Category: Australia

MIL-OSI: Australian Oilseeds Issues Annual Shareholder Letter

Source: GlobeNewswire (MIL-OSI)

COOTAMUNDRA, Australia, April 24, 2025 (GLOBE NEWSWIRE) — Australian Oilseeds Holdings Limited, a manufacturer and seller of sustainable edible oils to customers globally, today issued a letter to shareholders from Gary Seaton, Chairman and Chief Executive Officer, that highlights recent performance and future milestones.

Dear Fellow Shareholders,

Across the globe, 2024 presented serious challenges including the ongoing war in Ukraine and serious conflicts in the Middle East and growing geopolitical discord, notably with China. Our hearts go out to those whose lives are profoundly affected by these events.

Despite the unsettling geopolitical discord, we are pleased with our progress since launching the Company, as a Nasdaq listed company, and its unique products of Non-GMO cold-pressed and chemically-free processed oils.

Within the last 12 months, we have sold our products through the majority of retailers in Australia, including Woolworths and Coles, the two largest supermarket chains in Australia, as well as Costco and Independent Grocers of Australia, an Australian chain of supermarkets (IGA), with sales and awareness gradually increasing. In addition to our expanding market presence in Australia, the Company has also been successful in exporting and marketing its products in Japan, China and Vietnam.

Throughout the last year, we have demonstrated the power of our mission and guiding principles, as well as the value of being there for our customers. The result was continued healthy growth across our products and geographic expansion. Fiscal 2024 results were strong with revenues increasing by more than 16% driven by strong demand for our cold pressed canola oils. Our gross margin improved by 40 basis points and we delivered Adjusted EBITDA growth of nearly 16%. Our business momentum continues to build and we remain deeply committed to our mission as well as driving long-term value for our Shareholders.

We believe we are well positioned for the future and anticipate several key milestones as we continue to execute our growth strategy. Within the next six months we expect that our Good Earth Oils brands of Australian Canola Oil and Olive oil will be launched in Taiwan and India. We are also expecting significant growth in China over the next 12 months as we benefit from Australia’s preferential duty for its products into China compared to Canada and USA, which have current import duties of 100% and 124% respectively. Finally, we intend to launch our products in the USA subject to clarity on the current tariff structure for Australian imports into the USA – the current tariff structure on Australian Canola Oil into the USA is 10%.

I would like to express my deep gratitude to our Shareholders and our employees. We appreciate your continued support as we continue our exciting journey of taking chemicals out of the food supply chain and promoting healthy Canola Oil and Olive oil to consumers around the world along with the concept of regenerative farming.

Sincerely,
Gary Seaton
Chairman and Chief Executive Officer

About Australian Oilseeds Holdings Limited. Australian Oilseeds Holdings Limited, a Cayman Islands exempted company (the “Company”) (NASDAQ: COOT) through its subsidiaries, including Australian Oilseeds Investments Pty Ltd., an Australian proprietary company, tis focused on the manufacture and sale of sustainable oilseeds (e.g., seeds grown primarily for the production of edible oils) and is committed to working with all suppliers in the food supply chain to eliminate chemicals from the production and manufacturing systems to supply quality products to customers globally. The Company engages in the business of processing, manufacture and sale of non-GMO oilseeds and organic and non-organic food-grade oils, for the rapidly growing oilseeds market, through sourcing materials from suppliers focused on reducing the use of chemicals in consumables in order to supply healthier food ingredients, vegetable oils, proteins and other products to customers globally. Over the past 20 years, the Company’s cold pressing oil plant has grown to become the largest in Australia, pressing strictly GMO-free conventional and organic oilseeds.

Contact
Australian Oilseeds Holdings Limited
126-142 Cowcumbla Street
Cootamundra New South Wales 2590
Attn: Amarjeet Singh, CFO
Email: amarjeet.s@energreennutrition.com.au

Investor Relations Contact
Reed Anderson
(646) 277-1260
reed.anderson@icrinc.com

The MIL Network –

April 25, 2025
MIL-OSI United Kingdom: Stoke-on-Trent market named best in Staffordshire

Source: City of Stoke-on-Trent

Published: Thursday, 24th April 2025

A Stoke-on-Trent market which dates back over 150 years has been named the best in Staffordshire.

Longton Victorian Market clinched the title of ‘Staffordshire Market of the Year’ at the Our Staffordshire News’ Business, Charity, Community and Food Awards 2025.

The awards, which took place earlier this month, awarded Tunstall Market, also managed by Stoke-on-Trent City Council, third in the same category.

Councillor Finlay Gordon-McCusker, cabinet member for transport, regeneration and infrastructure at Stoke-on-Trent City Council, said: “Our markets are really important to our local communities and this award is testament to that.

“All of our traders and our dedicated markets team work tirelessly to make sure our markets remain at the heart of our town centres, so I would like to pass on my huge congratulations to them.

“If you haven’t visited for a while, I would encourage you to pop down and support your local market.”

For more information about Stoke-on-Trent Markets visit www.stoke.gov.uk/markets

MIL OSI United Kingdom –

April 24, 2025
MIL-OSI Australia: UPDATE: Arrest – Death – Nightcliff

Source: Northern Territory Police and Fire Services

The Northern Territory Police Force have now arrested an 18-year-old male in relation to the death in Nightcliff yesterday afternoon.

At 12:35am this morning, an 18-year-old male handed himself into the Palmerston Police Station and was taken into custody.

Police can confirm the 18-year-old was on bail with conditions to remain in a remote Territory community and did not have an electronic monitoring bracelet as a condition of his bail.

Charges are yet to be laid.

Detectives are urging anyone who has information to make contact on 131 444 or make an anonymous report to Crime Stoppers on 1800 333 000, and quote reference P25111518.

MIL OSI News –

April 24, 2025
MIL-OSI Australia: Fatal Crash – Lake Bennett

Source: Northern Territory Police and Fire Services

The Northern Territory Police Force is investigating after a fatal crash occurred near Lake Bennett overnight.

Around 8pm, the Joint Emergency Services Communication Centre received reports of a collision between two vehicles travelling in opposite directions on the Stuart Highway between Bachelor and Acacia Hills.

Emergency services attended and initial first aid was provided before both drivers, a 25-year-old female and 35-year-old male, were both declared deceased.

A crime scene was established, and the Major Crash Investigation Unit is investigating. Traffic diversions were in place for most of the night and the highway has since re-opened.

Police urge anyone with information or with dash cam footage in the area to make contact on 131 444. Please quote reference number P25111702.

Anonymous reports can be made through Crime Stoppers on 1800 333 000.

The Lives lost on Territory roads for 2025 now stands at 8.

MIL OSI News –

April 24, 2025

MIL-OSI: Nasdaq Reports First Quarter 2025 Results; Diversified Business Model Driving Broad-Based Revenue Growth

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the first quarter of 2025.

First quarter 2025 net revenue¹ was $1.2 billion, an increase of 11% over the first quarter of 2024, or up 12.5% on an adjusted² basis. This included Solutions³ revenue growing 9%, or up 11% on an adjusted basis.
Annualized Recurring Revenue (ARR)⁴ of $2.8 billion increased 8% over the first quarter of 2024, or up 9% on an organic basis. Annualized SaaS revenue increased 14% and represented 37% of ARR.
Financial Technology revenue of $432 million increased 10% over the first quarter of 2024 with Financial Crime Management Technology revenue up 21%.
Index revenue of $193 million grew 14%, or 26% on an adjusted basis, with $86 billion of net inflows over the trailing twelve months and $27 billion in the first quarter of 2025.
GAAP diluted earnings per share grew 69% in the first quarter of 2025. Non-GAAP⁵ diluted earnings per share grew 24% in the first quarter of 2025.
In the first quarter of 2025, the company returned $138 million to shareholders through dividends and $115 million through repurchases of common stock. The company also repurchased $279 million of senior unsecured notes in the quarter.

First Quarter 2025 Highlights

(US$ millions, except per share)	1Q25	YoY change %	Adjusted YoY change %	Organic⁶YoY change %
Solutions revenue	$947	9%	11%	9%
Market Services net revenue	$281	19%	19%	19%
Net revenue	$1,237	11%	12%	11%
Non-GAAP operating income	$682	15%	17%	14%
ARR	$2,831	8%	9%	9%
GAAP diluted EPS	$0.68	69%
Non-GAAP diluted EPS	$0.79	24%		24%

Adena Friedman, Chair and CEO said, “Nasdaq’s first quarter results underscore the resilience of our business model and our ability to deliver growth across our divisions in a rapidly shifting environment.

As a trusted partner and platform company, we are empowering our clients to address their most pressing risks and challenges and confidently navigate complex macroeconomic conditions. With our portfolio of complementary, mission-critical solutions, we are well-positioned to deliver sustainable growth through 2025 and the medium-term.”

Sarah Youngwood, Executive Vice President and CFO said, “Nasdaq delivered one of its strongest quarters yet, with all three divisions achieving robust revenue growth and contributing to stellar EPS growth. We demonstrated strong operating leverage and our high level of cash flow enabled us to make meaningful progress on our capital allocation strategy of investing in organic growth, reducing debt, and repurchasing shares.

We are grateful for our clients’ trust and remain focused on supporting them in these times of uncertainty, executing on our growth opportunities, and continuing to delever while making focused strategic investments to capitalize on our compelling organic growth opportunity.”

FINANCIAL REVIEW

First quarter 2025 net revenue was $1,237 million, reflecting 11% growth versus the prior year period. Adjusted net revenue growth was 12.5%.
Solutions revenue was $947 million in the first quarter of 2025, up 9% versus the prior year period, or up 11% on an adjusted basis, reflecting strong growth from Index and Financial Technology.
ARR grew 8% year-over-year, or 9% on an organic basis, in the first quarter of 2025 with 11% ARR growth for Financial Technology, or 12% on an organic basis, and 5% ARR growth for Capital Access Platforms.
Market Services net revenue was $281 million in the first quarter of 2025, up 19% versus the prior year period.
First quarter 2025 GAAP operating expenses were $690 million, a decrease of 3% versus the prior year period. The decrease in the first quarter was primarily due to lower expenses related to general and administrative expenses, lower restructuring costs, and lower compensation and benefits, partially offset by an increase in merger and strategic initiative costs.
First quarter 2025 non-GAAP operating expenses were $555 million, reflecting 6% growth versus the prior year period, or 7% growth on an organic basis. The organic increase for the quarter reflected growth driven by increased investments in technology and people to drive innovation and long-term growth, partially offset by the benefit of synergies.
Cash flow from operations was $663 million for the first quarter enabling the company to make continued progress on its deleveraging plan. In the first quarter of 2025, the company returned $138 million to shareholders through dividends and $115 million through repurchases of common stock. As of March 31, 2025, there was $1.6 billion remaining under the board authorized share repurchase program. The company also repurchased $279 million of senior unsecured notes for a net purchase price of $257 million in the first quarter of 2025.

2025 EXPENSE AND TAX GUIDANCE UPDATE⁷

The company is updating its 2025 non-GAAP operating expense guidance to a range of $2,265 million to $2,325 million, and is maintaining its 2025 non-GAAP tax rate guidance in the range of 22.5% to 24.5%.

STRATEGIC AND BUSINESS UPDATES

Financial Technology delivered durable and broad-based ARR growth. The One Nasdaq go to market strategy is elevating client engagement and driving product adoption resulting in robust ARR growth. FinTech ARR grew 12% on an organic basis in the first quarter with 40 new clients, 92 upsells, and 2 cross-sells. First quarter highlights included:
- Financial Crime Management Technology revenue growth reflects momentum across both enterprise and small-and-medium bank (SMB) clients. Nasdaq Verafin secured several strategic first quarter wins including a cross-sell to a Tier 2 AxiomSL client and an upsell to a Tier 2 bank client, reflecting early progress on its land and expand enterprise client strategy. The business also added 35 new SMB clients in the first quarter, a 25% increase in new client signings over the prior year quarter. Nasdaq Verafin’s ongoing client growth is contributing to the growth and power of its data consortium, which now includes clients holding more than $10 trillion in total assets.
- Regulatory Technology achieved solid ARR growth as our solutions helped clients navigate elevated market activity. AxiomSL signed a new large digital bank client and continued its momentum with existing clients with 22 upsells in the first quarter, including a strategic deal with a large Tier 1 U.S. financial institution. The Tier 1 client expanded its suite of AxiomSL services by incorporating a broker-dealer solution alongside their existing U.S., European, and Asian reporting modules. Surveillance signed 4 new clients in the quarter, including a European regulator, a crypto marketplace, an energy trading firm, and a broker-dealer.
- Capital Markets Technology signed multiple strategic deals amid the market modernization megatrend. Strong execution and secular tailwinds are fueling new wins across the subdivision with Calypso completing 25 upsells and Market Technology signing 17 upsells in the first quarter. Market Technology also had a cross-sell to nuam, a consolidated market operator spanning Peru, Chile, and Colombia. In the first quarter, nuam selected Nasdaq’s newly launched trade, clearing, and central securities depositories (CSD) intelligence solution after signing Nasdaq’s Trade Multi Matching Engine in late 2023 and its member countries standardizing on Nasdaq’s CSD platform in December 2024.
Investments in Index powered alpha-driven revenue growth. Index had $27 billion in net inflows in the first quarter with average ETP AUM reaching $662 billion, to achieve a sixth consecutive record quarter, despite a more volatile market backdrop. Index’s performance reflects ongoing execution of its growth strategy of new product innovation, international diversification, and institutional client expansion. In the first quarter, Nasdaq launched 30 new Index products, including 10 international products, 7 in the institutional insurance annuity space, and 16 launched in partnership with new Index clients. New product launches have been a strong growth driver for Index and products launched since 2020 have accounted for 33% of net inflows over the last 5 years.
Nasdaq maintained listing leadership and passed $3 trillion of market value in cumulative transfers. During the quarter, Nasdaq welcomed 45 operating company listings that raised nearly $5 billion of proceeds, contributing to an 82% win rate of eligible operating companies in the quarter. First quarter wins included 3 of the quarter’s top 5 offerings, CoreWeave, SailPoint, and Smithfield Foods. In the first quarter, the company exceeded $3 trillion in combined market value for total listing transfers since Nasdaq first launched its switch program in 2005. Nasdaq welcomed 7 high-profile transfers in the quarter, including Shopify, Thomson Reuters, and Domino’s Pizza, that added over $230 billion in market value.
Market Services delivered record net revenues with record cash equities and derivatives volumes in the U.S. Within the recent market volatility, Nasdaq achieved U.S. record volumes in cash equities and equity options, including index options, in the first quarter. Nasdaq also extended its leadership in on-exchange trading with U.S. cash equities market share increasing year-over-year and sequentially. During the first quarter, Nasdaq’s North American markets experienced extraordinary message traffic, which reached a record of more than 425 billion messages⁸ in a day.
Nasdaq aims to expand U.S. market access to 24/5 trading in the second half of 2026. The planned launch of 24-hour trading on the Nasdaq Stock Market will broaden investor access and wealth-building opportunities globally, including in Asia, where demand for Nasdaq-listed stocks is accelerating. Nasdaq’s timeline is subject to regulatory approval and alignment with the industry participants.
Nasdaq and Amazon Web Services signed an enhanced agreement to amplify their prior partnership. The partnership aims to benefit both the Market Services and Financial Technology divisions and advance Nasdaq’s vision to be the trusted fabric of the world’s financial system. Nasdaq plans to offer its financial services clients new cloud-based solutions in phases. The initial phase focuses on providing market operators with public and hybrid cloud infrastructure, software, and services offerings that mitigate transformation risk, retain data sovereignty, and optimize performance, latency, security, and resilience. Nasdaq’s Nordic markets will be among the first markets to leverage the infrastructure powered by the new partnership, subject to regulatory approval. Nasdaq also has expanded its modernization partnerships with both the Johannesburg Stock Exchange (JSE) and Mexico’s Grupo BMV.
Nasdaq is executing on its 2025 strategic priorities — Integrate, Innovate, Accelerate — positioning the company to capitalize on opportunities for sustainable, scalable, and resilient growth.
- Integrate – Nasdaq is on track to action its $140 million expanded net expense efficiency program by year-end, with over $100 million actioned as of the end of the first quarter. Moody’s upgraded Nasdaq’s senior unsecured debt rating from Baa2 to Baa1 on March 31.
- Innovate – Nasdaq continued to amplify innovation across the company as the team rolled out new AI-powered features to our solutions and product offerings and launched new Index products. Client usage of Nasdaq Verafin’s Co-Pilot tool grew 20% sequentially in the first quarter, highlighting the value and efficiency the offering provides to clients. Currently, more than 1,200 clients are leveraging the co-pilot to expedite their alert reviews.
- Accelerate – The company continues to execute on its One Nasdaq strategy securing 19 cross-sell wins since the Adenza acquisition across key solutions including Surveillance, AxiomSL, and Verafin. Nasdaq remains on track to surpass $100 million in run-rate revenue from cross-sells by the end of 2027. At the end of the first quarter, cross-sells accounted for over 15% of Financial Technology’s sales pipeline.

____________
¹ Represents revenue less transaction-based expenses.
²Adjusted period over period change reflects non-GAAP results, adjusted to include revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for 1Q24 and to exclude the impacts of foreign currency and the previously announced one-time revenue benefit in our Index business in 1Q24.
³ Constitutes revenue from our Capital Access Platforms and Financial Technology segments.
⁴ Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
⁵ Refer to our reconciliations of U.S. GAAP to non-GAAP net income attributable to Nasdaq, diluted earnings per share, operating income, operating expenses and organic impacts included in the attached schedules.
⁶ Organic changes (i) reflect adjustments to remove the impact of period-over-period changes in foreign currency exchange rates and (ii) includes revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for 1Q24. As it relates to ARR, organic changes only exclude the impact of period-over-period changes in foreign currency exchange rates as the AxiomSL ratable recognition adjustment had no impact on ARR.
⁷ U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.
⁸ Message count represents the number of records across Nasdaq’s U.S. Options, U.S. and Canadian equities markets, trade reporting facilities, and bond exchange that are recorded into Nasdaq’s data warehouse on a daily basis.

ABOUT NASDAQ

Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

NON-GAAP INFORMATION

In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP net income attributable to Nasdaq, non-GAAP diluted earnings per share, non-GAAP operating income, and non-GAAP operating expenses, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation table of U.S. GAAP to non-GAAP information provided at the end of this release. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.

These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.

We understand that analysts and investors regularly rely on non-GAAP financial measures, such as those noted above, to assess operating performance. We use these measures because they highlight trends more clearly in our business that may not otherwise be apparent when relying solely on U.S. GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our ongoing operating performance.

Organic revenue and expense growth, organic change and organic impact are non-GAAP measures that reflect adjustments for: (i) the impact of period-over-period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture. Reconciliations of these measures are described within the body of this release or in the reconciliation tables at the end of this release.

Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenue and expenses are translated using monthly average exchange rates. Certain discussions in this release isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Operating results excluding the impact of foreign currency fluctuations are calculated by translating the current period’s results by the prior period’s exchange rates.

Restructuring programs: In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. We further expanded this program in the fourth quarter of 2024 to accelerate our momentum and further optimize our efficiencies (efficiency program). We have incurred costs principally related to employee-related costs, contract terminations, asset impairments and other related costs and expect to incur additional costs in these areas in an effort to accelerate efficiencies through location strategy and enhanced AI capabilities. Actions taken as part of this program will be complete by the end of 2025, while certain costs may be recognized in the first half of 2026. We expect to achieve benefits primarily in the form of expense synergies. In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional realignment program with a focus on realizing the full potential of this structure. As of September 30, 2024, we completed our divisional realignment program. Costs related to the Adenza restructuring and the divisional realignment programs are recorded as “restructuring charges” in our condensed consolidated statements of income. We exclude charges associated with these programs for purposes of calculating non-GAAP measures as they are not reflective of ongoing operating performance or comparisons in Nasdaq’s performance between periods.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, dividend program, trading volumes, products and services, ability to transition to new business models or implement our new corporate structure, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, environmental, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

WEBSITE DISCLOSURE

Nasdaq intends to use its website, ir.nasdaq.com, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.

Media Relations Contact
Nick Jannuzzi
+1.973.760.1741
Nicholas.Jannuzzi.@Nasdaq.com

Investor Relations Contact
Ato Garrett
+1.212.401.8737
Ato.Garrett@Nasdaq.com

NDAQF

Nasdaq, Inc.
Condensed Consolidated Statements of Income
(in millions, except per share amounts)
(unaudited)

		Three Months Ended
		March 31,			March 31,
			2025			2024

Revenues:
Capital Access Platforms		$	515		$	479
Financial Technology			432			392
Market Services			1,134			794
Other Revenues			9			9
	Total revenues		2,090			1,674
Transaction-based expenses:
Transaction rebates			(579	)		(481	)
Brokerage, clearance and exchange fees			(274	)		(76	)
Revenues less transaction-based expenses			1,237			1,117

Operating Expenses:
Compensation and benefits			329			340
Professional and contract services			36			34
Technology and communication infrastructure			77			67
Occupancy			28			28
General, administrative and other			6			28
Marketing and advertising			14			11
Depreciation and amortization			156			155
Regulatory			15			9
Merger and strategic initiatives			24			9
Restructuring charges			5			26
	Total operating expenses		690			707
Operating income			547			410
Interest income			11			6
Interest expense			(96	)		(108	)
Other income (loss)			(1	)		1
Net income from unconsolidated investees			27			3
Income before income taxes			488			312
Income tax provision			93			79
Net income			395			233
Net loss attributable to noncontrolling interests			—			1
Net income attributable to Nasdaq		$	395		$	234

Per share information:
Basic earnings per share		$	0.69		$	0.41
Diluted earnings per share		$	0.68		$	0.40
Cash dividends declared per common share		$	0.24		$	0.22

Weighted-average common shares outstanding
for earnings per share:
Basic			575.0			575.4
Diluted			580.0			578.9

Nasdaq, Inc.
Revenue Detail
(in millions)
(unaudited)

				Three Months Ended
				March 31,			March 31,
					2025			2024

CAPITAL ACCESS PLATFORMS
	Data and Listing Services revenues			$	192		$	186
	Index revenues				193			168
	Workflow and Insights revenues				130			125
		Total Capital Access Platforms revenues			515			479

FINANCIAL TECHNOLOGY
	Financial Crime Management Technology revenues				77			64
	Regulatory Technology revenues				101			90
	Capital Markets Technology revenues				254			238
		Total Financial Technology revenues			432			392

MARKET SERVICES
	Market Services revenues				1,134			794
	Transaction-based expenses:
			Transaction rebates		(579	)		(481	)
			Brokerage, clearance and exchange fees		(274	)		(76	)
		Total Market Services revenues, net			281			237

OTHER REVENUES					9			9

REVENUES LESS TRANSACTION-BASED EXPENSES				$	1,237		$	1,117

Nasdaq, Inc.
Condensed Consolidated Balance Sheets
(in millions)

		March 31,			December 31,
			2025			2024
Assets		(unaudited)
Current assets:
	Cash and cash equivalents	$	690		$	592
	Restricted cash and cash equivalents		18			31
	Default funds and margin deposits		5,686			5,664
	Financial investments		201			184
	Receivables, net		986			1,022
	Other current assets		237			293
Total current assets			7,818			7,786
Property and equipment, net			621			593
Goodwill			14,179			13,957
Intangible assets, net			6,830			6,905
Operating lease assets			381			375
Other non-current assets			818			779
Total assets		$	30,647		$	30,395

Liabilities
Current liabilities:
	Accounts payable and accrued expenses	$	255		$	269
	Section 31 fees payable to SEC		264			319
	Accrued personnel costs		198			325
	Deferred revenue		981			711
	Other current liabilities		187			215
	Default funds and margin deposits		5,686			5,664
	Short-term debt		400			399
Total current liabilities			7,971			7,902
Long-term debt			8,926			9,081
Deferred tax liabilities, net			1,586			1,594
Operating lease liabilities			393			388
Other non-current liabilities			216			230
Total liabilities			19,092			19,195

Commitments and contingencies
Equity
Nasdaq stockholders’ equity:
	Common stock		6			6
	Additional paid-in capital		5,450			5,530
	Common stock in treasury, at cost		(672	)		(647	)
	Accumulated other comprehensive loss		(1,896	)		(2,099	)
	Retained earnings		8,658			8,401
Total Nasdaq stockholders’ equity			11,546			11,191
	Noncontrolling interests		9			9
Total equity			11,555			11,200
Total liabilities and equity		$	30,647		$	30,395

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Net Income Attributable to Nasdaq and Diluted Earnings Per Share
(in millions, except per share amounts)
(unaudited)


		Three Months Ended
		March 31,			March 31,
			2025			2024

U.S. GAAP net income attributable to Nasdaq		$	395		$	234
Non-GAAP adjustments:
	Amortization expense of acquired intangible assets ⁽¹⁾		122			123
	Merger and strategic initiatives expense ⁽²⁾		24			9
	Restructuring charges ⁽³⁾		5			26
	Net income from unconsolidated investees ⁽⁴⁾		(27	)		(3	)
	Gain from extinguishment of debt ⁽⁵⁾		(19	)		—
	Legal and regulatory matters		2			2
	Pension settlement charge ⁽⁶⁾		—			23
	Other loss		1			—
	Total non-GAAP adjustments		108			180
	Non-GAAP adjustment to the income tax provision ⁽⁷⁾		(47	)		(47	)
	Total non-GAAP adjustments, net of tax		61			133
Non-GAAP net income attributable to Nasdaq		$	456		$	367

U.S. GAAP diluted earnings per share		$	0.68		$	0.40
	Total adjustments from non-GAAP net income above		0.11			0.23
Non-GAAP diluted earnings per share		$	0.79		$	0.63

Weighted-average diluted common shares outstanding for earnings per share:			580.0			578.9


(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.

