Cergy, July 1st 2025 –SPIE, the independent European leader in multi-technical services in the areas of energy and communications, announces the signing of an agreement for the acquisition of SD Fiber, which will strengthen the Group’s FttX expertise in Switzerland and southern Germany.
Strengthening FttX expertise in Switzerland and southern Germany
SD Fiber is a specialist in the deployment of fiber optic networks to the street (FTTS), to the building (FTTB) and to the home (FTTH). The Company offers turnkey solutions covering the entire value chain, from planning and installation to commissioning, maintenance and troubleshooting. In addition, SD Fiber is active in the field of smart metering as it installs digital electricity meters, which are a key enabler of intelligent energy consumption management.
Headquarters in Dietikon, in the Canton of Zurich, SD Fiber operates in both Switzerland and Germany and employs approximately 340 people. The company generated revenue of c.70 million euros in 2024.
“With SD Fiber’s expertise, we are expanding our service offering in an attractive market. Fiber optic expansion is crucial for tomorrow’s digital infrastructure. SD Fiber is very well positioned, both technically and operationally, and relies on a highly skilled and dedicated team. We are very much looking forward to working together.”, says Pierre Savoy, CEO of SPIE Switzerland, Member of the Management Board of SPIE Germany Switzerland Austria.
“We are pleased to welcome the 340 experts from SD Fiber to SPIE. With SD Fiber, we are gaining a very well positioned company with strong FttX expertise. This strengthens our presence in both Switzerland and southern Germany. SD Fiber’s expertise in smart metering is also highly relevant as it is a forward-looking field with significant growth potential. We are excited about our future together.” adds Markus Holzke, CEO of SPIE Germany Switzerland Austria.
“SD Fiber is becoming part of SPIE and we are very excited about this next step. Since our founding, we have been committed to delivering projects efficiently, with strong technical expertise and in a customer-focused way. We look forward to contributing our know-how and shaping the future together in Switzerland and southern Germany”, says Jure Karazda, CEO of SD Fiber.
Upon completion of the transaction, SPIE will acquire 96% of the shares of SD Fiber. The remaining 4% will be retained by the current management team, who will continue to lead the company and will contribute to its ongoing business development.
The OfS, the independent regulator of higher education in England, recently announced it will accept new registration applications for higher education providers from 28 August following an eight-month hiatus. The regulator, which suspended registrations in December 2024 over financial sustainability concerns, said it will give priority to institutions with existing applications that have been on hold since last year.
This development follows plans recently unveiled by the Department for Education (DfE) to bring greater oversight over higher education franchisees by bringing them under the scope of the OfS.
Under the new proposals, it is anticipated that franchised providers with 300 students or more will be required to register with the OfS to ensure their courses are designated for student finance. The move, designed to bring greater regulatory oversight and assurance over public money invested in franchising providers, follows a consultation carried out by the DfE that closed in April. According to the consultation paper (32-page / 570KB), the new regulations will come into force in April 2026. The first decisions about course designation for student finance will be made in September 2027 for implementation in the 2028-29 academic year. Franchisee delivery partners will need to seek registration with the OfS over the next 12-18 months.
There are several proposed exemptions to this requirement, including state-funded schools, the statutory further education sector, NHS trusts, police and crime commissioners and local authorities, which are already subject to regulatory oversight by government bodies. Franchised providers with 300 or more students that wish to deliver courses that are not designated for student finance will be able to continue to do so without any further requirement to register with the OfS.
According to the government, more than half of 341 franchised institutions are currently unregistered with the OfS. In 2024, an investigation by the National Audit Office (NAO) revealed that fraud at franchised providers cost the public purse around £2 million in 2022-23. The NAO identified “weaknesses in the control framework” that contributed to several instances of fraud and abuse at franchised providers since early 2022.
