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The card payments market in Vietnam is expected to grow by 5% to reach VND1.2 quadrillion ($48.7 billion) in 2025, supported by the constant consumer shift towards non-cash payments. While cash remains dominant, strong government support, growing card penetration, and evolving consumer preferences are supporting the country’s transition to a less cash-dependent economy and reshaping the financial services landscape, reveals GlobalData, a leading data and analytics company.

GlobalData’s Payment Card Analytics reveals that card payments value in Vietnam registered a robust compound annual growth rate (CAGR) of 15.1% between 2021 and 2025e. On the contrary, ATM cash withdrawals registered a negative CAGR of 1.2%, due to a reduced usage of payment cards for withdrawals.

Kartik Challa, Senior Banking and Payments Analyst at GlobalData, comments: “Cards are also increasingly being used for payments as consumers steadily replace cash transactions with electronic payments, with payment cards being the beneficiaries, along with digital wallets. The surge in card payments is attributed to the rising banked population, improving financial literacy, aggressive bank incentives such as cashback and discounts, and a growing preference for digital banking. The efforts by financial authorities to promote cashless payments have further accelerated card adoption.”

To promote electronic payments and reduce consumers’ reliance on cash, the government approved a project in October 2021 to increase cashless payment uptake in Vietnam. Running through the end of 2025, the project set several targets: boosting the number of POS terminals in the country to more than 450,000; ensuring 80% of individuals aged 15 and above have a bank account; and ensuring non-cash payments account for at least 50% of e-commerce transactions.

This expansion has been supported by the rise of digital-only banks, the introduction of innovative payment solutions such as mobile payments, strong growth in the e-commerce market, and the wider availability of contactless payment options.

In April 2025, the Ho Chi Minh City Department of Transport introduced Open-Loop electronic ticketing system for buses. It supports payments made via debit, credit, prepaid cards, mobile wallets, and smart devices and marks a major step toward digital payment adoption. As of October 2025, 95% of the buses in Ho Chi Minh City are equipped with contactless electronic payment systems.

An improving payment infrastructure, with rising POS terminal uptake, is also another driver for the rise in card payments. The number of POS terminals per million inhabitants in Vietnam stands at 8,961 in 2025e, which is higher compared to some of its peers such as Indonesia (8,274), the Philippines (5,154), Cambodia (2,777), and Pakistan (591), though a significant scope exits for further expansion.

Banks are also offering rewards and cashback to boost the usage of POS solutions among SMEs. In May 2025, Techcombank introduced a promotional program, “Extremely Convenient Payment Collection, Extremely Satisfying Refund,” offering a VND500,000 ($20) cashback to businesses that register for Techcombank’s SoftPOS or SmartPOS for the first time. The promotion runs from 1 October 2025 to 31 December 2025.

Challa concludes: “Vietnam payment card market is poised for sustained growth over the next five years, supported by increasing consumer awareness of digital payments and advancements in payment infrastructure. The rise in e-commerce and contactless payments will also contribute to this growth. As a result, the payment cards market is forecast to grow at a CAGR of 9.7% between 2025 and 2029 to reach VND1.8 quadrillion ($70.6 billion) in 2029.”

Notes

Quotes provided by Kartik Challa, Senior Banking and Payments Analyst at GlobalData

About GlobalData

4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.

From regional resilience to youth development, CommBank is backing 180 organisations making a difference.

28 October 2025 – 180 community organisations across Australia are being recognised in this year’s CommBank Community Grants program, sharing in $4.2 million in funding to strengthen local resilience, inclusion and wellbeing.

Each organisation is receiving a $20,000 grant from the CommBank Staff Foundation, now in its 18th year supporting grassroots initiatives nominated by employees and funded through staff donations matched by the Bank.

The announcement reflects a continued focus on highlighting the real-world impact of community organisations.

What is the CommBank Community Grants program?

The Community Grants program is delivered through the CommBank Staff Foundation, recognising organisations making a tangible difference in all areas of the community. The program invites CommBank staff members to nominate an organisation that is meaningful to them, allowing valuable funding to be provided to a variety of community initiatives.  

