Business – Page 316 – NewzIntel.com

MIL-OSI USA: Rep. Dina Titus Introduces GLOBE Act of 2025 to Protect LGBTQI Rights Worldwide

Source: United States House of Representatives – Congresswoman Dina Titus (1st District of Nevada)

Congresswoman Dina Titus today introduced the Greater Leadership Overseas for the Benefit of Equality (GLOBE) Act of 2025 to protect LGBTQI rights by codifying into law protections and safeguards for the rights of LGBTQI people around the world.

“No person should suffer from discrimination because of who they are or whom they love,” Congresswoman Titus (NV-01) said. “Under the Trump Administration, the U.S. is failing to protect the rights of LGBTQI people at home and abroad. This bill will help restore our role in promoting LGBTQI rights around the world and punishing regimes that persecute people based on their sexual orientation or gender identity.”

The GLOBE Act of 2025 would codify in law the Special Envoy position, require the State Department to document cases of human rights abuses and discrimination against LGBTQI people around the world, and institute sanctions against foreign individuals who are responsible for egregious abuses and murders of LGBTQI populations. Additionally, the bill ensures fair access to asylum and refugee programs for LGBTQI individuals who face persecution because of their sexual orientation.

“Through his executive orders and anti-DEI initiatives, President Trump has attacked fundamental human rights and the dignity of the LGBTQI community,” Congresswoman Titus said. “The GLOBE Act counters this by outlining a vision for U.S. leadership in the protection of LGBTQI rights globally.”

The GLOBE Act of 2025 has been endorsed by the following organizations: Council for Global Equality, Human Rights Campaign, Equality California, American Jewish World Service, Outright International, PAI, Amnesty International USA, Silver State Equality, Washington Office on Latin America (WOLA), Women’s Refugee Commission, Ipas, Foreign Policy for America, Center for Reproductive Rights, Planned Parenthood Federation of America, Reconstructionist Rabbinical Association, Rabbinical Assembly, and Human Rights First

Robert Bank, President and CEO, American Jewish World Service, said, “As a global human rights organization rooted in Jewish values, American Jewish World Service believes that every person is created b’tzelem Elohim — in the Divine image — and equally deserving of dignity, respect and protection. Appallingly, more than 60 countries have codified anti-LGBTQI+ hate into law. The GLOBE Act however can be a powerful tool for combatting this bigotry. We applaud Congresswoman Titus for her leadership on this issue. Now, we urge Congress to pass the GLOBE Act and make preventing and responding to global LGBTQI+ discrimination and violence a foreign policy priority.”

Keifer Buckingham, Managing Director of the Council for Global Equality, said, “At a moment when the illegal dismantling of USAID, illegal withholding of Congressionally appropriated foreign assistance, and the politically motivated restructuring of the State Department disproportionately threaten LGBTQI+ communities globally, the reintroduction of the GLOBE Act is both timely and critical,” said Council for Global Equality Managing Director Keifer Buckingham. “Genuine leadership on human rights demands accountability for those responsible for grave violations against LGBTQI+ persons, wherever these abuses occur.”

MIL OSI USA News –

July 1, 2025

MIL-OSI: $HAREHOLDER ALERT: Class Action Attorney Juan Monteverde Investigates the Merger of Carisma Therapeutics Inc. (NASDAQ: CARM)

Source: GlobeNewswire (MIL-OSI)

NEW YORK, June 30, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Carisma Therapeutics Inc. (NASDAQ: CARM) related to its to OrthoCellix, Inc. Upon completion of the proposed transaction, existing Carisma shareholders are expected to own approximately 10% of the combined company. Is it a fair deal?

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

NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?

About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

The MIL Network –

July 1, 2025

MIL-OSI: Ellomay Capital Reports Results for the Three Months Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

TEL-AVIV, Israel, June 30, 2025 (GLOBE NEWSWIRE) — Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, USA and Israel, today reported its unaudited interim consolidated financial results for the three month period ended March 31, 2025.

Financial Highlights

Total assets as of March 31, 2025 amounted to approximately €721.2 million, compared to total assets as of December 31, 2024 of approximately €677.3 million.
Revenues for the three months ended March 31, 2025 were approximately €8.9 million, compared to revenues of approximately €8.2 million for the three months ended March 31, 2024.
Profit for the three months ended March 31, 2025 was approximately €6.8 million, compared to loss of approximately €4.9 million for the three months ended March 31, 2024.
EBITDA for the three months ended March 31, 2025 was approximately €2.9 million, compared to EBITDA of approximately €1.6 million for the three months ended March 31, 2024. See below under “Use of Non-IFRS Financial Measures” for additional disclosure concerning EBITDA.

Financial Overview for the Three Months Ended March 31, 2025

Revenues were approximately €8.9 million for the three months ended March 31, 2025, compared to approximately €8.2 million for the three months ended March 31, 2024. The increase in revenues mainly results from revenues generated from our 19.8 MW and 18.1 MW Italian solar facilities that were connected to the grid in February-May 2024 and in January 2025, respectively.
Operating expenses were approximately €4.6 million for the three months ended March 31, 2025, compared to approximately €4.6 million for the three months ended March 31, 2024. Depreciation and amortization expenses were approximately €4.2 million for the three months ended March 31, 2025, compared to approximately €4.1 million for the three months ended March 31, 2024.
Project development costs were approximately €1 million for the three months ended March 31, 2025, compared to approximately €1.4 million for the three months ended March 31, 2024. The decrease in project development costs is mainly due to projects that reached “ready to build” status, which results in the commencement of the capitalization of expenses related to such projects into fixed assets.
General and administrative expenses were approximately €1.7 million for the three months ended March 31, 2025, compared to approximately €1.6 million for the three months ended March 31, 2024.
The Company’s share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €1.2 million for the three months ended March 31, 2025, compared to approximately €1.3 million for the three months ended March 31, 2024.
Other income was approximately €0.2 million for the three months ended March 31, 2025, compared to €0 for the three months ended March 31, 2024. The income during the three months ended March 31, 2025 was recognized based on insurance compensation in connection with the fire near the Talasol and Ellomay Solar facilities in Spain in July 2024 due to loss of income in 2025.
Financing income, net, were approximately €7.2 million for the three months ended March 31, 2025, compared to financing expenses of approximately €3.3 million for the three months ended March 31, 2024. The change in financing expenses, net, was mainly attributable to higher income resulting from exchange rate differences that amounted to approximately €10.7 million for the three months ended March 31, 2025, compared to loss from exchange rate differences of approximately €0.6 million for the three months ended March 31, 2024, an aggregate change of approximately €11.3 million. The exchange rate differences were mainly recorded in connection with the New Israeli Shekel (“NIS”) cash and cash equivalents and the Company’s NIS denominated debentures and were caused by the 5.9% devaluation of the NIS against the euro during the three months ended March 31, 2025, compared to a revaluation of 0.8% during the three months ended March 31, 2024. The increase in financing income for the three months ended March 31, 2025 was partially offset by an increase in financing expenses of approximately €0.9 million in connection with derivatives and warrants for the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
Tax benefit was approximately €0.9 million for the three months ended March 31, 2025, compared to tax benefit of approximately €0.8 million for the three months ended March 31, 2024.
Loss from discontinued operation (net of tax) was €0 for the three months ended March 31, 2025, compared to a loss from discontinued operation (net of tax) of approximately €0.3 million for the three months ended March 31, 2024.
Profit for the three months ended March 31, 2025 was approximately €6.8 million, compared to loss of approximately €4.9 million for the three months ended March 31, 2024.
Total other comprehensive loss was approximately €4.9 million for the three months ended March 31, 2025, compared to total other comprehensive income of approximately €12 million in the three months ended March 31, 2024. The change in total other comprehensive income (loss) is primarily as the result of foreign currency translation adjustments due to the change in the NIS/euro exchange rate and by changes in fair value of cash flow hedges, including a material decrease in the fair value of the liability resulting from the financial power swap that covers approximately 80% of the output of the Talasol solar plant (the “Talasol PPA”). The Talasol PPA experienced a high volatility due to the substantial change in electricity prices in Europe. In accordance with hedge accounting standards, the changes in the Talasol PPA’s fair value are recorded in the Company’s shareholders’ equity through a hedging reserve and not through the accumulated deficit/retained earnings. The changes do not impact the Company’s consolidated net profit/loss or the Company’s consolidated cash flows.
Total comprehensive income was approximately €1.9 million for the three months ended March 31, 2025, compared to total comprehensive income of approximately €7.1 million for the three months ended March 31, 2024.
EBITDA was approximately €2.9 million for the three months ended March 31, 2025, compared to approximately €1.6 million for the three months ended March 31, 2024.
Net cash from operating activities was approximately €0.3 million for the three months ended March 31, 2025, compared to approximately €1.2 million for the three months ended March 31, 2024.
On February 16, 2025, the Company issued in an Israeli public offering an aggregate principal amount of NIS 214,479,000 of newly issued Series G Debentures, due December 31, 2032. The net proceeds of the offering, net of related expenses such as consultancy fee and commissions, were approximately NIS 211.7 million (approximately €56.7 million as of the issuance date).

CEO Review for the First Quarter of 2025

In the first quarter, the Company’s revenues amounted to €8.9 million, an increase of approximately 9% in revenues compared to the corresponding quarter last year. These revenues do not include the Company’s share of Dorad’s revenues. The Company presented an increase of approximately 81% in EBITDA compared to the corresponding quarter last year (€2.9 million compared to €1.6 million in the corresponding quarter last year). The Company’s first quarter is a winter quarter and is characterized by low production and revenues compared to the other quarters of the year.

In the first half of 2025, the Company recorded significant progress in the start of construction and connection to the grid of new projects, which are expected to contribute to revenue growth in the near future.

In Italy – Financing agreements were signed for solar projects with a total capacity of 198 MW (of which 38 MW are already connected to the electricity grid), and a transaction was signed and consummated with Clal Insurance to enter as a partner (49%) in the aforementioned 198 MW. Construction work on 160 MW has begun and construction is progressing as planned. The remainder of the portfolio held by the Company (100%) is approximately 264 MW solar, of which 124 MW have received construction permits and the rest are expected to receive permits in the near future. These 264 MW are scheduled to begin construction in the last quarter of 2026.

In the US – The Company is advancing additional solar projects with a capacity of approximately 50 MW (beyond the existing portfolio (49 MW) which has completed construction), which are expected to begin construction during 2025. The intention is that these projects will be able to enjoy the full tax benefit currently in effect. The addition of battery storage to each of the projects is also under planning.

In the Netherlands – the Company received, after March 31, 2025, a license to increase production at the GGG facility by 64%. Licenses to increase production at the two additional facilities are in advanced stages. The new regulation for the obligation to blend green gas with fossil gas will commence according to the law in January 2027 (a delay of one year), but the targets for the first year have increased. Agreements have been signed for the sale of green certificates issued under the new regulation at a price of approximately €1 per certificate. The blending obligation is expected to significantly increase the profitability of operations in the Netherlands at current production capacity. The expected increase in production capacity from 16 million cubic meters of gas per year to around 24 million cubic meters of gas per year is expected to add significantly beyond that.

In Israel – the Company is in negotiations with the Israeli Electricity Authority for compensation for delays and war damage to the Manara project. Ellomay Luzon (50% owned) provided a notice of exercise of its right of first refusal on the Zorlu-Phoenix transaction for the sale of Dorad’s shares. Ellomay Luzon and another shareholder exercised their right of first refusal with respect to all of the shares offered (15% of Dorad’s shares), and, subject to the timely fulfillment of the conditions to closing, Ellomay Luzon and the other shareholder are expected to share these shares in equal parts.

In Spain – The Company’s development activity in Spain focuses on battery storage, due to the high volatility in electricity prices in Spain, which stems from an excess of renewable energy during the transition seasons and causes damage to the stability of the grid. In the Company’s assessment, the solution is a significant increase in storage capacity, which is currently at very low levels in Spain. Regulation in Spain is also starting to move in this direction.

Use of Non-IFRS Financial Measures

EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the understanding of the Company’s operating performance and to enable comparability between periods. While the Company considers EBITDA to be an important measure of comparative operating performance, EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. EBITDA does not take into account the Company’s commitments, including capital expenditures and restricted cash and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. Not all companies calculate EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measure presented by other companies. The Company’s EBITDA may not be indicative of the Company’s historic operating results; nor is it meant to be predictive of potential future results. The Company uses this measure internally as performance measure and believes that when this measure is combined with IFRS measure it add useful information concerning the Company’s operating performance. A reconciliation between results on an IFRS and non-IFRS basis is provided on page 17 of this press release.

About Ellomay Capital Ltd.

Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay focuses its business in the renewable energy and power sectors in Europe, USA and Israel.

To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:

Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and 51% of approximately 38 MW of operating solar power plants in Italy;
9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total current electricity consumption;
Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
51% of solar projects in Italy with an aggregate capacity of 160 MW that commenced construction processes;
Solar projects in Italy with an aggregate capacity of 134 MW that have reached “ready to build” status; and
Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are connected to the grid and additional 22 MW that are awaiting connection to the grid.

For more information about Ellomay, visit http://www.ellomay.com.

Information Relating to Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including changes in electricity prices and demand, regulatory changes increases in interest rates and inflation, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas) and in the price of oil, the impact of the war and hostilities in Israel and Gaza and between Israel and Iran, the impact of the continued military conflict between Russia and Ukraine, technical and other disruptions in the operations or construction of the power plants owned by the Company, inability to obtain the financing required for the development and construction of projects, inability to advance the expansion of Dorad, increases in interest rates and inflation, changes in exchange rates, delays in development, construction, or commencement of operation of the projects under development, failure to obtain permits – whether within the set time frame or at all, climate change, and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. These and other risks and uncertainties associated with the Company’s business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
Kalia Rubenbach (Weintraub)
CFO
Tel: +972 (3) 797-1111
Email: hilai@ellomay.com

Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Financial Position
	March 31,	December 31,	March 31,
	2025	2024	2025
	Unaudited	Audited	Unaudited
	€ in thousands		Convenience Translation into US$ in thousands*
Assets
Current assets:
Cash and cash equivalents	35,148	41,134	38,021
Short term deposits	36,301	–	39,268
Restricted cash	656	656	710
Intangible asset from green certificates	195	178	211
Trade and revenue receivables	5,911	5,393	6,394
Other receivables	15,518	15,341	16,786
Derivatives asset short-term	650	146	703
	94,379	62,848	102,093
Non-current assets
Investment in equity accounted investee	40,107	41,324	43,385
Advances on account of investments	547	547	592
Fixed assets	487,100	482,747	526,914
Right-of-use asset	41,276	34,315	44,650
Restricted cash and deposits	15,569	17,052	16,842
Deferred tax	8,525	9,039	9,222
Long term receivables	13,882	13,411	15,017
Derivatives	19,855	15,974	21,478
	626,861	614,409	678,100

Total assets	721,240	677,257	780,193

Liabilities and Equity
Current liabilities
Current maturities of long-term bank loans	20,761	21,316	22,458
Current maturities of other long-term loans	5,866	5,866	6,345
Current maturities of debentures	47,233	35,706	51,094
Trade payables	9,928	8,856	10,738
Other payables	8,913	10,896	9,642
Current maturities of derivatives	40	1,875	43
Current maturities of lease liabilities	733	714	793
Warrants	1,740	1,446	1,882
	95,214	86,675	102,995
Non-current liabilities
Long-term lease liabilities	32,673	25,324	35,344
Long-term bank loans	242,177	245,866	261,972
Other long-term loans	29,578	30,448	31,996
Debentures	186,691	155,823	201,951
Deferred tax	2,652	2,609	2,869
Other long-term liabilities	950	939	1,028
Derivatives	135	288	146
	494,856	461,297	535,306
Total liabilities	590,070	547,972	638,301

Equity
Share capital	25,613	25,613	27,707
Share premium	86,275	86,271	93,327
Treasury shares	(1,736)	(1,736)	(1,878)
Transaction reserve with non-controlling Interests	5,697	5,697	6,163
Reserves	7,381	14,338	7,984
Accumulated deficit	(3,567)	(11,561)	(3,859)
Total equity attributed to shareholders of the Company	119,663	118,622	129,444
Non-Controlling Interest	11,507	10,663	12,448
Total equity	131,170	129,285	141,892
Total liabilities and equity	721,240	677,257	780,193

* Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income (Loss)
	For the three months ended March 31,		For the year ended December 31,	For the three months ended March 31,
	2025	2024	2024	2025
	Unaudited		Audited	Unaudited
	€ in thousands (except per share data)			Convenience Translation into US$*
Revenues	8,860	8,243	40,467	9,584
Operating expenses	(4,627)	(4,563)	(19,803)	(5,005)
Depreciation and amortization expenses	(4,238)	(4,055)	(15,887)	(4,584)
Gross profit (loss)	(5)	(375)	4,777	(5)

Project development costs	(1,045)	(1,415)	(4,101)	(1,130)
General and administrative expenses	(1,662)	(1,620)	(6,063)	(1,798)
Share of profits of equity accounted investee	1,189	1,286	11,062	1,286
Other income	198	–	3,409	214
Operating profit (loss)	(1,325)	(2,124)	9,084	(1,433)

Financing income	11,483	631	2,495	12,422
Financing income (expenses) in connection with derivatives and warrants, net	(376)	536	1,140	(407)
Financing expenses in connection with projects finance	(1,375)	(1,501)	(6,190)	(1,487)
Financing expenses in connection with debentures	(1,741)	(1,711)	(6,641)	(1,883)
Interest expenses on minority shareholder loan	(476)	(554)	(2,144)	(515)
Other financing expenses	(294)	(713)	(8,311)	(318)
Financing income (expenses), net	7,221	(3,312)	(19,651)	7,812
Profit (loss) before taxes on income	5,896	(5,436)	(10,567)	6,379
Tax benefit	922	828	1,424	997
Profit (loss) from continuing operations	6,818	(4,608)	(9,143)	7,376
Profit (loss) from discontinued operation (net of tax)	–	(312)	137	–
Profit (loss) for the period	6,818	(4,920)	(9,006)	7,376
Profit (loss) attributable to:
Owners of the Company	7,994	(3,613)	(6,524)	8,647
Non-controlling interests	(1,176)	(1,307)	(2,482)	(1,271)
Profit (loss) for the period	6,818	(4,920)	(9,006)	7,376

Other comprehensive income items
That after initial recognition in comprehensive income were or will be transferred to profit or loss:
Foreign currency translation differences for foreign operations	(9,538)	1,124	8,007	(10,318)
Foreign currency translation differences for foreign operations that were recognized in profit or loss	–	–	255
Effective portion of change in fair value of cash flow hedges	4,264	10,461	5,631	4,613
Net change in fair value of cash flow hedges transferred to profit or loss	337	457	(813)	365
Total other comprehensive income	(4,937)	12,042	13,080	(5,340)

Total other comprehensive income (loss) attributable to:
Owners of the Company	(6,957)	6,656	10,039	(7,526)
Non-controlling interests	2,020	5,386	3,041	2,186
Total other comprehensive income (loss)	(4,937)	12,042	13,080	(5,340)
Total comprehensive income for the period	1,881	7,122	4,074	2,036

Total comprehensive income for the period attributable to:
Owners of the Company	1,037	3,043	3,515	1,121
Non-controlling interests	844	4,079	559	915
Total comprehensive income for the period	1,881	7,122	4,074	2,036

* Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income (Loss) (cont’d)
	For the three months ended March 31,		For the year ended December 31,	For the three months ended March 31,
	2025	2024	2024	2025
	Unaudited		Audited	Unaudited
	€ in thousands (except per share data)			Convenience Translation into US$*

Basic profit (loss) per share	0.62	(0.28)	(0.51)	0.67
Diluted profit (loss) per share	0.62	(0.28)	(0.51)	0.67

Basic profit (loss) per share continuing operations	0.62	(0.31)	(0.52)	0.67
Diluted profit (loss) per share continuing operations	0.62	(0.31)	(0.52)	0.67

Basic profit (loss) per share discontinued operation	–	(0.02)	0.01	–
Diluted profit (loss) per share discontinued operation	–	(0.02)	0.01	–

* Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Changes in Equity

Attributable to shareholders of the Company

Non- controlling

Total

Interests

Equity

Share capital

Share premium

Accumulated Deficit

Treasury shares

Translation reserve from
foreign operations

Hedging Reserve

Interests Transaction reserve with
non-controlling Interests

Total

€ in thousands

For the three months

ended March 31, 2025 (unaudited):

Balance as at January 1, 2025

25,613

86,271

(11,561)

(1,736)

8,446

5,892

5,697

118,622

10,663

129,285

Profit for the period

–

7,994

–

7,994

(1,176)

6,818

Other comprehensive income for the period

–

(9,329)

2,372

–

(6,957)

2,020

(4,937)

Total comprehensive income for the period

–

7,994

–

(9,329)

2,372

–

1,037

844

1,881

Transactions with owners of the Company, recognized directly in equity:

Share-based payments

–

4

–

4

–

4

Balance as at March 31, 2025

25,613

86,275

(3,567)

(1,736)

(883)

8,264

5,697

119,663

11,507

131,170

For the three months

ended March 31, 2024 (unaudited):

Balance as at January 1, 2024

25,613

86,159

(5,037)

(1,736)

385

3,914

5,697

114,995

10,104

125,099

Loss for the period

–

(3,613)

–

(3,613)

(1,307)

(4,920)

Other comprehensive income for the period

–

1,088

5,568

–

6,656

5,386

12,042

Total comprehensive income (loss) for the period

–

(3,613)

–

1,088

5,568

–

3,043

4,079

7,122

Transactions with owners of the Company, recognized directly in equity:

Share-based payments

–

30

–

30

–

30

Balance as at March 31, 2024

25,613

86,189

(8,650)

(1,736)

1,473

9,482

5,697

118,068

14,183

132,251

Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Changes in Equity (cont’d)
			Attributable to shareholders of the Company						Non- controlling	Total
									Interests	Equity
	Share capital	Share premium	Accumulated Deficit	Treasury shares	Translation reserve from foreign operations	Hedging Reserve	Interests Transaction reserve with non-controlling Interests	Total
	€ in thousands
For the year ended
December 31, 2024 (audited):
Balance as at January 1, 2024	25,613	86,159	(5,037)	(1,736)	385	3,914	5,697	114,995	10,104	125,099
Loss for the year	–	–	(6,524)	–	–	–	–	(6,524)	(2,482)	(9,006)
Other comprehensive income for the year	–	–	–	–	8,061	1,978	–	10,039	3,041	13,080
Total comprehensive income (loss) for the year	–	–	(6,524)	–	8,061	1,978	–	3,515	559	4,074
Transactions with owners of the Company, recognized directly in equity:
Share-based payments	–	112	–	–	–	–	–	112	–	112
Balance as at December 31, 2024	25,613	86,271	(11,561)	(1,736)	8,446	5,892	5,697	118,622	10,663	129,285

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Changes in Equity (cont’d)

Attributable to shareholders of the Company

Non- controlling
Interests

Total
Equity

Share capital

Share premium

Accumulated Deficit

Treasury shares

Translation reserve from
foreign operations

Hedging Reserve

Interests Transaction reserve with
non-controlling Interests

Total

Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

For the three months

ended March 31, 2025 (unaudited):

Balance as at January 1, 2025

27,707

93,323

(12,506)

(1,878)

9,136

6,374

6,163

128,319

11,533

139,852

Loss for the period

–

8,647

–

8,647

(1,271)

7,376

Other comprehensive income for the period

–

(10,092)

2,566

–

(7,526)

2,186

(5,340)

Total comprehensive income for the period

–

8,647

–

(10,092)

2,566

–

1,121

915

2,036

Transactions with owners of the Company, recognized directly in equity:

Share-based payments

–

4

–

4

–

4

Balance as at March 31, 2025

27,707

93,327

(3,859)

(1,878)

(956)

