Category: Australia

  • MIL-OSI USA: Bacon, Foster Youth Caucus Colleagues Introduce Resolution to Recognize Foster Care Month

    Source: United States House of Representatives – Congressman Don Bacon (2nd District of Nebraska)

    Bacon, Foster Youth Caucus Colleagues Introduce Resolution to Recognize Foster Care Month

    WASHINGTON, DC — Today, on National Foster Care Day, Foster Youth Caucus Co-Chair Rep. Don Bacon (R, NE-02)introduced a resolution to recognize the month of May as National Foster Care Month alongside fellow Co-Chairs Reps. Sydney Kamlager-Dove (D, CA-37), Erin Houchin (R, IN-09), Gwen Moore (D, WI-04), Zach Nunn (R, IA-03), and Mary Gay Scanlon (D, PA-05). The bipartisan resolution encourages Congress to implement policies to improve the child welfare system and honors foster families, social workers, and advocates for the essential role that they play in the lives of foster youth.

    “As co-chair of the Foster Youth Caucus and a foster-to-adopt parent myself, I know that every child deserves a safe, loving, and permanent home, and this resolution not only recognizes the challenges faced by foster youth but honors the dedicated individuals who work tirelessly to support them,” said Rep. Bacon. “Having witnessed the transformative power of foster care and adoption, I’m committed to implementing policies that improve the lives of every child in the foster care system.”

    “All children deserve stable environments where they can learn, grow, and thrive,” said Rep. Kamlager-Dove. “I am proud to re-introduce this bipartisan resolution alongside the Foster Youth Caucus to recognize the resilience of our foster youth, honor those who make a difference in their lives, and recommit to passing policies that help ensure all children have a safe and loving home. As a Representative of Los Angeles County—home to over 30,000 foster youth—I will always champion our most vulnerable children through my work in Congress.”

    “National Foster Care Month is an opportunity to lift up the young people in the child welfare system and continue pushing for proposals that improve outcomes and enhance the wellbeing of children and youth in care,” said Rep. Moore. “Serving as co-chair of the Congressional Caucus on Foster Youth, I am deeply committed to that work every day.”

    “Every child deserves a safe, loving, and permanent home. As a dad to six kids, including two Kelly and I were blessed to adopt, this resolution is personal to me,” said Rep. Nunn. “This month and every month, we honor the foster parents, the parents who choose to adopt, and the social workers who step up for kids with nowhere else to turn. I will keep working to build a system that helps more families who are ready to open their homes and their hearts to foster, adopt, and change a child’s life.”

    “Before coming to Congress, I spent decades working as a child advocate, seeing firsthand the challenges that young people and those who serve them face in finding permanent homes and connections,” said Rep. Scanlon. “It’s why one of my top priorities in Congress is to confront the challenges of our foster care system, support the more than 369,000 children it serves, and provide the resources that those dedicated to serving them need to ensure their bright futures. Raising awareness about the need to invest in the lives of children and youth in foster care is an important part of building support and driving change–that’s why I’m proud to join my co-chairs of the Congressional Caucus on Foster Youth in recognizing May as National Foster Care Month.”

    According to the most recent data from the US Children’s Bureau, 369,000 children are living in foster care nationwide. Our nation’s foster youth face significant challenges, including disparities in positive outcomes in health, education, employment, and involvement with the justice system. National Foster Care Month was established in the United States in 1988 to recognize foster youth, foster parents, and all those who support children in the foster care system. 

    The bipartisan Congressional Caucus on Foster Youth provides a forum for Members of Congress to discuss and develop policy recommendations to strengthen the child welfare system and improve the overall well-being of youth and families. The Foster Youth Caucus is committed to ensuring that our nation’s vulnerable, yet resilient, youth are provided with the opportunities and support necessary to succeed.

    MIL OSI USA News

  • MIL-OSI: Infineon to Present at the dbVIC – Deutsche Bank ADR Virtual Investor Conference May 15th

    Source: GlobeNewswire (MIL-OSI)

    MUNICH, May 09, 2025 (GLOBE NEWSWIRE) — Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY), based in Munich and a global semiconductor leader in power systems and IoT, today announced that Daniel Gyoery, Senior Director Investor Relations will present at the dbVIC – Deutsche Bank American Depositary Receipt (ADR) Virtual Investor Conference on May 15, 2025. This virtual investor conference is aimed exclusively at introducing global companies with ADR programs to investors.

    DATE: May 15th
    TIME: 9:00 EDT / 15:00 CET
    LINK: REGISTER HERE

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.  

    Participation is free of charge.

    Recent Company Highlights

    • Infineon is the #1 global leader in automotive semiconductors, power semiconductors, and microcontrollers
    • Microcontroller: Infineon’s microcontrollers serve as the brains of smarter, safer cars and secure IoT devices. Over the past decade, the company has consistently outgrown the market and achieved the global #1 position.
    • Powering AI – from grid to core: the exponential data growth driven by digitalization and AI is increasing the energy demand of data centers. Infineon offers solutions, extending from the grid to the core to maximize the efficiency, power density and reliability of AI infrastructure.
    • Shaping mobility & Humanoid robots: ever-smarter, more integrated cars and humanoid robots need fast, secure controllers as well as high-speed networking. Infineon’s microcontroller leadership and the acquisition of Marvell Technology’s automotive ethernet business combine two world-class solutions, forming a unique system solution meeting the needs of these emerging technologies.
    • Focus on high growth and margin retention combined with consistent shareholder returns. Fiscal year 2025 guidance already includes a haircut for potential tariff headwinds.

    About Infineon
    Infineon Technologies AG is a global semiconductor leader in power systems and IoT. Infineon drives decarbonization and digitalization with its products and solutions. The Company had around 58,060 employees worldwide (end of September 2024) and generated revenue of about €15 billion in the 2024 fiscal year (ending 30 September). Infineon is listed on the Frankfurt Stock Exchange (ticker symbol: IFX) and in the USA on the OTCQX International over-the-counter market (ticker symbol: IFNNY).

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access.  Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:

    Infineon Technologies AG
    Daniel Györy
    Senior Director Investor Relations
    Office: +49 89 234 35078
    Daniel.Gyoery@infineon.com 

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com 

    The MIL Network

  • MIL-OSI United Kingdom: Export bar placed on £10 million Botticelli painting

    Source: United Kingdom – Executive Government & Departments

    Press release

    Export bar placed on £10 million Botticelli painting

    A temporary export bar has been placed on a painting of the Virgin Mary by Italian painter, Sandro Botticelli

    • The work has been valued at £10.2 million 
    • The export bar will allow time for a UK gallery or institution to acquire the painting for the nation

    An export bar has been placed on a painting by Italian master, Sandro Botticelli, which is at risk of leaving the UK.

    Botticelli was one of the leading Florentine painters of the second half of the fifteenth century and one of the most recognisable names in art history. Botticelli became well-known for his mythological and religious paintings, often with a focus on beauty and harmony. His most famous works include The Birth of Venus and Primavera. 

    Valued at more than £10.2 million (£9,960,000 + £272,000 VAT) the painting depicts an image of the Virgin Mary enthroned with the Christ Child and is believed to have been painted in the 1470s, early in Botticelli’s career. If saved by a cultural institution, the painting would represent a significant addition to the body of work by Botticelli in UK collections. Very few early Botticelli’s remain in the UK and it would provide a richer and more detailed understanding of his work and the development of Florentine painting in the later fifteenth century.

    The Virgin and Child Enthroned exemplifies Botticelli’s ability to combine radiant humanity and powerful spirituality. The shape and angle of the Virgin’s face bear similarities to the central Venus in Botticelli’s celebrated Primavera, painted in the late 1470s or early 1480s. 

    The artist has also given exceptional attention to the Virgin’s features, with the light catching her upper eyelids, the tip of her nose and the cupid’s bow of her lips.

    Arts Minister, Sir Chris Bryant said: 

    This painting is a perfect example of Botticelli’s genius and a unique part of history. 

    I hope that a UK gallery is able to save this work so that it can be enjoyed by the public for generations to come.

    Christopher Baker, Committee member:

    Dating from the early 1470s, this affecting devotional work, demonstrates the sophistication of Botticelli’s painting early in his career in Florence. Probably intended to inspire private prayer in a domestic setting, it is an image that has a wider resonance as it delicately explores the power of maternal love.

    The cult of, or enthusiasm for Botticelli, of which it formed a part, had grown during the Victorian era and the painting arrived in Britain in 1904; it was acquired by Lady Wantage and entered the renowned Lloyd collection.

    Further research on the placement of Botticelli’s work in his career and the organisation of his workshop, as well as links with the wider context of Florentine Renaissance art would all be of enormous benefit. In view of these intriguing possibilities every effort should be made to try and secure this beguiling painting for a British collection.

    The Minister’s decision follows the advice of the Reviewing Committee on the Export of Works of Art and Objects of Cultural Interest.

    The RCEWA Committee found that The Virgin and Child Enthroned painting met the third Waverley criterion for its outstanding significance for the study of western art and its reception in later periods, Botticelli, the process and practice of Florentine workshops, and the history of collecting in the UK. 

    The decision on the export licence application for the painting will be deferred for a period ending on 8 August 2025 inclusive. At the end of the first deferral period owners will have a consideration period of 15 business days to consider any offer(s) to purchase the painting at the recommended price of £9,960,000 (plus VAT of £272,000, which can be reclaimed by an eligible institution). The second deferral period will commence following the signing of an Option Agreement and will last for six months.

    Offers from public bodies for less than the recommended price through the private treaty sale arrangements, where appropriate, may also be considered by the Minister. Such purchases frequently offer substantial financial benefit to a public institution wishing to acquire the item.

    Notes to editors

    1. Organisations or individuals interested in purchasing the panel should contact the RCEWA on 02072680534 or rcewa@artscouncil.org.uk.
    2. Details of the item are as follows: Alessandro di Mariano Filipepi, called Sandro Botticelli (1444/5–1510) The Virgin and Child enthroned, early 1470s Tempera on panel, 83.3 x 44.9 cm
    3. Provenance: Oratorio of San Giuliano, in the Convent of San Giuliano, which was later bought and rebuilt by the Calasanzian order, via Faenza, Florence, by the early 19th century; Placed in the chapel of a convalescent home for the sick bretheren of the Calasanzian Order or Scuole Pie of Florence, Comezzano, near Vaggio, Figline Valdarno, Province of Florence; By inheritance with the property to the Graziani family, remaining in situ until about 1900; Giovanni Magherini Graziani (1852–1924), Poggitazzi, Terranove Bracciolini, near Arezzo, and via Pinti, Florence; By whom sold, in November 1903, to the dealer Elia Volpi, Florence; From whom bought by Harriet Sarah Jones Loyd, Lady Wantage (1837–1920), in May 1904; Thence by descent at Lockinge House, Wantage, and after 1944 at Betterton House, near Wantage, Berkshire.
    4. The Reviewing Committee on the Export of Works of Art and Objects of Cultural Interest is an  independent body, serviced by Arts Council England (ACE), which advises the Secretary of State for  Culture, Media and Sport on whether a cultural object, intended for export, is of national importance under specified criteria.

    Updates to this page

    Published 9 May 2025

    MIL OSI United Kingdom

  • MIL-OSI Global: Major brands don’t need to kowtow to Trump: they have the power to bring people together

    Source: The Conversation – UK – By Michael Beverland, Professor of Brand Management, University of Sussex Business School, University of Sussex

    Whatever you think of his personality or politics, it’s impossible to deny the success of Donald Trump as a brand. Supporters and detractors across the world are transfixed by his second term as US president.

    And so far, many corporate brands appear keen to get alongside him. The leaders of Tesla, Amazon and Meta were all prominent guests at Trump’s inauguration in January 2025.

    By then, Mark Zuckerberg had already shifted company policy on fact checking to be more aligned with the political wind. Weeks later, retail giants Walmart and Target had rolled back diversity, equality and inclusion (DEI) initiatives.

    Even the NFL, which had so infuriated Trump in his first term with its support for diversity, has come to heel.

    So now that Trump is back in town, is the only option available to big US organisations to swing to the right? Well, not necessarily.

    Our research suggests that the rise of populism actually represents an opportunity for brands to rebuild a sense of shared national identity.

    And the most well-known brands are the best placed to do this. Their familiar place in people’s everyday lives gives them huge power as non-political agents of collective identity which can cross divides of race, class, geography and age.

    A great example of this was during the presidential election campaign when Trump’s team wanted to organise a publicity stunt involving the Republican candidate “working” at a branch of McDonald’s in Pennsylvania.

    Trump’s love of the golden arches is well known, but McDonald’s is a strongly non-political brand. So what should it do? Refuse and risk a backlash, or accept and be accused of taking sides?

    In the end, the company’s response was a masterclass in neutrality.

    McDonald’s told its employees that the company was neither red (Republican) nor blue (Democrat), but golden. Referring to both presidential candidates’ love of McDonald’s, the company made it clear that the permission granted to Trump illustrated one of their core values, stating: “We open our doors for everyone”.

    The plan worked. And this was partly down to McDonald’s being widely thought of as an authentic brand which connects people.

    Research has shown that people really value a company’s place in local communities. And McDonald’s is a place which hosts children’s birthday parties, where you can catch up with friends, where you might even have had your first ever job.

    This kind of power to unify is something other brands can do too. As something our earlier research shows, brands can benefit from bringing people together, by creating a sense of shared identity.

    Brand new

    In New Zealand for example, ANZ Bank was widely applauded for a campaign featuring Indian immigrants. The advert tells the story of a father and son and their mixed cricketing loyalties (the parent to India, the child to New Zealand).

    It is a tale of immigrants achieving their version of the national dream, through hard work and trademark Kiwi humour. This kind of narrative-driven campaign does not pitch one side against another, but instead highlights the things that bind people together.

    Similarly in the UK, the department store John Lewis has become a seasonal advertising staple as it reminds customers of their shared rituals over Christmas. And Kraft’s “How do you love your Vegemite” campaign allowed new immigrants to participate in local snacking rituals, helping them feel Australian.

    In the US, a 1971 Coca Cola commercial (one of the most lauded adverts ever) presented a united multi-cultural collection of young people as a response to the anti-Vietnam war counter-culture.

    So far, American brands have struggled to navigate the ever-shifting pronouncements coming from the White House in Trump’s second term. Amazon for example, quickly went back on its decision to list the cost of tariffs on products after it was branded a “hostile move”.

    But one brand does stand out. And that’s Ford.

    Perhaps it was inevitable that the car maker which came to symbolise successful 20th century American manufacturing would get this right. And the company’s decision to extend employee discounts to all consumers in what it describes as “unprecedented times” is a clever move.

    Some might call it a cynical tactic to embrace Trump’s tariffs and encourage Americans to buy American. But the firm (which will likely take a huge hit from more expensive imported parts and materials) is doing much more than that.

    Its new campaign (with the slogan “From America for America”) reminds US citizens that the brand is part of their lives, regardless of their political home. Supportive full-page print ads go further, setting out the firm’s long history spent backing the people of America.

    One Ford executive says that the campaign is about “authenticity” and Ford being a brand “that all consumers can rely on, especially in these uncertain times”.

    Authenticity is much prized when the political landscape is so polarised. And while divisions cannot be healed solely by brands, they can help to remind us of shared values and a sense of community. And in doing so, dial down those political tensions.

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

    ref. Major brands don’t need to kowtow to Trump: they have the power to bring people together – https://theconversation.com/major-brands-dont-need-to-kowtow-to-trump-they-have-the-power-to-bring-people-together-249401

    MIL OSI – Global Reports

  • MIL-OSI: BDO Unibank, Inc. to Present at the dbVIC – Deutsche Bank ADR Virtual Investor Conference May 15th

    Source: GlobeNewswire (MIL-OSI)

    MANILA, Philippines, May 09, 2025 (GLOBE NEWSWIRE) — BDO Unibank, Inc. (BDO, BDOUY) based in the Philippines, and focused on providing financial products and services, today announced that BDO Unibank, Inc. Executive Vice President, Luis S. Reyes will present at the dbVIC – Deutsche Bank American Depositary Receipt (ADR) Virtual Investor Conference on May 15. This virtual investor conference is aimed exclusively at introducing global companies with ADR programs to investors.

    DATE: May 15th
    TIME: 2:00 PM ET
    LINK: REGISTER HERE

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.  

    Participation is free of charge.

    About BDO Unibank, Inc.

    BDO is a full-service universal bank in the Philippines, providing a complete array of industry-leading products and services including Lending (corporate and consumer), Deposit-taking, Foreign Exchange, Brokering, Trust and Investments, Credit Cards, Retail Cash Cards, Corporate Cash Management and Remittances. Through its local subsidiaries, the Bank offers Investment Banking, Private Banking, Leasing and Finance, Thrift Banking and Microfinance, Life Insurance, Property and Casualty Insurance Brokerage, and Online and Traditional Stock Brokerage services.

    BDO’s institutional strengths and value-added products and services hold the key to its successful business relationships with customers. On the front line, its branches remain at the forefront of setting high standards as a sales and service-oriented, customer-focused force. The Bank has the largest distribution network with over 1,800 operating branches and more than 5,800 teller machines nationwide. BDO has 16 international offices (including full-service branches in Hong Kong and Singapore) spread across Asia, Europe, North America and the Middle East.

    The Bank also offers digital banking solutions to make banking easier, faster, and more secure for its clients.

    Through selective acquisitions and organic growth, BDO has positioned itself for increased balance sheet strength and continuing expansion into new markets. As of December 31, 2024, BDO is the country’s largest bank in terms of total resources, customer loans, deposits, assets under management and capital, as well as branch and teller machine network nationwide.

    BDO is a member of the SM Group, one of the country’s largest and most successful conglomerates with businesses spanning retail, mall operations, property development (residential, commercial, hotels and resorts), and financial services. Although part of a conglomerate, BDO’s day-to-day operations are handled by a team of professional managers and bank officers. Further, the Bank has one of the industry’s strongest Board of Directors, composed of professionals with extensive experience in various fields that include banking and finance, accounting, law, and business.

    For more information, please visit www.bdo.com.ph.

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:
    BDO Unibank, Inc.
    Investor Relations (IR) Team
    (632) 8840 7000
    irandcorplan@bdo.com.ph

    Katherine T. Tan
    Senior Assistant Vice President
    (63 2) 8840-7000 ext 37609
    tan.katherine@bdo.com.ph

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com 

    The MIL Network

  • MIL-OSI: Kaltura Announces Partnership With Magna Systems & Engineering To Support Growth in Asian and Pacific Markets

    Source: GlobeNewswire (MIL-OSI)

    New York, May 09, 2025 (GLOBE NEWSWIRE) — Kaltura (Nasdaq: KLTR), the AI Video Experience Cloud, and Magna Systems and Engineering, a leading systems integration specialist and technology supplier for the broadcast and telecommunication industries, today announced a new partnership with Magna supporting Kaltura in Australia, New Zealand, Singapore, and Hong Kong.   

    This collaboration comes as part of Kaltura’s expansion of its media & telecom activities in the Asian and Pacific markets, with Magna as the first of several APAC partnerships. The growing network of Kaltura partners will bring new value to existing customers, supporting their technological and business evolution with new technologies, and provide a local presence for sales and market development.  

    Kaltura’s services for the media and telecommunications industries are based on the company’s robust TV Content Management system and TV streaming application, as well as advanced AI-powered capabilities that reshape content strategies. Using metadata enrichment, AI user-controlled chat, real-time translation and dubbing in multiple languages, highlighting and chaptering for VOD and live content, AI-powered content curation, and more, providers can increase engagement and grow viewership as they expand into new markets.  

    Kaltura’s recent addition, the AI-powered Kaltura TV Genie, which won the Product of the Year for Streaming at the 2025 NAB Show Award, enables companies to offer AI-powered, hyper-personalized lean-forward viewing experiences for audiences. Beyond recommendations for users, TV Genie automatically curates content in real-time for editors based on their catalogue and current trends, streamlining operations and driving continuous, ongoing engagement.  

    Magna Systems & Engineering, also commonly known simply as Magna, is an experienced systems integration specialist and provider of technology, products, and solutions to the broadcast and telecommunication industries. The company’s focus is on partnering with and providing best-of-breed technology and solutions, such as Kaltura, for their clients that meet their current requirements and future-proof them for years to come. Support, alongside the very best customer service, are two of Magna’s key and most important offerings, and they offer both across the entire Asia Pacific region from offices in Australia, Hong Kong, Indonesia, New Zealand, and Singapore.

    “Partnering with Kaltura aligns with our strategy of connecting our customers with the latest, world-leading technology solutions and providers, enabling them to innovate and maintain a competitive advantage in the media and telecom sector. In short, we will provide our clients in the region with Kaltura AI Video Experience Cloud solutions that will add real and tangible value and efficiency to their organisations. Our new partnership with Kaltura is a very positive one that will bring many benefits to the industry as a whole,” said Matthew Clemesha, group CEO of Magna Systems.  

    “Magna is well known in APAC for its commitment to providing top-notch services, support, and solutions to its customers in the media and telecommunications industry, a brand that perfectly reflects our values and vision,” said Natan Israeli, Chief Customer Officer at Kaltura. “We are excited to work with Magna Systems to expand our reach and improve streaming experiences for more customers with our AI-powered products in this market”. 

    About Kaltura 
    Kaltura’s mission is to create and power AI-infused hyper-personalized video experiences that boost customer and employee engagement and success. Kaltura’s AI Video Experience Cloud includes a platform for enterprise and TV content management and a wide array of Gen AI-infused video-first products, including Video Portals, LMS and CMS Video Extensions, Virtual Events and Webinars, Virtual Classrooms, and TV Streaming Applications. Kaltura engages millions of end-users at home, at work, and at school, boosting both customer and employee experiences, including marketing, sales, and customer success; teaching, learning, training and certification; communication and collaboration; entertainment and monetization. For more information, visit www.corp.kaltura.com

    About Magna Systems & Engineering 
    Founded in 1968, Magna Systems & Engineering, also commonly known simply as Magna, is an experienced systems integration specialist and provider of technology, products and solutions to the broadcast and telecommunication industries. Our focus is on partnering with and providing best-of-breed technology and solutions for our clients that meet their current requirements and future-proof them for years to come. Support, alongside the very best customer service, are two of Magna’s key and most important offerings for our clients, and we offer both across the entire Asia Pacific region from our offices in Australia, Hong Kong, Indonesia, New Zealand and Singapore. 

    The MIL Network

  • MIL-OSI: Plains All American Reports First-Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 09, 2025 (GLOBE NEWSWIRE) — Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported first-quarter 2025 results and provided the following highlights:

    First-Quarter Results

    • Reported net income attributable to PAA of $443 million and net cash provided by operating activities of $639 million
    • Delivered Adjusted EBITDA attributable to PAA of $754 million
    • Exited the quarter with 3.3x leverage ratio, toward the low end of our target range of 3.25x – 3.75x (includes previously announced and closed transactions)
    • Paid a quarterly cash distribution of $0.38 per unit ($1.52 per unit annualized), representing a current distribution yield of ~9.0%

    Business Highlights

    • Plains acquired the remaining 50% interest in Cheyenne Pipeline, enhancing our integration from the Guernsey market to pipelines supplying Cushing, Oklahoma, which closed on February 28, 2025
    • Plains acquired Black Knight Midstream’s Permian Basin crude oil gathering business, for approximately $55 million, which closed effective May 1, 2025
    • Placed into service the 30 Mb/d Fort Saskatchewan fractionation complex debottleneck project enhancing our fee-based cash flow in Canada
    • Increased our 2025 C3+ spec product sales hedge profile to approximately 80% at approximately $0.70 per gallon level

    “Plains delivered another quarter of solid operational and financial performance,” said Willie Chiang, Chairman and CEO. “Substantial cash flow generation from our integrated Crude Oil and NGL footprints coupled with a strong balance sheet positions us well through a time of market volatility and uncertainty. Our focus on efficient growth remains consistent with the addition of two new bolt-on acquisitions and our Fort Saskatchewan fractionation complex debottleneck project now in service. Finally, our commitment to financial discipline and financial flexibility remains unchanged while continuing to return cash to unitholders through a strong distribution payout.”

