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MIL-OSI: Beneficient Reports Results for Third Quarter Fiscal 2025

Source: GlobeNewswire (MIL-OSI)

Announced Proposed Transaction to Increase Tangible Book Value to Ben Public Company Stockholders by $9 Million on 8.4 Million Shares Outstanding, Permanent Equity Increased by $35 Million

Completed First Primary Capital Transaction as Part of Ongoing Business Development Activities

Announced Proposed International Bank Acquisition to Expand Alternative and Digital Asset Markets Capabilities

DALLAS, Feb. 13, 2025 (GLOBE NEWSWIRE) — Beneficient (NASDAQ: BENF) (“Ben” or the “Company”), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform, AltAccess, today reported its financial results for the fiscal 2025 third quarter, which ended December 31, 2024.

Commenting on the fiscal 2025 third quarter results, Beneficient management said: “Our fiscal third quarter was focused on key steps that we believe will ready Ben for significant new activities in delivering liquidity, primary capital and digital asset markets solutions – which we believe are all opportunities to disrupt and enhance the solutions available to large financial audiences. During the fiscal third quarter, we also closed our first primary capital transaction and are seeking additional opportunities.

“A complementary part of our plan is the proposed acquisition of Mercantile Bank International Corp. (“Mercantile Bank”), a Puerto Rico-based International Financial Entity, which is expected to enable Ben to offer an expanded range of digital asset market solutions and companion custody, clearing and control account fee-based services. We intend to drive new growth opportunities in calendar 2025, which we believe have the potential to generate above market fee rates. These efforts are expected to further build out our expansive model and enable the Company to benefit from a growing range of trust, custody and other services we provide as well as the underlying performance of the private equity assets held in trust.

“Additionally, we are pleased to have continued to strengthen our capital structure, increasing our permanent equity by $35 million through a re-designation of certain preferred equity. Furthermore, we executed an agreement to complete additional transactions designed to revise the liquidation priority of Beneficient Company Holdings, L.P. (“BCH”) and deliver other benefits to our public company stockholders provided by entities controlled by our founders, which are expected to become increasingly visible as the Company enters into more liquidity and primary capital transactions.”

Third Quarter Fiscal 2025 and Recent Highlights (for the quarter ended December 31, 2024 or as noted):

Reported investments with a fair value of $334.3 million, increased from $329.1 million at the end of our prior fiscal year, served as collateral for Ben Liquidity’s net loan portfolio of $260.6 million and $256.2 million, respectively. Reported investments include our first primary capital transaction with a closing of $1.4 million on December 31, 2024.
Revenues increased to $4.4 million in the third quarter of fiscal 2025 as compared to $(10.2) million in the same quarter of fiscal 2024. For the nine months ended December 31, 2024, revenues for fiscal 2025 were $23.0 million as compared to $(55.7) million for fiscal 2024.
Operating expenses declined 98% to $13.9 million in the third quarter of fiscal 2025, as compared to $905.7 million in the third quarter of fiscal 2024, which included a non-cash goodwill impairment of $883.2 million. For the nine months ended December 31, 2024, operating expenses for fiscal 2025 were $1.9 million, which included the release of a loss contingency accrual of $55.0 million and non-cash goodwill impairment of $3.7 million, as compared to $2.4 billion in fiscal 2024, which included non-cash goodwill impairment of $2.3 billion.
Excluding the non-cash goodwill impairment in the prior comparable period, operating expenses declined 38% to $13.9 million in the third quarter of fiscal 2025 as compared to $22.5 million in the same period of fiscal 2024. For the nine months ended December 31, 2024, excluding the non-cash goodwill impairment and the loss contingency release in each period, as applicable, operating expenses were $53.2 million in fiscal 2025 as compared to $111.7 million in fiscal 2024.
Improved permanent equity from a deficit of $148.3 million as of June 30, 2024 to a positive $14.3 million as of December 31, 2024 through a combination of redesignating approximately $160.5 million of temporary equity to permanent equity and additional capital from equity sales and liquidity transactions offset by net loss allocable to permanent equity classified securities of $6.9 million during the applicable period.
Announced proposed transaction on December 23, 2024 to revise the liquidation priority of BCH and provide other benefits to our public company shareholders, which on a proforma basis, amounts to $9.2 million of tangible book value to Ben’s public company stockholders⁽¹⁾ using December 31, 2024 financial information, as compared to no book value to Ben’s public company stockholders absent the transaction.
Announced an agreement to acquire Mercantile Bank in exchange for an aggregate purchase price of $1.5 million, subject to certain closing conditions, which is expected to enable Ben to offer an expanded range of digital asset markets solutions and companion custody, clearing and control account fee-based services that generate additional cash flow in calendar 2025, including additional alternative asset custody services with the potential to generate higher fee rates than are generally available for traditional custody services.

Loan Portfolio

As a result of executing on our business plan of providing financing for liquidity, or early investment exits, for alternative asset marketplace participants, Ben organically develops a balance sheet comprised largely of loans collateralized by a well- diversified alternative asset portfolio that is expected to grow as Ben successfully executes on its core business.

Ben’s balance sheet strategy for ExAlt Loan origination is built on the theory of the portfolio endowment model for the fiduciary financings we make by utilizing our patent-pending computer implemented technologies branded as OptimumAlt. Our OptimumAlt endowment model balance sheet approach guides diversification of our fiduciary financings across seven asset classes of alternative assets, over 11 industry sectors in which alternative asset managers invest, and at least six countrywide exposures and multiple vintages of dates of investment into the private funds and companies.

As of December 31, 2024, Ben’s loan portfolio was supported by a highly diversified alternative asset collateral portfolio providing diversification across approximately 220 private market funds and approximately 750 investments across various asset classes, industry sectors and geographies. This portfolio includes exposure to some of the most exciting, sought after private company names worldwide, such as the largest private space exploration company, an innovative software and payment systems provider, a venture capital firm investing in waste-to-energy and clean energy technologies, a technology company providing Net Zero solutions in the production of advanced biofuels, a designer and manufacturer of shaving products, a large online store for women’s clothes and other fashionable accessories that has announced intentions to go public, a mobile banking services provider, and others.

Figure 1: Portfolio Diversification

Diversification Using Principal Loan Balance, Net of Allowance for Credit Losses

As of December 31, 2024, the charts below present the ExAlt Loan portfolio’s relative exposure by certain characteristics (percentages determined by aggregate fiduciary ExAlt Loan portfolio principal balance net of allowance for credit losses, which includes the exposure to interests in certain of our former affiliates composing part of the Fiduciary Loan Portfolio).

_{As of December 31, 2024. Represents the characteristics of professionally managed funds and investments in the Collateral (defined as follows) portfolio. The Collateral for the ExAlt Loans in the loan portfolio is comprised of a diverse portfolio of direct and indirect interests (through various investment vehicles, including, limited partnership interests and private and public equity and debt securities, which include our and our affiliates’ or our former affiliates’ securities), primarily in third-party, professionally managed private funds and investments. Loan balances used}_{to calculate the percentages reported in the pie charts are loan balances net of any allowance for credit losses, and as of}_{December 31, 2024}_{, the total allowance for credit losses was}_{$325 million}_{, for a total gross loan balance of}_{$586 million}_{and a loan balance net of allowance for credit losses of}_{$261 million}_.

Business Segments: Third Quarter Fiscal 2025

Ben Liquidity

Ben Liquidity offers simple, rapid and cost-effective liquidity products through the use of our proprietary financing and trust structure, or the “Customer ExAlt Trusts,” which facilitate the exchange of a customer’s alternative assets for consideration.

Ben Liquidity recognized $11.3 million of interest income for the fiscal third quarter, a decrease of 5.7% from the quarter ended September 30, 2024, primarily due to a higher percentage loans being placed on nonaccrual status, partially offset by the effects of compounding interest on the remaining loans.

Operating loss for the fiscal third quarter was $2.9 million, a decline from operating income of $2.9 million for the quarter ended September 30, 2024. The decline in operating performance was due to higher intersegment credit losses in the current fiscal period as compared to the quarter ended September 30, 2024 due to slightly lower collateral values while the amortized cost basis increased principally due to interest capitalizing at a higher rate than loan payments.

Ben Custody

Ben Custody provides full-service trust and custody administration services to the trustees of certain of the Customer ExAlt Trusts, which own the exchanged alternative assets following liquidity transactions in exchange for fees payable quarterly calculated as a percentage of assets in custody.

NAV of alternative assets and other securities held in custody by Ben Custody during the fiscal third quarter increased to $385.1 million as of December 31, 2024, compared to $381.2 million as of March 31, 2024. The increase was driven by $1.4 million of new originations and unrealized gains on existing assets, principally related adjustments to the relative share held in custody of the respective fund’s NAV based on updated financial information received from the funds’ investment manager or sponsor during the period, offset by distributions during the period.
Revenues applicable to Ben Custody were $5.4 million for the fiscal third quarter, compared to $5.4 million for the quarter ended September 30, 2024. The similar amount of revenues for these periods was a result of stable NAV of alternative assets and other securities held in custody at the beginning of each applicable period, when such fees are calculated.
Operating income for the fiscal third quarter decreased to $3.5 million, from $4.3 million for the quarter ended September 30, 2024. The decrease was primarily due to credit losses related to certain fees collateralized by securities of our former parent company. Additionally, there was no non-cash goodwill impairment in the third fiscal quarter as compared to non-cash goodwill impairment of $0.3 million for the quarter ended September 30, 2024.
Adjusted operating income⁽¹⁾ for the fiscal third quarter was $4.8 million, compared to adjusted operating income⁽¹⁾ of $4.6 million for the quarter ended September 30, 2024. The increase was due to slightly lower operating expenses, principally related to lower employee compensation due to lower headcount.

Business Segments: Through Nine Months Ended Fiscal 2025

Ben Liquidity

Ben Liquidity recognized $34.1 million of interest income for the nine months ended December 31, 2024, down 6.0% compared to the prior year period, primarily due to lower loans, net of the allowance for credit losses, resulting from higher levels of non-accrual loans and loan prepayments, partially offset by new loans originated.
Operating loss was $0.5 million for the nine months ended December 31, 2024, improving from an operating loss of $1.8 billion in the prior year period. The prior period loss was driven by non-cash goodwill impairment totaling $1.7 billion and credit losses largely related to securities of our former parent company.
Adjusted operating loss⁽¹⁾ was $0.5 million for the nine months ended December 31, 2024 compared to adjusted operating loss⁽¹⁾ of $11.8 million in the prior year period with the improvement in adjusted operating loss⁽¹⁾ primarily related to lower credit loss adjustments recognized in the current fiscal year and lower employee compensation costs due to lower headcount.

Ben Custody

Ben Custody revenues were $16.2 million for the nine months ended December 31, 2024, down 14.7%, compared to the prior year period, primarily due to lower NAV of alternative assets and other securities held in custody.
Operating income was $9.1 million for the nine months ended December 31, 2024 compared to operating loss of $538.8 million in the prior year period, with the increase in operating income principally related to a significantly larger non-cash goodwill impairment in the prior year period of $554.6 million as compared to $3.4 million in the current fiscal year.
Adjusted operating income⁽¹⁾ for the nine months ended December 31, 2024 was $13.9 million, compared to adjusted operating income⁽¹⁾ of $15.8 million in the prior year period with the decrease in adjusted operating income⁽¹⁾ primarily due to lower revenue related to lower NAV of alternative assets and other securities held in custody partially offset by slightly lower operating expenses during the current fiscal year period.

Capital and Liquidity

As of December 31, 2024, the Company had cash and cash equivalents of $4.1 million and total debt of $122.9 million.
Distributions received from alternative assets and other securities held in custody totaled $19.3 million for the nine months ended December 31, 2024, compared to $38.4 million for the same period of fiscal 2024.
Total investments (at fair value) of $334.3 million at December 31, 2024 supported Ben Liquidity’s loan portfolio.

⁽¹⁾ Represents a non-GAAP financial measure. For reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see Non-GAAP Reconciliations.

Board Update

On November 21, 2024, Karen Wendel was appointed to the Board as an independent director and a member of various committees, including the Audit committee of the Board, bringing substantial additional expertise in Cyber Security, Identity Solutions, Security Regulations, ISO Global Standards, e-Commerce, e-Healthcare, PKI Digital Certificates and Blockchain to Beneficient. Ms. Wendel serves as Founder and Chief Executive Officer of Trust Chains, a cybersecurity consulting firm, and previously served as the Chief Executive Officer and board member of IdenTrust, a global identity solutions company, from May 2003 to February 2016. Ms. Wendel has also served as Chief Executive Officer and a board member for eFinance Corporation, as a board member and audit committee member of Level Field Capital, a Nasdaq-traded special purpose acquisition company, as a partner at the Capital Markets Company (CAPCO), a Belgium-based consulting firm, and is the former head of the U.S. Financial Services Practice at Gemini Consulting. Ms. Wendel is an author on financial management, payments and supply chain integration; an advisor to U.S. government agencies and the European Union on emerging technologies for payments and transaction processing; and a keynote speaker at major international banking conferences.

Consolidated Fiscal Third Quarter Results

Table 1 below presents a summary of selected unaudited consolidated operating financial information.

Consolidated Fiscal Third Quarter Results ($ in thousands, except share and per share amounts)	Fiscal 3Q25 December 31, 2024			Fiscal 2Q25 September 30, 2024			Fiscal 3Q24 December 31, 2023			Change % vs. Prior Quarter	YTD Fiscal 2025			YTD Fiscal 2024			Change % vs. Prior YTD
GAAP Revenues	$	4,419		$	8,561		$	(10,235	)	(48.4)%	$	23,026		$	(55,739	)	NM
Adjusted Revenues⁽¹⁾		4,427			8,734			8,456		(49.3)%		23,572			8,478		NM
GAAP Operating Income (Loss)		(9,513	)		(13,715	)		(915,951	)	30.6%		21,110			(2,453,685	)	NM
Adjusted Operating Loss⁽¹⁾		(7,301	)		(6,611	)		(11,684	)	(10.4)%		(18,638	)		(57,374	)	67.5%
Basic Class A EPS	$	(1.32	)	$	2.98		$	(158.36	)	NM	$	10.30		$	(668.31	)	NM
Diluted Class A EPS	$	(1.32	)	$	0.03		$	(158.36	)	NM	$	0.12		$	(668.31	)	NM
Segment Revenues attributable to Ben’s Equity Holders⁽²⁾		16,621			16,626			17,961		—%		49,482			53,715		(7.9)%
Adjusted Segment Revenues attributable to Ben’s Equity Holders ⁽¹⁾⁽²⁾		16,621			16,626			18,146		—%		49,489			55,059		(10.1)%
Segment Operating Income (Loss) attributable to Ben’s Equity Holders		(8,281	)		(9,192	)		(894,617	)	9.9%		27,391			(2,414,893	)	NM
Adjusted Segment Operating Loss attributable to Ben’s Equity Holders⁽¹⁾⁽²⁾	$	(4,737	)	$	(2,261	)	$	(4,594	)	NM	$	(11,551	)	$	(37,583	)	69.3%

NM – Not meaningful.

⁽¹⁾ Adjusted Revenues, Adjusted Operating Loss, Adjusted Segment Revenues attributable to Ben’s Equity Holders and Adjusted Segment Operating Loss attributable to Ben’s Equity Holders are non-GAAP financial measures. For reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see Non-GAAP Reconciliations.

⁽²⁾ Segment financial information attributable to Ben’s equity holders is presented to provide users of our financial information an understanding and visual aide of the segment information (revenues, operating income (loss), and adjusted operating income (loss)) that impacts Ben’s Equity Holders. “Ben’s Equity Holders” refers to the holders of Beneficient Class A and Class B common stock and Series B Preferred Stock as well as holders of interests in BCH which represent noncontrolling interests. For a description of noncontrolling interests, see Item 2 of our Quarterly Report on Form 10-Q for the nine months ended December 31, 2024, and Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income Attributable to Ben Common Holders. Such information is computed as the sum of the Ben Liquidity, Ben Custody and Corp/Other segments since it is the operating results of those segments that determine the net income (loss) attributable to Ben’s Equity Holders. See further information in table 5 and Non-GAAP Reconciliations.

Table 2 below presents a summary of selected unaudited consolidated balance sheet information.

Consolidated Fiscal Third Quarter Results ($ in thousands)	Fiscal 3Q25 As of December 31, 2024		Fiscal 4Q24 As of March 31, 2024		Change %
Investments, at Fair Value	$	334,278	$	329,119	1.6%
All Other Assets		52,720		22,676	132.5%
Goodwill and Intangible Assets, Net		13,014		16,706	(22.1)%
Total Assets	$	400,012	$	368,501	8.6%

Business Segment Information Attributable to Ben’s Equity Holders⁽¹⁾

Table 3 below presents unaudited segment revenues and segment operating income (loss) for business segments attributable to Ben’s equity holders.

Segment Revenues Attributable to Ben’s Equity Holders⁽¹⁾ ($ in thousands)	Fiscal 3Q25 December 31, 2024			Fiscal 2Q25 September 30, 2024			Fiscal 3Q24 December 31, 2023		Change % vs. Prior Quarter	YTD Fiscal 2025			YTD Fiscal 2024			Change % vs. Prior YTD
Ben Liquidity	$	11,297		$	11,978		$	11,275	(5.7)%	$	34,124		$	36,303		(6.0)%
Ben Custody		5,410			5,386			5,897	0.4%		16,178			18,961		(14.7)%
Corporate & Other		(86	)		(738	)		789	88.3%		(820	)		(1,549	)	47.1%
Total Segment Revenues Attributable to Ben’s Equity Holders⁽¹⁾	$	16,621		$	16,626		$	17,961	—%	$	49,482		$	53,715		(7.9)%

Segment Operating Income (Loss) Attributable to Ben’s Equity Holders⁽¹⁾ ($ in thousands)	Fiscal 3Q25 December 31, 2024			Fiscal 2Q25 September 30, 2024			Fiscal 3Q24 December 31, 2023			Change % vs. Prior Quarter	YTD Fiscal 2025			YTD Fiscal 2024			Change % vs. Prior YTD
Ben Liquidity	$	(2,853	)	$	2,905		$	(606,405	)	NM	$	(462	)	$	(1,781,521	)	100.0%
Ben Custody		3,507			4,329			(267,995	)	(19.0)%		9,123			(538,840	)	NM
Corporate & Other		(8,935	)		(16,426	)		(20,217	)	45.6%		18,730			(94,532	)	NM
Total Segment Operating Income (Loss) Attributable to Ben’s Equity Holders⁽¹⁾	$	(8,281	)	$	(9,192	)	$	(894,617	)	9.9%	$	27,391		$	(2,414,893	)	NM

NM – Not meaningful.

⁽¹⁾ Segment financial information attributable to Ben’s equity holders is presented to provide users of our financial information an understanding and visual aide of the segment information (revenues, operating income (loss), and adjusted operating income (loss)) that impacts Ben’s Equity Holders. “Ben’s Equity Holders” refers to the holders of Beneficient Class A and Class B common stock and Series B Preferred Stock as well as holders of interests in BCH which represent noncontrolling interests. For a description of noncontrolling interests, see Item 2 of our Quarterly Report on Form 10-Q for the nine months ended December 31, 2024, and Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income Attributable to Ben Common Holders. Such information is computed as the sum of the Ben Liquidity, Ben Custody and Corp/Other segments since it is the operating results of those segments that determine the net income (loss) attributable to Ben’s Equity Holders. See further information in table 5 and Non-GAAP Reconciliations.

Adjusted Business Segment Information Attributable to Ben’s Equity Holders⁽²⁾

Table 4 below presents unaudited adjusted segment revenue and adjusted segment operating income (loss) for business segments attributable to Ben’s equity holders.

Adjusted Segment Revenues Attributable to Ben’s Equity Holders⁽¹⁾⁽²⁾ ($ in thousands)	Fiscal 3Q25 December 31, 2024			Fiscal 2Q25 September 30, 2024			Fiscal 3Q24 December 31, 2023		Change % vs. Prior Quarter	YTD Fiscal 2025			YTD Fiscal 2024			Change % vs. Prior YTD
Ben Liquidity	$	11,297		$	11,978		$	11,275	(5.7)%	$	34,124		$	36,303		(6.0)%
Ben Custody		5,410			5,386			5,897	0.4%		16,178			18,961		(14.7)%
Corporate & Other		(86	)		(738	)		974	88.3%		(813	)		(205	)	NM
Total Adjusted Segment Revenues Attributable to Ben’s Equity Holders⁽¹⁾⁽²⁾	$	16,621		$	16,626		$	18,146	—%	$	49,489		$	55,059		(10.1)%

Adjusted Segment Operating Income (Loss) Attributable to Ben’s Equity Holders⁽¹⁾⁽²⁾ ($ in thousands)	Fiscal 3Q25 December 31, 2024			Fiscal 2Q25 September 30, 2024			Fiscal 3Q24 December 31, 2023			Change % vs. Prior Quarter	YTD Fiscal 2025			YTD Fiscal 2024			Change % vs. Prior YTD
Ben Liquidity	$	(2,853	)	$	2,905		$	2,525		NM	$	(457	)	$	(11,769	)	96.1%
Ben Custody		4,847			4,627			4,835		4.8%		13,890			15,767		(11.9)%
Corporate & Other		(6,731	)		(9,793	)		(11,954	)	31.3%		(24,984	)		(41,581	)	39.9%
Total Adjusted Segment Operating Income (Loss) Attributable to Ben’s Equity Holders⁽¹⁾⁽²⁾	$	(4,737	)	$	(2,261	)	$	(4,594	)	NM	$	(11,551	)	$	(37,583	)	69.3%

NM – Not meaningful.