However, a recent report by The Post-18 Project, an initiative aimed at shaping policy for universities and colleges, says the proposals “represent a fundamentally flawed approach that misunderstands both the scale and nature of the problem” afflicting the higher education sector. In particular, the report’s author says the current proposals could still create geographic and other loopholes for rogue operators to fall through the cracks and fails to give universities any real powers over their financial arrangements.
Commenting on the recent developments, Rachel Soundy, corporate and education specialist at Pinsent Masons, said: “The regulation of franchise partners in higher education is long overdue but the proposed reforms only skim the surface to tackle rogue players – leaving the opportunity for certain providers to step around the proposals. It is expected that DfE and OfS guidance will be issued which will seek to further tighten the regulation of such providers.”
Gayle Ditchburn, higher education expert at Pinsent Masons, said it is now critical for affected franchise delivery partners to take active steps to prepare for their registrations with the OfS to ensure they do not lose out on vital funding. “This is a reputational and financial risk for both the franchise delivery partner and the university franchisor,” she said.
“Universities partnering with franchise delivery partners to deliver their programmes should be working with their partners to support their registration journeys as their failure to register with the OfS will result in the franchised courses no longer being designated for student finance – the impact of which will severely impact student enrolment.”
Lenovo has been named a Champion in the inaugural Global Channel Leadership Matrix cementing its position as a worldwide leader in partner engagement, innovation, and sustainable channel growth.
Canalys, part of Omdia, recognized seven technology vendors recognized seven technology vendors with Champion status for demonstrating outstanding performance and leadership in global channel ecosystems, including Lenovo alongside AWS, Dell, HPE, NetApp, Palo Alto Networks, and Schneider Electric.
This first global Matrix consolidates regional rankings from Asia Pacific, Europe Middle East and Africa, and North America into a single, worldwide assessment of 24 leading IT vendors. Vendors were required to meet robust thresholds in global revenue and channel mix, demonstrating strategic scale and commitment to partner-led go-to-market models.
Sustained Partner Excellence
Lenovo’s consistent leadership in delivering profitable growth for partners through its globally integrated Lenovo 360 framework has unified the company’s portfolio and people across devices, infrastructure, services, and solutions. With more than ~80% of Lenovo’s commercial business conducted through partners, this recognition marks a pivotal moment in the evolution of Lenovo’s channel-centric model.
“Lenovo’s strong revenue growth over the past 12 months reflects its commitment to a partner-first go-to-market strategy, with over 90% of global revenue generated through the channel and significant expansion in infrastructure and solutions, now accounting for 46% of sales,” said Alastair Edwards, Chief Analyst, Canalys (part of Omdia). “Its focus on sustainability, innovative partner programs like Lenovo 360 Circle, and tailored enablement for verticals such as AI and Education, as well as routes to market like MSPs, further solidify its leadership and momentum in the channel.”
“Being named a global Champion by Canalys is a tremendous honor and validation of our partner-centric mindset,” said Pascal Bourguet, Lenovo’s Global Channel Chief. “We’ve made long-term investments in enabling partner success, from tools that simplify selling and boost profitability to sustainability-focused initiatives like Lenovo 360 Circle. This award reflects the commitment of our global channel teams and the trust of our partners.”
Enabling the Channel of the Future
The recognition comes at a time when channel ecosystems are adapting to rapid shifts in AI, hybrid work, and sustainability priorities. Canalys recognized Champions for forward-looking strategies and partner-centric models focused on co-selling, co-development, and co-delivery.
Through Lenovo 360, partners benefit from a unified platform to build and deliver solutions across customer lifecycles, with added accelerators for as-a-service offerings and sustainability-led innovation. Since its inception, the Lenovo 360 framework has greatly simplified and reduced complexity of partner incentive programs by 63%, delivered more than 57,000 certifications and 12,000 partner accreditations through ‘learn and earn’ training opportunities, and enabled more than 54 ready-to-deploy solutions for partners across 50 markets through the Lenovo 360 Solutions Hub.
