MIL Email Publisher – Foreign Submissions

July 7 2026 – Andy Burnham, who is expected to become UK Prime Minister later this month, will be forced to scrap the triple lock on pensions and this should be a wake-up call for Britain's retirement savers, warns the CEO of one of the world's largest independent financial advisory organisations.

The warning from Nigel Green of deVere Group comes as the Office for Budget Responsibility's latest long-term assessment concludes that Britain faces difficult choices over public spending, with an ageing population, rising healthcare costs and mounting debt placing increasing strain on the public finances.

The fiscal watchdog estimates that retaining the triple lock will cost around £15.5 billion more by the end of the decade than linking the state pension to earnings alone, while state pension spending could rise from around 5% of GDP today to close to 9% by the 2070s if current policy is maintained.

Nigel Green says the political commitment to protect the triple lock is unlikely to survive those fiscal realities indefinitely.

He says: “The triple lock has become politically untouchable, but economics has a habit of catching up with politics.

“I don't believe the question is whether it eventually changes. The question is when.

“The pressure won't disappear because governments wish it away. Britain is getting older, healthcare spending is climbing, defence demands are increasing and debt interest remains elevated.

“Every Prime Minister and Chancellor will be looking for room to manoeuvre, and the state pension will inevitably be part of that conversation.”

The triple lock guarantees that the state pension rises each year by whichever is highest: inflation, average earnings growth or 2.5%. Introduced in 2011, it has substantially lifted pension incomes and helped reduce pensioner poverty.

At the same time, it has become one of the fastest-growing long-term commitments on the government's balance sheet.

The Office for Budget Responsibility has warned that demographic change alone will place sustained pressure on public finances over coming decades, with pensions and healthcare accounting for much of the increase in age-related spending.

Nigel Green believes those structural forces will become increasingly difficult for any government to ignore.

“Andy Burnham may honour the commitment during this Parliament. I think he'll come under enormous pressure to rethink it in the next. Fiscal arithmetic doesn't negotiate. If the government wants to preserve spending elsewhere without imposing ever-higher taxes, every major spending commitment comes under scrutiny.”

He continues: “History shows that no policy guarantee lasts forever. Governments adapt to changing economic conditions.

“Retirement planning built on the expectation that politicians will always preserve today's promises is taking a risk that many people don't fully appreciate.”

The deVere CEO argues that the debate extends well beyond politics.

He says: “This is really about financial resilience. Millions of people understandably see the state pension as a dependable foundation for retirement. It should remain an important part of retirement income, but it should never be the whole plan.

“If the triple lock is eventually diluted, replaced or redesigned, many retirees could discover that the income they expected simply doesn't materialise. Waiting until that happens is the worst possible strategy.”

Private retirement provision is already under pressure. Automatic enrolment has increased workplace pension participation dramatically over the past decade, yet many households remain on course for retirement incomes well below their expectations, particularly if they rely heavily on minimum pension contributions.

The OBR has also highlighted inadequate private pension saving as a growing long-term fiscal risk alongside the rising cost of the state pension itself.

Nigel Green says: “This should be a wake-up call. People need to think beyond the state pension and beyond political promises.

“Building diversified retirement wealth through long-term investing has never been more important.

“The uncomfortable reality is that retirement security increasingly rests with individuals rather than governments.

“Public finances are under pressure across the developed world. Britain is not unique in this regard.

“People who act early have options. They have time for compound growth to work in their favour, they can diversify globally, and they can adjust their plans as circumstances evolve.”

He concludes: “The triple lock has provided valuable protection for pensioners. But prudent financial planning has never been about assuming today's policies will still exist tomorrow.

“It's always been about preparing for change before change is forced upon you.”

deVere Group is one of the world's largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices around the world, more than 80,000 clients, and $14bn under advisement.

Four years after kangaroo-skin soccer shoes lingered on the margins of the world's biggest soccer tournament, the material has effectively disappeared from elite play following a global campaign that persuaded every major athletic shoe brand to abandon the wildlife trade.

WASHINGTON, D.C. – Lionel Messi of Argentina, Kylian Mbappé of France, Erling Haaland of Norway, Harry Kane of England and all other elite athletes on the pitch are donning football boots made from fabrics other than kangaroo skins, according to the Center for a Humane Economy and Animal Wellness Action. It appears that just one player—Junnosuke Suzuki of Japan—had any plans to wear skins made from kangaroos, signaling a remarkable cultural and marketplace shift in the core equipment for hundreds of millions of people in 190 countries who play the game.