    Plains All American Pipeline

    Summary Financial Information (unaudited)
    (in millions, except per unit data)

        Three Months Ended
    March 31,
      %
    GAAP Results   2025
      2024
      Change
    Net income attributable to PAA (1)   $ 443     $ 266       67 %
    Diluted net income per common unit   $ 0.49     $ 0.29       69 %
    Diluted weighted average common units outstanding     704       701       %
    Net cash provided by operating activities   $ 639     $ 419       53 %
    Distribution per common unit declared for the period   $ 0.3800     $ 0.3175       20 %
                             
        Three Months Ended
    March 31,
      %
    Non-GAAP Results (2)   2025   2024   Change
    Adjusted net income attributable to PAA (1)   $ 375     $ 354       6 %
    Diluted adjusted net income per common unit   $ 0.39     $ 0.41     (5 )%
    Adjusted EBITDA   $ 881     $ 847       4 %
    Adjusted EBITDA attributable to PAA (1)   $ 754     $ 718       5 %
    Implied DCF per common unit and common unit equivalent   $ 0.66     $ 0.67     (1 )%
    Adjusted Free Cash Flow (3)   $ (308 )   $ 70     **
    Adjusted Free Cash Flow after Distributions (3)   $ (639 )   $ (217 )   **
    Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) (3)   $ (169 )   $ 262     **
    Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) (3)   $ (500 )   $ (25 )   **

    _____________________

    ** Indicates that variance as a percentage is not meaningful.
    (1) Excludes amounts attributable to noncontrolling interests in the Plains Oryx Permian Basin LLC (the “Permian JV”), Cactus II Pipeline LLC and Red River Pipeline LLC joint ventures.
    (2) See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.
    (3) The 2025 period includes the impact of a net cash outflow of $624 million for bolt-on acquisitions.
       

    Summary of Selected Financial Data by Segment (unaudited)
    (in millions)

      Segment Adjusted EBITDA
      Crude Oil   NGL
    Three Months Ended March 31, 2025 $ 559     $ 189  
    Three Months Ended March 31, 2024 $ 553     $ 159  
    Percentage change in Segment Adjusted EBITDA versus 2024 period   1 %     19 %
                   

    First-quarter 2025 Crude Oil Segment Adjusted EBITDA was in line with comparable 2024 results. Favorable results in the 2025 period from (i) higher tariff volumes on our pipelines, (ii) tariff escalations and (iii) contributions from recently completed bolt-on acquisitions were largely offset by (iv) higher operating expenses and (v) the impact to our assets from refinery downtime.

    First-quarter 2025 NGL Segment Adjusted EBITDA increased 19% versus comparable 2024 results primarily due to higher weighted average frac spreads and NGL sales volumes in the first quarter of 2025.

    Plains GP Holdings

    PAGP owns an indirect non-economic controlling interest in PAA’s general partner and an indirect limited partner interest in PAA. As the control entity of PAA, PAGP consolidates PAA’s results into its financial statements, which is reflected in the condensed consolidating balance sheet and income statement tables attached hereto.

    Conference Call and Webcast Instructions

    PAA and PAGP will hold a joint conference call at 9:00 a.m. CT on Friday, May 9, 2025 to discuss first-quarter performance and related items.

    To access the internet webcast, please go to https://edge.media-server.com/mmc/p/qqvgtyoa/

    Alternatively, the webcast can be accessed on our website at https://ir.plains.com/news-events/events-presentations. Following the live webcast, an audio replay will be available on our website and will be accessible for a period of 365 days. Slides will be posted prior to the call at the above referenced website.

    Non-GAAP Financial Measures and Selected Items Impacting Comparability

    To supplement our financial information presented in accordance with GAAP, management uses additional measures known as “non-GAAP financial measures” in its evaluation of past performance and prospects for the future and to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. The primary additional measures used by management are Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied Distributable Cash Flow (“DCF”), Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions.

    Our definition and calculation of certain non-GAAP financial measures may not be comparable to similarly-titled measures of other companies. Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF and certain other non-GAAP financial performance measures are reconciled to Net Income, and Adjusted Free Cash Flow, Adjusted Free Cash Flow after Distributions and certain other non-GAAP financial liquidity measures are reconciled to Net Cash Provided by Operating Activities (the most directly comparable measures as reported in accordance with GAAP) for the historical periods presented in the tables attached to this release, and should be viewed in addition to, and not in lieu of, our Condensed Consolidated Financial Statements and accompanying notes. In addition, we encourage you to visit our website at www.plains.com (in particular the section under “Financial Information” entitled “Non-GAAP Reconciliations” within the Investor Relations tab), which presents a reconciliation of our commonly used non-GAAP and supplemental financial measures. We do not reconcile non-GAAP financial measures on a forward-looking basis as it is impractical to do so without unreasonable effort.

    Non-GAAP Financial Performance Measures

    Adjusted EBITDA is defined as earnings before (i) interest expense, (ii) income tax (expense)/benefit, (iii) depreciation and amortization (including our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, of unconsolidated entities), (iv) gains and losses on asset sales, asset impairments and other, net, (v) gains on investments in unconsolidated entities, net and (vi) interest income on promissory notes by and among PAA and certain Plains entities, and (vii) adjusted for certain selected items impacting comparability. Adjusted EBITDA attributable to PAA excludes the portion of Adjusted EBITDA that is attributable to noncontrolling interests.

    Management believes that the presentation of Adjusted EBITDA, Adjusted EBITDA attributable to PAA and Implied DCF provides useful information to investors regarding our performance and results of operations because these measures, when used to supplement related GAAP financial measures, (i) provide additional information about our core operating performance and ability to fund distributions to our unitholders through cash generated by our operations and (ii) provide investors with the same financial analytical framework upon which management bases financial, operational, compensation and planning/budgeting decisions. We also present these and additional non-GAAP financial measures, including adjusted net income attributable to PAA and basic and diluted adjusted net income per common unit, as they are measures that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations. These non-GAAP financial performance measures may exclude, for example, (i) charges for obligations that are expected to be settled with the issuance of equity instruments, (ii) gains and losses on derivative instruments that are related to underlying activities in another period (or the reversal of such adjustments from a prior period), gains and losses on derivatives that are either related to investing activities (such as the purchase of linefill) or purchases of long-term inventory, and inventory valuation adjustments, as applicable, (iii) long-term inventory costing adjustments, (iv) items that are not indicative of our core operating results and/or (v) other items that we believe should be excluded in understanding our core operating performance. These measures may be further adjusted to include amounts related to deficiencies associated with minimum volume commitments whereby we have billed the counterparties for their deficiency obligation and such amounts are recognized as deferred revenue in “Other current liabilities” in our Condensed Consolidated Financial Statements. We also adjust for amounts billed by our equity method investees related to deficiencies under minimum volume commitments. Such amounts are presented net of applicable amounts subsequently recognized into revenue. Furthermore, the calculation of these measures contemplates tax effects as a separate reconciling item, where applicable. We have defined all such items as “selected items impacting comparability.” Due to the nature of the selected items, certain selected items impacting comparability may impact certain non-GAAP financial measures, referred to as adjusted results, but not impact other non-GAAP financial measures. We do not necessarily consider all of our selected items impacting comparability to be non-recurring, infrequent or unusual, but we believe that an understanding of these selected items impacting comparability is material to the evaluation of our operating results and prospects.

    Although we present selected items impacting comparability that management considers in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions, divestitures, investment capital projects and numerous other factors. These types of variations may not be separately identified in this release, but will be discussed, as applicable, in management’s discussion and analysis of operating results in our Quarterly Report on Form 10-Q.

    Non-GAAP Financial Liquidity Measures

    Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow is defined as Net Cash Provided by Operating Activities, less Net Cash Provided by/(Used in) Investing Activities, which primarily includes acquisition, investment and maintenance capital expenditures, investments in unconsolidated entities and the impact from the purchase and sale of linefill, net of proceeds from the sales of assets and further impacted by distributions to and contributions from noncontrolling interests and proceeds from the issuance of related party notes. Adjusted Free Cash Flow is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions.

    We also present these measures and additional non-GAAP financial liquidity measures as they are measures that investors have indicated are useful. We present the Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) for use in assessing our underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is defined as Adjusted Free Cash Flow excluding the impact of “Changes in assets and liabilities, net of acquisitions” on our Condensed Consolidated Statements of Cash Flows. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities).

       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in millions, except per unit data)
       
      Three Months Ended
    March 31,
        2025       2024  
    REVENUES $ 12,011     $ 11,995  
           
    COSTS AND EXPENSES      
    Purchases and related costs   10,761       10,917  
    Field operating costs   368       358  
    General and administrative expenses   100       96  
    Depreciation and amortization   262       254  
    Gain on asset sales, net   (13 )      
    Total costs and expenses   11,478       11,625  
           
    OPERATING INCOME   533       370  
           
    OTHER INCOME/(EXPENSE)      
    Equity earnings in unconsolidated entities   103       95  
    Gain on investments in unconsolidated entities, net   31        
    Interest expense, net (1)   (127 )     (95 )
    Other income/(expense), net (1)   26       (5 )
           
    INCOME BEFORE TAX   566       365  
    Current income tax expense   (46 )     (53 )
    Deferred income tax (expense)/benefit   (4 )     39  
           
    NET INCOME   516       351  
    Net income attributable to noncontrolling interests   (73 )     (85 )
    NET INCOME ATTRIBUTABLE TO PAA $ 443     $ 266  
           
    NET INCOME PER COMMON UNIT:      
    Net income allocated to common unitholders — Basic and Diluted $ 343     $ 203  
    Basic and diluted weighted average common units outstanding   704       701  
    Basic and diluted net income per common unit $ 0.49     $ 0.29  

    _____________________

    (1) PAA and certain Plains entities have issued promissory notes by and among such entities to facilitate financing. “Interest expense, net” and “Other income/(expense), net” each include $20 million for the three months ended March 31, 2025 related to interest on such related party promissory notes. These amounts offset and do not impact Net Income or Non-GAAP metrics such as Adjusted EBITDA, Implied DCF and Adjusted Free Cash Flow.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    CONDENSED CONSOLIDATED BALANCE SHEET DATA
    (in millions)
           
      March 31,
    2025
      December 31,
    2024
    ASSETS      
    Current assets (including cash and cash equivalents of $427 and $348, respectively) $ 4,735     $ 4,802  
    Property and equipment, net   16,062       15,424  
    Investments in unconsolidated entities   2,745       2,811  
    Intangible assets, net   1,675       1,677  
    Linefill   988       968  
    Long-term operating lease right-of-use assets, net   321       332  
    Long-term inventory   289       280  
    Other long-term assets, net   244       268  
    Total assets $ 27,059     $ 26,562  
           
    LIABILITIES AND PARTNERS’ CAPITAL      
    Current liabilities $ 4,691     $ 4,950  
    Senior notes, net   8,131       7,141  
    Other long-term debt, net   73       72  
    Long-term operating lease liabilities   301       313  
    Other long-term liabilities and deferred credits   1,003       990  
    Total liabilities   14,199       13,466  
           
    Partners’ capital excluding noncontrolling interests   9,632       9,813  
    Noncontrolling interests   3,228       3,283  
    Total partners’ capital   12,860       13,096  
    Total liabilities and partners’ capital $ 27,059     $ 26,562  
                   

    DEBT CAPITALIZATION RATIOS
    (in millions)

      March 31,
    2025
      December 31,
    2024
    Short-term debt $ 478     $ 408  
    Long-term debt   8,204       7,213  
    Total debt $ 8,682     $ 7,621  
           
    Long-term debt $ 8,204     $ 7,213  
    Partners’ capital excluding noncontrolling interests   9,632       9,813  
    Total book capitalization excluding noncontrolling interests (“Total book capitalization”) $ 17,836     $ 17,026  
    Total book capitalization, including short-term debt $ 18,314     $ 17,434  
           
    Long-term debt-to-total book capitalization   46 %     42 %
    Total debt-to-total book capitalization, including short-term debt   47 %     44 %
                   
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    COMPUTATION OF BASIC AND DILUTED NET INCOME PER COMMON UNIT (1)
    (in millions, except per unit data)
       
      Three Months Ended
    March 31,
      2025   2024
    Basic and Diluted Net Income per Common Unit      
    Net income attributable to PAA $ 443     $ 266  
    Distributions to Series A preferred unitholders   (39 )     (44 )
    Distributions to Series B preferred unitholders   (18 )     (19 )
    Amounts allocated to participating securities   (1 )     (1 )
    Impact from repurchase of Series A preferred units (2)   (43 )      
    Other   1       1  
    Net income allocated to common unitholders $ 343     $ 203  
           
    Basic and diluted weighted average common units outstanding (3) (4)   704       701  
           
    Basic and diluted net income per common unit $ 0.49     $ 0.29  

    _____________________

    (1) We calculate net income allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.
    (2) We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of net income allocated to common unitholders.
    (3) The possible conversion of our Series A preferred units was excluded from the calculation of diluted net income per common unit for each of the three months ended March 31, 2025 and 2024 as the effect was antidilutive.
    (4) Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    CONDENSED CONSOLIDATED CASH FLOW DATA
    (in millions)
       
      Three Months Ended
    March 31,
      2025   2024
    CASH FLOWS FROM OPERATING ACTIVITIES      
    Net income $ 516     $ 351  
    Reconciliation of net income to net cash provided by operating activities:      
    Depreciation and amortization   262       254  
    Gain on asset sales, net   (13 )      
    Deferred income tax expense/(benefit)   4       (39 )
    Equity earnings in unconsolidated entities   (103 )     (95 )
    Distributions on earnings from unconsolidated entities   125       132  
    Other   (13 )     8  
    Changes in assets and liabilities, net of acquisitions   (139 )     (192 )
    Net cash provided by operating activities   639       419  
           
    CASH FLOWS FROM INVESTING ACTIVITIES      
    Net cash used in investing activities (1)(2)   (1,149 )     (261 )
           
    CASH FLOWS FROM FINANCING ACTIVITIES      
    Net cash provided by/(used in) financing activities (1)   590       (273 )
           
    Effect of translation adjustment   (1 )     (4 )
           
    Net increase/(decrease) in cash and cash equivalents and restricted cash   79       (119 )
           
    Cash and cash equivalents and restricted cash, beginning of period   348       450  
    Cash and cash equivalents and restricted cash, end of period $ 427     $ 331  

    _____________________

    (1) PAA and certain Plains entities have issued promissory notes by and among such entities to facilitate financing. For the three months ended March 31, 2025, “Net cash used in investing activities” includes a cash outflow of approximately $330 million associated with our investment in related party notes. An equal and offsetting cash inflow associated with our issuance of related party notes is included in “Net cash provided by/(used in) financing activities.”
    (2) The 2025 period includes a net cash outflow of $624 million for bolt-on acquisitions.
       

    CAPITAL EXPENDITURES
    (in millions)

      Net to PAA (1)   Consolidated
      Three Months Ended
    March 31,
      Three Months Ended
    March 31,
      2025
      2024
      2025
      2024
    Investment capital expenditures:              
    Crude Oil $ 89     $ 65     $ 120     $ 90  
    NGL   41       14       41       14  
    Total Investment capital expenditures   130       79       161       104  
    Maintenance capital expenditures   38       53       41       57  
      $ 168     $ 132     $ 202     $ 161  

    _____________________

    (1) Excludes expenditures attributable to noncontrolling interests.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    NON-GAAP RECONCILIATIONS
    (in millions, except per unit and ratio data)
       
    Computation of Basic and Diluted Adjusted Net Income Per Common Unit (1):
       
      Three Months Ended
    March 31,
      2025   2024
    Basic and Diluted Adjusted Net Income per Common Unit      
    Net income attributable to PAA $ 443     $ 266  
    Selected items impacting comparability – Adjusted net income attributable to PAA (2)   (68 )     88  
    Adjusted net income attributable to PAA $ 375     $ 354  
    Distributions to Series A preferred unitholders   (39 )     (44 )
    Distributions to Series B preferred unitholders   (18 )     (19 )
    Amounts allocated to participating securities   (1 )     (2 )
    Impact from repurchase of Series A preferred units (3)   (43 )      
    Other   1       1  
    Adjusted net income allocated to common unitholders $ 275     $ 290  
           
    Basic and diluted weighted average common units outstanding (4) (5)   704       701  
           
    Basic and diluted adjusted net income per common unit $ 0.39     $ 0.41  

    _____________________

    (1) We calculate adjusted net income allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to the common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.
    (2) See the “Selected Items Impacting Comparability” table for additional information.
    (3) We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of adjusted net income allocated to common unitholders.
    (4) The possible conversion of our Series A preferred units was excluded from the calculation of diluted adjusted net income per common unit for each of the three months ended March 31, 2025 and 2024 as the effect was antidilutive.
    (5) Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.
       

    Net Income Per Common Unit to Adjusted Net Income Per Common Unit Reconciliation:

      Three Months Ended
    March 31,
      2025   2024
    Basic and diluted net income per common unit $ 0.49     $ 0.29  
    Selected items impacting comparability per common unit (1)   (0.10 )     0.12  
    Basic and diluted adjusted net income per common unit $ 0.39     $ 0.41  

    _____________________

    (1)   See the “Selected Items Impacting Comparability” and the “Computation of Basic and Diluted Adjusted Net Income Per Common Unit” tables for additional information.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
       
    Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation:
       
      Three Months Ended
    March 31,
      2025   2024
    Net income $ 516     $ 351  
    Interest expense, net of certain items (1)   107       95  
    Income tax expense   50       14  
    Depreciation and amortization   262       254  
    Gain on asset sales, net   (13 )      
    Gain on investments in unconsolidated entities, net   (31 )      
    Depreciation and amortization of unconsolidated entities (2)   20       19  
    Selected items impacting comparability – Adjusted EBITDA (3)   (30 )     114  
    Adjusted EBITDA $ 881     $ 847  
    Adjusted EBITDA attributable to noncontrolling interests   (127 )     (129 )
    Adjusted EBITDA attributable to PAA $ 754     $ 718  
           
    Adjusted EBITDA $ 881     $ 847  
    Interest expense, net of certain non-cash and other items (4)   (104 )     (90 )
    Maintenance capital   (41 )     (57 )
    Investment capital of noncontrolling interests (5)   (30 )     (25 )
    Current income tax expense   (46 )     (53 )
    Distributions from unconsolidated entities in excess of/(less than) adjusted equity earnings (6)   (2 )     12  
    Distributions to noncontrolling interests (7)   (132 )     (100 )
    Implied DCF $ 526     $ 534  
    Preferred unit distributions paid (7)   (64 )     (64 )
    Implied DCF Available to Common Unitholders $ 462     $ 470  
           
    Weighted Average Common Units Outstanding   704       701  
    Weighted Average Common Units and Common Unit Equivalents   767       772  
           
    Implied DCF per Common Unit (8) $ 0.66     $ 0.67  
    Implied DCF per Common Unit and Common Unit Equivalent (9) $ 0.66     $ 0.67  
           
    Cash Distribution Paid per Common Unit $ 0.3800     $ 0.3175  
    Common Unit Cash Distributions (7) $ 267     $ 223  
    Common Unit Distribution Coverage Ratio 1.73x   2.11x
           
    Implied DCF Excess $ 195     $ 247  

    _____________________

    (1) Represents “Interest expense, net” as reported on our Condensed Consolidated Statements of Operations, net of interest income associated with promissory notes by and among PAA and certain Plains entities.
    (2) Adjustment to exclude our proportionate share of depreciation and amortization expense (including write-downs related to cancelled projects and impairments) of unconsolidated entities.
    (3) See the “Selected Items Impacting Comparability” table for additional information.
    (4) Amount excludes certain non-cash items impacting interest expense such as amortization of debt issuance costs and terminated interest rate swaps and is net of interest income associated with promissory notes by and among PAA and certain Plains entities.
    (5) Investment capital expenditures attributable to noncontrolling interests that reduce Implied DCF available to PAA common unitholders.
    (6) Comprised of cash distributions received from unconsolidated entities less equity earnings in unconsolidated entities (adjusted for our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, and selected items impacting comparability of unconsolidated entities).
    (7) Cash distributions paid during the period presented.
    (8) Implied DCF Available to Common Unitholders for the period divided by the weighted average common units outstanding for the period.
    (9) Implied DCF Available to Common Unitholders for the period, adjusted for Series A preferred unit cash distributions paid, divided by the weighted average common units and common unit equivalents outstanding for the period. Our Series A preferred units are convertible into common units, generally on a one-for-one basis and subject to customary anti-dilution adjustments, in whole or in part, subject to certain minimum conversion amounts.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
       
    Net Income Per Common Unit to Implied DCF Per Common Unit and Common Unit Equivalent Reconciliation:
       
      Three Months Ended
    March 31,
      2025
      2024
    Basic net income per common unit $ 0.49     $ 0.29  
    Reconciling items per common unit (1) (2)   0.17       0.38  
    Implied DCF per common unit $ 0.66     $ 0.67  
           
    Basic net income per common unit $ 0.49     $ 0.29  
    Reconciling items per common unit and common unit equivalent (1) (3)   0.17       0.38  
    Implied DCF per common unit and common unit equivalent $ 0.66     $ 0.67  

    _____________________

    (1)  Represents adjustments to Net Income to calculate Implied DCF Available to Common Unitholders. See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” table for additional information.
    (2)  Based on weighted average common units outstanding for the three months ended March 31, 2025 and 2024 of 704 million and 701 million, respectively.
    (3)  Based on weighted average common units outstanding for the period, as well as weighted average Series A preferred units outstanding for the three months ended March 31, 2025 and 2024 of 63 million and 71 million, respectively.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
       
    Net Cash Provided by Operating Activities to Non-GAAP Financial Liquidity Measures Reconciliation:
       
      Three Months Ended
    March 31,
        2025       2024  
    Net cash provided by operating activities $ 639     $ 419  
    Adjustments to reconcile Net cash provided by operating activities to Adjusted Free Cash Flow:      
    Net cash used in investing activities (1)(2)   (1,149 )     (261 )
    Cash contributions from noncontrolling interests   4       12  
    Cash distributions paid to noncontrolling interests (3)   (132 )     (100 )
    Proceeds from the issuance of related party notes (1)   330        
    Adjusted Free Cash Flow (4) $ (308 )   $ 70  
    Cash distributions (5)   (331 )     (287 )
    Adjusted Free Cash Flow after Distributions (4) (6) $ (639 )   $ (217 )
           
      Three Months Ended
    March 31,
        2025       2024  
    Adjusted Free Cash Flow (4) $ (308 )   $ 70  
    Changes in assets and liabilities, net of acquisitions (7)   139       192  
    Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) (8) $ (169 )   $ 262  
    Cash distributions (5)   (331 )     (287 )
    Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) (8) $ (500 )   $ (25 )

    _____________________

    (1) PAA and certain Plains entities have issued promissory notes by and among such entities to facilitate financing. “Proceeds from the issuance of related party notes” has an equal and offsetting cash outflow associated with our investment in related party notes, which is included as a component of “Net cash used in investing activities.”
    (2) The 2025 period includes a net cash outflow of $624 million for bolt-on acquisitions.
    (3) Cash distributions paid during the period presented.
    (4) Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow after Distributions shortages, if any, may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.
    (5) Cash distributions paid to preferred and common unitholders during the period.
    (6) Excess Adjusted Free Cash Flow after Distributions is retained to establish reserves for future distributions, capital expenditures, debt reduction and other partnership purposes. Adjusted Free Cash Flow after Distributions shortages may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.
    (7) See the “Condensed Consolidated Cash Flow Data” table.
    (8) Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) and Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) to assess the underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    SELECTED ITEMS IMPACTING COMPARABILITY
    (in millions)
       
