for costlier services than were actually performed waste taxpayer funding, threatening the integrity of this federal health care program,” said Deputy Inspector General for Investigations Christian J. Schrank of the U.S. Health and Human Services Office of Inspector General (HHS-OIG). “Working together with our law enforcement partners, HHS-OIG will continue to investigate allegations of improper billing schemes to protect taxpayer-funded health care programs and the people served by them.”

The civil settlement includes the resolution of claims brought under the qui tam or whistleblower provisions of the False Claims Act by Christopher Wolfe, M.D., a former Forefront employee. Under those provisions, a private party can file an action on behalf of the United States and receive a portion of any recovery. The qui tam case is captioned U.S. ex rel. Wolfe v. Henghold et al., No. 3:23-cv-21624 (N.D. Fla.). Dr. Wolfe will receive $152,531 in connection with the settlement.

The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Northern District of Florida, with assistance from HHS-OIG.

The investigation and resolution of this matter illustrates the government’s emphasis on combating healthcare fraud. One of the most powerful tools in this effort is the False Claims Act. Tips and complaints from all sources about potential fraud, waste, abuse, and mismanagement, can be reported to the Department of Health and Human Services at 800-HHS-TIPS (800-447-8477).

The matter was investigated by Trial Attorney Colin Shannon and Assistant U.S. Attorneys John Spaccarotella, Mary Ann Couch, and Marie Moyle for the Northern District of Florida.

The claims resolved by the settlement are allegations only and there has been no determination of liability.

MIL Security OSI –

July 31, 2025

MIL-OSI: Security Federal Corporation Announces Increase in Quarterly and Year-To-Date Earnings

Source: GlobeNewswire (MIL-OSI)

AIKEN, S.C., July 30, 2025 (GLOBE NEWSWIRE) — Security Federal Corporation (the “Company”) (OTCID: SFDL), the holding company for Security Federal Bank (the “Bank”), today announced earnings and financial results for the three and six months ended June 30, 2025.

The Company reported net income available to common shareholders of $2.4 million, or $0.75 per common share, for the quarter ended June 30, 2025, compared to $2.1 million, or $0.66 per common share, for the second quarter of 2024. Year-to-date net income available to common shareholders was $5.0 million, or $1.56 per common share, for the six months ended June 30, 2025, compared to $3.9 million, or $1.20 per common share, during the six months ended June 30, 2024. The increase in both quarterly and year-to-date net income available to common shareholders was primarily due to increases in net interest income and non-interest income, as well as a decrease in the provision for credit losses, which were partially offset by an increase in non-interest expense, provision for income taxes and an increase in the payment of preferred stock dividends during 2025.

Second Quarter Financial Highlights

Net interest income increased $1.1 million, or 11.1%, to $11.3 million as interest income increased and interest expense decreased.
Total interest income increased $629,000, or 3.3%, to $19.4 million while total interest expense decreased $502,000, or 5.8%, to $8.1 million during the second quarter of 2025 compared to the same quarter in 2024. The increase in interest income was the result of a $1.1 million increase in interest income from loans and a $258,000 increase in income from other interest-earning assets, which was partially offset by a decrease in interest income from investments. Interest expense decreased during the second quarter of 2025 due to lower market interest rates and the payoff of outstanding borrowings with the Federal Reserve, which resulted in a lower average balance of these interest-bearing liabilities compared to the second quarter of 2024.
Non-interest income increased $141,000, or 5.7%, to $2.6 million during the second quarter of 2025 compared to the same quarter in the prior year primarily due to a $106,000 increase in rental income and $62,000 gain on sale of land held for sale. During the first quarter of 2025, we purchased a multi-tenant property resulting in an increase to rental income. The property is intended to be the future site of a full-service branch.
Non-interest expense increased $692,000, or 7.2%, to $10.4 million during the quarter ended June 30, 2025, compared to the same quarter in the prior year primarily due to increases in salaries and expenses for employee benefits, occupancy expense, debit card expenses and cloud services expenses, which were partially offset by a decrease in expenses for advertising and depreciation and maintenance of equipment.

	*Quarter Ended*
*(Dollars in Thousands, except for Earnings per Share)*	*6/30/2025*		*6/30/2024*
Total interest income	$	19,449	$	18,820
Total interest expense		8,137		8,639
Net interest income		11,312		10,181
Provision for credit losses		–		175
Net interest income after provision for credit losses		11,312		10,006
Non-interest income		2,595		2,454
Non-interest expense		10,361		9,669
Income before income taxes		3,546		2,791
Provision for income taxes		756		565
Net income		2,790		2,226
Preferred stock dividends		415		97
Net income available to common shareholders	$	2,375	$	2,129
Earnings per common share (basic)	$	0.75	$	0.66

Year to Date (Six Months) Comparative Financial Highlights

Net interest income increased $2.4 million, or 11.8%, to $22.5 million during the six months ended June 30, 2025 compared to the same period in the prior year.
Total interest income increased $1.1 million, or 3.0%, to $38.7 million while total interest expense decreased $1.2 million, or 7.1%, to $16.1 million during the six months ended June 30, 2025 compared to the same period in the prior year.
Non-interest income increased $264,000, or 5.5%, to $5.0 million during the six months ended June 30, 2025 compared to the same period in the prior year primarily due to an increase in rental income.
Non-interest expense increased $898,000, or 4.7%, to $20.2 million.

	*Six Months Ended*
*(Dollars in Thousands, except for Earnings per Share)*	*6/30/2025*		*6/30/2024*
Total interest income	$	38,682	$	37,540
Total interest expense		16,141		17,376
Net interest income		22,541		20,164
Provision for credit losses		–		510
Net interest income after provision for credit losses		22,541		19,654
Non-interest income		5,039		4,775
Non-interest expense		20,202		19,304
Income before income taxes		7,378		5,125
Provision for income taxes		1,582		1,146
Net income		5,796		3,979
Preferred stock dividends		830		97
Net income available to common shareholders	$	4,966	$	3,882
Earnings per common share (basic)	$	1.56	$	1.20

Credit Quality

The Company recorded no provision for credit losses during the first six months of 2025 compared to a $475,000 provision for credit losses on loans and a $35,000 provision for credit losses on unfunded commitments, resulting in a total provision for credit losses of $510,000 for the first six months of 2024.
Non-performing assets were $5.9 million, or 0.37% of total assets, at June 30, 2025, compared to $7.6 million, or 0.47% of total assets, at December 31, 2024.
The allowance for credit losses as a percentage of gross loans was 2.00% at June 30, 2025, compared to 1.98% at December 31, 2024.

*At Period End (dollars in thousands):*	*6/30/2025*			*12/31/2024*			*6/30/2024*
Non-performing assets	$	5,954		$	7,636		$	7,122
Non-performing assets to total assets		0.37	%		0.47	%		0.46	%
Allowance for credit losses	$	14,007		$	13,894		$	12,958
Allowance for credit losses to gross loans		2.00	%		1.98	%		1.95	%

Balance Sheet Highlights and Capital Management

Total assets were $1.6 billion at June 30, 2025, a year-over-year increase of $82.1 million, or 5.3%, and a $13.5 million, or 0.8%, increase since December 31, 2024.
Cash and cash equivalents decreased $36.1 million during the six months ended June 30, 2025 to $142.2 million at June 30, 2025, primarily because of the repayment of borrowings with the Federal Reserve.
Total loans receivable, net was $685.5 million at June 30, 2025, a $1.6 million, or 0.2%, decrease since December 31, 2024.
Investment securities increased $46.8 million, or 7.1%, during the first half of the year to $707.6 million at June 30, 2025, due to the purchases of investment securities exceeding maturities and principal paydowns.
Deposits increased $59.2 million, or 4.5%, during the first half of 2025 to $1.4 billion at June 30, 2025.
Borrowings decreased $53.4 million, or 57.4%, during the first half of 2025 to $39.6 million at June 30, 2025, primarily due to the repayment of borrowings with the Federal Reserve Bank.
Common equity book value per share increased to $34.02 at June 30, 2025, from $31.21 at December 31, 2024.

*BALANCE SHEET HIGHLIGHTS*
*Dollars in thousands (except per share amounts)*	*6/30/2025*			*12/31/2024*			*6/30/2024*
Total assets	$	1,625,236		$	1,611,773		$	1,543,101
Cash and cash equivalents		142,190			178,277			138,350
Total loans receivable, net		685,501			687,149			655,202
Investment securities		707,609			660,823			662,035
Deposits		1,383,201			1,324,033			1,236,154
Borrowings		39,566			92,964			118,641
Total shareholders’ equity		191,279			182,389			175,891
Common shareholders’ equity		108,330			99,440			92,942
Common equity book value per share	$	34.02		$	31.21		$	29.08
Total risk based capital to risk weighted assets (1)		20.46	%		19.96	%		19.49	%
CET1 capital to risk weighted assets (1)		19.20	%		18.71	%		18.24	%
Tier 1 leverage capital ratio (1)		10.54	%		9.88	%		10.23	%
(1) – Ratio is calculated using Bank only information and not consolidated information

Security Federal has 19 full-service branches located in Aiken, Ballentine, Clearwater, Columbia, Graniteville, Langley, Lexington, North Augusta, Ridge Spring, Wagener and West Columbia, South Carolina and Augusta and Evans, Georgia. A full range of financial services, including trust and investments, are provided by the Bank and insurance services are provided by the Bank’s wholly owned subsidiary, Security Federal Insurance, Inc.

Forward-looking statements:

Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding the Company’s mission and vision. These forward-looking statements are based upon current management expectations and may, therefore, involve risks and uncertainties. The Company’s actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety or range of factors including, but not limited to: potential adverse impacts to economic conditions in our local market area or other aspects of the Company’s business, operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; economic conditions in the Company’s primary market area; demand for residential, commercial business and commercial real estate, consumer, and other types of loans; success of new products; competitive conditions between banks and non-bank financial service providers; changes in the Community Development Capital Initiative (CDCI) Program; changes in management’s business strategies, including expectations regarding key growth initiatives and strategic priorities; legislative or regulatory changes that adversely affect the Company’s business, including the interpretation of regulatory capital or other rules; the ability to attract and retain deposits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; adverse changes in the securities markets; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; technology factors affecting operations, including disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform critical processing functions for us; pricing of products and services; environmental, social and governance goals and targets; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2024. These factors should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake any responsibility to update or revise any forward-looking statement.

The MIL Network –

July 31, 2025

Trump says US to impose 25% tariff on India from August 1

Source: Government of India

Source: Government of India (4)

U.S. President Donald Trump on Wednesday imposed a 25% tariff on goods imported from India starting August 1, along with an unspecified penalty for buying Russian weapons and oil, potentially straining relations with the world’s most populous democracy.

The U.S. decision singles out India more severely than other major trading partners, and threatens to unravel months of talks between the two countries, undermining a key strategic partner of Washington’s and a counterbalance to China.

“While India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country,” Trump wrote in a Truth Social post.

“They have always bought a vast majority of their military equipment from Russia, and are Russia’s largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE — ALL THINGS NOT GOOD!”

The White House has previously warned India about its high average applied tariffs – nearly 39% on agricultural products – with rates climbing to 45% on vegetable oils and around 50% on apples and corn.

Russia continued to be the top oil supplier to India during the first six months of 2025, making up 35% of overall supplies.

The U.S. currently has a $45.7 billion trade deficit with India.

The news pushed the Indian rupee down 0.4% to around 87.80 against the U.S. dollar in the non-deliverable forwards market, from its close at 87.42 during market hours. Gift Nifty futures were trading at 24,692 points, down 0.6%.

CONTENTIOUS ISSUES

“Higher tariffs for India compared to countries it competes with, for exports to the U.S., are going to be challenging,” said Ranen Banerjee, a partner of economic advisory services at PwC India.

India’s commerce ministry, which is leading the trade talks, did not immediately respond to a request for comment.

U.S. and Indian negotiators had held multiple rounds of discussions to resolve contentious issues, particularly over market access into India for U.S. agricultural and dairy products.

Despite progress in some areas, Indian officials resisted opening the domestic market to imports of wheat, corn, rice and genetically modified soybeans, citing risks to the livelihood of millions of Indian farmers.

The U.S. had flagged concerns over India’s increasing and burdensome import-quality requirements, among its many barriers to trade, in a report released in March.

The new tariffs are expected to impact India’s goods exports to the U.S., estimated at around $87 billion in 2024, including labour-intensive products such as garments, pharmaceuticals, gems and jewelry, and petrochemicals.

India now joins a growing list of countries facing higher tariffs under Trump’s “Liberation Day” trade policy, aimed at reshaping U.S. trade relations by demanding greater reciprocity.

