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Category: Banking

  • MIL-OSI Europe: Kenya Upgrades East Africa’s busiest trade and transport route from Kwa Jomvu to Mariakani Under Global Gateway Initiative

    Source: European Investment Bank

    • Key road upgrade will predominantly increase two lane carriageway to four and six lane dual carriageway.
    • The project will contribute to improving road safety, reducing emissions and boosting regional trade.
    • The EUR 140 million (Ksh 19 billion) project is receiving Team Europe support with a €50 million (Ksh 6.8 billion) loan from EIB Global, a €50 million (Ksh 6.8 billion) loan from KfW, a €20 million (Ksh 2.7 billion) grant from the EU, and approximately €20 million (Ksh 2.7 billion) from the Government of Kenya.

    The European Investment Bank (EIB Global), the Delegation of the European Union (EU) to Kenya and the German Development Bank (KfW) on behalf of the Federal Ministry for Economic Cooperation and Development (BMZ), together with President William Ruto, launched the works for upgrading of the road section from Kwa-Jomvu to Mariakani, in the Southeast of Kenya. The works involve converting the predominantly two-lane road to a four and six lane dual carriageway.

    Within the Mombasa – Mariakani area, the road forms the main axis to Nairobi, and is part of the Northern Corridor, which links the port of Mombasa with the landlocked Eastern and Central African countries of Uganda, Rwanda, Burundi, South Sudan and Democratic Republic of Congo (DRC).

    The road rehabilitation and upgrade are part of the Global Gateway EU – Africa Strategy. In a Team Europe approach, EIB Global and KFW are supporting the project with concessional loans of up to €100 million (Ksh 13.6 billion), while EU is providing a grant of €20 million (Ksh 2.7 billion). The Kenyan Government is contributing with approximately €20 million (Kshs 2.7 billion).

    Upon completion, the upgraded road will benefit an average of 20,000 vehicles per day travelling through Mariakani. Moreover, the enhancement of the road will contribute to reducing emissions and the number of road accidents.

    Speaking during the launch ceremony in Mariakani, President William Ruto said: “I would like to thank our Team Europe partners for their support in developing as well as expanding this road infrastructure which will ease movement of goods to and from the port, thus increasing efficiency.”

    The EU Commissioner for International Partnerships, Jozef Sikela said:” This Global Gateway project is a great example of quality infrastructure made possible by the cooperation between the Kenyan government and the European union. Together, we are not just building infrastructure, we are accelerating Kenya’s economic development and supporting trade co-operation in the East African Community more broadly.”

    European Investment Bank Vice President, Thomas Östros commented on the launch: “Sustainable transport is key to growth and inclusion as it connects people and enables trade. Projects such as this one brings together important aspects of sustainability and safety, as well as accessibility, resilience, and efficiency. Road transport plays an important role in the Kenyan economy, affecting all sectors – and society as a whole. At the EIB, we are glad to support the national government in realizing its development agenda, which is in line with the EU-Kenya partnership strategy and the Global Gateway initiative.”

    The Director of the German Development Bank (KfW) in Nairobi, Kristina Laarmann highlighted: “We all know that the Mombasa port serves as a major gateway for East Africa by connecting Kenya to significant trade routes in East and Central Africa. This is why this project is so important. It will not only create jobs during the construction phase. It will also stimulate job opportunities and local businesses after completion. By widening the carriageways, traffic jams and the average time to pass the road section will be reduced. Ultimately, this shall also lead to a reduction in transport costs and savings in vehicle operating costs.”

    The Kwa  Jomvu – Mariakani project is part of the wider upgrading of the Northern Corridor, which is East Africa’s busiest trade and transport route. This is part of the EU Global Gateway transport investment that also includes the ongoing Mombasa – Kilifi Road and Kitale – Morpus road, while the upgrading of Isebania-Kisii-Ahero highway and associated feeder roads have been completed.

    The road project feeds into the European Union’s wider support for the creation of twelve strategic transport corridors across Africa under the €150 billion Global Gateway EU-Africa Investment package to boost trade.

    Background information

    About EIB Global:

    The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives.

    EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner in Global Gateway. We aim to support €100 billion of investment by the end of 2027, around one third of the overall target of this EU initiative. With Team Europe, EIB Global fosters strong, focused partnerships, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to people, companies and institutions through our offices around the world.

    About KfW:

    KfW Bankengruppe, founded in 1948, is the German promotional bank and one of the world’s leading promotional banks. It is 80% owned by the Federal Government and 20% by the federal states. The business sector KfW Development Bank carries out Financial Cooperation (FC) projects with developing countries and emerging economies on behalf of the German Federal Government, especially of the Federal Ministry for Economic Cooperation and Development (BMZ). KfW Development Bank employs approximately 1,200 people at the head office in Frankfurt am Main as well as 400 specialists at more than 60 international locations, who cooperate with partners all over the world. Their goal is to combat poverty, secure peace, protect the environment and the climate as well as ensure fair globalization. KfW Development Bank is a competent and strategic adviser for current development policy issues.

    About EU:

    The European Union has set out the Global Gateway, which is a new European Strategy that helps its partners build better connectivity infrastructure for any society. With this strategy the EU is creating sustainable and trusted connections for people and the planet to tackle the most pressing global challenges  from climate change and protecting the environment, to improving health security and boosting competitiveness and global supply chains.

    In Kenya, the European Union has cooperated in the transport sector for more than 30 years. This has delivered significant improvements for the Northern and Ethiopia/South Sudan corridors as well as improvements in Rural and Urban Roads. More than €550 million have been provided as EU grants, which have enabled and strengthened the trade flows between Kenya and its neighbours.

    For More Information:

    EU-Africa: Global Gateway Investment Package

    EU-Africa: Global Gateway Investment Package – Strategic Corridors

    MIL OSI Europe News –

  • MIL-OSI Europe: Ukraine: Renovated hospital and preschool open in Lviv Oblast with EU bank support

    Source: European Investment Bank

    EIB

    • Lviv’s St Luke’s Hospital has been upgraded to provide better medical care and a more resilient environment for patients, visitors and healthcare workers amid wartime challenges.
    • Preschool No.7 in Truskavets has been renovated to improve energy efficiency to provide a stable learning space for children and educators, including those displaced by the war.
    • These projects are part of the Ukraine Early Recovery Programme, aimed at rebuilding essential social infrastructure in Ukrainian communities.

    As Ukraine marks three years of Russia’s full-scale war, the European Union continues to support the reconstruction of the country’s vital infrastructure. Two public buildings in Lviv Oblast – St Luke’s Hospital in Lviv and preschool No.7 “Dzvinochok” in Truskavets – have officially opened after renovations. Supported by the European Union and its financial arm, the European Investment Bank (EIB), these projects are part of the broader Ukraine Early Recovery Programme that funds the restoration of essential social infrastructure, including schools, hospitals, water and heating systems and social housing. As war-affected communities continue to face immense challenges, these investments help ensure access to critical services and create more resilient spaces.

    Lviv’s St Luke’s Hospital, a key emergency and specialised care centre, has undergone a €940 000 renovation to improve services for its 50 000 annual patients. Home to western Ukraine’s largest burn unit, it plays a crucial role in treating severe injuries. The upgrades, in particular facade insulation and energy efficiency improvements, enhance the hospital’s resilience while creating a more comfortable space for patients, including internally displaced persons.

    A €330 000 renovation of preschool No.7 “Dzvinochok” in Truskavets, Lviv Oblast, has created a more energy-efficient and welcoming learning space for pupils including for children displaced by the war and for staff. The project significantly increased the appeal of the building, while increasing its energy efficiency and reducing energy costs. With improved insulation the preschool is now more resilient and sustainable.

    In Lviv Oblast, two facilities have already been renovated and six are undergoing reconstruction under the EIB recovery programmes, with a total investment of over €15 million. This includes six educational institutions and two medical facilities, improving access to education and healthcare in the region. 

    EIB Vice-President Teresa Czerwińska, who is responsible for the Bank’s operations in Ukraine, said: “From day one of Russia’s full-scale war and throughout these three difficult years, the EIB has stood by Ukraine, providing vital support to help the country withstand, recover and rebuild. The reopening of renovated hospital and school in Lviv Oblast is a testament to this ongoing effort, bringing tangible improvements to people’s daily lives.”

    EU Ambassador to Ukraine Katarína Mathernová said: “Every rebuilt hospital, school, and kindergarten sends a clear message: the EU stands firmly with Ukraine. Together with the EIB, we are not only helping to repair what has been damaged but also laying the foundations for a stronger, safer Ukraine that is ready to thrive as part of the EU.”

    Deputy Prime Minister for Restoration of Ukraine – Minister for Development of Communities and Territories of Ukraine Oleksii Kuleba said: “Together with the EIB, EU Delegation and UNDP, we are modernising outdated and war-damaged infrastructure across Ukraine. Millions of Ukrainians already benefit from renovated schools, hospitals and kindergartens. We have recently launched the first phase of the Ukraine Recovery III programme, paving the way for additional impactful initiatives that will enhance communities and improve the lives of Ukrainians thanks to the EU support.”

    Minister of Finance of Ukraine Sergii Marchenko said: “Rebuilding Ukraine’s infrastructure is crucial for strengthening resilience and improving living conditions for our people. With the support of the EU, we are delivering critical projects that enhance healthcare, education and public services. The three EIB-backed recovery programmes, worth €640 million, play a key role in this effort, helping communities rebuild and move forward despite ongoing challenges.”

    Head of the Lviv Oblast Military Administration Maksym Kozytskyi said: “The EU bank’s investment in Lviv Oblast is strengthening our region’s infrastructure at a critical time. With many communities hosting large numbers of displaced people, improving healthcare, education and essential services is more important than ever. These projects help ensure that our cities and towns remain functional, resilient and able to meet the needs of all who live here.”

    Mayor of Lviv Andriy Sadovyi said: “Restoring and strengthening our city’s infrastructure is essential to supporting both our residents and those who have found refuge here due to the war. With the support of the EU, we are rebuilding vital facilities to ensure Lviv remains a city of resilience, opportunity and hope. Today, we inaugurated a renovated hospital, with many other projects underway to improve daily life and build a stronger future for our community.”

    Mayor of Truskavets Andriy Kulchynsky said: “We are grateful to the EU for this investment in our community. The renovation of Preschool No.7 creates a warm, modern and energy-efficient space where our children can learn and grow.”

    UNDP Resident Representative to Ukraine Jaco Cilliers said: “Behind every rebuilt hospital and renovated school, we see renewed hope for Ukrainian families and communities. UNDP’s partnership with local authorities isn’t just about infrastructure – it’s about restoring essential services that affect people’s daily lives. Working alongside the EU and EIB, we’re helping transform technical recovery projects into tangible improvements for children seeking education, patients needing care and citizens rebuilding their futures.”

    Background information

    EIB in Ukraine 

    The EIB Group has been supporting Ukraine’s resilience, economy and efforts to rebuild since the very first day of Russia’s full-scale invasion. In 2024, the Bank supported projects aimed at securing Ukraine’s energy supply, repairing critical infrastructure that has been damaged, and ensuring that essential services continue to be delivered across the country. This brings the total amount of aid the EIB has disbursed since the start of the war to over €2.2 billion.

    EIB recovery programmes in Ukraine

    Renovations of a hospital and kindergarten in Lviv Oblast were carried out under the Ukraine Early Recovery Programme (UERP), a €200 million multisectoral framework loan from the EIB. Overall, the Bank finances three recovery programmes, totalling €640 million, which are provided as framework loans to the government of Ukraine. Through these programmes, Ukrainian communities gain access to financial resources to restore essential social infrastructure, including schools, kindergartens, hospitals, housing, heating, and water systems. These EIB-backed programmes are further supported by €15 million in EU grants to facilitate implementation. The Ministry for Development of Communities and Territories of Ukraine, in cooperation with the Ministry of Finance, coordinates and oversees the programme implementation, while local authorities and self-governments are responsible for managing recovery sub-projects. The United Nations Development Programme (UNDP) in Ukraine provides technical assistance to local communities, supporting project implementation and ensuring independent monitoring for transparency and accountability. More information about the programmes is available here.

    Ukraine: Renovated hospital and preschool open in Lviv Oblast with EU bank support
    Ukraine: Renovated hospital and preschool open in Lviv Oblast with EU bank support
    ©EIB
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    Ukraine: Renovated hospital and preschool open in Lviv Oblast with EU bank support
    Ukraine: Renovated hospital and preschool open in Lviv Oblast with EU bank support
    ©EIB
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    Ukraine: Renovated hospital and preschool open in Lviv Oblast with EU bank support
    Ukraine: Renovated hospital and preschool open in Lviv Oblast with EU bank support
    ©EIB
    Download original
    Ukraine: Renovated hospital and preschool open in Lviv Oblast with EU bank support
    Ukraine: Renovated hospital and preschool open in Lviv Oblast with EU bank support
    ©EIB
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    MIL OSI Europe News –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Lasalgaon Merchants Co-operative Bank Ltd., Nashik, Maharashtra

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 24, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The Lasalgaon Merchants Co-operative Bank Ltd., Nashik, Maharashtra (the bank) for non-compliance with certain directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank had sanctioned additional credit facilities to certain borrowers for repaying their existing loans.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2266

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on Bombay Mercantile Co-operative Bank Ltd., Mumbai

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 17, 2025, imposed a monetary penalty of ₹33.30 lakh (Rupees Thirty Three Lakh Thirty Thousand only) on Bombay Mercantile Co-operative Bank Ltd., Mumbai (the bank), for contravention of the provisions of Section 6(2) read with Section 56 of The Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of contravention of statutory provisions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said provisions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank had engaged in and earned income from business not permissible under the Banking Regulation Act, 1949.

    This action is based on deficiencies in statutory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2267

    MIL OSI Economics –

  • MIL-OSI Video: Deputy Secretary-General, Trip Announcement & other topics – Daily Press Briefing

    Source: United Nations (Video News)

    Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

    – Deputy Secretary-General
    – Trip Announcement
    – Democratic Republic of the Congo
    – Occupied Palestinian Territory
    – Sudan
    – Sudan / Zamzam camp
    – Somalia
    – Syria
    – Central African Republic
    – Police Week

    DEPUTY SECRETARY-GENERAL
    The Deputy Secretary-General, Amina Mohammed, is in Cape Town, in the Republic of South Africa, representing the Secretary-General at the G20 Finance Ministers and Central Bank Governors Meeting. She also attended the Finance in Common Summit of National Development Banks.
    In her remarks, Ms. Mohammed conveyed the UN’s support for South Africa’s G20 presidency and stressed the importance of G20 action to shepherd the global economy and improve prospects for sustainable development. She called for proactive steps to support developing countries overwhelmed by debt service, to expand development finance, and to create a stronger global financial safety net that protects all countries. She also stressed the need for strengthening tax systems, and making them fairer and more efficient.
    Ms. Mohammed also met with ministers and principals of international financial institutions and development banks ahead of the Fourth International Conference on Financing for Development, that will take place in Sevilla, in Spain in July. She will be back in New York tomorrow.

    TRIP ANNOUNCEMENT
    The Under-Secretary-General for Peace Operations, Jean-Pierre Lacroix, will be travelling to the Democratic Republic of the Congo from tomorrow [27 February] until 1 March. He will first go to Kinshasa, where he will engage with Congolese authorities as well as international partners, to discuss the ongoing situation in the eastern part of the country and the next steps in implementing Resolution 2773 – which was adopted last week.
    He will then head to the East and travel to Beni, in North Kivu, where he will engage with provincial authorities, as well as with the newly- appointed Force Commander for the peacekeeping force, Lt. Gen. Ulisses De Mesquita Gomes, and as well, of course, with peacekeepers deployed in the Beni area. He will be there to assess first-hand recent developments and will also visit UN Peacekeeping positions.
    On 1 March, he will go to Entebbe, in Uganda, where he will pay a visit to MONUSCO personnel who were evacuated to Uganda from Goma last month, following the advances of the M23.
    And as we mentioned – Mr. Lacroix is currently wrapping up his visit to New Delhi, in India, where he attended an international conference on Women, Peace and Security, hosted by the Government of India to address barriers and discuss solutions to women’s participation in peacekeeping efforts.
    While in India, Mr. Lacroix also discussed the future of peacekeeping with Indian senior government officials and visited the National War Memorial.

    DEMOCRATIC REPUBLIC OF THE CONGO
    Staying in the Democratic Republic of the Congo, the Office for the Coordination of Humanitarian Affairs say they are alarmed by escalating violence and insecurity in recent days in the city of Uvira, about 100 kilometers south of South Kivu’s provincial capital Bukavu.
    Clashes and rising violence in Uvira put local communities and humanitarian workers in extreme danger, with our humanitarian partners reporting multiple incidents of looting and sexual violence.
    Elsewhere in South Kivu, humanitarian assessments over the last ten days indicate that more than 10,000 displaced people have returned from Idjwi island in Lake Kivu – due to dire conditions there – they returned to villages in the areas of Minova and Kalehe. More than 100,000 people had fled to the island since late January.
    Our partners also report that people have been returning to parts of North Kivu, where a recent assessment found that 80,000 people have returned to villages in the territory of Masisi, about 80 kilometers northwest of Goma. Infrastructure in these villages was largely destroyed by recent fighting, and returnees urgently need humanitarian assistance. Ongoing clashes in Masisi also expose people to risks of violence and rights violations.
    For its part, our colleagues at the UN Children’s Fund said today they are deeply worries by the significant increase in reports of grave violations committed against children in parts of the eastern DRC. They say the number of incidents has tripled since the end of January.
    The data collected reveals that cases of sexual violence have risen by more than two and a half times, abductions have increased sixfold, killing and maiming is up sevenfold, and attacks on schools and hospitals have multiplied by 12.

    Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=26%20February%202025

    https://www.youtube.com/watch?v=EhHe98GuD9U

    MIL OSI Video –

  • MIL-OSI Europe: EIB backs Africa Finance Corporation $750 Million Climate Resilient Infrastructure Fund

    Source: European Investment Bank

    EIB

    The European Investment Bank (EIB) has committed to join Africa Finance Corporation (AFC) in financing a $750 million Infrastructure Climate Resilient Fund (ICRF). This landmark initiative will accelerate climate adaptation and sustainable infrastructure across Africa.

    As part of this commitment, the EIB today confirmed it will invest $52.48 million in the Fund, which is managed by AFC Capital Partners (ACP), the asset management arm of AFC. ACP has already secured a $253 million commitment from the Green Climate Fund (GCF), marking GCF’s largest-ever equity investment in Africa. In addition, the Nigeria Sovereign Investment Authority (NSIA) and two private African pension funds have also committed to the Fund, demonstrating robust institutional backing on the continent and internationally.

    The Infrastructure Climate Resilient Fund aims to accelerate climate adaptation in Africa by embedding resilience measures at every stage of infrastructure development—from design and construction to operation. Using blended finance to de-risk private investment, the Fund also integrates innovative tools such as climate risk parametric insurance to enhance protection against climate-related risks and losses. In addition, the Fund will provide technical assistance to enhance the capacity of countries seeking climate risk assessment and adaptation, aligning with the European Union’s Global Gateway initiative and the UN Sustainable Development Goals.