8,940

6,163

129,444

12,448

141,892

Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Cash Flow
	For the three months ended March 31,		For the year ended December 31,	For the three months ended March 31,
	2025	2024	2024	2025
	Unaudited		Audited	Unaudited
	€ in thousands			Convenience Translation into US$*
Cash flows from operating activities
Profit (loss) for the period	6,818	(4,920)	(9,006)	7,376
Adjustments for:
Financing expenses (income), net	(7,221)	3,167	19,247	(7,812)
Loss from settlement of derivatives contract	–	–	316	–
Impairment losses on assets of disposal groups classified as held-for-sale	–	601	405	–
Depreciation and amortization expenses	4,238	4,084	15,935	4,584
Share-based payment transactions	4	30	112	4
Share of profit of equity accounted investees	(1,189)	(1,286)	(11,062)	(1,286)
Payment of interest on loan from an equity accounted investee	–	–	–	–
Change in trade receivables and other receivables	6,178	(2,342)	(8,824)	6,683
Change in other assets	(496)	–	3,770	(537)
Change in receivables from concessions project	–	315	793	–
Change in trade payables	1,267	(68)	(31)	1,371
Change in other payables	(5,538)	2,796	4,455	(5,796)
Tax benefit	(922)	(805)	(1,429)	(997)
Income taxes refund (paid)	–	564	623	–
Interest received	351	907	2,537	380
Interest paid	(3,408)	(1,892)	(9,873)	(3,687)
	(6,556)	6,071	16,974	(7,093)
Net cash from operating activities	262	1,151	7,968	283

Cash flows from investing activities
Acquisition of fixed assets	(18,550)	(9,020)	(72,922)	(20,066)
Interest paid capitalized to fixed assets	(876)	–	(2,515)	(948)
Proceeds from sale of investments	–	–	9,267	–
Advances on account of investments	–	–	(163)	–
Proceeds from advances on account of investments	–	–	514	–
Investment in settlement of derivatives, net	–	14	(316)	–
Proceed from restricted cash, net	1,307	1,153	689	1,414
Proceeds from investment in short-term deposits	(39,132)	(28)	1,004	(42,331)
Net cash used in investing activities	(57,251)	(7,881)	(64,442)	(61,931)

Cash flows from financing activities
Issuance of warrants	–	3,735	2,449	–
Cost associated with long term loans	(658)	(638)	(2,567)	(712)
Payment of principal of lease liabilities	(372)	(299)	(2,941)	(402)
Proceeds from long-term loans	306	380	19,482	331
Repayment of long-term loans	(1,792)	(2,357)	(11,776)	(1,938)
Repayment of debentures	—	–	(35,845)	–
Proceeds from issuance of debentures, net	56,729	36,450	74,159	61,366
Net cash from financing activities	54,213	37,271	42,961	58,645

Effect of exchange rate fluctuations on cash and cash equivalents	(3,210)	1,667	3,092	(3,472)
Increase (decrease) in cash and cash equivalents	(5,986)	32,208	(10,421)	(6,475)
Cash and cash equivalents at the beginning of year	41,134	51,555	51,127	44,496
Cash from disposal groups classified as held-for-sale	–	(1,041)	428	–
Cash and cash equivalents at the end of the period	35,148	82,722	41,134	38,021

* Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

Ellomay Capital Ltd. and its Subsidiaries

Operating Segments

Italy

Spain

USA

Netherlands

Israel

Total

Subsidized

28 MV

reportable

Total

Solar

Plants

Solar

Talasol

Solar

Biogas

Dorad

Manara

segments

Reconciliations

consolidated

For the three months ended March 31, 2025

€ in thousands

Revenues

945

786

406

3,246

–

3,477

15,061

–

23,921

(15,061)

8,860

Operating expenses

(435)

(105)

(84)

(1,024)

(305)

(3,206)

(11,693)

–

(16,851)

12,224

(4,627)

Depreciation expenses

(225)

(229)

(252)

(2,839)

–

(676)

(1,268)

–

(5,489)

1,251

(4,238)

Gross profit (loss)

313

452

84

(617)

(305)

(405)

2,100

–

1,623

(1,628)

(5)

Adjusted gross profit (loss)

313

452

84

(617)

(305)

(405)

2,100

–

1,623

(1,628)

(5)

Project development costs

(1,045)

General and administrative expenses

(1,662)

Share of loss of equity accounted investee

1,189

Other income, net

198

Operating profit

(1,325)

Financing income

11,483

Financing income in connection

with derivatives and warrants, net

(376)

Financing expenses in connection with projects finance

(1,375)

Financing expenses in connection with debentures

(1,741)

Interest expenses on minority shareholder loan

(476)

Other financing expenses

(294)

Financing expenses, net

7,221

Loss before taxes on income

5,896

Segment assets as at March 31, 2025

87,185

13,242

19,475

223,844

60,458

32,801

108,858

180,504

726,366

(5,126)

721,240

Ellomay Capital Ltd. and its Subsidiaries
Reconciliation of Profit (Loss) to EBITDA
	For the three months ended March 31,		For the year ended December 31,	For the three months ended March 31,
	2025	2024	2024	2025
	€ in thousands			Convenience Translation into US$*
Net profit (loss) for the period	6,818	(4,920)	(9,006)	7,376
Financing expenses (income), net	(7,221)	3,312	19,651	(7,812)
Tax benefit	(922)	(828)	(1,424)	(997)
Depreciation and amortization expenses	4,238	4,055	15,887	4,584
EBITDA	2,913	1,619	25,108	3,151

* Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

Ellomay Capital Ltd. and its Subsidiaries
Information for the Company’s Debenture Holders

Financial Covenants

Pursuant to the Deeds of Trust governing the Company’s Series C, Series D, Series E, Series F and Series G Debentures (together, the “Debentures”), the Company is required to maintain certain financial covenants. For more information, see Items 4.A and 5.B of the Company’s Annual Report on Form 20-F submitted to the Securities and Exchange Commission on April 30, 2025, and below.

Net Financial Debt

As of March 31, 2025, the Company’s Net Financial Debt, (as such term is defined in the Deeds of Trust of the Company’s Debentures), was approximately €170 million (consisting of approximately €303¹ million of short-term and long-term debt from banks and other interest bearing financial obligations, approximately €241.4² million in connection with (i) the Series C Debentures issuances (in July 2019, October 2020, February 2021 and October 2021), (ii) the Series D Convertible Debentures issuance (in February 2021), (iii) the Series E Secured Debentures issuance (in February 2023), (iv) the Series F Debentures issuance (in January, April, August and November 2024) and (v) the Series G Debentures issuance (in February 2025)), net of approximately €71.4 million of cash and cash equivalents, short-term deposits and marketable securities and net of approximately €303³ million of project finance and related hedging transactions of the Company’s subsidiaries).

Discussion concerning Warning Signs

Upon the issuance of the Company’s Debentures, the Company undertook to comply with the “hybrid model disclosure requirements” as determined by the Israeli Securities Authority and as described in the Israeli prospectuses published in connection with the public offering of the company’s Debentures. This model provides that in the event certain financial “warning signs” exist in the Company’s consolidated financial results or statements, and for as long as they exist, the Company will be subject to certain disclosure obligations towards the holders of the Company’s Debentures.

One possible “warning sign” is the existence of a working capital deficiency if the Company’s Board of Directors does not determine that the working capital deficiency is not an indication of a liquidity problem. In examining the existence of warning signs as of March 31, 2025, the Company’s Board of Directors noted the working capital deficiency as of March 31, 2025, in the amount of approximately €0.96 million. The Company’s Board of Directors reviewed the Company’s financial position, outstanding debt obligations and the Company’s existing and anticipated cash resources and uses and determined that the existence of a working capital deficiency as of March 31, 2025, does not indicate a liquidity problem. In making such determination, the Company’s Board of Directors noted the following: (i) the execution of the agreement to sell tax credits in connection with the US solar projects, which is expected to contribute approximately $19 million during the next twelve months, (ii) the Company’s positive cash flow from operating activities during 2023 and 2024, and (iii) funds received from the investment transaction with Clal Insurance Company Ltd. that was consummated in June 2025.

Ellomay Capital Ltd.
Information for the Company’s Debenture Holders (cont’d)

Information for the Company’s Series C Debenture Holders

The Deed of Trust governing the Company’s Series C Debentures (as amended on June 6, 2022, the “Series C Deed of Trust”), includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for two consecutive quarters is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series C Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series C Deed of Trust) was approximately €116.6 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA,⁴ was 6.3.

The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series C Deed of Trust) for the four-quarter period ended March 31, 2025:

		For the four-quarter period ended March 31, 2025
		Unaudited
		€ in thousands
Profit for the period		2,274
Financing expenses, net		9,118
Taxes on income		(1,641)
Depreciation and amortization expenses		16,651
Share-based payments		86
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model		484
Adjusted EBITDA as defined the Series C Deed of Trust		26,972

The Series C Debentures were fully repaid on June 30, 2025 in accordance with their terms.

Ellomay Capital Ltd.
Information for the Company’s Debenture Holders (cont’d)

Information for the Company’s Series D Debenture Holders

The Deed of Trust governing the Company’s Series D Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series D Deed of Trust is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series D Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series D Deed of Trust) was approximately €116.6 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA⁵ was 6.1.

The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series D Deed of Trust) for the four-quarter period ended March 31, 2025:

		For the four-quarter period ended March 31, 2025
		Unaudited
		€ in thousands
Loss for the period		2,274
Financing expenses, net		9,118
Taxes on income		(1,641)
Depreciation and amortization expenses		16,651
Share-based payments		86
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model		484
Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters⁶		899
Adjusted EBITDA as defined the Series D Deed of Trust		27,871

Ellomay Capital Ltd.

Information for the Company’s Debenture Holders (cont’d)

Information for the Company’s Series E Debenture Holders

The Deed of Trust governing the Company’s Series E Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series E Deed of Trust is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series E Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series E Deed of Trust) was approximately €116.6 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA⁷ was 6.1.

The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series E Deed of Trust) for the four-quarter period ended March 31, 2025:

		For the four-quarter period ended March 31, 2025
		Unaudited
		€ in thousands
Profit for the period		2,274
Financing expenses, net		9,118
Taxes on income		(1,641)
Depreciation and amortization expenses		16,651
Share-based payments		86
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model		484
Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters⁸		899
Adjusted EBITDA as defined the Series E Deed of Trust		27,871

In connection with the undertaking included in Section 3.17.2 of Annex 6 of the Series E Deed of Trust, no circumstances occurred during the reporting period under which the rights to loans provided to Ellomay Luzon Energy Infrastructures Ltd. (formerly U. Dori Energy Infrastructures Ltd. (“Ellomay Luzon Energy”)), which were pledged to the holders of the Company’s Series E Debentures, will become subordinate to the amounts owed by Ellomay Luzon Energy to Israel Discount Bank Ltd.

As of March 31, 2025, the value of the assets pledged to the holders of the Series E Debentures in the Company’s books (unaudited) is approximately €40.1 million (approximately NIS 161.3 million based on the exchange rate as of such date).

Ellomay Capital Ltd. and its Subsidiaries

Information for the Company’s Debenture Holders (cont’d)

Information for the Company’s Series F Debenture Holders

The Deed of Trust governing the Company’s Series F Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series F Deed of Trust is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series F Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series F Deed of Trust) was approximately €115.9 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.4%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA⁹ was 6.1.

The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series F Deed of Trust) for the four-quarter period ended March 31, 2025:

		For the four-quarter period ended March 31, 2025
		Unaudited
		€ in thousands
Profit for the period		2,274
Financing expenses, net		9,118
Taxes on income		(1,641)
Depreciation and amortization expenses		16,651
Share-based payments		86
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model		484
Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters¹⁰		899
Adjusted EBITDA as defined the Series F Deed of Trust		27,871

Ellomay Capital Ltd. and its Subsidiaries

Information for the Company’s Debenture Holders (cont’d)

Information for the Company’s Series G Debenture Holders

The Deed of Trust governing the Company’s Series G Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series G Deed of Trust is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series G Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series G Deed of Trust) was approximately €115.9 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.4%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA¹¹ was 6.1.

The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series G Deed of Trust) for the four-quarter period ended March 31, 2025:

		For the four-quarter period ended March 31, 2025
		Unaudited
		€ in thousands
Profit for the period		2,274
Financing expenses, net		9,118
Taxes on income		(1,641)
Depreciation and amortization expenses		16,651
Share-based payments		86
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model		484
Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters¹²		899
Adjusted EBITDA as defined the Series G Deed of Trust		27,871

____________________________
¹ The amount of short-term and long-term debt from banks and other interest-bearing financial obligations provided above, includes an amount of approximately €4.5 million costs associated with such debt, which was capitalized and therefore offset from the debt amount that is recorded in the Company’s balance sheet.

² The amount of the debentures provided above includes an amount of approximately €6.7 million associated costs, which was capitalized and discount or premium and therefore offset from the debentures amount that is recorded in the Company’s balance sheet. This amount also includes the accrued interest as at March 31, 2025 in the amount of approximately €0.8 million.

³ The project finance amount deducted from the calculation of Net Financial Debt includes project finance obtained from various sources, including financing entities and the minority shareholders in project companies held by the Company (provided in the form of shareholders’ loans to the project companies).

⁴ The term “Adjusted EBITDA” is defined in the Series C Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef solar plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments. The Series C Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series C Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

⁵ The term “Adjusted EBITDA” is defined in the Series D Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series D Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series D Deed of Trust). The Series D Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series D Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

⁶ The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024 (two plants) and the three months ended March 31, 2025 (one plant). The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached with respect to two of the three plants during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

⁷ The term “Adjusted EBITDA” is defined in the Series E Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series E Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series E Deed of Trust). The Series E Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series E Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

⁸ The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024 (two plants) and the three months ended March 31, 2025 (one plant). The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached with respect to two of the three plants during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

⁹ The term “Adjusted EBITDA” is defined in the Series F Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series F Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series F Deed of Trust). The Series F Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series F Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of Non-IFRS Financial Measures.”

¹⁰ The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024 (two plants) and the three months ended March 31, 2025 (one plant). The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached with respect to two of the three plants during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

¹¹ The term “Adjusted EBITDA” is defined in the Series G Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series G Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series G Deed of Trust). The Series G Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series G Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of Non-IFRS Financial Measures.”

¹² The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024 (two plants) and the three months ended March 31, 2025 (one plant). The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached with respect to two of the three plants during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

The MIL Network –

July 1, 2025

MIL-OSI Africa: CORRECTION: African Development Bank, Asian Infrastructure Investment Bank (AIIB) sign Memorandum of Understanding (MOU) renewing their collaboration on sustainable economic development for Africa

The African Development Bank (www.AfDB.org) and the Asian Infrastructure Investment Bank (AIIB) have signed an agreement strengthening their collaboration on sustainable economic development, designed to boost infrastructure development and economic opportunities across the African continent.

The Memorandum of Understanding, which builds on an earlier one in 2018, was signed by African Development Bank president, Dr. Akinwumi Adesina, and AIIB President and Chair of the Board of Directors Jin Liqun on Saturday 28 June. The signing took place on the sidelines of a meeting of Heads of Multilateral Development Banks held in Paris, France, the same day.

The agreement outlines continued collaboration from both parties in six priority areas, aligned with the Bank Group’s Ten-Year Strategy 2024–2033 as well as AIIB’s Corporate Strategy and its Strategy on Financing Operations in Non-Regional Members. The areas are:

(i) Green infrastructure

(ii) Industrialization

(iii) Private capital mobilization including Public – Private Partnerships

(iv) Cross-border-connectivity

(v) Digitalization; and

(vi) Policy-based financing

The MOU will promote among other things, co-financing, co-guaranteeing and other forms of joint participation in financial assistance for development projects primarily in sustainable infrastructure. The African Development Bank and AIIB’s existing cooperation in this area, includes providing guarantees to support the issuance of Egypt’s first Sustainable Panda Bond in 2023, valued at RMB 3.5 billion.

This historic issuance—backed by guarantees from both AfDB and AIIB—marked the first African sovereign bond placed in the Chinese interbank bond market. The guarantees provided by the two triple-A-rated multilateral banks were instrumental in de-risking the transaction, enabling Egypt to secure competitive terms and attract investor confidence.

“This partnership continues to be an effective pathway to provide economic development for our member countries, especially in infrastructure. By reaffirming today, we are boosting energy access by accelerating Mission 300 which is targeting to connect 300 million people to electricity by 2030,” Dr Adesina said.

Mr. Jin Liqun remarked: “The renewal of our partnership with the African Development Bank reflects AIIB’s commitment to supporting sustainable development beyond Asia. Through this collaboration, we can leverage our combined expertise to deliver transformative projects that will benefit millions across the continent and create prosperity through quality infrastructure investment.”

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Editor’s note:
This press release is re-issued to correct an error in the number of members AIIB has worldwide. An earlier version issued today 30 June, incorrectly stated that it has 84 members, instead of 110.

Contact:
Amba Mpoke-Bigg
Communication and External Relations Department
Email: media@afdb.org

About the Asian Infrastructure Investment Bank (AIIB):
The Asian Infrastructure Investment Bank is a multilateral development bank dedicated to financing “infrastructure for tomorrow,” with sustainability at its core. AIIB began operations in 2016, now has 110 approved members worldwide, is capitalized at USD100 billion and is AAA-rated by major international credit rating agencies. AIIB collaborates with partners to mobilize capital and invest in infrastructure and other productive sectors that foster sustainable economic development and enhance regional connectivity.

About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

MIL OSI Africa –

July 1, 2025

MIL-OSI Africa: Niger’s Prime Minister Joins African Energy Week (AEW) 2025 as Country Eyes Increased Oil Exports

Mahamane Lamine Zeine, Prime Minister of the Republic of Niger, has joined the African Energy Week (AEW): Invest in African Energies 2025 conference as a speaker. During the event – which takes place September 29 to October 3 in Cape Town – Zeine is expected to share insight into the country’s oil and gas projects, detailing initiatives being implemented to increase production and crude exports.

As the largest event of its kind in Africa, AEW: Invest in African Energies represents a strategic platform for African countries to not only promote their respective energy opportunities but foster cross-border collaboration and regional ties. Niger has been leveraging regional relations in recent months to advance oil exports, with infrastructure projects such as the Niger-Benin pipeline. The 100,000 barrel-per-day pipeline started operations in 2024, with oil successfully reaching the town of Sémè Kraké in Benin. The pipeline spans 1,950km and connects Niger’s Agadem oilfields to the Atlantic Ocean. During AEW: Invest in African Energies 2025, Zeine is expected to highlight the impact of the pipeline and how the project will support future oil and gas developments by providing a direct route to export markets.

AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

With the start of operations of the Niger-Benin pipeline, Niger is well-positioned to increase crude production. The country is currently promoting new investments in exploration blocks, with several milestones achieved in several months. Algeria’s national oil company (NOC) Sonatrach – in partnership with Niger’s NOC Sonidep – announced plans to revive exploration activities in the country. The companies signed a memorandum of understanding (MoU) in 2024, committing to exploring opportunities for cooperation. The agreement paves the way for the companies to form partnerships in exploration, production, refining, petrochemicals and petroleum product distribution. Sonatrach is currently engaged in the country’s Kafra block in northern Niger. The block has featured two exploration wells – KFR-1 and KFRN-1 -, with the discovery of 168 million barrels and 100 million barrels of proven and probably oil reserves, respectively.

Sonatrach is also looking at constructing a refinery and petrochemical complex in Dosso, situated in southwestern Niger. The refinery will have an initial capacity of 30,000 bpd, with potential expansion to 100,000 bpd. Following its completion, the refinery is expected to offer low-cost fuel products for the domestic market. Meanwhile, under the terms of a signed agreement, Sonatrach will provide specialized training program for Nigerien engineers and technicians at Algerian refineries, supporting skills development in Niger.

Niger currently produces approximately 20,000 bpd of crude from the Agadem Rift Basin. In 2024, China National Petroleum Corporation signed a deal worth $400 million for the sale of crude from the Agadem oilfield. This signals new opportunities for crude exports and comes as players in the country make strides towards increasing production. Notably, oil and gas company Savannah Energy is a key player in Niger’s hydrocarbon sector. The company plans to increase production to 5,000 bpd through the development of recently-discovered oil blocks. Savannah’s hydrocarbon license interests cover approximately 13,655 km² – representing 50% of the country’s main petroleum basin, the Agadem Rift Basin. The company has identified 35 million barrels of gross 2C resources across its R3 East discoveries, with an additional 90 million barrels of gross unrisked prospective resources identified from five prospects and leads within tie-in distance to the planned R3 East facilities. With five wells drilled and five discoveries to date, Savannah Energy has witnessed significant success in Niger.

“Niger has significant potential to become a major crude exporter, with projects such as the Niger-Benin pipeline poised to play an instrumental part in getting Nigerien crude to global markets. To unlock the true potential of this project, Niger requires significant investment across the upstream sector. Insights shared at AEW: Invest in African Energies 2025 will support future deal-signing and exploration,” states NJ Ayuk, Executive Chairman, African Energy Chamber.

Distributed by APO Group on behalf of African Energy Chamber.

MIL OSI Africa –

July 1, 2025

MIL-OSI: Progress Software Announces Second Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Annualized Recurring Revenue (“ARR”) of $838 million Grew 46% year-over-year
Revenue of $237 million Grew 36% year-over-year
Raises Full Year Guidance for Revenue, Operating Margin, Earnings Per Share, and Cash Flow
Acquires Agentic RAG AI Company

BURLINGTON, Mass., June 30, 2025 (GLOBE NEWSWIRE) — Progress Software (Nasdaq: PRGS), the trusted provider of AI-powered digital experience and infrastructure software, today announced financial results for its fiscal second quarter ended May 31, 2025.

Second Quarter 2025 Highlights:

Revenue of $237 million increased 36% year-over-year on an actual currency basis and 35% on a constant currency basis.
Annualized Recurring Revenue (“ARR”) of $838 million increased 46% year-over-year on a constant currency basis.
Operating margin was 16% and non-GAAP operating margin was 40%.
Diluted earnings per share was $0.39 compared to $0.37 in the same quarter last year, an increase of 5%.
Non-GAAP diluted earnings per share was $1.40 compared to $1.09 in the same quarter last year, an increase of 28%.

“We’re extremely pleased with our solid Q2 results” said Yogesh Gupta, CEO of Progress Software. “Revenue contributions were strong across all geographies resulting in ARR of $838 million or 46% year-over-year growth. Our Net Retention Rate was 100%, demonstrating the consistent strength of our product portfolio. Our confidence in the business is reflected in our raised guidance for FY25. Equally important, our integration of ShareFile is going extremely well as we have completed numerous major synergy milestones, and we remain confident in our ability to reach all our ShareFile targets by the end of the year.”

Additional financial highlights included:

	Three Months Ended
	GAAP								Non-GAAP
(in thousands, except percentages and per share amounts)	May 31, 2025			May 31, 2024			% Change		May 31, 2025			May 31, 2024			% Change
Revenue	$	237,355		$	175,077		36	%	$	237,355		$	175,077		36	%
Income from operations	$	38,616		$	27,148		42	%	$	95,461		$	67,086		42	%
Operating margin		16	%		16	%	0 bps			40	%		38	%	200 bps
Net income	$	17,029		$	16,188		5	%	$	61,749		$	47,899		29	%
Diluted earnings per share	$	0.39		$	0.37		5	%	$	1.40		$	1.09		28	%
Cash from operations (GAAP) / Adjusted free cash flow (non-GAAP) / Unlevered free cash flow (non-GAAP)	$	29,996		$	63,681		(53	)%	$	37,068		$	64,073		(42	)%
	$	29,996		$	63,681				$	51,579		$	69,679		(26	)%

See Important Information Regarding Non-GAAP Financial Measures, Liquidity Measures, and Select Performance Metrics and a reconciliation of non-GAAP adjustments to Progress’ GAAP financial results at the end of this press release.

Other fiscal second quarter 2025 metrics and recent results included:

Cash and cash equivalents were $102.0 million at the end of the quarter.
Days sales outstanding was 53 days compared to 41 days in the fiscal second quarter of 2024 and 48 days in the fiscal first quarter of 2025.

“Our second quarter performance reflects the continued strong execution by our teams and this is further reflected in our increase to full year guidance across the board,” said Anthony Folger, CFO of Progress Software. “Our ShareFile business is progressing well and we are ahead of schedule with the integration and moving swiftly towards reaching our synergy targets. On the balance sheet, we again made significant progress on paying down our revolving credit facility, with another $40 million this quarter, putting us on a solid trajectory to hit our goal of $160 million debt paydown this year.”