The setback comes despite earlier commitments by Prime Minister Narendra Modi and Trump to conclude the first phase of a trade deal by autumn 2025 and expand bilateral trade to $500 billion by 2030, from $191 billion in 2024.

Indian officials have previously indicated that they view the U.S. as a key strategic partner, particularly in counterbalancing China. But they have emphasized the need to preserve policy space on agriculture, data governance, and state subsidies.

HOPES FOR A DEAL

It was not immediately clear whether the announcement was a negotiating tactic. While Trump railed against Japan in a June 30 Truth Social post and said there would likely be no deal with the North Asian nation, a deal was agreed on July 22.

An Indian government official told Reuters that New Delhi continued to remain engaged with the United States to seal an agreement.

Economists, too, remained hopeful.

“While the negotiations seems to have broken down, we don’t think the trade-deal haggling between the two nations is over yet,” Madhavi Arora, an economist at Emkay Global.

(Reuters)

July 31, 2025
MIL-OSI United Kingdom: Students get exclusive preview of Salisbury River Park play area
Source: United Kingdom – Executive Government & Departments

News story

Students get exclusive preview of Salisbury River Park play area

The Salisbury River Park project reduces the flood risk to over 350 homes and businesses along the River Avon.
Children from Sarum St. Paul’s C of E Primary School at the park

Students from Sarum St. Paul’s C of E Primary School were given an exclusive preview of Salisbury River Park before its official opening, allowing them to see their creative designs incorporated into the new public space and experience the innovative play area first hand.

The visit on 23 July 2025 provided the young designers with the exciting opportunity to witness how their contributions have helped shape this transformational project, which will serve as a legacy for future generations whilst protecting over 350 homes and businesses from flooding.

As part of the design process, all pupils of Sarum St. Paul’s C of E Primary School were invited to take part in a design competition, with workshops conducted for Year 5 and 6 students to gather input on what they would like to see in the play park design. Several students’ artwork was chosen and incorporated into the final design through engraved images on the play equipment and sculpted animals.

Eight pupils and teachers visited the site to discover their designs integrated throughout the play park and test the new play equipment.

Lizzie Weaver, Headteacher of Sarum St. Paul’s C of E Primary School, said:

We had such a lovely time visiting the new play park. The children were incredibly excited to find their designs that had been carved into the equipment.

The area is a beautiful space for families to enjoy, and the placement of equipment, benches and artwork has been carefully considered. I look forward to returning soon with my own children!

Our school has loved being involved with the River Park Project, it has enhanced so many curriculum areas and provided many wider opportunities for our pupils.

Andy Wallis, Salisbury River Park project lead at the Environment Agency, said:

It’s wonderful to see the young people from Sarum St. Paul’s experiencing their designs come to life in this special preview. Their creativity and input have genuinely contributed to making this play area a space that reflects what local children want to see.

The fact that their artwork is now permanently part of this transformational project shows how community engagement can create lasting benefits for future generations.

Andy Wallis at Salisbury River Park Ashley Rd Play Park pre-opening event with Cllr Victoria Charleston

Cllr Victoria Charleston, councillor for the St Paul’s Ward, said:

It was very exciting to visit the new playpark and to see the schoolchildren experiencing it for the first time. The children who joined us had won the art competition, and their artwork is now hidden throughout the park.

They thoroughly enjoyed exploring the new equipment, which will be a huge asset for the city council and the community.

We’ve watched this project come together, both as a city and as a family, and we’re excited to see it officially open. Thank you to the Environment Agency for all its dedication and hard work.

Cllr Chris Taylor, councillor for the St Paul’s Ward, said:

The new play area on Ashley Road is an impressive facility with colourful design using natural materials, incorporating accessibility features like flat surfacing, wheelchair access, and equipment designed for all children to enjoy safely.

I was particularly pleased to see the Environment Agency’s engagement with Sarum St Paul’s School, ensuring pupils who contributed to the park’s graphics were the first to play there.

Despite weather delays, I’m assured it will open before the end of school holidays, which will be marvellous for local families.

The Salisbury River Park project is a collaboration between the Environment Agency, Wiltshire Council and Salisbury City Council, and is constructed by Kier. Construction began in summer 2022 and is due to complete this autumn, despite challenges including the exceptionally wet 2023/24 winter – the wettest in the Avon catchment since records began in 1871.

Once the grass has fully established, the play park will be opened, and we are committed that this will happen during the school summer holidays.

The scheme has created enhanced riverside habitat for wildlife, removed obstructions to allow fish migration upstream, and established high-quality public open space. Over 650 metres of new and improved cycle routes and 1,600 metres of footpaths have been created to improve access and encourage active travel. More than 1,000 new trees have been planted, enhancing habitat for water voles, otters, bats and birds.

The park design, created by Green Play Projects, is based on the local ecology, with the central climbing feature mimicking the burrow of a water vole and filled with information and activities reflecting the flora and fauna of the River Avon. The development has been designed in consultation with DIGS Salisbury (Disability Interest Group of Salisbury), ensuring accessibility for all abilities so children can play side by side.

The park’s colour palette was created by artist Zac Newham in collaboration with students from South Wilts Grammar School, chosen to reflect natural colours observed within the river whilst maintaining visual accessibility.

Background

Phase 1 of Salisbury River Park is due to complete autumn 2025.

The project reduced flood risk to over 350 homes and businesses.

The scheme has created new wetland areas, boardwalks, and enhanced biodiversity along the River Avon

Plans for additional phases are in place and will progress as funding becomes available

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Published 30 July 2025
MIL OSI United Kingdom –
July 31, 2025
MIL-OSI USA: Senator Marshall Joins Bipartisan Letter to the Surface Transportation Board Raising Concerns for the Union Pacific & Norfolk Southern Railroad Merger

US Senate News:

Source: United States Senator for Kansas Roger Marshall

Washington – On Tuesday, U.S. Senator Roger Marshall, M.D. (R-Kansas), joined a bipartisan letter led by Senator Tammy Baldwin (D-Wisconsin) to the Surface Transportation Board, raising concern for the announced merger of Union Pacific and Norfolk Southern railroads, urging the board to carefully review the matter.
This significant consolidation could reshape the U.S. freight rail industry and supply chain, potentially driving up costs for consumers, worsening service for producers, and depleting competition in an already diminished market.
In their letter to the Surface Transportation Board, the Senators wrote:
“Since the 1950s, the rail industry has consolidated from over 100 Class I freight railroads to only six today. A long trend of industry consolidation has dramatically increased the power of railroads over shippers in the last few decades — leaving four carriers to provide nearly 90 percent of the nation’s freight rail transportation. In recent years, we have heard from too many U.S. manufacturers, utility companies, agricultural producers, and small businesses experiencing service and reliability problems while paying excessive rates. The railroad industry has proven to be more concerned with increasing their rates and profits rather than improving their service.”
“A major rail merger has the potential to trigger additional industry consolidation. We are encouraged that the STB shared this concern in the context of the 2001 rulemaking process, in which the STB set new rules governing major railroad mergers and started requiring Class I railroads to prove that mergers would both enhance competition and are in the public interest. We strongly encourage the STB to keep this at the forefront of considerations.”
Click HERE to read the full letter.

MIL OSI USA News –

July 31, 2025
MIL-OSI United Kingdom: City of York Council Welcomes Over £1 Million to Tackle Economic Inactivity

Source: City of York

The Get Britain Working Trailblazer programme is aimed at reducing economic inactivity and supporting residents into good jobs, volunteering, and training opportunities.

The funding, totalling £1,038,250, comes from the York and North Yorkshire Combined Authority (YNYCA) and will support a wide range of local projects targeting groups most affected by long-term unemployment, including young people, disabled residents, unpaid carers, and veterans.

Peter Roderick, Director of Public Health at City of York Council, said:

“This funding is a real opportunity to make a difference in the lives of York residents who face barriers to employment due to health or personal circumstances. We’re proud to be delivering a programme that puts people first—offering tailored support, improving wellbeing, and helping individuals find meaningful work. It’s about building a healthier, more inclusive city.”

Cllr Pete Kilbane, Deputy Leader and Executive Member for Economy & Culture, added:

“This investment aligns perfectly with our Economic Strategy and our ambition to create good jobs and a thriving local economy. By working with partners across the city, we’re scaling up what works and piloting new, innovative approaches. It’s a bold step forward in unlocking York’s hidden talent and ensuring no one is left behind.”

The funding will support 15 York-specific schemes, including mental health hubs, youth mentoring, workplace health checks, and employer engagement initiatives. It also complements wider regional programmes such as wage subsidies and primary care interventions.

The Council has committed to delivering all projects within the 2025/26 financial year, with a focus on collaboration, innovation, and measurable impact. A report detailing the funding will go to a joint councillor decision session on 5 August

ENDS

MIL OSI United Kingdom –

July 31, 2025
MIL-OSI United Kingdom: More transport choices are coming to Mackworth

Source: City of Derby

Derby’s final mobility hub is underway, bringing more transport choices to residents in Mackworth.

Building on the success of similar schemes elsewhere in the city, the new mobility hub will be installed at the Prince Charles Avenue shopping precinct, giving residents and local businesses greater choice when deciding how they travel around their local community.

Mobility hubs provide greater opportunities to use sustainable and active travel methods – such as walking and cycling – making it easier to access local amenities. It is hoped that they will also draw more people into the area and enhance the local economy.

Work on site to install the Prince Charles Avenue mobility hub is expected to be completed later this summer and will include:

• Electric vehicle (EV) charging and dedicated parking for up to three EVs
• An Enterprise Car Club location (subject to expected demand)
• An accessible seating area with bike storage, designed in consultation with local businesses, ward councillors and the Police
• Interactive information totem with live travel updates

Councillor Carmel Swan, Cabinet Member for Climate Change, Transport and Sustainability said:

This mobility hub will be the final piece of the jigsaw in delivering enhanced, sustainable transport choices to our communities.

A welcome addition to our ever-growing transport network, the Mackworth mobility hub will support our work to combat climate change through reduced pollution and congestion in Derby.

The Mackworth mobility hub will add to the network of hubs already completed or in construction in Six Streets, Chaddesden, Allenton and Normanton/Arboretum. As well as providing alternative transport choices, the hubs help the Council to learn more about the community’s travel needs and preferences, helping to shape future schemes.

Mobility hubs are funded by the Department for Transport (DFT)’s Future Transport Zones Fund, which was awarded to Derby City Council to trial new and exciting developments in transport.

Residents who would like to know more about the mobility hubs can get in touch with the Future Transport Zones team by emailing traffic.management@derby.gov.uk.
Ends.

MIL OSI United Kingdom –

July 31, 2025
MIL-OSI USA: NREL Technical Support Empowers Local Governments and Tribes To Boost Energy Efficiency and Cut Costs

Source: US National Renewable Energy Laboratory

NREL Provides Expertise to Local Governments and Tribes Through the Energy Efficiency and Conservation Block Grant Program

From capital cities in the East to Alaskan villages in the West, NREL is advancing community-driven energy solutions from coast to coast through the U.S. Department of Energy (DOE) Energy Efficiency and Conservation Block Grant (EECBG) Program.

The EECBG Program has allocated noncompetitive funding for energy projects and programs in hundreds of communities. Community grant recipients can use funding for projects and programs that cut energy costs, improve energy efficiency, and create jobs.

Recipients also receive vouchers to access support from NREL experts with a wide array of technical expertise in order to advance their priorities using EECBG funding. NREL, leveraging the wealth of the laboratory’s modeling and analysis capabilities, began working with dozens of communities to deliver this support in the fall of 2024.

“Already, DOE’s EECBG Program is helping so many different areas of the country,” said Nathan Wiltse, decision support analysis group manager and EECBG technical lead for NREL. “Through the program, big cities and small towns can set their course in realizing their energy goals. Their drive and enthusiasm has been encouraging, and our NREL team is proud to be a part of their journey through the technical assistance we provide with DOE’s guidance.”

DOE-funded EECBG Program support—provided by NREL—spans multiple sectors, tapping into technical knowledge and expertise that provide local governments with actionable insights for their self-identified priorities, helping them improve energy affordability and more in their jurisdictions.

Improving Mobility Options in Encinitas, California

A bus crosses an intersection in Encinitas, California. Encinitas is considering microtransit in addition to more traditional public transportation methods like buses. Photo from the city of Encinitas

The beach city of Encinitas in San Diego County, California, is served by a regional rail service, with many workers commuting into the city. Tourism is also a big economic driver for the city, with many recreation opportunities and annual arts and cultural events.

To better support commuters, tourists, and residents, the city is looking to expand its public mobility options through microtransit. Microtransit systems commonly use smaller vehicles like minivans, which operate in a defined service area and provide rides to users on request. Instead of having fixed routes, like more traditional bus and rail services, microtransit generally provides varying point-to-point services as requested by riders.

