MIL-OSI USA: Call to Reevaluate Construction Plans on East River Tunnels

Source: US State of New York

overnor Kathy Hochul today called on Amtrak to reevaluate its plan to fully shut down the East River Tunnels as it undertakes its latest rehabilitation project and consider shifting instead to a ‘repair in place’ method — with construction happening during nights and weekends — to maintain normal train schedules. The Governor’s announcement comes on the heels of news that Amtrak plans to temporarily delay the tunnel closure while maintaining service cuts that disproportionately impact Empire Service riders. In a letter to Amtrak, Governor Hochul urged the company to re-examine its plans and take innovative steps to mitigate impact to passengers.

“While I continue to be supportive of the efforts to rehabilitate the East River Tunnels, the decision to maintain service cuts amidst this latest delay — and backtracking on public commitments to increase capacity during the shutdown — shows a disregard for Empire Service passengers,” Governor Hochul said. “Enough is enough. It’s far past time for Amtrak to put its passengers first, take a hard look at its construction plans and ensure access to reliable train travel throughout this key corridor.”

Empire Service is supported by the New York State Department of Transportation (NYSDOT) and carried more than two million passengers in FY 2024, setting all-time records for ridership and revenue. Last year, Amtrak announced the decision to reduce service by two daily round trips between Albany and New York City and implemented additional operational modifications to the Maple Leaf and Adirondack lines while it undertakes a rehabilitation of the East River Tunnels (ERT) which flooded during Superstorm Sandy in 2012.

Governor Hochul has expressed support for the project and its aim to address a state-of-good repair backlog on the Northeast Corridor, but has been vocal in her opposition to plans that have caused Empire Service trains to receive a disproportionate share of impacts to schedules. That opposition led to an agreement between Amtrak and the NYSDOT for the restoration of nearly all of the trains that had been temporarily suspended in advance of the tunnel closure. Part of the agreement included a commitment to add additional coach cars to other Empire Service trains in order to further mitigate the disruption to passengers. Amtrak has since cast doubt on that commitment in order to redistribute rolling stock while Horizon fleet passenger cars are removed from service to address corrosion issues. Governor Hochul has also expressed concern that significant risks to Long Island Rail Road service posed by a total shutdown remain unaddressed.

With Amtrak soon to be under new leadership, New York State believes now is the time for the planned ERT shutdown to be thoroughly re-examined. There is ample local and international precedent for the ‘repair in place’ method, which could simultaneously permit maintaining existing daytime trips while reducing the risk of major service disruptions.

New York State Department of Transportation Commissioner Marie Therese Dominguez said, “With the onset of the spring and summer travel seasons, it’s imperative that New Yorkers have convenient and reliable passenger rail service to help them get where they want and need to go. I join with Governor Hochul in urging Amtrak to put passengers first and re-think their planned service reductions, which unfairly impact Empire Service riders. The rehabilitation of the East River Tunnels is a needed and important project, and we want to continue to work with Amtrak to find a way to do this work without inflicting unnecessary burdens on New Yorkers.”

MIL OSI USA News –

April 29, 2025

MIL-OSI Economics: US aspiration thrombectomy market sees rapid growth in recent years, says GlobalData

Source: GlobalData

US aspiration thrombectomy market sees rapid growth in recent years, says GlobalData

Posted in Medical Devices

Acute ischemic strokes afflict millions of people across the world every year, and the incidence of this life-threatening medical event continues to rise, driven by higher rates of hypertension and other comorbidities. The clots and debris that choke off the blood supply within the brain during these strokes can be removed in different ways, which are often used in combination with each other to maximize the benefit to patients. Yet, sales of aspiration thrombectomy catheters and associated guide catheters have surpassed the size of the stent retriever market in the US in recent years, says GlobalData, a leading data and analytics company.

According to GlobalData estimates, the US sales for super bore size catheters grew by 171% and small bore size catheter sales grew by 55% from 2023 to 2024, while sales of large bore size catheters grew by only 16%.

Aspiration thrombectomy catheters come in small (0.0-0.54”), large (0.06-0.08”), and super (>0.08”) bore sizes. Originally only large size catheters were available, limiting the number of stroke procedures that could use aspiration thrombectomy. However, new clinical evidence and advances in technology have allowed for the use of small aspiration catheters in much smaller blood vessels than in the past. In contrast, for larger vessels, there has been a shift toward using super-sized catheters instead of large ones to benefit from their increased suction power and the ability to more quickly capture bigger thrombi and emboli.

Amy Paterson, Medical Analyst at GlobalData, comments: “The small and super bore size neurovascular aspiration thrombectomy catheters are the fastest growing segments in the US, suggesting that physicians are ready and willing to adopt these devices for a wider range of blood clot sizes.”

In addition to the increased adoption of newer catheter sizes, there has also been a move by manufacturers away from selling aspiration catheters alone to selling kits with both aspiration and delivery catheters packaged together. Companies such as Penumbra and Route 92 Medical are leading the way with this commercial strategy, but others are expected to follow. In 2024, the proportion of kitted units sold increased to 8% compared to 4% in the previous year.

Paterson continues: “Aspiration catheters sold in kits have an average selling price almost double that of standalone aspiration catheters of the same size. Despite the price difference, kitted catheters are expected to continue taking over market share, suggesting that physicians are willing to pay more for the convenience of the kit.”

Average selling price per procedure for these products used during acute ischemic stroke intervention is expected to continue growing with increased use of kitted catheters and new technological advancements. For example, in the coming years, GlobalData anticipates that Penumbra will be approved to commercialize the use of its Thunderbolt Aspiration Tubing and computer-assisted vacuum thrombectomy (CAVT) technology for use with its Penumbra ENGINE and RED reperfusion catheters.

Paterson concludes: “These technologies are designed to more rapidly and thoroughly remove ischemic blood clots, but they are expected to carry with them a hefty price tag. If these technologies become the gold standard, competitors are likely to enter the space with other types of cyclic technologies that will further grow the size of this dynamic market.”

MIL OSI Economics –

April 29, 2025

MIL-OSI Economics: Heineken’s campaigns unite tradition, sport, and social experience, reveals GlobalData

Source: GlobalData

Heineken’s campaigns unite tradition, sport, and social experience, reveals GlobalData

Posted in Business Fundamentals

Heineken’s YouTube advertising campaigns during Q1 2025 (January to March) have illustrated a deliberate effort to integrate the brand into various facets of consumer life through targeted messaging and diverse thematic approaches. The “Pub Succession” campaign leverages cultural heritage and opportunity to engage a specific demographic. Football-focused campaigns like “The Social Screen” and “Excuses Bar” tap into shared passions and social dynamics, reflecting a strategy to build brand resonance through consumer values and experiences, reveals Global Ads Platform of GlobalData, a leading data and analytics company.

Sagar Kishor, Ads Analyst at GlobalData, comments: “Heineken’s advertising consistently focuses on creating emotional and social connections with its target consumers. By staying attuned to evolving social norms, Heineken has strategically promoted its non-alcoholic option, Heineken 0.0. This move reflects a proactive effort to appeal to the growing number of consumers who prioritize moderation and well-being, expanding the brand’s relevance. Additionally, its campaigns often tie the product to cultural passions, like football, helping to foster a sense of shared identity and making the brand feel like a natural part of social gatherings around these events.”

Below are the key focus areas of Heineken’s advertisements, revealed by GlobalData’s Global Ads Platform:

Heritage and Legacy: The “Heineken Pub Succession” campaign strategically focuses on Irish heritage and the legacy of family-run pubs. By offering the unique opportunity to inherit a 155-year-old establishment on Achill Island, Heineken connects its brand to a sense of timeless tradition and community roots, appealing to those who value their ancestry and the cultural significance of the pub.

Responsible Choices: The advertisements for Heineken 0.0 address the increasing consumer focus on responsible consumption. By showcasing the agreeable taste and adaptability of their non-alcoholic option, Heineken intends to appeal to individuals desiring a balanced lifestyle while maintaining social engagement, thus expanding its reach.

Cultivating Social Bonds: Campaigns like “The Social Screen” and “Excuses Bar” centre on Heineken’s role in enhancing social connections, particularly within the context of sports. By introducing innovative ways for fans to share viewing experiences and playfully acknowledging the social dynamics of prioritizing football, Heineken subtly positions itself as a catalyst for shared enjoyment and camaraderie.

Spirit of Adventure: The “Heineken Pub Succession” initiative also appeals to the sense of adventure and the desire for a unique life change. The allure of inheriting a pub in a picturesque location offers a compelling narrative that extends beyond traditional beer advertising, associating Heineken with the excitement of new beginnings and idyllic lifestyles.

Leveraging Shared Passions: Heineken’s advertising connects with widespread football enthusiasm through relatable content, particularly around the UEFA Champions League. This approach highlights the intense emotions and community spirit of the sport, integrating the brand into the social viewing experience and enhancing collective enjoyment during matches.

MIL OSI Economics –

April 29, 2025

MIL-OSI USA: Senator Mullin Speaks to Edmond Chamber of Commerce, Holds Q&A

US Senate News:

Source: United States Senator MarkWayne Mullin (R-Oklahoma)
Washington, D.C. – Last week, U.S. Senator Markwayne Mullin (R-OK) spoke with the Edmond Chamber of Commerce on a range of topics including the importance of business owners being involved in their communities and President Trump standing up to the rest of the world in defense of the American worker. Highlights of the Senator’s remarks to the Chamber are below.

On the importance of business owners being involved in the community:
“It’s important because nothing affects your business more than state and federal government. Nothing. Dealing with mandates and regulations absolutely destroys your company. And no one is going to know it’s actually hurting you if you’re not in a position to tell the story. No one is going to know to fight for you, for that particular issue, unless you’re in that position to actually be able to say what is going on.”
On President Trump standing up for the American worker:
“When the President was campaigning, he made this a focal point. We knew what was going to happen. The President was very very clear. He’s not as concerned about today’s workforce as he is about tomorrow’s. He says this is a generational issue that at some point if we don’t resolve it, it’s going to destroy our economy. And the trillions of dollars that have been sucked out of the United States and has built these other countries, they’re going to become the wealthy countries and we’re going to have to be taking money from them to help us out of our recession that’s going to last permanently until we learn to remanufacture, and at that point they won’t need us, and so they won’t be wanting to do trade deals with us. And so, the President was looking way down the road, like most business owners.”
“Someone at some point had to take the bullet. At some point this was coming to a head. And thank goodness President Trump was willing to do it.

MIL OSI USA News –

April 29, 2025

MIL-OSI USA: Fischer Statement on EPA Waiver to Allow for Nationwide Year-Round E15

US Senate News:

Source: United States Senator for Nebraska Deb Fischer

Calls for Congress to make year-round E15 permanent with her Nationwide Consumer and Fuel Retailers Choice Act

U.S. Senator Deb Fischer (R-Neb.), a member of the Senate Agriculture Committee, released the following statement after the Environmental Protection Agency (EPA)today issued an emergency waiver to allow for the sale of E15 gasoline during the summer driving season:

“I’m pleased the EPA has issued a summertime emergency fuel waiver to allow E15 to be sold year-round; however, a permanent, nationwide solution is still needed. I’m going to continue calling on Congress to pass my Nationwide Consumer and Fuel Retailers Choice Act to end years of patchwork regulations and unleash the power of year-round E15.”

Fischer’s work on E15:

Fischer has been a steadfast champion for year-round E15 since 2015, when she first co-led a bill to allow year-round E15 during the 114^th Congress.

In 2017, she introduced the Consumer and Fuel Retailer Choice Act to amend the Clear Air Act and help make year-round E15 a reality. Later that year, she testified before the Senate Environment and Public Works Committee in support of her bipartisan legislation.

In 2019, Fischer traveled with President Trump to Nebraska and Iowa when he announced regulatory efforts to allow the sale of E15. When President Trump’s efforts were struck down by courts, Fischer continued to lead by reintroducing this legislation in 2021, during the 117th Congress. Fischer released an updated bill in 2022 that included unprecedented support.

In 2023, Fischer introduced the Nationwide Consumer and Fuel Retailer Choice Act of 2023 to break down remaining barriers and unlock the full potential of nationwide, year-round E15, advancing America’s energy independence. In the U.S. House of Representatives, Congressman Adrian Smith (NE-03) introduced companion legislation.

On the first day of his term, President Trump took steps to make E15 available year-round through his Executive Order Declaring a National Energy Emergency.

In February, Fischer reintroduced her Nationwide Consumer and Fuel Retailer Choice Act of 2025, which is the only permanent, nationwide solution that will unleash the power of year-round E15 and fulfill President Trump’s mandate for energy independence.

Last month, Fischer joined U.S. Representative Adrian Smith (NE-03) at a press conferenceurging Congress to fulfill President Trump’s pledge to allow the sale of year-round E15.

MIL OSI USA News –

April 29, 2025

MIL-OSI USA: Senator Reverend Warnock, Colleagues Demand President Trump Rescind Harmful Claims That He Will Transfer Incarcerated U.S. Citizens to a Foreign Prison

US Senate News:

Source: United States Senator Reverend Raphael Warnock – Georgia

Senator Reverend Warnock, Colleagues Demand President Trump Rescind Harmful Claims That He Will Transfer Incarcerated U.S. Citizens to a Foreign Prison

In the letter, Senator Reverend Warnock calls for the return of a Maryland father wrongfully deported to El Salvador, Kilmar Abrego Garcia

Washington, D.C. — U.S. Senators Reverend Raphael Warnock (D-GA), Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee led 24 of their Democratic colleagues in a letter to President Donald Trump calling for him to immediately rescind the dangerous and offensive claim that he may transfer incarcerated U.S. citizens to El Salvador.

In the letter, the Senators also urge the President to follow the law and adhere to all applicable court orders and immediately facilitate the return to the United States of Kilmar Abrego Garcia, whom his Administration illegally deported to El Salvador in direct contravention of a court order specifically prohibiting such removal. In the letter, the Senators explain how these unprecedented actions threaten the constitutional protections of all Americans and violate the fundamental principles on which this nation was founded.

“Our laws also do not allow you to send individuals from U.S. soil to El Salvador without due process. Further, the Executive Branch must comply with longstanding domestic and international law that prohibits the United States from transferring any person from our jurisdiction or effective control to a place where the person would face certain serious human rights violations. Your Administration’s actions in sending individuals to a Salvadoran prison notorious for inhumane conditions underscore the urgency and applicability of these requirements. The bedrock principles of the Fifth Amendment’s Due Process Clause protect individuals from being “deprived of life, liberty, or property, without due process of law,’” the Senators continued.

Even under extraordinary wartime authorities such as the Alien Enemies Act, the Supreme Court of the United States has held that noncitizens should, at a minimum, have an opportunity to prove whether or not the Act should apply to them. The Supreme Court recently ordered the federal government to facilitate the return of Mr. Abrego Garcia and “ensure that his case is handled as it would have been had he not been improperly sent to El Salvador.”