Since launching the Kangaroos Are Not Shoes campaign in 2020, the organizations have secured commitments from every major athletic shoe manufacturer in the world to end the use of kangaroo skins. In 2025-26 alone, Adidas, ASICS, and Umbro joined Nike, Puma, New Balance, and Sokito in abandoning kangaroo parts, while Mizuno announced its intention to stop (though its pace of action is maddeningly slow). These companies, until very recently had dozens of models of kangaroo-skin shoes sold to hundreds of millions of players in more than 190 nations, driving the commercial killing of two million kangaroos across their native range in Australia.

“With their footwear choices, the world’s elite players are signaling to hundreds of millions of soccer enthusiasts that kangaroo-skin soccer shoes are as archaic as film cameras, fax machines, and phone books,” said Wayne Pacelle, president of the Center for a Humane Economy.

Of the 1,248 players on the official tournament rosters, just one player from Japan indicated he may use a shoe model made with kangaroo skin. Japan was eliminated in a prior round, meaning that the late rounds are free of kangaroo-based shoes. At the 2022 FIFA World Cup in Qatar, kangaroo-skin soccer cleats were already in steep decline, accounting for only a tiny fraction of goals scored during the tournament. At the 2026 FIFA World Cup, they have effectively vanished.

For the Center for a Humane Economy and Animal Wellness Action, the disappearance of kangaroo leather from soccer's grandest stage marks the culmination of a six-year international campaign to persuade athletic shoe manufacturers to stop sourcing the skins of wild kangaroos for soccer cleats. The shift represents one of the most consequential corporate animal-welfare victories in the history of professional sports.

A pivotal moment came in 2025 when Center for a Humane Economy president Wayne Pacelle traveled to Nuremberg to address Adidas shareholders and leadership at the company's annual meeting. The response by Adidas CEO Bjorn Gulden caused spontaneous applause when he told Pacelle the company had stopped sourcing kangaroos for shoes and was exiting production. ASICS came next followed by Mizuno pledging to stop and then Umbro, completing a cascade of corporate commitments that transformed the industry.

“Just a few years ago, the world's biggest athletic brands were helping to drive demand for the commercial slaughter of wild kangaroos,” added Pacelle. “Sourcing products from slain native wildlife for the biggest sport in the world was a prescription for mass killing of iconic kangaroos.”

The campaign succeeded through a combination of corporate engagement, filmmaking, shareholder and consumer education, investigative work, and legislative action.

“The companies selling these shoes marketed innovation, performance, and style. We wanted people to see what that innovation was built on: a cruel and inhumane night slaughter of millions of kangaroos and their young,” said Jennifer Skiff, campaign leader and director of international programs for the Center for a Humane Economy. “We were up against an industry that was telling lawmakers and global corporations that the kangaroo kill was ethical and humane. There's nothing humane about shooting a mother in the dark, bludgeoning the joey in her pouch, and leaving the one at her foot to starve or be taken by a predator.”

The organizations said the absence of kangaroo-skin cleats from the 2026 World Cup should be viewed not as an isolated sports-industry trend, but as a milestone in a larger global movement toward a more humane economy—one that rewards technological innovation while reducing dependence on the exploitation of animals.

ABOUT

Animal Wellness Action is a Washington, D.C.-based 501(c)(4) whose mission is to help animals by promoting laws and regulations at federal, state, and local levels that forbid cruelty to all animals. The group also works to enforce existing anti-cruelty and wildlife protection laws. Animal Wellness Action believes helping animals helps us all. X: @AWAction_News

The Center for a Humane Economy is a Washington, D.C.-based 501(c)(3) whose mission is to help animals by helping forge a more humane economic order. The first organization of its kind in the animal protection movement, the Center encourages businesses to honor their social responsibilities in a culture where consumers, investors, and other key stakeholders abhor cruelty and the degradation of the environment and embrace innovation as a means of eliminating both. The Center believes helping animals helps us all. X: @TheHumaneCenter

The Redress Design Award — the world's leading sustainable fashion design competition —announces eight finalists representing regions across Asia, Europe, and Middle East

[6 July 2026, Hong Kong] Asia-focused environmental NGO Redress, dedicated to reducing clothing's negative environmental impacts since 2007, announces the eight Redress Design Award 2026 emerging sustainable fashion designer finalists, who out-designed hundreds of applicants globally. Representing seven regions across Asia, Europe, and Middle East, and proving diverse circular design solutions for both common and complex textile waste including factory excess, clothing waste, and furniture waste, they will soon showcase their collections at the globally-anticipated Grand Final Fashion Show in Hong Kong in September 2026 to bring tangible solutions to a mounting global textile waste crisis.

Supported by Lead Sponsor, the Cultural and Creative Industries Development Agency (CCIDA), the Redress Design Award is the world's leading sustainable fashion design competition that showcases, educates, and empowers designers. Alumni from the competition represent 40+ regions worldwide.

Fashion's waste problem, and the solutions needed, are critical: an estimated 92 million tonnes of textile waste are generated annually by the fashion industry. However, the global textile industry is only 0.3% circular.

