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Category: Transport

  • India–UK CETA to boost employment, gender equality and youth opportunities

    Source: Government of India

    Source: Government of India (4)

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

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

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

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

    Expanding opportunities for women and youth

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

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

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

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

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

  • Parliament Monsoon Session: Both Houses adjourned till Friday amid Opposition protest

    Source: Government of India

    Source: Government of India (4)

    Proceedings in both Houses of Parliament were adjourned for the day on Thursday following continued protests by Opposition members demanding a discussion on the Special Intensive Revision (SIR) of the voter list in Bihar.

    The Lok Sabha and Rajya Sabha will reconvene at 11 a.m. on Friday.

    In the Lok Sabha, uproar broke out during a discussion on the Readjustment of Representation of Scheduled Tribes in Assembly Constituencies of the State of Goa Bill, 2024. Amid the commotion, Krishna Prasad Tenneti, who was chairing the session, adjourned the House for the day.

    Earlier in the day, the Lower House had faced repeated disruptions. The House was initially adjourned till 2 p.m. shortly after convening at 11 a.m., following loud sloganeering by Opposition members. Speaker Om Birla appealed for decorum, expressing concern over the members’ conduct.

    “Such behaviour lowers the dignity of the House,” Birla said, urging members not to raise slogans or carry banners inside the chamber. In a veiled remark directed at the Congress party, the Speaker said, “This is not in a party’s ‘sanskar’, but the new generation is setting a different example for the nation to see.”

    Meanwhile, in the Rajya Sabha, the Carriage of Goods by Sea Bill was under discussion when disruptions resumed. Chairing the House, MP Bhubaneshwar Kalita adjourned the session after Opposition members raised slogans over the SIR issue.

    Speaking to reporters, Congress MP Gaurav Gogoi said, “The Lok Sabha can function if the government agrees to discuss the Special Intensive Revision of the voter list in Bihar. That is our only demand.

    As Parliament heads into another day of the Monsoon Session, tensions between the Treasury and Opposition benches continue to dominate proceedings.

    (With ANI inputs) 

  • MIL-OSI Russia: The expert group of the State University of Management has developed recommendations for interdepartmental cooperation in the implementation of youth policy

    Translation. Region: Russian Federal

    Source: Official website of the State –

    An important disclaimer is at the bottom of this article.

    On July 23, 2025, a public discussion of by-laws prepared as part of the implementation of the updated provisions of the Federal Law “On Youth Policy in the Russian Federation” took place in the House of Unions. Specialists from the State University of Management took part in the development of these by-laws.

    The public discussion was attended by: Chairman of the State Duma Committee on Youth Policy, GUU graduate Artem Metelev, Deputy Minister of Science and Higher Education Olga Petrova, First Deputy Chairman of the State Duma Committee on Youth Policy Mikhail Kiselev, Deputy Chairman of the State Duma Committee on Science and Higher Education Ekaterina Kharchenko, Deputy Head of Rosmolodezh Yuri Leskin and other experts.

    The agenda was outlined by the Chairman of the State Duma Committee on Youth Policy, Artem Metelev: “We have accumulated an agenda of three blocks, which we propose to discuss together today. The first: a set of measures for the patriotic education of youth and the spiritual and moral education of youth in the Russian Federation. The second: recommendations for the implementation of the main directions of youth policy in Russia, including the logistical support for its implementation. And the third: recommendations for the organization of interdepartmental interaction between the executive bodies of the country’s constituent entities in the implementation of youth policy.”

    Deputy Minister of Science and Higher Education Olga Petrova noted the activity of universities participating in the development and discussion of documents: “For our part, we have also sent all the necessary materials for consideration to the expert community of the Government of Russia and plan to present the documentary results within the next month.”

    At the initiative of the Federal Agency for Youth Affairs, the Department of State and Municipal Administration, together with the Department of Youth Policy and Educational Work of the State University of Management, developed a draft of recommendations for organizing interdepartmental interaction between executive bodies of the constituent entities of the Russian Federation in implementing youth policy to ensure consistency, eliminate duplication of powers, and ensure the effectiveness and systematicity of the work of government bodies at all levels.

    The project team included: – Advisor to the rector of the State University of Management, head of the department of state and municipal management Sergey Chuev; – Professor of the department of state and municipal management, doctor of economic sciences Vladimir Zotov; – Professor of the department of state and municipal management, doctor of pedagogical sciences Tatyana Korosteleva; – Professor of the department of state and municipal management, doctor of economic sciences Mikhail Shatokhin; – Associate Professor of the department of state and municipal management, candidate of economic sciences Mikhail Polyakov; – Deputy Director of the Institute of Social and Cultural Policy and Culture for educational work, candidate of psychological sciences Svetlana Grishaeva.

    Vice-Rector of the State University of Management Pavel Pavlovsky reported to the public council: “As for the mechanism of interdepartmental cooperation, here we have a number of specific points: establishing a clear procedure for exchanging information and recommendations, obliging regional departments to prepare and implement comprehensive measures to support young specialists aimed at their professional growth and career. Here we also include the development of measures for the professional self-determination of young people, support for gifted children, the creation and implementation of educational programs for patriotism and civic responsibility among young people, the organization of internships and practice for graduates of educational institutions, ensuring their participation in real work projects.”

    The expert group of the State University of Management also proposed to develop a system of joint participation of different branches of government, institutions and organizations in the implementation of youth projects, to ensure openness and accessibility of information about all existing support measures and possible events, for which it is necessary to create one-stop services and digital platforms where young people could resolve any issues that arise.

    At the end of the meeting, Artem Metelev noted that if the recommendations are accepted and regulations are developed on their basis, this will seriously simplify the work of government bodies, which will have a clear line in working with young people.

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

    .

    MIL OSI Russia News –

  • MIL-OSI: Bread Financial Announces Modified Dutch Auction Cash Tender Offers for 9.750% Senior Notes Due 2029 and/or 8.375% Fixed-Rate Subordinated Notes due 2035

    Source: GlobeNewswire (MIL-OSI)

    COLUMBUS, Ohio, July 24, 2025 (GLOBE NEWSWIRE) — Bread Financial Holdings, Inc. (NYSE: BFH) (“Bread Financial” or the “Company”) today announced it has commenced cash tender offers (the “Tender Offers” and each, a “Tender Offer”) to purchase up to $150.0 million (subject to increase, the “Aggregate Tender Cap”) aggregate principal amount of its 9.750% Senior Notes maturing March 2029 (the “2029 Notes”) and/or its 8.375% Fixed-Rate Reset Subordinated Notes due 2035, maturing June 2035 (the “2035 Notes” and, together with the 2029 Notes, the “Notes”) subject to (i) the aggregate principal amount of all 2029 Notes accepted for purchase not exceeding $100.0 million (the “2029 Notes Sublimit”) and (ii) the aggregate principal amount of all 2035 Notes accepted for purchase not exceeding $50.0 million (the “2035 Notes Sublimit” and, together with the 2029 Notes Sublimit, the “Sublimits” and each, respectively, a “Sublimit”). The Tender Offers are being made on the terms and subject to the conditions set forth in the Offer to Purchase, dated July 24, 2025 (as it may be amended or supplemented, the “Offer to Purchase”).

    The Tender Offers will expire at 5:00 p.m., New York City time, on August 21, 2025, unless extended or earlier terminated as described in the Offer to Purchase (such date and time, as they may be extended, the “Expiration Time”), with an early participation deadline of 5:00 p.m., New York City time, on August 6, 2025 (the “Early Participation Date”), unless extended or earlier terminated.

    The total consideration payable for each $1,000 principal amount of each series of Notes will be determined based on a modified “Dutch Auction” procedure for each series. Holders of the Notes (“Holders”) who validly tender (and do not validly withdraw) their Notes before 5:00 p.m., New York City time, on the Early Participation Date, and whose Notes are accepted for purchase by the Company, will be eligible to receive the “Total Consideration,” which includes an “Early Participation Amount” of $50.00 for each $1,000 principal amount of the Notes validly tendered. The Company may, but is not obligated to, following the Early Participation Date and prior to the Expiration Time, elect to accept the Notes validly tendered by Holders on or prior to the Early Participation Date, for settlement on such date or promptly thereafter (the “Early Payment Date”) in one or both Tender Offers. If the Company elects to have an Early Payment Date for one or both Tender Offers, it is currently expected to be August 11, 2025, though it will issue a press release announcing the date selected as such Early Payment Date. Holders who validly tender their Notes after the Early Participation Date and on or prior to the Expiration Time, and who have their Notes accepted for purchase by the Company, will not be eligible to receive the Early Participation Amount and will only receive the Total Consideration minus the Early Participation Amount (the “Tender Offer Consideration”) on the final payment date (the “Final Payment Date”). The Final Payment Date is currently expected to occur on August 26, 2025. Holders that hold both 2029 Notes and 2035 Notes may participate in one, both or neither of the Tender Offers.

    Holders electing to participate may specify the minimum applicable Total Consideration (the “Bid Price”) they would be willing to receive in exchange for each $1,000 principal amount of each series of Notes they choose to tender in the Tender Offers. The Bid Price that Holders specify for each $1,000 principal amount of each series of Notes must be within the applicable range set forth in the table below and must be in increments of $1.25. The following table sets forth certain terms of the Tender Offers:

        
    Series of Notes
    		   CUSIP / ISIN   Aggregate
    Principal Amount
    Outstanding    		   Sublimit (3)   Total Consideration
    (Acceptable Bid
    Range)(1)(2)    		   Early Participation
    Amount(1)
    9.750% Senior Notes maturing March 2029   144A: 018581AP3 / US018581AP34
    Reg S: U0179AK2 / USU01797AK20
    Reg S: U01797AL0 / USU01797AL03    		   $750,012,000   $100,000,000   $1,040 — $1,070   $50.00
    8.375% Fixed-Rate Reset Subordinated Notes maturing June 2035   144A: 018581AQ1 / US018581AQ17
    Reg S: U01797AM8 / USU01797AM85    		   $400,000,000   $50,000,000   $995 — $1,025   $50.00
         
    (1)    Per $1,000 principal amount of Notes that are accepted for purchase by the Company.
    (2)    Includes the $50.00 Early Participation Amount.
    (3)    Subject to Aggregate Tender Cap.
     

    As more fully described in the Offer to Purchase, the Total Consideration for each $1,000 principal amount of each series of Notes validly tendered by Holders (and not validly withdrawn) pursuant to the respective Tender Offer on or prior to the Early Participation Date and accepted for purchase by the Company (subject to proration, if applicable) will be equal to the sum of: (1) the “Base Price” for that series of Notes, which also is equal to the minimum Bid Price, and (2) the “Clearing Premium” for that series of Notes, which will be determined by consideration of the bid premiums of all validly tendered (and not validly withdrawn) Notes of such series on or prior to the Early Participation Date, in order of lowest to highest bid premiums. If the aggregate amount of the Notes of a series validly tendered (and not validly withdrawn) in a Tender Offer at or below the Clearing Premium for such series would cause the Company to accept an aggregate principal amount of Notes of such series in excess of the applicable Sublimit for such series under the applicable Tender Offer, then Holders of Notes of such series tendered at the applicable Clearing Premium will be subject to proration as described in the Offer to Purchase.

    Tendered Notes may be withdrawn any time on or prior to 5:00 p.m., New York City time, on August 6, 2025, unless extended by the Company (such date and time, as the same may be extended or earlier terminated, the “Withdrawal Date”). Notes validly tendered after the Withdrawal Date may not be withdrawn or revoked, unless otherwise required by law. The Tender Offers are subject to the satisfaction or waiver of a number of conditions as set forth in the Offer to Purchase. The Company may amend, extend or terminate the Tender Offers in its sole discretion and subject to applicable law.

    The Company reserves the right, subject to applicable law, to (a) extend the Early Participation Date, the Withdrawal Date or the Expiration Time, in each case, to a later date and time; (b) increase the Aggregate Tender Cap, the 2029 Notes Sublimit and/or the 2035 Notes Sublimit; (c) waive in whole or in part any or all conditions to either Tender Offer; (d) delay the acceptance for purchase of any Notes or delay the purchase of any Notes; (e) increase the maximum bid price (as described in the Offer to Purchase) for one or both series of Notes; (f) decrease the minimum bid price or the maximum bid price (each as described in the Offer to Purchase), in each case, for one or both series of Notes; or (g) otherwise modify or terminate the Tender Offers. The Company does not intend to extend the Early Participation Date, the Withdrawal Date or the Expiration Time unless required by law or otherwise in its sole discretion.

    J.P. Morgan Securities LLC is acting as the sole lead dealer manager and BMO Capital Markets Corp., CIBC World Markets Corp., KeyBanc Capital Markets Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., Truist Securities, Inc., Fifth Third Securities, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC are acting as co-dealer managers for the Tender Offers. D.F. King, Inc. is serving as the information agent and tender agent. Copies of the Offer to Purchase and related tender offering materials are available by contacting the information agent at (212) 448-4476 (banks and brokers) and at (866) 340-7108 or by email at bread@dfking.com. Questions regarding the Tender Offer should be directed to J.P. Morgan at (866) 834-4666 (toll free) or (212) 834-7489 (collect).

    None of the Company, the sole lead dealer manager, the co-dealer managers, the information agent and tender agent or the trustee for the Notes makes any recommendation as to whether Holders should tender any Notes in response to the Tender Offers. Holders must make their own decision as to whether to tender any of their Notes and, if so, the principal amount of Notes and the Bid Price or Bid Prices at which to tender. This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful. The Tender Offers are being made solely by means of the Offer to Purchase. In those jurisdictions where the securities, blue sky or other laws require any tender offer to be made by a licensed broker or dealer, the Tender Offers will be deemed to be made on behalf of the Company by the dealer managers or one or more registered brokers or dealers licensed under the laws of such jurisdiction.

    Cautionary Statement on Forward-Looking Language
    This news release may contain forward-looking statements, including, but not limited to, our financing plans and the details thereof, including the proposed tender offer of the Notes and the other expected effects of such transaction. Forward-looking statements may generally be identified by the use of the words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “project,” “plan,” “likely,” “may,” “should” or other words or phrases of similar import. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements we make regarding, and the guidance we give with respect to, our anticipated operating or financial results, future financial performance and outlook, future dividend declarations, and future economic conditions.

    We believe that our expectations are based on reasonable assumptions. Forward-looking statements, however, are subject to a number of risks and uncertainties that are difficult to predict and, in many cases, beyond our control. Accordingly, our actual results could differ materially from the projections, anticipated results or other expectations expressed in this release, and no assurances can be given that our expectations will prove to have been correct. Factors that could cause the outcomes to differ materially include, but are not limited to, the following: macroeconomic conditions, including market conditions, inflation, interest rates, labor market conditions, recessionary pressures or concerns over a prolonged economic slowdown, and the related impact on consumer spending behavior, payments, debt levels, savings rates and other behaviors; global political and public health events and conditions, including significant shifts in trade policy, such as changes to, or the imposition of, tariffs and/or trade barriers and any economic impacts, volatility, uncertainty and geopolitical instability resulting therefrom, as well as ongoing wars and military conflicts and natural disasters; future credit performance of the Company’s customers, including the level of future delinquency and write-off rates; loss of, or reduction in demand for services from, significant brand partners or customers in the highly competitive markets in which the Company competes; the concentration of the Company’s business in U.S. consumer credit; increases or volatility in the Allowance for credit losses that may result from the application of the current expected credit loss (CECL) model; inaccuracies in the models and estimates on which the Company relies, including the amount of its Allowance for credit losses and our credit risk management models; increases in fraudulent activity; failure to identify, complete or successfully integrate or disaggregate business acquisitions, divestitures and other strategic initiatives, including, with respect to divested businesses, any associated guarantees, indemnities or other liabilities; the extent to which the Company’s results are dependent upon its brand partners, including its brand partners’ financial performance and reputation, as well as the effective promotion and support of the Company’s products by brand partners; increases in the cost of doing business, including market interest rates; the Company’s level of indebtedness and inability to access financial or capital markets, including asset-backed securitization funding or deposits markets; restrictions that limit the ability of Comenity Bank and Comenity Capital Bank (the “Banks”) to pay dividends to the Company; pending and future litigation; pending and future federal, state, local and foreign legislation, regulation, supervisory guidance and regulatory and legal actions including, but not limited to, those related to financial regulatory reform and consumer financial services practices, as well as any such actions with respect to late fees, interchange fees or other charges; increases in regulatory capital requirements or other support for the Banks; impacts arising from or relating to the transition of the Company’s credit card processing services to third party service providers that it completed in 2022; failures or breaches in the Company’s operational or security systems, including as a result of cyberattacks, unanticipated impacts from technology modernization projects, failure of its information security controls or otherwise; loss of consumer information or other data due to compromised physical or cyber security, including disruptive attacks from financially motivated bad actors and third party supply chain issues; and any tax or other liability or adverse impacts arising out of or related to the spinoff of the Company’s former LoyaltyOne segment or the bankruptcy filings of Loyalty Ventures Inc. and certain of its subsidiaries and subsequent litigation or other disputes. The foregoing factors, along with other risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward-looking statements, are described in greater detail under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the most recently ended fiscal year, which may be updated in Item 1A of, or elsewhere in, our Quarterly Reports on Form 10-Q filed for periods subsequent to such Form 10-K. Our forward-looking statements speak only as of the date made, and the Company undertakes no obligation, other than as required by applicable law, to update or revise any forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.

    About Bread Financial
    Bread Financial® (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending, and saving solutions to millions of U.S. consumers. Our payment solutions, including Bread Financial general purpose credit cards and savings products, empower our customers and their passions for a better life. Additionally, we deliver growth for some of the most recognized brands in travel & entertainment, health & beauty, jewelry and specialty apparel through our private label and co-brand credit cards and pay-over-time products providing choice and value to our shared customers.

    Contacts
    Brian Vereb – Investor Relations
    Brian.Vereb@BreadFinancial.com

    Susan Haugen – Investor Relations
    Susan.Haugen@BreadFinancial.com

    Rachel Stultz – Media
    Rachel.Stultz@BreadFinancial.com

    The MIL Network –

  • MIL-OSI: Bread Financial Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    COLUMBUS, Ohio, July 24, 2025 (GLOBE NEWSWIRE) — Bread Financial® Holdings, Inc. (NYSE: BFH), a tech-forward financial services company that provides simple, flexible payment, lending and saving solutions, today announced its second quarter 2025 financial results. All earnings-related materials are now available at the company’s investor relations website, here.

    Bread Financial President and Chief Executive Officer Ralph Andretta and Chief Financial Officer Perry Beberman will host a conference call at 8:30 a.m. ET today to discuss results. A link to the conference call will be available at the company’s investor relations website, and a replay will also be available there following the call.

    About Bread Financial® 
    Bread Financial® (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions to millions of U.S consumers. Our payment solutions, including Bread Financial general purpose credit cards and savings products, empower our customers and their passions for a better life. Additionally, we deliver growth for some of the most recognized brands in travel & entertainment, health & beauty, jewelry and specialty apparel through our private label and co-brand credit cards and pay-over-time products providing choice and value to our shared customers.

    To learn more about Bread Financial, our global associates and our sustainability commitments, visit breadfinancial.com or follow us on Instagram and LinkedIn.

    Contacts
    Brian Vereb — Investor Relations
    Brian.Vereb@breadfinancial.com

    Susan Haugen — Investor Relations
    Susan.Haugen@breadfinancial.com

    Rachel Stultz — Media
    Rachel.Stultz@breadfinancial.com

    The MIL Network –

  • MIL-OSI: Bread Financial Provides Performance Update for June 2025

    Source: GlobeNewswire (MIL-OSI)

    COLUMBUS, Ohio, July 24, 2025 (GLOBE NEWSWIRE) — Bread Financial Holdings, Inc. (NYSE: BFH), a tech-forward financial services company that provides simple, personalized payment, lending, and saving solutions to millions of U.S. consumers, provided a performance update. The following tables present the Company’s net loss rate and delinquency rate for the periods indicated:

      For the
    month ended
    June 30, 2025    		   For the
    three months ended
    June 30, 2025
      (dollars in millions)
    End-of-period credit card and other loans $ 17,656     $ 17,656  
    Average credit card and other loans $ 17,631     $ 17,686  
    Year-over-year change in average credit card and other loans   (1 %)     (1 %)
    Net principal losses(1) $ 113     $ 348  
    Net loss rate(1)   7.8 %     7.9 %
      As of
    June 30, 2025    		   As of
    June 30, 2024
      (dollars in millions)
    30 days + delinquencies – principal $ 922     $ 979  
    Period ended credit card and other loans – principal $ 16,102     $ 16,344  
    Delinquency rate   5.7 %     6.0 %
    (1) As a result of hurricanes Helene and Milton we froze delinquency progression for cardholders in Federal Emergency Management Agency identified impact zones for one billing cycle, which resulted in modestly lower Net principal losses and Net loss rate in the fourth quarter of 2024, and consequently these actions negatively impacted Net principal losses and Net loss rate in the second quarter of 2025.


    About Bread Financial    ®  

    Bread Financial® (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending, and saving solutions to millions of U.S consumers. Our payment solutions, including Bread Financial general purpose credit cards and savings products, empower our customers and their passions for a better life. Additionally, we deliver growth for some of the most recognized brands in travel & entertainment, health & beauty, jewelry and specialty apparel through our private label and co-brand credit cards and pay-over-time products providing choice and value to our shared customers.  

    To learn more about Bread Financial, our global associates and our sustainability commitments, visit breadfinancial.com or follow us on Instagram and LinkedIn.  

    Forward-Looking Statements

    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give our expectations or forecasts of future events and can generally be identified by the use of words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “project,” “plan,” “likely,” “may,” “should” or other words or phrases of similar import. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements we make regarding, and the guidance we give with respect to, our anticipated operating or financial results, future financial performance and outlook, future dividend declarations, and future economic conditions.

    We believe that our expectations are based on reasonable assumptions. Forward-looking statements, however, are subject to a number of risks and uncertainties that are difficult to predict and, in many cases, beyond our control. Accordingly, our actual results could differ materially from the projections, anticipated results or other expectations expressed in this release, and no assurances can be given that our expectations will prove to have been correct. Factors that could cause the outcomes to differ materially include, but are not limited to, the following: macroeconomic conditions, including market conditions, inflation, interest rates, labor market conditions, recessionary pressures or concerns over a prolonged economic slowdown, and the related impact on consumer spending behavior, payments, debt levels, savings rates and other behaviors; global political and public health events and conditions, including significant shifts in trade policy, such as changes to, or the imposition of, tariffs and/or trade barriers and any economic impacts, volatility, uncertainty and geopolitical instability resulting therefrom, as well as ongoing wars and military conflicts and natural disasters; future credit performance, including the level of future delinquency and write-off rates; the loss of, or reduction in demand from, significant brand partners or customers in the highly competitive markets in which we compete; the concentration of our business in U.S. consumer credit; inaccuracies in the models and estimates on which we rely, including the amount of our Allowance for credit losses and our credit risk management models; the inability to realize the intended benefits of acquisitions, dispositions and other strategic initiatives; our level of indebtedness and ability to access financial or capital markets; pending and future federal and state legislation, regulation, supervisory guidance, and regulatory and legal actions, including, but not limited to, those related to financial regulatory reform and consumer financial services practices, as well as any such actions with respect to late fees, interchange fees or other charges; impacts arising from or relating to the transition of our credit card processing services to third party service providers that we completed in 2022; failures or breaches in our operational or security systems, including as a result of cyberattacks, unanticipated impacts from technology modernization projects or otherwise; and any tax or other liability or adverse impacts arising out of or related to the spinoff of our former LoyaltyOne segment or the bankruptcy filings of Loyalty Ventures Inc. (LVI) and certain of its subsidiaries and subsequent litigation or other disputes. The foregoing factors, along with other risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward-looking statements, are described in greater detail under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the most recently ended fiscal year, which may be updated in Item 1A of, or elsewhere in, our Quarterly Reports on Form 10-Q filed for periods subsequent to such Form 10-K. Our forward-looking statements speak only as of the date made, and we undertake no obligation, other than as required by applicable law, to update or revise any forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.

