Category: Asia

MIL-OSI Asia-Pac: “Indian Telecom Services Performance Indicator Report” for the Quarter October-December, 2024

Source: Government of India

Ministry of Communications

“Indian Telecom Services Performance Indicator Report” for the Quarter October-December, 2024

Posted On: 24 APR 2025 3:46PM by PIB Delhi

TRAI today has released the “Indian Telecom Services Performance Indicator Report” for the Quarter ending 31^st December, 2024. This Report provides a broad perspective of the Telecom Services in India and presents the key parameters and growth trends of the Telecom Services as well as Cable TV, DTH & Radio Broadcasting services in India for the period covering 1^st October, 2024 to 31^st December, 2024 compiled mainly on the basis of information furnished by the Service Providers.

Executive Summary of the Report is enclosed. The complete Report is available on TRAI’s website (www.trai.gov.in and under the link http://www. trai.gov.in/release-publication/reports/performance-indicators-reports). Any suggestion or any clarification pertaining to this report, Shri Vijay Kumar, Advisor (F&EA), TRAI may be contacted on Tel. +91-20907773 and e-mail: advfea1@trai.gov.in.

The Indian Telecom Services Performance Indicators

October–December, 2024

Executive Summary

Total number of Internet subscribers decreased from 971.50 million at the end of Sep-24 to 970.16 million at the end of Dec-24, registering a quarterly rate of decline 0.14%. Out of 970.16 million internet subscribers, number of Wired Internet subscribers are 41.21 million and number of Wireless Internet subscribers are 928.96 million.

Composition of internet subscription

The Internet subscriber base is comprised of Broadband Internet subscriber base of 944.96 million and Narrowband Internet subscriber base of 25.20 million.
The broadband Internet subscriber base increased by 0.06% from 944.39 million at the end of Sep-24 to 944.96 million at the end of Dec-24. The narrowband Internet subscriber base decreased from 27.11 million at the end of Sep-24 to 25.20 million at the end of Dec-24.

Wireline subscribers increased from 36.93 million at the end of Sep-24 to 39.27 million at the end of Dec-24 with a quarterly rate of growth 6.32% and, on Y-O-Y basis, wireline subscriptions also increased by 23.32% at the end of QE Dec-24.
Wireline Tele-density increased from 2.63% at the end of Sep-24 to 2.79% at the end of Dec-24 with quarterly rate of growth 6.09%.
Monthly Average Revenue per User (ARPU) for wireless service increased by 5.34%, from Rs.172.57 in QE Sep-24 to Rs.181.80 in QE Dec-24. On Y-O-Y basis, monthly ARPU for wireless service increased by 19.17% in this quarter.

The ARPU per month for the pre-paid segment is Rs.180.91 and for the post-paid segment is Rs.191.51 in Q.E. Dec-2024.
On an all-India average, the overall MOU per month Increased by 3.62% from 974 in Q.E. Sep 2024 to 1009 in Q.E. Dec 2024.

Prepaid MOU per subscriber is 1053 and Postpaid MOU per subscriber per month is 526 in QE Dec-24.

Gross Revenue (GR), Applicable Gross Revenue (ApGR) and Adjusted Gross Revenue (AGR) of Telecom Service Sector for the Q.E. Dec-24 has been Rs.96,390 Crore, Rs.92,342 crore and Rs.77,934 Crore respectively. GR increased by 5.43%, ApGR increased by 4.65% and AGR increased by 3.48% in Q.E. Dec-24, as compared to previous quarter.

The Y-O-Y rate of growth in GR, ApGR and AGR in Q.E. Dec-24 over the same quarter in last year has been 14.07%, 13.86% and 14.89% respectively.

Pass Through Charges increased from Rs.12,926 Crore in QE Sep-24 to Rs.14,410 Crore in QE Dec-24 with quarterly rate of growth by 11.48%. The Y-O-Y rate of growth 7.12% has been recorded in pass-through charges for QE Dec-24.
The License Fee increased from Rs.6,023 Crore for the QE Sep-24 to Rs.6,234 Crore for the QE Dec-24. The quarterly and the Y-O-Y rates of growth in license fees are 3.50% and 14.75% respectively in this quarter.

Service-wise composition of Adjusted Gross Revenue

Access services contributed 84.35% of the total Adjusted Gross Revenue of telecom services. In Access services, Gross Revenue (GR), Applicable Gross Revenue (ApGR), Adjusted Gross Revenue (AGR), License Fee, Spectrum Usage Charges (SUC) and Pass Through Charges increased by 4.87%, 4.52%, 4.30%, 4.28%, 4.62% and 5.96% respectively in QE Dec-24.
The number of telephone subscribers in India decreased from 1,190.66 million at the end of Sep-24 to 1,189.92 million at the end of Dec-24, registering a rate of decline 0.06% over the previous quarter. This reflects Year-On-Year (Y-O-Y) rate of decline 0.03% over the same quarter of the last year. The overall Tele-density in India decreased from 84.69% as in QE Sep-24 to 84.45% as in QE Dec-24.

Trends in Telephone subscribers and Tele-density in India

Telephone subscribers in Urban areas increased from 662.15 million at the end of Sep-24 to 662.72 million at the end of Dec-24 however Urban Tele-density decreased from 131.86% to 131.37% during the same period.
Rural telephone subscribers decreased from 528.51 million at the end of Sep-24 to 527.20 million at the end of Dec-24 and Rural Tele-density also decreased from 58.48% to 58.29% during the same period.

Out of the total subscription, the share of Rural subscription decreased from 44.39% at the end of Sep-24 to 44.31% at the end of Dec-24.

Composition of Telephone Subscribers

With a net loss of 3.07 million subscribers during the quarter, the total wireless subscriber base decreased from 1153.72 million at the end of Sep-24 to 1150.66 million at the end of Dec-24, registering a rate of decline 0.27% over the previous quarter. On Y-O-Y basis, wireless subscriptions decreased at the rate of 0.68% during the year.
Wireless Tele-density decreased from 82.07% at the end of Sep-24 to 81.67% at the end of Dec-24 with quarterly rate of decline of 0.49%.

During this quarter, the following parameters in terms of QoS benchmarks have been fully complied by wireline service providers: –

1. Point of Interconnection (POI) Congestion (90th percentile value) ≤ 0.5%
During this quarter, list of QoS parameters which are fully complied by all the Access Service (Wireless) providers in all the LSAs: –

S.No.	Parameter	Benchmark
1	Percentage of significant network outage (services not available in a district for more than 4 hours) reported to the Authority within 24 hrs of start of the outage	100%
2	Point of Interconnection (POI) Congestion (90th percentile value)	≤ 0.5%
3	Latency (in 4G and 5G network)	≤ 75 msec
4	Packet Drop Rate (in 4G and 5G network)	≤ 3%
5	Billing and charging complaints	≤ 0.1%
6	Application of adjustment to customer’s account within one week from the date of resolution of billing and charging complaints or rectification of faults or rectification of significant network outage, as applicable	100%
7	Accessibility of call centre/ customer care	≥ 95%
8	Termination/ closure of service within seven working days of receipt of customer’s request	100%
9	Refund of deposits within 45 days of closure of service or non-provisioning of service	100%

A total of approximately 914 private satellite TV channels have been permitted by the Ministry of Information and Broadcasting (MIB) for uplinking only/downlinking only/both uplinking & downlinking.
As per the reporting done by broadcasters in pursuance of the Tariff Order dated 3^rd March 2017, as amended, out of 904 permitted satellite TV channels which are available for downlinking in India, there are 362 satellite pay TV channels as on 31^st December, 2024. Out of 362 pay channels, 258 are SD satellite pay TV channels and 104 are HD satellite pay TV channels.
During the QE 31^st December 2024, there were 4 pay DTH service providers in the country.

Pay DTH has attained total active subscriber base of around 58.22 million. This is in addition to the subscribers of the DD Free Dish (free DTH services of Doordarshan). The total active subscriber base has decreased from 59.91 million in September 2024 to 58.22 million in December 2024.
Apart from the radio channels operated by All India Radio – the public broadcaster, as per the data reported by FM Radio operators to TRAI, as on 31^st December 2024, there are 388 operational private FM Radio channels in 113 cities operated by 36 private FM Radio operators. As compared to the previous quarter, there is no change in the number of operational private FM Radio channels, cities and FM Radio operators.

The advertisement revenue reported by FM Radio operators during the quarter ending 31^st December 2024 in respect of 388 private FM Radio channels is Rs.500.11 crore as against Rs.423.52 crore in respect of 388 private FM Radio channels for the previous quarter.

As on 31^st December, 2024, 529 Community Radio stations are operational.

SNAPSHOT

(Data as on Q.E. 31^st December, 2024)
Telecom Subscribers (Wireless+Wireline)
Total Subscribers	1189.92 Million
% change over the previous quarter	-0.06%
Urban Subscribers	662.72 Million
Rural Subscribers	527.20 Million
Market share of Private Operators	91.45%
Market share of PSU Operators	8.55%
Tele-density	84.45%
Urban Tele-density	131.37%
Rural Tele-density	58.29%
Wireless Subscribers
Total Wireless Subscribers	1,150.66 Million
% change over the previous quarter	-0.27%
Urban Subscribers	626.43 Million
Rural Subscribers	524.23 Million
Market share of Private Operators	91.92%
Market share of PSU Operators	8.08%
Tele-density	81.67%
Urban Tele-density	124.18%
Rural Tele-density	57.96%
Total Wireless Data Usage during the quarter	56,975 PB
Number of Public Mobile Radio Trunk Services (PMRTS)	65,996
Number of Very Small Aperture Terminals (VSAT)	2,52,612
Wireline Subscribers
Total Wireline Subscribers	39.27 Million
% change over the previous quarter	6.32%
Urban Subscribers	36.29 Million
Rural Subscribers	2.98 Million
Market share of PSU Operators	22.23%
Market share of Private Operators	77.77%
Tele-density	2.79%
Rural Tele-density	0.33%
Urban Tele-density	7.19%
No. of Village Public Telephones (VPT)	68,606
No. of Public Call Office (PCO)	13,442

Telecom Financial Data
Gross Revenue (GR) during the quarter	Rs. 96,390/- crore
% change in GR over the previous quarter	5.43%
Applicable Gross Revenue (ApGR) during quarter	Rs. 92,342/- crore
% change in ApGR over the previous quarter	4.65%
Adjusted Gross Revenue (AGR) during the quarter	Rs.77,934/- crore
% change in AGR over the previous quarter	3.48%
Share of Public sector undertakings in Access AGR	3.72%
Internet/Broadband Subscribers
Total Internet Subscribers	970.16 Million
% change over previous quarter	-0.14%
Narrowband subscribers	25.20 Million
Broadband subscribers	944.96 Million
Wired Internet Subscribers	41.21 Million
Wireless Internet Subscribers	928.96 Million
Urban Internet Subscribers	563.19 Million
Rural Internet Subscribers	406.97 Million M
Total Internet Subscribers per 100 population	68.86
Urban Internet Subscribers per 100 population	111.64
Rural Internet Subscribers per 100 population	44.99
Total Outgoing Minutes of Usage for Internet Telephony	87.53 Million
No. of Public Wi-Fi Hotspots	46,878
Aggregate Data Consumed (TB) for Wi-Fi Hotspots	15,714
Broadcasting & Cable Services
Number of private satellite TV channels permitted by the Ministry of I&B for uplinking only/downlinking only/both uplinking and downlinking	914
Number of Pay TV Channels as reported by broadcasters	362
Number of private FM Radio Stations (excluding All India Radio)	388
Number of total active subscribers with pay DTH operators	58.22 Million
Number of Operational Community Radio Stations	529
Number of pay DTH Operators	4
Revenue & Usage Parameters
Monthly ARPU of Wireless Service	Rs.181.80
Minutes of Usage (MOU) per subscriber per month – Wireless Service	1009
Wireless Data Usage
Average Wireless Data Usage per wireless data subscriber per month	21.52 GB
Average revenue realization per GB for wireless data usage during the quarter	Rs.9.34

****************

Samrat

(Release ID: 2124056)

MIL OSI Asia Pacific News –

April 24, 2025

MIL-OSI Asia-Pac: India’s Underground Coal Mining Gets a Major Boost with New Incentives by Ministry of Coal

Source: Government of India

Posted On: 24 APR 2025 11:05AM by PIB Delhi

In a decisive step towards revitalizing India’s coal sector, the Ministry of Coal has introduced a series of transformative policy measures aimed at promoting underground coal mining. These bold reforms address the traditional challenges of high capital investment and longer gestation periods, reaffirming the Government’s resolve to modernize the coal ecosystem while aligning with the broader vision of sustainable development.

To accelerate the growth/ Operationalization of underground coal mining, the Ministry of Coal has introduced a robust package of incentives:

1. Reduction in Floor Revenue Share: The floor percentage of revenue share for underground coal mines has been reduced from 4% to 2%. This targeted reduction offers substantial fiscal relief and enhances the financial viability of underground projects.

2. Waiver of Upfront Payment: The mandatory upfront payment requirement for underground mining ventures has been completely waived off. This measure removes a significant financial barrier, encouraging broader participation from the private sector and facilitating faster project implementation.

These incentives are further complemented by an existing 50% rebate on performance security for underground coal blocks, collectively lowering the entry threshold and facilitating smoother project implementation.

The Ministry’s reform-oriented approach underscores its commitment to fostering a future-ready, investment-friendly, and innovation-driven coal sector. By incentivizing underground mining, the Government is not only catalyzing economic growth but also driving the industry toward greater efficiency, safety, and employment generation.

Underground coal mining is inherently more environment-friendly, as it causes significantly less surface disruption compared to opencast operations. These policy measures are expected to encourage the adoption of advanced technologies—such as continuous miners, longwall systems, remote sensing tools, and AI-based safety mechanisms—which will boost productivity while ensuring ecological balance.

These forward-leaning reforms mark a strategic shift toward cleaner and more sustainable coal extraction practices. They are poised to unlock the vast untapped potential of underground mining in India, fostering innovation, reducing carbon emissions, and contributing meaningfully to the nation’s energy security and Atmanirbhar Bharat objectives.

With this visionary roadmap, the Ministry of Coal is not only reshaping the future of coal mining but also reaffirming its role as a catalyst in India’s journey toward self-reliant and environmentally responsible industrial growth.

****

Shuhaib T

(Release ID: 2123992) Visitor Counter : 134

MIL OSI Asia Pacific News –

April 24, 2025
MIL-OSI Asia-Pac: Fraudulent websites related to Alipay Financial Services (HK) Limited

Source: Hong Kong Government special administrative region

Fraudulent websites related to Alipay Financial Services (HK) Limited
The fraudulent websites reported by the SVF licensee known at the time are as follows:
https://alipaiyhk[.]online/hk
https://fet-woxx[.]online/hk

The HKMA wishes to remind the public that anyone who has provided his or her personal information or account credentials, or who has conducted any financial transactions, through or in response to the websites concerned, should contact the relevant SVF licensee, and report to the Police or contact the Anti-Deception Coordination Centre of the Police at 18222.
Issued at HKT 12:43

NNNN

CategoriesMIL-OSI

MIL OSI Asia Pacific News –

April 24, 2025
MIL-OSI Asia-Pac: Government posts notices for creation of rights of temporary occupation of land for construction of Airport Tung Chung Link

Source: Hong Kong Government special administrative region

The Lands Department today (April 24) posted notices for the creation of rights of temporary occupation of land in accordance with section 16 of the Roads (Works, Use and Compensation) Ordinance (Chapter 370) for the construction of the Airport Tung Chung Link.

A portion of private land will be temporarily occupied until December 31, 2028, upon the expiry of a period of three months from the date of affixing the notices (i.e. July 25, 2025). The land will be returned to the relevant land owner after the temporary occupation period.

The Government will closely liaise with the relevant land owner and affected parties, and properly handle their compensation matters.

