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Category: Asia

  • India–UK CETA paves global pathways for Indian businesses

    Source: Government of India

    Source: Government of India (4)

    India and the United Kingdom on Thursday signed a landmark Comprehensive Economic and Trade Agreement (CETA), aimed at enhancing access to goods and services between the two countries.

    The agreement, signed in the presence of Prime Minister Narendra Modi and UK Prime Minister Keir Starmer, is poised to offer wide-ranging benefits for Indian businesses, enabling them to expand their global footprint and deepen their presence in the UK market.

    Beyond lower tariffs and broader market access for Indian goods and services, the agreement promotes ease of doing business with the UK through simplified and streamlined customs and trade facilitation processes. This includes established systems like a Single Window and the Authorised Economic Operator framework.

    Moreover, the provision of non-discriminatory treatment for Indian businesses and exporters across goods, services, and government procurement will strengthen their competitive position within the UK market.

    The CETA serves as a strategic catalyst for Indian enterprises operating within the UK, facilitating the optimal deployment of skilled personnel to deliver competitively benchmarked services aligned with UK market expectations.

    Prominent service sector entities, particularly in information technology with an established presence in the UK, stand to benefit from enhanced regulatory certainty regarding visa provisions for the assignment of Indian professionals. This framework is expected to strengthen bilateral economic ties and support the sustained growth of India’s services exports to the UK.

    Businesses will also benefit from the cooperative efforts enshrined in various chapters of the CETA, like the Innovation Working Group and cooperation on digital identities and trade, that will help promote connectivity, digital trade growth, collaboration on best practice principles and innovative opportunities; and responsible business conduction and corporate responsibility practices.

  • MIL-OSI United Kingdom: Policy paper: India-UK Vision 2035

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    Policy paper

    India-UK Vision 2035

    The Prime Ministers of India and the UK endorsed the new ‘India-UK Vision 2035’ during their meeting in London on 24 July 2025.

    Documents

    India-UK Vision 2035

    PDF, 1.36 MB, 22 pages

    India-UK Vision 2035

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    Details

    The Prime Ministers of India and the United Kingdom, during their meeting on 24 July 2025 in London, endorsed the new ‘India-UK Vision 2035’ that reaffirms their shared commitment to unlocking the full potential of a revitalised partnership.

    This ambitious and future-focused agreement underscores the 2 nations’ resolve to work together for mutual growth, prosperity and to shape a prosperous, secure, and sustainable world in a time of rapid global change.

    Increased ambition: since elevating the relationship to a Comprehensive Strategic Partnership, India and the UK have catalysed significant partnerships and growth across all sectors. The new vision builds on this momentum, setting ambitious goals to deepen and diversify bilateral cooperation.

    Strategic vision: by 2035, flagship partnerships will redefine the India-UK relationship delivering transformative opportunities and tangible benefits for both countries. The India-UK Vision 2035 sets clear strategic goals and milestones, tracking a path for sustained future collaboration and innovation.

    Comprehensive outcomes: the pillars of the India-UK Vision 2035 are designed to reinforce one another, creating a partnership that is greater than the sum of its parts across a wide and deep range of outcomes including:

    • growth and jobs in the UK and India, building on an ambitious trade deal that unlocks markets and opportunities for both countries
    • an education and skills partnership to nurture the next generation of global talent, deepening transnational education collaborations between UK and Indian universities, including the establishment of campuses of leading universities in each other’s countries
    • develop cutting-edge technology and research, building on the Technology Security Initiative, focused on future telecoms, AI and critical minerals, laying the ground for future collaboration on semi-conductors, quantum, bio-technology and advanced materials
    • a transformative climate partnership focussed on accelerating clean energy, mobilising climate finance at scale, and strengthening resilience
    • defence and security cooperation, including a common commitment to peace, security and prosperity in the Indo-Pacific and beyond

    Updates to this page

    Published 24 July 2025

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    MIL OSI United Kingdom –

  • India and UK sign landmark trade deal: How CETA could benefit different sections of society

    Source: Government of India

    Source: Government of India (4)

    India and the United Kingdom have inked a landmark Comprehensive Economic and Trade Agreement (CETA), aimed at boosting bilateral trade and investment. The deal is expected to bring substantial benefits across various segments of Indian society.

    By promoting greater market access, technology exchange and investment flows, the agreement would create inclusive and sustainable growth opportunities.

    The CETA document outlines targeted advantages for farmers, fisherfolk, tribal communities, informal and formal workers, women entrepreneurs, youth, MSMEs and professionals.

    It emphasizes trade facilitation, skill development, value chain integration and enhanced mobility. CETA would act as a vehicle for equitable growth, rural upliftment and greater global integration of India’s diverse economic stakeholders.

    Indian farming communities stand to gain from easier access to the UK market and more opportunities to sell their produce due to tariff elimination.

    Among other concessions, the UK will liberalise access, effective from the date of implementation, for a range of Indian agricultural and food products, including meats, dairy, tea, coffee, spices, fruits, vegetables, fruit juices, and processed foods. By unlocking preferential access to the UK’s USD 63.4 billion agricultural market, the Comprehensive Economic and Trade Agreement (CETA) gives Indian farmers a direct route to a high-value global customer base and achieve better returns for their goods.

    The CETA agreement takes fully into account the interests of Indian producers of sensitive agricultural products like dairy products, vegetables, apples, edible oils, oats, etc. by keeping those tariff lines under a sensitive list.

    The agricultural sector also benefits from the non-application of safeguard duties on Indian exports. Farmers will also benefit from commitments taken under the CETA to acknowledge traditional knowledge, especially in the patent process for genetic resources.

    The immediate removal of duties on Indian products from labour-intensive sectors such as gems and jewellery, textiles, leather and footwear, and food processing will not only boost employment but also directly benefit Indian workers in these industries.

    The CETA marks a significant step forward in advancing opportunities for women and youth across both nations. It includes progressive provisions designed to break down barriers and promote greater participation in international trade, digital innovation, and government procurement for women, youth, and under-represented groups.

    By fostering cooperation on gender-responsive standards, sharing best practices in financial services, and improving digital inclusion, the CETA ensures that women business owners, entrepreneurs, and young professionals can access new markets, acquire valuable information, and participate equitably in global, regional, and domestic economies.

    India’s youth, aged 15 to 29 and comprising approximately 27.3% of the population, are at the forefront of the country’s social and economic transformation. The CETA is poised to expand high-quality employment pathways for Indian youth by easing services market access, securing mutual recognition of professional qualifications and facilitating short-term mobility for talent in IT, healthcare, finance, and creative sectors.

    Lower tariffs on inputs and advanced manufacturing equipment can spur MSME supply-chain integration, creating skilled vocational jobs beyond metros. By fostering access to global value chains and enhancing competitiveness, CETA will empower Indian youth with essential skills and pathways to participate in international markets and future growth.

    SMEs are a vital part of India’s economy, contributing around 30.1% of India’s GDP in 2022-23 and 45.8% in India’s total export in 2024-25.

    SMEs benefit from various provisions of the CETA, including through provisions on faster processing at customs, agreements to recognise and facilitate digital systems and paperless trade, and a dedicated chapter to help SMEs. A contact point for SMEs will be established under the ambit of the CETA, facilitating communication and coordination benefiting SMEs.

    Indian businesses will gain a lot from this CETA. Other than lower tariffs and market access for Indian goods and services, the CETA offers ease of doing business with the UK through simplified and streamlined customs and trade facilitation processes from established systems like a Single Window and Authorised Economic Operator.

    Non-discriminatory treatment to Indian businesses and exporters when it comes to goods, services and government procurement, benefits Indian businesses in the UK market.

    Qualified professionals such as architects, engineers and medical professionals will be able to take advantage of the enhanced market access under the CETA and provide services in the UK. This is expected to create direct and indirect jobs through the expansion of service sectors.

    CETA also provides professionals with better mobility access to the UK. Independent professionals providing services such as R&D and computer services will be able to take advantage of these mobility commitments and provide their services in the UK. This will directly lead to job creation and better opportunities for a wide range of professionals, thereby increasing the quality of life.

    The CETA ensures comprehensive market access for goods across most sectors, fully addressing India’s export interests. India stands to benefit from the duty elimination of tariffs on approximately 99% of tariff lines, covering nearly 100% of the trade value.

    This opens up significant opportunities to boost bilateral trade between India and the UK.

    In key labor-intensive sectors, duties have been reduced to zero from previously high levels- up to 20% on marine products, 12% on textiles and clothing, 8% on chemicals, and 10% on base metals. Notably, in the processed food sector, tariffs on 99.7% of lines have been slashed from as high as 70% to zero, offering a major boost for Indian exporters.

    (ANI)

  • India-UK CETA to empower Indian fisherfolk with global opportunities

    Source: Government of India

    Source: Government of India (4)

    The Comprehensive Economic and Trade Agreement (CETA) between India and the United Kingdom is poised to significantly enhance the competitiveness of India’s fishery and aquaculture sector, which accounts for 7.96% of global fish production and supports the livelihoods of approximately 28 million individuals.

    By eliminating tariffs and providing preferential access to the USD 3 billion fisheries market of the UK, the CETA directly benefits Indian seafood exporters, particularly those supplying high-demand products such as shrimp and other seafood.

    The enhanced market access is set to boost exports, which will directly benefit Indian fishermen of Andhra Pradesh, Gujarat, Karnataka, Odisha, and Maharashtra.

    Overall, the CETA will not only strengthen India’s fisheries exports but also contribute to the welfare and livelihoods of fishermen, promote coastal economic development, and enhance the competitiveness of the Indian fisheries sector on the global stage. Through this agreement, India strengthens not only its seafood exports but also its commitment to inclusive and equitable trade.

  • MIL-OSI United Kingdom: UK-India Technology Security Initiative – Anniversary Statement

    Source: United Kingdom – Executive Government & Departments

    News story

    UK-India Technology Security Initiative – Anniversary Statement

    Statement on the one-year anniversary of the landmark UK-India Technology Security Initiative

    On the occasion of the one-year anniversary of the landmark UK-India Technology Security Initiative (TSI), the UK and India reaffirmed their shared commitment to harness frontier technologies to drive economic growth and strengthen national security.

    Both parties welcomed the Initiative’s achievements to date and underscored the transformative potential of the TSI to deliver cutting-edge innovations and generate investment across the entire technology value chain.

    The TSI has already enabled industry, academia and government to deliver new strategic opportunities. Over the past year, both sides have:

    • Launched a flagship £7 million joint research programme on Future Telecoms in 2024 to support joint Open RAN and 5G/6G testbed development.
    • Formalised collaboration between key telecoms lab facilities – India’s Centre for Development of Telematics (C-DOT) and the UK’s Smart RAN Open Network Interoperability Centre (SONIC) for bilateral collaboration in telecom innovation, testing and emerging technology.
    • Accelerated development in responsible and trustworthy AI, including through the first UK-India Conference on AI opportunities, held in Bengaluru in February 2025.
    • Completed the successful first phase of the world’s first UK-India Critical Minerals Supply Chain Observatory. Phase Two, supported by £1.8 million of new funding, will deliver the world’s largest digital data infrastructure on the critical minerals value chain and establish a new satellite campus at the Indian School of Mines in Dhanbad.
    • Strengthened our partnership in FEMTECH – Women-Orientated Health Tech by collaboration between National Institute for Health and Care Research (NIHR) and Department of Biotechnology (DBT).
    • Initiated several new partnerships between private sector from both sides in the fields of Telecoms, Critical Minerals, Advanced Materials and AI.

    To further our strategic collaboration, both sides will:

    • Harness together, the benefits of the global AI revolution and boost economic growth through a UK-India joint centre for AI that will promote trusted real world AI innovations and widespread adoption.
    • Advance next generation, secure-by-design telecommunications through joint research, development and innovation, strategically collaborating on advanced connectivity and cyber resilience. Establish an India-UK Connectivity and Innovation Centre to pioneer AI-driven telecoms, non-terrestrial networks and secure 5G and 6G. Work together through international fora like ITU and 3GPP for 6G.
    • Secure resilient and sustainable critical mineral supply chains to power the Fourth Industrial Revolution. Establish a UK-India Critical Minerals Guild to transform financing standards and innovation. Together, the two sides will prioritise processing, R&D, recycling, managing risk to supply chains, market development etc. and will champion circular economy principles and advance traceability.
    • Use the UK-India biotechnology partnership to unlock the potential in biofoundries, bioprinting, biomanufacturing, bio-based materials, advanced biosciences and drive innovation across health, clean energy and sustainable agriculture. Explore the possibility of setting up a UK-India Biotechnology Accelerator.

    The UK and India continue to work together across other TSI commitments including the collaboration on Graphene and 2D Materials Technology.
    In recognition of the TSI’s success, the two leaders agreed to expand the TSI into new frontier domains, particularly to unlock engagement on futuristic, secure and strategic technologies. This expansion will further align UK and Indian national security priorities and unlock new opportunities for industry and researchers.

    Both parties called on industry, including start-ups and academia to further catalyse the UK-India technology partnership and to take advantage of the opportunities presented by the TSI.

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Donegal Group Inc. Announces Second Quarter and First Half 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    MARIETTA, Pa., July 24, 2025 (GLOBE NEWSWIRE) — Donegal Group Inc. (NASDAQ: DGICA) and (NASDAQ: DGICB) today reported its financial results for the second quarter and first half of 2025.

    Significant Items for Second Quarter of 2025 (all comparisons to second quarter of 2024):

    • Net premiums earned decreased 1.1% to $231.8 million
    • Combined ratio of 97.7%, compared to 103.0%
    • Net income of $16.9 million, or 46 cents per diluted Class A share, compared to $4.2 million, or 13 cents per diluted Class A share
    • Net investment gains (after tax) of $1.2 million, or 3 cents per diluted Class A share, compared to $0.6 million, or 2 cents per diluted Class A share, are included in net income
    • Annualized return on average equity of 11.3%, compared to 3.4%
    • Book value per share of $16.62 at June 30, 2025, compared to $14.48 at June 30, 2024

    Financial Summary

      Three Months Ended June 30,   Six Months Ended June 30,
        2025       2024     % Change     2025       2024     % Change
      (dollars in thousands, except per share amounts)
                           
    Income Statement Data                      
    Net premiums earned $ 231,775     $ 234,311       -1.1 %   $ 464,476     $ 462,060       0.5 %
    Investment income, net   12,540       11,068       13.3       24,524       22,041       11.3  
    Net investment gains   1,544       737       109.5       1,073       2,850       -62.4  
    Total revenues   247,148       246,773       0.2       491,953       487,913       0.8  
    Net income   16,866       4,153       306.1       42,071       10,108       316.2  
    Non-GAAP operating income1   15,647       3,571       338.2       41,224       7,857       424.7  
    Annualized return on average equity   11.3 %     3.4 %   7.9 pts     14.6 %     4.2 %   10.4 pts
                           
    Per Share Data                      
    Net income – Class A (diluted) $ 0.46     $ 0.13       253.8 %   $ 1.17     $ 0.31       277.4 %
    Net income – Class B   0.43       0.11       290.9       1.08       0.28       285.7  
    Non-GAAP operating income – Class A (diluted)   0.43       0.11       290.9       1.14       0.24       375.0  
    Non-GAAP operating income – Class B   0.40       0.10       300.0       1.06       0.22       381.8  
    Book value   16.62       14.48       14.8       16.62       14.48       14.8  
                           
                           

    1The “Definitions of Non-GAAP Financial Measures” section of this release defines and reconciles data that we prepare on an accounting basis other than U.S. generally accepted accounting principles (“GAAP”).

    Management Commentary

    Kevin G. Burke, President and Chief Executive Officer of Donegal Group Inc., stated, “We are pleased with the progress we have made and the results we delivered for both the second quarter and first half of 2025, which we believe reflect the strength of our strategic execution and underwriting discipline. A meaningful improvement in our core loss ratio for both periods underscores our commitment to disciplined risk management and sustainable profitability. As expected, net premiums written1 declined this quarter, as lower new business writings and planned attrition modestly outpaced ongoing premium rate increases and solid retention levels. As a proactive measure, we intentionally slowed new business writings in our personal lines of business to protect underwriting margins and ensure we remain focused on profitable growth opportunities. We continue to identify and pursue profitable new business opportunities in states and classes that match our objectives.

    “We reached a significant milestone in our multi-year systems modernization project with the successful deployment of our final major commercial lines systems release. During the second half of 2025, we will begin to roll out this enhanced platform on a state-by-state basis, enabling us to more effectively target and win key middle market accounts. When the rollout is completed in the first half of 2026, we will be operating on a single modern technology platform for all of our middle market and small business commercial product offerings.

    “As we look ahead, we remain focused on disciplined execution, organizational alignment and operational excellence to further strengthen our long-term competitive position and enhance value for our stockholders.”

    Insurance Operations

    Donegal Group is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in three Mid-Atlantic states (Delaware, Maryland and Pennsylvania), five Southern states (Georgia, North Carolina, South Carolina, Tennessee and Virginia), eight Midwestern states (Illinois, Indiana, Iowa, Michigan, Nebraska, Ohio, South Dakota and Wisconsin) and five Southwestern states (Arizona, Colorado, New Mexico, Texas and Utah). Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group conduct business together as the Donegal Insurance Group.

