As a result, the board will be reduced from five to four members. This fits well with KLM’s cost-saving programme Back on Track, which places a strong emphasis on increasing organizational efficiency. After the change, the board will consist of Marjan Rintel (President and CEO), Bas Brouns (Chief Financial Officer), Maarten Stienen (Chief Operating Officer), and Miriam Kartman (Chief People Officer).
Marjan Rintel: “We are very grateful to Barry for the significant contribution he has made to the development of KLM over nearly thirty years. Thanks to his talent for commerce and customer experience, we have made great strides. Both at KLM and Air France-KLM, Barry is valued for his tireless dedication, focus on results, and strong commitment to putting the customer first in everything we do. I wish him all the best and much success in the next steps of his career.”
Barry ter Voert: “Saying goodbye to the company where you have worked your entire career is of course no small step. But it has been a wonderful journey, during which I have had the pleasure of working with fantastic colleagues. I am proud of what KLM stands for: an airline that dares to pioneer and puts customer experience first with new products and personal attention for the customer. I am grateful to KLM for the opportunities I have been given and will always hold the company and my colleagues in high regard.”
Barry ter Voert started at KLM 29 years ago as a management trainee. He has held various positions in the commercial domain and was, among other things, Senior Vice President Revenue Management and Senior Vice President Europe for Air France-KLM. His portfolio on the board included Mainport Strategy, Fleet Development, Network Planning, Alliances, Customer Experience, and Information Services. These responsibilities will be taken over by the other board members.
The Khyber Pakhtunkhwa (KP) government has decided to impose a complete ban on traditional brick kilns as part of its efforts to tackle environmental pollution and reduce smog levels in the province.
Oil price jumps after US sanctions Russia’s Rosneft and Lukoil
The oil price has jumped after the US has sanctioned Russia’s two largest oil companies to increase pressure on the Kremlin to negotiate an end to its war against Ukraine.
In order to keep providing you with our global services, Maersk is revising the Peak season surcharge for the scope China, Hong Kong China, Indonesia, Malaysia, Philippines, Singapore, Taiwan China, Cambodia, Laos, Myanmar (Burma), Thailand, Vietnam to South Africa, Mauritius effective: 01-Nov-25 until further notice.
The tariff amount is detailed as follow:
Surcharge code – PSS
Origin
Destination
effective date
Currency
40HREF NOR (Y)
Origin
China, Hong Kong China, Indonesia, Malaysia, Philippines, Singapore, Taiwan China, Cambodia, Laos, Myanmar (Burma), Thailand, Vietnam
Destination
South Africa, Mauritius
effective date
01-Nov-25
Currency
USD
40HREF NOR (Y)
500 USD
* Non-SPOT booking – The above rate is retrieved based on PCD. PCD = Price Calculation Date. For non-FMC, PCD refers to the scheduled departure date of the first water leg at the time of booking confirmation for non-spot bookings. For FMC, PCD is last container gate-in date for non-spot bookings.
* SPOT booking – The above rate is retrieved based on 1st vessel ETD at booking confirmation for Spot bookings.
For your reference, we have also included the levels and rate structure for some sample corridors from Shanghai, CN to Port Louis, MU from 01-Nov-25 until further notice. These may be subject to future Change; however, we will make sure to notify you accordingly.
