MIL-OSI New Zealand: BusinessNZ – Regulatory roadblock to be removed

Source: BusinessNZ

Swift action to remove a regulatory roadblock in the way of medical innovation, global events and tourism has been applauded by BusinessNZ.

A ‘nonsensical’ ruling by Medsafe effectively prevents major international medical conferences from being held in New Zealand because displaying new products or sharing the latest research with medics in trade shows is deemed to be “advertising” and therefore prohibited – but now the Government intends to fix the regulations concerned to allow these major global conferences to come here.

The announced changes means more global organisations can consider New Zealand as a conference destination, and our tourism sector will benefit from the flow on effect of post-conference travel.

BusinessNZ Chief Executive Katherine Rich says it’s a good example of the Government taking action to remove regulatory barriers to economic growth.

“New Zealand has been locked out of the multi-billion-dollar global medical conference market because Medsafe’s stance prohibits the trade shows and expos that are usually a valuable part of global medical conferences.

“But the economics of running a large international conference often depend on there being a major expo or trade show associated with the event, where companies can share information about their latest products and medical research.

“Medsafe’s ruling makes it uneconomic for large medical conferences to be held here, meaning multi-million-dollar lost opportunities for New Zealand and our medics have to travel to conferences outside of New Zealand to hear about the latest drugs, devices and procedures.

“Over the years many professional associations and medical organisations with annual conferences on a global circuit have wanted to come to New Zealand, but have had to rule out coming here because of the financial hit of not being able to hold a world-class trade show to support their event.

“New Zealand’s unique stance is nonsensical. Sharing information and new research with medical experts in a closed setting is in no way unsafe. We know of no other country that has taken the same stance, but we do know this is why New Zealand conference centres and our local economy regularly lose out to Australia when global conference circuits rotate to the Southern Hemisphere.

“It’s excellent news that the Government plans to fix the regulations to make clear that global medical conferences are welcome in New Zealand.

“New Zealand stands to gain an estimated $90 million in revenue over the next few years with the dismantling of this roadblock to economic growth.”

The BusinessNZ Network including BusinessNZ, EMA, Business Central, Business Canterbury and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.

MIL OSI New Zealand News –

April 29, 2025

MIL-OSI New Zealand: Brisbane’s Olympic Boom: Why Thousands of Kiwis Are Making the Move to the Sunshine State

Source: Robert Walters

Migration Surge: 42% of New Zealanders are planning to move to Australia, with Brisbane a top destination.
Key Motivators for Relocation: Better salaries (48%), improved job prospects (22%), and more affordable living (13%).
Brisbane’s Growth: The city was voted Australia’s happiest city in 2024 and is already one of the fastest-growing urban centres in the country.
Queensland’s Competitive Advantage: More affordable living compared to Sydney and Melbourne, making it attractive for skilled workers.
Business Recruitment Efforts: Companies are accelerating hiring and offering competitive salaries, relocation assistance, and flexible work policies to attract talent.
Economic Transformation: The 2032 Olympics are positioning Brisbane as a major employment hub.

With the 2032 Olympics on the horizon, Brisbane is gearing up for an economic and employment surge that’s already attracting thousands of skilled workers – including a growing number of New Zealanders.

Recent research from global recruitment firm Robert Walters reveals that 42% of New Zealanders are considering relocating to Australia in the next 12 months, with Brisbane emerging as a top destination over traditional hotspots like Sydney and Melbourne due to more affordable living.

With tens of thousands of jobs expected to be created in the lead-up to the Games, Kiwis looking for better salaries, career opportunities, and a lower cost of living are increasingly turning their sights to Queensland’s capital.

Why Kiwis Are Choosing Brisbane

New Zealanders have long been drawn to Australia for work, but the 2032 Olympics are accelerating this trend. Brisbane offers key advantages over other major cities, including:

Job Creation: The Games are expected to generate over 91,600 jobs across construction, infrastructure, tourism, hospitality, and event management.

Higher Salaries: Better pay remains the number one reason for relocation, with 48% of job seekers prioritising increased earnings when considering a move.

Affordable Living: Brisbane’s cost of living is significantly lower than in Sydney or Melbourne, making it an attractive choice for professionals and families heading to Australia.

Lifestyle Benefits: Voted Australia’s happiest city in 2024, Brisbane offers great weather, outdoor activities, and a strong sense of community.

Brisbane’s Growing Appeal for Kiwi Talent

According to Robert Walters, businesses across Queensland are ramping up hiring efforts, offering competitive salaries, relocation assistance, and flexible work policies to secure top talent.

Jane Lowney, Senior Director at Robert Walters Queensland, says, “Brisbane is at the centre of a once-in-a-generation economic transformation. We’re already seeing a surge in demand for skilled workers, and this is just the beginning. Now is the perfect time for New Zealand professionals to consider making the move.”

New Zealand is currently experiencing record-high migration departures, with Stats NZ reporting 122,800 departures in the year to January 2025 – the highest annual figure on record. While Kiwis have traditionally favoured Sydney and Melbourne, Brisbane is now emerging as a strong alternative due to its job opportunities and affordability.

Whilst there has historically been a trend of New Zealanders moving to Australia, they have often favoured cities like Sydney and Melbourne. However, Robert Walters has observed an increasing number opting for Brisbane.

“We’re seeing more Kiwis than usual seeking work specifically in Brisbane and we do have the jobs for them due to the Olympics. The cost of living and amount of job opportunities is a big pull for them.” Lowney added.

How to Make the Move

For New Zealanders considering relocation, now is the time to explore opportunities in Brisbane. With increasing demand for skilled workers, businesses are actively seeking talent from across the Tasman and are offering relocation incentives to attract the right candidates.

“The 2032 Olympics are a game-changer for Brisbane’s job market,” says Lowney. “For Kiwis thinking about moving, this presents a rare chance to secure career growth in a thriving, dynamic city.”

With Queensland’s economy set to soar, Brisbane is positioning itself as the ultimate destination for professionals looking to advance their careers while enjoying an enviable lifestyle. You can utilise recruitment companies to make the move.

MIL OSI New Zealand News –

April 29, 2025

MIL-Evening Report: 1 billion years ago, a meteorite struck Scotland and influenced life on Earth

Source: The Conversation (Au and NZ) – By Chris Kirkland, Professor of Geochronology, Curtin University

Stoer Head lighthouse, Scotland. William Gale/Shutterstock

We’ve discovered that a meteorite struck northwest Scotland 1 billion years ago, 200 million years later than previously thought. Our results are published today in the journal Geology.

This impact now aligns with some of Earth’s earliest known, land based, non-marine microbial fossils, and offers new insights into how meteorite strikes may have shaped our planet’s environment and life.

A rocky treasure trove

The Torridonian rocks of northwest Scotland are treasured by geologists as some of the finest archives of the ancient lakes and river systems that existed a billion years ago.

Those water bodies were home to microbial ecosystems consisting of eukaryotes. Eukaryotes are single-celled organisms with complex internal structures that are the ancestors of all plants and animals.

But the Torridonian environments and their associated microbial communities were dramatically disrupted when a meteor slammed into the planet.

A drone’s-eye view of the Stac Fada Member reveals towering blocks of sandstone preserving a meteorite impact frozen in time. Look closely and you’ll spot figures for scale, dwarfed by the chaotic jumble of rock fragments encased in impact-smashed debris.
Tony Prave

The record of this event is preserved in a geological unit known as the Stac Fada Member. It is comprised of unusual layers of rock fragments broken and melted by the impact.

Also, crucially, there are shock-altered minerals that closely resemble those found in famous impact sites such as Chicxulub (Mexico) and Sudbury (Canada).

In the case of the Stac Fada, these minerals were engulfed in high-energy, ground-hugging flows of smashed rock triggered by the impact that spread across the ancient landscape.

What is exciting about our new date for the Stac Fada impact is that it now overlaps in age with microfossils preserved elsewhere in the Torridonian rocks.

This raises some interesting questions. For example, how did the meteorite strike influence the environmental conditions those early non-marine microbial ecosystems relied on?

Finding out the date

Determining when a meteorite struck is no easy task.

We can use minerals to constrain the age, but they have to be the right kind. In this case it means something that wasn’t overly altered by the intense heat, pressure and fluids generated by the impact, yet robust enough to survive the ravages of deep geological time.

Suitable minerals are extremely rare, but we found a few in the Stac Fada rocks. One was reidite, a mineral that only forms under extreme pressure. The other was granular zircon, a uranium-bearing mineral formed by immense impact temperatures.

Electron microscope image of a shocked zircon: blue is granular zircon, red is reidite formed under extreme pressure from a meteorite impact.
Timmons Erickson

These minerals are, in effect, tiny stopwatches whose clocks start “ticking” at the time they form. Although these clocks are often damaged during the impact and the ensuing pulse of heat, we used mathematical modelling to determine the most probable time of impact.

Together, these techniques consistently pointed to an event 1 billion years old, not 1.2 billion years old as previously suggested. Given such vast spans of time, a 20% change in age might not seem dramatic.

However, the new age shows the timing of the impact coincides with early non-marine eukaryotic fossils. It also lines up with a major mountain-building event. This means the Torridonian lifeforms had to cope with significant, environment-altering phenomena.

Why this is important for you, me, and life in general

The origin of life is a deeply complex process that likely began with a series of pre-biotic chemical reactions.

While much remains unknown, it is intriguing that two ancient meteorite impacts, the 3.5-billion-year-old North Pole impact in Western Australia and now the 1-billion-year-old Stac Fada deposit in northwest Scotland, occur close in time to major milestones in the fossil record.

The North Pole impact occurs in a sequence of rocks containing stromatolites, some of the oldest-known fossils considered to be indicative of microbial life.

These rippled layers in the Torridon rocks were built by ancient microbial communities, evidence of some of the earliest life on land.
Tony Prave

All life requires energy. The earliest forms of life are thought to be associated with volcanic hydrothermal springs. Impacts offer a plausible alternative. The immediate aftermath of a meteorite strike is extreme and hostile, and would ruin your day. But the long-term effects could support key biological processes.

Meteorite strikes fracture rocks, generate long-lived hydrothermal systems and form crater lakes that enable the concentration of important ingredients for life, such as clays, organic molecules and phosphorus. The latter is a key element for all forms of life.

In Scotland, the Stac Fada impact lies within an ancient river and lake environment that housed microbial ecosystems colonising the land. What makes the Stac Fada impact deposits fascinating is that, unlike most other impacts on Earth, they preserve the environments in which those pioneering organisms lived immediately prior to the impact.

Further, the impact deposits were subsequently buried as non-marine microbial habitats became reestablished. So, the Stac Fada rocks provide an opportunity to see how microbial life recovered from impact.

Extraterrestrial visitors in the form of meteorite collisions may not just have scarred Earth’s surface, but shaped its future, turning catastrophic events into natural crater-cradles of life.

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. 1 billion years ago, a meteorite struck Scotland and influenced life on Earth – https://theconversation.com/1-billion-years-ago-a-meteorite-struck-scotland-and-influenced-life-on-earth-254285

MIL OSI Analysis – EveningReport.nz –

April 29, 2025

MIL-Evening Report: Major survey finds most people use AI regularly at work – but almost half admit to doing so inappropriately

Source: The Conversation (Au and NZ) – By Nicole Gillespie, Professor of Management; Chair in Trust, Melbourne Business School

Matheus Bertelli/Pexels

Have you ever used ChatGPT to draft a work email? Perhaps to summarise a report, research a topic or analyse data in a spreadsheet? If so, you certainly aren’t alone.

Artificial intelligence (AI) tools are rapidly transforming the world of work. Released today, our global study of more than 32,000 workers from 47 countries shows that 58% of employees intentionally use AI at work – with a third using it weekly or daily.

Most employees who use it say they’ve gained some real productivity and performance benefits from adopting AI tools.

However, a concerning number are using AI in highly risky ways – such as uploading sensitive information into public tools, relying on AI answers without checking them, and hiding their use of it.

There’s an urgent need for policies, training and governance on responsible use of AI, to ensure it enhances – not undermines – how work is done.

Our research

We surveyed 32,352 employees in 47 countries, covering all global geographical regions and occupational groups.

Most employees report performance benefits from AI adoption at work. These include improvements in:

efficiency (67%)
information access (61%)
innovation (59%)
work quality (58%).

These findings echo prior research demonstrating AI can drive productivity gains for employees and organisations.

We found general-purpose generative AI tools, such as ChatGPT, are by far the most widely used. About 70% of employees rely on free, public tools, rather than AI solutions provided by their employer (42%).

However, almost half the employees we surveyed who use AI say they have done so in ways that could be considered inappropriate (47%) and even more (63%) have seen other employees using AI inappropriately.

Most survey respondents use free, public AI tools, such as ChatGPT.
Tada Images/Shutterstock

Sensitive information

One key concern surrounding AI tools in the workplace is the handling of sensitive company information – such as financial, sales or customer information.

Nearly half (48%) of employees have uploaded sensitive company or customer information into public generative AI tools, and 44% admit to having used AI at work in ways that go against organisational policies.

This aligns with other research showing 27% of content put into AI tools by employees is sensitive.

Check your answer

We found complacent use of AI is also widespread, with 66% of respondents saying they have relied on AI output without evaluating it. It is unsurprising then that a majority (56%) have made mistakes in their work due to AI.

Younger employees (aged 18-34 years) are more likely to engage in inappropriate and complacent use than older employees (aged 35 or older).

This carries serious risks for organisations and employees. Such mistakes have already led to well-documented cases of financial loss, reputational damage and privacy breaches.

About a third (35%) of employees say the use of AI tools in their workplace has increased privacy and compliance risks.

‘Shadow’ AI use

When employees aren’t transparent about how they use AI, the risks become even more challenging to manage.

We found most employees have avoided revealing when they use AI (61%), presented AI-generated content as their own (55%), and used AI tools without knowing if it is allowed (66%).

This invisible or “shadow AI” use doesn’t just exacerbate risks – it also severely hampers an organisation’s ability to detect, manage and mitigate risks.

A lack of training, guidance and governance appears to be fuelling this complacent use. Despite their prevalence, only a third of employees (34%) say their organisation has a policy guiding the use of generative AI tools, with 6% saying their organisation bans it.

Pressure to adopt AI may also fuel complacent use, with half of employees fearing they will be left behind if they do not.

Almost half of respondents said they had uploaded company financial, sales or customer information into public AI tools.
Andrey_Popov/Shutterstock

Better literacy and oversight

Collectively, our findings reveal a significant gap in the governance of AI tools and an urgent need for organisations to guide and manage how employees use them in their everyday work. Addressing this will require a proactive and deliberate approach.

Investing in responsible AI training and developing employees’ AI literacy is key. Our modelling shows self-reported AI literacy – including training, knowledge, and efficacy – predicts not only whether employees adopt AI tools but also whether they critically engage with them.

This includes how well they verify the tools’ output, and consider their limitations before making decisions.

Training can improve how people engage with AI tools and critically evaluate their output.
PeopleImages.com – Yuri A/Shutterstock

We found AI literacy is also associated with greater trust in AI use at work and more performance benefits from its use.

Despite this, less than half of employees (47%) report having received AI training or related education.

Organisations also need to put in place clear policies, guidelines and guardrails, systems of accountability and oversight, and data privacy and security measures.

There are many resources to help organisations develop robust AI governance systems and support responsible AI use.

The right culture

On top of this, it’s crucial to create a psychologically safe work environment, where employees feel comfortable to share how and when they are using AI tools.

The benefits of such a culture go beyond better oversight and risk management. It is also central to developing a culture of shared learning and experimentation that supports responsible diffusion of AI use and innovation.

AI has the potential to improve the way we work. But it takes an AI-literate workforce, robust governance and clear guidance, and a culture that supports safe, transparent and accountable use. Without these elements, AI becomes just another unmanaged liability.

This research was supported by the Chair in Trust research partnership between the University of Melbourne and KPMG Australia and funding from KPMG International. The research was conducted independently by Professor Nicole Gillespie and Dr Steve Lockey and their research team at Melbourne Business School, The University of Melbourne, and published in collaboration with KPMG.

– ref. Major survey finds most people use AI regularly at work – but almost half admit to doing so inappropriately – https://theconversation.com/major-survey-finds-most-people-use-ai-regularly-at-work-but-almost-half-admit-to-doing-so-inappropriately-255405

MIL OSI Analysis – EveningReport.nz –

April 29, 2025

MIL-OSI USA: SPC Severe Thunderstorm Watch 184

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.
SEL4

URGENT – IMMEDIATE BROADCAST REQUESTED
Severe Thunderstorm Watch Number 184
NWS Storm Prediction Center Norman OK
600 PM CDT Mon Apr 28 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
Northwest Iowa
Northeast Nebraska
Southeast South Dakota

* Effective this Monday evening from 600 PM until 1100 PM CDT.

* Primary threats include…
Scattered large hail and isolated very large hail events to 2
inches in diameter possible
Scattered damaging wind gusts to 70 mph possible

SUMMARY…Multiple supercells along and near a cold front should
pose a threat for mainly large hail up to 1-2 inches in diameter
through the evening. Occasional severe/damaging winds may also
occur.

The severe thunderstorm watch area is approximately along and 45
statute miles north and south of a line from 45 miles west southwest
of Yankton SD to 20 miles south of Spencer IA. For a complete
depiction of the watch see the associated watch outline update
(WOUS64 KWNS WOU4).

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 180…WW 181…WW
182…WW 183…

AVIATION…A few severe thunderstorms with hail surface and aloft to
2 inches. Extreme turbulence and surface wind gusts to 60 knots. A
few cumulonimbi with maximum tops to 500. Mean storm motion vector
26040.

…Gleason

Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
SAW4
WW 184 SEVERE TSTM IA NE SD 282300Z – 290400Z
AXIS..45 STATUTE MILES NORTH AND SOUTH OF LINE..
45WSW YKN/YANKTON SD/ – 20S SPW/SPENCER IA/
..AVIATION COORDS.. 40NM N/S /25ENE ONL – 41WNW FOD/
HAIL SURFACE AND ALOFT..2 INCHES. WIND GUSTS..60 KNOTS.
MAX TOPS TO 500. MEAN STORM MOTION VECTOR 26040.

LAT…LON 43329820 43539515 42239515 42029820

THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
FOR WOU4.

Watch 184 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 (5%)

Wind

Probability of 10 or more severe wind events

Mod (40%)

Probability of 1 or more wind events > 65 knots

Low (20%)

Hail

Probability of 10 or more severe hail events

Mod (50%)

Probability of 1 or more hailstones > 2 inches

Mod (30%)

Combined Severe Hail/Wind

Probability of 6 or more combined severe hail/wind events

High (70%)

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 –

April 29, 2025

MIL-OSI New Zealand: Unions launch campaign to ban engineered stone

Source: Council of Trade Unions – CTU

The New Zealand Council of Trade Unions Te Kauae Kaimahi has today launched a campaign to ban the import, supply, and use of engineered stone in Aotearoa New Zealand.

“We are urging the Government to do the right thing and save workers’ lives by banning engineered stone, an extremely dangerous product that causes the fatal lung disease silicosis”, said NZCTU President Richard Wagstaff.

“Engineered stone is the asbestos of our times. It is not an essential product and there are many safe alternatives already in the market.

“Silicosis is a debilitating disease that cannot be cured. The evidence is clear that the only solution is to stop workers from being required to process engineered stone, which exposes them to the dangerous silica dust.

“Brooke van Velden has the power to save workers’ lives. All she needs to do is follow Australia’s example and implement a total ban.

“There is broad support for this campaign. Last year the CTU joined with 18 other organisations, including public health experts and health and safety specialists, and called on the Minister to act.

“Aotearoa has a terrible record when it comes to work-associated deaths. The Government has the opportunity to help turn that around by banning engineered stone. It’s time they stepped up on behalf of Kiwi workers,” said Wagstaff.

The NZCTU have today launched a public petition calling on the Minister to implement a full ban on the import, supply, and use of engineered stone.

MIL OSI New Zealand News –

April 29, 2025

MIL-OSI New Zealand: Mark Cameron drafts bill to stop banking wokery and protect rural borrowers

Source: ACT Party

ACT Rural Communities spokesperson Mark Cameron has drafted a bill to scrap the red tape forcing banks and financial institutions to make climate-related disclosures, by repealing Part 7A of the Financial Markets Conduct Act 2013.

“Rural and regional New Zealanders are being hammered by banking wokery that judges businesses on political fashion rather than commercial sense,” says Mr Cameron.

“Farmers are already seeing discrimination creeping into interest rates based on perceived emissions. They fear they’ll be the next to be ‘debanked’, not because of financial risk, but because they don’t fit the agenda of the suit-and-tie bigwigs. We’ve already seen it happening to essential industries like mining and service stations.

“These rules are the ultimate virtue signal that only ACT opposed back in 2021. They reduce banking competition and force significant costs on lenders – and therefore borrowers – for absolutely no environmental gain.

“This week I wrote to the Minister for Commerce and Consumer Affairs, raising concerns about the harmful impact these regulations have on borrowers, banking competition, and economic growth, and encouraging him to adopt my proposal as a Government Bill.

“The Bill I’ve drafted sends two clear messages to the banks. First, they will no longer win political favour by making ideological lending decisions, and they can be confident that they won’t be punished for sticking to their core role of serving customers. Second, for those banks that have fallen under ideological capture, it’s a signal to get back to basics – or risk losing customers to competitors who understand what banking is really about.

“For government and the regulators of banks, it’s about getting back to basics too. The role of financial regulation is to ensure the sound functioning of financial markets in a way that promotes trust, efficiency, and stability. The climate-disclosure requirements are a departure from this limited function into social engineering.

“It’s also unnecessary. We already have an Emissions Trading Scheme that makes these woke rules completely redundant – emissions are capped and the cost of carbon is already factored into investment and production decisions.

“So while the disclosure requirements haven’t reduced a single gram of global emissions, they do put pressure on the banks by waving a stick at the banks, tacitly saying ‘if we don’t like who you’re lending to we’ll hit you’. That is part of what’s driving this madness and why ACT believes markets, not ministers should decide where investment is directed.

“The answer to woke lending practices is not more red tape, it’s getting rid of the existing stuff that’s causing it in the first place.

“We’ll win the war on banking wokery by letting better ideas and businesses compete against out-of-touch lenders. Piling on additional heavy-handed regulations risks scaring off new entrants to the market, further entrenching the power of the big players. If we want to force their hand, the market is best placed to do it.”

Mark Cameron’s letter to the Minister can be read here.

A copy of the Financial Markets Conduct (Repeal of Climate-related Disclosure Requirements) Amendment Bill can be read here.

The climate-related disclosure requirements were introduced by Labour in 2021 through the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021.

MIL OSI New Zealand News –

April 29, 2025

MIL-OSI New Zealand: Budget 2025: The Growth Budget

Source: New Zealand Government

Tēna koutou kātoa. Greetings everyone. Can I thank you Malcolm for that kind introduction and thank everyone who has taken the time to be here today. My special thanks go to our hosts Metco Engineering and the Hutt Valley Chamber of Commerce.
Let me also acknowledge my colleagues who join us today – your local MP and my Associate Minister of Finance the Hon Chris Bishop, together with the Minister of Education the Hon Erica Stanford.
This factory is a bit of a different setting than the conference centre or ballroom Ministers typically use for a pre-Budget speech. Why?
Because places like this are the engine room of the New Zealand economy.
Our Government knows that to speed up the economic recovery New Zealanders need we have to get this growth engine cranking.
I appreciate that economic growth can be a bit of an abstract concept: the work that happens on this factory floor is what it’s all about.
The workers at Metco solve problems, coming up with new products and manufacturing processes for a range of industries. They design and create clever components for customers around the world – producing everything from window stays through to bus stops.
Metco has grown successfully by making investments in its own machinery and technology and by hiring and up-skilling great people who come up with innovative ideas and then make them happen.
The growth of businesses like MetCo, and indeed of all the businesses represented in this room today, has created good jobs and livelihoods for the people of the Hutt Valley community.
It’s also allowed your businesses to make healthy tax contributions, which helps fund the Government’s investment in health services, schools, vital infrastructure and other important public spending.
Thank you for that contribution, we don’t take it for granted.
New Zealand needs more success stories like MetCo: Your growth is what’s needed to deliver the kind of country we all want: with better living standards, better job opportunities and more financially secure families.
That’s why our Government is going for growth.
Earlier this year we released a snapshot of the work we have underway to support this growth agenda. Going for Growth sets out 87 specific actions we are taking under five key themes:

Developing talent
Competitive business settings
Innovation, technology and science
Overseas investment and trade
Infrastructure for growth