      Three Months Ended
    March 31,
      2025   2024
    Selected Items Impacting Comparability: (1)      
    Derivative activities and inventory valuation adjustments (2) $ 34     $ (159 )
    Long-term inventory costing adjustments (3)   3       33  
    Deficiencies under minimum volume commitments, net (4)   7       12  
    Equity-indexed compensation expense (5)   (9 )     (9 )
    Foreign currency revaluation (6)         9  
    Transaction-related expenses (7)   (5 )      
    Selected items impacting comparability – Adjusted EBITDA $ 30     $ (114 )
    Gain on investments in unconsolidated entities, net   31        
    Gain on asset sales, net   13        
    Tax effect on selected items impacting comparability   (3 )     30  
    Aggregate selected items impacting noncontrolling interests   (3 )     (4 )
    Selected items impacting comparability – Adjusted net income attributable to PAA $ 68     $ (88 )

    _____________________

    (1) Certain of our non-GAAP financial measures may not be impacted by each of the selected items impacting comparability. See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” and “Computation of Basic and Diluted Adjusted Net Income Per Common Unit” tables for additional details on how these selected items impacting comparability affect such measures.
    (2) We use derivative instruments for risk management purposes and our related processes include specific identification of hedging instruments to an underlying hedged transaction. Although we identify an underlying transaction for each derivative instrument we enter into, there may not be an accounting hedge relationship between the instrument and the underlying transaction. In the course of evaluating our results, we identify differences in the timing of earnings from the derivative instruments and the underlying transactions and exclude the related gains and losses in determining adjusted results such that the earnings from the derivative instruments and the underlying transactions impact adjusted results in the same period. In addition, we exclude gains and losses on derivatives that are related to (i) investing activities, such as the purchase of linefill, and (ii) purchases of long-term inventory. We also exclude the impact of corresponding inventory valuation adjustments, as applicable. For applicable periods, we excluded gains and losses from the mark-to-market of the embedded derivative associated with the Preferred Distribution Rate Reset Option of our Series A preferred units.
    (3) We carry crude oil and NGL inventory that is comprised of minimum working inventory requirements in third-party assets and other working inventory that is needed for our commercial operations. We consider this inventory necessary to conduct our operations and we intend to carry this inventory for the foreseeable future. Therefore, we classify this inventory as long-term on our balance sheet and do not hedge the inventory with derivative instruments (similar to linefill in our own assets). We treat the impact of changes in the average cost of the long-term inventory (that result from fluctuations in market prices) and write-downs of such inventory that result from price declines as a selected item impacting comparability.
    (4) We, and certain of our equity method investees, have certain agreements that require counterparties to deliver, transport or throughput a minimum volume over an agreed upon period. Substantially all of such agreements were entered into with counterparties to economically support the return on capital expenditure necessary to construct the related asset. Some of these agreements include make-up rights if the minimum volume is not met. We record a receivable from the counterparty in the period that services are provided or when the transaction occurs, including amounts for deficiency obligations from counterparties associated with minimum volume commitments. If a counterparty has a make-up right associated with a deficiency, we defer the revenue attributable to the counterparty’s make-up right and subsequently recognize the revenue at the earlier of when the deficiency volume is delivered or shipped, when the make-up right expires or when it is determined that the counterparty’s ability to utilize the make-up right is remote. We include the impact of amounts billed to counterparties for their deficiency obligation, net of applicable amounts subsequently recognized into revenue or equity earnings, as a selected item impacting comparability. We believe the inclusion of the contractually committed revenues associated with that period is meaningful to investors as the related asset has been constructed, is standing ready to provide the committed service and the fixed operating costs are included in the current period results.
    (5) Our total equity-indexed compensation expense includes expense associated with awards that will be settled in units and awards that will be settled in cash. The awards that will be settled in units are included in our diluted net income per unit calculation when the applicable performance criteria have been met. We consider the compensation expense associated with these awards as a selected item impacting comparability as the dilutive impact of the outstanding awards is included in our diluted net income per unit calculation, as applicable. The portion of compensation expense associated with awards that will be settled in cash is not considered a selected item impacting comparability.
    (6) During the periods presented, there were fluctuations in the value of the Canadian dollar to the U.S. dollar, resulting in the realization of foreign exchange gains and losses on the settlement of foreign currency transactions as well as the revaluation of monetary assets and liabilities denominated in a foreign currency. The associated gains and losses are not integral to our results and were thus classified as a selected item impacting comparability.
    (7) Primarily related to acquisitions completed during the first quarter of 2025.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    SELECTED FINANCIAL DATA BY SEGMENT
    (in millions)
             
      Three Months Ended
    March 31, 2025
        Three Months Ended
    March 31, 2024
      Crude Oil   NGL     Crude Oil   NGL
    Revenues (1) $ 11,439     $ 638       $ 11,582     $ 507  
    Purchases and related costs (1)   (10,488 )     (339 )       (10,665 )     (346 )
    Field operating costs (2)   (292 )     (76 )       (266 )     (92 )
    Segment general and administrative expenses (2) (3)   (79 )     (21 )       (73 )     (23 )
    Equity earnings in unconsolidated entities   103               95        
                     
    Other segment items: (4)                
    Depreciation and amortization of unconsolidated entities   20               19        
    Derivative activities and inventory valuation adjustments   (24 )     (10 )       37       122  
    Long-term inventory costing adjustments         (3 )       (28 )     (5 )
    Deficiencies under minimum volume commitments, net   (7 )             (12 )      
    Equity-indexed compensation expense   9               9        
    Foreign currency revaluation                 (17 )     (4 )
    Transaction-related expenses   5                      
    Segment amounts attributable to noncontrolling interests (5)   (127 )             (128 )      
    Segment Adjusted EBITDA $ 559     $ 189       $ 553     $ 159  
                     
    Maintenance capital expenditures $ 31     $ 10       $ 46     $ 11  

    _____________________

    (1)   Includes intersegment amounts.
    (2)   Field operating costs and Segment general and administrative expenses include equity-indexed compensation expense.
    (3)   Segment general and administrative expenses reflect direct costs attributable to each segment and an allocation of other expenses to the segments. The proportional allocations by segment require judgment by management and are based on the business activities that exist during each period.
    (4)  Represents adjustments utilized by our CODM in the evaluation of segment results. Many of these adjustments are also considered selected items impacting comparability when calculating consolidated non-GAAP financial measures such as Adjusted EBITDA. See the “Selected Items Impacting Comparability” table for additional discussion.
    (5)  Reflects amounts attributable to noncontrolling interests in the Permian JV, Cactus II Pipeline LLC and Red River Pipeline LLC.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
       
    OPERATING DATA BY SEGMENT (1)
       
      Three Months Ended
    March 31,
      2025
      2024
    Crude Oil Segment Volumes              
    Crude oil pipeline tariff (by region)              
    Permian Basin (2)   6,869       6,428  
    South Texas / Eagle Ford (2)   492       378  
    Mid-Continent (2)   415       486  
    Gulf Coast (2)   214       202  
    Rocky Mountain (2)   495       499  
    Western   247       259  
    Canada   354       348  
    Total crude oil pipeline tariff (2)   9,086       8,600  
                   
    NGL Segment Volumes              
    NGL fractionation   157       128  
    NGL pipeline tariff   234       214  
    Propane and butane sales   147       128  

    _____________________

    (1) Average volumes in thousands of barrels per day calculated as the total volumes (attributable to our interest for assets owned by unconsolidated entities or through undivided joint interests) for the period divided by the number of days in the period. Volumes associated with assets acquired during the period represent total volumes for the number of days we actually owned the assets divided by the number of days in the period.
    (2) Includes volumes (attributable to our interest) from assets owned by unconsolidated entities.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    NON-GAAP SEGMENT RECONCILIATIONS
    (in millions)
       
    Supplemental Adjusted EBITDA attributable to PAA Reconciliation:
       
      Three Months Ended
    March 31,
      2025
      2024
    Crude Oil Segment Adjusted EBITDA $ 559     $ 553  
    NGL Segment Adjusted EBITDA   189       159  
    Adjusted other income, net (1)   6       6  
    Adjusted EBITDA attributable to PAA (2) $ 754     $ 718  

    _____________________

    (1)    Represents “Other income/(expense), net” as reported on our Condensed Consolidated Statements of Operations, excluding interest income on promissory notes by and among PAA and certain Plains entities, as well as other income, net attributable to noncontrolling interests, adjusted for selected items impacting comparability. See the “Selected Items Impacting Comparability” table for additional information.
    (2)    See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” table for reconciliation to Net Income.
       
    PLAINS GP HOLDINGS AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
    (in millions, except per share data)
             
      Three Months Ended
    March 31, 2025
        Three Months Ended
    March 31, 2024
          Consolidating             Consolidating    
      PAA   Adjustments (1)   PAGP     PAA   Adjustments (1)   PAGP
    REVENUES $ 12,011     $     $ 12,011       $ 11,995     $     $ 11,995  
                             
    COSTS AND EXPENSES                        
    Purchases and related costs   10,761             10,761         10,917             10,917  
    Field operating costs   368             368         358             358  
    General and administrative expenses   100       1       101         96       1       97  
    Depreciation and amortization   262             262         254             254  
    Gain on asset sales, net   (13 )           (13 )                    
    Total costs and expenses   11,478       1       11,479         11,625       1       11,626  
                             
    OPERATING INCOME   533       (1 )     532         370       (1 )     369  
                             
    OTHER INCOME/(EXPENSE)                        
    Equity earnings in unconsolidated entities   103             103         95             95  
    Gain on investments in unconsolidated entities, net   31             31                      
    Interest expense, net   (127 )     20       (107 )       (95 )           (95 )
    Other income/(expense), net   26       (20 )     6         (5 )           (5 )
                             
    INCOME BEFORE TAX   566       (1 )     565         365       (1 )     364  
    Current income tax expense   (46 )           (46 )       (53 )           (53 )
    Deferred income tax (expense)/benefit   (4 )     (23 )     (27 )       39       (14 )     25  
                             
    NET INCOME   516       (24 )     492         351       (15 )     336  
    Net income attributable to noncontrolling interests   (73 )     (335 )     (408 )       (85 )     (209 )     (294 )
    NET INCOME ATTRIBUTABLE TO PAGP $ 443     $ (359 )   $ 84       $ 266     $ (224 )   $ 42  
                             
    Basic and diluted weighted average Class A shares outstanding     198                 197  
                             
    Basic and diluted net income per Class A share   $ 0.42               $ 0.21  

    _____________________

    (1)  Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.
       

     

    PLAINS GP HOLDINGS AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    CONDENSED CONSOLIDATING BALANCE SHEET DATA
    (in millions)
             
      March 31, 2025     December 31, 2024
          Consolidating             Consolidating    
      PAA   Adjustments (1)   PAGP     PAA   Adjustments (1)   PAGP
    ASSETS                        
    Current assets $ 4,735     $ (6 )   $ 4,729       $ 4,802     $ (26 )   $ 4,776  
    Property and equipment, net   16,062             16,062         15,424             15,424  
    Investments in unconsolidated entities   2,745             2,745         2,811             2,811  
    Intangible assets, net   1,675             1,675         1,677             1,677  
    Deferred tax asset         1,199       1,199               1,220       1,220  
    Linefill   988             988         968             968  
    Long-term operating lease right-of-use assets, net   321             321         332             332  
    Long-term inventory   289             289         280             280  
    Other long-term assets, net   244             244         268             268  
    Total assets $ 27,059     $ 1,193     $ 28,252       $ 26,562     $ 1,194     $ 27,756  
                             
    LIABILITIES AND PARTNERS’ CAPITAL                        
    Current liabilities $ 4,691     $ (7 )   $ 4,684       $ 4,950     $ (26 )   $ 4,924  
    Senior notes, net   8,131             8,131         7,141             7,141  
    Other long-term debt, net   73             73         72             72  
    Long-term operating lease liabilities   301             301         313             313  
    Other long-term liabilities and deferred credits   1,003             1,003         990             990  
    Total liabilities   14,199       (7 )     14,192         13,466       (26 )     13,440  
                             
    Partners’ capital excluding noncontrolling interests   9,632       (8,276 )     1,356         9,813       (8,462 )     1,351  
    Noncontrolling interests   3,228       9,476       12,704         3,283       9,682       12,965  
    Total partners’ capital   12,860       1,200       14,060         13,096       1,220       14,316  
    Total liabilities and partners’ capital $ 27,059     $ 1,193     $ 28,252       $ 26,562     $ 1,194     $ 27,756  

    _____________________

    (1)  Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.
       
    PLAINS GP HOLDINGS AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
     
    COMPUTATION OF BASIC AND DILUTED NET INCOME PER CLASS A SHARE
    (in millions, except per share data)
       
      Three Months Ended
    March 31,
      2025
      2024
    Basic and Diluted Net Income per Class A Share      
    Net income attributable to PAGP $ 84     $ 42  
    Basic and diluted weighted average Class A shares outstanding   198       197  
           
    Basic and diluted net income per Class A share $ 0.42     $ 0.21  
                   

    Forward-Looking Statements

    Except for the historical information contained herein, the matters discussed in this release consist of forward-looking statements that involve certain risks and uncertainties that could cause actual results or outcomes to differ materially from results or outcomes anticipated in the forward-looking statements. These risks and uncertainties include, among other things, the following:

    • general economic, market or business conditions in the United States and elsewhere (including the potential for a recession or significant slowdown in economic activity levels, the risk of persistently high inflation and supply chain issues, the impact of global public health events, such as pandemics, on demand and growth, and the timing, pace and extent of economic recovery) that impact (i) demand for crude oil, drilling and production activities and therefore the demand for the midstream services we provide and (ii) commercial opportunities available to us;
    • declines in global crude oil demand and/or crude oil prices or other factors that correspondingly lead to a significant reduction of North American crude oil and NGL production (whether due to reduced producer cash flow to fund drilling activities or the inability of producers to access capital, or both, the unavailability of pipeline and/or storage capacity, the shutting-in of production by producers, government-mandated pro-ration orders, or other factors), which in turn could result in significant declines in the actual or expected volume of crude oil and NGL shipped, processed, purchased, stored, fractionated and/or gathered at or through the use of our assets and/or the reduction of the margins we can earn or the commercial opportunities that might otherwise be available to us;
    • fluctuations in refinery capacity and other factors affecting demand for various grades of crude oil and NGL and resulting changes in pricing conditions or transportation throughput requirements;
    • unanticipated changes in crude oil and NGL market structure, grade differentials and volatility (or lack thereof);
    • the effects of competition and capacity overbuild in areas where we operate, including downward pressure on rates, volumes and margins, contract renewal risk and the risk of loss of business to other midstream operators who are willing or under pressure to aggressively reduce transportation rates in order to capture or preserve customers;
    • the successful operation of joint ventures and joint operating arrangements we enter into from time to time, whether relating to assets operated by us or by third parties, and the successful integration and future performance of acquired assets or businesses;
    • the availability of, and our ability to consummate, acquisitions, divestitures, joint ventures or other strategic opportunities and realize benefits therefrom;
    • environmental liabilities, litigation or other events that are not covered by an indemnity, insurance or existing reserves;
    • negative societal sentiment regarding the hydrocarbon energy industry and the continued development and consumption of hydrocarbons, which could influence consumer preferences and governmental or regulatory actions that adversely impact our business;
    • the occurrence of a natural disaster, catastrophe, terrorist attack (including eco-terrorist attacks) or other event that materially impacts our operations, including cyber or other attacks on our or our service providers’ electronic and computer systems;
    • weather interference with business operations or project construction, including the impact of extreme weather events or conditions (including hurricanes, floods, wildfires and drought);
    • the impact of current and future laws, rulings, legislation, governmental regulations, executive orders, trade policies, trade tariffs, accounting standards and statements, and related interpretations that (i) prohibit, restrict or regulate the development of oil and gas resources and the related infrastructure on lands dedicated to or served by our pipelines or (ii) negatively impact our ability to develop, operate or repair midstream assets, or (iii) otherwise negatively impact our business or increase our exposure to risk;
    • negative impacts on production levels in the Permian Basin or elsewhere due to issues associated with (or laws, rules or regulations relating to) hydraulic fracturing and related activities (including wastewater injection or disposal), including earthquakes, subsidence, expansion or other issues;
    • the pace of development of natural gas or other infrastructure and its impact on expected crude oil production growth in the Permian Basin;
    • the refusal or inability of our customers or counterparties to perform their obligations under their contracts with us (including commercial contracts, asset sale agreements and other agreements), whether justified or not and whether due to financial constraints (such as reduced creditworthiness, liquidity issues or insolvency), market constraints, legal constraints (including governmental orders or guidance), the exercise of contractual or common law rights that allegedly excuse their performance (such as force majeure or similar claims) or other factors;
    • loss of key personnel and inability to attract and retain new talent;
    • disruptions to futures markets for crude oil, NGL and other petroleum products, which may impair our ability to execute our commercial or hedging strategies;
    • the effectiveness of our risk management activities;
    • shortages or cost increases of supplies, materials or labor;
    • maintenance of our credit ratings and ability to receive open credit from our suppliers and trade counterparties;
    • our inability to perform our obligations under our contracts, whether due to non-performance by third parties, including our customers or counterparties, market constraints, third-party constraints, supply chain issues, legal constraints (including governmental orders or guidance), or other factors or events;
    • the incurrence of costs and expenses related to unexpected or unplanned capital or maintenance expenditures, third-party claims or other factors;
    • failure to implement or capitalize, or delays in implementing or capitalizing, on investment capital projects, whether due to permitting delays, permitting withdrawals or other factors;
    • tightened capital markets or other factors that increase our cost of capital or limit our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, investment capital projects, working capital requirements and the repayment or refinancing of indebtedness;
    • the amplification of other risks caused by volatile or closed financial markets, capital constraints, liquidity concerns and inflation;
    • the use or availability of third-party assets upon which our operations depend and over which we have little or no control;
    • the currency exchange rate of the Canadian dollar to the United States dollar;
    • the deferral of current revenue recognition attributable to deficiency payments received from customers who fail to ship or move their minimum contracted volumes;
    • significant under-utilization of our assets and facilities;
    • increased costs, or lack of availability, of insurance;
    • fluctuations in the debt and equity markets, including the price of our units at the time of vesting under our long-term incentive plans;
    • risks related to the development and operation of our assets; and
    • other factors and uncertainties inherent in the transportation, storage, terminalling and marketing of crude oil, as well as in the processing, transportation, fractionation, storage and marketing of NGL as discussed in the Partnerships’ filings with the Securities and Exchange Commission.

    About Plains:

    PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids (“NGL”). PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. On average, PAA handles over 8 million barrels per day of crude oil and NGL.

    PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America.

    PAA and PAGP are headquartered in Houston, Texas. For more information, please visit www.plains.com.

    Contacts:

    Blake Fernandez
    Vice President, Investor Relations
    (866) 809-1291

    Michael Gladstein
    Director, Investor Relations
    (866) 809-1291

    The MIL Network

  • MIL-OSI United Kingdom: Funding extended to SCARF to tackle fuel poverty and reduce emissions

    Source: Scotland – City of Perth

    In collaboration with SCARF, free home energy advice is being offered across the local authority area. As part of this renewed effort, SCARF will be directly reaching out to households that may qualify for funding to improve their energy performance. Letters will be sent to properties identified in the Scottish Energy Performance Certificates (EPC) register as having an EPC rating of F or G, indicating a low level of energy efficiency that are targeted for this additional support.

    Households identified with low energy efficiency will receive letters detailing the support available. SCARF can assist in identifying funding opportunities and help with the application process for necessary improvements. Eligible households may qualify for the ECO4 Grant Scheme, provided by the Scottish Government, which offers 100% grants for retrofits including solar panels, heat pumps, and wall insulation. This funding is available to households earning less than £31,000, those receiving certain benefits, or those with underlying health conditions. Both private renters and homeowners can benefit from this scheme.

    SCARF will also be present at various community events to provide further information and support. They will arrange free home energy visits to assess properties and progress applications for the ECO4 scheme if eligible.

    For more information on retrofitting your property, reducing fuel bills, and minimising your environmental impact, please find contact details for SCARF at: scarf.org.uk

    Councillor Tom McEwan, Housing and Social Wellbeing Convener, said: “Perth and Kinross Council is committed to alleviating the burden of high fuel bills on our residents. By extending our funding to SCARF, we are taking a significant step towards reducing fuel poverty and improving the energy efficiency of homes across Perth and Kinross. This initiative will not only help lower energy bills for our residents but also contribute to our broader goal of creating a more sustainable community. By improving energy efficiency, we aim to create a more sustainable and equitable future for all our residents.”

    MIL OSI United Kingdom

  • MIL-OSI Australia: For the record

    Source: New South Wales – News

    In response to inaccurate reporting on Channel 7, SAPOL wishes to correct the record with the following statement.

    Assistant Commissioner (Crime Services) John Venditto is on paid leave.

    Mr Venditto has not been suspended from duty, nor did he “storm out’’ of any police premises and he has not cleared his office out.

    MIL OSI News

  • MIL-OSI: TeraWulf Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Commenced buildout of dedicated HPC data halls and remain on track to deliver 72.5 MW of gross HPC hosting infrastructure to Core42 in 2025.

    Initiated process to secure additional HPC customers; targeting 200–250 MW operational by year-end 2026.

    Energized Miner Building 5, bringing total capacity to 245 MW and increasing hashrate to 12.2 EH/s, up 52.5% year-over-year.

    Self-mining capacity increased 52.5% year-over-year to 12.2 EH/s.

    Held $219.6 million in cash and bitcoin holdings as of March 31, 2025.

    Repurchased $33 million of Common Stock to date in 2025.

    EASTON, Md., May 09, 2025 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, next-generation digital infrastructure primarily powered by zero-carbon energy, today announced its financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 GAAP Operational & Financial Highlights

    • Revenue was $34.4 million, compared to $42.4 million in Q1 2024.
    • Cost of revenue (excluding depreciation) was $24.6 million, compared to $14.4 million in Q1 2024.
    • Self-mining capacity grew 52.5% year-over-year to  12.2 EH/s.
    Key GAAP Metrics ($ in thousands) Three Months Ended Q1 2025 Three Months Ended Q1 2024
     Revenue $ 34,405   $ 42,433  
     Cost of revenue (exclusive of depreciation) $ 24,553   $ 14,408  
     Cost of revenue as % of revenue   71.4 %   34.0 %
                 

    First Quarter 2025 Non-GAAP Operational and Financial Highlights

    • Self-mined 372 bitcoin at the Lake Mariner Facility. As anticipated, the year-over-year change was primarily driven by the April 2024 halving and the strategic divestiture of the Nautilus Cryptomine facility in October 2024.
    • Total value of self-mined bitcoin1 was $34.4 million, compared to $56.5 million in Q1 2024.
    • Power cost per bitcoin was $66,084, compared to $15,501 in Q1 2024, reflecting the halving, rising network difficulty, and short-term power price volatility from the Polar Vortex.
    • Adjusted EBITDA was $(4.7) million, compared to $32.0 million in Q1 2024.
    Key Non-GAAP Metrics2 Three Months Ended Q1 2025 Three Months Ended Q1 2024
     Bitcoin Self-Mined3   372     1,051  
     Value per Bitcoin Self-Mined4 $ 92,600   $ 53,750  
     Power Cost per Bitcoin Self-Mined $ 66,084   $ 15,501  
     Avg. Operating Hash Rate (EH/s)5   7.3     8.0  
                 

    Management Commentary

    “TeraWulf continues to advance its strategy of developing scalable, sustainable infrastructure for both Bitcoin mining and high-performance computing. As outlined during our fourth quarter 2024 earnings call, our key priorities for 2025 include energizing Miner Building 5 and deploying our upgraded mining fleet, delivering Core42’s contracted 72.5 MW of HPC capacity on schedule, securing financing for our initial HPC data center buildout, and signing additional customers to reach between 200 and 250 megawatts of contracted HPC capacity by the end of 2026,” said Paul Prager, Chief Executive Officer of TeraWulf.