Everyday Australians driving extraordinary outcomes

This year’s recipients cover a range of sectors, highlighting the diverse ways organisations are supporting Australians – from mental health and homelessness to education, disability inclusion, and regional resilience.

One of the recipients receiving a grant is CF Together, a not-for-profit organisation dedicated to providing support, information and advocacy for people living with cystic fibrosis (CF) and their families. CF Together was nominated by CommBank employee Mary Nicholls, whose personal experience having lost her niece to the disease gives her a deep understanding of the vital role this organisation plays in the lives of those affected.

“Living with CF is incredibly tough as it often means long hospital stays, disrupted schooling, and financial strain for families. I’ve nominated them because I’ve seen how much this support matters. CF Together provides continued support during these times, including giving care packs with both essential and comfort items for those in isolation. Their continued care brings comfort, dignity and a sense of connection to people facing a lifelong condition,” said Mary Nicholls.

CF Together Executive Manager Fundraising and Marketing, Sarah Morrissey said: “We’re incredibly grateful to receive a CommBank Community Grant. For people living with cystic fibrosis, extended hospital stays are a regular part of life, which is terribly isolating, disruptive and emotionally draining. This funding will help us continue providing care packs that offer comfort and connection during those tough times, ensuring both children and adults feel supported.”

Other meaningful organisations receiving a grant include:

Ngalaya Indigenous Corporation – a charity run by and for Aboriginal and Torres Strait Islander lawyers, with the purpose of supporting Indigenous people pursue a legal education and enter the legal profession. This includes providing direct financial support for Indigenous law students and lawyers, helping connect each other with employment opportunities, and advocating for improvements to legal education and the profession to allow more equitable access for Indigenous people. They also focus on building community and connection between Indigenous law students, lawyers, and their supporters.

Fly High Billie – a foundation established in Tasmania driving positive impact by addressing Australia’s youth mental health crisis through evidence-based kindness and wellbeing programs to fight bullying, suicide and mental health issues. They deliver comprehensive school-based initiatives that build emotional intelligence, resilience, and peer support networks amongst primary school students.

We Are Mobilise – provides immediate support to people facing homelessness by offering direct funding towards housing and bills, and creating pathways to employment, giving them the opportunity for stability, safety and a brighter future. We Are Mobilise has established a suite of unique programs that empower people to break the cycle of homelessness and connect them with jobs, through 30+ charity partners around Australia.

Nathan Barker, Executive Manager Community Investment for CommBank, said: “The organisations receiving this year’s Community Grants are doing remarkable work – quietly, consistently, and with deep care for the people around them. At CommBank, we’re proud to play a part in helping their impact reach further. These grants are about strengthening the connections that already exist and supporting the momentum communities build for themselves.”

About the Community Grants Program

Since 1917, CommBank employees have supported Australian communities through donations and volunteering. Employees donate a portion of their salary to the Foundation, and the Bank matches every dollar contributed – allowing funding to reach a wide variety of staff-nominated community organisations. The program aims to foster brighter futures by enabling grassroots organisations to continue their vital work.

For the full list of FY26 grant recipients, visit: commbank.com.au/communitygrants

October 29 2025 – Nvidia's market value closing in on $5 trillion has become the defining symbol of artificial intelligence's rise — and, according to Nigel Green, CEO of deVere Group, a striking reminder that markets are racing far ahead of the profit reality.

“AI is transforming the global economy and remains the single most powerful force shaping the future,” says Nigel Green. “But valuations are expanding faster than earnings.

“The technology is real, the transformation is real, but the profitability still has to prove itself.”

He says Nvidia's march toward a $5 trillion valuation captures the sheer weight of belief in AI's potential to reshape productivity and growth.

“The conviction is right,” he says. “But the current market dynamic is built on expectation layered on expectation. The ecosystem is effectively trading with itself — chipmakers selling to hyperscalers, software firms selling to one another, and the like,  creating a loop that looks like growth but hasn't yet generated the profits to justify these numbers.”