Acquisition of Nuclia

In a separate press release, the Company also announced today its acquisition of Nuclia, an innovator in agentic Retrieval-Augmented Generation (“RAG”) AI solutions. Nuclia provides unique, easy-to-use agentic RAG-as-a-service technology enabling organizations to automatically leverage their own proprietary business information to retrieve verifiable, accurate answers using GenAI. Nuclia will extend the end-to-end value of the Progress Data Platform while creating new opportunities to reach a broader market of organizations looking to leverage agentic RAG technology.

The acquisition was signed and closed today and is immaterial to Progress’ financials.

To learn more about Nuclia, go to https://nuclia.com/.

2025 Business Outlook

Progress provides the following guidance for the fiscal year ending November 30, 2025 and the fiscal third quarter ending August 31, 2025:

	Updated FY 2025 Guidance (June 30, 2025)		Prior FY 2025 Guidance (March 31, 2025)
(in millions, except percentages and per share amounts)	GAAP	Non-GAAP	GAAP	Non-GAAP
Revenue	$962 – $974	$962 – $974	$958 – $970	$958 – $970
Diluted earnings per share	$1.27 – $1.43	$5.28 – $5.40	$1.19 – $1.35	$5.25 – $5.37
Operating margin	15%	38% – 39%	14% – 15%	38%
Cash from operations (GAAP) / Adjusted free cash flow (non-GAAP) / Unlevered free cash flow (non-GAAP)	$218 – $230	$228 – $240	$216 – $228	$226 – $238
		$285 – $296		$283 – $294
Effective tax rate	17%	20%	19%	20%

	Q3 2025 Guidance
(in millions, except per share amounts)	GAAP	Non-GAAP
Revenue	$237 – $243	$237 – $243
Diluted earnings per share	$0.29 – $0.35	$1.28 – $1.34

Based on current exchange rates, the expected positive currency translation impact on our:

Fiscal year 2025 business outlook compared to 2024 exchange rates is approximately $2.4 million on revenue.
GAAP and non-GAAP diluted earnings per share for fiscal year 2025 is approximately $0.02.
Fiscal Q3 2025 business outlook compared to 2024 exchange rates is approximately $1.7 million on revenue.
GAAP and non-GAAP diluted earnings per share for fiscal Q3 2025 is approximately $0.01.

To the extent that there are changes in exchange rates versus the current environment and/or our expectations, this may have an impact on Progress’ business outlook.

Conference Call

Progress will hold a conference call to review its financial results for the fiscal second quarter of 2025 at 5:00 p.m. ET on Monday, June 30, 2025. Participants must register for the conference call here: https://register-conf.media-server.com/register/BIc386d20e6fbd46acbadafca492a42b35. The webcast can be accessed at: https://edge.media-server.com/mmc/p/bujcypbf/. The conference call will include comments followed by questions and answers. Attendees must register for the webcast and an archived version of the conference call and supporting materials will be available on the Progress website within the investor relations section after the live conference call.

About Progress

Progress Software (Nasdaq: PRGS) empowers organizations to achieve transformational success in the face of disruptive change. Our software enables our customers to develop, deploy and manage responsible AI-powered applications and digital experiences with agility and ease. Customers get a trusted provider in Progress, with the products, expertise and vision they need to succeed. Over 4 million developers and technologists at hundreds of thousands of enterprises depend on Progress. Learn more at www.progress.com.

Progress and Progress Software are trademarks or registered trademarks of Progress Software Corporation and/or its subsidiaries or affiliates in the U.S. and other countries. Any other names contained herein may be trademarks of their respective owners.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

	Three Months Ended								Six Months Ended
(in thousands, except per share data)	May 31, 2025			May 31, 2024			% Change		May 31, 2025			May 31, 2024			% Change
Revenue:
Software licenses	$	50,795		$	53,979		(6	)%	$	109,240		$	118,079		(7	)%
Maintenance, SaaS, and professional services		186,560			121,098		54	%		366,130			241,683		51	%
Total revenue		237,355			175,077		36	%		475,370			359,762		32	%
Costs of revenue:
Cost of software licenses		2,987			2,497		20	%		5,912			5,228		13	%
Cost of maintenance, SaaS, and professional services		33,764			22,176		52	%		66,648			44,395		50	%
Amortization of acquired intangibles		10,537			7,398		42	%		20,959			15,257		37	%
Total costs of revenue		47,288			32,071		47	%		93,519			64,880		44	%
Gross profit		190,067			143,006		33	%		381,851			294,882		29	%
Operating expenses:
Sales and marketing		49,677			37,889		31	%		100,973			77,000		31	%
Product development		46,570			35,435		31	%		92,945			70,423		32	%
General and administrative		25,637			21,983		17	%		51,260			43,327		18	%
Amortization of acquired intangibles		26,063			16,316		60	%		51,871			33,705		54	%
Cyber vulnerability response expenses, net		730			3,036		(76	)%		1,467			4,023		(64	)%
Restructuring expenses		1,043			651		60	%		8,072			3,000		169	%
Acquisition-related expenses		1,731			548		216	%		4,221			1,250		238	%
Total operating expenses		151,451			115,858		31	%		310,809			232,728		34	%
Income from operations		38,616			27,148		42	%		71,042			62,154		14	%
Other expense, net		(18,752	)		(7,020	)	167	%		(37,876	)		(14,419	)	163	%
Income before income taxes		19,864			20,128		(1	)%		33,166			47,735		(31	)%
Provision for income taxes		2,835			3,940		(28	)%		5,191			8,908		(42	)%
Net income	$	17,029		$	16,188		5	%	$	27,975		$	38,827		(28	)%

Earnings per share:
Basic	$	0.40		$	0.37		8	%	$	0.65		$	0.89		(27	)%
Diluted	$	0.39		$	0.37		5	%	$	0.63		$	0.87		(28	)%
Weighted average shares outstanding:
Basic		43,053			43,213		—	%		43,154			43,508		(1	)%
Diluted		44,156			43,964		—	%		44,522			44,395		—	%

Cash dividends declared per common share	$	—		$	0.175		(100	)%	$	—		$	0.350		(100	)%

^{Stock-based compensation is included in the condensed consolidated statements of operations, as follows:}

^{Cost of revenue}

^$

^1,560

^$

⁹¹²

⁷¹

^%

^$

^2,755

^$

^1,898

⁴⁵

^%

^{Sales and marketing}

^3,663

^2,458

⁴⁹

^%

^6,695

^4,770

⁴⁰

^%

^{Product development}

^4,984

^3,391

⁴⁷

^%

^9,394

^7,056

³³

^%

^{General and administrative}

^6,534

^5,228

²⁵

^%

^12,580

^10,729

¹⁷

^%

^Total

^$

^16,741

^$

^11,989

⁴⁰

^%

^$

^31,424

^$

^24,453

²⁹

^%

CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(in thousands)	May 31, 2025		November 30, 2024
Assets
Current assets:
Cash and cash equivalents	$	102,006	$	118,077
Accounts receivable, net		140,122		163,575
Unbilled receivables, current portion		34,136		34,672
Other current assets		49,387		52,489
Total current assets		325,651		368,813
Property and equipment, net		12,474		13,746
Goodwill and intangible assets, net		1,944,387		2,015,748
Right-of-use lease assets		27,351		30,894
Unbilled receivables, non-current portion		29,890		28,893
Other assets		73,839		68,872
Total assets	$	2,413,592	$	2,526,966
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable and other current liabilities	$	75,610	$	113,801
Convertible senior notes, current portion, net		358,051		—
Operating lease liabilities, current portion		8,250		9,202
Deferred revenue, current portion, net		308,360		332,142
Total current liabilities		750,271		455,145
Long-term debt, net		660,000		730,000
Convertible senior notes, non-current portion, net		440,244		796,267
Operating lease liabilities, non-current portion		22,548		26,259
Deferred revenue, non-current portion, net		80,219		72,270
Other non-current liabilities		7,609		8,237
Stockholders’ equity:
Common stock and additional paid-in capital		362,522		354,592
Retained earnings		90,179		84,196
Total stockholders’ equity		452,701		438,788
Total liabilities and stockholders’ equity	$	2,413,592	$	2,526,966

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	Three Months Ended						Six Months Ended
(in thousands)	May 31, 2025			May 31, 2024			May 31, 2025			May 31, 2024
Cash flows from operating activities:
Net income	$	17,029		$	16,188		$	27,975		$	38,827
Depreciation and amortization		39,568			27,529			78,777			55,073
Stock-based compensation		16,741			11,989			31,424			24,453
Other non-cash adjustments		(1,332	)		(812	)		1,738			515
Changes in operating assets and liabilities		(42,010	)		8,787			(40,971	)		15,317
Net cash flows from operating activities		29,996			63,681			98,943			134,185
Capital expenditures		(495	)		(955	)		(1,785	)		(1,264	)
Repurchases of common stock, net of issuances		(13,478	)		(44,636	)		(37,348	)		(59,553	)
Dividend equivalent and dividend payments to stockholders		(295	)		(7,951	)		(654	)		(16,122	)
Payments for acquisitions		—			—			(1,195	)		—
Proceeds from the issuance of debt, net of payment of issuance costs		—			431,929			—			431,929
Repayment of revolving line of credit and principal payment on term loan		(40,000	)		(337,813	)		(70,000	)		(371,250	)
Purchase of capped calls		—			(42,210	)		—			(42,210	)
Other		2,117			(4,847	)		(4,032	)		(12,253	)
Net change in cash and cash equivalents		(22,155	)		57,198			(16,071	)		63,462
Cash and cash equivalents, beginning of period		124,161			133,222			118,077			126,958
Cash and cash equivalents, end of period	$	102,006		$	190,420		$	102,006		$	190,420

RECONCILIATIONS OF GAAP TO NON-GAAP SELECTED FINANCIAL MEASURES
(Unaudited)

	Three Months Ended						Six Months Ended
(in thousands, except per share data)	May 31, 2025			May 31, 2024			May 31, 2025			May 31, 2024
Adjusted income from operations:
GAAP income from operations	$	38,616		$	27,148		$	71,042		$	62,154
Amortization of acquired intangibles		36,600			23,714			72,830			48,962
Stock-based compensation		16,741			11,989			31,424			24,453
Restructuring expenses		1,043			651			8,072			3,000
Acquisition-related expenses		1,731			548			4,221			1,250
Cyber vulnerability response expenses, net		730			3,036			1,467			4,023
Non-GAAP income from operations	$	95,461		$	67,086		$	189,056		$	143,842

Adjusted net income:
GAAP net income	$	17,029		$	16,188		$	27,975		$	38,827
Amortization of acquired intangibles		36,600			23,714			72,830			48,962
Stock-based compensation		16,741			11,989			31,424			24,453
Restructuring expenses		1,043			651			8,072			3,000
Acquisition-related expenses		1,731			548			4,221			1,250
Cyber vulnerability response expenses, net		730			3,036			1,467			4,023
Provision for income taxes		(12,125	)		(8,227	)		(25,245	)		(16,688	)
Non-GAAP net income	$	61,749		$	47,899		$	120,744		$	103,827

Adjusted diluted earnings per share:
GAAP diluted earnings per share	$	0.39		$	0.37		$	0.63		$	0.87
Amortization of acquired intangibles		0.83			0.54			1.64			1.10
Stock-based compensation		0.37			0.27			0.71			0.56
Restructuring expenses		0.02			0.02			0.18			0.07
Acquisition-related expenses		0.04			0.01			0.09			0.03
Cyber vulnerability response expenses, net		0.02			0.07			0.03			0.09
Provision for income taxes		(0.27	)		(0.19	)		(0.57	)		(0.38	)
Non-GAAP diluted earnings per share	$	1.40		$	1.09		$	2.71		$	2.34

Non-GAAP weighted avg shares outstanding – diluted		44,156			43,964			44,522			44,395

OTHER NON-GAAP FINANCIAL MEASURES
(Unaudited)

Adjusted Free Cash Flow and Unlevered Free Cash Flow

	Three Months Ended								Six Months Ended
(in thousands)	May 31, 2025			May 31, 2024			% Change		May 31, 2025			May 31, 2024			% Change
Cash flows from operations	$	29,996		$	63,681		(53	)%	$	98,943		$	134,185		(26	)%
Purchases of property and equipment		(495	)		(955	)	(48	)%		(1,785	)		(1,264	)	41	%
Free cash flow		29,501			62,726		(53	)%		97,158			132,921		(27	)%
Add back: restructuring payments		7,567			1,347		462	%		13,121			3,356		291	%
Adjusted free cash flow	$	37,068		$	64,073		(42	)%	$	110,279		$	136,277		(19	)%
Add back: tax-effected interest expense		14,511			5,606		159	%		29,253			11,481		155	%
Unlevered free cash flow	$	51,579		$	69,679		(26	)%	$	139,532		$	147,758		(6	)%

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2025 GUIDANCE
(Unaudited)

Fiscal Year 2025 Updated Non-GAAP Operating Margin Guidance
	Fiscal Year Ending November 30, 2025
(in millions)	Low			High
GAAP income from operations	$	140.7		$	149.2
GAAP operating margins		15	%		15	%
Acquisition-related expense		6.0			6.0
Restructuring expense		9.2			9.2
Stock-based compensation		63.0			63.0
Amortization of acquired intangibles		145.7			145.7
Cyber vulnerability response expenses, net		4.2			4.2
Total adjustments⁽¹⁾		228.1			228.1
Non-GAAP income from operations	$	368.8		$	377.3
Non-GAAP operating margin		38	%		39	%
⁽¹⁾Total adjustments include preliminary estimates relating to the valuation of intangible assets acquired from ShareFile and restructuring expenses. The final amounts will not be available until the Company’s internal procedures and reviews are completed.

Fiscal Year 2025 Updated Non-GAAP Earnings per Share and Effective Tax Rate Guidance
	Fiscal Year Ending November 30, 2025
(in millions, except per share data)	Low			High
GAAP net income	$	56.9		$	64.8
Adjustments (from previous table)		228.1			228.1
Income tax adjustment⁽²⁾		(47.7	)		(48.0	)
Non-GAAP net income	$	237.3		$	244.9

GAAP diluted earnings per share	$	1.27		$	1.43
Non-GAAP diluted earnings per share	$	5.28		$	5.40

Diluted weighted average shares outstanding		45.0			45.4



_{² Tax adjustment is based on a non-GAAP effective tax rate of approximately 20%, calculated as follows:}
	_{Fiscal Year Ending November 30, 2025}
	_Low			_High
_{Non-GAAP income from operations}	_$	_368.8		_$	_377.3
_{Other (expense) income}		_(72.2	₎		_(71.2	₎
_{Non-GAAP income from continuing operations before income taxes}		_296.6			_306.1
_{Non-GAAP net income}		_237.3			_244.9
_{Tax provision}	_$	_59.3		_$	_61.2
_{Non-GAAP tax rate}		₂₀	_%		₂₀	_%

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2025 GUIDANCE
(Unaudited)

Fiscal Year 2025 Adjusted Free Cash Flow and Unlevered Free Cash Flow Guidance
	Fiscal Year Ending November 30, 2025
(in millions)	Low			High
Cash flows from operations (GAAP)	$	218		$	230
Purchases of property and equipment		(7	)		(7	)
Add back: restructuring payments		17			17
Adjusted free cash flow (non-GAAP)		228			240
Add back: tax-effected interest expense		57			56
Unlevered free cash flow (non-GAAP)	$	285		$	296

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR Q3 2025 GUIDANCE
(Unaudited)

Q3 2025 Non-GAAP Earnings per Share Guidance
	Three Months Ending August 31, 2025
	Low			High
GAAP diluted earnings per share	$	0.29		$	0.35
Acquisition-related expense		0.02			0.02
Restructuring expense		0.01			0.01
Stock-based compensation		0.35			0.35
Amortization of acquired intangibles		0.83			0.83
Cyber vulnerability response expenses, net		0.03			0.03
Total adjustments⁽¹⁾		1.24			1.24
Income tax adjustment		(0.25	)		(0.25	)
Non-GAAP diluted earnings per share	$	1.28		$	1.34
⁽¹⁾Total adjustments include preliminary estimates relating to the valuation of intangible assets acquired from ShareFile and restructuring expenses. The final amounts will not be available until the Company’s internal procedures and reviews are completed.

Important Information Regarding Non-GAAP Financial Measures, Liquidity Measures and Select Performance Metrics

Progress furnishes certain non-GAAP supplemental information to our financial results. We use such non-GAAP financial measures to evaluate our period-over-period operating performance because our management team believes that excluding the effects of certain GAAP-related items helps to illustrate underlying trends in our business and provides us with a more comparable measure of our continuing business, as well as greater understanding of the results from the primary operations of our business. Management also uses such non-GAAP financial measures to establish budgets and operational goals, evaluate performance, and allocate resources. In addition, the compensation of our executives and non-executive employees is based in part on the performance of our business as evaluated by such non-GAAP financial measures. We believe these non-GAAP financial measures enhance investors’ overall understanding of our current financial performance and our prospects for the future by: (i) providing more transparency for certain financial measures, (ii) presenting disclosure that helps investors understand how we plan and measure the performance of our business, (iii) affording a view of our operating results that may be more easily compared to our peer companies, and (iv) enabling investors to consider our operating results on both a GAAP and non-GAAP basis (including following the integration period of our prior acquisitions). However, this non-GAAP information is not in accordance with, or an alternative to, generally accepted accounting principles in the United States (“GAAP”) and should be considered in conjunction with our GAAP results as the items excluded from the non-GAAP information may have a material impact on Progress’ financial results. A reconciliation of non-GAAP adjustments to Progress’ GAAP financial results is included in the tables above.

In the noted fiscal periods, we adjusted for the following items from our GAAP financial results to arrive at our non-GAAP financial measures:

Amortization of acquired intangibles – We exclude amortization of acquired intangibles because those expenses are unrelated to our core operating performance and the intangible assets acquired vary significantly based on the timing and magnitude of our acquisition transactions and the maturities of the businesses acquired. Adjustments include preliminary estimates relating to the valuation of intangible assets from ShareFile. The final amounts will not be available until the Company’s internal procedures and reviews are completed.
Stock-based compensation – We exclude stock-based compensation to be consistent with the way management and, in our view, the overall financial community evaluates our performance and the methods used by analysts to calculate consensus estimates. The expense related to stock-based awards is generally not controllable in the short-term and can vary significantly based on the timing, size and nature of awards granted. As such, we do not include these charges in operating plans.
Restructuring expenses – In all periods presented, we exclude restructuring expenses incurred because those expenses distort trends and are not part of our core operating results. Adjustments include preliminary estimates relating to restructuring expenses from ShareFile. The final amounts will not be available until the Company’s internal procedures and reviews are completed.
Acquisition-related expenses – We exclude acquisition-related expenses in order to provide a more meaningful comparison of the financial results to our historical operations and forward-looking guidance and the financial results of less acquisitive peer companies. We consider these types of costs and adjustments, to a great extent, to be unpredictable and dependent on a significant number of factors that are outside of our control. Furthermore, we do not consider these acquisition-related costs and adjustments to be related to the organic continuing operations of the acquired businesses and are generally not relevant to assessing or estimating the long-term performance of the acquired assets. In addition, the size, complexity and/or volume of past acquisitions, which often drives the magnitude of acquisition-related costs, may not be indicative of the size, complexity and/or volume of future acquisitions.
Cyber vulnerability response expenses, net – We exclude certain expenses resulting from the zero-day MOVEit Vulnerability, as more thoroughly described in our filings with the Securities and Exchange Commission since June 5, 2023. Expenses include costs to investigate and remediate these cyber related matters, as well as legal and other professional services related thereto. Expenses related to such cyber matters are provided net of expected insurance recoveries, although the timing of recognizing insurance recoveries may differ from the timing of recognizing the associated expenses. Costs associated with the enhancement of our cybersecurity program are not included within this adjustment. We expect to continue to incur legal and other professional services expenses in future periods associated with the MOVEit Vulnerability. Expenses related to such cyber matters are expected to result in operating expenses that would not have otherwise been incurred in the normal course of business operations. We believe that excluding these costs facilitates a more meaningful evaluation of our operating performance and comparisons to our past operating performance.
Provision for income taxes – We adjust our income tax provision by excluding the tax impact of the non-GAAP adjustments discussed above.
Constant currency – Revenue from our international operations has historically represented a substantial portion of our total revenue. As a result, our revenue results have been impacted, and we expect will continue to be impacted, by fluctuations in foreign currency exchange rates. As exchange rates are an important factor in understanding period-to-period comparisons, we present revenue growth rates on a constant currency basis, which helps improve the understanding of our revenue results and our performance in comparison to prior periods. The constant currency information presented is calculated by translating current period results using prior period weighted average foreign currency exchange rates.

In the noted fiscal periods, we also present the following liquidity measures:

Adjusted free cash flow (“AFCF”) and unlevered free cash flow (“Unlevered FCF”) – AFCF is equal to cash flows from operating activities less purchases of property and equipment, plus restructuring payments. Unlevered FCF is AFCF plus tax-effected interest expense on outstanding debt.

In the noted fiscal periods, we also present the following select performance metrics:

Annualized Recurring Revenue (“ARR”) – We disclose ARR as a performance metric to help investors better understand and assess the performance of our business because our mix of revenue generated from recurring sources currently represents the substantial majority of our revenues and is expected to continue in the future. We define ARR as the annualized revenue of all active and contractually binding term-based contracts from all customers at a point in time. ARR includes revenue from maintenance, software upgrade rights, public cloud, and on-premises subscription-based transactions and managed services. ARR mitigates fluctuations in revenue due to seasonality, contract term and the sales mix of subscriptions for term-based licenses and SaaS. We use ARR to understand customer trends and the overall health of our business, helping us to formulate strategic business decisions.
We calculate the annualized value of annual and multi-year contracts, and contracts with terms less than one year, by dividing the total contract value of each contract by the number of months in the term and then multiplying by 12. Annualizing contracts with terms less than one-year results in amounts being included in our ARR that are in excess of the total contract value for those contracts at the end of the reporting period. We generally do not sell non-SaaS-based contracts with a term of less than one year unless a customer is purchasing additional licenses under an existing annual or multi-year contract. The expectation is that at the time of renewal, such contracts with a term less than one year will renew with the same term as the existing contracts being renewed, such that both contracts are co-termed. Historically, such contracts with a term of less than one year renew at rates equal to or better than annual or multi-year contracts.

For SaaS-based contracts, there is a meaningful percentage of monthly auto-renewing contracts for which annualizing the contracts results in amounts being included in our ARR that are in excess of the total contract value for those contracts at the end of the reporting period.

Revenue from term-based license and on-premises subscription arrangements include a portion of the arrangement consideration that is allocated to the software license that is recognized up-front at the point in time control is transferred under ASC 606 revenue recognition principles. ARR for these arrangements is calculated as described above. The expectation is that the total contract value, inclusive of revenue recognized as software license, will be renewed at the end of the contract term.

The calculation is done at constant currency using the current year budgeted exchange rates for all periods presented.

ARR is not defined in GAAP and is not derived from a GAAP measure. Rather, ARR generally aligns to billings (as opposed to GAAP revenue which aligns to the transfer of control of each performance obligation). ARR does not have any standardized meaning and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.

Net Retention Rate (“NRR”) – We calculate net retention rate as of a period end by starting with the ARR from the cohort of all customers as of 12 months prior to such period end (“Prior Period ARR”). We then calculate the ARR from these same customers as of the current period end (“Current Period ARR”). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months but excludes ARR from new customers in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the net retention rate. Net retention rate is not calculated in accordance with GAAP and is not derived from a GAAP measure.