According to NREL research, microtransit provides a low-cost and convenient alternative to personal car use. Applying this strategy for public transportation can then save costs for riders while improving air quality in communities.

“For a relatively small city like Encinitas, more traditional public transportation methods may not be the best fit,” said Andy Duvall, NREL researcher and voucher support subject matter expert. “Exploring microtransit could provide a variety of financial and environmental benefits for residents, visitors, and the community.”

With EECBG voucher technical assistance, NREL will assist Encinitas in developing a microtransit program by conducting analysis that gives the community a better understanding of its current transportation landscape and viable microtransit options and funding strategies. This support will be rooted in community engagement, with community workshops and data collection built in to learn about the residents’ challenges with public transit, specific issues, and ideas for solutions that will bolster the economy.

Increasing Household Energy Efficiency in Chenega, Alaska

Chenega, Alaska, is only accessible by air or water. Photo from the Native Village of Chenega

Chenega, home to the Native Village of Chenega, is located on an island in Southern Alaska. The community spans less than 30 square miles and has 19 residential buildings. Though small in size, Chenega has big goals to improve energy efficiency for residents, with a target of reducing the Tribe’s energy usage by 50% by 2050 or sooner, significantly cutting energy costs.

The Native Village of Chenega and the Chenega Corporation want to use their EECBG funding to help implement a community-wide energy efficiency program. To help Chenega plan for this program, NREL is organizing energy audits for a majority of homes in the community. Energy audits consist of a thorough inspection of a home both inside and out to identify potential comfort or safety problems and energy-saving opportunities. Through this process, Chenega will get a better understanding of which upgrades will be most cost-effective for their residents.

“Our technical assistance is helping Chenega set the foundation for more work to come that will cut energy costs for their community,” said Wiltse, who has over a decade of experience as a buildings researcher and economist in Alaska.

Chenega aims to use the results from these energy audits to apply for grant funding to implement the upgrades. The community also wants to use the audits to satisfy pre-installation requirements for DOE’s Tribal Home Electrification and Appliance Rebates, which can provide rebates of up to $14,000 per household for efficiency and appliance upgrades.

Reducing Energy Use and Costs in Sugar Land, Texas

As Sugar Land, Texas, charts out its future energy projects, one of the city’s top priorities is reducing energy use and saving money for residents. To embed this commitment into daily operations, the city is developing a strategic energy plan focused on increasing efficiency, cutting waste, and lowering energy consumption across public buildings and infrastructure. To make this comprehensive energy plan succeed, the city needs more information on its current energy landscape.

Using tools like NREL’s State and Local Planning for Energy Platform, researchers are helping Sugar Land understand its current energy consumption and potential efficiency opportunities. With expert guidance from NREL, the city will move step by step through a hands-on energy planning process, from setting goals to evaluating project feasibility and prioritizing actions. Researchers will also analyze energy savings potential and financial impacts of various energy efficiency strategies across the city.

“Our research and analysis will help the city understand which energy efficiency strategies will be most cost-effective,” said Vanessa Mathews, NREL researcher. “Sugar Land can use this information to apply for funding opportunities and take meaningful steps towards its energy goals.”

Through the energy planning process, the city will identify clear, actionable steps to better understand its energy costs, evaluate the costs and benefits of potential efficiency projects, and explore reliable and affordable energy options and potential funding sources to inform the city’s future budget decisions.

Learn more about NREL’s technical assistance for EECBG.

MIL OSI USA News –

July 31, 2025
MIL-OSI Security: Man who threatened to stab father in rap video sentenced to jail

Source: United Kingdom London Metropolitan Police

A man has been sentenced to jail for murdering a father in front of his young child in a barbershop in Leyton.

Josh McKay, 33, was stabbed in the neck by Renai Belle in a targeted attack and died from his injuries at the scene. During the Metropolitan Police investigation, officers discovered a rap video showing Belle threaten Josh before the attack.

Belle, 30 (20.02.95), of Swaythling Close, Edmonton was sentenced to 26 years and 12 months in prison on Wednesday, 30 July at the Old Bailey. He was previously convicted for Josh’s murder and possession of a knife on Wednesday, 4 June.

A man and woman were also convicted and sentenced for separate offences.

Josh’s mother, Bash Kehinde said: “Today’s sentencing changes nothing for me and my family. I will never see my beautiful son. And his two children will now face life without their hero.

“To all of the mothers of murdered children, I understand your pain, the sadness and sense of loss that is unbearable. It is made worse because it was all so senseless.

“Josh was a beautiful happy kind man and an active and loving father. The world is less kind, less bright and less funny without him here.”

Detective Inspector Chris Griffith, from Specialist Crime North, who led the investigation, said: “This was a savage and pre-planned attack, committed in broad daylight and with scant regard for passers-by. What took place left the local community reeling, and two young children without their father.

“My heart goes out to Josh’s family and friends. He was a loving parent, whose life was ended in the most horrendous way.

“I hope that today’s result provides Josh’s family with some closure, and allows the community to feel safer knowing that Belle is no longer free to commit such heinous crimes.”

The court heard that Josh was at a barbershop on Lea Bridge Road with his son on Saturday, 6 July. Around 15:00hrs, as shown on CCTV seized by the investigation team, Belle entered the shop wearing a balaclava where he stabbed Josh in the neck in a pre-meditated attack following a long-standing dispute. Belle was then chased away by Josh.

Members of the public rushed to Josh’s aid and attempted to provide medical treatment until the arrival of officers and paramedics. Despite their best efforts, Josh died from his injuries.

A determined investigation began immediately in which officers painstakingly combed through more than 100 hours of CCTV footage to track Belle’s movements and understand what took place.

Officers discovered that Belle was the passenger in a car being driven by his partner, Tenika Parker. Having seen Josh enter the barbershop, the pair drove to the address of man called Daniel Cooper. In doorbell footage later seized, Cooper was seen providing Belle with the balaclava and knife that would be used minutes later to murder Josh. Belle was then driven back to the barbers nearby before stabbing Josh. He was helped to escape by Parker in the waiting car.

A manhunt led to the arrest of Belle at an address in Pincott Road, SW19 on Monday 8 July, 2024.

As part of officers’ determination to further establish a watertight case against Belle, further enquiries led them to discover a rap video on YouTube showing Belle threaten Josh in advance of the attack, more proof that it was pre-planned.

Parker was initially arrested on suspicion of assisting an offender on Sunday, 7 July in India Dock Road, Poplar. She was stopped by police while driving the car that had been identified as involved in the murder. During a search of Parker’s vehicle, officers found distinct black sliders Belle was seen wearing in CCTV footage, as well as traces of blood that officers sent for forensic testing. This provided a DNA match to Josh. Parker was rearrested on Wednesday, 2 October, and charged with perverting the course of justice after CCTV footage showed her attempting to clean her car after the attack to remove any evidence.

Cooper was arrested after handing himself in to police on Thursday, 11 July. During a search at Cooper’s property, officers discovered two knives matching the branding of the weapon that was left at the scene of Josh’s murder. Forensic testing on the balaclava and knife discarded by Belle at the scene of Josh’s murder found DNA that matched with Cooper.

On Wednesday, 4 June, Tenika Parker, 39 (21.02.86), of Canterbury Road, Leytonstone and Daniel Cooper, 22 (20.02.03) of Gosport Road, Leytonstone stood trial alongside Belle.

Parker was convicted of possession of a knife and perverting the course of justice. On Wednesday, 30 July, she was sentenced at the Old Bailey to 2 years and 3 months years in prison.

Cooper had previously pleaded guilty to possession of a knife but was acquitted of other offences. He was sentenced on Friday, 6 June for 7.5 months. He has since been released due to time already served.

MIL Security OSI –

July 31, 2025

MIL-OSI: WENDEL: 2025 Half-Year Results

Source: GlobeNewswire (MIL-OSI)

2025 Half-Year Results:

Continued strategic deployment with the

Asset Management Platform ramp up:

Wendel Group now manages €45 billion+,
of which €39 billion of Private Assets under Management
for third parties

NAV per share at €167.7 as of June 30, 2025

Implementation of a semi-annual interim dividend starting in November 2025, with an interim dividend of €1.50

Taking into account the dividend payment of €4.7, the fully diluted net asset value¹per share as of June 30, 2025 is down 2.4% compared to the end of March 2025, and stable at constant exchange rates.

The strengthening of euro vs US dollar, generated a -€4.7 per share FX effect in Q2. At constant exchange rate, NAV main components evolved as follows:

Principal Investments:
- Listed assets (38% of Gross Asset Value excluding cash): +5.0% vs Q1 2025 thanks to Bureau Veritas, IHS and Tarkett share prices increase
- Unlisted assets (38% of GAV excl. cash): total value down 4.8% vs Q1 2025, reflecting mainly multiples and aggregates evolution
Asset Management activities (22% of GAV excl. cash): total valuation up +9.0% vs Q1 2025, induced by multiples and aggregates evolution

Principal investments: H1 2025 performance supported by listed companies

Positive contribution from the Group’s listed companies, driven by higher share prices over the period
Total sales of Group companies up 3.9% organically
New CEOs at Crisis Prevention Institute and Scalian

Asset management: strong momentum in fundraising and revenue growth

Wendel Asset Management platform AuM reach close to €39 billion, focused on midmarket. Altogether IK Partners and Monroe Capital have raised c.€4.3 billion of new funds on various strategies over H1 2025, without any sponsor money from Wendel in H1. IK Partners reached its hard caps on its Midcap and Small Cap funds in the first half of 2025, and Monroe Capital raised $4 billion.
Management fees totalled €152 million and Fee Related Earnings totalled €59 million, growing more than threefold vs last year, thanks to organic growth and strong scope effects

Dynamic implementation of new strategic directions

Principal Investments: successful Forward Sale of 6.7% of Bureau Veritas’ share capital, at a price of €27.25 per share on March 12, 2025
- Wendel entered into a call spread transaction to benefit from up to c.15% of the stock price appreciation over the next three years on the equivalent number of shares underlying the Forward Sale Transaction
- Total net proceeds for Wendel of €750 million
- Wendel has retained 26.5% of the share capital and 41.2% of the voting rights of Bureau Veritas

Asset Management: With Monroe Capital acquisition, Wendel’s third party asset management platform reached €39 billion in AUM²
- On March 31, 2025, Wendel has invested $1.13³ billion to acquire 72% of Monroe Capital’s shares together with rights to c.20% of the carried interest generated on past and future funds

A more attractive dividend policy for shareholders: introduction of semi-annual interim dividend payments starting in 2025

Ordinary dividend of €4.70 per share for 2024, up 17.5% compared to 2023, paid in May 2025, representing a distribution to shareholders of €200 million
€1.50 interim dividend to be paid in November 2025
- In order to reflect the recurring cash flow generated by its dual business model, Wendel has decided to pay an interim dividend of €1.50 in November 2025 for the 2025 financial year corresponding to about one third of the total dividend paid for the previous financial year
- The balance of the 2025 dividend, will be paid in May 2026, in line with Wendel dividend policy
- This new interim dividend policy will be recurring

Strong financial structure and committed to remaining Investment Grade

Average debt maturity of 3.1 years with an average cost of 2.4%
LTV ratio at 18.5%⁴ on a pro forma basis
On March 31, 2025, S&P revised Wendel outlook to ‘Stable’ from ‘Negative’ on debt reduction and reaffirmed its ‘BBB’ rating

Consolidated net sales for H1 2025 €4,177.6 million, up +7.2% overall and up +3.9% organically year-to-date

Net income from operations, group share down 17.9% at €86.0 million
H1 2025 net income (Group share) at €4.3 million impacted by a negative scope effect due to the disposal of Constantia Flexibles (€419m capital gain, group share) in the first half of 2024, while the capital gain related to the forward sale of 6.7% of Bureau Veritas share capital in March 2025 is not accounted in the P&L

Laurent Mignon, Wendel Group CEO, commented:

“ With the successful closing of Monroe Capital’s acquisition, Wendel materializes its strategy to grow third-party asset management alongside our principal investment activity.

With Monroe Capital and IK Partners representing €39 billion of assets under management and €4.3 billion raised in H1 2025, we are building a strong and significant Asset management player generating recurring and predictable income, enhancing significantly Wendel’s value creation profile. IK Partners has closed its Midcap and Small Cap strategies at their hardcaps, finalizing its 2024/2025 fundraising at €6 billion, in line with the ambition announced when it was acquired by Wendel in October 2023. We are actively building a diversified pipeline of high-quality acquisition opportunities to expand our third-party asset management business.

We actively support the development of our permanent capital portfolio companies in navigating a persistently complex macroeconomic environment.