MIL OSI Asia Pacific News –

April 24, 2025
MIL-OSI Asia-Pac: AIIMS Raipur successfully performs its first Swap Kidney Transplant; becomes the first among the newer AIIMS institutions and the first government hospital in the state of Chhattisgarh to carry out this complex and life-saving procedure

Source: Government of India

AIIMS Raipur successfully performs its first Swap Kidney Transplant; becomes the first among the newer AIIMS institutions and the first government hospital in the state of Chhattisgarh to carry out this complex and life-saving procedure

It is estimated that Swap Kidney Transplants can increase the number of transplants by up to 15%

AIIMS Raipur has also been first amongst the newer AIIMS to start Deceased Donor Organ Donation and Deceased Donor Kidney Transplantation; it is also the first in the state to start Deceased donor Paediatric Kidney Transplantation

Till date, AIIMS Raipur has performed 54 kidney transplants with a graft survival rate of 95% and patient survival rate of 97%, reflecting its clinical excellence and commitment to high-quality patient care

Posted On: 24 APR 2025 9:39AM by PIB Delhi

Under the guidance of the Ministry of Health & Family Welfare, AIIMS Raipur successfully performed its first Swap Kidney Transplant, also known as a Kidney Paired Transplant (KPT). With this achievement, AIIMS Raipur becomes the first among the newer AIIMS institutions and the first government hospital in the state of Chhattisgarh to carry out this complex and life-saving procedure. This significant milestone underscores the institute’s commitment to advancing healthcare and providing innovative treatment solutions for patients suffering from end-stage kidney disease.

It is estimated that Swap Kidney Transplant lead to a 15% increase in the number of transplants. Recognizing its potential, the National Organisation and Tissue Transplant Organisation (NOTTO) has recommended for the implementation of Swap donor transplantation to all the states and Union Territories as this option could increase the number of donors. NOTTO has also decided to have a ‘uniform one nation one swap transplant programme’ to facilitate these transplants more effectively across the country.

In a Swap Transplant, a patient with renal failure who has a willing living donor—but is unable to receive the kidney due to an incompatible blood group or the presence of HLA antibodies—can still undergo a transplant by exchanging donors with another incompatible pair. Through this arrangement, both recipients receive compatible kidneys, resulting in successful transplants for both pairs.

In the landmark case at AIIMS Raipur, two male ESRD patients, aged 39 and 41 from Bilaspur, had been on dialysis for three years. Both were advised to undergo kidney transplantation. Their respective wives came forward as living donors. However, due to blood group incompatibility – one pair having B+ and O+, and the other O+ and B+ – direct donation was not possible. To overcome this challenge, the transplant team at AIIMS Raipur coordinated a successful swap transplant. Each donor gave her kidney to the other recipient, ensuring blood group compatibility and enabling both patients to receive life-saving organs. The surgery was conducted on 15th March 2025, and all four individuals – both donors and recipients – are currently recovering well under close observation in the Transplant ICU. This milestone reflects AIIMS Raipur’s growing capabilities in advanced medical care and its commitment to providing innovative solutions for patients battling chronic kidney disease.

The Swap Transplant team consisted of Dr Vinay Rathore (Transplant Physician); Dr Amit R Sharma, Dr Deepak Biswal and Dr Satyadeo Sharma (Transplant Surgeons); Dr Subrat Singha, Dr Mayank, Dr Jitendra and Dr Sarita Ramchandani (Anaethesiologists) and other Transplant Co-ordinator team members and OT and Transplant Nursing staff.

AIIMS Raipur has played a pivotal role in the development of Organ Transplant in Chhattisgarh. The institute has successfully developed a renal transplant program, encompassing both living and deceased donor transplants. Six deceased donors have donated their organs in last two years.

AIIMS Raipur has also been first amongst the newer AIIMS to start Deceased Donor Organ Donation and Deceased Donor Kidney Transplantation. It is also the first in the state to start Deceased donor Paediatric Kidney Transplantation. To date, the institute has performed 54 kidney transplants with a graft survival rate of 95% and patient survival rate of 97%, reflecting its clinical excellence and commitment to high-quality patient care.

*****

MV

HFW/AIIMS Raipur – Swap Kidney Transplant/24 April 2025/1

(Release ID: 2123988) Visitor Counter : 71

MIL OSI Asia Pacific News –

April 24, 2025
MIL-OSI Asia-Pac: Appeal for information on missing man in Tsim Sha Tsui (with photo)

Source: Hong Kong Government special administrative region

Police today (April 24) appealed to the public for information on a man who went missing in Tsim Sha Tsui.

Cheng Wah-sang, aged 73, went missing after he was last seen in a shopping mall on Granville Road yesterday (April 23) afternoon. His friend then made a report to Police.

He is about 1.7 metres tall, 60 kilograms in weight and of medium build. He has a long face with yellow complexion and short white hair. He was last seen wearing a green long-sleeved polo shirt, blue trousers and dark shoes.

Anyone who knows the whereabouts of the missing man or may have seen him is urged to contact the Regional Missing Persons Unit of New Territories South on 3661 1174 or 9628 4078 or email to rmpu-nts-2@police.gov.hk, or contact any police station.

MIL OSI Asia Pacific News –

April 24, 2025
MIL-OSI Asia-Pac: Red flags lowered at some beaches

Source: Hong Kong Government special administrative region

Attention TV/radio announcers:

Please broadcast the following as soon as possible and repeat it at regular intervals:

Here is an item of interest to swimmers.

The Leisure and Cultural Services Department announced today (April 24) that, since the water of Ma Wan Tung Wan Beach, Lido Beach, Casam Beach and Ting Kau Beach in Tsuen Wan District is now suitable for swimming, the red flags have been lowered.

The red flags were hoisted at the beaches earlier after a red tide was found.

MIL OSI Asia Pacific News –

April 24, 2025

MIL-OSI: Donegal Group Inc. Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

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

Significant Items for First Quarter of 2025 (all comparisons to first quarter of 2024):

Net premiums earned increased 2.2% to $232.7 million
Combined ratio of 91.6%, compared to 102.4%
Net income of $25.2 million, or $0.71 per diluted Class A share, compared to $6.0 million, or $0.18 per diluted Class A share
Net investment losses (after tax) of $0.4 million, or 1 cent per diluted Class A share, compared to net investment gains (after tax) of $1.7 million, or 5 cents per diluted Class A share, are included in net income
Annualized return on average equity of 17.8%, compared to 4.9%
Book value per share of $16.24 at March 31, 2025, compared to $14.53 at March 31, 2024

Financial Summary

	Three Months Ended March 31,
		2025			2024		% Change
	(dollars in thousands, except per share amounts)

Income Statement Data
Net premiums earned	$	232,702		$	227,749			2.2	%
Investment income, net		11,984			10,972			9.2
Net investment (losses) gains		(471	)		2,113			NM²
Total revenues		245,174			241,141			1.7
Net income		25,205			5,956			323.2
Non-GAAP operating income¹		25,577			4,286			496.8
Annualized return on average equity		17.8	%		4.9	%		12.9 pts

Per Share Data
Net income – Class A (diluted)	$	0.71		$	0.18			294.4	%
Net income – Class B		0.65			0.16			306.3
Non-GAAP operating income – Class A (diluted)		0.72			0.13			453.8
Non-GAAP operating income – Class B		0.66			0.12			450.0
Book value		16.24			14.53			11.8

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”).
²Not meaningful.

Management Commentary

Kevin G. Burke, President and Chief Executive Officer of Donegal Group Inc., stated, “We are pleased that positive momentum, which began to emerge in the second half of 2024, continued into the first quarter of 2025 with our achievement of record earnings for the second straight quarter. We believe this accomplishment reflects the deliberate actions and strong operational discipline of our team in prioritizing sustained profitability while pursuing targeted premium growth.

“Net premiums earned rose by 2.2% to $232.7 million, while net premiums written¹ declined modestly by 1.7% compared to the prior-year quarter, with that decline primarily due to lower new business volume and planned attrition, offset partially by solid premium rate increases and strong retention of desired risks. We achieved a combined ratio of 91.6% for the first quarter of 2025, marking significant improvement over the 102.4% combined ratio for the prior-year quarter. We attribute the improvement to core loss ratio decreases that resulted from the strategic initiatives and profit improvement plans we implemented over the past several years, coupled with lower-than-average weather-related and large fire losses and a higher level of favorable development of reserves related to prior accident years.

“In our commercial lines business, we are actively promoting our small commercial products and capabilities while actively seeking to grow our middle market business segment. In our personal lines business, our strategic focus remains on maintaining profitability through rate adequacy. Our personal lines growth in the first quarter of 2025 was constrained by two intentional strategies. We limited new business volume and continued the non-renewal of a legacy Maryland book of business. We are taking proactive steps to stabilize personal lines premium level as the year progresses, and we will continue to emphasize higher levels of profitable growth in commercial lines that we believe will lead to long-term success.”

Mr. Burke concluded, “We believe we are well positioned to navigate the evolving insurance landscape, as we continue to enhance and refine our systems and operational capabilities. We are confident in our ability to achieve sustainable excellent financial performance and capitalize on future growth opportunities that will further enhance shareholder value over time.”

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 March 31,
		2025		2024	% Change
	(dollars in thousands)

Net Premiums Earned
Commercial lines	$	136,216	$	132,092		3.1	%
Personal lines		96,486		95,657		0.9
Total net premiums earned	$	232,702	$	227,749		2.2	%

Net Premiums Written
Commercial lines:
Automobile	$	56,525	$	53,514		5.6	%
Workers’ compensation		28,754		31,074		-7.5
Commercial multi-peril		60,790		57,503		5.7
Other		14,549		13,403		8.6
Total commercial lines		160,618		155,494		3.3
Personal lines:
Automobile		55,192		61,381		-10.1
Homeowners		28,788		31,759		-9.4
Other		2,494		2,808		-11.2
Total personal lines		86,474		95,948		-9.9
Total net premiums written	$	247,092	$	251,442		-1.7	%

Net Premiums Written

The 1.7% decrease in net premiums written for the first quarter of 2025 compared to the first quarter of 2024, as shown in the table above, represents the net combination of a 3.3% increase in commercial lines net premiums written and a 9.9% decrease in personal lines net premiums written. The $4.4 million decrease in net premiums written for the first quarter of 2025 compared to the first quarter of 2024 included:

Commercial Lines: $5.1 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: $9.5 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 months ended March 31, 2025 and 2024:

	Three Months Ended
	March 31,
		2025		2024

GAAP Combined Ratios (Total Lines)
Loss ratio – core losses		54.4	%	58.7	%
Loss ratio – weather-related losses		3.7		4.7
Loss ratio – large fire losses		3.1		6.6
Loss ratio – net prior-year reserve development		-4.5		-3.7
Loss ratio		56.7		66.3
Expense ratio		34.6		35.7
Dividend ratio		0.3		0.4
Combined ratio		91.6	%	102.4	%

Statutory Combined Ratios
Commercial lines:
Automobile		91.4	%	99.6	%
Workers’ compensation		117.6		111.2
Commercial multi-peril		90.3		102.7
Other		80.8		82.2
Total commercial lines		94.7		101.6
Personal lines:
Automobile		85.0		99.8
Homeowners		83.8		102.9
Other		56.6		85.2
Total personal lines		83.6		100.3
Total lines		90.3	%	101.2	%

Loss Ratio

For the first quarter of 2025, the loss ratio decreased to 56.7%, compared to 66.3% for the first quarter of 2024. The core loss ratio, which excludes weather-related losses, large fire losses and net favorable development of reserves for losses incurred in prior accident years, was 54.2% for the first quarter of 2025, compared to 58.7% for the first quarter of 2024. For the commercial lines segment, the core loss ratio of 58.3% for the first quarter of 2025 decreased modestly from 59.0% for the first quarter of 2024, primarily as the result of ongoing premium rate increases in all lines except workers’ compensation and reduced exposures in underperforming states and classes of business. For the personal lines segment, the core loss ratio of 48.7% for the first quarter of 2025 decreased significantly from 58.1% for the first quarter of 2024, due largely to the favorable impact of ongoing premium rate increases on net premiums earned for that segment. While we did not see a material impact in the first quarter of 2025, we are monitoring the impact of tariffs and other inflationary factors, which may result in increases in loss costs in future quarters.

Weather-related losses were $8.6 million, or 3.7 percentage points of the loss ratio, for the first quarter of 2025, compared to $10.8 million, or 4.7 percentage points of the loss ratio, for the first quarter of 2024. The weather-related loss ratio for the first quarter of 2025 was modestly lower than our previous five-year first-quarter average of 4.6 percentage points of the loss ratio.

Large fire losses, which we define as individual fire losses in excess of $50,000, for the first quarter of 2025 were $7.7 million, or 3.3 percentage points of the loss ratio. That amount was substantially lower than the large fire losses of $15.0 million, or 6.6 percentage points of the loss ratio, for the first quarter of 2024. We primarily attribute the decrease to lower loss frequency and severity compared to the prior-year quarter. We experienced a $5.3 million decrease in commercial property fire losses and a $2.0 million decrease in homeowner fire losses.

Net favorable development of reserves for losses incurred in prior accident years of $10.5 million decreased the loss ratio for the first quarter of 2025 by 4.5 percentage points, compared to $8.4 million that decreased the loss ratio for the first quarter of 2024 by 3.7 percentage points. Our insurance subsidiaries experienced favorable development primarily in the personal automobile, commercial automobile and commercial multi-peril lines of business, offset partially by modest unfavorable development in workers’ compensation for the first quarter of 2025.

Expense Ratio

The expense ratio was 34.6% for the first quarter of 2025, compared to 35.7% for the first quarter of 2024. The decrease in the expense ratio primarily reflected the favorable impact of ongoing expense management initiatives, offset partially by higher underwriting-based incentive costs for agents and employees. 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 1.2 percentage points of the expense ratio for the first quarter of 2025, and we expect the full year 2025 expense ratio impact will 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 95.7% of our consolidated investment portfolio in diversified, highly rated and marketable fixed-maturity securities at March 31, 2025.

	March 31, 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	$	176,090			12.5	%	$	170,423			12.3	%
Obligations of states and political subdivisions		412,304			29.3			409,560			29.6
Corporate securities		442,275			31.4			440,552			31.8
Mortgage-backed securities		317,236			22.5			304,459			22.0
Allowance for expected credit losses		(1,351	)		-0.1			(1,388	)		-0.1
Total fixed maturities		1,346,554			95.6			1,323,606			95.6
Equity securities, at fair value		40,206			2.9			36,808			2.6
Short-term investments, at cost		20,622			1.5			24,558			1.8
Total investments	$	1,407,382			100.0	%	$	1,384,972			100.0	%

Average investment yield		3.4	%					3.3	%
Average tax-equivalent investment yield		3.5	%					3.4	%
Average fixed-maturity duration (years)		5.2						5.2

Net investment income of $12.0 million for the first quarter of 2025 increased 9.2% compared to $11.0 million for the first quarter of 2024. The increase in net investment income reflected an increase in average investment yield and higher average invested assets relative to the prior-year first quarter.

Net investment losses were $0.5 million for the first quarter of 2025, compared to net investment gains of $2.1 million for the first quarter of 2024. We attribute the losses to the decrease in the market value of the equity securities we held at March 31, 2025.

Our book value per share was $16.24 at March 31, 2025, compared to $15.36 at December 31, 2024, with the increase partially related to net income, as well as $6.7 million of after-tax unrealized gains within our available-for-sale fixed-maturity portfolio during 2025 that increased our book value by $0.19 per share. Consistent with our historical practice, we did not declare any cash dividends in the first quarter of 2025 or 2024.

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 March 31,
		2025		2024	% Change
	(dollars in thousands)

Reconciliation of Net Premiums
Earned to Net Premiums Written
Net premiums earned	$	232,702	$	227,749		2.2	%
Change in net unearned premiums		14,390		23,693		-39.3
Net premiums written	$	247,092	$	251,442		-1.7	%

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

	Three Months Ended March 31,
		2025		2024		% Change
	(dollars in thousands, except per share amounts)

Reconciliation of Net Income
to Non-GAAP Operating Income
Net income	$	25,205	$	5,956			323.2	%
Investment losses (gains) (after tax)		372		(1,670	)		NM
Non-GAAP operating income	$	25,577	$	4,286			496.8	%

Per Share Reconciliation of Net Income
to Non-GAAP Operating Income
Net income – Class A (diluted)	$	0.71	$	0.18			294.4	%
Investment losses (gains) (after tax)		0.01		(0.05	)		NM
Non-GAAP operating income – Class A	$	0.72	$	0.13			453.8	%

Net income – Class B	$	0.65	$	0.16			306.3	%
Investment losses (gains) (after tax)		0.01		(0.04	)		NM
Non-GAAP operating income – Class B	$	0.66	$	0.12			450.0	%

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 April 17, 2025, we declared regular quarterly cash dividends 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 May 15, 2025 to stockholders of record as of the close of business on May 1, 2025.

