NewzIntel.com

Category: Australia

  • MIL-OSI Australia: A century of service for Nyah Nyah West

    Source:

    Nyah Nyah West brigade members

    Nyah Nyah West Fire Brigade has proudly marked 100 years of service over the weekend, celebrating the centenary with a community open day, luncheon and medal presentation.

    More than 70 community members attended the anniversary event on Sunday, 27 April to thank volunteers for their dedication.  

    Nyah Nyah West Fire Brigade Captain Phillip Maher said he is very proud to have led the brigade through this significant milestone.  

    “The brigade has been such an important part of the town since 1925, and we hope to see it remain that way for the next 100,” Phillip said.  

    Before amalgamating as a single brigade in July 2012 when it was decided there would no longer be urban and rural fire brigades within the CFA, previously, the brigade was made up of the Nyah West Urban Fire Brigade and the Nyah Rural Fire Brigade. 

    Following in his father’s footsteps, Phillip has dedicated thirty years to the brigade and is now in his fifth year of captaincy. Over this time, Phillip has witnessed the restructure firsthand, alongside technological advancements and improvements that have shaped the brigade into what it is today.  

    “With both brigades working closely together previously out of the same building, it was a fairly smooth transition”, Phillip said.  

    “It’s incredible to see how far we have come from what was two small brigades into now one strong, united team.”  

    The brigade has seen significant fleet and uniform upgrades over the years.  

    “We are very privileged to have a modern firefighting fleet, with diesel-powered trucks and a four-wheel drive vehicle. They are a bit different from the trucks we used back in the day,” Phillip said. 

    “When I started, we would turn up in our workwear or whatever was on the truck. Now, we’ve got appropriate uniforms, structural gear and helmets.”  

    The brigade has responded to several significant fires over their 100 years of dedication. 

    “From the 1983 Ash Wednesday fires to the 2003 Victorian Alpine bushfires, 2019/2020 bush fires and more recently the Grampians and Little Desert fires, our crews have stepped in to help,” Phillip said. “We are really proud to still be here serving the community one hundred years later. It’s a credit to every member, past and present, who has worn the uniform and stood up for the community.”  

    As Nyah Nyah West Fire Brigade enters its second century, Phillip hopes to see recruitment numbers and local engagement continue to rise.  

    “Everybody is always welcome, and no contribution is too small.” 

    Submitted by CFA Media

    MIL OSI News –

  • MIL-OSI Australia: Woman in court for breaching reporting obligations

    Source: New South Wales – News

    A woman will appear in court today charged with breaching the conditions of her reporting obligations.

    Yesterday, 30 April, officers from SAPOL’s Public Protection Branch, arrested a 34-year-old woman from the north-eastern suburbs.

    She was charged with breaching her court bail and two counts of breaching her ANCOR reporting conditions.

    She was refused police bail and will appear in the Adelaide Magistrates Court today, Thursday 1 May.

    Detective Chief Inspector Naomi Oberscheidt, Officer in Charge Offender Management Section states, “Members of the public who have information about people involved in child abuse and exploitation are urged to call Crime Stoppers on 1800 333 000 or www.accce.gov.au/report If you know abuse is happening right now or a child is at risk, call police immediately on Triple Zero (000).”

    CO2500017646

    PLEASE NOTE: CONFIDENTIALITY OF ANCOR INFORMATION

    It is an offence against Section 67 of the Child Sex Offenders Registration Act for a person to disclose information obtained under the Act which includes the name of a registrable offender. It is also an offence against Section 68 of the Child Sex Offenders Registration Act 2006 to publish by newspaper, radio, television or in any other way, information that has been disclosed in contravention of Section 67.

    MIL OSI News –

  • MIL-OSI Australia: New development to transform the City Centre

    Source: Northern Territory Police and Fire Services

    Our CBR is the ACT Government’s key channel to connect with Canberrans and keep you up-to-date with what’s happening in the city. Our CBR includes a monthly print edition, email newsletter and website.

    You can easily opt in or out of the newsletter subscription at any time.

    MIL OSI News –

  • MIL-OSI Australia: Work underway at two Tuggeranong shopping centres

    Source: Northern Territory Police and Fire Services

    Public space upgrades are being carried out at Lanyon Marketplace in Conder.

    In brief:

    • Improvements are being made at several local shops across Canberra.
    • Public space improvements will improve safety, accessibility, look and feel.
    • This story looks at work taking place at two shopping areas in Tuggeranong.

    Have you noticed some work going on at the shops lately?

    Several local shopping areas across Canberra are receiving a bit of a facelift through important public space upgrades.

    Two of these are in Tuggeranong:

    • Calwell Group Centre
    • Lanyon Marketplace.

    Some of the upgrades include new play equipment, more places to sit and gather and improved access and parking.

    You can also expect improvements to each centre’s overall look and feel, through the addition of new trees and landscaping.

    It’s hoped these improvements will encourage residents to shop local and spend more time in their suburbs.

    Community consultation

    Each project has involved community engagement.

    Community groups and local businesses have shared feedback on the changes they’d like to see. This has informed individual designs.

    You can find more on the consultation process and feedback received for each project by clicking on the links below.

    Calwell Group Centre

    Upgrades are underway on the public spaces at Calwell shops on Webber Crescent.

    Key features include:

    • new seating and tables
    • an improved playground with nature play and accessible play elements
    • new accessible parking bays
    • extra trees and better landscaping, including raised planting beds
    • improved pedestrian access, including paths and safe crossing points
    • resurfacing of the carpark and service area with wider medians and more tree plantings
    • lighting and accessibility upgrades to the laneway between the swim school and the aged care facility
    • the addition of a service gate to restrict parkland access.

    Find out more about the improvements at Calwell Group Centre.

    Lanyon Marketplace

    Public space upgrades are being carried out at Lanyon Marketplace in Conder.

    Key features include:

    • new seating providing spaces to sit and gather
    • more trees and better landscaping
    • improved access for pedestrians, including paths, pram ramps and safe crossing points
    • a new raised intersection at Balcombe and Sidney Nolan streets, including a new pedestrian crossing.
    • additional parking spaces on Sidney Nolan Street.

    Find out more about the improvements at Lanyon Marketplace.

    Monash shops

    Minor improvements at the Monash Commercial Centre were completed recently.

    Find out more about the work at Monash shops.

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    MIL OSI News –

  • MIL-Evening Report: 3 years on from the ‘integrity’ election, how is Australia tracking on corruption reforms?

    Source: The Conversation (Au and NZ) – By Kate Griffiths, Democracy Deputy Program Director, Grattan Institute

    Taras Vyshnya/Shutterstock

    At the last federal election, the then opposition leader Anthony Albanese pledged to “change the way politics operates in this country”. Integrity was a key issue in 2022, and Australians voted for a change of government and a wave of independents who championed anti-corruption reforms.

    Labor’s election commitments included a federal corruption commission “with teeth” and the powers to hold public hearings. The new government was subsequently held to account by crossbenchers who were elected on platforms of integrity and honesty in politics.

    Three years on, how much progress has been made on those promised changes?

    Australia has made significant headway on some of these fronts, while others are still in progress or have stalled. Whoever forms government after Saturday will need to stay the course on many of these reforms and lift its game on others.

    Corruption watchdog

    Australia now has a National Anti-Corruption Commission(NACC), a huge reform for public accountability.

    However, compromises were made on the promised model, most notably that the Commission only has the power to hold public hearings in “exceptional circumstances”.

    The NACC has been fairly quiet in its first two years in operation – not surprising given the time it takes to establish itself and wade through a mountain of potential investigations.

    But it did raise its head above the parapet with a decision not to investigate the Robodebt royal commission referrals, which drew so many complaints the decision was independently reviewed, and subsequently reversed.

    It is too soon to assess the success of the NACC, but we have seen some improvement in Australia’s Corruption Perceptions Index in recent years, which is at least partly attributed to its establishment.

    Other progress

    The Albanese government has also made progress on reducing vested-interest influence in our politics. Under the Electoral Reform Bill passed in February this year, Australians will now get better and more timely information on political donations. The new caps on electoral expenditure put a ceiling on the fundraising “arms race”.

    These are important steps forward. But the bill also takes a step back. It favours incumbents, which will make it harder for new entrants to contest elections. The changes don’t come into effect until July 1 next year, so there is still time for the next parliament to amend the rules.

    Finally, progress was made on appointments to the Administrative Appeals Tribunal, which Labor claim had become highly politicised by the Morrison government.

    That tribunal was abolished and replaced with a new body, the Administrative Review Tribunal.

    Where are we now?

    On the eve of the 2025 election, Australia’s institutions are generally strong, outperforming many of our international peers.

    But we cannot afford to be complacent. The global context is increasingly alarming, with the international rules-based order under siege. Democracy is more fragile than ever.

    Australians generally trust that government will protect lives in an emergency, and that it takes decisions based on evidence. But they are more sceptical when it comes to corporate influence in politics, and misuse of public office for personal or political gain.

    5 priorities for action

    There are several things the next government can do to maintain trust and confidence in our institutions.

    The first is to stay the course on the NACC as it builds trust with the Australian people. This will take time, and increased public engagement, particularly through its corruption prevention outreach.

    Second, amending the recent electoral reforms would level the playing field for new candidates. The total cap of $90 million for electoral expenditure by a political party is too high. And the per-seat cap of $800,000 is too low, advantaging incumbents over new entrants, who typically need to spend more to
    introduce themselves to their electorates.

    There are also loopholes in the legislation that benefit the major parties by allowing the donations cap and disclosure threshold to apply separately to each branch of a party.

    Third, it would be timely to take a closer look at government advertising. Parliament should tighten the rules to ensure that taxpayer-funded advertising can’t be used to spruik the government of the day.

    Fourth, the government has the opportunity to build on the abolition of the Administrative Appeals Tribunal, by extending best-practice processes to all public appointments. And it should make public grants processes more open and competitive.

    These reforms would support confidence in our institutions, ensure taxpayers get better value for money, and reduce opportunities for “jobs for mates” and “pork-barrelling”, which are particularly corrosive to public trust.

    Finally, the government can do more to reduce vested-interest influence in politics. Ministerial diaries should be published to improve transparency of lobbying activity.

    Gambling is one example of a powerful industry swaying policy in its favour. Consumer protections to prevent gambling harm are weak, despite the compelling case for reform. Government should be taking action in the public interest.

    Collectively, these reforms would have very little budgetary impact. But they could substantially improve confidence in our policy-making institutions, which should be a clear priority for whoever forms government after Saturday.

    The Grattan Institute began with contributions to its endowment of $15 million from each of the Federal and Victorian Governments, $4 million from BHP Billiton, and $1 million from NAB. In order to safeguard its independence, Grattan Institute’s board controls this endowment. The funds are invested and contribute to funding Grattan Institute’s activities. Grattan Institute also receives funding from corporates, foundations, and individuals to support its general activities as disclosed on its website.

    – ref. 3 years on from the ‘integrity’ election, how is Australia tracking on corruption reforms? – https://theconversation.com/3-years-on-from-the-integrity-election-how-is-australia-tracking-on-corruption-reforms-255635

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Savvy athletes and new technology are flipping traditional sports marketing on its head

    Source: The Conversation (Au and NZ) – By John Cairney, Professor and Head of Human Movement and Nutrition Sciences; Director, The Queensland Centre for Olympic and Paralympic Studies, The University of Queensland

    Not so long ago, life was pretty simple for sports leagues and teams when it came to connecting with fans: the contests and athletes were the stars of the show, with the on-field action covered and celebrated by sports media accordingly.

    Things are rapidly changing.

    Sport used to primarily be about performance, competition and entertainment. Now, sport and the athletes who play it are often dynamic media platforms.

    This paradigm shift is being driven by the convergence of artificial intelligence (AI), data mining, immersive technology and the creator economy. Each exposes anomalies in the old model and demands a new framework for how sport is consumed, valued and organised.



    Read more:
    The social media games: why sports teams and leagues aren’t just competing on the field

    A changing landscape

    In today’s modern sporting landscape, many leagues, teams and even mega-events are fully functioning media companies.

    Athletes are both product and producer.

    They not only generate performance-based content (highlights, stats) but also personal narratives, political positions, or cultural influence.

    They are creators and media entities in the full sense — with their own brands, platforms and followers.

    Professional leagues and events must reckon with the power shift these actions imply.

    There is extraordinary opportunity in leveraging athletes’ identities for deeper fan engagement. But there is also caution: narratives may not always align with league and team/owner agendas.

    Consider some recent examples.

    Former No. 1-ranked women’s tennis player Naomi Osaka used her platforms to create a brand that spans fashion, media and activism.

    Her 2021 withdrawal from the French Open, which she announced on her own terms on social media, stemmed from her decision to skip post-match press conferences to protect her mental health.

    Osaka’s move highlighted both the opportunity created by authentic, athlete-driven engagement and the challenge it posed to traditional tournament control.

    In 2024, Shohei Ohtani, the Japanese baseball phenomenon, offered a different but related case.

    A dominant pitcher and elite hitter, Ohtani signed a record-breaking US$700 million (A$1.1 billion) contract with the Los Angeles Dodgers, the most lucrative deal in baseball history.

    Since joining the Dodgers, he has tightly curated his public image, favouring controlled, self-managed media content over traditional press access.

    His control over access and messaging means the Dodgers and Major League Baseball can’t fully shape his story.

    Ash Barty’s post-retirement career offers a compelling Australian parallel.

    Since stepping away from tennis in 2022 while ranked No. 1, Barty has carefully balanced commercial endorsements, a memoir and media appearances.

    Like Osaka and Ohtani, Barty’s example speaks to a new form of athlete agency: one where narrative control, emotional transparency and strategic silence all play a role in reshaping sport’s public conversation.

    All these cases illustrate a shifting paradigm — where athletes are no longer just performers but powerful media outlets, often with more influence than the familiar institutions they represent.

    The influence of AI

    This opens important questions around ownership, intellectual property, image rights and the ethical stewardship of public platforms.

    It also means if athletes, players and leagues are media companies, monetisation is a function — but not the sole purpose. Successful media ecosystems don’t just sell content, they also build belonging.

    This means investing in and influencing community, culture and shared values — not just launching branded apps, paid streaming services, or spin-off content that extend the brand.

    AI, in this context, becomes a community-builder, not just a recommendation engine. Its ability to support personalised experiences and micro-segmented fan journeys allows for mass intimacy: experiences that feel deeply individual yet can be scaled broadly.

    With the help of data and machine learning, leagues and teams can now deliver mass customisation not just of products but of experiences and narratives — tailoring highlight reels, merchandise, content and even storylines for each fan. This shift enables a deeper, more emotional form of engagement.

    The National Basketball Association (NBA)’s upgraded app and NBA ID platform bring this to life, using Microsoft Azure AI to serve fans personalised highlight reels, real-time stat overlays and exclusive content based on their favourite teams and players.

    These “fan journeys of one” show how leagues can turn data into connection — building not just audiences but communities, powered by AI.

    As to what the future may hold, some key questions in this space are:

    • How does AI reshape the power dynamics between leagues, athletes and fans?
    • What new business models will emerge when the fan is also a co-creator?
    • Can AI be used to foster social good through sport, not just drive engagement metrics?

    This ongoing tension between “brand-dom” (controlled or innovative messaging) and “fandom” (grassroots, emotionally driven engagement) will continue to evolve as technology also evolves.

    Sport’s future won’t just be something we watch — it will be shaped by fans, athletes and technology working together, and it will keep changing faster than ever.

    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. Savvy athletes and new technology are flipping traditional sports marketing on its head – https://theconversation.com/savvy-athletes-and-new-technology-are-flipping-traditional-sports-marketing-on-its-head-254596

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Aimfinity Investment Corp. I Announces Transition from Nasdaq to OTC Markets and New Monthly Extension for Business Combination

    Source: GlobeNewswire (MIL-OSI)

    Wilmington, DE, April 30, 2025 (GLOBE NEWSWIRE) — Aimfinity Investment Corp. I (the “AIMA”) (Nasdaq: AIMAU), a special purpose acquisition company, today announced that, as anticipated, AIMA received a notice from The Nasdaq Stock Market LLC (“Nasdaq” or the “Exchange”), stating that in accordance with Nasdaq rules, its securities will be delisted from the Exchange. At the open of trading on Monday, May 5, 2025, AIMA’s securities will be suspended on Nasdaq and are expected to begin trading on the OTC Markets under the tickers “AIMAU,” “AIMBU,” and “AIMAW”, for its units, new units and warrants, respectively.

    AIMA’s previously announced business combination (the “Business Combination”) with Docter Inc. (“Docter”), a Taiwanese health technology company, which received shareholder approval on March 27, 2025, will not be materially affected by the venue change, as AIMA and Docter remain committed to working closely to secure Nasdaq listing approval for the post-combined entity and to close the Business Combination as soon as practicable.

    In addition, in order to extend the date by which AIMA must complete the Business Combination from April 28, 2025 to May 28, 2025, on April 28, 2025, I-Fa Chang, manager of the sponsor of AIMA, deposited into AIMA’s trust account (the “Trust Account”) an aggregate of $55,823.80, or $0.05 per Class A ordinary share held by public shareholders of AIMA (the “Monthly Extension Payment”).

    Pursuant to AIMA’s fourth amended and restated memorandum and articles of association (“Current Charter”), effective January 9, 2025, AIMA may extend the date by which AIMA must complete the Business Combination on a monthly basis from January 28, 2025 until October 28, 2025 or such earlier date as may be determined by its board of directors by depositing the Monthly Extension Payment for each month into the Trust Account. This is the fourth of nine monthly extensions available under the Current Charter of AIMA.  

    About Aimfinity Investment Corp. I

    Aimfinity Investment Corp. I is a special purpose acquisition company (SPAC) focused on merging with high-growth potential businesses and facilitating their entry into the capital markets.

    About Docter Inc.

    Docter Inc. is a leading health technology company dedicated to developing innovative health monitoring solutions that enhance the accessibility and efficiency of global healthcare services.
      

    Additional Information and Where to Find It

    As previously disclosed, on October 13, 2023, AIMA entered into that certain Agreement and Plan of Merger (as may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and between AIMA, Docter, Aimfinity Investment Merger Sub I, a Cayman Islands exempted company and wholly-owned subsidiary of AIMA (“Purchaser”), and Aimfinity Investment Merger Sub II, Inc., a Delaware corporation and wholly-owned subsidiary of Purchaser (“Merger Sub”), pursuant to which AIMA is proposing to enter into a business combination with Docter involving an reincorporation merger and an acquisition merger. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. AIMA’s shareholders and other interested persons are advised to read, when available, the proxy statement/prospectus and the amendments thereto and other documents filed in connection with the proposed business combination, as these materials will contain important information about AIMA, Purchaser or Docter, and the proposed business combination. The proxy statement/prospectus and other relevant materials for the proposed business combination have been mailed to shareholders of AIMA as of the record date of February 25, 2025, established for voting on the proposed business combination. Such shareholders will also be able to obtain copies of the proxy statement/prospectus and other documents filed with the SEC, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to AIMA’s principal office at 221 W 9th St, PMB 235 Wilmington, Delaware 19801.

    Forward-Looking Statements

    This press release contains certain “forward-looking statements” within the meaning of the Securities Act of 1933, as amended (the “Securities Act”) and the Securities Exchange Act of 1934, as amended. Statements that are not historical facts, including statements about the proposed transactions described herein, and the parties’ perspectives and expectations, are forward-looking statements. Such statements include, but are not limited to, statements regarding the proposed transaction, including the anticipated initial enterprise value and post-closing equity value, the benefits of the proposed transaction, integration plans, expected synergies and revenue opportunities, anticipated future financial and operating performance and results, including estimates for growth, the expected management and governance of the combined company, and the expected timing of the proposed transactions. The words “expect,” “believe,” “estimate,” “intend,” “plan” and similar expressions indicate forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to various risks and uncertainties, assumptions (including assumptions about general economic, market, industry and operational factors), known or unknown, which could cause the actual results to vary materially from those indicated or anticipated.

    Such risks and uncertainties include, but are not limited to: (i) risks related to the expected timing and likelihood of completion of the proposed business combination, including the risk that the transaction may not close due to one or more closing conditions to the transaction not being satisfied or waived, such as regulatory approvals not being obtained, on a timely basis or otherwise, or that a governmental entity prohibited, delayed or refused to grant approval for the consummation of the transaction or required certain conditions, limitations or restrictions in connection with such approvals; (ii) risks related to the ability of AIMA and Docter to successfully integrate the businesses; (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the applicable transaction agreements; (iv) the risk that there may be a material adverse change with respect to the financial position, performance, operations or prospects of AIMA or Docter; (v) risks related to disruption of management time from ongoing business operations due to the proposed transaction; (vi) the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of AIMA’s securities; (vii) the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Docter to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on their operating results and businesses generally; (viii) risks relating to the medical device industry, including but not limited to governmental regulatory and enforcement changes, market competitions, competitive product and pricing activity; and (ix) risks relating to the combined company’s ability to enhance its products and services, execute its business strategy, expand its customer base and maintain stable relationship with its business partners.
       
    A further list and description of risks and uncertainties can be found in the prospectus filed with the Securities and Exchange Commission (the “SEC”) on April 26, 2022 relating to AIMA’s initial public offering (File No. 333-263874), the annual report of AIMA on Form 10-K for the fiscal year ended on December 31, 2024, filed with the SEC on April 15, 2025, and in the final prospectus/proxy statement filed with the SEC on March 6, 2025 relating to the proposed transactions (File No. 333-284658) (the “Final Prospectus”), and other documents that the parties may file or furnish with the SEC, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and AIMA, Docter, and their subsidiaries or affiliates undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

    Additional Information and Where to Find It

    In connection with the proposed transactions described herein, Purchaser filed the Final Prospectus with the SEC on March 6, 2025. The proxy statement and a proxy card has been mailed to AIMA’s shareholders of record as of February 25, 2025. Shareholders of AIMA will also be able to obtain a copy of the Final Prospectus without charge from AIMA. The Final Prospectus may also be obtained without charge at the SEC’s website at www.sec.gov. INVESTORS AND SECURITY HOLDERS OF AIMA ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTIONS THAT AIMA WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT AIMA, DOCTER AND THE PROPOSED TRANSACTIONS. 

    Participants in the Solicitation

    AIMA, Docter, and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of AIMA’s shareholders in connection with the proposed transactions described herein. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of AIMA’s shareholders in connection with the proposed business combination is set forth in the Final Prospectus.

    No Offer or Solicitation

    This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of any potential transaction and does not constitute an offer to sell or a solicitation of an offer to buy any securities of AIMA, Purchaser or Docter, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act or an exemption therefrom.

    Contact Information:

    Aimfinity Investment Corp. I
    I-Fa Chang
    Chief Executive Officer
    221 W 9th St, PMB 235
    Wilmington, Delaware 19801
    ceo@aimfinityspac.com  

    The MIL Network –

  • MIL-OSI USA: SPC Severe Thunderstorm Watch 201

    Source: US National Oceanic and Atmospheric Administration

    Note:  The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports.
    SEL1

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Severe Thunderstorm Watch Number 201
    NWS Storm Prediction Center Norman OK
    710 PM CDT Wed Apr 30 2025

    The NWS Storm Prediction Center has issued a

    * Severe Thunderstorm Watch for portions of
    Eastern Arkansas
    Southeast Missouri
    Northwest Mississippi
    Western Tennessee

    * Effective this Wednesday evening from 710 PM until 1100 PM CDT.

    * Primary threats include…
    Scattered damaging wind gusts to 65 mph possible

    SUMMARY…A squall line will continue east into the Watch area this
    evening. Strong to severe gusts capable of wind damage will be the
    primary hazard with the more intense portions of the thunderstorm
    band.

    The severe thunderstorm watch area is approximately along and 40
    statute miles east and west of a line from 55 miles northeast of
    Walnut Ridge AR to 105 miles south southwest of Memphis TN. For a
    complete depiction of the watch see the associated watch outline
    update (WOUS64 KWNS WOU1).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

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

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 198…WW 199…WW 200…

    AVIATION…A few severe thunderstorms with hail surface and aloft to
    1 inch. Extreme turbulence and surface wind gusts to 55 knots. A few
    cumulonimbi with maximum tops to 450. Mean storm motion vector
    26025.

    …Smith

    Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
    SAW1
    WW 201 SEVERE TSTM AR MO MS TN 010010Z – 010400Z
    AXIS..40 STATUTE MILES EAST AND WEST OF LINE..
    55NE ARG/WALNUT RIDGE AR/ – 105SSW MEM/MEMPHIS TN/
    ..AVIATION COORDS.. 35NM E/W /49NE ARG – 23WNW SQS/
    HAIL SURFACE AND ALOFT..1 INCH. WIND GUSTS..55 KNOTS.
    MAX TOPS TO 450. MEAN STORM MOTION VECTOR 26025.

    LAT…LON 36688951 33638998 33639137 36689095

    THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
    COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
    FOR WOU1.

    Watch 201 Status Report Message has not been issued yet.

    Note:  Click for Complete Product Text.Tornadoes

    Probability of 2 or more tornadoes

    Low (10%)

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

    Low ( 65 knots

    Low (20%)

    Hail

    Probability of 10 or more severe hail events

    Low (10%)

    Probability of 1 or more hailstones > 2 inches

    Low (10%)

    Combined Severe Hail/Wind

    Probability of 6 or more combined severe hail/wind events

    Mod (60%)

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

    MIL OSI USA News –

  • MIL-OSI USA: Rosen Bipartisan Bill to Strengthen U.S. Telecommunications Against Foreign Adversaries Advances Out of Committee

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)

    WASHINGTON, DC – Today, in the U.S. Senate Commerce Committee, Senator Jacky Rosen (D-NV) helped advance legislation she introduced with Senator Deb Fischer (R-NE) to strengthen American telecommunications against foreign adversaries. The bipartisan Foreign Adversary Communications Transparency (FACT) Act would require the Federal Communications Commission (FCC) to publicly identify entities that hold FCC licenses, authorizations, or other grants of authority that are owned, wholly or partially, by foreign, adversarial governments. It now awaits consideration on the Senate floor.
    “We must protect our nation in every way we can from global adversaries who are trying to hack our systems and access our information,” said Senator Rosen. “I’m glad to see that our bipartisan bill to help protect our telecommunications systems from adversarial nations, including China, Russia, and Iran, passed out of committee today. I’ll keep pushing to secure our networks and strengthen our national security.”
    “We cannot let authoritarian and adversarial regimes like China and Russia continue to have silent footholds in our tech and telecommunications markets,” said Senator Fischer. “My bill will direct the FCC to evaluate the communications risks foreign ownership ties pose to America’s national security and ensure that we can respond to these threats. I’m grateful a bipartisan group of my colleagues voted yes on this legislation, and I look forward to its passage on the Senate Floor.”
    Senator Rosen has been pushing to reduce the influence of our adversaries and strengthen our national security. Earlier this month, her bipartisan bill to direct the U.S. Department of State and other federal agencies to assess and counter Hezbollah’s influence in Latin America advanced in committee. Rosen also helped introduce the bipartisan No Immigration Benefits for Hamas Terrorists Act to prevent any person who participated in Hamas’s October 7 terrorist attacks from entering the United States. Additionally, Senator Rosen introduced bipartisan legislation to prohibit the use of DeepSeek — a new artificial intelligence (AI) platform with direct ties to the Chinese Communist Party — on all government devices and networks.

    MIL OSI USA News –

  • MIL-OSI Australia: Screen Australia empowers 100+ distinctive Australian narratives

    Source: AMP Limited

    01 05 2025 – Media release

    All The Boys Are Here writer/director Goran Stolevski and It’s All Going Very Well No Problems At All writer/director/producer/star Tilda Cobham-Hervey (Tilda photo credit Matt Loxton).  
    Screen Australia has today announced a significant investment for local scripted projects, reflecting the agency’s commitment to rich Australian narrative content and meaningful creator pathways.
    Across feature film, television and online, $7.6 million has been shared across more than 100 projects, contributing a substantial amount to the overall direct production and development funding provided in the 24/25 financial year so far. The mix of projects showcases a wide range of themes and formats, speaking to the evolving scripted landscape and highlighting the importance of reaching Australian audiences where they are watching.
    Among the projects is the debut feature film from writer/director/producer/star Tilda Cobham-Hervey set in an aged care home, It’s All Going Very Well No Problems At All; animated children’s series Jidoo & Ibis, about the relationship between a grumpy Grandpa and Australia’s beloved bin chicken; comedy series for TikTok CEEBS about two friends on a mission to save their local youth centre from imminent closure; and a series inspired by a true story, DIVA, about 21-year-old Elly who balances his strict, religious Samoan life with ambitions of becoming a professional wrestler in drag.
    Screen Australia Director of Narrative Content Louise Gough said, “Screen Australia is uniquely positioned to support a thriving pipeline of Australian stories that connect with audiences across multiple platforms and genres. This funding reflects our commitment to both emerging and established creatives, reinforcing the strength and diversity of our industry.”
    “Demand on Screen Australia funding remains high, and our recent survey was a reminder of the value that the sector places on our direct funding. In an ever-changing landscape, one thing remains constant – Australian screen storytelling is a vital cultural force that continues to resonate with audiences here at home and across the world. We’re proud to back this extensive collection of distinct and ambitious projects,” said Gough.
    Screen Australia has also supported 11 major television series for production to be announced in coming months, sharing in $12 million of direct funding and with a total production value of over $117 million. The agency has recently supported Stan Original Series’ He Had it Coming and comedy-horror Gnomes. Also recently announced is Bus Stop Films’ first feature film Boss Cat, beginning production in June and starring Olivia Hargroder, Penny Downie and Julia Savage.
    The supported projects include:

    It’s All Going Very Well No Problems At All: This drama is the debut feature film from writer/director Tilda Cobham-Hervey (A Field Guide to Being a 12 Year Old Girl, I am Woman) and is produced by Liam Heyen (Jimpa, Latecomers), Dev Patel (Lion, Monkey Man), Jomon Thomas (Hotel Mumbai, Monkey Man) and Cobham-Hervey, with Natalya Pavchinskaya and Cyna Strachan executive producing. The film follows Audrey (Cobham-Hervey), a young artist teetering on the edge of a quiet collapse, who finds solace and understanding through a profound connection with Harold, an elderly resident at the care home where she works. Major production investment from Screen Australia and S’ya Concept in association with the South Australian Film Corporation, with support from the Adelaide Film Festival Investment Fund. Local distribution by Kismet. The film is a Mad Ones and Minor Realm production.
    Jidoo & Ibis: Inspired by the real-life shenanigans between the creator’s father and the hungry bin chickens who flock to his garden, Jidoo & Ibis is from writer/producer Wendy Hanna (Beep & Mort) with writers Michael Drake (Beep & Mort) and Clare Madsen (Little J & Big Cuz). It is a 40-part animated series in development for young pre-schoolers about unexpected problems and unexpected friendships – told through the relationship between grumpy Grandpa Jidoo and an all too familiar larrikin, Ibis.
    CEEBS: This 18-part comedy for TikTok is from director Harry Lloyd (Rock Island Mysteries) and writers Betiel Beyin and Leigh Lule, some of the team behind Turn up the Volume. Nikki Tran (Girl, Interpreted) and Amie Batalibasi (Blackbird) are producing. CEEBS follows recent high-school graduates, Zion and Ruby, as they run for ‘Youth President’ to save their local youth centre from imminent closure – all while trying to ensure their lifelong friendship doesn’t get caught in the crossfire. It has received principal production funding from Screen Australia in association with VicScreen.
    DIVA: Inspired by a true story, DIVA is created by producer Jessica Magro (Bad Ancestors) and executive producer Jason Dewhurst, working alongside producer Lauren Brown (Thou Shalt Not Steal) and writer Nick Coyle (Bump, It’s Fine, I’m Fine). It is also executive produced by Charlie Aspinwall and Daley Pearson. This eight-part series in development from Ludo Studio and Purple Carrot Entertainment follows 21-year-old Elly as he attempts to balance his strict, religious Samoan life and his secret queer identity as a professional wrestler in drag.
    Dreamboat: A feature comedy in development celebrating the enduring power of BFFs, second chances, and embracing life’s next chapter, from writer Joan Sauers (Ladies in Black, Wakefield), producers Courtney Botfield and Kate Riedl, script editor Megan Simpson Huberman and script consultant Zoë Coombs Marr. In Dreamboat, Suzy’s plans for a cruisy retirement are capsized when best friend, Val, takes her on a cruise to Antarctica.
    All The Boys Are Here: From Causeway Films (Talk to Me), this queer romance feature film is created by writer/director Goran Stolevski (Of An Age, You Won’t Be Alone) and produced by Kristina Ceyton and Samantha Jennings of Talk to Me. It is about a New York novelist who, while attending a family funeral in Vienna, discovers a German relative’s illicit queer love affair with a Jewish man during WW2 – sending him on a journey through the past that changes his future. It has received major production investment from Screen Australia in association with the Polish Film Institute, with Maslow Entertainment distributing and New Europe Film Sales and Charades managing international sales.
    A Model Family: A 10-part comedy in development for the whole family from some of the team behind The Disposables, including creator/writers Keir Wilkins and Sonia Whiteman, creator/writer/producer Renny Wijeyamohan, creator/producer/executive producer Karen Radzyner, producer Linda Micsko (The Office Australia) and executive producer Oliver Lawrance, with Guy Edmonds (Spooky Files) and Emmanuelle Mattana (Fwends) attached as writers. In A Model Family, five ultra-lifelike AIs have escaped from a secret research facility in the Australian countryside and must pass for a human ‘nuclear’ family to survive.
    Fear is the Rider: This horror-thriller is from the team behind The Forgiven, including writer/director/producer John Michael McDonagh, producers Elizabeth Eves, Kate Glover, Nick Gordon and Trevor Matthews, and executive producer Natalie Coleman. In Fear is the Rider, a lone woman searching for her missing mother is pursued into the Australian Outback by a terrifying family of cannibalistic serial killers, with only an ex-con and a young girl willing to help her. Major production investment from Screen Australia and financed with support from Screen NSW’s Made in NSW Fund. Local distribution by Umbrella Entertainment, with international sales by Film Constellation and CAA.
    After All: From writer/director/producer Jess Murray (Moments of Clarity) and writers Tom Ward and Declan O’Byrne-Inglis, After All is a six-part comedic adult YouTube animation set against a post-apocalyptic wasteland. After living in a bunker for most of their lives, mutant filmmakers Flynn and Marshall venture out to make “the best movie ever made”, but quickly realise that stardom is not as important as friendship. It has received principal production funding from Screen Australia and financed with assistance from Screen Tasmania.
    Bluebottle: A thriller-comedy feature film from director Jim Weir and writer/director Jack Clark of Birdeater, producers Gal Greenspan (Moja Vesna), Rachel Forbes (Strange Creatures) and Ryan Bartecki (The Novice), and executive producers Joel Edgerton (Boy Swallows Universe), Ari Harrison (Lesbian Space Princess, The Moogai) and Jane Badler. During the final night of ‘Schoolies’ in an isolated coastal town, three local dropouts battle three handsome older men for the affection of three private school girls – tackling social issues of class, consent and identity. Major production investment from Screen Australia, with Co Created Media co-financing and Umbrella Entertainment distributing locally.

