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Trip.com Group Limited Reports Unaudited Second Quarter and First Half of 2024 Financial Results

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SINGAPORE, Aug. 26, 2024 /PRNewswire/ — Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) (“Trip.com Group” or the “Company”), a leading one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management, today announced its unaudited financial results for the second quarter and first half of 2024.

Key Highlights for the Second Quarter of 2024

Domestic and international businesses sustained growth across all segments in the second quarter of 2024

–  Accommodation bookings on the Company’s Chinese sites grew by approximately 20% year over year, primarily driven by robust growth in both outbound and domestic travel.

–  Outbound hotel and air reservations recovered to 100% of the pre-COVID level for the same period in 2019, surpassing the industry-wide recovery rate of over 70% in terms of international flight capacity.

–  Total revenue of the Company’s international OTA brand has increased by around 70% year over year.

The Company achieved outstanding financial performance in the second quarter of 2024

–  Net revenue for the second quarter grew by 14% year over year. 

–  Net income for the second quarter of 2024 was RMB3.9 billion (US$535 million), compared to RMB648 million for the same period in 2023.

–  Adjusted EBITDA for the second quarter was RMB4.4 billion (US$611 million). Adjusted EBITDA margin was 35%, improved from 33% for the same period in 2023.

“The second quarter of 2024 witnessed continued growth driven by strong travel demand, especially for cross-border travel,” said James Liang, Executive Chairman. “Our strong performance highlights our adaptability in a dynamic market. Looking ahead, we are dedicated to leveraging the potential of AI to revolutionize the travel industry and provide exceptional value to our customers.”

“We are pleased with our strong growth and the resilience of travel consumption in China,” said Jane Sun, Chief Executive Officer. “This promising outlook fuels our enthusiasm for innovation and new initiatives. By collaborating with our partners, we are well-positioned for even greater success.”

Second Quarter of 2024 Financial Results and Business Updates

For the second quarter of 2024, Trip.com Group reported net revenue of RMB12.8 billion (US$1.8 billion), representing a 14% increase from the same period in 2023. Net revenue for the second quarter of 2024 increased by 7% from the previous quarter, primarily driven by stronger travel demand, particularly during the holiday periods.

Accommodation reservation revenue for the second quarter of 2024 was RMB5.1 billion (US$707 million), representing a 20% increase from the same period in 2023 primarily driven by an increase in accommodation reservations. Accommodation reservation revenue for the second quarter of 2024 increased by 14% from the previous quarter, primarily driven by stronger travel demand, particularly during the holiday periods.

Transportation ticketing revenue for the second quarter of 2024 was RMB4.9 billion (US$670 million), representing a 1% increase from the same period in 2023. Transportation ticketing revenue for the second quarter of 2024 decreased by 3% from the previous quarter despite robust growth in ticketing volume, primarily due to fluctuations of air ticket prices in the second quarter of 2024.

Packaged-tour revenue for the second quarter of 2024 was RMB1.0 billion (US$141 million), representing a 42% increase from the same period in 2023 primarily driven by an increase in packaged-tour reservations. Packaged-tour revenue for the second quarter of 2024 increased by 16% from the previous quarter, primarily driven by stronger travel demand, particularly during the holiday periods.

Corporate travel revenue for the second quarter of 2024 was RMB633 million (US$87 million), representing an 8% increase from the same period in 2023 primarily driven by an increase in corporate travel reservations. Corporate travel revenue for the second quarter of 2024 increased by 24% from the previous quarter, primarily due to seasonality.

Cost of revenue for the second quarter of 2024 increased by 15% to RMB2.3 billion (US$318 million) from the same period in 2023 and increased by 3% from the previous quarter, which was generally in line with the increase in net revenue. Cost of revenue as a percentage of net revenue was 18% for the second quarter of 2024.

Product development expenses for the second quarter of 2024 increased by 1% to RMB3.0 billion (US$412 million) from the same period in 2023 and decreased by 4% from the previous quarter. Product development expenses as a percentage of net revenue was 23% for the second quarter of 2024.