Pre-Recorded Webcast

At approximately 8:30 am EST on Thursday, April 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@equityny.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 March 31,
		2025			2024

Net premiums earned	$	232,702		$	227,749
Investment income, net of expenses		11,984			10,972
Net investment (losses) gains		(471	)		2,113
Lease income		77			82
Installment payment fees		882			225
Total revenues		245,174			241,141

Net losses and loss expenses		132,033			150,896
Amortization of deferred acquisition costs		39,231			39,602
Other underwriting expenses		41,195			41,740
Policyholder dividends		760			1,055
Interest		333			155
Other expenses, net		461			445
Total expenses		214,013			233,893

Income before income tax expense		31,161			7,248
Income tax expense		5,956			1,292

Net income	$	25,205		$	5,956

Net income per common share:
Class A – basic	$	0.72		$	0.18
Class A – diluted	$	0.71		$	0.18
Class B – basic and diluted	$	0.65		$	0.16

Supplementary Financial Analysts’ Data

Weighted-average number of shares
outstanding:
Class A – basic		30,120,649			27,811,312
Class A – diluted		30,430,042			27,846,313
Class B – basic and diluted		5,576,775			5,576,775

Net premiums written	$	247,092		$	251,442

Book value per common share
at end of period	$	16.24		$	14.53

Annualized operating return on average equity		17.8	%		4.9	%

Donegal Group Inc.
Consolidated Balance Sheets
(in thousands)

	March 31,			December 31,
		2025			2024
	(unaudited)

ASSETS
Investments:
Fixed maturities:
Held to maturity, at amortized cost	$	706,098		$	705,714
Available for sale, at fair value		640,456			617,892
Equity securities, at fair value		40,206			36,808
Short-term investments, at cost		20,622			24,558
Total investments		1,407,382			1,384,972
		64,315			52,926
Premiums receivable		193,975			181,107
Reinsurance receivable		403,382			420,742
Deferred policy acquisition costs		76,194			73,347
Prepaid reinsurance premiums		182,860			176,162
Other assets		40,169			46,776
Total assets	$	2,368,277		$	2,336,032

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Losses and loss expenses	$	1,092,624		$	1,120,985
Unearned premiums		633,564			612,476
Borrowings under lines of credit		35,000			35,000
Other liabilities		22,366			21,795
Total liabilities		1,783,554			1,790,256
Stockholders’ equity:
Class A common stock		334			329
Class B common stock		56			56
Additional paid-in capital		376,864			369,680
Accumulated other comprehensive loss		(21,472	)		(28,200	)
Retained earnings		270,167			245,137
Treasury stock		(41,226	)		(41,226	)
Total stockholders’ equity		584,723			545,776
Total liabilities and stockholders’ equity	$	2,368,277		$	2,336,032

The MIL Network –

April 24, 2025

MIL-OSI Asia-Pac: MOEA Showcases 18 Cutting-Edge Innovations to Accelerate Taiwan’s AI Smart Vehicle Industry at E-Mobility Taiwan

Source: Republic of China Taiwan

The Ministry of Economic Affairs (MOEA) unveiled 18 breakthrough R&D achievements today at the “TARC Pavilion” during 2025 E-Mobility Taiwan Exhibition. In collaboration with 28 industry partners, the showcased technologies spotlight Taiwan’s advancements in AI integration and electrification for smart mobility. The initiative emphasizes not only research excellence but also real-world industrial applications-demonstrating Taiwan’s growing influence in the global smart vehicle ecosystem.

With AI technology rapidly reshaping mobility, this year’s TARC Pavilion focuses on autonomous driving innovations. A highlight of the showcase is the “Level 3 AI self-driving and cybersecurity Integration” developed by the Automotive Research & Testing Center (ARTC), which brings together the expertise of local leaders including Elan, oToBrite, ASUS, DFI, Arcadyan, Chimei Automotive, and Rotatech. This system combines AI-enabled smart driving, intelligent cockpit monitoring, and cybersecurity, and has powered the world’s first Level 3 autonomous electric bus certified under UN R157 regulation-marking a significant step toward safer, smarter mobility.

The integrated system enables advanced features such as self-navigation, lane changing, and obstacle avoidance. It also includes real-time driver monitoring using facial and posture recognition. If a driver becomes unresponsive, the vehicle safely pulls over and alerts backend operators. With OTA (over-the-air) update capabilities and robust cybersecurity, the system is positioned to lead Taiwan’s smart vehicle supply chain onto the international stage.

Another highlight is the Industrial Technology Research Institute’s (ITRI) “Smart Charging Management and Dispatch System,”which has revolutionized electric bus charging methods. Representing a global first in applying fleet charging and dispatch to smart city energy management, this AI-powered solution optimizes power usage and spatial efficiency at depots, as successfully demonstrated in collaboration with Chung Hsing Bus Company and applied at Taipei’s Beitou Shilin Technology Park Depot, Taiwan’s largest electric bus operation center. It enables flexible charging schedules based on each vehicle’s battery level, route, and timetable-significantly reducing electricity contract demand, saving approximately 30% in manpower and operating costs, and extending battery lifespan. The system also features AI-based remote monitoring to prevent risks like overheating or short circuits, thereby boosting overall fleet efficiency.

Both technologies received 2025 Edison Awards, a testament to Taiwan’s innovation prowess in the global smart mobility arena.

In addition, CMC (China Motor Corporation) presented the ET35, Taiwan’s first mass-produced 3.5-ton intelligent electric commercial vehicle. Designed and manufactured entirely with components sourced from local suppliers-with a localization rate of over 90%-the ET35 features domestically developed ADAS Level 2, vehicle-to-everything (V2X) communication, and cloud-based data integration. This all-in-one solution supports enterprise-level decarbonization and smart logistics, and is slated for mass production in Q3 2025.

The TARC Pavilion will run through April 26 on the 4th floor of Hall 1, Taipei Nangang Exhibition Center. Visitors from industry, government, and academia are welcome to explore the forefront of Taiwan’s smart mobility innovation at E-Mobility Taiwan.

MIL OSI Asia Pacific News –

April 24, 2025

MIL-OSI: TransUnion Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Exceeded first quarter 2025 financial guidance across all key financial metrics
Delivered 8 percent organic constant currency revenue growth (7 percent reported) led by U.S. Financial Services, Emerging Verticals and International
De-levered to 2.9x Leverage Ratio at quarter-end and repurchased $10 million shares through mid-April
Maintaining organic constant currency revenue growth guidance of 4.5 to 6 percent (4 to 5.5 percent reported revenue growth)

CHICAGO, April 24, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended March 31, 2025.

First Quarter 2025 Results

Revenue:

Total revenue for the quarter was $1,096 million, an increase of 7 percent (8 percent on a constant currency basis), compared with the first quarter of 2024.

Earnings:

Net income attributable to TransUnion was $148 million for the quarter, compared with $65 million for the first quarter of 2024 primarily due to a $56 million reduction of a previously established accrual for a lawsuit that was dismissed in the first quarter of 2025. Diluted earnings per share was $0.75, compared with $0.33 in the first quarter of 2024. Net income attributable to TransUnion margin was 13.5 percent, compared with 6 percent in the first quarter of 2024.
Adjusted Net Income was $208 million for the quarter, compared with $179 million for the first quarter of 2024. Adjusted Diluted Earnings per Share was $1.05, compared with $0.92 in the first quarter of 2024.
Adjusted EBITDA was $397 million for the quarter, compared with $358 million for the first quarter of 2024, an increase of 11 percent (12 percent on a constant currency basis). Adjusted EBITDA margin was 36.2 percent, compared with 35.1 percent in the first quarter of 2024.

“In the first quarter, TransUnion delivered strong results that again exceeded financial guidance,” said Chris Cartwright, President and CEO. “U.S. Markets revenue grew 9 percent against subdued market conditions, led by strong mortgage and accelerating non-mortgage Financial Services and Emerging Verticals growth. International grew 6 percent on a constant currency basis, with high-single digit growth across most markets and India up low-single digits as anticipated.”

“We are maintaining our 2025 organic constant currency revenue guidance of 4.5 to 6 percent, balancing strong outperformance in the first quarter against increasing market risks. We are actively monitoring conditions but to-date have not experienced softening volumes in our business.”

“We believe we are well-positioned to navigate potential economic softening. We have a proven track record of delivering revenue growth through economic cycles, supported by a diversified and high-growth portfolio across solutions, verticals and geographies. Should conditions deteriorate, we are prepared to prudently manage costs while prioritizing the completion of our business transformation to deliver structural cost savings and accelerate innovation.”

First Quarter 2025 Segment Results

Segment revenue and Adjusted EBITDA for the first quarter of 2025 and the related growth rates compared with the first quarter of 2024 were as follows:

(in millions)	First Quarter 2025		Reported Growth Rate		Constant Currency Growth Rate
U.S. Markets:
Financial Services	$	404	15	%	15	%
Emerging Verticals		315	6	%	6	%
Consumer Interactive		138	(1	)%	(1	)%
Total U.S. Markets Revenue	$	857	9	%	9	%

U.S. Markets Adjusted EBITDA	$	320	12	%	12	%

International:
Canada	$	38	—	%	7	%
Latin America		33	—	%	7	%
United Kingdom		59	9	%	9	%
Africa		17	12	%	10	%
India		69	(3	)%	1	%
Asia Pacific		27	7	%	8	%
Total International Revenue	$	242	2	%	6	%

International Adjusted EBITDA	$	110	3	%	7	%

Liquidity and Capital Resources

Cash and cash equivalents was $610 million at March 31, 2025 and $679 million at December 31, 2024.

For the three months ended March 31, 2025, cash provided by operating activities was $53 million, compared with $54 million in 2024. The decrease in cash provided by operating activities was primarily due to the timing of accounts receivable collections and higher bonus payouts in 2025 compared with 2024, mostly offset by improved operating performance and lower interest expense. For the three months ended March 31, 2025, cash used in investing activities was $87 million, compared with $62 million in 2024. The increase in cash used in investing activities was primarily due to a current year investment in a note receivable and an increase in capital expenditures. For the three months ended March 31, 2025, capital expenditures were $68 million, compared with $62 million in 2024. Capital expenditures as a percent of revenue represented 6% for each of the three months ended March 31, 2025 and 2024. For the three months ended March 31, 2025, cash used in financing activities was $41 million, compared with $31 million in 2024. Cash used in financing activities was higher primarily due to stock buybacks in 2025.

Second 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 June 30, 2025						Twelve Months Ended December 31, 2025
(in millions, except per share data)	Low			High			Low			High
Revenue, as reported	$	1,076		$	1,095		$	4,358		$	4,417
Revenue growth¹:
As reported		3	%		5	%		4	%		5.5	%
Constant currency^{1, 2}		4	%		6	%		5	%		6	%
Organic constant currency^{1, 3}		3	%		5	%		4.5	%		6	%

Net income attributable to TransUnion	$	69		$	77		$	383		$	411
Net income attributable to TransUnion growth	(18		)%	(9		)%		35	%		44	%
Net income attributable to TransUnion margin		6.5	%		7.1	%		8.8	%		9.3	%

Diluted Earnings per Share	$	0.35		$	0.39		$	1.92		$	2.06
Diluted Earnings per Share growth	(20		)%	(10		)%		33	%		43	%

Adjusted EBITDA, as reported⁵	$	375		$	386		$	1,549		$	1,590
Adjusted EBITDA growth, as reported⁴		—	%		3	%		3	%		6	%
Adjusted EBITDA margin		34.8	%		35.3	%		35.6	%		36.0	%

Adjusted Diluted Earnings per Share⁵	$	0.95		$	0.99		$	3.93		$	4.08
Adjusted Diluted Earnings per Share growth	(4		)%		—	%		—	%		4	%

Additional revenue growth assumptions:

The impact of changing exchange rates is expected to be approximately 1 point of headwind for Q2 2025 and approximately 1 point of headwind for FY 2025.
The impact of the recent acquisition is expected to have approximately 1 point of benefit for Q2 2025 and less than 1 point of benefit for FY 2025.
The impact of mortgage is expected to be approximately 2 points of benefit for Q2 2025 and 2 points of benefit for FY 2025.
Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions.

Additional Adjusted EBITDA assumptions:

The impact of changing foreign currency exchange rates is expected to have approximately 1 point of headwind for Q2 2025 and approximately 1 point of headwind for FY 2025.
For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.

Earnings Webcast Details

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

About TransUnion (NYSE: TRU)

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

http://www.transunion.com/business

Availability of Information on TransUnion’s Website

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

Forward-Looking Statements

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

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

macroeconomic effects and changes in market conditions, including the impact of 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.


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

	March 31, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	609.9		$	679.5
Trade accounts receivable, net of allowance of $24.4 and $19.9		882.3			798.9
Other current assets		326.2			323.4
Total current assets		1,818.4			1,801.8
Property, plant and equipment, net of accumulated depreciation and amortization of $527.6 and $506.3		199.8			203.5
Goodwill		5,162.7			5,144.3
Other intangibles, net of accumulated amortization of $2,421.7 and $2,294.5		3,205.6			3,257.5
Other assets		562.6			577.7
Total assets	$	10,949.1		$	10,984.8
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable	$	325.6		$	294.6
Current portion of long-term debt		70.6			70.6
Other current liabilities		492.3			694.4
Total current liabilities		888.5			1,059.6
Long-term debt		5,060.2			5,076.6
Deferred taxes		386.4			415.3
Other liabilities		121.5			114.5
Total liabilities		6,456.6			6,666.0
Stockholders’ equity:
Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of March 31, 2025 and December 31, 2024, respectively		—			—
Common stock, $0.01 par value; 1.0 billion shares authorized at March 31, 2025 and December 31, 2024, 201.7 million and 201.5 million shares issued at March 31, 2025 and December 31, 2024, respectively, and 195.1 million and 194.9 million shares outstanding as of March 31, 2025 and December 31, 2024, respectively		2.0			2.0
Additional paid-in capital		2,595.1			2,558.9
Treasury stock at cost; 6.7 million and 6.6 million shares at March 31, 2025 and December 31, 2024, respectively		(340.1	)		(334.6	)
Retained earnings		2,484.5			2,357.9
Accumulated other comprehensive loss		(355.7	)		(367.2	)
Total TransUnion stockholders’ equity		4,385.8			4,217.0
Noncontrolling interests		106.7			101.8
Total stockholders’ equity		4,492.5			4,318.8
Total liabilities and stockholders’ equity	$	10,949.1		$	10,984.8


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

	Three Months Ended March 31,
		2025			2024
Revenue	$	1,095.7		$	1,021.2
Operating expenses
Cost of services (exclusive of depreciation and amortization below)		445.6			406.3
Selling, general and administrative		256.8			305.6
Depreciation and amortization		138.9			134.0
Restructuring		—			18.2
Total operating expenses		841.4			864.1
Operating income		254.4			157.2
Non-operating income and (expense)
Interest expense		(56.1	)		(68.7	)
Interest income		8.6			5.4
Earnings from equity method investments		4.3			4.7
Other income and (expense), net		(17.4	)		(15.7	)
Total non-operating income and (expense)		(60.6	)		(74.1	)
Income before income taxes		193.8			83.0
Provision for income taxes		(41.0	)		(13.0	)
Net income		152.7			70.0
Less: net income attributable to noncontrolling interests		(4.7	)		(4.9	)
Net income attributable to TransUnion	$	148.1		$	65.1