    “We’ve made meaningful progress on each of these fronts. In late Q1 and early Q2, we energized Miner Building 5, bringing total capacity at Lake Mariner to 245 MW. We remain on track to deliver the Core42 deployment this year and have initiated the financing process to support our next phase of HPC growth.”

    Prager added, “We continue to see robust medium- and long-term demand for high-density, energy-efficient digital infrastructure. In this environment, TeraWulf’s vertically integrated energy platform provides a distinct competitive advantage. We are focused on building a high-value, durable business that is designed to scale with demand and deliver long-term returns.”

    Patrick Fleury, Chief Financial Officer, commented, “With $219.6 million in cash and bitcoin holdings at quarter-end, we are well-capitalized to fund our near-term growth. HPC hosting revenue is expected to begin in the second quarter of 2025 as our data halls come online. We also returned $33 million to shareholders during the quarter through share repurchases, reflecting our continued commitment to disciplined capital allocation.”

    First Quarter 2025 GAAP Financial Results

    Revenue for the first quarter decreased 19% year-over-year to $34.4 million, reflecting anticipated headwinds from the April 2024 halving, increased network difficulty, and elevated power prices, partially offset by a higher average bitcoin price and expanded mining capacity.

    Cost of revenue, exclusive of depreciation, increased 70%  year-over-year to $24.6 million, driven by greater infrastructure utilization and temporary increases in power costs due to extreme winter weather in Upstate New York.

    Liquidity and Capital Resources

    As of March 31, 2025, the Company held $219.6 million in cash and cash equivalents and bitcoin. Total outstanding debt was approximately $500.0 million, consisting of the Company’s 2.75% convertible senior notes due 2030. As of May 7, 2025, TeraWulf had 384,584,010 shares of common stock outstanding.

    As part of the Company’s regular review of its capital management activities, our Board of Directors recently approved:

    • A new $200 million At-the-Market (ATM) common equity offering program, to replace the existing ATM facility.
    • A refreshed authorization for a $200 million common stock repurchase program, providing continued flexibility to return capital to shareholders when appropriate.

    These programs are intended to preserve flexibility in managing the Company’s capital structure and liquidity position.

    Investor Conference Call and Webcast

    As previously announced, TeraWulf will host its Q1 2025 earnings conference call today, Friday, May 9, 2025, commencing at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time). The call will include prepared remarks followed by a live Q&A with management.

    The conference call will be broadcast live and will be available for replay via “Events & Presentations” under the “Investors” section of the Company’s website at https://investors.terawulf.com/events-and-presentations/.

    About TeraWulf

    TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for bitcoin mining and hosting HPC workloads. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through bitcoin mining, leveraging predominantly zero-carbon energy sources, including hydroelectric and nuclear power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) the ability to mine bitcoin profitably; (2) our ability to attract additional customers to lease our HPC data centers; (3) our ability to perform under our existing data center lease agreements (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) the ability to implement certain business objectives, including its bitcoin mining and HPC data center development, and to timely and cost-effectively execute related projects; (6) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (7) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (10) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

    Non-GAAP Measures

    We have not provided reconciliations of preliminary and projected Adjusted EBITDA to the most comparable GAAP measure of net income/(loss). Providing net income/(loss) is potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items that are included in net income/(loss), including but not limited to asset impairments and income tax valuation adjustments. Reconciliations of this non-GAAP measure with the most comparable GAAP measure for historical periods is indicative of the reconciliations that will be prepared upon completion of the periods covered by the non-GAAP guidance. Please reference the “Non-GAAP financial information” accompanying our quarterly earnings conference call presentations on our website at www.terawulf.com/investors for our GAAP results and the reconciliations of these measures, where used, to the comparable GAAP measures.

    Investors
    Investors@terawulf.com

    Media
    media@terawulf.com

    CONSOLIDATED BALANCE SHEETS
    AS OF MARCH 31, 2025 AND DECEMBER 31, 2024
    (In thousands, except number of shares, per share amounts and par value)

      March 31,
    2025
      December 31,
    2024
    ASSETS      
    CURRENT ASSETS:      
    Cash and cash equivalents $ 218,162     $ 274,065  
    Digital currency   1,400       476  
    Prepaid expenses   4,799       2,493  
    Other receivables   5,101       3,799  
    Other current assets   585       598  
    Total current assets   230,047       281,431  
    Property, plant and equipment, net   509,888       411,869  
    Operating lease right-of-use asset   85,299       85,898  
    Finance lease right-of-use asset   7,200       7,285  
    Other assets   8,728       1,028  
    TOTAL ASSETS   841,162       787,511  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    CURRENT LIABILITIES:      
    Accounts payable   54,901       24,382  
    Accrued construction liabilities   19,526       16,520  
    Accrued compensation   1,512       4,552  
    Accrued interest   5,997       2,559  
    Other accrued liabilities   6,432       2,414  
    Other amounts due to related parties   571       1,391  
    Current portion of deferred rent liability   31,960        
    Current portion of operating lease liability   26       25  
    Current portion of finance lease liability   2       2  
    Total current liabilities   120,927       51,845  
    Deferred rent liability, net of current portion   58,040        
    Operating lease liability, net of current portion   3,420       3,427  
    Finance lease liability, net of current portion   291       292  
    Convertible notes   488,109       487,502  
    TOTAL LIABILITIES   670,787       543,066  
           
    Commitments and Contingencies (See Note 10)      
           
    STOCKHOLDERS’ EQUITY:      
    Preferred stock, $0.001 par value, 100,000,000 authorized at March 31, 2025 and December 31, 2024; 9,566 issued and outstanding at March 31, 2025 and December 31, 2024; aggregate liquidation preference of $12,924 and $12,609 at March 31, 2025 and December 31, 2024, respectively   9,273       9,273  
    Common stock, $0.001 par value, 600,000,000 authorized at March 31, 2025 and December 31, 2024, respectively; 408,198,263 and 404,223,028 issued and outstanding at March 31, 2025 and December 31, 2024, respectively   408       404  
    Additional paid-in capital   705,897       685,261  
    Treasury stock at cost, 24,468,750 and 18,568,750 at March 31, 2025 and December 31, 2024, respectively   (151,509 )     (118,217 )
    Accumulated deficit   (393,694 )     (332,276 )
    Total stockholders’ equity   170,375       244,445  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 841,162     $ 787,511  
                   
                   

    CONSOLIDATED STATEMENTS OF OPERATIONS
    FOR THE THREE MONTHS ENDED MARCH 31, 2025, AND 2024
    (In thousands, except number of shares and loss per common share)

      Three Months Ended March 31,
      2025   2024
    Revenue $ 34,405     $ 42,433  
           
    Costs and expenses:      
    Cost of revenue (exclusive of depreciation shown below)   24,553       14,408  
    Operating expenses   1,144       785  
    Operating expenses – related party   1,748       888  
    Selling, general and administrative expenses   46,573       12,289  
    Selling, general and administrative expenses – related party   3,571       2,620  
    Depreciation   15,574       15,088  
    Loss (gain) on fair value of digital currency, net   870       (1,329 )
    Total costs and expenses   94,033       44,749  
           
    Operating loss   (59,628 )     (2,316 )
    Interest expense   (4,049 )     (11,045 )
    Loss on extinguishment of debt         (2,027 )
    Interest income   2,259       500  
    Loss before income tax and equity in net income of investee   (61,418 )     (14,888 )
    Income tax benefit          
    Equity in net income of investee, net of tax         5,275  
    Net loss $ (61,418 )   $ (9,613 )
           
    Loss per common share:      
    Basic and diluted $ (0.16 )   $ (0.03 )
           
    Weighted average common shares outstanding:      
    Basic and diluted   383,149,511       290,602,725  
                   
                   

    CONSOLIDATED STATEMENTS OF CASH FLOWS
    FOR THE THREE MONTHS ENDED MARCH 31, 2025, AND 2024
    (In thousands)

      Three Months Ended March 31,
      2025   2024
    CASH FLOWS FROM OPERATING ACTIVITIES:      
    Net loss $ (61,418 )   $ (9,613 )
    Adjustments to reconcile net loss to net cash provided by operating activities:      
    Amortization of debt issuance costs, commitment fees and accretion of debt discount   607       7,593  
    Stock-based compensation expense   38,674       6,931  
    Depreciation   15,574       15,088  
    Amortization of right-of-use asset   685       252  
    Revenue recognized from digital currency mined and hosting services   (34,417 )     (41,537 )
    Loss (gain) on fair value of digital currency, net   870       (1,329 )
    Proceeds from sale of digital currency         54,391  
    Loss on extinguishment of debt         2,027  
    Equity in net income of investee, net of tax         (5,275 )
    Changes in operating assets and liabilities:      
    (Increase) decrease in prepaid expenses   (2,306 )     567  
    Increase in other receivables   (1,302 )     (667 )
    Decrease (increase) in other current assets   13       (67 )
    (Increase) decrease in other assets   (7,700 )     22  
    Increase (decrease) in accounts payable   13,844       (1,686 )
    Increase (decrease) in other accrued liabilities   4,359       (3,906 )
    (Decrease) increase in other amounts due to related parties   (990 )     67  
    Increase in deferred rent liability   90,000        
    Decrease in operating lease liability   (6 )     (12 )
    Net cash provided by operating activities   56,487       22,846  
           
    CASH FLOWS FROM INVESTING ACTIVITIES:      
    Purchase of and deposits on plant and equipment   (93,687 )     (46,979 )
    Proceeds from sale of digital currency   32,623        
    Net cash used in investing activities   (61,064 )     (46,979 )
           
    CASH FLOWS FROM FINANCING ACTIVITIES:      
    Principal payments on long-term debt         (33,412 )
    Payments of prepayment fees associated with early extinguishment of long-term debt         (314 )
    Principal payments on insurance premium and property, plant and equipment financing         (827 )
    Proceeds from issuance of common stock, net of issuance costs paid of $0 and $0         50,722  
    Purchase of treasury stock   (33,292 )      
    Payments of tax withholding related to net share settlements of stock-based compensation awards   (18,034 )     (651 )
    Net cash (used in) provided by financing activities   (51,326 )     15,518  
           
    Net change in cash and cash equivalents   (55,903 )     (8,615 )
    Cash and cash equivalents at beginning of period   274,065       54,439  
    Cash and cash equivalents at end of period $ 218,162     $ 45,824  
           
    Cash paid during the period for:      
    Interest $ 5     $ 3,726  
    Income taxes $     $  
                   

    Non-GAAP Measure

    The Company presents Adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States (“U.S. GAAP”). The Company defines non-GAAP “Adjusted EBITDA” as net loss adjusted for: (i) impacts of interest, taxes, depreciation and amortization; (ii) stock-based compensation expense and amortization of right-of-use asset, which are non-cash items that the Company believes are not reflective of its general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) equity in net income of investee, net of tax, related to Nautilus; (iv) interest income which management believes is not reflective of the Company’s ongoing operating activities; and (v) loss on extinguishment of debt, which is not reflective of the Company’s general business performance. The Company’s Adjusted EBITDA also included the impact of distributions from investee received in bitcoin related to a return on the Nautilus investment, which management believes, in conjunction with excluding the impact of equity in net income of investee, net of tax, is reflective of assets available for the Company’s use in its ongoing operations as a result of its investment in Nautilus.

    Management believes that providing this non-GAAP financial measure allows for meaningful comparisons between the Company’s core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management’s internal use of non-GAAP Adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company’s performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company’s bitcoin related revenues). For example, the Company expects that share-based compensation expense, which is excluded from Adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, directors and consultants. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company’s bitcoin related revenue.

    The Company’s Adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in the Company’s industry, as other companies in the Company’s industry may calculate non-GAAP financial results differently. The Company’s Adjusted EBITDA is not a measurement of financial performance under U.S. GAAP and should not be considered as an alternative to net loss or any other measure of performance derived in accordance with U.S. GAAP. Although management utilizes internally and presents Adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by U.S. GAAP financial results. Accordingly, Adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company’s consolidated financial statements, which have been prepared in accordance with U.S. GAAP.

    The following table is a reconciliation of the Company’s non-GAAP Adjusted EBITDA to its most directly comparable U.S. GAAP measure (i.e., net loss) for the periods indicated (in thousands):

      Three Months Ended March 31,
      2025   2024
    Net loss $ (61,418 )   $ (9,613 )
    Adjustments to reconcile net loss to non-GAAP Adjusted EBITDA:      
    Equity in net (income) loss of investee, net of tax         (5,275 )
    Distributions from investee, related to Nautilus         12,022  
    Income tax benefit          
    Interest income   (2,259 )     (500 )
    Loss on extinguishment of debt         2,027  
    Interest expense   4,049       11,045  
    Depreciation   15,574       15,088  
    Amortization of right-of-use asset   685       252  
    Stock-based compensation expense   38,674       6,931  
    Non-GAAP Adjusted EBITDA $ (4,695 )   $ 31,977  

    1 Excludes bitcoin earned from profit sharing associated with a hosting agreement that expired in February 2024 at the Lake Mariner Facility and includes TeraWulf’s net share of bitcoin produced at the Nautilus Cryptomine Facility in Q1 2024.

    2 The Company’s share of the earnings or losses of operating results at the Nautilus Cryptomine Facility in Q1 2024 is reflected within “Equity in net income (loss) of investee, net of tax” in the condensed consolidated statements of operations. Accordingly, operating results of the Nautilus Cryptomine Facility are not reflected in revenue, cost of revenue or cost of operations lines in TeraWulf’s condensed consolidated statements of operations. The Company uses these metrics as indicators of operational progress and effectiveness and believes they are useful to investors for the same purposes and to provide comparisons to peer companies. All figures except Bitcoin Self-Mined are estimates.

    3 Excludes bitcoin earned from profit sharing associated with a bitcoin miner hosting agreement that expired in February 2024 at the Lake Mariner Facility and includes TeraWulf’s net share of bitcoin mined at the Nautilus Cryptomine Facility, based on the hashrate share attributed to the Company.

    4 Computed as the weighted-average opening price of bitcoin on each respective day the self-mined bitcoin is earned.

    5 While nameplate inventory for the Lake Mariner Facility was 12.2 EH/s and 8.0 EH/s as of Q1 2025 and Q1 2024, respectively, actual monthly hash rate performance depends on a variety of factors, including (but not limited to) performance tuning to increase efficiency and maximize margin, scheduled outages (scopes to improve reliability or performance), unscheduled outages, curtailment due to participation in various cash generating demand response programs, derate of ASICS due to adverse weather and ASIC maintenance and repair. Note the 8.0 EH/s in the table in Q1 2024 is nameplate capacity and average operating hashrate was 6.8 EH/s.

    The MIL Network

  • MIL-OSI: Outbrain Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 09, 2025 (GLOBE NEWSWIRE) — Outbrain Inc. (Nasdaq: OB), which is operating under the new Teads brand following Outbrain’s acquisition of Teads in February 2025, announced today financial results for the quarter ended March 31, 2025.

    First Quarter 2025 Key Financial Metrics1:

      Three Months Ended
    March 31,
    (in millions USD)   2025       2024     % Change
    Revenue $ 286.4     $ 217.0     32  %
    Gross profit   82.7       41.6     99  %
    Net loss   (54.8 )     (5.0 )   NM
    Net cash (used in) provided by operating activities   (1.0 )     8.6     (111 )%
               
    Non-GAAP Financial Data*          
    Ex-TAC gross profit   103.1       52.2     98  %
    Adjusted EBITDA   10.7       1.4     665  %
    Adjusted net loss   (15.3 )     (4.9 )   (211 )%
    Free cash flow   (6.6 )     4.6     (242 )%

    _____________________________

    1 Incorporates the results of operations for legacy Teads from February 3, 2025 through March 31, 2025
    * See non-GAAP reconciliations below
    NM Not meaningful

    “We are off to a strong start following the completion of the combination with Teads. In the first quarter, we delivered financial results above the mid-range of our guidance, while closing the acquisition, issuing five-year senior secured notes, and reaching many major milestones of integration and synergy realization. We are in the early days, but the feedback to our brandformance platform strategy from the hundreds of advertisers and media owners we have met has been highly encouraging,” said David Kostman, CEO of Teads.

    First Quarter 2025 Business Highlights:

    • Completed the acquisition of Teads, for total consideration of approximately $900 million, comprised of $625 million in cash and 43.75 million shares of Outbrain common stock. The combined company is operating under the name Teads.
    • Expect to realize approximately $65 million to $75 million of synergies in 2026 with further opportunities for expanded synergies. Of this amount, approximately $60 million relates to cost synergies, including approximately $45 million of compensation-related expenses, with approximately 90% of the estimated compensation-related synergies already actioned. For 2025, expect to realize a benefit from cost synergies of approximately $40 million, which represents an increase from initial expectations.
    • Initial cross-selling of legacy Outbrain performance solutions to legacy Teads enterprise brand customers launched in Q2 with several campaigns sold.
    • New strategic Joint Business Partnerships (JBPs) with Ferrero, Haleon, Philip Morris International, and Beiersdorf.
    • ~500 advertisers spending at least a half a million dollars on a rolling 12 month basis, with an average spend of over $2 million annually, which represents approximately 70% of total customer spend.
    • CTV experienced more than 100% year-over-year growth in Q1 2025, and now represents approximately 5% of total ad spend.
    • Continued strong adoption of Moments vertical video offering launched in Q3 2024 and is now live on over 70 publishers, including Axel Springer, Fox News, and Webedia.
    • Premium supply competitive wins include Godo (Spain) WWS (Japan), and renewals include Conde Nast and TMZ (US), Ansa (Italy), Webedia (France) and Sankei (Japan).

    First Quarter 2025 Financial Highlights:

    • Revenue of $286.4 million, an increase of $69.4 million, or 32%, compared to $217.0 million in the prior year period primarily due to the acquisition, including net unfavorable foreign currency effects of approximately $2.6 million.
    • Gross profit of $82.7 million, an increase of $41.1 million, or 99%, compared to $41.6 million in the prior year period. Gross margin increased to 28.9%, compared to 19.2% in the prior year period, reflecting the higher gross margin profile of the acquired business.
    • Ex-TAC gross profit of $103.1 million, an increase of $50.9 million, or 98%, compared to $52.2 million in the prior year period, primarily due to the acquisition. Our Ex-TAC gross margin increased to 36.0%, compared to 24.0% in the prior year period, reflecting the higher margin profile of the acquired business.
    • Net loss of $54.8 million, compared to net loss of $5.0 million in the prior year period. Net loss in the current period includes pre-tax acquisition-related costs of $16.4 million, impairment charges of $15.6 million primarily related to the discontinuance of the vi product offering, restructuring charges of $7.3 million related to our previously announced restructuring plan to streamline operations and reduce duplicative roles post-acquisition, and bridge facility related costs of $12.0 million.
    • Adjusted net loss of $15.3 million, compared to adjusted net loss of $4.9 million in the prior year period.
    • Adjusted EBITDA of $10.7 million, compared to Adjusted EBITDA of $1.4 million in the prior year period.
    • Net cash used in operating activities of $1.0 million, compared to net cash provided by operating activities of $8.6 million in the prior year period. Free cash flow was $(6.6) million, as compared to $4.6 million in the prior year period, primarily related to cash outflows related to transaction costs and restructuring charges of $16.2 million.
    • Cash, cash equivalents and investments in marketable securities were $155.9 million, comprised of cash and cash equivalents of $136.3 million and short-term investments in marketable securities of $19.6 million as of March 31, 2025.
    • Total debt obligations were $627.0 million, including the $610.8 million carrying value of the 10% senior secured notes due 2030 issued in February 2025 (principal amount of $637.5 million, net of unamortized discount and deferred financing costs) and $16.2 million outstanding under a short-term overdraft facility assumed in the acquisition.
    • Entered into a credit agreement with Goldman Sachs Bank, U.S. Bank Trust Company, and certain other lenders, which provided, among other things, for a new $100.0 million super senior secured revolving credit facility, which expires on February 3, 2030, which may be used for working capital and other general corporate purposes. The prior revolving credit facility with Silicon Valley Bank, a division of First Citizens Bank & Trust Company, dated as of November 2, 2021 was terminated.

    Second Quarter Guidance

    The following forward-looking statements reflect our expectations for the second quarter and full year of 2025.

    For the second quarter ending June 30, 2025, we expect:

    • Ex-TAC gross profit of $141 million to $150 million
    • Adjusted EBITDA of $26 million to $34 million

    For the full year ending December 31, 2025, we continue to expect:

    • Adjusted EBITDA of at least $180 million

    The above measures are forward-looking non-GAAP financial measures for which a reconciliation to the most directly comparable GAAP financial measure is not available without unreasonable efforts. See “Non-GAAP Financial Measures” below. In addition, our guidance is subject to risks and uncertainties, as outlined below in this release.

    Conference Call and Webcast Information

    Outbrain will host an investor conference call this morning, Friday, May 9 at 8:30 am ET. Interested parties are invited to listen to the conference call which can be accessed live by phone by dialing 1-877-497-9071 or for international callers, 1-201-689-8727. A replay will be available two hours after the call and can be accessed by dialing 1-877-660-6853, or for international callers, 1-201-612-7415. The passcode for the live call and the replay is 13753068. The replay will be available until May 23, 2025. Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investors Relations section of the Company’s website at https://investors.outbrain.com. The online replay will be available for a limited time shortly following the call.

    Non-GAAP Financial Measures

    In addition to GAAP performance measures, we use the following supplemental non-GAAP financial measures to evaluate our business, measure our performance, identify trends, and allocate our resources: Ex-TAC gross profit, Ex-TAC gross margin, Adjusted EBITDA, free cash flow, adjusted net income (loss), and adjusted diluted EPS. These non-GAAP financial measures are defined and reconciled to the corresponding GAAP measures below. These non-GAAP financial measures are subject to significant limitations, including those we identify below. In addition, other companies in our industry may define these measures differently, which may reduce their usefulness as comparative measures. As a result, this information should be considered as supplemental in nature and is not meant as a substitute for revenue, gross profit, net income (loss), diluted EPS, or cash flows from operating activities presented in accordance with GAAP.

    Because we are a global company, the comparability of our operating results is affected by foreign exchange fluctuations. We calculate certain constant currency measures and foreign currency impacts by translating the current year’s reported amounts into comparable amounts using the prior year’s exchange rates. All constant currency financial information that may be presented is non-GAAP and should be used as a supplement to our reported operating results. We believe that this information is helpful to our management and investors to assess our operating performance on a comparable basis. However, these measures are not intended to replace amounts presented in accordance with GAAP and may be different from similar measures calculated by other companies.

    The Company is also providing second quarter and full year guidance. These forward-looking non-GAAP financial measures are calculated based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. The Company has not provided quantitative reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures because it is unable, without unreasonable effort, to predict with reasonable certainty the occurrence or amount of all excluded items that may arise during the forward-looking period, which can be dependent on future events that may not be reliably predicted. Such excluded items could be material to the reported results individually or in the aggregate.

    Ex-TAC Gross Profit

    Ex-TAC gross profit is a non-GAAP financial measure. Gross profit is the most comparable GAAP measure. In calculating Ex-TAC gross profit, we add back other cost of revenue to gross profit. Ex-TAC gross profit may fluctuate in the future due to various factors, including, but not limited to, seasonality and changes in the number of media partners and advertisers, advertiser demand or user engagements.