Nvidia's revenues have more than doubled over the past year, driven by insatiable demand for its advanced processors powering the global build-out of AI infrastructure. The company's data-centre business alone has expanded at a historic pace, accounting for the majority of its record quarterly revenue of over $44 billion.

But Nigel Green says that while the growth is extraordinary, it remains built on anticipation more than profit. “These numbers reflect breathtaking momentum, but they also expose the imbalance between demand for capacity and evidence of sustainable earnings.

“We're still waiting to see where the profitability lands once the AI ecosystem matures.”

Those chips now power virtually every advanced model, from corporate systems to generative applications. But the deVere chief executive warns that the value chain remains largely circular.

 “When the same companies are both the biggest buyers and sellers of AI capacity, we're seeing investment feeding on momentum. At some stage, markets will demand evidence that this cycle can sustain itself through actual profit.”

He stresses that this moment doesn't mark the end of the AI boom; it marks its next, more demanding chapter.

“All revolutions reach a point where the narrative has to meet the numbers. We're approaching that point. Investors will soon want to see whether AI's extraordinary promise can be matched by earnings that justify the scale of belief.”

Nigel Green draws a parallel with past inflection points in technology. “The internet, clean energy, and mobile computing all went through periods where capital flooded in faster than profits arrived.

“Then, when the commercial models caught up, they reshaped the global economy. AI will follow a similar pattern — but this time, the sums involved are far larger.”

He says the current concentration of capital in a small cluster of firms magnifies both opportunity and risk.

“A handful of companies dominate chips, software, and cloud capacity. The concentration is driving markets higher, but it also makes them fragile. A sustainable AI economy will depend on broader profitability across the ecosystem, not just on a few extraordinary valuations.”

Still, he insists AI must remain a central element of long-term portfolios.

“This is not about retreating from the sector. It's about investing with intelligence. The winners will be those using AI to create measurable productivity: in energy, logistics, healthcare, and finance, for example, not just those building the infrastructure.”

Nigel Green believes this transition will ultimately strengthen the investment case. “The coming profit check is healthy. It will clarify who's delivering real value and who's still trading on expectation.

“When that correction comes, it won't kill the AI story, it will confirm it.”

He concludes: “Nvidia's climb toward $5 trillion exposes the gap between belief and proof in the AI boom.

“The tech is unstoppable, but the valuations are unsustainable without profit to back them. This is the moment for investors to stay engaged, stay selective, and focus on where AI's promise turns into performance.

Swinburne University of Technology researchers are developing cutting-edge 3D printing technology that could help tackle Australia's housing crisis by building homes from earth, plant fibres and other natural materials.

Led by Dr Mohamed Gomaa from Swinburne's School of Engineering, the team is pioneering a novel 3D printing system that allows natural fibrous-earth mixtures to be printed in higher-density with precision. The approach is designed to make walls stronger, more durable and more environmentally friendly, while dramatically cutting the cost and time needed to build.

“Earth is one of the oldest and most sustainable building materials we have,” says Dr Gomaa.

“It's abundant, recyclable and has almost no carbon footprint. By combining it with plant-based fibres and advanced robotics, we're reimagining indigenous building knowledge for a modern, digital era.”

The innovative system could help deliver affordable housing faster, particularly in remote or disadvantaged communities where access to conventional construction materials and labour can be limited. Using mostly local earth and fibres, 3D printed homes could be produced at a fraction of the cost and up to 60 per cent faster than conventional builds.

“With Australia expected to face a shortage of more than 600,000 social and affordable homes by 2036, we urgently need new solutions,” Dr Gomaa explains.

“3D printing with earth offers a way to build faster, cheaper and with materials that are literally beneath our feet.”

Unlike concrete, which accounts for around eight per cent of global CO2 emissions, earthen construction has a near-zero carbon footprint. The Swinburne team's process strengthens earth-based materials by adding natural fibres sourced from agricultural by-products such as hemp and rice husks, transforming waste into a valuable resource.

“This approach not only improves the strength and resilience of the printed walls, but it also supports a circular economy by turning farming waste into something that can shelter families. It's sustainable on every level – environmental, social and economic.”