Basic earnings per common share from:
Net income attributable to TransUnion	$	0.76		$	0.34
Diluted earnings per common share from:
Net income attributable to TransUnion	$	0.75		$	0.33
Weighted-average shares outstanding:
Basic		195.1			194.1
Diluted		197.3			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)

	Three Months Ended March 31,
		2025			2024
Cash flows from operating activities:
Net income	$	152.7		$	70.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		138.9			134.0
Loss on repayment of loans		—			0.7
Deferred taxes		(22.5	)		(27.1	)
Stock-based compensation		30.3			24.1
Other		15.2			(1.2	)
Changes in assets and liabilities:
Trade accounts receivable		(88.9	)		(60.7	)
Other current and long-term assets		3.8			43.7
Trade accounts payable		29.7			28.7
Other current and long-term liabilities		(206.7	)		(158.2	)
Cash provided by operating activities		52.5			54.0
Cash flows from investing activities:
Capital expenditures		(68.4	)		(62.4	)
Proceeds from sale/maturities of other investments		0.2			—
Investments in nonconsolidated affiliates and notes receivable		(20.0	)		(1.2	)
Other		1.6			1.2
Cash used in investing activities		(86.6	)		(62.4	)
Cash flows from financing activities:
Proceeds from term loans		—			264.1
Repayments of term loans		—			(257.1	)
Repayments of debt		(17.7	)		(14.6	)
Debt financing fees		—			(4.7	)
Dividends to shareholders		(22.6	)		(20.8	)
Proceeds from issuance of common stock		10.6			12.4
Employee taxes paid on restricted stock units recorded as treasury stock		(5.5	)		(10.6	)
Repurchase of common stock		(5.4	)		—
Cash used in financing activities		(40.6	)		(31.3	)
Effect of exchange rate changes on cash and cash equivalents		5.1			(2.9	)
Net change in cash and cash equivalents		(69.6	)		(42.6	)
Cash and cash equivalents, beginning of period		679.5			476.2
Cash and cash equivalents, end of period	$	609.9		$	433.6

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 March 31, 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, (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 presents non-cash amortization expenses related to assets that arose from our 2012 change in control transaction and business combinations occurring after our 2012 change in control. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary dependent upon the timing of the transactions that give rise to these assets. Amortization of intangible assets is included in depreciation and amortization on our Consolidated Statements of Operations.
Stock-based compensation (see Consolidated Adjusted EBITDA above)
Operating model optimization program (see Consolidated Adjusted EBITDA above)
Accelerated technology investment (see Consolidated Adjusted EBITDA above)
Mergers and acquisitions, divestiture and business optimization (see Consolidated Adjusted EBITDA above)
Net other is consistent with the definition in Consolidated Adjusted EBITDA above except that other debt financing expenses and certain other miscellaneous income and expense that are included in the adjustment to calculate Adjusted EBITDA are excluded in the adjustment made to calculate Adjusted Net Income.
Total adjustments for income taxes relates to the cumulative adjustments discussed below for Adjusted Provision for Income Taxes. This adjustment is made for the reasons indicated in Adjusted Provision for Income Taxes below. Adjustments related to the provision for income taxes are included in the line item by this name on our consolidated statement of operations.

Adjusted Diluted Earnings Per Share

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

Adjusted Provision for Income Taxes

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

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

Adjusted Effective Tax Rate

Management defines Adjusted Effective Tax Rate as Adjusted Provision for Income Taxes divided by Adjusted income 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 March 31, 2025 compared with the Three Months Ended March 31, 2024
	Reported		CC Growth¹		Organic CC Growth²
Revenue:
Consolidated	7.3	%	8.1	%	8.1	%
U.S. Markets	8.6	%	8.6	%	8.6	%
Financial Services	14.7	%	14.7	%	14.7	%
Emerging Verticals	5.8	%	5.8	%	5.8	%
Consumer Interactive	(0.8	)%	(0.8	)%	(0.8	)%
International	2.5	%	6.0	%	6.0	%
Canada	0.4	%	6.9	%	6.9	%
Latin America	(0.5	)%	6.9	%	6.9	%
United Kingdom	8.6	%	9.5	%	9.5	%
Africa	11.9	%	9.5	%	9.5	%
India	(3.3	)%	0.9	%	0.9	%
Asia Pacific	7.0	%	8.0	%	8.0	%

Adjusted EBITDA:
Consolidated	10.9	%	12.3	%	12.3	%
U.S. Markets	12.3	%	12.3	%	12.3	%
International	2.8	%	7.3	%	7.3	%

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.
We have no inorganic revenue or Adjusted EBITDA for the periods presented. 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 March 31,
		2025			2024
Revenue:
U.S. Markets gross revenue
Financial Services	$	403.6		$	351.7
Emerging Verticals		314.9			297.5
Consumer Interactive		138.2			139.3
U.S. Markets gross revenue	$	856.6		$	788.6

International gross revenue
Canada	$	37.8		$	37.7
Latin America		32.8			32.9
United Kingdom		58.8			54.2
Africa		16.9			15.1
India		68.8			71.1
Asia Pacific		27.0			25.3
International gross revenue	$	242.2		$	236.3

Total gross revenue	$	1,098.8		$	1,024.9

Intersegment revenue eliminations
U.S. Markets	$	(1.6	)	$	(2.3	)
International		(1.5	)		(1.5	)
Total intersegment revenue eliminations	$	(3.1	)	$	(3.7	)

Total revenue as reported	$	1,095.7		$	1,021.2

Adjusted EBITDA:
U.S. Markets	$	320.1		$	285.2
International		109.8			106.8
Corporate		(32.8	)		(33.9	)
Adjusted EBITDA Margin:¹
U.S. Markets		37.4	%		36.2	%
International		45.3	%		45.2	%

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 March 31,
		2025			2024
Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA:
Net income attributable to TransUnion	$	148.1		$	65.1
Net interest expense		47.5			63.2
Provision for income taxes		41.0			13.0
Depreciation and amortization		138.9			134.0
EBITDA	$	375.5		$	275.4
Adjustments to EBITDA:
Stock-based compensation		30.3			24.1
Mergers and acquisitions, divestitures and business optimization¹		17.9			9.2
Accelerated technology investment²		20.0			18.5
Operating model optimization program³		9.8			24.4
Net other⁴		(56.4	)		6.5
Total adjustments to EBITDA	$	21.7		$	82.8
Consolidated Adjusted EBITDA	$	397.1		$	358.2

Net income attributable to TransUnion margin		13.5	%		6.4	%
Consolidated Adjusted EBITDA margin⁵		36.2	%		35.1	%

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

Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Three Months Ended March 31,
		2025		2024
Transaction and integration costs	$	5.3	$	2.2
Fair value and impairment adjustments		12.6		0.1
Post-acquisition adjustments		—		6.9
Total mergers and acquisitions, divestitures and business optimization	$	17.9	$	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:

	Three Months Ended March 31,
		2025		2024
Foundational Capabilities	$	7.4	$	6.8
Migration Management		12.6		10.1
Program Enablement		—		1.7
Total accelerated technology investment	$	20.0	$	18.5

Operating model optimization consisted of the following adjustments:

	Three Months Ended March 31,
		2025		2024
Employee separation	$	—	$	16.8
Facility exit		—		1.4
Business process optimization		9.8		6.2
Total operating model optimization	$	9.8	$	24.4

Net other consisted of the following adjustments:

	Three Months Ended March 31,
		2025			2024
Deferred loan fee expense from debt prepayments and refinancing	$	(0.1	)	$	3.1
Other debt financing expenses		0.5			0.6
Currency remeasurement on foreign operations		(0.6	)		2.6
Legal and regulatory expenses, net		(56.0	)		—
Other non-operating (income) expense		(0.3	)		0.2
Total other adjustments	$	(56.4	)	$	6.5

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 March 31,
		2025			2024
Income attributable to TransUnion	$	148.1		$	65.1

Weighted-average shares outstanding:
Basic		195.1			194.1
Diluted		197.3			195.3

Basic earnings per common share from:
Net income attributable to TransUnion	$	0.76		$	0.34
Diluted earnings per common share from:
Net income attributable to TransUnion	$	0.75		$	0.33

Reconciliation of Net income attributable to TransUnion to Adjusted Net Income:
Net income attributable to TransUnion	$	148.1		$	65.1
Adjustments before income tax items:
Amortization of certain intangible assets¹		70.9			72.0
Stock-based compensation		30.3			24.1
Mergers and acquisitions, divestitures and business optimization²		17.9			9.2
Accelerated technology investment³		20.0			18.5
Operating model optimization program⁴		9.8			24.4
Net other⁵		(56.7	)		5.9
Total adjustments before income tax items	$	92.3		$	154.3
Total adjustments for income taxes⁶		(32.7	)		(40.4	)
Adjusted Net Income	$	207.6		$	179.0

Weighted-average shares outstanding:
Basic		195.1			194.1
Diluted		197.3			195.3

Adjusted Earnings per Share:
Basic	$	1.06		$	0.92
Diluted	$	1.05		$	0.92

	Three Months Ended March 31,
		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	$	0.75		$	0.33
Adjustments before income tax items:
Amortization of certain intangible assets¹		0.36			0.37
Stock-based compensation		0.15			0.12
Mergers and acquisitions, divestitures and business optimization²		0.09			0.05
Accelerated technology investment³		0.10			0.09
Operating model optimization program⁴		0.05			0.13
Net other⁵		(0.29	)		0.03
Total adjustments before income tax items	$	0.47		$	0.79
Total adjustments for income taxes⁶		(0.17	)		(0.21	)
Adjusted Diluted Earnings per Share	$	1.05		$	0.92

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 March 31,
		2025		2024
Transaction and integration costs	$	5.3	$	2.2
Fair value and impairment adjustments		12.6		0.1
Post-acquisition adjustments		—		6.9
Total mergers and acquisitions, divestitures and business optimization	$	17.9	$	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:

	Three Months Ended March 31,
		2025		2024
Foundational Capabilities	$	7.4	$	6.8
Migration Management		12.6		10.1
Program Enablement		—		1.7
Total accelerated technology investment	$	20.0	$	18.5

Operating model optimization consisted of the following adjustments:

	Three Months Ended March 31,
		2025		2024
Employee separation	$	—	$	16.8
Facility exit		—		1.4
Business process optimization		9.8		6.2
Total operating model optimization	$	9.8	$	24.4

Net other consisted of the following adjustments:

	Three Months Ended March 31,
		2025			2024
Deferred loan fee expense from debt prepayments and refinancing	$	(0.1	)	$	3.1
Currency remeasurement on foreign operations		(0.6	)		2.6
Legal and regulatory expenses, net		(56.0	)		—
Other non-operating (income) and expense		—			0.2
Total other adjustments	$	(56.7	)	$	5.9

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 March 31,
		2025			2024
Income before income taxes	$	193.8		$	83.0
Total adjustments before income tax items from Schedule 3		92.3			154.3
Adjusted income before income taxes	$	286.1		$	237.3

Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes:
Provision for income taxes		(41.0	)		(13.0	)
Adjustments for income taxes:
Tax effect of above adjustments		(32.3	)		(35.0	)
Eliminate impact of excess tax expense for stock-based compensation		0.5			1.0
Other¹		(0.9	)		(6.4	)
Total adjustments for income taxes	$	(32.7	)	$	(40.4	)
Adjusted Provision for Income Taxes	$	(73.7	)	$	(53.4	)

Effective tax rate		21.2	%		15.7	%
Adjusted Effective Tax Rate		25.8	%		22.5	%

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

Other adjustments for income taxes include:

	Three Months Ended March 31,
		2025			2024
Deferred tax adjustments	$	(4.6	)	$	(5.1	)
Valuation allowance adjustments		2.3			0.2
Return to provision, audit adjustments and reserves related to prior periods		1.0			(0.9	)
Other adjustments		0.4			(0.5	)
Total other adjustments	$	(0.9	)	$	(6.4	)


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

	Trailing Twelve Months Ended March 31, 2025
Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA:
Net income attributable to TransUnion	$	367.3
Net interest expense		221.0
Provision for income taxes		126.9
Depreciation and amortization		542.6
EBITDA	$	1,257.7
Adjustments to EBITDA:
Stock-based compensation	$	127.5
Mergers and acquisitions, divestitures and business optimization¹		35.2
Accelerated technology investment²		85.7
Operating model optimization program³		80.3
Net other⁴		(41.1	)
Total adjustments to EBITDA	$	287.6
Leverage Ratio Adjusted EBITDA	$	1,545.3

Total debt	$	5,130.8
Less: Cash and cash equivalents		609.9
Net Debt	$	4,521.0

Ratio of Net Debt to Net income attributable to TransUnion		12.3
Leverage Ratio		2.9

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

Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Trailing Twelve Months Ended March 31, 2025
Transaction and integration costs	$	14.2
Fair value and impairment adjustments		20.8
Post-acquisition adjustments		0.1
Total mergers and acquisitions, divestitures and business optimization	$	35.2

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 March 31, 2025
Foundational Capabilities	$	36.3
Migration Management		45.6
Program Enablement		3.8
Total accelerated technology investment	$	85.7

Operating model optimization consisted of the following adjustments:

	Trailing Twelve Months Ended March 31, 2025
Employee separation	$	7.9
Facility exit		40.7
Business process optimization		31.7
Total operating model optimization	$	80.3

Net other consisted of the following adjustments:

	Trailing Twelve Months Ended March 31, 2025
Deferred loan fee expense from debt prepayments and refinancings	$	14.6
Other debt financing expenses		2.3
Currency remeasurement on foreign operations		(1.1	)
Legal and regulatory expenses, net		(56.0	)
Other non-operating (income) and expense		(1.0	)
Total other adjustments	$	(41.1	)


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

	Three Months Ended March 31,
		2025		2024

U.S. Markets	$	101.2	$	100.8
International		36.6		32.2
Corporate		1.1		1.0
Total depreciation and amortization	$	138.9	$	134.0

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 June 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	$	69		$	77		$	383		$	411
Interest, taxes and depreciation and amortization		220			224			917			929
EBITDA	$	290		$	302		$	1,299		$	1,340
Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments¹		85			85			250			250
Adjusted EBITDA	$	375		$	386		$	1,549		$	1,590

Net income attributable to TransUnion margin		6.5	%		7.1	%		8.8	%		9.3	%
Consolidated Adjusted EBITDA margin²		34.8	%		35.3	%		35.6	%		36.0	%

Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:
Diluted earnings per share	$	0.35		$	0.39		$	1.92		$	2.06
Adjustments to diluted earnings per share¹		0.60			0.60			2.00			2.01
Adjusted Diluted Earnings per Share	$	0.95		$	0.99		$	3.93		$	4.08

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

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

The MIL Network –

April 24, 2025

MIL-OSI Africa: Beating malaria: what can be done with shrinking funds and rising threats

Source: The Conversation – Africa – By Taneshka Kruger, UP ISMC: Project Manager and Coordinator, University of Pretoria

Healthcare in Africa faces a perfect storm: high rates of infectious diseases like malaria and HIV, a rise in non-communicable diseases, and dwindling foreign aid.

In 2021, nearly half of the sub-Saharan African countries relied on external financing for more than a third of their health expenditure. But donor fatigue and competing global priorities, such as climate change and geopolitical instability, have placed malaria control programmes under immense pressure. These funding gaps now threaten hard-won progress and ultimately malaria eradication.

The continent’s healthcare funding crisis isn’t new. But its consequences are becoming more severe. As financial contributions shrink, Africa’s ability to respond to deadly diseases like malaria is being tested like never before.

Malaria remains one of the world’s most pressing public health threats. According to the World Health Organization there were an estimated 263 million malaria cases and 597,000 deaths globally in 2023 – an increase of 11 million cases from the previous year.

The WHO African region bore the brunt, with 94% of cases and 95% of deaths. It is now estimated that a child under the age of five dies roughly every 90 seconds due to malaria.

Yet, malaria control efforts since 2000 have averted over 2 billion cases and saved nearly 13 million lives globally. Breakthroughs in diagnostics, treatment and prevention have been critical to this progress. They include insecticide-treated nets, rapid diagnostic tests, artemisinin-based combination therapies (drug combinations to prevent resistance) and malaria vaccines.

