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Category: Business

  • MIL-OSI USA: SBA Offers Relief to Kentucky Businesses, Nonprofits and Residents Affected by February Storms

    Source: United States Small Business Administration

    WASHINGTON – In response to a Presidential disaster declaration issued Feb. 24, 2025, the U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans for Kentucky businesses, nonprofits, and residents affected by the severe storms, straight-line winds, flooding, landslides and mudslides occurring Feb. 14.  

    Under this declaration, the primary counties of Breathitt, Clay, Floyd, Harlan, Knott, Lee, Letcher, Martin, Owsley, Perry and Pike are eligible for both Physical damage loans and Economic Injury Disaster Loans (EIDLs) from the SBA. Small businesses and most private nonprofit (PNP) organizations in the following adjacent counties are eligible to apply only for SBA EIDLs: Bell, Estill, Jackson, Johnson, Knox, Laurel, Lawrence, Leslie, Magoffin, Powell and Wolfe, as well as Buchanan, Dickenson, Lee and Wise in Virginia; and Mingo and Wayne in West Virginia.

    Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.    

    Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.    

    Applicants may also be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.    

    SBA’s EIDL program is available to eligible small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

    EIDLs are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage. They may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    Interest rates are as low as 4% for small businesses, 3.625% for PNPs, and 2.563% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms, based on each applicant’s financial condition.

    Beginning Thursday, Feb. 27, SBA customer service representatives will be on hand at the Business Recovery Center (BRC) in Perry County to answer questions about SBA’s disaster loan program, explain the application process and help individuals complete their application. Walk-ins are accepted, but you can schedule an in-person appointment in advance at appointment.sba.gov. The BRC hours of operation are listed below:

    Business Recovery Center (BRC) 
    Perry County

    Hazard Community and Technical College Jolly Classroom Center

    1 Community College Drive

    Hazard, Kentucky 41701

    Opening:  Thursday, Feb. 27, 8 a.m. to 6 p.m.

    Hours: Monday – Friday – 8 a.m. to 6 p.m.

    Saturday, 9 a.m. to 3 p.m.

    Closed: Sunday

    Disaster survivors should not wait to settle with their insurance company before applying for a disaster loan. If a survivor does not know how much of their loss will be covered by insurance or other sources, SBA can make a low-interest disaster loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay the loan.

    With the changes to FEMA’s Sequence of Delivery, survivors are now encouraged to simultaneously apply for FEMA grants and the SBA low-interest disaster loan assistance to fully recover.  FEMA grants are intended to cover necessary expenses and serious needs not paid by insurance or other sources. The SBA disaster loan program is designed for your long-term recovery, to make you whole and get you back to your pre-disaster condition.  

    To apply online, visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.  

    The filing deadline to return applications for physical property damage is April 25, 2025. The deadline to return economic injury applications is Nov. 24, 2025.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

    MIL OSI USA News –

  • MIL-OSI Security: Former Missoula credit union employee sentenced to prison for embezzling $389,000 by swapping real money for fake currency

    Source: Office of United States Attorneys

    MISSOULA — A former Missoula credit union employee who admitted to embezzling approximately $389,000 from the vault by swapping real money with fake funds was sentenced yesterday to six months in prison, to be followed by five years of supervised release, and ordered to pay $389,000 restitution, Acting U.S. Attorney Timothy J. Racicot said.

    The defendant, Edward Arthur Nurse, 35, of Missoula, pleaded guilty in October 2024 to an indictment charging him with theft from a credit union.

    U.S. District Judge Donald W. Molloy presided. The court also sentenced Nurse to six months of home confinement and to perform 600 hours of community service. The court allowed Nurse to self-report to prison.

    In court documents, the government alleged that from about July 2023 to June 2024, Nurse embezzled from his employer, Park Side Credit Union in Missoula. In June 2024, an employee discovered $340,000 in cash in the credit union’s vault had been replaced with fake funds from a company that provides fake currency as props for movies and entertainment productions. Nurse used his position as “team lead” for the vault to swap the credit union’s cash with fake money he purchased specifically for this purpose. Nurse hid his conduct from security cameras, auditors and his colleagues by putting real money at the front and back of bundles of fake money. Nurse made multiple purchases of fake money and stole the real cash from his work at different times over a seven-month period.

    After the credit union discovered the thefts, Nurse claimed to an FBI special agent that he did not usually carry much cash and, aside from a vacation to Las Vegas, Nevada, he had not made any recent large purchases or cash deposits. However, records show that Nurse made at least nine cash deposits of over $10,000 each in 2024 into his personal account.  The investigation also determined that during the first six months of 2024, Nurse had purchased $410,000 in fake currency from a prop money company. The credit union was later informed that approximately $50,000 in fake money had been received by the Federal Reserve in July 2024. Those funds were returned and determined to be fake bills from the prop money company.

    The U.S. Attorney’s Office prosecuted the case. The FBI, with assistance from the Missoula Police Department, conducted the investigation.

    XXX

    MIL Security OSI –

  • MIL-OSI: Mavenir and OXIO Powering the Next Generation of MVNOs

    Source: GlobeNewswire (MIL-OSI)

    RICHARDSON, Texas, Feb. 26, 2025 (GLOBE NEWSWIRE) — Mavenir, the cloud-native network infrastructure provider building the future of networks, today announced that it has been selected by OXIO, a leading Telecom-as-a-Service (TaaS) company, for Packet Core, IMS and next generation messaging solutions to support borderless MVNOs and embedded connectivity use cases on a global scale.

    Mavenir has deployed a packet core that enables 4G and 5G user connectivity with an open, cloud-native, container-based solution, accompanied by Mavenir’s messaging platforms enabling revenue growth from valuable A2P and B2C segments. Mavenir’s MAVcore® functions are implemented as microservices running in containers, using open APIs to integrate with 3rd party platforms and observability frameworks. This allows network operators to roll-out services faster, increase efficiency, and reduce downtime.

    OXIO’s cloud-native, programmable TaaS platform helps businesses to build and launch mobile services quickly and without limitations. Mavenir will help OXIO customers deliver and monetize a full suite of connectivity and messaging services.

    This is Mavenir’s first deal with OXIO and signals the intention to expand into further markets across the Americas with the mission to deploy worldwide. Mavenir’s products are deployed over the Amazon Web Services (AWS), Cloud enabling OXIO for flexible, fast and cost-efficient multi-countries deployment.

    Adil Belihomji, Chief Technology Officer at OXIO, added: “We are a cloud-native platform, and we share that approach with Mavenir. The quality and flexibility of their services across Packet Core, IMS and Messaging will ensure a best-in-class experience for our customers as they launch new telecom services worldwide.”

    Antonio Correa, Senior RVP Southern Europe, Caribbean & Latin America at Mavenir, said: “OXIO is a true innovator, and a driver of real change in the telecom industry. This first deal with OXIO will demonstrate the value that we can bring to their offering – and our cloud-native approach enables Mavenir solutions to be replicated in any geographies with rapid go-to-market times.”

    About Mavenir
    Mavenir is building the future of networks today with cloud-native, AI-enabled solutions which are green by design, empowering operators to realize the benefits of 5G and achieve intelligent, automated, programmable networks. As the pioneer of Open RAN and a proven industry disruptor, Mavenir’s award-winning solutions are delivering automation and monetization across mobile networks globally, accelerating software network transformation for 300+ Communications Service Providers in over 120 countries, which serve more than 50% of the world’s subscribers. For more information, please visit www.mavenir.com

    Meet Mavenir at Mobile World Congress 2024, Barcelona, Mar 3-6, 2025.
    To explore Mavenir’s latest innovations and learn more about how Mavenir is delivering the Future of Networks – Today, visit us in Hall 2 (Stand 2H60) at #MWC25.

    About OXIO
    OXIO is building the global network of the future as the first telecom-as-a-service (TaaS) platform, founded Our technology-first approach to telecom unlocks innovation and possibility while delivering actionable insights for customer-obsessed companies competing in a data-driven world. OXIO is headquartered in New York with offices in Mexico City and Montreal. For more information, visit oxio.com. To learn more about current openings, visit oxio.com/careers/.

    Mavenir PR Contact:
    Emmanuela Spiteri
    PR@mavenir.com

    The MIL Network –

  • MIL-OSI USA: Grassley Opening Statement on DOJ Nominees John Sauer, Harmeet Dhillon and Aaron Reitz

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    Opening Statement by Senator Chuck Grassley of Iowa
    Chairman, Senate Judiciary Committee
    Wednesday, February 26, 2025
    Good morning. I’d like to welcome everyone to this hearing to consider the nominations of John Sauer to serve as the Solicitor General, Harmeet Dhillon to serve as the Assistant Attorney General for the Civil Rights Division and Aaron Reitz to serve as Assistant Attorney General for the Office of Legal Policy.
    Before I turn to my opening statement, I’ll explain how we’re going to proceed today.
    I’ll give my opening remarks, and then I’ll invite Ranking Member Durbin to give opening remarks. Then, I’ll call on Senators Lee, Cruz, Hawley and Schmitt to introduce the nominees. After that, the nominees will have a chance to give an opening statement to the Committee. 
    Following the statements from the nominees, we’ll proceed to a single, five-minute round of questions. I ask Members to do their best to adhere to these time limits, so that we can proceed efficiently with the hearing.
    With that, I’ll turn to my opening remarks.
    Our three nominees have been tapped to serve in important roles in the Department of Justice. Congratulations on your nominations. If confirmed, your work will impact the lives of millions of Americans.
    Each of you has impressive qualifications, and we’re looking forward to hearing from you. I’d like to thank your family and friends for coming today. I know they’re all very proud of you.
    I’ve said many times that the Department of Justice is at an inflection point. Over the last four years, public trust in the Department has declined, and many Americans feel like the justice system doesn’t work for them.
    If confirmed, we expect you to work with Attorney General Pam Bondi to fulfill her promise to turn things around.
    Mr. Sauer, you’re particularly well suited to serve as the nation’s chief appellate lawyer. You started your career clerking for Justice Scalia, one of the legal giants of our time. Justice Scalia spent his life teaching lawyers to faithfully interpret the law and Constitution according to its original meaning. I’ve no doubt that you learned this lesson well.
    After clerking and a stint in private practice, you left D.C. behind to go home and serve as an Assistant United States Attorney in Missouri. You worked diligently to prosecute criminals and to keep your community safe. 
    In 2017, you joined the Missouri Attorney General’s Office as the Solicitor General, where you served under two members of this Committee, Senator Hawley and Senator Schmitt.  Serving as a state’s chief appellate officer during the COVID pandemic and across two presidential administrations undoubtedly prepared you for the role you will walk into if you are confirmed. 
    There’s a lot of work to be done defending our nation’s laws, and I know you’re prepared to take it on.
    Ms. Dhillon, you’re one of the nation’s foremost experts on civil rights. Your journey started a long way from here, when your family immigrated from India. You went to Dartmouth at the tender age of 16, and then went to law school at the University of Virginia.
    Throughout your career, you’ve never shied away from unpopular but just causes. You served as the Director of an ACLU chapter after 9/11, a group many on my side are often skeptical of. You also started your own law firm and founded a non-profit. You’ve litigated some of the most important cases on free speech, religious liberty, voting rights and discrimination.
    Discrimination is wrong. Our Constitution and our civil rights laws do not tolerate discrimination on the basis of race, as the Supreme Court recently made clear in the Students for Fair Admissions cases.
    Unfortunately, the Biden administration not only allowed discrimination to take place, but openly encouraged it. Under the name of “Diversity, Equity, and Inclusion,” the Biden administration imposed a nationwide regime of discrimination, and the Civil Rights Division completely failed to enforce our nation’s laws. President Trump has put an end to this and, if confirmed, I trust that you’ll work to help him execute on his promise.
    Americans don’t pick winners and losers based on the color of their skin, their sex or the name of their God.
    Ms. Dhillon, you’ve fought for everyone to be treated equally. You fought against colleges shutting down free speech for political reasons, against states restricting freedom of worship and against big tech companies engaged in censorship. You’ve won many victories defending freedom and our constitutional rights. If confirmed, we’ll need your continued leadership to protect the civil rights of all Americans.
    Our side of the aisle doesn’t spend much time talking about people’s personal characteristics. We care about character and merit. But in addition to your qualifications, your background makes you particularly suited to return the Justice Department to its proper role of enforcing our civil rights laws and ending discrimination.
    You’re an immigrant, a religious minority, a woman, a business owner, a civil rights leader, an accomplished lawyer, and, I’ve learned, an excellent knitter. You’re an example of what is great about America.
    Mr. Reitz, you have an impressive and dedicated career of service to our country. You attended college at Texas A&M University on an ROTC Scholarship and honorably served our country as a United States Marine, including a tour in Afghanistan.
    Upon your return from Afghanistan, you attended law school at the University of Texas, where you excelled.
    After a time in private practice, you decided to serve your country again. You clerked for the now-Chief Justice of the Texas Supreme Court. Then you ran for a seat in the Texas House of Representatives and campaigned on issues that you believed in. You continued gaining legal experience during this time in private practice.
    You eventually joined the Office of the Attorney General of Texas as Deputy Attorney General for Legal Strategy. In that role, you were involved in some of the office’s most impactful litigation during the Biden administration. You fought to secure the border, hold Big Tech accountable, protect the integrity of the ballot box and promote conservative social values.
    Today, you continue to serve Texas and your country as a member of Senator Cruz’s staff. You are currently his Chief of Staff, and I think I won’t offend my colleague when I say that this is no easy job. This is particularly true because you continue to serve in the Marine Corps Reserve, where you actively drill with your unit and hold the rank of Major. Your relentless work ethic and love of country are obvious.
    In short, the three nominees before us have impressive careers and life stories. I look forward to hearing from them today.
    With that, I’ll turn to Ranking Member Durbin for his opening remarks.
    -30-

    MIL OSI USA News –

  • MIL-OSI United Nations: Greatest threat to UN Peacekeeping is divisions between nations, says UN Peace Operations Chief

    Source: United Nations 2

    The two-day event was an opportunity to highlight the importance of women in peacekeeping, and delegates also discussed the current challenges to peacekeeping, and how the UN and Member States can work together to adapt to the new realities of today’s geopolitical landscape.

    This interview has been edited for clarity and length

    UN News: What is the biggest threat to peacekeeping in the next 20 years, and how can we prepare for it today?

    Jean-Pierre Lacroix: The biggest challenge is divisions between our member states, because we rely on their strong and united political support.

    Unfortunately, that unity is less certain today. When they encounter challenges and difficulties existing peacekeeping missions cannot always count on strong and united support from Member States, including host governments.

    Another critical point is that peacekeeping operations are deployed to support political efforts. But for those political efforts to succeed, we need a united, committed, and strong international community.

    The nature of conflicts has evolved. There are more non-state actors, including private security companies. The drivers of conflicts are increasingly transnational, whether they are terrorism, organized crime, or the impact of climate change.

    Although we cannot control the level of unity among our Member States, we must work on addressing the evolving nature of conflicts and improving our ability to respond effectively.

    UN India/ Shachi Chaturvedi

    The Under-Secretary-General for Peace Operations (USG DPO, Jean-Pierre Lacroix takes a look at the ‘Make in India’ exhibition on the sidelines of the conference.

    UN News: How can peacekeeping stay ahead of the threats posed new technology, such as AI, cyber attacks and drones?

    Jean-Pierre Lacroix: That is a critical objective, and the reason we have launched a strategy for the digital transformation of peacekeeping, which aims to improve situational awareness, enhance the safety and security of our peacekeepers and counter misinformation, which is currently being weaponized in many peacekeeping settings.

    However, to achieve this we need to improve digital literacy among our staff, which will require significant efforts in terms of training and enhancing their level of preparedness. We cannot do that alone as the UN Secretariat, we need to work with our partners.

    UN News: From frontlines to leadership roles, what do you think would it take for women to be the face of UN peacekeeping?

    Jean-Pierre Lacroix: We are doing better when it comes to the number of women serving in peacekeeping, and the proportion of women has been constantly improving.

    However, we want to have more female officers in senior positions, such as Force Commander and Deputy Force Commander. Not many armed forces have women at this kind of level, but India is doing a lot to achieve that and is providing more female officers.

    We also have to look at how we make the peacekeeping environment welcoming for both women and men. This includes practical issues such as facilities, and a lot of effort is being made to improve the quality of our camps and their suitability for women as well as for men.

    © UN Photo/ Gema Cortes

    Captain Sandra Hernandez Vega (right) in Timbuktu, Mali (file)

    There is also a psychological dimension to this, ensuring that all peacekeepers, men and women, do their best to make the work environment welcoming to all, and certainly to women. We are working on this, but I think it’s also a shared responsibility that we have with the troop- and police-contributing countries.

    UN News: How can we improve the advancement of women in peacekeeping?

    Jean-Pierre Lacroix: First of all, it is UN policy to empower women. Having more female peacekeepers generates a better work environment and they become role models for other women. I believe that we have a better record of conduct and discipline when we have more women in peacekeeping.