The research brings together Swinburne, industry partner Luyten 3D, UNSW, and Indigenous knowledge holders, who are contributing insights from ancient earth-building traditions. The team has already printed and tested small-scale prototypes and is now working towards a larger demonstration build in Victoria, which will showcase the technology's real-world potential.

“What excites me most is seeing modern robotics breathe new life into ancient, sustainable materials,” says Dr Gomaa.

“Where I grew up, people lived comfortably in earth houses that had stood for centuries. Now, through 3D printing, we have the opportunity to take that same wisdom and make it part of the solution to today's housing challenges.”

This innovation has the potential to transform how homes are built in Australia, delivering affordable, low-carbon housing that is both technologically advanced and deeply connected to culture and place.

This project is supported through the Australian Research Council Linkage Projects Scheme.

Europe: Human rights defenders excluded by discriminatory Schengen visa system

Visa systems in Europe’s Schengen area function like an obstacle course for human rights defenders from different parts of the world, preventing many from participating in key decision-making forums. These obstacles contradict the rights and values that Schengen states claim to uphold, Amnesty International said in a new report today.

Closing the door? How visa policies in Europe’s Schengen area fail human rights defenders, documents the many obstacles that activists from 104 visa-restricted countries –mainly in Africa, Asia and the Middle East– face when trying to access short-term visas to travel to the area for advocacy, networking, or respite from the risks they face because of their work.  

These human rights defenders (HRDs) are mostly racialized as Black, Asian and/or Muslim, and the negative impact on their mobility amounts to indirect discrimination, according to the organization’s analysis.

“The inability to access Schengen visas means that the voices and testimonies of human rights defenders from countries in the Global South are excluded from forums where decisions that deeply affect their lives are made,” Erika Guevara Rosas, Senior Director for Research, Advocacy, Policy and Campaigns at Amnesty International.  

“While Schengen states are entitled to decide who enters their territory, the impact of their visa systems on human rights defenders from 104 countries represents a clear disconnect between what they have committed to, through their guidelines and other commitments to protect human rights defenders, and what they actually do.”

“Ensuring that HRDs have access to short-stay Schengen visas in a reliable, predictable, transparent, and timely manner is indispensable to realize their right to defend rights without discrimination.”

Barriers to securing short-term visas

The EU Visa Code, the legislative instrument governing short-term Schengen visas, allows for visa applications that do not meet all requirements to still be accepted on a case-by-case basis. However, those who receive and process visa applications, including external service providers, often seem unaware of the existence of this flexibility, resulting in many barriers, including applications being tossed out before they even make it to the decision-making stage.

One of the first barriers to obtaining a Schengen visa is simply identifying where to submit a visa application. Many Schengen states do not have diplomatic representations or agreements with other countries in every visa-restricted country. This means human rights defenders may be required to travel to another country to file the application, which can be prohibitively expensive or pose a security risk.

The time it takes to secure an appointment, wait for a decision, and the validity length of visas, are other hurdles in the obstacle course that defenders must go through to travel to countries in the Schengen area. In some cases, visas are issued too late or for a period so short that it does not account for the time it takes to travel to and from a location, or for any potential flight delays.

Visa applicants are often required to submit a long list of supporting documents, usually including proof of financial means, such as employment status, pay cheques or proof of property ownership. This is particularly difficult for activists, especially those most marginalized and discriminated against.  

A woman human rights defender from the Dalit community in Nepal told Amnesty International: “They ask for bank statements for those who want to visit a Schengen state. Imagine what this means for people who live in a situation where they can’t even earn a daily livelihood. Some people who want to advocate at the international level might not have this because they are human rights defenders, and most of the advocacy they do is on a voluntary basis.”  

These obstacles result in indirect discrimination for human rights defenders as Schengen visa policies impact disproportionately on racialized applicants. Although visa rules are apparently race-neutral, as they do not explicitly mention race or ethnicity as grounds for different treatment, there is a strong correlation between visa-restricted countries and populations racialized as Black, Asian, and/or Muslim.