    We present Ex-TAC gross profit, Ex-TAC gross margin (calculated as Ex-TAC gross profit as a percentage of revenue), and Adjusted EBITDA as a percentage of Ex-TAC gross profit, because they are key profitability measures used by our management and board of directors to understand and evaluate our operating performance and trends, develop short-term and long-term operational plans, and make strategic decisions regarding the allocation of capital. Accordingly, we believe that these measures provide information to investors and the market in understanding and evaluating our operating results in the same manner as our management and board of directors. There are limitations on the use of Ex-TAC gross profit in that traffic acquisition cost is a significant component of our total cost of revenue but not the only component and, by definition, Ex-TAC gross profit presented for any period will be higher than gross profit for that period. A potential limitation of this non-GAAP financial measure is that other companies, including companies in our industry, which have a similar business, may define Ex-TAC gross profit differently, which may make comparisons difficult. As a result, this information should be considered as supplemental in nature and is not meant as a substitute for revenue or gross profit presented in accordance with GAAP.

    Adjusted EBITDA

    We define Adjusted EBITDA as net income (loss) before gain on convertible debt; interest expense; interest income and other income (expense), net; provision for income taxes; depreciation and amortization; stock-based compensation; and other income or expenses that we do not consider indicative of our core operating performance, including but not limited to, acquisition-related costs, restructuring, and impairment charges. We present Adjusted EBITDA as a supplemental performance measure because it is a key profitability measure used by our management and board of directors to understand and evaluate our operating performance and trends, develop short-term and long-term operational plans and make strategic decisions regarding the allocation of capital, and we believe it facilitates operating performance comparisons from period to period.

    We believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. However, our calculation of Adjusted EBITDA is not necessarily comparable to non-GAAP information of other companies. Adjusted EBITDA should be considered as a supplemental measure and should not be considered in isolation or as a substitute for any measures of our financial performance that are calculated and reported in accordance with GAAP.

    Adjusted Net Income (Loss) and Adjusted Diluted EPS

    Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss) excluding items that we do not consider indicative of our core operating performance, including but not limited to gain on convertible debt, merger and acquisition costs, regulatory matter costs, and severance costs related to our cost saving initiatives. Adjusted net income (loss), as defined above, is also presented on a per diluted share basis. We present adjusted net income (loss) and adjusted diluted EPS as supplemental performance measures because we believe they facilitate performance comparisons from period to period. However, adjusted net income (loss) or adjusted diluted EPS should not be considered in isolation or as a substitute for net income (loss) or diluted earnings per share reported in accordance with GAAP.

    Free Cash Flow

    Free cash flow is defined as cash flow provided by (used in) operating activities, less capital expenditures and capitalized software development costs. Free cash flow is a supplementary measure used by our management and board of directors to evaluate our ability to generate cash and we believe it allows for a more complete analysis of our available cash flows. Free cash flow should be considered as a supplemental measure and should not be considered in isolation or as a substitute for any measures of our financial performance that are calculated and reported in accordance with GAAP.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements may include, without limitation, statements generally relating to possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives, and statements relating to our recently completed acquisition (the “Acquisition”) of TEADS, a private limited liability company (société anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg (“Teads”). You can generally identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “guidance,” “outlook,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “foresee,” “potential” or “continue” or the negative of these terms or other similar expressions that concern our expectations, strategy, plans or intentions or are not statements of historical fact. We have based these forward- looking statements largely on our expectations and projections regarding future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors including, but not limited to: the ability of Outbrain to successfully integrate Teads or manage the combined business effectively; our ability to realize anticipated benefits and synergies of the Acquisition, including, among other things, operating efficiencies, revenue synergies and other cost savings; our due diligence investigation of Teads may be inadequate or risks related to Teads’ business may materialize; unexpected costs, charges or expenses resulting from the Acquisition; our ability to raise additional financing in the future to fund our operations, which may not be available to us on favorable terms or at all; our ability to attract and retain customers, management and other key personnel; the volatility of the market price of the Common Stock, $.001 par value per share (the “Common Stock”); overall advertising demand and traffic generated by our media partners; factors that affect advertising demand and spending, such as the continuation or worsening of unfavorable economic or business conditions or downturns, instability or volatility in financial markets, tariffs and trade wars and other events or factors outside of our control, such as U.S. and global recession concerns, geopolitical concerns, including the ongoing war between Ukraine-Russia and conditions in Israel and the Middle East, supply chain issues, inflationary pressures, labor market volatility, bank closures or disruptions, the impact of challenging economic conditions, political and policy changes or uncertainties in the U.S., and other factors that have and may further impact advertisers’ ability to pay; our ability to continue to innovate, and adoption by our advertisers and media partners of our expanding solutions; the potential impact of artificial intelligence (“AI”) on our industry and our need to invest in AI-based solutions; the success of our sales and marketing investments, which may require significant investments and may involve long sales cycles; our ability to grow our business and manage growth effectively; our ability to compete effectively against current and future competitors; the loss or decline of one or more of our large media partners, and our ability to expand our advertiser and media partner relationships; conditions in Israel, including the ongoing conflict between Israel and Hamas and any conflicts with other terrorist organizations or other countries; our ability to maintain our revenues or profitability despite quarterly fluctuations in our results, whether due to seasonality, large cyclical events, or other causes; the risk that our research and development efforts may not meet the demands of a rapidly evolving technology market; any failure of our recommendation engine to accurately predict attention or engagement, any deterioration in the quality of our recommendations or failure to present interesting content to users or other factors which may cause us to experience a decline in user engagement or loss of media partners; limits on our ability to collect, use and disclose data to deliver advertisements; our ability to extend our reach into evolving digital media platforms; our ability to maintain and scale our technology platform; our ability to meet demands on our infrastructure and resources due to future growth or otherwise; our failure or the failure of third parties to protect our sites, networks and systems against security breaches, or otherwise to protect the confidential information of us or our partners; outages or disruptions that impact us or our service providers, resulting from cyber incidents, or failures or loss of our infrastructure; significant fluctuations in currency exchange rates; political and regulatory risks in the various markets in which we operate; the challenges of compliance with differing and changing regulatory requirements, including with respect to privacy; the timing and execution of any cost-saving measures and the impact on our business or strategy; and the risks described in the section entitled “Risk Factors” and elsewhere in the Annual Report on Form 10-K filed for the year ended December 31, 2024. Accordingly, you should not rely upon forward-looking statements as an indication of future performance. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or will occur, and actual results, events, or circumstances could differ materially from those projected in the forward-looking statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We undertake no obligation and do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events or otherwise, except as required by law.

    About The Combined Company

    Outbrain Inc. (Nasdaq: OB) and Teads combined on February 3, 2025 and are operating under the new Teads brand. The new Teads is the omnichannel outcomes platform for the open internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes, the combined company ensures value is driven with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, the new Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, New York, with a global team of nearly 1,800 people in 36 countries.

    Media Contact
    press@outbrain.com

    Investor Relations Contact
    IR@outbrain.com
    (332) 205-8999

    OUTBRAIN INC.
    Condensed Consolidated Statements of Operations
    (In thousands, except for share and per share data)
     
        Three Months Ended
    March 31,
          2025       2024  
        (Unaudited)
    Revenue   $ 286,357     $ 216,964  
    Cost of revenue:        
    Traffic acquisition costs     183,235       164,810  
    Other cost of revenue     20,472       10,559  
    Total cost of revenue     203,707       175,369  
    Gross profit     82,650       41,595  
    Operating expenses:        
    Research and development     13,979       9,193  
    Sales and marketing     53,737       23,617  
    General and administrative     36,477       15,215  
    Impairment charges     15,614        
    Restructuring charges     7,279       167  
    Total operating expenses     127,086       48,192  
    Loss from operations     (44,436 )     (6,597 )
    Other (expense) income:        
    Interest expense     (23,124 )     (937 )
    Other (expense) income and interest income, net     (484 )     1,405  
    Total other (expense) income, net     (23,608 )     468  
    Loss before income taxes     (68,044 )     (6,129 )
    Benefit from income taxes     (13,201 )     (1,088 )
    Net loss   $ (54,843 )   $ (5,041 )
             
    Weighted average shares outstanding:        
    Basic     77,954,579       49,265,012  
    Diluted     77,954,579       49,265,012  
             
    Net loss per common share:        
    Basic   $ (0.70 )   $ (0.10 )
    Diluted   $ (0.70 )   $ (0.10 )
    OUTBRAIN INC.
    Condensed Consolidated Balance Sheets
    (In thousands, except for number of shares and par value)
     
      March 31,
    2025
      December 31,
    2024
      (Unaudited)    
    ASSETS:      
    Current assets:      
    Cash and cash equivalents $ 136,312     $ 89,094  
    Short-term investments in marketable securities   19,567       77,035  
    Accounts receivable, net of allowances   328,386       149,167  
    Prepaid expenses and other current assets   49,817       27,835  
    Total current assets   534,082       343,131  
    Non-current assets:      
    Property, equipment and capitalized software, net   47,879       45,250  
    Operating lease right-of-use assets, net   26,874       15,047  
    Intangible assets, net   391,022       16,928  
    Goodwill   587,494       63,063  
    Deferred tax assets   49,957       40,825  
    Indemnification asset   26,556        
    Other assets   24,176       24,969  
    TOTAL ASSETS $ 1,688,040     $ 549,213  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY:      
    Current liabilities:      
    Accounts payable $ 274,060     $ 206,920  
    Accrued compensation and benefits   50,760       19,430  
    Deferred revenue   13,066       6,932  
    Short-term debt   16,202        
    Accrued and other current liabilities   118,457       56,189  
    Total current liabilities   472,545       289,471  
    Non-current liabilities:      
    Long-term debt   610,816        
    Operating lease liabilities, non-current   20,356       11,783  
    Deferred tax liabilities   62,099       1,554  
    Contingent tax liabilities   36,632       9,343  
    Other liabilities   10,927       5,719  
    TOTAL LIABILITIES $ 1,213,375     $ 317,870  
           
    STOCKHOLDERS’ EQUITY:      
    Common stock, par value of $0.001 per share − one billion shares authorized; 94,349,511 shares issued and 94,293,190 shares outstanding as of March 31, 2025; 63,503,274 shares issued and 50,090,114 shares outstanding as of December 31, 2024   94       64  
    Preferred stock, par value of $0.001 per share − 100,000,000 shares authorized, none issued and outstanding as of March 31, 2025 and December 31, 2024          
    Additional paid-in capital   674,442       484,541  
    Treasury stock, at cost − 56,321 shares as of March 31, 2025 and 13,413,160 shares as of December 31, 2024   (242 )     (74,289 )
    Accumulated other comprehensive income (loss)   24,707       (9,480 )
    Accumulated deficit   (224,336 )     (169,493 )
    TOTAL STOCKHOLDERS’ EQUITY   474,665       231,343  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,688,040     $ 549,213  
    OUTBRAIN INC.
    Condensed Consolidated Statements of Cash Flows
    (In thousands)
     
        Three Months Ended March 31,
          2025       2024  
        (Unaudited)
    CASH FLOWS FROM OPERATING ACTIVITIES:        
    Net loss   $ (54,843 )   $ (5,041 )
    Adjustments to reconcile net loss to net cash (used in) provided by operating activities:        
    Depreciation and amortization of property and equipment     1,935       1,639  
    Amortization of capitalized software development costs     2,472       2,409  
    Amortization of intangible assets     8,466       852  
    Amortization of discount on marketable securities     (425 )     (642 )
    Stock-based compensation     2,941       2,927  
    Non-cash operating lease expense     2,307       1,195  
    Provision for credit losses     298       1,693  
    Amortization of debt issuance costs     12,843        
    Deferred income taxes     (17,786 )     (174 )
    Impairment of assets     15,614        
    Unrealized foreign currency transaction (gains) losses     1,688       312  
    Other     30       26  
    Changes in operating assets and liabilities:        
    Accounts receivable     37,605       30,398  
    Prepaid expenses and other current assets     5,901       7,262  
    Accounts payable and other current liabilities     (22,374 )     (31,875 )
    Operating lease liabilities     (2,614 )     (1,205 )
    Deferred revenue     (830 )     (1,471 )
    Other non-current assets and liabilities     5,806       300  
    Net cash (used in) provided by operating activities     (966 )     8,605  
             
    CASH FLOWS FROM INVESTING ACTIVITIES:        
    Acquisition of a business, net of cash acquired     (598,319 )     (181 )
    Purchases of property and equipment     (2,921 )     (1,335 )
    Capitalized software development costs     (2,699 )     (2,627 )
    Purchases of marketable securities     (16,602 )     (31,578 )
    Proceeds from sales and maturities of marketable securities     74,221       31,492  
    Net cash used in investing activities     (546,320 )     (4,229 )
             
    CASH FLOWS FROM FINANCING ACTIVITIES:        
    Proceeds from the Bridge Facility     625,000        
    Repayments of borrowings under the Bridge Facility     (625,000 )      
    Proceeds from senior secured notes     625,305        
    Payment of deferred financing costs     (28,155 )      
    Payment of stock issuance costs     (775 )      
    Treasury stock repurchases and share withholdings on vested awards     (355 )     (4,015 )
    Principal payments on finance lease obligations           (255 )
    Proceeds from bank overdrafts, net     74        
    Net cash provided by (used in) financing activities     596,094       (4,270 )
    Effect of exchange rate changes     (57 )     363  
    Net increase in cash, cash equivalents and restricted cash   $ 48,751     $ 469  
    Cash, cash equivalents and restricted cash — Beginning     89,725       71,079  
    Cash, cash equivalents and restricted cash — Ending   $ 138,476     $ 71,548  
    OUTBRAIN INC.
    Non-GAAP Reconciliations
    (In thousands)
    (Unaudited)
     
    The following table presents the reconciliation of Gross profit to Ex-TAC gross profit and Ex-TAC gross margin, for the periods presented:
     
    Three Months Ended March 31,
      2025       2024  
    Revenue $ 286,357     $ 216,964  
    Traffic acquisition costs   (183,235 )     (164,810 )
    Other cost of revenue   (20,472 )     (10,559 )
    Gross profit   82,650       41,595  
    Other cost of revenue   20,472       10,559  
    Ex-TAC gross profit $ 103,122     $ 52,154  
           
    Gross margin (gross profit as % of revenue)   28.9 %     19.2 %
    Ex-TAC gross margin (Ex-TAC gross profit as % of revenue)   36.0 %     24.0 %
     
    The following table presents the reconciliation of net loss to Adjusted EBITDA, for the periods presented:
     
    Three Months Ended March 31,
      2025       2024  
    Net loss $ (54,843 )   $ (5,041 )
    Interest expense   23,124       937  
    Other expense (income) and interest income, net   484       (1,405 )
    Benefit from income taxes   (13,201 )     (1,088 )
    Depreciation and amortization   12,873       4,900  
    Stock-based compensation   2,941       2,927  
    Acquisition-related costs   16,418        
    Restructuring charges   7,279       167  
    Impairment charges   15,614        
    Adjusted EBITDA $ 10,689     $ 1,397  
           
    Net loss as % of gross profit (66.4 )%   (12.1 )%
    Adjusted EBITDA as % of Ex-TAC Gross Profit   10.4  %     2.7  %
    OUTBRAIN INC.
    Non-GAAP Reconciliations
    (In thousands)
    (Unaudited)
     
    The following table presents the reconciliation of net loss and diluted EPS to adjusted net loss and adjusted diluted EPS, respectively, for the periods presented:
     
    Three Months Ended March 31,
      2024       2023  
    Net loss $ (54,843 )   $ (5,041 )
    Adjustments:      
    Acquisition-related costs   16,418        
    Restructuring charges   7,279       167  
    Impairment charges   15,614        
    Bridge facility costs   11,996        
    Total adjustments, before tax   51,307       167  
    Income tax effect   (11,759 )     (41 )
    Total adjustments, after tax   39,548       126  
    Adjusted net loss $ (15,295 )   $ (4,915 )
           
    Basic and diluted weighted-average shares   77,954,579       49,265,012  
           
    Diluted net loss per share – reported $ (0.70 )   $ (0.10 )
    Adjustments, after tax   0.50        
    Diluted loss per share – adjusted $ (0.20 )   $ (0.10 )
    The following table presents the reconciliation of net cash provided by (used in) operating activities to free cash flow, for the periods presented:
     
      Three Months Ended March 31,
        2025       2024  
    Net cash (used in) provided by operating activities $ (966 )   $ 8,605  
    Purchases of property and equipment   (2,921 )     (1,335 )
    Capitalized software development costs   (2,699 )     (2,627 )
    Free cash flow $ (6,586 )   $ 4,643  

    The MIL Network

  • MIL-Evening Report: USP World Press Freedom Day warnings over AI, legal reform and media safety

    World Press Freedom Day is not just a celebration of the vital role journalism plays — it is also a moment to reflect on the pressures facing the profession and Pacific governments’ responsibility to protect it.

    This was one of the key messages delivered by two guest speakers at The University of the South Pacific (USP) Journalism’s 2025 World Press Freedom Day celebrations this week, the UN Human Rights Adviser for the Pacific, Heike Alefsen, and Fiji Media Association’s general secretary, Stanley Simpson.

    In her address to journalism students and other attendees on Monday, chief guest Alefsen emphasised that press freedom is a fundamental pillar of democracy, a human right, and essential for sustainable development and the rule of law.

    “Media freedom is a prerequisite for inclusive, rights-respecting societies,” Alefsen said, warning of rising threats such as censorship, harassment, and surveillance of journalists — especially with the spread of AI tools used to manipulate information and monitor media workers.

    UN Human Rights Adviser for the Pacific Heike Alefsen (from left), USP Journalism programme head Dr Shailendra Singh, and Fiji Media Association’s general secretary Stanley Simpson . . . reflecting on pressures facing the profession of journalism. Image: Mele Tu’uakitau

    AI and human rights
    She stressed that AI must serve human rights — not undermine them — and that it must be used transparently, accountably, and in accordance with international human rights law.

    “Some political actors exploit AI to spread disinformation and manipulate narratives for personal or political gain,” she said.

    She added that these risks were compounded by the fact that a handful of powerful corporations and individuals now controlled much of the AI infrastructure and influenced the global media environment — able to amplify preferred messages or suppress dissenting voices.

    “Innovation cannot come at the expense of press freedom, privacy, or journalist safety,” she said.

    Regarding Fiji, Alefsen praised the 2023 repeal of the Media Industry Development Act (MIDA) as a “critical turning point,” noting its positive impact on Fiji’s ranking in the RSF World Press Freedom Index.

    World Press Freedom Day at The University of the South Pacific on Monday. Image: USP — the country rose four places to 40th in the 2025 survey.

    However, she emphasised that legal reforms must continue, especially regarding sedition laws, and she highlighted ongoing challenges across the Pacific, including financial precarity, political pressure, and threats to women journalists.

    According to Alefsen, the media landscape in the Pacific was evolving for the better in some countries but concerns remained. She highlighted the working conditions of most journalists in the region, where financial insecurity, political interference, and lack of institutional support were prevalent.

    “Independent journalism ensures transparency, combats disinformation, amplifies marginalised voices, and enables people to make informed decisions about their lives and governance. In too many countries around the world, journalists face censorship, detention, and in some cases, death — simply for doing their jobs,” she said.

    Strengthening media independence and sustainability
    Keynote speaker Stanley Simpson, echoed these concerns, adding that “the era where the Fiji media could survive out of sheer will and guts is over.”

    “Now, it’s about technology, sustainability, and mental health support,” he said.

    Speaking on the theme, Strengthening Media Independence and Sustainability, Simpson emphasised the need for the media to remain independent, noting that journalists are often expected to make greater sacrifices than professionals in other industries.

    “Independence — while difficult and challenging — is a must in the media industry for it to maintain credibility. We must be able to think, speak, write, and report freely on any matter or anyone,” Simpson said.

    According to Simpson, there was a misconception in Fiji that being independent meant avoiding relationships or contacts.

    “There is a need to build your networks — to access and get information from a wide variety of sources. In fact, strengthening media independence means being able to talk to everyone and hear all sides. Gather all views and present them in a fair, balanced and accurate manner.”

    He argued that media could only be sustainable if it was independent — and that independence was only possible if sustainability was achieved. Simpson recalled the events of the 2006 political upheaval, which he said contributed to the decline of media freedom and the collapse of some media organisations in Fiji.

    “Today, as we mark World Press Freedom Day, we gather at this great institution to reflect on a simple yet profound truth: media can only be truly sustainable if it is genuinely free.

    “We need democratic, political, and governance structures in place, along with a culture of responsible free speech — believed in and practised by our leaders and the people of Fiji,” he said.

    USP students and guests at the 2025 World Press Freedom Day event. Picture: Mele Tu’uakitau

    The new media landscape
    Simpson also spoke about the evolving media landscape, noting the rise of social media influencers and AI generated content. He urged journalists to verify sources and ensure fairness, balance and accuracy — something most social media platforms were not bound by.

    While some influencers have been accused of being clickbait-driven, Simpson acknowledged their role. “I think they are important new voices in our democracy and changing landscape,” he said.

    He criticised AI-generated news platforms that republished content without editorial oversight, warning that they further eroded public trust in the media.

    “Sites are popping up overnight claiming to be news platforms, but their content is just AI-regurgitated media releases,” he said. “This puts the entire credibility of journalism at risk.”

    Fiji media challenges
    Simpson outlined several challenges facing the Fiji media, including financial constraints, journalist mental health, lack of investment in equipment, low salaries, and staff retention. He emphasised the importance of building strong democratic and governance structures and fostering a culture that respects and values free speech.

    “Many fail to appreciate the full scale of the damage to the media industry landscape from the last 16 years. If there had not been a change in government, I believe there would have been no Mai TV, Fiji TV, or a few other local media organisations today. We would not have survived another four years,” he said.

    According to Simpson, some media organisations in Fiji were only one or two months away from shutting down.

    “We barely survived the last 16 years, while many media organisations in places like New Zealand — TV3’s NewsHub — have already closed down. The era where the Fiji media would survive out of sheer will and guts is over. We need to be more adaptive and respond quickly to changing realities — digital, social media, and artificial intelligence,” he said.

    Dr Singh (left) moderates the student panel discussion with Riya Bhagwan, Maniesse Ikuinen-Perman and Vahefonua Tupola. Image: Mele Tu’uakitau

    Young journalists respond
    During a panel discussion, second-year USP journalism student Vahefonua Tupola of Tonga highlighted the connection between the media and ethical journalism, sharing a personal experience to illustrate his point.

    He said that while journalists should enjoy media freedom, they must also apply professional ethics, especially in challenging situations.

    Tupola noted that the insights shared by the speakers and fellow students had a profound impact on his perspective.

    Another panelist, third-year student and Journalism Students Association president Riya Bhagwan, addressed the intersection of artificial intelligence and journalism.

    She said that in this era of rapid technological advancement, responsibility was more critical than ever — with the rise of AI, social media, and a constant stream of information.

    “It’s no longer just professional journalists reporting the news — we also have citizen journalism, where members of the public create and share content that can significantly influence public opinion.

    “With this shift, responsible journalism becomes essential. Journalists must uphold professional standards, especially in terms of accuracy and credibility,” she said.

    The third panelist, second-year student Maniesse Ikuinen-Perman from the Federated States of Micronesia, acknowledged the challenges facing media organisations and journalists in the Pacific.

    She shared that young and aspiring journalists like herself were only now beginning to understand the scope of difficulties journalists face in Fiji and across the region.

    Maniesse emphasised the importance of not just studying journalism but also putting it into practice after graduation, particularly when returning to work in media organisations in their home countries.

    The panel discussion, featuring journalism students responding to keynote addresses, was moderated by USP Journalism head of programme Dr Shailendra Singh.

