Artificial Intelligence – Page 367

MIL-OSI: Weatherford Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

First quarter revenue of $1,193 million decreased 12% year-over-year
First quarter operating income of $142 million decreased 39% year-over-year
First quarter net income of $76 million, a 6.4% margin, decreased 32% year-over-year
First quarter adjusted EBITDA* of $253 million, a 21.2% margin, decreased 25%, or 354 basis points, year-over-year
First quarter cash provided by operating activities of $142 million and adjusted free cash flow* of $66 million
Repurchased $34 million of 8.625% Senior Notes due 2030 in the first quarter of 2025
Shareholder return of $71 million for the quarter, which included dividend payments of $18 million and share repurchases of $53 million
Board approved quarterly cash dividend of $0.25 per share, payable on June 5, 2025, to shareholders of record as of May 6, 2025
As part of its portfolio optimization strategy, Weatherford completed the sale of its Pressure Pumping business in Argentina on April 1, 2025
Signed a strategic agreement with Abu Dhabi-based AIQ to bring transformative efficiency to energy production, leveraging advanced automation, data-driven insights, and the power of AI technology

_{*Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled}

HOUSTON, April 22, 2025 (GLOBE NEWSWIRE) — Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the first quarter of 2025.

Revenues for the first quarter of 2025 were $1,193 million, a decrease of 12% year-over-year and 11% sequentially. Operating income was $142 million in the first quarter of 2025, compared to $233 million in the first quarter of 2024 and $198 million in the fourth quarter of 2024. Net income in the first quarter of 2025 was $76 million, with a 6.4% margin, a decrease of 32%, or 188 basis points year-over-year and 32%, or 198 basis points, sequentially. Adjusted EBITDA* was $253 million, a 21.2% margin, a decrease of 25%, or 354 basis points, year-over-year and 22%, or 310 basis points, sequentially. Basic income per share in the first quarter of 2025 was $1.04, compared to $1.54 in the first quarter of 2024 and $1.54 in the fourth quarter of 2024. Diluted income per share in the first quarter of 2025 was $1.03, compared to $1.50 in the first quarter of 2024, and $1.50 in the fourth quarter of 2024.

First quarter 2025 cash flows provided by operating activities were $142 million, compared to $131 million in the first quarter of 2024, and $249 million in the fourth quarter of 2024. Adjusted free cash flow* was $66 million, a decrease of $16 million year-over-year and $96 million sequentially. Capital expenditures were $77 million in the first quarter of 2025, compared to $59 million in the first quarter of 2024, and $100 million in the fourth quarter of 2024.

Girish Saligram, President and Chief Executive Officer, commented, “The first quarter was marked by significant market softening across key geographies, especially Mexico, the United Kingdom and North America. This created headwinds for activity levels but the One Weatherford team continued to focus on the controllable elements of the business, driving execution to deliver results inline with expectations.

Over the past few weeks, the market conditions have skewed more negatively, as we continue to navigate uncertainty on customer activity levels stemming from macroeconomic factors, global trade and geopolitical tensions. However, our actions remain focused on our North Star of driving adjusted free cash flow and we are further accelerating efficiency and optimization programs to ensure that we are well positioned for any scenario that might unfold in the latter part of the year. We believe it to be prudent to scale back our expectations on activity levels through the rest of the year and are focused on minimizing decrementals and improving working capital efficiencies. Nonetheless, even at a significantly reduced level of customer activity, we remain confident in increasing our adjusted free cash flow conversion for the full year 2025, allowing progress on our capital allocation priorities.

The sale of our Pressure Pumping business in Argentina marks another key milestone in our portfolio optimization strategy to a more capital-efficient model and further builds liquidity to position us well for the upcoming period.”

_{*Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled}

Operational & Commercial Highlights

An International Oil Company (IOC) awarded Weatherford an eight-year contract extension to provide a comprehensive suite of services, including Intervention Services & Drilling Tools, Pipe Inspection, Managed Pressure Drilling (MPD), Tubular Running Services (TRS), Well Services, and Pipe Recovery in Kazakhstan.
PDO Oman awarded Weatherford a five-year Integrated Completions contract consisting of Completions, Liner Hangers and Cementation Products.
ADNOC Onshore awarded Weatherford a three-year contract for Well Services Production enhancement systems in the United Arab Emirates.
Eni Oman awarded Weatherford an open contract for onshore MPD services.
Petrobras awarded Weatherford a five-year contract for Liner Hangers systems and services in deepwater Brazil and amended its TRS contract, adding two Vero Mechanized Systems.
Sierracol Energy Andina LLC awarded Weatherford a six-month contract for Artificial Lift Systems in Colombia.
GeoPark Colombia S.A.S. awarded Weatherford a three-year contract for Wireline Open & Cased Hole Services.
Jadestone Energy (Malaysia) PTE LTD awarded Weatherford a contract for the Autonomous Inflow Control Device Screens and associated lower Completions equipment and services for the PM323 East Belumut Phase 9 Infill Drilling campaign.
Dragon Oil awarded Weatherford a three-year contract for Completions Equipment and Services in offshore Turkmenistan.
An IOC awarded Weatherford a one-year contract for Artificial Lift Equipment and Centro^® Well Construction Optimization Platform in Argentina.
An IOC in Turkey awarded Weatherford a five-year contract for Open Hole Wireline Tools.
An IOC awarded Weatherford a three-year contract for Artificial Lift Equipment in Australia.
A major integrated energy company awarded Weatherford a three-year, multi-rig contract for Vero^® Mechanized Systems in deepwater Gulf of America.
A National Oil Company (NOC) awarded Weatherford a two-year contract for Stage Tool Cementing Equipment in the Middle East.
An IOC awarded Weatherford a one-year contract for the SCADA Digital Platform in offshore United Arab Emirates.

Technology Highlights

Drilling & Evaluation (“DRE”)
- In the UK, Weatherford successfully delivered Logging While Drilling and Formation Pressure Services for Shell on a high-pressure, high temperature well. The well was drilled at 175°c and reached a total depth of 21,000 feet.
- In the Middle East, Weatherford successfully deployed GuideWave^® CLEAR in three wells for an NOC, enabling improved formation evaluation and more precise geo-steering.
Well Construction and Completions (“WCC”)
- In deepwater Brazil, Weatherford successfully installed the first OptiROSS^® RFID Multi-Cycle Sliding Sleeve Valve for Petrobras. This system enhances acid stimulation efficiency, improving production and boosting the reservoir’s oil recovery factor.
- In North America, Weatherford successfully completed 17 field trials of its SecureTrac™ technology with one of the largest multinational oil and gas companies. The tool’s more compact design enables a shorter shoe track, maximizing reservoir exposure and enhancing production potential.
- In the Middle East, Weatherford successfully deployed the first WidePak™ straddle solution for Gupco in Egypt. The well had been shut for 15 years due to a sustained tubing leak. Following Weatherford’s intervention, the well is now back online and delivering significant production.
Production and Intervention (“PRI”)
- In North America, Weatherford successfully deployed the ForeSite^® Regenerative Power for KODA, following a two-month pilot. The deployment delivered significant power savings, demonstrating the technology’s efficiency and value in the field.
- In North America, Weatherford deployed the ForeSite^® Power Regenerative variable-speed drive across key customers, following multiple successful pilots. The implementation delivered significant power savings and reduced carbon emissions. Due to its unique ability to recycle, store, and optimize power, this innovative solution helps control operating expenses for customers.

Shareholder Return

During the first quarter of 2025, Weatherford paid dividends of $18 million and repurchased shares for approximately $53 million, resulting in a total shareholder return of $71 million.

On April 17, 2025, our Board declared a cash dividend of $0.25 per share of the Company’s ordinary shares, payable on June 5, 2025, to shareholders of record as of May 6, 2025.

Results by Reportable Segment

Drilling and Evaluation (“DRE”)

	Three Months Ended									Variance
($ in Millions)	March 31, 2025			December 31, 2024			March 31, 2024			Seq.		YoY
Revenue	$	350		$	398		$	422		(12	)%	(17	)%
Segment Adjusted EBITDA	$	74		$	96		$	130		(23	)%	(43	)%
Segment Adj EBITDA Margin		21.1	%		24.1	%		30.8	%	(298	)bps	(966	)bps

First quarter 2025 DRE revenue of $350 million decreased by $72 million, or 17% year-over-year, primarily from lower Drilling-related services activity in Latin America, Europe/Sub-Sahara Africa/Russia and North America, partly offset by higher Drilling Services activity in Middle East/North Africa/Asia. Sequentially, DRE revenue decreased by $48 million, or 12%, primarily from lower international activity, especially in Latin America, partly offset by higher Wireline activity in North America.

First quarter 2025 DRE segment adjusted EBITDA of $74 million decreased by $56 million, or 43% year-over-year, primarily from lower activity, partly offset by higher Drilling Services activity in Middle East/North Africa/Asia. Sequentially, DRE segment adjusted EBITDA decreased by $22 million, or 23%, primarily from lower international activity, especially in Latin America, partly offset by higher Wireline activity in North America.

Well Construction and Completions (“WCC”)

	Three Months Ended									Variance
($ in Millions)	March 31, 2025			December 31, 2024			March 31, 2024			Seq.		YoY
Revenue	$	441		$	505		$	458		(13	)%	(4	)%
Segment Adjusted EBITDA	$	128		$	148		$	120		(14	)%	7	%
Segment Adj EBITDA Margin		29.0	%		29.3	%		26.2	%	(28)	bps	282	bps

First quarter 2025 WCC revenue of $441 million decreased by $17 million, or 4% year-over-year, primarily from lower activity in North America, Latin America and Europe/Sub-Sahara Africa/Russia, partly offset by higher activity in Middle East/North Africa/Asia. Sequentially, WCC revenues decreased by $64 million, or 13%, primarily from lower activity across all geographies.

First quarter 2025 WCC segment adjusted EBITDA of $128 million increased by $8 million, or 7% year-over-year, primarily from higher activity and fall through in Middle East/North Africa/Asia, partly offset by lower activity in North America, Latin America and Europe/Sub-Sahara Africa/Russia. Sequentially, WCC segment adjusted EBITDA decreased by $20 million, or 14%, primarily from lower activity across all geographies.

Production and Intervention (“PRI”)

	Three Months Ended									Variance
($ in Millions)	March 31, 2025			December 31, 2024			March 31, 2024			Seq.		YoY
Revenue	$	334		$	364		$	348		(8	)%	(4	)%
Segment Adjusted EBITDA	$	62		$	78		$	73		(21	)%	(15	)%
Segment Adj EBITDA Margin		18.6	%		21.4	%		21.0	%	(287	)bps	(241	)bps

First quarter 2025 PRI revenue of $334 million decreased by $14 million, or 4% year-over-year, as lower international activity was partly offset by higher activity in North America. Sequentially, PRI revenue decreased by $30 million, or 8%, primarily from lower Artificial Lift activity.

First quarter 2025 PRI segment adjusted EBITDA of $62 million decreased by $11 million, or 15% year-over-year, primarily from lower international activity, partly offset by higher fall through in North America. Sequentially, PRI segment adjusted EBITDA decreased by $16 million, or 21%, primarily from lower Artificial Lift activity, partly offset by higher fall through from Digital Solutions in North America.

Revenue by Geography

	Three Months Ended						Variance
*($ in Millions)*	March 31, 2025		December 31, 2024		March 31, 2024		Seq.		YoY
North America	$	250	$	261	$	267	(4	)%	(6)	%

International	$	943	$	1,080	$	1,091	(13	)%	(14	)%
Latin America		241		312		370	(23	)%	(35	)%
Middle East/North Africa/Asia		503		542		497	(7	)%	1	%
Europe/Sub-Sahara Africa/Russia		199		226		224	(12	)%	(11	)%
Total Revenue	$	1,193	$	1,341	$	1,358	(11	)%	(12	)%

North America

First quarter 2025 North America revenue of $250 million decreased by $17 million, or 6% year-over-year, primarily from lower activity in DRE and WCC segments, partly offset by higher activity in PRI segment led by Pressure Pumping and Digital Solutions. Sequentially, North America decreased by $11 million, or 4%, primarily from lower US land and US offshore activity, partly offset by higher Wireline activity.

International

First quarter 2025 international revenue of $943 million decreased 14% year-over-year and decreased 13% sequentially.

First quarter 2025 Latin America revenue of $241 million decreased by $129 million, or 35% year-over-year, primarily from lower activity in Mexico, partly offset by MPD and Pressure Pumping activity. Sequentially, Latin America revenue decreased by $71 million, or 23%, primarily from lower activity in Mexico, partly offset by higher MPD and Completions activity.

First quarter 2025 Middle East/North Africa/Asia revenue of $503 million increased by $6 million, or 1% year-over-year, as higher activity from Completions and Drilling Services were partly offset by lower MPD and Integrated Services & Projects activity. Sequentially, the Middle East/North Africa/Asia revenue decreased by $39 million, or 7%, primarily from lower activity in all the segments, partly offset by higher Integrated Services & Projects and MPD activity.

First quarter 2025 Europe/Sub-Sahara Africa/Russia revenue of $199 million decreased by $25 million, or 11% year-over-year, primarily from lower activity across all the segments, partly offset by higher Well Services and MPD activity. Sequentially, Europe/Sub-Sahara Africa/Russia revenue decreased by $27 million, or 12%, primarily from lower activity across all the segments, partly offset by higher activity in Drilling Services.

About Weatherford
Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company conducts business in approximately 75 countries and has approximately 18,000 team members representing more than 110 nationalities and 320 operating locations. Visit weatherford.com for more information and connect with us on social media.

Conference Call Details

Weatherford will host a conference call on Wednesday, April 23, 2025, to discuss the Company’s results for the first quarter ended March 31, 2025. The conference call will begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).

Listeners are encouraged to download the accompanying presentation slides which will be available in the investor relations section of the Company’s website.

Listeners can participate in the conference call via a live webcast at https://www.weatherford.com/investor-relations/investor-news-and-events/events/ or by dialing +1 877-328-5344 (within the U.S.) or +1 412-902-6762 (outside of the U.S.) and asking for the Weatherford conference call. Participants should log in or dial in approximately 10 minutes prior to the start of the call.

A telephonic replay of the conference call will be available until May 7, 2025, at 5:00 p.m. Eastern Time. To access the replay, please dial +1 877-344-7529 (within the U.S.) or +1 412-317-0088 (outside of the U.S.) and reference conference number 6907941. A replay and transcript of the earnings call will also be available in the investor relations section of the Company’s website.

Contacts
For Investors:
Luke Lemoine
Senior Vice President, Corporate Development & Investor Relations
+1 713-836-7777
investor.relations@weatherford.com

For Media:
Kelley Hughes
Senior Director, Communications & Employee Engagement
media@weatherford.com

Forward-Looking Statements

This news release contains projections and forward-looking statements concerning, among other things, the Company’s quarterly adjusted EBITDA*, adjusted EBITDA margin*, adjusted free cash flow*, net leverage*, shareholder return program, forecasts or expectations regarding business outlook, prospects for its operations, capital expenditures, expectations regarding future financial results, and are also generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “outlook,” “budget,” “intend,” “strategy,” “plan,” “guidance,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon the current beliefs of Weatherford’s management and are subject to significant risks, assumptions, and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Readers are cautioned that forward-looking statements are only estimates and may differ materially from actual future events or results, based on factors including but not limited to: global political, economic and market conditions, political disturbances, war or other global conflicts, terrorist attacks, changes in global trade policies, tariffs and sanctions, weak local economic conditions and international currency fluctuations; general global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; various effects from conflicts in the Middle East and the Russia Ukraine conflicts, including, but not limited to, nationalization of assets, extended business interruptions, sanctions, treaties and regulations (including changes in the regulatory environment) imposed by various countries, associated operational and logistical challenges, and impacts to the overall global energy supply; cybersecurity issues; our ability to comply with, and respond to, climate change, environmental, social and governance and other sustainability initiatives and future legislative and regulatory measures both globally and in specific geographic regions; the potential for a resurgence of a pandemic in a given geographic area and related disruptions to our business, employees, customers, suppliers and other partners; the price and price volatility of, and demand for, oil and natural gas; the macroeconomic outlook for the oil and gas industry; our ability to generate cash flow from operations to fund our operations; our ability to effectively and timely adapt our technology portfolio, products and services to remain competitive, and to address and participate in changes to the market demands, including for the transition to alternate sources of energy such as geothermal, carbon capture and responsible abandonment, including our digitalization efforts; our ability to effectively execute our capital allocation framework; our ability to return capital to shareholders, including those related to the timing and amounts (including any plans or commitments in respect thereof) of any dividends and share repurchases; and the realization of additional cost savings and operational efficiencies.

These risks and uncertainties are more fully described in Weatherford’s reports and registration statements filed with the Securities and Exchange Commission, including the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, you should not place undue reliance on any of the Company’s forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.

_{*Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled}

Weatherford International plc
Selected Statements of Operations (Unaudited)

	Three Months Ended
*($ in Millions, Except Per Share Amounts)*	March 31, 2025			December 31, 2024			March 31, 2024
Revenues:
DRE Revenues	$	350		$	398		$	422
WCC Revenues		441			505			458
PRI Revenues		334			364			348
All Other		68			74			130
Total Revenues		1,193			1,341			1,358

Operating Income:
DRE Segment Adjusted EBITDA^[1]	$	74		$	96		$	130
WCC Segment Adjusted EBITDA^[1]		128			148			120
PRI Segment Adjusted EBITDA^[1]		62			78			73
All Other^[2]		4			11			27
Corporate^[2]		(15	)		(7	)		(14	)
Depreciation and Amortization		(62	)		(83	)		(85	)
Share-based Compensation		(7	)		(10	)		(13	)
Restructuring Charges		(29	)		(34	)		(3	)
Other Charges, Net		(13	)		(1	)		(2	)
Operating Income		142			198			233

Other Expense:
Interest Expense, Net of Interest Income of $11, $12, and $14		(26	)		(25	)		(29	)
Other Expense, Net		(20	)		(4	)		(22	)
Income Before Income Taxes		96			169			182
Income Tax Provision		(10	)		(45	)		(59	)
Net Income		86			124			123
Net Income Attributable to Noncontrolling Interests		10			12			11
Net Income Attributable to Weatherford	$	76		$	112		$	112

Basic Income Per Share	$	1.04		$	1.54		$	1.54
Basic Weighted Average Shares Outstanding		73.1			72.6			72.9

Diluted Income Per Share	$	1.03		$	1.50		$	1.50
Diluted Weighted Average Shares Outstanding		73.4			74.5			74.7

^[1]	^{Segment adjusted EBITDA is our primary measure of segment profitability under U.S. GAAP ASC 280 “Segment Reporting” and represents segment earnings before interest, taxes, depreciation, amortization, share-based compensation, restructuring charges and other adjustments. Research and development expenses are included in segment adjusted EBITDA.}
^[2]	^{All Other includes results from non-core business activities (including integrated services and projects), and Corporate includes overhead support and centrally managed or shared facilities costs. All Other and Corporate do not individually meet the criteria for segment reporting.}

Weatherford International plc
Selected Balance Sheet Data (Unaudited)

*($ in Millions)*	March 31, 2025		December 31, 2024
Assets:
Cash and Cash Equivalents	$	873	$	916
Restricted Cash		57		59
Accounts Receivable, Net		1,175		1,261
Inventories, Net		889		880
Property, Plant and Equipment, Net		1,103		1,061
Intangibles, Net		315		325

Liabilities:
Accounts Payable		714		792
Accrued Salaries and Benefits		249		302
Current Portion of Long-term Debt		22		17
Long-term Debt		1,583		1,617

Shareholders’ Equity:
Total Shareholders’ Equity		1,360		1,283

Weatherford International plc
Selected Cash Flows Information (Unaudited)

	Three Months Ended
*($ in Millions)*	March 31, 2025			December 31, 2024			March 31, 2024
Cash Flows From Operating Activities:
Net Income	$	86		$	124		$	123
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:
Depreciation and Amortization		62			83			85
Foreign Exchange Losses (Gain)		13			(2	)		15
Gain on Disposition of Assets		(1	)		(2	)		(7	)
Deferred Income Tax Provision		7			—			14
Share-Based Compensation		7			10			13
Changes in Accounts Receivable, Inventory, Accounts Payable and Accrued Salaries and Benefits		(17	)		24			(152	)
Other Changes, Net		(15	)		12			40
Net Cash Provided By Operating Activities		142			249			131

Cash Flows From Investing Activities:
Capital Expenditures for Property, Plant and Equipment		(77	)		(100	)		(59	)
Proceeds from Disposition of Assets		1			13			10
Business Acquisitions, Net of Cash Acquired		—			—			(36	)
Proceeds from Sale of Investments		—			—			41
Other Investing Activities		(3	)		1			(10	)
Net Cash Used In Investing Activities		(79	)		(86	)		(54	)

Cash Flows From Financing Activities:
Repayments of Long-term Debt		(39	)		(23	)		(172	)
Distributions to Noncontrolling Interests		—			(20	)		—
Tax Remittance on Equity Awards		(20	)		(22	)		(8	)
Share Repurchases		(53	)		(49	)		—
Dividends Paid		(18	)		(18	)		—
Other Financing Activities		(3	)		(1	)		(7	)
Net Cash Used In Financing Activities	$	(133	)	$	(133	)	$	(187	)

Weatherford International plc

Non-GAAP Financial Measures Defined (Unaudited)

We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, Weatherford’s management believes that certain non-GAAP financial measures (as defined under the SEC’s Regulation G and Item 10(e) of Regulation S-K) may provide users of this financial information additional meaningful comparisons between current results and results of prior periods and comparisons with peer companies. The non-GAAP amounts shown in the following tables should not be considered as substitutes for results reported in accordance with GAAP but should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

Adjusted EBITDA* – Adjusted EBITDA* is a non-GAAP measure and represents consolidated income before interest expense, net, income taxes, depreciation and amortization expense, and excludes, among other items, restructuring charges, share-based compensation expense, as well as other charges and credits. Management believes adjusted EBITDA* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA* should be considered in addition to, but not as a substitute for consolidated net income and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

Adjusted EBITDA margin* – Adjusted EBITDA margin* is a non-GAAP measure which is calculated by dividing consolidated adjusted EBITDA* by consolidated revenues. Management believes adjusted EBITDA margin* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA margin* should be considered in addition to, but not as a substitute for consolidated net income margin and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

Adjusted Free Cash Flow* – Adjusted Free Cash Flow* is a non-GAAP measure and represents cash flows provided by (used in) operating activities, less capital expenditures plus proceeds from the disposition of assets. Management believes adjusted free cash flow* is useful to understand our performance at generating cash and demonstrates our discipline around the use of cash. Adjusted free cash flow* should be considered in addition to, but not as a substitute for cash flows provided by operating activities and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

Net Debt* – Net Debt* is a non-GAAP measure that is calculated taking short and long-term debt less cash and cash equivalents and restricted cash. Management believes the net debt* is useful to assess the level of debt in excess of cash and cash and equivalents as we monitor our ability to repay and service our debt. Net debt* should be considered in addition to, but not as a substitute for overall debt and total cash and should be viewed in addition to the Company’s results prepared in accordance with GAAP.

Net Leverage* – Net Leverage* is a non-GAAP measure which is calculated by dividing by taking net debt* divided by adjusted EBITDA* for the trailing 12 months. Management believes the net leverage* is useful to understand our ability to repay and service our debt. Net leverage* should be considered in addition to, but not as a substitute for the individual components of above defined net debt* divided by consolidated net income attributable to Weatherford and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

_{*Non-GAAP – as defined above and reconciled to the GAAP measures in the section titled GAAP to Non-GAAP Financial Measures Reconciled}

Weatherford International plc
GAAP to Non-GAAP Financial Measures Reconciled (Unaudited)


	Three Months Ended
*($ in Millions, Except Margin in Percentages)*	March 31, 2025			December 31, 2024			March 31, 2024
Revenues	$	1,193		$	1,341		$	1,358
Net Income Attributable to Weatherford	$	76		$	112		$	112
Net Income Margin		6.4	%		8.4	%		8.2	%
Adjusted EBITDA*	$	253		$	326		$	336
Adjusted EBITDA Margin*		21.2	%		24.3	%		24.7	%

Net Income Attributable to Weatherford	$	76		$	112		$	112
Net Income Attributable to Noncontrolling Interests		10			12			11
Income Tax Provision		10			45			59
Interest Expense, Net of Interest Income of $11, $12, and $14		26			25			29
Other Expense, Net		20			4			22
Operating Income		142			198			233
Depreciation and Amortization		62			83			85
Other Charges, Net^[1]		13			1			2
Restructuring Charges		29			34			3
Share-Based Compensation		7			10			13
Adjusted EBITDA*	$	253		$	326		$	336

Net Cash Provided By Operating Activities	$	142		$	249		$	131
Capital Expenditures for Property, Plant and Equipment		(77	)		(100	)		(59	)
Proceeds from Disposition of Assets		1			13			10
Adjusted Free Cash Flow*	$	66		$	162		$	82

^[1]	^{Other Charges, Net in the three months ended March 31, 2025 primarily includes fees to third-party financial institutions related to collections of certain receivables from our largest customer in Mexico.}

_{*Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined}

Weatherford International plc
GAAP to Non-GAAP Financial Measures Reconciled Continued (Unaudited)



*($ in Millions)*	March 31, 2025			December 31, 2024			March 31, 2024
Current Portion of Long-term Debt	$	22		$	17		$	101
Long-term Debt		1,583			1,617			1,629
Total Debt	$	1,605		$	1,634		$	1,730

Cash and Cash Equivalents	$	873		$	916		$	824
Restricted Cash		57			59			113
Total Cash	$	930		$	975		$	937

Components of Net Debt
Current Portion of Long-term Debt	$	22		$	17		$	101
Long-term Debt		1,583			1,617			1,629
Less: Cash and Cash Equivalents		873			916			824
Less: Restricted Cash		57			59			113
Net Debt*	$	675		$	659		$	793

Net Income for trailing 12 months	$	470		$	506		$	457
*Adjusted EBITDA for trailing 12 months**	$	1,299		$	1,382		$	1,253

*Net Leverage (Net Debt/Adjusted EBITDA)**		0.52	x		0.48	x		0.63	x

_{*Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined}

The MIL Network –

April 23, 2025

MIL-OSI: FS Bancorp, Inc. Reports First Quarter Net Income of $8.0 Million or $1.01 Per Diluted Share and the Forty-Ninth Consecutive Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

MOUNTLAKE TERRACE, Wash., April 22, 2025 (GLOBE NEWSWIRE) — FS Bancorp, Inc. (NASDAQ: FSBW) (the “Company”), the holding company for 1st Security Bank of Washington (the “Bank”) today reported 2025 first quarter net income of $8.0 million, or $1.01 per diluted share, compared to $8.4 million, or $1.06 per diluted share, for the comparable quarter one year ago.

“Deposit growth exceeded expectations in the first quarter of 2025, enabling the Bank to be well positioned for our loan pipeline going into the second quarter,” stated Matthew Mullet, President/CFO.

“We are also pleased that our Board of Directors approved our forty-ninth consecutive quarterly cash dividend of $0.28 per common share, demonstrating our continued commitment to returning value to shareholders. The cash dividend will be paid on May 22, 2025, to shareholders of record as of May 8, 2025,” noted Joe Adams, CEO.

2025 First Quarter Highlights

Net income was $8.0 million for the first quarter of 2025, compared to $7.4 million for the previous quarter, and $8.4 million for the comparable quarter one year ago;
Total deposits increased $275.7 million, or 11.8%, to $2.62 billion at March 31, 2025, primarily due to an increase of $226.9 million in brokered deposits, compared to $2.34 billion at December 31, 2024, and increased $149.9 million, or 6.1%, from $2.47 billion at March 31, 2024. Noninterest-bearing deposits were $676.7 million at March 31, 2025, $638.2 million at December 31, 2024, and $646.9 million at March 31, 2024, reflecting growth in core deposits;
Borrowings decreased $239.0 million, or 77.6% to $68.8 million at March 31, 2025, compared to $307.8 million at December 31, 2024, and decreased $61.1 million, or 47.0%, from $129.9 million at March 31, 2024, and were primarily repositioned into wholesale brokered CDs noted above;
Loans receivable, net was virtually unchanged at $2.50 billion at both March 31, 2025, and December 31, 2024, and increased $85.7 million, or 3.5%, from $2.42 billion at March 31, 2024;
Consumer loans, of which 87.4% are home improvement loans, decreased $11.3 million, or 1.8%, to $608.9 million at March 31, 2025, compared to $620.2 million in the previous quarter, and decreased $37.2 million, or 5.8%, from $646.1 million in the comparable quarter one year ago. During the three months ended March 31, 2025, consumer loan originations included 79.9% of home improvement loans originated with a Fair Isaac Corporation (“FICO”) score above 720;
Repurchased 98,317 shares of the Company’s common stock in the first quarter of 2025 at an average price of $39.06 per share with $873,000 remaining for future purchases under the existing share repurchase plan. On April 4, 2025, the Board authorized an additional share repurchase program of up to $5.0 million of the Company’s common stock;
Book value per share increased $0.86 to $39.12 at March 31, 2025, compared to $38.26 at December 31, 2024, and increased $3.06 from $36.06 at March 31, 2024. Tangible book value per share (non-GAAP financial measure) increased $0.94 to $36.96 at March 31, 2025, compared to $36.02 at December 31, 2024, and increased $3.49 from $33.47 at March 31, 2024. See, “Non-GAAP Financial Measures.”
Segment reporting in the first quarter of 2025 reflected net income of $7.8 million for the Commercial and Consumer Banking segment and $241,000 for the Home Lending segment, compared to net income of $7.4 million and net loss of $39,000 in the prior quarter, and net income of $8.2 million and $246,000 in the first quarter of 2024, respectively; and
Regulatory capital ratios at the Bank were 14.4% for total risk-based capital and 11.3% for Tier 1 leverage capital at March 31, 2025, compared to 14.2% for total risk-based capital and 11.2% for Tier 1 leverage capital at December 31, 2024.

Segment Reporting

The Company reports on two segments: Commercial and Consumer Banking and Home Lending. The Commercial and Consumer Banking segment provides diversified financial products and services to our commercial and consumer customers. These products and services include deposit products; residential, consumer, business and commercial real estate lending and cash management services. This segment is also responsible for managing the Bank’s investment portfolio and other assets. The Home Lending segment originates one-to-four-family residential mortgage loans primarily for sale in the secondary markets as well as loans held for investment.