    Contacts 
    Brian Vereb – Investor Relations 
    Brian.Vereb@BreadFinancial.com  

    Susan Haugen – Investor Relations 
    Susan.Haugen@BreadFinancial.com  

    Rachel Stultz – Media 
    Rachel.Stultz@BreadFinancial.com  

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Second Quarter 2025 Highlights

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

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

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

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

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

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

    FINANCIAL REVIEW

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

    2025 EXPENSE AND TAX GUIDANCE UPDATE6

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

    STRATEGIC AND BUSINESS UPDATES

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

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

    ABOUT NASDAQ

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

    NON-GAAP INFORMATION

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

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

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

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

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

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

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

    WEBSITE DISCLOSURE

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

    Media Relations Contact:

    David Lurie
    +1.914.538.0533
    David.Lurie@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    Nasdaq, Inc.
    Condensed Consolidated Statements of Income
    (in millions, except per share amounts)
    (unaudited)
               
      Three Months Ended   Six Months Ended
      June 30,   June 30,   June 30,   June 30,
        2025       2024       2025       2024  
                     
    Revenues:              
    Capital Access Platforms $ 527     $ 481     $ 1,042     $ 960  
    Financial Technology   464       420       896       813  
    Market Services   1,090       883       2,224       1,678  
    Other Revenues   9       8       18       18  
      Total revenues   2,090       1,792       4,180       3,469  
    Transaction-based expenses:              
    Transaction rebates   (629 )     (483 )     (1,208 )     (965 )
    Brokerage, clearance and exchange fees   (155 )     (150 )     (429 )     (227 )
    Revenues less transaction-based expenses   1,306       1,159       2,543       2,277  
                   
    Operating Expenses:              
    Compensation and benefits   352       328       681       669  
    Professional and contract services   39       39       75       72  
    Technology and communication infrastructure   79       69       156       135  
    Occupancy   30       27       58       56  
    General, administrative and other   23       30       29       58  
    Marketing and advertising   14       12       28       23  
    Depreciation and amortization   158       153       313       308  
    Regulatory   14       18       29       28  
    Merger and strategic initiatives   20       4       44       13  
    Restructuring charges   9       56       15       82  
      Total operating expenses   738       736       1,428       1,444  
    Operating income   568       423       1,115       833  
    Interest income   12       6       24       12  
    Interest expense   (95 )     (102 )     (192 )     (211 )
    Net gain on divestitures   39       —       39       —  
    Other income   1       12       —       13  
    Net income from unconsolidated investees   23       2       50       6  
    Income before income taxes   548       341       1,036       653  
    Income tax provision   96       119       190       198  
    Net income   452       222       846       455  
    Net loss attributable to noncontrolling interests   —       —       1       1  
    Net income attributable to Nasdaq $ 452     $ 222     $ 847     $ 456  
                   
    Per share information:              
    Basic earnings per share $ 0.79     $ 0.39     $ 1.47     $ 0.79  
    Diluted earnings per share $ 0.78     $ 0.38     $ 1.46     $ 0.79  
    Cash dividends declared per common share $ 0.27     $ 0.24     $ 0.51     $ 0.46  
                   
    Weighted-average common shares outstanding              
    for earnings per share:              
    Basic   574.1       576.4       574.6       575.9  
    Diluted   579.0       579.0       579.5       578.9  
                     
    Nasdaq, Inc.
    Revenue Detail
    (in millions)
    (unaudited)
                     
            Three Months Ended   Six Months Ended
            June 30,   June 30,   June 30,   June 30,
              2025       2024       2025       2024  
                         
    CAPITAL ACCESS PLATFORMS              
      Data and Listing Services revenues $ 198     $ 187     $ 391     $ 372  
      Index revenues   196       167       388       336  
      Workflow and Insights revenues   133       127       263       252  
        Total Capital Access Platforms revenues   527       481       1,042       960  
                         
    FINANCIAL TECHNOLOGY              
      Financial Crime Management Technology revenues   81       67       157       131  
      Regulatory Technology revenues   104       95       206       186  
      Capital Markets Technology revenues   279       258       533       496  
        Total Financial Technology revenues   464       420       896       813  
                         
    MARKET SERVICES              
      Market Services revenues   1,090       883       2,224       1,678  
      Transaction-based expenses:              
          Transaction rebates   (629 )     (483 )     (1,208 )     (965 )
          Brokerage, clearance and exchange fees   (155 )     (150 )     (429 )     (227 )
        Total Market Services revenues, net   306       250       587       486  
                         
    OTHER REVENUES   9       8       18       18  
                         
    REVENUES LESS TRANSACTION-BASED EXPENSES $ 1,306     $ 1,159     $ 2,543     $ 2,277  
                         
    Nasdaq, Inc.
    Condensed Consolidated Balance Sheets
    (in millions)
               
          June 30,   December 31,
            2025       2024  
    Assets   (unaudited)    
    Current assets:        
      Cash and cash equivalents   $ 732     $ 592  
      Restricted cash and cash equivalents     195       31  
      Default funds and margin deposits     5,218       5,664  
      Financial investments     84       184  
      Receivables, net     896       1,022  
      Other current assets     227       293  
    Total current assets     7,352       7,786  
    Property and equipment, net     656       593  
    Goodwill     14,328       13,957  
    Intangible assets, net     6,741       6,905  
    Operating lease assets     441       375  
    Other non-current assets     865       779  
    Total assets   $ 30,383     $ 30,395  
               
    Liabilities        
    Current liabilities:        
      Accounts payable and accrued expenses   $ 246     $ 269  
      Section 31 fees payable to SEC     411       319  
      Accrued personnel costs     280       325  
      Deferred revenue     848       711  
      Other current liabilities     154       215  
      Default funds and margin deposits     5,218       5,664  
      Short-term debt     500       399  
    Total current liabilities     7,657       7,902  
    Long-term debt     8,678       9,081  
    Deferred tax liabilities, net     1,540       1,594  
    Operating lease liabilities     453       388  
    Other non-current liabilities     237       230  
    Total liabilities     18,565       19,195  
             
    Commitments and contingencies        
    Equity        
    Nasdaq stockholders’ equity:        
      Common stock     6       6  
      Additional paid-in capital     5,425       5,530  
      Common stock in treasury, at cost     (706 )     (647 )
      Accumulated other comprehensive loss     (1,869 )     (2,099 )
      Retained earnings     8,955       8,401  
    Total Nasdaq stockholders’ equity     11,811       11,191  
      Noncontrolling interests     7       9  
    Total equity     11,818       11,200  
    Total liabilities and equity   $ 30,383     $ 30,395  
               
    Nasdaq, Inc.  
    Reconciliation of U.S. GAAP to Non-GAAP Net Income Attributable to Nasdaq and Diluted Earnings Per Share  
    (in millions, except per share amounts)  
    (unaudited)  
                         
                     
           Three Months Ended   Six Months Ended  
          June 30,   June 30,   June 30,   June 30,  
            2025       2024       2025       2024    
                         
    U.S. GAAP net income attributable to Nasdaq   $ 452     $ 222     $ 847     $ 456    
    Non-GAAP adjustments:                  
      Amortization expense of acquired intangible assets (1)     122       122       243       244    
      Merger and strategic initiatives expense (2)     20       4       44       13    
      Restructuring charges (3)     9       56       15       82    
      Net gain on divestitures (4)     (39 )     —       (39 )     —    
      Net income from unconsolidated investees (5)     (23 )     (2 )     (50 )     (6 )  
      Gain on extinguishment of debt (6)     —       —       (19 )     —    
      Legal and regulatory matters (7)     1       13       4       16    
      Pension settlement charge (8)     —       —       —       23    
      Other loss (income) (9)     1       (10 )     1       (9 )  
      Total non-GAAP adjustments     91       183       199       363    
      Non-GAAP adjustment to the income tax provision (10)     (24 )     (41 )     (70 )     (88 )  
      Other tax adjustments (11)     (27 )     33       (27 )     33    
      Total non-GAAP adjustments, net of tax     40       175       102       308    
    Non-GAAP net income attributable to Nasdaq   $ 492     $ 397     $ 949     $ 764    
                         
    U.S. GAAP diluted earnings per share   $ 0.78     $ 0.38     $ 1.46     $ 0.79    
      Total adjustments from non-GAAP net income above     0.07       0.31       0.18       0.53    
    Non-GAAP diluted earnings per share   $ 0.85     $ 0.69     $ 1.64     $ 1.32    
                         
    Weighted-average diluted common shares outstanding for earnings per share:     579.0       579.0       579.5       578.9    
                         
                         
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.  
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement.  
    (3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release.  
    (4) For the three and six months ended June 30, 2025, we recorded pre-tax net gains on the sale of our Nordic power futures business and our Nasdaq Risk Modelling for Catastrophes business, which are included in net gain on divestitures in the Condensed Consolidated Statements of Income.  
    (5) We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.  
    (6) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.  
    (7) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a Swedish Financial Supervisory Authority, or SFSA, fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income.  
    (8) For the six months ended June 30, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.  
    (9) For the three and six months ended June 30, 2024, other items primarily include net gains from strategic investments entered into through our corporate venture program, which are included in other income in our Condensed Consolidated Statements of Income.  
    (10) The non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment. For the six months ended June 30, 2025, this also includes a release of the prior year’s reserves following a favorable audit settlement.  
    (11) For the three and six months ended June 30, 2025, we recorded a tax benefit related to payments made to certain former Adenza employees. For the three and six months ended June 30, 2024, other tax adjustments also includes a one-time net tax expense of $33 million related to the completion of an intra-group transfer of certain IP assets to our U.S. headquarters.  
                         
    Nasdaq, Inc.  
    Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin  
    (in millions)  
    (unaudited)  
                     
           Three Months Ended   Six Months Ended  
          June 30,   June 30,   June 30,   June 30,  
            2025       2024       2025       2024    
                         
    U.S. GAAP operating income   $ 568     $ 423     $ 1,115     $ 833    
    Non-GAAP adjustments:                  
      Amortization expense of acquired intangible assets (1)     122       122       243       244    
      Merger and strategic initiatives expense (2)     20       4       44       13    
      Restructuring charges (3)     9       56       15       82    
      Gain on extinguishment of debt (4)     —       —       (19 )     —    
      Legal and regulatory matters (5)     1       13       4       16    
      Pension settlement charge (6)     —       —       —       23    
      Other loss     1       2       1       2    
      Total non-GAAP adjustments     153       197       288       380    
    Non-GAAP operating income   $ 721     $ 620     $ 1,403     $ 1,213    
                       
    Revenues less transaction-based expenses   $ 1,306     $ 1,159     $ 2,543     $ 2,277    
                         
    U.S. GAAP operating margin (7)     44 %     36 %     44 %     37 %  
                         
    Non-GAAP operating margin (8)     55 %     53 %     55 %     53 %  
                         
    Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.  
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.  
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement.  
    (3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release.  
    (4) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.  
    (5) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a SFSA fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income.  
    (6) For the six months ended June 30, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.  
    (7) U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.  
    (8) Non-GAAP operating margin equals non-GAAP operating income divided by revenues less transaction-based expenses.  
                         
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses
    (in millions)
    (unaudited)
                   
           Three Months Ended   Six Months Ended
          June 30,   June 30,   June 30,   June 30,
            2025       2024       2025       2024  
                       
    U.S. GAAP operating expenses   $ 738     $ 736     $ 1,428     $ 1,444  
    Non-GAAP adjustments:                
      Amortization expense of acquired intangible assets (1)     (122 )     (122 )     (243 )     (244 )
      Merger and strategic initiatives expense (2)     (20 )     (4 )     (44 )     (13 )
      Restructuring charges (3)     (9 )     (56 )     (15 )     (82 )
      Gain on extinguishment of debt (4)     —       —       19       —  
      Legal and regulatory matters (5)     (1 )     (13 )     (4 )     (16 )
      Pension settlement charge (6)     —       —       —       (23 )
      Other loss     (1 )     (2 )     (1 )     (2 )
      Total non-GAAP adjustments     (153 )     (197 )     (288 )     (380 )
    Non-GAAP operating expenses   $ 585     $ 539     $ 1,140     $ 1,064  
                       
                       
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement.
    (3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release.
    (4) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.
    (5) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a SFSA fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income.
    (6) For the six months ended June 30, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
                       
    Nasdaq, Inc.
    Reconciliation of Organic Impacts for Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
    Non-GAAP Operating Income, and Non-GAAP Diluted Earnings Per Share
    (in millions, except per share amounts)
    (unaudited)
                                   
                                   
      Three Months Ended   Total Variance   Other Impacts (1)   Adjusted/Organic
    Impact     (2)
      June 30, 2025   June 30, 2024   $   %   $   %   $   %
    CAPITAL ACCESS PLATFORMS                              
    Data and Listing Services revenues $ 198   $ 187   $ 11   6 %   $ 3   2 %   $ 8   5 %
    Index revenues   196     167     29   17 %     —   — %     29   17 %
    Workflow and Insights revenues   133     127     6   5 %     1   1 %     5   5 %
    Total Capital Access Platforms revenues   527     481     46   10 %     4   1 %     42   9 %
                                   
    FINANCIAL TECHNOLOGY                              
    Financial Crime Management Technology revenues   81     67     14   20 %     —   — %     14   20 %
    Regulatory Technology revenues   104     95     9   10 %     —   (1 )%     9   11 %
    Capital Markets Technology revenues   279     258     21   8 %     —   — %     21   8 %
    Total Financial Technology revenues   464     420     44   10 %     —   — %     44   10 %
                                   
    Solutions revenues (3)   991     901     90   10 %     4   — %     86   10 %
                                   
    Market Services, net revenues   306     250     56   22 %     4   2 %     52   21 %
                                   
    Other revenues   9     8     1   5 %     —   3 %     1   1 %
                                   
    Revenues less transaction-based expenses $ 1,306   $ 1,159   $ 147   13 %   $ 8   1 %   $ 139   12 %
                                   
    Non-GAAP Operating Expenses $ 585   $ 539   $ 46   9 %   $ 5   1 %   $ 41   8 %
                                   
    Non-GAAP Operating Income $ 721   $ 620   $ 101   16 %   $ 3   1 %   $ 98   16 %
                                   
    Non-GAAP diluted earnings per share $ 0.85   $ 0.69   $ 0.16   24 %   $ —   — %   $ 0.16   24 %
                                   
                                   
    Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.
    (1) Reflects the impacts from changes in foreign currency exchange rates and the impact of a divestiture within Capital Markets Technology.
    (2) Adjusted and organic period over period change are calculated by (i) removing the impact of period-over-period changes in foreign currency exchange rates (ii) adjusting for the impact of a divestiture and (iii) adjusting for the impact of AxiomSL on-premises contracts for ratable recognition for 2Q24, which was immaterial during that period. Adjusted operating results also exclude the impact of the previously announced one-time revenue benefit in our Index business in 1Q24 ($16 million), which did not have an impact on our 2Q25 period over period change but does have an impact on year to date period over period results. Adjusted and organic changes are equivalent as they include the same period over period adjustments.
    (3) Represents Capital Access Platforms and Financial Technology segments.
                                   
    Nasdaq, Inc.
    Key Drivers Detail
    (unaudited)
                     
        Three Months Ended   Six Months Ended
        June 30,   June 30,   June 30,   June 30,
          2025       2024       2025       2024  
    Capital Access Platforms              
      Annualized recurring revenues (in millions) (1) $ 1,315     $ 1,226     $ 1,315     $ 1,226  
      Initial public offerings              
      The Nasdaq Stock Market (2)   79       39       142       66  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic   6       5       10       6  
      Total new listings              
      The Nasdaq Stock Market (2)   194       84       364       163  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (3)   6       10       15       12  
      Number of listed companies              
      The Nasdaq Stock Market (4)   4,238       4,004       4,238       4,004  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (5)   1,148       1,198       1,148       1,198  
      Index              
      Number of licensed exchange traded products (6)   422       373       422       373  
      Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions) $ 745     $ 569     $ 745     $ 569  
      Total average ETP AUM tracking Nasdaq indexes (in billions) $ 663     $ 531     $ 662     $ 512  
      TTM (7) net inflows ETP AUM tracking Nasdaq indexes (in billions) $ 88     $ 53     $ 88     $ 53  
      TTM (7) net appreciation ETP AUM tracking Nasdaq indexes (in billions) $ 88     $ 115     $ 88     $ 115  
                     
    Financial Technology              
      Annualized recurring revenues (in millions) (1)              
      Financial Crime Management Technology $ 308     $ 258     $ 308     $ 258  
      Regulatory Technology   376       338       376       338  
      Capital Markets Technology   932       846       932       846  
      Total Financial Technology $ 1,616     $ 1,442     $ 1,616     $ 1,442  
                     
    Market Services              
      Equity Derivative Trading and Clearing              
      U.S. equity options              
      Total industry average daily volume (in millions)   52.5       42.1       53.0       42.7  
      Nasdaq PHLX matched market share   9.6 %     9.9 %     9.4 %     10.1 %
      The Nasdaq Options Market matched market share   4.3 %     5.5 %     4.7 %     5.4 %
      Nasdaq BX Options matched market share   1.7 %     2.3 %     1.7 %     2.3 %
      Nasdaq ISE Options matched market share   6.6 %     6.9 %     6.7 %     6.6 %
      Nasdaq GEMX Options matched market share   4.4 %     2.6 %     4.0 %     2.6 %
      Nasdaq MRX Options matched market share   2.8 %     2.1 %     2.8 %     2.3 %
      Total matched market share executed on Nasdaq’s exchanges   29.4 %     29.3 %     29.3 %     29.3 %
      Nasdaq Nordic and Nasdaq Baltic options and futures              
      Total average daily volume of options and futures contracts   223,450       251,677       240,133       246,527  
                     
      Cash Equity Trading              
      Total U.S.-listed securities              
      Total industry average daily share volume (in billions)   18.4       11.8       17.1       11.8  
      Matched share volume (in billions)   158.4       119.3       295.5       236.0  
      The Nasdaq Stock Market matched market share   13.5 %     15.6 %     13.8 %     15.7 %
      Nasdaq BX matched market share   0.3 %     0.3 %     0.3 %     0.3 %
      Nasdaq PSX matched market share   0.1 %     0.2 %     0.1 %     0.2 %
      Total matched market share executed on Nasdaq’s exchanges   13.9 %     16.1 %     14.2 %     16.2 %
      Market share reported to the FINRA/Nasdaq Trade Reporting Facility   47.7 %     42.9 %     47.9 %     42.2 %
      Total market share (8)   61.6 %     59.0 %     62.1 %     58.4 %
      Nasdaq Nordic and Nasdaq Baltic securities              
      Average daily number of equity trades executed on Nasdaq’s exchanges   804,121       663,897       796,426       665,183  
      Total average daily value of shares traded (in billions) $ 5.7     $ 4.7     $ 5.5     $ 4.7  
      Total market share executed on Nasdaq’s exchanges (9)   71.9 %     74.1 %     71.2 %     73.3 %
                     
                     
      (1) Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
      (2) New listings include IPOs, issuers that switched from other listing venues, closed-end funds and separately listed ETPs. For the three months ended June 30, 2025 and 2024, IPOs included 41 and 8 SPACs, respectively. For the six months ended June 30, 2025 and 2024, IPOs included 59 and 13 SPACs, respectively.
      (3) New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
      (4) Number of total listings on The Nasdaq Stock Market for the three and six months ended June 30, 2025 and 2024 included 914 and 645 ETPs, respectively.
      (5) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
      (6) The number of listed ETPs as of June 30, 2024 has been updated to reflect a revised methodology whereby an ETP listed on multiple exchanges is counted as one product, rather than formerly being counted per exchange. This change had no impact on reported AUM.
      (7) Trailing 12-months.
      (8) Includes transactions executed on The Nasdaq Stock Market’s, Nasdaq BX’s and Nasdaq PSX’s systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.
      (9) European cash equities markets include cash equities exchanges of Sweden, Denmark, Finland, and Iceland. Minor adjustments to prior periods reflect data from a new consolidated data provider that accurately captures all primary trading venues and Multilateral Trading Facilities, or MTFs.
                     

    The MIL Network –

  • MIL-OSI: Xtract One Secures SmartGateway Contract with Global Performing Arts Company Famous for Live Entertainment

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, July 24, 2025 (GLOBE NEWSWIRE) — Xtract One Technologies (TSX: XTRA)(OTCQX: XTRAF)(FRA: 0PL) (“Xtract One” or the “Company”) today announced its SmartGateway screening solution has been chosen by a leading, global performing arts company, known for permanent and touring live entertainment, to amplify security for its shows. The initial deployment will support a number of the organization’s touring performances across dozens of venue locations beginning earlier in 2025. Further deployments are in planning for later in 2025 and into 2026.

    Following a thorough evaluation of available solutions and trial period with a single show with SmartGateway, the entertainment organization selected Xtract One for its enhanced weapons detection capabilities, streamlined entrance experience, flexibility and portability to address the dynamic and changing needs of a tour environment, and seamless integration into existing business security protocols. This deployment sets a new benchmark for safety and innovation in the entertainment industry, spanning live shows, multimedia productions, and immersive experiences. It also reinforces Xtract One’s position as a leader in providing outstanding guest experience, operational simplicity and flexibility, and a solution that can deliver against a globally diverse set of security needs.

    “In the world of live entertainment, brand experience is a key priority. These are immersive experiences where the first brand moment occurs at the entry to the venue. Well executed security changes the security guard to the first brand ambassador that a guest encounters, and their first brand experience” said Peter Evans, CEO of Xtract One. “We’re proud to be working with another major player in the entertainment field, delivering next-generation security solutions that meet the demands of large-scale complex events in a myriad of deployment applications. These deployments demonstrate an exciting opportunity to combine our technological expertise with their creative vision, ensuring safe, seamless experiences for all audience members throughout the world.”

    SmartGateway revolutionizes security by delivering fast, reliable, and accurate patron screening for high-throughput venues. This concealed weapons detection solution discreetly scans individuals for weapons and prohibited items upon entry by leveraging AI-powered sensors that detect threats without the need for patrons to remove personal items. The advanced system replaces intimidating and traditional metal detectors to ensure that patron privacy and comfort are not compromised, all while maximizing security screening efforts. The Company’s Multi-Sensor Gateway portfolio has been awarded the U.S. Department of Homeland Security DHS SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT), highlighting the efficacy of Xtract One’s innovative security solutions in safeguarding public spaces against modern threats.

    To learn more, visit www.xtractone.com.

    About Xtract One
    Xtract One Technologies is a leading technology-driven provider of threat detection and security solutions leveraging AI to deliver seamless and secure experiences. The Company makes unobtrusive weapons and threat detection systems that enable facility operators to prioritize and deliver improved “Walk-right-In” experiences while providing unprecedented safety. Xtract One’s innovative portfolio of AI-powered Gateway solutions excels at allowing facilities to discreetly screen and identify weapons and other threats at points of entry and exit without disrupting the flow of traffic. With solutions built to serve the unique market needs for schools, hospitals, arenas, stadiums, manufacturing, distribution, and other customers, Xtract One is recognized as a market leader delivering the highest security in combination with the best individual experience. For more information, visit www.xtractone.com or connect on Facebook, X, and LinkedIn.

    About Threat Detection Systems
    Xtract One solutions, when properly configured, deployed, and utilized, are designed to help enhance safety and reduce threats. Given the wide range of potential threats in today’s world, no threat detection system is 100% effective. Xtract One solutions should be utilized as one element in a multilayered approach to physical security.

    Forward Looking Statements
    This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. Such risks and uncertainties include, but are not limited to, the risks detailed from time to time in the continuous disclosure filings made by the Company with securities regulations. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company has no obligation to update any forward looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.

    For further information, please contact:
    Xtract One Inquiries: info@xtractone.com, http://www.xtractone.com
    Investor Relations: Chris Witty, Darrow Associates, cwitty@darrowir.com, 646-438-9385
    Media Contact: Kristen Aikey, JMG Public Relations, kristen@jmgpr.com, 212-206-1645

    The MIL Network –

  • MIL-OSI: First Northwest Bancorp Reports Second Quarter 2025 Improved Profitability

    Source: GlobeNewswire (MIL-OSI)

    PORT ANGELES, Wash., July 24, 2025 (GLOBE NEWSWIRE) — First Northwest Bancorp (Nasdaq: FNWB) (“First Northwest” or the “Company”), the holding company for First Fed Bank (“First Fed” or the “Bank”), today reported net income of $3.7 million for the second quarter of 2025, compared to a net loss of $9.0 million for the first quarter of 2025 and a net loss of $2.2 million for the second quarter of 2024. Basic and diluted income per share were $0.42 for the second quarter of 2025, compared to basic and diluted loss per share of $1.03 for the first quarter of 2025 and basic and diluted loss per share of $0.25 for the second quarter of 2024. 

    In the second quarter of 2025, the Company recorded Adjusted Pre-Tax, Pre-Provision Net Revenue (“PPNR”)(1) of $2.1 million, compared to $1.5 million for the preceding quarter and $530,000 for the second quarter of 2024.

    The Board of Directors of First Northwest has elected not to declare a dividend for this quarter as part of a prudent approach to capital management. The Company remains committed to maintaining a strong balance sheet and will continue to evaluate future dividend decisions in light of the Company’s long-term strategic objectives.

    Quote from Cindy Finnie, First Northwest Board Chair:
    “As previously disclosed, the Board has begun a search process for the next full time Chief Executive Officer. We also continue to strongly dispute the allegations contained in the legal proceedings disclosed in our June 13, 2025, 8-K and intend to vigorously defend against them. Despite the volatility of the past few quarters, the Board remains focused on the strategic objectives of the Bank, building on the positive core trends from the past few quarters.”

    Quote from Geraldine Bullard, First Northwest Interim CEO:
    “Our second quarter included continued modest improvement in several important performance measures, including seven basis points of net interest margin expansion and our fifth consecutive quarter of growing Adjusted PPNR. Commercial business loan recoveries totaling $1.1 million drove a modest provision release during the quarter. The Bank continues to show core customer growth, with loans growing 3% annualized compared to the preceding quarter and total deposits only down modestly despite a $31.0 million reduction in brokered time deposits during the quarter.”