    CEEBS
    For the list of announced projects funded across the Narrative Content Department this financial year, visit:

    For more information about Screen Australia funding and to apply, click here.
    Download PDF
    Media enquiries
    Maddie Walsh | Publicist
    + 61 2 8113 5915  | [email protected]
    Jessica Parry | Senior Publicist (Mon, Tue, Thu)
    + 61 428 767 836  | [email protected]
    All other general/non-media enquiries
    Sydney + 61 2 8113 5800  |  Melbourne + 61 3 8682 1900 | [email protected]

    MIL OSI News –

  • MIL-OSI: Finward Bancorp Announces Earnings for the Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    MUNSTER, Ind., April 30, 2025 (GLOBE NEWSWIRE) — Finward Bancorp (Nasdaq: FNWD) (the “Bancorp”), the holding company for Peoples Bank (the “Bank”), today announced that net income available to common stockholders was $456 thousand, or $0.11 per diluted share, for the quarter ended March 31, 2025, as compared to $2.1 million, or $0.49 per diluted share for the quarter ended December 31, 2024, and as compared to $9.3 million or $2.17 per diluted share for the quarter ended March 31, 2024. Selected performance metrics are as follows for the periods presented:

    Finward Bancorp
    Quarterly Financial Report
                               
    Performance Ratios   Quarter ended,
    (unaudited)          March 31,   December 31,   September 30,   June 30,   March 31,
              2025   2024   2024   2024   2024
    Return on equity   1.17 %   5.39 %   1.60 %   0.39 %   24.97 %
    Return on assets   0.09 %   0.41 %   0.12 %   0.03 %   1.77 %
    Tax adjusted net interest margin (Non-GAAP) 2.95 %   2.79 %   2.66 %   2.67 %   2.57 %
    Noninterest income / average assets   0.43 %   0.72 %   0.55 %   0.50 %   2.57 %
    Noninterest expense / average assets   2.81 %   2.75 %   2.80 %   2.79 %   2.86 %
    Efficiency ratio     93.11 %   87.20 %   97.32 %   98.56 %   59.41 %
                                     

    “Margin continued to expand in the first quarter as deposits repriced lower, continuing the trend we have seen over the past year. With economic uncertainty potentially increasing, we are maintaining our focus on capital and credit quality. Non-performing loans improved in the first quarter, and our Provision for Credit Loss was driven by model-related factors that reflect the broader trends we see in the economy. Seasonal and timing factors impacted operating expense and non-interest income, and we see opportunity in both areas as the year moves forward,” said Benjamin Bochnowski, CEO. “Our team remains focused on continued improvement in operating results, and on serving our customers and communities.”  

    Highlights of the current period include:

    • Net Interest Margin – The net interest margin for the quarter ended March 31, 2025, was 2.81%, compared to 2.65% for the quarter ended December 31, 2024. The tax-adjusted net interest margin (a non-GAAP measure) for the quarter ended March 31, 2025, was 2.95%, compared to 2.79% for the quarter ended December 31, 2024. The increased net interest margin for the three months ended March 31, 2025 compared to December 31, 2024 is primarily the result of reduced deposit and borrowing costs as a result of the Federal Reserve’s reduction of federal funds rates during the last four months of 2024. See Table 1 at the end of this press release for a reconciliation of the tax-adjusted net interest margin to the GAAP net interest margin.
    • Funding – As of March 31 2025, deposits totaled $1.8 billion, a decrease of $10.2 million, or 0.6% compared to December 31, 2024, which also totaled $1.8 billion. As of March 31, 2025, non-interest-bearing deposits totaled $281.5 million, an increase of $18.1 million or 6.9%, compared to December 31, 2024. Core deposits totaled $1.2 billion at both March 31, 2025 and December 31, 2024. Core deposits include checking, savings, and money market accounts and represented 68.9% of the Bancorp’s total deposits at March 31, 2025. As of March 31, 2025, balances for certificates of deposit totaled $544.8 million, compared to $560.3 million on December 31, 2024, a decrease of $15.5 million or 2.8%. The decline in total portfolio deposits is primarily related to cyclical flows and continued adjustments to deposit pricing. The increase in non-interest-bearing deposits is primarily attributable to inflows of business-related checking deposits after year-end. In addition, as of March 31, 2025, borrowings and repurchase agreements totaled $101.7 million, a decrease of $3.4 million or 3.2%, compared to December 31, 2024. The decrease in short-term borrowings was the result of cyclical inflows and outflows of interest-earning assets and interest-bearing liabilities.

      As of March 31, 2025, 72% of our deposits are fully FDIC insured, and another 9% are further backed by the Indiana Public Deposit Insurance Fund. The Bancorp’s liquidity position remains strong with solid core deposit customer relationships, excess cash, debt securities, contractual loan repayments, and access to diversified borrowing sources. As of March 31, 2025, the Bancorp had available liquidity of $697 million including borrowing capacity from the FHLB and Federal Reserve facilities.

    • Securities Portfolio – Securities available for sale balances decreased by $3.5 million to $330.1 million as of March 31, 2025, compared to $333.6 million as of December 31, 2024. The decrease in securities available for sale was primarily due to continued portfolio runoff. Accumulated other comprehensive loss (“AOCL”) was $58.2 million as of March 31, 2025, compared to $58.1 million on December 31, 2024, a decline of $160.4 thousand, or 0.3%. The yield on the securities portfolio increased to 2.38% for the three months ended March 31, 2025 from 2.34% for the three months ended December 31, 2024. Management did not execute any securities sale transactions during the quarter.
    • Lending – The Bank’s aggregate loan portfolio totaled $1.5 billion on both March 31, 2025 and December 31, 2024. During the three months ended March 31, 2025, the Bank originated $36.7 million in new commercial loans, compared to $25.0 million during the three months ended December 31, 2024. The loan portfolio represents 79.1% of earning assets and is comprised of 62.6% commercial-related credits. At March 31, 2025, the Bancorp’s portfolio loan balances in commercial real estate owner occupied properties totaled $236.9 million or 15.7% of total loan balances and commercial real estate non-owner-occupied properties totaled $302.8 million or 20.1% of total loan balances. Of the $302.8 million in commercial real estate non-owner-occupied properties balances, loans collateralized by office buildings represented $40.4 million or 2.7% of total loan balances.
    • Asset Quality – At March 31, 2025, non-performing loans totaled $12.5 million, compared to $13.7 million at December 31, 2024, a decrease of $1.3 million or 9.1%. The Bank’s ratio of non-performing loans to total loans was 0.84% at March 31, 2025, compared to 0.91% at December 31, 2024. The Bank’s ratio of non-performing assets to total assets was 0.69% at March 31, 2025, compared to 0.74% at December 31, 2024. Management maintains a vigilant oversight of nonperforming loans through proactive relationship management.

      The allowance for credit losses (ACL) on loans totaled $17.9 million at March 31, 2025, or 1.20% of total loans receivable, compared to $16.9 million at December 31, 2024, or 1.12% of total loans receivable, an increase of $1 million or 6.2%. The Bank’s unused commitment reserve, included in other liabilities, totaled $2.1 million at March 31, 2025, compared to $2.7 million at December 31, 2024, a decrease of $622 thousand or 22.7%. 

      For the quarter ended March 31, 2025, the Bank recorded a net provision for credit loss expense totaling $454 thousand based on historical loss rate updates, migration of loan and unfunded commitment segment balances, and other factors within the Bank’s ACL modeling. The first quarter’s provision expense consisted of a $1.1 million provision for credit losses on loans, and a $623 thousand reversal of provision for credit losses on unused commitments. The decrease in the Bank’s unused commitment reserve was primarily due to lower loss rates. For the quarter ended March 31, 2025, net charge-offs, totaled $32.7 thousand, compared to $2.2 million for the quarter ended December 31, 2024, a decrease of $2.1 million, or a decline of 97.2%. The ACL as a percentage of non-performing loans, or coverage ratio, was 143.8% at March 31, 2025 compared to 123.1% at December 31, 2024.  

    • Operating Expenses – Non-interest expense as a percentage of average assets was 2.81% for the quarter ended March 31, 2025, as compared to 2.75% for the quarter ended December 31, 2024. The increase in non-interest expenses quarter over quarter was primarily attributable to increased compensation and benefit expenses offset by reduced data processing and marketing expenses. The Bank remains focused on identifying additional operating efficiencies and third-party expense reductions. Compensation and benefits expense is up 3.7% for the quarter ended March 31, 2025, compared to the quarter ended March 31, 2024, primarily due to annual merit-based salary increases during the quarter ended March 31, 2025.
    • Capital Adequacy – As of March 31, 2025, the Bank’s tier 1 capital to adjusted average assets ratio was 8.48%, an improvement of 0.01% compared to 8.47% at December 31, 2024. The Bank’s capital continues to exceed all applicable regulatory capital requirements as set forth in 12 C.F.R. § 324. The Bancorp’s tangible book value per share was $29.55 at March 31, 2025, up from $29.48 as of December 31, 2024 (a non-GAAP measure). Tangible common equity to total assets was 6.26% at March 31, 2025, up from 6.17% as of December 31, 2024 (a non-GAAP measure). Excluding accumulated other comprehensive losses, tangible book value per share increased to $43.02 as of March 31, 2025, from $42.94 as of December 31, 2024 (a non-GAAP measure). See Table 1 at the end of this press release for a reconciliation of the tangible book value per share, tangible book value per share adjusted for other accumulated comprehensive losses, tangible common equity as a percentage of total assets, and tangible common equity as a percentage of total assets adjusted for accumulated other comprehensive losses to the related GAAP ratios.

    Disclosures Regarding Non-GAAP Financial Measures
    Reported amounts are presented in accordance with GAAP. In this press release, the Bancorp also provides certain financial measures identified as non-GAAP. The Bancorp’s management believes that the non-GAAP information, which consists of tangible common equity, tangible common equity adjusted for accumulated other comprehensive losses, tangible book value per share, tangible book value per share adjusted for accumulated other comprehensive losses, tangible common equity/total assets, tax-adjusted net interest margin, and efficiency ratio, which can vary from period to period, provides a better comparison of period to period operating performance. The adjusted net interest income and tax-adjusted net interest margin measures recognize the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes. Additionally, the Bancorp believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to Table 1 – Reconciliation of Non-GAAP Financial Measures at the end of this document for a reconciliation of the non-GAAP measures identified herein and their most comparable GAAP measures.

    About Finward Bancorp
    Finward Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal, business, electronic and wealth management financial services from its 26 locations in Lake and Porter Counties in Northwest Indiana and Chicagoland. Finward Bancorp’s common stock is quoted on The NASDAQ Stock Market, LLC under the symbol FNWD. The website ibankpeoples.com provides information on Peoples Bank’s products and services, and Finward Bancorp’s investor relations.

    Forward Looking Statements
    This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of the Bancorp. For these statements, the Bancorp claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this communication should be considered in conjunction with the other information available about the Bancorp, including the information in the filings the Bancorp makes with the SEC. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Forward-looking statements are typically identified by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

    Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: changes in domestic and international trade policies, including tariffs and other non-tariff barriers, and the effects of such changes on the Bank and its customers; the Bank’s ability to demonstrate compliance with the terms of the previously disclosed consent order and memorandum of understanding entered into between the Bank and the Federal Deposit Insurance Corporation (“FDIC”) and Indiana Department of Financial Institutions (“DFI”), or to demonstrate compliance to the satisfaction of the FDIC and/or DFI within prescribed time frames; the Bank’s agreement under the memorandum of understanding to refrain from paying cash dividends without prior regulatory approval; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates, market liquidity, and capital markets, as well as the magnitude of such changes, which may reduce net interest margins; the aggregate effects of inflation experienced in recent years; further deterioration in the market value of securities held in the Bancorp’s investment securities portfolio, whether as a result of macroeconomic factors or otherwise; customer acceptance of the Bancorp’s products and services; customer borrowing, repayment, investment, and deposit practices; customer disintermediation; the introduction, withdrawal, success, and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; economic conditions; and the impact, extent, and timing of technological changes, capital management activities, regulatory actions by the Federal Deposit Insurance Corporation and Indiana Department of Financial Institutions, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Bancorp’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet website (www.sec.gov). All subsequent written and oral forward-looking statements concerning matters attributable to the Bancorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Except as required by law, The Bancorp does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.

    In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

    FOR FURTHER INFORMATION
    CONTACT SHAREHOLDER SERVICES
    (219) 853-7575

     
    Finward Bancorp
    Quarterly Financial Report
                                 
    Performance Ratios Quarter ended,
    (unaudited) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Return on equity  1.17%     5.39%     1.60%     0.39%     24.97%  
    Return on assets  0.09%     0.41%     0.12%     0.03%     1.77%  
    Yield on loans  5.25%     5.27%     5.22%     5.11%     5.02%  
    Yield on security investments  2.38%     2.34%     2.37%     2.43%     2.37%  
    Total yield on earning assets  4.71%     4.74%     4.70%     4.64%     4.52%  
    Cost of interest-bearing deposits 2.17%     2.41%     2.47%     2.37%     2.36%  
    Cost of repurchase agreements 3.35%     3.65%     4.04%     3.86%     3.88%  
    Cost of borrowed funds 4.12%     4.31%     4.56%     4.95%     4.62%  
    Total cost of interest-bearing liabilities 2.28%     2.53%     2.63%     2.55%     2.53%  
    Tax adjusted net interest margin1 2.95%     2.79%     2.66%     2.67%     2.57%  
    Noninterest income / average assets 0.43%     0.72%     0.55%     0.50%     2.57%  
    Noninterest expense / average assets 2.81%     2.75%     2.80%     2.79%     2.86%  
    Efficiency ratio 93.11%     87.20%     97.32%     98.56%     59.41%  
                                 
    Non-performing assets to total assets  0.69%     0.74%     0.73%     0.61%     0.64%  
    Non-performing loans to total loans 0.84%     0.91%     0.92%     0.75%     0.78%  
    Allowance for credit losses to non-performing loans 143.84%     123.10%     134.12%     161.17%     159.12%  
    Allowance for credit losses to loans receivable 1.20%     1.12%     1.23%     1.22%     1.25%  
                                 
    Basic earnings per share $0.11     $0.49     $0.14     $0.03     $2.18  
    Diluted earnings per share  $0.11     $0.49     $0.14     $0.03     $2.17  
    Stockholders’ equity / total assets 7.44%     7.35%     7.69%     7.16%     7.32%  
    Book value per share  $35.10     $35.10     $36.99     $34.45     $35.17  
    Closing stock price $29.10     $28.11     $31.98     $24.52     $24.60  
    Price to earnings per share ratio 68.08     14.25     56.21     182.60     2.82  
    Dividends declared per common share $0.12     $0.12     $0.12     $0.12     $0.12  
                                 
                                 
    Non-GAAP Performance Ratios Quarter ended,
    (unaudited) March 31,    December 31,    September 30,    June 30,    March 31, 
      2025    2024    2024    2024    2024 
    Net interest margin – tax equivalent  2.95%     2.79%     2.66%     2.67%     2.57%  
    Tangible book value per diluted share $29.55     $29.48     $31.28     $28.67     $29.30  
    Tangible book value per diluted share adjusted for AOCL $43.02     $42.94     $42.47     $42.33     $42.36  
    Tangible common equity to total assets 6.26%     6.17%     6.51%     5.95%     6.09%  
    Tangible common equity to total assets adjusted for AOCL 9.12%     8.99%     8.83%     8.79%     8.81%  
                                 
    (1) Tax adjusted net interest margin represents a non-GAAP financial measure. See the non-GAAP reconciliation table section captioned “Non-GAAP Financial Measures” for further disclosure regarding non-GAAP financial measures
                             
    Quarter Ended                        
    (Dollars in thousands) Average Balances, Interest, and Rates  
    (unaudited) March 31, 2025   December 31, 2024  
      Average Balance   Interest   Rate (%)   Average Balance   Interest   Rate (%)  
    ASSETS                        
    Interest bearing deposits in other financial institutions $ 53,553     $ 540   4.03   $ 50,271     $ 650   5.17  
    Federal funds sold   1,375       12   3.49     891       9   4.04  
    Securities available-for-sale   336,060       1,998   2.38     343,411       2,011   2.34  
    Loans receivable   1,498,312       19,655   5.25     1,504,233       19,802   5.27  
    Federal Home Loan Bank stock   6,547       136   8.31     6,547       123   7.51  
    Total interest earning assets   1,895,847     $ 22,341   4.71     1,905,353     $ 22,595   4.74  
    Cash and non-interest bearing deposits in other financial institutions   27,919               27,360            
    Allowance for credit losses   (16,946 )             (18,110 )          
    Other noninterest bearing assets   153,148               154,707            
    Total assets $ 2,059,968             $ 2,069,310            
                             
    LIABILITIES AND STOCKHOLDERS’ EQUITY                        
    Interest-bearing deposits $ 1,481,377     $ 8,044   2.17   $ 1,465,198     $ 8,811   2.41  
    Repurchase agreements   41,631       349   3.35     43,372       396   3.65  
    Borrowed funds   61,613       635   4.12     72,536       781   4.31  
    Total interest bearing liabilities   1,584,621     $ 9,028   2.28     1,581,106     $ 9,988   2.53  
    Non-interest bearing deposits   279,013               289,467            
    Other noninterest bearing liabilities   40,923               42,944            
    Total liabilities   1,904,557               1,913,517            
    Total stockholders’ equity   155,411               155,793            
    Total liabilities and stockholders’ equity $ 2,059,968             $ 2,069,310            
                             
    Net interest income     $ 13,313           $ 12,607      
    Return on average assets   0.09 %             0.41 %          
    Return on average equity   1.17 %             5.39 %          
    Net interest margin (average earning assets)   2.81 %             2.65 %          
    Net interest margin (average earning assets) – tax equivalent   2.95 %             2.79 %          
    Net interest spread   2.43 %             2.21 %          
    Ratio of interest-earning assets to interest-bearing liabilities 1.20x           1.21x          
                             
    Finward Bancorp
    Quarterly Financial Report
                                 
    Balance Sheet Data                            
    (Dollars in thousands)                            
    (unaudited) March 31,    December 31,    September 30,    June 30,    March 31, 
      2025    2024    2024    2024    2024 
    ASSETS                            
                                 
    Cash and non-interest bearing deposits in other financial institutions $         18,563     $         17,883     $         23,071     $         19,061     $         16,418  
    Interest bearing deposits in other financial institutions 52,829     52,047     48,025     63,439     54,755  
    Federal funds sold 975     654     553     707     607  
                                 
    Total cash and cash equivalents 72,367     70,584     71,649     83,207     71,780  
                                 
    Securities available-for-sale 330,127     333,554     350,027     339,585     346,233  
    Loans held-for-sale 2,849     1,253     2,567     1,185     667  
    Loans receivable, net of deferred fees and costs 1,491,696     1,508,976     1,508,242     1,506,398     1,508,251  
    Less: allowance for credit losses (17,955 )   (16,911 )   (18,516 )   (18,330 )   (18,805 )
    Net loans receivable 1,473,741     1,492,065     1,489,726     1,488,068     1,489,446  
    Federal Home Loan Bank stock 6,547     6,547     6,547     6,547     6,547  
    Accrued interest receivable 7,821     7,721     7,442     7,695     7,583  
    Premises and equipment 46,680     47,259     47,912     48,696     47,795  
    Foreclosed real estate –     –     –     –     71  
    Cash value of bank owned life insurance 33,712     33,514     33,312     33,107     32,895  
    Goodwill 22,395     22,395     22,395     22,395     22,395  
    Other intangible assets 1,635     1,860     2,203     2,555     2,911  
    Other assets 41,840     43,947     40,882     44,027     43,459  
                                 
    Total assets $    2,039,714     $    2,060,699     $    2,074,662     $    2,077,067     $    2,071,782  
                                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY                            
                                 
    Deposits:                            
    Non-interest bearing $       281,461     $       263,324     $       285,157     $       286,784     $       296,959  
    Interest bearing 1,468,923     1,497,242     1,463,653     1,469,970     1,450,519  
    Total 1,750,384     1,760,566     1,748,810     1,756,754     1,747,478  
    Repurchase agreements 45,053     40,116     43,038     42,973     41,137  
    Borrowed funds 56,657     65,000     85,000     85,000     90,000  
    Accrued expenses and other liabilities 35,813     43,603     38,259     43,709     41,586  
                                 
    Total liabilities 1,887,907     1,909,285     1,915,107     1,928,436     1,920,201  
                                 
    Commitments and contingencies                            
                                 
    Stockholders’ Equity:                            
                                 
    Preferred stock, no par or stated value;
        10,000,000 shares authorized, none outstanding    		 –     –     –     –     –  
    Common stock, no par or stated value; 10,000,000 shares authorized; 
       shares issued and outstanding:  March 31, 2025 – 4,324,485
                                    December 31, 2024 – 4,313,698    		 –     –     –     –     –  
                                                                     
    Additional paid-in capital 70,132     70,034     69,916     69,778     69,727  
    Accumulated other comprehensive loss (58,244 )   (58,084 )   (48,241 )   (58,939 )   (56,313 )
    Retained earnings 139,919     139,464     137,880     137,792     138,167  
                                 
    Total stockholders’ equity 151,807     151,414     159,555     148,631     151,581  
                                 
    Total liabilities and stockholders’ equity $    2,039,714     $    2,060,699     $    2,074,662     $    2,077,067     $    2,071,782  
                                 
    Finward Bancorp
    Quarterly Financial Report
                                 
    Consolidated Statements of Income                                
    (Dollars in thousands) Quarter Ended,
    (unaudited) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Interest income:                            
      Loans $ 19,655     $ 19,802     $ 19,660     $ 19,174     $ 18,879  
      Securities & short-term investments 2,686     2,793     2,812     2,953     3,105  
      Total interest income 22,341     22,595     22,472     22,127     21,984  
    Interest expense:                            
      Deposits 8,045     8,812     8,946     8,610     8,794  
      Borrowings 983     1,176     1,520     1,463     1,410  
      Total interest expense 9,028     9,988     10,466     10,073     10,204  
    Net interest income 13,313     12,607     12,006     12,054     11,780  
    Provision for credit losses 454     (579 )   –     76     –  
    Net interest income after provision for credit losses 12,859     13,186     12,006     11,978     11,780  
    Noninterest income:                            
      Fees and service charges 1,109     1,439     1,463     1,257     1,153  
      Wealth management operations 619     728     731     763     633  
      Gain on tax credit investment 67     1,236     –     –     –  
      Gain on sale of loans held-for-sale, net 230     328     338     320     152  
      Increase in cash value of bank owned life insurance 198     202     205     212     193  
      Gain (loss) on sale of real estate –     (212 )   –     15     11,858  
      Loss on sale of securities, net –     –     –     –     (531 )
      Other 6     11     130     6     17  
      Total noninterest income 2,229     3,732     2,867     2,573     13,475  
    Noninterest expense:                            
      Compensation and benefits 7,372     6,628     6,963     7,037     7,109  
      Occupancy and equipment 2,111     2,045     2,181     2,116     1,908  
      Data processing 1,039     1,202     1,165     1,135     1,170  
      Federal deposit insurance premiums 433     457     435     397     501  
      Marketing 86     220     209     212     158  
      Professional and outside services 1,260     1,341     1,251     1,257     1,557  
      Technology 454     509     602     507     625  
      Other 1,716     1,845     1,668     1,756     1,976  
      Total noninterest expense 14,471     14,247     14,474     14,417     15,004  
    Income before income taxes 617     2,671     399     134     10,251  
    Income tax expenses (benefit) 161     569     (207 )   (9 )   972  
    Net income $ 456     $ 2,102     $ 606     $ 143     $ 9,279  
                                 
    Earnings per common share:                            
      Basic $ 0.11     $ 0.49     $ 0.14     $ 0.03     $ 2.18  
      Diluted $ 0.11     $ 0.49     $ 0.14     $ 0.03     $ 2.17  
                                 
                       
    Finward Bancorp
    Quarterly Financial Report
                       
    Asset Quality                  
    (Dollars in thousands)                  
    (unaudited) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Nonaccruing loans $ 12,483     $ 13,738     $ 13,806     $ 11,079     $ 11,603  
    Accruing loans delinquent more than 90 days –     –     –     294     215  
    Securities in non-accrual 1,630     1,419     1,440     1,371     1,442  
    Foreclosed real estate –     –     –     –     71  
    Total nonperforming assets $ 14,113     $ 15,157     $ 15,246     $ 12,744     $ 13,331  
                       
    Allowance for credit losses (ACL):                  
    ACL specific allowances for collateral dependent loans $ 259     $ 284     $ 1,821     $ 1,327     $ 1,455  
    ACL general allowances for loan portfolio 17,696     16,627     16,695     17,003     17,351  
    Total ACL $ 17,955     $ 16,911     $ 18,516     $ 18,330     $ 18,806  
                       
    (Dollars in thousands)                       Minimum Required To Be
    (unaudited)             Minimum Required For   Well Capitalized Under Prompt
        Actual   Capital Adequacy Purposes   Corrective Action Regulations
    March 31, 2025   Amount Ratio   Amount Ratio   Amount Ratio
    Common equity tier 1 capital to risk-weighted assets   $178,036   11.02%     $72,679   4.50%     $104,981   6.50%  
    Tier 1 capital to risk-weighted assets   $178,036   11.02%     $96,906   6.00%     $129,207   8.00%  
    Total capital to risk-weighted assets   $198,107   12.27%     $129,207   8.00%     $161,509   10.00%  
    Tier 1 capital to adjusted average assets   $178,036   8.48%     $84,019   4.00%     $105,023   5.00%  
    Table 1 – Reconciliation of the Non-GAAP Performance Measures         
                       
    (Dollars in thousands) Quarter Ended,
    (unaudited) March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Calculation of tangible common equity         
    Total stockholder’s equity $ 151,807     $ 151,414     $ 159,555     $ 148,631     $ 151,581  
    Goodwill (22,395 )   (22,395 )   (22,395 )   (22,395 )   (22,395 )
    Other intangibles (1,635 )   (1,860 )   (2,203 )   (2,555 )   (2,911 )
    Tangible common equity $ 127,777     $ 127,159     $ 134,957     $ 123,681     $ 126,275  
                       
    Calculation of tangible common equity adjusted for accumulated other comprehensive loss         
    Tangible common equity $ 127,777     $ 127,159     $ 134,957     $ 123,681     $ 126,275  
    Accumulated other comprehensive loss 58,244     58,084     48,241     58,939     56,313  
    Tangible common equity adjusted for accumulated other comprehensive loss $ 186,021     $ 185,243     $ 183,198     $ 182,620     $ 182,588  
                       
    Calculation of tangible book value per share         
    Tangible common equity $ 127,777     $ 127,159     $ 134,957     $ 123,681     $ 126,275  
    Shares outstanding 4,324,485     4,313,698     4,313,940     4,313,940     4,310,251  
    Tangible book value per diluted share $ 29.55     $ 29.48     $ 31.28     $ 28.67     $ 29.30  
                       
    Calculation of tangible book value per diluted share adjusted for accumulated other comprehensive loss         
    Tangible common equity adjusted for accumulated other comprehensive loss $ 186,021     $ 185,243     $ 183,198     $ 182,620     $ 182,588  
    Shares outstanding 4,324,485     4,313,698     4,313,940     4,313,940     4,310,251  
    Tangible book value per diluted share adjusted for accumulated other comprehensive loss $ 43.02     $ 42.94     $ 42.47     $ 42.33     $ 42.36  
                       
    Calculation of tangible common equity to total assets         
    Tangible common equity $ 127,777     $ 127,159     $ 134,957     $ 123,681     $ 126,275  
    Total assets 2,039,714     2,060,699     2,074,662     2,077,067     2,071,782  
    Tangible common equity to total assets 6.26%   6.17%   6.51%   5.95%   6.09%
                       
    Calculation of tangible common equity to total assets adjusted for accumulated other comprehensive loss         
    Tangible common equity adjusted for accumulated other comprehensive loss $ 186,021     $ 185,243     $ 183,198     $ 182,620     $ 182,588  
    Total assets 2,039,714     2,060,699     2,074,662     2,077,067     2,071,782  
    Tangible common equity to total assets adjusted for accumulated other comprehensive loss 9.12%   8.99%   8.83%   8.79%   8.81%
                       
    Calculation of tax adjusted net interest margin         
    Net interest income $ 13,313     $ 12,607     $ 12,006     $ 12,054     $ 11,780  
    Tax adjusted interest on securities and loans 670     674     678     677     699  
    Adjusted net interest income $ 13,983     13,281     12,684     12,731     $ 12,479  
    Total average earning assets 1,895,847     1,905,353     1,910,731     1,906,998     1,945,501  
    Tax adjusted net interest margin 2.95%   2.79%   2.66%   2.67%   2.57%
                       
    Efficiency ratio                  
    Total non-interest expense $ 14,471     $ 14,247     $ 14,474     $ 14,417     $ 15,004  
    Total revenue 15,542     16,339     14,873     14,627     25,255  
    Efficiency ratio 93.11%   87.20%   97.32%   98.56%   59.41%

    The MIL Network –

  • MIL-Evening Report: Feuding mob families, mind control and a murder at the White House: what to watch in May

    Source: The Conversation (Au and NZ) – By Alexa Scarlata, Lecturer, Digital Communication, RMIT University

    Disney+/Prime/Netflix/Paramount+/The Conversation

    It’s May! Where did the year go? It must be all the amazing TV we’re watching that’s making the time whiz by. This month’s lineup of expert picks is packed with standout shows across all genres.