I encourage you to check out the plan and the work underway. There’s more to come.
For today though, I’m going to switch out of my Economic Growth hat and into my Minister of Finance hat and focus my remarks on this year’s Budget.
The Context for Budget 2025
The Government’s growth ambition has been front and centre as we’ve put the Budget together.
We know that global uncertainty is challenging for many of you and we’re determined our Budget will play a role in giving you confidence for the future.
But let me be blunt: it’s not the easiest time to be putting together a Budget.
New Zealand is still recovering from the economic damage inflicted during the Covid period and we’re now facing the headwinds of further global instability.
There is a pressing need for greater investments in our health system, our education system, our defence force and other areas, and very little money to pay for those investments.
Our Government is also acutely conscious of the challenging economic circumstances many New Zealanders have experienced in the past few years as we’ve emerged from a period of very high inflation and rapidly rising interest rates.
The pain is still rippling through our communities. Kiwis feel it in the higher prices they still pay for almost everything, in higher levels of unemployment and in struggling local businesses. The cost of living remains a top-of-mind concern.
The good news is that, despite significant global challenges, a steady economic recovery is now taking place here, with export-led growth gathering strength, business confidence coming off its lows and the primary sector benefiting from higher commodity prices and mostly favourable growing conditions.
Having considered everything happening around the world, the Treasury is continuing to forecast accelerating growth in the New Zealand economy over the coming year, with falling unemployment forecast to follow in the second half of the year.
There’s no magic wand to wish away the price rises baked in over recent years, but getting inflation and interest rates under control has been essential to achieving this economic recovery.
That’s why I always take pause to celebrate that since our Government came to office inflation has returned to normal levels, resulting in a 200 basis point reduction in interest rates.
We must not take this progress for granted.
While some pretend we can fix all the post-Covid damage with yet more extravagant government spending, the economic truth is that they are wrong.
The only way to sustainably overcome cost of living pressures is through successive years of stable inflation, careful investment and sustained economic growth.
Our Government is committed to the responsible fiscal management and growth supporting policies needed to make that happen.
Debt, deficit and the path out
An important part of that effort is getting our own books in order. That’s a big task.
The previous Government’s spending decisions during and after Covid have left New Zealand with a sea of debt and red-ink in the government finances.
Government debt leapt up by almost $120 billion between 2019 and 2024, soaring from under $58 billion to $175 billion.
Those are big numbers, almost too big to comprehend, so let me explain it this way: That amounts to $22,000 more in debt for every New Zealander.
You may well ask: what do we have to show for all that debt?
To give you some further historical context, New Zealand’s net core Crown debt, which once hovered between five and 25 per cent of GDP, rose to around 42 per cent last year. That’s the highest level of government debt New Zealand has shouldered since the mid-1990s.
Servicing that debt is expensive.
The interest bill on government debt has soared from $3.6 billion in 2014 to $8.9 billion last year. That sum is more than annual core Crown expenses for the Police, Corrections, the Ministry of Justice, Customs and the Defence Force combined.
Our Government’s goal is to put net core Crown debt on a downward trajectory towards 40 per cent of GDP and in the longer term keep it below that percentage.
Why? Because allowing debt to keep spiralling would threaten the livelihood of every New Zealander.
We must ensure our country is financially strong and resilient enough to effectively respond to whatever the future may throw: be it earthquakes, extreme climatic events, biosecurity incursions or whatever. We need the world to keep seeing us as a good country to invest in and lend to. Manageable debt levels are an essential foundation for a strong economy and for your financial future.
Achieving lower debt levels isn’t easy: especially because the government books remain out of balance.
The post-Covid ‘structural deficit’ has left a big gap between what the country needs to fund to deliver on the spending commitments previous Budgets have made and what we need to earn to pay for that spending.
The Government is currently borrowing billions to bridge the gap.
Every Thursday afternoon, New Zealand Debt Management issues around $500 million of Government bonds. Some of this is to that roll over existing bonds that have expired, but large chunks of it are for new borrowing.
That level of borrowing obviously can’t go on forever, or else our kids and grandkids will be left with unsustainable debt and considerable economic uncertainty.
Most of you can probably relate to this if you think about your own household budget: sure, sensible borrowing has its place, but no overdraft can be extended forever, and while you can keep giving the credit card a hammering, left unpaid, it does, eventually, get declined.
It’s worth bearing this in mind next time somebody tries to suggest to you that the New Zealand Government needs to spend more on something.
The second question always needs to be: but how will we pay for it?
Our Government’s strategy is to reduce the deficit over time, through a gradual programme of consolidation and careful spending choices.
We are committed to maintaining stability for New Zealanders, by continuing to invest in essential frontline services, infrastructure for growth and social supports like superannuation.
But delivering those things requires us to make careful choices about what we spend elsewhere.
That’s why we’ve committed ourselves to ongoing reprioritisation and fiscal restraint. It isn’t easy, but it is essential.
Believe me, I’d rather we were in clover, with money to spend on all the good ideas we hear. But the reality is that we are governing in tighter times.
Economic growth is essential to our fiscal repair job. It’s simply the most effective way to raise government revenue, and to give us better choices for the future.
Some have suggested a different approach. They say New Zealand should seek to close the deficit by simply adding more and higher rates of taxes to Kiwis’ wages, savings, wealth or capital.
We reject that approach.
Punishing Kiwis with higher taxes right now would undermine our recovery, strangle growth and threaten the economic stability New Zealand needs.
It would pull the rug out from all those businesses and industries who are already just hanging on. And it would send an exodus of Kiwi talent and wealth to Australia and beyond.
It would be exactly the wrong recipe for a country whose future prospects depend on investment and growth.
Changes in the economic and fiscal outlook since HYEFU
The Treasury’s last set of economic forecasts was presented at the Half Year Update in December.
As you know, the global economic outlook has worsened considerably since that update.
Tarriff announcements by the US government, countervailing tariffs being imposed by China and an uncertain path for future tariffs and exemptions have created volatile global economic conditions with forecasters around the world agreeing that global growth will be lower this year and next year than they were previously predicting.
New Zealand can’t escape the fallout.
Accordingly, Treasury has adjusted the forecasts it presented in December, reducing their assumptions of real GDP growth in New Zealand in 2025 and 2026.
New Zealand’s economy will still be growing, but not as fast as forecast a few months ago.
That lower growth trajectory has an inevitable impact on the government books, reducing revenue and threatening our already difficult return to surplus and debt reduction.
At the same time, it’s clear that the country’s need for investment has not lessened: whether it be in the infrastructure we need for a more productive future, the funding needed to meet pressures in our health service and education system; or the need to rebuild our defence capability to meet the challenges of a less stable world.
On top of all of that, it’s also the case that New Zealand’s long-term productivity and savings challenges haven’t gone away.
So there’s a huge amount to juggle in this year’s Budget.
How has the Government managed these challenges?
We started with that question that I suggested to you earlier: How do we pay for the things we need now without putting our future economic stability at risk?
Our approach has been threefold.
First, there has been a very high bar for new initiatives in the Budget. I can confirm today that there will be no lolly scramble in Budget 2025. New spending initiatives are strictly limited to the most important priorities: our focus has been on health, education, law and order, defence, and a small number of critical social investments. We have also found room for modest measures to support business growth and to provide some carefully targeted cost of living relief.
Second, beyond a small number of exceptions, government departments are not receiving additional funding in the Budget. We expect government agencies to adjust themselves to New Zealand’s limited fiscal means. This will require restraint in public sector wage increases and an ongoing commitment to getting more impact out of every dollar spent.
Third, we have undertaken a significant savings drive.
That effort has involved Ministers identifying areas of previously committed spending that can no longer be justified in light of the challenging circumstances New Zealand now faces.
We’ve analysed spending decisions made by previous governments and re-evaluated them in the context of today’s constraints. This has involved a line-by-line review of previous funding commitments, including money put aside in contingency.
This reprioritisation exercise has required careful consideration and some tough, but necessary, choices.
At every step, we’ve asked ourselves two questions:

Can these dollars be justified when we are borrowing to pay for them?
Can we be sure these dollars will do more good in this area than if invested in our most pressing priorities – like funding essential health services, better educating our kids, defending New Zealand’s security or ensuring our future growth?

Taken together, the Government’s savings drive has freed-up billions of dollars. Those savings will now be re-deployed to fund New Zealand’s most pressing priorities.
Sticking to the fiscal strategy
In this year’s Budget we’ve also had to carefully consider whether, in light of major global economic events, our fiscal strategy still remains achievable.
The strategy is focused on two key goals: putting net debt on a downward trajectory and returning the books to an OBEGALx surplus by 2028.
This strategy matters, it matters for getting the books back in order and that’s about more than a set of numbers. It’s about keeping interest rates lower and providing a solid platform for future growth. It’s about ensuring New Zealand continues to be seen as a stable, reliable place to invest in and lend to. It’s about making sure we don’t leave our kids and grandkids with debts they just can’t repay.
At our last update in December – well before President Trump’s “Liberation Day” – we were expecting a small surplus in 2029, and it remained our intention to returning it a year earlier if possible.
I can confirm that our Government remains committed to those goals.
Sticking to them has required some careful adjustments in this year’s Budget.
The key change we have made is to the size of this year’s “operating allowance” – that is the amount of money put aside for new spending.
At the Half Year Update, the Treasury forecast that the “allowance” in Budget 2025 would be $2.4 billion.
That was always a small envelope. However, as I outlined earlier, our approach has been to supplement our new spending by reprioritising funds from elsewhere.
I am confirming today that the Government has reduced the size of our Budget 2025 operating allowance to $1.3 billion.
This means we will be spending billions less over the forecast period than would have otherwise been the case. This will reduce the amount of extra borrowing our country needs to do over the next few years and it will keep us on track towards balanced books and debt reduction.
The fiscal forecasts will not be finalised until later this week, but according to the latest numbers I have seen, this smaller operating allowance means we will continue to forecast a surplus in 2029.
The reality of global economic events is that if we’d pushed on with a larger operating allowance then we would be staring down the barrel of even bigger deficits and debt.
Let me emphasise once again: our Budget will still deliver increased investment in the things that really matter to Kiwis: like health, education, law and order, the defence force, business growth and targeted cost of living relief. Those things are important to you and they’re important to our Government.
Our careful reprioritisation approach means we can continue to make progress on today’s priorities while ensuring we are better positioned to face the challenges tomorrow will bring.
Yes, those challenges loom large.
But let’s get real: global instability may not be a passing trend. New Zealand can’t expect to keep borrowing as much as we are now. The world doesn’t owe us any favours.
This is not the time to kick the can down the road.
We must act now to secure our financial future.

Conclusion
In conclusion, Budget 2025 takes place against a difficult global backdrop.
We can’t wish that away. What we can do is focus on the things in our control.
Our Government is doing just that, by providing a predictable, steady approach to economic and fiscal management.
In an unstable world we are staying the course with responsible policies that provide stability, support investment and make New Zealand an attractive place for the world to trade and do business with.
These sensible policy approaches are the base from which we will deliver better choices and investments in the years ahead.
With those basics in place, there is much for Kiwi businesses to feel optimistic about.
New Zealand has enormous economic growth potential.
We are a safe, secure country with a growing constellation of free trade agreements and a global reputation as a good place to do business.
We are blessed with abundant natural resources – everything from ocean to freshwater, fertile land and temperate weather to abundant minerals.
In a world worried about food security, we feed more than 40 million people with levels of efficiency and sustainability that are the envy of many.
We have a long history of stable democracy, strong institutions and rule of law.
We’ve delivered scientific breakthroughs and global success stories and we will continue to do so. As I stand here today, we are world leaders in sending rocket to space – rockets that include components made right here in this factory.
Fundamentally, I’m optimistic about New Zealand’s economic future because I have faith in you: the New Zealanders who get out of bed each morning and go and make things happen.
I’m optimistic because I see how hard Kiwis work. I see how much effort Kiwi parents go to for their kids. I see how much employers and workers care about their communities. We are a smart, innovative, resilient people.
The next decade can be our decade. That requires good and steady government and careful spending choices. This year’s Budget will not be a lolly scramble. What this Budget will be is a responsible Budget that secures New Zealand’s future.

MIL OSI New Zealand News –

April 29, 2025

MIL-OSI New Zealand: Transport Minister to visit Sydney

Source: New Zealand Government

Transport and Infrastructure Minister Chris Bishop will travel to Sydney today to further promote New Zealand’s infrastructure investment opportunities following the NZ Infrastructure Investment Summit last month.
“The Government has signalled that New Zealand is open for business and going for economic growth. In Sydney I will present a New Zealand Government Infrastructure Investment update to the International Project Finance Association, highlighting the range of upcoming investment opportunities across New Zealand’s infrastructure pipeline,” Mr Bishop says.
“I will attend the 2025 National Infrastructure Awards dinner, hosted by Infrastructure Partnerships Australia, and host an NZTE Investors Roundtable lunch with a range of major potential investors in New Zealand.
“While there I will also visit a range of transport projects, including the WestConnex toll road, and the Paramatta Transit-Oriented Development (TOD) programme. All of these projects offer lessons for New Zealand as we embark on our ambitious transport investment programme.”
Mr Bishop leaves for Sydney today and will conclude his visit on Friday 2 May.

MIL OSI New Zealand News –

April 29, 2025

MIL-OSI New Zealand: Huge benefits available from medical conferences

Source: New Zealand Government

Outdated regulations stopping trained medical professionals from learning about new medicines through trade show advertising are out of step with other countries and disadvantage New Zealanders, Regulation Minister David Seymour, Health Minister Simeon Brown and Tourism and Hospitality Minister Louise Upston say.
“New Zealand’s prohibition on advertising medicines yet to be consented by Medsafe is a barrier to New Zealand’s ability to host medical conferences and trade shows. The opportunity cost of New Zealand missing out on these is huge,” Mr Seymour says.
These laws will be reformed so medicines yet to be consented by Medsafe can be advertised at medical conferences in New Zealand, instead of New Zealand health professionals needing to travel overseas.
“Prohibition was introduced in response to the perceived risk that pharmaceutical companies may attempt to circumvent formal medicine approval processes. The Ministry for Regulation has investigated and found this overly cautious approach is out of step with other recognised jurisdictions and is not proportionate to the perceived risk,” Mr Seymour says.
“Other nations like Australia, Canada, and the European Union allow advertising to generate revenue and provide medical professionals with information on cutting edge medicines. New Zealand doesn’t need to be left behind because of outdated red tape.
“This change is estimated to generate $90 million in associated revenue over the next few years.
“Prohibition also contradicts this Government’s efforts to increase medicines access. Allowing these products to be advertised would upskill doctors and give them the knowledge and skills to prescribe these treatments safely to Kiwis who need them.”
“This Government is committed to removing regulatory barriers so that we can drive economic growth. Removing the red tape around medical conferences will make New Zealand a better destination for conference organisers, while also making it easier for our own healthcare professionals to keep up with the latest innovations in health products and medicines,” Mr Brown says.
“New Zealand’s current health regulations can be overly bureaucratic, and this is slowing down access to care, increasing costs, and making it harder for patients to get the services they need.
“Our regulations can also make it harder to attract, train and retain healthcare workers. Workers want to work with top class treatments and patients want to be able to access them.
“Medical conferences are a great way to expand the collective knowledge and skill of the health workforce through the transfer of ideas and technologies.
“The Government is investing more than ever into our health system – a record $30 billion each year – and we expect it to deliver more for patients as a result.”
“Removing these barriers will also give us an opportunity to showcase our new conference facilities, fantastic hotels, and experiences, and pitch New Zealand as a world class location for business events like medical conferences,” Tourism and Hospitality Minister Louise Upston says.
“Business event participants spend an average of $175 more per day than other visitors, and often travel during the off-peak season, boosting tourism and economic activity year-round.
“Our message is clear, New Zealand is open for business. We are looking forward to welcoming more medical conferences to New Zealand, and we have great facilities to host them.”

MIL OSI New Zealand News –

April 29, 2025

MIL-OSI New Zealand: Taupō Hospital accredited to train next generation of rural doctors

Source: New Zealand Government

Taupō Hospital has become the first hospital in the North Island to receive accreditation to deliver Australian College of Rural and Remote Medicine (ACRRM) training, Health Minister Simeon Brown and Associate Health Minister Matt Doocey have announced.“The Government is committed to growing and strengthening our health workforce, and a strong rural workforce is a key part of that,” Mr Brown says.“In rural settings where access to specialist health services can be limited, generalist doctors – who can work flexibly across multiple disciplines and service areas – play a vital role.“This accreditation is a significant step towards building a stronger rural health workforce in Taupō. It will help increase the number of doctors trained with the broad skills needed to support the surrounding rural communities.“Rural generalists can sustainably manage a broad range of patient needs and work within clinical networks to ensure patients get access to specialist teams when required.“The ACRRM programme will enable registrars to train to work in Taupō Hospital while also developing advanced skills in fields such as obstetrics, anaesthetics, mental health, or endoscopy.Mr Doocey says being an accredited ACRRM training location means Taupō can attract both New Zealand and Australian registrars and graduates and provides an opportunity for some New Zealand doctors working overseas to return home during their training.“One of the five priorities of the National Rural Health Strategy is to create a valued and flexible rural health workforce, and training young doctors as rural generalists directly supports this goal,” Mr Doocey says.“Taupō Hospital’s new accreditation complements the existing pathway for New Zealand doctors through the New Zealand Rural Hospital Medicine Training Programme. “All New Zealanders deserve timely access to quality healthcare, and the Government is committed to improving health outcomes, particularly for the one in five Kiwis living in rural areas.“To improve access and rural health outcomes, we must invest in growing and supporting the rural health workforce. Taupō Hospital’s accreditation is an important step towards that.”

MIL OSI New Zealand News –

April 29, 2025

MIL-OSI Australia: Greasing the wheels of the energy transition to address climate change and fossil fuels phase out

Source:

29 April 2025

The global energy system may be faced with an inescapable trade-off between urgently addressing climate change versus avoiding an energy shortfall, according to a new energy scenario tool developed by University of South Australia researchers and published in the open access journal Energies.

The Global Renewable Energy and Sectoral Electrification model, dubbed ‘GREaSE’, has been developed by UniSA Associate Professor James Hopeward with three civil engineering graduates.

‘In essence, it’s an exploratory tool, designed to be simple and easy for anyone to use, to test what-if scenarios that aren’t covered by conventional energy and climate models,’ Assoc Prof Hopeward says.

Three Honours students – Shannon O’Connor, Richard Davis and Peter Akiki – started working on the model in 2023, hoping to answer a critical gap in the energy and climate debate.

‘When we hear about climate change, we’re typically presented with two opposing scenario archetypes,’ Assoc Prof Hopeward says.

“On the one hand, there are scenarios of unchecked growth in fossil fuels, leading to climate disaster, while on the other hand there are utopian scenarios of renewable energy abundance.”

The students posed the question: what if the more likely reality is somewhere in between the two extremes? And if it is, what might we be missing in terms of risks to people and the planet?

After graduating, the team continued to work with Assoc Prof Hopeward to develop and refine the model, culminating in the publication of ‘GREaSE’ in Energies.

Using the model, the researchers have simulated a range of plausible future scenarios including rapid curtailment of fossil fuels, high and low per-capita demand, and different scenarios of electrification.

According to Richard Davis, “a striking similarity across scenarios is the inevitable transition to renewable energy – whether it’s proactive to address carbon emissions, or reactive because fossil fuels start running short.”

But achieving the rapid cuts necessary to meet the 1.5°C targets set out in the Paris Agreement presents a serious challenge.

As Ms O’Connor points out, “even with today’s rapid expansion of renewable energy, the modelling suggests it can’t expand fast enough to fill the gap left by the phase-out of fossil fuels, creating a 20 to 30-year gap between demand and supply.

“By 2050 or so, we could potentially expect renewable supply to catch up, meaning future demand could largely be met by renewables, but while we’re building that new system, we might need to rebalance our expectations around how much energy we’re going to have to power our economies.”

The modelling does not show that emissions targets should be abandoned in favour of scaling up fossil fuels. The researchers say this would “push the transition a few more years down the road”.

Assoc Prof Hopeward says it is also unlikely that nuclear power could fill the gap, due to its small global potential.

“Even if the world’s recoverable uranium resources were much larger, it would scale up even more slowly than renewables like solar and wind,” he says.

“We have to face facts: our long-term energy future is dominated by renewables. We could transition now and take the hit in terms of energy supply, or we could transition later, once we’ve burned the last of the fossil fuel. We would still have to deal with essentially the same transformation, just in the midst of potentially catastrophic climate change.

“It’s a bit like being told by your doctor to eat healthier and start exercising. You’ve got the choice to avoid making the tough changes now, and just take your chances with surviving the heart attack later, or you get on with what you know you need to do. We would argue that we really need to put our global energy consumption on a diet, ASAP.”

The researchers have designed the model to be simple, free and open source, in the hope that it sparks a wider conversation around energy and climate futures.

Full paper details:

Hopeward, J., Davis, R., O’Connor, S. and Akiki, P. (2025) The Global Renewable Energy and Sectoral Electrification (GREaSE) Model for Rapid Energy Transition Scenarios, Energies 18(9). https://www.mdpi.com/1996-1073/18/9/2205

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

Contact for interview: Assoc Prof James Hopeward
M: +61 408 819 175 E: james.hopeward@unisa.edu.au

Media contact: Candy Gibson
M: +61 434 605 142 E: candy.gibson@unisa.edu.au

MIL OSI News –

April 29, 2025

MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Urges Stockholders of AKYA, WTMA, PLYA, QTRX to Act Now

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 28, 2025 (GLOBE NEWSWIRE) —

Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

Akoya Biosciences, Inc. (NASDAQ: AKYA), relating to the proposed merger with Quanterix. Under the terms of the agreement, Akoya shareholders will receive 0.318 shares of Quanterix common stock for each share of Akoya common stock owned. Akoya shareholders will own approximately 30% of the combined company.

ACT NOW. The Shareholder Vote is scheduled for May 13, 2025.

Click here for more https://monteverdelaw.com/case/akoya-biosciences-inc-akya/. It is free and there is no cost or obligation to you.

Welsbach Technology Metals Acquisition Corp. (NASDAQ: WTMA), relating to the proposed merger with Evolution Metals LLC. Under the terms of the agreement, EM shareholders will become shareholders in the surviving public company, Evolution Metals & Technologies Corp.

ACT NOW. The Shareholder Vote is scheduled for June 13, 2025.

Click here for more https://monteverdelaw.com/case/welsbach-technology-metals-acquisition-corp-wtma/. It is free and there is no cost or obligation to you.

Playa Hotels & Resorts N.V. (NASDAQ: PLYA), relating to the proposed merger with Hyatt Hotels Corporation. Under the terms of the agreement, Hyatt will acquire all outstanding shares of Playa for $13.50 per share in cash.

ACT NOW. The Tender Offer expires on May 23, 2025.

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Quanterix Corporation (NASDAQ: QTRX), relating to the proposed merger with Akoya Biosciences. Under the terms of the agreement, Akoya shareholders will be given 0.318 shares of Quanterix common stock for each share of Akoya common stock owned.

ACT NOW. The Shareholder Vote is scheduled for May 13, 2025.

Click here for more https://monteverdelaw.com/case/quanterix-corporation-qtrx/. It is free and there is no cost or obligation to you.

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The MIL Network –

April 29, 2025

MIL-OSI USA: SPC Tornado Watch 183

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.
SEL3

URGENT – IMMEDIATE BROADCAST REQUESTED
Tornado Watch Number 183
NWS Storm Prediction Center Norman OK
500 PM CDT Mon Apr 28 2025

The NWS Storm Prediction Center has issued a

* Tornado Watch for portions of
Southwest into Central Iowa
Northeast Kansas
Northwest Missouri
Far Southeast Nebraska

* Effective this Monday afternoon from 500 PM until Midnight CDT.

* Primary threats include…
A few tornadoes likely with a couple intense tornadoes possible
Scattered large hail and isolated very large hail events to 3
inches in diameter likely
Scattered damaging winds likely with isolated significant gusts
to 75 mph possible

SUMMARY…Supercells are expected to continue developing this
evening while posing a threat for very large hail up to 2-3 inches
in diameter. A few tornadoes also appear likely, with a couple of
strong tornadoes possible with any sustained supercell. Scattered
severe/damaging winds with peak gusts to 65-75 mph may also occur.

The tornado watch area is approximately along and 55 statute miles
east and west of a line from 45 miles north northwest of Des Moines
IA to 35 miles south southeast of Manhattan KS. For a complete
depiction of the watch see the associated watch outline update
(WOUS64 KWNS WOU3).

PRECAUTIONARY/PREPAREDNESS ACTIONS…

REMEMBER…A Tornado Watch means conditions are favorable for
tornadoes and 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.

&&

OTHER WATCH INFORMATION…CONTINUE…WW 180…WW 181…WW 182…

AVIATION…Tornadoes and a few severe thunderstorms with hail
surface and aloft to 3 inches. Extreme turbulence and surface wind
gusts to 65 knots. A few cumulonimbi with maximum tops to 500. Mean
storm motion vector 24035.

…Gleason

SEL3

URGENT – IMMEDIATE BROADCAST REQUESTED
Tornado Watch Number 183
NWS Storm Prediction Center Norman OK
500 PM CDT Mon Apr 28 2025

The NWS Storm Prediction Center has issued a

* Tornado Watch for portions of
Southwest into Central Iowa
Northeast Kansas
Northwest Missouri
Far Southeast Nebraska

* Effective this Monday afternoon from 500 PM until Midnight CDT.

* Primary threats include…
A few tornadoes likely with a couple intense tornadoes possible
Scattered large hail and isolated very large hail events to 3
inches in diameter likely
Scattered damaging winds likely with isolated significant gusts
to 75 mph possible

SUMMARY…Supercells are expected to continue developing this
evening while posing a threat for very large hail up to 2-3 inches
in diameter. A few tornadoes also appear likely, with a couple of
strong tornadoes possible with any sustained supercell. Scattered
severe/damaging winds with peak gusts to 65-75 mph may also occur.

The tornado watch area is approximately along and 55 statute miles
east and west of a line from 45 miles north northwest of Des Moines
IA to 35 miles south southeast of Manhattan KS. For a complete
depiction of the watch see the associated watch outline update
(WOUS64 KWNS WOU3).

PRECAUTIONARY/PREPAREDNESS ACTIONS…

REMEMBER…A Tornado Watch means conditions are favorable for
tornadoes and 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.

&&

OTHER WATCH INFORMATION…CONTINUE…WW 180…WW 181…WW 182…

AVIATION…Tornadoes and a few severe thunderstorms with hail
surface and aloft to 3 inches. Extreme turbulence and surface wind
gusts to 65 knots. A few cumulonimbi with maximum tops to 500. Mean
storm motion vector 24035.

…Gleason

Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
SAW3
WW 183 TORNADO IA KS MO NE 282200Z – 290500Z
AXIS..55 STATUTE MILES EAST AND WEST OF LINE..
45NNW DSM/DES MOINES IA/ – 35SSE MHK/MANHATTAN KS/
..AVIATION COORDS.. 50NM E/W /31SSE FOD – 58ESE SLN/
HAIL SURFACE AND ALOFT..3 INCHES. WIND GUSTS..65 KNOTS.
MAX TOPS TO 500. MEAN STORM MOTION VECTOR 24035.

LAT…LON 42139293 38669540 38669744 42139508

THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
FOR WOU3.

Watch 183 Status Report Message has not been issued yet.

Note: Click for Complete Product Text.Tornadoes

Probability of 2 or more tornadoes

High (70%)

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

Mod (50%)

Wind

Probability of 10 or more severe wind events

Mod (60%)

Probability of 1 or more wind events > 65 knots

Mod (30%)

Hail

Probability of 10 or more severe hail events

High (70%)

Probability of 1 or more hailstones > 2 inches

High (70%)

Combined Severe Hail/Wind

Probability of 6 or more combined severe hail/wind events

High (>95%)

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 –

April 29, 2025

MIL-OSI Security: Corpus Christi man guilty of sexual exploitation of a child

Source: Office of United States Attorneys

CORPUS CHRISTI, Texas – A 19-year-old Corpus Christi resident has admitted to distribution of child pornography, announced U.S. Attorney Nicholas J. Ganjei.

The investigation began in December 2023, when Angel Valdez left a comment on a social media page supporting the work of an individual who had recently been sentenced to prison in Australia for animal cruelty.

Australian law enforcement investigated further and began conversations with Valdez in an undercover capacity. In those communications, Valdez spoke about his interest in animal cruelty which later developed into child sexual abuse material (CSAM).

On Feb. 14, 2024, Valdez sent a video depicting CSAM which included a video of a nude prepubescent girl and a nude adult female wearing a mask. The depiction showed the young child being forced to perform oral sex on the adult female.

Law enforcement executed a search warrant June 28, 2024, which resulted in the discovery of a laptop containing CSAM. Valdez also admitted he had participated in the online conversation and to distributing the CSAM.

U.S. District Judge Nelva Gonzales Ramos will impose sentencing Aug. 12. At the time, Valdez faces up to 20 years in federal prison and a possible $250,000 maximum fine.

He has been and will remain in custody pending that hearing.

Immigration and Customs Enforcement – Homeland Security Investigations and Corpus Christi Police Department conducted the investigation with the assistance of authorities in Australia.