    Key Points for the Second Quarter

    Positive Trends:

    • Return on average assets increased to 0.68% for the current quarter from -1.69% in the preceding quarter.
    • Net interest margin increased to 2.83% for the current quarter compared to 2.76% in the first quarter of 2025, as a result of an increase in the yield on interest-earning assets and a decrease in the rate paid on interest-bearing liabilities.
    • Efficiency ratio improved to 78.0% for the current quarter from 113.5% in the preceding quarter due to the recognition of a payroll tax credit in the current quarter while the preceding quarter included higher expenses related to the legal reserve recorded.
    • Customer deposits increased $19.6 million to $1.55 billion at June 30, 2025 from $1.53 billion at March 31, 2025.
    • Recorded a $296,000 recapture of provision for credit losses on loans in the second quarter of 2025, compared to provisions for credit losses on loans of $7.8 million for the preceding quarter and $8.7 million for the second quarter of 2024.

    Other significant events:

    • In the second quarter of 2025, the statute of limitations expired on employee retention credit (“ERC”) payments received for the first and second quarters of 2021. As a result, the Bank recorded $2.6 million as a reduction to compensation and benefits. A related contingent ERC consulting expense of $528,000 was recorded in professional fees, partially offsetting the credit. The Bank anticipates recording the remaining reserved ERC of $2.0 million in 2028.
    • During the second quarter of 2025, the Bank consolidated the operations of its Bellevue and Fremont business centers into a new location, the Seattle business center. This consolidation resulted in a one-time increase to other expense of $599,000 for the early termination of the Bellevue business center lease and write-off of remaining leasehold improvements. No additional costs were incurred for closing the Fremont business center. The Bank estimates the consolidation will reduce annual rent expense by $130,000 going forward.
    • The Company disclosed in its Current Report on Form 8-K filed on July 21, 2025, that a settlement agreement was reached in the previously disclosed legal matter discussed in Part II, Item 1 of the Company’s Form 10-Q for the quarter ended March 31, 2025. The Bank continues to vigorously defend itself in the separate legal proceedings disclosed in the Company’s Current Report on Form 8-K filed on June 13, 2025.

    (1)  See reconciliation of Non-GAAP Financial Measures later in this release.

    Selected Quarterly Financial Ratios:

        As of or For the Quarter Ended     As of or For the Six Months
    Ended June 30,    		  
        June 30,
    2025    		     March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     2025     2024  
    Performance ratios: (1)                                                        
    Return on average assets     0.68 %     -1.69 %     -0.51 %     -0.36 %     -0.40 %     -0.50 %     -0.17 %
    Adjusted PPNR return on average assets (2)     0.39       0.27       0.26       0.17       0.10       0.33       0.16  
    Return on average equity     10.00       -23.42       -6.92       -4.91       -5.47       -7.15       -2.26  
    Net interest margin (3)     2.83       2.76       2.73       2.70       2.76       2.80       2.76  
    Efficiency ratio (4)     78.0       113.5       92.2       100.3       72.3       96.40       79.35  
    Equity to total assets     6.82       6.75       6.89       7.13       7.17       6.82       7.17  
    Book value per common share   $ 15.85     $ 15.52     $ 16.45     $ 17.17     $ 16.81     $ 15.85     $ 16.81  
    Tangible performance ratios: (1)                                                        
    Tangible common equity to tangible assets (2)     6.76 %     6.68 %     6.83 %     7.06 %     7.10 %     6.76 %     7.10 %
    Return on average tangible common equity (2)     10.10       -23.65       -6.99       -4.96       -5.53       -7.22       -2.28  
    Tangible book value per common share (2)   $ 15.70     $ 15.36     $ 16.29     $ 17.00     $ 16.64     $ 15.70     $ 16.64  
    Capital ratios (First Fed): (5)                                                        
    Tier 1 leverage     9.2 %     9.0 %     9.4 %     9.4 %     9.4 %     9.2 %     9.4 %
    Common equity Tier 1     12.1       12.1       12.4       12.2       12.4       12.1       12.4  
    Total risk-based     13.1       13.4       13.6       13.4       13.5       13.1       13.5  
    (1 ) Performance ratios are annualized, where appropriate.
    (2 ) See reconciliation of Non-GAAP Financial Measures later in this release.
    (3 ) Net interest income divided by average interest-earning assets.
    (4 ) Total noninterest expense as a percentage of net interest income and total other noninterest income.
    (5 ) Current period capital ratios are preliminary and subject to finalization of the FDIC Call Report.
         

    Adjusted Pre-tax, Pre-Provision Net Revenue (1)

    Adjusted PPNR for the second quarter of 2025 increased $616,000 to $2.1 million, compared to $1.5 million for the preceding quarter, and increased $1.6 million from $530,000 in the second quarter one year ago.

        For the Quarter Ended     For the Six Months Ended  
    (Dollars in thousands)   June 30,
    2025    		     March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     June 30,
    2025    		     June 30,
    2024    		  
    Net interest income (GAAP)   $ 14,193     $ 13,847     $ 14,137     $ 14,020     $ 14,235     $ 28,040     $ 28,163  
    Total noninterest income (GAAP)     2,170       3,777       1,300       1,779       7,347       5,947       9,535  
    Total revenue (GAAP)     16,363       17,624       15,437       15,799       21,582       33,987       37,698  
    Total noninterest expense (GAAP)     12,765       20,000       14,233       15,848       15,609       32,765       29,912  
    PPNR (Non-GAAP) (1)     3,598       (2,376 )     1,204       (49 )     5,973       1,222       7,786  
    Less selected nonrecurring adjustments to PPNR (Non-GAAP):                                                        
    Employee retention credit (“ERC”) included in compensation and benefits     2,640       —       —       —       —       2,640       —  
    ERC consulting expense included in professional fees     (528 )     —       —       —       —       (528 )     —  
    Costs associated with early termination of Bellevue Business Center lease included in other expense     (599 )     —       —       —       —       (599 )     —  
    Bank-owned life insurance (“BOLI”) death benefit     —       1,059       1,536       —       —       1,059       —  
    Gain on extinguishment of subordinated debt included in other income     —       846       —       —       —       846       —  
    Legal reserve     —       (5,750 )     —       —       —       (5,750 )     —  
    Equity investment repricing adjustment     —       —       (1,762 )     —       —       —       651  
    One-time compensation payouts related to reduction in force     —       —       —       (996 )     —       —       —  
    Net gain on sale of premises and equipment     —       —       —       —       7,919       —       7,919  
    Sale leaseback taxes and assessments included in occupancy and equipment     —       —       —       —       (359 )     —       (359 )
    Net loss on sale of investment securities     —       —       —       —       (2,117 )     —       (2,117 )
    Adjusted PPNR (Non-GAAP) (1)   $ 2,085     $ 1,469     $ 1,430     $ 947     $ 530     $ 3,554     $ 1,692  

    (1)  See reconciliation of Non-GAAP Financial Measures later in this release.

    • Total interest income increased $308,000 to $27.1 million for the second quarter of 2025, compared to $26.8 million for the preceding quarter, and decreased $1.5 million compared to $28.6 million in the second quarter of 2024. Interest income increased in the second quarter of 2025 primarily due to an increase in the yields earned on loans receivable, partially offset by a decrease in both the yield earned and average volume of investment securities. Average real estate and commercial business loan balances decreased while average consumer loan balances increased over the preceding quarter.
    • Total interest expense decreased $38,000 to $12.9 million for the second quarter of 2025, compared to $13.0 million for the preceding quarter, and decreased $1.4 million compared to $14.4 million in the second quarter of 2024. Interest expense decreased in the second quarter of 2025 primarily due to a reduced volume of brokered certificates of deposit (“CDs”) and decreases in interest paid on customer CDs, brokered CDs and demand deposits. These decreases were partially offset by increases in the volume and interest paid on money market and savings accounts and an increase in the rate paid on advances during the current quarter.
    • The net interest margin increased to 2.83% for the second quarter of 2025, from 2.76% for both the preceding quarter and the second quarter of 2024.
    • Noninterest income decreased $1.6 million to $2.2 million for the second quarter of 2025, from $3.8 million for the preceding quarter. The first quarter of 2025 was higher due to nonrecurring income items including a $1.1 million BOLI death benefit payment received due to the passing of a former employee and a $846,000 gain on extinguishment of debt.
    • Noninterest expense decreased $7.2 million to $12.8 million for the second quarter of 2025, compared to $20.0 million for the preceding quarter. Compensation and benefits was lower primarily due to the ERC recorded during the current quarter. Other expense for the preceding quarter included the previously disclosed $5.8 million legal reserve.

    Allowance for Credit Losses on Loans (“ACLL”) and Credit Quality

    The allowance for credit losses on loans (“ACLL”) decreased $2.2 million to $18.4 million at June 30, 2025, from $20.6 million at March 31, 2025. The ACLL as a percentage of total loans was 1.10% at June 30, 2025, a decrease from 1.24% at March 31, 2025, and from 1.14% one year earlier. A release of $2.6 million reserves on individually evaluated loans, partially offset by net loan charge-offs totaling $1.9 million and a small increase to the pooled loan reserve, resulted in a recapture of provision expense of $296,000 for the quarter ended June 30, 2025.

    Nonperforming loans totaled $20.4 million at both June 30, 2025 and March 31, 2025. Current quarter activity included an increase due to a $4.1 million commercial real estate loan transitioning into nonperforming status, large principal payments received totaling $3.6 million and charged-off balances totaling $1.3 million. ACLL to nonperforming loans decreased to 90% at June 30, 2025, from 101% at March 31, 2025, and increased from 82% at June 30, 2024. This ratio increased in the first quarter of 2025 with decreases in balances due to principal payments and charge-offs on loans with appropriate reserves.

    Classified loans decreased $663,000 to $30.9 million at June 30, 2025, from $31.6 million at March 31, 2025, primarily due to payments received of $3.2 million and commercial business loan net charge-offs totaling $1.5 million, partially offset by the downgrade of a $4.1 million commercial real estate loan that was adversely impacted by reduced cross-border traffic during the second quarter. Four collateral dependent loans totaling $23.8 million account for 77% of the classified loan balance at June 30, 2025. The Bank has exercised legal remedies, including the appointment of a third-party receiver and foreclosure actions, to liquidate the underlying collateral to satisfy the real estate loans in the largest of these four collateral-dependent relationships. The Bank is also closely monitoring a group of commercial business loans that have similar collateral, with 11 loans totaling $562,000 included in classified loans at June 30, 2025, and four additional loans totaling $686,000 included in the special mention risk grading category.

        For the Quarter Ended  
    ACLL ($ in thousands)   June 30,
    2025    		     March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		  
                                             
    Balance at beginning of period   $ 20,569     $ 20,449     $ 21,970     $ 19,343     $ 17,958  
    Charge-offs:                                        
    Commercial real estate     (15 )     (5,571 )     —       —       —  
    Construction and land     —       (374 )     (411 )     —       (3,978 )
    Auto and other consumer     (273 )     (243 )     (364 )     (492 )     (832 )
    Commercial business     (2,823 )     (1,513 )     (4,596 )     (24 )     (2,643 )
    Total charge-offs     (3,111 )     (7,701 )     (5,371 )     (516 )     (7,453 )
    Recoveries:                                        
    One-to-four family     —       —       —       42       —  
    Commercial real estate     20       6       2       —       —  
    Construction and land     5       —       —       —       —  
    Auto and other consumer     74       43       52       24       198  
    Commercial business     1,084       2       36       —       —  
    Total recoveries     1,183       51       90       66       198  
    Net loan charge-offs     (1,928 )     (7,650 )     (5,281 )     (450 )     (7,255 )
    (Recapture of) provision for credit losses     (296 )     7,770       3,760       3,077       8,640  
    Balance at end of period   $ 18,345     $ 20,569     $ 20,449     $ 21,970     $ 19,343  
                                             
    Average total loans   $ 1,658,723     $ 1,662,164     $ 1,708,232     $ 1,718,402     $ 1,717,830  
    Annualized net charge-offs to average outstanding loans     0.47 %     1.87 %     1.23 %     0.10 %     1.70 %
    Asset Quality ($ in thousands)   June 30,
    2025    		     March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		  
    Nonaccrual loans:                                        
    One-to-four family   $ 2,274     $ 1,404     $ 1,477     $ 1,631     $ 1,750  
    Multi-family     —       —       —       —       708  
    Commercial real estate     4,095       4       5,598       5,634       14  
    Construction and land     13,063       15,280       19,544       19,382       19,292  
    Home equity     10       54       55       116       118  
    Auto and other consumer     410       710       700       894       746  
    Commercial business     514       2,903       3,141       2,719       1,003  
    Total nonaccrual loans     20,366       20,355       30,515       30,376       23,631  
    Other real estate owned     1,297       —       —       —       —  
    Total nonperforming assets   $ 21,663     $ 20,355     $ 30,515     $ 30,376     $ 23,631  
                                             
    Nonaccrual loans as a % of total loans (1)     1.22 %     1.23 %     1.80 %     1.75 %     1.39 %
    Nonperforming assets as a % of total assets (2)     0.99       0.94       1.37       1.35       1.07  
    ACLL as a % of total loans     1.10       1.24       1.21       1.27       1.14  
    ACLL as a % of nonaccrual loans     90.08       101.05       67.01       72.33       81.85  
    Total past due loans to total loans     1.17       1.36       1.98       1.92       1.45  
    (1 ) Nonperforming loans consists of nonaccruing loans and accruing loans more than 90 days past due.
    (2 ) Nonperforming assets consists of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), real estate owned and repossessed assets.
         

    Financial Condition and Capital

    Investment securities decreased $11.9 million, or 3.8%, to $303.5 million at June 30, 2025, compared to $315.4 million three months earlier, and decreased $3.2 million compared to $306.7 million at June 30, 2024. Maturities totaling $11.8 million and regular principal payments totaling $5.7 million were partially offset by purchases totaling $5.5 million during the current quarter. Net unrealized losses were flat for the second quarter of 2025. The estimated average life of the securities portfolio was approximately 7.6 years at June 30, 2025, 6.9 years at the preceding quarter end and 7.8 years at the end of the second quarter of 2024. The effective duration of the portfolio was approximately 4.9 years at June 30, 2025, compared to 4.3 years at the preceding quarter end and 4.3 years at the end of the second quarter of 2024.

    Investment Securities ($ in thousands)     June 30,
    2025    		       March 31,
    2025    		       June 30,
    2024    		       Three Month
    % Change    		       One Year %
    Change    		  
    Available for Sale at Fair Value                                        
    Municipal bonds   $ 77,324     $ 78,295     $ 78,825       -1.2 %     -1.9 %
    U.S. government agency issued asset-backed securities (ABS agency)     12,298       12,643       13,982       -2.7       -12.0  
    Corporate issued asset-backed securities (ABS corporate)     13,105       15,671       16,483       -16.4       -20.5  
    Corporate issued debt securities (Corporate debt)     55,760       55,067       52,892       1.3       5.4  
    U.S. Small Business Administration securities (SBA)     7,504       8,061       9,772       -6.9       -23.2  
    Mortgage-backed securities:                                        
    U.S. government agency issued mortgage-backed securities (MBS agency)     96,014       96,642       77,301       -0.6       24.2  
    Non-agency issued mortgage-backed securities (MBS non-agency)     41,510       49,054       57,459       -15.4       -27.8  
    Total securities available for sale   $ 303,515     $ 315,433     $ 306,714       -3.8       -1.0  

    Net loans, excluding loans held for sale, increased $9.6 million, or 0.6%, to $1.65 billion at June 30, 2025, from $1.64 billion at March 31, 2025, and decreased $30.6 million, or 1.8%, from $1.68 billion one year prior. Construction loans that converted into fully amortizing loans during the quarter totaled $6.0 million. New loan funding totaling $47.2 million and draws on existing loans totaling $23.9 million outpaced loan payoffs of $34.1 million, regular payments of $28.4 million and charge-offs totaling $2.4 million.

    Loans ($ in thousands)     June 30,
    2025    		       March 31,
    2025    		       June 30,
    2024    		       Three Month
    % Change    		       One Year %
    Change    		  
    Real Estate:                                        
    One-to-four family   $ 387,459     $ 394,428     $ 389,934       -1.8 %     -0.6 %
    Multi-family     329,696       338,147       350,076       -2.5       -5.8  
    Commercial real estate     391,362       387,312       375,511       1.0       4.2  
    Construction and land     72,538       64,877       107,273       11.8       -32.4  
    Total real estate loans     1,181,055       1,184,764       1,222,794       -0.3       -3.4  
    Consumer:                                        
    Home equity     84,927       79,151       72,613       7.3       17.0  
    Auto and other consumer     280,877       273,878       285,623       2.6       -1.7  
    Total consumer loans     365,804       353,029       358,236       3.6       2.1  
    Commercial business     117,843       119,783       117,094       -1.6       0.6  
    Total loans receivable     1,664,702       1,657,576       1,698,124       0.4       -2.0  
    Less:                                        
    Derivative basis adjustment     (860 )     (566 )     1,017       -51.9       -184.6  
    Allowance for credit losses on loans     18,345       20,569       19,343       -10.8       -5.2  
    Total loans receivable, net   $ 1,647,217     $ 1,637,573     $ 1,677,764       0.6       -1.8  

    The Bank invested $9.1 million into a new bank-owned life insurance policy in the second quarter of 2025 to replace a policy surrendered in the preceding quarter. The Bank received the return of the surrendered funds early in the third quarter of 2025.

    Total deposits decreased $11.4 million to $1.65 billion at June 30, 2025, compared to $1.67 billion at March 31, 2025, and decreased $53.7 million compared to $1.71 billion one year prior. During the second quarter of 2025, total customer deposit balances increased $19.6 million and brokered deposit balances decreased $31.0 million. Overall, the current rate environment continues to contribute to competition for deposits leading to increased volumes and higher rates paid on money market and savings accounts during the current quarter. The deposit mix compared to June 30, 2024, also reflects a shift in volume to money market and customer CD accounts while the volume and rate paid on brokered CDs decreased.

    Deposits ($ in thousands)     June 30,
    2025    		       March 31,
    2025    		       June 30,
    2024    		       Three Month
    % Change    		       One Year %
    Change    		  
    Noninterest-bearing demand deposits   $ 240,051     $ 247,890     $ 276,543       -3.2 %     -13.2 %
    Interest-bearing demand deposits     144,409       169,912       162,201       -15.0       -11.0  
    Money market accounts     484,787       424,469       423,047       14.2       14.6  
    Savings accounts     227,968       235,188       224,631       -3.1       1.5  
    Certificates of deposit, customer     450,494       450,663       398,161       0.0       13.1  
    Certificates of deposit, brokered     106,927       137,946       223,705       -22.5       -52.2  
    Total deposits   $ 1,654,636     $ 1,666,068     $ 1,708,288       -0.7       -3.1  

    Total shareholders’ equity increased to $149.7 million at June 30, 2025, compared to $146.5 million three months earlier, due to net income of $3.7 million and an increase in the after-tax fair market values of the available-for-sale investment securities portfolio of $128,000, partially offset by dividends declared of $661,000 and a decrease in the after-tax fair market values of derivatives of $197,000.

    Capital levels for both the Company and the Bank remain in excess of applicable regulatory requirements and the Bank was categorized as “well-capitalized” at June 30, 2025. Preliminary calculations of Common Equity Tier 1 and Total Risk-Based Capital Ratios at June 30, 2025, were 12.1% and 13.1%, respectively.

    First Northwest continued to provide a return on capital to our shareholders through cash dividends during the second quarter of 2025. The Company paid cash dividends totaling $650,000 in the second quarter of 2025. No shares of common stock were repurchased under the Company’s April 2024 Stock Repurchase Plan (the “Repurchase Plan”) during the quarter ended June 30, 2025. There are 846,123 shares that remain available for repurchase under the Repurchase Plan.

    2025 Awards/Recognition
    Forbes Best-in-State Banks
                     


    About the Company
    First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business of its subsidiary, First Fed Bank. First Fed is a Pacific Northwest-based financial institution which has served its customers and communities since 1923. Currently First Fed has 17 locations in Washington state including 12 full-service branches. First Fed’s business and operating strategy is focused on building sustainable earnings by delivering a full array of financial products and services for individuals, small businesses, non-profit organizations and commercial customers. In 2022, First Northwest made an investment in The Meriwether Group, LLC, a boutique investment banking and accelerator firm. Additionally, First Northwest focuses on strategic partnerships to provide modern financial services such as digital payments and marketplace lending. First Northwest Bancorp was incorporated in 2012 and completed its initial public offering in 2015 under the ticker symbol FNWB. The Company is headquartered in Port Angeles, Washington.

    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 we operate, projections of future performance and execution on certain strategies, perceived opportunities in the market, potential future credit experience, including our ability to collect, the outcome of litigation and statements regarding our mission and vision, and include, but are not limited to, statements about our plans, objectives, expectations and intentions that are not historical facts, and other statements often identified by words such as “believes,” “expects,” “anticipates,” “estimates,” or similar expressions. These forward-looking statements are based upon current management beliefs and expectations and may, therefore, involve risks and uncertainties, many of which are beyond our control. Our 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 of factors including, but not limited to: increased competitive pressures; changes in the interest rate environment; the credit risks of lending activities; pressures on liquidity, including as a result of withdrawals of deposits or declines in the value of our investment portfolio; changes in general economic conditions and conditions within the securities markets, including potential recessionary and other unfavorable conditions and trends relating to housing markets, costs of living, unemployment levels, interest rates, supply chain difficulties and inflationary pressures, among other things; legislative, regulatory, and policy changes; legal proceedings regulatory investigations and their resolutions; and other factors described in the Company’s latest Annual Report on Form 10-K under the section entitled “Risk Factors,” and other filings with the Securities and Exchange Commission (“SEC”),which are available on our website at www.ourfirstfed.com and on the SEC’s website at www.sec.gov.

    Any of the forward-looking statements that we make in this press release and in the other public statements we make may turn out to be incorrect because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Because of these and other uncertainties, our actual future results may be materially different from those expressed or implied in any forward-looking statements made by or on our behalf and the Company’s operating and stock price performance may be negatively affected. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for 2025 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s operations and stock price performance.