Sales and marketing expenses for the second quarter of 2024 increased by 20% to RMB2.8 billion (US$390 million) from the same period in 2023 and increased by 23% from the previous quarter primarily due to the increase in expenses relating to sales and marketing promotion activities. Sales and marketing expenses as a percentage of net revenue was 22% for the second quarter of 2024.

General and administrative expenses for the second quarter of 2024 increased by 13% to RMB1.1 billion (US$148 million) from the same period in 2023 and increased by 16% from the previous quarter, primarily due to an increase in general and administrative personnel related expenses. General and administrative expenses as a percentage of net revenue was 8% for the second quarter of 2024.

Income tax expense for the second quarter of 2024 was RMB693 million (US$95 million), compared to RMB562 million for the same period in 2023 and RMB664 million for the previous quarter. The change in Trip.com Group’s effective tax rate was primarily due to the combined impacts of changes in respective profitability of its subsidiaries with different tax rates, changes in deferred tax liabilities relating to withholding tax, certain non-taxable income or loss resulting from the fair value changes in equity securities investments and exchangeable senior notes recorded in other income/(expense), and changes in valuation allowance provided for deferred tax assets.

Net income for the second quarter of 2024 was RMB3.9 billion (US$535 million), compared to RMB648 million for the same period in 2023 and RMB4.3 billion for the previous quarter. Adjusted EBITDA for the second quarter of 2024 was RMB4.4 billion (US$611 million), compared to RMB3.7 billion for the same period in 2023 and RMB4.0 billion for the previous quarter. Adjusted EBITDA margin was 35% for the second quarter of 2024, compared to 33% for the same period in 2023 and for the previous quarter.

Net income attributable to Trip.com Group’s shareholders for the second quarter of 2024 was RMB3.8 billion (US$527 million), compared to RMB631 million for the same period in 2023 and RMB4.3 billion for the previous quarter. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP net income attributable to Trip.com Group’s shareholders for the second quarter of 2024 was RMB5.0 billion (US$686 million), compared to RMB3.4 billion for the same period in 2023 and RMB4.1 billion for the previous quarter.

Diluted earnings per ordinary share and per ADS was RMB5.57 (US$0.77) for the second quarter of 2024. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP diluted earnings per ordinary share and per ADS was RMB7.25 (US$1.00) for the second quarter of 2024. Each ADS currently represents one ordinary share of the Company.

As of June 30, 2024, the balance of cash and cash equivalents, restricted cash, short-term investment, and held to maturity time deposit and financial products was RMB99.0 billion (US$13.6 billion).

Offering of Cash-par Settled Convertible Senior Notes

In June 2024, the Company completed an offering of US$1.5 billion in aggregate principal amount of cash-par settled convertible senior notes due 2029 (the “Notes”), including the initial purchasers’ full exercise of option to purchase an additional US$200 million in aggregate principal amount of the Notes. The Notes are general unsecured obligations of the Company and bear interest at a rate of 0.75% per year.

The Notes contemplate cash-par settlement upon conversion. Upon conversion, the Company will pay cash up to the aggregate principal amount of the Notes being converted and have the right to elect to settle the conversion consideration for amounts in excess of the aggregate principal amount using cash, ADSs, or a combination of cash and ADSs.

Concurrent ADS Repurchase

Concurrently with the Notes offering, the Company repurchased approximately 6.0 million ADSs in an aggregate amount of approximately US$300 million pursuant to its existing share repurchase plans in off-market privately negotiated transactions effected through one or more of the initial purchasers of the Notes or their affiliates as its agent.

Conference Call 

Trip.com Group’s management team will host a conference call at 8:00 PM on August 26, 2024, U.S. Eastern Time (or 8:00 AM on August 27, 2024, Hong Kong Time) following the announcement.

The conference call will be available live on Webcast and for replay at: https://investors.trip.com. The call will be archived for twelve months on our website.