Existing flexibility and steps forward

In June 2024, the European Commission published a revised version of the EU Visa Handbook –a set of guidelines to explain how to apply the EU Visa Code– which includes practical examples of how visa applications by human rights defenders can be facilitated.  

Amnesty International welcomes this development and calls on countries in the Schengen area to ensure that the revised EU Visa Code Handbook is well disseminated and fully implemented, ensuring that visa officers worldwide, including external service providers are fully trained in how to facilitate the travel of human rights defenders.  

The organization also calls on countries in the Schengen area to collect disaggregated data on race and ethnicity to end discrimination in the visa system as well as the development and implementation of a facilitated visa procedure for human rights defenders, including fast-tracking of applications. In addition, Schengen countries should issue more regularly long-term, multiple-entry visas as key protection tools, to allow agency to travel when the need arises without having to go through the same bureaucratical hurdles every time.

Background

The Schengen area is comprised of 29 countries, most of which are EU member states, and non-EU members, such as Switzerland and Norway. All Schengen countries are bound by the EU Visa Code for the issuance of short-term Schengen visas.

Amnesty International spoke with 42 international organizations, based both within the Schengen area and in visa restricted countries, who have facilitated the travel of hundreds of HRDs over the years. The organization also gathered testimonies from 32 human rights defenders, with direct experience of visa processes.

29 OCTOBER 2025 – Equinor will on 30 October 2025 commence the fourth and final tranche of up to USD 1,266 million of the share buy-back programme for 2025, as announced in relation with the third quarter results 29 October 2025.

In this fourth tranche of the share buy-back programme for 2025, shares for up to USD 417.8 million will be purchased in the market, implying a total tranche of up to USD 1,266 million including shares to be redeemed from the Norwegian State. The tranche will end no later than 2 February 2026.

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 fourth tranche for 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 fourth tranche for 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 fourth 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 fourth tranche:

• The fourth 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 50,677,690 remain available per commencement of the fourth tranche for 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 dividends paid.

In the fourth tranche for 2025, shares will be purchased on the Oslo Stock Exchange and possibly other trading venues within the EEA. Transactions will be conducted in accordance with applicable safe harbour conditions, and as further set out in the Norwegian Securities Trading Act of 2007, EU Commission Regulation (EC) No 2016/1052 and the Norwegian Financial Supervisory Authority's Guidelines for buy-back programmes from March 2025.

The board of directors will propose to the annual general meeting of the company to be held in May 2026, to cancel shares purchased in the market in this fourth tranche for 2025 and to redeem and cancel a proportionate number of the State’s shares per the agreement with the State.

This is information that Equinor is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

29 OCTOBER 2025 – Key information relating to the cash dividend to be paid by Equinor for the third quarter 2025.

Cash dividend amount: 0.37
Announced currency: USD
Last day including rights: 13 February 2026
Ex-date Oslo Børs: 16 February 2026
Ex-date New York Stock Exchange: 17 February 2026
Record date: 17 February 2026
Payment date: 27 February 2026
Date of approval: 28 October 2025

Other information: The cash dividend per share in NOK will be communicated on 23 February 2026.

This information is published in accordance with the requirements of the Euronext Oslo Børs Continuing Obligations and is subject to the disclosure requirements pursuant to Section 5-12 in the Norwegian Securities Trading Act.

29 OCTOBER 2025 – Equinor delivered an adjusted operating income* of USD 6.21 billion and USD 1.51 billion after tax* in the third quarter of 2025. Equinor reported a net operating income of USD 5.27 billion and a net loss of USD 0.20 billion. Adjusted net income* was USD 0.93 billion, leading to adjusted earnings per share* of USD 0.37.

Strong cashflow and operational performance

• 7% production growth with strong performance from Johan Sverdrup and Johan Castberg
• Robust balance sheet through lower price environment
• Reported results impacted by net impairments, primarily driven by lower price outlook

Strong cost focus

• Stable cost from last year1
• 50% cost reduction in Renewables
• Stopping two early-phase electrification projects

Strategic development

• First oil from the Bacalhau field in Brazil in October
• Successful infrastructure-led exploration on the NCS
• Participating in Ørsted rights issue, positioning for industrial and strategic collaboration

Capital distribution

• Third quarter cash dividend of USD 0.37 per share and fourth tranche of share buy-back of up to USD 1.266 billion
• Total capital distribution for 2025 in line with announced level of around USD 9 billion

Anders Opedal, President and CEO of Equinor ASA:

“We deliver strong operations this quarter. High performing fields and new fields coming on stream on the Norwegian continental shelf, drive production growth.”

