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Category: Ukraine

  • MIL-OSI Europe: Anna Politkovskaya-Arman Soldin Prize for Courage in Journalism – Call for applications

    Source: Republic of France in English
    The Republic of France has issued the following statement:

    The Anna Politkovskaya-Arman Soldin Prize for Courage in Journalism will be awarded for the third time in early November 2025, to coincide with the International Day to End Impunity for Crimes Against Journalists, established in 2013 by the United Nations at France’s initiative, in memory of French journalists Ghislaine Dupont and Claude Verlon, assassinated in Mali.

    The aim of this prize is to distinguish the work of journalists and photojournalists committed to carrying out their essential role of informing people, in particular in theatres of conflict or during crises.

    Through this prize, France reaffirms its steadfast commitment to the defence of freedom of the press and pays tribute to two emblematic figures of journalistic courage, killed in the performance of their duties. First, the Russian journalist Anna Politkovskaya, whose investigations published in the Novaya Gazeta on corruption, human rights violations and the war in Chechnya cost her her life, along with six of her colleagues. Second, the Franco-Bosnian AFP journalist and photojournalist Arman Soldin, killed on 9 May 2023 in the field, whose work helped inform the entire world of the reality of Russia’s aggression against Ukraine.

    In 2024, the jury decided to recognize the work of Yuval Abraha, Israeli journalist, and Basel Adra, a Palestinian journalist, which focused on Israel’s settlements in the West Bank. Both journalists also belong to the Israeli-Palestinian collective that produced the documentary “No Other Land” last year, which won an Oscar in 2025.

    Journalists wishing to apply for the 2025 prize may submit their application to presse.dcp at diplomatie.gouv.fr using this form, until midnight on 30 August 2025: download the form (Word – 37 Ko).

    The Prize is accompanied by a lump-sum of €10,000, which must be used to finance a project carried out by the prizewinner.

    MIL OSI Europe News –

  • MIL-OSI Europe: OLAF Director-General Ville Itälä concludes 7-year mandate

    Source: European Anti-Fraud Offfice

    Press release no. 23/2025

    PDF version

    The European Anti-Fraud Office (OLAF) announces the departure of Ville Itälä, who has concluded his non-renewable seven-year term as Director-General of OLAF. Itälä played a pivotal role in strengthening the EU’s fight against fraud. During his tenure, OLAF closed 1,588 investigations, recommended the recovery of over €4 billion in misused EU funds, and prevented the undue spending of more than €810 million. 

    Appointed in 2018, Mr Itälä led OLAF through a period marked by major challenges and unprecedented developments in the protection of the European Union’s financial interests – from the COVID-19 pandemic, during which OLAF prevented the undue spending of billions on fake medical supplies and vaccines, to the EU’s response to Russian invasion of Ukraine, where OLAF worked to enforce sanctions and bolster Ukraine’s anti-fraud system. 

    During Mr Itälä’s tenure, OLAF successfully concluded numerous high-profile investigations and reinforced its role as a central pillar in the EU’s anti-fraud architecture. Moreover, over the course of seven years, OLAF continuously improved its effectiveness, built capacity and competences, helped to recover misused funds, protected citizens’ health and safety and safeguarded the environment. 

    Mr Itälä also enhanced OLAF’s cooperation with key anti-fraud partners including the European Court of Auditors (ECA) Europol, Eurojust, as well as the European Public Prosecutor’s Office (EPPO), whose creation he witnessed.

    “It has been an honour to lead OLAF in its vital mission of protecting European taxpayers’ money and promoting integrity within the EU institutions. I am proud of what we have achieved together – from strengthening OLAF’s investigative capabilities to fostering strong partnerships across Europe and beyond. I extend my sincere thanks to my colleagues and partners for their unwavering dedication and professionalism,” said Ville Itälä. 

    With the conclusion of Mr Itälä’s mandate, current Deputy Director-General Salla Saastamoinen will assume the role of Acting Director-General of OLAF as of 1 August 2025, ensuring continuity of leadership until the appointment of a new Director-General, the selection process of which is ongoing. 

    OLAF remains fully committed to its mission to detect, investigate and prevent fraud and other illicit activities affecting the EU budget. The Office will continue its work in close cooperation with national, EU and international partners to safeguard Union’s financial interests. 

    Background 

    In line with procedures, the Director-General is appointed via a competitive selection process, followed by public hearings at the European Parliament and a formal appointment by the European Commission. As of the end of July 2025, the selection procedure remains in progress, with candidates being evaluated in accordance with applicable rules.

    OLAF mission, mandate and competences:
    OLAF’s mission is to detect, investigate and stop fraud with EU funds.    

    OLAF fulfils its mission by:
    •    carrying out independent investigations into fraud and corruption involving EU funds, so as to ensure that all EU taxpayers’ money reaches projects that can create jobs and growth in Europe;
    •    contributing to strengthening citizens’ trust in the EU Institutions by investigating serious misconduct by EU staff and members of the EU Institutions;
    •    developing a sound EU anti-fraud policy.

    In its independent investigative function, OLAF can investigate matters relating to fraud, corruption and other offences affecting the EU financial interests concerning:
    •    all EU expenditure: the main spending categories are Structural Funds, agricultural policy and rural development funds, direct expenditure and external aid;
    •    some areas of EU revenue, mainly customs duties;
    •    suspicions of serious misconduct by EU staff and members of the EU institutions.

    Once OLAF has completed its investigation, it is for the competent EU and national authorities to examine and decide on the follow-up of OLAF’s recommendations. All persons concerned are presumed to be innocent until proven guilty in a competent national or EU court of law.

    For further details:

    Pierluigi CATERINO
    Spokesperson
    European Anti-Fraud Office (OLAF)
    Phone: +32(0)2 29-52335  
    Email: olaf-media ec [dot] europa [dot] eu (olaf-media[at]ec[dot]europa[dot]eu)
    euantifraud.bsky.social

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    MIL OSI Europe News –

  • MIL-OSI Russia: Russia has already acquired immunity to Western sanctions – Russian President’s press secretary

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    Moscow, July 30 (Xinhua) — Russia’s economy has already managed to develop immunity to Western sanctions, Russian presidential spokesman Dmitry Peskov said, commenting on U.S. President Donald Trump’s threats to introduce new restrictive measures.

    “We have been living under a huge number of sanctions for quite a long time. Our economy operates under a huge number of restrictions. Therefore, of course, we have already developed a certain immunity in this regard,” he said, answering a question about preparations for the introduction of new restrictions.

    Earlier, D. Trump announced that he was reducing the 50-day deadline he had set for reaching a ceasefire between Russia and Ukraine to 10 days. If the negotiations fail, he plans to introduce new import duties, sanctions or “something else.” –0–

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

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    MIL OSI Russia News –

  • MIL-OSI Russia: Government meeting (2025, No. 25)

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – Government of the Russian Federation –

    An important disclaimer is at the bottom of this article.

    1. On Amendments to the Resolution of the Government of the Russian Federation of June 12, 2008 No. 450

    The draft resolution was developed in order to consolidate the powers of the Ministry of Agriculture of the Russian Federation, established by Federal Law No. 52-FZ of April 1, 2025 “On Amendments to Certain Legislative Acts of the Russian Federation”.

    2. On the draft federal law “On Amendments to Article 61-1 of the Federal Law “On Consumer Credit (Loan)”

    The bill is aimed at supporting citizens in the event of the birth or adoption of a second child or subsequent children.

    3. On the draft federal law “On Amending Article 3462 of Part Two of the Tax Code of the Russian Federation”

    The bill is aimed at preserving the status of agricultural producers for organizations and individual entrepreneurs operating in the constituent entities of the Russian Federation, in whose territory the legal regime of the counter-terrorism operation has been introduced and (or) was in effect.