(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2025, these amounts are primarily driven by the timing of recognition associated with the transfer of open positions in our Nordic power derivatives trading and clearing business, Adenza integration costs and other strategic initiative costs. For the three months ended March 31, 2024, these costs were primarily related to the integration of Adenza.

(3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, asset impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In addition, in September 2024, we completed our previously disclosed divisional realignment program.

(4) We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.

(5) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.

(6) For the three months ended March 31, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.

(7) The non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment. For the three months ended March 31, 2025, we recognized a prior year tax reserve release of $18 million due to a favorable audit settlement.

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin
(in millions)
(unaudited)

		Three Months Ended
		March 31,			March 31,
			2025			2024

U.S. GAAP operating income		$	547		$	410
Non-GAAP adjustments:
	Amortization expense of acquired intangible assets ⁽¹⁾		122			123
	Merger and strategic initiatives expense ⁽²⁾		24			9
	Restructuring charges ⁽³⁾		5			26
	Gain from extinguishment of debt ⁽⁴⁾		(19	)		—
	Legal and regulatory matters		2			2
	Pension settlement charge ⁽⁵⁾		—			23
	Other loss		1			—
	Total non-GAAP adjustments		135			183
Non-GAAP operating income		$	682		$	593

Revenues less transaction-based expenses		$	1,237		$	1,117

U.S. GAAP operating margin ⁽⁶⁾			44 %			37 %

Non-GAAP operating margin ⁽⁷⁾			55 %			53 %

Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.

(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.

(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2025, these amounts are primarily driven by the timing of recognition associated with the transfer of open positions in our Nordic power derivatives trading and clearing business, Adenza integration costs and other strategic initiative costs. For the three months ended March 31, 2024, these costs were primarily related to the integration of Adenza.

(3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, asset impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In addition, in September 2024, we completed our previously disclosed divisional realignment program.

(4) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.

(5) For the three months ended March 31, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.

(6) U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.

(7) Non-GAAP operating margin equals non-GAAP operating income divided by non-GAAP revenues less transaction-based expenses.

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses
(in millions)
(unaudited)

		Three Months Ended
		March 31,			March 31,
			2025			2024

U.S. GAAP operating expenses		$	690		$	707
Non-GAAP adjustments:
	Amortization expense of acquired intangible assets ⁽¹⁾		(122	)		(123	)
	Merger and strategic initiatives expense ⁽²⁾		(24	)		(9	)
	Restructuring charges ⁽³⁾		(5	)		(26	)
	Gain from extinguishment of debt ⁽⁴⁾		19			—
	Legal and regulatory matters		(2	)		(2	)
	Pension settlement charge ⁽⁵⁾		—			(23	)
	Other loss		(1	)		—
	Total non-GAAP adjustments		(135	)		(183	)
Non-GAAP operating expenses		$	555		$	524


(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.

(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2025, these amounts are primarily driven by the timing of recognition associated with the transfer of open positions in our Nordic power derivatives trading and clearing business, Adenza integration costs and other strategic initiative costs. For the three months ended March 31, 2024, these costs were primarily related to the integration of Adenza.

(3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, asset impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In addition, in September 2024, we completed our previously disclosed divisional realignment program.

(4) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.

(5) For the three months ended March 31, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.

Nasdaq, Inc.
Reconciliation of Adjusted Impacts for Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
Non-GAAP Operating Income, and Non-GAAP Operating Margin
(in millions)
(unaudited)

	Three Months Ended
	As Reported				Adenza		Adjusted ⁽¹⁾		Total Variance				FX & Other ⁽²⁾			Adjusted YoY
	March 31, 2025		March 31, 2024		March 31, 2024		March 31, 2024		$		%		$			$		%
CAPITAL ACCESS PLATFORMS
Data and Listing Services revenues	$	192	$	186	$	—	$	186	$	6	3	%	$	(1	)	$	7	4	%
Index revenues		193		168		—		168		25	14	%		(16	)		41	26	%
Workflow and insights revenues		130		125		—		125		5	4	%		—			5	4	%
Total Capital Access Platforms revenues		515		479		—		479		36	7	%		(17	)		53	11	%

FINANCIAL TECHNOLOGY
Financial Crime Management Technology revenues		77		64		—		64		13	21	%		—			13	21	%
Regulatory Technology revenues		101		90		3		93		8	8	%		(1	)		9	10	%
Capital Markets Technology revenues		254		238		—		238		16	7	%		(1	)		17	7	%
Total Financial Technology revenues		432		392		3		395		37	9	%		(2	)		39	10	%

Solutions revenues ⁽³⁾		947		871		3		874		73	8	%		(19	)		92	11	%

Market Services, net revenues		281		237		—		237		44	19	%		(2	)		46	19	%
Other revenues		9		9		—		9		—	(6	)%		—			—	(4	)%
Revenues less transaction-based expenses		1,237		1,117		3		1,120		117	10	%		(21	)		138	12	%

Non-GAAP operating expenses		555		524		—		524		31	6	%		(6	)		37	7	%
Non-GAAP operating income	$	682	$	593	$	3	$	596	$	86	14	%	$	(15	)	$	101	17	%
Non-GAAP operating margin		55%		53%				53%


(1) Includes revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for the first quarter of 2024.
(2) Reflects the impacts from changes in foreign currency exchange rates and excludes the impact of a one-time revenue benefit related to a legal settlement to recoup lost revenue recorded within Index in the first quarter of 2024.
(3) Represents Capital Access Platforms and Financial Technology Segments.
Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.

Nasdaq, Inc.
Reconciliation of Organic Impacts for Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
Non-GAAP Operating Income, and Non-GAAP Diluted Earnings Per Share
(in millions, except per share amounts)
(unaudited)


	Three Months Ended				Total Variance				Other Impacts ⁽¹⁾					Organic Impact ⁽²⁾
	March 31, 2025		March 31, 2024		$		%		$			%		$		%
CAPITAL ACCESS PLATFORMS
Data and Listing Services revenues	$	192	$	186	$	6	3	%	$	(1	)	(1	)%	$	7	4	%
Index revenues		193		168		25	14	%		—		—	%		25	14	%
Workflow and Insights revenues		130		125		5	4	%		—		—	%		5	4	%
Total Capital Access Platforms revenues		515		479		36	7	%		(1	)	—	%		37	8	%

FINANCIAL TECHNOLOGY
Financial Crime Management Technology revenues		77		64		13	21	%		—		—	%		13	21	%
Regulatory Technology revenues		101		90		11	12	%		2		2	%		9	10	%
Capital Markets Technology revenues		254		238		16	7	%		(1	)	—	%		17	7	%
Total Financial Technology revenues		432		392		40	10	%		1		—	%		39	10	%

Solutions revenues ⁽³⁾		947		871		76	9	%		—		—	%		76	9	%

Market Services, net revenues		281		237		44	19	%		(2	)	(1	)%		46	19	%

Other revenues		9		9		—	(6	)%		—		(2	)%		—	(4	)%

Revenues less transaction-based expenses	$	1,237	$	1,117	$	120	11	%	$	(2	)	—	%	$	122	11	%

Non-GAAP Operating Expenses	$	555	$	524	$	31	6	%	$	(6	)	(1	)%	$	37	7	%

Non-GAAP Operating Income	$	682	$	593	$	89	15	%	$	4		1	%	$	85	14	%

Non-GAAP diluted earnings per share	$	0.79	$	0.63	$	0.16	24	%	$	—		—	%	$	0.16	24	%


Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.
(1) Primarily includes the impacts of changes in FX rates and $3 million of revenue for AxiomSL to reflect adjustment for on-premises contracts ratable recognition for 2024 within Regulatory Technology revenues.
(2) Organic changes (i) reflect adjustments for the impact of period-over-period changes in foreign currency exchange rates and (ii) includes revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for the first quarter of 2024.
(3) Represents Capital Access Platforms and Financial Technology Segments.

Nasdaq, Inc.
Key Drivers Detail
(unaudited)

		Three Months Ended
		March 31,			March 31,
			2025			2024
Capital Access Platforms
	Annualized recurring revenues (in millions) ⁽¹⁾	$	1,281		$	1,220
	Initial public offerings
	The Nasdaq Stock Market ⁽²⁾		63			27
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic		4			1
	Total new listings
	The Nasdaq Stock Market ⁽²⁾		170			79
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic ⁽³⁾		9			2
	Number of listed companies
	The Nasdaq Stock Market ⁽⁴⁾		4,139			4,020
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic ⁽⁵⁾		1,160			1,203
	Index
	Number of licensed exchange traded products ⁽⁶⁾		418			362
	Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions)	$	622		$	519
	Total average ETP AUM tracking Nasdaq indexes (in billions)	$	662		$	492
	TTM ⁽⁷⁾ net inflows ETP AUM tracking Nasdaq indexes (in billions)	$	86		$	46
	TTM ⁽⁷⁾ net appreciation ETP AUM tracking Nasdaq indexes (in billions)	$	17		$	124

Financial Technology
	Annualized recurring revenues (in millions) ⁽¹⁾
	Financial Crime Management Technology	$	295		$	243
	Regulatory Technology		362			328
	Capital Markets Technology		893			821
	Total Financial Technology	$	1,550		$	1,392

Market Services
	Equity Derivative Trading and Clearing
	U.S. equity options
	Total industry average daily volume (in millions)		53.6			43.3
	Nasdaq PHLX matched market share		9.1	%		10.3	%
	The Nasdaq Options Market matched market share		5.1	%		5.4	%
	Nasdaq BX Options matched market share		1.7	%		2.2	%
	Nasdaq ISE Options matched market share		6.8	%		6.3	%
	Nasdaq GEMX Options matched market share		3.6	%		2.5	%
	Nasdaq MRX Options matched market share		2.8	%		2.5	%
	Total matched market share executed on Nasdaq’s exchanges		29.1	%		29.2	%
	Nasdaq Nordic and Nasdaq Baltic options and futures
	Total average daily volume of options and futures contracts		256,009			241,665

	Cash Equity Trading
	Total U.S.-listed securities
	Total industry average daily share volume (in billions)		15.7			11.8
	Matched share volume (in billions)		137.6			116.7
	The Nasdaq Stock Market matched market share		14.2	%		15.7	%
	Nasdaq BX matched market share		0.3	%		0.4	%
	Nasdaq PSX matched market share		0.1	%		0.2	%
	Total matched market share executed on Nasdaq’s exchanges		14.6	%		16.3	%
	Market share reported to the FINRA/Nasdaq Trade Reporting Facility		48.1	%		41.4	%
	Total market share ⁽⁸⁾		62.7	%		57.7	%
	Nasdaq Nordic and Nasdaq Baltic securities
	Average daily number of equity trades executed on Nasdaq’s exchanges		789,103			666,408
	Total average daily value of shares traded (in billions)	$	5.4		$	4.7
	Total market share executed on Nasdaq’s exchanges		69.9	%		71.7	%

	Fixed Income and Commodities Trading and Clearing
	Fixed Income
	Total average daily volume of Nasdaq Nordic and Nasdaq Baltic fixed income contracts		83,864			92,070

	(1) Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
	(2) New listings include IPOs, issuers that switched from other listing venues, closed-end funds and separately listed ETPs. For the three months ended March 31, 2025 and 2024, IPOs included 18 and 5 SPACs, respectively.
	(3) New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
	(4) Number of total listings on The Nasdaq Stock Market for the three months ended March 31, 2025 and March 31, 2024 included 833 and 619 ETPs, respectively.
	(5) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
	(6) The number of listed ETPs as of March 31, 2024 has been updated to reflect a revised methodology whereby an ETP listed on multiple exchanges is counted as one product, rather than formerly being counted per exchange. This change has no impact on reported AUM.
	(7) Trailing 12-months.
	(8) Includes transactions executed on The Nasdaq Stock Market’s, Nasdaq BX’s and Nasdaq PSX’s systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.

The MIL Network –

April 24, 2025

MIL-OSI Economics: Thales reports its order intake and sales for the first quarter of 2025
Source: Thales Group

Headline: Thales reports its order intake and sales for the first quarter of 2025

24 Apr 2025

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- Order intake: €3.8 billion, down -25% (-27% on an organic basis¹)
- Sales: €5.0 billion, up +12.2% (+9.9% on an organic basis)
- All 2025 financial objectives confirmed²
Thales (Euronext Paris: HO) today announced its order intake and sales for the first quarter of 2025.

“In the first quarter of 2025, Thales recorded organic sales growth of nearly 10%, demonstrating the strong momentum of our Defence and Avionics activities, as well as the excellent visibility the Group enjoys.
Order intake in the first quarter of 2025 was solid, and showed growth compared to the same periods in 2022 and 2023. The decline observed compared to the first quarter of 2024 is explained by a particularly high comparison basis.
Thanks to the commitment of our teams, we confirm all our annual financial targets for 2025, including a book-to-bill ratio over 1 for the year 2025.”
Patrice Caine, Chairman & Chief Executive Officer

Order intake

Order intake for the first quarter of 2025 amounted to €3,778 million, down -27% at constant scope and exchange rates compared to the first three months of 2024 (-25% on a reported basis) due to a very high comparison base, particularly in the Defence segment. In the first quarter of 2024, Thales had recorded, among other contracts, two contracts with a unit value exceeding €500 million each: the third phase of the contract signed by Indonesia for the acquisition of Rafale aircraft (18 out of a total of 42), as well as an order for an air surveillance system for a military customer in the Middle East. However, the Group is benefiting from a robust commercial momentum in all its activities for this first quarter of 2025, particularly in the Aerospace segment. For reference, order intake amounted to €3,422 million in Q1 2023 and €3,033 million in Q1 2022.

During the first quarter of 2025, Thales recorded five large orders worth over €100 million each, for a total of €707 million:
- Order from Space Norway, Northern Europe’s leading satellite operator, for the supply of a telecommunications satellite, THOR 8;
- Order from SKY Perfect JSAT to Thales Alenia Space for JSAT-32, a geostationary telecommunications satellite;
- Signing of a contract between Thales and the European Space Agency (ESA) to develop Argonaut, a future autonomous and versatile lunar lander designed to deliver cargo and scientific instruments to the Moon;
- Order from the Dutch Ministry of Defence for the modernisation and support of vehicle tactical simulators;
- Order from the French Defence Procurement Agency (DGA) for the development, production, and maintenance of vetronics equipment for various Army vehicles as part of the SCORPION programme.
At €3,071 million, order intake with a unit value of less than €100 million was down -10% compared to the first three months of 2024; meanwhile, those with a unit value of less than €10 million were slightly up in the first quarter of 2025.

Geographically⁴, order intake in mature markets amounted to €2,914 million, similar to the first quarter of 2024 (+2% on a reported basis and a decrease of -1% at constant scope and exchange rates). Order intake in emerging markets amounted to €864 million (-61% as of March 31, 2025, in organic terms), affected by a very high comparison basis in these markets from the first quarter of 2024 (contracts for the Rafale in Indonesia and for an air surveillance system for a military customer in the Middle East mentioned previously).

Order intake in the Aerospace segment totaled €1,530 million, compared to €1,003 million in the first three months of 2024 (+45% at constant scope and exchange rates). The Avionics market continued to benefit from strong demand across its various businesses and recorded one large order with a unit value exceeding €100 million in its Training and Simulation business. In addition, Space benefited in the first quarter from favorable phasing of expected 2025 order intake, with the notification of three large orders with a unit value greater than €100 million, two related to the telecommunications business and one to the exploration business.

At €1,302 million (compared to €3,122 million in the first three months of 2024, representing an organic change of -59%), order intake in the Defence segment compared to a very high base in Q1 2024. One large order with a unit value over €100 million was recorded in the first quarter of 2025 compared to four in the same period in 2024. The Group reaffirms its objective of a book-to-bill ratio greater than 1 for the Defence segment in 2025.

At €922 million, order intake in the Cyber & Digital segment was structurally very close to sales as most business lines in this segment operate on short sales cycles. The order book is therefore not significant.

Sales

Sales for the first quarter of 2025 reached €4,960 million, compared to €4,421 million in the first quarter of 2024, up 9.9%⁵ at constant scope and exchange rates (up 12.2% on a reported basis).

Geographically⁶, sales recorded solid growth in both mature markets (+9.7% in organic terms), notably in the United Kingdom (+14.9%) and emerging markets with organic growth of +10.5% during the period.

Sales in the Aerospace segment amounted to €1,342 million, up 13.5% compared to the first quarter of 2024 (+8.4% at constant scope and exchange rates). This growth reflects ongoing robust demand in the Avionics market, leading the business to grow double-digit and achieve a solid performance across all activities as well as in both civil and military domains. Sales in the Space business continue to be impacted by the weak demand observed over the past two years in telecommunications satellites.

Sales in the Defence segment totaled €2,685 million, up +16.5% compared to the first quarter of 2024 (+15.0% at constant scope and exchange rates). This growth is observed across all businesses in the Defence segment, notably in land and air systems, which benefitted from production capacity expansion projects being deployed, especially for radars’ production.

Sales in the Cyber & Digital segment stood at €903 million, down -1.5% compared to the first three months of 2024 (-2.1% at constant scope and exchange rates), reflecting contrasting trends:
- Cyber businesses were stable in the first quarter of 2025 (+0.2% at constant scope and exchange rates):
  
  The Cyber Security Products business is recording growth, leveraging Imperva’s complementary offer. The beginning of 2025 is moreover marked by the merger of the Imperva and Thales’ sales teams, a key step in the integration process that will unlock the full potential of the business, though its execution may generate some short-term disturbances;
  
  The Cyber Premium Services business was impacted by a soft market demand start this first 2025 quarter, notably in Australia, and reported a decline in sales compared to the first quarter of 2024. For this business, which represents approximately 20% of total Cyber activity, the Group’s priority is to standardise operations to improve margins and focus the sales strategy on selective profitable growth segments.
- In Digital businesses (down -3.6% at constant scope and exchange rates):
  
  Sales from Payment Services returned to positive growth in the first quarter of 2025, after five consecutive quarters of decline;
  
  Sales in Identity and Biometrics solutions declined. This business faced revenues downturn due to COVID in 2020. Post pandemic, an important catch-up effect occurred through to 2024, in the travel documents segment. As a consequence, the comparison effect is not favourable as this business is now normalising to a more usual run rate.
Outlook

Thales continues to benefit from a strong visibility in the vast majority of its businesses and enjoys a robust medium to long-term outlook.

The Group has initiated preliminary work to assess the impacts of the increase in tariffs, as they are stand today. Such analysis takes into account the affected flows on the one hand, and the cases of exemption from tariffs on the other hand (such as in defence activities), along with certain protective contractual conditions in our export contracts (incoterms). Furthermore, Thales is working on mitigation plans in response to these new regulations: use of specific customs programmes such as duty drawback or temporary Importations under Bonds, the redirection of certain production flows, transfer pricing, supply chain adjustments (alternate sourcing), customer surcharging…

These estimates are based on the latest available information on announced tariffs increases and exemptions as known on April 24, 2025, and Thales’ estimates to date. At this stage, the Group estimates that the net direct impact from those elements is contained. The potential indirect impact is not known at this stage.

As a result, assuming no new disruptions of the macroeconomic geopolitical context and the evolution of new tariffs, Thales confirms all of its 2025 financial objectives, as listed below:
- A book-to-bill ratio above 1;
- Organic sales growth of between +5% and +6%, corresponding to annual sales in the range of €21.7 billion to €21.9 billion⁷;
- An Adjusted EBIT margin between 12.2% and 12.4%.
****

^{This press release contains certain forward-looking statements. Although Thales believes that its expectations are based on reasonable assumptions, actual results may differ significantly from the forward-looking statements due to various risks and uncertainties, as described in the Company’s Universal Registration Document, which has been filed with the French financial markets authority (Autorité des marchés financiers – AMF).}

¹^{In this press release, “organic” means “at constant scope and exchange rates”.}

²^{Assuming no new disruptions of the macroeconomic geopolitical context or evolution of new tariffs.}

³^{Mature markets: Europe, North America, Australia, New Zealand. Emerging markets: all other countries.}

⁴^{See table on page 6.}

⁵^{Taking into account a currency effect of €17 million and a net scope effect of €84 million.}

⁶^{See table on page 6.}

^{7 Based on April 2025 scope and year to date average foreign exchange rates as of April 2025.}
MIL OSI Economics –
April 24, 2025
MIL-OSI Asia-Pac: Union Health Minister Shri J P Nadda launches National Zero Measles-Rubella Elimination Campaign on the occasion of World Immunization Week
Source: Government of India

Union Health Minister Shri J P Nadda launches National Zero Measles-Rubella Elimination Campaign on the occasion of World Immunization Week

Measles-Rubella elimination campaign 2025-26 marks an opportunity to achieve 100% immunization coverage to provide high quality life to children by administering them with two doses of Measles and Rubella vaccine: Shri J P Nadda

“332 districts across the country have reported zero Measles cases and 487 districts have reported zero Rubella cases during January- March 2025 which underscores the progress achieved in the goal of M-R elimination”

“With the ‘ACT NOW’ policy, we have to target the elimination of M-R in the same way as Polio and Maternal and Neonatal Tetanus elimination was achieved, so that no child is left behind”

Currently India’s MR vaccination coverage stands at 93.7% for the first dose and 92.2% for the second dose, as per 2024-25 HMIS data

Posted On: 24 APR 2025 2:26PM by PIB Delhi

Union Minister of Health and Family Welfare, Shri Jagat Prakash Nadda today virtually launched the National Zero Measles-Rubella Elimination campaign 2025-26 on the first day of the World Immunization Week (24-30 April), marking a significant step towards India’s goal of eliminating Measles and Rubella by 2026.

On the occasion, Union Health Minister released multi-language M-R IEC materials (posters, radio jingles, MR elimination and official U-WIN launch film) for creating awareness in the communities. These IEC materials were also shared with all States/UTs for adaptation and rollout during the MR Elimination Campaign 2025-26.

Addressing the occasion, Shri J P Nadda stated that, “today is momentous occasion as the launch of Measles-Rubella elimination campaign 2025-26 marks an opportunity to achieve 100% immunization coverage to provide high quality lifestyle to children by administering them with the two doses of Measles and Rubella vaccine.” Noting that this disease is of a highly contagious nature that hampers not only children’s life but also cause misery to their parents, Shri Nadda underlined the importance of ensuring that not even a single child is left behind.

The Union Health Minister congratulated the Ministry for getting recognition with the prestigious Measles and Rubella Champion Award by the Measles and Rubella Partnership in 2024. He highlighted that “332 districts in the country have reported zero measles cases and 487 districts have reported zero rubella cases during January- March 2025 which underscores the progress achieved in the goal of M-R elimination.”

Shri Nadda highlighted the need for keeping the IDSP activated and strengthening surveillance. “We have to target the elimination of M-R in the same way as Polio and Maternal and Neonatal Tetanus elimination was achieved”, he stated. He urged the states and UTs to be attentive, alert, and proactive and work with a ‘ACT NOW’ policy.

Shri Nadda also urged the State Ministers and Chief Medical Officers to hold public and press meetings where people at large can be informed about the vaccination drive through active Jan Bhagidari. He also called upon States for an inclusive participation of all MLAs, MPs, local and Panchayat heads to spread awareness about the vaccination against Measles and Rubella. He also urged the frontline workers to reach out to remote and hard to reach areas, slums, migratory population, areas with frequent outbreaks. “We have to reach out to people in the last mile to ensure that we achieve 100% coverage”, he stated. He also emphasized on the need for coordinating with line ministries. He concluded his address by stating that “if we work and act from today, we will be able to achieve success tomorrow.”