      Three Months Ended June 30,   Six Months Ended June 30,
        2025       2024     % Change     2025       2024     % Change
      (dollars in thousands)
                           
    Net Premiums Earned                      
    Commercial lines $ 138,527     $ 134,489       3.0 %   $ 274,743     $ 266,581       3.1 %
    Personal lines   93,248       99,822       -6.6       189,733       195,479       -2.9  
    Total net premiums earned $ 231,775     $ 234,311       -1.1 %   $ 464,476     $ 462,060       0.5 %
                           
    Net Premiums Written                      
    Commercial lines:                      
    Automobile $ 50,584     $ 47,089       7.4 %   $ 107,109     $ 100,603       6.5 %
    Workers’ compensation   24,243       27,591       -12.1       52,997       58,665       -9.7  
    Commercial multi-peril   56,478       55,870       1.1       117,268       113,373       3.4  
    Other   13,609       11,698       16.3       28,158       25,101       12.2  
    Total commercial lines   144,914       142,248       1.9       305,532       297,742       2.6  
    Personal lines:                      
    Automobile   52,741       62,427       -15.5       107,933       123,808       -12.8  
    Homeowners   33,590       39,608       -15.2       62,378       71,367       -12.6  
    Other   2,568       2,906       -11.6       5,062       5,714       -11.4  
    Total personal lines   88,899       104,941       -15.3       175,373       200,889       -12.7  
    Total net premiums written $ 233,813     $ 247,189       -5.4 %   $ 480,905     $ 498,631       -3.6 %
                           
                           

    Net Premiums Written

    The 5.4% decrease in net premiums written for the second quarter of 2025 compared to the second quarter of 2024, as shown in the table above, represents the net combination of a 1.9% increase in commercial lines net premiums written and a 15.3% decrease in personal lines net premiums written. The $13.3 million decrease in net premiums written for the second quarter of 2025 compared to the second quarter of 2024 included:

    • Commercial Lines: $2.7 million increase that we attribute primarily to solid retention and a continuation of renewal premium increases in lines other than workers’ compensation, offset partially by lower new business writings.
    • Personal Lines: $16.0 million decrease that we attribute primarily to planned attrition due to lower new business writings and non-renewal actions, offset partially by a continuation of renewal premium rate increases and solid retention.

    Underwriting Performance

    We evaluate the performance of our commercial lines and personal lines segments primarily based upon the underwriting results of our insurance subsidiaries as determined under statutory accounting practices. The following table presents comparative details with respect to the GAAP and statutory combined ratios1 for the three and six months ended June 30, 2025 and 2024:

      Three Months Ended   Six Months Ended
      June 30   June 30
        2025       2024       2025       2024  
                   
    GAAP Combined Ratios (Total Lines)              
    Loss ratio – core losses   50.1 %     55.0 %     52.1 %     56.8 %
    Loss ratio – weather-related losses   11.1       10.6       7.4       7.7  
    Loss ratio – large fire losses   5.2       5.3       4.3       5.9  
    Loss ratio – net prior-year reserve development   -1.3       -0.3       -2.9       -2.0  
    Loss ratio   65.1       70.6       60.9       68.4  
    Expense ratio   32.2       31.9       33.4       33.8  
    Dividend ratio   0.4       0.5       0.3       0.5  
    Combined ratio   97.7 %     103.0 %     94.6 %     102.7 %
                   
    Statutory Combined Ratios              
    Commercial lines:              
    Automobile   97.7 %     93.5 %     94.6 %     96.6 %
    Workers’ compensation   104.9       117.0       111.3       114.2  
    Commercial multi-peril   97.5       110.6       93.9       106.7  
    Other   119.8       94.3       100.6       88.3  
    Total commercial lines   101.0       104.9       97.8       103.3  
    Personal lines:              
    Automobile   79.3       95.6       82.2       97.7  
    Homeowners   115.1       103.1       99.0       102.7  
    Other   55.2       104.7       55.9       94.8  
    Total personal lines   91.7       98.6       87.5       99.4  
    Total lines   97.4 %     102.2 %     93.9 %     101.7 %
                   
                   

    Loss Ratio

    For the second quarter of 2025, the loss ratio decreased to 65.1%, compared to 70.6% for the second quarter of 2024. For the commercial lines segment, the core loss ratio, which excludes weather-related losses, large fire losses and net development of reserves for losses incurred in prior accident years, of 54.5% for the second quarter of 2025 decreased modestly from 54.8% for the second quarter of 2024. For the personal lines segment, the core loss ratio of 43.3% for the second quarter of 2025 decreased from 55.3% for the second quarter of 2024, due largely to the favorable impact of premium rate increases on net premiums earned for that segment.

    Weather-related losses were $25.8 million, or 11.1 percentage points of the loss ratio, for the second quarter of 2025, compared to $24.7 million, or 10.6 percentage points of the loss ratio, for the second quarter of 2024. Weather-related loss activity for the second quarter of 2025 was higher than our previous five-year average of $18.9 million, or 9.2 percentage points of the loss ratio, for second-quarter weather-related losses. Atlantic States Insurance Company, our largest insurance subsidiary, incurred $3.0 million in net losses from a catastrophic wind and hail loss event in April 2025, with Donegal Mutual assuming losses that subsidiary incurred from the event in excess of its retention under an intercompany catastrophe reinsurance agreement.

    Large fire losses, which we define as individual fire losses in excess of $50,000, for the second quarter of 2025 were $12.1 million, or 5.2 percentage points of the loss ratio. That amount was comparable to the large fire losses of $12.5 million, or 5.3 percentage points of the loss ratio, for the second quarter of 2024. We experienced a modest decrease in commercial property fire losses that was partially offset by a modest increase in homeowners fire losses compared to the prior-year quarter.

    Net favorable development of reserves for losses incurred in prior accident years reduced the loss ratio by 1.3 percentage points for the second quarter of 2025 and had virtually no impact for the second quarter of 2024. Our insurance subsidiaries experienced favorable development primarily in the personal automobile and homeowners lines of business, partially offset by adverse development in other commercial lines that we primarily attribute to higher-than-anticipated case reserve development.

    Expense Ratio

    The expense ratio was 32.2% for the second quarter of 2025, compared to 31.9% for the second quarter of 2024. The increase in the expense ratio primarily reflected higher underwriting-based incentive costs for agents and employees, partially offset by the favorable impact of ongoing expense management initiatives. The impact from costs that Donegal Mutual Insurance Company allocated to our insurance subsidiaries related to its ongoing systems modernization project peaked at approximately 1.3 percentage points of the full year 2024 expense ratio, and we expect that impact to subside gradually over the next several years. Allocated costs related to that project represented approximately 1.0 percentage point of the expense ratio for the second quarter of 2025, and we expect the full year 2025 expense ratio impact will also be approximately 1.0 percentage point.

    Investment Operations

    Donegal Group’s investment strategy is to generate an appropriate amount of after-tax income on its invested assets while minimizing credit risk through investment in high-quality securities. As a result, we had invested 95.4% of our consolidated investment portfolio in diversified, highly rated and marketable fixed-maturity securities at June 30, 2025.

      June 30, 2025   December 31, 2024
      Amount   %   Amount   %
      (dollars in thousands)
    Fixed maturities, at carrying value:              
    U.S. Treasury securities and obligations of U.S.            
    government corporations and agencies $ 145,585       10.2 %   $ 170,423       12.3 %
    Obligations of states and political subdivisions   424,010       29.7       409,560       29.6  
    Corporate securities   441,603       30.9       440,552       31.8  
    Mortgage-backed securities   353,639       24.7       304,459       22.0  
    Allowance for expected credit losses   (1,374 )     -0.1       (1,388 )     -0.1  
    Total fixed maturities   1,363,463       95.4       1,323,606       95.6  
    Equity securities, at fair value   41,007       2.9       36,808       2.6  
    Short-term investments, at cost   24,764       1.7       24,558       1.8  
    Total investments $ 1,429,234       100.0 %   $ 1,384,972   100.0 %
                   
    Average investment yield   3.5 %         3.3 %    
    Average tax-equivalent investment yield   3.6 %         3.4 %    
    Average fixed-maturity duration (years)   5.2           5.2      
                   
                   

    Net investment income of $12.5 million for the second quarter of 2025 increased 13.3% compared to $11.1 million for the second quarter of 2024. The increase in net investment income primarily reflected an increase in average investment yield relative to the prior-year second quarter.

    Net investment gains of $1.5 million for the second quarter of 2025 were primarily related to unrealized gains in the fair value of equity securities held at June 30, 2025, offset partially by net realized investment losses on the sale of available-for-sale fixed-maturity securities. Net investment gains of $0.7 million for the second quarter of 2024 were primarily related to unrealized gains in the fair value of equity securities held at June 30, 2024.

    Our book value per share was $16.62 at June 30, 2025, compared to $15.36 at December 31, 2024, with the increase related to net income as well as $10.7 million of after-tax unrealized gains within our available-for-sale fixed-maturity portfolio during 2025 that increased our book value by $0.31 per share, offset partially by cash dividends declared.

    Definitions of Non-GAAP Financial Measures

    We prepare our consolidated financial statements on the basis of GAAP. Our insurance subsidiaries also prepare financial statements based on statutory accounting principles state insurance regulators prescribe or permit (“SAP”). In addition to using GAAP-based performance measurements, we also utilize certain non-GAAP financial measures that we believe provide value in managing our business and for comparison to the financial results of our peers. These non-GAAP measures are net premiums written, operating income or loss and statutory combined ratio.

    Net premiums written and operating income or loss are non-GAAP financial measures investors in insurance companies commonly use. We define net premiums written as the amount of full-term premiums our insurance subsidiaries record for policies effective within a given period less premiums our insurance subsidiaries cede to reinsurers. We define operating income or loss as net income or loss excluding after-tax net investment gains or losses, after-tax restructuring charges and other significant non-recurring items. Because our calculation of operating income or loss may differ from similar measures other companies use, investors should exercise caution when comparing our measure of operating income or loss to the measure of other companies.

    The following table provides a reconciliation of net premiums earned to net premiums written for the periods indicated:

      Three Months Ended June 30,   Six Months Ended June 30,
        2025       2024     % Change     2025       2024     % Change
      (dollars in thousands)
                           
    Reconciliation of Net Premiums                      
    Earned to Net Premiums Written                      
    Net premiums earned $ 231,775     $ 234,311       -1.1 %   $ 464,476     $ 462,060       0.5 %
    Change in net unearned premiums   2,038       12,878       -84.2       16,429       36,571       -55.1  
    Net premiums written $ 233,813     $ 247,189       -5.4 %   $ 480,905     $ 498,631       -3.6 %
                           
                           

    The following table provides a reconciliation of net income to operating income for the periods indicated:

      Three Months Ended June 30,   Six Months Ended June 30,
        2025       2024     % Change     2025       2024     % Change
      (dollars in thousands, except per share amounts)
                           
    Reconciliation of Net Income                      
    to Non-GAAP Operating Income                      
    Net income $ 16,866     $ 4,153       306.1 %   $ 42,071     $ 10,108       316.2 %
    Investment gains (after tax)   (1,219 )     (582 )     109.5       (847 )     (2,251 )     -62.4  
    Non-GAAP operating income $ 15,647     $ 3,571       338.2 %   $ 41,224     $ 7,857       424.7 %
                           
    Per Share Reconciliation of Net Income                      
    to Non-GAAP Operating Income                      
    Net income – Class A (diluted) $ 0.46     $ 0.13       253.8 %   $ 1.17     $ 0.31       277.4 %
    Investment gains (after tax)   (0.03 )     (0.02 )     50.0       (0.03 )     (0.07 )     -57.1  
    Non-GAAP operating income – Class A $ 0.43     $ 0.11       290.9 %   $ 1.14     $ 0.24       375.0 %
                           
    Net income – Class B $ 0.43     $ 0.11       290.9 %   $ 1.08     $ 0.28       285.7 %
    Investment gains (after tax)   (0.03 )     (0.01 )     200.0       (0.02 )     (0.06 )     -66.7  
    Non-GAAP operating income – Class B $ 0.40     $ 0.10       300.0 %   $ 1.06     $ 0.22       381.8 %
                           
                           

    The statutory combined ratio is a non-GAAP standard measurement of underwriting profitability that is based upon amounts determined under SAP. The statutory combined ratio is the sum of:

    • the statutory loss ratio, which is the ratio of calendar-year incurred losses and loss expenses, excluding anticipated salvage and subrogation recoveries, to premiums earned;
    • the statutory expense ratio, which is the ratio of expenses incurred for net commissions, premium taxes and underwriting expenses to premiums written; and
      • the statutory dividend ratio, which is the ratio of dividends to holders of workers’ compensation policies to premiums earned.

    The statutory combined ratio does not reflect investment income, federal income taxes or other non-operating income or expense. A statutory combined ratio of less than 100% generally indicates underwriting profitability.

    Dividend Information

    On July 17, 2025, we declared a regular quarterly cash dividend of $0.1825 per share for our Class A common stock and $0.165 per share for our Class B common stock, which are payable on August 15, 2025 to stockholders of record as of the close of business on August 1, 2025.

    Pre-Recorded Webcast

    At approximately 8:30 am ET on Thursday, July 24, 2025, we will make available in the Investors section of our website a pre-recorded audio webcast featuring management commentary on our quarterly results and general business updates. You may listen to the pre-recorded webcast by accessing the link on our website at http://investors.donegalgroup.com. A supplemental investor presentation is also available via our website.

    About the Company

    Donegal Group Inc. is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in certain Mid-Atlantic, Midwestern, Southern and Southwestern states. Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group Inc. conduct business together as the Donegal Insurance Group. The Donegal Insurance Group has an A.M. Best rating of A (Excellent).

    The Class A common stock and Class B common stock of Donegal Group Inc. trade on the NASDAQ Global Select Market under the symbols DGICA and DGICB, respectively. We are focused on several primary strategies, including achieving sustained excellent financial performance, strategically modernizing our operations and processes to transform our business, capitalizing on opportunities to grow profitably and providing superior experiences to our agents, policyholders and employees.

    Safe Harbor

    We base all statements contained in this release that are not historic facts on our current expectations. Such statements are forward-looking in nature (as defined in the Private Securities Litigation Reform Act of 1995) and necessarily involve risks and uncertainties. Forward-looking statements we make may be identified by our use of words such as “will,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “seek,” “estimate” and similar expressions. Our actual results could vary materially from our forward-looking statements. The factors that could cause our actual results to vary materially from the forward-looking statements we have previously made include, but are not limited to, adverse litigation and other trends that could increase our loss costs (including social inflation, labor shortages and escalating medical, automobile and property repair costs, including due to tariffs), adverse and catastrophic weather events (including from changing climate conditions), our ability to maintain profitable operations (including our ability to underwrite risks effectively and charge adequate premium rates), the adequacy of the loss and loss expense reserves of our insurance subsidiaries, the availability and successful operation of the information technology systems our insurance subsidiaries utilize, the successful development of new information technology systems to allow our insurance subsidiaries to compete effectively, business and economic conditions in the areas in which we and our insurance subsidiaries operate, interest rates, competition from various insurance and other financial businesses, terrorism, the availability and cost of reinsurance, legal and judicial developments, changes in regulatory requirements, our ability to attract and retain independent insurance agents, changes in our A.M. Best rating and the other risks that we describe from time to time in our filings with the Securities and Exchange Commission. We disclaim any obligation to update such statements or to announce publicly the results of any revisions that we may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    Investor Relations Contacts

    Karin Daly, Vice President, The Equity Group Inc.