Note Regarding Forward-Looking Statements

This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Progress has identified some of these forward-looking statements with words like “believe,” “may,” “could,” “would,” “might,” “should,” “expect,” “intend,” “plan,” “target,” “anticipate” and “continue,” the negative of these words, other terms of similar meaning or the use of future dates. Forward-looking statements in this press release include, but are not limited to, statements regarding Progress’ business outlook (including future acquisition activity) and financial guidance. There are a number of factors that could cause actual results or future events to differ materially from those anticipated by the forward-looking statements, including, without limitation: (i) economic, geopolitical and market conditions can adversely affect our business, results of operations and financial condition, including our revenue growth and profitability, which in turn could adversely affect our stock price; (ii) our international sales and operations subject us to additional risks that can adversely affect our operating results, including risks relating to foreign currency gains and losses; (iii) we may fail to achieve our financial forecasts due to such factors as delays or size reductions in transactions, fewer large transactions in a particular quarter, fluctuations in currency exchange rates, or a decline in our renewal rates for contracts; (iv) if the security measures for our software, services, other offerings or our internal information technology infrastructure are compromised or subject to a successful cyber-attack, or if our software offerings contain significant coding or configuration errors or zero-day vulnerabilities, we may experience reputational harm, legal claims and financial exposure; and the results of inquiries, investigations and legal claims regarding the MOVEit Vulnerability remain uncertain, while the ultimate resolution of these matters could result in losses that may be material to our financial results for a particular period; (v) future acquisitions may not be successful or may involve unanticipated costs or other integration issues that could disrupt our existing operations; and (vi) expected synergies and benefits of the ShareFile acquisition may not be realized which could negatively impact our future results of operations and financial condition. For further information regarding risks and uncertainties associated with Progress’ business, please refer to our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended November 30, 2024. Progress undertakes no obligation to update any forward-looking statements, which speak only as of the date of this press release.

The MIL Network –

July 1, 2025

MIL-OSI: Progress Software Announces Second Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Annualized Recurring Revenue (“ARR”) of $838 million Grew 46% year-over-year
Revenue of $237 million Grew 36% year-over-year
Raises Full Year Guidance for Revenue, Operating Margin, Earnings Per Share, and Cash Flow
Acquires Agentic RAG AI Company

BURLINGTON, Mass., June 30, 2025 (GLOBE NEWSWIRE) — Progress Software (Nasdaq: PRGS), the trusted provider of AI-powered digital experience and infrastructure software, today announced financial results for its fiscal second quarter ended May 31, 2025.

Second Quarter 2025 Highlights:

Revenue of $237 million increased 36% year-over-year on an actual currency basis and 35% on a constant currency basis.
Annualized Recurring Revenue (“ARR”) of $838 million increased 46% year-over-year on a constant currency basis.
Operating margin was 16% and non-GAAP operating margin was 40%.
Diluted earnings per share was $0.39 compared to $0.37 in the same quarter last year, an increase of 5%.
Non-GAAP diluted earnings per share was $1.40 compared to $1.09 in the same quarter last year, an increase of 28%.

“We’re extremely pleased with our solid Q2 results” said Yogesh Gupta, CEO of Progress Software. “Revenue contributions were strong across all geographies resulting in ARR of $838 million or 46% year-over-year growth. Our Net Retention Rate was 100%, demonstrating the consistent strength of our product portfolio. Our confidence in the business is reflected in our raised guidance for FY25. Equally important, our integration of ShareFile is going extremely well as we have completed numerous major synergy milestones, and we remain confident in our ability to reach all our ShareFile targets by the end of the year.”

Additional financial highlights included:

	Three Months Ended
	GAAP								Non-GAAP
(in thousands, except percentages and per share amounts)	May 31, 2025			May 31, 2024			% Change		May 31, 2025			May 31, 2024			% Change
Revenue	$	237,355		$	175,077		36	%	$	237,355		$	175,077		36	%
Income from operations	$	38,616		$	27,148		42	%	$	95,461		$	67,086		42	%
Operating margin		16	%		16	%	0 bps			40	%		38	%	200 bps
Net income	$	17,029		$	16,188		5	%	$	61,749		$	47,899		29	%
Diluted earnings per share	$	0.39		$	0.37		5	%	$	1.40		$	1.09		28	%
Cash from operations (GAAP) / Adjusted free cash flow (non-GAAP) / Unlevered free cash flow (non-GAAP)	$	29,996		$	63,681		(53	)%	$	37,068		$	64,073		(42	)%
	$	29,996		$	63,681				$	51,579		$	69,679		(26	)%

See Important Information Regarding Non-GAAP Financial Measures, Liquidity Measures, and Select Performance Metrics and a reconciliation of non-GAAP adjustments to Progress’ GAAP financial results at the end of this press release.

Other fiscal second quarter 2025 metrics and recent results included:

Cash and cash equivalents were $102.0 million at the end of the quarter.
Days sales outstanding was 53 days compared to 41 days in the fiscal second quarter of 2024 and 48 days in the fiscal first quarter of 2025.

“Our second quarter performance reflects the continued strong execution by our teams and this is further reflected in our increase to full year guidance across the board,” said Anthony Folger, CFO of Progress Software. “Our ShareFile business is progressing well and we are ahead of schedule with the integration and moving swiftly towards reaching our synergy targets. On the balance sheet, we again made significant progress on paying down our revolving credit facility, with another $40 million this quarter, putting us on a solid trajectory to hit our goal of $160 million debt paydown this year.”

Acquisition of Nuclia

In a separate press release, the Company also announced today its acquisition of Nuclia, an innovator in agentic Retrieval-Augmented Generation (“RAG”) AI solutions. Nuclia provides unique, easy-to-use agentic RAG-as-a-service technology enabling organizations to automatically leverage their own proprietary business information to retrieve verifiable, accurate answers using GenAI. Nuclia will extend the end-to-end value of the Progress Data Platform while creating new opportunities to reach a broader market of organizations looking to leverage agentic RAG technology.

The acquisition was signed and closed today and is immaterial to Progress’ financials.

To learn more about Nuclia, go to https://nuclia.com/.

2025 Business Outlook

Progress provides the following guidance for the fiscal year ending November 30, 2025 and the fiscal third quarter ending August 31, 2025:

	Updated FY 2025 Guidance (June 30, 2025)		Prior FY 2025 Guidance (March 31, 2025)
(in millions, except percentages and per share amounts)	GAAP	Non-GAAP	GAAP	Non-GAAP
Revenue	$962 – $974	$962 – $974	$958 – $970	$958 – $970
Diluted earnings per share	$1.27 – $1.43	$5.28 – $5.40	$1.19 – $1.35	$5.25 – $5.37
Operating margin	15%	38% – 39%	14% – 15%	38%
Cash from operations (GAAP) / Adjusted free cash flow (non-GAAP) / Unlevered free cash flow (non-GAAP)	$218 – $230	$228 – $240	$216 – $228	$226 – $238
		$285 – $296		$283 – $294
Effective tax rate	17%	20%	19%	20%

	Q3 2025 Guidance
(in millions, except per share amounts)	GAAP	Non-GAAP
Revenue	$237 – $243	$237 – $243
Diluted earnings per share	$0.29 – $0.35	$1.28 – $1.34

Based on current exchange rates, the expected positive currency translation impact on our:

Fiscal year 2025 business outlook compared to 2024 exchange rates is approximately $2.4 million on revenue.
GAAP and non-GAAP diluted earnings per share for fiscal year 2025 is approximately $0.02.
Fiscal Q3 2025 business outlook compared to 2024 exchange rates is approximately $1.7 million on revenue.
GAAP and non-GAAP diluted earnings per share for fiscal Q3 2025 is approximately $0.01.

To the extent that there are changes in exchange rates versus the current environment and/or our expectations, this may have an impact on Progress’ business outlook.

Conference Call

Progress will hold a conference call to review its financial results for the fiscal second quarter of 2025 at 5:00 p.m. ET on Monday, June 30, 2025. Participants must register for the conference call here: https://register-conf.media-server.com/register/BIc386d20e6fbd46acbadafca492a42b35. The webcast can be accessed at: https://edge.media-server.com/mmc/p/bujcypbf/. The conference call will include comments followed by questions and answers. Attendees must register for the webcast and an archived version of the conference call and supporting materials will be available on the Progress website within the investor relations section after the live conference call.

About Progress

Progress Software (Nasdaq: PRGS) empowers organizations to achieve transformational success in the face of disruptive change. Our software enables our customers to develop, deploy and manage responsible AI-powered applications and digital experiences with agility and ease. Customers get a trusted provider in Progress, with the products, expertise and vision they need to succeed. Over 4 million developers and technologists at hundreds of thousands of enterprises depend on Progress. Learn more at www.progress.com.

Progress and Progress Software are trademarks or registered trademarks of Progress Software Corporation and/or its subsidiaries or affiliates in the U.S. and other countries. Any other names contained herein may be trademarks of their respective owners.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

	Three Months Ended								Six Months Ended
(in thousands, except per share data)	May 31, 2025			May 31, 2024			% Change		May 31, 2025			May 31, 2024			% Change
Revenue:
Software licenses	$	50,795		$	53,979		(6	)%	$	109,240		$	118,079		(7	)%
Maintenance, SaaS, and professional services		186,560			121,098		54	%		366,130			241,683		51	%
Total revenue		237,355			175,077		36	%		475,370			359,762		32	%
Costs of revenue:
Cost of software licenses		2,987			2,497		20	%		5,912			5,228		13	%
Cost of maintenance, SaaS, and professional services		33,764			22,176		52	%		66,648			44,395		50	%
Amortization of acquired intangibles		10,537			7,398		42	%		20,959			15,257		37	%
Total costs of revenue		47,288			32,071		47	%		93,519			64,880		44	%
Gross profit		190,067			143,006		33	%		381,851			294,882		29	%
Operating expenses:
Sales and marketing		49,677			37,889		31	%		100,973			77,000		31	%
Product development		46,570			35,435		31	%		92,945			70,423		32	%
General and administrative		25,637			21,983		17	%		51,260			43,327		18	%
Amortization of acquired intangibles		26,063			16,316		60	%		51,871			33,705		54	%
Cyber vulnerability response expenses, net		730			3,036		(76	)%		1,467			4,023		(64	)%
Restructuring expenses		1,043			651		60	%		8,072			3,000		169	%
Acquisition-related expenses		1,731			548		216	%		4,221			1,250		238	%
Total operating expenses		151,451			115,858		31	%		310,809			232,728		34	%
Income from operations		38,616			27,148		42	%		71,042			62,154		14	%
Other expense, net		(18,752	)		(7,020	)	167	%		(37,876	)		(14,419	)	163	%
Income before income taxes		19,864			20,128		(1	)%		33,166			47,735		(31	)%
Provision for income taxes		2,835			3,940		(28	)%		5,191			8,908		(42	)%
Net income	$	17,029		$	16,188		5	%	$	27,975		$	38,827		(28	)%

Earnings per share:
Basic	$	0.40		$	0.37		8	%	$	0.65		$	0.89		(27	)%
Diluted	$	0.39		$	0.37		5	%	$	0.63		$	0.87		(28	)%
Weighted average shares outstanding:
Basic		43,053			43,213		—	%		43,154			43,508		(1	)%
Diluted		44,156			43,964		—	%		44,522			44,395		—	%

Cash dividends declared per common share	$	—		$	0.175		(100	)%	$	—		$	0.350		(100	)%

^{Stock-based compensation is included in the condensed consolidated statements of operations, as follows:}

^{Cost of revenue}

^$

^1,560

^$

⁹¹²

⁷¹

^%

^$

^2,755

^$

^1,898

⁴⁵

^%

^{Sales and marketing}

^3,663

^2,458

⁴⁹

^%

^6,695

^4,770

⁴⁰

^%

^{Product development}

^4,984

^3,391

⁴⁷

^%

^9,394

^7,056

³³

^%

^{General and administrative}

^6,534

^5,228

²⁵

^%

^12,580

^10,729

¹⁷

^%

^Total

^$

^16,741

^$

^11,989

⁴⁰

^%

^$

^31,424

^$

^24,453

²⁹

^%

CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(in thousands)	May 31, 2025		November 30, 2024
Assets
Current assets:
Cash and cash equivalents	$	102,006	$	118,077
Accounts receivable, net		140,122		163,575
Unbilled receivables, current portion		34,136		34,672
Other current assets		49,387		52,489
Total current assets		325,651		368,813
Property and equipment, net		12,474		13,746
Goodwill and intangible assets, net		1,944,387		2,015,748
Right-of-use lease assets		27,351		30,894
Unbilled receivables, non-current portion		29,890		28,893
Other assets		73,839		68,872
Total assets	$	2,413,592	$	2,526,966
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable and other current liabilities	$	75,610	$	113,801
Convertible senior notes, current portion, net		358,051		—
Operating lease liabilities, current portion		8,250		9,202
Deferred revenue, current portion, net		308,360		332,142
Total current liabilities		750,271		455,145
Long-term debt, net		660,000		730,000
Convertible senior notes, non-current portion, net		440,244		796,267
Operating lease liabilities, non-current portion		22,548		26,259
Deferred revenue, non-current portion, net		80,219		72,270
Other non-current liabilities		7,609		8,237
Stockholders’ equity:
Common stock and additional paid-in capital		362,522		354,592
Retained earnings		90,179		84,196
Total stockholders’ equity		452,701		438,788
Total liabilities and stockholders’ equity	$	2,413,592	$	2,526,966

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	Three Months Ended						Six Months Ended
(in thousands)	May 31, 2025			May 31, 2024			May 31, 2025			May 31, 2024
Cash flows from operating activities:
Net income	$	17,029		$	16,188		$	27,975		$	38,827
Depreciation and amortization		39,568			27,529			78,777			55,073
Stock-based compensation		16,741			11,989			31,424			24,453
Other non-cash adjustments		(1,332	)		(812	)		1,738			515
Changes in operating assets and liabilities		(42,010	)		8,787			(40,971	)		15,317
Net cash flows from operating activities		29,996			63,681			98,943			134,185
Capital expenditures		(495	)		(955	)		(1,785	)		(1,264	)
Repurchases of common stock, net of issuances		(13,478	)		(44,636	)		(37,348	)		(59,553	)
Dividend equivalent and dividend payments to stockholders		(295	)		(7,951	)		(654	)		(16,122	)
Payments for acquisitions		—			—			(1,195	)		—
Proceeds from the issuance of debt, net of payment of issuance costs		—			431,929			—			431,929
Repayment of revolving line of credit and principal payment on term loan		(40,000	)		(337,813	)		(70,000	)		(371,250	)
Purchase of capped calls		—			(42,210	)		—			(42,210	)
Other		2,117			(4,847	)		(4,032	)		(12,253	)
Net change in cash and cash equivalents		(22,155	)		57,198			(16,071	)		63,462
Cash and cash equivalents, beginning of period		124,161			133,222			118,077			126,958
Cash and cash equivalents, end of period	$	102,006		$	190,420		$	102,006		$	190,420

RECONCILIATIONS OF GAAP TO NON-GAAP SELECTED FINANCIAL MEASURES
(Unaudited)

	Three Months Ended						Six Months Ended
(in thousands, except per share data)	May 31, 2025			May 31, 2024			May 31, 2025			May 31, 2024
Adjusted income from operations:
GAAP income from operations	$	38,616		$	27,148		$	71,042		$	62,154
Amortization of acquired intangibles		36,600			23,714			72,830			48,962
Stock-based compensation		16,741			11,989			31,424			24,453
Restructuring expenses		1,043			651			8,072			3,000
Acquisition-related expenses		1,731			548			4,221			1,250
Cyber vulnerability response expenses, net		730			3,036			1,467			4,023
Non-GAAP income from operations	$	95,461		$	67,086		$	189,056		$	143,842

Adjusted net income:
GAAP net income	$	17,029		$	16,188		$	27,975		$	38,827
Amortization of acquired intangibles		36,600			23,714			72,830			48,962
Stock-based compensation		16,741			11,989			31,424			24,453
Restructuring expenses		1,043			651			8,072			3,000
Acquisition-related expenses		1,731			548			4,221			1,250
Cyber vulnerability response expenses, net		730			3,036			1,467			4,023
Provision for income taxes		(12,125	)		(8,227	)		(25,245	)		(16,688	)
Non-GAAP net income	$	61,749		$	47,899		$	120,744		$	103,827

Adjusted diluted earnings per share:
GAAP diluted earnings per share	$	0.39		$	0.37		$	0.63		$	0.87
Amortization of acquired intangibles		0.83			0.54			1.64			1.10
Stock-based compensation		0.37			0.27			0.71			0.56
Restructuring expenses		0.02			0.02			0.18			0.07
Acquisition-related expenses		0.04			0.01			0.09			0.03
Cyber vulnerability response expenses, net		0.02			0.07			0.03			0.09
Provision for income taxes		(0.27	)		(0.19	)		(0.57	)		(0.38	)
Non-GAAP diluted earnings per share	$	1.40		$	1.09		$	2.71		$	2.34

Non-GAAP weighted avg shares outstanding – diluted		44,156			43,964			44,522			44,395

OTHER NON-GAAP FINANCIAL MEASURES
(Unaudited)

Adjusted Free Cash Flow and Unlevered Free Cash Flow

	Three Months Ended								Six Months Ended
(in thousands)	May 31, 2025			May 31, 2024			% Change		May 31, 2025			May 31, 2024			% Change
Cash flows from operations	$	29,996		$	63,681		(53	)%	$	98,943		$	134,185		(26	)%
Purchases of property and equipment		(495	)		(955	)	(48	)%		(1,785	)		(1,264	)	41	%
Free cash flow		29,501			62,726		(53	)%		97,158			132,921		(27	)%
Add back: restructuring payments		7,567			1,347		462	%		13,121			3,356		291	%
Adjusted free cash flow	$	37,068		$	64,073		(42	)%	$	110,279		$	136,277		(19	)%
Add back: tax-effected interest expense		14,511			5,606		159	%		29,253			11,481		155	%
Unlevered free cash flow	$	51,579		$	69,679		(26	)%	$	139,532		$	147,758		(6	)%

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2025 GUIDANCE
(Unaudited)

Fiscal Year 2025 Updated Non-GAAP Operating Margin Guidance
	Fiscal Year Ending November 30, 2025
(in millions)	Low			High
GAAP income from operations	$	140.7		$	149.2
GAAP operating margins		15	%		15	%
Acquisition-related expense		6.0			6.0
Restructuring expense		9.2			9.2
Stock-based compensation		63.0			63.0
Amortization of acquired intangibles		145.7			145.7
Cyber vulnerability response expenses, net		4.2			4.2
Total adjustments⁽¹⁾		228.1			228.1
Non-GAAP income from operations	$	368.8		$	377.3
Non-GAAP operating margin		38	%		39	%
⁽¹⁾Total adjustments include preliminary estimates relating to the valuation of intangible assets acquired from ShareFile and restructuring expenses. The final amounts will not be available until the Company’s internal procedures and reviews are completed.

Fiscal Year 2025 Updated Non-GAAP Earnings per Share and Effective Tax Rate Guidance
	Fiscal Year Ending November 30, 2025
(in millions, except per share data)	Low			High
GAAP net income	$	56.9		$	64.8
Adjustments (from previous table)		228.1			228.1
Income tax adjustment⁽²⁾		(47.7	)		(48.0	)
Non-GAAP net income	$	237.3		$	244.9

GAAP diluted earnings per share	$	1.27		$	1.43
Non-GAAP diluted earnings per share	$	5.28		$	5.40

Diluted weighted average shares outstanding		45.0			45.4



_{² Tax adjustment is based on a non-GAAP effective tax rate of approximately 20%, calculated as follows:}
	_{Fiscal Year Ending November 30, 2025}
	_Low			_High
_{Non-GAAP income from operations}	_$	_368.8		_$	_377.3
_{Other (expense) income}		_(72.2	₎		_(71.2	₎
_{Non-GAAP income from continuing operations before income taxes}		_296.6			_306.1
_{Non-GAAP net income}		_237.3			_244.9
_{Tax provision}	_$	_59.3		_$	_61.2
_{Non-GAAP tax rate}		₂₀	_%		₂₀	_%

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2025 GUIDANCE
(Unaudited)

Fiscal Year 2025 Adjusted Free Cash Flow and Unlevered Free Cash Flow Guidance
	Fiscal Year Ending November 30, 2025
(in millions)	Low			High
Cash flows from operations (GAAP)	$	218		$	230
Purchases of property and equipment		(7	)		(7	)
Add back: restructuring payments		17			17
Adjusted free cash flow (non-GAAP)		228			240
Add back: tax-effected interest expense		57			56
Unlevered free cash flow (non-GAAP)	$	285		$	296

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR Q3 2025 GUIDANCE
(Unaudited)

Q3 2025 Non-GAAP Earnings per Share Guidance
	Three Months Ending August 31, 2025
	Low			High
GAAP diluted earnings per share	$	0.29		$	0.35
Acquisition-related expense		0.02			0.02
Restructuring expense		0.01			0.01
Stock-based compensation		0.35			0.35
Amortization of acquired intangibles		0.83			0.83
Cyber vulnerability response expenses, net		0.03			0.03
Total adjustments⁽¹⁾		1.24			1.24
Income tax adjustment		(0.25	)		(0.25	)
Non-GAAP diluted earnings per share	$	1.28		$	1.34
⁽¹⁾Total adjustments include preliminary estimates relating to the valuation of intangible assets acquired from ShareFile and restructuring expenses. The final amounts will not be available until the Company’s internal procedures and reviews are completed.

Important Information Regarding Non-GAAP Financial Measures, Liquidity Measures and Select Performance Metrics

Progress furnishes certain non-GAAP supplemental information to our financial results. We use such non-GAAP financial measures to evaluate our period-over-period operating performance because our management team believes that excluding the effects of certain GAAP-related items helps to illustrate underlying trends in our business and provides us with a more comparable measure of our continuing business, as well as greater understanding of the results from the primary operations of our business. Management also uses such non-GAAP financial measures to establish budgets and operational goals, evaluate performance, and allocate resources. In addition, the compensation of our executives and non-executive employees is based in part on the performance of our business as evaluated by such non-GAAP financial measures. We believe these non-GAAP financial measures enhance investors’ overall understanding of our current financial performance and our prospects for the future by: (i) providing more transparency for certain financial measures, (ii) presenting disclosure that helps investors understand how we plan and measure the performance of our business, (iii) affording a view of our operating results that may be more easily compared to our peer companies, and (iv) enabling investors to consider our operating results on both a GAAP and non-GAAP basis (including following the integration period of our prior acquisitions). However, this non-GAAP information is not in accordance with, or an alternative to, generally accepted accounting principles in the United States (“GAAP”) and should be considered in conjunction with our GAAP results as the items excluded from the non-GAAP information may have a material impact on Progress’ financial results. A reconciliation of non-GAAP adjustments to Progress’ GAAP financial results is included in the tables above.

In the noted fiscal periods, we adjusted for the following items from our GAAP financial results to arrive at our non-GAAP financial measures:

Amortization of acquired intangibles – We exclude amortization of acquired intangibles because those expenses are unrelated to our core operating performance and the intangible assets acquired vary significantly based on the timing and magnitude of our acquisition transactions and the maturities of the businesses acquired. Adjustments include preliminary estimates relating to the valuation of intangible assets from ShareFile. The final amounts will not be available until the Company’s internal procedures and reviews are completed.
Stock-based compensation – We exclude stock-based compensation to be consistent with the way management and, in our view, the overall financial community evaluates our performance and the methods used by analysts to calculate consensus estimates. The expense related to stock-based awards is generally not controllable in the short-term and can vary significantly based on the timing, size and nature of awards granted. As such, we do not include these charges in operating plans.
Restructuring expenses – In all periods presented, we exclude restructuring expenses incurred because those expenses distort trends and are not part of our core operating results. Adjustments include preliminary estimates relating to restructuring expenses from ShareFile. The final amounts will not be available until the Company’s internal procedures and reviews are completed.
Acquisition-related expenses – We exclude acquisition-related expenses in order to provide a more meaningful comparison of the financial results to our historical operations and forward-looking guidance and the financial results of less acquisitive peer companies. We consider these types of costs and adjustments, to a great extent, to be unpredictable and dependent on a significant number of factors that are outside of our control. Furthermore, we do not consider these acquisition-related costs and adjustments to be related to the organic continuing operations of the acquired businesses and are generally not relevant to assessing or estimating the long-term performance of the acquired assets. In addition, the size, complexity and/or volume of past acquisitions, which often drives the magnitude of acquisition-related costs, may not be indicative of the size, complexity and/or volume of future acquisitions.
Cyber vulnerability response expenses, net – We exclude certain expenses resulting from the zero-day MOVEit Vulnerability, as more thoroughly described in our filings with the Securities and Exchange Commission since June 5, 2023. Expenses include costs to investigate and remediate these cyber related matters, as well as legal and other professional services related thereto. Expenses related to such cyber matters are provided net of expected insurance recoveries, although the timing of recognizing insurance recoveries may differ from the timing of recognizing the associated expenses. Costs associated with the enhancement of our cybersecurity program are not included within this adjustment. We expect to continue to incur legal and other professional services expenses in future periods associated with the MOVEit Vulnerability. Expenses related to such cyber matters are expected to result in operating expenses that would not have otherwise been incurred in the normal course of business operations. We believe that excluding these costs facilitates a more meaningful evaluation of our operating performance and comparisons to our past operating performance.
Provision for income taxes – We adjust our income tax provision by excluding the tax impact of the non-GAAP adjustments discussed above.
Constant currency – Revenue from our international operations has historically represented a substantial portion of our total revenue. As a result, our revenue results have been impacted, and we expect will continue to be impacted, by fluctuations in foreign currency exchange rates. As exchange rates are an important factor in understanding period-to-period comparisons, we present revenue growth rates on a constant currency basis, which helps improve the understanding of our revenue results and our performance in comparison to prior periods. The constant currency information presented is calculated by translating current period results using prior period weighted average foreign currency exchange rates.

