Category: Asia

  • MIL-OSI China: China’s first wholly foreign-owned tertiary general hospital opens in Tianjin

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

    A medical worker walks by a billboard for the opening ceremony at the Perennial General Hospital Tianjin opens in north China’s Tianjin Municipality, Feb. 26, 2025. The Perennial General Hospital Tianjin, China’s first wholly foreign-owned, tertiary general hospital, opened to public service here on Wednesday. This 500-bed hospital was built and owned by Singapore’s Perennial Holdings Private Limited, with a total investment of about 1 billion yuan (about 138 million U.S. dollars), capable of comprehensive services including individualized medication. [Photo/Xinhua]

    TIANJIN, Feb. 26 — China’s first wholly foreign-owned tertiary general hospital opened Wednesday in Tianjin Municipality, marking the latest development following China’s expanded opening-up policy in the healthcare sector.

    The 500-bed hospital, named Perennial General Hospital Tianjin, represents an investment of about 1 billion yuan (roughly 139.4 million U.S. dollars) by Singapore’s Perennial Holdings Private Limited.

    The hospital offers comprehensive medical services to meet the diagnosis and treatment needs of both common and complex diseases. It also has an international department that provides customized healthcare services — including health management and chronic disease management.

    In September 2024, China issued notice of the pilot program for expanding opening up in the healthcare sector, with north China’s Tianjin designated as one of the nine provinces and municipalities to launch wholly foreign-funded hospital trials.

    Pua Seck Guan, executive chairman and chief executive officer of Perennial Holdings, said China has demonstrated a strong and significant determination to open up in the medical and health sector, which sends a positive signal to the international investment community, providing new market opportunities and further promoting the diversified development of China’s medical market.

    The hospital aims to introduce access to top international medical resources for Chinese patients, while also creating new pathways for foreign patients seeking medical treatment in China, Pua added.

    The new hospital can more flexibly introduce advanced international medical technologies and management models, facilitating the recruitment of high-end talent and the acquisition of advanced diagnostic and treatment equipment, said Tan Bee Lan, CEO of Perennial Healthcare.

    Since 2000, China has allowed the establishment of foreign-funded joint medical institutions. After more than two decades of development, there are currently over 60 foreign-funded joint medical institutions in the country.

    Perennial General Hospital Tianjin received the first business license for a wholly foreign-owned tertiary general hospital issued by Tianjin authorities in December last year.

    Tianjin and Singapore have a long history of cooperation. The local government in Tianjin has standardized approval processes and high work efficiency, leading to a favorable business environment, Pua said.

    Perennial Holdings will also increase its investment in other Chinese cities including Kunming, Xi’an and Guangzhou, according to Pua, who hoped that foreign investment in healthcare can further stimulate industry innovation and promote the advancement of China’s healthcare system towards greater efficiency and inclusiveness.

    This photo taken on Feb. 26, 2025 shows an interior view of the Perennial General Hospital Tianjin in Xiqing District of north China’s Tianjin Municipality. [Photo/Xinhua]
    A patient consults a doctor at the Perennial General Hospital Tianjin in Xiqing District of north China’s Tianjin Municipality, Feb. 26, 2025. [Photo/Xinhua]
    A patient inquires a nurse at the Perennial General Hospital Tianjin in Xiqing District of north China’s Tianjin Municipality, Feb. 26, 2025. [Photo/Xinhua]
    Medical workers are pictured at the outpatient pharmacy of the Perennial General Hospital Tianjin in Xiqing District of north China’s Tianjin Municipality, Feb. 26, 2025. [Photo/Xinhua]
    A medical worker checks a medical examination device at the Perennial General Hospital Tianjin in Xiqing District of north China’s Tianjin Municipality, Feb. 26, 2025. [Photo/Xinhua]
    Nurses tidy up a bed at the Perennial General Hospital Tianjin in Xiqing District of north China’s Tianjin Municipality, Feb. 26, 2025. [Photo/Xinhua]
    Medical workers are on duty at a nurse station of the Perennial General Hospital Tianjin in Xiqing District of north China’s Tianjin Municipality, Feb. 26, 2025. [Photo/Xinhua]

    MIL OSI China News

  • MIL-OSI USA: Wyden, Hoyle, Salinas Join Legislation to Lower VA Medical Care Costs for Traveling Veterans

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)
    February 26, 2025
    Washington, D.C. — U.S. Senator Ron Wyden along with U.S. Reps. Val Hoyle (OR-04) and Andrea Salinas (OR-06) said today they are joining legislation that would make it easier for 8 million veterans in Oregon and nationwide to receive essential health care and ensure the Department of Veterans Affairs’ travel reimbursement rate keeps pace with inflation and gas prices. 
    “It’s unacceptable that the very people who chose to serve and defend our country are forced to choose between the cost of health care or the cost of their travel,” Wyden said. “ This legislation will ensure no veteran must make that impossible and unfair choice. Let’s honor these heroes for their service by cutting their costs and providing them with the medical treatment they need–no matter where they are.”
    “Our veterans have served, sacrificed and shown the ultimate commitment to our country.  In return, it is our responsibility to make sure they are taken care of and can get the healthcare they need at an affordable cost,” said Rep. Hoyle. “This legislation would reduce costs for veterans traveling to doctors’ appointments, increase reimbursement rates, and is especially beneficial for the many veterans in my district who live in rural or remote communities. We have more veterans than any other district in Oregon, and I am proud to support this legislation to deliver for them.”  
    “As the daughter of a Vietnam Veteran, I am focused on bringing down the high cost of living for America’s heroes. That includes making health care more accessible and affordable, especially for veterans on fixed incomes and those in rural areas who have to travel long distances to see a doctor,” said Rep. Salinas. “The DRIVE Act would cut costs for veterans by ensuring they are fairly reimbursed for gas and other travel expenses to and from their appointments. I am proud to support this legislation because it will make life more affordable for those who have bravely served our country.”
    The Driver Reimbursement Increase for Veteran Equity (DRIVE) Act would require the VA to ensure the beneficiary travel reimbursement rate is at least aligned with the General Services Administration reimbursement rate for federal employees using their personal vehicles for official business. The bill would also ensure timely processing to ensure veterans receive their reimbursement within 90 days.  
    The bill was introduced in the Senate by U.S. Senator Peter Welch, D-Vt., and in the House by U.S. Representative Julia Brownley, D-Calif. In addition to Wyden, Hoyle and Salinas, the bill was cosponsored by Senators Alex Padilla, D-Calif., Catherine Cortez Masto, D-Nev., Mazie Hirono, D-Hawai’i., Jeanne Shaheen, D-N.H., Tina Smith, D-Minn., and Cory Booker, D-N.J., and Representatives Rashida Tlaib, D-Mich., Dan Crenshaw, R-Texas, Juan Vargas, D-Calif, Jay Obernolte, R-Calif., Brad Sherman, D-Calif., Steve Cohen, D-Tenn., Nikki Budzinski, D-Ill., Eleanor Holmes Norton, D-D.C., Sheila Cherfilus-McCormick, D-Fla, Ted Lieu, D-Calif, and Dina Titus, D-Nev.
    The text of the bill is here.

    MIL OSI USA News

  • MIL-Evening Report: Quantum navigation could transform how we travel. So what is it, and how does it work?

    Source: The Conversation (Au and NZ) – By Allison Kealy, Director, Innovative Planet Institute, Swinburne University of Technology

    Triff/Shutterstock

    Quantum technology is no longer confined to the lab – it’s making its way into our everyday lives. Now, it’s about to transform something even more fundamental: how we navigate the world.

    Imagine submarines travelling beneath the ocean, never needing to surface for location updates. Planes flying across continents with unshakeable precision, unaffected by signal disruptions.

    Emergency responders could navigate smoke-filled buildings or underground tunnels with flawless accuracy, while autonomous vehicles chart perfect courses through dense urban environments.

    These scenarios might sound like science fiction, but they can all be made possible with an emerging approach known as quantum navigation.

    This game-changing tech will one day redefine movement, exploration and connectivity in ways we’re only just beginning to imagine. So, what is it?

    Satellite navigation is at the heart of many things

    Global navigation satellite systems, like GPS, are deeply embedded in modern society. We use them daily for navigation, ordering deliveries and tagging photo locations. But their impact goes far beyond convenience.

    Timing signals from satellites in Earth’s orbit authenticate stock market trades and help balance the electricity grid. In agriculture, satellite navigation guides autonomous tractors and helps muster cattle.

    Emergency services rely on navigation satellite systems for rapid response, reducing the time it takes to reach those in need.

    Despite their benefits, systems like GPS are quite vulnerable. Satellite signals can be jammed or interfered with. This can be due to active warfare, terrorism or for legitimate (or illegitimate) privacy concerns. Maps like GPSJAM show real-time interference hotspots, such as those in the Middle East, areas around Russia and Ukraine, and Myanmar.

    The environment of space isn’t constant, either. The Sun regularly ejects giant balls of plasma, causing what we know as solar storms. These emissions slam into Earth’s magnetic field, disrupting satellites and GPS signals. Often these effects are temporary, but they can also cause significant damage, depending on the severity of the storm.

    An outage of global navigation satellite systems would be more than an inconvenience – it would disrupt our most critical infrastructure.

    Estimates suggest a loss of GPS would cost just the United States economy about US$1 billion per day (A$1.5 billion), causing cascading failures across interconnected systems.

    Quantum navigation to the rescue

    In some environments, navigation signals from satellites don’t work very well. They don’t penetrate water or underground spaces, for example.

    If you’ve ever tried to use Google Maps in a built-up city with skyscrapers, you may have run into issues. Tall buildings cause signal reflections that degrade accuracy, and signals are weakened or completely unavailable inside buildings.

    This is where quantum navigation could step in one day.

    Quantum science describes the behaviour of particles at scales smaller than an atom. It reveals mind-boggling effects like superposition – particles existing in multiple states simultaneously – and entanglement (when particles are connected through space and time in ways that defy classical understanding).

    These effects are fragile and typically collapse under observation, which is why we don’t notice them in everyday life. But the very fragility of quantum processes also lets them work as exquisite sensors.

    A sensor is a device that detects changes in the world around it and turns that information into a signal we can measure or use. Think automatic doors that open when we walk near them, or phone screens that respond to our touch.

    Quantum sensors are so sensitive because quantum particles react to tiny changes in their environment. Unlike normal sensors, which can miss weak signals, quantum sensors are extremely good at detecting even the smallest changes in things like time, gravity or magnetic fields.

    Their sensitivity comes from how easily quantum states change when something in their surroundings shifts, allowing us to measure things with much greater accuracy than before.

    This precision is critical for robust navigation systems.

    Our team is researching new ways to use quantum sensors to measure Earth’s magnetic field for navigation. By using quantum effects in diamonds, we can detect Earth’s magnetic field in real time and compare the measurements to pre-existing magnetic field maps, providing a resilient alternative to satellite navigation like GPS.

    Since magnetic signals are unaffected by jamming and work underwater, they offer a promising backup system.

    A quantum magnetometer used in our research.
    Swinburne University/RMIT/Phasor

    The future of navigation

    The future of navigation will integrate quantum sensors to enhance location accuracy (via Earth’s magnetic and gravitational fields), improve orientation (via quantum gyroscopes), and enable superior timing (through compact atomic clocks and interconnected timekeeping systems).

    These technologies promise to complement and, in some cases, provide alternatives to traditional satellite-based navigation.

    However, while the potential of quantum navigation is clear, making it a practical reality remains a significant challenge. Researchers and companies worldwide are working to refine these technologies, with major efforts underway in academia, government labs and industry.

    Startups and established players are developing prototypes of quantum accelerometers (devices that measure movement) and gyroscopes, but most remain in early testing phases or specialised applications.

    Key hurdles include reducing the size and power demands of quantum sensors, improving their stability outside of controlled laboratory settings, and integrating them into existing navigation systems.

    Cost is another barrier – today’s quantum devices are expensive and complex, meaning widespread adoption is still years away.

    If these challenges can be overcome, quantum navigation could reshape everyday life in subtle but profound ways. While quantum navigation won’t replace GPS overnight, it could become an essential part of the infrastructure that keeps the world moving.

    Allison Kealy is affiliated with Quantum Australia as a board member.

    Allison Kealy is a research collaborator with RMIT University and Phasor Quantum.

    ref. Quantum navigation could transform how we travel. So what is it, and how does it work? – https://theconversation.com/quantum-navigation-could-transform-how-we-travel-so-what-is-it-and-how-does-it-work-250285

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI United Nations: Amid ‘Hellscape’, Uptick in Violence in North Darfur, Senior Humanitarian Official Urges Security Council to Take Immediate Action to Protect Civilians in Sudan

    Source: United Nations General Assembly and Security Council

    12 Million People Displaced, 24.6 Million Face Acute Hunger Nationwide, Yet Aid Groups Forced to Suspend Operations in Zamzam Displacement Camp Due to Insecurity

    The “already catastrophic” situation in Sudan has worsened in recent weeks, a senior United Nations humanitarian official warned today, as she outlined alarming developments in North Darfur, and urged the Security Council to take immediate action to ensure all actors abide by international humanitarian law and protect civilians in Zamzam camp and beyond. 

    “Nearly two years of relentless conflict in Sudan have inflicted immense suffering and turned parts of the country into a hellscape,” said Edem Wosornu, Director, Operations and Advocacy Division, Office for the Coordination of Humanitarian Affairs.  Ms. Wosornu briefed the 15-member body on behalf of Tom Fletcher, Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator. 

    More than 12 million people in Sudan have been displaced while 24.6 million people are experiencing acute hunger, she told the Council.  In North Darfur, violence in and around the Zamzam displacement camp — which hosts hundreds of thousands of civilians — has further intensified.  Satellite imagery confirms the use of heavy weaponry there in recent weeks.  Many have been killed, including at least two humanitarian workers, she said. 

    Earlier this week, Médecins Sans Frontières (MSF), the main provider of health and nutrition services in Zamzam, announced that it has been forced to halt its operations in the camp due to the deteriorating security situation.  The World Food Programme (WFP) has also confirmed the suspension of voucher-based food assistance due to insecurity and the destruction of the market at Zamzam. 

    Moreover, the UN Human Rights Office has verified reports of summary executions of civilians in areas that have changed hands, she went on to say.  In the south of the country, fighting has spread into new areas in North Kordofan and South Kordofan.  “We have also seen shocking reports of further atrocities in While Nile state, including a wave of attacks earlier this month reported to have killed scores of civilians,” she said, welcoming the decision by the Sudanese authorities to extend the authorization of the use of the Adre crossing for humanitarian aid. 

    United Nations 2025 Humanitarian Response Plan Requires $6 Billion

    She said that the UN’s 2025 response plan for Sudan and the region requires $6 billion to support close to 21 million people in Sudan and up to 5 million others in neighbouring countries.  “The international community — in particular members of the Council — must spare no effort in trying to mitigate this,” she stressed. 

    In the ensuing discussion, Council members expressed alarm over the increasing attacks on civilians, underscoring the harrowing plight of the Sudanese people, particularly children, and urging all parties to the conflict to put down their weapons. 

    World’s Greatest Crisis of Displaced Children 

    “Sudan is experiencing one of the most devastating conflicts of our times,” said Panama’s delegate, noting that the country is home to the world’s greatest crisis of displaced children.  Slovenia’s delegate echoed a similar sentiment, saying that Sudanese children are left with the deepest scars of this war.  “These young lives plead for an end to the massacre, for the guns that keep them awake to be silenced, and they ask for food,” he added. 

    ‘Unspeakable Violence’ against Women and Girls Must Stop 

    “This conflict has unleashed a wave of unspeakable violence against women and girls,” Denmark’s delegate also added, underscoring that survivors need urgent access to healthcare and post-rape support.  The “entrenched impunity” has become one of the main drivers of conflict, she said.  Greece’s representative said that addressing the crimes against women and girls requires gender-sensitive interventions such as specialized healthcare, psychosocial support, and legal assistance. 

    Delegates Condemn Rapid Support Forces’ Attacks in Internally Displaced Persons Camps 

    Pakistan’s representative condemned the Rapid Support Forces’ attack on the only functioning hospital in the besieged El Fasher — the Saudi Teaching Maternal Hospital — which killed over 70 people.  “RSF must immediately stop its killing campaigns in Zamzam and Abu Shouk IDP camps,” he asserted, calling on the Council to ensure the implementation of resolution 2736 (2024). 

    “It does not need to be this way”, said the delegate from the United Kingdom, urging the parties to end their military ambitions and focus on creating the conditions for peace.  While welcoming the Sudanese Armed Forces’ decision to keep the Adré border crossing open, she underscored that — with over 30 million people in humanitarian need — “it is simply not enough”. 

    The representative of the Russian Federation said that the “shortest way to settle” the humanitarian situation is via “very close cooperation” with the Sudanese Government and its related parties.  “We cannot recall a single instance where the authorities refuse to cooperate with the humanitarians,” he said.  Sudanese authorities are working on simplifying logistical chains and streamlining document processing for humanitarian cargo.  No one will provide more support to the peaceful civilians in Sudan than their Government and the army. 

    “Both belligerents have committed atrocities,” emphasized the representative of the United States, expressing concern over attacks on the Zamzam refugee camp by the Rapid Support Forces and the use of civilians as human shields by militias allied with the Sudanese Armed Forces.  “We cannot let Sudan again become a permissive environment for terrorists and transnational criminal organizations,” he added.

    The humanitarian crisis is the direct result of the conflict between the Sudanese Armed Forces and the Rapid Support Forces, France’s delegate echoed, adding that it is vital to respect the territorial integrity of Sudan.  All actors must engage in good faith in an intra-Sudanese political dialogue, facilitated by the African Union and Intergovernmental Authority on Development (IGAD).

    Speakers Urge Ceasefire during Holy Month of Ramadan 

    Several speakers highlighted the upcoming holy month of Ramadan as an opportunity for all parties to lay down their arms, with the representative of the Republic of Korea urging all parties to immediately seize hostilities.  “If both parties to the conflict in Sudan continue to rely on a military solution and persist in the belief that political victory can be achieved on the battlefield the fragmentation of Sudan may soon become a reality,” he warned. 

    African Solutions, African-Owned Initiatives Key to Resolving Conflict 

    Algeria’s delegate also speaking for Guyana, Somalia and Sierra Leone, echoed the call for a ceasefire during Ramadan, and welcomed the transition road map announced by the Government, which includes “the formation of a civilian Government to be led by a civilian technocratic personality”. Expressing concern over the announcement by the leaders of the Rapid Support Forces to establish a parallel authority, he stressed the need to coordinate diplomatic initiatives, while preserving the central role of the African Union and the United Nations. “Foreign interferences” remain a persistent challenge in the search for a lasting solution to the conflict in Sudan, he said. 

    African solutions and African-owned initiatives must continue to play a leading role, added Angola’s delegate.  “While the root cause of this conflict is reportedly linked to the internal ethnic tensions, we must recognize that it has been exacerbated by a few external factors,” he added.  The Jeddah Process, facilitated by Saudi Arabia and United States, and the African Union’s Peace and Security Council Ad Hoc Presidential Committee on Sudan remain hopeful prospects.  

    International Community Must Do More to Alleviate Suffering 

    Several Council members called on the international community to do more to alleviate the suffering in Sudan and warned that the conflict could spill over.  China’s delegate stressed the need to fund the 2025 Humanitarian Needs Response Plan in order for Sudan to meet the challenges of food insecurity, refugee displacement and conflict spillover. 

    “We all share the responsibility of supporting the Sudan so that its crisis does not turn from a regional crisis with repercussions limited to neighbouring countries in Africa to a crisis that threatens international peace and security,” said Egypt’s delegate.  The crisis in Sudan could threaten the safety of navigation in the Red Sea, increase illegal migration to Europe, and turn Sudan into a haven for criminal groups or armed militias. 

    Kenya’s delegate said that his country has received and engaged “official delegations” from Sudan, “who reaffirm their commitment to end the war and restore Sudan to civilian administration”.  Spotlighting the recent signing of a peace charter in Nairobi — which “must be viewed in that context” — he noted that a collective of 24 groups, drawn from an inclusive cross-section of civilian, political and military actors, associated themselves with that instrument.  He emphasized, however:  “Neither President William Ruto nor the Government of Kenya has recognized any independent entity in the Sudan or elsewhere.”

    Sudan’s Speaker Cites Cooperation with UN Special Envoy, Urges Militias to End Attacks on El Fasher 

    Sudan’s representative said that on his Government’s cooperation with the Special Envoy, Sudanese authorities have facilitated meetings with the leadership in the political, civilian and diplomatic spheres without interference.  “We have facilitated a briefing for him on the dynamics of the conflict […] and presented our readiness to reach a peaceful settlement,” he said, emphasizing the neutrality and centrality of the UN.

    However, “certain elements behind the scenes” sabotaged his Government’s efforts with the aim “to achieve their demonic aims”, he cautioned, noting that the main reason for the continuation of the war is the United Arab Emirates’ support for the Rapid Support Forces. For its part, Khartoum presented a national plan to protect civilians and implement the Jeddah Agreement and resolutions 1591 (2005) and 2736 (2024).  It has also designated airports in several areas for air transport of humanitarian assistance.  Calling on the militias to end their attacks on the Sudanese capital of El Fasher — which target civilians, health facilities and basic infrastructure — he stated:  “We welcome any practical and implementable humanitarian pause.”  Nevertheless, “any ceasefire is rejected if El Fasher’s siege is not lifted”, he asserted, urging the rebels to withdraw from the areas they occupy.

    Sudan’s Government is exerting great efforts to fulfil refugee and internally displaced persons’ needs through coordination with organizations active in Sudan as well as the Office for the Coordination of Humanitarian Affairs. To that end, he spotlighted several projects, including rehabilitating schools, higher education and rural hospitals, providing health services, repairing water networks and restoring police stations.

    MIL OSI United Nations News

  • MIL-OSI: SEACOR Marine Announces Fourth Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 26, 2025 (GLOBE NEWSWIRE) — SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its fourth quarter ended December 31, 2024.

    SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2024 were $69.8 million, operating income was $10.6 million, and direct vessel profit (“DVP”)(1) was $23.1 million. This compares to consolidated operating revenues of $73.1 million, operating income of $22.6 million, and DVP of $29.8 million in the fourth quarter of 2023, and consolidated operating revenues of $68.9 million, operating loss of $6.5 million, and DVP of $16.0 million in the third quarter of 2024.

    Notable fourth quarter items include:

    • 4.5% decrease in revenues from the fourth quarter of 2023 and a 1.3% increase from the third quarter of 2024.
    • Average day rates of $18,901, a 4.8% increase from the fourth quarter of 2023, and flat from the third quarter of 2024.
    • 72% utilization, an increase from 71% in the fourth quarter of 2023 and from 67% in the third quarter of 2024.
    • DVP margin of 33.1%, a decrease from 40.8% in the fourth quarter of 2023 and an increase from 23.2% in the third quarter of 2024, due in part to $3.5 million of drydocking and major repairs during the fourth quarter of 2024 compared to $1.7 million in the fourth quarter of 2023 and $8.3 million in the third quarter of 2024, all of which are expensed as incurred.
    • Refinancing of $328.7 million of principal indebtedness under multiple debt facilities, including $125.0 million previously due in 2026, into a single new credit facility due in the fourth quarter of 2029.
    • In connection with the refinancing, recognized a one-time loss of $31.9 million on debt extinguishment, of which $28.3 million was non-cash and primarily comprised of extinguishment of unamortized debt discounts.
    • Completed the sale of two anchor handling towing supply vessels (“AHTS”) for total proceeds of $22.5 million and a gain of $15.6 million, the proceeds of which will be used to partially fund the construction payments for two new PSVs.

    For the fourth quarter of 2024, net loss was $26.2 million ($0.94 loss per basic and diluted share). This compares to a net income for the fourth quarter of 2023 of $5.7 million ($0.21 earnings per basic share and $0.20 earnings per diluted share). Sequentially, the fourth quarter 2024 results compare to a net loss of $16.3 million ($0.59 loss per basic and diluted share) in the third quarter of 2024.

    Chief Executive Officer John Gellert commented:

    “The fourth quarter results reflect a substantial improvement in operating performance compared with the prior quarters of 2024. This performance improvement was due mostly to fewer out-of-service days for repairs and drydockings which translated into improved utilization across most segments. We also benefited from having all our premium liftboats available and employed most of the quarter and currently plan to commence the permanent repairs of one of our U.S. flag premium liftboats at the end of the third quarter of 2025, which should provide us the opportunity to maximize utilization on these liftboats as seasonal activity improves in the Gulf of America. During the quarter, we did see soft market conditions in the North Sea as well as customer delays in programmed activities in Mexico and the U.S.

    Looking at the rest of 2025, we continue to see a healthy level of inquiries across most of our international markets with the notable exception of the North Sea and Mexico, where regulatory or financial hurdles are subduing demand for oil and gas services. In the U.S., we see significant challenges for offshore wind in the near term, but the backlog of mandatory maintenance and decommissioning activity in the Gulf of America should ultimately lead to increased levels of activity on the shelf. Although we are not immune to the mid-cycle lull in offshore drilling activity worldwide, I remain optimistic that our fleet mix is well positioned to meet current demand expectations.

    As previously announced, during the fourth quarter we entered into a new senior secured term loan of up to $391.0 million with an affiliate of EnTrust Global, which significantly simplified our debt capital structure into a single credit facility maturing in 2029. Importantly, this new credit facility addressed $125.0 million of near-term maturities previously due in 2026 to The Carlyle Group, inclusive of $35.0 million of convertible debt, eliminating approximately 10% of dilution overhang on the Company’s common stock. It also provided us with up to $41.0 million of borrowing capacity to finance the construction of two new PSVs, which we ordered during the fourth quarter of 2024. We had to fully amortize all debt discounts and issuance costs on the refinanced debt, including the shipyard financing with affiliates of COSCO, generating a $31.9 million one-time loss, of which $28.3 million was non-cash, but, in my view, the benefits of the refinancing and its support for the Company’s order for two new PSVs far outweigh the one-time loss.

    I am particularly excited about this PSV order as we expand and complement our fleet of modern and fuel efficient PSVs. This is a continuation of our asset rotation strategy aimed at renewing our fleet with high-specification, environmentally efficient assets. The vessels are scheduled to deliver in the fourth quarter of 2026 and first quarter of 2027, respectively. We will partly fund this new construction program with the $22.5 million of proceeds from the sale of our last remaining AHTS vessels, marking our exit from the AHTS asset class effective January 2025.”
    _______________

    (1) Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.
       

    SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

    Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

    Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
    For all other requests, contact InvestorRelations@seacormarine.com

     
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
    (in thousands, except share data)
     
        Three Months Ended December 31,     Year ended December 31,  
        2024     2023     2024     2023  
    Operating Revenues   $ 69,808     $ 73,083     $ 271,361     $ 279,511  
    Costs and Expenses:                        
    Operating     46,726       43,269       197,252       159,650  
    Administrative and general     10,888       11,547       44,713       49,183  
    Lease expense     347       679       1,678       2,748  
    Depreciation and amortization     12,879       13,022       51,628       53,821  
          70,840       68,517       295,271       265,402  
    Gains on Asset Dispositions and Impairments, Net     11,624       18,057       13,481       21,409  
    Operating Income (Loss)     10,592       22,623       (10,429 )     35,518  
    Other Income (Expense):                        
    Interest income     372       222       1,768       1,444  
    Interest expense     (10,001 )     (10,444 )     (40,627 )     (37,504 )
    Loss on debt extinguishment     (31,923 )           (31,923 )     (2,004 )
    Derivative (losses) gains, net     (536 )     608       (908 )     608  
    Foreign currency gains (losses), net     1,308       (1,276 )     (1,049 )     (2,133 )
    Other, net     187             121        
          (40,593 )     (10,890 )     (72,618 )     (39,589 )
    (Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies     (30,001 )     11,733       (83,047 )     (4,071 )
    Income Tax (Benefit) Expense     (2,345 )     6,378       (2,615 )     8,799  
    (Loss) Income Before Equity in Earnings of 50% or Less Owned Companies     (27,656 )     5,355       (80,432 )     (12,870 )
    Equity in Earnings of 50% or Less Owned Companies     1,430       374       2,308       3,556  
    Net (Loss) Income   $ (26,226 )   $ 5,729     $ (78,124 )   $ (9,314 )
                             
    Net (Loss) Earnings Per Share:                        
    Basic   $ (0.94 )   $ 0.21     $ (2.82 )   $ (0.34 )
    Diluted   $ (0.94 )   $ 0.20     $ (2.82 )   $ (0.34 )
    Weighted Average Common Stock and Warrants Outstanding:                        
    Basic     27,773,200       27,182,496       27,655,289       27,082,391  
    Diluted     27,773,200       28,400,684       27,655,289       27,082,391  
                                     
               
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
     (in thousands, except statistics and per share data)
               
              Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    Time Charter Statistics:                                
    Average Rates Per Day   $ 18,901     $ 18,879     $ 19,141     $ 19,042     $ 18,031    
    Fleet Utilization     72 %     67 %     69 %     62 %     71 %  
    Fleet Available Days (2)     4,870       5,026       4,994       5,005       5,170    
    Operating Revenues:                                
    Time charter   $ 66,095     $ 63,313     $ 65,649     $ 59,263     $ 66,498    
    Bareboat charter     364       372       364       364       368    
    Other marine services     3,349       5,231       3,854       3,143       6,217    
          69,808       68,916       69,867       62,770       73,083    
    Costs and Expenses:                                
    Operating:                                
    Personnel     20,365       21,940       21,566       21,670       22,080    
    Repairs and maintenance     10,433       9,945       10,244       9,763       7,604    
    Drydocking     2,467       6,068       6,210       6,706       2,561    
    Insurance and loss reserves     2,473       2,584       3,099       1,738       2,944    
    Fuel, lubes and supplies     4,884       6,574       3,966       4,523       3,683    
    Other     6,104       5,796       4,435       3,699       4,397    
          46,726       52,907       49,520       48,099       43,269    
    Direct Vessel Profit (1)     23,082       16,009       20,347       14,671       29,814    
    Other Costs and Expenses:                                
    Lease expense     347       364       486       481       679    
    Administrative and general     10,888       11,019       10,889       11,917       11,547    
    Depreciation and amortization     12,879       12,928       12,939       12,882       13,022    
          24,114       24,311       24,314       25,280       25,248    
    Gains (Losses) on Asset Dispositions and Impairments, Net     11,624       1,821       37       (1 )     18,057    
    Operating Income (Loss)     10,592       (6,481 )     (3,930 )     (10,610 )     22,623    
    Other Income (Expense):                                
    Interest income     372       358       445       593       222    
    Interest expense     (10,001 )     (10,127 )     (10,190 )     (10,309 )     (10,444 )  
    Derivative (losses) gains, net     (536 )     67       104       (543 )     608    
    Loss on debt extinguishment     (31,923 )                          
    Foreign currency gains (losses), net     1,308       (1,717 )     (560 )     (80 )     (1,276 )  
    Other, net     187       29             (95 )        
          (40,593 )     (11,390 )     (10,201 )     (10,434 )     (10,890 )  
    (Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies     (30,001 )     (17,871 )     (14,131 )     (21,044 )     11,733    
    Income Tax (Benefit) Expense     (2,345 )     (513 )     (682 )     925       6,378    
    (Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies     (27,656 )     (17,358 )     (13,449 )     (21,969 )     5,355    
    Equity in Earnings (Losses) of 50% or Less Owned Companies     1,430       1,012       966       (1,100 )     374    
    Net (Loss) Income   $ (26,226 )   $ (16,346 )   $ (12,483 )   $ (23,069 )   $ 5,729    
                                     
    Net (Loss) Earnings Per Share:                                
    Basic   $ (0.94 )   $ (0.59 )   $ (0.45 )   $ (0.84 )   $ 0.21    
    Diluted   $ (0.94 )   $ (0.59 )   $ (0.45 )   $ (0.84 )   $ 0.20    
    Weighted Average Common Stock and Warrants Outstanding:                                
    Basic     27,773       27,773       27,729       27,344       27,182    
    Diluted     27,773       27,773       27,729       27,344       28,401    
    Common Shares and Warrants Outstanding at Period End     28,950       28,950       28,941       28,906       28,489    

     _______________

    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
       
         
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
    (in thousands, except statistics)
         
        Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    United States, primarily Gulf of America                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 26,116     $ 17,188     $ 22,356     $ 28,156     $ 22,584    
    Fleet utilization     45 %     42 %     37 %     27 %     50 %  
    Fleet available days     920       920       921       927       1,152    
    Out-of-service days for repairs, maintenance and drydockings     75       116       179       137       61    
    Out-of-service days for cold-stacked status (2)     184       175       127       182       254    
    Operating Revenues:                                
    Time charter   $ 10,744     $ 6,593     $ 7,697     $ 6,957     $ 12,929    
    Other marine services     1,114       1,188       480       1,026       5,346    
          11,858       7,781       8,177       7,983       18,275    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel     6,097       6,297       6,284       5,781       6,906    
    Repairs and maintenance     1,680       1,655       1,879       1,404       819    
    Drydocking     1,451       2,615       2,570       1,968       303    
    Insurance and loss reserves     854       799       943       396       1,297    
    Fuel, lubes and supplies     854       964       866       667       1,032    
    Other     229       225       226       (171 )     475    
          11,165       12,555       12,768       10,045       10,832    
    Direct Vessel Profit (Loss) (1)   $ 693     $ (4,774 )   $ (4,591 )   $ (2,062 )   $ 7,443    
    Other Costs and Expenses:                                
    Lease expense   $ 136     $ 140     $ 141     $ 138     $ 141    
    Depreciation and amortization     3,196       3,194       3,194       2,750       3,479    
                                     
    Africa and Europe                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 16,895     $ 18,875     $ 18,580     $ 15,197     $ 15,233    
    Fleet utilization     73 %     77 %     74 %     76 %     82 %  
    Fleet available days     1,856       1,990       1,969       1,775       1,748    
    Out-of-service days for repairs, maintenance and drydockings     180       203       203       238       124    
    Out-of-service days for cold-stacked status           58       91       91       92    
    Operating Revenues:                                
    Time charter   $ 22,999     $ 28,809     $ 27,047     $ 20,555     $ 21,791    
    Other marine services     1,027       3,048       1,028       169       189    
          24,026       31,857       28,075       20,724       21,980    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel     5,654       6,083       4,969       5,181       6,007    
    Repairs and maintenance     3,712       3,455       3,161       3,209       2,807    
    Drydocking     835       681       1,226       2,032       1,298    
    Insurance and loss reserves     577       599       819       334       416    
    Fuel, lubes and supplies     2,226       2,514       1,170       1,287       623    
    Other     3,748       3,975       2,801       2,199       2,267    
          16,752       17,307       14,146       14,242       13,418    
    Direct Vessel Profit (1)   $ 7,274     $ 14,550     $ 13,929     $ 6,482     $ 8,562    
    Other Costs and Expenses:                                
    Lease expense   $ 82     $ 75     $ 172     $ 178     $ 289    
    Depreciation and amortization     4,477       4,540       4,565       3,915       3,747    

     _______________

    (1) See full description of footnote above.
    (2) Includes one liftboat and one FSV cold-stacked in this region as of December 31, 2024.
       
           
    SEACOR MARINE HOLDINGS INC.
     UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
    (in thousands, except statistics)
           
        Three Months Ended  
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023  
    Middle East and Asia                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 17,337     $ 17,825     $ 17,083     $ 16,934     $ 17,590  
    Fleet utilization     88 %     71 %     82 %     71 %     69 %
    Fleet available days     1,266       1,288       1,296       1,365       1,461  
    Out-of-service days for repairs, maintenance and drydockings     30       229       168       224       360  
    Operating Revenues:                              
    Time charter   $ 19,385     $ 16,411     $ 18,073     $ 16,477     $ 17,729  
    Other marine services     635       375       619       350       539  
          20,020       16,786       18,692       16,827       18,268  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel     5,470       5,769       6,930       5,963       5,522  
    Repairs and maintenance     3,574       3,318       3,443       2,712       2,590  
    Drydocking     (226 )     832       707       1,483       624  
    Insurance and loss reserves     804       927       798       618       1,022  
    Fuel, lubes and supplies     840       1,043       1,103       1,198       1,242  
    Other     1,305       1,131       989       1,000       1,133  
          11,767       13,020       13,970       12,974       12,133  
    Direct Vessel Profit (1)   $ 8,253     $ 3,766     $ 4,722     $ 3,853     $ 6,135  
    Other Costs and Expenses:                              
    Lease expense   $ 72     $ 73     $ 71     $ 85     $ 158  
    Depreciation and amortization     3,272       3,261       3,247       3,496       3,643  
                                   
    Latin America                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 21,390     $ 21,984     $ 22,437     $ 28,308     $ 20,745  
    Fleet utilization     73 %     63 %     71 %     58 %     84 %
    Fleet available days (2)     828       828       808       938       809  
    Out-of-service days for repairs, maintenance and drydockings     20       94       41       1        
    Operating Revenues:                              
    Time charter   $ 12,967     $ 11,500     $ 12,832     $ 15,274     $ 14,049  
    Bareboat charter     364       372       364       364       368  
    Other marine services     573       620       1,727       1,598       143  
          13,904       12,492       14,923       17,236       14,560  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel     3,144       3,791       3,383       4,745       3,645  
    Repairs and maintenance     1,467       1,517       1,761       2,438       1,388  
    Drydocking     407       1,940       1,707       1,223       336  
    Insurance and loss reserves     238       259       539       390       209  
    Fuel, lubes and supplies     964       2,053       827       1,371       786  
    Other     822       465       419       671       522  
          7,042       10,025       8,636       10,838       6,886  
    Direct Vessel Profit (1)   $ 6,862     $ 2,467     $ 6,287     $ 6,398     $ 7,674  
    Other Costs and Expenses:                              
    Lease expense   $ 57     $ 76     $ 102     $ 80     $ 91  
    Depreciation and amortization     1,934       1,933       1,933       2,721       2,153  

     _______________

    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
       
         
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS
    (in thousands, except statistics)
         
        Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    AHTS                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 10,410     $ 10,316     $ 8,125     $ 8,538     $ 8,937    
    Fleet utilization     79 %     46 %     49 %     75 %     64 %  
    Fleet available days     178       334       364       364       368    
    Out-of-service days for repairs, maintenance and drydockings     28       87       29             41    
    Out-of-service days for cold-stacked status           58       91       91       92    
    Operating Revenues:                                
    Time charter   $ 1,465     $ 1,576     $ 1,459     $ 2,331     $ 2,102    
    Other marine services           13       219             6    
          1,465       1,589       1,678       2,331       2,108    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 595     $ 981     $ 1,045     $ 1,064     $ 944    
    Repairs and maintenance     128       239       465       220       612    
    Drydocking     5       436       280       68       58    
    Insurance and loss reserves     49       66       97       43       73    
    Fuel, lubes and supplies     25       90       69       616       375    
    Other     210       263       230       287       295    
          1,012       2,075       2,186       2,298       2,357    
    Other Costs and Expenses:                                
    Lease expense   $ 7     $ 4     $ 164     $ 171     $ 253    
    Depreciation and amortization     122       175       175       175       175    
                                     
    FSV                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 13,643     $ 13,102     $ 12,978     $ 11,834     $ 11,841    
    Fleet utilization     72 %     81 %     80 %     72 %     74 %  
    Fleet available days     2,024       2,024       2,002       2,002       2,105    
    Out-of-service days for repairs, maintenance and drydockings     118       96       128       216       337    
    Out-of-service days for cold-stacked status     92       83       36       91       92    
    Operating Revenues:                                
    Time charter   $ 19,992     $ 21,606     $ 20,698     $ 17,081     $ 18,502    
    Other marine services     416       1,012       516       126       163    
          20,408       22,618       21,214       17,207       18,665    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 5,078     $ 5,637     $ 5,829     $ 5,649     $ 5,320    
    Repairs and maintenance     4,480       4,378       4,572       3,093       2,691    
    Drydocking     426       448       457       1,869       1,710    
    Insurance and loss reserves     422       532       546       277       507    
    Fuel, lubes and supplies     1,586       1,962       993       1,051       1,441    
    Other     2,456       2,238       1,850       1,649       1,632    
          14,448       15,195       14,247       13,588       13,301    
    Other Costs and Expenses:                                
    Depreciation and amortization   $ 4,746     $ 4,744     $ 4,746     $ 4,744     $ 4,879    
                                               
         
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)
         
        Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    PSV                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 17,912     $ 21,819     $ 20,952     $ 19,133     $ 19,778    
    Fleet utilization     72 %     58 %     66 %     53 %     77 %  
    Fleet available days (1)     1,932       1,932       1,900       1,911       1,902    
    Out-of-service days for repairs, maintenance and drydockings     117       349       291       307       109    
    Operating Revenues:                                
    Time charter   $ 24,865     $ 24,488     $ 26,390     $ 19,390     $ 29,140    
    Bareboat charter     364       372       364       364       368    
    Other marine services     1,561       2,855       2,266       416       595    
          26,790       27,715       29,020       20,170       30,103    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 8,999     $ 9,360     $ 8,979     $ 8,850     $ 9,017    
    Repairs and maintenance     4,101       3,798       3,151       4,393       3,520    
    Drydocking     1,046       2,629       2,616       3,386       472    
    Insurance and loss reserves     618       636       1,037       395       690    
    Fuel, lubes and supplies     2,379       3,594       1,575       1,889       1,027    
    Other     2,566       2,821       1,850       1,395       1,922    
          19,709       22,838       19,208       20,308       16,648    
    Other Costs and Expenses:                                
    Lease expense   $     $ (3 )   $ 3     $     $    
    Depreciation and amortization     4,122       4,117       4,128       4,073       4,073    

     _______________

    (1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
       
         
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)
         
        Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    Liftboats                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 39,326     $ 36,423     $ 43,204     $ 53,506     $ 40,181    
    Fleet utilization     68 %     58 %     54 %     53 %     52 %  
    Fleet available days     736       736       728       728       795    
    Out-of-service days for repairs, maintenance and drydockings     41       109       143       78       60    
    Out-of-service days for cold-stacked status     92       92       91       91       162    
    Operating Revenues:                                
    Time charter   $ 19,773     $ 15,643     $ 17,102     $ 20,461     $ 16,754    
    Other marine services     1,177       1,142       666       1,772       4,666    
          20,950       16,785       17,768       22,233       21,420    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 5,678     $ 5,926     $ 6,842     $ 6,140     $ 5,316    
    Repairs and maintenance     1,722       1,531       2,054       2,035       769    
    Drydocking     990       2,555       2,857       1,383       321    
    Insurance and loss reserves     1,384       1,334       1,482       1,282       1,554    
    Fuel, lubes and supplies     894       928       1,329       967       838    
    Other     860       473       519       343       531    
          11,528       12,747       15,083       12,150       9,329    
    Other Costs and Expenses:                                
    Depreciation and amortization     3,866       3,866       3,865       3,866       3,867    
                                     
    Other Activity                                
    Operating Revenues:                                
    Other marine services   $ 195     $ 209     $ 187     $ 829     $ 787    
          195       209       187       829       787    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 15     $ 36     $ (1,129 )   $ (33 )   $ 1,483    
    Repairs and maintenance     2       (1 )     2       22       12    
    Insurance and loss reserves           16       (63 )     (259 )     120    
    Fuel, lubes and supplies                             2    
    Other     12       1       (14 )     25       17    
          29       52       (1,204 )     (245 )     1,634    
    Other Costs and Expenses:                                
    Lease expense   $ 340     $ 363     $ 319     $ 310     $ 426    
    Depreciation and amortization     23       26       25       24       28    
                                               
     
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands)
     
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    ASSETS                                
    Current Assets:                                
    Cash and cash equivalents   $ 59,491     $ 35,601     $ 40,605     $ 59,593     $ 67,455    
    Restricted cash     16,649       2,263       2,255       2,566       16,676    
    Receivables:                                
    Trade, net of allowance for credit loss     69,888       76,497       70,770       58,272       63,728    
    Other     7,913       7,841       6,210       12,210       11,049    
    Tax receivable     1,601       983       983       983       983    
    Inventories     2,760       3,139       3,117       2,516       1,609    
    Prepaid expenses and other     4,406       4,840       5,659       3,425       2,686    
    Assets held for sale     10,943             500       500       500    
    Total current assets     173,651       131,164       130,099       140,065       164,686    
    Property and Equipment:                                
    Historical cost     900,414       921,445       921,443       919,139       918,823    
    Accumulated depreciation     (367,448 )     (362,604 )     (349,799 )     (337,001 )     (324,141 )  
          532,966       558,841       571,644       582,138       594,682    
    Construction in progress     11,904       11,935       11,518       13,410       10,362    
    Net property and equipment     544,870       570,776       583,162       595,548       605,044    
    Right-of-use asset – operating leases     3,436       3,575       3,683       3,988       4,291    
    Right-of-use asset – finance leases     36       19       28       29       37    
    Investments, at equity, and advances to 50% or less owned companies     3,541       2,046       2,641       3,122       4,125    
    Other assets     1,577       1,864       1,953       2,094       2,153    
    Total assets   $ 727,111     $ 709,444     $ 721,566     $ 744,846     $ 780,336    
    LIABILITIES AND EQUITY                                
    Current Liabilities:                                
    Current portion of operating lease liabilities   $ 606     $ 494     $ 861     $ 1,285     $ 1,591    
    Current portion of finance lease liabilities     17       17       26       33       35    
    Current portion of long-term debt     27,500       28,605       28,605       28,605       28,365    
    Accounts payable     29,236       22,744       17,790       23,453       27,562    
    Other current liabilities     27,683       28,808       23,795       21,067       19,533    
    Total current liabilities     85,042       80,668       71,077       74,443       77,086    
    Long-term operating lease liabilities     2,982       3,221       3,276       3,390       3,529    
    Long-term finance lease liabilities     20       4       5             6    
    Long-term debt     317,339       272,325       277,740       281,989       287,544    
    Deferred income taxes     22,037       26,802       30,083       33,873       35,718    
    Deferred gains and other liabilities     1,369       1,416       1,447       2,285       2,229    
    Total liabilities     428,789       384,436       383,628       395,980       406,112    
    Equity:                                
    SEACOR Marine Holdings Inc. stockholders’ equity:                                
    Common stock     287       287       286       286       280    
    Additional paid-in capital     479,283       477,661       476,020       474,433       472,692    
    Accumulated deficit     (180,600 )     (154,374 )     (138,028 )     (125,609 )     (102,425 )  
    Shares held in treasury     (8,110 )     (8,110 )     (8,110 )     (8,071 )     (4,221 )  
    Accumulated other comprehensive income, net of tax     7,141       9,223       7,449       7,506       7,577    
          298,001       324,687       337,617       348,545       373,903    
    Noncontrolling interests in subsidiaries     321       321       321       321       321    
    Total equity     298,322       325,008       337,938       348,866       374,224    
    Total liabilities and equity   $ 727,111     $ 709,444     $ 721,566     $ 744,846     $ 780,336    
     
               
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
               
              Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    Cash Flows from Operating Activities:                                
    Net (Loss) Income   $ (26,226 )   $ (16,346 )   $ (12,483 )   $ (23,069 )   $ 5,729    
    Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:                                
    Depreciation and amortization     12,879       12,928       12,939       12,882       13,022    
    Deferred financing costs amortization     254       298       297       295       279    
    Stock-based compensation expense     1,622       1,604       1,587       1,645       1,510    
    Debt discount amortization     1,799       2,061       1,993       1,926       1,862    
    Allowance for credit losses     59       101       39       3       266    
    (Gains) losses from equipment sales, retirements or impairments     (11,624 )     (1,821 )     (37 )     1       (18,057 )  
    Losses on debt extinguishment     28,252                            
    Derivative losses (gains)     536       (67 )     (104 )     543       (608 )  
    Interest on finance lease     2             1             1    
    Settlements on derivative transactions, net                       164          
    Currency (gains) losses     (1,308 )     1,717       560       80       1,276    
    Deferred income taxes     (4,766 )     (3,281 )     (3,790 )     (1,845 )     2,640    
    Equity (earnings) losses     (1,430 )     (1,012 )     (966 )     1,100       (374 )  
    Dividends received from equity investees           1,498       1,418             166    
    Changes in Operating Assets and Liabilities:                                
    Accounts receivables     5,448       (7,411 )     (6,928 )     4,291       (3,472 )  
    Other assets     1,338       1,032       (2,395 )     (1,290 )     733    
    Accounts payable and accrued liabilities     1,693       9,325       (4,378 )     (3,895 )     (6,456 )  
    Net cash provided by (used in) operating activities     8,528       626       (12,247 )     (7,169 )     (1,483 )  
    Cash Flows from Investing Activities:                                
    Purchases of property and equipment     (3,010 )     (210 )     (658 )     (3,416 )     (3,644 )  
    Proceeds from disposition of property and equipment     22,441       2,331       86             36,692    
    Net cash provided by (used in) investing activities     19,431       2,121       (572 )     (3,416 )     33,048    
    Cash Flows from Financing Activities:                                
    Payments on long-term debt     (2,479 )     (7,770 )     (6,533 )     (7,530 )     (6,173 )  
    Payments on debt extinguishment     (328,712 )                          
    Payments on debt extinguishment cost     (3,671 )                          
    Proceeds from issuance of long-term debt, net of debt discount and issue costs     345,192                         87    
    Payments on finance leases     (13 )     (10 )     (9 )     (9 )     (9 )  
    Proceeds from issuance of common stock, net of issue costs                             24    
    Proceeds from exercise of stock options and warrants           38       102                
    Tax withholdings on restricted stock vesting                 (39 )     (3,850 )        
    Net cash provided by (used in) financing activities     10,317       (7,742 )     (6,479 )     (11,389 )     (6,071 )  
    Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents           (1 )     (1 )     2       1    
    Net Change in Cash, Restricted Cash and Cash Equivalents     38,276       (4,996 )     (19,299 )     (21,972 )     25,495    
    Cash, Restricted Cash and Cash Equivalents, Beginning of Period     37,864       42,860       62,159       84,131       58,636    
    Cash, Restricted Cash and Cash Equivalents, End of Period   $ 76,140     $ 37,864     $ 42,860     $ 62,159     $ 84,131    
     
     
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED FLEET COUNTS
     
        Owned     Leased-in     Managed     Total  
    December 31, 2024                        
    AHTS                 2       2  
    FSV     22             1       23  
    PSV     21                   21  
    Liftboats     8                   8  
          51             3       54  
    December 31, 2023                        
    AHTS     3       1             4  
    FSV     22             3       25  
    PSV     21                   21  
    Liftboats     8                   8  
          54       1       3       58  

    The MIL Network

  • MIL-OSI Security: Terre Haute Man Sentenced to Over Two Years in Federal Prison for Firearms Trafficking Offense

    Source: Office of United States Attorneys

    Bowling Green, KY – A Terre Haute, Indiana, man was sentenced yesterday to two years and six months in federal prison for illegally transferring a firearm to a convicted felon. 