    Phone: (212) 836-9623
    E-mail: kdaly@theequitygroup.com

    Jeffrey D. Miller, Executive Vice President & Chief Financial Officer
    Phone: (717) 426-1931
    E-mail: investors@donegalgroup.com

    Financial Supplement

    Donegal Group Inc.
    Consolidated Statements of Income
    (unaudited; in thousands, except share data)
           
      Quarter Ended June 30,
        2025       2024  
           
    Net premiums earned $ 231,775     $ 234,311  
    Investment income, net of expenses   12,540       11,068  
    Net investment gains   1,544       737  
    Lease income   76       78  
    Installment payment fees   844       579  
    Other income, net   369       –  
    Total revenues   247,148       246,773  
           
    Net losses and loss expenses   150,917       165,360  
    Amortization of deferred acquisition costs   39,501       40,656  
    Other underwriting expenses   35,150       34,037  
    Policyholder dividends   819       1,187  
    Interest   337       155  
    Other expenses, net   –       365  
    Total expenses   226,724       241,760  
           
    Income before income tax expense   20,424       5,013  
    Income tax expense   3,558       860  
           
    Net income $ 16,866     $ 4,153  
           
    Net income per common share:      
    Class A – basic $ 0.47     $ 0.13  
    Class A – diluted $ 0.46     $ 0.13  
    Class B – basic and diluted $ 0.43     $ 0.11  
           
    Supplementary Financial Analysts’ Data      
           
    Weighted-average number of shares      
    outstanding:      
    Class A – basic   30,678,158       27,844,811  
    Class A – diluted   31,336,862       27,844,903  
    Class B – basic and diluted   5,576,775       5,576,775  
           
    Net premiums written $ 233,813     $ 247,189  
           
    Book value per common share      
    at end of period $ 16.62     $ 14.48  
           
    Annualized operating return on average equity   11.3 %     3.4 %
    Donegal Group Inc.
    Consolidated Statements of Income
    (unaudited; in thousands, except share data)
           
      Six Months Ended June 30,
        2025       2024  
           
    Net premiums earned $ 464,476     $ 462,060  
    Investment income, net of expenses   24,524       22,041  
    Net investment gains   1,073       2,850  
    Lease income   153       159  
    Installment payment fees   1,727       803  
    Total revenues   491,953       487,913  
           
    Net losses and loss expenses   282,950       316,257  
    Amortization of deferred acquisition costs   78,732       80,258  
    Other underwriting expenses   76,345       75,777  
    Policyholder dividends   1,578       2,241  
    Interest   670       309  
    Other expenses, net   93       810  
    Total expenses   440,368       475,652  
           
    Income before income tax expense   51,585       12,261  
    Income tax expense   9,514       2,153  
           
    Net income $ 42,071     $ 10,108  
           
    Net income per common share:      
    Class A – basic $ 1.19     $ 0.31  
    Class A – diluted $ 1.17     $ 0.31  
    Class B – basic and diluted $ 1.08     $ 0.28  
           
    Supplementary Financial Analysts’ Data      
           
    Weighted-average number of shares      
    outstanding:      
    Class A – basic   30,400,944       27,828,062  
    Class A – diluted   30,884,992       27,845,608  
    Class B – basic and diluted   5,576,775       5,576,775  
           
    Net premiums written $ 480,905     $ 498,631  
           
    Book value per common share      
    at end of period $ 16.62     $ 14.48  
           
    Annualized operating return on average equity   14.6 %     4.2 %
    Donegal Group Inc.
    Consolidated Balance Sheets
    (in thousands)
           
      June 30,   December 31,
        2025       2024  
      (unaudited)    
           
    ASSETS
    Investments:      
    Fixed maturities:      
    Held to maturity, at amortized cost $ 737,356     $ 705,714  
    Available for sale, at fair value   626,107       617,892  
    Equity securities, at fair value   41,007       36,808  
    Short-term investments, at cost   24,764       24,558  
    Total investments   1,429,234       1,384,972  
        57,437       52,926  
    Premiums receivable   198,885       181,107  
    Reinsurance receivable   411,125       420,742  
    Deferred policy acquisition costs   76,620       73,347  
    Prepaid reinsurance premiums   182,795       176,162  
    Other assets   51,739       46,776  
    Total assets $ 2,407,835     $ 2,336,032  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY
    Liabilities:      
    Losses and loss expenses $ 1,117,010     $ 1,120,985  
    Unearned premiums   635,538       612,476  
    Borrowings under lines of credit   35,000       35,000  
    Other liabilities   14,618       21,795  
    Total liabilities   1,802,166       1,790,256  
    Stockholders’ equity:      
    Class A common stock   339       329  
    Class B common stock   56       56  
    Additional paid-in capital   383,546       369,680  
    Accumulated other comprehensive loss   (17,517 )     (28,200 )
    Retained earnings   280,471       245,137  
    Treasury stock   (41,226 )     (41,226 )
    Total stockholders’ equity   605,669       545,776  
    Total liabilities and stockholders’ equity $ 2,407,835     $ 2,336,032  

    The MIL Network –

  • India-UK CETA to boost Indian farmers’ global access and rural prosperity

    Source: Government of India

    Source: Government of India (4)

    The India–UK Comprehensive Economic and Trade Agreement (CETA) will open new avenues of growth for Indian farmers. Focused on tariff elimination and improved market access, the deal promises to connect Indian agricultural producers with the UK’s high-value market, enhance rural prosperity, and strengthen India’s position in global agri-trade.

    Farmers – sow local, sell global

    Indian farming communities stand to gain from easier access to the UK market and more opportunities to sell their produce due to tariff elimination. Among others, UK will liberalise at entry into force Indian meats, dairy products, tea, coffee, spices, fruits, vegetables, fruit juices, and processed agriculture products. By unlocking preferential access to the UK’s USD 63.4 billion agricultural market, the CETA gives Indian farmers a direct route to a high-value global customer base and achieve better returns for their goods.

    The agreement takes fully into account the interests of Indian producers of sensitive agricultural products like dairy products, vegetables, apples, edible oils, oats, etc. by keeping those tariff lines under sensitive list.

    The agricultural sector also benefits from the non-application of safeguard duties on Indian exports. Farmers will benefit from commitments taken under the CETA to acknowledge traditional knowledge, especially in the patent process for genetic resources.

    Additionally, the CETA will facilitate inclusive and tech-agnostic innovation across diverse sectors, including agriculture sector.

    Collectively, the CETA is expected to ensure higher and more stable incomes for Indian farmers, promote rural prosperity, and secure long-term export opportunities—solidifying India’s place as a key player in global agricultural trade.

  • MIL-OSI Security: Defense News in Brief: Surging airpower in the Pacific: Lamontagne observes allied mobility in action

    Source: United States Airforce

    The commander of AMC visited the 515th AMOW squadrons during the U.S. Air Force Department-Level Exercise, to see how the Pacific-oriented AMC wing conducts an operational surge.

    JOINT BASE PEARL HARBOR-HICKAM, Hawaii (AFNS) —  Gen. Johnny Lamontagne, Air Mobility Command commander, visited the 515th Air Mobility Operations Wing during a recent stop in the Indo-Pacific theater to observe the U.S. Air Force’s 2025 Department-Level Exercise series — this first-in-a-generation exercise series is designed to test the service’s ability to rapidly deploy at speed and scale and sustain global operations.

    The 515th AMOW, headquartered in Hawaii, plays a pivotal role in enabling air mobility across the Indo-Pacific region. Lamontagne’s visit focused on how air mobility squadrons operate during surge conditions and how they integrate with allies and partners to move critical capabilities where they are most needed.

    “Hosting General Lamontagne was a great chance to show how our Airmen rise to the challenge,” said Col. Jens Lyndrup, 515th AMOW commander. “They surge, adapt and deliver — with our allies by their side — and they do it with incredible precision and pride.”

    Lamontagne echoed that sentiment, praising the dedication and resilience of Airmen across the theater

    “The Airmen are what impress me, period,” Lamontagne said. “The Airmen of the air mobility squadrons are fully executing the mission in tough environments during a very challenging exercise, helping the Department of the Air Force come together in a big way.”

    With contested logistics becoming a central theme in defense planning, Lamontagne emphasized the 515th AMOW’s unique role in scaling operations and reinforcing key nodes in support of U.S. and allied objectives.

    “We couldn’t execute this large-scale exercise without the AMOW out here in the Pacific,” he said. “There’s no way we could project power at this scale without the 515th AMOW. They do an indispensable job surging capability where it’s needed, delivering greater throughput, capacity and operational reach.”

    Close coordination with international partners was also a key focus of the visit. Lamontagne highlighted the strong relationship between the 730th Air Mobility Squadron, based at Yokota Air Base, Japan, and the Japan Air Self-Defense Force.

    Gen. Johnny Lamontagne, Air Mobility Command commander receives a brief from Master Sgt. Travis Alton, 735th Air Mobility Squadron aerial port section chief during a squadron visit at Joint Base Pearl Harbor-Hickam, Hawai’i, July 12, 2025. Lamontagne visited the 515th Air Mobility Operations Wing squadrons during the U.S. Air Force Department-Level Exercise, to see how the Pacific oriented AMC wing conducts an operational surge. (U.S. Air Force photo by Staff Sgt. Victoria Cowan)
    Gen. Johnny Lamontagne, Air Mobility Command commander receives a brief from Airmen assigned to the 735th Air Mobility Squadron aircraft maintenance unit at Joint Base Pearl Harbor-Hickam, Hawai’i, July 12, 2025. Lamontagne visited the 515th Air Mobility Operations Wing squadrons during the U.S. Air Force Department-Level Exercise, to see how the Pacific oriented AMC wing conducts an operational surge. (U.S. Air Force photo by Staff Sgt. Victoria Cowan)
    Airmen assigned to the 735th Air Mobility Squadron aircraft maintenance unit brief Gen. Johnny Lamontagne, Air Mobility Command Commander during a squadron visit at Joint Base Pearl Harbor-Hickam, Hawai’i, July 12, 2025. Lamontagne visited the 515th Air Mobility Operations Wing squadrons during the U.S. Air Force Department-Level Exercise, to see how the Pacific oriented AMC wing conducts an operational surge. (U.S. Air Force photo by Staff Sgt. Victoria Cowan)

    “The 730th AMS has a great relationship with their Japanese counterparts, and we had the opportunity to meet with a couple of their three-stars who run their Air Defense Command and Air Support Command,” Lamontagne said. “They help us present forces at the tactical level and enable success at the operational and strategic levels very effectively each and every day.”

    As competitors challenge U.S. military advantage in the region, Lamontagne emphasized the scale, speed and effectiveness of American airpower.

    “No other air force can do it at the scale and on the timeline that our Air Force can,” he said. “Operating as one big Air Force to do what our nation needs us to do is really where it’s at.”

    From enabling deterrence to sustaining operations at the tactical edge, the 515th AMOW and its network of mobility Airmen remain a critical part of the United States’ ability to project power — anytime, anywhere.

    MIL Security OSI –

  • MIL-OSI Asia-Pac: Contract given for works’ completion

    Source: Hong Kong Information Services

    Remaining works under three projects which were previously being carried out by Aggressive Construction Company will be taken up by China Overseas Building Construction, the Housing Authority has announced.

    The authority’s Building Committee & Tender Committee today approved the award of a completion contract for construction works in the Public Housing Development at Tung Chung Area 100 and the Public Housing Development at Tuen Mun Area 29 West, and an underground link that is part of Pak Tin Estate redevelopment Phase 10.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Public alerted to fake tax emails

    Source: Hong Kong Information Services

    The Inland Revenue Department today issued an alert regarding fraudulent emails purportedly issued by the department, which invite recipients to claim tax refunds.

    Each fraudulent email provides a hyperlink to a website that seeks to obtain the recipient’s personal particulars and credit card information.

    Apart from stressing that it has no connection with such emails, the department said it reported the case to Police for further investigation.

    It also reminded the public not to open suspicious emails or visit the attached hyperlinks.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: President Donald J. Trump Approves Major Disaster Declaration for Michigan

    Source: US Federal Emergency Management Agency

    Headline: President Donald J

    Trump Approves Major Disaster Declaration for Michigan

    President Donald J

    Trump Approves Major Disaster Declaration for Michigan

    WASHINGTON – FEMA announced that federal disaster assistance is available to the state of Michigan to supplement recovery efforts in the areas affected by the severe winter storm from March 28-30, 2025

    Public Assistance federal funding is available to the state, tribal and eligible local governments and certain private nonprofit organizations on a cost-sharing basis for emergency work and the repair and replacement of eligible facilities damaged by the severe winter storm in Alcona, Alpena, Antrim, Charlevoix, Cheboygan, Crawford, Emmet, Kalkaska, Mackinac, Montmorency, Oscoda, Otsego and Presque Isle counties and the Little Traverse Bay Bands of Odawa Indians

    Darrin Ricketts has been named as the Federal Coordinating Officer for federal recovery operations in the affected area

    Additional designations may be made at a later date if requested by the state and warranted by the results of further damage assessments

     
    amy

    ashbridge
    Wed, 07/23/2025 – 19:59

    MIL OSI USA News –

  • MIL-OSI USA: President Donald J. Trump Approves Major Disaster Declaration for Indiana

    Source: US Federal Emergency Management Agency

    Headline: President Donald J

    Trump Approves Major Disaster Declaration for Indiana

    President Donald J

    Trump Approves Major Disaster Declaration for Indiana

    WASHINGTON — FEMA announced that federal disaster assistance is available to the state of Indiana to supplement recovery efforts in the areas affected by severe storms, straight-line winds, tornadoes and flooding from March 30 – April 9, 2025

    Public Assistance federal funding is available to the state, tribal and eligible local governments and certain private nonprofit organizations on a cost-sharing basis for emergency work and the repair and replacement of facilities damaged by the severe storms, straight-line winds, tornadoes and flooding in Bartholomew, Brown, Clark, Crawford, Decatur, Floyd, Franklin, Greene, Harrison, Jefferson, Lawrence, Madison, Marshall, Martin, Montgomery, Morgan, Orange, Owen, Perry, Switzerland, Vanderburgh, Warrick and Washington counties

    Joseph P

    Cirone has been named as the Federal Coordinating Officer for federal recovery operations in the affected area

    Additional designations may be made at a later date if requested by the state and warranted by the results of further damage assessments

     
    erika

    suzuki
    Wed, 07/23/2025 – 20:01

    MIL OSI USA News –

  • MIL-OSI USA: NASA Sets Launch Coverage for Earth-Tracking NISAR Satellite

    Source: NASA

    NASA will provide live coverage of launch activities for NISAR (NASA-ISRO Synthetic Aperture Radar), which is set to lift off at 8:10 a.m. EDT (5:40 p.m. IST), Wednesday, July 30, from Satish Dhawan Space Centre on India’s southeastern coast.
    A collaboration between NASA and the Indian Space Research Organisation (ISRO), the first-of-its-kind satellite will lift off aboard an ISRO Geosynchronous Satellite Launch Vehicle on a mission to scan nearly all the Earth’s land and ice surfaces twice every 12 days.
    Watch live coverage of the launch on NASA+ and the agency’s YouTube channel. Learn how to watch NASA content through a variety of platforms, including social media.
    With its two radar instruments — an S-band system provided by ISRO and an L-band system provided by NASA — the NISAR mission will provide high-resolution data to help decision-makers, communities, and scientists monitor major infrastructure, agricultural fields, and movement of land and ice surfaces.
    Hailed as a critical part of a pioneering year for United States – India civil space cooperation by President Trump and Prime Minister Modi during their visit in Washington in February, the NISAR launch will advance U.S. – India cooperation and benefit the U.S. in areas such as agriculture and preparation and response to disasters like hurricanes, floods, and volcanic eruptions.
    NASA’s mission coverage is as follows (all times Eastern and subject to change based on real-time operations):
    Monday, July 28  
    12 p.m. – Prelaunch teleconference with the following participants:

    Karen St. Germain, director of Earth science, NASA Headquarters
    Gerald Bawden, NISAR program scientist, NASA Headquarters
    Shanna McClain, Disasters program manager, NASA Headquarters
    Phil Barela, NISAR project manager, NASA Jet Propulsion Laboratory (JPL)
    Marco Lavalle, NISAR deputy project scientist, NASA JPL

    The teleconference will stream on JPL’s YouTube Channel.
    Members of the media may ask questions via phone during the teleconference. To register, media must provide their name and affiliation by 4 p.m. on Sunday, July 27, to Rexana Vizza at: rexana.v.vizza@jpl.nasa.gov. Questions may also be asked via social media with the hashtag #AskNISAR.
    Wednesday, July 30
    7 a.m. – Launch coverage begins on NASA+ and YouTube.
    The launch broadcast begins from NASA’s Jet Propulsion Laboratory in Southern California, where the U.S. portion of the mission is managed.
    Follow launch events on NASA’s NISAR blog. 
    Watch, Engage on Social Media
    You can also stay connected by following and tagging these accounts:
    X: @NASA, @NASAEarth, @NASAJPL
    Facebook: NASA, NASA Earth, NASA JPL
    Instagram: @NASA, @NASAEarth, @NASAJPL
    Additional Resources
    The NISAR press kit features deeper dives into the mission as well as its science and technology.
    Explore NISAR videos as well as NISAR animations and b-roll media reel.
    The NISAR mission is the first joint satellite mission between NASA and ISRO, marking a new chapter in the growing collaboration between the two space agencies. The launch of NISAR, years in the making, builds on a strong heritage of successful programs, including Chandrayaan-1 and the recent Axiom Mission-4, which saw ISRO and NASA astronauts living and working together aboard the International Space Station for the first time.
    Learn more about the mission at:

    NISAR

    -end-
    Elizabeth Vlock / Karen FoxHeadquarters, Washington202-358-1600elizabeth.a.vlock@nasa.gov / karen.c.fox@nasa.gov
    Andrew Wang / Jane J. Lee Jet Propulsion Laboratory, Pasadena, Calif.626-379-6874 / 818-354-0307 andrew.wang@jpl.nasa.gov / jane.j.lee@jpl.nasa.gov

    MIL OSI USA News –

  • MIL-OSI: TransUnion Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    • Exceeded second quarter 2025 financial guidance across all key financial metrics
    • Delivered 9 percent organic constant currency revenue growth (10 percent reported) led by U.S. Financial Services
    • De-levered to 2.8x Leverage Ratio at quarter-end and repurchased $47 million shares through mid-July
    • Raising 2025 financial guidance, we now expect to deliver 6 to 7 percent revenue growth for the year on both a reported and organic constant currency basis

    CHICAGO, July 24, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended June 30, 2025.

    Second Quarter 2025 Results

    Revenue:

    • Total revenue for the quarter was $1,140 million, an increase of 10 percent (10 percent on a constant currency basis and 9 percent on an organic constant currency basis), compared with the second quarter of 2024.

    Earnings:

    • Net income attributable to TransUnion was $110 million for the quarter, compared with $85 million for the second quarter of 2024. Diluted earnings per share was $0.56, compared with $0.44 in the second quarter of 2024. Net income attributable to TransUnion margin was 9.6 percent, compared with 8.2 percent in the second quarter of 2024.
    • Adjusted Net Income was $213 million for the quarter, compared with $193 million for the second quarter of 2024. Adjusted Diluted Earnings per Share was $1.08, compared with $0.99 in the second quarter of 2024.
    • Adjusted EBITDA was $407 million for the quarter, compared with $377 million for the second quarter of 2024, an increase of 8 percent (8 percent on a constant currency basis). Adjusted EBITDA margin was 35.7 percent, compared with 36.2 percent in the second quarter of 2024.