Looking ahead, Lenovo is investing in AI-driven growth across the channel with initiatives like Lenovo 360 for AI, featuring a dedicated AI curriculum and tools to help partners build and scale AI practices.
Methodology
The Canalys Channel Leadership Matrix is a comprehensive assessment framework that evaluates the channel performance of 24 IT vendors across all major technologies and regions meeting minimum revenue and channel share thresholds. It is based on their contribution to the global partner ecosystem’s success.
This evaluation relies on two primary inputs:
Analyst Assessment: Expert scoring of vendors’ channel vision, program execution, M&A activity, portfolio competitiveness, and channel initiatives
Ecosystem Feedback: Direct input from the partner community through interviews and ratings focused on enablement, sales engagement, and partner experience metrics
Marks & Spencer’s online business should be running “fully” within the next four weeks, its boss has said, as the retailer recovers from a damaging cyber-attack.
The hack forced the retailer to pause customer orders through its website for almost seven weeks, before resuming them last month. However, its click-and-collect services remain suspended, and the full range of clothing and homeware is not available to buy online.
Stuart Machin, the M&S chief executive, told its annual general meeting in London: “I have previously highlighted that it would take all of June and all of July, maybe into August [to resume all of its operations].”
Machin added: “Within the next four weeks we are hoping for the whole of online to be fully on.” Then the company’s focus will be on replenishing its Castle Donington warehouse in the East Midlands, the main distribution centre for its clothing and homeware.
“We’re hoping that by August we will have the vast majority of this behind us and people can see the true M&S,” Machin told shareholders.
He added: “During the incident we chose to shut things down because we didn’t want the risk of things going wrong.”
In the aftermath of the cyber-attack that brought chaos to the department store chain, M&S lost ground to fashion rivals such as Next, Zara and H&M, and has estimated a £300m hit to profits this year.
When asked about M&S losing market share to competitors, Archie Norman, the company’s chair, said this was “at the forefront of our minds”, adding: “We are going to have to win them [customers] back in the autumn.”
Machin said the retailer would use its Sparks loyalty card to try to re-engage customers, for example by offering the usual birthday treat retrospectively to customers whose birthdays had been missed.
He had been in stores every weekend and had tried to reply to as many customers as possible in writing, he added. He also admitted that M&S should improve its customer service.
Machin received £7.1m for the last financial year – which ended weeks before the hack – up nearly 40% on the £5.1m he took home a year earlier, the company said last month.
M&S was also asked whether bonuses for its bosses would be reduced after the cyber-attack. Norman said: “All of our pay is performance-related so of course the financial effect of the incident will be reflected in the bonus.”
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The company’s share price is trading about 13% lower than in mid-April, before the hack.
The Hargreaves Lansdown analyst Susannah Streeter said: “There will be high hopes that M&S can put this unfortunate chapter behind it, and the early signs are that there is pent-up demand, particularly for its summer styles, with many of the popular products sold out online.
“Its strong set of annual results showed the retailer was in a resilient position before the cyber-attackers infiltrated systems. Sales growth in the fashion and home and beauty division reflected improved customer perceptions of value, quality and style. Demand for M&S food remains robust, with increased volumes driving growth.”
All resolutions were passed by shareholders at the hybrid meeting, which was held in person in London as well as online, apart from one brought by campaign group ShareAction. The resolution was not supported by the board but received the backing of 30.7% of investors. It asked M&S to disclose information about its approach to pay for contracted staff, as well as a cost-benefit analysis of setting the real living wage across its workforce.
The company said all its employees were “paid the living wage or above and we attach great importance to ensuring that subcontracted employees are appropriately paid and treated as part of the M&S family”.
Sales in local currencies increased by 1 percent in the second quarter, with 4 percent fewer stores at the end of the quarter compared with the same point in time last year. Excluding these closures, sales increased by 3 percent. Converted into SEK, net sales amounted to SEK 56,714 m (59,605). Net sales in SEK were negatively affected by a currency translation effect of around 6 percentage points due to the strengthened Swedish krona.