⁽¹⁾ Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders and Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders are non-GAAP financial measures. For reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see Non-GAAP Reconciliations.
⁽²⁾ Segment financial information attributable to Ben’s equity holders is presented to provide users of our financial information an understanding and visual aide of the segment information (revenues, operating income (loss), and adjusted operating income (loss)) that impacts Ben’s Equity Holders. “Ben’s Equity Holders” refers to the holders of Beneficient Class A and Class B common stock and Series B Preferred Stock as well as holders of interests in BCH which represent noncontrolling interests. For a description of noncontrolling interests, see Item 2 of our Quarterly Report on Form 10-Q for the nine months ended December 31, 2024, and Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income Attributable to Ben Common Holders. Such information is computed as the sum of the Ben Liquidity, Ben Custody and Corp/Other segments since it is the operating results of those segments that determine the net income (loss) attributable to Ben’s Equity Holders. See further information in table 5 and Non-GAAP Reconciliations.

Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income (Loss) Attributable to Ben Common Shareholders

Table 5 below presents reconciliation of operating income (loss) by business segment attributable to Ben’s Equity Holders to net income (loss) attributable to Ben common shareholders.

Reconciliation of Business Segments to Net Income (Loss) to Ben Common Shareholders ($ in thousands)	Fiscal 3Q25 December 31, 2024			Fiscal 2Q25 September 30, 2024			Fiscal 3Q24 December 31, 2023			YTD Fiscal 2025			YTD Fiscal 2024
Ben Liquidity	$	(2,853	)	$	2,905		$	(606,405	)	$	(462	)	$	(1,781,521	)
Ben Custody		3,507			4,329			(267,995	)		9,123			(538,840	)
Corporate & Other		(8,935	)		(16,426	)		(20,217	)		18,730			(94,532	)
Loss on debt extinguishment, net (intersegment elimination)		—			—			(3,940	)		—			(3,940	)
Gain on liability resolution		—			23,462			—			23,462			—
Income tax expense (allocable to Ben and BCH equity holders)		(713	)		—			(75	)		(741	)		(75	)
Net loss attributable to noncontrolling interests – Ben		4,844			3,067			360,695			15,098			401,985
Noncontrolling interest guaranteed payment		(4,489	)		(4,423	)		(4,229	)		(13,268	)		(12,501	)
Net income (loss) attributable to Ben’s common shareholders	$	(8,639	)	$	12,914		$	(542,166	)	$	51,942		$	(2,029,424	)

Earnings Webcast

Beneficient will host a webcast and conference call to review its third quarter financial results on February 13, 2025, at 8:30 am Eastern Standard Time. The webcast will be available via live webcast from the Investor Relations section of the Company’s website at https://shareholders.trustben.com under Events.

Replay

The webcast will be archived on the Company’s website in the investor relations section for replay for at least one year.

About Beneficent

Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds− with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote™ tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.

Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.

For more information, visit www.trustben.com or follow us on LinkedIn.

Contacts
Investors:
Matt Kreps/214-597-8200/mkreps@darrowir.com
Michael Wetherington/214-284-1199/mwetherington@darrowir.com
investors@beneficient.com

Important Information and Where You Can Find It

This press release may be deemed to be solicitation material in respect of a vote of stockholders to approve an amendment to Ben’s articles of incorporation to increase the authorized shares of Class B Common Stock of Ben and the issuance of securities pursuant to the transactions to revise the liquidation priority of BCH (the “Transactions”). In connection with the requisite stockholder approval, Ben will file with the Securities and Exchange Commission (the “SEC”) a preliminary proxy statement and a definitive proxy statement, which will be sent to the stockholders of Ben, seeking such approvals related to the Transactions.

INVESTORS AND SECURITY HOLDERS OF BEN AND THEIR RESPECTIVE AFFILIATES ARE URGED TO READ, WHEN AVAILABLE, THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTIONS, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT BEN AND THE TRANSACTIONS. Investors and security holders will be able to obtain a free copy of the proxy statement, as well as other relevant documents filed with the SEC containing information about Ben, without charge, at the SEC’s website (http://www.sec.gov). Copies of documents filed with the SEC by Ben can also be obtained, without charge, by directing a request to Investor Relations, Beneficient, 325 North St. Paul Street, Suite 4850, Dallas, Texas 75201, or email investors@beneficient.com.

Participants in the Solicitation of Proxies in Connection with Transaction

Ben and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the requisite stockholder approvals under the rules of the SEC. Information regarding Ben’s directors and executive officers is available in its annual report on Form 10-K for the fiscal year ended March 31, 2024, which was filed with the SEC on July 9, 2024 and certain current reports on Form 8-K filed by Ben. Other information regarding the participants in the solicitation of proxies with respect to the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.

Not an Offer of Securities

The information in this communication is for informational purposes only and shall not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities. The securities that are the subject of the Transactions have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Disclaimer and Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to, among other things, demand for our solutions in the alternative asset industry, opportunities for market growth, statements regarding the proposed Transactions, including expectations of future plans, strategies, and benefits of the Transactions, statements regarding the proposed Mercantile Bank acquisition and estimates regarding future synergies and benefits, our ability to expand the range of digital asset market solutions, and companion custody clearing and control account fee-based services as a result of the proposed Mercantile Bank acquisition, our ability to identify and negotiate transactions, diversification and size of our loan portfolio and our ability to scale operations and provide shareholder value. These forward-looking statements are generally identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this document and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the ultimate outcome of the Transactions; the Company’s ability to consummate the Transactions; the ability of the Company to satisfy the closing conditions set forth in the agreement with respect to the Transactions, including obtaining the requisite vote of securityholders; the Company’s ability to meet expectations regarding the timing and completion of the Transactions, the ultimate outcome of the proposed Mercantile Bank acquisition; the Company’s ability to consummate the proposed Mercantile Bank acquisition in a timely manner or at all; the ability of the parties to satisfy the closing conditions to the acquisition; the possibility that the Company may be unable to successfully integrate Mercantile Bank’s operations with those of the Company or realize the expected benefits of the acquisition; the possibility that such integration may be more difficult, time-consuming, or costly than expected; the risk that operating costs, customer loss, and business disruption (including, without limitation, difficulties in maintaining relationships with employees, contractors, and customers) may be greater than expected following the acquisition or the public announcement of the acquisition; the Company’s ability to retain certain key employees of Mercantile Bank; the ability to launch and receive market acceptance for new products and services; risks related to the entry into a new line of business in connection with the proposed Mercantile Bank acquisition, and the risk factors that are described under the section titled “Risk Factors” in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and in our SEC filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

Table 6: CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

	Three Months Ended December 31,						Nine Months Ended December 31,
(Dollars in thousands, except per share amounts)		2024			2023			2024			2023
Revenues
Investment income, net	$	4,742		$	7,448		$	24,311		$	7,935
Loss on financial instruments, net (related party of $(8), $(18,691), $(546) and $(64,217), respectively)		(523	)		(18,024	)		(1,885	)		(64,260	)
Interest and dividend income		10			118			34			348
Trust services and administration revenues (related party of $8, $8, $23 and $23, respectively)		188			158			564			173
Other income		2			65			2			65
Total revenues		4,419			(10,235	)		23,026			(55,739	)

Operating expenses
Employee compensation and benefits		2,929			7,340			13,914			58,561
Interest expense (related party of $3,140, $3,018, $9,330 and $5,843, respectively)		3,240			4,671			11,848			13,569
Professional services		5,083			4,970			17,884			22,000
Provision for credit losses		—			—			1,000			—
Loss on impairment of goodwill		—			883,223			3,692			2,286,212
Release of loss contingency related to arbitration award		—			—			(54,973	)		—
Other expenses (related party of $723, $2,096, $2,111 and $6,317, respectively)		2,680			5,512			8,551			17,604
Total operating expenses		13,932			905,716			1,916			2,397,946
Operating income (loss)		(9,513	)		(915,951	)		21,110			(2,453,685	)
(Gain) loss on liability resolution		—			—			(23,462	)		—
Loss on extinguishment of debt, net		—			8,846			—			8,846
Net income (loss) before income taxes		(9,513	)		(924,797	)		44,572			(2,462,531	)
Income tax expense		713			75			741			75
Net income (loss)		(10,226	)		(924,872	)		43,831			(2,462,606	)
Plus: Net loss attributable to noncontrolling interests – Customer ExAlt Trusts		1,232			26,240			6,281			43,698
Plus: Net loss attributable to noncontrolling interests – Ben		4,844			360,695			15,098			401,985
Less: Noncontrolling interest guaranteed payment		(4,489	)		(4,229	)		(13,268	)		(12,501	)
Net income (loss) attributable to Beneficient common shareholders	$	(8,639	)	$	(542,166	)	$	51,942		$	(2,029,424	)
Other comprehensive income (loss):
Unrealized (loss) gain on investments in available-for-sale debt securities		(120	)		51			(115	)		4,236
Total comprehensive income (loss)		(8,759	)		(542,115	)		51,827			(2,025,188	)
Less: comprehensive (loss) gain attributable to noncontrolling interests		(120	)		51			(115	)		4,236
Total comprehensive income (loss) attributable to Beneficient	$	(8,639	)	$	(542,166	)	$	51,942		$	(2,029,424	)

Net income (loss) per common share
Class A – basic	$	(1.32	)	$	(158.36	)	$	10.30		$	(668.31	)
Class B – basic	$	(1.02	)	$	(156.95	)	$	13.78		$	(587.49	)
Net income (loss) per common share
Class A – diluted	$	(1.32	)	$	(158.36	)	$	0.12		$	(668.31	)
Class B – diluted	$	(1.02	)	$	(156.95	)	$	0.12		$	(587.49	)

Table 7: CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

	December 31, 2024			March 31, 2024
(Dollars and shares in thousands)	(unaudited)
ASSETS
Cash and cash equivalents	$	4,149		$	7,913
Restricted cash		52			64
Investments, at fair value:
Investments held by Customer ExAlt Trusts (related party of $12 and $552)		334,278			329,113
Investments held by Ben (related party of nil and $6)		—			6
Other assets, net		48,519			14,699
Intangible assets		3,100			3,100
Goodwill		9,914			13,606
Total assets	$	400,012		$	368,501
LIABILITIES, TEMPORARY EQUITY, AND EQUITY (DEFICIT)
Accounts payable and accrued expenses (related party of $14,294 and $14,143)	$	149,204		$	157,157
Other liabilities (related party of $16,798 and $9,740)		22,433			31,727
Warrants liability		648			178
Convertible debt		2,667			—
Debt due to related parties		120,274			120,505
Total liabilities		295,226			309,567
Redeemable noncontrolling interests
Preferred Series A Subclass 0 Redeemable Unit Accounts, nonunitized		90,526			251,052
Total temporary equity		90,526			251,052
Shareholder’s equity (deficit):
Preferred stock, par value $0.001 per share, 250,000 shares authorized
Series A preferred stock, 0 and 0 shares issued and outstanding as of December 31, 2024 and March 31, 2024		—			—
Series B preferred stock, 363 and 227 shares issued and outstanding as of December 31, 2024 and March 31, 2024		—			—
Class A common stock, par value $0.001 per share, 5,000,000 and 18,750⁽¹⁾ shares authorized as of December 31, 2024 and March 31, 2024, respectively, 8,246 and 3,348 shares issued as of December 31, 2024 and March 31, 2024, respectively, and 8,237 and 3,339 shares outstanding as of December 31, 2024 and March 31, 2024, respectively		8			3
Class B convertible common stock, par value $0.001 per share, 250⁽¹⁾ shares authorized, 239 and 239 shares issued and outstanding as of December 31, 2024 and March 31, 2024		—			—
Additional paid-in capital		1,843,911			1,848,068
Accumulated deficit		(2,007,272	)		(2,059,214	)
Stock receivable		—			(20,038	)
Treasury stock, at cost (9 shares as of December 31, 2024 and March 31, 2024)		(3,444	)		(3,444	)
Accumulated other comprehensive income		161			276
Noncontrolling interests		180,896			42,231
Total equity (deficit)		14,260			(192,118	)
Total liabilities, temporary equity, and equity (deficit)	$	400,012		$	368,501

(1) Number has been adjusted to reflect 1-for-80 reverse stock split on April 18, 2024. See Note 1 – Summary of Significant Accounting Policies – Reverse Stock Split to the consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on July 9, 2024, for additional information.

Table 8: Non-GAAP Reconciliations

(in thousands)	Three Months Ended December 31, 2024
	Ben Liquidity			Ben Custody		Customer ExAlt Trusts			Corporate/ Other			Consolidating Eliminations			Consolidated
Total revenues	$	11,297		$	5,410	$	4,317		$	(86	)	$	(16,519	)	$	4,419
Mark to market adjustment on interests in the GWG Wind Down Trust		—			—		8			—			—			8
Adjusted revenues	$	11,297		$	5,410	$	4,325		$	(86	)	$	(16,519	)	$	4,427

Operating income (loss)	$	(2,853	)	$	3,507	$	(35,544	)	$	(8,935	)	$	34,312		$	(9,513	)
Mark to market adjustment on interests in the GWG Wind Down Trust		—			—		8			—			—			8
Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust		—			1,340		—			—			(1,340	)		—
Goodwill impairment		—			—		—			—			—			—
Release of loss contingency related to arbitration award		—			—		—			—			—			—
Share-based compensation expense		—			—		—			804			—			804
Legal and professional fees⁽¹⁾		—			—		—			1,400			—			1,400
Adjusted operating income (loss)	$	(2,853	)	$	4,847	$	(35,536	)	$	(6,731	)	$	32,972		$	(7,301	)

⁽¹⁾ Includes legal and professional fees related lawsuits.

(in thousands)	Three Months Ended September 30, 2024
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts			Corporate/ Other			Consolidating Eliminations			Consolidated
Total revenues	$	11,978	$	5,386	$	9,112		$	(738	)	$	(17,177	)	$	8,561
Mark to market adjustment on interests in the GWG Wind Down Trust		—		—		173			—			—			173
Adjusted revenues	$	11,978	$	5,386	$	9,285		$	(738	)	$	(17,177	)	$	8,734

Operating income (loss)	$	2,905	$	4,329	$	(31,549	)	$	(16,426	)	$	27,026		$	(13,715	)
Mark to market adjustment on interests in the GWG Wind Down Trust		—		—		173			—			—			173
Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust		—		—		—			—			—			—
Goodwill impairment		—		298		—			—			—			298
Release of loss contingency related to arbitration award		—		—		—			—			—			—
Share-based compensation expense		—		—		—			3,364			—			3,364
Legal and professional fees⁽¹⁾		—		—		—			3,269			—			3,269
Adjusted operating income (loss)	$	2,905	$	4,627	$	(31,376	)	$	(9,793	)	$	27,026		$	(6,611	)

⁽¹⁾ Includes legal and professional fees related to lawsuits.

(in thousands)	Three Months Ended December 31, 2023
	Ben Liquidity			Ben Custody			Customer ExAlt Trusts			Corporate/ Other			Consolidating Eliminations			Consolidated
Total revenues	$	11,275		$	5,897		$	(11,182	)	$	789		$	(17,014	)	$	(10,235	)
Mark to market adjustment on interests in the GWG Wind Down Trust		—			—			18,506			185			—			18,691
Adjusted revenues	$	11,275		$	5,897		$	7,324		$	974		$	(17,014	)	$	8,456

Operating income (loss)	$	(606,405	)	$	(267,995	)	$	(49,363	)	$	(20,217	)	$	28,029		$	(915,951	)
Mark to market adjustment on interests in the GWG Wind Down Trust		—			—			18,506			185			—			18,691
Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust		4,262			—			—			—			(4,262	)		—
Goodwill impairment		604,668			272,830			—			5,725			—			883,223
Loss on arbitration		—			—			—			—			—			—
Share-based compensation expense		—			—			—			2,026			—			2,026
Legal and professional fees⁽¹⁾		—			—			—			327			—			327
Adjusted operating income (loss)	$	2,525		$	4,835		$	(30,857	)	$	(11,954	)	$	23,767		$	(11,684	)

⁽¹⁾ Includes legal and professional fees related to lawsuits.

(in thousands)	Nine Months Ended December 31, 2024
	Ben Liquidity			Ben Custody		Customer ExAlt Trusts			Corporate/ Other			Consolidating Eliminations			Consolidated
Total revenues	$	34,124		$	16,178	$	23,282		$	(820	)	$	(49,738	)	$	23,026
Mark to market adjustment on interests in the GWG Wind Down Trust		—			—		539			7			—			546
Adjusted revenues	$	34,124		$	16,178	$	23,821		$	(813	)	$	(49,738	)	$	23,572

Operating income (loss)	$	(462	)	$	9,123	$	(96,722	)	$	18,730		$	90,441		$	21,110
Mark to market adjustment on interests in the GWG Wind Down Trust		—			—		539			7			—			546
Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust		5			1,340		—			—			(1,345	)		—
Goodwill impairment		—			3,427		—			265			—			3,692
Release of loss contingency related to arbitration award		—			—		—			(54,973	)		—			(54,973	)
Share-based compensation expense		—			—		—			5,162			—			5,162
Legal and professional fees⁽¹⁾		—			—		—			5,825			—			5,825
Adjusted operating income (loss)	$	(457	)	$	13,890	$	(96,183	)	$	(24,984	)	$	89,096		$	(18,638	)

⁽¹⁾ Includes legal and professional fees related to lawsuits.

(in thousands)	Nine Months Ended December 31, 2023
	Ben Liquidity			Ben Custody			Customer ExAlt Trusts			Corporate/ Other			Consolidating Eliminations			Consolidated
Total revenues	$	36,303		$	18,961		$	(54,363	)	$	(1,549	)	$	(55,091	)	$	(55,739	)
Mark to market adjustment on interests in the GWG Wind Down Trust		—			—			62,873			1,344			—			64,217
Adjusted revenues	$	36,303		$	18,961		$	8,510		$	(205	)	$	(55,091	)	$	8,478

Operating income (loss)	$	(1,781,521	)	$	(538,840	)	$	(166,051	)	$	(94,532	)	$	127,259		$	(2,453,685	)
Mark to market adjustment on interests in the GWG Wind Down Trust		—			—			62,873			1,344			—			64,217
Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust		43,872			—			—			—			(43,872	)		—
Goodwill impairment		1,725,880			554,607			—			5,725			—			2,286,212
Loss on arbitration		—			—			—			—			—			—
Share-based compensation expense		—			—			—			37,530			—			37,530
Legal and professional fees⁽¹⁾		—			—			—			8,352			—			8,352
Adjusted operating income (loss)	$	(11,769	)	$	15,767		$	(103,178	)	$	(41,581	)	$	83,387		$	(57,374	)

⁽¹⁾ Includes legal and professional fees related to GWG Holdings bankruptcy, lawsuits, public relations, and employee matters.

	Three Months Ended December 31,					Nine Months Ended December 31,
		2024		2023			2024			2023
Operating Expenses Non GAAP Reconciliation
Operating expenses	$	13,932	$	905,716		$	1,916		$	2,397,946
Plus: Release of loss contingency related to arbitration award		—		—			54,973			—
Less: Goodwill impairment		—		(883,223	)		(3,692	)		(2,286,212	)
Operating expenses, excluding goodwill impairment and release of loss contingency related to arbitration award	$	13,932	$	22,493		$	53,197		$	111,734

The below table reconciles the non-GAAP financial measures of tangible book value and tangible book value to Ben’s public stockholders to the most comparable GAAP financial measures as of December 31, 2024 on an actual basis and pro forma assuming the transactions described in our Form 8-K filed on December 23, 2024 occurred on December 31, 2024.

	Actual and Pro Forma ^(a)				Actual			Pro forma ^(a)
Tangible Book Value				Tangible book value attributable to Ben’s public company stockholders
Total equity (deficit)	$	14,260		Tangible book value	$	91,772		$	91,772
Less: Goodwill and intangible assets		(13,014	)	Less: Tangible book value attributable to Beneficient Holdings noncontrolling interest holders		(91,772	)		(82,595	)
Plus: Total temporary equity		90,526		Tangible book value attributable to Ben’s public company stockholders		—			9,177
Tangible book value	$	91,772

^(a)Assumes the transactions described in our Form 8-K filed on December 23, 2024 closed on December 31, 2024 including that the BCH limited partnership agreement was amended to provide that Beneficient, as the indirect holder of the Class A Units and certain Designated Class S Ordinary Units of BCH, would receive in the event of a liquidation of BCH (i) 10% of the first $100 million of distributions of BCH following the satisfaction of the debts and liabilities of BCH on a consolidated basis and (ii) 33.3333% of the net asset value of the added alternative assets of up to $5 billion in connection with ExAlt Plan liquidity and primary capital transactions entered after December 22, 2024.

Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders and Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders are non-GAAP financial measures. We present these non-GAAP financial measures because we believe it helps investors understand underlying trends in our business and facilitates an understanding of our operating performance from period to period because it facilitates a comparison of our recurring core business operating results. Tangible Book Value and Tangible Book Value to Ben’s Public Company Stockholders are also non-GAAP financial measures. We present these non-GAAP financial measures because we believe it help investors in analyzing the intrinsic value of the Company, including the proforma impact of the contemplated transactions more fully described in our Form 8-K filed on December 23, 2024. The non-GAAP financial measures are intended as a supplemental measure of our performance that is neither required by, nor presented in accordance with, U.S. GAAP. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of these non-GAAP financial measures may not be comparable to other similarly titled measures computed by other companies, because all companies may not calculate such items in the same way.

We define adjusted revenue as revenue adjusted to exclude the effect of mark-to-market adjustments on related party equity securities that were acquired both prior to and during the Collateral Swap, which on August 1, 2023, became interests in the GWG Wind Down Trust. Adjusted Segment Revenues attributable to Ben’s Equity Holders is the same as “adjusted revenues” related to the aggregate of the Ben Liquidity, Ben Custody, and Corporate/Other Business Segments, which are the segments that impact the net income (loss) attributable to all equity holders of Beneficient, including equity holders of Beneficient’s subsidiary, BCH.