Background:

Measles and Rubella are highly infectious viral diseases that can lead to serious illnesses, lifelong complications, and even death. Due to their high infection rate, India has set a goal to eliminate these diseases by 2026. Under the Universal Immunization Programme (UIP), two doses of the Measles-Rubella (MR) vaccine are provided free of cost to all eligible children, at 9-12 months and 16-24 months of age, respectively. Currently, India’s MR vaccination coverage stands at 93.7% for the first dose (2024-25 HMIS data) and 92.2% for the second dose.

In 2024, India has recorded a remarkable decline of 73% in Measles cases and a 17% reduction in Rubella cases in comparison with 2023.

India’s plan for eliminating measles and rubella includes a comprehensive framework:
1. Immunization: Achieve and maintain high population immunity with > 95% vaccination coverage with 2 doses of measles and rubella containing vaccines in each district of the country.
1. Surveillance: Sustain a sensitive and timely case-based surveillance system for measles & rubella.
2. Outbreaks: Ensure adequate preparedness and timely response to measles and rubella outbreaks.
3. Linkages: Strengthen support and linkages to achieve the above strategic objectives.
4. Demand Generation for Vaccination: Focused mass awareness campaigns to mitigate the risks of non-vaccination and dispel myths related to MR vaccine for addressing vaccine hesitancy and increasing coverage.
In recognition of country’s exceptional efforts in prevention of Measles and Rubella, India was awarded the prestigious Measles and Rubella Champion Award by the Measles and Rubella Partnership at the American Red Cross Headquarters in Washington D.C. on March 6, 2024.

Under the Universal Immunization Programme (UIP), India runs world’s largest vaccination programme for pregnant women and children – reaching out to 2.9 crore pregnant women and 2.6 crore newborns annually. This provides protection against 12 vaccine preventable diseases (VPDs) such as Polio, Measles, Rubella, Diphtheria, Tetanus, Rotavirus diarrhoea, Hepatitis B among others. U-WIN digital platform for vaccination, launched by the Hon’ble Prime Minister is being utilized extensively to record vaccination events, generate vaccination certificate and book appointment for vaccination across the country.

India’s Universal Immunization Programme, has been instrumental in reducing mortality rates and controlling infectious diseases among children under five years of age. From 2014 to 2020, under-5 mortality rates dropped from 45 to 32 per 1,000 live births (Sample Registration System – 2020). Since 2014, under UIP, over 6 new vaccines have been introduced including MR vaccine.

Smt. Punya Salila Srivastava, Union Health Secretary; Dr Rajiv Bahl, Secretary, Dept. of Health Research and DG, ICMR; Smt. Aradhana Patnaik, Addl. Secretary and Mission Director (NHM), Union Health Ministry; Smt. Meera Srivastava, Joint Secretary, Union Health Ministry, Additional Commissioner (Immunization), Additional Chief Secretaries, Principal Secretaries (Health), Mission Directors (NHM) and State Immunization Officers from States/UTs had joined the virtual launch event.

*****

MV

HFW/HFM MR Elimination Campaign Launch/24 April 2025/1

(Release ID: 2124032) Visitor Counter : 19

MIL OSI Asia Pacific News –
April 24, 2025
MIL-OSI Africa: African Mining Week (AMW) to Spotlight Investor Strategies Driving Africa’s Mineral Industrialization

Source: Africa Press Organisation – English (2) – Report:

CAPE TOWN, South Africa, April 24, 2025/APO Group/ —

African Mining Week (AMW) – taking place from October 1–3, 2025, in Cape Town – will connect global investors with high-impact opportunities across Africa’s mining sector, spotlighting the strategies fueling the continent’s mineral industrialization.

A key highlight of the event will be a high-level panel, The Investor Perspective: Financing Africa’s Mineral Industrialization. The session will explore the evolving investment landscape and examine diverse financing mechanisms – including bank loans, private equity, venture capital and impact investing – that are mobilizing capital into African mining.

DFIs Drive Infrastructure Investments

Attracted by strong returns and Africa’s long-term growth potential, development finance institutions (DFIs) are ramping up investments into the continent’s mining infrastructure. In March 2025, the African Development Bank approved a $150 million loan to Mauritania’s state-owned mining company SNIM and committed $500 million to the Lobito Corridor – a strategic railway project linking Angola, the DRC and Zambia to international markets. Meanwhile, the Africa Finance Corporation (AFC) is backing several critical mineral projects, including Nyanza Light Metals’ $780 million PGMs facility in South Africa, Gecamines’ expansion in the DRC, Giyani Metals’ manganese development in Botswana and FG Gold’s project in Sierra Leone. Between 2014 and 2024, AFC invested over $1 billion into Africa’s mining sector. The U.S. International Development Finance Corporation (DFC) is also deepening its commitment, providing more than $750 million toward the Lobito Corridor, $34 million for Pensana’s Longonjo rare earths project in Angola and $3.2 million to Chillerton’s green copper development in Zambia.

Geopolitics and African Prospects

Geopolitical shifts are intensifying the global race for Africa’s critical minerals, vital for the energy transition and digital economy. From 2019 to 2023, companies from the United Arab Emirates committed over $110 billion to African projects. In early 2025, UAE-based Ambrosia Investment Holding acquired a 50% stake in Allied Gold’s projects in Ethiopia and Mali, investing $375 million to scale up gold production. Canadian mining investment on the continent has now surpassed $37 billion, with companies like Ivanhoe Mines, Fortuna Silver, Pioneer Lithium and Trigon Metals leading expansion efforts. Similarly, Australia’s mining footprint in Africa reached $60 billion in asset value in 2024, supported by firms such as Sovereign Metals, Cazaly Resources and Atlantic Lithium.

Private Placements

Private placements are emerging as a preferred capital-raising vehicle for mining ventures across Africa. Companies including Zanaga Iron Ore, Moab Minerals, Global Atomic Corporation, Premier African Minerals and Trigon Metals are leveraging this mechanism to fast-track project development and attract investor interest. As ESG criteria take center stage in investment decision-making, AMW will serve as a platform for financiers and project developers to engage on sustainability metrics, transparency and responsible investing.

MIL OSI Africa –

April 24, 2025

MIL-OSI: WTW Reports First Quarter 2025 Earnings

Source: GlobeNewswire (MIL-OSI)

Revenue¹decreased 5% over prior year to $2.2 billion for the quarter due to the sale of TRANZACT
Organic Revenue growth of 5% for the quarter
Diluted Earnings per Share was $2.33 for the quarter, up 27% over prior year
Adjusted Diluted Earnings per Share was $3.13 for the quarter, comparable to prior year²
Operating Margin was 19.4% for the quarter, up 740 basis points over prior year
Adjusted Operating Margin was 21.6% for the quarter, up 100 basis points from prior year²

LONDON, April 24, 2025 (GLOBE NEWSWIRE) — WTW (NASDAQ: WTW) (the “Company”), a leading global advisory, broking and solutions company, today announced financial results for the first quarter ended March 31, 2025.

“We had a solid start to the year, delivering results in line with our expectations and making strong progress on our strategy to accelerate our performance, enhance our efficiency and optimize our portfolio,” said Carl Hess, WTW’s chief executive officer. “We are well-positioned to help our clients navigate economic uncertainty and highly focused on driving continued growth and margin expansion, and we are confident in our outlook. I’m proud of our team’s dedication and look forward to achieving our strategic and financial goals together.”

Consolidated Results

As reported, USD millions, except %

Key Metrics	Q1-25	Q1-24²	Y/Y Change
Revenue¹	$2,223	$2,341	Reported (5)% \| CC (4)% \| Organic 5%
Income from Operations	$432	$280	54%
Operating Margin %	19.4%	12.0%	740 bps
Adjusted Operating Income	$480	$483	(1)%
Adjusted Operating Margin %	21.6%	20.6%	100 bps
Net Income	$239	$194	23%
Adjusted Net Income	$316	$325	(3)%
Diluted EPS	$2.33	$1.83	27%
Adjusted Diluted EPS	$3.13	$3.13	0%

¹	The revenue amounts included in this release are presented on a U.S. GAAP basis except where stated otherwise. The segment discussion is on an organic basis.
²	Refer to “WTW Non-GAAP Measures” below and the Q1-25 Supplemental Slides for recast of historical Non-GAAP measures.

Revenue was $2.22 billion for the first quarter of 2025, a decrease of 5% as compared to $2.34 billion for the same period in the prior year. Excluding the impact of foreign currency, revenue decreased 4%. On an organic basis, revenue increased 5%. See Supplemental Segment Information for additional detail on book-of-business settlements and interest income included in revenue.

Net Income for the first quarter of 2025 was $239 million compared to Net Income of $194 million in the prior-year first quarter. Adjusted EBITDA for the first quarter was $532 million, or 23.9% of revenue, a decrease of 3%, compared to Adjusted EBITDA of $546 million, or 23.3% of revenue, in the prior-year first quarter. The U.S. GAAP tax rate for the first quarter was 21.5%, and the adjusted income tax rate for the first quarter used in calculating adjusted diluted earnings per share was 22.7%.

Cash Flow and Capital Allocation

Cash flows used in operating activities were $35 million for the quarter ended March 31, 2025, compared to cash flows from operating activities of $24 million for the prior year. Free cash flow for the quarters ended March 31, 2025 and 2024 was $(86) million and $(36) million, respectively, a decrease of $50 million, primarily driven by the absence of cash collections related to TRANZACT, which the Company sold on December 31, 2024, and increased compensation payments in the current-year quarter as compared to the prior-year quarter. During the quarter ended March 31, 2025, the Company repurchased 607,221 of its outstanding shares for $200 million.

First Quarter 2025 Segment Highlights

Health, Wealth & Career (“HWC”)

As reported, USD millions, except %

Health, Wealth & Career	Q1-25	Q1-24	Y/Y Change
Total Revenue	$1,165	$1,336	Reported (13)% \| CC (12)% \| Organic 3%
Operating Income	$311	$336	(7)%
Operating Margin %	26.7%	25.1%	160 bps

The HWC segment had revenue of $1.17 billion in the first quarter of 2025, a decrease of 13% (12% decrease constant currency and organic growth of 3%) from $1.34 billion in the prior year. Health delivered organic revenue growth in all regions driven by solid client retention, new business and geographic expansion. Wealth generated organic revenue growth from higher levels of Retirement work in Europe and International, alongside growth in our Investments business due to the success of our LifeSight solution and capital market improvements. Career had modest revenue growth as increased advisory work was tempered by some postponements amid economic uncertainty. Benefits Delivery & Outsourcing revenue grew primarily from increased project and core administration work.

Operating margins in the HWC segment increased 160 basis points from the prior-year first quarter to 26.7%, primarily due to the sale of TRANZACT and savings from the Transformation program. Please refer to the Supplemental Slides for TRANZACT’s standalone historical financial results.

Risk & Broking (“R&B”)

As reported, USD millions, except %

Risk & Broking	Q1-25	Q1-24	Y/Y Change
Total Revenue	$1,027	$978	Reported 5% \| CC 7% \| Organic 7%
Operating Income	$226	$203	11%
Operating Margin %	22.0%	20.8%	120 bps

The R&B segment had revenue of $1.03 billion in the first quarter of 2025, an increase of 5% (7% increase constant currency and organic) from $978 million in the prior year. Corporate Risk & Broking (CRB) had organic revenue growth driven by higher levels of new business activity and strong client retention globally. Insurance Consulting and Technology (ICT) had organic revenue growth for the quarter driven by the Consulting and Technology practices.

Operating margins in the R&B segment increased 120 basis points from the prior-year first quarter to 22.0%, due primarily to operating leverage driven by strong organic revenue growth and savings from the Transformation program which were partially offset by headwinds from decreased interest income and foreign currency fluctuations.

Select 2025 Financial Considerations

Changes to Non-GAAP financial measures:

All reported non-GAAP metrics will exclude non-cash net periodic pension and postretirement benefits
Free cash flow and free cash flow margin will capture cash outflows for capitalized software costs
Refer to Supplemental Slides for recast of historical Non-GAAP measures

Business mix:

TRANZACT business, which contributed $1.14 to adjusted diluted earnings per share in 2024, is no longer part of the business portfolio following the completion of the TRANZACT sale in the fourth quarter of 2024
Reinsurance joint venture with Bain Capital expected to be a headwind on adjusted diluted earnings per share of approximately $0.25 to $0.35

Free cash flow:

Expect cash outflows in 2025 from the payment of accrued costs related to the Transformation program which concluded in 2024
Cash taxes related to receipt of earnout from reinsurance divestiture will be classified as Cash Flows from Operating Activities on Statement of Cash Flows

Capital allocation:

Expect share repurchases of ~$1.5 billion, subject to market conditions and potential capital allocation to organic and inorganic investment opportunities

Foreign exchange:

Expect a foreign currency impact on adjusted diluted earnings per share to be neutral in 2025 at today’s rates

Adjusted operating margin outlook:

~100 basis points of average annual margin expansion over next 3 years in R&B
Incremental annual margin expansion at HWC and enterprise levels

The 2025 Financial Considerations above include Non-GAAP financial measures. We do not reconcile forward-looking Non-GAAP measures for reasons explained under “WTW Non-GAAP Measures” below.

Conference Call

The Company will host a live webcast and conference call to discuss the financial results for the first quarter 2025. It will be held on Thursday, April 24, 2025, beginning at 9:00 a.m. Eastern Time. A live broadcast of the conference call will be available on WTW’s website here. The conference call will include a question-and-answer session. To participate in the question-and-answer session, please register here. An online replay will be available at www.wtwco.com shortly after the call concludes.

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at www.wtwco.com.

WTW Non-GAAP Measures

In order to assist readers of our consolidated financial statements in understanding the core operating results that WTW’s management uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Constant Currency Change, (2) Organic Change, (3) Adjusted Operating Income/Margin, (4) Adjusted EBITDA/Margin, (5) Adjusted Net Income, (6) Adjusted Diluted Earnings Per Share, (7) Adjusted Income Before Taxes, (8) Adjusted Income Taxes/Tax Rate, (9) Free Cash Flow and (10) Free Cash Flow Margin.

We believe that those measures are relevant and provide pertinent information widely used by analysts, investors and other interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results.

Within the measures referred to as ‘adjusted’, we adjust for significant items which will not be settled in cash, or which we believe to be items that are not core to our current or future operations. Some of these items may not be applicable for the current quarter, however they may be part of our full-year results. Additionally, we have historically adjusted for certain items which are not described below, but for which we may adjust in a future period when applicable. Items applicable to the quarter or full year results, or the comparable periods, include the following:

Restructuring costs and transaction and transformation – Management believes it is appropriate to adjust for restructuring costs and transaction and transformation when they relate to a specific significant program with a defined set of activities and costs that are not expected to continue beyond a defined period of time, or significant acquisition-related transaction expenses. We believe the adjustment is necessary to present how the Company is performing, both now and in the future when the incurrence of these costs will have concluded.
Gains and losses on disposals of operations – Adjustment to remove the gains or losses resulting from disposed operations that have not been classified as discontinued operations.
Net periodic pension and postretirement benefits – Adjustment to remove the recognition of net periodic pension and postretirement benefits (including pension settlements), other than service costs. We have included this adjustment as applicable in our prior-period disclosures in order to conform to the current-period presentation.

We evaluate our revenue on an as reported (U.S. GAAP), constant currency and organic basis. We believe presenting constant currency and organic information provides valuable supplemental information regarding our comparable results, consistent with how we evaluate our performance internally.

We consider Constant Currency Change, Organic Change, Adjusted Operating Income/Margin, Adjusted EBITDA/Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Income Before Taxes, Adjusted Income Taxes/Tax Rate and Free Cash Flow to be important financial measures, which are used to internally evaluate and assess our core operations and to benchmark our operating and liquidity results against our competitors. These non-GAAP measures are important in illustrating what our comparable operating and liquidity results would have been had we not incurred transaction-related and non-recurring items. Reconciliations of these measures are included in the accompanying tables with the following exception: The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency impacts necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non-GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.

Our non-GAAP measures and their accompanying definitions are presented as follows:

Constant Currency Change – Represents the year-over-year change in revenue excluding the impact of foreign currency fluctuations. To calculate this impact, the prior year local currency results are first translated using the current year monthly average exchange rates. The change is calculated by comparing the prior year revenue, translated at the current year monthly average exchange rates, to the current year as reported revenue, for the same period. We believe constant currency measures provide useful information to investors because they provide transparency to performance by excluding the effects that foreign currency exchange rate fluctuations have on period-over-period comparability given volatility in foreign currency exchange markets.

Organic Change – Excludes the impact of fluctuations in foreign currency exchange rates, as described above and the period-over-period impact of acquisitions and divestitures on current-year revenue. We believe that excluding transaction-related items from our U.S. GAAP financial measures provides useful supplemental information to our investors, and it is important in illustrating what our core operating results would have been had we not included these transaction-related items, since the nature, size and number of these transaction-related items can vary from period to period.

Adjusted Operating Income/Margin – Income from operations adjusted for amortization, restructuring costs, transaction and transformation and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted operating income margin is calculated by dividing adjusted operating income by revenue. We consider adjusted operating income/margin to be important financial measures, which are used internally to evaluate and assess our core operations and to benchmark our operating results against our competitors.

Adjusted EBITDA/Margin – Net Income adjusted for provision for income taxes, interest expense, depreciation and amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted EBITDA Margin is calculated by dividing adjusted EBITDA by revenue. We consider adjusted EBITDA/margin to be important financial measures, which are used internally to evaluate and assess our core operations, to benchmark our operating results against our competitors and to evaluate and measure our performance-based compensation plans.

Adjusted Net Income – Net Income Attributable to WTW adjusted for amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results and the related tax effect of those adjustments and the tax effects of internal reorganizations. This measure is used solely for the purpose of calculating adjusted diluted earnings per share.

Adjusted Diluted Earnings Per Share – Adjusted Net Income divided by the weighted-average number of ordinary shares, diluted. Adjusted diluted earnings per share is used to internally evaluate and assess our core operations and to benchmark our operating results against our competitors.

Adjusted Income Before Taxes – Income from operations before income taxes and interest in earnings of associates adjusted for amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted income before taxes is used solely for the purpose of calculating the adjusted income tax rate.

Adjusted Income Taxes/Tax Rate – Provision for income taxes adjusted for taxes on certain items of amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, the tax effects of significant adjustments and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results, divided by adjusted income before taxes. Adjusted income taxes is used solely for the purpose of calculating the adjusted income tax rate. Management believes that the adjusted income tax rate presents a rate that is more closely aligned to the rate that we would incur if not for the reduction of pre-tax income for the adjusted items and the tax effects of internal reorganizations, which are not core to our current and future operations.

Free Cash Flow – Cash flows from operating activities less cash used to purchase fixed assets and software. Free Cash Flow is a liquidity measure and is not meant to represent residual cash flow available for discretionary expenditures. Management believes that free cash flow presents the core operating performance and cash-generating capabilities of our business operations. As a result of our change in presentation, free cash flow for the prior period has been adjusted to conform to the current period, which includes the deduction of our capitalized software costs.

Free Cash Flow Margin – Free Cash Flow as a percentage of revenue, which represents how much of revenue would be realized on a cash basis. We consider this measure to be a meaningful metric for tracking cash conversion on a year-over-year basis due to the non-cash nature of our pension income, which is included in our GAAP and Non-GAAP earnings metrics presented herein.

These non-GAAP measures are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies. Non-GAAP measures should be considered in addition to, and not as a substitute for, the information contained within our condensed consolidated financial statements.

WTW Forward-Looking Statements

This document contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations. All statements, other than statements of historical facts, that address activities, events or developments that we expect or anticipate may occur in the future, including such things as: our outlook; the potential impact of natural or man-made disasters like health pandemics and other world health crises; future capital expenditures; ongoing working capital efforts; future share repurchases; financial results (including our revenue, costs or margins) and the impact of changes to tax laws on our financial results; existing and evolving business strategies including those related to acquisition and disposition; demand for our services and competitive strengths; strategic goals; the benefits of new initiatives; growth of our business and operations; the sustained health of our product, service, transaction, client, and talent assessment and management pipelines; our ability to successfully manage ongoing leadership, organizational and technology changes, including investments in improving systems and processes; our ability to implement and realize anticipated benefits of any cost-savings initiatives generated from our now-completed multi-year operational transformation program or other expense savings initiatives; our recognition of future impairment charges; and plans and references to future successes, including our future financial and operating results, short-term and long-term financial goals, plans, objectives, expectations and intentions, including with respect to free cash flow generation, adjusted net revenue, adjusted operating margin and adjusted earnings per share, are forward-looking statements. Also, when we use words such as ‘may’, ‘will’, ‘would’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘plan’, ‘continues’, ‘seek’, ‘target’, ‘goal’, ‘focus’, ‘probably’, or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.

There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including the following: our ability to successfully establish, execute and achieve our global business strategy as it evolves; our ability to fully realize the anticipated benefits of our growth strategy, including inorganic growth through acquisitions; our ability to achieve our short-term and long-term financial goals, such as with respect to our cash flow generation, and the timing with respect to such achievement; the risks related to changes in general economic conditions, business and political conditions, changes in the financial markets, inflation, credit availability, increased interest rates, changes in trade policies, increased tariffs and retaliatory actions; the risks to our short-term and long-term financial goals from any of the risks or uncertainties set forth herein; the risks relating to the adverse impacts of macroeconomic trends, including those relating to changes in trade policies and tariffs, as well as political events, war, such as the Russia-Ukraine and Israel-Hamas wars, and other international disputes, terrorism, natural disasters, public health issues and other business interruptions on the global economy and capital markets, such as uncertainty in the global markets, inflation, changes in interest rates and recessionary trends, changes in spending by government agencies and contractors, which could have a material adverse effect on our business, financial condition, results of operations and long-term goals; our ability to successfully hedge against fluctuations in foreign currency rates; the risks relating to the adverse impacts of natural or man-made disasters such as health pandemics and other world health crises on the demand for our products and services, our cash flows and our business operations; material interruptions to or loss of our information processing capabilities, or failure to effectively maintain and upgrade our information technology resources and systems and related risks of cybersecurity breaches or incidents; our ability to comply with complex and evolving regulations related to data privacy, cybersecurity and artificial intelligence; the risks relating to the transitional arrangements in effect subsequent to our now-completed sale of TRANZACT; significant competition that we face and the potential for loss of market share and/or profitability; the impact of seasonality and differences in timing of renewals and non-recurring revenue increases from disposals and book-of-business sales; the insufficiency of client data protection, potential breaches of information systems or insufficient safeguards against cybersecurity breaches or incidents; the risk of increased liability or new legal claims arising from our new and existing products and services, and expectations, intentions and outcomes relating to outstanding litigation; the risk of substantial negative outcomes on existing or potential future litigation or investigation matters; changes in the regulatory environment in which we operate, including, among other risks, the impacts of pending competition law and regulatory investigations; various claims, government inquiries or investigations or the potential for regulatory action; our ability to make divestitures or acquisitions, including our ability to integrate or manage acquired businesses or carve-out businesses to be disposed, as well as our ability to identify and successfully execute on opportunities for strategic collaboration; our ability to integrate direct-to-consumer sales and marketing solutions with our existing offerings and solutions; our ability to successfully manage ongoing organizational changes, including as a result of our recently-completed multi-year operational transformation program, investments in improving systems and processes, and in connection with our acquisition and divestiture activities; disasters or business continuity problems; our ability to successfully enhance our billing, collection and other working capital efforts, and thereby increase our free cash flow; our ability to properly identify and manage conflicts of interest; reputational damage, including from association with third parties; reliance on third-party service providers and suppliers; risks relating to changes in our management structures and in senior leadership; the loss of key employees or a large number of employees and rehiring rates; our ability to maintain our corporate culture; doing business internationally, including the impact of global trade policies and retaliatory considerations as well as foreign currency exchange rates; compliance with extensive government regulation; the risk of sanctions imposed by governments, or changes to associated sanction regulations (such as sanctions imposed on Russia) and related counter-sanctions; our ability to effectively apply technology, data and analytics changes for internal operations, maintaining industry standards and meeting client preferences; changes and developments in the insurance industry or the U.S. healthcare system, including those related to Medicare, and any other changes and developments in legal, regulatory, economic, business or operational conditions that could impact our businesses; the inability to protect our intellectual property rights, or the potential infringement upon the intellectual property rights of others; fluctuations in our pension assets and liabilities and related changes in pension income, including as a result of, related to, or derived from movements in the interest rate environment, investment returns, inflation, or changes in other assumptions that are used to estimate our benefit obligations and their effect on adjusted earnings per share; our capital structure, including indebtedness amounts, the limitations imposed by the covenants in the documents governing such indebtedness and the maintenance of the financial and disclosure controls and procedures of each; our ability to obtain financing on favorable terms or at all; adverse changes in our credit ratings; the impact of recent or potential changes to U.S. or foreign laws, and the enactment of additional, or the revision of existing, state, federal, and/or foreign laws and regulations, recent judicial decisions and development of case law, other regulations and any policy changes and legislative actions, including those that may impose additional excise taxes or impact our effective tax rate; U.S. federal income tax consequences to U.S. persons owning at least 10% of our shares; changes in accounting principles, estimates or assumptions; our recognition of future impairment charges; risks relating to or arising from environmental, social and governance (‘ESG’) practices; fluctuation in revenue against our relatively fixed or higher-than-expected expenses; the risk that investment levels increase; the laws of Ireland being different from the laws of the U.S. and potentially affording less protections to the holders of our securities; and our holding company structure potentially preventing us from being able to receive dividends or other distributions in needed amounts from our subsidiaries.