Our teams remain fully mobilized to generate value through the current portfolio and further develop our asset management platform while maintaining a solid financial profile. Our strategic transformation has also gone hand in hand with a reinforced cash return to shareholders, reflected in the €4.7 dividend per share paid in May, growing 17.5% vs 2024. Given the stronger recurring and predictable cash flow generation of Wendel, we have decided to implement a semi-annual interim dividend payment policy starting in 2025. ”

Wendel’s net asset value as of June 30, 2025: €167.7 per share on a fully diluted basis

Wendel’s Net Asset Value (NAV) as of June 30, 2025, was prepared by Wendel to the best of its knowledge and on the basis of market data available at this date and in compliance with its methodology.

Fully diluted Net Asset Value was €167.7 per share as of June 30, 2025 (see details in the table below), as compared to €176.7 on March 31, 2025, representing a decrease of -5.1% over the quarter and stable restated from the dividend paid in May 2025 and at constant exchange rate. Compared to the last 20-day average share price as of June 30, the discount to the fully diluted NAV per share was -48.4% as of June 30, 2025,.

FX had a negative impact of -4.7€ per share over the second quarter due to the dollar evolution vs. euro.

Bureau Veritas is slightly up over the quarter (+1.2% on a 20-day average). IHS Towers (+29.5%) and Tarkett (+3%) 20-day average share prices also contributed positively to the NAV. Total value creation per share of listed assets was therefore positive (+€3.5) at constant exchange rate on a fully diluted basis over the second quarter 2025.

Unlisted asset contribution to NAV was negative over the second quarter with a total change per share of – €5.0 at a constant exchange rate reflecting selected assets operational performance and multiples evolution.

Asset management activities contribution to NAV was positive, +€3.8 at a constant exchange rate, due to IK Partners and Monroe Capital blended multiples’ evolution and good FRE generation. A total of €49M of sponsor money is included in the NAV as of end of June, both for IK Partners and Monroe Capital.

Cash operating costs, Net Financing Results and Other items impacted NAV by -€1.9 at constant exchange rate, as Wendel benefits from a positive carry and maintains a good cost control.

Over the first half of the year, total Net Asset Value evolution per share amounted to -€13.2, restated from the €4.7 of dividend returned to shareholders in May 2025, i.e. -€6.2 at a constant exchange rate.

Fully diluted NAV per share of €167.7 as of June 30, 2025

(in millions of euros)				06/30/2025	03/31/2025
Listed investments	Number of shares	Share price ⁽¹⁾		3,088	2,965
Bureau Veritas	89.9m⁽²⁾/120.3m		€29.2/€28.5	2,630	2,565
IHS	63.0m/63.0m		$5.7/$4.4	307	254
Tarkett		€16.9/€16.4		151	146
Investment in unlisted assets ⁽³⁾				3,071	3,346
Asset Management Activities ⁽⁴⁾				1,824	1,778
Asset Managers (IK Partners & Monroe Capital)				1,775	1,749
Sponsor Money				49	29
Other assets and liabilities of Wendel & holding companies ⁽⁵⁾				150	161
Net cash position & financial assets ⁽⁶⁾				1,770	2,058
Gross asset value				9,903	10,308
Wendel bond debt & accrued interests				-2,373	-2,378
IK Partners transaction deferred payment and Monroe Capital earnout				-235	-244
Net Asset Value				7,295	7,686
Of which net debt				-838	-564
Number of shares				44,461,997	44,461,997
Net Asset Value per share				€164.1	€172.9
Wendel’s 20 days share price average				€86.6	€92.0
Premium (discount) on NAV				-47.2%	-46.8%
Number of shares – fully diluted				42,457,994	42,456,176
Fully diluted Net Asset Value, per share				€167.7	€176.7
Premium (discount) on fully diluted NAV				-48.4%	-47.9%

(1)  Last 20 trading days average as of June 30, 2025, and March 31, 2025.
(2)  Number of shares adjusted from the Forward Sale Transaction of 30,357,140 shares of Bureau Veritas. The value of the call spread transaction to benefit from up to c.15% of the stock price appreciation on the equivalent number of shares is taken into account in Other assets & liabilities of Wendel & holding companies.
(3)  Investments in unlisted companies (Stahl, Crisis Prevention Institute, ACAMS, Scalian, Globeducate, Wendel Growth). Aggregates retained for the calculation exclude the impact of IFRS16.
(4)  Investments in IK Partners and Monroe Capital (excl. Cash to be distributed to shareholders). Valued as a platform based on Net Income / Distributable earnings multiples.
(5)  Of which 2,004,003 treasury shares as of June 30, 2025, and 2,005,821 as of March 31, 2025.
(6)  Cash position and short-term financial assets of Wendel & holdings.
Assets and liabilities denominated in currencies other than the euro have been converted at exchange rates prevailing on the date of the NAV calculation.
If co-investment and managements LTIP conditions are realized, subsequent dilutive effects on Wendel’s economic ownership are accounted for in NAV calculations. See page 285 of the 2024 Registration Document.

Wendel’s Principal Investments’ portfolio rotation

On March 12, 2025, Wendel realized a successful placement of Bureau Veritas shares as part of a prepaid 3-year forward sale representing approximately 6.7% of Bureau Veritas share capital and increased its financial flexibility by reducing the pro forma loan-to-value ratio to approximately 17%. The transaction immediately generated net cash proceeds of approximately €750M to Wendel.

Wendel invested €41.5M in Scalian in H1 2025 to support its external growth and to strengthen its balance sheet.

Wendel’s Asset Management platform evolution

Acquisition of a controlling stake in Monroe Capital LLC closed, a transformational transaction in line with the strategic roadmap

Wendel completed on March 31, 2025 the definitive partnership agreement including the acquisition, together with AXA IM Prime, of 75% of Monroe Capital LLC (“Monroe Capital” or “the Company”), and a sponsoring program of $800 million to accelerate Monroe Capital’s growth, together with an investment of up to $200 million in GP commitment.

With IK Partners and Monroe Capital, Wendel’s third party asset management platform reached €39 billion in AUM⁵, and should generate, on a full-year basis, c.€ 455 million revenues⁶, c.€160 million pre-tax FRE (c.€100 million in pre-tax FRE (Wendel share) in 2025. Wendel’s ambition is to reach €150 million (Wendel share) in pre-tax FRE in 2027.

Third-Party Asset Management Platform: 22% of Gross Asset Value excluding cash

Over the first half of 2025, the Wendel Asset Management platform (IK Partners and Monroe Capital), focused on the midmarket private markets, registered particularly strong levels of activity, generating a total of €152.0 million in Management fees and others, up 355 % vs. H1 2024, thanks to good organic growth and strong scope effects: Only IK Partners was consolidated over 2 months in H1 2024, to be compared in H1 2025 with a 6 months consolidation for IK and 3 months consolidation for Monroe Capital in H1 2025.

As a consequence, the consolidated Fee Related Earnings of the platform amounted to €59.9 million in H1 2025, up 318% vs last year, and Profit Before Tax was €60.2 million, up 303% vs. last year.

The Wendel Asset Management Platform has known a Strong Momentum in terms of fund raising with €4.3 billion raised over the semester, without any sponsor money committed by Wendel.

IK Partners has closed its Midcap and its Small Cap strategy at the hard cap. This completes IK fund raising cycle (2024/2025) at €6 billion, in line with the announced target at acquisition in October 2023. Monroe Capital has also maintained its strong dynamic with $4 billion of asset raised in 6 months with a good diversification in terms of strategies and geographies.

As of June 30, 2025 Wendel’s third-party asset management platform⁷ represented total assets under management of €39.1 billion (of which €10.1 billion of Dry Powder⁸), and FPAuM⁹ of €29.0 billion, FX adjusted, up +187% year-to-date. Over the period, €5.0 billion of new Fee Paying AuM were generated and about €3 billion of exits and payoffs have been realized.

Sponsor money invested by Wendel

Wendel committed in 2024 €434 million in IK Partners funds (of which €300 million in IK X). As of June 30, 2025, a value of €49 million of sponsor money have been called in IK Partners and Monroe Capital funds.

Principal Investment companies’ sales

Figures post IFRS 16 unless otherwise specified.

Listed Assets: 38% of Gross Asset Value excluding cash

Bureau Veritas: Robust organic revenue growth and strong margin increase in H1 2025 as the LEAP | 28 strategy execution accelerates; Confirmed 2025 outlook

(full consolidation)

Revenue in the first half of 2025 amounted to €3,192.5 million, a 5.7% increase compared to H1 2024. The organic increase was 6.7% compared to H1 2024 (including 6.2% in the second quarter of 2025) and a broad organic growth across most businesses and geographies.

First half adjusted operating profit increased by 8.8% to €491.5 million. This represents an adjusted operating margin of 15.4%, up 44bps year-on-year and up 55bps at constant currency.

As of June 30, 2025, adjusted net financial debt was €1,254.7 million and the adjusted net financial debt/EBITDA ratio was maintained at a low level of 1.11x (vs. 1.06x as of December 31, 2024).

2025 share buyback program

Bureau Veritas executed the €200 million share buyback program announced on April 24, 2025, thus

acquiring c.1.5% of the outstanding share capital (6.7 million shares) through the market during the

months of May and June 2025. The purchase was completed at an average price of €29.77 per share.

2025 outlook confirmed

Based on a robust first half performance, a solid backlog, and strong underlying market fundamentals, and in line with the LEAP | 28 financial ambitions, Bureau Veritas still expects to deliver for the full year 2025:

Mid-to-high single-digit organic revenue growth,
Improvement in adjusted operating margin at constant exchange rates,
Strong cash flow, with a cash conversion¹⁰ above 90%.

For further details: group.bureauveritas.com

IHS Towers – IHS Towers will report its H1 2025 results in August 2025

Tarkett reported its H1 on July 29, 2025

For more information: https://www.tarkett-group.com/en/investors/

Unlisted Assets: 38% of Gross Asset Value excluding cash

(in millions)	Sales		EBITDA			Net debt
	H1 2024	H1 2025	H1 2024 including IFRS 16	H1 2025 including IFRS 16	Δ	end of June including IFRS 16
Stahl	€464.7	€462.9	€106.7	€90.8	-14.9%	€357.8
CPI	$66.9	$69.5	$28.4	$29.9	+5.3%	$370.8
ACAMS	$48.7	$53.4	$8.9	$13.7	+53.9%	$161.2
Scalian	€271.8	€257.6	€30.3	€28.9	-4.6%	€354.8
Globeducate⁽¹⁾	€202.6	€224.7	na	€77.7	na	€739.6

(1) Globeducate acquisition was completed on October 16^th, 2024. Globeducate fiscal year ends in August, and figures shown are last six months at the end of May 2025. Indian operations are deconsolidated and accounted for by the equity method.

Stahl – Total sales slightly down -0.4% in H1 2025 in a context of challenging market conditions in the automotive and luxury goods end-markets. Strong EBITDA margin of 19.6%.

(Full consolidation) 

Stahl, the world leader in specialty coatings for flexible materials, posted total sales of €462.9 million in the first half of 2025, representing a total decrease of -0.4% versus H1 2024.

Organically, sales were down -5.9%, in a context of lower demand across end-markets due to very high levels of uncertainty around changing tariffs and destocking in the supply chains served by Stahl, while FX contributed -2.0%. Acquisitions contributed positively (+7.6%) to total sales variation, thanks to the acquisition of Weilburger Graphics GmbH completed in September 2024.

Half Year 2025 EBITDA¹¹ amounted to €90.8 million (-14.9% vs. H1 2024), translating into a strong EBITDA margin of 19.6%, thanks to a disciplined margin and fixed costs management, as well as a good diversification across geographies and segments.

Net debt as of June 30^t^h, 2025, was €357.8 million¹², versus €383.8 million at the end of 2024 and leverage stood at 1.9x¹³.

Crisis Prevention Institute reports +4.0% in revenue and +5.3% EBITDA growth. Andee Harris will become the new CEO of CPI on August 20, 2025.

(full consolidation)

Crisis Prevention Institute recorded first half 2025 revenue of $69.5 million, up +4% compared to H1 2024. Of this increase, +3.2% was organic growth, -0.2% came from FX movements and +1.1% from scope effect related to the Verge acquisition in Norway in January 2025. Despite ongoing federal oversight and funding uncertainty for some of CPI’s US customers that may have led to deferred spending on expanded training, CPI’s installed base of certified instructors continued to renew and maintain their certification and train their colleagues. Growth in the first half therefore increased revenues from renewals and learning materials in North America, as well as double digit growth in markets outside North America.

H1 2025 EBITDA was $29.9 million¹⁴, reflecting a margin of 43.0%. EBITDA was up +5.3% vs. H1 2024 while margins are slightly up due to tight cost policy and in spite of lower-than-expected top line growth.