Waste under the spotlight – as designers from seven regions unite on the global stage

Representing Asia, Europe, and the Middle East, the finalists were selected due to their distinct circular design talents working across a wide range of waste streams:

July 7, 2026. The recent European Commission's move to prioritise European operators in allocating spectrum for direct-to-device connectivity services, the development of Europe's IRIS² constellation, and Germany's planned €35 billion investment in defence space capabilities are all part of Europe's strategic push to reduce its reliance on foreign space services.

Experts argue, however, that building infrastructure is only part of the challenge: for sovereign space networks to remain competitive, they have to utilize and scale optical communication.

“If Starlink remains the only widely available commercial space network using optical communications, European operators will inevitably turn to it for superior speeds and data security. Optical data transfer stopped being a next-gen technology for specialized missions and is now becoming a matter of strategic and market advantage,” said Laurynas Mačiulis, CEO of Astrolight. “This is especially relevant as data and connectivity workloads become more demanding and time-sensitive, with mega-constellations, growing defense use of space, and plans for orbital AI datacenters driving this trend.”

Unlike traditional radio frequency, optical communication uses narrow and highly focused beams of light that enable up to 100 times higher data transmission rates and make links harder to detect, jam, or intercept. Laser communication can also reduce dependence on congested radio frequency spectrum, where operators face regulatory scrutiny, licensing delays, and interference bottlenecks.

According to Novaspace, global satellite connectivity demand will increase more than 11 times between 2024 and 2034. At the same time, less than 10% of all data generated in orbit currently reaches Earth, largely because of limited downlink bandwidth and scarce spectrum availability in conventional communication systems.

Europe is already moving in the direction of optical connectivity. IRIS², a planned European sovereign satellite constellation, is expected to use optical inter-satellite links, while HydRON is planned as a multi-orbit optical data transport network. But experts say a gap may remain between programme-level optical capability and wider commercial use.

“IRIS² and HydRON are important steps, but for optical communication to move from individual programmes to a comprehensive and resilient communications backbone, Europe must also build the industrial and commercial layer around them: proliferated inter-satellite optical links, optical ground stations, and user-segment technologies at scale,” said Dalius Petrulionis, CTO of Astrolight. “This infrastructure will enable real-time, secure data transfer from space to ground, supporting faster decision-making and emergency response, stronger defence capabilities, and commercial services with higher operational and economic value. It is a critical step for Europe to establish a competitive and autonomous presence in space for years to come.”

In its recent report, Building a European Competitive Edge in Space, the Centre for European Policy Studies argued that Europe has a highly capable but dispersed space ecosystem that still struggles to scale and compete in areas such as satellite manufacturing and secure connectivity.

“Europe already has the talent and strong technical foundations to lead in optical communication,” said Mačiulis. “The next step is making sure that, as Europe's sovereign space architecture scales, the optical communication layer scales with it. That is how European critical and commercial users can get a competitive alternative to foreign space connectivity services.”

In April 2026, Astrolight joined a Kepler Communications-led team to provide its ATLAS-X laser communication terminal for ESA's HydRON. The network will support applications such as 6G connectivity and aims to advance secure, high-capacity space communications and strengthen Europe's competitiveness in next-generation connectivity infrastructure.

About Astrolight

Founded in 2019 by an ex-founder and CTO of Kongsberg Nanoavionics, Laurynas Mačiulis, together with co-founders from leading European laser companies, Astrolight aims to provide end-to-end optical connectivity solutions by building complete and self-contained hardware for space, ground, and marine operational domains. Astrolight designs and manufactures advanced optical communication terminals for space-to-Earth, space-to-space, ship-to-ship, and ground-based links, leveraging full vertical integration of its technology stack to ensure optimal performance, reliability, and faster development cycles.

7 July 2026 – On behalf of partners, Equinor has awarded contracts worth around NOK 6 billion for four subsea projects. They are part of the first of several planned subsea development waves, in which contracts are being coordinated to increase pace and reduce costs for subsea developments on the Norwegian continental shelf.

“We envisage around 75 subsea developments towards 2035. To realise these resources, we need to develop smaller discoveries faster and at a lower cost than today. This requires significant changes in how we plan and execute subsea projects. Our ambition is to halve both costs and execution time through simpler processes and standardised solutions together with our partners and suppliers,” says Gunnar Nakken, senior vice president for projects and subsea on the Norwegian continental shelf in Equinor.

Together, the four projects will contribute between 130 and 220 million barrels of oil equivalent to future production from the Norwegian continental shelf.

“We are strengthening competition and predictability and giving suppliers the opportunity to deliver on several projects at the same time. It is essential to reduce costs, and the response from the industry confirms significant improvement potential. We will now scale this collaboration to make marginal discoveries profitable and maintain activity levels on the Norwegian continental shelf,” says Jannicke Nilsson, chief procurement officer.