Assistant U.S. Attorney Patrick Overman is prosecuting the case, which was brought as part of Project Safe Childhood (PSC), a nationwide initiative the Department of Justice (DOJ) launched in May 2006 to combat the growing epidemic of child sexual exploitation and abuse. U.S. Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section leads PSC, which marshals federal, state and local resources to locate, apprehend and prosecute individuals who sexually exploit children and identifies and rescues victims. For more information about PSC, please visit DOJ’s PSC page. For more information about internet safety education, please visit the resources tab on that page.

MIL Security OSI –

April 29, 2025

MIL-OSI: Digital Asset Acquisition Corp. Announces Pricing of $150 Million Initial Public Offering

Source: GlobeNewswire (MIL-OSI)

PRINCETON, NJ, April 28, 2025 (GLOBE NEWSWIRE) — Digital Asset Acquisition Corp. (the “Company”) today announced the pricing of its initial public offering of 15,000,000 units at a price of $10.00 per unit. The units will be listed on The Nasdaq Global Market (“Nasdaq”) and are expected to trade under the ticker symbol “DAAQU” beginning on April 29, 2025. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share, subject to certain adjustments. Only whole warrants will be exercisable. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “DAAQ” and “DAAQW,” respectively. The offering is expected to close on April 30, 2025.

Digital Asset Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination in any industry, sector or geographic region, it intends to target opportunities and companies that are in the digital asset and cryptocurrency sectors.

Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, is acting as the lead book-running manager for the offering and Clear Street LLC is acting as joint book-runner for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 2,250,000 units at the initial public offering price to cover over-allotments, if any.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on April 28, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these 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 any such state or jurisdiction.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from Cohen & Company Capital Markets, 3 Columbus Circle, 24th Floor, New York, NY 10019, Attention: Prospectus Department, or by email at: capitalmarkets@cohencm.com.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds from the offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated, or that the Company will ultimately complete a business combination transaction. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

CONTACT

Peter Ort
Principal Executive Officer and Co-Chairman
Digital Asset Acquisition Corp.
pete@curaleaassociates.com

The MIL Network –

April 29, 2025

MIL-OSI: Capital Bancorp, Inc. Announces Strong First Quarter Results and Successful IFH Conversion; Continued Strong Organic Loan and Deposit Growth; NIM and Fee Income Drives Robust Returns

Source: GlobeNewswire (MIL-OSI)

First Quarter 2025 Highlights

Net Income of $13.9 million, or $0.82 per share, and return on average assets (“ROA”) of 1.75%
- Core net income⁽¹⁾ of $14.9 million, or $0.88 per share, and core ROA⁽¹⁾ of 1.87%
Book value per common share of $22.19 at March 31, 2025, increased $0.87 compared to 4Q 2024, and increased $3.51 when compared to 1Q 2024.
- Tangible Book Value Per Share⁽¹⁾ of $19.81, increased 3.7% (not annualized), or $0.71⁽²⁾ as compared to 4Q 2024, and increased 6.0%, or $1.13 compared to 1Q 2024
Return on average equity (“ROE”) of 15.56%, and return on average tangible common equity (“ROTCE”)⁽¹⁾ of 17.57%
- Core ROE⁽¹⁾ of 16.64%, and core ROTCE⁽¹⁾ of 18.77%
Gross Loans grew $48.2 million, or 7.4% (annualized), during 1Q 2025, and growth of $713.9 million year-over-year including $340.4 million from organic growth and $373.5 million from the IFH acquisition
Total Deposits grew $129.4 million, or 19.0% (annualized), from 4Q 2024. Year-over-year growth of $885.6 million includes $426.7 million from organic growth, and $459.0 million from the acquisition of IFH, or 44.2% from 1Q 2024
- Customer Deposit growth of $154.6 million, or 25.8% (annualized) from 4Q 2024, and $738.5 million year-over-year, or 40.0% from 1Q 2024, including $445.0 million of organic growth, and $293.5 million from the acquisition of IFH
Net Interest Income increased $1.7 million, or 3.9% (not annualized), from 4Q 2024 due to balance sheet growth and purchase accounting accretion, and increased $11.0 million, or 31.5%, year-over-year, primarily driven by strong organic growth and the acquisition of IFH.
Net Interest Margin (“NIM”) of 6.05% increased 18 bps compared to 4Q 2024 and decreased 19 bps compared to 1Q 2024 due to the acquisition of commercial loans from IFH, diluting the impact from OpenSky^™
- Commercial Bank NIM⁽¹⁾ of 4.32% increased by 33 bps and 55 bps, compared to 4Q 2024 and 1Q 2024, respectively
- Net purchase accounting accretion of $1.5 million for 1Q 2025, increased $0.8 million compared to 4Q 2024, accounting for 20 bps of both reported NIM and Commercial Bank NIM⁽¹⁾
Fee Revenue (noninterest income) totaled $12.5 million, or 21.4% of total revenue for 1Q 2025, an increase of $0.6 million, from 4Q 2024 and $6.6 million, from 1Q 2024
The allowance for credit losses to total loans (“ACL Coverage Ratio”) equaled 1.81% at March 31, 2025 down 4 bps from 4Q 2024 and up 32 bps from 1Q 2024, primarily due to of the acquisition of IFH loans. The Commercial Bank ACL Coverage Ratio⁽¹⁾ equaled 1.67% at March 31, 2025, compared to 1.70% at December 31, 2024.
Cash Dividend of $0.10 per share declared by the Board of Directors

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_{⁽¹⁾ As used in this press release, core net income, core ROA, core ROE, ROTCE, core ROTCE, Commercial Bank NIM, Commercial Bank ACL Coverage Ratio, and Tangible Book Value are non–U.S. generally accepted accounting principles (“GAAP”) financial measures. These non-GAAP financial metrics exclude merger-related and other certain one-time non-reoccurring pre-tax adjustments and tax impacts of such adjustments. Reconciliations of these and other non–GAAP measures to their comparable GAAP measures are set forth in the Appendix at the end of this press release.}
_{⁽²⁾ 4Q 2024 Tangible Book Value restated to $19.10 from previously reported amount of $18.77 due to exclusion of Loan Servicing Assets.}

ROCKVILLE, Md., April 28, 2025 (GLOBE NEWSWIRE) — Capital Bancorp, Inc. (the “Company”) (NASDAQ: CBNK), the holding company for Capital Bank, N.A. (the “Bank”), today reported net income of $13.9 million, or $0.82 per diluted share, for 1Q 2025, compared to net income of $7.5 million, or $0.45 per diluted share, for 4Q 2024, and $6.6 million, or $0.47 per diluted share, for 1Q 2024. Core net income⁽³⁾ for 1Q 2025 of $14.9 million, or $0.88 per diluted share, compared to $15.5 million, or $0.92 per diluted share in 4Q 2024.

The Company also declared a cash dividend on its common stock of $0.10 per share. The dividend is payable on May 28, 2025 to shareholders of record on May 12, 2025.

“The first quarter continues the momentum from 2024 and further demonstrates the value of the larger and more diversified franchise resulting from the acquisition of IFH,” said Ed Barry, CEO of the Company and the Bank. “I would like to thank Management and the teams across the organization for a successful integration of IFH in the first quarter. Our continued focused execution of our initiatives and growth objectives will build on a great start to 2025.”

“Our record GAAP earnings per share for the quarter, increased net interest margin, solid loan and deposit growth, and superior return on tangible equity all confirm that we are on the right course for continued growth. We continue to benefit from our diversified earnings platform, both in terms of overall performance and risk mitigation,” said Steven J. Schwartz, Chairman of the Company. “That said, we intend to continue to monitor closely the possible impact on our businesses from emergent governmental policies, with a view towards insulating ourselves, to the extent we can, from the effects of such policies, including interest rate and price volatility and heightened economic uncertainty.”

Reconciliation of GAAP Net Income to Core (Non-GAAP) Net Income
The following table provides a reconciliation of the Company’s net income under GAAP to Core net income (non-GAAP) results excluding merger-related expenses and other one-time non-recurring transactions.

	First Quarter 2025								Fourth Quarter 2024
^{(in thousands, except per share data)}	Income Before Income Taxes		Income Tax Expense		Net Income		Diluted Earnings per Share		Income Before Income Taxes		Income Tax Expense		Net Income		Diluted Earnings per Share
GAAP Net Income	$	18,297	$	4,365	$	13,932	$	0.82	$	10,776	$	3,243	$	7,533	$	0.45
Add: Merger-Related Expenses		1,266		302		964				2,615		464		2,151
Add: Non-recurring Equity and Debt Investment Write-Down		—		—		—				2,620		—		2,620
Add: Initial IFH ACL Provision		—		—		—				4,194		1,025		3,169
Core Net Income⁽¹⁾	$	19,563	$	4,667	$	14,896	$	0.88	$	20,205	$	4,732	$	15,473	$	0.92

^{Note: The income tax expense reflects the non-deductibility of certain merger-related expenses.}

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_{¹ As used in this press release, core net income is a non-GAAP financial measure. This non-GAAP financial metric excludes merger-related and other certain one-time non-recurring pre-tax adjustments and tax impacts of such adjustments. Reconciliations of this and other non–GAAP measures to their comparable GAAP measures are set forth in the Appendix at the end of this press release.}

First Quarter 2025 Results

Earnings Summary
Net income of $13.9 million, or $0.82 per diluted share, compared to net income of $7.5 million, or $0.45 per diluted share, for 4Q 2024, and $6.6 million or $0.47 per diluted share, for 1Q 2024. 1Q 2025 core net income⁽⁴⁾ of $14.9 million, or $0.88 per diluted share, compared to 4Q 2024 of $15.5 million, or $0.92 per diluted share.

Net interest income of $46.0 million increased $1.7 million, or 3.9% (not annualized), compared to 4Q 2024, and increased $11.0 million, or 31.5% year-over-year.
- Interest income of $62.8 million increased $1.1 million, or 1.7% (not annualized), over 4Q 2024, and increased $14.4 million, or 29.8%, year-over-year. The increase quarter-over-quarter was driven by increases of $1.1 million from net purchase accounting accretion, $0.7 million from interest-bearing deposits held at other financial institutions, and $0.3 million from investments held for sale, partially offset by a decrease in loan interest income of $1.1 million due to rate and portfolio mix, while the increase year-over year was primarily driven by organic growth and the acquisition of IFH.
  - Interest income included $0.4 million from net purchase accounting accretion in 1Q 2025 compared to $0.7 million from net purchase accounting amortization in 4Q 2024. There was no related purchase accounting accretion or amortization during 1Q 2024.
- Interest expense of $16.7 million decreased $0.7 million, or 3.8% (not annualized) compared to 4Q 2024, and increased $3.4 million, or 25.1%, year-over-year. The decrease quarter-over-quarter was primarily due to a decrease in borrowed funds partially offset by lower net purchase accounting accretion, and the increase year-over-year was driven by organic growth and the acquisition of IFH.
  - Interest expense included $1.1 million from net purchase accounting accretion in 1Q 2025 compared to $1.4 million from net purchase accounting accretion in 4Q 2024. There was no related purchase accounting accretion or amortization during 1Q 2024.
The provision for credit losses was $2.2 million, a decrease of $5.6 million from 4Q 2024. The decrease over the prior quarter was primarily driven by the recognition of the Initial IFH ACL Provision of $4.2 million in 4Q 2024, and a $2.0 million lower provision from the commercial loan portfolio partially offset by an additional $0.6 million from OpenSky^™ provision in the current quarter. Net charge-offs totaled $2.4 million, or 0.38% of portfolio loans (annualized), including $2.3 million from OpenSky^™ loans. By comparison net charge-offs for 4Q 2024 totaled $2.4 million, or 0.37% of portfolio loans (annualized), including $2.1 million from OpenSky^™ loans. At March 31, 2025, the ACL Coverage Ratio was 1.81%, down 4 bps from the ratio of 1.85% at December 31, 2024, due to the payoff of certain purchase credit deteriorated (“PCD”) loans acquired from IFH, during the quarter. The provision for credit losses decreased $0.5 million, year-over-year (1Q 2024) primarily from lower commercial loan portfolio provision of $0.7 million, offset by slightly higher provision for OpenSky^™ of $0.2 million, while the ACL Coverage Ratio increased 32 bps year-over-year driven by the acquisition of IFH.

________________________
_{¹ As used in this press release, core net income is a non-GAAP financial measure. This non-GAAP financial metric excludes merger-related and other certain one-time non-recurring pre-tax adjustments and tax impacts of such adjustments. Reconciliations of this and other non–GAAP measures to their comparable GAAP measures are set forth in the Appendix at the end of this press release.}

Earnings Summary (Continued)

Noninterest income of $12.5 million increased $0.6 million compared to 4Q 2024 and increased $6.6 million year-over-year primarily due to the contributions made by the businesses IFH brought to the merged entity. Core fee revenue⁽⁵⁾ of $12.5 million decreased $2.0 million, as a result of $1.2 million lower government lending revenue, $0.8 million lower SBIC investment income, $0.5 million lower loan servicing, $0.4 million lower government loan servicing revenue (Windsor), offset by a loan termination fee of $0.7 million during 1Q 2025.
Noninterest expense of $38.1 million increased $0.5 million compared to 4Q 2024 and $8.6 million compared to 1Q 2024. Core noninterest expense⁽¹⁾ of $36.8 million increased $1.9 million compared to 4Q 2024 and $8.0 million compared to 1Q 2024. Core comparisons include:
- Salaries and employee benefits expenses increased $1.6 million from 4Q 2024, primarily the result of $0.7 million lower deferred expenses related to loan production, $0.6 million from the seasonality of payroll related taxes, and $0.2 million in employee benefits.
- Marketing expenses increased $0.7 million from 4Q 2024, primarily due to additional OpenSky^™ advertising-related expenses due to seasonality.
- Regulatory assessment expenses increased $0.4 million from 4Q 2024, primarily due to additional assessments from the acquisition of IFH.
- Expense reduction of $0.8 million from 4Q 2024, includes $0.3 million from loan processing, $0.2 million from other operating, and $0.3 million from other areas.
- Year-over-year expense growth of $8.6 million was primarily due to the acquisition of IFH.
- Estimated total cost synergies resulting from the acquisition of IFH totaled $1.75 million in 1Q 2025, achieving the targeted savings earlier than anticipated.
Income tax expense of $4.4 million, or 23.9% of pre-tax income for 1Q 2025, increased $1.1 million from $3.2 million, or 30.1% of pre-tax income for 4Q 2024. The core effective income tax rate⁽¹⁾ for 1Q 2025 and 4Q 2024 would have been 23.7% and 22.6%, respectively.

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_{¹ As used in this press release, core fee revenue, core noninterest expense, and core effective income tax rate are non-GAAP financial measures. These non-GAAP financial metrics exclude merger-related and other certain one-time non-recurring pre-tax adjustments and tax impacts of such adjustments. Reconciliations of these and other non–GAAP measures to their comparable GAAP measures are set forth in the Appendix at the end of this press release.}

Balance Sheet
Total assets of $3.3 billion at March 31, 2025 increased $142.9 million, or 18.1% (annualized), from December 31, 2024. Total assets growth year-over-year of $1.0 billion, or 44.1%, included $559.4 million acquired with the IFH acquisition, net of purchase accounting, and $465.6 million of organic growth.

Cash and cash equivalents of $294.0 million at March 31, 2025 increased $88.7 million from December 31, 2024 due to portfolio growth, and increased $208.8 million year-over-year including $130.9 million from organic growth and $77.8 million from the acquisition of IFH.
Total portfolio loans of $2.68 billion at March 31, 2025 increased $48.2 million, or 7.4% (annualized), from December 31, 2024 and increased $713.9 million year-over-year including $373.5 million from the acquisition of IFH and $340.4 million of organic growth.
- Compared to December 31, 2024, commercial and industrial loans increased $39.8 million and construction real estate loans increased $22.0 million, offset by a $9.1 million decrease in OpenSky^™ loans and a $6.3 million decrease in commercial real estate loans.
- Commercial and industrial loans, and owner-occupied commercial real estate loans totaled 37.9% of total portfolio loans at March 31, 2025, compared to 37.8% at December 31, 2024, and 29.6% at March 31, 2024.
Total deposits of $2.89 billion at March 31, 2025 increased $129.4 million, or 19.0% (annualized), from December 31, 2024, and increased $885.6 million, or 44.2% (annualized) from March 31, 2024. The increase quarter-over-quarter includes $95.7 million of growth in customer money market deposits, $57.6 million of growth in interest-bearing demand accounts, $1.3 million of noninterest-bearing deposits, and $0.7 million of customer time deposits, partially offset by a decrease in brokered time deposits of $25.2 million. The increase year-over-year is driven by $459.0 million from the acquisition of IFH and $426.7 million from organic growth.
- Insured and protected deposits were approximately $2.0 billion as of March 31, 2025 representing 70.4% of the Company’s deposit portfolio.
- Low-and-no interest bearing deposits of $1.1 billion, or 38.8% of deposits, increased $58.2 million, or 22.2% (annualized) from December 31, 2024, and increased $257.2 million, or 29.8% year-over-year, including $157.4 million of organic growth, and $91.5 million from the acquisition of IFH.
The average portfolio loans-to-deposit ratio was 95.15% for the three months ended March 31, 2025, compared to 99.27% from 4Q 2024, and 98.46% from 1Q 2024.
The investment securities portfolio continues to be classified as available-for-sale and had a fair market value of $213.5 million, or 6.4% of total assets, an effective duration of 3.0 years, with U.S. Treasury Securities representing 56% of the overall investment portfolio at March 31, 2025. The accumulated other comprehensive income (loss) on the investment securities portfolio decreased $2.3 million during the quarter to negative $9.2 million after-tax as of March 31, 2025, which represents 2.5% of total stockholders’ equity. The Company does not have a held-to-maturity investment securities portfolio.
Liquidity – The Company maintains stable and reliable sources of available borrowings, generally consistent with prior quarter. Sources of available borrowings at March 31, 2025 totaled $820.9 million, compared to $803.0 from 4Q 2024. During 1Q 2025 available collateralized lines of credit of $625.4 million, unsecured lines of credit with other banks of $76.0 million and unpledged investment securities available as collateral for potential additional borrowings of $119.5 million.
Capital Positions – As of March 31, 2025, the Company reported a Common Equity Tier-1 capital ratio of 13.33%, compared to 13.74% at December 31, 2024. At March 31, 2025, the Company and the Bank maintain regulatory capital ratios that exceed all capital adequacy requirements.

Financial Metrics
Net Interest Margin – Net interest margin of 6.05% for the three months ended March 31, 2025, increased 18 bps compared to the prior quarter, and decreased 19 bps year-over-year. Commercial Bank net interest margin⁽¹⁾, of 4.32% increased 33 bps compared to the prior quarter, and increased 55 bps year-over-year. Net purchase accounting accretion for 1Q 2025 was 20 bps for NIM and Commercial Bank NIM⁽¹⁾.

The average yield on interest earning assets of 8.24% increased 7 bps compared to the prior quarter, due to portfolio mix, and decreased 39 bps year-over-year primarily due to the acquisition of commercial loans diluting the impact from OpenSky^™. The Commercial Bank Loan Yield⁽¹⁾ of 7.14% for 1Q 2025, increased 16 bps 4Q 2024, and increased 18 bps year-over-year.
The total cost of deposits of 2.42% for 1Q 2025 decreased 8 bps compared to the prior quarter due to rate and mix shift and decreased 22 bps year-over-year. The total cost of interest-bearing deposits decreased 9 bps quarter-over-quarter, and 54 bps year-over-year, to 3.37% for 1Q 2025 due to rate environment and product mix.
Net purchase accounting accretion of $1.5 million during 1Q 2025, increased $0.8 million from 4Q 2024. There was no related purchase accounting accretion or amortization during 1Q 2024.

Efficiency Ratios – The efficiency ratio was 64.9% for the three months ended March 31, 2025, compared to 66.7% for the three months ended December 31, 2024 and 72.0% for the three months ended March 31, 2024. The core efficiency ratio⁽⁶⁾ was 62.8%, for the three months ended March 31, 2025. The core efficiency ratio⁽¹⁾ was 59.3% for the three months ended December 31, 2024, and 70.2% for the three months ended March 31, 2024.

Credit Metrics and Asset Quality – The ACL Coverage Ratio equaled 1.81% at March 31, 2025, a decrease of 4 bps from December 31, 2024, and an increase of 32 bps year-over-year driven by the acquisition of IFH.

Nonperforming assets increased 27 bps to 1.21% of total assets at March 31, 2025 compared to December 31, 2024, and increased 59 bps year-over-year. Total nonaccrual loans at March 31, 2025 increased $10.2 million to $40.5 million compared to December 31, 2024, and increased $26.1 million year-over-year, mainly due to the acquisition of IFH. At March 31, 2025, special mention loans totaled $63.0 million, or 2.4% of total portfolio loans, compared to $60.0 million, or 2.3% of total portfolio loans, at December 31, 2024, and $27.5 million, or 1.4% of total portfolio loans, at March 31, 2024. At March 31, 2025, substandard loans totaled $45.7 million, or 1.7% of total portfolio loans, compared to $48.4 million, or 1.8% of total portfolio loans, at December 31, 2024 and $14.1 million, or 0.7% of total portfolio loans, at March 31, 2024.

________________________
_{¹ As used in this press release, Commercial Bank NIM, Commercial Bank Loan Yield, and core efficiency ratio are non-GAAP financial measures. These non-GAAP financial metrics exclude merger-related and other certain one-time non-recurring pre-tax adjustments and tax impacts of such adjustments. Reconciliations of these and other non–GAAP measures to their comparable GAAP measures are set forth in the Appendix at the end of this press release.}

Financial Metrics (Continued)
Performance Ratios – ROA, ROE, ROTCE were 1.75%, 15.56%, and 17.57% respectively, for the three months ended March 31, 2025, compared to 0.96%, 8.50%, and 9.33%⁽¹⁾ respectively, for the three months ended December 31, 2024. For the three months ended March 31, 2024, ROA, ROE, and ROTCE were 1.15%, 10.19%, and 10.19%, respectively. As of March 31, 2024, the Company did not have goodwill or other intangible assets.

Core ROA⁽²⁾, core ROE⁽²⁾, and core ROTCE⁽²⁾ for the three months ended March 31, 2025 were 1.87%, 16.64%, and 18.77% respectively. Core ROA⁽²⁾, core ROE⁽²⁾, and core ROTCE⁽²⁾ for the three months ended December 31, 2024, were 1.97%, 17.46%, and 18.91%⁽¹⁾, respectively. Core ROA⁽²⁾, core ROE⁽²⁾, and core ROTCE⁽²⁾ for the three months ended March 31, 2024 were 1.24%, 11.03%, and 11.03%, respectively.

Book Value and Tangible Book Value – Book value per common share of $22.19 at March 31, 2025, increased $0.87 when compared to December 31, 2024, and increased $3.51 when compared to March 31, 2024. Tangible book value per common share⁽²⁾ increased $0.71⁽³⁾, or 3.7%, to $19.81 at March 31, 2025 when compared to December 31, 2024, and increased $1.13, or 6.0%, when compared to March 31, 2024. Tangible book value was impacted by the purchase accounting adjustments required as part of the IFH acquisition. Therefore, tangible book value per share⁽¹⁾ was equal to book value per share for periods prior to 4Q 2024.

____________
_{¹ Core ROTCE and core ROTCE for the three months ended December 31, 2024 were restated to 9.33% and 18.91%, respectively, from 9.47% and 19.19%, due to exclusion of Loan Servicing Assets.}
_{² As used in this press release, core ROA, core ROE, ROTCE, core ROTCE, and Tangible Book Value are non-GAAP financial measures. These non-GAAP financial metrics exclude merger-related and other certain one-time non-recurring pre-tax adjustments and tax impacts of such adjustments. Reconciliations of these and other non–GAAP measures to their comparable GAAP measures are set forth in the Appendix at the end of this press release.}
_{³ 4Q 2024 Tangible Book Value restated to $19.10 from previously reported amount of $18.77 due to exclusion of Loan Servicing Assets.}

Commercial Bank
Continued Portfolio Loan Growth – Gross portfolio loans increased $55.6 million at March 31, 2025 compared to December 31, 2024, including $39.8 million of commercial and industrial loans, and $22.0 million of construction real estate loans. Historical gross portfolio loan balances are disclosed in the Composition of Loans table within the Historical Financial Highlights.

Net Interest Income – Interest income of $48.2 million increased $2.1 million from the prior quarter, driven by loan growth and higher loan yields. Interest expense of $16.6 million decreased $0.6 million, resulting from a decrease in the average balance of borrowings in 1Q 2025.

Credit Metrics – Nonperforming assets, comprised solely of nonaccrual loans, increased 27 bps to 1.21% of total assets at March 31, 2025 compared to December 31, 2024. Total nonaccrual loans at March 31, 2025 increased to $40.5 million compared to $30.2 million at December 31, 2024.

Classified and Criticized Loans – At March 31, 2025, special mention loans totaled $63.0 million, or 2.4% of total portfolio loans, compared to $60.0 million, or 2.3% of total portfolio loans, at December 31, 2024. At March 31, 2025, substandard loans totaled $45.7 million, or 1.7% of total portfolio loans, compared to $48.4 million, or 1.8% of total portfolio loans, at December 31, 2024.

OpenSky^™Accounts – During 1Q 2025, the number of credit card accounts of 563.7 thousand increased by 11.2 thousand, or 2.0% (not annualized) from December 31, 2024, and increased 36.8 thousand, or 7.0% year-over-year.

Loan and Deposit Balances – Loan balances, net of reserves, of $118.7 million at March 31, 2025 decreased by $9.1 million, or 28.7% (annualized), compared to December 31, 2024. Corresponding deposit balances of $168.8 million at March 31, 2025 increased $2.4 million, or 6.0% (annualized), compared to December 31, 2024. Gross unsecured loan balances of $39.0 million at March 31, 2025 decreased $3.4 million, or 32.9% (annualized), compared to $42.4 million at December 31, 2024, and increased $10.5 million year-over-year.

Revenues – Total revenue of $18.2 million decreased $1.0 million from the prior quarter. Interest income of $14.4 million decreased $1.0 million from the prior quarter. Average OpenSky^™ credit card loan balances, net of reserves and deferred fees of $118.7 million for 1Q 2025, decreased $2.3 million, or 1.9% (not annualized), compared to the prior quarter. Noninterest income of $3.7 million remained generally consistent compared to the prior quarter.

Noninterest Expense – Total noninterest expense of $13.3 million decreased $0.7 million, primarily related to advertising related expenses due to seasonality.

OpenSky^™Credit – Portfolio credit metrics continue to be generally consistent with modeled expectations during 1Q 2025. The provision for credit losses of $1.8 million increased $0.6 million when compared to the prior quarter. OpenSky’s unsecured loan product continues to be offered exclusively to current and former secured card customers in order to retain customer who have successfully improved their credit profiles. Unsecured loans have been offered by OpenSky since the fourth quarter of 2021 and have performed according to management expectations over that time period.