The tables below provide a summary of segment reporting at or for the three months ended March 31, 2025 and 2024 (dollars in thousands):

	At or For the Three Months Ended March 31, 2025
Condensed income statement:	Commercial and Consumer Banking			Home Lending			Total
Net interest income ⁽¹⁾	$	28,407		$	2,575		$	30,982
Provision for credit losses		(1,321	)		(271	)		(1,592	)
Noninterest income ⁽²⁾		2,246			2,880			5,126
Noninterest expense ⁽³⁾		(20,176	)		(4,879	)		(25,055	)
Income before provision for income taxes		9,156			305			9,461
Provision for income taxes		(1,376	)		(64	)		(1,440	)
Net income	$	7,780		$	241		$	8,021
Total average assets for period ended	$	2,414,100		$	618,412		$	3,032,512
Full-time employees (“FTEs”)		454			113			567

	At or For the Three Months Ended March 31, 2024
Condensed income statement:	Commercial and Consumer Banking			Home Lending			Total
Net interest income ⁽¹⁾	$	28,086		$	2,260		$	30,346
Provision for credit losses		(1,251	)		(148	)		(1,399	)
Noninterest income ⁽²⁾		2,393			2,718			5,111
Noninterest expense ⁽³⁾		(19,008	)		(4,521	)		(23,529	)
Income before provision for income taxes		10,220			309			10,529
Provision for income taxes		(2,069	)		(63	)		(2,132	)
Net income	$	8,151		$	246		$	8,397
Total average assets for period ended	$	2,401,864		$	556,683		$	2,958,547
FTEs		440			130			570

__________________________________

(1	)	Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to the other segment. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of assigned liabilities to fund segment assets.
(2	)	Noninterest income includes activity from certain residential mortgage loans that were initially originated for sale and measured at fair value and subsequently transferred to loans held for investment. Gains and losses from changes in fair value for these loans are reported in earnings as a component of noninterest income. For the three months ended March 31, 2025, the Company recorded a net increase in fair value of $263,000, compared to a net increase in fair value of $2,000 for the three months ended March 31, 2024. As of March 31, 2025 and 2024, there were $14.5 million and $15.0 million, respectively, in residential mortgage loans recorded at fair value as they were previously transferred from loans held for sale to loans held for investment.
(3	)	Noninterest expense includes allocated overhead expense from general corporate activities. Allocation is determined based on a combination of segment assets and FTEs. For the three months ended March 31, 2025 and 2024, the Home Lending segment included allocated overhead expenses of $1.8 million and $1.5 million, respectively.

Asset Summary

Total assets increased $36.9 million, or 1.2%, to $3.07 billion at March 31, 2025, compared to $3.03 billion at December 31, 2024, and increased $96.4 million, or 3.2%, from $2.97 billion at March 31, 2024. The increase in total assets at March 31, 2025, compared to December 31, 2024, included increases of $31.1 million in total cash and cash equivalents, $10.0 million in securities available-for-sale, $3.4 million in other assets, $3.2 million in loans held for sale (“HFS”) and $2.0 million in securities held-to-maturity, partially offset by decreases in FHLB stock of $10.4 million, loans receivable, net of $834,000 and core deposit intangible (“CDI”), net of $831,000. The increase compared to March 31, 2024, was primarily due to increases in loans receivable, net of $85.7 million, other assets of $21.1 million, total cash and cash equivalents of $17.3 million, and securities available-for-sale of $11.5 million. These increases were partially offset by decreases in certificates of deposit at other financial institutions of $22.0 million, loans HFS of $18.9 million, and CDI, net of $3.5 million.

LOAN PORTFOLIO
(Dollars in thousands)	March 31, 2025					December 31, 2024					March 31, 2024
COMMERCIAL REAL ESTATE (“CRE”) LOANS	Amount				%	Amount				%	Amount				%	Linked Quarter $ Change			Prior Year Quarter $ Change
CRE owner occupied	$	164,911		6.5	%	$	170,396		6.7	%	$	174,946		7.2	%	$	(5,485	)	$	(10,035	)
CRE non-owner occupied		174,188		6.9			174,921		6.9			184,109		7.5			(733	)		(9,921	)
Commercial and speculative construction and development		288,978		11.4			280,798		11.1			244,217		10.0			8,180			44,761
Multi-family		244,940		9.7			245,222		9.7			222,410		9.1			(282	)		22,530
Total CRE loans		873,017		34.5			871,337		34.4			825,682		33.8			1,680			47,335

RESIDENTIAL REAL ESTATE LOANS
One-to-four-family (excludes HFS)		637,299		25.2			617,322		24.4			580,050		23.7			19,977			57,249
Home equity		73,846		2.9			75,147		3.0			73,323		3.0			(1,301	)		523
Residential custom construction		48,810		1.9			49,902		2.0			57,129		2.3			(1,092	)		(8,319	)
Total residential real estate loans		759,955		30.0			742,371		29.4			710,502		29.0			17,584			49,453

CONSUMER LOANS
Indirect home improvement		532,038		21.0			541,946		21.4			568,802		23.2			(9,908	)		(36,764	)
Marine		73,737		2.9			74,931		3.0			73,921		3.0			(1,194	)		(184	)
Other consumer		3,118		0.1			3,304		0.1			3,409		0.1			(186	)		(291	)
Total consumer loans		608,893		24.0			620,181		24.5			646,132		26.3			(11,288	)		(37,239	)

COMMERCIAL BUSINESS LOANS
Commercial and industrial (“C&I”)		274,956		10.9			287,014		11.3			256,429		10.6			(12,058	)		18,527
Warehouse lending		15,949		0.6			12,918		0.4			8,113		0.3			3,031			7,836
Total commercial business loans		290,905		11.5			299,932		11.7			264,542		10.9			(9,027	)		26,363
Total loans receivable, gross		2,532,770		100.0	%		2,533,821		100.0	%		2,446,858		100.0	%		(1,051	)		85,912

Allowance for credit losses on loans		(31,653	)				(31,870	)				(31,479	)				217			(174	)
Total loans receivable, net	$	2,501,117				$	2,501,951				$	2,415,379				$	(834	)	$	85,738

The composition of CRE loans at the dates indicated were as follows:

(Dollars in thousands)	Mar 31, 2025		Dec 31, 2024		Mar 31, 2024
CRE by Type:	Amount		Amount		Amount
CRE non-owner occupied:
Office	$	39,406	$	39,697	$	41,625
Retail		35,520		36,568		38,712
Hospitality/restaurant		27,377		27,562		24,751
Self-storage		19,092		19,111		21,383
Mixed use		18,868		17,721		19,186
Industrial		15,033		15,125		17,475
Senior housing/assisted living		7,506		7,565		8,446
Other ⁽¹⁾		6,579		6,631		6,785
Land		2,314		2,421		3,151
Education/worship		2,493		2,520		2,595
Total CRE non-owner occupied		174,188		174,921		184,109
CRE owner occupied:
Agriculture		3,990		3,834		3,744
Industrial		66,618		67,064		63,683
Office		40,447		42,223		41,652
Retail		20,535		20,718		21,836
Hospitality/restaurant		7,306		10,396		10,933
Other ⁽²⁾		8,529		8,612		8,438
Car wash		—		—		7,713
Automobile related		7,266		7,325		7,479
Education/worship		4,641		4,608		4,604
Mixed use		5,579		5,616		4,864
Total CRE owner occupied		164,911		170,396		174,946
Total		339,099		345,317		359,055

__________________________________

(1	)	Primarily includes loans secured by mobile home parks totaling $758,000, $766,000, and $789,000, RV parks totaling $681,000, $685,000, and $696,000, automobile-related collateral totaling $584,000, $589,000, and $604,000, and other collateral totaling $4.6 million, $4.6 million, and $4.7 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.
(2	)	Primarily includes loans secured by gas stations totaling $1.5 million, $1.5 million and $1.7 million, non-profit organization totaling $1.4 million, $1.5 million and $915,000, and other collateral totaling $5.6 million, $5.6 million and $5.8 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

The following table includes CRE loans repricing or maturing within the next two years, excluding loans that reprice simultaneously with changes to the prime rate:

(Dollars in thousands)		For the Quarter Ended
CRE by type:	Jun 30, 2025		Sep 30, 2025		Dec 31, 2025		Mar 31, 2026		Jun 30, 2026		Sep 30, 2026		Dec 31, 2026		Mar 31, 2027		Total		Current Weighted Average Rate
Agriculture	$	723	$	—	$	312	$	175	$	—	$	292	$	—	$	—	$	1,502	6.14	%
Apartment		4,510		1,701		18,573		1,268		13,868		9,763		8,241		27,900		85,824	5.65
Auto related		790		—		—		—		—		—		—		—		790	4.15
Hotel / hospitality		1,760		1,315		—		115		1,265		—		—		—		4,455	4.75
Industrial		—		161		10,122		981		590		1,594		—		13,481		26,929	5.13
Mixed use		3,469		244		313		2,119		—		—		382		—		6,527	5.74
Office		11,077		4,127		966		519		1,641		559		7,749		2,878		29,516	4.96
Other		1,309		1,147		241		890		—		2,493		1,497		283		7,860	5.05
Retail		1,738		63		—		436		3,474		—		3,423		3,059		12,193	4.11
Senior housing and assisted living		—		—		—		2,157		—		—		—		—		2,157	4.75	%
Total	$	25,376	$	8,758	$	30,527	$	8,660	$	20,838	$	14,701	$	21,292	$	47,601	$	177,753

A breakdown of construction loans at the dates indicated were as follows:

(Dollars in thousands)	March 31, 2025					December 31, 2024
Construction Types:	Amount		Percent			Amount		Percent
Commercial construction – retail	$	8,157		2.4	%	$	8,079		2.4	%
Commercial construction – office		6,487		1.9			4,979		1.5
Commercial construction – self storage		16,012		4.7			13,480		4.1
Commercial construction – hotel		402		0.1			—		—
Multi-family		31,275		9.3			30,945		9.4
Custom construction – single family residential and single family manufactured residential		41,143		12.2			42,040		12.7
Custom construction – land, lot and acquisition and development		7,667		2.3			7,862		2.4
Speculative residential construction – vertical		186,042		55.1			180,381		54.5
Speculative residential construction – land, lot and acquisition and development		40,603		12.0			42,934		13.0
Total	$	337,788		100.0	%	$	330,700		100.0	%

(Dollars in thousands)	March 31, 2025					March 31, 2024
Construction Types:	Amount		Percent			Amount		Percent
Commercial construction – retail	$	8,157		2.4	%	$	8,290		2.8	%
Commercial construction – office		6,487		1.9			4,737		1.6
Commercial construction – self storage		16,012		4.7			10,000		3.3
Commercial construction – hotel		402		0.1			7,807		2.6
Multi-family		31,275		9.3			53,288		17.7
Custom construction – single family residential and single family manufactured residential		41,143		12.2			50,674		16.8
Custom construction – land, lot and acquisition and development		7,667		2.3			6,455		2.1
Speculative residential construction – vertical		186,042		55.1			134,047		44.5
Speculative residential construction – land, lot and acquisition and development		40,603		12.0			26,048		8.6
Total	$	337,788		100.0	%	$	301,346		100.0	%

Originations of one-to-four-family loans to purchase and refinance a home for the periods indicated were as follows:

(Dollars in thousands)	For the Three Months Ended
	March 31, 2025					December 31, 2024
	Amount		Percent			Amount		Percent			$ Change			% Change
Purchase	$	120,719		83.0	%	$	129,232		83.2	%	$	(8,513	)		(6.6	)%
Refinance		24,677		17.0			26,116		16.8			(1,439	)		(5.5	)%
Total	$	145,396		100.0	%	$	155,348		100.0	%	$	(9,952	)		(6.4	)%

(Dollars in thousands)	For the Three Months Ended March 31,
	2025					2024
	Amount		Percent			Amount		Percent			$ Change			% Change
Purchase	$	120,719		83.0	%	$	135,577		88.1	%	$	(14,858	)		(11.0	)%
Refinance		24,677		17.0			18,371		11.9			6,306			34.3	%
Total	$	145,396		100.0	%	$	153,948		100.0	%	$	(8,552	)		(5.6	)%

During the quarter ended March 31, 2025, the Company sold $91.9 million of one-to-four-family loans compared to $138.9 million during the previous quarter and $93.9 million during the same quarter one year ago. The decrease in the volume of loans sold during the current quarter compared to the prior quarter was primarily due to seasonal factors combined with economic volatility. Gross margins on home loan sales increased to 3.26% for the quarter ended March 31, 2025, compared to 3.14% in the previous quarter and decreased from 3.43% in the same quarter one year ago. Gross margins are defined as the margin on loans sold (cash sales) without the impact of deferred costs.

Liabilities and Equity Summary

Changes in deposits at the dates indicated were as follows:

(Dollars in thousands)
	March 31, 2025					December 31, 2024
Transactional deposits:	Amount		Percent			Amount		Percent			$ Change			% Change
Noninterest-bearing checking	$	659,417		25.2	%	$	627,679		26.8	%	$	31,738			5.1	%
Interest-bearing checking ⁽¹⁾		201,469		7.7			176,561		7.5			24,908			14.1
Escrow accounts related to mortgages serviced ⁽²⁾		17,289		0.7			10,479		0.5			6,810			65.0
Subtotal		878,175		33.6			814,719		34.8			63,456			7.8
Savings		160,332		6.1			154,188		6.6			6,144			4.0
Money market ⁽³⁾		343,349		13.1			341,615		14.6			1,734			0.5
Subtotal		503,681		19.2			495,803		21.2			7,878			1.6
Certificates of deposit less than $100,000 ⁽⁴⁾		639,947		24.5			440,257		18.8			199,690			45.4
Certificates of deposit of $100,000 through $250,000		450,836		17.2			455,594		19.5			(4,758	)		(1.0	)
Certificates of deposit greater than $250,000		142,512		5.5			133,045		5.7			9,467			7.1
Subtotal		1,233,295		47.2			1,028,896		44.0			204,399			19.9
Total	$	2,615,151		100.0	%	$	2,339,418		100.0	%	$	275,733			11.8	%

(Dollars in thousands)
	March 31, 2025					March 31, 2024
Transactional deposits:	Amount		Percent			Amount		Percent			$ Change			% Change
Noninterest-bearing checking	$	659,417		25.2	%	$	618,526		25.1	%	$	40,891			6.6	%
Interest-bearing checking ⁽¹⁾		201,469		7.7			188,050		7.6			13,419			7.1
Escrow accounts related to mortgages serviced ⁽²⁾		17,289		0.7			28,373		1.2			(11,084	)		(39.1	)
Subtotal		878,175		33.6			834,949		33.9			43,226			5.2
Savings		160,332		6.1			153,025		6.2			7,307			4.8
Money market ⁽³⁾		343,349		13.1			364,944		14.8			(21,595	)		(5.9	)
Subtotal		503,681		19.2			517,969		21.0			(14,288	)		(2.8	)
Certificates of deposit less than $100,000 ⁽⁴⁾		639,947		24.5			579,153		23.5			60,794			10.5
Certificates of deposit of $100,000 through $250,000		450,836		17.2			424,463		17.2			26,373			6.2
Certificates of deposit greater than $250,000		142,512		5.5			108,763		4.4			33,749			31.0
Subtotal		1,233,295		47.2			1,112,379		45.1			120,916			10.9
Total	$	2,615,151		100.0	%	$	2,465,297		100.0	%	$	149,854			6.1	%

__________________________________

(1	)	Includes $30.1 million of brokered deposits at March 31, 2025, and no brokered deposits at December 31, 2024, and at March 31, 2024.
(2	)	Primarily noninterest-bearing accounts based on applicable state law.
(3	)	Includes $251,000, $279,000 and $8.0 million of brokered deposits at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.
(4	)	Includes $339.9 million, $143.1 million, and $331.3 million of brokered deposits at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

At March 31, 2025, CDs, which include retail and non-retail CDs, totaled $1.23 billion, compared to $1.03 billion at December 31, 2024 and $1.11 billion at March 31, 2024, with non-retail CDs representing 28.5%, 15.0% and 31.0% of total CDs at such dates, respectively. At March 31, 2025, non-retail CDs, which include brokered CDs, online CDs and public funds CDs, increased $196.9 million to $351.7 million, compared to $154.8 million at December 31, 2024, primarily due to an increase of $196.8 million in brokered CDs. The increase in brokered CDs provided funds to pay down higher cost borrowings. Non-retail CDs totaled $351.7 million at March 31, 2025, compared to $344.5 million at March 31, 2024.

At March 31, 2025, the Bank had uninsured deposits of approximately $679.4 million, compared to approximately $652.7 million at December 31, 2024, and $614.1 million at March 31, 2024. The uninsured amounts are estimates based on the methodologies and assumptions used for the Bank’s regulatory reporting requirements.

At March 31, 2025, borrowings decreased $239.0 million to $68.8 million at March 31, 2025, from $307.8 million at December 31, 2024, and decreased $61.1 million from $129.9 million at March 31, 2024. These borrowings were comprised solely of FHLB advances.

Total stockholders’ equity increased $3.1 million to $298.8 million at March 31, 2025, from $295.8 million at December 31, 2024, and increased $20.9 million, from $277.9 million at March 31, 2024. The increase in stockholders’ equity at March 31, 2025, compared to December 31, 2024, was primarily due to net income of $8.0 million and $513,000 in equity award compensation, partially offset by share repurchases of $3.8 million and cash dividends paid of $2.2 million. Stockholders’ equity was also impacted by decreases in unrealized net losses on securities available for sale of $2.7 million, net of tax, and decreases in unrealized net gains on fair value and cash flow hedges of $2.6 million, net of tax, reflecting changes in market interest rates during the quarter, resulting in a $151,000 decrease in accumulated other comprehensive loss, net of tax. Book value per common share was $39.12 at March 31, 2025, compared to $38.26 at December 31, 2024, and $36.06 at March 31, 2024.

The Bank is considered “well capitalized” under the capital requirements established by the Federal Deposit Insurance Corporation (“FDIC”) with a total risk-based capital ratio of 14.4%, a Tier 1 leverage capital ratio of 11.3%, and a common equity Tier 1 (“CET1”) capital ratio of 13.2% at March 31, 2025.

The Company exceeded all regulatory capital requirements with a total risk-based capital ratio of 14.7%, a Tier 1 leverage capital ratio of 9.9%, and a CET1 ratio of 11.5% at March 31, 2025.

Credit Quality

The allowance for credit losses on loans (“ACLL”) was $31.7 million, or 1.25% of gross loans receivable (excluding loans HFS) at March 31, 2025, compared to $31.9 million, or 1.26% of gross loans receivable (excluding loans HFS), at December 31, 2024, and $31.5 million, or 1.29% of gross loans receivable (excluding loans HFS), at March 31, 2024. The slight decrease in the ACLL at March 31, 2025, compared to the prior quarter was primarily due to a decrease in the balance of higher risk consumer loans. The increase of $174,000 in the ACLL from the same quarter the prior year was primarily due to increases in CRE loans. The allowance for credit losses on unfunded loan commitments increased $66,000 to $1.5 million at March 31, 2025, compared to $1.4 million at December 31, 2024, and decreased $35,000 from $1.5 million at March 31, 2024, primarily due to an increase in the volume of unfunded commitments on construction loans

Nonperforming loans increased $870,000 to $14.5 million at March 31, 2025, compared to $13.6 million at December 31, 2024, and increased $2.4 million from $12.1 million at March 31, 2024. The increase in nonperforming loans compared to the prior quarter was primarily due to increases in nonperforming CRE construction and development loans of $1.5 million, nonperforming indirect home improvement loans of $1.1 million, and nonperforming one-to-four-family loans of $970,000, partially offset by decreases in nonperforming CRE loans of $1.6 million and nonperforming commercial business loans of $1.5 million. The increase in nonperforming loans compared to the same quarter the prior year was primarily due to increases in nonperforming construction and development loans of $1.8 million, nonperforming one-to-four-family loans of $961,000, and nonperforming indirect home improvement loans of $626,000, partially offset by a decrease in nonperforming commercial business loans of $1.4 million.

Loans classified as substandard increased $602,000 to $23.5 million at March 31, 2025, compared to $22.9 million at December 31, 2024, and decreased $1.4 million from $24.9 million at March 31, 2024. The increase in substandard loans compared to the prior quarter was primarily due to an increase of $1.5 million in CRE construction and development loans, $1.1 million in indirect home improvement loans, and $953,000 in one-to-four-family loans, partially offset by decreases in commercial business loans of $1.8 million and CRE of $1.6 million. The decrease in substandard loans compared to the prior year was primarily due to decreases of $3.1 million in C&I loans and $1.9 million in CRE loans, partially offset by increases of $1.8 million in CRE construction and development loans, $794,000 in one-to-four-family loans, and $626,000 in indirect home improvement loans.

Operating Results

Net interest income increased $636,000 to $31.0 million for the three months ended March 31, 2025, from $30.3 million for the three months ended March 31, 2024, primarily due to an increase in total interest income of $1.9 million, partially offset by an increase in interest expense of $1.3 million. The $1.9 million increase in total interest income was primarily due to an increase of $2.3 million in interest income on loans receivable, including fees, primarily as a result of net loan growth and variable rate loans repricing higher. The $1.3 million increase in total interest expense was primarily the result of higher market interest rates and a net increase in interest bearing liabilities.

NIM (annualized) increased six basis points to 4.32% for the three months ended March 31, 2025, from 4.26% for the same period in the prior year. The increase in NIM for the three months ended March 31, 2025, compared to the same period in 2024, reflects the increased yields on interest-earning assets.

The average total cost of funds, including noninterest-bearing checking, increased 17 basis points to 2.38% for the three months ended March 31, 2025, from 2.21% for the three months ended March 31, 2024. This increase was predominantly due to higher market rates for borrowings.

For the three months ended March 31, 2025, the provision for credit losses on loans was $1.5 million, compared to $1.4 million for the three months ended March 31, 2024. The provision for credit losses on loans reflects an increase in charge-off activity. During the three months ended March 31, 2025, net charge-offs increased $247,000 to $1.7 million, compared to $1.5 million for the same period last year. This increase was the result of increased net charge-offs of $487,000 in indirect home improvement loans and $25,000 in commercial business loans, partially offset by a net reduction of net charge-offs of $213,000 in marine loans and $46,000 in other consumer loans. Management attributes the increase in net charge-offs over the year primarily to volatile economic conditions.

Total noninterest income was unchanged at $5.1 million for the three months ended March 31, 2025 and 2024. Total noninterest expense was $25.0 million for the three months ended March 31, 2025, compared to $23.5 million for the three months ended March 31, 2024. The $1.5 million increase was primarily due to a $976,000 increase in salaries and benefits and a $437,000 increase in operations expense.

About FS Bancorp

FS Bancorp, Inc., a Washington corporation, is the holding company for 1st Security Bank of Washington. The Bank offers a range of loan and deposit services primarily to small- and middle-market businesses and individuals in Washington and Oregon. It operates through 27 bank branches, one headquarters office that provides loans and deposit services, and loan production offices in various suburban communities in the greater Puget Sound area, the Kennewick-Pasco-Richland metropolitan area of Washington, also known as the Tri-Cities, and in Vancouver, Washington. Additionally, the Bank services home mortgage customers across the Northwest, focusing on markets in Washington State including the Puget Sound, Tri-Cities, and Vancouver.

Forward-Looking Statements

When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the “SEC”), in press releases or other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases “believe,” “will,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent management’s current expectations and forecasts regarding future events, many of which are inherently uncertain and outside of our control. Actual results may differ, possibly materially from those currently expected or projected in these forward-looking statements. Factors that could cause the Company’s actual results to differ materially from those described in the forward-looking statements, include but are not limited to, the following: adverse impacts to economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels; labor shortages, the effects of inflation, a recession or slowed economic growth; changes in the interest rate environment, including the increases and decrease in the Federal Reserve benchmark rate and duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; increased competitive pressures, including repricing and competitors’ pricing initiatives, and their impact on our market position, loan, and deposit products; adverse changes in the securities markets, the Company’s ability to execute its plans to grow its residential construction lending, mortgage banking, and warehouse lending operations, and the geographic expansion of its indirect home improvement lending; challenges arising from expanding into new geographic markets, products, or services; secondary market conditions for loans and the Company’s ability to originate loans for sale and sell loans in the secondary market; volatility in the mortgage industry; fluctuations in deposits; liquidity issues, including our ability to borrow funds or raise additional capital, if necessary; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; legislative and regulatory changes, including changes in banking, securities and tax law, in regulatory policies and principles, or the interpretation of regulatory capital or other rules; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform critical processing functions for us; the potential for new or increased tariffs, trade restrictions or geopolitical tensions that could affect economic activity or specific industry sectors; environmental, social and governance goals; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other reports filed with or furnished to the SEC which are available on its website at www.fsbwa.com and on the SEC’s website at www.sec.gov.

Any of the forward-looking statements that the Company makes in this press release and in the other public statements are based upon management’s beliefs and assumptions at the time they are made and may turn out to be incorrect because of the inaccurate assumptions the Company might make, because of the factors illustrated above or because of other factors that cannot be foreseen by the Company. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

FS BANCORP, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (Dollars in thousands) (Unaudited)

										Linked			Prior Year
	March 31,			December 31,			March 31,			Quarter			Quarter
	2025			2024			2024			% Change			% Change
ASSETS
Cash and due from banks	$	18,657		$	19,280		$	17,149			(3	)		9
Interest-bearing deposits at other financial institutions		44,084			12,355			28,257			257			56
Total cash and cash equivalents		62,741			31,635			45,406			98			38
Certificates of deposit at other financial institutions		1,234			1,727			23,222			(29	)		(95	)
Securities available-for-sale, at fair value		291,133			281,175			279,643			4			4
Securities held-to-maturity, net		10,434			8,455			8,455			23			23
Loans held for sale, at fair value		31,038			27,835			49,957			12			(38	)
Loans receivable, net		2,501,117			2,501,951			2,415,379			—			4
Accrued interest receivable		14,406			13,881			14,455			4			—
Premises and equipment, net		29,451			29,756			30,326			(1	)		(3	)
Operating lease right-of-use		4,979			5,378			6,202			(7	)		(20	)
Federal Home Loan Bank stock, at cost		5,256			15,621			2,909			(66	)		81
Deferred tax asset, net		7,009			7,059			4,832			(1	)		45
Bank owned life insurance (“BOLI”), net		38,778			38,528			37,958			1			2
MSRs, held at the lower of cost or fair value		8,926			9,204			9,009			(3	)		(1	)
Goodwill		3,592			3,592			3,592			—			—
Core deposit intangible, net		12,879			13,710			16,402			(6	)		(21	)
Other assets		43,105			39,670			21,958			9			96
TOTAL ASSETS	$	3,066,078		$	3,029,177		$	2,969,705			1			3
LIABILITIES
Deposits:
Noninterest-bearing accounts	$	676,706		$	638,158		$	646,899			6			5
Interest-bearing accounts		1,938,445			1,701,260			1,818,398			14			7
Total deposits		2,615,151			2,339,418			2,465,297			12			6
Borrowings		68,805			307,806			129,940			(78	)		(47	)
Subordinated notes:
Principal amount		50,000			50,000			50,000			—			—
Unamortized debt issuance costs		(389	)		(406	)		(456	)		(4	)		(15	)
Total subordinated notes less unamortized debt issuance costs		49,611			49,594			49,544			—			—
Operating lease liability		5,149			5,556			6,410			(7	)		(20	)
Other liabilities		28,522			31,036			40,582			(8	)		(30	)
Total liabilities		2,767,238			2,733,410			2,691,773			1			3
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock, $.01 par value; 5,000,000 shares authorized; none issued or outstanding		—			—			—			—			—
Common stock, $.01 par value; 45,000,000 shares authorized; 7,742,907 shares issued and outstanding at March 31, 2025, 7,833,014 at December 31, 2024, and 7,805,795 at March 31, 2024		77			78			78			(1	)		(1	)
Additional paid-in capital		52,806			55,716			57,552			(5	)		(8	)
Retained earnings		262,945			257,113			236,720			2			11
Accumulated other comprehensive loss, net of tax		(16,988	)		(17,140	)		(16,418	)		(1	)		3
Total stockholders’ equity		298,840			295,767			277,932			1			8
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,066,078		$	3,029,177		$	2,969,705			1			3

FS BANCORP, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands, except per share amounts) (Unaudited)

	Three Months Ended									Linked			Prior Year
	Mar 31,			Dec 31,			Mar 31,			Quarter			Quarter
	2025			2024			2024			% Change			% Change
INTEREST INCOME
Loans receivable, including fees	$	43,303		$	43,654		$	40,997			(1	)		6
Interest and dividends on investment securities, cash and cash equivalents, and certificates of deposit at other financial institutions		3,485			3,320			3,883			5			(10	)
Total interest and dividend income		46,788			46,974			44,880			—			4
INTEREST EXPENSE
Deposits		13,058			13,543			12,882			(4	)		1
Borrowings		2,263			1,831			1,167			24			94
Subordinated notes		485			486			485			—			—
Total interest expense		15,806			15,860			14,534			—			9
NET INTEREST INCOME		30,982			31,114			30,346			—			2
PROVISION FOR CREDIT LOSSES		1,592			1,522			1,399			5			14
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		29,390			29,592			28,947			(1	)		2
NONINTEREST INCOME
Service charges and fee income		2,244			2,513			2,552			(11	)		(12	)
Gain on sale of loans		1,700			1,733			1,838			(2	)		(8	)
Gain on sale of MSRs		—			—			8,215			—			NM
Loss on sale of investment securities, net		—			—			(7,998	)		—			NM
Earnings on cash surrender value of BOLI		250			256			240			(2	)		4
Other noninterest income		932			108			264			763			253
Total noninterest income		5,126			4,610			5,111			11			—
NONINTEREST EXPENSE
Salaries and benefits		14,533			14,172			13,557			3			7
Operations		3,445			3,175			3,008			9			15
Occupancy		1,717			1,821			1,705			(6	)		1
Data processing		2,045			2,252			1,958			(9	)		4
Loan costs		548			781			585			(30	)		(6	)
Professional and board fees		1,186			1,038			923			14			28
FDIC insurance		538			490			532			10			1
Marketing and advertising		221			329			227			(33	)		(3	)
Amortization of core deposit intangible		831			876			941			(5	)		(12	)
(Recovery) impairment of servicing rights		(9	)		(583	)		93			(98	)		(110	)
Total noninterest expense		25,055			24,351			23,529			3			6
INCOME BEFORE PROVISION FOR INCOME TAXES		9,461			9,851			10,529			(4	)		(10	)
PROVISION FOR INCOME TAXES		1,440			2,469			2,132			(42	)		(32	)
NET INCOME	$	8,021		$	7,382		$	8,397			9			(4	)
Basic earnings per share	$	1.02		$	0.94		$	1.07			9			(5	)
Diluted earnings per share	$	1.01		$	0.92		$	1.06			10			(5	)

KEY FINANCIAL RATIOS AND DATA (Unaudited)

	At or For the Three Months Ended
	March 31,			December 31,			March 31,
PERFORMANCE RATIOS:	2025			2024			2024
Return on assets (ratio of net income to average total assets) ⁽¹⁾		1.07	%		0.98	%		1.14	%
Return on equity (ratio of net income to average total stockholders’ equity) ⁽¹⁾		10.80			9.88			12.29
Yield on average interest-earning assets ⁽¹⁾		6.53			6.51			6.30
Average total cost of funds ⁽¹⁾		2.38			2.38			2.21
Interest rate spread information – average during period		4.15			4.13			4.09
Net interest margin ⁽¹⁾		4.32			4.31			4.26
Operating expense to average total assets ⁽¹⁾		3.35			3.24			3.20
Average interest-earning assets to average interest-bearing liabilities ⁽¹⁾		142.94			143.27			144.51
Efficiency ratio ⁽²⁾		69.39			68.16			66.36
Common equity ratio (ratio of stockholders’ equity to total assets)		9.75			9.76			9.36
Tangible common equity ratio ⁽³⁾		9.26			9.25			8.74

	March 31,			December 31,			March 31,
ASSET QUALITY RATIOS AND DATA:	2025			2024			2024
Nonperforming assets to total assets at end of period ⁽⁴⁾		0.47	%		0.45	%		0.41	%
Nonperforming loans to total gross loans (excluding loans HFS) ⁽⁵⁾		0.57			0.54			0.49
Allowance for credit losses – loans to nonperforming loans ⁽⁵⁾		219.08			234.55			260.24
Allowance for credit losses – loans to total gross loans (excluding loans HFS)		1.25			1.26			1.29

	At or For the Three Months Ended
	March 31,			December 31,			March 31,
PER COMMON SHARE DATA:	2025			2024			2024
Basic earnings per share	$	1.02		$	0.94		$	1.07
Diluted earnings per share	$	1.01		$	0.92		$	1.06
Weighted average basic shares outstanding		7,695,320			7,723,250			7,703,789
Weighted average diluted shares outstanding		7,805,728			7,897,099			7,824,460
Common shares outstanding at end of period		7,639,844	⁽⁶⁾		7,729,951	⁽⁷⁾		7,707,651	⁽⁸⁾
Book value per share using common shares outstanding	$	39.12		$	38.26		$	36.06
Tangible book value per share using common shares outstanding ⁽⁹⁾	$	36.96		$	36.02		$	33.47

__________________________________

(1	)	Annualized.
(2	)	Total noninterest expense as a percentage of net interest income and total noninterest income.
(3	)	Represents a non-GAAP financial measure. For a reconciliation to the most comparable GAAP financial measure, see “Non-GAAP Financial Measures” below.
(4	)	Nonperforming assets consist of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), foreclosed real estate and other repossessed assets.
(5	)	Nonperforming loans consist of nonaccruing loans and accruing loans 90 days or more past due.
(6	)	Common shares were calculated using shares outstanding of 7,742,907 at March 31, 2025, less 103,063 unvested restricted stock shares.
(7	)	Common shares were calculated using shares outstanding of 7,833,014 at December 31, 2024, less 103,063 unvested restricted stock shares.
(8	)	Common shares were calculated using shares outstanding of 7,805,795 at March 31, 2024, less 98,144 unvested restricted stock shares.
(9	)	Tangible book value per share using outstanding common shares excludes intangible assets. This ratio represents a non-GAAP financial measure. See “Non-GAAP Financial Measures” below.