    4. On the allocation of budgetary allocations to Rosleskhoz in 2025 from the reserve fund of the Government of the Russian Federation for the provision of subventions from the federal budget to the budgets of the constituent entities of the Russian Federation

    The draft order is aimed at providing financial support for the costs of the constituent entities of the Russian Federation for extinguishing forest fires in emergency situations in forests of various types.

    5. On the draft federal constitutional law “On Amendments to Certain Federal Constitutional Laws”

    The draft law proposes to establish that in the territories of the Donetsk People’s Republic, the Lugansk People’s Republic, the Zaporizhia and Kherson regions, documents on the verification of measuring instruments issued by state and other official bodies of Ukraine, state and other official bodies of new entities, are valid until the end of their validity period. The draft law is expected to enter into force on January 1, 2026.

    6. On the draft amendments of the Government of the Russian Federation to the draft federal law No. 840725-8 “On Amendments to Articles 2463 and 427 of Part Two of the Tax Code of the Russian Federation”

    The draft amendments are aimed at increasing the investment attractiveness of the preferential regime created in the Kuril Islands.

    7. On the draft amendments of the Government of the Russian Federation to the draft federal law No. 819547-8 “On Amendments to the Federal Law “On Protection of Competition” and Certain Legislative Acts of the Russian Federation”

    The draft amendments are aimed at clarifying the provisions of the bill, which provides for the transfer of mandatory auctions by law to electronic form according to uniform unified rules.

    8. On amendments to certain acts of the Government of the Russian Federation (in terms of amendments to the Regulation on the Ministry of Transport of the Russian Federation and the regulations on federal executive bodies subordinate to it)

    The draft act is aimed at implementing the powers to establish a public easement by Rosmorrechflot, Rosavtodor, Rosaviatsia and the Ministry of Transport of Russia in cases stipulated by Federal Law No. 254-FZ of July 31, 2020 “On the specifics of regulating certain relations for the purpose of implementing priority projects for the modernization and expansion of infrastructure and on amendments to certain legislative acts of the Russian Federation.”

    Moscow, July 30, 2025

    The content of the press releases of the Department of Press Service and References is a presentation of materials submitted by federal executive bodies for discussion at a meeting of the Government of the Russian Federation.

    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 Russia: Materials for the Government meeting on July 31, 2025

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – Government of the Russian Federation –

    An important disclaimer is at the bottom of this article.

    The following issues are planned to be considered at the meeting:

    1. On Amendments to the Resolution of the Government of the Russian Federation of June 12, 2008 No. 450

    The draft resolution was developed in order to consolidate the powers of the Ministry of Agriculture of the Russian Federation, established by Federal Law No. 52-FZ of April 1, 2025 “On Amendments to Certain Legislative Acts of the Russian Federation”.

    2. On the draft federal law “On Amendments to Article 61-1 of the Federal Law “On Consumer Credit (Loan)”

    The bill is aimed at supporting citizens in the event of the birth or adoption of a second child or subsequent children.

    3. On the draft federal law “On Amending Article 3462 of Part Two of the Tax Code of the Russian Federation”

    The bill is aimed at preserving the status of agricultural producers for organizations and individual entrepreneurs operating in the constituent entities of the Russian Federation, in whose territory the legal regime of the counter-terrorism operation has been introduced and (or) was in effect.

    4. On the allocation of budgetary allocations to Rosleskhoz in 2025 from the reserve fund of the Government of the Russian Federation for the provision of subventions from the federal budget to the budgets of the constituent entities of the Russian Federation

    The draft order is aimed at providing financial support for the costs of the constituent entities of the Russian Federation for extinguishing forest fires in emergency situations in forests of various types.

    5. On the draft federal constitutional law “On Amendments to Certain Federal Constitutional Laws”

    The draft law proposes to establish that in the territories of the Donetsk People’s Republic, the Lugansk People’s Republic, the Zaporizhia and Kherson regions, documents on the verification of measuring instruments issued by state and other official bodies of Ukraine, state and other official bodies of new entities, are valid until the end of their validity period. The draft law is expected to enter into force on January 1, 2026.

    6. On the draft amendments of the Government of the Russian Federation to the draft federal law No. 840725-8 “On Amendments to Articles 2463 and 427 of Part Two of the Tax Code of the Russian Federation”

    The draft amendments are aimed at increasing the investment attractiveness of the preferential regime created in the Kuril Islands.

    7. On the draft amendments of the Government of the Russian Federation to the draft federal law No. 819547-8 “On Amendments to the Federal Law “On Protection of Competition” and Certain Legislative Acts of the Russian Federation”

    The draft amendments are aimed at clarifying the provisions of the bill, which provides for the transfer of mandatory auctions by law to electronic form according to uniform unified rules.

    8. On amendments to certain acts of the Government of the Russian Federation (in terms of amendments to the Regulation on the Ministry of Transport of the Russian Federation and the regulations on federal executive bodies subordinate to it)

    The draft act is aimed at implementing the powers to establish a public easement by Rosmorrechflot, Rosavtodor, Rosaviatsia and the Ministry of Transport of Russia in cases stipulated by Federal Law No. 254-FZ of July 31, 2020 “On the specifics of regulating certain relations for the purpose of implementing priority projects for the modernization and expansion of infrastructure and on amendments to certain legislative acts of the Russian Federation.”

    Moscow, July 30, 2025

    The content of the press releases of the Department of Press Service and References is a presentation of materials submitted by federal executive bodies for discussion at a meeting of the Government of the Russian Federation.

    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: Radware Report Reveals Shifting Attack Vectors in Credential Stuffing Campaigns

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    Advanced attack methodologies

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

    Primary targets

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

    Centralized threat landscape

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

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

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

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

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

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

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

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

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

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

    The MIL Network –

  • MIL-OSI: WTW Reports Second Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    Consolidated Results

    As reported, USD millions, except %

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

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

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

    Cash Flow and Capital Allocation

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

    Second Quarter 2025 Segment Highlights

    Health, Wealth & Career (“HWC”)

    As reported, USD millions, except %

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

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

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

    Risk & Broking (“R&B”)

    As reported, USD millions, except %

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

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

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

    Select 2025 Financial Considerations

    Changes to Non-GAAP financial measures:

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

    Business mix:

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

    Free cash flow:

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

    Capital allocation:

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

    Foreign exchange:

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

    Adjusted operating margin outlook:

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

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

    Conference Call

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

    About WTW

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

    WTW Non-GAAP Measures

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    WTW Forward-Looking Statements

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

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

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

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

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

    Contact

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

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


    BOOK-OF-BUSINESS SETTLEMENTS AND INTEREST INCOME

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


    SEGMENT OPERATING INCOME     (i)

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


    SEGMENT OPERATING MARGINS

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


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

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


    RECONCILIATIONS OF NET INCOME TO ADJUSTED EBITDA

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


    RECONCILIATIONS OF INCOME FROM OPERATIONS TO ADJUSTED OPERATING INCOME

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


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

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


    RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW

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

    SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

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

    The MIL Network –

  • MIL-OSI: DT Midstream Reports Strong Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    DETROIT, July 31, 2025 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) today announced second quarter 2025 reported net income of $107 million, or $1.04 per diluted share. For the second quarter of 2025, Operating Earnings were also $107 million, or $1.04 per diluted share. Adjusted EBITDA for the quarter was $277 million.

    Reconciliations of Operating Earnings and Adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release.

    The company also announced that the DT Midstream Board of Directors declared a $0.82 per share dividend on its common stock payable October 15, 2025 to stockholders of record at the close of business September 15, 2025.

    “We had another strong quarter, and the business is performing on track with our full-year plan,” said David Slater, President and CEO. “We continue to make great progress advancing organic projects from our backlog, with $0.6 billion of projects reaching final investment decisions during the second quarter.”