The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information, please see Part I, Item 1A in our Annual Report on Form 10-K, and our subsequent filings with the SEC. Copies are available online at http://www.sec.gov or www.wtwco.com.

Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.

Our forward-looking statements speak only as of the date made and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.

Contact

INVESTORS
Claudia De La Hoz | Claudia.Delahoz@wtwco.com


	WTW Supplemental Segment Information (In millions of U.S. dollars) (Unaudited)

REVENUE
							Components of Revenue Change⁽ⁱ⁾
							Less:				Less:
	Three Months Ended March 31,				As Reported		Currency		Constant Currency		Acquisitions/		Organic
	2025		2024		% Change		Impact		Change		Divestitures		Change

Health, Wealth & Career
Revenue excluding interest income	$	1,158	$	1,327		(13)%		(1)%		(12)%		(14)%		3%
Interest income		7		9
Total		1,165		1,336		(13)%		(1)%		(12)%		(14)%		3%

Risk & Broking
Revenue excluding interest income	$	1,005	$	950		6%		(2)%		8%		0%		8%
Interest income		22		28
Total		1,027		978		5%		(2)%		7%		0%		7%

Segment Revenue	$	2,192	$	2,314		(5)%		(2)%		(4)%		(8)%		5%
Corporate, reimbursable expenses and other		21		21
Interest income		10		6
Revenue	$	2,223	$	2,341		(5)%		(1)%		(4)%		(8)%	5%⁽ⁱⁱ⁾

⁽ⁱ⁾	Components of revenue change may not add due to rounding.
⁽ⁱⁱ⁾	Interest income did not contribute to organic change for the three months ended March 31, 2025.

BOOK-OF-BUSINESS SETTLEMENTS AND INTEREST INCOME

	Three Months Ended March 31,
	HWC				R&B				Corporate				Total
	2025		2024		2025		2024		2025		2024		2025		2024
Book-of-business settlements	$	2	$	—	$	—	$	2	$	—	$	—	$	2	$	2
Interest income		7		9		22		28		10		6		39		43
Total	$	9	$	9	$	22	$	30	$	10	$	6	$	41	$	45

SEGMENT OPERATING INCOME ⁽ⁱ⁾

	Three Months Ended March 31,
	2025		2024

Health, Wealth & Career	$	311	$	336
Risk & Broking		226		203
Segment Operating Income	$	537	$	539

⁽ⁱ⁾

Segment operating income excludes certain costs, including amortization of intangibles, restructuring costs, transaction and transformation expenses, certain litigation provisions, and to the extent that the actual expense based upon which allocations are made differs from the forecast/budget amount, a reconciling item will be created between internally-allocated expenses and the actual expenses reported for U.S. GAAP purposes.

SEGMENT OPERATING MARGINS

	Three Months Ended March 31,
	2025		2024
Health, Wealth & Career		26.7%		25.1%
Risk & Broking		22.0%		20.8%

RECONCILIATION OF SEGMENT OPERATING INCOME TO INCOME FROM OPERATIONS BEFORE INCOME TAXES

	Three Months Ended March 31,
	2025			2024

Segment Operating Income	$	537		$	539
Amortization		(48	)		(60	)
Restructuring costs		—			(18	)
Transaction and transformation⁽ⁱ⁾		—			(125	)
Unallocated, net⁽ⁱⁱ⁾		(57	)		(56	)
Income from Operations		432			280
Interest expense		(65	)		(64	)
Other (loss)/income, net		(64	)		26
Income from operations before income taxes and interest in earnings of associates	$	303		$	242

⁽ⁱ⁾	In addition to legal fees and other transaction costs, includes primarily consulting fees and compensation costs related to the Transformation program.
⁽ⁱⁱ⁾	Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes.

WTW Reconciliations of Non-GAAP Measures (In millions of U.S. dollars, except per share data) (Unaudited)

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WTW TO ADJUSTED DILUTED EARNINGS PER SHARE

	Three Months Ended March 31,
	2025			2024

Net income attributable to WTW	$	235		$	190
Adjusted for certain items:
Amortization		48			60
Restructuring costs		—			18
Transaction and transformation		—			125
Net periodic pension and postretirement benefits		75			(22	)
Gain on disposal of operations		(14	)		—
Tax effect on certain items listed above⁽ⁱ⁾		(28	)		(46	)
Adjusted Net Income	$	316		$	325

Weighted-average ordinary shares, diluted		101			104

Diluted Earnings Per Share	$	2.33		$	1.83
Adjusted for certain items:⁽ⁱⁱ⁾
Amortization		0.48			0.58
Restructuring costs		—			0.17
Transaction and transformation		—			1.21
Net periodic pension and postretirement benefits		0.74			(0.21	)
Gain on disposal of operations		(0.14	)		—
Tax effect on certain items listed above⁽ⁱ⁾		(0.28	)		(0.44	)
Adjusted Diluted Earnings Per Share⁽ⁱⁱ⁾	$	3.13		$	3.13

⁽ⁱ⁾	The tax effect was calculated using an effective tax rate for each item.
⁽ⁱⁱ⁾	Per share values and totals may differ due to rounding.

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA

	Three Months Ended March 31,
	2025				2024

Net Income	$	239		10.8%	$	194		8.3%
Provision for income taxes		65				48
Interest expense		65				64
Depreciation		54				59
Amortization		48				60
Restructuring costs		—				18
Transaction and transformation		—				125
Net periodic pension and postretirement benefits		75				(22	)
Gain on disposal of operations		(14	)			—
Adjusted EBITDA and Adjusted EBITDA Margin	$	532		23.9%	$	546		23.3%

RECONCILIATION OF INCOME FROM OPERATIONS TO ADJUSTED OPERATING INCOME

	Three Months Ended March 31,
	2025			2024

Income from operations and Operating margin	$	432	19.4%	$	280	12.0%
Adjusted for certain items:
Amortization		48			60
Restructuring costs		—			18
Transaction and transformation		—			125
Adjusted operating income and Adjusted operating income margin	$	480	21.6%	$	483	20.6%

RECONCILIATION OF GAAP INCOME TAXES/TAX RATE TO ADJUSTED INCOME TAXES/TAX RATE

	Three Months Ended March 31,
	2025			2024

Income from operations before income taxes and interest in earnings of associates	$	303		$	242

Adjusted for certain items:
Amortization		48			60
Restructuring costs		—			18
Transaction and transformation		—			125
Net periodic pension and postretirement benefits		75			(22	)
Gain on disposal of operations		(14	)		—
Adjusted income before taxes	$	412		$	423

Provision for income taxes	$	65		$	48
Tax effect on certain items listed above⁽ⁱ⁾		28			46
Adjusted income taxes	$	93		$	94

U.S. GAAP tax rate		21.5	%		19.9	%
Adjusted income tax rate		22.7	%		22.3	%

⁽ⁱ⁾	The tax effect was calculated using an effective tax rate for each item.

RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW

	Years Ended December 31,
	2025			2024

Cash flows (used in)/from operating activities	$	(35	)	$	24
Less: Additions to fixed assets and software		(51	)		(60	)
Free Cash Flow	$	(86	)	$	(36	)

WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Condensed Consolidated Statements of Income (In millions of U.S. dollars, except per share data) (Unaudited)

	Three Months Ended March 31,
	2025			2024
Revenue	$	2,223		$	2,341

Costs of providing services
Salaries and benefits		1,324			1,342
Other operating expenses		365			457
Depreciation		54			59
Amortization		48			60
Restructuring costs		—			18
Transaction and transformation		—			125
Total costs of providing services		1,791			2,061

Income from operations		432			280

Interest expense		(65	)		(64	)
Other (loss)/income, net		(64	)		26

INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES		303			242

Provision for income taxes		(65	)		(48	)

INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES		238			194

Interest in earnings of associates, net of tax		1			—

NET INCOME		239			194

Income attributable to non-controlling interests		(4	)		(4	)

NET INCOME ATTRIBUTABLE TO WTW	$	235		$	190

EARNINGS PER SHARE
Basic earnings per share	$	2.34		$	1.84
Diluted earnings per share	$	2.33		$	1.83

Weighted-average ordinary shares, basic		100			103
Weighted-average ordinary shares, diluted		101			104

WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Condensed Consolidated Balance Sheets (In millions of U.S. dollars, except share data) (Unaudited)

	March 31,			December 31,
	2025			2024
ASSETS
Cash and cash equivalents	$	1,507		$	1,890
Fiduciary assets		10,293			9,504
Accounts receivable, net		2,366			2,494
Prepaid and other current assets		1,295			1,217
Total current assets		15,461			15,105
Fixed assets, net		667			661
Goodwill		8,841			8,799
Other intangible assets, net		1,255			1,295
Right-of-use assets		487			485
Pension benefits assets		550			530
Other non-current assets		803			806
Total non-current assets		12,603			12,576
TOTAL ASSETS	$	28,064		$	27,681
LIABILITIES AND EQUITY
Fiduciary liabilities	$	10,293		$	9,504
Deferred revenue and accrued expenses		1,499			2,211
Current debt		549			—
Current lease liabilities		120			118
Other current liabilities		923			765
Total current liabilities		13,384			12,598
Long-term debt		4,761			5,309
Liability for pension benefits		552			615
Provision for liabilities		359			341
Long-term lease liabilities		498			502
Other non-current liabilities		296			299
Total non-current liabilities		6,466			7,066
TOTAL LIABILITIES		19,850			19,664
COMMITMENTS AND CONTINGENCIES
EQUITY⁽ⁱ⁾
Additional paid-in capital		11,017			10,989
Retained earnings		51			109
Accumulated other comprehensive loss, net of tax		(2,935	)		(3,158	)
Total WTW shareholders’ equity		8,133			7,940
Non-controlling interests		81			77
Total Equity		8,214			8,017
TOTAL LIABILITIES AND EQUITY	$	28,064		$	27,681


⁽ⁱ⁾	Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 99,210,847 (2025) and 99,805,780 (2024); Outstanding 99,210,847 (2025) and 99,805,780 (2024) and (b) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2025 and 2024.

WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Condensed Consolidated Statements of Cash Flows (In millions of U.S. dollars) (Unaudited)

	Years Ended March 31,
	2025			2024
CASH FLOWS (USED IN)/FROM OPERATING ACTIVITIES
NET INCOME	$	239		$	194
Adjustments to reconcile net income to total net cash from operating activities:
Depreciation		54			59
Amortization		48			60
Non-cash restructuring charges		—			11
Non-cash lease expense		25			27
Net periodic cost/(benefit) of defined benefit pension plans		88			(4	)
Provision for doubtful receivables from clients		5			8
Benefit from deferred income taxes		(23	)		(9	)
Share-based compensation		37			24
Net gain on disposal of operations		(14	)		—
Non-cash foreign exchange loss/(gain)		9			(1	)
Other, net		9			8
Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:
Accounts receivable		162			113
Other assets		1			(53	)
Other liabilities		(691	)		(426	)
Provisions		16			13
Net cash (used in)/from operating activities		(35	)		24

CASH FLOWS USED IN INVESTING ACTIVITIES
Additions to fixed assets and software		(51	)		(60	)
Acquisitions of operations, net of cash acquired		(1	)		(15	)
(Purchase)/sale of investments		(32	)		1
Net cash used in investing activities		(84	)		(74	)

CASH FLOWS FROM FINANCING ACTIVITIES
Senior notes issued		—			746
Debt issuance costs		—			(7	)
Repayments of debt		(1	)		(1	)
Repurchase of shares		(200	)		(101	)
Net proceeds from fiduciary funds held for clients		315			1,011
Cash paid for employee taxes on withholding shares		(2	)		(5	)
Dividends paid		(88	)		(86	)
Acquisitions of and dividends paid to non-controlling interests		—			(1	)
Net cash from financing activities		24			1,556

(DECREASE)/INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		(95	)		1,506
Effect of exchange rate changes on cash, cash equivalents and restricted cash		80			(47	)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD ⁽ⁱ⁾		4,998			3,792
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD ⁽ⁱ⁾	$	4,983		$	5,251

⁽ⁱ⁾	The amounts of cash, cash equivalents and restricted cash, their respective classification on the condensed consolidated balance sheets, as well as their respective portions of the increase or decrease in cash, cash equivalents and restricted cash for each of the periods presented have been included in the Supplemental Disclosure of Cash Flow Information section.

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

	Years Ended March 31,
	2025			2024

Supplemental disclosures of cash flow information:
Cash and cash equivalents	$	1,507		$	1,893
Fiduciary funds (included in fiduciary assets)		3,476			3,358
Total cash, cash equivalents and restricted cash	$	4,983		$	5,251

(Decrease)/increase in cash, cash equivalents and other restricted cash	$	(411	)	$	487
Increase in fiduciary funds		316			1,019
Total ⁽ⁱ⁾	$	(95	)	$	1,506

⁽ⁱ⁾	Does not include the effect of exchange rate changes on cash, cash equivalents and restricted cash.

The MIL Network –

April 24, 2025

MIL-Evening Report: Scares and stunts in the home stretch: election special podcast

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

Michelle Grattan and Amanda Dunn discuss the fourth week of the 2025 election campaign. While the death of Pope Francis interrupted campaigning for a while, the leaders had another debate on Tuesday night and the opposition (belatedly) put out its defence policy.

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

– ref. Scares and stunts in the home stretch: election special podcast – https://theconversation.com/scares-and-stunts-in-the-home-stretch-election-special-podcast-255224

MIL OSI Analysis – EveningReport.nz –

April 24, 2025
MIL-OSI NGOs: Toxic threat: New Greenpeace report outlines unacceptable risk of nuclear waste in Australia

Source: Greenpeace Statement –

SYDNEY, Thursday 24 April 2025 — A new report from Greenpeace Australia Pacific has shown the Coalition’s nuclear plan could produce 14 billion Coke cans’ worth of radioactive waste a year, warning it is a matter of when, not if, a nuclear waste accident could occur in Australia.

Released in the lead-up to the 39th anniversary of the Chernobyl nuclear disaster, the report, ‘Toxic threat: The danger of nuclear waste in Australia’ shows that the Coalition has grossly understated the volume of dangerous waste its nuclear plan will produce — 14 billion times more than the ‘single coke can’ for a small modular reactor touted by Peter Dutton.

The report also outlines the unacceptable risk this waste poses to Australian communities, and warns Australia’s long history of nuclear waste management failures point to a very high likelihood of future nuclear disaster.

Joe Rafalowicz, Head of Climate and Energy at Greenpeace Australia Pacific, said: “Peter Dutton’s nuclear plan is a dangerous and expensive disaster waiting to happen. From Chernobyl to Fukushima, the devastation of nuclear disasters is a risk that Australia cannot afford to, and doesn’t need to, take.

“Australians don’t need the equivalent of 14 billion Coke cans of radioactive nuclear waste every year. The Coalition has not offered a credible plan for how it will manage nuclear waste safely, nor how it will fund this multibillion dollar effort.

“Australia’s unenviable track record of mismanaging even low-level nuclear waste, as well as a history of radioactive incidents in the US, UK and EU, reveals how complex it is to manage nuclear waste safely. Multiplying that challenge many times over by building a fleet of nuclear reactors could have devastating consequences for communities and ecosystems.

“International examples show that accidents, natural disasters, and other waste management failures occur with alarming regularity. A nuclear waste accident could lead to mass casualties, long-term health impacts, and the contamination of groundwater, farmland, and ecosystems for millennia. The clean-up bill from an incident would be astronomical, costing billions of dollars.

“Australia doesn’t need nuclear energy, which is just a smokescreen to prolong the use of climate-wrecking coal and gas for decades. We are almost halfway to powering the nation with clean, affordable wind and solar, and should be supercharging efforts to get to 100% renewables backed by storage.

“The Coalition has not asked communities like Collie, Latrobe Valley and the Hunter Valley for their consent to build nuclear reactors and waste dumps in their backyards, but the upcoming Federal Election is a chance for voters to have a say in Australia’s energy future. Peter Dutton’s nuclear plan is too dangerous to proceed, and Australians should strongly reject the idea of nuclear energy here.”

—ENDS—

Note to editors: Images of a recent Greenpeace anti-nuclear protest at the Coalition’s election campaign launch party are available here.

For more information or to arrange an interview, please contact Vai Shah on 0452 290 082 / [email protected].

MIL OSI NGO –

April 24, 2025
MIL-OSI United Kingdom: Membership of the Building Control Independent Panel
Source: United Kingdom – Government Statements

News story

Membership of the Building Control Independent Panel

The government has announced the appointment of five members to the Building Control Independent Panel.
Today (24 April), the government has announced the appointment of five members to the Building Control Independent Panel.

This delivers on a Grenfell Tower Inquiry recommendation, accepted by the government, to set up a panel to carry out a review of whether to change the way in which building control is delivered in England. 

The panel will be chaired by Dame Judith Hackitt, whose leadership of the Independent Review of Building Regulations and Fire Safety has already helped to shape vital reforms across the sector. An engineer by profession, Dame Judith currently serves as an adviser on building standards to both the UK and Australian Governments and is a member of the International Building Quality Council (IBQC).  She will be joined by four experts with extensive experience in the regulation and use of the building control sector: Elaine Bailey, Ken Rivers, Rt Hon Nick Raynsford and Dr David Snowball. 

The panel members’ collective expertise will support a thorough and independent review of the current building control model, including on the Inquiry’s recommendations to consider the issue of commercial incentives from the system and exploring alternative options and approaches. The panel is expected to provide a report to the government this autumn.

Minister for Building Safety, Alex Norris MP, said: 

“The appointment of this independent panel is a significant step in our response to the Grenfell Tower Inquiry. We need a building control system that puts safety first and supports our plans to accelerate remediation. It must also help to deliver 1.5 million safe, high-quality homes over this Parliament, and be equipped to meet the demands of a modern construction sector.  

“Their work will play a vital role in shaping a safer, more accountable building industry, and I look forward to receiving the panel’s recommendations as they take this important work forward.”

The Chair for the Building Control Independent Panel, Dame Judith Hackitt said: 

“The panel stands ready to get to work on this important review.  We will work at speed but we come at this issue with an open mind and a determination to further raise standards”. 

Background on the Building Control system  

The building control system is there primarily to oversee key safety standards set in legislation and ensure that buildings are checked and safe in areas such as fire and structural safety. Following concerns raised by the Grenfell Tower Inquiry, especially around conflicts of interest in the system, a new panel has been appointed to look at whether changes are required.   

Notes to Editors 

The establishment of the panel was announced in the Government’s response to the Grenfell Tower Inquiry on February 26, 2025. 

The Grenfell Tower Inquiry recommended that the Government establish an independent panel to consider whether to remove commercial interest from building control and whether to move to a national authority decision model. 

The panel’s role is advisory and independent.  The aim is a report to Government in the autumn with a response before the end of the year. 

Further updates, including the panel’s Terms of Reference, will be published on GOV.UK shortly. 

Panel members:

Elaine Bailey 

Elaine Bailey is a member of the Industry Safety Steering Group and was formerly the CEO of Hyde Housing (2014-2019). Elaine holds several non-executive directorships, including at MJ Gleeson plc, a house builder operating in the North and Midlands; McCarthy&Stone Shared Ownership (MCSSO), a For Profit Registered Provider of older persons’ housing with a strategic partnership with Homes England; and Andium Housing, Jersey’s largest provider of sub-market value homes for rent and purchase. 

Ken Rivers 

Ken is a non-executive director at the HSE, alongside his role as a member of the Industrial Safety Steering Group. Prior to that he chaired the Control of Major Accident Hazards Regulations Strategic Forum and led the tripartite group since its inception, bringing industry and regulators together to identify and address important matters of managing major hazard in the UK. He spent 38 years of his career working at Shell, through various different positions and was President of the Institution of Chemical Engineers. 

Rt Hon Nick Raynsford MP 

Nick Raynsford was a Labour MP for 24 years. During this time he held positions as Minister of State for Housing and Planning, Minister for Construction, Minister for London and Minister of State for Local and Regional Government. The latter included responsibility for the Fire and Rescue Service. Since then he has had a number of advisory and non-executive roles in the private, voluntary and public sectors. This included chairing CICAIR (CIC Approved Inspectors Register), the organisation responsible until April 2024 for registering private sector Building Control bodies. Nick is a member of the New Towns Taskforce, working with MHCLG.  

Dr. David Snowball 

David spent his working career in the Health and Safety Executive, joining as a Factory Inspector in 1984 and retiring 35 years later. He held senior posts in operational divisions overseeing HSE intervention and enforcement and was also responsible, as Director Regulation, for the quality of operational work. He spent 15 months as Acting Chief Executive before his retirement. He now sits on the Industry Safety Steering Group alongside Dame Judith and is a non-executive director at the Gangmaster and Labour Abuse Authority (Feb 2022- present).

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Published 24 April 2025
MIL OSI United Kingdom –
April 24, 2025
MIL-OSI Russia: Development of the digital economy and trends in the investment and construction process: the conference “Current problems of economics and management in construction” has ended

Translation. Region: Russian Federal

Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – At the section of young scientists

On April 17–18, the III National (All-Russian) Scientific and Practical Conference “Current Problems of Economics and Management in Construction” was held at SPbGASU, organized by the Faculty of Economics and Management.

In total, 120 reports were heard during the two days of the event. Both representatives of SPbGASU and scientists from other universities, including from the Republic of Belarus, Uzbekistan and Kyrgyzstan, took an active part in the work of the section.

The first day of the conference was marked by the holding of a section of young scientists “First steps in economic science”, in which students of the St. Petersburg Technical College of Management and Commerce (SPb TKuIC), the Russian State Pedagogical University named after A. I. Herzen (RSPU named after A. I. Herzen), Moscow Automobile and Road State Technical University (MADI), as well as representatives of student science from SPbGASU took part.

At the opening of the young scientists’ section, Dean of the Faculty of Economics and Management Galina Tokunova noted the importance of participation in scientific events of students of secondary education institutions and called for further cooperation of colleges with SPbGASU in scientific and educational processes. Deputy Dean of the Faculty of Economics and Management for Research Yuri Tsvetkov gave a report “Involvement of Young Scientists in Scientific Activity”, highlighting the incentives and rewards that await young researchers in the course of active scientific work.

The key topics of the section were the development of the digital economy, as well as modern trends in the functioning of the investment and construction process. Victoria Filippova, a student of St. Petersburg TCUiK, prepared a report “Optimization of supply chain management using digital financial assets: opportunities and prospects”, having examined in detail legislative initiatives in this area, the advantages of using this tool in supply chain management and the stages of implementation in logistics processes.

Daniil Velichko, a student at St. Petersburg TCUiK, presented a report entitled “The Digital Economic Miracle of Russia,” highlighting the advantages of the digital transformation of the economy and assessing the level of digital skills among Russian citizens. In addition, Daniil showed a video about the digital economy prepared by college students.

The section focused on the research conducted by students of the Herzen State Pedagogical University of Russia – representatives of the People’s Republic of China. Bi Yanwen conducted a comparative analysis of investments in infrastructure development in China and Russia, Xu Yijie compared the current state of the real estate market in the two countries, Chang Jiangshuai spoke about the principles of sustainable development in the construction sector, Lu Haoran studied the issues of antitrust regulation in China, Hao Boyuan presented the main challenges and prospects for the rational use of limited resources in the context of China’s rapid economic growth.