All participants must pre-register to join this conference call using the Participant Registration link below: 
https://register.vevent.com/register/BI1654b47de1924af88e8ea8e0351b2261

Upon registration, each participant will receive details for this conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the number provided, enter your PIN, and you will join the conference instantly.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “is/are likely to,” “confident,” or other similar statements. Among other things, quotations from management in this press release, as well as Trip.com Group’s strategic and operational plans, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, volatility in the trading price of Trip.com Group’s ADSs or shares, Trip.com Group’s reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in the relevant jurisdictions where Trip.com Group operates, failure to successfully develop Trip.com Group’s existing or future business lines, damage to or failure of Trip.com Group’s infrastructure and technology, loss of services of Trip.com Group’s key executives, adverse changes in economic and business conditions in the relevant jurisdictions where Trip.com Group operates, any regulatory developments in laws, regulations, rules, policies or guidelines applicable to Trip.com Group and other risks outlined in Trip.com Group’s filings with the U.S. Securities and Exchange Commission or the Stock Exchange of Hong Kong Limited. All information provided in this press release and in the attachments is as of the date of the issuance, and Trip.com Group does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement Trip.com Group’s consolidated financial statements, which are prepared and presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Trip.com Group uses non-GAAP financial information related to adjusted net income attributable to Trip.com Group Limited, adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted earnings per ordinary share and per ADS, each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges that are not tax deductible, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), net of tax, and other applicable items. Trip.com Group’s management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods.

Non-GAAP information is not prepared in accordance with GAAP, does not have a standardized meaning under GAAP, and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using non-GAAP financial measures is that non-GAAP measures exclude share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects that have been and will continue to be significant recurring expenses in Trip.com Group’s business for the foreseeable future.

Reconciliations of Trip.com Group’s non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release.

About Trip.com Group Limited

Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) is a leading global one-stop travel platform, integrating a comprehensive suite of travel products and services and differentiated travel content. It is the go-to destination for travelers in China, and increasingly for travelers around the world, to explore travel, get inspired, make informed and cost-effective travel bookings, enjoy hassle-free on-the-go support, and share travel experience. Founded in 1999 and listed on Nasdaq in 2003 and HKEX in 2021, the Company currently operates under a portfolio of brands, including Ctrip, Qunar, Trip.com, and Skyscanner, with the mission “to pursue the perfect trip for a better world.”

For further information, please contact:

Investor Relations
Trip.com Group Limited
Tel: +86 (21) 3406-4880 X 12229
Email: iremail@trip.com

 

Trip.com Group Limited

Unaudited Consolidated Balance Sheets

(In millions, except share and per share data)

December 31, 2023

June 30, 2024

June 30, 2024

RMB (million)

RMB (million)

USD (million)

ASSETS

Current assets:

Cash, cash equivalents and restricted cash

43,983

51,553

7,094

Short-term investments

17,748

38,216

5,259

Accounts receivable, net 

11,410

12,907

1,776

Prepayments and other current assets 

15,591

18,863

2,596

Total current assets

88,732

121,539

16,725

Property, equipment and software

5,142

5,083

699

Intangible assets and land use rights

12,644

12,551

1,727

Right-of-use asset

641

741

102

Investments (Includes held to maturity time deposit and
financial products of RMB15,530 million and RMB9,263
million as of December 31,2023 and June 30, 2024,
respectively)

49,342

45,392

6,246

Goodwill

59,372

59,381

8,171

Other long-term assets

688

538

74

Deferred tax asset

2,576

2,598

358

Total assets

219,137

247,823

34,102

LIABILITIES

Current liabilities:

Short-term debt and current portion of long-term debt

25,857

39,530

5,440

Accounts payable

16,459

19,189

2,640

Advances from customers

13,380

16,561

2,279

Other current liabilities

16,715

16,836

2,317

Total current liabilities

72,411

92,116

12,676

Deferred tax liability

3,825

3,477

478

Long-term debt

19,099

20,034

2,757

Long-term lease liability

477

545

75

Other long-term liabilities

319

259

36

Total liabilities

96,131

116,431

16,022

SHAREHOLDERS’ EQUITY

Total Trip.com Group Limited shareholders’ equity

122,184

130,500

17,957

Non-controlling interests

822

892

123

Total shareholders’ equity

123,006

131,392

18,080

Total liabilities and shareholders’ equity

219,137

247,823

34,102

 

 

Trip.com Group Limited

Unaudited Consolidated Statements of Income

(In millions, except share and per share data)