    Whether you’re in the mood for laugh-out-loud comedies, powerful historical fiction, or sci-fi that will leave your brain rattling for days, there’s something binge-worthy waiting for you.

    MobLand

    Paramount+

    Lately, I’ve found myself counting down the days each week for a new episode of MobLand to drop on Paramount+ on Sunday afternoon. The crime series is executive produced (and the first two episodes directed) by Guy Ritchie, and stars Tom Hardy, Pierce Brosnan and Helen Mirren – along with a heavyweight supporting cast – in a story about two rival mob families in London.

    When tensions escalate after a night out, Hardy’s “fixer” character, Harry, works to keep the peace between the Harrigans and the Stevensons – be it with a quiet word or brutal force.

    MobLand is as twisty, gruesome and fun as we’ve come to expect from Ritchie’s popular gangster titles. But while others have been regularly criticised for their lack or limited portrayal of female characters, MobLand benefits from the scheming and swearing of the inimitable Helen Mirren as matriarch Maeve Harrigan, and the quiet fury of Joanne Froggatt as Harry’s wife, Jan, as she tries to force the enforcer into marriage counselling.

    The series has been a huge success for Paramount+ in Australia – becoming the largest launch in the platform’s history. And while some may find the weekly episode drop frustrating, for me it adds to the suspense.

    – Alexa Scarlata

    The Residence

    Netflix

    Faced with Donald Trump, show makers turn to alternative visions of leadership. The latest: a gay president, who is only a bit of a player, in a ridiculously entertaining picture of a crime within the White House.

    At a US state dinner for visiting Australian Prime Minister Stephen Roos (Julian McMahon), the dead body of the chief usher is discovered, and the world’s greatest detective, Cordelia Cupp (Uzo Aduba), is called in. Not only is Cupp an avid bird-watcher, she is also an Agatha Christie devotee who likes to assemble all her suspects for a prolonged denouement.

    The Residence is full of oblique references to current US politics. One former senator, Al Franken, plays a fictional senator named Aaron Filkins. And Tripp Morgan (Jason Lee), US President Perry Morgan’s odious brother, has several real-life precursors.

    The series is also a guide to the White House itself, complete with the sort of lavish detail we’d expect from Shondaland productions. And it’s nice to see Netflix acknowledging Australians. Even if they couldn’t persuade Hugh Jackman to actually show up, there’s plenty of other home-grown talent – including cameos by Kylie Minogue.

    – Dennis Altman

    Last One Laughing UK

    Prime Video

    Last One Laughing is a battle royale for stand-ups. Ten comedians, one room, surrounded by cameras. Laugh once and they’re warned. Laugh again, and they’re out. Last comic left wins.

    An international TV phenomenon in 29 countries, the latest season is from the United Kingdom, hosted by Jimmy Carr and featuring comedians like Bob Mortimer, Sara Pascoe and Joe Lycett.

    Comedy takes time, but laughter can take less than a moment. Richard Ayoade nearly catches out two players when, asked what his childhood hobbies were, he replies: “I don’t know. I cried a lot?”

    Last One Laughing doubles our laughs. We watch the actual joke, we get it, we laugh. And then we see comedians desperately trying not to laugh – but we know that they get the joke too! And so we get an unexpected second look at the joke.

    Last One Laughing helps us understand why we laugh at our own jokes, why we can’t always explain what’s funny, and why gags don’t need words. We’re watching professional comedians get the joke (as we do!) without laughing (as we expect?) but we know that it’s all OK. And, however briefly, we glimpse the world anew.

    – Fergus Edwards



    Read more:
    We’re hardwired to laugh – this is why watching comedians try to be the ‘Last One Laughing’ is so funny

    Dying for Sex

    Disney+

    Based on a popular podcast by Molly Kochan and Nicki Boyer, Dying for Sex is a funny, raunchy, heartfelt exploration of pleasure and death.

    When Molly (Michelle Williams) finds out her cancer is back and this time it is terminal, she seeks out sexual desire and satisfaction in unusual places, making profound discoveries along the way.

    The show is rated R for good reason: the depiction of sexual acts is graphic, but not exploitative or voyeuristic. Rather it embraces the messiness of having a body that is dying but seeking joy.

    While Molly’s sexual adventures feature heavily (and explicitly), the heart of the show is Molly’s friendship with Nicki (Jenny Slate), which feels achingly real. Molly and Nicki are long-term friends, as such they adore and encourage each other’s idiosyncrasies and perceived flaws.

    Williams is luminous and well-matched with Slate, who brings a levity and longing to caring for her best friend and supporting her new goals. Despite its relatively short runtime of just eight 30 minute episodes, we are treated to nuanced renderings of Molly’s complex relationships with her mother (Sissy Spacek), husband (Jay Duplass) and neighbour (Rob Delaney).

    Dying for Sex is infuriating and heartbreaking, as well as absurdly funny – kinda like death.

    – Jessica Ford

    Black Mirror, season seven

    Netflix

    The seventh season of Black Mirror is an ominous return to the dark world of modern technology. This season comprises six new episodes, two of which are sequels to episodes from previous seasons.

    Common People is a powerful opening to the season, starring two of the most famous actors to appear throughout. Amanda (Rashida Jones) and Mike (Chris O’Dowd) are an ordinary suburban couple struck by tragedy in the form of a serious medical emergency – a narrative turn that is compounded by an unexpected departure from Jones and O’Dowd’s comedic reputations. The collapse of their life reaches greater and greater depths, before culminating in a horrifying final scene.

    The other five episodes of the season are not as dismal. USS Callister: Into Infinity, in particular, provides some resolution that the earlier episode USS Callister had not. Plaything, the sequel to the interactive film Bandersnatch, echoes USS Callister’s interest in video gaming, but takes its invasion of human life to an even more powerful conclusion. Bête Noire similarly toys with the idea of mind control.

    Hotel Reverie and Eulogy are quieter episodes, and not as overtly critical of technological advance as the others. Both are very moving, and like Common People, are interested in the lengths one might go to for the people they love.

    Black Mirror’s seventh season is both a warning and a guide for how to be human – and how not to.

    – Jessica Gildersleeve

    The Wheel of Time, season three

    Prime Video

    The Wheel of Time is Prime’s most recent entry into the increasingly popular epic fantasy genre. Despite a lacklustre first two seasons, season three finally rewards fans for their patience.

    Adapted from Robert Jordan’s sprawling 14-book series, the new season begins full throttle with a violent battle between the all-female One Power-wielding Aes Sedai. While some episodes lag due to overly complicated exposition and agonising character development (just embrace the wolf already, Perrin), for the most part showrunner Rafe Judkins maintains the propulsive momentum established in the spectacular opening.

    Episode four, The Road to the Spear, is a standout sure to please die-hard Jordan fans and new audiences alike. Cinematic in scope, the episode faithfully recounts Rand (Josha Stradowski) and Moiraine’s (Rosamund Pike) journey to Rhuidean in the Aiel Waste where Rand is confirmed as the Dragon Reborn.

    Pike continues to provide much-needed gravitas as the steely Moiraine and Stradowski is a revelation. It doesn’t hurt that the episode makes good use of its deliciously vampy leather-clad villain Lanfear (Natasha O’Keeffe).

    No doubt references to Jordan’s expansive lore might continue to baffle some viewers. However, the sumptuous costumes, increasingly assured performances and modernised relationships suggest the series has finally found its footing.

    Long may The Wheel of Time continue to turn.

    – Rachel Williamson

    The Narrow Road to the Deep North

    Prime Video

    The Narrow Road to the Deep North stands as some of the most visceral and moving television produced in Australia in recent memory, marking a new accessibility and confidence to director Justin Kurzel.

    Dorrigo Evans (Jacob Elordi/Ciarán Hinds) is a doctor sent to World War II. Captured during the Battle of Java he is taken as a prisoner of war (POW), where he is forced to lead his Australian soldiers on the building of the Burma-Thailand Railway.

    Rather than an executor of violence, he is a pacifist and victim. Ultimately he has to make peace with his own trauma and guilt of survival when many around him perished – some of whom he knowingly sent to their inevitable death to ensure his own survival.

    Faithfully adapted from Richard Flanagan’s novel in a screenplay by Shaun Grant, this production effectively creates interchanging timelines (seamlessly edited by Alexandre de Francesch) including prewar, war and postwar, and then flashes forward to Dorrigo in his mid-70s.

    Structurally immaculate, The Narrow Road to the Deep North is not defined by its brutal torture of the POWs or comradeship of the starving soldiers (though they are powerful to watch). Instead, it points us towards the quieter visions of characters having to sit alone with their distorted memories.

    Contemporary television is rarely this good.

    – Stephen Gaunson



    Read more:
    Contemporary television is rarely as good as The Narrow Road to the Deep North

    Andor, season two

    Disney+

    Andor returns for a second season, as we follow the early days of the Rebel Alliance leading up to events in Rogue One.

    One year after the events of season one, we open with Cassian (Diego Luna) impersonating an Imperial test pilot so he can steal a prototype Imperial ship. After stealing the ship, he must navigate a ragtag brigade whose infighting becomes violent.

    Elsewhere on planet Mina-Rau, Bix (Adria Arjona) and other undocumented farm workers await Cassian’s arrival with the ship. Over on Chandrila, Imperial Senator Mon (Genevieve O’Reilly) navigates the diplomacy of her daughter’s wedding while continuing to discreetly support the rebellion.

    The most chilling scenes in the opening episodes are perhaps those that show Imperial supervisor Dedra Meero (Denise Gough) attend a top-secret meeting where they strategise how best to cleanse the population of Gorman so they can mine a rare mineral.

    As film academic Daniel Golding notes in an article about how Andor takes on the era of Trump 2.0, showrunner Tony Gilroy takes inspiration from several real world revolutionary events. Given Russia’s invasion of Ukraine, Israel’s assault on Gaza and Trump’s increasing authoritarianism, it will be interesting to see how the revolution in this season continues to reflect real-world precarity.

    I recommend refreshing your memory of season one before diving in, as the new season’s complexity relies on considerable assumed knowledge.

    – Stuart Richards

    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. Feuding mob families, mind control and a murder at the White House: what to watch in May – https://theconversation.com/feuding-mob-families-mind-control-and-a-murder-at-the-white-house-what-to-watch-in-may-255222

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Are side hustles really a way to escape the rat race, or just passion projects for a privileged few?

    Source: The Conversation (Au and NZ) – By David Farrugia, ARC Future Fellow, School of Education, Deakin University

    PeopleImages.com – Yuri A/Shutterstock

    Is a “side hustle” really the only thing separating you from the life you desire? Listening to some influencers on social media could certainly have you thinking so.

    Side hustles encompass a range of self-directed entrepreneurial activities undertaken while also working a job. For young people with limited access to capital, they’re the most accessible opportunity to engage in entrepreneurship.

    Yet, we still know very little about who takes them on and why, and what kind of impact they have on working life in economies like Australia.

    Our new report – Side Hustles – How Young People Are Redefining Work – presents the first wave of findings from an ongoing three-year, mixed-methods study that seeks to answer these questions.

    In our first year of data collection, we surveyed 1,497 side hustlers aged 18-34 and interviewed a further 68. Our findings raise questions about the merits of entrepreneurship as a solution to youth unemployment or a pathway to financial freedom.

    What makes a side hustle?

    To be included in our project, a young person had to be employed, but also carrying out some form of entrepreneurship.

    We defined entrepreneurship as self-directed economic activity, where the side hustler has some measure of control over when they work, who they work for and what they charge.

    The most popular side hustle among participants was selling goods (42.9%). Others included:

    • services such as gardening, dog-walking or moving furniture (29.2%)
    • creating media content (16.5%)
    • creative work such as graphic design or photography (11.3%).

    Side hustling could include some “gig work” through online platforms, but only when these platforms allow workers to negotiate prices with clients and make choices about their work. As such, we excluded rideshare and food delivery drivers from the project.

    Gardening services were one common side hustle.
    Ultraskrip/Shutterstock

    Projects for the privileged

    While some people may assume that young people start a side hustle out of financial stress, we found side hustlers are actually a relatively privileged cohort.

    They are a well-educated group. Almost two-thirds of our sample had university degrees and many of the remainder were studying. They also generally report their financial wellbeing as comfortable.

    Why is this? Side hustles often don’t make much money, cost money to set up, and carry risk – all of the hallmarks of entrepreneurship.

    Median hourly earnings from their side hustles are less than what they would make working in retail or hospitality, and on average they are about 50% what they make in their main job.

    As one e-commerce side-hustler put it:

    If I really put my time and energy into the consideration, I would say we’re not making much money at all […] It’s just something I enjoy doing in my free time.

    Their side-hustle earnings are also uncertain: 65% say they are unsure what their earnings will look like in three months.

    In other words, you need to be financially secure already to even contemplate a side hustle.

    Passion over pay

    Side hustles don’t make enough to help someone who is really financially struggling, and they are unlikely to be a pathway out of the employment “rat race”.

    Despite this, our participants are overwhelmingly satisfied with their side hustles and say they have good work-life balance. So what motivates them?

    Side hustlers often earned less than they would taking on a second job.
    BAZA Production/

    The top motivation reported in our study is passion and enjoyment. Side hustlers say they want work that relates to their interests and enjoy the autonomy and flexibility that a side hustle allows.

    Even though side hustles are often less profitable than a second job, the second-highest motivation was still money.

    That’s likely because they offer a way of making some supplementary income in a way that is flexible and autonomous.

    They’re often a source of “play money”. One 33-year-old man with an e-commerce side hustle told us:

    If I was to pick up a second job, like […] Uber driving at night time, I won’t be happy, I’ll be tired, I’ll be stressed out trying to do that

    Whereas, I think because I’ve got the passion for it here, I’m happy to do it because, like I said, I’m doing it at my own pace.

    Pressure to be productive

    Our research suggests that rather than being a pathway out of unemployment, side hustles actually represent a broader social and economic trend: more and more of young people’s lives are being encompassed by work.

    Interviewees frequently talked about feeling like they needed to make their time outside of work productive in some way. For some, it was as though they could not justify leisure time unless it was financially profitable.

    One participant told us:

    You obviously want to enjoy life and have a bit of a chill time, but some days you just go like, “What am I doing? Just sitting at home and just relaxing watching Netflix or whatever. I should probably be out there making more money”.

    Blurring work life boundaries?

    Most participants were also not very concerned about growing their side hustles into businesses.

    Instead, they aspired for balanced working lives with a side hustle offering passion, flexibility and autonomous work, and paid employment supporting them financially and offering the option of a traditional career.

    They also did not necessarily see the time spent on their side hustles as work, being much more personally invested and self-directed in their side hustles than in their paid jobs.

    But this means that much of their “leisure” time looks very much like work, and more and more of their lives are dedicated to being productive.

    David Farrugia receives funding from the Australian Research Council.

    Brendan Churchill receives funding from the Australian Research Council.

    Kim Allen receives funding from the ESRC

    Stephanie Patouras 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. Are side hustles really a way to escape the rat race, or just passion projects for a privileged few? – https://theconversation.com/are-side-hustles-really-a-way-to-escape-the-rat-race-or-just-passion-projects-for-a-privileged-few-255002

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: Before they vote: How schools shape young citizens

    Source:

    01 May 2025

    Politicians have a duty to move beyond tokenistic gestures and engage seriously with young people’s ideas and concerns.

    As politicians continue the campaign trail with carefully scripted messages and media spin, researchers from the University of South Australia say young people are watching – and learning the wrong lessons about democracy.

    With children and teens already engaging with political issues on social media, the election period is a critical opportunity to shape how they understand democratic participation.

    The call follows recommendations from the Australian Parliament’s report for a nationally consistent approach to civics and citizenship in education, with a focus on digital literacy to help young people decipher misinformation through social media.

    UniSA’s Associate Professor Joel Windle says politicians have a duty to move beyond tokenistic gestures and engage seriously with young people’s ideas, concerns and capacities for civic engagement.

    “Australia’s democracy depends on citizens being informed and engaged, especially in a system of compulsory voting. Yet rising misinformation, disengagement, and distrust pose serious challenges,” Assoc Prof Joel Windle says.

    “For young people and children, election campaigns present a master class in deflecting questions, talking to pre-set points, controlling and shutting down debates and, at all costs, avoiding controversy.

    “So rather than arming voters and young people with valuable information upon which to base decisions, politicians are demonstrating the exact opposite.”

    The researchers say that to engage young people and encourage children to grow into active, connected citizens, we need to model, not undermine, democratic values.

    “Civics is also often under-prioritised, outdated, and disconnected from students’ lives, with many teachers lacking the confidence to address contemporary or controversial issues,” Assoc Prof Windle says.

    “From our research, we know that upper-primary school children are more than capable of tackling complex social and political topics. And, with the right support, can investigate anything from local concerns such as unsafe streets, to global challenges like climate change.

    “We also know that they are excellent producers of podcasts and digital content. Blend these together, and you get students who can research, reflect, and represent issues in balanced, thoughtful ways, while navigating and filtering digital content. That’s the essence of democratic citizenship.

    “With the federal election highlighting the gap between political practice and civic ideals, it’s more urgent than ever to ensure young people learn that democracy is about dialogue, accountability and action – starting in the classroom.”

    The UniSA team’s new book – Being Heard: Remixing Critical Literacy for Active Citizenship – offers practical, research-backed strategies for teachers to build student voice and agency in the primary classroom.

    The research team includes: Assoc Prof Joel Windle, Assoc Prof David Caldwell, Assoc Prof Melanie Baak and Dr Aidan Windle.

    …………………………………………………………………………………………………………………………

    Contact for interview:  Assoc Prof Joel Windle M: +61 414 577 454 E: Joel.Windle@unisa.edu.au
    Media contact: Annabel Mansfield E: Annabel.Mansfield@unisa.edu.au

    Other articles you may be interested in

    MIL OSI News –

  • MIL-OSI: Trupanion Publishes 2024 Annual Letter to Shareholders

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, April 30, 2025 (GLOBE NEWSWIRE) — Trupanion, Inc. (Nasdaq: TRUP), a leader in medical insurance for cats and dogs, has published its 2024 annual shareholder letter from CEO and President, Margi Tooth. The letter is now available on the Company’s Investor Relations website here.

    About Trupanion:

    Trupanion is a leader in medical insurance for cats and dogs throughout the United States, Canada, certain countries in Continental Europe, and Australia with over 1,000,000 pets currently enrolled. For over two decades, Trupanion has given pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet parents with the highest value in pet medical insurance with unlimited payouts for the life of their pets. With its patented process, Trupanion is the only North American provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Accelerant Insurance Company of Canada. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. Policies are sold and administered in Canada by Canada Pet Health Insurance Services, Inc. dba Trupanion 309-1277 Lynn Valley Road, North Vancouver, BC V7J 0A2 and in the United States by Trupanion Managers USA, Inc. (CA license No. 0G22803, NPN 9588590). Canada Pet Health Insurance Services, Inc. is a registered damage insurance agency and claims adjuster in Quebec #603927. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. For more information, please visit trupanion.com.

    Contact: 

    Laura Bainbridge, Senior Vice President, Corporate Communications
    Gil Melchior, Director, Investor Relations
    Investor.Relations@trupanion.com

    The MIL Network –

  • MIL-OSI: Element Reports Solid First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Amounts in US$ unless otherwise noted

    • Solid Q1 2025 performance in uncertain market conditions reflects the strength of the Company’s business model and financial and operational resilience
    • Net revenues grew 5% year-over-year driven by growth across all categories despite an unfavourable foreign currency translation impact of $17 million and Q1 2024 services revenue benefitting from $7 million in certain items (as previously disclosed)
    • Q1 2025 adjusted operating expense2,3 growth moderated to 5% year-over-year
    • Excluding the $7 million in services revenue noted above, net revenue grew 8% year-over-year, and adjusted operating margin expanded 125 basis points with positive operating leverage of 290 basis points
    • On an adjusted basis3, diluted EPS of $0.28 in Q1 2025 represented a 8% year-over-year increase, diluted free cash flow per share of $0.36 grew 9%, and the Company generated a return of equity of 16.7%; up from 15.4% in Q1 2024
    • The Company is effectively navigating the challenges posed by global trade tensions to support its clients and business
    • Client order volume remains resilient, with global order backlog rising to $2 billion in Q1 2025
    • Repurchased 2.2 million common shares under its normal course issuer bid in Q1 2025 for total consideration of approximately $40 million

    TORONTO, April 30, 2025 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, today announced financial and operating results for the three months ended March 31, 2025. The following table presents Element’s selected financial results.

               
      Q1 20251 Q4 20241 Q1 20241 QoQ YoY
    In US$ millions, except percentages and per share amount       % %
    Selected results – as reported          
    Net revenue 275.7   270.9   262.5   2%   5%  
    Pre-tax income 136.5   121.4   123.0   12%   11%  
    Pre-tax income margin 49.5 % 44.8 %   46.9 %   470 bps 260 bps
    Earnings per share (EPS) [diluted]         0.25   0.23   0.23   9%   9%  
    Adjusted results1,2,3          
    Adjusted net revenue1,3 275.7   270.9   262.5   2%   5%  
    Adjusted operating income (AOI)3 150.8   143.3   143.6   5%   5%  
    Adjusted operating margin3 54.7 % 52.9 %   54.7 %   180 bps — bps
    Adjusted EPS3 [diluted]         0.28   0.27   0.26   4%   8%  
    Other highlights:          
    Adjusted free cash flow per share3(FCF/sh) – diluted 0.36   0.30   0.33   20%   9%  
    Originations 1,509   1,498   1,542   1%   (2)%  
    Vehicles under management 1.514   1.517   1.490   —%   2%  
    Adjusted ROE3 16.7 % 15.4 %   15.4 %   130 bps   130 bps  
    1. Q1 2024 services revenue benefitted from $7 million in certain items, as previously disclosed.
    2. Q1 2024 also includes $2 million in strategic project costs (nil in Q4 2024) attributable to the Company’s leasing initiative in Ireland. These strategic costs were completed in Q3 2024 and, in aggregate, were $2 million below planned investment as previously communicated.
    3. Adjusted results are non-GAAP or supplemental financial measures, which do not have any standard meaning prescribed by GAAP under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the “IFRS to Non-GAAP Reconciliations” section in this earnings release. The Company uses “Adjusted Results” because it believes that they provide useful information to investors regarding its performance and results of operations.
       

    “Our solid Q1 results highlight the financial stability and operational resilience of our business,” said Laura Dottori-Attanasio, Chief Executive Officer of Element. “This has enabled us to effectively manage potential disruptions from global trade tensions while staying committed to our clients’ success. By leveraging our deep industry expertise, we remain focused on guiding clients through market uncertainties and continuing to support them in achieving their strategic objectives.”

    Dottori-Attanasio continued, “Strong client demand, combined with our business’ proven ability to adapt and self-correct, enables us to consistently deliver value for shareholders across dynamic market environments. At the same time, we continue to innovate, digitize, and evolve to sustain long-term success and lead the way in defining the future of mobility. We are also encouraged by the moderation in expense growth — a trend we expect to continue through 2025 and will help to generate adjusted operating margin expansion in line with our 2025 guidance.”

    Net revenue growth

    Element grew Q1 2025 net revenue 5% over Q1 2024 (“year-over-year”) to $276 million, with increases delivered across all categories. As previously disclosed, Q1 2024 net revenue benefitted from $7 million in services revenue from certain items. Excluding these items, net revenue grew 8% compared to Q1 2024. Additionally, the impact of foreign exchange translation was material year-over-year, particularly the Mexican Peso and Australian dollar, which depreciated against the U.S. dollar by approximately 20% and 5%, respectively, reducing net revenue by $17 million.

    Q1 2025 net revenue increased $5 million or 2% from Q4 2024 (“quarter-over-quarter”) led largely by higher net financing revenue, higher syndication revenue and higher Gains on Sale (“GOS”) due to seasonal factors. This was partly offset by lower services revenue, which benefitted from certain timing-related factors in Q4 2024.

    Service revenue

    Element’s largely unlevered services revenue is an important driver of the Company’s growth and the key pillar of its capital-light business model, which has improved the return on equity profile.

    Q1 2025 services revenue increased 4% year-over-year to $152 million driven primarily by higher penetration and utilization rates of our service offerings from new and existing clients. As previously disclosed, Q1 2024 services revenue benefitted from $7 million in certain items. Excluding this amount, services revenue grew by 9% year-over-year. Partly offsetting this increase was the impact of foreign currency exchange translation, which reduced services revenue by $6 million.

    Q1 2025 services revenue decreased 6% quarter-over-quarter from a record Q4 2024, which benefitted from certain timing-related factors referenced above under ‘Net revenue growth’.

    Net financing revenue

    Q1 2025 net financing revenue grew $4 million or 4% year-over-year, primarily due to strong growth in financing income driven by both pricing and funding initiatives. Partly offsetting this was higher funding costs associated with financing the redemptions of our preferred shares (previously recorded below the AOI line) and the impact of incremental debt due to the acquisition of Autofleet. The year-over-year decrease in GOS resulted from unfavourable foreign currency translation, as on an underlying basis higher vehicle volume more than offset used vehicle price normalization. The aggregate impact of foreign currency exchange translation reduced net financing revenue by $11 million year-over-year.

    Q1 2025 net financing revenue increased $8 million or 8% from Q4 2024. This quarter-over-quarter increase was materially led by higher yield on assets, higher GOS relative to a seasonally weaker fourth quarter, and lower funding costs.

    Syndication volume

    The Company syndicated $574 million of assets in Q1 2025, an increase of $101 million or 21% year-over-year. Q1 2025 syndicated assets decreased $461 million or 45% quarter-over-quarter largely as a result of the bulk sale of a Canadian lease portfolio to Blackstone in December 2024 in the amount of $346 million (CAD$474 million).

    In Q1 2025, the Company made the strategic decision to delay the syndication of certain assets to the second half of 2025 pending the outcome of proposed U.S. tax legislation changes. Overall, the demand for Element’s assets remains strong and this postponement underscores a targeted approach to capital management.

    Q1 2025 syndication revenue increased $3 million or 41% year-over-year largely attributable to higher net yields and higher syndicated volume. This higher net yield largely reflects the Company’s syndication mix and a more favourable interest rate environment, which more than offset the scheduled reduction in bonus depreciation in 2025, which reduces net yields.

    Q1 2025 syndication increased $6 million or 95% quarter-over-quarter largely due to higher net yields from syndication mix, which compared favourably to Q4 2024 net yields that were negatively impacted by the setup costs associated with the bulk sale of the Canadian lease portfolio.

    Adjusted operating expenses

    Q1 2025 adjusted operating expenses of $125 million were $6 million or 5% higher year-over-year. largely due to higher general and administrative expenses related to business development, higher professional fees and Autofleet operating expenses of $3 million in Q1 2025. Excluding Autofleet, adjusted operating expenses increased by 2%, compared to Q1 2024. The impact of foreign currency exchange translation was a $4 million tailwind.

    Adjusted operating expenses decreased by $3 million or 2% quarter-over-quarter, largely due to lower general and administrative expenses.

    We expect operating expense growth to continue to moderate for the remainder of 2025 as the benefits of our investments made in 2024 begin to materialize.

    Adjusted operating income and adjusted operating margins

    Q1 2025 AOI was $151 million, an increase of $7 million or 5% year-over-year notwithstanding foreign currency translation impacts. Excluding the $7 million in certain service revenue items in Q1 2024, AOI grew 11% year-over-year. The impact on AOI resulting from unfavourable foreign exchange movements was $13 million on a year-over-year basis.

    Q1 2025 AOI increased $8 million or 5% quarter-over-quarter due to the favourable combination of higher revenue and reduced expenses.

    Q1 2025 adjusted operating margin was 54.7%, unchanged year-over-year. Excluding the impact of the $7 million in certain service revenue items in Q1 2024, operating margin expanded 125 basis points.

    Originations

    Element originated $1.5 billion of assets in Q1 2025, which is a $33 million or 2% decrease year-over-year reflecting foreign exchange translation headwinds impacting our Mexico and Australia and New Zealand originations, partially offset by increased volumes in the U.S. and Canada.

    Q1 2025 originations increased $11 million or 1% quarter-over-quarter led largely by higher originations in the U.S. and Canada.

    Order volumes have increased significantly over the past two quarters amid rising global trade tensions. The Company continues to expect this client order momentum, bolstered by improvements made through our U.S. & Canada Leasing strategic initiative based in Ireland, to drive solid origination volumes in the coming quarters.

    The table below sets out the geographic distribution of Element’s originations for 2025 and 2024:

    (in US$000’s for stated values) March 31, 2025 March 31, 2024
      $ % $ %
    United States and Canada 1,195,391 79.23 % 1,182,987 76.72 %
    Mexico 214,752 14.23 % 259,143 16.81 %
    Australia and New Zealand 98,726 6.54 % 99,753 6.47 %
    Total 1,508,869 100.00 % 1,541,883 100.00 %
             

    Adjusted free cash flow per share and returns to shareholders

    On an adjusted basis, Element generated $0.36 of diluted adjusted free cash flow (“FCF”) per share in Q1 2025; up 9% year-over-year. Q1 2025 diluted adjusted FCF per share was 20% higher quarter-over-quarter.

    During Q1 2025, Element returned $77 million of cash to shareholders through common share dividends ($37 million) and common share repurchases ($40 million).

    Common dividend and share repurchases

    On April 30, 2025, the Board of Directors (the “Board”) authorized and declared a quarterly cash dividend of CAD$0.13 per common share of Element for the second quarter of 2025. The dividend will be payable on July 15, 2025 to shareholders of record as at the close of business on June 30, 2025.

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

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

    During Q1 2025, the Company purchased 2,178,000 Common Shares for cancellation under its NCIB at a volume weighted average price of CAD$28.55. The Company has remained active on the NCIB during April 2025, and have repurchased approximately 561,000 shares for total consideration of approximately $11 million.