As of June 30, 2025, net debt totaled $370.8 million¹⁵, or 4.7x EBITDA as defined in CPI’s credit agreement. In early July, CPI raised $60 million through an incremental term loan to fund c. $33 million dividend payment to Wendel by year end and a partial repurchase of management’s shares. Both the dividend and the share repurchases are expected to occur in September.

On August 20, 2025, Andee Harris will become CEO of CPI and a member of the company’s board of directors.

Andee Harris will take over from Tony Jace, CPI’s current CEO, who is retiring after leading CPI’s significant expansion over the past 16 years. Tony will remain on CPI’s Board of Directors through the end of 2025.

Andee Harris was the CEO of Challenger, a global leader in training, technology and consulting. Harris will bring more than two decades of experience in growing and scaling service and technology businesses. She has previously led multiple companies, both as CEO and Senior Vice President, through periods of rapid revenue growth, digital transformation, critical fundraising and successful acquisition.

ACAMS – Total sales up +9.6% in H1, reflecting double-digit growth in the core Americas and APAC segments, generating very strong EBITDA growth.
(full consolidation)

ACAMS, the global leader in training and certifications for anti-money laundering and financial-crime prevention professionals, generated total revenue of $53.4 million, up +9.6% compared to the first half of 2024. First-half results were driven by double-digit growth in Americas and APAC segments, with both bank and non-bank customers, as well as improved conference sponsorship & exhibition sales.

H1 growth reflects momentum from recent strategic and organizational changes including the senior leadership additions in 2024, a shift in focus to selling solutions for large enterprise customers, market expansion with the introduction of the Certified Anti-Fraud Specialist certification (CAFS), and investments in the technology platform.

EBITDA¹⁶ for the first half was c.$13.7 million, up 53.9% vs. H1 2024 and reflecting a 25.7% margin, up 740 bps year-over-year. The strong increase in first half profitability largely reflects the aforementioned revenue growth as well as strong cost control by the Company’s management.

As of June 30, 2025, net debt totaled $161.2 million¹⁷, down from $165.0 million at the end of 2024, which represents 4.8x EBITDA as defined in ACAMS’ credit agreement, with ample room relative to the 9.5x covenant level.

ACAMS anticipates continued mid-to-high single digit growth in revenues for 2025. To support its long-term development, which is expected to produce accelerated levels of growth and profitability over the next several years, additional investments and hirings will be made in H2 2025, leading to more normalized c.25% margin for the full year.

Scalian – Total sales down 5.2% in first-half 2025, reflecting persistently tough market conditions for engineering services and digital services companies. Equity contributions by Wendel since the beginning of the year totalling €41.5 million to support Scalian’s acquisition-led growth and strengthen its balance sheet.

Changes in governance with the appointment of a new Chief Executive Officer.

Scalian, a leader in digital transformation and operational performance consulting, reported total sales of €257.6 million as of June 30, 2025, down 5.2% year on year. The downturn in sales continues to take hold in several sectors and geographies, particularly in France and in automotive in Germany. Sales were down 11.1% on a like-for-like basis (including a negative currency impact), and benefited from a positive scope effect of 5.9% driven by acquisitions that were accretive in terms of growth and margins.

Other European countries and North America reported further robust growth, buoyed by the acquisition of Mannarino, which made a significant contribution to half-year earnings thanks to strong business momentum.

Scalian generated €28.9 million in EBITDA¹⁸ over first-half 2025. The EBITDA margin stood at 11.2% of sales, in line with the level recorded for full-year 2024, reflecting a tight rein on costs. As of June 30, 2025, net debt¹⁹ stood at €354.8 million (leverage of 6.7x²⁰ EBITDA).

Over the past 24 months, Scalian has undertaken bold transformation initiatives, which are being accelerated in 2025 in response to the worsening market environment:

Creation of a team focusing on key strategic clients and sectors with high growth potential
Expansion of the bestshoring platform
Launch of the “One Motion” plan, a transformation designed to improve the efficiency of the Scalian business model in three areas (sales and staffing, automation for productivity, and finance and operations)
Dynamic management of utilization rates
Accelerated integration of acquisitions and generation of related synergies
Targeted indirect cost reduction actions
More disciplined management of working capital

These initiatives, aimed at strengthening Scalian’s business model and attractiveness, have already had a positive impact, and have led to significant commercial successes in recent months, including major agreements in the aerospace and defense sectors.

Since the beginning of the year, Wendel has injected an additional €41.5 million in equity to support Scalian’s acquisition-led growth and strengthen its balance sheet.

Wendel is also announcing today a major change in Scalian’s governance, with the appointment of a new Chief Executive Officer effective October 1 at the latest, the date on which Yvan Chabanne will step down following a decade of intensive development. The aim is to launch Scalian into the next cycle of growth and transformation with a new Chief Executive Officer, who has already been identified, also a highly experienced executive from the engineering industry, whose name will be announced shortly.

David Darmon, Chairman of Scalian’s Supervisory Board:

“On behalf of the Wendel Group, I would like to extend my warmest thanks to Yvan Chabanne for his remarkable achievements and unfailing commitment at the helm of Scalian, the brand he founded. Under his leadership, the Group has undergone an exceptional transformation: it has expanded strongly on an international level, become a leader in engineering, digital transformation and operational performance consulting, strengthened its positions with major customers and multiplied its sales almost ten-fold – half of which through a dozen acquisitions. Today, consolidated sales stand at around €530 million.

We are delighted to welcome on board a new Chief Executive Officer whose international background, in-depth knowledge of our businesses and unifying leadership skills will be key assets in supporting the Group’s development going forward. We look forward to working alongside the future Chief Executive Officer on an ambitious value creation plan, which will unleash the full potential of this magnificent company, driven by the expertise, dedication and talent of its teams.”

Globeducate – Total sales up +10.9%²¹over 6-month period ending May 31, 2025. Annualized EBITDA margin c.25%²²in line with expectations.

(Accounted for by the equity method. Globeducate acquisition was completed on October 16^th, 2024. Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures. 6-month revenue and EBITDA from December 1, 2024 to May 31, 2025).

Globeducate, one of the world’s leading bilingual K-12 education groups, posted total sales of €224.7 million¹ for the 6-month period ending May 31, 2025, representing a total increase of +10.9% over last year. Of this increase, +3.3% came from accretive M&A transactions.

EBITDA² for the same period stood at €77.7 million. EBITDA is always particularly high at this time of year driven by the seasonality of the business (revenues are recognized over the academic year while costs are spread out across the entire fiscal year) and will smooth out over the next quarter. EBITDA was in line with expectations and ensures an annualized EBITDA margin at c.25%. This solid financial performance was fueled by a combination of organic and external growth as well as strict cost control.

Since the beginning of Globeducate’s fiscal year (September 1, 2024 – August 31, 2025), the Group has completed 3 acquisitions: Olympion School and the International School of Paphos in Cyprus, and l’Ecole des Petits in the UK.

Net debt as of May 31, 2025, was €739.6 million²³ and leverage stood at 6.3x⁴.

Consolidated Accounts

The Supervisory Board met on July 30, 2025, under the chairmanship of Nicolas ver Hulst, to review Wendel’s condensed consolidated financial statements, as approved by the Executive Board on July 25, 2025. The interim financial statements were subject to a limited review by the Statutory Auditors prior to publication.

Wendel Group’s consolidated net sales totaled €4,177.6 million, up +7.2% overall and up +3.9% organically. FX contribution is -2.1% and scope effect is +5.4%.

The net income from operations of Group companies, Group share amounted to €86.0 million, down -17.9%.

Financial expenses, operating expenses and taxes recorded by Wendel represented €46.0 million, up €13.2 million from the €32.9 million reported in H1 2024, mainly due to lower returns from cash. Operating expenses were down 15.6% due to good cost control.

H1 2025 net income Group share €4.3 million vs. €388.2 million in the first half of 2024, reflecting a €418.6 million capital gain group share from the disposal of Constantia Flexibles in H1 2024. In H1 2025, The impact (group share) of impairment on investments was limited over the period, as the reversal of the impairment on Tarkett Participation was offset by the impairment recognized on Scalian, as a result of the slowdown in its markets. The gain on the forward sale of Bureau Veritas in 2025 and the positive change in the fair value of IHS are not recognized in the income statement but in shareholder equity.

Estimated impact of new tariffs on Wendel’s businesses

Wendel Group’s companies are mainly business services, and are therefore only slightly directly impacted by conflicts over tariffs. For industrial companies (Stahl and Tarkett), these two companies have production units generally located in the countries in which they generate their revenues. According to the information available, the direct impact for these two companies is limited. The lack of visibility on the evolution of tariffs, as well as their real impact on global economic growth and USD exchange rates, constitute the main risk on the value creation potential of our assets. In the second quarter of 2025, the main indirect impact of trade tariffs was on the euro-dollar exchange rate, which impacted the valuation of some of our assets, mainly US companies or listed in the US. The impacts of trade tariffs specific to each company are described in the relevant sections of this press release.

Agenda

Thursday, October 23, 2025

Q3 2025 Trading update – Publication of NAV as of September 30, 2025 (post-market release)

Friday, December 12, 2025,

2025 Investor Day.

Wednesday, February 25, 2026

Full-Year 2025 Results – Publication of NAV as of December 31, 2025, and Full-Year consolidated financial statements (post-market release)

Wednesday, April 22, 2026

Q1 2026 Trading update – Publication of NAV as of March 31, 2026 (post-market release)

Thursday, May 21, 2026

Annual General Meeting

Wednesday, July 29, 2026

H1 2026 results – Publication of NAV as of June 30, 2026, and condensed Half-Year consolidated financial statements (post-market release)

About Wendel

Wendel is one of Europe’s leading listed investment firms. Regarding its principal investment strategy, the Group invests in companies which are leaders in their field, such as ACAMS, Bureau Veritas, Crisis Prevention Institute, Globeducate, IHS Towers, Scalian, Stahl and Tarkett. In 2023, Wendel initiated a strategic shift into third-party asset management of private assets, alongside its historical principal investment activities. In May 2024, Wendel completed the acquisition of a 51% stake in IK Partners, a major step in the deployment of its strategic expansion in third-party private asset management and also completed in March 2025 the acquisition of 72% of Monroe Capital. As of June 30, 2025, Wendel manages 39 billion euros on behalf of third-party investors, and c.6.2 billion euros invested in its principal investments activity.

Wendel is listed on Eurolist by Euronext Paris.

Standard & Poor’s ratings: Long-term: BBB, stable outlook – Short-term: A-2

Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of “Grand Mécène de la Culture” in 2012.For more information: wendelgroup.com

Appendix 1: H1 2025 Consolidated sales and results

H1 2025 consolidated net sales

(in millions of euros)	H1 2024	H1 2025	Δ	Organic Δ
Bureau Veritas	3,021.7	3,192.5	+5.7%	+6.7%
Stahl	464.7	462.9	-0.4%	-5.9%
Scalian ⁽¹⁾	271.8	257.6	-5.2%	-11.1%
CPI	61.9	63.7	+3.0%	+3.2%
ACAMS	44.5	48.8	+9.6%	+9.8%
IK Partners ⁽²⁾	33.4	91.2	n.a.	n.a.
Monroe Capital ⁽³⁾	n.a.	60.8	n.a.	n.a.
Consolidated sales	3,897.9	4,177.6	+7.2%	+3.9%

(1) Scalian, which had a different reporting date to Wendel (refer to 2023 consolidated financial statements – Note 2 – 1.” Changes in scope of consolidation in 2023″), realigns its closing date with Wendel group. Consequently, sale’s contribution corresponds to 6 months’ sales between January 1st 2025 and June 30 2025. The contribution published last year (€278.2M) corresponded to 6 months’ sales between October 1st 2024 and March 31st 2025.

(2) Acquisition d’IK Partners in May 2024. Contribution of sales for 2 months in 2024 versus 6 months in 2025.

(3) Contribution of 3 months’ sales from April 1st, 2025 to June 30, 2025. Including PRE.

H1 2025 net sales of equity-accounted companies

(in millions of euros)	H1 2024	H1 2025	Δ	Organic Δ
Tarkett ⁽⁴⁾	1,558.7	1,573.5	+0.9%	-0.2%
Globeducate ⁽⁵⁾	n.a.	224.7	n.a.	n.a.

(4) Selling price adjustments in the CIS countries are historically intended to offset currency movements and are therefore excluded from the “organic growth” indicator.

(5) Contribution of 6 months of sales from December 1st, 2024 to May 31st, 2025 excluding India.