Capital Bank Home Loans
Originations of loans held for sale totaled $65.8 million during 1Q 2025, with $54.1 million of mortgage loans sold resulting in a gain on sale of loans of $1.7 million, representing a 3.07% of gain on sale as a percentage of total loans sold. Originations of loans held for sale totaled $90.0 million during 4Q 2024, with $77.4 million of mortgage loans sold resulting in a gain on sale of loans of $1.9 million, representing a 2.45% of gain on sale as a percentage of total loans sold.

Windsor Advantage
Gross government loan servicing revenue totaled $4.6 million, including $1.0 million of Capital Bank related servicing fees, during 1Q 2025. Gross government loan servicing revenue totaled $4.6 million, including $0.9 million of Capital Bank related servicing fees, during 4Q 2024. Windsor’s total servicing portfolio was $2.6 billion at March 31, 2025, and $2.5 billion at December 31, 2024.

COMPARATIVE FINANCIAL HIGHLIGHTS – Unaudited

	Quarter Ended									1Q25 vs 4Q24					1Q25 vs 1Q24
^{(in thousands, except per share data)}	March 31, 2025			December 31, 2024			March 31, 2024			$ Change			% Change		$ Change			% Change
Earnings Summary
Interest income	$	62,760		$	61,707		$	48,369		$	1,053		1.7	%	$	14,391		29.8	%
Interest expense		16,713			17,380			13,361			(667	)	(3.8	)%		3,352		25.1	%
Net interest income		46,047			44,327			35,008			1,720		3.9	%		11,039		31.5	%
Provision for credit losses		2,246			7,828			2,727			(5,582	)	(71.3	)%		(481	)	(17.6	)%
Provision for credit losses on unfunded commitments		—			122			142			(122	)	(100.0	)%		(142	)	(100.0	)%
Noninterest income		12,549			11,913			5,972			636		5.3	%		6,577		110.1	%
Noninterest expense		38,053			37,514			29,487			539		1.4	%		8,566		29.1	%
Income before income taxes		18,297			10,776			8,624			7,521		69.8	%		9,673		112.2	%
Income tax expense		4,365			3,243			2,062			1,122		34.6	%		2,303		111.7	%
Net income	$	13,932		$	7,533		$	6,562		$	6,399		84.9	%	$	7,370		112.3	%

Pre-tax pre-provision net revenue (“PPNR”) ⁽¹⁾	$	20,543		$	18,726		$	11,493		$	1,817		9.7	%	$	9,050		78.7	%
Core PPNR⁽¹⁾	$	21,809		$	23,961		$	12,205		$	(2,152	)	(9.0	)%	$	9,604		78.7	%

Common Share Data
Earnings per share – Basic	$	0.84		$	0.45		$	0.47		$	0.39		86.7	%	$	0.37		78.7	%
Earnings per share – Diluted	$	0.82		$	0.45		$	0.47		$	0.37		82.2	%	$	0.35		74.5	%
Core earnings per share – Diluted⁽¹⁾	$	0.88		$	0.92		$	0.51		$	(0.04	)	(4.3	)%	$	0.37		72.5	%
Weighted average common shares – Basic		16,666			16,595			13,919
Weighted average common shares – Diluted		16,925			16,729			13,919

Return Ratios
Return on average assets (annualized)		1.75	%		0.96	%		1.15	%
Core return on average assets (annualized)⁽¹⁾		1.87	%		1.97	%		1.24	%
Return on average equity (annualized)		15.56	%		8.50	%		10.19	%
Core return on average equity (annualized)⁽¹⁾		16.64	%		17.46	%		11.03	%
Return on average tangible common equity (annualized)⁽¹⁾		17.57	%		9.33	%		10.19	%
Core return on average tangible common equity (annualized)⁽¹⁾		18.77	%		18.91	%		11.03	%

______________
_{⁽¹⁾ Refer to Appendix for reconciliation of non-GAAP measures.}

COMPARATIVE FINANCIAL HIGHLIGHTS – Unaudited (Continued)

	Quarter Ended						Quarter Ended
	March 31,						December 31,		September 30,		June 30,
^{(in thousands, except per share data)}		2025		2024	% Change			2024		2024		2024
Balance Sheet Highlights
Assets	$	3,349,805	$	2,324,238	44.1	%	$	3,206,911	$	2,560,788	$	2,438,583
Investment securities available-for-sale		213,452		202,254	5.5	%		223,630		208,700		207,917
Mortgage loans held for sale		34,656		10,303	236.4	%		21,270		19,554		19,219
Portfolio loans receivable ⁽²⁾		2,678,406		1,964,525	36.3	%		2,630,163		2,107,522		2,021,588
Allowance for credit losses		48,454		29,350	65.1	%		48,652		31,925		30,832
Deposits		2,891,333		2,005,695	44.2	%		2,761,939		2,186,224		2,100,428
FHLB borrowings		22,000		22,000	—	%		22,000		52,000		32,000
Other borrowed funds		12,062		12,062	—	%		12,062		12,062		12,062
Total stockholders’ equity		369,577		259,465	42.4	%		355,139		280,111		267,854
Tangible common equity ⁽¹⁾		329,936		259,465	27.2	%		318,196		280,111		267,854

Common shares outstanding		16,657		13,890	19.9	%		16,663		13,918		13,910
Book value per share	$	22.19	$	18.68	18.8	%	$	21.31	$	20.13	$	19.26
Tangible book value per share ⁽¹⁾	$	19.81	$	18.68	6.0	%	$	19.10	$	20.13	$	19.26
Dividends per share	$	0.10	$	0.08	25.0	%	$	0.10	$	0.10	$	0.08

______________
_{⁽¹⁾ Refer to Appendix for reconciliation of non-GAAP measures.}
_{⁽²⁾ Loans are reflected net of deferred fees and costs.}

Consolidated Statements of Income (Unaudited)
	Three Months Ended
^{(in thousands)}	March 31, 2025		December 31, 2024			September 30, 2024		June 30, 2024		March 31, 2024
Interest income
Loans, including fees	$	58,691	$	58,602		$	50,047	$	48,275	$	45,991
Investment securities available-for-sale		1,861		1,539			1,343		1,308		1,251
Federal funds sold and other		2,208		1,566			1,220		1,032		1,127
Total interest income		62,760		61,707			52,610		50,615		48,369

Interest expense
Deposits		16,512		16,385			13,902		13,050		12,833
Borrowed funds		201		995			354		508		528
Total interest expense		16,713		17,380			14,256		13,558		13,361

Net interest income		46,047		44,327			38,354		37,057		35,008
Provision for credit losses		2,246		7,828			3,748		3,417		2,727
Provision for credit losses on unfunded commitments		—		122			17		104		142
Net interest income after provision for credit losses		43,801		36,377			34,589		33,536		32,139
Noninterest income
Service charges on deposits		258		241			235		200		207
Credit card fees		3,722		3,733			4,055		4,330		3,881
Mortgage banking revenue		1,831		1,821			1,882		1,990		1,453
Government lending revenue		1,096		2,301			—		—		—
Government loan servicing revenue		3,568		3,993			—		—		—
Loan servicing rights (government guaranteed)		472		1,013			—		—		—
Non-recurring equity and debt investment write-down		—		(2,620	)		—		—		—
Other income		1,602		1,431			463		370		431
Total noninterest income		12,549		11,913			6,635		6,890		5,972
Noninterest expenses
Salaries and employee benefits		18,067		16,513			13,345		13,272		12,907
Occupancy and equipment		2,910		2,976			1,791		1,864		1,613
Professional fees		2,112		2,150			1,980		1,769		1,947
Data processing		7,112		7,210			6,930		6,788		6,761
Advertising		1,779		1,032			1,223		2,072		2,032
Loan processing		743		969			615		476		371
Foreclosed real estate expenses, net		1		—			1		—		1
Merger-related expenses		1,266		2,615			520		83		712
Operational losses		903		993			1,008		782		931
Regulatory assessment expenses		889		484			427		553		473
Other operating		2,271		2,572			1,885		1,834		1,739
Total noninterest expenses		38,053		37,514			29,725		29,493		29,487
Income before income taxes		18,297		10,776			11,499		10,933		8,624
Income tax expense		4,365		3,243			2,827		2,728		2,062
Net income	$	13,932	$	7,533		$	8,672	$	8,205	$	6,562


Consolidated Balance Sheets
	(unaudited)			(audited)			(unaudited)			(unaudited)			(unaudited)
^{(in thousands, except share data)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Assets
Cash and due from banks	$	27,836		$	25,433		$	23,462		$	19,294		$	12,361
Interest-bearing deposits at other financial institutions		266,092			179,841			133,180			117,160			72,787
Federal funds sold		59			58			58			57			56
Total cash and cash equivalents		293,987			205,332			156,700			136,511			85,204
Investment securities available-for-sale		213,452			223,630			208,700			207,917			202,254
Restricted investments		7,031			4,479			5,895			4,930			4,441
Loans held for sale		34,656			21,270			19,554			19,219			10,303
Portfolio loans receivable, net of deferred fees and costs		2,678,406			2,630,163			2,107,522			2,021,588			1,964,525
Less allowance for credit losses		(48,454	)		(48,652	)		(31,925	)		(30,832	)		(29,350	)
Total portfolio loans held for investment, net		2,629,952			2,581,511			2,075,597			1,990,756			1,935,175
Premises and equipment, net		15,085			15,525			5,959			5,551			4,500
Accrued interest receivable		19,458			16,664			12,468			12,162			12,258
Goodwill		24,085			21,126			—			—			—
Intangible assets		13,861			14,072			—			—			—
Core deposit intangibles		1,695			1,745			—			—			—
Loan servicing assets		2,244			5,511			—			—			—
Deferred tax asset		15,902			16,670			10,748			12,150			12,311
Bank owned life insurance		44,335			43,956			38,779			38,414			38,062
Other assets		34,062			35,420			26,388			10,973			19,730
Total assets	$	3,349,805		$	3,206,911		$	2,560,788		$	2,438,583		$	2,324,238

Liabilities
Deposits
Noninterest-bearing	$	812,224		$	810,928		$	718,120		$	684,574		$	665,812
Interest-bearing		2,079,109			1,951,011			1,468,104			1,415,854			1,339,883
Total deposits		2,891,333			2,761,939			2,186,224			2,100,428			2,005,695
Federal Home Loan Bank advances		22,000			22,000			52,000			32,000			22,000
Other borrowed funds		12,062			12,062			12,062			12,062			12,062
Accrued interest payable		9,995			9,393			8,503			6,573			6,009
Other liabilities		44,838			46,378			21,888			19,666			19,007
Total liabilities		2,980,228			2,851,772			2,280,677			2,170,729			2,064,773

Stockholders’ equity
Common stock		167			167			139			139			139
Additional paid-in capital		128,692			128,598			55,585			55,005			54,229
Retained earnings		249,925			237,843			232,995			225,824			218,731
Accumulated other comprehensive loss		(9,207	)		(11,469	)		(8,608	)		(13,114	)		(13,634	)
Total stockholders’ equity		369,577			355,139			280,111			267,854			259,465
Total liabilities and stockholders’ equity	$	3,349,805		$	3,206,911		$	2,560,788		$	2,438,583		$	2,324,238

The following tables show the average outstanding balance of each principal category of our assets, liabilities and stockholders’ equity, together with the average yields on our assets and the average costs of our liabilities for the periods indicated. Such yields and costs are calculated by dividing the annualized income or expense by the average daily balances of the corresponding assets or liabilities for the same period.

	Three Months Ended March 31, 2025						Three Months Ended December 31, 2024						Three Months Ended March 31, 2024
	Average Outstanding Balance		Interest Income/ Expense		Average Yield/ Rate⁽¹⁾		Average Outstanding Balance		Interest Income/ Expense		Average Yield/ Rate⁽¹⁾		Average Outstanding Balance		Interest Income/ Expense		Average Yield/ Rate⁽¹⁾
	(in thousands)
Assets
Interest earning assets:
Interest-bearing deposits	$	203,053	$	2,138	4.27	%	$	140,206	$	1,446	4.10	%	$	84,531	$	1,049	4.99	%
Federal funds sold		58		1	6.99			58		—	—			56		1	7.18
Investment securities available-for-sale		235,605		1,861	3.20			236,951		1,539	2.58			233,231		1,251	2.16
Restricted investments		5,761		69	4.86			7,292		120	6.55			4,601		77	6.73
Loans held for sale		9,356		238	10.32			25,614		193	3.00			4,872		83	6.85
Portfolio loans receivable⁽²⁾⁽³⁾		2,634,110		58,453	9.00			2,592,960		58,409	8.96			1,927,372		45,908	9.58
Total interest earning assets		3,087,943		62,760	8.24			3,003,081		61,707	8.17			2,254,663		48,369	8.63
Noninterest earning assets		134,021						117,026						44,571
Total assets	$	3,221,964					$	3,120,107					$	2,299,234

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand accounts	$	242,355		368	0.62		$	257,446		424	0.66		$	183,217		110	0.24
Savings		13,204		18	0.55			13,497		20	0.59			4,841		1	0.08
Money market accounts		869,978		7,399	3.45			763,526		7,131	3.72			682,414		7,136	4.21
Time deposits		859,729		8,727	4.12			847,618		8,810	4.13			449,963		5,586	4.99
Borrowed funds		34,062		201	2.39			97,116		995	4.08			58,963		528	3.60
Total interest-bearing liabilities		2,019,328		16,713	3.36			1,979,203		17,380	3.49			1,379,398		13,361	3.90
Noninterest-bearing liabilities:
Noninterest-bearing liabilities		56,503						58,460						23,820
Noninterest-bearing deposits		783,018						729,907						637,124
Stockholders’ equity		363,115						352,537						258,892
Total liabilities and stockholders’ equity	$	3,221,964					$	3,120,107					$	2,299,234

Net interest spread					4.88	%					4.68	%					4.73	%
Net interest income			$	46,047					$	44,327					$	35,008
Net interest margin⁽⁴⁾					6.05	%					5.87	%					6.24	%

_______________
_{⁽¹⁾Annualized.}
_{⁽²⁾Includes nonaccrual loans.}
_{⁽³⁾For the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, collectively, Commercial Bank Loan Yield was 7.14%, 6.98% and 6.96%, respectively.}
_{⁽⁴⁾For the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, collectively, Commercial Bank Net Interest Margin was 4.32%, 3.99% and 3.77%, respectively.}

The Company’s reportable segments represent business units with discrete financial information whose results are regularly reviewed by management. The four segments include Commercial Banking, Capital Bank Home Loans (the Company’s mortgage loan division), OpenSky^™ (the Company’s credit card division) and Windsor Advantage.

Effective January 1, 2024, the Company allocated certain expenses previously recorded directly to the Commercial Bank segment to the other segments. These expenses are for shared services also consumed by OpenSky^™, CBHL, and Windsor. The Company performs an allocation process based on several metrics the Company believes more accurately ascribe shared service overhead to each segment. The Company believes this reflects the cost of support for each segment that should be considered in assessing segment performance. Historical information has been recast to reflect financial information consistently with the 2024 presentation.

The following schedule presents financial information for the periods indicated. Total assets are presented as of March 31, 2025, December 31, 2024, and March 31, 2024.

Segments

For the three months ended March 31, 2025

^{(in thousands)}

Commercial
Bank

CBHL

OpenSky^™

Windsor
Advantage

Consolidated

Interest income

$

48,164

$

152

$

14,444

$

—

$

62,760

Interest expense

16,649

64

—

16,713

Net interest income

31,515

88

14,444

—

46,047

Provision for credit losses

446

—

1,800

—

2,246

Net interest income after provision

31,069

88

12,644

—

43,801

Noninterest income

2,474

1,736

3,733

4,606

12,549

Noninterest expense⁽¹⁾

18,560

2,531

13,302

3,660

38,053

Net income (loss) before taxes

$

14,983

$

(707

)

$

3,075

$

946

$

18,297

Total assets

$

3,192,327

$

14,092

$

119,636

$

23,750

$

3,349,805

For the three months ended December 31, 2024

^{(in thousands)}

Commercial
Bank

CBHL

OpenSky^™

Windsor
Advantage

Consolidated

Interest income

$

46,061

$

192

$

15,454

$

—

$

61,707

Interest expense

17,249

131

—

17,380

Net interest income

28,812

61

15,454

—

44,327

Provision for credit losses

6,651

—

1,177

—

7,828

Provision for credit losses on unfunded commitments

122

—

122

Net interest income after provision

22,039

61

14,277

—

36,377

Noninterest income

1,928

1,676

3,743

4,566

11,913

Noninterest expense⁽¹⁾

19,872

2,377

12,595

2,670

37,514

Net income (loss) before taxes

$

4,095

$

(640

)

$

5,425

$

1,896

$

10,776

Total assets

$

3,033,792

$

21,691

$

125,913

$

25,515

$

3,206,911

For the three months ended March 31, 2024

^{(in thousands)}

Commercial
Bank

CBHL

OpenSky^™

Windsor
Advantage

Consolidated

Interest income

$

33,365

$

83

$

14,921

$

—

$

48,369

Interest expense

13,320

41

—

13,361

Net interest income

20,045

42

14,921

—

35,008

Provision for credit losses

1,168

—

1,559

—

2,727

Provision for credit losses on unfunded commitments

142

—

142

Net interest income after provision

18,735

42

13,362

—

32,139

Noninterest income

705

1,352

3,915

—

5,972

Noninterest expense⁽¹⁾

13,783

2,105

13,599

—

29,487

Net income (loss) before taxes

$

5,657

$

(711

)

$

3,678

$

—

$

8,624

Total assets

$

2,208,135

$

10,785

$

105,318

$

—

$

2,324,238

________________________
_{⁽¹⁾Noninterest expense includes $6.4 million, $6.3 million, and $6.1 million in data processing expense in OpenSky’s^™ segment for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively.}

HISTORICAL FINANCIAL HIGHLIGHTS – Unaudited
	Quarter Ended
^{(in thousands, except per share data)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Earnings:
Net income	$	13,932		$	7,533		$	8,672		$	8,205		$	6,562
Earnings per common share, diluted		0.82			0.45			0.62			0.59			0.47
Net interest margin		6.05	%		5.87	%		6.41	%		6.46	%		6.24	%
Commercial Bank net interest margin⁽²⁾		4.32	%		3.99	%		4.01	%		3.90	%		3.77	%
Return on average assets⁽¹⁾		1.75	%		0.96	%		1.42	%		1.40	%		1.15	%
Return on average equity⁽¹⁾		15.56	%		8.50	%		12.59	%		12.53	%		10.19	%
Efficiency ratio		64.94	%		66.70	%		66.07	%		67.11	%		71.95	%

Balance Sheet:
Total portfolio loans receivable, net deferred fees	$	2,678,406		$	2,630,163		$	2,107,522		$	2,021,588		$	1,964,525
Total deposits		2,891,333			2,761,939			2,186,224			2,100,428			2,005,695
Total assets		3,349,805			3,206,911			2,560,788			2,438,583			2,324,238
Total stockholders’ equity		369,577			355,139			280,111			267,854			259,465
Total average portfolio loans receivable, net deferred fees		2,634,110			2,592,960			2,053,619			1,992,630			1,927,372
Total average deposits		2,768,284			2,611,994			2,091,294			2,010,736			1,957,559
Portfolio loans-to-deposit ratio (period-end balances)		92.64	%		95.23	%		96.40	%		96.25	%		97.95	%
Portfolio loans-to-deposit ratio (average balances)		95.15	%		99.27	%		98.20	%		99.10	%		98.46	%

Asset Quality Ratios:
Nonperforming assets to total assets		1.21	%		0.94	%		0.60	%		0.58	%		0.62	%
Nonperforming loans to total loans		1.51	%		1.15	%		0.73	%		0.70	%		0.73	%
Net charge-offs to average portfolio loans ⁽¹⁾		0.38	%		0.37	%		0.51	%		0.39	%		0.41	%
Allowance for credit losses to total loans		1.81	%		1.85	%		1.51	%		1.53	%		1.49	%
Allowance for credit losses to non-performing loans		119.73	%		160.88	%		206.50	%		219.40	%		204.37	%

Bank Capital Ratios:
Total risk based capital ratio		13.00	%		12.79	%		13.76	%		14.51	%		14.36	%
Tier-1 risk based capital ratio		11.75	%		11.54	%		12.50	%		13.25	%		13.10	%
Leverage ratio		9.27	%		9.17	%		9.84	%		10.36	%		10.29	%
Common Equity Tier-1 capital ratio		11.75	%		11.54	%		12.50	%		13.25	%		13.10	%
Tangible common equity		8.66	%		9.31	%		9.12	%		9.53	%		9.66	%
Holding Company Capital Ratios:
Total risk based capital ratio		15.05	%		15.48	%		16.65	%		16.98	%		16.83	%
Tier-1 risk based capital ratio		13.41	%		13.83	%		14.88	%		15.19	%		15.03	%
Leverage ratio		10.68	%		11.07	%		11.85	%		11.93	%		11.87	%
Common Equity Tier-1 capital ratio		13.33	%		13.74	%		14.78	%		15.08	%		14.92	%
Tangible common equity		9.94	%		11.07	%		10.94	%		10.98	%		11.16	%

_______________
_{⁽¹⁾Annualized.}
_{⁽²⁾Refer to Appendix for reconciliation of non-GAAP measures.}

HISTORICAL FINANCIAL HIGHLIGHTS – Unaudited (Continued)
	Quarter Ended
^{(in thousands, except per share data)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Composition of Loans:
Commercial real estate, non owner-occupied	$	484,399		$	471,329		$	403,487		$	397,080		$	377,224
Commercial real estate, owner-occupied		420,643			440,026			351,462			319,370			330,840
Residential real estate		693,597			688,552			623,684			601,312			577,112
Construction real estate		343,280			321,252			301,909			294,489			290,016
Commercial and industrial		594,331			554,550			271,811			255,686			254,577
Lender finance		23,165			28,574			29,546			33,294			13,484
Business equity lines of credit		3,468			3,090			2,663			2,989			14,768
Credit card, net of reserve⁽²⁾		118,709			127,766			127,098			122,217			111,898
Other consumer loans		2,200			2,089			2,045			1,930			738
Portfolio loans receivable	$	2,683,792		$	2,637,228		$	2,113,705		$	2,028,367		$	1,970,657
Deferred origination fees, net		(5,386	)		(7,065	)		(6,183	)		(6,779	)		(6,132	)
Portfolio loans receivable, net	$	2,678,406		$	2,630,163		$	2,107,522		$	2,021,588		$	1,964,525

Composition of Deposits:
Noninterest-bearing	$	812,224		$	810,928		$	718,120		$	684,574		$	665,812
Interest-bearing demand		296,455			238,881			266,493			266,070			193,963
Savings		12,819			13,488			3,763			4,270			4,525
Money markets		912,418			816,708			686,526			672,455			678,435
Customer time deposits		549,630			548,901			358,300			317,911			302,319
Brokered time deposits		307,787			333,033			153,022			155,148			160,641
Total deposits	$	2,891,333		$	2,761,939		$	2,186,224		$	2,100,428		$	2,005,695

Capital Bank Home Loan Metrics:
Origination of loans held for sale	$	65,815		$	89,998		$	74,690		$	82,363		$	52,080
Mortgage loans sold		54,144			77,399			67,296			66,417			40,377
Gain on sale of loans		1,664			1,897			1,644			1,732			1,238
Purchase volume as a % of originations		90.73	%		90.42	%		90.98	%		96.48	%		97.83	%
Gain on sale as a % of loans sold⁽³⁾		3.07	%		2.45	%		2.44	%		2.61	%		3.07	%
Mortgage commissions	$	545		$	620		$	598		$	582		$	490

OpenSky^™Portfolio Metrics:
Open customer accounts		563,718			552,566			548,952			537,734			526,950
Secured credit card loans, gross	$	81,252		$	87,226		$	89,641		$	90,961		$	85,663
Unsecured credit card loans, gross		38,987			42,430			39,730			33,560			28,508
Noninterest secured credit card deposits		168,796			166,355			170,750			173,499			171,771

_______________
_{⁽³⁾Credit card loans are presented net of reserve for interest and fees.}
_{⁽⁴⁾Gain on sale percentage is calculated as gain on sale of loans divided by mortgage loans sold.}

Appendix

Reconciliation of Non-GAAP Measures

The Company has presented the following non-GAAP (U.S. Generally Accepted Accounting Principles) financial measures because it believes that these measures provide useful and comparative information to assess trends in the Company’s results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Company evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Company’s industry. Investors should recognize that the Company’s presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and the Company strongly encourages a review of its condensed consolidated financial statements in their entirety.