Since 2017, the progress has been flat. If the funding gap widens, the risk is not just stagnation; it’s backsliding. Several emerging threats such as climate change and funding shortfalls could undo the gains of the early 2000s to mid-2010s.

New challenges

Resistance to drugs and insecticides, and strains of the malaria parasite Plasmodium falciparum that standard diagnostics can’t detect, have emerged as challenges. There have also been changes in mosquito behaviour, with vectors increasingly biting outdoors, making bed nets less effective.

Climate change is shifting malaria transmission patterns. And the invasive Asian mosquito species Anopheles stephensi is spreading across Africa, particularly in urban areas.

Add to this the persistent issue of cross-border transmission, and growing funding shortfalls and aid cuts, and it’s clear that the fight against malaria is at a critical point.

As the world observes World Malaria Day 2025 under the theme “Malaria ends with us: reinvest, reimagine, reignite”, the call to action is urgent. Africa must lead the charge against malaria through renewed investment, bold innovation, and revitalised political will.

Reinvest: Prevention is the most cost-effective intervention

We – researchers, policymakers, health workers and communities – need to think smarter about funding. The economic logic of prevention is simple. It’s far cheaper to prevent malaria than to treat it. The total cost of procuring and delivering long-lasting insecticidal nets typically ranges between US$4 and US$7 each and the nets protect families for years. In contrast, treating a single case of severe malaria may cost hundreds of dollars and involve hospitalisation.

In high-burden countries, malaria can consume up to 40% of public health spending.

In Tanzania, for instance, malaria contributes to 30% of the country’s total disease burden. The broader economic toll – lost productivity, work and school absenteeism, and healthcare costs – is staggering. Prevention through long-lasting insecticidal nets, chemoprevention and health education isn’t only humane; it’s fiscally responsible.

Reimagine: New tools, local solutions

We cannot fight tomorrow’s malaria with yesterday’s tools. Resistance, climate-driven shifts in transmission, and urbanisation are changing malaria’s patterns.

This is why re-imagining our approach is urgent.

African countries must scale up innovations like the RTS,S/AS01 vaccine and next-generation mosquito nets. But more importantly, they must build their own capacity to develop, test and produce these tools.

This requires investing in research and development, regional regulatory harmonisation, and local manufacturing.

There is also a need to build leadership capacity within malaria control programmes to manage this adaptive disease with agility and evidence-based decision-making.

Reignite: Community and collaboration matters

Reigniting the malaria fight means shifting power to those on the frontlines. Community health workers remain one of Africa’s greatest untapped resources. Already delivering malaria testing, treatment and health education in remote areas, they can also be trained to manage other health challenges.

Integrating malaria prevention into broader community health services makes sense. It builds resilience, reduces duplication, and ensures continuity even when external funding fluctuates.

Every malaria intervention delivered by a trusted, local health worker is a step towards community ownership of health.

Strengthened collaboration between partners, governments, cross-border nations, and local communities is also needed.

The cost of inaction is unaffordable

Africa’s malaria challenge is part of a deeper health systems crisis. By 2030, the continent will require an additional US$371 billion annually to deliver basic primary healthcare – about US$58 per person.

For malaria in 2023 alone, US$8.3 billion was required to meet global control and elimination targets, yet only US$4 billion was mobilised. This gap has grown consistently, increasing from US$2.6 billion in 2019 to US$4.3 billion in 2023.

The shortfall has led to major gaps in the coverage of essential malaria interventions.

The solution does not lie in simply spending more, but in spending smarter by focusing on prevention, building local innovation, and strengthening primary healthcare systems.

The responsibility is collective. African governments must invest boldly and reform policies to prioritise prevention.

Global partners must support without dominating. And communities must be empowered to take ownership of their health.

– Beating malaria: what can be done with shrinking funds and rising threats
– https://theconversation.com/beating-malaria-what-can-be-done-with-shrinking-funds-and-rising-threats-255126

MIL OSI Africa –

April 24, 2025
MIL-OSI New Zealand: Unicef – Increases in vaccine-preventable disease outbreaks threaten years of progress, warn WHO, UNICEF, Gavi

Source: UNICEF Aotearoa NZ

Immunization efforts are under growing threat as misinformation, population growth, humanitarian crises, and funding cuts jeopardize progress and leave millions of children, adolescents, and adults at risk, warn WHO, UNICEF, and Gavi during World Immunization Week, 24-30 April.

Outbreaks of vaccine-preventable diseases such as measles, meningitis, and yellow fever are rising globally, and diseases like diphtheria, which have long been held at bay or virtually disappeared in many countries, are at risk of re-emerging. In response, the agencies are calling for urgent and sustained political attention and investment to strengthen immunization programmes and protect significant progress achieved in reducing child mortality over the past 50 years.

“Vaccines have saved more than 150 million lives over the past five decades,” said WHO Director-General, Dr Tedros Adhanom Ghebreyesus. “Funding cuts to global health have put these hard-won gains in jeopardy. Outbreaks of vaccine-preventable diseases are increasing around the world, putting lives at risk and exposing countries to increased costs in treating diseases and responding to outbreaks. Countries with limited resources must invest in the highest-impact interventions – and that includes vaccines.”

Rising outbreaks and strained health systems

Measles is making an especially dangerous comeback. The number of cases has been increasing year on year since 2021, tracking the reductions in immunization coverage that occurred during and since the COVID-19 pandemic in many communities. Measles cases reached an estimated 10.3 million in 2023, a 20 per cent increase compared to 2022.

The agencies warn that this upward trend likely continued into 2024 and 2025, as outbreaks have intensified around the world. In the past 12 months, 138 countries have reported measles cases, with 61 experiencing large or disruptive outbreaks – the highest number observed in any 12-month period since 2019.

Meningitis cases in Africa also rose sharply in 2024, and the upward trend has continued into 2025. In the first three months of this year alone, more than 5,500 suspected cases and nearly 300 deaths were reported in 22 countries. This follows approximately 26,000 cases and almost 1,400 deaths across 24 countries last year.

Yellow fever cases in the African region are also climbing, with 124 confirmed cases reported in 12 countries in 2024. This comes after dramatic declines in the disease over the past decade, thanks to global vaccine stockpiles and the use of yellow fever vaccine in routine immunization programmes. In the region of the Americas, yellow fever outbreaks have been confirmed since the beginning of this year, with a total of 131 cases in 4 countries.

These outbreaks come amidst global funding cuts. A recent WHO rapid stock take with 108 country offices of WHO-mostly in low- and lower-middle-income countries-shows that nearly half of those countries are facing moderate to severe disruptions to vaccination campaigns, routine immunization, and access to supplies due to reduced donor funding. Disease surveillance, including for vaccine-preventable diseases, is also impacted in more than half of the countries surveyed.

At the same time, the number of children missing routine vaccinations has been increasing in recent years, even as countries make efforts to catch up children missed during the pandemic. In 2023, an estimated 14.5 million children missed all of their routine vaccine doses-up from 13.9 million in 2022 and 12.9 million in 2019. Over half of these children live in countries facing conflict, fragility, or instability, where access to basic health services is often disrupted.

“The global funding crisis is severely limiting our ability to vaccinate over 15 million vulnerable children in fragile and conflict-affected countries against measles,” said UNICEF Executive Director Catherine Russell. “Immunization services, disease surveillance, and the outbreak response in nearly 50 countries are already being disrupted-with setbacks at a similar level to what we saw during COVID-19. We cannot afford to lose ground in the fight against preventable diseases.”

Continued investment in the ‘Big Catch-Up initiative’, launched in 2023 to reach children who missed vaccines during the COVID-19 pandemic, and other routine immunization programmes will be critical.

How immunization addresses these challenges

Joint efforts by WHO, UNICEF, Gavi and partners have helped countries expand access to vaccines and strengthen immunization systems through primary health care, even in the face of mounting challenges. Every year, vaccines save nearly 4.2 million lives against 14 diseases – with nearly half of these lives saved in the African region.

Vaccination campaigns have led to the elimination of meningitis A in Africa’s meningitis belt, while a new vaccine that protects against five strains of meningitis holds promise for broader protection, with efforts underway to expand its use for outbreak response and prevention.

Progress has also been made in reducing yellow fever cases and deaths through increasing routine immunization coverage and emergency vaccine stockpiles, but recent outbreaks in Africa and in the Region of the Americas highlight the risks in areas with no reported cases in the past, low routine vaccination coverage and gaps in preventive campaigns.

In addition, the past two years have seen substantial progress in other areas of immunization. In the African region, which has the highest cervical cancer burden in the world, HPV vaccine coverage nearly doubled between 2020 and 2023 from 21 per cent to 40 per cent, reflecting a concerted global effort towards eliminating cervical cancer. The progress in immunization also includes increases in global coverage of pneumococcal conjugate vaccines, particularly in the South-East Asia Region, alongside introductions in Chad and Somalia, countries with high disease burden.

Another milestone is the sub-national introduction of malaria vaccines in nearly 20 African countries, laying the foundation to save half a million additional lives by 2035 as more countries adopt the vaccines and scale-up accelerates as part of the tools to fight malaria.

Call to action

UNICEF, WHO, and Gavi urgently call for parents, the public, and politicians to strengthen support for immunization. The agencies emphasize the need for sustained investment in vaccines and immunization programmes and urge countries to honour their commitments to the Immunization Agenda 2030 (IA2030).

As part of integrated primary healthcare systems, vaccination can protect against diseases and connect families to other essential care, such as antenatal care, nutrition or malaria screening. Immunization is a ‘best buy’ in health with a return on investment of $54 for every dollar invested and provides a foundation for future prosperity and health security.

“Increasing outbreaks of highly infectious diseases are a concern for the whole world. The good news is we can fight back, and Gavi’s next strategic period has a clear plan to bolster our defences by expanding investments in global vaccine stockpiles and rolling out targeted preventive vaccination in countries most impacted by meningitis, yellow fever and measles,” said Dr Sania Nishtar, CEO of Gavi, the Vaccine Alliance. “These vital activities, however, will be at risk if Gavi is not fully funded for the next five years and we call on our donors to support our mission in the interests of keeping everyone, everywhere, safer from preventable diseases.”

Gavi’s upcoming high-level pledging summit taking place on 25 June 2025 seeks to raise at least US$ 9 billion from our donors to fund our ambitious strategy to protect 500 million children, saving at least 8 million lives from 2026-2030.

MIL OSI New Zealand News –

April 24, 2025
MIL-OSI Asia-Pac: Paul Lam meets ASEAN-China body

Source: Hong Kong Information Services

Acting Chief Executive Paul Lam today met members of a visiting ASEAN-China Joint Cooperation Committee delegation.

They discussed deepening co-operation between Hong Kong and the Association of Southeast Asian Nations (ASEAN) member states as well as issues of mutual concern.

Mr Lam welcomed the delegation, noting that Hong Kong has maintained close trade and economic ties with ASEAN, with ASEAN being the city’s second-largest trading partner for a long time.

He said the Hong Kong Special Administrative Region Government launched the Immigration Facilitation Scheme for Invited Persons last month, providing more convenient immigration arrangements for ASEAN invitees.

The new measure promotes economic and trade exchanges as well as cultural co-operation between Hong Kong and ASEAN, furthering deepening ties between the two places, Mr Lam added.

He also introduced Hong Kong’s advantages and development opportunities to the delegation members.

He highlighted the city’s distinctive advantage of enjoying the motherland’s strong support while being closely connected to the world under the “one country, two systems” principle, and has long played the important role of a “super connector” and “super value-adder”.

Furthermore, as the only common law jurisdiction in China, Hong Kong has the unique advantage of having a well-established legal system alongside top-tier legal and dispute resolution services.

Mr Lam encouraged enterprises from ASEAN member states to leverage Hong Kong as a platform to explore overseas and Mainland markets through its professional services, thereby achieving mutual benefits.

During the delegation’s visit to Hong Kong on April 23 and 24, members will meet Principal Officials, the Legislative Council (LegCo) President and representatives of other major institutions as well as visiting Super Terminal 1 and LegCo.

MIL OSI Asia Pacific News –

April 24, 2025
MIL-OSI Russia: Honoring History, Looking to the Future: GUU Strengthens Russian-Chinese Cooperation

Translation. Region: Russian Federal

Source: State University of Management – Official website of the State –

On April 22, 2025, the Institute of China and Modern Asia of the Russian Academy of Sciences and the Russian Center for the Study and Research of Xi Jinping’s Thought on Socialism with Chinese Characteristics in a New Era, with the support of the Chinese Embassy in Russia, held a round table on the topic “Joint Implementation of the Three Global Initiatives to Build a Community of Shared Future for Humanity.” The event was attended by Fanis Sharipov, Director of the Center for Socio-Economic and Political Studies of China at the State University of Management.

The event took place at the Chinese Cultural Center with the participation of Russian and Chinese business circles, orientalists and other distinguished guests.

The first to speak was Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to the Russian Federation Zhang Hanhui. Then, reports were presented by the First Deputy Chairman of the International Affairs Committee of the Federation Council Andrei Denisov, Director of the Institute of China and Modern Asia of the Russian Academy of Sciences Kirill Babaev, Chairman of the Union of Chinese Entrepreneurs in Russia, Deputy Chairman of the Chinese-Russian Friendship Society Zhou Liqun and other representatives of Russian and Chinese business circles, orientalists and honored guests.

The State University of Management was represented by the Director of the Center for Socio-Economic and Political Research of China Fanis Sharipov, who noted in his speech that on December 18, 2024, a seminar on the topic “The Leader of China in My Eyes – Initiative of Global Civilization in the Form of a Presentation of the 4th Volume of Xi Jinping’s Book “On Public Administration” was held within the walls of our university, and on February 28 of this year, the State University of Management and Renmin Huabao held a round table on the topic “High-Quality Development of the Chinese Economy” on the eve of the next congress of the National People’s Congress of the People’s Republic of China in the Moscow office of the respected publishing house.

Following the round table, a collection of studies on the implementation of the global development initiative, the global security initiative, and the global civilization initiative will be published.

On April 23, 2025, at the invitation of the Russian-Chinese Friendship Society, students and teachers of the Russian-Chinese program “International Manufacturing Business” took part in the opening ceremony of the Chinese-Russian photo exhibition “Nobody is Forgotten, Nothing is Forgotten” dedicated to the 80th anniversary of the Great Victory. The event was organized by the Europe and Asia Broadcasting Center of the People’s Republic of China Foreign Language Literature Publication and Distribution Administration (Renmin Huabao Publishing House) and the Russian-Chinese Friendship Society.

The following speakers spoke at the opening of the exhibition: Feng Litao, Minister-Counselor of the Embassy of the People’s Republic of China in the Russian Federation, Director of the Chinese Cultural Center in Moscow; Galina Kulikova, First Deputy Chairperson of the Russian-Chinese Friendship Society; Yu Jia, Deputy Editor-in-Chief of the Center for Broadcasting to Europe and Asia of the PRC Office of Publication and Distribution of Literature in Foreign Languages; Zhou Shenko, Editor-in-Chief of the Shandong Broadcasting Corporation.

Subscribe to the TG channel “Our GUU” Date of publication: 04/24/2025

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

MIL OSI Russia News –

April 24, 2025
MIL-OSI: GPTBots Highlights Enterprise AI Agent Platform Capabilities at Inaugural GITEX Asia 2025
Source: GlobeNewswire (MIL-OSI)

HONG KONG, April 24, 2025 (GLOBE NEWSWIRE) — GPTBots.ai, a leading enterprise AI agent platform provider under Aurora Mobile (NASDAQ: JG), is showcasing its cutting-edge AI solutions at the inaugural GITEX Asia 2025 in Singapore (April 23-25). As Asia’s premier technology and innovation event and the Asian debut of GITEX GLOBAL, the summit themed “AI Everything Singapore,” attracts senior executives seeking innovative technologies. GPTBots stands out by offering tailored AI applications that empower enterprises to streamline operations, enhance customer experiences, and drive growth through custom-built AI agents.