These are the contracts:

• TechnipFMC will deliver subsea production systems for Brime, Omega Sør and Tyrihans Nord. They will also install rigid pipelines on the Troll field. The linepipe will be supplied by Tenaris.
• OneSubsea will deliver the subsea production system for the TWIN project, as well as umbilicalsfor all the projects.
• Ocean Installer has been awarded the contract for marine operations. They will install and connect the subsea facilities, control cables and flexible pipelines.
• NOV will deliver flexible pipelines to Omega Sør, Tyrihans Nord and Brime.

“This is equipment with long lead times, so we need to invest early if we are to halve the time from discovery to production. We order standard equipment that can be used by later projects if one of the projects in the first wave is not sanctioned by the partnership or approved by the authorities,” says Nakken.

The relevant subsea projects are:

• TWIN, which will be tied back to Troll A
• Omega Sør, which is planned to be tied back to Snorre A
• Tyrihans Nord, which is planned to be produced via the Kristin platform
• Brime, which is planned to be tied back to Gullfaks C via Visund Sør existing template on the seabed.

So far, only the TWIN project has been sanctioned by the owners and in accordance with the Petroleum Act the partnership has sent notification to the Ministry of Energy regarding the development. The remaining projects will be processed and sanctioned in accordance with the decision-making processes of the partnerships and the authorities.

Projects in wave 1:

TWIN is the third step in a phased development of the gas cap in Troll West.

• The partnership has decided to invest just over NOK 4 billion in the project, which will contribute around 11 billion standard cubic metres of gas.
• The project consists of two wells in a new template and a pipeline connected to existing subsea facilities. The control cable and MEG line will be extended to the new development.
• The gas will be produced via Troll A before being sent to Kollsnes.
• TWIN stands for Troll West Increased gas recovery North – increased recovery of gas in the northern part of the gas cap in Troll West.
• Partnership: Equinor Energy AS 30.55% (operator), Petoro AS 55.93%, A/S Norske Shell 8.19%, TotalEnergies EP Norge AS 3.69% and ConocoPhillips Skandinavia 1.64%.

The other projects are currently in the early phase.

Brime is planned to be developed with four wells drilled from a template tied back to an existing subsea template at Visund Sør. From there, the wellstream, which is mainly gas, will be sent to Gullfaks C for processing before being transported onwards to Kårstø for export.

Brime also provides the basis for a possible phased development of Nøkken, planned as sidetracks from two of the wells at Brime.
Recoverable volumes in Brime are estimated at 16–34 million barrels of oil equivalent.
Partnership: Equinor Energy AS 74.66% (operator), Petoro AS 25.34%.

Omega Sør is an oil discovery made near the Snorre field in spring 2026, with recoverable volumes then estimated at between 25 and 89 million barrels.

The discovery is planned to be developed with a template and a Cap-X production satellite connected to existing subsea facilities. The oil is planned to be produced via Snorre A before being shipped to market via Gullfaks.
Partnership: Equinor Energy AS 31% (operator), Petoro AS 30%, Harbour Energy Norge AS 24.5%, INPEX Idemitsu Norge AS 9.6%, Vår Energi ASA 4.9%.

Tyrihans Nord is a discovery from 1984 that is planned to be developed with two wells in a new template connected to the existing production pipeline between the Tyrihans subsea field and the Kristin platform in the Norwegian Sea. From there, the gas will be sent onwards to Kårstø.

Volumes are estimated at between 20 and 30 million barrels of oil equivalent, mainly gas.

Study finds that higher temperatures in winter are leading to increased hospital admissions for mental health disorders among children and young people, which are expected to increase with climate change.

A major new analysis of around 720,000 hospital presentations of people aged 0–24 in NSW has found that hotter than normal winter days are linked to a significant rise in acute mental health disorders, with further scenario modelling suggesting a significant rise in heat-attributable admissions by the end of this century if greenhouse gas emissions are not reduced.

Published in the Journal of the American Academy of Child & Adolescent Psychiatry, the study showed that increased risk was observed in both cold and warm seasons, but high temperatures in winter were associated with increased hospital admissions for mental health disorders among children and young adults, with rises in presentations for schizophrenia, eating disorders, and deliberate self-harm only observed in cold seasons.

Overall, heat accounted for over eight percent of admissions in cold seasons and almost three percent in warmer seasons. The risks during cold seasons were more pronounced for female patients and young adults.

“This is a somewhat unexpected finding. Conventional wisdom would suggest the greatest impacts would be in summer, when it’s the hottest. Instead, it was hot winter weather that was associated with the highest risks of presentations,” said lead author Dr Wen-Qiang He, an epidemiologist from the University of Sydney’s Faculty of Medicine and Health and Charles Perkins Centre.