Core Earnings Metrics	Quarter Ended
^{(in thousands, except per share data)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Net Income	$	13,932		$	7,533		$	8,672		$	8,205		$	6,562
Add: Merger-Related Expenses, net of tax		964			2,151			557			62			538
Add: Non-recurring equity and debt investment write-down		—			2,620			—			—			—
Add: IFH ACL Provision, net of tax		—			3,169			—			—			—
Core Net Income	$	14,896		$	15,473		$	9,229		$	8,267		$	7,100

Weighted Average Common Shares – Diluted		16,925			16,729			13,951			13,895			13,919
Earnings per Share – Diluted	$	0.82		$	0.45		$	0.62		$	0.59		$	0.47
Core Earnings per Share – Diluted	$	0.88		$	0.92		$	0.66		$	0.59		$	0.51

Average Assets	$	3,221,964		$	3,120,107		$	2,437,870		$	2,353,868		$	2,299,234
Return on Average Assets⁽¹⁾		1.75	%		0.96	%		1.42	%		1.40	%		1.15	%
Core Return on Average Assets⁽¹⁾		1.87	%		1.97	%		1.51	%		1.41	%		1.24	%

Average Equity	$	363,115		$	352,537		$	274,087		$	263,425		$	258,892
Return on Average Equity⁽¹⁾		15.56	%		8.50	%		12.59	%		12.53	%		10.19	%
Core Return on Average Equity⁽¹⁾		16.64	%		17.46	%		13.40	%		12.62	%		11.03	%

Net Interest Income (a)	$	46,047		$	44,327		$	38,354		$	37,057		$	35,008
Noninterest Income		12,549			11,913			6,635			6,890			5,972
Total Revenue	$	58,596		$	56,240		$	44,989		$	43,947		$	40,980
Noninterest Expense	$	38,053		$	37,514		$	29,725		$	29,493		$	29,487
Efficiency Ratio⁽²⁾		64.9	%		66.7	%		66.1	%		67.1	%		72.0	%

Noninterest Income	$	12,549		$	11,913		$	6,635		$	6,890		$	5,972
Add: Non-recurring equity and debt investment write-down		—			2,620			—			—			—
Core Fee Revenue (b)	$	12,549		$	14,533		$	6,635		$	6,890		$	5,972
Core Revenue (a) + (b)	$	58,596		$	58,860		$	44,989		$	43,947		$	40,980

Noninterest Expense	$	38,053		$	37,514		$	29,725		$	29,493		$	29,487
Less: Merger-Related Expenses		1,266			2,615			520			83			712
Core Noninterest Expense	$	36,787		$	34,899		$	29,205		$	29,410		$	28,775
Core Efficiency Ratio⁽²⁾		62.8	%		59.3	%		64.9	%		66.9	%		70.2	%

_______________
_{⁽¹⁾Annualized.}
_{⁽²⁾The efficiency ratio is calculated by dividing noninterest expense by total revenue (net interest income plus noninterest income).}

Commercial Bank Net Interest Margin	Quarter Ended
^{(in thousands)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Commercial Bank Net Interest Income	$	31,515		$	28,812		$	22,676		$	21,223		$	20,045
Average Interest Earning Assets		3,087,943			3,003,081			2,380,946			2,307,070			2,254,663
Less: Average Non-Commercial Bank Interest Earning Assets		128,278			133,401			129,906			119,801			116,197
Average Commercial Bank Interest Earning Assets	$	2,959,665		$	2,869,680		$	2,251,040		$	2,187,269		$	2,138,466
Commercial Bank Net Interest Margin		4.32	%		3.99	%		4.01	%		3.90	%		3.77	%

Commercial Bank Portfolio Loans Receivable Yield	Quarter Ended
^{(in thousands)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Portfolio Loans Receivable Interest Income	$	58,453		$	58,409		$	49,886		$	48,143		$	45,908
Less: Credit Card Loan Income		14,148			15,022			15,137			15,205			14,457
Commercial Bank Portfolio Loans Receivable Interest Income	$	44,305		$	43,387		$	34,749		$	32,938		$	31,451
Average Portfolio Loans Receivable		2,634,110			2,592,960			2,053,619			1,992,630			1,927,372
Less: Average Credit Card Loans		118,723			120,993			119,458			111,288			110,483
Total Commercial Bank Average Portfolio Loans Receivable	$	2,515,387		$	2,471,967		$	1,934,161		$	1,881,342		$	1,816,889
Commercial Bank Portfolio Loans Receivable Yield		7.14	%		6.98	%		7.15	%		7.04	%		6.96	%

Pre-tax, Pre-Provision Net Revenue (“PPNR”)	Quarter Ended
^{(in thousands)}	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024

Net Income	$	13,932	$	7,533	$	8,672	$	8,205	$	6,562
Add: Income Tax Expense		4,365		3,243		2,827		2,728		2,062
Add: Provision for Credit Losses		2,246		7,828		3,748		3,417		2,727
Add: Provision for Credit Losses on Unfunded Commitments		—		122		17		104		142
Pre-tax, Pre-Provision Net Revenue (“PPNR”)	$	20,543	$	18,726	$	15,264	$	14,454	$	11,493

Core PPNR	Quarter Ended
^{(in thousands)}	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024

Net Income	$	13,932	$	7,533	$	8,672	$	8,205	$	6,562
Add: Income Tax Expense		4,365		3,243		2,827		2,728		2,062
Add: Provision for Credit Losses		2,246		7,828		3,748		3,417		2,727
Add: Provision for Credit Losses on Unfunded Commitments		—		122		17		104		142
Add: Merger-Related Expenses		1,266		2,615		520		83		712
Add: Non-recurring equity and debt investment write-down		—		2,620		—		—		—
Core PPNR	$	21,809	$	23,961	$	15,784	$	14,537	$	12,205

Allowance for Credit Losses to Total Portfolio Loans	Quarter Ended
^{(in thousands)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Allowance for Credit Losses	$	48,454		$	48,652		$	31,925		$	30,832		$	29,350
Total Portfolio Loans		2,678,406			2,630,163			2,107,522			2,021,588			1,964,525
Allowance for Credit Losses to Total Portfolio Loans		1.81	%		1.85	%		1.51	%		1.53	%		1.49	%

Commercial Bank Allowance for Credit Losses to Commercial Bank Portfolio Loans	Quarter Ended
^{(in thousands)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Allowance for Credit Losses	$	48,454		$	48,652		$	31,925		$	30,832		$	29,350
Less: Credit Card Allowance for Credit Losses		5,905			6,402			7,339			6,768			5,991
Commercial Bank Allowance for Credit Losses		42,549			42,250			24,586			24,064			23,359
Total Portfolio Loans		2,678,406			2,630,163			2,107,522			2,021,588			1,964,525
Less: Gross Credit Card Loans		115,991			122,928			121,718			116,180			106,572
Commercial Bank Portfolio Loans		2,562,415			2,507,235			1,985,804			1,905,408			1,857,953
Commercial Bank Allowance for Credit Losses to Total Portfolio Loans		1.67	%		1.70	%		1.24	%		1.26	%		1.26	%

Nonperforming Assets to Total Assets	Quarter Ended
^{(in thousands)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Total Nonperforming Assets	$	40,471		$	30,241		$	15,460		$	14,053		$	14,361
Total Assets		3,349,805			3,206,911			2,560,788			2,438,583			2,324,238
Nonperforming Assets to Total Assets		1.21	%		0.94	%		0.60	%		0.58	%		0.62	%

Nonperforming Loans to Total Portfolio Loans	Quarter Ended
^{(in thousands)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Total Nonperforming Loans	$	40,471		$	30,241		$	15,460		$	14,053		$	14,361
Total Portfolio Loans		2,678,406			2,630,163			2,107,522			2,021,588			1,964,525
Nonperforming Loans to Total Portfolio Loans		1.51	%		1.15	%		0.73	%		0.70	%		0.73	%

Net Charge-Offs to Average Portfolio Loans	Quarter Ended
^{(in thousands)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Total Net Charge-Offs	$	2,444		$	2,427		$	2,655		$	1,935		$	1,987
Total Average Portfolio Loans		2,634,110			2,592,960			2,053,619			1,992,630			1,927,372
Net Charge-Offs to Average Portfolio Loans, Annualized		0.38	%		0.37	%		0.51	%		0.39	%		0.41	%

Tangible Book Value per Share	Quarter Ended
^{(in thousands, except share and per share data)}	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024

Total Stockholders’ Equity	$	369,577	$	355,139	$	280,111	$	267,854	$	259,465
Less: Preferred Equity		—		—		—		—		—
Less: Intangible Assets		39,641		36,943		—		—		—
Tangible Common Equity	$	329,936	$	318,196	$	280,111	$	267,854	$	259,465
Period End Shares Outstanding		16,657,168		16,662,626		13,917,891		13,910,467		13,889,563
Tangible Book Value per Share	$	19.81	$	19.10	$	20.13	$	19.26	$	18.68

Return on Average Tangible Common Equity	Quarter Ended
^{(in thousands)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Net Income	$	13,932		$	7,533		$	8,672		$	8,205		$	6,562
Add: Intangible Amortization, Net of Tax		199			198			—			—			—
Net Tangible Income	$	14,131		$	7,731		$	8,672		$	8,205		$	6,562
Average Equity		363,115			352,537			274,087			263,425			258,892
Less: Average Intangible Assets		36,896			22,890			—			—			—
Net Average Tangible Common Equity	$	326,219		$	329,647		$	274,087		$	263,425		$	258,892
Return on Average Equity		15.56	%		8.50	%		12.59	%		12.53	%		10.19	%
Return on Average Tangible Common Equity		17.57	%		9.33	%		12.59	%		12.53	%		10.19	%

Core Return on Average Tangible Common Equity	Quarter Ended
^{(in thousands)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Net Income, as Adjusted	$	14,896		$	15,473		$	9,229		$	8,267		$	7,100
Add: Intangible Amortization, Net of Tax		199			198			—			—			—
Core Net Tangible Income	$	15,095		$	15,671		$	9,229		$	8,267		$	7,100
Core Return on Average Tangible Common Equity		18.77	%		18.91	%		13.40	%		12.62	%		11.03	%

ABOUT CAPITAL BANCORP, INC.
Capital Bancorp, Inc., Rockville, Maryland is a registered bank holding company incorporated under the laws of Maryland. Capital Bancorp has been providing financial services since 1999 and now operates bank branches in four locations in the Washington, D.C., Baltimore, other Maryland markets, one bank branch in Fort Lauderdale, Florida, one bank branch in Chicago, Illinois and one bank branch in Raleigh, North Carolina. Capital Bancorp had assets of approximately $3.3 billion at March 31, 2025 and its common stock is traded in the NASDAQ Global Market under the symbol “CBNK.” More information can be found at the Company’s website www.CapitalBankMD.com under its investor relations page.

FORWARD-LOOKING STATEMENTS
This earnings release contains forward-looking statements. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. Any statements about our management’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “optimistic,” “intends” and similar words or phrases. Any or all of the forward-looking statements in this earnings release may turn out to be inaccurate. The inclusion of forward-looking information in this earnings release should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Our actual results could differ materially from those anticipated in such forward-looking statements. Accordingly, we caution you that any such forward-looking statements are not a guarantee of future performance and that actual results may prove to be materially different from the results expressed or implied by the forward-looking statements due to a number of factors. For details on some of the factors that could affect these expectations, see risk factors and other cautionary language included in the Company’s Annual Report on Form 10-K and other periodic and current reports filed with the Securities and Exchange Commission.

While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; geopolitical concerns, including the ongoing wars in Ukraine and in the Middle East; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Board of Governors of the Federal Reserve System; inflation/deflation, interest rate, market, and monetary fluctuations; volatility and disruptions in global capital and credit markets; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services; the impact of changes in financial services policies, laws, and regulations, including those concerning taxes, banking, securities, and insurance, and the application thereof by regulatory bodies; cybersecurity threats and the cost of defending against them, including the costs of compliance with potential legislation to combat cybersecurity at a state, national, or global level; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; the expected cost savings, synergies and other financial benefits from the acquisition of IFH or any other acquisition the Company has made or may make might not be realized within the expected time frames or at all; the effect of acquisitions we have made or may make, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions, and/or the failure to effectively integrate an acquisition target into our operations; and other factors that may affect our future results.

These forward-looking statements are made as of the date of this communication, and the Company does not intend, and assumes no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by law.

FINANCIAL CONTACT: Dominic Canuso (301) 468-8848 x1403

MEDIA CONTACT: Ed Barry (240) 283-1912

WEB SITE: www.CapitalBankMD.com

The MIL Network –

April 29, 2025

MIL-Evening Report: ‘Complaining is career suicide’: the hidden mental health crisis turning our screen industry upside down

Source: The Conversation (Au and NZ) – By Peter Hegedus, Associate Professor, Griffith Film School, Griffith University

Shutterstock

The Australian screen industry is often associated with fun, creativity and perhaps even glamour. But our new Pressure Point Report reveals a more troubling reality: a pervasive mental health crisis, which could see the screen industry lose a significant number of workers in the near future.

The two-year study led by Griffith University found burnout levels mirroring those found among healthcare workers.

Of the 864 survey responses we analysed, 72% said the screen industry is not a mentally healthy place to work, 36% frequently considered quitting in the past six months, and 25% said they would likely quit within the next six months.

The human toll of creativity

Working in film and television industry has been glamourised, with many aspiring creatives willing to endure difficult conditions to be part of making screen magic.

In a fast-paced environment, where budgets and timelines are squeezed, half of the survey respondents reported facing constant unreasonable deadlines, and 57% described themselves as completely drained by the end of the day.

Even more alarming, 59% struggled with work-life balance, having “little to no life outside of work”, and 62% felt pressured to not claim basic entitlements such as sick leave or holiday pay.

As one participant told us:

I’ve missed birthdays, weddings, and my kid’s school events because of impossible deadlines that could have been managed better with proper planning.

Historically, the industry has relied on workers’ passion to offset poor conditions. However, we’re now seeing a breaking point where even the most dedicated professionals are questioning if it’s worth the personal cost.

A culture of silence

The concerning statistics from our study uncover an underlying culture of misconduct by both practitioners and supervisors. Almost half of respondents experienced bullying in the past year, while 35% encountered sexual harassment or discrimination.

More troubling still, 36% of victims never formally reported incidents. They feared career damage, or that nothing would be done.

One respondent confided:

after witnessing how others were treated when they spoke up, I decided to stay quiet about my own experiences. It feels like complaining is career suicide in this industry.

This response echoes many of the other voices we heard from. Such experiences can lead to a toxic cycle in which unchecked workplace behaviours further damage people’s mental health across the industry.

Inequality compounds the problem

Our research demonstrates the mental health burden falls disproportionately on already marginalised groups.

Women face higher rates of unmanageable workload (54% compared to 38% for men) and poorer work/life balance. They also reported sexual harassment at more than triple the rate of men.

LGBTQIA+ practitioners are significantly worse off, too. They experience elevated rates of depression and sleep issues.

Aboriginal and Torres Strait Islander, culturally and linguistically diverse practitioners, and those living with a disability also face significantly higher rates of negative experiences.

The highest rates of adverse interactions were experienced by neurodivergent professionals and those with pre-existing mental health conditions. Many of them told us that others routinely disregard their professional opinions.

Beyond ‘wellness workshops’

“This industry needs more than a quick fix — it needs real, lasting change,” one veteran crew member emphasised. “That means calling out toxic behaviour, backing workers with proper support, and creating fair conditions where people are treated with respect.”

Our study highlights that surface-level solutions, such as isolated mental health workshops, can’t address the industry’s systemic problems.

Three-quarters of industry workers reported needing mental health support specifically because of their work. We have also found deep flaws in how productions are structured – and a need for the entire industry to see film sets as workplaces just like any other.

Genuine structural change is needed to stop the talent drain currently facing the screen industry.

A wake-up call

We recently presented our findings at Mental Health Matters: A Screen Leaders’ Summit, to a number of screen industry leaders, from producers to screen funding agency representatives.

The summit discussed potential reform models from other high-stress industries, including the construction industry’s MATES program and the UK Film and TV Charity’s Whole Picture Toolkit.

Doing more for Australia’s screen industry matters, not just because it produces entertainment for us — but because it captures our national identity and gives us a global voice.

An exodus of talent would threaten both the quantity and quality of local content. Australia has worked hard to position itself as a global production hub, attracting major international projects and Hollywood blockbusters that create jobs and build expertise.

If nearly a quarter of the workforce exits, the industry would severely diminish its capacity to capitalise on these opportunities.

Peter Hegedus receives funding from Screen Queensland for developing and producing documentaries.

Bobbi-Lea Dionysius receives funding from Screen Queensland for developing and producing documentaries and VR projects. She is affiliated with Women in Film & TV (WIFT).

– ref. ‘Complaining is career suicide’: the hidden mental health crisis turning our screen industry upside down – https://theconversation.com/complaining-is-career-suicide-the-hidden-mental-health-crisis-turning-our-screen-industry-upside-down-254593

MIL OSI Analysis – EveningReport.nz –

April 29, 2025

MIL-Evening Report: Forming new habits can take longer than you think. Here are 8 tips to help you stick with them

Source: The Conversation (Au and NZ) – By Ben Singh, Research Fellow, Allied Health & Human Performance, University of South Australia

SarahMcEwan/Shutterstock

If you’ve ever tried to build a new habit – whether that’s exercising more, eating healthier, or going to bed earlier – you may have heard the popular claim that it only takes 21 days to form a habit.

It’s a neat idea. Short, encouraging and full of promise. But there’s just one problem: it’s not true.

The 21-day myth can be traced back to Maxwell Maltz, a plastic surgeon in the 1960s, who observed it took about three weeks for his patients to adjust to physical changes. This idea was later picked up and repeated in self-help books, eventually becoming accepted wisdom.

But as psychologists and behavioural scientists have since discovered, habit formation is much more complex.

How long does it really take?

A 2010 study followed volunteers trying to build simple routines – such as drinking water after breakfast or eating a daily piece of fruit – and found it took a median of 66 days for the behaviour to become automatic.

We recently reviewed several studies looking at how long it took people to form health-related habits. We found, on average, it took around two to five months.

Specifically, the studies that measured time to reach automaticity (when a behaviour becomes second nature) found that habit formation took between 59 and 154 days. Some people developed a habit in as few as four days. Others took nearly a year.

This wide range highlights that habit formation isn’t one-size-fits-all. It depends on what the behaviour is, how often it’s repeated, how complex it is, and who’s doing it.

What determines whether a habit will stick?

Habit strength plays a key role in consistency. A 2021 systematic review focused on physical activity and found the stronger the habit (meaning the more automatic and less effortful the behaviour felt) the more likely people were to exercise regularly.

It’s not entirely surprising that easy, low-effort behaviours such as drinking water or taking a daily vitamin tend to form faster than complex ones like training for a marathon.

But whatever the habit, research shows sticking to it is not just about boosting motivation or willpower. Interventions that actively support habit formation – through repetition, cues and structure – are much more effective for creating lasting change.

For example, programs that encourage people to schedule regular exercise at the same time each day, or apps that send reminders to drink water after every meal, help build habits by making the behaviour easier to repeat and harder to forget.

Small, everyday actions can grow into powerful routines.
areporter/Shutterstock

Our research, which drew on data from more than 2,600 people, showed habit-building interventions can make a real difference across a range of behaviours – from flossing and healthy eating to regular exercise.

But what stood out most was that even small, everyday actions can grow into powerful routines, when repeated consistently. It’s not about overhauling your life overnight, but about steadily reinforcing behaviours until they become second nature.

8 tips for building lasting habits

If you’re looking to build a new habit, here are some science-backed tips to help them stick:

Give it time. Aim for consistency over 60 days. It’s not about perfection – missing a day won’t reset the clock.
Make it easy. Start small. Choose a behaviour you can realistically repeat daily.
Attach your new habit to an existing routine. That is, make the new habit easier to remember by linking it to something you already do – such as flossing right before you brush your teeth.
Track your progress. Use a calendar or app to tick off each successful day.
Build in rewards, for example making a special coffee after a morning walk or watching an episode of your favourite show after a week of consistent workouts. Positive emotions help habits stick, so celebrate small wins.
Morning is best. Habits practised in the morning tend to form more reliably than those attempted at night. This may be because people typically have more motivation and fewer distractions earlier in the day, making it easier to stick to new routines before daily demands build up.
Personal choice boosts success. People are more likely to stick with habits they choose themselves.
Repetition in a stable context is key. Performing the same behaviour in the same situation (such as walking right after lunch each day) increases the chances it will become automatic.

Habits practised in the morning tend to form more reliably than those attempted at night.
Ground Picture/Shutterstock

Why the 21-day myth matters

Believing habits form in 21 days sets many people up to fail. When change doesn’t “click” within three weeks, it’s easy to feel like you’re doing something wrong. This can lead to frustration, guilt and giving up entirely.

By contrast, understanding the real timeline can help you stay motivated when things feel slow.

Evidence shows habit formation usually takes at least two months, and sometimes longer. But it also shows change is possible.

Our research and other evidence confirm that repeated, intentional actions in stable contexts really do become automatic. Over time, new behaviours can feel effortless and deeply ingrained.

So whether you’re trying to move more, eat better, or improve your sleep, the key isn’t speed – it’s consistency. Stick with it. With time, the habit will stick with you.

Ashleigh E. Smith receives funding from the National Health and Medical Research Council, the Medical Research Future Fund and a Dementia Australia Research Foundation Henry Brodaty Mid-Career Fellowship.

Ben Singh 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. Forming new habits can take longer than you think. Here are 8 tips to help you stick with them – https://theconversation.com/forming-new-habits-can-take-longer-than-you-think-here-are-8-tips-to-help-you-stick-with-them-255118

MIL OSI Analysis – EveningReport.nz –

April 29, 2025

MIL-OSI USA: SPC Tornado Watch 182

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.
SEL2

URGENT – IMMEDIATE BROADCAST REQUESTED
Tornado Watch Number 182
NWS Storm Prediction Center Norman OK
400 PM CDT Mon Apr 28 2025

The NWS Storm Prediction Center has issued a

* Tornado Watch for portions of
Western Oklahoma
West-Central Texas

* Effective this Monday afternoon and evening from 400 PM until
1100 PM CDT.

* Primary threats include…
A couple tornadoes possible
Scattered large hail and isolated very large hail events to 3
inches in diameter likely
Scattered damaging winds likely with isolated significant gusts
to 75 mph possible

SUMMARY…Thunderstorms will intensify rapidly this afternoon in a
very unstable environment. Very large hail and damaging winds are
the primary threat. However, there is some concern for a few
tornadoes during the early evening.

The tornado watch area is approximately along and 65 statute miles
east and west of a line from 60 miles south southeast of Big Spring
TX to 40 miles north of Oklahoma City OK. For a complete depiction
of the watch see the associated watch outline update (WOUS64 KWNS
WOU2).

PRECAUTIONARY/PREPAREDNESS ACTIONS…

REMEMBER…A Tornado Watch means conditions are favorable for
tornadoes and 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.

&&

OTHER WATCH INFORMATION…CONTINUE…WW 180…WW 181…

AVIATION…Tornadoes and a few severe thunderstorms with hail
surface and aloft to 3 inches. Extreme turbulence and surface wind
gusts to 65 knots. A few cumulonimbi with maximum tops to 500. Mean
storm motion vector 24035.

…Hart

SEL2

URGENT – IMMEDIATE BROADCAST REQUESTED
Tornado Watch Number 182
NWS Storm Prediction Center Norman OK
400 PM CDT Mon Apr 28 2025

The NWS Storm Prediction Center has issued a

* Tornado Watch for portions of
Western Oklahoma
West-Central Texas

* Effective this Monday afternoon and evening from 400 PM until
1100 PM CDT.

* Primary threats include…
A couple tornadoes possible
Scattered large hail and isolated very large hail events to 3
inches in diameter likely
Scattered damaging winds likely with isolated significant gusts
to 75 mph possible

SUMMARY…Thunderstorms will intensify rapidly this afternoon in a
very unstable environment. Very large hail and damaging winds are
the primary threat. However, there is some concern for a few
tornadoes during the early evening.

The tornado watch area is approximately along and 65 statute miles
east and west of a line from 60 miles south southeast of Big Spring
TX to 40 miles north of Oklahoma City OK. For a complete depiction
of the watch see the associated watch outline update (WOUS64 KWNS
WOU2).

PRECAUTIONARY/PREPAREDNESS ACTIONS…

REMEMBER…A Tornado Watch means conditions are favorable for
tornadoes and 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.

&&

OTHER WATCH INFORMATION…CONTINUE…WW 180…WW 181…

AVIATION…Tornadoes and a few severe thunderstorms with hail
surface and aloft to 3 inches. Extreme turbulence and surface wind
gusts to 65 knots. A few cumulonimbi with maximum tops to 500. Mean
storm motion vector 24035.

…Hart

Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
SAW2
WW 182 TORNADO OK TX 282100Z – 290400Z
AXIS..65 STATUTE MILES EAST AND WEST OF LINE..
60SSE BGS/BIG SPRING TX/ – 40N OKC/OKLAHOMA CITY OK/
..AVIATION COORDS.. 55NM E/W /33W SJT – 27SE END/
HAIL SURFACE AND ALOFT..3 INCHES. WIND GUSTS..65 KNOTS.
MAX TOPS TO 500. MEAN STORM MOTION VECTOR 24035.

LAT…LON 31410221 35979876 35979644 31410001

THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
FOR WOU2.

Watch 182 Status Report Message has not been issued yet.

Note: Click for Complete Product Text.Tornadoes

Probability of 2 or more tornadoes

Mod (40%)

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

Low (20%)

Wind

Probability of 10 or more severe wind events

Mod (60%)

Probability of 1 or more wind events > 65 knots

Mod (30%)

Hail

Probability of 10 or more severe hail events

High (70%)

Probability of 1 or more hailstones > 2 inches

Mod (60%)

Combined Severe Hail/Wind

Probability of 6 or more combined severe hail/wind events

High (>95%)

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 –

April 29, 2025

MIL-OSI: Real Asset Acquisition Corp. Announces Pricing of $150 Million Initial Public Offering

Source: GlobeNewswire (MIL-OSI)

PRINCETON, NJ, April 28, 2025 (GLOBE NEWSWIRE) — Real Asset Acquisition Corp. (the “Company”) today announced the pricing of its initial public offering of 15,000,000 units at a price of $10.00 per unit. The units will be listed on The Nasdaq Global Market (“Nasdaq”) and are expected to trade under the ticker symbol “RAAQU” beginning on April 29, 2025. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share, subject to certain adjustments. Only whole warrants will be exercisable. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “RAAQ” and “RAAQW,” respectively. The offering is expected to close on April 30, 2025.

Real Asset Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination in any industry, sector or geographic region, it intends to target opportunities and companies that are in the quantum computing, metals/mining, rare earth and infrastructure sectors.

Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, is acting as the lead book-running manager for the offering and Clear Street LLC is acting as joint book-runner for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 2,250,000 units at the initial public offering price to cover over-allotments, if any.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on April 28, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these 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 any such state or jurisdiction.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from Cohen & Company Capital Markets, 3 Columbus Circle, 24th Floor, New York, NY 10019, Attention: Prospectus Department, or by email at: capitalmarkets@cohencm.com.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds from the offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated, or that the Company will ultimately complete a business combination transaction. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

CONTACT

Peter Ort
Principal Executive Officer and Co-Chairman
Real Asset Acquisition Corp.
pete@curaleaassociates.com

The MIL Network –

April 29, 2025

MIL-OSI United Kingdom: Youth Mobility Scheme for Uruguayan and British citizens: 2025

Source: United Kingdom – Executive Government & Departments

World news story

Youth Mobility Scheme for Uruguayan and British citizens: 2025

The Youth Mobility Scheme allows 500 visas, both for Uruguayan and British nationals, to live, study, work and travel in the UK and Uruguay respectively.

In 2025, 500 British and 500 Uruguayan nationals aged 18 to 30 years old will be able to experience life and culture in each other’s country for up to 2 years, as established in the agreement that came into effect in both countries on 31 January 2024.

Uruguayan citizens who would like to travel to the UK under this scheme need to apply for a Youth Mobility Scheme (YMS) visa. British citizens who would like to travel to Uruguay should apply for a Working Holiday temporary residency.

The scheme desires to foster close relations between British and Uruguayan nationals, intending to promote and facilitate access to opportunities that enable youth to gain a better understanding of the other participant’s culture, society, and languages through travel, work, and life experience abroad.

This is the first YMS between the UK and a South American Country. The agreement was signed in August 2023 at the Uruguayan Ministry of Foreign Affairs, during the visit of FCDO Minister for the Americas and Caribbean David Rutley MP to Uruguay.

UK has YMS agreements in place with Andorra, Australia, Canada, Republic of Korea, Hong Kong, Iceland, Japan, Monaco, New Zealand, San Marino, Taiwan and Uruguay.

Uruguay has Working Holiday programmes with Australia, France, Germany, Japan, Netherlands, New Zealand, Sweden, and United Kingdom.

Find below information about the scheme and how to apply, for British and Uruguayan nationals.