    U.S. Attorney Michael A. Bennett of the Western District of Kentucky, Acting Special Agent in Charge A.J. Gibes of the ATF Louisville Field Division, Commissioner Phillip Burnett, Jr. of the Kentucky State Police, and Sheriff Derek Polston of the Russell County Sheriff’s Office made the announcement.

    According to court documents, Shawn Michael Kays, 42, was sentenced to two years and six months in federal prison, followed by three years of supervised release, for illegally transferring a firearm to a convicted felon. According to the plea agreement, between November of 2023 and January of 2024, Kays transported and transferred a Smith & Wesson, Model SD9VE, nine-millimeter pistol to a convicted felon. A criminal complaint filed on September 19, 2024, alleged that firearm was later used to kill a Russell County Sheriff’s Deputy on September 16, 2024. Kays is not charged with or alleged to have been involved in the shooting.

    There is no parole in the federal system.

    This case was investigated by the ATF Bowling Green Branch Office and the Russell County Sheriff’s Office, with assistance from the ATF Columbus Field Division, the ATF Indianapolis Field Division Office, and the Kentucky State Police.

    Assistant U.S. Attorney R. Nicholas Rabold, of the U.S. Attorney’s Bowling Green Branch Office, prosecuted this case.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    ###

    MIL Security OSI

  • MIL-OSI: Element Reports Fourth Quarter and Record 2024 Financial Results; Reaffirms Full-Year 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    Amounts in US$ unless otherwise noted
     
    • Record 2024 net revenue of $1.1 billion driving record adjusted operating income, adjusted earnings per share and adjusted free cash flow per share
    • Record performance in 2024 underpinned by an 18% year-over-year increase in services revenue, and a 9% year-over-year increase in net financing revenue associated with higher net earning assets
       
    • Strong performance allowed for acceleration of strategic investments to position us for future success while delivering full-year adjusted operating margins within guidance range
       
    • Robust client demand, strong and growing pipeline, and a high-recurring-revenue business model, combined with the benefits of investments made in 2024, to drive continued growth across key financial metrics
       
    • Reaffirming 2025 guidance for net revenue growth of 6.5 to 8.5%, positive adjusted operating leverage, and high single- to low double-digit growth in each of adjusted operating income, adjusted EPS, and adjusted free cash flow per share

    TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, today announced financial and operating results for the three months ended December 31, 2024 and record results for full-year 2024.  The following table presents Element’s selected financial results.

      Q4 20241 Q3 20241 Q4 20231 QoQ YoY 2024   2023   YoY
    In US$ millions, except percentages and per share amount       % %     %
    Selected results – as reported                
    Net revenue 270.9   279.6   245.1   (3)% 11% 1,087.6   959.1   13%
    Pre-tax income 121.4   134.0   103.4   (9)% 17% 513.6   448.9   14%
    Pre-tax income margin 44.8 % 47.9 % 42.2 % (310) bps 260  bps 47.2 % 46.8 % 40  bps
    Earnings per share (EPS) [basic] 0.23   0.24   0.20   (1)% 3% 0.96   0.84   12%
    EPS [basic] [$CAD] 0.32   0.33   0.27   (3)% 19% 1.31   1.13   16%
    Adjusted results (excludes one-time strategic project costs in  2024)1                
    Adjusted net revenue2 270.9   279.6   245.1   (3)% 11% 1,087.6   959.1   13%
    Adjusted operating income (AOI)2 143.3   161.4   134.9   (11)% 6% 601.2   530.5   13%
    Adjusted operating margin2 52.9 % 57.7 % 55.0 % (480) bps (210) bps 55.3 % 55.3 % — bps
    Adjusted EPS2 [basic] 0.27   0.29   0.25   (7)% 8% 1.12   0.98   14%
    Adjusted EPS2[basic] [$CAD] 0.37   0.40   0.33   (8)% 12% 1.53   1.32   16%
    Other highlights:                
    Adjusted free cash flow per share2(FCF/sh) 0.30   0.36   0.29   (17)% 3% 1.38   1.24   11%
    Adjusted2 (FCF/sh) [$CAD] 0.41   0.49   0.40   (16)% 2% 1.89   1.67   13%
    Originations 1,498   1,716   1,490   (13)% 1% 6,732   6,340   6%
                               
    1. Strategic project costs totaled $20 million, of which $14 million was incurred in 2023 and $6 million in 2024, These costs were, attributable to leasing initiatives in Ireland, and were $2 million below planned investment as previously communicated. These costs for the quarterly periods in the above table were as follows: Q4 2023 ($11 million), Q3 2024 ($2 million), and Nil in Q4 2024. Additionally, Q3 2024 also included $7 million in acquisition-related costs, including severance, in connection with the Autofleet transaction.
    2. Adjusted results are non-GAAP or supplemental financial measures, which do not have any standard meaning prescribed by GAAP  under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the “IFRS to Non-GAAP Reconciliations” section in this earnings release. The Company uses “Adjusted Results” because it believes that they provide useful information to investors regarding its performance and results of operations.

    “In 2024, we continued to execute our global growth strategy that builds on our considerable business momentum, delivering record results and value to clients, team members, and our shareholders. At the core of our efforts is a digital-first mindset and an unwavering commitment to operational excellence and prioritizing client success,” said Laura Dottori-Attanasio, Chief Executive Officer of Element. “Our robust performance relative to our plan allowed us to accelerate strategic investments aimed at enhancing our client experience, modernizing operations through digitization and automation, and strengthening our teams and culture. We achieved this while delivering within our full-year adjusted operating margin guidance and exceeding other key financial metrics. With these investments, we are building a stronger, more agile, and more innovative foundation to lead in defining the future of mobility. 

    Dottori-Attanasio continued, “We expect expense growth to moderate considerably in 2025 as the acceleration and benefits of this year’s investments begin to materialize. By optimizing costs and driving operational efficiencies through digital innovation, our disciplined approach to strategic investing in the areas that are critical to client success positions us well to both deliver on our financial targets and sustain success well into the future.”

    Net revenue growth

    Element grew 2024 net revenue 13% over 2023 (“year-over-year”) to $1.1 billion led largely by double-digit services revenue growth and higher net financing revenue.

    Q4 2024 net revenue increased $26 million or 11% on a year-over-year basis led largely by robust services revenue growth.  Q4 2024 net revenue decreased $9 million or 3% from a record Q3 2024 led largely by lower net financing revenue, lower syndication revenue and seasonal factors impacting Gains on Sale (“GOS”). This was partly offset by higher services revenue quarter-over-quarter.

    Service revenue

    Element’s largely unlevered services revenue is the key pillar of its capital-light business model, which also improves the Company’s return on equity profile.

    2024 services revenue increased a strong 18% year-over-year to $596 million driven primarily by higher penetration and utilization rates of our service offerings from new and existing clients and higher origination volumes.

    Q4 2024 services revenue grew a robust 25% year-over-year and  10% quarter-over-quarter driven primarily by higher penetration and utilization rates.

    Net financing revenue

    2024 net financing revenue grew $38 million or 9% year-over-year led largely by higher net earning assets resulting from higher originations across all geographies. This increase was partly offset by higher funding costs, including higher interest expense largely associated with financing the redemptions of our preferred shares (previously recorded below the AOI line). GOS was largely unchanged year-over-year, as increased volumes of vehicles for sale continue to mitigate used vehicle price normalization.

    Q4 2024 net financing revenue increased $1 million or 1% year-over-year led largely by the same reasons cited in the full-year 2024 explanation above. This increase was partly offset by a year-over-year decrease in GOS, and higher funding costs. A higher volume of vehicles for sale was more than offset by a decrease in used vehicle pricing in Mexico and ANZ.

    Q4 2024 net financing revenue decreased $13 million or 11% from Q3 2024. This quarter-over-quarter decrease was materially led by seasonal factors affecting GOS and for the same reasons cited directly above. Lower net earning assets and higher interest expense associated with financing the redemption of our preferred shares on September 30, 2024, and the impact of incremental debt due to the acquisition of Autofleet also contributed to the decrease.

    Syndication volume

    The Company syndicated a record $3.5 billion of assets in 2024, an increase of $984 million or 40% from 2023, and $1.0 billion in Q4 2024 – $330 million or 47% higher than Q4 2023. This growth was largely associated with higher origination volume, the Company’s ongoing focus on its capital lighter model, and management of its tangible leverage.  Overall, investor demand remains robust.

    2024 syndication revenue decreased $3 million or 6% year-over-year led largely by the bulk syndication of a Canadian lease portfolio in December 2024 (the “Bulk Sale”) in the amount of $346 million (CAD$474 million). This Bulk Sale further diversified our funding sources. Initial sale and setup costs impacted yields. Yields were further impacted by the Company’s syndication mix and scheduled reduction in bonus depreciation driving lower net yields. Gross yield, which is a measure of the value and demand for our core syndication product, was relatively unchanged from 2023. For further information on the Bulk Sale, please refer to the Element announces new strategic funding relationship section in this press release.

    Q4 2024 syndication revenue decreased $7 million or 55% year-over-year for the same reasons cited above for the full year 2024, and $11 million or 64% quarter-over-quarter largely due to lower net yields and setup costs associated with the sale of the Canadian portfolio. 

    Adjusted operating income and adjusted operating margins

    AOI was a record $601 million in 2024, an increase of $71 million or 13% year-over-year. This resulted in adjusted EPS of $1.12 in 2024, which is a 14% increase year-over-year. 2024 adjusted operating margin was 55.3%, unchanged from last year and at the mid-point of the Company’s revised 2024 guidance range between 55.0 to 55.5%. Excluding Autofleet, adjusted operating margins would have expanded 30 basis points year-over-year to 55.6%.

    Q4 2024 AOI was $143 million, an increase of $8 million or 6% year-over-year. Q4 2024 adjusted operating margin was 52.9% influenced by accelerated strategic investments, seasonal factors impacting GOS, $3 million in Autofleet operating costs, and the impact of the bulk sale of a portfolio of Canadian leases, which the Company believes will benefit 2025 and beyond. Excluding Autofleet, Q4 2024 adjusted operating margin was 54.1%.  

    Q4 2024 AOI decreased $18 million or 11% quarter-over-quarter led largely by the same reasons cited in the preceding paragraph. 

    Originations

    Element originated $6.7 billion of assets in 2024, which is a $392 million or 6% increase year-over-year led by growth across all regions. 

    Q4 2024 originations of $1.5 billion increased $8 million or 1% year-over-year; however, originations decreased $218 million or 13% quarter-over-quarter led largely by seasonal factors including historically slower client order volume during the summer months.

    Order volumes increased significantly in the last four months of 2024, reaching a record monthly high in December. This momentum, bolstered by improvements made through our U.S. & Canada Leasing strategic initiative based in Ireland, is expected to drive solid origination volumes in the first half of 2025.

    The table below sets out the geographic distribution of Element’s originations for 2024 and 2023:

    (in US$000’s for stated values) December 31, 2024 December 31, 2023
      $ % $ %
    United States and Canada 5,206,339 77.34 % 4,850,411 76.50  %
    Mexico 1,035,249 15.38 % 1,028,165 16.22 %
    Australia and New Zealand 489,960 7.28 % 461,451 7.28 %
    Total 6,731,548 100.00 % 6,340,027 100.00 %
                 

    Adjusted free cash flow per share and returns to shareholders

    On an adjusted basis, Element generated $1.38 of adjusted free cash flow (“FCF”) per share in 2024; up 11% year-over-year driven by growth in net revenues and higher originations, while investing approximately $77 million in total capital investments during the year. In Q4 2024, Element accelerated approximately $47 million of tax payments to the Australian Tax Office relating to the 2025 to 2027 taxation years. The tax payments relate to cash tax timing benefits received due to temporary accelerated depreciation available during the pandemic, effectively providing the Company with a tax deferral. The accelerated payment allows for future adjusted free cash flow to better represent the cash taxes that would be paid in the normal course of operations during those future years. This acceleration of Australian cash taxes is excluded from adjusted free cash flow per share.

    Element returned $336 million of cash to shareholders through common share dividends, common share buybacks and preferred share redemptions in 2024.

    Common dividend and share repurchases

    On February 26, 2025, the Board of Directors (the “Board”) authorized and declared a quarterly cash dividend of CAD$0.13 per common share of Element for the first quarter of 2025. The dividend will be payable on April 15, 2025 to shareholders of record as at the close of business on March 31, 2025.

    The Company’s common dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).

    In furtherance of the Company’s return of capital plan, Element renewed its normal course issuer bid (the “NCIB”) for its common shares. Under the NCIB, the Company has approval from the TSX to purchase up to 40,386,699 common shares during the period from November 20, 2024, to November 19, 2025. The Company intends to be more active under its NCIB in 2025. The actual number of the Company’s common shares, if any, that may be purchased under the NCIB, and the timing of any such purchases, will be determined by the Company, subject to applicable terms and limitations of the NCIB (including any automatic share purchase plan adopted in connection therewith). There cannot be any assurance as to how many common shares, if any, will ultimately be purchased pursuant to the NCIB. Any subsequent renewals of the NCIB will be in the discretion of the Company and subject to further TSX approval.

    During 2024, the Company purchased 630,657 Common Shares for cancellation under its normal course issuer bids, for an aggregate amount of approximately $11 million at a volume weighted average price of CAD$23.77 per Common Share. During Q4 2024, the Company purchased 175,357 Common Shares under its NCIB, for cancellation, for an aggregate amount of approximately $4 million at a volume weighted average price of CAD$28.51 per Common Share.  During January and February 2025, the Company purchased 1.1 million Common Shares under its latest NCIB, for cancellation, for an aggregate amount of approximately $22 million at a volume weighted average price of CAD $28.75 per Common Share.

    Element applies trade date accounting in determining the date on which the share repurchase is reflected in the consolidated financial statements. Trade date accounting is the date on which the Company commits itself to purchase the shares.

    Preparing Element for the future

    In 2024, Element was purposeful in accelerating strategic investments in support of future growth.  The Company prioritized initiatives that elevate the client experience, modernize operations through digitization and automation, strengthen its teams and culture, and emphasized these efforts through the acquisition of Autofleet. While pursuing these strategic advancements, the Company exercised operational discipline to ensure that financial targets were achieved, maintaining operating margins within its 2024 guidance range of 55.0 to 55.5%. The Company expects expense growth to moderate considerably in 2025 as the benefits of these investments begin to materialize.

    Notable achievements include:

    • Centralizing accountability for its U.S. and Canadian leasing operations in Ireland and establishing a strategic sourcing presence in Singapore, with these initiatives expected to generate between $30 – $45 million of run-rate net revenue, and between $22 – $37 million of run-rate adjusted operating income (“AOI”), by full-year 2028. Both units are fully operational with an expected payback period from the Company’s investments at less than 2.5 years. 
       
    • Acquiring Autofleet’s robust and highly scalable fleet optimization technology platform to substantially accelerate its digitization and automation initiatives, enhance the client experience and accelerate operational scalability, unlocking new growth and value creation potential.  The integration of Autofleet will enhance the Company’s position in the evolving mobility and vehicle connectivity landscape. Priorities include developing a Digital Driver Experience app, building a digital client reporting portal, and gradually migrating Element’s applications to Autofleet’s cloud and AI-based platform.
       
    • Launching an Acceleration Office, to fast-track and prioritize strategic initiatives like our holistic digital and data analytics transformation, and our expansion into both Insurance and the Small-to Medium-Sized Fleets space.
       
    • In January 2025, the Company expanded beyond its core by announcing a new Insurance Risk solution – a fully integrated insurance and risk management offering. This new service, launched in a strategic partnership with Hub International Limited (“HUB”), a leading global insurance brokerage and financial services firm servicing commercial fleets, is designed to transform how clients insure and manage commercial fleets. The new service bundles insurance coverage solutions, including accident management, subrogation, driver safety programs, and telematics, to deliver a seamless, vehicle life-cycle experience for clients.

    Guidance

    Full-year 2024 Guidance

    Element delivered full-year 2024 results within or above the high end of its previously provided guidance ranges on key metrics, with the exception of originations. The following table highlights our full-year 2024 guidance (as was updated alongside its Q2 2024 results release) compared to the full-year 2024 results.

    In US$, except per share amounts Full-year 2024 Guidance Full-year 2024 Actuals
    Net revenue $1.060 – $1.080 billion $1.088 billion
    YoY Growth 11-13 % 13%
    Adjusted operating margin1 55.0% – 55.5% 55.3%
    Adjusted operating income $575 – 595 million $601 million
    YoY Growth 8-12 % 13%
    Adjusted EPS [basic] $1.07 – $1.11 $1.12
    YoY Growth 9-13 % 14%
    Adjusted free cash flow per share $1.32 – 1.36 1.38
    YoY Growth 6-10 % 11%
    Originations $7.0 – 7.4 billion $6.7 billion
    YoY Growth 11-17 % 6%

     1. Excluding Autofleet, adjusted operating margin was 55.6% in 2024; representing adjusting operating margin expansion of 30 basis points year-over-year.     

    Certain year-over-year growth amounts shown in this table may not calculate exactly due to rounding.

    Full-year 2025 Guidance

    The Company expects to see continued growth in its client base and net revenue, driven by the ongoing transition to self-managed fleets and robust demand for its services and solutions. Strong order volumes over the last four months of 2024, bolstered by enhancements made through our U.S. and Canada leasing initiative in Ireland, is expected to drive solid originations volume in the first half of 2025. Originations are preceded by vehicle orders, which are binding commitments by clients to lease or purchase vehicles from Element.

    Element is committed to generating positive operating leverage in 2025, and expects to begin realizing the benefits of the investments undertaken in 2024.

    In US$, except per share amounts Full-year 2025 Initial  Guidance Full-year 2025 Guidance
    Net revenue 6.5 – 8.5% $1.160 – $1.185 billion
    Adjusted operating income High-single to low-double digit $645 – $670 million
    Adjusted operating margins   55.5 – 56.5%
    Adjusted EPS [basic] High-single to low-double digit $1.20 – $1.25
    Adjusted free cash flow per share High-single to low-double digit $1.48- $1.53
    Originations Low- to mid-single digit $6.9 – $7.1 billion

    The Company’s guidance for 2025 incorporates the effects of several anticipated revenue headwinds, including the depreciation of the Mexican Peso (the Company has assumed an MXN-to-USD exchange rate of 20.5:1), higher interest expenses due to increased local Peso funding in 2025, and financing the redemption of the preferred shares. In addition, the scheduled reduction in bonus depreciation in the U.S. is likely to impact syndication yields. We also anticipate that our 2025 effective tax rate will average between 24.5% to 26.5%.

    The above ranges are prior to any further material foreign exchange fluctuations, and any adverse impact related to changes in the trade agreements between the U.S., Mexico, and Canada.

    Simplified capital structure

    To further optimize the Company’s balance sheet and simplify its capital structure, the Company redeemed the following during 2024: (1) all of its 5,126,400 issued and outstanding 6.21% Cumulative 5-Year Rate Reset Preferred Shares Series C (the “Series C Shares”) on June 20, 2024, at a price of CAD$25.00 per Series C Share for an aggregate total amount of approximately US$91.2 million; (2) all of its 5,321,900 issued and outstanding 5.903% Cumulative 5-Year Rate Reset Preferred Shares Series E (the “Series E Shares”) on September 30, 2024, at a price of CAD$25.00 per Series E Share for an aggregate amount of US$95 million approximately; and (3) all of its remaining outstanding 4.25% Convertible Unsecured Subordinated Debentures due June 30, 2024 for consideration of approximately 14.6 million Common Shares, issued from Treasury and delivered to beneficial holders.

    Following the redemption of its Series E preferred shares, the Company no longer has any preferred shares outstanding.

    As at December 31, 2024, total Common Shares issued and outstanding were 404.5 million.

    Element announces new strategic funding relationship

    In December 2024, Element established a new strategic funding relationship with affiliates of Blackstone’s Infrastructure & Asset-Based Credit Group (“Blackstone”) involving a portfolio of Canadian fleet lease receivables valued at approximately $346 million (CAD$474 million). This initial transaction, which took place on December 20, 2024, has characteristics similar to that of a bulk syndication. Through this arrangement Element benefits from substantial derecognition of these finance lease receivables, diversifying and optimizing its funding profile, validating the high-quality of its asset origination platform, and supporting the Company’s continued growth. 

    This transaction further assists in diversifying the Company’s funding sources, reducing leverage and driving our capital lighter model. However, due to the initial sale, overall yield was negatively impacted by setup costs. These costs are not expected to recur in future transactions. Consequently, the Company expects higher syndication yields in 2025, while also benefiting from the derecognition of finance lease receivables that similar transactions would offer.

    Transitioning to debt-to-capital vs. tangible leverage ratio (“TLR”)

    In Q4 2024, in collaboration with its partners, the Company changed its banking covenants from TLR to debt-to-capital, which the Company believes is a more meaningful measure of its leverage. Commencing in Q4 2024, the Company will prioritize the reporting and management of debt-to-capital metrics, though TLR will be still disclosed this quarter for consistency. The bank covenants are set at 80% of debt-to-capital, and the Company targets a range between 73% to 77%. The Company remains committed to maintaining a strong investment grade balance sheet and will continue to monitor TLR as a key internal metric, but it will be of reduced importance as an operating constraint.

    At December 31, 2024, the Company’s debt-to-capital ratio was 74.1% (December 31, 2023 72%) and its TLR was 7.56:1 (December 31, 2023 5.99:1).

    Conference call and webcast

    A conference call to discuss these results will be held on Thursday, February 27, 2025 at 8:00 a.m. Eastern Time.

    The conference call and webcast can be accessed as follows:

    A taped recording of the conference call may be accessed through March 27, 2025 by dialing 1-855-669-9658 (Canada/U.S. Toll Free) or 1-412-317-0088 (International Toll) and entering the access code 3917835.

    IFRS to Non-GAAP Reconciliations, Non-GAAP Measures and Supplemental Information

    The Company’s audited consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB and the accounting policies we adopted in accordance with IFRS. These audited consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present fairly our financial position as at December 31, 2024 and December 31, 2023, the results of operations, comprehensive income and cash flows for the three- and 12-month periods-ended December 31, 2024 and December 31, 2023.

    Non-GAAP and IFRS key annualized operating ratios and per share information of the operations of the Company:

        As at and for the three-month
     period ended
    For the year ended
    (in US$000’s except ratios and per share amounts or unless otherwise noted)   December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
                 
    Key annualized operating ratios            
                 
    Leverage ratios            
    Financial leverage ratio P/(P+R)   74.1 %   74.3 %   72.4 %   74.1 %   72.4 %
    Tangible leverage ratio P/
    (R-K)
      7.56     7.00     5.98     7.56     5.99  
    Average financial leverage ratio Q/(Q+V)   75.0 %   75.1 %   72.6 %   74.7 %   71.6 %
    Average tangible leverage ratio Q/(V-L)   7.60     6.80     5.75     6.72     5.53  
                 
    Other key operating ratios            
    Allowance for credit losses as a % of total finance receivables before allowance F/E   0.08 %   0.08 %   0.08 %   0.08 %   0.08 %
    Adjusted operating income on average net earning assets B/J   7.31 %   8.01 %   7.20 %   7.53 %   7.57 %
    Adjusted operating income on average tangible total equity of Element D/(V-L)   39.34 %   37.91 %   29.34 %   35.76 %   30.08 %
                 
    Per share information            
    Number of shares outstanding W   404,502     403,609     389,169     404,502     389,169  
    Weighted average number of shares outstanding [basic] X   404,578     403,609     389,115     396,880     390,297  
    Pro forma diluted average number of shares outstanding Y   404,726     403,768     404,068     404,164     405,242  
    Cumulative preferred share dividends during the period Z       1,434     4,418     7,222     17,625  
    Other effects of dilution on an adjusted operating income basis AA $   $ 0   $ 1,184   $ 2,412   $ 4,859  
    Net income per share [basic] (A-Z)/X $ 0.23   $ 0.24   $ 0.20   $ 0.96   $ 0.84  
    Net income per share [diluted]   $ 0.23   $ 0.24   $ 0.19   $ 0.95   $ 0.82  
                 
    Adjusted EPS [basic] (D1)/X $ 0.27   $ 0.29   $ 0.25   $ 1.12   $ 0.99  
    Adjusted EPS [diluted] (D1+AA)/Y $ 0.27   $ 0.29   $ 0.24   $ 1.10   $ 0.96  
                                     

    Management also uses a variety of both IFRS and non-GAAP and Supplemental Measures, and non-GAAP ratios to monitor and assess their operating performance. The Company uses these non-GAAP and Supplemental Financial Measures because they believe that they may provide useful information to investors regarding their performance and results of operations.

    The following table provides a reconciliation of certain IFRS to non-GAAP measures related to the operations of the Company and other supplemental information.

                                For the three-month period ended For the year ended
    (in US$000’s  except per share amounts or unless otherwise noted)   December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
    Reported results   US$ US$ US$ US$ US$
    Services income, net     161,461     146,903     129,657     595,540     502,659  
    Net financing revenue     103,453     116,090     102,211     449,130     410,853  
    Syndication revenue, net     5,976     16,643     13,261     42,890     45,587  
    Net revenue     270,890     279,636     245,129     1,087,560     959,099  
    Operating expenses     141,234     139,367     134,085     544,681     481,749  
    Operating income     129,656     140,269     111,044     542,879     477,350  
    Operating margin     47.9 %   50.2 %   45.3 %   49.9 %   49.8 %
    Total expenses     149,463     145,669     141,716     574,003     510,153  
    Income before income taxes     121,427     133,967     103,413     513,557     448,946  
    Net income     92,057     98,565     81,567     387,137     345,599  
    EPS [basic]   $ 0.23   $ 0.24   $ 0.20   $ 0.96   $ 0.84  
    EPS [diluted]   $ 0.23   $ 0.24   $ 0.19   $ 0.95   $ 0.82  
    Adjusting items            
    Impact of adjusting items on operating expenses:            
    Strategic initiatives costs – Salaries, wages, and benefits         4,633     5,329     5,593     5,329  
    Strategic initiatives costs – General and administrative expenses         4,283     5,437     7,806     8,342  
       Share-based compensation     13,687     12,242     12,346     43,435     36,429  
       Amortization of convertible debenture discount             772     1,517     3,038  
    Total impact of adjusting items on operating expenses     13,687     21,158     23,884     58,351     53,138  
    Total pre-tax impact of adjusting items     13,687     21,158     23,884     58,351     53,138  
    Total after-tax impact of adjusting items     10,265     15,667     17,667     43,763     27,478  
    Total impact of adjusting items on EPS [basic]     0.03     0.04     0.05     0.11     0.07  
    Total impact of adjusting items on EPS [diluted]     0.03     0.04     0.04     0.11     0.06  
                                     
                                For the three-month period ended For the year ended
    (in US$000’s  except per share amounts or unless otherwise noted)   December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
    Adjusted results   US$ US$ US$ US$ US$
    Adjusted net revenue     270,890     279,636     245,129     1,087,560     959,099  
    Adjusted operating expenses     127,547     118,209     110,201     486,330     428,611  
    Adjusted operating income     143,343     161,427     134,928     601,230     530,488  
    Adjusted operating margin     52.9 %   57.7 %   55.0 %   55.3 %   55.3 %
    Provision for income taxes     29,370     35,402     21,846     126,420     103,347  
    Adjustments:            
    Pre-tax income     5,481     6,213     8,184     22,465     21,153  
    Foreign tax rate differential and other     985     275     5,092     1,474     5,607  
    Provision for taxes applicable to adjusted results     35,836     41,890     35,122     150,359     130,107  
    Adjusted net income     107,507     119,537     99,806     450,871     400,381  
    Adjusted EPS [basic]   $ 0.27   $ 0.29   $ 0.25   $ 1.12   $ 0.98  
    Adjusted EPS [diluted]   $ 0.27   $ 0.29   $ 0.24   $ 1.10   $ 0.96  
                                     

    The following table summarizes key statement of financial position amounts for the periods presented.

    Selected statement of financial position amounts                           For the three-month period ended For the year ended
    (in US$000’s unless otherwise noted)   December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
        US$ US$ US$ US$ US$
    Total Finance receivables, before allowance for credit losses E 7,576,386   7,612,881   7,225,093   7,576,386   7,225,093  
    Allowance for credit losses F 6,168   6,069   5,539   6,168   5,539  
    Net investment in finance receivable G 4,968,294   5,251,679   4,964,175   4,968,294   4,964,175  
    Equipment under operating leases H 2,435,430   2,537,369   2,646,158   2,435,430   2,646,158  
    Net earning assets I=G+H 7,403,724   7,789,048   7,610,333   7,403,724   7,610,333  
    Average net earning assets J 7,848,023   8,059,992   7,494,361   7,980,144   7,008,655  
    Goodwill and intangible assets K 1,672,701   1,581,560   1,596,323   1,672,701   1,596,323  
    Average goodwill and intangible assets L 1,675,336   1,581,776   1,589,182   1,607,766   1,590,290  
    Borrowings M 8,463,789   8,472,130   8,018,132   8,463,789   8,018,132  
    Unsecured convertible debentures N     127,816     127,816  
    Less: continuing involvement liability O (132,683 ) (125,225 ) (81,851 ) (132,683 ) (81,851 )
    Total debt P=M+N-O 8,331,106   8,346,905   8,064,097   8,331,106   8,064,097  
    Cash and restricted funds P1 408,621   337,247   350,637   408,621   350,637  
    Total net debt P2 = P-P1 7,922,485   8,009,658   7,713,460   7,922,485   7,713,460  
    Average debt Q 8,313,527   8,582,383   7,829,218   8,473,105   7,361,960  
    Total shareholders’ equity R 2,774,315   2,774,502   2,943,828   2,774,315   2,943,828  
    Preferred shares S     181,077     181,077  
    Common shareholders’ equity T=R-S 2,774,315   2,774,502   2,762,751   2,774,315   2,762,751  
    Average common shareholders’ equity U 2,768,504   2,781,421   2,713,843   2,770,044   2,664,760  
    Average total shareholders’ equity V 2,768,504   2,843,024   2,949,789   2,868,593   2,921,281  
                           

    Throughout this press release, management uses the following terms and ratios which do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other organizations. Non-GAAP measures are reported in addition to, and should not be considered alternatives to, measures of performance according to IFRS.

    Adjusted operating expenses

    Adjusted operating expenses are equal to salaries, wages and benefits, general and administrative expenses, and depreciation and amortization less adjusting items impacting operating expenses. The following table reconciles the Company’s reported expenses to adjusted operating expenses.

                              For the three-month period ended For the year ended
    (in US$000’s except per share amounts or unless otherwise noted) December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
      US$ US$ US$ US$ US$
    Reported Expenses 149,463 145,669   141,716 574,003 510,153
    Less:          
    Amortization of intangible assets from acquisitions 7,819 6,970   6,971 28,734 27,912
    Loss (gain) on investments 410 (668 ) 660 588 492
    Operating expenses 141,234 139,367   134,085 544,681 481,749
    Less:          
      Amortization of convertible debenture discount   772 1,517 3,038
      Share-based compensation 13,687 12,242   12,346 43,435 36,429
      Strategic initiatives costs – Salaries, wages and benefits 4,633   5,329 5,593 5,329
      Strategic initiatives costs – General and administrative expenses 4,283   5,437 7,806 8,342
    Total adjustments 13,687 21,158   23,884 58,351 53,138
    Adjusted operating expenses 127,547 118,209   110,201 486,330 428,611
                 

    Adjusted operating income or Pre-tax adjusted operating income

    Adjusted operating income reflects net income or loss for the period adjusted for the amortization of debenture discount, share-based compensation, amortization of intangible assets from acquisitions, provision for or recovery of income taxes, loss or income on investments, and adjusting items from the table below.

    The following tables reconciles income before taxes to adjusted operating income.

                              For the three-month period ended For the year ended
    (in US$000’s except per share amounts or unless otherwise noted) December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
      US$ US$ US$ US$ US$
    Income before income taxes 121,427 133,967   103,413 513,557 448,946
    Adjustments:          
    Amortization of convertible debenture discount   772 1,517 3,038
    Share-based compensation 13,687 12,242   12,346 43,435 36,429
    Amortization of intangible assets from acquisition 7,819 6,970   6,971 28,734 27,912
    Loss (gain) on investments 410 (668 ) 660 588 492
    Adjusting Items:          
    Strategic initiatives costs – Salaries, wages and benefits 4,633   5,329 5,593 5,329
    Strategic initiatives costs – General and administrative expenses 4,283   5,437 7,806 8,342
    Total pre-tax impact of adjusting items 8,916   10,766 13,399 13,671
    Adjusted operating income 143,343 161,427   134,928 601,230 530,488
                 

    Adjusted operating margin

    Adjusted operating margin is the adjusted operating income before taxes for the period divided by the net revenue for the period.

    After-tax adjusted operating income

    After-tax adjusted operating income reflects the adjusted operating income after the application of the Company’s effective tax rates.

    Adjusted net income

    Adjusted net income reflects reported net income less the after-tax impacts of adjusting items. The following table reconciles reported net income to adjusted net income.

                              For the three-month period ended For the year ended
    (in US$000’s except per share amounts or unless otherwise noted) December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
      US$ US$ US$ US$ US$
    Net income 92,057   98,565   81,567   387,137   345,599  
    Amortization of convertible debenture discount     772   1,517   3,038  
    Share-based compensation 13,687   12,242   12,346   43,435   36,429  
    Amortization of intangible assets from acquisition 7,819   6,970   6,971   28,734   27,912  
    Loss (gain) on investments 410   (668 ) 660   588   492  
    Strategic initiatives costs – Salaries, wages and benefits   4,633   5,329   5,593   5,329  
    Strategic initiatives costs – General and administrative expenses   4,283   5,437   7,806   8,342  
    Provision for income taxes 29,370   35,402   21,846   126,420   103,347  
    Provision for taxes applicable to adjusted results (35,836 ) (41,890 ) (35,122 ) (150,359 ) (130,107 )
    Adjusted net income 107,507   119,537   99,806   450,871   400,381  
                         

    After-tax adjusted operating income attributable to common shareholders

    After-tax adjusted operating income attributable to common shareholders is computed as after-tax adjusted operating income less the cumulative preferred share dividends for the period.

    About Element Fleet Management

    Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world. As a Purpose-driven company, we provide a full range of sustainable and intelligent mobility solutions to optimize and enhance fleet performance for our clients across North America, Australia, and New Zealand. Our services address every aspect of our clients’ fleet requirements, from vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of electric vehicles and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce operating costs and enhance efficiency and performance. At Element, we maximize our clients’ fleet so they can focus on growing their business. For more information, please visit: https://www.elementfleet.com

    This press release includes forward-looking statements regarding Element and its business. Such statements are based on management’s current expectations and views of future events. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements, including, among others, statements regarding Element’s financial performance, enhancements to clients’ service experience and service levels; expectations regarding client and revenue retention trends; management of operating expenses; increases in efficiency; Element’s ability to achieve its sustainability objectives; Element achieving its digital platform ambitions; the Autofleet acquisition enabling the Company to scale its business more quickly, achieve operational efficiencies, increase client and shareholder value and unlock new revenues streams; EV strategy and capabilities; global EV adoption rates; dividend policy and the payment of future dividends; the costs and benefits of strategic initiatives; creation of value for all stakeholders; expectations regarding syndication; growth prospects and expected revenue growth; level of workforce engagement; improvements to magnitude and quality of earnings; executive hiring and retention; focus and discipline in investing; balance sheet management and plans and expectations with respect to leverage ratios;  and Element’s proposed share purchases, including the number of common shares to be repurchased, the timing thereof and TSX acceptance of the NCIB and any renewal thereof. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause Element’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Such risks and uncertainties include those regarding the fleet management and finance industries, economic factors, regulatory landscape and many other factors beyond the control of Element. A discussion of the material risks and assumptions associated with this outlook can be found in Element’s annual MD&A, and Annual Information Form for the year ended December 31, 2023, each of which has been filed on SEDAR+ and can be accessed at www.sedarplus.ca. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

    The MIL Network

  • MIL-OSI Global: We need to switch to heat pumps fast – but can they can overcome this problem?

    Source: The Conversation – UK – By Jack Marley, Environment + Energy Editor, UK edition

    StockMediaSeller/Shutterstock

    People in the UK need to adopt heat pumps and electric vehicles as fast as they once embraced refrigerators, mobile phones and internet connection according to a new report by the Climate Change Committee (CCC).

    This government watchdog says the next 15 years will be critical for decarbonising the UK, one of the world’s largest (and earliest) carbon polluters. Eighty-seven percent of its climate-heating emissions must be eliminated by 2040 to keep the country on track for net zero emissions by mid-century, per the report. The majority (60%) of these cuts are expected to come via a single source: electricity.


    This roundup of The Conversation’s climate coverage comes from our award-winning weekly climate action newsletter. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed.


    Out of possible alternatives to a fossil fuelled economy, electrification has emerged as the favoured solution of experts at the CCC.

    Ran Boydell, an associate professor in sustainable development at Heriot-Watt University, agrees. “Home boilers will very soon move into the realm of nostalgia,” he says.




    Read more:
    UK ban on boilers in new homes rules out hydrogen as a heating source


    The reason why heat pumps are increasingly touted as the future of home heating – and not retooled boilers that burn hydrogen instead of methane – is efficiency.

    Boydell points out that green hydrogen fuel is made using electricity from solar and wind farms. We could eliminate emissions a lot quicker, he argues, if that electricity went directly to heat pumps instead.

    Electricity can be turned into a fuel – or power appliances directly.
    Piyaset/Shutterstock

    “This is because you end up with only two-thirds of the energy in the hydrogen that you started with from the electricity,” he says.

    Likewise, battery-powered vehicles have an advantage that has allowed them to race ahead of hydrogen fuel cells to comprise almost a fifth of all new vehicles sold in the UK in 2024.

    “An electric vehicle can be recharged wherever there is access to a plug socket,” say Tom Stacey and Chris Ivory, supply chain experts at Anglia Ruskin University. “The infrastructure that exists to support hydrogen vehicles is limited in comparison and will require extensive investment to introduce.”




    Read more:
    The days of the hydrogen car are already over


    If the route to zero emissions is largely settled, we need to travel it quickly.

    Electric dreams

    One of the fastest energy transitions in history occurred over a decade in South Korea, according to energy system researchers James Price and Steve Pye (UCL). Between 1977 and 1987, the generation of electricity from oil in the east Asian country collapsed – from roughly 7 million gigawatt-hours to nearly 7,000 – and was replaced with, among other sources, nuclear power.

    There are historic analogues for the rapid shift necessary to arrest climate change. But a zero-carbon power sector, which the UK government aims to achieve by 2030, is just the start.




    Read more:
    For developing world to quit coal, rich countries must eliminate oil and gas faster – new study


    “Wind and solar, which provide more than 28% of the UK’s electricity, will soon overtake gas as the main generation source as more wind farms come online,” say energy system modeller Andrew Crossland and engineer Jon Gluyas, both of Durham University.

    “But successive governments have failed to achieve the same result in homes and communities where so much high-carbon gas is burned, despite their decarbonisation being critical to net zero.”




    Read more:
    Is Britain on track for a zero-carbon power sector in six years?


    Crossland and Gluyas note that solar panels, batteries and heat pumps can be installed “in days” to rapidly cut emissions, and that doing so would create “skilled jobs across the country”. As things stand, however, it would also present a severe challenge to the grid.

    Mechanical engineer Florimond Gueniat of Birmingham City University predicts that converting UK transport to battery power wholesale would require expanding grid capacity by 46% – the equivalent of erecting 5,800 skyscraper-sized wind turbines. And that’s even accounting for the greater efficiency of electric vehicles, which waste less of the energy we put into them compared with oil-powered cars.




    Read more:
    Switching to electric vehicles will push the power grid to the brink


    A massive upgrade to the electricity network is needed, and ordinary people have a part to play. Charging cars could serve as batteries that grid operators draw from during a supply pinch. The same goes for the power generated by solar panels on top of houses.

    “Such policies in Germany have … already offset 10% of the national demand,” says Gueniat.

    Getting to net zero requires the public’s involvement. But some of the CCC’s advice may be difficult to swallow. Not least the implication that people will have to eat 35% less meat and dairy in 2050 compared with 2019.




    Read more:
    The UK must make big changes to its diets, farming and land use to hit net zero – official climate advisers


    So are people ready for a world that runs on electrons alone? Aimee Ambrose, a professor of energy policy at Sheffield Hallam University, thinks heat pumps will struggle to compete with the inviting warmth of wood stoves and coal fires. Over three years she spoke with hundreds of people in the UK, Finland, Sweden and Romania and found strong attachments to high-carbon fuels even among people committed to solving climate change.

    The allure of the wood stove is hard to ignore.
    Jaromir Chalabala/Shutterstock



    Read more:
    Heat pumps have a cosiness problem


    Human behaviour is the most difficult variable for experts who study climate change to model. There will certainly be drawbacks to abandoning fossil fuelled conveniences at breakneck speed. Yet, there are bound to be benefits too – some of which might only materialise once we get going.

    In mid-April 2020, while much of humanity was under some form of lockdown to halt the spread of COVID-19, atmospheric chemist Paul Monks of the University of Leicester was marvelling at the sudden drop in air pollution, which kills millions of people each year and is predominantly caused by burning coal, oil and gas.

    “If there is something positive to take from this terrible crisis, it could be that it’s offered a taste of the air we might breathe in a low-carbon future,” he said.




    Read more:
    Coronavirus: lockdown’s effect on air pollution provides rare glimpse of low-carbon future


    ref. We need to switch to heat pumps fast – but can they can overcome this problem? – https://theconversation.com/we-need-to-switch-to-heat-pumps-fast-but-can-they-can-overcome-this-problem-249658

    MIL OSI – Global Reports

  • MIL-OSI USA: Kennedy renews calls to protect Diego Garcia military base ahead of UK PM Starmer’s visit to Washington

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    Watch Kennedy’s comments here.

    WASHINGTON – Sen. John Kennedy (R-La.) urged United Kingdom Prime Minister Keir Starmer not to move forward with his plan to hand over the Chagos Islands, including the U.S.-U.K. military base on Diego Garcia, to Mauritius in a speech on the Senate floor. Starmer will travel to Washington this week to meet with President Trump.  

    Key excerpts of the speech are below:

    “Now, there is one other thing you need to know. Mauritius is very close to China. Mauritius has a very lucrative trade agreement with China, and you’ll not be surprised to learn that, after all of this has been developing, China all of a sudden is Mauritius’s best friend. Do you know why? Because if Prime Minister Starmer does this, Mauritius is going to own the base. They are going to own the base.”

    . . .

    “I don’t care what Prime Minister Starmer promises you. The only reason he is doing this is because he feels guilty because the United Nations has said that the United Kingdom should be ashamed of its history and ashamed that it at one time owned colonies. 

    “People of the United Kingdom can feel what they want. That is none of my business. But we have got an American military base there, and it is very important to defend the Indian Ocean against China. . . . I am sorry he feels guilty. He needs to go buy an emotional support pony, but he doesn’t need to give away an American military base.”

    Background

    • The U.K. had previously announced on Oct. 3, 2024, that it had reached a deal with Mauritius to cede the sovereignty of the Chagos Islands. This deal between the U.K. and Mauritius would jeopardize the security of a key U.S.-U.K. military base on Deigo Garcia by potentially exposing the island to Chinese espionage efforts, according to a report from the Policy Exchange.
    • Negotiations between the U.K. and Mauritius followed a years-long pressure campaign from the United Nations to get England out of the Chagos Islands. The Biden administration also reportedly pressured the U.K. to enter the deal with Mauritius before the American and Mauritian elections took place—an idea Prime Minister Keir Starmer initially endorsed. 
    • On Oct. 23, 2024, Kennedy wrote to then-Secretary of State Antony Blinken seeking answers about the Biden administration’s involvement in the deal between the U.K. and Mauritius.
    • Kennedy also penned this op-ed in Oct. 2024 arguing that the Biden administration owes the American people an explanation for its decision to allow this deal between the U.K. and Mauritius to move forward.
    • On Jan. 15, 2025, Starmer announced that he wanted President Trump and his administration to weigh in on any deal struck between the U.K. and Mauritius regarding the transfer of the Chagos Islands, including the transfer of the U.S.-U.K. shared military base on the island of Diego Garcia. 
    • Kennedy published this op-ed in Jan. 2025 welcoming the U.K.’s change of heart after Starmer announced that he would include the Trump administration in the ongoing negotiations with Mauritius.
    • As a congressman, National Security Advisor Mike Waltz has criticized the Oct. 2024 deal, saying, “Should the U.K. cede control of the Chagos to Mauritius, I have no doubt that China will take advantage of the resulting vacuum.” 
    • As a senator, Secretary of State Marco Rubio has similarly condemned the deal and said it “poses a serious threat to our national security interests in the Indian Ocean and threatens critical U.S. military posture in the region.”

    Watch Kennedy’s full speech here.

    MIL OSI USA News

  • MIL-OSI: Compass Point and Sea Court Management Announce Strategic Partnership

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, Feb. 26, 2025 (GLOBE NEWSWIRE) — Compass Point Research & Trading, LLC (“Compass Point”), a leading middle market investment bank, is pleased to announce its partnership with Sea Court Management (“Sea Court”), an alternative investment management firm. Founded by industry veterans James DeNaut, Steven Quamme, and Patrick English, Sea Court shares Compass Point’s deep sector expertise and strategic focus, enabling both firms to leverage their collective knowledge and relationships to deliver capital raising and tailored advisory solutions to its clients.

    Sea Court recently closed the Sea Court Opportunity Fund I (the “Fund”), with $50 million in committed capital. The Fund is designed to support a curated group of early-and mid-stage investments, and will leverage Compass Point’s investment banking, capital markets, and research capabilities.

    Burke Hayes, Chief Executive Officer, and Head of Investment Banking for Compass Point said, “We are excited to partner with the Sea Court team, as we see this as a unique opportunity to support innovative growth companies and their investors in the early-and-mid-stages of their lifecycle. Sea Court’s expertise identifying and investing in differentiated companies makes them an ideal partner for us”.