(Dollars in thousands)	For the Three Months Ended Mar 31,				Qtr. Over Qtr.
Average Balances	2025		2024		$ Change
Assets
Loans receivable, net ⁽¹⁾	$	2,559,944	$	2,464,602	$	95,342
Securities available-for-sale, at amortized cost		310,417		331,413		(20,996	)
Securities held-to-maturity		8,656		8,500		156
Interest-bearing deposits and certificates of deposit at other financial institutions		16,161		59,514		(43,353	)
FHLB stock, at cost		11,948		2,174		9,774
Total interest-earning assets		2,907,126		2,866,203		40,923
Noninterest-earning assets		125,386		92,344		33,042
Total assets	$	3,032,512	$	2,958,547	$	73,965
Liabilities
Interest-bearing deposit accounts	$	1,765,605	$	1,832,767	$	(67,162	)
Borrowings		218,639		101,150		117,489
Subordinated notes		49,600		49,533		67
Total interest-bearing liabilities		2,033,844		1,983,450		50,394
Noninterest-bearing deposit accounts		663,824		657,083		6,741
Other noninterest-bearing liabilities		33,739		43,246		(9,507	)
Total liabilities	$	2,731,407	$	2,683,779	$	47,628

__________________________________

(1	)	Includes loans HFS.

Non-GAAP Financial Measures:

In addition to financial results presented in accordance with generally accepted accounting principles utilized in the United States (“GAAP”), this earnings release presents non-GAAP financial measures that include tangible book value per share, and tangible common equity ratio. Management believes that providing the Company’s tangible book value per share and tangible common equity ratio is consistent with the capital treatment utilized by the investment community, which excludes intangible assets from the calculation of risk-based capital ratios and facilitates comparison of the quality and composition of the Company’s capital over time and to its competitors. Where applicable, the Company has also presented comparable GAAP information.

These non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. They should not be considered in isolation or as a substitute for total stockholders’ equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

Reconciliation of the GAAP book value per share and common equity ratio and the non-GAAP tangible book value per share and tangible common equity ratio is presented below.

(Dollars in thousands, except share and per share amounts)	March 31,				December 31,				March 31,
Tangible Book Value Per Share:	2025				2024				2024
Stockholders’ equity (GAAP)	$	298,840			$	295,767			$	277,932
Less: goodwill and core deposit intangible, net		(16,471	)			(17,302	)			(19,994	)
Tangible common stockholders’ equity (non-GAAP)	$	282,369			$	278,465			$	257,938

Common shares outstanding at end of period		7,639,844		⁽¹⁾		7,729,951		⁽²⁾		7,707,651		⁽³⁾

Book value per share (GAAP)	$	39.12			$	38.26			$	36.06
Tangible book value per share (non-GAAP)	$	36.96			$	36.02			$	33.47

Tangible Common Equity Ratio:
Total assets (GAAP)	$	3,066,078			$	3,029,177			$	2,969,705
Less: goodwill and core deposit intangible assets		(16,471	)			(17,302	)			(19,994	)
Tangible assets (non-GAAP)	$	3,049,607			$	3,011,875			$	2,949,711

Common equity ratio (GAAP)		9.75	%			9.76	%			9.36	%
Tangible common equity ratio (non-GAAP)		9.26				9.25				8.74

__________________________________

(1	)	Common shares were calculated using shares outstanding of 7,742,907 at March 31, 2025, less 103,063 unvested restricted stock shares.
(2	)	Common shares were calculated using shares outstanding of 7,833,014 at December 31, 2024, less 103,063 unvested restricted stock shares.
(3	)	Common shares were calculated using shares outstanding of 7,805,795 at March 31, 2024, less 98,144 unvested restricted stock shares.

Contacts:
Joseph C. Adams,
Chief Executive Officer

Matthew D. Mullet,
President/Chief Financial Officer

(425) 771-5299
www.FSBWA.com

The MIL Network –

April 23, 2025

MIL-OSI USA: Schatz Statement On State Department Reorganization Plan

US Senate News:

Source: United States Senator for Hawaii Brian Schatz

HONOLULU – U.S. Senator Brian Schatz (D-Hawai‘i), ranking member of the Senate Appropriations Subcommittee on State and Foreign Operations and a member of the Senate Foreign Relations Committee, released the following statement on the planned reorganization of the U.S. State Department.

“Following the illegal and damaging dismantling of USAID, Secretary Marco Rubio’s proposed changes to the State Department would have drastic and wide-ranging implications for key U.S. national interests. On its face, this new reorganization plan raises grave concerns that the United States will no longer have either the capacity or capability to exert U.S. global leadership, achieve critical national security objectives, stand up to our adversaries, save lives, and promote democratic values. These have always been bipartisan endeavors for good reason. They make America safer, stronger, and more prosperous. Now they are at risk.

“Then-Senator Rubio once asked, ‘If America stops leading who will fill the vacuum we leave behind?’ What remains unclear is whether or not Secretary Rubio, my former colleague on the Senate Foreign Relations Committee, still shares this view. His current actions suggest that this is no longer the case. We need to hear from him directly and in detail about how he intends carry out the missions of the State Department amid severe cuts to its capabilities. The consequences of gutting vital components of American influence are too great. Congress and the American people deserve answers.

“Once one of the strongest advocates for American diplomacy, leadership, and engagement around the world, Secretary Rubio will now answer his own question as he presides over the continued weakening of the State Department, threatening the core functions of U.S. foreign assistance and diplomacy – in defiance of the law and at the cost of American interests and values.”

MIL OSI USA News –

April 23, 2025

MIL-OSI: Range Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

FORT WORTH, Texas, April 22, 2025 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its first quarter 2025 financial results.

First Quarter 2025 Highlights –

Cash flow from operating activities of $330 million
Cash flow from operations, before working capital changes, of $397 million
Repurchased $68 million of shares, paid $22 million in dividends, and reduced net debt by $42 million
Capital spending was $147 million, approximately 22% of the annual 2025 budget
Realized price, including hedges, was $4.02 per mcfe
Natural gas differential, including basis hedging, of ($0.15) per mcf to NYMEX
Pre-hedge NGL realizations of $27.79 per barrel – a premium of $1.05 over Mont Belvieu equivalent
Production averaged 2.20 Bcfe per day, approximately 69% natural gas
Strategic collaboration to supply natural gas to potential data center and industrial development in Pennsylvania

Commenting on the results, Dennis Degner, the Company’s CEO said, “Range is off to a great start in 2025 with efficient operations, consistent well performance and strong free cash flow. Our solid financial results supported increased returns of capital to shareholders alongside further bolstering of the balance sheet. As demand for natural gas and NGLs increases and in-basin demand opportunities continue to materialize, we believe Range is well positioned given our growing in-process inventory, consistent well results, and high-return, long-life assets measured in decades.”

Financial Discussion

Except for generally accepted accounting principles (“GAAP”) reported amounts, specific expense categories exclude non-cash impairments, unrealized mark-to-market adjustment on derivatives, non-cash stock compensation and other items shown separately on the attached tables. “Unit costs” as used in this release are composed of direct operating, transportation, gathering, processing and compression, taxes other than income, general and administrative, interest and depletion, depreciation and amortization costs divided by production. See “Non-GAAP Financial Measures” for a definition of non-GAAP financial measures and the accompanying tables that reconcile each non-GAAP measure to its most directly comparable GAAP financial measure.

First Quarter 2025 Results

GAAP revenues and other income for first quarter 2025 totaled $691 million, GAAP net cash provided from operating activities (including changes in working capital) was $330 million, and GAAP net income was $97 million ($0.40 per diluted share). First quarter earnings results include a $159 million mark-to-market derivative loss due to increases in commodity prices.

Cash flow from operations before changes in working capital, a non-GAAP measure, was $397 million. Adjusted net income comparable to analysts’ estimates, a non-GAAP measure, was $232 million ($0.96 per diluted share) in first quarter 2025.

The following table details Range’s first quarter 2025 unit costs per mcfe^(a):

Expenses	1Q 2025 (per mcfe)		1Q 2024 (per mcfe)		Increase (Decrease)

Direct operating^(a)	$	0.13	$	0.11	18	%
Transportation, gathering, processing and compression^(a)		1.55		1.49	4	%
Taxes other than income		0.04		0.03	33	%
General and administrative^(a)		0.16		0.18	(11	)%
Interest expense^(a)		0.14		0.15	(7	)%
Total cash unit costs^(b)		2.01		1.96	3	%
Depletion, depreciation and amortization (DD&A)		0.46		0.45	2	%
Total unit costs plus DD&A^(b)	$	2.46	$	2.40	3	%

^{(a) Excludes stock-based compensation, one-time settlements, and amortization of deferred financing costs.}
^{(b) Totals may not be exact due to rounding.}

The following table details Range’s average production and realized pricing for first quarter 2025^(a):

	1Q25 Production & Realized Pricing
		Natural Gas (mcf)			Oil (bbl)			NGLs (bbl)			Natural Gas Equivalent (mcfe)
		Natural Gas (mcf)			Oil (bbl)			NGLs (bbl)			Natural Gas Equivalent (mcfe)

Net production per day			1,510,705			4,706			110,222			2,200,276

Average NYMEX price		$	3.66		$	71.40		$	26.74
Differential, including basis hedging			(0.15	)		(10.28	)		1.05
Realized prices before NYMEX hedges			3.51			61.12			27.79			3.93
Settled NYMEX hedges			0.13			0.60			(0.04	)		0.09
Average realized prices after hedges		$	3.64		$	61.72		$	27.75		$	4.02

^{(a) Totals may not be exact due to rounding}

First quarter 2025 natural gas, NGLs and oil price realizations (including the impact of cash-settled hedges and derivative settlements) averaged $4.02 per mcfe.

The average natural gas price, including the impact of basis hedging, was $3.51 per mcf, or a ($0.15) per mcf differential to NYMEX. Range continues to expect its 2025 natural gas differential to average ($0.40) to ($0.48) relative to NYMEX.
Range’s pre-hedge NGL price during the quarter was $27.79 per barrel, approximately $1.05 above the Mont Belvieu weighted equivalent. Range is improving its full-year NGL price guidance to a range of +$0.25 to +$1.25 relative to a Mont Belvieu equivalent barrel.
Crude oil and condensate price realizations, before realized hedges, averaged $61.12 per barrel, or $10.28 below WTI (West Texas Intermediate). Range continues to expect its 2025 condensate differential to average ($10.00) to ($15.00) relative to NYMEX.

Financial Position and Repurchase Activity

As of March 31, 2025, Range had net debt outstanding of approximately $1.36 billion, consisting of $1.71 billion of senior notes and $345 million in cash. During the first quarter, Range repurchased in the open market $2.2 million principal amount of 4.875% senior notes due 2025 at a discount.

During the quarter, Range repurchased 1,826,562 shares at an average price of approximately $36.97 per share. As of March 31, 2025, the Company had approximately $949 million of availability under the share repurchase program.

Capital Expenditures and Operational Activity

First quarter 2025 drilling and completion expenditures were $130 million. In addition, during the quarter, approximately $16 million was invested in acreage, and $1 million was invested in infrastructure and other investments. First quarter capital spending represented approximately 22% of Range’s total capital budget in 2025.

During the quarter, Range drilled ~250,000 lateral feet across 18 wells, while turning to sales ~132,000 lateral feet across 10 wells. The added inventory of drilled but not completed laterals is in line with Range’s plans to exit 2025 with ~400,000 lateral feet of surplus inventory to support future development.

The table below summarizes expected 2025 activity plans regarding the number of wells to sales in each area.

	Wells TIL 1Q 2025	Remaining 2025	2025 Planned TIL
SW PA Super-Rich	0	8	8
SW PA Wet	10	19	29
SW PA Dry	0	5	5
NE PA Dry	0	4	4
Total Wells	10	36	46

Marketing and Midstream Update

Range is collaborating with Liberty Energy Inc. and Imperial Land Corporation to supply natural gas to a proposed state-of-the-art power generation facility in Washington County, PA. The proposed power facility is expected to serve as a catalyst for attracting data centers and industrial operations seeking long-term, reliable, efficient energy solutions. The project plans to utilize modular, scalable power generation systems and Marcellus natural gas, which has an advantaged emissions profile versus other basins in the U.S.

Guidance – 2025

Capital & Production Guidance

Range’s 2025 all-in capital budget is $650 million – $690 million. Annual production is expected to be approximately 2.2 Bcfe per day in 2025. Liquids are expected to be over 30% of production.

Full Year 2025 Expense Guidance

	Direct operating expense:	$0.12 – $0.14 per mcfe
	Transportation, gathering, processing and compression expense:	$1.50 – $1.55 per mcfe
	Taxes other than income:	$0.03 – $0.04 per mcfe
	Exploration expense:	$24 – $28 million
	G&A expense:	$0.17 – $0.19 per mcfe
	Net Interest expense:	$0.12 – $0.13 per mcfe
	DD&A expense:	$0.45 – $0.46 per mcfe
	Net brokered gas marketing expense:	$8 – $12 million

Updated Full Year 2025 Price Guidance

Based on recent market indications, Range expects to average the following price differentials for its production in 2025.

	FY 2025 Natural Gas:⁽¹⁾	NYMEX minus $0.40 to $0.48
	FY 2025 Natural Gas Liquids:⁽²⁾	MB plus $0.25 to $1.25 per barrel
	FY 2025 Oil/Condensate:	WTI minus $10.00 to $15.00

(1) Including basis hedging
(2) Mont Belvieu-equivalent pricing based on weighting of 53% ethane, 27% propane, 8% normal butane, 4% iso-butane and 8% natural gasoline.

Hedging Status

Range hedges portions of its expected future production volumes to increase the predictability of cash flow and maintain a strong, flexible financial position. Please see the detailed hedging schedule posted on the Range website under Investor Relations – Financial Information.

Range has also hedged basis across the Company’s numerous natural gas sales points to limit volatility between benchmark and regional prices. The combined fair value of natural gas basis hedges as of March 31, 2025, was a net gain of $11.7 million.

Conference Call Information

A conference call to review the financial results is scheduled on Wednesday, April 23 at 8:00 AM Central Time (9:00 AM Eastern Time). Please click here to pre-register for the conference call and obtain a dial in number with passcode.

A simultaneous webcast of the call may be accessed at www.rangeresources.com. The webcast will be archived for replay on the Company’s website until May 23^rd.

Non-GAAP Financial Measures

To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles (GAAP), the Company’s earnings press release contains certain financial measures that are not presented in accordance with GAAP. Management believes certain non-GAAP measures may provide financial statement users with meaningful supplemental information for comparisons within the industry. These non-GAAP financial measures may include, but are not limited to Net Income, excluding certain items, Cash flow from operations before changes in working capital, realized prices, Net debt and Cash margin.

Adjusted net income comparable to analysts’ estimates as set forth in this release represents income or loss from operations before income taxes adjusted for certain non-cash items (detailed in the accompanying table) less income taxes. We believe adjusted net income comparable to analysts’ estimates is calculated on the same basis as analysts’ estimates and that many investors use this published research in making investment decisions and evaluating operational trends of the Company and its performance relative to other oil and gas producing companies. Diluted earnings per share (adjusted) as set forth in this release represents adjusted net income comparable to analysts’ estimates on a diluted per share basis. A table is included which reconciles income or loss from operations to adjusted net income comparable to analysts’ estimates and diluted earnings per share (adjusted). On its website, the Company provides additional comparative information on prior periods.

Cash flow from operations before changes in working capital represents net cash provided by operations before changes in working capital and exploration expense adjusted for certain non-cash compensation items. Cash flow from operations before changes in working capital (sometimes referred to as “adjusted cash flow”) is widely accepted by the investment community as a financial indicator of an oil and gas company’s ability to generate cash to internally fund exploration and development activities and to service debt. Cash flow from operations before changes in working capital is also useful because it is widely used by professional research analysts in valuing, comparing, rating and providing investment recommendations of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Cash flow from operations before changes in working capital is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operations, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity. A table is included which reconciles net cash provided by operations to cash flow from operations before changes in working capital as used in this release. On its website, the Company provides additional comparative information on prior periods for cash flow, cash margins and non-GAAP earnings as used in this release.

The cash prices realized for oil and natural gas production, including the amounts realized on cash-settled derivatives and net of transportation, gathering, processing and compression expense, is a critical component in the Company’s performance tracked by investors and professional research analysts in valuing, comparing, rating and providing investment recommendations and forecasts of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Due to the GAAP disclosures of various derivative transactions and third-party transportation, gathering, processing and compression expense, such information is now reported in various lines of the income statement. The Company believes that it is important to furnish a table reflecting the details of the various components of each income statement line to better inform the reader of the details of each amount and provide a summary of the realized cash-settled amounts and third-party transportation, gathering, processing and compression expense, which were historically reported as natural gas, NGLs and oil sales. This information is intended to bridge the gap between various readers’ understanding and fully disclose the information needed.

Net debt is calculated as total debt less cash and cash equivalents. The Company believes this measure is helpful to investors and industry analysts who utilize Net debt for comparative purposes across the industry.

The Company discloses in this release the detailed components of many of the single line items shown in the GAAP financial statements included in the Company’s Annual or Quarterly Reports on Form 10-K or 10-Q. The Company believes that it is important to furnish this detail of the various components comprising each line of the Statements of Operations to better inform the reader of the details of each amount, the changes between periods and the effect on its financial results.

We believe that the presentation of PV₁₀ value of our proved reserves is a relevant and useful metric for our investors as supplemental disclosure to the standardized measure, or after-tax amount, because it presents the discounted future net cash flows attributable to our proved reserves before taking into account future corporate income taxes and our current tax structure. While the standardized measure is dependent on the unique tax situation of each company, PV₁₀ is based on prices and discount factors that are consistent for all companies. Because of this, PV₁₀ can be used within the industry and by credit and security analysts to evaluate estimated net cash flows from proved reserves on a more comparable basis.

RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading U.S. independent natural gas and NGL producer with operations focused in the Appalachian Basin. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com.

Included within this release are certain “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that are not limited to historical facts, but reflect Range’s current beliefs, expectations or intentions regarding future events. Words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “outlook”, “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” and similar expressions are intended to identify such forward-looking statements.

All statements, except for statements of historical fact, made within regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, such as those regarding future well costs, expected asset sales, well productivity, future liquidity and financial resilience, anticipated exports and related financial impact, NGL market supply and demand, future commodity fundamentals and pricing, future capital efficiencies, future shareholder value, emerging plays, capital spending, anticipated drilling and completion activity, acreage prospectivity, expected pipeline utilization and future guidance information, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management’s assumptions and Range’s future performance are subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements. Further information on risks and uncertainties is available in Range’s filings with the Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-K. Unless required by law, Range undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.

The SEC permits oil and gas companies, in filings made with the SEC, to disclose proved reserves, which are estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions as well as the option to disclose probable and possible reserves. Range has elected not to disclose its probable and possible reserves in its filings with the SEC. Range uses certain broader terms such as “resource potential,” “unrisked resource potential,” “unproved resource potential” or “upside” or other descriptions of volumes of resources potentially recoverable through additional drilling or recovery techniques that may include probable and possible reserves as defined by the SEC’s guidelines. Range has not attempted to distinguish probable and possible reserves from these broader classifications. The SEC’s rules prohibit us from including in filings with the SEC these broader classifications of reserves. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of actually being realized. Unproved resource potential refers to Range’s internal estimates of hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques and have not been reviewed by independent engineers. Unproved resource potential does not constitute reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System and does not include proved reserves. Area wide unproven resource potential has not been fully risked by Range’s management. “EUR”, or estimated ultimate recovery, refers to our management’s estimates of hydrocarbon quantities that may be recovered from a well completed as a producer in the area. These quantities may not necessarily constitute or represent reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System or the SEC’s oil and natural gas disclosure rules. Actual quantities that may be recovered from Range’s interests could differ substantially. Factors affecting ultimate recovery include the scope of Range’s drilling program, which will be directly affected by the availability of capital, drilling and production costs, commodity prices, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals, field spacing rules, recoveries of gas in place, length of horizontal laterals, actual drilling results, including geological and mechanical factors affecting recovery rates and other factors. Estimates of resource potential may change significantly as development of our resource plays provides additional data.

In addition, our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price or drilling cost changes. Investors are urged to consider closely the disclosure in our most recent Annual Report on Form 10-K, available from our website at www.rangeresources.com or by written request to 100 Throckmorton Street, Suite 1200, Fort Worth, Texas 76102. You can also obtain this Form 10-K on the SEC’s website at www.sec.gov or by calling the SEC at 1-800-SEC-0330.

SOURCE: Range Resources Corporation

Range Investor Contacts:

Laith Sando
817-869-4267

Matt Schmid
817-869-1538

Range Media Contact:

Mark Windle
724-873-3223

RANGE RESOURCES CORPORATION


STATEMENTS OF OPERATIONS
Based on GAAP reported earnings with additional
details of items included in each line in Form 10-Q
(Unaudited, In thousands, except per share data)
	Three Months Ended March 31,
	2025			2024			%
Revenues and other income:
Natural gas, NGLs and oil sales (a)	$	791,920		$	567,001
Derivative fair value (loss) income		(158,957	)		46,598
Brokered natural gas and marketing		54,408			28,831
ARO settlement loss (b)		–			(26	)
Interest income (b)		3,053			2,943
Gain on sale of assets (b)		62			87
Other (b)		68			22
Total revenues and other income		690,554			645,456			7	%

Costs and expenses:
Direct operating		24,836			21,664
Direct operating – stock-based compensation (c)		537			497
Transportation, gathering, processing and compression		306,109			290,875
Taxes other than income		6,987			5,368
Brokered natural gas and marketing		57,361			30,895
Brokered natural gas and marketing – stock-based compensation (c)		840			708
Exploration		6,044			4,202
Exploration – stock-based compensation (c)		347			324
Abandonment and impairment of unproved properties		4,574			2,371
General and administrative		31,553			33,772
General and administrative – stock-based compensation (c)		10,111			9,978
General and administrative – lawsuit settlements		27			191
Exit costs		8,897			10,315
Deferred compensation plan (d)		2,879			6,405
Interest expense		27,785			29,116
Interest expense – amortization of deferred financing costs (e)		1,376			1,360
Gain on early extinguishment of debt		(3	)		(64	)
Depletion, depreciation and amortization		90,559			87,137
Total costs and expenses		580,819			535,114			9	%

Income before income taxes		109,735			110,342			-1	%

Income tax expense
Current		2,000			1,582
Deferred		10,683			16,622
		12,683			18,204

Net income	$	97,052		$	92,138			5	%


Net income Per Common Share
Basic	$	0.40		$	0.38
Diluted	$	0.40		$	0.38

Weighted average common shares outstanding, as reported
Basic		240,035			240,505			0	%
Diluted		241,755			242,406			0	%


(a) See separate natural gas, NGLs and oil sales information table.
(b) Included in Other income in the 10-Q.
(c) Costs associated with stock compensation and restricted stock amortization, which have been reflected in the
categories associated with the direct personnel costs, which are combined with the cash costs in the 10-Q.
(d) Reflects the change in market value of the vested Company stock held in the deferred compensation plan.
(e) Included in interest expense in the 10-Q.