Gross profit amounted to SEK 31,425 m (33,569), which corresponds to a gross margin of 55.4 percent (56.3). The gross margin was negatively affected mainly by external factors such as a more expensive US dollar and high freight costs, which increased the cost of purchasing for the second quarter, but also by the company’s investments in the customer offering. The external factors that had a negative impact on purchasing in the first half of the year are turning positive for the second half of the year.
Selling and administrative expenses amounted to SEK 25,489 m (26,446). In local currencies these expenses increased by 2 percent.
Operating profit amounted to SEK 5,914 m (7,098), corresponding to an operating margin of 10.4 percent (11.9). The decrease in operating profit was mainly attributable to the lower gross margin and negative currency translation effects.
The result after tax amounted to SEK 3,962 m (5,0641), corresponding to SEK 2.48 (3.151) per share.
Cash flow from operating activities amounted to SEK 8,528 m (12,600). Cash and cash equivalents plus undrawn credit facilities were SEK 35,828 m (42,572).
The composition of the stock-in-trade is good. During the quarter the stock-in-trade developed in a positive direction with a significantly lower growth rate of 1 percent compared to the first quarter’s increase of 11 percent in local currencies. At the end of the second quarter the volume of goods was lower than at the same point in time last year. Higher purchasing costs explain the increase in stock-in-trade compared with the previous year.
First half-year (1 December 2024 – 31 May 2025)
In local currencies net sales increased by 1 percent in the first half of the year. Converted into SEK, the H&M group’s net sales amounted to SEK 112,047 m (113,274).
Gross profit amounted to SEK 58,594 m (61,224). This corresponds to a gross margin of 52.3 percent (54.0).
Selling and administrative expenses amounted to SEK 51,427 m (52,010). In local currencies these expenses increased by 1 percent compared with the previous year.
Operating profit amounted to SEK 7,117 m (9,175), corresponding to an operating margin of 6.4 percent (8.1). The decrease in operating profit was attributable in full to the lower gross margin, which was negatively affected by external factors such as a more expensive US dollar and higher freight costs, but also by markdowns and investments in the customer offering.
The result after tax amounted to SEK 4,541 m (6,2951), corresponding to SEK 2.85 (3.911) per share.
Cash flow from operating profit amounted to SEK 12,729 m (16,567).
The H&M group’s sales in the month of June 2025 are expected to increase by 3 percent in local currencies compared with the same month the previous year. The sales increase of 3 percent is impacted by a negative calendar effect of around one percentage point.
Environmental organisation Stand.earth rated the H&M group as the best company in the fashion industry for the group’s work to phase out fossil fuels. The H&M group gained the highest overall score among leading brands in the fashion industry for its climate efforts.
The annual general meeting on 7 May 2025 resolved to authorise the board to decide on buybacks of the company’s own class B shares in the period up to the 2026 annual general meeting for the purpose of adjusting the company’s capital structure and enabling purchases of shares for the company’s share-based incentive program. The board of directors has made the decision to buy back the company’s own class B shares to ensure the delivery of class B shares to the participants in the company’s long-term incentive program (LTIP). The cumulative number of shares that can be purchased is 1,100,000 shares, for a maximum cumulative amount of SEK 175 m.
H&M is opening its first stores and online in Brazil, a country with a population of more than 200 million, early in the second half of 2025.
“Our plan, with its focus on the product offering, the shopping experience and brand, is again confirmed by the progress we see. The positive development in important areas such as online, H&M womenswear and H&M Move, as well as continued focus on good cost control, will contribute to a profitable sales development,” says Daniel Ervér, CEO.
1. See note 5.
Comments by Daniel Ervér, CEO
Our plan, with its focus on the product offering, the shopping experience and brand, is again confirmed by the progress we see. The positive development in important areas such as online, H&M womens-wear and H&M Move, as well as continued focus on good cost control, will contribute to a profitable sales development.