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

    Debt-to-capital leverage ratio

    Commencing Q4 2024, the Company changed its banking covenants from tangible leverage ratio (“TLR”) to debt-to-capital, which the Company believes is a more meaningful measure of its leverage. At March 31, 2025, the Company’s debt-to-capital ratio was 74.9% (March 31, 2024 73.2%). The Company targets a range between 73% to 77%.

    The Company remains committed to maintaining a strong investment grade balance sheet.

    Conference call and webcast

    A conference call to discuss these results will be held on Thursday, May 1, 2025 at 8:00 a.m. Eastern Time.

    The conference call and webcast can be accessed as follows:

    A taped recording of the conference call may be accessed through June 1, 2025 by dialing 1-855-669-9658 (Canada/U.S. Toll Free) or 1-412-317-0088 (International Toll) and entering the access code 2285919.

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

    The Company’s audited consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB and the accounting policies we adopted in accordance with IFRS. These audited consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present fairly our financial position as at March 31, 2025 and March 31, 2024, the results of operations, comprehensive income and cash flows for the three- and 12-month periods-ended March 31, 2025 and March 31, 2024.

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

        As at and for the three-month
    period ended
    (in US$000’s except ratios and per share amounts or unless otherwise noted)   March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
             
    Key annualized operating ratios        
             
    Leverage ratios        
    Financial leverage ratio P/(P+R)   74.9 %   74.1 %   73.2 %
    Average financial leverage ratio Q/(Q+V)   75.4 %   75.0 %   73.8 %
             
    Other key operating ratios        
    Allowance for credit losses as a % of total finance receivables before allowance F/E   0.09 %   0.08 %   0.08 %
    Adjusted operating income on average net earning assets B/J   7.92 %   7.31 %   7.34 %
    Adjusted operating income on average tangible total equity of Element D/(V-L)   42.23 %   39.34 %   32.37 %
             
    Per share information        
    Number of shares outstanding W   402,350     404,502     388,926  
    Weighted average number of shares outstanding [basic] X   403,502     404,578     389,161  
    Weighted average number of shares outstanding [diluted] Y   403,686     404,726     404,118  
    Cumulative preferred share dividends during the period Z   —     —     2,919  
    Other effects of dilution on an adjusted operating income basis AA $ —     —   $ 1,222  
    Net income per share [basic] (A-Z)/X $ 0.25   $ 0.23   $ 0.23  
    Net income per share [diluted]   $ 0.25   $ 0.23   $ 0.23  
             
    Adjusted EPS [basic] (D1)/X $ 0.28   $ 0.27   $ 0.27  
    Adjusted EPS [diluted] (D1+AA)/Y $ 0.28   $ 0.27   $ 0.26  
                         

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

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

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Reported results US$ US$ US$
    Services income, net   152,482     161,461     147,053  
    Net financing revenue   111,556     103,453     107,178  
    Syndication revenue, net   11,633     5,976     8,226  
    Net revenue   275,671     270,890     262,457  
    Operating expenses   135,007     141,234     132,499  
    Operating income   140,664     129,656     129,958  
    Operating margin   51.0 %   47.9 %   49.5 %
    Total expenses   139,200     149,463     139,478  
    Income before income taxes   136,471     121,427     122,979  
    Net income   102,250     92,057     93,817  
    EPS [basic] $ 0.25   $ 0.23   $ 0.23  
    EPS [diluted] $ 0.25   $ 0.23   $ 0.23  
    Adjusting items      
    Impact of adjusting items on operating expenses:      
    Strategic initiatives costs – Salaries, wages, and benefits   —     —     485  
    Strategic initiatives costs – General and administrative expenses   —     —     1,640  
    Share-based compensation   10,183     13,687     10,731  
    Amortization of convertible debenture discount   —     —     793  
    Total impact of adjusting items on operating expenses   10,183     13,687     13,649  
    Total pre-tax impact of adjusting items   10,183     13,687     13,649  
    Total after-tax impact of adjusting items   7,612     10,265     10,305  
    Total impact of adjusting items on EPS [basic]   0.02     0.03     0.03  
    Total impact of adjusting items on EPS [diluted]   0.02     0.03     0.03  
                       
      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Adjusted results US$ US$ US$
    Adjusted net revenue   275,671     270,890     262,457  
    Adjusted operating expenses   124,824     127,547     118,850  
    Adjusted operating income   150,847     143,343     143,607  
    Adjusted operating margin   54.7 %   52.9 %   54.7 %
    Provision for income taxes   34,221     29,370     29,162  
    Adjustments:      
    Pre-tax income   3,750     5,481     5,390  
    Foreign tax rate differential and other   118     985     632  
    Provision for taxes applicable to adjusted results   38,089     35,836     35,184  
    Adjusted net income   112,758     107,507     108,423  
    Adjusted EPS [basic] $ 0.28   $ 0.27   $ 0.27  
    Adjusted EPS [diluted] $ 0.28   $ 0.27   $ 0.26  
                       

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

    Selected statement of financial position amounts   For the three-month period ended
    (in US$000’s unless otherwise noted)   March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
        US$ US$ US$
    Total Finance receivables, before allowance for credit losses E 7,699,109   7,576,386   7,478,974  
    Allowance for credit losses F 7,137   6,168   5,794  
    Net investment in finance receivable G 5,148,688   4,968,294   5,349,038  
    Equipment under operating leases H 2,428,013   2,435,430   2,685,015  
    Net earning assets I=G+H 7,576,701   7,403,724   8,034,053  
    Average net earning assets J 7,618,350   7,848,023   7,825,155  
    Goodwill and intangible assets K 1,660,009   1,672,701   1,587,465  
    Average goodwill and intangible assets L 1,663,050   1,675,336   1,588,981  
    Borrowings M 9,045,885   8,463,789   9,021,567  
    Unsecured convertible debentures N —   —   126,108  
    Less: continuing involvement liability O (136,932 ) (132,683 ) (87,199 )
    Total debt P=M+N-O 8,908,953   8,331,106   9,060,476  
    Cash and restricted funds P1 780,531   408,621   1,031,951  
    Total net debt P2 = P-P1 8,128,422   7,922,485   8,028,525  
    Average debt Q 8,363,864   8,313,527   8,239,147  
    Total shareholders’ equity R 2,720,616   2,774,315   2,944,588  
    Preferred shares S —   —   181,077  
    Common shareholders’ equity T=R-S 2,720,616   2,774,315   2,763,511  
    Average common shareholders’ equity U 2,730,985   2,768,504   2,747,716  
    Average total shareholders’ equity V 2,730,985   2,768,504   2,928,793  
                   

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

    Adjusted operating expenses

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

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
      US$ US$   US$  
    Reported Expenses 139,200   149,463   139,478  
    Less:          
    Amortization of intangible assets from acquisitions 7,799   7,819   6,979  
    Loss (gain) on investments (3,606 ) 410   —  
    Operating expenses 135,007   141,234   132,499  
    Less:          
    Amortization of convertible debenture discount —   —   793  
    Share-based compensation 10,183   13,687   10,731  
    Strategic initiatives costs – Salaries, wages and benefits —   —   485  
    Strategic initiatives costs – General and administrative expenses —   —   1,640  
    Total adjustments 10,183   13,687   13,649  
    Adjusted operating expenses 124,824   127,547   118,850  
                 

    Adjusted operating income or Pre-tax adjusted operating income

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

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

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
      US$ US$   US$  
    Income before income taxes 136,471   121,427   122,979  
    Adjustments:          
    Amortization of convertible debenture discount —   —   793  
    Share-based compensation 10,183   13,687   10,731  
    Amortization of intangible assets from acquisition 7,799   7,819   6,979  
    Loss (gain) on investments (3,606 ) 410   —  
    Adjusting Items:          
    Strategic initiatives costs – Salaries, wages and benefits —   —   485  
    Strategic initiatives costs – General and administrative expenses —   —   1,640  
    Total pre-tax impact of adjusting items —   —   2,125  
    Adjusted operating income 150,847   143,343   143,607  
                 

    Adjusted operating margin

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

    After-tax adjusted operating income

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

    Adjusted net income

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

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
      US$ US$ US$
    Net income 102,250   92,057   93,817  
    Amortization of convertible debenture discount —   —   793  
    Share-based compensation 10,183   13,687   10,731  
    Amortization of intangible assets from acquisition 7,799   7,819   6,979  
    Loss (gain) on investments (3,606 ) 410   —  
    Strategic initiatives costs – Salaries, wages and benefits —   —   485  
    Strategic initiatives costs – General and administrative expenses —   —   1,640  
    Provision for income taxes 34,221   29,370   29,162  
    Provision for taxes applicable to adjusted results (38,089 ) (35,836 ) (35,184 )
    Adjusted net income 112,758   107,507   108,423  
                 

    After-tax adjusted operating income attributable to common shareholders

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

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

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

    The MIL Network –

  • MIL-OSI: Midland States Bancorp, Inc. Announces Preliminary 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    EFFINGHAM, Ill., April 30, 2025 (GLOBE NEWSWIRE) — Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) reported preliminary results for the first quarter of 2025. As previously disclosed, the Company is completing its evaluation, subject to review by its independent registered public accounting firm, of the accounting and financial reporting of third-party lending and servicing arrangements, including the collection and analysis of third-party documentation, not material to tangible equity. This process is ongoing and must be completed for the Company to file its Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”), which is expected to include restated financial statements for the applicable periods.

    While the Company works diligently to complete this process, the Company is providing preliminary results for the first quarter of 2025. These results reflect the updated accounting methodology for the remaining third party lending and servicing arrangements. The Company’s actual results may differ materially from these preliminary financial results. The Company is also completing an evaluation of whether there is an impairment to its goodwill, including obtaining valuation information from third parties. An impairment, if determined to exist, would not affect the tangible equity or the regulatory capital ratios of the Company. This preliminary financial data has been prepared by and is the responsibility of the Company. The Company’s independent auditor has not reviewed or audited these preliminary financial results. The results should be considered preliminary and are subject to adjustment based on the results of the process, the restatement and other developments that may arise between now and the time the Company’s 2024 audited consolidated financial statements are issued.

    As a result of the delays in the filing of the 2024 Annual Report, certain subsequent events have been evaluated and will be recorded in the Company’s audited financial statements for the year ended December 31, 2024. The Company will continue to evaluate subsequent events that occur prior to the date the financial statements for the year ended December 31, 2024 are available to be issued.

    Preliminary 2025 First Quarter Results

    • Net income available to common shareholders of $12.6 million, or $0.57 per diluted share, for the first quarter of 2025
    • Pre-tax, pre-provision earnings of $27.0 million, or $1.12 per diluted share, for the first quarter of 2025

    Discussion of Outlook; President & Chief Executive Officer, Jeffrey G. Ludwig:

    “We are working diligently to resolve the delay in our audited financials, although we want to emphasize that we do not expect a material impact to first quarter tangible equity or regulatory capital levels, and that our unaudited preliminary first quarter results already reflect the previously disclosed accounting methodology changes, for a small third party guaranteed loan portfolio.

    “Improving credit quality remains a strategic priority, and during the first quarter we had no significant new substandard or nonperforming loans identified, with two-thirds of net charge-offs in the quarter taking place within third party programs that were fully reimbursed. The previously disclosed sale of $330 million of GreenSky loans in April 2025, plus tighter underwriting standards in our equipment finance portfolio are expected to significantly reduce exposure to higher-risk portfolios over the balance of 2025.

    “Our underlying profitability trends were favorable in the first quarter, with a strong net interest margin of 3.48%, solid loan growth in the Community Bank, and continued contribution from our wealth management revenue platform. We continue to expect stronger profitability over the balance of 2025 with growing capital ratios.”

    Key Points for First Quarter and Outlook

    Continued Credit Clean-up; Tightened Credit Standards

    • The Company closed its sale of participation interests of consumer loans originated through the GreenSky program. The sale included approximately $330 million, or 89%, of the Company’s GreenSky portfolio. The remaining portfolio will be retained by the Company under a new servicing agreement.
    • Substandard accruing loans and nonperforming loans decreased slightly to $75.7 million and $140.0 million at March 31, 2025, respectively. No significant new substandard or nonperforming loans were identified during the quarter.
    • Net charge-offs were $16.9 million for the quarter, including $11.1 million of fully reimbursed charge-offs related to our third party lending programs. Net charge-offs in our equipment finance portfolio were approximately $4.5 million as we continue to see credit issues primarily in the trucking industry.
    • Provision for credit losses on loans was $8.3 million for the first quarter of 2025, primarily as a result of continued trends in the equipment finance portfolio.
    • Allowance for credit losses on loans was $90.5 million, or 1.80% of total loans.

    The table below summarizes certain information regarding the Company’s loan portfolio asset quality as of March 31, 2025.

    (in thousands)   As of and for the
    Three Months Ended
    March 31, 2025
    Asset Quality    
    Loans 30-89 days past due   $ 43,522  
    Nonperforming loans     140,020  
    Nonperforming assets     146,080  
    Substandard accruing loans     75,668  
    Net charge-offs     16,878  
    Loans 30-89 days past due to total loans     0.87 %
    Nonperforming loans to total loans     2.79 %
    Nonperforming assets to total assets     1.96 %
    Allowance for credit losses to total loans     1.80 %
    Allowance for credit losses to nonperforming loans     64.60 %
    Net charge-offs to average loans     1.35 %
             

    Solid Growth Trends in Community Bank & Wealth Management

    • Total loans at March 31, 2025 were $5.02 billion, a decrease of $149.5 million from December 31, 2024. Key changes in the loan portfolio were as follows:
      • Loans originated by our Community Bank increased $56.8 million, or 1.8%, from December 31, 2024, pipelines remain strong
      • We continue to pursue an intentional decrease in our Specialty Finance loan portfolio, as we tighten credit standards. Balances in this loan portfolio decreased $159.3 million during the quarter.
      • Equipment finance portfolio balances declined $44.9 million during the quarter as we continue to reduce the overall balances in this unit and tighten underwriting standards.
    • Total deposits were $5.94 billion at March 31, 2025, a decrease of $260.8 million from December 31, 2024. The decline in deposits reflects the following:
      • Noninterest-bearing deposits increased $35.1 million in the quarter.
      • Retail deposits increased by $96.8 million through a growth and marketing strategy implemented late in the first quarter of 2025, along with higher average deposits held by retail customers.
      • Brokered deposits, including both money market and time deposits decreased by $115.4 million.
      • Sweep accounts included in interest bearing checking decreased by $115.4 million, of which $80 million was related to normal first quarter distributions for one large depositor with the remainder due to seasonal adjustments.
      • Servicing deposits decreased by $53.9 million.
    • Wealth Management revenue totaled $7.4 million in the first quarter of 2025. Assets under administration were $4.10 billion at March 31, 2025. The Company added six new sales positions in the first quarter of 2025 and continues to experience strong pipelines.

    Net Interest Margin

    • Net interest margin was 3.48%, and we saw a continued decline in the cost of funding. Rate cuts enacted by the Federal Reserve Bank in late 2024 continue to result in a lower cost of deposits for the Company, which fell to 2.29% in the first quarter of 2025.

    The following table summarizes certain factors affecting the Company’s net interest margin for the first quarter of 2025.

        For the Three Months Ended
    (dollars in thousands)   March 31, 2025
    Interest-earning assets   Average Balance   Interest & Fees   Yield/Rate
    Cash and cash equivalents   $ 68,671   $ 718   4.24 %
    Investment securities(1)     1,311,887     15,517   4.80  
    Loans(1)(2)     5,057,394     78,014   6.26  
    Loans held for sale     326,348     4,563   5.67  
    Nonmarketable equity securities     35,614     647   7.37  
    Total interest-earning assets     6,799,914     99,459   5.93  
    Noninterest-earning assets     687,870        
    Total assets   $ 7,487,784        
                 
    Interest-Bearing Liabilities            
    Interest-bearing deposits   $ 5,074,007   $ 34,615   2.77 %
    Short-term borrowings     73,767     700   3.85  
    FHLB advances & other borrowings     299,578     3,163   4.28  
    Subordinated debt     77,752     1,387   7.23  
    Trust preferred debentures     51,283     1,200   9.49  
    Total interest-bearing liabilities     5,576,387     41,065   2.99  
    Noninterest-bearing deposits     1,052,181        
    Other noninterest-bearing liabilities     124,638        
    Shareholders’ equity     734,578        
    Total liabilities and shareholder’s equity   $ 7,487,784        
                 
    Net Interest Margin       $ 58,394   3.48 %
                 
    Cost of Deposits           2.29 %
    (1) Interest income and average rates for tax-exempt loans and investment securities are presented on a tax-equivalent basis, assuming a federal income tax rate of 21%. Tax-equivalent adjustments totaled $0.2 million for the three months ended March 31, 2025.
    (2) Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.
       

    Trends in Noninterest Income and Expense

    • Noninterest income was $17.8 million for the first quarter of 2025 and included a loss on limited partnership investments of $0.6 million and credit enhancement losses of $0.6 million, offset by income from death benefits on life insurance policies of $0.3 million.
    • As of the date of this earnings release, the Company expects noninterest income of approximately $17.0 million to $17.5 million in the near term quarters after consideration of credit enhancement income or losses.
    • Noninterest expense was $48.9 million for the first quarter of 2025 and was impacted by an additional $1.4 million in severance expense and $0.7 million in professional fees. The Company continues to experience higher levels of legal fees and other expenses related to loan collections.
    • As of the date of this earnings release, the Company expects the near term operating expense run rate to be approximately $48.0 million to $49.0 million.

    First Quarter 2025 Financial Highlights and Key Performance Indicators (KPIs):

        As of and for the
    Three Months Ended
    March 31, 2025
    Return on average assets     0.80 %
    Pre-tax, pre-provision return on average assets(1)     1.46 %
    Net interest margin     3.48 %
    Efficiency ratio (1)     64.24 %
    Noninterest expense to average assets     2.65 %
    Net charge-offs to average loans     1.35 %
    Tangible book value per share at period end (1)   $ 21.43  
    Diluted earnings per common share   $ 0.57  
    Common shares outstanding at period end     21,503,036  
    (1) Non-GAAP financial measures. Refer to page 10 for a reconciliation to the comparable GAAP financial measures.
       

    Capital

    At March 31, 2025, Midland States Bank and the Company exceeded all regulatory capital requirements under Basel III, and Midland States Bank met the qualifications to be a ‘‘well-capitalized’’ financial institution, as summarized in the following table:

      As of March 31, 2025
      Midland States Bank   Midland States
    Bancorp, Inc.    		   Minimum Regulatory Requirements (2)
    Total capital to risk-weighted assets 13.10%   13.77%   10.50%
    Tier 1 capital to risk-weighted assets 11.84%   11.43%   8.50%
    Common equity Tier 1 capital to risk-weighted assets 11.84%   8.60%   7.00%
    Tier 1 leverage ratio 9.90%   9.55%   4.00%
    Tangible common equity to tangible assets (1) N/A   6.32%   N/A
    (1) A non-GAAP financial measure. Refer to page 10 for a reconciliation to the comparable GAAP financial measure.
    (2) Includes the capital conservation buffer of 2.5%, as applicable.
       

    About Midland States Bancorp, Inc.

    Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of March 31, 2025, the Company had total assets of approximately $7.46 billion, and its Wealth Management Group had assets under administration of approximately $4.10 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank. 

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP.

    These non-GAAP financial measures include “Pre-tax, pre-provision earnings,” “Pre-tax, pre-provision diluted earnings per share,” “Pre-tax, pre-provision return on average assets,” “Efficiency ratio,” “Tangible common equity to tangible assets,” and “Tangible book value per share.” The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s funding profile and profitability. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, the measures in this press release may not be comparable to other similarly titled measures as presented by other companies.

    Forward-Looking Statements

    Readers should note that in addition to the historical information contained herein, this press release includes “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels, including currently anticipated levels of noninterest income and operating expenses. These statements are subject to many risks and uncertainties, including the expected timing and results of the Company’s audit for the year ended December 31, 2024, and the Company’s ongoing evaluation of whether there is an impairment to its goodwill; the fact that the completion and filing of the 2024 Annual Report has taken, and may continue to take, longer than expected; changes in interest rates and other general economic, business and political conditions; the impact of federal trade policy, inflation, increased deposit volatility and potential regulatory developments; changes in the financial markets; changes in business plans as circumstances warrant; changes to U.S. tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    CONTACTS:
    Jeffrey G. Ludwig, President and CEO, at jludwig@midlandsb.com or (217) 342-7321
    Eric T. Lemke, Chief Financial Officer, at elemke@midlandsb.com or (217) 342-7321

    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited)
         
    (dollars in thousands)   As of March 31, 2025
    Assets    
    Cash and cash equivalents   $ 102,006  
    Investment securities     1,368,405  
    Loans     5,018,053  
    Allowance for credit losses on loans     (90,458 )
    Total loans, net     4,927,595  
    Loans held for sale     287,821  
    Premises and equipment, net     86,719  
    Other real estate owned     4,669  
    Loan servicing rights, at lower of cost or fair value     17,278  
    Goodwill     161,904  
    Other intangible assets, net     11,189  
    Company-owned life insurance     212,336  
    Credit enhancement asset     5,614  
    Other assets     272,217  
    Total assets   $ 7,457,753  
         
    Liabilities and Shareholders’ Equity    
    Noninterest-bearing demand deposits   $ 1,090,707  
    Interest-bearing deposits     4,845,727  
    Total deposits     5,936,434  
    Short-term borrowings     40,224  
    FHLB advances and other borrowings     498,000  
    Subordinated debt     77,754  
    Trust preferred debentures     51,358  
    Other liabilities     109,599  
    Total liabilities     6,713,369  
    Total shareholders’ equity     744,384  
    Total liabilities and shareholders’ equity   $ 7,457,753  
             
    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
         
    (in thousands, except per share data)   For the Three Months
    Ended     March 31, 2025
    Net interest income:    
    Interest income   $ 99,251  
    Interest expense     41,065  
    Net interest income     58,186  
    Provision for credit losses on loans     8,250  
    Net interest income after provision for credit losses     49,936  
    Noninterest income:    
    Wealth management revenue     7,350  
    Service charges on deposit accounts     3,305  
    Interchange revenue     3,151  
    Residential mortgage banking revenue     676  
    Income on company-owned life insurance     2,334  
    Credit enhancement (loss) income     (578 )
    Other income     1,525  
    Total noninterest income     17,763  
    Noninterest expense:    
    Salaries and employee benefits     26,416  
    Occupancy and equipment     4,498  
    Data processing     6,919  
    Professional services     2,741  
    Amortization of intangible assets     911  
    FDIC insurance     1,463  
    Other expense     5,977  
    Total noninterest expense     48,925  
    Income before income taxes     18,774  
    Income tax expense     3,975  
    Net income     14,799  
    Preferred stock dividends     2,228  
    Net income available to common shareholders   $ 12,571  
         
    Basic earnings per common share   $ 0.57  
    Diluted earnings per common share   $ 0.57  
             
    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited)(continued)
         
    (in thousands)   As of March 31, 2025
    Loan Portfolio Mix    
    Commercial loans   $ 869,009
    Equipment finance loans     390,276
    Equipment finance leases     373,168
    Total commercial loans and leases     1,632,453
    Commercial real estate     2,592,325
    Construction and land development     264,966
    Residential real estate     373,095
    Consumer     155,214
    Total loans   $ 5,018,053
         
    Loan Portfolio Segment    
    Regions    
    Eastern   $ 897,792
    Northern     747,028
    Southern     711,787
    St. Louis     902,743
    Total Community Bank     3,259,350
    Specialty finance     865,401
    Equipment finance     763,444
    Non-core consumer and other(1)     129,858
    Total loans   $ 5,018,053
         
    Deposit Portfolio Mix    
    Noninterest-bearing demand   $ 1,090,707
    Interest-bearing:    
    Checking     2,161,282
    Money market     1,154,403
    Savings     522,663
    Time     818,732
    Brokered time     188,647
    Total deposits   $ 5,936,434
         
    Deposit Portfolio by Channel    
    Retail   $ 2,846,494
    Commercial     1,074,837
    Public Funds     490,374
    Wealth & Trust     301,251
    Servicing     842,567
    Brokered Deposits     358,063
    Other     22,848
    Total deposits   $ 5,936,434
    (1) Non-core consumer loans refers to consumer loan portfolios originated through third parties.
       
    MIDLAND STATES BANCORP, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
         
    Pre-Tax, Pre-Provision Earnings Reconciliation
         
        For the Three Months
    Ended March 31, 2025
    Income before income taxes   $ 18,774  
    Provision for credit losses     8,250  
    Pre-tax, pre-provision earnings   $ 27,024  
    Pre-tax, pre-provision earnings per diluted share   $ 1.12  
    Pre-tax, pre-provision return on average assets     1.46 %
         
    Efficiency Ratio Reconciliation
         
    (dollars in thousands)   For the Three Months
    Ended     March 31, 2025
    Noninterest expense – GAAP   $ 48,925  
         
    Net interest income – GAAP   $ 58,186  
    Effect of tax-exempt income     208  
    Adjusted net interest income     58,394  
         
    Noninterest income – GAAP     17,763  
         
    Adjusted total revenue   $ 76,157  
         
    Efficiency ratio     64.24 %
             
    Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share
         
    (dollars in thousands, except per share data)   As of March 31, 2025
    Shareholders’ Equity to Tangible Common Equity
    Total shareholders’ equity—GAAP   $ 744,384  
    Adjustments:    
    Preferred Stock     (110,548 )
    Goodwill     (161,904 )
    Other intangible assets, net     (11,189 )
    Tangible common equity     460,743  
         
    Total Assets to Tangible Assets:    
    Total assets—GAAP   $ 7,457,753  
    Adjustments:    
    Goodwill     (161,904 )
    Other intangible assets, net     (11,189 )
    Tangible assets   $ 7,284,660  
         
    Common Shares Outstanding     21,503,036  
         
    Tangible Common Equity to Tangible Assets     6.32 %
    Tangible Book Value Per Share   $ 21.43  

    The MIL Network –

  • MIL-OSI: StoneX Group Inc. to Announce 2025 Fiscal Second Quarter Earnings on May 7, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 30, 2025 (GLOBE NEWSWIRE) — StoneX Group Inc. (NASDAQ: SNEX) today announced that it will release its fiscal 2025 second quarter results after the market close on Wednesday, May 7, 2025. Management will host a conference call on Thursday, May 8, 2025 at 9:00 a.m. Eastern Time to review the Company’s 2025 fiscal second quarter results.

    A live web cast of the conference call as well as additional information to review during the call will be made available in PDF form at https://www.stonex.com. Participants can also access the call via https://register-conf.media-server.com/register/BIcee2351db2614b049aa108c318550f21 approximately ten minutes prior to the start time. Participants may preregister for the conference call here.

    For those who cannot access the live broadcast, a replay of the call will be available at https://www.stonex.com.

    About StoneX Group Inc.

    StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The Company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune-500 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its more than 4,700 employees serve more than 54,000 commercial, institutional, and global payments clients, and more than 400,000 self-directed/retail accounts, from more than 80 offices spread across six continents. Further information on the Company is available at www.stonex.com.

    CONTACT: StoneX Group Inc.

    Investor Inquiries:

    Kevin Murphy
    (212) 403 – 7296
    kevin.murphy@stonex.com

    SNEX-G

    The MIL Network –

  • MIL-OSI: National Fuel Reports Second Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    WILLIAMSVILLE, N.Y., April 30, 2025 (GLOBE NEWSWIRE) — National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the second quarter of its 2025 fiscal year.

    FISCAL 2025 SECOND QUARTER SUMMARY

    • GAAP net income of $216 million, or $2.37 per share, an increase of 32% per share compared to the prior year.
    • Adjusted operating results of $218 million, or $2.39 per share, an increase of 34% per share compared to the prior year. See non-GAAP reconciliation on page 2.
    • Seneca produced a record 105.5 Bcf of natural gas, an increase of 3% from the prior year and 8% sequentially, largely due to strong results from pads recently turned in line in the Eastern Development Area (“EDA”).
    • Utility segment net income of $63.5 million, or $0.70 per share, an increase of 44% per share compared to the prior year, primarily as a result of the New York jurisdiction’s 2024 rate settlement, which led to its first base rate increase since 2017.
    • Pipeline & Storage segment net income of $31.7 million, or $0.35 per share, an increase of 5% per share compared to the prior year. In addition, Empire Pipeline reached an agreement with its customers to amend its existing rate settlement, which was approved by the FERC on March 17, 2025, with new rates effective November 1, 2025.
    • The Company is increasing its guidance for fiscal 2025 adjusted earnings per share to a range of $6.75 to $7.05.

    MANAGEMENT COMMENTS

    David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “During our second quarter, National Fuel built upon its positive momentum which, along with the tailwind of higher natural gas price realizations, drove a 32% increase in earnings per share over the prior year.

    “Our integrated Appalachian natural gas development program, focused on the highly prolific EDA, continues to deliver strong operational results and improving capital efficiency. Seneca’s recent well results exhibited the highest productivity we’ve seen to date, giving us further confidence in our deep, high-quality well inventory, and allowing us to increase our production guidance for fiscal 2025. On the regulated side of the business, we saw significant earnings growth during the quarter, driven by the ongoing impact of positive rate case outcomes that balance the continued investment in modernizing our infrastructure with the goal of maintaining affordable rates for our customers.

    “National Fuel’s integrated natural gas business, track record of strong operational execution, and consistent approach to managing risk, collectively position us well to navigate an uncertain global economic backdrop. As such, we remain confident in our ability to provide strong returns, achieve our long-term growth targets, and continue to deliver shareholder value.”

    RECONCILIATION OF GAAP EARNINGS TO ADJUSTED OPERATING RESULTS

                   
      Three Months Ended March 31,
      (Thousands)   (Per Share)
        2025       2024       2025       2024  
    Reported GAAP Earnings $ 216,358     $ 166,272     $ 2.37     $ 1.80  
    Items impacting comparability:              
    Premiums paid on early redemption of debt (E&P / Midstream)   2,385       —       0.03       —  
    Tax impact of premiums paid on early redemption of debt   (642 )     —       (0.01 )     —  
    Unrealized (gain) loss on derivative asset (E&P)   335       (536 )     0.00       0.00  
    Tax impact of unrealized (gain) loss on derivative asset   (90 )     147       0.00       0.00  
    Unrealized (gain) loss on other investments (Corporate / All Other)   (17 )     (769 )     0.00       (0.01 )
    Tax impact of unrealized (gain) loss on other investments   4       162       0.00       0.00  
    Adjusted Operating Results $ 218,333     $ 165,276     $ 2.39     $ 1.79  

    FISCAL 2025 GUIDANCE UPDATE

    National Fuel is increasing its guidance for fiscal 2025 adjusted earnings per share, which is now expected to be within a range of $6.75 to $7.05, an increase of $0.15 at the midpoint of the Company’s prior guidance range. This updated range incorporates our second quarter results as well as higher expected production and lower unit costs in the Exploration and Production segment for the remainder of the fiscal year.

    The Company is assuming NYMEX natural gas prices will average $3.50 per MMBtu for the remaining six months of fiscal 2025 (no change from previous guidance), which approximates the current NYMEX forward curve at this time. Given the continued volatility in NYMEX natural gas prices, the Company is providing the following sensitivities to its adjusted operating results guidance range:

    NYMEX Assumption
    Remaining 6 months
    ($/MMBtu)    		 Fiscal 2025
    Adjusted Earnings
    Per Share Sensitivities
    $3.00 $6.50 – $6.80
    $3.50 $6.75 – $7.05
    $4.00 $7.05 – $7.35

    The Company’s other fiscal 2025 guidance assumptions remain largely unchanged as detailed in the table on page 7.