    Jim DeNaut, Chief Executive Officer of Sea Court said “We are thrilled about our partnership with Compass Point which will enhance our ability to provide trusted advice and full cycle capital to a broader set of platform companies and sectors. Compass Point shares our focus of bringing high quality innovative and disruptive solutions companies to an expanded group of investors”.

    Over the course of his career, Jim DeNaut has advised numerous M&A, capital markets, and asset management clients. Additionally, he has more than fifteen years of experience advising and allocating capital for a variety of institutions, family offices and endowments. Prior to forming Sea Court, from 2010 to 2022, Jim served as President and Chief Executive Officer, Senior Managing Director and Head of International Investment Banking at Nomura Securities International, Inc. He also served on the Board of Directors of Nomura Holdings America, Inc. Prior to Nomura, Jim served as Senior Managing Director, Head of Global Banking Americas, and Head of Corporate and Investment Banking, Americas (2000 to 2010) at Deutsche Bank Securities, Inc. Prior to Deutsche Bank, Jim was a Managing Director in the Investment Banking Division at Morgan Stanley, Inc.

    Steven Quamme serves as Managing Partner of Sea Court. Prior to forming Sea Court, Steve was co-founder and President of Cartica Management, LLC, a $3 billion SEC-registered investment advisor focused exclusively on the emerging markets. Cartica’s institutional investor base included many of the world’s largest pension plans, university endowments, family offices and sovereign wealth funds. Prior to forming Cartica, Steve was the Chief Operating Officer of Breeden Partners, a $2 billion U.S. activist fund. Formerly, Steve was the founder and co-CEO of Milestone Merchant Partners (subsequently acquired by Houlihan Lokey), a full-service merchant bank that provided investment banking services and managed a series of private equity funds focused on the US and India.

    Patrick English serves as Managing Partner of Sea Court. Patrick has 25 years of experience in a broad range of professional capacities in the private equity, venture capital, real estate, hedge fund, and institutional securities industries. Prior to Sea Court, Patrick served as Partner and Chief Operating Officer at Three Mountain Capital, a discretionary global macro hedge fund that he co-founded. 

    About Compass Point

    Compass Point Research & Trading LLC is a leading full-service middle market investment bank. Our broad range of capabilities include public and private capital raising, corporate advisory services, fundamental research, Washington policy analysis and execution services. We provide innovative solutions for entrepreneurial businesses and their investors.

    Headquartered in Washington, D.C., with offices in Charleston, SC, New York, NY, and Orange County, CA, Compass Point is a member of FINRA and SIPC. For further information about Compass Point, please visit our website at www.compasspointllc.com.

    About Sea Court Management
    Sea Court Management is an alternative investment management firm that invests in early-and-mid-stage growth companies. Sea Court focuses on identifying and investing in companies with innovative technologies and businesses. Recent investments include companies in healthcare, life sciences, digital asset and technology sectors. www.seacourtcapital.com

    Media Contact:
    Christopher Nealon
    202.540.7315
    cnealon@compasspointllc.com

    The MIL Network

  • MIL-OSI: Ormat Technologies Reports Fourth Quarter and Year-End 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    STRATEGIC PORTFOLIO EXPANSION SUPPORTS CONTINUED REVENUE AND ADJUSTED EBITDA GROWTH

    STRONG FULL-YEAR RESULTS REINFORCES ORMAT’S MOMENTUM, REMAINING ON PACE TO ACHIEVE GENERATING CAPACITY GOALS OF 2.6 TO 2.8 GW BY 2028

    HIGHLIGHTS

    • TOTAL REVENUES FOR THE FULL-YEAR INCREASED 6.1% COMPARED TO 2023, DRIVEN BY GROWTH IN ALL THREE SEGMENTS
    • FULL YEAR OPERATING INCOME AND ADJUSTED EBITDA IMPROVED 3.5% AND 14.3%, RESPECTIVELY
    • FOURTH QUARTER NET INCOME AND ADJUSTED NET INCOME IMPROVED BY 14.3% AND 7.7% YEAR-OVER-YEAR, RESPECTIVELY
    • ORMAT ANNOUNCES FULL YEAR 2025 OUTLOOK AND GROWTH EXPECTATIONS

    RENO, Nev., Feb. 26, 2025 (GLOBE NEWSWIRE) — Ormat Technologies, Inc. (NYSE: ORA) (the “Company” or “Ormat”), a leading renewable energy company, today announced financial results for the fourth quarter and full year ended December 31, 2024.

    KEY FINANCIAL RESULTS

      Q4
    2024
    Q4
    2023
    Change (%) 12 months 2024 12 months 2023 Change (%)  
    GAAP Measures              
    Revenues ($ millions)              
    Electricity 180.1   183.9   (2.1)%   702.3   666.8   5.3%    
    Product 39.6   50.4   (21.4)%   139.7   133.8   4.4%    
    Energy Storage 11.0   7.0   56.7%   37.7   28.9   30.6%    
    Total Revenues 230.7   241.3   (4.4)%   879.7   829.4   6.1%    
    Gross Profit              
    73.6   78.5   (6.2)%   272.6   264.0   3.3%    
    Gross margin (%)              
    Electricity 34.9%   39.5%     34.6%   36.6%      
    Product 24.5%   12.6%     18.4%   13.4%      
    Energy Storage 9.5%   (8.9)%     10.9%   6.4%      
    Gross margin (%) 31.9%   32.5%     31.0%   31.8%      
                   
    Operating income ($ millions) 49.1   51.6   (4.9)%   172.5   166.6   3.5%    
    Net income attributable to the Company’s stockholders 40.8   35.7   14.3%   123.7   124.4   (0.5)%    
    Diluted EPS ($) 0.67   0.59   13.6%   2.04   2.08   (1.9)%    
                   
    Non-GAAP Measures              
    Adjusted Net income attributable to the Company’s stockholders 43.6   40.5   7.7%   133.7   121.9   9.7%    
    Adjusted Diluted EPS ($) 0.72   0.67   7.5%   2.20   2.05   7.3%    
    Adjusted EBITDA1($ millions) 145.5   139.0   4.6%   550.5   481.7   14.3%    

    “2024 was another successful year for Ormat and our growth trajectory, highlighted by a top-line improvement of 6.1%, translating into a 3.5% increase in operating income and a 14.3% increase in adjusted EBITDA, with solid growth performance across all three of our business segments,” said Doron Blachar, Chief Executive Officer of Ormat Technologies. “In 2024, we added 253MW of new capacity organically and through strategic, accretive M&A, with 133MW added to our Electricity segment and 120MW to our Energy Storage business.”

    “Within our Electricity segment, the Enel assets Ormat acquired at the beginning of the year have been immediately accretive and have played a key role in our year-over-year growth. Our performance was further supported by the Heber complex repowering project, the enhanced output at the Olkaria power plant, and the improved generation performance and pricing at the Puna power plant, helping to more than offset the impact of unplanned maintenance at Dixie Valley and the previously disclosed curtailments in the U.S.”

    “We continue to make great progress towards improving the revenue and margin profile of our Energy Storage business, positioning the segment to become a more stable and consistent factor in our consolidated growth. This strategic effort is reflected by the 56.7% and 30.6% increase in revenue on a quarter-over-quarter and year-over-year basis, respectively. We expect this improved performance to carry forward into 2025 as we begin to recognize the benefits of the recent CODs at our 80MW/320MWh Bottleneck and 20MW/20MWh Montague facilities, as well as the other Energy Storage projects in our development pipeline that are expected to come online later this year.”

    Blachar continued, “Looking ahead, we expect to benefit from the growing global demand for renewable power needed to support data centers and the transition to a cleaner energy future. We are currently in negotiations for approximately 250MW with hyper-scalers with favorable conditions for both new projects and expiring PPAs at rates exceeding $100 per MWh. To help ensure that we are well-positioned to meet the growing level of demand we have taken strategic actions to safe harbor, for PTC eligibility (pursuant to the current provisions of the Inflation Reduction Act and related guidance), all geothermal projects with expected CODs through 2028, as well as the associated ITC benefits for all energy storage projects through 2026. This has strengthened our confidence in our trajectory, and we believe will help us remain on track to achieve our generating capacity goals of 2.6 to 2.8 GW by the end of 2028.”

    FINANCIAL HIGHLIGHTS

    • Net income attributable to the Company’s stockholders for the fourth quarter and for the full year 2024 was $40.8 million and $123.7 million, respectively, an increase of 14.3% and a decrease of 0.5%, respectively, compared to last year. Diluted EPS for the fourth quarter and for the full year 2024 were $0.67 and $2.04 per share, respectively, an increase of 13.6% and a decrease of 1.9%, respectively, compared to last year.
    • Adjusted net income attributable to the Company’s stockholders and diluted EPS for the fourth quarter increased 7.7% and 7.5% compared to last year. Adjusted net income attributable to the Company’s stockholders and diluted EPS for the full year 2024 increased 9.7% and 7.3% compared to last year.
    • Adjusted EBITDA for the fourth quarter and for the year was $145.5 million, and $550.5 million, respectively, an increase of 4.6% and 14.3%, respectively, compared to 2023. The year-over-year increase in Adjusted EBITDA was driven, in the Electricity segment, by the contribution of the acquired assets in the first quarter of 2024, the improved performance of the Olkaria complex in Kenya, higher pricing of our Puna power plant and the sale of tax benefits from newly built plants. In the Product segment, the increase was derived from the improved contracts’ margin and Energy Storage drove improved performance due to the contribution of the new assets as well as a legal settlement with a battery supplier, which we expect to continue to receive over the next 5 quarters, to compensate us for lost revenues as a result of battery non- supply.
    • Electricity segment revenues decreased by 2.1% for the fourth quarter and increased by 5.3% in the full year 2024, compared to 2023. The year-over-year decrease in fourth quarter revenue was driven by the partial outage at our Dixie Valley power plant, which returned to full operation in November 2024. Additionally, in the fourth quarter we experienced heavy curtailments mainly to our McGinness complex due to maintenance on the transmission line by the local grid operator. Full-year revenue growth was driven by the contribution of our acquired Enel assets, Heber complex repowering, and higher generation and pricing at Puna.
    • Product segment revenues decreased by 21.4% in the fourth quarter and increased by 4.4% in the full year 2024, largely due to the timing of revenue recognition. Gross margin increased from 12.6% in the fourth quarter 2023 to 24.5% in 2024 and from 13.4% in the full year 2023 to 18.4% in 2024.
    • Product segment backlog stands at a record of approximately $340.0 million as of February 25, 2025, and includes approximately $210.0 million from the recently signed Engineering, Procurement, and Construction (EPC) contract for the development of the Te Mihi Stage 2 geothermal plant in New Zealand.
    • Energy Storage segment revenues increased 56.7% for the fourth quarter and 30.6% for the full year compared to 2023, supported by a total of 120MW/360 MWh of new capacity that started operation since the beginning of 2024 as well as new assets that came online during the second half of 2023.

    BUSINESS HIGHLIGHTS:

    • Won a tender, in February 2025, issued by the Israeli Electricity Authority and was awarded two separate 15-year tolling agreements for two energy storage facilities. The facilities under the tolling agreements are expected to have a combined capacity of approximately 300MW/1200MWh and we will have 50% equity interest.
    • In February 2025, commenced commercial operations of the 35MW Ijen geothermal power plant in Indonesia, in which the Company holds a 49% equity interest.
    • Signed a 10-year Power Purchase Agreement (PPA), in January 2025, with Calpine Energy Solutions for up to 15MW of carbon-free geothermal capacity at favorable terms that will replace the current lower price PPA with Southern California Edison for Mammoth 2 in the first quarter of 2027.
    • In December 2024, commenced commercial operations at the Montague energy storage facility to deliver 20MW/20MWh of energy storage capacity to the PJM market.
    • In October 2024, commenced commercial operations of the 80MW/320MWh Bottleneck Energy Storage facility in the Central Valley of California. The Bottleneck facility is the Company’s largest energy storage facility in its portfolio.

    2025 GUIDANCE TBU

    • Total revenues of between $935 million and $975 million.
    • Electricity segment revenues between $710 million and $725 million.
    • Product segment revenues of between $172 million and $187 million.
    • Energy Storage revenues of between $53 million and $63 million.
    • Adjusted EBITDA to be between $563 million and $593 million.
      • Adjusted EBITDA attributable to minority interest of approximately $23 million.

    The Company provides a reconciliation of Adjusted EBITDA, a non-GAAP financial measure for the three and twelve months ended December 31, 2024. However, the Company does not provide guidance on net income and is unable to provide a reconciliation for its Adjusted EBITDA guidance range to net income without unreasonable efforts due to high variability and complexity with respect to estimating certain forward-looking amounts. These include impairments and disposition and acquisition of business interests, income tax expense, and other non-cash expenses and adjusting items that are excluded from the calculation of Adjusted EBITDA.

    DIVIDEND

    On February 26, 2025, the Company’s Board of Directors declared, approved, and authorized payment of a quarterly dividend of $0.12 per share pursuant to the Company’s dividend policy. The dividend will be paid on March 26, 2025, to stockholders of record as of the close of business on March 12, 2025. In addition, the Company expects to pay a quarterly dividend of $0.12 per share in each of the next three quarters.

    CONFERENCE CALL DETAILS

    Ormat will host a conference call to discuss its financial results and other matters discussed in this press release on Thursday, February 27, 2025, at 10:00 a.m. ET.

    Participants within the United States and Canada, please dial +1-800-715-9871, approximately 15 minutes prior to the scheduled start of the call. If you are calling outside of the United States and Canada, please dial +1-646-960-0440. The access code for the call is 9044930. Please request the “Ormat Technologies, Inc. call” when prompted by the conference call operator. The conference call will also be accompanied by a live webcast which will be hosted on the Investor Relations section of the Company’s website.

    A replay will be available one hour after the end of the conference call. To access the replay within the United States and Canada, please dial 1-800-770-2030. From outside of the United States and Canada, please dial +1-647-362-9199. Please use the replay access code 9044930. The webcast will also be archived on the Investor Relations section of the Company’s website.

    ABOUT ORMAT TECHNOLOGIES

    With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,538MW with a 1,248MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 290MW energy storage portfolio that is located in the U.S.

    ORMAT’S SAFE HARBOR STATEMENT

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

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

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Condensed Consolidated Statement of Operations
    For the three and twelve month periods Ended December 31, 2024, and 2023

      Three Months Ended
    December 31,
    Year Ended 
    December 31,
      2024   2023   2024   2023  
      (Dollars in thousands, except per share data)
    Revenues:        
    Electricity 180,147   183,921   702,264   666,767  
    Product 39,643   50,432   139,661   133,763  
    Energy storage 10,951   6,987   37,729   28,894  
    Total revenues 230,741   241,340   879,654   829,424  
    Cost of revenues:        
    Electricity 117,340   111,201   459,526   422,549  
    Product 29,929   44,073   113,911   115,802  
    Energy storage 9,911   7,610   33,598   27,055  
    Total cost of revenues 157,180   162,884   607,035   565,406  
    Gross profit 73,561   78,456   272,619   264,018  
    Operating expenses:        
    Research and development expenses 1,391   2,452   6,501   7,215  
    Selling and marketing expenses 4,153   4,307   17,694   18,306  
    General and administrative expenses 19,583   18,654   80,119   68,179  
    Other operating income (3,125)     (9,375)    
    Impairment of long-lived assets     1,280    
    Write-off of unsuccessful exploration activities and storage activities 2,474   1,415   3,930   3,733  
    Operating income 49,085   51,628   172,470   166,585  
    Other income (expense):        
    Interest income 1,389   2,363   7,883   11,983  
    Interest expense, net (34,525)   (25,803)   (134,031)   (98,881)  
    Derivatives and foreign currency transaction gains (losses) (4,319)   712   (4,187)   (3,278)  
    Income attributable to sale of tax benefits 20,020   18,676   73,054   61,157  
    Other non-operating income (expense), net 66   1,272   188   1,519  
    Income from operations before income tax and equity in earnings (losses) of investees 31,716   48,848   115,377   139,085  
    Income tax (provision) benefit 11,771   (8,188)   16,289   (5,983)  
    Equity in earnings (losses) of investees (862)   (1,827)   (425)   35  
    Net income 42,625   38,833   131,241   133,137  
    Net income attributable to noncontrolling interest (1,804)   (3,107)   (7,508)   (8,738)  
    Net income attributable to the Company’s stockholders 40,821   35,726   123,733   124,399  
    Earnings per share attributable to the Company’s stockholders:        
    Basic: 0.67   0.59   2.05   2.09  
    Diluted: 0.67   0.59   2.04   2.08  
    Weighted average number of shares used in computation of earnings per share attributable to the Company’s stockholders:        
    Basic 60,480   60,367   60,455   59,424  
    Diluted 60,770   60,505   60,790   59,762  
             

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Condensed Consolidated Balance Sheet
    For the Periods Ended December 31, 2024, and 2023

      December 31,
    2024
      December 31,
    2023
    ASSETS
    Current assets:      
    Cash and cash equivalents 94,395     195,808  
    Restricted cash and cash equivalents (primarily related to VIEs) 111,377     91,962  
    Receivables:      
    Trade less allowance for credit losses of $224 and $90, respectively (primarily related to VIEs) 164,050     208,704  
    Other 50,792     44,530  
    Inventories 38,092     45,037  
    Costs and estimated earnings in excess of billings on uncompleted contracts 29,243     18,367  
    Prepaid expenses and other 59,173     41,595  
    Total current assets 547,122     646,003  
    Investment in an unconsolidated company 144,585     125,439  
    Deposits and other 75,383     44,631  
    Deferred income taxes 153,936     152,570  
    Property, plant and equipment, net ($3,271,248 and $2,802,920 related to VIEs, respectively) 3,501,886     2,998,949  
    Construction-in-process ($251,442 and $376,602 related to VIEs, respectively) 755,589     814,967  
    Operating leases right of use ($13,989 and $9,326 related to VIEs, respectively) 32,114     24,057  
    Finance leases right of use (none related to VIEs) 2,841     3,510  
    Intangible assets, net 301,745     307,609  
    Goodwill 151,023     90,544  
    Total assets 5,666,224     5,208,279  
           
    LIABILITIES AND EQUITY
    Current liabilities:      
    Accounts payable and accrued expenses 234,334     214,518  
    Short term revolving credit lines with banks (full recourse)     20,000  
    Commercial paper (less deferred financing costs of $23 and $29, respectively) 99,977     99,971  
    Billings in excess of costs and estimated earnings on uncompleted contracts 23,091     18,669  
    Current portion of long-term debt:      
    Limited and non-recourse (primarily related to VIEs):
    (primarily related to VIEs and less deferred financing costs of $8,473 and $7,889, respectively)
    70,262     57,207  
    Full recourse 161,313     116,864  
    Financing Liability 4,093     5,141  
    Operating lease liabilities 3,633     3,329  
    Finance lease liabilities 1,375     1,313  
    Total current liabilities 598,078     537,012  
    Long-term debt, net of current portion:      
    Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $8,849 and $7,889, respectively) 578,204     447,389  
    Full recourse (less deferred financing costs of $4,671 and $3,056, respectively) 822,828     698,187  
    Convertible senior notes (less deferred financing costs of $6,820 and $8,146, respectively) 469,617     423,104  
    LT Financing liability-Dixie 216,476     220,619  
    Operating lease liabilities 22,523     19,790  
    Finance lease liabilities 1,529     2,238  
    Liability associated with sale of tax benefits 152,292     184,612  
    Deferred income taxes 68,616     66,748  
    Liability for unrecognized tax benefits 6,272     8,673  
    Liabilities for severance pay 10,488     11,844  
    Asset retirement obligation 129,651     114,370  
    Other long-term liabilities 29,270     22,107  
    Total liabilities 3,105,844     2,756,693  
           
    Redeemable noncontrolling interest 9,448     10,599  
           
    Equity:      
    The Company’s stockholders’ equity:      
    Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,500,580 and 60,358,887 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively 61     60  
    Additional paid-in capital 1,635,245     1,614,769  
    Treasury stock, at cost (258,667 shares held as of December 31, 2024 and 2023, respectively) (17,964)     (17,964)  
    Retained earnings 814,518     719,894  
    Accumulated other comprehensive loss (6,731)     (1,332)  
    Total stockholders’ equity attributable to Company’s stockholders 2,425,129     2,315,427  
    Noncontrolling interest 125,803     125,560  
    Total equity 2,550,932     2,440,987  
    Total liabilities, redeemable noncontrolling interest and equity 5,666,224     5,208,279  

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Reconciliation of EBITDA and Adjusted EBITDA
    For the three and twelve month period ended December 31, 2024 and 2023

    We calculate EBITDA as net income before interest, taxes, depreciation, amortization and accretion. We calculate Adjusted EBITDA as net income before interest, taxes, depreciation, amortization and accretion, adjusted for (i) mark-to-market gains or losses from accounting for derivatives not designated as hedging instruments; (ii) stock-based compensation, (iii) merger and acquisition transaction costs; (iv) gain or loss from extinguishment of liabilities; (v) costs related to a settlement agreement; (vi) non-cash impairment charges; (vii) write-off of unsuccessful exploration activities; and (viii) other unusual or non-recurring items. We adjust for these factors as they may be non-cash, unusual in nature and/or are not factors used by management for evaluating operating performance. We believe that presentation of these measures will enhance an investor’s ability to evaluate our financial and operating performance. EBITDA and Adjusted EBITDA are not measurements of financial performance or liquidity under accounting principles generally accepted in the United States, or U.S. GAAP, and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. Our Board of Directors and senior management use EBITDA and Adjusted EBITDA to evaluate our financial performance. However, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do.

    The following table reconciles net income to EBITDA and Adjusted EBITDA for the three and twelve month periods ended December 31, 2024, and 2023:

      Three Months Ended
    December 31,
      Year Ended December 31,
      2024     2023     2024     2023  
      (Dollars in thousands)   (Dollars in thousands)
    Net income 42,625     38,833     131,241     133,137  
    Adjusted for:              
    Interest expense, net (including amortization of deferred financing costs) 33,136     23,440     126,148     86,898  
    Income tax provision (benefit) (11,771)     8,188     (16,289)     5,983  
    Adjustment to investment in unconsolidated companies: our Proportionate share in interest expense, tax and depreciation and amortization in Sarulla and Ijen 4,964     5,243     17,637     16,069  
    Depreciation, amortization and accretion 68,907     59,331     259,151     221,415  
    EBITDA 137,861     135,035     517,888     463,502  
    Mark-to-market on derivative instruments (14)     (2,490)     856     (2,206)  
    Stock-based compensation 5,310     4,243     20,197     15,478  
    Impairment of long-lived assets         1,280      
    Allowance for bad debts 13         355      
    Merger and acquisition transaction costs 570     816     1,949     1,234  
    Legal fees related to a settlement agreement with a third-party battery systems supplier (750)         4,000      
    Write-off of unsuccessful exploration and Storage activities 2,474     1,415     3,930     3,733  
    Adjusted EBITDA 145,464     139,019     550,455     481,741  

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Reconciliation of Adjusted Net Income attributable to the Company’s stockholders and Adjusted EPS
    For the Three and twelve-month periods ended December 31, 2024, and 2023

    Adjusted Net Income attributable to the Company’s stockholders and Adjusted EPS are adjusted for one-time expense items that are not representative of our ongoing business and operations. The use of Adjusted Net income attributable to the Company’s stockholders and Adjusted EPS is intended to enhance the usefulness of our financial information by providing measures to assess the overall performance of our ongoing business.

    The following tables reconciles Net income attributable to the Company’s stockholders and Adjusted EPS for the three and twelve -month periods ended December 31, 2024, and 2023.

                   
      Three Months Ended December 31,   Twelve Months Ended December 31,
      2024     2023   2024   2023  
                   
    GAAP Net income attributable to the Company’s stockholders 40.8     35.7   123.7   124.4  
    Impact of changes in the Kenya Finance Act 2023     2.0     (7.4)  
    Tax asset write-off in Sarulla, our unconsolidated company 0.9     1.0   0.9   1.0  
    Impairment of long-lived assets       1.0    
    Write-off of unsuccessful exploration activities and Storage activities 2.0     1.1   3.1   2.9  
    Merger and acquisition transaction costs 0.5     0.6   1.5   1.0  
    Allowance for bad debts 0.0       0.3    
    Legal fees related to a settlement agreement with a third-party battery supplier (0.6)       3.2    
    Adjusted Net income attributable to the Company’s stockholders 43.6     40.5   133.7   121.9  
    GAAP diluted EPS 0.67     0.59   2.04   2.08  
    Impact of changes in the Kenya Finance Act 2023     0.03     (0.12)  
    Tax asset write-off in Sarulla, our unconsolidated company 0.01     0.02   0.01   0.02  
    Impairment of long-lived assets         0.02    
    Write-off of unsuccessful exploration activities and Storage activities 0.03     0.02   0.05   0.05  
    Merger and acquisition transaction costs 0.01     0.01   0.03   0.02  
    Allowance for bad debts 0.00       0.00    
    Legal fees related to a settlement agreement with a third-party battery supplier (0.01)       0.05    
    Diluted Adjusted EPS ($) 0.72     0.67   2.20   2.05  
    Ormat Technologies Contact: Investor Relations Agency Contact:
    Smadar Lavi Joseph Caminiti or Josh Carroll
    VP Head of IR and ESG Planning & Reporting Alpha IR Group
    775-356-9029 (ext. 65726) 312-445-2870
    slavi@ormat.com ORA@alpha-ir.com

    The MIL Network

  • MIL-OSI: Athene Names Louis-Jacques Tanguy Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    WEST DES MOINES, Iowa, Feb. 26, 2025 (GLOBE NEWSWIRE) — Athene Holding Ltd. (“Athene”), the leading retirement services company and subsidiary of Apollo Global Management, Inc. (NYSE:APO), announced today that it has appointed Louis-Jacques (LJ) Tanguy as Executive Vice President and Chief Financial Officer, effective March 1, 2025.

    LJ has served as the Chief Accounting Officer for Apollo since early 2022 and has over 25 years of extensive accounting and financial experience. Prior to joining Apollo, he spent 13 years at Deutsche Bank as a Managing Director in various finance leadership roles in London and New York. Prior to that, LJ was the Head of the Asia Pacific Product Valuation Group for Merrill Lynch Japan Securities in Tokyo and has also worked at Société Générale in Paris and Asia in various roles in Finance and Risk. He holds a Ph.D. in Business Management, a Master’s in Finance and a Bachelor’s in Economics from the University of Aix-Marseille.

    “We are very pleased that LJ will be Athene’s new CFO,” said Jim Belardi, CEO of Athene. “As Apollo’s Chief Accounting Officer, he successfully built and led a multifaceted organization spanning across the asset manager and retirement services businesses and played a key role in our successful merger. LJ is a champion for excellence and cross-functional collaboration, and his appointment appropriately supports the business now and for the long term.”

    “I am excited to support the continued growth and innovation of our firm by serving as Athene’s next CFO,” said Tanguy. “I look forward to working even more closely with my outstanding colleagues who have driven Athene to be the leading retirement services provider and partnering with them to achieve the next phase of our growth.”

    About Athene
    Athene is the leading retirement services company, with over $360 billion of total assets as of December 31, 2024 and operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. For more information, please visit www.athene.com.

    Contact:
    Jeanne Hess
    Vice President, External Relations
    +1 646 768 7319
    jeanne.hess@athene.com

    The MIL Network

  • MIL-OSI: NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2025

    Source: GlobeNewswire (MIL-OSI)

    • Record quarterly revenue of $39.3 billion, up 12% from Q3 and up 78% from a year ago
    • Record quarterly Data Center revenue of $35.6 billion, up 16% from Q3 and up 93% from a year ago
    • Record full-year revenue of $130.5 billion, up 114%

    SANTA CLARA, Calif., Feb. 26, 2025 (GLOBE NEWSWIRE) — NVIDIA (NASDAQ: NVDA) today reported revenue for the fourth quarter ended January 26, 2025, of $39.3 billion, up 12% from the previous quarter and up 78% from a year ago.

    For the quarter, GAAP earnings per diluted share was $0.89, up 14% from the previous quarter and up 82% from a year ago. Non-GAAP earnings per diluted share was $0.89, up 10% from the previous quarter and up 71% from a year ago.

    For fiscal 2025, revenue was $130.5 billion, up 114% from a year ago. GAAP earnings per diluted share was $2.94, up 147% from a year ago. Non-GAAP earnings per diluted share was $2.99, up 130% from a year ago.

    “Demand for Blackwell is amazing as reasoning AI adds another scaling law — increasing compute for training makes models smarter and increasing compute for long thinking makes the answer smarter,” said Jensen Huang, founder and CEO of NVIDIA.

    “We’ve successfully ramped up the massive-scale production of Blackwell AI supercomputers, achieving billions of dollars in sales in its first quarter. AI is advancing at light speed as agentic AI and physical AI set the stage for the next wave of AI to revolutionize the largest industries.”

    NVIDIA will pay its next quarterly cash dividend of $0.01 per share on April 2, 2025, to all shareholders of record on March 12, 2025.

    Q4 Fiscal 2025 Summary

    GAAP
    ($ in millions, except earnings
    per share)
    Q4 FY25 Q3 FY25 Q4 FY24 Q/Q Y/Y
    Revenue $39,331 $35,082 $22,103 Up 12% Up 78%
    Gross margin 73.0% 74.6% 76.0% Down 1.6 pts Down 3.0 pts
    Operating expenses $4,689 $4,287 $3,176 Up 9% Up 48%
    Operating income $24,034 $21,869 $13,615 Up 10% Up 77%
    Net income $22,091 $19,309 $12,285 Up 14% Up 80%
    Diluted earnings per share* $0.89 $0.78 $0.49 Up 14% Up 82%
    Non-GAAP
    ($ in millions, except earnings
    per share)
    Q4 FY25 Q3 FY25 Q4 FY24 Q/Q Y/Y
    Revenue $39,331 $35,082 $22,103 Up 12% Up 78%
    Gross margin 73.5% 75.0% 76.7% Down 1.5 pts Down 3.2 pts
    Operating expenses $3,378 $3,046 $2,210 Up 11% Up 53%
    Operating income $25,516 $23,276 $14,749 Up 10% Up 73%
    Net income $22,066 $20,010 $12,839 Up 10% Up 72%
    Diluted earnings per share* $0.89 $0.81 $0.52 Up 10% Up 71%


    Fiscal 2025 Summary

    GAAP
    ($ in millions, except earnings
    per share)
    FY25 FY24 Y/Y
    Revenue $130,497 $60,922 Up 114%
    Gross margin 75.0% 72.7% Up 2.3 pts
    Operating expenses $16,405 $11,329 Up 45%
    Operating income $81,453 $32,972 Up 147%
    Net income $72,880 $29,760 Up 145%
    Diluted earnings per share* $2.94 $1.19 Up 147%
    Non-GAAP
    ($ in millions, except earnings
    per share)
    FY25 FY24 Y/Y
    Revenue $130,497 $60,922 Up 114%
    Gross margin 75.5% 73.8% Up 1.7 pts
    Operating expenses $11,716 $7,825 Up 50%
    Operating income $86,789 $37,134 Up 134%
    Net income $74,265 $32,312 Up 130%
    Diluted earnings per share* $2.99 $1.30 Up 130%

    *All per share amounts presented herein have been retroactively adjusted to reflect the ten-for-one stock split, which was effective June 7, 2024.

    Outlook
    NVIDIA’s outlook for the first quarter of fiscal 2026 is as follows:

    • Revenue is expected to be $43.0 billion, plus or minus 2%.
    • GAAP and non-GAAP gross margins are expected to be 70.6% and 71.0%, respectively, plus or minus 50 basis points.
    • GAAP and non-GAAP operating expenses are expected to be approximately $5.2 billion and $3.6 billion, respectively.
    • GAAP and non-GAAP other income and expense are expected to be an income of approximately $400 million, excluding gains and losses from non-marketable and publicly-held equity securities.
    • GAAP and non-GAAP tax rates are expected to be 17.0%, plus or minus 1%, excluding any discrete items.

    Highlights

    NVIDIA achieved progress since its previous earnings announcement in these areas: 

    Data Center

    • Fourth-quarter revenue was a record $35.6 billion, up 16% from the previous quarter and up 93% from a year ago. Full-year revenue rose 142% to a record $115.2 billion.
    • Announced that NVIDIA will serve as a key technology partner for the $500 billion Stargate Project.
    • Revealed that cloud service providers AWS, CoreWeave, Google Cloud Platform (GCP), Microsoft Azure and Oracle Cloud Infrastructure (OCI) are bringing NVIDIA® GB200 systems to cloud regions around the world to meet surging customer demand for AI.
    • Partnered with AWS to make the NVIDIA DGX™ Cloud AI computing platform and NVIDIA NIM™ microservices available through AWS Marketplace.
    • Revealed that Cisco will integrate NVIDIA Spectrum-X™ into its networking portfolio to help enterprises build AI infrastructure.
    • Revealed that more than 75% of the systems on the TOP500 list of the world’s most powerful supercomputers are powered by NVIDIA technologies.
    • Announced a collaboration with Verizon to integrate NVIDIA AI Enterprise, NIM and accelerated computing with Verizon’s private 5G network to power a range of edge enterprise AI applications and services.
    • Unveiled partnerships with industry leaders including IQVIA, Illumina, Mayo Clinic and Arc Institute to advance genomics, drug discovery and healthcare.
    • Launched NVIDIA AI Blueprints and Llama Nemotron model families for building AI agents and released NVIDIA NIM microservices to safeguard applications for agentic AI.
    • Announced the opening of NVIDIA’s first R&D center in Vietnam.
    • Revealed that Siemens Healthineers has adopted MONAI Deploy for medical imaging AI.

    Gaming and AI PC

    • Fourth-quarter Gaming revenue was $2.5 billion, down 22% from the previous quarter and down 11% from a year ago. Full-year revenue rose 9% to $11.4 billion.
    • Announced new GeForce RTX™ 50 Series graphics cards and laptops powered by the NVIDIA Blackwell architecture, delivering breakthroughs in AI-driven rendering to gamers, creators and developers.
    • Launched GeForce RTX 5090 and 5080 graphics cards, delivering up to a 2x performance improvement over the prior generation.
    • Introduced NVIDIA DLSS 4 with Multi Frame Generation and image quality enhancements, with 75 games and apps supporting it at launch, and unveiled NVIDIA Reflex 2 technology, which can reduce PC latency by up to 75%.
    • Unveiled NVIDIA NIM microservices, AI Blueprints and the Llama Nemotron family of open models for RTX AI PCs to help developers and enthusiasts build AI agents and creative workflows.

    Professional Visualization

    • Fourth-quarter revenue was $511 million, up 5% from the previous quarter and up 10% from a year ago. Full-year revenue rose 21% to $1.9 billion.
    • Unveiled NVIDIA Project DIGITS, a personal AI supercomputer that provides AI researchers, data scientists and students worldwide with access to the power of the NVIDIA Grace™ Blackwell platform.
    • Announced generative AI models and blueprints that expand NVIDIA Omniverse™ integration further into physical AI applications, including robotics, autonomous vehicles and vision AI.
    • Introduced NVIDIA Media2, an AI-powered initiative transforming content creation, streaming and live media experiences, built on NIM and AI Blueprints.

    Automotive and Robotics

    • Fourth-quarter Automotive revenue was $570 million, up 27% from the previous quarter and up 103% from a year ago. Full-year revenue rose 55% to $1.7 billion.
    • Announced that Toyota, the world’s largest automaker, will build its next-generation vehicles on NVIDIA DRIVE AGX Orin™ running the safety-certified NVIDIA DriveOS operating system.  
    • Partnered with Hyundai Motor Group to create safer, smarter vehicles, supercharge manufacturing and deploy cutting-edge robotics with NVIDIA AI and NVIDIA Omniverse.
    • Announced that the NVIDIA DriveOS safe autonomous driving operating system received ASIL-D functional safety certification and launched the NVIDIA DRIVE™ AI Systems Inspection Lab.
    • Launched NVIDIA Cosmos™, a platform comprising state-of-the-art generative world foundation models, to accelerate physical AI development, with adoption by leading robotics and automotive companies 1X, Agile Robots, Waabi, Uber and others.
    • Unveiled the NVIDIA Jetson Orin Nano™ Super, which delivers up to a 1.7x gain in generative AI performance.

    CFO Commentary
    Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com.

    Conference Call and Webcast Information
    NVIDIA will conduct a conference call with analysts and investors to discuss its fourth quarter and fiscal 2025 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its first quarter of fiscal 2026.

    Non-GAAP Measures
    To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains from non-marketable and publicly-held equity securities, net, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.

     NVIDIA CORPORATION 
      CONDENSED CONSOLIDATED STATEMENTS OF INCOME 
     (In millions, except per share data) 
     (Unaudited) 
                       
          Three Months Ended   Twelve Months Ended
          January 26,   January 28,   January 26,   January 28,
            2025       2024       2025       2024  
                       
    Revenue $ 39,331     $ 22,103     $ 130,497     $ 60,922  
    Cost of revenue    10,608       5,312       32,639       16,621  
    Gross profit   28,723       16,791       97,858       44,301  
                       
    Operating expenses              
      Research and development     3,714       2,465       12,914       8,675  
      Sales, general and administrative   975       711       3,491       2,654  
        Total operating expenses   4,689       3,176       16,405       11,329  
                       
    Operating income   24,034       13,615       81,453       32,972  
      Interest income   511       294       1,786       866  
      Interest expense   (61 )     (63 )     (247 )     (257 )
      Other, net   733       260       1,034       237  
        Other income (expense), net   1,183       491       2,573       846  
                       
    Income before income tax   25,217       14,106       84,026       33,818  
    Income tax expense   3,126       1,821       11,146       4,058  
    Net income $ 22,091     $ 12,285     $ 72,880     $ 29,760  
                       
    Net income per share:              
      Basic $ 0.90     $ 0.51     $ 2.97     $ 1.21  
      Diluted $ 0.89     $ 0.49     $ 2.94     $ 1.19  
                       
    Weighted average shares used in per share computation:              
      Basic   24,489       24,660       24,555       24,690  
      Diluted   24,706       24,900       24,804       24,940  
    NVIDIA CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In millions)
    (Unaudited)
                 
            January 26,   January 28,
            2025   2024
    ASSETS        
                 
    Current assets:        
      Cash, cash equivalents and marketable securities   $ 43,210   $ 25,984
      Accounts receivable, net     23,065     9,999
      Inventories     10,080     5,282
      Prepaid expenses and other current assets     3,771     3,080
        Total current assets     80,126     44,345
                 
    Property and equipment, net     6,283     3,914
    Operating lease assets     1,793     1,346
    Goodwill     5,188     4,430
    Intangible assets, net     807     1,112
    Deferred income tax assets     10,979     6,081
    Other assets      6,425     4,500
        Total assets   $ 111,601   $ 65,728
                 
    LIABILITIES AND SHAREHOLDERS’ EQUITY
                 
    Current liabilities:        
      Accounts payable   $ 6,310   $ 2,699
      Accrued and other current liabilities     11,737     6,682
      Short-term debt         1,250
        Total current liabilities     18,047     10,631
                 
    Long-term debt     8,463     8,459
    Long-term operating lease liabilities     1,519     1,119
    Other long-term liabilities     4,245     2,541
        Total liabilities     32,274     22,750
                 
    Shareholders’ equity     79,327     42,978
        Total liabilities and shareholders’ equity   $ 111,601   $ 65,728
     NVIDIA CORPORATION 
     CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
     (In millions) 
     (Unaudited) 
                     
          Three Months Ended     Twelve Months Ended 
         January 26,   January 28,   January 26,   January 28,
           2025       2024       2025       2024  
                      
    Cash flows from operating activities:              
    Net income $ 22,091     $ 12,285     $ 72,880     $ 29,760  
    Adjustments to reconcile net income to net cash              
    provided by operating activities:              
      Stock-based compensation expense   1,321       993       4,737       3,549  
      Depreciation and amortization   543       387       1,864       1,508  
      Deferred income taxes   (598 )     (78 )     (4,477 )     (2,489 )
      Gains on non-marketable equity securities and publicly-held equity securities, net   (727 )     (260 )     (1,030 )     (238 )
      Other   (138 )     (109 )     (502 )     (278 )
    Changes in operating assets and liabilities, net of acquisitions:              
      Accounts receivable   (5,370 )     (1,690 )     (13,063 )     (6,172 )
      Inventories   (2,424 )     (503 )     (4,781 )     (98 )
      Prepaid expenses and other assets   331       (1,184 )     (395 )     (1,522 )
      Accounts payable   867       281       3,357       1,531  
      Accrued and other current liabilities   360       1,072       4,278       2,025  
      Other long-term liabilities   372       305       1,221       514  
    Net cash provided by operating activities   16,628       11,499       64,089       28,090  
                      
    Cash flows from investing activities:              
      Proceeds from maturities of marketable securities   1,710       1,731       11,195       9,732  
      Proceeds from sales of marketable securities   177       50       495       50  
      Proceeds from sales of non-marketable equity securities               171       1  
      Purchases of marketable securities   (7,010 )     (7,524 )     (26,575 )     (18,211 )
      Purchase related to property and equipment and intangible assets   (1,077 )     (253 )     (3,236 )     (1,069 )
      Purchases of non-marketable equity securities   (478 )     (113 )     (1,486 )     (862 )
      Acquisitions, net of cash acquired   (542 )           (1,007 )     (83 )
      Other   22             22       (124 )
    Net cash used in investing activities   (7,198 )     (6,109 )     (20,421 )     (10,566 )
                      
    Cash flows from financing activities:              
      Proceeds related to employee stock plans               490       403  
      Payments related to repurchases of common stock   (7,810 )     (2,660 )     (33,706 )     (9,533 )
      Payments related to tax on restricted stock units   (1,861 )     (841 )     (6,930 )     (2,783 )
      Repayment of debt               (1,250 )     (1,250 )
      Dividends paid   (245 )     (99 )     (834 )     (395 )
      Principal payments on property and equipment and intangible assets   (32 )     (29 )     (129 )     (74 )
      Other                     (1 )
    Net cash used in financing activities   (9,948 )     (3,629 )     (42,359 )     (13,633 )
                      
    Change in cash, cash equivalents, and restricted cash   (518 )     1,761       1,309       3,891  
    Cash, cash equivalents, and restricted cash at beginning of period   9,107       5,519       7,280       3,389  
    Cash, cash equivalents, and restricted cash at end of period $ 8,589     $ 7,280     $ 8,589     $ 7,280  
                      
    Supplemental disclosures of cash flow information:              
    Cash paid for income taxes, net $ 4,129     $ 1,874     $ 15,118     $ 6,549  
    Cash paid for interest $ 22     $ 26     $ 246     $ 252  
       NVIDIA CORPORATION 
       RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES 
       (In millions, except per share data) 
       (Unaudited) 
                         
             Three Months Ended      Twelve Months Ended 
            January 26,   October 27,   January 28,   January 26,   January 28,
              2025       2024       2024       2025       2024  
                             
      GAAP cost of revenue $ 10,608     $ 8,926     $ 5,312     $ 32,639     $ 16,621  
      GAAP gross profit $ 28,723     $ 26,156     $ 16,791     $ 97,858     $ 44,301  
        GAAP gross margin   73.0 %     74.6 %     76.0 %     75.0 %     72.7 %
        Acquisition-related and other costs (A)   118       116       119       472       477  
        Stock-based compensation expense (B)   53       50       45       178       141  
        Other (C)                 4       (3 )     40  
      Non-GAAP cost of revenue $ 10,437     $ 8,759     $ 5,144     $ 31,992     $ 15,963  
      Non-GAAP gross profit $ 28,894     $ 26,322     $ 16,959     $ 98,505     $ 44,959  
        Non-GAAP gross margin   73.5 %     75.0 %     76.7 %     75.5 %     73.8 %
                             
      GAAP operating expenses $ 4,689     $ 4,287     $ 3,176     $ 16,405     $ 11,329  
        Stock-based compensation expense (B)     (1,268 )     (1,202 )     (948 )     (4,559 )     (3,408 )
        Acquisition-related and other costs (A)   (43 )     (39 )     (18 )     (130 )     (106 )
        Other (C)                             10  
      Non-GAAP operating expenses $ 3,378     $ 3,046     $ 2,210     $ 11,716     $ 7,825  
                             
      GAAP operating income $ 24,034     $ 21,869     $ 13,615     $ 81,453     $ 32,972  
        Total impact of non-GAAP adjustments to operating income   1,482       1,407       1,134       5,336       4,162  
      Non-GAAP operating income $ 25,516     $ 23,276     $ 14,749     $ 86,789     $ 37,134  
                             
      GAAP other income (expense), net $ 1,183     $ 447     $ 491     $ 2,573     $ 846  
        Gains from non-marketable equity securities and publicly-held equity securities, net   (727 )     (37 )     (260 )     (1,030 )     (238 )
        Interest expense related to amortization of debt discount   1       1       1       4       4  
      Non-GAAP other income (expense), net $ 457     $ 411     $ 232     $ 1,547     $ 612  
                             
      GAAP net income $ 22,091     $ 19,309     $ 12,285     $ 72,880     $ 29,760  
        Total pre-tax impact of non-GAAP adjustments   756       1,371       875       4,310       3,928  
        Income tax impact of non-GAAP adjustments (D)   (781 )     (670 )     (321 )     (2,925 )     (1,376 )
      Non-GAAP net income  $ 22,066     $ 20,010     $ 12,839     $ 74,265     $ 32,312  
                             
      Diluted net income per share (E)                  
        GAAP   $ 0.89     $ 0.78     $ 0.49     $ 2.94     $ 1.19  
        Non-GAAP    $ 0.89     $ 0.81     $ 0.52     $ 2.99     $ 1.30  
                             
      Weighted average shares used in diluted net income per share computation (E)   24,706       24,774       24,900       24,804       24,936  
                             
      GAAP net cash provided by operating activities $ 16,628     $ 17,629     $ 11,499     $ 64,089     $ 28,090  
        Purchases related to property and equipment and intangible assets   (1,077 )     (813 )     (253 )     (3,236 )     (1,069 )
        Principal payments on property and equipment and intangible assets   (32 )     (29 )     (29 )     (129 )     (74 )
      Free cash flow   $ 15,519     $ 16,787     $ 11,217     $ 60,724     $ 26,947  
                             
       
                             
      (A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:
            Three Months Ended   Twelve Months Ended
            January 26,   October 27,   January 28,   January 26,   January 28,
              2025       2024       2024       2025       2024  
        Cost of revenue   $ 118     $ 116     $ 119     $ 472     $ 477  
        Research and development   $ 27     $ 23     $ 12     $ 79     $ 49  
        Sales, general and administrative   $ 16     $ 16     $ 6     $ 51     $ 57  
                             
      (B) Stock-based compensation consists of the following:      
            Three Months Ended   Twelve Months Ended
            January 26,   October 27,   January 28,   January 26,   January 28,
              2025       2024       2024       2025       2024  
        Cost of revenue   $ 53     $ 50     $ 45     $ 178     $ 141  
        Research and development   $ 955     $ 910     $ 706     $ 3,423     $ 2,532  
        Sales, general and administrative   $ 313     $ 292     $ 242     $ 1,136     $ 876  
                             
      (C) Other consists of IP-related costs and assets held for sale related adjustments
     
      (D) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09).
                             
      (E) Reflects a ten-for-one stock split on June 7, 2024
     NVIDIA CORPORATION 
     RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK 
         
         Q1 FY2026 Outlook 
        ($ in millions)
         
    GAAP gross margin   70.6 %
      Impact of stock-based compensation expense, acquisition-related costs, and other costs   0.4 %
    Non-GAAP gross margin   71.0 %
         
    GAAP operating expenses $ 5,150  
      Stock-based compensation expense, acquisition-related costs, and other costs   (1,550 )
    Non-GAAP operating expenses $ 3,600  
           

    About NVIDIA
    NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

    Certain statements in this press release including, but not limited to, statements as to: AI advancing at light speed as agentic AI and physical AI set the stage for the next wave of AI to revolutionize the largest industries; expectations with respect to growth, performance and benefits of NVIDIA’s products, services and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for NVIDIA’s products, services and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments and related trends and drivers; future NVIDIA cash dividends or other returns to stockholders; NVIDIA’s financial and business outlook for the first quarter of fiscal 2026 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA’s reliance on third parties to manufacture, assemble, package and test NVIDIA’s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA’s existing product and technologies; market acceptance of NVIDIA’s products or NVIDIA’s partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA’s products or technologies when integrated into systems; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

    © 2025 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, GeForce RTX, NVIDIA Cosmos, NVIDIA Spectrum-X, NVIDIA DGX, NVIDIA DRIVE, NVIDIA DRIVE AGX Orin, NVIDIA Grace, NVIDIA Jetson Orin Nano, NVIDIA NIM and NVIDIA Omniverse are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aabe86db-ce89-4434-b83c-495082979801

    The MIL Network

  • MIL-OSI Security: Mishawaka Man Sentenced to 75 Months in Prison

    Source: Office of United States Attorneys

    SOUTH BEND – Makai Boyce, 19 years old, of Mishawaka, Indiana, was sentenced by United States District Court Judge Cristal C. Brisco after pleading guilty to possessing a machinegun, announced Acting United States Attorney Tina L. Nommay.