Three Months Ended

Six Months Ended

June 30, 2023

March 31, 2024

June 30, 2024

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2024

RMB (million)

RMB (million)

RMB (million)

USD (million)

RMB (million)

RMB (million)

USD (million)

Revenue:

Accommodation reservation 

4,285

4,496

5,136

707

7,765

9,632

1,325

Transportation ticketing 

4,814

5,000

4,871

670

8,970

9,871

1,358

Packaged-tour 

722

883

1,025

141

1,108

1,908

263

Corporate travel

584

511

633

87

1,029

1,144

157

Others

857

1,031

1,123

154

1,601

2,154

296

Total revenue

11,262

11,921

12,788

1,759

20,473

24,709

3,399

Less: Sales tax and surcharges

(15)

(16)

(16)

(2)

(28)

(32)

(4)

Net revenue

11,247

11,905

12,772

1,757

20,445

24,677

3,395

Cost of revenue

(2,007)

(2,238)

(2,312)

(318)

(3,644)

(4,550)

(626)

Gross profit

9,240

9,667

10,460

1,439

16,801

20,127

2,769

Operating expenses:

Product development *

(2,953)

(3,109)

(2,993)

(412)

(5,627)

(6,102)

(840)

Sales and marketing *

(2,355)

(2,312)

(2,835)

(390)

(4,110)

(5,147)

(708)

General and administrative *

(955)

(931)

(1,077)

(148)

(1,846)

(2,008)

(276)

Total operating expenses

(6,263)

(6,352)

(6,905)

(950)

(11,583)

(13,257)

(1,824)

Income from operations

2,977

3,315

3,555

489

5,218

6,870

945

Interest income 

513

592

634

87

954

1,226

169

Interest expense

(555)

(499)

(514)

(71)

(1,041)

(1,013)

(139)

Other (expense)/income

(1,961)

759

(183)

(25)

(309)

576

79

Income before income tax
expense and equity in income of
affiliates

974

4,167

3,492

480

4,822

7,659

1,054

Income tax expense

(562)

(664)

(693)

(95)

(903)

(1,357)

(187)

Equity in income of affiliates

236

822

1,089

150

103

1,911

263

Net income

648

4,325

3,888

535

4,022

8,213

1,130

Net income attributable to non-
controlling interests

(17)

(13)

(55)

(8)

(16)

(68)

(9)

Net income attributable to
Trip.com Group Limited

631

4,312

3,833

527

4,006

8,145

1,121

Earnings per ordinary share 

– Basic

0.97

6.62

5.84

0.80

6.14

12.46

1.71

– Diluted

0.94

6.38

5.57

0.77

5.98

11.93

1.64

Earnings per ADS 

– Basic

0.97

6.62

5.84

0.80

6.14

12.46

1.71

– Diluted

0.94

6.38

5.57

0.77

5.98

11.93

1.64

Weighted average ordinary shares
outstanding 

– Basic

653,392,956

651,349,707

655,857,569

655,857,569

652,625,256

653,603,638

653,603,638

– Diluted

671,942,381

675,933,592

687,977,626

687,977,626

670,838,392

682,766,701

682,766,701

* Share-based compensation included in Operating expenses above is as follows:

  Product development 

234

214

322

44

413

536

74

  Sales and marketing 

44

38

55

8

75

93

13

  General and administrative 

219

198

297

41

387

495

68

 

 

Trip.com Group Limited

Unaudited Reconciliation of  GAAP and Non-GAAP Results

(In millions, except %, share and per share data)

Three Months Ended

Six Months Ended

June 30, 2023

March 31, 2024

June 30, 2024

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2024

RMB (million)

RMB (million)

RMB (million)

USD (million)

RMB (million)

RMB (million)

USD (million)

Net income

648

4,325

3,888

535

4,022

8,213

1,130

Less: Interest income

(513)

(592)

(634)

(87)

(954)

(1,226)

(169)

Add: Interest expense

555

499

514

71

1,041

1,013

139

Add: Other expense/(income)

1,961

(759)

183

25

309

(576)

(79)

Add: Income tax expense

562

664

693

95

903

1,357

187

Less: Equity in income of affiliates

(236)