    For More Information Contact:
    Geraldine Bullard, Interim Chief Executive Officer, Chief Operating Officer and EVP
    Phyllis Nomura, Chief Financial Officer and EVP
    IRGroup@ourfirstfed.com
    360-457-0461

       
    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands, except share data) (Unaudited)    		  
       
        June 30,
    2025    		     March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		  
    ASSETS                                        
    Cash and due from banks   $ 18,487     $ 18,911     $ 16,811     $ 17,953     $ 19,184  
    Interest-earning deposits in banks     69,376       51,412       55,637       64,769       63,995  
    Investment securities available for sale, at fair value (amortized cost at each period end of $336,206, $348,249, $376,265, $341,011 and $344,941)     303,515       315,433       340,344       310,860       306,714  
    Loans held for sale     1,557       2,940       472       378       1,086  
    Loans receivable (net of allowance for credit losses on loans at each period end of $18,345, $20,569, $20,449, $21,970, and $19,343)     1,647,217       1,637,573       1,675,186       1,714,416       1,677,764  
    Federal Home Loan Bank (FHLB) stock, at cost     14,906       13,106       14,435       14,435       13,086  
    Accrued interest receivable     8,305       8,319       8,159       8,939       9,466  
    Premises and equipment, net     8,999       9,870       10,129       10,436       10,714  
    Servicing rights on sold loans, at fair value     3,220       3,301       3,281       3,584       3,740  
    Bank-owned life insurance (“BOLI”), net     41,380       31,786       41,150       41,429       41,113  
    Equity and partnership investments     14,811       15,026       13,229       14,912       15,085  
    Goodwill and other intangible assets, net     1,081       1,082       1,082       1,083       1,084  
    Deferred tax asset, net     14,266       14,304       13,738       10,802       12,216  
    Right-of-use (“ROU”) asset, net     15,772       16,687       17,001       17,315       17,627  
    Prepaid expenses and other assets     32,471       31,680       21,352       24,175       23,088  
    Total assets   $ 2,195,363     $ 2,171,430     $ 2,232,006     $ 2,255,486     $ 2,215,962  
                                             
    LIABILITIES AND SHAREHOLDERS’ EQUITY                                        
    Deposits   $ 1,654,636     $ 1,666,068     $ 1,688,026     $ 1,711,641     $ 1,708,288  
    Borrowings     344,108       307,091       336,014       334,994       302,575  
    Accrued interest payable     1,514       2,163       3,295       2,153       3,143  
    Lease liability, net     16,257       17,266       17,535       17,799       18,054  
    Accrued expenses and other liabilities     27,790       29,767       31,770       25,625       23,717  
    Advances from borrowers for taxes and insurance     1,325       2,583       1,484       2,485       1,304  
    Total liabilities     2,045,630       2,024,938       2,078,124       2,094,697       2,057,081  
                                             
    Shareholders’ Equity                                        
    Preferred stock, $0.01 par value, authorized 5,000,000 shares, no shares issued or outstanding     —       —       —       —       —  
    Common stock, $0.01 par value, 75,000,000 shares authorized; issued and outstanding at each period end: 9,444,963; 9,440,618; 9,353,348; 9,365,979; and 9,453,247     94       94       93       94       94  
    Additional paid-in capital     93,595       93,450       93,357       93,218       93,985  
    Retained earnings     90,506       87,506       97,198       100,660       103,322  
    Accumulated other comprehensive loss, net of tax     (28,198 )     (28,129 )     (30,172 )     (26,424 )     (31,597 )
    Unearned employee stock ownership plan (ESOP) shares     (6,264 )     (6,429 )     (6,594 )     (6,759 )     (6,923 )
    Total shareholders’ equity     149,733       146,492       153,882       160,789       158,881  
    Total liabilities and shareholders’ equity   $ 2,195,363     $ 2,171,430     $ 2,232,006     $ 2,255,486     $ 2,215,962  
       
    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Dollars in thousands, except per share data) (Unaudited)    		  
       
        For the Quarter Ended     For the Six Months Ended  
        June 30,
    2025    		     March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     June 30,
    2025    		     June 30,
    2024    		  
    INTEREST INCOME                                                        
    Interest and fees on loans receivable   $ 22,814     $ 22,231     $ 23,716     $ 23,536     $ 23,733     $ 45,045     $ 46,500  
    Interest on investment securities     3,466       3,803       3,658       3,786       3,949       7,269       7,581  
    Interest on deposits in banks     520       482       550       582       571       1,002       1,216  
    FHLB dividends     331       307       273       302       358       638       640  
    Total interest income     27,131       26,823       28,197       28,206       28,611       53,954       55,937  
    INTEREST EXPENSE                                                        
    Deposits     9,552       9,737       11,175       10,960       10,180       19,289       20,292  
    Borrowings     3,386       3,239       2,885       3,226       4,196       6,625       7,482  
    Total interest expense     12,938       12,976       14,060       14,186       14,376       25,914       27,774  
    Net interest income     14,193       13,847       14,137       14,020       14,235       28,040       28,163  
    PROVISION FOR CREDIT LOSSES                                                        
    (Recapture of) provision for credit losses on loans     (296 )     7,770       3,760       3,077       8,640       7,474       9,879  
    (Recapture of) provision for credit losses on unfunded commitments     (64 )     15       (105 )     57       99       (49 )     (170 )
    (Recapture of) provision for credit losses     (360 )     7,785       3,655       3,134       8,739       7,425       9,709  
    Net interest income after (recapture of) provision for credit losses     14,553       6,062       10,482       10,886       5,496       20,615       18,454  
    NONINTEREST INCOME                                                        
    Loan and deposit service fees     1,095       1,106       1,054       1,059       1,076       2,201       2,178  
    Sold loan servicing fees and servicing rights mark-to-market     92       195       (115 )     10       74       287       293  
    Net gain on sale of loans     44       11       52       58       150       55       202  
    Net loss on sale of investment securities     —       —       —       —       (2,117 )     —       (2,117 )
    Net gain on sale of premises and equipment     —       —       —       —       7,919       —       7,919  
    Increase in BOLI cash surrender value     485       372       328       315       293       857       536  
    Income from BOLI death benefit, net     —       1,059       1,536       —       —       1,059       —  
    Other income (loss)     454       1,034       (1,555 )     337       (48 )     1,488       524  
    Total noninterest income     2,170       3,777       1,300       1,779       7,347       5,947       9,535  
    NONINTEREST EXPENSE                                                        
    Compensation and benefits     4,698       7,715       7,367       8,582       8,588       12,413       16,716  
    Data processing     1,926       2,011       2,065       2,085       2,008       3,937       3,952  
    Occupancy and equipment     1,507       1,592       1,559       1,553       1,799       3,099       3,039  
    Supplies, postage, and telephone     346       298       296       360       317       644       610  
    Regulatory assessments and state taxes     501       479       460       548       457       980       970  
    Advertising     299       265       362       409       377       564       686  
    Professional fees     1,449       777       813       698       684       2,226       1,594  
    FDIC insurance premium     463       434       491       533       473       897       859  
    Other expense     1,576       6,429       820       1,080       906       8,005       1,486  
    Total noninterest expense     12,765       20,000       14,233       15,848       15,609       32,765       29,912  
    Income (loss) before provision (benefit) for income taxes     3,958       (10,161 )     (2,451 )     (3,183 )     (2,766 )     (6,203 )     (1,923 )
    Provision (benefit) for income taxes     297       (1,125 )     359       (1,203 )     (547 )     (828 )     (100 )
    Net income (loss)   $ 3,661     $ (9,036 )   $ (2,810 )   $ (1,980 )   $ (2,219 )   $ (5,375 )   $ (1,823 )
                                                             
    Basic and diluted earnings (loss) per common share   $ 0.42     $ (1.03 )   $ (0.32 )   $ (0.23 )   $ (0.25 )   $ (0.61 )   $ (0.21 )
       
    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    ADDITIONAL INFORMATION
    (Dollars in thousands) (Unaudited)    		  
       
    Selected Loan Detail   June 30,
    2025    		     March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		  
    Construction and land loans breakout                                        
    1-4 Family construction   $ 39,040     $ 42,371     $ 39,319     $ 43,125     $ 56,514  
    Multifamily construction     14,728       9,223       15,407       29,109       43,341  
    Nonresidential construction     12,832       7,229       16,857       17,500       1,015  
    Land and development     5,938       6,054       6,527       5,975       6,403  
    Total construction and land loans   $ 72,538     $ 64,877     $ 78,110     $ 95,709     $ 107,273  
                                             
    Auto and other consumer loans breakout                                        
    Triad Manufactured Home loans   $ 135,537     $ 134,740     $ 128,231     $ 129,600     $ 110,510  
    Woodside auto loans     127,828       118,972       117,968       126,129       131,151  
    First Help auto loans     11,221       13,012       14,283       15,971       17,427  
    Other auto loans     1,016       1,313       1,647       2,064       2,690  
    Other consumer loans     5,275       5,841       6,747       7,434       23,845  
    Total auto and other consumer loans   $ 280,877     $ 273,878     $ 268,876     $ 281,198     $ 285,623  
                                             
    Commercial business loans breakout                                        
    Northpointe Bank MPP   $ –     $ –     $ 36,230     $ 38,155     $ 9,150  
    Secured lines of credit     41,043       39,986       35,701       37,686       28,862  
    Unsecured lines of credit     2,551       2,030       1,717       1,571       1,133  
    SBA loans     6,618       6,889       7,044       7,219       7,146  
    Other commercial business loans     67,631       70,878       70,801       70,696       70,803  
    Total commercial business loans   $ 117,843     $ 119,783     $ 151,493     $ 155,327     $ 117,094  
    Loans by Collateral and Unfunded Commitments   June 30,
    2025    		     March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		  
                                             
    One-to-four family construction   $ 40,509     $ 38,221     $ 44,468     $ 51,607     $ 49,440  
    All other construction and land     36,129       30,947       34,290       45,166       58,346  
    One-to-four family first mortgage     420,847       428,081       466,046       469,053       434,840  
    One-to-four family junior liens     20,116       15,155       15,090       14,701       13,706  
    One-to-four family revolving open-end     57,502       51,832       51,481       48,459       44,803  
    Commercial real estate, owner occupied:                                        
    Health care     29,091       29,386       29,129       29,407       29,678  
    Office     19,116       19,363       17,756       17,901       19,215  
    Warehouse     7,432       9,272       14,948       11,645       14,613  
    Other     74,364       74,915       78,170       64,535       56,292  
    Commercial real estate, non-owner occupied:                                        
    Office     42,198       41,885       49,417       49,770       50,158  
    Retail     51,708       50,737       49,591       49,717       50,101  
    Hospitality     64,308       62,226       61,919       62,282       62,628  
    Other     93,505       93,549       81,640       82,573       84,428  
    Multi-family residential     330,784       339,217       333,419       354,118       350,382  
    Commercial business loans     73,403       75,628       77,381       86,904       79,055  
    Commercial agriculture and fishing loans     22,443       22,914       21,833       15,369       14,411  
    State and political subdivision obligations     369       369       369       404       405  
    Consumer automobile loans     139,992       133,209       133,789       144,036       151,121  
    Consumer loans secured by other assets     138,378       137,619       131,429       132,749       129,293  
    Consumer loans unsecured     2,508       3,051       3,658       4,411       5,209  
    Total loans   $ 1,664,702     $ 1,657,576     $ 1,695,823     $ 1,734,807     $ 1,698,124  
                                             
    Unfunded commitments under lines of credit or existing loans   $ 166,589     $ 175,100     $ 163,827     $ 166,446     $ 155,005  
       
    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    NET INTEREST MARGIN ANALYSIS
    (Dollars in thousands) (Unaudited)    		  
       
        Three Months Ended June 30,  
        2025     2024  
        Average     Interest             Average     Interest          
        Balance     Earned/     Yield/     Balance     Earned/     Yield/  
        Outstanding     Paid     Rate     Outstanding     Paid     Rate  
        (Dollars in thousands)  
    Interest-earning assets:                                                
    Loans receivable, net (1) (2)   $ 1,639,236     $ 22,814       5.58 %   $ 1,698,777     $ 23,733       5.62 %
    Total investment securities     311,078       3,466       4.47       316,878       3,949       5.01  
    FHLB dividends     13,313       331       9.97       15,175       358       9.49  
    Interest-earning deposits in banks     46,807       520       4.46       41,450       571       5.54  
    Total interest-earning assets (3)     2,010,434       27,131       5.41       2,072,280       28,611       5.55  
    Noninterest-earning assets     154,145                       147,090                  
    Total average assets   $ 2,164,579                     $ 2,219,370                  
    Interest-bearing liabilities:                                                
    Interest-bearing demand deposits   $ 164,475     $ 240       0.59     $ 165,212     $ 193       0.47  
    Money market accounts     444,135       2,660       2.40       405,393       2,420       2.40  
    Savings accounts     228,901       884       1.55       227,650       915       1.62  
    Certificates of deposit, customer     451,712       4,396       3.90       400,197       4,079       4.10  
    Certificates of deposit, brokered     124,383       1,372       4.42       209,566       2,573       4.94  
    Total interest-bearing deposits (4)     1,413,606       9,552       2.71       1,408,018       10,180       2.91  
    Advances     275,176       3,041       4.43       315,375       3,801       4.85  
    Subordinated debt     34,600       345       4.00       39,465       395       4.03  
    Total interest-bearing liabilities     1,723,382       12,938       3.01       1,762,858       14,376       3.28  
    Noninterest-bearing deposits (4)     243,655                       251,442                  
    Other noninterest-bearing liabilities     50,685                       41,991                  
    Total average liabilities     2,017,722                       2,056,291                  
    Average equity     146,857                       163,079                  
    Total average liabilities and equity   $ 2,164,579                     $ 2,219,370                  
                                                     
    Net interest income           $ 14,193                     $ 14,235          
    Net interest rate spread                     2.40                       2.27  
    Net earning assets   $ 287,052                     $ 309,422                  
    Net interest margin (5)                     2.83                       2.76  
    Average interest-earning assets to average interest-bearing liabilities     116.7 %                     117.6 %                
    (1) The average loans receivable, net balances include nonaccrual loans.
    (2) Interest earned on loans receivable includes net deferred (costs) fees of ($148,000) and $34,000 for the three months ended June 30, 2025 and 2024, respectively.
    (3) Includes interest-earning deposits (cash) at other financial institutions.
    (4) Cost of all deposits, including noninterest-bearing demand deposits, was 2.31% and 2.47% for the three months ended June 30, 2025 and 2024, respectively.
    (5) Net interest income divided by average interest-earning assets.
       

    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    ADDITIONAL INFORMATION
    (Dollars in thousands) (Unaudited)

    Non-GAAP Financial Measures
    This press release contains financial measures that are not in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Non-GAAP measures are presented where management believes the information will help investors understand the Company’s results of operations or financial position and assess trends. Where non-GAAP financial measures are used, the comparable GAAP financial measure is also provided. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP performance measures that may be presented by other companies. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses, but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons. Reconciliations of the GAAP and non-GAAP measures are presented below.

    Calculations Based on PPNR and Adjusted PPNR:

        For the Quarter Ended     For the Six Months Ended  
    (Dollars in thousands)   June 30,
    2025    		     March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     June 30,
    2025    		     June 30,
    2024    		  
                                                             
    Net income (loss) (GAAP)   $ 3,661     $ (9,036 )   $ (2,810 )   $ (1,980 )   $ (2,219 )   $ (5,375 )   $ (1,823 )
    Plus: (recapture of) provision for credit losses (GAAP)     (360 )     7,785       3,655       3,134       8,739       7,425       9,709  
    Provision (benefit) for income taxes (GAAP)     297       (1,125 )     359       (1,203 )     (547 )     (828 )     (100 )
    PPNR (Non-GAAP) (1)     3,598       (2,376 )     1,204       (49 )     5,973       1,222       7,786  
    Less selected nonrecurring adjustments to PPNR (Non-GAAP):                                                        
    Employee retention credit (“ERC”) included in compensation and benefits     2,640       —       —       —       —       2,640       —  
    ERC consulting expense included in professional fees     (528 )     —       —       —       —       (528 )     —  
    Costs associated with early termination of Bellevue Business Center lease included in other expense     (599 )     —       —       —       —       (599 )     —  
    Bank-owned life insurance (“BOLI”) death benefit     —       1,059       1,536       —       —       1,059       —  
    Gain on extinguishment of subordinated debt included in other income     —       846       —       —       —       846       —  
    Legal reserve     —       (5,750 )     —       —       —       (5,750 )     —  
    Equity investment repricing adjustment     —       —       (1,762 )     —       —       —       651  
    One-time compensation payouts related to reduction in force     —       —       —       (996 )     —       —       —  
    Net gain on sale of premises and equipment     —       —       —       —       7,919       —       7,919  
    Sale leaseback taxes and assessments included in occupancy and equipment     —       —       —       —       (359 )     —       (359 )
    Net loss on sale of investment securities     —       —       —       —       (2,117 )     —       (2,117 )
    Adjusted PPNR (Non-GAAP) (1)   $ 2,085     $ 1,469     $ 1,430     $ 947     $ 530     $ 3,554     $ 1,692  
                                                             
    Average total assets (GAAP)   $ 2,164,579     $ 2,174,748     $ 2,205,502     $ 2,209,333     $ 2,219,370     $ 2,169,621     $ 2,192,779  
    GAAP Ratio:                                                        
    Return on average assets (GAAP)     0.68 %     -1.69 %     -0.51 %     -0.36 %     -0.40 %     -0.50 %     -0.17 %
    Non-GAAP Ratios:                                                        
    PPNR return on average assets (Non-GAAP) (1)     0.67 %     -0.44 %     0.22 %     -0.01 %     1.08 %     0.11 %     0.71 %
    Adjusted PPNR return on average assets (Non-GAAP) (1)     0.39 %     0.27 %     0.26 %     0.17 %     0.10 %     0.33 %     0.16 %
    (1) PPNR removes the provisions for credit loss and income tax from net income. This removes potentially volatile estimates, providing a comparative amount limited to income and expense recorded during the period. Adjusted PPNR further removes large nonrecurring transactions recorded during the period. We believe these metrics provide comparative amounts for a better review of recurring net revenue.
       
    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    ADDITIONAL INFORMATION
    (Dollars in thousands) (Unaudited)    		  
       
    Calculations Based on Tangible Common Equity:  
            
        For the Quarter Ended     For the Six Months Ended  
    (Dollars in thousands, except per share data)   June 30,
    2025    		     March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     June 30,
    2025    		     June 30,
    2024    		  
                                                             
    Total shareholders’ equity   $ 149,733     $ 146,492     $ 153,882     $ 160,789     $ 158,881     $ 149,733     $ 158,881  
    Less: Goodwill and other intangible assets     1,081       1,082       1,082       1,083       1,084       1,081       1,084  
    Disallowed non-mortgage loan servicing rights     372       415       423       489       517       372       517  
    Total tangible common equity   $ 148,280     $ 144,995     $ 152,377     $ 159,217     $ 157,280     $ 148,280     $ 157,280  
                                                             
    Total assets   $ 2,195,363     $ 2,171,430     $ 2,232,006     $ 2,255,486     $ 2,215,962     $ 2,195,363     $ 2,215,962  
    Less: Goodwill and other intangible assets     1,081       1,082       1,082       1,083       1,084       1,081       1,084  
    Disallowed non-mortgage loan servicing rights     372       415       423       489       517       372       517  
    Total tangible assets   $ 2,193,910     $ 2,169,933     $ 2,230,501     $ 2,253,914     $ 2,214,361     $ 2,193,910     $ 2,214,361  
                                                             
    Average shareholders’ equity   $ 146,857     $ 156,470     $ 161,560     $ 160,479     $ 163,079     $ 151,620     $ 162,473  
    Less: Average goodwill and other intangible assets     1,081       1,082       1,083       1,084       1,085       1,082       1,085  
    Average disallowed non-mortgage loan servicing rights     415       423       489       517       489       419       485  
    Total average tangible common equity   $ 145,361     $ 154,965     $ 159,988     $ 158,878     $ 161,505     $ 150,119     $ 160,903  
                                                             
    Net income (loss)   $ 3,661     $ (9,036 )   $ (2,810 )   $ (1,980 )   $ (2,219 )   $ (5,375 )   $ (1,823 )
    Common shares outstanding     9,444,963       9,440,618       9,353,348       9,365,979       9,453,247       9,444,963       9,453,247  
    GAAP Ratios:                                                        
    Equity to total assets     6.82 %     6.75 %     6.89 %     7.13 %     7.17 %     6.82 %     7.17 %
    Return on average equity     10.00 %     -23.42 %     -6.92 %     -4.91 %     -5.47 %     -7.15 %     -2.26 %
    Book value per common share   $ 15.85     $ 15.52     $ 16.45     $ 17.17     $ 16.81     $ 15.85     $ 16.81  
    Non-GAAP Ratios:                                                        
    Tangible common equity to tangible assets (1)     6.76 %     6.68 %     6.83 %     7.06 %     7.10 %     6.76 %     7.10 %
    Return on average tangible common equity (1)     10.10 %     -23.65 %     -6.99 %     -4.96 %     -5.53 %     -7.22 %     -2.28 %
    Tangible book value per common share (1)   $ 15.70     $ 15.36     $ 16.29     $ 17.00     $ 16.64     $ 15.70     $ 16.64  
    (1 ) We believe that the use of tangible equity and tangible assets improves the comparability to other institutions that have not engaged in acquisitions that resulted in recorded goodwill and other intangibles.
         

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/c85e4dc5-66aa-4a20-9353-c1b9da5ac869

    https://www.globenewswire.com/NewsRoom/AttachmentNg/e8d326aa-0fde-4c3c-954f-bb809e7c276c

    https://www.globenewswire.com/NewsRoom/AttachmentNg/f24035e8-5a6e-4f39-a0db-93ca11dc39d5

    https://www.globenewswire.com/NewsRoom/AttachmentNg/c29167d1-36df-44c1-9e51-889b5be4fb96

    https://www.globenewswire.com/NewsRoom/AttachmentNg/ae6ceb7f-9f7a-4a77-b835-146a0638be30

    https://www.globenewswire.com/NewsRoom/AttachmentNg/5ba4f507-769e-4e54-acdb-4aed9253c967

    https://www.globenewswire.com/NewsRoom/AttachmentNg/66e51144-1d2d-4c3f-ae91-2192cc90a887

    The MIL Network –

  • MIL-OSI: MEXC Celebrates StablR Euro (EURR) Listing with Exclusive Launchpool Event Featuring 85,000 USDT

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, July 24, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, today announced it will launch a special Launchpool event to mark the listing of StablR Euro (EURR), a Euro-backed stablecoin. The event will run from July 24, 11:00 to July 28, 11:00 (UTC) and offers users the opportunity to share an 85,000 USDT prize pool. Participation is open to both new and existing users.

    About StablR Euro (EURR)

    StablR Euro (EURR) represents a significant addition to MEXC’s expanding stablecoin offerings. This Euro-backed digital asset maintains a 1:1 peg with the Euro and is fully redeemable, backed by fiat currency and short-term government bonds. With a total supply of 6,325,084 EURR, the stablecoin serves as a digital alternative to traditional money, offering enhanced efficiency, security, and accessibility for users worldwide.

    The stablecoin addresses multiple use cases including faster cross-border payments, international trade facilitation, and supporting more flexible financial systems. As a reliable store of value and medium of exchange, EURR provides European users and global traders with direct exposure to Euro-denominated digital assets without the volatility typically associated with cryptocurrencies.

    Launchpool Event Highlights

    Event 1: Launchpool – Stake USDT, MX, EURR to Share 70,000 USDT
    Users can stake USDT, MX, or EURR to share 70,000 USDT in rewards. The USDT staking pool, offering the largest 50,000 USDT prize, is exclusively available to new users. Each pool features distinct reward caps and staking limits, giving users flexible ways to participate. Additionally, users staking MX tokens can earn bonus airdrops through MEXC’s Kickstarter events, unlocking double rewards.

    Event 2: Invite New Users & Share 15,000 USDT
    In addition, users can invite friends to join MEXC and earn up to 400 USDT in referral rewards—20 USDT per successful invite, capped at 20 invites per user. Rewards are distributed on a first-come, first-served basis.

    Complete event details are available on the MEXC platform.

    MEXC’s User-Centric Commitment

    This event reflects MEXC’s user-centric philosophy and demonstrates its determination to create a convenient and mutually beneficial trading environment for the global community. With rapid listing efficiency, comprehensive selection of over 3,000 digital assets, daily airdrop benefits, industry-leading liquidity, low trading fees, and robust security infrastructure, MEXC has earned the trust of over 40 million users worldwide. In the future, MEXC will continue to uphold its user-centric values while delivering cutting-edge trading solutions and community benefits.

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

    Risk Disclaimer:
    The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/92cdf20d-c8fa-4de9-a88d-c7fd5b975478

    The MIL Network –

  • MIL-OSI: Nasdaq Announces Quarterly Dividend of $0.27 Per Share

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Nasdaq, Inc. (Nasdaq: NDAQ) has declared a regular quarterly dividend of $0.27 per share on the company’s outstanding common stock. The dividend is payable on September 26, 2025 to shareholders of record at the close of business on September 12, 2025. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.

    About Nasdaq

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

    Cautionary Note Regarding Forward-Looking Statements
            
    Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, information regarding our dividend program and future payment obligations. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

    Media Relations Contact:

    David Lurie        
    +1.914.538.0533
    David.Lurie@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    The MIL Network –

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

    Source: Government of India

    Source: Government of India (4)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    (ANI)

  • MIL-OSI United Kingdom: Simon Lewis appointed as Chair of UK Anti-Doping

    Source: United Kingdom – Government Statements

    News story

    Simon Lewis appointed as Chair of UK Anti-Doping

    The Secretary of State has appointed Simon Lewis as the new Chair of UK Anti-Doping (UKAD) for a term of 4 years.

    Simon Lewis

    Simon has been appointed as Chair of UK Anti-Doping and his term will commence on 4 August 2025.

    His background is primarily in the Legal Sector where he has practised as a barrister, in various relevant areas of law, and where he now sits as a fee-paid judge. Simon has served in a number of non-executive board-level roles: within workplace relations (at Acas); professional regulation (at Social Work England and at the Bar Standards Board); healthcare (at a mental health and community NHS trust); higher education (at England’s leading university for improving social mobility); sport governance; and charity. He has also acted in a range of independent regulatory roles across various sectors: within healthcare, sport, and finance/business.  

    Simon grew up in Wales and then Yorkshire, playing representative sports, before graduating from the University of Cambridge.

    On his appointment, Simon Lewis said:

    “It is an honour to be appointed as Chair of UKAD. Having worked extensively across regulatory and sporting landscapes, I’m excited to be able to govern and support an organisation so inextricably involved in both.

    “I want to ensure UKAD continues to bolster the UK’s strong reputation for clean and healthy sport across the four nations. I’m arriving at an important and busy time, with a host of major sporting events approaching, including the Women’s Rugby World Cup, the Winter Olympics and Paralympics, and the 2026 Commonwealth Games in Glasgow. I look forward to working with the team, engaging with a wide range of stakeholders, and supporting UKAD’s goal to protect clean sport.”

    Lisa Nandy, Secretary of State for Culture, Media and Sport said:

    “I’m delighted to welcome Simon Lewis as the new Chair of UKAD. Simon has extensive experience in sport and law, which will ensure UKAD continues to deliver with professionalism and integrity.

    “Sport is part of our national story and as part of our Plan for Change we want to remove barriers to participation at grassroots and support athletes in elite settings. Upholding the values of clean sport and fair competition are absolutely vital in achieving this and as we welcome Simon, I’d like to thank departing Chair Trevor Pearce for all of his work during his tenure.”

    Jane Rumble, Chief Executive of UKAD said:

    “We are very pleased to welcome Simon to UKAD. Simon brings his deep and relevant legal and sport governance experience to us at a pivotal time. In addition to a busy sporting calendar of major events UKAD will also soon shape and deliver a new multi-year Strategic Plan. UKAD is also preparing for the launch of the 2027 World Anti-Doping Code.

    “On behalf of us all at UKAD we are looking forward to giving Simon a warm welcome as he takes up stewardship of our committed and brilliant team.

    “I would also like to thank our outgoing chair Trevor Pearce, who has been with us for nearly nine years, for his excellent stewardship at the helm of our organisation.”

    Remuneration and Governance Code

    The Chair of UK Anti-Doping is remunerated at a rate of £20,640 per annum. This appointment has been made in accordance with the Cabinet Office’s Governance Code on Public Appointments.

    The appointments process is regulated by the Commissioner for Public Appointments. Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election. Simon has not declared any significant political activity.