Adjusted operating income (loss) represents GAAP operating income (loss), adjusted to exclude the effect of the adjustments to revenue as described above, credit losses on related party available-for-sale debt securities that were acquired in the Collateral Swap which on August 1, 2023, became interests in the GWG Wind Down Trust, and receivables from a related party that filed for bankruptcy and certain notes receivables originated during our formative transactions, non-cash asset impairment, share-based compensation expense, and legal, professional services, and public relations costs related to the GWG Holdings bankruptcy, lawsuits, a defunct product offering, and certain employee matters, including fees & loss contingency accruals (releases) incurred in arbitration with a former director. Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders is the same as “adjusted operating income (loss)” related to the aggregate of the Ben Liquidity, Ben Custody, and Corporate/Other Business Segments, which are the segments that impact the net income (loss) attributable to all equity holders of Beneficient, including equity holders of Beneficient’s subsidiary, BCH.

Tangible book value is defined as the sum of total equity (deficit) less goodwill and intangible assets plus total temporary equity. Tangible book value to Ben’s public company stockholders is defined at tangible book value adjusted for the portion of tangible book value that is attributable to Ben’s public company stockholders, which is calculated as tangible book value adjusted for (i) 10% of the first $100 million of distributions of BCH following the satisfaction of the debts and liabilities of BCH on a consolidated basis and (ii) 33.3333% of the net asset value of the added alternative assets of up to $5 billion in connection with ExAlt Plan liquidity and primary capital transactions entered after December 22, 2024.

These non-GAAP financial measures are not a measure of performance or liquidity calculated in accordance with U.S. GAAP. They are unaudited and should not be considered an alternative to, or more meaningful than, GAAP revenues or GAAP operating income (loss) as an indicator of our operating performance. Uses of cash flows that are not reflected in adjusted operating income (loss) or adjusted segment operating income (loss) attributable to Ben’s Equity Holders include capital expenditures, interest payments, debt principal repayments, and other expenses, which can be significant. As a result, adjusted operating income (loss) and/or adjusted segment operating income (loss) attributable to Ben’s Equity Holders should not be considered as a measure of our liquidity.

Because of these limitations, Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders, Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders, Tangible Book Value and Tangible Book Value to Ben’s Public Company Stockholders should not be considered in isolation or as a substitute for performance measures calculated in accordance with U.S. GAAP. We compensate for these limitations by relying primarily on our U.S. GAAP results and using Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders, Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders, Tangible Book Value and Tangible Book Value to Ben’s Public Company Stockholders on a supplemental basis. You should review the reconciliation of these non-GAAP financial measures set forth above and not rely on any single financial measure to evaluate our business.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/09d463d7-9883-4bbf-8a05-3c24ea42846e

The MIL Network –

February 14, 2025

MIL-OSI: TransUnion Announces Fourth Quarter and Full-Year 2024 Results and Refreshed Capital Allocation Framework

Source: GlobeNewswire (MIL-OSI)

Exceeded fourth quarter 2024 financial guidance for revenue with 9 percent growth driven by U.S. Markets Financial Services and Insurance verticals, and our International segment
Delivered strong financial results in 2024 while executing on technology modernization and delivering ~$85 million of transformation program savings
Announcing new freemium direct-to-consumer credit education and monitoring offering, enabled in collaboration with Credit Sesame
Providing 2025 financial guidance, we expect to deliver 3.5 to 5 percent revenue growth (4.5 to 6 percent organic constant currency)
Refreshing capital allocation framework – lowering target Leverage Ratio to under 2.5x, raising quarterly dividend to $0.115 and announcing new $500 million share repurchase program authorization

CHICAGO, Feb. 13, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter and full-year ended December 31, 2024.

Fourth Quarter 2024 Results

Revenue:

Total revenue for the quarter was $1,037 million, an increase of 9 percent (9 percent on an organic constant currency basis), compared with the fourth quarter of 2023.

Earnings:

Net income attributable to TransUnion was $66 million for the quarter, compared with $6 million for the fourth quarter of 2023. Diluted earnings per share was $0.34, compared with $0.03 in the fourth quarter of 2023. Net income attributable to TransUnion margin was 6 percent, compared with 1 percent in the fourth quarter of 2023.
Adjusted Net Income was $192 million for the quarter, compared with $156 million for the fourth quarter of 2023. Adjusted Diluted Earnings per Share for the quarter was $0.97, compared with $0.80 in the fourth quarter of 2023.
Adjusted EBITDA was $378 million for the quarter, an increase of 16 percent (16 percent on a constant currency basis) compared with the fourth quarter of 2023. Adjusted EBITDA margin was 36 percent, compared with 34 percent in the fourth quarter of 2023.

“TransUnion finished the year with strong revenue growth and margin expansion,” said Chris Cartwright, President and CEO. “U.S. Markets grew by high single-digits in the fourth quarter against subdued but stable market conditions, driven by mortgage pricing, improving non-mortgage Financial Services growth and Insurance strength. Our International segment delivered double-digit growth led by India, Asia Pacific and Latin America.”

“In 2025, we expect to deliver 4.5 to 6 percent organic constant currency revenue growth with modest margin expansion, assuming a continuation of current subdued conditions. We remain highly focused on driving strong financial results while executing on our transformation initiatives – refining and strengthening our global operating model; completing U.S. and India technology modernization; and accelerating innovation and growth across our solution suites. We took a key step in reinvigorating Consumer Interactive growth with today’s announcement of our new freemium credit education and monitoring offering, enabled in collaboration with Credit Sesame.”

“Following strong de-levering throughout 2024, we are providing a refreshed capital allocation framework. We are lowering our Leverage Ratio target to under 2.5x, raising our quarterly dividend to $0.115, and announcing a new $500 million share repurchase program. Given the strength of our portfolio and our ongoing transformation, the bar for M&A is high, and we are not seeking large-scale acquisitions. In 2025, we plan to deploy cash for a combination of further debt prepayment, share repurchases and partially funding of the recently announced Trans Union de Mexico acquisition.”

Fourth Quarter 2024 Segment Results

U.S. Markets:

U.S. Markets revenue was $792 million, an increase of 8 percent compared with the fourth quarter of 2023.

Financial Services revenue was $356 million, an increase of 21 percent compared with the fourth quarter of 2023.
Emerging Verticals revenue was $302 million, an increase of 4 percent compared with the fourth quarter of 2023.
Consumer Interactive revenue was $134 million, a decrease of 11 percent compared with the fourth quarter of 2023.

Adjusted EBITDA was $312 million, an increase of 16 percent compared to the fourth quarter of 2023.

International:

International revenue was $245 million, an increase of 11 percent (12 percent on a constant currency basis) compared with the fourth quarter of 2023.

Canada revenue was $39 million, an increase of 5 percent (8 percent on a constant currency basis) compared with the fourth quarter of 2023.
Latin America revenue was $34 million, an increase of 7 percent (15 percent on a constant currency basis) compared with the fourth quarter of 2023.
United Kingdom revenue was $59 million, an increase of 6 percent (3 percent on a constant currency basis) compared with the fourth quarter of 2023.
Africa revenue was $18 million, an increase of 13 percent (8 percent on a constant currency basis) compared with the fourth quarter of 2023.
India revenue was $67 million, an increase of 17 percent (18 percent on a constant currency basis) compared with the fourth quarter of 2023.
Asia Pacific revenue was $29 million, an increase of 19 percent (20 percent on a constant currency basis) compared with the fourth quarter of 2023.

Adjusted EBITDA was $107 million, an increase of 11 percent (13 percent on a constant currency basis) compared with the fourth quarter of 2023.

Full Year 2024 Results

Revenue:

Total revenue for the year was $4,184 million, an increase of 9 percent (9 percent on a constant currency basis) compared with 2023.

Earnings:

Net income (loss) attributable to TransUnion was $284 million for the year, compared with $(206) million in 2023. Diluted earnings (loss) per share was $1.45, compared with $(1.07) in 2023. Net income (loss) attributable to TransUnion margin was 7 percent, compared with (5) percent in 2023. Our net income attributable to TransUnion, diluted earnings per share and net income attributable to TransUnion margin include expenses associated with our transformation plan. Our 2023 net income attributable to TransUnion, diluted earnings per share and net income attributable to TransUnion margin include a goodwill impairment recognized in the third quarter of 2023.
Adjusted Net Income was $769 million for the year, compared with $655 million in 2023. Adjusted Diluted Earnings per Share was $3.91, compared with $3.37 in 2023.
Adjusted EBITDA was $1,506 million for the year, compared to $1,344 million in 2023, an increase of 12 percent (an increase of 12 percent on a constant currency basis) compared with 2023. Adjusted EBITDA margin was 36 percent, compared with 35 percent in 2023.

Liquidity and Capital Resources

Cash and cash equivalents were $679 million at December 31, 2024 and $476 million at December 31, 2023. For the twelve months ended December 31, 2024, we prepaid $150.0 million of our Senior Secured Term Loans, funded from our cash on hand.

For the year ended December 31, 2024, cash provided by operating activities was $832 million compared with $645 million in 2023. For 2024, the increase in cash provided by operating activities was primarily due to improved operating performance and lower net interest expense, partially offset by employee separation payments and a penalty paid for the early termination of a facility lease, both of which were in connection with our operating model optimization program. For the year ended December 31, 2024, cash used in investing activities was $307 million for 2024 compared with $319 million in 2023. The decrease in cash used in investing activities was primarily due to lower investments in nonconsolidated affiliates. Capital expenditures as a percent of revenue represented 8% for 2024 and 2023. For the year ended December 31, 2024, cash used in financing activities was $309 million compared with $439 million in 2023. The decrease in cash used in financing activities was due primarily to a decrease in debt repayments.

The Company’s Board of Directors has authorized the repurchase of up to $500 million of the Company’s common stock. These repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan, hybrid open market repurchases or an accelerated share repurchase transaction, at prices that the Company deems appropriate and subject to market conditions, applicable law and other factors deemed relevant in the Company’s sole discretion. The share repurchase authorization does not obligate the Company to repurchase any dollar amount or number of shares of common stock, and may be suspended or discontinued at any time. This new share repurchase authorization replaces all previous authorizations.

The Company’s Board of Directors has declared a cash dividend of $0.115 per share for the fourth quarter of 2024. The dividend will be payable on March 14, 2025, to shareholders of record on February 27, 2025.

First Quarter and Full Year 2025 Outlook

Our guidance is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company, including general macroeconomic conditions, interest rates and inflation. There are numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results expressed by this guidance.

	Three Months Ended March 31, 2025						Year Ended December 31, 2025
(in millions, except per share data)	Low			High			Low			High
Revenue, as reported	$	1,060		$	1,074		$	4,333		$	4,393
Revenue growth¹:
As reported		4	%		5	%		3.5	%		5	%
Constant currency^{1, 2}		5	%		6	%		4.5	%		6	%
Organic constant currency^{1, 3}		5	%		6	%		4.5	%		6	%

Net income attributable to TransUnion	$	71		$	77		$	335		$	362
Net income attributable to TransUnion growth		9	%		18	%		18	%		27	%
Net income attributable to TransUnion margin		6.7	%		7.1	%		7.7	%		8.3	%

Diluted Earnings per Share	$	0.36		$	0.39		$	1.68		$	1.82
Diluted Earnings per Share growth		7	%		16	%		16	%		26	%

Adjusted EBITDA, as reported⁵	$	376		$	384		$	1,549		$	1,590
Adjusted EBITDA growth, as reported⁴		5	%		7	%		3	%		6	%
Adjusted EBITDA margin		35.5	%		35.8	%		35.8	%		36.2	%

Adjusted Diluted Earnings per Share⁵	$	0.96		$	0.99		$	3.93		$	4.08
Adjusted Diluted Earnings per Share growth		4	%		8	%		1	%		4	%

Additional revenue growth assumptions:

The impact of changing foreign currency exchange rates is expected to be approximately 1% of headwind for Q1 2025 and FY 2025.
There is no impact from recently announced acquisitions for Q1 2025 and FY 2025.
The impact of mortgage is expected to be approximately 2 points of benefit for Q1 2025 and approximately 2 points of benefit for FY 2025.
Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions. There is no impact from recent business acquisitions in Q1 2025 and FY 2025.

Additional Adjusted EBITDA assumptions:

The impact of changing foreign currency exchange rates is expected to have approximately 2% of headwind for Q1 2025 and approximately 1% of headwind for FY 2025.
For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.

Earnings Webcast Details

In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. This session and the accompanying presentation materials may be accessed at www.transunion.com/tru. A replay of the call will also be available at this website following the conclusion of the call.

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good^® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

http://www.transunion.com/business

Availability of Information on TransUnion’s Website

Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. While not all of the information that the Company posts to the TransUnion Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in TransUnion to review the information that it shares on www.transunion.com/tru.

Forward-Looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions.

Factors that could cause actual results to differ materially from those described in the forward-looking statements, or that could materially affect our financial results or such forward-looking statements include:

macroeconomic effects and changes in market conditions, including the impact of inflation, risk of recession, and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate;
our ability to provide competitive services and prices;
our ability to retain or renew existing agreements with large or long-term customers;
our ability to maintain the security and integrity of our data;
our ability to deliver services timely without interruption;
our ability to maintain our access to data sources;
government regulation and changes in the regulatory environment;
litigation or regulatory proceedings;
our approach to the use of artificial intelligence;
our ability to effectively manage our costs;
our efforts to execute our transformation plan and achieve the anticipated benefits and savings;
our ability to maintain effective internal control over financial reporting or disclosure controls and procedures;
economic and political stability in the United States and risks associated with the international markets where we operate;
our ability to effectively develop and maintain strategic alliances and joint ventures;
our ability to timely develop new services and the market’s willingness to adopt our new services;
our ability to manage and expand our operations and keep up with rapidly changing technologies;
our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions;
our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property;
our ability to defend our intellectual property from infringement claims by third parties;
the ability of our outside service providers and key vendors to fulfill their obligations to us;
further consolidation in our end-customer markets;
the increased availability of free or inexpensive consumer information;
losses against which we do not insure;
our ability to make timely payments of principal and interest on our indebtedness;
our ability to satisfy covenants in the agreements governing our indebtedness;
our ability to maintain our liquidity;
stock price volatility;
our dividend payments;
share repurchase plans;
dividend rate;
our reliance on key management personnel; and
changes in tax laws or adverse outcomes resulting from examination of our tax returns.

There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, to be filed with the SEC in February 2025, and our Annual Report on Form 10-K for the year ended December 31, 2023, as well as our quarterly reports for the quarters ended September 30, 2024, June 30, 2024 and March 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

The forward-looking statements contained in this earnings release speak only as of the date of this earnings release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release.

For More Information

E-mail: Investor.Relations@transunion.com

Telephone: 312.985.2860

TRANSUNION AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)
(in millions, except per share data)

	December 31, 2024			December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	679.5		$	476.2
Trade accounts receivable, net of allowance of $19.9 and $16.4		798.9			723.0
Other current assets		323.4			275.9
Total current assets		1,801.8			1,475.1
Property, plant and equipment, net of accumulated depreciation and amortization of $506.3 and $804.4		203.5			199.3
Goodwill		5,144.3			5,176.0
Other intangibles, net of accumulated amortization of $2,294.5 and $2,719.8		3,257.5			3,515.3
Other assets		577.7			739.4
Total assets	$	10,984.8		$	11,105.1
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable	$	294.6		$	251.3
Current portion of long-term debt		70.6			89.6
Other current liabilities		694.4			661.8
Total current liabilities		1,059.6			1,002.7
Long-term debt		5,076.6			5,250.8
Deferred taxes		415.3			592.9
Other liabilities		114.5			153.2
Total liabilities		6,666.0			6,999.6
Stockholders’ equity:
Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of December 31, 2024 and 2023		—			—
Common stock, $0.01 par value; 1.0 billion shares authorized at December 31, 2024 and December 31, 2023; 201.5 million and 200.0 million shares issued as of December 31, 2024 and December 31, 2023, respectively; and 194.9 million and 193.8 million shares outstanding as of December 31, 2024 and December 31, 2023, respectively		2.0			2.0
Additional paid-in capital		2,558.9			2,412.9
Treasury stock at cost; 6.6 million and 6.2 million shares at December 31, 2024 and December 31, 2023, respectively		(334.6	)		(302.9	)
Retained earnings		2,357.9			2,157.1
Accumulated other comprehensive loss		(367.2	)		(260.9	)
Total TransUnion stockholders’ equity		4,217.0			4,008.2
Noncontrolling interests		101.8			97.3
Total stockholders’ equity		4,318.8			4,105.5
Total liabilities and stockholders’ equity	$	10,984.8		$	11,105.1

TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Operations (Unaudited)
(in millions, except per share data)

	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024			2023
Revenue	$	1,036.8		$	954.3		$	4,183.8		$	3,831.2
Operating expenses
Cost of services (exclusive of depreciation and amortization below)		411.6			380.6			1,673.3			1,517.3
Selling, general and administrative		317.2			303.9			1,239.3			1,171.6
Depreciation and amortization		137.3			133.3			537.8			524.4
Goodwill impairment		—			—			—			414.0
Restructuring		—			75.3			66.8			75.3
Total operating expenses		866.0			893.0			3,517.1			3,702.7
Operating income		170.8			61.3			666.7			128.5
Non-operating income and (expense)
Interest expense		(62.0	)		(71.0	)		(265.2	)		(288.2	)
Interest income		8.6			5.7			28.5			20.7
Earnings from equity method investments		4.2			4.6			18.3			16.3
Other income and (expense), net		(20.9	)		(6.4	)		(47.1	)		(22.7	)
Total non-operating income and (expense)		(70.1	)		(67.1	)		(265.5	)		(273.9	)
Income (loss) from continuing operations before income taxes		100.6			(5.8	)		401.1			(145.3	)
Provision for income taxes		(29.9	)		15.4			(98.8	)		(44.7	)
Income (loss) from continuing operations		70.7			9.5			302.3			(190.1	)
Discontinued operations, net of tax		—			—			—			(0.7	)
Net income (loss)		70.7			9.5			302.3			(190.8	)
Less: net income attributable to noncontrolling interests		(4.5	)		(3.5	)		(18.0	)		(15.4	)
Net income (loss) attributable to TransUnion	$	66.2		$	6.1		$	284.4		$	(206.2	)

Income (loss) from continuing operations	$	70.7		$	9.5		$	302.3		$	(190.1	)
Less: income from continuing operations attributable to noncontrolling interests		(4.5	)		(3.5	)		(18.0	)		(15.4	)
Income (loss) from continuing operations attributable to TransUnion		66.2			6.0			284.4			(205.4	)
Discontinued operations, net of tax		—			—			—			(0.7	)
Net income (loss) attributable to TransUnion	$	66.2		$	6.1		$	284.4		$	(206.2	)

Basic earnings (loss) per common share from:
Income (loss) from continuing operations attributable to TransUnion	$	0.34		$	0.03		$	1.46		$	(1.06	)
Discontinued operations, net of tax		—			—			—			—
Net income (loss) attributable to TransUnion	$	0.34		$	0.03		$	1.46		$	(1.07	)
Diluted earnings (loss) per common share from:
Income (loss) from continuing operations attributable to TransUnion	$	0.34		$	0.03		$	1.45		$	(1.06	)
Discontinued operations, net of tax		—			—			—			—
Net income (loss) attributable to TransUnion	$	0.34		$	0.03		$	1.45		$	(1.07	)

Weighted-average shares outstanding:
Basic		194.9			193.7			194.4			193.4
Diluted		197.3			194.3			196.7			193.4

As a result of displaying amounts in millions, rounding differences may exist in the table above.

TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
(in millions)

	Years Ended December 31,
		2024			2023
Cash flows from operating activities:
Net income (loss)	$	302.3		$	(190.8	)
Less: Discontinued operations, net of tax		—			(0.7	)
Income (loss) from continuing operations		302.3			(190.1	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		537.8			524.4
Goodwill impairment		—			414.0
Loss on repayment of loans		7.4			7.6
Deferred taxes		(157.3	)		(162.7	)
Stock-based compensation		121.2			100.3
Loss on early termination of lease		40.5			—
Other		34.3			26.0
Changes in assets and liabilities:
Trade accounts receivable		(105.6	)		(135.1	)
Other current and long-term assets		46.0			(12.7	)
Trade accounts payable		39.2			(6.5	)
Other current and long-term liabilities		(33.3	)		80.4
Cash provided by operating activities of continuing operations		832.5			645.6
Cash used in operating activities of discontinued operations		—			(0.2	)
Cash provided by operating activities		832.5			645.4
Cash flows from investing activities:
Capital expenditures		(315.8	)		(310.7	)
Proceeds from sale/maturity of other investments		0.2			82.3
Purchases of other investments		(0.2	)		(53.5	)
Investments in nonconsolidated affiliates		(5.9	)		(36.9	)
Proceeds from the sale of investments in nonconsolidated affiliates		7.7			—
(Payments) proceeds related to disposal of discontinued operations		—			(0.5	)
Other		6.6			0.4
Cash used in investing activities		(307.4	)		(318.9	)
Cash flows from financing activities:
Proceeds from Term Loans		1,793.1			655.8
Repayments of Term Loans		(1,786.1	)		(347.7	)
Repayments of debt		(198.9	)		(650.0	)
Debt financing fees		(16.5	)		(3.3	)
Proceeds from issuance of common stock and exercise of stock options		24.9			23.1
Dividends to shareholders		(82.7	)		(81.8	)
Employee taxes paid on restricted stock units recorded as treasury stock		(31.7	)		(18.4	)
Distributions to noncontrolling interests		(10.8	)		(16.5	)
Cash used in financing activities		(308.7	)		(438.8	)
Effect of exchange rate changes on cash and cash equivalents		(13.1	)		3.2
Net change in cash and cash equivalents		203.3			(109.1	)
Cash and cash equivalents, beginning of period		476.2			585.3
Cash and cash equivalents, end of period	$	679.5		$	476.2

As a result of displaying amounts in millions, rounding differences may exist in the table above.