    It’s particularly important to have more women in peacekeeping when it comes to building trust with communities, and that is something that has been regularly emphasized.

    However, their role is not limited to community engagement. For example, we have female officers who are helicopter pilots and basically every task that we have in peacekeeping is open to women as well as to men.

    UN News: How do you think the countries of the Global South can play a more active role in peacekeeping?

    Jean-Pierre Lacroix: The majority of the peacekeepers that we deploy come from the Global South, including India, which is one of the biggest contributors. Their role is critically important, not only in terms of numbers but also in other areas.

    India, for example, is helping with all efforts currently being carried out to improve peacekeeping, from safety and security to how we use digital technology. Of course, this includes improving the number of women in peacekeeping, enhancing how performance assessments are carried out, and other areas.

    I think there is a wealth of experience in the Global South which we really want to take advantage of so that we continue to adapt and address current challenges: we need to make sure that tomorrow’s peacekeeping operations remain relevant.

    MIL OSI United Nations News –

  • MIL-OSI USA: Boilermakers promote union workforce at 2025 PowerGen expo

    Source: US International Brotherhood of Boilermakers

    The International Brotherhood of Boilermakers promoted the union workforce in February in its fourth sponsorship of PowerGen. The event is an annual information and networking conference attended by 7,500 power generation professionals representing some of the world’s most prominent employers and contractors in the industry. 

    The Boilermakers sponsorship of the 2025 event in Dallas included a highly visible booth in the exhibit hall to showcase Boilermaker expertise. The goal of the union’s presence at PowerGen is to secure work opportunities across the U.S. and Canada. 

    Boilermaker representatives engaged with industry pros at the booth, highlighting what sets Boilermakers apart—from rigging, welding and mechanical aptitude to the union’s reputation for getting jobs done right the first time and delivering with excellence.

    Industry events like PowerGen serve as key networking opportunities, said Johnny Baca, Director of the M.O.R.E. Work Investment Fund. In some cases, the events reconnect the union with former Boilermakers who now run contracting firms, equipment companies and major energy projects. 

    “These relationships create valuable pathways to put Boilermakers to work across the evolving power sector,” he said. “The Boilermaker alumni network is a powerful tool that must be consistently leveraged to ensure the next generation of Boilermaker hands get their fair share of opportunities.”

    Beyond staffing the exhibit hall booth, Boilermaker representatives attended critical discussions offered at the event, including new trends in the Inflation Reduction Act (IRA), union job growth and the future of power generation. Key topics included carbon capture, coal, natural gas, geothermal and the resurgence of nuclear energy—all of which present major opportunities for Boilermaker man-hours.

    “As data centers and AI-driven energy demands surge, the Boilermakers are positioned at the forefront of emerging energy technologies,” Baca said. “Whether it’s traditional power generation, renewable expansion or advanced industrial applications, the battle never stops to ensure union Boilermakers are on site to lead the way.”

    The Boilermakers union began as a PowerGen sponsor in 2018. PowerGen describes itself as the “premier networking and business hub for power generation professionals and solution providers…bringing together power producers, utilities, EPCs, consultants, OEMs, and large-scale energy users.”

    MIL OSI USA News –

  • MIL-OSI Security: Felon Sentenced for Possessing Firearms and Transporting Stolen Vehicle

    Source: Office of United States Attorneys

    A man with fifteen prior felony convictions who used a stolen motorcycle to drive from Minnesota to Iowa and broke into a Winneshiek County home to steal firearms and other items was sentenced February 24, 2025, to more than seven years in federal prison.

    Steven Michael Current, age 58, from Canton, Minnesota, received the prison term after an October 15, 2024, guilty plea to one count of possession of firearms as a felon and one count of interstate transportation of a stolen motor vehicle.

    In a plea agreement, Current admitted that he had fifteen prior felony convictions, and on September 26, 2022, he broke into a rural Winneshiek County home and stole eight firearms.  Current also admitted that he drove a stolen 2004 Harley Davidson Motorcycle from Canton, Minnesota, to the burglary scene in Iowa on September 26, 2022.  This motorcycle was stolen from a home in Rochester, Minnesota, on June 9, 2022.  Current admitted that, during the burglary, he dropped two unscratched Minnesota lottery tickets from his pocket.  Current was identified by images captured on a home camera system, and by images from the Minnesota store where Current purchased the lottery tickets.

    Current was sentenced in Cedar Rapids by United States District Court Chief Judge C.J. Williams.  Current was sentenced to 87 months’ imprisonment and was ordered to make $500 in restitution to the original owner of the motorcycle and $6,031.31 to the insurance company that paid for the loss of the vehicle.  He must also serve a three-year term of supervised release after the prison term.  There is no parole in the federal system.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    Current is being held in the United States Marshal’s custody until he can be transported to a federal prison.

    The case was prosecuted by Assistant United States Attorney Patrick J. Reinert and investigated by Winneshiek County, Iowa, Sheriff’s Office, Fillmore County, Minnesota, Sheriff’s Office, and the federal Bureau of Alcohol, Tobacco, Firearms and Explosives.  

    Court file information at https://ecf.iand.uscourts.gov/cgi-bin/login.pl.

    The case file number is 23-CR-02050.

    Follow us on X @USAO_NDIA.

    MIL Security OSI –

  • MIL-OSI: Annual General Meeting announcement

    Source: GlobeNewswire (MIL-OSI)

    Amsterdam, February 26, 2025

    SBM Offshore announces that the agenda of the Annual General Meeting of Shareholders (AGM) and the invitation for shareholders to attend the AGM have now been published on the Company’s website. The AGM will be held at the Steigenberger Airport Hotel Amsterdam (Stationsplein Zuid-West 951, 1117 CE Schiphol, the Netherlands) on Wednesday April 9, 2025 at 2.30 p.m. Central European Time.

      

    Corporate Profile

    SBM Offshore is the world’s deepwater ocean-infrastructure expert. Through the design, construction, installation, and operation of offshore floating facilities, we play a pivotal role in a just transition. By advancing our core, we deliver cleaner, more efficient energy production. By pioneering more, we unlock new markets within the blue economy.

    More than 7,800 SBMers collaborate worldwide to deliver innovative solutions as a responsible partner towards a sustainable future, balancing ocean protection with progress.

    For further information, please visit our website at www.sbmoffshore.com.

    Financial Calendar   Date Year
    Annual General Meeting   April 9 2025
    First Quarter 2025 Trading Update   May 15 2025
    Half Year 2025 Earnings   August 7 2025
    Third Quarter 2025 Trading Update   November 13 2025
    Full Year 2025 Earnings   February 26 2026

    For further information, please contact:

    Investor Relations

    Wouter Holties
    Corporate Finance & Investor Relations Manager

    Media Relations

    Giampaolo Arghittu
    Head of External Relations

    Market Abuse Regulation

    This press release may contain inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Disclaimer

    Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. These statements may be identified by words such as ‘expect’, ‘should’, ‘could’, ‘shall’ and / or similar expressions. Such forward-looking statements are subject to various risks and uncertainties. The principal risks which could affect the future operations of SBM Offshore N.V. are described in the ‘Impacts, Risks and Opportunities’ section of the 2024 Annual Report.

    Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results and performance of the Company’s business may vary materially and adversely from the forward-looking statements described in this release. SBM Offshore does not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this release to reflect new information, subsequent events or otherwise.

    This release contains certain alternative performance measures (APMs) as defined by the ESMA guidelines which are not defined under IFRS. Further information on these APMs is included in the 2024 Annual Report, available on our website Annual Reports – SBM Offshore.

    Nothing in this release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities. The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate legal entities. In this release “SBM Offshore” and “SBM” are sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

    “SBM Offshore®“, the SBM logomark, “Fast4Ward®”, “emissionZERO®” and “F4W®” are proprietary marks owned by SBM Offshore.

    Attachment

    The MIL Network –

  • MIL-OSI: Electrify Expo Expands With Launch Of New Solar Zone In 2025

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, Feb. 26, 2025 (GLOBE NEWSWIRE) — Electrify Expo, North America’s largest electric vehicle (EV) and technology festival, is expanding its event footprint in 2025 with the introduction of a new Solar Zone, a unique showcase for festival attendees that highlights the real-world benefits of solar power for EV owners and shoppers.

    This interactive zone will allow attendees to explore the Solar Industry’s leading installers, retailers, and manufacturers via exhibits and experiences meant to show how solar energy enhances home efficiency, reduces costs, and makes EV ownership even more practical. Featuring hands-on demonstrations and the latest advancements in solar technology, the Solar Zone provides an engaging space for homeowners, tech enthusiasts, and energy-conscious consumers to see firsthand how solar solutions fit into their everyday lives.

    “As Electrify Expo continues to grow, we’re enhancing the attendee experience to include industries that seamlessly integrate with electric vehicles,” said BJ Birtwell, CEO and Founder of Electrify Expo. “Solar power is a natural extension of the EV lifestyle, offering cost savings, energy independence, and greater sustainability. Our attendees are eager for smart, efficient technologies, and the Solar Zone delivers exactly that—an opportunity to experience how Solar and EVs blend naturally via interactions with the Industry’s leading companies.”

    The Solar Zone is one of several new experiential areas debuting at Electrify Expo in 2025, following the announcement of the EV Charging Zone. With these additions, Electrify Expo continues its leadership as the premier destination for consumers to discover, experience, and adopt the latest in EV and energy technology.

    In just under four years, Electrify Expo has scaled into a national festival that tours to eight cities, attracting huge crowds of attendees eager to experience what’s next in electric vehicles and beyond. Today, Electrify Expo is not only the go-to festival for the hottest EVs, but also a powerful space to explore cutting-edge technologies. The introduction of the Solar Zone solidifies the festival’s role as the premier destination for industry innovators and tech-forward consumers alike.

    Electrify Expo’s 2025 tour schedule:

    • March 22-23: Orlando, FL
    • April 12-13: Phoenix, AZ
    • May 24-25: Dallas, TX **new city
    • June 21-22: Los Angeles, CA
    • July 12-13: Seattle, WA
    • August 23-24: San Francisco, CA
    • September 13-14: Chicago, IL **new city
    • October 17-19: New York, NY

    For the full 2025 schedule and to secure tickets, visit www.electrifyexpo.com. Media interested in attending may request credentials by emailing ee@skyya.com.

    Companies interested in exhibiting at the 2025 Electrify Expo locations can visit https://www.electrifyexpo.com/partner-registration.

    About Electrify Expo
    Electrify Expo is North America’s largest electric vehicle (EV) and technology festival, where consumers come to shop and experience all things electric. The festival showcases the industry’s leading brands and exciting startups through hands-on activations, demos and experiences spanning EVs, micromobility, solar energy, charging solutions, powersports, automotive aftermarket, and connected home technology, providing attendees with immersive learning opportunities and memorable interactions. From high-powered demo courses to engaging education zones, Electrify Expo offers a unique festival vibe for consumers to reshape what they think they know about EVs. In 2025, Electrify Expo’s nationwide tour will visit Orlando, Phoenix, Dallas, Los Angeles, Seattle, San Francisco, Chicago and New York. To stay up to date on the latest news and announcements from Electrify Expo, visit www.electrifyexpo.com and follow on Facebook, Instagram and YouTube.

    Media Contact
    Skyya PR
    ee@skyya.com

    The MIL Network –

  • MIL-OSI USA: Governor Polis, The Department of Natural Resources, Colorado Strategic Wildfire Action Program invests $8.4 million in 19 New Wildfire Mitigation Projects

    Source: US State of Colorado

    DENVER – Today, Governor Polis and the Colorado Department of Natural Resources (DNR) announced today $8.4 million through the Colorado Strategic Wildfire Action Program (COSWAP), which accelerates forest restoration and wildfire risk reduction through targeted projects that protect communities, watersheds and critical infrastructure. 

    This round includes 14 Workforce Development Grants to treat 1,045 acres of forested land and train over 150 wildfire mitigation individuals, and five Landscape Resilience Investments in partnership with the Colorado Water Conservation Board’s Wildfire Ready Watersheds program to strategically support wildfire risk reduction and critical water infrastructure protection in high priority watersheds in targeted counties including in Garfield, Grand, Boulder, Jackson and Montezuma. 

    “Here in Colorado, no matter what happens in Washington DC, we are aggressively expanding fire prevention strategies that work, and that includes the Colorado Strategic Wildfire Action Program. This critical funding supports wildfire mitigation efforts across the state and helps Coloradans gain skills, and earn hands-on experience to become the next generation of well-equipped Colorado foresters,” said Governor Polis. 

    “This year, I am pleased we are able to provide significant new funding for on the ground hand crews and training and significant landscape scale projects to a wider range of Colorado communities for forest mitigation and watershed protection work,” said Dan Gibbs, Executive Director, Colorado Department of Natural Resources. Dan Gibbs. “Our COSWAP program rose up out of the devastating 2020 wildfire season and I am proud of the growth and innovation the program has shown. It provides essential on the ground funding to help protect lives, property and critical infrastructure while helping our communities become more resilient in the face of larger, more complex wildfires.” 

    COSWAP’s Workforce Development Grant is designed to reduce wildfire risk through entry-level training opportunities and hands-on experience. The mission of this program is strengthened by COSWAP’s partners at the Colorado Youth Corps Association (CYCA) and Department of Corrections’ State Wildland Inmate Fire Teams (DOC SWIFT) who offer the next generation of land stewards the skills, experience and career exposure to succeed in wildfire mitigation and forestry. Lt. Governor Dianne Primavera has been a leader in securing investments for CYCA and creating avenues so AmeriCorps members can gain skills to help better lead mitigation efforts in Colorado. 

    In this round of Workforce Development Grants, CYCA crews including Larimer County Conservation Corps, Rocky Mountain Youth Corps, Mile High Youth Corps and Southwest Conservation Corps received awards to complete six wildfire mitigation projects. Similarly, the DOC SWIFT crews will work on three projects. The remaining five workforce development awards will go towards training individuals in basic wildland firefighting and chainsaw operations. 

    “COSWAP is a transformational program in Colorado. Not only does it protect the lives and livelihoods of millions of Coloradans, it also unites people through service to their communities. This investment will develop the next generation of wildland firefighters, provide a pathway to the next chapter of service for the women and men of the National Guard, and bring a sense of purpose and accomplishment to conservation corps members. It represents the best of government, allocating resources to proven, impactful solutions,” said Scott Segerstrom, Executive Director, Colorado Youth Corps Association. 

    “The Pueblo Fire Department has obtained this grant funding every year since 2022, and it has had a significant positive effect on the spread of fire in those areas. The City of Pueblo cannot express how much we appreciate being awarded this grant for three years in a row continuing into 2025 and how much it increases the safety of our citizens,” said Deputy Fire Chief Kieth Novak from the City of Pueblo Fire Department. “The COSWAP grant has benefited the City of Pueblo, working with the Pueblo Fire Department and the City of Pueblo Parks Department, to mitigate wildland fire risks along the north Fountain River as well as multiple areas of the Arkansas River through the City of Pueblo by clearing areas along the rivers of underbrush, trees and other plants to make the area more accessible when there is a fire, as well as decreasing the possibility of fire spread by creating fire breaks and ground clearing. The work these crews do has significantly decreased the hazard risk associated with fire spread to homes around the rivers.” 

    This year, the Colorado Strategic Wildfire Action Program is proud to support Serve Colorado and Colorado National Guard in their pilot project working with the Rocky Mountain Youth Corps in the Medicine Bow-Routt National Forest. Although this project is located outside of COSWAP’s Strategic Focus Areas, it was a unique opportunity to leverage two service-oriented entities that provide workforce development for their members as well as wildfire mitigation benefits for the community. 

    “Members of the Colorado National Guard make up a population that are dedicated to serving their state and nation. By partnering with AmeriCorps to develop workforce pathways for National Guard personnel into the public sector, we as a nation receive substantial returns on our investments from multiple levels of government. Through this program, our part-time service members receive financial stability – building our military readiness-, our communities benefit from the military training those service members have already received, and our military forces benefit from well rounded service members who are able to bring the skills they’ve gained in AmeriCorps to the warfight. This partnership is a perfect example of government efficiency and maximizes the return on investment for American tax dollars, all while ensuring our local communities and service members are more prepared for whatever the future throws at them,” said Major General Laura Clellan. 

    COSWAP’s Landscape Resilience Investments focus on large-scale, cross-boundary fuels reduction projects. This year, COSWAP launched a special release of this funding opportunity in partnership with the Colorado Water Conservation Board’s Wildfire Ready Watersheds program. 

    Through this special release, awardees will implement wildfire risk reduction projects that protect critical water infrastructure within high priority watersheds. COSWAP distributed $4,850,000 between the City of Boulder, City of Fort Collins, City of Glenwood Springs, Grand Fire Protection District and Mancos Conservation District to treat a combined 1,313 acres over the next three years. 