    The EIB formally signed the agreement at the Finance in Common Summit (FICS) in Cape Town today, demonstrating the close collaboration between the EIB, AFC, and other strategic partners.

    “The EIB is committed to supporting private sector investment in climate-resilient infrastructure, especially in regions most vulnerable to climate change,” EIB Vice-President Ambroise Fayolle stated at the ceremony today. “This partnership with the Africa Finance Corporation and the launch of ACP’s Infrastructure Climate Resilient Fund are a significant step towards accelerating Africa’s green and digital transition and ensuring a sustainable future for all. The EIB’s investment is not just about the initial capital injection; it is also intended to have a multiplier effect by attracting more investors, reducing risk, showcasing successful projects, and promoting best practices in climate finance.”

    ACP’s fund aims to demonstrate that Africa can pursue a climate-resilient and sustainable development path by addressing market failures, mitigating environmental risks, strengthening logistics, trade, and industrialization, and accelerating the continent’s digital and energy transition.

    “This Fund is crucial for bridging the funding gap for climate adaptation in Africa,” Samaila Zubairu, AFC’s President & CEO, said at the launch event today. “By focusing on climate-resilient infrastructure, we are not only securing our economic future but also creating opportunities for sustainable growth, and supporting job creation across the continent. We are glad to partner with the EIB and other investors who are committed to increasing the impact of climate finance.”

    Developing Climate-Resilient Infrastructure

    The ICRF focuses on Africa, the world’s most climate-vulnerable continent, by investing in infrastructure that can withstand the impacts of climate change while reducing carbon emissions. The Fund prioritizes resilient, low-carbon solutions across transport and logistics, clean energy, digital infrastructure, and industrial development, ensuring sustainable growth.

    ACP’s investment strategy evaluates climate risk across both physical and transition dimensions, including emissions and climate governance. The Fund is committed to ensuring that infrastructure assets are designed, built, and operated to withstand and adapt to evolving climate conditions. To achieve this, ACP will conduct rigorous climate risk screenings and assessments for every investment, establishing a new benchmark for selecting and implementing the most effective adaptation solutions.

    The Fund leverages a powerful partnership between three major institutions—EIB, AFC, and GCF—uniting their expertise, capital, and commitment to climate resilience. Aligned with the EIB’s Climate Bank Roadmap, ACP will draw on the proven track records and deep technical expertise of both EIB and AFC in infrastructure investment, creating a compelling platform to attract additional investors. Through this strategic collaboration, the $750 million fund is poised to unlock up to $3.7 billion in financing, accelerating the deployment of climate-resilient infrastructure across Africa.

    The GCF will play a critical role by providing technical assistance for due diligence and climate resilience monitoring while also covering the first-loss tranches on new investments, effectively de-risking projects and attracting private capital.

    Once operational, the Fund aims to invest in a diversified portfolio of 10 to 12 projects across Africa. It will also assist countries and entities in capacity building and deployment of climate risk assessment and adaptation solutions.

    Background information

    Leveraging Partnerships

    The Fund is built on a powerful partnership between three major institutions: the European Investment Bank (EIB), Africa Finance Corporation (AFC), and the Green Climate Fund (GCF). Through its asset management arm, AFC Capital Partners (ACP), AFC is collaborating with the EIB to deploy the Fund, leveraging both institutions’ proven track records and technical expertise in infrastructure investment to attract additional investors. The partnership is further strengthened by the GCF’s critical role in providing first-loss protection and technical assistance, ensuring a robust framework for scaling climate-resilient infrastructure across Africa.

    Mobilizing Climate Finance

    The EIB’s $52.48 million commitment is a strategic step toward the Fund’s $750 million target, aimed at catalysing additional investments from both private and public sector partners into climate-resilient infrastructure. This commitment is expected to help mobilize approximately $3.7 billion in total financing, driving tangible, on-the-ground impact across Africa.

    Focusing on EIB’s core priorities agreed by ECOFIN

    The EIB investment will support the climate bank ambition to accelerate international action on adaptation and resilience. With an expected climate action and environmental sustainability contribution of about 80%, the operation will contribute to EIB’s objectives to dedicate (i) 50% of its financing toward climate action and environmental sustainability and (ii) 15% of its financing toward to climate adaptation by 2025. The Fund supports three of the five EU Global Gateway thematic priorities: i) climate and energy, ii) transport and iii) digital.

    Addressing Market Failures

    The EIB investment in ACP’s Infrastructure Climate Resilient Fund is intended to address the scarcity of equity capital for greenfield infrastructure projects, and to help overcome other market failures such as the lack of incentives for green energy solutions or market failures related to transport accessibility and digital connectivity. The Fund also aims to improve the efficiency of logistics and trade corridors and contribute to the digital and energy transition.

    Supporting the Green and Digital Transition

    By investing in clean energy and digital infrastructure, the Fund aims to support the broader green and digital transition in Africa and contribute to diversification and security of energy supply, as well as improved access to digital connectivity.

    Enhancing Capacity for Climate Risk Management

    ACP’s Infrastructure Climate Resilient Fund will provide technical assistance to build capacity for climate risk assessment and adaptation, with a focus on integrating climate risk considerations into project design and construction.

    Creating Jobs and Economic Opportunities

    Projects backed by ACP’s Infrastructure Climate Resilient Fund will contribute to job creation, economic growth, and improved quality of life in the target regions. These projects are expected to generate significant temporary employment during construction as well as permanent jobs during operation.

    Key projects in the ICRF pipeline, such as the Lobito Corridor, underscore AFC’s pivotal role in driving transformational and climate-resilient infrastructure investments across Africa. As the lead developer of the project, AFC is spearheading efforts to enhance regional connectivity and economic integration through the corridor, which is set to become a critical trade and logistics route linking Angola, the Democratic Republic of Congo (DRC), and Zambia.

    The Lobito Corridor is expected to unlock vast economic opportunities by facilitating efficient transportation of critical minerals, agricultural goods, and other commodities, reducing dependency on other congested export routes and fostering industrial development along the wider corridor. Alongside partners including the European Union, the United States Government, the African Development Bank and the governments of Angola, the Democratic Republic of Congo and Zambia, AFC is working to ensure the corridor is developed with climate resilience in mind, integrating sustainable infrastructure solutions that can withstand environmental challenges while promoting long-term economic growth.

    Beyond Lobito, the ICRF pipeline includes other strategic projects across transport, clean energy, and digital infrastructure, all designed to attract institutional investment and address Africa’s pressing infrastructure gap. Through these initiatives, ACP continues to highlight its commitment to mobilizing capital for projects that deliver both financial returns and lasting developmental impact.

    The investments backed by the Fund will actively promote the adoption of Environmental, Social, and Governance (ESG) best practices, including gender equality, protection, and anti-discrimination policies.

    De-risking Investments

    The Fund’s structure, with support from the EIB and other institutions like the Green Climate Fund (GCF), aims to de-risk climate investments.

    The GCF is providing grant funding to help with due diligence and monitoring of climate resilience, which can make the investments more attractive to other investors. Additionally, the Fund will integrate innovative climate risk insurance to complement traditional indemnity programs.

    Aligning with Global and Regional Objectives

    The EIB investment aligns with EU strategies, the African Union’s Agenda 2063, and the UN Sustainable Development Goals, and aims to support the implementation of Nationally Determined Contributions.

    Background information

    About EIB Global

    EIB Global is the EIB Group’s specialised arm dedicated to increasing the impact of international partnerships and development finance.  EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world. 

    About AFC

    AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

    Seventeen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 44 member countries and has invested over US$15 billion in 36 African countries since its inception.

    EIB backs Africa Finance Corporation $750 Million Climate Resilient Infrastructure Fund
    EIB backs Africa Finance Corporation $750 Million Climate Resilient Infrastructure Fund
    ©EIB
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    MIL OSI Europe News –

  • MIL-OSI Europe: EIB Global and Sparkasse Bank team up to boost green investments in North Macedonia

    Source: European Investment Bank

    EIB

    The European Investment Bank (EIB) – via EIB Global – and Sparkasse Bank AD Skopje have held a workshop in Skopje to launch their partnership under the Greening Financial Systems (GFS) technical assistance programme. This initiative is part of the EIB’s wider efforts to support the resilience of financial institutions, which play a crucial role in driving green transformation and stepping up financing for climate and sustainability projects.

    “The GFS programme aims to support the transition to net-zero financial systems, which is an important step for climate action and promoting green investments among small businesses. Working with Sparkasse Bank, as well as with the National Bank of North Macedonia and other financial institutions in the country, is a significant step towards addressing climate challenges in North Macedonia and creating a resilient financial system. Along with this technical support and other initiatives we are supporting in the country, as the EU climate bank, we aim to promote green investments, help the local economy address climate risks and increase its competitiveness both regionally and globally,” said EIB representative to North Macedonia Björn Gabriel.

    The programme is financed by the German government through the EIB’s International Climate Initiative Fund and is run in collaboration with the NDC Partnership, a global coalition of countries and institutions that work together to drive climate action.

    “For Sparkasse Bank, working with the EIB is particularly significant given our leadership position, with more than 40% market share in financing green projects in North Macedonia and over €115 million in financial support provided for more than 140 green projects. This is a pivotal moment for us and the financial sector in North Macedonia. With this support, we will enhance our existing practices with regards to green lending, an area in which we have been active for over 14 years. Our goal is to promote the transformation towards an environmentally sustainable economy, and we strongly believe that working with the EIB will yield positive results, not only for our clients, but also for society as a whole, helping to mitigate climate change and creating a better future for all,” said Deputy President of the Management board of Sparkasse Bank Nina Nedanoska.

    In the last two years, the EIB and Sparkasse Bank allocated €46 million to companies in North Macedonia, with €19 million disbursed so far under the EIB green credit line helping to decarbonise the local economy. In addition to Sparkasse Bank, the banks benefiting from the GFS programme in North Macedonia are NLB Bank Skopje, ProCredit Bank and Komercijalna banka.

    EIB Global and Sparkasse Bank team up to boost green investments in North Macedonia
    EIB Global and Sparkasse Bank team up to boost green investments in North Macedonia
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    EIB Global and Sparkasse Bank team up to boost green investments in North Macedonia
    EIB Global and Sparkasse Bank team up to boost green investments in North Macedonia
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    MIL OSI Europe News –

  • MIL-OSI Europe: Spain: EIB finances with €20 million Universal DX to develop innovative diagnostic tests for early cancer detection

    Source: European Investment Bank

    UniversalDX

    • Universal DX is a Spanish startup developing cutting-edge blood-based liquid biopsy solutions for the early detection of cancer.
    • The financing is part of the support the EIB is providing to European MedTech startups developing innovative medical solutions and contributes to the EIB Group strategic priority of accelerating digitalisation and technological innovation.
    • The operation is supported by InvestEU, an EU programme that aims to unlock over €372 billion in investment by 2027.

    The European Investment Bank (EIB) has signed a €20 million loan with Spain company Universal DX to support development and commercialization of cutting-edge blood-based liquid biopsy solutions for the early detection of cancer. The survival rate of certain cancers such as colorectal cancer, can increase significantly if detected at an early stage.

    The EIB financing will support the expansion of Universal Dx’s most advanced product, Signal-C® for Colorectal Cancer Screening and the development of other pipeline products: Signal-Li and Signal-Lu for Liver and Lung cancer respectively. The loan will also support Universal DX international expansion plan, including advancing a large clinical trial in the US for FDA approval and reimbursement.

    The Sevilla-based startup is a MedTech pioneer. Their technology is based on a proprietary, innovative platform encompassing a Next-Generation-Sequencing Assay, measuring Universal DX proprietary methylation, fragmentation, and microbiome biomarkers, and detecting the signal of the biomarker panel patterns with state-of-the-art Machine Learning-based bioinformatic solutions and algorithms.

    “We are delighted to join forces with Universal DX to advance the fight against cancer and more specifically the early detection of the illness to improve survival rate. This financing agreement is one more example of how the EIB is helping innovative European startups developing breakthrough medical solutions and supporting the European MedTech industry,” said EIB Director of Equity, Growth Capital and Project Finance Alessandro Izzo.

    The EIB loan is guaranteed by InvestEU, the flagship EU programme to mobilize over €372 billion of additional public and private sector investment to support EU policy goals from 2021 to 2027. The project contributes to Europe’s Beating Cancer Plan and the EIB Group strategic priority of accelerating digitalisation and technological innovation.

    “Our mission is to create a future where cancer is curable. With the transformative power of our technology, we are taking bold steps to turn this vision into reality. We are deeply inspired by the support of the EIB, which will enable us to contribute to the European Plan to Fight Cancer and to bring our revolutionary blood tests for early cancer detection to both European and U.S. markets.” said Juan Martinez-Barea, Founder and Chairman of Universal DX.

    The investments associated to the project will generate cutting edge scientific knowledge and retaining European scientific acumen. The project will also contribute to Europe’s competitiveness boosting the innovative capacity of European based life science industries and businesses.

    Background information

    EIB
    The ElB is the long-term lending institution of the European Union, owned by the Member States. Built around eight core priorities, it finances investments that pursue EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.

    The EIB Group, which also includes the European Investment Fund, signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.

    All projects financed by the EIB Group are in line with the Paris Agreement, as pledged in the group’s Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects that contribute directly to climate change mitigation and adaptation, and a healthier environment.

    In Spain, the EIB Group signed €12.3 billion of new financing for more than 100 high-impact projects in 2024, helping power the country’s green and digital transition and promote economic growth, competitiveness and better services for inhabitants.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    InvestEU

    The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.”

    UniversalDX
    Universal DX is a biotech company headquartered in Spain with its US office in Dallas (Texas). Its mission is to transform cancer into a curable disease by detecting it early. Utilizing multi-omics, computational biology, and AI tools, UDX is deciphering the unique cfDNA sequences that capture cancer’s earliest signals. UDX’s most advanced assay is for colorectal cancer screening with high accuracy for pre-cancer and cancers. The company’s technology can also be applied to other high-burden cancers. UDX has presented data on lung, pancreatic, liver, and esophageal cancers.

    In November 2023, Universal DX announced a collaboration with Quest Diagnostics, a leading provider of diagnostic services, designating Quest’s oncology center of excellence in Lewisville, TX, as the sole trial testing site for its study supporting Signal-C® in the US. Assuming FDA approval for the test, Quest will provide clinical laboratory services in the U.S., with UDX delivering assay results via its cloud platform. If approved, both parties can commercialize the test.

    UniversalDX (IEU TI)
    EIB finances with €20 million Universal DX to develop innovative diagnostic tests for early cancer detection
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    MIL OSI Europe News –

  • MIL-OSI: Central Bank of Savings Banks Finland Plc: Mervi Luurila appointed as CEO of the Central Bank of Savings Banks Finland Plc 

    Source: GlobeNewswire (MIL-OSI)

    Central Bank of Savings Banks Finland Plc
    Stock Exchange Release 
     27 February 2025 at 2:00 pm

    The Board of Central Bank of Savings Banks Finland Plc has appointed Mervi Luurila (Product owner, Clearing and Finance) as CEO of Central Bank of Savings Banks Finland Plc. Mervi Luurila has worked at The Savings Banks Group since 2013. She has over 20 years of experience in domestic and Nordic specialist and senior management positions in the finance sector. Appointment takes place 1st of April 2025.

    Kai Brander, that has been the CEO of the Central Bank of Savings Banks Finland Plc since 2018 will be retiring on the 1st of June 2025.

    CENTRAL BANK OF SAVINGS BANKS FINLAND PLC 

    Additional information: 

    Samu Rouhe
    Chairman of the Board, Central Bank of Savings Banks Finland Plc
    +358 50 348 4341    

    Central Bank of Savings Banks Finland Plc belongs to the Savings Banks Amalgamation. The role of the Central Bank of Savings Banks Finland Plc is to ensure the liquidity and borrowing activities of the Savings Banks Group. It acquires funds and operates in the money markets and capital markets on behalf of the Group as well as manages payment transfers. The Central Bank also manages the internal balancing of the Group’s liquidity.

    The MIL Network –

  • MIL-OSI Economics: Release of Handbook on “Regulations at a Glance”

    Source: Reserve Bank of India

    The Reserve Bank had constituted the Regulations Review Authority 2.0 (RRA 2.0) in 2021 to review the regulatory prescriptions with a view to their simplification and ease of implementation. Based on detailed deliberation, RRA 2.0 finalized its report on June 10, 2022. One of the important recommendations of the RRA 2.0 report was:

    “Creation of Regulatory Handbook(s) containing regulations applicable to a set of Regulated Entities (REs) or on a particular subject may be explored by the regulatory departments. This would serve as a quick reference guide for the REs”.

    2. Accordingly, the Department of Regulation (DoR) has compiled its regulatory instructions in an easily accessible handbook titled ‘Regulations at a Glance’ to provide a broad overview of the regulatory landscape across multiple dimensions of activities and entities. This handbook provides tabular summary of all major regulations issued by DoR and it has been organised in six chapters.

    3. The handbook is intended primarily for ease of reference and to provide a high-level overview of the regulations for general understanding. For specific details of the concerned regulations, readers are advised to refer to the respective regulations issued through circulars/Master Circulars/Master Directions from time to time.

    4. The handbook will be updated periodically.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2264

    MIL OSI Economics –

  • MIL-OSI Economics: All-India House Price Index (HPI) for Q3:2024-25

    Source: Reserve Bank of India

    Today, the Reserve Bank released its quarterly house price index (HPI)1 (base: 2010-11=100) for Q3:2024-25, based on transaction-level data received from the registration authorities in ten major cities2. Time series data on all-India and city-wise HPIs are available at the Bank’s database on Indian economy (DBIE) portal (https://data.rbi.org.in/DBIE/#/dbie/home> Statistics > Real Sector > Prices & Wages).

    Highlights:

    • All-India HPI increased by 3.1 per cent (y-o-y) in Q3:2024-25 as compared with 4.3 per cent growth in the previous quarter and 3.8 per cent growth a year ago; annual HPI growth varied widely across the cities – ranging from a high growth of 8.1 per cent (Kolkata) to 0.1 per cent (Kanpur).