Using hospital presentation data, the study also conducted scenario modelling, predicting that by the last decade of this century, heat-attributable admissions could rise by six percent under low emission scenarios, almost eight percent under medium emission scenarios, and almost 21 percent under high emissions.

The findings come just as Australia experiences a hotter-than-normal lead up to winter, with many parts of Australia recording early winter maximums and Sydney recording the hottest June on record since 1859.

“Hotter-than-normal weather, which is becoming more frequent because of climate change, is already affecting the mental health of some of our most vulnerable young people,” said Dr He.

“Our findings suggest these impacts are likely to grow as the climate continues to warm, making mental health an increasingly important consideration in climate adaptation and public health planning.”

While the researchers didn't examine the biological mechanisms directly, they said there could be several plausible explanations.

“Emerging research suggests heat can affect brain function and neural connectivity, with children and young people potentially more vulnerable because their brains are still developing.”

“Another possibility is that our bodies are adapted to expect cold conditions in winter. When temperatures suddenly spike, people may overheat because they're using heavier bedding and clothing, and that can disrupt sleep and place additional stress on the body's ability to regulate temperature.”

The researchers’ climate modelling is based on the Shared Socioeconomic Pathways (SSPs), which map climate change scenarios by greenhouse gas emissions.

Research: He, W., Journal of the American Academy of Child and Adolescent Psychiatry, Heat Exposure and Hospital Admissions for Mental Health Disorders in a Changing Climate. DOI: 10.1016/j.jaac.2026.05.001

Declaration: The authors declare no competing interests. The research was funded by Australian National Health and Medical Research Council (NHMRC) Investigator grant (NN-APP1197940), Financial Markets Foundation for Children (NN) and New South Wales Ministry of Health-funded Luminesce Alliance (W-QH).

6 July 2026 – Equinor has reached an agreement with bp to acquire its interest in the Bay du Nord project offshore Canada, increasing Equinor’s ownership to 100%.

The transaction reflects bp’s ongoing portfolio simplification and provides Equinor with increased flexibility to continue maturing the project towards final investment decision (FID) planned for early 2027.

“Over the past few years, we have strengthened Bay du Nord by improving the business case and reducing key risks. This transaction reflects our confidence in the project as we continue maturing it towards a final investment decision. We will seek opportunities to bring in partners as part of the project's further development”, says Philippe Mathieu, Executive Vice President for Exploration and Production International.

Bay du Nord is located in the Flemish Pass basin, approximately 500 kilometres offshore Newfoundland and Labrador. The development concept is based on a floating production, storage and offloading vessel (FPSO) with subsea tiebacks and broader resource potential across the basin.

The project has advanced to front-end engineering and design (FEED), with continued work focused on strengthening capital efficiency, execution planning, and overall project robustness. Constructive engagement with provincial and federal governments has supported progress through key milestones and will remain important as the project continues to advance.

Equinor will continue maturing the project towards a final investment decision, currently targeted for early 2027, subject to market conditions, regulatory approvals and internal approvals.

Project facts

• Discovery: Bay du Nord 2013, Cambriol 2020
• Location: Approximately 500 km east of St. John’s, Newfoundland and Labrador
• Basin: Flemish Pass
• Water Depth: 600–1,170 metres
• Discoveries included in the initial phase: Bay du Nord and Cambriol
• Potential future tiebacks: Cappahayden, Harpoon, and Baccalieu
• Concept: Phased subsea development tied back to a floating production, storage and offloading vessel (FPSO)
• Estimated recoverable resources (initial phase): >400 million barrels of oil
• Investment: ~CAD $14 billion
• Final Investment Decision: planned 2027
• First Oil (expected): 2031.

July 6 2026 – Mega-rotation out of Big Tech is going to be a major theme for investors for the rest of 2026, predicts the CEO of one of the world's largest independent financial advisory organisations.

The prediction from deVere Group's Nigel Green comes as investors accelerate a broad shift away from concentrated positions in mega-cap technology stocks and into financials, industrials, healthcare, energy, infrastructure and value sectors, following softer-than-expected US jobs data and growing evidence that market leadership is widening.

The S&P 500 Equal Weight Index is enjoying its strongest relative start to a year since 1992, while equal-weight US equities have outperformed their market-cap weighted counterparts in recent months, highlighting a major broadening of participation beyond the largest technology stocks. The shift comes as the Dow Jones Industrial Average notched its second record closing high last week, rising above 52,900 as investors rotated into economically sensitive sectors while reducing exposure to parts of the technology and semiconductor complex.

He says: “We believe investors are witnessing the beginning of one of the most important reallocations of capital since the post-pandemic recovery.

“For years, returns became increasingly concentrated in a handful of mega-cap technology companies. This trade generated exceptional wealth. It also created extraordinary concentration risk.