The conference traditionally had four main sections: “Language training for future professionals”, “Economics of construction and housing and communal services: trends and prospects”, “Economic security: experience, problems, prospects” and “Current issues of management in construction”.

The conference organizing committee selected the following reports.

Researchers Evgeny Rossokha and Anastasia Frantsuzova from the Republic of Belarus focused on the ESG orientation of the Belarusian housing policy, which includes housing affordability, improvement of the local area and renovation.

Vladislav Buchi, a representative of Peter the Great St. Petersburg Polytechnic University, made a presentation on the prospects for the development of multi-story industrial warehouse facilities in an urban format, which is very relevant in the context of the development of urban areas in St. Petersburg due to the acute shortage of warehouse complexes in the region.

The research of the Master’s student of the Department of Construction Economics and Housing and Public Utilities Daria Batyreva was devoted to the current issues of managing the cost of construction projects in the field of construction production and design; the work highlighted particularly important and complex areas that attract the attention of all specialists in the field of project management.

The curator of the section “Economic Security: Experience, Problems, Prospects”, Associate Professor of the Department of Economic Security Vladislav Uskov noted that this section has become a unique platform for exchanging opinions in the field of protecting the economic interests of the state and business, economic security and risk assessment. In particular, fourth-year student Meri Kopaleishvili presented a report on the topic “Digital Transformation of Development: Innovative Technologies and Marketing Strategies as a Factor of Sustainability in Conditions of Economic Instability”, Ksenia Danshina prepared a study “External Debt as a Threat to the Financial Security of the State”. A researcher from Peter the Great St. Petersburg Polytechnic University touched upon the problems and prospects of economic security and artificial intelligence.

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

MIL OSI Russia News –

April 24, 2025
MIL-OSI United Kingdom: Local Development Plan 3 Update: Call for Sites underway

Source: Scotland – City of Perth

At the end of March 2025 the LDP3 Evidence Report was submitted to the Scottish Government’s Planning and Environmental Appeals Division (DPEA) for the required ‘Gate Check’ process after its approval by Councillors on 5 March   The document will now be assessed to determine if it contains sufficient information to allow Perth and Kinross Council to prepare LDP3.   The Gate Check process is expected to take approximately 3 months, depending on the complexity of the issues within the Evidence Report. Progress on the Report’s Gate Check and all associated documents can be viewed on the DPEA’s website, https://www.dpea.scotland.gov.uk/, under Case Reference GATE-340-1.

Another key stage in the progress of LDP3 has also begun with the Call for Sites. This provides an opportunity for communities, developers, landowners and other interested parties to suggest development sites to be considered for inclusion in the new plan. It can also help outline locations with good potential to be delivered – by asking stakeholders to propose sites that have already had preliminary investigations, the LDP can access proposals that are viable from a technical and commercial perspective.

Councillor Eric Drysdale, Convener of Economy and Infrastructure said: “Although it is not a legal requirement to include a Call for Sites in the development of a Local Development Plan, we have used this approach during the preparation of previous versions of our LDP, and it has proven to be an effective method of identifying more development opportunities with good potential to be delivered, whilst also empowering stakeholders in their role in the plan preparation process.”

An online questionnaire is now open to help gather the necessary information to help assess the suitability of sites and proposals. This covers a series of questions regarding the location of a site, existing and proposed uses, current site conditions, and any potential impacts and constraints related to its development.

Further information regarding the LDP3 Call for Sites stage, including the online questionnaire, is available on the Council’s Consultation Hub. The closing date for submissions is Friday 20 June 2025.

MIL OSI United Kingdom –

April 24, 2025

MIL-OSI Security: NATO Summit media advisory

Source: NATO

The Netherlands will host a NATO Summit in The Hague on 24-25 June 2025. The meeting will be chaired by the NATO Secretary General and will take place at the World Forum, Churchillplein 10, 2517 JW The Hague, Netherlands.
Media accreditation for the event is now open. See details below.
An international Media Centre, designated for the accredited media, will operate at the Summit venue from the 23 to 26 June 2025. Media representatives will access the premises through the Accreditation Office.

MEDIA ACCREDITATION IS OPEN

Media representatives wishing to cover the Summit in person (including those with an annual accreditation with NATO) will need to register here.
The deadline to register and apply for media accreditation is 6 June 2025, 23h59 CEST.
Media representatives need to apply as soon as possible to allow sufficient time for processing their requests. Due to high demand, late applications will not be considered.
NATO will confirm the accreditation by email, via the email address used to register, together with details about how media representatives can pick up their badges.
Due to high demand and space limitations, NATO recommends media organisations to limit their physical presence on site.
Media representatives will pick up their badge in-person in the Accreditation Office. It is mandatory to bring:
- the same ID document that you used to apply for accreditation online
- the same proof of media status (press card and/or Letter from your Editor) used for the registration
- and confirmation email (with QR code) in order to receive your pass.
In accordance with NATO media accreditation procedures, NATO reserves the right to deny or withdraw accreditation of media representatives from media organisations who abuse their privileges, put the accreditation to improper use, or act in a way not consistent with the principles of the Organization.

ACCESS

The Accreditation Office will be the only point of entry and exit for the NATO Summit Media Centre.
The Accreditation Office will be located at Stadhouderslaan 15, The Hague. It will be accessible by city public transport (tram/bus), taxi, car or bike. There are no parking facilities nearby the venue. A passenger drop-off point and bicycle racks will be available.

OPENING HOURS

Times and dates are subject to change

	Accreditation Office	International Media Centre
Saturday 21 June	Open	Closed
Sunday 22 June	Open (PM)	Open (PM) for broadcasters only
Monday 23 June	Open	Open
Tuesday 24 June	Open	Open
Wednesday 25 June	Open	Open 24h
Thursday 26 June	Closed	Open until 2h00 a.m.

MEDIA PROGRAMME

The media programme will be available online at a later stage. To help with media travel plans, the Summit’s formal opening is on 24 June 2025, and its end in the afternoon on 25 June 2025.
Details about the programme and media logistics will be available in mid-June. Please check the NATO website and X accounts (@NATOPress and @NATO) for updates.
All summit media events will be transmitted live by the Summit Host TV to the media centre, online and via satellite. Bilateral events between delegations are not a part of the official Summit programme. Details of these bilateral events should be sought from the delegations concerned.

POOLS

Visual media will be able to cover the main summit events based on a pool system. More details about pool opportunities will be provided together with the media programme.
Journalists accepting a NATO pool position must share immediately all information and material collected while in the pool with any accredited media that request it, at no charge and with no restriction on the use of the material for news purposes. Media organisations that want pooled images should first contact the wire service / photo agency of which they are a client. Media representatives and news organisations must identify that it is pooled material every time it is used. Pooled material can only be used for legitimate news purposes and it cannot be sold.

MEDIA CENTRE – FACILITIES

The Media Centre will offer:
- A press working area, including CCTV, Wi-Fi as well as wired internet connection.
- A limited number of TV and radio editing booths.
- A press conference area with informal media huddle positions and briefing rooms of different sizes.
- An information desk and access to the NATO and Dutch media teams.
- Catering area.
- A limited number of outdoor and indoor stand-up positions.
- Limited area for satellite and TV van parking.
- Live video feed distribution (HDSDI 1080/50i BNC terminal)
- A fully equipped TV studio wired for live transmission (only for the leaders’ engagements).
- Limited space available for broadcasters wishing to set up their own area for live TV.
Working space in the Media Centre’s general working area does not need to be pre-booked and can be used on a first come-first-served basis.
The TV and radio editing booths, the indoor and outdoor stand-up positions as well as space for dedicated TV studios need to be booked in advance. Look for more details in the Broadcasting chapter bellow.

BROADCAST

NEP Groep/Wirtz Film will act as Host TV for the NATO Summit. All Summit events open to the media will be covered by the Host TV and will be available via satellite (on world feed), in the International Media Centre and on the NATO website.
Broadcast-quality B-roll will be available for free download from the NATO Multimedia Portal. Journalists need to register to the portal to be able to download videos: natomultimedia.tv/portal/Register.html. For more information, contact content@natomultimedia.tv.
Transcripts of the Secretary General’s public remarks, as well as pictures taken by NATO photographers will be available on the NATO website.
The Media Centre will include a limited number of bookable editing booths for television and radio. Requests for booking should be addressed to broadcastoperations@mfasummits.nl before 6 June 2025.
The following complimentary amenities will be available in the editing booths:
- Desks and working space for 2 people;
- Light, electricity (230v on 2-pin distribution boards), lockable door;
- Wi-Fi and cabled internet;
- Access to the (main) video feed based on HDSDI1080i50 with 8ch embedded audio
Outdoor stand-up positions will be situated near the International Media Centre, with a view on the Summit venue. The indoor stand-up positions will have a view on the press filing area. All positions will be equipped with electrical power, internet connection, and have Summit branding elements. Outdoor positions will have a canopy in case of inclement weather.
Broadcasters who plan for continuous live coverage can book a dedicated stand-up position at broadcastoperations@mfasummits.nl before 6 June 2025.
A fully equipped TV studio wired for live transmission will also be available only for the engagements with leaders and will be open for booking by national delegations.
Limited space is available for broadcasters who wish to set up their area for continuous live coverage. Basic amenities will be available (backdrop, basic furniture, access to electricity and internet). For bookings and further details please contact broadcastoperations@mfasummits.nl before 6 June 2025.
There is very limited parking place available for broadcasters to park their satellite or TV vans near the Media Centre in the secure area. For reservations, send an e-mail to broadcastoperations@mfasummits.nl. Broadcasters will be contacted separately with access information. Due to security restrictions, satellite trucks will be required to remain parked for the duration of the Summit. Access is possible on 22 or 23 of June 2025.
Distances from the SNG / TV vans compound to:
- Outdoor Stand-up positions: 600 m
- Indoor Stand-up positions: 450 m
- Workspaces/Editbooths: 550 m
- Indoor live TV areas (mentioned in para 29): 550 m
  For OB-trucks add another 170 m
Satellite and TV vans will have access to electrical power (380V/50Hz/5 pins CEE) and wired internet (50 Mb up/down). Broadcasters should bring their own cables to connect to the electric network. Pool feeds will be available at the SNG Compound (HD-SDI 1080i50)
Limited fibre connection from the editing booths area and interior stand-up positions will be available to the satellite and tv vans parking (for video HDSDI1080i50 or analogue line level audio). Specific requirements and technical questions can be sent to broadcastoperations@mfasummits.nl.
Media representatives can bring their bulky equipment and satellite and tv vans to the Media Centre on 22 June 2025, upon appointment. Please send a request to broadcastoperations@mfasummits.nl before 13 June 2025. Media representatives will receive more detailed information of the procedure after sending an e-mail.
All wireless device usage at the NATO Summit must be pre-approved and registered with RDI. Due to the high demand for radio spectrum, special licensing, testing and tagging protocols will be enforced. To apply for a license, submit a request form to RDI with details of your equipment and intended use. Licenses are issued based on availability and priority.
For more information: Public events | Rijksinspectie Digitale Infrastructuur (RDI)

CATERING

Tea, coffee, water and snacks will be available free of charge during the opening hours of Media Centre. Hot meals will be available at set times, also free of charge.

PUBLIC DIPLOMACY AND DEFENCE INDUSTRY EVENTS

There will be a flagship public diplomacy event, the NATO Public Forum, taking place on the Summit site on 24 and 25 June. The Forum is organised by the NATO Public Diplomacy Division, together with the host nation and three Dutch-based international think tanks – the Atlantic Commission, The Hague Centre for Strategic Studies (HCSS) and the Netherlands Institute for International Relations Clingendael. The event will be livestreamed on NATO YouTube. A number of Heads of State and Government, Ministers and high-level international security policy experts are expected to speak. The agenda will be available closer to the Summit on natopublicforum.org.
NATO, the Dutch Ministries of Foreign Affairs and of Defence, and VNO-NCW, the largest employers’ organisation in the Netherlands, will organise the NATO Summit Defence Industry Forum at the Summit venue, to facilitate high-level engagements of NATO, Allied Ministers and governments officials with executives from defence and non-defence industry, including from small and medium-size enterprises and start-ups. Details will be provided in due course.
Media representatives accredited to the Summit will have opportunities for direct coverage; details will be specified in the media program.

ACCOMMODATION AND TRANSPORTATION

Media representatives are invited to book accommodation in or close (Delft/Leiden) to The Hague by contacting the hotels directly. If useful, The Hague & Partners is well placed to provide guidance for accommodation.

TRAVELLING TO THE HAGUE FOR THE NATO SUMMIT – VISAS

Journalists who need a visa to enter The Netherlands will be responsible for making their own arrangements. More information on visa requirements is available on the webpage of the Ministry of Foreign Affairs of Netherlands here: Check if you need a visa for the Netherlands | Travelling to the Netherlands | Government.nl

CONTACTS

Please send your enquiry to the appropriate email address:

NATO Summit Media Coordination
Ms Alina COCA – Summitmediaoperations@hq.nato.int

The Netherlands Media Coordination – mediaoperations@minbuza.nl

Media queries on substance (Summit content) and interview requests for NATO officials:

Contact the NATO Press Office

MIL Security OSI –

April 24, 2025

MIL-OSI Australia: Train collision at Edwardstown

Source: New South Wales – News

Emergency services are responding to reports a train and car have collided at the intersection of South Road and Cross Road, Edwardstown.

There are no reports of serious injury at this time.

Motorists should take an alternate route, if possible, as heavy delays in the area can be expected.

MIL OSI News –

April 24, 2025
MIL-Evening Report: Grattan on Friday: Coalition’s campaign lacks good planning and enough elbow grease

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

Whatever the result on May 3, even people within the Liberals think they have run a very poor national campaign. Not just poor, but odd.

Nothing makes the point more strongly than this week’s release of the opposition’s defence policy.

As events played out, its Wednesday launch in Perth was overshadowed by the death of Pope Francis on Monday. But regardless of that unforeseeable event, the timing was extraordinarily late. Early birds had started voting at pre-poll places on Tuesday. The popularity of pre-polling means that, for many voters, the tail end of the formal campaign is irrelevant.

The Coalition regards defence and national security as its natural territory. It is pledging to boost defence spending to 2.5% of GDP within five years – $21 billion extra – and to 3% within a decade. The policy set up a contrast with Labor.

So why leave its release until the campaign’s penultimate week? The opposition’s line is that it wanted to see what money was available. Dutton said, “It would have been imprudent for us to announce early on, without knowing the bottom line”. The explanation doesn’t wash. If defence is such a priority, it should have been towards the front of the queue for funds.

That wasn’t the whole of the problem. The announcement consisted literally of only these two figures, wrapped in rhetoric. It didn’t come with any meat, any policy document setting out how a Coalition government would rethink or redo defence.

Shadow minister Andrew Hastie was at the launch, but he has been hardly seen nationally in recent months. He says he’s been working behind the scenes, and also he has a highly marginal Western Australian seat (Canning) to defend.

But Hastie, 42, has been underused. From the party’s conservative wing, he is regarded as one of the (few) bright young things in the Liberal parliamentary party. He has been touted as a possible future leader. Given the general weakness of the Coalition frontbench, wasting Hastie has been strange.

A captain in the Special Air Service Regiment who served in Afghanistan, Hastie has seen his share of combat. In 2018, he expressed the view that women shouldn’t serve in combat roles, saying “my personal view is the fighting DNA of close combat units is best preserved when it’s exclusively male”.

This week he was peppered with questions about his opinion (questioning triggered by a similar view being expressed by a disqualified Liberal candidate). But the issue is a red herring.

Hastie, a former assistant minister for defence, says he accepts the Coalition’s position that all defence roles are and should be open to qualified women. In the Westminster system, the obligation is for ministers to adhere to the agreed policy – that doesn’t mean someone might not have a different personal view.

Putting together an election campaign requires judgements at many levels, ranging from how big or small a target to be, and the balance between negative and positive campaigning, to candidate selection and which seats the leader visits.

The length of the formal campaign is in the prime minister’s hands. Anthony Albanese has sensibly kept this one to the typical five weeks, but a couple of past PMs made bad decisions, by running very long campaigns: Bob Hawke in 1984 and Malcolm Turnbull in 2016. Both lost seats, while retaining power.

While keeping the formal campaign short, Albanese was canny in hitting the road as the year started with a series of announcements. That gave him
momentum and some clear air. This also became more important when Easter and the Anzac holiday weekend intruded on the formal campaign. The Coalition looked dozy in January.

In the event of a Coalition loss, the nuclear policy will be seen as a drag. In campaigning terms, it has been a bold throw of the dice, although admittedly not nearly as bold as the Coalition’s sweeping Fightback blueprint for economic reform in the early 1990s. That looked for a while as if it might fly, but was eventually demolished by Labor Prime Minister Paul Keating.

Elections are not conducted in vacuums. Context can be important, and it has been particularly so in this campaign.

As has repeatedly been said, Donald Trump hovers over these weeks, and it’s the Coalition that is disadvantaged. This is not just because Dutton struggles to deal with the government’s barbs that he is Trump-like – more generally, some voters who might have been willing to change their vote appear to be thinking now is not the time.

If the Coalition defies the current apparent trend to Labor and scores a win in minority government, critics of its campaign will be eating humble pie. Seasoned election watchers remember the salutary lessons of 1993 and 2019, when the polls were wrong. In those elections, the government was returned.

Dutton and Nationals leader David Littleproud have both suggested the Coalition’s internal polling, which concentrates on marginal seats, is better for it than the media’s national polls.

If Labor loses this election, it will be left wondering how an apparently textbook campaign failed to nail the votes.

If the Liberals lose, their post-mortem reviewers will home in on various faults. One will be the policy lateness (not just the defence policy), meaning voters didn’t have time to absorb the offerings. Another will be the fact some policies were not fully thought through, or road tested. The consequences of the foray on working-from-home should have been anticipated. “Shadows” have often put policy preparedness behind going for a political hit on the day.

Read more:
Election Diary: Dutton backs down on working-from-home crackdown after outcry threatens to cost votes

Even now, the opposition is struggling when quizzed about its plan to cut 41,000 from the public service. Dutton says the numbers will only go (by attrition or voluntary redundancy) from those working in Canberra. The Coalition also says frontline services and national security areas will be protected.

A source familiar with the public service points out, “If you sacked 41,000 in Canberra, you would decimate the national security bureaucracy and if you exempted national security you would barely have 41,000 public servants to sack”.

If the Coalition has a disastrous loss, with few or no net gains, the criticism of its campaign will be scarifying. If it loses by only a little, the critics will say that a better planned and organised campaign, preceded by a lot more policy work, might have pushed it across the line.

To be successful, an opposition needs a great deal of elbow grease, and so far the Coalition doesn’t look as though it has used enough of that.

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

– ref. Grattan on Friday: Coalition’s campaign lacks good planning and enough elbow grease – https://theconversation.com/grattan-on-friday-coalitions-campaign-lacks-good-planning-and-enough-elbow-grease-254992

MIL OSI Analysis – EveningReport.nz –

April 24, 2025
MIL-OSI Australia: Work starts on new Molonglo Emergency Services Station

Source: Northern Territory Police and Fire Services

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

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

MIL OSI News –

April 24, 2025
MIL-Evening Report: Inside the elaborate farewell to Pope Francis

Source: The Conversation (Au and NZ) – By Carole Cusack, Professor of Religious Studies, University of Sydney

➡️ View the full interactive version of this article here.

Carole Cusack 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. Inside the elaborate farewell to Pope Francis – https://theconversation.com/inside-the-elaborate-farewell-to-pope-francis-255020

MIL OSI Analysis – EveningReport.nz –

April 24, 2025
MIL-Evening Report: What is preferential voting and how does it work? Your guide to making your vote count

Source: The Conversation (Au and NZ) – By Robert Hortle, Deputy Director, Tasmanian Policy Exchange, University of Tasmania

For each Australian federal election, there are two different ways you get to vote.

Whether you vote early, by post or on polling day on May 3, each eligible voter will be given two ballot papers: one for the House of Representatives (the “lower house”) and one for the Senate (the “upper house”). Each of these two ballots uses a slightly different system, so it’s worth understanding how your numbered boxes translate into real results.

Knowing how preferences work is key to making your vote count, before you get to enjoy your hard-earned democracy sausage.

The House of Representatives (lower house)

Australia is divided into 150 electorates, each of which is represented by one member in the House of Representatives. To elect them, we use a system called full preferential voting.

On your green lower house ballot paper, all the candidates will be listed in a random order. You write a “1” in the box beside the candidate who is your first choice. This is called your first preference. You then write a “2” beside your second-choice candidate (your “second preference”), and so on until every candidate has a number.

To make sure your vote counts, you need to number every box. If you skip a number, use the same number twice, or leave a box blank, your vote becomes informal and won’t count. So, it’s important to double-check. If you do make a mistake, don’t worry – you can just ask for a new ballot paper from a polling official.

Once voting closes, the counting part is where things get interesting.

First, officials from the Australian Electoral Commission (AEC) – an independent and impartial body – sort the ballot papers into piles according to each ballot paper’s first preference, then count them. If any candidate receives more than 50% of the votes, they win and are declared elected.

If no one gets over 50%, the candidate with the lowest number of first preferences is knocked out (the technical term is “excluded”). Their ballot papers are then “redistributed” to the second preference candidate marked. This continues – eliminating the lowest-polling candidates and redistributing their preferences – until someone crosses the 50% threshold. This preference distribution process helps ensure the winner has majority support.

But what does this look like? You can find out by numbering your preferences in the great farm animal election.

As you’ll see, your first pick may be knocked out during vote counting, but maybe your second or third preference will get across the line.

The Senate (Upper House)

There are 76 members of the Senate: 12 from each state and two from each territory. Voting for senators is a bit different from the lower house in that it is partial preferential, and you can vote either “above the line” or “below the line”.

Your white senate ballot paper will have several columns listing parties and groups. Party names appear above the thick black line, and individual candidates appear below it.

If you vote above the line, you must number at least six boxes. When it comes to counting the votes, your preferences will then be distributed to candidates in the party in the order that their party has listed them. Parties decide this order beforehand.

So, say you put a 1 next to the Liberal Party, which has three candidates, a 2 next to Labor, which also has three candidates, then number four more boxes. Your first three preferences would be for the three Liberal candidates, then your fourth to sixth preferences would be for the Labor candidates because you put them second. This then continues for each of the six boxes you numbered.

You can try voting above or below the line with this sample senate ballot. It will tell you to keep numbering boxes to ensure your vote is valid.

If you vote below the line, for individual candidates, you must number at least 12 boxes. But you can number all of them if you want – it can be satisfying to put someone last!

Just like in the House of Representatives, you put 1 beside your first choice, 2 beside your second, and so on. You don’t have to stay within the same column – you could have a Greens candidate as your first choice, a Liberal as your second, then another Greens candidate as your third, for example.

Because the upper house elects multiple candidates per state, using a combination of voting methods and a quota system, the Senate count is more complex.

One thing to be mindful of is the “exhausted” vote. If you only number the minimum (six above the line or 12 below) and all your preferred candidates are excluded, your vote can no longer be redistributed. But any of your preferences used to elect a candidate before that point still count.

Make your vote count

Australia’s voting system is designed to make sure your vote has an impact, even if your first-choice candidate doesn’t win. That’s why understanding how preferences flow is so important.

For those of us who have grown up here, it’s easy to think of voting as a chore rather than a privilege. But we’re so lucky to be able to go to a polling place without fearing violence or intimidation.

To be able to cast a vote in a system that – despite some flaws – is free and fair is a global rarity. So make sure you double-check your numbers, and think carefully about where your preferences are going – then enjoy that democracy sausage knowing you’ve made your vote count.

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. What is preferential voting and how does it work? Your guide to making your vote count – https://theconversation.com/what-is-preferential-voting-and-how-does-it-work-your-guide-to-making-your-vote-count-254286

MIL OSI Analysis – EveningReport.nz –

April 24, 2025
MIL-Evening Report: Preference deals can decide the outcome of a seat in an election – but not always

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

Every election cycle the media becomes infatuated, even if temporarily, with preference deals between parties. The 2025 election is no exception, with many media reports about preference “deals” being made.

However, it is important to remember that voters are not required to follow the how to vote cards of the parties they vote for, and only major party voters have a significant percentage who follow the cards.

Other than the Greens and One Nation, minor parties lack resources to put people at every polling place who will give voters how to vote cards. As a result, how to vote follow rates for most minor parties are low.

At the 2022 Victorian state election, for example, seven seats had preferences for all voters data entered into a computer system. The Poll Bludger said Sunday that in these seven seats, about 30% of Labor voters exactly followed their party’s how to vote card.