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Donegal Group Inc. Announces Second Quarter and First Half 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    MARIETTA, Pa., July 24, 2025 (GLOBE NEWSWIRE) — Donegal Group Inc. (NASDAQ: DGICA) and (NASDAQ: DGICB) today reported its financial results for the second quarter and first half of 2025.

    Significant Items for Second Quarter of 2025 (all comparisons to second quarter of 2024):

    • Net premiums earned decreased 1.1% to $231.8 million
    • Combined ratio of 97.7%, compared to 103.0%
    • Net income of $16.9 million, or 46 cents per diluted Class A share, compared to $4.2 million, or 13 cents per diluted Class A share
    • Net investment gains (after tax) of $1.2 million, or 3 cents per diluted Class A share, compared to $0.6 million, or 2 cents per diluted Class A share, are included in net income
    • Annualized return on average equity of 11.3%, compared to 3.4%
    • Book value per share of $16.62 at June 30, 2025, compared to $14.48 at June 30, 2024

    Financial Summary

      Three Months Ended June 30,   Six Months Ended June 30,
        2025       2024     % Change     2025       2024     % Change
      (dollars in thousands, except per share amounts)
                           
    Income Statement Data                      
    Net premiums earned $ 231,775     $ 234,311       -1.1 %   $ 464,476     $ 462,060       0.5 %
    Investment income, net   12,540       11,068       13.3       24,524       22,041       11.3  
    Net investment gains   1,544       737       109.5       1,073       2,850       -62.4  
    Total revenues   247,148       246,773       0.2       491,953       487,913       0.8  
    Net income   16,866       4,153       306.1       42,071       10,108       316.2  
    Non-GAAP operating income1   15,647       3,571       338.2       41,224       7,857       424.7  
    Annualized return on average equity   11.3 %     3.4 %   7.9 pts     14.6 %     4.2 %   10.4 pts
                           
    Per Share Data                      
    Net income – Class A (diluted) $ 0.46     $ 0.13       253.8 %   $ 1.17     $ 0.31       277.4 %
    Net income – Class B   0.43       0.11       290.9       1.08       0.28       285.7  
    Non-GAAP operating income – Class A (diluted)   0.43       0.11       290.9       1.14       0.24       375.0  
    Non-GAAP operating income – Class B   0.40       0.10       300.0       1.06       0.22       381.8  
    Book value   16.62       14.48       14.8       16.62       14.48       14.8  
                           
                           

    1The “Definitions of Non-GAAP Financial Measures” section of this release defines and reconciles data that we prepare on an accounting basis other than U.S. generally accepted accounting principles (“GAAP”).

    Management Commentary

    Kevin G. Burke, President and Chief Executive Officer of Donegal Group Inc., stated, “We are pleased with the progress we have made and the results we delivered for both the second quarter and first half of 2025, which we believe reflect the strength of our strategic execution and underwriting discipline. A meaningful improvement in our core loss ratio for both periods underscores our commitment to disciplined risk management and sustainable profitability. As expected, net premiums written1 declined this quarter, as lower new business writings and planned attrition modestly outpaced ongoing premium rate increases and solid retention levels. As a proactive measure, we intentionally slowed new business writings in our personal lines of business to protect underwriting margins and ensure we remain focused on profitable growth opportunities. We continue to identify and pursue profitable new business opportunities in states and classes that match our objectives.

    “We reached a significant milestone in our multi-year systems modernization project with the successful deployment of our final major commercial lines systems release. During the second half of 2025, we will begin to roll out this enhanced platform on a state-by-state basis, enabling us to more effectively target and win key middle market accounts. When the rollout is completed in the first half of 2026, we will be operating on a single modern technology platform for all of our middle market and small business commercial product offerings.

    “As we look ahead, we remain focused on disciplined execution, organizational alignment and operational excellence to further strengthen our long-term competitive position and enhance value for our stockholders.”

    Insurance Operations

    Donegal Group is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in three Mid-Atlantic states (Delaware, Maryland and Pennsylvania), five Southern states (Georgia, North Carolina, South Carolina, Tennessee and Virginia), eight Midwestern states (Illinois, Indiana, Iowa, Michigan, Nebraska, Ohio, South Dakota and Wisconsin) and five Southwestern states (Arizona, Colorado, New Mexico, Texas and Utah). Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group conduct business together as the Donegal Insurance Group.

      Three Months Ended June 30,   Six Months Ended June 30,
        2025       2024     % Change     2025       2024     % Change
      (dollars in thousands)
                           
    Net Premiums Earned                      
    Commercial lines $ 138,527     $ 134,489       3.0 %   $ 274,743     $ 266,581       3.1 %
    Personal lines   93,248       99,822       -6.6       189,733       195,479       -2.9  
    Total net premiums earned $ 231,775     $ 234,311       -1.1 %   $ 464,476     $ 462,060       0.5 %
                           
    Net Premiums Written                      
    Commercial lines:                      
    Automobile $ 50,584     $ 47,089       7.4 %   $ 107,109     $ 100,603       6.5 %
    Workers’ compensation   24,243       27,591       -12.1       52,997       58,665       -9.7  
    Commercial multi-peril   56,478       55,870       1.1       117,268       113,373       3.4  
    Other   13,609       11,698       16.3       28,158       25,101       12.2  
    Total commercial lines   144,914       142,248       1.9       305,532       297,742       2.6  
    Personal lines:                      
    Automobile   52,741       62,427       -15.5       107,933       123,808       -12.8  
    Homeowners   33,590       39,608       -15.2       62,378       71,367       -12.6  
    Other   2,568       2,906       -11.6       5,062       5,714       -11.4  
    Total personal lines   88,899       104,941       -15.3       175,373       200,889       -12.7  
    Total net premiums written $ 233,813     $ 247,189       -5.4 %   $ 480,905     $ 498,631       -3.6 %
                           
                           

    Net Premiums Written

    The 5.4% decrease in net premiums written for the second quarter of 2025 compared to the second quarter of 2024, as shown in the table above, represents the net combination of a 1.9% increase in commercial lines net premiums written and a 15.3% decrease in personal lines net premiums written. The $13.3 million decrease in net premiums written for the second quarter of 2025 compared to the second quarter of 2024 included:

    • Commercial Lines: $2.7 million increase that we attribute primarily to solid retention and a continuation of renewal premium increases in lines other than workers’ compensation, offset partially by lower new business writings.
    • Personal Lines: $16.0 million decrease that we attribute primarily to planned attrition due to lower new business writings and non-renewal actions, offset partially by a continuation of renewal premium rate increases and solid retention.

    Underwriting Performance

    We evaluate the performance of our commercial lines and personal lines segments primarily based upon the underwriting results of our insurance subsidiaries as determined under statutory accounting practices. The following table presents comparative details with respect to the GAAP and statutory combined ratios1 for the three and six months ended June 30, 2025 and 2024:

      Three Months Ended   Six Months Ended
      June 30   June 30
        2025       2024       2025       2024  
                   
    GAAP Combined Ratios (Total Lines)              
    Loss ratio – core losses   50.1 %     55.0 %     52.1 %     56.8 %
    Loss ratio – weather-related losses   11.1       10.6       7.4       7.7  
    Loss ratio – large fire losses   5.2       5.3       4.3       5.9  
    Loss ratio – net prior-year reserve development   -1.3       -0.3       -2.9       -2.0  
    Loss ratio   65.1       70.6       60.9       68.4  
    Expense ratio   32.2       31.9       33.4       33.8  
    Dividend ratio   0.4       0.5       0.3       0.5  
    Combined ratio   97.7 %     103.0 %     94.6 %     102.7 %
                   
    Statutory Combined Ratios              
    Commercial lines:              
    Automobile   97.7 %     93.5 %     94.6 %     96.6 %
    Workers’ compensation   104.9       117.0       111.3       114.2  
    Commercial multi-peril   97.5       110.6       93.9       106.7  
    Other   119.8       94.3       100.6       88.3  
    Total commercial lines   101.0       104.9       97.8       103.3  
    Personal lines:              
    Automobile   79.3       95.6       82.2       97.7  
    Homeowners   115.1       103.1       99.0       102.7  
    Other   55.2       104.7       55.9       94.8  
    Total personal lines   91.7       98.6       87.5       99.4  
    Total lines   97.4 %     102.2 %     93.9 %     101.7 %
                   
                   

    Loss Ratio

    For the second quarter of 2025, the loss ratio decreased to 65.1%, compared to 70.6% for the second quarter of 2024. For the commercial lines segment, the core loss ratio, which excludes weather-related losses, large fire losses and net development of reserves for losses incurred in prior accident years, of 54.5% for the second quarter of 2025 decreased modestly from 54.8% for the second quarter of 2024. For the personal lines segment, the core loss ratio of 43.3% for the second quarter of 2025 decreased from 55.3% for the second quarter of 2024, due largely to the favorable impact of premium rate increases on net premiums earned for that segment.

    Weather-related losses were $25.8 million, or 11.1 percentage points of the loss ratio, for the second quarter of 2025, compared to $24.7 million, or 10.6 percentage points of the loss ratio, for the second quarter of 2024. Weather-related loss activity for the second quarter of 2025 was higher than our previous five-year average of $18.9 million, or 9.2 percentage points of the loss ratio, for second-quarter weather-related losses. Atlantic States Insurance Company, our largest insurance subsidiary, incurred $3.0 million in net losses from a catastrophic wind and hail loss event in April 2025, with Donegal Mutual assuming losses that subsidiary incurred from the event in excess of its retention under an intercompany catastrophe reinsurance agreement.

    Large fire losses, which we define as individual fire losses in excess of $50,000, for the second quarter of 2025 were $12.1 million, or 5.2 percentage points of the loss ratio. That amount was comparable to the large fire losses of $12.5 million, or 5.3 percentage points of the loss ratio, for the second quarter of 2024. We experienced a modest decrease in commercial property fire losses that was partially offset by a modest increase in homeowners fire losses compared to the prior-year quarter.

    Net favorable development of reserves for losses incurred in prior accident years reduced the loss ratio by 1.3 percentage points for the second quarter of 2025 and had virtually no impact for the second quarter of 2024. Our insurance subsidiaries experienced favorable development primarily in the personal automobile and homeowners lines of business, partially offset by adverse development in other commercial lines that we primarily attribute to higher-than-anticipated case reserve development.

    Expense Ratio

    The expense ratio was 32.2% for the second quarter of 2025, compared to 31.9% for the second quarter of 2024. The increase in the expense ratio primarily reflected higher underwriting-based incentive costs for agents and employees, partially offset by the favorable impact of ongoing expense management initiatives. The impact from costs that Donegal Mutual Insurance Company allocated to our insurance subsidiaries related to its ongoing systems modernization project peaked at approximately 1.3 percentage points of the full year 2024 expense ratio, and we expect that impact to subside gradually over the next several years. Allocated costs related to that project represented approximately 1.0 percentage point of the expense ratio for the second quarter of 2025, and we expect the full year 2025 expense ratio impact will also be approximately 1.0 percentage point.

    Investment Operations

    Donegal Group’s investment strategy is to generate an appropriate amount of after-tax income on its invested assets while minimizing credit risk through investment in high-quality securities. As a result, we had invested 95.4% of our consolidated investment portfolio in diversified, highly rated and marketable fixed-maturity securities at June 30, 2025.

      June 30, 2025   December 31, 2024
      Amount   %   Amount   %
      (dollars in thousands)
    Fixed maturities, at carrying value:              
    U.S. Treasury securities and obligations of U.S.            
    government corporations and agencies $ 145,585       10.2 %   $ 170,423       12.3 %
    Obligations of states and political subdivisions   424,010       29.7       409,560       29.6  
    Corporate securities   441,603       30.9       440,552       31.8  
    Mortgage-backed securities   353,639       24.7       304,459       22.0  
    Allowance for expected credit losses   (1,374 )     -0.1       (1,388 )     -0.1  
    Total fixed maturities   1,363,463       95.4       1,323,606       95.6  
    Equity securities, at fair value   41,007       2.9       36,808       2.6  
    Short-term investments, at cost   24,764       1.7       24,558       1.8  
    Total investments $ 1,429,234       100.0 %   $ 1,384,972   100.0 %
                   
    Average investment yield   3.5 %         3.3 %    
    Average tax-equivalent investment yield   3.6 %         3.4 %    
    Average fixed-maturity duration (years)   5.2           5.2      
                   
                   

    Net investment income of $12.5 million for the second quarter of 2025 increased 13.3% compared to $11.1 million for the second quarter of 2024. The increase in net investment income primarily reflected an increase in average investment yield relative to the prior-year second quarter.

    Net investment gains of $1.5 million for the second quarter of 2025 were primarily related to unrealized gains in the fair value of equity securities held at June 30, 2025, offset partially by net realized investment losses on the sale of available-for-sale fixed-maturity securities. Net investment gains of $0.7 million for the second quarter of 2024 were primarily related to unrealized gains in the fair value of equity securities held at June 30, 2024.

    Our book value per share was $16.62 at June 30, 2025, compared to $15.36 at December 31, 2024, with the increase related to net income as well as $10.7 million of after-tax unrealized gains within our available-for-sale fixed-maturity portfolio during 2025 that increased our book value by $0.31 per share, offset partially by cash dividends declared.

    Definitions of Non-GAAP Financial Measures

    We prepare our consolidated financial statements on the basis of GAAP. Our insurance subsidiaries also prepare financial statements based on statutory accounting principles state insurance regulators prescribe or permit (“SAP”). In addition to using GAAP-based performance measurements, we also utilize certain non-GAAP financial measures that we believe provide value in managing our business and for comparison to the financial results of our peers. These non-GAAP measures are net premiums written, operating income or loss and statutory combined ratio.

    Net premiums written and operating income or loss are non-GAAP financial measures investors in insurance companies commonly use. We define net premiums written as the amount of full-term premiums our insurance subsidiaries record for policies effective within a given period less premiums our insurance subsidiaries cede to reinsurers. We define operating income or loss as net income or loss excluding after-tax net investment gains or losses, after-tax restructuring charges and other significant non-recurring items. Because our calculation of operating income or loss may differ from similar measures other companies use, investors should exercise caution when comparing our measure of operating income or loss to the measure of other companies.

    The following table provides a reconciliation of net premiums earned to net premiums written for the periods indicated:

      Three Months Ended June 30,   Six Months Ended June 30,
        2025       2024     % Change     2025       2024     % Change
      (dollars in thousands)
                           
    Reconciliation of Net Premiums                      
    Earned to Net Premiums Written                      
    Net premiums earned $ 231,775     $ 234,311       -1.1 %   $ 464,476     $ 462,060       0.5 %
    Change in net unearned premiums   2,038       12,878       -84.2       16,429       36,571       -55.1  
    Net premiums written $ 233,813     $ 247,189       -5.4 %   $ 480,905     $ 498,631       -3.6 %
                           
                           

    The following table provides a reconciliation of net income to operating income for the periods indicated:

      Three Months Ended June 30,   Six Months Ended June 30,
        2025       2024     % Change     2025       2024     % Change
      (dollars in thousands, except per share amounts)
                           
    Reconciliation of Net Income                      
    to Non-GAAP Operating Income                      
    Net income $ 16,866     $ 4,153       306.1 %   $ 42,071     $ 10,108       316.2 %
    Investment gains (after tax)   (1,219 )     (582 )     109.5       (847 )     (2,251 )     -62.4  
    Non-GAAP operating income $ 15,647     $ 3,571       338.2 %   $ 41,224     $ 7,857       424.7 %
                           
    Per Share Reconciliation of Net Income                      
    to Non-GAAP Operating Income                      
    Net income – Class A (diluted) $ 0.46     $ 0.13       253.8 %   $ 1.17     $ 0.31       277.4 %
    Investment gains (after tax)   (0.03 )     (0.02 )     50.0       (0.03 )     (0.07 )     -57.1  
    Non-GAAP operating income – Class A $ 0.43     $ 0.11       290.9 %   $ 1.14     $ 0.24       375.0 %
                           
    Net income – Class B $ 0.43     $ 0.11       290.9 %   $ 1.08     $ 0.28       285.7 %
    Investment gains (after tax)   (0.03 )     (0.01 )     200.0       (0.02 )     (0.06 )     -66.7  
    Non-GAAP operating income – Class B $ 0.40     $ 0.10       300.0 %   $ 1.06     $ 0.22       381.8 %
                           
                           

    The statutory combined ratio is a non-GAAP standard measurement of underwriting profitability that is based upon amounts determined under SAP. The statutory combined ratio is the sum of:

    • the statutory loss ratio, which is the ratio of calendar-year incurred losses and loss expenses, excluding anticipated salvage and subrogation recoveries, to premiums earned;
    • the statutory expense ratio, which is the ratio of expenses incurred for net commissions, premium taxes and underwriting expenses to premiums written; and
      • the statutory dividend ratio, which is the ratio of dividends to holders of workers’ compensation policies to premiums earned.

    The statutory combined ratio does not reflect investment income, federal income taxes or other non-operating income or expense. A statutory combined ratio of less than 100% generally indicates underwriting profitability.

    Dividend Information

    On July 17, 2025, we declared a regular quarterly cash dividend of $0.1825 per share for our Class A common stock and $0.165 per share for our Class B common stock, which are payable on August 15, 2025 to stockholders of record as of the close of business on August 1, 2025.

    Pre-Recorded Webcast

    At approximately 8:30 am ET on Thursday, July 24, 2025, we will make available in the Investors section of our website a pre-recorded audio webcast featuring management commentary on our quarterly results and general business updates. You may listen to the pre-recorded webcast by accessing the link on our website at http://investors.donegalgroup.com. A supplemental investor presentation is also available via our website.

    About the Company

    Donegal Group Inc. is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in certain Mid-Atlantic, Midwestern, Southern and Southwestern states. Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group Inc. conduct business together as the Donegal Insurance Group. The Donegal Insurance Group has an A.M. Best rating of A (Excellent).

    The Class A common stock and Class B common stock of Donegal Group Inc. trade on the NASDAQ Global Select Market under the symbols DGICA and DGICB, respectively. We are focused on several primary strategies, including achieving sustained excellent financial performance, strategically modernizing our operations and processes to transform our business, capitalizing on opportunities to grow profitably and providing superior experiences to our agents, policyholders and employees.

    Safe Harbor

    We base all statements contained in this release that are not historic facts on our current expectations. Such statements are forward-looking in nature (as defined in the Private Securities Litigation Reform Act of 1995) and necessarily involve risks and uncertainties. Forward-looking statements we make may be identified by our use of words such as “will,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “seek,” “estimate” and similar expressions. Our actual results could vary materially from our forward-looking statements. The factors that could cause our actual results to vary materially from the forward-looking statements we have previously made include, but are not limited to, adverse litigation and other trends that could increase our loss costs (including social inflation, labor shortages and escalating medical, automobile and property repair costs, including due to tariffs), adverse and catastrophic weather events (including from changing climate conditions), our ability to maintain profitable operations (including our ability to underwrite risks effectively and charge adequate premium rates), the adequacy of the loss and loss expense reserves of our insurance subsidiaries, the availability and successful operation of the information technology systems our insurance subsidiaries utilize, the successful development of new information technology systems to allow our insurance subsidiaries to compete effectively, business and economic conditions in the areas in which we and our insurance subsidiaries operate, interest rates, competition from various insurance and other financial businesses, terrorism, the availability and cost of reinsurance, legal and judicial developments, changes in regulatory requirements, our ability to attract and retain independent insurance agents, changes in our A.M. Best rating and the other risks that we describe from time to time in our filings with the Securities and Exchange Commission. We disclaim any obligation to update such statements or to announce publicly the results of any revisions that we may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    Investor Relations Contacts

    Karin Daly, Vice President, The Equity Group Inc.

    Phone: (212) 836-9623
    E-mail: kdaly@theequitygroup.com

    Jeffrey D. Miller, Executive Vice President & Chief Financial Officer
    Phone: (717) 426-1931
    E-mail: investors@donegalgroup.com

    Financial Supplement

    Donegal Group Inc.
    Consolidated Statements of Income
    (unaudited; in thousands, except share data)
           
      Quarter Ended June 30,
        2025       2024  
           
    Net premiums earned $ 231,775     $ 234,311  
    Investment income, net of expenses   12,540       11,068  
    Net investment gains   1,544       737  
    Lease income   76       78  
    Installment payment fees   844       579  
    Other income, net   369       –  
    Total revenues   247,148       246,773  
           
    Net losses and loss expenses   150,917       165,360  
    Amortization of deferred acquisition costs   39,501       40,656  
    Other underwriting expenses   35,150       34,037  
    Policyholder dividends   819       1,187  
    Interest   337       155  
    Other expenses, net   –       365  
    Total expenses   226,724       241,760  
           
    Income before income tax expense   20,424       5,013  
    Income tax expense   3,558       860  
           
    Net income $ 16,866     $ 4,153  
           
    Net income per common share:      
    Class A – basic $ 0.47     $ 0.13  
    Class A – diluted $ 0.46     $ 0.13  
    Class B – basic and diluted $ 0.43     $ 0.11  
           
    Supplementary Financial Analysts’ Data      
           
    Weighted-average number of shares      
    outstanding:      
    Class A – basic   30,678,158       27,844,811  
    Class A – diluted   31,336,862       27,844,903  
    Class B – basic and diluted   5,576,775       5,576,775  
           
    Net premiums written $ 233,813     $ 247,189  
           
    Book value per common share      
    at end of period $ 16.62     $ 14.48  
           
    Annualized operating return on average equity   11.3 %     3.4 %
    Donegal Group Inc.
    Consolidated Statements of Income
    (unaudited; in thousands, except share data)
           
      Six Months Ended June 30,
        2025       2024  
           
    Net premiums earned $ 464,476     $ 462,060  
    Investment income, net of expenses   24,524       22,041  
    Net investment gains   1,073       2,850  
    Lease income   153       159  
    Installment payment fees   1,727       803  
    Total revenues   491,953       487,913  
           
    Net losses and loss expenses   282,950       316,257  
    Amortization of deferred acquisition costs   78,732       80,258  
    Other underwriting expenses   76,345       75,777  
    Policyholder dividends   1,578       2,241  
    Interest   670       309  
    Other expenses, net   93       810  
    Total expenses   440,368       475,652  
           
    Income before income tax expense   51,585       12,261  
    Income tax expense   9,514       2,153  
           
    Net income $ 42,071     $ 10,108  
           
    Net income per common share:      
    Class A – basic $ 1.19     $ 0.31  
    Class A – diluted $ 1.17     $ 0.31  
    Class B – basic and diluted $ 1.08     $ 0.28  
           
    Supplementary Financial Analysts’ Data      
           
    Weighted-average number of shares      
    outstanding:      
    Class A – basic   30,400,944       27,828,062  
    Class A – diluted   30,884,992       27,845,608  
    Class B – basic and diluted   5,576,775       5,576,775  
           
    Net premiums written $ 480,905     $ 498,631  
           
    Book value per common share      
    at end of period $ 16.62     $ 14.48  
           
    Annualized operating return on average equity   14.6 %     4.2 %
    Donegal Group Inc.
    Consolidated Balance Sheets
    (in thousands)
           
      June 30,   December 31,
        2025       2024  
      (unaudited)    
           
    ASSETS
    Investments:      
    Fixed maturities:      
    Held to maturity, at amortized cost $ 737,356     $ 705,714  
    Available for sale, at fair value   626,107       617,892  
    Equity securities, at fair value   41,007       36,808  
    Short-term investments, at cost   24,764       24,558  
    Total investments   1,429,234       1,384,972  
        57,437       52,926  
    Premiums receivable   198,885       181,107  
    Reinsurance receivable   411,125       420,742  
    Deferred policy acquisition costs   76,620       73,347  
    Prepaid reinsurance premiums   182,795       176,162  
    Other assets   51,739       46,776  
    Total assets $ 2,407,835     $ 2,336,032  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY
    Liabilities:      
    Losses and loss expenses $ 1,117,010     $ 1,120,985  
    Unearned premiums   635,538       612,476  
    Borrowings under lines of credit   35,000       35,000  
    Other liabilities   14,618       21,795  
    Total liabilities   1,802,166       1,790,256  
    Stockholders’ equity:      
    Class A common stock   339       329  
    Class B common stock   56       56  
    Additional paid-in capital   383,546       369,680  
    Accumulated other comprehensive loss   (17,517 )     (28,200 )
    Retained earnings   280,471       245,137  
    Treasury stock   (41,226 )     (41,226 )
    Total stockholders’ equity   605,669       545,776  
    Total liabilities and stockholders’ equity $ 2,407,835     $ 2,336,032  

    The MIL Network –

  • MIL-Evening Report: Grattan on Friday: net zero battle has net zero positives for Sussan Ley

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

    There’s no other way of looking at it: Sussan Ley faces a diabolical situation with the debate over whether the Coalition should abandon the 2050 net zero emissions target.

    The issue is a microcosm of her wider problems. The Nationals, the minor party in the Coalition, are determined to run their own race on most things. The Liberals have become akin to two parties, split between those eyeing urban seats and younger voters, and right-wingers reflecting the party’s conservative grassroots.

    Nobody misses the contrast. The Albanese government is beset by a host of actual issues around the transition to a clean energy economy. The renewables rollout is not going as fast as desirable and is meeting with resistance in some communities. Energy costs are high. But such problems are not putting any pressure on Labor’s unity.