    “In the second quarter, TransUnion delivered strong results that again exceeded financial guidance,” said Chris Cartwright, President and CEO. “U.S. Markets revenue grew 10 percent, led by Financial Services and Insurance. International grew 6 percent on an organic constant currency basis, with India accelerating to 8 percent growth and Canada and Africa delivering double-digit growth.”

    “We are raising our 2025 guidance, reflecting strong results in the first half of the year and ongoing business momentum, balanced against continuing market uncertainty. We now expect revenue growth of 6 to 7 percent.”

    “After the last several years of investment, we are now focused on execution and value creation. Through our transformation, we now have more and better solutions than ever. We are already seeing the emerging benefits of our accelerated pace of innovation and believe we are well-positioned to drive a generation of industry-leading growth.”

    Second Quarter 2025 Segment Results

    Segment revenue and Adjusted EBITDA for the second quarter of 2025, which includes the revenue from Monevo in Consumer Interactive and United Kingdom and the corresponding Adjusted EBITDA in U.S. Markets and International, and the related growth rates compared with the second quarter of 2024 were as follows:

    (in millions) Second
    Quarter 2025    		   Reported
    Growth Rate    		   Constant
    Currency
    Growth Rate    		   Organic
    Constant
    Currency
    Growth Rate
    U.S. Markets:              
    Financial Services $ 420   17 %   17 %   17 %
    Emerging Verticals   324   5 %   5 %   5 %
    Consumer Interactive   147   3 %   3 %   2 %
    Total U.S. Markets Revenue $ 890   10 %   10 %   10 %
                   
    U.S. Markets Adjusted EBITDA $ 337   7 %   7 %   7 %
                   
    International:              
    Canada $ 42   9 %   10 %   10 %
    Latin America   34   (1 )%   4 %   4 %
    United Kingdom   67   19 %   13 %   5 %
    Africa   18   15 %   14 %   14 %
    India   67   5 %   8 %   8 %
    Asia Pacific   24   (7 )%   (8 )%   (8 )%
    Total International Revenue $ 253   7 %   7 %   6 %
                   
    International Adjusted EBITDA $ 108   7 %   8 %   8 %
                           

    Liquidity and Capital Resources

    Cash and cash equivalents was $688 million at June 30, 2025 and $679 million at December 31, 2024.

    For the six months ended June 30, 2025, cash provided by operating activities was $344 million, compared with $349 million in 2024. The decrease in cash provided by operating activities was primarily due to higher income tax payments, the timing of accounts receivable collections and higher bonus payouts, mostly offset by improved operating performance and lower interest expense in 2025 compared with 2024. For the six months ended June 30, 2025, cash used in investing activities was $224 million, compared with $127 million in 2024. The increase in cash used in investing activities was primarily due to our acquisition of Monevo, a current year investment in a note receivable and an increase in capital expenditures. For the six months ended June 30, 2025, capital expenditures were $145 million, compared with $131 million in 2024. Capital expenditures as a percent of revenue represented 7% and 6%, respectively, for the six months ended June 30, 2025 and 2024. For the six months ended June 30, 2025, cash used in financing activities was $127 million, compared with $150 million in 2024. Cash used in financing activities was lower primarily due to higher debt repayments in 2024, partially offset by stock buybacks in 2025.

    Third Quarter and Full Year 2025 Outlook

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

        Three Months Ended September 30, 2025   Twelve Months Ended December 31, 2025
    (in millions, except per share data)   Low   High   Low   High
    Revenue, as reported   $ 1,115     $ 1,135     $ 4,432     $ 4,472  
    Revenue growth1:                
    As reported     3 %     5 %     6 %     7 %
    Constant currency1, 2     3 %     5 %     6 %     7 %
    Organic constant currency1, 3     2 %     4 %     6 %     7 %
                     
    Net income attributable to TransUnion   $ 78     $ 87     $ 412     $ 432  
    Net income attributable to TransUnion growth     14 %     28 %     45 %     52 %
    Net income attributable to TransUnion margin     7.0 %     7.7 %     9.3 %     9.7 %
                     
    Diluted Earnings per Share   $ 0.39     $ 0.44     $ 2.07     $ 2.18  
    Diluted Earnings per Share growth     13 %     27 %     43 %     51 %
                     
    Adjusted EBITDA, as reported5   $ 397     $ 411     $ 1,580     $ 1,610  
    Adjusted EBITDA growth, as reported4     1 %     4 %     5 %     7 %
    Adjusted EBITDA margin     35.6 %     36.2 %     35.7 %     36.0 %
                     
    Adjusted Diluted Earnings per Share5   $ 0.99     $ 1.04     $ 4.03     $ 4.14  
    Adjusted Diluted Earnings per Share growth   (5 )%     — %     3 %     6 %
    1. Additional revenue growth assumptions:
      1. The impact of changing exchange rates is expected to have less than 0.5 point of headwind for Q3 2025 and less than 0.5 point of headwind for FY 2025.
      2. The impact of the recent acquisition is expected to have approximately 1 point of benefit for Q3 2025 and approximately 0.5 point of benefit for FY 2025.
      3. The impact of mortgage is expected to be approximately 2 points of benefit for Q3 2025 and 2 points of benefit for FY 2025.
      4. Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
      5. Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions.
      6. Additional Adjusted EBITDA assumptions:
        1. The impact of changing foreign currency exchange rates is expected to have less than 0.5 point of headwind for Q3 2025 and less than 0.5 point of headwind for FY 2025.
        2. For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.

          3. Earnings Webcast Details

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

          About TransUnion (NYSE: TRU)

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

          http://www.transunion.com/business

          Availability of Information on TransUnion’s Website

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

          Forward-Looking Statements

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

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

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

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

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

        For More Information

        TRANSUNION AND SUBSIDIARIES
        Consolidated Balance Sheets (Unaudited)
        (in millions, except per share data)
         
            June 30,
        2025        		   December 31,
        2024
        Assets        
        Current assets:        
        Cash and cash equivalents   $ 687.5     $ 679.5  
        Trade accounts receivable, net of allowance of $27.4 and $19.9     895.9       798.9  
        Other current assets     322.3       323.4  
        Total current assets     1,905.7       1,801.8  
        Property, plant and equipment, net of accumulated depreciation and amortization of $536.4 and $506.3     228.5       203.5  
        Goodwill     5,256.7       5,144.3  
        Other intangibles, net of accumulated amortization of $2,522.2 and $2,294.5     3,238.7       3,257.5  
        Other assets     488.1       577.7  
        Total assets   $ 11,117.7     $ 10,984.8  
        Liabilities and stockholders’ equity        
        Current liabilities:        
        Trade accounts payable   $ 345.1     $ 294.6  
        Current portion of long-term debt     76.1       70.6  
        Other current liabilities     519.9       694.4  
        Total current liabilities     941.1       1,059.6  
        Long-term debt     5,060.4       5,076.6  
        Deferred taxes     370.7       415.3  
        Other liabilities     119.3       114.5  
        Total liabilities     6,491.5       6,666.0  
        Stockholders’ equity:        
        Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of June 30, 2025 and December 31, 2024, respectively     —       —  
        Common stock, $0.01 par value; 1.0 billion shares authorized at June 30, 2025 and December 31, 2024, 201.4 million and 201.5 million shares issued at June 30, 2025 and December 31, 2024, respectively, and 194.8 million and 194.9 million shares outstanding as of June 30, 2025 and December 31, 2024, respectively     2.0       2.0  
        Additional paid-in capital     2,600.7       2,558.9  
        Treasury stock at cost; 6.7 million and 6.6 million shares at June 30, 2025 and December 31, 2024, respectively     (342.0 )     (334.6 )
        Retained earnings     2,571.1       2,357.9  
        Accumulated other comprehensive loss     (311.6 )     (367.2 )
        Total TransUnion stockholders’ equity     4,520.2       4,217.0  
        Noncontrolling interests     106.0       101.8  
        Total stockholders’ equity     4,626.2       4,318.8  
        Total liabilities and stockholders’ equity   $ 11,117.7     $ 10,984.8  
        TRANSUNION AND SUBSIDIARIES
        Consolidated Statements of Operations (Unaudited)
        (in millions, except per share data)
         
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Revenue   $ 1,139.7     $ 1,040.8     $ 2,235.5     $ 2,062.0  
        Operating expenses                
        Cost of services (exclusive of depreciation and amortization below)     469.9       406.7       915.5       813.0  
        Selling, general and administrative     335.0       310.8       591.8       616.4  
        Depreciation and amortization     142.7       132.9       281.6       266.9  
        Restructuring     —       8.1       —       26.3  
        Total operating expenses     947.5       858.4       1,788.9       1,722.4  
        Operating income     192.2       182.4       446.6       339.6  
        Non-operating income and (expense)                
        Interest expense     (55.7 )     (67.9 )     (111.8 )     (136.5 )
        Interest income     8.8       6.7       17.3       12.1  
        Earnings from equity method investments     5.0       4.6       9.3       9.3  
        Other income and (expense), net     6.6       (5.1 )     (10.8 )     (20.8 )
        Total non-operating income and (expense)     (35.4 )     (61.7 )     (96.0 )     (135.9 )
        Income before income taxes     156.8       120.7       350.5       203.7  
        Provision for income taxes     (44.4 )     (31.0 )     (85.4 )     (44.1 )
        Net income     112.4       89.7       265.1       159.7  
        Less: net income attributable to noncontrolling interests     (2.8 )     (4.7 )     (7.4 )     (9.5 )
        Net income attributable to TransUnion   $ 109.6     $ 85.0     $ 257.7     $ 150.1  
                         
        Basic earnings per common share from:                
        Net income attributable to TransUnion   $ 0.56     $ 0.44     $ 1.32     $ 0.77  
        Diluted earnings per common share from:                
        Net income attributable to TransUnion   $ 0.56     $ 0.44     $ 1.31     $ 0.77  
        Weighted-average shares outstanding:                
        Basic     195.0       194.2       195.0       194.2  
        Diluted     197.2       195.2       197.2       195.3  

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

        TRANSUNION AND SUBSIDIARIES
        Consolidated Statements of Cash Flows (Unaudited)
        (in millions)
         
            Six Months Ended June 30,
              2025       2024  
        Cash flows from operating activities:        
        Net income   $ 265.1     $ 159.7  
        Adjustments to reconcile net income to net cash provided by operating activities:        
        Depreciation and amortization     281.6       266.9  
        Loss on repayment of loans     —       2.6  
        Deferred taxes     (54.1 )     (63.6 )
        Stock-based compensation     70.5       51.8  
        Other     29.1       19.5  
        Changes in assets and liabilities:        
        Trade accounts receivable     (98.4 )     (71.3 )
        Other current and long-term assets     8.0       45.1  
        Trade accounts payable     37.1       53.7  
        Other current and long-term liabilities     (195.1 )     (115.2 )
        Cash provided by operating activities     343.8       349.2  
        Cash flows from investing activities:        
        Capital expenditures     (145.4 )     (130.7 )
        Proceeds from sale/maturities of other investments     0.2       —  
        Investments in consolidated affiliates, net of cash acquired     (55.7 )     —  
        Investments in nonconsolidated affiliates and notes receivable     (25.0 )     (4.4 )
        Proceeds from the sale of investments in nonconsolidated affiliates     —       3.8  
        Other     2.2       4.8  
        Cash used in investing activities     (223.7 )     (126.5 )
        Cash flows from financing activities:        
        Proceeds from term loans     —       934.9  
        Repayments of term loans     —       (927.9 )
        Repayments of debt     (43.2 )     (99.4 )
        Debt financing fees     —       (13.5 )
        Dividends to shareholders     (45.1 )     (41.4 )
        Proceeds from issuance of common stock     10.5       12.4  
        Employee taxes paid on restricted stock units recorded as treasury stock     (7.4 )     (11.4 )
        Repurchase of common stock     (38.8 )     —  
        Distributions to noncontrolling interests     (3.3 )     (3.8 )
        Cash used in financing activities     (127.3 )     (150.1 )
        Effect of exchange rate changes on cash and cash equivalents     15.2       (5.6 )
        Net change in cash and cash equivalents     8.0       67.0  
        Cash and cash equivalents, beginning of period     679.5       476.2  
        Cash and cash equivalents, end of period   $ 687.5     $ 543.2  

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


        TRANSUNION AND SUBSIDIARIES
        Non-GAAP Financial Measures

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

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

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

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

        Consolidated Adjusted EBITDA

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

        • Net interest expense is the sum of interest expense and interest income as reported on our Consolidated Statements of Operations.
        • Provision for income taxes, as reported on our Consolidated Statements of Operations.
        • Depreciation and amortization, as reported on our Consolidated Statements of Operations.
        • Stock-based compensation is used as an incentive to engage and retain our employees. It is predominantly a non-cash expense. We exclude stock-based compensation because it may not correlate to the underlying performance of our business operations during the period since it is measured at the grant date fair value and it is subject to variability as a result of performance conditions and timing of grants. These expenses are reported within cost of services and selling, general and administrative on our Consolidated Statements of Operations.
        • Operating model optimization program represents employee separation costs, facility lease exit costs and other business process optimization expenses incurred in connection with the transformation plan discussed further in “Results of Operations – Factors Affecting Our Results of Operations” in our Quarterly Report on Form 10-Q for the three months ended June 30, 2025. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business. Further, these costs will vary and may not be comparable during the transformation initiative as we progress toward an optimized operating model. These costs are reported primarily in restructuring and selling, general and administrative on our Consolidated Statements of Operations.
        • Accelerated technology investment includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar’s capabilities to enhance and complement our cloud-based technology already under development as part of Project Rise. As a result, we extended Project Rise’s timeline to 2024 and increased the total estimated cost to approximately $240 million. In November 2023, we announced our plans to further leverage Neustar’s technology to standardize and streamline our product delivery platforms and to build a single global platform for fulfillment of our product lines. The additional investment is expected to be approximately $90 million during 2024 and 2025 and represents the final phase of the technology investment in our global technology infrastructure and core customer applications. We expect that the accelerated technology investment will fundamentally transform our technology infrastructure by implementing a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance and enable a continuous improvement approach to avoid the need for another major technology overhaul in the foreseeable future. The unique effort to build a secure, reliable and performant hybrid cloud infrastructure requires us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current on-premise environment by maintaining our existing technology team to ensure no disruptions to our customers. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur after the program has been completed and are not representative of our underlying operating performance. Therefore, we believe that excluding these costs from our non-GAAP measures provides a better reflection of our ongoing cost structure. These costs are primarily reported in cost of services and therefore do not include amounts that are capitalized as internally developed software.
        • Mergers and acquisitions, divestitures and business optimization expenses are non-recurring expenses associated with specific transactions (exploratory or executed) and consist of (i) transaction and integration costs, (ii) post-acquisition adjustments to contingent consideration or to assets and liabilities that occurred after the acquisition measurement period, (iii) fair value and impairment adjustments related to investments and call and put options, including gains or losses on a step acquisition, (iv) transition services agreement income, and (v) a loss on disposal of a business. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These expenses are reported in costs of services, selling, general and administrative and other income and (expenses), net, on our Consolidated Statements of Operations.
        • Net other adjustments principally relate to: (i) deferred loan fee expense from debt prepayments and refinancing, (ii) currency remeasurement on foreign operations, (iii) other debt financing expenses consisting primarily of revolving credit facility deferred financing fee amortization and commitment fees and expenses associated with ratings agencies and interest rate hedging, (iv) certain legal and regulatory expenses, net, and (v) other non-operating (income) expense. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business and create variability between periods based on the nature and timing of the expense or income. These costs are reported in selling, general and administrative and in non-operating income and expense, net as applicable based on their nature on our Consolidated Statements of Operations.