    Slater noted the following significant business updates:

    • Reached a final investment decision on Guardian Pipeline “G3” expansion of approximately 210 MMcf/d
    • Finalized our investment plan for the initial phase of modernization across our new interstate pipelines
    • Achieved an investment-grade credit rating with all three rating agencies
    • Established a record high quarterly gathering volume for our Haynesville system

    “Our second quarter results put us in a strong position to meet our financial goals for 2025 and we are reaffirming our 2025 Adjusted EBITDA guidance of $1.095 to $1.155 billion and our 2026 Adjusted EBITDA early outlook range of $1.155 to $1.225 billion,” said Jeff Jewell, Executive Vice President and CFO.

    The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) today. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.596.4144, and the toll number is 646.968.2525; the passcode is 9881735. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.

    About DT Midstream

    DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, including a plan of achieving 30% of its carbon emissions reduction by 2030. For more information, please visit the DT Midstream website at www.dtmidstream.com.

    Why DT Midstream Uses Operating Earnings, Adjusted EBITDA and Distributable Cash Flow

    Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that Operating Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors.

    Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and loss from financing activities, further adjusted to include the proportional share of net income from equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items the company considers non-routine. DT Midstream believes Adjusted EBITDA is useful to the company and external users of DT Midstream’s financial statements in understanding operating results and the ongoing performance of the underlying business because it allows management and investors to have a better understanding of actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to investors because it is frequently used by analysts, investors and other interested parties in the midstream industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. DT Midstream uses Adjusted EBITDA to assess the company’s performance by reportable segment and as a basis for strategic planning and forecasting.

    Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, certain items we consider non-routine and dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.

    In this release, DT Midstream provides 2025 and 2026 Adjusted EBITDA guidance. The reconciliation of net income to Adjusted EBITDA as projected for full-year 2025 and 2026 is not provided. DT Midstream does not forecast net income as it cannot, without unreasonable efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these components could significantly impact such financial measures. At this time, DT Midstream is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, DT Midstream is not able to provide a corresponding GAAP equivalent for Adjusted EBITDA.

    Forward-looking Statements

    This release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions and on information currently available to us.

    Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident” and other words of similar meaning. The absence of such words, expressions or statements, however, does not mean that the statements are not forward-looking. In particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance, future actions, conditions or events, potential future plans, strategies or transactions of DT Midstream, and other statements that are not historical facts, are forward-looking statements.

    Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; changes in global trade policies and tariffs; global supply chain disruptions; actions taken by third-party operators, producers, processors, transporters and gatherers; changes in expected production from Expand Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation and water services; the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; our ability to successfully and timely implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to finance, complete, or successfully integrate acquisitions; our ability to realize the anticipated benefits of the Midwest Pipeline Acquisition and our ability to manage the risks of the Midwest Pipeline Acquisition; the price and availability of debt and equity financing; restrictions in our existing and any future credit facilities and indentures; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; geologic and reservoir risks and considerations; natural disasters, adverse weather conditions, casualty losses and other matters beyond our control; the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects; the impacts of geopolitical events, including the conflicts in Ukraine and the Middle East; labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel; large customer defaults; changes in tax status, as well as changes in tax rates and regulations; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act and the One Big Beautiful Bill Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to pipeline safety, climate change and greenhouse gas emissions; changes in laws and regulations or enforcement policies, including those relating to construction and operation of new interstate gas pipelines, ratemaking to which our pipelines may be subject, or other non-environmental laws and regulations; our ability to qualify for federal income tax credits by Clean Fuels Gathering; our ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; the suspension, reduction or termination of our customers’ obligations under our commercial agreements; disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; the effects of future litigation; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2024 and our reports and registration statements filed from time to time with the SEC.

    The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2024, filed with the SEC on Form 10-K and any other reports filed with the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not put undue reliance on any forward-looking statements.

    Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.

    DT Midstream, Inc.
    Reconciliation of Reported to Operating Earnings (non-GAAP, unaudited)
                                   
      Three Months Ended
      June 30,   March 31,
        2025     2025
      Reported
    Earnings    		   Pre-tax
    Adjustments    		   Income
    Taxes    (1)    		   Operating Earnings   Reported
    Earnings    		   Pre-tax
    Adjustments    		   Income
    Taxes    (1)    		   Operating
    Earnings
      (millions)
    Adjustments     $ —     $ —             $ —     $ —      
    Net Income Attributable to DT Midstream $ 107     $ —     $ —     $ 107     $ 108     $ —     $ —     $ 108  
                                   
      Six Months Ended
      June 30,   June 30,
        2025     2024
      Reported
    Earnings    		   Pre-tax
    Adjustments    		   Income
    Taxes    (1)    		   Operating
    Earnings    		   Reported
    Earnings    		   Pre-tax Adjustments   Income
    Taxes    (1)    		   Operating
    Earnings
      (millions)
    Adjustments     $ —     $ —             $ —     $ —      
    Net Income Attributable to DT Midstream $ 215     $ —     $ —     $ 215     $ 193     $ —     $ —     $ 193  
                                   
    (1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments
                                   
                                   
    DT Midstream, Inc.
    Reconciliation of Reported to Operating Earnings per diluted share(1)(non-GAAP, unaudited)
                                   
      Three Months Ended
      June 30,   March 31,
        2025     2025
      Reported
    Earnings    		   Pre-tax Adjustments   Income
    Taxes    (2)    		   Operating
    Earnings    		   Reported
    Earnings    		   Pre-tax Adjustments   Income
    Taxes    (2)    		   Operating
    Earnings
      (per share)
    Adjustments     $ —     $ —             $ —     $ —      
    Net Income Attributable to DT Midstream $ 1.04     $ —     $ —     $ 1.04     $ 1.06     $ —     $ —     $ 1.06  
                                   
      Six Months Ended
      June 30,   June 30,
        2025     2024
      Reported
    Earnings    		   Pre-tax Adjustments   Income
    Taxes    (2)    		   Operating
    Earnings    		   Reported
    Earnings    		   Pre-tax Adjustments   Income
    Taxes    (2)    		   Operating
    Earnings
      (per share)
    Adjustments     $ —     $ —             $ —     $ —      
    Net Income Attributable to DT Midstream $ 2.10     $ —     $ —     $ 2.10     $ 1.97     $ —     $ —     $ 1.97  
                                   
    (1) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations
    (2) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments
                                   
                                   
    DT Midstream, Inc.
    Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP, unaudited)
                   
      Three Months Ended Six Months Ended
      June 30,   March 31,   June 30,   June 30,
        2025       2025       2025       2024  
    Consolidated (millions)
    Net Income Attributable to DT Midstream $ 107     $ 108     $ 215     $ 193  
    Plus: Interest expense   40       40       80       79  
    Plus: Income tax expense   34       35       69       64  
    Plus: Depreciation and amortization   63       63       126       103  
    Plus: EBITDA from equity method investees(1)   64       73       137       142  
    Less: Interest income   —       (1 )     (1 )     (1 )
    Less: Earnings from equity method investees   (30 )     (37 )     (67 )     (85 )
    Less: Depreciation and amortization attributable to noncontrolling interests   (1 )     (1 )     (2 )     (2 )
    Adjusted EBITDA $ 277     $ 280     $ 557     $ 493  
                   
    (1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:
     
      Three Months Ended Six Months Ended
      June 30,   March 31,   June 30,   June 30,
        2025       2025       2025       2024  
      (millions)
    Earnings from equity method investees $ 30     $ 37     $ 67     $ 85  
    Plus: Depreciation and amortization attributable to equity method investees   19       22       41       41  
    Plus: Interest expense attributable to equity method investees   15       14       29       16  
    EBITDA from equity method investees $ 64     $ 73     $ 137     $ 142  
                   
                   
    DT Midstream, Inc.
    Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
    Pipeline Segment (non-GAAP, unaudited)
                   