(822)

(1,089)

(150)

(103)

(1,911)

(263)

Income from operations

2,977

3,315

3,555

489

5,218

6,870

945

Add: Share-based compensation

497

450

674

93

875

1,124

155

Add: Depreciation and amortization

204

209

207

29

405

416

57

Adjusted EBITDA

3,678

3,974

4,436

611

6,498

8,410

1,157

Adjusted EBITDA margin

33 %

33 %

35 %

35 %

32 %

34 %

34 %

Net income attributable to Trip.com Group Limited

631

4,312

3,833

527

4,006

8,145

1,121

Add: Share-based compensation

497

450

674

93

875

1,124

155

Add: Loss/(gain) from fair value changes of equity securities
investments and exchangeable senior notes

2,351

(679)

435

60

703

(244)

(34)

Add: Tax effects on fair value changes of equity securities
investments and exchangeable senior notes

(45)

(28)

43

6

(85)

15

2

Non-GAAP net income attributable to Trip.com Group Limited

3,434

4,055

4,985

686

5,499

9,040

1,244

Weighted average ordinary shares outstanding-
 Diluted-non GAAP 

672,031,445

675,933,592

687,977,626

687,977,626

670,838,392

682,766,701

682,766,701

Non-GAAP Diluted income per share 

5.11

6.00

7.25

1.00

8.20

13.24

1.82

Non-GAAP Diluted income per ADS 

5.11

6.00

7.25

1.00

8.20

13.24

1.82

Notes for all the condensed consolidated financial schedules presented:

Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB7.2672 on June 28, 2024 published by the Federal Reserve Board.

 

 

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SOURCE Trip.com Group Limited

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Technology

RSPO Launches New Guidance to Leverage Sustainable Palm Oil Certification for IFRS® Sustainability Disclosure Standards

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KUALA LUMPUR, Malaysia, July 23, 2026 /PRNewswire/ — The Roundtable on Sustainable Palm Oil (RSPO) has released a guidance document, “Leveraging RSPO Principles and Criteria for IFRS® Sustainability Disclosure Standards”. This new resource supports certified sustainable palm oil producers to align their sustainability practices with the IFRS S1 and IFRS S2 disclosure standards that serve as the global framework for reporting sustainability-related financial information.

As more than 30 jurisdictions, representing around 60% of global GDP, move towards adoption of the IFRS Sustainability Disclosure Standards (IFRS SDS), companies are increasingly required to disclose how sustainability-related risks and opportunities affect their financial position and prospects.1

This resource provides a practical pathway for palm oil producers to respond to these requirements by leveraging their existing compliance with the RSPO Principles and Criteria (P&C), without duplicating efforts or creating parallel systems.

Informing investor-relevant disclosures: A four-step approach

Certification and the IFRS SDS serve different purposes. This guidance, developed with support from PwC Malaysia, provides a practical bridge between operational sustainability practices and financial disclosure expectations by helping members translate certification-related topics, metrics, and evidence to inform investor-relevant disclosures.

It sets out a four-step approach to IFRS SDS-aligned reporting, guiding RSPO Members on applicability, reporting boundaries, identification of sustainability-related risks and opportunities, and links to financial performance. It also includes seven practical examples, illustrating how the RSPO P&C requirements and implementation evidence can inform disclosures across key sustainability topics, from ethical conduct and legal compliance to environmental protection and worker health and safety.

Beyond growers, the guidance document also supports financial institutions by helping banks, insurers, and investors understand how palm oil sustainability issues, such as labour disputes and traceability gaps, can translate into financial risks, impacts, and opportunities, enabling clearer risk profiling and more informed financing decisions.

Joseph D’ Cruz, RSPO Chief Executive Officer, said: “As sustainability reporting becomes an integral pillar of financial performance, this guidance bridges certification and disclosure, providing RSPO members with a practical framework to demonstrate sustainability performance in ways that resonate with global capital markets. In line with the growing importance of sustainability disclosures in financing and investment decision-making processes, this guidance illustrates how RSPO Principles and Criteria practices can complement an organisation’s strategy and risk assessment processes.”