TRANSUNION AND SUBSIDIARIES
Non-GAAP Financial Measures

We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes, Adjusted Effective Tax Rate and Leverage Ratio for all periods presented. These are important financial measures for the Company but are not financial measures as defined by GAAP. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income (loss) attributable to the Company, diluted earnings per share or cash provided by operating activities. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented in the tables below.

We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. These are measures frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours.

Our board of directors and executive management team use Adjusted EBITDA as an incentive compensation measure for most eligible employees and Adjusted Diluted Earnings per Share as an incentive compensation measure for certain of our senior executives.

Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to our Leverage Ratio which is partially based on Adjusted EBITDA. Investors also use our Leverage Ratio to assess our ability to service our debt and make other capital allocation decisions.

Consolidated Adjusted EBITDA

Management has excluded the following items from net income (loss) attributable to TransUnion in order to calculate Adjusted EBITDA for the periods presented:

Discontinued operations, net of tax, as reported on our Consolidated Statements of Operations. We exclude discontinued operations, net of tax because we believe it does not reflect the underlying and ongoing performance of our business operations.
Net interest expense, which is the sum of interest expense and interest income as reported on our Consolidated Statements of Operations.
Provision for income taxes, as reported on our Consolidated Statements of Operations.
Depreciation and amortization, as reported on our Consolidated Statements of Operations.
Goodwill impairment, as reported on our Consolidated Statements of Operations. We exclude goodwill impairment because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations during that period and such expense can vary significantly between periods.
Stock-based compensation is used as an incentive to engage and retain our employees. It is predominantly a non-cash expense. We exclude stock-based compensation because it may not correlate to the underlying performance of our business operations during the period since it is measured at the grant date fair value and it is subject to variability as a result of performance conditions and timing of grants. These expenses are reported within cost of services and selling, general and administrative on our Consolidated Statements of Operations.
Operating model optimization program represents employee separation costs, facility lease exit costs and other business process optimization expenses incurred in connection with the transformation plan discussed further in “Results of Operations – Factors Affecting Our Results of Operations.” We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business. Further, these costs will vary and may not be comparable during the transformation initiative as we progress toward an optimized operating model. These costs are reported primarily in restructuring and selling, general and administrative on our Consolidated Statements of Operations.
Accelerated technology investment includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar’s capabilities to enhance and complement our cloud-based technology already under development as part of Project Rise. As a result, we extended Project Rise’s timeline to 2024 and increased the total estimated cost to approximately $240 million. In November 2023, we announced our plans to further leverage Neustar’s technology to standardize and streamline our product delivery platforms and to build a single global platform for fulfillment of our product lines. The additional investment is expected to be approximately $90 million during 2024 and 2025 and represents the final phase of the technology investment in our global technology infrastructure and core customer applications. We expect that the accelerated technology investment will fundamentally transform our technology infrastructure by implementing a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance and enable a continuous improvement approach to avoid the need for another major technology overhaul in the foreseeable future. The unique effort to build a secure, reliable and performant hybrid cloud infrastructure requires us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current on-premise environment by maintaining our existing technology team to ensure no disruptions to our customers. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur after the program has been completed and are not representative of our underlying operating performance. Therefore, we believe that excluding these costs from our non-GAAP measures provides a better reflection of our ongoing cost structure. These costs are primarily reported in cost of services and therefore do not include amounts that are capitalized as internally developed software.
Mergers and acquisitions, divestitures and business optimization expenses are non-recurring expenses associated with specific transactions (exploratory or executed) and consist of (i) transaction and integration costs, (ii) post-acquisition adjustments to contingent consideration or to assets and liabilities that occurred after the acquisition measurement period, (iii) fair value and impairment adjustments related to investments and call and put options, (iv) transition services agreement income, and (v) a loss on disposal of a business. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These expenses are reported in costs of services, selling, general and administrative and other income and (expenses), net, on our Consolidated Statements of Operations.
Net other adjustments principally relate to: (i) deferred loan fee expense from debt prepayments and refinancing, (ii) currency remeasurement on foreign operations, (iii) other debt financing expenses consisting primarily of revolving credit facility deferred financing fee amortization and commitment fees and expenses associated with ratings agencies and interest rate hedging, (iv) legal and regulatory expenses, net, and (v) other non-operating (income) expense. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business and create variability between periods based on the nature and timing of the expense or income. These costs are reported in selling, general and administrative and in non-operating income and expense, net as applicable based on their nature on our Consolidated Statements of Operations.

Consolidated Adjusted EBITDA Margin

Management defines Consolidated Adjusted EBITDA Margin as Consolidated Adjusted EBITDA divided by total revenue as reported.

Adjusted Net Income

Management has excluded the following items from net income (loss) attributable to TransUnion in order to calculate Adjusted Net Income for the periods presented:

Discontinued operations, net of tax (see Consolidated Adjusted EBITDA above)
Goodwill impairment (see Consolidated Adjusted EBITDA above)
Amortization of certain intangible assets presents non-cash amortization expenses related to assets that arose from our 2012 change in control transaction and business combinations occurring after our 2012 change in control. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary dependent upon the timing of the transactions that give rise to these assets. Amortization of intangible assets is included in depreciation and amortization on our Consolidated Statements of Operations.
Stock-based compensation (see Consolidated Adjusted EBITDA above)
Operating model optimization program (see Consolidated Adjusted EBITDA above)
Accelerated technology investment (see Consolidated Adjusted EBITDA above)
Mergers and acquisitions, divestiture and business optimization (see Consolidated Adjusted EBITDA above)
Net other is consistent with the definition in Consolidated Adjusted EBITDA above except that other debt financing expenses and certain other miscellaneous income and expense that are included in the adjustment to calculate Adjusted EBITDA are excluded in the adjustment made to calculate Adjusted Net Income.
Total adjustments for income taxes relates to the cumulative adjustments discussed below for Adjusted Provision for Income Taxes. This adjustment is made for the reasons indicated in Adjusted Provision for Income Taxes below. Adjustments related to the provision for income taxes are included in the line item by this name on our consolidated statement of operations.

Adjusted Diluted Earnings Per Share

Management defines Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding.

Adjusted Provision for Income Taxes

Management has excluded the following items from our provision for income taxes for the periods presented:

Tax effect of above adjustments represents the income tax effect of the adjustments related to Adjusted Net Income described above. The tax rate applied to each adjustment is based on the nature of each line item. We include the tax effect of the adjustments made to Adjusted Net Income to provide a comprehensive view of our adjusted net income.
Excess tax expense (benefit) for stock-based compensation is the permanent difference between expenses recognized for book purposes and expenses recognized for tax purposes, in each case related to stock-based compensation expense. We exclude this amount from the Adjusted Provision for Income Taxes in order to be consistent with the exclusion of stock-based compensation from the calculation of Adjusted Net Income.
Other principally relates to (i) deferred tax adjustments, including rate changes, (ii) infrequent or unusual valuation allowance adjustments, (iii) return to provision, tax authority audit adjustments, and reserves related to prior periods, and (iv) other non-recurring items. We exclude these items because they create variability that impacts comparability between periods.

Adjusted Effective Tax Rate

Management defines Adjusted Effective Tax Rate as Adjusted Provision for Income Taxes divided by Adjusted income from continuing operations before income taxes. We calculate adjusted income from continuing operations before income taxes by excluding the pre-tax adjustments in the calculation of Adjusted Net Income discussed above and noncontrolling interest related to these pre-tax adjustments from (loss) income from continuing operations before income taxes.

Leverage Ratio

Management defines Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period.

This earnings release presents constant currency growth rates assuming foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. This earnings release also presents organic constant currency growth rates, which assumes consistent foreign currency exchange rates between years and also eliminates the impact of our recent acquisitions. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions.

Free cash flow is defined as cash provided by operating activities less capital expenditures and is a measure we may refer to.

Refer to Schedules 1 through 7 for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measure.

SCHEDULE 1 TRANSUNION AND SUBSIDIARIES Revenue and Adjusted EBITDA growth rates as Reported, CC, Inorganic, Organic and Organic CC (Unaudited)

	For the Three Months Ended December 31, 2024 compared with the Three Months Ended December 31, 2023						For the Year Ended December 31, 2024 compared with the Year Ended December 31, 2023
	Reported		CC Growth¹		Organic CC Growth²		Reported		CC Growth¹		Organic CC Growth²
Revenue:
Consolidated	8.6	%	8.9	%	8.9	%	9.2	%	9.3	%	9.3	%
U.S. Markets	7.6	%	7.7	%	7.7	%	8.2	%	8.2	%	8.2	%
Financial Services	20.6	%	20.6	%	20.6	%	15.2	%	15.2	%	15.2	%
Emerging Verticals	4.2	%	4.2	%	4.2	%	4.0	%	4.0	%	4.0	%
Consumer Interactive	(11.1)%		(11.1)%		(11.1)%		1.5	%	1.6	%	1.6	%
International	10.7	%	11.7	%	11.7	%	12.7	%	13.0	%	13.0	%
Canada	5.3	%	7.9	%	7.9	%	9.9	%	11.5	%	11.5	%
Latin America	7.0	%	15.2	%	15.2	%	10.6	%	12.0	%	12.0	%
United Kingdom	5.8	%	2.7	%	2.7	%	5.1	%	2.6	%	2.6	%
Africa	13.0	%	8.2	%	8.2	%	9.5	%	9.8	%	9.8	%
India	16.7	%	18.3	%	18.3	%	23.1	%	24.7	%	24.7	%
Asia Pacific	19.3	%	20.2	%	20.2	%	15.1	%	15.8	%	15.8	%

Adjusted EBITDA:
Consolidated	15.9	%	16.4	%	16.4	%	12.1	%	12.3	%	12.3	%
U.S. Markets	16.3	%	16.4	%	16.4	%	10.2	%	10.2	%	10.2	%
International	11.3	%	12.8	%	12.8	%	15.8	%	16.6	%	16.6	%

1.	Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
2.	We have no inorganic revenue or Adjusted EBITDA for the periods presented. Organic CC growth rate is the CC growth rate less inorganic growth rate.

SCHEDULE 2 TRANSUNION AND SUBSIDIARIES Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margins (Unaudited) (dollars in millions)

	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024			2023
Revenue:
U.S. Markets gross revenue
Financial Services	$	356.1		$	295.3		$	1,433.8		$	1,244.9
Emerging Verticals		302.3			290.3			1,215.5			1,168.2
Consumer Interactive		133.5			150.3			588.7			579.7
U.S. Markets gross revenue	$	792.0		$	735.8		$	3,237.9		$	2,992.8

International gross revenue
Canada	$	38.5		$	36.6		$	154.4		$	140.5
Latin America		33.8			31.6			134.7			121.8
United Kingdom		59.2			55.9			227.7			216.6
Africa		18.4			16.3			66.4			60.6
India		66.6			57.1			269.4			218.9
Asia Pacific		28.6			24.0			105.8			91.9
International gross revenue	$	245.1		$	221.5		$	958.4		$	850.4

Total gross revenue	$	1,037.1		$	957.3		$	4,196.3		$	3,843.1

Intersegment revenue eliminations
U.S. Markets	$	1.3		$	(1.6	)	$	(6.2	)	$	(6.2	)
International		(1.6	)		(1.4	)		(6.4	)		(5.7	)
Total intersegment revenue eliminations	$	(0.3	)	$	(3.0	)	$	(12.6	)	$	(11.9	)

Total revenue as reported	$	1,036.8		$	954.3		$	4,183.8		$	3,831.2

Adjusted EBITDA:
U.S. Markets	$	311.9		$	268.1		$	1,232.8		$	1,119.0
International		107.4			96.5			425.5			367.5
Corporate		(41.4	)		(38.6	)		(152.0	)		(142.8	)

Adjusted EBITDA Margin:¹
U.S. Markets		39.4	%		36.4	%		38.1	%		37.4	%
International		43.8	%		43.6	%		44.4	%		43.2	%

1.	Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA.

	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024			2023
Reconciliation of Net income (loss) attributable to TransUnion to consolidated Adjusted EBITDA:
Net income (loss) attributable to TransUnion	$	66.2		$	6.1		$	284.4		$	(206.2	)
Discontinued operations, net of tax		—			—			—			0.7
Income (loss) from continuing operations attributable to TransUnion	$	66.2		$	6.0		$	284.4		$	(205.4	)
Net interest expense		53.4			65.4			236.7			267.5
Provision (benefit) for income taxes		29.9			(15.4	)		98.8			44.7
Depreciation and amortization		137.3			133.3			537.8			524.4
EBITDA	$	286.8		$	189.4		$	1,157.7		$	631.2
Adjustments to EBITDA:
Stock-based compensation	$	35.6		$	27.3		$	121.2		$	100.6
Goodwill impairment¹		—			—			—			414.0
Mergers and acquisitions, divestitures and business optimization²		9.4			10.1			26.5			34.6
Accelerated technology investment³		25.6			17.0			84.2			70.6
Operating model optimization program⁴		8.4			77.6			94.8			77.6
Net other⁵		12.1			4.6			21.8			15.2
Total adjustments to EBITDA	$	91.1		$	136.6		$	348.7		$	712.5
Consolidated Adjusted EBITDA	$	377.9		$	326.0		$	1,506.3		$	1,343.7

Net income (loss) attributable to TransUnion margin		6.4	%		0.6	%		6.8	%	(5.4)%
Consolidated Adjusted EBITDA margin⁶		36.5	%		34.2	%		36.0	%		35.1	%

As a result of displaying amounts in millions, rounding differences may exist in the tables above and footnotes below.

1.	During the year ended December 31, 2023, we recorded a goodwill impairment of $414.0 million related to our United Kingdom reporting unit in our International segment.
2.	Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024		2023
Transaction and integration costs	$	4.2		$	9.9		$	11.2	$	30.9
Fair value and impairment adjustments		7.6			0.9			8.4		1.6
Post-acquisition adjustments		(2.3	)		(0.5	)		7.0		4.3
Transition services agreement income		—			(0.1	)		—		(2.5	)
Loss on business disposal		—			—			—		0.3
Total mergers and acquisitions, divestitures and business optimization	$	9.4		$	10.1		$	26.5	$	34.6

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Three Months Ended December 31,				Years Ended December 31,
		2024		2023		2024		2023
Foundational Capabilities	$	10.7	$	8.0	$	35.7	$	35.8
Migration Management		13.3		7.7		43.2		29.6
Program Enablement		1.6		1.3		5.4		5.2
Total accelerated technology investment	$	25.6	$	17.0	$	84.2	$	70.6

4.	Operating model optimization consisted of the following adjustments:

	Three Months Ended December 31,				Years Ended December 31,
		2024		2023		2024		2023
Employee separation	$	—	$	71.9	$	24.7	$	71.9
Facility exit		—		3.4		42.1		3.4
Business process optimization		8.4		2.3		28.0		2.3
Total operating model optimization	$	8.4	$	77.6	$	94.8	$	77.6

5.	Net other consisted of the following adjustments:

	Three Months Ended December 31,					Years Ended December 31,
		2024		2023			2024			2023
Deferred loan fee expense from debt prepayments and refinancings	$	8.6	$	6.2		$	17.8		$	9.3
Other debt financing expenses		0.7		0.7			2.4			2.2
Currency remeasurement on foreign operations		2.5		(1.8	)		2.1			4.8
Other non-operating (income) and expense		0.2		(0.5	)		(0.5	)		(1.0	)
Total other adjustments	$	12.1	$	4.6		$	21.8		$	15.2

6.	Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

SCHEDULE 3 TRANSUNION AND SUBSIDIARIES Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited) (in millions, except per share data)

	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024			2023
Net income (loss) from continuing operations attributable to TransUnion	$	66.2		$	6.0		$	284.4		$	(205.4	)
Discontinued operations, net of tax		—			—			—			(0.7	)
Income (loss) attributable to TransUnion	$	66.2		$	6.1		$	284.4		$	(206.2	)

Weighted-average shares outstanding:
Basic		194.9			193.7			194.4			193.4
Diluted		197.3			194.3			196.7			193.4

Basic earnings (loss) per common share from:
Income (loss) from continuing operations attributable to TransUnion	$	0.34		$	0.03		$	1.46		$	(1.06	)
Discontinued operations, net of tax		—			—			—			—
Net income (loss) attributable to TransUnion	$	0.34		$	0.03		$	1.46		$	(1.07	)
Diluted earnings (loss) per common share from:
Income (loss) from continuing operations attributable to TransUnion	$	0.34		$	0.03		$	1.45		$	(1.06	)
Discontinued operations, net of tax		—			—			—			—
Net income (loss) attributable to TransUnion	$	0.34		$	0.03		$	1.45		$	(1.07	)

Reconciliation of Net income (loss) attributable to TransUnion to Adjusted Net Income:
Net income (loss) attributable to TransUnion	$	66.2		$	6.1		$	284.4		$	(206.2	)
Discontinued operations, net of tax		—			—			—			0.7
Income (loss) from continuing operations attributable to TransUnion	$	66.2		$	6.0		$	284.4		$	(205.4	)
Adjustments before income tax items:
Amortization of certain intangible assets		71.3			72.4			286.1			293.6
Stock-based compensation		35.6			27.3			121.2			100.6
Goodwill impairment¹		—			—			—			414.0
Mergers and acquisitions, divestitures and business optimization²		9.4			10.1			26.5			34.6
Accelerated technology investment³		25.6			17.0			84.2			70.6
Operating model optimization program⁴		8.4			77.6			94.8			77.6
Net other⁵		11.6			4.4			20.2			14.0
Total adjustments before income tax items	$	161.9		$	208.8		$	633.1		$	1,005.0
Total adjustments for income taxes⁶	$	(35.9	)	$	(58.9	)	$	(148.7	)	$	(144.1	)
Adjusted Net Income	$	192.2		$	156.0		$	768.8		$	655.4

Weighted-average shares outstanding:
Basic		194.9			193.7			194.4			193.4
Diluted		197.3			194.3			196.7			194.7

Adjusted Earnings per Share:
Basic	$	0.99		$	0.81		$	3.95		$	3.39
Diluted	$	0.97		$	0.80		$	3.91		$	3.37

	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024			2023
Reconciliation of Diluted earnings (loss) per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share:
Diluted earnings (loss) per common share from:
Net income (loss) attributable to TransUnion	$	0.34		$	0.03		$	1.45		$	(1.07	)
Discontinued operations, net of tax		—			—			—			—
Income (loss) from continuing operations attributable to TransUnion	$	0.34		$	0.03		$	1.45		$	(1.06	)
Adjustments before income tax items:
Amortization of certain intangible assets		0.36			0.37			1.45			1.51
Stock-based compensation		0.18			0.14			0.62			0.52
Goodwill impairment¹		—			—			—			2.13
Mergers and acquisitions, divestitures and business optimization²		0.05			0.05			0.13			0.18
Accelerated technology investment³		0.13			0.09			0.43			0.36
Operating model optimization program⁴		0.04			0.40			0.48			0.40
Net other⁵		0.06			0.02			0.10			0.07
Total adjustments before income tax items	$	0.82		$	1.07		$	3.22		$	5.16
Total adjustments for income taxes⁶		(0.18	)		(0.30	)		(0.76	)		(0.74	)
Impact of additional dilutive shares⁷		—			—			—			0.02
Adjusted Diluted Earnings per Share	$	0.97		$	0.80		$	3.91		$	3.37

Each component of earnings per share is calculated independently, therefore, rounding differences exist in the table above.

1.	During the year ended December 31, 2023, we recorded a goodwill impairment of $414.0 million related to our United Kingdom reporting unit in our International segment.
2.	Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024		2023
Transaction and integration costs	$	4.2		$	9.9		$	11.2	$	30.9
Fair value and impairment adjustments		7.6			0.9			8.4		1.6
Post-acquisition adjustments		(2.3	)		(0.5	)		7.0		4.3
Transition services agreement income		—			(0.1	)		—		(2.5	)
Loss on business disposal		—			—			—		0.3
Total mergers and acquisitions, divestitures and business optimization	$	9.4		$	10.1		$	26.5	$	34.6

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Three Months Ended December 31,				Years Ended December 31,
		2024		2023		2024		2023
Foundational Capabilities	$	10.7	$	8.0	$	35.7	$	35.8
Migration Management		13.3		7.7		43.2		29.6
Program Enablement		1.6		1.3		5.4		5.2
Total accelerated technology investment	$	25.6	$	17.0	$	84.2	$	70.6

4.	Operating model optimization consisted of the following adjustments:

	Three Months Ended December 31,				Years Ended December 31,
		2024		2023		2024		2023
Employee separation	$	—	$	71.9	$	24.7	$	71.9
Facility exit		—		3.4		42.1		3.4
Business process optimization		8.4		2.3		28.0		2.3
Total operating model optimization	$	8.4	$	77.6	$	94.8	$	77.6

5.	Net other consisted of the following adjustments:

	Three Months Ended December 31,					Years Ended December 31,
		2024		2023			2024		2023
Deferred loan fee expense from debt prepayments and refinancing	$	8.6	$	6.2		$	17.8	$	9.3
Currency remeasurement on foreign operations		2.5		(1.8	)		2.1		4.8
Other non-operating expense		0.4		—			0.3		—
Total other adjustments	$	11.6	$	4.4		$	20.2	$	14.0

6.	Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.
7.	Diluted share counts for Adjusted Diluted Earnings Per Share includes an additional 1.3 million of dilutive securities for the twelve months ended December 31, 2023, which are not included in GAAP diluted weighted-average shares outstanding due to the Company’s net loss position for the twelve months ended December 31, 2023.