Along with Senators Warnock and Durbin, the letter was signed by U.S. Senators Chris Van Hollen (D-MD), Mazie Hirono (D-HI), Chris Coons (D-DE), Alex Padilla (D-CA), Richard Blumenthal (D-CT), Angela Alsobrooks (D-MD), Jeff Merkley (D-OR), Adam Schiff (D-CA), Peter Welch (D-VT), Tammy Duckworth (D-IL), Tim Kaine (D-VA), Amy Klobuchar (D-MN), Cory Booker (D-NJ), Bernie Sanders (I-VT), Sheldon Whitehouse (D-RI), Lisa Blunt Rochester (D-DE), John Hickenlooper (D-CO), Ron Wyden (D-OR), Elizabeth Warren (D-MA), Tammy Baldwin (D-WI), Ed Markey (D-MA), Tina Smith (D-MN), Patty Murray (D-WA), and Martin Heinrich (D-NM).

The letter is endorsed by the following organizations: Center for Victims of Torture, American Immigration Council, Leadership Conference on Civil and Human Rights, FWD.us, People for the American Way, National Immigrant Justice Center, SMART Union, and Human Rights First.

The full letter is available HERE and below.

Dear President Trump:

We call on you to immediately rescind the dangerous and offensive claim that you may transfer incarcerated U.S. citizens to El Salvador. We further urge you to follow the law and adhere to all applicable court orders and immediately facilitate the return to the United States of Kilmar Abrego Garcia, whom your Administration illegally deported to El Salvador in direct contravention of a court order specifically prohibiting such removal. Your unprecedented actions threaten the constitutional protections of all Americans and violate the fundamental principles on which this nation was founded.

With regard to your shocking assertion about transferring Americans to El Salvador, you cannot deport Americans to a foreign country for any reason. This nation’s founding fathers declared independence based on “repeated injuries and usurpations” by the then-King of Great Britain, including “transporting us beyond Seas to be tried for pretended offences” and “depriving us in many cases, of the benefits of Trial by Jury.” Accordingly, Congress has passed no provision into law that would permit exiling United States citizens to a foreign country for any reason. One conservative legal scholar called your threats to deport U.S. citizens “obviously illegal and unconstitutional.”

Our laws also do not allow you to send individuals from U.S. soil to El Salvador without due process. Further, the Executive Branch must comply with longstanding domestic and international law that prohibits the United States from transferring any person from our jurisdiction or effective control to a place where the person would face certain serious human rights violations. Your Administration’s actions in sending individuals to a Salvadoran prison notorious for inhumane conditions underscore the urgency and applicability of these requirements. The bedrock principles of the Fifth Amendment’s Due Process Clause protect individuals from being “deprived of life, liberty, or property, without due process of law.” Throughout our nation’s history, the Supreme Court has long read the Fifth Amendment’s guarantee of due process to require that the government provide persons with certain procedural due process protections, including notice and an opportunity to be heard before any such deprivation of liberty.

Even under extraordinary wartime authorities such as the Alien Enemies Act, the Supreme Court of the United States has held that noncitizens should, at a minimum, have an opportunity to prove whether or not the Act should apply to them. In a statement accompanying the Supreme Court’s recent order for the federal government to facilitate the return of Mr. Abrego Garcia and “ensure that his case is handled as it would have been had he not been improperly sent to El Salvador,” Justice Sotomayor noted that your Administration’s argument suggesting that the government is permitted to leave Mr. Abrego Garcia in the Salvadoran prison after wrongfully sending him there “implies that it could deport and incarcerate any person, including U.S. citizens, without legal consequence, so long as it does so before a court can intervene.” She went on to note that this is a “view [that] refutes itself.”

You must immediately facilitate the return of Mr. Abrego Garcia, which is unquestionably within your power to do since your Administration is paying the government of El Salvador to detain him. As Judge Harvie Wilkinson, a conservative appointee of President Reagan, wrote in a unanimous Fourth Circuit opinion rejecting your Administration’s efforts to delay taking steps to bring Mr. Abrego Garcia back to the United States:

The government is asserting a right to stash away residents of this country in foreign prisons without the semblance of due process that is the foundation of our constitutional order. Further, it claims in essence that because it has rid itself of custody that there is nothing that can be done. This should be shocking not only to judges, but to the intuitive sense of liberty that Americans far removed from courthouses still hold dear.

You must also end your unlawful attempts to deport noncitizens without due process under the Alien Enemies Act, as the Supreme Court ordered this weekend. You have no authority to openly defy court orders requiring you: (1) to return someone who has been wrongfully deported, or (2) to grant individuals the due process they are owed under our laws. As Judge Boasberg wrote in his order last week concluding that probable cause exists to find the government in criminal contempt:

The Constitution does not tolerate willful disobedience of judicial orders—especially by officials of a coordinate branch who have sworn an oath to uphold it. To permit such officials to freely “annul the judgments of the courts of the United States” would not just “destroy the rights acquired under those judgments”; it would make “a solemn mockery” of “the constitution itself.” …“So fatal a result must be deprecated by all.”

You must immediately facilitate the return to the United States of Kilmar Abrego Garcia, follow all court orders, and withdraw your dangerous and offensive claims that you may transfer U.S. citizens to a foreign prison. The Constitution demands it.

Sincerely,

MIL OSI USA News –

April 29, 2025

MIL-OSI USA: Ricketts Statement on E15 Announcement

US Senate News:

Source: United States Senator Pete Ricketts (Nebraska)

WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE), a member of the Senate Environment and Public Works Committee, complimented the announcement that the Environmental Protection Agency (EPA) would issue an emergency fuel waiver to allow the sale of E15 this summer. Ricketts said the following:

“E15 saves consumers money at the pump, supports Nebraska agriculture, cleans our environment, and promotes energy independence. Expanding access to E15 use will help President Trump deliver on his promise to unleash American energy. The next step is a permanent fix. Let’s pass Senator Fischer’s Consumer and Fuel Retailer Choice Act and make year-round nationwide E15 permanent.”

BACKGROUND

As Governor of Nebraska, Ricketts made repeated requests of the EPA to allow the year-round sale of E-15. As Senator, Ricketts co-sponsors the Consumer Fuel and Retailer Choice Act, which would make permanent its year-round sale. Ricketts also frequently touts the benefits of ethanol and other renewable fuels as a member of the Environment and Public Works Committee, which oversees the EPA. In addition, Ricketts co-leads the bipartisan Flex Fuel Fairness Act with Senator Amy Klobuchar (D-MN) to level the playing field for vehicles running on higher blends of ethanol.

MIL OSI USA News –

April 29, 2025

MIL-OSI United Kingdom: Sex offenders to be stripped of refugee protections

Source: United Kingdom – Executive Government & Departments

News story

Sex offenders to be stripped of refugee protections

Foreign nationals who commit sex offences will be excluded from asylum protections in the UK as part of the Border Security, Asylum and Immigration Bill.

Tougher border security measures will keep British streets safer, with foreign sex offenders to be excluded from refugee protections as the government announces new measures to slash the asylum backlog and strengthen border security through the Plan for Change.

At present, the Refugee Convention entitles countries to refuse asylum to terrorists, war criminals and individuals convicted of a ‘particularly serious crime’ who present a danger to the community – defined in the UK as an offence carrying a sentence of 12 months or more.

For the first time, any conviction of a crime that qualifies a foreign national for the sex offenders register will lead to them being denied refugee status, toughening our approach to border security through stricter enforcement of the rules.

The law change, which will be introduced through a new amendment to the Border Security, Asylum and Immigration Bill, also marks a further step in the government’s landmark mission to halve violence against women and girls in a decade, making Britain’s streets safer and sending a clear message that sexual offences will be treated with the seriousness they deserve.

The new law comes alongside stronger measures to cut the asylum backlog and save taxpayer money, by giving the tribunals a new target to reduce the time they take to consider appeals from asylum seekers in accommodation, as well as rolling out artificial intelligence (AI) across asylum processing to speed up decision making.

Under the new measures, the first-tier Tribunal Immigration and Asylum Chamber will have a new 24-week target to decide appeals brought by those receiving accommodation support, or who are foreign offenders. This will help stop lengthy legal battles, moving failed asylum seekers out of hotels faster and removing those with no right to be in the country.

The bill will also introduce tougher measures to weed out people who pose as immigration lawyers or advisers, by offering ‘advice’ to migrants on how to claim asylum in the UK and lodge fraudulent claims. The Immigration Advice Authority (IAA) will get expanded powers to hit these crooks with fines of up to £15,000.

Major progress has already been made in fixing the foundations of the asylum system under the new government, with the return of more than 24,000 people with no right to be in the UK in the first 9 months after the election, including a 16% increase in removals of foreign criminals, and asylum decision-making up 52% in the last 3 months of 2024.

Home Secretary Yvette Cooper said:

We are restoring order to a broken asylum system that has been mired in delay and dysfunction for far too long, and we are strengthening our system to make sure that the rules are respected and enforced.

Sex offenders who pose a risk to the community should not be allowed to benefit from refugee protections in the UK. We are strengthening the law to ensure these appalling crimes are taken seriously.

Nor should asylum seekers be stuck in hotels at the taxpayers’ expense during lengthy legal battles. That is why we are changing the law to help clear the backlog, end the use of asylum hotels and save billions of pounds for the taxpayer.

This is part of our Plan for Change to strengthen our borders, make our streets safer and restore order to the broken system the last government left behind.

Safeguarding and Violence Against Women and Girls Minister Jess Philips said:

We are determined to achieve our mission of halving violence against women and girls in a decade.

That’s exactly why we are taking action to ensure there are robust safeguards across the system, including by clamping down on foreign criminals who commit heinous crimes like sex offences.

It is right we ensure that convicted, registered sex offenders are not entitled to refugee status, as part of our work to see these awful crimes treated with the seriousness they deserve and perpetrators held to account.

Alongside these measures, AI will be deployed to support caseworkers to make swifter decisions on asylum claims – preventing asylum seekers from being stuck in limbo at the taxpayers’ expense, delivering quicker answers to those in need and removal of those with no right to be here.

Caseworkers will use AI to speed up access to the relevant country advice, and summarise lengthy interview transcripts, streamlining asylum processing without compromising on the quality of human decisions. The tech could save decision makers up to an hour per case.

As announced last month, alongside these critical measures to reform the asylum system, the government will also table an amendment to the bill which requires companies hiring people in the gig economy to carry out checks confirming that anyone working in their name is eligible to work in the UK, bringing them in line with other employers.

These vital checks confirm someone’s immigration status and allow them to legally work in the UK, meaning that for the very first time, employment checks will be extended to cover businesses hiring gig economy and zero-hours workers in sectors like construction, food delivery, beauty salons and courier services.

In addition to these measures, the landmark Border Security, Asylum and Immigration Bill will empower law enforcement to intervene faster and more effectively, using counterterror-style powers to disrupt the people-smuggling gangs and placing restrictions on foreign offenders living in the community, including mandatory electronic tags, strict night-time curfews and enforced exclusion zones while awaiting removal.

Further background

The measures are to be tabled ahead of report stage of the landmark Border Security, Asylum and Immigration Bill in the House of Commons.

Foreign sex offenders

Under the UK Borders Act 2007, a deportation order must be made where a foreign national has been convicted of an offence and received a custodial sentence of at least 12 months. This is subject to several exceptions, including where it would breach UK’s obligations under the Refugee Convention.

However, the Refugee Convention allows protection to be denied to those who, having been convicted of a ‘particularly serious crime’, constitute a danger to the community in the UK. The proposed amendment will create a presumption that individuals convicted of sexual offences making them subject to notification requirements will be denied this protection. This does not alter the long-standing principle that all claims must be considered on a case-by-case basis, to ensure they meet the criteria regarding the seriousness of the crime, and the danger posed to the community

Supported accommodation and foreign national offender appeals

Under the new proposals, the first-tier Tribunal of the Immigration and Asylum Chamber will be required to determine an asylum appeal lodged by a person receiving accommodation support, or from a non-detained foreign national offender within 24 weeks where it is reasonably practicable to do so. The latest published statistics show appeals to the tribunal take on average nearly 50 weeks to process.

Currently, there is no set timeframe for the courts to consider these cases. Speeding up these appeals will help keep people moving through the asylum system rather than get stuck in accommodation at a cost to the taxpayer and speed up foreign offender deportations. This will assist with ending the use of hotels as asylum accommodation and facilitate swifter deportations.

Just last month (March 2025), the government also announced more funding to boost the number of days the first-tier and upper-tier tribunals (of the Immigration and Asylum Chamber) can sit at near maximum capacity, helping to speed up decision-making and keep the system moving.

Immigration advice

Providing immigration advice without being registered with the IAA or a recognised legal regulatory body is a criminal offence which can lead to jail time, and the new amendments to the Border Security, Asylum and Immigration Bill will give the IAA stronger powers to pursue those who breach those rules.

The IAA is the only regulatory watchdog that can investigate and prosecute those pretending to be immigration lawyers or qualified advisers without any authority to do so. These sham lawyers could be acting as middlemen for those trying to abuse the immigration system in a bid to stay in the UK or trying to cash in on people’s desperation providing poor quality or outright fraudulent immigration advice.

Illegal working

The government previously announced it will strengthen illegal working checks in a new amendment as set out on GOV.UK.

On wider government AI work

This new tool follows the Prime Minister setting out that he will ‘push forward with the digitisation of government services’ to find £45 billion worth of productivity savings, as the Department for Science, Innovation and Technology sets out how it will put AI and technology to work across public services.

Published 28 April 2025

MIL OSI United Kingdom –

April 29, 2025

MIL-OSI USA: American Music Tourism Act PASSES House

Source: United States House of Representatives – Representative Diana Harshbarger (R-TN)

WASHINGTON — Today, Congresswoman Diana Harshbarger’s bipartisan American Music Tourism Act passed the House Floor on suspension with bipartisan support.

This legislation would require the Assistant Secretary of Commerce for Travel and Tourism to implement a plan to support and increase music tourism for both domestic and international visitors. The Act would also require the Assistant Secretary to report to Congress on the success and challenges related to achieving these tourism goals.

Notably, this bill will not require any additional taxpayer dollars to implement.

Congresswoman Harshbarger issued the following statement.

“We’ve been working longer than nine to five to get this legislation passed through the House, and I’m thrilled that it passed with such overwhelming support. This legislation will have a direct impact on Tennessee’s First Congressional District. As home to iconic destinations like Dollywood in Pigeon Forge and the Birthplace of Country Music in Bristol, we play a vital role in the music tourism industry.

“I’m thankful to my colleague and co-lead Rep. Nanette Barragán (CA-44), as well as all of the members who voted to support this bill. I look forward to this legislation making its way through the Senate, where it’s sponsored by Senator Blackburn, with the ultimate goal of having it signed into law by President Trump.”

View the bill text HERE.

MIL OSI USA News –

April 29, 2025

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

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

SarahMcEwan/Shutterstock

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

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

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

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

How long does it really take?

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

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

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

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

What determines whether a habit will stick?

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

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

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

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

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

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

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

8 tips for building lasting habits

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

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

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

Why the 21-day myth matters

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

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

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

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

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

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

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

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

MIL OSI Analysis – EveningReport.nz –

April 29, 2025

MIL-Evening Report: Arsenic is everywhere – but new detection methods could help save lives

Source: The Conversation (Au and NZ) – By Magdalena Wajrak, Senior Lecturer in Chemistry, Edith Cowan University

Arsenic is a nasty poison that once reigned as the ultimate weapon of deception. In the 18th century, it was the poison of choice for those wanting to kill their enemies and spouses, favoured for its undetectable nature and the way its symptoms mimicked common gastrointestinal issues like stomach pain, diarrhoea and vomiting.