Information for British nationals

British citizens interested in applying for a Working Holiday temporary residency must attend the Uruguayan Consulate in London and submit the following documents:

valid passport in good condition, with an expiry date at least one year in the future
a medical certificate from the country of residence where it states that you do not have medical conditions that would make it impossible for you to reside in Uruguay
evidence of a Police Certificate from the country of origin and from any country that you have lived in for the past 5 years. This should be apostilled or legalised, whichever is appropriate. In the UK you can apply for this at: http://www.gov.uk/copy-of-police-records. The six must have been issued within the 6 months prior to the filing of the application
documents that demonstrate that they have sufficient financial resources to meet their needs (such as salary payslips, bank statements, pensions, etc.) issued within 30 days of the application date
declaration of the intended time they will remain in Uruguay, which will be up to 2 years
apostille or legalised birth certificate (whichever is the case, if the person was born outside the UK) and translated (by a certified Uruguayan translator, by Consul or by consular intervention, depending on the case) will be required in Uruguay in order to obtain the Uruguayan National Identity card

Once the documentation is submitted, the Consulate will inform the Ministry of Foreign Affairs’ International Migration Direction, which will notify the National Migration Office. A decision will be made within a maximum of 15 working days.

If the application is successful, the Consulate will let you will know. You will then need to enter Uruguay within 180 days from the notification day. If you need a visa, the Consulate will issue a tourist visa without consulting with the National Migration Office, referring to the temporary residency granted.

Once you are in Uruguay, you will need to go in person to the National Migration Office and the National Civil Identification Office to apply for the National Identity card and pay the required fees. If youneed more information, please contact the Uruguayan Consulate or Uruguayan Embassy: cdlondres@mrree.gub.uy or urureinounido@mree.gub.uy, or call: +44 (0)207 584 4200

Information for Uruguayan nationals:

applications to the Youth Mobility Scheme are online. You can apply from any country in the world, except from the UK
you can apply if you are a Uruguayan National aged 18-30 years old and hold a Uruguayan passport
you can spend up to 2 years in the UK, with multiple entries
you can work but it is not compulsory. You can travel, study short courses or volunteer
you do not need any language, job or skill requirements
you must apply for a visa and pay the Immigration Health Surcharge
you need to demonstrate you have the equivalent to £2,530 in a bank account for at least the past 28 days before applying
you need to get a Criminal Record Certificate. Please request it for Consulate- Ministry of Foreign Affairs, not the British Embassy
you cannot apply if you have any dependants living with you or who are financially dependent on you at the time of application
you must not have not previously taken part in the scheme

Applicants will usually get a decision on their visa within 3 weeks.

For more information, please go to Youth Mobility Scheme visa: Overview – GOV.UK or contact: public.enquiries@homeoffice.gov.uk.

Published 28 April 2025

MIL OSI United Kingdom –

April 29, 2025

MIL-Evening Report: New survey shows business outlook is weakening and uncertainty rising as the trade war bites

Source: The Conversation (Au and NZ) – By John Simon, Adjunct Fellow in Economics, Macquarie University

Vivid Brands/Shutterstock

Uncertainty is everywhere these days.

There is even uncertainty about the uncertainty.

The Reserve Bank of Australia, for example, noted in the minutes from its April 1 meeting:

The most significant development in the period leading up to the meeting had been the significant rise in uncertainty about global trade policy, although the effect of this on sentiment and economic developments in Australia was not yet clear.

A new monthly business survey, developed by a team of researchers at Macquarie University, the Business Outlook Scenarios Survey (BOSS), provides some clarity.

A key feature of the survey, which distinguishes it from other business surveys, is its focus on uncertainty about the future, not just expectations about the most likely outcome.

The most recent survey was conducted between April 10–17, after the announcement of the US “liberation day” tariffs on April 2. The results are concerning, but not yet alarming.

Big rise in uncertainty

The results suggest there has been a significant increase in business uncertainty stemming from the tariff and geopolitical tensions.

Our survey asks roughly 500 Australian businesses about their expectations for, and perceptions of uncertainty about, key business and macroeconomic conditions.

Running since June 2024, it tracks a sample that is representative of Australian businesses. It surveys key decision makers, such as chief financial officers and business owners, who have a detailed knowledge of their own business, and a general knowledge of the broader economy.

The jump in uncertainty is leading to an increase in pessimistic views about businesses’ prospects. Moreover, these expectations are surrounded by elevated uncertainty.

While this has yet to translate into plans to reduce employment and investment, businesses on average expect their costs will rise, and plan to counter the effect through increasing prices.

More importantly, uncertainty generally leads people to defer decisions, and we see evidence of that in the April survey. Firms on average are not expecting to reduce investment or employment – but neither are they planning on increasing it.

Inflation worries are off the boil

When asked about the main source of uncertainty over the next 12 months, businesses used to point to inflation. In June 2024, more than 65% of businesses cited inflation as the main source of business uncertainty. While this is still a significant concern, it has fallen to 48% of respondents.

More dramatically, however, geopolitical risk and tariffs combined were nominated by 52% of businesses in April as one of the main sources of uncertainty. This is up from about 20% of firms in June last year.

This global uncertainty is translating into uncertainty about individual business conditions. There is an increase in the percentage of businesses that expect deteriorating conditions for their business. And there is also an increase in uncertainty about the likely outcomes for their industry conditions, product demand, and access to credit and business inputs.

Risks for hiring and investment

While deteriorating expectations are a source of concern, the rise in uncertainty is like a one-two punch. Businesses that are uncertain about the future will stop hiring or investing until they have a better idea of what the future holds.

Indeed, during the Great Depression in the 1930s, uncertainty about the future exacerbated the initial downturn and helped turn it from a recession into a depression. This paralysing uncertainty is what led US President Franklin D. Roosevelt to utter the famous line “the only thing we have to fear is fear itself.”

While the situation in Australia is not nearly that dire, you can see the consequences of the uncertainty in businesses’ expectations for both their own businesses and the economy more generally.

In light of the tariff tensions, the majority of businesses are adopting a “wait and see” approach and expect to keep employment and investment unchanged in the next 12 months. The majority (62%) also expect their costs will be higher and, consequently, that they will have to raise their prices.

What it means for the RBA

Most businesses surveyed also anticipate higher inflation and lower economic growth in Australia. That is, stagflation.

This has important consequences for the next Reserve Bank board meeting in May.

The March quarter consumer price index, to be released on April 30, is unlikely to show the effects of the trade tensions. But monetary policy needs to be set in a forward-looking manner. That means business expectations of higher costs, prices and inflation over the next 12 months could argue for higher interest rates than otherwise.

Complicating the picture is the expectation of slower economic growth, which would usually argue for lower interest rates.

On balance, the majority of businesses surveyed in April expect the Reserve Bank to lower the cash rate in response to the trade war.

Regardless, what is undeniable is that uncertainty has increased in the last few months. And that means that policymakers need to deal with the uncertainty itself. Slightly lower interest rates or a little extra government spending cannot, of themselves, overcome the paralysing effects of uncertainty.

As such, the Reserve Bank and the government need to talk about not just their central expectations, but their strategy for dealing with the uncertainty around those expectations.

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. New survey shows business outlook is weakening and uncertainty rising as the trade war bites – https://theconversation.com/new-survey-shows-business-outlook-is-weakening-and-uncertainty-rising-as-the-trade-war-bites-255101

MIL OSI Analysis – EveningReport.nz –

April 29, 2025

MIL-OSI USA: SPC Tornado Watch 181

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
Tornado Watch Number 181
NWS Storm Prediction Center Norman OK
325 PM CDT Mon Apr 28 2025

The NWS Storm Prediction Center has issued a

* Tornado Watch for portions of
Northern Iowa
Central and Southeast Minnesota
Western Wisconsin

* Effective this Monday afternoon and evening from 325 PM until
1100 PM CDT.

* Primary threats include…
A few tornadoes and a couple intense tornadoes likely
Widespread large hail and scattered very large hail events to 3
inches in diameter likely
Scattered damaging winds likely with isolated significant gusts
to 75 mph possible

SUMMARY…A line of intense thunderstorms over western Minnesota
will track northeastward across the watch area through the evening.
Very large hail and a few tornadoes are the primary concerns.
Strong tornadoes are also possible.

The tornado watch area is approximately along and 65 statute miles
east and west of a line from 95 miles north northeast of Minneapolis
MN to 20 miles southeast of Fort Dodge IA. For a complete depiction
of the watch see the associated watch outline update (WOUS64 KWNS
WOU1).

PRECAUTIONARY/PREPAREDNESS ACTIONS…

REMEMBER…A Tornado Watch means conditions are favorable for
tornadoes and 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.

&&

OTHER WATCH INFORMATION…CONTINUE…WW 180…

AVIATION…Tornadoes and a few severe thunderstorms with hail
surface and aloft to 3 inches. Extreme turbulence and surface wind
gusts to 65 knots. A few cumulonimbi with maximum tops to 500. Mean
storm motion vector 24035.

…Hart

Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
SAW1
WW 181 TORNADO IA MN WI 282025Z – 290400Z
AXIS..65 STATUTE MILES EAST AND WEST OF LINE..
95NNE MSP/MINNEAPOLIS MN/ – 20SE FOD/FORT DODGE IA/
..AVIATION COORDS.. 55NM E/W /41SSW DLH – 23SE FOD/
HAIL SURFACE AND ALOFT..3 INCHES. WIND GUSTS..65 KNOTS.
MAX TOPS TO 500. MEAN STORM MOTION VECTOR 24035.

LAT…LON 46149110 42349265 42349520 46149382

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

Watch 181 Status Report Message has not been issued yet.

Note: Click for Complete Product Text.Tornadoes

Probability of 2 or more tornadoes

High (70%)

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

Mod (60%)

Wind

Probability of 10 or more severe wind events

Mod (60%)

Probability of 1 or more wind events > 65 knots

Mod (30%)

Hail

Probability of 10 or more severe hail events

High (80%)

Probability of 1 or more hailstones > 2 inches

High (80%)

Combined Severe Hail/Wind

Probability of 6 or more combined severe hail/wind events

High (>95%)

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 –

April 29, 2025

MIL-OSI: Turtle Beach Corporation to Report First Quarter 2025 Financial Results on Thursday, May 8, 2025

Source: GlobeNewswire (MIL-OSI)

WHITE PLAINS, N.Y., April 28, 2025 (GLOBE NEWSWIRE) — Turtle Beach Corporation (Nasdaq: TBCH) a leading gaming headset and accessories brand, today announced it will report financial results for the first quarter 2025 on Thursday, May 8, 2025, after the close of trading on the Nasdaq Stock Market.

The Company will also host a conference call and audio webcast at 5:00p.m. ET / 2:00p.m. PT that same day to review the results. The call will be hosted by Cris Keirn, Chief Executive Officer, and Mark Weinswig, Chief Financial Officer.

Conference Call Information
The live webcast of the call will be available on the “Events & Presentations” page of the Company’s website at corp.turtlebeach.com. Interested individuals may also join by dialing 1-877-407-0792 or 1-201-689-8263. To avoid delays, participants are encouraged to dial into the conference call 15-minutes ahead of the scheduled start time.

A telephone replay of the call will be available through May 22, 2025, and can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and entering passcode 13752645. A replay of the webcast will also be available on the investor relations website for a limited time.

About Turtle Beach Corporation

Turtle Beach Corporation (the “Company”) (corp.turtlebeach.com) is one of the world’s leading gaming accessory providers. The Company’s namesake Turtle Beach brand (www.turtlebeach.com) is known for designing best-selling gaming headsets, top-rated game controllers, award-winning PC gaming peripherals, and groundbreaking gaming simulation accessories. Innovation, first-to-market features, a broad range of products for all types of gamers, and top-rated customer support have made Turtle Beach a fan-favorite brand and the market leader in console gaming audio for over a decade. Turtle Beach Corporation acquired Performance Designed Products (www.pdp.com) in 2024. Turtle Beach’s shares are traded on the Nasdaq Exchange under the symbol: TBCH.

Cautionary Note on Forward-Looking Statements
This press release includes forward-looking information and statements within the meaning of the federal securities laws. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions, or beliefs about future events. Statements containing the words “may”, “could”, “would”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate”, “target”, “goal”, “project”, “intend” and similar expressions, or the negatives thereof, constitute forward-looking statements. Forward-looking statements are only predictions and are not guarantees of performance. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. The inclusion of such information should not be regarded as a representation by the Company, or any person, that the objectives of the Company will be achieved. Forward-looking statements are based on management’s current beliefs and expectations, as well as assumptions made by, and information currently available to, management.

While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward-looking statements made by the Company or on its behalf. Some of these factors include, but are not limited to, risks related to macroeconomic conditions affecting the demand for our products, logistic and supply chain challenges and costs, dependence on the success and availability of third-parties to manufacturer and manage the logistics of transporting and distributing our products, the substantial uncertainties inherent in the acceptance of existing and future products, the difficulty of commercializing and protecting new technology, the impact of competitive products and pricing, general business and economic conditions, risks associated with the expansion of our business including the integration of any businesses we acquire and the integration of such businesses within our internal control over financial reporting and operations, our indebtedness, liquidity, and other factors discussed in our public filings, including the risk factors included in the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and the Company’s other periodic reports filed with the Securities and Exchange Commission. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, the Company is under no obligation to publicly update or revise any forward-looking statement after the date of this release whether as a result of new information, future developments or otherwise.

CONTACTS

Investors:
tbch@icrinc.com
(646) 277-1285

Public Relations & Media:
MacLean Marshall
Sr. Director, Global Communications
Turtle Beach Corporation
(858) 914-5093
maclean.marshall@turtlebeach.com

The MIL Network –

April 29, 2025

MIL-OSI: Transocean Ltd. Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

	Three months ended									Three months ended
	March 31,			December 31,			sequential			March 31,			year-over-year
	2025			2024			change			2024			change
(In millions, except per share amounts, percentages and backlog)
Contract drilling revenues	$	906		$	952		$	(46	)	$	763		$	143
Revenue efficiency ⁽¹⁾		95.5	%		93.5	%					92.9	%
Operating and maintenance expense	$	618		$	579		$	(39	)	$	523		$	(95	)
Net income (loss) attributable to controlling interest	$	(79	)	$	7		$	(86	)	$	98		$	(177	)
Basic earnings (loss) per share	$	(0.09	)	$	0.01		$	(0.10	)	$	0.12		$	(0.21	)
Diluted earnings (loss) per share	$	(0.11	)	$	(0.11	)	$	—		$	0.11		$	(0.22	)

Adjusted EBITDA	$	244		$	323		$	(79	)	$	199		$	45
Adjusted EBITDA margin		26.9	%		33.9	%					26.0	%
Adjusted net income (loss)	$	(65	)	$	27		$	(92	)	$	(22	)	$	(43	)
Adjusted diluted loss per share	$	(0.10	)	$	(0.09	)	$	(0.01	)	$	(0.03	)	$	(0.07	)


Backlog as of the April 2025 Fleet Status Report	$	7.9	billion

STEINHAUSEN, Switzerland, April 28, 2025 (GLOBE NEWSWIRE) — Transocean Ltd. (NYSE: RIG) today reported a net loss attributable to controlling interest of $79 million, or loss of $0.11 per diluted share, for the three months ended March 31, 2025.

First quarter results included $14 million, $0.01 per diluted share, for unfavorable discrete tax items, net. After consideration of these discrete items, first quarter 2025 adjusted net loss was $65 million, or loss of $0.10 per diluted share.

Contract drilling revenues for the three months ended March 31, 2025, decreased sequentially by $46 million to $906 million, primarily due to lower revenues generated by one rig that was undergoing contract preparation and mobilization activities during the quarter, lower revenues generated by one rig that was idle in between contracts and two fewer days in the quarter, partially offset by higher revenue efficiency and average daily revenues across the fleet.

Operating and maintenance expense was $618 million, compared with $579 million in the prior quarter. The sequential increase was the result of an unfavorable legal outcome in the first quarter, a favorable legal settlement in the fourth quarter and increased costs related to a rig in shipyard, partially offset by lower in-service maintenance costs across our fleet.

General and administrative expense was $50 million, down from $56 million in the fourth quarter due primarily to decreased legal and professional fees.

Interest expense was $152 million in the first and fourth quarter, excluding the favorable adjustment of $36 million and $61 million, respectively, for the fair value of the bifurcated exchange feature related to the 4.625% exchangeable bonds. Interest income was $8 million, compared to $10 million in the prior quarter.

The Effective Tax Rate⁽²⁾ was (95.8)%, down from 89.0% in the prior quarter. The decrease was primarily due to lower operating income in the current quarter compared to the prior quarter. The Effective Tax Rate excluding discrete items was (62.3)% compared to 56.7% in the previous quarter. In the first quarter, cash paid for taxes was $13 million.

Cash provided by operating activities was $26 million during the first quarter of 2025, representing a decrease of $180 million compared to the prior quarter. The sequential decrease was in large part due to reduced collections from customers and increased payroll-related payments that regularly occur in the first quarter of each year.

First quarter 2025 capital expenditures of $60 million, compared to $29 million in the prior quarter, were related to capital upgrades for certain rigs in our fleet.

“The Transocean team delivered a solid quarter, with an adjusted EBITDA of $244 million on revenues of $906 million,” said Chief Executive Officer, Jeremy Thigpen. “We also improved our balance sheet with the repayment of $210 million in outstanding debt.”

Thigpen concluded, “While uncertain macroeconomic conditions have resulted in near-term market volatility, including commodity prices, Transocean is very well-positioned to navigate this evolving landscape. In addition to continuing to deliver strong operating performance across our highly contracted fleet, we remain engaged in constructive conversations with our customers on opportunities several years in the future.”

Non-GAAP Financial Measures

We present our operating results in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). We believe certain financial measures, such as EBITDA, Adjusted EBITDA, Adjusted Net Income and Free Cash Flow, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under U.S. GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with U.S. GAAP.

All non-GAAP measure reconciliations to the most comparative U.S. GAAP measures are displayed in quantitative schedules on the company’s website at: www.deepwater.com.

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services, and operates the highest specification floating offshore drilling fleet in the world.

Transocean owns or has partial ownership interests in and operates a fleet of 34 mobile offshore drilling units, consisting of 26 ultra-deepwater floaters and eight harsh environment floaters.

For more information about Transocean, please visit: www.deepwater.com.

Conference Call Information

Transocean will conduct a teleconference starting at 10 a.m. EDT, 4 p.m. CEST, on Tuesday, April 29, 2025, to discuss the results. To participate, dial +1 785-424-1619 and refer to conference code 119877 approximately 15 minutes prior to the scheduled start time.

The teleconference will be simulcast in a listen-only mode at: www.deepwater.com, by selecting Investors, News, and Webcasts. Supplemental materials that may be referenced during the teleconference will be available at: www.deepwater.com, by selecting Investors, Financial Reports.

A replay of the conference call will be available after 1 p.m. EDT, 7 p.m. CEST, on Tuesday, April 29, 2025. The replay, which will be archived for approximately 30 days, can be accessed at +1 402-220-7202, passcode 119877. The replay will also be available on the company’s website.

Forward-Looking Statements

The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as “possible,” “intend,” “will,” “if,” “expect,” or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, timing of the company’s newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the success of our business following prior acquisitions, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including those and other risks discussed in the company’s most recent Annual Report on Form 10-K for the year ended December 31, 2024, and in the company’s other filings with the SEC, which are available free of charge on the SEC’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.

This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.

Notes

(1)		Revenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations. See the accompanying schedule entitled “Revenue Efficiency.”

(2)		Effective Tax Rate is defined as income tax expense or benefit divided by income or loss before income taxes. See the accompanying schedule entitled “Supplemental Effective Tax Rate Analysis.”

Analyst Contact:
Alison Johnson
+1 713-232-7214

Media Contact:
Pam Easton
+1 713-232-7647


TRANSOCEAN LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data) (Unaudited)

	Three months ended
	March 31,
	2025			2024

Contract drilling revenues	$	906		$	763

Costs and expenses
Operating and maintenance		618			523
Depreciation and amortization		176			185
General and administrative		50			52
		844			760

Gain (loss) on disposal of assets, net		2			(6	)
Operating income (loss)		64			(3	)

Other income (expense), net
Interest income		8			15
Interest expense, net of amounts capitalized		(116	)		(117	)
Other, net		4			12
		(104	)		(90	)
Loss before income tax expense (benefit)		(40	)		(93	)
Income tax expense (benefit)		39			(191	)

Net income (loss)		(79	)		98
Net income attributable to noncontrolling interest		—			—
Net income (loss) attributable to controlling interest	$	(79	)	$	98

Earnings (loss) per share
Basic	$	(0.09	)	$	0.12
Diluted	$	(0.11	)	$	0.11

Weighted-average shares outstanding
Basic		883			819
Diluted		958			955


TRANSOCEAN LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited)

	March 31,			December 31,
	2025			2024
Assets
Cash and cash equivalents	$	263		$	560
Accounts receivable, net of allowance of $2 at March 31, 2025 and December 31, 2024		551			564
Materials and supplies, net of allowance of $184 and $178 at March 31, 2025 and December 31, 2024, respectively		453			439
Assets held for sale		344			343
Restricted cash and cash equivalents		428			381
Other current assets		165			165
Total current assets		2,204			2,452

Property and equipment		22,460			22,417
Less accumulated depreciation		(6,746	)		(6,586	)
Property and equipment, net		15,714			15,831

Deferred tax assets, net		50			45
Other assets		1,051			1,043
Total assets	$	19,019		$	19,371

Liabilities and equity
Accounts payable	$	273		$	255
Accrued income taxes		24			31
Debt due within one year		712			686
Other current liabilities		647			691
Total current liabilities		1,656			1,663

Long-term debt		5,936			6,195
Deferred tax liabilities, net		519			499
Other long-term liabilities		697			729
Total long-term liabilities		7,152			7,423

Commitments and contingencies

Shares, $0.10 par value, 1,057,879,029 authorized, 141,262,093 conditionally authorized, 940,828,901 issued
and 883,261,456 outstanding at March 31, 2025, and $0.10 par value, 1,057,879,029 authorized,
141,262,093 conditionally authorized, 940,828,901 issued and 875,830,772 outstanding at December 31, 2024		88			87
Additional paid-in capital		14,887			14,880
Accumulated deficit		(4,624	)		(4,545	)
Accumulated other comprehensive loss		(141	)		(138	)
Total controlling interest shareholders’ equity		10,210			10,284
Noncontrolling interest		1			1
Total equity		10,211			10,285
Total liabilities and equity	$	19,019		$	19,371


TRANSOCEAN LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited)

	Three months ended
	March 31,
	2025			2024
Cash flows from operating activities
Net income (loss)	$	(79	)	$	98
Adjustments to reconcile to net cash provided by (used in) operating activities:
Amortization of contract intangible asset		—			4
Depreciation and amortization		176			185
Share-based compensation expense		8			11
(Gain) loss on disposal of assets, net		(2	)		6
Amortization of debt-related balances, net		13			13
Gain on adjustment to bifurcated compound exchange feature		(36	)		(10	)
Loss on impairment of investment in unconsolidated affiliates		—			1
Deferred income tax expense (benefit)		15			(164	)
Other, net		4			—
Changes in deferred revenues, net		(38	)		77
Changes in deferred costs, net		(12	)		(38	)
Changes in other operating assets and liabilities, net		(23	)		(269	)
Net cash provided by (used in) operating activities		26			(86	)

Cash flows from investing activities
Capital expenditures		(60	)		(83	)
Investment in loan to unconsolidated affiliate		—			(2	)
Proceeds from disposal of assets, net of costs to sell		2			44
Net cash used in investing activities		(58	)		(41	)

Cash flows from financing activities
Repayments of debt		(210	)		(151	)
Other, net		(8	)		(1	)
Net cash used in financing activities		(218	)		(152	)

Net decrease in unrestricted and restricted cash and cash equivalents		(250	)		(279	)
Unrestricted and restricted cash and cash equivalents, beginning of period		941			995
Unrestricted and restricted cash and cash equivalents, end of period	$	691		$	716


TRANSOCEAN LTD. AND SUBSIDIARIES
FLEET OPERATING STATISTICS


	Three months ended
	March 31,		December 31,		March 31,
Contract Drilling Revenues (in millions)	2025		2024		2024
Ultra-deepwater floaters	$	658	$	675	$	569
Harsh environment floaters		248		277		194
Total contract drilling revenues	$	906	$	952	$	763

	Three months ended
	March 31,		December 31,		March 31,
Average Daily Revenue ⁽¹⁾	2025		2024		2024
Ultra-deepwater floaters	$	443,600	$	428,200	$	422,900
Harsh environment floaters		443,600		452,600		367,900
Total fleet average daily revenue	$	443,600	$	434,700	$	408,200

	Three months ended
	March 31,		December 31,		March 31,
Revenue Efficiency ⁽²⁾	2025		2024		2024
Ultra-deepwater floaters	94.3	%	92.0	%	92.7	%
Harsh environment floaters	99.3	%	97.6	%	93.3	%
Total fleet average revenue efficiency	95.5	%	93.5	%	92.9	%

	Three months ended
	March 31,		December 31,		March 31,
Utilization ⁽³⁾	2025		2024		2024
Ultra-deepwater floaters	61.5	%	64.3	%	51.2	%
Harsh environment floaters	69.5	%	75.0	%	62.0	%
Total fleet average rig utilization	63.4	%	66.8	%	53.7	%


⁽¹⁾ Average daily revenue is defined as operating revenues, excluding revenues for contract terminations, reimbursements and contract intangible amortization, earned per operating day. An operating day is defined as a day for which a rig is contracted to earn a dayrate during the firm contract period after operations commence.

⁽²⁾ Revenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations.

⁽³⁾ Rig utilization is defined as the total number of operating days divided by the total number of rig calendar days in the measurement period, expressed as a percentage.