    Boyce was sentenced to 75 months in prison followed by 2 years of supervised release.

    According to documents in the case, in December 2023, Boyce possessed a stolen handgun with an extended magazine and a machinegun conversion device, or “switch,” capable of firing multiple bullets automatically. Boyce fired the machinegun and struck an occupied residence. Two days later, he led police on a lengthy foot chase during which he discarded the machinegun in a backyard doghouse surrounded by children’s toys.

    This case was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives with assistance from the Indiana State Police, the South Bend Police Department, and the St. Joseph County Prosecutor’s Office. The case was prosecuted by Assistant United States Attorneys Joseph P. Falvey and Katelan McKenzie Doyle.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    MIL Security OSI

  • MIL-OSI USA: Hickenlooper, Bennet, DeGette, Neguse, Pettersen, Crow Condemn Trump Admin’s Arbitrary Firings of Interior Department Employees

    US Senate News:

    Source: United States Senator John Hickenlooper – Colorado
    Letter comes after Trump administration fired 2,300 employees at the Department of the Interior, threatening Colorado’s economy and natural resources
    Colorado lawmakers: “The decision to fire these employees will reverberate throughout Colorado’s economy and across the places and resources the agency is meant to protect nationwide.”
    WASHINGTON – Today, U.S. Senators John Hickenlooper and Michael Bennet and U.S. Representatives Diana DeGette, Joe Neguse, Brittany Pettersen, and Jason Crow denounced the Trump administration’s recent firing of 2,300 employees from the Department of the Interior (DOI), and demanded that they be immediately reinstated. The mass firings– including at the National Park Service, Bureau of Land Management, U.S. Fish and Wildlife Service, and Bureau of Indian Affairs – threaten to limit Coloradan’s access to public lands and to weaken Colorado’s economy. 
    “The 6,000 DOI professionals in Colorado fill a critical role, not just within DOI but in communities across our state,” the Colorado lawmakers wrote.
    “Without these employees, the administration will not be able to process permits for activities on public land, including for grazing and energy production. DOI capacity for building our wildfire resilience and protecting our headwaters will diminish,” they continued.  
    “The indiscriminate and short-sighted nature of the firings will hamper the overall mission of the DOI, with the public and our natural resources bearing the brunt of this decision…We urge you to reinstate the recently terminated employees in their positions immediately.”
    Following Trump’s February 11th executive order, the DOI fired 1,000 employees at the National Park Service, 800 at the Bureau of Land Management, 420 at the U.S. Fish and Wildlife Service, and 260 at the U.S. Geological Survey. The Trump administration also fired employees at the Bureau of Indian affairs, a historically underfunded federal agency. The firings followed an even larger exodus of roughly 2,700 DOI employees who voluntarily accepted the Trump administration’s reckless “Fork in the Road” resignation offer. 
    Hickenlooper has sent multiple letters pushing back against the Trump administration’s blanket cuts to the federal government including:
    A letter sounding the alarm over the Office of Personnel Management’s blanket buyout offer to federal employees;
    A letter urging Department of the Interior Secretary Doug Burgum to immediately resolve staff shortages at the National Park Service after they fired thousands of workers; and 
    A letter demanding SBA Administrator Loeffler address the devastating impacts of the arbitrary mass firings of SBA public servants.  
    Full text of the letter is available HERE and below:
    Dear Secretary Burgum:
    We write to condemn the firing of over 2,300 Department of the Interior (DOI) employees, particularly those based in Colorado. The 6,000 DOI professionals in Colorado fill a critical role, not just within DOI but in communities across our state. DOI employees protect our public lands, fulfill our trust responsibilities to Tribes, conserve wildlife resources, support access to recreation on some of our state’s most beautiful landscapes, and manage land for grazing, energy, mining, and other activities. A robust workforce is critical to fulfilling DOI’s mission to steward our natural resources and cultural heritage. We urge you to promptly reinstate the terminated employees in Colorado and across the country.
    DOI employees manage and conserve the resources that are an essential part of what makes Colorado so special – including our 13 National Park Service (NPS) units, 8.3 million acres of public lands managed by the Bureau of Land Management (BLM), and 8 wildlife refuges managed by the U.S. Fish and Wildlife Service. These workers keep our lands accessible to the public and help boost our state’s $14 billion recreational economy. Already, the repercussions of the terminations are evident at Florissant Fossil Beds National Monument in Colorado, which now needs to close two days a week due to a lack of staffing. Blanket dismissals of NPS staff and other land management employees will continue to have a direct effect on public access for visitors statewide, as well as on the businesses in gateway communities surrounding federal lands.
    The decision to fire these employees will reverberate throughout Colorado’s economy and across the places and resources the agency is meant to protect nationwide. DOI’s land management employees often work in rural areas, where communities are tight-knit and often tied closely to the land – and workforce impacts will ripple across those local economies. In many places across Colorado, land management agencies are already challenged by the recruitment and retention of employees in remote areas, including those with a high cost of living. This unjust termination of employees will make management of lands in those areas all the more difficult.
    Just as the land managers in the field are critical to stewardship of our resources, so are the thousands of DOI scientists, grant managers, engineers, and other professionals based out of the Denver Federal Center. The agency’s decreased capacity from firing these employees is compounded by the administration’s recent hiring freeze and the 2,700 DOI employees that accepted the administration’s “Fork in the Road” deferred resignation offer. The current volatility and uncertainty affect DOI’s workforce as a whole, not just those who were fired – and that in turn threatens both our economy and Coloradans’ access to the places they love.
    We also object strongly to the fact that many who were terminated in this mass firing were told they were dismissed for performance reasons, regardless of the employees’ actual performance. The probationary employees who were fired range from those who joined the DOI workforce within the past year, bringing fresh enthusiasm and perspectives, to those with such strong experience that they were recently promoted. Without these employees, the administration will not be able to process permits for activities on public land, including for grazing and energy production. DOI capacity for building our wildfire resilience and protecting our headwaters will diminish. The indiscriminate and short-sighted nature of the firings will hamper the overall mission of the DOI, with the public and our natural resources bearing the brunt of this decision.
    DOI’s recent terminations hold serious on-the-ground consequences for our lands, waters, communities, Tribes, ranchers, and our state’s broader economy. We urge you to reinstate the recently terminated employees in their positions immediately.

    MIL OSI USA News

  • MIL-OSI: Magnite Reports Fourth Quarter and Full-Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Total Revenue up 4% & Contribution ex-TAC(1)up 9% in Fourth Quarter

    Contribution ex-TAC(1)from CTV Grows 23% in Fourth Quarter

    Adjusted EBITDA Margin(2)of 42% in Fourth Quarter

    NEW YORK, Feb. 26, 2025 (GLOBE NEWSWIRE) —  Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company, today reported its results of operations for the fourth quarter and year ended December 31, 2024.

    Recent Highlights:

    • Revenue of $194.0 million for Q4 2024, up 4% from Q4 2023
    • Contribution ex-TAC(1) of $180.2 million for Q4 2024, an increase of 9% from Q4 2023
    • Contribution ex-TAC(1) attributable to CTV for Q4 2024 of $77.9 million, which exceeded guidance of $75 to $77 million, and was up 23% year-over-year
    • Contribution ex-TAC(1) attributable to DV+ for Q4 2024 of $102.3 million, an increase of 1% year-over-year
    • Net income for Q4 2024 of $36.4 million, or $0.24 per diluted share, compared to net income of $30.9 million, or $0.16 per diluted share for Q4 2023
    • Adjusted EBITDA(1) of $76.5 million in Q4 2024 representing a 42% Adjusted EBITDA margin(2), compared to Adjusted EBITDA(1) of $70.4 million for Q4 2023
    • Non-GAAP diluted earnings per share(1) of $0.34 for Q4 2024, compared to non-GAAP diluted earnings per share(1) of $0.29 for Q4 2023
    • Operating cash flow(3) in Q4 2024 of $64.4 million
    • Contribution ex-TAC(1) attributable to CTV for the full-year 2024 of $260.2 million, an increase of 19% year-over-year, representing 43% of total Contribution ex-TAC(1)
    • Adjusted EBITDA(1) for the full-year 2024 of $196.9 million, an increase of 15% from the full-year 2023
    • Ended 2024 with $483.2 million in cash and cash equivalents

    Expectations:

    • Total Contribution ex-TAC(1) for Q1 2025 to be between $140 and $144 million
    • Contribution ex-TAC(1) attributable to CTV for Q1 2025 to be between $61 and $63 million
    • Contribution ex-TAC(1) attributable to DV+ for Q1 2025 to be between $79 and $81 million
    • Adjusted EBITDA operating expenses(4) for Q1 2025 to be between $111 and $113 million
    • Total Contribution ex-TAC(1) growth above 10% for the full-year 2025
    • Excluding political, total 2025 Contribution ex-TAC(1) growth in the mid-teens
    • Adjusted EBITDA margin(2) expansion of at least 100 basis points for 2025
    • Mid-teens percentage growth of Adjusted EBITDA(1) for 2025
    • High-teens to 20% growth in free cash flow(5) for 2025

    “CTV performed well above expectations based on strength from our partnerships with many of the largest industry players. Our DV+ business grew modestly in Q4 due to marketers pausing campaigns after the election, but has rebounded since the start of 2025 and resumed growth in the mid-to-high single digits. We are very encouraged with partner and agency traction to start 2025, and have also made strides to improve efficiency across our business.” said Michael G. Barrett, CEO of Magnite. “We look forward to a solid growth year in 2025, despite a mixed ad spend environment and political comps. We continue to balance top-line growth and profitability to drive free cash flow, which is reflected in our outlook for 2025. Key areas of investment will be live sports, ClearLine, agency marketplaces, curation, AI and overall platform efficiency.”

                         
    Magnite Fourth Quarter 2024 Results Summary
    (in millions, except per share amounts and percentages)
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      Change
    Favorable/
    (Unfavorable)
      December 31,
    2024
      December 31,
    2023
      Change
    Favorable/
    (Unfavorable)
    Revenue $194.0    $186.9   4%   $668.2     $619.7   8%
    Gross profit $126.2    $116.9   8%   $409.3     $209.8   95%
    Contribution ex-TAC(1) $180.2    $165.3   9%   $606.9     $549.1   11%
    Net income (loss) $36.4    $30.9   18%   $22.8     ($159.2)   NM
    Adjusted EBITDA(1) $76.5    $70.4   9%   $196.9     $171.4   15%
    Adjusted EBITDA margin(2)  42%    43%   (1) ppt    32%      31%   1 ppt
    Basic earnings (loss) per share $0.26   $0.22   18%   $0.16     ($1.17)   NM
    Diluted earnings (loss) per share $0.24   $0.16   50%   $0.16     ($1.17)   NM
    Non-GAAP earnings per share(1) $0.34   $0.29   17%   $0.71     $0.54   31%
                             

    NM = Not meaningful

    Notes:
    (1)   Contribution ex-TAC, Adjusted EBITDA, and non-GAAP earnings per share are non-GAAP financial measures. Please see the discussion in the section called “Non-GAAP Financial Measures” and the reconciliations included at the end of this press release.
    (2)   Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Contribution ex-TAC.
    (3)   Operating cash flow is calculated as Adjusted EBITDA less capital expenditures.
    (4)   Adjusted EBITDA operating expenses is calculated as Contribution ex-TAC less Adjusted EBITDA.
    (5)   Free cash flow is defined as operating cash flow (Adjusted EBITDA less capital expenditures) less net interest expense.
         

    Fourth Quarter 2024 Results Conference Call and Webcast:

    The Company will host a conference call on February 26, 2025 at 1:30 PM (PT) / 4:30 PM (ET) to discuss the results for its fourth quarter of 2024.

       
    Live conference call  
    Toll free number: (844) 875-6911 (for domestic callers)
    Direct dial number: (412) 902-6511 (for international callers)
    Passcode: Ask to join the Magnite conference call
    Simultaneous audio webcast: http://investor.magnite.com, under “Events and Presentations”
       
    Conference call replay  
    Toll free number: (877) 344-7529 (for domestic callers)
    Direct dial number: (412) 317-0088 (for international callers)
    Passcode: 1991482
    Webcast link: http://investor.magnite.com, under “Events and Presentations”

    About Magnite
    We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising platform. Publishers use our technology to monetize their content across all screens and formats, including CTV, online video, display, and audio. The world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile-high Denver, historic London, colorful Singapore, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.

    Forward-Looking Statements:
    This press release and management’s prepared remarks during the conference call referred to above include, and management’s answers to questions during the conference call may include, forward-looking statements, including statements based upon or relating to our expectations, assumptions, estimates, and projections. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “anticipate,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms, and similar expressions. Forward-looking statements may include, but are not limited to, statements concerning the Company’s guidance or expectations with respect to future financial performance; acquisitions by the Company, or the anticipated benefits thereof; macroeconomic conditions or concerns related thereto; the growth of ad-supported programmatic connected television; our ability to use and collect data to provide our offerings; the scope and duration of client relationships; the fees we may charge in the future; key strategic objectives; anticipated benefits of new offerings; business mix; sales growth; benefits from supply path optimization; our ability to adapt to advancements in artificial intelligence; the development of identity solutions; client utilization of our offerings; the impact of requests for discounts, rebates or other fee concessions; our competitive differentiation; our market share and leadership position in the industry; market conditions, trends, and opportunities; certain statements regarding future operational performance measures; and other statements that are not historical facts. These statements are not guarantees of future performance; they reflect our current views with respect to future events and are based on assumptions and estimates and subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements.

    We discuss many of these risks and additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in this press release and in other filings we have made and will make from time to time with the Securities and Exchange Commission, or SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings. These forward-looking statements represent our estimates and assumptions only as of the date of the report in which they are included. Unless required by federal securities laws, we assume no obligation to update any of these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated, to reflect circumstances or events that occur after the statements are made. Without limiting the foregoing, any guidance we may provide will generally be given only in connection with quarterly and annual earnings announcements, without interim updates, and we may appear at industry conferences or make other public statements without disclosing material nonpublic information in our possession. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. Investors should read this press release and the documents that we reference in this press release and have filed or will file with the SEC completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

    Non-GAAP Financial Measures and Operational Measures:

    In addition to our GAAP results, we review certain non-GAAP financial measures to help us evaluate our business on a consistent basis, measure our performance, identify trends affecting our business, establish budgets, measure the effectiveness of investments in our technology and development and sales and marketing, and assess our operational efficiencies. These non-GAAP financial measures include Contribution ex-TAC, Adjusted EBITDA, Non-GAAP Income (Loss), and Non-GAAP Earnings (Loss) per share, each of which is discussed below.

    These non-GAAP financial measures are not intended to be considered in isolation from, as substitutes for, or as superior to, the corresponding financial measures prepared in accordance with GAAP. You are encouraged to evaluate these adjustments, and review the reconciliation of these non-GAAP financial measures to their most comparable GAAP measures, and the reasons we consider them appropriate. It is important to note that the particular items we exclude from, or include in, our non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies. See “Reconciliation of Revenue to Gross Profit to Contribution ex-TAC,” “Reconciliation of net income (loss) to Adjusted EBITDA,” “Reconciliation of net income (loss) to non-GAAP income (loss),” and “Reconciliation of GAAP earnings (loss) per share to non-GAAP earnings (loss) per share” included as part of this press release.

    We do not provide a reconciliation of our non-GAAP financial expectations for Contribution ex-TAC and Adjusted EBITDA, or a forecast of the most comparable GAAP measures, because the amount and timing of many future charges that impact these measures (such as amortization of future acquired intangible assets, acquisition-related charges, foreign exchange (gain) loss, net, stock-based compensation, impairment charges, provision or benefit for income taxes, and our future revenue mix), which could be material, are variable, uncertain, or out of our control and therefore cannot be reasonably predicted without unreasonable effort, if at all. In addition, we believe such reconciliations or forecasts could imply a degree of precision that might be confusing or misleading to investors.

    Contribution ex-TAC:

    Contribution ex-TAC is calculated as gross profit plus cost of revenue, excluding traffic acquisition cost (“TAC”). Traffic acquisition cost, a component of cost of revenue, represents what we must pay sellers for the sale of advertising inventory through our platform for revenue reported on a gross basis. Contribution ex-TAC is a non-GAAP financial measure that is most comparable to gross profit. We believe Contribution ex-TAC is a useful measure in facilitating a consistent comparison against our core business without considering the impact of traffic acquisition costs related to revenue reported on a gross basis.

    Adjusted EBITDA:

    We define Adjusted EBITDA as net income (loss) adjusted to exclude stock-based compensation expense, depreciation and amortization, amortization of acquired intangible assets, impairment charges, interest income or expense, and other cash and non-cash based income or expenses that we do not consider indicative of our core operating performance, including, but not limited to foreign exchange gains and losses, acquisition and related items, gains or losses on extinguishment of debt, other debt refinancing expenses, non-operational real estate and other expenses (income), net, and provision (benefit) for income taxes. We also track future expenses on an Adjusted EBITDA basis, and describe them as Adjusted EBITDA operating expenses, which includes total operating expenses. Total operating expenses include cost of revenue. Adjusted EBITDA operating expenses is calculated as Contribution ex-TAC less Adjusted EBITDA. We adjust Adjusted EBITDA operating expenses for the same expense items excluded in Adjusted EBITDA. We believe Adjusted EBITDA is useful to investors in evaluating our performance for the following reasons:

    • Adjusted EBITDA is widely used by investors and securities analysts to measure a company’s performance without regard to items such as those we exclude in calculating this measure, which can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired.
    • Our management uses Adjusted EBITDA in conjunction with GAAP financial measures for planning purposes, including the preparation of our annual operating budget, as a measure of performance and the effectiveness of our business strategies, and in communications with our board of directors concerning our performance. Adjusted EBITDA is also used as a metric for determining payment of cash incentive compensation.
    • Adjusted EBITDA provides a measure of consistency and comparability with our past performance that many investors find useful, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.

    Although Adjusted EBITDA is frequently used by investors and securities analysts in their evaluations of companies, Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results of operations as reported under GAAP. These limitations include:

    • Stock-based compensation is a non-cash charge and will remain an element of our long-term incentive compensation package, although we exclude it as an expense when evaluating our ongoing operating performance for a particular period.
    • Depreciation and amortization are non-cash charges, and the assets being depreciated or amortized will often have to be replaced in the future, but Adjusted EBITDA does not reflect any cash requirements for these replacements.
    • Impairment charges are non-cash charges related to goodwill, intangible assets and/or long-lived assets.
    • Adjusted EBITDA does not reflect certain cash and non-cash charges related to acquisition and related items, such as amortization of acquired intangible assets, merger, acquisition, or restructuring related severance costs, and changes in the fair value of contingent consideration.
    • Adjusted EBITDA does not reflect cash and non-cash charges and changes in, or cash requirements for, acquisition and related items, such as certain transaction expenses.
    • Adjusted EBITDA does not reflect cash and non-cash charges related to certain financing transactions such as gains or losses on extinguishment of debt or other debt refinancing expenses.
    • Adjusted EBITDA does not reflect certain non-operational real estate and other (income) and expense, net, which consists of transactions or expenses that are typically by nature non-operating, one-time items, or unrelated to our core operations.
    • Adjusted EBITDA does not reflect changes in our working capital needs, capital expenditures, or contractual commitments.
    • Adjusted EBITDA does not reflect cash requirements for income taxes and the cash impact of other income or expense.
    • Other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

    Our Adjusted EBITDA is influenced by fluctuations in our revenue, cost of revenue, and the timing and amounts of the cost of our operations. Adjusted EBITDA should not be considered as an alternative to net income (loss), income (loss) from operations, or any other measure of financial performance calculated and presented in accordance with GAAP.

    Non-GAAP Income (Loss) and Non-GAAP Earnings (Loss) per Share:
    We define non-GAAP earnings (loss) per share as non-GAAP income (loss) divided by non-GAAP weighted-average shares outstanding. Non-GAAP income (loss) is equal to net income (loss) excluding stock-based compensation, cash and non-cash based merger, acquisition, and restructuring costs, which consist primarily of professional service fees associated with merger and acquisition activities, cash-based employee termination costs, and other restructuring activities, including facility closures, relocation costs, contract termination costs, and impairment costs of abandoned technology associated with restructuring activities, amortization of acquired intangible assets, gains or losses on extinguishment of debt, non-operational real estate and other expenses or income, foreign currency gains and losses, interest expense associated with Convertible Senior Notes, other debt refinance expenses, and the tax impact of these items. In periods in which we have non-GAAP income, non-GAAP weighted-average shares outstanding used to calculate non-GAAP earnings per share includes the impact of potentially dilutive shares. Potentially dilutive shares consist of stock options, restricted stock units, performance stock units, and potential shares issued under the Employee Stock Purchase Plan, each computed using the treasury stock method, and the impact of shares that would be issuable assuming conversion of all of the Convertible Senior Notes, calculated under the if-converted method. We believe non-GAAP earnings (loss) per share is useful to investors in evaluating our ongoing operational performance and our trends on a per share basis, and also facilitates comparison of our financial results on a per share basis with other companies, many of which present a similar non-GAAP measure. However, a potential limitation of our use of non-GAAP earnings (loss) per share is that other companies may define non-GAAP earnings (loss) per share differently, which may make comparison difficult. This measure may also exclude expenses that may have a material impact on our reported financial results. Non-GAAP earnings (loss) per share is a performance measure and should not be used as a measure of liquidity. Because of these limitations, we also consider the comparable GAAP measure of net income (loss).

     
    MAGNITE, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (unaudited)
     
      December 31, 2024   December 31, 2023
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 483,220     $ 326,219  
    Accounts receivable, net   1,200,046       1,176,276  
    Prepaid expenses and other current assets   19,914       20,508  
    TOTAL CURRENT ASSETS   1,703,180       1,523,003  
    Property and equipment, net   68,730       47,371  
    Right-of-use lease asset   50,329       60,549  
    Internal use software development costs, net   26,625       21,926  
    Intangible assets, net   21,309       51,011  
    Goodwill   978,217       978,217  
    Other assets, non-current   6,378       6,729  
    TOTAL ASSETS $ 2,854,768     $ 2,688,806  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable and accrued expenses $ 1,466,377     $ 1,372,176  
    Lease liabilities, current   16,086       20,402  
    Debt, current   3,641       3,600  
    Other current liabilities   9,880       5,957  
    TOTAL CURRENT LIABILITIES   1,495,984       1,402,135  
    Debt, non-current, net of debt issuance costs   550,104       532,986  
    Lease liabilities, non-current   38,983       49,665  
    Other liabilities, non-current   1,479       2,337  
    TOTAL LIABILITIES   2,086,550       1,987,123  
    STOCKHOLDERS’ EQUITY      
    Common stock   2       2  
    Additional paid-in capital           1,433,809       1,387,715  
    Accumulated other comprehensive loss   (4,421 )     (2,076 )
    Accumulated deficit   (661,172 )     (683,958 )
    TOTAL STOCKHOLDERS’ EQUITY   768,218       701,683  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 2,854,768     $ 2,688,806  
     
     
    MAGNITE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share amounts)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    Revenue $ 193,968     $ 186,932     $ 668,170     $ 619,710  
    Expenses (1)(2):              
    Cost of revenue   67,786       70,025       258,838       409,906  
    Sales and marketing   40,628       37,575       166,142       173,982  
    Technology and development   22,262       23,183       95,243       94,318  
    General and administrative   23,074       21,025       96,860       89,048  
    Merger, acquisition, and restructuring costs                     7,465  
    Total expenses   153,750       151,808       617,083       774,719  
    Income (loss) from operations   40,218       35,124       51,087       (155,009 )
    Other expense:              
    Interest expense, net   5,433       8,100       27,032       32,369  
    Foreign exchange (gain) loss, net   (6,303 )     3,495       (5,083 )     1,953  
    (Gain) loss on extinguishment of debt         (8,348 )     7,706       (26,480 )
    Other income   (1,170 )     (1,287 )     (5,052 )     (5,304 )
    Total other (income) expense, net   (2,040 )     1,960       24,603       2,538  
    Income (loss) before income taxes   42,258       33,164       26,484       (157,547 )
    Provision for income taxes   5,851       2,250       3,698       1,637  
    Net income (loss) $ 36,407     $ 30,914     $ 22,786     $ (159,184 )
    Net earnings (loss) per share:              
    Basic $ 0.26     $ 0.22     $ 0.16     $ (1.17 )
    Diluted $ 0.24     $ 0.16     $ 0.16     $ (1.17 )
    Weighted average shares used to compute net earnings (loss) per share:              
    Basic   141,106       138,212       140,557       136,620  
    Diluted   152,434       143,793       146,810       136,620  
     
    (1) Stock-based compensation expense included in our expenses was as follows:
      Three Months Ended   Year Ended
    December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    Cost of revenue $ 423   $ 436   $ 1,924   $ 1,809
    Sales and marketing   7,473     6,394     31,436     27,263
    Technology and development   3,617     4,624     18,210     20,542
    General and administrative   5,845     5,701     24,949     22,860
    Merger, acquisition, and restructuring costs               143
    Total stock-based compensation expense $ 17,358   $ 17,155   $ 76,519   $ 72,617
     
    (2) Depreciation and amortization expense included in our expenses was as follows:
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    Cost of revenue $ 13,538   $ 13,901   $ 47,570   $ 211,956
    Sales and marketing   2,473     2,628     10,157     27,584
    Technology and development   88     188     460     779
    General and administrative   71     103     323     501
    Total depreciation and amortization expense $ 16,170   $ 16,820   $ 58,510   $ 240,820
     
       
    MAGNITE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (unaudited)
       
      Year Ended
      December 31, 2024   December 31, 2023
    OPERATING ACTIVITIES:      
    Net income (loss) $ 22,786     $ (159,184 )
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
    Depreciation and amortization   58,510       240,820  
    Stock-based compensation   76,519       72,617  
    (Gain) loss on extinguishment of debt   7,706       (26,480 )
    Provision for doubtful accounts   587       4,666  
    Amortization of debt discount and issuance costs   4,119       6,279  
    Non-cash lease expense   (4,772 )     (1,712 )
    Deferred income taxes   95       (2,379 )
    Unrealized foreign currency (gain) loss, net   (7,001 )     1,266  
    Other items, net   23       3,007  
    Changes in operating assets and liabilities:      
    Accounts receivable   (26,024 )     (220,102 )
    Prepaid expenses and other assets   1,980       1,004  
    Accounts payable and accrued expenses   97,380       294,677  
    Other liabilities   3,293       (112 )
    Net cash provided by operating activities   235,201       214,367  
    INVESTING ACTIVITIES:      
    Purchases of property and equipment   (32,810 )     (26,764 )
    Capitalized internal use software development costs   (14,260 )     (10,619 )
    Other investing activities   (432 )      
    Net cash used in investing activities   (47,502 )     (37,383 )
    FINANCING ACTIVITIES:      
    Proceeds from the Term Loan B Facility refinancing and repricing activities, net of debt discount   413,463        
    Repayment of the Term Loan B Facility from refinancing and repricing activities   (403,113 )      
    Payment for debt issuance costs   (4,547 )      
    Repayment of debt   (1,823 )     (3,600 )
    Repurchase of Convertible Senior Notes         (165,518 )
    Proceeds from exercise of stock options   572       2,166  
    Proceeds from issuance of common stock under employee stock purchase plan   3,589       3,513  
    Taxes paid related to net share settlement   (22,472 )     (11,814 )
    Purchase of treasury stock   (14,573 )      
    Repayment of finance leases         (276 )
    Payment of indemnification claims holdback         (2,313 )
    Net cash used in financing activities   (28,904 )     (177,842 )
    EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH   (1,794 )     575  
    CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH   157,001       (283 )
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period   326,219       326,502  
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period $ 483,220     $ 326,219  
     
       
    MAGNITE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-(Continued)
    (In thousands)
    (unaudited)
       
      Year Ended
      December 31, 2024   December 31, 2023
    SUPPLEMENTAL DISCLOSURES OF OTHER CASH FLOW INFORMATION:      
    Cash paid for income taxes $ 3,870   $ 5,357
    Cash paid for interest $ 36,863   $ 37,028
    Capitalized assets financed by accounts payable and accrued expenses and other liabilities $ 6,742   $ 1,690
    Capitalized stock-based compensation $ 2,459   $ 2,012
    Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 13,628   $ 4,017
    Operating lease right-of-use assets reduction and corresponding adjustment to operating lease liabilities from lease terminations $ 4,622   $
    Non-cash financing activity related to Amendment No. 1 to the 2024 Credit Agreement $ 311,974   $
               
     
    MAGNITE, INC.
    CALCULATION OF BASIC AND DILUTED EARNINGS (LOSS) PER SHARE
    (In thousands, except per share data)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
       
    Basic and Diluted Earnings (Loss) Per Share:              
    Net income (loss) $ 36,407   $ 30,914     $ 22,786   $ (159,184 )
    Weighted-average common shares outstanding used to compute basic earnings (loss) per share   141,106     138,212       140,557     136,620  
    Basic earnings (loss) per share $ 0.26   $ 0.22     $ 0.16   $ (1.17 )
                   
    Diluted Earnings (Loss) Per Share:              
    Net income (loss) $ 36,407   $ 30,914     $ 22,786   $ (159,184 )
    Adjustments:              
    Interest expense, Convertible Senior Notes, net of tax   517     508            
    Gain on extinguishment of debt, net of tax       (8,151 )          
    Net income (loss) for calculation of diluted income (loss) $ 36,924   $ 23,271     $ 22,786   $ (159,184 )
                   
    Weighted-average common shares used in basic earnings (loss) per share   141,106     138,212       140,557     136,620  
    Dilutive effect of weighted-average restricted stock units   5,044     545       3,731      
    Dilutive effect of weighted-average common stock options   2,012     1,156       1,811      
    Dilutive effect of weighted-average performance stock units   1,037           669      
    Dilutive effect of weighted-average ESPP shares   25     15       42      
    Dilutive effect of weighted-average convertible notes   3,210     3,865            
    Weighted-average shares used to compute diluted net earnings (loss) per share   152,434     143,793       146,810     136,620  
    Diluted net earnings (loss) per share $ 0.24   $ 0.16     $ 0.16   $ (1.17 )
     
     
    MAGNITE, INC.
    RECONCILIATION OF REVENUE TO GROSS PROFIT TO CONTRIBUTION EX-TAC
    (In thousands)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    Revenue $ 193,968   $ 186,932   $ 668,170   $ 619,710
    Less: Cost of revenue   67,786     70,025     258,838     409,906
    Gross Profit   126,182     116,907     409,332     209,804
    Add back: Cost of revenue, excluding TAC   54,016     48,373     197,610     339,343
    Contribution ex-TAC $ 180,198   $ 165,280   $ 606,942   $ 549,147
                   
     
    MAGNITE, INC.
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
    (In thousands)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    Net income (loss) $ 36,407     $ 30,914     $ 22,786     $ (159,184 )
    Add back (deduct):              
    Depreciation and amortization expense, excluding amortization of acquired intangible assets   8,698       9,198       28,376       38,330  
    Amortization of acquired intangibles   7,472       7,622       30,134       202,490  
    Stock-based compensation expense   17,358       17,155       76,519       72,617  
    Merger, acquisition, and restructuring costs, excluding stock-based compensation expense                     7,322  
    Non-operational real estate and other expense, net   1,597       20       1,579       310  
    Interest expense, net   5,433       8,100       27,032       32,369  
    Foreign exchange (gain) loss, net   (6,303 )     3,495       (5,083 )     1,953  
    (Gain) loss on extinguishment of debt         (8,348 )     7,706       (26,480 )
    Other debt refinancing expense               4,103        
    Provision for income taxes   5,851       2,250       3,698       1,637  
    Adjusted EBITDA $ 76,513     $ 70,406     $ 196,850     $ 171,364  
     
     
    MAGNITE, INC.
    RECONCILIATION OF NET INCOME (LOSS) TO NON-GAAP INCOME (LOSS)
    (In thousands)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    Net income (loss) $ 36,407     $ 30,914     $ 22,786     $ (159,184 )
    Add back (deduct):              
    Merger, acquisition, and restructuring costs, including amortization of acquired intangibles and excluding stock-based compensation expense   7,472       7,622       30,134       209,812  
    Stock-based compensation expense   17,358       17,155       76,519       72,617  
    Non-operational real estate and other expense, net   1,597       20       1,579       310  
    Foreign exchange (gain) loss, net   (6,303 )     3,495       (5,083 )     1,953  
    Interest expense, Convertible Senior Notes   421       508       1,686       2,620  
    (Gain) loss on extinguishment of debt         (8,348 )     7,706       (26,480 )
    Other debt refinancing expense               4,103        
    Tax effect of Non-GAAP adjustments(1)   (5,339 )     (10,218 )     (32,806 )     (23,740 )
    Non-GAAP income $ 51,613     $ 41,148     $ 106,624     $ 77,908  
     
    (1) Non-GAAP income (loss) includes the estimated tax impact from the reconciling items reconciling between net income (loss) and non-GAAP income (loss).
       
     
    MAGNITE, INC.
    RECONCILIATION OF GAAP EARNINGS (LOSS) PER SHARE TO NON-GAAP EARNINGS PER SHARE
    (In thousands, except per share amounts)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    GAAP net earnings (loss) per share (1):              
    Basic $ 0.26   $ 0.22   $ 0.16   $ (1.17 )
    Diluted $ 0.24   $ 0.16   $ 0.16   $ (1.17 )
                   
    Non-GAAP income (2) $ 51,613   $ 41,148   $ 106,624   $ 77,908  
    Non-GAAP earnings per share $ 0.34   $ 0.29   $ 0.71   $ 0.54  
                   
    Weighted-average shares used to compute basic net earnings (loss) per share   141,106     138,212     140,557     136,620  
    Dilutive effect of weighted-average common stock options, RSAs, RSUs, and PSUs   8,093     1,701     6,211     3,258  
    Dilutive effect of weighted-average ESPP shares   25     15     42     31  
    Dilutive effect of weighted-average Convertible Senior Notes   3,210     3,865     3,210     4,981  
    Non-GAAP weighted-average shares outstanding (3)   152,434     143,793     150,020     144,890  
     
    (1) Calculated as net income (loss) divided by basic and diluted weighted-average shares used to compute net income (loss) per share as included in the consolidated statement of operations.
    (2) Refer to reconciliation of net income (loss) to non-GAAP income (loss).
    (3) Non-GAAP earnings per share is computed using the same weighted-average number of shares that are used to compute GAAP net income (loss) per share in periods where there is both a non-GAAP loss and a GAAP net loss.
     
     
    MAGNITE, INC.
    CONTRIBUTION EX-TAC BY CHANNEL
    (In thousands, except percentages)
    (unaudited)
     
      Contribution ex-TAC
      Three Months Ended
      December 31, 2024   December 31, 2023
       
    Channel:              
    CTV $ 77,923   43 %   $ 63,530   38 %
    Mobile   71,660   40       71,566   44  
    Desktop   30,615   17       30,184   18  
    Total $ 180,198   100 %   $ 165,280   100 %
     
      Contribution ex-TAC
      Year Ended
      December 31, 2024   December 31, 2023
       
    Channel:              
    CTV $ 260,159   43 %   $ 218,494   40 %
    Mobile   242,018   40       226,826   41  
    Desktop   104,765   17       103,827   19  
    Total $ 606,942   100 %   $ 549,147   100 %

    The MIL Network

  • MIL-OSI: Horizon Bancorp, Inc. Announces Retirement of Craig Dwight as Chairman and Enhancements to Board of Directors Structure

    Source: GlobeNewswire (MIL-OSI)

    MICHIGAN CITY, Ind., Feb. 26, 2025 (GLOBE NEWSWIRE) — (NASDAQ GS: HBNC) Horizon Bancorp, Inc. (“Horizon” or the “Company”) announced that Craig Dwight, Chairman of Board, will retire from the Board of Directors effective at the expiration of his current term on May 1, 2025. Mr. Dwight provided written notice of his decision on February 24, 2025, which was accepted by the Board on February 25, 2025. Concurrently, the Board of Directors elected Eric Blackhurst to serve as an Independent Chairperson, effective upon Mr. Dwight’s retirement. Mr. Blackhurst has served as a Company Director for over seven years during which time his leadership has been instrumental, notably as Chairperson of Corporate Governance and as a member of the Compensation Committee. Mr. Blackhurst recently retired from an esteemed 35-year career at The Dow Chemical Company where he served as Associate General Counsel, Corporate Transactions and Latin America. His is currently interim president of Alma College. Additionally, with Horizon’s transition to an Independent Chairperson, the role of Independent Lead Director, currently held by Michele Magnuson, will be retired. Ms. Magnuson will remain on the Board and continue to serve on the Compensation and Governance Committees.

    “On behalf of the Board of Directors, Executive Leadership, and Horizon’s Advisors, it is my privilege to thank and congratulate Craig who will retire from the Board upon the expiration of his term in May. For more than 25 years Craig drove the success of Horizon by fostering a winning culture centered on placing client needs first, strengthening the communities Horizon calls home, and delivering significant value for Horizon’s shareholders. His legacy of servant leadership has positively impacted all who have had the pleasure to work with him. We wish Craig and his family the best as he enjoys this richly earned new chapter in life,” said Thomas Prame, Horizon’s President and Chief Executive Officer. “I am also pleased to announce the Board’s election of Eric Blackhurst to Independent Chairperson. Eric’s strategic vision, character and experience make him ideally suited to seamlessly transition into the role of Chairperson. I look forward to our continued positive working relationship and the value he will bring to Horizon in this important new role. Additionally, we would like to thank Michele Magnuson for her impactful stewardship as independent Lead Director over the last 3 years. We are fortunate to have Michele as a Board member, and we look forward to the positive contributions she continues to bring to the Board and organization.”

    In addition to the changes to Horizon’s director roles, Horizon welcomes Larry Magnesen to the Horizon Bank’s Board of Directors effective February 25, 2025. Mr. Magnesen brings to the Bank Board significant experience in marketing and corporate communications resulting from his 20 plus-year career at Fifth Third Bank in various senior leadership roles. “Larry has a vast experience in financial services marketing and corporate communications that will benefit Horizon Bank’s strategic objective of profitably expanding our core banking relationships,” Prame added. “Larry brings a great understanding of attracting and retaining core clients that is combined with an intimate knowledge of our local markets through his former leadership roles. I look forward to the immediate contributions Larry will bring to Horizon’s strategic outlook and the valuable skillset he adds to our already very talented Bank Board.”

    About Horizon Bancorp, Inc.

    Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the nearly 8 billion–asset bank holding company for Horizon Bank, which serves customers across attractive Midwestern markets through convenient digital tools, as well as its Indiana and Michigan branches. Horizon’s retail offerings include prime residential, indirect auto, and other secured consumer lending, as well as a range of personal banking and wealth management solutions. Horizon also provides a comprehensive array of in–market business banking and treasury management services, as well as equipment financing solutions for customers regionally and nationally, with commercial lending representing over half of total loans. More information on Horizon, headquartered in Northwest Indiana’s Michigan City, is available at horizonbank.com and investor.horizonbank.com.

    Contact: Thomas Prame
    Chief Executive Officer and President
    Phone: (219) 814-5983
    Date: February 26, 2025

    The MIL Network

  • MIL-OSI USA: Announcing $80 Million to Support Resiliency Initiatives

    Source: US State of New York

    Governor Kathy Hochul today announced $80 million in new grant funding available to communities across New York State for climate resiliency projects. The grants, funded through the $4.2 billion Clean Water, Clean Air and Green Jobs Environmental Bond Act of 2022, will support nature-based and green infrastructure projects designed to reduce flood risk and enhance community resilience to extreme weather.

    “Making New York more resilient in the face of increasingly devastating storms and other extreme weather emergencies is a top priority for our state,” Governor Hochul said. “With $80 million now available from the Environmental Bond Act, communities statewide will be able to take necessary steps to protect flood-prone areas, safeguard infrastructure, and ensure the safety of their homes, businesses, and critical infrastructure. These investments will not only strengthen our ability to withstand future storms but also create healthier, more sustainable communities for future generations.”

    The funding will be distributed through three new grant programs, each focused on investing in adaptation and improvements that will protect lives and minimize the financial burden of recovering from future extreme weather events. The projects represent a proactive approach to emergency preparedness, prioritizing investments that mitigate the effects of extreme weather driven by climate change.

    The three resiliency related grant programs are:

    • Resilient Watersheds Grant Program: $45 million will be made available through the Department of Environmental Conservation (DEC), building on the success of the Resilient NY program and advancing the State’s goal of strengthening infrastructure and protecting New Yorkers from the impacts of extreme weather.
    • Coastal Rehabilitation and Resilience Projects Program: $20 million will be made available through the Department of State (DOS) for coastal communities. The program prioritizes projects using nature-based solutions to enhance community resilience while also delivering environmental, economic and social benefits.
    • Inland Flooding and Local Waterfront Revitalization Implementation Projects Program: $15 million will be made available through DOS for implementation projects that improve waterfront and watershed resiliency and reduce climate impacts, particularly flooding.

    DEC Interim Commissioner Sean Mahar said, “Through Governor Hochul’s leadership and historic Environmental Bond Act investments, New York State is improving community resilience to extreme weather events driven by climate change. Leveraged with comprehensive Executive Budget proposals, DEC and our State agency partners are advancing comprehensive flood risk reduction projects across the state that will restore our environment, improve water quality and safeguard communities.”

    Environmental Facilities Corporation (EFC) President and CEO Maureen A. Coleman said, “By helping municipalities protect their critical water infrastructure from extreme weather events, we are investing in a safer, healthier, and more livable future for New Yorkers. EFC is pleased to partner with DEC to further Governor Hochul’s coordinated efforts to tackle water quality issues statewide and ensure equitable access to clean, safe water.”

    Secretary of State Walter T. Mosley said, “The Environmental Bond Act is a historic and transformative investment in the future of the Empire State that will pay dividends for generations to come. These essential programs and projects will have far reaching economic, social and environmental benefits for people and businesses, protecting lives, livelihoods and properties from the ravages of climate change and restoring critical habitats and ecosystems.”

    Resilient Watersheds Grant Program
    The goal of the Resilient Watersheds Grant program is to implement projects that take a comprehensive approach to building community resilience. This competitive statewide grant program is open to local governments, Indian Nations, County Soil and Water Conservation Districts, state agencies, and not-for-profit corporations.

    Projects will promote flood risk and ice jam reduction and restoration, enhance flood and climate resilience, implement natural and nature-based feature construction, or ecologically sustainable projects while supporting healthy riparian habitats. Projects are funded to the extent of available funds based on the evaluation criteria.

    Projects identified by existing and future Resilient NY Program studies are eligible to apply for the program. Additional eligibility information can be found here: Flood Recovery And Resilience – NYSDEC

    Coastal Rehabilitation and Resilience Projects Program
    The program supports the implementation of projects that increase resilience with an emphasis on natural processes that provide environmental, economic, and social benefits to communities within the New York State Coastal area and the Coastal Nonpoint Source boundary.

    Complete information on this DOS program can be found here: https://dos.ny.gov/funding-bid-opportunities

    Inland Flooding and Local Waterfront Revitalization Program Implementation Projects Program
    The program supports implementation projects that improve waterfront and watershed resiliency and reduce climate impacts, particularly flooding.

    Complete information on this DOS program can be found here: https://dos.ny.gov/funding-bid-opportunities

    Webinar and How to Apply
    DEC, DOS and EFC will co-host a webinar for all three funding opportunities on March 12, 2025, from 10 to 11 a.m. To register for the webinar, click here.

    Applications for all three funding opportunities can be submitted through the Consolidated Funding Application (CFA) portal at https://apps.cio.ny.gov/apps/cfa/. Applications are due by 4 p.m. on Friday, June 6, 2025.

    New York State continues to advance resiliency initiatives and investments that are helping to protect communities. Today’s announcement complements Governor Hochul’s Executive Budget proposal to invest more than $1 billion to help fund a more sustainable and affordable future. The ambitious proposal is the single-largest climate investment in state history, generating thousands of jobs, slashing energy bills for households, and cutting harmful pollution.

    The announcement today also demonstrates the ways New York State’s continued commitment can be achieved, by working with local communities to identify and address potential future climate impacts related to storm surges, rising sea levels, and other conditions. The Executive Budget also includes $108 million for climate resiliency initiatives that support coastal resiliency and additional funding for Green Resiliency Grants and continues a record $400 million for Environmental Protection Fund programs that include measures to adapt and mitigate climate impacts. Progress also continues in administering the $4.2 billion Clean Water, Clean Air and Green Jobs Environmental Bond Act, which has allocated approximately $1.25 billion, or 25 percent, of Bond Act funds to date.

    New York State’s Climate Agenda
    New York State’s climate agenda calls for an affordable and just transition to a clean energy economy that creates family-sustaining jobs, promotes economic growth through green investments, and directs a minimum of 35 percent of the benefits to disadvantaged communities. New York is advancing a suite of efforts to achieve an emissions-free economy by 2050, including in the energy, buildings, transportation, and waste sectors.

    MIL OSI USA News

  • MIL-OSI USA: Duckworth Slams Trump Administration for Purging Top Military Leadership While Pushing DoD Cuts, Both of Which Will Harm Readiness and National Security

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth
    February 26, 2025
    [WASHINGTON, D.C.] – Yesterday, combat Veteran and U.S. Senator Tammy Duckworth (D-IL)—a member of the U.S. Senate Armed Services Committee—slammed President Trump and his Administration for putting our military readiness and national security at risk by firing our nation’s top military leaders while the Administration continues to push for 8% cuts to the defense budget for the next five years. Additionally, Duckworth expressed her outrage that Donald Trump is siding with Russian dictator Vladimir Putin in his unjustified and unlawful war against Ukraine and pressed the Deputy Secretary of Defense nominee Stephen Feinberg to admit that Russia was the one who started the war. Ultimately, Mr. Feinberg refused to answer. Duckworth’s full remarks can be found on the Senator’s YouTube.
    “By firing our top military leaders and removing JAG officers who ensure our military doesn’t break the law, Donald Trump is behaving like a wanna-be dictator and jeopardizing our military readiness and national security,” said Duckworth. “While I’m glad Mr. Feinberg could publicly pledge that he would refuse an unlawful order—clearing the absolute lowest bar for Senate consideration—his inability to acknowledge basic, public facts about vitally important defense issues, like that it was Russia, not Ukraine, who started this devastating, three-years long war, made it clear I cannot support his nomination. Given how grossly unqualified Secretary Hegseth is to lead our nation’s Defense Department, our men and women in uniform deserve a Deputy Secretary who will have their backs and be more than just a yes-man for President Trump.”
    When Duckworth pressed the nominee to admit that it was Russia who invaded Ukraine, Mr. Feinberg offered a concerning non-answer, responding: “I don’t feel that I should publicly comment in the middle of a tense negotiation when I’m not privy to the facts.”
    Additionally, Duckworth underscored that due to the utter lack of qualifications of Secretary Hegseth, Mr. Feinberg would manage the minutiae of the Department of Defense and be solely responsible for managing the budget and day-to-day operations, stating: “You are it. You are second in command.” She pressed Mr. Feinberg to state that he would push back against orders that would undermine our military readiness and ensure stability at the Department. 
    Duckworth is an outspoken vocal critic of Defense Secretary Pete Hegseth and voted against his confirmation. During Hegseth’s confirmation hearing, Duckworth demonstrated some of the areas where he lacks the experience or knowledge that a serious Defense Secretary nominee should have, grilling him on basic questions that he failed to answer. She asked him if he ever led an audit. He would not confirm. She asked him to describe at least one of the main international security agreements a Secretary of Defense is responsible for leading. He could not name any. She asked him to name at least one nation that is a part of ASEAN, an organization with several member states who have mutual defense treaties, alliances or enhanced defense cooperation agreements with the U.S. None of the three countries he named were correct.
    Duckworth then delivered an impassioned speech on the Senate floor slamming Hegseth for his lack of experience and qualifications to lead the Department of Defense. Speaking next to a framed copy of the Soldier’s Creed—a copy that hangs over her desk in the Senate and hung above her bed during her recovery at Walter Reed Medical Center after the helicopter she co-piloted was shot down—Duckworth underscored that it is insulting to ask our servicemembers to train and perform to the absolute highest standards when the Senate confirms a Secretary of Defense who is wholly unprepared and unqualified to lead them in any way.
    -30-

    MIL OSI USA News

  • MIL-OSI Economics: Trade Facilitation Agreement: Eight years of cutting trade costs and boosting growth for all members

    Source: World Trade Organization

    The WTO Trade Facilitation Agreement (TFA) has been a game-changer for international trade. As the first major multilateral trade agreement added to the WTO rulebook since the Uruguay Round in 1995, it has already boosted trade by more US$ 230 billion across the globe. Since taking effect in 2017, the TFA has simplified customs procedures, cut through red tape and increased regulatory transparency — making cross-border trade faster, cheaper and more predictable for businesses of all sizes.