In the noted fiscal periods, we also present the following liquidity measures:

Adjusted free cash flow (“AFCF”) and unlevered free cash flow (“Unlevered FCF”) – AFCF is equal to cash flows from operating activities less purchases of property and equipment, plus restructuring payments. Unlevered FCF is AFCF plus tax-effected interest expense on outstanding debt.

In the noted fiscal periods, we also present the following select performance metrics:

Annualized Recurring Revenue (“ARR”) – We disclose ARR as a performance metric to help investors better understand and assess the performance of our business because our mix of revenue generated from recurring sources currently represents the substantial majority of our revenues and is expected to continue in the future. We define ARR as the annualized revenue of all active and contractually binding term-based contracts from all customers at a point in time. ARR includes revenue from maintenance, software upgrade rights, public cloud, and on-premises subscription-based transactions and managed services. ARR mitigates fluctuations in revenue due to seasonality, contract term and the sales mix of subscriptions for term-based licenses and SaaS. We use ARR to understand customer trends and the overall health of our business, helping us to formulate strategic business decisions.
We calculate the annualized value of annual and multi-year contracts, and contracts with terms less than one year, by dividing the total contract value of each contract by the number of months in the term and then multiplying by 12. Annualizing contracts with terms less than one-year results in amounts being included in our ARR that are in excess of the total contract value for those contracts at the end of the reporting period. We generally do not sell non-SaaS-based contracts with a term of less than one year unless a customer is purchasing additional licenses under an existing annual or multi-year contract. The expectation is that at the time of renewal, such contracts with a term less than one year will renew with the same term as the existing contracts being renewed, such that both contracts are co-termed. Historically, such contracts with a term of less than one year renew at rates equal to or better than annual or multi-year contracts.

For SaaS-based contracts, there is a meaningful percentage of monthly auto-renewing contracts for which annualizing the contracts results in amounts being included in our ARR that are in excess of the total contract value for those contracts at the end of the reporting period.

Revenue from term-based license and on-premises subscription arrangements include a portion of the arrangement consideration that is allocated to the software license that is recognized up-front at the point in time control is transferred under ASC 606 revenue recognition principles. ARR for these arrangements is calculated as described above. The expectation is that the total contract value, inclusive of revenue recognized as software license, will be renewed at the end of the contract term.

The calculation is done at constant currency using the current year budgeted exchange rates for all periods presented.

ARR is not defined in GAAP and is not derived from a GAAP measure. Rather, ARR generally aligns to billings (as opposed to GAAP revenue which aligns to the transfer of control of each performance obligation). ARR does not have any standardized meaning and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.

Net Retention Rate (“NRR”) – We calculate net retention rate as of a period end by starting with the ARR from the cohort of all customers as of 12 months prior to such period end (“Prior Period ARR”). We then calculate the ARR from these same customers as of the current period end (“Current Period ARR”). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months but excludes ARR from new customers in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the net retention rate. Net retention rate is not calculated in accordance with GAAP and is not derived from a GAAP measure.

Note Regarding Forward-Looking Statements

This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Progress has identified some of these forward-looking statements with words like “believe,” “may,” “could,” “would,” “might,” “should,” “expect,” “intend,” “plan,” “target,” “anticipate” and “continue,” the negative of these words, other terms of similar meaning or the use of future dates. Forward-looking statements in this press release include, but are not limited to, statements regarding Progress’ business outlook (including future acquisition activity) and financial guidance. There are a number of factors that could cause actual results or future events to differ materially from those anticipated by the forward-looking statements, including, without limitation: (i) economic, geopolitical and market conditions can adversely affect our business, results of operations and financial condition, including our revenue growth and profitability, which in turn could adversely affect our stock price; (ii) our international sales and operations subject us to additional risks that can adversely affect our operating results, including risks relating to foreign currency gains and losses; (iii) we may fail to achieve our financial forecasts due to such factors as delays or size reductions in transactions, fewer large transactions in a particular quarter, fluctuations in currency exchange rates, or a decline in our renewal rates for contracts; (iv) if the security measures for our software, services, other offerings or our internal information technology infrastructure are compromised or subject to a successful cyber-attack, or if our software offerings contain significant coding or configuration errors or zero-day vulnerabilities, we may experience reputational harm, legal claims and financial exposure; and the results of inquiries, investigations and legal claims regarding the MOVEit Vulnerability remain uncertain, while the ultimate resolution of these matters could result in losses that may be material to our financial results for a particular period; (v) future acquisitions may not be successful or may involve unanticipated costs or other integration issues that could disrupt our existing operations; and (vi) expected synergies and benefits of the ShareFile acquisition may not be realized which could negatively impact our future results of operations and financial condition. For further information regarding risks and uncertainties associated with Progress’ business, please refer to our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended November 30, 2024. Progress undertakes no obligation to update any forward-looking statements, which speak only as of the date of this press release.

The MIL Network –

July 1, 2025

MIL-OSI USA: Jabil Selects Rowan County for Nearly 1,200 New Jobs and $500 Million Multi-Year Investment

Source: US State of North Carolina

Headline: Jabil Selects Rowan County for Nearly 1,200 New Jobs and $500 Million Multi-Year Investment

Jabil Selects Rowan County for Nearly 1,200 New Jobs and $500 Million Multi-Year Investment
lsaito
Mon, 06/30/2025 – 15:30

Raleigh, NC

Today Governor Josh Stein announced Jabil Inc., a leader in engineering, supply chain, and manufacturing solutions, expects to create 1,181 new jobs in Rowan County. The company says it will invest approximately $500 million over several years to establish a manufacturing facility to support cloud and AI data center customers.

“Companies that are already operating in North Carolina know the value of doing business in our state better than anyone,” said Governor Josh Stein. “We welcome Jabil’s expansion, and we are committed to further developing the largest manufacturing workforce in the southeast and the business-friendly climate they need for this next phase of growth.”

Headquartered in St. Petersburg, Florida, Jabil has a global footprint that spans more than 25 countries and 140,000 employees. The company has 30 locations across the United States, including three in North Carolina. Jabil supports customers across various industries, including AI data center infrastructure, healthcare, warehouse automation, and robotics.

“The drive to build AI data centers is only accelerating in the United States,” said Matt Crowley, Executive Vice President, Global Business Units. “We are excited to help meet that demand, provide additional scale and capabilities for our data center customers, and empower the AI solutions of the future with Jabil’s new facility here in Rowan County.”

“North Carolina has a proven track record of cultivating an environment where companies like Jabil can manufacture innovative solutions for the global economy,” said Commerce Secretary Lee Lilley. “Our ecosystem of workforce training partnerships, Tier 1 research, and growing supply chain is sure to ignite the advancement of this next generation technology and provide the company a great return on its investment.”

Jabil plans to offer job opportunities to attract skilled manufacturing and engineering professionals. These new jobs could create a potential annual payroll impact of more than $73.2 million for the region.

Jabil’s expansion in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $3.2 billion. Using a formula that takes into account $264 million of the company’s investment as well as the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $11,251,800, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.

The project’s projected return on investment of public dollars is 115 percent, meaning for every dollar of potential cost to the state, the state receives $2.15 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.

Because Jabil chose to locate to Rowan County, classified by the state’s economic tier system as Tier 2, the company’s JDIG agreement also calls for moving $1,250,200 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 2 county such as Rowan, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state.

“We welcome Jabil to Rowan County,” said Senator Carl Ford. “These new jobs are proof that our state and local investments to prepare for announcements like this are paying off for both our existing industry and local economy.”

“This is outstanding news for our region,” said Representative Harry Warren. “Our community is centrally located along to East Coast, and thanks to the state’s well-connected transportation network, Jabil can easily access the global market.”

In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, N.C. Commerce’s Division of Workforce Solutions, the North Carolina Community College System, Rowan-Cabarrus Community College, Rowan County, and Rowan Economic Development Council.

With this announcement, since January 1st, Governor Stein has announced business expansions or new projects that will make nearly $17 billion of new capital investment in North Carolina and create more than 19,000 new good-paying jobs.

To learn more about job opportunities at Jabil, please visit the Jabil Careers site.

Jun 30, 2025

MIL OSI USA News –

July 1, 2025

MIL-OSI: PBK Miner Allocates $1 Million Reward Pool for New AI-Powered 1-Day Mining Contract

Source: GlobeNewswire (MIL-OSI)

Carshalton, UK, June 30, 2025 (GLOBE NEWSWIRE) — PBK Miner, a leading global crypto asset management platform, has officially launched its innovative “1-day contract”, providing new users with a flexible, low-risk way to experience the platform’s capabilities. The product launch coincides with a major promotion with a total giveaway of more than $1 million, with each new registered user receiving a $10 bonus.

Click here to learn more about PBK Miner.

What is PBK Miner? Why buy it now?

PBK Miner has built an intelligent, convenient and sustainable crypto asset management ecosystem. At its core is the proprietary PBK-AI system, which dynamically reconfigures assets between high-potential cryptocurrencies based on real-time market data to optimize returns.

With the launch of “1-Day Contract”, PBK Miner [pbkminer.com] transforms from a high-performance niche platform to an open model that welcomes retail traders and everyday investors around the world.

The platform currently serves more than 8 million users in 183 countries, with recent performance metrics including:

5-day contract strategy: +6.17% return

15-day contract strategy: +20.9% return

30-day contract strategy: +55.8% return

These numbers represent actual user results (not predictions), demonstrating PBK Miner’s AI-driven revenue optimization and results-centric operating model.

“1-Day Contract” Release Details:

This new product is available today on PBK Miner’s web and mobile platforms. Priced at just $10, with daily earnings of $0.60, it provides an easy entry point into PBK Miner’s growing ecosystem.

Community Rewards Event with Over $1 Million

To celebrate the launch, PBK Miner has launched a board-approved bounty program of over $1 million. The event provides a truly hassle-free trial opportunity – all new registered users can receive a $10 bounty, which will be credited to their account dashboard.

Click here to become a new PBK Miner user.

Limited-time event highlights:

– 24-hour intensive mining window: Designed to accelerate earnings, users can mine XRP in a time-optimized manner.

– $1 million mining reward: PBK Miner offers structured reward levels of $10/$40/$1,900/$4,900 to encourage new and old miners to participate.

– Increased daily income: During the event, participants will enjoy higher than usual mining income.

This bold marketing move is designed to attract new users, encourage sharing, and showcase the core product value of PBK Miner.

Click here to view the limited-time mining event.

What it means for cryptocurrency investors

PBK Miner combines AI innovation, fintech advancements, and practical cryptocurrency functionality – three powerful elements that resonate with cryptocurrency investors around the world. It delivers returns without requiring deep technical or trading expertise.

Why PBK Miner is the first choice for both new and experienced XRP miners:

– No equipment required: Get institutional-grade mining power instantly.

– Zero maintenance fees: PBK Miner takes care of power, cooling, and hardware maintenance – users just need to activate the plan.

– $10 welcome bonus: Every new user gets a sign-up bonus and a daily login bonus.

– Daily income + fund security: Users earn income daily, and the principal is returned at contract expiration. Focusing on measurable performance rather than hype, PBK Miner has become a lasting value proposition in the cryptocurrency investment ecosystem.

About PBK Miner

PBK Miner is operated by PBK FINANCIAL SERVICES LTD (Company Number: 12272456), which represents a new digital asset platform – data-driven, performance-focused, and globally trusted. Since its establishment in 2019, the Leyland-based company has grown into one of the most popular cryptocurrency investment opportunities for return-oriented (rather than speculative) investors this year.

Full details and how to participate: https://pbkminer.com/

Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or a trading recommendation. Cryptocurrency mining and staking involve risks and may result in the loss of funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

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The MIL Network –

July 1, 2025

MIL-OSI: The Herzfeld Caribbean Basin Fund, Inc. Pays Distribution

Source: GlobeNewswire (MIL-OSI)

MIAMI BEACH, Fla., June 30, 2025 (GLOBE NEWSWIRE) — The Herzfeld Caribbean Basin Fund, Inc. (NASDAQ: CUBA) (the “Fund”) today announced that the Fund has made the following distribution pursuant to the Fund’s Managed Distribution Policy (the “Policy”):

Declaration Date	Ex-Date	Record Date	Payment Date	Per Share
05/09/2025	05/23/2025	05/23/2025	06/30/2025	$0.2325

The distribution for stockholders has been paid in cash or shares of the Fund’s common stock at the election of stockholders. The total amount of cash distributed to all stockholders was limited to 20% of the total distribution to be paid, excluding any cash paid for fractional shares. The remainder of the distribution (approximately 80%) was paid in the form of shares of the Fund’s common stock. The exact distribution of cash and stock to any given stockholder was dependent upon his/her election as well as elections of other stockholders, subject to the pro-rata limitation.

The price used to calculate the number of shares to be issued in lieu of cash is $2.4618, which was determined using the volume weighted average price per share of the Fund on June 12, 13 and 16, 2025. The total amount of cash and shares distributed under the Policy was as follows:

Total Cash		Total Shares
$731,093.39		1,187,755.00

Stockholders who elected to receive the distribution solely in shares of common stock and stockholders who did not make an election will receive approximately 0.0944 shares of common stock for each share of common stock they owned on the record date of May 9, 2025. Holders of approximately 50.62% of the Company’s common stock elected to receive only stock or did not make an election.

Stockholders electing to receive the distribution in all cash will receive cash in the amount of $0.09418 per common share, or approximately 40.51% of the $0.2325 distribution, and 0.0562 shares of common stock, or approximately 59.49% of the total distribution for each share of common stock they owned on the record date of May 9, 2025. Cash in lieu of fractional shares will be issued, if applicable. Total outstanding shares of the Company’s common stock following the distribution will be approximately 16,908,652.

The primary purpose of the Policy is to provide stockholders with a constant, but not guaranteed, fixed minimum rate of distribution (currently set at the annual rate of 15% of the Fund’s net asset value as determined on June 30, 2024). Under the Policy, distributions may be made at quarterly, semi-annual or annual periods of distribution and are reviewed by the Board each quarter. This allows the Fund to maintain its 15% annual distribution of NAV, but provides flexibility in determining the timing of those distributions in order to account for required year-end regulatory distributions of capital gains necessary to maintain the Fund’s tax-free status.

The Fund cannot predict what effect, if any, the Policy will have on the market price of its shares or whether such market price will reflect a greater or lesser discount to net asset value as compared to prior to the adoption of the Policy

Under the Policy, the Fund will distribute all available investment income to its stockholders, consistent with its investment objective and as required by the Internal Revenue Code of 1986, as amended (the “Code”). The amount distributed per share is subject to change at the discretion of the Board. If sufficient investment income is not available on a quarterly basis, the Fund will distribute long-term capital gains and/or return capital to its stockholders in order to maintain its managed distribution level. The Fund is currently not relying on any exemptive relief from Section 19(b) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the 1940 Act. Please note that for shareholders enrolled in the Fund’s Dividend Distribution Reinvestment Plan, the distribution will be reinvested in additional shares of the Fund as described in the Policy.

The Fund expects that distributions under the Policy will exceed investment income and available capital gains and thus expects that distributions under the Policy will likely include returns of capital for the foreseeable future. A return of capital may occur, for example, when some or all of a stockholder’s investment is paid back to the stockholder. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ Furthermore, a return of capital distribution is not a guarantee of future distributions or yield.’ Any such returns of capital will decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to maintain the level of distributions called for under its Policy, the Fund may have to sell portfolio securities at a less than opportune time.

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions declared this fiscal year to date from the following sources: net investment income, net realized capital gains and return of capital. All amounts are expressed per common share.

	Current Distribution	% Breakdown of the Current Distribution	Total Cumulative Distributions for the Fiscal Year to Date	% Breakdown of the Total Cumulative Distributions for the Fiscal Year to Date
Net Investment Income	$0.00	0%	$0.00	0%
Net Realized Short-Term Capital Gains	$0.00	0%	$0.00	0%
Net Realized Long-Term Capital Gains	$0.2122	91.25%	$0.2122	45.6%
Return of Capital	$0.0203	8.75%	$0.2528	54.4%
Total (per common share)	$0.2325	100%	$0.4650	100%

Average annual total return (in relation to NAV) for the 5-year period ending on May 30, 2025	2.52%
Annualized current distribution rate expressed as a percentage of NAV as of May 30, 2025	17.55%
Cumulative total return (in relation to NAV) for the fiscal year through May 30, 2025	0.09%
Cumulative fiscal year distributions as a percentage of NAV as of May 30, 2025	17.55%

No conclusions should be drawn about the Fund’s investment performance from the amount of the Fund’s distributions or from the terms of the Policy.

The amount distributed per share is subject to change at the discretion of the Board. The Policy is subject to ongoing review by the Board to determine whether it should be continued, modified or terminated. The Board may amend the terms of the Policy, suspend the Policy, or terminate the Policy at any time without prior notice to the Fund’s stockholders if it deems such actions to be in the best interest of the Fund or its stockholders. The amendment or termination of the Policy could have an adverse effect on the market price of the Fund’s shares. On May 9, 2024, the Board approved certain modifications to the Policy and extended the Policy through June 30, 2025.

With each distribution that does not consist solely of net investment income, the Fund will issue a notice to stockholders and an accompanying press release that will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to stockholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during its full fiscal year and may be subject to changes based on tax regulations. The Fund will send stockholders a Form 1099-DIV for the respective calendar year that will tell them how to report these distributions for federal income tax purposes. Stockholders should consult their tax advisor for proper tax treatment of the Fund’s distributions.

About Thomas J. Herzfeld Advisors, Inc.

Thomas J. Herzfeld Advisors, Inc., founded in 1984, is an SEC registered investment advisor, specializing in investment analysis and account management in closed-end funds. The Firm also specializes in investment in the Caribbean Basin. The HERZFELD/CUBA division of Thomas J. Herzfeld Advisors, Inc. serves as the investment advisor to The Herzfeld Caribbean Basin Fund, Inc. a publicly traded closed-end fund (NASDAQ: CUBA).

More information about the advisor can be found at www.herzfeld.com.

Past performance is no guarantee of future performance. An investment in the Fund is subject to certain risks, including market risk. In general, shares of closed-end funds often trade at a discount from their net asset value and at the time of sale may be trading on the exchange at a price which is more or less than the original purchase price or the net asset value. An investor should carefully consider the Fund’s investment objective, risks, charges and expenses. Please read the Fund’s disclosure documents before investing.

Forward-Looking Statements

This press release, and other statements that TJHA or the Fund may make, may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Fund’s or TJHA’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. TJHA and the Fund caution that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and TJHA and the Fund assume no duty to and do not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. With respect to the Fund, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, particularly with respect to Cuba and other Caribbean Basin countries, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Fund or in the Fund’s net asset value; (2) the relative and absolute investment performance of the Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to the Fund or TJHA, as applicable; (8) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or TJHA or the Fund; (9) TJHA’s and the Fund’s ability to attract and retain highly talented professionals; (10) the impact of TJHA electing to provide support to its products from time to time; (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions; and (12) the effects of an epidemic, pandemic or public health emergency, including without limitation, COVID-19. Annual and Semi-Annual Reports and other regulatory filings of the Fund with the SEC are accessible on the SEC’s website at www.sec.gov and on TJHA’s website at www.herzfeld.com/cuba, and may discuss these or other factors that affect the Fund. The information contained on TJHA’s website is not a part of this press release.

Contact:
Tom Morgan
Chief Compliance Officer
Thomas J. Herzfeld Advisors, Inc.
1-305-777-1660

The MIL Network –

July 1, 2025

MIL-OSI: Bank OZK Announces Date for Second Quarter 2025 Earnings Release and Conference Call

Source: GlobeNewswire (MIL-OSI)

LITTLE ROCK, Ark., June 30, 2025 (GLOBE NEWSWIRE) — Bank OZK (the “Bank”) (Nasdaq: OZK) expects to report its second quarter 2025 earnings after the market closes on Thursday, July 17, 2025. Management’s comments on the second quarter of 2025 will be released simultaneously with the earnings press release and financial supplement which will be available on the Bank’s investor relations website.

Management will conduct a conference call to take questions at 7:30 a.m. CT (8:30 a.m. ET) on Friday, July 18, 2025. Interested parties may access the conference call live via webcast on the Bank’s investor relations website, or may participate via telephone by registering using this online form. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call. A replay of the conference call webcast will be archived on the Bank’s website for at least 30 days.

GENERAL INFORMATION
Bank OZK (Nasdaq: OZK) is a regional bank providing innovative financial solutions delivered by expert bankers with a relentless pursuit of excellence. Established in 1903, Bank OZK conducts banking operations in over 250 offices in nine states including Arkansas, Georgia, Florida, North Carolina, Texas, Tennessee, New York, California and Mississippi and had $39.2 billion in total assets as of March 31, 2025. For more information, visit ozk.com.




Investor Relations Contact:	Jay Staley (501) 906-7842



Media Contact:	Michelle Rossow (501) 906-3922

The MIL Network –

July 1, 2025

MIL-OSI: Top California Lender Welcomes New Investors to Fuel Expanded Lending Capacity

Source: GlobeNewswire (MIL-OSI)

SANTA MONICA, Calif., June 30, 2025 (GLOBE NEWSWIRE) — Top California Lender, LLC, a leading private lender in commercial real estate, is thrilled to announce the onboarding of a dynamic group of new investors to significantly bolster its capital base for funding. This strategic partnership enhances the company’s ability to support an expanding pipeline of real estate projects across the nation.

The new investors include a consortium of seasoned real estate magnates, innovative tech entrepreneurs, and forward-thinking family offices, each bringing a wealth of experience and fresh perspectives. Among them are prominent figures from Silicon Valley, known for backing cutting-edge infrastructure projects, alongside East Coast-based wealth managers with decades of expertise in urban development. Additionally, a group of international investors from Asia, drawn by the allure of U.S. market growth, joins the fold, eager to tap into emerging opportunities. Their collective vision emphasizes sustainable growth and resilience, aligning perfectly with current market demands.

This infusion of capital empowers Top California Lender to accelerate closings and broaden its reach across diverse asset classes, including multifamily, office, retail, industrial, mixed-use, and land developments. The added resources will support loans ranging from $3 million to over $100 million, with a strong emphasis on bridge and construction financing.

Jerry Dean, CEO of Top California Lender, shared, “We are elated to welcome this vibrant mix of investors, whose diverse backgrounds and bold strategies will propel our mission to unlock real estate potential across emerging markets. This capital boost positions us to seize rising opportunities and deliver exceptional value to our partners.”

For more information about Top California Lender’s loan programs, including Rehab/Renovation Loans, Construction Loans, Bridge Loans, Commercial Acquisition Loans, and Change of Use Loans, visit www.topcalifornialender.com or contact info@topcalifornialender.com.

The MIL Network –

July 1, 2025

MIL-OSI: Yorkville Acquisition Corp. Announces Closing of $172,500,000 Initial Public Offering, Including Full Exercise of Underwriters’ Over-Allotment Option

Source: GlobeNewswire (MIL-OSI)

Mountainside, NJ, June 30, 2025 (GLOBE NEWSWIRE) — Yorkville Acquisition Corp. (Nasdaq: YORKU) (the “Company”) today announced that it closed its initial public offering of 17,250,000 units, including the issuance of 2,250,000 units as result of the underwriters’ exercise of their over-allotment option in full, at $10.00 per unit. The gross proceeds from the offering were $172.5 million before deducting underwriting discounts and estimated offering expenses. The units began trading on The Nasdaq Global Market (“Nasdaq”) under the ticker symbol “YORKU” on June 27, 2025.