        Consolidated Adjusted EBITDA Margin

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

        Adjusted Net Income

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

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

        Adjusted Diluted Earnings Per Share

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

        Adjusted Provision for Income Taxes

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

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

        Adjusted Effective Tax Rate

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

        Leverage Ratio

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

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

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

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

        SCHEDULE 1
        TRANSUNION AND SUBSIDIARIES
        Revenue and Adjusted EBITDA growth rates as Reported, CC, and Organic CC
        (Unaudited)
         
            For the Three Months Ended June 30, 2025 compared with
        the Three Months Ended June 30, 2024        		   For the Six Months Ended June 30, 2025 compared with
        the Six Months Ended June 30, 2024
            Reported   CC Growth1   Inorganic   Organic CC Growth2   Reported   CC Growth1   Inorganic   Organic CC Growth2
        Revenue:                                
        Consolidated   9.5 %   9.5 %   0.7 %   8.9 %   8.4 %   8.8 %   0.3 %   8.5 %
        U.S. Markets   10.0 %   10.0 %   0.3 %   9.8 %   9.3 %   9.3 %   0.1 %   9.2 %
        Financial Services   17.1 %   17.1 %   — %   17.1 %   15.9 %   15.9 %   — %   15.9 %
        Emerging Verticals   4.9 %   4.9 %   — %   4.9 %   5.4 %   5.4 %   — %   5.4 %
        Consumer Interactive   3.3 %   3.3 %   1.5 %   1.8 %   1.3 %   1.3 %   0.7 %   0.5 %
        International   7.4 %   7.4 %   2.0 %   5.5 %   4.9 %   6.7 %   1.0 %   5.7 %
        Canada   9.0 %   10.5 %   — %   10.5 %   4.8 %   8.7 %   — %   8.7 %
        Latin America   (1.0 )%   4.0 %   — %   4.0 %   (0.8 )%   5.5 %   — %   5.5 %
        United Kingdom   18.7 %   12.6 %   8.4 %   4.6 %   13.8 %   11.0 %   4.3 %   7.0 %
        Africa   15.0 %   13.7 %   — %   13.7 %   13.5 %   11.7 %   — %   11.7 %
        India   4.8 %   7.6 %   — %   7.6 %   0.5 %   4.0 %   — %   4.0 %
        Asia Pacific   (6.8 )%   (7.7 )%   — %   (7.7 )%   — %   — %   — %   — %
                                         
        Adjusted EBITDA:                                
        Consolidated   8.1 %   8.3 %   — %   8.3 %   9.4 %   10.2 %   — %   10.2 %
        U.S. Markets   6.8 %   6.8 %   — %   6.8 %   9.4 %   9.4 %   — %   9.4 %
        International   7.2 %   8.0 %   — %   7.9 %   4.9 %   7.6 %   — %   7.6 %
        1. Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
        2. Organic CC growth rate is the CC growth rate less the inorganic growth rate.
        SCHEDULE 2
        TRANSUNION AND SUBSIDIARIES
        Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin (Unaudited)
        (dollars in millions)
         
          Three Months Ended June 30,   Six Months Ended June 30,
            2025       2024       2025       2024  
        Revenue:              
        U.S. Markets gross revenue              
        Financial Services $ 419.9     $ 358.7     $ 823.5     $ 710.4  
        Emerging Verticals   323.6       308.5       638.5       606.0  
        Consumer Interactive   146.9       142.1       285.1       281.5  
        U.S. Markets gross revenue $ 890.4     $ 809.3     $ 1,747.0     $ 1,597.8  
                       
        International gross revenue              
        Canada $ 42.3     $ 38.8     $ 80.1     $ 76.5  
        Latin America   34.1       34.5       66.9       67.4  
        United Kingdom   67.2       56.6       126.1       110.8  
        Africa   18.2       15.8       35.1       30.9  
        India   66.6       63.5       135.3       134.6  
        Asia Pacific   24.5       26.2       51.5       51.5  
        International gross revenue $ 252.9     $ 235.4     $ 495.0     $ 471.7  
                       
        Total gross revenue $ 1,143.2     $ 1,044.7     $ 2,242.1     $ 2,069.6  
                       
        Intersegment revenue eliminations              
        U.S. Markets $ (1.9 )   $ (2.4 )   $ (3.5 )   $ (4.7 )
        International   (1.6 )     (1.5 )     (3.1 )     (3.0 )
        Total intersegment revenue eliminations $ (3.5 )   $ (3.9 )   $ (6.6 )   $ (7.6 )
                       
        Total revenue as reported $ 1,139.7     $ 1,040.8     $ 2,235.5     $ 2,062.0  
                       
        Adjusted EBITDA:              
        U.S. Markets $ 337.2     $ 315.8     $ 657.4     $ 600.9  
        International   108.0       100.8       217.8       207.6  
        Corporate   (38.2 )     (40.0 )     (71.0 )     (73.8 )
        Adjusted EBITDA Margin:1              
        U.S. Markets   37.9 %     39.0 %     37.6 %     37.6 %
        International   42.7 %     42.8 %     44.0 %     44.0 %
        1. Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA.
          Three Months Ended June 30,   Six Months Ended June 30,
            2025       2024       2025       2024  
        Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA:              
        Net income attributable to TransUnion $ 109.6     $ 85.0     $ 257.7     $ 150.1  
        Net interest expense   47.0       61.2       94.5       124.4  
        Provision for income taxes   44.4       31.0       85.4       44.1  
        Depreciation and amortization   142.7       132.9       281.6       266.9  
        EBITDA $ 343.7     $ 310.1     $ 719.2     $ 585.4  
        Adjustments to EBITDA:              
        Stock-based compensation   40.2       27.8       70.5       51.9  
        Mergers and acquisitions, divestitures and business optimization1   (4.6 )     0.7       13.2       9.8  
        Accelerated technology investment2   23.2       18.2       43.3       36.8  
        Operating model optimization program3   5.4       14.6       15.2       39.1  
        Net other4   (0.8 )     5.2       (57.3 )     11.7  
        Total adjustments to EBITDA $ 63.3     $ 66.5     $ 85.0     $ 149.3  
        Consolidated Adjusted EBITDA $ 407.0     $ 376.6     $ 804.1     $ 734.7  
                       
        Net income attributable to TransUnion margin   9.6 %     8.2 %     11.5 %     7.3 %
        Consolidated Adjusted EBITDA margin5   35.7 %     36.2 %     36.0 %     35.6 %

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

          1. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Transaction and integration costs   $ 2.9     $ 1.2     $ 8.2     $ 3.4  
        Fair value and impairment adjustments     (7.6 )     0.7       5.0       0.8  
        Post-acquisition adjustments     —       (1.2 )     —       5.7  
        Total mergers and acquisitions, divestitures and business optimization   $ (4.6 )   $ 0.7     $ 13.2     $ 9.8  
          2. Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Foundational Capabilities   $ 4.2     $ 8.3     $ 11.7     $ 15.0  
        Migration Management     19.0       8.7       31.6       18.8  
        Program Enablement     —       1.2       —       2.9  
        Total accelerated technology investment   $ 23.2     $ 18.2     $ 43.3     $ 36.8  
          3. Operating model optimization consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Employee separation   $ —     $ 7.9     $ —     $ 24.6  
        Facility exit     —       0.2       —       1.7  
        Business process optimization     5.4       6.5       15.2       12.8  
        Total operating model optimization   $ 5.4     $ 14.6     $ 15.2     $ 39.1  
          4. Net other consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Deferred loan fee expense from debt prepayments and refinancing   $ —     $ 6.0     $ (0.1 )   $ 9.1  
        Other debt financing expenses     0.6       0.6       1.1       1.1  
        Currency remeasurement on foreign operations     (1.5 )     (1.3 )     (2.1 )     1.3  
        Legal and regulatory expenses, net     —       —       (56.0 )     —  
        Other non-operating (income) expense     0.2       (0.1 )     (0.1 )     0.2  
        Total other adjustments   $ (0.8 )   $ 5.2     $ (57.3 )   $ 11.7  
          5. Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.
        SCHEDULE 3
        TRANSUNION AND SUBSIDIARIES
        Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited)
        (in millions, except per share data)
         
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Income attributable to TransUnion   $ 109.6     $ 85.0     $ 257.7     $ 150.1  
                         
        Weighted-average shares outstanding:                
        Basic     195.0       194.2       195.0       194.2  
        Diluted     197.2       195.2       197.2       195.3  
                         
        Basic earnings per common share from:                
        Net income attributable to TransUnion   $ 0.56     $ 0.44     $ 1.32     $ 0.77  
        Diluted earnings per common share from:                
        Net income attributable to TransUnion   $ 0.56     $ 0.44     $ 1.31     $ 0.77  
                         
        Reconciliation of Net income attributable to TransUnion to Adjusted Net Income:                
        Net income attributable to TransUnion   $ 109.6     $ 85.0     $ 257.7     $ 150.1  
        Adjustments before income tax items:                
        Amortization of certain intangible assets1     73.1       71.3       143.9       143.3  
        Stock-based compensation     40.2       27.8       70.5       51.9  
        Mergers and acquisitions, divestitures and business optimization2     (4.6 )     0.7       13.2       9.8  
        Accelerated technology investment3     23.2       18.2       43.3       36.8  
        Operating model optimization program4     5.4       14.6       15.2       39.1  
        Net other5     (1.5 )     4.8       (58.2 )     10.7  
        Total adjustments before income tax items   $ 135.6     $ 137.4     $ 227.9     $ 291.6  
        Total adjustments for income taxes6     (32.1 )     (29.4 )     (64.8 )     (69.7 )
        Adjusted Net Income   $ 213.1     $ 193.0     $ 420.7     $ 372.0  
                         
        Weighted-average shares outstanding:                
        Basic     195.0       194.2       195.0       194.2  
        Diluted     197.2       195.2       197.2       195.3  
                         
        Adjusted Earnings per Share:                
        Basic   $ 1.09     $ 0.99     $ 2.16     $ 1.92  
        Diluted   $ 1.08     $ 0.99     $ 2.13     $ 1.90  
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Reconciliation of Diluted earnings per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share:                
        Diluted earnings per common share from:                
        Net income attributable to TransUnion   $ 0.56     $ 0.44     $ 1.31     $ 0.77  
        Adjustments before income tax items:                
        Amortization of certain intangible assets1     0.37       0.37       0.73       0.73  
        Stock-based compensation     0.20       0.14       0.36       0.27  
        Mergers and acquisitions, divestitures and business optimization2     (0.02 )     —       0.07       0.05  
        Accelerated technology investment3     0.12       0.09       0.22       0.19  
        Operating model optimization program4     0.03       0.08       0.08       0.20  
        Net other5     (0.01 )     0.02       (0.30 )     0.05  
        Total adjustments before income tax items   $ 0.69     $ 0.70     $ 1.16     $ 1.49  
        Total adjustments for income taxes6     (0.16 )     (0.15 )     (0.33 )     (0.36 )
        Adjusted Diluted Earnings per Share   $ 1.08     $ 0.99     $ 2.13     $ 1.90  

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

          1. Consists of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisitions after our 2012 change-in-control transaction.
          2. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Transaction and integration costs   $ 2.9     $ 1.2     $ 8.2     $ 3.4  
        Fair value and impairment adjustments     (7.6 )     0.7       5.0       0.8  
        Post-acquisition adjustments     —       (1.2 )     —       5.7  
        Total mergers and acquisitions, divestitures and business optimization   $ (4.6 )   $ 0.7     $ 13.2     $ 9.8  
          3. Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Foundational Capabilities   $ 4.2     $ 8.3     $ 11.7     $ 15.0  
        Migration Management     19.0       8.7       31.6       18.8  
        Program Enablement     —       1.2       —       2.9  
        Total accelerated technology investment   $ 23.2     $ 18.2     $ 43.3     $ 36.8  
          4. Operating model optimization consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Employee separation   $ —     $ 7.9     $ —     $ 24.6  
        Facility exit     —       0.2       —       1.7  
        Business process optimization     5.4       6.5       15.2       12.8  
        Total operating model optimization   $ 5.4     $ 14.6     $ 15.2     $ 39.1  
          5. Net other consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Deferred loan fee expense from debt prepayments and refinancing   $ —     $ 6.0     $ (0.1 )   $ 9.1  
        Currency remeasurement on foreign operations     (1.5 )     (1.3 )     (2.1 )     1.3  
        Legal and regulatory expenses, net     —       —       (56.0 )     —  
        Other non-operating (income) and expense     —       0.1       —       0.3  
        Total other adjustments   $ (1.5 )   $ 4.8     $ (58.2 )   $ 10.7  
          6. Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.
        SCHEDULE 4
        TRANSUNION AND SUBSIDIARIES
        Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate (Unaudited)
        (dollars in millions)
         
          Three Months Ended June 30,   Six Months Ended June 30,
            2025       2024       2025       2024  
        Income before income taxes $ 156.8     $ 120.7     $ 350.5     $ 203.7  
        Total adjustments before income tax items from Schedule 3   135.6       137.4       227.9       291.6  
        Adjusted income before income taxes $ 292.4     $ 258.1     $ 578.5     $ 495.3  
                       
        Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes:              
        Provision for income taxes   (44.4 )     (31.0 )     (85.4 )     (44.1 )
        Adjustments for income taxes:              
        Tax effect of above adjustments   (33.0 )     (31.7 )     (65.3 )     (66.7 )
        Eliminate impact of excess tax expense for stock-based compensation   (0.2 )     (0.1 )     0.3       0.9  
        Other1   1.1       2.5       0.2       (4.0 )
        Total adjustments for income taxes $ (32.1 )   $ (29.4 )   $ (64.8 )   $ (69.7 )
        Adjusted Provision for Income Taxes $ (76.5 )   $ (60.4 )   $ (150.3 )   $ (113.8 )
                       
        Effective tax rate   28.3 %     25.7 %     24.4 %     21.6 %
        Adjusted Effective Tax Rate   26.2 %     23.4 %     26.0 %     23.0 %

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

          1. Other adjustments for income taxes include:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Deferred tax adjustments   $ (2.9 )   $ —     $ (7.4 )   $ (5.2 )
        Valuation allowance adjustments     (0.7 )     —       1.5       0.2  
        Return to provision, audit adjustments and reserves related to prior periods     3.9       3.3       4.9       2.3  
        Other adjustments     0.8       (0.8 )     1.2       (1.3 )
        Total other adjustments   $ 1.1     $ 2.5     $ 0.2     $ (4.0 )
        SCHEDULE 5
        TRANSUNION AND SUBSIDIARIES
        Leverage Ratio (Unaudited)
        (dollars in millions)
         
            Trailing Twelve Months Ended
        June 30, 2025
        Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA:    
        Net income attributable to TransUnion   $ 391.9  
        Net interest expense     206.8  
        Provision for income taxes     140.2  
        Depreciation and amortization     552.5  
        EBITDA   $ 1,291.4  
        Adjustments to EBITDA:    
        Stock-based compensation   $ 139.9  
        Mergers and acquisitions, divestitures and business optimization1     29.9  
        Accelerated technology investment2     90.8  
        Operating model optimization program3     71.0  
        Net other4     (47.2 )
        Total adjustments to EBITDA   $ 284.3  
        Consolidated Adjusted EBITDA     1,575.7  
        Adjusted EBITDA for Pre-Acquisition Period5     1.7  
        Leverage Ratio Adjusted EBITDA   $ 1,577.4  
             
        Total debt   $ 5,136.5  
        Less: Cash and cash equivalents     687.5  
        Net Debt   $ 4,449.0  
             
        Ratio of Net Debt to Net income attributable to TransUnion     11.4  
        Leverage Ratio     2.8  

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

          1. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
            Trailing Twelve Months Ended
        June 30, 2025
        Transaction and integration costs   $ 16.0  
        Fair value and impairment adjustments     12.6  
        Post-acquisition adjustments     1.3  
        Total mergers and acquisitions, divestitures and business optimization   $ 29.9  
          2. Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
            Trailing Twelve Months Ended
        June 30, 2025
        Foundational Capabilities   $ 32.3  
        Migration Management     55.9  
        Program Enablement     2.5  
        Total accelerated technology investment   $ 90.8  
          3. Operating model optimization consisted of the following adjustments:
            Trailing Twelve Months Ended
        June 30, 2025
        Employee separation   $ —  
        Facility exit     40.5  
        Business process optimization     30.5  
        Total operating model optimization   $ 71.0  
          4. Net other consisted of the following adjustments:
            Trailing Twelve Months Ended
        June 30, 2025
        Deferred loan fee expense from debt prepayments and refinancings   $ 8.6  
        Other debt financing expenses     2.3  
        Currency remeasurement on foreign operations     (1.3 )
        Legal and regulatory expenses, net     (56.0 )
        Other non-operating (income) and expense     (0.8 )
        Total other adjustments   $ (47.2 )
          5. The trailing twelve months ended June 30, 2025 includes the nine months of Adjusted EBITDA related to Monevo prior to our acquisition in April 2025.
        SCHEDULE 6
        TRANSUNION AND SUBSIDIARIES
        Segment Depreciation and Amortization (Unaudited)
        (in millions)
         
          Three Months Ended June 30,   Six Months Ended June 30,
            2025         2024     2025       2024  
                       
        U.S. Markets $ 105.2     $   99.4   $ 206.4     $ 200.1  
        International   36.6         32.5     73.2       64.7  
        Corporate   0.9         1.0     2.0       2.0  
        Total depreciation and amortization $ 142.7     $   132.9   $ 281.6     $ 266.9  

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

        SCHEDULE 7
        TRANSUNION AND SUBSIDIARIES
        Reconciliation of Non-GAAP Guidance (Unaudited)
        (in millions, except per share data)
         
          Three Months Ended September 30, 2025   Twelve Months Ended December 31, 2025
          Low   High   Low   High
        Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA:              
        Net income attributable to TransUnion $ 78     $ 87     $ 412     $ 432  
        Interest, taxes and depreciation and amortization   235       239       931       940  
        EBITDA $ 312     $ 326     $ 1,342     $ 1,372  
        Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments1   85       85       238       238  
        Adjusted EBITDA $ 397     $ 411     $ 1,580     $ 1,610  
                       
        Net income attributable to TransUnion margin   7.0 %     7.7 %     9.3 %     9.7 %
        Consolidated Adjusted EBITDA margin2   35.6 %     36.2 %     35.7 %     36.0 %
                       
        Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:              
        Diluted earnings per share $ 0.39     $ 0.44     $ 2.07     $ 2.18  
        Adjustments to diluted earnings per share1   0.60       0.60       1.96       1.96  
        Adjusted Diluted Earnings per Share $ 0.99     $ 1.04     $ 4.03     $ 4.14  

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

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

        The MIL Network –

  • India’s banking sector slated for key turnaround in Q3: Report

    Source: Government of India

    Source: Government of India (4)

    The third quarter (Q3) of FY26 is likely to mark a turning point for India’s banking sector, as net interest margins (NIMs) are expected to stabilise and earnings begin to recover, a new report said on Thursday.