One of the most famous deaths believed to be due to arsenic poisoning was that of French general Napoleon Bonaparte in 1821. While there’s still considerable controversy over the definite cause of Napoleon’s death, there is enough evidence that arsenic did at least contribute.

Analysis of Napoleon’s hair in 1961 found it contained more than ten times the normal concentrations of arsenic. The most likely source of exposure was from an arsenic compound used as a pigment in wallpapers in the 18th century.

Centuries later, arsenic is still widespread in the world, and causing major health problems. But thankfully scientists – including myself – are developing more effective ways of measuring arsenic to reduce the harm it causes to people.

A tasteless poison

Arsenic in its elemental state is a grey, brittle solid. Its nucleus has 33 protons and 42 neutrons, giving it similar chemical properties to phosphorus.

The elemental form of arsenic is actually non-toxic; it is the compounds of arsenic that are poisonous. Pure elements have a tendency to bond to other elements and form compounds, because this provides elements with more stability.

When arsenic combines with oxygen, it forms an extremely toxic compound called arsenic trioxide. Only 70mg of this odourless and tasteless compound is needed to kill an adult human.

When arsenic enters our bodies, it can have major impacts on DNA. Phosphorous is an essential component of the backbone of DNA, but arsenic can replace it. This can lead to genome instability and a higher risk of genetic mutations, which can ultimately increase the risk of developing cancer.

Arsenic also inhibits the enzymes necessary for bodily functions.

When arsenic is inhaled or ingested, it is rapidly distributed around the body. It initially remains in the liver before being stored in the kidneys, then the spleen and lungs. Our bodies are very clever, however, and have a process capable of removing very small amounts of arsenic through urine.

But that process takes time. So if you are exposed to high levels of arsenic, your body will not be able to eliminate it fast enough and damage will occur.

One of the most famous deaths believed to be due to arsenic poisoning was that of Napoleon Bonaparte.
Jacques-Louis David/Wikipedia

Arsenic is everywhere

The main environmental sources of arsenic are volcanoes and the erosion of mineral deposits. This can contaminate groundwater sources, as happened in Bangladesh where the building of tube wells for irrigation and drinking water from the mid 20th century onwards accidentally caused the “world’s worst mass poisoning”.

Human sources of arsenic in the environment are predominantly from smelters of copper, gold and iron ores. These smelters often use arsenic compounds such as copper arsenate to treat and preserve wood. They also use pesticides and antiparasitic chemicals, some of which contain arsenic.

We also find very small amounts of arsenic compounds in LED lights and in bronze.

The most common sources of exposure to arsenic are from cigarettes and food products. Foods grown in arsenic-contaminated soil or exposed to contaminated water will absorb arsenic.

For example, rice is very susceptible to absorbing elements from soil and water, so can contain high levels of arsenic if grown in contaminated areas. However, rice is generally safe to eat and rinsing it removes most of the arsenic it might have absorbed.

Groundwater in Bangladesh is heavily contaminated with arsenic, posing a major public health risk.
HM Shahidul Islam/Shutterstock

Detecting arsenic

Being able to detect and monitor arsenic concentrations in our environment and in our bodies is important for our health.

However, common analytical techniques for arsenic detection are laboratory-based and require complicated infrastructure – such as constant access to argon gas to produce a plasma – and a specifically trained chemist or lab technician.

Thankfully scientists are developing new techniques. These are not only reliable and accurate, but highly portable and simple enough to be used outside laboratories to test for arsenic in environmental, biological and industrial samples.

One of these is an electrochemical technique, known as “anodic stripping voltammetry”.

This technique can detect trace amounts of arsenic. It works by measuring the minute electric current produced by the poison. The amount of current produced is directly proportional to the concentration of arsenic in the sample.

Being able to quickly, simply and accurately detect arsenic in, say, drinking water, could reduce people’s exposure to it. In turn, this would help reduce the likelihood of future health problems, such as skin cancers.

It is impossible to eliminate arsenic from our environment. So constant monitoring of arsenic levels in the environment and food products is the best way to reduce our exposure to this notorious poison.

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

– ref. Arsenic is everywhere – but new detection methods could help save lives – https://theconversation.com/arsenic-is-everywhere-but-new-detection-methods-could-help-save-lives-248547

MIL OSI Analysis – EveningReport.nz –

April 29, 2025

MIL-OSI USA: Ernst Names Small Business of the Week, Bloomsbury Farm

US Senate News:

Source: United States Senator Joni Ernst (R-IA)
Published: April 28, 2025
Throughout this Congress, Chair Ernst plans to recognize a small business in every one of Iowa’s 99 counties.
RED OAK, Iowa – U.S. Senator Joni Ernst (R-Iowa), Chair of the Senate Small Business Committee, today announced her Small Business of the Week: Bloomsbury Farm of Benton County. Throughout the 119th Congress, Chair Ernst plans to recognize a small business in every one of Iowa’s 99 counties.
“From its Bunny Bash to the inaugural Iowa Tulip Festival, Bloomsbury Farm plants memories and captures smiles with their family-centered seasonal events,” said Chair Ernst. “Welcoming over 75,000 visitors annually, the Petersen family continues to grow Bloomsbury Farm into a premier agritourism destination!”
In 1995, Karen and Dave Petersen opened Bloomsbury Farm on their 2,000 acres, primarily farming soybeans and corn and selling floral arrangements. When their daughter Sammy’s first-grade class visited the farm on a field trip, the couple was inspired to transform the farm into an agritourism destination. After a devastating tornado in 2004, the Petersens pivoted and renovated the farm to become a family-centered destination dedicated to agriculture, fun, and education. Today, Bloomsbury Farm welcomes over 75,000 people annually to experience their seasonal events. The second generation of Petersens became partners in January 2024. This year, Bloomsbury Farm will celebrate its 30th anniversary in Iowa.
Stay tuned as Chair Ernst recognizes more Iowa small businesses across the state with her Small Business of the Week award.

MIL OSI USA News –

April 29, 2025

MIL-OSI USA: Governor Lamont: Data Submitted Through Connecticut’s Federal Impact Reporting Portal Now Being Published Online

Source: US State of Connecticut

(HARTFORD, CT) – Governor Ned Lamont today announced that his administration is now publishing online the reports it is receiving through the Federal Impact Reporting portal that he launched earlier this month.

The reports are publicly available in a dataset that can be downloaded on the Connecticut Open Data portal, data.ct.gov. (To access the Federal Impact Reporting dataset directly, click here.)

The Federal Impact Reporting portal was created by Governor Lamont as a way of providing state policymakers with a better and more comprehensive understanding of how recent federal actions are impacting public and private entities throughout Connecticut. Businesses, nonprofits, and municipalities are encouraged to submit reports through the portal identifying items such as pauses, cancelations, and reductions in federal funding; reductions in employment caused by federal actions; and impacts from tariffs.

To date, nearly 30 reports have been submitted. The dataset on the Connecticut Open Data portal will be updated regularly as new reports continue to be made.

To submit a report, businesses, nonprofits, and municipalities should visit ct.gov/fedimpact.

MIL OSI USA News –

April 29, 2025

MIL-OSI: Brown & Brown, Inc. announces first quarter 2025 results, including total revenues of $1.4 billion, an increase of 11.6%; Organic Revenue growth of 6.5%; diluted net income per share of $1.15; Diluted Net Income Per Share – Adjusted of $1.29; and a quarterly dividend of $0.15 per share

Source: GlobeNewswire (MIL-OSI)

DAYTONA BEACH, Fla., April 28, 2025 (GLOBE NEWSWIRE) — Brown & Brown, Inc. (NYSE:BRO) (the “Company”) announced its unaudited financial results for the first quarter 2025.

Revenues for the first quarter of 2025 under U.S. generally accepted accounting principles (“GAAP”) were $1.4 billion, increasing $146 million, or 11.6%, compared to the first quarter of the prior year, with commissions and fees increasing by 12.0% and Organic Revenue increasing by 6.5%. Income before income taxes was $427 million, increasing 17.3% from the first quarter of the prior year with Income Before Income Taxes Margin increasing to 30.4% from 28.9%. EBITDAC – Adjusted was $535 million, increasing 14.8% from the first quarter of the prior year with EBITDAC Margin – Adjusted increasing to 38.1% from 37.0%. Net income attributable to the Company was $331 million, increasing $38 million, or 13.0%, and diluted net income per share increased to $1.15, or 12.7%, with Diluted Net Income Per Share – Adjusted increasing to $1.29, or 13.2%, each as compared to the first quarter of the prior year.

J. Powell Brown, president and chief executive officer of the Company, noted, “We continue to execute our plan and are pleased with our performance for the quarter.”

In addition, the Company today announced that the Board of Directors has declared a regular quarterly cash dividend of $0.15 per share. The dividend is payable on May 21, 2025, to shareholders of record on May 12, 2025.

Reconciliation of Commissions and Fees
to Organic Revenue
(in millions, unaudited)

	Three Months Ended March 31,
	2025			2024
Commissions and fees	$	1,385		$	1,237
Profit-sharing contingent commissions		(43	)		(46	)
Core commissions and fees	$	1,342		$	1,191
Acquisitions		(79	)
Dispositions					(3	)
Foreign Currency Translation					(2	)
Organic Revenue	$	1,263		$	1,186
Organic Revenue growth	$	77
Organic Revenue growth %		6.5	%

See information regarding non-GAAP measures presented later in this press release.

Reconciliation of Diluted Net Income Per Share to
Diluted Net Income Per Share – Adjusted
(unaudited)

	Three Months Ended March 31,						Change
	2025			2024			$			%
Diluted net income per share	$	1.15		$	1.02		$	0.13			12.7	%
Change in estimated acquisition earn-out payables		(0.01	)		(0.01	)		—
(Gain)/loss on disposal		—			0.01			(0.01	)
Amortization		0.15			0.12			0.03
Diluted Net Income Per Share – Adjusted	$	1.29		$	1.14		$	0.15			13.2	%

See information regarding non-GAAP measures presented later in this press release.

Reconciliation of Income Before Income Taxes to EBITDAC and
EBITDAC – Adjusted and Income Before Income Taxes Margin⁽¹⁾to
EBITDAC Margin and EBITDAC Margin – Adjusted
(in millions, unaudited)

	Three Months Ended March 31,
	2025			2024
Total revenues	$	1,404		$	1,258
Income before income taxes	$	427		$	364
Income Before Income Taxes Margin⁽¹⁾		30.4	%		28.9	%
Amortization		53			43
Depreciation		11			11
Interest		46			48
Change in estimated acquisition earn-out payables		(4	)		(2	)
EBITDAC	$	533		$	464
EBITDAC Margin		38.0	%		36.9	%
(Gain)/loss on disposal		2			2
EBITDAC – Adjusted	$	535		$	466
EBITDAC Margin – Adjusted		38.1	%		37.0	%

(1) “Income Before Income Taxes Margin” is defined as income before income taxes divided by total revenues.

See information regarding non-GAAP measures presented later in this press release.

Brown & Brown, Inc.
Consolidated Statements of Income
(in millions, except per share data; unaudited)

	Three Months Ended March 31,
	2025			2024
REVENUES
Commissions and fees	$	1,385		$	1,237
Investment and other income		19			21
Total revenues		1,404			1,258
EXPENSES
Employee compensation and benefits		683			631
Other operating expenses		186			161
Loss on disposal		2			2
Amortization		53			43
Depreciation		11			11
Interest		46			48
Change in estimated acquisition earn-out payables		(4	)		(2	)
Total expenses		977			894
Income before income taxes		427			364
Income taxes		93			71
Net income before non-controlling interests		334			293
Less: Net income attributable to non-controlling interests		3			—
Net income attributable to the Company	$	331		$	293
Net income per share:
Basic	$	1.16		$	1.03
Diluted	$	1.15		$	1.02
Weighted average number of shares outstanding:
Basic		283			281
Diluted		285			283

Brown & Brown, Inc.
Consolidated Balance Sheets
(in millions, except per share data, unaudited)

	March 31, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	669		$	675
Fiduciary cash		1,771			1,827
Commission, fees, and other receivables		1,083			895
Fiduciary receivables		1,136			1,116
Reinsurance recoverable		447			1,527
Prepaid reinsurance premiums		480			520
Other current assets		331			364
Total current assets		5,917			6,924
Fixed assets, net		327			319
Operating lease assets		197			200
Goodwill		8,111			7,970
Amortizable intangible assets, net		1,821			1,814
Other assets		387			385
Total assets	$	16,760		$	17,612
LIABILITIES AND EQUITY
Current liabilities:
Fiduciary liabilities	$	2,907		$	2,943
Losses and loss adjustment reserve		462			1,543
Unearned premiums		542			577
Accounts payable		481			373
Accrued expenses and other liabilities		463			653
Current portion of long-term debt		75			225
Total current liabilities		4,930			6,314
Long-term debt less unamortized discount and debt issuance costs		3,731			3,599
Operating lease liabilities		186			189
Deferred income taxes, net		701			711
Other liabilities		371			362
Equity:
Common stock, par value $0.10 per share; authorized 560 shares; issued 306 shares and outstanding 287 shares at 2025, issued 306 shares and outstanding 286 shares at 2024, respectively		31			31
Additional paid-in capital		1,107			1,118
Treasury stock, at cost 20 shares at 2025 and 2024		(748	)		(748	)
Accumulated other comprehensive loss		15			(109	)
Non-controlling interests		20			17
Retained earnings		6,416			6,128
Total equity		6,841			6,437
Total liabilities and equity	$	16,760		$	17,612

Brown & Brown, Inc.
Consolidated Statements of Cash Flows
(in millions, unaudited)

	Three Months Ended March 31,
	2025			2024
Cash flows from operating activities:
Net income before non-controlling interests	$	334		$	293
Adjustments to reconcile net income before non-controlling interests to net cash provided by operating activities:
Amortization		53			43
Depreciation		11			11
Non-cash stock-based compensation		29			29
Change in estimated acquisition earn-out payables		(4	)		(2	)
Deferred income taxes		(10	)		(1	)
Net loss on sales/disposals of investments, businesses, fixed assets and customer accounts		2			2
Payments on acquisition earn-outs in excess of original estimated payables		—			(13	)
Other		2			—
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:
Commissions, fees and other receivables (increase)/decrease		(180	)		(142	)
Reinsurance recoverable (increase)/decrease		1,080			60
Prepaid reinsurance premiums (increase)/decrease		40			33
Other assets (increase)/decrease		35			—
Losses and loss adjustment reserve increase/(decrease)		(1,081	)		(59	)
Unearned premiums increase/(decrease)		(35	)		25
Accounts payable increase/(decrease)		126			(86	)
Accrued expenses and other liabilities increase/(decrease)		(195	)		(186	)
Other liabilities increase/(decrease)		6			6
Net cash provided by operating activities		213			13
Cash flows from investing activities:
Additions to fixed assets		(17	)		(13	)
Payments for businesses acquired, net of cash acquired		(67	)		(76	)
Proceeds from sales of businesses, fixed assets and customer accounts		9			—
Other investing activities		(4	)		1
Net cash used in investing activities		(79	)		(88	)
Cash flows from financing activities:
Fiduciary receivables and liabilities, net		(90	)		(26	)
Payments on acquisition earn-outs		(26	)		(39	)
Payments on long-term debt		(169	)		(13	)
Borrowings on revolving credit facility		150			150
Payments on revolving credit facility		—			(50	)
Repurchase shares to fund tax withholdings for non-cash stock-based compensation		(40	)		(54	)
Cash dividends paid		(43	)		(38	)
Other financing activities		—			3
Net cash used in financing activities		(218	)		(67	)
Effect of foreign exchange rate changes in cash and cash equivalents inclusive of fiduciary cash		22			(11	)
Net decrease in cash and cash equivalents inclusive of fiduciary cash		(62	)		(153	)
Cash and cash equivalents inclusive of fiduciary cash at beginning of period		2,502			2,303
Cash and cash equivalents inclusive of fiduciary cash at end of period	$	2,440		$	2,150

Conference call, webcast and slide presentation

A conference call to discuss the results of the first quarter of 2025 will be held on Tuesday, April 29, 2025, at 8:00 AM (EDT). The Company may refer to a slide presentation during its conference call. You can access the webcast and the slides from the “Investor Relations” section of the Company’s website at bbrown.com.