    All five recipients of the Landscape Resilience Investment are also developing a Wildfire Ready Action Plan to assess the potential impacts of wildfire on community infrastructure, and advance a framework for their community to plan and implement mitigation strategies to minimize these impacts before wildfires occur. 

    “The Wildfire Ready Watersheds program is designed to help communities understand and mitigate the risks that post-wildfire hazards, e.g. floods and debris flows, pose to their lives, property, water supplies, and other infrastructure. By integrating this work with COSWAP’s Landscape Resilience Investments, we’re ensuring that wildfire mitigation efforts not only protect homes and infrastructure but also safeguard the watersheds that sustain our communities,” said Chris Sturm, Watershed Program Director, Colorado Water Conservation Board. “These grants set our partners up for success by combining strategic planning with on-the-ground action, helping Colorado build more resilient landscapes and water systems before the next wildfire strikes.” 

    COSWAP’s special release leverages a vital partnership to integrate both forest and watershed health. For example, the City of Glenwood Springs and Grand Fire Protection District projects are both located in high wildfire risk areas as well as high priority watersheds that drain into the Colorado River. Ultimately, supporting projects that integrate forest and watershed health will promote long-term ecological resilience. 

    Through Senate Bill 21-258, COSWAP has invested $25.4 million into its Landscape Resilience Investment program, as well as $13.8 million towards its Workforce Development program. COSWAP releases Workforce Development Grant opportunities every year, while Landscape Resilience Investments are typically every other year, with about $5 million available annually. To see a full list of Workforce Development and Landscape Resilience Investment grants please see the Colorado Strategic Wildfire Action Program website. 

    ###

    MIL OSI USA News –

  • MIL-OSI: EXL announces speaker roster for AI in Action virtual event

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 26, 2025 (GLOBE NEWSWIRE) — EXL (NASDAQ: EXLS), a global data and AI company, has unveiled the agenda for its third annual AI in action global event series, featuring keynotes with leaders from EXL, Google, and AWS, as well as a lineup of more than 20 industry CIOs and AI experts.

    Themed “Driving the Shift to Scalable AI,” the three virtual events will provide actionable strategies to help businesses deploy scalable and reliable AI solutions that deliver measurable outcomes. AI in action brings together industry leaders, real-world demonstrations, and panel discussions to bridge the gap between AI proof-of-concepts and enterprise-wide implementation. Registration is complimentary and is open now for all sessions: March 5 (Americas), March 13 (EMEA) and March 20 (APAC) by registering here.

    Key speakers and agenda items include:

    • Moderator – John Gallant, enterprise consulting director at CIO.com, will moderate EXL’s AI in action events across the globe. John is a well-known thought leader in the technology industry.
    • Keynote sessions –
      • Rohit Kapoor, EXL’s chairman and chief executive officer will host two keynote sessions.
        • Accelerating business outcomes with data, AI and human expertise with Kevin Ichhpurani, president, global partner ecosystem at Google Cloud.
        • Scaling business growth: Real-world strategies using agentic AI with Rahul Pathak, vice president of data and AI go to market at AWS.
    • Client panels – Industry leaders from the world’s leading banks, insurance, health and utilities companies will share how they are scaling Ai for measurable impact. The group of panelists for the March 5 event include:
      • Panel: Staying ahead in the age of AI: Practical lessons from visionary leaders with Sarthak Pattanaik, head of artificial intelligence, BNY; Dak Liyanearachchi, chief data and technology officer, NRG Energy; and Ashish Atreja, founder of VALID.AI and professor and former chief information and chief digital health officer at UC Davis Health.
      • Panel: From data to AI, and AI to data: The evolving symbiosis will include Preetha Sekharan, vice president, digital incubator, Unum; Randy Huang, vice president, chief data scientist for U.S. business, Prudential Financial; and Sidd Kuckreja, chief technology officer, TruStage.
    • Real-world demonstrations – EXL will demonstrate how its latest data and AI-led solutions are transforming workflows across core business functions in insurance, finance, healthcare, and more in the following demonstrations:
      • Delivering measurable impact with large language models: will Experience how ECL’s domain-specific LLM is transforming businesses across industries by integrating agentic AI with generative AI, predictive models and automation.
      • Driving innovation through AI-powered code modernization: we’ll showcase real-world stories of how Code Harbor accelerates development with pre-built APIs, SDKs, and agentic AI capabilities, enabling seamless integration, scalable solutions, and measurable business impact.
      • Leveraging the synergy of AI and machine learning in debt collections: Experience how the power of GenAI and machine learning are transforming debt collections with an omnichannel approach that engages customers, understands their situation and offers personalized payment options.

    “The true value of data AI lies in its scalability—its ability to integrate seamlessly and deliver tangible business outcomes at scale,” said Vishal Chhibbar, executive vice president, international growth markets and chief growth officer at EXL. “AI in action will provide organizations with the tools, expertise and strategies needed to harness the full potential of data and AI.”

    This virtual event is ideal for enterprise decision-makers across industries who are determined to drive innovation and growth through cutting-edge data and AI advancements.

    Registration Now Open
    Registration for the AI in action event is free and available by registering here. Don’t miss the chance to gain firsthand insights from industry leaders and EXL experts. Visit the AI in action website to secure your spot.

    Americas event is March 5, 2025, from 10-11:30 a.m. ET.
    EMEA event is March 13, 2025, from 1-2:30 p.m. GMT.
    APAC event is March 20, 2025, from 12-1:30 p.m. AEDT.

    About EXL

    EXL (NASDAQ: EXLS) is a global data and AI company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have approximately 59,000 employees spanning six continents. For more information, visit www.exlservice.com.

    Contacts
    Media
    Keith Little
    +1 703-598-0980
    media.relations@exlservice.com

    Investor Relations
    John Kristoff
    +1 212 209 4613
    IR@exlservice.com

    The MIL Network –

  • MIL-OSI: WENDEL: 2024 Full-Year Results: a very active year, a dual model in place, strong value creation & a growing return to shareholders

    Source: GlobeNewswire (MIL-OSI)

          

    2024 Full-Year Results: a very active year, a dual model in place, strong value creation & a growing return to shareholders

    Fully diluted1 Net Asset Value per share of €185.7,
    representing a +16.9% year-over-year value creation, adjusted for the dividend paid

    Dividend boosted at €4.7 per share, up +17.5% year-over-year

    Strong portfolio rotation: more than €2 billion of capital reallocation

    Significant expansion of the Asset Management platform in Europe and US, and development of our dual business model towards more recurring cash flows and growth

    Fully diluted Net Asset Value2as of December 31, 2024: €185.7 per share, up +14.4%

    • Value creation of +16.9%3 over 2024, adjusted for the €4 dividend paid in May 2024 reflecting:
      • The increase in Bureau Veritas’ share price (+28.3% YoY) on the back of the quality of its LEAP | 28 strategic plan
      • The changes in the valuation of unlisted assets, on a like-for-like basis, in line with their respective operating performances and multiples, and active management of private principal investments to create long term value through repositioning and accretive bolt-ons (Stahl, Scalian, and CPI).
      • The strong growth of IK Partners’ FRE to €69.9 million, above estimates (€60 million). IK Partners’ AuM up +24% in 2024, totaling €13.8 billion, with €3.4 billion raised.

    Delivering strong and recurring returns to shareholders, in line with the strategic roadmap published in 2023

    • Ordinary dividend of €4.70 per share for 2024, up +17.5% compared to 2023, to be proposed at the Annual Shareholders’ Meeting on May 15, 2025, representing slightly above 2.5%4 of NAV and a 4.8%5 yield vs share price as of February 21, 2025. This dividend level takes into account the first partial integration of Asset management activities into Wendel in 2024, which will be mechanically higher in 2025.
    • €100 million share buyback launched in October 2023 completed in July 2024. €92.5 million share bought back in 2024.

    Very active investment activity & capital allocation

    • Principal Investments:
      • €2.3 billion proceeds and value crystallization
      • €0.7 billion invested including €0.6 billion in Globeducate
    • Asset Management:
      • €0.4 billion invested for the acquisition of 51% of IK Partners
      • $1.13 billion will be invested in equity to acquire 75% of Monroe Capital, as announced on October 22, 2024 (closing expected in the first quarter of 2025)

    Strong financial structure and committed to remain Investment Grade

    • Debt maturity of 3.6 years with an average cost of 2.4%
    • LTV ratio at 7.2%6 as of December 31, 2024, and 22.9%7 on a pro forma basis taking into account future investment commitments in IK Partners funds and the acquisition of Monroe Capital.
    • Pro forma total liquidity of €1.28 billion as of December 31, 2024, including €0.4 billion in cash and €875 million in committed credit facility (fully undrawn)

    Reappointment of Wendel’s Executive Board

    • On February 26, 2025, Wendel’s Supervisory Board decided to reappoint the members of the Executive Board.   Laurent Mignon has been reappointed Chairman of the Executive Board and David Darmon, Member of the Executive Board, Deputy CEO, for a period of four years ending to April 6, 2029

    Net income, Group share at €293.9 million, showing a strong increase

    • The net income from operations rose from €711 million to €753.7 million, up 6%.
    • Net income, group share, at €293.9 million in 2024, compared with €142.4 in 2023, due to the disposal of Constantia Flexibles in 2024.
    Laurent Mignon, Wendel Group CEO, commented:

    “2024 was a very active year for Wendel and its portfolio companies. Fully diluted net asset value growth, adjusted for the €4 dividend paid in 2024, was 16.9%, driven in particular by the good share price and operational performance of Bureau Veritas and the strong growth of our new third-party asset management business.

    We continued to execute our strategic plan, as detailed in 2023, with determination, rigour and financial discipline.

    In 2024, we further improved our cash flow generation and value creation profile, notably with the announced acquisition of Monroe Capital, which will give us critical mass to develop our third-party asset management platform. We also focused on premium assets in our principal investments activites, highlighted by the acquisition of Globeducate in October 2024.

    These value-creating and recurring cash flow generating transformations now enable us to propose a dividend that is 17.5% higher than last year, reaching 4.70 euros for the financial year 2024.Our transition to a dual model is now well grounded, with top partners in asset management such as IK Partners in private equity and Monroe Capital in private credit, bringing third-party assets under management to more than 33 billion euros.The priorities of Wendel’s teams are to create value on existing assets, to successfully build the private asset management platform around IK Partners and Monroe Capital, and to maintain a solid financial structure.

    I would like to thank the members of the Supervisory Board for their renewed full support, as well as the Wendel teams who are skillfully accompanying our value-creating transformation.

    In 2025, Wendel’s teams will pursue the roadmap defined two years ago, supporting our principal investments companies in their value creation process, building the third-party asset management platform through the successful integration of Monroe Capital, the continued development of IK Partners as well as the implementation of commercial synergies between the two entities, and continuing to have an agile management of our balance sheet to seize the right opportunities, while maintaining a solid financial structure. We are confident that the development of this dual model will continue to create more value and more recurring returns for our shareholders.”

    Wendel’s net asset value as of December 31, 2024: €185.7 per share on a fully diluted basis

    Wendel’s Net Asset Value (NAV) as of December 31, 2024, was prepared by Wendel to the best of its knowledge and on the basis of market data available at this date and in compliance with its methodology.

    Fully diluted Net Asset Value was €185.7 per share as of December 31, 2024 (see detail in the table below), as compared to €162.3 on December 31, 2023, representing an increase of +14.4% since the start of the year and + 16.9% restated from the dividend paid in 2024. Compared to the last 20-day average share price as of December 31, the discount to the December 31, 2024, fully diluted NAV per share was -49.6%.

    Bureau Veritas contributed very positively to Net Asset Value, as end of December 2024, its 20-day average share price was up strongly YTD (+32.5%). IHS Towers (-28.0%) and Tarkett (+15.4%) share price impacts were negligible given the weight of Bureau Veritas in NAV. Total value creation per share of listed assets was therefore +€25.9 on a fully diluted basis over the course of 2024.

    Unlisted asset contribution to NAV was negative over the course of the year with a total change per share of -€4.9 reflecting selective assets’ operational performances offsetting the good performance from CPI.

    Asset management activities were consolidated and accounted in the NAV for the first time at the end of June following the acquisition of IK Partners. There is no sponsor money included in the NAV yet, as no capital has been called. IK Partners’ valuation is up by €6.0 per share, driven by strong performance and positive market multiples evolution.

    Cash operating costs, Net Financing Results and Other items impacted NAV by -€1.0, as Wendel benefits from a positive carry. The impact of year-to-date share buyback activity would be +€1.4 per share as of December 31, 2024.

    Total Net Asset Value creation per share amounted to €27.4 in 2024.

    Fully diluted NAV per share of €185.7 as of December 31, 2024

    (in millions of euros)     12/31/2024 12/31/2023
    Listed investments Number of shares Share price (1) 3,793 3,867
    Bureau Veritas 120.3m/160.8m €29.5/€22.2 3,544 3,575
    IHS 63.0m/63.0m $3.2/$4.4 192 251
    Tarkett   €10.5/€9.1 57 40
    Investment in unlisted assets (2) 3,612 4,360
    Asset Management Activities (3) 616 –
    Other assets and liabilities of Wendel and holding companies (4) 174 6
    Net cash position & financial assets (5) 2,407 1,286
    Gross asset value     10,603 9,518
    Wendel bond debt     -2,401 -2,401
    IK Partners transaction deferred payment -131 –
    Net Asset Value     8,071 7,118
    Of which net debt     -124 -1,115
    Number of shares     44,461,997 44,430,554
    Net Asset Value per share €181.5 €160.2
    Wendel’s 20 days share price average   €93.5 €79.9
    Premium (discount) on NAV -48.5% -50.1%
    Number of shares – fully diluted 42,466,569 43,302,016
    Fully diluted Net Asset Value, per share €185.7 €162.3
    Premium (discount) on fully diluted NAV -49.6% -50.7%

    (1)   Last 20 trading days average as of December 31, 2024, and December 31, 2023.
    (2)   Investments in unlisted companies (Globeducate, Stahl, Crisis Prevention Institute, ACAMS, Scalian and Wendel Growth as of December 31, 2024. As of Dec 31,2023 also included Constantia Flexibles and excluded Globeducate). Aggregates retained for the calculation exclude the impact of IFRS16.
    (3)   IK Partners’ activity, no sponsor money at this stage.
    (4)   Of which 1,995,428 treasury shares as of December 31, 2024, and 1,128,538 treasury shares as of December 31, 2023
    (5)   Cash position and financial assets of Wendel & holdings.

    Assets and liabilities denominated in currencies other than the euro have been converted at exchange rates prevailing on the date of the NAV calculation.
    If co-investment and managements LTIP conditions are realized, subsequent dilutive effects on Wendel’s economic ownership are accounted for in NAV calculations. See page 246 of the 2023 Registration Document.

    Wendel’s Principal Investments’ portfolio rotation

    In 2024, Wendel has realized a total of €2.3 billion in disposals for its own account and has invested c.€0.7 billion, reflecting the acceleration of the diversification of its investment portfolio, in line with the strategy announced a few months ago:

    • Wendel announced on January 4, 2024, that it had completed the sale of Constantia Flexibles, generating total net proceeds9 for Wendel of €1,121 million for its shares, i.e. a valuation over 10% higher than the latest NAV on record before the announcement of the transaction (as at March 31, 2023).
    • Wendel announced on April 5, 2024, that it had successfully completed the sale of 40.5 million shares in Bureau Veritas, representing c.9% of the Company’s share capital, for total proceeds of approximately €1.1 billion. The transaction was carried out at a price of €27.127, or a discount of 3% from the previous day’s share price.
    • Wendel Growth realized its investment in Preligens, a leader in artificial intelligence (AI) for aerospace and defence, generating net proceeds to Wendel of c.€14.6 million, translating into a gross IRR of 28%10. In addition, Wendel Growth announced on June 11, 2024, the acquisition of a minority stake in YesWeHack through an equity investment of €14.5 million.
    • Wendel reinvested €43.7m in Scalian upon the acquisition of Mannarino on June 21, 2024. This Canadian company is a leading engineering services specialist for advanced technology R&D for the aviation sector, primarily in North America, with recognized expertise in safety-critical embedded software and systems.
    • On October 16, 2024, Wendel completed the acquisition of c.50% of Globeducate, one of the world’s leading bilingual K-12 education groups, from Providence Equity Partners. Wendel invested €607 million of equity, at an Enterprise Value of c.€2 billion11, to join Providence, and both firms will now own c.50% of the group.

    Wendel’s Asset Management platform evolution

    Acquisition of Monroe Capital dramatically expands Wendel’s Asset Management platform and rebalances its business model towards more recurring cash flows and growth

    Wendel announced on October 22, 2024 that it had entered into a definitive partnership agreement including the acquisition of 75% of Monroe Capital LLC (“Monroe Capital” or “the Company”) for $1.13 billion, and a sponsoring program of $800 million to accelerate Monroe Capital’s growth, and will invest in GP commitment for up to $200 million.

