Author: MIL-OSI Publisher

Strong retail and business investment keep WA on top, while anticipated rate cuts could eventually support a lift in performance for NSW and Victoria.

Western Australia has once again claimed the top spot in the latest CommSec State of the States report, leading the nation’s economic performance rankings for a fourth consecutive quarter.

South Australia also began 2025 with a bang, climbing from fourth to second, driven by solid gains across several key indicators.

The State of the States report determines which Australian state or territory economy is performing best by tracking eight key economic indicators and comparing the latest observation with decade averages (or the “normal”).

“Western Australia led across several economic measures, taking first place in retail trade, housing finance, and business investment. Meanwhile South Australia ranks first on two indicators – construction work and dwelling starts,” Chief CommSec Economist Ryan Felsman said.

“Overall, the economic performance of Australia’s states and territories is being supported by a combination of slowing inflation, falling interest rates, rising real wages, robust government spending and a solid labour market.

“But economic growth has moderated, held back by slowing public investment, population growth and household spending. The future path will depend on the resiliency of the job market, further interest rate cuts and US President Donald Trump’s trade policies.”

In the July 2025 edition of the State of the States:

Western Australia leads the national performance rankings for the fourth successive report. The state is ranked first on three of the eight economic indicators – retail trade, housing finance and equipment spending.

South Australia has jumped to second from fourth after a strong start to 2025, with a pickup in consumer spending and business investment. South Australia now leads other economies on dwelling starts and construction work done, lifting from second spot in the previous quarter.

Queensland stays third, ranking second on relative unemployment and housing finance, but consumer activity in the southeast of the state was disrupted in the March quarter by ex-Tropical Cyclone Alfred.

Victoria dropped from second to fourth place. The state is in third spot on four indicators but is held back by weakness in relative unemployment. Victoria stays in second spot for retail spending with it being 10 per cent above its ‘normal’ levels or the decade average.

Tasmania is steady in fifth place – ranking first on relative unemployment, with the trend jobless rate at a record low 3.8 per cent in June. But the state is held back by relative population growth, which is at the weakest level in nearly a decade.

New South Wales slips back to sixth from equal fifth position due to a delayed transition from public to private sector led growth, while the ACT joins NSW in sixth, ranking first on relative economic growth, constrained by more modest public demand and weak business investment

The Northern Territory stays in eighth place despite strength in relative population growth. The decade-average method of assessing economic performance disadvantages the Top End given significant LNG construction over 2012–18 inflated a range of economic indicators. That said, the Territory has lifted its economic performance in the past 12 months.

Annual growth rates

The State of the States report also compares the annual growth rates across the eight major indicators, enabling comparisons in terms of more recent economic momentum. This quarter’s report revealed:

• The commodities and tourism-focused state of Western Australia continues to outperform the rest of the nation, also ranking first on four of the eight key economic indicators. Population growth is particularly strong.
• South Australia is the big improver, also jumping to second from fourth spot, supported by a pick-up in consumer spending, business investment and construction activity.
• The Northern Territory lifts from fifth to third due to robust growth in business investment and construction activity.
• Queensland slips to fourth from second following a fall in coal and agricultural exports caused by ex-Tropical Cyclone Alfred.
• Victoria dips from third to fifth despite above-average net overseas migration, supporting household spending.
• New South Wales joins Victoria in fifth, up from sixth, with Sydney’s heavily mortgaged households benefiting from interest rate cuts.
• The ACT (seventh) and Tasmania (eighth) are both being held back by weakness in private sector investment.

About the CommSec State of the States Report

The July 2025 edition of the State of the States report uses the most recent economic data available. While population growth data relates to the December quarter of 2024, other data – such as unemployment – is much timelier, covering the month of June 2025, with the majority of the other indicators using March quarter of 2025 figures.

CommSec, the self-directed broking arm of Australia’s largest bank, assesses the performance of each state and territory on a quarterly basis using eight key indicators. Those indicators include economic growth, retail spending, equipment investment, unemployment, construction work done, population growth, housing finance and dwelling commencements.