“In October, we started production from our largest offshore field internationally, Bacalhau. The field will contribute substantially to grow earnings from our international portfolio towards 2030.”

“We have systematically addressed cost over time. In a period with both production growth and inflation, we maintain stable costs year to date.”

Strong cashflow and operational performance

Equinor delivered a total equity production of 2,130 mboe per day in the third quarter, up 7% from 1,984 mboe per day in the same quarter last year.

Operational performance on the Norwegian continental shelf (NCS) was strong with several fields, in particular the Johan Sverdrup field, delivering strong production and minimal unplanned downtime. Combined with the new Johan Castberg and Halten East fields, the production growth was 9% on the NCS compared to the same quarter last year. New wells and lower impact from turnarounds also contributed positively.

The acquisition of additional interests in US onshore assets in 2024, and increased production from offshore assets, contributed to a 29% increase in oil and gas production from the US segment in the third quarter, compared to the same period last year.

The production from the international upstream segment, excluding the US, is down compared to the same quarter last year due to exits from Nigeria and Azerbaijan in 2024. There was a two-month production halt at the Peregrino field, which is held for sale. The halt was due to audit requirements from the Brazilian authorities, and production resumed in October. Production from new wells internationally contributed positively to the results.

The total power generation was 1.37 TWh. The renewable portfolio contributed with 0.91 TWh, which is a 34% increase compared to last year, primarily driven by the ramp up of Dogger Bank A and new production from onshore renewables.

In the quarter, Equinor completed 18 offshore exploration wells on the NCS with 7 commercial discoveries.

Financial results

Equinor delivered an adjusted operating income* of USD 6.21 billion and USD 1.51 billion after tax* in the third quarter of 2025. The results are affected by lower liquids prices, which were partially offset by higher production and higher gas prices in the US.

The reported net operating income of USD 5.27 billion is down from USD 6.91 billion in the same quarter last year. This is impacted by net impairments of USD 754 million, primarily due to updated forward-looking price assumptions. Assets held for sale in the international portfolio, which hence have not been depreciated, accounted for USD 650 million and USD 385 million is related to non-operated assets offshore in the US. This was partially offset by an impairment reversal of USD 299 million related to an onshore asset in Norway.

Equinor realised a European gas price of USD 11.4 per mmbtu and realised liquids prices were USD 64.9 per bbl in the third quarter.

Equinor expects the Midstream, Marketing and Processing segment to deliver a quarterly average adjusted operating income* of around USD 400 million going forward. This is due to changing market conditions and earlier divestment of certain assets.

Adjusted operating and administrative expenses* are higher compared to the same quarter last year. This is due to the booking of future operating expenses related to a US offshore asset that ceased production in the quarter, as well as higher transportation costs and currency effects. This was partially offset by cost improvements in the renewable segment.

Strong operational performance generated cash flows provided by operating activities, before taxes paid and working capital items, of USD 9.10 billion for the third quarter.

Equinor paid two NCS tax instalments totalling USD 3.9 billion in the quarter. For the fourth quarter, Equinor expects to pay three instalments. This is due to the new phasing of ten instalments annually.

Cash flow from operations after taxes paid* ended at USD 5.33 billion.

Organic capital expenditure* was USD 3.41 billion for the quarter, and total capital expenditures were USD 3.68 billion.

The net debt to capital employed adjusted ratio* was 12.2% at the end of the third quarter, compared to 15.2% at the end of the second quarter of 2025.

Strategic development

Successful near-infrastructure exploration on the NCS, led to seven commercial discoveries in the quarter. One of the discoveries already started production, adding volumes to the Åsgard A in the Norwegian Sea. Combined with production start-up from the Askeladd Vest field in the Barents Sea, this supports Equinor’s long-term role as a safe supplier of energy to Europe.