    For Wendel, the acquisition of a controlling stake in Monroe Capital, a private credit market leader focused on the U.S. lower middle market that has established an outstanding track record, would represent a significant and transformational advancement of the strategy it announced in March 2023 to develop its third-party asset management platform to complement its longstanding Principal Investment business.

    With IK Partners and Monroe Capital, Wendel’s third party asset management platform will reach more than €33 billion in AUM12, and should generate, on a full year basis, c.€ 455 million revenues, c.€160 million pre-tax FRE (c.€100 million in pre-tax FRE (Wendel share) in 2025. Wendel’s objective is to reach €150 million (Wendel share) in pre-tax FRE in 2027.

    Third Party Asset Management value creation and performance

    2024 performance

    Over 2024, IK Partners had particularly strong activity, generating a total of €163.3 million in revenue, up 31% YoY, and a strong growth of FRE to €69.9 million. Total Assets under Management (€13.8 billion, of which €3 billion of Dry Powder13) grew by 24% since the beginning of the year, and FPAuM14 (€10.1 billion) by 33%. Over the period, €3.4 billion of new funds were raised (IK X, IK PF III, IK SC IV and IK CV I) and 11 exits have been announced, for over €1.6 billion.

    Sponsor money invested by Wendel

    Wendel committed €500 million in IK Partners funds, of which €300 million in IK X. These commitments have not yet been called as of December 31, 2024.

    Principal Investment companies’ value creation and performance

    Figures post IFRS 16 unless otherwise specified.

    Listed Assets: 36% of Gross Asset Value

    Bureau Veritas’ LEAP | 28 strategy delivers outstanding results in 2024; Confident 2025 outlook

    (full consolidation)

    Revenue in 2024 amounted to €6,240.9 million, a 6.4% increase year-on-year. The organic increase was 10.2% (including 9.6% in the fourth quarter) benefiting from robust underlying trends across businesses and geographies.

    Adjusted operating profit increased by 7.1% to €996.2 million. This represents an adjusted operating margin of 16.0% up 11bps on a reported basis and up 38 bps at constant currency.

    Bureau Veritas posted a record free cash flow of €843.3 million (+27.9% year-on year). As of December 31, 2024, adjusted net financial debt was €1,226.3 million, i.e. 1.06x EBITDA, compared with 0.92x at December 31, 2023.

    In line with LEAP I 28 plan focused portfolio strategy and through active portfolio management, in 2024 Bureau Veritas completed: i) the acquisition of 10 bolt-on companies for a total annualized revenue of c. €180 million; ii) the divestment of its Food testing business and of a technical supervision business on construction projects in China (c. € 165 million in annualized combined revenue). Bureau Veritas ended the year with its inclusion in the CAC 40, the benchmark index of the Paris stock exchange. This achievement underscores the Group’s consistent operational success and marks a significant milestone in Bureau Veritas’ remarkable journey.

    2025 outlook

    Building on a strong 2024 momentum, a robust opportunities pipeline, a solid backlog, and a strong underlying market growth, and in line with LEAP | 28 financial ambitions, Bureau Veritas expects to deliver for the full year 2025:

    • Mid-to-high single-digit organic revenue growth;
    • Improvement in adjusted operating margin at constant exchange rates;
    • Strong cash flow, with a cash conversion15 above 90%.

    For further details: group.bureauveritas.com

    IHS Towers – IHS Towers will report its FY 2024 results in March 2025

    Tarkett reported its annual results on February 20, 2025

    For more information: https://www.tarkett-group.com/en/investors/

    Unlisted Assets: 34% of Gross Asset Value

    (in millions) Sales EBITDA Net debt
      2023 2024 2023 including IFRS 16 2024     including IFRS 16 Δ End of December including IFRS 16
    Stahl €913.5 €930.2 €204.0 €206.9 +1.4% €383.8
    CPI $138.4 $150.1 $68.6 $74.0 +7.8% $378.2
    ACAMS $102.9 $102.1 $24.6 $25.1 +2.0% $165.0
    Scalian €539.9 €533.4 €63.9 €59.8 -6,3% €345.6
    Globeducate(1) na €352.2 na €84.2 na na

    (1)   Globeducate acquisition was completed on October 16th, 2024. Globeducate fiscal year ends in August, and figures shown are last twelve months at the end of August 2024. Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures for the year ending in August-24.

    Stahl – Total sales up +1.8% in 2024 despite market challenges in the automotive and luxury goods end-markets. Strong EBITDA margin of 22.2%. In 2024, Stahl completed its transformation into a pure-play specialty coatings formulator for flexible materials.

    (Full consolidation) 

    Stahl, the world leader in specialty coatings for flexible materials, posted total sales of €930.2 million in the full year of 2024, representing a total increase of +1.8% versus 2023.

    Organically, sales were slightly down -1.1%, in a context of tougher markets in automotive and luxury goods, while FX contributed -1.5%. Acquisitions contributed positively (+4.4%) to total sales variation.

    Full Year 2024 EBITDA16 amounted to €206.9 million (+1.4% vs. 2023), translating into a strong EBITDA margin of 22.2%, thanks to a disciplined margin and fixed costs management, as well as a good diversification across geographies and segments.

    Net debt as of December 31st, 2024, was €383.8 million17, versus €329 million at the end of 2023 and leverage stood at 1.7x18.

    On November 18, 2024, Stahl announced the sale of its Wet-end leather chemicals division, that marks an important step in the Group’s strategic journey. The proposed sale completes Stahl’s transformation into a pure-play specialty coatings formulator for flexible materials. The transaction is subject to customary closing conditions and is expected to close in H1 2025.

    Pro forma for the sale of the Wet-end leather chemicals business and the acquisition of Weilburger Graphics GmbH, 2024 sales would amount to c.€ 759 million, EBITDA to c.€180 million (i.e., a 23.7% margin) and leverage would stand at an estimated 1.6x. These transactions strengthen Stahl’s growth profile, with the company now better positioned for faster growth, and have an accretive impact on its EBITDA margin.

    Crisis Prevention Institute reports +8.5% revenue and +7.8% EBITDA growth

    (Full consolidation)

    CPI recorded 2024 revenues of $150.1 million, up +8.5% compared to 2023, or +8.4% organically (FX impact was +0.1%), resulting from strong growth in the consumption of training materials, signifying active training of broader staff throughout the Company’s primary customers in educational, healthcare and human services settings. In addition, the Company benefitted from continued growth in its Enterprise segment, a core strategic focus targeting large health systems.

    Full Year 2024 EBITDA was $74.0 million19, reflecting a margin of 49.3%. EBITDA was up +7.8% vs. last year while margins are stable (49.6% in 2023), despite investments to scale in International markets.

    As of December 31, 2024, net debt totaled $378.2 million20, or 4.6x EBITDA as defined in CPI’s credit agreement, following the c. $100 million dividend payment to Wendel in April of 2024. Given current leverage, CPI repriced its Term Loan and received a 50bps interest rate stepdown, or a c. $1.4 million annual savings.

    On January 21st, 2025, CPI announced the acquisition of Verge, a Norwegian leader in behaviour intervention and training. This acquisition extends CPI’s presence in the Nordics, and enhances CPI’s ability to support professionals worldwide, leveraging Verge’s innovative techniques to address challenging behaviours, aggression and violence.

    ACAMS – Total sales stable and improved 24.6% margin amid strong transformation momentum

    (full consolidation)

    ACAMS, the global leader in training and certifications for anti-money laundering and financial crime prevention professionals, generated 2024 revenue of $102.1 million, down 0.8% vs. 2023. The results for 2024 reflected continued growth and market expansion in North America and Europe, largely offset by soft sales in the Asia-Pacific region and from exhibition spend at certain conferences early in the year, slower sales to non-banking customers at consultancies and governments.

    EBITDA21 in 2024 was $25.1 million, up 2% vs. 2023, and reflecting a margin of 24.6%, up 70 bps year-over -year.

    As of December 31, 2024, net debt totaled $165.0 million22, slightly up from $155.8 million at the end of 2023, which represents 6.7x EBITDA leverage as defined in ACAMS’ credit agreement, with ample room relative to the 9.5x covenant level.

    This past year has been pivotal in the Company’s transformation, with the addition of CEO Neil Sternthal who joined from Thomson Reuters in early 2024 and subsequently made several additions to the senior leadership team, and shifted focus to core growth with large enterprise customers, product and market expansion including the introduction of its Certified Anti-Fraud Specialist certification (CAFS), and key investments in the technology platform. These critical investments are all geared toward advancing the impact of the Company’s mission of combating financial crime, accelerating its strategy and further developing its position as a technology-enabled provider of trusted information, data and analytics for the anti-financial crime (AFC) community.

    Management expects the significant changes will, over time, create a more robust platform for the global AFC community and a more scalable, consistent business model with accelerated growth for ACAMS.

    ACAMS anticipates modest growth in 2025 as the recent changes take hold with improved growth toward the end of the year and into 2026.

    Scalian – Slight decrease of total sales of -1.2% in 2024, in the context of continued market growth slowdown. EBITDA margin rate at 11.2%, down c. 60 bps, mainly due to lower utilization rate and the marked slowdown in certain sectors (automotive in Germany and civil aeronautics). Acquisition of Dulin in January 2024 and Mannarino in June 2024.

    (Full consolidation since July 2023.)  

    Scalian, a European leader in digital transformation, project management and operational performance consulting, reported total sales of €533.4 million as of December 31, 2024, a -1.2% decrease vs. 2023. The slowdown is spread across several sectors, particularly automotive in Europe and Aeronautics (supply chain disruptions). Sales are down -4.0% organically and benefited from a positive scope effect of +2.8%.

    Scalian generated an EBITDA23 of €59.8 million in 2024. The EBITDA margin rate stood at 11.2%, down c. 60 bps vs. 2023, mainly explained by lower utilization rate, partially offset by strict SG&A control.

    As of December 31, 2024, net debt24 stood at €345.6 million (leverage of 6.46x25 EBITDA).

    In 2024, Scalian announced the acquisition of Dulin Technology in January, a Spanish-based consulting firm specializing in cybersecurity for the financial sector, and Manarinno in June, a Canadian-based company that is a leading engineering services specialist with a unique know-how in advanced technology R&D for the aviation sector.

    Globeducate – Total sales up +10%26over LTM as of August 2024 Year-end. Strong EBITDA margin at 23.9%27in line with expectations.

    (Accounted for by the equity method. Globeducate acquisition was completed on October 16th, 2024. Globeducate fiscal year ends in August, and figures shown below are last twelve months at the end of August 2024 and first 3 months of the Globeducate year (September – November). Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures for the year ending in August-24).

    Globeducate, one of the world’s leading bilingual K-12 education groups, posted total sales of €352.2 million1 for the full year ending in August 2024, representing a total increase of +10% year on year.

    EBITDA2 for the year ending in August amounted to €84.2 million, translating into a strong EBITDA margin of 23.9%, in line with expectations. This solid financial performance was fueled by a combination of organic and external growth.

    Over the first quarter of Globeducate’s fiscal year (September – November), Globeducate completed 3 acquisitions: Olympion School in Cyprus, and Ecole des Petits and Battersea in the UK.

    Net debt as of November 30th, 2024, was €490 million28 and leverage3 stood at 6.2x.

    Consolidated Accounts

    On February 26, 2025, Wendel’s Supervisory Board met under the chairmanship of Nicolas ver Hulst and reviewed Wendel’s consolidated financial statements, as approved by the Executive Board on February 21, 2025. The audit procedures by the statutory auditors on the consolidated financial statements are underway. The audit report would be released mid-March 2025. 

    Wendel Group’s consolidated net sales29 totaled €8,063.5 million, up +13.1% overall and up +8.4% organically. FX contribution is -3.9% and scope effect is +8.6%.

    The overall contribution of Group portfolio companies to net income from operations, Group share amounted to €274.1 million, down -24.3% year on year impacted by the disposal of Constantia and the sale of 25% of the stake in Bureau Veritas. Net income from operation, Group share, was €232.7 million, down -5.8%.

    Financial expenses, operating expenses and taxes at Wendel SE level totaled €63.0 million (of which €22.4 million non-cash), down -45.4% from the €115.3 million (of which €25.3 million non-cash) reported in 2023. Operating expenses are slightly down and financial expenses are positive with a positive carry of cash generating €35.6 million. 2024 is impacted by a goodwill depreciation of €188.2 million, mainly related to Scalian and the Stahl’s wet-end division, which is in the process of being sold.

    Net income Group share €293.9 million strongly up vs.€142.4 million in 2023, reflecting a €418.6 million capital gain group share from the disposal of Constantia Flexibles in H1 2024.  

    ESG achievements

    Non-financial ratings: Wendel improves its CSA rating from S&P, confirms its inclusion in the DJSI World and Europe.

    For the sixth year in a row, Wendel has been included in the Dow Jones Best-in-Class (previously Dow Jones Sustainability Indices) World and Europe indices, making it one of the top 10% of companies in terms of sustainability in the Diversified Financials category. With a score of 76/100 in its category, Wendel is well above the average for its sector (26/100). This rating places Wendel in the top 1% of its sector “FBN Diversified Financial Services and Capital Markets”

    Through the review of the Corporate Sustainability Assessment questionnaire, S&P Global assesses the ESG (Environment, Social, Governance) performance of listed companies in different industries since 1999. The top 10% of companies with the best performance in terms of sustainability, according to criteria defined for each industry, are included in the Dow Jones Best-in-Class Indices (previously Dow Jones Sustainability Indices).

    New ESG roadmap 2024-2027

    In 2024, Wendel defined a new ESG roadmap, approved by the Supervisory Board and the Executive Board, notably to take into account the Group’s recent strategic developments, including the new third-party asset management activity (IK Partners and Monroe Capital acquisitions).
    This roadmap includes five priorities: Governance & Business Ethics, Reliability of extra-financial information, Health & Safety, Climate change & adaptation, Parity.

    These five priorities will apply to all Wendel’ investment activities, encompassing both principal investment and third-party asset management. The detailed policies and action plans of the roadmap will be presented in the sustainability report included in the Group’s 2024 Universal Registration Document.

    Renewal of the Executive Board of Wendel

    On 26 February 2025, the Supervisory Board of Wendel decided to renew the appointments of Laurent Mignon and David Darmon as Chairman of the Executive Board of Wendel and Member of the Executive Board and Group Deputy CEO of Wendel, respectively, for a period of four years until 6 April 2029, with effect from 7 April 2025.

    Renewal of the appointments of members of the Supervisory Board

    At the General Meeting of 15 May 2025, it will be proposed to the shareholders that Nicolas ver Hulst, Priscilla de Moustier, Bénédicte Coste and François de Mitry be reappointed as members of the Supervisory Board for a further four-year term. If the renewal of their mandate is approved, Nicolas Ver Hulst will remain chairman of the Supervisory Board, Priscilla de Moustier and Bénédicte Coste will continue their roles on the Governance and Sustainable Development Committee, and François de Mitry will continue his role on the Audit, Risk and Compliance Committee.

    Agenda

    Thursday, April 24, 2025

    Q1 2025 Trading update – Publication of NAV as of March 31, 2025 (post-market release)

    Thursday, May 15, 2025

    Annual General Meeting

    Wednesday, July 30, 2025

    H1 2025 results – Publication of NAV as of June 30, 2025, and condensed Half-Year consolidated financial statements (post-market release)

    Thursday, October 23, 2025

    Q3 2025 Trading update – Publication of NAV as of September 30, 2025 (post-market release)

    Wednesday, December 10, 2025

    2025 Investor Day.

    About Wendel

    Wendel is one of Europe’s leading listed investment firms. Regarding its principal investment strategy, the Group invests in companies which are leaders in their field, such as ACAMS, Bureau Veritas, Crisis Prevention Institute, Globeducate, IHS Towers, Scalian, Stahl and Tarkett. In 2023, Wendel initiated a strategic shift into third-party asset management of private assets, alongside its historical principal investment activities. In May 2024, Wendel completed the acquisition of a 51% stake in IK Partners, a major step in the deployment of its strategic expansion in third-party private asset management and also announced in October 2024 the acquisition of 75% of Monroe Capital. Pro forma of Monroe Capital, Wendel manages more than 33 billion euros on behalf of third-party investors, and c.7.4 billion euros invested in its principal investments activity.

    Wendel is listed on Eurolist by Euronext Paris.

    Standard & Poor’s ratings: Long-term: BBB, stable outlook – Short-term: A-2 since January 25, 2019

    Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of “Grand Mécène de la Culture” in 2012.