GITEX Asia: A Hub for AI and Innovation
The first GITEX Asia convenes over 700 global enterprises and startups, 25,000+ tech buyers, and 250+ investors from over 70 countries. With a strong focus on AI, fintech, and digital transformation, the event features tech giants like Ericsson, Oracle, and NVIDIA, alongside influential government and industry speakers, fostering global collaboration and showcasing the latest technological advancements.

GPTBots’ Tailored AI Solutions for Complex Enterprise Needs
At the summit, GPTBots engaged with leaders facing specific challenges that require advanced, customized AI solutions beyond the capabilities of off-the-shelf products.
- A Leading Smart Medical Device Manufacturer (Commanding 80% Market Share in Singapore’s Hospitals):
  As a dominant player in the healthcare industry, this manufacturer manages vast volumes of sensitive data, including patient records, hospital operations, and device performance metrics. However, the organization faced significant challenges in harnessing this wealth of information effectively, struggling with fragmented reporting, underutilized insights, and the inability to automate critical processes like maintenance tracking and operational forecasting.
  Given the strict regulatory requirements that mandate all data remain within hospital premises, GPTBots’ private deployment capability provided a transformative solution. By enabling the creation of AI agents for advanced data analytics, predictive maintenance, and automated reporting, GPTBots empowered the manufacturer to unlock actionable insights from their data ecosystem. This not only enhanced operational efficiency and decision-making but also ensured uncompromised data privacy and security within each hospital’s environment. With GPTBots, the company has set a new standard for leveraging data-driven innovation in the healthcare sector.
Why GPTBots Stands Out
GITEX Asia 2025 highlights GPTBots’ unique value proposition for enterprises seeking actionable AI solutions:
- Tailored AI Applications: Specializing in creating custom AI agents that address specific enterprise needs, from automating complex workflows to building specialized knowledge assistants.
- Enterprise-Grade Capabilities: Offering features like multi-language support (90+ languages), knowledge base integration, seamless system compatibility, and crucially, flexible private deployment options to meet stringent data security and compliance requirements.
- Proven Expertise & Reliability: Demonstrating the ability to build robust, specialized AI agents that outperform generic models for specific business tasks, ensuring accuracy and efficiency.
Driving the Future of Enterprise AI
As GITEX Asia 2025 showcases the transformative potential of AI, GPTBots is proud to be at the forefront, enabling businesses to move beyond generic AI tools and deploy strategic, custom-built AI agents that deliver tangible results in efficiency, innovation, and growth.

About GPTBots
GPTBots.ai, developed by Aurora Mobile (NASDAQ: JG), is a leading AI development platform that empowers businesses to build and deploy enterprise-grade AI solutions. With a focus on customization, scalability, private deployment, and ease of use, GPTBots enables companies to streamline operations, enhance customer experiences, and unlock new growth opportunities.

For more information, visit www.gptbots.ai.

Media Contact:
Silvia
Senior Marketing Manager
marketing@gptbots.ai

The MIL Network –
April 24, 2025
MIL-OSI China: Philippines’ provocations undermine common interests of regional countries: Defense Spokesperson 2025-04-24 “The Philippines frequently conducted the so-called joint patrols and exercises, and invited and deployed strategic and tactical weapons, seriously undermining the common interests of regional countries,” said a Chinese defense spokesperson on Thursday.
Source: People’s Republic of China – Ministry of National Defense 2
loading…

MIL OSI China News –
April 24, 2025
MIL-OSI Global: Beating malaria: what can be done with shrinking funds and rising threats

Source: The Conversation – Africa – By Taneshka Kruger, UP ISMC: Project Manager and Coordinator, University of Pretoria

Healthcare in Africa faces a perfect storm: high rates of infectious diseases like malaria and HIV, a rise in non-communicable diseases, and dwindling foreign aid.

In 2021, nearly half of the sub-Saharan African countries relied on external financing for more than a third of their health expenditure. But donor fatigue and competing global priorities, such as climate change and geopolitical instability, have placed malaria control programmes under immense pressure. These funding gaps now threaten hard-won progress and ultimately malaria eradication.

The continent’s healthcare funding crisis isn’t new. But its consequences are becoming more severe. As financial contributions shrink, Africa’s ability to respond to deadly diseases like malaria is being tested like never before.

Malaria remains one of the world’s most pressing public health threats. According to the World Health Organization there were an estimated 263 million malaria cases and 597,000 deaths globally in 2023 – an increase of 11 million cases from the previous year.

The WHO African region bore the brunt, with 94% of cases and 95% of deaths. It is now estimated that a child under the age of five dies roughly every 90 seconds due to malaria.

Yet, malaria control efforts since 2000 have averted over 2 billion cases and saved nearly 13 million lives globally. Breakthroughs in diagnostics, treatment and prevention have been critical to this progress. They include insecticide-treated nets, rapid diagnostic tests, artemisinin-based combination therapies (drug combinations to prevent resistance) and malaria vaccines.

Since 2017, the progress has been flat. If the funding gap widens, the risk is not just stagnation; it’s backsliding. Several emerging threats such as climate change and funding shortfalls could undo the gains of the early 2000s to mid-2010s.

New challenges

Resistance to drugs and insecticides, and strains of the malaria parasite Plasmodium falciparum that standard
diagnostics can’t detect, have emerged as challenges. There have also been changes in mosquito behaviour, with vectors increasingly biting outdoors, making bed nets less effective.

Climate change is shifting malaria transmission patterns. And the invasive Asian mosquito species Anopheles stephensi is spreading across Africa, particularly in urban areas.

Add to this the persistent issue of cross-border transmission, and growing funding shortfalls and aid cuts, and it’s clear that the fight against malaria is at a critical point.

As the world observes World Malaria Day 2025 under the theme “Malaria ends with us: reinvest, reimagine, reignite”, the call to action is urgent. Africa must lead the charge against malaria through renewed investment, bold innovation, and revitalised political will.

Reinvest: Prevention is the most cost-effective intervention

We – researchers, policymakers, health workers and communities – need to think smarter about funding. The economic logic of prevention is simple. It’s far cheaper to prevent malaria than to treat it. The total cost of procuring and delivering long-lasting insecticidal nets typically ranges between US$4 and US$7 each and the nets protect families for years. In contrast, treating a single case of severe malaria may cost hundreds of dollars and involve hospitalisation.

In high-burden countries, malaria can consume up to 40% of public health spending.

In Tanzania, for instance, malaria contributes to 30% of the country’s total disease burden. The broader economic toll – lost productivity, work and school absenteeism, and healthcare costs – is staggering. Prevention through long-lasting insecticidal nets, chemoprevention and health education isn’t only humane; it’s fiscally responsible.

Reimagine: New tools, local solutions

We cannot fight tomorrow’s malaria with yesterday’s tools. Resistance, climate-driven shifts in transmission, and urbanisation are changing malaria’s patterns.

This is why re-imagining our approach is urgent.

African countries must scale up innovations like the RTS,S/AS01 vaccine and next-generation mosquito nets. But more importantly, they must build their own capacity to develop, test and produce these tools.

This requires investing in research and development, regional regulatory harmonisation, and local manufacturing.

There is also a need to build leadership capacity within malaria control programmes to manage this adaptive disease with agility and evidence-based decision-making.

Reignite: Community and collaboration matters

Reigniting the malaria fight means shifting power to those on the frontlines. Community health workers remain one of Africa’s greatest untapped resources. Already delivering malaria testing, treatment and health education in remote areas, they can also be trained to manage other health challenges.

Integrating malaria prevention into broader community health services makes sense. It builds resilience, reduces duplication, and ensures continuity even when external funding fluctuates.

Every malaria intervention delivered by a trusted, local health worker is a step towards community ownership of health.

Strengthened collaboration between partners, governments, cross-border nations, and local communities is also needed.

The cost of inaction is unaffordable

Africa’s malaria challenge is part of a deeper health systems crisis. By 2030, the continent will require an additional US$371 billion annually to deliver basic primary healthcare – about US$58 per person.

For malaria in 2023 alone, US$8.3 billion was required to meet global control and elimination targets, yet only US$4 billion was mobilised. This gap has grown consistently, increasing from US$2.6 billion in 2019 to US$4.3 billion in 2023.

The shortfall has led to major gaps in the coverage of essential malaria interventions.

The solution does not lie in simply spending more, but in spending smarter by focusing on prevention, building local innovation, and strengthening primary healthcare systems.

The responsibility is collective. African governments must invest boldly and reform policies to prioritise prevention.

Global partners must support without dominating. And communities must be empowered to take ownership of their health.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Beating malaria: what can be done with shrinking funds and rising threats – https://theconversation.com/beating-malaria-what-can-be-done-with-shrinking-funds-and-rising-threats-255126

MIL OSI – Global Reports –

April 24, 2025
MIL-OSI Asia-Pac: 5 building plans approved in Feb

Source: Hong Kong Information Services

The Buildings Department approved five building plans in February – two on Hong Kong Island, two in Kowloon and one in the New Territories.

Three of the plans approved were for apartment and apartment/commercial developments, one was for factory and industrial development, and one was for community services development.

Consent was given for works to start on 11 building projects. Combined, these will provide 15,150 sq m of gross floor area for domestic, and 24,868 sq m of gross floor area for non-domestic use.

The department also received notification of commencement in relation to superstructure works for four building projects.

Furthermore, it issued 17 occupation permits – four on Hong Kong Island, five in Kowloon and eight in the New Territories.

The buildings certified for occupation comprise 102,564 sq m of gross floor area for domestic use, involving 1,624 units, and 47,163 sq m for non-domestic use.

Meanwhile, the department received 3,483 reports about unauthorised building works in February and issued 560 removal orders.

MIL OSI Asia Pacific News –

April 24, 2025
MIL-OSI Russia: Applications are now being accepted for the II Competition for Young Scientists

Translation. Region: Russian Federal

Source: State University of Management – Official website of the State –

The Sistema Charitable Foundation and the Russian Academy of Sciences (RAS) launched the 2nd Competition for Young Scientists, implemented within the framework of the Decade of Science and Technology with the support of the Federal Service for Intellectual Property (Rospatent) and a number of leading Russian technology companies.

The competition is aimed at supporting applied innovative scientific developments and the latest research in priority sectors of the economy. Its goal is to promote the popularization of Russian science and education, and to create conditions for the development of students and young scientists in science-intensive areas.

Citizens of the Russian Federation can take part in the Competition – one young scientist or a team of students and young scientists up to three people, presenting their scientific developments and research results in one of ten nominations:

“Artificial Intelligence and Quantum Technologies”; “Hydrogen as the Basis of Green Energy”; “Digital Energy and Intelligent Systems”; “Genomic Technologies and Medicine of the Future”; “Bioinnovations: Technologies for Life”; “Space Exploration and Unmanned Systems: A Look into the Future”; “Microelectronics: From Chips to Smart Devices”; “The East is a Delicate Matter: Technological Breakthroughs in Asia”; “New Horizons in the Construction Industry”; “Chemical Technologies, Innovative Materials and Processes”.

Applications for the Competition will be accepted on the Lift to the Future platform and will last until July 20, 2025. The names of the winners, selected based on the results of a two-stage examination, will be announced by November 1, 2025. The authors of the best innovative solutions and research results, in addition to funds, will receive information and expert support. The winners of the Competition in the “space” nomination will receive a special prize – their name will be sent into space on one of the satellites launched by the partner of the direction – Sputnix Group of Companies.

Subscribe to the tg channel “Our State University” Announcement date: 04/24/2025

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

MIL OSI Russia News –

April 24, 2025
MIL-OSI: EngageLab Showcases AI-Powered Omnichannel Customer Engagement Solutions at Inaugural GITEX Asia 2025

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, April 24, 2025 (GLOBE NEWSWIRE) — EngageLab, a global leader in AI-powered omnichannel customer engagement solutions, proudly participated in the inaugural GITEX Asia 2025, held in Singapore from April 23-25. As Asia’s largest and leading technology and innovation event, and the Asian debut of the world’s largest tech show GITEX GLOBAL, the summit, themed “AI Everything Singapore,” convenes senior executives and decision-makers seeking transformative technologies. EngageLab stands out as a trusted partner, demonstrating how its AI-driven omnichannel platform empowers businesses to deliver personalized, impactful experiences across multiple touchpoints, fostering stronger relationships and driving global growth.

The inaugural GITEX Asia brings together over 700 global enterprises and startups from 70+ countries, more than 25,000 tech buyers, and over 250 active investors. At the event, EngageLab engaged with leaders from diverse industries, addressing unique challenges in customer communication, data integration, and operational efficiency, particularly for businesses operating across borders.

EngageLab’s Distinctive Edge Secures Strategic Interest

During a pivotal discussion with a leading Indian application and website development company, EngageLab’s unparalleled strengths in global messaging infrastructure and dedicated local support took center stage. The firm, seeking robust push notification solutions for their diverse client base, was impressed by EngageLab’s superior deliverability, multi-channel reliability, and responsive customer service tailored to regional needs.

The conversation quickly evolved into a strategic alignment, as the company recognized EngageLab’s potential to elevate their clients’ communication strategies through its integrated engagement platform. By seamlessly combining AppPush, WebPush, Email, OTP, SMS, and WhatsApp Business, EngageLab demonstrated its ability to deliver personalized, compliant messaging across the entire customer journey to achieve unmatched engagement and conversion rates.

The mutual enthusiasm and alignment of goals have set the stage for what promises to be a highly impactful collaboration.

Why EngageLab Stands Out

GITEX Asia 2025 underscores EngageLab’s role as a trusted innovator in AI-powered customer engagement, recognized for:
● Omnichannel Customer Engagement: Seamlessly integrating multiple communication channels for cohesive, personalized customer journeys.
● AI-Powered Insights: Leveraging real-time analytics and user behavior tracking to optimize engagement strategies and maximize ROI.
● Reliable Global Infrastructure: Strategically distributed global data nodes (including Singapore, USA, Germany) ensure high delivery rates (40% higher than other vendors for push notification and 99.97% for email), low latency, and compliance with local regulations like GDPR & DPPA – crucial for cross-border operations.
● Superior Channels & Service: Offering demonstrably better message deliverability and dedicated technical support compared to competitors.

Driving the Future of Customer Engagement

As GITEX Asia 2025 unfolds, the future of customer engagement clearly lies in personalization, automation, and seamless omnichannel communication. EngageLab is proud to lead this transformation, empowering businesses worldwide to unlock the full potential of their customer engagement strategies.

About EngageLab

EngageLab is a world-leading provider of AI-powered omnichannel customer engagement solutions, empowering businesses to optimize customer communication, enhance engagement efficiency, and drive growth. With a focus on AI-driven personalization, omnichannel integration, and global scalability, EngageLab serves as a trusted partner for enterprises worldwide.

For more information, visit www.engagelab.com.

Media Contact:
Email: marketing@engagelab.com
Website: www.engagelab.com

The MIL Network –

April 24, 2025

MIL-OSI United Kingdom: Change of His Majesty’s Ambassador to Kazakhstan: Sally Axworthy

Source: United Kingdom – Executive Government & Departments

Press release

Change of His Majesty’s Ambassador to Kazakhstan: Sally Axworthy

Mrs Sally Axworthy MBE has been appointed His Majesty’s Ambassador to the Republic of Kazakhstan.

Mrs Sally Axworthy

Mrs Sally Axworthy MBE has been appointed His Majesty’s Ambassador to the Republic of Kazakhstan in succession to Ms Kathy Leach who will be transferring to another Diplomatic Service appointment. Mrs Axworthy will take up her appointment during August 2025.