Just as the Reserve Bank of Australia (RBA) uses long-term averages to determine the level of “normal” interest rates, CommSec compares the key indicators to decade averages; that is, against “normal” performance.

CommSec also compares annual growth rates for eight key indicators for all states and territories, in addition to Australia as a whole, enabling a comparison of economic momentum.

From Justice Steven Moore, President of the Australian Judicial Officers Association – 25 July 2025

Threats against judicial officers are increasing, new data revealed on the inaugural United Nations International Day for Judicial Wellbeing show.

Between 2023 and 2024, the number of Victorian judicial officers who sought support to manage a threat more than doubled, with the largest number coming from Magistrates.

Based on 2025 reports to date, the overall number of reported threats is expected to increase a further 70 per cent.

The figures reflect New South Wales research from July 2022 which found 61 per cent of surveyed judges had experienced some form of threat, with 41 per cent threats of harm. The sitting and retired judges surveyed reported threats were most commonly experienced in person in the courtroom or court precinct followed by on social media.

The Australian Judicial Officers Association (AJOA) called on the Attorneys-General of the Commonwealth, the States and the Territories to formulate and implement consistent policies and measures to address the increasing threats.

“The increasing prevalence of threats to the safety and security of Australian judicial officers is alarming and unacceptable,” AJOA President Justice Steven Moore said.

“It demands urgent action to ensure judicial officers and court staff may go about their work without unnecessary risks to their psychological and physical health and safety, and to ensure that they may properly discharge their oaths of office.”

Justice Moore said while judicial decisions were often significant for those involved or widely discussed in the community, personal threats should never be tolerated as ‘part of the job’.

“Legitimate scrutiny of decision making is a cornerstone of the law. If someone disagrees with the basis for a decision or believes a legal error has occurred there are avenues of appeal for that to be properly considered,” he said.

“Judicial officers perform an essential social role. It means putting personal opinion aside and applying laws enacted by parliament and legal precedents. Threats of personal harm for performing this role are unwarranted and should alarm the community.”

“It is particularly sobering to consider the deteriorating situation in relation to safety and security of judges in the United States, where judges have been murdered as recently as 2023,” he said.

“Although the experience in the US shouldn’t be assumed to automatically flow to Australia, there is clearly an erosion of respect for, and understanding of, the role of judicial officers, that left unabated has the potential to undermine our system of justice.”

The United Nations chose July 25 for the International Day for Judicial Wellbeing to coincide with the anniversary of the Nauru Declaration of Judicial Wellbeing.

Read the full paper on Judicial Safety and Security: https://www.ajoa.asn.au/wp-content/uploads/2025/07/P105_02-250723-Judicial-safety-and-security-paper-25-July-2025.pdf

The Australian Judicial Officers Association is the professional association of judges and magistrates in Australia.

Quarterly Activity Report and Appendix 4C

Quarter ended 30 June 2025 – Intelligent Monitoring Group Limited (“Intelligent Monitoring”, “IMG” or “the Company”) (ASX: IMB) is pleased to provide its Quarterly Market Activity Update.

Highlights

• Reported net operating cash flow of $17.0m for 4Q 2025
• First “clean” quarter post-debt refinance and acquisitions. 
• Underlying operating cash flow for FY25 of $32.4m pre-refinancing, acquisition, and ADT/JCI transition costs
• Unaudited EBITDA for FY25 $38.6m – timing of several large service contracts outstanding and expected early in FY26. Between $38-40m guidance
• Unaudited underlying earnings growth of +8.2% for FY25
• $24.0m cash in bank plus $35m acquisition facility available
• IMG to prepare an on-market share buy-back capability

Financial Update

IMG is pleased to report an operating cash flow of $17.0m for 4Q FY25. This result confirms and validates the inherent cash flow strength of IMG.

Cash in the bank grew $11.1m in the quarter.