Andrew Chan, Partner, Sustainability Leader at PwC Malaysia, said: “This guidance responds to the broader shift towards measuring sustainability through a financial lens, with the adoption of the IFRS Sustainability Disclosure Standards (IFRS S1 and IFRS S2). For RSPO growers, this creates an opportunity to demonstrate how sustainability practices contribute to business resilience as well as value creation — building investor confidence for the long term.”

Importantly, the guidance also reflects RSPO’s longer term interest in progressively strengthening linkages with sustainability disclosure frameworks. As disclosure expectations continue to evolve, RSPO intends to further explore how certification-related data metrics and assurance processes can support broader and more integrated sustainability disclosures in the future.

The Guidance Document can be downloaded here.

For more information, visit www.rspo.org 

About RSPO:
The Roundtable on Sustainable Palm Oil (RSPO) is a global partnership to make palm oil sustainable. Formed in 2004, the RSPO is a multi-stakeholder non-profit organisation that unites members from across the palm oil value chain, including oil palm producers, palm oil processors and traders, consumer goods manufacturers, retailers, banks and investors, environmental or nature conservation non-governmental organisations (NGOs), and social or developmental NGOs.

As a partnership for progress and positive impact, the RSPO facilitates global change to make the production and consumption of palm oil sustainable. To inspire change, we communicate the environmental and social benefits. To make progress, we catalyse collaboration. To provide assurance, we set the standards of certification.

The RSPO is registered as an international association in Zurich, Switzerland, with main offices in Malaysia and Indonesia, and offices in China, Colombia, Netherlands, United Kingdom and the United States. 

About PwC:
At PwC, we help clients build trust and reinvent so they can turn complexity into competitive advantage. We’re a tech-forward, people-empowered network with more than 364,000 people in 136 countries and 137 territories. Across audit and assurance, tax and legal, deals and consulting, we help clients build, accelerate, and sustain momentum. Find out more at www.pwc.com

1

IFRS Foundation, ISSB Podcast February 2025

 

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SOURCE Roundtable On Sustainable Palm Oil

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Nordic Capital announces agreement to sell ArisGlobal to Dassault Systèmes, following its transformation into a scaled and AI-enabled life sciences platform

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WALTHAM, Mass., 23 July 2026 /PRNewswire/ — Nordic Capital today announced that it has entered into a definitive agreement to sell ArisGlobal, a leading provider of software to the life sciences industry, to Dassault Systèmes (Euronext Paris: FR0014003TT8) (Paris: DSY.PA). The transaction represents a full exit for Nordic Capital and marks the successful culmination of a partnership that has transformed ArisGlobal into a scaled, cloud-native and AI-enabled platform serving more than 200 life sciences companies, CROs and government health authorities worldwide.

Founded in 1989 and headquartered in Waltham, Massachusetts, ArisGlobal develops and delivers regulatory, safety, and quality software to a global client base that includes many of the world’s largest pharmaceutical and biotech organisations, as well as regulatory authorities. Its flagship LifeSphere® platform is a fully integrated, cloud-native suite that enables life sciences organisations to manage complex regulatory submissions, pharmacovigilance workflows and clinical data on a single platform, improving compliance, speed and operational efficiency. The platform also embeds advanced AI-enabled automation across core pharmacovigilance workflows, reducing manual processing and accelerating safety case management.

“Nordic Capital invested in ArisGlobal because the business had strong fundamentals, a loyal blue-chip client base and significant potential to modernise its technology and scale its commercial reach. Working closely with Aman and his team, Nordic Capital has supported the company’s transformation into a leading cloud-native platform for the life sciences industry with differentiated AI-enabled capabilities and a strengthened market position. Nordic Capital is proud of what has been achieved together with management and looks forward to seeing the company continue to grow under Dassault Systèmes ownership,” said Daniel Berglund, Partner and Head of Healthcare, Nordic Capital Advisors.

Nordic Capital first invested in ArisGlobal in 2019, partnering with the founding family and management team to pursue an ambitious development strategy. In 2021, Nordic Capital made a further investment in the company, reflecting its conviction in ArisGlobal’s growth potential and the progress achieved since the original partnership began. Throughout the ownership period, Nordic Capital worked closely with management to accelerate the SaaS transition, professionalise the go-to-market organisation, broaden the product offering and strengthen the leadership team.