    • On a sequential (q-o-q) basis, all-India HPI increased by 0.4 per cent in Q3:2024-25; Mumbai, Bengaluru, Ahmedabad, Lucknow, Kolkata, Chennai, Jaipur and Kochi  recorded a sequential rise in house prices during the latest quarter.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2265

    MIL OSI Economics –

  • MIL-OSI: HSBC Bank Plc – Form 8.5 (EPT/RI) – Team Internet Group plc

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.5 (EPT/RI)

    PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
    Rule 8.5 of the Takeover Code (the “Code”)

    1.         KEY INFORMATION

    (a) Name of exempt principal trader: HSBC Bank Plc
    (b) Name of offeror/offeree in relation to whose relevant securities this form relates:
         Use a separate form for each offeror/offeree    		 Team Internet Group plc
    (c) Name of the party to the offer with which exempt principal trader is connected: OFFEREE: Team Internet Group plc
    (d) Date dealing undertaken: 26 February 2025
    (e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?
         If it is a cash offer or possible cash offer, state “N/A”    		 N/A      

    2.         DEALINGS BY THE EXEMPT PRINCIPAL TRADER

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchases/ sales

     

    		 Total number of securities Highest price per unit paid/received
    (GBP)    		 Lowest price per unit paid/received
    (GBP)
    Ordinary Shares Purchase 2,799 101.156 p 100.724 p
    Ordinary Shares Sale 2,799 101.156 p 100.724 p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description Nature of dealing Number of reference securities Price per unit (GBP)
    e.g. CFD e.g. opening/closing a long/short position, increasing/reducing a long/short position
             

    (c)        Stock-settled derivative transactions (including options)

    (i)         Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
                   

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit
             

     

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
       

     

    		    

    3.         OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included.  If there are no such agreements, arrangements or understandings, state “none”
     

    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:
    (i)  the voting rights of any relevant securities under any option; or
    (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
     

    None
    Date of disclosure: 27 February 2025
    Contact name: Dhruti Singh
    Telephone number: 0207 088 2000

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service. 

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-OSI: Outbrain Announces Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Reports another quarter of accelerated growth and profitability, achieved Q4 guidance on Ex TAC gross profit and Adjusted EBITDA, and generated strong cash flow

    Closed acquisition of Teads in February 2025; Combined company operating under the name Teads

    NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) — Outbrain Inc. (Nasdaq: OB), which is operating under the new Teads brand, announced today financial results for the quarter and full year ended December 31, 2024.

    Fourth Quarter and Full Year 2024 Key Financial Metrics:

      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
    (in millions USD)   2024       2023     % Change     2024       2023     % Change
    Revenue $ 234.6     $ 248.2       (5 )%   $ 889.9     $ 935.8       (5 )%
    Gross profit   56.1       53.2       5  %     192.1       184.8       4  %
    Net (loss) income   (0.2 )     4.1       (104 )%     (0.7 )     10.2       (107 )%
    Net cash provided by operating activities   42.7       25.5       67 %     68.6       13.7       399  %
                                   
    Non-GAAP Financial Data*                              
    Ex-TAC gross profit   68.3       63.8       7  %     236.1       227.4       4  %
    Adjusted EBITDA   17.0       14.0       21  %     37.3       28.5       31  %
    Adjusted net income (loss)   3.5       4.3       (20 )%     4.1       (3.9 )     205  %
    Free cash flow   37.6       21.0       79  %     51.3       (6.5 )   NM

    _____________________________

    NM Not meaningful

    * See non-GAAP reconciliations below

    “Continued momentum in our growth areas helped drive accelerated growth and profitability, with a record level of cash flow” said David Kostman, CEO of Outbrain.

    “A few weeks post closing of our merger with Teads, I am even more excited about combining the category-leading branding and performance capabilities of Outbrain and Teads into one of the largest Open Internet platforms. We believe the new Teads will better serve enterprise brands and agencies, as well as mid-market and direct response advertisers, by delivering elevated outcomes from branding to performance across curated, quality media environments from digital to CTV,” added Kostman.

    Recent Developments

    On February 3, 2025, we completed the acquisition of Teads, for total value of approximately $900 million, comprised of $625 million in cash and 43.75 million shares of Outbrain common stock. The combined company will operate under the name Teads.

    In connection with the acquisition:

    • On February 3, 2025, entered into a credit agreement with Goldman Sachs Bank, U.S. Bank Trust Company, and certain other lenders, which provided, among other things, for a new $100.0 million super senior secured revolving credit facility maturing on February 3, 2030, which may be used for working capital and other general corporate purposes.
    • On February 11, 2025, completed the private offering of $637.5 million in aggregate principal amount of 10.0% senior secured notes due 2030 at an issue price of 98.087% of the principal amount in a transaction exempt from registration. The proceeds were used, together with cash on hand, to repay in full and cancel a bridge credit facility used to finance the cash consideration paid at closing.
    • Terminated the existing revolving credit facility with the Silicon Valley Bank, a division of First Citizens Bank & Trust Company, dated as of November 2, 2021.
    • We expect to realize approximately $65 million to $75 million of annual synergies in 2026 with further opportunities for expanded synergies. Of this amount, approximately $60 million relates to cost synergies, including approximately $45 million of compensation-related expenses, with approximately 70% of the estimated compensation-related synergies already actioned in February.

    Fourth Quarter 2024 Business Highlights:

    • Continued acceleration of year-over-year growth of Ex-TAC gross profit, improvement in Ex-TAC gross margin, and growth in Adjusted EBITDA.
    • Fifth consecutive quarter of year-over-year RPM growth.
    • Strong initial reception of our Moments offering, launched in Q3 and live on over 40 publishers, including New York Post, NewsCorp Australia, RTL and Rolling Stone.
    • Continued growth in advertiser spend on Outbrain DSP (previously known as Zemanta), by approximately 45% in FY 2024, as compared to the prior year.
    • Continued supply expansion outside of traditional feed product representing approximately 30% of our revenue in Q4 2024, versus 26% in Q4 2023.
    • Premium supply competitive wins include Penske Media (US) and Prensa Ibérica (Spain), and renewals including Spiegel (Germany), Il Messaggero (Italy), and Grape (Japan).

    Fourth Quarter 2024 Financial Highlights:

    • Revenue of $234.6 million, a decrease of $13.6 million, or 5%, compared to $248.2 million in the prior year period, including net unfavorable foreign currency effects of approximately $1.8 million.
    • Gross profit of $56.1 million, an increase of $2.9 million, or 5%, compared to $53.2 million in the prior year period. Gross margin increased 250 basis points to 23.9%, compared to 21.4% in the prior year period.
    • Ex-TAC gross profit of $68.3 million, an increase of $4.5 million, or 7%, compared to $63.8 million in the prior year period, as lower revenue was more than offset by our Ex-TAC gross margin improvement of approximately 340 basis points to 29.1%, compared to 25.7% in the prior year period.
    • Net loss of $0.2 million, compared to net income of $4.1 million in the prior year period. Net loss in the current period includes acquisition-related costs of $3.6 million, net of taxes.
    • Adjusted net income of $3.5 million, compared to adjusted net income of $4.3 million in the prior year period.
    • Adjusted EBITDA of $17.0 million, compared to Adjusted EBITDA of $14.0 million in the prior year period. Adjusted EBITDA included net unfavorable foreign currency effects of approximately $0.8 million.
    • Generated net cash provided by operating activities of $42.7 million, compared to $25.5 million in the prior year period. Free cash flow was $37.6 million, as compared to $21.0 million in the prior year period.
    • Cash, cash equivalents and investments in marketable securities were $166.1 million, comprised of cash and cash equivalents of $89.1 million and short-term investments in marketable securities of $77.0 million as of December 31, 2024.

    Full Year 2024 Financial Results:

    • Revenue of $889.9 million, a decrease of $45.9 million, or 5%, compared to $935.8 million in the prior year period, including net unfavorable foreign currency effects of approximately $2.4 million.
    • Gross profit of $192.1 million, an increase of $7.3 million, or 4%, compared to $184.8 million in the prior year period, including net unfavorable foreign currency effects of approximately $1.3 million. Gross margin increased 190 basis points to 21.6% in 2024, compared to 19.7% in 2023.
    • Ex-TAC gross profit of $236.1 million, an increase of $8.7 million, or 4%, compared to $227.4 million in the prior year period, including net unfavorable foreign currency effects of approximately $1.3 million.
    • Net loss of $0.7 million, including net one-time expenses of $4.8 million, compared to net income of $10.2 million, including net one-time benefits of $14.1 million in the prior year. See non-GAAP reconciliations below for details of one-time items.
    • Adjusted net income of $4.1 million, compared to adjusted net loss of $3.9 million in the prior year.
    • Adjusted EBITDA of $37.3 million, compared to $28.5 million in the prior year. Adjusted EBITDA included net unfavorable foreign currency effects of approximately $1.2 million.
    • Generated net cash provided by operating activities of $68.6 million, compared to net cash provided $13.7 million in the prior year. Free cash flow was $51.3 million, compared to a use of cash of $6.5 million in the prior year.

    Share Repurchases:

    There were no share repurchases during the three months ended December 31, 2024. During the twelve months ended December 31, 2024, we repurchased 1,410,001 shares for $5.8 million, including related costs, under our $30 million stock repurchase program authorized in December 2022. The remaining availability under the repurchase program was $6.6 million as of December 31, 2024.

    2025 Full Year and First Quarter Guidance

    The following forward-looking statements reflect our expectations for 2025, including the contribution from Teads.

    For the first quarter ending March 31, 2025, which includes the results for the legacy Outbrain business plus the addition of operating results for legacy Teads beginning on February 3, 2025, we expect:

    • Ex-TAC gross profit of $100 million to $105 million
    • Adjusted EBITDA of $8 million to $12 million

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

    • Adjusted EBITDA of at least $180 million

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

    Conference Call and Webcast Information

    Outbrain will host an investor conference call this morning, Thursday, February 27 at 8:30 am ET. Interested parties are invited to listen to the conference call which can be accessed live by phone by dialing 1-877-497-9071 or for international callers, 1-201-689-8727. A replay will be available two hours after the call and can be accessed by dialing 1-877-660-6853, or for international callers, 1-201-612-7415. The passcode for the live call and the replay is 13750872. The replay will be available until March 13, 2025. Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investors Relations section of the Company’s website at https://investors.outbrain.com. The online replay will be available for a limited time shortly following the call.

    Non-GAAP Financial Measures

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

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

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

    Ex-TAC Gross Profit

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

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

    Adjusted EBITDA

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

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

    Adjusted Net Income (Loss) and Adjusted Diluted EPS

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

    Free Cash Flow

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

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements may include, without limitation, statements generally relating to possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives, and statements relating to our recently completed acquisition of Teads S.A., a public limited liability company(société anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg (“Teads”). You can generally identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “guidance,” “outlook,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “foresee,” “potential” or “continue” or the negative of these terms or other similar expressions that concern our expectations, strategy, plans or intentions or are not statements of historical fact. We have based these forward- looking statements largely on our expectations and projections regarding future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors including, but not limited to: the ability of Outbrain to successfully integrate Teads or manage the combined business effectively; our ability to realize anticipated benefits and synergies of the acquisition, including, among other things, operating efficiencies, revenue synergies and other cost savings; our due diligence investigation of Teads may be inadequate or risks related to Teads’ business may materialize; unexpected costs, charges or expenses resulting from the acquisition; the outcome of any securities litigation, stockholder derivative or other litigation related to the acquisition; our ability to raise additional financing in the future to fund our operations, which may not be available to us on favorable terms or at all; the volatility of the market price of our common stock and any drop in the market price of our common stock following the acquisition; our ability to attract and retain customers, management and other key personnel; overall advertising demand and traffic generated by our media partners; factors that affect advertising demand and spending, such as the continuation or worsening of unfavorable economic or business conditions or downturns, instability or volatility in financial markets, and other events or factors outside of our control, such as U.S. and global recession concerns, geopolitical concerns, including the ongoing war between Ukraine-Russia and conditions in Israel and the Middle East, tariffs and trade wars, supply chain issues, inflationary pressures, labor market volatility, bank closures or disruptions, the impact of challenging economic conditions, political and policy changes or uncertainties in connection with the new U.S. presidential administration, and other factors that have and may further impact advertisers’ ability to pay; our ability to continue to innovate, and adoption by our advertisers and media partners of our expanding solutions; the success of our sales and marketing investments, which may require significant investments and may involve long sales cycles; our ability to grow our business and manage growth effectively; our ability to compete effectively against current and future competitors; the loss or decline of one or more of our large media partners, and our ability to expand our advertiser and media partner relationships; conditions in Israel, including the sustainability of the recent cease-fire between Israel and Hamas and any conflicts with other terrorist organizations; our ability to maintain our revenues or profitability despite quarterly fluctuations in our results, whether due to seasonality, large cyclical events, or other causes; the risk that our research and development efforts may not meet the demands of a rapidly evolving technology market; any failure of our recommendation engine to accurately predict attention or engagement, any deterioration in the quality of our recommendations or failure to present interesting content to users or other factors which may cause us to experience a decline in user engagement or loss of media partners; limits on our ability to collect, use and disclose data to deliver advertisements; our ability to extend our reach into evolving digital media platforms; our ability to maintain and scale our technology platform; our ability to meet demands on our infrastructure and resources due to future growth or otherwise; our failure or the failure of third parties to protect our sites, networks and systems against security breaches, or otherwise to protect the confidential information of us or our partners; outages or disruptions that impact us or our service providers, resulting from cyber incidents, or failures or loss of our infrastructure; significant fluctuations in currency exchange rates; political and regulatory risks in the various markets in which we operate; the challenges of compliance with differing and changing regulatory requirements; the timing and execution of any cost-saving measures and the impact on our business or strategy; and the risks described in the section entitled “Risk Factors” and elsewhere in the Annual Report on Form 10-K filed for the year ended December 31, 2023, in our definitive proxy statement filed with the SEC on October 31, 2024 and in subsequent reports filed with the SEC. Accordingly, you should not rely upon forward-looking statements as an indication of future performance. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or will occur, and actual results, events, or circumstances could differ materially from those projected in the forward-looking statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We undertake no obligation and do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events or otherwise, except as required by law.

    About The Combined Company

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

    Media Contact

    press@outbrain.com

    Investor Relations Contact

    IR@outbrain.com

    (332) 205-8999

    OUTBRAIN INC.
    Condensed Consolidated Statements of Operations
    (In thousands, except for share and per share data)
     
      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
        2024       2023       2024       2023  
      (Unaudited)
    Revenue $ 234,586     $ 248,229     $ 889,875     $ 935,818  
    Cost of revenue:              
    Traffic acquisition costs   166,247       184,425       653,731       708,449  
    Other cost of revenue   12,277       10,572       44,042       42,571  
    Total cost of revenue   178,524       194,997       697,773       751,020  
    Gross profit   56,062       53,232       192,102       184,798  
    Operating expenses:         ​    
    Research and development   9,434       8,369       37,080       36,402  
    Sales and marketing   25,736       25,254       97,498       98,370  
    General and administrative   18,357       13,899       70,162       58,665  
    Total operating expenses   53,527       47,522       204,740       193,437  
    Income (loss) from operations   2,535       5,710       (12,638 )     (8,639 )
    Other income (expense), net:              
    Gain on convertible debt   —       —       8,782       22,594  
    Interest expense   (699 )     (965 )     (3,649 )     (5,393 )
    Interest income and other income, net   1,522       2,060       9,209       7,793  
    Total other income, net   823       1,095       14,342       24,994  
    Income before income taxes   3,358       6,805       1,704       16,355  
    Provision for income taxes   3,525       2,748       2,415       6,113  
    Net (loss) income $ (167 )   $ 4,057     $ (711 )   $ 10,242  
                   
    Weighted average shares outstanding:              
    Basic   49,767,704       50,076,364       49,321,301       50,900,422  
    Diluted   49,767,704       50,108,460       52,709,356       56,965,299  
                   
    Net income (loss) per common share:              
    Basic $ 0.00     $ 0.08     $ (0.01 )   $ 0.20  
    Diluted $ 0.00     $ 0.08     $ (0.11 )   $ (0.06 )
    OUTBRAIN INC.
    Condensed Consolidated Balance Sheets
    (In thousands, except for number of shares and par value)
     
      December 31,
    2024    		   December 31,
    2023
      (Unaudited)    
    ASSETS:      
    Current assets:      
    Cash and cash equivalents $ 89,094     $ 70,889  
    Short-term investments in marketable securities   77,035       94,313  
    Accounts receivable, net of allowances   149,167       189,334  
    Prepaid expenses and other current assets   27,835       47,240  
    Total current assets   343,131       401,776  
    Non-current assets:      
    Long-term investments in marketable securities   —       65,767  
    Property, equipment and capitalized software, net   45,250       42,461  
    Operating lease right-of-use assets, net   15,047       12,145  
    Intangible assets, net   16,928       20,396  
    Goodwill   63,063       63,063  
    Deferred tax assets   40,825       38,360  
    Other assets   24,969       20,669  
    TOTAL ASSETS $ 549,213     $ 664,637  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY:      
    Current liabilities:      
    Accounts payable $ 149,479     $ 150,812  
    Accrued compensation and benefits   19,430       18,620  
    Accrued and other current liabilities   113,630       119,703  
    Deferred revenue   6,932       8,486  
    Total current liabilities   289,471       297,621  
    Non-current liabilities:      
    Long-term debt   —       118,000  
    Operating lease liabilities, non-current   11,783       9,217  
    Other liabilities   16,616       16,735  
    TOTAL LIABILITIES $ 317,870     $ 441,573  
           
    STOCKHOLDERS’ EQUITY:      
    Common stock, par value of $0.001 per share − one billion shares authorized; 63,503,274 shares issued and 50,090,114 shares outstanding as of December 31, 2024; 61,567,520 shares issued and 49,726,518 shares outstanding as of December 31, 2023   64       62  
    Preferred stock, par value of $0.001 per share − 100,000,000 shares authorized, none issued and outstanding as of December 31, 2024 and December 31, 2023   —       —  
    Additional paid-in capital   484,541       468,525  
    Treasury stock, at cost − 13,413,160 shares as of December 31, 2024 and 11,841,002 shares as of December 31, 2023   (74,289 )     (67,689 )
    Accumulated other comprehensive loss   (9,480 )     (9,052 )
    Accumulated deficit   (169,493 )     (168,782 )
    TOTAL STOCKHOLDERS’ EQUITY   231,343       223,064  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 549,213     $ 664,637  
    OUTBRAIN INC.
    Condensed Consolidated Statements of Cash Flows
    (In thousands)
     
      Three Months Ended December 31,   Twelve Months Ended December 31,
        2024       2023       2024       2023  
      (Unaudited)
    CASH FLOWS FROM OPERATING ACTIVITIES:              
    Net (loss) income $ (167 )   $ 4,057     $ (711 )   $ 10,242  
    Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:              
    Gain on convertible debt   —       —       (8,782 )     (22,594 )
    Stock-based compensation   3,974       2,988       15,461       12,141  
    Depreciation and amortization of property and equipment   1,658       1,720       6,312       6,915  
    Amortization of capitalized software development costs   2,477       2,372       9,758       9,633  
    Amortization of intangible assets   850       853       3,409       4,154  
    Provision for credit losses   55       1,931       3,006       8,008  
    Non-cash operating lease expense   1,305       1,092       5,130       4,453  
    Deferred income taxes   (664 )     (1,478 )     (5,095 )     (4,312 )
    Amortization of discount on marketable securities   (396 )     (729 )     (2,235 )     (3,604 )
    Other   665       (483 )     47       (717 )
    Changes in operating assets and liabilities:              
    Accounts receivable   4,471       (16,939 )     35,905       (12,946 )
    Prepaid expenses and other current assets   9,291       2,409       18,412       843  
    Accounts payable and other current liabilities   18,867       27,127       (11,696 )     (1,228 )
    Operating lease liabilities   (1,223 )     (1,018 )     (5,092 )     (4,297 )
    Deferred revenue   555       1,524       (1,496 )     1,621  
    Other non-current assets and liabilities   945       51       6,228       5,434  
    Net cash provided by operating activities   42,663       25,477       68,561       13,746  
                   