As expected, Q4 saw a strong step upward, driven by growth in underlying earnings and the cessation of non-recurring costs, including the earlier refinancing, ADT transition, and M&A-related costs and working capital drags.

Unaudited underlying full year EBITDA of $38.6m, whilst around the middle of the guidance range, was a little behind the company's target as some work under discussion and pending award took longer than expected to be realised. Whilst disappointing, the shortfall is primarily timing related, and this work contributes to a healthy and growing pipeline for FY26. The acquisition of DVL (Dec) and Kobe (March) contributed above expectations.

Underlying earnings growth on FY24 (i.e. before acquisitions and adjusted for prior period capitalisation policies) was 8.2%. The business run rate in Q4, combined with the pipeline in hand, anticipates a strong growth result in FY26.

The company will give further FY26 guidance at its AGM in late October.

The underlying operating cash flow for the year was $32.4m, reflecting a year of investment in new service lines (and related products) and working capital, as DVL and Kobe were acquired and integrated into the IMG fold.

Outside of further inventory or growth investments, EBITDA and operating cash flow are expected to converge closer to each other during FY26.

Investing cashflow for the quarter was $4.0m with the majority (75%) relating to the NZ 4G telephony upgrade program (which was at its peak level during the half and is expected to tail off over the next six months). Other capital expenditures were less than $1m including project-related IT costs of $0.5m.

In light of the strong and reliable cash flows and growing cash balance, the IMG board has determined to put in place the mechanics for an on-market share buyback, with Morgans Financial to be appointed as manager. It will assess the use of this facility against all other capital allocation options over coming periods to maximise shareholder returns and value creation.

Operational and Management Comment

The business remained highly productive during the fourth quarter.

During Q4:

IMG refined its go-to-market strategy in Australia to ADT: Direct, Signature: Industry Partnerships, and IMS: Bureau/Wholesale provider of monitoring services.

Combined its service and installation tech base in Australia under a program #techsunite. Creating one of, if not the biggest, groupings of security technicians across Australia and NZ.

Created a new internal service and operational model in Australia around shared HR, IT, Monitoring, and operations, employing new leaders in HR and Procurement, in particular.  

Completed the successful introduction of ADT Guard across the Australian and NZ ADT business.  The group has assisted the police in apprehending over 30 criminals in the act, due to this new, highly effective service. It is now protecting over 300 sites around Australia.

We are also immensely proud to announce that, after three years of hard work and platform investment and integration, IMG subsidiary Intelligent Monitoring Solutions (IMS) has achieved an ASIAL certified A1/R1A redundant grading in both its IMS control rooms.

With instantaneous backup in case one room fails, IMS is at the top of the industry and in a position that few will be able to match. This provides a critical advantage to all IMS security partners, and we will seek to utilise this further with the launch of the Signature Security partner program for select partners in August.

IMG has had a remarkable 2025 financial year.  With a refinanced balance sheet, positive operational cash flow, clear target markets, and a strong competitive position, IMG is now well positioned to grow and generate increasing returns for shareholders in FY26 and beyond.

We look forward to providing further details at the full-year results release and presentation, scheduled for 26 August 2025.

For more information please visit: https://intelligentmonitoringgroup.com

Gaza Strip: Israeli authorities' deliberate use of starvation as a weapon in Gaza has reached unprecedented levels, with patients and healthcare workers themselves now fighting to survive, Médecins Sans Frontières (MSF) warns.

MSF staff are receiving an increasing number of malnourished patients at our clinics, while they themselves struggle to find sufficient food. Across screenings of children aged six months to five years old and pregnant and breastfeeding women, at MSF facilities last week, 25 per cent were malnourished. At the MSF clinic in Gaza City, the number of people enrolled for malnutrition has quadrupled since 18 May, while rates of severe malnutrition in children under five have tripled in the last two weeks alone.

This is not just hunger – it's deliberate starvation, manufactured by the Israeli authorities. The weaponisation of food to exert pressure on a civilian population must not be normalised. Israeli authorities must allow food and aid supplies into Gaza at scale.