The migration to a modern, cloud-native architecture created the foundation for ArisGlobal to become an early leader in the application of AI to drug safety. A key milestone was the development and launch of NavaX, ArisGlobal’s generative AI solution for safety case processing, which automates and accelerates core pharmacovigilance workflows and has been adopted by a number of the world’s leading pharmaceutical companies. NavaX has further differentiated ArisGlobal’s offering and marked an important step in the Company’s evolution into a broader, AI-enabled safety and regulatory software platform.

“The life sciences industry is at an inflection point as regulatory complexity is increasing, data volumes are growing and our clients need software that can keep pace. The partnership with Nordic Capital gave us the resources and the runway to build exactly that. NavaX and our expanded platform are the result of that ambition, and I am confident we are well placed for what comes next,” said Aman Wasan, CEO, ArisGlobal.

Alongside its technology transformation, ArisGlobal strengthened its management team and commercial organisation, while two strategic acquisitions broadened the Company’s platform capabilities. Today, ArisGlobal serves more than 200 enterprise customers, including half of the world’s top 50 biopharma companies, processes more than 12 million safety cases annually and is expected to generate approximately USD 175 million in revenue in 2026. As rising regulatory complexity and increasing volumes of adverse event reporting continue to drive demand for advanced life sciences software, ArisGlobal is well positioned for future growth through solutions that automate compliance workflows, reduce manual processing and enable organisations to manage regulatory risk more effectively.

The transaction brings together ArisGlobal’s leadership in AI-enabled safety and regulatory software with Dassault Systèmes’ capabilities across research, clinical development and manufacturing. Nordic Capital believes the combination represents a highly compelling strategic fit, pairing complementary capabilities to create a broader, end-to-end offering across the life sciences value chain. ArisGlobal will also benefit from Dassault Systèmes’ global scale, customer reach and investment capacity, providing a strong platform for its next phase of innovation and growth.

The transaction is subject to customary regulatory approvals and is expected to close in the second half of 2026.

Evercore and Jefferies LLC acted as financial advisors to ArisGlobal and Kirkland & Ellis acted as legal advisor to ArisGlobal.

Media contacts:

Nordic Capital
Katarina Janerud
Communications Manager, Nordic Capital Advisors
+46 8 440 50 50
katarina.janerud@nordiccapital.com

ArisGlobal
Morgan Scott
Vice President, Marketing & Communications and Chief of Staff
mscott@arisglobal.com

About ArisGlobal

ArisGlobal is a leading provider of software to the life sciences industry. Its LifeSphere® platform delivers integrated regulatory, safety, and quality solutions to more than 200 life sciences companies, CROs and government health authorities worldwide. Founded in 1989 and headquartered in Waltham, Massachusetts, ArisGlobal combines deep domain expertise with advanced technology to help clients improve compliance, accelerate development cycles and manage regulatory complexity at global scale. For more information, visit www.arisglobal.com.

About Nordic Capital

Nordic Capital is a leading international private equity investor and subsector specialist dedicated to building stronger, more resilient businesses through transformative, long-term growth in partnership with management teams. With over 35 years of experience, Nordic Capital currently manages approximately EUR 39 billion in assets, investing in middle-market companies across Northern Europe and North America. Rooted in its Nordic heritage and values, it combines global reach with local presence through dedicated sector investment advisory teams, bringing deep expertise across its core sectors: Healthcare, Technology & Payments, Financial Services, and Services & Industrial Tech. Through active ownership, strong operational capabilities, a global network of experts and technology-enabled transformation, Nordic Capital helps companies scale, innovate and become sustainable leaders. For more information, visit www.nordiccapital.com or connect on LinkedIn.

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures, and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.

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Cognizant and Gulf Edge Announce Strategic Partnership to Accelerate Enterprise AI Adoption in Southeast Asia

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Partnership combines Cognizant’s global AI engineering capabilities with Gulf Edge’s sovereign digital infrastructure to capture the region’s growing demand for secure, scalable AI solutions.