    FINANCING ACTIVITIES UPDATE

    In February 2025, the Company issued $1 billion of new five- and ten-year notes (split in two equal tranches) to refinance the early redemption of $950 million of notes that were scheduled to mature in July 2025 and January 2026. In addition, the Company placed $50 million (plus interest) in trust for the benefit of holders of long-term debt issued under the Company’s 1974 Indenture and scheduled to mature in June 2025. Placing these funds in trust discharged the 1974 Indenture, relieving the Company from its obligations to comply with the indenture’s covenants. In connection with these transactions, the Company recognized an after-tax loss of $1.7 million, which is presented as an item impacting comparability for the quarter.

    DISCUSSION OF SECOND QUARTER RESULTS BY SEGMENT

    The following earnings discussion of each operating segment for the quarter ended March 31, 2025 is summarized in a tabular form on pages 8 and 9 of this report (earnings drivers for the six months ended March 31, 2025 are summarized on pages 10 and 11). It may be helpful to refer to those tables while reviewing this discussion.

    Note that management defines adjusted operating results as reported GAAP earnings adjusted for items impacting comparability, and adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability.

    Upstream Business

    Exploration and Production Segment

    The Exploration and Production segment operations are carried out by Seneca Resources Company, LLC (“Seneca”). Seneca explores for, develops and produces primarily natural gas reserves in Pennsylvania.

      Three Months Ended
      March 31,
    (in thousands)   2025       2024     Variance
    GAAP Earnings $ 97,828     $ 62,065     $ 35,763  
                           
    Premiums paid on early redemption of debt, net of tax   1,045       —       1,045  
    Unrealized (gain) loss on derivative asset (2022 CA asset sale), net of tax   245       (389 )     634  
    Adjusted Operating Results $ 99,118     $ 61,676     $ 37,442  
               
    Adjusted EBITDA $ 214,350     $ 172,068     $ 42,282  
                           

    Seneca’s second quarter GAAP earnings increased $35.8 million versus the prior year. GAAP earnings included a $1.0 million after-tax loss recognized during the quarter on the early redemption of long-term debt for Seneca’s share of premiums paid by the Company associated with its long-term debt redemptions.

    Excluding items impacting comparability, Seneca’s adjusted operating results in the second quarter increased $37.4 million primarily due to higher realized natural gas prices and natural gas production, as well as lower per unit operating expenses.

    During the second quarter, Seneca produced 105.5 Bcf of natural gas, an increase of 2.6 Bcf, or 3%, from the prior year, and 7.8 Bcf, or 8%, higher compared to the fiscal 2025 first quarter. Two highly prolific pads turned in line this year in the EDA (Tioga Utica) were the main drivers behind these increases in production.

    Seneca’s weighted average realized natural gas price, after the impact of hedging and transportation costs, was $2.94 per Mcf, an increase of $0.38 per Mcf from the prior year. This increase was primarily due to higher NYMEX prices and higher spot prices at local sales points in Pennsylvania.

      Three Months Ended
      March 31,
    (Cost per Mcf)   2025       2024     Variance
    Lease Operating and Transportation Expense (“LOE”) $ 0.67     $ 0.68     $ (0.01 )
    General and Administrative Expense (“G&A”) $ 0.18     $ 0.17     $ 0.01  
    Taxes and Other $ 0.07     $ 0.06     $ 0.01  
    Total Cash Operating Costs $ 0.92     $ 0.91     $ 0.01  
    Depreciation, Depletion and Amortization Expense (“DD&A”) $ 0.61     $ 0.71     $ (0.10 )
    Total Operating Costs $ 1.53     $ 1.62     $ (0.09 )
                           

    On a per unit basis, the second quarter total cash operating costs were up slightly compared to the prior year as other taxes increased as a result of a higher Impact Fee in Pennsylvania due to the increase in NYMEX natural gas prices. LOE included $59 million ($0.56 per Mcf), or 84% of total LOE, for gathering and compression service fees paid to the Company’s Gathering segment to connect Seneca’s production to sales points along interstate pipelines. DD&A for the quarter was $0.61 per Mcf, a decrease of $0.10 per Mcf from the prior year, largely due to ceiling test impairments recorded in prior quarters that lowered Seneca’s full cost pool depletable base.

    Midstream Businesses

    Pipeline and Storage Segment

    The Pipeline and Storage segment’s operations are carried out by National Fuel Gas Supply Corporation (“Supply Corporation”) and Empire Pipeline, Inc. (“Empire”). The Pipeline and Storage segment provides natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and Pennsylvania.

      Three Months Ended
      March 31,
    (in thousands)   2025       2024     Variance
    GAAP Earnings $ 31,707     $ 30,737     $ 970  
               
    Adjusted EBITDA $ 70,169     $ 70,033     $ 136  
                           

    The Pipeline and Storage segment’s second quarter GAAP earnings increased $1.0 million versus the prior year primarily due to higher operating revenues. The increase in operating revenues of $1.6 million, or 1%, was primarily attributable to an increase in Supply Corporation’s transportation and storage rates effective February 1, 2024, in accordance with its rate settlement, which was approved in fiscal 2024.

    Empire Rate Case Update

    On March 17, 2025, FERC approved an amendment to Empire’s 2019 rate case settlement, which provides for modest unit rate reductions for Empire’s transportation services. Based on current contracts, this settlement amendment is estimated to decrease Empire’s revenues on a yearly basis by approximately $0.5 million with new rates effective November 1, 2025. Under the amendment, Empire may not file a new rate case before April 30, 2027, and is required to file a rate case by May 31, 2031.

    Gathering Segment

    The Gathering segment’s operations are carried out by National Fuel Gas Midstream Company, LLC’s limited liability companies. The Gathering segment constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region, which delivers Seneca and other non-affiliated Appalachian production to the interstate pipeline system.

      Three Months Ended
      March 31,
    (in thousands)   2025       2024     Variance
    GAAP Earnings $ 26,342     $ 28,706     $ (2,364 )
    Premiums paid on early redemption of debt, net of tax   698       —       698  
    Adjusted Operating Results $ 27,040     $ 28,706     $ (1,666 )
               
    Adjusted EBITDA $ 52,748     $ 53,103     $ (355 )
                           

    The Gathering segment’s second quarter GAAP earnings decreased $2.4 million versus the prior year as higher operating revenues were more than offset by higher O&M and DD&A expense. GAAP earnings also included a $0.7 million after-tax loss recognized during the quarter on the early redemption of long-term debt for Gathering’s share of premiums paid by the Company associated with its long-term debt redemptions.

    Operating revenues increased $1.0 million, or 2%, primarily due to an increase in throughput from Seneca’s new wells in Tioga County. While O&M expense increased $1.5 million, the per unit rate of $0.09 per Mcf remained unchanged. DD&A expense increased $1.2 million primarily due to higher average depreciable plant in service compared to the prior year.

    Downstream Business

    Utility Segment

    The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (“Distribution Corporation”), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.

      Three Months Ended
      March 31,
    (in thousands)   2025       2024     Variance
    GAAP Earnings $ 63,544     $ 44,739     $ 18,805  
               
    Adjusted EBITDA $ 95,270     $ 78,326     $ 16,944  
                           

    The Utility segment’s second quarter GAAP earnings increased $18.8 million, or 42%, primarily as a result of the implementation of the recently approved rate case settlement in the Utility’s New York jurisdiction, which became effective October 1, 2024.

    For the quarter, customer margin (operating revenues less purchased gas sold) increased $22.2 million, primarily due to the New York rate case settlement. Other income increased $10.8 million, largely due to the New York rate settlement, which required the recognition of non-service pension and post-retirement benefit income and a corresponding reduction in new base rates, resulting in no effect on net income.

    O&M expense increased by $4.2 million, primarily driven by higher personnel costs, partially offset by a reduction related to amortizations of certain regulatory assets as a result of the New York rate settlement. Further, interest expense increased $2.4 million primarily due to a higher average amount of net borrowings.

    Corporate and All Other

    The Company’s operations that are included in Corporate and All Other generated a combined net loss of $3.1 million in the current year second quarter, compared to combined earnings of less than $0.1 million in the prior year. The reduction in earnings during the second quarter was primarily driven by higher interest expense due to a higher average amount of net borrowings. A decrease in investment income on marketable securities and corporate-owned life insurance policies also contributed to the earnings reduction.

    EARNINGS TELECONFERENCE

    A conference call to discuss the results will be held on Thursday, May 1, 2025, at 9 a.m. ET. All participants must pre-register to join this conference using the Participant Registration link. A webcast link to the conference call will be provided under the Events Calendar on the NFG Investor Relations website at investor.nationalfuelgas.com. A replay will be available following the call through the end of the day, Thursday, May 8, 2025. To access the replay, dial 1-866-813-9403 and provide Access Code 458634.

    National Fuel is an integrated energy company reporting financial results for four operating segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.

    Certain statements contained herein, including statements identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, and statements which are other than statements of historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design, retained natural gas and system modernization), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; changes in economic conditions, including the imposition of additional tariffs on U.S. imports and related retaliatory tariffs, inflationary pressures, supply chain issues, liquidity challenges, and global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services; the Company’s ability to estimate accurately the time and resources necessary to meet emissions targets; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; impairments under the SEC’s full cost ceiling test for natural gas reserves; changes in the price of natural gas; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures and other investments, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; changes in price differentials between similar quantities of natural gas sold at different geographic locations, and the effect of such changes on commodity production, revenues and demand for pipeline transportation capacity to or from such locations; the impact of information technology disruptions, cybersecurity or data security breaches, including the impact of issues that may arise from the use of artificial intelligence technologies; factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas reserves, including among others geology, lease availability and costs, title disputes, weather conditions, water availability and disposal or recycling opportunities of used water, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; the Company’s ability to complete strategic transactions; increased costs or delays or changes in plans with respect to Company projects or related projects of other companies, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; other changes in price differentials between similar quantities of natural gas having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; negotiations with the collective bargaining units representing the Company’s workforce, including potential work stoppages during negotiations; uncertainty of natural gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas; changes in demographic patterns and weather conditions (including those related to climate change); changes in the availability, price or accounting treatment of derivative financial instruments; changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities or acts of war, as well as economic and operational disruptions due to third-party outages; significant differences between the Company’s projected and actual capital expenditures and operating expenses; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.

    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    GUIDANCE SUMMARY
     

    As discussed on page 2, the Company is revising its adjusted earnings per share guidance for fiscal 2025. Additional details on the Company’s forecast assumptions and business segment guidance are outlined in the table below.

    The revised adjusted earnings per share guidance range excludes certain items that impacted the comparability of adjusted operating results during the six months ended March 31, 2025, including: (1) the after tax impairment of assets, which reduced earnings by $1.14 per share; (2) after-tax premiums paid on early redemptions of debt, which reduced earnings by $0.02 per share; (3) after-tax unrealized losses on a derivative asset, which reduced earnings by $0.01 per share; and (4) after-tax unrealized losses on other investments, which reduced earnings by $0.02 per share. While the Company expects to record certain adjustments to unrealized gain or loss on a derivative asset and unrealized gain or loss on investments during the remaining six months ending September 30, 2025, the amounts of these and other potential adjustments are not reasonably determinable at this time. As such, the Company is unable to provide earnings guidance other than on a non-GAAP basis.

      Previous FY 2025 Guidance   Updated FY 2025 Guidance
           
    Consolidated Adjusted Earnings per Share $6.50 to $7.00   $6.75 to $7.05
    Consolidated Effective Tax Rate ~ 25%   ~ 25%
           
    Capital Expenditures (Millions)      
    Exploration and Production $495 – $515   $495 – $515
    Pipeline and Storage $130 – $150   $130 – $150
    Gathering $95 – $110   $95 – $110
    Utility $165 – $185   $165 – $185
    Consolidated Capital Expenditures $885 – $960   $885 – $960
           
    Exploration and Production Segment Guidance      
           
    Commodity Price Assumptions (remaining six months)      
    NYMEX natural gas price $3.50 /MMBtu   $3.50 /MMBtu
    Appalachian basin spot price $2.90 /MMBtu   $2.60 /MMBtu
    Realized natural gas prices, after hedging ($/Mcf) $2.77 – $2.81   $2.72 – $2.76
           
    Production (Bcf) 410 to 425   415 to 425
           
    E&P Operating Costs($/Mcf)      
    LOE $0.68 – $0.70   $0.68 – $0.69
    G&A $0.18 – $0.19   $0.18 – $0.19
    DD&A $0.63 – $0.67   $0.63 – $0.65
           
    Other Business Segment Guidance(Millions)      
    Gathering Segment Revenues $250 – $260   $250 – $260
    Pipeline and Storage Segment Revenues $415 – $435   $415 – $435
           
    Utility Segment Guidance(Millions)      
    Customer Margin* $445 – $465   $445 – $465
    O&M Expense $240 – $250   $240 – $245
    Non-Service Pension & OPEB Income $23 – $27   $23 – $27
           
    * Customer Margin is defined as Operating Revenues less Purchased Gas Expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
    QUARTER ENDED MARCH 31, 2025
    (Unaudited)
                           
      Upstream   Midstream   Downstream        
                           
      Exploration &   Pipeline &           Corporate /    
    (Thousands of Dollars) Production   Storage   Gathering   Utility   All Other   Consolidated*
                           
    Second quarter 2024 GAAP earnings $ 62,065     $ 30,737     $ 28,706     $ 44,739     $ 25     $ 166,272  
    Items impacting comparability:                      
    Unrealized (gain) loss on derivative asset   (536 )                     (536 )
    Tax impact of unrealized (gain) loss on derivative asset   147                       147  
    Unrealized (gain) loss on other investments                   (769 )     (769 )
    Tax impact of unrealized (gain) loss on other investments                   162       162  
    Second quarter 2024 adjusted operating results   61,676       30,737       28,706       44,739       (582 )     165,276  
    Drivers of adjusted operating results**                      
    Upstream Revenues                      
    Higher (lower) natural gas production   5,322                       5,322  
    Higher (lower) realized natural gas prices, after hedging   31,956                       31,956  
    Midstream Revenues                      
    Higher (lower) operating revenues       1,227       819               2,046  
    Downstream Margins***                      
    Impact of usage and weather               3,011           3,011  
    Impact of new rates in New York               14,577           14,577  
    Higher (lower) other operating revenues               (924 )         (924 )
    Operating Expenses                      
    Lower (higher) lease operating and transportation expenses   (1,196 )                     (1,196 )
    Lower (higher) operating expenses   (1,855 )     (1,248 )     (1,168 )     (3,330 )         (7,601 )
    Lower (higher) property, franchise and other taxes   (948 )                     (948 )
    Lower (higher) depreciation / depletion   6,973       745       (966 )     (685 )         6,067  
    Other Income (Expense)                      
    Higher (lower) other income               8,545       612       9,157  
    (Higher) lower interest expense       331       (891 )     (1,895 )     (2,902 )     (5,357 )
    Income Taxes                      
    Lower (higher) income tax expense / effective tax rate   (2,331 )     241       463       (545 )     (159 )     (2,331 )
    All other / rounding   (479 )     (326 )     77       51       (45 )     (722 )
    Second quarter 2025 adjusted operating results   99,118       31,707       27,040       63,544       (3,076 )     218,333  
    Items impacting comparability:                      
    Premiums paid on early redemption of debt   (1,430 )         (955 )             (2,385 )
    Tax impact of premiums paid on early redemption of debt   385           257               642  
    Unrealized gain (loss) on derivative asset   (335 )                     (335 )
    Tax impact of unrealized gain (loss) on derivative asset   90                       90  
    Unrealized gain (loss) on other investments                   17       17  
    Tax impact of unrealized gain (loss) on other investments                   (4 )     (4 )
    Second quarter 2025 GAAP earnings $ 97,828     $ 31,707     $ 26,342     $ 63,544     $ (3,063 )   $ 216,358  
                           
    * Amounts do not reflect intercompany eliminations.                      
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
    QUARTER ENDED MARCH 31, 2025
    (Unaudited)
                           
      Upstream   Midstream   Downstream        
                           
      Exploration &   Pipeline &           Corporate /    
      Production   Storage   Gathering   Utility   All Other   Consolidated*
                           
    Second quarter 2024 GAAP earnings per share $ 0.67     $ 0.33     $ 0.31     $ 0.48     $ 0.01     $ 1.80  
    Items impacting comparability:                      
    Unrealized (gain) loss on derivative asset, net of tax   —                       —  
    Unrealized (gain) loss on other investments, net of tax                   (0.01 )     (0.01 )
    Second quarter 2024 adjusted operating results per share   0.67       0.33       0.31       0.48       —       1.79  
    Drivers of adjusted operating results**                      
    Upstream Revenues                      
    Higher (lower) natural gas production   0.06                       0.06  
    Higher (lower) realized natural gas prices, after hedging   0.35                       0.35  
    Midstream Revenues                      
    Higher (lower) operating revenues       0.01       0.01               0.02  
    Downstream Margins***                      
    Impact of usage and weather               0.03           0.03  
    Impact of new rates in New York               0.16           0.16  
    Higher (lower) other operating revenues               (0.01 )         (0.01 )
    Operating Expenses                      
    Lower (higher) lease operating and transportation expenses   (0.01 )                     (0.01 )
    Lower (higher) operating expenses   (0.02 )     (0.01 )     (0.01 )     (0.04 )         (0.08 )
    Lower (higher) property, franchise and other taxes   (0.01 )                     (0.01 )
    Lower (higher) depreciation / depletion   0.09       0.01       (0.01 )     (0.01 )         0.08  
    Other Income (Expense)                      
    Higher (lower) other income               0.09       0.01       0.10  
    (Higher) lower interest expense       —       (0.01 )     (0.02 )     (0.03 )     (0.06 )
    Income Taxes                      
    Lower (higher) income tax expense / effective tax rate   (0.03 )     —       0.01       (0.01 )     —       (0.03 )
    All other / rounding   (0.02 )     0.01       —       0.03       (0.02 )     —  
    Second quarter 2025 adjusted operating results per share   1.08       0.35       0.30       0.70       (0.04 )     2.39  
    Items impacting comparability:                      
    Premiums paid on early redemption of debt, net of tax   (0.01 )         (0.01 )             (0.02 )
    Unrealized gain (loss) on derivative asset, net of tax   —                       —  
    Unrealized gain (loss) on other investments, net of tax                   —       —  
    Second quarter 2025 GAAP earnings per share $ 1.07     $ 0.35     $ 0.29     $ 0.70     $ (0.04 )   $ 2.37  
                           
    * Amounts do not reflect intercompany eliminations.                      
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
    SIX MONTHS ENDED MARCH 31, 2025
    (Unaudited)
                           
      Upstream   Midstream   Downstream        
                           
      Exploration &   Pipeline &           Corporate /    
    (Thousands of Dollars) Production   Storage   Gathering   Utility   All Other   Consolidated*
    Six months ended March 31, 2024 GAAP earnings $ 114,548     $ 54,792     $ 57,531     $ 71,289     $ 1,132     $ 299,292  
    Items impacting comparability:                      
    Unrealized (gain) loss on derivative asset   3,662                       3,662  
    Tax impact of unrealized (gain) loss on derivative asset   (1,004 )                     (1,004 )
    Unrealized (gain) loss on other investments                   (1,818 )     (1,818 )
    Tax impact of unrealized (gain) loss on other investments                   382       382  
    Six months ended March 31, 2024 adjusted operating results   117,206       54,792       57,531       71,289       (304 )     300,514  
    Drivers of adjusted operating results**                      
    Upstream Revenues                      
    Higher (lower) natural gas production   (817 )                     (817 )
    Higher (lower) realized natural gas prices, after hedging   33,964                       33,964  
    Midstream Revenues                      
    Higher (lower) operating revenues       10,865       (332 )             10,533  
    Downstream Margins***                      
    Impact of usage and weather               2,685           2,685  
    Impact of new rates in New York               22,442           22,442  
    Higher (lower) other operating revenues               (1,364 )         (1,364 )
    Operating Expenses                      
    Lower (higher) operating expenses   (1,742 )     (2,105 )     (1,108 )     (4,575 )         (9,530 )
    Lower (higher) property, franchise and other taxes   (746 )                     (746 )
    Lower (higher) depreciation / depletion   13,816       452       (1,802 )     (1,309 )         11,157  
    Other Income (Expense)                      
    Higher (lower) other income   (1,888 )     (603 )         11,720       2,300       11,529  
    (Higher) lower interest expense       328       (1,271 )     (3,679 )     (3,165 )     (7,787 )
    Income Taxes                      
    Lower (higher) income tax expense / effective tax rate   (2,338 )     (246 )     905       (1,128 )     43       (2,764 )
    All other / rounding   (226 )     679       262       (38 )     (219 )     458  
    Six months ended March 31, 2025 adjusted operating results   157,229       64,162       54,185       96,043       (1,345 )     370,274  
    Items impacting comparability:                      
    Impairment of assets   (141,802 )                     (141,802 )
    Tax impact of impairment of assets   37,169                       37,169  
    Premiums paid on early redemption of debt   (1,430 )         (955 )             (2,385 )
    Tax impact of premiums paid on early redemption of debt   385           257               642  
    Unrealized gain (loss) on derivative asset   (684 )                     (684 )
    Tax impact of unrealized gain (loss) on derivative asset   184                       184  
    Unrealized gain (loss) on other investments                   (2,600 )     (2,600 )
    Tax impact of unrealized gain (loss) on other investments                   546       546  
    Six months ended March 31, 2025 GAAP earnings $ 51,051     $ 64,162     $ 53,487     $ 96,043     $ (3,399 )   $ 261,344  
                           
    * Amounts do not reflect intercompany eliminations.                      
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
    SIX MONTHS ENDED MARCH 31, 2025
    (Unaudited)
                           
      Upstream   Midstream   Downstream        
                           
      Exploration &   Pipeline &           Corporate /    
      Production   Storage   Gathering   Utility   All Other   Consolidated*
    Six months ended March 31, 2024 GAAP earnings per share $ 1.24     $ 0.59     $ 0.62     $ 0.77     $ 0.02     $ 3.24  
    Items impacting comparability:                      
    Unrealized (gain) loss on derivative asset, net of tax   0.03                       0.03  
    Unrealized (gain) loss on other investments, net of tax                   (0.02 )     (0.02 )
    Six months ended March 31, 2024 adjusted operating results per share   1.27       0.59       0.62       0.77       —       3.25  
    Drivers of adjusted operating results**                      
    Upstream Revenues                      
    Higher (lower) natural gas production   (0.01 )                     (0.01 )
    Higher (lower) realized natural gas prices, after hedging   0.37                       0.37  
    Midstream Revenues                      
    Higher (lower) operating revenues       0.12       —               0.12  
    Downstream Margins***                      
    Impact of usage and weather               0.03           0.03  
    Impact of new rates in New York               0.25           0.25  
    Higher (lower) other operating revenues               (0.01 )         (0.01 )
    Operating Expenses                      
    Lower (higher) operating expenses   (0.02 )     (0.02 )     (0.01 )     (0.05 )         (0.10 )
    Lower (higher) property, franchise and other taxes   (0.01 )                     (0.01 )
    Lower (higher) depreciation / depletion   0.15       —       (0.02 )     (0.01 )         0.12  
    Other Income (Expense)                      
    Higher (lower) other income   (0.02 )     (0.01 )         0.13       0.03       0.13  
    (Higher) lower interest expense       —       (0.01 )     (0.04 )     (0.03 )     (0.08 )
    Income Taxes                      
    Lower (higher) income tax expense / effective tax rate   (0.03 )     —       0.01       (0.01 )     —       (0.03 )
    All other / rounding   0.02       0.02       0.01       (0.01 )     (0.01 )     0.03  
    Six months ended March 31, 2025 adjusted operating results per share   1.72       0.70       0.60       1.05       (0.01 )     4.06  
    Items impacting comparability:                      
    Impairment of assets, net of tax   (1.14 )                     (1.14 )
    Premiums paid on early redemption of debt, net of tax   (0.01 )         (0.01 )             (0.02 )
    Unrealized gain (loss) on derivative asset, net of tax   (0.01 )                     (0.01 )
    Unrealized gain (loss) on other investments, net of tax                   (0.02 )     (0.02 )
    Rounding                   (0.01 )     (0.01 )
    Six months ended March 31, 2025 GAAP earnings per share $ 0.56     $ 0.70     $ 0.59     $ 1.05     $ (0.04 )   $ 2.86  
                           
    * Amounts do not reflect intercompany eliminations.                      
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                   
    (Thousands of Dollars, except per share amounts)              
      Three Months Ended   Six Months Ended
      March 31,   March 31,
      (Unaudited)   (Unaudited)
    SUMMARY OF OPERATIONS   2025       2024       2025       2024  
    Operating Revenues:              
    Utility Revenues $ 343,574     $ 290,198     $ 571,998     $ 492,119  
    Exploration and Production and Other Revenues   311,958       264,614       560,818       518,633  
    Pipeline and Storage and Gathering Revenues   74,418       75,127       146,616       144,549  
        729,950       629,939       1,279,432       1,155,301  
    Operating Expenses:              
    Purchased Gas   135,338       105,940       200,675       162,491  
    Operation and Maintenance:              
    Utility   63,447       59,288       118,691       112,993  
    Exploration and Production and Other   35,059       32,794       68,600       67,620  
    Pipeline and Storage and Gathering   42,363       39,340       78,304       74,303  
    Property, Franchise and Other Taxes   25,214       23,019       47,270       45,434  
    Depreciation, Depletion and Amortization   111,277       118,935       220,647       234,725  
    Impairment of Assets   —       —       141,802       —  
        412,698       379,316       875,989       697,566  
                   
    Operating Income   317,252       250,623       403,443       457,735  
                   
    Other Income (Expense):              
    Other Income (Deductions)   15,232       6,070       22,952       9,801  
    Interest Expense on Long-Term Debt   (39,662 )     (28,453 )     (73,024 )     (56,915 )
    Other Interest Expense   (5,095 )     (6,636 )     (9,476 )     (12,910 )
                   
    Income Before Income Taxes   287,727       221,604       343,895       397,711  
                   
    Income Tax Expense   71,369       55,332       82,551       98,419  
                   
    Net Income Available for Common Stock $ 216,358     $ 166,272     $ 261,344     $ 299,292  
                   
    Earnings Per Common Share              
    Basic $ 2.39     $ 1.81     $ 2.88     $ 3.25  
    Diluted $ 2.37     $ 1.80     $ 2.86     $ 3.24  
                   
    Weighted Average Common Shares:              
    Used in Basic Calculation   90,500,162       92,114,415       90,640,333       92,011,772  
    Used in Diluted Calculation   91,176,327       92,512,447       91,312,334       92,478,604  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (Unaudited)
       
      March 31,   September 30,
    (Thousands of Dollars)   2025       2024  
    ASSETS      
    Property, Plant and Equipment $ 14,834,817     $ 14,524,798  
    Less – Accumulated Depreciation, Depletion and Amortization   7,487,618       7,185,593  
    Net Property, Plant and Equipment   7,347,199       7,339,205  
    Current Assets:      
    Cash and Temporary Cash Investments   39,954       38,222  
    Cash Held in Trust for Bondholders   51,352       —  
    Receivables – Net   291,132       127,222  
    Unbilled Revenue   49,077       15,521  
    Gas Stored Underground   6,413       35,055  
    Materials and Supplies – at average cost   48,451       47,670  
    Unrecovered Purchased Gas Costs   3,562       —  
    Other Current Assets   78,532       92,229  
    Total Current Assets   568,473       355,919  
    Other Assets:      
    Recoverable Future Taxes   88,623       80,084  
    Unamortized Debt Expense   7,166       5,604  
    Other Regulatory Assets   118,800       108,022  
    Deferred Charges   69,572       69,662  
    Other Investments   71,958       81,705  
    Goodwill   5,476       5,476  
    Prepaid Pension and Post-Retirement Benefit Costs   194,325       180,230  
    Fair Value of Derivative Financial Instruments   45       87,905  
    Other   8,326       5,958  
    Total Other Assets   564,291       624,646  
    Total Assets $ 8,479,963     $ 8,319,770  
    CAPITALIZATION AND LIABILITIES      
    Capitalization:      
    Comprehensive Shareholders’ Equity      
    Common Stock, $1 Par Value Authorized – 200,000,000 Shares; Issued and      
    Outstanding – 90,397,698 Shares and 91,005,993 Shares, Respectively $ 90,398     $ 91,006  
    Paid in Capital   1,042,822       1,045,487  
    Earnings Reinvested in the Business   1,855,366       1,727,326  
    Accumulated Other Comprehensive Loss   (222,975 )     (15,476 )
    Total Comprehensive Shareholders’ Equity   2,765,611       2,848,343  
    Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs   2,381,126       2,188,243  
    Total Capitalization   5,146,737       5,036,586  
    Current and Accrued Liabilities:      
    Notes Payable to Banks and Commercial Paper   208,400       90,700  
    Current Portion of Long-Term Debt   350,000       500,000  
    Accounts Payable   127,611       165,068  
    Amounts Payable to Customers   34,393       42,720  
    Dividends Payable   46,555       46,872  
    Interest Payable on Long-Term Debt   19,454       27,247  
    Customer Advances   —       19,373  
    Customer Security Deposits   30,358       36,265  
    Other Accruals and Current Liabilities   184,925       162,903  
    Fair Value of Derivative Financial Instruments   201,464       4,744  
    Total Current and Accrued Liabilities   1,203,160       1,095,892  
    Other Liabilities:      
    Deferred Income Taxes   1,072,436       1,111,165  
    Taxes Refundable to Customers   302,293       305,645  
    Cost of Removal Regulatory Liability   300,256       292,477  
    Other Regulatory Liabilities   140,828       151,452  
    Other Post-Retirement Liabilities   3,404       3,511  
    Asset Retirement Obligations   193,802       203,006  
    Other Liabilities   117,047       120,036  
    Total Other Liabilities   2,130,066       2,187,292  
    Commitments and Contingencies   —       —  
    Total Capitalization and Liabilities $ 8,479,963     $ 8,319,770  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
     
      Six Months Ended
      March 31,
    (Thousands of Dollars)   2025       2024  
           
    Operating Activities:      
    Net Income Available for Common Stock $ 261,344     $ 299,292  
    Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
    Impairment of Assets   141,802       —  
    Depreciation, Depletion and Amortization   220,647       234,725  
    Deferred Income Taxes   25,787       65,187  
    Premiums Paid on Early Redemption of Debt   2,385       —  
    Stock-Based Compensation   10,487       10,477  
    Other   14,317       11,874  
    Change in:      
    Receivables and Unbilled Revenue   (197,553 )     (50,123 )
    Gas Stored Underground and Materials and Supplies   27,861       25,675  
    Unrecovered Purchased Gas Costs   (3,562 )     —  
    Other Current Assets   13,737       15,201  
    Accounts Payable   17,322       (15,641 )
    Amounts Payable to Customers   (8,327 )     13,327  
    Customer Advances   (19,373 )     (21,003 )
    Customer Security Deposits   (5,907 )     1,836  
    Other Accruals and Current Liabilities   21,528       26,927  
    Other Assets   (20,282 )     (22,165 )
    Other Liabilities   (28,343 )     (9,328 )
    Net Cash Provided by Operating Activities $ 473,870     $ 586,261  
           
    Investing Activities:      
    Capital Expenditures $ (434,260 )   $ (481,958 )
    Other   8,881       (1,189 )
    Net Cash Used in Investing Activities $ (425,379 )   $ (483,147 )
           