Curriculum vitae

Full name: Sally Jane Axworthy

Year	Role
2024 to present	Full-time Kazakh language training
2021 to 2024	FCDO, Head, Negotiations and Peace Processes Department, Office for Conflict, Stabilisation and Mediation
2016 to 2021	Holy See, HM Ambassador
2013 to 2015	FCO, Joint Head, North Africa Department
2011 to 2013	FCO, Head, Somalia Unit
2011	FCO, Head, Great Lakes, East Africa and Somalia Department
2009 to 2011	India, Director, Corporate Services
2007 to 2008	FCO, Head of Financial Skills
2006	FCO, Senior Flexible Working Project, Human Resources Directorate
2004 to 2005	Government Office South West, Vulnerable Adults Project Leader
2001 to 2003	Government Office South West, Assistant Director, Devon and Cornwall
1998 to 2000	FCO, Head, Turkey, Cyprus & Malta Section, European Union Department
1996 to 1998	Bonn, First Secretary (European Union)
1994 to 1996	Secondment to the German Foreign Ministry
1993 to 1994	FCO, Head, Political Section, United Nations Department
1991 to 1992	Kyiv, Second Secretary Economic
1989 to 1991	Moscow, Third Secretary Commercial
1988 to 1989	Full time language training (Russian)
1987 to 1988	FCO, Desk Officer, Hungary and Czechoslovakia

Published 24 April 2025

MIL OSI United Kingdom –

April 24, 2025

MIL-OSI Russia: The number of capital enterprises in the creative industries has reached 113 thousand

Translation. Region: Russian Federal

Source: Moscow Government – Government of Moscow –

Over four years, the number of Moscow companies and individual entrepreneurs in the creative industries has increased by 12 percent to 113 thousand. The products of the capital’s creative business attract audiences throughout Russia and abroad. This was reported by Natalia Sergunina, Deputy Mayor of Moscow.

“In 2024 alone, more than seven thousand new creative enterprises appeared in the capital. The most popular areas are information technology and video games, fashion, cinema and animation,” said Natalia Sergunina.

The development of the sector is facilitated by comprehensive support from the city — from the construction of modern infrastructure to the launch of accelerators and professional competitions. Projects such as “Design Workshop”, “Art. Workshop” and “Video Game Factory” give industry representatives the opportunity to make a name for themselves, work with renowned experts and find major customers. The “Creative Market” program helps increase sales and tell more potential buyers about the brand.

Large-scale production sites, in particular the Moscow Film Cluster, provide residents with work spaces, necessary equipment and useful services.

Export of creative projects

Moscow pays special attention to promoting creative business products abroad.

“Last year, with the support of the city, entrepreneurs concluded about 100 international contracts and agreements in the creative industries. The total amount of export contracts exceeded one billion rubles,” Natalya Sergunina specified.

Many of them were signed within the framework of the BRICS Fashion Summit, Moscow Fashion Week, Moscow International Film Week and other major industry events.

Continuing work in this direction, in 2025 the city will organize the participation of capital companies in foreign exhibitions, including in Belarus, Indonesia and Egypt.

For example, a trip to the computer games and e-sports festival in Istanbul is planned for September, and to the Shanghai International Children’s Book Fair in November. Entrepreneurs will be able to present their products and take part in negotiations with potential partners.

Quickly find out the main news of the capital in the official telegram channelthe city of Moscow.

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

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

https: //vv.mos.ru/nevs/ite/153066073/

MIL OSI Russia News –

April 24, 2025
MIL-OSI Asia-Pac: Subsidised flat ballots drawn

Source: Hong Kong Information Services

Ballots were drawn today to determine the priority ranking of applications under the Housing Authority’s White Form Secondary Market Scheme (WSM) 2024.

The authority’s Subsidised Housing Committee Chairman Cleresa Wong officiated at a ballot ceremony. The results are available on the scheme’s dedicated webpage.

The Subsidised Housing Committee said in January that beginning from WSM 2024 the number of places on offer will be increased by 1,500 to 6,000. All of the additional places will be allocated to applicants aged below 40.

The authority said that of the applications received under WSM 2024, over 80% came from young applicants applying to the newly implemented WSM Youth Scheme.

The authority estimates that approval letters will be issued to successful applicants in the third or fourth quarter of this year, paving the way for them to apply for a Certificate of Eligibility to Purchase.

The certificates can be used by applicants to purchase a flat within the one-year validity period.

MIL OSI Asia Pacific News –

April 24, 2025
MIL-OSI: Zscaler ThreatLabz Uncovers Surge in AI-Driven Cyberattacks Targeting Critical Business Operations
Source: GlobeNewswire (MIL-OSI)

Key Findings:
- Global phishing is down 20%, but attackers are striking deeper, not wider—targeting IT, HR, finance, and payroll teams with high-impact campaigns.
- Telegram, Steam, and Facebook are top platforms for phishing – used for both impersonation and malware delivery.
- Tech support and job scams increase with 159M+ hits in 2024, preying on users across social platforms.
SAN JOSE, Calif., April 24, 2025 (GLOBE NEWSWIRE) — Zscaler, Inc. (NASDAQ: ZS), the leader in cloud security, today published its Zscaler ThreatLabz 2025 Phishing Report, analyzing over two billion blocked phishing attempts between January and December 2024 captured by the Zscaler Zero Trust Exchange™, the world’s largest cloud security platform. The annual report exposes how cybercriminals are using Generative AI to launch surgical, targeted attacks against high-impact business functions – and why a Zero Trust + AI defense strategy is mission critical. The report uncovers a shift from high-volume email blasts to targeted, AI-fueled attacks designed to evade defenses and exploit human behavior. It also offers actionable insight to help organizations defend against this evolving threat landscape.

“The phishing game has changed. Attackers are using GenAI to create near-flawless lures and even outsmart AI-based defenses,” said Deepen Desai, CSO and Head of Security Research, Zscaler. “Cybercriminals are weaponizing AI to evade detection and manipulate victims, which means organizations must leverage equally advanced AI-powered defenses to outpace these emerging threats. Our research reinforces the importance of adopting a proactive, multi-layered approach—combining robust zero trust architecture with advanced AI-driven phishing prevention—to effectively combat the rapidly evolving threat landscape.”

Emerging markets see a surge in phishing activity
While phishing dropped overall by 20% globally and by nearly 32% in the U.S., due in part to rising email authentication standards, attackers transitioned just as fast, launching more attacks on emerging markets like Brazil, Hong Kong, and the Netherlands, often where digital adoption outpaces security investment. Established targets like India, Germany, and the UK remain under sustained pressure, as threat actors adapt to local patterns and seasonal trends.

Community platforms fuel phishing growth
Phishing campaigns are increasingly abusing community-based platforms like Facebook, Telegram, Steam, and Instagram – not only spoofing their brands, but using them to distribute malware, mask C2 communications, gather target intel, and carry out social engineering attacks. Meanwhile, tech support scams, where attackers pose as IT support teams to exploit urgency and safety concerns of victims, remain widespread with 159,148,766 hits in 2024.

Threat actors capitalize on AI: Phishing-as-a-Service and AI deception on the rise
Cybercriminals are using GenAI to scale attacks, generate fake websites, and craft deepfake voice, video, and text for social engineering. New scams mimic AI tools – such as resume generators and design platforms – tricking users into handing over credentials or payment data. Critical departments like payroll, finance, and HR are prime targets, along with executives – as they hold the keys to sensitive systems, information, and processes, and can more easily approve fraudulent payments.

Cybercriminals are also creating fake “AI assistant” or “AI agent” websites, falsely offering services such as resume generation, graphic design, workflow automation, and more. As AI tools become increasingly integrated into daily life, attackers are capitalizing on the ease of use and trust around AI to drive unsuspecting users to fraudulent sites.

Zscaler can help: Defending against AI threats with Zero Trust everywhere + AI
As cybercriminals continue to use GenAI to develop new tactics and deliver more sophisticated attacks, enterprises need to strengthen their defenses against every type of compromise.

The Zscaler Zero Trust Exchange protects users, applications, and data across all phases of the attack chain by:
- Minimizing the attack surface
- Preventing initial compromise
- Eliminating lateral movement
- Shutting down insider threats
- Stopping data loss
Zscaler AI-powered offerings add advanced protection by securing public AI use, shielding private AI models, and detecting AI-generated threats.

Download the Report
Get the full ThreatLabz 2025 Phishing Report to explore emerging trends and attack vectors. Learn why a Zero Trust + AI approach is critical to staying ahead of today’s phishing threats. Download today.

Research Methodology
Zscaler ThreatLabz analyzed 2 billion blocked phishing transactions between January–December 2024, exploring various aspects including the top phishing attacks, targeted countries, hosting countries for phishing content, distribution of company types based on server IP addresses, and the top referrers linked to these phishing attacks. Additionally, ThreatLabz tracked and examined notable phishing trends and use cases observed throughout 2024.

About ThreatLabz
ThreatLabz is the security research arm of Zscaler. This world-class team is responsible for hunting new threats and ensuring that the thousands of organizations using the global Zscaler platform are always protected. In addition to malware research and behavioral analysis, team members are involved in the research and development of new prototype modules for advanced threat protection on the Zscaler platform, and regularly conduct internal security audits to ensure that Zscaler products and infrastructure meet security compliance standards. ThreatLabz regularly publishes in-depth analyses of new and emerging threats on its portal, research.zscaler.com.

About Zscaler
Zscaler (NASDAQ: ZS) accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange™ platform protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 150 data centers globally, the SASE-based Zero Trust Exchange is the world’s largest in-line cloud security platform.

Media Contacts
Nick Gonzalez
Sr. Manager, Media Relations
press@zscaler.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6b96dd38-9f87-4353-85b3-13a0086fc129

The MIL Network –
April 24, 2025
MIL-OSI China: Scientists from multiple countries granted access to China’s Chang’e-5 lunar samples for research

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

Scientists from multiple countries granted access to China’s Chang’e-5 lunar samples for research

SHANGHAI, April 24 — The China National Space Administration (CNSA) announced on Thursday that scientists from institutions in France, Germany, Japan, Pakistan, the United Kingdom (UK) and the United States (U.S.) have been granted the opportunity to borrow lunar samples collected by the Chang’e-5 mission for scientific research.

At a ceremony for China’s Space Day in Shanghai, the agency announced that seven institutions from six countries have been authorized to borrow the lunar samples.

The authorized institutions include the Institut de Physique du Globe de Paris (IPGP) in France, the University of Cologne in Germany, Osaka University in Japan, the Pakistan Space and Upper Atmosphere Research Commission (SUPARCO), the Open University in the UK, Brown University in the US, and the State University of New York at Stony Brook in the US.

In 2020, China’s Chang’e-5 mission retrieved samples from the moon weighing about 1,731 grams.

Shan Zhongde, head of the CNSA, said China’s lunar exploration program has always adhered to the principles of equality, mutual benefits, peaceful utilization and win-win cooperation, sharing achievements with the international community.

He added that CNSA will continue to accept international applications for lunar sample research, expressing hope that global scientists will make new discoveries that expand human knowledge and benefit humanity.

In November 2023, CNSA opened applications for international researchers to borrow Chang’e-5 lunar samples. By the end of December 2023, it had received 24 applications from 11 countries and international organizations.

MIL OSI China News –

April 24, 2025
MIL-OSI China: China to launch Chang’e-8 lunar mission around 2029, collaborating with int’l partners

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

China to launch Chang’e-8 lunar mission around 2029, collaborating with int’l partners

SHANGHAI, April 24 — The China National Space Administration (CNSA) revealed Thursday that the Chang’e-8 lunar probe is scheduled for launch around 2029, and will carry payloads from 11 countries and regions and one international organization as part of international cooperation.

The announcement was made at the opening ceremony for 2025 Space Day of China, which is celebrated annually on April 24.

The Chang’e-8 mission will target the Leibnitz-Beta Plateau near the lunar south pole region, working with the earlier Chang’e-7 mission to conduct scientific exploration and in-situ resource utilization experiments. These efforts will lay the groundwork for the future International Lunar Research Station.

According to CNSA, the 10 selected collaborative projects include a multi-functional robot designed by researchers in Hong Kong, a lunar rover developed by Pakistan and the International Society for Terrain-Vehicle Systems (ISTVS), an exploration rover made by Türkiye, and radio astronomical instruments by South Africa and Peru.

The projects also include Italy’s laser retroreflector arrays, Russia’s plasma and dust analyzer and high-energy particle detector, Thailand’s neutron analyzer, Bahrain and Egypt’s lunar surface imaging system, and Iran’s lunar potential monitor.

Shan Zhongde, head of CNSA, said China will work closely with international partners to achieve new scientific discoveries and technological breakthroughs that will ultimately benefit all of humanity.

CNSA announced in October 2023 international cooperation opportunities for Chang’e-8 lunar mission, which offered 200 kilograms of payload resources for global partners. A total of 41 cooperation proposals were received.

MIL OSI China News –

April 24, 2025
MIL-OSI Russia: NSU held a telethon with colleagues from the National University of Uzbekistan

Translation. Region: Russian Federal

Source: Novosibirsk State University – Novosibirsk State University –

Novosibirsk State University held a telethon with colleagues from the National University of Uzbekistan named after Mirzo Ulugbek “Heroes of Science and the Front: Memory of Teachers and Scientists”, dedicated to the 80th anniversary of the Victory in the Great Patriotic War.

The telethon was organized by partners in the Consortium of Researchers of the History of North and Central Asian Countries, the Humanitarian Institute of NSU and the Faculty of History of the Mirzo Ulugbek National University of Uzbekistan.

Opening the meeting, Professor, Doctor of Historical Sciences Andrey Zuyev emphasized: “A lot of time has passed, but we must not forget about this, the most grandiose event of the 20th century for our history. Representatives of all peoples and social groups of the Soviet Union took part in the war. And our event is dedicated to preserving the memory of the teachers and scientists who contributed to the common Victory.”

Professor of the National University of Uzbekistan, Doctor of Historical Sciences Akhmadjon Khalikulov, who spoke in response, shared the same point of view.

The telethon program opened with a report by Academician of the Russian Academy of Sciences, Professor Vyacheslav Molodin, “Scientists of Siberia on the Front of the Great Patriotic War and in the Post-War Period,” which became the basis for a chapter in a collective monograph on this topic, prepared by the Siberian Branch of the Academy of Sciences.

He recalled that during the war, many scientists were already working in Novosibirsk, where the Novosibirsk Committee of Scientists was created in early 1942, with Academician S.A. Chaplygin becoming its honorary chairman. A year later, a branch of the USSR Academy of Sciences was formed, consisting of the following institutes: Mining and Geology, Transport and Energy, Chemical and Metallurgical, and Medical and Biological.

“Among the priority tasks facing the institutes of the Siberian branch of the Academy of Sciences was the use of natural resources of the Urals and Siberia in the interests of the country’s defense, since many sources of strategic raw materials ended up in enemy-occupied territories,” Molodin said. And, as the academician showed in his report, the geologists successfully coped with it.

It is difficult to overestimate the contribution to the victory of the future founders of Akademgorodok. Mikhail Alekseevich Lavrentyev developed the theory of cumulation and decoding the actions of cumulative shells, on the basis of which a number of effective anti-tank ammunition was created, which played, among other things, a significant role in the outcome of the Battle of Kursk. The research of Sergei Alekseevich Khristianovich helped to increase the accuracy of shooting of another important class of weapons of that war – multiple launch rocket systems. The third co-founder of Akademgorodok Sergei Lvovich Sobolev worked on the development of computational mathematics during the war, and the results of his work later found expression in the successful implementation of the atomic and space projects of the Soviet Union.

Many of the future famous scientists of the Siberian Branch of the Academy of Sciences went through the Great Patriotic War as soldiers and officers of the Red Army. Among them were the founder of the Institute of Nuclear Physics G.I. Budker, the founder of the Institute of Semiconductor Physics A.V. Rzhanov, one of the founders of the Institute of Thermal Physics S.S. Kutateladze, the author of the famous experiment on domesticating foxes and one of those who revived genetics in the USSR D.K. Belyaev, the future founder of the Physics and Mathematics School and one of the fathers of Soviet cybernetics A.A. Lyapunov and many others, whose names were also mentioned in Academician Molodin’s report.

Also, as part of the telethon, PhD in History Stanislav Egorov presented a digital exhibition “From the War Fronts to the Scientific and Teaching Front: NSU Humanities Scientists — Participants in the Great Patriotic War.”

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

MIL OSI Russia News –

April 24, 2025
MIL-OSI Asia-Pac: New Director General of the Bureau of Industrial Parks, MOEA, Mr. Chih-Ching Yang, outlines three core visions to drive park optimization and innovation.