In seats where the Liberals were making an effort by staffing polling places, over 50% of their voters followed the card. But in Preston, a Labor vs Greens contest, only 29% of Liberals followed the card.

The major parties will usually be the final two candidates in a seat, so their preferences are not distributed.

Despite all this, there may be political consequences of preference recommendations.

At this election, Labor is recommending preferences to the Greens ahead of the Coalition in all seats except in the Victorian Labor-held seat of Macnamara (an “open” ticket without a recommendation between the Greens and Liberals owing to concerns about the Jewish vote in that seat).

The Coalition is recommending preferences to One Nation ahead of anyone else in 139 of the 147 seats One Nation is contesting.

Recommending preferences to the Greens may make Labor seem too left-wing to some voters, and recommending preferences to One Nation may make the Coalition seem too right-wing and pro-Trump. One Nation will recommend preferences to the Coalition ahead of Labor in all seats it contests, the same recommendation they used in 2022.

The Poll Bludger said the Greens will be recommending preferences to Labor in all seats at this election. Occasionally, the Greens issue open tickets. The difference is worth about 5% of the Greens vote, so if the Greens had 10% in a seat, Labor’s two-party vote would be 0.5 points higher with a Greens recommendation to preference Labor than otherwise.

Trumpet of Patriots will put the incumbent party last in seats they contest. The Poll Bludger said Clive Palmer’s previous United Australia Party did this in 2022. But in 2022, Labor had a higher share of UAP preferences in seats it held than in Coalition-held seats, the opposite of what would be expected if these recommendations had made a difference.

Trumpet of Patriots is only getting 1% or 2% in current national polls, so their how to vote preference recommendations are not worth worrying about.

In 2022, Greens preferences (that is, voters who put the Greens as 1 on their House of Representatives ballot) went to Labor over the Coalition by 86–14. One Nation preferences went to the Coalition over Labor by 64–36. These figures are national, and use the Labor vs Coalition two-party count in seats where one major party missed the final two.

Both the Greens and One Nation are using the same preference recommendations between Labor and the Coalition as in 2022, so their voters’ preferences won’t change because of recommendations.

Seat-specific recommendations

The Liberals are recommending preferences to teal independent Kate Hullett in the Western Australian Labor-held seat of Fremantle, after they put her behind Labor in the WA state seat of Fremantle at the March 8 state election. This will increase Hullett’s chance of defeating Labor.

If the final two in Macnamara are the Greens and the Liberals, The Poll Bludger said Labor’s decision to issue an open ticket will give the Liberals about 2% of the 10% swing they would need to gain Macnamara.

The Liberals will recommend preferences to Labor in the Tasmanian Labor-held seat of Franklin ahead of an anti-salmon farming independent. They will also recommend preferences to Labor ahead of Muslim Vote-backed independents in the NSW Labor-held seats of Watson and Blaxland. These recommendations will make it difficult for any of these three independents.

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

– ref. Preference deals can decide the outcome of a seat in an election – but not always – https://theconversation.com/preference-deals-can-decide-the-outcome-of-a-seat-in-an-election-but-not-always-255005

MIL OSI Analysis – EveningReport.nz –

April 24, 2025
MIL-Evening Report: 5 ways to tackle Australia’s backlog of asylum cases
Source: The Conversation (Au and NZ) – By Daniel Ghezelbash, Professor and Director, Kaldor Centre for International Refugee Law, UNSW Law & Justice, UNSW Sydney

People who apply for asylum in Australia face significant delays in having their claims processed. These delays undermine the integrity of the asylum system, erode public confidence and cause significant distress to people seeking asylum.

There are, at the time of writing, 28,691 applications for a protection visa awaiting a decision at the Department of Home Affairs. At least 43,308 applications await review at the Administrative Review Tribunal.

For people seeking asylum who have their initial applications refused and seek review in the Administrative Review Tribunal and in the Federal Circuit and Family Court, the process can often take more than ten years.

Whoever wins the upcoming election inherits the daunting task of addressing this issue.

Our research evaluated data on Australia’s previous attempts to increase efficiency of asylum processing. We also examined international best practice for designing fair and fast procedures, including lessons from recent successful asylum reforms in Switzerland.

Here are five ways to make Australia’s asylum process more efficient.

1. Recognise fairness enhances efficiency

In most countries with asylum systems, processing is neither fair nor fast.

When trying to increase efficiency, many governments have limited the ability of a person seeking asylum to fairly put forward their case.

Australia, the United States, and many countries across Europe have introduced accelerated or fast-track procedures that drop essential safeguards including:
- the right to an interview
- access to legal assistance, and
- the opportunity to respond to information that undermines their claim for asylum.
But these efforts don’t just undermine fairness. They also contribute to slower processing.

Such measures tend to lead to more appeals, and more cases being overturned by courts and tribunals. This contributes to longer delays.

Our research into Australia’s now-abolished fast-track procedures demonstrates this. This policy was introduced by the Coalition government in 2014, with the aim of speeding up processing and reducing the backlog of asylum applications.

It included the creation of a new streamlined review process before the Immigration Assessment Authority. Applicants were generally not interviewed or allowed to put forward new information.

The resulting system was not only unfair; it was also excruciatingly slow.

Four in five cases were appealed to the court. About 37% of these were overturned. The delays created by increased litigation clearly counteracted any time saved.

One of the best ways to improve the efficiency of asylum processing is to ensure applicants can present their cases effectively from the outset.

2. Fund legal representation for those who can’t afford a lawyer

Research shows legal assistance increases efficiency.

Lawyers can help assist people to prepare and present their case properly, and ensure that they get a fair hearing (reducing the chance of a lengthy appeal).

Promisingly, in 2023 the federal government announced A$48 million in funding for legal services for people seeking asylum.

It’s crucial this funding is maintained, and is sufficient to meet demand.

3. Invest in decision-makers

Once a person lodges their claim for asylum, it’s first assessed by the Department of Home Affairs. If the application is denied, the applicant can seek review at the Administrative Review Tribunal, which reassesses the merits of the application.

If the tribunal rejects the claim, the court can conduct a limited review focusing only on whether the decision was lawfully made.

A fast process is only possible if we have enough of all these decision-makers across the system.

This requires investment in training and hiring suitably qualified decision-makers who are equipped to handle the volume and complexity of asylum claims.

This is underway. The federal government has invested $58 million in October 2023 towards hiring additional Administrative Review Tribunal members and Federal Circuit and Family Court judges for asylum cases. It’s also hiring more staff at the Department of Home Affairs.

Australia’s next government should consider taking a data-driven approach to calculate the decision-making capacity required for existing and future caseload.

4. Prioritise simple cases for faster processing

Not all asylum cases are equally complex; some can be resolved relatively quickly.

Australia needs a robust and transparent triaging system to identify and prioritise simpler cases for faster processing.

This would significantly improve overall efficiency and allow decision-makers to focus on more complex cases.

The Department of Home Affairs’ current approach to triaging is a “last in, first out” system that prioritises new asylum applications for rapid processing.

However, this leads to substantial unfairness for applicants who lodged their claims earlier, who may face long processing delays.

The department needs an approach to streaming based on case complexity, to ensure all cases are finalised as quickly as possible.

5. Better coordination across decision-making bodies

The various bodies involved in asylum processing – including the Administrative Review Tribunal, the Federal Circuit and Family Court and the Department of Home Affairs – need to coordinate to improve efficiency and cut delays.

Any government reforms aimed at increasing the efficiency of asylum procedures must be system-wide.

By taking a holistic view, we can ensure that increased efficiency at one stage does not inadvertently create bottlenecks or inefficiencies in another.

A fundamental shift

Overall, Australia needs a fundamental shift that recognises fairness contributes to, rather than detracts from efficiency.

That shift is essential for developing a fair and fast asylum process that will serve the best interests of applicants, the government and the Australian public.

Daniel Ghezelbash receives funding from the Australian Research Council and the Robert Bosch Foundation. He is a board member of Refugee Advice and Casework Services, Wallumatta Legal, and the Access to Justice and Technology Network. He is also a Special Counsel at the National Justice Project.

Keyvan Dorostkar receives an Australian government Research Training Program (RTP) Scholarship.

Mia Bridle receives an Australian government Research Training Program (RTP) Scholarship.

– ref. 5 ways to tackle Australia’s backlog of asylum cases – https://theconversation.com/5-ways-to-tackle-australias-backlog-of-asylum-cases-254071
MIL OSI Analysis – EveningReport.nz –
April 24, 2025
MIL-OSI Australia: 232-2025: Services Restored: Monday 24 April 2025 – COLS

Source: New South Wales Government 2

24 April 2025

Who does this notice affect?

All importers and customs brokers who are required to lodge imported cargo documentation to the department for biosecurity assessment.

Information

Resolved time:

As of: 15:55 Thursday 24 April 2025 (AEST).

Between 13:00 and 15:55, the Cargo Online Lodgement System (COLS) was experiencing an unplanned service disruption, preventing users from making payments and submitting documents.

This…

MIL OSI News –

April 24, 2025
MIL-Evening Report: Many experienced tradies don’t have formal qualifications. Could fast-tracked recognition ease the housing crisis?

Source: The Conversation (Au and NZ) – By Pi-Shen Seet, Professor of Entrepreneurship and Innovation, Edith Cowan University

Once again, housing affordability is at the forefront of an Australian federal election.

Both major parties have put housing policies at the centre of their respective campaigns. But there are still concerns too little is being done to address supply.

One of the biggest hurdles is an ongoing shortage of skilled tradespeople, and difficulties attracting new workers. The construction industry accounts for 9% of Australia’s workforce. Yet an estimated 35% of workers lack formal qualifications.

On Wednesday, Labor announced an election promise to fast-track formal trade qualifications for about 6,000 experienced but unqualified tradies.

The Advanced Entry Trades Training program would start in 2026 and cost A$78 million.

This program should help address some of the skills shortages in the sector. But it will be a long time before these benefits begin flowing through the system. And Australia is still likely to fall short of the government’s ambitious new home targets.

Recognising skills we already have

The Advanced Entry Trades Training program is intended to partly bridge the gap in construction skills shortages through a process called “recognition of prior learning” – and by offering free training to fill any skill gaps.

In principle, recognition of prior learning allows individuals with substantial and relevant industry experience to attain formal qualifications without lengthy training programs.

A similar approach was adopted in the healthcare sector as an emergency response to the pandemic, to boost the number of qualified workers.

For the construction industry, it will encompass workers currently in the industry who have not completed an apprenticeship, as well as skilled migrants in Australia whose abilities remain unverified.

This process can improve pay and conditions for participants. But it can also potentially fast-track their entry into the qualified workforce, addressing immediate skills shortages.

Read more:
A grab bag of campaign housing policies. But will they fix the affordability crisis beyond the election?

Will it work?

Labor’s new initiative mirrors an existing program at the state level, the New South Wales government’s Trade Pathways for Experienced Workers Program.

According to Labor, this program saw 1,200 students earn their qualifications in an average time of seven months (as opposed to several years).

It’s important to note this includes trades from all sectors of the NSW economy. But it is much faster than the traditional process of skill recognition. The Parkinson Review of Australia’s migration system found this process can take up to 18 months for a skilled migrant and cost over $9,000.

Read more:
Australia has a new National Skills Agreement. What does this mean for vocational education?

Increased housing supply? Not soon

Combined with other initiatives such as incentive payments for construction apprentices, the new Advanced Entry Trades Training program should help address some skills shortages in the sector.

Australia’s peak construction industry body, Master Builders Australia, praised the proposal, citing its own analysis suggesting for every new qualified tradie, an extra 2.4 homes can be built.

Even with these initiatives, the sector will likely fall short of the 83,000 additional skilled tradespeople needed to meet the Albanese government’s target to build 1.2 million new homes over five years.

And it may mainly solve a categorisation issue. Currently, only about 80% of employers in the construction sector in Australia require all job applicants to hold a formal qualification.

Crucially, it doesn’t address the core problem of attracting higher numbers of suitable people to a very traditional industry and helping them finish their qualifications. Almost half of construction sector apprentices do not complete their training.

Other challenges

There are other challenges for recognition of prior learning schemes more broadly.

Research into recognition of prior learning for construction sector apprentices suggests some Australian employers and training providers may be averse to fast-tracking training. About 64% of assessed apprentices had prior experience and skills, but only 30% had their training shortened.

These issues are even more complex when considering accelerated pathways for skilled migrants from a range of countries. There are some significant, well-documented challenges in transferring or recognising vocational qualifications across international boundaries.

More to be done

The Advanced Entry Trades Training program may go some way to alleviating a skills shortage in construction. But it will only partially address the broader issues of supply.

Australia’s vocational education and training systems are complex, making it difficult to predict the outcomes.

The proposed program does not address the problem of rising construction material costs and shortages. This problem is worsened by the declining productivity of the housing construction sector, which has halved over the last 30 years.

Declining productivity isn’t just down to skilled labour shortages. It has also been attributed to other factors such as complex planning approvals, limited innovation, and a predominance of small firms.

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. Many experienced tradies don’t have formal qualifications. Could fast-tracked recognition ease the housing crisis? – https://theconversation.com/many-experienced-tradies-dont-have-formal-qualifications-could-fast-tracked-recognition-ease-the-housing-crisis-255108

MIL OSI Analysis – EveningReport.nz –

April 24, 2025
MIL-Evening Report: Back to the fuel guzzlers? Coalition plans to end EV tax breaks would hobble the clean transport transition

Source: The Conversation (Au and NZ) – By Anna Mortimore, Lecturer, Griffith Business School, Griffith University

wedmoment.stock/Shutterstock

If elected, the Coalition has pledged to end Labor’s substantial tax break for new zero- or low-emissions vehicles.

This, combined with an earlier promise to roll back new fuel efficiency standards, would successfully slow the transition to hybrid and battery electric vehicles (EVs).

The Albanese government pitched these tax breaks as a way to make EVs cheaper to buy and more competitive with internal combustion engine cars. Since the tax break came in, EV popularity has surged. Almost 100,000 people have taken out a novated lease on an EV between mid-2022, when the scheme began, and February 2025.

The Coalition has been consistently critical of the tax breaks on cost grounds. The scheme has been far more popular than government forecasts envisaged, leading to concerns about a cost blowout. Rather than the A$55 million forecast for 2024-25, the scheme has cost ten times that – $560 million. EV buyers are much more likely to be wealthy, meaning the tax break has been snapped up by people who need it less. The policy is, however, encouraging car suppliers to import more affordable EVs.

These concerns don’t mean Labor’s policy is bad. Far from it – this tax break is currently the only policy working to drive down transport emissions, now the second-largest source of emissions in Australia. The Coalition has given no indication it would replace the EV tax break with other ways to cut transport emissions.

Electric vehicles still cost more than their internal combustion engine counterparts.
meowKa/Shutterstock

What is this tax break – and did it work?

In mid-2022, the Albanese government introduced a tax break to encourage uptake of electric vehicles. The measure initially covered hydrogen fuel-cell, battery-electric and plug-in hybrid vehicles, but plug-in hybrids are no longer eligible as of April 1.

The tax break works by giving EV buyers who are current employees a fringe benefits tax exemption for low- or zero-emissions vehicles both held and used for private use. The fringe benefits tax is a flat tax of 47% levied on the car benefit provided by the employer. For the exemption to apply, the retail price of the car has to be under the threshold for the luxury car tax of $91,387.

People in high incomes brackets often like to negotiate with their employer to have a car included as part of their salary package so they can reduce their taxable income. The fringe benefits tax is levied on these types of benefits.

The scheme works by exempting purchasers of new EVs from fringe benefits tax. A battery electric Hyundai Kona retailed for around $60,000 last year – 32% more in price than its internal combustion engine equivalent. The fringe benefits tax of around $11,700 annually ends up being larger because of the EV’s high sale price. Without this exemption, the tax acts as a major disincentive for the uptake of EVs.
By and large, electric vehicles cost significantly more than their traditional counterparts. This price gap is dropping as new manufacturers enter the market, but it’s still there. While EVs have lower fuel costs, the higher upfront cost has put off many prospective buyers. This is the issue Labor’s tax exemption was intended to fix.

Has the scheme worked? Overall, yes. In 2022, EVs accounted for just 3.3% of all new cars sold in Australia. By 2023, almost two-thirds of battery electric, vehicles were sold to private buyers, a 145% increase. And in 2024, the figure had almost tripled to 9.6%. Without this tax incentive, Australia’s uptake of EVs would most likely be much lower.

If a future Coalition government ended the tax break, Australia would return to the pre-2022 era, where fringe benefits tax acted as a significant disincentive for EVs.

The tax break isn’t perfect – but it’s better than nothing

Australia’s main power grid now runs on an average of 40% clean energy. As a result, emissions have been tracking downward in these sectors. But transport emissions are still rising. Transport is now Australia’s second-largest source of emissions – almost 100 million tonnes (Mt) out of our total emissions of 434 Mt. By 2030, transport is projected to be the largest source of domestic emissions.

Under the 2015 Paris Agreement, nations agreed at least 20% of light vehicles on their roads would be low- or zero-emissions by 2030. But Australia is lagging well behind the pack on the shift to cleaner transport.

At present, just 1% of Australia’s car fleet is electric. Even EVs make up close to 10% of new sales, changing the makeup of the entire fleet (16.8 million) will take years.

By contrast, almost 90% of new cars sold in Norway are electric, according to a 2024 report from the International Energy Agency. In China it’s just under 60%, Sweden it’s 60%, Netherlands 30%, the UK 25% and the United States 10%.

These countries have used a combination of tax incentives and fuel efficiency regulations to drive rapid uptake. While Labor has moved to introduce both of these, progress hasn’t been as fast.

Back to the fuel guzzlers?

Australians rely heavily on cars. But the long lack of fuel efficiency standards mean many models sold here emit much more than in other OECD countries – 150 grams per kilometre versus 107 across 29 European Union nations as of 2023. Put another way, a new car in Australia uses 40% more fuel than its equivalent in the EU. Many drivers prefer big cars, such as the top-selling Ford Ranger.

If the Coalition ends the tax break and pulls the teeth of new emissions standards, it would bring recent modest progress to a halt.

The Coalition has rightly pointed out the inequity of the tax break as it stands. My research has shown this could be fixed. Throwing the scheme out without proposing another way to cut transport emissions is disheartening.

Anna Mortimore receives funding from Reliable Affordable Clean Energy Cooperative Research Centre for 2030 (RACE for 2030).

– ref. Back to the fuel guzzlers? Coalition plans to end EV tax breaks would hobble the clean transport transition – https://theconversation.com/back-to-the-fuel-guzzlers-coalition-plans-to-end-ev-tax-breaks-would-hobble-the-clean-transport-transition-255211

MIL OSI Analysis – EveningReport.nz –

April 24, 2025

MIL-OSI: Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance

Source: GlobeNewswire (MIL-OSI)

Press Release

VELIZY-VILLACOUBLAY, France — April 24, 2025

Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance

Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the first quarter 2025 ended March 31, 2025. The Group’s Board of Directors approved these estimated results on April 23, 2025. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

Summary Highlights¹

(unaudited, non-IFRS unless otherwise noted,
all growth rates in constant currencies)

1Q25: Software revenue increased by 5% driven by recurring revenue up 7%;
1Q25: Strong subscription growth of 14%, bringing New business up 7%;
1Q25: 3DEXPERIENCE software revenue growth of 17%;
1Q25: Diluted EPS up 5% (6% as reported) to €0.32;
1Q25: Cash flow from operations grew 21%, as reported, to €813 million (IFRS);
FY25: Full year objectives unchanged, total revenue growth of 6-8% and diluted EPS of €1.36-€1.39.

Dassault Systèmes’ Chief Executive Officer Commentary

Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:

“In February this year we announced Gen 7, the new generation of representation of our customers’ virtual universes – we call it 3D UNIV+RSES. This seventh generation of MODSIM data, powered by AI and spatial computing, makes the 3DEXPERIENCE the next-generation platform for knowledge and know-how, establishing it as a global IP management platform. Early customer feedback confirms that platform-based AI leveraging virtual twins creates competitive advantage.

We’ve had a solid start to the year. In the first quarter, the Manufacturing Industries sector performed well led by Aerospace & Defense and High Tech, along with Transportation & Mobility in China, Japan and US. At the same time, we’re accelerating in Sovereign Infrastructure, where energy, security, and AI capabilities – through high-performance data centers – are becoming strategic imperatives for nations and territories.

We are committed to being the trusted partner for our customers – helping them stay ahead, while strengthening our leadership position for the long term and raising barriers to entry.”

Dassault Systèmes’ Chief Financial Officer Commentary

(revenue, operating margin and diluted EPS (‘EPS’) growth rates in constant currencies,
data on a non-IFRS basis)

Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:

“In the first quarter, our revenue is driven by strong subscription growth of 14%. As a result, recurring revenue now represents 86% of software revenue, highlighting the resilience of our business model. Regarding operational efficiency, we reached the upper end of our EPS guidance and saw strong growth in operating cash flow, increasing by 21% as reported.

Entering 2025, our approach was to provide a risk-adjusted financial outlook. Since then, the introduction of new tariffs has created a more volatile market environment, which could lead to longer decision-making cycles. That said, our pipeline remains solid, and our current visibility aligns with the midpoint of our full year guidance.

Therefore, we keep our 2025 outlook of 6-8% total revenue growth and 7-10% EPS growth unchanged. In addition, we are slightly adjusting our operating margin target, expecting a year-over-year expansion of 50-70 basis points, versus 70-100 basis points prior, to gain additional flexibility and invest in Gen 7 to support our long-term growth.”

Financial Summary

In millions of Euros, except per share data and percentages	IFRS				Non-IFRS
In millions of Euros, except per share data and percentages	Q1 2025	Q1 2024	Change	Change in constant currencies	Q1 2025	Q1 2024	Change	Change in constant currencies
Total Revenue	1,573.0	1,499.7	5%	4%	1,573.0	1,499.7	5%	4%
Software Revenue	1,432.7	1,352.8	6%	5%	1,432.7	1,352.8	6%	5%
Operating Margin	19.4%	21.6%	(2.3)pts		30.9%	31.1%	(0.2)pt
Diluted EPS	0.20	0.21	(9)%		0.32	0.30	6%	5%

First Quarter 2025 Versus 2024 Financial Comparisons

(unaudited, IFRS and non-IFRS unless otherwise noted,
all revenue growth rates in constant currencies)

Total Revenue: Total revenue in the first quarter grew by 4% to €1.57 billion, and software revenue increased by 5% to €1.43 billion. Subscription & support revenue rose by 7%; recurring revenue represented 86% of software revenue, up 2 basis points versus last year. Licenses and other software revenue declined by 10% to €198 million. Services revenue was down 6% to €140 million, during the quarter.
Software Revenue by Geography: Revenue in the Americas increased by 7% to represent 43% of software revenue. This growth acceleration is driven by Aerospace & Defense, Transport & Mobility and High-Tech. Despite tariff uncertainty, Europe increased by 1%, led by good growth in Aerospace & Defense. Europe represented 36% of software revenue. In Asia, revenue increased by 5%, driven by India, Southeast Asia and Korea. Asia represented 22% of software revenue.
Software Revenue by Product Line:
- Industrial Innovation software revenue increased by 8% to €793 million. This strong broad-based performance was led by CATIA, ENOVIA, DELMIA and NETVIBES. Industrial Innovation software represented 55% of software revenue.

Life Sciences software revenue was stable at €293 million, accounting for 20% of software revenue. MEDIDATA was impacted by continued CRO² headwinds, while benefiting from the steady dynamic with Large Pharma and Mid-Market.
Mainstream Innovation software revenue increased by 2% to €347 million. SOLIDWORKS had a slow start to the year, but saw solid bookings and good momentum in 3DEXPERIENCE adoption. CENTRIC PLM was impacted by timing of renewals, after an exceptional year of growth in 2024. Mainstream Innovation represented 24% of software revenue, during the period.