Each unit consists of one Class A ordinary share and one-third of one redeemable warrant. Each whole warrant entitles the holder to purchase one Class A ordinary share of the Company at a price of $11.50 per share. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “YORK” and “YORKW”, respectively.

The Company intends to use the net proceeds from the offering and the simultaneous private placement of units to pursue and consummate a business combination with one or more businesses.

Clear Street is acting as the sole book-running manager in the offering. D. Boral Capital LLC is acting as co-manager of the offering. DLA Piper LLP (US) is serving as legal counsel to the Company and Maples and Calder (Cayman LLP) is serving as Cayman Islands legal counsel to the Company. Loeb & Loeb LLP is serving as legal counsel to the underwriters.

The offering was made only by means of a prospectus, copies of which may be obtained from Clear Street, Attn: Syndicate Department, 150 Greenwich Street, 45th floor, New York, NY 10007, by email at ecm@clearstreet.io, or from the SEC website at www.sec.gov.

A registration statement relating to these securities sold in the initial public offering was declared effective by the Securities and Exchange Commission (“SEC”) on June 26, 2025.This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Yorkville Acquisition Corp.

The Company is a blank check company incorporated in the Cayman Islands as an exempted company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The Company has not selected any specific business combination target and has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination. While the Company may pursue a business combination target in any business or industry, it intends to focus its search for businesses at the intersection of media, technology, and entertainment.

Forward-Looking Statements

This press release includes forward-looking statements, including with respect to the Company’s anticipated use of the net proceeds thereof and the Company’s search for an initial business combination. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the registration statement and related prospectus filed in connection with the initial public offering with the SEC. Copies are available on the SEC’s website, www.sec.gov.

Contact Information

Yorkville Acquisition Corp.
1012 Springfield Avenue
Mountainside, New Jersey 07092

Kevin McGurn
Chief Executive Officer
Email: kjmcgurn@gmail.com

The MIL Network –

July 1, 2025

MIL-OSI: Progress Software Acquires Nuclia, an Innovator in Agentic RAG AI Technology

Source: GlobeNewswire (MIL-OSI)

Company adds easy-to-use agentic RAG-as-a-service product for organizations to automate and retrieve verifiable, high-quality AI search and generative answers

BURLINGTON, Mass., June 30, 2025 (GLOBE NEWSWIRE) — Progress Software (Nasdaq: PRGS), the trusted provider of AI-powered digital experience and infrastructure software, today announced the acquisition of Nuclia, an innovator in agentic Retrieval-Augmented Generation (RAG) AI solutions. Nuclia provides a unique agentic RAG-as-a-service product enabling organizations to automatically leverage their own proprietary business information to retrieve verifiable, accurate answers using GenAI.

“Nuclia’s easy-to-use, self-service SaaS product democratizes the use of trustworthy and verifiable GenAI,” said Yogesh Gupta, CEO of Progress Software. “Small to mid-sized businesses, as well as large global corporations, can quickly and easily reap the benefits of sophisticated agentic RAG capabilities using Nuclia SaaS without the need for significant upfront investment.”

“The rapid evolution of AI has transformed how organizations interact with information, creating new possibilities for more accurate, dynamic, and context-aware systems,” said Eudald Camprubí, CEO and Co-founder at Nuclia. “Agentic RAG is a cutting-edge approach that combines the power of large language models (LLMs) with business’ own proprietary data to provide accurate and trustworthy answers. Our team at Nuclia is proud of what we have built, and we are excited to join Progress to continue to advance this important technology.”

Nuclia will extend the end-to-end value of the Progress Data Platform while creating opportunities to reach a broader market of organizations looking to easily leverage the value of agentic RAG technology.

The acquisition was signed and closed today and is immaterial to Progress’ financials.

To learn more about Nuclia, go to https://nuclia.com.

About Progress Software
Progress Software (Nasdaq: PRGS) empowers organizations to achieve transformational success in the face of disruptive change. Our software enables our customers to develop, deploy and manage responsible AI-powered applications and digital experiences with agility and ease. Customers get a trusted provider in Progress, with the products, expertise and vision they need to succeed. Over 4 million developers and technologists at hundreds of thousands of enterprises depend on Progress. Learn more at www.progress.com.

About Nuclia
Nuclia, the RAG-as-a-Service company, is revolutionizing data-driven systems and processes to deliver previously unimaginable business value. Organizations across all sectors grapple with a common challenge: how to extract answers and unlock value from their internal data, both tacit and explicit. Nuclia uniquely solves this problem by converting this extensive and valuable repository of data into actionable, accessible knowledge. Learn more at https://nuclia.com.

Progress and Nuclia are trademarks or registered trademarks of Progress Software Corporation and/or one of its subsidiaries or affiliates in the U.S. and other countries. Any other trademarks contained herein are the property of their respective owners.

Press Contact:
Kim Baker
Progress Software
+1-800-477-6473
pr@progress.com

The MIL Network –

July 1, 2025

MIL-OSI: Enphase Energy Board of Directors Affirms Re-election of Thurman John Rodgers as Director of the Board

Source: GlobeNewswire (MIL-OSI)

FREMONT, Calif., June 30, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, today announced that its Board of Directors, excluding Thurman John (T.J.) Rodgers, unanimously voted to retain Mr. Rodgers as a member of the Board of Directors. The decision followed a recommendation of the Nominating and Corporate Governance Committee of the Board, also conducted without Mr. Rodgers’ participation, in accordance with Enphase Energy’s Corporate Governance Guidelines.

Based upon data analysis and discussion and input from investors, the Board believes that Mr. Rodgers received less than 50% of the votes cast in the recent stockholder meeting primarily due to proxy voting guidelines related to over-boarding policies at several of Enphase Energy’s largest institutional stockholders. Following a thorough review, the Board unanimously reaffirms its strong support for Mr. Rodgers, who has served with distinction on the Board since 2017. Mr. Rodgers is an indispensable force on the Board, as demonstrated by the following:

Significant domain expertise: deep knowledge across semiconductors, batteries, and power electronics – disciplines critical to Enphase’s continued innovation and leadership
Unique technical and industry experience: founder and long-time CEO of Cypress Semiconductor
Direct solar and battery storage experience: former Director of SunPower, FTC Solar, Inc., and Bloom Energy Corporation; current Director of Enovix Corporation; and current CEO and Director of Complete Solaria, Inc.
Strategic and operational impact: unmatched technical network and strategic acumen
Alignment with stockholders: personal investment and significant equity stake in Enphase Energy
Commitment: perfect attendance at all Board and Committee meetings since 2024; 97% since 2017
Location synergy: efficient board oversight resulting from the three companies on which Mr. Rodgers serves on the Board being headquartered in the same city

“T.J. has been a cornerstone of our Board since 2017, bringing unmatched strategic depth, technical insight, and a relentless focus on execution,” said Steve Gomo, chair of the board at Enphase Energy. “His leadership has helped guide Enphase Energy through pivotal periods of transformation and growth. The Board and I are confident that his continued service is critical as we advance our mission, expand globally, and deliver lasting value to our stockholders.”

“T.J. combines deep technical expertise with strategic clarity and operational discipline,” said Badri Kothandaraman, president and CEO of Enphase Energy. “He is a trusted advisor and a key contributor to many of our most important decisions. As we continue to innovate and scale, his experience and commitment will be vital to driving long-term value for our customers and stockholders.”

The Board remains committed to strong governance and ensuring that Enphase Energy benefits from experienced, engaged, and forward-thinking leadership. With T.J. Rodgers’ continued service, Enphase Energy believes it is well-positioned to navigate current market challenges and its next phase of innovation and global growth, while continuing to deliver exceptional value to its customers, partners, and stockholders over the long term.

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power – and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 81.5 million microinverters, and approximately 4.8 million Enphase-based systems have been deployed in over 160 countries. For more information, visit https://investor.enphase.com.

©2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. in the U.S. and other countries. Other names are for informational purposes and may be trademarks of their respective owners.

Forward-Looking Statements

This press release may contain forward-looking statements, including statements related to its continued innovation, scale, long-term value and global growth. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties including those risks described in more detail in Enphase Energy’s most recently filed Annual Report on Form 10-K, and other documents filed by Enphase Energy from time to time with the SEC. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

Contact:

Zach Freedman
Enphase Energy, Inc.
Investor Relations
ir@enphaseenergy.com

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

The MIL Network –

July 1, 2025

MIL-OSI: Zeo Energy Corp. Joins Russell Microcap® Index

Source: GlobeNewswire (MIL-OSI)

NEW PORT RICHEY, Fla., June 30, 2025 (GLOBE NEWSWIRE) — Zeo Energy Corp. (Nasdaq: ZEO) (“Zeo”, “Zeo Energy”, or the “Company”), a leading Florida-based provider of residential solar and energy efficiency solutions, today announced that it has joined the Russell Microcap^® Index following the conclusion of the 2025 Russell US Indexes annual reconstitution, effective after the US market open on June 30.

The annual Russell US Indexes reconstitution captures the 4,000 largest US stocks as of Wednesday, April 30, ranking them by total market capitalization. Membership in the Russell Microcap^® Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes.

“Zeo’s inclusion in the Russell Microcap^® Index marks an important milestone in our nascent journey as a public company,” said CEO Tim Bridgewater. “Over the past year, we’ve significantly enhanced our operational capabilities and continued to expand our scale through accretive acquisition. We expect our inclusion in this respected index to bring increased exposure to the broader investment community as we work to deliver long-term value to our shareholders.”

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Russell’s US indexes serve as the benchmark for about $10.6 trillion in assets as of June 2024. Russell indexes are part of FTSE Russell, a leading global index provider.

For more information on the Russell Microcap^® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.

About Zeo Energy Corp.
Zeo Energy Corp. is a Florida-based regional provider of residential solar, distributed energy, and energy efficiency solutions. Zeo focuses on high-growth markets with limited competitive saturation. With its differentiated sales approach and vertically integrated offerings, Zeo, through its Sunergy business, serves customers who desire to reduce high energy bills and contribute to a more sustainable future. For more information on Zeo Energy Corp., please visit www.zeoenergy.com.

About FTSE Russell
FTSE Russell is a leading global provider of benchmarking, analytics, and data solutions for investors, giving them a precise view of the market relevant to their investment process. A comprehensive range of reliable and accurate indexes provides investors worldwide with the tools they require to measure and benchmark markets across asset classes, styles, or strategies.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. For over 30 years, leading asset owners, asset managers, ETF providers, and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products, and index-based derivatives.

FTSE Russell is focused on applying the highest industry standards in index design and governance, employing transparent rules-based methodology informed by independent committees of leading market participants. FTSE Russell fully embraces the IOSCO Principles, and its Statement of Compliance has received independent assurance. Index innovation is driven by client needs and customer partnerships, allowing FTSE Russell to continually enhance the breadth, depth, and reach of its offering.

FTSE Russell is wholly owned by London Stock Exchange Group.

For more information, visit https://www.lseg.com/en/ftse-russell.

Forward-Looking Statements
This news release contains certain forward-looking statements within the meaning of section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act of 1934, as amended, that are based on beliefs and assumptions and on information currently available to the Company. Such statements may include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will,” and similar references to future periods may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the future financial performance of the Company; the ability to effectively consolidate the assets of Lumio and produce the expected results; changes in the Company’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, the ability to raise additional funds, and plans and objectives of management. These forward-looking statements are based on information available as of the date of this news release, and current expectations, forecasts, and assumptions, and involve a number of judgments, risks, and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date, and the Company does not undertake any obligation to update such forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws. You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, the Company’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: (i) the outcome of any legal proceedings that may be instituted against the Company or others; (ii) the Company’s success in retaining or recruiting, or changes required in, its officers, key employees, or directors; (iii) the Company’s ability to maintain the listing of its common stock and warrants on Nasdaq; (iv) limited liquidity and trading of the Company’s securities; (v) geopolitical risk and changes in applicable laws or regulations, including tariffs or trade restrictions; (vi) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (vii) operational risk; (viii) litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on the Company’s resources; (ix) the Company’s ability to effectively consolidate the assets of Lumio and produce the expected results; and (x) other risks and uncertainties, including those included under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2024 and in its subsequent periodic reports and other filings with the SEC.

In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by the Company, its respective directors, officers or employees or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this news release represent the views of the Company as of the date of this news release. Subsequent events and developments may cause that view to change. However, while the Company may elect to update these forward-looking statements at some point in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of the Company as of any date subsequent to the date of this news release.

Zeo Energy Corp. Contacts
For Investors:
Tom Colton and Greg Bradbury
Gateway Group
ZEO@gateway-grp.com

For Media:
Zach Kadletz
Gateway Group
ZEO@gateway-grp.com

The MIL Network –

July 1, 2025

MIL-OSI: CNB Financial Corporation and ESSA Bancorp, Inc. Receive Bank Regulatory Approvals for Merger

Source: GlobeNewswire (MIL-OSI)

CLEARFIELD, Pa. and STROUDSBURG, Pa., June 30, 2025 (GLOBE NEWSWIRE) — CNB Financial Corporation (“CNB”) (NASDAQ: CCNE) and ESSA Bancorp Inc. (“ESSA”) (NASDAQ: ESSA) are pleased to announce that they have received the necessary bank regulatory approvals to complete the proposed merger (the “Merger”) of ESSA with and into CNB and ESSA Bank & Trust (“ESSA Bank”) with and into CNB Bank (“CNB Bank”). The Federal Deposit Insurance Corporation and the Pennsylvania Department of Banking and Securities approved the merger of ESSA Bank with and into CNB Bank, and CNB received a waiver from the Federal Reserve Bank of Philadelphia for any application with respect to the merger of ESSA with and into CNB.

“We are pleased to have received the required bank regulatory approvals or waivers to move forward with the Merger,” said Michael D. Peduzzi, President and Chief Executive Officer of CNB. “This marks an exciting milestone as we bring together two strong institutions with shared values and a commitment to client-focused services and great experiences for all of our stakeholders. We look forward to welcoming ESSA customers, employees, and shareholders to CNB. Together, we will expand our reach, enhance our capabilities and efficiencies, and better meet the needs of the communities we serve.”

“We are excited to move ahead with our proposed merger with CNB,” commented Gary Olson, President and Chief Executive Officer of ESSA and ESSA Bank. He added, “Joining the CNB family will benefit our customers and communities as they will continue to be served by a combined organization that upholds our shared culture and values, maintains our relationship-focused approach, and offers an elevated suite of financial products and services.”

On January 9, 2025, CNB, CNB Bank, ESSA and ESSA Bank entered into an Agreement and Plan of Merger pursuant to which ESSA will merge with and into CNB in an all-stock transaction, and immediately after, ESSA Bank will merge with and into CNB Bank. The Merger is expected to close on July 23, 2025, pending customary closing conditions.

About CNB Financial Corporation

CNB Financial Corporation is a financial holding company with consolidated assets of approximately $6.3 billion. CNB Financial Corporation conducts business primarily through its principal subsidiary, CNB Bank. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division, one loan production office, one drive-up office, one mobile office, and 55 full-service offices in Pennsylvania, Ohio, New York, and Virginia. CNB Bank, headquartered in Clearfield, Pennsylvania, with offices in Central and North Central Pennsylvania, serves as the multi-brand parent to various divisions. These divisions include ERIEBANK, based in Erie, Pennsylvania, with offices in Northwest Pennsylvania and Northeast Ohio; FCBank, based in Worthington, Ohio, with offices in Central Ohio; BankOnBuffalo, based in Buffalo, New York, with offices in Western New York; Ridge View Bank, based in Roanoke, Virginia, with offices in the Southwest Virginia region; and Impressia Bank, a division focused on banking opportunities for women, which operates in CNB Bank’s primary market areas. Additional information about CNB Financial Corporation may be found at www.CNBBank.bank.

About ESSA Bancorp, Inc.

ESSA Bancorp, Inc. is the holding company for its wholly owned subsidiary, ESSA Bank & Trust, which was formed in 1916. The company has total assets of $2.2 billion. Headquartered in Stroudsburg, Pennsylvania, the company has two regional offices in Allentown and Radnor, and operates 19 community offices throughout the greater Pocono, Lehigh Valley, Scranton/Wilkes-Barre, and suburban Philadelphia areas. ESSA Bank & Trust offers a full range of commercial and retail financial services, asset management and trust services, investment services through Ameriprise Financial Institutions Group and insurance benefit services through ESSA Advisory Services, LLC. ESSA Bancorp Inc. stock trades on the NASDAQ Global Market (SM) under the symbol “ESSA”.

Forward-Looking Statements

This communication contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements about CNB and ESSA and their industry involve substantial risks and uncertainties. Statements other than statements of current or historical fact, including statements regarding CNB’s or ESSA’s future financial condition, results of operations, business plans, liquidity, cash flows, projected costs, and the impact of any laws or regulations applicable to CNB or ESSA, are forward-looking statements. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should” and other similar expressions are intended to identify these forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results.

Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to the following: (i) CNB’s and ESSA’s ability to complete the proposed merger on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to satisfaction of other closing conditions to consummate the proposed merger; (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement relating to the proposed merger; (iii) risks related to diverting the attention of management from ongoing business operations; (iv) failure to realize the expected benefits of the proposed merger; (v) significant transaction costs and/or unknown or inestimable liabilities; (vi) the risk of shareholder litigation in connection with the proposed merger, including resulting expense or delay; (vii) the risk that ESSA’s business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; (viii) risks related to future opportunities and plans for the combined company, including the uncertainty of expected future financial performance and results of the combined company following completion of the proposed merger; (ix) the effect of the announcement of the proposed merger on the ability of CNB and ESSA to operate their respective businesses and retain and hire key personnel and to maintain favorable business relationships; (x) risks related to the market value of the CNB common stock to be issued in the proposed merger; (xi) other risks related to the completion of the proposed merger and actions related thereto; (xii) the dilution caused by CNB’s issuance of additional shares of its capital stock in connection with the proposed merger; (xiii) national, international, regional and local economic and political climates and conditions; (xiv) changes in general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; and (xv) legislative and regulatory changes. Further information about these and other relevant risks and uncertainties may be found in CNB’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, in ESSA’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024 and in subsequent filings CNB and ESSA make with the Securities and Exchange Commission (“SEC”).

Forward-looking statements speak only as of the date they are made. CNB and ESSA do not undertake, and specifically disclaim any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. You are cautioned not to place undue reliance on these forward-looking statements.

The MIL Network –

July 1, 2025

MIL-OSI: SB Financial Group Joins Russell 3000 Index

Source: GlobeNewswire (MIL-OSI)

DEFIANCE, Ohio, June 30, 2025 (GLOBE NEWSWIRE) — SB Financial Group, Inc. (NASDAQ: SBFG) (“SB Financial”), a diversified financial services company providing full-service community banking, mortgage banking, wealth management, private client and title insurance services, today announced that it has been named to the Russell 3000^® and Russell 2000^® indices.

The annual reconstitution of the Russell US indices captures the 4,000 largest US stocks as of April 30, ranking them by total market capitalization. Membership in the Russell 3000^® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000^® Index or small-cap Russell 2000^® Index as well as the appropriate growth and value style indices. FTSE Russell determines membership for its Russell indices primarily by objective, market-capitalization rankings and style attributes.

“We are honored to be included in the Russell 3000 Index, a milestone that reflects the market’s recognition of the strength of our financial performance, the resilience of our business model, and the trust placed in us by our clients and shareholders,” said Mark A. Klein, Chairman, President and CEO of SB Financial Group. “This inclusion broadens our visibility within the investment community and underscores our continued progress in delivering consistent financial results and long-term value. As we move forward, we remain focused on disciplined growth and serving the evolving needs of the communities and clients we support.”

About SB Financial Group, Inc.

Headquartered in Defiance, Ohio, SB Financial Group is a diversified financial services holding company for The State Bank and Trust Company (State Bank) and SBFG Title, LLC dba Peak Title (Peak Title). State Bank provides a full range of financial services for consumers and small businesses, including wealth management, private client services, mortgage banking and commercial and agricultural lending, operating through a total of 26 offices: 24 in ten Ohio counties and two in Northeast, Indiana, and 26 ATMs. State Bank has six loan production offices located throughout the Tri-State region of Ohio, Indiana and Michigan. Peak Title provides title insurance and title opinions throughout the Tri-State and Kentucky. SB Financial Group’s common stock is listed on the NASDAQ Capital Market with the ticker symbol “SBFG”.

About FTSE Russell, an LSEG Business

FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally. FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $18.1 trillion is benchmarked to FTSE Russell indexes. Leading asset owners, asset managers, ETF providers and investment banks choose FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives. A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.

FTSE Russell is wholly owned by London Stock Exchange Group.

For more information, visit FTSE Russell.

Forward-Looking Statements

Certain statements within this document, which are not statements of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, and actual results may differ materially from those predicted by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties inherent in the national and regional banking industry, changes in economic conditions in the market areas in which SB Financial and its subsidiaries operate, changes in policies by regulatory agencies, changes in accounting standards and policies, changes in tax laws, fluctuations in interest rates, demand for loans in the market areas in SB Financial and its subsidiaries operate, increases in FDIC insurance premiums, changes in the competitive environment, losses of significant customers, geopolitical events, the loss of key personnel and other risks identified in SB Financial’s Annual Report on Form 10-K and documents subsequently filed by SB Financial with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and SB Financial undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, except as required by law. All subsequent written and oral forward-looking statements attributable to SB Financial or any person acting on its behalf are qualified by these cautionary statements.

Investor Contact Information:

Mark A. Klein
Chairman, President and
Chief Executive Officer
Mark.Klein@YourStateBank.com

Anthony V. Cosentino
Executive Vice President and
Chief Financial Officer
Tony.Cosentino@YourStateBank.com

The MIL Network –

July 1, 2025

MIL-OSI Economics: Members spotlight transparency and development in discussions on standards and regulations

Source: WTO

Headline: Members spotlight transparency and development in discussions on standards and regulations

Daniela García of Ecuador handed over the Committee Chairperson role to Beatriz Stevens of the United Kingdom.
Transparency and notification practices
The week opened with a special meeting on transparency, featuring speakers from various regions, complemented by interactive discussions in breakout groups among all members. Representatives from TBT Enquiry Points shared their experiences on domestic institutional arrangements related to transparency, on opportunities to comment on members’ notifications and on ensuring timely preparation and submission of TBT notifications. Speakers emphasized the importance of timely consultation of all stakeholders in the regulatory process to improve the quality of regulations.
Representatives from the private sector shared how they use the ePing platform to track, in real time, the 4,000+ notifications on product requirements circulated annually. They shared examples of how members viewed technical comments positively in the development of regulations, helping to further align them with international standards and avoid unnecessary trade disruptions.
Throughout the session, members highlighted the benefits of using ePing to track information and meet transparency obligations. They welcomed the launch of a new feature in ePing where users can quickly receive translations of notified texts from non-WTO official languages into English, French and Spanish. They also made suggestions to further facilitate stakeholders’ access to ePing and keep track of developments in product regulations.
Members noted the significant progress made by the TBT Committee in strengthening transparency practices since the last special meeting in 2023. This includes the adoption of updates and improvements to the notification templates and guidelines as well as the finalization of a good practice guide for commenting . These improvements build on the work of the Transparency Working Group, reflecting continued efforts to streamline procedures and enhance access to information. The recording of the special meeting can be watched here.
Thematic session: special and differential treatment
A dedicated thematic session held on 24 June examined how developing and least-developed country members can better use flexibilities under the TBT Agreement. In particular, the session explored members’ experiences in using special and differential treatment disciplines under the Agreement, members’ engagement in the Committee’s work and the need for targeted capacity-building activities, including for developing quality infrastructure.
The session drew on the themes of the Thirteenth WTO Ministerial Conference Declaration on Special and Differential Treatment, with the participation of Ambassador Kadra Hassan of Djibouti, Chair of the Committee on Trade and Development in Special Session. The panel discussion featured speakers from Brazil, Cambodia, Ecuador, Kenya, Senegal, Uganda, Viet Nam and Zambia. The recording of the session can be watched here.
Specific trade concerns
A total of 78 trade concerns regarding members’ proposed and final TBT regulations were raised at the Committee’s regular meeting. Among these, 20 were raised for the first time. The full list is available here.
The new trade concerns addressed a wide variety of regulatory issues related to home appliances, cotton bales, industrial chemicals, energy and warehouse storage systems, electrical equipment safety, biodegradable plastic products, and vehicles, among others.
Japan reported that progress was made on the trade concerns it had raised on certain provisions of China’s standard for information security technology for office devices, noting that such provisions have now been deleted, and thanking China for its cooperation.
Side events and training: practical tools and partnerships
Two ePing training sessions, led by the WTO Secretariat, were held on 25 and 26 June.
In addition, three side events were organized. The United States hosted a workshop on international standards for food and agriculture traceability on 24 June, led by the standards organization ASTM. On 25 June, the International Trade Centre showcased how quality and sustainability standards support development, with a case study from Burundi and a demonstration of the Standards Map tool. On 26 June, the United Kingdom and the International Chamber of Commerce UK led a session on market access challenges and how tools such as ePing can support private sector engagement in members’ work on TBT and on sanitary and phytosanitary measures.
What is next?
The next TBT Committee meetings will be held from 10 to 14 November. Thematic sessions will focus on international standards for critical and emerging technologies, including AI, semiconductors and positioning systems, as well as good regulatory practices and metrology. A cross-cutting discussion on non-tariff measures under the WTO Information Technology Agreement will also be scheduled.