Sales in local currencies increased by 1 percent in the second quarter, with 4 percent fewer stores at the end of the quarter compared with the same point in time the previous year. Excluding these closures, sales increased by 3 percent. Moreover, the quarter is to be seen in light of the fact that the second quarter of 2024 was a strong quarter with a sales increase of 3 percent.
The quarter’s result was negatively affected by higher purchasing prices as a result of a more expensive US dollar and higher freight costs, but also by the fact that we have continued to invest in the customer offering. Investments made to strengthen our customer offering and give customers even more value for money. The negative external factors that increased the costs of purchasing for the first half of the year are turning positive for the second half of the year.
Our plan, with its focus on the product offering, the shopping experience and the H&M brand, is confirmed by the progress we see in key parts of the business. With the customer offering at the centre, we have further strengthened the organisation’s focus on product and customer experience. The improvements implemented in online, H&M womenswear and H&M Move, together with increased product availability and closer collaboration with our suppliers, have continued to bring positive results. Portfolio brands also grew in the quarter and COS has developed particularly well. Some measures have a faster impact than others, but the direction is clear and during the year we continue to implement improvements in other parts of the business.
Our upgraded digital store is now rolled out and the response from customers is positive. In our omni-model we continue to integrate our physical and digital sales channels that complement and strengthen each other. We also continue to expand in growth markets. We look forward to opening both online and physical stores in Brazil in the second half of the year, and taking H&M’s business concept – fashion and quality at the best price in a sustainable way – to a country that has a population of more than 200 million and a great interest in fashion.
The integration of sustainability into our daily operations continues to deliver results. The climate and environmental organisation Stand.earth ranks H&M as number one among 42 fashion companies in terms of reducing climate impact.
In uncertain times with cautious consumers we monitor macroeconomic and geopolitical developments closely and continuously adapt both the customer offering and the business to meet our customers’ needs in the best way. We continue to strengthen the product offering and the experience both online and in our stores. With a clear plan, a strong financial position, good cost control and committed employees, we see good opportunities for long-term, sustainable and profitable growth.
Communication in conjunction with the six-month report The six-month report, i.e., 1 December 2024 – 31 May 2025, will be published at 08:00 CEST on 26 June 2025, followed by a combined press and telephone conference at 09:00 CEST for the financial market and media, hosted by CEO Daniel Ervér, CFO Adam Karlsson and Head of IR Joseph Ahlberg. A presentation of the report followed by a Q & A session will be held in English.
Location: H&M’s head office in Stockholm, Mäster Samuelsgatan 49, 3rd floor, Ljusgården. The event will be broadcasted online and questions can also be asked by telephone. For log in details please register: https://app.webinar.net/vwELGVnGex6
To book interviews for media in conjunction with the full-year report on 26 June 2025, please contact: Anna Frosch Nordin, Head of Media Relations, telephone +46 73 432 93 14, anna.froschnordin@hm.com.
Please note that the combined press and telephone conference starts at 09:00 CEST. Also note that there will not be a separate telephone conference in the afternoon CEST.
Contact
Joseph Ahlberg, Head of IR
+46 73 465 93 92
Daniel Ervér, CEO
+46 8 796 55 00 (switchboard)
Adam Karlsson, CFO
+46 8 796 55 00 (switchboard)
H & M Hennes & Mauritz AB (publ) SE-106 38 Stockholm Phone: +46 8 796 55 00, e-mail: info@hm.com Registered office: Stockholm, Reg. No. 556042-7220
For more information about the H&M group visit hmgroup.com.
Information in this interim report is that which H & M Hennes & Mauritz AB (publ) is required to disclose under the EU Market Abuse Regulation (EU) No 596/2014. The information was submitted for publication by the abovementioned persons at 08:00 (CEST) on 26 June 2025. This interim report and other information about the H&M group are available at hmgroup.com.