    At the same time, the opposition is fractured over an argument about a target that’s a quarter of a century away, when who knows what the technological or political landscape will look like. For the opposition, the internal debate about net zero is about symbols and signals, rather than substance.

    The net zero debate exploded within the opposition this week with Barnaby Joyce’s private member’s bill to scrap Australia’s commitment to it. The timing, in parliament’s first week, was extraordinarily inconvenient for Ley. But if not now, it would have erupted later.

    On present indications, the Nationals appear likely to ditch the net zero commitment. David Littleproud, anxious to avoid the issue becoming a threat to his leadership, is reading the party room and positioning himself to be in the anticipated majority.

    Asked on Thursday whether he supported net zero, Littleproud told the ABC, “well, I have real concerns about it, to be candid. What net zero has become is about trying to achieve the impossible, rather than doing what’s sensible.” But, he insisted, “we’re not climate deniers”.

    It is less clear how the debate will pan out in the Liberal Party, once the group under Shadow Energy Minister Dan Tehan produces its report on energy and emissions-reduction policy.

    Liberal sources say the issue is now being driven by the party’s grassroots, rather than the parliamentary party. Branches are throwing up motions to get rid of the 2050 target.

    The Western Australian Liberal state council will debate a motion this weekend to drop the net zero commitment. The Queensland LNP organisation will consider its position next month. A few weeks ago, the South Australian Liberal state council rejected net zero.

    With a policy review underway, Ley and the parliamentary Liberals have left a vacuum on the issue. Some Liberals warn the parliamentarians risk being run over by the party outside parliament. Others point out that on policy, the parliamentarians are independent of the organisation, which often comes up with right-wing motions.

    How should Ley best handle the situation? By filling the vacuum with a position sooner rather than later. That means accelerating the Tehan report. Beyond that, ideally she should be taking leadership on the issue herself. But is she in a strong enough position to do that?

    One idea being floated would be for the Liberals to retain the net zero target but extend the time frame. This wouldn’t stop the criticism about the shift.

    Whether the Coalition could stay as one if its two parties had different positions on net zero may be an open question but it certainly would be messy.

    On the other side of politics, the government is rapidly approaching a decision on another key target – the one Australia will put up internationally for cutting emissions by 2035. Inevitably, this will be contentious.

    This target must be submitted by September (it was conveniently delayed beyond the election). Minister for Climate Change and Energy Chris Bowen has yet to receive advice on the target from the Climate Change Authority (advice that will be published). The target is expected to be between 65% and 75%.

    The challenge will be to strike a target with sufficient ambition that doesn’t alienate business and the regions.

    Next week the executive secretary of the United Nations Framework Convention on Climate Change, Simon Stiell, will be in Canberra for talks. His comments will be carefully watched.

    Last year he told the Sydney Morning Herald, “the world needs countries like Australia to take climate action and ambition to the next level, and it’s firmly in the interests of every Australian that they do so”.

    Climate and energy issues will have a place at next month’s economic reform roundtable. Bowen is organising two preliminary roundtables – on electricity, with energy user stakeholders, and on climate adaptation. He told The Conversation’s podcast that adaptation will “be an increasing focus of this government and future governments because, tragically, the world has left it too late to avoid the impacts of climate change”.

    The government is waiting, somewhat impatiently, for the decision on whether Australia will be given the nod to host next year’s UN climate conference. The COP meeting, which would be in Adelaide in November 2026, is an enormous event to put on, so the decision is becoming urgent.

    Bowen says Australia already has the numbers over Turkey, the other contender. But “one of the things about the process to decide COPs, I’ve learnt, is it’s quite opaque and there’s no particular timeline and no particular rules to the ballot.

    “It’s meant to work on a consensus, sort of an old world, sort of gentlemanly sort of approach to say whoever loses will withdraw. That’s not the way it’s panning out. I’ve had multiple meetings with my Turkish counterpart to try to find a ‘win-win’ solution. We haven’t been able to find that yet.”

    Stiell’s trip includes Turkey as well as Australia. Bowen will be hoping he may provide some clarity, when they meet, about how the “opaque” process of assigning the COP meeting is going. Bowen will be emphasising how important the proposed co-hosting COP with the Pacific is to the region, with climate change already an existential issue for many Pacific countries.

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

    – ref. Grattan on Friday: net zero battle has net zero positives for Sussan Ley – https://theconversation.com/grattan-on-friday-net-zero-battle-has-net-zero-positives-for-sussan-ley-261092

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Africa: Africa’s Business Heroes Unveils Top 50 Finalists for 2025 Edition Record-Breaking Number of Applications, Spanning all 54 African Nations

    Source: APO

    Africa’s Business Heroes (ABH) (www.AfricaBusinessHeroes.org), the flagship philanthropic initiative of the Alibaba Philanthropy, is proud to announce the Top 50 finalists of its 2025 Prize Competition—marking a record-breaking year for participation and regional representation.

    This year, ABH received 32,000 applications, the highest in the competition’s history, with submissions from all 54 African countries – reinforcing ABH’s status as one of the continent’s largest and most inclusive entrepreneurial competitions.

    The 2025 Top 50 provides an overview of Africa’s entrepreneurial landscape. African businesses are increasingly leveraging technology, including fintech, AI, and digital platforms, to transform sectors such as finance, education, and healthcare. Sustainability-driven innovations in agriculture and renewable energy address critical challenges while promoting eco-friendly growth. These trends have significant socio-economic impacts, fostering job creation, financial inclusion, and improved access to essential services. The data underscores opportunities in scalable, tech-enabled, and sustainable businesses poised to drive Africa’s inclusive economic growth.

    Now in its 7th year, ABH continues its mission to spotlight and empower entrepreneurs who are driving innovation and building a more inclusive and sustainable future for Africa. Each year, the competition awards US$1.5 million in grant funding to 10 outstanding entrepreneurs. In addition to funding, ABH provides the Top 50 finalists with capacity-building, mentorship, and enhanced exposure.

    Dramatic Growth in Reach

    The 2025 call for applications not only broke records in volume but also marked an over 300% increase in applications from countries traditionally underrepresented in pan-African competitions, including Algeria, Tunisia, Togo, Gabon, South Sudan, Somalia, Sierra Leone, Mali, and Mauritius. This surge signals the deepening of ABH’s grassroots appeal and accessibility, as well as reflecting the impressive health of entrepreneurship across the African continent.

    Bringing ABH to the Continent: 9-City Roadshow

    As part of its 2025 campaign, the ABH team embarked on an ambitious 9-city roadshow, connecting in person with entrepreneurs and ecosystem leaders in Casablanca, Cairo, Addis Ababa, Kampala, Nairobi, Lagos, Accra, Abidjan and Dakar—the host city for this year’s Semi-Finale, scheduled for September 10–11.

    These on-the-ground engagements reflect ABH’s commitment to being more than a competition—it is a community-builder and ecosystem enabler. The roadshow activated local entrepreneurial ecosystems, engaged past ABH Heroes, hosted info sessions, and facilitated connections between investors, innovators, and changemakers.

    Harnessing Technology to Scale Impact

    2025 also marked a milestone in ABH’s embrace of innovation. For the first time, ABH introduced ABi, its AI-powered co-host built on Qwen Turbo and first unveiled at the 6th ABH Summit & Finale held in Kigali in March 2025, to enhance applicant experience and streamline operations. ABi supported the competition by providing real-time customer service to thousands of applicants and assisting in screening the eligibility of submissions—demonstrating how technology can improve both efficiency and inclusivity.

    Celebrating the 2025 Top 50

    The 2025 Top 50 finalists represent the next generation of African changemakers. They span 16 sectors and hail from 17 countries, with 36% female representation and 10% Francophone entrepreneurs, reflecting ABH’s ongoing commitment to gender and linguistic diversity. These entrepreneurs were selected for their bold solutions, measurable impact, and potential for scale across Africa.

    As part of the next stage of the competition, the Top 50 will participate in the ABH Virtual Bootcamp, an intensive training program featuring workshops led by ecosystem leaders, investors, and ABH Heroes. Topics will include building resilient teams, investment readiness, leveraging AI, and digital marketing for growth.

    “The 2025 ABH Prize has raised the bar, yet again. We are seeing greater depth, diversity, and innovation across the span of applications,” said Zahra Baitie-Boateng, Managing Director, Africa at ABH. “This record-breaking year speaks to the relevance of ABH in every corner of the continent. These 50 finalists are solving real problems with global potential, and we’re excited to amplify their work.”

    In addition to training and mentorship, the Top 50 will benefit from media exposure and access to a dynamic network of ABH Heroes, alumni, and partners.

    Looking Ahead

    The Top 50 will now undergo a second round of evaluations through in-depth interviews with ABH Round 2 judges.  22 entrepreneurs will be shortlisted to undergo due diligence led by PlusVC. Those who advance will be revealed as the Top 20 finalists in August, before heading to Dakar for the Semi-Finale in September.

    The Top 10 finalists selected in Dakar will then progress to the Grand Finale in Kigali in December, where they will compete for their share of US$1.5 million in grant funding and be crowned this year’s Africa’s Business Heroes.

    To learn more about the 2025 ABH Top 50 finalists and the competition, visit www.AfricaBusinessHeroes.org.

    Distributed by APO Group on behalf of Africa’s Business Heroes (ABH).

    For media inquiries or interview requests, please contact: 
    pr@africabusinessheroes.org

    About Africa’s Business Heroes:
    Africa’s Business Heroes (ABH) is the Jack Ma Foundation’s flagship philanthropic initiative in Africa. It supports visionary entrepreneurs across all 54 African countries who are building inclusive and sustainable economies. Over 10 years, ABH will recognize 100 entrepreneurs, awarding them with grant funding, training, and a platform to amplify their stories. Each year, the Top 10 finalists compete in a televised pitch finale for a share of US$1.5 million.

    Media files

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    MIL OSI Africa –

  • MIL-OSI Africa: Africa Finance Corporation (AFC) Fuels Africa’s Mining Ambitions as Silver Sponsor of African Mining Week (AMW) 2025

    Source: APO


    .

    Africa Finance Corporation (AFC), a leading multilateral finance institution, has joined the upcoming African Mining Week (AMW) 2025 as a Silver Sponsor. Held under the theme, From Extraction to Beneficiation: Unlocking Africa’s Mineral Wealth, AMW offers a strategic platform for AFC to engage with African and global mining stakeholders to advance the continent’s mineral development agenda.

    As part of the conference program, AFC will feature in a dedicated finance panel: “The Investor Perspective – Financing Africa’s Mineral Industrialization.” The session will explore how tailored financing solutions can drive local beneficiation, industrialization and inclusive economic growth across Africa’s mining value chains.

    AMW serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

    The AFC’s involvement in AMW 2025 comes at a time of expanded capital mobilization efforts. In June 2025, the Corporation secured a €250 million, 10-year loan from Italy’s Cassa Depositi e Prestiti to catalyze Italian investment in African mining and energy infrastructure projects – particularly the strategic Lobito Corridor, enhancing mineral transport between Angola, Zambia and the Democratic Republic of Congo. This initiative complements a proposed €320 million EU financing package supporting the same corridor.

    In February 2025, the European Investment Bank committed $750 million to AFC’s Climate Resilient Infrastructure Fund, targeting climate-focused projects including energy transition metals and sustainable logistics infrastructure. The same month, AFC also secured a $400 million Shariah-compliant facility from Islamic financiers, following a $500 million hybrid bond issuance in January and a $30 million equity investment from the African Development Bank in December 2024.

    AFC’s capital base has also grown with a $184.8 million equity injection from Angola, reflecting the country’s continued collaboration with AFC following over $1 billion in investments in mining, energy and transport. Meanwhile, a €100 million loan extended to construction group Mota–Engil is enabling the execution of three major gold mining contracts in Ivory Coast and Mali – Africa’s second- and third-largest gold producers.

    Against this backdrop, AMW 2025 provides a timely opportunity for the AFC to showcase its financing strategy, highlight its role in advancing Africa’s mineral beneficiation and connect with mining ventures in search of capital.

    Distributed by APO Group on behalf of Energy Capital & Power.

    MIL OSI Africa –

  • MIL-OSI United Kingdom: Mirvetuximab soravtansine approved to treat adult patients who have ovarian, fallopian tube or primary peritoneal cancer 

    Source: United Kingdom – Executive Government & Departments

    Press release

    Mirvetuximab soravtansine approved to treat adult patients who have ovarian, fallopian tube or primary peritoneal cancer 

    The approval is supported by a study involving 453 adults with advanced platinum-resistant cancers of the ovary, fallopian tubes and the peritoneum that were FRα positive

    The Medicines and Healthcare products Regulatory Agency (MHRA) has today (24 July 2025) approved the medicine mirvetuximab soravtansine (Elahere) to treat adults with ovarian cancer, fallopian tube cancer, and primary peritoneal cancer. 

    It is used in patients whose cancer cells have a protein on the surface known as folate receptor-alpha (FRα), and who have previously not responded to or are no longer responding to treatment with ‘platinum-based’ chemotherapy, and who have already received one to three prior treatments.   

    Mirvetuximab soravtansine has been approved via the International Recognition Procedure (IRP). 

    Julian Beach, MHRA Interim Executive Director, Healthcare Quality and Access, said:

    Keeping patients safe and enabling their access to high quality, safe and effective medical products are key priorities for us.  

    We are committed to making innovative treatment options, like mirvetuximab soravtansine, the first and only folate receptor-alpha (FRα) directed antibody drug conjugate, available to patients as quickly as possible, ensuring our approval is underpinned by robust evidence of efficacy alongside the highest standards of safety. 

    We’re assured that the appropriate regulatory standards for the approval of mirvetuximab soravtansine have been met. 

    As with all products, we will keep its safety under close review.

    Mirvetuximab soravtansine is administered as a concentrated solution for infusion, and the route of administration is intravenous infusion (into a vein). The medicine will be given to the patient by a doctor or a nurse experienced in using cancer medicines. 

    The patient’s doctor will calculate the dose based on the patient’s body weight. The patient’s doctor will decide how many cycles the patient needs.  

    Mirvetuximab soravtansine is made up of a monoclonal antibody which is attached to a cancer medicine. The monoclonal antibody is a protein that recognises and attaches to the FRα protein on the cancer cells. When this happens, mirvetuximab soravtansine enters the cancer cell and releases the cancer medicine DM4. DM4 then interferes with the normal growth process of the cancer cells which results in death of the cancer cells.  

    This approval is supported by evidence from a study involving 453 adults with advanced platinum-resistant cancers of the ovary, fallopian tubes and the peritoneum that were FRα positive. In this study, mirvetuximab soravtansine was compared with standard chemotherapy treatment. Patients who received mirvetuximab soravtansine lived on average for around 5.6 months without their disease getting worse while those who received standard treatment lived for around 4 months without their disease getting worse. In addition, patients who received mirvetuximab soravtansine lived longer (around 16.5 months) compared to those given standard treatment (around 12.8 months).  

    The most common side effects of the medicine (which may affect more than 1 in 10 people) include blurred vision, nausea (feeling sick), diarrhoea, tiredness, abdominal pain (belly pain), keratopathy (damage to the cornea, the transparent layer in front of the eye that covers the pupil and iris), dry eye, constipation, vomiting, decreased appetite, peripheral neuropathy (nerve damage in arms and legs), headache, weakness, increased liver enzyme levels (in the blood) and joint pain.

    As with any medicine, the MHRA will keep the safety and effectiveness of mirvetuximab soravtansine under close review.  Anyone who suspects they are having a side effect from this medicine are encouraged to talk to their doctor, pharmacist or nurse and report it directly to the Yellow Card scheme, either through the website (https://yellowcard.mhra.gov.uk/) or by searching the Google Play or Apple App stores for MHRA Yellow Card.  

    Notes to editors   

    1. The new marketing authorisation was granted on 24 July 2025 to AbbVie Ltd. 

    2. More information can be found in the Summary of Product Characteristics and Patient Information leaflets which will be published on the MHRA Products website within 7 days of approval.  

    3. More information on the International Recognition Procedure can be found here

    4. The Medicines and Healthcare products Regulatory Agency (MHRA) is responsible for regulating all medicines and medical devices in the UK by ensuring they work and are acceptably safe.  All our work is underpinned by robust and fact-based judgements to ensure that the benefits justify any risks.   

    5. The MHRA is an executive agency of the Department of Health and Social Care.   

    6. For media enquiries, please contact the newscentre@mhra.gov.uk, or call on 020 3080 7651.

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Revived Sunderland Charity Returns to Support Next Generation of Athletes

    Source: City of Sunderland

    A long-standing Sunderland charity dedicated to supporting Sunderland’s athletes has been revived thanks to new funding from the Martin Laing Foundation and Sunderland City Council.

    The Sunderland Sports Fund, a charitable trust established over 20 years ago, provides financial support to talented young athletes and sportspeople with disabilities of all ages across the Sunderland area. After a period of inactivity during the Covid-19 pandemic, the charity is back in action, helping to nurture the city’s sporting talent.

    The funding will be used to award grants to individuals who live in, study in, or represent a sports club or organisation based in Sunderland. The goal is to break down financial barriers and ensure that no promising athlete is held back due to lack of resources.

    Grants awarded by the Sunderland Sports Fund can help pay for coaching fees, equipment and used towards travel expenses and accommodation for national and international competitions. These grants can help bridge the financial gap for athletes between amateur and elite status.

    Thanks to additional funding from Sunderland City Council the charity can now broaden its scope to help encourage more residents to get into sport. This includes directly funding coaches who will in turn help inspire and train more young people.

    Councillor Beth Jones, Cabinet Member for Communities, Culture and Tourism at Sunderland City Council, said: “The Sunderland Sports Fund is a fantastic charity that champions our young athletes and athletes with disabilities. It’s inspiring to see it brought back to life with this much-needed funding, ensuring we continue to support the next generation of sporting talent in our city, while also promoting the many health and wellbeing benefits that come from participating in sport.

    “It’s especially timely as Sunderland is set to host the opening match of the Women’s Rugby World Cup, shining an even brighter spotlight on women’s sport – and I’m delighted that one of the athletes receiving funding this year is a women’s rugby coach, helping inspire more local women and girls to get involved in the game.”

    To mark the revival, the charity held a relaunch event at Sunderland Fire Station, where it awarded bursaries to two young athletes and a rising young coach. Among the recipients was a female rugby coach from Houghton Rugby Club, who is using her qualifications to help drive participation in women’s and girls’ rugby.

    Jorja Spoors, Houghton Rugby Club Coach said: “The Sunderland Sports fund is a great opportunity offered to me thanks to Sunderland City Council. I’ll be using the fund to gain further qualifications, experience, and knowledge within the game and my coaching. The fund will help me to take my coaching to the highest levels available within rugby, with hopes to possibly pursue coaching as a career in the future.

    “It is amazing to see that Sunderland City Council have chosen to re-launch the fund to support upcoming athletes and coaches, like myself and the other recipients of the fund. It is also great to see the recognition that could be gained for women and girls within rugby and sport as a whole.”

    The relaunch event was hosted by former BBC Look North host Jeff Brown, who now serves as a trustee at Sunderland Sports Fund. Also in attendance was Gary Bennet, former SAFC player and Terry Deary, Sunderland born author of Horrible Histories, as well as the Deputy Mayor Councillor Melanie Thornton.

    In its 25 years, the Sunderland Sports Fund has awarded 670 grants to athletes and coaches across a great number of sports including boxing, basketball, swimming, skiing and more.

    Leslie Scott MBE, Chairman of Sunderland Sports Fund said: “This was a landmark occasion for our charity, not only celebrating its 25th year but also relaunching our mission to help Sunderland’s aspiring young athletes and coaches. Over the years, the achievements of our high achievers, some who have become world champions, has reflected positively on the reputation of the city. It is our hope that we will inspire the current and future cohorts of Sunderland’s young people, who are serious about taking part in competitive sports.”

    For more information or to apply for a grant, contact active@sunderland.gov.uk. 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Gary Crowe is appointed as new Non-executive Director at GAD

    Source: United Kingdom – Executive Government Non-Ministerial Departments

    News story

    Gary Crowe is appointed as new Non-executive Director at GAD

    Exchequer Secretary to the Treasury, James Murray MP has appointed Gary Crowe as a Non-executive Director of the Government Actuary’s Department.

    Gary Crowe brings extensive experience across the financial services, education and healthcare sectors, with expertise in digital transformation, risk and strategy.

    He was recently Professor of Innovation Leadership at Keele University Management School and is an experienced non-executive director (NED). Gary has chaired a range of committees including Finance, Audit, Risk, Investments, and People & Nominations.

    He will be appointed for a 3-year term, starting on 1 August, as NED to the Government Actuary’s Department (GAD). Gary will replace Ian Wilson whose term on the Board is coming to an end later this year.

    Les Philpott, Non-executive Director and Board Chair said :

    “I am delighted at Gary’s appointment to our Board. Gary brings exceptional breadth and depth of experience, having served on 2 NHS Trust boards as well as holding senior roles across consultancy, financial services, and commercial, retail and private banking. His background spans both public and private sectors, and he has led digital transformation in complex, highly regulated environments, always underpinned by robust governance, financial, and risk management expertise.

    “As Chair of the Audit and Risk Assurance Committee for the Human Tissue Authority, Gary has demonstrated a strong capacity for oversight and assurance in demanding regulatory contexts. His appointment will significantly strengthen our Board’s ability to provide strategic guidance and effective oversight. I look forward to welcoming him and working together to advance the department’s objectives.”

    Fiona Dunsire, Government Actuary said:

    “We are very pleased to be able to welcome Gary to GAD as our new non-executive director. His extensive background in innovation leadership and digital transformation, combined with his health and workforce experience as a non-executive director within the NHS, will be invaluable as we continue to evolve our services and support government departments in addressing complex national challenges. I’m confident Gary will make a valuable contribution to GAD’s continued success in serving the public sector.”

    Gary Crowe added:

    “I’m honoured to be appointed as non-executive director at GAD and look forward to contributing to the department’s important work in supporting the public sector. Having worked across various sectors in consultancy and innovation roles, I understand the critical importance of robust actuarial analysis in helping government make informed decisions about financial risk and uncertainty. I’m excited to work with the talented team at GAD to ensure we continue to broaden the impact of the department in supporting government growth objectives and delivering the highest standards of professional service to our clients.”

    About Gary Crowe

    Gary Crowe brings significant strategic and commercial expertise to the Government Actuary’s Department, with a strong track record in public service.

    He currently serves as Chair of the Audit and Risk Assurance Committee for the Human Tissue Authority (term ending September 2025), is the Local Chair for the Dudley Group NHS Foundation Trust and Vice-Chair of University Hospitals of North Midlands NHS Trust.

    He has previously advised on commercial digital innovation as a management consultant with PA Consulting and during 30 years in financial services. Most recently, Gary was Professor of Innovation Leadership at Keele University Management School.

    About the appointment process

    GAD applies technical skills from the actuarial profession, consultancy discipline, high standards of professionalism and industry sector knowledge to help solve financial challenges faced by the UK public sector, helping our clients to understand and analyse financial risk and uncertainty for a wide range of contemporary issues.

    Gary Crowe was appointed following an open recruitment process in line with public appointment procedures.

    He confirmed that he has not undertaken any political activity within the previous 5 years.

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Contract given for works’ completion

    Source: Hong Kong Information Services

    Remaining works under three projects which were previously being carried out by Aggressive Construction Company will be taken up by China Overseas Building Construction, the Housing Authority has announced.

    The authority’s Building Committee & Tender Committee today approved the award of a completion contract for construction works in the Public Housing Development at Tung Chung Area 100 and the Public Housing Development at Tuen Mun Area 29 West, and an underground link that is part of Pak Tin Estate redevelopment Phase 10.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Public alerted to fake tax emails

    Source: Hong Kong Information Services

    The Inland Revenue Department today issued an alert regarding fraudulent emails purportedly issued by the department, which invite recipients to claim tax refunds.

    Each fraudulent email provides a hyperlink to a website that seeks to obtain the recipient’s personal particulars and credit card information.

    Apart from stressing that it has no connection with such emails, the department said it reported the case to Police for further investigation.