About Brown & Brown

Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm providing enhanced customer-centric risk management solutions since 1939. With a global presence spanning 500+ locations and a team of more than 17,000 professionals, we are dedicated to delivering scalable, innovative strategies for our customers at every step of their growth journey. Learn more at bbrown.com.

Forward-looking statements

This press release may contain certain statements relating to future results which are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. You can identify these statements by forward-looking words such as “may,” “will,” “should,” “expect,” “anticipate,” “believe,” “intend,” “estimate,” “plan” and “continue” or similar words. We have based these statements on our current expectations about potential future events. Although we believe the expectations expressed in the forward-looking statements included in this press release are based upon reasonable assumptions within the bounds of our knowledge of our business, a number of factors could cause actual results to differ materially from those expressed in any forward-looking statements, whether oral or written, made by us or on our behalf. Many of these factors have previously been identified in filings or statements made by us or on our behalf. Important factors which could cause our actual results to differ, possibly materially from the forward-looking statements in this press release include but are not limited to the following items: the Company’s determination as it finalizes its financial results for the first quarter of 2025 that its financial results differ from the current preliminary unaudited numbers set forth herein; the inability to hire, retain and develop qualified employees, as well as the loss of any of our executive officers or other key employees; a cybersecurity attack or any other interruption in information technology and/or data security that may impact our operations or the operations of third parties that support us; acquisition-related risks that could negatively affect the success of our growth strategy, including the possibility that we may not be able to successfully identify suitable acquisition candidates, complete acquisitions, successfully integrate acquired businesses into our operations and expand into new markets; risks related to our international operations, which may result in additional risks or require more management time and expense than our domestic operations to achieve or maintain profitability; the requirement for additional resources and time to adequately respond to dynamics resulting from rapid technological change; the loss of or significant change to any of our insurance company or intermediary relationships, which could result in loss of capacity to write business, additional expense, loss of market share or material decrease in our commissions; the effect of natural disasters on our profit-sharing contingent commissions, insurer capacity or claims expenses within our captive insurance facilities; adverse economic conditions, political conditions, outbreaks of war, disasters, or regulatory changes in states or countries where we have a concentration of our business; the inability to maintain our culture or a significant change in management, management philosophy or our business strategy; fluctuations in our commission revenue as a result of factors outside of our control; the effects of significant or sustained inflation or higher interest rates; claims expense resulting from the limited underwriting risk associated with our participation in capitalized captive insurance facilities; risks associated with our automobile and recreational vehicle dealer services (“F&I”) businesses; changes in, or the termination of, certain programs administered by the U.S. federal government from which we derive revenues; the limitations of our system of disclosure and internal controls and procedures in preventing errors or fraud, or in informing management of all material information in a timely manner; our reliance on vendors and other third parties to perform key functions of our business operations and provide services to our customers; the significant control certain shareholders have; changes in data privacy and protection laws and regulations or any failure to comply with such laws and regulations; improper disclosure of confidential information; our ability to comply with non-U.S. laws, regulations and policies; the potential adverse effect of certain actual or potential claims, regulatory actions or proceedings on our businesses, results of operations, financial condition or liquidity; uncertainty in our business practices and compensation arrangements with insurance carriers due to potential changes in regulations; regulatory changes that could reduce our profitability or growth by increasing compliance costs, technology compliance, restricting the products or services we may sell, the markets we may enter, the methods by which we may sell our products and services, or the prices we may charge for our services and the form of compensation we may accept from our customers, carriers and third-parties; increasing scrutiny and changing laws and expectations from regulators, investors and customers with respect to our environmental, social and governance practices and disclosure; a decrease in demand for liability insurance as a result of tort reform legislation; our failure to comply with any covenants contained in our debt agreements; the possibility that covenants in our debt agreements could prevent us from engaging in certain potentially beneficial activities; fluctuations in foreign currency exchange rates; a downgrade to our corporate credit rating, the credit ratings of our outstanding debt or other market speculation; changes in the U.S.-based credit markets that might adversely affect our business, results of operations and financial condition; changes in current U.S. or global economic conditions, including an extended slowdown in the markets in which we operate; disintermediation within the insurance industry, including increased competition from insurance companies, technology companies and the financial services industry, as well as the shift away from traditional insurance markets; conditions that result in reduced insurer capacity; quarterly and annual variations in our commissions that result from the timing of policy renewals and the net effect of new and lost business production; intangible asset risk, including the possibility that our goodwill may become impaired in the future; changes in our accounting estimates and assumptions; future pandemics, epidemics or outbreaks of infectious diseases, and the resulting governmental and societal responses; other risks and uncertainties as may be detailed from time to time in our public announcements and Securities and Exchange Commission (“SEC”) filings; and other factors that the Company may not have currently identified or quantified. Assumptions as to any of the foregoing, and all statements, are not based upon historical fact, but rather reflect our current expectations concerning future results and events. Forward-looking statements that we make or that are made by others on our behalf are based upon a knowledge of our business and the environment in which we operate, but because of the factors listed above, among others, actual results may differ from those in the forward-looking statements. Consequently, these cautionary statements qualify all of the forward-looking statements we make herein. We cannot assure you that the results or developments anticipated by us will be realized, or even if substantially realized, that those results or developments will result in the expected consequences for us or affect us, our business or our operations in the way we expect. We caution readers not to place undue reliance on these forward-looking statements. All forward-looking statements made herein are made only as of the date of this press release, and the Company does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which the Company hereafter becomes aware.

Non-GAAP supplemental financial information
This press release contains references to “non-GAAP financial measures” as defined in SEC Regulation G, consisting of Organic Revenue, EBITDAC, EBITDAC Margin, EBITDAC – Adjusted, EBITDAC Margin – Adjusted and Diluted Net Income Per Share – Adjusted. We present these measures because we believe such information is of interest to the investment community and because we believe it provides additional meaningful methods to evaluate the Company’s operating performance from period to period on a basis that may not be otherwise apparent on a GAAP basis due to the impact of certain items that have a high degree of variability, that we believe are not indicative of ongoing performance and that are not easily comparable from period to period. This non-GAAP financial information should be considered in addition to, not in lieu of, the Company’s consolidated income statements and balance sheets as of the relevant date. Consistent with Regulation G, a description of such information is provided below and a reconciliation of such items to GAAP information can be found within this press release as well as in our periodic filings with the SEC.

We view Organic Revenue and Organic Revenue growth as important indicators when assessing and evaluating our performance on a consolidated basis and for each of our three segments, because it allows us to determine a comparable, but non-GAAP, measurement of revenue growth that is associated with the revenue sources that were a part of our business in both the current and prior year and that are expected to continue in the future. In addition, we believe Diluted Net Income Per Share – Adjusted provides a meaningful representation of our operating performance and improves the comparability of our results between periods by excluding the impact of the change in estimated acquisition earn-out payables, the impact of amortization of intangible assets and certain other non-recurring or infrequently occurring items. We also view EBITDAC, EBITDAC – Adjusted, EBITDAC Margin and EBITDAC Margin – Adjusted as important indicators when assessing and evaluating our performance, as they present more comparable measurements of our operating margins in a meaningful and consistent manner. As disclosed in our most recent proxy statement, we use Organic Revenue growth, Diluted Net Income Per Share – Adjusted and EBITDAC Margin – Adjusted as key performance metrics for our short-term and long-term incentive compensation plans for executive officers and other key employees.

Non-GAAP Revenue Measures

Organic Revenue is our core commissions and fees less: (i) the core commissions and fees earned for the first 12 months by newly acquired operations; (ii) divested business (core commissions and fees generated from offices, books of business or niches sold or terminated during the comparable period); and (iii) Foreign Currency Translation (as defined below). The term “core commissions and fees” excludes profit-sharing contingent commissions and therefore represents the revenues earned directly from specific insurance policies sold and specific fee-based services rendered. Organic Revenue can be expressed as a dollar amount or a percentage rate when describing Organic Revenue growth.

Non-GAAP Earnings Measures

EBITDAC is defined as income before interest, income taxes, depreciation, amortization and the change in estimated acquisition earn-out payables.
EBITDAC Margin is defined as EBITDAC divided by total revenues.
EBITDAC – Adjusted is defined as EBITDAC, excluding (gain)/loss on disposal (as defined below).
EBITDAC Margin – Adjusted is defined as EBITDAC – Adjusted divided by total revenues.
Diluted Net Income Per Share – Adjusted is defined as diluted net income per share, excluding the after-tax impact of (i) the change in estimated acquisition earn-out payables, (ii) (gain)/loss on disposal, (as defined below) and (iii) amortization.

Definitions Related to Certain Components of Non-GAAP Measures

“Foreign Currency Translation” means the period-over-period impact of foreign currency translation, which is calculated by applying current-year foreign exchange rates to the various functional currencies in our business to our reporting currency of US dollars for the same period in the prior year.
“(Gain)/loss on disposal,” a caption on our consolidated statements of income which reflects net proceeds received as compared to net book value related to sales of books of business and other divestiture transactions, such as the disposal of a business through sale or closure.

Our industry peers may provide similar supplemental non-GAAP information with respect to one or more of these measures, although they may not use the same or comparable terminology and may not make identical adjustments and, therefore comparability may be limited. This supplemental non-GAAP financial information should be considered in addition to, and not in lieu of, the Company’s condensed consolidated financial statements.

For more information:

R. Andrew Watts
Chief Financial Officer
(386) 239-5770

The MIL Network –

April 29, 2025

MIL-OSI: AGF Investments Extends Termination Date of AGF Emerging Markets Bond Fund

Source: GlobeNewswire (MIL-OSI)

TORONTO, April 28, 2025 (GLOBE NEWSWIRE) — AGF Investments is extending the termination date of AGF Emerging Markets Bond Fund (the “Fund”) to on or about May 26, 2025 (the “Fund Termination Date”) in order to facilitate an orderly wind down of the Fund.

AGF Investments previously announced the Fund Termination Date as on or about April 29, 2025.

Effective as of the close of business on February 28, 2025, units of the Fund were no longer available for purchase and AGF Investments stopped accepting purchases and switches into the Fund, including systematic purchase and switch plans.

AGF Investments is waiving the management fee that is normally applicable to the Fund from the close of business on February 28, 2025 until the Fund Termination Date. Note that there may be distributions paid by the Fund prior to the termination.

Unitholders can transfer their investments into another AGF Fund or redeem their units prior to the Fund Termination Date.

Investors who remain holding units of the Fund in client-name registered plans will have their units transferred to the same series and purchase option of AGF Canadian Money Market Fund, effective on or about May 26, 2025. Investors who remain holding units of the Fund in client-name non-registered plans and/or any nominee/intermediary-held accounts (both registered and non-registered) will have their units redeemed on or about May 26, 2025, without any redemption fees or sales charges applied.

AGF Investments strongly encourages unitholders to consult with their financial advisor to discuss their individual circumstances, including possible tax consequences, and determine the solution that best meets their investment needs.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $52 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

About AGF Investments

AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

Disclaimer

This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

Media Contact

Amanda Marchment
Director, Corporate Communications
416-865-4160
amanda.marchment@agf.com

The MIL Network –

April 29, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

FORWARD-LOOKING STATEMENTS

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

CONTACT

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

The MIL Network –

April 29, 2025

MIL-OSI: CVR Energy Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

First quarter net loss attributable to CVR Energy stockholders of $123 million; EBITDA loss of $61 million; adjusted EBITDA of $24 million
First quarter loss per diluted share of $1.22 and adjusted loss per diluted share of 58 cents
CVR Energy will not pay a cash dividend for the first quarter of 2025
CVR Partners announced a cash distribution of $2.26 per common unit

SUGAR LAND, Texas, April 28, 2025 (GLOBE NEWSWIRE) — CVR Energy, Inc. (NYSE: CVI, “CVR Energy” or the “Company”) today announced first quarter 2025 net loss attributable to CVR Energy stockholders of $123 million, or $1.22 per diluted share, compared to first quarter 2024 net income attributable to CVR Energy stockholders of $82 million, or 81 cents per diluted share. Adjusted loss for the first quarter of 2025 was 58 cents per diluted share, compared to adjusted earnings per diluted share of 4 cents in the first quarter of 2024. Net loss for the first quarter of 2025 was $105 million, compared to net income of $90 million in the first quarter of 2024. First quarter 2025 EBITDA loss was $61 million, compared to first quarter 2024 EBITDA of $203 million. Adjusted EBITDA for the first quarter of 2025 was $24 million, compared to adjusted EBITDA of $99 million in the first quarter of 2024.

“CVR Energy’s 2025 first quarter earnings results for its refining business were impacted by planned and unplanned downtime at the Coffeyville refinery,” said Dave Lamp, CVR Energy’s Chief Executive Officer. “With the turnaround at Coffeyville now completed, we are well-positioned for the upcoming driving season, and we currently have no planned turnarounds at either refinery until 2027.

“CVR Partners achieved solid operating results for the first quarter of 2025, with a combined ammonia production rate of 101 percent,” Lamp said. “CVR Partners was pleased to declare a first quarter 2025 cash distribution of $2.26 per common unit.”

Petroleum Segment

The Petroleum Segment reported a first quarter 2025 net loss of $160 million and EBITDA loss of $119 million, compared to net income of $127 million and EBITDA of $171 million for the first quarter of 2024. Adjusted EBITDA loss for the Petroleum Segment was $30 million for the first quarter of 2025, compared to adjusted EBITDA of $67 million for the first quarter of 2024.

Combined total throughput for the first quarter of 2025 was approximately 120,000 barrels per day (“bpd”) compared to approximately 196,000 bpd of combined total throughput for the first quarter of 2024. The decrease in throughput was primarily due to the turnaround at the Coffeyville, Kansas, refinery during the first quarter of 2025.