    Financing Activities:      
    Changes in Notes Payable to Banks and Commercial Paper   117,700       (8,600 )
    Shares Repurchased Under Repurchase Plan   (50,471 )     (4,230 )
    Reduction of Long-Term Debt   (954,086 )     —  
    Net Proceeds From Issuance of Long-Term Debt   989,019       —  
    Dividends Paid on Common Stock   (93,543 )     (91,048 )
    Net Repurchases of Common Stock Under Stock and Benefit Plans   (4,026 )     (3,914 )
    Net Cash Provided by (Used in) Financing Activities $ 4,593     $ (107,792 )
           
    Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash   53,084       (4,678 )
    Cash, Cash Equivalents, and Restricted Cash at Beginning of Period   38,222       55,447  
    Cash, Cash Equivalents, and Restricted Cash at March 31 $ 91,306     $ 50,769  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                       
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                       
    UPSTREAM BUSINESS
                       
      Three Months Ended   Six Months Ended
    (Thousands of Dollars, except per share amounts) March 31,   March 31,
    EXPLORATION AND PRODUCTION SEGMENT   2025       2024     Variance     2025       2024     Variance
    Total Operating Revenues $ 311,958     $ 264,614     $ 47,344     $ 560,818     $ 518,633     $ 42,185  
    Operating Expenses:                  
    Operation and Maintenance:                  
    General and Administrative Expense   18,847       17,165       1,682       38,173       34,958       3,215  
    Lease Operating and Transportation Expense   71,176       69,662       1,514       136,816       136,736       80  
    All Other Operation and Maintenance Expense   3,310       2,644       666       7,178       8,188       (1,010 )
    Property, Franchise and Other Taxes   4,275       3,075       1,200       7,657       6,713       944  
    Depreciation, Depletion and Amortization   64,622       73,448       (8,826 )     127,925       145,413       (17,488 )
    Impairment of Assets   —       —       —       141,802       —       141,802  
        162,230       165,994       (3,764 )     459,551       332,008       127,543  
                       
    Operating Income   149,728       98,620       51,108       101,267       186,625       (85,358 )
                       
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Credit   37       100       (63 )     74       201       (127 )
    Interest and Other Income (Deductions)   101       1,170       (1,069 )     373       (342 )     715  
    Interest Expense on Long-Term Debt   (1,949 )     —       (1,949 )     (1,949 )     —       (1,949 )
    Other Interest Expense   (15,091 )     (15,108 )     17       (30,291 )     (30,377 )     86  
    Income Before Income Taxes   132,826       84,782       48,044       69,474       156,107       (86,633 )
    Income Tax Expense   34,998       22,717       12,281       18,423       41,559       (23,136 )
    Net Income $ 97,828     $ 62,065     $ 35,763     $ 51,051     $ 114,548     $ (63,497 )
    Net Income Per Share (Diluted) $ 1.07     $ 0.67     $ 0.40     $ 0.56     $ 1.24     $ (0.68 )
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                       
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                       
    MIDSTREAM BUSINESSES
                       
      Three Months Ended   Six Months Ended
    (Thousands of Dollars, except per share amounts) March 31,   March 31,
    PIPELINE AND STORAGE SEGMENT   2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers $ 71,185     $ 71,210     $ (25 )   $ 139,935     $ 136,036     $ 3,899  
    Intersegment Revenues   38,388       36,810       1,578       76,251       66,397       9,854  
    Total Operating Revenues   109,573       108,020       1,553       216,186       202,433       13,753  
    Operating Expenses:                  
    Purchased Gas   162       325       (163 )     121       926       (805 )
    Operation and Maintenance   30,642       29,062       1,580       57,677       55,013       2,664  
    Property, Franchise and Other Taxes   8,600       8,600       —       17,266       17,320       (54 )
    Depreciation, Depletion and Amortization   18,547       19,490       (943 )     37,132       37,704       (572 )
        57,951       57,477       474       112,196       110,963       1,233  
                       
    Operating Income   51,622       50,543       1,079       103,990       91,470       12,520  
                       
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Credit   952       1,257       (305 )     1,905       2,515       (610 )
    Interest and Other Income   1,794       2,046       (252 )     3,833       3,978       (145 )
    Interest Expense   (11,700 )     (12,119 )     419       (23,428 )     (23,843 )     415  
    Income Before Income Taxes   42,668       41,727       941       86,300       74,120       12,180  
    Income Tax Expense   10,961       10,990       (29 )     22,138       19,328       2,810  
    Net Income $ 31,707     $ 30,737     $ 970     $ 64,162     $ 54,792     $ 9,370  
    Net Income Per Share (Diluted) $ 0.35     $ 0.33     $ 0.02     $ 0.70     $ 0.59     $ 0.11  
                       
                       
      Three Months Ended   Six Months Ended
      March 31,   March 31,
    GATHERING SEGMENT   2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers $ 3,233     $ 3,917     $ (684 )   $ 6,681     $ 8,513     $ (1,832 )
    Intersegment Revenues   61,797       60,076       1,721       119,480       118,068       1,412  
    Total Operating Revenues   65,030       63,993       1,037       126,161       126,581       (420 )
    Operating Expenses:                  
    Operation and Maintenance   12,275       10,796       1,479       21,703       20,300       1,403  
    Property, Franchise and Other Taxes   7       94       (87 )     (227 )     117       (344 )
    Depreciation, Depletion and Amortization   10,834       9,611       1,223       21,349       19,068       2,281  
        23,116       20,501       2,615       42,825       39,485       3,340  
                       
    Operating Income   41,914       43,492       (1,578 )     83,336       87,096       (3,760 )
                       
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Credit (Costs)   —       9       (9 )     (1 )     19       (20 )
    Interest and Other Income   93       72       21       152       143       9  
    Interest Expense on Long-Term Debt   (1,334 )     —       (1,334 )     (1,334 )     —       (1,334 )
    Other Interest Expense   (4,450 )     (3,701 )     (749 )     (8,661 )     (7,431 )     (1,230 )
    Income Before Income Taxes   36,223       39,872       (3,649 )     73,492       79,827       (6,335 )
    Income Tax Expense   9,881       11,166       (1,285 )     20,005       22,296       (2,291 )
    Net Income $ 26,342     $ 28,706     $ (2,364 )   $ 53,487     $ 57,531     $ (4,044 )
    Net Income Per Share (Diluted) $ 0.29     $ 0.31     $ (0.02 )   $ 0.59     $ 0.62     $ (0.03 )
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                       
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                       
    DOWNSTREAM BUSINESS
                       
      Three Months Ended   Six Months Ended
    (Thousands of Dollars, except per share amounts) March 31,   March 31,
    UTILITY SEGMENT   2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers $ 343,574     $ 290,198     $ 53,376     $ 571,998     $ 492,119     $ 79,879  
    Intersegment Revenues   119       306       (187 )     203       393       (190 )
    Total Operating Revenues   343,693       290,504       53,189       572,201       492,512       79,689  
    Operating Expenses:                  
    Purchased Gas   171,777       140,836       30,941       273,249       224,886       48,363  
    Operation and Maintenance   64,444       60,229       4,215       120,704       114,913       5,791  
    Property, Franchise and Other Taxes   12,202       11,113       1,089       22,313       21,019       1,294  
    Depreciation, Depletion and Amortization   17,135       16,268       867       33,962       32,305       1,657  
        265,558       228,446       37,112       450,228       393,123       57,105  
                       
    Operating Income   78,135       62,058       16,077       121,973       99,389       22,584  
                       
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Credit   12,299       857       11,442       18,170       1,327       16,843  
    Interest and Other Income   714       1,340       (626 )     1,242       3,250       (2,008 )
    Interest Expense   (10,927 )     (8,528 )     (2,399 )     (21,643 )     (16,986 )     (4,657 )
    Income Before Income Taxes   80,221       55,727       24,494       119,742       86,980       32,762  
    Income Tax Expense   16,677       10,988       5,689       23,699       15,691       8,008  
    Net Income $ 63,544     $ 44,739     $ 18,805     $ 96,043     $ 71,289     $ 24,754  
    Net Income Per Share (Diluted) $ 0.70     $ 0.48     $ 0.22     $ 1.05     $ 0.77     $ 0.28  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
     
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                       
      Three Months Ended   Six Months Ended
    (Thousands of Dollars, except per share amounts) March 31,   March 31,
    ALL OTHER   2025       2024     Variance     2025       2024     Variance
    Total Operating Revenues $ —     $ —     $ —     $ —     $ —     $ —  
    Operating Expenses:                  
    Operation and Maintenance   —       —       —       —       —       —  
        —       —       —       —       —       —  
                       
    Operating Income   —       —       —       —       —       —  
    Other Income (Expense):                  
    Interest and Other Income (Deductions)   (222 )     (41 )     (181 )     (358 )     (119 )     (239 )
    Interest Expense   (131 )     (84 )     (47 )     (248 )     (165 )     (83 )
    Loss before Income Taxes   (353 )     (125 )     (228 )     (606 )     (284 )     (322 )
    Income Tax Benefit   (82 )     (29 )     (53 )     (141 )     (67 )     (74 )
    Net Loss $ (271 )   $ (96 )   $ (175 )   $ (465 )   $ (217 )   $ (248 )
    Net Loss Per Share (Diluted) $ —     $ —     $ —     $ (0.01 )   $ —     $ (0.01 )
               
      Three Months Ended   Six Months Ended
      March 31,   March 31,
    CORPORATE   2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers $ —     $ —     $ —     $ —     $ —     $ —  
    Intersegment Revenues   1,341       1,286       55       2,683       2,571       112  
    Total Operating Revenues   1,341       1,286       55       2,683       2,571       112  
    Operating Expenses:                  
    Operation and Maintenance   5,219       5,121       98       9,266       8,916       350  
    Property, Franchise and Other Taxes   130       137       (7 )     261       265       (4 )
    Depreciation, Depletion and Amortization   139       118       21       279       235       44  
        5,488       5,376       112       9,806       9,416       390  
                       
    Operating Loss   (4,147 )     (4,090 )     (57 )     (7,123 )     (6,845 )     (278 )
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Costs   (212 )     (387 )     175       (423 )     (774 )     351  
    Interest and Other Income   41,785       40,234       1,551       82,846       81,262       1,584  
    Interest Expense on Long-Term Debt   (36,379 )     (28,453 )     (7,926 )     (69,741 )     (56,915 )     (12,826 )
    Other Interest Expense   (4,905 )     (7,683 )     2,778       (10,066 )     (15,767 )     5,701  
    Income (Loss) before Income Taxes   (3,858 )     (379 )     (3,479 )     (4,507 )     961       (5,468 )
    Income Tax Benefit   (1,066 )     (500 )     (566 )     (1,573 )     (388 )     (1,185 )
    Net Income (Loss) $ (2,792 )   $ 121     $ (2,913 )   $ (2,934 )   $ 1,349     $ (4,283 )
    Net Income (Loss) Per Share (Diluted) $ (0.04 )   $ 0.01     $ (0.05 )   $ (0.03 )   $ 0.02     $ (0.05 )
                       
                       
      Three Months Ended   Six Months Ended
      March 31,   March 31,
    INTERSEGMENT ELIMINATIONS   2025       2024     Variance     2025       2024     Variance
    Intersegment Revenues $ (101,645 )   $ (98,478 )   $ (3,167 )   $ (198,617 )   $ (187,429 )   $ (11,188 )
    Operating Expenses:                  
    Purchased Gas   (36,601 )     (35,221 )     (1,380 )     (72,695 )     (63,321 )     (9,374 )
    Operation and Maintenance   (65,044 )     (63,257 )     (1,787 )     (125,922 )     (124,108 )     (1,814 )
        (101,645 )     (98,478 )     (3,167 )     (198,617 )     (187,429 )     (11,188 )
    Operating Income   —       —       —       —       —       —  
    Other Income (Expense):                  
    Interest and Other Deductions   (42,109 )     (40,587 )     (1,522 )     (84,861 )     (81,659 )     (3,202 )
    Interest Expense   42,109       40,587       1,522       84,861       81,659       3,202  
    Net Income $ —     $ —     $ —     $ —     $ —     $ —  
    Net Income Per Share (Diluted) $ —     $ —     $ —     $ —     $ —     $ —  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
     
    SEGMENT INFORMATION (Continued)
    (Thousands of Dollars)
                           
      Three Months Ended   Six Months Ended
      March 31,   March 31,
      (Unaudited)   (Unaudited)
              Increase           Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
                           
    Capital Expenditures:                      
    Exploration and Production $ 108,384   (1) $ 124,184   (3) $ (15,800 )   $ 230,986   (1)(2) $ 285,141   (3)(4) $ (54,155 )
    Pipeline and Storage   15,626   (1)   18,025   (3)   (2,399 )     35,417   (1)(2)   42,579   (3)(4)   (7,162 )
    Gathering   18,499   (1)   19,949   (3)   (1,450 )     31,526   (1)(2)   39,518   (3)(4)   (7,992 )
    Utility   41,867   (1)   37,741   (3)   4,126       78,298   (1)(2)   68,251   (3)(4)   10,047  
    Total Reportable Segments   184,376       199,899       (15,523 )     376,227       435,489       (59,262 )
    All Other   —       —       —       —       —       —  
    Corporate   174       121       53       378       182       196  
    Eliminations   (3,520 )     —       (3,520 )     (3,520 )     —       (3,520 )
    Total Capital Expenditures $ 181,030     $ 200,020     $ (18,990 )   $ 373,085     $ 435,671     $ (62,586 )
    (1)   Capital expenditures for the quarter and six months ended March 31, 2025, include accounts payable and accrued liabilities related to capital expenditures of $44.8 million, $2.4 million, $6.8 million, and $4.8 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at March 31, 2025, since they represent non-cash investing activities at that date.
    (2)   Capital expenditures for the six months ended March 31, 2025, exclude capital expenditures of $63.3 million, $14.4 million, $21.7 million and $20.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2024 and paid during the six months ended March 31, 2025. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2024, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2025.
    (3)   Capital expenditures for the quarter and six months ended March 31, 2024, include accounts payable and accrued liabilities related to capital expenditures of $44.4 million, $5.0 million, $5.5 million, and $8.0 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were excluded from the Consolidated Statement of Cash Flows at March 31, 2024, since they represented non-cash investing activities at that date.
    (4)   Capital expenditures for the six months ended March 31, 2024, exclude capital expenditures of $43.2 million, $31.8 million, $20.6 million and $13.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2023 and paid during the six months ended March 31, 2024. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2023, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2024.
         
    DEGREE DAYS                                  
                              Percent Colder
                              (Warmer) Than:
    Three Months Ended March 31,   Normal       2025       2024     Normal(1)     Last Year(1)  
    Buffalo, NY(2)   3,226       3,116       2,705       (3.4 )     15.2  
    Erie, PA   3,023       3,017       2,576       (0.2 )     17.1  
                                       
    Six Months Ended March 31,                                  
    Buffalo, NY(2)   5,352       5,000       4,563       (6.6 )     9.6  
    Erie, PA   4,917       4,714       4,240       (4.1 )     11.2  
                                       
    (1)   Percents compare actual 2025 degree days to normal degree days and actual 2025 degree days to actual 2024 degree days.
    (2)   Normal degree days changed from NOAA 30-year degree days to NOAA 15-year degree days with the implementation of new base rates in New York effective October 2024.
         
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                           
    EXPLORATION AND PRODUCTION INFORMATION
                           
      Three Months Ended   Six Months Ended
      March 31,   March 31,
              Increase           Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
                           
    Gas Production/Prices:                      
    Production (MMcf)                      
    Appalachia   105,514       102,883       2,631       203,232       203,640       (408 )
                           
    Average Prices (Per Mcf)                      
    Weighted Average $ 3.02     $ 1.98     $ 1.04     $ 2.64     $ 2.14     $ 0.50  
    Weighted Average after Hedging $ 2.94     $ 2.56     $ 0.38     $ 2.74     $ 2.53     $ 0.21  
                           
    Selected Operating Performance Statistics:                      
    General and Administrative Expense per Mcf(1) $ 0.18     $ 0.17     $ 0.01     $ 0.19     $ 0.17     $ 0.02  
    Lease Operating and Transportation Expense per Mcf(1)(2) $ 0.67     $ 0.68     $ (0.01 )   $ 0.67     $ 0.67     $ —  
    Depreciation, Depletion and Amortization per Mcf(1) $ 0.61     $ 0.71     $ (0.10 )   $ 0.63     $ 0.71     $ (0.08 )
                           
    (1)   Refer to page 15 for the General and Administrative Expense, Lease Operating and Transportation Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.
    (2)   Amounts include transportation expense of $0.57 per Mcf for the three months ended March 31, 2025 and March 31, 2024. Amounts include transportation expense of $0.57 per Mcf for the six months ended March 31, 2025 and March 31, 2024.
         
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
     
    Pipeline and Storage Throughput – (millions of cubic feet – MMcf)            
                                           
      Three Months Ended   Six Months Ended
      March 31,   March 31,
                      Increase                   Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
    Firm Transportation – Affiliated   49,240       42,561       6,679       81,110       74,056       7,054  
    Firm Transportation – Non-Affiliated   185,490       179,697       5,793       356,502       348,303       8,199  
    Interruptible Transportation   454       1,271       (817 )     515       1,389       (874 )
        235,184       223,529       11,655       438,127       423,748       14,379  
                                           
    Gathering Volume – (MMcf)                                      
      Three Months Ended   Six Months Ended
      March 31,   March 31,
                      Increase                   Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
    Gathered Volume   129,771       125,565       4,206       250,732       249,388       1,344  
                                           
                                           
    Utility Throughput – (MMcf)                                      
      Three Months Ended   Six Months Ended
      March 31,   March 31,
                      Increase                   Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
    Retail Sales:                                      
    Residential Sales   32,111       27,063       5,048       50,587       45,045       5,542  
    Commercial Sales   5,420       4,293       1,127       8,339       7,093       1,246  
    Industrial Sales   302       190       112       501       327       174  
        37,833       31,546       6,287       59,427       52,465       6,962  
    Transportation   25,086       22,637       2,449       42,028       40,166       1,862  
        62,919       54,183       8,736       101,455       92,631       8,824  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    NON-GAAP FINANCIAL MEASURES
     

    In addition to financial measures calculated in accordance with generally accepted accounting principles (GAAP), this press release contains information regarding adjusted operating results, adjusted EBITDA and free cash flow, which are non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company’s ongoing operating results or liquidity and for comparing the Company’s financial performance to other companies. The Company’s management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures in accordance with GAAP.

    Management defines adjusted operating results as reported GAAP earnings before items impacting comparability. The following table reconciles National Fuel’s reported GAAP earnings to adjusted operating results for the three and six months ended March 31, 2025 and 2024:

      Three Months Ended   Six Months Ended
      March 31,   March 31,
    (in thousands except per share amounts)   2025       2024       2025       2024  
    Reported GAAP Earnings $ 216,358     $ 166,272     $ 261,344     $ 299,292  
    Items impacting comparability:              
    Impairment of assets (E&P)   —       —       141,802       —  
    Tax impact of impairment of assets   —       —       (37,169 )     —  
    Premiums paid on early redemption of debt (E&P / Midstream)   2,385       —       2,385       —  
    Tax impact of premiums paid on early redemption of debt   (642 )     —       (642 )     —  
    Unrealized (gain) loss on derivative asset (E&P)   335       (536 )     684       3,662  
    Tax impact of unrealized (gain) loss on derivative asset   (90 )     147       (184 )     (1,004 )
    Unrealized (gain) loss on other investments (Corporate / All Other)   (17 )     (769 )     2,600       (1,818 )
    Tax impact of unrealized (gain) loss on other investments   4       162       (546 )     382  
    Adjusted Operating Results $ 218,333     $ 165,276     $ 370,274     $ 300,514  
                   
    Reported GAAP Earnings Per Share $ 2.37     $ 1.80     $ 2.86     $ 3.24  
    Items impacting comparability:              
    Impairment of assets, net of tax (E&P)   —       —       1.14       —  
    Premiums paid on early redemption of debt, net of tax (E&P / Midstream)   0.02       —       0.02       —  
    Unrealized (gain) loss on derivative asset, net of tax (E&P)   —       —       0.01       0.03  
    Unrealized (gain) loss on other investments, net of tax (Corporate / All Other)   —       (0.01 )     0.02       (0.02 )
    Rounding   —       —       0.01       —  
    Adjusted Operating Results Per Share $ 2.39     $ 1.79     $ 4.06     $ 3.25  
     

    Management defines adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability. The following tables reconcile National Fuel’s reported GAAP earnings to adjusted EBITDA for the three and six months ended March 31, 2025 and 2024:

      Three Months Ended   Six Months Ended
      March 31,   March 31,
    (in thousands)   2025       2024       2025       2024  
    Reported GAAP Earnings $ 216,358     $ 166,272     $ 261,344     $ 299,292  
    Depreciation, Depletion and Amortization   111,277       118,935       220,647       234,725  
    Other (Income) Deductions   (15,232 )     (6,070 )     (22,952 )     (9,801 )
    Interest Expense   44,757       35,089       82,500       69,825  
    Income Taxes   71,369       55,332       82,551       98,419  
    Impairment of Assets   —       —       141,802       —  
    Adjusted EBITDA $ 428,529     $ 369,558     $ 765,892     $ 692,460  
                   
    Adjusted EBITDA by Segment              
    Pipeline and Storage Adjusted EBITDA $ 70,169     $ 70,033     $ 141,122     $ 129,174  
    Gathering Adjusted EBITDA   52,748       53,103       104,685       106,164  
    Total Midstream Businesses Adjusted EBITDA   122,917       123,136       245,807       235,338  
    Exploration and Production Adjusted EBITDA   214,350       172,068       370,994       332,038  
    Utility Adjusted EBITDA   95,270       78,326       155,935       131,694  
    Corporate and All Other Adjusted EBITDA   (4,008 )     (3,972 )     (6,844 )     (6,610 )
    Total Adjusted EBITDA $ 428,529     $ 369,558     $ 765,892     $ 692,460  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    NON-GAAP FINANCIAL MEASURES
    SEGMENT ADJUSTED EBITDA
     
      Three Months Ended   Six Months Ended
      March 31,   March 31,
    (in thousands)   2025       2024       2025       2024  
    Exploration and Production Segment              
    Reported GAAP Earnings $ 97,828     $ 62,065     $ 51,051     $ 114,548  
    Depreciation, Depletion and Amortization   64,622       73,448       127,925       145,413  
    Other (Income) Deductions   (138 )     (1,270 )     (447 )     141  
    Interest Expense   17,040       15,108       32,240       30,377  
    Income Taxes   34,998       22,717       18,423       41,559  
    Impairment of Assets   —       —       141,802       —  
    Adjusted EBITDA $ 214,350     $ 172,068     $ 370,994     $ 332,038  
                   
    Pipeline and Storage Segment              
    Reported GAAP Earnings $ 31,707     $ 30,737     $ 64,162     $ 54,792  
    Depreciation, Depletion and Amortization   18,547       19,490       37,132       37,704  
    Other (Income) Deductions   (2,746 )     (3,303 )     (5,738 )     (6,493 )
    Interest Expense   11,700       12,119       23,428       23,843  
    Income Taxes   10,961       10,990       22,138       19,328  
    Adjusted EBITDA $ 70,169     $ 70,033     $ 141,122     $ 129,174  
                   
    Gathering Segment              
    Reported GAAP Earnings $ 26,342     $ 28,706     $ 53,487     $ 57,531  
    Depreciation, Depletion and Amortization   10,834       9,611       21,349       19,068  
    Other (Income) Deductions   (93 )     (81 )     (151 )     (162 )
    Interest Expense   5,784       3,701       9,995       7,431  
    Income Taxes   9,881       11,166       20,005       22,296  
    Adjusted EBITDA $ 52,748     $ 53,103     $ 104,685     $ 106,164  
                   
    Utility Segment              
    Reported GAAP Earnings $ 63,544     $ 44,739     $ 96,043     $ 71,289  
    Depreciation, Depletion and Amortization   17,135       16,268       33,962       32,305  
    Other (Income) Deductions   (13,013 )     (2,197 )     (19,412 )     (4,577 )
    Interest Expense   10,927       8,528       21,643       16,986  
    Income Taxes   16,677       10,988       23,699       15,691  
    Adjusted EBITDA $ 95,270     $ 78,326     $ 155,935     $ 131,694  
                   
    Corporate and All Other              
    Reported GAAP Earnings $ (3,063 )   $ 25     $ (3,399 )   $ 1,132  
    Depreciation, Depletion and Amortization   139       118       279       235  
    Other (Income) Deductions   758       781       2,796       1,290  
    Interest Expense   (694 )     (4,367 )     (4,806 )     (8,812 )
    Income Taxes   (1,148 )     (529 )     (1,714 )     (455 )
    Adjusted EBITDA $ (4,008 )   $ (3,972 )   $ (6,844 )   $ (6,610 )
     

    Management defines free cash flow as net cash provided by operating activities, less net cash used in investing activities, adjusted for acquisitions and divestitures. The Company is unable to provide a reconciliation of any projected free cash flow measure to its comparable GAAP financial measure without unreasonable efforts. This is due to an inability to calculate the comparable GAAP projected metrics, including operating income and total production costs, given the unknown effect, timing, and potential significance of certain income statement items.

    The MIL Network –

  • MIL-OSI: CLIMATEROCK ANNOUNCES ADJOURNMENT OF SHAREHOLDER MEETING TO 11:00 AM EASTERN TIME MAY 1, 2025

    Source: GlobeNewswire (MIL-OSI)

    London, April 30, 2025 (GLOBE NEWSWIRE) — ClimateRock (“ClimateRock” or the “Company”) (OTC: “CLRCF”, “CLRUF”, “CLRWF”, “CLRRF”) announced today that, in connection with the Company’s extraordinary general meeting of shareholders (the “Special Meeting”) to consider and approve, among other things, an extension of time for the Company to consummate an initial business combination from May 2, 2025 to November 2, 2025, or such earlier date as determined by the Company’s board of directors (the “Extension”), the Company is adjourning the Special Meeting from 12:00 p.m. Eastern time on Wednesday, April 30, 2025, to 11:00 a.m. Eastern time on Thursday, May 1, 2025. 

    As a result of this change, the deadline for holders of the Company’s Class A ordinary shares issued in the Company’s initial public offering to submit their shares for redemption in connection with the Extension, is being extended to 9:00 a.m., Eastern time, on Thursday, May 1, 2025.

    About ClimateRock

    ClimateRock is a special purpose acquisition company led by Chairman, Charles Ratelband, and CEO, Per Regnarsson, and is incorporated as a Cayman Islands exempted company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses in any industry or geographic location, but it is focused on acquiring a target within the sustainable energy industry in the Organization for Economic Co-operation and Development countries, including climate change, environment, renewable energy and emerging, clean technologies. For more information, please visit Driving The Energy Transition – ClimateRock (climate-rock.com).

    Forward-Looking Statements

    This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. These forward-looking statements and factors that may cause such differences include, without limitation, uncertainties relating to the Company’s shareholder approval of the Extension, its inability to complete an initial business combination within the required time period or, and other risks and uncertainties indicated from time to time in filings with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 under the heading “Risk Factors” and in other reports the Company has filed, or to be filed, with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

    Participants in the Solicitation

    ClimateRock and its directors, executive officers, other members of management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies from the securityholders of the Company in favor of the approval of the proposals to be presented to shareholders at the Special Meeting. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of the Company’s directors and officers in the Company’s definitive proxy statement filed with the SEC on April 17, 2025 (as may be amended, the “Proxy Statement”), which may be obtained free of charge from the sources indicated above.

    No Offer or Solicitation

    This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Extension. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act or an exemption therefrom.

    Additional Information and Where to Find It

    ClimateRock urges investors, shareholders and other interested persons to read the Proxy Statement as well as other documents filed by the Company with the SEC, because these documents will contain important information about the Company and the Extension. Shareholders may obtain copies of the Proxy Statement, without charge, at the SEC’s website at www.sec.gov or by directing a request to: Advantage Proxy, Inc., P.O. Box 10904, Yakima, WA 98909, Attn: Karen Smith.

    INVESTOR RELATIONS CONTACT

    ClimateRock
    Phone number: +44 208 050 7820
    Email: info@climate-rock.com 

    The MIL Network –

  • MIL-OSI: Enact Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    GAAP Net Income of $166 million, or $1.08 per diluted share
    Adjusted Operating Income of $169 million, or $1.10 per diluted share
    Return on Equity of 13.1% and Adjusted Operating Return on Equity of 13.4%
    Primary Insurance in-force of $268 billion, a 2% increase from first quarter 2024
    PMIERs Sufficiency of 165% or approximately $2.0 billion
    Book Value Per Share of $33.96 and Book Value Per Share excluding AOCI of $34.97

    RALEIGH, N.C., April 30, 2025 (GLOBE NEWSWIRE) — Enact Holdings, Inc. (Nasdaq: ACT) today announced financial results for the first quarter of 2025.

    “We had a strong start to 2025 and continue to make progress against our priorities,” stated Rohit Gupta, President and CEO of Enact. “We continued to prudently underwrite new business, invest in our business, maintain expense discipline, and return substantial capital to our shareholders. Looking ahead, Enact is well positioned to navigate an uncertain economic backdrop. We are committed to executing against all aspects of our strategy and are doing so from a position of robust liquidity and financial strength. We believe the long-term drivers of housing demand remain in place, and we look forward to continuing to create value for all our stakeholders.”

    Key Financial Highlights

    (In millions, except per share data or otherwise noted) 1Q25 4Q24 1Q24
    Net Income (loss) $166 $163 $161
    Diluted Net Income (loss) per share $1.08 $1.05 $1.01
    Adjusted Operating Income (loss) $169 $169 $166
    Adj. Diluted Operating Income (loss) per share $1.10 $1.09 $1.04
    NIW ($B) $10 $13 $11
    Primary Persistency Rate 84% 82% 85%
    Primary IIF ($B) $268 $269 $264
    Net Premiums Earned $245 $246 $241
    Losses Incurred $31 $24 $20
    Loss Ratio 12% 10% 8%
    Operating Expenses $53 $58 $53
    Expense Ratio 21% 24% 22%
    Net Investment Income $63 $63 $57
    Net Investment gains (losses) $(3) $(7) $(7)
    Return on Equity 13.1% 13.0% 13.8%
    Adjusted Operating Return on Equity 13.4% 13.5% 14.2%
    PMIERs Sufficiency ($) $1,966 $2,052 $1,883
    PMIERs Sufficiency (%) 165% 167% 163%
           

    First Quarter 2025 Financial and Operating Highlights

    • Net income was $166 million, or $1.08 per diluted share, compared with $163 million, or $1.05 per diluted share, for the fourth quarter of 2024 and $161 million, or $1.01 per diluted share, for the first quarter of 2024. Adjusted operating income was $169 million, or $1.10 per diluted share, compared with $169 million, or $1.09 per diluted share, for the fourth quarter of 2024 and $166 million, or $1.04 per diluted share, for the first quarter of 2024.
    • New insurance written (NIW) was approximately $10 billion, down 26% from the fourth quarter of 2024 primarily from seasonality in the purchase origination market and down 7% from the first quarter of 2024 primarily driven by lower estimated market share. NIW for the current quarter was comprised of 94% monthly premium policies and 93% purchase originations.
    • Persistency remained elevated at 84%, up from 82% in the fourth quarter of 2024 and down from 85% in the first quarter of 2024. Approximately 8% of the mortgages in our portfolio had rates at least 50 basis points above March 2025’s average mortgage rate of 6.7%.
    • Primary insurance in-force (IIF) was $268 billion, relatively flat from $269 billion in the fourth quarter of 2024 and up 2% from $264 billion in the first quarter of 2024.
    • Net premiums earned were $245 million, relatively flat from $246 million in the fourth quarter of 2024 and up 2% from $241 million in the first quarter of 2024. The year-over-year increase is primarily driven by premium growth from attractive adjacencies and growth in primary insurance in-force, partially offset by higher ceded premiums.
    • Losses incurred for the first quarter of 2025 were $31 million and the loss ratio was 12%, compared to $24 million and 10%, respectively, in the fourth quarter of 2024 and $20 million and 8%, respectively, in the first quarter of 2024. The current quarter reserve release of $47 million from favorable cure performance and loss mitigation activities compares to a reserve release of $56 million and $54 million in the fourth quarter of 2024 and first quarter of 2024, respectively. The sequential and year-over-year increase in losses and the loss ratio were primarily driven by the lower reserve release in the quarter.
    • Operating expenses in the current quarter were $53 million and the expense ratio was 21%. This compared to $58 million and 24%, respectively, in the fourth quarter of 2024 and $53 million and 22%, respectively in the first quarter of 2024. The sequential decrease was primarily driven by lower incentive-based compensation.
    • Net investment income was $63 million, flat from $63 million in the fourth quarter of 2024 and up from $57 million in the first quarter of 2024, driven by the continuation of elevated interest rates and higher average invested assets.
    • Net investment gains (losses) in the quarter were $(3) million, as compared to $(7) million sequentially and $(7) million in the same period last year. The activity is primarily driven by the identification of assets that upon selling allow us to recoup losses through higher net investment income.
    • Annualized return on equity for the first quarter of 2025 was 13.1% and annualized adjusted operating return on equity was 13.4%. This compares to fourth quarter 2024 results of 13.0% and 13.5%, respectively, and to first quarter 2024 results of 13.8% and 14.2%, respectively.