In October, the Bacalhau field in Brazil came on stream. With recoverable reserves of more than 1 billion barrels of oil equivalents, it is the largest international offshore field ever developed by Equinor.

In the third quarter, Equinor announced participation in the rights issue of Ørsted. This is driven by a positive long-term view for offshore wind and confidence in the underlying business of Ørsted.

In the quarter, Northern Lights received and stored the first CO₂ volumes. With this, the world’s first third party CO₂ transport and storage facility is now operational.

In October, Equinor decided to stop the early phase Snorre and Halten electrification projects. The reason for stopping the two projects was primarily due to high abatement costs. The company will further mature the Grane-Balder early-phase energy project.

Competitive capital distribution

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

The board of directors has decided to initiate a fourth and final tranche of the share buy-back programme for 2025 of up to USD 1.266 billion. The tranche will commence on 30 October and end no later than 2 February 2026. This fourth tranche will complete the announced share buy-back programme of up to USD 5 billion for 2025. It will also conclude total capital distribution for 2025 of around USD 9 billion.

The third tranche of the share buy-back programme for 2025 was completed on 23 October 2025 with a total value of USD 1.265 billion.

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

1) Year-to-date, adjusted operating and administrative expenses* excluding royalties, transportation costs, over/underlift and a few selected one-offs.

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

New Memorandum of Understanding to unlock better financial outcomes for First Nations people through home and business lending, and participation in renewables and carbon projects.

29 October 2025 – The Commonwealth Bank of Australia (CBA) and Indigenous Business Australia (IBA) have today announced the signing of a Memorandum of Understanding (MoU), a strategic collaboration to support financial outcomes for Aboriginal and Torres Strait Islander people, businesses, and communities.

Under the MOU, CBA and IBA will work together, aiming to strengthen organisational capabilities, co-develop innovative financial solutions and expand access to finance for First Nations customers.

Focus areas of the MoU include:

• Home ownership: Exploring culturally informed pathways to home ownership for Indigenous people who may face additional barriers when saving and seeking to purchase a home; 
• Business lending: Consideration of innovative funding models and co-funding opportunities to support Indigenous businesses to access capital to start, operate and grow;
• Renewables and carbon projects: Supporting the participation of Indigenous businesses and communities in Australia’s transition to net-zero by co-funding renewables and/or carbon initiatives. 

CBA and IBA will also explore capability-building initiatives such as secondments, mentoring arrangements and tailored training programs.

IBA Chief Executive Officer, David Knights said:

“This collaboration with CBA reflects our shared commitment to creating financial pathways that empower First Nations individuals and communities. By working together, we can open more doors to culturally appropriate finance, building a stronger Indigenous-led economy for generations to come.

“This strategic collaboration with the nation’s biggest home lender supports IBA’s Strategy to 2030, which is about creating more economic opportunities for Indigenous Australians. It’s about walking together to create a more inclusive and prosperous future for all, one that champions entrepreneurship, supports home ownership, and invests in the future of our communities.”

CBA Group Executive, Business Banking, Mike Vacy-Lyle said:

“CBA has a longstanding commitment to reconciliation and to being a trusted financial institution to First Nations peoples.

“This MOU with Indigenous Business Australia reflects our shared ambition to drive economic empowerment. Together we aim to unlock more opportunities and meaningful outcomes for Indigenous Australians.”

Mr Vacy-Lyle said the announcement aligns well with this year’s Indigenous Business Month theme 'Strength through Collaboration' currently being celebrated throughout October.

“Our work with Indigenous Business Australia builds on CBA’s Reconciliation Action Plan with a clear focus on creating meaningful, sustainable change – whether through financial inclusion, career pathways, or supplier diversity.  

“We also recognise the importance of culturally responsive banking experiences and continue to invest in dedicated bankers who understand and respect the diverse needs of First Nations customers.

“We know there is more to do and we remain committed to deepening relationships and expanding opportunities across our network.”