“We see the dire consequences of these shortages in Gaza on a daily basis in our clinic,” says Caroline Willemen, project coordinator at the MSF clinic in Gaza City. “We are now enrolling 25 new patients every single day for malnutrition. We see the exhaustion and the hunger in our own colleagues.”

 Meanwhile, hundreds of people seeking desperately needed aid continue to be attacked by Israeli forces and private security contractors at food distribution sites run by the Israeli proxy, the Gaza Humanitarian Foundation (GHF).

“What we are seeing is unconscionable; an entire population being deliberately cut off from food and water, all while the Israeli forces commit daily massacres as people scramble for scraps of food at distribution sites. Any shred of humanity in Gaza has been wiped out in the ongoing genocide,” says Amande Bazerolle, MSF head of emergency response in Gaza.

In the last two months, more than 1,000 people have been killed and over 7,200 injured, according to the Ministry of Health, as they attempted to collect aid, including a large proportion at the distribution sites of the GHF, which is backed and funded by the US government. Despite these sites being set up to avoid aid diversion, they have done nothing to reduce the existence of looting.

“These food distributions are not humanitarian aid, they are war crimes committed in broad
daylight and presented to the world with compassionate language. Those who go to the Gaza Humanitarian Foundation's food distributions know that they have the same chance of receiving a sack of flour as they do of leaving with a bullet in their head,” says Dr. Mohammed Abu Mughaisib, MSF deputy medical coordinator in Gaza.

In addition to people wounded at GHF sites, our teams have treated dozens of patients from recurrent massacres by Israeli forces as people wait for flour from trucks that pass by.

“In the emergency room of Sheikh Radwan clinic a few days ago, dozens of patients came in, both dead and wounded,” says Willeman. “These were people who had approached trucks for flour and were ruthlessly shot by Israeli forces.

That day MSF and Ministry of Health medical teams at the clinic, in north Gaza, treated 122 people with gunshot wounds who had been fired on while waiting for flour and additional 46 people were dead on arrival.

To make matters worse, in the last week, community kitchens who provide food to patients and medical staff in hospitals have struggled to do so, some shutting down for days at a time. Even if they can deliver, it is only one meal a day of plain rice for patients who need nutrient-rich food to heal properly, and often nothing for staff. This is no longer about what people can afford. There is barely any food available in most of the strip.

July 24, 2025, Vilnius, Lithuania – As artificial intelligence becomes increasingly central to the operations of America's largest corporations, recent research reveals potential security vulnerabilities that could affect both organizations and their customers.

An analysis by cybersecurity experts at Cybernews examined AI deployments across the S&P 500 and uncovered close to 1,000 potential weak points that may lead to data exposure, theft of proprietary information, and erroneous AI actions.

The study found that 327 S&P 500 companies publicly report using AI tools in their operations in sectors including finance, healthcare, manufacturing, and energy.

While these tools have accelerated innovation and efficiency, safety measures have yet to fully catch up, leaving systems open to misuse or failure. This includes AI outputs that may be inaccurate or misleading, unintended disclosure of confidential data, and risks of corporate secrets being compromised.

Žilvinas Girėnas, head of product at nexos.ai, emphasized, “It's not enough to deploy AI and hope for the best. Businesses need to develop AI with the same safety standards as airplanes: constant oversight, clear guardrails, and a zero-trust approach. Every AI decision must be considered potentially wrong until proven correct, and every input must be monitored to prevent sensitive data from leaking or trade secrets from escaping.”

The potential vulnerabilities extend across multiple industries. Technology and semiconductor companies are especially vulnerable to data leaks and intellectual property risks. Financial institutions might face challenges protecting client data while ensuring AI does not reinforce unfair bias in lending.

Healthcare providers carry the added responsibility of protecting patients from flawed AI-driven recommendations. Meanwhile, industrial and infrastructure sectors must guard against disruptions that could affect critical services, such as power supply or supply chain operations.