    For more information: wendelgroup.com

    Follow us on LinkedIn @Wendel 

    Appendix 1: 2024 Consolidated sales and results

    2024 consolidated net sales

    (in millions of euros) 2023 2024 Δ Organic Δ
    Bureau Veritas 5,867.8 6,240.9 +6.4% +10.2%
    Stahl(1) 913.5 930.2 +1.8% -1.1%
    Scalian(2) 126.8 533.4 n.a. n.a.
    CPI 128.0 138.8 +8.4% +8.4%
    ACAMS(3) 91.6 93.7 +2.4% -0.6%
    IK Partners(4) n.a. 126.5 n.a. n.a.
    Consolidated sales 7,127.6 8,063.5 +13.1% +8.4%

    (1) Acquisition of ICP Industrial Solutions Group (ISG) since March 2023 (sales’ contribution of €89.7M vs €89.1M in 2023) and acquisition of Weilburger since September 2024 (sales’ contribution of €18.2M).                                                                        

    (2) Scalian, which had a different reporting date to Wendel (refer to 2023 consolidated financial statements – Note 2 – 1.” Changes in scope of consolidation in 2023″), realigns its closing date with Wendel group. Consequently, 2024 sale’s contribution correponds to 12 months’ sales between January 1st 2024 and December 31st 2024. Last year’s contribution corresponds to 3 months’ sales between July 1st 2023 and September 30 2023.

    (3) The sales include a PPA restatement for an impact of -€0.6M (vs -€3.4M as of 12M 2023). Excluding this restatement,the sales amount to €94.2M vs. €95.2M as of 12M 2023. The total growth of +2.4% include a PPA effect of +3,3%.                                         

    (4) Contribution of eight months of sales        

    2024 net sales of equity-accounted companies

    (in millions of euros) 2023 2024 Δ Organic Δ
    Tarkett (5) 3,363.1 3,331.9 -0.9% -0.4%
    Sales (Equity method) (6) 3,363.1 3,331.9 -0.9% -0.4%

    (5)Selling price adjustments in the CIS countries are historically intended to offset currency movements and are therefore excluded from the 
    “organic growth” indicator

    (6) Due to the recent acquisition date of the Globeducate group, its contribution is not yet included in Group sales.

    2024 consolidated results

    (in millions of euros) 2023 2024
    Contribution from asset management – 42.3
    Consolidated subsidiaries 826.3 774.4
    Financing, operating expenses and taxes -115.3 -63.0
    Net income from operations(1) 711.0 753.7
    Net income from operations, Group share 246.9 232.7
    Non-recurring income/loss -60.4 532.3
    Impact of goodwill allocation -120.4 -107.9
    Impairment 0.7 -188.2
    Total net income(2) 530.9 989.9
    Net income, Group share 142.4 293.9

    (1) Net income before goodwill allocation entries and non-recurring items.

    (2) -€85.2M of change in fair value for IHS recognized through OCI and €784M of capital gain on the Bureau Veritas bloc accounted for through equity.

    2024 net income from operations

    (in millions of euros) 2023 2024 Change
    Total contribution from asset management: IK Partners n/a 42.3 n/a
    Bureau Veritas 594.0 643.3 +8.3%
    Stahl 90.3 100.2 +11.0%
    Constantia Flexibles 115.2 – n/a
    CPI 20.7 22.2 +7.2%
    ACAMS 0.0 -0.7 n/a
    Scalian -2,8 -6.2 n/a
    Tarkett (equity accounted) 8.8 15.6 +76.2%
    Total contribution from Group companies 826.3 774.4 -6.3%
    of which Group share 362.1 274.1 -24.3%
    Operating expenses net of management fees -72.5 -72.2 -0.4%
    Taxes -1.5 -4.0 +169.8%
    Financial expenses -15,9 35.6 n/a
    Non-cash operating expenses -25.3 -22.4 -11.4%
    Net income from operations 711.0 753.7 +6.0%
    of which Group share 246.9 232.7 -5.8%

    Appendix 2: Fully diluted Net Asset Value bridge over 2024

    Appendix 3: Conversion from accounting presentation to economic presentation

    Please refer to table 7.1 of the consolidated statements.

    Appendix 4: Glossary

    • AUM (Assets under Management): Corresponding – for a given fund – to total investors’ commitment (during the fund’s investment period) or total invested amount (post investment period)
    • FRE (Fee-Related Earnings) : Earnings generated by recurring fee revenues (mainly management fees). It excludes earnings generated by more volatile performance-related revenues.
    • GP (General Partner): Entity in charge of the overall management, administration and investment of the funds. The GP is paid by management fees charged on assets under management (AuM)

    1 Fully-diluted NAV per share assumes all treasury shares are cancelled and a complementary liability is booked to account for all LTIP related securities in the money as of the valuation date.

    2 Fully diluted of share buybacks and treasury shares.

    3 Including the €4.0 per share dividend paid in 2024.

    4 Dividend payout calculated on the basis of fully-diluted NAV at the end of December 2024.

    5 Based on Wendel’s share price of €97.15 as of February 21, 2025.

    6 Including sponsor money commitment in IK (€-500m).

    7 Including sponsor money commitment in IK (€500m) and proforma of IK Partners transaction deferred payment (€-131m), Monroe Capital 100% acquisition (including estimated earnout and put on 25% of residual capital, i.e €-1.6bn) and GP commitments in Monroe Capital ($-200m for 2025).

    8 €2.4bn of cash as of December 31, 2024, restated from sponsor money commitment in IK (€-500m), IK Partners transaction deferred payment (€-131m), Monroe Capital 100% acquisition (including estimated earnout and put on 25% of residual capital, i.e €1.6bn) and GP commitments in Monroe Capital’s new strategies (c. $-200m for 2025).

    9 Net proceeds after ticking fees, financial debt, dilution to the benefit of the Company’s minority investors, transaction costs and other debt-like adjustments.
    10 Gross IRR of 28%. Net IRR of 26%.
    11 EV including IFRS 16 impacts. Excluding IFRS 16, EV stands at c.€1.86 billion.
    12 As of end of December 2024

    13 Commitments not yet invested

    14 Fee Paying AuM

    15 (Net cash generated from operating activities – lease payments + corporate tax)/adjusted operating profit

    16 EBITDA including IFRS 16 impacts, EBITDA excluding IFRS 16 stands at €201.0m.

    17 Including IFRS 16 impacts. Net debt excluding the impact of IFRS 16 was €364.4m.

    18 Leverage as per credit documentation definition.

    19 Recurring EBITDA post IFRS 16. Recurring EBITDA pre IFRS 16 was $72.8m

    20 Post IFRS 16 impact. Net debt pre IFRS 16 impact was $375.2m.

    21 EBITDA including IFRS 16. EBITDA excluding IFRS16 stands at $24.0m

    22 Including IFRS 16 impacts. Net debt excluding the impact of IFRS 16 was $164.2m.

    23 EBITDA including IFRS 16 impact. Excluding IFRS 16, EBITDA stands at €50.9 m. Mannarino taken into account for 6 months.

    24 Net debt including IFRS 16 impact. Excluding IFRS 16, net debt stands at €314.9 m.

    25 As per credit documentation (pre IFRS 16)

    26 Excluding Indian activities. Indian estimated revenue stands at €25 m.

    27 EBITDA including IFRS 16 impacts and excluding Indian activities. Indian estimated EBITDA stands at €9.8 m.

    28 As per credit documentation definition.

    29 Consolidated sales will be published only for Full Year and Interim results. For Q1 & Q3, sales by companies/activities will continue to be commented on an individual basis

    Attachment

    The MIL Network –

  • MIL-OSI Global: From Messi to Mika Häkkinen: how top athletes can slow down time

    Source: The Conversation – UK – By Steve Taylor, Senior Lecturer in Psychology, Leeds Beckett University

    Jay Hirano/Shutterstock

    With the new Formula 1 season is about to begin, it’s worth pondering what makes a great racing driver. There are no doubt several important qualities, such as calmness under pressure, the courage to take risks, quick reflexes and excellent coordination.

    But there is a more obscure ability that may separate the best drivers – and other top athletes – from the rest: the ability to “slow down” time.

    In 1994, a British racing driver named Mark Hughes had “one of the greatest days” of his life when he began a race right at the back of the grid, with 25 other cars in front of him. Somehow he managed to overtake 23 cars, finishing third. While driving, Hughes felt a strange sense of detachment, as if he was watching from outside his body. He also felt a peculiar sense of timelessness.

    As he told the author Clyde Brolin for his book In the Zone (2017): “It’s funny and it sounds weird but it felt unconnected to time … It’s not really time … You felt you could go back, analyse and have a look”.

    Many racing drivers have reported similar experiences. In another Brolin book, Overdrive (2010), Finnish driver Mika Häkkinen reported that, when driving at his best, “Everything becomes like slow motion — even though you’re going at unbelievable speed around the Monaco track.”

    The Scottish driver Jackie Stewart, who competed in Formula 1 during the 1960s and 70s, told Brolin that this skill is an essential prerequisite for success in racing. “At 195 mph, you should still have a very clear vision, almost in slow motion, of going through that corner — so that you have time to brake, time to line the car up, time to recognise the amount of drift.”

    Time expansion experiences, as I refer to them in my research, are common in other sports too. The American sprinter Steve Williams — who equalled the men’s 100- and 200-metre world records in the 1970s — described to me how, when he was running well, “10 seconds seems like 60. Time switches to slow motion.”

    Many players of ball games report moments of time-slowing too. In my research, a man described a game of table tennis that suddenly “turned into slow motion … I could see the ball and its flight and spin perfectly, anticipating its precise bounce, and position my body, arm, hands and wrist to hit perfect returns”.

    I also cite the experience of an ice hockey player for whom “the play which seemed to last for about 10 minutes all occurred in the space of about eight seconds”.

    A lucky few

    In my book, Time Expansion Experiences (2024), I suggest that only a tiny proportion of extraordinary athletes have easy access to time expansion experiences.

    One example is the baseball player Ted Williams, whose career ran from 1939 to 1960. Williams is usually regarded as one of the greatest hitters (if not the best) ever. He claimed to be able to see the stitches on the seam of the ball as it flew toward him at 100 mph. He described how the ball sometimes appeared to grow, so that it seemed like a beach ball floating toward him in slow motion.

    This may also be true of Lionel Messi, often described as the best footballer of his generation. Some scientists believe that Messi may experience anomalous neurological processing that slows down his perception of time. This would account for his “impossible” goals that seem to defy the laws of physics.

    Some scientists think Messi’s brain is different.
    Shutterstock

    Explaining time expansion

    How can this extraordinary ability be explained scientifically? We don’t really know for sure yet.

    There is some evidence that physical exercise generally slows down time. In a recent study, 33 cyclists were asked to estimate the duration of trials, and believed that more time had passed than it actually had. Perhaps this effect is more pronounced for higher level athletes, because of their higher levels of fitness and stamina.

    However, this wouldn’t explain why certain sportspeople, such as Messi or Williams, have a more pronounced ability to slow down time than other, equally fit peers. In 2016, a group of German scientists suggested that they may be able to “buy time” due to superior motor skills that allow their “predictive brains to make better use of time than other players to read the games and plan ahead”.

    My own explanation is slightly different. I believe the key to understanding time expansion is through altered states of consciousness. Our normal time perception is linked to our usual state of consciousness. In some mildly altered states (such as being in a state of flow) time passes very quickly. But during intense, altered states, time usually expands dramatically, or seems to disappear altogether.

    This may be why radical time expansion is a common feature of psychedelic drugs, and of accidents and emergencies. The sudden shock of an accident may disrupt our normal psychological processes and functions, causing an abrupt shift in consciousness.

    In sport, intense altered states are due to what I call “super-absorption.” Absorption normally makes time pass faster, as in flow. However, when it becomes especially intense, over a long period of sustained concentration, the opposite occurs. In some cases, an athlete builds up concentration gradually over the course of a game or contest. A racing driver or a golfer may concentrate hard for hours, eventually attaining a state of intense absorption.

    Here the game is akin to a meditation, in which a person gradually focuses their mind, attaining deeper states of stillness and well-being. In other cases, an athlete shifts quickly into super-absorption during a critical period of a game — for example, when they (or their team) are losing and making a concerted effort to catch up or in the final minutes of a game when scores are tied or close.

    Although many factors contribute to success in sports, perhaps the key to extraordinary ability is the capacity to enter an altered state of consciousness through intense absorption. And the most important feature of this altered state is time expansion.

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

    – ref. From Messi to Mika Häkkinen: how top athletes can slow down time – https://theconversation.com/from-messi-to-mika-hakkinen-how-top-athletes-can-slow-down-time-249780

    MIL OSI – Global Reports –

  • MIL-OSI Global: Theatre’s thriving horror revival reflects a cultural moment of collective anxiety

    Source: The Conversation – UK – By Richard Hand, Professor of Media Practice, University of East Anglia

    The stage has long presented horror as entertainment, from 19th-century ghost and revenge melodramas to the blood-soaked spectacles of the grand-guignol, the Parisian “theatre of horror’.

    In recent decades, horror theatre has often been perceived as a relic of the past, overshadowed by its more commercially dominant and popular cinematic and digital counterparts. This may have seemed evident in 2023 when The Woman in Black finally closed after 33 years of haunting London’s West End.

    Yet, a recent wave of new and revived horror plays suggests that the genre is once again thriving on stage. With audiences flocking to 2:22 A Ghost Story, Paranormal Activity, Saint Maud, Inside No. 9 Stage/Fright and two concurrent but unrelated adaptations of the infamous Enfield poltergeist case, it begs the question: what is driving this resurgence? And could it be a reflection of our cultural moment – one that echoes the anxieties and uncertainties of previous gothic ages?

    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

    The original 19th-century gothic period in theatre was characterised by its fascination with the supernatural, the macabre and psychological extremes. Drawing inspiration from gothic literature, these plays often featured doomed heroines, villainous aristocrats and vengeful spectres, creating a haunting atmosphere of terror, suspense and unease.

    Melodrama played a key role, with heightened emotions, moral polarities, and elaborate stage effects – such as trapdoors, phantasmagorical projections and eerie soundscapes – enhancing the spectacle. Gothic theatre reflected contemporary anxieties about the unknown, scientific progress, and the boundaries between reason and madness, captivating audiences with its thrilling blend of horror and theatrical illusion.

    The demise of the neo-Victorian gothic The Woman in Black aside, horror theatre is anything but exorcised from the stage. The Leeds Playhouse stage adaptation of Paranormal Activity, directed by Felix Barrett, used technology, scene staging and ingeniously deployed magic tricks for a spine-chilling experience as compellingly immersive as many of the director’s more famous Punchdrunk shows.

    Danny Robins, whose podcast and TV show Uncanny has captivated audiences with real-life supernatural tales, enjoyed success when his 2:22 A Ghost Story materialised in the nervous context of a post-lockdown London in 2021. The play has continued in revivals and on tour while, in parallel, Robins’ podcast became a live stage tour, Uncanny: I Know What I Saw, filling theatres across the UK.

    Similarly, Inside No. 9 Stage/Fright has recently opened in London giving the beloved but concluded television programme an afterlife, and proving its signature brand of macabre storytelling is highly suited to a live environment.

    These productions, and others like them, are drawing significant audiences, not just for their jump scares and eerie atmospheres but because they tap into something deeper: a desire to engage with horror in a way that feels immediate and unfiltered by the distraction of screens.

    Live performance offers something that no digital medium can fully replicate: physical presence, unpredictability, and the heightened emotional responses that come from sharing an experience in real time with real people, most of whom will be complete strangers.

    Horror theatre’s resurgence taps into a collective psychological need to process fear in a safe space. Stage horror offers audiences a cathartic release – a chance to confront, experience, and ultimately purge fear in a controlled environment.

    The communal nature of theatre makes this experience all the more potent: the gasps, shrieks, and laughter of fellow audience members reinforce the sense of shared vulnerability and nervousness, exhilaration and hilarity.

    At a time when people are overwhelmed by an endless stream of manipulated digital content, horror theatre provides a real and visceral alternative. The genre’s success also speaks to theatre’s ability to evolve with changing audience expectations, incorporating elements of interactivity, immersion and technological innovation that mirror trends in gaming, VR, and participatory storytelling.

    Horror theatre’s return is about more than just entertainment and escapism: it reflects a cultural shift reminiscent of past gothic revivals. Historically, horror has flourished during times of social and political upheaval.

    The 19th-century fascination with ghosts, revenge narratives and heightened melodramas coincided with anxieties about revolution, industrialisation, urbanisation, shifting morality, and scientific progress that threatened religious beliefs. The French grand-guignol mirrored a period of deep social unrest, shifting political landscapes and the simultaneous awe and angst about technological and medical advances.

    Theatre, as a medium, has always been uniquely responsive to “the moment”. Today, as we grapple with global crises, from pandemics and climate change to political volatility and technological overreach, it is no surprise that horror has found renewed cultural relevance.

    The horror stories that dominate recent productions are not just exercises in fright – they are reflections of contemporary anxieties. The current touring revival of Jeremy Dyson and Andy Nyman’s Ghost Stories, the stage adaptations of Peter James’ macabre thrillers, and other unnerving productions signals a fascination with the blurred boundary between everyday reality and our phobias, mirroring wider societal debates around truth, belief, and uncertainty.