Software Revenue by Industry: Aerospace & Defense, High Tech and Industrial Equipment were among the best performers during the quarter.
Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 17%, driven by Aerospace & Defense, High Tech and Transportation & Mobility, along with opportunities in the sovereign infrastructure domain. 3DEXPERIENCE software revenue represented 39% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 7% and represented 25% of software revenue during the period. 3DEXPERIENCE Cloud software revenue increased by 41%.
Operating Income and Margin: IFRS operating income declined by 6% to €304 million, as reported. Non-IFRS operating income increased by 3% in constant currencies to €486 million (up 4% as reported). The IFRS operating margin stood at 19.4% compared to 21.6% in the first quarter of 2024. The non-IFRS operating margin totaled 30.9% versus 31.1% during the same period last year.
Earnings per Share: IFRS diluted EPS was €0.20, down 9% as reported. Non-IFRS diluted EPS grew to €0.32, up 6% as reported, or 5% in constant currencies.
Cash Flow from Operations (IFRS): Cash flow from operations totaled €813 million, an increase of 21% relative to the same period last year with strong cash collection. Cash flow from operations was principally used for the acquisition of ContentServ for €191 million (net of €11 million of cash acquired), repurchase of Treasury Shares for €80 million, repayment of debt for €59 million and €56 million for investments in CAPEX.
Balance Sheet (IFRS): Dassault Systèmes had a net cash position of €1.79 billion as of March 31, 2025, an increase of €0.33 billion, compared to €1.46 billion for the year ending December 31, 2024. Cash and cash equivalents totaled €4.24 billion at the end of March 2025.

Financial Objectives for 2025

Dassault Systèmes’ second quarter and 2025 financial objectives presented below are given on a non-IFRS basis and reflect the principal 2025 currency exchange rate assumptions for the US dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:


		Q2 2025	FY 2025
Total Revenue (billion)		€1.520 – €1.580	€6.567 – €6.667
Growth		2 – 6%	6 – 7%
Growth ex FX		3 – 7%	6 – 8%

Software revenue growth *		3 – 7%	6 – 8%
	Of which licenses and other software revenue growth *	(6) – 1%	2 – 6%
	Of which recurring revenue growth *	5 – 8%	7 – 8%
Services revenue growth *		3 – 7%	4 – 6%

Operating Margin		29.8% – 29.9%	32.3% – 32.6%

EPS Diluted		€0.30 – €0.31	€1.36 – €1.39
Growth		(1) – 3%	7 – 9%
Growth ex FX		1 – 5%	7 – 10%

US dollar		$1.10 per Euro	$1.09 per Euro
Japanese yen (before hedging)		JPY 155.0 per Euro	JPY 156.4 per Euro
* Growth in Constant Currencies

These objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.

The 2025 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2025 principal currency exchange rates above: no significant contract liabilities write-downs; share-based compensation expenses, including related social charges, estimated at approximately €213 million (these estimates do not include any new stock option or share grants issued after March 31, 2025); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €353 million, largely impacted by the acquisition of MEDIDATA and lease incentives of acquired companies at approximately €1 million.

The above objectives also do not include any impact from other operating income and expenses, a net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after March 31, 2025.

Corporate Announcements

Today’s Webcast and Conference Call Information

Today, Thursday, April 24, 2025, Dassault Systèmes will host, from Paris, a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.

Additional investor information is available at investor.3ds.com or by calling Dassault Systèmes’ Investor Relations at +33.1.61.62.69.24.

Investor Relations Events

Capital Markets Day: June 6, 2025
Second Quarter 2025 Earnings Release: July 24, 2025
Third Quarter 2025 Earnings Release: October 23, 2025
Fourth Quarter 2025 Earnings Release: February 11, 2026

Forward-looking Information

Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Group’s non-IFRS financial performance objectives are forward-looking statements. Such forward-looking statements are based on Dassault Systèmes management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors.

The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2024 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2025, available on the Group’s website www.3ds.com.

In particular, please refer to the risk factor “Uncertain Global Environment” in section 1.9.1.1 of the 2024 Universal Registration Document set out below for ease of reference:

“In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:

the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or cancel their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
the political, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and negatively affect Dassault Systèmes’ business, and in particular its revenue, for example, due to stricter export compliance rules or the introduction of new customs barriers or controls on the exchange of goods and services;
continued pressure or volatility on raw materials and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries;
uncertainties regarding the extent and duration of costs inflation could adversely affect the financial position of Dassault Systèmes; and
the sales cycle of the Dassault Systèmes’ products – already relatively long due to the strategic nature of such investments for customers – could further lengthen.

The occurrence of crises – health and political crises in particular – could have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. It could also adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or to cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively affect Dassault Systèmes’ revenue, financial performance and market position.

Dassault Systèmes makes every effort to take into consideration this uncertain outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.

In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY155.0 to €1.00, before hedging for the second quarter 2025. The Group has assumed an average US dollar to euro exchange rate of US$1.09 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY156.4 to €1.00, before hedging for the full year 2025. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.

Non-IFRS Financial Information

Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2024 Universal Registration Document filed with the AMF on March 18, 2025.

In the tables accompanying this press release the Group sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred revenue, share-based compensation expense and related social charges, the amortization of acquired intangible assets and of tangibles reevaluation, certain other operating income and expense, net, including impairment of goodwill and acquired intangibles, the effect of adjusting lease incentives of acquired companies, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.

FOR MORE INFORMATION

Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

ABOUT DASSAULT SYSTÈMES

Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens.
With Dassault Systèmes’ 3DEXPERIENCE platform, 370 000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact.
For more information, visit www.3ds.com

Dassault Systèmes Investor Relations Team FTI Consulting

Beatrix Martinez: +33 1 61 62 40 73 Arnaud de Cheffontaines: +33 1 47 03 69 48

Jamie Ricketts : +44 20 3727 1600

investors@3ds.com

Dassault Systèmes Press Contacts

Corporate / France Arnaud MALHERBE

arnaud.malherbe@3ds.com

+33 (0)1 61 62 87 73

© Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

APPENDIX TABLE OF CONTENTS

Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Glossary of Definitions

Non-IFRS Financial Information

Acquisitions and Foreign Exchange Impact

Condensed consolidated statements of income

Condensed consolidated balance sheet

Condensed consolidated cash flow statement

IFRS – non-IFRS reconciliation

DASSAULT SYSTÈMES – Glossary of Definitions

Information in Constant Currencies

Dassault Systèmes has followed a long-standing policy of measuring its revenue performance and setting its revenue objectives exclusive of currency in order to measure in a transparent manner the underlying level of improvement in its total revenue and software revenue by activity, industry, geography and product lines. The Group believes it is helpful to evaluate its growth exclusive of currency impacts, particularly to help understand revenue trends in its business. Therefore, the Group provides percentage increases or decreases in its revenue and expenses (in both IFRS as well as non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed “in constant currencies”, the results of the “prior” period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

While constant currency calculations are not considered to be an IFRS measure, the Group believes these measures are critical to understanding its global revenue results and to compare with many of its competitors who report their financial results in U.S. dollars. Therefore, Dassault Systèmes includes this calculation for comparing IFRS revenue figures as well non-IFRS revenue figures for comparable periods. All information at constant currencies is expressed as a rounded percentage and therefore may not precisely reflect the absolute figures.

Information on Growth excluding acquisitions (“organic growth”)

In addition to financial indicators on the entire Group’s scope, Dassault Systèmes provides growth excluding acquisitions effect, also named organic growth. In order to do so, the data relating to the scope is restated excluding acquisitions, from the date of the transaction, over a period of 12 months.

Information on Industrial Sectors

The Group provides broad end-to-end software solutions and services: its platform-based virtual twin experiences combine modeling, simulation, data science and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.

These three sectors comprise twelve industries:

Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; High-Tech; Home & Lifestyle; Consumer Packaged Goods – Retail. In Manufacturing Industries, Dassault Systèmes helps customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs and time-to-market, and become more sustainable;
Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of the patient journey to lead the way toward precision medicine. To reach the broader healthcare ecosystem from research to commercial, the Group’s solutions connect all elements from molecule development to prevention to care, and combine new therapeutics, medical practices, and Medtech;
Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services; Cities & Public Services. In Infrastructure & Cities, the Group supports the virtualization of the sector in making its industries more efficient and sustainable, and creating desirable living environments.

Information on Product Lines

The Group’s product lines financial reporting include the following financial information:

Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
Mainstream Innovation software revenue which includes SOLIDWORKS, as well as its CENTRIC PLM and 3DVIA brands.

Starting from 2022, OUTSCALE became a brand of the Group, extending the portfolio of software applications. As the first sovereign and sustainable operator on the cloud, OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloud experience and with a world-class cyber governance.

GEOs

Eleven GEOs are responsible for driving the development of the Company’s business and implementing its customer‑centric engagement model. Teams leverage strong networks of local customers, users, partners, and influencers.

These GEOs are structured into three groups:

the “Americas” group, made of two GEOs;
the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEOs;
the “Asia” group, comprising Asia and Oceania and made of five GEOs.

3DEXPERIENCE Software Contribution

To measure the relative share of 3DEXPERIENCE software in its revenues, Dassault Systèmes calculates the percentage contribution by comparing total 3DEXPERIENCE software revenue to software revenue for all product lines except SOLIDWORKS, MEDIDATA, CENTRIC PLM and other acquisitions (defined as “3DEXPERIENCE Eligible software revenue”).

Cloud revenue

Cloud revenue is generated from contracts that provide access to cloud-based solutions (SaaS), infrastructure as a service (IaaS), cloud solution development and cloud managed services. These offerings are delivered by Dassault Systèmes through its own cloud infrastructure or by third-party cloud providers. They are available through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered through subscription-based models or perpetual licenses with support and hosting services.

New business

New business is the combination of subscription revenue and licenses & other software revenue.

DASSAULT SYSTÈMES

NON-IFRS FINANCIAL INFORMATION

(unaudited; in millions of Euros, except per share data, percentages, headcount and exchange rates)

Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue), share-based compensation expense, including related social charges, amortization of acquired intangible assets and of tangible assets revaluation, lease incentives of acquired companies, other operating income and expense, net, including the acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets, certain one-time items included in financial loss, net, certain one-time tax effects and the income tax effects of these non-IFRS adjustments.

Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.

In millions of Euros, except per share data, percentages, headcount and exchange rates	Non-IFRS reported
	Three months ended
	March 31, 2025	March 31, 2024	Change	Change in constant currencies
Total Revenue	€ 1,573.0	€ 1,499.7	5%	4%

Revenue breakdown by activity
Software revenue	1,432.7	1,352.8	6%	5%
Of which licenses and other software revenue	198.1	218.5	(9)%	(10)%
Of which subscription and support revenue	1,234.6	1,134.3	9%	7%
Services revenue	140.2	146.8	(4)%	(6)%

Software revenue breakdown by product line
Industrial Innovation	793.1	731.4	8%	8%
Life Sciences	292.6	284.7	3%	0%
Mainstream Innovation	347.1	336.7	3%	2%

Software Revenue breakdown by geography
Americas	611.1	553.6	10%	7%
Europe	513.2	503.2	2%	1%
Asia	308.4	296.0	4%	5%

Operating income	€ 486.1	€ 466.5	4%
Operating margin	30.9%	31.1%

Net income attributable to shareholders	€ 420.1	€ 397.2	6%
Diluted earnings per share	€ 0.32	€ 0.30	6%	5%

Closing headcount	26,225	25,780	2%

Average Rate USD per Euro	1.05	1.09	(3)%
Average Rate JPY per Euro	160.45	161.15	(0)%

DASSAULT SYSTÈMES

ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

(unaudited; in millions of Euros)

In millions of Euros

Non-IFRS reported

o/w growth at constant rate and scope

o/w change of scope impact at current year rate

o/w FX impact on previous year figures

March 31,

2025

March 31,

2024

Change

Revenue QTD

1,573.0

1,499.7

73.3

52.6

0.9

19.8

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited; in millions of Euros, except per share data and percentages)

In millions of Euros, except per share data and percentages	IFRS reported
	Three months ended
	March 31,	March 31,
	2025	2024
Licenses and other software revenue	198.1	218.5
Subscription and Support revenue	1,234.6	1,134.3
Software revenue	1,432.7	1,352.8
Services revenue	140.2	146.8
Total Revenue	€ 1,573.0	€ 1,499.7
Cost of software revenue ⁽¹⁾	(129.2)	(111.9)
Cost of services revenue	(131.1)	(131.8)
Research and development expenses	(348.6)	(311.4)
Marketing and sales expenses	(446.5)	(420.3)
General and administrative expenses	(120.4)	(105.1)
Amortization of acquired intangible assets and of tangible assets revaluation	(88.3)	(93.3)
Other operating income and expense, net	(4.4)	(1.8)
Total Operating Expenses	(1,268.5)	(1,175.6)
Operating Income	€ 304.5	€ 324.1
Financial income (loss), net	30.3	30.2
Income before income taxes	€ 334.8	€ 354.2
Income tax expense	(75.5)	(68.3)
Net Income	€ 259.4	€ 286.0
Non-controlling interest	1.2	(0.3)
Net Income attributable to equity holders of the parent	€ 260.5	€ 285.7
Basic earnings per share	0.20	0.22
Diluted earnings per share	€ 0.20	€ 0.21
Basic weighted average shares outstanding (in millions)	1,312.3	1,313.6
Diluted weighted average shares outstanding (in millions)	1,332.2	1,331.1

⁽¹⁾ Excluding amortization of acquired intangible assets and of tangible assets revaluation.

IFRS reported	Three months ended March 31, 2025
IFRS reported	Change ⁽²⁾	Change in constant currencies
Total Revenue	5%	4%
Revenue by activity
Software revenue	6%	5%
Services revenue	(4)%	(6)%
Software Revenue by product line
Industrial Innovation	8%	8%
Life Sciences	3%	0%
Mainstream Innovation	3%	2%
Software Revenue by geography
Americas	10%	7%
Europe	2%	1%
Asia	4%	5%

⁽²⁾ Variation compared to the same period in the prior year.

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED BALANCE SHEET

(unaudited; in millions of Euros)

In millions of Euros	IFRS reported
	March 31,	December 31,
	2025	2024
ASSETS
Cash and cash equivalents	4,242.9	3,952.6
Trade accounts receivable, net	1,709.5	2,120.9
Contract assets	34.3	30.1
Other current assets	464.8	464.0
Total current assets	6,451.5	6,567.6
Property and equipment, net	928.7	945.8
Goodwill and Intangible assets, net	7,597.6	7,687.1
Other non-current assets	358.9	345.5
Total non-current assets	8,885.2	8,978.3
Total Assets	€ 15,336.7	€ 15,545.9
LIABILITIES
Trade accounts payable	199.5	259.9
Contract liabilities	1,716.0	1,663.4
Borrowings, current	411.4	450.8
Other current liabilities	1,109.7	1,147.4
Total current liabilities	3,436.6	3,521.5
Borrowings, non-current	2,043.3	2,042.8
Other non-current liabilities	887.9	900.9
Total non-current liabilities	2,931.3	2,943.7
Non-controlling interests	14.3	14.1
Parent shareholders’ equity	8,954.5	9,066.6
Total Liabilities	€ 15,336.7	€ 15,545.9

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

(unaudited; in millions of Euros)

In millions of Euros	IFRS reported
	Three months ended
	March 31,	March 31,	Change
	2025	2024	Change
Net income attributable to equity holders of the parent	260.5	285.7	(25.2)
Non-controlling interest	(1.2)	0.3	(1.4)
Net income	259.4	286.0	(26.6)
Depreciation of property and equipment	50.5	47.6	2.8
Amortization of intangible assets	89.6	95.2	(5.6)
Adjustments for other non-cash items	16.1	37.7	(21.6)
Changes in working capital	397.4	204.4	193.0
Net Cash From Operating Activities	€ 813.0	€ 670.9	€ 142.1

Additions to property, equipment and intangibles assets	(55.9)	(57.2)	1.2
Payment for acquisition of businesses, net of cash acquired	(193.8)	(4.5)	(189.2)
Other	(37.8)	22.3	(60.1)
Net Cash Provided by (Used in) Investing Activities	€ (287.5)	€ (39.4)	€ (248.1)

Proceeds from exercise of stock options	22.2	21.3	0.8
Repurchase and sale of treasury stock	(80.1)	(131.1)	51.0
Acquisition of non-controlling interests	(0.2)	(2.6)	2.5
Repayment of borrowings	(58.9)	(0.1)	(58.8)
Repayment of lease liabilities	(22.6)	(24.0)	1.4
Net Cash Provided by (Used in) Financing Activities	€ (139.6)	€ (136.5)	€ (3.0)

Effect of exchange rate changes on cash and cash equivalents	(95.7)	32.7	(128.4)

Increase (decrease) in cash and cash equivalents	€ 290.3	€ 527.7	€ (237.4)


Cash and cash equivalents at beginning of period	€ 3,952.6	€ 3,568.3
Cash and cash equivalents at end of period	€ 4,242.9	€ 4,095.9

DASSAULT SYSTÈMES
SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
IFRS – NON-IFRS RECONCILIATION
(unaudited; in millions of Euros, except per share data and percentages)

Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2024 filed with the AMF on March 18, 2025. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

In millions of Euros, except per share data and percentages	Three months ended March 31,						Change
	2025	Adjustment⁽¹⁾	2025	2024	Adjustment⁽¹⁾	2024	IFRS	Non-IFRS⁽²⁾
	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Non-IFRS⁽²⁾
Total Revenue	€ 1,573.0	–	€ 1,573.0	€ 1,499.7	–	€ 1,499.7	5%	5%
Revenue breakdown by activity
Software revenue	1,432.7	–	1,432.7	1,352.8	–	1,352.8	6%	6%
Licenses and other software revenue	198.1	–	198.1	218.5	–	218.5	(9)%	(9)%
Subscription and Support revenue	1,234.6	–	1,234.6	1,134.3	–	1,134.3	9%	9%
Recurring portion of Software revenue	86%		86%	84%		84%
Services revenue	140.2	–	140.2	146.8	–	146.8	(4)%	(4)%
Software Revenue breakdown by product line
Industrial Innovation	793.1	–	793.1	731.4	–	731.4	8%	8%
Life Sciences	292.6	–	292.6	284.7	–	284.7	3%	3%
Mainstream Innovation	347.1	–	347.1	336.7	–	336.7	3%	3%
Software Revenue breakdown by geography
Americas	611.1	–	611.1	553.6	–	553.6	10%	10%
Europe	513.2	–	513.2	503.2	–	503.2	2%	2%
Asia	308.4	–	308.4	296.0	–	296.0	4%	4%
Total Operating Expenses	€ (1,268.5)	€ 181.6	€ (1,086.9)	€ (1,175.6)	€ 142.4	€ (1,033.2)	8%	5%
Share-based compensation expense and related social charges	(88.5)	88.5	–	(46.7)	46.7	–
Amortization of acquired intangible assets and of tangible assets revaluation	(88.3)	88.3	–	(93.3)	93.3	–
Lease incentives of acquired companies	(0.4)	0.4	–	(0.7)	0.7	–
Other operating income and expense, net	(4.4)	4.4	–	(1.8)	1.8	–
Operating Income	€ 304.5	€ 181.6	€ 486.1	€ 324.1	€ 142.4	€ 466.5	(6)%	4%
Operating Margin	19.4%		30.9%	21.6%		31.1%
Financial income (loss), net	30.3	0.6	30.9	30.2	1.0	31.2	1%	(1)%
Income tax expense	(75.5)	(21.6)	(97.1)	(68.3)	(31.6)	(99.9)	11%	(3)%
Non-controlling interest	1.2	(0.9)	0.2	(0.3)	(0.3)	(0.5)	N/A	(141)%
Net Income attributable to shareholders	€ 260.5	€ 159.6	€ 420.1	€ 285.7	€ 111.5	€ 397.2	(9)%	6%
Diluted Earnings Per Share ⁽³⁾	€ 0.20	€ 0.12	€ 0.32	€ 0.21	€ 0.08	€ 0.30	(9)%	6%

⁽¹⁾ In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

In millions of Euros, except percentages	Three months ended March 31,								Change
In millions of Euros, except percentages	2025 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2025 Non-IFRS	2024 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2024 Non-IFRS	IFRS	Non- IFRS
Cost of revenue	(260.3)	4.9	0.1	(255.2)	(243.8)	2.9	0.2	(240.6)	7%	6%
Research and development expenses	(348.6)	32.5	0.1	(316.0)	(311.4)	17.9	0.3	(293.2)	12%	8%
Marketing and sales expenses	(446.5)	24.5	0.1	(421.9)	(420.3)	13.7	0.1	(406.5)	6%	4%
General and administrative expenses	(120.4)	26.6	0.0	(93.8)	(105.1)	12.3	0.0	(92.7)	15%	1%
Total		€ 88.5	€ 0.4			€ 46.7	€ 0.7

⁽²⁾ The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
⁽³⁾ Based on a weighted average 1,332.2 million diluted shares for Q1 2025 and 1,331.1 million diluted shares for Q1 2024, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 260.5 million for Q1 2025 (€ 285.7 million for Q1 2024). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

1 IFRS figures for 1Q25: total revenue at €1.57 billion, operating margin of 19.4% and diluted EPS at €0.20.

2 Contract Research Organizations

Attachment

Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance

The MIL Network –

April 24, 2025

MIL-OSI: Nokia Corporation Interim Report for Q1 2025

Source: GlobeNewswire (MIL-OSI)

Nokia Corporation

Interim report
24 April 2025 at 08:00 EEST

Nokia Corporation Interim Report for Q1 2025

Network Infrastructure delivers strong net sales growth to start 2025

Infinera acquisition completed during Q1, increasing Nokia’s scale in Optical Networks and with hyperscalers. Integration underway with many portfolio decisions already taken. Positive momentum with customers, with Q1 seeing strong order intake for Infinera driven by growth in hyperscalers.
Q1 net sales declined 3% y-o-y on a constant currency and portfolio basis (-1% reported) due to a challenging prior year comparison in Nokia Technologies. Network Infrastructure grew 11% on a constant currency and portfolio basis while Cloud and Network Services grew 8%. Mobile Networks grew 2%.
Comparable gross margin in Q1 decreased 820bps y-o-y to 42.3% (reported decreased 820bps to 41.5%), half of which is related to lower net sales in Nokia Technologies. It was also impacted by a contract settlement charge with net impact of EUR 120 million in Mobile Networks.
Q1 comparable operating margin decreased 990bps y-o-y to 3.6% (reported up 1 020bps to -1.1%), mainly due to lower gross margin and increased operating expenses resulting from targeted investments for long-term growth.
Q1 comparable diluted EPS for the period of EUR 0.03; reported diluted EPS for the period of EUR -0.01.
Q1 free cash flow of EUR 0.7 billion, net cash balance of EUR 3.0 billion.
Full year 2025 outlook unchanged with comparable operating profit of between EUR 1.9 billion and 2.4 billion and free cash flow conversion from comparable operating profit of between 50% and 80%.

This is a summary of the Nokia Corporation Interim Report for Q1 2025 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group’s financial information as well as on Nokia’s outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at www.nokia.com/financials. A video interview summarizing the key points of our Q1 results will also be published on the website. Investors should not solely rely on summaries of Nokia’s financial reports and should also review the complete reports with tables.

JUSTIN HOTARD, PRESIDENT AND CEO, ON Q1 2025 RESULTS

In the following quote, net sales growth rates are on a constant currency and portfolio basis.
Since joining Nokia as President and CEO three weeks ago, I’ve had great engagements with some of our customers, partners and employees. I see great potential for Nokia, and my early focus is on capital allocation to ensure we both drive efficiency and invest sufficiently in the right growth segments for long-term value creation. I am impressed with our core technology base across our portfolio including in RAN and core as well as in IP, Optical and Fiber technologies. In speaking with customers, it is clear we play a critical role as a trusted partner operating their mobile and fixed networks and have the potential to expand our presence in hyperscale, enterprise and defense markets. Spending the time with our employees I’ve been excited by their innovative spirit, energy and drive to unlock Nokia’s full potential.

Our first quarter financial performance saw a net sales decline of 3%. However, excluding the catch-up element of licensing deals signed in the prior year, sales grew 7%. Our operating margin declined year-on-year due to the challenging prior year comparison in Nokia Technologies and a one-time charge in Mobile Networks, while profitability improved in both Network Infrastructure and Cloud and Network Services.

Network Infrastructure net sales grew 11% with all units contributing to growth and its backlog increased. The highlight of the first quarter was the completion of the Infinera acquisition. Our expanded Optical Networks business had a strong first quarter with 15% net sales growth along with several important design wins, particularly with hyperscalers. We have initiated the integration of Infinera and made many important roadmap decisions which we communicated to customers in early April. We are on track to deliver our synergy targets and I believe this acquisition has significant value creation potential for Nokia.

In Mobile Networks we continue to see positive signs of stabilization with further wins in addition to those we discussed last quarter. Today we have announced an important contract extension with T-Mobile US. Regarding our financial performance, net sales grew 2% but profitability was impacted by an unexpected one-time contract settlement with a net impact of EUR 120 million. The settlement related to a project for a single customer that started shipping in 2019 and the settlement fully resolves the situation.