BANGKOK, July 23, 2026 /PRNewswire/ — Cognizant (Nasdaq: CTSH), a leading AI builder and global technology services provider, and Gulf Edge Company Limited, the digital infrastructure arm of Thai energy and infrastructure conglomerate Gulf Development Public Company Limited (GULF) or Gulf Group, today announced a landmark strategic partnership. The alliance is designed to accelerate enterprise AI adoption and establish a resilient, AI-native digital economy in Thailand and the broader region.

As artificial intelligence (AI) rapidly reshapes industries, economies, and societies worldwide, the partnership aims to establish the foundational ecosystem needed to enable Thailand’s next phase of digital transformation. By combining trusted sovereign digital infrastructure with world-class AI engineering and enterprise transformation capabilities, Gulf Edge and Cognizant will help organizations deploy AI securely, responsibly, and at scale.

The collaboration brings together Gulf Edge’s leadership in digital infrastructure, energy, cloud, and strategic relationships across Thailand’s most important industries with Cognizant’s global expertise in AI, digital engineering, cloud modernization, data, and intelligent operations. Together, the two companies will deliver end-to-end AI capabilities spanning infrastructure, AI platforms, enterprise solutions, systems integration, and managed services.

The partnership will initially focus on accelerating AI adoption across key sectors including banking and financial services, energy and utilities, healthcare, telecommunications, manufacturing, and the public sector. Through industry-specific AI solutions, organizations will be able to improve operational efficiency, enhance customer experience, strengthen decision-making, automate complex business processes, and unlock new opportunities for innovation and growth.

Beyond enterprise transformation, Gulf Edge and Cognizant share a broader ambition of strengthening Thailand’s position as a regional AI hub. The partnership is expected to attract global technology expertise, stimulate investment in advanced digital capabilities, and create high-value employment opportunities across AI engineering, data science, cloud infrastructure, cybersecurity, and digital transformation. The two companies also plan to collaborate with universities, research institutions, technology partners, and public-sector organizations to develop AI talent, promote responsible AI adoption, and foster a sustainable innovation ecosystem for the country.

Mr. Sarath Ratanavadi, Chief Executive Officer, Gulf Development Public Company Limited, said, “Our partnership with Cognizant marks an important milestone in our vision of helping Thailand become an AI-native economy. By combining Gulf Edge’s strengths in digital infrastructure, energy, cloud, and deep understanding of the Thai market with Cognizant’s global expertise in enterprise AI, digital engineering, and transformation services, we are creating a comprehensive platform that enables organizations to adopt AI with confidence and generate measurable business outcomes. Together, we will develop secure, resilient, and future-ready sovereign digital infrastructure while delivering industry-specific AI solutions tailored to the needs of Thai enterprises and public institutions. We believe AI has the potential to transform every sector, creating new opportunities for productivity, innovation, and sustainable economic growth.”

Mr. Ganesh Ayyar, President of Asia Pacific & Japan (APJ), Cognizant, said, “As Thailand works toward its ambition of becoming an AI-native economy, we see this partnership as a meaningful way to help contribute to that vision, not just through the projects we deliver, but by building lasting AI and technology capability inside the country. With Gulf Edge’s market reach and Cognizant’s AI Builder strategy and global delivery capability, we are positioned to deliver transformative outcomes for Thai enterprises across every major sector.”

About Gulf Edge
Gulf Edge Company Limited is the digital infrastructure arm of Gulf Development Public Company Limited, Thailand’s leading energy and infrastructure conglomerate. Gulf Edge is building a robust digital ecosystem, spanning data centers, cloud services, satellite technology, and AI infrastructure, to accelerate Thailand’s digital transformation and position the country as a regional hub for the AI economy.

About Cognizant
Cognizant (NASDAQ: CTSH) is an AI Builder and technology services provider, building the bridge between AI investment and enterprise value by building full-stack AI solutions for clients. Its deep industry, process, and engineering expertise enables it to build an organization’s unique context into technology systems that amplify human potential, realize tangible returns, and keep global enterprises ahead in a fast-changing world. See how at www.cognizant.ai or @cognizant.

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SOURCE Gulf Development Public Company Limited (GULF)

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