    What we are witnessing, then, is not just a nostalgic resurgence of the old-fashioned genre of horror theatre but the reflection of a new gothic age, one shaped by our era’s profound fears and instabilities. The success of these productions suggests that horror is not only commercially viable in the theatre but culturally necessary.

    Whether through traditional ghost stories, psychological thrillers, or experimental immersive experiences, horror theatre is asserting its place as a genre that speaks to the present moment. As long as there are cultural fears to be explored and exorcised, horror theatre will continue to haunt our stages – and our imaginations.

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

    – ref. Theatre’s thriving horror revival reflects a cultural moment of collective anxiety – https://theconversation.com/theatres-thriving-horror-revival-reflects-a-cultural-moment-of-collective-anxiety-249651

    MIL OSI – Global Reports –

  • MIL-OSI Global: How Trump the ‘master deal-maker’ failed when it came to negotiating with the Taliban in Afghanistan

    Source: The Conversation – UK – By Philip A. Berry, Visiting Research Fellow, Department of War Studies, King’s College London

    News that Ukraine may be ready to sign a deal granting the US joint development rights to its minerals in the hope of a future security guarantee may be seen as a win by Donald Trump’s supporters who criticised Joe Biden’s unconditional support for Ukraine. After all, whether and how this agreement will actually protect Ukraine from continuing Russian aggression remains unclear.

    But Kyiv will be well aware that Trump’s track record as an international deal broker is less than stellar, despite the US president’s regular boast that he is a master deal-maker.

    Trump’s self-belief was encapsulated in his ghostwritten memoir, The Art of the Deal, which laid out his tactics to negotiate business transactions. One important tip was: “The best thing you can do is deal from strength, and leverage is the biggest strength you can have.”

    Last week, Trump left Zelensky, and European nations reeling when he cut them out of talks with Russia over the war in Ukraine. In doing so, the president had arguably forgotten his own advice: to deal from strength and to use leverage in negotiations.

    Trump may have extracted a concession from Ukraine in the form of the mineral deal – although far less than the US$500 billion (£394 billion) of revenue he initially demanded – but in doing so he significantly weakened the US position towards Russia.

    Trump not only shattered the western position on Ukraine, but he also unilaterally ended Russia’s three-year isolation without securing any concessions from the Kremlin before inviting them to the negotiating table.

    Instead, it was the US that gave leverage away by sidelining Ukraine from the talks, rejecting the country’s desire for Nato membership and conceding that Ukraine was unlikely to restore its pre-2014 borders.

    Trump further undermined Zelensky by promoting the false claim that Ukraine started the war and calling him a “dictator”. This week, the US even voted with Russia and China at the United Nations security council over the conflict.

    Trump’s criticism of an ally and conciliatory overtures to a country that illegally invaded its neighbour marks a dramatic swing in US policy. The previous US administration provided Ukraine with military and diplomatic support, while imposing economic sanctions on Russia.

    A key question being asked in Kyiv and western capitals is what else Trump will concede to secure a deal with the Kremlin. While the contexts between the US’s involvement in Afghanistan and support for Ukraine are very different, Trump’s early strategy for the latter has some hallmarks of the US’s disastrous deal with the Taliban.

    Trump’s deal with the Taliban

    In response to the 9/11 terrorist attacks, a US-led coalition invaded Afghanistan in October 2001. The allies quickly deposed the repressive Taliban regime and installed a western-backed government.

    But by the time that Trump came to office in 2017, the war was at a stalemate. To make matters worse for the president, the US was spending US$27 billion (£21.3 billion) annually on military expenditure. Given this, Trump’s reflex was to withdraw from Afghanistan as quickly as possible.

    However, the president’s national security team – largely comprised of former and current military generals who did not owe personal loyalty to Trump – persuaded him to increase the US’s commitment to Afghanistan. The new strategy also set the conditions for a negotiated settlement with the Taliban.

    The following year, angered by the lack of progress, Trump argued that the US should “get out” of Afghanistan as the strategy had been a “total failure”.

    By this time, the US had talked directly to the Taliban, without the Afghan government in the room – a key Taliban demand. While the talks were designed to lead to intra-Afghan negotiations, it resulted in the Afghan republic being sidelined from the process.

    Throughout these talks, Trump frequently threatened to withdraw from Afghanistan. US officials referred to this constant threat as the “Tweet of Damocles” – meaning at any point, the president would announce on Twitter that the US was departing Afghanistan.

    The secretary of state at the time, Mike Pompeo – a diehard Trump loyalist – knew the president could pull the plug on the talks at any time. He therefore instructed lead US negotiator, Zalmay Khalilzad, to secure a deal at all costs.

    As a former senior Pentagon official who was present at the talks told me, it became clear Pompeo and Khalilzad had “no red lines” as both believed that “any deal was better than no deal”.

    Khalilzad abandoned the original Afghan-led process and worked to secure an agreement with the Taliban, which inevitably caused dismay within the sidelined Afghan government. Trump also largely refused to consult the Afghan president, Ashraf Ghani, about his plans.

    Compounding matters, the US president made several public statements about his desire to withdraw US forces from Afghanistan. This weakened Khalilzad’s position and encouraged the Taliban to remain resolute in negotiations.

    The US-Taliban agreement, which was signed in Doha in February 2020, favoured the insurgents and damaged the Afghan government. Khalilzad had conceded to the Taliban’s key demand: the withdrawal of all US and coalition troops from the country, which was scheduled over 14 months.

    In return, the Taliban promised to prevent terrorist groups from basing themselves in Afghanistan and agreed to hold talks with the Afghan government. If the Taliban did not adhere to these conditions, the US would – in theory – halt reducing its troop numbers.

    “This was a terrible deal. It was deeply injurious to US interests, let alone ruinous to Afghan interests,” the former Pentagon official told me.

    In the end, the Taliban failed to honour its counterterrorism commitments, and only half-heartedly pursued intra-Afghan talks.

    The deal set the conditions for the insurgents to retake Kabul by force, although the disastrous withdrawal overseen by the administration of Trump’s successor, Joe Biden, in 2021 proved fatal for the Afghan government.

    Trump’s Taliban deal excluded the US’s ally, conceded too much to an adversary, and was partly motivated by the perception of wasting American dollars in a far-off land. Unfortunately, these hallmarks are all too evident in the president’s stance on Ukraine.

    The early signs of Trump’s approach to talks with Russia do not augur well for Ukraine or the western alliance. If Trump does secure a peace deal with Russia that mirrors the accord struck with the Taliban, not only will Ukraine lose out, but Russia may be emboldened to again pursue its expansionist agenda.

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

    – ref. How Trump the ‘master deal-maker’ failed when it came to negotiating with the Taliban in Afghanistan – https://theconversation.com/how-trump-the-master-deal-maker-failed-when-it-came-to-negotiating-with-the-taliban-in-afghanistan-250835

    MIL OSI – Global Reports –

  • MIL-OSI Global: The world needs a circular economy. But workers in developing countries shouldn’t pay the price

    Source: The Conversation – UK – By Sukyung Park, Assistant Professor in International Business, Strategy, and Innovation, Loughborough University

    hanohiki/Shutterstock

    The circular economy offers a fresh approach to how we produce and consume, focusing on reducing, reusing, recycling and recovering. It moves us away from the traditional “make, use, discard” model, creating a more sustainable system to balance the needs of the economy, society and nature. Living within the planet’s limits is vital if we are to fight climate change, biodiversity loss and the twin crises of waste and pollution.

    But that’s not all the circular economy is important for. In promoting resource efficiency and reducing dependency on finite materials, it can also encourage innovation and job creation.

    Advances in biomaterials, for instance, are providing durable and recyclable alternatives to plastic packaging. And innovative approaches to textiles are enabling manufacturers to make fibres from agricultural waste.

    But all this comes at a cost – and raises the question of who should pay. While the circular economy offers promising solutions to environmental and economic challenges, the transition raises critical questions about equity. It’s vital to include the workers and communities from developing countries at every stage of the transition.

    Despite the potential of a circular economy to bring long-term benefits to both society and the environment, access to resources is uneven. There are also economic disparities. A lack of funding, insufficient investment and skills gaps make the shift towards a circular economy challenging for some developing countries.

    And power dynamics are shifting across industries and regions. The circular transition can hit utility companies (electricity, gas and water) as demand from other firms falls. At the same time, in some countries it can bring significant gains to sectors such as construction – possibly driven by manufacturing firms investing in new buildings after saving money on material and energy costs.

    In a recent review of 167 studies of the circular economy, we found that there was limited focus on democratic planning. Communities were not involved enough in decision-making about the transition to a circular economy – especially in low-income countries. Local workers and communities being shut out of decision-making and excluded from opportunities, such as green jobs in renewable energy or sustainable design, could worsen inequalities. This is particularly the case in low-income areas with limited resources and economic resilience.

    In developing countries, persistent problems including low wages and poor working conditions can continue even as circular practices gain momentum, unless these concerns are integrated into the model. In the fashion industry, for example, workers face the same precarious working conditions regardless of whether they are working with virgin or recycled materials.

    And new tensions are emerging over who benefits and loses in the transition to a circular economy. For example, a textile factory owner in the Tamil Nadu region of India voiced concerns that slower fashion cycles – promoted by circular initiatives in wealthier countries – could threaten jobs and livelihoods, making the case (in the words of one interviewee) for “much faster fashion”.

    Without careful planning, textile workers in developing countries could lose their livelihoods in the transition to a circular economy.
    Ruma Dey Acharya/Shutterstock

    Among textile manufacturers, secondhand clothing was seen in a negative light as it might decrease the need for new products. The recycling industry on the other hand was booming in the same area and was seen as a positive thing. This was reflected in the words of a textile factory manager: “It’s my message (to not) reuse, we can recycle so that we get some work in the future.”

    Nevertheless, even recycling was not considered to be a purely positive thing. Many cotton farmers dependent on traditional production face disruption to their livelihoods as recycled textiles gain popularity.

    This is in stark contrast to the narrative in the developed economies, where circular strategies advocating “buy nothing” or slow fashion cycles are championed for their environmental benefits.

    A path forward

    To ensure the circular economy benefits everyone, it is crucial to address its social dimensions. Policies and strategies often overlook marginalised voices, particularly in developing countries. Inclusive circular economy models must be rooted in local contexts, reflecting the unique socio-economic realities of these regions.

    Grassroots entrepreneurs in places where resources are scarce are well positioned to create innovative, locally tailored solutions. Supporting their efforts can lead to practices that address the challenges of their communities while contributing to broader circular goals. Recognising and nurturing this local capacity is essential for a sustainable and fair transition.

    International organisations, national governments, and businesses play a pivotal role in driving inclusivity. Initiatives should be judged not only on environmental and economic outcomes but also for their impact on jobs, livelihoods, education, equity and justice. Businesses must engage with local communities to share knowledge, resources, costs and profits equitably between developing and developed nations.

    This could be funding local innovators, supporting small enterprises or promoting cross-border collaboration on circular practices. For example, circular economy finance and international partnerships can help develop affordable energy solutions for low-income communities and engage developing countries in circular value chains to collect and process e-waste components. International frameworks, such as the EU’s Just Transition Mechanism, must ensure that no one is left behind. And businesses should guarantee living wages in global circular supply chains.

    There’s a risk the circular economy could perpetuate inequalities. That’s why it is vital to reach people at even the far end of supply chains to ensure they are included in decisions and transitions. An equitable circular economy is not just an environmental or economic necessity – it’s also a moral imperative.

    Anna Kristiina Härri receives funding from the Strategic Research Council of Finland. She is affiliated with the Greens in Finland.

    Jarkko Levänen has received funding from the Research Council of Finland and Business Finland.

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

    – ref. The world needs a circular economy. But workers in developing countries shouldn’t pay the price – https://theconversation.com/the-world-needs-a-circular-economy-but-workers-in-developing-countries-shouldnt-pay-the-price-246453

    MIL OSI – Global Reports –

  • MIL-OSI Video: Beyond Crisis: Unlocking Europe’s Potential | World Economic Forum Annual Meeting 2025

    Source: World Economic Forum (video statements)

    Two recent landmark reports on the European Union’s economy paint an unforgiving picture of its vulnerabilities, suggesting the region faces the prospect of “slow agony”. At current productivity and demographic trends, Europe’s economic output is forecast to be the same in 2050 as it is today.

    With much of the power to correct course residing in national capitals, what will it take for leaders to rise to the challenge?

    Speakers: Nicolas Hieronimus, Roula Khalaf, Robert Habeck, Belen Garijo, Christine Lagarde

    The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

    This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
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    https://www.youtube.com/watch?v=VqghCwdxqHo

    MIL OSI Video –

  • MIL-OSI United Nations: Upcoming Financing for Development Conference ‘Perhaps Last’ Chance for Real Commitments, Deputy Secretary-General Tells Summit

    Source: United Nations General Assembly and Security Council

    Following is UN Deputy Secretary-General Amina Mohammed’s message for the opening of the Finance in Common Summit, held in Cape Town, South Africa, today:

    I thank Remy Rioux and Adama Mariko from Finance in Common’s leadership, and this event’s co-hosts, the Development Bank of Southern Africa and the Asian Infrastructure Investment Bank, for bringing us together.

    The world is dangerously off track in achieving the Sustainable Development Goals (SDGs).  While we have made progress on many aspects of our development agenda, we have also faced multiple setbacks, including the pandemic, new conflicts, slowing global growth and escalating borrowing costs.

    Looking ahead, accelerating climate impacts, crushing debt burdens, and the spectre of escalating trade and geopolitical tensions are darkening the horizon.  The only way out of this storm is financing.

    But, right now, developing countries are unable to mobilize SDG investments in the face of debt overhangs, capital flight, climate risks and illicit financial flows that bleed their economies dry.  Even official development assistance (ODA), which has long provided a minimum safety net, is now under threat.

    The fourth International Conference on Financing for Development in Sevilla in July will be a pivotal moment to renew the global financing framework and redouble our collective efforts to achieve the 2030 Agenda [for Sustainable Development].  It presents a significant, and perhaps the last, opportunity before 2030 for real financial commitments to turn aspirations into actions.

    Addressing the sustainable development crisis requires two essential changes — both of which require the work of the institutions here at the Financing in Common Summit.

    The first change is a massive investment push.  The now-adopted Pact for the Future called for a massive financial stimulus to help developing countries invest in sustainable development.

    This push must be publicly led, but designed to leverage private investment and innovation.  It must work to mobilize capital at low cost.  And it must focus on transformative investments that can yield the greatest impact. Public development banks are integral to meeting this challenge.

    Doing so requires good governance, careful risk management and effective, independent management.  Development banks also need clear direction from policymakers to align their operations with the 2030 Agenda.

    The second change is reforming the international financial architecture.  This was another key commitment in the Pact for the Future.  The existing architecture was crafted 80 years ago when many countries were still under colonial rule.

    It’s high time for change.  This system needs to be fit for purpose in today’s world, which means putting developing countries squarely in the driver’s seat.  The elevation of public development banks is a critical part of this change.

    National banks are best placed to source projects and work with Governments to develop project pipelines that align with country priorities.  MDB [Multilateral development bank] financing, co-financing and working with national development banks can all combine to expand developing country ownership and improve the efficiency of the international system.

    The fourth International Conference on Financing for Development is uniquely placed to support this agenda.  The zero draft of the Conference’s outcome document already contains ambitious proposals related to public development banks.  While Member States will ultimately decide how to proceed, I urge you to support them.

    Across this work and more, your engagement with the Financing for Development process will help ensure the Conference has political traction and the best chance of success.  I wish you a successful Summit this week and hope to see you again in Sevilla.

    MIL OSI United Nations News –

  • MIL-OSI: Dundee Corporation Continues To Advance Its Strategic Plan and Announces Proposed Sale of Its Interest in Android Industries

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) — Dundee Corporation (TSX: DC.A) (the “Corporation” or “Dundee”) is pleased to announce that the ownership group of Android Industries, L.L.C. (“Android”) have agreed to sell their interest in Android. The Corporation holds a 20% interest in Android, a private company and leading high technology-enabled assembler and sequencer of complex assemblies for the automotive industry.

    As a result of this transaction, Dundee anticipates receiving cash proceeds of approximately C$24.5 million at closing, with an incremental C$6.9 million payable contingent upon the release of all escrows. “The sale of our 20% interest in Android Industries represents a significant milestone for Dundee as we rationalize what remains of our non-core legacy asset portfolio which is a key strategic initiative as we recycle our capital into our core mining business,” said Jonathan Goodman, President and Chief Executive Officer of Dundee Corporation. “I would like to extend my congratulations to the team for their exceptional effort in getting this deal moved toward the finish line.  This divesture underscores the Corporation’s commitment to optimizing its asset portfolio and delivering value to shareholders.  We remain focused on executing on our strategic objectives and pursuing growth within the mining sector.”