For consumers, the consequences are tangible. Unsecured AI systems risk leaking private details – ranging from medical histories to financial records – while flawed AI judgments could influence decisions that directly affect people's health and finances.

As AI tools play a larger role in retail, banking, transportation, and other areas, protecting these technologies becomes essential for public protection.

The report highlights past incidents that illustrate these dangers. IBM's Watson once offered unsafe cancer treatment suggestions. Apple's credit system faced scrutiny after allegations of gender bias. Zillow's AI-driven pricing led to substantial financial losses. Additionally, Samsung experienced unintended source code disclosures due to inappropriate use of AI chatbots by employees.

“AI is becoming more deeply embedded in business operations, and the risks are multiplying. The lessons from all these incidents are clear: unchecked deployment without robust security and oversight leads to real-world failures,” said Martynas Vareikis, Security Researcher at Cybernews.

As AI further transforms businesses, past incidents and potential threats show how crucial it is to improve security strategies in parallel.

ABOUT CYBERNEWS

Cybernews is a globally recognized independent media outlet where journalists and security experts debunk cyber by research, testing, and data. Founded in 2019 in response to rising concerns about online security, the site covers breaking news, conducts original investigations, and offers unique perspectives on the evolving digital security landscape. Through white-hat investigative techniques, Cybernews research team identifies and safely discloses cybersecurity threats and vulnerabilities, while the editorial team provides cybersecurity-related news, analysis, and opinions by industry insiders with complete independence. 

Cybernews has earned worldwide attention for its high-impact research and discoveries, which have uncovered some of the internet's most significant security exposures and data leaks. Notable ones include:

• Cybernews researchers discovered multiple open datasets comprising 16 billion login credentials from infostealer malware, social media, developer portals, and corporate networks – highlighting the unprecedented risks of account takeovers, phishing, and business email compromise.

• Cybernews researchers analyzed 156,080 randomly selected iOS apps – around 8% of the apps present on the App Store – and uncovered a massive oversight: 71% of them expose sensitive data.

• Recently, Bob Dyachenko, a cybersecurity researcher and owner of SecurityDiscovery.com, and the Cybernews security research team discovered an unprotected Elasticsearch index, which contained a wide range of sensitive personal details related to the entire population of Georgia. 

• The team analyzed the new Pixel 9 Pro XL smartphone's web traffic, and found that Google's latest flagship smartphone frequently transmits private user data to the tech giant before any app is installed.

• The team revealed that a massive data leak at MC2 Data, a background check firm, affects one-third of the US population.

• The Cybernews security research team discovered that 50 most popular Android apps require 11 dangerous permissions on average.

• They revealed that two online PDF makers leaked tens of thousands of user documents, including passports, driving licenses, certificates, and other personal information uploaded by users.

• An analysis by Cybernews research discovered over a million publicly exposed secrets from over 58 thousand websites' exposed environment (.env) files.

• The team revealed that Australia's football governing body, Football Australia, has leaked secret keys potentially opening access to 127 buckets of data, including ticket buyers' personal data and players' contracts and documents.

• The Cybernews research team, in collaboration with cybersecurity researcher Bob Dyachenko, discovered a massive data leak containing information from numerous past breaches, comprising 12 terabytes of data and spanning over 26 billion records.

• The team analyzed NASA's website, and discovered an open redirect vulnerability plaguing NASA's Astrobiology website.

• The team investigated 30,000 Android Apps, and discovered that over half of them are leaking secrets that could have huge repercussions for both app developers and their customers.

Book Authors – Tyson Yunkaporta & Megan Kelleher.

Shining an Indigenous light on contemporary society, Snake Talk invites us to see the world through the eye of the snake

The Serpent in Aboriginal stories is both creator and destroyer, dwelling between physical and spiritual worlds, between story and history, weaving across earth and sky. The Great Dividing Range is the body of the Serpent, but he does not separate us—he brings us together.

What if this ancient Lore can be found everywhere? What if the stories of the Basilisk, Wyvern, Naga, Quetzalcoatl and many other mythic Serpents also contain the knowledge we need in this moment of crisis?