      Three Months Ended Six Months Ended
      June 30,   March 31,   June 30,   June 30,
        2025       2025       2025       2024  
    Pipeline (millions)
    Net Income Attributable to DT Midstream $ 93     $ 92     $ 185       145  
    Plus: Interest expense   11       13       24       25  
    Plus: Income tax expense   29       30       59       48  
    Plus: Depreciation and amortization   28       28       56       37  
    Plus: EBITDA from equity method investees(1)   64       73       137       142  
    Less: Interest income   —       (1 )     (1 )     (1 )
    Less: Earnings from equity method investees   (30 )     (37 )     (67 )     (85 )
    Less: Depreciation and amortization attributable to noncontrolling interests   (1 )     (1 )     (2 )     (2 )
    Adjusted EBITDA $ 194     $ 197     $ 391     $ 309  
                   
    (1)  Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:
     
      Three Months Ended Six Months Ended
      June 30,   March 31,   June 30,   June 30,
        2025       2025       2025       2024  
      (millions)
    Earnings from equity method investees $ 30     $ 37     $ 67     $ 85  
    Plus: Depreciation and amortization attributable to equity method investees   19       22       41       41  
    Plus: Interest expense attributable to equity method investees   15       14       29       16  
    EBITDA from equity method investees $ 64     $ 73     $ 137     $ 142  
                   
                   
    DT Midstream, Inc.
    Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
    Gathering Segment (non-GAAP, unaudited)
                   
      Three Months Ended Six Months Ended
      June 30,   March 31,   June 30,   June 30,
        2025       2025       2025       2024  
    Gathering (millions)
    Net Income Attributable to DT Midstream $ 14     $ 16     $ 30     $ 48  
    Plus: Interest expense   29       27       56       54  
    Plus: Income tax expense   5       5       10       16  
    Plus: Depreciation and amortization   35       35       70       66  
    Less: Interest income   —       —       —       —  
    Adjusted EBITDA $ 83     $ 83     $ 166     $ 184  
                   
                   
    DT Midstream, Inc.
    Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP, unaudited)
                   
      Three Months Ended Six Months Ended
      June 30,   March 31,   June 30,   June 30,
        2025       2025       2025       2024  
    Consolidated (millions)
    Net Income Attributable to DT Midstream $ 107     $ 108     $ 215     $ 193  
    Plus: Interest expense   40       40       80       79  
    Plus: Income tax expense   34       35       69       64  
    Plus: Depreciation and amortization   63       63       126       103  
    Less: Earnings from equity method investees   (30 )     (37 )     (67 )     (85 )
    Less: Depreciation and amortization attributable to noncontrolling interests   (1 )     (1 )     (2 )     (2 )
    Plus: Dividends and distributions from equity method investees   30       48       78       125  
    Less: Cash interest expense   (76 )     —       (76 )     (74 )
    Less: Cash taxes   (4 )     2       (2 )     (3 )
    Less: Maintenance capital investment(1)   (6 )     (8 )     (14 )     (13 )
    Distributable Cash Flow $ 157     $ 250     $ 407     $ 387  
                   
    (1)  Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings.
                   
                   

    The MIL Network –

  • MIL-OSI Europe: Government establishes new award for Swedish volunteer projects in support of Ukraine

    Source: Government of Sweden

    Today, the Government has called for nominations for a new annual award to highlight non-governmental Swedish civilian projects for Sweden. Every year, a Swedish organisation and an individual or a group of individuals who have voluntarily undertaken extraordinary projects for Ukraine will receive this award. The recipient will also receive funds to continue their efforts.

    MIL OSI Europe News –

  • MIL-OSI Europe: Minister for Defence Pål Jonson to take part in EU Foreign Affairs Council defence minister configuration

    Source: Government of Sweden

    On 20 May, EU defence ministers will meet in Brussels within the framework of the EU Foreign Affairs Council. The meeting will focus on continued EU support to Ukraine and strengthening EU defence readiness and preparedness. Minister for Defence Pål Jonson will represent Sweden at the meeting.

    MIL OSI Europe News –

  • MIL-OSI Europe: The Budget for 2025 in five minutes

    Source: Government of Sweden

    The fight against inflation has been won, and the Government is now shifting the focus of its economic policy: from fighting inflation to investing in a more prosperous and safer Sweden. The Government’s Budget Bill for 2025 includes reforms totalling SEK 60 million, excluding military support to Ukraine.

    MIL OSI Europe News –

  • MIL-OSI Europe: A budget for a more prosperous and safer Sweden

    Source: Government of Sweden

    The Government presented the Budget Bill for 2025 to the Riksdag today. The fight against inflation has been won, and the Government is now shifting the focus of its economic policy: from fighting inflation to investing to build a more prosperous and safer Sweden. The Budget Bill includes reforms totalling SEK 60 billion, excluding military support to Ukraine, and is based on an agreement between the Government and the Sweden Democrats.

    MIL OSI Europe News –

  • MIL-OSI Europe: Government financially supports Ukraine in demining and drone areas

    Source: Government of Sweden

    The Government has tasked the Swedish Armed Forces with making disbursements to the capability coalitions in the demining and drone areas within the Ukraine Defence Contact Group (UDCG) framework. This SEK 80 million in support is part of the 18th military support package to Ukraine.

    MIL OSI Europe News –

  • MIL-OSI Europe: Biggest support package to Ukraine so far increases Swedish support to SEK 29.5 billion for 2025

    Source: Government of Sweden

    The Swedish Government has presented its largest military support package to Ukraine to date, valued at almost SEK 16 billion. Ukraine has requested capabilities related to air defence, artillery, satellite communication, and naval capabilities. Together with the support package announced earlier this year, Swedish support to Ukraine amounts to approximately SEK 29.5 billion in 2025. Sweden’s military support since 2022 thus totals about SEK 80 billion.

    MIL OSI Europe News –

  • MIL-OSI Europe: Pål Jonson to attend meeting of NATO Ministers of Defence in Brussels

    Source: Government of Sweden

    On 4 June, Sweden’s Minister for Defence Pål Jonson will travel to Brussels to take part in a meeting held within the Ukraine Defence Contact Group (UDCG). Mr Jonson will take part in the meeting of NATO Ministers of Defence the day after, also held in Brussels.

    MIL OSI Europe News –

  • MIL-OSI Europe: Sweden donates air defence systems to Ukraine worth SEK 1.2 billion

    Source: Government of Sweden

    The Government intends shortly to authorise the Swedish Defence Materiel Administration to procure RBS 70 and Tridon Mk2 air defence systems for donation to Ukraine. In cooperation with other international partners, Sweden will also fund procurement of additional air defence systems for donation to Ukraine. The total value of donations is SEK 1.2 billion and is a part of Sweden’s 18th military support package to Ukraine.

    MIL OSI Europe News –

  • MIL-OSI Europe: Swedish NATO operations in Poland to support Ukraine

    Source: Government of Sweden

    The Government has submitted a bill to the Riksdag regarding Sweden’s participation in an air defence operation to protect and maintain the security of military and civil support to Ukraine. Sweden will also contribute to enhanced Air Policing, NATO’s strengthened airspace surveillance, in Poland in mid-2025.

    MIL OSI Europe News –

  • MIL-OSI Europe: New Swedish support strengthens Ukraine’s artillery capacity

    Source: Government of Sweden

    The Government has authorised the Swedish Defence Materiel Administration (FMV) to procure 18 Archer artillery units for donation to Ukraine. FMV will also procure five Arthur counter battery fire radar units for Ukraine. Sweden will also support Ukraine´s industrial base through the Danish initiative. The Government also intends for Sweden to participate in the artillery coalition of the Ukraine Defense Contact Group (UDCG). The total value of the artillery package is approximately SEK 3 billion and is part of Sweden’s 18th military support package to Ukraine.