IBA has a 50-year history of supporting the financial empowerment of Aboriginal and Torres Strait Islander people. IBA’s programs and services enable First Nations people to own a home, run a successful business, and invest in their futures.

In FY25, CBA spent more than $62 million with Indigenous-owned businesses.

In July, CBA released its Reconciliation Action Plan (RAP) for 2026-2028. It focuses on strengthening relationships with First Nations communities, providing meaningful career opportunities, supporting First Nations business growth, and improving access to banking products and services. The RAP has received Elevate status from Reconciliation Australia.

And one the 2nd one: L to R: Sean Gordon; Mike Vacy-Lyle; CBA General Manager Business Banking ESG, Sarah Lalor; Darren Godwell; CBA Executive General Manager, Major Client Group, Chris Williams; David Knights

Real stories of impact

Promo Gear accelerates growth

David Hulett, a proud Jagera man from Meanjin, is the Director Promo Gear – a thriving business based in Morningside, Queensland.   Despite 15 years industry experience, obtaining finance to purchase Promo Gear in 2014 was a challenge.

“We had so many doors closed on us, it was an emotional rollercoaster. Our business was built on a lot of goodwill and intellectual property which can be difficult to for the traditional finance industry to quantify,” Mr Hulett recalled. 

“After some time, an Aunty suggested that I contact IBA so I reached out,” he said. 

In 2015, Mr Hulett secured finance with IBA.  Promo Gear flourished over subsequent years, experiencing rapid growth by focusing on culture, character and relationships with both suppliers and end customers. 

“We trade like it has been done for thousands of years – with a focus on the long-term relationship rather than the transaction. We get a lot of referral work and people keep us on as their supplier when they move to a new business,” he said. 

By 2019, the business built up its data and financials and were able to secure lending with CBA to support their next phase of growth. |

“Today, we have amazing clients, excellent warehouse facilities and are growing our team and service offerings through new innovations. As a business that has been supported by both IBA and CBA it’s great to see them coming together like this, each organisation has different strengths and I’m excited to see what they can achieve together,” he said.

David Hulett, Director, Promo Gear

Butterworth Industries builds a brighter future

Butterworth Industries, a Katherine-based civil construction company owned by Quandamooka woman, Madelyn Farrington, and Ryan Butterworth received support from IBA through a loan for an essential watercart, and by linking them with a business consultant, who provided professional operational advice.

“This support has been really important to us, following our business plan to reduce costs and improve operations and further support our staff to grow. I hope to further grow and shape our business venture in avenues that are exciting and bring further learning and capabilities to our workforce,” said Ms Farrington.

“I hope to support locals within our community to join us in strengthening what our business can provide for future generations. We are the small people in the big game.”

Notes

The Indigenous business sector is rapidly growing in Australia, with around 14,000 businesses in 2022 generating $16 billion in revenue. Deloitte Access Economics forecasts this could reach $50 billion by 2035, outpacing the non-Indigenous sector.

About IBA

Economic independence for Aboriginal and Torres Strait Islander people is at the heart of what we do. Our programs support Indigenous Australians to buy their own homes, be successful in business, and invest in commercial ventures that provide strong financial returns. IBA was established under the Aboriginal and Torres Strait Islander Act 2005 (ATSI Act) and is a corporate Commonwealth entity for the purposes of the Public Governance, Performance and Accountability Act 2013 (PGPA Act). IBA resides in the portfolio of the Prime Minister and Cabinet and is accountable to the Australian Parliament through the Minister for Indigenous Australians, Senator the Hon Malarndirri McCarthy.  

About the Commonwealth Bank

The Commonwealth Bank (ASX:CBA) is one of Australia’s leading providers of personal banking, business and institutional banking and share broking services. With more than 16 million customers and a history spanning more than a century, the Group’s purpose is to build a brighter future for all. The Commonwealth Bank is Australia’s leader in digital banking and maintains the largest branch network across the country. Headquartered in Sydney, Australia, the Bank operates brands including Bankwest in Australia and ASB in New Zealand. For more information on Commonwealth Bank, visit www.commbank.com.au.