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MIL OSI Economics –

July 1, 2025

MIL-OSI Economics: Verizon celebrates 25 years of powering how people live, work and play

Source: Verizon

Headline: Verizon celebrates 25 years of powering how people live, work and play

NEW YORK, NY – For 25 years, Verizon has been leading with technology and innovation for our customers and helped shape the way Americans connect every day. What started as a bold vision in 2000 has grown into a company with the most wireless retail connections in the industry and a network of technological breakthroughs that empowers millions of people to live, work and play in new, connected ways. Today, Verizon is marking our 25th anniversary by celebrating our past and looking to the future: building smarter networks, supporting communities and equipping the next generation.

“For 25 years, our purpose has been rooted in our name: Veritas, delivering the truth and reliability that our customers trust, and Horizon, always looking forward,” said Hans Vestberg, Chairman and CEO of Verizon. “This is why we’ve built the nation’s most reliable 5G network. But it’s the people behind it — our V Team — who give us our heart. As we celebrate our past, our focus is firmly on the future: extending our leadership with intelligent solutions to connect every home and business to the possibilities of tomorrow.”

25 years of firsts

Verizon’s story is one of constant innovation. From pay phones to flip phones to smartphones, to rolling out 4G LTE nationwide, to being one of the first major carriers to launch fiber to the home with Fios, to pioneering the first 5G mobile network, Verizon has kept America and its customers at the forefront of technology. Along the way, our “Can you hear me now?” campaign has become a cultural touchstone, reminding consumers that reliability matters.

A commitment to communities

Verizon’s legacy is more than technology. In moments of crisis, like 9/11 and Hurricanes Katrina, Sandy and countless other natural disasters, Verizon teams work around the clock to keep families and first responders connected when they need it most. Our disaster resiliency work has since expanded to work with communities at risk of natural disasters year-round to empower them to be prepared for and able to recover from these disasters with greater confidence and connectivity.

Building on Verizon’s support of communities, our commitment to closing the digital divide has brought digital skills training to nearly 9 million students through Verizon Innovative Learning. And, we know that staying connected isn’t just about access — it’s about supporting the well-being of the communities we serve by encouraging healthy relationships with technology. Through free resources that help parents guide their children’s tech use, and partnerships with digital wellness organizations, Verizon is working to ensure that everyone can navigate the digital world safely and confidently.

Investing in America’s small businesses

Verizon’s Small Business Digital Ready program offers a free online platform — designed in partnership with small business owners, for small business owners — featuring 50+ free courses such as AI automation, social media marketing, financial planning, as well as peer networking, community events and one-on-one coaching. To date, the program has supported more than 500,000 businesses.

In addition, Verizon is opening doors for small businesses with our new Small Business Supplier Accelerator program — a commitment to spend $5 billion with small business suppliers over the next five years to help small businesses grow and thrive by working with Verizon and other large corporations.

The Next 25: An AI-powered, customer-first future and expanding America’s most-reliable 5G network

As part of this vision, Verizon’s pending acquisition of Frontier Communications represents a landmark expansion of our fiber footprint, poised to bring premium fiber connectivity to millions of new households. For the enterprise, Verizon AI Connect puts us at the forefront of powering the emerging AI economy, combining our industry-leading intelligent network with our expansive data center assets to deliver AI workloads at scale.

At the same time, Verizon is redefining the customer experience with a suite of AI-powered enhancements. Key features include a “Customer Champion” team, where a dedicated expert leverages Google’s Gemini AI models to resolve complex issues from start to finish. This is complemented by new 24/7 live chat support and a redesigned My Verizon app that uses AI to provide proactive solutions.

This is the latest chapter in a 25-year story of innovation with Verizon setting a new standard of how to connect customers at home and on the go.

MIL OSI Economics –

July 1, 2025

MIL-OSI Economics: Members explore technology transfer case studies, patent information, trade-related IP data

Source: WTO

Headline: Members explore technology transfer case studies, patent information, trade-related IP data

Discussions at the meeting saw a high level of engagement by delegations. Members highlighted how voluntary technology transfer to developing economies can boost innovation, productivity and development, drawing on sectoral case studies. They also focused on better harnessing information from expired patents and underlined the importance of systematic, transparent reporting on global IP trade flows.
A paper entitled “Intellectual Property and Innovation: Technology Transfer case studies” was submitted by Australia, Canada, the European Union, Israel, Japan, the Republic of Korea, New Zealand, Singapore, Switzerland, Chinese Taipei, the United Kingdom and the United States.
The paper highlights how technology enhances productivity, competitiveness, growth and development, motivating countries to foster an environment that attracts voluntary technology transfer and innovation. The paper invites members to submit case studies on voluntary transfers of patent-protected or trade secret technologies and highlights the importance of domestic policies and capacity-building. The aim of the paper is to inform TRIPS Council discussions on incentivizing mutually beneficial technology transfer to address global challenges.
The paper indicates that practical examples are useful in illustrating how technology transfer occurs across sectors such as agriculture, sustainability and manufacturing. IP offices and WIPO GREEN, an online platform for technology exchange, provide case studies and opportunities to promote green technology exchange. TRIPS Article 66.2 on technology transfer details incentives for transfer to least-developed countries (LDCs). In public health, the Medicines Patent Pool (MPP) enables voluntary sublicensing of patented treatments, increasing access to lifesaving medicines and supporting local production.
Colombia submitted a communication titled “After-life of patents” proposing joint efforts ahead of the 14th WTO Ministerial Conference (MC14), to be held in Cameroon in March 2026, to explore better use of patent information, potentially expanding the discussion to copyrighted works. The proposal envisions a cooperative WTO approach, without affecting debates on the need for balance in IP protection. Colombia said it is considering an MC14 decision where members would agree to make patent disclosures publicly accessible, promote good practices for their use, permit artificial intelligence (AI) training on such data, and establish a global, publicly accessible repository for such information.
Colombia submitted a second paper for discussion: “Trade-Related Figures of Intellectual Property at the WTO: The Case of IP Royalties at the Global Level”. The paper argues that since the TRIPS Agreement’s adoption in 1995, WTO members have applied common IP standards yet little focus has been placed on trade-related IP metrics. Unlike goods and services, IP trade flows – such as royalty payments – receive limited, inconsistent attention in WTO data. Occasional studies exist but lack regularity. However, reliable data is available through IMF and World Bank sources, which track cross-border royalty payments in national balance of payments statistics, offering an important resource for understanding global IP trade dynamics.
The paper suggests the WTO should implement systematic, detailed reporting on IP-related financial flows, integrating this data into TRIPS Council updates, Trade Policy Reviews and WTO databases. Disaggregated by IP category, such data would support informed policy decisions and foster balanced, evidence-based debate on the global IP regime.
Notifications
Members were updated on notifications under various provisions of the TRIPS Agreement that the Council has received since its last meeting in March.
The Chair of the Council, Emmanuelle Ivanov-Durand of France, said that the pace of notifications to the Council has increased in recent years, but they are still not keeping up with the actual development of laws and regulations relating to TRIPS. She emphasized that TRIPS Article 63.2 is not a “one-off” requirement but a core element of TRIPS transparency and a central part of the Council’s work. It obliges members to notify new or amended laws on TRIPS, including those recently adopted to address the COVID-19 pandemic.
This requirement includes the notification of legislative changes to implement the special compulsory licensing system to export medicines covered by TRIPS Article 31bis. The notification of relevant laws and regulations can assist members in preparing for the potential use of the system. It would also help the WTO Secretariat in its efforts to provide informed technical support to members.
The Chair recalled that the e-TRIPS Submission System is available for members to easily notify their laws and to make other required submissions to the TRIPS Council. The platform also permits digital access, consultation and analysis of information through the e-TRIPS Gateway, an easy-to-use interface to search and display information related to the TRIPS Council.
Members agreed to test the e-Agenda tool at the next TRIPS Council meeting on a trial, non-committal basis. Developed by the Secretariat and already in use across over 20 WTO bodies, the e-Agenda enhances transparency, organization and access to meeting documents and statements. The Chair stressed that implementation costs would be minimal, with a tailored prototype and training available. The trial aims to assess the practical value of the tool without altering established procedures.
Non-violation and situation complaints
Members repeated their well-known positions on the issue of non-violation and situation complaints (NVSCs) under the TRIPS Agreement. With less than a year to go to the 14th WTO Ministerial Conference (MC14), the Chair reminded members that it is a ministerial mandate for the Council to examine the scope and modalities for NVSCs, and that members should make serious efforts to do so.
The Chair noted that members have not displayed much appetite for advancing substantive discussions in this area. If this situation persists in the coming months, it is difficult to foresee any outcome in this area at MC14 other than an extension of the moratorium or its expiry, she noted. She suggested that if discussion on this matter is going to be limited to choosing between these two options, members could decide in Geneva ahead of MC14.
At the 13th Ministerial Conference (MC13) in Abu Dhabi in 2024, ministers adopted a Decision on TRIPS Non-Violation and Situation Complaints, instructing the TRIPS Council to continue reviewing the issue and submit recommendations to MC14. Until then, members agreed not to initiate such complaints under the TRIPS Agreement.
The Decision on TRIPS Non-Violation and Situation Complaints concerns whether and how WTO members can bring disputes to the WTO alleging that an action or situation has nullified expected benefits under the TRIPS Agreement, even without a specific violation.
Other issues
WTO members continued talks on how to proceed on the long overdue review of the implementation of the TRIPS Agreement. Under Article 71.1, the TRIPS Council is required to conduct a review of the implementation of the Agreement after two years and at periodic intervals thereafter. However, the initial review in 1999 was never completed and no review has subsequently been initiated.
The Chair recalled that members were able to propose last year a process for the first review, which ultimately could not be adopted. After holding informal consultations in May with the most active member on this issue to find a way forward, the Chair has concluded that the concerns that prevented the adoption of the proposal remain.
Ms Ivanov-Durand noted that the mandate set out in TRIPS Article 71.1 is highly significant and encouraged delegations to keep working towards the initiation of the implementation review. A number of delegations expressed their willingness to continue discussions on this issue. The Chair expressed her availability to conduct further informal consultations once there is greater likelihood of members agreeing on how to make substantial progress.
The Council did not agree on renewing the invitation to the European Free Trade Association (EFTA) to participate in the TRIPS Council as ad hoc observer. This invitation had been renewed on a meeting-to-meeting basis since 2012. A number of members said that the current list of observers is not balanced and asked the Council to reassess the situation with regards other international intergovernmental organizations whose requests have been pending for years. It was suggested that the Chair could address this issue in the technical meetings she is planning with members.
The updated list of pending requests for observer status in the TRIPS Council by intergovernmental organizations is contained in document IP/C/W/52/Rev.14.
The Chair said that there have been no new acceptances of the protocol amending the TRIPS Agreement since the last Council meeting. This means that, to date, the amended TRIPS Agreement applies to 141 members. Twenty-five members have yet to accept the Protocol. The current period for accepting the protocol runs until 31 December 2025.
Next meeting
The next regular meeting of the TRIPS Council is scheduled for 10-11 November 2025.

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MIL OSI Economics –

July 1, 2025

MIL-OSI Economics: Christine Lagarde, Philip R. Lane: Opening remarks on the ECB strategy assessment press conference

Source: European Central Bank

Christine Lagarde, President of the ECB,
Philip R. Lane, Member of the Executive Board of the ECB

Sintra, 30 June 2025

Good afternoon, ECB Chief Economist Philip Lane and I welcome you to this press conference, on the occasion of the conclusion of the 2025 assessment of our monetary policy strategy.

The Governing Council recently agreed on an updated monetary policy strategy statement. You can find this statement on our website, together with an explanatory overview note and the two occasional papers presenting the underlying analyses.

I will start by putting this strategy assessment into the broader context. Philip Lane will then go through the updated strategy statement and explain what has changed and why, as well as what has remained unchanged.

Following the strategy review we carried out in 2020-21, the Governing Council committed to “assess periodically the appropriateness of its monetary policy strategy, with the next assessment expected in 2025”. Such regular assessments ensure that our framework, toolkit and approach remain fit for purpose in a changing world.

And the world has changed significantly over the last four years. Some of the issues we were most concerned about back in 2021 – including inflation being too low for too long – have taken a rather different turn.

Not only did we see inflation surge, but some fundamental structural features of our economy and the inflation environment are changing: geopolitics, digitalisation, the increasing use of artificial intelligence, demographics, the threat to environmental sustainability and the evolution of the international financial system.

All of those suggest that the environment in which we operate will remain highly uncertain and potentially more volatile. This will make it more challenging to conduct our monetary policy and fulfil our mandate to keep prices stable.

During the strategy assessment, we asked: what do these changes mean for the way we assess the economy, conduct our policy, use our toolkit, take our decisions and communicate them? In seeking to answer this question, our mindset was forward-looking.

On the whole, we concluded that our monetary policy strategy remains well suited to addressing the challenges that lie ahead.

But our strategy also needs to be updated and adjusted in certain areas, so that the ECB can remain fit for purpose in the years to come. The next assessment is expected in 2030.

With our updated strategy statement, we are taking a comprehensive perspective on the challenges facing our monetary policy, so that the ECB can remain an anchor of stability in this more uncertain world.

This is our core message to the euro area citizens we serve: the new environment gives many reasons to worry, but one thing they do not need to worry about is our commitment to price stability.

The ECB is committed to its mandate and will keep itself and its tools updated to be able to respond to new challenges.

Let me conclude by thanking, on behalf of the Governing Council, all the colleagues across the Eurosystem who have contributed to this assessment in a great team effort.

I now hand over to our Chief Economist Philip Lane and, following his remarks, we will be ready to take your questions.

MIL OSI Economics –

July 1, 2025

MIL-OSI Economics: Christine Lagarde: Strategy assessment: lessons learned

Source: European Central Bank

Introductory speech by Christine Lagarde, President of the ECB, at the opening reception of the ECB Forum on Central Banking 2025 “Adapting to change: macroeconomic shifts and policy responses”

Sintra, 30 June 2025

As Nietzsche once observed, “it is our future that lays down the law of our today.”

When we last reviewed our strategy four years ago, our thinking was shaped – quite naturally – by the recent past: a decade of too-low inflation, compounded by the pandemic.

But as Nietzsche warned, there is a danger in letting the past dominate our thinking. Sometimes, it is the future – still dimly understood – that is already shaping our present.

And soon after that review, the world changed in ways we had not foreseen.

The reopening of our economies after the pandemic brought about major sectoral shifts. Russia’s invasion of Ukraine triggered a fundamental shift in energy markets.

The geopolitical landscape was upended, reshaping global trade. And structural changes in labour markets became increasingly apparent – driven by demographics, technological transformation, and evolving worker preferences.

Given all these developments, the fundamentals of our strategy have held up well – as they should, because a sound strategy must be robust to a changing environment.

Our symmetric 2% inflation target has proven effective in anchoring expectations – even through some of the most severe and persistent shocks in recent economic history.

And our medium-term orientation has provided essential flexibility to absorb an extremely large shock – helping to reduce the overall cost of disinflation to the economy, while still enabling a timely return of inflation to target.

We therefore saw no need to revisit these core pillars – which is why we refer to the exercise we have just concluded as a strategy assessment rather than a review.

The central theme of our work has been to update the framework so that monetary policy can continue to deliver price stability in the face of the new types of shocks we are confronting.

This evening, without downplaying the other lessons learned, I would like to highlight three key conclusions that have emerged from this work.

They concern the nature of the new environment, how we assess the risks that arise from it, and how we have adjusted our reaction function to safeguard price stability in this new world.

The changing environment

One word has dominated the public debate in recent weeks: uncertainty.

And this is one of the first key conclusions from our strategy assessment: the world ahead is more uncertain – and that uncertainty is likely to make inflation more volatile.

First, we see clear signs that supply shocks are becoming more frequent.

Model-based analysis by ECB staff shows that, during the recent inflation surge, such shocks played a much greater role in driving inflation than they had over the previous two decades. And even today, supply-side forces continue to generate inflation risks in both directions.

Second, we see mounting evidence that more regular supply disruptions are leading firms to adjust prices more frequently – thereby contributing to greater inflation volatility.

This is not simply an extrapolation from the most recent shock. Rather, it reflects a structural shift in how firms operate under conditions of permanently higher uncertainty.

Research shows that, in such an environment, firms tend to react more quickly to shocks – especially supply ones – in order to protect against potential future losses.^[1] At the same time, they are more likely to adopt more flexible pricing strategies, which means prices may respond not just to major shocks, but also to smaller frictions and local disruptions.^[2]

Third, if inflation becomes more volatile, we could see non-linearities on both sides.

In our last strategy review, we rightly focused on the non-linear dynamics that emerge in a prolonged environment of too-low inflation – where interest rates are eventually pushed to their effective lower bound. That constraint can, in turn, feed into inflation expectations and risk creating a self-fulfilling low-inflation trap. And we remain alert to the possibility of renewed downside inflation shocks.

But recent experience has also revealed non-linearities on the upside.

Since firms are generally quicker to raise prices than to lower them, more frequent price adjustments mean inflation can rise quickly in response to large upside shocks. If wages then adjust only gradually to these price increases – as we saw in recent years – inflation may remain above target for longer as wage growth slowly catches up. This, in turn, can raise the risk of inflation expectations de-anchoring on the upside.^[3]

Assessing the distribution of risks

The next question that follows is: if the economic environment becomes more volatile, how can we make our economic assessment more robust?

Large shocks can trigger feedback loops and non-linear effects that inherently give rise to a broader range of possible outcomes. In a world of higher uncertainty, it is all the more important to augment the baseline with alternative risk scenarios.

This is why the second key conclusion of our assessment is the need for monetary policy to take into account risks and uncertainty, using a systematic but context-specific approach.

The ECB has used both scenario and sensitivity analysis for many years – deploying internal scenarios since the global financial crisis and publishing them for the first time during the pandemic.

But our experience in recent years has underscored the particular strength of scenario analysis in times of elevated uncertainty.

A clear example is Russia’s invasion of Ukraine and the resulting energy price shock. In that case, scenarios provided insights that neither our baseline projections nor standard sensitivity analyses around the baseline could fully capture.

For instance, in March 2022 – just a few weeks after the invasion – our baseline projected inflation at around 5% for that year, based on market-implied energy futures. The sensitivity analysis suggested a slightly higher figure of about 5.5%. In contrast, the Ukraine war scenario already pointed to inflation exceeding 7% – close to the final annual figure of over 8%.

At the same time, there were moments when – in hindsight – publishing scenarios could have supported both our policymaking and our communication.

One example was the high uncertainty in 2021 about the speed of vaccine rollout and the nature of post-pandemic reopening, including the sectoral shifts in supply and demand across goods and services sectors, both in the euro area and globally.^[4]

Scenario analysis could have helped in illustrating that the range of possible inflation outcomes was unusually wide – and reduced the risk of projecting false certainty to the public.

This is why our updated strategy commits to ensuring that our policy decisions account not only for the most likely path of inflation and the economy, but also for the surrounding risks and uncertainty – including through the appropriate use of scenario and sensitivity analyses.

The reaction function

So what should our reaction function be, if we know that the road ahead is likely to be more uncertain?

In our last strategy review, we explicitly acknowledged the risks posed by the effective lower bound. Our strategy statement called for “especially forceful or persistent” action when policy rates are close to the lower bound.

This “asymmetric” focus was grounded in the asymmetry of policy space and the downward inflation bias it can produce. The lower bound continues to constrain monetary policy in the face of large disinflationary shocks.

But the recent inflation surge has revealed upside non-linearities – and with them, the need for a two-sided reaction function, both in terms of forcefulness or persistence. This is the third key conclusion of our strategy assessment.

This is not about reacting to small or temporary deviations, but about a symmetric commitment to respond to inflation dynamics that could de-anchor inflation expectations in either direction.

When disinflationary shocks risk pushing policy rates towards the lower bound, acting forcefully early on helps minimise the time spent near that constraint. Likewise, when inflation overshoots raise the risk of a feedback loop between frequent price adjustments and staggered wage responses, forceful tightening at the outset is key to anchoring expectations.

We began our recent policy cycle with historically large rate hikes delivered at an unprecedented pace. Our analysis shows that, had we not acted, the probability of inflation expectations de-anchoring would have exceeded 30% in 2022 and 2023.^[5]

At the same time, this policy cycle also offered new perspectives on optimal policy paths.

One insight from our last strategy review was that, when rates are near the lower bound, persistence can substitute for forcefulness – helping to deliver the necessary policy stance with fewer side effects. Until recently, however, this concept had not been widely applied to tightening cycles.

Typically, forceful tightening follows an inverted V-shape – with rapid rate increases followed by relatively swift cuts. But as rates move deeper into restrictive territory, the costs and side effects of further tightening also grow.

At that point, it can become optimal to shift the focus from forcefulness to persistence – even if, in principle, there is no upper bound constraining policy space.

Model simulations support this insight: forcefulness and persistence can act as substitutes, both capable of delivering the necessary disinflation. But persistence, in particular, can help limit the economic and financial stability costs compared with continued rate increases.

This was borne out in our own experience. When we entered what I described as the “holding phase”, we placed greater weight on the persistence dimension.^[6] This allowed the disinflation process to advance at a steady pace, while the so-called “sacrifice ratio” remained historically low compared with previous disinflation episodes.^[7]

Reflecting this experience, the Governing Council considers that its reaction function is best described as requiring “appropriately forceful or persistent monetary policy action in response to large, sustained deviations of inflation from the target in either direction.”

To this end, all our instruments remain available in our toolkit. But the word “appropriately” is important, as it underscores that the choice of instruments, and the intensity with which we use them, must reflect proportionality.

Conclusion

Let me conclude.

Our strategy assessment has been an exercise in evolution, not revolution – and in fact, many of its conclusions are already reflected in our current policy conduct.

We responded to the recent inflation shock with initially forceful and then persistent action, aiming to steer inflation back to target as swiftly as necessary, but as painlessly as possible.

And scenario analysis is helping us to better understand the range of risks ahead – and how best to respond to them.

For example, our scenarios on potential US import tariffs have helped us navigate an uncertain global trade landscape, while also enabling us to communicate more clearly the two-sided risks shaping our current monetary policy stance.

At our last monetary policy press conference in June, I described our monetary policy stance as being “in a good place”.

Following the conclusion of this strategy assessment, I would add that our monetary policy strategy is also in a good place – strengthened by experience, and better equipped for the challenges of the future.

To close the circle with Nietzsche: “he who has a why to live can bear almost any how.”

Even as the world changes around us, we know our purpose. And we will do whatever is necessary to deliver on it – ensuring price stability for the people of Europe.