RANGE RESOURCES CORPORATION


BALANCE SHEET
(In thousands)	March 31,			December 31,
	2025			2024
	(Unudited)			(Audited)
Assets
Current assets	$	714,502		$	636,982
Derivative assets		6,470			87,098
Natural gas and oil properties, net (successful efforts method)		6,476,813			6,421,700
Other property and equipment, net		2,799			2,465
Operating lease right-of-use assets		100,110			119,838
Other		82,030			79,592
	$	7,382,724		$	7,347,675

Liabilities and Stockholders’ Equity
Current liabilities	$	1,211,926		$	1,263,247
Asset retirement obligations		1,189			1,189
Derivative liabilities		70,845			9,634
Senior notes, excluding current maturities		1,090,107			1,089,614
Deferred tax liabilities		552,057			541,378
Derivative liabilities		32,178			10,488
Deferred compensation liabilities		66,336			65,233
Operating lease liabilities		35,535			35,737
Asset retirement obligations and other liabilities		140,607			137,181
Divestiture contract obligation		242,583			257,317
		3,443,363			3,411,018

Common stock and retained deficit		4,520,586			4,449,987
Other comprehensive income		597			611
Common stock held in treasury		(581,822	)		(513,941	)
Total stockholders’ equity		3,939,361			3,936,657
	$	7,382,724		$	7,347,675

RECONCILIATION OF TOTAL DEBT AS REPORTED
TO NET DEBT, a non-GAAP measure
(Unaudited, in thousands)
	March 31,			December 31,
	2025			2024			%

Total debt, net of deferred financing costs, as reported	$	1,696,541		$	1,697,883			0	%
Unamortized debt issuance costs, as reported		10,001			10,819
Less cash and cash equivalents, as reported		(344,574	)		(304,490	)
Net debt, a non-GAAP measure	$	1,361,968		$	1,404,212			-3	%

RANGE RESOURCES CORPORATION



CASH FLOWS FROM OPERATING ACTIVITIES
(Unaudited, in thousands)

	Three Months Ended March 31,
	2025			2024

Net income		97,052			92,138
Adjustments to reconcile net cash provided from continuing operations:
Deferred income tax expense		10,683			16,622
Depletion, depreciation and amortization		90,559			87,137
Abandonment and impairment of unproved properties		4,574			2,371
Derivative fair value loss (income)		158,957			(46,598	)
Cash settlements on derivative financial instruments		4,573			122,373
Divestiture contract obligation, including accretion		8,897			10,267
Amortization of deferred financing costs and other		1,182			1,232
Deferred and stock-based compensation		15,083			18,215
Gain on sale of assets		(62	)		(87	)
Gain on early extinguishment of debt		(3	)		(64	)

Changes in working capital:
Accounts receivable		(28,722	)		107,454
Other current assets		(9,028	)		(8,944	)
Accounts payable		36,181			12,188
Accrued liabilities and other		(59,843	)		(82,374	)
Net changes in working capital		(61,412	)		28,324
Net cash provided from operating activities		330,083			331,930



RECONCILIATION OF NET CASH PROVIDED FROM OPERATING
ACTIVITIES, AS REPORTED, TO CASH FLOW FROM OPERATIONS
BEFORE CHANGES IN WORKING CAPITAL, a non-GAAP measure
(Unaudited, in thousands)
	Three Months Ended March 31,
	2025			2024
Net cash provided from operating activities, as reported	$	330,083		$	331,930
Net changes in working capital		61,412			(28,324	)
Exploration expense		6,044			4,202
Lawsuit settlements		27			191
Non-cash compensation adjustment and other		(175	)		(101	)
Cash flow from operations before changes in working capital – non-GAAP measure	$	397,391		$	307,898



ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING
(Unaudited, in thousands)
	Three Months Ended March 31,
	2025			2024
Basic:
Weighted average shares outstanding		240,776			242,082
Stock held by deferred compensation plan		(741	)		(1,577	)
Adjusted basic		240,035			240,505

Dilutive:
Weighted average shares outstanding		240,776			242,082
Dilutive stock options under treasury method		979			324
Adjusted dilutive		241,755			242,406

RANGE RESOURCES CORPORATION



RECONCILIATION OF NATURAL GAS, NGLs AND OIL SALES
AND DERIVATIVE FAIR VALUE INCOME (LOSS) TO
CALCULATED CASH REALIZED NATURAL GAS, NGLs AND
OIL PRICES WITH AND WITHOUT THIRD-PARTY
TRANSPORTATION, GATHERING, PROCESSING AND
COMPRESSION COSTS, a non-GAAP measure
(Unaudited, In thousands, except per unit data)
	Three Months Ended March 31,
	2025					2024					%
Natural gas, NGLs and Oil Sales components:
Natural gas sales	$		490,377			$		271,475
NGLs sales			275,654					256,076
Oil sales			25,889					39,450
Total Natural Gas, NGLs and Oil Sales, as reported	$		791,920			$		567,001				40		%

Derivative Fair Value (Loss) Income, as reported	$		(158,957		)	$		46,598
Cash settlements on derivative financial instruments – (gain) loss:
Natural gas			(4,729		)			(120,913	)
NGLs			412					77
Oil			(256		)			(1,537	)
Total change in fair value related to commodity derivatives prior to
settlement, a non GAAP measure	$		(163,530		)	$		(75,775	)

Transportation, gathering, processing and compression components:
Natural Gas	$		157,519			$		150,112
NGLs			147,838					140,274
Oil			752					489
Total transportation, gathering, processing and compression, as reported	$		306,109			$		290,875

Natural gas, NGL and Oil sales, including cash-settled derivatives: (c)
Natural gas sales	$		495,106			$		392,388
NGLs sales			275,242					255,999
Oil Sales			26,145					40,987
Total	$		796,493			$		689,374				16		%

Production of natural gas, NGLs and oil during the periods (a):
Natural Gas (mcf)			135,963,430					132,650,240				2		%
NGLs (bbls)			9,919,989					9,760,723				2		%
Oil (bbls)			423,579					610,279				-31		%
Gas equivalent (mcfe) (b)			198,024,838					194,876,252				2		%

Production of natural gas, NGLs and oil – average per day (a):
Natural Gas (mcf)			1,510,705					1,457,695				4		%
NGLs (bbls)			110,222					107,261				3		%
Oil (bbls)			4,706					6,706				-30		%
Gas equivalent (mcfe) (b)			2,200,276					2,141,497				3		%

Average prices, excluding derivative settlements and before third-party
transportation costs:
Natural Gas (per mcf)	$		3.61			$		2.05				76		%
NGLs (per bbl)	$		27.79			$		26.24				6		%
Oil (per bbl)	$		61.12			$		64.64				-5		%
Gas equivalent (per mcfe) (b)	$		4.00			$		2.91				37		%

Average prices, including derivative settlements before third-party
transportation costs: (c)
Natural Gas (per mcf)	$		3.64			$		2.96				23		%
NGLs (per bbl)	$		27.75			$		26.23				6		%
Oil (per bbl)	$		61.72			$		67.16				-8		%
Gas equivalent (per mcfe) (b)	$		4.02			$		3.54				14		%

Average prices, including derivative settlements and after third-party
transportation costs: (d)
Natural Gas (per mcf)	$		2.48			$		1.83				36		%
NGLs (per bbl)	$		12.84			$		11.86				8		%
Oil (per bbl)	$		59.95			$		66.36				-10		%
Gas equivalent (per mcfe) (b)	$		2.48			$		2.05				21		%

Transportation, gathering and compression expense per mcfe	$		1.55			$		1.49				4		%

(a) Represents volumes sold regardless of when produced.
(b) Oil and NGLs are converted at the rate of one barrel equals six mcfe based upon the approximate relative energy content of oil to natural gas, which is not necessarily
indicative of the relationship of oil and natural gas prices.
(c) Excluding third-party transportation, gathering, processing and compression costs.
(d) Net of transportation, gathering, processing and compression costs.
RANGE RESOURCES CORPORATION



RECONCILIATION OF INCOME BEFORE INCOME
TAXES AS REPORTED TO INCOME BEFORE INCOME TAXES
EXCLUDING CERTAIN ITEMS, a non-GAAP measure
(Unaudited, In thousands, except per share data)
		Three Months Ended March 31,
		2025					2024				%

Income from operations before income taxes, as reported				109,735			110,342					-1	%
Adjustment for certain special items:
Gain on the sale of assets				(62	)		(87			)
ARO settlement loss				–			26
Change in fair value related to derivatives prior to settlement				163,530			75,775
Abandonment and impairment of unproved properties				4,574			2,371
Gain on early extinguishment of debt				(3	)		(64			)
Lawsuit settlements				27			191
Exit costs				8,897			10,315
Brokered natural gas and marketing – stock-based compensation				840			708
Direct operating – stock-based compensation				537			497
Exploration expenses – stock-based compensation				347			324
General & administrative – stock-based compensation				10,111			9,978
Deferred compensation plan – non-cash adjustment				2,879			6,405

Income before income taxes, as adjusted				301,412			216,781					39	%

Income tax expense, as adjusted
Current (a)				2,000			1,582
Deferred (a)				67,325			48,278

Net income, excluding certain items, a non-GAAP measure		$		232,087			$	166,921				39	%

Non-GAAP income per common share
Basic		$		0.97			$	0.69				41	%
Diluted		$		0.96			$	0.69				39	%

Non-GAAP diluted shares outstanding, if dilutive				241,755			242,406





(a) Taxes are estimated to be approximately 23% for 2024 and 2025

RANGE RESOURCES CORPORATION



RECONCILIATION OF NET INCOME, EXCLUDING
CERTAIN ITEMS AND ADJUSTED EARNINGS PER
SHARE, non-GAAP measures
(In thousands, except per share data)
	Three Months Ended March 31,
	2025			2024

Net income, as reported	$	97,052		$	92,138
Adjustments for certain special items:
Gain on the sale of assets		(62	)		(87	)
ARO settlement loss		–			26
Gain on early extinguishment of debt		(3	)		(64	)
Change in fair value related to derivatives prior to settlement		163,530			75,775
Abandonment and impairment of unproved properties		4,574			2,371
Lawsuit settlements		27			191
Exit costs		8,897			10,315
Stock-based compensation		11,835			11,507
Deferred compensation plan		2,879			6,405
Tax impact		(56,642	)		(31,656	)

Net income, excluding certain items, a non-GAAP measure	$	232,087		$	166,921

Net income per diluted share, as reported	$	0.40		$	0.38
Adjustments for certain special items per diluted share:
Gain on the sale of assets		–			–
ARO settlement loss		–			–
Gain on early extinguishment of debt		–			–
Change in fair value related to derivatives prior to settlement		0.68			0.31
Abandonment and impairment of unproved properties		0.02			0.01
Lawsuit settlements		–			–
Exit costs		0.04			0.04
Stock-based compensation		0.05			0.05
Deferred compensation plan		0.01			0.03
Adjustment for rounding differences		(0.01	)		–
Tax impact		(0.23	)		(0.13	)
Dilutive share impact (rabbi trust and other)		–			–

Net income per diluted share, excluding certain items, a non-GAAP measure	$	0.96		$	0.69

Adjusted earnings per share, a non-GAAP measure:
Basic	$	0.97		$	0.69
Diluted	$	0.96		$	0.69

RANGE RESOURCES CORPORATION

RECONCILIATION OF CASH MARGIN PER MCFE, a non-
GAAP measure
(Unaudited, In thousands, except per unit data)
	Three Months Ended March 31,
	2025			2024

Revenues
Natural gas, NGLs and oil sales, as reported	$	791,920		$	567,001
Derivative fair value (loss) income, as reported		(158,957	)		46,598
Less non-cash fair value loss		163,530			75,775
Brokered natural gas and marketing, as reported		54,408			28,831
Other income, as reported		3,183			3,026
Less gain on sale of assets		(62	)		(87	)
Less ARO settlement		–			26
Cash revenues		854,022			721,170

Expenses
Direct operating, as reported		25,373			22,161
Less direct operating stock-based compensation		(537	)		(497	)
Transportation, gathering and compression, as reported		306,109			290,875
Taxes other than income, as reported		6,987			5,368
Brokered natural gas and marketing, as reported		58,201			31,603
Less brokered natural gas and marketing stock-based compensation		(840	)		(708	)
General and administrative, as reported		41,691			43,941
Less G&A stock-based compensation		(10,111	)		(9,978	)
Less lawsuit settlements		(27	)		(191	)
Interest expense, as reported		29,161			30,476
Less amortization of deferred financing costs		(1,376	)		(1,360	)
Cash expenses		454,631			411,690

Cash margin, a non-GAAP measure	$	399,391		$	309,480

Mmcfe produced during period		198,025			194,876

Cash margin per mcfe	$	2.02		$	1.59

RECONCILIATION OF INCOME BEFORE INCOME TAXES
TO CASH MARGIN, a non-GAAP measure
(Unaudited, in thousands, except per unit data)
	Three Months Ended March 31,
	2025			2024

Income before income taxes, as reported	$	109,735		$	110,342
Adjustments to reconcile income before income taxes to cash margin:
ARO settlements		–			26
Derivative fair value loss (income)		158,957			(46,598	)
Net cash receipts on derivative settlements		4,573			122,373
Exploration expense		6,044			4,202
Lawsuit settlements		27			191
Exit costs		8,897			10,315
Deferred compensation plan		2,879			6,405
Stock-based compensation (direct operating, brokered natural gas and		11,835			11,507
Marketing, and general and administrative)
Bad debt expense		–			–
Interest – amortization of deferred financing costs		1,376			1,360
Depletion, depreciation and amortization		90,559			87,137
Gain on sale of assets		(62	)		(87	)
Gain on early extinguishment of debt		(3	)		(64	)
Abandonment and impairment of unproved properties		4,574			2,371
Cash margin, a non-GAAP measure	$	399,391		$	309,480

The MIL Network –

April 23, 2025

MIL-OSI: BlackLine Announces Date for First Quarter 2025 Earnings Release and Conference Call

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, April 22, 2025 (GLOBE NEWSWIRE) — BlackLine, Inc. (Nasdaq: BL) announced today that it will release financial results for the first quarter ended March 31, 2025 after market close on Tuesday, May 6, 2025 followed by a conference call hosted by management at 2:00 p.m. PT / 5:00 p.m. ET. A live webcast and replay will be accessible on BlackLine’s investor relations website at https://investors.blackline.com/. To access the conference call by phone, please register here, and dial-in details will be provided. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

About BlackLine

BlackLine (Nasdaq: BL), the future-ready platform for the Office of the CFO, drives digital finance transformation by empowering organizations with accurate, efficient, and intelligent financial operations.

BlackLine’s comprehensive platform addresses mission-critical processes, including record-to-report and invoice-to-cash, enabling unified and accurate data, streamlined and optimized processes, and real-time insight through visibility, automation, and AI. BlackLine’s proven, collaborative approach ensures continuous transformation, delivering immediate impact and sustained value. With a proven track record of innovation, industry-leading R&D investment, and world-class security practices, more than 4,400 customers across multiple industries partner with BlackLine to lead their organizations into the future.

For more information, please visit blackline.com.

Investor Relations Contact:
Matt Humphries, CFA
matt.humphries@blackline.com

The MIL Network –

April 23, 2025

MIL-OSI USA: SPC Apr 22, 2025 1730 UTC Day 2 Convective Outlook

Source: US National Oceanic and Atmospheric Administration

SPC AC 221731

Day 2 Convective Outlook
NWS Storm Prediction Center Norman OK
1231 PM CDT Tue Apr 22 2025

Valid 231200Z – 241200Z

…THERE IS A SLIGHT RISK OF SEVERE THUNDERSTORMS ACROSS PORTIONS OF
THE EASTERN NEW MEXICO AND ADJACENT PORTIONS OF THE TEXAS SOUTH
PLAINS AND TRANSPECOS REGION…

…SUMMARY…
Isolated severe thunderstorms are possible across portions of the
central and southern High Plains on Wednesday.

…Central Plains to the southern High Plains…
Moderate west-southwesterly flow aloft is forecast aloft across the
Plains, with only weak/embedded disturbances within this flow field
forecast to shift eastward across the Plains region. Still, with
the westerlies aloft maintaining weak lee troughing and potentially
a weak low over the southeastern Colorado vicinity, low-level
southerlies across the central/southern Plains will maintain a
seasonably moist boundary layer.

While convection and associated cloud cover ongoing early in the day
— particularly across the central Plains — may hinder
destabilization locally, afternoon insolation should support 1000 to
2000 J/kg mixed-layer CAPE across a fairly broad area. New storm
development should occur across the Iowa/Nebraska Kansas area during
the afternoon, though location/coverage will likely be modulated by
aforementioned/earlier storms and associated outflows. Where ample
destabilization occurs, a few clusters of convection capable of
producing locally strong/gusty winds and marginal hail can be
expected.

Greater severe risk — associated with isolated supercell potential
— remains evident over the southern High Plains area and into the
Transpecos region of Texas. Here, a less perturbed airmass should
heat/destabilize through the day, ahead of an evolving dryline.
With modest but veering flow with height, shear should be sufficient
to support mid-level rotation with stronger storms. Large hail and
locally damaging gusts will be the main risks with these storms.
Some congealing/upscale growth may occur by early evening, as storms
spread east-northeastward across parts of western Texas, but overall
severe risk should gradually diminish diurnally.

…Parts of the Southeast…
A weak mid-level vort max is forecast to be moving eastward across
the central Gulf Coast region Wednesday afternoon, where a
heating/destabilizing airmass is expected. Fairly steep mid-level
lapse rates should be present across the Georgia/South Carolina
vicinity, which will contribute to development of 1500 to 2000 J/kg
mixed-layer CAPE across this area. While flow aloft will remain
relatively weak, and thus storms generally rather disorganized, the
degree of CAPE should support a few more vigorous updrafts. Along
with potential for marginal hail, a relatively deep mixed layer
expected to evolve through peak heating could also promote some
evaporative enhancement to downdrafts — possibly yielding locally
strong wind gusts from a few of the stronger storms. Convection —
and any ongoing severe risk — will diminish after sunset.

..Goss.. 04/22/2025

CLICK TO GET WUUS02 PTSDY2 PRODUCT

NOTE: THE NEXT DAY 2 OUTLOOK IS SCHEDULED BY 0600Z

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: SPC Apr 22, 2025 2000 UTC Day 1 Convective Outlook

Source: US National Oceanic and Atmospheric Administration

For best viewing experience, please enable browser JavaScript support.

Apr 22, 2025 2000 UTC Day 1 Convective Outlook

Updated: Tue Apr 22 19:50:14 UTC 2025 (Print Version | | )

Probabilistic to Categorical Outlook Conversion Table

Forecast Discussion

SPC AC 221950

Day 1 Convective Outlook
NWS Storm Prediction Center Norman OK
0250 PM CDT Tue Apr 22 2025

Valid 222000Z – 231200Z

…THERE IS A SLIGHT RISK OF SEVERE THUNDERSTORMS ACROSS PARTS OF
THE SOUTHERN/CENTRAL PLAINS…

…SUMMARY…
Isolated to scattered severe thunderstorms will be possible across
parts of the southern/central Plains, mainly this afternoon and
evening. Large hail and severe gusts should be the main threats.

…20z Update…
The primary change for this forecast update is an inclusion of
significant hail/wind areas to portions of western TX into far
southwestern OK. Recent GOES visible imagery shows developing
cumulus across the Trans Pecos region of southwest TX and across
parts of the southern TX Panhandle. This lends confidence in
convective development within the coming hours as anticipated by
recent high-res guidance. The combination of low-level moisture
return and steep/very steep (8-9 C/km) mid-level lapse rates is
supporting lifted indices of -8 to -10 C across the Stockton and
eastern Edwards plateaus. This thermodynamic environment, coupled
with 30-40 knots of effective bulk shear, should favor robust
supercell development with the potential for significant (2+ inch)
hail. Recent WOFS guidance appears to be capturing ongoing
convective trends in southwest TX well, and also hints at this
potential. Further north, very steep low-level lapse rates should
promote downdraft accelerations that may favor isolated gusts
upwards of 70-80 mph. This potential is also hinted in recent WOFS
and HRRR solutions. See MCD #516 for additional near-term details
regarding western TX.

…Southeast Virginia…
Hail/wind risk probabilities are also expanded into far southeast VA
downstream of ongoing strong/severe thunderstorms where broken cloud
cover has allowed temperatures to warm into the low 80s with an
attendant increase in buoyancy. See MCD #515 for additional details.

..Moore.. 04/22/2025

.PREV DISCUSSION… /ISSUED 1117 AM CDT Tue Apr 22 2025/

…Central/Southern Plains…
Morning water vapor imagery shows broad zonal flow across the
central US, with the main upper jet across the northern states.
Mostly clear skies and southerly low-level winds across much of west
TX/OK and central KS will help to destabilize the air mass along a
developing dryline, leading to afternoon MLCAPE values around 1500
J/kg and minimal cap. Large scale forcing is weak, but dryline
circulations will likely lead to scattered afternoon and early
evening thunderstorm development. Relatively slow-moving storms
capable of large hail and damaging wind gusts are expected. Several
12z CAM solutions suggest upscale growth of convection over
northwest TX after dark, with some risk of strong/severe storms
reaching central TX overnight.

…IA/MO/IL…
A weak surface boundary extends across southern IA this morning.
The southern fringe of stronger westerly flow aloft lies across this
region, with water vapor imagery suggesting a subtle shortwave
trough over NE approaching the region. A few thunderstorms are
expected to form along the boundary by late afternoon/early evening,
with some risk of hail and gusty winds in the strongest storms.

…Southeast States…
A diffuse surface boundary extends from LA northeastward across
MS/AL/GA into the Carolinas. Ample low and mid-level moisture along
the boundary will lead to scattered afternoon thunderstorms.
Forecast soundings show relatively weak low-level winds and poor
mid-level lapse rates. While a few storms could produce gusty
winds, organized severe storm risk appears marginal today.

CLICK TO GET WUUS01 PTSDY1 PRODUCT

.html”>Latest Day 2 Outlook/Today’s Outlooks/Forecast Products/Home

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: SPC Apr 22, 2025 1630 UTC Day 1 Convective Outlook

Source: US National Oceanic and Atmospheric Administration

SPC 1630Z Day 1 Outlook

Day 1 Convective Outlook
NWS Storm Prediction Center Norman OK
1117 AM CDT Tue Apr 22 2025

Valid 221630Z – 231200Z

…THERE IS A SLIGHT RISK OF SEVERE THUNDERSTORMS ACROSS PARTS OF
THE SOUTHERN/CENTRAL PLAINS…

…SUMMARY…
Isolated to scattered severe thunderstorms will be possible across
parts of the southern/central Plains, mainly this afternoon and
evening. Large hail and severe gusts should be the main threats.

…Central/Southern Plains…
Morning water vapor imagery shows broad zonal flow across the
central US, with the main upper jet across the northern states.
Mostly clear skies and southerly low-level winds across much of west
TX/OK and central KS will help to destabilize the air mass along a
developing dryline, leading to afternoon MLCAPE values around 1500
J/kg and minimal cap. Large scale forcing is weak, but dryline
circulations will likely lead to scattered afternoon and early
evening thunderstorm development. Relatively slow-moving storms
capable of large hail and damaging wind gusts are expected. Several
12z CAM solutions suggest upscale growth of convection over
northwest TX after dark, with some risk of strong/severe storms
reaching central TX overnight.

…IA/MO/IL…
A weak surface boundary extends across southern IA this morning.
The southern fringe of stronger westerly flow aloft lies across this
region, with water vapor imagery suggesting a subtle shortwave
trough over NE approaching the region. A few thunderstorms are
expected to form along the boundary by late afternoon/early evening,
with some risk of hail and gusty winds in the strongest storms.

…Southeast States…
A diffuse surface boundary extends from LA northeastward across
MS/AL/GA into the Carolinas. Ample low and mid-level moisture along
the boundary will lead to scattered afternoon thunderstorms.
Forecast soundings show relatively weak low-level winds and poor
mid-level lapse rates. While a few storms could produce gusty
winds, organized severe storm risk appears marginal today.

..Hart/Thornton.. 04/22/2025

MIL-OSI USA: SPC MD 514

Source: US National Oceanic and Atmospheric Administration

Mesoscale Discussion 514

Mesoscale Discussion 0514
NWS Storm Prediction Center Norman OK
0130 PM CDT Tue Apr 22 2025

Areas affected…parts of cntrl/sern LA…srn MS…swrn/cntrl AL

Concerning…Severe potential…Watch unlikely

Valid 221830Z – 222130Z

Probability of Watch Issuance…5 percent

SUMMARY…A gradual increase in thunderstorm activity and intensity
appears probable through 4-6 PM CDT, with short-lived stronger
storms posing a risk for locally severe hail and wind gusts.

DISCUSSION…As low-amplitude mid-level troughing and more subtle
smaller-scale perturbations progress through weak (on the order of
10-20 kt) west-southwesterly mean flow across the Gulf Coast states,
associated forcing for ascent appears likely to contribute to
increasing thunderstorm development through 21-23Z. Inhibition for
moist boundary-layer parcels (with dew points near 70F) is becoming
increasingly negligible with continuing insolation, with modestly
steep lower/mid-tropospheric lapse rates contributing to CAPE around
1500-2000+ J/kg.

Despite the rather modest to weak low-level and deep-layer shear,
thunderstorms are likely to continue to slowly intensify within the
destabilizing environment, into and beyond peak daytime heating.
Stronger updraft pulses may eventually pose increasing potential to
produce severe hail and damaging downbursts. As convection begins
to consolidate and become more widespread, this threat should
diminish, but strengthening convective outflow may continue to pose
potential for gusty/locally damaging winds into early evening.

..Kerr/Hart.. 04/22/2025

…Please see www.spc.noaa.gov for graphic product…

ATTN…WFO…BMX…MOB…JAN…LIX…LCH…SHV…

LAT…LON 33068817 33028748 31578743 30978923 30369057 30979287
31989295 32309176 31969019 33068817

MOST PROBABLE PEAK WIND GUST…55-70 MPH
MOST PROBABLE PEAK HAIL SIZE…1.00-1.75 IN

Top/All Mesoscale Discussions/Forecast Products/Home

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: SPC MD 516

Source: US National Oceanic and Atmospheric Administration

MD 0516 CONCERNING SEVERE POTENTIAL…WATCH LIKELY FOR SOUTHWESTERN TEXAS

Mesoscale Discussion 0516
NWS Storm Prediction Center Norman OK
0217 PM CDT Tue Apr 22 2025

Areas affected…southwestern Texas

Concerning…Severe potential…Watch likely

Valid 221917Z – 222115Z

Probability of Watch Issuance…80 percent

SUMMARY…Damaging wind and hail risk to increase through the
afternoon/evening.

DISCUSSION…Surface analysis shows the dryline extending across the
Texas Panhandle into far eastern New Mexico and southward to the
Texas Big Bend as on 19z. Daytime heating under mostly sunny skies
has led temperatures to rise into the 80s (some mid to upper 80s
further south near the Mexico border). Satellite data shows towering
cu, mainly near and adjacent to the higher terrain of the Cap Rock
and Stockton Plateau. Morning observed soundings from AMA and LUB
would suggest that convective temperatures are around 80-85 F, which
in combination with increase in towering cu suggests initiation over
the next 1-2 hours.

Initial development will likely be supercellular. Though flow aloft
and deep layer shear are more marginal, MLCAPE around 1500-2500 J/kg
and steep low to mid-level lapse rates will support potential for
large hail (some very large 2″+) and damaging wind. Where discrete
modes can interact with outflow/boundaries enhancing surface
vorticity, a tornado could be possible. As storms increase in
coverage this afternoon, clustering along outflows will tend to
create mixed mode of supercells and multi-cells, with an increase in
potential for damaging wind (some 70-80 mph). A watch will be needed
to cover these threats soon.

..Thornton/Hart.. 04/22/2025

…Please see www.spc.noaa.gov for graphic product…

ATTN…WFO…OUN…EWX…SJT…LUB…MAF…

LAT…LON 30330324 30810329 32170307 33380255 33460253 34230188
34610130 34640111 34370061 34050021 33809998 33559982
33259958 32669958 32059983 30800052 29750114 29760201
29730247 29540279 29650307 29910321 30330324

MOST PROBABLE PEAK TORNADO INTENSITY…UP TO 95 MPH
MOST PROBABLE PEAK WIND GUST…65-80 MPH
MOST PROBABLE PEAK HAIL SIZE…1.50-2.50 IN

MIL-OSI USA: SPC Severe Thunderstorm Watch 159

Source: US National Oceanic and Atmospheric Administration

Note: The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports.
SEL9

URGENT – IMMEDIATE BROADCAST REQUESTED
Severe Thunderstorm Watch Number 159
NWS Storm Prediction Center Norman OK
315 PM CDT Tue Apr 22 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
West Texas

* Effective this Tuesday afternoon and evening from 315 PM until
1100 PM CDT.

* Primary threats include…
Scattered damaging winds and isolated significant gusts to 75
mph likely
Scattered large hail and isolated very large hail events to 2.5
inches in diameter likely
A tornado or two possible

SUMMARY…Thunderstorms will develop and increase in coverage
through the afternoon and evening across much of west Texas, in an
increasingly moist and unstable environment. The strongest cells
are expected to produce large hail and damaging wind gusts.

The severe thunderstorm watch area is approximately along and 70
statute miles east and west of a line from 45 miles northeast of
Amarillo TX to 35 miles east of Dryden TX. For a complete depiction
of the watch see the associated watch outline update (WOUS64 KWNS
WOU9).

PRECAUTIONARY/PREPAREDNESS ACTIONS…

REMEMBER…A Severe Thunderstorm Watch means conditions are
favorable for severe thunderstorms in and close to the watch area.
Persons in these areas should be on the lookout for threatening
weather conditions and listen for later statements and possible
warnings. Severe thunderstorms can and occasionally do produce
tornadoes.

&&

AVIATION…A few severe thunderstorms with hail surface and aloft to
2.5 inches. Extreme turbulence and surface wind gusts to 65 knots. A
few cumulonimbi with maximum tops to 500. Mean storm motion vector
27025.

…Hart

SEL9

URGENT – IMMEDIATE BROADCAST REQUESTED
Severe Thunderstorm Watch Number 159
NWS Storm Prediction Center Norman OK
315 PM CDT Tue Apr 22 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
West Texas

* Effective this Tuesday afternoon and evening from 315 PM until
1100 PM CDT.

* Primary threats include…
Scattered damaging winds and isolated significant gusts to 75
mph likely
Scattered large hail and isolated very large hail events to 2.5
inches in diameter likely
A tornado or two possible

SUMMARY…Thunderstorms will develop and increase in coverage
through the afternoon and evening across much of west Texas, in an
increasingly moist and unstable environment. The strongest cells
are expected to produce large hail and damaging wind gusts.

The severe thunderstorm watch area is approximately along and 70
statute miles east and west of a line from 45 miles northeast of
Amarillo TX to 35 miles east of Dryden TX. For a complete depiction
of the watch see the associated watch outline update (WOUS64 KWNS
WOU9).

PRECAUTIONARY/PREPAREDNESS ACTIONS…

REMEMBER…A Severe Thunderstorm Watch means conditions are
favorable for severe thunderstorms in and close to the watch area.
Persons in these areas should be on the lookout for threatening
weather conditions and listen for later statements and possible
warnings. Severe thunderstorms can and occasionally do produce
tornadoes.

&&

AVIATION…A few severe thunderstorms with hail surface and aloft to
2.5 inches. Extreme turbulence and surface wind gusts to 65 knots. A
few cumulonimbi with maximum tops to 500. Mean storm motion vector
27025.

…Hart

Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
SAW9
WW 159 SEVERE TSTM TX 222015Z – 230400Z
AXIS..70 STATUTE MILES EAST AND WEST OF LINE..
45NE AMA/AMARILLO TX/ – 35E 6R6/DRYDEN TX/
..AVIATION COORDS.. 60NM E/W /33NE AMA – 60NW DLF/
HAIL SURFACE AND ALOFT..2.5 INCHES. WIND GUSTS..65 KNOTS.
MAX TOPS TO 500. MEAN STORM MOTION VECTOR 27025.

LAT…LON 35669991 30030045 30030280 35660240

THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
FOR WOU9.

Watch 159 Status Report Message has not been issued yet.

Note: Click for Complete Product Text.Tornadoes

Probability of 2 or more tornadoes

Low (20%)

Probability of 1 or more strong (EF2-EF5) tornadoes

Low ( 65 knots

Mod (60%)

Hail

Probability of 10 or more severe hail events

High (70%)

Probability of 1 or more hailstones > 2 inches

Mod (60%)

Combined Severe Hail/Wind

Probability of 6 or more combined severe hail/wind events

High (>95%)

For each watch, probabilities for particular events inside the watch (listed above in each table) are determined by the issuing forecaster. The “Low” category contains probability values ranging from less than 2% to 20% (EF2-EF5 tornadoes), less than 5% to 20% (all other probabilities), “Moderate” from 30% to 60%, and “High” from 70% to greater than 95%. High values are bolded and lighter in color to provide awareness of an increased threat for a particular event.

MIL OSI USA News –

April 23, 2025

MIL-OSI: National Bank Holdings Corporation Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

NYSE Ticker: NBHC

DENVER, April 22, 2025 (GLOBE NEWSWIRE) — National Bank Holdings Corporation (the “Company”) reported:

	For the quarter⁽¹⁾									For the quarter – adjusted⁽¹⁾⁽²⁾
	1Q25			4Q24			1Q24			1Q25			4Q24			1Q24
Net income ($000’s)	$	24,231		$	28,184		$	31,391		$	24,231		$	33,232		$	31,391
Earnings per share – diluted	$	0.63		$	0.73		$	0.82		$	0.63		$	0.86		$	0.82
Return on average assets		0.99	%		1.13	%		1.28	%		0.99	%		1.33	%		1.28	%
Return on average tangible assets⁽²⁾		1.09	%		1.23	%		1.39	%		1.09	%		1.44	%		1.39	%
Return on average equity		7.42	%		8.59	%		10.30	%		7.42	%		10.13	%		10.30	%
Return on average tangible common equity⁽²⁾		10.64	%		12.31	%		15.14	%		10.64	%		14.40	%		15.14	%

(1)		Ratios are annualized.
(2)		See non-GAAP reconciliations below.