TRANSOCEAN LTD. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
ADJUSTED NET INCOME (LOSS) AND ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE
(in millions, except per share data)


	YTD
	03/31/25
Adjusted Net Loss
Net loss attributable to controlling interest, as reported	$	(79	)
Discrete tax items		14
Net loss, as adjusted	$	(65	)

Adjusted Diluted Loss Per Share:
Diluted loss per share, as reported	$	(0.11	)
Discrete tax items		0.01
Diluted loss per share, as adjusted	$	(0.10	)

	YTD			QTD			YTD			QTD			YTD			QTD			YTD
	12/31/24			12/31/24			09/30/24			09/30/24			06/30/24			06/30/24			03/31/24
Adjusted Net Income (Loss)
Net income (loss) attributable to controlling interest, as reported	$	(512	)	$	7		$	(519	)	$	(494	)	$	(25	)	$	(123	)	$	98
Loss on impairment of assets, net of tax		755			—			755			617			138			138			—
Loss on impairment of investment in unconsolidated affiliates		5			—			5			—			5			4			1
Gain on retirement of debt		(161	)		—			(161	)		(21	)		(140	)		(140	)		—
Discrete tax items		(141	)		20			(161	)		(38	)		(123	)		(2	)		(121	)
Net income (loss), as adjusted	$	(54	)	$	27		$	(81	)	$	64		$	(145	)	$	(123	)	$	(22	)

Adjusted Diluted Earnings (Loss) Per Share:
Diluted earnings (loss) per share, as reported	$	(0.76	)	$	(0.11	)	$	(0.65	)	$	(0.58	)	$	(0.03	)	$	(0.15	)	$	0.11
Loss on impairment of assets, net of tax		0.82			—			0.82			0.64			0.17			0.17			—
Loss on impairment of investment in unconsolidated affiliates		0.01			—			0.01			—			—			—			—
Gain on retirement of debt		(0.18	)		—			(0.18	)		(0.02	)		(0.17	)		(0.17	)		—
Discrete tax items		(0.15	)		0.02			(0.18	)		(0.04	)		(0.15	)		—			(0.14	)
Diluted earnings (loss) per share, as adjusted	$	(0.26	)	$	(0.09	)	$	(0.18	)	$	—		$	(0.18	)	$	(0.15	)	$	(0.03	)


TRANSOCEAN LTD. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
ADJUSTED CONTRACT DRILLING REVENUES
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION AND RELATED MARGINS
(in millions, except percentages)


	YTD
	03/31/25

Contract drilling revenues	$	906

Net loss	$	(79	)
Interest expense, net of interest income		108
Income tax expense		39
Depreciation and amortization		176
EBITDA		244

Adjusted EBITDA	$	244


Loss margin		(8.7	)%
EBITDA margin		26.9	%
Adjusted EBITDA margin		26.9	%


	YTD			QTD			YTD			QTD			YTD			QTD			YTD
	12/31/24			12/31/24			09/30/24			09/30/24			06/30/24			06/30/24			03/31/24

Contract drilling revenues	$	3,524		$	952		$	2,572		$	948		$	1,624		$	861		$	763
Contract intangible asset amortization		4			—			4			—			4			—			4
Adjusted Contract Drilling Revenues	$	3,528		$	952		$	2,576		$	948		$	1,628		$	861		$	767

Net income (loss)	$	(512	)	$	7		$	(519	)	$	(494	)	$	(25	)	$	(123	)	$	98
Interest expense, net of interest income		312			81			231			69			162			60			102
Income tax expense (benefit)		(11	)		55			(66	)		(31	)		(35	)		156			(191	)
Depreciation and amortization		739			180			559			190			369			184			185
Contract intangible asset amortization		4			—			4			—			4			—			4
EBITDA		532			323			209			(266	)		475			277			198

Loss on impairment of assets		772			—			772			629			143			143			—
Loss on impairment of investment in unconsolidated affiliates		5			—			5			—			5			4			1
Gain on retirement of debt		(161	)		—			(161	)		(21	)		(140	)		(140	)		—
Adjusted EBITDA	$	1,148		$	323		$	825		$	342		$	483		$	284		$	199


Profit (loss) margin		(14.5	)%		0.7	%		(20.2	)%		(52.0	)%		(1.5	)%		(14.3	)%		12.9	%
EBITDA margin		15.1	%		33.9	%		8.1	%		(28.1	)%		29.2	%		32.2	%		25.8	%
Adjusted EBITDA margin		32.5	%		33.9	%		32.0	%		36.0	%		29.7	%		33.0	%		26.0	%



TRANSOCEAN LTD. AND SUBSIDIARIES
SUPPLEMENTAL EFFECTIVE TAX RATE ANALYSIS
(in millions, except tax rates)


	Three months ended
	March 31,			December 31,			March 31,
	2025			2024			2024

Income (loss) before income taxes	$	(40	)	$	62		$	(93	)
Loss on impairment of investment in unconsolidated affiliates		—			—			1
Adjusted income (loss) before income taxes	$	(40	)	$	62		$	(92	)


Income tax expense (benefit)	$	39		$	55		$	(191	)
Loss on impairment of investment in unconsolidated affiliates		—			—			—
Changes in estimates (1)		(14	)		(20	)		121
Adjusted income tax expense (benefit)	$	25		$	35		$	(70	)

Effective Tax Rate (2)		(95.8	)%		89.0	%		206.0	%

Effective Tax Rate, excluding discrete items (3)		(62.3	)%		56.7	%		76.9	%


(1) Our estimates change as we file tax returns, settle disputes with tax authorities, or become aware of changes in laws, operational changes and rig movements that have an effect on our (a) deferred taxes, (b) valuation allowances on deferred taxes and (c) other tax liabilities.

(2) Our effective tax rate is calculated as income tax expense or benefit divided by income or loss before income taxes.

(3) Our effective tax rate, excluding discrete items, is calculated as income tax expense or benefit, excluding various discrete items (such as changes in estimates and tax on items excluded from income before income taxes), divided by income or loss before income taxes, excluding gains and losses on sales and similar items pursuant to the accounting standards for income taxes related to estimating the annual effective tax rate.


TRANSOCEAN LTD. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
FREE CASH FLOW AND LEVERED FREE CASH FLOW
(in millions)


																			YTD
																			03/31/25

Cash provided by operating activities																			$	26
Capital expenditures																				(60	)
Free Cash Flow																				(34	)
Debt repayments																				(210	)
Debt repayments, paid from debt proceeds																				–
Levered Free Cash Flow																			$	(244	)



	YTD			QTD			YTD			QTD			YTD			QTD			YTD
	12/31/24			12/31/24			09/30/24			09/30/24			06/30/24			06/30/24			03/31/24

Cash provided by (used in) operating activities	$	447		$	206		$	241		$	194		$	47		$	133		$	(86	)
Capital expenditures		(254	)		(29	)		(225	)		(58	)		(167	)		(84	)		(83	)
Free Cash Flow		193			177			16			136			(120	)		49			(169	)
Debt repayments		(2,103	)		(30	)		(2,073	)		(258	)		(1,815	)		(1,664	)		(151	)
Debt repayments, paid from debt proceeds		1,748			–			1,748			99			1,649			1,649			–
Levered Free Cash Flow	$	(162	)	$	147		$	(309	)	$	(23	)	$	(286	)	$	34		$	(320	)



	YTD			QTD			YTD			QTD			YTD			QTD			YTD
	12/31/23			12/31/23			09/30/23			09/30/23			06/30/23			06/30/23			03/31/23

Cash provided by (used in) operating activities	$	164		$	98		$	66		$	(44	)	$	110		$	157		$	(47	)
Capital expenditures		(427	)		(220	)		(207	)		(50	)		(157	)		(76	)		(81	)
Free Cash Flow		(263	)		(122	)		(141	)		(94	)		(47	)		81			(128	)
Debt repayments		(1,717	)		(10	)		(1,707	)		(139	)		(1,568	)		(4	)		(1,564	)
Debt repayments, paid from debt proceeds		1,156			–			1,156			–			1,156			–			1,156
Levered Free Cash Flow	$	(824	)	$	(132	)	$	(692	)	$	(233	)	$	(459	)	$	77		$	(536	)

The MIL Network –

April 29, 2025

MIL-Evening Report: Here’s how to make your backyard safer and cooler next summer

Source: The Conversation (Au and NZ) – By Pui Kwan Cheung, Research Fellow in Urban Microclimates, The University of Melbourne

Varavin88, Shutterstock

Our backyards should be safe and inviting spaces all year round, including during the summer months.

But the choices we make about garden design and maintenance, such as whether to have artificial turf or real grass for a lawn, can have serious consequences. Children, elderly people and pets are particularly susceptible to burns from contact with artificial turf on a hot day.

Watering your lawn or planting a shady tree can also dramatically change how hot your backyard feels in summer. Ultimately, these factors will influence how much time you and your family spend outside.

No matter where in the world you live, it is never too late to find out how to make your backyard safer and cooler next summer.

The case against artificial turf

Artificial turf or synthetic grass, commonly used on sports fields, has become popular in private outdoor spaces such as backyards.

People may think it’s cheaper and easier to maintain than real turf. Perhaps they like the idea of saving water and having the look of lawn without the hassle of mowing and fertilising it.

But this type of plastic surface is known to become very hot on a sunny day.

We wanted to find out just how hot artificial turf can get in a suburban backyard over summer.

So we set up an experiment to compare the temperatures of artificial turf, dry natural turf, and watered natural turf in Melbourne. We took surface temperature measurements continuously for 51 days during the summer of 2023–24.

The research was part of a project demonstrating the benefits of green space in residential properties. The project received funding from Horticulture Innovation Australia, a grower-owned not-for-profit research and development corporation. That funding, in part, came from three water authorities.

Thermal imaging reveals artificial turf is hotter than natural turf on a hot sunny day.
Pui Kwan Cheung

Feeling the heat

In adults, irreversible burns occur when the skin is in contact with a surface that is 48°C or hotter for ten minutes.

The temperature needed to cause skin burns in children is approximately 2°C lower, because their skin is thinner and more sensitive.

Contact skin burns due to the high surface temperature of artificial turf has been identified as a health risk.

In our latest research, the artificial turf reached a scorching 72°C, which is sufficient to cause irreversible skin burns in just ten seconds. In contrast, the real turf was never hot enough to cause such burns (maximum temperature of 39°C).

Over the course of our experiment, the artificial turf was hot enough to cause adults irreversible skin burns for almost four hours a day. While adults might be expected to move away from the heat before it burns, vulnerable people such as babies and the elderly, as well as pets, are most at risk because they may be unable to move away.

We also took measurements in real backyards on a hot sunny summer’s day. We compared the risk of skin burns on four different surfaces: artificial turf, mulch, timber and real turf. The only surface that did not get hot enough to cause skin burns in adults was real turf.

Watering the grass can cool your backyard in more ways than one.
Stephen Livesley

Why should I water the lawn?

Grass and other plants release water vapour from little holes in their leaves into the atmosphere. This process helps the plant maintain a liveable leaf temperature on a hot day, but it also cools the air around the leaves.

It is a good idea to water your lawn throughout summer for two reasons:

well-watered lawn is healthier, stays green for longer, and has more leaves to release water vapour into the air (“transpire”).
more water is available to evaporate from the soil and leaves, adding to the cooling effect.

If you’re worried about wasting drinking water on your lawn, you can install a rainwater tank or household water recycling plant. Having access to alternative water sources will become increasingly important as the world warms and the climate dries.

More shade will cool your backyard.
Stephen Livesley

What about shade?

The most effective way to make you feel cooler in your backyard is to provide adequate shade. This reduces the amount of sun energy hitting your body or the ground, heating the surface and warming the surrounding air.

A single tree can lower the level of heat stress from extreme to moderate. This may be the difference between wanting to spend time outside on a hot day and avoiding your backyard altogether.

Even small trees can still make you feel cooler, if they provide some shade.

However, too-dense tree canopy cover may prevent air flow – so there is a happy medium. Air flow is necessary to move the heat away from your backyard and cool your body down.

Taking all the above measures will keep your backyard safe and cool throughout summer. This will allow you and your family to spend more quality time in your backyard, cool your home, and improve your quality of life.

Pui Kwan Cheung receives funding from Horticulture Innovation Australia (Hort Innovation) for the research project “demonstrating the benefits of increasing available green infrastructure in residential homes”, which is relevant to this article.
The project involves co-investment from South East Water, Greater Western Water, Yarra Valley Water, the Department of Energy, Environment and Climate Action (Victoria), Department of Planning, Housing and Infrastructure (New South Wales), The University of Melbourne, and the Australian Government. Hort Innovation is the grower-owned, not-for-profit research and development corporation for Australian horticulture.

Stephen Livesley receives funding from Horticulture Innovation Australia, the Australian Research Council and various water authorities.

– ref. Here’s how to make your backyard safer and cooler next summer – https://theconversation.com/heres-how-to-make-your-backyard-safer-and-cooler-next-summer-254928

MIL OSI Analysis – EveningReport.nz –

April 29, 2025

MIL-Evening Report: Democracy on display or a public eyesore? The case for cracking down on election corflutes

Source: The Conversation (Au and NZ) – By Andrew Hughes, Lecturer in Marketing, Research School of Management, Australian National University

In my time researching political advertising, one common communication method that often generates complaints is the proliferation of campaign corflutes.

Politicians love them. Not so, many members of the general public. People are so fed up with candidate posters that there are numerous tales of late night vandalism, including deliberate acts of road rage aimed at destroying them.

And yet, at every single election – local, state and federal – the hated signs spring up once again to populate front gardens, streetscapes and open spaces.

Given how divisive they are, why do politicians persist with them? What are the laws around their use? And is South Australia on the right track by banning corflutes in public places?

It’s a jungle out there

To begin with, all corflutes must comply with the Australian Electoral Commission (AEC), which includes displaying a “written and authorised” statement

that enables voters to know the source of the electoral or political communication.

Posters can’t mislead voters regarding candidates’ political affiliation. In 2022, corflutes authorised by Advance Australia in the ACT were ruled misleading because they strongly implied independent Senate candidate David Pocock was running for the Greens.

But in terms of size, number, and placement – welcome to the wild west of Australian political communications.

Size varies from the standard 60cm x 90cm corflute, to much larger signs like the one promoting Liberal candidate Amelia Hamer that was stolen by the husband of Teal MP Monique Ryan in the seat of Kooyong.

Neither the number nor the placement of signs are regulated by electoral law, other than a requirement they not be placed within 6 metres of a polling place.

Corflutes are governed by local council laws and regulations relating to political signage. This leads to a wide variation around Australia. Some areas have no rules on number or placement, which is where you usually find the issues.

By contrast, corflutes are strictly regulated in South Australia. Laws passed last year banned election posters from public infrastructure, though they are still permitted on private property.

Democracy on show

Corflutes have several purposes, especially for new candidates.

Independent Jessie Price, who is running for Bean in the ACT, tells me corflutes are important for her to quickly achieve name and face recognition in the campaign.

Then there is their design. Campaign corflutes have traditionally incorporated faces, colours and slogans. These days, they can also include QR codes, URLs, and social media handles. These formal elements also aid differentiation and awareness.

Next is the strategy of placement. Being an offline method, you can’t hit “skip” when you see one. And they are often used as a way of marking out turf, especially when placed in front yards.

For minor parties and independents, they are an affordable way to help level the playing field against Labor and the Coalition. In a way, they act as a basic barometer of the strength of our democracy.

Do they work?

Yes. And no.

When it comes to design, corflutes that closely follow the same principles used for road signs work the most effectively. This is because of the speed at which we process information.

Research has found that around two seconds is needed to absorb the details printed on signs. Up to five seconds’ exposure is needed to commit the information to short-term memory. Repeated exposure to the same sign helps when it comes to recall.

That is why colour, font size and word count are all important. The bigger the font, the better the chances of it being seen from further away, and hitting that two-second count. For example, on a 100km/h road, letters need to be at least 35cm in size.

The same rules apply to election posters. Ideally, an effective corflute would have a single name in 70cm white font on a red background. Two colours for contrast, large lettering and using only two or three words, would have the best chance of being remembered.

Being novel with design, such as independent candidate Kim Huynh’s striking corflute in the 2016 ACT election, can also boost awareness and differentiation.

Just an eyesore

Corflutes will only work if the voter is already predisposed to the candidate being promoted. If that’s not the case, the sign may have the opposite affect by repeatedly reminding the voter of a person they don’t like.

For some, they will hate corflutes regardless of the candidates. That is because the outdoors is the last true escape from political communications in an era of digital and online advertising that runs up until election day. Some also dislike how politicians can get away with it, while most others would be fined.

Do they actually change behaviour? Not directly, but they raise awareness and change perceptions towards candidates and parties, which is their ultimate objective.

Time for a rethink

There is a case to reform the electoral laws to regulate the size, placement, and number of corflutes.

One proposal worth considering would be a strict limit of 50 standard-sized signs per candidate, per electorate and erected in designated places. This would mean more equal opportunity for minor parties and independents, and help reduce public anger over the visual pollution we see at election time.

No matter how much people hate corflutes, they do serve a higher purpose post election. Come Sunday, they will be much sought after as tomato stakes and flooring for chook pens.

Andrew Hughes 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. Democracy on display or a public eyesore? The case for cracking down on election corflutes – https://theconversation.com/democracy-on-display-or-a-public-eyesore-the-case-for-cracking-down-on-election-corflutes-255219

MIL OSI Analysis – EveningReport.nz –

April 29, 2025

MIL-OSI: EZCORP Reports Second Quarter Fiscal 2025 Results

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, April 28, 2025 (GLOBE NEWSWIRE) — EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its second quarter ended March 31, 2025.

Unless otherwise noted, all amounts in this release are in conformity with U.S. generally accepted accounting principles (“GAAP”) and comparisons shown are to the same period in the prior year.

SECOND QUARTER HIGHLIGHTS

Pawn loans outstanding (PLO) up 11% to $261.8 million.

Net income increased 18% to $25.4 million. On an adjusted basis¹, net income increased 25% to $26.1 million.

Diluted earnings per share increased 14% to $0.33. On an adjusted basis, diluted earnings per share increased 21% to $0.34.

Adjusted EBITDA increased 23% to $45.1 million.

Total revenues increased 7% to $306.3 million, while gross profit increased 6% to $178.5 million.

Completed a $300.0 million private offering of senior notes due 2032.

CEO COMMENTARY AND OUTLOOK
Lachie Given, Chief Executive Officer, stated, “Our team delivered another impressive quarter of operational and financial performance, highlighted by record Q2 PLO, which drove strong growth in revenue and pawn service charges. Persistent inflation and economic pressure continue to impact value-conscious consumers who are increasingly turning to us for short-term cash and secondhand goods. Our strengthened operating model and best-in-class customer service also fueled the bottom line, driving a material increase in adjusted EBITDA to $45.1 million, up 23%.

“Our consistent performance across geographies reflects our company-wide commitment to our core values of People, Pawn and Passion. In the U.S., PLO and adjusted EBITDA increased 15%, reflecting strong loan demand, increased average loan size and disciplined cost management. In Latin America, PLO increased 17% on a constant currency basis, and adjusted EBITDA grew 36%, propelled by robust demand for loans and secondhand goods and our strong operational execution.

“Our disciplined capital allocation strategy prioritizes substantial liquidity to drive strong organic growth, pursue value-enhancing acquisitions and investments and meet near-term debt maturities. In March, we completed a $300.0 million private offering of senior notes, the Company’s largest financing transaction to date, expanding our financial flexibility for continued growth and meaningfully enhancing our capital structure, as we retire our 2025 convertible notes maturing on May 1.

“It was another outstanding quarter for EZCORP, and I thank the team for their unwavering commitment to operational excellence as we continue to drive significantly enhanced value for our shareholders.”

CONSOLIDATED RESULTS

Three Months Ended March 31	As Reported				Adjusted¹
in millions, except per share amounts	2025		2024		2025		2024

Total revenues	$	306.3	$	285.6	$	318.9	$	285.6
Gross profit	$	178.5	$	167.6	$	185.0	$	167.6
Income before tax	$	34.4	$	28.7	$	35.4	$	28.0
Net income	$	25.4	$	21.5	$	26.1	$	21.0
Diluted earnings per share	$	0.33	$	0.29	$	0.34	$	0.28
EBITDA (non-GAAP measure)	$	43.8	$	37.4	$	45.1	$	36.7

PLO increased 11% to $261.8 million, up $26.1 million. On a same-store² basis, PLO increased 11% due to increase in average loan size, continued strong pawn demand and improved operational performance.

Total revenues increased 7% and gross profit increased 6%, reflecting improved pawn service charge (PSC) revenues due to higher average PLO.

PSC increased 8% as a result of higher average PLO.

Merchandise sales gross margin at 34%, down from 35%. Aged general merchandise was 2.4% of total general merchandise inventory, up 14 basis points.

Net inventory increased 27%, as a result of the increase in PLO and decrease in inventory turnover to 2.5x, from 2.9x.

Store expenses increased 2% and were flat on a same-store basis.

General and administrative expenses increased 8%, primarily due to labor and a gain on a corporate lease termination in the prior year.

Income before taxes was $34.4 million, up 20% from $28.7 million, and adjusted EBITDA increased 23% to $45.1 million.

Diluted earnings per share increased 14% to $0.33. On an adjusted basis, diluted earnings per share increased 21% to $0.34.

Cash and cash equivalents at the end of the quarter was $505.2 million, up from $170.5 million as of September 30, 2024. The increase was primarily due to $300.0 million (less issuance costs) from the issuance of the Senior Notes due 2032 and cash from operating activities.

SEGMENT RESULTS
U.S. Pawn

PLO ended the quarter at $199.4 million, up 15% on a total and same-store basis due to increase in average loan size, increased loan demand and improved operational performance.

Total revenues increased 7% and gross profit increased 8%, reflecting higher PSC.

PSC increased 9% as a result of higher average PLO, partially offset by lower PLO yield.

Merchandise sales increased 2%, and gross margin decreased to 36% from 37%. Aged general merchandise decreased by 14 basis points to 2.8%, or $1.3 million of total general merchandise inventory. Excluding our three Max Pawn luxury stores in Las Vegas, aged general merchandise was 1.5%.

Net inventory increased 29%, due to increase in PLO, increase in customer layaways and a decrease in inventory turnover to 2.3x, from 2.6x.

Store expenses increased 3% (2% on a same-store basis) primarily due to labor, the majority of which was offset by a decrease in expenses related to our loyalty program.

Segment contribution increased 16% to $47.1 million.

Segment store count remained at 542.

Latin America Pawn

PLO improved to $62.4 million, up 1% (17% on constant currency basis). On a same-store basis, PLO decreased 2% (14% increase on a constant currency basis). The constant currency increase was due to improved operational performance and increased loan demand.

Total revenues were up 9% (25% on constant currency basis), and gross profit increased 3% (18% on a constant currency basis), mainly due to increased PSC.

PSC increased to $28.3 million, up 4% (19% on a constant currency basis) as a result of higher average PLO.

Merchandise sales increased 5% (21% on constant currency basis) and merchandise sales gross margin decreased to 30% from 33%. Aged general merchandise increased to 1.9% from 1.4% of total general merchandise inventory.

Net inventory increased 23% (44% on a constant currency basis) due to increase in PLO and decrease in inventory turnover to 3.2x, from 3.6x.

Store expenses decreased 2% (13% increase on a constant currency basis) and decreased 4% on a same-store basis (11% increase on a constant currency basis). The constant currency increase was primarily due to increased labor, in line with store activity and minimum wage increases, offset by a decrease in expenses related to our loyalty program.

Segment contribution increased 30% to $10.6 million (43% on a constant currency basis). On an adjusted basis, segment contribution was up 42% to $11.6 million.

Segment store count increased by one to 742 due to the addition of nine de novo stores, the acquisition of one store, and the consolidation of nine stores.

FORM 10-Q
EZCORP’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 has been filed with the Securities and Exchange Commission. The report is available in the Investor Relations section of the Company’s website at http://investors.ezcorp.com. EZCORP shareholders may obtain a paper copy of the report, free of charge, by sending a request to the investor relations contact below.

CONFERENCE CALL
EZCORP will host a conference call on Tuesday, April 29, 2025, at 8:00 am Central Time to discuss Second Quarter Fiscal 2025 results. Analysts and institutional investors may participate on the conference call by registering online at https://registrations.events/direct/NTM1088399. Once registered you will receive the dial-in details with a unique PIN to join the call. The conference call will be webcast simultaneously to the public through this link: https://edge.media-server.com/mmc/p/hqptihjy. A replay of the conference call will be available online at http://investors.ezcorp.com shortly after the end of the call.

ABOUT EZCORP
Formed in 1989, EZCORP has grown into a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index.