Cloud and Network Services delivered net sales growth of 8% and we continue to see strong demand in the market for our 5G Core offers with additional footprint won at AT&T, Boost Mobile, Ooredoo Qatar and Telefónica. Nokia Technologies continued its execution with further deals signed in the quarter that increased the contracted annual net sales run-rate to approximately EUR 1.4 billion.

Looking forward, we are not immune to the rapidly evolving global trade landscape however based on early customer feedback, I believe our markets should prove to be relatively resilient. In 2025, we continue to expect strong net sales growth in Network Infrastructure, growth in Cloud and Network Services and largely stable net sales for Mobile Networks. In Nokia Technologies we expect approximately EUR 1.1 billion of operating profit.

Regarding the tariff situation, there could be some short-term disruption. We will continue to utilize the flexibility of our global manufacturing network to minimize impact of the evolving tariff landscape. Based on what we see today, we currently expect a EUR 20 to 30 million impact to our comparable operating profit in the second quarter from the current tariffs. Given the lack of visibility, we have not taken an assumption related to tariffs in the second half of 2025.

In terms of our outlook for the financial year 2025, we will continue to focus on investing in future growth opportunities and we now have an unexpected charge impacting Mobile Networks. Considering these factors, while achieving the top-end of the range will now be more challenging, our comparable operating profit guidance remains between EUR 1.9 and 2.4 billion. Our free cash flow guidance remains between 50% and 80% of comparable operating profit.

In the coming months I will continue to listen and learn from customers, employees, shareholders and other stakeholders. I will provide an update with our Q2 results and I look forward to presenting our complete value creation vision for Nokia at our capital markets day which we now expect to hold in November.

Justin Hotard
President and CEO

FINANCIAL RESULTS

EUR million (except for EPS in EUR)	Q1’25	Q1’24	YoY change
Reported results
Net sales	4 390	4 444	(1)%
Gross margin %	41.5%	49.7%	(820)bps
Research and development expenses	(1 145)	(1 125)	2%
Selling, general and administrative expenses	(728)	(693)	5%
Operating (loss)/profit	(48)	405	(112)%
Operating margin %	(1.1)%	9.1%	(1 020)bps
(Loss)/profit from continuing operations	(60)	451
Profit/(loss) from discontinued operations	—	(13)
(Loss)/profit for the period	(60)	438
EPS for the period, diluted	(0.01)	0.08
Net cash and interest-bearing financial investments	2 988	5 137	(42)%
Comparable results
Net sales	4 390	4 444	(1)%
Constant currency and portfolio YoY change⁽¹⁾			(3%)
Gross margin %	42.3%	50.5%	(820)bps
Research and development expenses	(1 115)	(1 076)	4%
Selling, general and administrative expenses	(587)	(584)	1%
Operating profit	156	600	(74)%
Operating margin %	3.6%	13.5%	(990)bps
Profit for the period	153	512	(70)%
EPS for the period, diluted	0.03	0.09	(67)%

Business group results	Network Infrastructure		Mobile Networks		Cloud and Network Services		Nokia Technologies		Group Common and Other
EUR million	Q1’25	Q1’24	Q1’25	Q1’24	Q1’25	Q1’24	Q1’25	Q1’24	Q1’25	Q1’24
Net sales	1 722	1 439	1 729	1 682	567	546	369	757	4	23
YoY change	20%		3%		4%		(51)%		(83)%
Constant currency and portfolio YoY change⁽¹⁾	11%		2%		8%		(52)%		(83)%
Gross margin %	40.6%	40.8%	30.9%	40.9%	45.9%	39.4%	100.0%	100.0%
Operating profit/(loss)	135	85	(152)	(32)	14	(37)	259	658	(99)	(75)
Operating margin %	7.8%	5.9%	(8.8)%	(1.9)%	2.5%	(6.8)%	70.2%	86.9%

(1) This metric provides additional information on the growth of the business and adjusts for both currency impacts and portfolio changes. The full definition is provided in the Alternative performance measures section in Nokia Corporation Interim Report for Q1 2025.

SHAREHOLDER DISTRIBUTION

Dividend

The Board of Directors proposes that the Annual General Meeting 2025 to be held on 29 April 2025 authorizes the Board to resolve on the distribution of an aggregate maximum of EUR 0.14 per share to be paid in respect of the financial year 2024. The authorization would be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period unless the Board decides otherwise for a justified reason. Subject to approval by the Annual General Meeting, the Board is expected to resolve on the amount and timing of each distribution so that the preliminary record and payment dates will be as set out in the Board’s proposal to the Annual General Meeting. Accordingly, the first expected record date would be 5 May 2025 and the expected payment date would be 12 May 2025. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.

Share buyback program

On 27 June 2024, Nokia announced its intention to acquire Infinera in a transaction that valued Infinera at US$1.7 billion equity value with up to 30% of the consideration to be paid in Nokia American depositary shares, depending on the elections of Infinera shareholders. To offset the dilution from the transaction to Nokia shareholders, on 22 November 2024 Nokia announced a share buyback program targeting to repurchase 150 million shares. This share buyback program was completed on 2 April 2025. Under this program, Nokia repurchased 150 million of its own shares at an average price per share of approximately EUR 4.69. The repurchases reduced the company’s unrestricted equity by approximately EUR 703 million and the repurchased shares were cancelled on 23 April 2025.

OUTLOOK

The outlook provided below reflects the acquisition of Infinera.

	Full Year 2025
Comparable operating profit⁽¹⁾	EUR 1.9 billion to EUR 2.4 billion
Free cash flow⁽¹⁾	50% to 80% conversion from comparable operating profit

¹Please refer to Alternative performance measures section in Nokia Corporation Interim Report for Q1 2025 for a full explanation of how these terms are defined.

The outlook and all of the underlying outlook assumptions described below are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this report.

Along with Nokia’s official outlook targets provided above, Nokia provides the below additional assumptions that support the group level financial outlook.

	Full year 2025	Comment
Group Common and Other operating expenses	approximately EUR 400 million
Comparable financial income and expenses	Positive EUR 50 to 150 million
Comparable income tax rate	~25%
Cash outflows related to income taxes	EUR 500 million (update)	Mainly reflecting evolving regional mix and the inclusion of Infinera
Capital Expenditures	EUR 650 million (update)	Reflecting the inclusion of Infinera
Recurring gross cost savings	EUR 400 million	Related to ongoing cost savings program and not including Infinera-related synergies
Restructuring and associated charges related to cost savings programs	EUR 250 million	Related to ongoing cost savings program and not including Infinera-related synergies
Restructuring and associated cash outflows	EUR 400 million	Related to ongoing cost savings program and not including Infinera-related synergies

ADDITIONAL TOPICS

Completion of Infinera acquisition

On 28 February 2025, Nokia announced the completion of the acquisition of Infinera Corporation, pursuant to the definitive agreement announced on 27 June 2024. Infinera, the San Jose based global supplier of innovative open optical networking solutions and advanced optical semiconductors, has become part of the Nokia group effective as of the closing with Nokia holding 100% of its equity and voting rights. The total purchase consideration was EUR 2.5 billion, consisting of cash proceeds, Nokia shares in the form of American Depositary Shares, the fair value of the portion of Infinera’s performance and restricted shares attributable to pre-combination services that were replaced with Nokia’s share-based payment awards and the fair value of Infinera’s convertible senior notes in line with relevant bond indentures. For more information regarding the acquisition, refer to Note 3. Acquisitions in Nokia Corporation Interim Report for Q1 2025.

“Constant currency and portfolio net sales growth” alternative performance metric

In Q1 2025, Nokia has introduced a new alternative performance metric (APM), “constant currency and portfolio net sales growth”. Constant currency and portfolio net sales growth is presented on a constant currency basis and also assumes certain specific acquisitions had already been owned during both periods and as if disposals had already occurred in both comparison periods. This has been added to mainly consider the acquisition of Infinera and is an evolution of the constant currency APM that had been previously used.

RISK FACTORS

Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to:

Competitive intensity, which is expected to continue at a high level as some competitors seek to take share;
Changes in customer network investments related to their ability to monetize the network;
Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments;
Our ability to procure certain standard components and the costs thereof, such as semiconductors;
Disturbance in the global supply chain;
Impact of inflation, increased global macro-uncertainty, major currency fluctuations, changes in tariffs and higher interest rates;
Potential economic impact and disruption of global pandemics;
War or other geopolitical conflicts, disruptions and potential costs thereof;
Other macroeconomic, industry and competitive developments;
Timing and value of new, renewed and existing patent licensing agreements with licensees;
Results in brand and technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to licensing and regulatory landscape for patent licensing;
The outcomes of on-going and potential disputes and litigation;
Our ability to execute, complete, successfully integrate and realize the expected benefits from transactions;
Timing of completions and acceptances of certain projects;
Our product and regional mix;
Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various countries and OECD initiatives;
Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet;
Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions;

as well the risk factors specified under Forward-looking statements of this release, and our 2024 annual report on Form 20-F published on 13 March 2025 under Operating and financial review and prospects-Risk factors.

FORWARD-LOOKING STATEMENTS

Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, tariffs, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, value creation, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “could“, “see”, “plan”, “ensure” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in the Risk Factors above.

ANALYST WEBCAST

Nokia’s webcast will begin on 24 April 2025 at 11.30 a.m. Finnish time (EEST). The webcast will last approximately 60 minutes.
The webcast will be a presentation followed by a Q&A session. Presentation slides will be available for download at www.nokia.com/financials.
A link to the webcast will be available at www.nokia.com/financials.
Media representatives can listen in via the link, or alternatively call +1-412-317-5619.

FINANCIAL CALENDAR

Nokia’s Annual General Meeting 2025 is planned to be held on 29 April 2025.
Nokia plans to publish its second quarter and half year 2025 results on 24 July 2025.
Nokia plans to publish its third quarter and January-September 2025 results on 23 October 2025.

About Nokia

At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

Inquiries:

Nokia
Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Maria Vaismaa, Global Head of External Communications

Nokia

Investor Relations
Phone: +358 931 580 507
Email: investor.relations@nokia.com

Attachment

2025 Q1 Nokia_ Earnings_release_English

The MIL Network –

April 24, 2025

MIL-OSI Australia: Mother and daughter collaborate for Artists on View exhibition

Source: New South Wales Ministerial News

A new Artists on View exhibition brings together a beautiful collection from a mother and daughter who reimagined their artistic identities over a transformative year.

The Right to Remain Silent: Art of The Sabbatical is a collaborative exhibition from Lee Trewartha and her daughter Erynn Trewartha-Lewicki.

Both had been battling physical illness and exhaustion from running businesses and they decided to take a sabbatical in a ‘carefully cultivated period of solitude’.

The mother and daughter were inspired by the poem The Right to Remain Silent by Kai Siedenburg which became a ‘liberating’ mantra to take the time to recharge, restore and subsequently grow.

Over a year, the two artists explored ‘stillness and quiet’ and the act of being ‘present’ in the moment, not reflecting on the life they had nor the life before them.

During this time, their artistic identities took a different approach with stunning results. Lee Trewartha traded her once energetic, large black and white art works for calm, peaceful landscape pieces inspired by her garden and nature.

Erynn made illustrations and still life artworks that showed everyday items and spaces, symbolising a new way of living. By the end of the year, they both felt deeply changed by the experience.

Artist Lee Trewartha, who has a disability and was suffering from surgery complications, said the impact of the sabbatical was profound.

“Over the year of my recuperation, Erynn and I immersed ourselves in a sabbatical period, making a conscious decision to be present, rather than looking back or forward,” Lee said.

“Our relationship has formed a new bond, beyond that of mother and daughter and coworkers, to that of two friends with shared experiences united by their love of creating.”

Erynn Trewartha-Lewicki said the sabbatical was a chance for new artistic discoveries.

“I developed artistic skills in ways that I had not before, particularly in colour theory, tone and value. But what captured me was the still life artworks of both Georgio Morandi and Thornton Walker. I was taken by their contemporary portrayal of inanimate objects and spaces, that in all their simplicity they act as powerful metaphors for both artist’s internal worlds, Erynn said.

“Inspired by this concept, I found solace in drawing, photographing and painting inanimate objects and spaces, and began producing still life artworks that forced me to slow down and reflect.”

Bendigo Venues & Events Acting Manager Jacoba Kelly said the exhibition captured the joy and peace from a transformative year.

“This exhibition showcases the journey of a mother and daughter who took time out from the busyness and stresses of life, coming out the other side renewed and creatively inspired. With Mother’s Day just around the corner, residents and visitors will be enthralled by the beautiful works from this family.

“The free exhibition opens this Saturday April 26 from 12pm to 4pm with an official opening celebration at 3pm. All are welcome to attend.”

The Right to Remain Silent: Art of The Sabbatical is open 10am to 4pm daily from Sunday April 27 to Tuesday May 6 at Dudley House, 60 View Street, Bendigo.

This exhibition is supported by the City of Greater Bendigo’s Artists on View program.

MIL OSI News –

April 24, 2025
MIL-Evening Report: The phrase ‘fuzzy wuzzy angels’ is far from affectionate – it reflects 500 years of racism

Source: The Conversation (Au and NZ) – By Erika K. Smith, Associate Lecturer, School of Social Sciences, Western Sydney University

This article contains mention of racist terms in historical context.

Every Anzac Day, Australians are presented with narratives that re-inscribe particular versions of our national story.

One such narrative persistently claims “fuzzy wuzzy angel” was used as an “affectionate” name for local stretcher-bearers of sick and wounded Australian soldiers during the New Guinea campaign of 1942 to 1945.

Papua New Guineans called Australian soldiers masta (master), taubada (big man), and bos (boss). Australian soldiers called Papua New Guinean people by racist phrases including boong, nigger, kanaka, coon, boi, boy and wog.

Our new research shows that, far from being “affectionate”, the phrase fuzzy wuzzy angel is best understood in this context – and in the context of 500 years of anti-Black racism.

These other offensive terms used by soldiers are largely gone from the public domain, yet fuzzy wuzzy angel persists. We decided to explore this apparently acceptable form of contemporary racism.

Power relations across the centuries

In 1526 the Portuguese explorer Jorge de Menezes named islands in the west of what is now West Papua Ilhas dos Papuas.

“Papuas” was a borrowed word by the Portuguese of Malay/Indonesian origin, meaning “frizzled” or “curly-haired”. The islands were therefore known as the “islands of the frizzy-haired people”.

In 1545, the Spanish explorer Yñigo Ortiz de Retez named the east mainland Nueva Guinea (New Guinea). As historian J.H.F. Sollewijn Gelpke describes it, Ortiz de Retez saw a physical resemblance to the “frizzy haired inhabitants […] of the Guinea Coast in West Africa”.

The first usage we found of the phrase fuzzy wuzzy angels relating to the New Guinea campaign was in an article in the Sydney’s The Daily Mirror in 1942. A war correspondent reported troops along the Track were reciting a “catchy verse with a swing in it”.

The “catchy verse” appears to borrow directly from the 1892 poem Fuzzy Wuzzy, by English writer Rudyard Kipling. Kipling borrowed the phrase from how British soldiers referred to the Beja warriors of north-east Africa during the Mahdist (Anglo–Sudan) War of 1881–99.

Shortly after the poem was published in The Daily Mirror, the image of the “fuzzy wuzzy angel” was immortalised in a photograph. George Silk’s image shows Raphael Oimbari (Hanau village, Oro Province) walking with injured Australian soldier Private George “Dick” Whittington (2/10th Battalion) on Christmas Day, 1942.

While Whittington was identified as the injured soldier, it wasn’t until the 1970s that Oimbari was identified and named as the Papua New Guinean guide.

The cultural journey of Kipling’s poem in Africa to Australian infantry on the Kokoda follows the same route as Spanish and Portuguese sailors from African Guinea to Papua New Guinea.

This focus on frizzy or fuzzy hair homogenised Blackness under the colonial gaze.

Continuing racial relations

Far from being just stretcher bearers, local people during the Kokoda Campaign were often forced to support the Australian war effort in roles including cooks, cleaners, labourers, construction workers, farm hands and carriers of ammunition.

These roles have also disappeared from our national narrative, along with the more racist forms of address.

In place of historically accurate accounts is a distilled national narrative: iconic stretcher bearers “affectionately” known as fuzzy wuzzy angels.

New Guinea native carriers meet Australian officers at a rest spot on the Kokoda Trail, August 1942.
Australian War Memorial

There was little interest in the Australian war story in Papua New Guinea and the Kokoda Track between the end of the war and the early 1990s. Then, in 1992, Prime Minister Paul Keating kissed the foot of the Kokoda Memorial.

Attention by subsequent prime ministers and an increased number of books and films propelled the Kokoda Track into mainstream Australian consciousness.

Prime Minister John Howard made the “affectionate” usage claim in a speech to Papua New Guinea Prime Minister Bill Skate in 1998.

Papua New Guinean scholar Regis Tove Stella wrote in 2007 that fuzzy wuzzy angel is “belittling and consistent with the discourse of paternalism that largely characterised colonial administrative policy”.

Yet we continue to see Indigenous perspectives erased in favour of the “affectionate” account.

When Malcolm Turnbull laid a 75th anniversary wreath in April 2017, the Australian Associated Press included this explanatory paragraph:

Local Papua New Guinean men, dubbed affectionately the ‘Fuzzy Wuzzy Angels’, assisted and escorted wounded and injured Australian soldiers along the trail.

In 2024, “affectionate” was reinscribed by Peter Dutton in an address to parliament to honour Papua New Guinea Prime Minister James Marape.

500 years of a racist phrase

Australia’s northernmost island, Saibai Island of Zenadh Kes/Torres Strait Islands, is less than 4 kilometres from Papua New Guinea – yet most Australians know little about our closest neighbours.

This year marks the 50th anniversary of Papua New Guinea’s independence from Australia, mobilised by the Whitlam government, some 25 years behind the post-war decolonisation movement.

Yet official decolonisation has not stopped Australians from insisting that it is affectionate – and, by implication, not racist – to use colonial naming practices that date back some 500 years.

This article draws on research conducted during Erika K. Smith’s doctoral candidature which was financially supported by an Australian Postgraduate Award and a Western Sydney University Postgraduate Research Scholarship.

Ingrid Matthews 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. The phrase ‘fuzzy wuzzy angels’ is far from affectionate – it reflects 500 years of racism – https://theconversation.com/the-phrase-fuzzy-wuzzy-angels-is-far-from-affectionate-it-reflects-500-years-of-racism-253953

MIL OSI Analysis – EveningReport.nz –

April 24, 2025
MIL-Evening Report: This may be as good as it gets: NZ and Australia face a complicated puzzle when it comes to supermarket prices
Source: The Conversation (Au and NZ) – By Richard Meade, Adjunct Associate Professor, Centre for Applied Energy Economics and Policy Research, Griffith University

Daria Nipot/Shutterstock

With ongoing cost of living pressures, the Australian and New Zealand supermarket sectors are attracting renewed political attention on both sides of the Tasman.

Allegations of price gouging have become a political issue in the Australian federal election. At the same time, the New Zealand government has announced that “all options” are on the table to address a lack of competition in the sector – including possible breakup of the existing players.

But it is not clear breaking up the supermarkets or other government interventions will improve the sector for shoppers and suppliers.

In 2022, I co-authored a government-commissioned analysis looking at whether New Zealand’s two main supermarket groups should be forced to sell some of their stores to create a third competing chain.

We found it was possible under some scenarios that breakup could benefit consumers. But key uncertainties and implementation risks meant consumers could lose overall.

A lot hinges on whether breakup causes supermarkets’ input costs to rise or product variety to fall. Even in more positive scenarios at least some consumers could be left worse off.

Watchdog concerns

Competition authorities – the Australian Competition and Consumer Commission (ACCC) and New Zealand’s Commerce Commission – have conducted supermarket sector studies. They each expressed concern at significant barriers to entry and expansion in the sector and supermarkets’ resulting high levels of profitability.

This year, the ACCC concluded margins earned by Australia’s main supermarkets are among the highest of supermarket businesses in comparable countries. Similarly, in 2022 the Commerce Commission found New Zealand’s supermarkets were earning excess profits of around NZ$430m a year.

While high profits might mean that market power is being abused, it could also mean managers are doing a good job. Or have had a great run of luck. Alternative explanations for high profits would need to be ruled out before putting fingers on regulatory triggers.

New Zealand’s Finance Minister Nicola Willis says everything is on the table when it comes to addressing the concentration of the supermarket sector.
Hagen Hopkins/Getty Images

Barriers to entry

The starting point is to acknowledge that high profits and prices go hand in hand with barriers to entry and challenges in achieving economies of scale.

In other words, some sectors are less competitive than others simply because a lack of demand or high costs make it unprofitable for additional competitors to either enter or remain in the market.

Countries like Australia and New Zealand, with low population densities and large service areas, face high costs of nationwide supply. They also face significant shipping distances from other countries. This limits the ability of overseas entrants using their existing buying and supply infrastructures.

That said, some barriers to entry might be artificial or caused by existing firms stifling new competitors.

Existing supermarkets in both countries have gained controlling stakes in the land needed to set up new supermarkets – something regulatory settings can prevent.

Another challenge for new chains is the process of getting planning and land use consents – something policymakers can address.

This points to key elements of a test for whether supermarkets are charging too much. One is a recognition that there can be natural reasons for limited competition, and unless technologies or consumer preferences change that will remain the case.

Another is a focus on the things that can be changed – whether at the firm or policy level – in a way that benefits consumers and suppliers. Finally, policymakers need to consider whether the benefits of implementing them outweigh the costs.

Testing the market

Building on work developed by Nobel economist Oliver Williamson, a “three-limb test” was used in the 2017 government-commissioned assessment of fuel pricing in New Zealand that I co-authored. The same could be used to assess the supermarket sector.

That three-limb test asks
- are there features of the existing industry structure and conduct giving cause for concern
- can those causes for concern be remedied
- would the benefits of remedying those concerns outweigh the costs of doing so?
If the answer to all three limbs is yes, that suggests suppliers are charging too much (or delivering too little) since there are practical ways to improve on the status quo.

A virtue of such a test is that is can be applied in any sector where there are high firm concentration, barriers to entry and high profit margins.

Importantly, the test looks beyond just what firms are (or are not) doing and asks whether policy and regulatory settings are ripe for improvements too.

The test is also pragmatic – it shouldn’t trigger changes unless they are clearly expected to do more good than harm. This is important if interventions are risky, costly or irreversible, especially in sectors that are important to all of us.

Politicians on both sides of the Tasman are floating the possibility of supermarket breakup, among other possible interventions. The three-limb test helps to identify whether any proposed interventions are a good idea and whether supermarket prices are higher than they need to be.

Richard Meade co-authored a 2022 study funded by the Ministry of Business, Innovation and Employment examining the costs and benefits of breaking up New Zealand’s major supermarkets. The views expressed in this article are his own, and do not purport to represent those of any other party or organisation.

– ref. This may be as good as it gets: NZ and Australia face a complicated puzzle when it comes to supermarket prices – https://theconversation.com/this-may-be-as-good-as-it-gets-nz-and-australia-face-a-complicated-puzzle-when-it-comes-to-supermarket-prices-254987
MIL OSI Analysis – EveningReport.nz –
April 24, 2025

Category: Australia

Order intake

Sales

Outlook

Membership of the Building Control Independent Panel

Minister for Building Safety, Alex Norris MP, said:

The Chair for the Building Control Independent Panel, Dame Judith Hackitt said:

Background on the Building Control system

Notes to Editors

Panel members:

Elaine Bailey

Ken Rivers

Rt Hon Nick Raynsford MP

Dr. David Snowball

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Updates to this page

The House of Representatives (lower house)

The Senate (Upper House)

Make your vote count

Seat-specific recommendations

1. Recognise fairness enhances efficiency

2. Fund legal representation for those who can’t afford a lawyer

3. Invest in decision-makers

4. Prioritise simple cases for faster processing

5. Better coordination across decision-making bodies

A fundamental shift

Who does this notice affect?

Information

Recognising skills we already have

Will it work?

Increased housing supply? Not soon

Other challenges

More to be done

What is this tax break – and did it work?

The tax break isn’t perfect – but it’s better than nothing

Back to the fuel guzzlers?

Power relations across the centuries

Continuing racial relations

500 years of a racist phrase

Watchdog concerns

Barriers to entry

Testing the market

Minister for Building Safety, Alex Norris MP, said: 

The Chair for the Building Control Independent Panel, Dame Judith Hackitt said: 

Background on the Building Control system  

Notes to Editors 

Elaine Bailey 

Ken Rivers 

Rt Hon Nick Raynsford MP 

Dr. David Snowball 