Refining margin for the first quarter of 2025 was $(5) million, or (42) cents per total throughput barrel, compared to $290 million, or $16.29 per total throughput barrel, during the same period in 2024. Included in our first quarter 2025 refining margin were unfavorable mark-to-market impacts on our outstanding Renewable Fuel Standard (“RFS”) obligation of $112 million, favorable unrealized derivative impacts of $3 million primarily related to Canadian crude oil positions, and favorable inventory valuation impacts of $20 million. Excluding these items, adjusted refining margin for the first quarter of 2025 was $7.72 per barrel, compared to an adjusted refining margin per barrel of $10.46 for the first quarter of 2024. The decrease in adjusted refining margin per barrel was primarily due to a decrease in the Group 3 2-1-1 crack spread.

Renewables Segment

Effective beginning with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and due to the prominence of the renewables business relative to the Company’s overall 2024 performance, we revised our reportable segments to reflect a new reportable segment: Renewables. The Renewables Segment includes the operations of the renewable diesel unit and renewable feedstock pretreater at the refinery in Wynnewood, Oklahoma.

The Renewables Segment reported first quarter 2025 net income of less than $1 million and EBITDA of $6 million, compared to net loss of $10 million and EBITDA loss of $4 million for the first quarter of 2024. Adjusted EBITDA for the Renewables Segment was $3 million for the first quarter of 2025, compared to adjusted EBITDA loss of $5 million for the first quarter of 2024.

Total vegetable oil throughput for the first quarter of 2025 was approximately 156,000 gallons per day (“gpd”), compared to approximately 76,000 gpd for the first quarter of 2024.

Renewables margin was $16 million, or $1.13 per vegetable oil throughput gallon, for the first quarter of 2025 compared to $4 million, or 65 cents per vegetable oil throughput gallon, for the first quarter of 2024. Factors contributing to our first quarter 2025 renewables margin were higher net sales of $33 million resulting from increased production and sales volumes in the current period coupled with increased D4 RIN and LCFS credit prices, partially offset by a decrease in average CARB ULSD prices of 26 cents per gallon. Higher net sales were partially offset by higher cost of sales of $22 million due to an increase in throughput and production volumes.

Nitrogen Fertilizer Segment

The Nitrogen Fertilizer Segment reported net income of $27 million and EBITDA of $53 million on net sales of $143 million for the first quarter of 2025, compared to net income of $13 million and EBITDA of $40 million on net sales of $128 million for the first quarter of 2024.

Production at CVR Partners, LP’s (“CVR Partners”) fertilizer facilities increased compared to the first quarter of 2024, producing a combined 216,000 tons of ammonia during the first quarter of 2025, of which 64,000 net tons were available for sale while the rest was upgraded to other fertilizer products, including 348,000 tons of urea ammonia nitrate (“UAN”). During the first quarter of 2024, the fertilizer facilities produced a combined 193,000 tons of ammonia, of which 60,000 net tons were available for sale while the remainder was upgraded to other fertilizer products, including 305,000 tons of UAN.

For the first quarter 2025, average realized gate prices for ammonia showed an increase compared to the prior year, up 5 percent to $554 per ton, and UAN was down 4 percent over the prior year to $256 per ton. Average realized gate prices for ammonia and UAN were $528 and $267 per ton, respectively, for the first quarter of 2024.

Corporate and Other

The Company reported an income tax benefit of $49 million, or 31.8 percent of loss before income taxes, for the three months ended March 31, 2025, compared to an income tax expense of $17 million, or 15.9 percent of income before income taxes, for the three months ended March 31, 2024. The decrease in income tax expense was primarily due to a decrease in overall pretax earnings while the change in the effective tax rate was primarily due to changes in pretax earnings attributable to noncontrolling interest and the impact of federal and state tax credits and incentives in relation to overall pretax earnings.

Cash, Debt and Dividend

Consolidated cash and cash equivalents were $695 million at March 31, 2025, a decrease of $292 million from December 31, 2024. Consolidated total debt and finance lease obligations were $1.9 billion at March 31, 2025, including $570 million held by the Nitrogen Fertilizer Segment.

CVR Energy will not pay a cash dividend for the first quarter of 2025.

Today, CVR Partners announced that the Board of Directors of its general partner declared a first quarter 2025 cash distribution of $2.26 per common unit, which will be paid on May 19, 2025, to common unitholders of record as of May 12, 2025.

First Quarter 2025 Earnings Conference Call

CVR Energy previously announced that it will host its first quarter 2025 Earnings Conference Call on Tuesday, April 29, at 1 p.m. Eastern. The Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.

The first quarter 2025 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8291. The webcast will be archived and available for 14 days at https://edge.media-server.com/mmc/p/uxpz7jf5. A repeat of the call also can be accessed for 14 days by dialing (877) 660-6853, conference ID 13752979.

Forward-Looking Statements
This news release may contain 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. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: continued safe and reliable operations; drivers of our results; EBITDA and Adjusted EBITDA; impacts of planned and unplanned downtime; our position for the upcoming driving season; timing of turnarounds and impacts thereof on our results; asset utilization, capture, production volume, throughput, product yield and crude oil gathering rates, including the factors impacting same; cash flow generation; operating income and net sales, including the factors impacting same; refining margin; crack spreads, including the drivers thereof; impact of costs to comply with the RFS and revaluation of our RFS liability; inventory levels and valuation impacts; derivative gains and losses and the drivers thereof; renewable feedstocks; production rates and operations capabilities of our renewable diesel unit, including the ability to return to hydrocarbon service; demand trends; RIN generation levels; benefits of our corporate transformation to segregate our renewables business; access to capital and new partnerships; RIN pricing, including its impact on performance and the Company’s ability to offset the impact thereof; LCFS credit and CARB ULSD pricing; carbon capture and decarbonization initiatives; demand for refined products; ammonia and UAN pricing; global fertilizer industry conditions; grain prices; crop inventory levels; crop and planting levels; production levels and utilization at our nitrogen fertilizer facilities; nitrogen fertilizer sales volumes; ability to and levels to which we upgrade ammonia to other fertilizer products, including UAN; income tax expense and benefits, including the drivers thereof; pretax earnings and our effective tax rate; the availability and impact of tax credits and incentives; use of proceeds under our debt instruments; debt levels; cash and cash equivalent levels; dividends and distributions, including the timing, payment and amount (if any) thereof; direct operating expenses, capital expenditures, depreciation and amortization; turnaround expense; cash reserves; labor supply shortages, difficulties, disputes or strikes, including the impact thereof; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) the health and economic effects of any pandemic, demand for fossil fuels and price volatility of crude oil, other feedstocks and refined products; the ability of Company to pay cash dividends and of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; impacts of the planting season on CVR Partners; our controlling shareholder’s intention regarding ownership of our common stock or CVR Partners’ common units; general economic and business conditions; political disturbances, geopolitical instability and tensions; existing and future laws, rulings, policies and regulations, including the reinterpretation or amplification thereof by regulators, and including but not limited to those relating to the environment, climate change, and/or the production, transportation, or storage of hazardous chemicals, materials, or substances, like ammonia; political uncertainty and impacts to the oil and gas industry and the United States economy generally as a result of actions taken by a new administration, including the imposition of tariffs or changes in climate or other energy laws, rules, regulations, or policies; impacts of plant outages; potential operating hazards from accidents, fires, severe weather, tornadoes, floods, wildfires, or other natural disasters; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.

About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the renewable fuels and petroleum refining and marketing business, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners. CVR Energy subsidiaries serve as the general partner and own 37 percent of the common units of CVR Partners.

Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website.

Contact Information:

Investor Relations
Richard Roberts
(281) 207-3205
InvestorRelations@CVREnergy.com

Media Relations
Brandee Stephens
(281) 207-3516
MediaRelations@CVREnergy.com

Non-GAAP Measures

Our management uses certain non-GAAP performance measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are important factors in assessing our operating results and profitability and include the performance and liquidity measures defined below.

As a result of continuing volatile market conditions and the impacts certain non-cash items may have on the evaluation of our operations and results, the Company began disclosing the Adjusted Refining Margin non-GAAP measure, as defined below, in the second quarter of 2024. We believe the presentation of this non-GAAP measure is meaningful to compare our operating results between periods and better aligns with our peer companies. All prior periods presented have been conformed to the definition below.

The following are non-GAAP measures we present for the periods ended March 31, 2025 and 2024:

EBITDA – Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.

Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA – Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization.

Refining Margin – The difference between our Petroleum Segment net sales and cost of materials and other.

Adjusted Refining Margin – Refining Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Refining Margin and Adjusted Refining Margin, per Throughput Barrel – Refining Margin and Adjusted Refining Margin divided by the total throughput barrels during the period, which is calculated as total throughput barrels per day times the number of days in the period.

Direct Operating Expenses per Throughput Barrel – Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.

Renewables Margin – The difference between our Renewables Segment net sales and cost of materials and other.

Adjusted Renewables Margin – Renewables Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Renewables Margin and Adjusted Renewables Margin, per Vegetable Oil Throughput Gallon – Renewables Margin and Adjusted Renewables Margin divided by the total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

Direct Operating Expenses per Vegetable Oil Throughput Gallon – Direct operating expenses for our Renewables Segment divided by total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

Adjusted EBITDA, Petroleum Adjusted EBITDA, Renewables Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA – EBITDA, Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Adjusted Earnings (Loss) per Share – Earnings (loss) per share adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.

Free Cash Flow – Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures.

We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. See “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.

Factors Affecting Comparability of Our Financial Results

Petroleum Segment

Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future due to capitalized expenditures as part of planned turnarounds. Total capitalized expenditures were $166 million and $39 million during the three months ended March 31, 2025 and 2024, respectively.

CVR Energy, Inc.
(all information in this release is unaudited)

Consolidated Statement of Operations Data

	Three Months Ended March 31,
(in millions, except per share data)		2025			2024
Net sales	$	1,646		$	1,863
Operating costs and expenses:
Cost of materials and other		1,517			1,463
Direct operating expenses (exclusive of depreciation and amortization)		154			164
Depreciation and amortization		66			75
Cost of sales		1,737			1,702
Selling, general and administrative expenses (exclusive of depreciation and amortization)		37			36
Depreciation and amortization		2			1
Loss on asset disposal		1			1
Operating (loss) income		(131	)		123
Other (expense) income:
Interest expense, net		(25	)		(20	)
Other income, net		2			4
(Loss) income before income tax benefit		(154	)		107
Income tax (benefit) expense		(49	)		17
Net (loss) income		(105	)		90
Less: Net income attributable to noncontrolling interest		18			8
Net (loss) income attributable to CVR Energy stockholders	$	(123	)	$	82

Basic and diluted (loss) earnings per share	$	(1.22	)	$	0.81
Dividends declared per share	$	—		$	0.50

Adjusted (loss) earnings per share *	$	(0.58	)	$	0.04
EBITDA *	$	(61	)	$	203
Adjusted EBITDA *	$	24		$	99

Weighted-average common shares outstanding – basic and diluted		100.5			100.5

_______________
* See “Non-GAAP Reconciliations” section below.

Selected Consolidated Balance Sheet Data

(in millions)	March 31, 2025		December 31, 2024
Cash and cash equivalents	$	695	$	987
Working capital (inclusive of cash and cash equivalents)		395		726
Total assets		4,251		4,263
Total debt and finance lease obligations, including current portion		1,918		1,919
Total liabilities		3,480		3,375
Total CVR stockholders’ equity		580		703

Selected Consolidated Cash Flow Data

	Three Months Ended March 31,
(in millions)		2025			2024
Net cash used in:
Operating activities	$	(195	)	$	177
Investing activities		(82	)		(55	)
Financing activities		(15	)		(664	)
Net decrease in cash, cash equivalents, and restricted cash	$	(292	)	$	(542	)

Free cash flow *	$	(285	)	$	121

_______________
* See “Non-GAAP Reconciliations” section below.

Selected Segment Data

	Three Months Ended March 31,
		2025										2024
(in millions)	Petroleum			Renewables		Nitrogen Fertilizer		Consolidated			Petroleum		Renewables			Nitrogen Fertilizer		Consolidated
Net sales	$	1,477		$	66	$	143	$	1,646		$	1,722	$	33		$	128	$	1,863
Operating (loss) income		(161	)		—		35		(131	)		118		(10	)		20		123
Net (loss) income		(160	)		—		27		(105	)		127		(10	)		13		90
EBITDA *		(119	)		6		53		(61	)		171		(4	)		40		203

Capital expenditures ⁽¹⁾
Maintenance	$	41		$	—	$	4	$	45		$	22	$	1		$	5	$	30
Growth		8			—		2		10			14		7			—		21
Total capital expenditures	$	49		$	—	$	6	$	55		$	36	$	8		$	5	$	51

_______________
* See “Non-GAAP Reconciliations” section below.
(1) Capital expenditures are shown exclusive of capitalized turnaround expenditures.

Selected Balance Sheet Data

	March 31, 2025								December 31, 2024
(in millions)	Petroleum		Renewables		Nitrogen Fertilizer		Consolidated		Petroleum		Renewables		Nitrogen Fertilizer		Consolidated
Cash and cash equivalents ⁽¹⁾	$	434	$	20	$	122	$	695	$	735	$	13	$	91	$	987
Total assets		3,297		422		1,014		4,251		3,288		420		1,019		4,263
Total debt and finance lease obligations, including current portion ⁽²⁾		352		—		570		1,918		354		—		569		1,919

_______________
(1) Corporate cash and cash equivalents consisted of $119 million and $148 million at March 31, 2025 and December 31, 2024, respectively.
(2) Corporate total debt and finance lease obligations, including current portion consisted of $996 million and $996 million at March 31, 2025 and December 31, 2024, respectively.

Petroleum Segment

Key Operating Metrics per Total Throughput Barrel

	Three Months Ended March 31,
(in millions)		2025			2024
Refining margin *	$	(0.42	)	$	16.29
Adjusted refining margin *		7.72			10.46
Direct operating expenses *		8.58			5.78

_______________
* See “Non-GAAP Reconciliations” section below.

Refining Throughput and Production Data by Refinery

Throughput Data	Three Months Ended March 31,
(in bpd)		2025	2024
Coffeyville
Gathered crude		26,728	62,405
Other domestic		12,348	45,925
Canadian		640	9,532
Condensate		—	7,700
Other feedstocks and blendstocks		6,330	12,569
Wynnewood
Gathered crude		58,420	43,059
Other domestic		573	—
Condensate		10,152	10,262
Other feedstocks and blendstocks		5,186	4,340
Total throughput		120,377	195,792

Production Data	Three Months Ended March 31,
(in bpd)		2025		2024
Coffeyville
Gasoline		18,940		72,723
Distillate		20,233		56,007
Other liquid products		6,324		4,554
Solids		1,321		4,980
Wynnewood
Gasoline		39,740		31,984
Distillate		24,948		19,166
Other liquid products		5,058		5,563
Solids		11		6
Total production		116,575		194,983

Crude utilization ⁽¹⁾		52.7	%	86.6	%
Light product yield (as % of crude throughput) ⁽²⁾		95.4	%	100.6	%
Liquid volume yield (as % of total throughput) ⁽³⁾		95.7	%	97.0	%
Distillate yield (as % of crude throughput) ⁽⁴⁾		41.5	%	42.0	%

_______________
(1) Total Gathered crude, Other domestic, Canadian, and Condensate throughput (collectively, “Total Crude Throughput”) divided by consolidated crude oil throughput capacity of 206,500 bpd.
(2) Total Gasoline and Distillate divided by Total Crude Throughput.
(3) Total Gasoline, Distillate, and Other liquid products divided by total throughput.
(4) Total Distillate divided by Total Crude Throughput.