Shanghai, CN to Port Louis, MU
Dry Container
Surcharge Code
20 DRY
40 DRY
40 HDRY
45 HDRY
Surcharge Code
BAS – Basic Ocean Freight
20 DRY
2510 USD
40 DRY
3215 USD
40 HDRY
3215 USD
45 HDRY
NA
Surcharge Code
DDF – Documentation fee – Destination
20 DRY
3500 MUR
40 DRY
3500 MUR
40 HDRY
3500 MUR
45 HDRY
NA
Surcharge Code
DHC – Terminal Handling Service – Destination
20 DRY
136 USD
40 DRY
270 USD
40 HDRY
270 USD
45 HDRY
NA
Surcharge Code
EXP – Export Service
20 DRY
294 CNY
40 DRY
316 CNY
40 HDRY
316 CNY
45 HDRY
NA
Surcharge Code
IMP – Import Service
20 DRY
3051 MUR
40 DRY
6103 MUR
40 HDRY
6103 MUR
45 HDRY
NA
Surcharge Code
ODF – Documentation Fee Origin
20 DRY
450 CNY
40 DRY
450 CNY
40 HDRY
450 CNY
45 HDRY
N/A
Surcharge Code
OHC – Terminal Handling Service – Origin
20 DRY
563 CNY
40 DRY
856 CNY
40 HDRY
856 CNY
45 HDRY
NA
Surcharge Code
PAI – Port Additionals / Port Dues Import
20 DRY
55 USD
40 DRY
110 USD
40 HDRY
110 USD
45 HDRY
NA
Surcharge Code
PSS – Peak Season Surcahrge
20 DRY
500 USD
40 DRY
1000 USD
40 HDRY
1000 USD
45 HDRY
NA
Reefer and Special Container
Surcharge Code
20 REEF
40 HREEF
20 Special
40 Special
Surcharge Code
BAS – Basic Ocean Freight
20 REEF
N/A
40 HREEF
3800 USD
20 Special
2510 USD
40 Special
3215 USD
Surcharge Code
DDF – Documentation fee – Destination
20 REEF
N/A
40 HREEF
3500 MUR
20 Special
3500 MUR
40 Special
3500 MUR
Surcharge Code
DHC – Terminal Handling Service – Destination
20 REEF
NA
40 HREEF
270 USD
20 Special
136 USD
40 Special
270 USD
Surcharge Code
EXP – Export Service
20 REEF
N/A
40 HREEF
316 CNY
20 Special
294 CNY
40 Special
316 CNY
Surcharge Code
IMP – Import Service
20 REEF
NA
40 HREEF
6103 MUR
20 Special
3051 MUR
40 Special
6103 MUR
Surcharge Code
ODF – Documentation Fee Origin
20 REEF
N/A
40 HREEF
450 CNY
20 Special
450 CNY
40 Special
450 CNY
Surcharge Code
OHC – Terminal Handling Service – Origin
20 REEF
N/A
40 HREEF
1061 CNY
20 Special
723 CNY
40 Special
1061 CNY
Surcharge Code
PAI – Port Additionals / Port Dues Import
20 REEF
N/A
40 HREEF
110 USD
20 Special
55 USD
40 Special
110 USD
Surcharge Code
PSS – Peak Season Surcahrge
20 REEF
N/A
40 HREEF
500 USD
20 Special
500 USD
40 Special
1000 USD
The above rates are also subject to other applicable surcharges, including local charges and contingency charges.
These rates are unaffected by, and do not affect, any tariff notified, published or filed in accordance with local regulatory requirements.
For trades subject to the US Shipping Act or the China Maritime Regulations, quotations or surcharges that vary from the Maersk Line tariff shall not be binding on Maersk Line unless included in a service contract or service contract amendment that has been filed with the Federal Maritime Commission (FMC) or the Shanghai Shipping Exchange, as applicable.
If you have any questions, please feel free to reach out to our local representatives on Maersk.com
ING announced today that Ljiljana Čortan will be appointed head of Wholesale Banking and succeed Andrew Bester no later than at the day of the Annual General Meeting in April 2026. Ljiljana is currently chief risk officer (CRO), member of the Executive Board and the Management Board Banking and will continue in these roles until the changes take effect, at which point she will step down from the Executive Board of ING Groep N.V.
Ljiljana joined ING and took on her current role in 2021. She has more than 25 years of international banking experience in various positions in risk, corporate banking, strategy and business development, among others as head of Corporate and Investment Banking Strategy for Central and Eastern Europe and global head of Financial Institutions, Banks and Sovereigns at UniCredit. Before joining ING, she was a member of the Management Board and CRO at HypoVereinsbank, a subsidiary of UniCredit Germany.
Steven van Rijswijk, CEO of ING, commented: “I am pleased that we have an excellent internal successor with a strong track record of execution and leadership; she is well suited to lead our Wholesale Banking business. Ljiljana knows the business and organisation very well and has a great understanding of the many opportunities we have to further strengthen, diversify and grow our business.”
“I would like to thank Andrew for his contributions during the last five years and his leadership of Wholesale Banking. Under his leadership, the foundations of our Wholesale Bank have strengthened significantly. His focus on client value, scaling up our business and attention to an inclusive culture have been highly valued. Andrew has positioned our wholesale bank well for further growth over the coming years.”