In announcing these results, Chief Executive Officer Tim Laney shared, “We delivered quarterly net income of $24.2 million and $0.63 of earnings per diluted share. The quarter’s results were negatively impacted by elevated provision primarily resulting from a loan charge-off involving suspected fraud by the borrower. Removing the impact of the fraud-related charge-off and a payroll tax credit benefit included in the quarter, earnings per share would have exceeded analysts’ median estimate for the quarter. It’s noteworthy that we delivered a return on tangible assets of 1.1% even in light of the charge-off. Further, past dues and non-performing loan ratios improved during the quarter. With a solid net interest margin of 3.93%, we drove 3.4% growth in our fully taxable equivalent net interest income over the same period last year.”

Mr. Laney added, “Our commitment to serve our clients, coupled with building a fortress balance sheet with strong capital, liquidity, and diversified sources of funding has led us to be recognized by Forbes as one of the best banks in the United States. Our Common Equity Tier 1 capital ratio totaled 13.6% and tangible book value per share grew $0.66 during the quarter to $25.94 per share. We have built our Bank to withstand uncertain and volatile times, and we continue to make meaningful investments in technology and drive shareholders returns.”

First Quarter 2025 Results
(All comparisons refer to the fourth quarter of 2024, except as noted)

Net income totaled $24.2 million or $0.63 per diluted share, compared to $28.2 million or $0.73 per diluted share. The first quarter’s results were impacted by $10.2 million of provision expense recorded primarily to cover a charge-off on one credit driven by suspected fraudulent activity by the borrower. The return on average tangible assets totaled 1.09%, compared to 1.23%, and the return on average tangible common equity totaled 10.64%, compared to 12.31%.

Net Interest Income
Fully taxable equivalent net interest income totaled $88.6 million, compared to $92.0 million, decreasing $3.4 million due to two fewer business days in the first quarter and a decrease of $37.9 million in average earning assets. The fully taxable equivalent net interest margin narrowed six basis points to 3.93%, driven by a 13 basis point decrease in earning asset yields, partially offset by an eight basis point improvement in the cost of funds.

Loans
Loans totaled $7.6 billion at March 31, 2025, compared to $7.8 billion. We generated quarterly loan fundings of $255.7 million, led by commercial loan fundings of $160.2 million. The first quarter weighted average rate on new loans at the time of origination was 7.3%, compared to the quarter’s weighted average yield of 6.4% on our loan portfolio.

Asset Quality and Provision for Credit Losses
The Company recorded $10.2 million of provision expense for credit losses during the first quarter, compared to $2.0 million. The current quarter’s provision expense was recorded primarily to cover the charge-off on one credit driven by suspected fraudulent activity by the borrower. Annualized net charge-offs totaled 0.80% of average total loans, compared to 0.11%. Non-performing loans decreased one basis point to 0.45% of total loans at March 31, 2025, and non-performing assets decreased one basis point to 0.46% of total loans and OREO at March 31, 2025. The allowance for credit losses as a percentage of loans totaled 1.18% at March 31, 2025, compared to 1.22% at December 31, 2024.

Deposits
Average total deposits decreased $111.6 million to $8.3 billion during the first quarter 2025, and average transaction deposits (defined as total deposits less time deposits) decreased $113.1 million to $7.2 billion. Transaction deposits on a spot basis grew $147.7 million to $7.4 billion at March 31, 2025. The loan to deposit ratio totaled 90.8% at March 31, 2025, compared to 94.1%. The mix of transaction deposits to total deposits was 87.4% at March 31, 2025, compared to 87.6%.

Non-Interest Income
Non-interest income totaled $15.4 million during the first quarter, compared to $11.1 million. Included in the prior quarter was $6.6 million of non-recurring loss on investment security sales. Mortgage banking income increased $1.0 million, compared to the prior quarter. Service charges and bank card fees decreased $0.7 million due to seasonality, and other non-interest income was $2.6 million lower due to lower SBA gains on sale and swap fee activity during the first quarter.

Non-Interest Expense
Non-interest expense decreased $2.5 million to $62.0 million during the first quarter. Salaries and benefits decreased $1.1 million primarily due to payroll tax credits realized in the first quarter. Data processing decreased $0.5 million, and professional services expense decreased $0.2 million driven by our continued disciplined expense management. Included within other non-interest expense in the prior quarter was $1.2 million of banking center consolidation-related expense. The fully taxable equivalent efficiency ratio was 57.7% at March 31, 2025, compared to 57.0%, excluding other intangible assets amortization and the prior quarter’s non-recurring loss on investment security sales.

Income tax expense decreased $0.9 million to $5.6 million, due to the first quarter’s lower pre-tax income. The effective tax rate was 18.8% for the first quarter, consistent with the prior quarter.

Capital
Capital ratios continue to be well in excess of federal bank regulatory agency “well capitalized” thresholds. The tier 1 leverage ratio totaled 10.89%, and the common equity tier 1 capital ratio totaled 13.61% at March 31, 2025. Shareholders’ equity increased $24.2 million to $1.3 billion at March 31, 2025, primarily driven by $13.1 million of growth in retained earnings from net income after covering the quarter’s dividend, and a $10.0 million improvement in accumulated other comprehensive loss due to changes in the interest rate environment.

Common book value per share increased $0.61 to $34.90 at March 31, 2025. Tangible common book value per share increased $0.66 to $25.94 driven by the quarter’s earnings after covering the quarterly dividend, and a $0.26 improvement in accumulated other comprehensive loss.

Year-Over-Year Review

(All comparisons refer to the first quarter of 2024, except as noted)

Net income totaled $24.2 million, or $0.63 per diluted share, compared to net income of $31.4 million, or $0.82 per diluted share in the same period prior year. The decrease compared to the prior year was largely driven by higher provision expense of $10.2 million. Fully taxable equivalent pre-provision net revenue increased $1.4 million to $42.0 million. The return on average tangible assets totaled 1.09%, compared to 1.39%, and the return on average tangible common equity was 10.64%, compared to 15.14%.

Fully taxable equivalent net interest income increased $2.9 million to $88.6 million. Average earning assets increased $12.6 million, including average loan growth of $29.3 million and average investment securities growth of $22.6 million. The fully taxable equivalent net interest margin widened 15 basis points to 3.93%, as an 18 basis point decrease in the cost of funds outpaced a three basis point decrease in earning asset yields. Average interest bearing liabilities increased $35.8 million due to higher average deposit balances, and the cost of funds totaled 2.07%, compared to 2.25% in the same period prior year.

Loans outstanding totaled $7.6 billion as of March 31, 2025, increasing $77.2 million or 1.0%. New loan fundings over the trailing twelve months totaled $1.6 billion, led by commercial fundings of $1.1 billion.

The Company recorded $10.2 million of provision expense for credit losses, compared to no provision expense for credit losses in the first quarter of 2024. The current quarter’s provision expense was recorded primarily to cover the charge-off on one credit driven by suspected fraudulent activity by the borrower. Annualized net charge-offs totaled 0.80% of average total loans, compared to minimal net charge-offs in the same period prior year. Non-performing loans decreased two basis points to 0.45% of total loans at March 31, 2025, and non-performing assets decreased seven basis points to 0.46% of total loans and OREO at March 31, 2025. The allowance for credit losses as a percentage of loans totaled 1.18% at March 31, 2025, compared to 1.29% at March 31, 2024.

Average total deposits increased $41.5 million or 0.5% to $8.3 billion, and average transaction deposits decreased $4.5 million. The mix of transaction deposits to total deposits was 87.4% at March 31, 2025, compared to 88.3%.

Non-interest income totaled $15.4 million, compared to $17.7 million, decreasing primarily due to $2.3 million lower other non-interest income driven by timing of SBA loan gain on sales and swap fee income activity, and a $0.6 million gain from the sale of a banking center building included in the first quarter of 2024.

Non-interest expense decreased $0.8 million to $62.0 million. Salaries and benefits decreased $2.2 million primarily due to payroll tax credits realized during the first quarter 2025, which was partially offset by increases in data processing and occupancy and equipment, driven by investments in technology.

Income tax expense totaled $5.6 million, a decrease of $1.9 million, driven by lower pre-tax income. The effective tax rate was 18.8%, compared to 19.3% in the first quarter of 2024.

Conference Call
Management will host a conference call to review the results at 11:00 a.m. Eastern Time on Wednesday, April 23, 2025. Interested parties may listen to this call by dialing (877) 400-0505 using the participant passcode of 7036929 and asking for the NBHC Q1 2025 Earnings Call. The earnings release and a link to the replay of the call will be available on the Company’s website at www.nationalbankholdings.com by visiting the investor relations area.

About National Bank Holdings Corporation
National Bank Holdings Corporation is a bank holding company created to build a leading community bank franchise, delivering high quality client service and committed to stakeholder results. Through its bank subsidiaries, NBH Bank and Bank of Jackson Hole Trust, National Bank Holdings Corporation operates a network of over 90 banking centers, serving individual consumers, small, medium and large businesses, and government and non-profit entities. Its banking centers are located in its core footprint of Colorado, the greater Kansas City region, Utah, Wyoming, Texas, New Mexico and Idaho. Its comprehensive residential mortgage banking group primarily serves the bank’s core footprint. Its trust and wealth management business is operated in its core footprint under the Bank of Jackson Hole Trust charter. NBH Bank operates under a single state charter through the following brand names as divisions of NBH Bank: in Colorado, Community Banks of Colorado and Community Banks Mortgage; in Kansas and Missouri, Bank Midwest and Bank Midwest Mortgage; in Texas, Utah, New Mexico and Idaho, Hillcrest Bank and Hillcrest Bank Mortgage; and in Wyoming, Bank of Jackson Hole and Bank of Jackson Hole Mortgage. Additional information about National Bank Holdings Corporation can be found at www.nationalbankholdings.com.

For more information visit: cobnks.com, bankmw.com, hillcrestbank.com, bankofjacksonhole.com, or nbhbank.com, or connect with any of our brands on LinkedIn.

About Non-GAAP Financial Measures
Certain of the financial measures and ratios we present, including “adjusted return on average assets,” “tangible assets,” “return on average tangible assets,” “adjusted return on average equity,” “tangible common equity,” “return on average tangible common equity,” “tangible common book value per share,” “tangible common equity to tangible assets,” “non-interest expense excluding other intangible assets amortization,” “non-interest income adjusted for the loss on security sales,” “efficiency ratio excluding other intangible assets amortization, adjusted for the loss on security sales,” “adjusted net income,” “adjusted earnings per share – diluted,” “net income excluding the impact of other intangible assets amortization expense, adjusted for the loss on security sales, after tax,” “net income adjusted for the loss on security sales, after tax,” “net income excluding the impact of other intangible assets amortization expense, after tax,” “adjusted return on average tangible assets,” “adjusted return on average tangible common equity,” “pre-provision net revenue,” “pre-provision net revenue, adjusted for the loss on security sales,” and “fully taxable equivalent” metrics, are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). We refer to these financial measures and ratios as “non-GAAP financial measures.” We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results or by presenting certain metrics on a fully taxable equivalent basis. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods.

These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these limitations by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance. A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not discuss historical facts but instead relate to expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. Forward-looking statements are generally identified by words such as “anticipate,” “believe,” “can,” “would,” “should,” “could,” “may,” “predict,” “seek,” “potential,” “will,” “estimate,” “target,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “intend,” “goal,” “focus,” “maintains,” “future,” “ultimately, ” “likely,” “anticipate,” “ensure,” “strategy,” “objective,” and similar words or phrases. These statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties. We have based these statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, liquidity, results of operations, business strategy and growth prospects. Forward-looking statements involve certain important risks, uncertainties and other factors, any of which could cause actual results to differ materially from those in such statements and, therefore, you are cautioned not to place undue reliance on such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: business and economic conditions along with external events both generally and in the financial services industry; susceptibility to credit risk and fluctuations in the value of real estate and other collateral securing a significant portion of our loan portfolio, including with regards to real estate acquired through foreclosure, and the accuracy of appraisals related to such real estate; the allowance for credit losses and fair value adjustments may be insufficient to absorb losses in our loan portfolio; our ability to maintain sufficient liquidity to meet the requirements of deposit withdrawals and other business needs; changes impacting monetary supply and the businesses of our clients and counterparties, including levels of market interest rates, inflation, currency values, monetary and fiscal policies, and the volatility of trading markets; changes in the fair value of our investment securities and the ability of companies in which we invest to commercialize their technology or product concepts; the loss of certain executive officers and key personnel; any service interruptions, cyber incidents or other breaches relating to our technology systems, security systems or infrastructure or those of our third-party providers; the occurrence of fraud or other financial crimes within our business; competition from other financial institutions and financial services providers and the effects of disintermediation within the banking business including consolidation within the industry; changes to federal government lending programs like the Small Business Administration’s Preferred Lender Program and the Federal Housing Administration’s insurance programs, including the impact of a government shutdown on such programs; impairment of our mortgage servicing rights, disruption in the secondary market for mortgage loans, declines in real estate values, or being required to repurchase mortgage loans or reimburse investors; developments in technology, such as artificial intelligence, the success of our digital growth strategy, and our ability to incorporate innovative technologies in our business and provide products and services that satisfy our clients’ expectations for convenience and security; our ability to execute our organic growth and acquisition strategies; the accuracy of projected operating results for assets and businesses we acquire as well as our ability to drive organic loan growth to replace loans in our existing portfolio with comparable loans as loans are paid down; changes to federal, state and local laws and regulations along with executive orders applicable to our business, including tax laws; our ability to comply with and manage costs related to extensive government regulation and supervision, including current and future regulations affecting bank holding companies and depository institutions; the application of any increased assessment rates imposed by the Federal Deposit Insurance Corporation (“FDIC”); claims or legal action brought against us by third parties or government agencies; and other factors, risks, trends and uncertainties described elsewhere in our other filings with the Securities and Exchange Commission (the “SEC”). The forward-looking statements are made as of the date of this press release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.

Contacts:
Analysts/Institutional Investors:
Emily Gooden, Chief Accounting Officer and Investor Relations Director, (720) 554-6640, ir@nationalbankholdings.com
Nicole Van Denabeele, Chief Financial Officer, (720) 529-3370, ir@nationalbankholdings.com

Media:
Jody Soper, Chief Marketing Officer, (303) 784-5925, Jody.Soper@nbhbank.com


NATIONAL BANK HOLDINGS CORPORATION FINANCIAL SUMMARY Consolidated Statements of Operations (Unaudited) (Dollars in thousands, except share and per share data)

	For the three months ended
	March 31,		December 31,			March 31,
	2025		2024			2024
Total interest and dividend income	$	129,963	$	136,086		$	131,732
Total interest expense		43,272		45,955			47,702
Net interest income		86,691		90,131			84,030
Taxable equivalent adjustment		1,910		1,874			1,692
Net interest income FTE⁽¹⁾		88,601		92,005			85,722
Provision expense for credit losses		10,200		1,979			—
Net interest income after provision for credit losses FTE⁽¹⁾		78,401		90,026			85,722
Non-interest income:
Service charges		4,118		4,359			4,391
Bank card fees		4,194		4,671			4,578
Mortgage banking income		3,315		2,296			2,655
Other non-interest income		3,749		6,375			6,070
Loss on security sales		—		(6,582	)		—
Total non-interest income		15,376		11,119			17,694
Non-interest expense:
Salaries and benefits		34,362		35,459			36,520
Occupancy and equipment		10,837		10,193			9,941
Professional fees		1,423		1,599			1,646
Data processing		4,401		4,900			4,066
Other non-interest expense		9,017		10,418			8,653
Other intangible assets amortization		1,977		1,977			2,008
Total non-interest expense		62,017		64,546			62,834

Income before income taxes FTE⁽¹⁾		31,760		36,599			40,582
Taxable equivalent adjustment		1,910		1,874			1,692
Income before income taxes		29,850		34,725			38,890
Income tax expense		5,619		6,541			7,499
Net income	$	24,231	$	28,184		$	31,391
Earnings per share – basic	$	0.63	$	0.73		$	0.82
Earnings per share – diluted		0.63		0.73			0.82
Common stock dividend		0.29		0.29			0.27

(1)		Net interest income is presented on a GAAP basis and fully taxable equivalent (FTE) basis, as the Company believes this non-GAAP measure is the preferred industry measurement for this item. The FTE adjustment is for the tax benefit on certain tax exempt loans using the federal tax rate of 21% for each period presented.


NATIONAL BANK HOLDINGS CORPORATION Consolidated Statements of Financial Condition (Unaudited) (Dollars in thousands, except share and per share data)

	March 31, 2025			December 31, 2024			March 31, 2024
ASSETS
Cash and cash equivalents	$	246,298		$	127,848		$	292,931
Investment securities available-for-sale		634,376			527,547			685,666
Investment securities held-to-maturity		706,912			533,108			570,850
Non-marketable securities		76,203			76,462			73,439
Loans		7,646,296			7,751,143			7,569,052
Allowance for credit losses		(90,192	)		(94,455	)		(97,607	)
Loans, net		7,556,104			7,656,688			7,471,445
Loans held for sale		11,885			24,495			14,065
Other real estate owned		615			662			4,064
Premises and equipment, net		204,567			196,773			168,956
Goodwill		306,043			306,043			306,043
Intangible assets, net		54,489			58,432			64,212
Other assets		301,378			299,635			315,805
Total assets	$	10,098,870		$	9,807,693		$	9,967,476
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Non-interest bearing demand deposits	$	2,215,313		$	2,213,685		$	2,292,917
Interest bearing demand deposits		1,337,905			1,411,860			1,427,856
Savings and money market		3,812,312			3,592,312			3,801,013
Total transaction deposits		7,365,530			7,217,857			7,521,786
Time deposits		1,058,677			1,020,036			995,976
Total deposits		8,424,207			8,237,893			8,517,762
Securities sold under agreements to repurchase		20,749			18,895			19,577
Long-term debt		54,588			54,511			54,278
Federal Home Loan Bank advances		80,000			50,000			—
Other liabilities		190,018			141,319			144,029
Total liabilities		8,769,562			8,502,618			8,735,646
Shareholders’ equity:
Common stock		515			515			515
Additional paid in capital		1,168,433			1,167,431			1,163,773
Retained earnings		521,939			508,864			454,211
Treasury stock		(301,531	)		(301,694	)		(306,460	)
Accumulated other comprehensive loss, net of tax		(60,048	)		(70,041	)		(80,209	)
Total shareholders’ equity		1,329,308			1,305,075			1,231,830
Total liabilities and shareholders’ equity	$	10,098,870		$	9,807,693		$	9,967,476
SHARE DATA
Average basic shares outstanding		38,068,455			38,327,964			38,031,358
Average diluted shares outstanding		38,229,869			38,565,164			38,188,480
Ending shares outstanding		38,094,105			38,054,482			37,806,148
Common book value per share	$	34.90		$	34.29		$	32.58
Tangible common book value per share⁽¹⁾(non-GAAP)		25.94			25.28			23.32
CAPITAL RATIOS
Average equity to average assets		13.35	%		13.10	%		12.40	%
Tangible common equity to tangible assets⁽¹⁾		10.13	%		10.16	%		9.17	%
Tier 1 leverage ratio		10.89	%		10.69	%		9.99	%
Common equity tier 1 risk-based capital ratio		13.61	%		13.20	%		12.35	%
Tier 1 risk-based capital ratio		13.61	%		13.20	%		12.35	%
Total risk-based capital ratio		15.49	%		15.11	%		14.30	%

(1)		Represents a non-GAAP financial measure. See non-GAAP reconciliations below.


NATIONAL BANK HOLDINGS CORPORATION Loan Portfolio (Dollars in thousands)

Period End Loan Balances by Type

					March 31, 2025				March 31, 2025
					vs. December 31, 2024				vs. March 31, 2024
	March 31, 2025		December 31, 2024		% Change		March 31, 2024		% Change
Originated:
Commercial:
Commercial and industrial	$	1,871,301	$	1,881,570	(0.5	)%	$	1,777,328	5.3	%
Municipal and non-profit		1,116,724		1,106,865	0.9	%		1,062,287	5.1	%
Owner-occupied commercial real estate		1,026,692		1,048,481	(2.1	)%		875,303	17.3	%
Food and agribusiness		251,120		266,332	(5.7	)%		241,654	3.9	%
Total commercial		4,265,837		4,303,248	(0.9	)%		3,956,572	7.8	%
Commercial real estate non-owner occupied		1,136,176		1,123,718	1.1	%		1,092,780	4.0	%
Residential real estate		915,139		922,328	(0.8	)%		923,103	(0.9	)%
Consumer		11,955		12,773	(6.4	)%		14,936	(20.0	)%
Total originated		6,329,107		6,362,067	(0.5	)%		5,987,391	5.7	%

Acquired:
Commercial:
Commercial and industrial		105,493		114,255	(7.7	)%		132,532	(20.4	)%
Municipal and non-profit		271		277	(2.2	)%		294	(7.8	)%
Owner-occupied commercial real estate		198,339		215,663	(8.0	)%		234,486	(15.4	)%
Food and agribusiness		33,831		36,987	(8.5	)%		57,896	(41.6	)%
Total commercial		337,934		367,182	(8.0	)%		425,208	(20.5	)%
Commercial real estate non-owner occupied		659,680		688,620	(4.2	)%		767,419	(14.0	)%
Residential real estate		318,510		331,510	(3.9	)%		387,101	(17.7	)%
Consumer		1,065		1,764	(39.6	)%		1,933	(44.9	)%
Total acquired		1,317,189		1,389,076	(5.2	)%		1,581,661	(16.7	)%
Total loans	$	7,646,296	$	7,751,143	(1.4	)%	$	7,569,052	1.0	%

Loan Fundings⁽¹⁾

	First quarter		Fourth quarter		Third quarter		Second quarter		First quarter
	2025		2024		2024		2024		2024
Commercial:
Commercial and industrial	$	108,594	$	146,600	$	93,711	$	241,910	$	53,978
Municipal and non-profit		12,506		49,175		35,677		28,785		14,564
Owner occupied commercial real estate		37,762		117,850		70,517		102,615		35,128
Food and agribusiness		1,338		15,796		19,205		11,040		(7,204	)
Total commercial		160,200		329,421		219,110		384,350		96,466
Commercial real estate non-owner occupied		65,254		119,132		91,809		83,184		73,789
Residential real estate		29,300		30,750		47,322		36,124		29,468
Consumer		970		726		1,010		1,547		234
Total	$	255,724	$	480,029	$	359,251	$	505,205	$	199,957

(1)		Loan fundings are defined as closed end funded loans and net fundings under revolving lines of credit. Net fundings (paydowns) under revolving lines of credit were $21,752, $64,375, $16,302, $19,281 and ($59,523) for the periods noted in the table above, respectively.


NATIONAL BANK HOLDINGS CORPORATION Summary of Net Interest Margin (Dollars in thousands)

	For the three months ended								For the three months ended								For the three months ended
	March 31, 2025								December 31, 2024								March 31, 2024
	Average					Average			Average					Average			Average					Average
	balance			Interest		rate			balance			Interest		rate			balance			Interest		rate
Interest earning assets:
Originated loans FTE⁽¹⁾⁽²⁾	$	6,335,931		$	102,221		6.54	%	$	6,368,697		$	107,400		6.71	%	$	6,046,849		$	100,914		6.71	%
Acquired loans		1,351,726			19,547		5.86	%		1,425,344			22,253		6.21	%		1,611,521			24,289		6.06	%
Loans held for sale		19,756			349		7.16	%		20,196			320		6.30	%		12,017			225		7.53	%
Investment securities available-for-sale		716,938			4,617		2.58	%		735,977			3,196		1.74	%		751,168			4,103		2.18	%
Investment securities held-to-maturity		635,961			4,120		2.59	%		537,970			3,887		2.89	%		579,160			2,514		1.74	%
Other securities		31,386			480		6.12	%		29,256			434		5.93	%		35,036			616		7.03	%
Interest earning deposits		48,206			539		4.53	%		60,400			470		3.10	%		91,579			763		3.35	%
Total interest earning assets FTE⁽²⁾	$	9,139,904		$	131,873		5.85	%	$	9,177,840		$	137,960		5.98	%	$	9,127,330		$	133,424		5.88	%
Cash and due from banks	$	77,237							$	81,371							$	102,583
Other assets		794,374								793,734								756,230
Allowance for credit losses		(95,492	)							(95,750	)							(97,882	)
Total assets	$	9,916,023							$	9,957,195							$	9,888,261
Interest bearing liabilities:
Interest bearing demand, savings and money market deposits	$	5,027,052		$	32,511		2.62	%	$	5,087,799		$	35,443		2.77	%	$	4,947,811		$	36,413		2.96	%
Time deposits		1,035,983			8,756		3.43	%		1,034,560			9,169		3.53	%		990,041			7,584		3.08	%
Federal Home Loan Bank advances		107,151			1,105		4.18	%		66,428			820		4.91	%		228,236			3,181		5.61	%
Other borrowings⁽³⁾		50,277			382		3.08	%		18,374			5		0.11	%		18,929			6		0.13	%
Long-term debt		54,539			518		3.85	%		54,464			518		3.78	%		54,229			518		3.84	%
Total interest bearing liabilities	$	6,275,002		$	43,272		2.80	%	$	6,261,625		$	45,955		2.92	%	$	6,239,246		$	47,702		3.07	%
Demand deposits	$	2,197,300							$	2,249,614							$	2,280,997
Other liabilities		119,806								141,327								141,735
Total liabilities		8,592,108								8,652,566								8,661,978
Shareholders’ equity		1,323,915								1,304,629								1,226,283
Total liabilities and shareholders’ equity	$	9,916,023							$	9,957,195							$	9,888,261
Net interest income FTE⁽²⁾				$	88,601							$	92,005							$	85,722
Interest rate spread FTE⁽²⁾							3.05	%							3.06	%							2.81	%
Net interest earning assets	$	2,864,902							$	2,916,215							$	2,888,084
Net interest margin FTE⁽²⁾							3.93	%							3.99	%							3.78	%
Average transaction deposits	$	7,224,352							$	7,337,413							$	7,228,808
Average total deposits		8,260,335								8,371,973								8,218,849
Ratio of average interest earning assets to average interest bearing liabilities		145.66	%							146.57	%							146.29	%

(1)		Originated loans are net of deferred loan fees, less costs, which are included in interest income over the life of the loan.
(2)		Presented on a fully taxable equivalent basis using the statutory tax rate of 21%. The tax equivalent adjustments included above are $1,910, $1,874 and $1,692 for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.
(3)		Other borrowings includes securities sold under agreements to repurchase and cash collateral received from counterparties in connection with derivative swap agreements.


NATIONAL BANK HOLDINGS CORPORATION Allowance for Credit Losses and Asset Quality (Dollars in thousands)

Allowance for Credit Losses Analysis

	As of and for the three months ended
	March 31, 2025			December 31, 2024			March 31, 2024
Beginning allowance for credit losses	$	94,455		$	95,047		$	97,947
Charge-offs		(15,251	)		(2,391	)		(278	)
Recoveries		138			175			188
Provision expense (release) for credit losses		10,850			1,624			(250	)
Ending allowance for credit losses (“ACL”)	$	90,192		$	94,455		$	97,607
Ratio of annualized net charge-offs to average total loans during the period		0.80	%		0.11	%		0.00	%
Ratio of ACL to total loans outstanding at period end		1.18	%		1.22	%		1.29	%
Ratio of ACL to total non-performing loans at period end		260.52	%		262.42	%		272.52	%
Total loans	$	7,646,296		$	7,751,143		$	7,569,052
Average total loans during the period		7,660,974			7,772,712			7,632,635
Total non-performing loans		34,620			35,994			35,817

Past Due and Non-accrual Loans

	March 31, 2025			December 31, 2024			March 31, 2024
Loans 30-89 days past due and still accruing interest	$	17,003		$	23,164		$	3,495
Loans 90 days past due and still accruing interest		1,012			14,940			1
Non-accrual loans		34,620			35,994			35,817
Total past due and non-accrual loans	$	52,635		$	74,098		$	39,313
Total 90 days past due and still accruing interest and non-accrual loans to total loans		0.47	%		0.66	%		0.47	%

Asset Quality Data

	March 31, 2025			December 31, 2024			March 31, 2024
Non-performing loans	$	34,620		$	35,994		$	35,817
OREO		615			662			4,064
Total non-performing assets	$	35,235		$	36,656		$	39,881
Total non-performing loans to total loans		0.45	%		0.46	%		0.47	%
Total non-performing assets to total loans and OREO		0.46	%		0.47	%		0.53	%


NATIONAL BANK HOLDINGS CORPORATION Key Metrics⁽¹⁾

	As of and for the three months ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Return on average assets		0.99	%		1.13	%		1.28	%
Return on average tangible assets⁽²⁾		1.09	%		1.23	%		1.39	%
Return on average tangible assets, adjusted⁽²⁾		1.09	%		1.44	%		1.39	%
Return on average equity		7.42	%		8.59	%		10.30	%
Return on average tangible common equity⁽²⁾		10.64	%		12.31	%		15.14	%
Return on average tangible common equity, adjusted⁽²⁾		10.64	%		14.40	%		15.14	%
Loan to deposit ratio (end of period)		90.77	%		94.09	%		88.86	%
Non-interest bearing deposits to total deposits (end of period)		26.30	%		26.87	%		26.92	%
Net interest margin⁽³⁾		3.85	%		3.91	%		3.70	%
Net interest margin FTE⁽²⁾⁽³⁾		3.93	%		3.99	%		3.78	%
Interest rate spread FTE⁽²⁾⁽⁴⁾		3.05	%		3.06	%		2.81	%
Yield on earning assets⁽⁵⁾		5.77	%		5.90	%		5.80	%
Yield on earning assets FTE⁽²⁾⁽⁵⁾		5.85	%		5.98	%		5.88	%
Cost of funds		2.07	%		2.15	%		2.25	%
Cost of deposits		2.03	%		2.12	%		2.15	%
Non-interest income to total revenue FTE⁽⁶⁾		14.79	%		10.78	%		17.11	%
Efficiency ratio		60.76	%		63.75	%		61.77	%
Efficiency ratio excluding other intangible assets amortization FTE, adjusted⁽²⁾		57.74	%		57.03	%		58.82	%
Pre-provision net revenue	$	40,050		$	36,704		$	38,890
Pre-provision net revenue FTE⁽²⁾		41,960			38,578			40,582
Pre-provision net revenue FTE, adjusted⁽²⁾		41,960			45,160			40,582

Total Loans Asset Quality Data⁽⁷⁾⁽⁸⁾
Non-performing loans to total loans		0.45	%		0.46	%		0.47	%
Non-performing assets to total loans and OREO		0.46	%		0.47	%		0.53	%
Allowance for credit losses to total loans		1.18	%		1.22	%		1.29	%
Allowance for credit losses to non-performing loans		260.52	%		262.42	%		272.52	%
Net charge-offs to average loans		0.80	%		0.11	%		0.00	%

(1)		Ratios are annualized.
(2)		Ratio represents non-GAAP financial measure. See non-GAAP reconciliations below.
(3)		Net interest margin represents net interest income, including accretion income on interest earning assets, as a percentage of average interest earning assets.
(4)		Interest rate spread represents the difference between the weighted average yield on interest earning assets, including FTE income, and the weighted average cost of interest bearing liabilities. Ratio represents a non-GAAP financial measure.
(5)		Interest earning assets include assets that earn interest/accretion or dividends. Any market value adjustments on investment securities or loans are excluded from interest earning assets.
(6)		Non-interest income to total revenue represents non-interest income divided by the sum of net interest income FTE and non-interest income. Ratio represents a non-GAAP financial measure.
(7)		Non-performing loans consist of non-accruing loans and modified loans on non-accrual.
(8)		Total loans are net of unearned discounts and fees.