Key Market Indicators

	Three Months Ended March 31,
		2025			2024
West Texas Intermediate (WTI) NYMEX	$	71.42		$	76.91
Crude Oil Differentials to WTI:
Brent		3.56			4.85
WCS (heavy sour)		(12.45	)		(16.91	)
Condensate		(0.64	)		(0.83	)
Midland Cushing		1.10			1.59
NYMEX Crack Spreads:
Gasoline		16.83			22.55
Heating Oil		28.46			36.87
NYMEX 2-1-1 Crack Spread		22.64			29.71
PADD II Group 3 Product Basis:
Gasoline		(2.81	)		(9.97	)
Ultra-Low Sulfur Diesel		(7.19	)		(10.35	)
PADD II Group 3 Product Crack Spread:
Gasoline		14.02			12.58
Ultra-Low Sulfur Diesel		21.27			26.51
PADD II Group 3 2-1-1		17.65			19.55

Renewables Segment

Key Operating Metrics per Vegetable Oil Throughput Gallon

	Three Months Ended March 31,
		2025		2024
Renewables margin *	$	1.13	$	0.65
Adjusted renewables margin *		0.94		0.47
Direct operating expenses *		0.48		0.84

_______________
* See “Non-GAAP Reconciliations” section below.

Renewables Throughput and Production Data

	Three Months Ended March 31,
(in gallons per day)		2025		2024
Throughput Data
Corn Oil		19,503		31,295
Soybean Oil		136,440		44,362

Production Data
Renewable diesel		144,189		62,594

Renewable utilization ⁽¹⁾		61.9	%	30.0	%
Renewable diesel yield (as % of corn and soybean oil throughput)		92.5	%	82.7	%

_______________
(1) Total corn and soybean oil throughput divided by total renewable throughput capacity of 252,000 gallons per day.

Key Market Indicators

	Three Months Ended March 31,
		2025		2024
Chicago Board of Trade (CBOT) soybean oil (dollars per pound)	$	0.44	$	0.47
Midwest crude corn oil (dollars per pound)		0.47		0.55
CARB ULSD (dollars per gallon)		2.41		2.66
NYMEX ULSD (dollars per gallon)		2.38		2.71
California LCFS (dollars per metric ton)		66.12		63.53
Biodiesel RINs (dollars per RIN)		0.79		0.58

Nitrogen Fertilizer Segment

	Three Months Ended March 31,
(percent of capacity utilization)		2025		2024
Ammonia utilization rate ⁽¹⁾		101	%	90	%

_______________
(1) Reflects our ammonia utilization rate on a consolidated basis. Utilization is an important measure used by management to assess operational output at each of CVR Partners’ facilities. Utilization is calculated as actual tons produced divided by capacity. We present our utilization for the three months ended March 31, 2025 and 2024 and take into account the impact of our current turnaround cycles on any specific period. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides a comparative baseline against industry peers and eliminates the disparity of plant configurations for upgrade of ammonia into other nitrogen products. With our efforts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well we operate.

Sales and Production Data

	Three Months Ended March 31,
		2025		2024
Consolidated sales volumes (thousands of tons):
Ammonia		60		70
UAN		336		284

Consolidated product pricing at gate (dollars per ton): ⁽¹⁾
Ammonia	$	554	$	528
UAN		256		267

Consolidated production volume (thousands of tons):
Ammonia (gross produced) ⁽²⁾		216		193
Ammonia (net available for sale) ⁽²⁾		64		60
UAN		348		305

Feedstock:
Petroleum coke used in production (thousands of tons)		131		128
Petroleum coke used in production (dollars per ton)	$	42.43	$	75.71
Natural gas used in production (thousands of MMBtus) ⁽³⁾		2,159		2,148
Natural gas used in production (dollars per MMBtu) ⁽³⁾	$	4.62	$	3.10
Natural gas in cost of materials and other (thousands of MMBtus) ⁽³⁾		1,605		1,765
Natural gas in cost of materials and other (dollars per MMBtu) ⁽³⁾	$	4.63	$	3.49

_______________
(1) Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.
(2) Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
(3) The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.

Key Market Indicators

	Three Months Ended March 31,
		2025		2024
Ammonia — Southern plains (dollars per ton)	$	562	$	567
Ammonia — Corn belt (dollars per ton)		618		598
UAN — Corn belt (dollars per ton)		324		292

Natural gas NYMEX (dollars per MMBtu)	$	3.87	$	2.10

Q2 2025 Outlook

The table below summarizes our outlook for certain operational statistics and financial information for the second quarter of 2025. See “Forward-Looking Statements” above.

	Q2 2025
	Low			High
Petroleum
Total throughput (bpd)		160,000			180,000
Crude utilization ⁽¹⁾		82	%		90	%
Direct operating expenses (in millions) ⁽²⁾	$	105		$	115
Turnaround (in millions) ⁽³⁾		15			20

Renewables
Total throughput (in millions of gallons)		16			20
Renewable utilization ⁽⁴⁾		70	%		87	%
Direct operating expenses (in millions) ⁽²⁾	$	8		$	10

Nitrogen Fertilizer
Ammonia utilization rate		93	%		97	%
Direct operating expenses (in millions) ⁽²⁾	$	57		$	62

Capital Expenditures (in millions) ⁽³⁾
Petroleum	$	35		$	40
Renewables		2			4
Nitrogen Fertilizer		18			22
Other		1			3
Total capital expenditures	$	56		$	69

_______________
(1) Represents crude oil throughput divided by consolidated crude oil throughput capacity of 206,500 bpd.
(2) Direct operating expenses are shown exclusive of depreciation and amortization, turnaround expenses, and inventory valuation impacts.
(3) Turnaround and capital expenditures are disclosed on an accrual basis.
(4) Represents renewable feedstock throughput divided by total renewable throughput capacity of 252,000 gallons per day.

Non-GAAP Reconciliations

Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA

	Three Months Ended March 31,
(in millions)		2025			2024
Net (loss) income	$	(105	)	$	90
Interest expense, net		25			20
Income tax (benefit) expense		(49	)		17
Depreciation and amortization		68			76
EBITDA		(61	)		203
Adjustments:
Revaluation of RFS liability, unfavorable (favorable)		112			(91	)
Unrealized (gain) loss on derivatives, net		(3	)		24
Inventory valuation impacts, favorable		(24	)		(37	)
Adjusted EBITDA	$	24		$	99

Reconciliation of Basic and Diluted (Loss) Earnings per Share to Adjusted (Loss) Earnings per Share

	Three Months Ended March 31,
		2025			2024
Basic and diluted (loss) earnings per share	$	(1.22	)	$	0.81
Adjustments: ⁽¹⁾
Revaluation of RFS liability, unfavorable (favorable)		0.84			(0.67	)
Unrealized (gain) loss on derivatives, net		(0.03	)		0.18
Inventory valuation impacts, favorable		(0.17	)		(0.28	)
Adjusted (loss) earnings per share	$	(0.58	)	$	0.04

_______________
(1) Amounts are shown after-tax, using the Company’s marginal tax rate, and are presented on a per share basis using the weighted average shares outstanding for each period.

Reconciliation of Net Cash (Used In) Provided By Operating Activities to Free Cash Flow

	Three Months Ended March 31,
(in millions)		2025			2024
Net cash (used in) provided by operating activities	$	(195	)	$	177
Less:
Capital expenditures		(51	)		(47	)
Capitalized turnaround expenditures		(43	)		(12	)
Return of equity method investment		4			3
Free cash flow	$	(285	)	$	121

Reconciliation of Petroleum Segment Net (Loss) Income to EBITDA and Adjusted EBITDA

	Three Months Ended March 31,
(in millions)		2025			2024
Petroleum net (loss) income	$	(160	)	$	127
Interest (income) expense, net		—			(4	)
Depreciation and amortization		41			48
Petroleum EBITDA		(119	)		171
Adjustments:
Revaluation of RFS liability, unfavorable (favorable)		112			(91	)
Unrealized (gain) loss on derivatives, net		(3	)		24
Inventory valuation impacts, favorable ⁽¹⁾		(20	)		(37	)
Petroleum Adjusted EBITDA	$	(30	)	$	67

Reconciliation of Petroleum Segment Gross (Loss) Profit to Refining Margin and Adjusted Refining Margin

	Three Months Ended March 31,
(in millions)		2025			2024
Net sales	$	1,477		$	1,722
Less:
Cost of materials and other		(1,482	)		(1,432	)
Direct operating expenses (exclusive of depreciation and amortization)		(93	)		(103	)
Depreciation and amortization		(41	)		(48	)
Gross (loss) profit		(139	)		139
Add:
Direct operating expenses (exclusive of depreciation and amortization)		93			103
Depreciation and amortization		41			48
Refining margin		(5	)		290
Adjustments:
Revaluation of RFS liability, unfavorable (favorable)		112			(91	)
Unrealized (gain) loss on derivatives, net		(3	)		24
Inventory valuation impacts, favorable ⁽¹⁾		(20	)		(37	)
Adjusted refining margin	$	84		$	186

Total throughput barrels per day		120,377			195,792
Days in the period		90			91
Total throughput barrels		10,833,969			17,817,099

Refining margin per total throughput barrel	$	(0.42	)	$	16.29
Adjusted refining margin per total throughput barrel		7.72			10.46
Direct operating expenses per total throughput barrel		8.58			5.78

_______________
(1) The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

Reconciliation of Renewables Segment Net Income (Loss) to EBITDA and Adjusted EBITDA

	Three Months Ended March 31,
(in millions)		2025			2024
Renewables net income (loss)	$	—		$	(10	)
Depreciation and amortization		6			6
Renewables EBITDA		6			(4	)
Adjustments:
Inventory valuation impacts, favorable ⁽¹⁾		(3	)		(1	)
Renewables Adjusted EBITDA	$	3		$	(5	)

Reconciliation of Renewables Segment Gross Profit (Loss) to Renewables Margin and Adjusted Renewables Margin

	Three Months Ended March 31,
(in millions, except throughput data)		2025			2024
Net sales	$	66		$	33
Less:
Cost of materials and other		50			29
Direct operating expenses (exclusive of depreciation and amortization)		6			5
Depreciation and amortization		6			6
Gross profit (loss)		4			(7	)
Add:
Direct operating expenses (exclusive of depreciation and amortization)		6			5
Depreciation and amortization		6			6
Renewables margin		16			4
Inventory valuation impacts, favorable ⁽¹⁾		(3	)		(1	)
Adjusted renewables margin	$	13		$	3

Total vegetable oil throughput gallons per day		155,943			75,657
Days in the period		90			91
Total vegetable oil throughput gallons		14,034,826			6,884,761

Renewables margin per vegetable oil throughput gallon	$	1.13		$	0.65
Adjusted renewables margin per vegetable oil throughput gallon		0.94			0.47
Direct operating expenses per vegetable oil throughput gallon		0.48			0.84

_______________
(1) The Renewables Segment’s basis for determining inventory value under GAAP is FIFO. Changes in renewable diesel and renewable feedstock prices can cause fluctuations in the inventory valuation of renewable diesel, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when renewable diesel prices increase and an unfavorable inventory valuation impact when renewable diesel prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

Reconciliation of Nitrogen Fertilizer Segment Net Income to EBITDA and Adjusted EBITDA

	Three Months Ended March 31,
(in millions)		2025		2024
Nitrogen Fertilizer net income	$	27	$	13
Interest expense, net		8		8
Depreciation and amortization		18		19
Nitrogen Fertilizer EBITDA and Adjusted EBITDA	$	53	$	40

The MIL Network –

April 29, 2025

MIL-OSI Russia: The IMF to Hold the Inaugural Annual Economic Research Conference on Middle East and North Africa (MENA)

Source: IMF – News in Russian

April 28, 2025

Washington, DC: Jihad Azour, Director of the Middle East and Central Asia Department and Pierre-Olivier Gourinchas, Economic Counsellor and Director of the Research Department of the International Monetary Fund (IMF) issued a statement today:

“Global shocks are adding to regional factors resulting in exceptionally uncertain economic environment for Middle East and North Africa (MENA) economies. Conflicts, trade tensions, volatile commodity prices, changing climate conditions, energy transitions, rapid technological advances are altering the economic landscape of the region, posing severe challenges but also presenting opportunities for bold reforms that safeguard macroeconomic stability, build resilience, and raise living standards for all. Economic research is essential to provide reliable analysis and develop workable and innovative policy responses.

“In this context, we are pleased to announce that the IMF will organize an annual Economic Research Conference on MENA, partnering with leading universities in the region. The aim is to establish a forum for dialogue on pressing economic issues, promote policy-oriented academic research tailored to the needs and unique challenges of the region. It will also provide a platform for the exchange of ideas and insights for academics, researchers, and policymakers in the MENA region and worldwide.

“The inaugural conference, Steering Macroeconomic and Structural Policies in A Shifting Global Economic Landscape, will be co-organized with Onsi Sawiris School of Business at The American University in Cairo and take place in Cairo on May 18-19, 2025. It will feature presentations and panel discussions by leading economists and policymakers. The conference details and agenda are available here.

“The IMF is a long-standing partner to countries in the MENA region in the quest for more inclusive and resilient growth. The IMF-MENA Annual Research Conference is another step forward to further strengthen that partnership and engagement with the region and its people.”

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Angham Al Shami

Phone: +1 202 623-7100Email: MEDIA@IMF.org

https://www.imf.org/en/News/Articles/2025/04/28/pr-25125-imf-to-hold-inaugural-ann-economic-research-conf-on-middle-east-and-north-africa

MIL OSI

MIL OSI Russia News –

April 29, 2025

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

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

Vivid Brands/Shutterstock

Uncertainty is everywhere these days.

There is even uncertainty about the uncertainty.

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

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

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

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

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

Big rise in uncertainty

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

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

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

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

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

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

Inflation worries are off the boil

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

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

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

Risks for hiring and investment

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

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

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

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

What it means for the RBA

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

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

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

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

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

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

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

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

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

MIL OSI Analysis – EveningReport.nz –

April 29, 2025

MIL-OSI Security: Florida Woman Sentenced to Federal Prison for Supervising Maryland Unemployment Insurance Scheme

Source: United States Department of Justice (National Center for Disaster Fraud)

Defendant obtained victim’s personal information to file false and fraudulent unemployment insurance claims.

Baltimore, Maryland – U.S. District Judge Julie R. Rubin sentenced Tiia Woods, 47, of Jacksonville, Florida, to 74 months in prison followed by three years of supervised release. The sentence is in connection with Woods’s role as an organizer of an unemployment insurance (UI) fraud scheme. Through the conspiracy, victims lost approximately $3,296,725.

Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the sentence with Special Agent in Charge Troy W. Springer, National Capital Region, U.S. Department of Labor’s Office of Inspector General (DOL-OIG), and Special Agent in Charge William J. DelBagno of the Federal Bureau of Investigation (FBI) – Baltimore Field Office.