    This positive outlook is supported by easing funding costs, the upcoming reduction in the Cash Reserve Ratio (CRR), and normalisation of credit costs, according to data compiled by Motilal Oswal Financial Services.

    As part of this recovery, private sector banks are showing impressive resilience in maintaining lending yields despite multiple repo rate cuts by the Reserve Bank of India (RBI).

    The report highlights that private banks have been able to raise their spreads on fresh loans — helping them protect profitability in a low-rate environment.

    In May 2025, the weighted average lending rate (WALR) on fresh loans for private banks rose by 7 basis points month-on-month, the report stated.

    This increase reflects strong pricing strategies and credit demand. The spread on fresh rupee loans over the repo rate for private banks has reached its highest level since August 2022 — now at 415 basis points.

    This indicates that the lenders are not only navigating the policy changes effectively but also maintaining healthy margins through strategic loan repricing.

    Private banks also outperformed in terms of WALR on outstanding loans. While the system-wide WALR on outstanding loans fell slightly to 9.67 per cent in May, private lenders saw a 2 basis point increase — bucking the trend.

    On the funding side, deposit rates are beginning to decline gradually. The weighted average term deposit rate (WATDR) for private banks slipped slightly to 7.19 per cent in May, with further reductions expected as banks implement savings and term deposit rate cuts ranging from 20 to 100 basis points.

    The full benefit of these reductions is likely to materialise in the second half of the fiscal year — easing funding pressures, as per the report.

    According to Motilal Oswal, while NIMs may remain under pressure in the near term, they are expected to bottom out by the second or third quarter of FY26.

    The planned phased CRR cut from September 2025 is expected to inject about Rs 2.5 lakh crore of durable liquidity into the banking system — further supporting margin recovery.

    Credit costs are also expected to decline as asset quality stabilises, particularly in the retail and microfinance segments.

    “This improvement will further support the earnings recovery anticipated in the latter half of FY26,” the report added.

    (IANS)

  • MIL-OSI United Nations: 24 July 2025 Departmental update WHO and UNODC release landmark report on contaminated medicines, urging action to protect patients from preventable harm

    Source: World Health Organisation

    The World Health Organization (WHO) and the United Nations Office on Drugs and Crime (UNODC) have jointly released a landmark report unveiling critical findings on the persistent and preventable threat of contaminated medicines which claimed the lives and compromised the health of countless patients, predominantly children, through the ingestion of medicines with dangerously high levels of toxic chemicals.

    Over the past 90 years, at least 25 documented incidents of excipient contamination have resulted in more than 1300 deaths worldwide, many of them children. These incidents occur often due to systemic vulnerabilities in the global supply chain of pharmaceutical excipients, and they have disproportionately affected people in low- and middle-income countries (LMICs), where regulatory oversight and access to quality-assured medicines may be limited.

    Titled “Contaminated medicines and integrity of the pharmaceutical excipients supply chain”, the report highlights a tragic and ongoing public health crisis: the contamination of medicines with industrial-grade toxic chemicals, notably diethylene glycol (DEG) and ethylene glycol (EG).

    These substances are used as industrial solvents and antifreeze agents but can cause severe health issues and be fatal if ingested, even in small amounts, especially for children. They are often illegally substituted for pharmaceutical-grade excipients such as propylene glycol, glycerin, and sorbitol—ingredients used in the formulation of medicines, including cough and paracetamol syrups.

    Since October 2022, WHO has issued 7 Medical Product Alerts concerning multiple batches of contaminated liquid oral medicines, many of which were marketed for paediatric use and exported widely to LMIC. WHO also issued 2 Alerts concerning falsified bulk chemicals masquerading as pharmaceutical quality excipients.

    Following a particularly serious case in The Gambia, in which at least 66 children lost their lives, attention was once again focused on this issue. The case in The Gambia was quickly followed by similar incidents in Indonesia and Uzbekistan with a further 268 reported deaths and two further WHO Medical Product Alerts.

    Most of the recent cases involve inexpensive oral liquid medicines that can be bought without a prescription.  In most cases these medicines were marketed specifically for children and are registered medicines available in pharmacies, medicine stores or informal street markets.

    Key findings

    The report reveals how criminal networks exploit market volatility and regulatory gaps to introduce toxic substitutes into the supply chain. Key findings include:

    • The use of falsified labels and substitution of toxic chemicals for legitimate excipients such as propylene glycol.
    • The marketing of falsified excipients via online platforms, including e-commerce and social media.
    • A lack of regulatory oversight for manufacturers and distributors of high-risk excipients.
    • Deficiencies in post-market surveillance and enforcement mechanisms in both manufacturing and importing countries.
    • Intentional criminal conduct, including deliberate falsification of excipients and documentation, contributing directly to multiple contamination incidents.
    • Inadequate coordination and capacity among regulatory, customs and law enforcement authorities hindering timely investigations and prosecutions in some jurisdictions.

    Call to action

    The report calls for urgent global action to close regulatory gaps, strengthen oversight of excipient supply chains and protect all populations, especially the most vulnerable such as children, from preventable and deadly poisoning.

    WHO has long played a central and proactive role in preventing, detecting, and responding to substandard and falsified medical products. This report reinforces the critical importance of strong and effective medicines regulatory systems to ensure access to safe, effective and quality-assured products.

    Complementing this public health perspective, UNODC highlights the criminal dimension of the issue, documenting how organized criminal groups falsify documentation, substitute industrial-grade chemicals and exploit digital platforms to illegally infiltrate the global pharmaceutical supply chain with toxic and unregulated substances. Its contribution underscores the importance of criminal justice responses in parallel to regulatory action.

    The report underscores the need for:

    • Improved regulatory frameworks and enforcement mechanisms.
    • Enhanced compliance by manufacturers and distributors.
    • Greater transparency and traceability in the excipient supply chain.
    • Stronger collaboration between health authorities, law enforcement and the private sector.
    • Closer collaboration and timely information exchange between regulatory authorities, law enforcement and customs to support investigations and prosecutions.
    • Greater enforcement of existing laws, including the application of sanctions in cases of critical non-compliance with regulations related to contaminated excipients.
    • Improved investigation quality and prosecutorial capacity to address intentional acts of contamination and falsification of pharmaceutical excipients.
    • Strengthened post-market surveillance mechanisms to detect and respond to incidents with potential criminal dimensions.
    • Enhanced legal and operational frameworks to address the deliberate falsification of labels, certificates of analysis and excipient composition.

    In many cases, contaminated medicines are the result of intentional criminal conduct. Addressing this threat requires coordinated efforts by all stakeholders, including law enforcement agencies, customs officials, prosecutors and anti-corruption bodies. The report calls for greater cross-border cooperation, investigative capacity and the use of international legal instruments such as the United Nations Convention against Transnational Organized Crime (UNTOC).

    WHO and UNODC urge Member States, national regulatory authorities, criminal justice actors, law enforcement agencies, pharmaceutical manufacturers and excipient distributors to take immediate decisive action to prevent further avoidable tragedies. Failure to act now risks condemning future generations of children to the same unacceptable and avoidable harms.

    A collaborative effort grounded in global partnership

    This report is the result of a collaborative effort involving national regulatory authorities (NRAs) and global health partners. Its development was made possible through the generous support of the Fleming Fund and the Gates Foundation.

    WHO and UNODC extend their sincere appreciation to all stakeholders who contributed to this important work, particularly the NRAs of The Gambia, Indonesia and Pakistan, whose experiences and insights were instrumental in shaping the report’s findings.

    MIL OSI United Nations News –

  • MIL-OSI Asia-Pac: Tenders invited for licence of fee-paying public car park at Chai Wan Municipal Services Building

    Source: Hong Kong Government special administrative region – 4

         The Government Property Agency (GPA) is inviting tenders for a three-year licence of a fee-paying public car park on portions of Basement Two and a portion of Basement One of Chai Wan Municipal Services Building, 338 Chai Wan Road, Chai Wan, Hong Kong.

         The premises should only be used to operate a fee-paying public car park for the parking of private cars and motor cycles.

         The tender notice was uploaded today (July 24) to the GPA Property Portal: www.gpaproperty.gov.hk/en/index.html. Tender documents are available for collection at the GPA, 9/F, South Tower, West Kowloon Government Offices, 11 Hoi Ting Road, Yau Ma Tei, Kowloon, during the period from 9am to 6pm from Monday to Friday, except public holidays. The documents can also be downloaded from the GPA Property Portal.

         Interested tenderers who wish to conduct a site inspection of the premises should make a prior appointment with the GPA by calling 3842 6775 by August 6.

         Tenderers must submit their tenders by placing them in the Government Logistics Department Tender Box placed on the Ground Floor, North Point Government Offices, 333 Java Road, North Point, Hong Kong, before noon on August 14. Late tenders will not be accepted.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Housing Authority awards completion contract

    Source: Hong Kong Government special administrative region – 4

    The following is issued on behalf of the Hong Kong Housing Authority:
     
         The Hong Kong Housing Authority’s Building Committee and Tender Committee today (July 24) approved the award of the completion contract for construction of the Public Housing Development at Tung Chung Area 100, the Public Housing Development at Tuen Mun Area 29 West and the underground link of Pak Tin Estate redevelopment Phase 10. These three projects were previously carried out by Aggressive Construction Company Limited. The remaining works will be taken up by China Overseas Building Construction Limited.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Hospital Authority announces senior appointments (with photos)

    Source: Hong Kong Government special administrative region – 4

    The following is issued on behalf of the Hospital Authority:

         The Hospital Authority (HA) spokesperson announced the following senior appointments today (July 24):

         Dr Terry Lau Chu-leung will be appointed as Hospital Chief Executive (HCE) of Pok Oi Hospital (POH) and Tin Shui Wai Hospital (TSWH) with effect from August 1, succeeding Dr Chong Yee-hung upon his retirement.

         Dr Lau, currently the Deputising HCE of POH and Chief of Service (Accident & Emergency) of POH, TSWH and Tuen Mun Hospital in the New Territories West Cluster (NTWC), is a specialist in emergency medicine by background. Since 2021, he has also served as the Deputy HCE of POH, demonstrating a proven track record in enhancing operational efficiency and clinical outcomes. Under his leadership, the NTWC Accident & Emergency Department has achieved a sustained low medical admission rate over the past seven years with a 25 per cent reduction in admissions while maintaining a zero access block. As the cluster co-ordinator for the Pilot Scheme for Direct Cross-boundary Ambulance Transfer in the Greater Bay Area, Dr Lau has effectively managed cases of transfer of patients through smooth processing and strong collaboration with multiple stakeholders.

         Dr Simon Tang Yiu-hang will be appointed as Cluster Chief Executive of New Territories East Cluster and HCE of Prince of Wales Hospital with effect from August 25.

         Dr Tang, a specialist in emergency medicine by background, is a seasoned senior executive with extensive experience in management positions at both the corporate and cluster levels. As the Director of Cluster Services at the HA Head Office since 2022, he has achieved significant outcomes across diverse areas, such as the establishment of the Global Healthcare Professional Recruitment Centre to attract non-locally trained doctors and nurses to the HA, the implementation of new procurement strategies which effectively reduced costs in purchasing medical equipment and drugs, and the acceleration of new drug enlistments into the HA Drug Formulary and safety net.

         During the COVID-19 epidemic, Dr Tang played a key leading role in combating the disease by chairing daily morning meetings in the HA to ensure optimal allocation of treatment facilities for patients. He also spearheaded the establishment of the HA TeleHealth platform and drug delivery services to enhance healthcare service accessibility during critical periods.

         The Chairman of the HA, Mr Henry Fan, and the Chief Executive of the HA, Dr Tony Ko, congratulate Dr Lau and Dr Tang on their new appointments and wish them every success in taking up the new roles. Mr Fan and Dr Ko also express their appreciation to Dr Chong for his dedicated service over the years and wish him a happy retirement.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Latest situation of Shek O Beach

    Source: Hong Kong Government special administrative region – 4

    Attention TV/radio announcers:

    Please broadcast the following as soon as possible:

    Here is an item of interest to swimmers.

    The Leisure and Cultural Services Department announced today (July 24) that the shark prevention net at Shek O Beach in Southern District, Hong Kong Island, has been repaired, and the beach is reopened.

    The beach was temporarily closed earlier for shark prevention net maintenance work.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Guangdong, Hong Kong, Macao Health, Animal and Plant Quarantine and Food Safety Control Meeting 2025 held online

    Source: Hong Kong Government special administrative region – 4

    The Guangdong, Hong Kong, Macao Health, Animal and Plant Quarantine and Food Safety Control Meeting 2025 was held online for two consecutive days and concluded today (July 24). Representatives from the three places shared experiences and exchanged views on various topics within the fields of health, animal and plant quarantine, and food safety control. The three places agreed to further strengthen exchanges and co-operation.

    Speaking at the meeting, the Permanent Secretary for Environment and Ecology (Food), Ms Irene Young, said that with the acceleration of the integration process of the Guangdong-Hong Kong-Macao Greater Bay Area, the movement of people, trade in goods, and economic interactions among the three places have become increasingly frequent. The governments of the three places have been working closely together in areas such as health, animal and plant quarantine, and food safety control, achieving significant results across various fields. The meeting enabled experts from the three places to exchange insights, taking the collaboration to new heights.

    The Controller of the Centre for Health Protection of the Department of Health, Dr Edwin Tsui, also said at the meeting that the meeting would further strengthen collaboration on health quarantine between Guangdong, Hong Kong and Macao. This will help build a robust cross-boundary public health protection system that safeguards the health and safety of people travelling to and from the three places, creating a “Healthy Bay Area”.

    Representatives from the Mainland and the Macao Special Administrative Region (SAR) attending the meeting included the Deputy Director General of the Guangdong Sub-Administration of the General Administration of Customs of the People’s Republic of China, Mr Feng Guoqing; the Acting Chairman of the Administration Committee on Municipal Affairs of the Municipal Affairs Bureau of the Macao SAR Government, Mr Mak Kim-meng; and the Director of the Centre for Disease Prevention and Control of the Health Bureau of the Macao SAR Government, Dr Leong Iek-hou.

    Other representatives from Hong Kong were the Director of Food and Environmental Hygiene, Mr Donald Ng; the Director of Agriculture, Fisheries and Conservation, Mr Mickey Lai; and Acting Controller of the Centre for Food Safety, Dr Yonnie Lam and Dr Terence Cheung.

    The Guangdong, Hong Kong, Macao Health, Animal and Plant Quarantine and Food Safety Control Meeting is held every two years.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Labour Department to hold seminar on Employment Ordinance

    Source: Hong Kong Government special administrative region – 4

    The Labour Department has called for registration for a seminar on the Employment Ordinance to be held at 2.15pm on August 21 (Thursday) at the Lecture Theatre (WB), 4/F, West Block, Education Bureau Kowloon Tong Education Services Centre, 19 Suffolk Road, Kowloon Tong.

    The main provisions of the Employment Ordinance and abolition of the Mandatory Provident Fund offsetting arrangement will be introduced.

    The seminar will be conducted in Cantonese and participation is free of charge. Interested participants should complete the registration form, which can be downloaded from the Labour Department’s website (www.labour.gov.hk), and return it by email by August 7 (Thursday). Spaces will be allocated on a first-come, first-served basis. For enquiries, please call 3575 8671.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Zhejiang Jingkun Art Center (Kun Opera Troupe) to perform classic Kunqu plays and excerpts in Hong Kong in August (with photos)

    Source: Hong Kong Government special administrative region – 4

    The Chinese Culture Festival (CCF) 2025, organised by the Leisure and Cultural Services Department (LCSD), has invited Zhejiang Jingkun Art Center (Kun Opera Troupe) to present timeless masterpieces in Hong Kong in August, including their signature classic “Fifteen Strings of Cash”, the light-hearted comedy “The Lioness Roars”, and selected opera excerpts showcasing both civil and martial arts. The performances will feature acclaimed artists from the troupe’s Wan and Dai generations, demonstrating the enduring cultural vitality of Kunqu opera through generations of artistic heritage. This programme is also one of the programmes of the 13th Chinese Opera Festival (COF).

    　　Kunqu opera gained popularity in the Kunshan area of Suzhou during the Yuan and Ming periods. It has been described as “the mother of Chinese operas”, and was listed by UNESCO as one of the “Masterpieces of the Oral and Intangible Heritage of Humanity” in 2001. It is renowned for its elegant libretti commended for literary merit and delicate dance movements.

    　　Details of the three performances are as follows:

    “Fifteen Strings of Cash”
    ———————————————————
    Date and time: August 15 (Friday), 7.30pm

    　　Departing from Kunqu opera’s typical themes of scholar-beauty romance, “Fifteen Strings of Cash” recounts a mysterious murder case triggered by 15 strings of copper coins. This gripping tale follows Judge Kuang Zhong, who overturns a wrongful conviction and uncovers the true culprit, a cunning trickster named Lou Ashu (Lou the Rat). The excerpt “An Investigation in Disguise” features a masterful interplay between the laosheng (old male) and the chou (comic) roles, representing the pinnacle of operatic artistry. This play was first performed by the troupe’s Chuan-generation artists Zhou Chuanying and Wang Chuansong, and has been passed down through five generations over 70 years. The upcoming performance features Bao Chen and Tian Yang of the Wan generation in the lead, who uphold the legacy with this timeless classic.