NATIONAL BANK HOLDINGS CORPORATION NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (Dollars in thousands, except share and per share data)

Tangible Common Book Value Ratios

	March 31, 2025			December 31, 2024			March 31, 2024
Total shareholders’ equity	$	1,329,308		$	1,305,075		$	1,231,830
Less: goodwill and other intangible assets, net		(354,800	)		(356,777	)		(362,709	)
Add: deferred tax liability related to goodwill		13,638			13,535			12,539
Tangible common equity (non-GAAP)	$	988,146		$	961,833		$	881,660

Total assets	$	10,098,870		$	9,807,693		$	9,967,476
Less: goodwill and other intangible assets, net		(354,800	)		(356,777	)		(362,709	)
Add: deferred tax liability related to goodwill		13,638			13,535			12,539
Tangible assets (non-GAAP)	$	9,757,708		$	9,464,451		$	9,617,306

Tangible common equity to tangible assets calculations:
Total shareholders’ equity to total assets		13.16	%		13.31	%		12.36	%
Less: impact of goodwill and other intangible assets, net		(3.03	)%		(3.15	)%		(3.19	)%
Tangible common equity to tangible assets (non-GAAP)		10.13	%		10.16	%		9.17	%

Tangible common book value per share calculations:
Tangible common equity (non-GAAP)	$	988,146		$	961,833		$	881,660
Divided by: ending shares outstanding		38,094,105			38,054,482			37,806,148
Tangible common book value per share (non-GAAP)	$	25.94		$	25.28		$	23.32


NATIONAL BANK HOLDINGS CORPORATION (Dollars in thousands, except share and per share data) Return on Average Tangible Assets and Return on Average Tangible Equity

	As of and for the three months ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Net income	$	24,231		$	28,184		$	31,391
Add: loss on security sales, after tax (non-GAAP)⁽¹⁾		—			5,048			—
Net income adjusted for the loss on security sales, after tax (non-GAAP)⁽¹⁾	$	24,231		$	33,232		$	31,391

Net income	$	24,231		$	28,184		$	31,391
Add: impact of other intangible assets amortization expense, after tax		1,516			1,516			1,534
Net income excluding the impact of other intangible assets amortization expense, after tax (non-GAAP)	$	25,747		$	29,700		$	32,925

Net income excluding the impact of other intangible assets amortization expense, after tax	$	25,747		$	29,700		$	32,925
Add: loss on security sales, after tax (non-GAAP)⁽¹⁾		—			5,048			—
Net income excluding the impact of other intangible assets amortization expense, adjusted for the loss on security sales, after tax (non-GAAP)⁽¹⁾	$	25,747		$	34,748		$	32,925

Average assets	$	9,916,023		$	9,957,195		$	9,888,261
Less: average goodwill and other intangible assets, net of deferred tax liability related to goodwill		(342,425	)		(344,417	)		(351,383	)
Average tangible assets (non-GAAP)	$	9,573,598		$	9,612,778		$	9,536,878

Average shareholders’ equity	$	1,323,915		$	1,304,629		$	1,226,283
Less: average goodwill and other intangible assets, net of deferred tax liability related to goodwill		(342,425	)		(344,417	)		(351,383	)
Average tangible common equity (non-GAAP)	$	981,490		$	960,212		$	874,900

Return on average assets		0.99	%		1.13	%		1.28	%
Adjusted return on average assets (non-GAAP)		0.99	%		1.33	%		1.28	%
Return on average tangible assets (non-GAAP)		1.09	%		1.23	%		1.39	%
Adjusted return on average tangible assets (non-GAAP)		1.09	%		1.44	%		1.39	%
Return on average equity		7.42	%		8.59	%		10.30	%
Adjusted return on average equity (non-GAAP)		7.42	%		10.13	%		10.30	%
Return on average tangible common equity (non-GAAP)		10.64	%		12.31	%		15.14	%
Adjusted return on average tangible common equity (non-GAAP)		10.64	%		14.40	%		15.14	%

(1) Adjustments:
Loss on security sales (non-GAAP)	$	—		$	6,582		$	—
Tax benefit impact		—			(1,534	)		—
Total adjustments, after tax (non-GAAP)	$	—		$	5,048		$	—

Fully Taxable Equivalent Yield on Earning Assets and Net Interest Margin

	As of and for the three months ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Interest income	$	129,963		$	136,086		$	131,732
Add: impact of taxable equivalent adjustment		1,910			1,874			1,692
Interest income FTE (non-GAAP)	$	131,873		$	137,960		$	133,424

Net interest income	$	86,691		$	90,131		$	84,030
Add: impact of taxable equivalent adjustment		1,910			1,874			1,692
Net interest income FTE (non-GAAP)	$	88,601		$	92,005		$	85,722

Average earning assets	$	9,139,904		$	9,177,840		$	9,127,330
Yield on earning assets		5.77	%		5.90	%		5.80	%
Yield on earning assets FTE (non-GAAP)		5.85	%		5.98	%		5.88	%
Net interest margin		3.85	%		3.91	%		3.70	%
Net interest margin FTE (non-GAAP)		3.93	%		3.99	%		3.78	%

Efficiency Ratio and Pre-Provision Net Revenue

	As of and for the three months ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Net interest income	$	86,691		$	90,131		$	84,030
Add: impact of taxable equivalent adjustment		1,910			1,874			1,692
Net interest income FTE (non-GAAP)	$	88,601		$	92,005		$	85,722

Non-interest income	$	15,376		$	11,119		$	17,694
Add: loss on security sales (non-GAAP)		—			6,582			—
Non-interest income adjusted for the loss on security sales (non-GAAP)	$	15,376		$	17,701		$	17,694

Non-interest expense	$	62,017		$	64,546		$	62,834
Less: other intangible assets amortization		(1,977	)		(1,977	)		(2,008	)
Non-interest expense excluding other intangible assets amortization (non-GAAP)	$	60,040		$	62,569		$	60,826

Efficiency ratio		60.76	%		63.75	%		61.77	%
Efficiency ratio FTE (non-GAAP)		59.64	%		62.59	%		60.76	%
Efficiency ratio excluding other intangible assets amortization, adjusted for the loss on security sales FTE (non-GAAP)		57.74	%		57.03	%		58.82	%
Pre-provision net revenue (non-GAAP)	$	40,050		$	36,704		$	38,890
Pre-provision net revenue, FTE (non-GAAP)		41,960			38,578			40,582
Pre-provision net revenue FTE, adjusted for the loss on security sales (non-GAAP)		41,960			45,160			40,582

Adjusted Net Income and Earnings Per Share

	As of and for the three months ended
	March 31,		December 31,		March 31,
	2025		2024		2024
Adjustments to net income:
Net income	$	24,231	$	28,184	$	31,391
Add: adjustment for the loss on security sales, after tax (non-GAAP)		—		5,048		—
Adjusted net income (non-GAAP)	$	24,231	$	33,232	$	31,391

Adjustments to earnings per share:
Earnings per share diluted	$	0.63	$	0.73	$	0.82
Add: adjustment for the loss on security sales, after tax (non-GAAP)		—		0.13		—
Adjusted earnings per share – diluted (non-GAAP)	$	0.63	$	0.86	$	0.82

The MIL Network –

April 23, 2025

MIL-OSI Global: How branding made Francis the ‘People’s Pope’

Source: The Conversation – Canada – By Aidan Moir, Assistant Professor, Department of Communication, Media and Film, University of Windsor

From papal selfies to the viral generative AI images featuring a stylish puffer jacket, Pope Francis became a prominent popular culture figure during his papacy.

News media called him the “People’s Pope,” branding that also circulated online on social media to turn Pope Francis into an icon who symbolized the progressive ideals of 2010s popular culture.

His 2013 election was significant for many reasons, including the fact that he became the first Jesuit and first pope from Latin America. His acension to the papacy represented an attempt by the Catholic Church to rebrand itself through Francis’s “progressive” public image.

The Catholic Church as an institutional brand has been at the centre of numerous scandals and controversies after committing grave injustices for generations.

Pope Francis, on the other hand, became what branding expert Douglas Holt calls an “iconic brand.” These are entities that serve as powerful symbols that reflect cultural myths and ideals.

Just like politicians or celebrities, popes also need branding to develop their public identities.

Branding and the papacy

Pontiffs have always been subject to branding, making them unique subjects for public fascination and popular culture. Decisions about what shoes to wear and what papal name to take are in fact acts of branding.

Pope Francis chose his papal name to align himself with Saint Francis of Assisi. He also chose to wear a simple white cassock for his first public appearance on the balcony at St. Peter’s Basilica. These decisions were branding strategies.

Francis’s use of social media brought the papacy into a new digital age. It provided him with a platform to build his brand in a manner similar to politicians.

His embrace of technology made him appear “cool,” leading to a decade of viral social media posts and memes. The first papal selfie, taken in 2013 with teenage pilgrims visiting the Vatican, went viral on Twitter.

Iconic brands cannot act alone to maintain their cultural status. As Holt explains, they depend on “co-authors” to create myths that connect brands with the public. Co-authors are media texts or cultural groups circulating stories that give meaning to iconic brands.

From the outset, news media were an integral part of building the pope’s image. Francis was Time magazine’s 2013 Person of the Year, and graced the cover of Rolling Stone.

He was largely unknown around the globe prior to becoming pope. Media coverage played an important role in presenting his brand to global audiences as news reports suggested Francis’s humility, compassion for the poor and radical approach to the papacy would transform the Catholic Church.

Just days after his election, The Washington Post labelled Francis “the People’s Pope.” This title connected Francis to figures likes Princess Diana, a similar iconic figure known for challenging protocol and her progressive charity work who was dubbed “the People’s Princess.”

A ‘progressive’ image

After legacy media bolstered his iconic brand as “the People’s Pope,” Pope Francis reinforced this messaging through strategic, selective actions.

Francis became pope during Barack Obama’s presidency in the United States. The two men shared some similarities, including representing different “firsts.”

Francis was aware of his iconic brand as “the People’s Pope.” Like Princess Diana, this branding allowed him to appeal to a global audience, regardless of religious affiliation.

His first official trip was to the Mediterranean island of Lampedusa, holding mass for asylum-seekers and migrants.

His response of “who am I to judge?” to a media question about the Catholic Church’s position on 2SLGTBQ+ issues gained positive media coverage.

In 2015, Francis published his first papal encyclical focused on the connection between climate change and global poverty.

Pope Francis developed an iconic brand that connected with the public during a decade defined by progressive ideals as legacy and social media worked together as co-authors in building his identity.

Iconic brands can transform the institutions they represent. Pope Francis’s image demonstrates how papal branding is no different than other forms of branding. It depends on different dynamics coming together at the right moment to form myths for public connection.

Memes related to the movie Conclave are already going viral on social media. The new pontiff will enter a different cultural landscape than Pope Francis, but the strategies for creating an iconic brand remain the same.

Aidan Moir previously received funding from the Social Sciences and Humanities Research Council of Canada.

– ref. How branding made Francis the ‘People’s Pope’ – https://theconversation.com/how-branding-made-francis-the-peoples-pope-254981

MIL OSI – Global Reports –

April 23, 2025

MIL-OSI USA: NASA Wins Six Webby Awards, Six Webby People’s Voice Awards

Source: NASA

NASA was recognized today by the 29th Annual Webby Awards with six Webby Awards and six Webby People’s Voice Awards, the latter of which are awarded by the voting public. The Webbys honors excellence in eight major media types: websites and mobile sites; video and film; advertising, media and public relations; apps and software; social; podcasts; artificial intelligence, immersive and games; and creators.

Michelle R. Jones
Acting Associate Administrator for Communications

Since 1998, NASA has been nominated for more than 100 Webby Awards, winning 49 Webbys and 67 People’s Voice Awards.

Full List of NASA’s 29th Annual Webby Award Wins

NASA.govWebby Winner, People’s Voice WinnerWebsites and Mobile Sites | Government and AssociationsThis is the sixth Webby Award and the 13th People’s Voice Award for the agency’s website
NASA InstagramWebby WinnerSocial | Education and Science
NASA+ Webby Winner, People’s Voice WinnerWebsites and Mobile Sites | Television, Film and Streaming
2024 Total Solar Eclipse: Through the Eyes of NASAWebby Winner, People’s Voice WinnerVideo and Film | Events and Live
NASA’s 2024 Total Solar Eclipse CampaignWebby Winner, People’s Voice WinnerSocial | Events and Live streams
NASA’s Webb Telescope: Unfolding a Universe of WondersWebby Winner, People’s Voice WinnerSocial | Education and Science (Campaigns)
NASA Streams Historic Cat Video From Deep SpacePeople’s Voice WinnerVideo and Film | Events and Live streams

About the Webby Awards
Established in 1996 during the web’s infancy, The Webbys is presented by the IADAS—a 3000+ member judging body. The Academy is comprised of Executive Members—leading Internet experts, business figures, luminaries, visionaries, and creative celebrities—and associate members who are former Webby winners, nominees and other internet professionals.
The Webby Awards presents two honors in every category—the Webby Award and the Webby People’s Voice Award. Members of the International Academy of Digital Arts and Sciences (IADAS) select the nominees for both awards in each category, as well as the winners of the Webby Awards. In the spirit of the open web, the Webby People’s Voice is chosen by the voting public, and garners millions of votes from all over the world.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: First Results from the Eclipse Soundscapes Project: Webinar on May 7

Source: NASA

How do the sudden darkness and temperature changes of a solar eclipse impact life on Earth? The Eclipse Soundscapes project invited you to document changes in the environment during the week of the April 8, 2024 total solar eclipse, using your own senses or an audiomoth sound recorder.

[embedded content]

Thanks to your participation, the Eclipse Soundscapes team collected 25 terabytes of audio data during the 2023 and 2024 solar eclipses. “It was really empowering for me to participate in a scientific research study with my son beside me so he could see how scientific data can be (collected),” said one Eclipse Soundscapes volunteer.

Since the eclipse, the Eclipse Soundscapes team has been turning the submitted data into a new, carefully validated data set. They have been assessing recording quality, verifying timestamps, and logging other kinds of information that support the submitted data. With the newly validated data, they are now using machine learning to study wildlife behavior and compare regional differences. They do some of this work using spectrographic analysis—spreading out the sound into different frequency ranges like a prism spreads light into a rainbow. The team is also working to make the validated data freely available to the public on the Zenodo website—a free, open-source research data repository developed by CERN (the European Organization for Nuclear Research) that allows researchers to share and preserve their work, regardless of discipline or format.
The team’s first inspection of the data suggests that some species may mimic dusk-like behavior during totality. Want to hear more early results? You can join the team’s live webinar on May 7, 2025, at 2:00 p.m. EST with Dr. Brent Pease. Register now at EclipseSoundscapes.org. You can also explore this interactive map of data analysis sites, with details about each site, including partner organizations.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: Entrepreneurs Challenge Winner PRISM is Using AI to Enable Insights from Geospatial Data

Source: NASA

NASA sponsored Entrepreneurs Challenge events in 2020, 2021, and 2023 to invite small business start-ups to showcase innovative ideas and technologies with the potential to advance the agency’s science goals. To potentially leverage external funding sources for the development of innovative technologies of interest to NASA, SMD involved the venture capital community in Entrepreneurs Challenge events. Challenge winners were awarded prize money, and in 2023 the total Entrepreneurs Challenge prize value was $1M. Numerous challenge winners have subsequently refined their products and/or received funding from NASA and external sources (e.g., other government agencies or the venture capital community) to further develop their technologies.
One 2023 Entrepreneurs Challenge winner, PRISM Intelligence (formerly known as Pegasus Intelligence and Space), is using artificial intelligence (AI) and other advances in computer vision to create a new platform that could provide geospatial insights to a broad community.
Every day, vast amounts of remote sensing data are collected through satellites, drones, and aerial imagery, but for most businesses and individuals, accessing and extracting meaningful insights from this data is nearly impossible.
The company’s product—Personal Real-time Insight from Spatial Maps, a.k.a. PRISM—is transforming geospatial data into an easy-to-navigate, queryable world. By leveraging 3D computer vision, geospatial analytics, and AI-driven insights, PRISM creates photorealistic, up-to-date digital environments that anyone can interact with. Users can simply log in and ask natural-language questions to instantly retrieve insights—no advanced Geographic Information System (GIS) expertise is required.
For example, a pool cleaner looking for business could use PRISM to search for all residential pools in a five-mile radius. A gardener could identify overgrown trees in a community. City officials could search for potholes in their jurisdiction to prioritize repairs, enhance public safety, and mitigate liability risks. This broad level of accessibility brings geospatial intelligence out of the hands of a few and into everyday decision making.
The core of PRISM’s platform uses radiance fields to convert raw 2D imagery into high-fidelity, dynamic 3D visualizations. These models are then enhanced with AI-powered segmentation, which autonomously identifies and labels objects in the environment—such as roads, vehicles, buildings, and natural features—allowing for seamless search and analysis. The integration of machine learning enables PRISM to refine its reconstructions continuously, improving precision with each dataset. This advanced processing ensures that the platform remains scalable, efficient, and adaptable to various data sources, making it possible to produce large-scale, real-time digital twins of the physical world.

“It’s great being able to push the state of the art in this relatively new domain of radiance fields, evolving it from research to applications that can impact common tasks. From large sets of images, PRISM creates detailed 3D captures that embed more information than the source pictures.” — Maximum Wilder-Smith, Chief Technology Officer, PRISM Intelligence
Currently the PRISM platform uses proprietary data gathered from aerial imagery over selected areas. PRISM then generates high-resolution digital twins of cities in select regions. The team is aiming to eventually expand the platform to use NASA Earth science data and commercial data, which will enable high-resolution data capture over larger areas, significantly increasing efficiency, coverage, and update frequency. PRISM aims to use the detailed multiband imagery that NASA provides and the high-frequency data that commercial companies provide to make geospatial intelligence more accessible by providing fast, reliable, and up-to-date insights that can be used across multiple industries.
What sets PRISM apart is its focus on usability. While traditional GIS platforms require specialized training to use, PRISM eliminates these barriers by allowing users to interact with geospatial data through a frictionless, conversational interface.
The impact of this technology could extend across multiple industries. Professionals in the insurance and appraisal industries have informed the company how the ability to generate precise, 3D assessments of properties could streamline risk evaluations, reduce costs, and improve accuracy—replacing outdated or manual site visits. Similarly, local governments have indicated they could potentially use PRISM to better manage infrastructure, track zoning compliance, and allocate resources based on real-time, high-resolution urban insights. Additionally, scientists could use the consistent updates and layers of three-dimensional data that PRISM can provide to better understand changes to ecosystems and vegetation.
As PRISM moves forward, the team’s focus remains on scaling its capabilities and expanding its applications. Currently, the team is working to enhance the technical performance of the platform while also adding data sources to enable coverage of more regions. Future iterations will further improve automation of data processing, increasing the speed and efficiency of real-time 3D reconstructions. The team’s goal is to expand access to geospatial insights, ensuring that anyone—from city planners to business owners—can make informed decisions using the best possible data.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: 2025-55 HAWAIʻI’S FIRST EVER “DO THE WRITE THING” STUDENT AMBASSADOR CHOSEN TO REPRESENT HAWAIʻI AT NATIONAL SUMMIT IN WASHINGTON D.C.

Source: US State of Hawaii

2025-55 HAWAIʻI’S FIRST EVER “DO THE WRITE THING” STUDENT AMBASSADOR CHOSEN TO REPRESENT HAWAIʻI AT NATIONAL SUMMIT IN WASHINGTON D.C.

Posted on Apr 21, 2025 in Latest Department News, Newsroom

STATE OF HAWAIʻI

KA MOKU ʻĀINA O HAWAIʻI

DEPARTMENT OF THE ATTORNEY GENERAL

KA ʻOIHANA O KA LOIO KUHINA

JOSH GREEN, M.D.
GOVERNOR

KE KIAʻĀINA

ANNE LOPEZ

ATTORNEY GENERAL

LOIO KUHINA

HAWAIʻI’S FIRST EVER “DO THE WRITE THING” STUDENT AMBASSADOR CHOSEN TO REPRESENT HAWAIʻI AT NATIONAL SUMMIT IN WASHINGTON D.C.

News Release 2025-55

FOR IMMEDIATE RELEASE

April 21, 2025

HONOLULU — In a powerful reflection on the realities of youth violence, Waiʻanae Intermediate School eighth grader Keziah Chloe Bacor was selected to represent Hawaiʻi at the National Do the Write Thing (DtWT) Summit for her personal essay titled, “Why Violence?” The piece was written as part of a classroom assignment challenging students to examine how violence has impacted their lives and what they can do to create change. Keziah becomes Hawaiʻi’s first DtWT student ambassador and will travel to Washington, D.C., this July to share her story on a national stage.

DtWT is a national writing program that empowers middle school students to become changemakers by exploring the root causes and impacts of youth violence. Through classroom discussions and personal reflection, students write essays responding to three key questions: What are the causes of youth violence? How has violence affected your life? What can you do to reduce youth violence?

“I am thrilled by the overwhelming success of this program as it engages our youth and inspires future generations to speak out against violence and bullying in their homes, schools and communities,” said Governor Josh Green, M.D.. “Their dedication to promoting peace and addressing youth violence also designates them as Hawaiʻi’s Ambassadors for Peace.”

“Do the Write Thing is an inclusive and equitable program for all middle school students. The writings submitted aren’t judged by grammar or academic skill, but by the power of the ideas and lived experiences they share. This isn’t a writing contest—it’s a platform for young voices, and a powerful movement for change,” said Amber Moyer, DtWT Program Director, Washington, D.C.

Keziah’s essay will be published with the writings of her peers from across the country. The anthology is archived at the Library of Congress. The students will also meet with members of Congress to share their perspectives and advocate for a future free from violence during a four-day summit.

“In the beginning of my eight-grade year, many violent acts occurred in our community. Four shootings happened in a span of four weeks. After that, I’ve never been more careful of my surroundings or my family’s,” said Keziah. “Along with this writing challenge, my classmates and I were able to talk to Congresswoman Jill Tokuda and AG Anne Lopez about what was happening in our community, as well as doing sign waving to promote awareness in front of our school. Doing this allowed me to express my feelings about the violence that I have been bottling up inside me. I never thought I would win this competition but I’m forever grateful that I did. I would tell other students let your emotions out. You don’t have to be scared.”

The Department of the Attorney General and the Hawaiʻi State Department of Education (HIDOE) launched DtWT at the start of the 2024–25 school year, with Waiʻanae Intermediate serving as the pilot site.

“This year has presented significant challenges for our community. However, this writing initiative has given our students a voice, empowering our students to become active agents of change,” Wai‘anae Intermediate School Principal John Wataoka said. “Through their reflective work, our students showed a deep consideration of the unseen impacts of violence and were afforded a positive outlet for expressing their feelings, one that often sparks a discourse of ideas toward potential solutions.”

“Each year, millions of young lives are shaped by violence, leaving behind deep physical and emotional scars,” Attorney General Anne Lopez said. “I am thankful to the Department of Education and my staff for their hard work implementing DtWT this school year. Together, we are already looking at expanding the program to other schools across the state. We want it to become a tool and platform for our youth to express their thoughts and ideas in writing about addressing youth violence.”

From the start of the school year, Waiʻanae Intermediate educator Nicole Kurata guided 27 students through meaningful conversations that encouraged empathy, self-reflection, and a commitment to positive change. Students were invited to submit essays or poems of up to three pages for consideration.

Essays were reviewed by a selection panel that included Attorney General Lopez; Department of Law Enforcement Director Mike Lambert; HIDOE Deputy Superintendent Heidi Armstrong; Nānākuli-Wai‘anae Complex Area Superintendent Disa Hauge; and Ashley Atisanoe of the Waiʻanae Coast Community Mental Health Center.

For more information on the national Do the Write Thing Program, visit www.dtwt.org/program. Photos, video and soundbites from today’s ceremony at Washington Place can be found here: https://www.dropbox.com/scl/fo/0dmqmrxecpd9524ptej23/AJBQUafFXUVJxq19w1ZoAXc?rlkey=mj44116a1arukenuolxbluqez&st=rxl6jhtf&dl=0

# # #

Media contacts:

Nanea Ching

Communications Director

Hawai‘i State Department of Education

Office: 808-784-6200

Cell: 808-260-5032

Email: [email protected]

Dave Day

Special Assistant to the Attorney General

Office: 808-586-1284

Email: [email protected]

Web: http://ag.hawaii.gov

Toni Schwartz
Public Information Officer
Hawai‘i Department of the Attorney General
Office: 808-586-1252
Cell: 808-379-9249
Email: [email protected]

MIL OSI USA News –

April 23, 2025

MIL-OSI Economics: Verizon delivered strong financial growth with industry-leading wireless service revenue in 1Q 2025

Source: Verizon

Headline: Verizon delivered strong financial growth with industry-leading wireless service revenue in 1Q 2025

Download News Release PDF

Download 1Q Financials PDF

Download Infographic PDF

Download Non-GAAP Reconciliations PDF

Key 1Q 2025 Highlights

Industry-leading total wireless service revenue¹ of $20.8 billion
Best wireless retail core prepaid² net additions since the TracFone acquisition
Continued to take broadband market share with strong demand for Fios and fixed wireless access
Verizon exits first quarter with momentum in both mobility and broadband

NEW YORK – Verizon Communications Inc. (NYSE, Nasdaq: VZ) today reported strong financial performance for the first-quarter of 2025, fueled by innovative and segmented product offerings that meet the ever-changing needs of consumers and businesses across market sectors. The company’s strategically designed portfolio of diversified wireless and broadband products and adjacent services positioned Verizon for a successful quarter, as well as resiliency in any economic environment. With a focus on growing connections and strengthening customer relationships, the company’s strategic and disciplined approach drove success across its three priorities of growing wireless service revenue, expanding adjusted EBITDA³ and generating strong free cash flow³. Verizon remains confident in achieving its 2025 goals and delivering on its full-year guidance.

“Verizon plays an essential role in our customers’ lives and our differentiated value proposition delivers what customers want and need, on their terms,” said Verizon Chairman and CEO Hans Vestberg. “We continue to drive our multi-year customer-first strategy, launching new programs such as our 3-year price lock and free phone guarantee for consumers and My Biz Plan for small and medium sized businesses. With our high quality customer base, network superiority and position of financial strength, we have the momentum and flexibility to continue innovating to meet customer needs and invest for growth.”

1Q 2025 Highlights

Consolidated: Improved earnings per share (EPS), revenue and net income in first-quarter 2025, highlighting strong financials

EPS of $1.15 in first-quarter 2025 compared to EPS of $1.09 in first-quarter 2024; adjusted EPS³, excluding special items, of $1.19 compared to $1.15 in first-quarter 2024.
Total operating revenue of $33.5 billion in first-quarter 2025, up 1.5 percent year over year.
Cash flow from operations totaled $7.8 billion in first-quarter 2025, up from $7.1 billion in first-quarter 2024.
Free cash flow³ was $3.6 billion in first-quarter 2025, up from $2.7 billion in first-quarter 2024.
Consolidated net income for first-quarter 2025 was $5.0 billion compared to $4.7 billion in first-quarter 2024. Consolidated adjusted EBITDA³ was $12.6 billion in first-quarter 2025 compared to $12.1 billion in first-quarter 2024.
Verizon’s total unsecured debt as of the end of first-quarter 2025 was $117.3 billion, compared to $117.9 billion at the end of fourth-quarter 2024 and $128.4 billion at the end of first-quarter 2024. The company’s net unsecured debt³ at the end of first-quarter 2025 was $115.1 billion. At the end of first-quarter 2025, Verizon’s ratio of unsecured debt to net income (LTM) was 6.4 times and net unsecured debt to consolidated adjusted EBITDA ratio³ was 2.3 times.

Mobility: Industry-leading wireless service revenue in first-quarter 2025

Total wireless service revenue in first-quarter 2025 was an industry-leading $20.8 billion, up 2.7 percent year over year.
Wireless equipment revenue of $5.4 billion in first-quarter 2025, up 0.7 percent year over year.
Total postpaid phone net losses of 289,000 in first-quarter 2025 compared to 114,000 postpaid phone net losses in first-quarter 2024.

Broadband: Verizon continued to take broadband market share with strong demand for best in class Fios and fixed wireless access offerings

Broadband net additions of 339,000 in first-quarter 2025.
Total fixed wireless access net additions of 308,000 in first-quarter 2025, growing the base to over 4.8 million fixed wireless access subscribers. The company is well-positioned to achieve the next milestone of 8 to 9 million fixed wireless access subscribers by 2028.
Fios internet net additions were 45,000 in first-quarter 2025 compared to 53,000 in first-quarter 2024.
Total broadband connections grew to more than 12.6 million as of the end of first-quarter 2025, representing a 13.7 percent increase year over year.

Verizon Consumer: Total revenue increases year over year to $25.6 billion in first-quarter 2025, driven by service revenue gains

Total Verizon Consumer revenue in first-quarter 2025 was $25.6 billion, an increase of 2.2 percent year over year, predominantly driven by gains in wireless service revenue.
Consumer wireless service revenue in first-quarter 2025 was $17.2 billion, up 2.6 percent year over year.
Consumer wireless retail postpaid churn was 1.13 percent in first-quarter 2025, and wireless retail postpaid phone churn was 0.90 percent.
Consumer wireless postpaid average revenue per account (ARPA) of $146.46 in first-quarter 2025, an increase of 3.6 percent year over year.
In first-quarter 2025, Consumer reported 356,000 wireless retail postpaid phone net losses compared to 194,000 postpaid phone net losses in first-quarter 2024.
In first-quarter 2025, Consumer reported 137,000 wireless retail core prepaid² net additions compared to 131,000 net losses in first-quarter 2024.
Consumer reported 199,000 fixed wireless net additions and 41,000 Fios Internet net additions in first-quarter 2025. Consumer Fios revenue was $2.9 billion in first-quarter 2025.
In first-quarter 2025, Consumer operating income was $7.4 billion, an increase of 0.7 percent year over year, and segment operating income margin was 29.0 percent, compared to 29.4 percent in first-quarter 2024. Segment EBITDA³ in first-quarter 2025 was $11.0 billion, an increase of 2.7 percent year over year. These results were driven by improvements in Consumer wireless service revenue. Segment EBITDA margin³ in first-quarter 2025 was 42.8 percent compared to 42.6 percent in first-quarter 2024.