    It also reminded the public not to open suspicious emails or visit the attached hyperlinks.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: NASA Launches Mission to Study Earth’s Magnetic Shield

    Source: NASA

    NASA’s newest mission, TRACERS, soon will begin studying how Earth’s magnetic shield protects our planet from the effects of space weather. Short for Tandem Reconnection and Cusp Electrodynamics Reconnaissance Satellites, the twin TRACERS spacecraft lifted off at 11:13 a.m. PDT (2:13 p.m. EDT) Wednesday aboard a SpaceX Falcon 9 rocket from Space Launch Complex 4 East at Vandenberg Space Force Base in California.
    “NASA is proud to launch TRACERS to demonstrate and expand American preeminence in space science research and technology,” said acting NASA Administrator Sean Duffy. “The TRACERS satellites will move us forward in decoding space weather and further our understanding of the connection between Earth and the Sun. This mission will yield breakthroughs that will advance our pursuit of the Moon, and subsequently, Mars.”
    The twin satellites will fly one behind the other – following as closely as 10 seconds apart over the same location – and will take a record-breaking 3,000 measurements in one year to build a step-by-step picture of how magnetic reconnection changes over time.
    Riding along with TRACERS aboard the Falcon 9 were NASA’s Athena EPIC (Economical Payload Integration Cost), PExT (Polylingual Experimental Terminal), and REAL (Relativistic Electron Atmospheric Loss) missions – three small satellites to demonstrate new technologies and gather scientific data. These three missions were successfully deployed, and mission controllers will work to contact them over the coming hours and days.
    Ground controllers for the TRACERS mission established communications with the second of the two spacecraft at 3:43 p.m. PDT (6:43 p.m. EDT), about 3 hours after it separated from the rocket. During the next four weeks, TRACERS will undergo a commissioning period during which mission controllers will check out their instruments and systems.
    Once cleared, the twin satellites will begin their 12-month prime mission to study a process called magnetic reconnection, answering key questions about how it shapes the impacts of the Sun and space weather on our daily lives.
    “NASA’s heliophysics fleet helps to safeguard humanity’s home in space and understand the influence of our closest star, the Sun,” said Joe Westlake, heliophysics division director at NASA Headquarters in Washington. “By adding TRACERS to that fleet, we will gain a better understanding of those impacts right here at Earth.”
    The two TRACERS spacecraft will orbit through an open region in Earth’s magnetic field near the North Pole, called the polar cusp. Here, TRACERS will investigate explosive magnetic events that happen when the Sun’s magnetic field – carried through space in a stream of solar material called the solar wind – collides with Earth’s magnetic field. This collision creates a buildup of energy that causes magnetic reconnection, when magnetic field lines snap and explosively realign, flinging away nearby particles at high speeds.
    Flying through the polar cusp allows the TRACERS satellites to study the results of these magnetic explosions, measuring charged particles that race down into Earth’s atmosphere and collide with atmospheric gases – giving scientist the tools to reconstruct exactly how changes in the incoming solar wind affect how, and how quickly, energy and particles are coupled into near-Earth space.
    “The successful launch of TRACERS is a tribute to many years of work by an excellent team,” said David Miles, TRACERS principal investigator at the University of Iowa. “TRACERS is set to transform our understanding of Earth’s magnetosphere. We’re excited to explore the dynamic processes driving space weather.”
    Small Satellites Along for Ride
    Athena EPIC is a pathfinder mission that will demonstrate NASA’s use of an innovative and configurable commercial SmallSat architecture to improve flexibility of payload designs, reduce launch schedule, and reduce overall costs in future missions, as well as the benefits of working collaboratively with federal partners. In addition to this demonstration for NASA, once the Athena EPIC satellite completes its two-week commissioning period, the mission will spend the next 12 months taking measurements of outgoing longwave radiation from Earth.
    The PExT demonstration will test interoperability between commercial and government communication networks for the first time by demonstrating a wideband polylingual terminal in low Earth orbit. This terminal will use software-defined radios to jump between government and commercial networks, similar to cell phones roaming between providers on Earth. These terminals could allow future missions to switch seamlessly between networks and access new commercial services throughout its lifecycle in space.
    The REAL mission is a CubeSat that will investigate how energetic electrons are scattered out of the Van Allen radiation belts and into Earth’s atmosphere. Shaped like concentric rings high above Earth’s equator, the Van Allen belts are composed of a mix of high-energy electrons and protons that are trapped in place by Earth’s magnetic field. Studying electrons and their interactions, REAL aims to improve our understanding of these energetic particles that can damage spacecraft and imperil astronauts who pass through them. 
    The TRACERS mission is led by David Miles at the University of Iowa with support from the Southwest Research Institute in San Antonio, Texas. NASA’s Heliophysics Explorers Program Office at the agency’s Goddard Space Flight Center in Greenbelt, Maryland, manages the mission for the Heliophysics Division at NASA Headquarters in Washington. The University of Iowa, Southwest Research Institute, University of California, Los Angeles, and the University of California, Berkeley, all lead instruments on TRACERS.
    The Athena EPIC mission is led by NASA’s Langley Research Center in Hampton, Virginia, and is a partnership between National Oceanic and Atmospheric Administration, U.S. Space Force, and NovaWurks. Athena EPIC’s launch is supported by launch integrator SEOPS. The PExT demonstration is managed by NASA’s SCaN (Space Communications and Navigation) program in partnership with Johns Hopkins Applied Physics Laboratory, with launch support by York Space Systems. The REAL project is led by Dartmouth College in Hanover, New Hampshire, and is a partnership between Johns Hopkins Applied Physics Laboratory, Montana State University, and Boston University. Sponsored by NASA’s Heliophysics Division and CubeSat Launch Initiative, it was included through launch integrator Maverick Space Systems.
    NASA’s Launch Services Program, based at the agency’s Kennedy Space Center in Florida, manages the VADR (Venture-class Acquisition of Dedicated and Rideshare) contract.
    To learn more about TRACERS, visit:
    https://nasa.gov/tracers
    -end-
    Abbey Interrante / Karen FoxHeadquarters, Washington301-201-0124 / 202-358-1600abbey.a.interrante@nasa.gov / karen.c.fox@nasa.gov
    Sarah FrazierGoddard Space Flight Center, Greenbelt, Maryland202-853-7191sarah.frazier@nasa.gov

    MIL OSI USA News –

  • MIL-OSI USA: Office of the Governor — Travel Release — Gov. Green to Attend NGA Summer Meeting in Colorado

    Source: US State of Hawaii

    Office of the Governor — Travel Release — Gov. Green to Attend NGA Summer Meeting in Colorado

    Posted on Jul 23, 2025 in Latest Department News, Newsroom, Office of the Governor Press Releases

    STATE OF HAWAIʻI 
    KA MOKU ʻĀINA O HAWAIʻI 
     
    JOSH GREEN, M.D. 
    GOVERNOR
    KE KIAʻĀINA 
     

    GOVERNOR GREEN TO ATTEND NATIONAL GOVERNORS ASSOCIATION SUMMER MEETING IN COLORADO

    FOR IMMEDIATE RELEASE
    July 23, 2025

    HONOLULU – Governor Josh Green, M.D., will travel to Colorado for the National Governors Association (NGA) 2025 Summer Meeting on Wednesday, July 23. He will participate in panel discussions with education experts, economists and business leaders. As one of the NGA’s Public Health and Disaster Task Force co–chairs with Vermont Governor Phil Scott, Governor Green will facilitate a discussion with Center for Medicare & Medicaid Services Administrator Dr. Mehmet Oz. The session will cover how potential changes to federal health programs could affect states. He will return to Hawai‘i Sunday, July 27, 2025.

    Lieutenant Governor Sylvia Luke will serve as acting Governor from the evening of July 23 until the afternoon of July 27.

    # # #

    Media Contacts:  
    Erika Engle
    Press Secretary
    Office of the Governor, State of Hawai‘i
    Office: 808-586-0120
    Email: [email protected] 

    Makana McClellan
    Director of Communications
    Office of the Governor, State of Hawaiʻi
    Cell: 808-265-0083
    Email: [email protected]

    MIL OSI USA News –

  • MIL-OSI: TransUnion Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

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

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

    Second Quarter 2025 Results

    Revenue:

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

    Earnings:

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

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

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

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

    Second Quarter 2025 Segment Results

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

    (in millions) Second
    Quarter 2025    		   Reported
    Growth Rate    		   Constant
    Currency
    Growth Rate    		   Organic
    Constant
    Currency
    Growth Rate
    U.S. Markets:              
    Financial Services $ 420   17 %   17 %   17 %
    Emerging Verticals   324   5 %   5 %   5 %
    Consumer Interactive   147   3 %   3 %   2 %
    Total U.S. Markets Revenue $ 890   10 %   10 %   10 %
                   
    U.S. Markets Adjusted EBITDA $ 337   7 %   7 %   7 %
                   
    International:              
    Canada $ 42   9 %   10 %   10 %
    Latin America   34   (1 )%   4 %   4 %
    United Kingdom   67   19 %   13 %   5 %
    Africa   18   15 %   14 %   14 %
    India   67   5 %   8 %   8 %
    Asia Pacific   24   (7 )%   (8 )%   (8 )%
    Total International Revenue $ 253   7 %   7 %   6 %
                   
    International Adjusted EBITDA $ 108   7 %   8 %   8 %
                           

    Liquidity and Capital Resources

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

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

    Third Quarter and Full Year 2025 Outlook

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

        Three Months Ended September 30, 2025   Twelve Months Ended December 31, 2025
    (in millions, except per share data)   Low   High   Low   High
    Revenue, as reported   $ 1,115     $ 1,135     $ 4,432     $ 4,472  
    Revenue growth1:                
    As reported     3 %     5 %     6 %     7 %
    Constant currency1, 2     3 %     5 %     6 %     7 %
    Organic constant currency1, 3     2 %     4 %     6 %     7 %
                     
    Net income attributable to TransUnion   $ 78     $ 87     $ 412     $ 432  
    Net income attributable to TransUnion growth     14 %     28 %     45 %     52 %
    Net income attributable to TransUnion margin     7.0 %     7.7 %     9.3 %     9.7 %
                     
    Diluted Earnings per Share   $ 0.39     $ 0.44     $ 2.07     $ 2.18  
    Diluted Earnings per Share growth     13 %     27 %     43 %     51 %
                     
    Adjusted EBITDA, as reported5   $ 397     $ 411     $ 1,580     $ 1,610  
    Adjusted EBITDA growth, as reported4     1 %     4 %     5 %     7 %
    Adjusted EBITDA margin     35.6 %     36.2 %     35.7 %     36.0 %
                     
    Adjusted Diluted Earnings per Share5   $ 0.99     $ 1.04     $ 4.03     $ 4.14  
    Adjusted Diluted Earnings per Share growth   (5 )%     — %     3 %     6 %
    1. Additional revenue growth assumptions:
      1. The impact of changing exchange rates is expected to have less than 0.5 point of headwind for Q3 2025 and less than 0.5 point of headwind for FY 2025.
      2. The impact of the recent acquisition is expected to have approximately 1 point of benefit for Q3 2025 and approximately 0.5 point of benefit for FY 2025.
      3. The impact of mortgage is expected to be approximately 2 points of benefit for Q3 2025 and 2 points of benefit for FY 2025.
      4. Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
      5. Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions.
      6. Additional Adjusted EBITDA assumptions:
        1. The impact of changing foreign currency exchange rates is expected to have less than 0.5 point of headwind for Q3 2025 and less than 0.5 point of headwind for FY 2025.
        2. For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.

          3. Earnings Webcast Details

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

          About TransUnion (NYSE: TRU)

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

          http://www.transunion.com/business

          Availability of Information on TransUnion’s Website

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

          Forward-Looking Statements

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

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

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

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

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

        For More Information

        TRANSUNION AND SUBSIDIARIES
        Consolidated Balance Sheets (Unaudited)
        (in millions, except per share data)
         
            June 30,
        2025        		   December 31,
        2024
        Assets        
        Current assets:        
        Cash and cash equivalents   $ 687.5     $ 679.5  
        Trade accounts receivable, net of allowance of $27.4 and $19.9     895.9       798.9  
        Other current assets     322.3       323.4  
        Total current assets     1,905.7       1,801.8  
        Property, plant and equipment, net of accumulated depreciation and amortization of $536.4 and $506.3     228.5       203.5  
        Goodwill     5,256.7       5,144.3  
        Other intangibles, net of accumulated amortization of $2,522.2 and $2,294.5     3,238.7       3,257.5  
        Other assets     488.1       577.7  
        Total assets   $ 11,117.7     $ 10,984.8  
        Liabilities and stockholders’ equity        
        Current liabilities:        
        Trade accounts payable   $ 345.1     $ 294.6  
        Current portion of long-term debt     76.1       70.6  
        Other current liabilities     519.9       694.4  
        Total current liabilities     941.1       1,059.6  
        Long-term debt     5,060.4       5,076.6  
        Deferred taxes     370.7       415.3  
        Other liabilities     119.3       114.5  
        Total liabilities     6,491.5       6,666.0  
        Stockholders’ equity:        
        Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of June 30, 2025 and December 31, 2024, respectively     —       —  
        Common stock, $0.01 par value; 1.0 billion shares authorized at June 30, 2025 and December 31, 2024, 201.4 million and 201.5 million shares issued at June 30, 2025 and December 31, 2024, respectively, and 194.8 million and 194.9 million shares outstanding as of June 30, 2025 and December 31, 2024, respectively     2.0       2.0  
        Additional paid-in capital     2,600.7       2,558.9  
        Treasury stock at cost; 6.7 million and 6.6 million shares at June 30, 2025 and December 31, 2024, respectively     (342.0 )     (334.6 )
        Retained earnings     2,571.1       2,357.9  
        Accumulated other comprehensive loss     (311.6 )     (367.2 )
        Total TransUnion stockholders’ equity     4,520.2       4,217.0  
        Noncontrolling interests     106.0       101.8  
        Total stockholders’ equity     4,626.2       4,318.8  
        Total liabilities and stockholders’ equity   $ 11,117.7     $ 10,984.8  
        TRANSUNION AND SUBSIDIARIES
        Consolidated Statements of Operations (Unaudited)
        (in millions, except per share data)
         
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Revenue   $ 1,139.7     $ 1,040.8     $ 2,235.5     $ 2,062.0  
        Operating expenses                
        Cost of services (exclusive of depreciation and amortization below)     469.9       406.7       915.5       813.0  
        Selling, general and administrative     335.0       310.8       591.8       616.4  
        Depreciation and amortization     142.7       132.9       281.6       266.9  
        Restructuring     —       8.1       —       26.3  
        Total operating expenses     947.5       858.4       1,788.9       1,722.4  
        Operating income     192.2       182.4       446.6       339.6  
        Non-operating income and (expense)                
        Interest expense     (55.7 )     (67.9 )     (111.8 )     (136.5 )
        Interest income     8.8       6.7       17.3       12.1  
        Earnings from equity method investments     5.0       4.6       9.3       9.3  
        Other income and (expense), net     6.6       (5.1 )     (10.8 )     (20.8 )
        Total non-operating income and (expense)     (35.4 )     (61.7 )     (96.0 )     (135.9 )
        Income before income taxes     156.8       120.7       350.5       203.7  
        Provision for income taxes     (44.4 )     (31.0 )     (85.4 )     (44.1 )
        Net income     112.4       89.7       265.1       159.7  
        Less: net income attributable to noncontrolling interests     (2.8 )     (4.7 )     (7.4 )     (9.5 )
        Net income attributable to TransUnion   $ 109.6     $ 85.0     $ 257.7     $ 150.1  
                         
        Basic earnings per common share from:                
        Net income attributable to TransUnion   $ 0.56     $ 0.44     $ 1.32     $ 0.77  
        Diluted earnings per common share from:                
        Net income attributable to TransUnion   $ 0.56     $ 0.44     $ 1.31     $ 0.77  
        Weighted-average shares outstanding:                
        Basic     195.0       194.2       195.0       194.2  
        Diluted     197.2       195.2       197.2       195.3  

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

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

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


        TRANSUNION AND SUBSIDIARIES
        Non-GAAP Financial Measures

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

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

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

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

        Consolidated Adjusted EBITDA

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

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

        Consolidated Adjusted EBITDA Margin

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

        Adjusted Net Income

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

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

        Adjusted Diluted Earnings Per Share

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

        Adjusted Provision for Income Taxes

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

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

        Adjusted Effective Tax Rate

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

        Leverage Ratio

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

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

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

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

        SCHEDULE 1
        TRANSUNION AND SUBSIDIARIES
        Revenue and Adjusted EBITDA growth rates as Reported, CC, and Organic CC
        (Unaudited)
         
            For the Three Months Ended June 30, 2025 compared with
        the Three Months Ended June 30, 2024        		   For the Six Months Ended June 30, 2025 compared with
        the Six Months Ended June 30, 2024
            Reported   CC Growth1   Inorganic   Organic CC Growth2   Reported   CC Growth1   Inorganic   Organic CC Growth2
        Revenue:                                
        Consolidated   9.5 %   9.5 %   0.7 %   8.9 %   8.4 %   8.8 %   0.3 %   8.5 %
        U.S. Markets   10.0 %   10.0 %   0.3 %   9.8 %   9.3 %   9.3 %   0.1 %   9.2 %
        Financial Services   17.1 %   17.1 %   — %   17.1 %   15.9 %   15.9 %   — %   15.9 %
        Emerging Verticals   4.9 %   4.9 %   — %   4.9 %   5.4 %   5.4 %   — %   5.4 %
        Consumer Interactive   3.3 %   3.3 %   1.5 %   1.8 %   1.3 %   1.3 %   0.7 %   0.5 %
        International   7.4 %   7.4 %   2.0 %   5.5 %   4.9 %   6.7 %   1.0 %   5.7 %
        Canada   9.0 %   10.5 %   — %   10.5 %   4.8 %   8.7 %   — %   8.7 %
        Latin America   (1.0 )%   4.0 %   — %   4.0 %   (0.8 )%   5.5 %   — %   5.5 %
        United Kingdom   18.7 %   12.6 %   8.4 %   4.6 %   13.8 %   11.0 %   4.3 %   7.0 %
        Africa   15.0 %   13.7 %   — %   13.7 %   13.5 %   11.7 %   — %   11.7 %
        India   4.8 %   7.6 %   — %   7.6 %   0.5 %   4.0 %   — %   4.0 %
        Asia Pacific   (6.8 )%   (7.7 )%   — %   (7.7 )%   — %   — %   — %   — %
                                         
        Adjusted EBITDA:                                
        Consolidated   8.1 %   8.3 %   — %   8.3 %   9.4 %   10.2 %   — %   10.2 %
        U.S. Markets   6.8 %   6.8 %   — %   6.8 %   9.4 %   9.4 %   — %   9.4 %
        International   7.2 %   8.0 %   — %   7.9 %   4.9 %   7.6 %   — %   7.6 %
        1. Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
        2. Organic CC growth rate is the CC growth rate less the inorganic growth rate.
        SCHEDULE 2
        TRANSUNION AND SUBSIDIARIES
        Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin (Unaudited)
        (dollars in millions)
         
          Three Months Ended June 30,   Six Months Ended June 30,
            2025       2024       2025       2024  
        Revenue:              
        U.S. Markets gross revenue              
        Financial Services $ 419.9     $ 358.7     $ 823.5     $ 710.4  
        Emerging Verticals   323.6       308.5       638.5       606.0  
        Consumer Interactive   146.9       142.1       285.1       281.5  
        U.S. Markets gross revenue $ 890.4     $ 809.3     $ 1,747.0     $ 1,597.8  
                       
        International gross revenue              
        Canada $ 42.3     $ 38.8     $ 80.1     $ 76.5  
        Latin America   34.1       34.5       66.9       67.4  
        United Kingdom   67.2       56.6       126.1       110.8  
        Africa   18.2       15.8       35.1       30.9  
        India   66.6       63.5       135.3       134.6  
        Asia Pacific   24.5       26.2       51.5       51.5  
        International gross revenue $ 252.9     $ 235.4     $ 495.0     $ 471.7  
                       
        Total gross revenue $ 1,143.2     $ 1,044.7     $ 2,242.1     $ 2,069.6  
                       
        Intersegment revenue eliminations              
        U.S. Markets $ (1.9 )   $ (2.4 )   $ (3.5 )   $ (4.7 )
        International   (1.6 )     (1.5 )     (3.1 )     (3.0 )
        Total intersegment revenue eliminations $ (3.5 )   $ (3.9 )   $ (6.6 )   $ (7.6 )
                       
        Total revenue as reported $ 1,139.7     $ 1,040.8     $ 2,235.5     $ 2,062.0  
                       
        Adjusted EBITDA:              
        U.S. Markets $ 337.2     $ 315.8     $ 657.4     $ 600.9  
        International   108.0       100.8       217.8       207.6  
        Corporate   (38.2 )     (40.0 )     (71.0 )     (73.8 )
        Adjusted EBITDA Margin:1              
        U.S. Markets   37.9 %     39.0 %     37.6 %     37.6 %
        International   42.7 %     42.8 %     44.0 %     44.0 %
        1. Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA.
          Three Months Ended June 30,   Six Months Ended June 30,
            2025       2024       2025       2024  
        Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA:              
        Net income attributable to TransUnion $ 109.6     $ 85.0     $ 257.7     $ 150.1  
        Net interest expense   47.0       61.2       94.5       124.4  
        Provision for income taxes   44.4       31.0       85.4       44.1  
        Depreciation and amortization   142.7       132.9       281.6       266.9  
        EBITDA $ 343.7     $ 310.1     $ 719.2     $ 585.4  
        Adjustments to EBITDA:              
        Stock-based compensation   40.2       27.8       70.5       51.9  
        Mergers and acquisitions, divestitures and business optimization1   (4.6 )     0.7       13.2       9.8  
        Accelerated technology investment2   23.2       18.2       43.3       36.8  
        Operating model optimization program3   5.4       14.6       15.2       39.1  
        Net other4   (0.8 )     5.2       (57.3 )     11.7  
        Total adjustments to EBITDA $ 63.3     $ 66.5     $ 85.0     $ 149.3  
        Consolidated Adjusted EBITDA $ 407.0     $ 376.6     $ 804.1     $ 734.7  
                       
        Net income attributable to TransUnion margin   9.6 %     8.2 %     11.5 %     7.3 %
        Consolidated Adjusted EBITDA margin5   35.7 %     36.2 %     36.0 %     35.6 %

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

          1. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Transaction and integration costs   $ 2.9     $ 1.2     $ 8.2     $ 3.4  
        Fair value and impairment adjustments     (7.6 )     0.7       5.0       0.8  
        Post-acquisition adjustments     —       (1.2 )     —       5.7  
        Total mergers and acquisitions, divestitures and business optimization   $ (4.6 )   $ 0.7     $ 13.2     $ 9.8  
          2. Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Foundational Capabilities   $ 4.2     $ 8.3     $ 11.7     $ 15.0  
        Migration Management     19.0       8.7       31.6       18.8  
        Program Enablement     —       1.2       —       2.9  
        Total accelerated technology investment   $ 23.2     $ 18.2     $ 43.3     $ 36.8  
          3. Operating model optimization consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Employee separation   $ —     $ 7.9     $ —     $ 24.6  
        Facility exit     —       0.2       —       1.7  
        Business process optimization     5.4       6.5       15.2       12.8  
        Total operating model optimization   $ 5.4     $ 14.6     $ 15.2     $ 39.1  
          4. Net other consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Deferred loan fee expense from debt prepayments and refinancing   $ —     $ 6.0     $ (0.1 )   $ 9.1  
        Other debt financing expenses     0.6       0.6       1.1       1.1  
        Currency remeasurement on foreign operations     (1.5 )     (1.3 )     (2.1 )     1.3  
        Legal and regulatory expenses, net     —       —       (56.0 )     —  
        Other non-operating (income) expense     0.2       (0.1 )     (0.1 )     0.2  
        Total other adjustments   $ (0.8 )   $ 5.2     $ (57.3 )   $ 11.7  
          5. Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.
        SCHEDULE 3
        TRANSUNION AND SUBSIDIARIES
        Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited)
        (in millions, except per share data)
         
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Income attributable to TransUnion   $ 109.6     $ 85.0     $ 257.7     $ 150.1  
                         
        Weighted-average shares outstanding:                
        Basic     195.0       194.2       195.0       194.2  
        Diluted     197.2       195.2       197.2       195.3  
                         
        Basic earnings per common share from:                
        Net income attributable to TransUnion   $ 0.56     $ 0.44     $ 1.32     $ 0.77  
        Diluted earnings per common share from:                
        Net income attributable to TransUnion   $ 0.56     $ 0.44     $ 1.31     $ 0.77  
                         
        Reconciliation of Net income attributable to TransUnion to Adjusted Net Income:                
        Net income attributable to TransUnion   $ 109.6     $ 85.0     $ 257.7     $ 150.1  
        Adjustments before income tax items:                
        Amortization of certain intangible assets1     73.1       71.3       143.9       143.3  
        Stock-based compensation     40.2       27.8       70.5       51.9  
        Mergers and acquisitions, divestitures and business optimization2     (4.6 )     0.7       13.2       9.8  
        Accelerated technology investment3     23.2       18.2       43.3       36.8  
        Operating model optimization program4     5.4       14.6       15.2       39.1  
        Net other5     (1.5 )     4.8       (58.2 )     10.7  
        Total adjustments before income tax items   $ 135.6     $ 137.4     $ 227.9     $ 291.6  
        Total adjustments for income taxes6     (32.1 )     (29.4 )     (64.8 )     (69.7 )
        Adjusted Net Income   $ 213.1     $ 193.0     $ 420.7     $ 372.0  
                         
        Weighted-average shares outstanding:                
        Basic     195.0       194.2       195.0       194.2  
        Diluted     197.2       195.2       197.2       195.3  
                         
        Adjusted Earnings per Share:                
        Basic   $ 1.09     $ 0.99     $ 2.16     $ 1.92  
        Diluted   $ 1.08     $ 0.99     $ 2.13     $ 1.90  
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Reconciliation of Diluted earnings per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share:                
        Diluted earnings per common share from:                
        Net income attributable to TransUnion   $ 0.56     $ 0.44     $ 1.31     $ 0.77  
        Adjustments before income tax items:                
        Amortization of certain intangible assets1     0.37       0.37       0.73       0.73  
        Stock-based compensation     0.20       0.14       0.36       0.27  
        Mergers and acquisitions, divestitures and business optimization2     (0.02 )     —       0.07       0.05  
        Accelerated technology investment3     0.12       0.09       0.22       0.19  
        Operating model optimization program4     0.03       0.08       0.08       0.20  
        Net other5     (0.01 )     0.02       (0.30 )     0.05  
        Total adjustments before income tax items   $ 0.69     $ 0.70     $ 1.16     $ 1.49  
        Total adjustments for income taxes6     (0.16 )     (0.15 )     (0.33 )     (0.36 )
        Adjusted Diluted Earnings per Share   $ 1.08     $ 0.99     $ 2.13     $ 1.90  