    Dr Singh concluded by noting that while Fiji had made significant progress with the repeal of the Media Industry Development Act (MIDA), global experience demonstrated that media freedom must never be taken for granted.

    He stressed that maintaining media freedom was an ongoing struggle and always a work in progress.

    “As far as media organisations are concerned, there is always a new challenge on the horizon,” he said, pointing to the complications brought about by digital disruption and, more recently, artificial intelligence.

    • Fiji rose four places to 40th (out of 180 nations) in the RSF 2025 World Press Freedom Index to make the country the Oceania media freedom leader outside of Australia (29) and New Zealand (16).

    Niko Ratumaimuri is a second-year journalism student at The University of the South Pacific’s Laucala Campus. This article was first published by the student online news site Wansolwara and is republished in collaboration with Asia Pacific Report.

    USP Journalism students, staff and guests at the 2025 World Press Freedom Day celebrations at Laucala campus on Monday. Image: Mele Tu’uakitau

    Article by AsiaPacificReport.nz

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Labor likely to gain 5 senators, cementing the left’s Senate dominance

    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

    I previously wrote about the Senate the morning after the election. About half the Senate is elected at each House of Representatives election. Those up for election include six senators out of 12 for every state and all four territory senators. So 40 of the 76 senators were up for election.

    State senators elected at this election will start their six-year terms on July 1, while territory senators are tied to the term of the lower house.

    At a double dissolution election, all senators are up for election, and this truncates the terms of senators. With Labor and the Greens so dominant at this election, the Coalition may try a double dissolution if they win the next election.

    Senators are elected by proportional representation in their jurisdictions with preferences. At a half-Senate election, with six senators in each state up for election, a quota is one-seventh of the vote, or 14.3%. For the territories, a quota is one-third or 33.3%. Half a quota on primary votes (7.1% in a state) is usually enough to give a party a reasonable chance of election.

    It’s likely to take at least another three weeks to get final Senate results. All votes need to be data entered into a computer system, then a button is pressed to electronically distribute preferences. It’s only after this button press that we know final outcomes and margins.

    At the 2019 election (the last time these state senators were up for election), the Coaliition won 17 of the 36 state senators, Labor 11, the Greens six, One Nation one and Jacqui Lambie one. The right won by 18–17, with one for Lambie.

    Queensland’s senators split 4–2 to the right, Tasmania 3–2 to the left with one for Lambie and the other states were tied at 3–3.

    The four senators from the ACT and Northern Territory were last up for election in 2022. At that election, left-wing independent David Pocock and Labor won both ACT seats, while the NT went one Labor, one Country Liberal Party (CLP).

    At this election, it’s likely Labor will gain a senator in every mainland state at the expense of the Coalition, while the Greens, One Nation, Lambie and Pocock will hold their existing seats.

    The most likely outcome of this half-Senate election is 18 Labor out of 40 (up five), 13 Coalition (down five), six Greens (steady), and one each for One Nation, Lambie and Pocock (all steady). This would give the left a 25–14 win with one for Lambie.

    In 2022, the 36 state senators (not up for election in 2025) were 14 Coalition, 13 Labor, six Greens and one each for One Nation, the United Australia Party (UAP) and Tammy Tyrrell. During the last term Lidia Thorpe defected from the Greens, Fatima Payman from Labor and Tyrrell from the Jacqui Lambie Network.

    If Labor wins 18 seats at this half-Senate election, they will have 30 total senators out of 76, the Coalition 27, the Greens 11, One Nation two, and one each for Pocock, Lambie, the UAP, Thorpe, Payman and Tyrrell. Labor and the Greens alone would have 41 of the 76 senators, above the 39 needed for a majority.

    Counting Thorpe and Payman with the left, and the UAP with the right, the left would have an overall 44–30 majority with two others (Lambie and Tyrrell).

    National Senate votes and a state by state breakdown

    With 74% of enrolled voters counted nationally for the Senate, Labor has 35.5% of Senate votes (up 5.4% since 2022), the Coalition 29.9% (down 4.4%), the Greens 11.7% (down 0.9%), One Nation 5.6% (up 1.3%), Legalise Cannabis 3.4% and Trumpet of Patriots (ToP) 2.6%.

    The national House primary votes are currently 34.7% Labor, 32.2% Coalition, 11.8% Greens, 6.3% One Nation and 1.9% ToP. Usually major parties get a lower Senate vote than a House vote owing to more parties who run in the Senate. I believe Labor is benefiting in the Senate from the lack of a viable Teal option.

    In very late counting for both the House and Senate, the Greens usually gain at the Coalition’s expense as absent votes that are counted late are poor for the Coalition and good for the Greens. This would provide a further boost to Labor’s chances of gaining five senators.

    In New South Wales, with 79% of enrolled counted, Labor has 2.65 quotas, the Coalition 2.08, the Greens 0.78, One Nation 0.42, Legalise Cannabis 0.23 and ToP 0.16. Labor’s third candidate is 0.23 quotas ahead of One Nation and should win.

    In Victoria, with 71% of enrolled counted, Labor has 2.44 quotas, the Coalition 2.20, the Greens 0.88, One Nation 0.31, Legalise Cannabis 0.25, ToP 0.17, Family First 0.13 and Victorian Socialists 0.11. One Nation has the best chance to win outside Queensland, but Socialists’ preferences will flow strongly to Labor.

    In Queensland, with 71% of enrolled counted, Labor has 2.16 quotas, the Liberal National Party 2.15, the Greens 0.74, One Nation 0.49, Gerard Rennick 0.34, ToP 0.25 and Legalise Cannabis 0.24. Labor will win two, the LNP two, the Greens one and One Nation will probably win the final seat.

    In Western Australia, with 68% of enrolled counted, Labor has 2.57 quotas, the Liberals 1.83, the Greens 0.92, One Nation 0.40, Legalise Cannabis 0.28 and the Nationals 0.24. The Liberals will soak up right-wing preferences that would otherwise go to One Nation, so Labor should win the last seat.

    In South Australia, with 78% of enrolled counted, Labor has 2.70 quotas, the Liberals 1.94, the Greens 0.89, One Nation 0.37, ToP 0.20 and Legalise Cannabis 0.19. Labor’s third candidate has a 0.33 quota lead over One Nation.

    In Tasmania, with 84% of enrolled counted, Labor has 2.49 quotas, the Liberals 1.66, the Greens 1.14, Lambie 0.51, One Nation 0.36 and Legalise Cannabis 0.23. It’s likely Tasmania will be a status quo result: two Labor, two Liberals, one Green and one Lambie. If this occurs, Tasmania would be the only state without a loss for the Coalition.

    In the ACT, with 79% of enrolled counted, Pocock has easily retained with 1.19 quotas and Labor is certain to win the second seat with 0.95 quotas. The Liberals won just 17.2% or 0.52 quotas and the Greens 0.23 quotas.

    Turnout is relatively low in the NT. With 57% of enrolled counted, Labor has 1.03 quotas, the CLP 1.02, the Greens 0.33 and One Nation 0.24. Labor and the CLP will hold their two seats.

    Close seats in the House

    Since my last update on Wednesday, the ABC has called Melbourne, Menzies, Fremantle and Bendigo for Labor, taking Labor’s seat total to 91 of 150. The Coalition has won 40 seats, the Greens zero and all Others ten, with nine seats remaining undecided.

    In the undecided seats, Labor is the clear favourite in Bullwinkel and Calwell, and currently just behind in Bean and Longman but with a good chance of overturning those deficits. The Liberals are the favourites in Flinders, Monash and Bradfield, the Greens are favourites to hold one seat (Ryan) and Teal Monique Ryan should hold Kooyong.




    Read more:
    Explore the new House of Representatives


    The Conversation

    Adrian Beaumont does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    ref. Labor likely to gain 5 senators, cementing the left’s Senate dominance – https://theconversation.com/labor-likely-to-gain-5-senators-cementing-the-lefts-senate-dominance-256207

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Asia-Pac: President Lai extends congratulations on election of His Holiness Pope Leo XIV  

    Source: Republic of China Taiwan

    Details
    2025-05-05
    President Lai meets Japanese Diet Member and former Minister of Economy, Trade, and Industry Nishimura Yasutoshi
    On the afternoon of May 5, President Lai Ching-te met with a delegation from Japan led by House of Representatives Member and former Minister of Economy, Trade, and Industry Nishimura Yasutoshi. President Lai thanked the government of Japan for continuously speaking up for Taiwan at international venues and reiterating the importance of peace and stability in the Taiwan Strait. The president stated that to address China’s gray-zone aggression against neighboring countries, Taiwan and Japan, both located in the first island chain, should strengthen cooperation and respond together. He said he looks forward to bilateral industrial cooperation in fields including semiconductors, hydrogen energy, AI, and drones, jointly strengthening the resilience of non-red supply chains, and promoting mutual prosperity and development.    A translation of President Lai’s remarks follows: I would like to welcome all the members of the Japanese Diet who are using their valuable Golden Week vacation to visit Taiwan, especially House of Representatives Member Nishimura Yasutoshi, whom former Prime Minister Shinzo Abe deeply trusted and relied on, and who for many years held important cabinet positions. This is his first visit after a hiatus of 17 years, so I am sure he will sense Taiwan’s progress and development. House of Representatives Member Tanaka Kazunori has long promoted local exchanges between Taiwan and Japan, and I hope that our visitors will all gain a deeper understanding of Taiwan through this visit.  Yesterday, several of our distinguished guests made a special trip to Kaohsiung to pay their respects at the statue of former Prime Minister Abe, a visionary politician with a broad, international perspective. The former prime minister pioneered the vision of a free and open Indo-Pacific, and once said that “if Taiwan has a problem, then Japan has a problem,” demonstrating strong support for Taiwan and making a deep and lasting impression on the hearts of Taiwanese. Over the past few years, China has continuously conducted military exercises in the Taiwan Strait, East and South China Seas, and carried out acts of gray-zone aggression against neighboring countries, severely undermining regional peace and stability. Taiwan and Japan, both located in the first island chain, should strengthen cooperation and respond together. Especially since Taiwan and Japan are democratic partners who share values such as freedom, democracy, and respect for human rights, if we can strengthen cooperation in areas such as maritime security, social resilience, and addressing gray-zone aggression, I am confident we can demonstrate the strength of deterrence, ensure peace and stability in the Indo-Pacific region, and safeguard our cherished democratic institutions. I would like to take this opportunity to thank the Japanese government for continuously speaking up for Taiwan at international venues, including this year’s US-Japan leaders’ summit, the G7 foreign ministers’ joint statement, and the Japan-NATO bilateral meeting, reiterating the importance of peace and stability in the Taiwan Strait and expressing opposition to unilaterally changing the status quo by force or coercion. In the face of global economic and trade changes, economic security is becoming increasingly important, and Taiwan looks forward to further deepening economic cooperation with Japan. In addition to actively seeking to participate in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Taiwan hopes to sign an economic partnership agreement (EPA) with Japan as soon as possible. This will expand our cooperation in industries such as semiconductors, hydrogen energy, AI, and drones, establish a closer economic partnership, jointly strengthen the resilience of non-red supply chains, and promote mutual prosperity and development. Once again, I welcome all of our guests. I am deeply grateful for your taking concrete action to deepen Taiwan-Japan relations and show support for Taiwan. I wish you a successful and rewarding visit.  Representative Nishimura then delivered remarks, first thanking President Lai for taking time out of his busy schedule to meet with the visiting delegation. He also expressed admiration for the performance of President Lai’s government, which has allowed Taiwan to develop smoothly amidst the current complex international situation. Representative Nishimura mentioned that when former Prime Minister Abe unfortunately passed away in 2020, President Lai, who was vice president at the time, personally visited the former prime minister’s residence to offer his condolences. The representative said that including that meeting, today is the second time he and President Lai have met. This delegation’s visit to Taiwan, he said, carries on the legacy of former Prime Minister Abe. He said that Taiwan and Japan are countries that share universal values and have close ties in terms of economic cooperation and mutual visits. Notably, he highlighted, in 2024, business travelers from Taiwan made over six million visits to Japan, and based on population, Taiwan has the highest percentage of visitors to Japan. He also expressed hope that more Japanese people will visit Taiwan for tourism.   Representative Nishimura stated that the delegation visited Kaohsiung yesterday to pay their respects at the statue of former Prime Minister Abe. Then, he said, they traveled to Tainan to sample a wide variety of fruits and local delicacies, during which time they also discussed the Wushantou Reservoir, built by Japanese engineer Hatta Yoichi. Since May 8 is the anniversary of Mr. Hatta’s birth, Representative Nishimura said he hopes to use this opportunity to continue Mr. Hatta’s concern and love for Taiwan, and further deepen the friendship between Taiwan and Japan. Representative Nishimura said that when he served as Japan’s Minister of Economy, Trade, and Industry, he welcomed Taiwan’s application to join the CPTPP on behalf of the Japanese government. He also said that his government has also provided substantial assistance for the establishment of Taiwan Semiconductor Manufacturing Company’s (TSMC) fab in Kumamoto, Japan. He said he believes that mutual cooperation between Taiwan and Japan in the semiconductor sector can further promote semiconductor industry development, and build a more resilient supply chain system. Representative Nishimura pointed out that former Prime Minister Abe once said, “If Taiwan has a problem, then Japan has a problem.” Currently, many European countries are also very concerned about peace and stability in the Asia-Pacific region, because it is crucial to peace and stability in the entire international community. It can therefore be said that “if Taiwan has a problem, the world has a problem.” He said he believes that in order to maintain peace and stability in the Taiwan Strait, like-minded countries and allied nations must all cooperate closely and definitively proclaim that message. He then said he looks forward to exchanging views with President Lai on issues such as strengthening Taiwan-Japan relations and changes in the international situation. The delegation also included Chairman of Kanagawa Prefecture Japan-Taiwan Friendship Association Matsumoto Jun, Japanese House of Representatives members Nishime Kosaburo, Sasaki Hajime, Yana Kazuo, and Katou Ryusho, and Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki. 

    Details
    2025-05-02
    President Lai meets Atlantic Council delegation
    On the afternoon of May 2, President Lai Ching-te met with a delegation from the Atlantic Council, a think tank based in Washington, DC. In remarks, President Lai said that we have already proposed a roadmap for deepening Taiwan-US trade ties to achieve a common objective of reducing all bilateral tariffs. At the same time, the president said, we will expand investments across the United States and create win-win outcomes for both sides through the trade and economic strategy of “Taiwan plus the US.” The president also emphasized that Taiwan is not only a bastion of freedom and democracy, but also an indispensable hub for global supply chains. He expressed hope that, given shared economic and security interests, Taiwan and the US will generate even greater synergy and prove to be each other’s strongest support. A translation of President Lai’s remarks follows: I welcome you all to Taiwan. In particular, Vice President Matthew Kroenig visited Taiwan last June and now is making another trip less than a year later. He also contributed an important article supporting Taiwan to a major international publication, highlighting the concern that our international friends have for Taiwan. We are truly moved and thankful. On behalf of the people of Taiwan, I sincerely thank all sectors of the US for their longstanding and steadfast support for Taiwan. Especially, as we face the challenges arising from the regional situation, we hope to continue deepening the Taiwan-US partnership. Holding a key position on the first island chain, Taiwan faces military threats and gray-zone aggression from China. We will continue to show our unwavering determination to defend ourselves. I want to emphasize that Taiwan is accelerating efforts to enhance its overall defense capabilities. The government will also prioritize special budget allocations to increase Taiwan’s defense spending from 2.5 percent of GDP to more than 3 percent. This reflects the efforts we are putting into safeguarding our nation and demonstrates our determination to safeguard regional peace and stability. During President Donald Trump’s first term, Taiwan purchased 66 new F-16V fighter jets. The first of these rolled off the assembly line in South Carolina at the end of this March. This is crucial for Taiwan’s strategy of achieving peace through strength. In the future, we will continue to procure defense equipment from the US that helps ensure peace and stability across the Taiwan Strait. We also look forward to bilateral security collaboration evolving beyond arms sales to a partnership that encompasses joint research and development and joint manufacturing, further strengthening our cooperation and exchanges. Taiwan firmly believes in fair, free, and mutually beneficial trade ties. Indeed, we have already proposed a roadmap for deepening Taiwan-US trade ties. This includes our common objective of reducing all bilateral tariffs as well as narrowing the trade imbalance through the procurement of energy and agricultural and other industrial products from the US. At the same time, we will expand investments across the US. We will promote our “Taiwan plus one” policy, that is, the new trade and economic strategy of “Taiwan plus the US,” to build non-red supply chains and create win-win outcomes for both sides. As the US is moving to reindustrialize its manufacturing industry and may hope to become a global manufacturing center for AI, Taiwan is willing to join in the efforts. Taiwan is not only a bastion of freedom and democracy, but also an indispensable hub for global supply chains. We have every confidence that, given shared Taiwan-US economic and security interests, we can generate even greater synergy and prove to be each other’s strongest support. In closing, I thank Vice President Kroenig once again for leading this delegation, demonstrating support for Taiwan. I look forward to exchanging opinions with you all in just a few moments. I wish you a smooth and successful trip. Vice President Kroenig then delivered remarks, first thanking President Lai for hosting them. He said that it is an honor to be here and to lead a delegation from the Atlanta Council, which consists of a mix of former senior US government officials with responsibility for Taiwan and also rising stars visiting Taiwan for the first time. Vice President Kroenig said that they are here at a critical moment, as there is an ongoing war in Europe, multiple conflicts in the Middle East, and increased Chinese aggression in the Indo-Pacific. Moreover, he pointed out, the regimes of China, Russia, Iran, and North Korea are increasingly working together in a new axis of aggressors. Vice President Kroenig indicated that the challenge facing the US and its allies and partners, including Taiwan, is how to deter these autocracies and maintain global peace, prosperity, and freedom, especially in Taiwan, whose security and stability matter, not only for Taiwan, but also for the US and the world. Vice President Kroenig assured President Lai and the people of Taiwan that the US is a reliable partner for Taiwan. The vice president stated that the administration under President Trump is prioritizing the deterrence of China, and that President Trump has announced an intention to have the largest US defense budget in history, more than US$1 trillion, to resource this priority. Pointing out that an America-first president will not help a country that is not helping itself, Vice President Kroenig said that their delegation has been impressed with the steps President Lai and the administration are taking to strengthen Taiwan’s security, including increasing defense spending, developing a societal resilience strategy, and using cutting edge technologies like unmanned systems to promote indigenous defense production. Vice President Kroenig said that more than money and equipment are necessary to secure a democracy against a powerful and ruthless neighbor, adding that history shows that the human factor is the most important. In the end, he said, it will be the will of the people of Taiwan to resist coercion and to defend their home which will be the most important factor determining the future fate of Taiwan and for the ability of the people of Taiwan to chart their own destiny. Vice President Kroenig emphasized that Americans are willing to support Taiwan in this endeavor, but it will be the people of Taiwan and strong and capable leaders like President Lai at the forefront of this struggle, with the firm support of America. Vice President Kroenig said that as the US and Taiwan work together on these challenges, the Atlantic Council looks forward to offering support behind the scenes. Founded in 1961 to support the Transatlantic Alliance, he said, the Atlantic Council is a global think tank, and part of its DNA is working closely with friends and allies in the Indo-Pacific, including Taiwan. He said they look forward to continuing their close and longstanding cooperation with Taiwan through visiting delegations, research and reports, and public and private events. In closing, Vice President Kroenig thanked President Lai again for hosting them and for the work he is doing to secure the free world. The delegation also included former Deputy Assistant Secretary of Defense for East Asia Heino Klinck and former Director for Taiwan Affairs at the White House National Security Council Marvin Park.

    Details
    2025-05-01
    President Lai meets Japan’s LDP Youth Division delegation
    On the morning of May 1, President Lai Ching-te met with a delegation from Japan’s Liberal Democratic Party (LDP) Youth Division. In remarks, President Lai thanked the guests for demonstrating support for deepening Taiwan-Japan ties through concrete actions. The president expressed hope that Taiwan and Japan can continue to conduct exchanges in such areas as national defense, the economy, education, culture, sports, and the arts so that bilateral relations reach even greater heights. A translation of President Lai’s remarks follows: I want to welcome our distinguished guests, who include Diet members in the LDP Youth Division and guests from Junior Chamber International (JCI) Japan, to the Presidential Office. It is also a pleasure to see LDP Youth Division Director Nakasone Yasutaka, House of Representatives Member Hiranuma Shojiro, and House of Councillors Member Kamiya Masayuki again today. I look forward to discussions with all our distinguished guests. The LDP Youth Division and JCI Japan have once again demonstrated support for deepening Taiwan-Japan ties through concrete actions. On behalf of the people of Taiwan, I also want to thank the LDP Youth Division for launching a fundraising campaign to help those affected by the earthquake in Hualien County on April 3 last year. LDP Youth Division members will be important leaders in Japan’s political arena in the future. Taiwan deeply values our exchanges with the Youth Division and hopes to bring about concrete results from such exchanges. Peace and stability in the Taiwan Strait are critical to the security and prosperity of the world, and Taiwan and Japan can work together to promote peace and stability in the Indo-Pacific region. Former Prime Ministers Abe Shinzo and Kishida Fumio, and current Prime Minister Ishiba Shigeru have repeatedly stressed the importance of peace and stability in the Taiwan Strait at important international venues. Taiwan is deeply grateful to Japan’s current and former prime ministers for their concern and support for this issue. Taiwan and Japan can also cooperate in industry and the economy. As our industries are complementary, further cooperation can create win-win outcomes. In the semiconductor industry, for instance, Taiwan’s strengths lie in manufacturing, while Japan’s strengths lie in materials, equipment, and technology. If we work together, the semiconductor industry is sure to see even more robust development. In addition to the economy and national defense, Taiwan and Japan can also conduct exchanges in such areas as education, culture, sports, and the arts. Our countries have long shared deep ties – Director Nakasone’s grandfather, former Prime Minister Nakasone Yasuhiro, was stationed in Taiwan and lived in what is now the Mingde New Residential Quarter of Kaohsiung City’s Zuoying District. I am confident that on the basis of our already solid foundations, Taiwan-Japan relations can reach even greater heights. Director Nakasone then delivered remarks, first thanking President Lai for finding time in his busy schedule to meet with the visiting delegation. He said that the LDP Youth Division sends a visiting delegation to Taiwan each year and is always granted the opportunity to meet with the president, demonstrating his high regard for the delegation, for which the director again expressed his gratitude. He remarked that he, together with House of Representatives Member Suzuki Keisuke, visited Taiwan last July, and that whenever he visits Taiwan, it feels as if he is returning home. Director Nakasone recalled President Lai’s earlier remarks, saying that he hopes the young people of Taiwan and Japan can fully engage in exchanges in the areas of national defense, the economy, culture, education, and the arts. The director said he believes that in today’s complex and difficult international situation, such directives are necessary. This is especially so, he emphasized, during United States President Donald Trump’s second term, when things once taken for granted are no longer so, and when the global economy is undergoing significant changes. Director Nakasone expressed his full support for strengthening Taiwan and Japan’s practical and strategic cooperation. He said he believes each side will be able to benefit from such cooperation and hopes that exchanges will progress toward shared goals. He pointed out that, as maritime nations, Taiwan and Japan share the goals of protecting the ocean and using marine resources wisely, goals that we ought to cooperate on and devote our full efforts to. The peace and stability of the Taiwan Strait are critical to the peace and stability of East Asia and even the world, he said, so we must ensure that the world and its leaders recognize this point, and Japan will do its utmost to advocate for it. Director Nakasone said, on the topic of semiconductors, that Taiwan Semiconductor Manufacturing Company’s new fab in Japan’s Kumamoto Prefecture has made the area very lively, adding that the Japanese government is providing more than 1.25 trillion yen in subsidies. Moving forward, the Japanese government plans to inject an additional 10 trillion yen, he said, to aid in the development of AI and other fields. Noting that Taiwan and Japan both excel in semiconductors, he expressed his hope that each can give free rein to its strengths to produce an even greater effect. Director Nakasone said that despite Taiwan’s facing formidable internal and external circumstances, it saw 4.6 percent economic growth last year under President Lai’s strong leadership, and it continued to promote measures to enhance overall societal resilience, all of which is admirable. In closing, the director thanked President Lai once again for taking the time to meet with them. Also in attendance were Japanese House of Representatives Members Nemoto Taku and Fukuda Kaoru, and Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