“Investors are now repositioning aggressively because they recognise that opportunity has expanded far beyond the narrow group of stocks that dominated markets over recent years.

“We expect this mega-rotation to become one of the defining investment themes for the remainder of 2026.”

The shift accelerated after the latest US employment report showed the economy added just 57,000 jobs in June, roughly half of consensus expectations, while previous months were revised lower.

Markets responded by sharply reducing expectations of further Federal Reserve tightening, with investors increasingly betting that the Fed will remain on hold as labour market momentum cools. The shift in interest rate expectations has helped fuel renewed interest in sectors that have lagged the AI-led rally and stand to benefit from a more stable monetary environment.

The deVere CEO continues: “The labour market data has reinforced a growing belief that the next phase of this market cycle will look very different from the previous one.

“Investors are increasingly positioning for a world in which interest rates stabilise, economic growth moderates rather than collapses, and market leadership broadens substantially.

“The combination creates enormous opportunities.

“The Federal Reserve remains central to this story. Markets are increasingly concluding that policymakers have room to be patient, and that changes the opportunity set for investors considerably.

“When interest rate expectations stabilise, capital typically broadens out across the market. We believe that process has already begun.

“We remain very bullish on artificial intelligence over the long term. AI will continue to reshape industries, business models and investment portfolios for years to come.

“But investors are asking an increasingly important question: where does the next wave of returns come from?

“Our answer is becoming clearer by the week.”

Wall Street strategists have increasingly described the current environment as a major rotation trade, with capital flowing into cyclical and value-oriented sectors after years of extreme technology dominance.

Recent weakness in momentum-driven semiconductor trades has further strengthened expectations that broader market participation could become a defining feature of the second half of the year.

Nigel Green explains: “We believe financials, industrials, healthcare, infrastructure, energy and selected consumer sectors are entering a powerful period of renewed investor demand.

“These sectors possess attractive valuations, strong earnings potential and significant room for capital inflows.

“The opportunity set available to investors today is arguably broader than at any point over the last several years.

“When market leadership expands, bull markets become stronger, deeper and more durable. The process is now underway.”

He concludes: “Many investors remain anchored to the winners of the previous phase of the cycle. History teaches us that such an approach rarely delivers the strongest returns.

“The investors who identify major transitions early are typically the ones who benefit most.

“The mega-rotation has powerful economic, monetary and valuation drivers behind it.

“Our view is that this trend has further to run, participation will continue to broaden, and the opportunities emerging across global markets are exceptionally compelling.”

deVere Group is one of the world's largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices around the world, more than 80,000 clients, and $14bn under advisement.

Record shipped & invoiced revenue of approximately $60.3 million, up approximately 18% year-on-year, with key growth drivers, Somfit and Nexus 360 SaaS recurring revenue up approximately 70%

BUSINESS UPDATE

Compumedics Limited (ASX: CMP), a leading global medical device company that develops, manufactures and commercialises diagnostic technology for sleep, brain and ultrasonic blood flow monitoring, provides the following FY26 Business Update. We also advise of the resignation of Non-Executive Director Mr Christopher R. Barys.

BUSINESS HIGHLIGHTS

•       Record FY26 shipped and invoiced revenue of approximately $60.3 million, subject to audit, representing growth of approximately 18% on FY25

•       FY26 sales orders of approximately $62.7 million, demonstrating continued demand across the Company's core sleep, neurology, MEG and connected platform businesses

•       Somfit and Nexus 360 SaaS recurring revenues increased approximately 70% on FY25, despite Somfit D not yet being commercially released in the USA

•       FY26 EBITDA is anticipated to grow, subject to audit, supported by revenue growth, cost discipline and increasing contribution from higher quality recurring revenue platforms

•       Existing MEG orders continue to progress through manufacture and shipment, with recent invoicing completed in June

•       Helium-related supply and pricing disruption, which slowed MEG shipment and installation activity more than anticipated, has now been resolved

•       Somfit D manufacturing commitments are now in place, with the Company continuing to work toward USA release

•       The Company enters FY27 focused on delivering further double-digit revenue growth and EBITDA growth at a faster rate than revenue

•       A strong and performing order book and healthy sales pipeline for FY27

PERFORMANCE OVERVIEW: FY26

Compumedics expects to report record FY26 shipped and invoiced revenue of approximately $60.3 million, subject to audit, representing growth of approximately 18% on FY25.

The Company also expects to report FY26 sales orders of approximately $62.7 million, reflecting continued demand across its global sleep, neurology, MEG and connected platform businesses.

The result demonstrates continued operating progress, with strong year-on-year growth in shipped and invoiced revenue, and a growing contribution from recurring SaaS revenues.