MIL OSI Economics –

July 1, 2025

MIL-OSI United Nations: UN Secretary-General’s remarks at the launch of the Sevilla Platform for Action [bilingual as delivered; scroll down for all-English]

Source: United Nations secretary general

Señor Presidente del Gobierno, querido Pedro Sánchez, Excelencias, señoras y señores:

Gracias por unirse a este lanzamiento de la Plataforma de Acción de Sevilla.

Estimado Presidente: felicito a usted y a su Gobierno por su visión y liderazgo como anfitriones de la Cuarta Conferencia Internacional sobre la Financiación para el Desarrollo.

We are all here to respond to a global development crisis that threatens people and planet alike.

Our roadmap to a better future — the Sustainable Development Goals — is in danger.

Two-thirds of the targets are not progressing fast enough — or at all.

Solutions depend on financing.

Developing countries need over $4 trillion a year to deliver on the 2030 Agenda.

But they are being battered by limited fiscal space, slowing growth, crushing debt burdens and growing systemic risks.

The Sevilla Commitment document represents a bold plan to get the engine of development revving again:

Through new domestic and global commitments that can channel public and private finance to the areas of greatest need…

By overhauling the world’s approach to debt to make borrowing work in service of sustainable development…

And by reforming the global financial architecture to reflect today’s realities and the urgent needs of developing countries.

But we need all hands on deck.

And that’s why the Sevilla Platform for Action is so critical — and so significant.

In the midst of a world of division, conflict and economic uncertainty, this Platform contains more than 130 specific initiatives that demonstrate what we can achieve by working together.

Governments, private sector partners, international institutions, and civil society groups all together teaming up to launch high-impact initiatives to bring the Sevilla Commitment to life.

This includes a global hub for debt swaps at the World Bank as part of a broader facility aimed at relieving liquidity constraints and lowering the cost of borrowing.

A debt pause alliance to help countries in times of crisis.

A global coalition to scale-up pre-arranged finance that can be readily deployed when disasters strike.

A blended finance platform to bring public and private finance together in a new and expanded way.

A new tool for Multilateral Development Banks to manage currency risks.

And a commission to explore the future of development cooperation.

In December, I appointed a group of experts on debt who today are announcing 11 immediately actionable proposals to help resolve the debt crisis.

This includes the commitment to establish a borrowers forum for countries to learn from one another and coordinate their approaches in debt management and restructuring.

I look forward to working closely with Member States — including the G20 — to bring this forum to life, to empower borrower countries, and create a fairer system.

Excellencies, ladies and gentlemen,

The Sevilla Platform for Action offers an ambitious, action-oriented response to the global financing challenge.
It provides a springboard toward a more just, inclusive, and sustainable world for all countries.

And above all, it proves that progress and change are possible if we work together.

I hope the Platform inspires countries to work as one to tackle other challenges facing our world today.

Y una vez más, agradezco al Presidente del Gobierno y a todos ustedes por su liderazgo.

Muchas gracias.

*****
[all-English]

Mr. President of the Government of Spain, dear Pedro Sánchez,

Excellencies, ladies and gentlemen,

Thank you for joining this launch of the Sevilla Platform for Action.

Respected President of the Government of Spain — I commend you and your government for your vision and leadership as hosts of the Fourth International Conference on Financing for Development.

We are all here to respond to a global development crisis that threatens people and planet alike.

Our roadmap to a better future — the Sustainable Development Goals — is in danger.

Two-thirds of the targets are not progressing fast enough — or at all.

Solutions depend on financing.

Developing countries need over $4 trillion a year to deliver on the 2030 Agenda.

But they are being battered by limited fiscal space, slowing growth, crushing debt burdens and growing systemic risks.

The Sevilla Commitment document represents a bold plan to get the engine of development revving again:

Through new domestic and global commitments that can channel public and private finance to the areas of greatest need…

By overhauling the world’s approach to debt to make borrowing work in service of sustainable development…

And by reforming the global financial architecture to reflect today’s realities and the urgent needs of developing countries.

But we need all hands on deck.

And that’s why the Sevilla Platform for Action is so critical — and so significant.

In the midst of a world of division, conflict and economic uncertainty, this Platform contains more than 130 specific initiatives that demonstrate what we can achieve by working together.

Governments, private sector partners, international institutions, and civil society groups all together are teaming up to launch high-impact initiatives to bring the Sevilla Commitment to life.

This includes a global hub for debt swaps at the World Bank as part of a broader facility aimed at relieving liquidity constraints and lowering the cost of borrowing.

A debt pause alliance to help countries in times of crisis.

A global coalition to scale-up pre-arranged finance that can be readily deployed when disasters strike.

A blended finance platform to bring public and private finance together in a new and expanded way.

A new tool for Multilateral Development Banks to manage currency risks.

And a commission to explore the future of development cooperation.

In December, I appointed a group of experts on debt who today are announcing 11 immediately actionable proposals to help resolve the debt crisis.

This includes the commitment to establish a borrowers forum for countries to learn from one another and coordinate their approaches in debt management and restructuring.

I look forward to working closely with Member States — including the G20 — to bring this forum to life, to empower borrower countries, and create a fairer system.

Excellencies, ladies and gentlemen,

The Sevilla Platform for Action offers an ambitious, action-oriented response to the global financing challenge.

It provides a springboard toward a more just, inclusive, and sustainable world for all countries.

And above all, it proves that progress and change are possible if we work together.

I hope the Platform inspires countries to work as one to tackle other challenges facing our world today.

Once again, I thank Prime Minister Sánchez and all of you for your leadership.

Thank you.

MIL OSI United Nations News –

July 1, 2025

MIL-OSI USA: US Department of Labor awards nearly $84M in grants to expand Registered Apprenticeships

Source: US Department of Labor

WASHINGTON – The U.S. Department of Labor today announced the award of nearly $84 million in grants to 50 states and territories to increase the capacity of Registered Apprenticeship programs, representing an important step toward meeting the Administration’s goal of expanding the program to 1 million active apprentices.

Since the beginning of the Trump Administration, over 134,000 new apprentices have registered across the nation. Today’s awards represent the base formula funding and competitive funding to states to increase their ability to serve, improve, and expand Registered Apprenticeship programs. This represents the third round of State Apprenticeship Expansion Formula funding the department has awarded.

This investment will further accelerate Registered Apprenticeship programs, incentivize the creation and ongoing success of programs, reduce barriers to entry for new employers and industries, foster innovation, and enhance overall transparency among Registered Apprenticeship stakeholders.

“Registered Apprenticeships are a vital tool for skills development, national economic competitiveness, business growth, and individual opportunity. They will become even more important as President Trump continues to create jobs in critical sectors like manufacturing and construction,” said U.S. Secretary of Labor Lori Chavez-DeRemer. “I am committed to providing states and territories with the resources needed to meet their unique economic demands. Together, we will achieve President Trump’s goal of 1 million new active apprentices.”

State Apprenticeship Expansion Formula funding will support the implementation of several Presidential Executive Orders related to enhancing and expanding the National Apprenticeship system including, “Preparing Americans for High-Paying Skilled Trade Jobs of the Future,” “Advancing Artificial Intelligence Education for American Youth,” “Restoring America’s Maritime Dominance,” and “Reinvigorating the Nuclear Industrial Base.”

The funding advances the expansion of Registered Apprenticeships in both traditional and emerging industries, including technology, Artificial Intelligence, advanced manufacturing, supply chain, transportation, building trades, and construction.

The department awarded the following funding through the State Apprenticeship Expansion Formula grants:

Recipient	City	State	Amount
Alaska Department of Labor and Workforce Development	Juneau	AK	$423,872
Arizona Department of Economic Security	Phoenix	AZ	$920,467
Arkansas Department of Commerce	Little Rock	AR	$780,950
Colorado Department of Labor and Employment	Denver	CO	$856,474
Commonwealth of the Northern Mariana Islands Department of Labor Workforce Investment Agency Division	Saipan	MP	$75,000
Delaware Department of Labor	Wilmington	DE	$418,450
Georgia Technical College System	Atlanta	GA	$1,100,109
Guam Department of Administration	Tamuning	GU	$330,482
Hawaii Department of Labor and Industrial Relations	Honolulu	HI	$556,981
Idaho Department of Labor	Boise	ID	$485,605
Illinois Department of Commerce and Economic Opportunity	Springfield	IL	$1,665,343
Indiana Department of Workforce Development	Indianapolis	IN	$1,281,731
Iowa Workforce Development	Des Moines	IA	$766,805
Kansas Department of Commerce	Topeka	KS	$543,717
Kentucky Department of Workforce Development	Frankfort	KY	$741,890
Louisiana Workforce Commission	Baton Rouge	LA	$653,593
Maine Department of Labor	Augusta	ME	$420,202
Maryland Department of Labor	Baltimore	MD	$1,069,642
Massachusetts Executive Office of Labor and Workforce Development	Boston	MA	$1,008,964
Michigan Department of Labor and Economic Opportunity	Lansing	MI	$1,475,943
Minnesota Department of Labor and Industry	Saint Paul	MN	$979,062
Mississippi Department of Employment Security	Jackson	MS	$532,030
Missouri Department of Higher Education and Workforce Development	Jefferson City	MO	$1,337,414
Montana Department of Labor and Industry	Helena	MT	$447,029
Nebraska Department of Labor	Lincoln	NE	$492,392
Nevada Office of the Labor Commissioner	Las Vegas	NV	$695,737
New Hampshire Community College System	Concord	NH	$482,658
New Jersey Department of Labor and Workforce Development	Trenton	NJ	$1,118,059
New Mexico Workforce Solutions Department	Albuquerque	NM	$506,824
New York Department of Labor	Albany	NY	$1,920,269
North Carolina Community College System Office	Raleigh	NC	$1,158,891
North Dakota Department of Public Instruction	Bismarck	ND	$399,249
Ohio Department of Job and Family Services	Columbus	OH	$1,640,376
Oklahoma Department of Career and Technology Education	Stillwater	OK	$590,719
Oregon Higher Education Coordinating Commission	Salem	OR	$864,103
Pennsylvania Department of Labor and Industry	Harrisburg	PA	$1,417,575
Puerto Rico Department of Economic Development and Commerce	San Juan	PR	$441,721
Rhode Island Department of Labor and Training	Cranston	RI	$444,939
South Carolina Board for Technical and Comprehensive Education	Columbia	SC	$771,633
South Dakota Department of Labor and Regulation	Pierre	SD	$397,630
Tennessee Department of Labor and Workforce Development	Nashville	TN	$939,312
Texas Workforce Commission	Austin	TX	$2,817,802
Utah Department of Workforce Services	Salt Lake City	UT	$629,467
Vermont Department of Labor Workforce Development	Montpelier	VT	$395,708
Virgin Islands Department of Education	St. Thomas	VI	$75,000
Virginia Department of Workforce Development and Advancement	Richmond	VA	$1,129,005
Washington State Department of Labor and Industries	Tumwater	WA	$1,355,532
West Virginia Department of Economic Development	Charleston	WV	$515,521
Wisconsin Department of Workforce Development	Madison	WI	$1,015,406
Wyoming Department of Workforce Services	Cheyenne	WY	$352,363

The department also awarded the following competitive State Apprenticeship Expansion Formula grants:

Recipient	City	State	Amount
Georgia Technical College System	Atlanta	GA	$5,000,000
Illinois Department of Commerce and Economic Opportunity	Springfield	IL	$5,000,000
Indiana Department of Workforce Development	Indianapolis	IN	$4,970,242
Maine Department of Labor	Augusta	ME	$5,000,000
Massachusetts Executive Office of Labor and Workforce Development	Boston	MA	$5,000,000
Montana Department of Labor and Industry	Helena	MT	$4,000,000
Oregon Higher Education Coordinating Commission	Salem	OR	$4,990,464
Rhode Island Department of Labor and Training	Cranston	RI	$4,242,278
Tennessee Department of Labor and Workforce Development	Nashville	TN	$5,000,000

MIL OSI USA News –

July 1, 2025

MIL-OSI USA: US Department of Labor awards $2M to help workers affected by layoffs, business closures in Maine’s coastal region

Source: US Department of Labor

WASHINGTON – The U.S. Department of Labor today announced the award of $2 million to Coastal Counties Workforce Inc. to support employment and training services for workers affected by layoffs and multiple business closures in Maine.

Between January and December 2024, companies with locations in Maine’s six coastal counties announced layoffs affecting over 1,177 workers. Job losses were concentrated in the food service, manufacturing, and retail industries, with six employers – including L.L. Bean Inc., onsemi, WEX Inc., as well as several food service establishments, and other small businesses – accounting for mass layoff events that resulted in job losses for 50 or more workers.

Administered by the department’s Employment and Training Administration, this National Dislocated Worker Grant will allow Coastal Counties Workforce Inc. – a nonprofit entity that administers and oversees workforce system services for parts of Maine – to provide retraining and skills development services for dislocated workers seeking assistance in Cumberland, Knox, Lincoln, Sagadahoc, Waldo, and York counties.

Supported by the Workforce Innovation and Opportunity Act of 2014, National Dislocated Worker Grants provide a state or local board with funding for direct services and assistance in areas experiencing a major economic dislocation event that leads to workforce needs exceeding available resources.

MIL OSI USA News –

July 1, 2025

MIL-OSI USA: Disaster Recovery Center in McCracken County to Close Permanently Friday, June 27; Help is Still Available

Source: US Federal Emergency Management Agency

Headline: Disaster Recovery Center in McCracken County to Close Permanently Friday, June 27; Help is Still Available

Disaster Recovery Center in McCracken County to Close Permanently Friday, June 27; Help is Still Available

FRANKFORT, Ky

–The Disaster Recovery Center in McCracken County is scheduled to close permanently Friday, June 27 at 7 p

m

However, Kentucky survivors who experienced loss as the result of the April severe storms, straight-line winds, flooding, landslides and mudslides can still apply for FEMA assistance

The Disaster Recovery Center in McCracken County is located at:McCracken County EM Complex(training room)3700 Coleman Road Paducah, KY 42001Working hours for Wednesday, June 25, until closing on Friday are 9 a

m

to 7 p

m

CT

Disaster Recovery Centers are one-stop shops where you can get information and advice on available assistance from state, federal and community organizations

You can get help to apply for FEMA assistance, learn the status of your FEMA application, understand the letters you get from FEMA and get referrals to agencies that may offer other assistance

The U

S

Small Business Administration representatives and resources from the Commonwealth are also available at the Disaster Recovery Centers to assist you

FEMA is encouraging Kentuckians affected by the April storms to apply for federal disaster assistance as soon as possible

The deadline to apply is July 25

Although the McCracken County Disaster Recovery Center is closing, you can visit any Disaster Recovery Center to get in-person assistance

No appointment is needed

To find all other center locations, including those in other states, go to fema

gov/drc or text “DRC” and a Zip Code to 43362

You don’t have to visit a center to apply for FEMA assistance

There are other ways to apply: online at DisasterAssistance

gov, use the FEMA App for mobile devices or call 800-621-3362

If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

When you apply, you will need to provide:A current phone number where you can be contacted

Your address at the time of the disaster and the address where you are now staying

Your Social Security Number

A general list of damage and losses

Banking information if you choose direct deposit

If insured, the policy number or the agent and/or the company name

For more information about Kentucky flooding recovery, visit www

fema

gov/disaster/4864

Follow the FEMA Region 4 X account at x

com/femaregion4

martyce

allenjr
Mon, 06/30/2025 – 13:17

MIL OSI USA News –

July 1, 2025

MIL-OSI USA: Disaster Recovery Centers and SBA Centers in South Texas Closed for Fourth of July Holiday

Source: US Federal Emergency Management Agency

Headline: Disaster Recovery Centers and SBA Centers in South Texas Closed for Fourth of July Holiday

Disaster Recovery Centers and SBA Centers in South Texas Closed for Fourth of July Holiday

AUSTIN, Texas – FEMA and the U

S

Small Business Administration announced today that the Disaster Recovery Centers (DRCs) and Business Recovery Centers (BRCs) opened in South Texas communities impacted by severe storms and flooding that occurred March 26-28, 2025, will temporarily close this week

DRCs will be closed on Friday, July 4, and Saturday, July 5, for the Fourth of July Holiday

SBA BRCs will be closed Friday, July 4

In coordination with the Texas Division of Emergency Management (TDEM), FEMA and SBA have been staffing DRCs to offer face-to-face help to residents of the four South Texas counties affected by the March weather event

Additionally, SBA representatives, in partnership with FEMA and TDEM, are providing one-on-one assistance to disaster loan applicants at SBA’s BRCs throughout the affected areas

Homeowners and renters in Cameron, Hidalgo, Starr and Willacy counties may be eligible for FEMA assistance for losses not covered by insurance

FEMA and SBA support state-led recovery efforts at the DRCs

Staff can help survivors apply for federal assistance

They can also identify potential needs and connect survivors with local, state and federal agencies, as well as nonprofits and community groups

Disaster Recovery Centers Hours and Locations:Normal hours of operation resume on Monday, July 7:Monday – Friday: 8 a

m

to 7 p

m

Saturdays: Open 8 a

m

to 5 p

m

Sundays: Closed

Cameron CountySan Benito Parks and Recreation Building705 N Bowie St

San Benito, TX Harlingen Convention Center701 Harlingen HeightsHarlingen, TX 78552 Hidalgo CountyLas Palmas Community Center1921 N

25th St

McAllen, TX Pharr Development & Research Center 850 W

Dicker Rd Pharr, TX Weslaco EDC275 S

Kansas Ave

Weslaco, TX 78596 Starr CountyStarr County Courthouse Annex100 N FM 3167Rio Grande City, TX 78582 Willacy CountySebastian Community Center434 West 8th St

Sebastian, TX 78594 SBA Business Recovery Centers Locations and Hours:Cameron CountyBusiness Recovery CenterHarlingen Chamber of Commerce311 E

Tyler Ave

Harlingen, TX 78559Mondays – Thursdays, 8 a

m

– 5 p

m

After the July 4 Holiday, Fridays, 8 a

m

– 4 p

m

Hidalgo CountyBusiness Recovery CenterValley Metro Transit Center510 S

Pleasantview Dr

BoardroomWeslaco, TX 78596Monday – Friday 8 a

m

to 5 p

m

(Friday hours resume after July 4 holiday)For information and to apply online visit SBA

gov/disaster

Applicants may also call the 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

Survivors can also apply to FEMA in several ways including going online to DisasterAssistance

gov, downloading the FEMA App for mobile devices or calling the FEMA Helpline at 800-621-3362

Calls are accepted every day from 6 a

m

to 10 p

m

CT

Help is available in most languages

If you use a relay service, such as video relay (VRS), captioned telephone or other service, give FEMA the number for that service

To view an accessible video about how to apply visit: Three Ways to Register for FEMA Disaster Assistance – YouTube

For more information, visit fema

gov/disaster/4871

Follow FEMA Region 6 on social media at x

com/FEMARegion6 and at facebook

com/FEMARegion6/
toan

nguyen
Mon, 06/30/2025 – 15:16

MIL OSI USA News –

July 1, 2025

MIL-OSI USA: Disaster Recovery Center Opening in Clayton

Source: US Federal Emergency Management Agency

Headline: Disaster Recovery Center Opening in Clayton

Disaster Recovery Center Opening in Clayton

A Disaster Recovery Center with FEMA Individual Assistance staff is opening Tuesday, July 1 in Clayton to help people affected by the March 14-15 or May 16 disasters

At all locations, FEMA and the U

S

Small Business Administration will help impacted residents with their disaster assistance applications, answer questions, and upload required documents

Opening Tuesday, July 1LOCATIONHOURS OF OPERATIONMid-County Branch Library 7821 Maryland Ave

Clayton, MO 63105Monday-Thursday: 8 a

m

-7 p

m

Friday-Saturday: 8 a

m

-5 p

m

Sunday: ClosedCurrently Open LocationsLOCATIONSHOURS OF OPERATIONSt

Louis County Library – Prairie Commons Branch915 Utz Ln

Hazelwood, MO 63042Monday-Thursday: 8 a

m

-7 p

m

Friday-Saturday: 8 a

m

-5 p

m

Sunday: ClosedUnion Tabernacle M

B

Church626 N

Newstead Ave

St

Louis, MO 63108Monday-Saturday: 8 a

m

-8 p

m

Sunday: ClosedThis location will be closed July 6-13

Urban League Entrepreneurship and Women’s Business Center 4401 Natural Bridge Ave

St

Louis, MO 63115Monday-Saturday: 8 a

m

-8 p

m

Sunday: 8 a

m

-6 p

m

Sumner High School — Parking Lot4248 Cottage Ave

St

Louis, MO 63113 Monday-Saturday: 8 a

m

-7 p

m

Sunday: 8 a

m

-6 p

m

You may visit any location, no matter where you are staying now

All Disaster Recovery Centers will be closed on Friday, July 4 and reopen on Saturday, July 5

To save time, please apply for FEMA assistance before coming to a Disaster Recovery Center

Apply online at DisasterAssistance

gov or by calling 800-621-3362

If you are unable to apply online or by phone, someone at the Disaster Recovery Center can assist you

The FEMA application deadline for the March 14-15 disaster is July 22, 2025

The FEMA application deadline for the May 16 disaster is August 11, 2025

If your home or personal property sustained damage not covered by insurance, FEMA may be able to provide money to help you pay for home repairs, a temporary place to live, and replace essential personal property that was destroyed

sara

zuckerman
Mon, 06/30/2025 – 15:08

MIL OSI USA News –

July 1, 2025

MIL-OSI USA: Disaster Recovery Center in Carroll County To Close Permanently; Help is Still Available

Source: US Federal Emergency Management Agency

Headline: Disaster Recovery Center in Carroll County To Close Permanently; Help is Still Available

Disaster Recovery Center in Carroll County To Close Permanently; Help is Still Available

FRANKFORT, Ky

–The Disaster Recovery Center in Carroll County is scheduled to close permanently June 28 at 7 p

m

Kentucky survivors who experienced loss as the result of the April severe storms, straight-line winds, flooding, landslides and mudslides can still apply for FEMA assistance

The Disaster Recovery Center in Carroll County is located at: Carrollton Utilities Operations, 900 Clay St

, Carrollton, KY 41008 Working hours for this center are 9 a

m

to 7 p

m

Eastern Time, June 28

Disaster Recovery Centers are one-stop shops where you can get information and advice on available assistance from state, federal and community organizations

You can get help to apply for FEMA assistance, learn the status of your FEMA application, understand the letters you get from FEMA and get referrals to agencies that may offer other assistance

The U

S

Small Business Administration representatives and resources from the Commonwealth are also available at the Disaster Recovery Centers to assist you

FEMA is encouraging Kentuckians affected by the April storms to apply for federal disaster assistance as soon as possible

The deadline to apply is July 25

Although the Carroll County DRC is closing, you can visit any Disaster Recovery Center to get in-person assistance

No appointment is needed

To find all other center locations, including those in other states, go to fema

gov/drc or text “DRC” and a Zip Code to 43362

You don’t have to visit a center to apply for FEMA assistance

There are other ways to apply: online at DisasterAssistance

gov, use the FEMA App for mobile devices or call 800-621-3362

If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

When you apply, you will need to provide:A current phone number where you can be contacted

Your address at the time of the disaster and the address where you are now staying

Your Social Security Number

A general list of damage and losses

Banking information if you choose direct deposit

If insured, the policy number or the agent and/or the company name

For more information about Kentucky flooding recovery, visit and www

fema

gov/disaster/4864

Follow the FEMA Region 4 X account at x

com/femaregion4

martyce

allenjr
Mon, 06/30/2025 – 13:34

MIL OSI USA News –

July 1, 2025

Category: Business

25 years of firsts

A commitment to communities

Investing in America’s small businesses

The Next 25: An AI-powered, customer-first future and expanding America’s most-reliable 5G network

Christine Lagarde, President of the ECB,Philip R. Lane, Member of the Executive Board of the ECB

Introductory speech by Christine Lagarde, President of the ECB, at the opening reception of the ECB Forum on Central Banking 2025 “Adapting to change: macroeconomic shifts and policy responses”

The changing environment

Assessing the distribution of risks

The reaction function

Conclusion

Christine Lagarde, President of the ECB,
Philip R. Lane, Member of the Executive Board of the ECB