    The benefits of trade facilitation are broadly enjoyed across the full WTO membership, creating more opportunities for resilient, secure and efficient trade and supply chains for developed and developing members alike.

    Streamlining trade

    Trade inefficiencies are not just an inconvenience: they impose substantial economic costs. Delays in transit can account for up to 44 per cent of transport costs, resulting from storage charges, bottlenecks at weighbridges, police checks and border crossings. Every hold-up chips away at competitiveness and increases costs. This can cost businesses valuable contracts and revenue. 

    A single trade transaction on average involves as many as 36 original documents and 240 copies. This administrative burden not only increases costs but also discourages micro, small and medium-sized enterprises (MSMEs) from participating in global trade.

    • Since its entry into force, the TFA has expedited the movement, release and clearance of goods and enhanced the transparency of trade regulations and procedures. It has also reduced excessive paperwork, unnecessary delays and inefficiencies at borders, and has fostered cooperation between customs authorities and other stakeholders.
    • TFA implementation has cut trade costs worldwide by an average of 1 to 4 per cent, leading to an increase in trade of over US$ 230 billion, with the most significant gains observed in agriculture. Developing and least-developed country (LDC) members have gained the most, demonstrating the Agreement’s capacity to foster efficient trade systems worldwide and creating opportunities for more people to benefit. 

    Many WTO members have reported that TFA-driven targeted reforms have led to notable reductions in the time and costs involved in border crossings, demonstrating the tangible impact of trade facilitation measures.

    For example, Montenegro has increased express shipments released within one hour of arrival from 25 to 53 per cent, while Indonesia has reduced import licence processing time by an average of four days. Ecuador has cut processing times by 67 per cent annually, while Brazil has cut export costs by an ad valorem equivalent of 9 per cent and import costs by 7 per cent. Jordan has slashed processing time by as much as 75 per cent, saving US$ 15 per unit.

    Infrastructure improvements stimulated by the TFA have also played a crucial role in enhancing efficiency. One-stop border posts have significantly reduced waiting times at borders, cutting customs processing time and queuing delays by 62 per cent at the Kenya-Uganda border and by 87 per cent at the Kenya-Tanzania border, creating more incentives for intra-African trade as well as African trade with the rest of the world. These examples illustrate how targeted reforms, digitalization and improved border coordination are helping WTO members streamline trade processes and unlock economic benefits.

    TFA implementation is well underway but technical assistance is needed to ensure its full benefits

    When implementing the TFA, developing and LDC members can categorize their commitments, giving them flexibility in putting the Agreement’s provisions into practice. Category A commitments must be implemented immediately, whereas commitments under categories B and C can be implemented later. Category C allows members capacity-building support to undertake the commitment. To clarify their commitments, members underwent a notification process, which has concluded. The focus now is on-the-ground implementation.

    Figure 1: Number of Category B measures due to be implemented yearly

    Source: TFA Database

    Most Category B commitments have now been implemented, with only four still to be implemented by 2030 (see Figure 1). Meanwhile, 196 Category C measures are scheduled for implementation this year (see Figure 2). While Category C measures due for implementation will gradually decline from 2026 onwards, the timeline continues well into the 2040s. The magnitude of these commitments underscores the scale of technical assistance and capacity-building support required by many developing and LDC members to fully unlock the benefits of the TFA.

    Figure 2: Number of Category C measures due to be implemented yearly

    Source: TFA Database

    Figure 3 highlights the provisions registering the greatest number of Category C commitments over the next two years. These measures are often some of the most complex to implement as they require not only regulatory changes but also significant investment in infrastructure, technology and inter-agency coordination.

    Figure 3: Top five Category C measures due for implementation in 2025-26

    Source: TFA Database

    For instance, single window systems — a single platform to collect and process import, export, or transit information in an efficient and cost-effective manner — demand extensive digitalization efforts, requiring the integration of various agencies and the streamlining of data-sharing processes. Border agency cooperation to align procedures across multiple institutions can be challenging due to differences in mandates, resources and regulatory frameworks. In addition, risk management necessitates advanced data analytics and compliance verification mechanisms. These may be difficult to establish without sustained technical assistance and capacity-building support.

    As implementation progresses, sustained support will be essential to ensure that all members can fully reap the benefits of the TFA. Full implementation of the Agreement promises to deliver significant gains in trade efficiency and cost reduction, but only if there is ongoing investment in developing expertise, infrastructure and regulatory reforms. The 2025 peak in Category C commitments demonstrates the urgent need for targeted interventions to address persistent structural and financial barriers.

    The WTO’s Trade Facilitation Agreement Facility (TFAF) plays a key role in helping developing and LDC members mobilize the technical assistance and capacity-building support they need to implement the TFA. Since its establishment, the TFAF has been instrumental in supporting developing and LDC members through their ratification of the Agreement and their submission of more than 130 notifications within agreed deadlines.

    It has also assisted 46 developing members, including 18 LDCs, in securing assistance from development partners — either by sharing information or by providing project preparation grants. Thanks to TFAF support, ten developing members, including two LDCs, have successfully partnered with donors to meet their TFA capacity-building needs.

    With more than 500 commitments still due for implementation over the next five years, the TFAF remains a critical mechanism for channelling resources and ensuring that technical assistance aligns with members’ evolving needs.

    How improvements in trade facilitation efforts can be leveraged

    Digitalization offers ways to further enhance efficiency, transparency and coordination at borders. While approaches to using digital trade facilitation differ, members are discussing its role in shaping the future of trade procedures.

    In 2024, members decided to use the WTO Committee on Trade Facilitation to share experiences on the impact of digitalization on TFA implementation. Discussions have highlighted both successes and challenges, with some members showcasing innovative digital solutions, and others emphasizing the need for capacity-building to bridge the digital divide across economies with different levels of development. Digitalization will continue to be on the Committee’s agenda throughout 2025.

    At the domestic level, national trade facilitation committees (NTFCs) provide a critical institutional framework to drive effective implementation of the TFA. These committees coordinate efforts among government agencies, often in collaboration with private sector stakeholders, to ensure a holistic approach to trade facilitation reforms. NTFCs are key to identifying implementation bottlenecks, streamlining regulatory processes and aligning technical assistance with national priorities. As members navigate the complex reforms required for full TFA implementation, NTFCs will be instrumental in ensuring that trade facilitation improvements translate into tangible economic benefits.

    Value of full TFA implementation for all members

    Eight years after its entry into force, the TFA continues to reduce trade costs, improve customs efficiency and expand market opportunities for all members. As full implementation progresses, the benefits for businesses and economies will accelerate.

    While the benefits of trade facilitation are often highlighted in the context of developing and LDC members, the advantages extend across the entire WTO membership, including developed members. As more WTO members implement the TFA, businesses in developed members also benefit from smoother, more predictable trade flows, less red tape and fewer costly delays at borders.

    Lower trade costs and greater efficiency enhance global supply chain resilience, minimizing disruptions and ensuring more secure and reliable access to products. Ultimately, continued implementation of the TFA strengthens global trade networks, making trade more inclusive, efficient and resilient to external shocks.

    With sustained engagement from WTO members and development partners, trade facilitation will be a key driver of global trade efficiency and economic growth for years to come.

    MIL OSI Economics

  • MIL-Evening Report: DeepSeek is now a global force. But it’s just one player in China’s booming AI industry

    Source: The Conversation (Au and NZ) – By Mimi Zou, Professor, School of Private & Commercial Law, UNSW Sydney

    Dorason/Shutterstock

    When small Chinese artificial intelligence (AI) company DeepSeek released a family of extremely efficient and highly competitive AI models last month, it rocked the global tech community. The release revealed China’s growing technological prowess. It also showcased a distinctly Chinese approach to AI advancement.

    This approach is characterised by strategic investment, efficient innovation and careful regulatory oversight. And it’s evident throughout China’s broader AI landscape, of which DeepSeek is just one player.

    In fact, the country has a vast ecosystem of AI companies.

    They may not be globally recognisable names like other AI companies such as DeepSeek, OpenAI and Anthropic. But each has carved out their own speciality and is contributing to the development of this rapidly evolving technology.

    Tech giants and startups

    The giants of China’s technology industry include Baidu, Alibaba and Tencent. All these companies are investing heavily in AI development.

    Alibaba CEO Eddie Wu earlier this month said the multibillion dollar company plans to “aggressively invest” in its pursuit of developing AI that is equal to, or more advanced than, human intelligence.

    The company is already working with Apple to incorporate its existing AI models into Chinese iPhones. (Outside China, iPhones offer similar integration with OpenAI’s ChatGPT.)

    But a new generation of smaller, specialised AI companies has also emerged.

    For example, Shanghai-listed Cambricon Technologies focuses on AI chip development. Yitu Technology specialises in healthcare and smart city applications.

    Megvii Technology and CloudWalk Technology have carved out niches in image recognition and computer vision, while iFLYTEK creates voice recognition technology.

    Multibillion dollar Chinese tech company Alibaba plans to aggressively invest in AI.
    testing/Shutterstock

    Innovative paths to success

    Despite United States’ chip sanctions and China’s restricted information environment, these Chinese AI companies have found paths to success.

    US companies such as OpenAI have trained their large language models on the open internet. But Chinese companies have used vast datasets from domestic platforms such as WeChat, Weibo and Zhihu. They also use government-authorised data sources.

    Many Chinese AI companies also embrace open-source development. This means they publish detailed technical papers and release their models for others to build upon. This approach focuses on efficiency and practical application rather than raw computing power.

    The result is a distinctly Chinese approach to AI.

    Importantly, China’s state support for AI development has also been substantial. Besides the central government, local and provincial governments have provided massive funding through venture funds, subsidies and tax incentives.

    China has also established at least 48 data exchanges across different cities in recent years. These are authorised marketplaces where AI companies can purchase massive datasets in a regulated environment.

    By 2028, China also plans to establish more than 100 “trusted data spaces”.

    These are secure, regulated environments designed to standardise data exchanges across sectors and regions. They will form the foundation of a comprehensive national data market, allowing access to and use of diverse datasets within a controlled framework.

    A strong education push

    The growth of the AI industry in China is also tied to a strong AI education push.

    In 2018, China’s Ministry of Education launched an action plan for accelerating AI innovation in universities.

    Publicly available data shows 535 universities have established AI undergraduate majors and some 43 specialised AI schools and research institutes have also been created since 2017. (In comparison, there are at least 14 colleges and universities in the United States offering formal AI undergraduate degrees.)

    Together, these institutions are building an AI talent pipeline in China. This is crucial to Beijing’s ambition of becoming a global AI innovation leader by 2030.

    China’s AI strategy combines extensive state support with targeted regulation. Rather than imposing blanket controls, regulators have developed a targeted approach to managing AI risks.

    The 2023 regulations on generative AI are particularly revealing of Beijing’s approach.

    They impose content-related obligations specifically on public-facing generative AI services, such as ensuring all content created and services provided are lawful, uphold core socialist values and respect intellectual property rights. These obligations, however, exclude generative AI used for enterprise, research and development. This allows for some unrestricted innovation.

    There are 43 specialised AI schools and research institutes in China, including at Renmen University in Beijing.
    humphery/Shutterstock

    International players

    China and the US dominate the global AI landscape. But several significant players are emerging elsewhere.

    For example, France’s Mistral AI has raised over €1 billion (A$1.6 billion) to date to build large language models. In comparison, OpenAI raised US$6.6 billion (A$9.4 billion) in a recent funding round, and is in talks to raise a further US$40 billion.

    Other European companies are focused on specialised applications, specific industries or regional markets. For example, Germany’s Aleph Alpha offers an AI tool that allows companies to customise third-party models for their own purposes

    In the United Kingdom, Graphcore is manufacturing AI chips and Wayve is making autonomous driving AI systems.

    Challenging conventional wisdom

    DeepSeek’s breakthrough last month demonstrated massive computing infrastructure and multibillion dollar budgets aren’t always necessary for the successful development of AI.

    For those invested in the technology’s future, companies that achieve DeepSeek-level efficiencies could significantly influence the trajectory of AI development.

    We may see a global landscape where innovative AI companies elsewhere can achieve breakthroughs, while still operating within ecosystems dominated by American and Chinese advantages in talent, data and investment.

    The future of AI may not be determined solely by who leads the race. Instead, it may be determined by how different approaches shape the technology’s development.

    China’s model offers important lessons for other countries seeking to build their AI capabilities while managing certain risks.

    Mimi Zou has previously received funding from the British Academy. She is affiliated with the Asia Society Australia.

    ref. DeepSeek is now a global force. But it’s just one player in China’s booming AI industry – https://theconversation.com/deepseek-is-now-a-global-force-but-its-just-one-player-in-chinas-booming-ai-industry-250494

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Europe: REPORT on human rights and democracy in the world and the European Union’s policy on the matter – annual report 2024 – A10-0012/2025

    Source: European Parliament

    MOTION FOR A EUROPEAN PARLIAMENT RESOLUTION

    on human rights and democracy in the world and the European Union’s policy on the matter – annual report 2024

    (2024/2081(INI))

    The European Parliament,

     having regard to the Charter of Fundamental Rights of the European Union,

     having regard to the European Convention on Human Rights,

     having regard to Articles 2, 3, 8, 21 and 23 of the Treaty on European Union (TEU),

     having regard to Articles 17 and 207 of the Treaty on the Functioning of the European Union (TFEU),

     having regard to the Universal Declaration of Human Rights and other United Nations human rights treaties and instruments,

     having regard to the International Covenant on Civil and Political Rights,

     having regard to the International Covenant on Economic, Social and Cultural Rights,

     having regard to the Geneva Convention relative to the Treatment of Prisoners of War,

     having regard to the United Nations 1951 Refugee Convention and the 1967 Protocol thereto,

     having regard to the United Nations Convention on the Prevention and Punishment of the Crime of Genocide of 1948 and United Nations Human Rights Council Resolution 43/29 of 22 June 2020 on the prevention of genocide,

     having regard to the United Nations Convention on the Elimination of All Forms of Discrimination against Women of 18 December 1979,

     having regard to the United Nations Convention against Torture and other Cruel, Inhuman or Degrading Treatment or Punishment  of 10 December 1984 and the Optional Protocol thereto, adopted on 18 December 2002,

     having regard to the United Nations Convention on the Rights of Persons with Disabilities  of 12 December 2006 and the Optional Protocol thereto, adopted on 13 December 2006,

     having regard to the International Convention on the Suppression and Punishment of the Crime of Apartheid of 1976,

     having regard to the Declaration on the Elimination of All Forms of Intolerance and of Discrimination Based on Religion or Belief, proclaimed by United Nations General Assembly Resolution 36/55 of 25 November 1981,

     having regard to the United Nations Declaration on the Rights of Persons Belonging to National or Ethnic, Religious and Linguistic Minorities of 18 December 1992,

     having regard to the United Nations Declaration on Human Rights Defenders, adopted by consensus by the United Nations General Assembly Resolution 53/144 on 9 December 1998,

     having regard to the United Nations Declaration on the Rights of Indigenous Peoples of 13 September 2007,

     having regard to the United Nations Declaration on the Rights of Peasants and Other People Working in Rural Areas of 28 September 2018,

     having regard to the Programme of Action of the Cairo International Conference of Population and Development in 1994 and its review conferences,

     having regard to the United Nations Convention on the Rights of the Child of 20 November 1989 and the two Optional Protocols thereto, adopted on 25 May 2000,

     having regard to the United Nations Arms Trade Treaty, which entered into force on 24 December 2014, and the EU Code of Conduct on Arms Exports of 5 June 1998,

     having regard to the United Nations Beijing Declaration and Platform for Action of September 1995 and its review conferences,

     having regard to the United Nations 2030 Agenda for Sustainable Development adopted on 25 September 2015, in particular goals 1, 3, 4, 5, 8, 10 and 16 thereof,

     having regard to the United Nations Global Compact for Safe, Orderly and Regular Migration adopted on 19 December 2018 and the United Nations Global Compact on Refugees adopted on 17 December 2018,

     having regard to the Rome Statute of the International Criminal Court adopted on 17 July 1998, which entered into force on 1 July 2002,

     having regard to the Agreement between the European Union and the International Criminal Court on cooperation and assistance of 10 April 2006[1],

     having regard to the Council of Europe Conventions of 4 April 1997 for the Protection of Human Rights and Dignity of the Human Being with regard to the Application of Biology and Medicine, and the Additional Protocols thereto, of 16 May 2005 on Action against Trafficking in Human Beings, and of 25 October 2007 on the Protection of Children against Sexual Exploitation and Sexual Abuse,

     having regard to the Council of Europe Convention of 11 May 2011 on preventing and combating violence against women and domestic violence (the Istanbul Convention), which not all Member States have ratified but which entered into force for the EU on 1 October 2023,

     having regard to Protocols Nos 6 and 13 to the Council of Europe Convention of 28 April 1983 for the Protection of Human Rights and Fundamental Freedoms concerning the Abolition of the Death Penalty,

     having regard to Council Regulation (EU) 2020/1998 of 7 December 2020 concerning restrictive measures against serious human rights violations and abuses[2],

     having regard to Regulation (EU) 2021/947 of the European Parliament and of the Council of 9 June 2021 establishing the Neighbourhood, Development and International Cooperation Instrument – Global Europe[3],

     having regard to the Council conclusions of 22 January 2024 on EU Priorities in UN Human Rights Fora in 2024,

     having regard to the EU Action Plan on Human Rights and Democracy 2020-2024, adopted by the Council on 17 November 2020 and its Mid-term Review adopted on 9 June 2023,

     having regard to the Council conclusions of 27 May 2024 on the alignment of the EU Action Plan on Human Rights and Democracy 2020-2024 with the Multiannual Financial Framework 2021-2027,

     having regard to the EU Gender Action Plan (GAP) III – an ambitious agenda for gender equality and women’s empowerment in external action (JOIN(2020)0017),

     having regard to the EU Gender Equality Strategy 2020-2025 (COM(2020)0152),

     having regard to the EU LGBTIQ Equality Strategy 2020-2025 (COM(2020)0698),

     having regard to the EU strategy on the rights of the child (COM(2021)0142),

     having regard to the EU Strategy for the Rights of Persons with Disabilities 2021-2030 (COM(2021)0101),

     having regard to the EU anti-racism action plan 2020-2025 (COM(2020)0565),

     having regard to the EU Roma strategic framework for equality, inclusion and participation (COM(2020)0620),

     having regard to the EU Guidelines on human rights defenders, adopted by the Council on 14 June 2004 and revised in 2008, and the second guidance note on the Guidelines’ implementation, endorsed in 2020,

     having regard to the EU Guidelines on violence against women and girls and combating all forms of discrimination against them, adopted by the Council on 8 December 2008,

     having regard to the EU Guidelines on promoting compliance with international humanitarian law (IHL) of 2005, as updated in 2009,

     having regard to the EU Guidelines on the death penalty, as updated by the Council on 12 April 2013,

     having regard to the EU Guidelines to promote and protect the enjoyment of all human rights by LGBTI persons, adopted on 24 June 2013,

     having regard to the EU Guidelines on the promotion and protection of freedom of religion or belief, adopted by the Council on 24 June 2013,

     having regard to the EU Guidelines on freedom of expression online and offline, adopted by the Council on 12 May 2014,

     having regard to the EU Guidelines on non-discrimination in external action, adopted by the Council on 18 March 2019,

     having regard to the EU Guidelines on safe drinking water and sanitation, adopted by the Council on 17 June 2019,

     having regard to the revised EU Guidelines on EU policy towards third countries on torture and other cruel, inhuman or degrading treatment or punishment, adopted by the Council on 16 September 2019,

     having regard to the revised EU Guidelines on human rights dialogues with partner/third countries, approved by the Council on 22 February 2021,

     having regard to the revised EU Guidelines on children and armed conflict, approved by the Council on 24 June 2024,

     having regard to the Commission communication of 12 September 2012 entitled ‘The roots of democracy and sustainable development: Europe’s engagement with Civil Society in external relations’ (COM(2012)0492),

     having regard to the Council conclusions of 10 March 2023 on the role of the civic space in protecting and promoting fundamental rights in the EU,

     having regard to Directive (EU) 2024/1760 of the European Parliament and of the Council of 13 June 2024 on corporate sustainability due diligence and amending Directive (EU) 2019/1937 and Regulation (EU) 2023/2859[4],

     having regard to the Commission proposal of 14 September 2022 for a regulation of the European Parliament and the Council on prohibiting products made with forced labour on the Union market (COM(2022)0453),

     having regard to the joint proposal from the Commission and the High Representative of the Union for Foreign Affairs and Security Policy of 3 May 2023 for a Council regulation on restrictive measures against serious acts of corruption (JOIN(2023)0013),

     having regard to the 2023 EU Annual Report on Human Rights and Democracy in the World,

     having regard to its Sakharov Prize for Freedom of Thought, which in 2024 was awarded to María Corina Machado, as the leader of the democratic forces in Venezuela, and President-elect Edmundo González Urrutia, representing all Venezuelans inside and outside the country fighting for the reinstitution of freedom and democracy,

     having regard to its resolution of 15 January 2019 on EU Guidelines and the mandate of the EU Special Envoy on the promotion of freedom of religion or belief outside the EU[5],

     having regard to its resolution of 23 October 2020 on Gender Equality in EU’s foreign and security policy[6],

     having regard to its resolution of 19 May 2021 on human rights protection and the EU external migration policy[7],

     having regard to its resolution of 8 July 2021 on the EU Global Human Rights Sanctions Regime (EU Magnitsky Act)[8],

     having regard to its resolution of 28 February 2024 on human rights and democracy in the world and the European Union’s policy on the matter – annual report 2023[9], and to its previous resolutions on earlier annual reports,

     having regard to its resolutions on breaches of human rights, democracy and the rule of law (known as urgency resolutions), adopted in accordance with Rule 150 of its Rules of Procedure, in particular those adopted in 2023 and 2024,

     having regard to Rule 55 of its Rules of Procedure,

     having regard to the opinion of the Committee on Women’s Rights and Gender Equality,

     having regard to the report of the Committee on Foreign Affairs (A10-0012/2025),

    A. whereas the EU is founded on the values of respect for human dignity, freedom, democracy, equality, the rule of law and respect for human rights, as set out in Articles 2 and 21 TEU; whereas the EU’s action worldwide must be guided by the universality and indivisibility of human rights and by the fact that the effective protection and defence of human rights and democracy is at the core of the EU’s external action;

    B. whereas consistency and coherence across the EU’s internal and external policies are key for achieving an effective and credible EU human rights policy, and in defending and supporting freedom and democracy;

    C. whereas democratic systems are the most suitable to guarantee that every person has the ability to enjoy their human rights and fundamental freedoms; whereas effective rules-based multilateralism is the best organisational system to defend democracies;

    D. whereas the EU strongly believes in and fully supports multilateralism, a rules-based global order and the set of universal values, principles and norms that guide the UN member states and that the UN member states have pledged to uphold, in accordance with the UN Charter; whereas a world of democracies, understood as a world of political systems that defend and protect human rights worldwide, is a safer world, as democracies have significant checks and balances in place to prevent the unpredictability of autocracies;

    E. whereas the rise in authoritarianism, totalitarianism and populism threatens the global rules-based order, the protection and promotion of freedom and human rights in the world, as well as the values and principles on which the EU is founded;

    F. whereas in December 2023, the Universal Declaration of Human Rights celebrated its 75th anniversary; whereas today, more than ever since the UN’s foundation, totalitarian regimes challenge the UN Charter’s basic principles, seek to rewrite international norms, undermine multilateral institutions and threaten peace and security globally;

    G. whereas in November 2024, the United Nations Convention on the Rights of the Child celebrated its 35th anniversary;

    H. whereas the United Nations Beijing Declaration and Platform for Action is regarded as a turning point for the global agenda on gender equality and will celebrate its 30th anniversary in 2025;

    I. whereas the legitimacy and functioning of the international rules-based order are dependent on compliance with the orders of, and respect for, international bodies, such as United Nations General Assembly and Security Council resolutions and orders and decisions of the International Court of Justice and the International Criminal Court (ICC); whereas multilateralism is being challenged by increasing global threats, such as terrorism and extremism, which threaten compliance with such orders and decisions, as well as, generally, with provisions of international law, human rights law and international humanitarian law in emerging and ongoing conflict situations; whereas international institutions, their officials, and those cooperating with them, are the subject of attacks and threats; whereas the international community, including the EU, has a responsibility to uphold the international rules-based order by enforcing universal compliance, including by its partners;

    J. whereas the Rome Statute of the International Criminal Court establishes a framework of accountability for genocide, crimes against humanity and war crimes; whereas the independence of the ICC is vital to ensure that justice is delivered impartially and without political interference;

    K. whereas the 2023 Mid-term Review of the EU Action Plan on Human Rights and Democracy 2020-2024, now extended to 2027, has shown that, despite the progress achieved so far, more needs to be done, in cooperation with like-minded democratic partners, especially in the context of the unprecedented challenges the world has experienced since its adoption;

    L. whereas human rights defenders (HRDs) and civil society organisations (CSOs) are crucial partners in the EU’s efforts to safeguard and advance human rights, democracy and the rule of law, as well as to prevent conflicts globally; whereas state and non-state actors around the world are increasingly censoring, silencing and harassing, among others, HRDs, CSOs, journalists, religious communities, opposition leaders and other vulnerable groups in their work, shrinking the civil space ever further; whereas this behaviour includes measures encompassing strategic lawsuits against public participation (SLAPPs), restrictive government policies, transnational repression, defamation campaigns, discrimination, intimidation and violence, including extrajudicial and extraterritorial killings, abductions, and arbitrary arrests and detention; whereas attacks on HRDs are increasingly extending to their families and communities, including those living in exile;

    M. whereas gender equality is a core EU value, and the human rights of women and girls, including their sexual and reproductive rights, continue to be violated across the world; whereas women experience unique and disproportionate impacts from conflicts, climate change and migration, including increased risks of gender-based violence, economic marginalisation and barriers to accessing resources; whereas women HRDs and CSOs continue to experience shrinking space for their critical work, as well as threats of violence, harassment and intimidation;

    N. whereas the past year has been marked by a further proliferation of laws on ‘foreign agents’ or foreign influence, including in countries with EU candidate status, targeting CSOs and media outlets and attempting to prevent them from receiving financial support from abroad, including from the EU and its Member States, fostering a climate of fear and self-censorship;

    O. whereas in 2024, more than half the world’s population went to the polls, and many of these elections were marked by manipulation, disinformation and attempts at interference from inside or outside the country;

    P. whereas the 2024 World Press Freedom Index by Reporters Without Borders (RSF) warns of a decline in the intent of states and other political forces to protect press freedom; whereas, according to RSF, 47 journalists and media workers have been killed, most of them in conflict zones, and 573 have been imprisoned since 1 January 2024;

    Q. whereas 251 million children and young people are deprived of their fundamental right to education and remain out of school, according to the UNESCO Global Education Monitoring Report 2024; whereas girls and women are affected not only by poverty but also by cultural norms, gender bias, child marriage and violence through official, discriminatory policies that prevent them from accessing education and the labour market and attempt to erase them from public life;

    R. whereas at least one million people are unjustly imprisoned for political reasons, among them several laureates and finalists of Parliament’s Sakharov Prize for Freedom of Thought;

    S. whereas environmental harm and the impacts of climate change are intensifying precariousness, marginalisation and inequality, and increasingly displacing people from their homes or trapping them in unsafe conditions, thereby heightening their vulnerability and jeopardising their human rights;

    Global challenges to democracy and human rights

    1. Reasserts the universality, interdependence, interrelatedness and indivisibility of human rights and the inherent dignity of every human being; reaffirms the duty of the EU and its Member States to promote and protect democracy and the universality of human rights around the world; calls for the EU and its Member States to lead by example, in line with its values, to promote and strictly uphold human rights and international justice;

    2. Insists that respect, protection and fulfilment of human rights and fundamental freedoms must be the cornerstone of the EU’s external policy, in line with its founding principles; strongly encourages the EU and its Member States, to that end, to strive for a continued ambitious commitment to make freedom, democracy and human rights and their protection a central part of all EU policies in a streamlined manner and to enhance the consistency between the EU’s internal and external policies in this field, including through all of its international agreements;

    3. Stresses that the EU must be fully prepared to counter the rise of authoritarianism, totalitarianism and populism, as well as the increasing violations of the principles of universality of human rights, democracy and international humanitarian law;

    4. Condemns the increasing trend of violations and abuses of human rights and democratic principles and values across the world, such as, among others, threats of backsliding on human rights, notably women’s rights, as well as executions, extrajudicial killings, arbitrary arrests and detentions, torture and ill treatment, gender-based violence, clampdowns on civil society, political opponents, marginalised and vulnerable groups including children and elderly people, migrants, refugees and asylum seekers, and  ethnic and religious minorities; condemns, equally, slavery and forced labour, excessive use of violence by public authorities, including violent crackdowns on peaceful protests and other assemblies, systematic and structural discrimination, instrumentalisation of the judiciary, censorship and threats to independent media, including threats in the digital sphere such as online surveillance and internet shutdowns, political attacks against international institutions and the rules-based international order, and increasing use of unlawful methods of war in grave breach of international humanitarian law and human rights law; deplores the weakening of the protection of democratic institutions and processes, and the shrinking space for civil societies around the world; denounces the transnational repression, by illiberal regimes, of citizens and activists who have sought refuge abroad, including on EU soil;

    5. Notes with deep concern the ongoing international crisis of accountability and the challenge to the pursuit of ending impunity for violations of core norms of international human rights and humanitarian law in conflicts around the world; reaffirms the neutrality and importance of humanitarian aid in all conflicts and crises; underlines the serious consequences of discrediting and attacking the organisations of multilateral forums, such as the UN, which can foster a culture of impunity and undermine the trust in and functioning of the UN system; calls for the EU to uphold the international legal system and take effective measures to enforce compliance;

    6. Notes with satisfaction that there are also ‘human rights bright spots’ within this context of major challenges to human rights worldwide; highlights, in particular, the work of CSOs and HRDs; underlines the need for a more strategic communication on human rights and democracy by spreading news about positive results, policies and best practices; supports the Good Human Rights Stories initiative[10] as a way of promoting positive stories about human rights and recommends that it be updated; underlines the role of the EU’s public and cultural diplomacy, as well as international cultural relations, in the promotion of human rights, and calls for the Strategic Communication and Foresight division of the European External Action Service (EEAS) to increase its efforts in this regard;

    Strengthening the EU’s toolbox for the promotion and protection of human rights and democracy around the world

    7. Notes with concern the increasing divide worldwide; stresses the shared responsibility of the EU to continue defending democratic values and principles and human rights, international justice, peace and dignity around the world, which are even more important to defend in the current volatile state of global politics; calls upon the EU to keep communication channels open with different stakeholders and to continue to develop a comprehensive toolbox to strengthen human rights and democracy globally;

    EU action plan on human rights and democracy

    8. Observes that the EU and its Member States have made substantial progress in implementing the EU action plan on human rights and democracy, although they have not reached all of its goals, in part also due to the unprecedented challenges the world has experienced since its adoption; welcomes, in this sense, the extension of the action plan until 2027, with a view to maximising the synergies and complementarity between human rights and democracy at local, national and global levels;

    EU Special Representative (EUSR) for Human Rights

    9. Fully supports the work of the EUSR for Human Rights in contributing to the visibility and coherence of the EU’s human rights actions in its external relations; upholds the EUSR’s central role in the EU’s promotion and protection of human rights by engaging with non-EU countries and like-minded partners; underlines the need for close cooperation between the EUSR for Human Rights and other EUSRs and Special Envoys in order to further improve this coherence, and calls for greater visibility for the role of the EUSR for Human Rights; calls for the EUSR to be supported in his work with increased resources and better coordination with EU delegations around the world; regrets, despite continuous calls, Parliament’s exclusion from the process of selecting the EUSR; insists on the need for the EUSR to report back to Parliament regularly;

    Neighbourhood, Development and International Cooperation Instrument – Global Europe and the human rights and democracy thematic programme

    10. Recalls the fundamental role of the Neighbourhood, Development and International Cooperation Instrument (NDICI) – Global Europe, including its thematic programme on human rights and democracy, as a flagship EU instrument in promoting and protecting human rights and democracy around the world; highlights the need to engage with civil society in all the EU’s relevant external activities, including the Global Gateway Strategy which is financed through the NDICI-Global Europe; reiterates the importance of streamlining a human-rights based approach in the EU’s external action instruments; underlines Parliament’s role in the instrument’s programming process and calls on the Commission and the EEAS to share all relevant information in a timely manner in order to enable Parliament to play its role accordingly, in particular during high-level geopolitical dialogues with the Commission and in the mid-term review process as well as in its resolutions; calls on the EEAS and the Commission to ensure that a response is provided to the recommendation letters following each geopolitical dialogue and each resolution; urges the Commission to develop and launch a comprehensive, centralised website dedicated to the NDICI-Global Europe, including information on all the multiannual indicative programmes, detailing their respective budgets, associated actions and the financial allocations they are backing, organised both by country and by theme; notes that the NDICI-Global Europe and all future instruments must focus on the fundamental drivers of ongoing challenges, including the need to strengthen the resilience of local communities and democracy support activities by supporting economic development;

    11. Calls for independent, ex ante assessments to determine the possible implications and risks of projects with regard to human rights, in line with Article 25(5) of  Regulation (EU) 2021/947; calls for independent human rights monitoring throughout the implementation of projects in third countries, especially in relation to projects entailing a high risk of violations; calls for a suspension of projects that (in)directly contribute to human rights violations in non-EU countries; reiterates the prohibition on allocating EU funds to activities that are contrary to EU fundamental values, such as terrorism or extremism; calls on the Commission to share all human rights-related assessments with Parliament in a proactive manner;

    EU trade and international agreements

    12. Reiterates its call to integrate human rights assessments and include robust clauses on human rights in agreements between the EU and non-EU countries, supported by a clear set of benchmarks and procedures to be followed in the event of violations; calls on the Commission and the EEAS to ensure that the human rights clauses in current international agreements are actively monitored and effectively enforced and to improve their communication with Parliament concerning considerations and decisions regarding this enforcement; reiterates that in the face of persistent breaches of human rights clauses by its partner countries, including those related to the Generalised Scheme of Preferences Plus programme, the EU should react swiftly and decisively, including by suspending the agreements in question if other options prove ineffective; calls for the EU Ombudsman’s recommendation concerning the creation of a complaint-handling portal to be implemented, within the framework of EU trade and financial instruments, or for the Commission’s Single Entry Point to be adapted to allow complaints regarding failure to comply with human rights clauses to be submitted; calls on the EU institutions to engage regularly with the business community and civil society in order to strengthen the links between international trade, human rights and economic security; calls for the EU to ensure human rights promotion and protection through its Global Gateway investments and projects, by ensuring that they do no harm;

    EU human rights dialogues

    13. Stresses the important role of human rights dialogues within the EU’s human rights toolbox and as a key vehicle for the implementation of the EU action plan on human rights and democracy; highlights that these dialogues must address the overall situation of human rights and democracy with the relevant countries; notes that human rights dialogues should be seen as a key element of sustained EU engagement and not as a free-standing instrument, and that the persistent failure of non-EU countries to genuinely engage in dialogues and to implement key deliverables should lead to the use of other appropriate foreign policy tools; recalls that these dialogues need to be used in conjunction and synergy with other instruments, using a more-for-more and a less-for-less approach; reiterates the need to raise individual cases, in particular those of Sakharov Prize laureates and those highlighted by Parliament in its resolutions, and ensure adequate follow-up; calls on the EEAS and EU delegations to increase the visibility of these dialogues and their outcomes, ensuring that they are results-oriented and based on a clear set of benchmarks that can be included in a published joint press statement, and to conduct suitable follow-up action on it; calls for the enhanced and meaningful involvement of civil society in the dialogues; stresses that genuine CSOs must not be impeded from participating in human rights dialogues and that any dialogue must include all genuine CSOs without any limitations;

    EU Global Human Rights Sanctions Regime (GHRSR – EU Magnitsky Act)

    14. Welcomes the increasing use of the EU GHRSR as a key political tool in the EU’s defence of human rights and democracy across the world; regrets, however, that its use has continued to be limited, especially in the current geopolitical landscape; notes, however, the challenges that the requirement of unanimity poses in the adoption of sanctions and reiterates its call on the Council to introduce qualified majority voting for decisions on the GHRSR; recalls, in this regard, the formal request submitted by Parliament to the Council in 2023, on calling an EU reform convention, with the aim, among others, of increasing the number of decisions taken by qualified majority; calls for a stronger use of the GHRSR and other ad hoc sanctions regimes on those responsible for serious violations of human rights and international humanitarian law, including high-level officials; fully supports the possibility of imposing targeted anti-corruption sanctions within the EU framework in this regard, which has been a long-standing priority of Parliament, whether through its inclusion in the GHRSR or under a different regime; highlights the need for the complete enforcement of sanctions and calls for circumventions to be tackled;

    Democracy support activities

    15. Reiterates its concern regarding the increasing attacks by authoritarian and illiberal regimes on democratic principles, values and pluralism; stresses that the defence and support of democracy around the world is increasingly becoming of geopolitical and strategic interest; emphasises the importance of Parliament’s efforts in capacity-building for partner parliaments, promoting mediation and encouraging a culture of dialogue and compromise, especially among young political leaders, and empowering women parliamentarians, HRDs and representatives from civil society and independent media; reiterates its call on the Commission to continue and expand its activities in these areas by increasing funding and support for EU bodies, agencies and other grant-based organisations; stresses the critical importance of directly supporting civil society and persons expressing dissenting views, particularly in the current climate of growing global tensions and repression in increasing numbers of countries; reiterates the importance of EU election observation missions and Parliament’s contribution to developing and enhancing their methodology; calls for the development of an EU toolbox to be used in cases of disputed or non-transparent election results in order to prevent political and military crises in the post-election environment; calls for enhanced EU action to counter manipulative and false messages against the EU in election campaigns, in particular in countries that receive significant EU humanitarian and development assistance and in countries that are candidates for EU membership; calls for enhanced collaboration between Parliament’s Democracy Support and Election Coordination Group, the relevant Commission directorates-general and the EEAS;

    EU support for human rights defenders

    16. Is extremely concerned by the continuing restriction of civil society space and rising threats to the work of HRDs and members of CSOs, as well as their families, communities and lawyers, and finds particularly concerning the increasingly sophisticated means used to persecute them; strongly condemns their arbitrary detentions and killings; deplores the harassment of CSOs through legislative provisions such as foreign agents laws and similar, and other restrictions they face; deplores the fact that women HRDs continue to face relentless and ever more sophisticated violations against them, including targeted killings, physical attacks, disappearances, smear campaigns, arrests, judicial harassment and intimidation; notes with concern that these attacks seem designed to systematically silence women HRDs and erase their voices from the public sphere; supports wholeheartedly the work of HRDs and EU action to ensure their protection worldwide; underscores the pressing need for a comprehensive and timely revision of the EU Guidelines on HRDs, with a view to addressing the emerging challenges and threats, and to ensuring their applicability and effectiveness in the protection of HRDs globally, while integrating gender-sensitive and intersectional approaches in the updated Guidelines, reflecting the diverse backgrounds and experiences of HRDs, and taking into account the specific vulnerabilities they may face; calls for the complete and consistent application of the EU Guidelines on HRDs by the EU and its Member States; calls for efforts to enhance communication strategies to increase the visibility of EU actions and channels for the protection of and the support mechanisms for HRDs;

    17. Raises serious concerns over the increasing phenomenon of transnational repression against HRDs, journalists and civil society; calls for the formulation of an EU strategy harmonising national responses to transnational repression;

    18. Expresses deep concern regarding the increasingly precarious financial landscape faced by HRDs and communities advocating for rights, particularly within a global context characterised by intensifying repression; notes that, as a result of the current geopolitical context, HRDs’ need for support has increased; calls, therefore, for the EU and its Member States to make full use of their financial support for HRDs, ensuring the establishment of flexible, accessible and sustained funding mechanisms that enable these defenders to continue their vital work in the face of mounting challenges;

    19. Insists that the EEAS, the Commission and the EU delegations pay particular attention to the situation of the Sakharov Prize laureates and finalists at risk and take resolute action, in coordination with the Member States and Parliament, to ensure their well-being, safety or liberation;

    20. Welcomes the update of the EU Visa Code Handbook in relation to HRDs and calls for its full and consistent application by the Member States; reiterates its call for the Commission to take a proactive role in the establishment of a coordinated approach among the Member States for HRDs at risk, for instance streamlining visa procedures and promoting harmonisation in the EU’s visa application process;

    Combating impunity and corruption

    21. Underlines that both impunity and corruption enable and aggravate human rights violations and abuses and the erosion of democratic principles; welcomes the anti-corruption actions in EU external policies in the joint communication from the Commission and the High Representative of the Union for Foreign Affairs and Security Policy of 3 May 2023 on the fight against corruption (JOIN(2023)0012); supports the anti-corruption provisions included in the EU trade agreements with non-EU countries; stresses the important role of civil society and journalists in non-EU countries in the oversight of the fight against impunity and corruption; calls for the EU and its Member States to increase their efforts in justice reforms, the fight against impunity, and the improvement of transparency and of anti-corruption institutions in non-EU countries; encourages the EU and its Member States to coordinate more closely with allies and partners wherever possible in order to counter systemic corruption that enables autocrats to maintain power, deprives societies of key resources and undermines democracy, human rights and the rule of law;

    22. Insists on the need for the EU to take clear steps to recognise the close link between corruption and human rights violations in order to target economic and financial enablers of human rights abusers;

    EU actions at multilateral level

    23. Reaffirms that promoting the respect, protection and fulfilment of human rights around the world requires strong international cooperation at a multilateral level; underlines the particularly important role of the UN and its bodies as the main forum which must be able to effectively advance efforts for peace and security, sustainable development and respect for human rights and international law; calls for the EU and its Member States to continue supporting the work of the UN, its agencies and special procedures, both politically and financially, to ensure that it is fit for purpose, and to push back against the influence of authoritarian and totalitarian regimes; stresses that the current multilateral order needs to fully incorporate into its architecture the new global actors, especially those focusing on democracy and human rights; reiterates the need for the EU and its Member States to speak with one voice at the UN and in other multilateral forums in order to effectively tackle global challenges to human rights and democracy in multilateral forums and to support the strongest possible language in line with international human rights standards; calls, to this end, for progress in ensuring that the EU has a seat in international organisations, including the UN Security Council, in addition to the existing Member States’ seats; calls for EU delegations to play a stronger role in multilateral forums, for which they should have appropriate resources available;

    24. Is deeply concerned by growing attacks against the rules-based global order by authoritarian and totalitarian regimes, including through unprovoked and unjustified aggression against peaceful neighbours and through the undermining of the functioning of UN bodies, namely the abuse of veto power at the UN Security Council; underlines that the diminished effectiveness of these bodies brings with it real costs in terms of conflicts, lives lost and human suffering, and seriously weakens the general ability of countries to deal with global challenges; calls on the Member States and like minded partners to develop a robust strategy and to intensify their efforts to reverse this trend and to send a united and strong message of support to those organisations when they are attacked or threatened; believes that the UN, its bodies, and other multilateral organisations are in need of reform, in order to address these growing challenges and threats;

    25. Reiterates the strong support of the EU for the International Court of Justice and the ICC as essential, independent and impartial jurisdictional institutions amid a particularly challenging time for international justice; recalls that a well-funded ICC is essential for the effective prosecution of serious international crimes; welcomes the political and financial support the EU has given to the ICC, including the Office of the Prosecutor (OTP) of the ICC, and the launch of the ‘Global initiative to fight against impunity for international crimes’ offering financial support to CSOs dedicated to fostering justice and accountability for international crimes and serious human rights violations, including by facilitating survivors’ participation in legal proceedings; calls for the EU and its Member States to continue and intensify their support to the ICC – including to the ICC Trust Fund for Victims – with the necessary means, including resources and political backing, and to use all instruments at their disposal to combat impunity worldwide and enable the ICC to fulfil its mandate effectively; calls on all the Member States to respect and implement the actions and decisions of the International Court of Justice and all organs of the ICC, including the OTP and the Chambers, to urge other countries to join and cooperate with the court, including to enforce ICC arrest warrants, and to support their work as an independent and impartial international justice institution everywhere in the world; regrets the failure of some ICC member states to execute ICC arrest warrants, thereby undermining the court’s work; calls for the EU to urge non-EU countries, including its major partners, to recognise the ICC and become a state party to the Rome Statute;

    26. Stresses the importance of not politicising the ICC, as trust in the court is eroded if its mandate is misused; condemns, in particular and in the most critical terms, the political attacks, sanctions and other coercive measures introduced or envisaged against the ICC itself and against its staff; calls on the Member States and the EU institutions to cooperate to work on solutions in order to protect the institution of the ICC and its staff from any future sanctions that would threaten the functioning of the court;

    27. Recognises universal jurisdiction as an important tool of the international criminal justice system to prevent and combat impunity and promote international accountability; calls on the Member States to apply universal jurisdiction in the fight against impunity;

    28. Calls for the EU and its Member States to lead the global fight against all forms of extremism and welcomes the adoption of an EU strategy to this end; demands that the fight against terrorism be at the top of the EU’s domestic and foreign affairs agenda;

    Upholding international humanitarian law

    29. Notes with concern the increasing disregard for international humanitarian law and international human rights law, particularly in the form of ongoing conflicts around the world; strongly condemns the increase in deliberate, indiscriminate and disproportionate attacks on civilians and civilian objects in multiple conflict settings; underlines that it is of the utmost importance that all UN and humanitarian aid agencies are able to provide full, timely and unhindered assistance to all people in vulnerable situations and calls on all parties to armed conflicts to fully respect the work of these agencies and ensure they can meet the basic needs of civilians without interference; denounces attempts to undermine UN agencies delivering humanitarian aid; urges all parties to armed conflicts to protect civilian populations, humanitarian and medical workers, and journalists and media workers; calls on all parties to armed conflicts to respect the legitimacy and inviolability of UN peacekeeping missions; calls on all states to unconditionally and fully conform with international humanitarian law; calls on the international community, and the Member States in particular, to promote accountability and the fight against impunity for grave breaches of international humanitarian law; calls for the systematic creation of humanitarian corridors in regions at war and in combat situations, whenever necessary, in order to allow civilians at risk to escape conflicts, and strongly condemns any attacks on them; demands unhindered access for humanitarian organisations monitoring and assisting prisoners of war, as provided for in the Geneva Convention on Prisoners of War; expects international organisations to abide by international law regarding the treatment of prisoners of war; calls for international cooperation and assistance in the return of forcibly deported persons, in particular children and hostages;

    30. Reiterates its call on the Member States to help contain armed conflicts and serious violations of human rights or international humanitarian law by strictly abiding by the provisions of Article 7 of the UN Arms Trade Treaty of 2 April 2013 on Export and Export Assessment and Council Common Position 2008/944/CFSP of 8 December 2008 defining common rules governing control of exports of military technology and equipment;

    31. Given the gendered impacts of armed conflicts, deplores the insufficient priority and focus given to sexual and gender-based violence and to sexual and reproductive health and rights (SRHR) across the EU’s humanitarian and refugee response; reiterates that humanitarian crises intensify SRHR- and gender-related challenges and recalls that in crisis zones, particularly among vulnerable groups such as refugees and migrants, women and girls are particularly exposed to sexual violence, sexually transmitted diseases, sexual exploitation, rape as a weapon of war and unwanted pregnancies; calls on the Commission and the Member States to give high priority to gender equality and SRHR in their humanitarian aid and refugee response, as well as accountability and access to justice and redress for sexual and reproductive rights violations and gender-based violence, including in terms of training for humanitarian actors, and existing and future funding;