FY26 EBITDA is estimated to grow, subject to audit. This reflects the benefit of higher shipped and invoiced revenue, cost discipline across the group and the increasing contribution from connected and recurring revenue platforms.

FY26 shipped and invoiced revenue was modestly below the Company's April 2026 revised revenue guidance of approximately $62 million to $65 million. This primarily reflects timing factors, including further delays to MEG shipment and invoicing caused by higher helium prices from the conflict in the Middle East, which are now resolved, together with Somfit D continuing to move cautiously toward commercial release in the USA.

Importantly, Compumedics delivered record shipped and invoiced revenue in FY26. The variance to guidance reflects the timing of shipment, invoicing and revenue conversion, rather than any deterioration in underlying demand.

1. Record shipped and invoiced revenue

Compumedics expects to report record FY26 shipped and invoiced revenue of approximately $60.3 million, subject to audit, representing growth of approximately 18% on FY25.

The Company also delivered FY26 sales orders of approximately $62.7 million, reflecting continued demand across its key global platforms and providing a strong base for future revenue conversion.

The revenue result was supported by:

•       continued demand across sleep diagnostics and neurology;

•       growth in connected platforms, including Somfit and Nexus 360;

•       ongoing MEG activity and existing MEG projects progressing through manufacture and shipment; and

•       recurring contribution from service and supplies.

The Company remains focused on converting its healthy sales pipeline, its strong sales orders and existing order book into shipped and invoiced revenue through FY27.

2. Somfit and Nexus 360 SaaS recurring revenue growth

Compumedics' connected platforms continued to deliver strong growth in FY26, with Somfit and Nexus 360 SaaS recurring revenues increasing approximately 70% on FY25.

This growth was achieved despite Somfit D not yet being commercially released in the USA, highlighting the strength of the Company's existing connected platform strategy and the increasing contribution from SaaS and annuity-style revenues.

The Company continues to view Somfit, Nexus 360 and related connected platforms as important drivers of higher quality revenue, recurring earnings and long-term customer engagement.

3. MEG progress and helium issue resolved

Compumedics' MEG business remains a high-value growth platform, with existing orders continuing to progress through manufacture and shipment.

The Company completed recent MEG invoicing in June, although the level of FY26 shipped and invoiced revenue recognised was lower than anticipated when the April 2026 revised guidance was issued.

MEG activity was slowed further than expected by helium-related availability and pricing disruption, which affected shipment and installation timing. This issue has now been resolved.

The Company remains focused on progressing existing MEG orders through manufacture, shipment, installation and revenue recognition. These factors affect timing rather than underlying demand.

4. Somfit D manufacturing and USA release

Compumedics continues to progress Somfit D toward commercial release in the USA.

The Company has taken a deliberate and quality-focused approach to manufacturing readiness and deployment ahead of full commercial rollout. Manufacturing commitments are now in place, and the Company continues to work through the remaining steps required to support USA release.

The Company remains optimistic about the long-term opportunity for Somfit D in the large home sleep testing market in the USA.

Non-Executive Director resignation

Compumedics advises that Mr Christopher R. Barys has resigned as a Non-Executive Director of the Company, effective 30 June 2026.

Mr Barys' departure is by mutual agreement as the Company enters its next phase of development.

Mr Barys was appointed to the Board in September 2025 and brought significant U.S. MedTech, commercial, strategic partner and capital markets experience to Compumedics. During his time with the Company, Mr Barys supported Compumedics' U.S. growth and investor engagement objectives.

Compumedics Executive Chairman, David Burton said:

“On behalf of the Board, I would like to thank Chris for his contribution to Compumedics during his time as a Non-Executive Director. Chris brought valuable U.S. MedTech, commercial and capital markets experience to the Board, and we appreciate his input and perspectives over the past nine months. We wish Chris well in his future endeavours.”

Mr Barys said:

“I am grateful for the opportunity to have served on the Board of Compumedics. I remain deeply impressed by the Company's vision, optimism and perseverance, and I look forward to following its continued global success.”

OUTLOOK FOR GROWTH

Compumedics enters FY27 with record shipped and invoiced revenue, strong growth in Somfit and Nexus 360 SaaS recurring revenues, existing MEG orders progressing through manufacture and shipment, and Somfit D moving toward USA release.

The Company is targeting further double-digit revenue growth in FY27, supported by conversion of its order book and pipeline, ongoing MEG activity, continued growth in connected SaaS and recurring revenues, and the planned release of Somfit D in the USA.

With continued operating discipline and increasing contribution from higher quality recurring revenue platforms, the Company is targeting EBITDA growth at a faster rate than revenue growth in FY27.

The Board and management remain confident in Compumedics' medium-term growth outlook, supported by its differentiated technology platforms, global customer base and opportunities across MEG, Somfit, Nexus 360, sleep diagnostics and neurology.