Ljiljana Čortan (left) and Andrew Bester (right)
Ljiljana Čortan said: “I look forward to taking up the leadership of our Wholesale Banking business. In my role as CRO and through the many contacts I have had with our colleagues and clients, I have seen the dedication and expertise we have, and I believe we have all the necessary elements to realise our full potential. I look forward to working with our teams to deliver on the next phase of our strategy to become the best European Wholesale bank. I would like to thank Andrew for our cooperation over the years, and I look forward to continuing that for the coming months.” Andrew Bester joined ING in April 2021 with more than 30 years of experience in banking and professional services including executive roles at Lloyds, Standard Chartered and Co-operative Bank.
Andrew said: “After a fulfilling and rewarding time at ING, it is time to step down from the Management Board and return to my UK home base to start the non-executive phase of my career. It has been a pleasure to help shape the bank to what it is today. I am grateful for the support, trust and collaboration shown by our clients. Thank you also to my fellow board members and all ING colleagues who have made my time so enjoyable. I look forward to continuing our good work in the coming months and in supporting an orderly handover to my board colleague Ljiljana.”
The appointment of Ljiljana Čortan as head of Wholesale Banking is subject to regulatory approval. The search for a successor as CRO has been initiated, and announcements will be made in due course.
Note for editors
More on investor information, go to the investor relations section on this site.
For news updates, go to the newsroom on this site or via X (@ING_news feed).
For ING photos such as board members, buildings, go to Flickr.
ING PROFILE
ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.
ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).
ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate.
Important legal information
Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).
ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2024 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.
Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non- compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com.
This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information. Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.
This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.
Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.
This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.
Tietoevry Corporation INTERIM REPORT 23 October 2025 9:00 a.m. (EEST)
Organic growth 4%, or -1% eliminating the revenue related to a court ruling in Tietoevry Banking
Tietoevry Care and Industry back to growth
Adjusted operating margin 19.3% (12.8%), or 15.2% eliminating the court ruling effect in Tietoevry Banking
Improved profitability in all businesses
Cost optimization progressing towards the 2026 target of EUR 115 million – run-rate savings of EUR 75 million achieved by the end of the third quarter
The divestment of the Tech Services business completed during the quarter
The divestment of Tietoevry Tech Services was completed on 2 September. The business has been presented as a discontinued operation as from the first quarter of 2025. The financial information presented in this report concerns continuing operations, unless otherwise stated. The comparative information has been restated accordingly.
The full interim report with tables is available at the end of this release.
7–9/2025
7–9/2024
1–9/2025
1–9/2024
Revenue, EUR million
454.2
436.3
1 388.1
1 407.6
Organic growth1), %
4
-1
-1
0
Acquisitions and divestments, %
0
1
0
3
Foreign exchange rates, %
0
-1
0
-1
Total growth, %
4
0
-1
2
Organic growth adjusted for working days4), %
4
-2
-1
1
Operating profit/loss (EBIT), EUR million
56.5
35.5
16.4
108.3
Operating margin (EBIT), %
12.4
8.1
1.2
7.7
Adjusted2) operating profit (EBITA3)), EUR million
87.8
55.9
181.3
167.0
Adjusted2) operating margin (EBITA3)), %
19.3
12.8
13.1
11.9
Cash flow from operating activities, EUR million5)
44.7
58.2
193.4
198.1
Interest-bearing net debt, EUR million5)
551.9
900.5
551.9
900.5
Full-year outlook for 2025 updated on 15 September
Tietoevry expects its organic1) growth to be in the range of -2% to 0% (revenue in 2024: EUR 1 879.5 million). The company estimates its full-year adjusted operating margin2) (adjusted EBITA3)) to be 12.7–13.3% (12.0% in 2024).
The profitability outlook includes a negative IFRS 5-related impact of approximately 1.1 percentage points on the adjusted operating margin (EBITA) due to the Tech Services divestment. The impact comprises the costs that the company was not able to allocate to discontinued operations prior to the closing of the divestment on 2 September, and transition services income after that date.