    CASH FLOWS FROM INVESTING ACTIVITIES:              
    Acquisition of a business, net of cash acquired   —       (77 )     (181 )     (389 )
    Purchases of property and equipment   (2,712 )     (2,257 )     (7,380 )     (10,127 )
    Capitalized software development costs   (2,321 )     (2,243 )     (9,913 )     (10,107 )
    Purchases of marketable securities   (34,436 )     (44,658 )     (90,602 )     (131,543 )
    Proceeds from sales and maturities of marketable securities   31,068       35,228       175,325       221,878  
    Other   (15 )     (63 )     (96 )     (72 )
    Net cash (used in) provided by investing activities   (8,416 )     (14,070 )     67,153       69,640  
                   
    CASH FLOWS FROM FINANCING ACTIVITIES:              
    Repayment of long-term debt obligations   —       —       (109,740 )     (96,170 )
    Payment of deferred financing costs   (598 )     —       (1,099 )     —  
    Treasury stock repurchases and share withholdings on vested awards   (210 )     (5,270 )     (6,600 )     (18,521 )
    Principal payments on finance lease obligations   —       (353 )     (263 )     (1,830 )
    Payment of contingent consideration liability up to acquisition-date fair value   —       —       —       (547 )
    Net cash used in financing activities   (808 )     (5,623 )     (117,702 )     (117,068 )
                   
    Effect of exchange rate changes   (1,400 )     564       634       (1,004 )
                   
    Net increase (decrease) in cash, cash equivalents and restricted cash $ 32,039     $ 6,348     $ 18,646     $ (34,686 )
    Cash, cash equivalents and restricted cash — Beginning   57,686       64,731       71,079       105,765  
    Cash, cash equivalents and restricted cash — Ending $ 89,725     $ 71,079     $ 89,725     $ 71,079  
    OUTBRAIN INC.
    Non-GAAP Reconciliations
    (In thousands)
    (Unaudited)
     

    The following table presents the reconciliation of Gross profit to Ex-TAC gross profit and Ex-TAC gross margin, for the periods presented:

    ​ Three Months Ended December 31,   Twelve Months Ended December 31,
    ​   2024       2023       2024       2023  
    Revenue $ 234,586     $ 248,229     $ 889,875     $ 935,818  
    Traffic acquisition costs   (166,247 )     (184,425 )     (653,731 )     (708,449 )
    Other cost of revenue   (12,277 )     (10,572 )     (44,042 )     (42,571 )
    Gross profit   56,062       53,232       192,102       184,798  
    Other cost of revenue   12,277       10,572       44,042       42,571  
    Ex-TAC gross profit $ 68,339     $ 63,804     $ 236,144     $ 227,369  
                   
    Gross margin (gross profit as % of revenue)   23.9 %     21.4 %     21.6 %     19.7 %
    Ex-TAC gross margin (Ex-TAC gross profit as % of revenue)   29.1 %     25.7 %     26.5 %     24.3 %

    The following table presents the reconciliation of net income (loss) to Adjusted EBITDA, for the periods presented:

    ​ Three Months Ended December 31,   Twelve Months Ended December 31,
    ​   2024       2023       2024       2023  
    Net (loss) income $ (167 )   $ 4,057     $ (711 )   $ 10,242  
    Interest expense   699       965       3,649       5,393  
    Interest income and other income, net   (1,522 )     (2,060 )     (9,209 )     (7,793 )
    Gain on convertible debt   —       —       (8,782 )     (22,594 )
    Provision for income taxes   3,525       2,748       2,415       6,113  
    Depreciation and amortization   4,985       4,945       19,479       20,702  
    Stock-based compensation   3,974       2,988       15,461       12,141  
    Regulatory matter costs   —       —       —       742  
    Acquisition-related costs   5,469       —       14,256       —  
    Severance and related costs   —       361       742       3,509  
    Adjusted EBITDA $ 16,963     $ 14,004     $ 37,300     $ 28,455  
                   
    Net (loss) income as % of gross profit   (0.3 )%     7.6 %     (0.4 )%     5.5 %
    Adjusted EBITDA as % of Ex-TAC Gross Profit   24.8 %     21.9 %     15.8 %     12.5 %

    The following table presents the reconciliation of net income (loss) and diluted EPS to adjusted net income (loss) and adjusted diluted EPS, respectively, for the periods presented:

    ​ Three Months Ended December 31,   Twelve Months Ended December 31,
    ​   2024       2023       2024       2023  
    Net loss (income) $ (167 )   $ 4,057     $ (711 )   $ 10,242  
    Adjustments:              
    Gain on convertible debt   —       —       (8,782 )     (22,594 )
    Regulatory matter costs   —       —       —       742  
    Acquisition-related costs   5,469       —       14,256       —  
    Severance and related costs   —       361       742       3,509  
    Total adjustments, before tax   5,469       361       6,216       (18,343 )
    Income tax effect   (1,844 )     (97 )     (1,438 )     4,234  
    Total adjustments, after tax   3,625       264       4,778       (14,109 )
    Adjusted net income (loss) $ 3,458     $ 4,321     $ 4,067     $ (3,867 )
                   
    Basic weighted-average shares, as reported   49,767,704       50,076,364       49,321,301       50,900,422  
    Restricted stock units   793,713       32,096       519,729       —  
    Adjusted diluted weighted average shares   50,561,417       50,108,460       49,841,030       50,900,422  
                   
    Diluted net income (loss) per share – reported $ —     $ 0.08     $ (0.11 )   $ (0.06 )
    Adjustments, after tax   0.07       0.01       0.19       (0.02 )
    Diluted net income (loss) per share – adjusted $ 0.07     $ 0.09     $ 0.08     $ (0.08 )

    The following table presents the reconciliation of net cash provided by (used in) operating activities to free cash flow, for the periods presented:

      Three Months Ended December 31,   Twelve Months Ended December 31,
        2024       2023       2024       2023  
    Net cash provided by operating activities $ 42,663     $ 25,477     $ 68,561     $ 13,746  
    Purchases of property and equipment   (2,712 )     (2,257 )     (7,380 )     (10,127 )
    Capitalized software development costs   (2,321 )     (2,243 )     (9,913 )     (10,107 )
    Free cash flow $ 37,630     $ 20,977     $ 51,268     $ (6,488 )

    Teads
    Non-IFRS Reconciliations
    (In thousands)
    (Unaudited)

    The below information is presented for informational purposes only. The acquisition of Teads closed in February 2025. Therefore, its results are not included in Outbrain Inc.’s consolidated results of operations for any periods in 2024. The following is a summary of Teads’ non-IFRS financial measures, as calculated based on Teads’ historical financial statements, which we may publicly present from time to time, and which differ from US GAAP. Non-IFRS financial measures should be viewed in addition to, and not as an alternative for, Teads’ historical financial results prepared in accordance with IFRS. The financial information set forth below for the three months and twelve months ended December 31, 2024 is preliminary and is subject to change. Actual financial results may differ from these preliminary estimates due to the completion of Teads’ annual audit and are subject to adjustments and other developments that may arise before such results are finalized.

    Ex-TAC Gross Profit is defined as gross profit plus other cost of revenue. The following table presents the reconciliation of Ex-TAC Gross Profit to gross profit for the periods presented:

    ​ Three Months
    Ended
    March 31,
    2024    		   Three Months
    Ended
    June 30,
    2024    		   Three Months
    Ended
    September 30,
    2024    		   Three Months
    Ended
    December 31,
    2024    		   Twelve Months
    Ended
    December 31,
    2024
    ​ (in thousands)
    Revenue $ 125,372     $ 153,734     $ 149,376     $ 188,953     $ 617,435  
    Traffic acquisition costs   (46,939 )     (55,716 )     (59,085 )     (69,091 )     (230,831 )
    Other cost of revenue(a)   (26,387 )     (26,721 )     (26,865 )     (26,441 )     (106,414 )
    Gross profit   52,046       71,297       63,426       93,421       280,190  
    Other cost of revenue(a)   26,387       26,721       26,865       26,441       106,414  
    Ex-TAC Gross Profit $ 78,433     $ 98,018     $ 90,291     $ 119,862     $ 386,604  

    __________________________________
    (a) Other cost of revenue for Teads is subject to accounting policy alignment with Outbrain, with no impact to Ex-TAC Gross Profit included in the above table.

    Teads defines Adjusted EBITDA as profit (loss) for the year/period before income tax expense, finance costs, other financial income and expenses, depreciation and amortization, other expenses and income (capital gains, non-recurring litigation, restructuring costs) and share-based compensation. This may not be comparable to similarly titled measures used by other companies. Further, this measure should not be considered as an alternative for net income as the effects of income tax expense, finance costs, other financial income and expenses, depreciation and amortization, other expenses and income (such as severance costs, and merger and acquisition costs) and share-based compensation excluded from Adjusted EBITDA do affect the operating results. Teads believes that Adjusted EBITDA is a useful supplementary measure for evaluating the operating performance of Teads’ business. The following table provides a reconciliation of profit (loss) for the period to Adjusted EBITDA, the most directly comparable IFRS measure, for the periods presented:

    ​ Three Months
    Ended
    March 31,
    2024    		   Three Months
    Ended
    June 30,
    2024    		   Three Months
    Ended
    September 30,
    2024    		   Three Months
    Ended
    December 31,
    2024    		   Twelve Months
    Ended
    December 31,
    2024
    ​ (in thousands)
    (Loss) profit for the period   (36,551 )     23,323       32,933     $ 46,158     $ 65,863  
    Finance Costs   250       277       532       117       1,176  
    Other financial (income) and expenses   20,531       (12,432 )     (20,529 )     (19,967 )     (32,397 )
    Provision for income taxes   716       10,800       10,597       17,637       39,750  
    Depreciation and amortization   3,180       3,350       3,277       3,027       12,834  
    Share-based compensation   25,612       5,760       (3,284 )     (134 )     27,954  
    Severance costs   281       520       398       394       1,593  
    Merger and acquisition costs   323       763       (125 )     4,929       5,890  
    Adjusted EBITDA $ 14,342     $ 32,361     $ 23,799     $ 52,161     $ 122,663  

    The MIL Network –

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    Source: Samsung

     
    Samsung, India’s largest consumer electronics brand, today announced the launch of two monster devices, Galaxy M16 5G and Galaxy M06 5G, with several segment-leading features. The latest additions to the immensely popular Galaxy M series offer an impressive combination of style and cutting-edge innovations, ensuring newer possibilities for every consumer.
     
    “Galaxy M16 5G and Galaxy M06 5G come with monster innovations and performance, the twin legacies of M series. With a refreshed design, these devices are built to enhance both style and performance, featuring MediaTek Dimensity 6300 processor and full 5G support across operators. The Galaxy M16 5G also sets a new benchmark with a segment-leading FHD+ Super AMOLED display, six generations of OS upgrades, and the introduction of Samsung Wallet with Tap & Pay functionality,” said Akshay S Rao, General Manager, MX Business, Samsung India.
     
    Monster Display
    Galaxy M16 5G features segment-leading 6.7” Full HD+ Super AMOLED display that provides higher quality colour contrast, giving an immersive viewing experience. Galaxy M16 5G comes with adaptive high brightness mode ensuring that users can enjoy their favourite content even under bright sunlight. Galaxy M06 5G features a 6.7” HD+ display, which makes scrolling through social media feeds, even in outdoor settings, a breeze for the tech-savvy Gen Z and millennial customers.
     
    Monster Design
    Both Galaxy M16 5G and Galaxy M06 5G feature an all-new design with new linear grouped camera module, a bold yet balanced colour palette, and an enhanced finish, making them visually appealing and trendy. Both devices are sleek and incredibly ergonomic. The Galaxy M16 5G is just 7.9 mm slim, while the Galaxy M06 5G measures 8 mm. The Galaxy M16 5G will be available in three bold and refreshing colours – Blush Pink, Mint Green, and Thunder Black – while the Galaxy M06 5G will elevate your style with Sage Green and Blazing Black.
     
    Monster Performance and Connectivity
    Galaxy M16 5G and Galaxy M06 5G are powered by the MediaTek Dimensity 6300 processor, making them fast and power-efficient for smooth multitasking. With ultimate speed and connectivity, supported by the segment’s leading 5G bands, users can stay fully connected wherever they go—experiencing faster download and upload speeds, smoother streaming, and uninterrupted browsing.
     
    Monster Camera
    Galaxy M16 5G and Galaxy M06 5G feature a striking new camera module. The Galaxy M16 5G boasts a segment-leading 50MP main camera for enhanced clarity, complemented by a 5MP ultra-wide lens and a 2MP macro camera. With its 13MP front camera, you can capture crisp and clear selfies. Galaxy M06 5G features a high-resolution 50MP wide-angle lens with an F1.8 aperture, capturing vibrant and detailed photos, while the 2MP depth camera delivers sharper images. Additionally, Galaxy M06 5G comes with an 8MP front camera for taking selfies.’
     
    Monster Battery
    Both Galaxy M16 5G and Galaxy M06 5G packs 5000 mAh battery that enables long sessions of browsing, gaming and binge watching. Both smartphones support 25W fast charging, giving users more power in lesser time.
     
    Monster Galaxy Experiences
    Samsung is reaffirming its commitment to customer satisfaction by providing best-in-segment 6 generations of OS upgrades and 6 years of security updates with Galaxy M16 5G and 4 generations of OS upgrades and 4 years of security updates with Galaxy M06 5G, ensuring users can enjoy the latest features and enhanced security for years to come.
     
    In our continuous endeavour to enhance the consumer experience, Samsung is introducing its innovative Tap & Pay feature with Samsung Wallet for the first time in this segment with the Galaxy M16 5G, allowing consumers to make secure payments effortlessly.
     
    Both devices will feature Samsung’s most advanced security innovations: Samsung Knox Vault. This hardware-based security system provides comprehensive protection against both hardware and software attacks. Galaxy M16 5G and Galaxy M06 5G also include features like Voice Focus, which reduces ambient noise for an enhanced calling experience.
     
    Product
    Variant
    Introductory Price
    Offers
     
    Galaxy M16 5G
    4GB+128GB
    INR 11499
    Inclusive of INR 1000 Bank Cashback offer
    6GB+128GB
    INR 12999
    8GB+128GB
    INR 14499
    Galaxy M06 5G
    4GB+128GB
    INR 9499
    Inclusive of INR 500 Bank Cashback offer
    6GB+128GB
    INR 10999

    MIL OSI Economics –

  • MIL-OSI United Kingdom: UN Human Rights Council 58: UK Statement on Occupied Palestinian Territories

    Source: United Kingdom – Executive Government & Departments 3

    Speech

    UN Human Rights Council 58: UK Statement on Occupied Palestinian Territories

    UK Statement at the 58 Human Rights Council during the Interactive Dialogue with the High Commissioner on the Occupied Palestinian Territories. Delivered by Eleanor Sanders, Human Rights Ambassador.

    High Commissioner, thank you for your update.

    Back on 7 October 2023, Israel suffered the worst terror attack in its history at the hands of Hamas: the hostages have suffered an unbearable trauma. 

    The people of Gaza, so many of whom have lost their lives, homes or loved ones, have also experienced a living nightmare.

    We’ve been crystal clear. Palestinian civilians must be permitted to return to their communities and rebuild. It is for Palestinians to determine the future of Gaza. And international humanitarian law must be respected.

    In the West Bank, the UK is deeply concerned at the expansion of Israel’s war aims and operations. Civilians must be protected.

    But let me be clear, the UK is opposed to the existence of item 7. The UK wants to see all countries face appropriate scrutiny of their human rights record but opposes the disproportionate focus of this item. 

    Mr President,

    The UK has urged all parties to sustain the ceasefire deal, implement the agreement in full, and support efforts to move to phase two and a sustainable peace.

    Indeed, let me reaffirm, once again, our support for a credible pathway towards a peaceful future for both Palestinians and Israelis, based on a two-state solution where they live side-by-side in peace, dignity and security. 

    Thank you.

    Updates to this page

    Published 27 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Enerflex Ltd. Announces Fourth Quarter 2024 Financial and Operational Results

    Source: GlobeNewswire (MIL-OSI)

    ADJUSTED EBITDA OF $121 MILLION AND FREE CASH FLOW OF $76 MILLION1

    EI CONTRACT BACKLOG AND ES BACKLOG OF $1.5 BILLION AND $1.3 BILLION, RESPECTIVELY, PROVIDING STRONG OPERATIONAL VISIBILITY

    REDUCED BANK ADJUSTED NET DEBT-TO-EBITDA RATIO2TO 1.5X TIMES AT YEAR-END

    CALGARY, Alberta, Feb. 27, 2025 (GLOBE NEWSWIRE) — Enerflex Ltd. (TSX: EFX) (NYSE: EFXT) (“Enerflex” or the “Company”) today reported its financial and operational results for the three and twelve months ended December 31, 2024.

    All amounts presented are in U.S. Dollars (“USD”) unless otherwise stated.

    Q4/24 FINANCIAL AND OPERATIONAL OVERVIEW         

    • Generated revenue of $561 million compared to $574 million in Q4/23 and $601 million in Q3/24.
    • Recorded gross margin before depreciation and amortization of $174 million, or 31% of revenue, compared to $158 million, or 28% of revenue in Q4/23 and $176 million, or 29% of revenue during Q3/24.
      • Energy Infrastructure (“EI”) and After-Market Services (“AMS”) product lines generated 67% of consolidated gross margin before depreciation and amortization during Q4/24 and 69% on a full-year basis in 2024.
      • ES gross margin before depreciation and amortization increased to 21% in Q4/24 compared to 15% in Q4/23 and 19% in Q3/24, benefiting from favorable product mix and strong project execution.
    • Adjusted earnings before finance costs, income taxes, depreciation, and amortization (“adjusted EBITDA”) of $121 million compared to $91 million in Q4/23 and $120 million during Q3/24. The year-over-year increase in adjusted EBITDA reflects improved gross margin and favorable foreign exchange rate movements.
    • Cash provided by operating activities was $113 million, which included net working capital recovery of $39 million. This compares to cash provided by operating activities of $158 million in Q4/23 and $98 million in Q3/24. Free cash flow was $76 million in Q4/24 compared to $139 million during Q4/23 and $78 million during Q3/241.
    • Invested $47 million in the business in Q4/24, consisting of $32 million in capital expenditures and $15 million for expansion of an EI project in the Eastern Hemisphere (“EH”) that will be accounted for as a finance lease.
    • Recorded ES bookings of $301 million inclusive of a $75 million derecognition, with no associated gross margin on future revenue, related to the termination of the cryogenic natural gas processing facility project contract in Kurdistan. The majority of bookings originated in the North America segment and relate to gas compression solutions. Total backlog as at December 31, 2024 was $1.3 billion, providing strong visibility into future revenue generation and business activity levels.
    • Enerflex’s USA contract compression business continues to perform well, led by increasing natural gas production in the Permian basin and continued discipline across industry competitors.
      • This business generated revenue of $36 million and gross margin before depreciation and amortization of 78% during Q4/24 compared to $33 million and 76% in Q4/23 and $37 million and 70% during Q3/24.
      • Utilization remained stable at 95% across a fleet size of approximately 428,000 horsepower. Enerflex expects its North American contract compression fleet will grow to over 475,000 horsepower by the end of 2025.
    • The Board of Directors has declared a quarterly dividend of CAD$0.0375 per share, payable on March 24, 2025, to shareholders of record on March 10, 2025.