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

          1. Consists of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisitions after our 2012 change-in-control transaction.
          2. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Transaction and integration costs   $ 2.9     $ 1.2     $ 8.2     $ 3.4  
        Fair value and impairment adjustments     (7.6 )     0.7       5.0       0.8  
        Post-acquisition adjustments     —       (1.2 )     —       5.7  
        Total mergers and acquisitions, divestitures and business optimization   $ (4.6 )   $ 0.7     $ 13.2     $ 9.8  
          3. Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Foundational Capabilities   $ 4.2     $ 8.3     $ 11.7     $ 15.0  
        Migration Management     19.0       8.7       31.6       18.8  
        Program Enablement     —       1.2       —       2.9  
        Total accelerated technology investment   $ 23.2     $ 18.2     $ 43.3     $ 36.8  
          4. Operating model optimization consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Employee separation   $ —     $ 7.9     $ —     $ 24.6  
        Facility exit     —       0.2       —       1.7  
        Business process optimization     5.4       6.5       15.2       12.8  
        Total operating model optimization   $ 5.4     $ 14.6     $ 15.2     $ 39.1  
          5. Net other consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Deferred loan fee expense from debt prepayments and refinancing   $ —     $ 6.0     $ (0.1 )   $ 9.1  
        Currency remeasurement on foreign operations     (1.5 )     (1.3 )     (2.1 )     1.3  
        Legal and regulatory expenses, net     —       —       (56.0 )     —  
        Other non-operating (income) and expense     —       0.1       —       0.3  
        Total other adjustments   $ (1.5 )   $ 4.8     $ (58.2 )   $ 10.7  
          6. Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.
        SCHEDULE 4
        TRANSUNION AND SUBSIDIARIES
        Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate (Unaudited)
        (dollars in millions)
         
          Three Months Ended June 30,   Six Months Ended June 30,
            2025       2024       2025       2024  
        Income before income taxes $ 156.8     $ 120.7     $ 350.5     $ 203.7  
        Total adjustments before income tax items from Schedule 3   135.6       137.4       227.9       291.6  
        Adjusted income before income taxes $ 292.4     $ 258.1     $ 578.5     $ 495.3  
                       
        Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes:              
        Provision for income taxes   (44.4 )     (31.0 )     (85.4 )     (44.1 )
        Adjustments for income taxes:              
        Tax effect of above adjustments   (33.0 )     (31.7 )     (65.3 )     (66.7 )
        Eliminate impact of excess tax expense for stock-based compensation   (0.2 )     (0.1 )     0.3       0.9  
        Other1   1.1       2.5       0.2       (4.0 )
        Total adjustments for income taxes $ (32.1 )   $ (29.4 )   $ (64.8 )   $ (69.7 )
        Adjusted Provision for Income Taxes $ (76.5 )   $ (60.4 )   $ (150.3 )   $ (113.8 )
                       
        Effective tax rate   28.3 %     25.7 %     24.4 %     21.6 %
        Adjusted Effective Tax Rate   26.2 %     23.4 %     26.0 %     23.0 %

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

          1. Other adjustments for income taxes include:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Deferred tax adjustments   $ (2.9 )   $ —     $ (7.4 )   $ (5.2 )
        Valuation allowance adjustments     (0.7 )     —       1.5       0.2  
        Return to provision, audit adjustments and reserves related to prior periods     3.9       3.3       4.9       2.3  
        Other adjustments     0.8       (0.8 )     1.2       (1.3 )
        Total other adjustments   $ 1.1     $ 2.5     $ 0.2     $ (4.0 )
        SCHEDULE 5
        TRANSUNION AND SUBSIDIARIES
        Leverage Ratio (Unaudited)
        (dollars in millions)
         
            Trailing Twelve Months Ended
        June 30, 2025
        Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA:    
        Net income attributable to TransUnion   $ 391.9  
        Net interest expense     206.8  
        Provision for income taxes     140.2  
        Depreciation and amortization     552.5  
        EBITDA   $ 1,291.4  
        Adjustments to EBITDA:    
        Stock-based compensation   $ 139.9  
        Mergers and acquisitions, divestitures and business optimization1     29.9  
        Accelerated technology investment2     90.8  
        Operating model optimization program3     71.0  
        Net other4     (47.2 )
        Total adjustments to EBITDA   $ 284.3  
        Consolidated Adjusted EBITDA     1,575.7  
        Adjusted EBITDA for Pre-Acquisition Period5     1.7  
        Leverage Ratio Adjusted EBITDA   $ 1,577.4  
             
        Total debt   $ 5,136.5  
        Less: Cash and cash equivalents     687.5  
        Net Debt   $ 4,449.0  
             
        Ratio of Net Debt to Net income attributable to TransUnion     11.4  
        Leverage Ratio     2.8  

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

          1. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
            Trailing Twelve Months Ended
        June 30, 2025
        Transaction and integration costs   $ 16.0  
        Fair value and impairment adjustments     12.6  
        Post-acquisition adjustments     1.3  
        Total mergers and acquisitions, divestitures and business optimization   $ 29.9  
          2. Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
            Trailing Twelve Months Ended
        June 30, 2025
        Foundational Capabilities   $ 32.3  
        Migration Management     55.9  
        Program Enablement     2.5  
        Total accelerated technology investment   $ 90.8  
          3. Operating model optimization consisted of the following adjustments:
            Trailing Twelve Months Ended
        June 30, 2025
        Employee separation   $ —  
        Facility exit     40.5  
        Business process optimization     30.5  
        Total operating model optimization   $ 71.0  
          4. Net other consisted of the following adjustments:
            Trailing Twelve Months Ended
        June 30, 2025
        Deferred loan fee expense from debt prepayments and refinancings   $ 8.6  
        Other debt financing expenses     2.3  
        Currency remeasurement on foreign operations     (1.3 )
        Legal and regulatory expenses, net     (56.0 )
        Other non-operating (income) and expense     (0.8 )
        Total other adjustments   $ (47.2 )
          5. The trailing twelve months ended June 30, 2025 includes the nine months of Adjusted EBITDA related to Monevo prior to our acquisition in April 2025.
        SCHEDULE 6
        TRANSUNION AND SUBSIDIARIES
        Segment Depreciation and Amortization (Unaudited)
        (in millions)
         
          Three Months Ended June 30,   Six Months Ended June 30,
            2025         2024     2025       2024  
                       
        U.S. Markets $ 105.2     $   99.4   $ 206.4     $ 200.1  
        International   36.6         32.5     73.2       64.7  
        Corporate   0.9         1.0     2.0       2.0  
        Total depreciation and amortization $ 142.7     $   132.9   $ 281.6     $ 266.9  

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

        SCHEDULE 7
        TRANSUNION AND SUBSIDIARIES
        Reconciliation of Non-GAAP Guidance (Unaudited)
        (in millions, except per share data)
         
          Three Months Ended September 30, 2025   Twelve Months Ended December 31, 2025
          Low   High   Low   High
        Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA:              
        Net income attributable to TransUnion $ 78     $ 87     $ 412     $ 432  
        Interest, taxes and depreciation and amortization   235       239       931       940  
        EBITDA $ 312     $ 326     $ 1,342     $ 1,372  
        Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments1   85       85       238       238  
        Adjusted EBITDA $ 397     $ 411     $ 1,580     $ 1,610  
                       
        Net income attributable to TransUnion margin   7.0 %     7.7 %     9.3 %     9.7 %
        Consolidated Adjusted EBITDA margin2   35.6 %     36.2 %     35.7 %     36.0 %
                       
        Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:              
        Diluted earnings per share $ 0.39     $ 0.44     $ 2.07     $ 2.18  
        Adjustments to diluted earnings per share1   0.60       0.60       1.96       1.96  
        Adjusted Diluted Earnings per Share $ 0.99     $ 1.04     $ 4.03     $ 4.14  

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

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

        The MIL Network –

  • MIL-OSI NGOs: Iran/Israel: Iranian forces’ use of cluster munitions in ‘12 Day War’ violated international humanitarian law

    Source: Amnesty International –

    • Unlawful ballistic missile strikes utilizing cluster munitions landed in residential areas in Israel
    • “Cluster munitions are inherently indiscriminate weapons that must never be used ” – Erika Guevara Rosas

    The Iranian forces’ use of cluster munitions during the ‘12 Day War’ with Israel was a flagrant violation of international humanitarian law, Amnesty International said today.

    Last month, the Iranian forces fired ballistic missiles whose warheads contained submunitions into populated residential areas of Israel, in attacks endangering civilians. Amnesty International analysed photos and videos showing cluster munitions that, according to media reports, struck inside the Gush Dan metropolitan area around Tel Aviv on 19 June.

    In addition, the cities of Beersheba, southern Israel (20 June), and Rishon LeZion, to the south of Tel Aviv (22 June), were also struck with ordnance that left multiple impact craters consistent with the submunitions seen in Gush Dan. Such submunitions hit a school and basketball court in Beersheba, but no deaths or injuries were reported.

    “Cluster munitions are inherently indiscriminate weapons that must never be used. By using such weapons in or near populated residential areas, Iranian forces endangered civilian lives and demonstrated clear disregard for international humanitarian law,” said Erika Guevara Rosas, Amnesty International’s Senior Director for Research, Advocacy, Policy and Campaigns.

    “Civilians, particularly children, are most at risk of injury or death from unexploded submunitions. Iranian forces’ deliberate use of such inherently indiscriminate weapons is a blatant violation of international humanitarian law.”

    Customary international humanitarian law prohibits the use of inherently indiscriminate weapons, and launching indiscriminate attacks that kill or injure civilians constitutes a war crime.

    Civilians, particularly children, are most at risk of injury or death from unexploded submunitions.

    Erika Guevara Rosas, Amnesty International’s Senior Director for Research, Advocacy, Policy and Campaigns

    Cluster munitions are conventional ordnance designed to disperse or release small explosive submunitions. Typically, such submunitions are launched and dispersed by rockets, artillery, or air-dropped containers, scattering ordnance over a wide area, sometimes as large as a football pitch, which often remain unexploded.

    According to media reports, the warheads deployed by Iranian forces against Israel dispersed their payload several kilometres above the ground, spreading their submunitions over a very large area.

    Many systems have high “dud” rates, leaving large areas contaminated with unexploded ordnance which can remain lethal for years or even decades after a conflict has ended.

    The Convention on Cluster Munitions, which entered into force on 1 August 2010, bans the use, production, stockpiling and transfer of cluster munitions. Amnesty International has called on all states that have not acceded to the Convention on Cluster Munitions, including Iran and Israel, to become a party to it and strictly comply with its terms.

    Amnesty International sent questions regarding the use of cluster munitions to the Iranian authorities on 15 July 2025. At the time of publication, no response had yet been received.

    MIL OSI NGO –

  • MIL-OSI NGOs: Iran/Israel: Iranian forces’ use of cluster munition in ’12 day war’ violated international humanitarian law

    Source: Amnesty International –

    Unlawful ballistic missile strikes utilising cluster munitions landed in residential areas in Israel

    ‘Cluster munitions are inherently indiscriminate weapons that must never be used’ – Erika Guevara Rosas

    The Iranian forces’ use of cluster munitions during the ‘12 Day War’ with Israel was a flagrant violation of international humanitarian law, Amnesty International said today.

    Last month, the Iranian forces fired ballistic missiles whose warheads contained submunitions into populated residential areas of Israel, in attacks endangering civilians. Amnesty analysed photos and videos showing cluster munitions that, according to media reports, struck inside the Gush Dan metropolitan area around Tel Aviv on 19 June.

    In addition, the cities of Beersheba, southern Israel (20 June), and Rishon LeZion, to the south of Tel Aviv (22 June), were also struck with ordnance that left multiple impact craters consistent with the submunitions seen in Gush Dan. Such submunitions hit a school and basketball court in Beersheba, but no deaths or injuries were reported.

    Erika Guevara Rosas, Amnesty International’s Senior Director for Research, Advocacy, Policy and Campaigns, said:

    “Cluster munitions are inherently indiscriminate weapons that must never be used. By using such weapons in or near populated residential areas, Iranian forces endangered civilian lives and demonstrated clear disregard for international humanitarian law.

    “Civilians, particularly children, are most at risk of injury or death from unexploded submunitions. Iranian forces’ deliberate use of such inherently indiscriminate weapons is a blatant violation of international humanitarian law.”

    Customary international humanitarian law prohibits the use of inherently indiscriminate weapons, and launching indiscriminate attacks that kill or injure civilians constitutes a war crime.

    Cluster munitions are conventional ordnance designed to disperse or release small explosive submunitions. Typically, such submunitions are launched and dispersed by rockets, artillery, or air-dropped containers, scattering ordnance over a wide area, sometimes as large as a football pitch, which often remain unexploded.

    According to media reports, the warheads deployed by Iranian forces against Israel dispersed their payload several kilometres above the ground, spreading their submunitions over a very large area.

    Many systems have high “dud” rates, leaving large areas contaminated with unexploded ordnance which can remain lethal for years or even decades after a conflict has ended.

    The Convention on Cluster Munitions, which entered into force on 1 August 2010, bans the use, production, stockpiling and transfer of cluster munitions. Amnesty has called on all states that have not acceded to the Convention on Cluster Munitions, including Iran and Israel, to become a party to it and strictly comply with its terms.

    Amnesty sent questions regarding the use of cluster munitions to the Iranian authorities on 15 July. At the time of publication, no response had yet been received.

    Missiles fired at Israel

    On 19 June, media reported that the Israeli military announced that Iranian forces had fired “a missile that contained cluster submunitions at a densely populated civilian area” in central Israel, and that approximately 20 submunitions fell over an estimated eight-kilometre radius.

    Amnesty’s weapon experts were able to identify an unexploded submunition apparently found in the Gush Dan metropolitan area on 19 June. Amnesty could not independently establish where this submunition landed.

    According to Haaretz, another cluster munition struck the top floor of a home in Azor shortly after 7am where a man and his son had been asleep. The father and son were woken up by sirens and managed to reach a safe room downstairs just before the submunition hit.

    Amnesty’s weapons experts identified the submunitions (above) from images shared by the media, which cited Israeli military’s Home Front Command.

    Furthermore, media reports of simultaneous impacts in Beersheba on 20 June seemingly indicate that cluster munitions were also used in that area. Among the several locations that were hit, Amnesty was able to verify that a submunition hit the basketball court of Gevim School in Beersheba. No deaths or injuries were reported. However, due to the high dud rate, there is the possibility that unexploded munitions not yet found could cause death or injury in the future.

    Israeli media also reported a cluster munitions strike on Rishon LeZion on 22 June. Amnesty analysed photographs of a crater in a residential street, which was consistent with impact craters left by submunitions used in the attack on the Gush Dan area.

    The ballistic missiles used by Iranian forces proved wildly inaccurate, and thus completely inappropriate for use near or in civilian residential areas. For example, an analysis of the October 2024 ballistic missiles strikes by Iranian forces against Israel showed that the missiles missed their intended target by an average of half-a-kilometre or more.

    International humanitarian law prohibits indiscriminate attacks, including through the use of weapons which cannot be directed at a specific military objective.

    Fin-stabilised submunitions

    While it has not been possible to determine precisely what kind of ballistic missile was used in these three attacks, the submunitions it dispersed bear a striking resemblance to a fin-stabilised submunition that appeared to have landed in the city of Gorgan, Golestan province, in Iran on 18 September 2023, following a failed missile test. Two citizens were reportedly injured.

    A picture of the submunition was published by Mashregh News, a news organisation in Iran, amid widespread reports of multiple explosions being heard and ordnance landing in and around the city. The Iranian authorities did not acknowledge testing cluster munitions; instead, Iran’s Ministry of Defence announced on 18 September 2023 that: “During a research test of offensive and drone systems conducted in a desert area, one of the systems under testing experienced a technical malfunction, veered off its intended path, and disintegrated, with parts of it falling in areas of the city of Gorgan.”

    The cluster munitions used by the Iranian forces also bear external resemblance to those showcased during defence exhibitions in Tehran in 2016.

    Civilians killed

    During the escalation of hostilities between Israel and Iran, at least 1,100 people were killed in Iran, including at least 132 women and 45 children, according to Iran’s Foundation for Martyrs and Veterans Affairs. Amnesty is calling for Israel’s attack on Evin prison in Tehran on 23 June that killed and injured scores of civilians, including a child, to be investigated as a war crime following an in-depth investigation.

    At least 29 people, including women and children, were killed as a result of Iranian attacks in Israel, according to the Israeli Health Ministry. In one of the deadliest incidents, four members of the same family – three women and one child – were killed by an Iranian missile that hit the Palestinian town of Tamra in northern Israel on 14 June.  

    MIL OSI NGO –

  • MIL-OSI Russia: Financial news: Summary table of proposals and comments on the draft Bank of Russia instruction

    Translation. Region: Russian Federal

    Source: Central Bank of Russia –

    An important disclaimer is at the bottom of this article.

    Public discussion

    Draft regulatory documents of the Bank of Russia for public discussion

    Summary table of proposals and comments on the draft Bank of Russia instruction “On Amendments to Bank of Russia Instruction dated April 10, 2023 No. 6406-U”

    Draft regulation of the Bank of Russia “On the requirements for targeted internal control rules to combat the legalization (laundering) of proceeds from crime, the financing of terrorism, extremist activity and the financing of the proliferation of weapons of mass destruction, on the qualification requirements for special officials responsible for the implementation of targeted internal control rules to combat the legalization (laundering) of proceeds from crime, the financing of terrorism, extremist activity and the financing of the proliferation of weapons of mass destruction, and on the procedure for informing organizations carrying out transactions with funds or other property that are members of a banking group or banking holding company, on the introduction of the ban specified in Part Two of Article 13 of Federal Law No. 115-FZ of August 7, 2001 “On Combating the Legalization (Laundering) of Proceeds from Crime and the Financing of Terrorism”

    Draft Bank of Russia instruction “On the procedure for notification by a bank (other credit institution) of the opening or closing of an account, of a change in account details, of a change in account details in electronic form to the territorial body of the insurer”

    Draft Bank of Russia Instruction “On Amending Bank of Russia Instruction No. 3701-U of June 29, 2015 “On the Procedure for Sending Requests and Receiving Information from the Central Catalog of Credit Histories by Submitting a Request through a Notary”

    Draft Bank of Russia Instruction “On Amendments to Bank of Russia Instruction No. 135-I of April 2, 2010”

    Draft Bank of Russia Instruction “On the cases and procedure for partial redemption of investment units of a closed-end mutual investment fund without the owner of the investment units submitting a request for their redemption”

    Draft Bank of Russia Instruction “On Amendments to Bank of Russia Instruction No. 6568-U dated October 6, 2023”

    Summary table of comments and suggestions on the draft Bank of Russia instruction “On Amendments to Bank of Russia Instruction dated September 18, 2017 No. 4533-U”

    Summary table of comments, suggestions and questions on the draft Bank of Russia Instruction “On types of assets, characteristics of types of assets for which risk coefficient surcharges are established, and on the application of surcharges to the specified types of assets when credit institutions determine capital adequacy standards”

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

    .

    MIL OSI Russia News –

  • MIL-OSI United Nations: Resilience at the Core: Reframing Social Development for a Risk-Prone World

    Source: UNISDR Disaster Risk Reduction

    Venue

    Qatar National Convention Centre, Doha (Room TBC)

    Background  

    The Second World Summit for Social Development takes place at a defining moment for global development. As the 2030 Agenda enters its final stretch, only 17% of SDG targets are currently on track. The promise to end poverty, expand decent work, and reduce inequalities is faltering under the weight of intersecting crises, from escalating climate extremes and pandemics to economic shocks and pandemics. At the same time, 2025 also marks the final implementation phase of the Sendai Framework for Disaster Risk Reduction 2015-2030.  

    In this context, disasters have become a structural feature of development, not isolated events. Each year, they affect over 100 million people, disrupt livelihoods, displace millions, and erase decades of progress in a matter of hours. These impacts are not evenly distributed: they disproportionately affect people in vulnerable situations such as women, children, older persons, persons with disabilities, and those living in poverty, further entrenching cycles of inequality and exclusion. 

    Social development systems such as social protection, health, education, and employment are not designed to withstand compounding shocks. Most social protection schemes do not anticipate risk or reach the most exposed communities. Critical infrastructure is rarely built with future hazards in mind. According to the Global Assessment Report 2025, more than 80 percent of global disaster losses are linked to sectors critical to human development, including education, health, housing, and transport. These systemic weaknesses are not only exposing people to greater risk but are also locking countries into cycles of crisis and recovery, rather than enabling sustainable and inclusive progress. 

    Yet this crisis presents an opportunity, the 2023 Midterm Review of the Sendai Framework and the outcome of the 8th Global Platform for Disaster Risk Reduction – The Geneva Call for Disaster Risk Reduction – highlighted that countries which invest in risk-informed planning, governance, and infrastructure experience fewer lives lost, faster recoveries, and more equitable development. DRR is not solely a matter of responding to disasters; it is fundamentally about reshaping the way public systems are designed and implemented, to be more inclusive, forward-looking, and resilient to a broad spectrum of risks. Risk-informed development means making deliberate choices to anticipate, plan for, reduce and prevent disaster risk. It means aligning DRR with poverty eradication, decent work, housing, and inclusion – not as an add-on, but as a core strategy for sustainable development. This requires political will, institutional change, and financing systems that reward prevention and protect the most vulnerable. 

    The 2025 World Summit on Social Development is a once-in-a-generation opportunity to reposition DRR as a foundation for social justice and equity. Building resilience is not only a technical imperative, it is a social and moral one. This Solutions Session will spotlight the transformative potential of DRR to protect development gains, tackle root causes of vulnerability, and ensure no one is left behind. 

    Objective 

    This Solutions Session will challenge the conventional view of DRR as a siloed technical tool and reframe it as a transformative accelerator of social development. It will: 

    • Highlight policy shifts where governments use data, anticipatory action, and inclusive design to future-proof their development pathways. 

    • Catalyze institutional and policy shifts across Member States, the UN system and the private sector to mainstream DRR as a core approach to achieving inclusive, risk-informed, and future-ready social development. 

    MIL OSI United Nations News –

  • MIL-OSI United Nations: 24 July 2025 Departmental update WHO unveils health and environment scorecards for 194 countries

    Source: World Health Organisation

    The World Health Organization (WHO) has released the 2024 update of its health and environment country scorecards, assessing how countries are managing eight major environmental threats to health across sectors. These threats include air pollution, unsafe water, sanitation and hygiene (WASH), climate change, loss of biodiversity, exposure to chemicals, and radiation, occupational risks, and environmental risks in and around health care facilities. This year’s edition also introduces a new summary score, offering a concise snapshot of how environmental conditions are impacting people’s health.

    WHO’s health and environment country scorecards serve as a valuable tool for guiding national action. They provide detailed data across the eight key areas linking environment, climate change, and health policies, promoting cross-sectoral engagement, and helping governments prioritize evidence-based interventions. 

    “Tackling environmental risks isn’t optional—it’s a prescription for better health, stronger economies, and a safer future. You can’t have healthy people on a sick planet,” said Dr Maria Neira, WHO Director, Department of Environment, Climate Change and Health. “We urge all countries to take bold, coordinated action across sectors to reduce environmental threats. Investing in clean air, safe water, and climate-protective policies is not just good for the planet. It’s essential for the health and future of their people.”

    From among countries, Norway and Canada received the highest scores overall. Among income groups, Argentina scored highest for upper-middle-income countries, Jordan for lower-middle-income, and Malawi for low-income countries. European countries led in regional averages, followed by the Americas, Western Pacific, and Eastern Mediterranean, and other regions.

    In this third round of scorecards, the introduction of the summary score marks a significant step forward in helping countries prioritize action on health and environment. The summary score is designed to condense a wide range of environmental health indicators into a single, accessible measure. Comprising 25 key indicators across environment, climate change, and health, the score enables countries to track progress at national, regional, and global levels—highlighting trends in exposures, health impacts, policy implementation, as well as identifying critical data gaps.

    The scorecards support countries in conducting situation assessments and setting evidence-based priorities for action. While large disparities exist between countries, shaped in part by differing levels of economic resources, every country has an opportunity to strengthen efforts to reduce environmental health risks.

    “The updated scorecards, together with the summary score, now bring new visibility to the links between environment and health at country level,” said Dr Annette Pruess, Unit Head, Department of Environment, Climate Change and Health, WHO. “This is a powerful tool for governments to identify challenges and shape targeted responses.”

    About 25% of the global burden of disease is linked to environmental threats that are largely preventable. By addressing these environmental risk factors through stronger policies, cleaner technologies, and sustainable practices, we can significantly reduce preventable illnesses and deaths—improving health outcomes while protecting our planet.

    MIL OSI United Nations News –