    The transaction is subject to satisfying customary closing conditions and obtaining necessary regulatory approvals and is expected to close on or around the end of the first quarter of 2025.

    ABOUT DUNDEE CORPORATION:

    Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is an active investor focused on delivering long-term, sustainable value as a trusted partner in the mining sector with more than 30 years of experience making accretive mining investments.

    FORWARD-LOOKING STATEMENTS:

    This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Dundee Corporation’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dundee Corporation’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Annual Information Form of Dundee Corporation and subsequent filings made with securities commissions in Canada. Dundee Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

    FOR FURTHER INFORMATION PLEASE CONTACT:

    Investor and Media Relations
    T: (416) 864-3584
    E: ir@dundeecorporation.com

    The MIL Network –

  • MIL-OSI: Haffner Energy successfully commissioned its hydrogen-from-biomass production unit in Marolles, France – a breakthrough for the hydrogen industry

    Source: GlobeNewswire (MIL-OSI)

    Vitry-le-François, France – February 26, 2025, 6:00 PM (CEST)

    • Commissioning of the world’s first plant producing hydrogen from solid biomass at the Marolles site (Champagne region, France).
    • Unique thermochemical process that significantly reduces green hydrogen costs.
    • “Super green”1 hydrogen available for commercial use beginning the second half of 2025.

    Haffner Energy (ISIN: FR0014007ND6 – Ticker: ALHAF) announces the commencement of hydrogen2 production utilizing its proprietary solid biomass thermolysis technology at its Marolles hydrogen production, testing, and training center, as was announced in the 12/17/2024 press release. This unique technology enables the production of renewable hydrogen at a substantially lower cost compared to conventional methods, while offering an unparalleled carbon footprint.

    “Achieving the continuous production of competitive green hydrogen is a decisive step. Currently, the industry faces significant delays due to the excessive cost of decarbonized hydrogen. We are confident that our solution will accelerate the adoption of renewable hydrogen and enhance the sector’s competitiveness. I want to congratulate the Haffner Energy team and our partners for this remarkable achievement, ushering the company into a new era,” stated Philippe Haffner, Co-founder and CEO of Haffner Energy.

    A Flexible and Economically Advantageous Production Model

    The site’s production capacity will be 15 kg of hydrogen per hour (kg/h), with an initial phase temporarily limited to 11 kg/h due to the existing PSA (Pressure Swing Adsorption) purification equipment. This equipment will be replaced in the coming months by a PSA designed to reach a 15 kg/h capacity. The unit already produces hydrogen at 8 bar pressure, ready for commercial distribution starting in the second half of 2025 to serve transportation and industrial markets.

    Anticipated since late 2024, this commissioning required the site to be connected to the medium-voltage electrical grid, which was completed earlier this year, followed by the on-site presence of commissioning engineers focused on the main equipment suppliers for hydrogen purification.

    The biomass thermolysis unit, operational since June 2024, exceeds the capacity required to produce 15 kg/h of hydrogen. The new PSA, already received by Haffner Energy, will be complemented by a compressor reaching 35 bar pressure, supplying an H14 distribution station provided by HRS.

    Marolles is designed to operate 8,000 hours per year. As part of this site’s operations, 120 metric tons of mobility-grade hydrogen per year (15 kg/hour) will be produced, contributing to the decarbonization of mobility and industry. This is equivalent to 12 million kilometers traveled with hydrogen vehicles. Approximately 2,400 metric tons of CO₂ per year will be avoided or captured through hydrogen and biocarbon (char or biochar) combined.

    A memorandum of understanding for the offtake has been signed for the supply of 90 tonnes of hydrogen per year, mainly for mobility applications, which is designed to ensure a commercial outlet within the next few months.

    Hydrogen Production from Residual Solid Biomass: A Game Changer

    The scaling up of Haffner Energy’s proprietary biomass thermolysis technology is poised to disrupt the global and French renewable hydrogen markets, facilitating accelerated commercial and industrial development. This technology offers several key advantages:

    • Economically Competitive Solution: Already capable of competing with gray hydrogen for installations of 20 MW and above – a feat far from achievable by alternative technologies.
    • Economic Model Based on Low-Cost Biomass Energy: Hydrogen from biomass thermolysis is significantly cheaper to produce than hydrogen from the electrolysis of water thanks to low primary energy costs (<30€/MWh and often even <20€/MWh, compared with >70€/MWh for decarbonized electricity) and optimal energy efficiency (generally >70%).
    • Independence from the Electrical Grid: Unlike electrolysis, thermolysis is minimally dependent on electricity availability and cost, ensuring stable and predictable production.
    • Negative Carbon Footprint: This technology sequesters biogenic carbon through biochar co-production, achieving a negative carbon footprint when considering the full LCA.3
    • Flexible Sourcing: This biomass-agnostic technology is able to utilize various residual biomasses, in particular from agriculture, ensuring greater autonomy and resilience against feedstock market fluctuations while significantly expanding available resources.

    Towards Commercial and Industrial Expansion

    The commissioning of the Marolles unit marks a strategic milestone for Haffner Energy. This success accelerates commercial discussions with several partners interested in this disruptive technology and, as announced in previous communications, will enable the Company’s project pipeline to be converted into firm orders, thereby generating revenue. In particular, the effective commissioning of the site is a catalyst for finalizing the signing of two major contracts.

    The continuous operation of hydrogen and renewable gas production equipment on site will also enable Haffner Energy’s team to conduct tests using specific biomasses for each potential client, including non-conventional biomasses such as organic sludge, manure, and algae, thereby confirming the compatibility of Haffner Energy’s technology.

    Furthermore, Haffner Energy is now positioned to leverage a previously untapped technological solution that converts hydrogen into electricity at an extremely competitive cost, highly valuable during peak consumption periods.

    Despite a global context that remains unfavorable to the development of the hydrogen market, particularly in Europe and in France—where the national hydrogen strategy has yet to be announced—Haffner Energy’s position in this high-potential market is now strengthened.

    Additional resources

    Next events 

    • Annual results 2024-2025                         June 18, 2025
    • Annual Shareholders Meeting                  September 10, 2025

    About Haffner Energy

    Haffner Energy is a French company providing solutions for competitive clean fuels production. With a 32- year experience converting biomass into renewable energies, it has developed innovative proprietary biomass thermolysis and gasification technologies to produce renewable gas, hydrogen and methanol, as well as Sustainable Aviation Fuel (SAF). The company also contributes to regenerating the planet through the co-production of biogenic CO2 and biocarbon (or char/biochar). Haffner Energy is listed on Euronext Growth (ISIN code : FR0014007ND6 – Ticker : ALHAF).

    Investor Relations

    investisseurs@haffner-energy.com

    Media Relations

    Laure BOURDON
    laure.bourdon@haffner-energy.com
    +33 (0) 7 87 96 35 15

    Glossary:

    * Biocarbon is a carbon-rich solid material. Biocarbon contains biogenic carbon absorbed from the atmosphere by plants via photosynthesis. This characteristic makes it a major carbon sink when used as a soil amendment, either applied directly or incorporated into fertilizers (known as biochar), or incorporated into building materials (known as char). Biocarbon is also a very dense source of renewable energy (31 MJ/kg) that can be gasified on site to increase the production of biofuels such as bio-SAF or the production of renewable hydrogen, but can also be shipped and gasified at another site, notably for the production of e-fuels.

    1 In accordance with the order of July 1, 2024 specifying the greenhouse gas emission threshold and the methodology for qualifying hydrogen as renewable or low-carbon.

    2 Samples were taken today by an independent laboratory to validate the mobility quality of this hydrogen.

    3 In accordance with the life cycle assessment study carried out by the LCA consultancy EVEA at the end of 2021.

    Attachment

    The MIL Network –

  • MIL-OSI Video: Rethinking Obesity Care | World Economic Forum Annual Meeting 2025

    Source: World Economic Forum (video statements)

    Global levels of obesity continue to rise rapidly, with over 1 billion people affected today and projected to double by 2030.

    What is the projected impact of obesity on health and the economy and what new approaches exist to address this growing public health challenge?

    Speakers: Pranjal Sharma, Camilla Sylvest, Sean Duffy

    The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

    This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
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    https://www.youtube.com/watch?v=FQnpC0yIsU0

    MIL OSI Video –

  • MIL-OSI Video: Mind Matters: Mental Health at Work | World Economic Forum Annual Meeting 2025

    Source: World Economic Forum (video statements)

    Globally, an estimated 12 billion working days are lost every year to depression and anxiety at a cost of $1 trillion a year in lost productivity. In a post-pandemic world, supporting mental health in the workplace is more critical than ever.

    This session explores practical tools and strategies for creating a supportive workplace culture, reducing stigma and fostering mental well-being among workers.

    Speakers: Bill Ready, Christy Hoffman, Stephen P. MacMillan, David Rhodes, Pakishe Aaron Motsoaledi

    The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

    This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
    Facebook ► https://www.facebook.com/worldeconomicforum/
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    Instagram ► https://www.instagram.com/worldeconomicforum/
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    Flipboard ► https://flipboard.com/@WEF

    #Davos2025 #WorldEconomicForum #wef25

    https://www.youtube.com/watch?v=_xwD12UkVwI

    MIL OSI Video –

  • MIL-OSI USA: Hawley Reintroduces Bill Blocking Agencies from Partnering with Pro-CCP Consulting Firms

    US Senate News:

    Source: United States Senator Josh Hawley (R-Mo)

    Wednesday, February 26, 2025

     Today, U.S. Senator Josh Hawley (R-Mo.) reintroduced his legislation to prohibit the Department of Defense and other federal agencies from contracting with consulting firms, like McKinsey & Company, which provides services to the Chinese government or its affiliates while being contracted by the United States government. The Time to Choose Act would force these firms to choose whether to stand with the U.S. in its efforts to protect America against China’s global ambitions, or forfeit U.S. government contracts entirely.

    This bipartisan legislation passed the Senate Homeland Security and Governmental Affairs Committee with strong bipartisan support in the 118th Congress. Senator Gary Peters (D-Mich.) and Senator Rick Scott (R-Fla.) are both original cosponsors. 

    “For too long, these companies have basked in the financial security of government contracts while actively undermining our own national security,” said Senator Hawley. “It is unconscionable that we’ve allowed them to sell us out to the Chinese Communist Party by advancing their agenda rather than putting America’s interests first. My bill would bring that to an end.” 

    “The Chinese Communist Party is actively working to undermine our country at every turn,” said Senator Peters. “This commonsense, bipartisan bill would prohibit companies that are providing consulting services to the Chinese government from receiving highly competitive government contracts, paid for by American taxpayers, to protect both our national security and our competitive edge in the global economy.”

    “Any firm who wants to help, support or represent Communist China’s best interests clearly is choosing to work against America’s best interests and choosing to forfeit access to federal tax dollars. It’s a clear conflict of interest,” said Senator Scott. “The Chinese Communist Party is one of our greatest adversaries, hellbent on destroying our way of life, crippling our industries and spying on our citizens. Our bill, the Time to Choose Act, requires firms to make a choice: support the freedom-loving United States or support the regime in Communist China. There’s no in between.”

    The Time to Choose Act would:

    • Prohibit federal agencies from contracting with consulting firms that hold a contract with the Chinese government and other foreign adversaries.
    • Impose penalties on consulting firms that intentionally hide or misrepresent contracts with the Chinese government and other foreign adversaries, including:
      • Terminating affected federal contracts.
      • Debarring relevant firms from future work with the federal government.
      • Requiring relevant firms to pay damages equivalent to three times the amount spent by the U.S. government on the contracts.

    Read the full bill text here.

    MIL OSI USA News –

  • MIL-OSI USA: Fischer Questions Michael Kratsios and Mark Meador at Nomination Hearing

    US Senate News:

    Source: United States Senator for Nebraska Deb Fischer

    U.S. Senator Deb Fischer (R-Neb.), a member of the Senate Committee on Commerce, Science, and Transportation, questioned two of President Trump’s nominees: Mr. Michael Kratsios, nominated to be the Director of the Office of Science and Technology Policy (OSTP), and Mr. Mark Meador, nominated to be a Federal Trade Commissioner.

    During the hearing, Senator Fischer asked Mr. Kratsios about emerging technologies and the Department of Defense’s essential role in shaping national spectrum policy, especially given its unique testing abilities for wireless technology. She also asked about the lessons learned from the America’s Mid-Band Initiative Team (AMBIT) spectrum auction.

    Additionally, Senator Fischer questioned Mr. Meador about how he would effectively use agency resources to uphold the Federal Trade Commission’s (FTC) mission. She emphasized the importance of the FTC’s coordination with the Department of Justice (DOJ) on enforcement efforts to protect consumers.

    Click the image above to watch a video of Senator Fischer’s questioning

    Click here to download audio

    Click here to download video

    On the DoD’s Cutting-Edge Spectrum Testing and Innovation:

    Senator Fischer: Mr. Kratsios, I welcome your enthusiasm for advancing American leadership on emerging technologies. As you know, OSTP is responsible for coordinating science and tech policy among federal agencies. 

    When you were the United States Chief Technology Officer, one of your focuses was advancing DoD’s unique testing abilities to drive innovation. And at the time, you stated that the Department of Defense is “at the forefront of cutting-edge 5G testing and experimentation.” Do you still believe that?

    Michael Kratsios: I do, yes.

    Senator Fischer:     And when it comes to 5G and other spectrum matters, do you believe that DOD testing should be faithfully integrated into a national spectrum policy?

    Michael Kratsios: Yes, DOD is a critical component of the spectrum strategy.

    On AMBIT:

    Senator Fischer: Previously, I understood you were involved with “America’s Mid-Band Initiative Team,” known as AMBIT, and you brought that up a couple times yesterday in our discussion. And so, I looked into it a little bit more to familiarize myself with it. That was an auction of mid-band spectrum held by DOD, and it was to make those licenses available to wireless companies. Is that correct?

    Michael Kratsios: Yes. 

    Senator Fischer: Did the AMBIT auction cause more congestion for defense systems operating in the lower 3 [GHz] band?

    Michael Kratsios:     In my opinion, I think AMBIT provided an opportunity for a technical analysis of that spectrum range and find a way to be able to still complete the national security mission by moving some of the workloads that were in the auction band to lower bands. 

    Senator Fischer:     So, they had to compress that band even more then in order to accommodate that into the lower 3. Is that correct?

    Michael Kratsios:     Yeah, so some of the activities that were in the band that ultimately were auctioned were moved down to lower bands.

    Senator Fischer:     I also understand that AMBIT struggled on the back end with major relocation costs from the defense systems that were displaced in that process of compressing them. Is that correct?

    Michael Kratsios:     I haven’t tracked the details of that since I left office, but there’s always transition costs associated with freeing up bands, typically.

    Senator Fischer: Are you familiar with any of the costs? Are those readily available, so we can access those? Do you know how that cut into the net revenue that was expected from the auction?

    Michael Kratsios:     I’m not familiar with those details, but I can try to see what’s publicly available.

    Senator Fischer: That would be great. 

    On Responsible FTC Enforcement:

    Senator Fischer:     Mr. Meador, over the years, the Federal Trade Commission has faced off in court against the deepening pockets of major corporations, especially when it comes to Big Tech. If confirmed, how would you prioritize litigation and effectively use agency resources in upholding the FTC mission?

    Mark Meador: That’s a very important topic. I will say the FTC staff have gotten very good at doing a lot with often much less. If confirmed, my first step will be to consult with the Chairman and the Commissioners and of course, the staff, who understand what challenges they are facing. What do we have on our docket and what resources do we have available? And then we’re collaborating with all of them to determine which cases are the highest priority to protect the largest number of consumers from the gravest threats. 

    On FTC Coordination with the Department of Justice: 

    Senator Fischer: It’s my understanding that at times there can be tension with that enforcement coordination with the Department of Justice. Do you have any comments on that? Or if that would occur, what would you do?

    Mark Meador: Sure, this is something that has happened frequently in the past. Some of it has unfortunately been very public. I’m confident that President Trump has selected leaders for this administration who can work very well together. I think it is of paramount importance that both agencies be singing from the same hymn sheet, be aligned on policy and enforcement decisions, and there should really be no daylight between them when it comes to how they’re enforcing the antitrust laws.

    I think anything is possible if you don’t care who gets the credit. And so, when it comes to merger clearance, we should be focusing on protecting consumers as fast as possible, not trying to get one up on the other agency.

    Senator Fischer: Thank you both for putting yourselves forward to serve in these very dangerous times that we live in. I really appreciate it and thank you to your families as well.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Ambitious budget set to empower communities and support the most vulnerable

    Source: Scotland – City of Perth

    Despite the costs of providing essential services continuing to rise, flexibility from a three-year Council Tax strategy and additional funding from the Scottish Government meant that Councillors were able to agree a budget for each of the next three years which prioritises services for the most vulnerable, avoids further public sector job cuts, and invests in community empowerment and business growth. All with a lower Council Tax increase than originally proposed.