    BALANCE SHEET AND LIQUIDITY

    • Enerflex exited Q4/24 with net debt of $616 million, which included $92 million of cash and cash equivalents, a reduction of $208 million compared to Q4/23 and $76 million lower than the third quarter.
    • During Q4/24, Enerflex redeemed $62.5 million (or 10% of the aggregate principal amount originally issued) of its 9.00% Senior Secured Notes due 2027. The redemption was completed at a price of 103% of the principal amount of the Notes redeemed, plus accrued and unpaid interest up to, but excluding, the redemption date. The redemption was funded with available liquidity, which included cash and cash equivalents and the undrawn portion of Enerflex’s lower cost $800 million revolving credit facility.
    • Enerflex’s bank-adjusted net debt-to-EBITDA ratio was approximately 1.5x at the end of Q4/24, down from 2.3x at the end of Q4/23 and 1.9x at the end of Q3/24. The leverage ratio at the end of Q4/24 is within Enerflex’s target bank-adjusted net debt-to-EBITDA ratio range of 1.5x to 2.0x.
    • The Company maintains strong liquidity with access to $614 million under its credit facility.

    __________________________________________
    1 During the fourth quarter of 2024, the Company modified its calculation of free cash flow. Free cash flow is now defined as cash provided by (used in) operating activities, less total capital expenditures (growth and maintenance) for PP&E and EI assets, mandatory debt repayments, and lease payments, while proceeds on disposals of PP&E and EI assets are added back. Refer to the “Free Cash Flow” section of this press release for further details.
    2 The Company defines bank-adjusted net debt to EBITDA as borrowings under the Revolving Credit Facility (“RCF”) and its 9.00% Senior Secured Notes due 2027 (the “Notes”) less cash and cash equivalents, divided by EBITDA as defined by the Company’s lenders for the trailing 12- months.


    MANAGEMENT COMMENTARY

    “We delivered a strong finish to the year, with solid operating results across Enerflex’s geographies and product lines,” said Marc Rossiter, Enerflex’s President and Chief Executive Officer. “Our Energy Infrastructure and After-Market Services business lines continue to provide steady, reliable performance and revenue streams, reinforcing Enerflex’s ability to deliver sustainable returns across our global platform. Our Engineered Systems business delivered solid performance throughout 2024, highlighted by strong project execution.”

    Rossiter continued, “As we enter 2025, visibility across our business remains solid, underpinned by a $1.5 billion contract backlog for our Energy Infrastructure assets, the recurring nature of our After-Market Services business, and a $1.3 billion Engineered Systems backlog. By focusing on operational execution, optimizing our core business, and maintaining disciplined capital allocation, we expect to further reduce debt and create meaningful long-term value for our shareholders.”

    Preet S. Dhindsa, Enerflex’s Senior Vice President and Chief Financial Officer, stated, “Enerflex delivered fourth-quarter results that exceeded the ranges included in our 2024 guidance. We are particularly pleased with our ongoing progress in efficiently managing working capital, lowering net finance costs, and optimizing the Company’s debt stack. Backed by Enerflex’s strong global leadership team and talented employees, we continue to enhance the profitability and resilience of our operations. Our focus remains on generating sustainable free cash flow, further improving our balance sheet health and positioning the Company for long-term growth and value creation.”

    SUMMARY RESULTS

      Three months ended
    December 31,    		 Twelve months ended
    December 31,
    ($ millions, except percentages and ratios)   2024   2023   2024   2023
    Revenue $ 561 $ 574 $ 2,414 $ 2,343
    Gross margin   140   119   504   457
    Gross margin as a percentage of revenue   25.0%   20.7%   20.9%   19.5%
    Selling, general and administrative expenses (“SG&A”)   92   74   327   293
    Foreign exchange (gain) loss   (2)   16   4   43
    Operating income   50   29   173   121
    EBITDA1   92   –   364   240
    EBIT1   47   (51)   179   42
    EBT1   21   (76)   81   (52)
    Net earnings (loss)   15   (95)   32   (83)
    Cash provided by operating activities   113   158   324   206
                     
    Key Financial Performance Indicators (“KPIs”)2                
    ES bookings3 $ 301 $ 265 $ 1,401 $ 1,306
    ES backlog3   1,280   1,134   1,280   1,134
    EI contract backlog4   1,545   1,700   1,545   1,700
    Gross margin before depreciation and amortization (“Gross margin before D&A”)5   174   158   642   609
    Gross margin before D&A as a percentage of revenue5   31.0%   27.5%   26.6%   26.0%
    Adjusted EBITDA6   121   91   432   378
    Free cash flow7   76   139   222   95
    Net debt   616   824   616   824
    Bank-adjusted net debt to EBITDA ratio   1.5x   2.3x   1.5x   2.3x
    Return on capital employed (“ROCE”)8   10.3%   2.1%   10.3%   2.1%


    1    EBITDA is defined as earnings before finance costs, income taxes, depreciation and amortization. EBIT is defined as earnings before finance costs and income taxes. EBT is defined as earnings before taxes.
    2These KPIs are non-IFRS measures. Further detail is provided in the “Non-IFRS Measures” section of the fourth quarter 2024 MD&A.
    3Refer to the “ES Bookings and Backlog” section of the MD&A for more information on these KPIs.
    4Refer to the “EI Contract Backlog” section of the MD&A.
    5Refer to the “Gross Margin by Product line” section of the MD&A for further details.
    6Refer to the “Adjusted EBITDA” section of the MD&A for further details.
    7During the fourth quarter of 2024, the Company modified its calculation of free cash flow. Free cash flow is now defined as cash provided by (used in) operating activities, less total capital expenditures (growth and maintenance) for PP&E and EI assets, mandatory debt repayments, and lease payments, while proceeds on disposals of PP&E and EI assets are added back. Refer to the “Free Cash Flow” section of this press release for further details.
    8Determined by using the trailing 12-month period.

    Enerflex’s consolidated financial statements and notes (the “financial statements”) and Management’s Discussion and Analysis (“MD&A”) as at December 31, 2024, can be accessed on the Company’s website at www.enerflex.com and under the Company’s SEDAR+ and EDGAR profiles at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    OUTLOOK        

    During 2025, Enerflex’s priorities include: (1) enhancing the profitability of core operations; (2) leveraging the Company’s leading position in core operating countries to capitalize on expected increases in natural gas and produced water volumes; and (3) maximizing free cash flow to further strengthen Enerflex’s financial position, provide direct shareholder returns, and invest in selective customer supported growth opportunities.

    Industry Update

    Enerflex’s preliminary outlook for 2025 reflects steady demand across its business lines and geographic regions. Operating results will be underpinned by the highly contracted EI product line and the recurring nature of AMS, which together are expected to account for approximately 65% of our gross margin before depreciation and amortization. Enerflex’s EI product line is supported by customer contracts, which are expected to generate approximately $1.5 billion of revenue during their current terms.

    Complementing Enerflex’s recurring revenue businesses is the ES product line, which carried a backlog of approximately $1.3 billion as at December 31, 2024, the majority of which is expected to convert into revenue over the next 12 months. During 2025, ES gross margin before depreciation and amortization is expected to be more consistent with the historical long-term average for this business line, reflective of the weakness in domestic natural gas prices during much of 2024 and a shift of project mix in Enerflex’s ES backlog. Notwithstanding, near-term revenue for this business line is expected to remain steady. Enerflex is encouraged by initial customer response to improved domestic natural gas prices, and the medium-term outlook for ES products and services continues to be attractive, driven by expected increases in natural gas and produced water volumes across Enerflex’s global footprint.

    The Company continues to closely monitor geopolitical tensions across North America, including the potential application of tariffs. Based on currently available information, the direct impact of tariffs on Enerflex’s business is expected to be mitigated by the Company’s diversified operations and proactive risk management. Enerflex’s operations in the USA, Canada and Mexico are largely distinct in the customers and projects they serve, and the Company has been working to mitigate the impact of potential tariffs. The United States is Enerflex’s largest operating region, generating 45% of consolidated revenue in 2024 by destination of sale, and we believe the Company is well positioned to benefit from growth in domestic energy production. Enerflex’s operations in Canada and Mexico generated 10% and 3% of consolidated revenue in 2024, respectively.

    Capital Spending

    Enerflex is targeting a disciplined capital program in 2025, with total capital expenditures of $110 million to $130 million. This includes a total of approximately $70 million for maintenance and PP&E capital expenditures. Similar to 2024, disciplined capital spending will focus on customer supported opportunities in the USA and Middle East. Notably, the fundamentals for contract compression in the USA remain strong, led by expected increases in natural gas production in the Permian basin and capital spending discipline from market participants. Enerflex will continue to make selective customer supported growth investments in this business.

    Capital Allocation

    Providing meaningful direct shareholder returns is a priority for Enerflex. With the Company operating within its target leverage range of bank-adjusted net debt-to-EBITDA ratio of 1.5x to 2.0x, Enerflex is positioned to increase direct shareholder returns. This is reflected through the previously announced 50% increase of the Company’s quarterly dividend.

    Going forward, capital allocation decisions will be based on delivering value to Enerflex shareholders and measured against Enerflex’s ability to maintain balance sheet strength. In addition to increases to the Company’s dividend, share repurchases, and disciplined growth capital spending, Enerflex will also consider reducing leverage below its target range to further improve balance sheet strength and lower net finance costs. Unlocking greater financial flexibility positions the Company to capitalize on opportunities to optimize its debt stack and respond to evolving market conditions.

    DIVIDEND DECLARATION

    Enerflex is committed to paying a sustainable quarterly cash dividend to shareholders. The Board of Directors has declared a quarterly dividend of CAD$0.0375 per share, payable on March 24, 2025, to shareholders of record on March 10, 2025. With this dividend declaration, Enerflex has shortened the number of calendar days between its record date and payment date to better align the Company’s dividend approach with peers.

    CONFERENCE CALL AND WEBCAST DETAILS

    Investors, analysts, members of the media, and other interested parties, are invited to participate in a conference call and audio webcast on Thursday, February 27, 2025 at 8:00 a.m. (MST), where members of senior management will discuss the Company’s results. A question-and-answer period will follow.

    To participate, register at https://register.vevent.com/register/BI3947144f36ac4488be4e38db59385a7f. Once registered, participants will receive the dial-in numbers and a unique PIN to enter the call. The audio webcast of the conference call will be available on the Enerflex website at www.enerflex.com under the Investors section or can be accessed directly at https://edge.media-server.com/mmc/p/dvksnz6g/.

    NON-IFRS MEASURES

    Throughout this news release and other materials disclosed by the Company, Enerflex employs certain measures to analyze its financial performance, financial position, and cash flows, including net debt-to-EBITDA ratio and bank-adjusted net debt-to-EBITDA ratio. These non-IFRS measures are not standardized financial measures under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Accordingly, non-IFRS measures should not be considered more meaningful than generally accepted accounting principles measures as indicators of Enerflex’s performance. Refer to “Non-IFRS Measures” of Enerflex’s MD&A for the three months ended December 31, 2024, for information which is incorporated by reference into this news release and can be accessed on Enerflex’s website at www.enerflex.com and under the Company’s SEDAR+ and EDGAR profiles at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    ADJUSTED EBITDA

    Three months ended
    December 31, 2024
    ($ millions)   NAM   LATAM   EH   Total
    Net earnings1             $ 15
    Income taxes1               6
    Net finance costs1,2               26
    EBIT3 $ 34 $ 11 $ 4 $ 47
    Depreciation and Amortization   19   12   14   45
    EBITDA $ 53 $ 23 $ 18 $ 92
    Restructuring, transaction and integration costs   1   –   –   1
    Share-based compensation   11   2   3   16
    Impact of finance leases                
    Principal payments received   –   –   10   10
    Loss on redemption options3               2
    Adjusted EBITDA $ 65 $ 25 $ 31 $ 121


    1    The Company included net earnings, income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
    2Net finance costs are considered corporate expenditures and therefore have not been allocated to reporting segments.
    3EBIT includes $2 million loss on redemption options associated with the Notes. Debt is managed within Corporate and is not allocated to reporting segments.

    Three months ended
    December 31, 2023
    ($ millions)   NAM   LATAM   EH   Total
    Net loss1             $ (95)
    Income taxes1               19
    Net finance costs1,2               25
    EBIT $ 47 $ (84) $ (14) $ (51)
    Depreciation and amortization   18   14   19   51
    EBITDA $ 65 $ (70) $ 5 $ –
    Restructuring, transaction and integration costs   3   2   13   18
    Share-based compensation   (1)   –   –   (1)
    Impact of finance leases                
    Principal payments received   –   –   9   9
    Goodwill impairment   –   65   –   65
    Adjusted EBITDA $ 67 $ (3) $ 27 $ 91


    1    The Company included net earnings, income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
    2Net finance costs are considered corporate expenditures and therefore have not been allocated to reporting segments.

    Twelve months ended
    December 31, 2024
    ($ millions)   NAM   LATAM   EH   Total
    Net earnings1             $ 32
    Income taxes1               49
    Net finance costs1,2               98
    EBIT3 $ 166 $ 29 $ (33) $ 179
    Depreciation and amortization   74   53   58   185
    EBITDA $ 240 $ 82 $ 25 $ 364
    Restructuring, transaction and integration costs   7   4   3   14
    Share-based compensation   19   5   5   29
    Impact of finance leases                
    Upfront gain   –   –   (3)   (3)
    Principal payments received   –   1   44   45
    Gain on redemption options3               (17)
    Adjusted EBITDA $ 266 $ 92 $ 74 $ 432


    1    The Company included net earnings, income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
    2Net finance costs are considered corporate expenditures and therefore have not been allocated to reporting segments.
    3EBIT includes $17 million gain on redemption options associated with the Notes. Debt is managed within Corporate and is not allocated to reporting segments.

    Twelve months ended
    December 31, 2023
    ($ millions)   NAM   LATAM   EH   Total
    Net loss1             $ (83)
    Income taxes1               31
    Net finance costs1,2               94
    EBIT $ 127 $ (90) $ 5 $ 42
    Depreciation and amortization   69   48   81   198
    EBITDA $ 196 $ (42) $ 86 $ 240
    Restructuring, transaction and integration costs   11   10   23   44
    Share-based compensation   4   1   1   6
    Impact of finance leases                
    Upfront gain   –   –   (13)   (13)
    Principal payments received   –   1   35   36
    Goodwill impairment   –   65   –   65
    Adjusted EBITDA $ 211 $ 35 $ 132 $ 378


    1    The Company included net earnings, income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
    2Net finance costs are considered corporate expenditures and therefore have not been allocated to reporting segments.


    FREE CASH FLOW AND DIVIDEND PAYOUT RATIO

    The Company modified its calculation of free cash flow to include a deduction for growth capital expenditures and exclude the deduction for dividends paid. Free cash flow is now defined as cash provided by (used in) operating activities, less total capital expenditures (growth and maintenance) for PP&E and EI assets, mandatory debt repayments, and lease payments, while proceeds on disposals of PP&E and EI assets are added back. This modification is aimed at providing additional clarity into Enerflex’s free cash flow and help users of the financial statements assess the level of free cash generated to fund other non-operating activities. These activities could include dividend payments, share repurchases, and non-mandatory debt repayments. Free cash flow may not be comparable to similar measures presented by other companies as it does not have a standardized meaning under IFRS. Management has adopted this non-IFRS measure to improve comparability with its peers.

      Three months ended
    December 31,    		 Twelve months ended
    December 31,
    ($ millions, except percentages)   2024   2023   2024   2023
    Cash provided by operating activities before changes in working capital and other1 $ 74 $ 46 $ 218 $ 193
    Net change in working capital and other   39   112   106   13
    Cash provided by operating activities2 $ 113 $ 158 $ 324 $ 206
    Less:                
    Capital expenditures – Maintenance and PP&E   (21)   (13)   (53)   (45)
    Capital expenditures – Growth   (11)   (4)   (22)   (61)
    Mandatory debt repayments   –   (10)   (10)   (20)
    Lease payments   (5)   (3)   (20)   (15)
    Add:                
    Proceeds on disposals of PP&E and EI assets   –   11   3   30
    Free cash flow $ 76 $ 139 $ 222 $ 95
    Dividends paid   2   2   9   9
    Dividend payout ratio   2.6%   1.4%   4.1%   9.5%


    1    Enerflex also refers to cash provided by operating activities before changes in working capital and other as “Funds from operations” or “FFO”.
    2Enerflex also refers to cash provided by operating activities as “Cashflow from operations” or “CFO”.


    BANK-ADJUSTED NET DEBT-TO-EBITDA RATIO

    The Company defines net debt as short- and long-term debt less cash and cash equivalents at period end, which is then divided by EBITDA for the trailing 12 months. In assessing whether the Company is compliant with the financial covenants related to its debt instruments, certain adjustments are made to net debt and EBITDA to determine Enerflex’s bank-adjusted net debt-to-EBITDA ratio. These adjustments and Enerflex’s bank-adjusted net-debt-to EBITDA ratio are calculated in accordance with, and derived from, the Company’s financing agreements.

    GROSS MARGIN BEFORE DEPRECIATION AND AMORTIZATION

    Gross margin before depreciation and amortization is a non-IFRS measure defined as gross margin excluding the impact of depreciation and amortization. The historical costs of assets may differ if they were acquired through acquisition or constructed, resulting in differing depreciation. Gross margin before depreciation and amortization is useful to present operating performance of the business before the impact of depreciation and amortization that may not be comparable across assets.

    ADVISORY REGARDING FORWARD-LOOKING INFORMATION

    This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” (and together with “forward-looking information”, “FLI”) within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are FLI. The use of any of the words “anticipate”, “believe”, “could”, “estimate”, “expect”, “future”, “intend”, “may”, “plan”, “potential”, “predict”, “should”, “will” and similar expressions, (including negatives thereof) are intended to identify FLI.