    Details
    2025-04-29
    President Lai meets NBR delegation  
    On the morning of April 29, President Lai Ching-te met with a delegation from the National Bureau of Asian Research (NBR). In remarks, President Lai stated that as Taiwan stands at the very frontline of defense of global democracy, we are actively implementing our Four Pillars of Peace action plan, which includes continuing to enhance our national defense capabilities, demonstrating our commitment to defending freedom and democracy. The president said he hopes to further advance national security and industrial cooperation between Taiwan and the United States. He also expressed hope that this will help boost economic resilience for both sides and establish each as a key pillar of regional security, elevating our relations to even higher levels. A translation of President Lai’s remarks follows: I am delighted to meet with Admiral John Aquilino again today. I also warmly welcome NBR President Michael Wills and our distinguished guests from the bureau to Taiwan. I look forward to exchanging views with you all on Taiwan-US relations and the regional situation. During his tenure as commander of the US Indo-Pacific Command, Admiral Aquilino placed much attention on the Taiwan Strait issue. And the NBR has conducted a wealth of research and analysis focusing on matters of regional security. Thanks to all of your outstanding contributions and efforts, the international community has gained a better understanding of the role Taiwan plays in the Indo-Pacific region and in global democratic development. For this, I want to extend my deepest gratitude. Taiwan stands at the very frontline of defending global democracy and is located at a strategically important location in the first island chain. We are actively implementing our Four Pillars of Peace action plan, which includes continuing to enhance our national defense capabilities, building economic security, demonstrating stable and principled cross-strait leadership, and standing side-by-side with the democratic community to jointly demonstrate the strength of deterrence and safeguard regional peace and stability. At the beginning of this month, I announced an increase in military allowances for volunteer service members and combat troops. The government will also continue to reform national defense and enhance self-sufficiency in defense. In addition, we will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. These efforts continue to strengthen Taiwan’s self-defense capabilities and demonstrate our commitment to defending freedom and democracy. As we mark the 46th anniversary of the enactment of the Taiwan Relations Act, we thank the US government for continuing its arms sales to Taiwan and strengthening the Taiwan-US partnership over the years. We believe that, in addition to engaging in military exchanges and cooperation, Taiwan and the US can build an even closer economic and trade relationship, boosting each other’s economic resilience and establishing each as a key pillar of regional security. I expect that your continued assistance will help advance national security and industrial cooperation between Taiwan and the US, elevating our relations to even higher levels. Once again, I welcome our distinguished guests to Taiwan and wish you a pleasant and successful trip. I hope that through this visit, you gain a more comprehensive and in-depth understanding of Taiwan’s economy and national defense. Admiral Aquilino then delivered remarks, thanking the Ministry of National Defense for the invitation and President Lai for receiving and spending time with them. Mentioning that this is his second visit in five months, he said he continues to be incredibly impressed with the president’s leadership and the actions he has taken to secure Taiwan and defend its people. Admiral Aquilino said that he has watched the efforts of the ministers on whole-of-society defense to demonstrate deterrence and added that the pace of the work is nothing short of inspiring. Admiral Aquilino noted that Taiwan’s thriving democracy is incredibly important to the peace and stability of the region. He stated that he, alongside the NBR, will continue to offer support, noting that President Wills and his team are an asset to Taiwan and the US that helps continue our close relationship and ensure peace and stability in the region.  

    Details
    2025-04-28
    President Lai meets Japanese Diet Member and former Minister of State for Economic Security Takaichi Sanae
    On the afternoon of April 28, President Lai Ching-te met with a delegation led by Member of the Japanese House of Representatives and former Minister of State for Economic Security Takaichi Sanae. In remarks, President Lai thanked the government of Japan for repeatedly emphasizing the importance of peace and stability across the Taiwan Strait at important international venues. The president expressed hope that in the face of China’s continually expanding red supply chains, Taiwan and Japan can continue to cooperate closely in such fields as semiconductors, energy, and AI technology to create non-red supply chains that enhance economic resilience and industrial competitiveness for both sides, and jointly pave the way for further prosperity and growth in the Indo-Pacific region. A translation of President Lai’s remarks follows: First, I would like to extend a warm welcome to Representative Takaichi as she returns for another visit to Taiwan. I am also very happy to have Members of the House of Representatives Kikawada Hitoshi and Ozaki Masanao, and Member of the House of Councillors Sato Kei all gathered together here to engage in these very important exchanges. Our visitors will be taking part in many exchange activities during this trip. Earlier today at the Indo-Pacific Strategy Thinktank’s International Political and Economic Forum, Representative Takaichi delivered a speech in which she clearly demonstrated the great importance she places upon the friendship between Taiwan and Japan. For this I want to express my deepest appreciation to each of our guests. The peoples of Taiwan and Japan have a deep friendship and mutual trust. We have a shared commitment to the universal values of democracy, freedom, and respect for human rights, but beyond that, we both have striven to contribute to regional peace and stability. I also want to thank the government of Japan for repeatedly emphasizing the importance of peace and stability across the Taiwan Strait at important international venues. Tomorrow you will all make a trip to Kaohsiung to visit a bronze statue of former Prime Minister Abe Shinzo, who once said, “If Taiwan has a problem, then Japan has a problem.” We will always remember the firm support and friendship he showed Taiwan. Since taking office last year, I have worked hard to improve Taiwan’s whole-of-society defense resilience and implement our Four Pillars of Peace action plan. By strengthening our national defense capabilities, building up economic security, demonstrating stable and principled cross-strait leadership, and deepening partnerships with democratic countries including Japan, we can together maintain peace and stability in the Indo-Pacific region and across the Taiwan Strait. At the same time, in the face of China’s continually expanding red supply chains, we hope that Taiwan and Japan, as important economic and trade partners, can continue to cooperate closely in such fields as semiconductors, energy, and AI technology to create non-red supply chains that further enhance economic resilience and industrial competitiveness for both sides. Going forward, Taiwan will work hard to play an important role in the international community and contribute its key strengths. I hope that, with the support of our guests, Taiwan can soon accede to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and sign an economic partnership agreement (EPA) with Japan so that we can jointly pave the way for further prosperity and growth in the Indo-Pacific region. Lastly, I thank each of you once again for taking concrete action to support Taiwan. I am confident that your visit will help deepen Taiwan-Japan ties and create even greater opportunities for cooperation. Let us all strive together to keep propelling Taiwan-Japan relations forward.  Representative Takaichi then delivered remarks, first thanking President Lai and Taiwanese political leaders for the warm hospitality they extended to the delegation, and mentioning that the visiting delegation members are all like-minded partners carrying on the legacy of former Prime Minister Abe. July 8 this year will mark the third anniversary of the passing of former Prime Minister Abe, she said, and when the former prime minister unfortunately passed away, President Lai, then serving as vice president, was among the first to come offer condolences, for which she expressed sincere admiration and gratitude. Representative Takaichi stated that Taiwan and Japan are island nations that face the same circumstances and problems, and that Japan’s trade activities rely heavily on ocean transport, so once a problem arises nearby that threatens maritime shipping lanes, it will be a matter of life and death for Japan. Taiwan and Japan are similar, as once a problem arises, both will face food and energy security issues, and supply chains may even be threatened, she said. Regarding Taiwan-Japan cooperation, Representative Takaichi stated that both sides must first protect and strengthen supply chain resilience. President Lai has previously said that he wants to turn Taiwan into an AI island, she said, and in semiconductors, Taiwan has the world’s leading technology. Representative Takaichi went on to say that Taiwan and Japan can collaborate in the fields of AI and semiconductors, quantum computing, and dual-use industries, as well as in areas such as drones and new energy technologies to build more resilient supply chains, so that if problems arise, we can maintain our current standard of living with peace of mind. Representative Takaichi indicated that cooperation in the defense sector is also crucial, and that by uniting like-minded countries including Taiwan, the United States, Japan, the Philippines, and Australia, and even countries in Europe, we can build a stronger network to jointly maintain our security guarantees. Representative Takaichi expressed hope that Taiwan and Japan will continue to strengthen substantive non-governmental relations, including personnel exchange visits and information sharing, so that we can jointly face and respond to crises when they arise. Regarding the hope to sign a Taiwan-Japan EPA that President Lai had mentioned earlier, she also expressed support and said she looks forward to upcoming exchanges and talks. The visiting delegation also included Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

    Details
    2025-04-06
    President Lai delivers remarks on US tariff policy response
    On April 6, President Lai Ching-te delivered recorded remarks regarding the impact of the 32 percent tariff that the United States government recently imposed on imports from Taiwan in the name of reciprocity. In his remarks, President Lai explained that the government will adopt five response strategies, including making every effort to improve reciprocal tariff rates through negotiations, adopting a support plan for affected domestic industries, adopting medium- and long-term economic development plans, forming new “Taiwan plus the US” arrangements, and launching industry listening tours. The president emphasized that as we face this latest challenge, the government and civil society will work hand in hand, and expressed hope that all parties, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. A translation of President Lai’s remarks follows: My fellow citizens, good evening. The US government recently announced higher tariffs on countries around the world in the name of reciprocity, including imposing a 32 percent tariff on imports from Taiwan. This is bound to have a major impact on our nation. Various countries have already responded, and some have even adopted retaliatory measures. Tremendous changes in the global economy are expected. Taiwan is an export-led economy, and in facing future challenges there will inevitably be difficulties, so we must proceed carefully to turn danger into safety. During this time, I want to express gratitude to all sectors of society for providing valuable opinions, which the government regards highly, and will use as a reference to make policy decisions.  However, if we calmly and carefully analyze Taiwan’s trade with the US, we find that last year Taiwan’s exports to the US were valued at US$111.4 billion, accounting for 23.4 percent of total export value, with the other 75-plus percent of products sold worldwide to countries other than the US. Of products sold to the US, competitive ICT products and electronic components accounted for 65.4 percent. This shows that Taiwan’s economy does still have considerable resilience. As long as our response strategies are appropriate, and the public and private sectors join forces, we can reduce impacts. Please do not panic. To address the reciprocal tariffs by the US, Taiwan has no plans to adopt retaliatory tariffs. There will be no change in corporate investment commitments to the US, as long as they are consistent with national interests. But we must ensure the US clearly understands Taiwan’s contributions to US economic development. More importantly, we must actively seek to understand changes in the global economic situation, strengthen Taiwan-US industry cooperation, elevate the status of Taiwan industries in global supply chains, and with safeguarding the continued development of Taiwan’s economy as our goal, adopt the following five strategies to respond. Strategy one: Make every effort to improve reciprocal tariff rates through negotiations using the following five methods:  1. Taiwan has already formed a negotiation team led by Vice Premier Cheng Li-chiun (鄭麗君). The team includes members from the National Security Council, the Office of Trade Negotiations, and relevant Executive Yuan ministries and agencies, as well as academia and industry. Like the US-Mexico-Canada free trade agreement, negotiations on tariffs can start from Taiwan-US bilateral zero-tariff treatment. 2. To expand purchases from the US and thereby reduce the trade deficit, the Executive Yuan has already completed an inventory regarding large-scale procurement plans for agricultural, industrial, petroleum, and natural gas products, and the Ministry of National Defense has also proposed a military procurement list. All procurement plans will be actively pursued. 3. Expand investments in the US. Taiwan’s cumulative investment in the US already exceeds US$100 billion, creating approximately 400,000 jobs. In the future, in addition to increased investment in the US by Taiwan Semiconductor Manufacturing Company, other industries such as electronics, ICT, petrochemicals, and natural gas can all increase their US investments, deepening Taiwan-US industry cooperation. Taiwan’s government has helped form a “Taiwan investment in the US” team, and hopes that the US will reciprocate by forming a “US investment in Taiwan” team to bring about closer Taiwan-US trade cooperation, jointly creating a future economic golden age.  4. We must eliminate non-tariff barriers to trade. Non-tariff barriers are an indicator by which the US assesses whether a trading partner is trading fairly with the US. Therefore, we will proactively resolve longstanding non-tariff barriers so that negotiations can proceed more smoothly. 5. We must resolve two issues that have been matters of longstanding concern to the US. One regards high-tech export controls, and the other regards illegal transshipment of dumped goods, otherwise referred to as “origin washing.” Strategy two: We must adopt a plan for supporting our industries. For industries that will be affected by the tariffs, and especially traditional industries as well as micro-, small-, and medium-sized enterprises, we will provide timely and needed support and assistance. Premier Cho Jung-tai (卓榮泰) and his administrative team recently announced a package of 20 specific measures designed to address nine areas. Moving forward, the support we provide to different industries will depend on how they are affected by the tariffs, will take into account the particular features of each industry, and will help each industry innovate, upgrade, and transform. Strategy three: We must adopt medium- and long-term economic development plans. At this point in time, our government must simultaneously adopt new strategies for economic and industrial development. This is also the fundamental path to solutions for future economic challenges. The government will proactively cooperate with friends and allies, develop a diverse range of markets, and achieve closer integration of entities in the upper, middle, and lower reaches of industrial supply chains. This course of action will make Taiwan’s industrial ecosystem more complete, and will help Taiwanese industries upgrade and transform. We must also make good use of the competitive advantages we possess in such areas as semiconductor manufacturing, integrated chip design, ICT, and smart manufacturing to build Taiwan into an AI island, and promote relevant applications for food, clothing, housing, and transportation, as well as military, security and surveillance, next-generation communications, and the medical and health and wellness industries as we advance toward a smarter, more sustainable, and more prosperous new Taiwan. Strategy four: “Taiwan plus one,” i.e., new “Taiwan plus the US” arrangements: While staying firmly rooted in Taiwan, our enterprises are expanding their global presence and marketing worldwide. This has been our national economic development strategy, and the most important aspect is maintaining a solid base here in Taiwan. We absolutely must maintain a solid footing, and cannot allow the present strife to cause us to waver. Therefore, our government will incentivize investments, carry out deregulation, and continue to improve Taiwan’s investment climate by actively resolving problems involving access to water, electricity, land, human resources, and professional talent. This will enable corporations to stay in Taiwan and continue investing here. In addition, we must also help the overseas manufacturing facilities of offshore Taiwanese businesses to make necessary adjustments to support our “Taiwan plus one” policy, in that our national economic development strategy will be adjusted as follows: to stay firmly rooted in Taiwan while expanding our global presence, strengthening US ties, and marketing worldwide. We intend to make use of the new state of supply chains to strengthen cooperation between Taiwanese and US industries, and gain further access to US markets. Strategy five: Launch industry listening tours: All industrial firms, regardless of sector or size, will be affected to some degree once the US reciprocal tariffs go into effect. The administrative teams led by myself and Premier Cho will hear out industry concerns so that we can quickly resolve problems and make sure policies meet actual needs. My fellow citizens, over the past half-century and more, Taiwan has been through two energy crises, the Asian financial crisis, the global financial crisis, and pandemics. We have been able to not only withstand one test after another, but even turn crises into opportunities. The Taiwanese economy has emerged from these crises stronger and more resilient than ever. As we face this latest challenge, the government and civil society will work hand in hand, and I hope that all parties in the legislature, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. Let us join together and give it our all. Thank you.

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: JACET Charges – Child abuse – Alice Springs

    Source: Northern Territory Police and Fire Services

    The Joint Anti-Child Exploitation Team (JACET) has charged a 28-year-old man with child abuse offences in Alice Springs.

    On Wednesday 7 May 2025, NT JACET received an urgent referral from the Federal Bureau of Investigation through the Australian Federal Police (AFP).

    The following day, detectives and federal agents from NT JACET, with support from Alice Springs Domestic Violence & Child Abuse Taskforce, executed a lawful search on a residence resulting in the seizure of large quantities of child abuse material. Police will allege that the man also abused a child, aged under 5-years-old, who was known to him. 

    The 28-year-old male has been charged with the following:

    1. Sexual intercourse with child under 10 x 1
    2. Gross indecency with child under 14 x 2
    3. Produce child abuse material for use via a carriage service x 3
    4. Possess or control child abuse material
    5. Access child abuse material
    6. Transmit child abuse material

    He has been remanded to appear in Alice Springs Court on 10 July 2025.

    NT Police Force Detective Superintendent Paul Lawson said, “The crimes committed by this individual are abhorrent.

    “Preying on the most vulnerable members of our community who cannot defend themselves. 

    “I want to commend the seamless collaboration with our international and federal partners to target this offender and bring him before the court.

    “If you abuse a child or procure, access and transmit child abuse material, we will find you, and you will be prosecuted.

    “We will continue to work tirelessly to protect children from harm.”

    AFP Superintendent Greg Davis said the AFP and its law enforcement partners across Australia were committed to protecting children from sexual predators.

    “Offenders cannot hide behind a screen when they carry out these reprehensible and hideous acts,” Supt Davis said.

    “Our message to online offenders has not changed – if you possess, produce or transmit child abuse material, you will be found, arrested and prosecuted.”

    MIL OSI News

  • MIL-OSI Australia: Green Army gears up for LiveLighter® round

    Source: South Australia Police

    Catch the excitement at the RAC Arena as the West Coast Fever hit the court at tomorrow’s LiveLighter® round, inspiring its ‘Green Army’ of supporters to prioritise their health and wellbeing.

    Healthway Chief Executive Officer Colin Smith said the LiveLighter® round – promoted by Healthway in partnership with the West Coast Fever – highlighted the importance of healthy eating, hydration, movement and overall wellbeing.

    “Fans will be guaranteed plenty of exciting on-court action, along with a lively silent disco in Fever Alley and a LiveLighter® challenge at quarter time, launched by the Minister for Preventative Health, the Hon. Sabine Winton MLA,” he said.

    Beyond this match day activity, the LiveLighter® campaign is visible at all West Coast Fever games, and players encourage healthy lifestyles by promoting nutrition education at community events.

    Ms Winton said West Coast Fever was a leading example of a national sporting team actively and visibly promoting healthy lifestyles.

    “The Fever are powerful female role models, inspiring young netballers and fans both on and off the court, and that’s what truly makes a difference,” she said.

    “Through educational initiatives, interactive events, and community-driven programs, the LiveLighter® campaign is empowering individuals to make informed, healthier lifestyle choices.”

    Mr Smith said Healthway had provided nearly $4.5 million in funding to support West Coast Fever promote various health messages since 2009.

    “Through our 17-year partnership with the West Coast Fever we have successfully eliminated all unhealthy sponsorships at the elite level of netball in WA,” he said.

    “This has reduced the community’s exposure to junk food advertising, creating a safe environment for families to enjoy the sport.”

    MIL OSI News

  • MIL-OSI Australia: 34 experienced officers graduate as recruitment momentum builds

    Source: New South Wales – News

    South Australia Police (SAPOL) welcomes another 34 experienced international and interstate police officers to the frontline, following their graduation from the 15-week SAPOL Transition Program (STP) Course 2 and 3 today.

    This second graduating course includes officers from a range of policing backgrounds across the UK and Australia, bringing skills in areas including counter-terrorism, armed policing, serious sexual offences, public order, investigations, and general duties.

    Among the cohort, two officers are heading to Port Augusta, with the remainder joining teams across metropolitan areas.

    STP Course 2 graduate Ella Mestroni, who previously served five years with Victoria Police within metropolitan and regional areas, said the transition back to her home state has been seamless.

    “My husband and I were always going to return to South Australia to raise our daughter close to family, and SAPOL made that move incredibly smooth,” she said.

    “Being able to retain my rank and transfer entitlements like long service leave has made a big difference, and the level of support during the recruitment process – from flexible testing options to genuine communication, has been outstanding.”

    Jamie Earl, who graduated from STP Course 1 in March, said the past two months have confirmed he made the right decision.

    “Policing here is fast-paced, efficient, and outcomes-focused,” Jamie said.

    “In just a short time I’ve achieved more positive outcomes for victims than I would in six months back in the UK, and that’s incredibly rewarding. Of course, it’s been a steep learning curve and some days have been challenging, but I’ve been backed by an amazing team and a really supportive work culture.”

    This latest graduation comes as SAPOL continues a multi-pronged domestic and international recruitment drive.

    A refreshed ‘You Belong in Blue’ television campaign has recently launched across South Australia, showcasing the stories of three serving SAPOL officers from regional and metropolitan areas. The campaign highlights the diversity of policing roles on offer and the dynamic and rewarding nature of the job.

    The domestic push complements strong momentum internationally, with a SAPOL delegation recently completing a second UK recruitment drive. More than 1,100 officers registered to attend SAPOL’s seminars across London, Cardiff, Birmingham, Manchester, and Glasgow.

    This initiative is expected to drive a significant increase in applications, replicating the success of the 2024 in-country recruitment activity.

    Deputy Commissioner Linda Williams said today’s graduation highlights the progress SAPOL is making through a range of targeted recruitment efforts.

    “Our domestic and international recruitment strategies are delivering results—from the interest generated by our recent seminars in the UK to the continued success of our ‘You Belong in Blue’ campaign here at home,” Deputy Commissioner Williams said.

    “These efforts are helping us attract the right people—officers with real-world experience, a strong sense of purpose, and the skills we need to strengthen our frontline and provide safer communities across South Australia.”

    Minister for Police Stephen Mullighan said the State Government has made police recruitment a priority, to increase the number of sworn officers in SA.

    “The skills, knowledge and understanding these experienced graduates bring with them will be of great benefit to SA Police and help bolster the frontline resources.

    “The State Government has invested record amounts into SA Police which has allowed them to go on a bold local, interstate and overseas recruitment campaign and we look forward to welcoming even more officers to South Australia into the future.”

    SAPOLs domestic, international and interstate recruitment drive is in full swing. Those looking for a rewarding career with a range of attractive benefits can apply here https://sapol.info/SAPOLcareers

    MIL OSI News

  • MIL-OSI Australia: CLAY WELLS ROAD, BRAY (Grass Fire)

    Source: South Australia County Fire Service

    BRAY

    Issued on
    09 May 2025 16:13

    BAY Scrub Fire

    Issued for BRAY near Robe in the Lower South East.

    The SA Country Fire Service (CFS) advises that there is a bushfire in the Lake Hawdon South Conservation Park at Bray, approximately 20 kilometres south east of Robe in the Lower South East.

    CFS and Department of Environment and Water crews are currently working to contain the fire within the park’s boundaries, these operations are being supported by private landowners who are utilising heavy machinery.

    This fire will continue to burn throughout the night and will be monitored by crews on scene.

    The fire poses no threat to the community at this time but smoke and flames may be visible from Clay Wells Road and the Southern Ports Highway well into the night.

    Hazards in the area may include reduced visibility due to smoke and emergency vehicles operating in the area.

    Message ID 0008592

    MIL OSI News

  • MIL-Evening Report: The artist as creator of all things: Julie Fragar wins the Archibald for a portrait among the stars

    Source: The Conversation (Au and NZ) – By Joanna Mendelssohn, Honorary Senior Fellow, School of Culture and Communication. Editor in Chief, Design and Art of Australia Online, The University of Melbourne

    Winner Archibald Prize 2025, Julie Fragar ‘Flagship Mother Multiverse (Justene)’, oil on canvas, 240 x 180.4 cm
    © the artist, image © Art Gallery of New South Wales, Jenni Carter

    Beatrice Gralton, who curated this year’s Archibald, Wynne and Sulman prizes, has hung the exhibition well. Julie Fragar’s Archibald-winning portrait of her friend and fellow artist Justene Williams is impossible to miss in the central court of the Art Gallery of New South Wales.