    MIL OSI Europe News –

  • MIL-OSI Europe: Minister for Climate and the Environment Romina Pourmokhtari attends 68th IAEA General Conference in Vienna on 17 September

    Source: Government of Sweden

    On 17 September, Minister for Climate and the Environment Romina Pourmokhtari is attending the International Atomic Energy Agency (IAEA) General Conference. Sweden’s participation is focused on highlighting Sweden’s new nuclear energy policy in the international arena, and also the consequences of Russia’s full-scale invasion for Ukraine.

    MIL OSI Europe News –

  • MIL-OSI Europe: Largest civilian support package for Ukraine announced

    Source: Government of Sweden

    Today, 13 March, Minister for International Development Cooperation and Foreign Trade Benjamin Dousa has announced that Sweden will increase development assistance to Ukraine by more than SEK 1.4 billion with the aim of strengthening Ukraine’s resilience and recovery.

    MIL OSI Europe News –

  • MIL-OSI Europe: New report on the situation of Ukrainians in Sweden

    Source: Government of Sweden

    In the first half of 2023, the Government tasked the United Nations International Organization for Migration (IOM) with conducting a survey aimed at people who have fled to Sweden from Ukraine. The Government has now received a follow-up report, which shows positive developments in almost all areas.

    MIL OSI Europe News –

  • MIL-OSI Europe: Sweden increases support for heating and electricity supply in Ukraine by SEK 500 million

    Source: Government of Sweden

    The Government has approved an additional SEK 500 million in support for heating and electricity supply in Ukraine. According to World Bank calculations, the support could help generate electricity for 185 000 people, making this Sweden’s largest contribution yet to Ukrainian energy supply. 

    MIL OSI Europe News –

  • MIL-OSI Europe: SEK 75 billion in military support to Ukraine

    Source: Government of Sweden

    To further enhance Sweden’s support to Ukraine and provide long-term stability, the Government and the Sweden Democrats have agreed on a three-year framework for military support to Ukraine totalling SEK 75 billion for 2024–2026, which equates to SEK 25 billion a year.

    MIL OSI Europe News –

  • MIL-OSI Europe: Fourteenth sanctions package against Russia adopted

    Source: Government of Sweden

    The EU has adopted its fourteenth sanctions package against Russia in response to Russia’s war of aggression against Ukraine. The sanctions aim to further limit the Russian state’s revenues and Russia’s capacity to wage war, and they are an important part of the EU’s support for Ukraine. The new package includes stricter measures targeting the shadow fleet and imports of Russian liquefied natural gas (LNG).

    MIL OSI Europe News –

  • MIL-OSI Europe: Sweden provides SEK 75 million to UNESCO to rebuild schools and preschools in Ukraine

    Source: Government of Sweden

    The education sector in Ukraine has been severely affected by Russia’s full-scale invasion. Since February 2022, more than 3 000 preschools, schools and other educational establishments have been damaged, and 360 have been completely destroyed. Sweden is now providing SEK 75 million to the UNESCO Emergency Fund. The Fund is, among other things, supporting renovation and reconstruction of damaged and destroyed shelters in preschools and schools.

    MIL OSI Europe News –

  • MIL-OSI Europe: SMHI donates diesel generator to hospital in Ukraine

    Source: Government of Sweden

    In connection with Minister for Climate and the Environment Romina Pourmokhtari’s visit to Ukraine in recent days, the Government decided to instruct the Swedish Meteorological and Hydrological Institute (SMHI) to transfer a diesel generator to Ukraine. The Swedish Civil Contingencies Agency, together with the European Emergency Response Coordination Centre (ERCC) has been in contact with a Ukrainian hospital that is in great need of this support, and will promptly make arrangements for the generator to be transported to Ukraine.

    MIL OSI Europe News –

  • MIL-OSI: Euronet Worldwide Reports Second Quarter 2025 Financial Results – Highlighted by 13% Operating Income Growth

    Source: GlobeNewswire (MIL-OSI)

    • Digital growth strategy accelerated with the announced acquisition of leading credit card issuing platform
    • Ren signs agreement with top tier United States bank
    • Money Transfer expands digital remittance through Google partnership
    • Money Transfer enters Japanese market with acquisition of Kyodai Remittance
    • Operating margin expansion of 112 basis points

    LEAWOOD, Kan., July 30, 2025 (GLOBE NEWSWIRE) — Euronet (“Euronet” or the “Company”) (NASDAQ: EEFT), a global leader in payments processing and cross-border transactions, announced today second quarter 2025 financial results.

    Euronet reports the following consolidated results for the second quarter 2025 compared with the same period of 2024:

    • Revenues of $1,074.3 million, a 9% increase from $986.2 million (6% increase on a constant currency1 basis).
    • Operating income of $158.6 million, an 18% increase from $134.3 million (13% increase on a constant currency basis).
    • Adjusted EBITDA2 of $206.2 million, a 16% increase  from $178.2 million (11% increase on a constant currency basis).
    • Net income attributable to Euronet of $97.6 million, or $2.27 diluted earnings per share, compared with $83.1 million, or $1.73 diluted earnings per share.
    • Adjusted earnings per share3 of $2.56, a 14% increase from $2.25. 

    See the reconciliation of non-GAAP items in the attached financial schedules.   

    “I’m very pleased with the business’ constant currency operating profit growth of 13% and the margin expansion of 112 basis points—on its own, this is exciting.  But, I’m more excited about our accomplishments to further our digital strategy through the acquisition of a leading credit card issuing platform – CoreCard – and the signing of a Ren agreement with one of the top three banks in the United States. 

    The acquisition of CoreCard fits nicely with our Ren platform. As described in a separate press release, this is not just a credit issuing platform, it’s a platform serving leading brands in the US, processing at scale, tried and tested. This premier product gives us yet more opportunity to go after the $10 billion issuing market where the market growth rates are much stronger outside the United States, which aligns strongly with our global business where more than 75% of our revenues are from outside the United States.  Moreover, another exciting aspect of the issuing business is its margin opportunity, nearing 50 percent.  It’s these kinds of initiatives that have contributed to our 20-year double digit growth rate and will continue to drive future growth – focused on digital payments.  This acquisition is directly in line with our strategy to shift a stronger mix of our business toward the digital economy. 

    Not only did we advance our digital agenda with the credit issuing platform, we just signed an agreement with one of the top three banks in the United States for the deployment of our Ren ATM operating and switching product.  While we have had many successes with Ren outside the US, this is not just the first agreement in the US we’ve signed, but it is with super impressive top-tiered bank – a real testament to the value proposition of Ren”, said Michael J. Brown, Euronet’s Chairman and Chief Executive Officer.

    Segment and Other Results

    The EFT Processing Segment reports the following results for the second quarter 2025 compared with the same period or date in 2024:

    • Revenues of $338.5 million, an 11% increase from $305.4 million (6% increase on a constant currency basis).
    • Operating income of $84.6million, a 6% increase from $79.9 million (1% increase on a constant currency basis).
    • Adjusted EBITDA of $110.6 million, a 5% increase from $105.0 million (no change on a constant currency basis).
    • Total of 57,326 installed ATMs as of June 30, 2025, a 5% increase from 54,736. We operated 56,760 active ATMs as of June 30, 2025, a 5% increase from 54,005 as of June 30, 2024.

    Constant currency revenue, operating income, and adjusted EBITDA growth in the second quarter 2025 was driven by market expansion, growth across most existing markets and the addition of access fees and an increase in interchange fees in certain markets. 

    The epay Segment reports the following results for the Q2 2025 compared with the same period or date in 2024:

    • Revenues of $280.1 million, a 7% increase from $260.9 million (5% increase on a constant currency basis).
    • Operating income of $31.1 million, a 19% increase from $26.2 million (17% increase on a constant currency basis).
    • Adjusted EBITDA of $32.8 million, a 17% increase from $28.0 million (15% increase on a constant currency basis).
    • Transactions of 1,107 million, consistent with prior year.
    • POS terminals of approximately 721,000 as of June 30, 2025, a 3% increase from 703,000.
    • Retailer locations of approximately 354,000 as of June 30, 2025, a 4% increase from 340,000.