    Team Europe approach

    32. Recognises the potential for stronger alignment in approaches to human rights protection and promotion between EU institutions, Member States’ embassies and EU delegations in non-EU countries, particularly in encouraging those countries to comply with their international obligations and to refrain from harassment and persecution of critical voices; emphasises the opportunity for Member States’ embassies to take an increasingly active role in advancing and safeguarding human rights, while also supporting civil society in these countries; calls for the EU and its Member States to use all possible means to urge countries to release political prisoners; highlights the importance of shared responsibility between Member States and EU delegations in these efforts; calls for the EU and its Member States to intensify their collective efforts to promote the respect, protection and fulfilment of human rights and to support democracy worldwide; encourages careful monitoring and assessment of the capacity of EU delegations to ensure that each one has a designated point of contact for cases of human rights violations, and that this mandate is allocated sufficient resources to respond in an effective and timely manner; reiterates, in this context, the importance, for the EU delegations, of existing EU guidelines related to specific areas of human rights;

    Responding to universal human rights and democracy challenges

    Right to freedom from torture and other cruel, inhuman or degrading treatment or punishment

    33. Condemns any action or attempt to legalise, instigate, authorise, consent or acquiesce to torture and other cruel, inhuman or degrading treatment or punishment methods under any circumstances; condemns the increasing reports of the use of torture by state actors in many different contexts, including in custodial and extra-custodial settings – of political prisoners, among others – and in conflict situations around the world, notably in violation of the Geneva Convention on Prisoners of War, as well as the killing of prisoners of war, which amounts to a war crime, and reiterates the non-derogable nature of the right to be free from torture or other forms of inhuman or degrading treatment; reiterates the EU’s zero-tolerance policy to torture and other ill-treatment and calls on the relevant institutions, including the European Court of Human Rights, to take a thorough stance on any such case;

    34. Reiterates its calls for universal ratification of the UN Convention against Torture and Other Cruel, Inhuman or Degrading Treatment or Punishment and its Optional Protocol thereto, and for the need for states to bring their national provisions in this respect in line with international standards; reiterates, in accordance with the revised Guidelines on the EU’s policy towards third countries on torture and other cruel, inhuman or degrading treatment or punishment, adopted by the Council on 16 September 2019, the importance of engaging with relevant stakeholders in the fight to eradicate torture, and to monitor places of detention;

    Right to freedom of peaceful assembly and association

    35. Reiterates the need to protect the EU democratic space and the exercise of fundamental freedoms therein, particularly freedoms of assembly and association; highlights the growing violent repression of protest and peaceful assemblies within the EU civic space, with cases of torture and ill-treatment resulting in deaths and other serious violations; underscores the need to strengthen this fundamental right in conjunction with the absolute prohibition of torture and ill-treatment;

    Right to food, water and sanitation

    36. Recalls that the right to food, including having physical and economic access to adequate food or the means to its procurement, is a human right; is extremely concerned about the challenges to the right to food worldwide, especially in situations of war and conflicts; condemns the increasing reports of the weaponisation of food in situations of armed conflict; calls for the EU and its Member States to promote mandatory guidelines on the right to food without discrimination within the UN system; urges the EU and the Member States to fully support, politically and financially, organisations and agencies working to secure the right to food in conflict zones; recalls the importance of the UN Declaration on the Rights of Peasants and Other People Working in Rural Areas in view of attaining food security; commends the work of the UN World Food Programme, in this regard;

    37. Reaffirms the rights to safe drinking water and to sanitation as human rights, both rights being complementary; underlines that access to clean drinking water is indispensable to a healthy and dignified life and is essential for the maintenance of human dignity; highlights the fact that the right to water is a fundamental precondition for the enjoyment of other rights, and as such must be guided by a logic grounded in the public interest, and in common public and global goods; underscores the importance of the EU Guidelines on safe drinking water and sanitation, and urges the EU institutions and the Member States to implement and promote their application in non-EU countries and in multilateral forums;

    Climate change and the environment

    38. Highlights that climate change and its impact on the environment has direct effects on the effective enjoyment of all human rights; recognises the important work of CSOs, indigenous peoples and local communities, land and environmental HRDs and indigenous activists for the protection of a clean, healthy and sustainable environment, including access to land and water sources; deplores the risks that environmental HRDs and indigenous activists face and calls for their effective protection to be guaranteed; notes that communities contributing the least to climate change are the ones more likely to be affected by climate risks and natural disasters and calls, in this regard, for increasing support to the most vulnerable groups; recalls that indigenous peoples and local communities play an important role in the sustainable management of natural resources and the conservation of biodiversity; recalls that the transition to clean energy must be fair and respect everyone’s fundamental rights; reiterates the importance of the achievement of the UN sustainable development goals (SDGs) for the protection of the human rights of present and future generations;

    39. Notes with deep concern the increasing threats to a clean, healthy and sustainable environment posed by the deployment of weapons of mass destruction and other forms of warfare that adversely and disproportionately affect the environment; stresses the need to effectively address the displacement of people caused by environmental destruction and climate change, which increases the risk of human rights violations and heightens vulnerabilities to different forms of exploitation; recognises that children face more acute risks from climate-related disasters and are also one of the largest groups to be affected; calls for the EU to focus on addressing the impacts of climate change on the enjoyment of the rights of the child;

    Rights of the child

    40. Calls for a systematic and consistent approach to promoting and defending children’s rights, including for those most marginalised and those in the most vulnerable situations, through all of the EU’s external policies; calls for more concerted efforts to promote the respect, protection and fulfilment of children’s rights in crisis or emergency situations; condemns the decline in respect for the rights of the child and the increasing violations and abuses of these rights, including through violence, early and forced marriage, sexual abuse including genital mutilation, trafficking, child labour, honour killings, recruitment of child soldiers, lack of access to education and healthcare, malnutrition and extreme poverty; further condemns the increase in deaths of children in situations of armed conflict and stresses the need for effective protection of children’s rights in active warfare; calls for new EU initiatives to promote and protect children’s rights, with a view to rehabilitating and reintegrating conflict-affected children, ensuring that they have a protected, family- and community-based environment as a natural context for their lives, in which assistance and education are fundamental elements; reiterates its call for a systematic and consistent approach to promoting and defending children’s rights through all EU external policies; calls on all countries to ratify the UN Convention on the Rights of the Child as a matter of urgency, in order to allow for the universal ratification of this foundational instrument;

    41. Stresses the importance of closing the financing gap that would enable countries to meet their SDG 4 targets on quality education and ensure access to education for all children and young people; reiterates its calls to address cultural norms and gender biases that prevent girls and women from receiving an education and urges the creation of gender-responsive education systems worldwide;

    42. Stresses that education represents the starting point for cultivating principles and values that contribute to the personal development of children, as well as to social cohesion and democracy, and the rule of law around the world; to that end calls for the EU to promote its values through supporting access to education and learning for women and girls;

    Rights of women and gender equality

    43. Stresses that women’s rights and gender equality are indispensable and indivisible human rights, as well as a basis for the rule of law and inclusive resilient democracies; deplores the fact that millions of women and girls continue to experience discrimination and violence, especially in the context of conflicts, post-conflict situations and displacements, and are denied their dignity, autonomy and even life; condemns the impunity with which perpetrators commit violations against women HRDs; is appalled by the use of rape and sexual violence as a weapon of war and stresses the need to shed light on these instances, and for better international cooperation on fighting impunity for these crimes; calls for the EU, its Member States and like-minded partners to step up their efforts to ensure the full enjoyment and protection of women’s and girls’ human rights, and to incorporate a gender mainstreaming approach across all policies, taking into account the differentiated impacts of global challenges such as climate change or conflicts; condemns in the strongest terms the increasing attacks on SRHR around the world, as well as gender-based violence; strongly deplores cases of female genital mutilation, honour killings, child marriages and forced marriages; welcomes the accession of the EU to the Istanbul Convention and strongly encourages the remaining EU Member States to ratify the Istanbul Convention without further delay; calls for the EU and its international partners to strengthen their efforts to ensure that women fully enjoy human rights and are treated equally to men; emphasises the importance of safeguarding the rights of women, ensuring that their health, safety and dignity are protected, particularly in the context of healthcare access and workplace protections; underlines the need to keep opposing and condemning, in the strongest terms, anti-abortion laws that punish women and girls with decades-long jail sentences, even in cases of rape, incest or when the life of the pregnant woman is at risk; stresses the need to pursue efforts to fully eradicate the practice of female genital mutilation; fully supports the role of the EU Ambassador for Gender and Diversity;

    44. Recognises that gender apartheid constitutes a systematic and institutionalised form of oppression, depriving women and girls of fundamental rights solely on the basis of their gender; notes with deep concern the entrenchment of gender apartheid in certain regions, where women face extensive restrictions on education, employment, healthcare and freedom of movement, often underpinned by legal and cultural frameworks that reinforce gender-based discrimination; urges the EU and the Member States to proactively address gender apartheid through strengthened diplomatic efforts, targeted economic measures and accountability mechanisms that support civil society organisations advocating for gender equality; calls for the formal recognition of gender apartheid as a distinct human rights violation and for support for international initiatives for its classification as a crime against humanity, thus contributing to the establishment of a global accountability standard;

    Rights of refugees and asylum seekers

    45. Denounces the erosion of the human rights and the safety of refugees, asylum seekers and forcibly displaced persons; reaffirms their inalienable human rights and fundamental right to seek asylum; recalls the obligation of states to protect them in accordance with international law; underlines the importance of identification and registration of individuals, including children, as a key tool for protecting refugees and ensuring the integrity of refugee protection systems, preventing human trafficking and the recruitment of children into armed militias; calls for the EU and its Member States to effectively uphold their rights in the EU’s asylum and migration policy and in the EU’s cooperation with partner countries in this regard; deplores the increasing xenophobia, racism and discrimination towards migrants, as well as the different forms of violence they face, including during their displacement, and the many barriers they face, including in access to healthcare; condemns the instrumentalisation of migration at EU borders by foreign actors, which constitutes hybrid attacks against the Member States as well as a dehumanisation of migrants; stresses that the EU should step up its efforts to acknowledge and develop ways to address the root causes of irregular migration and forced displacement, building the resilience of migrants’ communities of origin and helping them offer their members the possibility to enjoy a decent life in their home country; calls for the EU and its Member States to continue and, where possible, step up their support for countries hosting the most refugees, as well as for transit countries; reiterates that close cooperation and engagement with non-EU countries, with full respect for fundamental rights, remain key to preventing migrant smuggling; stresses, in this regard, that the dissemination of information and awareness-raising campaigns on the risks of smuggling are crucial, as well as of the migration laws of the destination countries, in order to prevent the undertaking of unnecessarily risky journeys by those who do not have grounds for asylum; calls for EU-funded humanitarian operations to take into consideration the specific needs and vulnerabilities of children and to ensure their protection while they are displaced; underlines the importance of developing an effective framework of safe and legal pathways to the EU and welcomes, in this regard, the Commission communication on attracting skills and talent to the EU[11], including the development of talent partnerships with partner countries; calls for respect for the principle of non-refoulement to countries where the life and liberty of people would be threatened; calls for the EU and its Member States to discuss the phenomenon of instrumentalised migration orchestrated by authoritarian regimes and organised crime groups, and emphasises the need to conduct a comprehensive analysis of this phenomenon, develop effective countermeasures, and consider its implications for the human rights framework;

    46. Reaffirms that no agreement with a non-EU country designated as a transit country should be concluded without Parliament’s scrutiny, and calls on the Commission and the Member States to include robust human rights clauses, monitoring mechanisms and impact assessments therein; reiterates its call on the Commission to integrate ex ante human rights impact assessments into such agreements;

    Rights of LGBTIQ+ persons

    47. Deplores the human rights violations, including discrimination, persecution, violence and killings, against lesbian, gay, bisexual, trans, non-binary, intersex and queer (LGBTIQ+) persons around the world; is extremely concerned by the spreading of hatred and anti-LGBTIQ+ narratives and legislation that target LGBTIQ+ persons and HRDs; calls for the adoption of policies that protect LGBTIQ+ people and give them the tools to safely report a violation of their rights, in line with the EU Guidelines to Promote and Protect the Enjoyment of all Human Rights by LGBTI Persons; expresses special concern over LGBTIQ+ people living under non-democratic regimes or in conflict situations, and calls for rapid response mechanisms to protect them as well as their defenders; reiterates its calls for the full implementation of the LGBTIQ Equality Strategy 2020-2025 as the EU’s tool for improving the situation of LGBTIQ+ people around the world; calls for  the use of the death penalty to be rejected under all circumstances, including any legislation that would impose the death penalty for homosexuality; calls for the EU and its Member States to further engage the countries with such legislation in reconsidering their position on the death penalty; notes further that the imposition of the death penalty on the basis of such legislation is arbitrary killing per se, and a breach of Article 6 of the International Covenant on Civil and Political Rights;

    Rights of persons with disabilities

    48. Is concerned by the challenges to the full enjoyment of the rights of persons with disabilities; reiterates its calls for the EU to assist partner countries in the development of policies in support of carers of persons with disabilities; calls for the raising of social awareness and the combating of discriminatory behaviours against persons with disabilities; points to the additional complications faced by persons with disabilities in conflict situations and natural disasters, as they are more vulnerable to violence and often do not receive adequate support; urges all parties to conflict situations worldwide to take adequate measures to mitigate the risks to them as much as possible; emphasises the need to safeguard children with disabilities from any form of exploitation; calls for the EU, in its external policy, to make use of the strategy for the rights of persons with disabilities 2021-2030 as a tool to improve the situation of persons with disabilities, particularly concerning poverty and discrimination, but also problems with access to education, healthcare and employment, and participation in political life; encourages the EU to support partner countries in developing inclusive economic policies that promote accessible vocational training and employment opportunities for persons with disabilities, fostering their full and active economic participation;

    Rights of elderly people

    49. Reiterates its call for the EU and its Member States to develop new avenues to strengthen the rights of elderly people, taking into account the multiple challenges they face, such as age-based discrimination, poverty, violence and a lack of social protection, healthcare and other essential services, as well as barriers to employment; calls for the implementation of specific measures to combat the risk of poverty for older women through increased social support; underlines the work of the UN Open-ended Working Group on Ageing on a legally binding instrument to strengthen the protection of the human rights of older people and calls for the EU and its Member States to consider actively supporting that work; stresses the need for a cross-cutting intergenerational approach in EU policies, in order to build and encourage solidarity between young people and elderly people;

    Right to equality and non-discrimination

    50. Reiterates its condemnation of all forms of racism, intolerance, antisemitism, Islamophobia, persecution of Christians, xenophobia and discrimination on the basis of race, ethnicity, nationality, social class, disability, caste, religion, belief, age, sexual orientation or gender identity; condemns the growing international threat of hate speech and speech that incites violence, including online; reiterates the crucial role of education and dialogue in promoting tolerance, understanding and diversity; calls for the adoption or the strengthening of mechanisms for reporting discriminatory behaviours as well as access to effective legal remedies, to help end the impunity of those who engage in this behaviour;

    Right to life: towards the universal abolition of the death penalty

    51. Reiterates its principled opposition to the death penalty, which is irreversible and incompatible with the right to life and with the prohibition of torture, and a cruel, inhuman and degrading punishment; stresses that the EU must be relentless in its pursuit of the universal abolition of the death penalty as a major objective of its human rights foreign policy; notes that despite the trend in some non-EU countries to take steps towards abolishing the death penalty, significant challenges in this regard still exist; deplores the fact that in other non-EU countries the number of death sentences that have been carried out has reached its highest level in the last five years; reiterates its call for all countries to completely abolish the death penalty or establish an immediate moratorium on the use of the death penalty (sentences and executions) as a first step towards its abolition; urges, in this regard, the EU to intensify diplomatic engagement with countries that continue to practise the death penalty, encouraging dialogue and cooperation on human rights issues and providing support for the development of judicial reforms that could lead towards its abolition;

    Right to freedom of thought, conscience, religion and belief

    52. Reiterates its concern regarding violations of the right to freedom of thought, conscience, religion and belief; is concerned about the worldwide increase in intolerance towards different religious communities; deplores the instrumentalisation of religious or belief identities for political purposes and the exclusion of persons belonging to religious and belief minorities and religious communities, including from political participation, as well as the destruction and vandalism of sites and works of art of cultural and historical value, in certain non-EU countries; stresses that the freedom to choose one’s religion, to believe or not to believe is a human right that cannot be punished; condemns, therefore, the existence and implementation of so-called apostasy laws and blasphemy laws that lead to harsh penalties, degrading treatment and, in some cases, even to death sentences; calls for the abolition of apostasy laws and blasphemy laws; stresses that the Special Envoy for the promotion and protection of freedom of religion or belief outside the EU should be granted more resources so that he can efficiently carry out his mandate; highlights the need for the Special Envoy to continue to work closely and in a complementary manner with the EUSR for Human Rights and the Council Working Party on Human Rights; calls for the EU and its Member States to step up their efforts to protect the right to freedom of thought, conscience, religion or belief, to raise these issues at UN human rights forums and to continue working with the relevant UN mechanisms and committees; calls for the EU to request and consolidate reports by EU delegations on the state of freedom of thought, conscience, religion and belief;

    53. Recalls that most of the drivers of violent conflicts worldwide involve minority grievances of exclusion, discrimination and inequalities linked to violations of the human rights of minorities, as observed by the UN Special Rapporteur on minority issues; stresses the need to mainstream the protection of the rights of minorities and for the development of protection mechanisms at the level of the UN; recalls the obligations of states to protect the rights of their national, ethnic, cultural, religious or linguistic minorities within their respective territories; calls on the Commission to support the protection of the rights of persons belonging to minorities worldwide, including this as a priority under the human rights and democracy thematic programme of the EU’s NDICI-Global Europe;

    Right to freedom of expression, academic freedom, media freedom and the right to information

    54. Emphasises the critical significance of freedom of expression and access to trustworthy and diverse sources of information for sustaining democracy and a thriving civic space; recalls that democracies can only function when citizens have access to independent and reliable information, making journalists key players in the safeguarding of democracy; is therefore seriously concerned about the increasing restrictions on freedom of expression in numerous countries worldwide, particularly for journalists, through censorship, enforced self-censorship, so-called foreign agents laws and the misuse of counter-terrorism or anti-corruption laws to suppress journalists and civil society groups; is concerned by the use of hate speech against journalists, both online and offline, leading to a deterrent effect; raises concerns, additionally, about the physical security of journalists and media workers and their being targeted in conflict zones; notes the number of journalists killed in conflict situations in 2023, according to the Committee to Protect Journalists, has increased alarmingly – by 85 % – since 2022;

    55. Calls urgently for the EU to back trustworthy media and information outlets that promote the accountability of authorities and support democratic transitions, while stressing the need to preserve the principles of pluralism, transparency and independence; highlights the role played by fact checkers in the media landscape, ensuring that the public can trust the information they receive; is concerned that they are therefore major targets for attacks by illiberal regimes that originate and disseminate disinformation, propaganda and fake news; condemns the extensive use of SLAPPs to silence journalists, activists, trade unionists and HRDs globally; welcomes, in this context, the directive designed to shield journalists and HRDs from abusive legal actions and SLAPPs; encourages lawmakers in non-EU countries to develop legislation with the same goal, as part of broader efforts to promote and protect media freedom and pluralism; requests that attacks on media freedom, as well as the persistent and systematic erosion of the right to information, be taken into account in the EU’s monitoring of the compliance of international agreements;

    56. Welcomes the Commission’s plan to finance initiatives that support journalists on legal and practical matters, including beyond the EU, through the European Democracy Action Plan; calls for the EU to strengthen its efforts to aid targeted journalists globally, recalling that independent journalists are on the frontline of the fight against disinformation, which undermines democracies; acknowledges the contribution to achieving this goal of programmes such as the now-defunct Media4Democracy and other EU-funded activities, including those of the European Endowment for Democracy; urges the EU to help make reliable news sources available to more people living in countries that restrict press freedom;

    57. Remains deeply concerned by the deteriorating state of press freedom around the world; condemns the censorship of journalists, HRDs and CSOs through the application of so-called foreign agents laws, as well as other legislative and non-legislative measures adopted by authoritarian and illiberal regimes;

    58. Reaffirms its commitment to protecting and promoting academic freedom as a key component of open and democratic societies; underlines the attacks to academic freedom not only by authoritarian and totalitarian regimes, but also by extreme and populist forces worldwide; calls for the development of benchmarks for academic freedom into institutional quality assurance within academic rankings, procedures and criteria;

    59. Notes with concern that more than half of the world’s population lives within environments of completely or severely restricted levels of academic freedom, which has severe consequences for the right to education, the enjoyment of the benefits of scientific progress and the freedom of opinion and expression; urges the EU and its Member States to step up their efforts to halt censorship, threats or attacks on academic freedom, and especially the imprisonment of scholars worldwide; welcomes the inclusion of academics at risk in the EU Human Rights Defenders Mechanism; calls on the Commission to ensure continued high-level support for the Global Campus of Human Rights, which has provided a safe space for students and scholars who had to flee their countries for defending democracy and human rights;

    Rights of indigenous peoples

    60. Notes with regret that indigenous peoples continue to face widespread and systematic discrimination and persecution worldwide, including forced displacements; condemns arbitrary arrests and the killing of human rights and land defenders who stand up for the rights of indigenous peoples; stresses that the promotion of the rights of indigenous peoples and their traditional practices are key to achieving sustainable development, combating climate change and conserving biodiversity; urges governments to pursue development and environmental policies that respect economic, social and cultural rights, and that are inclusive of indigenous peoples and local populations, in line with the UN SDGs; reiterates its call for the EU, its Member States and their partners in the international community to adopt all necessary measures for the recognition, protection and promotion of the rights of indigenous people, including as regards their languages, lands, territories and resources, as set out in the UN Declaration on the Rights of Indigenous Peoples, including the principle of free, prior and informed consent; calls on all states to ensure that indigenous peoples and local communities are included in the deliberations and decision-making processes of international climate diplomacy; encourages the Commission to continue to promote dialogue and collaboration between indigenous peoples and the EU;

    Right to public participation

    61. Deplores that the right to participate in free and fair elections is not respected in authoritarian, illiberal, and totalitarian regimes; highlights that these regimes conduct fake elections with the aim of entrenching their power, as they lack real political contestation and pluralism; is alarmed by current trends in electoral processes, such as the increasing decline in electoral participation and democratic performance or the growing disputes concerning the credibility of elections; highlights with deep concern the growing interference by some states in other countries’ elections through hybrid tactics; reaffirms the necessity of increasing political representation of women, young people and vulnerable groups and to guarantee the public participation of minorities; underlines that distrust in the electoral process can be exacerbated not only by irregularities but also by public statements, including from participants; emphasises that public perception of electoral process is as crucial as the process itself, as its manipulation can lead to polarisation or targeted attacks; calls on non-EU countries to reinforce their efforts to clearly communicate all the steps of their respective electoral processes and systems, as well as the existing accountability mechanisms in case of irregularities; calls on the EEAS and the Commission to analyse and report to Parliament their initiatives to tackle the challenges posed by articifical intelligence (AI) in electoral processes;

    Human rights, business and trade

    62. Stresses the role of trade as a major instrument to promote and improve the human rights situation in the EU’s partner countries; urges the Commission to improve coordination between the EU’s trade, investment and development policies and prioritise and promote the development of human rights through EU trade policies, including the Generalised Scheme of Preferences Plus; notes, however, that there has been little to no improvement in some of the countries concerned; stresses the responsibilities of states and other actors, such as corporations, to mitigate the effects of climate change, prevent their negative impact on human rights and promote appropriate policies in compliance with human rights obligations; deplores the detrimental effects of some excessive and exploitative business activities on human rights and democracy; welcomes the harmonisation resulting from the adoption of the Directive on corporate sustainability due diligence with binding EU rules on responsible corporate behaviour with regard to human, labour and environmental rights; further welcomes the Regulation on prohibiting products made with forced labour on the Union market[12] and calls for its swift implementation at Member State level; calls for the implementation of the EU Ombudsman’s recommendation concerning the creation of a complaint-handling portal, within the framework of EU trade and financial instruments, and for the adaptation of the Commission’s Single Entry Point to allow for the submission of complaints regarding failures to comply with human rights clauses, which should be accessible, citizen-friendly and transparent; calls for the EU to continue its efforts to eliminate child labour, and forced and bonded labour; stresses the importance of remediation and access to justice measures that are in line with the UN Guiding Principles on Business and Human Rights, including financial and non-financial measures in consultation with the victims; calls on the Council to adopt an ambitious mandate for the EU to engage in the ongoing negotiations on the UN legally binding instrument on business and human rights as soon as possible;

    63. Highlights that in many regions of the world, micro-, small and medium-sized enterprises (MSMEs) are often the driving force of local economies with an increasing number of women running them; underlines that MSMEs account for 90 % of businesses, 60 to 70 % of employment and 50 % of gross domestic product worldwide; highlights the importance of MSMEs in their contribution to the 2030 Agenda and the achievement of the SDGs, namely those on the eradication of poverty and decent working conditions for all;

    Human rights and digital technologies

    64. Is concerned by the threat that AI can pose to democracy and human rights, especially if it is not duly regulated; highlights the need for oversight, robust transparency and appropriate safeguards for new and emergent technologies, as well as a human-rights based approach; welcomes the Council conclusions on Digital Diplomacy of 26 June 2023 to strengthen the EU’s role and leadership in global digital governance, in particular its position as a shaper of the global digital rulebook based on democratic principles; welcomes, in this regard, the adoption of the EU Artificial Intelligence Act which aims to harmonise the rules on AI for protecting human rights, and the advantages that AI can bring to human wellbeing; is deeply concerned about the harmful consequences of the misuse of AI and deepfakes, particularly for women and children; notes with concern the adverse effects of the ‘fake content industry’ on the right to information and press freedom, including the rapid development of AI and the subsequent empowerment of the disinformation industry[13]; condemns the use of new and emerging technologies, such as facial recognition technology and digital surveillance, as coercive instruments and their use in the increasing harassment, intimidation and persecution of HRDs, activists, journalists and lawyers; calls on the Council for the listing under the EUGHRSR of state and non-state actors that are engaging in these practices; notes with concern the rapid development of AI in military applications, as well as the potential development and deployment of autonomous systems that could make life-or-death decisions without human input;

    65. Recalls that the international trade in spyware to non-EU countries where such tools are used against human rights activists, journalists and government critics, is a violation of the fundamental rights enshrined in the Charter;

    66. Welcomes the adoption in May 2024 of the first Council of Europe Framework Convention on Artificial Intelligence and Human Rights, Democracy and the Rule of Law, aimed at ensuring that activities within the entire life cycle of AI systems are fully consistent with human rights, democracy and the rule of law; reiterates the need for greater legislative attention to be paid to the profound changes arising from activities within the life cycle of AI systems, which have the potential to promote human prosperity, individual and social well-being, sustainable development, gender equality, and the empowerment of all women and girls, but also pose the risk of creating or exacerbating inequalities and incentivising cyber and physical violence, including violence experienced by women and individuals in vulnerable situations;

    67. Stresses that the internet should be a place where freedom of expression prevails; considers, nevertheless, that the rights of individuals need to be respected; is of the opinion that, where applicable, what is considered to be illegal offline, should be considered illegal online; expresses concern for the growing number of internet shutdowns; highlights that internet shutdowns are often used by authoritarian regimes, among others, to silence political dissidence and curb political freedom; calls urgently for the EU to combat this alarming phenomenon, including considering allowing EU-based providers to offer safe communication tools to people who have been thereby deprived of online access; urges the EU to take a firm stance against any attempts by tech giants to circumvent or undermine national legal systems and independent court decisions, and to protect democratic principles and implement measures to maintain the integrity of elections, as well as to protect the right to information, especially during electoral periods;

    °

    ° °

    68. Instructs its President to forward this resolution to the Council, the Commission, the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the European Union Special Representative for Human Rights, the governments and parliaments of the Member States, the United Nations Security Council, the United Nations Secretary-General, the President of the 79th session of the United Nations General Assembly, the President of the United Nations Human Rights Council, the United Nations High Commissioner for Human Rights and the European Union Heads of Delegation.

    EXPLANATORY STATEMENT

    Each year, the European Parliament adopts three annual reports on the EU’s foreign, security and defence, and human rights policies.

     

    The three reports are on:

     

     the implementation of the Common Foreign and Security Policy – annual report 2024 (based on the report of the High Representative of the Union for Foreign Policy to the European Parliament on the Common Foreign and Security Policy) – competence of the AFET Committee,

     Human Rights and Democracy in the world and the European Union’s policy on the matter – annual report 2024 (based on the EU Annual report on Human Rights and Democracy in the World) – competence of the DROI Subcommittee, and

     the implementation of the Common Security and Defence Policy – annual report 2024 (based on the report of the High Representative of the Union for Foreign Policy to the European Parliament on the Common Foreign and Security Policy) – competence of the SEDE Subcommittee.

     

    These reports monitor and assess the implementation of the Common Foreign and Security Policy, including the EU policy on Human Rights and the Common Security and Defence Policy. They are a key component of the European Parliament’s contribution to EU foreign policy making, most notably in regard to the strengthened right of scrutiny conferred to the European Parliament by the Treaty of Lisbon. It is essential that the European Parliament responds to the annual reports issued by other institutions as soon as they are published.

    ANNEX I: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

    Pursuant to Article 8 of Annex I to the Rules of Procedure, the rapporteur declares that she has received input from the following entities or persons in the preparation of the report, until the adoption thereof in committee:

    Entity and/or person

    European Partnership for Democracy/International Dalit Solidarity Network

    Clean Clothes Campaign

    Protection International

    Race & Equality

    FIDH – International Federation for Human Rights

    International Partnership for Human Rights

    Cairo Institute for Human Rights Studies

    Front Line Defenders

    Save the Children

    Avocats Sans Frontières

    Center for Reproductive Rights

    Reporters without Borders

    End FGM European Network

     

    The list above is drawn up under the exclusive responsibility of the rapporteur.

     

    Where natural persons are identified in the list by their name, by their function or by both, the rapporteur declares that she has submitted to the natural persons concerned the European Parliament’s Data Protection Notice No 484 (https://www.europarl.europa.eu/data-protect/index.do ), which sets out the conditions applicable to the processing of their personal data and the rights linked to that processing.

     

    ANNEX II: INDIVIDUAL CASES RAISED BY THE EUROPEAN PARLIAMENT FROM DECEMBER 2023 TO JANUARY 2025

     

    COUNTRY

     

    Individual

    BACKGROUND

    ACTION TAKEN BY THE PARLIAMENT

    AFGHANISTAN

     

    Manizha Seddiqi Ahmad Fahim Azimi

    Sediqullah Afghan, Fardin Fedayee  Ezatullah Zwab

    Manizha Seddiqi, Ahmad Fahim Azimi, Sediqullah Afghan, Fardin Fedayee and Ezatullah Zwab are human rights defenders who have been detained in Afghanistan.

    In its resolution of 14 March 2024, the European Parliament:

     

    – Condemns the arbitrary detention of human rights defenders, including Manizha Seddiqi, Ahmad Fahim Azimi, Sediqullah Afghan, Fardin Fedayee and Ezatullah Zwab;

     

    – Calls for victims of violence against women and girls to be released from prison, where they are being held in inhumane conditions to the detriment of their mental and physical health.

     

    ALGERIA

     

    Boualem Sansal

    French-Algerian writer Boualem Sansal was detained on 16 November 2024 by the Algerian authorities, his whereabouts remained unknown for over a week, during which time he was denied access to his family and legal counsel; he was subsequently charged with national security-related offences under Article 87bis of the Algerian Penal Code, and he is awaiting trial.

    In its resolution of 23 January 2025, the European Parliament:

     

    – Condemns the arrest and detention of Boualem Sansal and calls for his immediate and unconditional release;

     

    – Equally condemns the arrests of all other activists, political prisoners, journalists, human rights defenders and others detained or sentenced for exercising their right to freedom of opinion and expression, including journalist Abdelwakil Blamm and writer Tadjadit Mohamed, and calls for their release;

     

    – Reiterates, as enshrined in the EU-Algeria Partnership Priorities, the importance of the rule of law in order to consolidate freedom of expression; stresses that renewing this agreement must be based upon continued and substantial progress in the aforementioned domains and underscores that all future disbursements of EU funds should consider the progress made in this regard.

     

    AZERBAIJAN

     

    Dr Gubad Ibadoghlu

    Ilhamiz Guliyev

    Ulvi Hasanli Sevinj Vagifgizi

    Nargiz Absalamova

    Hafiz Babali,

    Elnara Gasimova Aziz Orujov

    Rufat Muradli

    Avaz Zeynalli

    Elnur Shukurov

    Alasgar Mammadli

    Farid Ismayilov

     

    Gubad Ibadoghlu, a political economist and opposition figure, was arrested by Azerbaijani authorities in July 2023 and remained in detention until 22 April 2024, when he was transferred to house arrest; his health has deteriorated significantly since his arrest, as a result of torture, inhumane detention conditions and refusal of adequate medical care, thus endangering his life.

     

    Ilhamiz Guliyev, a human rights defender, was arbitrarily arrested on 4 December 2023 on dubious accusations of drug trafficking after he testified as whistleblower about the police tampering with evidence against government critics; he is facing up to 12 years in prison.

     

    Tofig Yagublu, Akif Gurbanov, Bakhtiyar Hajiyev are political prisoners, and Ulvi Hasanli, Sevinj Vagifgizi, Nargiz Absalamova, Hafiz Babali, Elnara Gasimova, Aziz Orujov, Rufat Muradli, Avaz Zeynalli, Elnur Shukurov, Alasgar Mammadli, Farid Ismayilov are human rights defenders and journalists.

    In its resolution of 25 April 2024, the European Parliament:

     

    – Urges Azerbaijan to immediately and unconditionally release Ilhamiz Guliyev; notes that Gubad Ibadoghlu has been released and placed under house arrest and calls on the authorities to lift the travel ban and drop all charges against him; calls on Azerbaijan to urgently ensure that he receives an independent medical examination by a doctor of his own choosing and to allow him to receive treatment abroad;

     

    – Urges Azerbaijan to immediately and unconditionally release all other political prisoners, including Tofig Yagublu, Akif Gurbanov, Bakhtiyar Hajiyev, human rights defenders and journalists Ulvi Hasanli, Sevinj Vagifgizi, Nargiz Absalamova, Hafiz Babali, Elnara Gasimova, Aziz Orujov, Rufat Muradli, Avaz Zeynalli, Elnur Shukurov, Alasgar Mammadli, Farid Ismayilov, as well as EU and other nationals.

     

    AZERBAIJAN

     

    Dr Gubad Ibadoghlu, Anar Mammadli, Kamran Mammadli, Rufat Safarov and Meydan TV

    Political prisoner and 2024 Sakharov Prize finalist Gubad Ibadoghlu remains under house arrest; the European Court of Human Rights ruled that his health condition is critical, requiring hospitalisation and urgent heart surgery.

     

    Civil society leader Anar Mammadli has been in pre-trial detention since April 2024 on bogus charges, with his health deteriorating due to denied healthcare.

     

    In early December 2024, the Azerbaijani authorities arrested MeydanTV journalists Aynur Ganbarova, Aytaj Ahmadova, Khayala Agayeva, Natig Javadli and Aysel Umudova, and journalists Ramin Jabrayilzade and Ahmad Mukhtar; they also arrested Baku Journalism School deputy director Ulvi Tahirov, political leader Azer Gasimli and human rights defender Rufat Safarov; all face unfounded, politically motivated charges.

     

    In its resolution of 19 December 2024, the European Parliament:

     

    – Urges the Azerbaijani authorities to immediately end the crackdown on all dissident groups and unconditionally release and drop all charges against human rights defenders, journalists and political and other activists prosecuted under fabricated, politically motivated charges;

     

    – Demands that the authorities immediately lift the travel ban on Ibadoghlu, unconditionally drop all charges against him and allow him to receive urgent treatment abroad; deplores the fact that Ibadoghlu was not allowed to attend the Sakharov Prize ceremony or connect remotely;

     

    – Calls on Azerbaijan to lift undue restrictions on independent media by aligning its laws on the registration and funding of non-governmental groups and media with Venice Commission recommendations; demands that the authorities end the repression of MeydanTV, ToplumTV, Abaz Media and Kanal13;

     

    – Calls for EU sanctions under its global human rights sanctions regime to be imposed on Azerbaijani officials responsible for serious human rights violations, including Fuad Alasgarov, Vilayat Eyvazov and Ali Naghiyev.

     

    BELARUS

     

    Marina Adamovich, Mikalai Statkevich  Tatsiana Seviarynets, Pavel Seviarynets Daria Losik

    Ihar Losik

    Mikalai Kazlou

    Ryhor Kastusiou Mikalai Statkevich Pavel Seviarynets

    Marina Adamovich, wife of Mikalai Statkevich (political prisoner), Tatsiana Seviarynets, mother of Pavel Seviarynets (political prisoner), and earlier-arrested Daria Losik, wife of Ihar Losik (political prisoner), have suffered interrogations and detentions by the KGB. 

     

    Mikalai Kazlou, Ryhor Kastusiou, Mikalai Statkevich and Pavel Seviarynets, all political prisoners, face isolation, torture, denial of medical care and forced labour.

    In its resolution of 14 December 2023, the European Parliament:

     

    – Strongly condemns the recent wave of mass arrests in Belarus and urges the illegitimate Lukashenka regime to cease repression, especially any gender-based persecution, and reminds the regime of its international obligations;

     

    – Calls for the immediate unconditional release and compensation of all more than 1 400 political prisoners, as well as their families and arbitrarily detained persons, while restoring their full rights.

     

    BELARUS

     

    Mikola Statkevich

    Ales Bialiatski

    Maria Kalesnikava Siarhei Tsikhanouski Viktar Babaryka Maksim Znak

    Pavel Sevyarynets Palina Sharenda-Panasiuk

    Andrzej Poczobut  Ihar Losik

    Former presidential candidate and 2020 Sakharov Prize laureate Mikola Statkevich has been imprisoned on politically motivated charges for 14 years; he is kept in solitary confinement under maximum security; his health is deteriorating and his lawyers and family have been denied information and contact for over 300 days.

     

    Prominent Belarusian political prisoners, including Ales Bialiatski, Maria Kalesnikava, Siarhei Tsikhanouski, Viktar Babaryka, Maksim Znak, Pavel Sevyarynets, Palina Sharenda-Panasiuk, Andrzej Poczobut and Ihar Losik, have been subjected to similar isolation.

    In its resolution of 8 February 2024, the European Parliament:

     

    – Demands the immediate, unconditional release of Mikola Statkevich and all 1 500 political prisoners; calls for the withdrawal of all charges against them, their full rehabilitation and financial compensation for the damage suffered as a result of being deprived of liberty;

     

    – Insists that the prisoners must receive proper medical assistance and access to lawyers, family, diplomats and international organisations, which can assess their condition and provide aid; regrets the inaction of the International Committee of the Red Cross (ICRC) in Belarus;

     

    – Strongly condemns the unjustified, politically motivated sentences and continued repression of Belarusian democratic forces, civil society, human rights defenders, trade unionists, journalists, clergy, political activists and their family members.

     

    CHINA

     

    Ding Yuande

    Ma Ruimei

     

    On 12 May 2023 Falun Gong practitioners Mr Ding Yuande and his wife Ms Ma Ruimei were arrested without a warrant; Ms Ma was released on bail, but was then intimidated by police because of a rescue campaign launched by their son abroad.

     

    Mr Ding was detained with no family visits for eight months; on 15 December 2023 he was sentenced to three years in prison with a CNY 15 000 fine.

    In its resolution of 18 January 2024, the European Parliament:

     

    – Strongly urges the PRC to immediately end the persecution of Falun Gong practitioners and other minorities, including Uyghurs and Tibetans; demands the immediate and unconditional release of Mr Ding and all Falun Gong practitioners in China;

     

    – Calls for the PRC to end domestic and transnational surveillance and control and the suppression of religious freedom; urges the PRC to abide by its obligations under international law and its own constitution to respect and protect human rights.

     

    CHINA

     

    Ilham Tohti

    Gulshan Abbas

    In 2014 Ilham Tohti was convicted of politically motivated charges of ‘separatism’ and sentenced to life imprisonment; he worked to foster dialogue between Uyghurs and Han Chinese; he was awarded the 2019 Sakharov Prize. Gulshan Abbas has been serving a 20-year sentence on fallacious terrorism-related charges relating to activities of her sister, a defender of the human rights of persecuted Uyghurs in the PRC.

     

     

    Gulshan Abbas, is a Uyghur retired doctor, who was forcibly disappeared in retaliation of her sisters public criticism of the treatment of Uyghurs. She has received a 20-year sentence in 2020, for participating in a terrorist organisation.

     

    In its resolution of 10 October 2024, the European Parliament:

     

    – Strongly condemns the PRC’s violations of the human rights of Uyghurs and people in Tibet, Hong Kong, Macau and mainland China;

     

    – Urges the PRC to immediately and unconditionally release Ilham Tohti and Gulshan Abbas, as well as those arbitrarily detained in China and those mentioned by the EU during the 57th session of the UN Human Rights Council, guarantee their access to medical care and lawyers, provide information on their whereabouts and ensure family visiting rights; calls for the EU and the Member States to apply pressure in this respect at every high-level contact;

     

    – Demands that the PRC authorities halt their repression and targeting of Uyghurs with abusive policies, including intense surveillance, forced labour, sterilisation, birth prevention measures and the destruction of Uyghur identity, which amount to crimes against humanity and a serious risk of genocide; calls for the closure of all internment camps;

     

    – Strongly condemns the PRC for not implementing the recommendations of the Office of the High Commissioner for Human Rights (OHCHR); calls on the PRC to allow the OHCHR independent access to XUAR and invites the OHCHR to issue a comprehensive situational update and an action plan for holding the PRC accountable;

     

    – Welcomes the EU’s forced labour regulation and insists on its full implementation; calls on businesses operating in the PRC, particularly in XUAR, to comply with their HR due diligence obligations.

     

    CUBA

     

    José Daniel Ferrer Garcia

     

    Human rights defender and opposition leader José Daniel Ferrer García was detained on 11 July 2021 in the context of widespread protests in Cuba, and has been held in isolation since 14 August 2021; the Cuban regime has imprisoned, harassed and intimidated him for over a decade for his peaceful political activism; since March 2023, he has been held incommunicado and his family have received no information about his health and have been denied the right to visit him.

    In its resolution of 19 September 2024, the European Parliament:

     

    – The Cuban regime holds political prisoners in the most appalling conditions; whereas reports indicate that José Daniel Ferrer is in a critical condition and has been held without access to medical treatment, with inadequate food and in unsanitary conditions, which constitute forms of torture, inhuman or degrading treatment;

     

    – The human rights situation in Cuba is alarming, particularly for dissidents, who are subjected to worrying levels of surveillance and arbitrary detention; whereas the number of political prisoners is unknown but reliable sources state that the regime holds over a thousand prisoners, including minors; whereas among the many political prisoners are Luis Manuel Otero Alcántara and Lizandra Gongora, whose health condition is critical;

     

    – Urges the Cuban regime to immediately and unconditionally release José Daniel Ferrer and all persons politically and arbitrarily detained for exercising their rights to freedom of expression and peaceful assembly;

     

    – Condemns the torture and inhuman, degrading and ill-treatment perpetrated by the Cuban authorities against José Daniel Ferrer and the other political prisoners; calls for the families of victims of the regime’s persecution to be granted immediate access to them, pending their release, and for the victims to be given medical care.

     

    CRIMEA

    Iryna Danylovych, Tofik Abdulhaziiev and Amet Suleymanov

    Crimean journalist and human rights defender Iryna Danylovych was abducted in 2022, accused of possessing explosives and sentenced to 6 years and 11 months of imprisonment; NGO activist Tofik Abdulhaziiev was arrested in 2019 and sentenced to 12 years in a maximum security prison on trumped-up charges, and since 2023 is being held in a prison some 2 700 km away from Crimea; citizen journalist Amet Suleymanov was sentenced to 12 years of prison in 2021.

     

    In its resolution of 19 December 2024, the European Parliament:

     

    – Condemns Russia’s continuous targeting of ethnic Ukrainians and systematic persecution of indigenous Crimean Tatars, which aims to erase their identity, heritage and culture, echoing, for the Crimean Tatars, the genocidal deportations of 1944; considers that Crimea’s future is tied to its recognition as the Crimean Tatars’ historic homeland;

     

    – Condemns the persecution of journalists, civil society activists and human rights defenders and the deportation of civilians including political prisoners from Crimea to penitentiary institutions across Russia, contrary to international law;

     

    – Demands the immediate and unconditional release of Iryna Danylovych, Tofik Abdulhaziiev and Amet Suleymanov and other political prisoners; calls for immediate medical care to be provided; denounces the upholding of verdicts against seriously ill individuals, which constitutes a blatant violation of international human rights standards; calls on the International Committee of the Red Cross and the UN to establish the whereabouts of civilian detainees from Crimea.

     

    DEMOCRATIC REPUBLIC OF THE CONGO

     

    Jean-Jacques Wondo

    Jean-Jacques Wondo, a Belgian-Congolese security, military and political expert, was arrested following a failed coup on 19 May 2024, for which he was accused of being the ‘intellectual perpetrator’, on 13 September 2024, Wondo and 36 others were sentenced to death by a military court.

     

    In its resolution of 23 January 2025, the European Parliament:

     

    – Strongly condemns the sentencing to death of Wondo and others and the grave violations of their right to a fair trial;

     

    – Urges the DRC Government to immediately overturn the death sentences, reinstate a moratorium on executions and take steps towards the full abolition of the death penalty;

     

    –  Expresses deep concern about Wondo’s deteriorating health, calls for him to be given immediate access to medical treatment and insists on his immediate release;

     

    – Calls for systemic reforms to be implemented in the DRC to rebuild the judiciary into an independent, fair and efficient institution that guarantees due process and the protection of fundamental rights.

     

    GREECE

     

    George Karaivaz

    George Karaivaz was a journalist who have been murdered on 9 April 2021.

    In its resolution of 7 February 2024, the European Parliament:

     

    – Is deeply concerned by the failure of law enforcement and the judicial authorities in Greece to make progress in the investigation into the murder of the Greek journalist George Karaivaz on 9 April 2021; notes that two suspects were arrested in April 2023, but otherwise there has not been any discernible activity in the police investigation; strongly urges the authorities to take all the necessary steps towards conducting a thorough and effective investigation, and to bring those involved in the murder, at any level, to justice; urges the authorities to request assistance from Europol.

     

    HONG KONG

     

    Andy Li

    Joseph John

    Andy Li, a pro-democracy activist and key witness in Jimmy Lai’s trial, allegedly confessed, under torture, to conspiracy and collusion with foreign entities.

     

    Joseph John, a HK-Portuguese dual national, is the first extraterritorial application of the NSL to an EU citizen; John was arrested for allegedly posting anti-China social media content and committing, from Europe, incitement to ‘secession’, and was sentenced on 11 April 2024 to five years’ imprisonment.

    In its resolution of 25 April 2024, the European Parliament:

     

    – Urges the HK Government to immediately and unconditionally release Li, John, Lai, Kok Tsz-lun and all other pro-democracy representatives and activists detained for exercising their freedoms and democratic rights, and to drop all charges against them;

     

    – Highlights the SNSO’s undermining of press freedoms; calls on the authorities to stop harassing and prosecuting journalists.

     

    HONG KONG/ CHINA

     

    Jimmy Lai

    Jimmy Lai has been detained since 2020 on trumped-up charges; his trial started in 2023 after various delays; he denied these charges and faces life imprisonment; his British lawyer has been refused permission to represent him. Jimmy Lai a British national since 1996, is a Hong Kong media tycoon, and a known pro- democracy supporter.  Political prisoners in HK endure difficult conditions, often affecting their health, throughout lengthy pre-trial detentions, as with 76-year-old Lai, who has diabetes and has been denied Communion in prison.

     

    45 pro-democracy politicians, activists and journalists were sentenced for subversion, in the ‘Hong Kong 47’ case, for organising unofficial election primaries; their trials were the largest national security trials to date;

     

    In its resolution of 28 November 2024, the European Parliament:

     

    – Condemns the sentencing of pro-democracy activists on national security charges, in violation of international law; calls for the repeal of the NSL and the SNSO; denounces the degradation of basic freedoms in HK;

     

    – Urges the HK Government to immediately and unconditionally release all pro-democracy activists, including Lai and Chung, and to drop all charges against them;

     

    – Calls on the EEAS and the Member States to warn China that its actions in HK will have consequences for EU-China relations; calls on the Council to review its 2020 conclusions on HK and to impose targeted sanctions on John Lee and other HK and Chinese officials responsible for human rights violations, to revoke HK’s favourable customs treatment and review the status of the HK Economic Trade Office in Brussels; urges the Member States to file an ICJ case against China’s decision to impose the NSL on HK and Macau.