    The agreed Council Tax increase for 2025/26 is 9.5%. This follows a freeze in the current year. For people living in a Band D property, this represents a £2.56 weekly increase, or £11.11 more a month. Provisional increases have also been agreed of 9.5% for 2026/27 and 6% for 2027/28.

    Key investments agreed:

    • Protecting vital services for residents in the greatest need – the budget prioritises vulnerable residents, with almost £7 million to maintain health and social care services, plus £1 million over two years to support innovation and provide new models of delivering care in our communities. 
    • Protecting frontline jobs – no further job cuts are required as part of the budget decisions made today, with over £2 million being put back into Education and Learning to reverse proposed reductions in teacher numbers and £400,000 to prevent further cuts to teams supporting vulnerable children and families. Council officers are continuing to deliver on phase 2 of the leadership savings agreed last year.
    • Empowering communities – the budget includes £1 million to support community resilience, £1 million for Culture Perth and Kinross services, and almost £150,000 in community sports.

    Council Leader, Councillor Grant Laing, said: “Community groups are an essential part of delivering on local ambitions, and I’m proud that this budget creates more opportunities than ever before to put them at the heart of local decision-making. From additional funding for Bloom groups and Community Councils, to investing in community resilience and community sports, there’s lots we have been able to do.

    “We’ve also listened to the community members who have campaigned in support of their rural libraries, and allocated money over two years to allow Culture Perth and Kinross to maintain current premises and opening hours. But, this funding is contingent upon the energy and commitment shown by those supporters now being directed towards working with CPK to plan and implement sustainable futures for those libraries.”

    Additional key investments include:

    • Economic growth – £9 million over four years in the Commercial Property Investment Programme to make more units available for new and growing businesses, particularly in rural Perth and Kinross.
    • Environmental initiatives – £200,000 to provide practical support to Bloom and biodiversity groups to accelerate the delivery of the biodiversity aims of our Grow Wild approach to greenspaces. And, another £200,000 to deliver a new round of the Green Living Fund for community projects.
    • Public transport – almost £170,000 to extend the offer for free bus travel on the first Saturday of every month for another year, adding extra free travel for Clean Air Day in June and for an additional free Saturday in December in the peak Christmas shopping season. Plus, almost £70,000 for rural bus services and community transport initiatives.
    • Tackling poverty – adding £2 million to target anti-poverty initiatives, including continuing school holiday food and fun activities, and investing in efforts to tackle poverty in rural areas.

    Councillor Laing added: “One of our key priorities is to tackle poverty head-on. We are investing in job creation and growth schemes, such as apprenticeships and rural employability programs, to provide more opportunities for our residents. Additionally, we are adding £2 million to our anti-poverty funding and allocating £600,000 to the Financial Insecurity Fund and Scottish Welfare Fund. This will ensure that we can support those facing financial challenges and help them access the discounts and benefits they are entitled to.

    “Our Welfare Rights Team does a fantastic job in helping maximise income for households in financial need. By investing further in this team, we can support even more households and ensure that everyone in our community has the resources they need to thrive.
    “With this ambitious budget, we are not only addressing immediate needs but also laying the foundations for a resilient and thriving community. Together, we are building a brighter future for Perth and Kinross.”

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks to the opening of the Finance in Common Summit 2025 [as prepared for delivery]

    Source: United Nations secretary general

    Excellencies, Distinguished guests,

    I thank Remy Rioux and Adama Mariko from Finance in Common’s leadership, and this event’s co-hosts, the Development Bank of Southern Africa and the Asian Infrastructure Investment Bank, for bringing us together.

    Excellencies,

    The world is dangerously off track in achieving the Sustainable Development Goals.

    While we have made progress on many aspects of our development agenda, we have also faced multiple setbacks, including the pandemic, new conflicts, slowing global growth, and escalating borrowing costs.

    Looking ahead, accelerating climate impacts, crushing debt burdens, and the specter of escalating trade and geopolitical tensions are darkening the horizon.

    The only way out of this storm is financing.

    But right now, developing countries are unable to mobilize SDG investments in the face of debt overhangs, capital flight, climate risks, and illicit financial flows that bleed their economies dry.

    Even official development assistance, which has long provided a minimum safety net, is now under threat.

    The Fourth International Conference on Financing for Development in Sevilla in July will be a pivotal moment to renew the global financing framework and redouble our collective efforts to achieve the 2030 Agenda.

    It presents a significant, and perhaps the last, opportunity before 2030 for real financial commitments to turn aspirations into actions.

    Addressing the sustainable development crisis requires two essential changes – both of which require the work of the institutions here at the Financing in Common Summit.

    The first change is a massive investment push.

    The now-adopted Pact for the Future called for a massive financial stimulus to help developing countries invest in sustainable development.

    This push must be publicly-led but designed to leverage private investment and innovation. It must work to mobilize capital at low cost. And it must focus on transformative investments that can yield the greatest impact.

    Public development banks are integral to meeting this challenge.

    Doing so requires good governance, careful risk management, and effective, independent management.

    Development banks also need clear direction from policymakers to align their operations with the 2030 Agenda.

    The second change is reforming the international financial architecture.

    This was another key commitment in the Pact for the Future.

    The existing architecture was crafted 80 years ago when many countries were still under colonial rule.

    It’s high time for change.

    This system needs to be fit for purpose in today’s world, which means putting developing countries squarely in the driver’s seat.

    The elevation of public development banks is a critical part of this change.

    National banks are best placed to source projects and work with governments to develop project pipelines that align with country priorities.

    MDB financing, co-financing, and working with national development banks can all combine to expand developing country ownership and improve the efficiency of the international system.

    The Fourth International Conference on Financing for Development is uniquely placed to support this agenda.

    The zero draft of the conference’s outcome document already contains ambitious proposals related to public development banks. While Member States will ultimately decide how to proceed, I urge you to support them.

    Excellencies,

    Across this work and more, your engagement with the FfD process will help ensure the Conference has political traction and the best chance of success.

    I wish you a successful Summit this week and hope to see you again in Sevilla.

    Thank you.
     

    MIL OSI United Nations News –

  • MIL-OSI: ThoughtSpot Appoints Brad Roberts as Chief Financial Officer to Drive Growth and Scalability in the AI Era

    Source: GlobeNewswire (MIL-OSI)

    MOUNTAIN VIEW, Calif., Feb. 26, 2025 (GLOBE NEWSWIRE) — ThoughtSpot, the AI-native Intelligence Platform, has announced the appointment of Brad Roberts as Chief Financial Officer (CFO). This strategic appointment to the leadership team underscores ThoughtSpot’s commitment to building a trusted AI company that drives industry innovation in the era of AI and agentic analytics.

    Roberts, a seasoned executive finance leader, brings over thirty years of experience in the technology industry, having served as a CFO and interim CFO for high growth technology companies including Addepar and Panorama Education, among others. He also spent nearly a decade at Synopsys, supporting and managing growth from $400M to $1.3B in his tenure and another decade in the technology practice of strategy consulting firm, Bain & Company.

    “Brad exemplifies the financial leadership that is crucial as we accelerate our growth and solidify our position as a leader in AI-powered analytics intelligence,” said Ketan Karkhanis, Chief Executive Officer at ThoughtSpot. “His experience is not only valuable, it becomes an asset to our roadmap at ThoughtSpot as we take advantage of the AI opportunity in front of us and build ThoughtSpot 3.0, powering the autonomous enterprise and leveraging agentic AI for all.”

    As AI redefines business intelligence, trust becomes a key catalyst for future buying decisions. Roberts’ leadership, in collaboration with the executive team, will be instrumental in empowering customers to confidently leverage ThoughtSpot’s intelligence platform and positions ThoughtSpot to take advantage of the moment and continue their leadership position in AI-driven intelligence.

    “ThoughtSpot is uniquely positioned to drive transformational change across customers using agentic AI for management insights and process efficiencies.The opportunity ahead enables us to evolve from a high-growth company into an industry-defining leader,” said Brad Roberts, Chief Financial Officer at ThoughtSpot. “Ketan and the leadership team have set a bold and urgent vision, providing a clear path forward for my role. Finance will be a strategic enabler, fueling innovation, expanding our product portfolio, and powering the next phase of ThoughtSpot’s evolution.”

    Roberts joins ThoughtSpot after posting significant fiscal growth in Fiscal Year 2024, closing with 40% year-over-year SaaS growth and more than doubling its monthly active users. ThoughtSpot also unveiled a significant expansion to the company’s artificial intelligence capabilities with the launch of Spotter, an agentic AI analyst, followed by the launch of Analyst Studio, a creator space that empowers data teams to get data ready for AI and analytics.

    In the last year, ThoughtSpot has appointed several leaders, including Ketan Karkhanis as Chief Executive Officer, Ahmed Quadri as Chief Customer Officer, Anthony Lee-Masis as Chief Information Security Officer, and Francois Lopitaux as SVP and General Manager of Emerging Technologies and Products.

    Roberts holds an MBA from Harvard Business School as well as bachelor’s degrees from the University of Pennsylvania Wharton Business School and the School of Engineering and Applied Science.

    About ThoughtSpot
    ThoughtSpot is the AI-native Intelligence Platform for every enterprise. Our mission is to create a more fact-driven world by empowering everyone to explore any data, ask any question, and uncover actionable insights faster—leading to growth, better business outcomes, and efficiency in their organizations. With ThoughtSpot’s intuitive natural language search, every user can confidently generate answers from their business data at every point of decisioning. The platform’s unified capabilities, along with our agentic AI analyst, Spotter, enable users to create precise, transparent, personalized, and actionable insights with enterprise grade trust, security, and scale. Accessible via the web and mobile app, ThoughtSpot ensures intelligent decision-making happens seamlessly, wherever and whenever needed. For developers, ThoughtSpot Embedded offers a low-code solution to integrate AI-powered analytics directly into products and services, driving data monetization and boosting user engagement for customers. Industry leaders like NVIDIA, Hilton Worldwide, Capital One and Huel rely on ThoughtSpot to transform how their employees and customers take advantage of data to create better business outcomes. Try ThoughtSpot today and experience the new era of analytics.

    PR Contact:
    Lindsay Noonan
    Director of Communications, ThoughtSpot
    press@thoughtspot.com 

    The MIL Network –

  • MIL-OSI: Johanna Bartee Appointed to Boards of First Fed and First Northwest Bancorp

    Source: GlobeNewswire (MIL-OSI)

    PORT ANGELES, Wash., Feb. 26, 2025 (GLOBE NEWSWIRE) — First Northwest Bancorp (NASDAQ: FNWB) and its subsidiary First Fed Bank are pleased to announce the appointment of Johanna Bartee to the Board of Directors for both companies.

    Ms. Bartee brings extensive experience in banking, finance, and economic development, along with a strong commitment to community-driven initiatives across the North Olympic Peninsula.

    “We are thrilled to welcome Johanna to our Board of Directors,” said Matt Deines, President and CEO of First Fed Bank and FNWB. “Her expertise in finance and community development will be invaluable as we continue to serve our customers and communities.”

    Ms. Bartee is the Executive Director of JST Capital, a Native Community Development Financial Institution (CDFI) in Sequim, WA, dedicated to supporting underserved communities. Before founding JST Capital in 2018, she built a successful career in finance, working in institutional banking, investment banking, and business development roles at leading financial firms in New York and Southern California. Prior to completing an MBA at Columbia Business School, she managed large-scale communications and IT security projects as an Account Manager for a Department of Defense contractor in Honolulu, Hawaii.

    Beyond her professional achievements, Ms. Bartee is actively involved in community development. She serves as a Board Director for the Clallam County Opportunity Fund and is a member of the Port Angeles Waterfront District Board, advocating for economic growth and revitalization initiatives.

    Ms. Bartee’s appointment reflects First Fed’s commitment to strengthening its leadership with professionals dedicated to fostering economic and social impact.

    About FNWB

    First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business of its subsidiary, First Fed Bank. First Fed is a Pacific Northwest-based financial institution which has served its customers and communities since 1923. Currently First Fed has 18 locations in Washington state including 12 full-service branches. First Fed’s business and operating strategy is focused on building sustainable earnings by delivering a full array of financial products and services for individuals, small businesses, non-profit organizations and commercial customers. In 2022, First Northwest made an investment in The Meriwether Group, LLC, a boutique investment banking and accelerator firm. Additionally, First Northwest focuses on strategic partnerships to provide modern financial services such as digital payments and marketplace lending. First Northwest Bancorp was incorporated in 2012 and completed its initial public offering in 2015 under the ticker symbol FNWB. First Fed is headquartered in Port Angeles, Washington.

    First Fed Bank was recognized by Puget Sound Business Journal as a Best Workplace in 2023 and top Corporate Philanthropist in 2023 and 2024. By popular vote, First Fed received 2024 awards for Best Bank and Best Lender in Best of the Peninsula for Clallam County. First Fed is a Member FDIC and equal housing lender.

    Contact: Matthew P. Deines
    President & CEO
    (360) 457-0461

    The MIL Network –

  • MIL-OSI Africa: CORRECTION: Ghana’s Mining in Motion Summit Gains Support from Key Leaders

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

    ACCRA, Ghana, February 26, 2025/APO Group/ —

    Otumfuo Osei Tutu II, King of the Ashanti Kingdom; Hon. Emmanuel Armah Kofi Buah, Minister of Lands and Natural Resources of Ghana; and Oheneba Kwaku Duah, the son of Otumfuo Osei Tutu II and Managing Director of the Ashanti Green Initiative recently met to discuss the upcoming Mining in Motion Summit in Ghana.

    They explored the summit’s potential to improve the artisanal and small-scale gold mining (ASGM) sector in Ghana and the role of government, international partners and major mining firms in accelerating the sector’s growth. Hon. Kofi Buah endorsed the event, emphasizing its significance in connecting small-scale miners with technology providers, financiers, regulatory bodies and global industry stakeholders to improve their operations and impact.

    Organized by the Ashanti Green Initiative along with the World Bank, the World Gold Council and other international partners, Mining in Motion will take place from June 2 – 4 in Accra.

    The summit is held under the theme Sustainable Mining & Local Growth – Leveraging Resources for Global Impact, uniting key decision-makers, including H.E. John Dramani Mahama, President of the Republic of Ghana, as well as representatives from public and private sector mining institutions from South Africa, the Republic of Guinea, the African Union, ECOWAS and the United Nations.

    The three-day event will highlight the role of traditional authorities in shaping artisanal and small-scale mining practices, emphasizing the sector’s contribution to employment and economic growth. In 2024 alone, Ghana’s artisanal miners generated $5 billion in foreign exchange earnings through gold exports. Providing direct employment for over one million Ghanaians and accounting for 35% of domestic gold output, the sector has the potential to significantly shape socioeconomic development in the west African country.

    As Ghana’s mining sector increasingly supports sustainable development, the Mining in Motion Summit will highlight best practices for integrating ASGM into the global financial system. Representatives from prominent international financing organizations will share their insights.

    In a significant move to boost earnings for small-scale miners, Ghana has announced plans to establish a Gold Board. This new entity will simplify the process of purchasing gold from small-scale miners, providing them with easier access to global markets. With Samuel Adu Gyamfi, who was appointed Acting Managing Director of Precious Minerals Marketing Company last month and tasked with setting up the Ghana Gold Board, playing a pivotal role in shaping the summit, Mining in Motion is set to have a sizable impact on the growth of Ghana’s gold sector.

    Through a series of high-level panel discussions, deal signings, project showcases and exclusive networking, Mining in Motion serves as the ideal platform to connect Ghanaian miners with regional counterparts and global investors for forge industry-changing partnerships.

    Stay informed about the latest advancements, network with industry leaders, and engage in critical discussions on key issues impacting ASGM and medium to large scale mining in Ghana. Secure your spot at the Mining in Motion 2025 Summit by visiting https://MiningInMotionSummit.com/. For sponsorship opportunities or delegate participation, contact sales@ashantigreeninitiative.org.

    MIL OSI Africa –

  • MIL-OSI Video: What’s Going on with the Weather? | World Economic Forum Annual Meeting 2025

    Source: World Economic Forum (video statements)

    Extreme weather events are intensifying in severity and frequency and have become common phenomena globally.

    What can business do to manage and mitigate the risks and impacts?

    Speakers: Celeste Saulo, Johan Rockström, Jane Nelson

    The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

    This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
    Facebook ► https://www.facebook.com/worldeconomicforum/
    YouTube ► https://www.youtube.com/wef
    Instagram ► https://www.instagram.com/worldeconomicforum/
    X ► https://twitter.com/wef
    LinkedIn ► https://www.linkedin.com/company/world-economic-forum
    TikTok ► https://www.tiktok.com/@worldeconomicforum
    Flipboard ► https://flipboard.com/@WEF

    #Davos2025 #WorldEconomicForum #wef25

    https://www.youtube.com/watch?v=TBBy8sHH6YQ

    MIL OSI Video –