SCHEDULE 4 TRANSUNION AND SUBSIDIARIES Adjusted Provision for Income Taxes, Effective Tax Rate and Adjusted Effective Tax Rate (Unaudited) (dollars in millions)

	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024			2023
Income (loss) from continuing operations before income taxes	$	100.6		$	(5.8	)	$	401.1		$	(145.3	)
Total adjustments before income tax items from Schedule 3		161.9			208.8			633.1			1,005.0
Adjusted income from continuing operations before income taxes	$	262.5		$	203.0		$	1,034.3		$	859.7

Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes
(Provision) benefit for income taxes		(29.9	)		15.4			(98.8	)		(44.7	)
Adjustments for income taxes:
Tax effect of above adjustments		(37.0	)		(45.5	)		(145.5	)		(135.6	)
Eliminate impact of excess tax (benefit) expenses for stock-based compensation		(0.1	)		0.2			(1.5	)		3.0
Other¹		1.3			(13.7	)		(1.7	)		(11.5	)
Total adjustments for income taxes	$	(35.9	)	$	(58.9	)	$	(148.7	)	$	(144.1	)
Adjusted Provision for Income Taxes	$	(65.8	)	$	(43.5	)	$	(247.6	)	$	(188.8	)

Effective tax rate		29.7	%		263.1	%		24.6	%	(30.8)%
Adjusted Effective Tax Rate		25.1	%		21.4	%		23.9	%		22.0	%

As a result of displaying amounts in millions, rounding differences may exist in the table above.

1.	Other adjustments for income taxes include:

	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024			2023
Deferred tax adjustments	$	15.2		$	(13.5	)	$	13.8		$	(12.9	)
Valuation allowance adjustments		(10.6	)		4.8			(12.7	)		4.0
Return to provision, audit adjustments, and reserves related to prior periods		(3.5	)		(3.6	)		(2.3	)		(1.0	)
Other adjustments		0.1			(1.4	)		(0.5	)		(1.6	)
Total other adjustments	$	1.3		$	(13.7	)	$	(1.7	)	$	(11.5	)

SCHEDULE 5
TRANSUNION AND SUBSIDIARIES
Leverage Ratio (Unaudited)
(dollars in millions)

	Years Ended December 31,
		2024		2023
Reconciliation of Net income (loss) attributable to TransUnion to Consolidated Adjusted EBITDA:
Net income (loss) attributable to TransUnion	$	284.4	$	(206.2	)
Discontinued operations, net of tax		—		0.7
Income (loss) from continuing operations attributable to TransUnion	$	284.4	$	(205.4	)
Net interest expense		236.7		267.5
Provision for income taxes		98.8		44.7
Depreciation and amortization		537.8		524.4
EBITDA	$	1,157.7	$	631.2
Adjustments to EBITDA:
Stock-based compensation	$	121.2	$	100.6
Goodwill impairment¹		—		414.0
Mergers and acquisitions, divestitures and business optimization²		26.5		34.6
Accelerated technology investment³		84.2		70.6
Operating model optimization program⁴		94.8		77.6
Net other⁵		21.8		15.2
Total adjustments to EBITDA	$	348.7	$	712.5
Leverage Ratio Adjusted EBITDA	$	1,506.3	$	1,343.7

Total debt	$	5,147.2	$	5,340.4
Less: Cash and cash equivalents		679.5		476.2
Net Debt	$	4,467.8	$	4,864.2

Ratio of Net Debt to Net income (loss) attributable to TransUnion		15.7		(23.6	)
Leverage Ratio⁶		3.0		3.6

As a result of displaying amounts in millions, rounding differences may exist in the table above.

1.	During the year ended December 31, 2023, we recorded a goodwill impairment of $414.0 million related to our United Kingdom reporting unit in our International segment.
2.	Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Years Ended December 31,
		2024		2023
Transaction and integration costs	$	11.2	$	30.9
Fair value and impairment adjustments		8.4		1.6
Post-acquisition adjustments		7.0		4.3
Transition services agreement income		—		(2.5	)
Loss on business disposal		—		0.3
Total mergers and acquisitions, divestitures and business optimization	$	26.5	$	34.6

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Years Ended December 31,
		2024		2023
Foundational Capabilities	$	35.7	$	35.8
Migration Management		43.2		29.6
Program Enablement		5.4		5.2
Total accelerated technology investment	$	84.2	$	70.6

4.	Operating model optimization consisted of the following adjustments:

	Years Ended December 31,
		2024		2023
Employee separation	$	24.7	$	71.9
Facility exit		42.1		3.4
Business process optimization		28.0		2.3
Total operating model optimization	$	94.8	$	77.6

5.	Net other consisted of the following adjustments:

	Years Ended December 31,
		2024			2023
Deferred loan fee expense from debt prepayments and refinancings	$	17.8		$	9.3
Other debt financing expenses		2.4			2.2
Currency remeasurement on foreign operations		2.1			4.8
Other non-operating (income) and expense		(0.5	)		(1.0	)
Total other adjustments	$	21.8		$	15.2

6.	We define Leverage Ratio as net debt divided by Leverage Ratio Adjusted EBITDA as shown in the table above.

SCHEDULE 6 TRANSUNION AND SUBSIDIARIES Segment Depreciation and Amortization (Unaudited) (in millions)

	Three Months Ended December 31,				Years Ended December 31,
		2024		2023		2024		2023

U.S. Markets	$	101.1	$	101.3	$	400.5	$	393.6
International		35.2		30.9		133.3		126.4
Corporate		0.9		1.1		3.9		4.4
Total depreciation and amortization	$	137.3	$	133.3	$	537.8	$	524.4

As a result of displaying amounts in millions, rounding differences may exist in the table above.

SCHEDULE 7
TRANSUNION AND SUBSIDIARIES
Reconciliation of Non-GAAP Guidance (Unaudited)
(in millions, except per share data)

	Three Months Ended March 31, 2025						Year Ended December 31, 2025
	Low			High			Low			High
Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA:
Net income attributable to TransUnion	$	71		$	77		$	335		$	362
Interest, taxes and depreciation and amortization		222			225			923			935
EBITDA	$	293		$	301		$	1,258		$	1,298
Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments¹		83			83			292			292
Adjusted EBITDA	$	376		$	384		$	1,549		$	1,590

Net income attributable to TransUnion margin		6.7	%		7.1	%		7.7	%		8.3	%
Consolidated Adjusted EBITDA margin²		35.5	%		35.8	%		35.8	%		36.2	%

Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:
Diluted earnings per share	$	0.36		$	0.39		$	1.68		$	1.82
Adjustments to diluted earnings per share¹		0.60			0.60			2.25			2.26
Adjusted Diluted Earnings per Share	$	0.96		$	0.99		$	3.93		$	4.08

As a result of displaying amounts in millions, rounding differences may exist in the table above.

1.	These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release.
2.	Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

The MIL Network –

February 14, 2025

MIL-OSI: TransUnion Collaborates with Credit Sesame to Launch New Freemium Direct-to-Consumer Credit Education and Monitoring Offering

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Feb. 13, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE:TRU) has announced the launch of its new direct-to-consumer experience in the U.S., enabled by its strategic collaboration with Credit Sesame, a leader in the credit management space. This new offering is expected to enable TransUnion to more fully serve the tens of millions of consumers who visit TransUnion digital properties annually, with a highly engaging freemium credit education solution that will be integrated with enhanced premium credit monitoring services.

This new experience will provide consumers with access to a suite of free credit education services, including a daily TransUnion credit score and report, in addition to optional premium credit monitoring services, available on TransUnion’s website and app. Consumers will also have access to a network of third-party financial offers, tailored to a consumer’s individual goals and credit profile. TransUnion expects to launch the new offering in phases throughout the first half of 2025.

“Personal empowerment is a key component of our commitment to Information for Good^®,” said Steve Chaouki, President, U.S. Markets, TransUnion. “By providing a free-first experience that includes financial offers, we engage with more consumers, enabling them to better understand their financial situations and take action to manage their financial futures. By integrating our freemium offering with our enhanced premium credit and identity monitoring services, we expect to deliver a more expansive product offering to consumers and position our direct-to-consumer business for sustainable growth.”

This initiative combines the unique capabilities of Credit Sesame and TransUnion. Credit Sesame provides its expertise to develop and manage a highly engaging product platform, mobile app and integrated network of financial offers, all powered by TransUnion data. TransUnion plans to upgrade its existing consumer base in the U.S. onto the new platform and manage consumer acquisition and consumer servicing, as well as ongoing operational and compliance controls.

“We’re committed to empowering consumers to take charge of their financial health,” said Adrian Nazari, CEO, Credit Sesame. “We have a track record of success in the freemium credit space, helping millions of Americans effectively manage their credit and create better opportunities for themselves and their families. By leveraging our Sesame platform, we expect that TransUnion will be able to deeply engage consumers and support them in achieving their financial goals.”

About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good^® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world. http://www.transunion.com/business

About Credit Sesame
Credit Sesame is a leading financial wellness company dedicated to helping consumers achieve better credit and financial health through cutting-edge technology and data-driven solutions. With a decade of credit expertise and a proven track record of serving over 18 million users, Credit Sesame leverages AI and advanced analytics to empower individuals to improve their credit scores, enhance approval odds, and reduce credit costs.

The recently launched Sesame Credit Intelligence Platform extends this mission by providing institutions with a turnkey AI-powered credit intelligence solution. It enables businesses to offer personalized credit and financial wellness experiences, driving deeper customer engagement and growth.

Backed by leading institutional and strategic investors, Credit Sesame operates across the U.S. For more information, visit www.addsesame.com.

TransUnion Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this press release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions. There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

The forward-looking statements contained in this press release speak only as of the date of this press release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this press release.

Contact Dave Blumberg
TransUnion

E-mail david.blumberg@transunion.com

Telephone 312-972-6646

The MIL Network –

February 14, 2025
MIL-OSI United Kingdom: Former owner of Gillingham takeaway sanctioned for £50,000 Covid loan abuse
Source: United Kingdom – Executive Government & Departments

Former owner of Chinese takeaway in Kent claimed maximum loan for business which was not eligible for any money
Zhongqing Li claimed a £50,000 Bounce Back Loan for his Chinese takeaway despite the business not being eligible for the scheme

The Official Receiver uncovered the abuse of the loan after the takeaway owner became bankrupt.

He is now subject to nine years of sanctions which prevent him acting as a company director

The former owner of a Chinese takeaway in Kent is subject to stringent sanctions after taking out a £50,000 Bounce Back Loan during the Covid pandemic when the business was not entitled to any money under the scheme.

Zhongqing Li, 55, from Parkwood Green, Gillingham, applied for the loan in June 2020 to support his Silver Sea takeaway, which also traded from Parkwood Green.

Li became bankrupt in June 2024, owing the full amount of the loan.

The Official Receiver, whose duty includes investigating the cause of a bankruptcy, discovered that Silver Sea had not been trading within the required timeframe to have been eligible for a Bounce Back Loan.

Samantha Crook, Deputy Official Receiver at the Insolvency Service, said:

The Bounce Back Loan scheme was designed to help keep existing businesses afloat during a time of crisis for the country.

Zhongqing Li abused this vital support by claiming the maximum amount possible for a business that was not entitled to receive a loan under the terms of the scheme.

The Insolvency Service strives to secure the toughest sanctions for those who abuse public money, and we are pleased these lengthy restrictions will curb Li’s business and financial activities to help protect the public from further harm.

Li made a loan application on 15 June 2020 in which he stated that Silver Sea had been trading on 1 March 2020 – the date businesses had to have been trading to qualify for a loan under the rules of the scheme.

But the Official Receiver discovered that the day before he applied for the loan, Li had signed a VAT registration form saying the business had only begun trading in the previous month, on 17 May 2020.

The Official Receiver secured a Bankruptcy Restrictions Undertaking (BRU) from Li, in which he did not dispute that he had obtained a £50,000 Bounce Back Loan to which he was not entitled because he was not trading on or before 1 March 2020, as required by the terms of the scheme.

He agreed to abide by sanctions that restrict his finance and business activities, and extend the original terms of his bankruptcy – usually a 12-month period – for another nine years.

The restrictions prevent him acting as a company director without permission from the court, and from holding certain roles in public organisations. He is also prohibited from borrowing more than £500 without declaring he is subject to the sanctions.

The Secretary of State for Business and Trade accepted the undertaking from Zhongqing Li on 28 January 2025. He will be subject to the restrictions until 27 January 2034.

The Silver Sea takeaway continues to trade under different owners.

The Official Receiver continues to make enquiries into possible recovery of the money.

Further Information

Zhongqing Li is of Parkwood Green, Gillingham. His date of birth is 14 July 1969.

Further guidance about Bankruptcy Restrictions Orders and Undertakings 

Details of BRO and BRU restrictions relating to individuals can be found on the Individual Insolvency Register

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Published 13 February 2025
MIL OSI United Kingdom –
February 14, 2025
MIL-OSI Russia: Financial news: 02/13/2025, 10:05 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the SU26245RMFS9 security (OFZ 26245) were changed.

Translartion. Region: Russians Fedetion –

Source: Moscow Exchange – Moscow Exchange –

02/13/2025

10:05

In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 13.02.2025, 10-05 (Moscow time), the values of the upper limit of the price corridor (up to 84.14) and the range of market risk assessment (up to 926.73 rubles, equivalent to a rate of 12.5%) of the SU26245RMFS9 security (OFZ 26245) were changed.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

HTTPS: //VVV. MOEX.K.Mom/N77596

MIL OSI Russia News –

February 14, 2025
MIL-OSI Russia: Financial news: 02/13/2025, 10:06 (Moscow time) the values of the lower boundary of the price corridor and the range of market risk assessment for security RU000A105898 (IADOM 1P21) were changed.

Translartion. Region: Russians Fedetion –

Source: Moscow Exchange – Moscow Exchange –

02/13/2025

10:06

In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 13.02.2025, 10-06 (Moscow time), the values of the lower limit of the price corridor (up to 70.69) and the range of market risk assessment (up to 454.21 rubles, equivalent to a rate of 21.25%) of the security RU000A105898 (IADOM 1P21) were changed.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

HTTPS: //VVV. MEEX.K.M.M.

MIL OSI Russia News –

February 14, 2025
MIL-OSI Russia: Financial news: 02/13/2025, 10:06 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the SU26246RMFS7 security (OFZ 26246) were changed.

Translartion. Region: Russians Fedetion –

Source: Moscow Exchange – Moscow Exchange –

02/13/2025

10:06

In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 13.02.2025, 10-06 (Moscow time), the values of the upper limit of the price corridor (up to 83.44) and the range of market risk assessment (up to 924.6 rubles, equivalent to a rate of 12.5%) of the SU26246RMFS7 security (OFZ 26246) were changed.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

HTTPS: //VVV. MEEX.K.M.M.

MIL OSI Russia News –

February 14, 2025
MIL-OSI Russia: Financial news: 02/13/2025, 10:06 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the SU26225RMFS1 security (OFZ 26225) were changed.

Translartion. Region: Russians Fedetion –

Source: Moscow Exchange – Moscow Exchange –

02/13/2025

10:06

In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on 13.02.2025, 10-06 (Moscow time), the values of the upper limit of the price corridor (up to 62.81) and the range of market risk assessment (up to 678.61 rubles, equivalent to a rate of 13.75%) of the SU26225RMFS1 security (OFZ 26225) were changed.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

HTTPS: //VVV. MOEX.K.MO/N77599

MIL OSI Russia News –

February 14, 2025
MIL-OSI China: China intensifies crackdown on telecom, online fraud

Source: China State Council Information Office 2

China’s prosecutorial authorities charged over 67,000 individuals with telecom and online fraud between January and November 2024, marking a 58.5 percent increase compared to the previous year, the Supreme People’s Procuratorate (SPP) said Thursday.
Since the launch of a special campaign in July 2023, police have apprehended over 53,000 Chinese suspects involved in telecom and internet fraud operating from northern Myanmar, a region bordering China and notorious for such crimes.
By the end of November 2024, more than 29,000 of these fraud suspects had been indicted and were facing trial, according to the SPP.
Telecom and internet fraud remain rampant, said Du Xueyi of the SPP, pledging to intensify efforts and impose stricter penalties on these crimes.

MIL OSI China News –

February 14, 2025
MIL-OSI China: China intensifies employment support to stabilize post-festival labor market

Source: China State Council Information Office 2

China has intensified efforts to stabilize the labor market and ensure smooth business operations following the Spring Festival by organizing both online and offline job fairs, as well as offering chartered buses, trains and flights to help migrant workers return to their jobs.
From mid-January to Feb. 11, a total of 22,000 recruitment events have been held nationwide, offering more than 15 million job opportunities, according to data released by the Ministry of Human Resources and Social Security on Thursday.
Approximately 370,000 migrant workers have returned to their jobs, thanks to the 15,000 chartered buses, trains and flights provided, according to the data.
The period after the Spring Festival is crucial for businesses to resume operations and production, while also being a peak time for workers to change jobs and seek employment.
In the Yangtze River Delta and Pearl River Delta regions, businesses have swiftly resumed operations after the holiday to fulfill orders and boost production, driving a steady and growing demand for labor.
The ministry has focused on addressing businesses’ workforce needs and strengthening inter-regional labor cooperation to ensure stable production and sustain economic growth.
From mid-January to mid-March, the ministry, along with seven other central authorities, will launch campaigns to offer employment services for workers and employers.

MIL OSI China News –

February 14, 2025
MIL-OSI Economics: Per Jansson: Credibility and flexibility going forward

Source: Bank for International Settlements

Accompanying slides to the speech

My time as a member of the Executive Board of the Riksbank has been quite special, with two extreme periods in terms of how inflation has developed. The first period had already started before I joined the Executive Board in 2012. During this time, inflation had been below target more or less consistently for more than half a decade, sometimes very much below. The problem, which we shared with many other central banks, was how to get inflation to rise towards the target. After a few years of better target attainment in 2017−2019, the global pandemic hit and was followed by a period in which inflation rose sharply and was far above the target, for the first time since its introduction some thirty years ago (see Figure 1). In other words, the problems we have had to deal with during this time have been of very different kinds.

What these periods have had in common, however, is that monetary policy has reacted clearly and decisively to bring inflation back to the target. This has required quite specific, and in some cases unique, measures. First, negative policy rates and large-scale securities purchases, something that had not been tried before. After that, the fastest and largest rate hikes during the inflation targeting period.

I believe there may be some merit in the fact that inflation targeting has now been tested both during a period of too low inflation and during a period of too high inflation − and of course that it has proved to pass the test. The investment in credibility that we have thus made could pay off in the form of making it slightly easier to conduct monetary policy in the future. More specifically, it could mean that we can allow ourselves to act a little less forcefully than we have done so far with the interest rate. But a prerequisite for this is that economic actors really see the target as credible and worth upholding, and act accordingly. This is what I intend to talk about here today.

MIL OSI Economics –

February 14, 2025
MIL-OSI Economics: Burkhard Balz: Envisioning tomorrow – the role of CBDCs in Europe’s digital financial ecosystem

Source: Bank for International Settlements

Check against delivery

1 Introduction

Good morning ladies and gentlemen and thank you very much for your warm welcome.

I am honoured to have been invited back to this year’s Frankfurt Digital Finance Conference in this wonderful building here in Frankfurt’s Palmengarten and to have been asked to hold a keynote to kick off today’s event.

Allow me to begin my keynote this morning with a quote attributed to Oscar Wilde: The future belongs to those who recognise opportunities before they become obvious. These words, ladies and gentlemen, could not be any better suited to our financial ecosystem.

And it is precisely opportunities that I wish to address in my keynote today – the opportunities provided by central bank digital currencies, or CBDCs for short. A subject that is as timely as it is significant.

2 The future is digital

We are at the cusp of a new era. One in which the digitalisation of the financial sector is not just an option but a necessity. New technologies are venturing into the realm of payments and new forms of money, such as digital central bank currencies and stablecoins, are also emerging as alternatives to physical cash.

These developments all pose new challenges for central banks. Ultimately, central banks must continue to ensure secure and efficient payments in line with their mandate and redefine their role in an increasingly digitalised world in order to maintain the public’s trust in our monetary system.

The question that we therefore now face is: how do we respond to these technological challenges?

And that is precisely why we in the Eurosystem – by that I mean the European Central Bank and the national central banks of the euro-area member states, including the Bundesbank – are taking a proactive approach to actively help shape the future of Europe’s digital financial ecosystem.

3 What are we aiming to achieve with the introduction of a digital euro?

One could argue that the Eurosystem already offers enough sufficiently well-functioning products, be it physical banknotes and coins or cashless payment instruments. After all, these have proven their worth for decades. Yet at the same time, we cannot simply ignore the evolving world around us. In an increasingly digitalised society, we must adapt to the changing needs and demands of consumers and rethink our payment services.

Let me outline the three key motivations behind the possible introduction of a retail CBDC in Europe – a digital euro, which we sometimes like to summarise as resilience, autonomy and efficiency.

Let me first start with resilience. The foundation of an independent and efficient monetary policy is the adoption and use of the euro. By providing our common currency – the euro – in its form as legal tender and as a modern “all-in-one” digital payment solution, we are paving the way for our currency to enter the digital age, making it “future-proof” and fit for purpose in an increasingly digital society.

The digital euro would thereby help to preserve the euro’s fulfilment of the core monetary functions and shield the euro area from competing foreign currencies as well as foreign – and potentially unregulated – stablecoins by safeguarding the anchor function of central bank money.