Verizon Business: Operating income increases with strong wireless service revenue growth

Total Verizon Business revenue was $7.3 billion in first-quarter 2025, a decrease of 1.2 percent year over year.
Business wireless service revenue in first-quarter 2025 was $3.6 billion, an increase of 2.8 percent year over year.
Business reported 94,000 wireless retail postpaid net additions in first-quarter 2025. This result included 67,000 postpaid phone net additions.
Business wireless retail postpaid churn was 1.52 percent in first-quarter 2025, and wireless retail postpaid phone churn was 1.15 percent.
Business reported 109,000 fixed wireless net additions in first-quarter 2025.
In first-quarter 2025, Verizon Business operating income was $664 million, an increase of 66.4 percent year over year, resulting in segment operating income margin of 9.1 percent, an increase from 5.4 percent in first-quarter 2024. Segment EBITDA³ in first-quarter 2025 was $1.7 billion, an increase of 10.3 percent year over year. Segment EBITDA margin³ in first-quarter 2025 was 23.1 percent, an increase from 20.7 percent in first-quarter 2024.

Outlook and guidance

The company does not provide a reconciliation for certain of the following adjusted (non-GAAP) forecasts because it cannot, without unreasonable effort, predict the special items that could arise, and the company is unable to address the probable significance of the unavailable information.

For 2025, Verizon continues to expect the following:

Total wireless service revenue¹ growth of 2.0 percent to 2.8 percent.
Adjusted EBITDA³ growth of 2.0 percent to 3.5 percent.
Adjusted EPS³ growth of 0 to 3.0 percent.
Cash flow from operations of $35.0 billion to $37.0 billion.
Capital expenditures between $17.5 billion and $18.5 billion.
Free cash flow³ of $17.5 billion to $18.5 billion.

Our 2025 financial guidance does not reflect any assumptions regarding the potential impacts of the evolving tariff environment.

¹ Total wireless service revenue represents the sum of Consumer and Business segments. Reflects the reclassification of recurring device protection and insurance related plan revenues from other revenue into wireless service revenue in the first quarter of 2025. Where applicable, historical results have been recast to conform to the current period presentation.

² Represents total prepaid results excluding our SafeLink brand.

³ Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP).

Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $134.8 billion in 2024. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores.

Forward-looking statements

In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “forecasts,” “hopes,” “intends,” “plans,” “targets” or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: the effects of competition in the markets in which we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives and evolving consumer preferences; failure to take advantage of, or respond to competitors’ use of, developments in technology, including artificial intelligence, and address changes in consumer demand; performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks; the inability to implement our business strategy; adverse conditions in the U.S. and international economies, including inflation and changing interest rates in the markets in which we operate; changes to international trade and tariff policies and related economic and other impacts; cyberattacks impacting our networks or systems and any resulting financial or reputational impact; damage to our infrastructure or disruption of our operations from natural disasters, extreme weather conditions, acts of war, terrorist attacks or other hostile acts and any resulting financial or reputational impact; disruption of our key suppliers’ or vendors’ provisioning of products or services, including as a result of geopolitical factors or the potential impacts of global climate change; material adverse changes in labor matters and any resulting financial or operational impact; damage to our reputation or brands; the impact of public health crises on our business, operations, employees and customers; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors’, network assets and any related government investigations, regulatory developments, litigation, penalties and other liability, remediation and compliance costs, operational impacts or reputational damage; our high level of indebtedness; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or regulations, or in their interpretation, or challenges to our tax positions, resulting in additional tax expense or liabilities; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; and risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to consummate the proposed acquisition of Frontier Communications Parent, Inc. and obtain cost savings, synergies and other anticipated benefits within the expected time period or at all.

MIL OSI Economics –

April 23, 2025

MIL-OSI: ESET launches integration with Wazuh

Source: GlobeNewswire (MIL-OSI)

This integration provides seamless ingestion of ESET PROTECT, ESET Inspect, and ESET Cloud Office Security data into Wazuh’s security platform.
Wazuh’s open-source security platform is easy to deploy, and it offers cost-effective benefits, which the integration of ESET’s solutions boosts to further heights, benefiting our mutual customers.
The integration between ESET’s solutions and Wazuh helps SMBs and enterprises meet most of their security needs, irrespective of their maturity levels.

BRATISLAVA, Slovakia, April 22, 2025 (GLOBE NEWSWIRE) — ESET, a global leader in cybersecurity solutions, is continuing to increase its number of integrations, this time, by connecting with Wazuh, a popular open-source security platform.

Cybersecurity is becoming more complex and difficult. B2B organizations might find obstacles in adjusting to this new reality. Therefore, interoperability has become crucial, which is also why ESET has adopted an API-first approach. As a result, the provision of strong security is easier than ever, as those organizations that need to correlate vast amounts of data from multiple sources, across several vendors, can create more efficient security workflows.

The ESET Endpoint Management Platform (ESET PROTECT), including its Detection and Response capabilities (ESET Inspect), as well as ESET Cloud Office Security, integrates seamlessly with Wazuh, enabling organizations to consolidate security alerts, telemetry, and incidents in a single pane of glass. The integration works by using API-based integration – ESET provides REST APIs, allowing Wazuh to query and pull relevant security events, incidents, and telemetry directly.

Consequentially, this integration should empower any security-conscious organization or professional with cost-effective, open-source security monitoring and compliance solutions. For example, security analysts or incident responders can use Wazuh’s dashboards to correlate ESET’s endpoint detection events with other logs, perform threat hunting, and develop comprehensive incident response playbooks. In the same vein, IT administrators can utilize Wazuh to generate summary reports, do compliance checks, and monitor operational metrics across their entire security stacks, including ESET-supplied data. Effectively, with this integration, security teams can do more with fewer tools and less manual work.

“ESET provides security solutions that can protect one’s tomorrow today. With our integrations, we aim to lessen security burdens, and empower security operators with tools that create natural efficiencies, relieving many of their workflows. With data from ESET PROTECT, ESET Inspect, and ESET Cloud Office Security in Wazuh, they can cover the needs of an entire business environment from a single pane of glass,” said Michal Hájovský, Global Sales Lead at ESET.

Visit our ESET integrations page for more information.

Find out more about Wazuh’s open-source security platform.

Discover more about the power of comprehensive security on the ESET PROTECT Platform page.

About ESET

ESET® provides cutting-edge digital security to prevent attacks. By combining the power of AI and human expertise, ESET stays ahead of emerging global cyberthreats, both known and unknown — securing businesses, critical infrastructure, and individuals. Whether it’s endpoint, cloud, or mobile protection, our AI-native, cloud-first solutions and services remain highly effective and easy to use. ESET technology includes robust detection and response, ultra-secure encryption, and multifactor authentication. With 24/7 real-time defense and strong local support, we keep users safe and businesses running without interruption. The ever-evolving digital landscape demands a progressive approach to security: ESET is committed to world-class research and powerful threat intelligence, backed by R&D centers and a strong global partner network. For more information, visit http://www.eset.com/ or follow our social media, podcasts and blogs.

The MIL Network –

April 23, 2025

MIL-OSI: ESET helps MSPs by integrating with the Kaseya VSA X RMM solution

Source: GlobeNewswire (MIL-OSI)

ESET launches a new integration of its ESET Endpoint product with the Kaseya VSA X remote monitoring and management (RMM) solution.
MSP admins will find their workloads simpler, due to less time spent managing multiple solutions, giving them more space for their daily tasks.

BRATISLAVA, Slovakia, April 22, 2025 (GLOBE NEWSWIRE) — ESET, a global leader in cybersecurity solutions, today announced the launch of another major integration, this time, with the Kaseya VSA X remote monitoring and management (RMM) software.

ESET has worked with MSPs for a long time, creating successful programs such as the ESET MSP Program, with subscription flexibility (pay only for what’s in use, no flat rates, no long-term commitment), co-management (independent seat count adjustment and subscription management), or tier-based volume pricing (the more licenses sold, the better the unit price), among others.

Thus, we understand the needs of our partners as well as their clients. Among these is an interest in running efficient workloads, cutting down on time spent in “swivel chair” operations, and simplifying their use of multiple products, while not sacrificing on their security postures.

Such results are only achievable through integrations, which ESET identifies as a key contemporary trend. As a partner- and channel-focused cybersecurity vendor, we understand this, and we develop and maintain support for all the most prevalent RMM and PSA tools out there, now joined by Kaseya VSA X, a leading RMM product.

Thanks to this new integration, users of Kaseya VSA X can now also serve organizations that use ESET. In essence, it enables MSPs to deploy and manage ESET Endpoint products directly from within the Kaseya VSA X interface, so they can perform their necessary management actions without having to log in to a separate console.

With support for additional workflows, MSPs can set up automatic actions for common scenarios. For instance, a workflow can be used to automatically deploy ESET to a freshly provisioned machine, or a workflow could be configured to provide a notification in case a threat is detected on an endpoint.

Some other key features are:

“One Click” or automated deployment of ESET Endpoint products
Monitoring of endpoint health (product, version, protection status)
On-demand tasks such as scanning and activation

“We’ve been working with MSPs for a very long time, and ESET is a favorite vendor among thousands of MSPs across the world,” said Rob Jones, Global Channel Business Developer at ESET. “With the features provided through our new integration with Kaseya VSA X software, MSP administrators will unlock extensive benefits, such as simpler workflows, easier monitoring, as well as enhanced time savings. We know what MSPs need, and with this integration, we are directly addressing multiple pain points to make their businesses more efficient.”

Version 1.0 of this integration will support Windows endpoints that are running ESET Endpoint Antivirus, Endpoint Security, or Server Security.

ESET will be continuing its integration journey, so stay tuned for more updates in the future. In the meantime, feel free to check out our ESET integrations webpage to see the list of our existing partners and connections.

About ESET
ESET^® provides cutting-edge digital security to prevent attacks before they happen. By combining the power of AI and human expertise, ESET stays ahead of emerging global cyberthreats, both known and unknown— securing businesses, critical infrastructure, and individuals. Whether it’s endpoint, cloud, or mobile protection, our AI-native, cloud-first solutions and services remain highly effective and easy to use. ESET technology includes robust detection and response, ultra-secure encryption, and multifactor authentication. With 24/7 real-time defense and strong local support, we keep users safe and businesses running without interruption. The ever-evolving digital landscape demands a progressive approach to security: ESET is committed to world-class research and powerful threat intelligence, backed by R&D centers and a strong global partner network. For more information, visit www.eset.com or follow our social media, podcasts and blogs.

The MIL Network –

April 23, 2025

MIL-OSI United Nations: Committee on the Elimination of Racial Discrimination Opens One Hundred and Fifteenth Session in Geneva

Source: United Nations – Geneva

The Committee on the Elimination of Racial Discrimination this morning opened its one hundred and fifteenth session in Geneva, during which it will review anti-discrimination efforts by Gabon, Kyrgyzstan, Mauritius, Republic of Korea and Ukraine under the International Convention on the Elimination of All Forms of Racial Discrimination. The Committee heard from a representative of the United Nations Secretary-General and adopted the session’s agenda.

Antti Korkeakivi, Chief, Human Rights Treaties Branch, United Nations Office of the High Commissioner for Human Rights, and representative of the Secretary-General, opening the one hundred and fifteenth session, paid tribute to the important work of the Committee in promoting and protecting the human rights of all people without discrimination. With the Convention marking its sixtieth anniversary this year, it was an opportunity to explore avenues to generate greater political will and concrete action to fight racial discrimination.

Mr. Korkeakivi said a heavy programme of work was before the Committee over the next three weeks, with five major State party reviews; the consideration of five follow-up reports for Croatia, Germany, Morocco, Tajikistan and Uruguay; a half-day of general discussion on reparations for the injustices from the transatlantic trade of enslaved Africans, which would inform a new general recommendation on the topic; consideration of cases under the early warning and urgent action and individual complaints procedures; and meetings with various stakeholders. He wished the Committee a fruitful and productive session.

Michal Balcerzak, Committee Chairperson, congratulated Mr. Korkeakivi on assuming his position, and expressed hope that he could help navigate the treaty body system through the stormy weather it was currently facing. Mr. Balcerzak also said he hoped that, during the session, the Committee would have fruitful interactive dialogues with Ukraine, Mauritius, the Republic of Korea, Gabon and Kyrgyzstan. He thanked the members of the Committee’s secretariat for their help in facilitating Committee Experts’ work during and between sessions.

The programme of work and other documents related to the Committee’s one hundred and fifteenth session can be found here. Summaries of the public meetings of the Committee can be found here, while webcasts of the public meetings can be found here.

The Committee will next meet in public on Wednesday, 23 April at 3 p.m. to consider the combined twenty-fourth to twenty-sixth periodic reports of Ukraine (CERD/C/UKR/24-26).

Statements

ANTTI KORKEAKIVI, Chief, Human Rights Treaties Branch, United Nations Office of the High Commissioner for Human Rights, and representative of the Secretary-General, opening the one hundred and fifteenth session, said the international system was going through a tectonic shift, and the human rights edifice that was built up so painstakingly over decades had never been under so much strain. Everyone needed to make an all-out effort to ensure that human rights and the rule of law remained foundational to communities, societies and international relations. Otherwise, the picture would be very dangerous.

The Secretary-General, in his message on the International Day for the Elimination of Racial Discrimination, warned that “The poison of racism continues to infect our world – a toxic legacy of historic enslavement, colonialism and discrimination. It corrupts communities, blocks opportunities, and ruins lives, eroding the very foundations of dignity, equality and justice. Forged amidst the civil rights, anti-apartheid, and decolonisation movements of the 1960s, the Convention sets out concrete steps countries must take to combat racist doctrines, promote understanding, and build a world free from racial discrimination. Today, it remains a beacon of hope to guide us in dark times.”

Mr. Korkeakivi paid tribute to the important work of the Committee to monitor the implementation of the Convention and its significant contributions in promoting and protecting the human rights of all people without discrimination. With the Convention marking its sixtieth anniversary this year, it was an opportunity to explore avenues to generate greater political will and concrete action to fight racial discrimination.

In this connection, several events were held to commemorate the International Day for the Elimination of Racial Discrimination and the sixtieth anniversary. The Committee Chair, Mr. Balcerzak, participated in person in commemorative events at the United Nations General Assembly and the Human Rights Council, presenting a joint statement led by the Committee together with 10 other mechanisms. The Office of the High Commissioner would continue to support the Committee in its objectives for the yearlong anniversary campaign. It had created a website on the anniversary, which presented a list of commemorative activities that would be updated throughout the year.

The High Commissioner’s annual report on the rights of persons belonging to national or ethnic, religious and linguistic minorities, presented to the fifty-eighth session of the Human Rights Council last month, extensively referenced the Committee’s assessment of the realisation of minority rights and acknowledged the important contribution made by the Committee in advancing the adoption of comprehensive anti-discrimination legislation worldwide. Last December, the United Nations Network on Racial Discrimination and Protection of Minorities organised a community-of-practice on the Committee’s general recommendation 37 to discuss how countries could use it to eliminate racial discrimination in the context of health.

Further, the Expert Mechanism on the Rights of Indigenous Peoples, in its 2024 study on mechanisms to achieve the United National Declaration on the Rights of Indigenous Peoples, underscored the relevance of the Committee’s jurisprudence in protecting the political and cultural rights of indigenous peoples. The study highlighted how the Committee’s work reinforced the principles of the Declaration and strengthened the role of international treaty bodies in holding States accountable for respecting the collective rights of indigenous peoples.

In December 2024, the General Assembly proclaimed 2025-2034 as the Second International Decade for People of African Descent, with the theme “People of African descent: recognition, justice and development”. The Office of the High Commissioner had continued consultations to inform the implementation of its agenda towards transformative change for racial justice and equality.

The session of the Working Group of Experts on People of African Descent in December 2024 also focused on reparatory justice. Their report would be presented at the Human Rights Council session in September 2025. The Working Group organised yesterday a panel to commemorate the sixtieth anniversary of the Convention. Also, in December 2024, the Permanent Forum on People of African Descent held its first regional consultation on the draft United Nations Declaration on the Human Rights of People of African Descent in Barbados. The fourth session of the Permanent Forum held last week focused on “Africa and people of African descent: United for reparatory justice in the age of Artificial Intelligence”.

Additionally, the International Independent Expert Mechanism to Advance Racial Justice and Equality in Law Enforcement would hold its fourth session from 5 to 9 May 2025 in Geneva. It would discuss “addressing systemic racism against Africans and people of African descent in the criminal justice system” in preparation of its thematic report on the same topic.

In March 2025, the Office of the High Commissioner organised a regional consultation for Europe on racism in sports in Belgium. The second consultation for the Latin American region would take place in Mexico. The outcomes of these regional consultations would inform the High Commissioner’s report on a world of sport free from racism, racial discrimination, xenophobia, and related intolerance, to be presented at the Human Rights Council’s September session.

The fifteenth session of the Ad Hoc Committee on the elaboration of complementary standards to the Convention was continuing efforts to elaborate an additional protocol to the Convention aiming at criminalising acts of a racist and xenophobic nature. This session would focus on concrete provisions related to the prohibition and criminalisation of such acts, procedural guarantees for indicted persons and the protection of victims. The session also included a commemoration of the sixtieth anniversary of the Convention.

The Special Rapporteur on contemporary forms of racism, racial discrimination, xenophobia and related intolerance would present two thematic reports on intersectionality from a racial justice perspective, and combatting the glorification of Nazism, as well as a report on her country visit to Brazil, at the fifty-ninth session of the Human Rights Council in June 2025.

The past year had been particularly challenging for the treaty body system. In addition to chronic resource constraints, the liquidity crisis continued to hamper the planning and implementation of the Committee’s work. The Office was doing its utmost to ensure that this Committee and other treaty bodies could implement their mandates, including by highlighting the direct impact that resource limitations had on human rights protection on the ground. Nevertheless, all indications pointed to a continuation of the difficult liquidity situation for the foreseeable future. While all treaty bodies had been able to hold their first sessions, the outlook for the rest of the year remained uncertain, both in terms of plenary meeting and visits. The Office would inform the Committee when it received information regarding its second session for the year.

Despite these challenges, the treaty body strengthening process remained active. It reached a key moment with the adoption in December of last year of the biennial resolution on the treaty body system by the General Assembly, which invited the treaty bodies and the Office to continue to work toward a regularised schedule for reporting and to further use digital technologies. However, the biennial resolution did not endorse the proposal for an eight-year predictable schedule of reviews.

In concluding remarks, Mr. Korkeakivi said a heavy programme of work was before the Committee over the next three weeks, with five major State party reviews; the consideration of five follow-up reports for Croatia, Germany, Morocco, Tajikistan and Uruguay; a half-day of general discussion on reparations for the injustices from the transatlantic trade of enslaved Africans, and the ongoing crimes against people of African descent, which would inform a new general recommendation on the topic; consideration of cases under the early warning and urgent action and individual complaints procedures; and meetings with various stakeholders. He wished the Committee a fruitful and productive session.

MICHAL BALCERZAK, Committee Chairperson, congratulated Mr. Korkeakivi on assuming his position. The Committee hoped that he could achieve his mandate and navigate the treaty body system through the stormy weather it was currently facing. Mr. Balcerzak expressed hope that, during the session, the Committee would have fruitful interactive dialogues with Ukraine, Mauritius, the Republic of Korea, Gabon and Kyrgyzstan. He thanked the members of the Committee’s secretariat for its help facilitating Committee Experts’ work during and between sessions.

NOUREDDIN AMIR, Committee Expert, said that he had been fighting all forms of racial discrimination for half a century, including as the Committee’s former Chair. Despite his failing eyesight, he would continue to breathe life to the Committee’s struggle against racial discrimination. The world was in a sorry state, Mr. Amir said. The Committee needed to ensure that the international community was fully cognisant of what was happening in the world today. Murders were being committed in Palestine, in Gaza. What could the Committee do to put an end to these crimes against women and children. This situation beggared belief, yet it continued. People needed to be held accountable. The Committee had a responsibility to continue to fight for its mandate.

___________

Produced by the United Nations Information Service in Geneva for use of the media;
not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

CERD25.001E

MIL OSI United Nations News –

April 23, 2025

MIL-OSI Asia-Pac: TRAI releases recommendations on ‘the issues Related to Critical Services in the M2M Sector, and Transfer of Ownership of M2M SIMs’

Source: Government of India

Ministry of Communications

TRAI releases recommendations on ‘the issues Related to Critical Services in the M2M Sector, and Transfer of Ownership of M2M SIMs’

Posted On: 22 APR 2025 3:27PM by PIB Delhi

Telecom Regulatory Authority of India (TRAI) has today released its recommendations on ‘the issues Related to Critical Services in the M2M Sector, and Transfer of Ownership of M2M SIMs’.

Earlier, Department of Telecommunications (DoT), through its letter dated 01.01.2024, had referred to the TRAI’s recommendations dated 05.09.2017 on ‘Spectrum, Roaming and QoS related requirements in Machine-to-Machine (M2M) Communications’, and had requested TRAI to provide reconsidered recommendations, as per the provisions of Section 11 of the TRAI Act 1997 on the following issues:

Identification of Critical Services in the M2M Sector
Transfer of Ownership of M2M SIMs

In this regard, TRAI, on 24.06.2024, issued a consultation paper on ‘the Issues Related to Critical Services in the M2M Sector, and Transfer of Ownership of M2M SIMs’ for soliciting comments and counter comments from stakeholders. In response, TRAI received 16 comments and one counter-comment from stakeholders. An open house discussion on the consultation paper was held on 24.10.2024 through virtual mode.

Based on the comments received from stakeholders and on its own analysis, TRAI has finalized its recommendations on ‘the Issues Related to Critical Services in the M2M Sector, and Transfer of Ownership of M2M SIMs’.

Machine to Machine (M2M) communication can enable applications and services across a broad range of vertical markets such as automotive, utilities, healthcare, safety & surveillance, financial, public safety, smart city and agriculture. At present, the M2M ecosystem is at an early stage of growth of its lifecycle. As the M2M ecosystem matures, and thereby gains user confidence, more and more services will be delivered to individuals, enterprises and public institutions by using Internet of Things (IoT). Many of such services would be critical IoT services, requiring ultra-reliable, low latency M2M connectivity with very high availability. As critical IoT will be used for delivering services of critical importance, the identification of services as critical IoT service requires to be done well in advance. The identification of a service as a critical IoT service would enable user agencies to enter into suitable service level agreements (SLAs) with telecom service providers. Through the SLAs, telecom service providers may be held accountable for ensuring that the M2M connectivity provided by them meets the requisite telecommunication service performance parameters (such as latency, reliability, and availability) which are sacrosanct for the successful operation of the concerned critical IoT service. Through these recommendations, TRAI has recommended a broad guiding framework for classifying a service as a ‘critical IoT service’. TRAI has recommended that a service should be classified as a ‘critical IoT service’, if it passes the following twin tests:

Whether the service (application) demands ultra-reliable low-latency M2M connectivity with very high availability?
Whether any disruption of the M2M connectivity used for delivering the service (application) will have a debilitating impact on national security, economy, public health, or public safety?

TRAI has recommended that the classification of critical IoT services of a particular domain/ sector should be done by the ministry/ regulatory body concerned in consultation with Department of Telecommunications (DoT).

TRAI has also recommended that for the classification of critical IoT services, DoT should devise an institutional mechanism for the assistance of concerned ministries/ regulatory bodies.

TRAI has recommended a technology-agnostic approach for the provision of critical IoT services. Specifically, TRAI has recommended that any wireless M2M communication technology (utilizing unlicensed spectrum, or licensed spectrum) or wired M2M communication technology should be permitted to be used for the provision of critical IoT services if it meets the prescribed service performance benchmarks.

Owing to the pervasive nature of the deployment of IoT devices in all walks of life, the importance of security and privacy requirements of IoT devices is paramount. The security and privacy concerns from IoT devices emanate essentially from the M2M communication modules embedded in them through which IoT devices get connected to telecommunication networks including public internet. With a view to allaying security and privacy concerns in respect of IoT devices, particularly those which are used in critical sectors, TRAI has recommended that the M2M communication modules embedded/ plugged in all IoT devices (which are capable of being connected to telecommunication networks) deployed in the critical sectors identified by National Critical Information Infrastructure Protection Centre (NCIIPC), Government of India should be notified under the framework of Mandatory Testing & Certification of Telecommunication Equipment (MTCTE) in a phased manner.

Through these recommendations, TRAI has recommended that the Department of Telecommunications (DoT) should establish a framework for the transfer of M2M Service Provider (M2MSP) registration/ authorisation to the resultant entity in case of merger, demerger, acquisition etc. of M2MSP entities.

TRAI has also recommended that DoT should introduce an enabling provision for the transfer of the ownership of M2M SIMs from one M2MSP registration holder/ authorised entity to another.

The recommendations have been placed on the TRAI’s website www.trai.gov.in. For clarification/ information, if any, Shri Akhilesh Kumar Trivedi, Advisor (Network Spectrum & Licensing), TRAI, may be contacted at Telephone Number +91-11-20907758 or email at advmn@trai.gov.in.

***

Samrat

(Release ID: 2123440)

MIL OSI Asia Pacific News –

April 23, 2025

MIL-OSI Europe: Latest news – Meeting of 2 April 2025, Strasbourg – Delegation for relations with the countries of South Asia

Source: European Parliament

A meeting of the Delegation for relations with the countries of South Asia (DSAS) was held on Wednesday, 2 April 2025 at 15.00-16.30 in Strasbourg.

This meeting was dedicated to the preparation of the upcoming 14th European Union – Islamic Republic of Pakistan Inter-Parliamentary Meeting (IPM) planned to take place from 14 to 16 April in Islamabad and Lahore, Pakistan.

As main topic on the draft agenda, there was an exchange of views with:

Mr Jan HOFMOKL, Deputy Head of Division, Asia and Pacific (ASIAPAC.2), European External Action Service (EEAS)
Mr Fabien GEHL, Deputy Head of Unit, South and South East Asia, Australia and New Zealand Unit (TRADE.C.2), and Mr Guido DOLARA, Policy Officer, Generalised Scheme of Preferences (TRADE.C.3), Directorate-General for Trade and Economic Security (EC)
Mr Syed Faraz Hussain ZAIDI, Chargé d’Affaires, Embassy of Pakistan

The meeting was held in camera.

MIL OSI Europe News –

April 23, 2025

MIL-OSI: Incorta Introduces Intelligent Accounts Payable Agent for Google Cloud’s Agentspace, Supports New A2A Protocol for Cross-Agent Collaboration

Source: GlobeNewswire (MIL-OSI)

FOSTER CITY, Calif., April 22, 2025 (GLOBE NEWSWIRE) — Incorta, the pioneering open data delivery platform, was featured in Google Next’s keynote, where it announced the launch of the Incorta AP Agent, an AI-powered solution that transforms accounts payable workflows with real-time operational insights and automation. Built for Google Cloud’s Agentspace, the Incorta AP Agent marks a major leap forward in finance modernization—combining natural language querying, ERP data integration, and intelligent automation to dramatically enhance control, compliance, and efficiency for enterprise AP teams.

At the same time, Incorta is proud to be an early partner supporting Google Cloud’s newly introduced Agent-to-Agent (A2A) protocol, a first-of-its-kind open standard that enables AI agents to securely collaborate across enterprise systems and vendors.

“Businesses today don’t just need better data, they need the ability to act on that data instantly,” said Osama Elkady, CEO and co-founder of Incorta. “With the AP Agent and support for A2A, we’re helping customers unlock the full potential of agentic AI, moving beyond dashboards into a future where enterprise workflows are truly intelligent, connected, and automated.”

Meet the Incorta AP Agent: Smarter Finance Starts Here

The Incorta AP Agent eliminates bottlenecks from fragmented systems and manual invoice processing by delivering direct access to ERP data through conversational AI. Finance teams can now detect errors instantly, automate compliance actions, and reclaim time for strategic initiatives.

Key Benefits:

Real-Time Error Detection
Identifies pricing discrepancies instantly using AI and ERP data.
Conversational Data Access
Enables natural language queries without technical skills.
Enhanced Financial Control
Automatically places invoice holds to enforce contract compliance.
Increased Operational Efficiency
Frees AP teams from repetitive tasks, shifting focus to strategic initiatives.

Under the hood, the Incorta AP Agent leverages Incorta’s Direct Data Mapping®, ensuring secure, source-identical data is always accessible, always current, and always analytics-ready.

Scaling Intelligence Across the Enterprise with A2A

To support broader enterprise automation, Incorta is also among the first partners backing Agent2Agent (A2A)—a new open protocol from Google Cloud that enables AI agents to securely communicate, coordinate, and collaborate, regardless of vendor or platform.

A2A represents a shared industry vision for interoperable AI. By allowing agents to dynamically discover capabilities, share context, and delegate tasks, the protocol accelerates complex, multi-agent enterprise workflows.

“Incorta is excited to support A2A and advance agent communication for customers, making the future of enterprise automation smarter, faster, and truly data-driven,” added Elkady.

The combination of Incorta’s intelligent agents and A2A’s interoperability empowers customers to orchestrate smarter decision-making and automation across functions, starting with AP and expanding to procurement, finance, supply chain, and beyond.

About Incorta

Incorta is the first and only open data delivery platform that enables real-time analysis of live, detailed data across all systems of record—without the need for complex ETL processes. By enabling direct analysis on raw, source-identical data, Incorta provides faster, more accurate insights while removing barriers to exploration. With intuitive low-code/no-code tools, AI-powered querying through Nexus, and prebuilt business data applications, enterprise teams can quickly surface insights, break down technical roadblocks, and make smarter decisions without heavy engineering effort. For more information, please visit www.incorta.com.

Media Relations Contact:

Elizabeth Byington
incorta@sparkpr.com

The MIL Network –

April 23, 2025

MIL-OSI: Scality unveils ARTESCA+ Veeam unified software appliance

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, April 22, 2025 (GLOBE NEWSWIRE) — Scality, a global leader in cyber-resilient storage for the AI era, today unveiled a first-of-its-kind unified software appliance developed in collaboration with Veeam® Software, a global leader in data resilience. The solution combines Veeam Backup & Replication™ software, part of the Veeam Data Platform, with Scality ARTESCA — cyber-resilient object storage software — in a single, streamlined software appliance.