In Snake Talk, Tyson Yunkaporta and Megan Kelleher follow these stories around the world from Kathmandu to Aotearoa, from Mesoamerica to China to northern Europe. They ask how we can align our human gifts with the patterns of creation, seeking answers from makers who pay homage to the Serpent in images and objects.

This exhilarating new book—like Sand Talk and Right Story, Wrong Story—shines an Indigenous light on contemporary society. Snake Talk invites us to see the world through the eye of the Serpent.

 'An extraordinary invitation into the world of the Dreaming…Unheralded.' Melissa Lucashenko on Sand Talk

'Bristles with revelation…Vigorous brilliance…both sensible and subversive.' Age on Right Story, Wrong Story

Tyson Yunkaporta:

23 JULY 2025 – Equinor delivered an adjusted operating income* of USD 6.53 billion and USD 1.74 billion after tax* in the second quarter of 2025. Equinor reported a net operating income of USD 5.72 billion and a net income of USD 1.32 billion. Adjusted net income* was USD 1.67 billion, leading to adjusted earnings per share* of USD 0.64.

Solid financial results

• Strong operational performance and production growth
• Higher US onshore gas production capturing higher prices
• Stable cost and capex in line with guidance
• Balance sheet remains robust through lower price environment

Strategic progress

• Announced divestment of the Peregrino field in Brazil for USD 3.5 billion
• Financial close of Bałtyk 2 & 3 offshore wind projects in Poland
• Empire Wind 1 project development back in execution. Impairments driven by regulatory changes for future offshore wind projects leading to a loss of future synergies on South Brooklyn Marine Terminal, and increased exposure to tariffs

Capital distribution

• Ordinary cash dividend of USD 0.37 per share, third tranche of share buy-back of up to USD 1.265 billion
• Expected total capital distribution of USD 9 billion in 2025

Anders Opedal, President and CEO of Equinor ASA:
“We are on track to deliver production growth in 2025 in line with our guidance. Strong operational performance and Johan Castberg reaching plateau are key contributors this quarter. In today’s volatile markets we stay committed to being a long-term energy provider to Europe.”

“Last year, we strengthened our onshore gas portfolio in the US and this has created substantial value this quarter, with a fifty percent increase in gas production at prices almost eighty percent higher than the same time last year.“

“We continue to progress our portfolio in renewables, and the Empire Wind 1 project development is back in execution. We have reached financial close for the Bałtyk 2 & 3 offshore wind projects in Poland at favourable terms, contributing to strong returns.”

Solid production

Equinor delivered a total equity production of 2,096 mboe per day in the second quarter, up 2% from 2,048 mboe in the same quarter last year.

On the Norwegian continental shelf the operational performance was strong. New production from the Johan Castberg field reaching plateau and Halten East contributed. Together, this offset natural decline, impact from the turnaround at Hammerfest LNG and maintenance at the Kollsnes processing plant.

The acquisition of additional interests in US onshore assets in 2024, and higher production from these assets, contributed to a 28% increase in oil and gas production from US in the second quarter, compared to the same period last year.

The production from the international upstream segment, excluding US, is down compared to the same quarter last year, due to exits from Nigeria and Azerbaijan in 2024. Higher production in Brazil, and new wells in Argentina and Angola, contributed positively.

The total power generation from the renewable portfolio was 0.83 TWh. The increase compared to second quarter last year is due to ramp up of power production from Dogger Bank A and new production from the onshore wind farm Lyngsåsa in Sweden which was acquired in first quarter 2025.

In the quarter, Equinor completed 5 offshore exploration wells on the NCS with 2 commercial discoveries.

Strong financial results

Equinor delivered an adjusted operating income* of USD 6.53 billion and USD 1.74 billion after tax* in the second quarter of 2025. The results are affected by lower liquids prices, which were partially offset by higher gas prices and higher production.