Second, the digital euro is necessary to improve the autonomy of the European payment system. In its current form, the European payments landscape is highly dependent on non-European providers. Almost 25 years after the introduction of the euro, we still do not have a digital payment solution that can be used across the entire euro area and that runs on a European infrastructure, which, in my view, is not compatible with the concept of a single European market. Although a small number of successful payment innovations have emerged across the euro area over the past years, such as iDEAL in the Netherlands or BIZUM in Spain, the reach of these payment solutions usually ends at national borders.

As a result, payments in Europe are largely dependent on international schemes, primarily those in the United States. At present, just under two thirds of all card payments in the euro area are processed by non-European providers. And I believe that Europe’s dependencies in the digital age are likely to increase if we do not fundamentally take matters into our own hands.

Third, is the issue of efficiency. By creating a pan-European payment rail in a technically modern form, we would foster competition and innovation in payments across Europe, which we believe is the best path towards efficiency in payments. The payment initiatives we have today, such as BIZUM or WERO, would be able to integrate the digital euro into their payment applications, thereby enabling them to gain instant European reach.

4 What would a digital euro be for the common citizen?

Although the issues I have just touched upon are very important, they are not necessarily of primarily relevance for the daily life of a majority of citizens in Europe. Hence, what would the digital euro be from the perspective of the customer?

I believe that the digital euro would not just be a commitment to Europe’s autonomy, increase the resilience of our payment system and foster competition and innovation, it would also improve payments and make life easier for the 350 million residents of the euro area.

The digital euro would serve as an additional means of payment alongside cash. As a digital upgrade of banknotes and coins, it would be an “all-in-one payments solution”, as we like to call it, which means it can be used in almost all everyday payment situations, including at retail checkouts, transactions among family and friends, online purchases, and payments to or from public authorities. Furthermore, it would be the first digital currency which could be used both online and offline. That is to say, also in the event of a loss of internet reception.

Moreover, the design of the digital euro would ensure that it would offer the highest possible level of user privacy, comparable only to cash. No other digital means of payment in Europe currently offers all these features.

Despite the many benefits the digital euro would bring for Europe as a whole, we must, nevertheless, proceed with caution. The introduction of a digital euro raises important questions about privacy, security, and the impact on financial stability and monetary policy. We must ensure that the digital euro upholds the highest standards of data protection, that it is resilient against cyber threats, and that it does not have a negative impact on financial stability.

5 Wholesale CBDC

Digitalisation raises questions not only in terms of how we intend to continue providing access to central bank money for our European citizens in future, but also in terms of how we intend to supply money to our wholesale customers. It is and will remain essential that we are able to settle digital transactions using new and innovative technologies, such as distributed ledger technology (DLT) in central bank money. An entire ecosystem is currently evolving around the tokenisation of securities, which involves all parts of the financial system.

Like other financial players, the Bundesbank, and also the Eurosystem as a whole, see the significant benefits that the use of these new technologies can bring. The advantages of DLT, such as automated settlement by means of smart contracts and reduced reconciliation needs, are clear.

But to fully harness this potential, we also need an innovative settlement mechanism for the cash leg – one which settles transactions in central bank money. We are therefore working on developing wholesale solutions that enable banks to settle DLT-based financial market transactions in central bank money.

The Eurosystem recently completed an exploration phase together with the market, which ran from May to November 2024, during which we tested various new technologies for wholesale central bank money settlement using real transactions. The Bundesbank also participated in this exploration phase with its “Trigger solution”, which builds a bridge between DLT platforms and the conventional TARGET payment system. The feedback we have received from the market so far has been very positive. I think we can already say that the exploration phase was a complete success.

The anticipated benefits of DLT are seen as having the potential to address and overcome the ecosystem’s current shortcomings, such as fragmentation, complexity, over-intermediation, and technological inefficiencies, which hinder the growth of a digital capital markets union.

By developing a new ecosystem from the ground up, it could be made more integrated and harmonised, featuring a “common set of rails” – a shared ledger or a network of fully interoperable ledgers – that would guarantee reachability, open access, and compatibility across the services of all participants.

Our primary focus is now on implementing a short-term wholesale solution to meet the immediate and growing demands of the market. This will buy us some much-needed time to continue working on a vision for a long-term solution for wholesale CBDC. A solution which must ultimately go hand in hand with the evolving financial market ecosystem.

6 Business-to-business (B2B) payments

Alongside its work into the possible introduction of a digital euro and the exploration of wholesale CBDC, the ECB, together with the Eurosystem, has also been turning its focus to another area of payments – one which is increasingly gaining traction: business-to-business payments, or B2B payments for short.

To fully leverage the potential of the evolving payments landscape in the area of CBDCs, last October the ECB organised a special focus workshop on innovations in B2B payments and the role central bank money could play.

This workshop provided a one-of-a-kind platform to learn more about the potential use cases out there in the market. Given the high level of interest shown in the first focus workshop, I’m sure this will not be the last one of its kind.

7 Outlook

Ladies and gentlemen,

The introduction of the digital euro and the exploration of wholesale CBDC and B2B use cases are not just a technical exercise, but a clear commitment to the innovative strength and competitiveness of Europe.

The Bundesbank and the Eurosystem are determined to play an active role in shaping this digital transformation.

It is, however, crucial that we continue working together and pool our resources and expertise in order to fully exploit the opportunities offered by digitalisation to create a strong, stable and future-proof digital financial ecosystem for Europe.

Thank you for your attention.

MIL OSI Economics –

February 14, 2025
MIL-OSI Economics: Asian Development Blog: A Fork in the Road: Will Asia Prioritize Safety or Suffer Rising Fatalities?

Source: Asia Development Bank

While road fatalities in Asia and the Pacific have fallen 11% since 2010, progress remains uneven, with low- and middle-income countries lagging behind. Strengthening infrastructure, enforcing safety regulations, and securing sustainable financing are critical to meeting the UN Decade of Action for Road Safety goal.

On average, one person dies on Asia’s roads every minute. In 2021 alone, the region recorded over 694,000 road fatalities—nearly 60% of the global total of 1.19 million, according to the World Health Organization. These deaths overwhelmingly occur in Asia’s low- and middle-income countries, which account for 99% of the region’s road fatalities.

Road crashes in Asia have a particularly severe impact on young people. They are the leading cause of death for those aged 15 to 29, and the second leading cause of death for children aged 5 to 14. Vulnerable road users are disproportionately affected. In 2021, one-third of all road fatalities involved pedestrians and cyclists, while 35% involved motorized two- and three-wheelers.

The WHO estimates that road traffic deaths have fallen by 5% globally from 2010. In comparison, Asia and the Pacific has outpaced this trend, achieving an overall reduction of 11%. Meanwhile, the overall landscape indicates mixed progress across the region. While 67% of countries in the region have reduced road fatalities, only eight achieved a substantial decrease of 30% or more.

Most of the decline in road fatalities has occurred in high-income Asian countries, which saw a 46% reduction between 2010 and 2021—an average decrease of 5% per year. In contrast, low- and middle-income countries in the region achieved only a 4% reduction over the same period, with an average annual decline of just 0.3%.
While progress is being made, accelerated efforts are needed to realize the target. If current trends continue, about two-thirds of countries in the region — accounting for 86% of current road crash fatalities — will not be able to achieve the UN Decade of Action for Road Safety goal of achieving a 50% reduction.

While discrepancies exist between the various available datasets, they all paint the same scenario, that the majority of the countries in Asia will fail to meet the 2030 target under current trajectories.

Regulations in the region focus on users and usage of the roads. For example, 97% of Asian countries have a national law setting speed limits, and 95% have national motorcycle helmet laws.

With nearly 1.8 billion Asian people lacking access to urban transit and rural roads, countries must invest in safer road infrastructure.

Targeted steps are needed to establish safe systems — which look beyond individual road behavior and address the underlying environment affecting road user safety, including safe roads and roadsides; safe vehicles; post-crash care; safe speeds and safe road use.

For example, technical standards for new roads – which affect all road users – are only present in 78% of the countries. Only half have targets to have their streets meet “technical safety standards for all users.”

There is a dire need to accelerate the improvement of road infrastructure. For example, road user surveys utilizing the IRAP star rating system indicate that the share of roads in Asia with good (3 stars or more) ratings is still quite low. With nearly 1.8 billion Asian people lacking access to urban transit and rural roads, countries must invest in safer road infrastructure.

On the institutions, while 95% of Asian countries have identified national focal agencies for implementing road safety action plans, more detailed responsibilities also need focal points. Less than half of the countries in the region have identified funds to implement their road safety strategies.

Targets and ambitions also need to increase and expand. In the last two decades, Asian countries have added a billion vehicles to the road, and projections suggest that countries will motorize further. However, it is concerning to note that only 68% of the countries in the region have legislation on periodic vehicle technical inspection.

Also, considering the import of used vehicles in developing countries, only 56% of the developing countries in the region have high-quality standards for used vehicle imports.

Measures—and their implementation—matter. The case of the Republic of Korea, which now leads Asia in terms of progress towards the 2030 target, shows that regulations backed by effective implementation can result in significant impact, saving lives and reducing serious injuries.

Broader uptake of monitoring mechanisms is also crucial for elevating our collective awareness of road safety, particularly for low- and middle-income countries.

The Asian Transport Observatory, for example, has developed road safety profiles for Asian economies. These can support the monitoring of progress towards the implementation of the Global Plan for the Decade of Action for Road Safety 2021-2030.

The overall road safety landscape in Asia presents progress but also persistent challenges. We need to turn incremental improvements into transformative actions. This includes boosting investments and standards for safer infrastructure; strengthening and enforcing regulations for ensuring safe vehicles, securing sustainable financing to implement road safety strategies; strengthening institutional capacities and accountability; and enhancing monitoring systems.

We are at a turning point, not just a checkpoint, towards achieving the collective goal towards reducing road fatalities.

This blog post is related to 4th Global Ministerial Conference on Road Safety, which assesses the progress in implementing the Global Plan for the Decade of Action for Road Safety 2021-2030. The plan aims to achieve a 50% reduction in road traffic fatalities by 2030. Sudhir Gota, Co-Team Lead, Asian Transport Observatory, contributed to this article.

MIL OSI Economics –

February 14, 2025
MIL-Evening Report: Will New Zealand invade the Cook Islands to stop China? Seriously

The Chinese have politely told the Kiwis to back off. Foreign Ministry spokesperson Guo Jiakun told reporters that China and the Cook Islands have had diplomatic relations since 1997 which “should not be disrupted or restrained by any third party”.

“New Zealand is rightly furious about it,” a TVNZ Pacific affairs writer editorialised to the nation. The deal and the lack of prior consultation was described by various journalists as “damaging”, “of significant concern”, “trouble in paradise”, an act by a “renegade government”.

Foreign Minister Winston Peters, not without cause, railed at what he saw as the Cook Islands government going against long-standing agreements to consult over defence and security issues.

“Should New Zealand invade the Cook islands?” . . . New Zealand Herald columnist Matthew Hooton’s view in an “oxygen-starved media environment” amid rattled nerves. Image: New Zealand Herald screenshot APR

‘Clearly about secession’
Matthew Hooton, who penned the article in The Herald, is a major commentator on various platforms.

“Cook Islands Prime Minister Mark Brown’s dealings with China are clearly about secession from the realm of New Zealand,” Hooton said without substantiation but with considerable colonial hauteur.

“His illegal moves cannot stand. It would be a relatively straightforward military operation for our SAS to secure all key government buildings in the Cook Islands’ capital, Avarua.”

This could be written off as the hyperventilating screeching of someone trying to drum up readers but he was given a major platform to do so and New Zealanders live in an oxygen-starved media environment where alternative analysis is hard to find.

The Cook Islands, with one of the largest Exclusive Economic Zones in the world — a whopping 2 million sq km — is considered part of New Zealand’s backyard, albeit over 3000 km to the northeast. The deal with China is focused on economics not security issues, according to Cooks Prime Minister Mark Brown.

Deep sea mining may be on the list of projects as well as trade cooperation, climate, tourism, and infrastructure.

The Cook Islands seafloor is believed to have billions of tons of polymetallic nodules of cobalt, copper, nickel and manganese, something that has even caught the attention of US Secretary of State Marco Rubio. Various players have their eyes on it.

Glen Johnson, writing in Le Monde Diplomatique, reported last year:

“Environmentalists have raised major concerns, particularly over the destruction of deep-sea habitats and the vast, choking sediment plumes that excavation would produce.”

All will be revealed
Even Cook Island’s citizens have not been consulted on the details of the deal, including deep sea mining. Clearly, this should not be the case. All will be revealed shortly.

New Zealand and the Cook Islands have had formal relations since 1901 when the British “transferred” the islands to New Zealand. Cook Islanders have a curious status: they hold New Zealand passports but are recognised as their own country. The US government went a step further on September 25, 2023. President Joe Biden said:

“Today I am proud to announce that the United States recognises the Cook Islands as a sovereign and independent state and will establish diplomatic relations between our two nations.”

A move to create their own passports was undermined by New Zealand officials who successfully stymied the plan.

New Zealand has taken an increasingly hostile stance vis-a-vis China, with PM Luxon describing the country as a “strategic competitor” while at the same time depending on China as our biggest trading partner. The government and a compliant mainstream media sing as one choir when it comes to China: it is seen as a threat, a looming pretender to be South Pacific hegemon, replacing the flip-flopping, increasingly incoherent USA.

Climate change looms large for island nations. Much of the Cooks’ tourism infrastructure is vulnerable to coastal inundation and precious reefs are being destroyed by heating sea temperatures.

“One thing that New Zealand has got to get its head round is the fact that the Trump administration has withdrawn from the Paris Climate Accord,” Dr Robert Patman, professor of international relations at Otago University, says. “And this is a big deal for most Pacific Island states — and that means that the Cook Islands nation may well be looking for greater assistance elsewhere.”

Diplomatic spat with global coverage
The story of the diplomatic spat has been covered in the Middle East, Europe and Asia. Eyebrows are rising as yet again New Zealand, a close ally of Israel and a participant in the US Operation Prosperity Guardian to lift the Houthi Red Sea blockade of Israel, shows its Western mindset.

Matthew Hooton’s article is the kind of colonialist fantasy masquerading as geopolitical analysis that damages New Zealand’s reputation as a friend to the smaller nations of our region.

Yes, the Chinese have an interest in our neck of the woods — China is second only to Australia in supplying much-needed development assistance to the region.

It is sound policy not insurrection for small nations to diversify economic partnerships and secure development opportunities for their people. That said, serious questions should be posed and deserve to be answered.

Geopolitical analyst Dr Geoffrey Miller made a useful contribution to the debate saying there was potential for all three parties to work together:

“There is no reason why New Zealand can’t get together with China and the Cook Islands and develop some projects together,” Dr Miller says. “Pacific states are the winners here because there is a lot of competition for them”.

I think New Zealand and Australia could combine more effectively with a host of South Pacific island nations and form a more effective regional voice with which to engage with the wider world and collectively resist efforts by the US and China to turn the region into a theatre of competition.

We throw the toys out
We throw the toys out of the cot when the Cooks don’t consult with us but shrug when Pasifika elders like former Tuvalu PM Enele Sopoaga call us out for ignoring them.

In Wellington last year, I heard him challenge the bigger powers, particularly Australia and New Zealand, to remember that the existential threat faced by Pacific nations comes first from climate change. He also reminded New Zealanders of the commitment to keeping the South Pacific nuclear-free.

To succeed, a “Pacific for the peoples of the Pacific” approach would suggest our ministries of foreign affairs should halt their drift to being little more than branch offices of the Pentagon and that our governments should not sign up to US Great Power competition with China.

Ditching the misguided anti-China AUKUS project would be a good start.

Friends to all, enemies of none. Keep the Pacific peaceful, neutral and nuclear-free.

Eugene Doyle is a community organiser and activist in Wellington, New Zealand. He received an Absolutely Positively Wellingtonian award in 2023 for community service. His first demonstration was at the age of 12 against the Vietnam War. This article was first published at his public policy website Solidarity and is republished here with permission.

MIL OSI Analysis – EveningReport.nz –

February 14, 2025
MIL-OSI: Biz2Credit Small Business Earnings Report Finds SMB’s Average Earnings Dropped Nearly $10K in January 2025
Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 13, 2025 (GLOBE NEWSWIRE) — Biz2Credit today released its monthly Small Business Earnings Report for January 2025, which revealed that average monthly earnings were $32,300, the lowest level recorded in the past 36 months of data analyzed in the report. While average monthly revenues increased to $758,100, expenses rose to $725,800, their highest level since Biz2Credit began tracking the earnings data of small businesses in January 2022.

“The Biz2Credit Small Business Earnings Report for January 2025 shows us that even though revenue is climbing for small businesses, rising costs are eating into their earnings,” said Rohit Arora, CEO and co-founder of Biz2Credit, who oversaw the research. “January is usually a tough month for small businesses as consumers typically pay off holiday expenditures and scale back expenditures.”

“The challenge for small businesses owners is whether or not expenses will continue rising at a higher rate than revenues. If and when the Trump administration makes headway in battling inflation, which was 3% in January, SMB earnings should rise again,” Arora added. “While some small business owners may raise prices, some industries, such as restaurants hurt by the soaring price of eggs, may risk losing customers by doing so.”

The report summarizes financial data of companies that applied for financing via Biz2Credit and provides an examination of the financial health of small businesses by analyzing primary data submitted by small to midsized firms in the U.S. that uploaded on Biz2Credit’s award-winning digital funding platform each month.

Key Findings for January 2025
- Average Monthly Earnings: $32,300. (Dec. 2024: $42,100 – a decrease of nearly $10,000)
- Average Monthly Revenue: $758,100. (Dec. 2024: $747,500 – an increase of $10,600)
- Average Monthly Expenses: $725,800. (Dec. 2024: $705,400 – an increase of $20,000+)
A year ago, in January 2024, average revenues were $588,500; average expenses were $512,000; and average earnings were $76,500, more than double the figure of January 2025, a year later.

Biz2Credit is continuing to monitor the revenues and earnings of the tens of thousands of companies that apply for financing on the online platform each month to provide one of the most up-to-date readings on small business health currently available.

The data is drawn from applications submitted on Biz2Credit’s award-winning financing platform each month. Click to review the Small Business Earnings Report. Each month the report will showcase the financial performances of small businesses in terms of changes in average revenue and expenses.

Methodology
Biz2Credit examines a number of small business financial metrics in the Small Business Earnings Report, including annual revenue, operating expenses, age of business, credit score, approval rate, and funding rate. Data is drawn from over 100,000 completed financing applications submitted to Biz2Credit’s online small business funding platform between Jan. 2022 and Dec. 2024. (The numbers were extracted from non-PPP loan applications.)

About Biz2Credit
Founded in 2007, Biz2Credit has helped thousands of companies access more than $10 billion in small business financing. The company is expanding its industry-leading Biz2X technology in custom digital platform solutions for banks and other financial institutions, investors, and service providers. Visit www.biz2credit.com, LinkedIn, Instagram, Facebook, and X (formerly Twitter).

####

Editor’s Note: A spreadsheet of three years’ worth of earnings data is available upon request.

Media Contact: John Mooney, (908) 720-6057, john@overthemoonpr.com

The MIL Network –
February 14, 2025
MIL-OSI: ThinkMarkets Celebrates Its 15-year Anniversary
Source: GlobeNewswire (MIL-OSI)

LONDON, Feb. 13, 2025 (GLOBE NEWSWIRE) — ThinkMarkets, a globally recognized leader in multi-asset online trading, is celebrating 15 years of serving traders worldwide. For over a decade, the broker has provided traders in more than 165 countries with a premium trading experience, combining best-in-class charting, execution, and a multi-asset trading product mix into one offering. To mark this milestone, ThinkMarkets is launching initiatives to thank the people who have been instrumental in its journey and success.

Advancing Global Trading Since 2010
Since its inception, ThinkMarkets has continuously enhanced the trading experience with its innovative platform, ThinkTrader. Continuous investment in server infrastructure and a strong focus on implementing cutting-edge technology have positioned ThinkMarkets at the forefront of the industry, with a commitment to innovation driving its evolution.

Recognizing People and Progress
ThinkMarkets’ growth has been driven by the support of its traders, partners, and employees around the world. To acknowledge their contributions, the company is launching a series of initiatives, including:
- Competitions and giveaways: A year-long calendar of events, competitions, and prizes.
- Media interviews: Exclusive interviews with long-standing personnel, instrumental to the company’s success.
- Reward incentives: New initiatives bring added benefits to its clients and partners.
Commenting on the milestone, Nauman Anees, Co-CEO of ThinkMarkets, said:
“ThinkMarkets started with a vision to build a global financial market trading platform that empowers clients with the best technology. Over the past 15 years, we’ve grown into a global brokerage with a presence in over 165 countries, serving all types of traders. To celebrate this major milestone, we’re launching a series of initiatives that honor our journey and achievements. As we mark 15 years, our commitment to innovation, transparency, and client satisfaction remains clear and will always be at the core of our approach.”

To learn more about its 15-year anniversary, users can visit thinkmarkets.com.

About ThinkMarkets
ThinkMarkets is a global, multi-regulated online brokerage established in 2010, offering clients quick and easy access to 4,000+ CFD instruments across FX, indices, commodities, equities, and more. ThinkMarkets has offices in London, Melbourne, and Tokyo, and hubs in the Asia-Pacific, Europe, and South Africa. It also operates with several financial licenses around the globe and delivers some of the industry’s most recognized trading platforms, including its award-winning platform, ThinkTrader.