According to the guilty plea, beginning in June 2020, and continuing through at least May 2021, Woods engaged in a conspiracy to defraud and obtain money through materially false and fraudulent pretenses, representations, and promises in connection with the UI scheme. Woods obtained the personal identifiable information of real persons and used the information to submit false and fraudulent unemployment insurance claims to the Maryland Department of Labor (MD-DOL).

Woods and her co-conspirators used UI benefits, which were designated to assist unemployed or underemployed people due to the COVID-19 national emergency, for their personal use. She instructed her co-conspirators Tyshawna Davis and Devante Smith via text message in furtherance of the conspiracy. Woods’s guidance included instructions on how to obtain benefits, expedite a claim, and how much Woods would keep for herself.

Smith was previously sentenced to 54 months in prison for his role in the conspiracy.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act — a federal law enacted in March 2020 — provided emergency financial assistance to Americans suffering from the economic effects of the COVID-19 pandemic. The CARES Act authorized increased unemployment insurance (“UI”) benefits. UI benefits have historically been a state and federal program that provided monetary benefits to eligible workers. The CARES Act expanded states’ ability to provide UI benefits for many workers impacted by COVID-19, including self-employed workers or independent contractors, who would not normally be eligible for UI benefits.

The District of Maryland Strike Force is one of five strike forces established throughout the United States by the U.S. Department of Justice to investigate and prosecute COVID-19 fraud, including fraud relating to the CARES Act. The CARES Act was designed to provide emergency financial assistance to Americans suffering the economic effects caused by the COVID-19 pandemic. The strike forces focus on large-scale, multi-state pandemic relief fraud perpetrated by criminal organizations and transnational actors. The strike forces are interagency law enforcement efforts, using prosecutor-led and data analyst-driven teams designed to identify and bring to justice those who stole pandemic relief funds.

For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus. Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

U.S. Attorney Hayes commended the DOL-OIG and FBI, along with Bank of America – Detection and Complex Investigations Fraud Rings and Analytics, for their work in the investigation. Ms. Hayes also thanked Assistant U.S. Attorneys Evelyn Lombardo Cusson and Harry M. Gruber who prosecuted the federal case.

For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to report fraud, visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

# # #

MIL Security OSI –

April 29, 2025

MIL-OSI: Palomar Holdings, Inc. Announces First Quarter 2025 Financial Results Release Date and Conference Call

Source: GlobeNewswire (MIL-OSI)

LA JOLLA, Calif., April 28, 2025 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (NASDAQ: PLMR) (the “Company”) today announced that it will release its first quarter 2025 results after market close on Monday, May 5, 2025, and will host a conference call at 12:00 p.m. (Eastern Time) the following day, Tuesday, May 6, 2025.

The conference call can be accessed live by dialing 1-877-423-9813 or for international callers, 1-201-689-8573, and requesting to be joined to the Palomar First Quarter 2025 Earnings Conference Call. A replay will be available starting at 4:00 p.m. (Eastern Time) on May 6, 2025, and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 13752911. The replay will be available until 11:59 p.m. (Eastern Time) on May 13, 2025.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at https://ir.palomarspecialty.com/. The online replay will remain available for a limited time beginning immediately following the call.

About Palomar Holdings, Inc.

Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), Palomar Insurance Agency, Inc. (“PIA”), Palomar Excess and Surplus Insurance Company (“PESIC”), Palomar Underwriters Exchange Organization, Inc (“PUEO”), Palomar Crop Insurance Services, Inc, and First Indemnity of America Insurance Company (acquired 1/1/2025). Palomar’s consolidated results also include Laulima Reciprocal Exchange, a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd., and Palomar Excess and Surplus Insurance Company, have a financial strength rating of “A” (Excellent) from A.M. Best.

To learn more, visit PLMR.com

Follow Palomar on LinkedIn: @PLMRInsurance

Contact
Media Inquiries
Lindsay Conner
1-551-206-6217
lconner@plmr.com

Investor Relations
Jamie Lillis
1-203-428-3223
investors@plmr.com
Source: Palomar Holdings, Inc.

The MIL Network –

April 29, 2025

MIL-OSI: NXP Semiconductors Reports First Quarter 2025 Results, Announces Management Transition

Source: GlobeNewswire (MIL-OSI)

EINDHOVEN, The Netherlands, April 28, 2025 (GLOBE NEWSWIRE) — NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the first quarter, which ended March 30, 2025. “NXP delivered quarterly revenue of $2.84 billion, in-line with the midpoint of guidance. NXP’s first-quarter results and guidance for the second quarter underpin a cautious optimism that NXP continues to effectively navigate through a challenging set of market conditions. We are operating in a very uncertain environment influenced by tariffs with volatile direct and indirect effects. Considering these external factors, we are redoubling our efforts to manage what is in our direct control, enabling NXP to drive solid profitability and earnings,” said Kurt Sievers, NXP President and Chief Executive Officer.

The company announced that Mr. Sievers has informed the Board of Directors of his intention to retire from NXP at the end of 2025. “Kurt has been a dynamic, visionary, and highly effective CEO of NXP since May 2020,” said Julie Southern, NXP’s Chair of the Board of Directors. “He has been instrumental in leading the definition and implementation of NXP’s strategy to be the leader in intelligent systems at the edge within the Automotive and Industrial & IoT end markets. After a successful 30-year career with NXP, we are saddened to see Kurt retire. We and the entire NXP community thank him for his leadership and wish him the absolute best in his retirement.”

Following a comprehensive and thorough succession planning process, NXP’s Board of Directors announced that it has unanimously approved Mr. Rafael Sotomayor to succeed Mr. Sievers as President, effective April 28, 2025. Messrs. Sievers and Sotomayor will work closely to orchestrate a smooth leadership transition until October 28, 2025, when Mr. Sotomayor will assume the role of President and Chief Executive Officer. “Rafael has been an integral part of creating and shaping NXP’s strategy and enabling the company’s success. We are confident he is ideally suited to assume the role of President and CEO at NXP, and to execute the company’s vision for leadership in the intelligent systems at the edge within the Automotive and Industrial & IoT end markets,” said Ms. Southern.

Mr. Sievers’ departure is a purely personal decision and is not related to any disagreement with the Board of Directors, or any issues relating to the strategic or financial performance of the company.

Key Highlights for the First Quarter 2025:

Revenue was $2.84 billion, down 9 percent year-on-year;
GAAP gross margin was 55.0 percent, GAAP operating margin was 25.5 percent and GAAP diluted Net Income per Share was $1.92;
Non-GAAP gross margin was 56.1 percent, non-GAAP operating margin was 31.9 percent, and non-GAAP diluted Net Income per Share was $2.64;
Cash flow from operations was $565 million, with net capex investments of $138 million, resulting in non-GAAP free cash flow of $427 million;
Capital return during the quarter was $561 million, representing 131 percent of first quarter non-GAAP free cash flow. Share buybacks were $303 million and dividends paid during the quarter were $258 million. After the end of the first quarter, between March 31, 2025, and April 25, 2025, NXP executed via a 10b5-1 program additional share repurchases totaling $90 million;
On January 7, 2025, NXP announced the MCX L14x and MCX L25x, the first families in the ultra-low-power L Series of the MCX microcontroller portfolio. The MCX L series features a dual-core architecture with an independent ultra-low-power sense domain to enable challenging battery-limited applications, such as sensors for industrial monitoring, building management, and flow metering;
On January 8, 2025, Honeywell and NXP announced an expansion of its partnership that will accelerate aviation product development and chart the path for autonomous flight. The Honeywell Anthem cockpit is powered by NXP’s i.MX 8 applications processors to help improve operational efficiency, safety and unlock value for pilots and operators. This builds on the companies’ existing relationship, which is focused on helping optimize how building management systems sense and securely control energy consumption;
On January 15, 2025, NXP announced it has secured a €1 billion loan from the European Investment Bank (EIB) to advance the company’s RDI investments across its broad portfolio of semiconductor solutions. The €1 billion loan facility carries a weighted average interest rate of 4.54 percent when drawn in dollar denominated tranches, under the current market conditions and has a duration of six years;
On February 10, 2025, NXP announced the agreement to acquire Kinara Inc., an industry leader in high performance, energy-efficient and programmable discrete neural processing units (NPUs) to enable intelligence at the edge solutions. The all-cash transaction was valued at $307 million and is expected to close in the first half of 2025, subject to customary closing conditions, including regulatory clearances;
On March 11, 2025, NXP announced the new S32K5 family of automotive microcontrollers (MCU), the automotive industry’s first 16nm FinFET MCU with embedded magnetic RAM (MRAM). The S32K5 MCU family will extend the NXP CoreRide platform with pre-integrated zonal and electrification system solutions for scalable software-defined vehicle (SDV) architectures.

Summary of Reported First Quarter 2025 ($ millions, unaudited) ⁽¹⁾

	Q1 2025			Q4 2024			Q1 2024			Q – Q		Y – Y
Total Revenue	$	2,835		$	3,111		$	3,126		-9	%	-9	%
GAAP Gross Profit	$	1,560		$	1,678		$	1,783		-7	%	-13	%
Gross Profit Adjustments ⁽ⁱ⁾	$	(31	)	$	(111	)	$	(35	)
Non-GAAP Gross Profit	$	1,591		$	1,789		$	1,818		-11	%	-12	%
GAAP Gross Margin		55.0	%		53.9	%		57.0	%
Non-GAAP Gross Margin		56.1	%		57.5	%		58.2	%
GAAP Operating Income (Loss)	$	723		$	675		$	856		7	%	-16	%
Operating Income Adjustments ⁽ⁱ⁾	$	(181	)	$	(390	)	$	(224	)
Non-GAAP Operating Income	$	904		$	1,065		$	1,080		-15	%	-16	%
GAAP Operating Margin		25.5	%		21.7	%		27.4	%
Non-GAAP Operating Margin		31.9	%		34.2	%		34.5	%
GAAP Net Income (Loss) attributable to Stockholders	$	490		$	495		$	639		-1	%	-23	%
Net Income Adjustments ⁽ⁱ⁾	$	(183	)	$	(322	)	$	(201	)
Non-GAAP Net Income (Loss) Attributable to Stockholders	$	673		$	817		$	840		-18	%	-20	%
GAAP diluted Net Income (Loss) per Share ⁽ⁱⁱ⁾	$	1.92		$	1.93		$	2.47		—	%	-22	%
Non-GAAP diluted Net Income (Loss) per Share ⁽ⁱⁱ⁾	$	2.64		$	3.18		$	3.24		-17	%	-19	%

Additional information
	Q1 2025		Q4 2024		Q1 2024		Q – Q		Y – Y
Automotive	$	1,674	$	1,790	$	1,804	-6	%	-7	%
Industrial & IoT	$	508	$	516	$	574	-2	%	-11	%
Mobile	$	338	$	396	$	349	-15	%	-3	%
Comm. Infra. & Other	$	315	$	409	$	399	-23	%	-21	%
DIO		169		151		144
DPO		62		65		65
DSO		34		30		26
Cash Conversion Cycle		141		116		105
Channel Inventory (weeks)		9		8		7
Gross Financial Leverage ⁽ⁱⁱⁱ⁾	2.4x		2.1x		1.9x
Net Financial Leverage ^(iv)	1.6x		1.5x		1.3x

Additional Information for the First Quarter 2025:

For an explanation of GAAP to non-GAAP adjustments, please see “Non-GAAP Financial Measures”.
Refer to Table 1 below for the weighted average number of diluted shares for the presented periods.
Gross financial leverage is defined as gross debt divided by trailing twelve months adjusted EBITDA.
Net financial leverage is defined as net debt divided by trailing twelve months adjusted EBITDA.

Guidance for the Second Quarter 2025: ($ millions, except Per Share data) ⁽¹⁾


	GAAP			Reconciliation	non-GAAP
	Low	Mid	High		Low	Mid	High
Total Revenue	$2,800	$2,900	$3,000		$2,800	$2,900	$3,000
Q-Q	-1%	2%	6%		-1%	2%	6%
Y-Y	-10%	-7%	-4%		-10%	-7%	-4%
Gross Profit	$1,533	$1,604	$1,675	$(29)	$1,562	$1,633	$1,704
Gross Margin	54.8%	55.3%	55.8%		55.8%	56.3%	56.8%
Operating Income (loss)	$680	$741	$802	$(182)	$862	$923	$984
Operating Margin	24.3%	25.6%	26.7%		30.8%	31.8%	32.8%
Financial Income (expense)	$(100)	$(100)	$(100)	$(12)	$(88)	$(88)	$(88)
Tax rate	18.5%-19.5%				17.0%-18.0%
Equity-accounted investees	$(8)	$(8)	$(8)	$(6)	$(2)	$(2)	$(2)
Non-controlling interests	$(9)	$(9)	$(9)		$(9)	$(9)	$(9)
Shares – diluted	255.0	255.0	255.0		255.0	255.0	255.0
Earnings Per Share – diluted	$1.78	$1.97	$2.16		$2.46	$2.66	$2.86

Note (1) Additional Information:

GAAP Gross Profit is expected to include Purchase Price Accounting (“PPA”) effects, $(7) million; Share-based Compensation, $(15) million; Other Incidentals, $(7) million;
GAAP Operating Income (loss) is expected to include PPA effects, $(33) million; Share-based Compensation, $(115) million; Restructuring and Other Incidentals, $(34) million;
GAAP Financial Income (expense) is expected to include Other financial expense $(12) million;
GAAP Results relating to equity-accounted investees is expected to include results relating to non-foundry equity-accounted investees $(6) million;
GAAP diluted EPS is expected to include the adjustments noted above for PPA effects, Share-based Compensation, Restructuring and Other Incidentals in GAAP Operating Income (loss), the adjustment for Other financial expense, the adjustment for results relating to non-foundry equity-accounted investees and the adjustment on Tax due to the earlier mentioned adjustments.

NXP has based the guidance included in this release on judgments and estimates that management believes are reasonable given its assessment of historical trends and other information reasonably available as of the date of this release. Please note, the guidance included in this release consists of predictions only, and is subject to a wide range of known and unknown risks and uncertainties, many of which are beyond NXP’s control. The guidance included in this release should not be regarded as representations by NXP that the estimated results will be achieved. Actual results may vary materially from the guidance we provide today. In relation to the use of non-GAAP financial information see the note regarding “Non-GAAP Financial Measures” below. For the factors, risks, and uncertainties to which judgments, estimates and forward-looking statements generally are subject see the note regarding “Forward-looking Statements.” We undertake no obligation to publicly update or revise any forward-looking statements, including the guidance set forth herein, to reflect future events or circumstances.

Non-GAAP Financial Measures

In managing NXP’s business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures, that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (“GAAP”). In measuring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing our gross margin and operating margin and when assessing appropriate levels of research and development efforts. In addition, management relies upon these non-GAAP financial measures when making decisions about product spending, administrative budgets, and other operating expenses. We believe that these non-GAAP financial measures, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company’s results of operations and the factors and trends affecting NXP’s business. We believe that they enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to core operating performance, certain non-cash expenses and share-based compensation expense, which may obscure trends in NXP’s underlying performance. This information also enables investors to compare financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management.