Follow us on social media:
Facebook EZPAWN Official https://www.facebook.com/EZPAWN/
EZCORP Instagram Official https://www.instagram.com/ezcorp_official/
EZPAWN Instagram Official https://www.instagram.com/ezpawnofficial/
EZCORP LinkedIn https://www.linkedin.com/company/ezcorp/

FORWARD LOOKING STATEMENTS
This announcement contains certain forward-looking statements regarding the Company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the Company’s strategy, initiatives and future performance, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors, current or future litigation and risks associated with the COVID-19 pandemic. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

Contact:
Email: Investor_Relations@ezcorp.com
Phone: (512) 314-2220


EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months Ended March 31,						Six Months Ended March 31,
(in thousands, except per share amounts)	2025			2024			2025			2024
Revenues:
Merchandise sales	$	169,467		$	164,687		$	355,810		$	344,090
Jewelry scrapping sales		20,938			13,714			37,670			27,796
Pawn service charges		115,871			107,163			232,923			213,612
Other revenues		40			75			83			132
Total revenues		306,316			285,639			626,486			585,630
Merchandise cost of goods sold		111,555			106,259			233,379			221,469
Jewelry scrapping cost of goods sold		16,309			11,788			29,251			23,996
Gross profit		178,452			167,592			363,856			340,165
Operating expenses:
Store expenses		116,527			114,582			232,978			225,137
General and administrative		19,640			18,266			38,309			34,809
Depreciation and amortization		8,020			8,219			16,355			16,784
Loss (gain) on sale or disposal of assets and other		17			3			25			(169	)
Other income		—			(765	)		—			(765	)
Total operating expenses		144,204			140,305			287,667			275,796
Operating income		34,248			27,287			76,189			64,369
Interest expense		3,281			3,402			6,428			6,842
Interest income		(1,875	)		(2,882	)		(3,968	)		(5,521	)
Equity in net income of unconsolidated affiliates		(1,505	)		(1,719	)		(2,980	)		(2,872	)
Other (income) expense		(65	)		(165	)		913			(436	)
Income before income taxes		34,412			28,651			75,796			66,356
Income tax expense		9,022			7,172			19,390			16,407
Net income	$	25,390		$	21,479		$	56,406		$	49,949

Basic earnings per share	$	0.46		$	0.39		$	1.03		$	0.91
Diluted earnings per share	$	0.33		$	0.29		$	0.74		$	0.65

Weighted-average basic shares outstanding		54,965			55,093			54,895			55,084
Weighted-average diluted shares outstanding		83,140			83,045			83,247			84,948

EZCORP, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in thousands, except share and per share amounts)	March 31, 2025			March 31, 2024			September 30, 2024

Assets:
Current assets:
Cash and cash equivalents	$	505,239		$	229,111		$	170,513
Restricted cash		9,499			8,581			9,294
Pawn loans		261,830			235,773			274,084
Pawn service charges receivable, net		42,323			38,268			44,013
Inventory, net		207,783			163,429			191,923
Prepaid expenses and other current assets		40,283			47,142			39,171
Total current assets		1,066,957			722,304			728,998
Investments in unconsolidated affiliates		13,967			13,162			13,329
Other investments		51,903			51,220			51,900
Property and equipment, net		64,150			63,306			65,973
Right-of-use assets, net		229,878			243,752			226,602
Goodwill		305,239			310,658			306,478
Intangible assets, net		57,079			61,714			58,451
Deferred tax asset, net		25,090			26,247			25,362
Other assets, net		15,365			15,779			16,144
Total assets	$	1,829,628		$	1,508,142		$	1,493,237

Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net	$	103,325		$	34,347		$	103,072
Accounts payable, accrued expenses and other current liabilities		70,843			62,838			85,737
Customer layaway deposits		31,016			20,352			21,570
Operating lease liabilities, current		58,855			55,658			58,998
Total current liabilities		264,039			173,195			269,377
Long-term debt, net		517,188			326,573			224,256
Deferred tax liability, net		1,818			465			2,080
Operating lease liabilities		182,873			197,285			180,616
Other long-term liabilities		12,135			10,228			12,337
Total liabilities		978,053			707,746			688,666
Commitments and contingencies
Stockholders’ equity:
Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 52,043,599 as of March 31, 2025; 52,057,309 as of March 31, 2024; and 51,582,698 as of September 30, 2024		520			521			516
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171		30			30			30
Additional paid-in capital		347,796			345,174			348,366
Retained earnings		561,211			477,683			507,206
Accumulated other comprehensive loss		(57,982	)		(23,012	)		(51,547	)
Total equity		851,575			800,396			804,571
Total liabilities and equity	$	1,829,628		$	1,508,142		$	1,493,237

EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Six Months Ended March 31,
(in thousands)	2025			2024

Operating activities:
Net income	$	56,406		$	49,949
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		16,355			16,784
Amortization of deferred financing costs		725			807
Non-cash lease expense		28,943			29,514
Deferred income taxes		10			515
Other adjustments		(1,241	)		(1,429	)
Provision for inventory reserve		39			183
Stock compensation expense		5,001			4,844
Equity in net income from investment in unconsolidated affiliates		(2,980	)		(2,872	)
Changes in operating assets and liabilities, net of business acquisitions:
Pawn service charges receivable		1,547			1,071
Inventory		(5,390	)		1,617
Prepaid expenses, other current assets and other assets		444			(8,699	)
Accounts payable, accrued expenses and other liabilities		(45,490	)		(57,531	)
Customer layaway deposits		9,640			886
Income taxes		(1,081	)		909
Net cash provided by operating activities		62,928			36,548
Investing activities:
Loans made		(484,611	)		(433,194	)
Loans repaid		284,095			262,970
Recovery of pawn loan principal through sale of forfeited collateral		198,387			188,351
Capital expenditures, net		(13,966	)		(13,654	)
Acquisitions, net of cash acquired		(79	)		(8,610	)
Investment in unconsolidated affiliate		(509	)		(850	)
Investment in other investments		—			(15,000	)
Dividends from unconsolidated affiliates		1,902			1,745
Net cash used in investing activities		(14,781	)		(18,242	)
Financing activities:
Taxes paid related to net share settlement of equity awards		(3,971	)		(3,253	)
Proceeds from borrowings		300,000			—
Debt issuance cost		(5,310	)		—
Purchase and retirement of treasury stock		(3,997	)		(6,010	)
Payments of finance leases		(266	)		(276	)
Net cash provided by (used in) financing activities		286,456			(9,539	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash		328			(43	)
Net increase in cash, cash equivalents and restricted cash		334,931			8,724
Cash and cash equivalents and restricted cash at beginning of period		179,807			228,968
Cash and cash equivalents and restricted cash at end of period	$	514,738		$	237,692

EZCORP, Inc. OPERATING SEGMENT RESULTS

	Three Months Ended March 31, 2025 (Unaudited)
(in thousands)	U.S. Pawn		Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	116,915	$	52,552		$	—		$	169,467		$	—		$	169,467
Jewelry scrapping sales		16,898		4,040			—			20,938			—			20,938
Pawn service charges		87,548		28,323			—			115,871			—			115,871
Other revenues		24		16			—			40			—			40
Total revenues		221,385		84,931			—			306,316			—			306,316
Merchandise cost of goods sold		74,772		36,783			—			111,555			—			111,555
Jewelry scrapping cost of goods sold		13,235		3,074			—			16,309			—			16,309
Gross profit		133,378		45,074			—			178,452			—			178,452
Segment and corporate expenses (income):
Store expenses		83,532		32,995			—			116,527			—			116,527
General and administrative		—		—			—			—			19,640			19,640
Depreciation and amortization		2,682		1,989			—			4,671			3,349			8,020
Loss on sale or disposal of assets and other		17		—			—			17			—			17
Interest expense		—		—			—			—			3,281			3,281
Interest income		—		(337	)		(605	)		(942	)		(933	)		(1,875	)
Equity in net (income) loss of unconsolidated affiliates		—		—			(1,866	)		(1,866	)		361			(1,505	)
Other expense (income)		4		(137	)		—			(133	)		68			(65	)
Segment contribution	$	47,143	$	10,564		$	2,471		$	60,178
Income (loss) before income taxes									$	60,178		$	(25,766	)	$	34,412

	Three Months Ended March 31, 2024 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	114,849		$	49,838		$	—		$	164,687		$	—		$	164,687
Jewelry scrapping sales		12,686			1,028			—			13,714			—			13,714
Pawn service charges		80,010			27,153			—			107,163			—			107,163
Other revenues		29			15			31			75			—			75
Total revenues		207,574			78,034			31			285,639			—			285,639
Merchandise cost of goods sold		72,798			33,461			—			106,259			—			106,259
Jewelry scrapping cost of goods sold		10,794			994			—			11,788			—			11,788
Gross profit		123,982			43,579			31			167,592			—			167,592
Segment and corporate expenses (income):
Store expenses		80,840			33,742			—			114,582			—			114,582
General and administrative		—			—			—			—			18,266			18,266
Depreciation and amortization		2,516			2,392			—			4,908			3,311			8,219
(Gain) loss on sale or disposal of assets and other		(30	)		(66	)		—			(96	)		99			3
Other income		—			—			—			—			(765	)		(765	)
Interest expense		—			—			—			—			3,402			3,402
Interest income		—			(608	)		(633	)		(1,241	)		(1,641	)		(2,882	)
Equity in net income of unconsolidated affiliates		—			—			(1,719	)		(1,719	)		—			(1,719	)
Other expense (income)		—			1			14			15			(180	)		(165	)
Segment contribution	$	40,656		$	8,118		$	2,369		$	51,143
Income (loss) before income taxes										$	51,143		$	(22,492	)	$	28,651

	Six Months Ended March 31, 2025 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	245,715		$	110,095		$	—		$	355,810		$	—		$	355,810
Jewelry scrapping sales		32,396			5,274			—			37,670			—			37,670
Pawn service charges		175,424			57,499			—			232,923			—			232,923
Other revenues		51			32			—			83			—			83
Total revenues		453,586			172,900			—			626,486			—			626,486
Merchandise cost of goods sold		156,328			77,051			—			233,379			—			233,379
Jewelry scrapping cost of goods sold		25,203			4,048			—			29,251			—			29,251
Gross profit		272,055			91,801			—			363,856			—			363,856
Segment and corporate expenses (income):
Store expenses		166,621			66,357			—			232,978			—			232,978
General and administrative		—			—			—			—			38,309			38,309
Depreciation and amortization		5,399			4,035			—			9,434			6,921			16,355
Loss on sale or disposal of assets and other		17			8			—			25			—			25
Interest expense		—			—			—			—			6,428			6,428
Interest income		—			(539	)		(1,199	)		(1,738	)		(2,230	)		(3,968	)
Equity in net (income) loss of unconsolidated affiliates		—			—			(3,489	)		(3,489	)		509			(2,980	)
Other (income) loss		(7	)		(208	)		—			(215	)		1,128			913
Segment contribution		100,025			22,148		$	4,688		$	126,861
Income (loss) before income taxes										$	126,861		$	(51,065	)	$	75,796

	Six Months Ended March 31, 2024 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	240,362		$	103,728		$	—		$	344,090		$	—		$	344,090
Jewelry scrapping sales		25,501			2,295			—			27,796			—			27,796
Pawn service charges		159,083			54,529			—			213,612			—			213,612
Other revenues		66			31			35			132			—			132
Total revenues		425,012			160,583			35			585,630			—			585,630
Merchandise cost of goods sold		151,507			69,962			—			221,469			—			221,469
Jewelry scrapping cost of goods sold		22,078			1,918			—			23,996			—			23,996
Gross profit		251,427			88,703			35			340,165			—			340,165
Segment and corporate expenses (income):
Store expenses		158,095			67,042			—			225,137			—			225,137
General and administrative		—			—			—			—			34,809			34,809
Depreciation and amortization		5,140			4,731			—			9,871			6,913			16,784
(Gain) loss on sale or disposal of assets and other		(4	)		(262	)		—			(266	)		97			(169	)
Other income		—			—			—			—			(765	)		(765	)
Interest expense		—			—			—			—			6,842			6,842
Interest income		—			(1,028	)		(1,206	)		(2,234	)		(3,287	)		(5,521	)
Equity in net income of unconsolidated affiliates		—			—			(2,872	)		(2,872	)		—			(2,872	)
Other (income) expense		—			(47	)		15			(32	)		(404	)		(436	)
Segment contribution	$	88,196		$	18,267		$	4,098		$	110,561
Income (loss) before income taxes										$	110,561		$	(44,205	)	$	66,356

EZCORP, Inc. STORE COUNT ACTIVITY (Unaudited)

	Three Months Ended March 31, 2025
	U.S. Pawn		Latin America Pawn			Consolidated

As of December 31, 2024		542		741			1,283
New locations opened		—		9			9
Locations acquired		—		1			1
Locations combined or closed		—		(9	)		(9	)
As of March 31, 2025		542		742			1,284

	Three Months Ended March 31, 2024
	U.S. Pawn			Latin America Pawn			Consolidated

As of December 31, 2023		530			707			1,237
New locations opened		—			9			9
Locations acquired		6			—			6
Locations combined or closed		(1	)		(5	)		(6	)
As of March 31, 2024		535			711			1,246

	Six Months Ended March 31, 2025
	U.S. Pawn		Latin America Pawn			Consolidated

As of September 30, 2024		542		737			1,279
New locations opened		—		13			13
Locations acquired		—		1			1
Locations combined or closed		—		(9	)		(9	)
As of March 31, 2025		542		742			1,284

	Six Months Ended March 31, 2024
	U.S. Pawn			Latin America Pawn			Consolidated

As of September 30, 2023		529			702			1,231
New locations opened		—			14			14
Locations acquired		7			—			7
Locations combined or closed		(1	)		(5	)		(6	)
As of March 31, 2024		535			711			1,246

Non-GAAP Financial Information (Unaudited)
In addition to the financial information prepared in conformity with accounting U.S. generally accepted accounting principles (“GAAP”), we provide certain other non-GAAP financial information on a constant currency (“constant currency”) and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflects an additional way of viewing aspects of our business that, when viewed with GAAP results, provides a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.

Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. In addition, we have an equity method investment that is denominated in Australian dollars and is translated into U.S. dollars. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three and six months ended March 31, 2025 and 2024 were as follows:

	March 31,				Three Months Ended March 31,				Six Months Ended March 31,
	2025		2024		2025		2024		2025		2024

Mexican peso		20.4		16.6		20.4		17.0		20.3		17.3
Guatemalan quetzal		7.6		7.6		7.6		7.6		7.5		7.6
Honduran lempira		25.2		24.4		25.2		24.4		25.0		24.4
Australian dollar		1.6		1.5		1.6		1.5		1.6		1.5

Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.

Miscellaneous Non-GAAP Financial Measures

	Three Months Ended March 31,
(in millions)	2025			2024

Net income	$	25.4		$	21.5
Interest expense		3.3			3.4
Interest income		(1.9	)		(2.9	)
Income tax expense		9.0			7.2
Depreciation and amortization		8.0			8.2
EBITDA	$	43.8		$	37.4

	Total Revenues		Gross Profit		Income Before Tax		Tax Effect		Net Income		Diluted EPS		EBITDA

2025 Q2 Reported	$	306.3	$	178.5	$	34.4	$	9.0	$	25.4	$	0.33	$	43.8
FX Impact		—		—		0.1		—		0.1		—		0.1
Constant Currency		12.6		6.5		0.9		0.3		0.6		0.01		1.2
2025 Q2 Adjusted	$	318.9	$	185.0	$	35.4	$	9.3	$	26.1	$	0.34	$	45.1

	Total Revenues		Gross Profit		Income Before Tax			Tax Effect			Net Income			Diluted EPS			EBITDA

2024 Q2 Reported	$	285.6	$	167.6	$	28.7		$	7.2		$	21.5		$	0.29		$	37.4
Corporate Lease Termination		—		—		(0.8	)		(0.2	)		(0.6	)		(0.01	)		(0.8	)
FX Impact		—		—		0.1			—			0.1			—			0.1
2024 Q2 Adjusted	$	285.6	$	167.6	$	28.0		$	7.0		$	21.0		$	0.28		$	36.7

	Three Months Ended March 31, 2025					Six Months Ended March 31, 2025
(in millions)	U.S. Dollar Amount		Percentage Change YOY			U.S. Dollar Amount		Percentage Change YOY

Consolidated revenues	$	306.3		7	%	$	626.5		7	%
Currency exchange rate fluctuations		12.6					22.0
Constant currency consolidated revenues	$	318.9		12	%	$	648.5		11	%

Consolidated gross profit	$	178.5		6	%	$	363.9		7	%
Currency exchange rate fluctuations		6.5					11.3
Constant currency consolidated gross profit	$	185.0		10	%	$	375.2		10	%

Consolidated net inventory	$	207.8		27	%	$	207.8		27	%
Currency exchange rate fluctuations		8.7					8.7
Constant currency consolidated net inventory	$	216.5		32	%	$	216.5		32	%

Latin America Pawn gross profit	$	45.1		3	%	$	91.8		3	%
Currency exchange rate fluctuations		6.5					11.3
Constant currency Latin America Pawn gross profit	$	51.6		18	%	$	103.1		16	%

Latin America Pawn PLO	$	62.4		1	%	$	62.4		1	%
Currency exchange rate fluctuations		10.0					10.0
Constant currency Latin America Pawn PLO	$	72.4		17	%	$	72.4		17	%

Latin America Pawn PSC revenues	$	28.3		4	%	$	57.5		5	%
Currency exchange rate fluctuations		3.9					6.7
Constant currency Latin America Pawn PSC revenues	$	32.2		19	%	$	64.2		18	%

Latin America Pawn merchandise sales	$	52.6		5	%	$	110.1		6	%
Currency exchange rate fluctuations		7.9					14.5
Constant currency Latin America Pawn merchandise sales	$	60.5		21	%	$	124.6		20	%

Latin America Pawn segment profit before tax	$	10.6		30	%	$	22.2		21	%
Currency exchange rate fluctuations		1.0					2.0
Constant currency Latin America Pawn segment profit before tax	$	11.6		43	%	$	24.2		32	%

The MIL Network –

April 29, 2025

MIL-OSI: Secret Benefits Review [2025] Is SecretBenefits.com the Best Sugar Daddy Site?

Source: GlobeNewswire (MIL-OSI)

New York City, April 28, 2025 (GLOBE NEWSWIRE) — Secret Benefits is a popular sugar daddy website that connects wealthy benefactors with attractive, goal-driven partners. Known for its user-friendly design, privacy features, and verified profiles, SecretBenefits.com makes sugar dating simple and secure in 2025.

SecretBenefits continues to offer a safe and respectful environment for everyone who is navigating the sugar dating landscape. The platform has mutual benefits for both the sugar babies and sugar daddies. With upgraded features and security measures that promote the authenticity and trust of its users, Secret Benefits has shattered all the doubts about whether it is a sugar dating website or just a scam.

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SecretBenefits.com is praised for its transparent and flexible credit system, real people verified profiles, and a login process that’s easy, fast, and reliable, and with the Secret Benefits app coming soon, mobile convenience is also going to become an integral part of this sugar dating website.

These announcements follow months of monitoring and analyzing the causes of common sugar dating scams and frauds, followed by proactive safety measures that help the users of Secret Benefits avoid sugar daddy scams. As this method of modern dating gains traction, Secret Benefits offers real users, real profiles, and real boundaries, making it the only platform you can trust for your sugar dating experience.

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Why SecretBenefits.com Is a Secure and Trustworthy Sugar Dating Site in 2025

Secret Benefits creates a trusted network between individuals who want to build meaningful and mutually beneficial sugar-dating relationships.

However, since the sugar dating landscape is heavily dependent on online platforms, it is often plagued by scams, fake profiles, and unclear intentions, and one of the reasons behind them is scam websites. SecretBenefits.com stands out as a 100% reliable and transparent platform for those individuals who want to engage in sugar dating.

This 2025 report marks a turning point for the sugar dating niche.

With SecretBenefits, users can now benefit from its safe and secure features, such as enhanced identity verification protocols, search filters, and a modern user dashboard that makes this website very easy to use.

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Let’s break down what makes Secret Benefits the top most reliable sugar dating site in 2025.

1. Transparent and Flexible Credit System

A flexible credit system allows users of Secret Benefits to have complete freedom in tailoring their sugar dating course in a way they wish. It is very different from traditional subscription-based models that charge recurring fees. SecretBenefits.com accommodates the wants and needs of sugar daddies and sugar babies by offering a credit-based system. This allows users to pay only for the features they use, providing more freedom and control.

The Key Benefits of the Flexible Credit System Are:

No monthly subscriptions – alter your profile as you progress in time
No hidden costs – spend only when you initiate a conversation
Transparent usage – the credit activity will be tracked very clearly in your account

The flexible credit system is an attractive feature for users who are tired of overpriced dating websites and their memberships.

2. Real People, Verified Profiles

One of the best features of SecretBenefits.com that makes it a legit and secure sugar dating website, as emphasized in its 2025 report, is that it has 100% verified profiles. Secret Benefits has implemented multiple layers of security and is moving towards a multi-step verification process for users, merging simple verification methods like email checks and phones with photo validation and biometric matching. All of these measures solidify the authenticity of Secret Benefits and ensure that users are real people seeking genuine sugar relationships and arrangements.

The Secret Benefits verification tools include:

Photo validation processes
Manually approved profiles
In-house monitoring team to review reported users

By verifying both the identities of sugar daddies and sugar babies, Secret Benefits ensures that only real and verified users are allowed to join.

Users feel safe knowing that Secret Benefits will keep fraudsters off the app, creating a trustworthy platform for the sugar dating community.

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3. SecretBenefits Login: Easy, Fast, and Secure

Logging into SecretBenefits.com is as simple as it is secure.

The login credentials used by Secret Benefits identifies each profile separately, such as by username and password. These enable users to verify their identity if they want to log in to their online accounts.

New users can sign up within minutes, and returning members enjoy the security of their accounts and passwords from multi-device compatibility and smart authentication layers. Secret Benefits is an online platform that includes the personal data of the sugar dating community, which is why there is a dire need for secure login credentials.

Digital profiles exist for sugar babies as well as sugar daddies, and they hold sensitive information like their names, date of birth, mailing addresses, email addresses, and banking details.

Secret Benefits offers an easy, fast, and secure login experience via:

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SecretBenefits.com protects all of its accounts with a streamlined interface so that logging in, exploring profiles, and communicating is as enjoyable as it is secure.

4. Design and User Interface: Sleek and User-Centric

SecretBenefits.com’s new design update in 2025 has made the site even more modern. User-centric design is very important as it directly influences the credibility and reliability of the sugar dating website. Websites that prioritize user needs create a platform that is not just intuitive but also functional.

So, whether you’re accessing SecretBenefits.com from a desktop or mobile, the interface will always appear to be responsive and clean. SecretBenefits places its users at the center of its website design and development. By combining strategic processes, Secret Benefits ensures that the users never feel overwhelmed and that every design element, from the dashboard to the profile grid and messaging features, is optimized for their ease of use.

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5. Secret Benefits App: Coming Soon

While Secret Benefits is fully accessible via a mobile browser and offers a better reach with its website, it is also a versatile platform. Those members of the sugar dating community who want personalized experiences will benefit from the mobile app that will help them customize their experience as per their needs.

However, it has been confirmed in the 2025 report that a Secret Benefits App is in the development phase and expected to launch later this year.

The features that you can expect from the SecretBenefits.com app are:

Swipe-style browsing
Push notifications for messages
Integrated video calling
Biometric login support

This highly anticipated app will work even faster than the website and perform actions quicker than the website SecretBenefits.com. It is expected to improve on-the-go connectivity and convenience for both sugar daddies and sugar babies.

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User Reviews: What SecretBenefits Members Are Saying in 2025

Secret Benefits reviews have continuously shown a strong satisfaction rate from sugar babies and sugar daddies. Here are some testimonials received by SecretsBenefits in 2025:

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Of course, every website has occasional critiques, and SecretBenefits.com was no exception.

Some users noted that the regional availability was limited and that there were delays in customer support. However, SecretBenefits has promptly addressed all of these issues in its new report, and hence, all the users of the sugar community are now promised more efficient responses and a better and more modern user experience. SecretBenefits.com is also expanding its reach into new markets to add versatility and more features to the website for the sugar dating community.

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Is SecretBenefits.com a Trustworthy Sugar Dating Website or a Scam?

After reading about the countless sugar daddy scams that revolve around Instagram, Snapchat, and other platforms on the internet, it’s natural to wonder if you can ever actually find a real sugar daddy online, and if so, where?

There is only one answer to that: secretbenefits.com!

SecretBenefits.com has eradicated all the possibilities of sketchy DMs from strangers on social media, thus bypassing fake sugar daddies and protecting its users from their scams. SecretBenefits.com is a legitimate and dedicated sugar dating platform that builds genuine connections between consenting adults. The reason why SecretBenefits.com is such an authentic and reliable website in the sugar dating world is that it clearly outlines terms of use, ensures profile verification, and reinforces messaging systems built into the platform to provide a safer, much more reliable, and structured environment, which is very much professional and different as compared to random apps or messaging platforms.

So, is SecretBenefits.com a scam? Absolutely not!

It’s a trusted website used by thousands of real sugar babies and sugar daddies who want a transparent approach to mutually beneficial relationships.

⇒ Meet Real Sugar Daddies and Babies on Secret Benefits

What Makes SecretBenefits Different from Sugar Daddy Scams?

Secretbenefits.com never lets its users wander to third-party apps to communicate. The website encourages communication through its internal messaging system, thus reducing the need to switch to WhatsApp or Telegram. This is because these messaging apps are often a breeding ground for scammers in the sugar dating world. SecretBenefits.com also has a photo verification process, which helps you steer clear of catfishers who commonly use stock photos or stolen identities, just like they do on social media platforms.

Most importantly, secretbenefits applies the same rules of discrimination on itself just like it does with the rest of the users. SecretBenefits.com will never ask for your banking information, nor will it facilitate payments between users. If someone on the site is asking you for money, you must immediately block and report them, as SecretBenefits.com has all the mechanisms necessary to deal with such cases promptly.

⇒ Get Instant Access to Secret Benefits – Sign Up Free

Real Users. Real Profiles. Real Boundaries.

Another reason why so many users in the sugar dating world rely on SecretBenefits.com is that the entire platform is built on boundaries and mutual respect.

Sugar dating isn’t for everyone, but SecretBenefits.com makes this kind of relationship easier, even for amateurs. Those who join secret benefits are very clear about what they’re seeking, and the platforms allow them to showcase their needs and requirements on their own terms. This reduces confusion and friction between the users and cuts through the awkward small talk.

Sugar babies can boost their profiles with detailed bios, preference filters, and a safe and secure management system that gives them the power to initiate conversations without any threat of scams or phishing. Sugar daddies, on the other hand, also benefit from a respectful environment where they can find companions who will have as much value for authenticity as they have.

⇒ Unlock Exclusive Connections on Secret Benefits

Can You Trust SecretBenefits?

Yes. SecretBenefits.com is a 100% trustworthy sugar dating website.

If you’re serious about sugar dating, SecretBenefits.com is one of the safest places to start.

It is true that no platform can eliminate scams and risk 100%. However, SecretBenefits.com has taken multiple steps to eliminate the risks of fraud or scams and to build a reputable community.

Still doubtful? Explore secretbenefits.com yourself. It is easy to get started. Just create a free profile, browse anonymously, and take your time navigating the safe and secure environment of sugar dating.

SecretBenefits.com Demographics and User Insights

Secret Benefits has achieved significant growth in both user base and engagement rates. According to internal analytics released in the report, 70% of users created profiles as sugar babies, 30% created profiles as sugar daddies, and every month, there are 17 000 000 visits per month, and over 2 million messages are exchanged monthly.

The reason why SecretBenefits.com is growing at such an appreciable rate is because it is a safe and simple platform that brings authenticity and reliability to the sugar dating experience.

⇒ Browse Verified Profiles on Secret Benefits Now

Secret Benefits Login, Support, and Help Desk

If you ever face login problems, SecretBenefits offers fast support. The help desk now operates 24/7. So whenever you have any password resets, account recovery, or profile visibility concerns, reach out to the team, and your concerns will be addressed within hours.

The most common login-related concerns that users of SecretBenefits.com face include the following:

Forgotten password retrieval
Email verification delays
Account review/approval timelines.

However, the website platform and user experience have been dramatically improved, and in 2025, the login support at SecretBenefits.com will be more straightforward than ever.

⇒ Create Your Free Secret Benefits Profile Now

How SecretBenefits.com Works

Secret Benefits connects sugar daddies and sugar babies via a safe, secure, user-friendly platform. Both sugar daddies and sugar babies can explore each other’s profiles. The platform operates as a credit-based platform and is available throughout the US, UK, Australia, and Canada. Here is how to get started;

Sign up by verifying your email.
Create a profile and upload your photos.
If you are a sugar daddy, purchase credits ($0.29-0.59 each) to unlock messaging and photo features.
After that you can initiate conversations and enjoy other features using credits.
Chat, set expectations, and meet IRL if both parties are comfortable.

⇒ Message Attractive Members on Secret Benefits Today

How SecretBenefits.com Protects Your Privacy

In 2025, online privacy is more important than ever. But it is compromised in more than one way in the sugar dating world when scammers enter the field.

Secret Benefits has adopted many high-standard privacy practices that eradicate any chances of scams or fraud and guarantee complete protection to its online sugar dating users. Here is what is included in the privacy practices.

No public display of sensitive information
Users can choose what images are shown (public vs. private galleries)
Location-hiding features are available
No third-party data sharing.

Is SecretBenefits.com Legit in 2025?

Yes. Secret Benefits is a real sugar dating website that has millions of users worldwide. It is 100% legit and authentic.

According to recent reviews and user feedback, Secret Benefits has come out to be a safe and reliable online platform where sugar daddies and sugar babies chat and get to know each other. After the initial conversation takes place and they are both comfortable with each other’s company, both parties can meet in real life based on mutual consent and respect.

⇒ Find a Successful Partner on Secret Benefits

Final Thoughts: Is SecretBenefits Worth It in 2025?

The 2025 report solidifies the fact that SecretBenefits.com is the most premium and trustworthy sugar dating platform. Its credit system is fair. Its user base trusts the platform 100%. And its security features are top-tier and foolproof.

For anyone looking to explore sugar dating in a safe and secure environment, SecretBenefits is the best place to start.

Media Contact

Company: Secret Benefits

Email: support@secretbenefits.com

Address: 3711 Taylor Street, New York, NY 10011

URL: https:/secretbenefits.com

Phone: +1 9146236465

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Attachment

Secret Benefits

The MIL Network –

April 29, 2025

Category: Australia

Source: BusinessNZ

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