Contact

ThinkMarkets
pr@thinkmarkets.com

A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/efcfd4c2-f03e-4bbd-a157-b7d74a91c387

The MIL Network –
February 14, 2025
MIL-OSI: Altus Group Releases its Q4 2024 Pan-European Dataset Analysis on CRE Valuation Trends
Source: GlobeNewswire (MIL-OSI)

LONDON, Feb. 13, 2025 (GLOBE NEWSWIRE) — Altus Group Limited (“Altus”) (TSX: AIF), a leading provider of asset and fund intelligence for commercial real estate (“CRE”), today released its Q4 2024 Pan-European dataset analysis on European property market valuation trends.

Each quarter, Altus Group centralizes and aggregates CRE valuation data for the European market, pulling insights into the factors driving commercial property valuations. The Q4 2024 aggregate dataset included Pan-European open-ended diversified funds, representing €29 billion in assets under management. The funds cover 17 countries and primarily span the industrial, office, retail and residential property sectors.

“The latest data across the Pan-European valuation dataset suggests that real estate markets in parts of Europe are entering a recovery phase, with values now rising for two consecutive quarters after two years of declines,” said Phil Tily, Senior Vice President at Altus Group. “The industrial and residential sectors led the rebound in the fourth quarter of 2024, with yield stabilization and improving cashflows signalling a more positive market outlook moving forward.”

Commercial property values across the Pan-European valuation dataset increased for the second consecutive quarter in Q4, rising 0.8% over Q3, with all sectors seeing gains, albeit with a mixed set of results from a yield and cashflow perspective. Values rose 0.4% overall in 2024, as gains in Q3 and Q4 offset declines from the first half of the year, driven mainly by industrial, residential, and other property categories.

Key highlights by sector include:
- Industrial: The industrial sector was the top performer in Q4 with a 1.0% value increase over Q3 2024 and 1.6% annually. The improvement was supported by a positive pricing adjustment with yields declining, although cashflow fundamentals eased as rental growth slowed during the back end of the year. The largest valuation gains were reported in Germany.
- Residential: Residential values rose by 0.9% in Q4 and 1.4% for the full year – both above average. The improvement was driven by comparatively strong cash flow fundamentals with above-average rent growth. Values in the two largest residential markets in the dataset, the Netherlands and Germany, continued to strengthen, increasing 1.0% and 0.8% respectively in the quarter.
- Office: Office values rose 0.8% over Q3 2024, up for two consecutive quarters now. Further yield expansion, reflecting ongoing investor caution towards the sector, was counterbalanced by strengthening cashflow resulting in office values continuing to rise over the quarter. Sweden was the standout performer in this sector in Q4.
- Retail: After leading performance in Q3 2024, the retail sector saw only modest growth in Q4, with values still rising 0.3%. Rising yields held back values for high street stores and shopping centres, while falling yields for retail warehouses helped boost values by 1.9%.
- Other: Outside of the main sectors, hotels had another strong quarter, with positive investor sentiment driving yield improvements and above-average value growth.
For detailed review of the sector trends by asset class, please click here.

About Altus Group

Altus Group is a leading provider of asset and fund intelligence for commercial real estate. We deliver intelligence as a service to our global client base through a connected platform of industry-leading technology, advanced analytics, and advisory services. Trusted by the largest CRE leaders, our capabilities help commercial real estate investors, developers, lenders, and advisors manage risks and improve performance returns throughout the asset and fund lifecycle. Altus Group is a global company headquartered in Toronto with approximately 1,900 employees across North America, EMEA and Asia Pacific. For more information about Altus (TSX: AIF) please visit www.altusgroup.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Elizabeth Lambe
Director, Global Communications, Altus Group
+1-416-641-9787
elizabeth.lambe@altusgroup.com

The MIL Network –
February 14, 2025
MIL-OSI: Ragnarok Begins (RO仙境傳說：一定要可愛) Official Launching in Taiwan, Hong Kong and Macau on February 13, 2025

Source: GlobeNewswire (MIL-OSI)

Seoul, South Korea, Feb. 13, 2025 (GLOBE NEWSWIRE) — GRAVITY Co., Ltd. (NasdaqGM: GRVY) (“Gravity” or “Company”), a developer and publisher of online and mobile games, announced that Gravity Communications Co., Ltd., Gravity’s wholly-owned subsidiary, officially launched Ragnarok Begins (RO 仙境傳說：一定要可愛), an Action Side-scrolling MMORPG Mobile and PC game, in Taiwan, Hong Kong and Macau on February 13, 2025 at 9:00 p.m. (Taiwan local time).

Ragnarok Begins (RO仙境傳說：一定要可愛) is an Action Side-scrolling MMORPG set 100 years before the events of Ragnarok Online, supporting cross-play between PC and mobile platforms. The game offers a detailed class and advancement system, allowing for character growth and extensive equipment customization. It enhances community features with systems such as guilds, DIY housing and world boss cooperative battles. Players can also engage in PVP content, Arena of Valhalla, compete in teamwork and participate in ranking matches. Additionally, the Tower of Infinity dungeon offers the challenge of progressing through multiple floors, either solo or in a team. The game is available for download in Google Play and Apple App Store.

Ragnarok Begins (RO仙境傳說：一定要可愛) was launched in North America in 2022 and in South Korea in 2023, and has continued to provide stable service while gaining a strong and loyal following from users.

Gravity stated, “ We plan to provide excellent service in Taiwan, Hong Kong and Macau, and encourage users to participate in the pre-launch event, where those who register early will receive in-game currency and the exclusive item ‘Tebirus Headband.’ We appreciate your interest and participation.”

[Gravity Official Website]
http://www.gravity.co.kr

[RO仙境傳說：一定要可愛 Official Website]
https://roc.gnjoy.com.tw/

[RO仙境傳說：一定要可愛 Google Play Download Page]
https://play.google.com/store/apps/details?id=com.gravity.cute.tw.and

[RO仙境傳說：一定要可愛 Apple App Store Download Page]
在 App Store 上的「RO仙境傳說：一定要可愛」

About GRAVITY Co., Ltd. —————————————————

Gravity is a developer and publisher of online and mobile games. Gravity’s principal product, Ragnarok Online, is a popular online game in many markets, including Japan and Taiwan, and is currently commercially offered in 91 regions. For more information about Gravity, please visit http://www.gravity.co.kr.

Contact:

Mr. Heung Gon Kim
Chief Financial Officer
Gravity Co., Ltd.
Email: kheung@gravity.co.kr

Ms. Jin Lee
Ms. Yujin Oh
IR Unit
Gravity Co., Ltd.
Email: ir@gravity.co.kr
Telephone: +82-2-2132-7801

The MIL Network –

February 14, 2025

MIL-OSI: Ormat Technologies Awarded Tolling Agreements for Two Energy Storage Facilities in Israel

Source: GlobeNewswire (MIL-OSI)

RENO, Nev., Feb. 13, 2025 (GLOBE NEWSWIRE) — Ormat Technologies Inc. (NYSE: ORA), (“Ormat” or the “Company”) a leading geothermal and renewable energy technology company, today announced that it has won a tender issued by the Israeli Electricity Authority and has been awarded two separate 15-year tolling agreements for two Energy Storage facilities. The facilities under the tolling agreements are expected to have a combined capacity of approximately 300MW/1200MWh.

These projects are developed in partnership with Allied Infrastructure LTD (“Allied”), a leading infrastructure company in Israel. The ownership of the projects will be shared, 50/50 between Ormat and Allied. This marks Ormat’s and the partnership’s first major entry into the Israeli utility scale energy storage market. The partnership intends to develop this activity and develop additional Energy Storage facilities.

The parties are in advanced stages of obtaining the interconnection for the two projects, and the necessary land use permits ahead of starting construction. Commercial operation date is expected during 2028. The tolling agreement includes an option for termination of the initial contract and move to participation in the merchant market.

“We are delighted to announce the award of these two tolling agreements, marking another key strategic milestone for our growing Energy Storage business,” said Doron Blachar, Chief Executive Officer of Ormat Technologies. “These long-term agreements highlight our team’s ability to advance and execute Ormat’s Energy Storage portfolio expansion strategy. The tolling agreements for these two assets will further enhance the Company’s portfolio profitability and add stability to margin performance, each a key element of our growth strategy in our storage business.”

Blachar concluded, “These energy storage contracts mark the Company’s first owned project in Israel, and we look forward to continuing to work with Allied as Ormat’s capabilities and assets will now help drive Israel’s efforts to achieve its renewable energy and energy continuity goals.”

ABOUT ORMAT TECHNOLOGIES

With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1.5GW with a 1.2GW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 290MW energy storage portfolio that is located in the U.S.

ABOUT THE ISRAELI ELECTRICITY AUTHORITY

The Israeli Electricity Authority is a government authority charged with providing utility services, setting tariffs, regulation, and oversight of the electricity market in Israel.

ABOUT ALLIED INFRASTRUCTURE LTD

Allied Infrastructure LTD is a multi-disciplined specialist contractor working primarily in the Airports, Highways, Defense and Construction sectors. Allied is delivering innovative and quality services using specially developed materials to offer complete solutions to preserve, protect, maintain and restore infrastructure assets, especially in the airside environment.

ORMAT’S SAFE HARBOR STATEMENT

Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat’s plans, objectives and expectations for future operations and are based upon its management’s current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under “Risk Factors” as described in Ormat’s annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 23, 2024, and in Ormat’s subsequent quarterly reports on Form 10-Q that are filed from time to time with the SEC.

These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Ormat Technologies Contact:
Smadar Lavi
VP Head of IR and ESG Planning & Reporting
775-356-9029 (ext. 65726)
slavi@ormat.com

Investor Relations Agency Contact:
Joseph Caminiti or Josh Carroll
Alpha IR Group
312-445-2870
ORA@alpha-ir.com

The MIL Network –

February 14, 2025

MIL-OSI Submissions: Myanmar: Recklessly abrupt US aid stoppage poses existential threat to human rights – Amnesty International

Source: Amnesty International

The United States government’s abrupt and sweeping freeze on foreign aid is severely imperiling the human rights of refugees, civilians in armed conflict areas and individuals fleeing persecution in Myanmar, Amnesty International said today.

The organization warned that lives could be lost unless the decision is urgently reversed, amended or if waivers for life-saving assistance are not immediately granted and swiftly implemented for those working on the ground.

“The Trump administration’s cruel decision to issue immediate stop work orders on foreign aid is having an instant and devastating impact across the globe, and in Myanmar it is hitting people at a particularly dark hour,” said Amnesty International’s Myanmar Researcher Joe Freeman.

“The decision has abruptly shut down hospitals in refugee camps, put fleeing human rights defenders at risk of deportation and imperiled programs helping people prevent atrocities, survive in conflict zones and rebuild their lives amid ongoing waves of violence.”

On 20 January, US President Donald Trump signed a presidential executive order pausing all foreign aid amid a 90-day review of whether it is consistent with American foreign policy. On 24 January, US Secretary of State Marco Rubio issued a stop work order to those delivering assistance worldwide as part of the review, but carved out exemptions to the pause for emergency food assistance, as well as military aid to Israel and Egypt.

An additional waiver dated 28 January exempted “life-saving humanitarian assistance” from the stoppage, while follow-up clarifications in the first week of February broadened the exemptions for specific activities. However, based on Amnesty’s latest research, implementation of these waivers has yet to trickle down to many organizations working along the Thai-Myanmar border.

“The US government’s shocking move has had immediate global impacts whose real-life consequences are still being felt and understood. Our findings from Myanmar and Thailand provide just one example of the damage wrought by this heartless decision,” Joe Freeman said.

In Myanmar, the funding pause has further devastated a civilian population already enduring escalating armed conflict, widespread displacement and severe human rights violations by a military that seized power in a coup more than four years ago. It has also sowed chaos, desperation and anguish among tens of thousands of Myanmar refugees living in Thailand.

To date, US funding has helped many endure the upheaval by supporting emergency shelter or relocation for activists, delivering food aid, helping create early-warning systems for air strikes, delivering medical treatment in war zones and providing education opportunities to those who have lost all hope of a future.

From 3-10 February, Amnesty International spoke to 12 Myanmar refugees living in camps along the border in Thailand, along with representatives from 14 organizations with Myanmar-focused activities. They include health workers, human rights researchers and NGOs providing cross-border assistance as well as media and education providers. All warned of severe consequences if the decision was not reversed or amended. Not one had received a communication or confirmation of a waiver from the US government to continue operations.

‘The mission is not to die”

Despite the promise of waivers for life-saving humanitarian assistance, the aid stoppage is posing serious risks to the rights to health of more than 100,000 people living in nine refugee camps on the Thai side of the border with Myanmar. The majority have been there for years, fleeing previous waves of violence in Myanmar, but the camps have grown in size since the coup.

Amnesty International spoke to refugees living in two separate camps along the border. All said hospitals in the camp, which are run by the International Rescue Committee (IRC) through USAID funding, had abruptly shut down after the stop work order. Though Thai authorities and hospitals have been able to step in and provide services for camp residents, their resources are stretched. As of 11 February, the IRC had still not received a waiver to continue their work.

The impact of the initial shutdown was felt immediately. In the Umpien camp, for example, residents said at least four people have died as a result of not receiving oxygen provided by the hospitals. Amnesty could not independently confirm the claim. Reuters reported on 7 February that Pe Kha Lau, 71, died four days after she was sent home from a healthcare facility funded by the US through the IRC.

“It was so scary, they forced everyone to go out of the hospital…and some people died because they lost their oxygen. We were not only sad but also scared of what is coming next,” said U Htan Htun, 62.

Ma Su Su, a volunteer community medical worker in the Umpien camp, also said that on the day the order was announced people who needed treatment were told to leave the hospital. She said she witnessed staff removing an IV-drip from a patient and described how someone without proper training had to provide stitches to a wounded resident.

“I told everyone it’s only 90 days. We’ll be okay after 90 days. But I feel hopeless,” she said. “The mission is not to die.”

Water services at the camps were disrupted, according to residents, while food aid is also at risk of disappearing.

Maximillian Morch from the Thai Border Consortium (TBC), which provides food and cooking fuel to all the nine camps along the Thai-Myanmar border, said they were trying to get approval for a life-saving waiver from the US government but had no confirmation yet.

Just over 60% of the Consortium’s funding is from the US through the Bureau of Population, Refugees and Migration (PRM) at the US State Department. The bulk of that is food and cooking assistance. While they have not been told to stop work, they will run out of funds for food in four to six weeks if their funding is discontinued as part of the review of foreign aid.

“Food is as inoffensive as you can be. And if you stop funding food this is not just a TBC problem, it’s an international humanitarian problem,” Morch said.

“Very tough days for us”

Since the Myanmar military took power in a 2021 coup, armed conflict has intensified across the country. Ever-increasing military air strikes have killed civilians and targeted schools, hospitals and monasteries, while elsewhere the military has targeted protesters, activists and journalists. Funded by USAID, civil society organizations across Myanmar help civilians, journalists and human rights defenders find shelter, aid and safety in exile if they have to flee the country.

Groups in southeastern Myanmar, an area particularly hard-hit by military air strikes, run several US-funded programs which can be considered life-saving. They provide mobile medical units in frontline areas, help pay for hospital referrals for more advanced care and assist civilians in the aftermath of an air strike to find food and shelter.

“At the same time as all the air strikes, all the bombings…artillery attacks, displacement…the funding has been stopped,” said Saw Diamond Khin, director of the Karen Department of Health and Welfare, which assists seven districts in southeastern Myanmar. “It is very tough days for us.”

No waivers for life-saving work

Saw Thar Win, from the Ethnic Health Systems Strengthening Group, said his organization had planned to deliver portable, battery-charged ultrasound and X-ray machines to conflict-affected communities in Myanmar. One set can serve an estimated 50,000 people. But the stop work order meant the machines were just sitting in boxes in his office because the funding for transporting it had been impacted.

Another community-based health provider said the pause in US funding meant that they can no longer support urgent life-saving treatment inside Myanmar. Their funding had supported costs for emergency surgery to treat wounds from air strikes or other armed conflict injuries, as well as neonatal emergency treatment and surgery for appendicitis and blood transfusions.

Despite the announcement of waivers at the end of January, medicines for HIV, tuberculosis and malaria, as well as support for mental health services for those traumatized by the armed conflict, have been similarly affected. Not one group Amnesty spoke to said they had been given any communication or confirmation of a waiver for life-saving work, even though their operations, such as helping feed, shelter and treat people in war zones, would clearly qualify.

All said they lacked clear communication from US agencies such as USAID and their partners on the grounds. The Overseas Irrawaddy Association – which provides emergency relocation for hundreds of activists inside Myanmar, where protesters are routinely imprisoned and tortured by the military – said the freeze has affected their ability to support hundreds of at-risk individuals.

“By removing the ability of these organizations to protect some of the most vulnerable people inside Myanmar, the US is effectively giving the rights-abusing Myanmar military an invaluable gift in their crackdown on the right to freedom of expression and information,” Freeman said.

“People are now more vulnerable to arrest, to torture, and for those who have fled to Thailand and rely on funding for shelter, to deportation back to Myanmar. The US must immediately and directly communicate that groups working on life-saving assistance in Myanmar can continue their work.”

MIL OSI – Submitted News –

February 14, 2025
MIL-OSI United Kingdom: CNC celebrates National Apprenticeship Week
Source: United Kingdom – Executive Government & Departments

In its first year, the Civil Nuclear Constabulary (CNC) apprenticeship programme has reached the 100-apprentice milestone.
Chief Constable Simon Chesterman meeting AFOs.

Announced last year during National Apprenticeship Week, the Level Four Non-Home Office Police Officer Apprenticeship (NHOPOA) trains recruits to the National Police Firearms Training Curriculum and takes place across our delivery centres in Oxfordshire and Cumbria.

The first 19 weeks of the course is a residential Initial Foundation Programme which includes our highly regarded firearms training, and for the remaining 20 months of the course recruits are posted as Authorised Firearms Officers (AFOs) at nominated Operational Policing Units (OPUs) to complete a portfolio of evidence to demonstrate their policing ability. After passing an End Point Assessment, the apprentices are confirmed in rank.

The celebrations continue this week as the CNC can announce that it recently passed its first Ofsted inspection, receiving praise for its training, practices, and positive recommendations for the future. This achievement demonstrates the force’s commitment to the learning and development of our people.

Chief Superintendent, Sheree Owen, Head of Training, reflects positively on the recent Ofsted inspection: “I am delighted with the outcome of the recent no-notice monitoring visit by Ofsted, the final grading for this will be published by Ofsted in the next two months.

“The feedback from inspectors was very positive, and highlighted the huge effort put into delivering this from many across the CNC, those within the training division, from policing skills instructors and NFIs, the Professional Development Units and tutor constables to the HQ staff who supported the project, the planners, finance team and operational support colleagues.

“We look forward to our full inspection in the next eighteen months.”

Inspector Stuart Rodgers, Apprenticeship Manager, also said: “My thanks to the apprentices for their hard work and commitment to learning new knowledge and skills, everyone at our training venues and to all those tutors who volunteer their time and effort to ensure our new people settle in well and complete their work to a high standard.”

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Published 13 February 2025
MIL OSI United Kingdom –
February 14, 2025
MIL-OSI United Kingdom: City leaders join as ‘One Stoke-on-Trent’ following August protests

Source: City of Stoke-on-Trent

Stoke-on-Trent today (Thursday 13 February) launches a major government-backed community campaign aimed at bringing together all communities as “One Stoke-on-Trent”.

The year-long campaign unites leaders from the city council, police, fire services, NHS, schools and colleges, local football teams, the media, and faith and voluntary sectors.

It is backed by £600,000 of funding from the Ministry of Housing, Communities and Local Government’s Community Recovery Fund.

Some £240,000 of that money will be made available through a community grant scheme to amplify initiatives that promote cohesion and bring people together. Three categories of grant will be on offer: small (£500-£1,000), medium (£1,000-£5,000) and large (£5,000-£10,000).

Separately, the campaign will include a major engagement and “listening” exercise, working with residents and business to explore crucial questions about the city’s collective identity and what more needs to be done to make Stoke-on-Trent a place where everyone feels welcome, and can thrive.

Key messages from the campaign will be promoted by partners, making clear that Stoke-on-Trent is committed to being a welcoming city, which believes in fair opportunity for everyone and sees diversity as a strength.

The grants will be administered by the Community Foundation for Staffordshire and Shropshire, supported by VAST – a charity dedicated to helping to improve the quality of life for local communities – which will provide dedicated support to grassroot groups looking to apply for funding and deliver projects.

One Stoke-on-Trent has been developed on the back of public disorder in August 2024, which saw hundreds of protestors and counter-protesters descend on Hanley city centre. The incident was one of several national protests which took place last summer following the devastating murder of three young girls in Southport.

Councillor Jane Ashworth, the leader of Stoke-on-Trent City Council, said: “We have made it clear that everybody in Stoke-on-Trent has a right to feel and be safe – and that prejudice and discrimination are not welcome here, but we know that more needs to be done to understand the individual challenges facing our local communities.

“This will mean confronting some uncomfortable realities, engaging in difficult but necessary conversations and managing misinformation that can so easily spread hate and division.

“As we mark our city’s Centenary, we also need to recognise the contributions our diverse communities are making to our city and celebrate our unique history, heritage and individual character of each of our six towns.

“Our goal is to foster a greater sense of pride, trust and belonging among all residents regardless of their origin, background, race or religion.”

Fahmida Rehman, CEO of Stepping Stones Community Organisation, said: “The clear message emerging from this partnership is one of inclusivity and respect.

“Stoke-on-Trent is a city where everyone, regardless of their background, deserves to feel safe, valued, and heard.

“The multi-agency approach – bringing together council leaders, local services and community organisations like ours – signals a commitment to real, sustainable change.