    Capital and Liquidity

    • Fitch Ratings upgraded the Insurer Financial Strength rating for EMICO to A from A- and also upgraded Enact’s senior debt rating to BBB. The outlook for both ratings is stable.
    • We announced two excess-of-loss reinsurance agreements with a panel of highly-rated reinsurers that will provide approximately $225 million and approximately $260 million of coverage on a portion of expected new insurance written for the 2025 and 2026 book years, respectively.
    • We paid approximately $28 million, or $0.185 per share, dividend in the first quarter.
    • EMICO completed a dividend of approximately $200 million in the first quarter that will primarily be used to support our ability to return capital to shareholders and bolster financial flexibility.
    • Enact Holdings, Inc. held $356 million of cash and cash equivalents plus $292 million of invested assets as of March 31, 2025. Combined cash and invested assets increased $108 million from the prior quarter, primarily due to a contribution from EMICO, partially offset by share buybacks and our quarterly dividend.
    • PMIERs sufficiency was 165% and $2.0 billion above the PMIERs requirements, compared to 167% and $2.1 billion above the PMIERs requirements in the fourth quarter of 2024.

    Recent Events

    • We repurchased approximately 2.0 million shares at an average price of $33.38 for a total of approximately $66 million in the quarter. Additionally, through April 25, 2025, we repurchased 0.6 million shares at an average price of $34.53 for a total of $21 million and approximately $6 million remains of our $250 million repurchase authorization.
    • We announced today that the Company’s Board of Directors approved a new share repurchase program with authorization to purchase up to $350 million of common stock.
    • Additionally, the Board of Directors declared a 14% increase to our quarterly dividend from $0.185 to $0.21 per common share, payable on June 11, 2025, to shareholders of record on May 19, 2025.

    Conference Call and Financial Supplement Information
    This press release, the first quarter 2025 financial supplement and earnings presentation are now posted on the Company’s website, https://ir.enactmi.com. Investors are encouraged to review these materials.

    Enact will discuss first quarter financial results in a conference call tomorrow, Thursday, May 1, 2025, at 8:00 a.m. (Eastern). Participants interested in joining the call’s live question and answer session are required to pre-register by clicking here to obtain your dial-in number and unique PIN. It is recommended to join at least 15 minutes in advance, although you may register ahead of the call and dial in at any time during the call. If you wish to join the call but do not plan to ask questions, a live webcast of the event will be available on our website, https://ir.enactmi.com/news-and-events/events.

    The webcast will also be archived on the Company’s website for one year.

    About Enact
    Enact (Nasdaq: ACT), operating principally through its wholly-owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Building on a deep understanding of lenders’ businesses and a legacy of financial strength, we partner with lenders to bring best-in class service, leading underwriting expertise, and extensive risk and capital management to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of those in the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.

    Safe Harbor Statement
    This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results, guidance concerning the future return of capital and the quotations of management. These forward-looking statements are distinguished by use of words such as “will,” “may,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” “predict,” “project,” “target,” “could,” “should,” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this press release. Factors or events that we cannot predict, including risks related to an economic downturn or a recession in the United States and in other countries around the world; changes in political, business, regulatory, and economic conditions; changes in or to Fannie Mae and Freddie Mac (the “GSEs”), whether through Federal legislation, restructurings or a shift in business practices; failure to continue to meet the mortgage insurer eligibility requirements of the GSEs; competition for customers; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the Federal Housing Administration; and other factors described in the risk factors contained in our most recent Annual Report on Form 10-K and other filings with the SEC, may cause our actual results to differ from those expressed in forward-looking statements. Although Enact believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, Enact can give no assurance that its expectations will be achieved and it undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.

    GAAP/Non-GAAP Disclosure Discussion
    This communication includes the non-GAAP financial measures entitled “adjusted operating income (loss)”, “adjusted operating income (loss) per share,” and “adjusted operating return on equity.” Enact Holdings, Inc. (the “Company”) defines adjusted operating income (loss) as net income (loss) excluding the after-tax effects of net investment gains (losses), restructuring costs and infrequent or unusual non-operating items, and gain (loss) on the extinguishment of debt. The Company excludes net investment gains (losses), gains (losses) on the extinguishment of debt and infrequent or unusual non-operating items because the Company does not consider them to be related to the operating performance of the Company and other activities. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities or exposure management. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized gains and losses. We do not view them to be indicative of our fundamental operating activities. Therefore, these items are excluded from our calculation of adjusted operating income. In addition, adjusted operating income (loss) per share is derived from adjusted operating income (loss) divided by shares outstanding. Adjusted operating return on equity is calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity.

    While some of these items may be significant components of net income (loss) in accordance with U.S. GAAP, the Company believes that adjusted operating income (loss) and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss) per share on a basic and diluted basis and adjusted operating return on equity, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Enact Holdings, Inc.’s common stockholders or net income (loss) available to Enact Holdings, Inc.’s common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the Company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies.

    Adjustments to reconcile net income (loss) available to Enact Holdings, Inc.’s common stockholders to adjusted operating income (loss) assume a 21% tax rate.

    The tables at the end of this press release provide a reconciliation of net income (loss) to adjusted operating income (loss) and U.S. GAAP return on equity to adjusted operating return on equity for the three months ended March 31, 2025 and 2024, as well as for the three months ended December 31, 2024.

    Exhibit A: Consolidated Statements of Income (amounts in thousands, except per share amounts)

      1Q25 4Q24 1Q24
    REVENUES:      
    Premiums $244,786 $245,735 $240,747
    Net investment income 63,037 62,624 57,111
    Net investment gains (losses) (3,243) (7,167) (6,684)
    Other income 2,196 584 402
    Total revenues 306,776 301,776 291,576
           
    LOSSES AND EXPENSES:      
    Losses incurred 30,541 23,813 19,501
    Acquisition and operating expenses, net of deferrals 50,094 55,325 50,934
    Amortization of deferred acquisition costs and intangibles 2,429 2,522 2,259
    Interest expense 12,291 12,262 12,961
    Total losses and expenses 95,355 93,922 85,655
           
    INCOME BEFORE INCOME TAXES 211,421 207,854 205,921
    Provision for income taxes 45,643 45,116 44,933
    NET INCOME $165,778 $162,738 $160,988
           
    Net investment (gains) losses 3,243 7,167 6,684
    Costs associated with reorganization 629 411 (42)
    Taxes on adjustments (813) (1,591) (1,395)
    Adjusted Operating Income $168,837 $168,725 $166,235
           
    Loss ratio (1) 12% 10% 8%
    Expense ratio (2) 21% 24% 22%
    Earnings Per Share Data:      
    Net Income per share      
    Basic $1.09 $1.06 $1.01
    Diluted $1.08 $1.05 $1.01
    Adj operating income per share      
    Basic $1.11 $1.10 $1.05
    Diluted $1.10 $1.09 $1.04
    Weighted-average common shares outstanding      
    Basic 151,831 153,537 158,818
    Diluted 152,907 154,542 160,087
           
    (1) The ratio of losses incurred to net earned premiums.  
       
    (2) The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by zero percentage points for the three-month period ended March 31, 2025, one percentage point for the three-month period ended December 31, 2024, and zero percentage points for the three-month period ended March 31, 2024.
     

    Exhibit B: Consolidated Balance Sheets (amounts in thousands, except per share amounts)

    Assets 1Q25 4Q24 1Q24
    Investments:      
    Fixed maturity securities available-for-sale, at fair value $5,815,337 $5,624,773 $5,351,138
    Short term investments 3,696 3,367 9,963
    Total investments 5,819,033 5,628,140 5,361,101
    Cash and cash equivalents 635,269 599,432 614,330
    Accrued investment income 49,654 49,595 43,450
    Deferred acquisition costs 23,322 23,771 24,861
    Premiums receivable 46,451 53,031 43,927
    Other assets 103,351 102,549 126,644
    Deferred tax asset 44,440 65,013 89,370
    Total assets $6,721,520 $6,521,531 $6,303,683
           
    Liabilities and Shareholders’ Equity      
    Liabilities:      
    Loss reserves $542,528 $524,715 $531,443
    Unearned premiums 107,519 114,680 138,886
    Other liabilities 208,667 142,990 173,500
    Long-term borrowings 743,399 743,050 746,090
    Total liabilities 1,602,113 1,525,435 1,589,919
    Equity:      
    Common stock 1,508 1,523 1,577
    Additional paid-in capital 2,007,776 2,076,788 2,264,198
    Accumulated other comprehensive income (152,482) (207,455) (237,477)
    Retained earnings 3,262,605 3,125,240 2,685,466
    Total equity 5,119,407 4,996,096 4,713,764
    Total liabilities and equity $6,721,520 $6,521,531 $6,303,683
           
    Book value per share $33.96 $32.80 $29.89
    Book value per share excluding AOCI $34.97 $34.16 $31.40
           
    U.S. GAAP ROE (1) 13.1% 13.0% 13.8%
    Net investment (gains) losses 0.3% 0.6% 0.6%
    Costs associated with reorganization 0.0% 0.0% 0.0%
    (Gains) losses on early extinguishment of debt 0.0% 0.0% 0.0%
    Taxes on adjustments (0.1)% (0.1)% (0.1)%
    Adjusted Operating ROE(2) 13.4% 13.5% 14.2%
           
    Debt to Capital Ratio 13% 13% 14%
           
    (1) Calculated as annualized net income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity
    (2) Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity
           

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI Australia: Stay well this summer

    Source: Northern Territory Police and Fire Services

    Staying well-hydrated is essential in hot weather.

    In brief:

    • Hot weather can bring a range of health concerns.
    • There are ways to prepare and protect yourself against getting sick.
    • Read on for advice on health issues commonly experienced in summer.

    From sunburn to salmonella, hot weather can present a range of health concerns.

    Seek medical help if you or someone you know becomes unwell.

    Beat the heat

    Signs of heat exhaustion include nausea and vomiting, dizziness, fainting, and headaches.

    In extreme heat, be sure to do the following.

    • Wear sunscreen and a hat.
    • Plan your day around the heat. Stay out of the sun between 11am and 3pm.
    • Drink plenty of water. Talk to your GP about how much water you should drink in hot weather if they normally limit your fluid intake.
    • Pack a drink bottle. Remember there are water refill stations in public places like shopping centres and parks.
    • Go somewhere where there is air conditioning. If it’s too hot at home, ACT libraries are a great place to stay cool while also keeping young ones entertained. You could also consider shopping centres or museums.
    • Check in with friends and family.

    Who is at higher risk?

    Some people are at higher risk of heat-related illness. These include babies, young children, those who are older, pregnant or have medical conditions and people who work outdoors. Don’t forget to look out for your pets too.

    If you’re at higher risk, talk to your GP about how to prepare for extreme heat.

    Find more tips on the ACT Health website.

    Keep aware of air quality

    In the warmer months, air quality can decrease due to bushfire and grassfire smoke, dust storms and elevated pollen levels.

    Some people are more sensitive to dust and smoke, including:

    • people with a heart or lung condition
    • people with diabetes
    • babies and children
    • older people
    • pregnant people.

    Prepare by chatting to your GP. Make sure your prescription medicines are up to date and to have an action plan in case your symptoms flare up.

    Stay indoors and close your doors and windows during periods of poor air quality.

    Take note of prescribed burns

    It’s worth noting the ACT Government conducts several prescribed burns each year to manage fire risk across the region. Plan ahead and find out when prescribed burns are happening in your area. Check the ESA website to see a list of active incidents. And if you see a fire unattended, call triple-zero (000).

    You can check Canberra’s current air quality on the ACT Health website.

    You can also monitor pollen levels by downloading the free AirRater app or by visiting the Canberra Pollen Count and Forecast Service website.

    Be aware of thunderstorm asthma

    If you have asthma, or even hay fever, you’re probably aware of thunderstorm asthma.

    While rare, it can sudden, serious and even life-threatening. Thunderstorms can cause some people to develop severe asthma symptoms very quickly.

    To be as prepared as possible, ensure your hay fever and /or asthma action plan is up to date. If you have asthma or have had it in the past, always carry a reliever (puffer).

    Protect against mosquito bites

    To protect yourself against mozzie bites and reduce the risk of exposure to the diseases they may carry:

    • cover up with a light-coloured, loose-fitting long-sleeved shirt, long pants and covered shoes when outside
    • apply mosquito repellent and reapply it regularly
    • take special care during peak mosquito biting hours (in the ACT most mosquitoes become active at dawn and dusk, and into the evening)
    • remove potential mosquito breeding sites from around the home
    • use flyscreens on windows and doors.

    Learn more about mosquito risk and prevention.

    Be mindful of food preparation and storage safety

    The risk of food poisoning is higher in summer. Many Canberrans entertain outdoors, attend barbecues away from home and enjoy festive leftovers.

    Bacteria in food multiply faster in warm environments. Refrigerating and disposing of food appropriately is important to reduce the chance of becoming unwell.

    Christmas ham, for example, lasts up to 14 days (depending on how you store it). It also takes up precious room in your fridge, so be sure to bin it once it’s past its prime.

    Prevent illness by keeping hands and utensils clean, cooking foods, like meats, thoroughly and discarding food that has been left out for more than four hours.

    View the ACT Health’s Food safety in hot weather web page for more details.

    Check recreational water quality

    It’s important to check the conditions of recreational waterways before swimming or playing in lakes and ponds.

    Microorganisms like bacteria, viruses, parasites and algae are often found in waterways.

    If you or your family drink water in recreational waterways while swimming or camping, for example, you can become sick.

    The most common illness from poor water quality is gastroenteritis.

    More information

    Visit the ACT Government website for health advice during spring and summer.

    If you feel unwell, or are concerned about your health, see your GP, visit a Walk-in Centre or consult another healthcare professional.

    Get ACT news and events delivered straight to your inbox, sign up to our email newsletter:


    MIL OSI News –

  • MIL-OSI: FormFactor, Inc. Reports 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    LIVERMORE, Calif., April 30, 2025 (GLOBE NEWSWIRE) — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the first quarter of fiscal 2025 ended March 29, 2025. Quarterly revenues were $171.4 million, a decrease of 9.6% compared to $189.5 million in the fourth quarter of fiscal 2024, and an increase of 1.6% from $168.7 million in the first quarter of fiscal 2024.

    • Foundry & Logic first-quarter demand increased low single digits sequentially
    • Experienced reduction in DRAM as export controls limited FormFactor’s ability to ship probe cards for advanced node designs to China
    • Closed acquisition of minority interest in FICT Limited, a key supplier of advanced probe card components

    “As expected, FormFactor reported sequentially lower first-quarter revenue and profitability due to anticipated reductions in demand for both DRAM probe cards and Systems,” said Mike Slessor, CEO of FormFactor, Inc. “Longer-term, we remain confident in the growth prospects for FormFactor and the semiconductor industry overall, driven by the fundamental trends of Advanced Packaging, High-Bandwidth-Memory, and Co-Packaged Optics.”

    The company also announced that its Board of Directors has authorized a $75 million stock repurchase plan. This new stock repurchase authorization will expire April 23, 2027, and may be suspended, modified or discontinued at any time. Under the new repurchase authorization, repurchases may be made both in the open market and through privately negotiated transactions.

    First Quarter Highlights

    On a GAAP basis, net income for the first quarter of fiscal 2025 was $6.4 million, or $0.08 per fully-diluted share, compared to net income for the fourth quarter of fiscal 2024 of $9.7 million, or $0.12 per fully-diluted share, and net income for the first quarter of fiscal 2024 of $21.8 million, or $0.28 per fully-diluted share. Gross margin for the first quarter of 2025 was 37.7%, compared with 38.8% in the fourth quarter of 2024, and 37.2% in the first quarter of 2024.

    On a non-GAAP basis, net income for the first quarter of fiscal 2025 was $18.0 million, or $0.23 per fully-diluted share, compared to net income for the fourth quarter of fiscal 2024 of $21.3 million, or $0.27 per fully-diluted share, and net income for the first quarter of fiscal 2024 of $14.3 million, or $0.18 per fully-diluted share. On a non-GAAP basis, gross margin for the first quarter of 2025 was 39.2%, compared with 40.2% in the fourth quarter of 2024, and 38.7% in the first quarter of 2024.

    A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below.

    GAAP net cash provided by operating activities for the first quarter of fiscal 2025 was $23.5 million, compared to $35.9 million for the fourth quarter of fiscal 2024, and $33.0 million for the first quarter of fiscal 2024. Free cash flow for the first quarter of fiscal 2025 was $6.3 million, compared to free cash flow for the fourth quarter of fiscal 2024 of $28.8 million, and free cash flow for the first quarter of 2024 of $19.7 million. A reconciliation of net cash provided by operating activities to non-GAAP free cash flow is provided in the schedules included below.

    Outlook

    Dr. Slessor added, “Although our sequential growth outlook is tempered by the uncertainty created by the current tariff situation, we expect to deliver double-digit sequential revenue growth, with increases across all our major served markets and segments.”

    For the second quarter ending June 28, 2025, FormFactor is providing the following outlook*:

        GAAP   Reconciling Items**   Non-GAAP
    Revenue   $190 million +/- $5 million     —   $190 million +/- $5 million
    Gross Margin   38.5% +/- 1.5%   $3 million   40% +/- 1.5%
    Net income per diluted share   $0.18 +/- $0.04     $0.12   $0.30 +/- $0.04
     
    *This outlook assumes consistent foreign currency rates.
    **Reconciling items are stock-based compensation, amortization of intangible assets and fixed asset fair value adjustments due to acquisitions, and restructuring charges, net of applicable income tax impacts.
     

    We posted our revenue breakdown by geographic region, by market segment and with customers with greater than 10% of total revenue on the Investor Relations section of our website at www.formfactor.com. We will conduct a conference call at 1:25 p.m. PT, or 4:25 p.m. ET, today.

    The public is invited to listen to a live webcast of FormFactor’s conference call on the Investor Relations section of our website at www.formfactor.com. A telephone replay of the conference call will be available approximately two hours after the conclusion of the call. The replay will be available on the Investor Relations section of our website, www.formfactor.com.

    Use of Non-GAAP Financial Information:

    To supplement our condensed consolidated financial results prepared under generally accepted accounting principles, or GAAP, we disclose certain non-GAAP measures of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow, that are adjusted from the nearest GAAP financial measure to exclude certain costs, expenses, gains and losses. Reconciliations of the adjustments to GAAP results for the three and three months ended March 29, 2025, and for outlook provided before, as well as for the comparable periods of fiscal 2024, are provided below, and on the Investor Relations section of our website at www.formfactor.com. Information regarding the ways in which management uses non-GAAP financial information to evaluate its business, management’s reasons for using this non-GAAP financial information, and limitations associated with the use of non-GAAP financial information, is included under “About our Non-GAAP Financial Measures” following the tables below.

    About FormFactor:

    FormFactor, Inc. (NASDAQ: FORM), is a leading provider of essential test and measurement technologies along the full semiconductor product life cycle – from characterization, modeling, reliability, and design de-bug, to qualification and production test. Semiconductor companies rely upon FormFactor’s products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company’s website at www.formfactor.com.

    Forward-looking Statements:

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the federal securities laws, including with respect to the Company’s future financial and operating results, and the Company’s plans, strategies and objectives for future operations. These statements are based on management’s current expectations and beliefs as of the date of this release, and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding future financial and operating results, including under the heading “Outlook” above, market trends, conditions in and the growth of the semiconductor industry and the Company’s performance, and other statements regarding the Company’s business. Forward-looking statements may contain words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” “forecast,” “continue,” and “prospect,” and the negative or plural of these words and similar expressions, and include the assumptions that underlie such statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in and impacts from export control, tariffs and other trade barriers; changes in demand for the Company’s products; customer-specific demand; market opportunity; anticipated industry trends; the availability, benefits, and speed of customer acceptance or implementation of new products and technologies; manufacturing, processing, and design capacity, goals, expansion, volumes, and progress; difficulties or delays in research and development; industry seasonality; risks to the Company’s realization of benefits from acquisitions; reliance on customers or third parties (including suppliers); changes in macro-economic environments; events affecting global and regional economic and market conditions and stability such as tariffs, military conflicts, political volatility, infectious diseases and pandemics, and similar factors, operating separately or in combination; and other factors, including those set forth in the Company’s most current annual report on Form 10-K, quarterly reports on Form 10-Q and other filings by the Company with the U.S. Securities and Exchange Commission. In addition, there are varying barriers to international trade, including restrictive trade and export regulations such as the US-China restrictions, dynamic tariffs, trade disputes between the U.S. and other countries, and national security developments or tensions, that may substantially restrict or condition our sales to or in certain countries, increase the cost of doing business internationally, and disrupt our supply chain. No assurances can be given that any of the events anticipated by the forward-looking statements within this press release will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Unless required by law, the Company is under no obligation (and expressly disclaims any such obligation) to update or revise its forward-looking statements whether as a result of new information, future events, or otherwise.

    Investor Contact:
    Stan Finkelstein
    Investor Relations
    (925) 290-4273
    ir@formfactor.com

    FORMFACTOR, INC. 
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share amounts)
    (Unaudited)
       
      Three Months Ended
      March 29,
    2025    		   December 28,
    2024    		   March 30,
    2024
    Revenues $ 171,356   $ 189,483   $ 168,725  
    Cost of revenues   106,833     115,903     105,987  
    Gross profit   64,523     73,580     62,738  
    Operating expenses:          
    Research and development   27,800     30,504     28,627  
    Selling, general and administrative   33,454     35,226     33,079  
    Total operating expenses   61,254     65,730     61,706  
    Gain on sale of business   —     —     20,271  
    Operating income   3,269     7,850     21,303  
    Interest income, net   3,317     3,472     3,156  
    Other income, net   890     617     520  
    Income before income taxes   7,476     11,939     24,979  
    Provision for income taxes   1,075     2,234     3,198  
    Net income $ 6,401   $ 9,705   $ 21,781  
    Net income per share:          
    Basic $ 0.08   $ 0.13   $ 0.28  
    Diluted $ 0.08   $ 0.12   $ 0.28  
    Weighted-average number of shares used in per share calculations:        
    Basic   77,345     77,267     77,452  
    Diluted   77,884     77,982     78,490  
     
    FORMFACTOR, INC. 
    NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
    (In thousands, except per share amounts)
    (Unaudited)
       
      Three Months Ended
      March 29,
    2025    		   December 28,
    2024    		   March 30,
    2024
    GAAP Gross Profit $ 64,523     $ 73,580     $ 62,738  
    Adjustments:          
    Amortization of intangibles and fixed asset fair value adjustments due to acquisitions   542       555       586  
    Stock-based compensation   2,005       1,944       1,928  
    Restructuring charges   60       32       44  
    Non-GAAP Gross Profit $ 67,130     $ 76,111     $ 65,296  
               
    GAAP Gross Margin   37.7 %     38.8 %     37.2 %
    Adjustments:          
    Amortization of intangibles and fixed asset fair value adjustments due to acquisitions   0.3 %     0.4 %     0.4 %
    Stock-based compensation   1.2 %     1.0 %     1.1 %
    Restructuring charges   — %     — %     — %
    Non-GAAP Gross Margin   39.2 %     40.2 %     38.7 %
               
    GAAP operating expenses $ 61,254     $ 65,730     $ 61,706  
    Adjustments:          
    Amortization of intangibles   (191 )     (191 )     (191 )
    Stock-based compensation   (7,791 )     (8,269 )     (8,477 )
    Restructuring charges   (2,823 )     (371 )     (49 )
    Costs related to sale and acquisition of businesses   (217 )     (1,689 )     (646 )
    Non-GAAP operating expenses $ 50,232     $ 55,210     $ 52,343  
               
    GAAP operating income $ 3,269     $ 7,850     $ 21,303  
    Adjustments:          
    Amortization of intangibles and fixed asset fair value adjustments due to acquisitions   733       746       777  
    Stock-based compensation   9,796       10,213       10,405  
    Restructuring charges   2,883       403       93  
    Gain on sale of business, net of cost related to sale and acquisition of businesses   217       1,689       (19,625 )
    Non-GAAP operating income $ 16,898     $ 20,901     $ 12,953  
     
    FORMFACTOR, INC. 
    NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
    (In thousands, except per share amounts)
    (Unaudited)
       
      Three Months Ended
      March 29,
    2025    		   December 28,
    2024    		   March 30,
    2024
    GAAP net income $ 6,401     $ 9,705     $ 21,781  
    Adjustments:          
    Amortization of intangibles and fixed asset fair value adjustments due to acquisitions   733       746       777  
    Stock-based compensation   9,796       10,213       10,405  
    Restructuring charges   2,883       415       93  
    Gain on sale of business, net of cost related to sale and acquisition of businesses   217       1,689       (19,625 )
    Income tax effect of non-GAAP adjustments   (2,026 )     (1,445 )     913  
    Non-GAAP net income $ 18,004     $ 21,323     $ 14,344  
               
    GAAP net income per share:          
    Basic $ 0.08     $ 0.13     $ 0.28  
    Diluted $ 0.08     $ 0.12     $ 0.28  
               
    Non-GAAP net income per share:          
    Basic $ 0.23     $ 0.28     $ 0.19  
    Diluted $ 0.23     $ 0.27     $ 0.18  
     
    FORMFACTOR, INC. 
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (Unaudited)
     
      Three Months Ended
      March 29,
    2025    		   March 30,
    2024
    Cash flows from operating activities:      
    Net income $ 6,401     $ 21,781  
    Selected adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation   8,156       7,193  
    Amortization   674       640  
    Stock-based compensation expense   9,796       10,405  
    Provision for excess and obsolete inventories   2,879       3,146  
    Gain on sale of business   —       (20,271 )
    Non-cash restructuring charges   2,102       —  
    Other activity impacting operating cash flows   (6,469 )     10,118  
    Net cash provided by operating activities   23,539       33,012  
    Cash flows from investing activities:      
    Acquisition of property, plant and equipment   (18,584 )     (13,436 )
    Proceeds from sale of business   —       21,275  
    Purchase of equity investment   (67,156 )     —  
    Proceeds from (purchases of) marketable securities, net   1,080       (11,659 )
    Net cash used in investing activities   (84,660 )     (3,820 )
    Cash flows from financing activities:      
    Purchase of common stock through stock repurchase program   (22,135 )     (17,334 )
    Proceeds from issuances of common stock   21,576       4,948  
    Principal repayments on term loans   (273 )     (266 )
    Tax withholdings related to net share settlements of equity awards   (2,132 )     (1,840 )
    Net cash used in financing activities   (2,964 )     (14,492 )
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   180       (1,592 )
    Net increase (decrease) in cash, cash equivalents and restricted cash   (63,905 )     13,108  
    Cash, cash equivalents and restricted cash, beginning of period   197,206       181,273  
    Cash, cash equivalents and restricted cash, end of period $ 133,301     $ 194,381  
     
    FORMFACTOR, INC. 
    RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO NON-GAAP FREE CASH FLOW
    (In thousands)
    (Unaudited)
       
      Three Months Ended
      March 29,
    2025    		   December 28,
    2024    		   March 30,
    2024
    Net cash provided by operating activities $ 23,539     $ 35,913     $ 33,012  
    Adjustments:          
    Sale of business and acquisition related payments in working capital   1,221       506       47  
    Cash paid for interest   92       93       100  
    Capital expenditures   (18,584 )     (7,663 )     (13,436 )
    Free cash flow $ 6,268     $ 28,849     $ 19,723  
     
    FORMFACTOR, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
     
      March 29,
    2025    		   December 28,
    2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 129,889     $ 190,728  
    Marketable securities   169,099       169,295  
    Accounts receivable, net of allowance for credit losses   98,605       104,294  
    Inventories, net   109,965       101,676  
    Restricted cash   967       3,746  
    Prepaid expenses and other current assets   42,716       35,389  
    Total current assets   551,241       605,128  
    Restricted cash   2,445       2,732  
    Operating lease, right-of-use-assets   20,054       22,579  
    Property, plant and equipment, net of accumulated depreciation   208,317       210,230  
    Equity investment   68,667       —  
    Goodwill   199,700       199,171  
    Intangibles, net   9,681       10,355  
    Deferred tax assets   92,759       92,012  
    Other assets   3,303       4,008  
    Total assets $ 1,156,167     $ 1,146,215  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable $ 64,536     $ 62,287  
    Accrued liabilities   34,909       43,742  
    Current portion of term loan, net of unamortized issuance costs   1,113       1,106  
    Deferred revenue   14,996       15,847  
    Operating lease liabilities   8,461       8,363  
    Total current liabilities   124,015       131,345  
    Term loan, less current portion, net of unamortized issuance costs   11,927       12,208  
    Long-term operating lease liabilities   15,980       17,550  
    Deferred grant   18,000       18,000  
    Other liabilities   20,371       19,344  
    Total liabilities   190,293       198,447  
           
    Stockholders’ equity:      
    Common stock   77       77  
    Additional paid-in capital   844,488       837,586  
    Accumulated other comprehensive loss   (6,037 )     (10,840 )
    Accumulated income   127,346       120,945  
    Total stockholders’ equity   965,874       947,768  
    Total liabilities and stockholders’ equity $ 1,156,167     $ 1,146,215  
     

    About our Non-GAAP Financial Measures:

    We believe that the presentation of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow provides supplemental information that is important to understanding financial and business trends and other factors relating to our financial condition and results of operations. Non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income are among the primary indicators used by management as a basis for planning and forecasting future periods, and by management and our board of directors to determine whether our operating performance has met certain targets and thresholds. Management uses non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income when evaluating operating performance because it believes that the exclusion of the items indicated herein, for which the amounts or timing may vary significantly depending upon our activities and other factors, facilitates comparability of our operating performance from period to period. We use free cash flow to conduct and evaluate our business as an additional way of viewing our liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our cash flows. Many investors also prefer to track free cash flow, as opposed to only GAAP earnings. Free cash flow has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures, and therefore it is important to view free cash flow as a complement to our entire consolidated statements of cash flows. We have chosen to provide this non-GAAP information to investors so they can analyze our operating results closer to the way that management does, and use this information in their assessment of our business and the valuation of our Company. We compute non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income, by adjusting GAAP net income, GAAP net income per basic and diluted share, GAAP gross profit, GAAP gross margin, GAAP operating expenses, and GAAP operating income to remove the impact of certain items and the tax effect, if applicable, of those adjustments. These non-GAAP measures are not in accordance with, or an alternative to, GAAP, and may be materially different from other non-GAAP measures, including similarly titled non-GAAP measures used by other companies. The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, net income, net income per basic and diluted share, gross profit, gross margin, operating expenses, or operating income in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. We may expect to continue to incur expenses of a nature similar to the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income should not be construed as an inference that these costs are unusual, infrequent or non-recurring. For more information on the non-GAAP adjustments, please see the table captioned “Non-GAAP Financial Measure Reconciliations” and “Reconciliation of Cash Provided by Operating Activities to non-GAAP Free Cash Flow” included in this press release.