     

    IRAN

     

    Pakhshan Azizi and Wrisha Moradi

    Kurdish activists, social worker Pakhshan Azizi and advocate for women’s rights Verisheh (Wrisha) Moradi were sentenced to death for ‘armed rebellion against the state’.

    In its resolution of 23 January 2025, the European Parliament:

     

    – Denounces the Iranian regime’s unrestrained repression of human rights, in particular the targeting of women activists; strongly condemns the death sentence against Pakhshan Azizi and Wrisha Moradi; demands that Iran immediately and unconditionally release all unjustly imprisoned human rights defenders and political prisoners, including Pakhshan Azizi, Wrisha Moradi and at least 56 other political prisoners on death row;

     

    – Calls for the EU and its Member States to increase support for Iranian human rights defenders and expresses its full support and solidarity with Iranians united in the ‘Woman, Life, Freedom’ movement;

     

    – Urges the Iranian authorities to immediately release, safely repatriate and drop all charges against EU nationals, including Olivier Grondeau, Cécile Kohler, Jacques Paris and Ahmadreza Djalali; strongly condemns Iran’s use of hostage diplomacy; calls for the EU and its Member States to undertake joint diplomatic efforts and work collectively towards their release;

     

    – Strongly condemns the murder of Jamshid Sharmahd; urges the Islamic regime in Iran to provide details of the circumstances of his death and for his remains to be immediately returned to his family;

     

    – Reiterates its call on the Council to designate the Islamic Revolutionary Guard Corps a terrorist organisation and to extend EU sanctions to all those responsible for human rights violations, including Supreme Leader Ali Khamenei, President Masoud Pezeshkian, Judiciary Chief Gholam-Hossein Mohseni-Eje’i, Prosecutor-General Mohammad Movahedi-Azad and Judge Iman Afshari;

     

    – Urges the Iranian authorities to provide the UN Special Rapporteur on the human rights situation in Iran and the UN fact-finding mission with full, unimpeded access to enact their mandates.

     

    KYRGYZSTAN

     

    Temirlan Sultanbekov

    Temirlan Sultanbekov is the leader of the Kyrgyzstan Social Democrats party (SDK), he and other party officials have been arrested for vote-buying allegations, with an audiotape of unknown origin serving as the primary evidence, for which the judicial authorisation is unclear and its connection with the detainees unknown.

    In its resolution of 19 December 2024, the European Parliament:

     

    – Urges the Kyrgyz authorities to immediately release Mr Sultanbekov and other party officials and adopt alternative measures to detention, while respecting their right to due process in line with the civil and political rights guaranteed under the Kyrgyz constitution and international obligations; calls on the authorities to ensure his safety and well-being;

     

    – Urges the Kyrgyz government to halt its campaign of intimidation and legal persecution against opposition parties, independent media outlets and journalists; is concerned by the adoption of the Russian-style ‘foreign agents’ law; urges the Kyrgyz authorities to drop all charges against human rights defenders, including Makhabat Tazhibek Kyzy, Azamat Ishenbekov, Aktilek Kaparov and Ayke Beishekeeva, journalists from the Temirov Live and Ait Ait Dese channels.

     

    RUSSIA

     

    Alexei Navalny

    Vladimir Kara-Murza

    Yuri Dmitriev

    Ilya Yashin

    Alexei Gorinov

    Lilia Chanysheva Ksenia Fadeeva, Vadim Ostanin

    Daniel Kholodny Vadim Kobzev

    Igor Sergunin

    Alexei Liptser Viktoria Petrova Maria Ponomarenko Alexandra Skochilenko

    Svetlana Petriychuk Evgenia Berkovich Dmitry Ivanov

    Ioann Kurmoyarov Igor Baryshnikov Dmitry Talantov Alexei Moskalev

    Oleg Orlov

    Boris Kagarlitsky

    Ivan Safronov

     

    Alexei Navalny, a prominent Russian political figure and the 2021 laureate of the Sakharov Prize for Freedom of Thought, perished in a Siberian penal colony north of the Arctic Circle while serving a unfounded, politically motivated prison sentence. He had been in detention since 17 January 2021, the date on which he returned to Russia following medical rehabilitation after an attempted state-sponsored assassination using the internationally banned nerve agent Novichok; he had previously been detained and arrested many times and had been sentenced, on fabricated and politically motivated grounds, to long prison terms in evident attempts to stop his political activities and anti-corruption campaigns.

     

    Vladimir Kara-Murza, Yuri Dmitriev, Ilya Yashin, Alexei Gorinov, Lilia Chanysheva, Ksenia Fadeeva, Vadim Ostanin, Daniel Kholodny, Vadim Kobzev, Igor Sergunin, Alexei Liptser, Viktoria Petrova, Maria Ponomarenko, Alexandra Skochilenko, Svetlana Petriychuk, Evgenia Berkovich, Dmitry Ivanov, Ioann Kurmoyarov, Igor Baryshnikov, Dmitry Talantov, Alexei Moskalev, Oleg Orlov, Boris Kagarlitsky and Ivan Safronov are political prisoners.

     

    In its resolution of 29 February 2024, the European Parliament:

     

    – Strongly condemns the murder of Alexei Navalny; expresses its wholehearted condolences to his family, associates and colleagues, and to his countless supporters across Russia; expresses its full support to Yulia Navalnaya in her determination to continue the work started by Alexei Navalny with her support, and to the Anti-Corruption Foundation founded by Navalny, which is continuing its work under the new circumstances;

     

    – Calls on the Russian authorities to drop all arbitrary charges and to immediately and unconditionally release all political prisoners and arbitrarily detained persons.

    TAJIKISTAN

     

    Abdullo Ghurbati Daler Imomali Zavqibek Saidamini Abdusattor Pirmuhammadzoda Ulfatkhonim Mamadshoeva Khushruz Jumayev Khurshed Fozilov

    Manuchehr Kholiknazarov Buzurgmehr Yorov

     

    Abdullo Ghurbati, Daler Imomali, Zavqibek Saidamini, Abdusattor Pirmuhammadzoda, Ulfatkhonim Mamadshoeva, Khushruz Jumayev and Khurshed Fozilov are journalists who have been sentenced to between seven and over 20 years in prison in retaliation for their coverage of social issues and human rights abuses, including in GBAO.

     

    Manuchehr Kholiknazarov and Buzurgmehr Yorov  are human rights lawyers who have been detained.

    In its resolution of 18 January 2024, the European Parliament:

     

    – Strongly condemns the ongoing crackdown, including anti-extremism legislation, against independent media, government critics, human rights activists and independent lawyers; condemns the closure of independent media and websites, including the online media outlets Pamir Daily News, New Tajikistan 2 and Akhbor.com;

     

    – Condemns all politically motivated trials and the lack of fair and public hearings by independent courts; urges the authorities to stop persecuting journalists, immediately and unconditionally release those who have been arbitrarily detained and drop all charges against them, stop the persecution of lawyers defending government critics and release human rights lawyers Manuchehr Kholiknazarov and Buzurgmehr Yorov;

     

    – Urges the government to ensure that detainees have access to adequate healthcare; calls for a thorough investigation into allegations of mistreatment in custody and forced confessions, and those responsible to be brought to justice.

     

    TÜRKIYE

     

    Bülent Mumay

    Bülent Mumay is a Turkish journalist and coordinator of the Istanbul bureau of Deutsche Welle’s Turkish editorial office, was sentenced to 20 months in prison for social media posts about a pro-government company’s seizure of Istanbul Municipality’s subway funds during the AKP administration; his appeal was rejected, and his tweets removed.

    In its resolution of 10 October 2024, the European Parliament:

     

    – Condemns the sentence against Bülent Mumay, which follows a broader pattern of silencing critical journalism; calls on the Turkish authorities to drop the charges against Bülent Mumay, and all arbitrarily detained media workers and journalists, as well as political opponents, human rights defenders, civil servants and academics;

     

      Is deeply concerned about the ongoing deterioration of democratic standards in Türkiye, relentless crackdown on any critical voices and targeting of independent journalists, activists and opposition members amid frequent reports of legal intimidation, censorship and financial coercion as ways to suppress criticism and investigative journalism.

     

    VENEZUELA

     

    Rocío San Miguel

    General Hernández Da Costa 

    Ronald Ojeda

    María Corina Machado

    Juan Freites

    Luis Camacaro Guillermo Lopez Emil Brandt

     

    Rocío San Miguel is a lawyer and human rights activist with Spanish nationality, who got kidnapped by the Venezuelan regime on 9 February 2024, and sentenced on politically motivated grounds of suspected conspiracy against Nicolás Maduro and his regime; she is currently being detained in El Helicoide prison, which is known for human rights abuses, including torture.

     

    Hernández Da Costa has been a political prisoner since August 2018; on 19 February 2024, he was forcibly transferred to El Rodeo 1 prison, designed to detain political prisoners; an unknown number of prisoners, including some EU citizens, were also transferred; the general suffers from medical ailments that require constant treatment, which he is being denied.

     

    Ronald Ojeda was a former political prisoner who escaped the Maduro regime, and got murdered in Chile.

     

    Juan Freites, Luis Camacaro, Guillermo Lopez and Emil Brandt are four campaign coordinators working for the opposition to the regime’s presidential candidate, and have been detained on political grounds.

     

    In its resolution of 14 March 2024, the European Parliament:

     

    – Demands the immediate unconditional release of all political prisoners and arbitrarily detained persons, and the full restoration of their rights; exhorts the regime to cease its policy of repression and attacks on civil society and the opposition;

     

    – Strongly condemns the Maduro regime for imprisoning hundreds of political prisoners;

     

    – Calls on the international community to support a return to democracy in Venezuela, particularly in the light of the upcoming elections, in which the leader of the opposition to the regime, María Corina Machado, must be allowed to fully participate.

    VENEZUELA

     

    Maria Corina Machado

    Juan Freites

    Luis Camacaro Guillermo López

    Maria Corina Machado was selected as the presidential candidate of the democratic opposition to the regime, winning with 92,35 % of the votes in the primary elections. She got a disqualification of 15 years.

     

    For several months, members of María Corina Machado’s campaign team – including Juan Freites, Luis Camacaro and Guillermo López, who were unlawfully detained and have since been reported missing.

    In its resolution of 8 February 2024, the European Parliament:

     

    – Calls for the immediate and unconditional release of all the arbitrarily arrested political and social leaders, including three campaign staffers of the presidential candidate of the opposition to the regime María Corina Machado, namely Juan Freites, Luis Camacaro and Guillermo Lopez;

     

    – Strongly condemns the attempts to disqualify the presidential candidate of the democratic opposition to the regime, María Corina Machado, and others, such as Henrique Capriles, from holding public office;

     

    – Urges the Venezuelan regime to immediately stop the persecution of the primary winner and thus fully legitimate candidate of the opposition to the regime, María Corina Machado, and other opposition politicians.

     

     

     

     

    ANNEX III: LIST OF SAKHAROV PRIZE LAUREATES AND FINALISTS IMPRISONED AND DEPRIVED OF LIBERTY

     

    Year of Sakharov Prize award

    Name and surname

    Laureate / Finalist

    Country

    Situation (Detention / house arrest / temporarily released)

    Length of prison sentence

    Start date of detention

    2024

    Gubad Ibadoghlu

    Finalist

    Azerbaijan

    Under travel ban

     

    A court rejected Ibadoglu’s appeal against the travel ban on 3/12/2024

    2021

    Alexei Navalny

    Laureate

     

    Russia

    Deceased in prison on 16/2/2024

     

    3,5 + 9 + 19 years

    Last detained 17/2/21, last sentenced 4/8/23

    2020

    Siarhei Tsikhanouski

     

    Maryia Kalesnikava

     

    Mikola Statkevich

     

     

    Ales Bialiatski

    Laureate

     

    Laureate

     

    Laureate

     

     

    Laureate

    Belarus

     

    Detention

     

    Detention

     

    Detention

     

     

    Detention

    18 years

     

    11 years

     

    14 years

     

     

    10 years

     

    Detained 29/5/20, sentenced 14/12/21

    Detained 07/9/20, sentenced 06/9/21

    Last detained 31/5/20, last sentenced 14/12/21

    Last detained 15/7/21, last sentenced 03/03/23

    2020

    Porfirio Sorto Cedillo, José Avelino Cedillo, Orbin Naún Hernández, Kevin Alejandro Romero, Arnold Javier Aleman, Ever Alexander Cedillo, Daniel Marquez and Jeremías Martínez Díaz

    Finalists

    Honduras

    Detention

    Unknown

    1/9/2019, released on 24/2/2022, after a ruling by the Supreme Court of Honduras

    2019

    Ilham Tohti

    Laureate

    China

    Detention

    Unknown

    23/9/2014

    2018

    Nasser Zefzafi

     

    Finalist

    Morocco

    Detention

    20 years

    5/4/2019

    2017

    Dawit Isaak

    Finalist

    Eritrea

    Incommunicado detention

    Unknown

    23/9/2001

    2015

    Raif Badawi

    Laureate

    Saudi Arabia

    Released on 11/3/2022, since then under a 10-year travel ban

     

    10 years

    First sentenced on 17/12/2012, but announced on 30/3/2013

    2012

    Nasrin Sotoudeh

     

     

     

     

     

     

    Jafar Panahi

    Laureate

     

     

     

     

     

     

    Laureate

    Iran

     

     

     

     

     

     

    Iran

    Detention, on temporary medical furlough since July 2021, arrested again 29/10/2023 and released 15/11/2023

     

    Detained in 2022,

    released on 3/2/2023 after hunger strike

    38 years

     

     

     

     

     

     

    6 years

    6/3/2019 (most recent)

     

     

     

     

     

    compelled in July 2022 to serve a 10-years old prison sentence

    2011

    Razan Zaitouneh

    Laureate

    Syria

    Kidnapped in 2013. Presumptions of detention and death.

     

    9/12/2013

    2009

    Memorial – Oleg Orlov

    Laureate

     

     

    Russia

    Released on 1/8/2024 as part of a prisoner exchange with the US and Germany

    2.5 years

    Latest sentence in February 2024. Memorial as legal entity liquidated in January 2022.

     

     

    ANNEX IV: LIST OF RESOLUTIONS

    List of resolutions adopted by the European Parliament from December 2023 to January 2025 and related directly or indirectly to human rights violations in the world

     

     

    Country/Region

    Date of adoption in plenary

     

    Title

    Africa

     

     

    Algeria

    23.01.2025

    The case of Boualem Sansal in Algeria

    Democratic Republic of the Congo

    23.01.2025

    The case of Jean-Jacques Wondo

     

    Gambia

     

    25.04.2024

    On the proposed repeal of the law banning female genital mutilation in The Gambia

    Nigeria

    08.02.2024

    On the recent attacks on Christmas Eve in Plateau State in Nigeria

    Sudan

    18.01.2024

    On the threat of famine following the spread of the conflict in Sudan

    Tanzania

    14.12.2023

    On the Maasai Communities in Tanzania

    Americas

     

     

    Cuba

    29.02.2024

    On the critical situation in Cuba

    Cuba

    19.09.2024

    The case of José Daniel Ferrer García in Cuba

    Guatemala

    14.12.2023

    On the attempt at a coup d’état in Guatemala

    Venezuela

    08.02.2024

    On further repression against the democratic forces in Venezuela: attacks on presidential candidate María Corina Machado

     

    Venezuela

     

    14.03.2024

    On the case of Rocío San Miguel and General Hernández Da Costa, among other political prisoners in Venezuela

    Venezuela

    19.09.2024

    Situation on Venezuela

    Venezuela

    23.01.2025

    Situation in Venezuela following the usurpation of the presidency on 10 January 2025

    Asia

     

     

     

    Afghanistan

     

     

    14.03.2024

    On the repressive environment in Afghanistan, including public executions and violence against women

    Afghanistan

    19.09.2024

    The deteriorating situation of women in Afghanistan due to the recent adoption of the law on the “Promotion of Virtue and Prevention of Vice”

     

    Azerbaijan

     

    25.04.2024

    On Azerbaijan, notably the repression of civil society and the cases of Dr Gubad Ibadoghlu and Ilhamiz Guliyev

    Azerbaijan

    19.12.2024

    Continued repression of civil society and independent media in Azerbaijan and the cases of Dr Gubad Ibadoghlu, Anar Mammadli, Kamran Mammadli, Rufat Safarov and Meydan TV

    Cambodia

    28.11.2024

    The shrinking space for civil society in Cambodia, in particular the case of the labour rights organisation CENTRAL

     

    China

     

    18.01.2024

    On the ongoing persecution of Falun Gong in China, notably the case of Mr Ding Yuande

    China

     

    10.10.2024

    The cases of unjustly imprisoned Uyghurs in China, notably Ilham Tohti and Gulshan Abbas

    China/ Taiwan

    24.10.2024

    Misinterpretation of UN resolution 2758 by the People’s Republic of China and its continuous military provocations around Taiwan

     

    Hong Kong

     

    25.04.2024

    On the new security law in Hong Kong and the cases of Andy Li and Joseph John

    Hong Kong/ China

     

    28.11.2024

    Hong Kong, notably the cases of Jimmy Lai and the 45 activists recently convicted under the national security law

    Kyrgyzstan

    19.12.2024

    Human rights situation in Kyrgyzstan, in particular the case of Temirlan Sultanbekov

    Tajikistan

    18.01.2024

    On Tajikistan: state repression against the independent media

     

    Tibet

     

    14.12.2023

    On the abduction of Tibetan children and forced assimilation practices through Chinese boarding schools in Tibet

    Middle East

     

     

     

    Iran/Israel

     

    25.04.2024

    On Iran’s unprecedented attack against Israel, the need for de-escalation and an EU response

     

    Iran

     

    08.02.2024

    On the increased number of executions in Iran, in particular the case of Mohammad Ghobadlou

    Iran

    28.11.2024

    The increasing and systematic repression of women in Iran

    Iran

    23.01.2025

    Systematic repression of human rights in Iran

    Iraq

    10.10.2024

    Iraq, notably the situation of women’s rights and the recent proposal to amend the Personal Status Law

     

    Palestine

     

    18.01.2024

    On the humanitarian situation in Gaza, the need to reach a ceasefire and the risks of regional escalation

     

    Palestine

     

    14.03.2024

    On the immediate risk of mass starvation in Gaza and the attacks on humanitarian aid deliveries

    Europe and Eastern Partnership countries

     

     

     

    Azerbaijan/Armenia

     

    13.03.2024

    On closer ties between the EU and Armenia and the need for a peace agreement between Azerbaijan and Armenia

    Azerbaijan/ Armenia

    24.10.2024

    Situation in Azerbaijan, violation of human rights and international law and relations with Armenia

     

    Belarus

     

    14.12.2023

    On the unknown status of Mikola Statkevich and the recent attacks on Belarusian politicians’ and activists’ family members

     

    Belarus

     

    08.02.2024

    on the new wave of mass arrests in Belarus of opposition activists and their family members

    Belarus

    19.09.2024

    The severe situation of political prisoners in Belarus

    Belarus

    22.01.2025

    Actions to address the continued oppression and fake elections in Belarus

    Crimea

    19.12.2024

    11th year of the occupation of the Autonomous Republic of Crimea and the city of Sevastopol by the Russian Federation and the deteriorating human rights situation in occupied Crimea, notably the cases of Iryna Danylovych, Tofik Abdulhaziiev and Amet Suleymanov

     

    Georgia

     

    25.04.2024

    On attempts to reintroduce a foreign agent law in Georgia and its restrictions on civil society

    Georgia

    09.10.2024

    The democratic backsliding and threats to political pluralism in Georgia

    Georgia

    28.11.2024

    Georgia’s worsening democratic crisis following the recent parliamentary elections and alleged electoral fraud

    Greece

    07.02.2024

    On the rule of law and media freedom in Greece

     

    Hungary

     

    24.04.2024

    On ongoing hearings under Article 7(1) TEU regarding Hungary to strengthen the rule of law and its budgetary implications

    Hungary

    18.01.2024

    On the situation in Hungary and frozen EU funds

    Moldova

    09.10.2024

    Strengthening Moldova’s resilience against Russian interference ahead of the upcoming presidential elections and a constitutional referendum on EU integration

     

    Russia

     

    29.02.2024

    On the murder of Alexei Navalny and the need for EU action in support of political prisoners and oppressed civil society in Russia

     

    Russia

     

    08.02.2024

    On Russiagate: allegations of Russian interference in the democratic processes of the European Union

     

     

    Russia

     

     

    25.04.2024

    On new allegations of Russian interference in the European Parliament, in the upcoming EU elections and the impact on the European Union

     

    Russia

     

    25.04.2024

    On Russia’s undemocratic presidential elections and their illegitimate extension to the occupied territories

    Russia

     

    14.11.2024

    EU actions against the Russian shadow fleets and ensuring a full enforcement of sanctions against Russia

    Russia

     

    23.01.2025

    Russia’s disinformation and historical falsification to justify its war of aggression against Ukraine

    Russia/ North Korea

    28.11.2024

    Reinforcing EU’s unwavering support to Ukraine against Russia’s war of aggression and the increasing military cooperation between North Korea and Russia

    Serbia

    08.02.2024

    On the situation in Serbia following the elections

     

    Slovakia

     

    17.01.2024

    On the planned dissolution of key anti-corruption structures in Slovakia and its implications for the rule of law

    Türkiye

    10.10.2024

    European Parliament resolution of 10 October 2024 on the case of Bülent Mumay in Türkiye

    Cross-cutting issues

     

     

    Children liberty

    13.12.2023

    On the situation of children deprived of liberty in the world

     

    LGBTIQ rights

     

    08.02.2024

    On the implementation of the EU LGBTIQ Equality Strategy 2020-2025

     

     

    Protection of journalists

     

     

    27.02.2024

    On the proposal for a directive of the European Parliament and of the Council on protecting persons who engage in public participation from manifestly unfounded or abusive court proceedings

     

    Human rights and democracy

     

    28.02.2024

    Human rights and democracy in the world and the European Union’s policy on the matter – annual report 2023

    Foreign and security policy

    28.02.2024

    Implementation of the common foreign and security policy – annual report 2023

     

     

    Media freedom

     

     

    13.03.2024

    On the proposal for a regulation of the European Parliament and of the Council establishing a common framework for media services in the internal market

     

     

    Forced labour

     

     

    23.04.2024

    On the proposal for a regulation of the European Parliament and of the Council on prohibiting products made with forced labour on the Union market

    Right of abortion

    11.04.2024

    On including the right to abortion in the EU Fundamental Rights Charter

     

     

    Due diligence

     

     

    24.04.2024

    On the proposal for a directive of the European Parliament and of the Council on Corporate Sustainability Due Diligence and amending Directive

     

    Fundamental rights

     

    18.01.2024

    On the situation of fundamental rights in the European Union – annual report 2022 and 2023

    Hate speech

    18.01.2024

    On extending the list of EU crimes to hate speech and hate crime

     

     

    Business and human rights

     

     

    18.01.2024

    On shaping the EU’s position on the UN binding instrument on business and human rights, in particular on access to remedy and the protection of victims

    Freedom of scientific research

    17.01.2024

    On promotion of the freedom of scientific research in the EU

    Citizens, equality, rights and values

    16.01.2024

    On the implementation of the Citizens, Equality, Rights and Values programme 2021-2027

     

     

    Violence against women

     

     

    24.04.2024

    On the proposal for a directive of the European Parliament and of the Council on combating violence against women and domestic violence

     

    Human beings traffic

     

    23.04.2024

    On preventing and combating trafficking in human beings and protecting its victims

     

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation, Shri Amit Shah, addresses Maha Shivratri festival organized by Isha Foundation in Coimbatore, Tamil Nadu

    Source: Government of India (2)

    Union Home Minister and Minister of Cooperation, Shri Amit Shah, addresses Maha Shivratri festival organized by Isha Foundation in Coimbatore, Tamil Nadu

    Maha Shivratri is not just a festival but a profound night of self-awakening, when the entire universe resonates itself with the presence of Shiva, only then can the true essence of Shivaratri be experienced

    Lord Shiva is a benevolent consciousness who embodies both destruction and protection

    Prime Minister Shri Narendra Modi has brought global recognition to Yoga by commemorating International Yoga Day and Sadguru has given a new dimension to Yoga through Adi Yogi

    Any account of India’s spiritual history is incomplete without mentioning rich Tamil culture

    Isha Yoga Centre has become a global center for yoga, sadhana, devotion, self-knowledge and liberation

    The 112-ft grand statue of Adi Yogi symbolizes the 112 paths to spiritual enlightenment

    Sadguru has brought science and spirituality together and proved that meditation, energy, and state of consciousness are not mere beliefs but fundamental aspects of science

    Posted On: 26 FEB 2025 9:51PM by PIB Delhi

    Union Home Minister and Minister of Cooperation, Shri Amit Shah, today addressed the Maha Shivratri celebrations organized by the Isha Foundation in Coimbatore, Tamil Nadu.

    Union Home Minister and Minister of Cooperation, Shri Amit Shah extended greetings to the countrymen on the occasion of of Maha Shivratri. He said that from Somnath to Kedarnath, Pashupatinath to Rameswaram, and Kashi to Coimbatore, the entire nation is immersed in the devotion of Lord Shiva today. Shri Shah highlighted the spiritual significance of this day, noting that while the Maha Kumbh concludes in Prayagraj, a grand “Maha Kumbh of devotion” is unfolding in Coimbatore. He emphasized that Maha Shivratri is not just a festival but a profound night of self-awakening. He said when the entire universe resonates itself with the presence of Shiva, only then can the true essence of Shivaratri be experienced. He further said that this sacred day marks the divine union of Lord Shiva and Goddess Parvati, paving the way for the soul’s union with Shiva, thereby opening the path to salvation through unwavering devotion.

    Union Home Minister Shri Amit Shah said that Lord Shiva is not just a symbol but a benevolent consciousness who embodies both destruction and protection, each playing a vital role in our lives. He said Shiva is described as Shambhu and Swayambhu, representing both truth and beauty. Known as Bhole Nath and Maha Kaal, Shiva is present here in Coimbatore as Adi Yogi, the first yogi. Shri Shah emphasized that Shiva is not merely an idol but the fundamental foundation of existence itself. He said that Maha Shivratri is a testament to the culmination of devotion and faith, where the true offering is not material but our unwavering dedication to the path of devotion.

    Shri Amit Shah said that this place created by Sadguru is not just a pilgrimage but has become a global center for yoga, sadhana, devotion, self-knowledge and liberation. He praised the Isha Yoga Center for bringing positive transformation into the lives of millions through yoga and meditation. He highlighted the significance of the 112-ft grand statue of Adi Yogi, which symbolizes the 112 paths to spiritual enlightenment. He said that visiting this sacred space reminds us that the ultimate goal of life is to attain Shivatva—the state of divine consciousness. Shri Shah said that the Isha Yoga Center serves as a bridge connecting people, especially the youth, with spirituality. He said that by coming here, one embarks on a journey from mere awareness to cosmic consciousness, self-interest to selflessness, and individual existence to universal oneness. He commended Sadguru for not only inspiring the youth towards spirituality but also offering them a profound and intelligent understanding of religion.

    Union Home Minister said that the phrase “A Mystic Man on a Mission” perfectly describes Sadguru. He praised Sadguru Jaggi Vasudev for guiding the world on the path of a meaningful and conscious life. He said that through Sadguru, the world has come to understand the eternal wisdom that true knowledge begins with understanding oneself. Shri Shah emphasized that the journey to transforming the world starts with self-transformation. He lauded Sadguru’s efforts in making people aware to the value of India’s most precious heritage—its soil—and spreading a profound environmental message across the globe. He said that Sadguru has emerged as a true national asset, inspiring millions and bringing the essence of India’s spiritual heritage to the fore.

    Shri Amit Shah said that Sadguru has given a new dimension to Yoga through Adi Yogi, while Prime Minister Shri Narendra Modi has brought global recognition to Yoga by commemorating International Yoga Day. He emphasized that Yoga is not just a practice but a journey that takes us from Sva (self) to Sarv (universal), from Aham (ego) to Vayam (togetherness), from Sankalp (resolve) to Siddhi (attainment), and from Vairagya (detachment) to Samadhi (ultimate consciousness). Shri Shah highlighted that despite its ancient roots, Yoga remains highly relevant in the modern world and continues to evolve dynamically. He described Yoga as a force that unites the mind, body, and soul, bridges the gap between the individual and the Supreme, and ultimately paves the way for deep devotion and spiritual fulfillment.

    Union Home Minister Shri Amit Shah said that any account of India’s spiritual history is incomplete without mentioning rich Tamil culture. He said that Tamil Nadu is a land enriched with countless living examples of spirituality, carrying forward an unbroken legacy of wisdom and devotion. Shri Shah said the Maha Shivratri celebrations organized by Sadguru are amazing, unimaginable, and beyond words. He hailed Sadguru for creating a spiritual pilgrimage that seamlessly blends science and spirituality, proving that meditation, energy, and state of consciousness are not mere beliefs but fundamental aspects of science. He said that Sadguru has made people realize that Shiva is not just a deity but an eternal presence, a universal consciousness, and that awakening Shivatva—the essence of Shiva—is the true path to self-realization.

    *****

    RK/VV/PR/PS

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  • MIL-OSI Asia-Pac: Tax measures proposed in 2025-26 Budget

    Source: Hong Kong Government special administrative region

    Tax measures proposed in 2025-26 Budget
    Tax measures proposed in 2025-26 Budget
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         In the Budget delivered on February 26, the Financial Secretary proposed the following tax measures:(1) Providing a one-off reduction of profits tax, salaries tax and tax under personal assessment for the year of assessment 2024/25 by 100 per cent, subject to a ceiling of $1,500 per case.      This measure will benefit 2.14 million taxpayers liable to salaries tax and tax under personal assessment and 165 400 businesses. The government revenue will be reduced by $3.1 billion.     The proposed reduction will reduce the amount of tax payable by taxpayers for the year of assessment 2024/25. Taxpayers should still file their profits tax returns and tax returns for individuals for the year of assessment 2024/25 as usual. The government will introduce the Inland Revenue (Amendment) (Tax Concessions) Bill 2025 into the Legislative Council. Upon enactment of the relevant legislation, the Inland Revenue Department will effect the reduction in the final assessment.     The proposed tax reduction will only be applicable to the final tax for the year of assessment 2024/25, but not to the provisional tax of the same year. Therefore, taxpayers are required to pay the provisional tax on time as stipulated in the demand notes that have been issued to them. The provisional tax paid will be applied in payment of the final tax for the year of assessment 2024/25 and provisional tax for the year of assessment 2025/26. The excess balance, if any, will be refunded.     The proposed tax reduction is not applicable to property tax. Nevertheless, individuals with rental income, if eligible for personal assessment, may enjoy such a reduction under personal assessment.     A taxpayer who is separately chargeable to salaries tax and profits tax can enjoy tax reduction under each of the tax types. A taxpayer having business profits or rental income may elect for personal assessment in their tax returns for the year of assessment 2024/25. The reduction will then be calculated based on the tax payable under personal assessment. It may be different from the amount of tax reduction a taxpayer would have got had he / she not elected for personal assessment. The exact amount will be assessed case by case.(2) Raising the maximum value of properties chargeable to a stamp duty of $100 from $3 million to $4 million.      The new value bands will be applicable to any conveyance on sale or agreement for sale of residential or non-residential property transaction executed on or after February 26, 2025. The Government will introduce the Stamp Duty (Amendment) Bill 2025 (the Bill) into the Legislative Council to take forward the proposal. To benefit buyers of properties from the measure as soon as possible, the Chief Executive has made the Public Revenue Protection (Stamp Duty) Order 2025 under the Public Revenue Protection Ordinance (Cap. 120) to give force and effect of law to the Bill before its enactment.      Details of the above proposed tax measures and examples of tax calculations are available on the website of the Inland Revenue Department (www.ird.gov.hk) and can be obtained through the fax hotline 2598 6001.

     
    Ends/Thursday, February 27, 2025Issued at HKT 0:10

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  • MIL-OSI Asia-Pac: Remarks by FS at Budget press conference (with photos/video)

    Source: Hong Kong Government special administrative region

    Remarks by FS at Budget press conference
    Remarks by FS at Budget press conference
    ****************************************

         Following are the remarks by the Financial Secretary, Mr Paul Chan; the Secretary for Financial Services and the Treasury, Mr Christopher Hui; the Permanent Secretary for Financial Services and the Treasury (Treasury), Mr Andrew Lai; and the Government Economist, Mr Adolph Leung, at the Budget press conference at Central Government Offices, Tamar, today (February 26): Reporter: Good afternoon, Mr Chan. Some English questions. Firstly, could the Government provide further details on the legalisation of basketball betting? What is the time frame for this, and how much money would the Government expect to gain from this measure? Secondly, what is your opinion on the suggestions of some observers that the Government would need to explore new forms of revenue in the long term to solve the Government’s deficit? Would it consider something like a sales tax or other forms of increasing revenue to better balance its books? Thank you. Financial Secretary: Thank you. First, about basketball betting, we are aware of the fact that there is a certain degree of illegal betting activities going on, so it is better to properly regulate it. On this, we have invited the Hong Kong Jockey Club to study the matter and give a proposal to the Government for consideration. Currently, according to rough estimates, depending on the final scheme, every year, if we are going to introduce betting duty to regulate basketball betting, that will give us about HK$1.5 to HK$2 billion in terms of revenue.         As to your question about the possibility of introducing a new form of tax, our guiding principle is that, in considering any revenue measures, particularly tax-related measures, we have to pay due regard to the following considerations: one is the competitiveness of Hong Kong in terms of attracting investment and talent; second, if we are to increase revenue, we try to minimise the impact on the average residents. At the moment, we have no intention to introduce any form of GST (goods and services tax) or sales tax. We think that we have put up a very credible fiscal consolidation plan. On the one hand, we increase revenue; the measures would not impair our competitiveness. And more importantly, we try to cut the expenditure growth of the Government as the major means to achieve fiscal balance. That is why in the coming few years, up to 2027-2028, cumulatively we will be able to reduce public government expenditure by about 7 per cent, and also cut the establishment. We have a plan and specific steps to move to achieve balance. Thank you. Reporter: Good afternoon, some English questions from RTHK. First, how likely all the measures to make savings will help the Government’s coffer to return to black? And will these measures block future development of Hong Kong? The second question, are you worried that the proposed pay freeze on civil servants will affect morale and any likelihood public services will be affected as well? Thank you. Financial Secretary: I will invite Mr Andrew Lai to give you a reply. Permanent Secretary for Financial Services and the Treasury (Treasury): Thank you, FS. In terms of the expenditure cut programme and the enhanced fiscal consolidation programme, we are going to reduce government expenditure 2 per cent each year in the coming three years. That will give rise to an annual saving of about $10 billion to nearly $25 billion in the coming three years. It will contribute towards our saving programme and help bureaux and departments to redeploy these resources to other more important areas, and it is one of the important measures for us to restore the balance in our operating account.      And regarding your question about civil service pay, being a civil servant, I think we understand the sentiment in the community. We are willing to work hard together with the members of the public and also all sectors to promote the economic development of Hong Kong. Reporter: Good afternoon. My first question is with the adjustments in monetary policy by major central banks, what influence do you think this will have on Hong Kong economy and financial markets? And my second question is, in the face of increasing uncertainty worldwide, what steps should Hong Kong take to mitigate external risks? Thank you. Financial Secretary: Thank you. The central banks around the world are going to loosen their monetary policy, and so the liquidity in the market will be quickly enhanced. We are of the view that the capital market, given this more relaxed monetary situation, would see support. Of course, the capital market is influenced by a range of other factors, such as geopolitics affecting capital flow. So for us, I think the most fundamental matter is to enhance the competitiveness of our capital market, so that despite external uncertainties, we will be able to attract the best companies to come to Hong Kong for listing. And with quality companies being listed here, they will attract investments and investors from all over the world.      With regard to your second question, in order to mitigate the impact of geopolitics on capital flow and investment sentiment, we need to open up new markets, as well as new investor and capital sources. Our strategy is that, on the one hand, we will continue to engage developed economies, including the United States and Europe, to solidify the relationship and to secure investments. At the same time, we need to direct our efforts to new markets like the Middle East and Southeast Asia, to attract more investors and more quality issuers to Hong Kong. That is our response. Meanwhile, companies on the Mainland are going global. In this process, we would be able to serve as the best platform for their internationalisation. We will invite Mainland companies to set up their regional or international headquarters in Hong Kong and use this platform for trade finance, supply chain management and other high value-added services. Thank you. Reporter: First, how have the rising China-US (United States) tensions and the possibility of a trade war been factored into Hong Kong’s growth target in the coming year, and also in the medium-range forecast? My second question is, revenue from land premiums last year is the lowest in two decades, and also for multiple years in a row it missed the estimates. With today’s new estimate, is it an indication that land sales revival is unlikely, and how confident is the Government to hit that estimate? And finally, this may be the first year since 1998 that Hong Kong’s Budget does not have a satisfaction rating from a reputable public poll. How will the Government assess whether the public supports the Budget? Financial Secretary: Let me invite our Government Economist to respond to your first two questions. Government Economist: On the issue of rising trade tension between China and the US (United States), of course it will have some sort of negative impact. But according to what we have done to adjust to the situation, like lowering our share of exports to the US, we believe that it should be manageable, and we should be able to manage the situation gradually and better and better. But at the same time, although there are some sort of rising trade tension between the two countries, there are also other favourable factors supporting the Hong Kong economy like the shifting of the global economic gravity to Asia, particularly to China. And the Central Government has now introduced a number of measures to support both the long-term growth and also the short-term growth. In the short run, they have a more proactive fiscal policy and also a more accommodative monetary policy. In the long run, it is rigorously promoting the growth of new quality productive force and developing high-quality growth. And these will all support Hong Kong’s economic growth in the medium term from the demand side. And on the supply side, over the past few years, we have been doing a lot to expand our productive capacity, enhance our competitiveness and also develop new growth areas. And these efforts are all bearing fruit and will gradually contribute to Hong Kong’s economic growth in the coming years. Financial Secretary: Yes, we have introduced a fiscal consolidation programme in this Budget. So on the one hand, we try our best to diversify and grow our economy. But at the same time, it is a belt-tightening Budget, and so the community would contribute to this effort. We are trying to do the best we can in minimising the impact on our people. And I hope they will understand.      As to the land premium, we have been adopting a very conservative estimate. The land revenue for this year and the following year are based on the land sale programme, which have taken into account the market condition at the moment. As to the land income for the following three years, meaning for the rest of the medium-term period, on the basis of gradually increasing to about some 2 per cent of our GDP (Gross Domestic Product), and this percentage, compared with our historical average, which is about 3.3 per cent, is very conservative. But we do think that at the current economic situation, it would be responsible on the part of the Government to adopt a relatively conservative estimate about land income in the Budget that would be giving the market more confidence in the sense that, despite perhaps a slower rebound in the property market, overall, the financial position of the Government remains robust and strong. Thank you. (Please also refer to the Chinese portion of the remarks.)

     
    Ends/Wednesday, February 26, 2025Issued at HKT 23:56

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  • MIL-OSI Asia-Pac: Raising the maximum value of properties chargeable to the $100 stamp duty to $4 million

    Source: Hong Kong Government special administrative region

    Raising the maximum value of properties chargeable to the $100 stamp duty to $4 million
    Raising the maximum value of properties chargeable to the $100 stamp duty to $4 million
    ***************************************************************************************

         The Government has published in the Gazette today (February 26) the Public Revenue Protection (Stamp Duty) Order 2025 (the Order) made by the Chief Executive to give force and effect of law to the Stamp Duty (Amendment) Bill 2025 (the Bill) before the Bill becomes law. The Bill, which will be published in the Gazette on February 28, implements the adjustment to the value bands of the Ad Valorem Stamp Duty (AVD) proposed in the 2025-26 Budget. The Order and the Bill will be introduced into the Legislative Council on March 19.     The 2025-26 Budget announced that the maximum value of properties chargeable to $100 stamp duty would be raised from $3 million to $4 million with immediate effect from February 26, 2025, with a view to easing the burden of buyers of residential and non-residential properties at lower values.     An instrument for the sale and purchase or transfer of a residential or non-residential property is subject to AVD based on the sales price or value of consideration, whichever is higher. The lowest AVD rate is $100, which applied to a property with a sales price or value of consideration of $3 million or below. After the adjustment, the AVD payable for a property with a sales price or value of consideration up to $4 million will be $100. Taking into account marginal relief, it is estimated that about 15 per cent of property transactions will benefit from the adjustment. The government revenue will be reduced by about $400 million per year. The adjusted value bands are at Annex. The new value bands apply to instruments executed on or after February 26, 2025.

     
    Ends/Wednesday, February 26, 2025Issued at HKT 23:20

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  • MIL-OSI Asia-Pac: Director-General of Office for Attracting Strategic Enterprises Concludes Visit to Hangzhou and Shenzhen (with photos)

    Source: Hong Kong Government special administrative region

    Director-General of Office for Attracting Strategic Enterprises Concludes Visit to Hangzhou and Shenzhen (with photos)
    Director-General of Office for Attracting Strategic Enterprises Concludes Visit to Hangzhou and Shenzhen (with photos)
    ******************************************************************************************

         The Director-General of Office for Attracting Strategic Enterprises (OASES), Mr Peter Yan, today (February 26) concluded his visit to Hangzhou and Shenzhen. The visit was aimed to foster collaboration and communication between Hong Kong with the enterprises in innovation and technology (I&T) sector in the two cities, and attract potential strategic enterprises to establish their presence in Hong Kong.     Hangzhou has been actively developing I&T sector, as well as the cultural and creative sector that integrated I&T over recent years. Several enterprises have rapidly emerged as influential leaders in these fields. In addition to the recently globally-discussed large language model AI enterprises, these leading companies also include tech-driven creative enterprises, which have produced globally successful online games and animated films based on Chinese mythology, creating a new wave of enthusiasm.          During the trip to Hangzhou, Mr Yan visited these leading enterprises and met with their founders and representatives. They discussed development trends in the industries of AI, tech-driven creative, robotics and spatial intelligence. They also explored on how enterprises in these industries could utilise Hong Kong as a base to expedite and enhance their efforts to expand overseas business. Mr Yan mentioned Hong Kong’s various advantages, including the Government’s commitment to I&T development, and its talent pool. As a global city, Hong Kong aligns with international standards and practices, thereby positioning itself as a connector and value-adder for mainland companies seeking to expand overseas. Strengthening cooperation between Hong Kong and I&T enterprises in Hangzhou is expected to facilitate industrial upgrading and technological innovation.          The Financial Secretary, Mr Paul Chan, mentioned today (February 26) in his 2025-26 Budget that in addition to the current four strategic sectors, including AI and data science, life and health technology, advanced manufacturing and new energy technology, and financial technology, the OASES will strategically attract to Hong Kong more cultural and creative enterprises that integrate I&T into their work. By leveraging Hong Kong’s unique advantage as a convergence point of eastern and western cultures, these creative technology enterprises will be able to go globalised, thereby infusing the local creative industry with more technological innovation and fostering its robust development.     ???Mr Yan also visited the Hanggang Technology Building, known as “China’s Silicon Valley,” to gain further insights into Hangzhou’s technology development.     During his visit to Shenzhen, Mr Yan visited a local AI enterprise to understand the role of AI and data science in smart city development. He also discussed with them their intentions and plans for setting up or expanding business in Hong Kong.     Mr Yan concluded his official visit to Shenzhen this evening and returned to Hong Kong.

     
    Ends/Wednesday, February 26, 2025Issued at HKT 23:09

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  • MIL-OSI Asia-Pac: DRDO & Indian Navy successfully conduct flight-trials of first-of-its-kind Naval Anti-Ship missile

    Source: Government of India

    Posted On: 26 FEB 2025 7:45PM by PIB Delhi

    Defence Research & Development Organisation (DRDO) and Indian Navy carried out successful flight-trials of first-of-its-kind Naval Anti-Ship missile (NASM-SR) from Integrated Test Range (ITR), Chandipur on February 25, 2025. The trials demonstrated the missile’s capability against ship targets while launched from an Indian Naval Seaking Helicopter.

    The trials have proven the missile’s Man-in-Loop feature and scored a direct hit on a small ship target in sea-skimming mode at its maximum range. The missile uses an Indigenous Imaging Infra-Red Seeker for terminal guidance. The mission also has demonstrated the high bandwidth two way datalink system, which is used to transmit the seeker live images back to the pilot for in-flight retargeting.

    The missile was launched in Bearing-only Lock-on after launch mode with several targets in close vicinity for selecting one among them. The missile initially locked on to a large target within a specified zone of search and during the terminal phase, the pilot selected a smaller hidden target resulting in its being  hit with pinpoint accuracy.

    The missile uses an indigenous Fiber Optic Gyroscope-based INS and Radio Altimeter for its Mid-course guidance, an Integrated avionics module, Electro-Mechanical actuators for Aerodynamic and Jet vane control, thermal batteries and PCB warhead. It uses solid propulsion with an in-line ejectable booster and a long-burn sustainer. The trials have met all the mission objectives.

    The missile is developed by different labs of DRDO including Research Centre Imarat, Defence Research and Development Laboratory, High Energy Materials Research Laboratory and

    Terminal Ballistics Research Laboratory. The missiles are currently being produced by Development cum Production Partners with the help of MSME’s, start-ups and other production partners.

    Raksha Mantri Shri Rajnath Singh has congratulated DRDO, Indian Navy and the industries for the successful flight tests. The tests for Man-in-Loop features is unique as it gives the capability of in flight retargeting, he said.

    Secretary, Department of Defence R&D and Chairman DRDO Dr Samir V Kamat also congratulated the entire DRDO team, users and the industry partners.

    SR/Savvy

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  • MIL-OSI Asia-Pac: Secretary (L&E) Chairs 112th EPFO Executive Committee Meeting

    Source: Government of India

    Secretary (L&E) Chairs 112th EPFO Executive Committee Meeting

    Highlights Strengthening Pension System, IT Infrastructure Enhancements & Service Delivery Improvements

    Stresses the Need to Reduce Validations and Implement Partial Withdrawal through simplified processes in a Time-Bound Manner

    Posted On: 26 FEB 2025 7:39PM by PIB Delhi

    The 112th meeting of the Executive Committee (EC) of the Central Board of Trustees, EPF, was chaired by Ms. Sumita Dawra, Secretary (Ministry of Labour and Employment), at the EPFO Head Office in New Delhi on February 25, 2025. Shri Ramesh Krishnamurthi, CPFC, along with other senior officials from the Ministry of Labour and Employment and representatives of employers and employees, also attended the meeting. Key agenda items discussed included:

    Adoption of the Unified Pension Scheme (UPS) for EPFO Officers and Staff: The EC formally adopted the Unified Pension Scheme for EPFO officers and staff, aligning with the recent gazette notification issued by the Ministry of Finance. This marks a significant step toward establishing a structured and assured pension framework for EPFO employees covered under the National Pension System (NPS). Effective from April 1, 2025, the UPS ensures financial security post-retirement, offering a minimum guaranteed pension along with additional benefits such as family pension provisions and dearness relief adjustments. EPFO officers and staff will now have the option to transition from NPS to UPS.

    Updates on the Centralized Pension Payment System (CPPS): The EC was informed that the Centralized Pension Payment System (CPPS), implemented across all regional offices in January 2025 through NPCI (NACH) payments, has begun yielding positive outcomes. CPPS represents a paradigm shift from the previous decentralized pension disbursement system, enabling pensioners to access their pensions seamlessly from any bank, any branch, anywhere in the country. In January 2025, 69.4 lakh pensioners received their pensions through CPPS, achieving a 99.9% success rate.

    EC emphasized the need to transition to the Aadhaar-Based Payment System (ABPS) in a time-bound manner, ensuring that pension payments are credited directly into Aadhaar-linked bank accounts for a more secure and efficient system.

    Centralized IT-Enabled System (CITES 2.01) & EPFO 3.0 – The EC reviewed progress under CITES 2.01, whereby EPFO is transitioning from decentralized databases to a centralized system, laying the foundation for enhanced performance. This modernization effort, set for completion by March 31, 2025, aims to streamline claims settlement and payments, replacing the aging Field Office Application Software to enhance efficiency and service delivery.