    In particular, this news release includes (without limitation) forward-looking information and statements pertaining to:

    • expectations that the North American contract compression fleet will grow to over 475,000 horsepower by the end of 2025;
    • the Company’s expectations to further reduce debt, provide direct shareholder returns and create meaningful long-term value for Enerflex shareholders, and the timing associated therewith, if at all;
    • disclosures under the heading “Outlook” including:
      • steady demand will continue across our business lines and geographic regions for 2025;
      • the highly contracted EI product line and the recurring nature of AMS will, together, account for approximately 65% of Enerflex’s gross margin before depreciation and amortization;
      • customer contracts within Enerflex’s EI product line will generate approximately $1.5 billion of revenue during their current terms;  
      • a majority of the ES product line backlog of approximately $1.3 billion as at December 31, 2024, will convert into revenue over the next 12 months;
      • ES gross margin before depreciation and amortization is expected to be more consistent with the historical long-term average for this business line with near term revenue remaining steady;
      • the potential application of tariffs and the anticipated impact of such tariffs including the Company’s expectation that such impact to Enerflex will be mitigated by the Company’s diversified operations and proactive risk management;
      • that the Company is well positioned to benefit from growth in domestic energy production;
      • total capital expenditures in 2025 will be $110 million to $130 million which includes approximately $70 million for maintenance and PP&E capital expenditures; and
      • the fundamentals for contract compression in the USA remain strong, led by expected increases in natural gas production in the Permian and capital spending discipline from market participants;
    • the ability of Enerflex to continue to pay a sustainable quarterly cash dividend.

    FLI reflect management’s current beliefs and assumptions with respect to such things as the impact of general economic conditions; commodity prices; the markets in which Enerflex’s products and services are used; general industry conditions, forecasts, and trends; changes to, and introduction of new, governmental regulations, laws, and income taxes; increased competition; availability of qualified personnel; political unrest and geopolitical conditions; and other factors, many of which are beyond the control of Enerflex. More specifically, Enerflex’s expectations in respect of its FLI are based on a number of assumptions, estimates and projections developed based on past experience and anticipated trends, including but not limited to:

    • any potential tariffs imposed will have a manageable impact on our operations and cost structure and increased domestic energy production will offset any negative effects of such tariffs;
    • market dynamics, including increased energy demand, infrastructure development, and production activity, will drive growth in natural gas and produced water volumes across Enerflex’s core operating countries;
    • market conditions, customer activity, and industry fundamentals will support stable demand across our business lines and geographic regions throughout 2025;
    • the high level of contractual commitments within the EI product line and the predictable, recurring revenue from AMS will continue;
    • existing customer contracts within the EI product line will remain in effect and with no material cancellations or renegotiations over their remaining terms;
    • the execution of projects within the ES product line will proceed as scheduled and the conversion to revenue will proceed without significant delays or cancellations;
    • no significant unforeseen cost overruns or project delays;
    • Enerflex will maintain sufficient cash flow, profitability, and financial flexibility to support the ongoing payment of a sustainable quarterly cash dividend, subject to market conditions, operational performance, and board approval.

    As a result of the foregoing, actual results, performance, or achievements of Enerflex could differ and such differences could be material from those expressed in, or implied by, the FLI. The principal risks, uncertainties and other factors affecting Enerflex and its business are identified under the heading “Risk Factors” in: (i) Enerflex’s Annual Information Form for the year ended December 31, 2024, dated February 27, 2025; and (ii) Enerflex’s Annual Report dated February 28, 2024, copies of which are available under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    The FLI included in this news release are made as of the date of this news release and are based on the information available to the Company at such time and, other than as required by law, Enerflex disclaims any intention or obligation to update or revise any FLI, whether as a result of new information, future events, or otherwise. This news release and its contents should not be construed, under any circumstances, as investment, tax, or legal advice.

    The outlook provided in this news release is based on assumptions about future events, including economic conditions and proposed courses of action, based on Management’s assessment of the relevant information currently available. The outlook is based on the same assumptions and risk factors set forth above and is based on the Company’s historical results of operations. The outlook set forth in this news release was approved by Management and the Board of Directors. Management believes that the prospective financial information set forth in this news release has been prepared on a reasonable basis, reflecting Management’s best estimates and judgments, and represents the Company’s expected course of action in developing and executing its business strategy relating to its business operations. The prospective financial information set forth in this news release should not be relied on as necessarily indicative of future results. Actual results may vary, and such variance may be material.

    ABOUT ENERFLEX

    Enerflex is a premier integrated global provider of energy infrastructure and energy transition solutions, deploying natural gas, low-carbon, and treated water solutions – from individual, modularized products and services to integrated custom solutions. With over 4,600 engineers, manufacturers, technicians, and innovators, Enerflex is bound together by a shared vision: Transforming Energy for a Sustainable Future. The Company remains committed to the future of natural gas and the critical role it plays, while focused on sustainability offerings to support the energy transition and growing decarbonization efforts.

    Enerflex’s common shares trade on the Toronto Stock Exchange under the symbol “EFX” and on the New York Stock Exchange under the symbol “EFXT”. For more information about Enerflex, visit www.enerflex.com.

    For investor and media enquiries, contact:

    Marc Rossiter
    President and Chief Executive Officer
    E-mail: MRossiter@enerflex.com

    Preet S. Dhindsa
    Senior Vice President and Chief Financial Officer
    E-mail: PDhindsa@enerflex.com

    Jeff Fetterly
    Vice President, Corporate Development and Investor Relations
    E-mail: JFetterly@enerflex.com

    The MIL Network –

  • MIL-OSI United Kingdom: UK Statement at the UN HRC on Occupied Palestinian Territories

    Source: United Kingdom – Executive Government & Departments

    Speech

    UK Statement at the UN HRC on Occupied Palestinian Territories

    UK Human Rights Ambassador Eleanor Sander’s statement during the Interactive Dialogue with the High Commissioner on the Occupied Palestinian Territories.

    High Commissioner, thank you for your update.

    Back on 7 October 2023, Israel suffered the worst terror attack in its history at the hands of Hamas: the hostages have suffered an unbearable trauma. 

    The people of Gaza, so many of whom have lost their lives, homes or loved ones, have also experienced a living nightmare.

    We’ve been crystal clear. Palestinian civilians must be permitted to return to their communities and rebuild. It is for Palestinians to determine the future of Gaza. And international humanitarian law must be respected.

    In the West Bank, the UK is deeply concerned at the expansion of Israel’s war aims and operations. Civilians must be protected.

    But let me be clear, the UK is opposed to the existence of item 7. The UK wants to see all countries face appropriate scrutiny of their human rights record but opposes the disproportionate focus of this item. 

    Mr President,

    The UK has urged all parties to sustain the ceasefire deal, implement the agreement in full, and support efforts to move to phase two and a sustainable peace.

    Indeed, let me reaffirm, once again, our support for a credible pathway towards a peaceful future for both Palestinians and Israelis, based on a two-state solution where they live side-by-side in peace, dignity and security. 

    Thank you.

    Updates to this page

    Published 27 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Africa: African Leaders Unite to Mobilize African Investment and Financing for Implementing Agenda 2063

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

    ADDIS ABABA, Ethiopia, February 27, 2025/APO Group/ —

    On the sidelines of the 38th Ordinary Session of the Assembly of the African Union Summit in Addis Ababa, Ethiopia, African Heads of State, Government and Business Leaders convened for a Presidential Breakfast Dialogue to address the continent’s financing and investment gaps. The event was held under the theme “Africa at the Forefront: Mobilizing African Investment and Financing for Implementing Agenda 2063”.

    The dialogue, which was hosted by His Excellency John Dramani Mahama, President of the Republic of Ghana and Champion on African Union Financial Institutions, in collaboration with the African Union Commission (AUC) and the Alliance of African Multilateral Financial Institutions (AAMFI), reaffirmed the continent’s commitment to accelerating self-reliant, sustainable economic development.

    In his keynote address, President Mahama emphasized the urgency of strengthening Africa’s financial independence through domestic resource mobilization, concessional financing, and strategic public-private partnerships. “Africa must harness its own financial and investment capacities to drive the transformative vision of Agenda 2063. We cannot continue to rely on external financing mechanisms that do not align with our long-term development goals,” he stated.

    Dr. Ngozi Okonjo-Iweala, Director General, World Trade Organization (WTO) emphasized the need for Africans to take charge of their own development by shifting mindsets and strengthening financial self-sufficiency.

    She Said, “The Africa Club is a crucial step toward looking inward and harnessing our own potential. However, we need to focus on four key priorities for Africa’s financial and economic transformation: Firstly, strengthening African financial institutions – If we are to finance our continent’s development, we must capitalize our own financial institutions, including national development banks, ensuring they have the resources to support Africa’s needs. Secondly, let’s address debt challenges to attract investment – we must focus on attracting and retaining investment, including foreign direct investment (FDI), and implementing coordinated strategies to leverage equity financing. Instead of relying on aid, Africa should push for partnerships that channel financial resources into investments. Thirdly, let’s leverage domestic resources – with over $250 billion in pension funds on the continent, we must tap into these resources for development. Strengthening our capital markets, integrating African financial institutions, and utilizing diaspora bonds can significantly boost Africa’s financial resilience. Lastly, let’s drive trade and economic growth – sustainable financing hinges on Africa’s ability to grow its economies, trade more, and add value to its products. Without economic expansion, the resources needed to bridge financing gaps will remain out of reach.”

    Speaking during the dialogue, H.E. Dr. Monique Nsanzabaganwa, Deputy Chairperson of the African Union Commission, highlighted Africa’s immense potential and the critical role of collaboration. “This is an exciting time for Africa, which has been stretching and renewing itself economically, politically, and socially in recent years. Only the grumpiest pessimists will bet against this new era of ‘Africa Time’ for its economic and social transformation as envisioned under Agenda 2063.”

    Dr. Nsanzabaganwa urged investors to seize the opportunities within Africa’s evolving economic landscape. “You will be right to have faith and believe in investing in Africa. The continent is perceived as the ‘new frontier,’ the ‘future paradise’ that sharpens a race to markets by an increasing number of investors.”

    Speaking on behalf of AAMFI, Prof. Benedict O. Oramah, Chairperson of AAMFI’s Governing Council and President of Afreximbank, underscored the significance of African financial institutions leading the charge in development finance. “AAMFI represents Africa’s collective financial strength, and through coordinated action, we will mobilize resources at scale to achieve Agenda 2063,” he stated. He further emphasized Africa’s need for financial solidarity in debt resolution: “We have developed a platform that will make it possible to jointly invest in projects that are impactful to the continent. There is no reason why the bridge across Congo Brazzaville and Congo Kinshasa should not be built, the cost is a mere US$500 million; there is no reason why railways cannot be built across Africa, at best they cost about US$1-2Bn. We cannot call for a reform of the international financial architecture on weak legs, no one will listen to us if they view us as mere beggars. We must rely on our own institutions and use this platform to leverage our individual and collective resources to transform our continent. Let’s strengthen our alliance to meet our set objectives.”

    The dialogue featured a high-level panel of distinguished leaders and finance experts, including: Dr. Donald Kaberuka, African Union (AU) High Representative for Financing of the Union and the Peace Fund; Samaila Zubairu, 1st Vice Chairperson, AAMFI and President & CEO of Africa Finance Corporation (AFC); Dr. Corneille Karekezi, 2nd Vice Chairperson AAMFI and Group Managing Director & CEO, African Reinsurance Corporation; Ahunna Eziakonwa, Assistant Administrator and Regional Director for Africa, UNDP; and H.E. Amb. Albert Muchanga, Commissioner for Economic Development, Trade, Tourism, Industry, and Minerals, African Union Commission.

    Discussions centered on innovative strategies for mobilizing African capital, strengthening financial institutions, and leveraging the role of African Multilateral Financial Institutions (AMFIs) in financing critical development sectors such as infrastructure, industrialization, and trade.

    The event also witnessed special investment announcements:

    • African Trade Transformation Fund (ATTF), a groundbreaking USD5 billion concessional finance window initiative by Afreximbank to provide concessional financing to unlock new opportunities for African businesses and governments.
    • Shelter Afrique Development Bank (ShafDB) introduced the Catalytic Capital Replenishment Fund to bridge the housing and urban infrastructure gap in Africa which is reported to be a 53-million-unit deficit requiring $1.3 trillion to bridge. 
    • The African Reinsurance Corporation (Africa Re) Group has pledged $1 million to the African Union Peace Fund. Additionally, the Corporation donated $500,000 to the Africa CDC during the COVID-19 pandemic and has now authorized the use of the balance for Mpox response efforts. The Group Managing Director further stated that Africa Re has committed 2% of its net profits to the African Re Foundation, which will allocate funds to support various initiatives across the continent, including disaster risk financing.
    • The African Solidarity Fund (ASF) established two key partnerships: a $320 million Guarantee Line to enhance access to housing credit and a $240 million Credit Line Guarantee to support women and youth empowerment, fostering entrepreneurship in the WAEMU.
    • Arab Bank for Economic Development in Africa (BADEA) launched a Debt for Equity initiative to support the capitalization of African Multilateral Financial Institutions by mobilizing resources from the Arab world towards sub-Saharan Africa. 

    African Heads of State & Government, including leaders from Angola, Nigeria, Mauritania, Rwanda, Zambia, Libya, Kenya, Cote d’Ivoire, Benin, and Equatorial Guinea, reaffirmed their commitment to strengthening Africa’s financial ecosystem and supporting the growth of AAMFIs as key instruments of economic transformation.

    The event concluded with a unified call to action for African governments, financial institutions, and the private sector to strengthen coordination and build strategic partnerships to accelerate Africa’s development by His Excellency Ambassador Albert Muchanga, Commissioner for Trade and Industry at the African Union Commission.

    MIL OSI Africa –

  • MIL-OSI United Kingdom: London leaders unveil Growth Plan to turbocharge productivity and add more than £100bn to London’s economy

    Source: Mayor of London

    • London Growth Plan aims to put an extra £11k a year in the pocket of every Londoner and provide £27bn extra tax revenue to fund vital public services in the capital and across the country  
    • The plan targets restoring London’s productivity growth back to 2% per year – making London’s economy £107bn larger by 2035 
    • Plan’s inclusive growth ambitions include a 20% rise in household income for the lowest earning 20% of Londoners 
    • £21m additional funding this year will revitalise local high streets  
    • The Mayor and London Councils issue joint call on UK Government for more investment and devolution to boost local and national growth 

     

    The Mayor of London and London Councils have come together today (Thursday 27 February 2025) with local leaders from business, education and the voluntary sector to launch a bold new plan to turbocharge economic growth and increase prosperity across the capital.

     

    Developed together with London & Partners – in collaboration with businesses, trade unions and London’s communities – the London Growth Plan sets out a blueprint to kickstart the capital’s productivity, which has flatlined since the 2008 global financial crisis.

     

    The plan aims to restore productivity growth to an average of two per cent a year in the next decade, which would make London’s economy £107bn* larger by 2035 and put an extra £11,000 on average in the pockets of the near-nine million Londoners. This would also mean the capital contributing an extra £27.5bn in taxes to the Treasury in 2035, providing vital revenues for investment in public services.

     

    London’s productivity grew by an average of 3.16 per cent each year between 1998 and 2007, but between 2008 and 2022, average productivity growth was just 0.12 per cent a year. Growing productivity is the key to higher wages, higher living standards and increased investment in public services in London and across the UK.

     

    The new plan focuses on inclusive economic growth to make sure that more Londoners can contribute to and benefit from the capital’s success. Helping more Londoners into work, bringing down housing costs and improving public transport are all vital to reducing poverty in London, improving living standards and driving growth. The plan aims to achieve a 20 per cent rise in the household weekly income (after housing costs) of the lowest earning 20 per cent of Londoners – which would mean more than a million London households would have an extra £50 to spend each week, on average, after paying for housing costs. 

     

    The London Growth Plan outlines huge opportunities for turbocharging the capital’s economy and harnessing the growth potential of sectors such as AI, life sciences, robotics, clean tech, quantum computing and the creative industries. Key drivers to deliver the plan’s growth ambitions for the capital include a renewed focus on nurturing world-class talent, helping Londoners get the skills they need for productive careers, backing business innovation with new investment and technology, taking a bolder approach to housing and infrastructure, and reinvigorating London’s local high streets. 

     

    A long-term strategic relationship between London and the UK Government will be a crucial part of delivering the plan. London is the engine of the UK economy and, with national support, this plan can harness its economic power and potential for the benefit of all Londoners and the whole country, helping to fund investment in public services across Britain.

     

    Priorities in the London Growth Plan include:  

     

    • Backing business: London government will help to power ‘industrial innovation corridors’ around the capital – supporting new space, facilities and infrastructure to ensure innovation can thrive. This will build on the potential of the WestTech Corridor (anchored in White City going through Old Oak and Park Royal), the UK Innovation Corridor (anchored in the Knowledge Quarter going towards Cambridge) and the Thames Estuary (anchored in Queen Elizabeth Olympic Park going out to Essex and Kent).  A new proposed London Tech and Inclusive Growth Fund could provide up to £100m loan and equity funding for high-growth small and midsize enterprises.  
    • Talent and skills: An Inclusive Talent Strategy will build the capital’s skilled workforce to unleash the potential of Londoners and – in turn – London’s economy. This will help create at least 150,000 high quality jobs, with a focus on fair pay and good work, to deliver Mayoral manifesto commitments. As well as supporting more people into work and ensuring all Londoners can get the skills or training needed to progress their careers, the strategy will help attract world-class talent to study and work in the capital. New rent-controlled Key Worker Homes will also help London to attract and retain its essential workforce. 
    • Housing and infrastructure: Local leaders will work with UK Government to extend and upgrade London’s public transport network, prioritising transformational projects to unlock new affordable homes and growth – including the Docklands Light Railway extension to Thamesmead, the Bakerloo line extension and the West London Orbital. The plan also calls for more devolution of London’s suburban rail services. This will be reinforced by the next London Plan, which will prioritise growth, increase housing delivery and ensure better digital connectivity.  
    • Inward investment and promotion: London will take the lead in implementing national reforms to the Local Government Pension Scheme, exploring the development of a major joint fund to invest in places that encourage innovation, including venture capital. The plan will also support London’s goal to be a net-zero city by 2030, attracting significant institutional capital for green infrastructure. There will be support to set up a new quantum tech incubator, London Life Sciences Week will be backed to become a key global event for the sector, and London leaders will explore a new business visitor centre to promote the capital’s world-leading offer by bringing companies together with agencies and developers.  
    • High streets and local economies: £21m additional funding this year will support boroughs with town centre regeneration, including potentially creating a publicly owned High Street Estate Agency to bring empty properties back into use. The plan also reiterates the Mayor’s commitment to revitalising neighbourhood policing so that the capital’s high streets always feel welcoming and safe.  

     

    Delivering the London Growth Plan will be a genuine partnership between the Mayor, local government leaders and central government, working in coalition with universities, incubators, accelerators, venture capitalists, innovation districts, corporate innovators, capital markets and international investors.  