H1 2025 consolidated results

(in millions of euros)	H1 2024	H1 2025
Contribution from asset management	11.6	49.0
Consolidated subsidiaries	364.6	353.8
Financing, operating expenses and taxes	-32.9	-46.0
Net income from operations⁽¹⁾	343.4	356.8
Net income from operations, Group share	*104.8*	*86.0*
Non-recurring income/loss	643.4	15.7
Impact of goodwill allocation	-50.4	-65.1
Impairment	-90.6	-39.4
Total net income ⁽²⁾	845.8	268.0
Net income, Group share	388.2	4.3

(1) Net income before goodwill allocation entries and non-recurring items.

(2) IHS is accounted for as financial assets through OCI

H1 2025 net income from operations

(in millions of euros)	H1 2024				H1 2025	Change
IK Partners				11.6	30.3	+161.8%
Monroe Capital				n.a.	18.7	n.a.
Total contribution from asset management				11.6	49.0	n.a.
Total contribution from AM Group share				5.9	29.3	+153.2%
Bureau Veritas	302.5				307.9	+1.8%
Stahl	52.6				36.0	-31.6%
Scalian	0.3				-6.5	n.a.
CPI	4.8				6.0	+23.7%
ACAMS	-3.0				-1.3	n.a.
Tarkett (equity accounted)	7.4				3.7	-50.4%
Globeducate (equity accounted)	n.a.				8.0	n.a;
Total contribution from Group companies		364.6			353.8	-3.0%
of which Group share	131.6				102.5	-22.1%
Operating expenses net of management fees			-38.2		-32.2	-15.6%
Taxes	-1.7				-2.1	+21.3%
Financial expenses	19.0				-1.0	-105.3%
Non-cash operating expenses	-11.9				-10.5	-11.2%
Net income from operations	343.4				356.8	+3.9%
of which Group share	104.8				86.0	-17.9%

Appendix 2: Conversion from accounting presentation to economic presentation

Please refer to table 5.1 of the consolidated statements.

Appendix 3: Glossary

AUM (Assets under Management): Corresponding – for a given fund – to total investors’ commitment (during the fund’s investment period) or total invested amount (post investment period)
FRE (Fee-Related Earnings): Earnings generated by recurring fee revenues (mainly management fees). It excludes earnings generated by more volatile performance-related revenues.
GP (General Partner): Entity in charge of the overall management, administration and investment of the funds. The GP is paid by management fees charged on assets under management (AuM)

1 Fully diluted of share buybacks and treasury shares. Net Asset Value non fully diluted stands at €164.1.
2 As of end of June 2025, AuM of IK Partners and Monroe Capital

3 This amount includes usual closing adjustments

4 Including sponsor money commitment in IK (-€434m partly called as of 06.30.2025) & expected commitments in Monroe Capital (-$200m partly called as of 06.30.2025), IK Partners transaction deferred payment (-€131m), Monroe Capital 100% acquisition (including estimated earnout and puts on residual capital, i.e -$527M), and pro forma of Bureau Veritas dividend payment in July (€80.9 million).

5 As of end of June 2025

6 Based on USD/EUR exchange rate of 1.08

7 IK Partners and Monroe Capital

8 Commitments not yet invested

9 Fee Paying AuM

10 (Net cash generated from operating activities – lease payments + corporate tax)/adjusted operating profit

11 EBITDA including IFRS 16 impacts, EBITDA excluding IFRS 16 stands at €87.6m.

12 Including IFRS 16 impacts. Net debt excluding the impact of IFRS 16 was €341.8m.

13 Leverage as per credit documentation definition.

14 Recurring EBITDA post IFRS 16. Recurring EBITDA pre IFRS 16 was $29.3m

15 Post IFRS 16 impact. Net debt pre IFRS 16 impact was $367.9m.

16 EBITDA including IFRS 16. EBITDA excluding IFRS16 stands at $13.1m

17 Including IFRS 16 impacts. Net debt excluding the impact of IFRS 16 was $159.5 million.

18 EBITDA including IFRS 16 impact. Excluding IFRS 16, EBITDA stands at €24.2 million.

19 Net debt including IFRS 16 impact. Excluding IFRS 16, net debt stands at €324.0 million.

20 As per credit documentation (pre IFRS 16).

21 6-month revenue from December 1, 2024, to May 31, 2025. Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures. These figures are compared with the same period last year and are estimated and non-audited.

22 EBITDA including IFRS 16 impacts and excluding Indian activities.

23 Including IFRS 16 impacts; excluding IFRS 16, net debt stood at €572.1 million.

⁴ Leverage as per credit documentation definition.

Attachment

Wendel_EN_H1 2025

The MIL Network –

July 31, 2025

MIL-OSI Africa: Modi’s visit to Ghana signals India’s broader Africa strategy. A researcher explains

Source: The Conversation – Africa – By Veda Vaidyanathan, Associate, Harvard University Asia Center, Harvard Kennedy School

Ghana has historically been an anchor of Indian enterprise and diplomacy on the African continent.

New Delhi and Accra formalised ties in 1957. At the time, their partnership was grounded in shared anti-colonial ideals and a common vision for post-independence development. India offered counsel on building Ghana’s institutions, including its external intelligence agency. Meanwhile, Indian teachers, technicians, and traders regularly travelled to the west African country in search of opportunity.

The July 2025 visit of the Indian prime minister, Narendra Modi, to Ghana – the first by an Indian leader in over three decades – came at a critical moment for the continent. As the global order shifts towards multi-polarity, countries like Ghana are navigating a complex landscape, which includes western donors scaling back commitments. This has opened space to deepen cooperation through pragmatic, interest-driven collaborations with longstanding partners like India. Speaking at the Munich Security Conference, Ghana’s President John Mahama captured the spirit of this global realignment, noting that

as bridges are burning, new bridges are being formed.

Against this backdrop, Prime Minister Modi’s visit offered an opportunity to both revive and recalibrate bilateral ties. The visit carried a strong economic and strategic orientation. Ghana positioned itself as a partner in areas where India holds comparative advantage, such as pharmaceuticals. Over 26% of Africa’s generic medicines are sourced from India. The Food and Drugs Authority’s (Ghana’s regulator of pharmaceutical standards) listing of foreign pharmaceutical manufacturing facilities is dominated by Indian firms.

Defence cooperation was also on the agenda. Ghana is looking to India for training, equipment and broader security engagement in response to rising threats from the Sahel and coastal piracy.

This emphasis on shared security interests is underscored by Ghana’s alignment with India on counter-terrorism. President Mahama for instance has condemned the Pahalgam terrorist attacks that occurred in April, 2025.

Reviving economic ties

Economic ties are at the heart of this renewed engagement between the two countries. Bilateral trade currently stands at around US$3 billion. Both leaders aim to double it to US$6 billion over the next five years. Currently, Ghana enjoys a trade surplus with India. This is mainly due to gold exports, which account for over 70% of its shipments. Cocoa, cashew nuts, and timber are also key exports, while imports from India include pharmaceuticals, machinery, vehicles, and various industrial goods.

India has invested more than US$2 billion in Ghana. These investments span private capital, concessional finance and grants across 900 projects. India now ranks among Ghana’s top investors. Indian firms and state-backed institutions play a key role in critical infrastructure development. Landmark projects include the 97km standard gauge Tema-Mpakadan Railway Line and the Ghana-India Kofi Annan ICT Centre, a hub for innovation and research.

In an earlier study, I documented the perspectives of Indian entrepreneurs in Ghana. The findings underscored the country’s appeal as a land of economic opportunity. In interviews, Indian businesses highlighted Ghana’s stable political environment. An expanding consumer base, and relatively transparent regulatory framework were also mentioned. Together, these factors continue to attract investor interest.

This economic momentum likely paved the way to pursue a closer bilateral relationship, marked by the elevation to a ‘Comprehensive Partnership’.

While delegates in the July visit addressed issues such as financial inclusion, healthcare and agriculture, the tangible outcomes were limited. Four memoranda of understanding were signed. They cover cooperation on traditional medicine, regulatory standards and cultural exchange. The creation of a joint commission to structure and advance bilateral collaboration across priority sectors was also signed.

Moving forward, Ghana offers India an entry point into west Africa’s resource landscape. With reserves of gold, bauxite, manganese and lithium, Ghana is well positioned to contribute to India’s needs for critical minerals. President Mahama’s invitation for investment in mineral extraction and processing aligns with India’s National Critical Mineral Mission, New Delhi is looking for supply chains for its energy transition. It creates an opportunity for Indian mining companies to expand into African markets.

Read more: The world is rushing to Africa to mine critical minerals like lithium – how the continent should deal with the demand

Pragmatic diplomacy

With nearly US$100 billion in trade, cumulative investments of nearly US$75 billion, and a 3.5 million strong diaspora, the broader contours of India’s Africa policy is increasingly pragmatic and issue based.

New Delhi’s evolving relations with Accra reflects this. It comes as Ghana is making sweeping economic reforms domestically, particularly in fiscal management and debt restructuring.

This ambitious “economic reboot” hinges on attracting private sector investment. In this context, the Indian diaspora, already deeply embedded in Ghana’s commercial networks, is well positioned to foster stronger economic ties.

In his address to Ghana’s Parliament, The Indian Prime Minister spoke of development cooperation that is demand driven and focused on building local capacity and creating local opportunities. This approach “to not just invest, but empower”, signals India’s growing intent to anchor relationships in mutual agency, rather than dependency.

– Modi’s visit to Ghana signals India’s broader Africa strategy. A researcher explains
– https://theconversation.com/modis-visit-to-ghana-signals-indias-broader-africa-strategy-a-researcher-explains-261187

MIL OSI Africa –

July 31, 2025
MIL-OSI Africa: 8 policies that would help fight poverty in South Africa’s economic hub Gauteng
Source: The Conversation – Africa – By Adrino Mazenda, Senior Researcher, Associate Professor Economic Management Sciences, University of Pretoria

Poverty goes beyond income. It often arises when health, education and opportunities fall short of meeting people’s needs.

Individuals are classified as impoverished when they face deprivation in one-third or more of the indicators in a multidimensional poverty index. The index reflects the various influences on socioeconomic class. These include housing, sanitation, electricity, cooking fuel, nutrition and school attendance.

The index is one of the most comprehensive measures of poverty. The fact that the multidimentional index captures multiple dimensions enables it to reflect overlapping disadvantages. And provides a fuller picture of well-being. Other monetary measures such as income aren’t as comprehensive.

About 18% of the world’s population are poor by the definition of the multidimentional poverty index. Sub-Saharan Africa is especially affected, with a multidimensional poverty rate nearing 59%.

In South Africa, it is at around 40%. This means it experiences four in 10 of the dimensions of poverty.

The province of Gauteng is South Africa’s economic hub. Nevertheless it contains pockets of severe deprivation. About 4.6% of households are poor. In some wards up to 68% are severely deprived.

We are social scientists with research histories in food systems and livelihoods, public policy and economics of human capital. We recently conducted a study focused on Gauteng. We wanted to determine what could enable poor and vulnerable households to move out of those categories.

We used a modelling exercise that allowed us to isolate the most relevant factors for this transition.

The study found six factors: education, age, income, working time, medical aid and being a recipient of a low income municipal support grant. We concluded from this that attending to these six variables was the foundation for upward mobility.

Conversely, vulnerability to economic shocks, such as job loss or food insecurity, can trigger rapid downward mobility.

Based on our findings we make eight policy recommendations. These include boosting education and skills training, better healthcare and affordable, reliable transport.

Range of factors

Multidimensional poverty intersects with socioeconomic class structures. It reinforces inequality by placing individuals into hierarchical groups. These range from the affluent and middle class to the transient, vulnerable, and chronically poor.

These disparities shape access to resources, opportunities and upward mobility.

Lower-class households differ from middle-class and affluent (non-poor) households across multiple dimensions. These differences include income stability, consumption patterns, access to services, asset ownership, social capital and vulnerability to shocks.

In the light of this we adopted a multidimensional poverty approach to classify households. We used various dimensions and indicators of poverty to assess the extent of deprivation and associated poverty levels.

We calculated the deprivation score and classified households into three levels: not poor, moderate poverty (vulnerable), and severe poverty (chronically poor).

Working time had the strongest effect. Part- or full-time work greatly lowered odds of severe poverty (chronic poverty) and moderate poverty (transient poverty). Working time refers to the duration that a person is engaged in paid employment or work-related activities. This is usually between 35 and 45 hours per week for full-time employment. And fewer than 35 hours per week for part-time employment.

Some factors only influenced certain groups. For severe poverty, transport access, household health, food parcel reliance, household size, and skipping meals were significant. For moderate poverty, gender, food parcel reliance and skipping meals mattered. And for the vulnerable non-poor (middle class), distance from public transport was the only additional factor.

Social grants and being part of the black population group showed little influence. Transitions and the ability to transcend poverty classes were driven mainly by direct socio-economic factors.