“This is about more than just addressing the immediate concerns; it is about fostering long-term resilience, ensuring that prejudice and discrimination have no place in our city, and nurturing a future where all communities can thrive equally.”

Superintendent Dave Wain, of Staffordshire Police, said: “We know our communities in Stoke-on-Trent want to see more visible policing and for us to take robust action to address the issues that matter to them.

“We recognise that policing is only part of the solution and that is why we’re looking forward to working with our partners to tackle key community priorities.”

Matt Hancock, Chief Executive at Port Vale, said: “As a football club at the very heart of a diverse community within Stoke-on-Trent, we are fully supportive of the One Stoke-on-Trent initiative and committed to continuing to bring people together.

“We want our city to be a safe and welcoming environment for everyone, and are proud to be working collaboratively to deliver this strong message.”

Leanne Macpherson, Head of Programmes at the Community Foundation for Staffordshire and Shropshire, said: “We are pleased to be able to work with so many partners across the city to launch the grants scheme to support our local communities.

“It will empower organisations to deliver impactful projects, to build social trust, and strengthen community resilience and cohesion. By supporting grassroots initiatives, we can create more connected, inclusive and resilient communities.”

To learn more about the community grant scheme, or to apply, visit: https://staffordshire.foundation/grants/one-stoke-community-grants/

MIL OSI United Kingdom –

February 14, 2025
MIL-OSI United Kingdom: Partnership work leads to trader sentencing in illegal tobacco crackdown

Source: City of Stoke-on-Trent

Published: Thursday, 13th February 2025

A trader in Stoke-on-Trent has been sentenced following a crackdown on illegal tobacco.

The operation was thanks to partnership working between Stoke-on-Trent City Council’s Trading Standards team and Staffordshire Police.

Ismail Mohammed, who ran ‘Waterloo Stores’ at 80 Waterloo Road, Burslem, received a nine-month suspended sentence, 100 hours of unpaid work, and had his tobacco and cash seized.

The sentencing took place on Wednesday, 6 February 2025, at Stoke-on-Trent Crown Court, following Mr. Mohammed’s conviction on 8 July 2024. He pleaded guilty to the possession of criminal property (£6,310 in cash) and to entering into an arrangement to acquire, use, or control criminal property – in this case counterfeit and non-duty-paid tobacco.

It follows a successful investigation which began in 2019, into illegal tobacco sales at the shop, leading to a raid on residential properties in Hanley.

Officers seized 1,390 packs of illegal cigarettes and £17,000 in cash. Undercover test purchases also confirmed illegal tobacco sales at the Waterloo Road store.

Councillor Amjid Wazir OBE, cabinet member for city pride, enforcement and sustainability at Stoke-on-Trent City Council said: “This case is another great example of partnership work making Stoke-on-Trent a safer place. The work carried out by our Trading Standards team sends a clear message—illegal tobacco sales will not be tolerated. Those involved in the storage, distribution, or sale of illicit tobacco will face serious consequences.

“The trade in illegal tobacco harms legitimate businesses, provides a cheap source of cigarettes for children and young people, and undermines efforts to reduce smoking rates. Illegal tobacco sales are also often linked to wider criminal activity.

“Our message is clear, those engaging in crime will be held accountable. We are committed to making Stoke-on-Trent a greener, fairer, cleaner, and safer city for all.”

Inspector Victoria Ison, from the Stoke North local policing team, said: “We are pleased to support the local authority and Trading Standards in their work to disrupt the sale of illegal tobacco and cigarettes.

“These items not only risk public health, but also have a significant impact on legitimate sellers and local businesses who are operating within the law.

“We hope the outcome reassures the community we are committed to working with partners to tackle this issue and associated criminality.”

Mr. Mohammed had previously been prosecuted for selling counterfeit cigarettes at another Stoke-on-Trent shop, where he was fined.

Anyone concerned about illegal tobacco, underage sales, or restricted products such as knives and vapes can report them through the Trading Standards hotline at 01782 238444 or visit www.stoke.gov.uk/tradingstandards

MIL OSI United Kingdom –

February 14, 2025
MIL-OSI United Kingdom: Geosciences and engineering in the spotlight as major international conference heads to Aberdeen Thousands of visitors are expected to gather in the North-east of Scotland next year as Europe’s leading geosciences conference and exhibition makes its Aberdeen debut.

Source: University of Aberdeen

The premier event will bring together professionals, academics and industry leaders to discuss the latest advancements in geoscience and engineering.Thousands of visitors are expected to gather in the North-east of Scotland next year as Europe’s leading geosciences conference and exhibition makes its Aberdeen debut.
Boundary-breaking research and cutting-edge technological advances will be among the University of Aberdeen’s offering when the European Association of Geoscientists and Engineers (EAGE) hosts its 87th Annual Conference & Exhibition in Aberdeen from 8-11 June 2026.
The premier event will bring together professionals, academics and industry leaders to discuss the latest advancements in geoscience and engineering.
Professor John Underhill, Director for Energy Transition at the University, played a part in securing the event for the city: “It has been a great pleasure to bring this conference and exhibition to Aberdeen for the first time since its inception in 1951,” he said.
“As a former EAGE President, I’m aware of the size and significance of attracting an event of this size and scale to Aberdeen. The event will bring several thousand delegates to the city, underlining how important the city’s energy transition journey is viewed across Europe and delivering an economic boost to hotels, restaurants and other businesses.”
The EAGE Annual Conference & Exhibition is renowned for its comprehensive technical programme, expansive exhibition, and numerous networking opportunities. Attendees can look forward to engaging sessions, workshops and presentations that highlight the latest research and technological developments in the field.
Marcel van Loon, Chief Executive Officer of EAGE, expressed his enthusiasm: “Aberdeen has long been a hub for energy expertise and innovation. Hosting our 87th Annual Conference & Exhibition in this city underscores our commitment to fostering collaboration and knowledge exchange in regions pivotal to the geoscience community.”
The conference will be held at the P&J Live convention centre in Aberdeen under the support of energy major BP as host.
Ariel Flores, SVP Subsurface at BP and Chair of EAGE 2026 Local Advisory Committee said: “We are excited to announce a new partnership between BP and EAGE for the 87th Annual Conference & Exhibition.
“As the official host and main sponsor, BP is dedicated to fostering innovation and collaboration within the engineering, energy and geoscience community. This agreement marks a significant milestone in advancing the future of our industry.”
For more information and updates on the conference, visit the official EAGE Annual website at https://eageannual.org/future-edition/.

MIL OSI United Kingdom –

February 14, 2025
MIL-OSI United Kingdom: House price report for the fourth quarter 202413 February 2025 The house price report for the fourth quarter 2024 has been published today by Statistics Jersey. The Jersey House Price Index measures the combined average price of 1- and 2-bedroom flats together with… Read more
Source: Channel Islands – Jersey

13 February 2025

The house price report for the fourth quarter 2024 has been published today by Statistics Jersey.

The Jersey House Price Index measures the combined average price of 1- and 2-bedroom flats together with 2-, 3- and 4-bedroom houses. The index includes properties transacted through the Royal Court as well as share transfer properties.
Context

2023 saw a significant proportion of transactions (39%) take place as the result of completions occurring in new developments. In contrast, 2024 saw a much lower proportion of transactions (9%) take place as the result of new developments. Adjusting for this, the level of turnover in 2024 would be 25% higher when compared to 2023 (rather than 16% lower), when excluding new builds in both years.

It is worth noting that phases one and two of the First Step scheme completed sales during Q3 2024 and Q4 2024 respectively. 33 HPI eligible properties (around 5% of annual turnover) were sold as part of the scheme and assisted with the sale of 9 further properties indirectly, because of chains started by First Step purchases.

Annual Summary

In 2024:

on a calendar year basis:

the Jersey House Price Index was 8% lower than in 2023, which was:

the largest annual decrease in price since at least 1986

all property types saw decreases in annual mean and median prices

advertised private sector rental prices were 1% lower than in 2023

turnover of properties was 16% lower compared with 2023, due to decreased sales of flats (down by 42%); 2024 saw the lowest annual turnover since at least 2002

overall housing affordability improved on an annual basis:

all property types were more affordable to purchase than in 2023

a working household with mean net income was able to service a mortgage affordably on the purchase price of a median-priced 1-bedroom flat

a working household with mean net income was not able to service a mortgage affordably on the purchase price of a median-priced house of any size or a 2-bedroom flat

the ratio of median dwelling price to equivalised median household income in Jersey was lower compared to 2023 for all property types

Quarterly Summary

In the fourth quarter of 2024:
- on a rolling four-quarter basis, the mix-adjusted average price of dwellings sold in Jersey during the year ending Q4 2024 was 1% lower when compared with the previous quarter (year ending Q3 2024)
- on a quarterly basis:
- the turnover of properties was 7% higher than in Q4 2023 and 9% higher than in the previous quarter (Q3 2024)
- overall housing market activity, on a rolling four-quarter basis, was essentially unchanged compared with the previous quarter (Q3 2024) and 23% lower than in the corresponding quarter of 2023
- on a rolling four-quarter basis, advertised private sector rental prices were essentially unchanged during the year ending Q4 2024 compared with the year ending Q3 2024
MIL OSI United Kingdom –
February 14, 2025
MIL-OSI United Kingdom: The Walled City Music Festival returns this March for its seventeenth edition, bringing world-class

Source: Northern Ireland – City of Derry

The Walled City Music Festival returns this March for its seventeenth edition, bringing world-class

13 February 2025

Co-Artistic Directors Cathal Breslin (Derry) and Sabrina Hu (USA) have once again curated a fantastic feast of music welcoming guest artists Finghin Collins (piano), Kristīne Balanas (violin), Gerard McChrystal (saxophone), The Creviston Duo (saxophone/piano) and the Hellas Ensemble from Derry.

Gala concerts will take place in the stunning setting of the Great Hall at Ulster University Magee and audiences will be treated to varied programmes of classical music from across the ages and right up to the present day.

On Thursday 13 March, Finghin Collins and Cathal Breslin will present Mozart, Rachmaninov and Milhaud for two pianos, along with a very special performance of a selection of movements from Gustav Holst’s much-loved The Planets.

Friday 14 March will see a dazzling display from two of the world’s top saxophone artists, Gerard McChrystal (Derry) and Christopher Creviston (USA), alongside pianist Hannah Creviston and WCMF Co-Artistic Director Sabrina Hu (flute). The ensemble will perform a brilliant programme of music from the Americas to Europe, including music by Jean-Baptiste Singelée, Charles Koechlin, Andy Scott, and Irish composers Linda Buckley and Michael McGlynn.

On Saturday 15 March, Latvian street musician and rock singer turned virtuoso violinist, Kristīne Balanas, will delight with a passionate and elegant performance of Bach, Beethoven, Brahms and Ravel on her 1694 ‘Rutson’ Stradivarius violin alongside Co-Artistic Director Cathal Breslin (piano).

Closing the Festival on Sunday 16 March, audiences can experience the beauty of music and poetry intertwined in a captivating lunchtime performance inspired by Seamus Heaney’s Sonnets from Hellas. The Hellas Ensemble, founded by Greek and Irish bouzouki players and composers Nikos Petsakos and Martin Coyle, celebrate Heaney’s love of Greece and its profound influence on his work, with narration from Derry-born TV and theatre actor, Ruairi Conaghan.

For tickets and information visit walledcitymusic.com

MIL OSI United Kingdom –

February 14, 2025
MIL-OSI United Kingdom: Take the chance to represent your community – Councillor Val Walker

Source: Scotland – City of Edinburgh

Culture and Communities Convener, Councillor Val Walker.

Culture and Communities Convener, Councillor Val Walker writes in todays Evening News on the importance of community councils and how you can get involved.

It’s been over half a century since community councils came into existence in Scotland in 1973 – and in that time, we’ve seen over 1,200 established across the country.

These bodies are groups of residents who are passionate about their communities and play an important role in grassroots democracy.

Here in Edinburgh, the election period for our community councils has begun. Last week nominations opened to stand for election as a community councillor, this closes on 27 February. Following that we’ll hold an election only if there are more people nominated than places on the community council.

This is your chance to take a lead in your local area and make your community a better place. From campaigning on key local issues, organising meetings, chairing debates, looking out for vulnerable individuals and groups, to liaising with local and national representatives and much more – the life of a community councillor in the Capital is never ordinary.

I’m continually inspired by the stories I come across of community councils. In Lady Nairne, the Northfield and Willowbrae Community Council worked tirelessly to ensure that a solution was found when the previous 69 supported bus service ceased operations several years ago. Following extensive engagement with ward councillors and Council officers a new route was implemented just in time for Christmas last year, which I know was a welcome gift to those residents who had long campaigned for its reinstation.

We’ve also seen Longstone Community Council lead a campaign to erect a new bridge to link their community to the Hutchison/Chesser community, as part of a new active travel project. Initially a bridge was not part of these plans but following successful meetings with their ward councillor, Council officers and the developer some £170,000 worth of contributions were earmarked to support the delivery of the bridge. This will now go to consultation as part of the as the Longstone Link project.

These are just a couple of the many examples of the excellent work community councils are doing across our city every day. I’d encourage all residents to consider standing as a community councillor. From Pilton to Portobello, Muirhouse to Morningside and beyond, Edinburgh draws its strength from its people, and we need their views, ideas and expertise to move forward together.

Find out more about community councils and how to stand for election on our website.

Published: February 13th 2025

MIL OSI United Kingdom –

February 14, 2025
MIL-OSI United Kingdom: Weimar+ Statement by Germany, France, Poland, Italy, Spain, the United Kingdom, the European External Action Service and the European Commission
Source: United Kingdom – Executive Government & Departments 3
English

Українська

Joint Statement by Germany, France, Poland, Italy, Spain, the United Kingdom, the European External Action Service and the European Commission.
12 February 2025, Paris.

We are ready to enhance our support for Ukraine. We commit to its independence, sovereignty and territorial integrity in the face of Russia’s war of aggression.

We share the goal to keep supporting Ukraine until a just, comprehensive and lasting peace is reached. A peace that guarantees the interest of Ukraine and our own.

We are looking forward to discussing the way ahead together with our American allies. Our shared objectives should be to put Ukraine in a position of strength. Ukraine and Europe must be part of any negotiations. Ukraine should be provided with strong security guarantees. A just and lasting peace in Ukraine is a necessary condition for a strong transatlantic security.

We recall that the security of the European continent is our common responsibility. We are therefore working together to strengthen our collective defence capabilities.

Media enquiries

Email newsdesk@fcdo.gov.uk

Telephone 020 7008 3100

Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

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Updates to this page

Published 12 February 2025

Invasion of Ukraine

UK visa support for Ukrainian nationals

Move to the UK if you’re coming from Ukraine

Homes for Ukraine: record your interest

Find out about the UK’s response
MIL OSI United Kingdom –
February 14, 2025
MIL-OSI United Kingdom: Russia’s deceit did not work in 2022 and it will not work now: UK statement to the OSCE
Source: United Kingdom – Government Statements

Ambassador Holland recalls Russia’s deceit at the OSCE in the weeks leading up to their full-scale invasion of Ukraine and reiterates that UK will support Ukraine to achieve a just and lasting peace.
Thank you, Mister Chair. In just over a week, we will reach yet another unwelcome milestone: three years since Russia launched its illegal and unprovoked full-scale invasion of its sovereign neighbour, Ukraine.

A war that Russia believed would be over in three days will enter a fourth year. A war Russia launched under the false pretext of protecting Ukrainian civilians has instead caused thousands of them to be killed. A war which we were told would not happen has, since those denials, violated every principle of the Helsinki Final Act and demonstrated contempt for the rules that govern armed conflict.

Let us recall, using their own language, what Russia told us in the days and weeks leading up to their full-scale invasion. On the 20th of January, we were told that “the myth of Russia’s alleged impending” invasion had been “hyped up.” On the 3rd of February we were told that the speculation of an invasion was “unsubstantiated conjectures”. This was an “information campaign being whipped up primarily by the United States and the United Kingdom”. On the 10th of February, apparently the facts showed that these were “scare stories” and nothing more than “a puff of propaganda and idle talk”.

We all know what happened on the 24th of February. The records of our meetings offer incontrovertible evidence of Russia’s disinformation and deceit. It continues to this day, week in and week out.

Mister Chair, on that note we have recently heard Russia single-out on multiple occasions the UK’s role in providing military support to Ukraine. The UK makes no secret of our unbreakable support for Ukraine. We have agreed a new 100-year partnership with Ukraine. We are proud to have committed to providing £3 billion of military aid to Ukraine every year for as long as is needed. I want to be clear, though – this is not about fuelling war but supporting an innocent, sovereign and independent State in an ongoing defence against a barbaric onslaught that Russia assured us would never happen.

We have always said that we will support Ukraine to achieve a just and lasting peace. Our priority remains to put Ukraine in the strongest possible position to achieve this.

Thank you.

Updates to this page

Published 13 February 2025

Invasion of Ukraine

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MIL OSI United Kingdom –
February 14, 2025
MIL-OSI Russia: Tatyana Golikova: The goal of the national project “Personnel” is to coordinate the efforts of educational institutions, employment centers, companies and the state

Translartion. Region: Russians Fedetion –

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

Deputy Prime Minister Tatyana Golikova addressed the participants, guests and organizers of the “Personnel” forum with a video greeting.

Welcome speech by Tatyana Golikova to the participants, guests and organizers of the forum “Personnel”

14 hours ago

Dear colleagues!

I am pleased to welcome you to the “Personnel” forum as part of the now traditional Russian Business Week, organized by the Russian Union of Industrialists and Entrepreneurs.

Russian President Vladimir Vladimirovich Putin has repeatedly emphasized: “Human resources are an absolute value that must be treated responsibly, protected, strengthened, and resources and investments must be invested in this area.”

Competent, skilled, and dedicated employees are always important. But today, when our country faces the challenges of technological leadership and industrial sovereignty, the team literally becomes the defining resource.

Over the past few years, the labor market has undergone dramatic changes. Demographics, the growth of labor-intensive industries, and the established labor productivity have significantly influenced the transformation of the labor market and the formation of its new model. Demand for employees will grow, while the unemployment rate will remain at a historical minimum.

The answers to these challenges cannot be found in education, employment or business alone.

In order to provide the economy with in-demand specialists, a new national project, “Personnel,” was launched this year on the instructions of the President. Its goal is to coordinate the efforts of educational institutions, employment centers, companies, and the state.

The national project includes four federal projects: “Labour Market Management”, “Education for the Labour Market”, “Active Measures to Promote Employment” and “Labour Person”. Their implementation over the next six years will allow the necessary labour resources to be involved in the economy.

A lot of work has been done to form a forecast of personnel needs for a five-year period. According to our estimates, the Russian economy’s need for personnel up to 2030 is 3.1 million people. The greatest growth is expected in manufacturing (more than 703 thousand people), transportation and storage (about 472 thousand people) and construction (more than 385 thousand people).

The need for personnel arises not only in connection with the opening of new jobs, but also in connection with the need to replace those specialists who are retiring. Therefore, it is necessary to plan work not only based on the formation of a reserve for development plans, but also taking into account the age composition of workers, competition between industries and forms of employment.

From the forecast we see that skilled workers are becoming the most valuable labor reserve. Specialists with secondary vocational education account for 70% of the replacement demand of the labor market.

The forecast of personnel needs will become the basis for the formation of control figures for admission to the system of secondary and higher education. And our task is to build a flexible, effective system of training specialists to meet the demands of the economy. Young specialists must be as prepared as possible for the beginning of their working career.

We have launched a system for monitoring graduate employment and are developing a program for individual support for students. This will help to form the necessary internship and practice base for students during their studies, to get acquainted with enterprises, and to find an employer.

We are improving the labor market management system by transforming employment centers into “Work of Russia” personnel centers. They are becoming full-fledged partners of employers in building teams and personal consultants for those wishing to build a career. This year, comprehensive modernization will take place in 17 regions, and by the end of 2028, the entire employment service system in the country will be updated.

Simply selecting vacancies is not relevant now, our task is to give enterprises the opportunity to create strong and effective teams. There are all the tools for this – targeted training, hiring subsidies, assistance in equipping workplaces for people with special needs, free retraining for adults – we carried it out within the framework of the national project “Demography” (in six years we covered almost 1 million job seekers) and will continue within the framework of the national project “Personnel”, orienting programs directly to the order of employers.

Today, the Government is implementing projects to increase the prestige of sought-after professions. Measures to support the sphere of corporate training are being developed. From this year, we intend to co-finance training in corporate and training centers of enterprises. We are conducting systematic work to find sources and select specialists for the needs of our economy.

Achieving the goals of ensuring the economy’s personnel sovereignty, as I have already said, is only possible in partnership. And we are counting on a number of actions from employers.

We see and welcome a consistent increase in wage levels, as well as an increase in labor productivity with concern for the preservation of human resources.

The involvement and active participation of employers in personnel training – participation in career guidance work, inclusion in the procedure of targeted training, the formation of a responsible personnel order through a forecast of personnel needs – all this will allow us to set up systemic work to prepare a sufficient number and quality of specialists.

And of course, the most important issue is the joint promotion of in-demand professions.

Taking this opportunity, I would like to remind you: starting this year, on the instructions of the President, we are rebooting the All-Russian competition of professional skills “Best in Profession”. Its regional stages will start already in the spring. This year, 19 nominations are dedicated to in-demand blue-collar professions, and a special nomination – “Second Start” – will allow everyone who has retrained in blue-collar professions to participate. I invite your teams to participate in this competition.

I wish all participants, guests and organizers of the forum meaningful discussions, the conquest of new professional heights and the achievement of the most ambitious goals for the benefit of our country and its citizens!

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

February 14, 2025

Contact	Dave Blumberg TransUnion
E-mail	david.blumberg@transunion.com
Telephone	312-972-6646

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