     

    London’s leaders want central government to help unleash the capital’s economic potential by giving the Mayor and boroughs more freedoms to fund their own growth priorities, and the flexibility to spend money in the best way to drive good growth. This is on top of continuing to lobby the Government to secure agreements with our biggest international trading partners that ensure London’s key sectors can continue to grow and thrive.  

     

    Mayor of London, Sadiq Khan, said: “This growth plan provides a golden opportunity to turbocharge growth and unlock London’s full potential – for the benefit of all Londoners and the whole country.  

     

    “It’s a blueprint for how we can help to create 150,000 good jobs, build more affordable homes, deliver major new transport upgrades and skill up Londoners for the well-paid jobs of tomorrow. From AI, life sciences and climate tech to our financial and creative industries, London is home to many of the best businesses in the world, which we want to back to grow and thrive over the next decade. 

     

    “Ultimately, growth means little if people cannot feel the benefits or see the positive change it brings to their area. So our goal is to deliver economic growth in every corner of our city that helps to raise living standards, puts more money in people’s pockets and enables us to invest in our public services, as we continue to build a fairer and more prosperous London for all.” 

     

    Cllr Claire Holland, leader of London Councils, added: “The London Growth Plan is a blueprint to drive inclusive economic growth in the capital and across the UK, boosting productivity and ensuring more Londoners can feel the benefits of growth.

     

    “It sets out our ambitions to unleash growth in the industries of the future, deliver new housing and infrastructure to support the London economy, and develop a new Inclusive Talent Strategy, helping more people to get into work and get the skills they need to progress.

     

    “Boroughs are resolutely pro-growth and are committed to working with business, the Mayor of London and national government to turbocharge growth in every corner of our city.” 

     

    Laura Citron, chief executive of London & Partners, concluded: “This is a huge moment for our city: a shared vision, a clear plan, and now the momentum to make it happen. As the capital’s growth agency, we’ll be working closely with investors, entrepreneurs, partners, and places across the city to drive growth for London and Londoners – attracting investment, scaling our businesses, bringing in visitors and world-class events, while telling London’s story brilliantly. Our city is built on reinvention, and this is our next big chapter.”

    London’s universities and research institutes will be key partners in nurturing the talent and innovation required to deliver the Plan’s growth targets. The Plan highlights University College London’s Person-Environment-Activity Research Laboratory and Imperial’s recent purchase of the Victoria Industrial Estate in the proposed WestTech innovation corridor as examples of the specialist spaces needed to support inclusive growth. 

    Prof Hugh Brady, President of Imperial College London, said: “Universities like Imperial play a critical role in attracting and nurturing world-class talent, fuelling inclusive growth, and strengthening London’s position as a global leader in innovation. That’s why the best innovation ecosystems have world-renowned research universities at their heart.

    “The WestTech Corridor, anchored by Imperial College London, will be central to delivering the Mayor’s ambitious London Growth Plan, driving a vibrant innovation ecosystem in West London and acting as a powerful engine for investment, economic growth and job creation across the UK and the wider world.”

    Dr Michael Spence, President and Provost at UCL, said: “Innovation, driven by universities working with local government and businesses, has huge potential to spur growth and create jobs in London. The London Growth Plan reflects the importance of universities like UCL in helping to attract, nurture and realise inclusive growth in our capital city.

    “UCL’s campuses are at the heart of London’s innovation corridors, driving the talent pipeline alongside our cutting-edge facilities delivering world class research. Within ten minutes of our Bloomsbury campus, one of the world’s largest and most collaborative innovation districts is taking shape in the Knowledge Quarter, with huge potential to bring together life science, technology, healthcare and academia in one place. On Queen Elizabeth Olympic Park, UCL East is at the heart of the UK’s newest culture and learning quarter at East Bank, a driving force behind cultural and creative industries innovation and regeneration in London.”

    The newly published London Growth Plan has also been welcomed by leading voices from across the capital’s business community.  

    Karim Fatehi OBE, Chief Executive of the London Chamber of Commerce and Industry, said: “LCCI welcomes the Mayor’s London Growth Plan to maximise London’s economic potential and maintain its position as the best city in the world to do business. Businesses of all sizes are the lifeblood of the London economy, and measures such as the London Tech and Inclusive Growth fund will help them grow and attract investment.

    “We especially welcome the Growth Plan’s focus on skills – giving Londoners access to industry-relevant training, employment and careers support. This inclusive strategy will ensure London’s economic success means prosperity for all Londoners.”

    Laura Timm, London Policy Representative at the Federation of Small Businesses, said: “FSB is delighted to see a strong, ambitious and upbeat Growth Plan that hones in on three key FSB drivers for small business growth—namely, access to targeted finance, cultivating a high-functioning skills system, and presenting opportunities for small firms to win public procurement contracts.

    “Over 99 per cent of all firms in the capital are small in size but significant in growth potential. We look forward to working with the Mayor of London, the Deputy Mayor for Business and other stakeholders in implementing the Growth Plan – which we hope will create the environment that helps a local small firm take on their first apprentice, seal an exporting opportunity, and tackle the scourge of business crimes up and down our high streets.”

    John Dickie, Chief Executive of Business LDN, said: “The bold ambitions set out in the London Growth Plan rightly focus on unlocking the city’s full potential so that businesses can succeed and Londoners thrive. Delivering on this agenda will require the city to double down on existing efforts to tackle barriers to inclusive growth such as housing and skills where we have the agency to act.

    “The Government needs to ensure London has the tools it needs to turbocharge growth and help the UK get out of the economic slow lane. This means stepping up by providing long-term, flexible funding to unlock vital infrastructure and affordable housing so that the city remains an attractive place to live, work, visit and do business.”

    Read more at www.growthplan.london.  

    MIL OSI United Kingdom –

  • MIL-OSI Banking: Publication of financial reports: Federal Office of Justice imposes disciplinary fine on pferdewetten.de AG

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The disciplinary fine order related to a breach of section 325 of the German Commercial Code (Handelsgesetzbuch – HGB). pferdewetten.de AG failed to submit its accounting documents for the financial year 2023 for the purpose of disclosure to the operator of the German Federal Gazette (Bundesanzeiger) in electronic form within the prescribed period. The legal basis for the sanction is section 335 of the HGB.

    The company lodged an appeal against the Federal Office of Justice’s decision to impose a disciplinary fine.

    MIL OSI Global Banks –

  • MIL-OSI: The recording of Šiaulių Bankas Investor Conference Webinar of introducing the financial results for the Year 2024

    Source: GlobeNewswire (MIL-OSI)

    During the Investor Conference Webinar by Vytautas Sinius, CEO, Tomas Varenbergas, Head of Investment Management Division and Tautvydas Mėdžius, Strategy Partner introduced the Bank’s financial results for Q4 and FY2024 and recent developments and answered the participant questions afterwards.

    The recording of it can be found on Šiaulių Bankas youtube channel here.

    Presentation and the recording of webinar are also posted on the Bank’s website https://sb.lt/en/investors

    Šiaulių bankas thanks all participants.

    If you would like to receive Šiaulių Bankas news for investors directly to your inbox, subscribe to our newsletter.

    Additional information:
    Tomas Varenbergas
    Head of Investment Management Division
    tomas.varenbergas@sb.lt

    The MIL Network –

  • MIL-OSI: Austria’s Regulatory Reporting Infrastructure to Move to the Cloud with Nasdaq AxiomSL

    Source: GlobeNewswire (MIL-OSI)

    Nasdaq secures technology partnership with AuRep, a unique collaborative joint venture of banks and financial service providers in Austria

    Cloud-based platform will support early compliance with the EU’s Integrated Reporting Framework (IReF)

    NEW YORK and VIENNA, Feb. 27, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) today announced it has signed an agreement with Austrian Reporting Services (AuRep) to provide the regulatory reporting technology that underpins the Austrian financial services industry. Founded in 2013, AuRep is a unique collaboration amongst major banks and financial service providers in Austria designed to consolidate regulatory reporting infrastructure onto a single, shared platform.

    The agreement will see around 90% of Austrian credit institutions move their regulatory reporting infrastructure to the cloud, upgrading their legacy on-premises solution to Nasdaq AxiomSL. It reflects the growing demand for regulatory technology solutions that simplify banks’ underlying architecture to more flexibly meet future requirements.

    “AuRep is a truly unique and innovative response to regulatory complexity and setting the global standard for simplifying regulatory reporting compliance,” said Ed Probst, Senior Vice President, Regulatory Technology at Nasdaq. “European banks are subject to intense supervisory oversight and ever-greater reporting requirements, which is driving increasing demand for cloud-based platforms that can readily adapt to change while providing scalability and the highest standards of security. We are proud of our track record in delivering the highest quality regulatory reporting products and services and AuRep’s rigorous selection process has confirmed the same.”

    Staying ahead of regulatory change was critical for AuRep. By selecting Nasdaq AxiomSL as a Service (SaaS), AuRep is able to rapidly deploy regulatory updates and scale up capacity to deliver to the Austrian banking community. Future regulatory changes such as the EU’s incoming Integrated Reporting Framework (IReF) will be seamlessly integrated into the Nasdaq AxiomSL platform ensuring timely and cost-effective compliance. IReF seeks to harmonize statistical reporting across euro area banks, but will significantly increase the volume, granularity, and frequency of data submissions, meaning many will be unable to comply unless they modernize their underlying data architecture or seek cloud-based solutions.

    Kenneth Born, CEO at Aurep, said: “We selected Nasdaq AxiomSL to future-proof our Common Reporting Platform, optimized according to our Target Operating Model drawing on innovative, scalable, and fully compliant public cloud infrastructure. Adapting this software in line with the Austrian Central Bank’s granular Integrated Reporting Data Model, continues the success story of the Austrian standardized granular reporting platform. It enables banks to create and submit reports legally required under Austrian and European regulations, with tailored and efficient software in a consistent and highly standardized manner, while realizing economies of share.”

    Owned by the majority of Austrian Banking groups, AuRep operates a common regulatory reporting platform, offering an audit-proof, stable, and reliable framework for its members. It is the single point of contact for all reporting entities and financial service providers in the country, aggregating data into a central client-isolated reporting system, which then transmits data reliably and securely to the Central Bank of the Republic of Austria.

    Nasdaq AxiomSL is a comprehensive data management tool and regulatory reporting platform. It is designed to simplify regulatory reporting processes for banks and other financial services companies, recognizing that in an increasingly global and real-time financial ecosystem, institutions need modern compliance and regulatory reporting solutions that simplify a complex regulatory landscape. The platform allows clients to centralize and scale all current and future regulatory reporting processes from a single, cloud-enabled, end-to-end platform. It supports compliance with 110 regulators across 55 jurisdictions, backed by a global team of industry experts, supporting a quick time to market as banks expand into new markets or asset classes.

    Nasdaq’s technology is used by 97% of global systematically important banks, half of the world’s top 25 stock exchanges, 35 central banks and regulatory authorities, and 3,500+ clients across the financial services industry. As a scaled platform partner, Nasdaq draws on deep industry experience, technology expertise, and cloud managed service experience to help financial services companies solve their toughest operational challenges while advancing industrywide modernization.

    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.

    Media Contacts

    Andrew Hughes; +44 (0)7443 100896; Andrew.Hughes@nasdaq.com

    Camille Stafford; +1 (234) 934 9513; Camille.Stafford@nasdaq.com

    Cautionary Note Regarding Forward-Looking Statements:

    Information set forth in this press release 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. Forward-looking statements can be identified by words such as “will” and “can” and other words and terms of similar meaning. Such forward-looking statements include, but are not limited to, statements related to the benefits of Nasdaq’s AxiomSL platform. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These risks and uncertainties 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.

    -NDAQG-

    The MIL Network –

  • MIL-OSI Economics: Underwriting Auction for sale of Government Securities for ₹32,000 crore on February 28, 2025

    Source: Reserve Bank of India

    Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on February 28, 2025 (Friday).

    As per the extant scheme of underwriting commitment notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) auction, applicable to each Primary Dealer (PD), are as under:

    (₹ crore)
    Security Notified Amount MUC amount per PD Minimum bidding commitment per PD under ACU auction
    6.79% GS 2031 10,000 239 239
    6.92% GS 2039 12,000 286 286
    7.09% GS 2054 10,000 239 239

    The underwriting auction will be conducted through multiple price-based method on February 28, 2025 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 09:00 A.M. and 09:30 A.M. on the day of underwriting auction.

    The underwriting commission will be credited to the current account of the respective PDs with RBI on the day of issue of securities.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2258

    MIL OSI Economics –

  • MIL-OSI: INVL Asset Management launches new INVL Partner Strategic Lending Fund which will invest in a fund that lends to the world’s biggest private equity managers

    Source: GlobeNewswire (MIL-OSI)

    INVL Asset Management, a part of Invalda INVL, the leading asset management group in the Baltics, has launched the INVL Partner Strategic Lending Fund as a new closed-end fund for informed investors. 

    The INVL Partner Strategic Lending Fund will invest in a fund managed by 17Capital, a private credit manager active in North America and Europe. That fund’s strategy is to lend to private equity managers, investors and funds against the net asset value (NAV) of their private equity portfolios.  

    “The new fund offers investors an opportunity to diversify their portfolios by investing in private equity funds and their managers through credit instruments. Capital will be deployed in a fund managed by a global leader in NAV lending, which finances some of the world’s largest fund managers and has an established investment portfolio. These attributes ensure an attractive risk-return profile” says Audrius Matikiūnas, the interim CEO of INVL Asset Management, which has established the INVL Partner Strategic Lending Fund. 

    The INVL Partner Strategic Lending Fund is starting operations following approval its rules by the Bank of Lithuania. 

    Distribution of the investment units of the fund managed by INVL Asset Management starts in March. The units are being distributed in the Baltics by the financial brokerage firm INVL Financial Advisors, which operates in Lithuania under the INVL Family Office brand. Distribution of the fund in Latvia and Estonia will begin after the required notification procedures. 

    The minimum investment in the INVL Partner Strategic Lending Fund is EUR 125,000. The fund’s investments are expected to achieve a net average annual return of 10-12%. The anticipated duration of the fund is 7 years. 

    Founded in 2008, 17Capital operates primarily from London and New York. The company has completed more than 100 investments and 50 exits and since its inception has raised more than USD 13 billion.  

    About INVL Asset Management 

    INVL Asset Management is the leading Baltic alternative asset manager. We strive to deliver superior risk-adjusted returns to our investors while positively impacting our region’s economic development. 

    We are part of the Invalda INVL group with a track record spanning over 30 years. Our group manages or have under supervision more than EUR 1.6 billion of assets across multiple asset classes including private equity, forests and agricultural land, renewable energy, real estate as well as private debt. Our scope of activities also includes family office services in Lithuania, Latvia and Estonia, management of pension funds in Latvia, and investments in global third-party funds. Further information www.invl.com/en/.

    Additional information:
    Audrius Matikiūnas
    audrius.matikiunas@invl.com

    The MIL Network –

  • MIL-OSI: Subsea 7 S.A. Announces Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg – 27 February 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355, the Company) announced today results of Subsea7 Group (the Group, Subsea7) for the fourth quarter and full year which ended 31 December 2024. Unless otherwise stated the comparative period is the full year which ended 31 December 2023.   

    Highlights 

    • Full year Adjusted EBITDA of $1,090 million, up 53% on the prior year, equating to a margin of 16%
    • Fourth quarter Adjusted EBITDA of $315 million, up 29% on the prior year period, equating to a margin of 17%
    • Robust free cash flow of $408 million in the fourth quarter, leading to a reduction in net debt (including lease liabilities) of $256 million compared to the third quarter
    • Fourth quarter order intake of $2.3 billion, a book-to-bill ratio of 1.2
    • A high-quality backlog of $11.2 billion implies over 80% visibility on 2025 revenue guidance and supports the outlook for Adjusted EBITDA margin expansion to 18 to 20%
    • Dividend of approximately $350 million proposed, subject to shareholder approval, for payment in two equal instalments in 2025
      Fourth Quarter Year Ended
    For the period (in $ millions, except Adjusted EBITDA margin and per share data) Q4 2024
    Unaudited    		 Q4 2023
    Unaudited    		 2024
    Audited    		 2023
    Audited
    Revenue 1,869 1,631 6,837 5,974
    Adjusted EBITDA(a) 315 245 1,090 714
    Adjusted EBITDA margin(a) 17% 15% 16% 12%
    Net operating income 126 55 446 105
    Net income/(loss) 26 (11) 217 10
             
    Earnings per share – in $ per share        
    Basic 0.07 (0.06) 0.68 0.05
    Diluted(b) 0.07 (0.06) 0.67 0.05
             
    At (in $ millions)      

    2024
    31 Dec

    		  

     2023
    31 Dec
    Backlog(a)     11,175 10,587
    Book-to-bill ratio(a)     1.2x 1.2x
    Cash and cash equivalents     575 751
    Borrowings     (722) (845)
    Net debt excluding lease liabilities(a)     (147) (94)
    Net debt including lease liabilities(a)     (602) (552)

    (a) For explanations and reconciliations of Adjusted EBITDA, Adjusted EBITDA margin, Backlog, Book-to-bill ratio and Net debt refer to the ‘Alternative Performance Measures’ section of the Condensed Consolidated Financial Statements.

    (b) For the explanation and a reconciliation of diluted earnings per share refer to Note 7 ‘Earnings per share’ to the Condensed Consolidated Financial Statements.

    John Evans, Chief Executive Officer, said:

    Subsea7 delivered another strong performance in the fourth quarter of 2024, building on the momentum already achieved over the past two years. With a quarterly Adjusted EBITDA of $315 million and a full year result of approximately $1.1 billion, we exceeded the top end of the guidance range we set out a year ago. 

    During the quarter we recorded order intake of $2.3 billion, resulting in a year end backlog of $11.2 billion. With $5.8 billion for execution in 2025 we are confident in the Group’s ability to generate strong Adjusted EBITDA and cash flow in the year ahead.

    Interactions with clients remain constructive and high tendering activity continues to support our positive outlook. Against this backdrop the Board of Directors has proposed that in 2025, we return approximately $350 million in the form of a cash dividend. Since 2012, Subsea7 has returned approximately $2.5 billion to shareholders and this year’s commitment underscores our commitment to capital discipline and focus on delivering for all our stakeholders.

    Fourth quarter project review
    During the fourth quarter, Subsea7 continued to execute a portfolio of major projects in Brazil, where Seven Vega was active on the Mero 3 project, while Seven Cruzeiro installed umbilicals and Seven Merlin provided support. The pipelay support vessels (PLSVs) also achieved high utilisation. In the US, Seven Navica installed risers at Sunspear, and Seven Seas worked at Shenandoah and Cypre. Seven Borealis, Seven Pacific and Seven Arctic were active in Saudi Arabia, Egypt and Angola. Finally, in Norway, we made good progress in the fabrication of pipelines and bundles for the Yggdrasil project at our Vigra and Wick spoolbases.