    Constant currency revenue growth was driven by continued payments and digital media growth. Operating income and adjusted EBITDA grew faster than revenue, driven by a shift in product mix and effective operating expense management. Transaction growth from payments and digital media was offset by a decrease in low margin mobile transactions in India.

    The Money Transfer Segment reports the following results for the Q2 2025 compared with the same period or date in 2024:

    • Revenues of $457.9 million, a 9% increase from $421.8 million (6% increase on a constant currency basis).
    • Operating income of $65.6 million, a 39% increase from $47.3 million (33% increase on a constant currency basis).
    • Operating margin expansion of 296 basis points
    • Adjusted EBITDA of $71.6 million, a 33% increase from $54.0 million (28% increase on a constant currency basis).
    • Total transactions of 46.1 million, a 4% increase from 44.3 million.
    • Total digital transactions of 5.8 million, a 29% increase from 4.5 million.
    • Network locations of approximately 631,000 as of June 30, 2025, an 8% increase from approximately 586,000.

    Constant currency revenue growth was primarily driven by growth in cross-border transactions, partially offset by a decrease in intra-US transactions. Direct-to-consumer digital transactions grew by 29%, reflecting continued consumer demand for digital products. Operating income and adjusted EBITDA growth outpaced revenue growth due to gross margin expansion and leverage of scale. Additionally, the Money Transfer segment continued to expand both its market footprint through the acquisition of a 60% interest in Kyodai Remittance as well as its industry leading global payments network to now reach 4.1 billion bank accounts, 3.2 billion wallet accounts and 631,000 payment locations.

    Corporate and Other reports $22.7 million of expense for the second quarter 2025 compared with $19.1 million for the second quarter 2024. The increase in corporate expenses is largely from the increase in long-term share-based compensation.

    Balance Sheet and Financial Position
    Unrestricted cash and cash equivalents on hand was $1,329.3 million as of June 30, 2025, compared to $1,393.6 million as of March 31, 2025. Total indebtedness was $2,438.1 million as of June 30, 2025, compared to $2,202.5 million as of March 31, 2025. Availability under the Company’s revolving credit facilities was approximately $884.2 million as of June 30, 2025. 

    The change in net cash is the result of cash generated from operations, working capital fluctuations and share repurchases of $2.3 million shares for $247 million during the second quarter.

    Outlook
    Taking into consideration recent trends in the business and the global economy, the Company anticipates its 2025 adjusted EPS will grow 12% to 16% year-over-year, consistent with its 10- and 20-year compounded annualized growth rates. This outlook does not include any changes that may develop in foreign exchange rates, interest rates or other unforeseen factors.

    Non-GAAP Measures
    In addition to the results presented in accordance with U.S. GAAP, the Company presents non-GAAP financial measures, such as constant currency financial measures, operating income, adjusted EBITDA, and adjusted earnings per share. These measures should be used in addition to, and not a substitute for, revenues, operating income, net income and earnings per share computed in accordance with U.S. GAAP. We believe that these non-GAAP measures provide useful information to investors regarding the Company’s performance and overall results of operations. These non-GAAP measures are also an integral part of the Company’s internal reporting and performance assessment for executives and senior management. The non-GAAP measures used by the Company may not be comparable to similarly titled non-GAAP measures used by other companies. The attached schedules provide a full reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measure.

    The Company does not provide a reconciliation of its forward-looking non-GAAP measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for GAAP and the related GAAP and non-GAAP reconciliation, including adjustments that would be necessary for foreign currency exchange rate fluctuations and other charges reflected in the Company’s reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.  

    (1) Constant currency financial measures are computed as if foreign currency exchange rates did not change from the prior period. This information is provided to illustrate the impact of changes in foreign currency exchange rates on the Company’s results when compared to the prior period.

    (2) Adjusted EBITDA is defined as net income excluding, to the extent incurred in the period, interest expense, income tax expense, depreciation, amortization, share-based compensation and other non-cash purchase accounting adjustments, non-operating or non-recurring items that are considered expenses or income under U.S. GAAP. Adjusted EBITDA represents a performance measure and is not intended to represent a liquidity measure.

    (3) Adjusted earnings per share is defined as diluted U.S. GAAP earnings per share excluding, to the extent incurred in the period, the tax-effected impacts of: a) foreign currency exchange gains or losses, b) share-based compensation, c) acquired intangible asset amortization, d) non-cash income tax expense, e) non-cash investment gain f) other non-operating or non-recurring items and g) dilutive shares relate to the Company’s convertible bonds. Adjusted earnings per share represent a performance measure and is not intended to represent a liquidity measure. 

    Conference Call and Slide Presentation
    Euronet Worldwide will host an analyst conference call on July 31, 2025, at 9:00 a.m. Eastern Time to discuss these results. The call may also include discussion of Company developments on the Company’s operations, forward-looking information, and other material information about business and financial matters. The conference call and accompanying slide show presentation will be accessible via webcast by following the link posted on http://ir.euronetworldwide.com.  Participants wanting to access the conference call by telephone should dial (800)715-9871 (USA) or (646)307-1963 (international).

    A webcast replay will be available beginning approximately one hour after the event at http://ir.euronet worldwide.com and will remain available for one year.

    About Euronet Worldwide, Inc.
    A global leader in payments processing and cross-border transactions, Euronet moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit processing, ATMs, point-of-sale services, branded payments, currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone. Visit the company’s website at www.euronetworldwide.com.

    Starting in Central Europe in 1994, Euronet now supports an extensive global real-time digital and cash payments network that includes 57,326 installed ATMs, approximately 1.2 million EFT point-of-sale terminals and a growing portfolio of outsourced debit and credit card services which are under management in 69 countries; card software solutions; a prepaid processing network of approximately 721,000 point-of-sale terminals at approximately 354,000 retailer locations in 64 countries; and a global money transfer network of approximately 631,000 locations serving 200 countries and territories with digital connections to 4.1 billion bank accounts, 3.2 billion digital wallet accounts and 4.0 billion Visa debit cards through Visa Direct payments. Euronet serves clients from its corporate headquarters in Leawood, Kansas, USA, and 67 worldwide offices. For more information, please visit the company’s website at www.euronetworldwide.com.

    Cautionary Statement Regarding Forward-Looking Statements
    This communication contains “forward-looking statements” within the United States Private Securities Litigation Reform Act of 1995. You can identify these statements and other forward-looking statements in this document by words such as “may,” “will,” “should,” “can,” “could,” “anticipate,” “estimate,” “expect,” “predict,” “project,” “future,” “potential,” “intend,” “plan,” “assume,” “believe,” “forecast,” “look,” “build,” “focus,” “create,” “work,” “continue,” “target,” “poised,” “advance,” “drive,” “aim,” “forecast,” “approach,” “seek,” “schedule,” “position,” “pursue,” “progress,” “budget,” “outlook,” “trend,” “guidance,” “commit,” “on track,” “objective,” “goal,” “strategy,” “opportunity,” “ambitions,” “aspire” and similar expressions, and variations or negative of such terms or other variations thereof. Words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. 

    Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such statements regarding the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement’), dated as of July 30, 2025, by and among CoreCard, Euronet and Genesis Merger Sub Inc. (the “Transaction”), including the expected timing of the closing of the Transaction; future financial and operating results; benefits and synergies of the Transaction; future opportunities for the combined company; the conversion of equity interests contemplated by the Merger Agreement; the issuance of common stock of Euronet contemplated by the Merger Agreement; the expected filing by Euronet with the SEC of the Registration Statement and the proxy statement/prospectus; the ability of the parties to complete the proposed Transaction considering the various closing conditions and any other statements about future expectations that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All such forward-looking statements are based upon current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions, many of which are beyond the control of Euronet and CoreCard, that could cause actual results to differ materially from those expressed in such forward-looking statements. Key factors that could cause actual results to differ materially include, but are not limited to, the expected timing and likelihood of completion of the Transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the Transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement; the possibility that CoreCard’s shareholders may not approve the Transaction; the risk that the parties may not be able to satisfy the conditions to the Transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the Transaction; the risk that any announcements relating to the Transaction could have adverse effects on the market price of Euronet’s common stock; the risk that the Transaction and its announcement could have an adverse effect on the parties’ business relationships and business generally, including the ability of CoreCard or Euronet to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers, and on their operating results and businesses generally; the risk of unforeseen or unknown liabilities; customer, shareholder, regulatory and other stakeholder approvals and support; the risk of potential litigation relating to the Transaction that could be instituted against CoreCard or its directors and/or officers; the risk associated with third party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the Transaction which are not waived or otherwise satisfactorily resolved; the risk of rating agency actions and Euronet’s ability to access short- and long-term debt markets on a timely and affordable basis; the risk of various events that could disrupt operations, including: conditions in world financial markets and general economic conditions; inflation; the war in Ukraine and the related economic sanctions; and military conflicts in the Middle East.

    These risks, as well as other risks related to the proposed Transaction, will be described in the Registration Statement that will be filed with the SEC in connection with the proposed Transaction. While the list of factors presented here and the list of factors to be presented in the Registration Statement are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Additional factors that may affect future results are contained in each company’s filings with the SEC, including each company’s most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K, all of which are available at the SEC’s website http://www.sec.gov. Euronet regularly posts important information to the investor relations section of its website. Any forward-looking statements made in this release speak only as of the date of this release. Except as may be required by law, neither Euronet nor CoreCard intends to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances.

    Important Information for Investors and Stockholders
    In connection with the proposed transaction, Euronet plans to file with the SEC a registration statement on Form S-4 (the “Registration Statement”), which will include a proxy statement of CoreCard that also constitutes a prospectus of Euronet, and any other documents in connection with the transaction. After the Registration Statement has been declared effective by the SEC, the definitive proxy statement/prospectus will be sent to the holders of common stock of CoreCard. INVESTORS AND SHAREHOLDERS OF CORECARD AND EURONET ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT EURONET, CORECARD, THE TRANSACTION AND RELATED MATTERS. The registration statement and proxy statement/prospectus and other documents filed by Euronet or CoreCard with the SEC, when filed, will be available free of charge at the SEC’s website at www.sec.gov. Alternatively, investors and stockholders may obtain free copies of documents that are filed or will be filed with the SEC by Euronet, including the registration statement and the proxy statement/prospectus, on Euronet’s website at https://ir.euronetworldwide.com/for-investors, and may obtain free copies of documents that are filed or will be filed with the SEC by CoreCard, including the proxy statement/prospectus, on CoreCard’s website at https://investors.CoreCard.com/. The information included on, or accessible through, Euronet’s or CoreCard’s website is not incorporated by reference into this press release.

    No Offer or Solicitation
    This press release is not intended to and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to appropriate registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

    Participants in the Solicitation
    Euronet and CoreCard and their respective directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies from CoreCard’s shareholders in connection with the proposed Transaction. A description of participants’ direct or indirect interests, by security holdings or otherwise, will be included in the proxy statement/prospectus relating to the proposed Transaction when it is filed with the SEC. Information regarding Euronet’s directors and executive officers is contained in the definitive proxy statement, dated April 4, 2025, for its 2025 annual meeting of stockholders, and in Euronet’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Information regarding CoreCard’s directors and executive officers is contained in CoreCard’s definitive proxy statement, dated April 14, 2025, for its 2025 annual meeting of shareholders, and CoreCard’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Additional information regarding ownership of Euronet’s securities by its directors and executive officers, and of ownership of CoreCard’s securities by its directors and executive officers, is included in each such person’s SEC filings on Forms 3 and 4. These documents and the other SEC filings described in this paragraph may be obtained free of charge as described above under the heading “Important Information for Investors and Stockholders.”

     EURONET WORLDWIDE, INC.
     Condensed Consolidated Balance Sheets
     (in millions)
      As of    
      June 30,   As of
      2025   December 31,
      (unaudited)   2024
    ASSETS          
    Current assets:          
    Cash and cash equivalents $ 1,329.3   $ 1,278.8
    ATM cash   937.4     643.8
    Restricted cash   40.3     9.2
    Settlement assets   1,547.1     1,522.7
    Trade accounts receivable, net   328.4     284.9
    Prepaid expenses and other current assets   353.8     297.1
    Total current assets   4,536.3     4,036.5
               
    Property and equipment, net   365.0     329.7
    Right of use lease asset, net   152.5     132.1
    Goodwill and acquired intangible assets, net   1,160.4     1,048.1
    Other assets, net   340.7     288.1
    Total assets $ 6,554.9   $ 5,834.5
               
    LIABILITIES AND EQUITY          
    Current liabilities:          
    Settlement obligations $ 1,547.1   $ 1,522.7
    Accounts payable and other current liabilities   898.3     842.3
    Current portion of operating lease obligations   55.0     48.3
    Short-term debt obligations   1,434.8     812.7
    Total current liabilities   3,935.2     3,226.0
               
    Debt obligations, net of current portion   1,002.3     1,134.4
    Operating lease obligations, net of current portion   100.8     87.4
    Capital lease obligations, net of current portion   1.0     1.4
    Deferred income taxes   64.4     71.8
    Other long-term liabilities   87.8     84.3
    Total liabilities   5,191.5     4,605.3
    Total equity   1,363.4     1,229.2
    Total liabilities and equity $ 6,554.9   $ 5,834.5
     EURONET WORLDWIDE, INC.
     Consolidated Statements of Operations
     (unaudited – in millions, except share and per share data)
       Three Months Ended
       June 30,
      2025     2024  
    Revenues $ 1,074.3     $ 986.2  
               
    Operating expenses:          
    Direct operating costs, exclusive of depreciation   620.6       580.8  
    Salaries and benefits   173.5       158.0  
    Selling, general and administrative   87.8       79.4  
    Depreciation and amortization   33.8       33.7  
    Total operating expenses   915.7       851.9  
    Operating income   158.6       134.3  
               
    Other income (expense):          
    Interest income   6.2       5.9  
    Interest expense   (28.2 )     (20.1 )
    Foreign currency exchange loss, net   (5.7 )     1.5  
    Other income   0.4       0.8  
    Total other expense, net   (27.3 )     (11.9 )
    Income before income taxes   131.3       122.4  
               
    Income tax expense   (33.6 )     (39.2 )
    Net income   97.7       83.2  
    Net loss attributable to noncontrolling interests   (0.1 )     (0.1 )
    Net income attributable to Euronet Worldwide, Inc. $ 97.6     $ 83.1  
    Add: Interest expense from assumed conversion of convertible notes, net of tax   0.1       1.0  
    Net income for diluted earnings per share calculation $ 97.7     $ 84.1  
    Earnings per share attributable to Euronet          
    Worldwide, Inc. stockholders – diluted $ 2.27     $ 1.73  
               
    Diluted weighted average shares outstanding   42,954,631       48,700,270  
     EURONET WORLDWIDE, INC.
    Reconciliation of Net Income to Operating Income (Expense) to Operating Income (Expense) and Adjusted EBITDA
     (unaudited – in millions)

    .