The reported net operating income of USD 5.72 billion is down from USD 7.66 billion in the same quarter last year. This is impacted by an impairment of USD 955 million due to regulatory changes causing loss of synergies from future offshore wind projects and increased exposure to tariffs. Of this, USD 763 million is related to Empire Wind 1/South Brooklyn Marine Terminal project and the remainder is related to the Empire Wind 2 lease.

Equinor realised a European gas price of USD 12.0 per mmbtu and realised liquids prices were USD 63.0 per bbl in the second quarter.

Adjusted operating and administrative expenses* are stable from the same quarter last year.

Strong operational performance generated cash flows provided by operating activities, before taxes paid and working capital items, of USD 9.17 billion for the second quarter.

Equinor paid two NCS tax instalments totalling USD 6.85 billion in the quarter. From August, the payments of tax on the NCS will be changed to ten installments annually, and for third quarter Equinor expects to pay two installments of NOK 19.7 billion each.

Cash flow from operations after taxes paid* ended at USD 1.94 billion.

Organic capital expenditure* was USD 3.40 billion for the quarter, and total capital expenditures were USD 3.58 billion.

The net debt to capital employed adjusted ratio* was 15.2% at the end of the second quarter, compared to 6.9% at the end of the first quarter of 2025. The calculation of net debt ratio includes the effect of the Norwegian state’s share of the share buy-back, at USD 4.26 billion paid in July.

Strategic progress

Since the end of the last quarter, Equinor progressed projects to facilitate long-term production and value creation on the Norwegian continental shelf. The plan for development and operation on Fram South was submitted and final investment decision was made on Johan Sverdrup phase 3 in the North Sea which are expected to increase the recoverable volumes from the field by 40-50 million boe.

After less than three months in production, the Johan Castberg field in the Barents Sea reached plateau on 17 June. The same month, an oil discovery estimated at approximately 9-15 million barrels was made in the area and can contribute with additional reserves for the field.

Equinor and Centrica signed a long-term gas sales agreement of 55 TWh of natural gas per year for a period of 10 years, demonstrating the importance of long-term gas supplies from the NCS to support the UK’s energy security.

Equinor continues to high-grade its international portfolio. In the quarter, the sale of the Peregrino field in Brazil for USD 3.5 billion was announced. Equinor will focus on the start-up of the Bacalhau field expected on stream later in 2025 and progressing the Raia gas project. New exploration acreage in the Santos basin was awarded.

Financial close was announced on the Bałtyk 2 and Bałtyk 3 offshore wind projects with financing packages totalling EUR 6 billion. The wind projects are located offshore Poland with an expected total capacity of 1.4 GW.

Competitive capital distribution

The board of directors has decided a cash dividend of USD 0.37 per share for the second quarter of 2025, in line with communication at the Capital Markets Update in February.

Expected total capital distribution for 2025 is USD 9 billion, including a share buy-back programme of up to USD 5 billion. The board has decided to initiate a third tranche of the share buy-back programme of up to USD 1.265 billion. The tranche will commence on 24 July and end no later than 27 October 2025.

The second tranche of the share buy-back programme for 2025 was completed on 17 July 2025 with a total value of USD 1.265 billion.

All share buy-back amounts include shares to be redeemed by the Norwegian state.

*For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.

23 JULY 2025 – Equinor will on 24 July 2025 commence the third tranche of up to USD 1,265 million of the share buy-back programme for 2025, as announced in relation with the second quarter results 23 July 2025.

In this third tranche of the share buy-back programme for 2025, shares for up to USD 417.5 million will be purchased in the market, implying a total third tranche of up to USD 1,265 million including shares to be redeemed from the Norwegian State. The tranche will end no later than 27 October 2025.

Equinor announced at the Capital Market Update in February 2025 a share buy-back programme of up to USD 5 billion for 2025, including shares to be redeemed from the Norwegian State, in order to conclude the two-year programme for 2024 – 2025, announced in February 2024. The share buy-back programme will be subject to market outlook and balance sheet strength and be structured into tranches where Equinor will buy back shares for a certain value in USD over a defined period. For the third tranche in 2025, Equinor will be entering into a non-discretionary agreement with a third party who will execute repurchases of shares and make its trading decisions independently of the company.