Scality ARTESCA+ Veeam is a unified software appliance that provides a combined deployment of best-of-breed ARTESCA and Veeam software co-located on a single host server. The solution completely eliminates the need for separate (physical or virtual) infrastructure for Veeam, thereby reducing deployment complexity, time, and cost by up to 30%. The solution can be deployed on the customer’s choice of hardware platforms, such as HPE, Supermicro, and Lenovo.

“As the #1 global leader in data resilience, Veeam is thrilled to collaborate with Scality on the launch of the ARTESCA+ Veeam unified software appliance,” said Andreas Neufert, Vice President of Product Management, Alliances at Veeam. “This innovative solution simplifies the deployment of our industry-leading data resilience software alongside Scality’s robust object storage, making it easier for organizations to enhance their cyber resilience. Scality has integrated Veeam into this new solution, combining our strengths to empower our joint customers to create secure defenses against cyber threats while optimizing their backup operations.”

Scality ARTESCA+ Veeam builds upon the three previously announced software, hardware, and virtual appliance deployment offerings, making Scality the most versatile and flexible object storage backup target on the market.

Key benefits of ARTESCA+ Veeam include:

Ultra-simplified, foolproof deployment: Ensures fast and simple configuration of backup and storage for immutability and end-to-end cyber-resilience.
Increased security: Veeam and Scality ARTESCA running on a single, CORE5-hardened software appliance built on zero-trust principles provides the most secure operation.
- Restricted credential and endpoint exposure: Access Key/Secret Key stays within ARTESCA, and the S3 endpoint no longer needs external DNS resolution, reducing attack vectors.
- Embedded firewall protection: Predefined firewall secures Veeam components, enforcing Zero Trust and least privilege by restricting access to necessary ports.
- Secure Windows access: Managed through ARTESCA Identity Manager with MFA, ensuring only authorized users can log in.
Non-disruptive integrity checks: Self-sufficient by design, the appliance runs SureBackup Lite and backup content scans independently — without impacting the production system.
Predictable performance: Running Veeam and Scality ARTESCA on dedicated hardware provides consistent, predictable performance with greater resource availability than hypervisor-based deployments.
Cost efficiency: The fully integrated ARTESCA+ Veeam software appliance streamlines operations and reduces acquisition, support, and operating costs by eliminating the need for separate server and storage infrastructure.
Operational simplicity: A single, integrated dashboard within ARTESCA monitors both ARTESCA and Veeam components.
Channel-friendly design: Simple sizing and ordering make sales and deployment effortless for resellers and customers.

Erwan Girard, chief product officer at Scality:
“The unified software appliance marks a major milestone in our partnership with Veeam. By combining ARTESCA’s security and simplicity with Veeam’s industry-leading data resilience solutions we’re enabling organizations to build unbreakable defenses against cyber threats while optimizing backup operations — without compromising performance.”

Scality ARTESCA+ Veeam unified software appliance sizing:
The Scality ARTESCA+ Veeam unified software appliance will initially be available as a single node, configurable to meet a range of VM and capacity requirements, from 20 VMs/TBs to hundreds of VMs/TBs.

Designed for the channel, ARTESCA’s simplicity and low-entry pricing have transformed Scality’s go-to-market strategy within small and medium-sized businesses. Driven by a robust ecosystem of VARs, Cloud and Service Providers and strategic distributors, 60% of Scality’s record-breaking 2024 revenue came through the channel. Scality also recently launched its pay-as-you-go combined pricing model for Scality Cloud and Service Providers, unlocking a lucrative new subscription model and revenue stream for Veeam VCSP partners.

Availability:
Customers will be able to purchase the offering from their channel partners. Scality will provide channel partners with documentation and tooling to install the software appliance on one of a number of pre-validated hardware configurations.

Want to learn more? Read our solution FAQs for answers and additional details about the ARTESCA + Veeam unified backup appliance. Topics include: product features, deployment and operations, security and resilience, licensing and support, and benefits for service providers.

If you’re interested in accessing the new ARTESCA+ Veeam unified software appliance, please submit a request here.

Join us at VeeamON in April!
Want to see the appliance in action? Come visit our booth at VeeamON 2025 in San Diego.

About ARTESCA
Scality ARTESCA is simple, secure S3 object storage purpose-built for immutable, ransomware-proof backups with seamless support for Veeam. ARTESCA’s CORE5 technology delivers end-to-end cyber resilience, safeguarding data at every level of the system, from API to architecture. Built for rapid deployment and intuitive management, ARTESCA scales effortlessly from a single server to petabyte-scale environments with no specialized expertise required. Multiple on-premises deployment options — software appliance (standalone or unified with Veeam), virtual appliance, or hardware appliance — give you complete control over your infrastructure. Offering an optimal balance of security, performance, and simplicity, ARTESCA stands as the most resilient and efficient backup target on the market.

About Scality
Scality solves organizations’ biggest data storage challenges — growth, security, performance, and cost. Designed for end-to-end cyber resilience, only Scality S3 object storage with CORE5 safeguards data at every level of the system, from API to architecture. Its patented MultiScale Architecture enables limitless, independent scalability in all critical dimensions to meet the unpredictable demands of modern workloads. The world’s most discerning companies depend on Scality to accelerate high-performance AI initiatives, optimize cloud deployments, and defend their data with confidence. Recognized as a leader by Gartner, Scality software is reliable, secure, and sustainable. Follow us on LinkedIn. Visit www.scality.com and our blog.

Media Contact:
Jon Lavietes
A3 Communications
+1 415-572-4408
jon.lavietes@a3communicationspr.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/689620f8-bb68-4d70-9855-b68e92fdbe79

The MIL Network –

April 23, 2025

MIL-OSI USA: ICYMI: RM Frankel Leads Appropriations Hearing on Trump Dismantling Foreign Assistance Programs, Slams Unlawful Cuts

Source: United States House of Representatives – Congresswoman Lois Frankel (FL-21)

Washington, DC – Today, Rep. Lois Frankel (FL-22), Ranking Member of the National Security, Department of State, and Related Programs Appropriations Subcommittee, led the Subcommittee’s first public hearing of the 119^th Congress with witnesses representing advocates and implementers of foreign assistance. Ranking Member Frankel spoke out against the Trump Administration and DOGE’s reckless and unlawful cuts to foreign assistance without Congress’s involvement, and asked witnesses about the state of their respective programs, which include work to prevent starvation, promote global vaccination, and promote democracy abroad to counter authoritarianism.

Below are excerpts from Ranking Member Frankel’s remarks, as delivered:

“I’m not happy with what’s been going on, obviously, but I do want to say this—I have gotten to know this committee and this gentleman for many years, and I cannot think of a better group of people to move forward under these circumstances. We thank you all for being here.

“We all understand that foreign assistance is not charity—it’s strategy. It is one of the most effective tools we have to advance America’s security, economic strength, and global stability. And yet, it has accounted for less than 1 percent of the federal budget. These investments help countries recover from crises, tackle long-term challenges, and build resilience. They are not just lifelines for others, they are safeguards for us.”

“But today, we are facing the reckless and unilateral dismantling of USAID and other agencies under this committee’s jurisdiction. The Trump Administration’s decision to gut these agencies without consulting Congress is not only irresponsible, it is illegal, and it is already putting American lives and global standing at risk…We are convening this hearing at what I believe is a moment of crisis for our nation’s foreign policy and humanitarian leadership. Those of you here today are uniquely positioned to speak to the real and devastating consequences of recent decisions that have threatened decades of progress.”

“Every administration has the right, and the responsibility, to evaluate government programs and we all want to ensure that taxpayer dollars are wisely spent. But what we’ve seen has not been oversight. We’ve seen a sledgehammer. Vital programs being shut down with no explanation—at least to us—and then some restarted the next day and then they’re stopped and…no process, no coordination. That, to me, that’s not the way to run a government.”

For a full replay of her remarks, click here.

###

MIL OSI USA News –

April 23, 2025

MIL-OSI Asia-Pac: India’s Aviation Revolution

Source: Government of India

Ministry of Civil Aviation

India’s Aviation Revolution

From Regional Runways to Global Routes

Posted On: 22 APR 2025 6:19PM by PIB Delhi

“Among the fastest-growing sectors in Bharat’s economy, aviation is one of them. We are connecting our people, culture, and prosperity through this sector. With 4 billion people, a rapidly growing middle class, and the resulting increase in demand, this is a significant driving force for the sector’s development.”

Prime Minister, Shri Narendra Modi

Summary

Parliament passed the Protection of Interest in Aircraft Objects Bill, 2025, aligning India’s aviation leasing laws with global standards to reduce leasing costs.
The Bharatiya Vayuyan Adhiniyam 2024 modernized India’s aviation sector, replacing the colonial-era Aircraft Act from 1934.
India’s domestic air passenger traffic reached a historic milestone, surpassing 5 lakh passengers in a single day in 2024.
Entering its 9^th year, the UDAN scheme has successfully operationalized 619 routes and 88 airports, with plans to expand to 120 additional destinations.
UDAN Yatri Cafés launched at Kolkata and Chennai Airports, providing passengers with affordable, quality food.
Rapid aviation infrastructure expansion continued, with significant progress in operationalizing Greenfield airports and upgrading existing facilities nationwide.

Under the visionary leadership of Prime Minister Shri Narendra Modi, the Ministry of Civil Aviation has ushered in an era of transformative growth and innovation in India’s aviation sector. Driven by groundbreaking legislative reforms, extensive infrastructure expansion, and an unwavering commitment to connectivity, safety, and sustainability, the Ministry has achieved landmark milestones, positioning India among the world’s leading aviation markets. This article outlines the Ministry’s strategic initiatives and key accomplishments, reflecting a robust aviation ecosystem poised to support India’s ambitions of becoming a developed nation by 2047—Viksit Bharat @2047. The following sections highlight the key pillars of this transformation—legislation, infrastructure, inclusivity, sustainability, and global integration—underscoring India’s emergence as a capable aviation powerhouse.

Legislative Reforms Driving Systemic Transformation

Protection of Interest in Aircraft Objects Bill, 2025 – This pivotal legislation, steered through Parliament by Civil Aviation Minister Shri Ram Mohan Naidu and passed in April 2025, aligns India’s aircraft leasing and financing framework with international standards set by the Cape Town Convention, 2001. By addressing gaps in legal enforcement, the Bill is strategically designed to reduce aircraft leasing costs for Indian carriers, which were previously 8-10% higher than in other nations. This is expected to boost investor confidence in India’s burgeoning aviation market significantly. The intended impact of the Bill includes reduced risk premiums, lower interest rates, and lease costs for passengers and shippers. It also aims for better contract enforceability and repossession certainty, fostering the growth of domestic leasing hubs.
Bharatiya Vayuyan Adhiniyam 2024 – This landmark Act was passed by both houses of Parliament in 2024 and came into force on 1st January 2025. It represents a significant step in modernising India’s aviation sector by re-enacting and updating the colonial-era Aircraft Act, 1934. The Adhiniyam aims to foster indigenous manufacturing under the ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives, align regulations with international conventions such as the Chicago Convention and the International Civil Aviation Organization (ICAO), and streamline regulatory processes by simplifying license issuance. It also removes redundancies and introduces provisions for appeals.

Infrastructure Expansion: Building the Future of Indian Aviation

Foundation Laid for New Terminal Capacity: Significant infrastructure development is underway, including the laying of foundations for new terminals at key locations such as Varanasi, Agra, Darbhanga, and Bagdogra.
Operationalisation of Greenfield Airports: Since 2014, 12 Greenfield Airports have been operationalised out of 21 ‘in-principle’ approved airports. These include Durgapur, Shirdi, Kannur, Pakyong, Kalaburagi, Orvakal (Kurnool), Sindhudurg, Kushinagar, Itanagar (Hollongi), Mopa, Shivamogga, and Rajkot (Hirasar). Furthermore, development at Noida (Jewar) and Navi Mumbai International Airports is progressing rapidly, with operationalisation targeted for the first quarter of FY 2025-26. The government has set an ambitious target of developing 50 more airports in the next 5 years and connecting 120 new destinations in the next 10 years.
Significant Capital Expenditure in Airport Infrastructure: A substantial CAPEX of over ₹ 91,000 crore is planned for airport infrastructure development under the National Infrastructure Pipeline (NIP) during FY 2019-20 to FY 2024-25, with approximately ₹ 82,600 crores already spent by November 2024.

RCS–UDAN: Democratising Air Travel and Boosting Regional Growth

RCS-UDAN Connecting India: The Regional Connectivity Scheme (RCS) – Ude Desh Ka Aam Nagrik (UDAN), now in its 9^th year since its launch in October 2016, has operationalised 619 routes and connected 88 airports across the country. This scheme embodies the government’s commitment to affordable air travel and promoting balanced regional development.
Expansion of Regional Connectivity: In 2024 alone, 102 new RCS routes were launched, including 20 in the North Eastern States. The scheme has facilitated affordable air travel for 1.5 crore passengers, and it aims to extend this to 4 crore more in the next decade through a revamped UDAN initiative to add 120 new destinations. The scheme also prioritises connecting remote, hilly, and aspirational districts, including the North Eastern region, through support for helipads and smaller airports.
Affordable Food at Airports with UDAN Yatri Café: The UDAN Yatri Café initiative, aligned with the Hon’ble Prime Minister’s vision of democratising air travel, was launched to provide affordable and quality airport food options. Cafés have been inaugurated at Kolkata’s Netaji Subhas Chandra Bose International Airport and Chennai Airport, offering tea for ₹10 and samosas for ₹20. The Kolkata café has seen significant success, leading to the nationwide expansion of the initiative.

Skyrocketing Passenger Traffic Reflects Sectoral Momentum

Exponential Growth in Domestic Passengers: In 2024, domestic air passenger traffic more than doubled to 22 crore 81 lakh, a remarkable increase from the 10 crore 38 lakh passengers recorded in the 65 years preceding 2014. Domestic air passenger traffic grew by 5.9% in the January-November period of 2024 compared to the same period in 2023, crossing the milestone of 5 lakh passengers in a single day for the first time on November 17, 2024.

Strong Growth in International Traffic: International routes also experienced substantial growth, with 64.5 million passengers carried between January and November 2024, marking an 11.4% increase.
India Emerges as a Top Global Aviation Market: The total number of air passengers annually has exceeded 350 million, firmly establishing India as the third-largest aviation market globally. Over the past decade, domestic air passenger traffic has grown 10-12% annually.

Safety, Technology, and Seamless Travel

State-of-the-Art DFDR & CVR Laboratory Inaugurated: A significant stride towards enhancing aviation safety was the inauguration of the advanced Digital Flight Data Recorder and Cockpit Voice Recorder (DFDR & CVR) Laboratory at the Aircraft Accident Investigation Bureau (AAIB) in New Delhi. This ₹9 crore facility will significantly improve the effectiveness of identifying the root causes of incidents and ensuring accountability, thereby contributing to a safer aviation ecosystem. The Hindustan Aeronautics Limited (HAL) supported the establishment of this crucial lab.
Expansion of Digi Yatra for Seamless Travel: Digi Yatra services to 24 airports have significantly enhanced passenger convenience and security. This initiative provides a seamless, contactless travel experience for passengers. Over 80 lakh users have downloaded the app, and more than 4 crore journeys have been completed using the Digi Yatra facility.
Guidelines Launched for Seaplane Operations: The Guidelines for Seaplane Operations in India were launched on 22nd August 2024 to enhance regional connectivity further. These guidelines prioritise safety and security and aim to facilitate the commencement of seaplane operations across the country. UDAN Round 5.5 includes invitations for bids for seaplane operations from over 50 water bodies.

Sustainability and Capacity Building: Preparing for Tomorrow

Driving Green Energy Adoption at Airports: The Ministry actively promotes sustainable aviation, with around 80 airports now operating on 100% green energy. The aspiration is to transition over 100 airports to renewable energy sources. Bengaluru Airport has achieved the highest Carbon Accreditation Level 5 by Airports Council International (ACI), while Delhi, Mumbai, and Hyderabad airports have achieved Level 4+ accreditation, becoming carbon neutral. Chennai Airport also operates entirely on green energy and houses a 1.5 MW solar power plant.
Addressing the Growing Demand for Pilots: Recognizing the increasing need for trained pilots, estimated at 30,000 to 34,000 in the next 10-15 years, the Ministry is actively working on expanding the number of Flight Training Organizations (FTOs) and the annual issuance of commercial pilot licenses.
Aviation Career Guidance for Students: To nurture future talent, Civil Aviation Minister Shri Ram Mohan Naidu launched a ‘Career Guidance Programme in Aviation’ for school students at the Indian Aviation Academy. The programme aims to inspire and educate students about diverse career opportunities within the sector. The Minister highlighted the significant demand for pilots and the government’s commitment to developing domestic talent.

Additional Milestones in Aviation Growth

Maintenance, Repair & Overhaul (MRO): A uniform 5% Integrated Goods and Services Tax (IGST) rate has been introduced for aircraft parts to promote India as a competitive global MRO hub.
Gender Inclusion: India boasts 13–18% of women pilots, which ranks among the highest globally. The Directorate General of Civil Aviation (DGCA) targets 25% representation of women in all aviation roles by 2025.
International Recognition: The 2nd Asia-Pacific Ministerial Conference on Civil Aviation was successfully hosted in New Delhi, culminating in the Delhi Declaration.
Air Cargo Infrastructure: Cargo handling capacity reached 8 million MT in FY24, growing at 10 %+ annually with a new focus on warehousing for perishables and streamlined customs protocols.

Charting the Path to Viksit Bharat @2047

The Ministry of Civil Aviation remains resolutely committed to positioning India as a global aviation leader, driving transformative change through visionary policies, world-class infrastructure, and inclusive, sustainable growth. As India continues to break records in passenger traffic, expand regional connectivity, and modernise aviation frameworks, the nation is firmly set on an upward trajectory toward becoming a vibrant global aviation hub. These concerted efforts enhance travel experiences for millions and bolster economic prosperity, strengthen national integration, and empower India to confidently soar towards its vision of becoming a developed nation—Viksit Bharat @2047.

References

Click here to see PDF.

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Santosh Kumar / Sheetal Angral/ Vatsla Srivastava

(Release ID: 2123537)

MIL OSI Asia Pacific News –

April 23, 2025

MIL-OSI Asia-Pac: TRAI Organises Workshop of Senior officers from States and Union Territories regarding “Regulation on Rating of Properties for Digital Connectivity”

Source: Government of India

Posted On: 22 APR 2025 7:51PM by PIB Delhi

As per the studies, 70-80% mobile data consumption takes places inside buildings or indoor areas. High frequency bands are used to deliver high speed internet in 4G and 5G technologies. However, high frequences bands get attenuated at higher rate by the building fabric containing steel and concrete walls compared to 2G bands. With the exponential rise in quantum and speed of data consumption due to progressive digitization of economy, governance and the society in general, good digital connectivity has become very important in the present age. Hence, the good in-building digital connectivity has become an essential requirement. To achieve seamless communication inside buildings, the Digital Connectivity Infrastructure (DCI) must be planned and developed alongside other essential building services such as water, electricity and safety systems.

The workshop was chaired by Shri Anil Kumar Lahoti, Chairman TRAI. The workshop received overwhelming response from States and UTs and was attended by over 125 participants, including senior officers from Housing & Urban development and IT department of States/Union Territories.

Chairman, TRAI in his opening remarks, emphasised that States and UTs can play a pivotal role to drive collaboration among property developers and telecom service providers for facilitating development of DCI in the projects through respective building byelaws. TRAI regulations envisage star ratings of properties for quality of digital connectivity similar to Green Building Ratings of projects or Energy Efficiency Ratings of appliances. The digital connectivity ratings will be live process and cover review of digital connectivity rating during lifecycle of the project. TRAI has already started the process of empanelment or registration of Digital Connectivity Rating Agencies (DCRAs).

The workshop provided details of initiatives taken by TRAI for improving in-building digital connectivity in the country and overview of the “Regulation on Rating of Properties for Digital Connectivity, 2024” issued by TRAI on 25^th October 2024. The presentation also covered the provisions of National Building Code (NBC) and Model Building By-Laws (MBBL) related to Digital Communication infrastructure. The session covered the rating process in detail by which properties are going to be assessed and rated. The workshop concluded with a Q&A session, allowing participants to engage directly with the experts to gain more insight about inbuilding digital connectivity.

The rating of buildings for digital connectivity will provide uniform standard reference for creating DCI in the country. With adoption of rating framework in the bylaws, the end user of residential and commercial properties will be able to make informed choices at the time of buying or leasing the properties. Further, the quality of experience in public buildings will also improve with the help of rating framework. Under the regulation, the consumer may also seek review of ratings in case of degradation of digital connectivity in the property. Like wise property mangers can seek review of ratings if they carry out significant improvements.

The workshop concluded with the closing remarks by Dr. M. P. Tangirala, Member, TRAI.

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Samrat

(Release ID: 2123585) Visitor Counter : 79

MIL OSI Asia Pacific News –

April 23, 2025

MIL-OSI Asia-Pac: Ministry of Skill Development and Entrepreneurship (MSDE) and Microsoft come together to launch ‘AI Careers for Women’ by establishing 30 Centers of Excellence in Women Colleges Across Six States in the Country

Source: Government of India

Ministry of Skill Development and Entrepreneurship (MSDE) and Microsoft come together to launch ‘AI Careers for Women’ by establishing 30 Centers of Excellence in Women Colleges Across Six States in the Country

CoEs in Tier-II and Tier-III towns to offer specialized undergraduate AI courses to equip young women with industry-aligned skills and foster careers in Artificial Intelligence

‘Empowering young women with in-demand digital skills will not only transform individual careers but also accelerate the nation’s journey towards a more equitable and innovation-driven economy’: Union Minister Jayant Chaudhary

Posted On: 22 APR 2025 5:33PM by PIB Delhi

The Ministry of Skill Development and Entrepreneurship (MSDE) and Microsoft have signed a Memorandum of Understanding (MoU) to launch AI Careers for Women—a pioneering skilling initiative aimed at empowering women in higher education institutions to pursue careers in Artificial Intelligence (AI). This strategic collaboration seeks to bridge the gender gap in emerging tech by equipping women with industry-aligned AI skills, enabling them to participate meaningfully in the digital economy and become active contributors to India’s innovation-led growth.

As part of this collaboration, Microsoft will provide 240-hours training curriculum under AI skilling and Innovation framework for women, aligned to the industry standards, and developed in consultation with the National Council for Vocational Education and Training (NCVET). The training will be delivered in a hub and spoke model in partnership with the state government departments for higher education, across a network of 30 Centre of Excellence – Hubs and 150 educational institutions – spokes in Tier-II and Tier-III towns across six states.

Speaking on the partnership, Shri Jayant Chaudhary, Union Minister of State (Independent Charge), Ministry of Skill Development & Entrepreneurship and Minister of State, Ministry of Education, said, “This initiative exemplifies how government and industry can come together to shape an inclusive and future-ready workforce. Our partnership with Microsoft underlines the Ministry’s commitment to expanding opportunities for women in emerging tech fields like AI. By embedding this program within credit-linked university curricula and aligning it with the National Education Policy (NEP), we’re reimagining 21st-century learning—making it flexible, interdisciplinary, and deeply rooted in industry needs. Empowering young women with in-demand digital skills will not only transform individual careers but also accelerate the nation’s journey toward a more equitable and innovation-driven economy.”

As one of the program partners, Edunet Foundation will implement this program, working closely with the participating academic institutions, government bodies, corporate organizations and industry bodies, building an alliance to bring ecosystem change and enable industry relevant skills and economic opportunities for Women in AI, thereby enhancing their workforce participation.

The program complements classroom learning in higher education by establishing 30 centers of excellence at women institutions that act as hub centers and further support 150 spoke centers in Tier-II and Tier-III towns, offering in-depth AI training with hands-on exposure to AI tools and real-world applications, helping 20,000 learners to gain industry-relevant skills and project-based experience. Learners will benefit through structured training from experts, AI certifications, internships, apprenticeship, fellowship, career guidance and job opportunities in AI enabled roles.

The program will also create opportunities for women in rural India to innovate on AI and enhance their economic opportunities, equipping them to be AI developers, building AI applications and datasets, thereby building talent pipeline for rural AI innovation/enterprise. This initiative builds on Microsoft’s ongoing skilling efforts with MSDE. MSDE will collaborate with Microsoft in accreditation of the curriculum and enable rural girls with apprenticeship and job opportunities through these centers of excellence.

Highlighting Microsoft’s commitment to inclusive skilling, Aparna Gupta, Global Delivery Center Leader Microsoft India, said, “I’m thrilled to see Microsoft’s partnership with the Ministry of Skill Development and Entrepreneurship (MSDE) take shape, empowering young women in India to build careers in AI. We believe that equitable access to AI skills is crucial for inclusive economic growth. Through this collaboration, we’re strengthening capacity building across institutions in Tier-II and Tier-III towns, ultimately enabling more women to thrive in an AI-powered economy and shape the workforce of tomorrow”.

The initiative aims to enhance women workforce participation in digital economy and aligns with the government’s mission of creating equitable access to future-ready skills. The program is designed to expand digital career pathways for women and contribute to a more inclusive technology workforce.

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Beena Yadav/SH

(Release ID: 2123510) Visitor Counter : 101

MIL OSI Asia Pacific News –

April 23, 2025

MIL-OSI Asia-Pac: Union Minister of State for Power and New & Renewable Energy Shri Shripad Yesso Naik chairs the 4th meeting of Group of Ministers constituted for addressing issues related to viability of distribution utilities in the country

Source: Government of India

Union Minister of State for Power and New & Renewable Energy Shri Shripad Yesso Naik chairs the 4th meeting of Group of Ministers constituted for addressing issues related to viability of distribution utilities in the country

Regulatory reforms, cost reflective tariff

Financial restructuring of DISCOMs to improve efficiency and quality of operation

Reducing cost of Generation is essential to improving viability of Utilities

Posted On: 22 APR 2025 7:49PM by PIB Delhi

Union Minister of State for Power and New & Renewable Energy, Shri Shripad Yesso Naik, chaired the 4^th meeting of Group of Ministers constituted for addressing issues related to viability of electricity distribution utilities in Vijayawada today.

Shri A. K Sharma, Energy Minister, Uttar Pradesh, Shri Gottipati Ravi Kumar, Energy Minister, Andhra Pradesh, Shri Hiralal Nagar, Minster of State for Energy, Rajasthan and Smt. Meghana Sakore Bordikar, Minister of State for Energy, Maharashtra as members of the Group attended the meeting. The meeting was also attended by senior representatives from All India DISCOM Association (AIDA), senior officials from Central Government, State Governments, State Power Utilities of Member States and Power Finance Corporation (PFC) Ltd.

Union Minister of State in his opening address welcomed Energy Ministers from the member States and thanked Energy Minister, Andhra Pradesh, for hosting the meeting. He highlighted about the deliberations held during the first three meetings of GoM regarding challenges being faced by the distribution utilities and stressed upon the need for regulatory reforms. He also mentioned about the key actionable items identified by GoM till the last held meeting including the steps that needs to be taken by the Central and the State Governments for improving efficiency of utilities.

Hon’ble Minister highlighted about the collective responsibilities of State Governments and Regulatory Commissions for making distribution sector sustainable.

In his address, Energy Minister, Andhra Pradesh thanked the Union Minister of State for having the 4th meeting of the Group of Ministers in Vijayawada.

All India DISCOMs Association (AIDA), as a special invitee, also made a presentation on the subject. It was mentioned that SERCs need to comply with Tariff Policy and Rules while finalising the Tariff petitions of the Utilities. It was also mentioned that there is a need for having a comprehensive review of the tariff policy which is in sync with the present requirements and challenges of the Utilities and its consumers.

Joint Secretary (Distribution), Ministry of Power, GoI made a presentation highlighting key areas of intervention. He presented the key parameters reflecting the present financial status of the utilities of the member States, and major regulatory disallowances in their tariff/true-up orders. It was also presented that the annual revenue increase of most of the utilities is not commensurate with the increase in debt being taken by them. The presentation also highlighted the action plan proposed to reduce the outstanding debts and losses of the distribution utilities.

The key points of discussions included role that the State Governments may play for ensuring cost reflective tariff, in ensuring timely payment of subsidies and Government department dues, expediting works ongoing under Revamped Distribution Sector Scheme including the smart metering works, increasing the use of Artificial Intelligence and Data Analytics to improve power purchase optimisation and demand forecasting, etc. The States also requested support of GoI in reforming its distribution sector through measures like distribution franchisee/privatization/ introduction of parallel licensee, etc.

It was emphasised by the Member States that the Group of Ministers may be continued beyond submission of the final report, and on a rotation basis States may be invited to brainstorm on the issues affecting the power sector as a whole. It was proposed to hold a dedicated session on measure for reducing Power Purchase costs by inviting all the stakeholders.

The Group of Ministers reiterated its commitment and expressed resolve to take necessary measures for improving the financial viability of distribution utilities.

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SK

(Release ID: 2123583) Visitor Counter : 53

MIL OSI Asia Pacific News –

April 23, 2025

Category: Artificial Intelligence

Branding and the papacy

A ‘progressive’ image

2025-55 HAWAIʻI’S FIRST EVER “DO THE WRITE THING” STUDENT AMBASSADOR CHOSEN TO REPRESENT HAWAIʻI AT NATIONAL SUMMIT IN WASHINGTON D.C.

Key 1Q 2025 Highlights

1Q 2025 Highlights

Consolidated: Improved earnings per share (EPS), revenue and net income in first-quarter 2025, highlighting strong financials

Mobility: Industry-leading wireless service revenue in first-quarter 2025

Broadband: Verizon continued to take broadband market share with strong demand for best in class Fios and fixed wireless access offerings

Verizon Consumer: Total revenue increases year over year to $25.6 billion in first-quarter 2025, driven by service revenue gains

Verizon Business: Operating income increases with strong wireless service revenue growth

Outlook and guidance

For 2025, Verizon continues to expect the following:

Forward-looking statements

Union Minister of State for Power and New & Renewable Energy Shri Shripad Yesso Naik chairs the 4th meeting of Group of Ministers constituted for addressing issues related to viability of distribution utilities in the countryRegulatory reforms, cost reflective tariff

Union Minister of State for Power and New & Renewable Energy Shri Shripad Yesso Naik chairs the 4th meeting of Group of Ministers constituted for addressing issues related to viability of distribution utilities in the country

Regulatory reforms, cost reflective tariff