      Three months ended June 30, 2025
      EFT
    Processing    		 epay Money
    Transfer    		 Corporate
    Services    		 Consolidated
    Net income                         $ 97.7
    Add: Income tax expense                           33.6
    Add: Total other expense, net                           27.3
    Operating income (expense) $ 84.6   $ 31.1   $ 65.6   $ (22.7 )   $ 158.6
    Add: Depreciation and amortization   26.0     1.7     6.0     0.1       33.8
    Add: Share-based compensation   —     —     —     13.8       13.8
    Earnings before interest, taxes, depreciation, amortization, share-based
    compensation (Adjusted EBITDA)    		 $ 110.6   $ 32.8   $ 71.6   $ (8.8 )   $ 206.2

    .

      Three months ended June 30, 2024
      EFT
    Processing    		 epay Money
    Transfer    		 Corporate
    Services    		 Consolidated
    Net income                         $ 83.2
    Add: Income tax expense                           39.2
    Add: Total other expense, net                           11.9
    Operating income (expense) $ 79.9   $ 26.2   $ 47.3   $ (19.1 )   $ 134.3
    Add: Depreciation and amortization   25.1     1.8     6.7     0.1       33.7
    Add: Share-based compensation   —     —     —     10.2       10.2
    Earnings before interest, taxes, depreciation, amortization, share-based
    compensation (Adjusted EBITDA) (1)    		 $ 105.0   $ 28.0   $ 54.0   $ (8.8 )   $ 178.2


    (1)     Adjusted EBITDA is a non-GAAP measure that should be considered in addition to, and not a substitute for, net income computed in accordance with U.S. GAAP.

     EURONET WORLDWIDE, INC.
     Reconciliation of Adjusted Earnings per Share
     (unaudited – in millions, except share and per share data)
     
      Three Months Ended
      June 30,
      2025     2024  
    Net income attributable to Euronet Worldwide, Inc. $ 97.6     $ 83.1  
    Foreign currency exchange loss (gain)   5.7       (1.5 )
    Intangible asset amortization (1)   4.7       6.5  
    Share-based compensation (2)   13.8       10.2  
    Income tax effect of above adjustments (3)   (13.7 )     4.3  
    Non-cash investment gain (4)   (0.4 )     —  
    Non-cash GAAP tax expense (5)   3.0       1.9  
    Adjusted earnings (6) $ 110.7     $ 104.5  
    Adjusted earnings per share – diluted (6) $ 2.56     $ 2.25  
    Diluted weighted average shares outstanding (GAAP)   42,954,631       48,700,270  
    Effect of adjusted EPS dilution of convertible notes   (176,123 )     (2,781,818 )
    Effect of unrecognized share-based compensation on diluted shares
    outstanding    		   406,912       420,305  
    Adjusted diluted weighted average shares outstanding   43,185,420       46,338,757  

    (1) Intangible asset amortization of $4.7 million and $6.5 million are included in depreciation and amortization expense of $33.8 million and $33.7 million for both the three months ended June 30, 2025 and June 30, 2024, in the consolidated statements of operations.

    (2) Share-based compensation of $13.8 million and $10.2 million are included in salaries and benefits expense of $173.5 million and $158.0 million for the three months ended June 30, 2025 and June 30, 2024, respectively, in the consolidated statements of operations.

    (3) Adjustment is the aggregate U.S. GAAP income tax effect on the preceding adjustments determined by applying the applicable statutory U.S. federal, state and/or foreign income tax rates. 

    (4) Non-cash investment gain of $0.4 million is included in other income in the consolidated statement of operations.

    (5) Adjustment is the non-cash GAAP tax impact recognized on certain items such as the utilization of certain material net deferred tax assets and amortization of indefinite-lived intangible assets.

    (6) Adjusted earnings and adjusted earnings per share are non-GAAP measures that should be considered in addition to, and not as a substitute for, net income and earnings per share computed in accordance with U.S. GAAP. 

    The MIL Network –

  • MIL-OSI Europe: Key health and medical care actors gathered at conference on support to Ukraine

    Source: Government of Sweden

    The will to support Ukraine is strong among Swedish health and medical care actors from both the public and private sectors. The Ministry of Health and Social Affairs and Swecare held a Conference on Support to the Recovery and Development of Health Care in Ukraine on 1 December to harness this engagement and discuss how Swedish support can be put to best use.

    MIL OSI Europe News –

  • MIL-OSI Europe: Conference with key health and medical care actors to strengthen support to Ukraine

    Source: Government of Sweden

    On 1 December, Minister for Health Care Acko Ankarberg Johansson and Minister for Health and Social Affairs Jakob Forssmed will co-host a conference to discuss Sweden’s support to Ukraine’s health and medical care system. The conference, which will convene both public and private sector actors, aims especially to outline how Ukraine’s health care system can be rebuilt, strengthened and modernised.

    MIL OSI Europe News –

  • US President Trump confirms India-US trade talks continue despite 25 per cent tariff threat

    Source: Government of India

    Source: Government of India (4)

    President Donald Trump has said that India and the US were still negotiating a trade deal despite his threat to impose a 25 per cent tariff, and a final decision may be known by the end of the week.

    “We’re talking to India now, we’ll see what happens,” he said on Wednesday, hours after he had threatened the 25 per cent tariffs and the 100 per cent penalty for buyers of Russian energy he had proposed. He said that India, which he asserted has one of the highest tariffs in the world, was now “willing to cut it very substantially.”

    However, he was silent on the Russian penalty when asked by a reporter and instead spoke of the 10 per cent penalty he had proposed for BRICS members.

    Since he says negotiations are continuing, the morning threat appears to be a negotiating ploy and gives both countries wiggle room to reach an accord. He has also not issued a formal letter on the tariffs.

    India had replied defiantly to the threat, saying the government “will take all steps necessary to secure our national interest.” India indicated that agriculture was likely a sticking point in the negotiations.

    The statement said, “The government attaches the utmost importance to protecting and promoting the welfare of our farmers, entrepreneurs, and MSMEs (Micro, Small, and Medium Enterprises).” The US wants India to open its markets to US agriculture and dairy, which could impact its vast agriculture sector.

    Trump and his officials, like Commerce Secretary Howard Lutnick, had spoken optimistically that India would be among the first to make a deal, but it hasn’t materialised. India was among the first countries to start trade negotiations with Washington on tariffs, and Trump had repeatedly said that an agreement was imminent, most recently last week.

    The negotiations were making fantastic progress, India’s Commerce Minister Piyush Goyal said last week in a media interview in London. “I do hope we’ll be able to conclude a very consequential partnership,” he said.

    In its response, India’s Commerce Ministry said, “India and the US have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months.”

    “We remain committed to that objective,” it added. Speaking to reporters at the White House, Trump called Prime Minister Narendra Modi “a friend of mine,” as he usually prefaces differences on tariffs.

    He said, nonchalantly, “It doesn’t matter too much whether we have a deal or whether we charge them a certain tariff, but you’ll know at the end of this week.”

    He repeated his tirade about India’s high tariffs, saying that while the US buys a lot from India, the US doesn’t sell as much there because of the tariffs. India had the highest or one of the highest tariffs in the world, with levies going as high as 175 per cent, he said.

    When a reporter asked him about the penalty for buying Russian energy, he did not answer that and, instead, veered off into talking about BRICS and how it was “anti-United States.” “India is a member of that, if you can believe it,” he said.

    “It’s an attack on the dollar, and we’re not going to let anybody attack the dollar,” he said. So, when it comes to India, he said, “It’s partially BRICS, and it’s partially the trade.”

    In the Truth Social post, Trump had said India has “always bought a vast majority of their military equipment from Russia, and are Russia’s largest buyer of energy, along with China, at a time when everyone wants Russia to stop the killing in Ukraine.”

    “All things not good! India will therefore be paying a tariff of 25 per cent, plus a penalty for the above, starting on August first,” he wrote, capitalising parts of the post in his style. (IANS)