    The Renewables business performed strongly and delivered an Adjusted EBITDA margin of 21%. Seaway Alfa Lift and Seaway Strashnov were active on the Dogger Bank B project, installing monopiles and transition pieces. Having achieved good and predictable cycle times for monopile installation, our scope is nearing completion and we will mobilise to the Dogger Bank C project in April. During the quarter our cable lay activities centred on Taiwan where we were active on the Yunlin, Zhong Neng and Hai Long projects. In the US, Seaway Aimery installed cables at the Revolution project. Utilisation of the heavy transportation vessels was high.

    Fourth quarter financial review
    Revenue was $1.9 billion an increase of 15% compared to the prior year period. Adjusted EBITDA of $315 million equated to a margin of 17%, up from 15% in Q4 2023. This reflected another strong quarter of double-digit margins in Renewables and a robust performance in Subsea and Conventional.

    Depreciation, amortisation and impairment charges were $189 million, resulting in net operating income of $126 million compared to $55 million in the prior year period. Net finance costs of $19 million and a net foreign exchange loss of $67 million, resulted in net income for the quarter of $26 million compared with a net loss of $11 million in the prior year period.

    Net cash generated from operating activities in the fourth quarter was $487 million, including a $251 million improvement in net working capital, equating to a cash conversion of 1.6 times. Net cash used in investing activities was $69 million mainly related to purchases of property, plant and equipment and intangible assets. Net cash used in financing activities was $271 million including lease payments of $59 million. Overall, cash and cash equivalents increased by $135 million to $575 million at 31 December 2024 and net debt was $602 million, including lease liabilities of $455 million.

    Fourth quarter order intake was $2.3 billion comprising new awards of $1.8 billion and escalations of $0.5 billion resulting in a book-to-bill ratio of 1.2 times. Backlog at the end of December was $11.2 billion, of which $5.8 billion is expected to be executed in 2025, $3.4 billion in 2026 and $2.0 billion in 2027 and beyond.

    Commitment to shareholder returns
    At the Annual General Meeting on 8 May 2025, the Board of Directors will propose that shareholders approve a cash dividend of NOK 13.00 per share, equating to approximately $350 million, payable in two equal instalments in May and November 2025. This represents a year-on-year increase of 40% in returns to shareholders and is equivalent to an approximate yield of 7% related to the cash dividend.

    Outlook
    We anticipate that revenue in 2025 will be between $6.8 billion and $7.2 billion, while the Adjusted EBITDA margin is expected to be within a range from 18% to 20%. We continue to expect margins to exceed 20% in 2026, based upon our firm backlog of contracts and the prospects in our tendering pipeline.

    Driven by structural factors including economic development and energy security, the outlook for long-term energy demand growth remains positive. Subsea7’s exposure to both the hydrocarbon and renewable sectors leaves the Group well placed to benefit from this structural energy trend. Our focus on late-cycle, long-duration developments adds resilience to our strategy, while our track record for project execution and strong balance sheet support a market-leading position that benefits the Group, our customers and our shareholders.

    Proposed Combination of Subsea7 and Saipem
    On 23 February 2025, Subsea 7 S.A. announced an agreement in principle on the key terms of the proposed merger with Saipem S.p.A. In accordance with the memorandum of understanding signed between Saipem S.p.A. and Subsea 7 S.A., Subsea 7 S.A. shareholders will receive 6.688 Saipem S.p.A. shares for each Subsea 7 S.A. share held, and an extraordinary dividend for an amount equal to €450 million will be distributed immediately prior to completion. Subsea 7 S.A. and Saipem S.p.A. shareholders will own 50% each of the issued share capital of the combined company. The completion of the proposed combination is anticipated to occur in the second half of 2026, following completion of confirmatory due diligence, the approval of the final terms of the proposed combination by the Board of Directors of Subsea 7 S.A. and Saipem S.p.A., the execution of a satisfactory merger agreement, and relevant corporate and regulatory approvals.

    Kristian Siem, Chairman of the Board of Directors and the largest shareholder of Subsea7, as well as the management of Subsea7 share a conviction that there is compelling logic in creating a global leader in energy services, particularly considering the growing size of clients’ projects. Saipem and Subsea7 are highly complementary in terms of market offerings and geographies. The combination would enhance value for shareholders, clients and other stakeholders, both in the current market and in the long term.

    Conference Call Information
    Date: 27 February 2025
    Time: 12:00 UK Time, 13:00 CET
    Access the webcast at subsea7.com or https://edge.media-server.com/mmc/p/aexdnm2p/
    Register for the conference call https://register.vevent.com/register/BIec54517b2a53403badecf6512dc8b41a

    Attachments

    The MIL Network –

  • MIL-OSI Economics: Development Asia: Enhancing Vaccine Regulation for Pandemic Preparedness

    Source: Asia Development Bank

    Strengthening regulatory frameworks is critical in ensuring that vaccines are quickly approved and distributed. Using a systematic approach, gaps in key areas of the regulatory system can be identified, prioritized, and effectively addressed through regulatory capacity building and education of regulatory professionals.

    The World Health Organization Global Benchmarking Tool was developed to evaluate regulatory systems objectively and systematically, identify strengths and areas for improvement, guide interventions, and monitor progress in strengthening the regulatory system. Consistent and regular training of national regulators can also complement regulatory systems strengthening efforts by focusing on the identified gaps.

    The diverse and fragmented regulatory environment in Asia and the Pacific calls for regulatory convergence[1] and cooperation to facilitate timely and equitable access in the region. Stable, well-functioning national regulatory authorities in the region listed as WHO Maturity Level 3 and 4 and WHO Listed Authorities, such as those in the People’s Republic of China, India, Indonesia, Republic of Korea, Singapore, Thailand, and Viet Nam, could foster regional regulatory cooperation and serve as reference agencies for lower-resourced regulatory agencies.

    Such cooperation could be facilitated by formalized processes and relationships such as memoranda of understanding. For example, Singapore’s Health Sciences Authority has adopted a confidence-based regulatory approach that leverages the decisions of established and trusted regulatory agencies through formal recognition mechanisms and has expedited reviews without compromising the robustness of regulatory decisions. This has reduced approval timelines to 90 working days from 270 working days for the Health Sciences Authority’s full evaluation route under its verification evaluation system.

    Confidence-based approaches can be adopted in various stages of the vaccine life cycle. The ASEAN Mutual Recognition Arrangement on Good Manufacturing Practice Inspection enables member states to leverage on the regulatory inspections performed by other member states. It is legally binding for member states to recognize one another’s good manufacturing practice certificates, benchmarked against the international Pharmaceutical Inspection Cooperation Scheme.

    Regulatory cooperation can range from legally-binding mechanisms in the form of mutual recognition agreements and reliance mechanisms to other forms of cooperation such as joint collaborative assessments, report sharing and work sharing. Work sharing can promote mutual learning and the sharing of best practices among participating national regulatory authorities and can encourage regulatory convergence. For industry, the work-sharing model can be commercially attractive, providing simultaneous access to multiple countries and shorten timelines with the consolidation of questions.

    While cooperation on vaccine regulation is still nascent, there are other examples of regulatory cooperative mechanisms. Work sharing is practiced by Access Consortium, comprising the national regulatory authorities of Australia, Canada, Singapore, Switzerland and the United Kingdom. A similar coalition is the Opening Procedures at EMA to Non-EU authorities (OPEN) initiative, led by the EMA, which partners Australia, Brazil, Canada, Japan, Switzerland and WHO in joint assessments. In Asia and the Pacific, the Indo-Pacific Regulatory Strengthening Program, comprising Cambodia, Indonesia, Laos, Myanmar, Papua New Guinea, Thailand, and Viet Nam, and supported by Australia, successfully expedited approval of the antimalarial tafenoquine in Thailand in 2019 in its joint review.

    While the work-sharing model has its advantages, the following points also need to be considered:

    • Participating national regulatory authorities may have different priority drug lists and approval timelines.
    • Participating national regulatory authorities may have different technical requirements.
    • Lack of clarity in regulatory decisions could impact company filing strategies.

    Convergence of regulatory requirements can further contribute to successful work-sharing collaborations. One way to incentivize the alignment of key regulatory requirements is the creation of a consensus on indicators that measure overall efficiency of the work-sharing pathway, which participating countries can jointly work towards. Regional regulatory convergence efforts include the APEC Action Plan on Vaccination Across the Life-Course, which sets key policy targets to achieve by 2030. Priorities for alignment include post-approval change management, labeling, and packaging.

    MIL OSI Economics –

  • MIL-OSI Economics: Development Asia: Building Sustainable Vaccine Manufacturing Practices in Lower-Resourced Settings

    Source: Asia Development Bank

    Vaccines are inherently labile biologicals that require complex manufacturing and handling processes. Vaccine manufacturing requires multiple considerations, such as technical expertise, production capabilities, market demand, and stringent regulatory requirements. Underpinning these considerations is the need for sustainable funding. Vaccine manufacturing is a capital-intensive endeavor with facilities and equipment costing up to $700 million. This excludes the costs of product development, licensing, regulatory, and overhead costs, clubbed with a significant risk of development failure and unprofitability. Because of the high investments needed, there are often conflicting interests between commercial drivers and public health needs. The COVAX manufacturing task force highlighted key prerequisites for vaccine manufacturing to address future pandemic responses. These include a wide range of efforts, including upgrading manufacturing facilities to international standards, expanding the vaccine manufacturing workforce and regulatory capabilities, and enabling technology transfer.

    Maintaining quality throughout the process of vaccine production to delivery is paramount. As it involves many upstream and downstream processes, vaccine manufacturing demands a robust quality management system to ensure an uninterrupted supply of raw materials, consumables, current Good Manufacturing Practice-compliant facilities, and state-of-the-art equipment. Optimizing the scale-up of production, validation, and prompt resolution of technical issues are important to address when expanding the production capacity. The complexity of production is further constrained by vaccine lability, with many vaccines requiring cold chain maintenance during transportation and storage, some at very low temperatures. In addition, supply chain networks for manufacturing and packaging processes spread across different countries add to the complexity of producing consistently good quality batches of these susceptible biological products.

    From an economic perspective, investing in or scaling up vaccine manufacturing capacity has limited utility without sustainable demand. Overall vaccine demand depends on several factors: i) private, public, and donor market demands; ii) disease prevalence; iii) vaccine effectiveness and safety; iv) trust in the government and health system; and v) social norms, such as social influence, vaccination decisions of peers and vaccine free-riding behavior. For example, Gavi, the Global Vaccine Alliance, provides data on forecasting vaccine demand to assist stakeholders in understanding the vaccine market needs. On the supply side, health systems must also have adequate facility readiness to effectively deliver the vaccines.

    During the COVID-19 pandemic, expedited regulatory approvals were crucial for the rapid development, manufacturing, and delivery of vaccines. However, prior to the pandemic, fragmented regulatory requirements, complex quality control standards, and the lack of a central monitoring and coordinating system to manage capacity had hampered vaccine manufacturing efforts.

    Setting up sustainable vaccine manufacturing capabilities also depends on issues around intellectual property rights of the vaccines. The current Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) established by the World Trade Organization grants disproportionate market power to the bigger developers and manufacturers and leads to market oligopoly, further increasing the barrier of entry for smaller manufacturers. While technology transfer as a method of collaboration is proposed to improve efficiency in manufacturing, it requires extensive and transparent knowledge sharing and active support from the original manufacturers to reproduce the original vaccines with acceptable variations. This entire technology transfer process may take from 18 months up to 30 months as it involves a wide range of activities and expertise, including specialized skills, documentation, laboratory technicians, and regulation registration. In public health emergencies where it is essential to ramp up vaccine production, this timeline delays access to life-saving vaccines.

    Vaccine manufacturing also has a profound impact on the environment. Vaccine packaging material, which is essential for transport and storage, can raise costs including disposal expenses. There is a significant increase in glass, plastic, and rubber residues from vaccine containers as well. Combined with the added waste from the process of vaccination, such as needles and syringes that are often non-biodegradable, vaccine manufacturing greatly affects the environment.

    MIL OSI Economics –

  • MIL-OSI Economics: Development Asia: Ensuring Sustainable, Locally Relevant Vaccine R&D in Resource-Limited Settings

    Source: Asia Development Bank

    Decisions on vaccine platform choice should be context-specific.

    Various vaccine technologies or platforms are available to help the body defend against pathogens (Table 1). While mRNA-based vaccines were the fastest to be developed and the most effective against SARS-CoV-2, the technology is not a solution for all pathogens. Each vaccine platform has its advantages and limitations, and choosing one depends on factors such as the pathogen, immune response, outbreak situation, cost, and ease of manufacturing.

    The understanding of how the human body defends against different pathogens often guides vaccine technology selection. The two major protective, vaccine-induced immune components include: 1) neutralizing antibodies in the blood that can block infection and 2) immune T cells that kill infected cells. For example, the immune system combats bacterial infections through T-cell-dependent antibodies targeting the outer bacterial polysaccharide coating. As a result, most bacterial vaccines use polysaccharide conjugate vaccine technologies.

    Tackling pandemic versus endemic pathogens requires vastly different vaccine development considerations. During a pandemic, rapid vaccine development technologies, such as mRNA, are critical. However, for vaccines against endemic pathogens, priorities may shift to long-term immunity and cost-effectiveness. When developing vaccines in or for populations in low-resource settings, cost and manufacturing complexity are key considerations. Furthermore, up-to-date knowledge of the major circulating pathogen strains—both locally and globally—and their associated epidemiology should inform vaccine development.

    Investment in a range of vaccine platforms is critical for maximizing success.

    As countries tackle a vast range of emerging infectious diseases, experts recommend judicious R&D investments in a variety of platforms, as well as innovations in manufacturing. The “portfolio approach” by the Coalition for Epidemic Preparedness Innovations (CEPI) is a case in point. It refers to the deliberate investment in a diverse range of vaccine platforms. Portfolio diversification enhances overall success by ensuring that different platforms do not share the same features and risks of failure.

    Investment in early-stage R&D is instrumental for understanding how vaccine candidates provide protection and for generating evidence to support early go/no-go decisions in vaccine development. All vaccine R&D investments require a comprehensive assessment to evaluate market demand, barriers to access, and expected public health impact. For example, GAVI’s vaccine investment analysis framework aims to understand and capture the full value of vaccines, including social, economic, and population health benefits.

    CEPI’s 100-day mission proposes to build a global vaccine library to promote coordinated investments and a global collaborative network for rapid content sharing. This initiative aims to build a library of vaccine prototypes and incorporate AI tools to forecast virus variants for high-priority diseases before their emergence.

    Accelerating vaccine development requires multi-stakeholder effort.

    The COVID-19 pandemic highlighted the possibility of drastically shrinking clinical development timelines by combining clinical trial phases and using adaptive trial designs. The use of immune correlates of protection (CoP)—i.e., immune parameters responsible for vaccine-induced protection—also enabled the rapid licensure of several COVID-19 vaccines. This was achieved through bridging studies, where immunology results from completed clinical trials were extrapolated to different populations. Fundamental research on high-priority pathogens is therefore crucial for establishing and validating CoP for future pandemic pathogens. Newer methods, such as controlled human challenge models, offer further potential to provide rapid insights into protection and safety.

    Regulatory agility during the pandemic facilitated the expedited development of safe and high-quality vaccines. Similarly, regional and global collaboration in sharing manufacturing processes and vaccine safety and efficacy data further accelerated vaccine R&D. Therefore, continued data sharing, harmonization of regulatory requirements and resolving intellectual property issues will lead to faster availability of new vaccines during emergencies.

    Limited infrastructure, funding, technical expertise, operational and manpower limitations currently hamper trials in resource-limited countries. Equitable vaccine access may be facilitated through international public-private partnerships in vaccine development and technology transfer. Understanding the magnitude and extent of knowledge and expertise gaps in these countries is important for guiding capacity building initiatives.

    Affordability dictates the success of vaccine development programs in resource-limited countries.

    Innovative strategies are essential in ensuring financial sustainability of vaccine R&D in lower-resourced countries. Design and discovery of new and improved vaccine technologies usually require decades of investment in basic scientific research, which is mostly sustainable in high-resource settings. To level the playing field, initiatives such as the WHO mRNA transfer hub and private and philanthropic joint ventures like Hilleman laboratories are working to make new vaccine technologies more accessible to lower-resource countries through technology transfer mechanisms.

    Additionally, vaccine clinical trials require significant financial investments for setting up infrastructure, capacity development and clinical trial implementation. As a solution, WHO recently set up the Global Clinical Trials Forum to strengthen the clinical trial ecosystem in the Global South and promote domestic financing of clinical trials.

    Table 1: Major Vaccine Platforms and Considerations for Development in Resource Constrained Settings

    MIL OSI Economics –

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on February 27, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 50,000
    Total amount of bids received (in ₹ crore) 49,955
    Amount allotted (in ₹ crore) 49,955
    Cut off Rate (%) 6.26
    Weighted Average Rate (%) 6.27
    Partial Allotment Percentage of bids received at cut off rate (%) N.A.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2255

    MIL OSI Economics –

  • MIL-OSI Economics: Money Market Operations as on February 25, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 5,94,039.41 6.24 5.15-6.65
         I. Call Money 14,886.68 6.31 5.15-6.65
         II. Triparty Repo 4,19,180.40 6.23 5.90-6.35
         III. Market Repo 1,58,098.13 6.28 5.75-6.45
         IV. Repo in Corporate Bond 1,874.20 6.45 6.45-6.45
    B. Term Segment      
         I. Notice Money** 62.30 6.22 5.80-6.35
         II. Term Money@@ 749.00 – 6.40-7.50
         III. Triparty Repo 374.00 6.32 6.25-6.40
         IV. Market Repo 2,090.71 6.37 6.30-6.61
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Tue, 25/02/2025 2 Thu, 27/02/2025 75,012.00 6.26
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Tue, 25/02/2025 1 Wed, 26/02/2025 817.00 6.50
      Tue, 25/02/2025 2 Thu, 27/02/2025 78.00 6.50
    4. SDFΔ# Tue, 25/02/2025 1 Wed, 26/02/2025 1,02,416.00 6.00
      Tue, 25/02/2025 2 Thu, 27/02/2025 10,425.00 6.00
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -36,934.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 21/02/2025 14 Fri, 07/03/2025 41,046.00 6.26
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Fri, 21/02/2025 45 Mon, 07/04/2025 57,951.00 6.26
      Fri, 14/02/2025 49 Fri, 04/04/2025 75,003.00 6.28
      Fri, 07/02/2025 56 Fri, 04/04/2025 50,010.00 6.31
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       9,095.71  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     2,33,105.71  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     1,96,171.71  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on February 25, 2025 9,47,293.60  
         (ii) Average daily cash reserve requirement for the fortnight ending March 07, 2025 9,22,740.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ February 25, 2025 75,012.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on February 07, 2025 -1,973.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2024-2025/2013 dated January 27, 2025, Press Release No. 2024-2025/2138 dated February 12, 2025, and Press Release No. 2024-2025/2209 dated February 20, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2254

    MIL OSI Economics –