Source: Republic of China Taiwan

The Bureau of Industrial Parks (BIP) under the Ministry of Economic Affairs (MOEA) held an inauguration and oath-taking ceremony for BIP’s new Director General on March 26. The ceremony was presided over by MOEA Vice Minister Chien-Hsin Lai, during which outgoing Acting Director General Chi-Chuan Liu handed over the official seal to incoming Director General Chih-Ching Yang. Director General Yang will continue to lead efforts in upgrading and transforming technology industrial parks and industrial parks, with a strong focus on sustainable operations and effective management.
Director General Yang holds a master’s degree in business administration from the National Taiwan University of Science and Technology. He began his public service career at the grassroots level in industrial services. He has served as Division Director and Deputy Director General of the Industrial Development Bureau, Chief Secretary of the MOEA, and most recently as Director-General of the Industrial Development Administration. Known for his solid academic background, strong execution skills, and proactive leadership, Director General Yang has led the Industrial Development Administration team of MOEA’s renowned “steel battalion” in advancing key initiatives such as amendments to the Industrial Innovation Act, industrial value enhancement, medical supply preparedness during the pandemic, and the dual transformation toward smart and low-carbon development. He is widely recognized in the industry as a key force in promoting sustainable park development.
The Bureau of Industrial Parks oversees 80 parks across Taiwan. Vice Minister Lai encouraged the bureau to continue pursuing three major tasks: providing high-quality industrial spaces to support the “Five Trusted Industries”; advancing the “Extraterritorial Equivalent to Domestic” policy to expand Taiwan’s industrial reach; and implementing the “Balanced Taiwan” strategy to deepen local industrial clusters, thereby accelerating economic policy implementation.
Director General Yang stated that building on existing foundations, he will drive optimization and innovation in park development through three core visions:
Smart – Promoting AI integration across industries
Safe – Creating secure and high-quality investment environments
Sustainable – Developing low-carbon, green, and sustainable parks
He emphasized the importance of public-private collaboration, listening to industry voices, and leveraging government support resources to create industrial bases aligned with the needs of emerging technologies. These efforts aim to accelerate industrial development and ensure the long-term sustainability of the parks.

Spokesman: Mr. Liu Chi-Chuan (Deputy Director General, BIP)
Contact Number: 886-7-3613349, 0911363680
Email: lcc12@bip.gov.tw

Contact Person: Hsiao, Yi-Chen (Personnel Office, BIP)
Contact Number: 886-7-3611212 ext. 639
Email: hs0218@bip.gov.tw

MIL OSI Asia Pacific News –

April 24, 2025

MIL-OSI: Flow Traders 1Q 2025 Trading Update

Source: GlobeNewswire (MIL-OSI)

Flow Traders 1Q 2025 Trading Update

Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 1Q 2025 trading update.

Highlights

Flow Traders recorded Net Trading Income of €140.2m and Total Income of €135.1m in 1Q25, an increase of 10% and 4% when compared to €127.1m and €129.6m in 1Q24, respectively.
Flow Traders’ ETP Value Traded increased by 24% in 1Q25 to €507bn from €409bn in 1Q24.
Fixed Operating Expenses were €50.8m in the quarter, an increase of 15% when compared to the €44.1m in 1Q24, due mostly to increased employee and technology expenses.
Total Operating Expenses were €72.7m in 1Q25, an increase of 7% when compared to the €67.9m in 1Q24, due to higher Fixed Operating Expenses.
EBITDA was €62.3m in the quarter, an increase of 1% when compared to €61.6m in 1Q24. EBITDA margin was 46% in 1Q25 vs. 48% in 1Q24.
Net Profit came in at €36.3m in 1Q25, yielding a basic EPS of €0.84 and diluted EPS of €0.82, a 21% decrease compared to a Net Profit of €45.9m, basic EPS of €1.05, and diluted EPS of €1.04 in 1Q24.
Trading Capital stood at €803m at the end of 1Q25, a 32% and 4% increase from €609m and €775m at the end of 1Q24 and 4Q24, respectively, and generated a 68% return on average trading capital¹.
Shareholders’ equity was €787m at the end of 1Q25, compared to €631m at the end of 1Q24 and €767m at the end of 4Q24.
Flow Traders employed 619 FTEs at the end of 1Q25, compared to 601 at the end of 1Q24 and 609 at the end of 4Q24.

Leadership Update

In a separate release today, Flow Traders announced that Mike Kuehnel has conveyed to the Board his intention not to seek re-election as CEO for another full term at the 2025 AGM. He will leave Flow Traders at the end of August of this year, to pursue a new opportunity. To ensure a seamless leadership transition, Mike has agreed to be nominated for re-election as CEO at the upcoming AGM on 13 June 2025, his renewed term extending until 31 August 2025. The Board has initiated a search for his successor.

Furthermore, Marc Jansen will be nominated for election as Executive Director of Flow Traders Ltd. and in addition, Marc Jansen and Alex Kieft will be appointed as Co-Chief Trading Officers, effective immediately.

Financial Overview

€million	1Q25	1Q24	Change	YTD25	YTD24	Change
Net trading income	140.2	127.1	10%	140.2	127.1	10%
Other income	(5.1)	2.5	NM	(5.1)	2.5	NM
Total income	135.1	129.6	4%	135.1	129.6	4%
Revenue by region²
Europe	79.9	68.5	17%	79.9	68.5	17%
Americas	11.4	41.3	(72%)	11.4	41.3	(72%)
Asia	43.7	19.9	120%	43.7	19.9	120%
Fixed employee expenses	24.3	20.7	18%	24.3	20.7	18%
Technology expenses	17.4	15.8	10%	17.4	15.8	10%
Other expenses	9.1	7.7	19%	9.1	7.7	19%
Fixed operating expenses	50.8	44.1	15%	50.8	44.1	15%
Variable employee expenses	22.0	23.8	(8%)	22.0	23.8	(8%)
Total operating expenses	72.7	67.9	7%	72.7	67.9	7%
EBITDA	62.3	61.6	1%	62.3	61.6	1%
Interest expenses	0.4	–	NM	0.4	–	NM
Lease expenses	0.5	0.6	(8%)	0.5	0.6	(8%)
Depreciation & amortisation	4.7	4.3	11%	4.7	4.3	11%
Impairment of intangible assets	10.5	–	NM	10.5	–	NM
Profit/(loss) on equity-accounted investments	(1.8)	(0.4)	375%	(1.8)	(0.4)	375%
Profit before tax	44.3	56.4	(21%)	44.3	56.4	(21%)
Tax expense	8.0	10.6	(24%)	8.0	10.6	(24%)
Net profit	36.3	45.9	(21%)	36.3	45.9	(21%)
Basic EPS³ (€)	0.84	1.05	(21%)	0.84	1.05	(21%)
Fully diluted EPS⁴ (€)	0.82	1.04	(21%)	0.82	1.04	(21%)
EBITDA margin	46%	48%		46%	48%

Revenue by Region

€million	1Q23	2Q23	3Q23	4Q23	1Q24	2Q24	3Q24	4Q24	1Q25
Europe	58.5	33.1	33.6	42.6	68.4	48.6	70.2	86.9	79.9
Americas	32.8	9.3	22.0	18.1	41.3	13.4	20.8	18.2	11.4
Asia	19.2	9.0	12.1	13.6	19.9	14.2	23.6	53.8	43.7

Value Traded Overview

€billion	1Q25	1Q24	Change	YTD25	YTD24	Change
Flow Traders ETP Value Traded	507	409	24%	507	409	24%
Europe	245	152	61%	245	152	61%
Americas	213	229	(7%)	213	229	(7%)
Asia	49	27	81%	49	27	81%
Flow Traders non-ETP Value Traded	1,217	1,146	6%	1,217	1,146	6%
Flow Traders Value Traded	1,724	1,555	11%	1,724	1,555	11%
Equity	861	819	5%	861	819	5%
FICC	774	691	12%	774	691	12%
Other	89	45	100%	89	45	100%
Market ETP Value Traded⁵	14,425	11,981	20%	14,425	11,981	20%
Europe	882	597	48%	882	597	48%
Americas	11,065	9,965	11%	11,065	9,965	11%
Asia	2,478	1,419	75%	2,478	1,419	75%
Asia ex China	645	439	47%	645	439	47%

Trading Capital

	1Q23	2Q23	3Q23	4Q23	1Q24	2Q24	3Q24	4Q24	1Q25
Trading Capital (€m)	647	574	585	584	609	624	668	775	803
Return on Avg Trading Capital¹	67%	65%	56%	49%	50%	58%	62%	69%	68%
Average VIX⁷	21.0	16.7	15.1	15.4	13.9	14.2	17.1	17.3	18.5

Market Environment

Europe

Equity trading volumes in the quarter across major exchanges saw meaningful increases when compared to the same period a year ago, while market volatility also increased . Fixed Income trading volumes on MTFs increased slightly compared to the same period a year ago.

Americas

Equity trading volumes in the U.S. increased compared to the same period a year ago, but at a much lower level when compared to the other regions, while market volatility increased. Fixed Income trading volumes in the U.S. also increased slightly when compared to the same period a year ago, while volatility declined.

Asia

Equity trading volumes in Asia were mixed as Hong Kong and China saw significant increases while Japan experienced declines when compared to the same period a year ago. Market volatility increased across the board in Hong Kong, China and Japan when compared to the same period a year ago.

Digital Assets

Within Digital Assets, which trades across regions on a 24/7 basis, trading volumes in cryptocurrencies increased when compared to the same period a year ago. However, net fund flows into cryptocurrency ETFs declined significantly compared to a year ago given the spot Bitcoin ETF launches in the U.S. in January 2024.

Outlook

Fixed operating expenses guidance for the year remains unchanged and is expected to be in the range of €190-210m given additional technology investments and targeted additions of subject matter experts in growth areas, partially offset by expected operational efficiency gains.

CEO Statement

Mike Kuehnel, CEO
“Flow Traders posted a strong set of results in the first quarter, with the strength in the Equity segment in Europe and Asia in the quarter offsetting the lower contribution from Digital Assets when compared to the first quarter of 2024. The results serve as further confirmation of our diversification strategy and our ability to capture opportunities as they arise. The 68% return on average trading capital in the quarter also further validates our strategic decision to retain more profits to reinvest back into the company under the Trading Capital Expansion Plan, announced in July last year.

During the quarter, market trading volumes increased meaningfully across Europe and Asia given the macroeconomic uncertainty raised by the prospect of tariffs from the U.S. and the potential impact to the global economy. Volumes were particularly elevated in Hong Kong and China given the continued investor interest in China following the stimulus unveiled by the government in the fourth quarter of last year. Similarly, volumes increased meaningfully in Europe given the market outperformance, as investors looked to rotate their investments given the seismic geopolitical shift in the U.S. and its ramifications on Europe. The Americas had a more muted quarter when compared with the other regions as we allocated more of our capital to regions with greater dislocations. Regardless of where the activities were in the quarter, Flow Traders continued to provide liquidity to our counterparty base and was able to leverage trading opportunities given the breadth of our global trading operation.

In Digital Assets, while the value of cryptocurrencies pulled back post the U.S. presidential inauguration, we continue to see positive sentiment shifts by regulators in not only the U.S. but also in places like Hong Kong, Japan and Korea. The first Consensus conference in Asia, held in Hong Kong in February, demonstrated the increasing institutional interest and adoption of digital assets and the underlying technology in the region. As one of the earliest adopters, Flow Traders remains instrumental in providing liquidity to this asset class on a 24/7 basis and bridging the gap between traditional finance and digital assets ecosystems.

Looking forward to the rest of 2025, we remain committed to enhancing our trading capabilities by strategically investing in cutting-edge technology and talent. This approach aligns seamlessly with our growth and diversification strategy. We anticipate that these investments, coupled with our Trading Capital Expansion Plan, will drive top-line growth for the firm over time.”

Preliminary Financial Calendar

13 June 2025 AGM
31 July 2025 1H25 Results

Analyst Conference Call and Webcast

The 1Q25 trading update analyst conference call will be held at 10:00 am CEST on Thursday 24 April 2025. The presentation can be downloaded at https://www.flowtraders.com/investors/results-centre and the conference call can be followed via a listen-only audio webcast. A replay of the conference call will be available on the company website for at least 90 days.

Contact Details

Flow Traders Ltd.

Investors
Eric Pan
Phone: +31 20 7996799
Email: investor.relations@flowtraders.com

Media
Laura Peijs
Phone: +31 20 7996799
Email: press@flowtraders.com

About Flow Traders

Flow Traders is a leading trading firm providing liquidity in multiple asset classes, covering all major exchanges. Founded in 2004, Flow Traders is a leading global ETP market marker and has leveraged its expertise in trading European equity ETPs to expand into fixed income, commodities, digital assets and FX globally. Flow Traders’ role in financial markets is to ensure the availability of liquidity and enabling investors to continue to buy or sell financial instruments under all market circumstances, thereby ensuring markets remain resilient and continue to function in an orderly manner. In addition to its trading activities, Flow Traders has established a strategic investment unit focused on fostering market innovation and aligned with our mission to bring greater transparency and efficiency to the financial ecosystem. With over two decades of experience, we have built a team of over 600 talented professionals, located globally, contributing to the firm’s entrepreneurial culture and delivering the company’s mission.

Notes

Return on average trading capital defined as LTM NTI divided by the average of the prior and current end of period trading capital.
Revenue by region includes NTI, Other Income, and inter-company revenue.
Weighted average shares outstanding: 1Q25 – 43,394,080; 4Q24 – 43,066,302; 1Q24 – 43,515,359.
Determined by adjusting the basic EPS for the effects of all dilutive share-based payments to employees.
Source – Flow Traders analysis.
Starting in 3Q24, average VIX is calculated as the average of VIX daily closing prices.

Important Legal Information

This press release is prepared by Flow Traders Ltd. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.

The information and materials contained in this press release are provided ‘as is’ and Flow Traders Ltd. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.

This press release may include forward-looking statements, which are based on Flow Traders’ current expectations and projections about future events, and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.

Financial objectives are internal objectives of Flow Traders to measure its operational performance and should not be read as indicating that Flow Traders is targeting such metrics for any particular fiscal year. Flow Traders’ ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Flow Traders’ control, and upon assumptions with respect to future business decisions that are subject to change. As a result, Flow Traders’ actual results may vary from these financial objectives, and those variations may be material.

Efficiencies are net, before tax and on a run-rate basis, i.e. taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations.

By accepting this document you agree to the terms set out above. If you do not agree with the terms set out above please notify legal.amsterdam@nl.flowtraders.com immediately and delete or destroy this document.

All results published in this release are unaudited.

Market Abuse Regulation

This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Attachment

1Q25 Press Release

The MIL Network –

April 24, 2025

MIL-OSI Economics: Secretary-General of ASEAN and ASCC Council Ministers meet with The Right Honourable Premier of Sarawak

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, this morning joined the ASCC Council Ministers in meeting with The Right Honourable Datuk Patinggi Tan Sri (Dr) Abang Haji Abdul Rahman Zohari bin Tun Datuk Abang Haji Openg, Premier of Sarawak, in Kuching, Sarawak, Malaysia, prior to the convening of the 33rd ASCC Council Meeting. The ASCC Council Ministers expressed their appreciation to the Premier and to the State Government of Sarawak for the warm welcome and kind hospitality extended to them and to their delegations, while at the same time, commended Malaysia for its active role in chairing ASEAN this year.

Photos credit: Ministry of Tourism Arts and Culture (MOTAC) of Malaysia
The post Secretary-General of ASEAN and ASCC Council Ministers meet with The Right Honourable Premier of Sarawak appeared first on ASEAN Main Portal.

MIL OSI Economics –

April 24, 2025

Category: Asia

New challenges

Reinvest: Prevention is the most cost-effective intervention

Reimagine: New tools, local solutions

Reignite: Community and collaboration matters

The cost of inaction is unaffordable

Source: UNICEF Aotearoa NZ

New challenges

Reinvest: Prevention is the most cost-effective intervention

Reimagine: New tools, local solutions

Reignite: Community and collaboration matters

The cost of inaction is unaffordable

Change of His Majesty’s Ambassador to Kazakhstan: Sally Axworthy

Curriculum vitae

Share this page

Updates to this page

Export of creative projects