    “The Lioness Roars”
    ———————————————————
    Date and time: August 16 (Saturday), 7.30pm

    　　As one of the rare light comedies in Kunqu opera, “The Lioness Roars” retains the elegance of Kunqu’s lyrical singing while infusing the scholar-beauty romance with a touch of mundane charm, making it a staple of the Kunqu repertoire. The play follows the story of Chen Jichang, a talented scholar who appears timid but deeply devoted to his wife Madam Liu (the Lioness of Hedong). She is portrayed as dominating and prideful, but never to the extent of being objectionable. Chen’s friend Su Dongpo tries to mediate but only adds fuel to their quarrels. Through the couple’s everyday squabbles, the play highlights the importance of family harmony. The play is one of the signature works of Kunqu master Wang Shiyu. Now, the troupe’s star duo Zeng Jie and Hu Ping of the Wan generation take on the roles of this quarrelsome yet loving couple, promising a performance of exceptional artistry.

    Traditional Opera Excerpts
    ———————————————————
    Date and time: August 17 (Sunday), 2.30pm

    　　The finale will present five opera excerpts drawn from classic masterpieces of Kunqu opera featuring “The Celestial Place” from “The Dream of Nanke” (one of Tang Xianzu’s “The Four Dreams at Linchuan” of Ming dynasty); “Cancelling the Birthday Celebrations” from the zaju play “The Pavilion of Chanting in the Wind” of Qing dynasty; “Rendezvous at the Pavilion” from the chuanqi “Red Pear Blossom” of Ming dynasty; “Entrusting His Son” from “The Beauty Washing Silk by the River”, the earliest chuanqi in Kunqu; and the spectacular martial piece “Fighting on the Water” from “Leifeng Pagoda”. This programme combines both civil and martial pieces, with the troupe’s outstanding actors demonstrating their exceptional artistry, which makes the performance a must-see for opera enthusiasts.

    　　Zhejiang Jingkun Art Center (Kun Opera Troupe) was established in 2019 through the merger of Zhejiang Kunqu Opera Troupe and Zhejiang Peking Opera Troupe. The Zhejiang Kunqu Opera Troupe, founded in 1956, brought Kunqu opera back into the national spotlight when it adapted the traditional play “Dream of Two Bears” into “Fifteen Strings of Cash”. This production became a landmark in Chinese opera reform, with People’s Daily publishing an editorial, hailing it as “a single play that revived an entire genre”. The success spurred the establishment of Kunqu troupes across China. Over the years, the troupe has nurtured outstanding talents, maintaining a lineage of six generations of performers, namely Chuan, Shi, Sheng, Xiu, Wan and Dai. It has also produced numerous award-winning works, earning widespread recognition.

    　　The three performances will be held at the Auditorium of Ko Shan Theatre New Wing. Lyrics and dialogue are with Chinese and English surtitles. Tickets priced at $250, $350 and $450 are now available at URBTIX (www.urbtix.hk). For telephone bookings, please call 3166 1288. Group booking discounts and package booking discounts are available for purchasing selected CCF stage programmes, the “Chinese Opera Film Shows” of the COF 2025 and the “Legacy and Vision: Conversations with Chinese Cultural Masters” lecture. For programme enquiries and concessionary schemes, please call 2268 7325 or visit www.ccf.gov.hk/en/programme/zhejiang-jingkun-art-center-kun-opera-troupe.

    　　The programme will also feature two Kunqu opera masterclasses (in Putonghua), with actors Hu Ping and Zeng Jie to share the crafting of Dan (female) roles and Sheng (male) roles in Kunqu respectively. The two sessions will be held at 2pm and 4pm on August 14 (Thursday) at AC2, Level 4, Administration Building, Hong Kong Cultural Centre. In addition, a meet-the-artists session entitled “Six Generations of Kunqu Performers: The Sustaining Growth of the Zhejiang Kunqu Opera Troupe” (in Putonghua and Cantonese) will be held at 7.30pm on the same day at the same venue. The speakers include Gu Jiong, Bao Chen, Zeng Jie, Hu Ping and Tian Yang, while Chinese opera researcher Chan Chun-miu will be the moderator. Additionally, a demonstration talk entitled “Kunqu Classics as a Living Tradition” (in Putonghua) will be held at 5pm on August 18 (Monday) at the Theatre, Block I, Jao Tsung-I Academy. The speakers include actors Wu Xinyi and Wang Hengtao. Admission is free. Since the quotas for online registration are full, those who are interested may wait at the venue’s entrance for a standby quota on the day of the session. Any unclaimed spots will be released 10 minutes after the session begins on a first-come, first-served basis.

    　　The CCF, presented by the Culture, Sports and Tourism Bureau and organised by the Chinese Culture Promotion Office under the LCSD, aims to promote Chinese culture and enhance the public’s national identity and cultural confidence. It also aims to attract top-notch artists and arts groups from the Mainland and other parts of the world for exchanges in Chinese arts and culture. The CCF 2025 is held from June to September. Through different performing arts programmes in various forms and related extension activities, including selected programmes of the COF, “Tan Dun WE-Festival”, film screenings, exhibitions, as well as community and school activities and more, the festival provides members of the public and visitors with more opportunities to enjoy distinctive programmes that showcase fine traditional Chinese culture, thereby facilitating patriotic education and contributing to the inheritance, transformation and development of traditional Chinese culture in Hong Kong. For more information about programmes and activities of the CCF 2025, please visit www.ccf.gov.hk.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Three co-owners fined over $80,000 for not complying with removal order

    Source: Hong Kong Government special administrative region – 4

    Three co-owners were convicted and fined $84,660 in total, of which $76,660 was the fine for the number of days that the offence continued, for failing to comply with a removal order issued under the Buildings Ordinance (BO) (Cap. 123) at the Kowloon City Magistrates’ Courts on May 14 and yesterday (July 23) respectively.

    The case involved two unauthorised building works (UBWs) on and over the yard on the ground floor of a composite building in Lai Chi Kok Road, Sham Shui Po. A removal order was served on the co-owners under section 24(1) of the BO. Due to their failure to comply with the removal order, they were prosecuted by the BD.

    A spokesman for the BD said today (July 24), “UBWs may lead to serious consequences. Owners must comply with removal orders without delay. The BD will continue to take enforcement action against owners who fail to comply with removal orders, including instigation of prosecution, to ensure building and public safety. ”

    Failure to comply with a removal order without reasonable excuse is a serious offence under the BO. The maximum penalty upon conviction is a fine of $200,000 and one year’s imprisonment, and a further fine of $20,000 for each day that the offence continues.

    MIL OSI Asia Pacific News –

  • Israel studies Hamas reply to Gaza ceasefire plan as fighting continues

    Source: Government of India

    Source: Government of India (4)

    Israel is reviewing a revised response from Hamas to a proposed ceasefire and hostage release deal, Prime Minister Benjamin Netanyahu’s office said on Thursday, as Israeli air and ground strikes continued to pound the Gaza Strip.

    Hamas confirmed it had handed over a new proposal, but did not disclose its contents. A previous version, submitted late on Tuesday, was rejected by mediators as insufficient and was not even passed to Israel, sources familiar with the situation said.

    Both sides are facing huge pressure at home and abroad to reach a deal, with the humanitarian conditions inside Gaza deteriorating sharply amidst widespread, acute hunger in the Palestinian enclave that has shocked the world.

    A senior Israeli official was quoted by local media as saying the new text was something Israel could work with. However, Israel’s Channel 12 said a rapid deal was not within reach, with gaps remaining between the two sides, including over where the Israeli military should withdraw to during any truce.

    A Palestinian official close to the talks told Reuters the latest Hamas position was “flexible, positive and took into consideration the growing suffering in Gaza and the need to stop the starvation”.

    Dozens of people have starved to death in Gaza the last few weeks as a wave of hunger crashes on the Palestinian enclave, according to local health authorities. The World Health Organization said on Wednesday 21 children under the age of five were among those who died of malnutrition so far this year.

    Israel, which cut off all supplies to Gaza from the start of March and reopened it with new restrictions in May, says it is committed to allowing in aid but must control it to prevent it from being diverted by militants.

    It says it has let in enough food for Gaza’s 2.2 million people over the course of the war, and blames the United Nations for being slow to deliver it; the U.N. says it is operating as effectively as possible under conditions imposed by Israel.

    AIRSTRIKES

    The war between Israel and Hamas has been raging for nearly two years since Hamas killed some 1,200 people and took 251 hostages from southern Israel in the deadliest single attack in Israel’s history.

    Israel has since killed nearly 60,000 Palestinians in Gaza, decimated Hamas as a military force, reduced most of the territory to ruins and forced nearly the entire population to flee their homes multiple times.

    Israeli forces on Thursday hit the central Gaza towns of Nuseirat, Deir Al-Balah and Bureij.

    Health officials at Al-Awda Hospital said three people were killed in an airstrike on a house in Nuseirat, three more died from tank shelling in Deir Al-Balah, and separate airstrikes in Bureij killed a man and a woman and wounded several others.

    Nasser hospital said three people were killed by Israeli gunfire while seeking aid in southern Gaza near the so-called Morag axis between Khan Younis and Rafah. The Israeli military said Palestinian militants had fired a projectile overnight from Khan Younis toward an aid distribution site near Morag. It was not immediately clear whether the incidents were linked.

    Washington has been pushing the warring sides towards a deal for a 60-day ceasefire that would free some of the remaining 50 hostages held in Gaza in return for prisoners jailed in Israel, and allow in aid.

    U.S. Middle East peace envoy Steve Witkoff travelled to Europe this week for meetings on the Gaza war and a range of other issues.

    An Israeli official said Strategic Affairs Minister Ron Dermer would meet Witkoff on Friday if the gaps between Israel and Hamas over the terms of a ceasefire had narrowed sufficiently.

    Hamas is facing growing domestic pressure amid deepening humanitarian hardship in Gaza and continued Israeli advances.

    Mediators say the group is seeking a withdrawal of Israeli troops to positions held before March 2, when Israel ended a previous ceasefire, and the delivery of aid under U.N. supervision.

    That would exclude a newly formed U.S.-based group, the Gaza Humanitarian Fund, which began handing out food in May at sites located near Israeli troops who have shot dead hundreds of Palestinians trying to get aid.

    (Reuters)

  • MIL-OSI United Nations: 24 July 2025 News release Timor-Leste certified malaria-free by WHO

    Source: World Health Organisation

    The World Health Organization (WHO) has certified Timor-Leste as malaria-free, a remarkable achievement for a country that prioritized the disease and embarked on a concerted, nation-wide response shortly after gaining independence in 2002.

    “WHO congratulates the people and government of Timor-Leste on this significant milestone,” said Dr Tedros Adhanom Ghebreyesus, WHO Director-General. “Timor-Leste’s success proves that malaria can be stopped in its tracks when strong political will, smart interventions, sustained domestic and external investment and dedicated health workers unite.”

    With today’s announcement, a total of 47 countries and 1 territory have been certified as malaria-free by WHO. Timor-Leste is the third country to be certified in the WHO South-East Asia region, joining Maldives and Sri Lanka which were certified in 2015 and 2016 respectively.

    Certification of malaria elimination is granted by WHO when a country has proven, beyond reasonable doubt, that the chain of indigenous transmission has been interrupted nationwide for at least the previous three consecutive years.

    “We did it. Malaria has been one of our most relentless enemies – silent, persistent, and deadly. We lost too many lives to a disease that should be preventable. But our health workers never gave up, our communities held strong, and our partners, like WHO, walked beside us. From 223 000 cases to zero – this elimination honours every life lost and every life now saved. We must safeguard this victory with continued vigilance and community action to prevent malaria’s re-entry,” said Dr Élia António de Araújo dos Reis Amaral, SH, Minister of Health, Government of Timor-Leste.

    A rapid shift from high burden country to malaria-free

    Since gaining independence in 2002, Timor-Leste has made remarkable strides in the fight against malaria – reducing cases from a peak of more than 223 000 clinically diagnosed cases in 2006 to zero indigenous cases from 2021 onwards.

    Timor-Leste’s success in eliminating malaria was driven by the Ministry of Health’s swift action in 2003 to establish the National Malaria Programme, a dedicated programme for planning, implementing, and monitoring malaria control efforts nationwide. With only two full-time officers initially, the programme was able to lay the foundation for progress early on through strong technical leadership, managerial capacity and attention to detail.

    Within a few years, the country introduced rapid diagnostic tests and artemisinin-based combination therapy as part of the National Malaria Treatment Guidelines and began distributing free long-lasting insecticide treated nets to communities most at risk.

    In 2009, with support from the Global Fund to Fight AIDS, Tuberculosis and Malaria, Timor-Leste scaled up nationwide vector control efforts through the distribution of long-lasting insecticide-treated nets and indoor residual spraying. Malaria diagnosis was also expanded using microscopy and rapid diagnostic tests at the point of care across all local health posts.

    Facing the challenges of severe shortages of health workers and doctors, Timor-Leste made investments and developed its three-tier health system – comprising national hospitals, reference hospitals, community health centers (CHCs), and health posts – to ensure most residents can access care within an hour’s walk. Additionally, citizens are provided with free health services at the point of care, as part of the government’s policy on free universal health care. Monthly mobile clinics and community outreach programmes further enhance health services in rural areas.

    Timor-Leste’s success in combating malaria highlights the importance of country leadership and strong collaboration between the Ministry of Health, WHO, local communities, non-governmental organizations, donors, and multiple government sectors. A real-time integrated case-based surveillance system ensures rapid data collection and response, while trained health workers ensure timely detection and screening of malaria cases, including at borders. These integrated efforts have paved the way for the country to be officially certified malaria-free.

    “Timor-Leste’s malaria-free certification is a defining national triumph – driven by bold leadership, tireless efforts of health workers, and the resolve of its people. As a young nation, Timor-Leste stayed focused – testing, treating, and investigating swiftly. Ending transmission and maintaining zero deaths takes more than science; it takes grit. This victory protects generations, present and future, and shows what a determined country can achieve,” said Dr Arvind Mathur, WHO Representative to Timor-Leste.
     

    Note to the editor

    WHO malaria-free certification
    The final decision on awarding a malaria-free certification is made by the WHO Director-General, based on a recommendation by the Technical Advisory Group on Malaria Elimination and Certification and validation from the Malaria Policy Advisory Group. More on WHO’s malaria-free certification process.

    MIL OSI United Nations News –

  • MIL-OSI Russia: Lightning: 11 civilians, one soldier killed in Cambodia clashes – Thai health minister

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

    Source: People’s Republic of China – State Council News

    Xinhua | 24.07.2025

    Keywords: Thailand-Cambodia

    Source: Xinhua

    Lightning: 11 civilians, one soldier killed in clashes with Cambodia – Thai health minister Lightning: 11 civilians, one soldier killed in clashes with Cambodia – Thai health minister

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Inland Revenue Department alerts public to fraudulent emails

    Source: Hong Kong Government special administrative region

    Inland Revenue Department alerts public to fraudulent emails 
         The IRD has no connection with the emails and has reported the case to the Police for further investigation.

         The IRD reminded members of the public not to open suspicious emails or visit hyperlinks provided in such emails.
    Issued at HKT 17:10

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI: OMS Energy Technologies Inc. Announces Fiscal Year 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, July 24, 2025 (GLOBE NEWSWIRE) — OMS Energy Technologies Inc. (“OMS” or the “Company”) (NASDAQ: OMSE), a growth-oriented manufacturer of surface wellhead systems (“SWS”) and oil country tubular goods (“OCTG”) for the oil and gas industry, today announced its financial results for the fiscal year ended March 31, 2025.

    Fiscal Year 2025 Financial Highlights

    • Total revenues in 2025 were $203.6 million, compared with $18.2 million for the period from April 1, 2023, through June 15, 2023, and $163.3 million for the period from June 16, 2023, through March 31, 2024.
    • Gross margin in 2025 was 33.9%, compared with 27.6% for the period from April 1, 2023, through June 15, 2023, and 29.9% for the period from June 16, 2023, through March 31, 2024.
    • Operating profit in 2025 was $59.9 million, compared with $3.2 million for the period from April 1, 2023, through June 15, 2023, and $40.2 million for the period from June 16, 2023, through March 31, 2024.

    Mr. How Meng Hock, Chairman and Chief Executive Officer of OMS, commented, “We are extremely proud to report strong results for fiscal year 2025 in our first earnings announcement as a publicly listed company. Our double-digit revenue growth, expanded gross margin, and increase in operating profit are a direct result of our team’s disciplined execution and commitment to delivering value across all areas of our business. We have also recorded several new customer wins and contract renewals since our IPO in May, further broadening and diversifying our revenue base. With our focus on long-term growth, we’re entering fiscal 2026 with strong momentum and a clear strategy for continued innovation and expansion.”

    Mr. Kevin Yeo, Chief Financial Officer, added, “Our fiscal 2025 financial performance reflects both top-line strength and meaningful margin improvement. Total revenues grew to $203.6 million, with gross margin reaching 33.9%. Operating profit increased to $59.9 million, highlighting our enhanced cost discipline and the benefits of growing economies of scale. Our net profit for the year was $47.0 million. When excluding a one-time $49.4 million bargain purchase gain recognized in fiscal 2024 related to the Management Buyout, our underlying profitability in 2025 demonstrates strong growth momentum. Supported by these solid fundamentals, a healthy balance sheet and loyal customer base, we remain confident of driving sustainable growth and building long-term shareholder value.”