These dynamics underscore the precariousness of low-income households. They also highlight the importance of targeted interventions to break cycles of poverty.

Higher education, stable income and access to full-time work, drastically reduce the odds of remaining in severe or moderate poverty or being vulnerable. Medical aid access and municipal assistance programmes that provide free or subsidised basic services, also serve as protective factors. These help households meet essential health and welfare needs.

However, several structural and socio-economic constraints hinder transitions out of poverty. For example, living a greater distance from public transport increases the likelihood of severe poverty and vulnerability.

Food insecurity, measured by skipping meals or dependence on food parcels, remains a persistent marker of entrenched deprivation.

Gender disparities suggest underlying labour market or social vulnerabilities that require targeted policy interventions. For example, male-headed households are more likely than female-headed households to be moderately poor.

What can be done

Escaping multidimensional poverty in Gauteng requires targeted, practical and complementary interventions. Examples include subsidised transport, decentralised clinics, or housing closer to jobs.

This will enable grants to be translated to improved well-being.

We suggest eight areas for improvement:
- access to education, vocational training and digital skills. This will help to increase employment prospects
- public works and youth entrepreneurship support. This will boost income generation
- social protection like indigent benefits, food vouchers and subsidised medical aid
- food security. This can be done through community gardens and nutrition programmes
- support for female-headed households and young people
- affordable, reliable public transport. Services also need to be decentralised
- data-driven municipal planning to guide infrastructure and service investments
- consistently tracking progress against defined objectives.
The province implements multiple poverty-reduction initiatives. These include expanded public works, township economy support, food gardens, free basic services, subsidised housing, and public transport projects.

These efforts address income, food security and mobility. But they have limited impact due to persistent barriers. This is because many, particularly young people, don’t have market-relevant skills. In addition, spatial inequality results in long, costly commutes. And housing shortages and rising food prices deepen vulnerability.

Fragmented funding, weak coordination and inadequate data tracking also undermine progress.

– 8 policies that would help fight poverty in South Africa’s economic hub Gauteng
– https://theconversation.com/8-policies-that-would-help-fight-poverty-in-south-africas-economic-hub-gauteng-261388

MIL OSI Africa –
July 31, 2025
MIL-OSI Analysis: Starmer’s move on Palestinian statehood is clever politics

Source: The Conversation – UK – By Brian Brivati, Visiting Professor of Contemporary History and Human Rights, Kingston University

Keir Starmer has announced that the UK will recognise Palestinian statehood by September 2025 unless Israel meets certain conditions, marking a significant shift in UK policy.

For decades, successive UK governments withheld recognition, insisting it could only come as part of a negotiated settlement between Israel and Palestine. This position, rooted in the Oslo accords of the 1990s and aligned with US policy, effectively gave Israel a veto over Palestinian statehood. As long as Israel refused to engage seriously in peace talks, the UK refrained from acting.

Starmer has now broken with this precedent, potentially aligning the UK with 147 other countries. But the Israeli government must take what the UK calls “substantive steps” toward peace. These include agreeing to a ceasefire in Gaza, allowing full humanitarian access, explicitly rejecting any plans to annex West Bank territory, and returning to a credible peace process aimed at establishing a two-state solution.

Read more:
UK to recognise Palestinian statehood unless Israel agrees to ceasefire – here’s what that would mean

If Israel meets these conditions, the UK would presumably withhold recognition until the “peace process” has been completed. Starmer made clear that Britain will assess Israeli compliance in September and reserves the right to proceed with recognition regardless of Israel’s response. The message was unambiguous: no one side will have a veto.

This is more than just clever internal politics and party management. Anything that puts any pressure on Israel to move towards peace should be welcomed. But will it amount to much more than that?

Starmer has faced criticism over the last few years for resisting recognising Palestine as a state. While Labour’s frontbench held the line for much of the past year, rank-and-file discontent has grown – and with it, the political risks.

At the heart of Labour’s internal tensions lie two irreconcilable blocs. On one side are MPs and activists – both inside the party and expelled from it – who are vocally pro-Palestinian and have been outraged by the government’s failure to act. On the other side are members of the Labour right who continue to back Israel, oppose unilateral recognition of statehood and focus on the terrible crimes of Hamas but not the IDF campaign in Gaza.

Between them sits a soft-centre majority, for whom foreign policy is not a defining issue. They are not ideologically committed to either side but have become increasingly uneasy with the escalating violence and the UK’s diplomatic inertia.

As the humanitarian catastrophe in Gaza deepens, public outrage in the UK has grown. Mass protests have put mounting pressure on the government to act. Within parliament, over 200 MPs, including many from Labour, signed a letter demanding immediate recognition of Palestine. Senior cabinet ministers reportedly pushed hard for the shift on electoral grounds, as well as principle.

International dynamics have also played a crucial role. France’s announcement that it would recognise Palestine by September, becoming the first major western power to do so, created additional pressure. Spain, Ireland, Norway and several other European states have already taken the step. Britain chose to align itself with this emerging consensus.

These pressures combined created a sense of urgency and political opportunity. Starmer’s government appears to be using the threat of recognition as leverage –pressuring Israel to return to negotiations and halt annexation plans.

The calculation seems to be that Israel will either meet the UK’s conditions or face diplomatic consequences, including recognition of Palestine without its consent. There is also the possibility that Israel will simply ignore the UK and press on with its campaign for “Greater Israel”.

Challenges ahead

That is why, while this is a meaningful departure from the past, it is not without problems. Chief among them is the principle of conditionality itself. By making recognition contingent on Israeli behaviour, the UK risks reinforcing the very logic it claims to be rejecting – that Palestinian rights can be granted or withheld based on the actions of the occupying power.

Recognition of statehood should not be used as a diplomatic carrot or stick. It is a matter of justice, not reward. Palestinians are entitled to self-determination under international law.

There is also concern that the September deadline could become another missed opportunity. If Israel makes vague or symbolic gestures – such as issuing carefully worded statements or temporarily suspending one settlement expansion – will the UK delay recognition further, claiming that “progress” is being made?

Palestinians have seen such tactics before. Recognition has been delayed for decades in the name of preserving leverage. But leverage for what?

The Israeli government, dominated by ultra-nationalists and pro-annexation hardliners, is unlikely to satisfy the UK’s conditions in good faith. The risk is that the deadline becomes a mirage – always imminent, never reached.

Recognition also comes as part of a proposed new peace plan. This will be supported by the UK, France and Germany, and it allows the government to say it is being consist with its policy that recognition is part of a peace plan.

If, by some miracle, pressure works and Israel meets all the conditions, then the UK can claim that recognition has played a role in bringing Israel back to the negotiating table.

But if recognition is then withheld, there will not be two equal actors at that table. The State of Palestine will not have been recognised by key international players, and a new round of western-run peace processes will begin. These do not have a good track record.

If Israel fails to agree to a ceasefire and let aid into Gaza, then Starmer will be forced to go through with recognition.

For now, he has defused the internal division in his party. It is clever politics, good party management – it remains to be seen if it is also statesmanship.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

Brian Brivati is affiliated with Britain Palestine Project, a Scottish Charity that campaigns for equal rights, justice and security for Israelis and Palestiniains

– ref. Starmer’s move on Palestinian statehood is clever politics – https://theconversation.com/starmers-move-on-palestinian-statehood-is-clever-politics-262239

MIL OSI Analysis –

July 31, 2025
MIL-OSI Analysis: Why the Pacific tsunami was smaller than expected – a geologist explains

Source: The Conversation – UK – By Alan Dykes, Associate Professor in Engineering Geology, Kingston University

The earthquake near the east coast of the Kamchatka peninsula in Russia on July 30 2025 generated tsunami waves that have reached Hawaii and coastal areas of the US mainland. The earthquake’s magnitude of 8.8 is significant, potentially making it one of the largest quakes ever recorded.

Countries around much of the Pacific, including in east Asia, North and South America, issued alerts and in some cases evacuation orders in anticipation of potentially devastating waves. Waves of up to four metres hit coastal towns in Kamchatka near where the earthquake struck, apparently causing severe damage in some areas.

But in other places waves have been smaller than expected, including in Japan, which is much closer to Kamchatka than most of the Pacific rim. Many warnings have now been downgraded or lifted with relatively little damage. It seems that for the size of the earthquake, the tsunami has been rather smaller than might have been the case. To understand why, we can look to geology.

The earthquake was associated with the Pacific tectonic plate, one of several major pieces of the Earth’s crust. This pushes north-west against the part of the North American plate that extends west into Russia, and is forced downwards beneath the Kamchatka peninsula in a process called subduction.

The United States Geological Survey (USGS) says the average rate of convergence – a measure of plate movement – is around 80mm per year. This is one of the highest rates of relative movement at a plate boundary.

But this movement tends to take place as an occasional sudden movement of several metres. In any earthquake of this type and size, the displacement may occur over a contact area between the two tectonic plates of slightly less than 400km by 150km, according to the USGS.

The Earth’s crust is made of rock that is very hard and brittle at the small scale and near the surface. But over very large areas and depths, it can deform with slightly elastic behaviour. As the subducting slab – the Pacific plate – pushes forward and descends, the depth of the ocean floor may suddenly change.

Nearer to the coastline, the crust of the overlying plate may be pushed upward as the other pushed underneath, or – as was the case off Sumatra in 2004 – the outer edge of the overlying plate may be dragged down somewhat before springing back a few metres.

It is these near-instantaneous movements of the seabed that generate tsunami waves by displacing huge volumes of ocean water. For example, if the seabed rose just one metre across an area of 200 by 100km where the water is 1km deep, then the volume of water displaced would fill Wembley stadium to the roof 17.5 million times.

A one-metre rise like this will then propagate away from the area of the uplift in all directions, interacting with normal wind-generated ocean waves, tides and the shape of the sea floor to produce a series of tsunami waves. In the open ocean, the tsunami wave would not be noticed by boats and ships, which is why a cruise ship in Hawaii was quickly moved out to sea.

Waves sculpted by the seabed

The tsunami waves travel across the deep ocean at up to 440 miles per hour, so they may be expected to reach any Pacific Ocean coastline within 24 hours. However, some of their energy will dissipate as they cross the ocean, so they will usually be less hazardous at the furthest coastlines away from the earthquake.

The hazard arises from how the waves are modified as the seabed rises towards a shoreline. They will slow and, as a result, grow in height, creating a surge of water towards and then beyond the normal coastline.

The Kamchatka earthquake was slightly deeper in the Earth’s crust (20.7km) than the Sumatran earthquake of 2004 and the Japanese earthquake of 2011. This will have resulted in somewhat less vertical displacement of the seabed, with the movement of that seabed being slightly less instantaneous. This is why we’ve seen tsunami warnings lifted some time before any tsunami waves would have arrived there.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

Alan Dykes 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. Why the Pacific tsunami was smaller than expected – a geologist explains – https://theconversation.com/why-the-pacific-tsunami-was-smaller-than-expected-a-geologist-explains-262273

MIL OSI Analysis –

July 31, 2025
MIL-OSI Analysis: As climate change hits, what might the British garden of the future look like?

Source: The Conversation – UK – By Adele Julier, Senior Lecturer in Ecology, University of Portsmouth

Maria Evseyeva/Shutterstock

Hosepipe bans in summer 2025 will mean many gardeners having to choose which of their plants to keep going with the watering can, and which to abandon. Are these temporary restrictions actually a sign we need to rethink British gardens altogether?

Climate change will bring the United Kingdom warmer, wetter winters and hotter, drier summers. Britain has seen warm periods before, such as in the last interglacial period 130,000 years ago, but the current speed of change is unprecedented. This will have many effects, but it will also change one of the core parts of British life: our gardens.

Rather than fighting the inevitable and trying to keep growing the same plants we have always grown, how might we adapt what we grow and how we grow it?

The first to go, tragically for some, may be the classic British lawn. Already this year across the country, large areas of grass are looking parched and brown in the face of a long drought. The traditional lawn has just a few species of grass and is unlikely to be very drought-resistant. You can maintain a grass lawn that is more tolerant of dry weather by using drought-resistant fescue species of grass, and keeping the lawn well aerated (that means putting small holes in it to allow air, water and nutrients to reach the grass roots). But it may still suffer periods in which it looks unhealthy.

Swapping a lawn for a meadow can increase drought tolerance and decrease maintenance such as regular mowing and watering, because meadows only need to be cut once a year and don’t need as much water. Perhaps instead of lawns we can embrace No Mow May all year round, creating a greater diversity of plant and animal life in gardens.

Wildflowers such as yarrow and common knapweed can be great for pollinators and the birds that feed on them. These plants are drought-tolerant too.