    Additionally, EPFO updated EC on plan under EPFO 3.0, an exercise to transform itself into a future-ready, member-centric, and technology-driven organization. This vision involves developing a new system, adopting cutting-edge technologies, and re-engineering processes to expand social security coverage. The EC directed EPFO to prepare a Vision Document for EPFO 3.0 by March 31, 2025.

    Pension on Higher Wages (PoHW): The EC was updated on progress on applications received under Pension on Higher Wages (PoHW), for implementation of the Hon’ble Supreme Court judgment dated November 4, 2022. EPFO updated on the multiple steps taken by their regional offices to facilitate members, pensioners, and employers, and informed that 70% have already been processed. EPFO aims to complete the processing of all applications by March 31, 2025. The EC instructed EPFO to expedite the cases of members who have already deposited the required amount, including for the large PSUs.

    Rationalization of Validations and Partial Withdrawals through simplified processes: With the goal of providing ease of living for its members, EPFO is working on a plan for simplification of claim processing, including rationalization of validations for partial withdrawals. EC was also provided an update on the progress. A technical committee has recommended simplification of validations in Form 31 for advance withdrawals.

    EC decided that the reduction in unnecessary validations and the implementation of simplified partial withdrawals should be carried out in parallel with ongoing IT reforms. It was emphasized that these measures would significantly enhance ease of living for EPFO members.

    EPFO reaffirmed its commitment to digital transformation and member-centric reforms, ensuring faster claim settlements, seamless pension disbursements, and improved service delivery for its members. EC decided to meet again within a month to review progress.

    ****

    Himanshu Pathak

    (Release ID: 2106480) Visitor Counter : 74

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  • MIL-OSI Asia-Pac: Mahakumbh 2025: A Spectacle of Faith, Unity, and Tradition

    Source: Government of India

    Ministry of Information & Broadcasting

    Mahakumbh 2025: A Spectacle of Faith, Unity, and Tradition

    As the sacred waters settle, the echoes of devotion and grandeur leave an everlasting imprint on history

    Posted On: 26 FEB 2025 7:22PM by PIB Delhi

    Introduction

    In a world marked by the hustle of modernity, few events hold the power to bring millions together in pursuit of something greater than themselves. The Maha Kumbh Mela, currently being held from 13 January 2025 to 26 February 2025, is a sacred pilgrimage that is celebrated four times over a course of 12 years. Kumbh Mela, the world’s largest peaceful gathering, draws millions of pilgrims who bathe in sacred rivers seeking to purify themselves from sins and attain spiritual liberation. The Maha Kumbh Mela is deeply embedded in Hindu mythology and represents one of the most significant gatherings of faith in the world. This sacred event rotates between four locations in India-Haridwar, Ujjain, Nashik, and Prayagraj– each situated by a holy river, from the Ganges to the Shipra, the Godavari, and the confluence of the Ganges, Yamuna, and the mythical Sarasvati in Prayagraj. The expected turnout of 45 crore devotees in 45 days was exceeded within a month, reaching 66 crores+ by the concluding day.

    Attractions of Kumbh Mela 2025

    • Triveni Sangam: The sacred confluence of the Ganga, Yamuna, and Saraswati, offering a deeply spiritual experience.
    • Ancient Temples: Hanuman Mandir, Alopi Devi Mandir, and Mankameshwar Temple, showcasing the city’s religious heritage.
    • Historical Landmarks: Ashoka Pillar, University of Allahabad, and Swaraj Bhawan, reflecting India’s rich history and colonial-era architecture.
    • Cultural Vibrance: Bustling streets, markets, local art, and cuisine providing a glimpse into the city’s life.
    • Kalagram: Kalagram, set up by the Ministry of Culture in Sector-7 of the Maha Kumbh district, is a vibrant cultural village showcasing India’s rich heritage. Designed around the themes of Craft, Cuisines, and Culture, it offered an immersive experience through performances, exhibitions, and interactive zones.
    • Akhara Camps: Spiritual hubs where sadhus and seekers engaged in meditation, discussions, and philosophical exchanges.
    • Immersive Digital Experiences: Inspired by Kumbh 2019, ten stalls facilitating the pilgrims with this experience were specially set up at prime locations in the Kumbh Mela to show videos of major events such as Peshwai, auspicious bathing days, Ganga aarti, etc.
    • Drone Show: A Grand Drone show was organised by the Uttar Pradesh Tourism Department featuring hundreds of drones creating vibrant shapes in the sky. Devotees were mesmerized by the divine depiction of the Samudra Manthan (churning of the ocean) and Gods drinking from the Amrit Kalash.
    • Cultural events at the Ganga Pandal: It saw renowned artists from across the country mesmerize devotees with grand presentations of music, dance, and art from 7th – 10th February. The main highlights of the event included performances by famous artists like Odissi dancer Dona Ganguly on 7th; renowned singer Kavita Krishnamurti and Dr. L. Subramaniam on 8th; Suresh Wadkar and Sonal Mansingh on 9th; and, on 10th, celebrated singer Hariharan. In addition, prominent artists from various Indian classical dance and music traditions made the evening musical and grand.
    • International Bird Festival: Held from February 16-18, 2025, showcasing over 200 migratory and local birds, including endangered species.

    Key Rituals and Practices

    • Shahi Snan: The most significant ritual, where millions bathe at Triveni Sangam to cleanse sins and attain Moksha. Special dates like Paush Purnima and Makar Sankranti witness grand processions of saints and Akharas, marking the official start of the Maha Kumbh.
    • Ganga Aarti: A visually stunning ritual where priests offer glowing lamps to the sacred river, evoking devotion.
    • Kalpavas: A month-long period of spiritual discipline where devotees renounce comforts, engage in meditation, and participate in Vedic rituals like Yajnas and Homas.
    • Prayers & Offerings: Dev Pujan honors deities, while rituals like Shraadh (ancestral offerings) and Veeni Daan (offering hair to the Ganges) symbolize surrender and purification. Acts of charity, such as Gau Daan (cow donation) and Vastra Daan (clothing donation), hold great merit.
    • Deep Daan: Thousands of lamps are floated on the river, creating a celestial glow that symbolizes devotion and divine blessings.
    • Prayagraj Panchkoshi Parikrama: A sacred journey around Prayagraj’s holy sites, reviving an ancient tradition and offering spiritual fulfillment.

     

    History and Major Bathing Dates

     

    The origins of the Kumbh Mela are rooted in Hindu mythology. According to the Samudra Manthan (churning of the ocean) story in the ancient Hindu scriptures, the gods (Devas) and demons (Asuras) fought over the Amrit (nectar of immortality). During this celestial battle, drops of the nectar fell at four locations—Prayagraj, Haridwar, Ujjain, and Nashik—where the Kumbh Mela is now held, with the Maha Kumbh occurring once every 144 years at Prayagraj.  Historically, the Maha Kumbh Mela has been referenced since ancient times, with records dating back to the Maurya and Gupta periods. It received royal patronage from various dynasties, including the Mughals, and was documented by colonial administrators like James Prinsep. Over centuries, it evolved into a global spiritual and cultural phenomenon. Recognized by UNESCO as an intangible cultural heritage, the Kumbh Mela symbolizes India’s enduring traditions, fostering unity, spirituality, and cultural exchange among millions worldwide.

    The timing of each Kumbh Mela is determined by the astrological positions of the Sun, Moon, and Jupiter, believed to signal an auspicious period for spiritual cleansing and self-enlightenment. The festival embodies a confluence of faith, culture, and tradition, attracting ascetics, seekers, and devotees alike. The event’s grandeur is marked by Shahi Snans (bathing rituals), spiritual discourses, and vibrant cultural processions that reflect India’s deep spiritual heritage.

     

    Major bathing dates are:

    Date

    Bathing Occasion

    Significance

    Number of Devotees taking a dip

    (Approx.)

    January 13, 2025

    Paush Purnima

    It serves as an unofficial inauguration of the Maha Kumbh Mela, signifying the commencement of this grand event. Additionally, Paush Purnima marks the initiation of Kalpvasa, a period of intense spiritual practice and devotion observed by pilgrims during the Maha Kumbh Mela.

    1.5 crore

    January 14, 2025

    Makar Sankranti

    (First Shahi Snan)

    Makar Sankranti signifies the sun’s transition to its next astronomical position in accordance with the Hindu calendar. This auspicious day marks the initiation of charitable donations at the Maha Kumbh Mela. Pilgrims traditionally make contributions based on their own volition and generosity.

    3.5 crore

    January 29, 2025

    Mauni Amavasya

    (Second Shahi Snan)

    Mauni Amavasya is a day steeped in significance, as it is believed that the celestial alignments are most propitious for the sacred act of bathing in the holy river. It commemorates a profound event when Rishabh Dev, revered as one of the first sages, broke his protracted vow of silence and immersed himself in the purifying waters of the Sangam. As a result, Mauni Amavasya draws the largest congregation of pilgrims to the Kumbh Mela, making it a momentous day of spiritual devotion and purification.

    5 crore

    February 3, 2025

    Basant Panchami

    (Third Shahi Snan)

    Basant Panchami symbolizes the transition of seasons and celebrates the arrival of the Goddess of Knowledge, Saraswati, in Hindu mythology.

    2.33 crore

    February 12, 2025

    Maghi Purnima

    Maghi Purnima is renowned for its connection with the veneration of Guru Brahaspati and the belief that the Hindu deity Gandharva descends from the heavens to the sacred Sangam.

    2 crore

    February 26, 2025

    Maha Shivratri

    Maha Shivaratri holds deep symbolism as it marks the final holy bath of the Kalpvasis, and it is intrinsically connected to Lord Shankar.

    1.3 crore

     

    Key Infrastructure Development

     

    • Temporary City Setup: Maha Kumbh Nagar had been transformed into a temporary city with thousands of tents and shelters, including super deluxe accommodations like the IRCTC’s “Maha Kumbh Gram” luxury tent city which offers deluxe tents and villas with modern amenities.
    • Roads and Bridges:
    • Renovation of 92 roads and beautification of 17 major roads
    • Construction of 30 pontoon bridges using 3,308 pontoons.
    • Signage for Navigation: A total of 800 multi-language signages (Hindi, English, and regional languages) were installed to guide visitors.
    • Public Utilities: Over 2,69,000 checkered plates had been laid for pathways. Mobile toilets and robust waste management systems ensured hygiene.

     

    Medical Facilities at Maha Kumbh

     

    The Maha Kumbh 2025 witnessed an extensive medical setup to ensure the well-being of millions of devotees. With over 2,000 medical personnel deployed across the Mela area, the Uttar Pradesh government implemented high-tech healthcare services in every sector. From minor treatments to major surgeries, all medical needs were addressed efficiently.

     

    Key Medical Arrangements:

    • Central Hospital at Parade Ground:
      • 100-bed capacity
      • OPD, ICU, and emergency care
      • Conducted over 10,000 treatments and multiple successful deliveries
    • Additional Hospitals:
      • 23 hospitals with a total capacity of 360 beds
      • Two sub-central hospitals (25 beds each)
      • Eight sector hospitals (20 beds each)
      • Two infectious disease hospitals (20 beds each)
    • Medical Services Expansion During Amrit Snan & Magh Purnima:
      • 133 ambulances deployed, including seven river ambulances and one air ambulance
      • Medical Observation Rooms at key railway stations for emergencies
      • First aid posts with trained staff at multiple locations
    • SRN Hospital and Other City Hospitals on High Alert:
      • 250 beds reserved at SRN Hospital
      • Blood bank stocked with 200 units
      • Swaroop Rani Nehru Hospital prepared with:
        • 40-bed trauma center
        • 50-bed surgical ICU
        • 50-bed medicine ward
        • 10-bed cardiology ward and ICU
    • Medical Teams and Emergency Readiness:
      • 300 specialist doctors deployed at the Super Specialty Hospital
      • Expert doctors from AIIMS Delhi and BHU remained on high alert
      • 150 AYUSH medical personnel provided alternative treatments
    • Advanced Facilities and AI Integration:
      • ECG services and Central Pathology Lab conducting 100+ tests daily
      • 50+ free diagnostic tests available for pilgrims
      • AI-driven translation technology enabled doctors to communicate in 22 regional and 19 international languages
    • Affordable Medicines through Jan Aushadhi Kendras:
    • Five Jan Aushadhi Kendras set up in Mahakumbh Nagar, including one in Kalagram
    • Established under Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP)
    • Provided affordable and quality medicines to pilgrims throughout the Mela
    • Part of a nationwide network of 15,000+ Jan Aushadhi centers, with 62 centers in Prayagraj
    • Contributed to the national target of ₹2,000 crore in medicine sales, with ₹1,500 crore already achieved.

     

    The entire medical infrastructure was continuously monitored by senior officials to ensure smooth operations, cleanliness, and quick emergency responses. These arrangements played a crucial role in managing the healthcare needs of millions at the Maha Kumbh 2025.

     

    AYUSH at Maha Kumbh

     

    The Ayush OPDs, clinics, stalls, and wellness sessions emerged as major attractions for devotees and visitors at Maha Kumbh 2025, Prayagraj. The Ministry of Ayush, in collaboration with the National Ayush Mission, Uttar Pradesh, provided free healthcare services to both domestic and international pilgrims. With a strong focus on traditional healing systems, Ayush services received widespread participation, reinforcing the global trust in Ayurveda, Homeopathy, and Naturopathy.

     

    Key Highlights of Ayush Services:

    1. Extensive Healthcare Support: Over 1.21 lakh devotees availed Ayush services during the festival.
    2. Dedicated Ayush OPDs: A team of 80 doctors across 20 OPDs provided 24×7 medical services, addressing both common and chronic conditions.
    3. International Participation: Foreign devotees also accessed Ayush OPD consultations and wellness therapies.
    4. Yoga Therapy Sessions: Daily therapeutic yoga sessions were conducted from 8:00 AM to 9:00 AM at designated camps in the Sangam area and Sector-8, led by experts from the Morarji Desai National Institute of Yoga (MDNIY), New Delhi.
    5. Integrated Healthcare: Over 7 lakh pilgrims received medical care, including:
      • 4.5 lakh treated at 23 allopathic hospitals
      • 3.71 lakh pathology tests conducted
      • 3,800 minor and 12 major surgeries successfully performed
    6. Specialist Involvement: Experts from AIIMS Delhi, IMS BHU, and international specialists from Canada, Germany, and Russia contributed to providing world-class healthcare.
    7. Traditional Treatments: 20 AYUSH hospitals offered treatments in Ayurveda, Homeopathy, and Naturopathy to over 2.18 lakh pilgrims.
    8. Holistic Wellness: Services such as Panchakarma, yoga therapy, and health awareness campaigns were well-received, enhancing the overall well-being of attendees.

     

    Security Measures

    Security at Maha Kumbh 2025 had been strengthened through a seven-tier system with AI-powered surveillance, a vast deployment of personnel, and emergency response mechanisms. Over 50,000 security personnel, including paramilitary forces, 14,000 home guards, and 2,750 AI-based CCTV cameras, had been deployed. Enhanced measures included drone and underwater surveillance, cyber security, and river safety. Fire safety infrastructure had been expanded with specialized vehicles and firefighting stations. Lost and Found centers used digital registration and social media updates to reunite missing persons with their families.

     

    Key Security Measures

    1. Surveillance and Law Enforcement
    • AI & Drone Monitoring: 2,750 AI-powered cameras, drones, anti-drones, and tethered drones for real-time tracking.
    • Underwater Drones: First-time deployment for 24/7 river surveillance, operating up to 100 meters deep.
    • Checkpoints & Intelligence Squads: Screening at multiple entry points, hotel and vendor inspections, and patrols.
    • Seven-Tier Security System: Layered protection from the outer perimeter to the inner sanctum.

     

    1. Fire Safety Measures
    • ₹131.48 crore allocated for fire safety, ensuring the deployment of:
      • 351 firefighting vehicles.
      • 50+ fire stations and 20 fire posts.
      • Four Articulating Water Towers (AWT) equipped with thermal cameras, reaching 35 meters in height.
      • Over 2,000 trained fire personnel.
      • Fire safety equipment installed in all tent settlements.

     

    1. Emergency & Disaster Response
    • Multi-Disaster Response Vehicles: Equipped with lifting bags (10-20 tonnes), rescue tools, and victim location cameras.
    • Remote-Controlled Life Buoys: Deployed for immediate water rescue operations.
    • Incident Response System (IRS): Ensures swift emergency handling through a coordinated command structure.

     

    1. Enhanced River Security
    • 3,800 Water Police personnel deployed, including 2,500 currently on duty and 1,300 additional personnel before the event.
    • 11 FRP Speed Motor Boats and four Anaconda motorboats with built-in changing rooms for patrol.
    • Three Water Police Stations & Two Floating Rescue Stations operating 24/7.
    • Four Water Ambulances equipped with medical facilities stationed along the river.
    • Deep-Water Barricading: An 8-km stretch secured to prevent accidents.
    • Equipment Deployment: 100 diving kits, 440 lifebuoys, and over 3,000 life jackets.

     

    1. Overall Deployment & Infrastructure
    • Security Forces: 10,000+ police personnel, NDRF, SDRF, CAPF, PAC, and bomb disposal squads.
    • Prayagraj Police Infrastructure:
      • 57 permanent police stations.
      • 13 temporary police stations.
      • 23 security checkpoints.
      • 8 zones, 18 security sectors.
    • 700+ boats with police and disaster response personnel stationed along the rivers.
    • Mock Drills & Inspections: Conducted by police and ATS teams for security preparedness.

     

    1. CRPF’s Role in Maha Kumbh 2025
    • 24/7 Security: Personnel deployed at ghats, Mela grounds, and key routes.
    • Use of Modern Technology: Vigilant monitoring to handle emergencies effectively.
    • Guidance & Assistance: Helping devotees navigate massive crowds with a polite approach.
    • Disaster Management: Rapid response team on high alert for crises.
    • Humanitarian Efforts: Assisting in reuniting lost children and elderly with their families.

     

    Cyber Security at Maha Kumbh

    More than 65 crore devotees have visited the Maha Kumbh Nagar. To ensure that such a large number of devotees are well-informed, the Uttar Pradesh government had decided to utilize every platform, including print, digital, and social media. Cyber experts have been actively monitoring online threats and investigating gangs exploiting platforms such as AI, Facebook, X, and Instagram. A mobile cyber team was also deployed for large-scale public awareness campaigns.

    Special cyber security arrangements were initiated to safeguard devotees from across the globe:

    • Deployment of 56 dedicated cyber warriors and experts for cyber patrolling.
    • Establishment of a Maha Kumbh cyber police station to counter cyber threats like fraudulent websites, social media scams, and fake links.
    • 40 Variable Messaging Displays (VMDs) installed in both the fair area and the commissionerates for raising awareness about cyber threats.
    • Formation of a dedicated helpline number, 1920, and promotion of verified government websites.

     

    Ease of Making Payments at Maha Kumbh

    • Seamless Digital Banking Services: Ensuring convenience, safety, and security for millions of devotees and pilgrims.
    • Service Infrastructure: Service counters, mobile banking units, and customer assistance kiosks at five key locations.
    • Daak Sevaks: Trusted Daak Sevaks offering doorstep banking services for cash withdrawals via Aadhaar-linked accounts through AePS (Aadhaar ATM).
    • ‘Banking at Call’ facility: Pilgrims can dial 7458025511 to access banking services anywhere within Maha Kumbh.
    • Empowering Digital Transactions: Enabling local vendors and businesses to accept digital payments through DakPay QR Cards, fostering a cashless ecosystem.
    • Awareness Campaigns: Educating pilgrims and vendors through trained professionals, Daak Sevaks, hoardings, and digital demonstrations and assisting with account openings, transactions, and queries.
    • Memorabilia Offer: Free printed photographs for visitors as a keepsake.

    Railway Transportation at Maha Kumbh

    Maha Kumbh 2025, necessitated extensive preparations by Indian Railways to ensure seamless transportation, safety, and infrastructure readiness. Indian Railways has undertaken massive operational, infrastructural, and security measures to handle the unprecedented influx of devotees at Prayagraj and adjoining regions.

    1. Operational Measures To manage the surge in passengers, Indian Railways has implemented the following measures:

    • Special Train Services: Over 1,000 special trains are being introduced on high-demand routes to Prayagraj from various parts of India.
    • Increased Train Frequencies: Regular trains operating on critical routes have been augmented to handle additional passengers.
    • Reservation System Enhancements: Tatkal and special booking counters have been set up to facilitate smooth ticketing.
    • Dedicated Help Desks: Information booths and inquiry counters have been increased at major railway stations to assist pilgrims.

    2. Security and Crowd Management Given the large congregation, security measures have been significantly bolstered:

    • Deployment of RPF and GRP Personnel: More than 10,000 personnel from the Railway Protection Force (RPF) and Government Railway Police (GRP) have been deployed at key stations.
    • CCTV Surveillance: High-resolution CCTV cameras have been installed across railway stations and inside trains for real-time monitoring.
    • Drone Surveillance: Drones are being used for crowd monitoring and quick response to emergencies.
    • AI-Based Crowd Management Systems: Advanced AI-based predictive modeling is being used to monitor crowd density and prevent stampedes.

     

    3. Infrastructure Development To accommodate the increased footfall, major infrastructural upgrades have been carried out:

    • Expansion of Platforms: Stations in Prayagraj and nearby regions have undergone expansion to handle additional trains.
    • New Foot Over Bridges (FOBs): Additional FOBs have been constructed to ease passenger movement.
    • Enhanced Lighting and Signage: Railway stations have been equipped with improved lighting and digital signboards for better navigation.
    • Escalators and Lifts: Stations have been upgraded with escalators and lifts for the convenience of elderly and differently-abled passengers.

    4. Passenger Amenities and Digital Initiatives To ensure a comfortable experience for devotees, Indian Railways has introduced several passenger-friendly initiatives:

    • Additional Waiting Rooms and Rest Areas: Temporary waiting halls with adequate seating, clean drinking water, and sanitation facilities have been established.
    • Food and Water Distribution: Special food counters and kiosks have been set up to provide hygienic meals and drinking water.
    • Digital Ticketing and Mobile App Services: The Indian Railways app has been upgraded with real-time train tracking, ticket booking, and emergency services information.
    • Public Announcement Systems: High-quality PA systems have been installed for timely announcements regarding train arrivals and departures.

     

    5. Disaster Preparedness and Emergency Response To mitigate risks and handle emergencies effectively, Indian Railways has implemented:

    • Quick Response Teams (QRTs): Deployed at key stations to handle medical emergencies and crowd control.
    • Onboard Medical Facilities: Special medical coaches have been added to long-distance trains.
    • Fire Safety Measures: Fire extinguishers and emergency exits have been reviewed and upgraded in railway coaches and stations.
    • Coordination with Local Authorities: Continuous coordination with local police, healthcare units, and disaster management teams to handle contingencies.

    Bus Transportation at Maha Kumbh

    The Uttar Pradesh government had deployed 1200 additional buses on 12 February 2025, supplementing the 3050 already allocated for Maha Kumbh 2025. Special shuttle services had also been arranged to enhance intra-city transportation.

    • Buses were available every 10 minutes at four temporary bus stations.
    • 750 shuttle buses were operating every 2 minutes for intra-city connectivity.
    • Measures taken to prevent overcrowding and ensure smooth pilgrim movement.

    Air Transportation for Maha Kumbh

    Prayagraj Airport underwent significant modernization to support the large influx of devotees during the Maha Kumbh Mahotsav from January 13 to February 26, 2025. Expansion efforts improved connectivity, capacity, and passenger services, ensuring a seamless travel experience. To ensure seamless travel for tourists attending the Maha Kumbh, the Ministry of Tourism had partnered with Alliance Air to enhance air connectivity to Prayagraj from multiple cities across India.

    1. Flight Operations & Connectivity
    • 81 new flights were introduced in January 2025 to accommodate pilgrims.
    • The total number of flights increased to 132, providing around 80,000 monthly seats.
    • Direct connectivity expanded from 8 cities in December 2024 to 17 cities, while connecting flights reached 26 cities, including Srinagar and Visakhapatnam.
    • The Union Civil Aviation Minister directed airlines to regulate airfares, especially for peak days like the Shahi Snan (January 29, February 3) and other major bathing days (February 4, 12, and 26).

     

    1. Passenger and Flight Traffic
    • The airport witnessed 30,172 passengers and operated 226 flights within a week.
    • For the first time, over 5,000 passengers traveled through the airport in a single day.
    • Night flights were introduced, providing 24/7 connectivity—a historic first in the airport’s 106-year history.

     

    1. Infrastructure Expansion
    • The terminal area expanded from 6,700 sq. m. to 25,500 sq. m.
    • The old terminal was reconfigured to accommodate 1,080 peak-hour passengers, while a new terminal handled 1,620 passengers.
    • Parking capacity increased from 200 to 600 vehicles.
    • Check-in counters rose from 8 to 42, and baggage scanning machines (XBIS-HB) increased from 4 to 10.
    • Aircraft parking bays grew from 4 to 15, while conveyor belts increased from 2 to 5.
    • Taxi tracks and airport gates were expanded from 4 to 11.

     

    1. Enhanced Passenger Experience
    • Boarding bridges increased from 2 to 6 for smoother passenger movement.
    • New lounges, a childcare room, and additional F&B counters were introduced.
    • The UDAN Yatri Café was established for affordable food options.
    • Meet-and-greet services were launched for differently-abled passengers.
    • Prepaid taxi counters and city bus services were introduced in collaboration with the UP Government.

     

    1. Safety & Medical Facilities
    • Security infrastructure was strengthened with additional aerobridges and door-framed metal detectors.
    • Ambulances and air ambulance services were deployed to handle medical emergencies.
    • Arriving pilgrims were given a floral welcome, enhancing their spiritual journey.

    Ensuring Food Availability and Safety

    The Union Government and Uttar Pradesh government have taken multiple measures to provide affordable food and ensure food safety at Maha Kumbh 2025. Subsidized rations, free meals, and stringent food safety protocols are in place to cater to millions of devotees.

     

    1. Subsidized Ration Distribution by NAFED
    • Quality ration at affordable prices distributed across Prayagraj.
    • Over 1000 metric tons of rations provided.
    • 20 mobile vans ensure delivery across Maha Kumbh.
    • Orders via WhatsApp/call on 72757 81810 for doorstep delivery.
    • Subsidized items:
      • Wheat flour & rice (10 kg packets).
      • Moong, masoor, and chana dal (1 kg packets).

     

    1. Free Meal Distribution & Cooking Gas Arrangements
    • 20,000 people served free meals daily.
    • 25,000 new ration cards issued for Maha Kumbh.
    • 35,000+ gas cylinders refilled and 3,500 new connections issued.
    • 5,000 gas cylinders refilled daily to support food preparation.

     

    1. Food Safety Measures by FSSAI & UP Government
    • 5 zones & 25 sectors monitored for food hygiene.
    • 56 Food Safety Officers (FSOs) deployed across the fair.
    • 10 Mobile Food Testing Labs (Food Safety on Wheels) conducting on-the-spot food safety tests.
    • Hotels, dhabas & stalls regularly inspected for hygiene compliance.
    • Public health lab in Varanasi testing food samples from Maha Kumbh.

     

    1. Awareness & Public Engagement
    • FSSAI’s interactive pavilion educating visitors on food safety.
    • Nukkad Natak performances & live quizzes promoting hygiene awareness.
    • Adulteration checks & training sessions for vendors and food businesses.

    Cleanliness and Sanitation

    The Swachh Maha Kumbh Abhiyan has set a benchmark for environmental stewardship, ensuring a cleaner and more sustainable pilgrimage experience.

     

    1. Sanitation Infrastructure
    • 10,200 sanitation workers and 1,800 Ganga Sevadut deployed for cleanliness.
    1. Waste Management Initiatives
    • 22,000 sanitation workers ensuring litter-free fairgrounds.
    • Water treatment initiatives to maintain clean river water for bathing.
    • Strict plastic ban and use of biodegradable cutlery.
    • Thousands of bio-toilets and automated garbage disposal units installed.

     

    1. Major Bathing Days and Cleanliness Efforts
    • Basant Panchami (Feb 14, 2025):
      • 2.33 crore devotees took a dip in the Triveni Sangam.
      • 15,000 sanitation workers and 2,500 Ganga Seva Doots deployed.
      • Special cleaning of akhada paths and ghats.
      • Quick Response Teams (QRTs) ensured swift waste removal.
    • Magh Purnima (Feb 24, 2025):
      • Over 2 crore devotees participated.
      • Overnight cleaning drive restored ghats and fairgrounds.
      • Special cleaning vehicles and cesspool operations maintained sanitation.

     

    1. Sanitation and Waste Disposal System
    • 12,000 FRP toilets with septic tanks.
    • 16,100 prefabricated steel toilets with soak pits.
    • 20,000 community urinals installed.
    • 20,000 trash bins and 37.75 lakh liner bags for waste collection.
    • Special sanitation teams clearing waste post-major rituals.

     

    1. Miyawaki Forests: A Green Initiative
    • 119,700 saplings of 63 species planted in 2023-24 across 34,200 sqm.
    • Buswar dumping yard transformed into a green zone with 27,000 saplings.
    • Species planted: Mango, neem, peepal, tamarind, tulsi, gulmohar, and medicinal plants.

     

    1. Public Participation and Awareness
    • Swachhata Rath Yatra promoting cleanliness.
    • Street plays, musical performances, and public address systems spreading awareness.
    • Waste disposal initiatives: Segregation at source and organized garbage collection.

     

    1. River Cleaning with Trash Skimmer Machines
    • Two machines remove 10-15 tons of waste daily from Ganga and Yamuna.
    • Machine capacity: 13 cubic meters, covering a 4 km stretch of the river.
    • Waste disposal at Naini plant, plastic sent for recycling, and organic waste composted.

     

    1. Welfare of Sanitation Workers
    • Sanitation colonies with housing and amenities.
    • Primary schools for workers’ children under Vidya Kumbh initiative.
    • Proper food, accommodation, and timely wages ensured.

    Water Supply

    A large-scale arrangement for clean and pure drinking water has been made for millions of pilgrims coming from across the country and abroad at the Maha Kumbh:

    • 233 Water ATMs installed across the Mela area, operational 24/7.
    • RO (Reverse Osmosis) purified water provided to pilgrims.
    • Over 40 lakh pilgrims benefited from these Water ATMs between January 21 and February 1, 2025.
    • Initially, water was available at ₹1 per liter via coins or UPI payments, but now it is completely free.
    • Each ATM is equipped with sensor-based monitoring to detect faults.
    • SIM-based technology ensures connectivity with the administration’s central network.
    • Each ATM dispenses 12,000 to 15,000 liters of RO water daily.
    • On-site operators ensure smooth functioning and quick resolution of technical issues.
    • Pilgrims must refill bottles instead of using plastic, reducing waste.
    • Water supply arrangements focus on cleanliness and sustainability.
    • Technical teams monitor ATMs to ensure uninterrupted service.

     

    International Bird Festival

    This festival blended science, nature, and culture, inspiring conservation efforts and sustainable development.

    • Date & Venue: February 16-18, 2025, in Prayagraj.
    • Bird Species: Over 200 migratory and local birds, including endangered species.
    • Objective: Promote environmental conservation and biodiversity awareness.

     

    Festival Highlights

    • Bird Watching & Awareness
      • Rare birds like Indian Skimmer, Flamingo, and Siberian Crane.
      • Thousands of migratory birds from Siberia, Mongolia, Afghanistan, and other regions.
      • Eco-tourism plan for devotees, featuring expert-led bird walks and nature walks.
    • Competitions & Activities
      • Photography, painting, slogan writing, debates, and quizzes.
      • Prizes worth ₹21 lakhs (₹10,000 to ₹5 lakhs).
    • Expert Insights
      • Ornithologists, environmentalists, and conservation experts in technical sessions.
      • Discussions on bird migration, habitat protection, climate change impact.
    • Cultural & Educational Programs
      • Street plays, art exhibitions, and cultural performances on biodiversity.
      • Student participation in conservation activities for hands-on learning.

    List of Notable Personalities at Maha Kumbh

     

    Various well-known personalities visited Prayagraj to take a dip in the holy Triveni Sangam. These include:

    • Hon. President of India Smt. Droupadi Murmu
    • Prime Minister Shri Narendra Modi
    • Home Minister Shri Amit Shah
    • Defense Minister Shri Rajnath Singh
    • Governor of Uttar Pradesh Smt. Anandiben Patel
    • UP Chief Minister Yogi Adityanath & Cabinet Ministers
    • Chief Ministers:
      • Rajasthan – Shri Bhajan Lal Sharma
      • Haryana – Shri Nayab Singh Saini
      • Manipur – Shri N. Biren Singh
      • Gujarat – Shri Bhupendra Patel
    • Union Ministers:
      • Shri Gajendra Singh Shekhawat
      • Shri Arjun Ram Meghwal
      • Shri Shripad Naik
    • Members of Parliament:
      • Dr. Sudhanshu Trivedi
      • Shri Anurag Thakur
      • Smt. Sudha Murthy
      • Shri Ravi Kishan
    • Sports & Entertainment Personalities
    • Olympic Medalist Saina Nehwal
    • Cricketer Suresh Raina
    • International Wrestler Khali
    • Renowned Poet Kumar Vishwas
    • Choreographer Remo D’Souza
    • Bollywood Actress Katrina Kaif
    • Bollywood Actress Raveena Tandon

    Kalagram

    Kalagram, set up by the Ministry of Culture in Sector-7 of the Maha Kumbh district, is a vibrant cultural village showcasing India’s rich heritage. Designed around the themes of Craft, Cuisines, and Culture, it offers an immersive experience through performances, exhibitions, and interactive zones. The space brings together traditional arts, folk performances, digital storytelling, and culinary delights, making it a must-visit for devotees and tourists. The exhibition featured performances by nearly 15,000 artists from different parts of the country.

     

    Key Highlights of Kalagram

    • Grand Entrance: 635 ft wide, 54 ft high façade depicting 12 Jyotirlingas and Lord Shiva consuming Halahal.
    • Massive Stage: 104 ft wide and 72 ft deep, themed on Char Dham.
    • Performances: 14,632 artists perform daily on multiple stages.
    • Anubhuti Mandapam: 360° immersive experience narrating the descent of Ganga.
    • Aviral Shashwat Kumbh: Digital exhibition by ASI, NAI, and IGNCA on Kumbh’s history.
    • Food Zone: Offers satvik cuisine from different regions and Prayagraj’s local delicacies.
    • Sanskriti Aangans: Handicrafts and handlooms by 98 artisans from seven Zonal Cultural Centres.

    International Tourism at Maha Kumbh

    The Maha Kumbh 2025 in Prayagraj emerged as a global phenomenon, attracting foreign tourists, travel writers, and spiritual seekers from various countries. The Uttar Pradesh government and the Ministry of Tourism implemented extensive initiatives to facilitate international participation, promote cultural exchange, and position the event on the world tourism map.

     

    1. International Participation and Tourism Initiatives
    • A group of British travel writers visited the Maha Kumbh on February 25–26, 2025, exploring religious, historical, and cultural sites in Prayagraj.
    • Special plans were executed to provide accommodation, guided tours, digital information centers, and cultural programs for foreign visitors.
    • The delegation also visited Prayagraj Fort, Anand Bhawan, Akshayavat, Alfred Park, and the Sangam area, along with trips to Ayodhya, Varanasi, and Lucknow.

     

    1. Foreign Tourists and Cultural Engagement
    • Pilgrims and tourists from South Korea, Japan, Spain, Russia, the United States, and other nations participated in the festival.
    • Many engaged with local guides at the Sangam Ghat to understand the spiritual and cultural significance of the event.
    • A visitor from Spain described the experience as a “once-in-a-lifetime opportunity.”
    • Foreign devotees actively participated in the rituals and ceremonies, with many international sadhus and sanyasis taking the holy dip.

     

    1. Maha Kumbh as a Global Cultural Brand
    • The event was promoted as part of the “Brand UP” vision, highlighting Uttar Pradesh’s potential for tourism and investment.
    • The Uttar Pradesh government engaged with global tourism and hospitality stakeholders at international fairs to foster sustainable tourism and investment opportunities.
    • The strategic engagement aimed to enhance India’s reputation as a land of spirituality and innovation.

     

    1. Promotion at International Tourism Fairs
    • Maha Kumbh 2025 was showcased at FITUR in Madrid, Spain (January 24–28, 2025) and ITB Berlin, Germany (March 4–6, 2025).
    • Special 40-square-meter pavilions were set up to display Uttar Pradesh’s cultural heritage and attract global tourists.
    • VVIP lounges facilitated B2B and B2C interactions, ensuring international collaborations.
    • Promotional materials in multiple languages helped reach a diverse global audience.

     

    1. Digital Maha Kumbh and Global Engagement
    • The event’s official website saw 33 lakh visitors from 183 countries in the first week of January.
    • Visitors from 6,206 cities worldwide accessed the platform, with India, the United States, Britain, Canada, and Germany leading the traffic.
    • The technical team managing the site reported a surge in global traffic, with millions of daily users exploring content on Maha Kumbh’s history and spiritual significance.
    • The digital initiative ensured seamless access to information, enabling visitors to focus on the spiritual aspects of the festival without logistical challenges.

     

    1. Incredible India Pavilion and Tourist Services
    • On January 12, 2025, the Ministry of Tourism set up the Incredible India Pavilion, a 5,000 sq. ft. immersive space at Maha Kumbh.
    • The pavilion facilitated foreign tourists, scholars, researchers, journalists, photographers, and the Indian diaspora.
    • The Dekho Apna Desh People’s Choice Poll allowed visitors to vote for their favorite tourism destinations in India.
    • A dedicated toll-free Tourist Infoline (1800111363 or 1363) was launched, operating in 10 international languages and Indian regional languages like Tamil, Telugu, Kannada, Bengali, Assamese, and Marathi.

     

    1. Luxury Accommodation and Travel Packages
    • The Ministry of Tourism collaborated with UPSTDC, IRCTC, and ITDC to provide curated tour packages and luxury accommodations.
    • ITDC set up 80 luxury accommodations at Tent City, Prayagraj, while IRCTC introduced luxury tents for the convenience of international tourists.
    • A digital brochure detailing the tour packages was widely circulated through Indian Missions and India Tourism Offices to reach a broader audience.

     

    Through these extensive efforts, Maha Kumbh 2025 successfully established itself as a global spiritual and cultural event, reinforcing Uttar Pradesh’s identity as a premier destination for religious tourism and international investment.

    Key Exhibitions at Maha Kumbh

    The Maha Kumbh Mela 2025 featured a vast array of exhibitions designed to showcase India’s rich cultural, artistic, and spiritual heritage. These exhibitions provided visitors and pilgrims with a unique opportunity to engage with the traditions, crafts, and historical narratives of India.

     

    1. Kumbh Gram (Sector 7) Exhibitions

    A specially curated space in Sector 7 of Kumbh Gram hosted several exhibitions reflecting the diverse aspects of India’s heritage, handicrafts, tourism, and disaster preparedness. These included:

    • Khadi Gramodyog Exhibition: Displaying the significance of khadi and village industries, promoting indigenous craftsmanship and self-reliance.
    • One District One Product (ODOP) Pavilion: Showcasing district-specific products from Uttar Pradesh, supporting local artisans and businesses.
    • Uttar Pradesh Darshan Mandapam: A visual journey through the major cultural and religious sites of Uttar Pradesh.
    • Incredible India Kala Gram: Featuring a vast collection of artistic works that celebrated India’s folk and traditional art forms.
    • Chhattisgarh Exhibition: Presenting the unique cultural and traditional aspects of Chhattisgarh, including tribal art and crafts.
    • Uttar Pradesh Tourism Exhibition: Highlighting major tourist destinations within Uttar Pradesh, encouraging travel and exploration.
    • North Central Zone Cultural Centre (NCZCC) Pavilion: Dedicated to promoting the region’s diverse cultural performances, arts, and heritage.
    • National Disaster Management Authority (NDMA) Exhibition: Educating visitors on disaster preparedness, resilience, and emergency response mechanisms.

    2. ‘Bhagwat’ Exhibition at Allahabad Museum

    Union Minister Gajendra Singh Shekhawat inaugurated the ‘Bhagwat’ exhibition at the Allahabad Museum, an initiative that showcased a remarkable collection of miniature paintings inspired by the Bhagwat. The exhibition presented intricate depictions of significant events from the Bhagwat, offering visitors a deep insight into India’s spiritual and artistic traditions.

    3. ‘Aviral Shashvat Kumbh’ Exhibition

    This exhibition provided a historical perspective on the Kumbh Mela, tracing its origins and evolution over centuries. Featuring artifacts, digital displays, and informational posters, ‘Aviral Shashvat Kumbh’ aimed to educate visitors on the enduring legacy of this grand festival and its role in India’s spiritual landscape.

    The exhibitions at Maha Kumbh 2025 not only enhanced the spiritual experience of pilgrims but also served as a window into India’s rich cultural heritage. Through a blend of traditional artistry, historical retrospectives, and interactive showcases, these exhibitions played a crucial role in making Maha Kumbh 2025 an enriching and memorable event for millions of attendees.

    Telecom at Maha Kumbh: BSNL

    Under the Atmanirbhar Bharat initiative, Bharat Sanchar Nigam Limited (BSNL) played a crucial role in strengthening the communication infrastructure at the Maha Kumbh 2025, ensuring reliable connectivity for millions of pilgrims, administrative officials, security forces, and volunteers. A dedicated customer service center was set up in the Mela area, where visitors received on-site assistance, complaint resolution, and uninterrupted communication services.

    Pilgrims from different parts of the country were provided with free SIM cards from their respective circles. If any pilgrim lost or damaged their SIM card, they did not need to return to their home state, as BSNL had arranged for SIM cards from all circles across the country to be available in the Mela area. This service was provided free of charge, allowing devotees to stay connected with their families throughout the event.

    BSNL established a camp office at Lal Road, Sector-2, from where all communication services were managed. There was a significant increase in demand for fiber connections, leased line connections, and mobile recharges during the Kumbh, and BSNL ensured the availability of SIM cards from different states, benefiting both pilgrims and security personnel.

    To guarantee uninterrupted communication, BSNL activated a total of 90 BTS towers in the Mela area:

    • 30 BTS towers operating on the 700 MHz 4G band
    • 30 BTS towers on the 2100 MHz band
    • 30 BTS towers with 2G-enabled connectivity

     

    Additionally, BSNL provided several advanced communication services, including:

    • Internet leased lines
    • Wi-Fi hotspots
    • High-speed internet (FTTH)
    • Webcasting
    • SD-WAN services
    • Bulk SMS services
    • M2M SIMs
    • Satellite phone services

     

    Through these initiatives, BSNL ensured seamless communication throughout the Mahakumbh 2025, supporting both the public and the administrative machinery in managing the grand event efficiently.

    Akharas at Maha Kumbh

    In Maha Kumbh 2025, the Akharas played a significant role, representing various traditions and sects of Sanatan Dharma. The word ‘Akhara’ originates from ‘Akhand,’ meaning indivisible. These religious institutions have existed since the 6th century during the time of Adi Guru Shankaracharya and have been the custodians of spiritual practices and rituals at the Kumbh Mela.

     

    A total of 13 Akharas participated in this Maha Kumbh, including the Kinnar Akhara, Dashnam Sannyasini Akhara, and Mahila Akhara, symbolizing gender equality and a progressive outlook. The grand processions and sacred rituals of the Akharas were among the main attractions of the event, inspiring millions of devotees toward spiritual growth, discipline, and unity.

    These institutions not only preserved the spiritual and cultural values of Sanatan Dharma but also embraced modern sensibilities by promoting inclusivity and equality. The presence of the Akharas at Maha Kumbh fostered unity across caste, religion, and cultural diversity, making the event a symbol of spiritual and cultural enrichment.

    Green Maha Kumbh: A National-Level Environmental Discussion

    The Green Maha Kumbh was held on January 31, 2025, as a significant platform to promote environmental awareness alongside cultural and spiritual traditions. The event brought together over 1,000 environmental and water conservation experts from across the country. It was organized as part of the Gyan Maha Kumbh – 2081 series by Shiksha Sanskriti Utthan Nyas.

    The discussions at the Green Maha Kumbh focused on:

    • Issues related to nature, the environment, water, and cleanliness.
    • Maintaining the balance of the five elements of nature.
    • Sharing best practices in environmental conservation and cleanliness.
    • Strategies to engage devotees in sustainability efforts during Maha Kumbh.

     

    Experts from various fields shared their insights and experiences on tackling environmental challenges and implementing eco-friendly solutions. Additionally, the discussions explored ways to raise awareness among visitors about environmental protection, promoting initiatives that ensured a cleaner and greener Maha Kumbh. The event reinforced the vision of an environmentally responsible Maha Kumbh, setting a precedent for sustainable practices in future religious gatherings.

    Netra Kumbh

     

    Maha Kumbh 2025 witnessed several record-breaking initiatives, with a significant focus on healthcare and social welfare. One of the most remarkable efforts was the Netra Kumbh, a massive eye care initiative aimed at combating vision impairment. Spanning 10 acres in Sector 5 near Nagvasuki, the event set new benchmarks in eye testing and spectacle distribution, striving to secure a place in the Guinness Book of World Records.

    • Record-Breaking Eye Tests & Spectacles: Over 5 lakh people underwent eye tests, and 3 lakh spectacles were distributed.
    • Daily OPD & Facilities: The Netra Kumbh had 11 hangars, offering 10,000 consultations daily with specialists and optometrists.
    • Previous Achievement: The earlier Netra Kumbh secured a place in the Limca Book of Records.
    • Aim for Guinness World Record: The 2025 event sought to surpass previous achievements and enter the Guinness Book of World Records.
    • Eye Donation Camp: Encouraged donations to help reduce blindness, addressing corneal issues affecting over 15 million people in India.

     

    BHASHINI in Maha Kumbh

    At Maha Kumbh 2025, the Ministry of Electronics and Information Technology (MeitY) successfully leveraged BHASHINI, a revolutionary initiative under the Digital India program, to overcome language barriers and enhance communication. By offering multilingual access in 11 Indian languages, BHASHINI transformed information dissemination, navigation, emergency response, and governance, ensuring a seamless experience for millions of pilgrims. Additionally, the Kumbh Sah’AI’yak chatbot, powered by AI, provided real-time assistance, making Maha Kumbh 2025 more accessible and technologically advanced than ever before.

    BHASHINI’s Role in Maha Kumbh 2025:

    1. Real-Time Information Dissemination: Announcements, event schedules, and safety guidelines were translated into 11 Indian languages, enabling pilgrims to stay informed regardless of their native language.
    2. Simplified Navigation: BHASHINI’s speech-to-text, text-to-speech tools, and multilingual chatbot, integrated with mobile applications and kiosks, assisted devotees in finding their way.
    3. Accessible Emergency Services: The CONVERSE feature helped pilgrims communicate with the 112-emergency helpline in their native languages, in collaboration with the UP Police.
    4. E-Governance Support: Authorities used BHASHINI to effectively communicate regulations, guidelines, and public service announcements to a diverse audience.
    5. Lost and Found Assistance: BHASHINI’s Digital Lost & Found Solution enabled visitors to register lost or found items using voice inputs, with real-time translations simplifying the process.

     

    Kumbh Sah’AI’yak Chatbot:

    • Launched by Prime Minister Narendra Modi, this AI-powered, multilingual, voice-enabled chatbot played a crucial role in assisting pilgrims.
    • Powered by advanced AI technologies like Llama LLM, it provided real-time navigation and event-related information.
    • BHASHINI’s language translation enabled the chatbot to function in Hindi, English, and nine other Indian languages, ensuring inclusivity and accessibility.

     

    Akashvani’s Kumbhvani

     

    In a significant initiative to keep devotees and pilgrims informed, Akashvani’s Kumbhvani News Bulletins were broadcasted live through the public address system in Mahakumbh Nagar in Prayagraj, Uttar Pradesh. The first Kumbhvani News Bulletin was aired on public address system today i.e. 18.01.2025 at 8:30 am. The Kumbhvani news bulletins were broadcasted three times a day, at 8:30-8:40 am, 2:30-2:40 pm, and 8:30-8:40 pm, providing updates on various activities related to the Mahakumbh Mela. Additionally, devotees could also tune in to Kumbhvani news bulletins on 103.5 MHz frequency in Prayagraj.

     

    References

    https://pib.gov.in/EventDetail.aspx?ID=1197&reg=3&lang=1

    https://www.instagram.com/airnewsalerts/p/DE3txwqIpRQ/

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    Santosh Kumar | Sarla Meena | Rishita Aggarwal

    (Release ID: 2106476)

    MIL OSI Asia Pacific News