About Compumedics Limited

Compumedics Limited [ASX: CMP] is a leading global medical device company that develops, manufactures, and commercialises diagnostic technology for sleep, brain, and ultrasonic blood flow monitoring applications. The Company owns Neuroscan, based in the USA, and DWL Elektronishe Systeme GmbH, based in Germany. In conjunction with these two subsidiaries, Compumedics has a broad international reach, including the Americas, Australia and Asia Pacific, Europe, and the Middle East.

Executive Chairman Dr. David Burton founded Compumedics in 1987. That same year, the Company successfully designed and installed the first fully computerised Australian sleep clinic at Epworth Hospital in Melbourne. Following this early success, Compumedics focused on developing products for the growing international sleep clinic and home monitoring markets.

Compumedics listed on the Australian Securities Exchange in 2000. Over the years, Compumedics has received numerous awards, including Australia's Exporter of the Year, and has been recognised as a Top 100 Innovator by both German and Australian Governments.

For more information please visit: https://www.compumedics.com.au

Key facts:

• Australian entrepreneur Kyle Hunt has expanded his company HCPA into the United States, opening a new office in Austin, Texas, as part of an international growth strategy.
• HCPA's mission is to make highly regulated and complex industries more accessible to smaller businesses, startups, and first-time founders who are often locked out by expensive licensing requirements and complicated regulations.
• Hunt argues that regulatory barriers, whilst necessary for consumer protection, disproportionately favour large corporations that can spread compliance costs across a vast customer base, citing Australia's Big Four banks as a prime example.
• HCPA has built its reputation in Australia by helping businesses navigate certification and operational challenges in heavily regulated sectors, and Hunt believes the same barriers exist across the United States.
• Hunt measures success not by revenue or office locations, but by how much market share can be shifted from large monopolies to smaller operators and underdogs competing against industry giants.

AUSTIN, TEXAS / MELBOURNE, AUSTRALIA – Australian entrepreneur Kyle Hunt has officially expanded HCPA into the United States, opening a new office in Austin, Texas, in a move that signals the beginning of an ambitious international mission: making it easier for everyday people to succeed in some of the world's most complex and highly regulated industries.

For Hunt, the expansion is about far more than business growth.

It's about challenging a system that often favours large corporations with deep pockets while leaving smaller operators struggling to navigate expensive licensing requirements, complicated regulations and industry gatekeepers.

“Too many industries have become inaccessible unless you have significant money, resources or connections” said Hunt.

“Our mission is simple: open the world's hardest industries to everyone. Whether you're a startup founder or someone with a great idea – you shouldn't be locked out because the rules are too complicated or the barriers are too high.”

Founded in Australia, HCPA has built its reputation helping businesses navigate certification and operational challenges in highly regulated sectors. The company has grown rapidly by focusing on helping people take on the giants who are hoarding billions of dollars in highly regulated industries.

Now, Hunt believes the challenges faced by Australian businesses are mirrored across the United States.

“The smaller guys deserve access to the same advantages. That's what we're building.”

The Austin launch marks the first step in HCPA's international expansion strategy, with further growth planned as the company continues pursuing its mission of opening the world's hardest industries to everyone.

For Hunt, success won't be measured solely by revenue or office locations.

“It’ll be measured by how much revenue goes from the monopolies to the small guys,” he said.

“If we can make it easier for the small business owner, the first time founder or the underdog to compete against the big players, then we're doing exactly what we set out to do.”

A clear example of the challenge Hunt is trying to solve can be seen in Australia’s banking industry and the dominance of the “Big Four” banks.

Banking is one of the most heavily regulated industries in the world, with strict requirements around capital reserves, risk management, cybersecurity, consumer protection and anti-money laundering systems. These protections are essential for maintaining trust and stability – but they also create enormous barriers for new players trying to enter the market.

For a smaller financial institution, building the same infrastructure as a major bank can require significant investment before they even have the opportunity to compete. Meanwhile, Australia’s largest banks (Commonwealth Bank, Westpac, ANZ, and NAB), have the advantage of scale – allowing them to spread the costs required across millions of customers.

The result is an industry where the rules designed to protect consumers can unintentionally make it harder for smaller organisations to compete.

This is the broader challenge Hunt believes exists across some of the world's hardest industries: the barriers to entry are often so complex and expensive that only the biggest players can afford to overcome them.

“Regulation exists for a reason: it protects people and creates trust. But when the cost of entering an industry becomes too high, we risk creating systems where only the biggest companies can compete. Our mission is to give the smaller players access to the tools, technology and support they need to stand alongside the giants who are hoarding billions.”

Through HCPA’s expansion into the United States, Hunt is aiming to change that dynamic – helping businesses navigate complexity, meet higher standards, and compete in industries that have traditionally been difficult to access.