Commencement of new share buy-back tranches after the third tranche in 2025 will be decided by the board of directors on a quarterly basis in line with the company’s dividend policy and will be subject to board authorisation for share buy-back from the company’s annual general meeting and agreement with the Norwegian State regarding share buy-back (as further described below).

The purpose of the share buy-back programme is to reduce the issued share capital of the company. All shares purchased as part of the third tranche for 2025 will thus be cancelled through a capital reduction at the annual general meeting of the company in May 2026.

Further information about the share buy-back programme and the third tranche:

The third tranche of the share buy-back programme for 2025 is based on an authorisation granted to the board of directors at the annual general meeting of the company held on 14 May 2025. According to the authorisation, the maximum number of shares which can be purchased in the market is 84 million, of which 67,622,812 remain available per commencement of the third tranche in 2025 (buy-backs made under previous tranches in the authorisation period taken into account). The minimum price that can be paid per share is NOK 50, and the maximum price is NOK 1,000. The authorisation is valid until the annual general meeting of the company in May 2026, but no later than 30 June 2026.

An agreement between Equinor and the Norwegian State regulates the State's participation in the share buy-back: at the annual general meeting of the company in May 2026, the State will, as per proposal by the board of directors, vote for the cancellation of shares purchased in the market pursuant to the board authorisation, and the redemption and cancellation of a proportionate number of its shares in order to maintain its ownership share in the company at 67%. The price to be paid to the State for redemption of the State's shares shall be the volume-weighted average of the price paid by Equinor for shares purchased in the market plus an interest rate compensation, adjusted for any divid

A month after the Government of Nauru announced a ground breaking strategic partnership with UAE company Global Mission Support Services (GMSS) to take over the management and delivery of the country’s health services, the results have already been transformational. 

Minister for Public Health Maverick Eoe said while the first 30 days were earmarked for assessment and planning, the new medical team had already made major progress including reactivating the eye clinic and performing high-impact surgeries that previously could not be performed domestically.

“The government decided that in order to make a real difference in the health care of all Nauruans we had to be innovative, and we are absolutely confident that this solution will dramatically improve, and restore trust in, our health system,” he said. 

The health team has also responded to a dengue fever outbreak which is now under control following consultation with the United States Centres for Disease Control and Prevention, while the company’s engineering team fixed the flooding at the hospital’s entrance which has been an issue for decades.  

The partnership, at no extra cost to the Government, was announced in Parliament last month by President David Adeang, who said, “The government…. had concluded that engaging an experienced and capable private sector partner is a necessary step to ensure our people continue to receive quality and timely medical care, both locally and abroad.”

He also said the new arrangement will reduce the financial burden on the OMR but assured the nation that “this arrangement will (still) ensure that our most vulnerable citizens—those who require overseas medical treatment—are cared for with dignity, efficiency, and compassion.”

The GMSS medical team on Nauru are leading experts from across the world and include a US chief medical officer, a Ukrainian brigadier general who was a special forces physician, an Israeli ophthalmic surgeon, an Australian professor of public policy, a former British Royal Air Force doctor, and a US Navy admiral. 

GMSS manager Roy Shaposhnik said, “Our mission has been receiving outstanding support and goodwill from government, the private sector, and most importantly, the people of Nauru.

“Their support and cooperation remain our greatest motivators and enablers.”

The initial team included civil engineers, logistics specialists, and operations personnel, followed by additional subject-matter experts who conducted in-depth assessments of the Nauru hospital and public health facilities.

GMSS medical adviser Dr Dezheen Zebari said thinking of just how much change they can make in Nauru is “very exciting”.

“This will be a transformative change and build a resilient health care system,” she said.

Dr Zebari credited President Adeang along with ministers Eoe and Charmaine Scotty for “their vision.”