As well as challenges in the face of a changing climate, there will be opportunities. Grape vines were grown in Britain in Roman times, and British wine production is once again a growing industry. Regular British gardeners could also grow a wider variety of grape vines, and even make their own wine. Warmer, drier summers could make plants such as citrus and olive trees easier to grow, with fruits more likely to ripen and less likely to be lost to frost in winter. Sunflowers, while they already grow here, could also thrive in the new conditions.

There will be a shift in the best types of decorative plants for gardens, with those needing lots of water, such as hydrangeas, delphiniums and gentians, becoming difficult to grow. We could look to the Mediterranean for inspiration, and choose shrubs such as thyme and lavender, or climbers like passion flowers, that need less water. It is also possible to grow a drought-tolerant garden with plants that are native to Britain, such as species of Geranium and Sedum. Coastal plants such as sea kale and sea holly that grow in harsh, rocky conditions can also make great garden plants in a drier climate.

Sea holly doesn’t mind our changing climate as much as other garden plants.
olko1975/Shutterstock

Finally, the way we garden will need to change. Setting up water storage systems, from simple water butts to larger, more complex systems that could include grey water harvesting (used but clean water from baths and washing up) or underground water storage, will help gardeners to make the most of storms by storing the rainwater for use during droughts. You can set up a dispersion system to recycle lightly used household water, such as from a dishwasher or shower.

Soil health is important too, as soils with more organic matter are better at holding water. Composting food waste to add to soil would be a great way of helping to increase the organic content and make watering more efficient. This has the added value of avoiding peat composts. Peat comes from wetlands and it will eventually run out. Peat harvesting also releases carbon dioxide into the atmosphere, contributing to climate change.

The next few decades will be challenging for gardeners. Britain will probably experience an increase in prolonged droughts and other extreme weather, as well as overall warming caused by climate change. Our gardens may cover a small proportion of land in the UK. But we can use them to experiment and develop sustainable ways of existing, growing not just new plants but also hope in the face of adversity.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

Adele Julier 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. As climate change hits, what might the British garden of the future look like? – https://theconversation.com/as-climate-change-hits-what-might-the-british-garden-of-the-future-look-like-261608

MIL OSI Analysis –

July 31, 2025
MIL-OSI Analysis: Windrush scandal: those left to apply for compensation without legal help missed out on tens of thousands of pounds

Source: The Conversation – UK – By Jo Wilding, Lecturer in law, University of Sussex

The Windrush scandal has been one of the biggest miscarriages of justice in Britain, affecting tens of thousands of people. The government set up a scheme in 2019 to award compensation to those who had been wronged by racist immigration legislation over decades, left unable to prove their immigration status.

But in a new report, I have found that how much victims receive through the scheme has little to do with how they were wronged, and more to do with whether they can access a lawyer. Those who applied without legal support were offered tens of thousands of pounds less than when they appealed with legal representation.

The research, produced with law reform charity Justice and Dechert LLP’s pro bono team, provides empirical evidence of precisely what lawyers do that makes a difference.

Our research participants, who were claiming compensation over the Windrush scandal were offered, on average, £11,000 when applying to the scheme without a lawyer. But when applying for review with legal representation, the award was more than £83,000. One of our participants was refused any compensation when he applied alone, but eventually received £295,000 with the help of a lawyer.

Why lawyers are needed

We conducted an in-depth review of ten files where a claimant first applied for compensation without a lawyer, received a refusal or a low offer of compensation, and then applied with a lawyer for review of that decision.

We reviewed another seven files from people who could never have claimed alone, because of street homelessness, dementia or serious health conditions.

The team interviewed each lawyer and (where possible) the claimant, to identify exactly what a lawyer does that makes a difference.

The Home Office insists lawyers are unnecessary because the scheme’s own caseworkers will help find evidence. But our findings suggest serious failings in those efforts. One of the main contributions of lawyers was expertise in finding decades-old evidence and demonstrating how it meets the standard of proof for the Windrush compensation scheme.

One of our claimants applied for compensation for having been refused housing assistance (leaving her homeless) based on a misunderstanding of her immigration status. The Home Office caseworkers emailed her local council and asked whether there was a record of her being refused housing assistance 20 years earlier. The council replied that there was not. The caseworker treated that as evidence that she had never made an application.

When a lawyer got involved, he asked the council to confirm how long they kept housing application records. The answer was 12 years, so there was never any prospect of evidence existing from 20 years ago. The lawyer then managed to track down her housing file with the housing solicitors who represented her.

Lawyers knew how to request files from public bodies, understood the references to statutes in those files and, most importantly, were able to spot when key documents were missing.

The lawyers in the cases we reviewed took detailed witness statements from claimants. Those made by claimants alone averaged 1.5 pages, whereas those made by lawyers were at least 15 pages, containing far more relevant detail showing how the claimant met the scheme criteria.

Lawyers acted as a “buffer” between claimant and Home Office. Claimants told our research team that they felt the Home Office spoke to them with more respect once they had a lawyer. Often, claimants were ready to give up and accept the refusal because they were exhausted and frustrated with fighting the Home Office.

The Windrush scandal has affected tens of thousands of people.
James Ivor Wadlow/Shutterstock

The findings are consistent with other peer-reviewed research exploring what lawyers or representatives add to cases in the family courts and the tribunals: a 15%-18% “representation premium” in chances of success. In some cases, this can be achieved through pre-hearing advice.

All of our participants had a lawyer either through Law Centres funded by a charity, a university law clinic, or private law firms doing the work pro bono. Some firms also do the work on a no-win-no-fee basis, typically taking 25%-30% of the claimant’s damages but on occasion up to 67%. Given that it takes 32-103 hours to prepare the case, the lawyer’s fee may still underrepresent the work they did.

Compensation schemes and legal support

Recent reports have revealed serious problems with the compensation schemes for both the Post Office and the infected blood scandals. The chairs of the respective public inquiries, Sir Wyn Williams and Sir Brian Langstaff, criticised gaps in the provision of access to legal advice and recommended funded legal advice for all claimants.

The Post Office Horizon IT scandal has four compensation schemes for different categories of victim. In each, claimants can choose between a fixed payment (£75,000) or an individual assessment of loss. In three of those schemes, funded legal advice is available to help claimants choose between those options. In the Horizon Shortfall Scheme, though, it is not available unless and until they reject the fixed payment and opt for individual assessment.

The infected blood compensation scheme includes funded legal representation for “core” route claimants – those directly affected. But the inquiry report says it should also be available for claims by affected family members.

Only the Windrush scheme has no provision at all for funded legal representation at any stage. All representation is either a matter of charity, or paid for from the damages, which may leave very little for the claimant.

Yet the Windrush scheme is arguably the most complicated, with a 44-page claim form compared with just eight for the Horizon Shortfall Scheme. The infected blood claim form is largely completed by medical personnel. The Windrush scheme has complex eligibility requirements compared with the other schemes, and often demands an immigration lawyer’s expertise.

As our research found, lawyers were able to advise Windrush claimants on whether the offer of compensation was fair or whether they should apply for review. Our empirical evidence, along with the reports, suggest all compensation schemes involving state harm to citizens should include free legal representation for claimants.

In response to the report, a Home Office spokesperson told the Guardian: “Earlier this year, we launched a £1.5m advocacy support fund to provide dedicated help from trusted community organisations when victims are applying for compensation. However, we recognise there is more to be done, which is why ministers are continuing to engage with community groups on improvements to the compensation scheme, and will ask the new Windrush commissioner to recommend any further changes they believe are required.”

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Jo Wilding 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. Windrush scandal: those left to apply for compensation without legal help missed out on tens of thousands of pounds – https://theconversation.com/windrush-scandal-those-left-to-apply-for-compensation-without-legal-help-missed-out-on-tens-of-thousands-of-pounds-261046

MIL OSI Analysis –

July 31, 2025
MIL-OSI Analysis: The dirty truth about what’s in your socks: bacteria, fungi and whatever lives between your toes
Source: The Conversation – UK – By Primrose Freestone, Senior Lecturer in Clinical Microbiology, University of Leicester

Marko Aliaksandr/Shutterstock

Your feet are microbial hotspots. The area between your toes is packed with sweat glands, and when we wrap our feet in socks and shoes, we trap that moisture in a warm, humid cocoon that’s ideal for microbial growth. In fact, your feet may be home to a miniature rainforest of bacteria and fungi, with anywhere from 100 to 10 million microbial cells per square centimetre of skin surface.

Not only do feet host a huge variety of microorganisms – up to 1,000 different species per person – but they also have a wider range of fungal species than any other part of the body. That means your feet aren’t just sweaty or smelly – they’re genuinely biodiverse.

Because your feet are microbe-rich, your socks become prime real estate for these same bacteria and fungi. Studies show that socks harbour both harmless skin residents, like coagulase-negative staphylococci, and potentially dangerous pathogens, including Aspergillus, Staphylococcus, Candida, Histoplasma and Cryptococcus. These microbes thrive in the warm, moist spaces between your toes, feeding on sweat and dead skin cells.

Their byproducts, such as volatile fatty acids and sulphur compounds, are what give sweaty feet, socks and shoes that notorious odour. It’s not the sweat itself that smells, but the microbial metabolism of that sweat. Perhaps unsurprisingly, smelly feet are so common the NHS has dedicated pages of advice on the issue.

The sock microbiome isn’t just influenced by your feet – it also reflects your environment. Socks pick up microbes from every surface you walk on, including household floors, gym mats, locker rooms and even your garden. They act as microbial sponges, collecting bacteria and fungi from soil, water, pet hair and dander, and the general dust of everyday life. In one study, socks worn for just 12 hours had the highest bacterial and fungal counts of any clothing item tested.

And those microbes don’t stay put. Anything living in your socks can transfer to your shoes, your floors, your bedding – and even your skin. In a hospital study, slipper socks worn by patients were found to carry floor microbes, including antibiotic-resistant pathogens, into hospital beds. It’s a reminder that foot hygiene isn’t just a personal issue – it can have broader implications for infection control and public health.

Super-spreaders

Socks can also play a key role in spreading fungal infections like Tinea pedis (better known as athlete’s foot), a highly contagious condition that primarily affects the toes but can spread to the heels, hands, or even the groin. The infection is caused by dermatophyte fungi, which love warm, damp environments – exactly the kind you find in sweaty socks and tight shoes.

To prevent this, experts recommend avoiding walking barefoot in shared spaces like gyms and pools, not sharing socks, towels, or shoes, and practising good foot hygiene, which includes washing and drying thoroughly between the toes. Topical antifungal treatments are usually effective, but prevention is key.

It’s also important to note that socks can retain fungal spores even after washing. So if you’ve had athlete’s foot, wearing the same pair again – even if it looks clean – could trigger reinfection.

The safest approach is to wear fresh socks daily and allow your shoes to dry out completely between wears. Choose breathable fabrics and avoid footwear that traps heat or causes excessive sweating.

How to wash your socks properly

Most laundry advice focuses on preserving fabric, colour and shape – but when it comes to socks, hygiene matters more. Studies show that washing at typical domestic temperatures (30–40°C) may not be sufficient to kill bacteria and fungi. In fact, under-cleaned socks can act as infection vectors, especially in households with vulnerable people.

To properly sanitise your socks:
- turn them inside out before washing to expose the inner surface where most microbes accumulate
- use an enzyme-based detergent, which helps break down sweat and skin debris
- wash at 60°C when possible, as the higher temperature helps detach and kill microbes
- steam iron your socks if you need to wash at lower temperatures – heat from ironing can destroy residual spores.
Cotton socks tend to tolerate higher temperatures better than synthetic blends, making them a better option for those prone to fungal infections. Drying socks in direct sunlight can also help: UV light has known antimicrobial effects.

The forensic power of sock microbiomes

Your socks might say more about you than you realise. In a US murder investigation, forensic scientists used soil bacteria found on a suspect’s socks to link them to the burial site of a victim.

The microbial profile of the socks closely matched that of the crime scene – suggesting the socks had picked up and preserved location-specific soil microbes. This emerging field of forensic microbiology shows how microbial signatures can offer valuable clues in legal contexts.

It’s a reminder that the ecosystems we carry on our bodies – and in our clothing – are not only complex and revealing but also surprisingly durable. Whether it’s helping to solve crimes or fuelling a fungal outbreak, your socks are far more biologically active than they appear.

So next time you peel off a sweaty pair at the end of the day, spare a thought for the microscopic universe you’ve been walking around in. And maybe, just maybe, opt for that 60-degree wash.

Primrose Freestone 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. The dirty truth about what’s in your socks: bacteria, fungi and whatever lives between your toes – https://theconversation.com/the-dirty-truth-about-whats-in-your-socks-bacteria-fungi-and-whatever-lives-between-your-toes-261580
MIL OSI Analysis –
July 31, 2025

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