1) Adjusted for currency effects, acquisitions and divestments 2) Adjustment items include restructuring costs, capital gains/losses, impairment charges and other items affecting comparability 3) Profit before interests, taxes, amortization of acquisition-related intangible assets, goodwill and other intangible asset impairment 4) Company estimate 5) Cash flows combine the continuing and the discontinued operations; balance sheet comparative information not restated.
CEO comment by Endre Rangnes
Progressing with execution of our strategic priorities: customer first, growth and lean cost structure
“Our third-quarter performance was healthy with early signs of margin recovery. Our organic growth totalled 4% and adjusted operating margin 19.3% – this development was largely driven by revenue related to a court ruling in Tietoevry Banking. When eliminating the positive contribution of this revenue, underlying growth remained at -1%. On a positive note, our underlying margin improved to 15.2% from 12.8% year-on-year, with higher profitability in all businesses, following the execution of our cost optimization efforts. Tietoevry Care and Tietoevry Industry turned to growth whereas revenue development in Tietoevry Create remained negative due to continued challenging market conditions.
Following the successful divestment of Tietoevry Tech Services during the quarter, we are now fully focused on executing our strategic priorities. This marks a pivotal phase for the company, where we are driving forward with a sharpened emphasis on customer centricity, growth and a lean cost structure – anchored by a strong execution mindset.
To accelerate commercial impact, we have launched a comprehensive sales focus programme across business units. This initiative includes a new sales governance model, better aligning demand and supply of competencies for the benefit of our customers, as well as harmonization of CRM systems and targeted sales training. These efforts are designed to reinforce customer trust, strengthen the sales pipeline and enhance incentive effectiveness. Furthermore, our AI programme will help us adopt the best practices of embedding AI in both offerings and sales – and provide AI tools to improve internal productivity.
We are actively transforming our business profile to support sustainable growth and improved profitability. Our strategic focus is on expanding cloud-native and AI-enabled solutions. Our ambition for growth is higher than our current performance, and we are pursuing international expansion for our proven Nordic software solutions. Early market responses – such as our latest win in Catalonia, Spain – are encouraging, though we expect the full impact to materialize over time due to longer lead cycles in new markets. We remain confident in our direction and committed to delivering long-term value for our customers and shareholders.
Our cost optimization programmes introduced earlier this year are progressing as planned towards the EUR 115 million target by the end of 2026. We achieved run-rate savings of EUR 75 million by the end of the third quarter – well in line with the ambition for this year.
We are excited to introduce the next chapter of the company as well as our business plans at our Capital Markets Day in November. Reflecting on the active dialogue I have had with investors and across our stakeholder groups in the past months, we can be proud of our strong foundation, which comprises our long-term customer relations, relevant and renowned partners, market-leading vertical software assets, innovation capabilities and our talented people. This existing foundation combined with our clear strategy and relentless execution are the cornerstones of our future success.”
Tommi Järvenpää, Head of Investor Relations, tel. +358 40 576 0288, tommi.jarvenpaa (at) tietoevry.com
A webcast for analysts and media will be held on 23 October at 10.00 a.m. EEST (9.00 a.m. CEST, 8.00 a.m. UK time). Endre Rangnes, President and CEO, and Tomi Hyryläinen, CFO, will present the results online in English. The presentation can be followed on Tietoevry’s website.
To take part in the questions and answers session after the presentation you will need to dial in by phone. You can access the teleconference by registering on this link. After registration you will be provided phone numbers, user ID and a conference ID to access the conference.
The event is recorded and it will be available on demand later during the day. Tietoevry publishes its financial information in English and Finnish.
Tietoevry Corporation
DISTRIBUTION
Nasdaq Helsinki
Nasdaq Stockholm
Oslo Børs
Principal Media
Tietoevryis a leading software and digital engineering services company with global market reach and capabilities. We provide customers across different industries with mission-critical solutions through our specialized software businesses* Tietoevry Care, Tietoevry Banking and Tietoevry Industry, as well as our digital engineering business Tietoevry Create. Our around 15 000 talented vertical software, design, cloud and AI experts are dedicated to empowering our customers to succeed and innovate with latest technology.
Tietoevry’s annual revenue is approximately EUR 2 billion. The company’s shares are listed on the NASDAQ exchange in Helsinki and Stockholm, as well as on Oslo Børs. www.tietoevry.com