    Fragar’s subject bursts out of the central space, as though she is herself the Big Bang that created the Universe. This is the artist as the Creator of All Things, the governor of a world that extends from her hands. Behind her are the stars from whence she may have come.

    Her face is grave, but severe – governing the multiverse is a serious task. She hovers above the figures she has created, including her daughter, Honore, who has also inspired many of Williams’ works. Honore appears in the painting twice, first as a tiny child looking up, and then as an eight-year-old, half-hidden behind the assortment of objects and detritus that Williams uses to make her art.

    The title, Flagship Mother Multiverse, comes from Williams’ recent New Zealand installation work, Making Do Rhymes With Poo, best described as an endurance piece where the artist used her own body to make a series of works.

    By painting in monochrome, Fragar enables the viewer to focus first on the subject, before taking in the details of the confusion of the elements beneath her. Her dress, quietly captioned “Flag ship Mother” (with “mother” printed in verso), reinforces that this mother, who makes all things, is indeed captain of her ship.

    The Wynne prize and urban beauty

    Much of the time, the Australian landscape is imagined as bush, desert, or lush pastoral land. Winner of the Wynne prize, Jude Rae’s painting Pre-dawn sky over Port Botany container terminal, celebrates the accidental moments of urban beauty. The artist lives in Redfern where, high on the hill, it is possible to see the lights of the Botany Bay container terminal: a place that never sleeps.

    Winner Wynne Prize 2025, Jude Rae ‘Pre-dawn sky over Port Botany container terminal’, oil on linen, 200 x 150.4 cm.
    © the artist, image © Art Gallery of New South Wales, Diana Panuccio

    The Wynne prize is awarded to a landscape painting or figure sculpture, and Rae has painted her urban landscape just at that moment where the sky blushes a faint pink, turning to dark blue, before the almost black of the night sky.

    There are no stars to be seen in the city sky. They are blotted out by the dazzling multicoloured lights of the machines that govern the movement of goods and services, the creators of wealth in our artificial landscape.

    The surface of Rae’s painting is disconcertingly flat, as though the paint is embedded within the canvas. It could almost have been created by her transferring her thoughts, rather than paint, onto the canvas.

    ‘Nature’s gestures’ in the Sulman

    The calm of Rae’s approach is in marked contrast to the exuberant painterly style of Gene A’Hern’s Sky Painting, which has been awarded the Sir John Sulman Prize for “subject painting, genre painting or mural project”.

    In his time, Sir John Sulman was one of the more reactionary gallery trustees, calling the modern art of the 1920s and ‘30s “awful rubbish”.

    It does seem somewhat ironic that the prize that bears his name has consistently been awarded to more adventurous entries.

    Unlike the Archibald and Wynne Prizes, which must be judged by the gallery’s trustees, the Sulman is judged by an artist, a different one every year. This year the judge was Elizabeth Pulie. While A’Hern’s work could hardly be described as decorative in the same way as Pulie’s, it does have a strong sense of colour and rhythm in a way that maybe spoke to her.

    Winner Sulman Prize 2025, Gene A’Hern ‘Sky painting’, oil and oil stick on board, 240 x 240 cm.
    © the artist, image © Art Gallery of New South Wales, Diana Panuccio

    A’Hern describes his painting as conveying a sense of “nature’s gestures”, of the different elements of sight and sound that combine to form the country of the Blue Mountains that is his home.

    His description of his prizewinning painting – as well as its appearance, with gloriously curving gestural elements – are a reminder that the barriers between the different categories in this annual festival of art are best described as “fluid”.

    While I was in the crowd waiting for the announcement, I was asked to define “subject painting, genre painting or mural project”. The truth of the matter is that all categories are blurred and, with the exception of portraiture, are interchangeable.

    The definition of portraiture, as established by Mr Justice Roper in the court case brought against the trustees in 1944, still stands. A portrait is “a pictorial representation of a person, painted by an artist”. A landscape, however, may represent a photographically accurate representation of a place, or a feeling about that place. A genre or subject painting may show people, or not. It may express objects, or emotions. A mural is simply a painting on a wall.

    Although both Sydney and Melbourne sport many murals on laneway walls, it is many years since a mural has won the Sulman, which is a great pity.

    After the television crews and crowds of journalists had departed, I returned to the gallery for a final look at Fragar’s prizewinning portrait. It was still lit up by the lights for the cameras. It struck me then that this image would make an excellent mural – or perhaps a giant projection in the sky of a woman making a universe, using the power of her mind.

    Archibald, Wynne and Sulman Prizes 2025 exhibition is at the Art Gallery of New South Wales until August 17.




    Read more:
    Archibald Packing Room Prize goes to Abdul Abdullah for Jason Phu portrait, among broader set of bold and deeply personal works


    Joanna Mendelssohn has in the past received funding from the Austraian Research Council

    ref. The artist as creator of all things: Julie Fragar wins the Archibald for a portrait among the stars – https://theconversation.com/the-artist-as-creator-of-all-things-julie-fragar-wins-the-archibald-for-a-portrait-among-the-stars-253748

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Australia: Man charged with serious sexual offences

    Source: New South Wales Community and Justice

    Man charged with serious sexual offences

    Friday, 9 May 2025 – 3:57 pm.

    A 64-year-old Tasmanian man will appear in court next month charged with serious sexual offences, including child sexual abuse, after being arrested and charged by detectives from Tasmania Police’s Taskforce Artemis.The man will appear in the Launceston Magistrates Court on June 11 to face charges of 11 counts of rape, three counts of indecent assault and two counts of indecency.Tasmania Police Commissioner Donna Adams said the charges against the man relate to three victim-survivors.These charges have stemmed directly from matters that were investigated as a result of the Commission of Inquiry into the Tasmanian Government’s Responses to Child Sexual Abuse in Institutional Settings.Some instances of abuse are alleged to have taken place between 1974 and 1982, while another instance of abuse is alleged to have occurred at the Ashley Youth Detention Centre between 1990 and 2021 while the man was an employee.As the matter is now before the courts, no further comment will be made.Taskforce Artemis is a specialist police team investigating child abuse allegations from the Commission of Inquiry. The Taskforce is working closely with government agencies to share information, support victim-survivors, and hold alleged perpetrators to account through an intelligence-led approach.While it is acknowledged that offences of this nature are deeply disturbing, Tasmania Police strongly encourages anyone with information about any form of sexual abuse, regardless of the passage of time, to come forward and report it.Reports can be made directly to police on 131 444, or by visiting a police station or Arch https://arch.tas.gov.au/.You can also report anonymously to Crime Stoppers Tasmania on 1800 333 000 or crimestopperstas.com.auAny concerns or incidents involving government employees can be reported directly to the Integrity Commission or the Office of the Independent Regulator.The Tasmanian Government’s Keeping Children Safe website is available at https://keepingchildresafe.tas.gov.au/Support for victim survivors, if required, is available through Arch or via https://keepingchildrensafe.tas.gov.au/get-support/

    MIL OSI News

  • MIL-OSI Australia: UPDATE: Driver reported over serious crash at Newton

    Source: New South Wales – News

    Police are investigating a serious crash at Newton earlier today.

    About 8.50am today Friday 9 May, emergency services were called to Montacute Road and Forest Avenue after reports a van had collided with two pedestrians.

    The female pedestrian, a 48-year-old woman from Newton suffered life-threatening injuries and was conveyed to hospital.

    The male pedestrian, a 51-year-old man from Newton was conveyed to hospital with significant injuries.

    The driver of the van, a 91-year-old-man from Rostrevor was conveyed to hospital for mandatory blood tests.

    Major Crash Officer attended at the scene and investigated the crash and as a result the driver has been interviewed and reported for two counts of dangerous driving and issued an indefinite Instant Loss of Licence.

    He will be summonsed to court at a later date.

    MIL OSI News

  • MIL-OSI Australia: New Clarkson playground links accessibility and adventure

    Source: South Australia Police

    The all-abilities playground at Riverlinks Park in Clarkson is built for every young adventurer, with a range of play spaces and equipment that integrates learning with play.

    The one-of-a-kind playground includes five themed play areas with equipment that caters to users with diverse physical, sensory and cognitive needs.

    The fully enclosed playground also has a secure play area for enhanced safety and quiet zones for rest and relief.

    It also features the City’s first communication board, created in collaboration with All Abilities Australia to support non-verbal users.

    Wanneroo Deputy Mayor James Rowe said it was fantastic to deliver an accessible and inclusive play space for visitors from our community and beyond to enjoy.

    “This facility is more than a play space; it is a place where children can feel a sense of belonging and safety,” he said.

    “We are grateful to have received a funding contribution of $2.6 million from the WA Government, administered through the Department of Local Government, Sport and Cultural Industries.

    “This shared investment reflects our joint commitment to supporting the wellbeing of our community and ensuring everyone can enjoy the City of Wanneroo.”

    Minister for Transport, Sport and Recreation, the Hon Rita Saffioti MLA, said supporting projects like this demonstrated the WA Government’s dedication to creating more purpose-built, inclusive places and spaces that children and families can access to stay active and healthy.

    “Using feedback from the local community, the result is an asset accessible to all children, including those with mobility issues and those with cognitive, sensory or social-emotional challenges,” she said.

    “Exploring and enjoying interesting outdoor spaces is an important part of childhood and I congratulate the City of Wanneroo for their commitment to this project.”

    Construction of a Universal Access Toilet was finished this month, marking completion of this important project.

    MIL OSI News

  • MIL-OSI Australia: Serious crash at Newton

    Source: New South Wales – News

    Police and emergency services are at the scene of a serious crash at the intersection of Montacute Road and Forest Avenue, Newton.

    About 8.50am this morning Friday 9 May, emergency services were called to reports of a serious crash involving a vehicle and two pedestrians.

    Police ask all road users to avoid the area where possible.

    MIL OSI News

  • MIL-Evening Report: Glyn Davis to quit as the prime minister’s top public servant

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    Glyn Davis, Anthony Albanese’s hand-picked Secretary of the Department of the Prime Minister and Cabinet, will leave the post on June 16.

    Albanese paid tribute to Davis for rebuilding the public service.

    “One of the key priorities of our government’s first term was rebuilding the capacity of the Australian Public Service,” the PM said in a statement.

    “This included rebuilding the confidence of people who worked in the APS, making sure they understood that the government valued their ideas, respected their hard work and recognised their vital role in our democracy.”

    Albanese said Davis had “worked calmly and steadily to reassert the purpose of the public service”.

    He described Davis as “a man of unique strengths: an intellectual who embraces the practical, an institutionalist who champions reform.

    “To his enduring credit, he leaves a great national institution in far better shape than he found it, to the benefit of all Australians.”

    Davis, who has written extensively on public policy, had a long career in academia before taking the PM&C post. He was vice-chancellor of the University of Melbourne, where he undertook major reform.

    Earlier, he had served the Queensland Labor governments of Wayne Goss and Peter Beattie.

    His wife, Margaret Gardner, is former vice-chancellor of Monash University, and presently is Governor of Victoria.

    Among the Albanese government’s public service reforms has been stripping back the use of consultants, bringing more work in-house.

    The public service became a frontline issue at the election with the opposition promising a big cut to its size.

    Davis said on Friday that he planned to take “a break, some time to think and write, some more involvement in the arts, and a moment to reflect on how best to contribute”.

    He remains a visiting professor in the Blavatnik School at Oxford and hopes to spend some time there. “And I will get involved in some research projects at Melbourne also.” But he was not leaving one role for another, he added.

    Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    ref. Glyn Davis to quit as the prime minister’s top public servant – https://theconversation.com/glyn-davis-to-quit-as-the-prime-ministers-top-public-servant-255961

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Australia: 147-2025: Services Restored: Friday 09 May 2025 – Multiple Systems

    Source: New South Wales Government 2

    09 May 2025

    Who does this notice affect?

    Approved arrangements operators, customs brokers, importers, manned depots, and freight forwarders who are required to book and manage requests for inspections through the Biosecurity Portal using the ‘Sign in with your Digital ID’ (myID) pathway.

    Approved arrangement operators attempting to access online reports of entries referred to the department for biosecurity assessment, or management under a class 19 Approved Arrangement,…

    MIL OSI News

  • MIL-OSI United Kingdom: British High Commission Honiara celebrates VE Day 80 with Service

    Source: United Kingdom – Executive Government & Departments

    World news story

    British High Commission Honiara celebrates VE Day 80 with Service

    The ceremony involved wreath laying by invited guests, including the Governor General of Solomon Islands, His Excellency David Kapu and other dignitaries.

    Wreaths laid to honour those who have sacrificed their lives for our freedoms today.

    On Thursday 8 May, the British High Commission in Solomon Islands celebrated Victory in Europe (VE) Day 80 years on from when the Second World War ended in Europe.

    Held at the High Commissioner’s official residence at Tanuli in Honiara, the ceremony involved the laying of wreathes by invited guests, including the Governor General of Solomon Islands, H.E David Kapu; Australian High Commissioner to Solomon Islands H.E Rod Hilton and his Acting Defence Advisor Bret Verity and New Zealand High Commissioner to Solomon Islands H.E Jonathan Curr.

    Others included the Japanese Ambassador H.E Keiichi Higuchi; United States Chargée d’Affaires Ms Kristine Marsh, Reverend Wilfred Kekea from the Anglican Church of Melanesia; Westminster Foundation for Democracy Country Director Vatina Devesi; Rosalind Manekaea from the Guides and Joe Billy Oge from the Scout Movement.

    Speaking at the service British High Commissioner to Solomon Islands and Non-Resident High Commissioner to Nauru, His Excellency Paul Turner said:

    More than ever, it is important to remember and honour those who sacrificed their lives to fight fascism in Europe. The war in Ukraine and the unprovoked attack by Russia showed that peace and security in Europe and across the world was in a perilous state. Systems of international law and justice – which we had grown up with since the end of World War II – were now under attack from regimes such as the one in Russia.

    The war in the Far East did not end until 15 August 1945, when Japan surrendered, which was celebrated across the world as ‘Victory over Japan’ (VJ Day). The 80th anniversary of VJ Day takes place on Friday 15 August 2025, commemorating the end of the Second World War.

    The Second World War touched every aspect of life and had a devastating impact on those who experienced it, and for the generations after. From the sailors, soldiers and aviators who fought, to children who were evacuated, and all those who stepped into essential roles on the home front, we owe it to the Second World War generation who 80 years ago fought for our freedom and paid the ultimate sacrifice in giving generations lasting peace.

    Through a series of national and local events, we unite to pay tribute to the millions of people across the UK and Commonwealth who served in the Second World War as well as echoing the same celebrations 80 years ago as the population welcomed the end of the war.

    While VE and VJ Day 80 have been an opportunity for celebration, as it was across the streets of Britain in 1945, these commemorations were also one of the last opportunities to honour our living Second World War veterans.

    There is also a younger generation for whom the events of the Second World War – the sacrifices made, and the reasons for them – seem like distant history. It will be a time for us to come together to listen to their stories and reflect on their values that ensured the Allied victory – service and selflessness across our nation.

    In an increasingly uncertain and fragmented world, this anniversary has never been more important. It is only by learning from conflicts such as the Second World War and listening to their devastating effects from those who experienced them, that we bring to life the realities of war, especially for younger generations, so that they can learn about the horrors that it entailed and the sacrifices necessary to preserve peace and freedom.

    This year is particularly poignant, as it is one of the last opportunities to honour the living Second World War veterans, who fought so hard to preserve peace and freedom that enables our shared way of life.

    It is vital that we learn from their stories and ensure they are told to generations to come, in order that younger generations understand what they were fighting for and the horrors that conflicts on this scale can bring.

    Updates to this page

    Published 9 May 2025

    MIL OSI United Kingdom

  • MIL-OSI Australia: Woodend welcomes new medium tanker and rehab unit

    Source:

    Woodend brigade members and local dignitaries

    Woodend Fire Brigade has welcomed a new medium tanker and rehab unit vehicle to their engine bay, celebrating the official handover with brigade members and local dignitaries.

    Gathering at the fire station today (9 May), Woodend Brigade Captain Steve Ritchie, who has been involved with the brigade for 31 years, said the brigade feels proud to have a modernised firefighting fleet.  

    The medium tanker is a state-of-the-art firefighting vehicle, equipped with a 2,650 litre water capacity that allows for rapid and controlled suppression of fires directly from the vehicle.       

    “Our old tanker served us well for 25 years, but this new vehicle provides advanced capabilities and ensures safe transport to and from incident sites,” Steve said.  

    “It’s a game changer for us. This tanker is a four-wheel drive and comfortably seats a crew of five, whereas our old tanker was a two-wheel drive and had our crews squished in together or travelling on the back of the truck,” Steve said.  

    The new rehab unit will replace their existing one and is better equipped to monitor and maintain firefighter health on the fire ground.  

    “We’ve replaced our makeshift unit with a purpose-built vehicle that provides enhanced safety and comfort for our team,” Steve said.  

    “It comfortably seats four crew members with its twin cabin and is better configured to store health monitoring systems, lighting, cool chairs, water, wash facilities, salt and sugar boosters, and first aid kits” 

    “It will significantly improve onsite health support for firefighters ensuring our members have a safe space to rest and recover during prolonged incidents 

    “Responding to more than 230 call outs over the past two years, the streamlined configuration of both vehicles will significantly help with our crew’s communication and teamwork when responding to incidents.” 

    CFA District 2 Commander Hugh Kelly congratulated the brigade on their new additions.  

    “These vehicles are a testament to the dedication of the Woodend Fire Brigade and the community that supports them,” Hugh said.  

    “Both additions will be valuable assets to help keep the local community safe, while also ensuring the safety and wellbeing of brigade members. 

    ” The new medium tanker and rehab unit were made possible through the Victorian Government’s Volunteer Emergency Services Equipment Program (VESEP) and significant brigade contributions from community and business donations.   

    Submitted by CFA Media

    MIL OSI News

  • MIL-OSI Australia: Disqualified driver charged with multiple driving offences

    Source: New South Wales Community and Justice

    Disqualified driver charged with multiple driving offences

    Friday, 9 May 2025 – 2:18 pm.

    A 30-year-old Scottsdale man has had his vehicle confiscated indefinitely and been charged with multiple driving offences after he was arrested in Scottsdale on Wednesday morning. 
    Police will allege the man, who was disqualified from driving, drove an unregistered motor vehicle in the Launceston and Scottsdale areas multiple times over the previous week. 
    The man has been charged with three counts of driving whilst disqualified, three counts of driving an unregistered motor vehicle and three counts of driving a motor vehicle with no premium cover. The vehicle was also bearing a false registration plate.   
    If you witness dangerous driving on our roads please report to police on 131 444 or Triple Zero (000) in an emergency. 
    Matters can also be reported online at – police.tas.gov.au/services-online/dangerous-driving-report

    MIL OSI News

  • MIL-Evening Report: It’s almost winter. Why is Australia still so hot?

    Source: The Conversation (Au and NZ) – By Andrew King, Associate Professor in Climate Science, ARC Centre of Excellence for 21st Century Weather, The University of Melbourne

    This year, for many Australians, it feels like summer never left. The sunny days and warm nights have continued well into autumn. Even now, in May, it’s still unusually warm.

    Much of the southern half of the continent is experiencing both unseasonable warmth and dry conditions. This is linked to persistent high atmospheric pressure (called “blocking”) to the south and southeast of Australia.

    While temperatures will fall across southern Australia as we approach the winter solstice, early indications are that this winter will be a warm one. Rainfall predictions are less certain.

    The extra warmth we’ve experienced raises obvious questions about the influence of human-caused climate change. The warming signal is clear and it’s a sign of things to come.

    A warm and dry autumn for many

    March and April brought unseasonal heat to much of Australia.

    March was widely hot, with temperatures several degrees above normal across much of the country. But April’s heat was largely restricted to the southeast.

    Australia had its hottest March on record and the heat has continued, especially in Victoria and parts of New South Wales.
    Bureau of Meteorology

    Victoria had its warmest April on record, and parts of the state experienced temperatures more than 3°C above normal across both March and April.

    Temperatures normally fall quite quickly over the southeast of Australia during April and May as the days shorten and the continent’s interior cools. But this year, southern Australia was unusually warm at the start of May. Some locations experienced days with maximum temperatures more than 10°C above normal for the time of year.

    Records were broken in Hobart and parts of Melbourne, which had their warmest May nights since observations began.

    The start of May saw daytime maximum temperatures across much of Australia well above average for the time of year.
    Bureau of Meteorology

    While Queensland and the New South Wales coast have had very wet spells, including downpours from Tropical Cyclone Alfred at the start of March, other parts of Australia have been quite dry.

    The area between Adelaide and Melbourne has been exceptionally dry. A drought is unfolding in the region after a severe lack of rainfall, with deficits stretching back over the past year or so. Western Tasmania is also suffering from a severe lack of rainfall since the start of autumn, although welcome rain fell in the past week.

    And it’s not just on land that unusual heat has been observed. The seas around Australia have been warmer than normal, causing severe coral bleaching to the west and east of the continent, harmful algal blooms and other ecosystem disruptions.

    Warm seas likely triggered the microalgal bloom in coastal waters of South Australia.
    Anthony Rowland

    Blocking highs largely to blame

    A high pressure system has dominated over the south and southeast of Australia over the past few months.

    High pressure in the Tasman Sea can sometimes get stuck there for a few days. This leads to what’s known as “blocking”, when the usual passage of weather systems moving from west to east is obstructed. This can lock in weather patterns for several days or even a week.

    Repeated blocking occurred this autumn. As winds move anticlockwise around high pressure systems in the Southern Hemisphere, blocking highs in the Tasman Sea can bring moist, onshore winds to the New South Wales and Queensland coasts, increasing rainfall. But such high pressure systems also bring drier conditions for the interior of the southeast and much of Victoria and South Australia.

    Often, these high pressure systems also bring northerly winds to Victoria, and this can cause warmer conditions across much of the state.

    High pressure systems also tend to bring more clear and sunny conditions, which increases daytime temperatures in particular. Air in high pressure systems moves down towards the surface and this process causes warming, too.

    Australia sits between the Pacific and Indian Oceans and is subject to their variability, so we often look there to help explain what’s happening with Australia’s climate. In autumn though, our climate influences, such as the El Niño-Southern Oscillation and the Indian Ocean Dipole, are less active and have weaker relationships with Australian climate than at other times of year. Neither of these climate influences is in a strong phase at the moment.

    A warm winter on the cards

    One big question is how long the heat will last. In parts of southeast Australia, including Melbourne, average temperatures drop quickly at this time of year as we approach the winter solstice.

    However, the seasonal outlook from the Bureau of Meteorology points to a high likelihood of a relatively warm winter.

    Australians rarely escape having a winter without any significant cold spells, but the long-range forecast suggests we should anticipate above-normal temperatures on average. Both daytime maximum temperatures and nighttime minimum temperatures are expected to be above average generally this winter.

    Climate and water long-range forecast, issued 1 May 2025 (Bureau of Meteorology)

    Global warming is here

    The elephant in the room is climate change. Human-caused climate change is increasing autumn temperatures and the frequency of late season heat events. As greenhouse gas emissions continue at a record pace, expect continued warming and a greater chance of autumn heatwaves in future.

    The effect of climate change on rainfall is less clear though. For the vast majority of Australia, there is high uncertainty as to whether autumn will become wetter or drier as the world warms.

    Andrew King receives funding from the ARC Centre of Excellence for 21st Century Weather and the National Environmental Science Program.

    ref. It’s almost winter. Why is Australia still so hot? – https://theconversation.com/its-almost-winter-why-is-australia-still-so-hot-256071

    MIL OSI AnalysisEveningReport.nz