H & M HENNES & MAURITZ AB (PUBL) was founded in Sweden in 1947 and is listed on Nasdaq Stockholm. H&M’s business idea is to offer fashion and quality at the best price in a sustainable way. The group’s brands are H&M (including H&M HOME, H&M Move and H&M Beauty), COS, Weekday (including Cheap Monday and Monki), & Other Stories, ARKET, Singular Society and Sellpy. The group also includes several ventures. For further information, visit hmgroup.com.
Today, at our global Conversations conference in Miami, we’re introducing updates to help make WhatsApp the go-to place for doing business.
Streamlining Marketing Across WhatsApp, Facebook and Instagram
We’re streamlining how businesses can create and manage their marketing strategy across WhatsApp, Facebook and Instagram – all in Ads Manager. Now, businesses of all sizes can use the same creative, setup flows and budgets in one central place. Once onboarded, businesses can upload their subscriber list and either manually select marketing messages as an additional placement or use Advantage+, and our AI systems will then optimize budgets across placements to maximize performance. Once available, businesses interested in creating ads in Status will be able to do that from Ads Manager too.
Expanding AI Support
As businesses attract more customers, they need additional support responding to an influx of chats. This is where AI can help. We’re exploring a Business AI that can make personalized product recommendations and facilitate sales on any business’ website – and then follow up with customers to answer questions or provide updates right in a WhatsApp chat. And starting soon, we’ll expand Business AIs to more businesses in Mexico.
Adding Calling and Voice Options
There also might be times it’s helpful to provide additional support to customers beyond just a text. In the coming weeks, larger businesses using the WhatsApp Business Platform will be able to receive a call from a customer when they want to talk to someone live, or call a customer directly once they’ve asked to hear from you. And starting soon, we’ll also make it possible to send and receive voice messages for additional support, or make a video call which can be helpful for things like a telehealth appointment. Bringing calling and voice updates to the WhatsApp Business Platform will help people communicate in a way that works best for them and paves the way for AI-enabled voice support in the future. Businesses interested in getting started with calling on the WhatsApp Business Platform can work with one of our partners.
We look forward to hearing how these updates help businesses strengthen relationships with their customers and increase efficiency.
DLA Piper announces the promotions of nine senior associates and six special counsel across its four Australian offices. Internationally, there were 229 senior lawyers from 20 countries in the promotions round.
“These promotions reflect the depth of talent we have across the firm and acknowledge the exceptional contribution and dedication each individual brings to our clients and our culture,” said Shane Bilardi, Country Managing Partner, Australia, DLA Piper.
The promotions to Special Counsel and Senior Associates include:
Special Counsel
Anna Crosby (Litigation and Regulatory, Perth)
Matthew Nowotny-Walsh (Corporate, Perth)
Matthew Roberts (Finance, Perth)
Nicole Breschkin (Litigation and Regulatory, Melbourne)
Victoria Brockhall (Finance, Brisbane)
Winnie Liang (Real Estate, Sydney)
Senior Associates
Andrew Coughlin (Litigation and Regulatory Melbourne)
Ashvin Sandra Segara (Litigation anf Regulatory, Melbourne)
Chris Maibom (Employment, Sydney)
Claudia Levings (Litigation and Regulatory, Sydney)
Emily Pettersson (Litigation and Regulatory, Perth)
Gigi Lockhart (Litigation and Regulatory, Sydney)
Giacomo Bell (Corporate, Melbourne)
Hugh Raisin (Employment, Sydney)
Julia Krapeshlis (Corporate, Sydney)
“I congratulate all of our recent promotions and thank them for the outstanding contributions they make to our firm and the meaningful impact they create for our clients every day,” added Shane.
The senior lawyer promotions follow the appointment of three partners in Australia this year: David Kirkland, David Holland, and Mark Bennett.