    Fiscal Year 2025 Financial Results

    Total revenues. Total revenues in 2025 were $203.6 million, compared with $18.2 million for the period from April 1, 2023, through June 15, 2023, and $163.3 million for the period from June 16, 2023, through March 31, 2024.

    • Specialty connectors and pipes. Revenues from sales of specialty connectors and pipes in 2025 were $143.1 million, compared with $5.1 million for the period from April 1, 2023, through June 15, 2023, and $113.5 million for the period from June 16, 2023, through March 31, 2024. This increase was primarily due to a significant increase in demand from one of the Company’s major customers who had higher levels of business activities related to oil and gas production.
    • Surface wellhead and Christmas tree equipment. Revenues from sales of surface wellhead and Christmas tree equipment in 2025 were $8.7 million, compared with $3.0 million for the period from April 1, 2023, through June 15, 2023, and $6.8 million for the period from June 16, 2023, through March 31, 2024. This decrease was primarily due to delayed demand from one of the Company’s major customers in Indonesia, who is rationalizing their requirements as they plan for increased production to meet Indonesia’s energy security plan, as well as a delayed shipment to the Middle East which will materialize in the fiscal year 2026.
    • Premium threading services. Revenues from rendering of premium threading services in 2025 were $36.8 million, compared with $7.6 million for the period from April 1, 2023, through June 15, 2023, and $31.1 million for the period from June 16, 2023, through March 31, 2024. This slight decrease was primarily attributable to a relatively stable level of rig activities across oil and gas customers in the countries that drive demand for the Company’s premium threading services.
    • Other ancillary services. Revenues generated from other ancillary services in 2025 were $15.0 million, compared with $2.4 million for the period from April 1, 2023, through June 15, 2023, and $11.9 million for the period from June 16, 2023, through March 31, 2024. This increase was primarily due to greater customer demand for engineering testing, inspection and maintenance services.

    Cost of revenues. Cost of revenues in 2025 was $134.6 million, compared with $13.2 million for the period from April 1, 2023, through June 15, 2023, and $114.5 million for the period from June 16, 2023, through March 31, 2024.

    Gross profit. Gross profit in 2025 was $69.0 million, compared with $5.0 million for the period from April 1, 2023, through June 15, 2023, and $48.7 million for the period from June 16, 2023, through March 31, 2024. Gross margin in 2025 was 33.9%, compared with 27.6% for the period from April 1, 2023, through June 15, 2023, and 29.9% for the period from June 16, 2023, through March 31, 2024. The increase was mainly due to the growth in total revenues, as well as the benefits from economies of scale stemming from higher sales volume, sourcing productivity and an increase in the proportion of higher-margin services performed.

    Selling, general and administrative expenses. Selling, general and administrative expenses in 2025 were $9.1 million, compared with $1.8 million for the period from April 1, 2023, through June 15, 2023, and $8.6 million for the period from June 16, 2023, through March 31, 2024. The decrease was mainly due to a decrease in legal and professional fees, staff expenses and depreciation.

    Operating profit. Operating profit in 2025 was $59.9 million, compared with $3.2 million for the period from April 1, 2023, through June 15, 2023, and $40.2 million for the period from June 16, 2023, through March 31, 2024.

    Total other income/(expense), net. Total other income, net in 2025 was $0.2 million, compared with total other expense, net of $0.08 million for the period from April 1, 2023, through June 15, 2023, and total other income, net of $50.2 million for the period from June 16, 2023, through March 31, 2024. The change was primarily due to a non-recurring bargain purchase gain of $49.4 million related to the management buyout in the period from June 16, 2023, through March 31, 2024.

    Net profit. Net profit in 2025 was $47.0 million, compared with $2.4 million for the period from April 1, 2023, through June 15, 2023, and $82.1 million for the period from June 16, 2023, through March 31, 2024.

    Basic and diluted EPS. Basic and diluted earnings per share were both $1.18 in 2025, compared with $2.19 for the period June 16, 2023, through March 31, 2024.

    Balance Sheet and Cash Flow

    As of March 31, 2025, the Company’s cash and cash equivalents and restricted cash totaled $75.8 million, compared with $45.4 million as of March 31, 2024.

    Net cash provided by operating activities was $40.5 million, compared with net cash used of $2.9 million for the period from April 1, 2023, through June 15, 2023, and net cash provided of $24.0 million for the period from June 16, 2023, through March 31, 2024.

    About OMS Energy Technologies Inc.

    OMS Energy Technologies Inc. (NASDAQ: OMSE) is a growth-oriented manufacturer of surface wellhead systems (SWS) and oil country tubular goods (OCTG) for the oil and gas industry. Serving both onshore and offshore exploration and production operators, OMS is a trusted single-source supplier across six vital jurisdictions in the Asia Pacific, Middle Eastern and North African (MENA) regions. The Company’s 11 strategically located manufacturing facilities in key markets ensure rapid response times, customized technical solutions and seamless adaptation to evolving production and logistics needs. Beyond its core SWS and OCTG offerings, OMS also provides premium threading services to maximize operational efficiency for its customers.

    For more information, please visit ir.omsos.com.

    Safe Harbor Statement

    This press release contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For investor and media inquiries, please contact:

    OMS Energy Technologies Inc.
    Investor Relations
    Email: ir@omsos.com

    Piacente Financial Communications
    Brandi Piacente
    Tel: +1-212-481-2050
    Email: oms@thepiacentegroup.com

    Hui Fan
    Tel: +86-10-6508-0677
    Email: oms@thepiacentegroup.com

    Unaudited Summary of Financial Results

    Consolidated Statements of Financial Positions
                 
        For the
    year ended
    March 31, 2025    		     For the
    year ended
    March 31, 2024    		  
        US$’000     US$’000  
    Assets            
    Current assets:            
    Cash and cash equivalents   72,950     43,470  
    Restricted cash, current   1,692     1,593  
    Trade receivables   13,467     31,948  
    Contract assets   983     1,730  
    Inventories   32,546     30,689  
    Prepayment and other current assets   1,646     3,067  
    Amount due from a related party   1,584     1,585  
    Total Current Assets   124,868     114,082  
                 
    Non-current assets:            
    Restricted cash, non-current   1,189     367  
    Right-of-use assets   8,086     3,549  
    Property, plant and equipment   32,055     32,040  
    Intangible assets   42     126  
    Deferred tax assets   2,938     2,574  
    Prepayment and other non-current assets   1,327     694  
    Total Non-Current Assets   45,637     39,350  
    Total Assets   170,505     153,432  
                 
    Liabilities            
    Current Liabilities:            
    Trade and other payables   15,070     47,535  
    Loans and borrowings   —     6,504  
    Tax payable   8,200     6,669  
    Lease liabilities, current   1,187     741  
    Total Current Liabilities   24,457     61,449  
                 
    Non-current Liabilities:            
    Employee benefits obligation   827     751  
    Lease liabilities, non-current   6,096     1,843  
    Deferred tax liabilities   4,217     3,684  
    Other payables, non-current   —     5,000  
    Provisions   321     351  
    Total Non-Current Liabilities   11,461     11,629  
    Total Liabilities   35,918     73,078  
                 
    Equity            
    Share capital   4     4  
    Share premium   72,648     67,648  
    Retained earnings   58,634     13,818  
    Accumulated other comprehensive loss   (2,397 )   (4,441 )
    Equity attributable to Shareholders of the Company   128,889     77,029  
    Non-controlling interests   5,698     3,325  
    Total equity   134,587     80,354  
                 
    Total liabilities and equity   170,505     153,432  
    Consolidated Statements of Profit or Loss and Other Comprehensive Income
                       
        Successor     Successor     Predecessor  
        For the
    year ended
    March 31, 2025    		     For the period
    June 16, 2023
    through
    March 31, 2024    		     For the period
    April 1
    through
    June 15, 2023    		  
        US$’000     US$’000     US$’000  
    Revenue – third parties   203,607     163,267     16,967  
    Revenue – related parties   —     —     1,215  
    Total revenue   203,607     163,267     18,182  
                       
    Cost of revenue – third parties   (134,620 )   (114,525 )   (13,080 )
    Cost of revenue – related parties   —     —     (75 )
    Total cost of revenue   (134,620 )   (114,525 )   (13,155 )
                       
    Gross profit   68,987     48,742     5,027  
                       
    Selling, general and administrative expenses   (9,122 )   (8,574 )   (1,790 )
    Operating profit   59,865     40,168     3,237  
                       
    Bargain purchase gain   —     49,429     —  
    Other income/(expenses), net – third parties   246     775     (108 )
    Other income, net – related parties   —     —     29  
    Total other income/(expenses), net   246     50,204     (79 )
                       
    Finance income – third parties   339     55     9  
    Finance income – related parties   —     —     65  
    Total finance income   339     55     74  
                       
    Finance cost – third parties   (284 )   (915 )   (38 )
    Finance cost – related parties   —     —     (162 )
    Total finance cost   (284 )   (915 )   (200 )
                       
    Profit before tax   60,166     89,512     3,032  
    Income tax expense   (13,189 )   (7,424 )   (657 )
    Net profit   46,977     82,088     2,375  
                       
    Other comprehensive income/(loss):                  
    Items that will not be reclassified to profit or loss                  
    Foreign currency translation differences   2,258     (1,701 )   (610 )
    Changes resulting from actuarial remeasurement of employee benefits obligation   (2 )   (33 )   (9 )
    Other comprehensive income/(loss), net of tax   2,256     (1,734 )   (619 )
    Total comprehensive income   49,233     80,354     1,756  
                       
    Net profit attributable to:                  
    Shareholders of the Company   44,816     80,880     1,867  
    Non-controlling interests   2,161     1,208     508  
    Net profit   46,977     82,088     2,375  
                       
    Total comprehensive income attributable to:                  
    Shareholders of the Company   46,860     79,184     1,310  
    Non-controlling interests   2,373     1,170     446  
    Total comprehensive income   49,233     80,354     1,756  
                       
    Basic and diluted weighted-average shares outstanding   37,822,500     36,900,000        
    Basic and diluted earnings per share (as adjusted) (US$)   1.18     2.19        
    Consolidated Statements of Cash Flows
                       
        Successor     Successor     Predecessor  
        For the
    year ended
    March 31, 2025    		     For the period
    June 16, 2023
    through
    March 31,
    2024    		     For the period
    April 1
    through
    June 15,
    2023    		  
        US$’000     US$’000     US$’000  
    Operating activities                  
    Net profit   46,977     82,088     2,375  
    Adjustments for:                  
    Income tax expenses   13,189     7,424     657  
    Depreciation of property, plant and equipment   2,711     3,800     251  
    Amortization of intangible assets   84     97     6  
    Depreciation of right-of-use assets   1,412     1,030     140  
    Loss/(gain) on disposal of property, plant and equipment   111     (357 )   —  
    Allowance for/(reversal of) inventories obsolescence   571     (335 )   (6 )
    Allowance for/(reversal of) expected credit losses   121     (3 )   —  
    Finance costs   284     915     200  
    Finance income   (339 )   (55 )   (74 )
    Loss/(gain) on unrealized foreign exchange   493     (793 )   134  
    Gain on bargain purchase   —     (49,429 )   —  
                       
    Changes in operating assets and liabilities:                  
    Trade receivables   18,975     (17,961 )   (2,727 )
    Contract assets   764     (1,505 )   1,139  
    Inventories   (2,329 )   (20,817 )   (360 )
    Prepayment and other assets   809     418     (1,219 )
    Trade receivables due from related parties   —     284     (428 )
    Trade and other payables   (32,239 )   26,157     (2,224 )
    Employee benefits obligation   59     11     24  
        51,653     30,969     (2,112 )
    Cash provided by operations:                  
    Interest received   339     55     74  
    Income taxes paid   (11,490 )   (6,979 )   (852 )
    Net cash provided by/(used in) operating activities   40,502     24,045     (2,890 )
                       
    Investing activities                  
    Proceeds from sale of property, plant and equipment   —     698     —  
    Cash payment for management buyout   —     (2,000 )   —  
    Acquisition of property, plant and equipment   (2,863 )   (3,238 )   (1,200 )
    Acquisition of intangible asset   —     (11 )   —  
    Repayment from/(loan to) related parties   —     —     20,981  
    Amount due from a related party   1     (1,585 )   —  
    Net cash (used in)/provided by investing activities   (2,862 )   (6,136 )   19,781  
    Financing activities                  
    Advances from potential investors   —     5,000     —  
    Proceeds from loans and borrowings   —     —     874  
    Proceeds from loans from related parties   —     —     8,845  
    Repayment of loans from related parties   —     —     (28,038 )
    Repayment of loans and borrowings   (6,504 )   (3,874 )   —  
    Interest paid   (253 )   (211 )   (200 )
    Payment of lease liabilities   (1,302 )   (824 )   (197 )
    Net cash (used in)/provided by financing activities   (8,059 )   91     (18,716 )
    Effect of foreign exchange on cash, cash equivalents and restricted cash   820     (2,473 )   (75 )
    Net increase/(decrease) in cash, cash equivalents and restricted cash   30,401     15,527     (1,900 )
    Cash, cash equivalents and restricted cash at beginning of year/period   45,430     29,903     31,803  
    Cash, cash equivalents and restricted cash at end of year/period   75,831     45,430     29,903  
    Less: Restricted cash, non-current   1,189     367     1,150  
    Less: Restricted cash, current   1,692     1,593     1,087  
    Cash and cash equivalents at end of year/period   72,950     43,470     27,666  

    The MIL Network –

  • MIL-OSI NGOs: Update 304 – IAEA Director General Statement on Situation in Ukraine

    Source: International Atomic Energy Agency (IAEA) –

    The International Atomic Energy Agency (IAEA) this week provided Ukraine with a freight vehicle for the transport of radioactive material, its 150th delivery of equipment to support nuclear safety and security in the country during the military conflict, Director General Rafael Mariano Grossi said today.

    State Enterprise USIE Izotop – involved in the management of radioactive material intended for medical, industrial and other purposes – received the truck that was funded by the European Union (EU) and Sweden. IAEA staff helped ensure that transport safety and security considerations were taken into account in the design of the vehicle.

    “Since the start of the conflict three and a half years ago, the IAEA has coordinated assistance for Ukraine of a wide range of technical equipment, medical supplies and other items that are of vital importance for nuclear safety and security. These deliveries are part of our overall efforts aimed at preventing a nuclear accident during this devastating war,” Director General Grossi said.

    “Thanks to the generous support of many of our Member States and the European Union, we have now carried out shipments with a total value of more than 19 million euros, each one helping to enhance different aspects of nuclear safety and security,” he said.

    Several other deliveries have taken place in recent weeks, supported by Belgium, the EU and Japan: the regional state laboratory in Mykolaiv province – badly affected by the destruction of the Kakhovka dam in mid-2023 – received a real-time PCR cycler (Polymerase Chain Reaction, a nuclear-derived technique) for fast and accurate analysis to help it fight the spread of disease as a result of the flooding; the medical unit of the Rivne Nuclear Power Plant received an ultrasound system; and a subsidiary of national nuclear operator Energoatom received a cryostat system ensuring continuity of services affected by power cuts and liquid nitrogen supply challenges.

    Director General Grossi said nuclear safety and security remains under threat in Ukraine.

    At the Zaporizhzhya Nuclear Power Plant (ZNPP), the IAEA team based at the site has continued to hear shelling, explosions, and gunfire almost every day.

    Earlier this month, the ZNPP informed the IAEA team that the site’s training centre was targeted in a drone strike on 13 July, resulting in damage to its roof. There were no reports of casualties. The team was not granted access to assess the damage to the training centre located outside the site perimeter, with the plant citing security concerns.

    In addition, the ZNPP’s off-site power situation continues to be extremely fragile, with the plant having had access to just one single power line for almost three months now, compared to ten before the conflict.

    The nearby city of Enerhodar – where most ZNPP staff live – suffered an electricity blackout on 17 July due to damage to its main power line, according to information provided to the IAEA team members.  They were also told that subsequent shelling had damaged some buildings in the city, which was also observed when the team visited Enerhodar on 19 July.

    A forest fire near Enerhodar that caused smoke which was observed by the IAEA team last weekend has been extinguished without any impact on nuclear safety, the plant said.  

    The IAEA team has continued to carry out walkdowns across the ZNPP site to monitor nuclear safety and security, observing the testing of three emergency diesel generators as well as visiting the containment and safety system rooms of two reactor units.

    They also discussed with the plant management different options for refilling the plant’s cooling pond following the loss of the Kakhovka dam two years ago and further planning on emergency preparedness and response, including preparations for a site exercise later this year.

    At Ukraine’s operating nuclear power plants (NPPs) – Khmelnytskyy, Rivne and South Ukraine – three of their total of nine units are currently in shutdown for refuelling and maintenance.

    The IAEA team based at these plants, and the Chornobyl site, reported hearing air raid alarms nearly every day over the past week.

    At the Khmelnytskyy and South Ukraine NPPs, the IAEA teams were informed that during the night of 18 July drones were detected a few kilometres away from the two sites. That same evening, the team at Chornobyl observed flashes of light and heard explosions in the distance.

    MIL OSI NGO –