    Source: FormFactor, Inc.
    FORM-F

    The MIL Network –

  • MIL-OSI: Enact Announces 14% Increase to Quarterly Dividend and New $350 Million Share Repurchase Program

    Source: GlobeNewswire (MIL-OSI)

    RALEIGH, N.C., April 30, 2025 (GLOBE NEWSWIRE) — Enact Holdings, Inc. (Nasdaq: ACT) announced that its Board of Directors declared a quarterly dividend of $0.21 per common share, an increase of 14% from the prior quarter’s dividend. This dividend will be payable on June 11, 2025, to shareholders of record on May 19, 2025.

    Additionally, Enact’s Board of Directors authorized a new share repurchase program under which the company may purchase up to $350 million of its common stock. The new share repurchase authorization is in addition to the company’s current $250 million share repurchase program, of which $6 million remains as of April 25, 2025.

    “Our increased dividend and new share repurchase program reflect our continued commitment to creating value for our shareholders,” said Rohit Gupta, Enact’s President and Chief Executive Officer. “With today’s announcement, we have raised our quarterly dividend every year since its inception three years ago, underscoring the strength of our financial performance and confidence in our business. Going forward we will continue to take a thoughtful and disciplined approach to our capital allocation priorities.”

    Enact’s new share repurchase program authorizes the purchase of up to $350 million of the company’s common stock utilizing a variety of methods, including open market purchases, and privately negotiated transactions, and may be made under Rule 10b5-1 and Rule 10b-18 trading plans, at such times and in such amounts as management deems appropriate. In support, Enact has entered into an agreement with Genworth Holdings, Inc. to repurchase its Enact shares as part of the program to maintain Genworth’s current ownership interest in Enact.

    Enact expects the timing and amount of any share repurchases will be opportunistic and will depend on a variety of factors, including Enact’s share price, capital availability, business and market conditions, regulatory requirements, and debt covenant restrictions. The program does not obligate Enact to acquire any amount of common stock, it may be suspended or terminated at any time at the Company’s discretion without prior notice, and it does not have a specified expiration date.

    About Enact Holdings, Inc.
    Enact (Nasdaq: ACT), operating principally through its wholly-owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Building on a deep understanding of lenders’ businesses and a legacy of financial strength, we partner with lenders to bring best-in class service, leading underwriting expertise, and extensive risk and capital management to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of those in the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-Evening Report: When it comes to health information, who should you trust? 4 ways to spot a dodgy ‘expert’

    Source: The Conversation (Au and NZ) – By Hassan Vally, Associate Professor, Epidemiology, Deakin University

    Surface/Unsplash

    When it comes to our health, we’re constantly being warned about being taken in by misinformation. Yet for most of us what we believe ultimately comes down to who we trust, including which “experts” we trust.

    The problem is that not everyone who presents themselves as an expert is actually an expert. And an expert in one area isn’t necessarily an expert in everything.

    The reality is that we often rely on superficial cues to decide who to trust. We’re often swayed by how confidently someone speaks, their perceived authority, or how compelling their story sounds. For some, it’s simply the loudest voice that carries the most weight.

    Even if we feel we have some understanding of science, few of us have the time or the capacity to verify every claim made by every so-called “expert”.

    So how can we distinguish credible experts from those that are not? Here are four things I look out for.

    1. Dodgy experts don’t acknowledge uncertainty

    One thing that separates trustworthy experts from dodgy ones, is their humility. They have a healthy respect of the limitations of science, the gaps in the evidence, and even the limitations of their own expertise.

    And importantly, they communicate this clearly.



    Read more:
    Uncertain? Many questions but no clear answers? Welcome to the mind of a scientist

    In contrast, one of the most common characteristics of the dodgy expert is they are misleadingly certain. They often present issues in overly simplistic, black-and-white terms, and they draw conclusions with misplaced confidence.

    This, of course, is part of their appeal. A neat clear-cut message that downplays uncertainty, complexity and nuance can be persuasive – and often even more persuasive than a messy but accurate message.

    One of the clearest examples of unfounded certainty was the confident claim by some “experts” early in the pandemic that COVID was no worse than the flu, a conclusion which ignored uncertainties in the emerging data.

    2. The dodgy experts doesn’t strive to be objective

    Credible experts follow a well-established and disciplined approach when communicating science. They present their understanding clearly, support it with evidence, and endeavour to remove emotion and bias from their thinking.

    A core principle of scientific thinking is striving for objectivity – and language reflects this. Experts generally aim to provide high-quality information to assist the public to make informed decisions for themselves, rather than manipulating them to reach specific conclusions.

    Dodgy experts often rely on overly emotional language, inject political agendas, or resort to personal attacks against critics in order to elicit strong emotions. This is a powerful tool for manipulating opinions when the evidence is lacking.

    One of the most harmful examples of this is the use of emotional testimonials by dodgy experts who claim people have “beaten cancer naturally”, offering false hope and often leading patients to abandon proven treatments.

    3. Dodgy experts cherry-pick evidence

    Despite what those seeking to mislead you would have you believe, scientists only reach consensus when a large body of high-quality evidence points in the same direction.

    So one of the most crucial skills experts possess is the ability to critically evaluate evidence. That means understanding its strengths and weaknesses, assessing its reliability, and synthesising what the full evidence base indicates. This task requires a deep understanding of their area of expertise.

    Dodgy experts don’t do this. They tend to dismiss inconvenient evidence that contradicts their narrative and readily embrace flawed, or even discredited, studies. In short: they often cherry-pick evidence to suit their position.

    Unfortunately, this tactic can be hard to spot if you don’t have an understanding of the full evidence base, which is something dodgy experts exploit.

    Scientists only reach consensus when a large body of evidence points in the same direction.
    Matej Kastelic/Shutterstock

    A red flag that you are being misled by a dodgy expert is when there is a clear over-reliance on a single study, despite its low quality.

    Perhaps the most well-known example of cherry-picking is the way dodgy experts rely on a single, discredited study to push the false claim that the MMR (measles, mumps and rubella) vaccine causes autism, while ignoring the vast body of high-quality evidence that clearly shows no such link.



    Read more:
    Monday’s medical myth: the MMR vaccine causes autism

    4. Dodgy experts don’t change their mind when the evidence changes

    Dodgy experts are often rigidly attached to their beliefs, even when new evidence emerges.

    In contrast, genuine experts welcome new evidence and are willing to change their views accordingly. This openness is often unfairly portrayed as weakness, but it reflects an expert’s desire to understand the world accurately.

    A striking example of this is the shift in our understanding of stomach ulcers. For years, ulcers were blamed on stress and spicy food, but that changed when Australian gastroenterologist and researcher Barry Marshall, in a bold move, swallowed Helicobacter pylori to demonstrate its potential role.

    His self-experiment (which is generally not recommended!) was the first step in a broader body of research that ultimately proved bacteria, not lifestyle, was the primary cause of ulcers. This ultimately led to Marshall and his colleague pathologist and researcher Robin Warren being awarded a Nobel Prize.

    As this example highlights, when presented with the evidence, clinicians and scientists acknowledged they’d got the underlying cause of stomach ulcers wrong. Clinical practice subsequently improved, with doctors prescribing antibiotics to kill the ulcer-causing bacteria.

    This is how science informs practice so we can continually improve health outcomes.

    In a nutshell

    True expertise is marked by intellectual humility, a commitment to high-quality evidence, a willingness to engage with nuance and uncertainty, flexibility, and a capacity to respectfully navigate differing opinions.

    In contrast, dodgy experts claim to have all the answers, dismiss uncertainty, cherry-pick studies, personally attack those who disagree with them, and rely more on emotion and ideology than evidence.

    Hassan Vally 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. When it comes to health information, who should you trust? 4 ways to spot a dodgy ‘expert’ – https://theconversation.com/when-it-comes-to-health-information-who-should-you-trust-4-ways-to-spot-a-dodgy-expert-253437

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Playing politics with AI: why NZ needs rules on the use of ‘fake’ images in election campaigns

    Source: The Conversation (Au and NZ) – By Bronwyn Isaacs, Lecturer, Anthropology, University of Waikato

    Laurence Dutton/Getty Images

    Seeing is no longer believing in the age of images and videos generated by artificial intelligence (AI), and this is having an impact on elections in New Zealand and elsewhere.

    Ahead of the 2025 local body elections, voters are being warned by overseas politicians and local experts not to automatically trust that what they are looking at is real.

    Deepfakes – images or video created with the use of AI to mislead or spread false information – were used in last year’s United States presidential election. Early in the campaign, a deepfake voice clip impersonating then president Joe Biden told voters not to cast a ballot vote in New Hampshire’s primaries.

    There have also been concerns about the role of deepfakes on the campaign trail in Australia. The Labor Party, for example, released an AI-generated video of opposition leader Peter Dutton dancing on its TikTok account.

    But the worry is not just that deepfakes will spread lies about politicians or other real people. AI is also used to create “synthetic deepfakes” – images of fake people who do not exist.

    Using artificially generated images and videos of both real and fake people raises questions around transparency and the ethical treatment of cultural and ethnic groups.

    Cultural offence with AI isn’t a hypothetical concern. Australian voters have found some AI used in political advertising to be “cringe” and culturally clumsy, with one white female politician using auto-tuned rapping in her campaign.

    Australians have also reported an increase in deepfake political content. The majority were unable to detect AI content.

    Several countries including Australia and Canada are considering laws to manage the harms of AI use in political messaging.

    Others have already passed legislation banning or limiting AI in elections. South Korea for example, banned the use of deepfakes in political advertising 90 days before an election. Singapore has banned digitally-altered material misrepresenting political candidates.

    While New Zealand has several voluntary frameworks to address the growing use of AI in media, there are no explicit rules to prevent its use in political campaigns. To avoid cultural offence and to offer transparency, it is crucial for political parties to establish and follow clear ethical standards on AI use in their messaging.

    Existing frameworks

    The film industry is a good starting point for policymakers looking to establish a clear framework for AI in political messaging.

    In my ongoing research about culture and technology in film production, industry workers have spoken about New Zealand’s world-leading standards on culturally aware film production processes and the positive impact this had on shaping AI standards.

    Released in March 2025, the New Zealand Film Commission’s Artificial Intelligence Guiding Principles takes a “people first” approach to AI which prioritises the needs, wellbeing and empowerment of individuals when developing and implementing AI systems.

    The principles also stress respect for matauranga Māori and transparency in the use of AI so that audiences are “informed about the use of AI in screen content they consume”.

    The government’s Public Service AI framework, meanwhile, requires government agencies to publicly disclose how AI systems are used and to practice human-centred values such as dignity and self-determination.

    AI in NZ politics

    Meanwhile, the use of AI by some of New Zealand’s political parties has already raised concerns.

    During the 2023 election campaign, the National Party admitted using AI in their attack advertisements. And recent social media posts using AI by New Zealand’s ACT party were criticised for their lack of transparency and cultural sensitivity.

    An ACT Instagram post about interest rate cuts featured an AI generated image of a Māori couple from the software company Adobe’s stock photo collection.

    Act whip Todd Stephenson responded that using stock imagery or AI-generated imagery was not inherently misleading. But he said that the party “would never use an actor or AI to impersonate a real person”.

    My own search of the Adobe collection came up with other images used by ACT in its Instagram posts, including an AI generated image labelled as “studio photography portrait of a 40 years old Polynesian woman”.

    There are two key concerns with using AI like this. The first is that ACT didn’t declare the use of AI in its Instagram posts. A lack of transparency around the use of deepfakes of any kind can undermine trust in the political system. Voters end up uncertain about what is real and what is fake.

    Secondly, the images were synthetic fakes of ethnic minorities in New Zealand. There have long been concerns from academics and technology experts that AI generated images reproduce harmful stereotypes of diverse communities.

    Legislation needed

    While the potential for cultural offence and misinformation with faked content is not new, AI alters the scale at which such fakes can be created. It makes it easier and quicker to produce manipulative, fake and culturally offensive images.

    At a minimum, New Zealand needs to introduce legalisation that requires political parties to acknowledge the use of AI in their advertising. And as the country moves into a new election season, political parties should commit to combating misinformation and cultural misrepresentation.

    Bronwyn Isaacs is a member of the Association of Social Anthropologists of Aotearoa/New Zealand.

    – ref. Playing politics with AI: why NZ needs rules on the use of ‘fake’ images in election campaigns – https://theconversation.com/playing-politics-with-ai-why-nz-needs-rules-on-the-use-of-fake-images-in-election-campaigns-255415

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Donald Trump has cast a long shadow over the Australian election. Will it prove decisive?

    Source: The Conversation (Au and NZ) – By Emma Shortis, Adjunct Senior Fellow, School of Global, Urban and Social Studies, RMIT University

    Donald Trump is everywhere, inescapable. His return to power in the United States was always going to have some impact on the Australian federal election. The question was how disruptive he would be.

    The answer is very – but not in the ways we might have thought.

    As soon as Trump was elected president, the political debate in Australia focused on whether Prime Minister Anthony Albanese or Opposition Leader Peter Dutton would be best suited to managing him – and keeping the US-Australia security alliance intact.

    Initially, at least, this conversation was predictable.

    The Coalition looked set to continue an ideological alignment with Trumpism that had flourished under the prime ministership of Scott Morrison. Dutton prosecuted the argument that given his party’s experience with the first Trump administration, it would be better placed than Labor to handle the second.

    Albanese, meanwhile, appeared caught off guard by Trump’s victory and timid in his response.

    But as has become all too clear, the second Trump administration is radically different from the first. That has rattled the right of Australian politics and worked to Labor’s advantage.

    A turning point at the White House

    In January, the Coalition announced that NT Senator Jacinta Nampijinpa Price had been appointed shadow minister for government efficiency – a direct importation of the Department of Government Efficiency (DOGE) being led by Elon Musk in the US.

    In a barely disguised imitation of the Trump administration’s attacks on “diversity, equity and inclusion” (DEI) measures, members of the Coalition, including Price, singled out Welcome to Country ceremonies as evidence of the kind of “wasteful” spending it would cut.

    When the Coalition seemed to be riding high in the polls, Dutton, too, nodded at “wokeism” and singled out young white men feeling “disenfranchised”.

    Soon after, however, this began to change. The first few weeks of Trump’s second term were marked by a cascade of executive actions targeting trans people, climate action and immigration. Trump and his new appointees began the process of radically reshaping the United States and its role in the world.

    In February, polling by the independent think tank The Australia Institute found Australians saw Trump as a bigger threat to world peace than Russian President Vladimir Putin or Chinese leader Xi Jinping.

    And then Volodymyr Zelensky went to the White House.

    The Ukrainian president was humiliated in an Oval Office meeting with Trump and Vice President JD Vance, laying bare how the administration was willing to treat the leader of an ally devastated by a war it hadn’t started.

    Trump’s territorial threats towards Canada and Greenland, in addition to his dismissive statements about European allies, shattered the long-held assumptions about the US as a force for stability in the world.

    MAGA ideology isn’t ‘pick and choose’

    After this incident, Dutton was careful to distance himself from Trump’s abandonment of Ukraine. He even went so far as to say that leadership might require “standing up to your friends and to those traditional allies because our views have diverged”.

    Similarly, influential Coalition powerbroker Peta Credlin wrote in The Australian:

    it’s hard to see America made great again if the Trump administration’s message to the world is that the strong do what they will and the weak suffer what they must.

    Therein lies the bind for the Coalition – an ideological alignment with “Make America Great Again” cannot be fully reconciled with a nationalism that puts Australian interests first.

    MAGA ideology is all-or-nothing, not pick-and-choose.

    During the election campaign, the Coalition attempted to walk the path of “pick-and-choose”. And Labor quite successfully used this against them. Assertions the opposition leader was nothing but a “Temu Trump”, or “DOGE-y Dutton”, stuck because they had at least a ring of truth to them.

    The opposition’s pledge to dramatically reduce the size of the public service, for example, was clearly linked to Musk’s efforts at DOGE to take a chainsaw to the public service in the US. This idea has been deeply unpopular with Australian voters, and the Coalition has faced innumerable questions about it.

    For all the talk of “shared values” and how essential the US alliance is to Australian security, this campaign shows that Australia is not like America.

    Most Australians concerned about Trump’s impact

    When Trump’s tariffs arrived on “Liberation Day” in early April, both leaders claimed they were best placed to negotiate.

    Albanese insisted Australia had got one of the best results in the world, while Dutton asserted, without evidence, that he would be able to negotiate a better one.

    More broadly, the Trump tariffs have contributed to a growing sense of unease in the electorate.

    A recent YouGov poll found that 66% of Australians no longer believe the US can be relied on for defence and security. According to Paul Smith, the director of YouGov, this is a “fundamental change of worldview”.

    In the same poll, 71% of Australians also said they were either concerned or very concerned Trump’s policies would make Australia worse off.

    While neither party has signalled it would make a fundamental shift in Australia’s alliance with the US if elected, that doesn’t mean changes aren’t possible.

    Independents and minor parties may well play a significant role in the formation of the next government. Some, like Zoe Daniel and Jacqui Lambie, are increasingly vocal about the risks the Trump administration poses to Australia.

    A limit to Trumpism’s appeal

    As election day approaches, many of the assumptions driving conventional Australian political thinking are under pressure.

    Labor’s recovery in the polls, and the Liberals’ election win in Canada, suggest assumptions about the dangers of incumbency might have been misplaced. The dissatisfaction with incumbent governments last year may have had more to do with unresponsive political parties and systems.

    There’s evidence emerging, instead, that in more responsive democracies with robust institutions like Australia and Canada, Trumpism does not have great appeal.

    The idea that “kindness is not a weakness” may yet prove to be a winning political strategy.

    Emma Shortis is Director of International and Security Affairs at The Australia Institute, an independent think tank.

    – ref. Donald Trump has cast a long shadow over the Australian election. Will it prove decisive? – https://theconversation.com/donald-trump-has-cast-a-long-shadow-over-the-australian-election-will-it-prove-decisive-255422

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Australians are warming to minority governments – but they still prefer majority rule

    Source: The Conversation (Au and NZ) – By Nicholas Biddle, Professor of Economics and Public Policy, ANU College of Arts and Social Sciences, Australian National University

    Minority governments have been part of Australia’s political history since Federation.

    In the country’s early decades, Prime Ministers Edmund Barton, Alfred Deakin, Chris Watson, George Reid and Andrew Fisher all led without commanding a majority in the House of Representatives. Since the second world war, majority governments have become the norm at the national level, underpinned by the two-party system of Labor and the Liberal-National Coalition.

    Minority government has been rare, with the notable exception of Julia Gillard’s Labor government from 2010 to 2013. However, at the state/territory level, minority governments are far more common.

    The 2025 federal election could mark another shift. While Labor has pulled ahead in the polls over the course of the campaign, a minority government remains a real possibility.

    Even if a slim majority is achieved, the trend of falling primary votes for both major parties suggests minority governments could become more common in the years ahead.

    We have examined new data from more than 3,600 respondents in the March/April wave of the 2025 Election Monitoring Survey Series (EMSS) from the School of Politics and International Relations (SPIR) at the ANU. The results shed light on how Australians feel about the prospect of minority government, and how these attitudes could shape political expectations.

    Australians are more accepting of minority governments

    When respondents were asked whether they found the idea of a minority government acceptable, more said they did (39.3%) than said they did not (32.6%).

    This pattern is especially strong among Labor voters, minor party supporters, and those undecided about their vote. Only among Liberal voters was a minority government viewed more negatively, with a majority (51.8%) saying it would be unacceptable.

    These findings suggest that minority government does not present the widespread illegitimacy and inefficiency to the electorate that is sometimes claimed by political leaders.

    Fears of instability, but hopes for accountability

    Despite growing acceptance, Australians are divided about the likely consequences of a minority government.

    When asked whether a minority government would make politics more unstable or more representative and accountable, the country was split. About 42.7% expected more instability, while 37.6% expected greater representativeness. Another 19.6% believed it would make no real difference.

    Again, partisan divides are stark. Coalition voters overwhelmingly expect instability (62.3%), whereas minor party supporters are more optimistic about minority government delivering better accountability.

    These mixed expectations suggest while many suspect minority government will be a rocky ride, most expect little to no change. This is in contrast to recent claims a return to minority government would either further damage democracy or revitalise it by forcing change.

    Public supports reforms to make minority government work

    If a minority government emerges post-election, institutions will need to adapt. Some changes will be legislative, others cultural, some political.

    Recognising the challenges that minority governments can bring, Australians are supportive of modest reforms to help them function more effectively.

    Nearly half (47.6%) support establishing an independent body to oversee power-sharing agreements between major parties and crossbench MPs. A significant share (42.7%) also back requiring minority governments to sign formal agreements with the independents or minor parties they rely on.

    These preferences suggest Australians are pragmatic: if minority governments are to become more common, they want safeguards and structures to ensure stability and transparency.

    Trust varies across parties – and independents score well

    Australians remain relatively confident in key institutions, particularly when compared to the polarisation in other democracies. Trust is also a key factor in how Australians view different political actors in a minority government setting.

    When asked how much trust they have in different groups to act responsibly in a minority parliament, Labor emerges with the highest broad trust levels (50.4%), compared to the Liberal Party (43.0%). The Greens are the least trusted (35.7%). Trust in Independents is relatively high (45.7%).

    It is also interesting to note recent research tracking trends in non-major party voting. These find the Greens are increasingly likely to win seats from the ALP, while the Independents are more likely to win seats from the LNP.

    This matters. Who holds the balance of power has implications for maintaining trust in government. These results would indicate that if independents hold the balance of power, it may not undermine, but may actually contribute to, broader trust.

    A preference for majority rule remains

    Despite growing openness to minority governments, Australians still show a strong attachment to the traditional model of majority government in the House of Representatives.

    When asked whether “stable and effective government requires a majority of seats for one of the two major parties within the House of Representatives”, 53.8% agreed or strongly agreed. Only 16% disagreed.

    Support for this statement was strongest among Coalition voters (70.9%), but even a majority of Labor voters (54.7%) agreed. Only among minor party voters was disagreement more common.

    This result is not unexpected. Both major parties assertively campaign that major party majority provides the continuity, the stability and the certainty the country needs. It is worth noting these results were recorded in the lead up to a federal election.

    This result should also be set against over three decades of minority in the Senate.

    These findings suggest Australians prefer majority government (qualified by a desire for accountability) over minority government (particularly if that majority is led by their own party!).

    It will be interesting to track these attitudes in future EMSS should a minority government occur after May 3.

    What it means for the 2025 election – and beyond

    The 2025 federal election could be a turning point. If Labor wins a majority, it may delay a broader shift toward minority government politics. But if another minority parliament emerges, it will test the resilience of Australia’s political institutions and the evolving attitudes of voters.

    Australians appear ready to give minority government a chance – but they want it to work.

    Our only concrete reference point is the Gillard government. It was recognised for its negotiation, legislative success and running full term, but widely viewed as a political failure. What this revealed is the importance of minority government that adopts a pragmatic, inclusive and flexible approach to governance.

    Whatever the result, Australian electoral trends tell us minority governments are no longer the outlier they once were in Australian politics. Voters, political leaders, and importantly public institutions may need to adapt to a new norm in Australian politics.

    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. Australians are warming to minority governments – but they still prefer majority rule – https://theconversation.com/australians-are-warming-to-minority-governments-but-they-still-prefer-majority-rule-255416

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Kamlager-Dove, Lee Introduce Bipartisan Fresh Start Act

    Source: United States House of Representatives – Congresswoman Sydney Kamlager California (37th District)

    WASHINGTON, D.C.– Today, Representatives Sydney Kamlager-Dove (D, CA-37) and Laurel Lee (R, FL-15) introduced the Fresh Start Act, a bipartisan bill to provide support for rehabilitated individuals to have access to employment, housing, and educational opportunities.

    “No one should be denied a job, housing, or education because of bureaucratic red tape,” said Rep. Kamlager-Dove. “Millions of Americans have arrest or conviction records that are eligible to be sealed or expunged, yet many are blocked by confusing, burdensome, and costly processes. I’m proud to cosponsor the bipartisan Fresh Start Act, which helps individuals who have been exonerated or who have paid their debts to society get a chance to contribute to their communities. This legislation will give states the resources they need to implement automatic record clearance systems that offer people a fresh start.”

    Approximately one-third of Americans have criminal records that can hinder their ability to secure employment, housing, or educational opportunities. While many of them qualify for record-sealing or expungement under state laws, the process is frequently complicated, time-consuming, and costly.

    The Fresh Start Act would allow states that have enacted automated record-sealing or expungement laws to apply for federal infrastructure grants to help streamline the process. This federal legislation builds on the momentum of Clean Slate policies enacted in 2018 by a diverse group of 12 states including California, Colorado, Connecticut, Delaware, Michigan, Minnesota, New Jersey, New York, Oklahoma, Pennsylvania, Utah, and Virginia.

    “People who have worked to turn their lives around after a criminal conviction deserve the opportunity to move forward, not be held back by administrative barriers. Today, nearly one-third of Americans have a criminal record that can prevent them from getting a job, finding housing, or pursuing education—even when they qualify for record-sealing or expungement. The Fresh Start Act of 2025 modernizes and streamlines these processes for states, helping more individuals access the opportunities they’ve earned. I look forward to seeing my colleagues come together to pass this important legislation and ensure that everyone who deserves a second chance has the opportunity to build a better future,” said Congresswoman Laurel Lee.

    Sheena Meade, CEO of The Clean Slate Initiative, said, “The Fresh Start Act recognizes what we’ve seen on the ground: Clean Slate has the power to change lives. This legislation is an essential component of modernizing state infrastructure, making sure federal support is spent on common-sense solutions that are serious about safety and benefit communities across the country. A fresh start should be more than a promise; it should be a reality. With the Fresh Start Act, it can be.”

    Jason Pye, Executive Director of the Due Process Institute, said, “The Fresh Start Act is a commonsense policy solution to help improve states’ record-sealing laws. The bill crucially allocates already existing funding to help with the implementation of proven recidivism reduction strategies that result in better economic outcomes and safer communities for us all. We urge members of Congress to join in cosponsoring and supporting this bipartisan legislation.”

    Akua Amaning, Director of Criminal Justice Reform, Center for American Progress said, “Everyone deserves the opportunity to unlock their full potential. Yet, for far too many people who have been impacted by America’s criminal legal system, a second chance can be hard to achieve with an arrest or conviction record. The Fresh Start Act will provide important resources to states that are working to remove unnecessary barriers to employment, housing, education, and other critical life resources due to having a record. In helping to create pathways to automatic record expungement at the state level, The Fresh Start Act will not only help individuals transform their lives, but will also improve economic security and public safety outcomes for all. We applaud the bipartisan support for this measure and urge Congress to swiftly pass the Fresh Start Act.”

    Patrick Plein, Director of CPAC’s Nolan Center for Justice, said, “Communities are safer when individuals returning from prison are given a fair chance to reintegrate into society and rebuild their lives. The Fresh Start Act recognizes that people are more than their past mistakes—they are hard working parents, employees, and neighbors with the potential to prosper. By removing barriers to opportunity, these bills strengthen families, boost our economy, and promote public safety.”

    “The Fresh Start Act is a common sense measure that will help give people who have fulfilled their justice system obligations a second chance,” said Nan Gibson, Executive Director of the JPMorganChase Policy Center. “The bill would make federal grants available to states to upgrade their justice system infrastructure so that states can implement Clean Slate legislation and strengthen their workforce.  Over the last six years, our firm has hired more than 21,000 people with a record whose history had no bearing on the requirements of their job, because we know implementing fair chance hiring practices is good for our business and the economy.  This measure will enable companies like ours to continue to connect individuals to meaningful career pathways, opening doors to opportunities that transform lives, lift up communities and strengthen the workforce.”

    Summary:

    • Amends 34 U.S.C. §40302 (National Criminal History Improvement Program, or NCHIP) to include funding for covered automatic expungement and record sealing laws.
    • Covered Expungement Law—The term “automatic” is defined as expungement or sealing that does not require any action on the part of the eligible individual. The term “covered expungement law” is defined as a law of a State that provides for the automatic expungement or sealing of a criminal record, subject to requirements imposed by the State.
    • Reporting Requirements—A State that receives a grant under the Fresh Start Act of 2025 is required to produce and send a report to the Attorney General, under the guidelines established by the Attorney General, that provides information on:
      • the number of individuals eligible for automatic expungement or sealing disaggregated by race, ethnicity, and gender;
      • the number of individuals whose records have been expunged or sealing disaggregated by race, ethnicity, and gender;
      • and the number of individuals who application for expungement or sealing are still pending disaggregated by race, ethnicity, and gender;
    • Inaccessibility of Data for Reporting—If data required for reporting are not available, the State is required to develop and report a plan to obtain as much of the data as possible no later than one (1) year after the first year the grant is awarded.
    • Publication—The Attorney General is required to publish and make publicly available a report containing data collected under the reporting requirements.

    Read the bill text here. 

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: MOFA welcomes ANZMIN joint statement supporting cross-strait peace and stability

    Source: Republic of China Taiwan

    MOFA welcomes ANZMIN joint statement supporting cross-strait peace and stability

    Date：2024-12-07
    Data Source：Department of East Asian and Pacific Affairs

    December 7, 2024No. 452  Australian Deputy Prime Minister and Minister for Defence Richard Marles and Minister for Foreign Affairs Penny Wong met with New Zealand Deputy Prime Minister and Minister of Foreign Affairs Winston Peters and Minister of Defence Judith Collins in Auckland on December 6 for the second Australia-New Zealand Foreign and Defence Ministerial Consultations (ANZMIN) this year. In the joint statement issued after the meeting, they reiterated the importance of peace and stability across the Taiwan Strait, opposed unilateral changes to the status quo, and expressed concern over the situation in the South China Sea. The Ministry of Foreign Affairs (MOFA) welcomes and appreciates this statement. Australia and New Zealand are important friends of Taiwan in the Indo-Pacific region, and bilateral relations with both countries have made significant strides in recent years. Given that maintaining peace and stability across the Taiwan Strait and the South China Sea has become a global consensus, MOFA invites the international community to continue expressing its concerns and take practical action to uphold the rules-based international order. The Taiwan government will continue to promote values-based diplomacy and work with like-minded countries to advance democracy, peace, and prosperity in the Indo-Pacific. (E)

    MIL OSI Asia Pacific News –