These non-GAAP financial measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The presentation of these and other similar items in NXP’s non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent, or unusual. Reconciliations of these non-GAAP measures to the most comparable measures calculated in accordance with GAAP are provided in the financial statements portion of this release in a schedule entitled “Financial Reconciliation of GAAP to non-GAAP Results (unaudited).” Please refer to the NXP Historic Financial Model file found on the Financial Information page of the Investor Relations section of our website at https://investors.nxp.com for additional information related to our rationale for using these non-GAAP financial measures, as well as the impact of these measures on the presentation of NXP’s operations.

In addition to providing financial information on a basis consistent with GAAP, NXP also provides the following selected financial measures on a non-GAAP basis: (i) Gross profit, (ii) Gross margin, (iii) Research and development, (iv) Selling, general and administrative, (v) Amortization of acquisition-related intangible assets, (vi) Other income, (vii) Operating income (loss), (viii) Operating margin, (ix) Financial Income (expense), (x) Income tax benefit (provision), (xi) Results relating to non-foundry equity-accounted investees, (xii) Net income (loss) attributable to stockholders, (xiii) Earnings per Share – Diluted, (xiv) EBITDA, adjusted EBITDA and trailing 12 month adjusted EBITDA, and (xv) free cash flow, trailing 12 month free cash flow and trailing 12 month free cash flow as a percent of Revenue. The non-GAAP information excludes, where applicable, the amortization of acquisition related intangible assets, the purchase accounting effect on inventory and property, plant and equipment, merger related costs (including integration costs), certain items related to divestitures, share-based compensation expense, restructuring and asset impairment charges, extinguishment of debt, foreign exchange gains and losses, income tax effect on adjustments described above and results from non-foundry equity-accounted investments.

The difference in the benefit (provision) for income taxes between our GAAP and non-GAAP results relates to the income tax effects of the GAAP to non-GAAP adjustments that we make and the income tax effect of any discrete items that occur in the interim period. Discrete items primarily relate to unexpected tax events that may occur as these amounts cannot be forecasted (e.g., the impact of changes in tax law and/or rates, changes in estimates or resolved tax audits relating to prior year tax provisions, the excess or deficit tax effects on share-based compensation, etc.).

Conference Call and Webcast Information

The company will host a conference call with the financial community on Tuesday, April 29, 2025 at 8:00 a.m. U.S. Eastern Daylight Time (EDT) to review the first quarter 2025 results in detail.

Interested parties may preregister to obtain a user-specific access code for the call here.

The call will be webcast and can be accessed from the NXP Investor Relations website at www.nxp.com. A replay of the call will be available on the NXP Investor Relations website within 24 hours of the actual call.

About NXP Semiconductors

NXP Semiconductors N.V. (NASDAQ: NXPI) is the trusted partner for innovative solutions in the automotive, industrial & IoT, mobile, and communications infrastructure markets. NXP’s “Brighter Together” approach combines leading-edge technology with pioneering people to develop system solutions that make the connected world better, safer, and more secure. The company has operations in more than 30 countries and posted revenue of $2.84 billion in 2024. Find out more at www.nxp.com.

Forward-looking Statements

This document includes forward-looking statements which include statements regarding NXP’s business strategy, financial condition, results of operations, market data, as well as any other statements which are not historical facts. By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. These factors, risks and uncertainties include the following: market demand and semiconductor industry conditions; our ability to successfully introduce new technologies and products; the demand for the goods into which NXP’s products are incorporated; trade disputes between the U.S. and China, potential increase of barriers to international trade and resulting disruptions to NXP’s established supply chains; the impact of government actions and regulations, including restrictions on the export of US-regulated products and technology; increasing and evolving cybersecurity threats and privacy risks, including theft of sensitive or confidential data; the ability to generate sufficient cash, raise sufficient capital or refinance corporate debt at or before maturity to meet both NXP’s debt service and research and development and capital investment requirements; our ability to accurately estimate demand and match our production capacity accordingly or obtain supplies from third-party producers to meet demand; our access to production capacity from third-party outsourcing partners, and any events that might affect their business or NXP’s relationship with them; our ability to secure adequate and timely supply of equipment and materials from suppliers; our ability to avoid operational problems and product defects and, if such issues were to arise, to correct them quickly; our ability to form strategic partnerships and joint ventures and to successfully cooperate with our alliance partners; our ability to win competitive bid selection processes; our ability to develop products for use in customers’ equipment and products; the ability to successfully hire and retain key management and senior product engineers; global hostilities, including the invasion of Ukraine by Russia and resulting regional instability, sanctions and any other retaliatory measures taken against Russia and the continued hostilities and the armed conflict in the Middle East, which could adversely impact the global supply chain, disrupt our operations or negatively impact the demand for our products in our primary end markets; the ability to maintain good relationships with NXP’s suppliers; and a change in tax laws could have an effect on our estimated effective tax rate. In addition, this document contains information concerning the semiconductor industry, our end markets and business generally, which is forward-looking in nature and is based on a variety of assumptions regarding the ways in which the semiconductor industry, our end markets and business will develop. NXP has based these assumptions on information currently available, if any one or more of these assumptions turn out to be incorrect, actual results may differ from those predicted. While NXP does not know what impact any such differences may have on its business, if there are such differences, its future results of operations and its financial condition could be materially adversely affected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak to results only as of the date the statements were made. Except for any ongoing obligation to disclose material information as required by the United States federal securities laws, NXP does not have any intention or obligation to publicly update or revise any forward-looking statements after we distribute this document, whether to reflect any future events or circumstances or otherwise. For a discussion of potential risks and uncertainties, please refer to the risk factors listed in our SEC filings. Copies of our SEC filings are available on our Investor Relations website, www.nxp.com/investor or from the SEC website, www.sec.gov.

For further information, please contact:

Investors: Jeff Palmer jeff.palmer@nxp.com +1 408 205 0687	Media: Paige Iven paige.iven@nxp.com +1 817 975 0602

NXP-CORP

NXP Semiconductors
Table 1: Condensed consolidated statement of operations (unaudited)

($ in millions except share data)	Three months ended
	March 30, 2025			December 31, 2024			March 31, 2024

Revenue	$	2,835		$	3,111		$	3,126
Cost of revenue		(1,275	)		(1,433	)		(1,343	)
Gross profit		1,560			1,678			1,783
Research and development		(547	)		(612	)		(564	)
Selling, general and administrative		(281	)		(323	)		(306	)
Amortization of acquisition-related intangible assets		(27	)		(28	)		(51	)
Total operating expenses		(855	)		(963	)		(921	)
Other income (expense)		18			(40	)		(6	)
Operating income (loss)		723			675			856
Financial income (expense):
Other financial income (expense)		(92	)		(91	)		(70	)
Income (loss) before income taxes		631			584			786
Benefit (provision) for income taxes		(130	)		(77	)		(141	)
Results relating to equity-accounted investees		(4	)		(2	)		(1	)
Net income (loss)		497			505			644
Less: Net income (loss) attributable to non-controlling interests		7			10			5
Net income (loss) attributable to stockholders		490			495			639

Earnings per share data:
Net income (loss) per common share attributable to stockholders in $
Basic	$	1.93		$	1.95		$	2.49
Diluted	$	1.92		$	1.93		$	2.47

Weighted average number of shares of common stock outstanding during the period (in thousands):
Basic		253,709			254,349			256,567
Diluted		255,018			256,628			258,954

NXP Semiconductors
Table 2: Condensed consolidated balance sheet (unaudited)

	($ in millions)	As of
		March 30, 2025		December 31, 2024		March 31, 2024
ASSETS
Current assets:
	Cash and cash equivalents	$	3,988	$	3,292	$	2,908
	Short-term deposits		—		—		400
	Accounts receivable, net		1,060		1,032		881
	Inventories, net		2,350		2,356		2,102
	Other current assets		627		625		603
Total current assets			8,025		7,305		6,894

Non-current assets:
	Deferred tax assets		1,284		1,251		1,048
	Other non-current assets		1,942		1,796		1,290
	Property, plant and equipment, net		3,210		3,267		3,304
	Identified intangible assets, net		777		836		839
	Goodwill		9,942		9,930		9,945
Total non-current assets			17,155		17,080		16,426

Total assets			25,180		24,385		23,320

LIABILITIES AND EQUITY
Current liabilities:
	Accounts payable		863		1,017		954
	Restructuring liabilities-current		75		147		68
	Other current liabilities		1,412		1,434		1,906
	Short-term debt		1,499		500		—
Total current liabilities			3,849		3,098		2,928

Non-current liabilities:
	Long-term debt		10,226		10,354		10,178
	Restructuring liabilities		4		10		9
	Other non-current liabilities		1,424		1,392		1,055
Total non-current liabilities			11,654		11,756		11,242

	Non-controlling interests		355		348		321
	Stockholders’ equity		9,322		9,183		8,829
Total equity			9,677		9,531		9,150

Total liabilities and equity			25,180		24,385		23,320

NXP Semiconductors
Table 3: Condensed consolidated statement of cash flows (unaudited)

($ in millions)	Three months ended
	March 30, 2025			December 31, 2024			March 31, 2024
Cash flows from operating activities:
Net income (loss)	$	497		$	505		$	644
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization		209			259			235
Share-based compensation		127			117			115
Amortization of discount (premium) on debt, net		1			1			1
Amortization of debt issuance costs		1			2			2
Net (gain) loss on sale of assets		(22	)		(1	)		(2	)
Results relating to equity-accounted investees		4			2			1
(Gain) loss on equity securities, net		6			6			2
Deferred tax expense (benefit)		(27	)		(145	)		(64	)
Changes in operating assets and liabilities:
(Increase) decrease in receivables and other current assets		(29	)		(25	)		(25	)
(Increase) decrease in inventories		6			(122	)		32
Increase (decrease) in accounts payable and other liabilities		(110	)		16			(102	)
(Increase) decrease in other non-current assets		(106	)		(218	)		6
Exchange differences		4			(1	)		3
Other items		4			(5	)		3
Net cash provided by (used for) operating activities		565			391			851

Cash flows from investing activities:
Purchase of identified intangible assets		(25	)		(36	)		(32	)
Capital expenditures on property, plant and equipment		(139	)		(130	)		(226	)
Insurance recoveries received for equipment damage		—			—			2
Proceeds from the disposals of property, plant and equipment		1			1			2
Advance payment from sale of property, plant and equipment		—			30			—
Proceeds of short-term deposits		—			400			9
Purchase of investments		(53	)		(67	)		(34	)
Proceeds from the sale of investments		—			—			5
Net cash provided by (used for) investing activities		(216	)		198			(274	)

Cash flows from financing activities:
Repurchase of long-term debt		—			—			(1,000	)
Proceeds from the issuance of long-term debt		370			670			—
Cash paid for debt issuance costs		—			(1	)		—
Proceeds from the issuance of commercial paper notes		646			—			—
Repayment of commercial paper notes		(146	)		—			—
Dividends paid to common stockholders		(258	)		(258	)		(261	)
Proceeds from issuance of common stock through stock plans		37			3			37
Purchase of treasury shares and restricted stock unit withholdings		(303	)		(455	)		(303	)
Other, net		(1	)		—			(1	)
Net cash provided by (used for) financing activities		345			(41	)		(1,528	)

Effect of changes in exchange rates on cash positions		2			(4	)		(3	)
Increase (decrease) in cash and cash equivalents		696			544			(954	)
Cash and cash equivalents at beginning of period		3,292			2,748			3,862
Cash and cash equivalents at end of period		3,988			3,292			2,908

Net cash paid during the period for:
Interest		41			92			38
Income taxes, net of refunds		96			280			198
Net gain (loss) on sale of assets:
Cash proceeds from the sale of assets		31			1			2
Book value of these assets		(9	)		—			—
Non-cash investing activities:
Non-cash capital expenditures		108			161			223

NXP Semiconductors
Table 4: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)

($ in millions except share data)	Three months ended
	March 30, 2025			December 31, 2024			March 31, 2024
GAAP Gross Profit	$	1,560		$	1,678		$	1,783
PPA Effects		(8	)		(11	)		(12	)
Restructuring		(4	)		(21	)		(3	)
Share-based compensation		(16	)		(15	)		(15	)
Other incidentals		(3	)		(64	)		(5	)
Non-GAAP Gross Profit	$	1,591		$	1,789		$	1,818
GAAP Gross margin		55.0	%		53.9	%		57.0	%
Non-GAAP Gross margin		56.1	%		57.5	%		58.2	%
GAAP Research and development	$	(547	)	$	(612	)	$	(564	)
Restructuring		(7	)		(50	)		(3	)
Share-based compensation		(64	)		(60	)		(58	)
Other incidentals		(1	)		(5	)		(1	)
Non-GAAP Research and development	$	(475	)	$	(497	)	$	(502	)
GAAP Selling, general and administrative	$	(281	)	$	(323	)	$	(306	)
Restructuring		(3	)		(41	)		(1	)
Share-based compensation		(47	)		(42	)		(42	)
Other incidentals		(20	)		(12	)		(29	)
Non-GAAP Selling, general and administrative	$	(211	)	$	(228	)	$	(234	)
GAAP Operating income (loss)	$	723		$	675		$	856
PPA effects		(40	)		(39	)		(63	)
Restructuring		(14	)		(112	)		(7	)
Share-based compensation		(127	)		(117	)		(115	)
Other incidentals		—			(122	)		(39	)
Non-GAAP Operating income (loss)	$	904		$	1,065		$	1,080
GAAP Operating margin		25.5	%		21.7	%		27.4	%
Non-GAAP Operating margin		31.9	%		34.2	%		34.5	%
GAAP Income tax benefit (provision)	$	(130	)	$	(77	)	$	(141	)
Income tax effect		13			87			30
Non-GAAP Income tax benefit (provision)	$	(143	)	$	(164	)	$	(171	)
GAAP Net income (loss) attributable to stockholders	$	490		$	495		$	639
PPA Effects		(40	)		(39	)		(63	)
Restructuring		(14	)		(112	)		(7	)
Share-based compensation		(127	)		(117	)		(115	)
Other incidentals		—			(122	)		(39	)
Other adjustments:
Adjustments to financial income (expense)		(12	)		(17	)		(6	)
Income tax effect		13			87			30
Results relating to equity-accounted investees, excluding Foundry investees¹		(3	)		(2	)		(1	)
Non-GAAP Net income (loss) attributable to stockholders	$	673		$	817		$	840


Additional Information:
1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.

GAAP net income (loss) per common share attributable to stockholders – diluted	$	1.92		$	1.93		$	2.47
PPA Effects		(0.16	)		(0.15	)		(0.24	)
Restructuring		(0.05	)		(0.44	)		(0.03	)
Share-based compensation		(0.50	)		(0.46	)		(0.44	)
Other incidentals		—			(0.47	)		(0.15	)
Other adjustments:
Adjustments to financial income (expense)		(0.05	)		(0.07	)		(0.02	)
Income tax effect		0.05			0.34			0.11
Results relating to equity-accounted investees, excluding Foundry investees¹		(0.01	)		—			—
Non-GAAP net income (loss) per common share attributable to stockholders – diluted	$	2.64		$	3.18		$	3.24


Additional Information:
1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.

NXP Semiconductors
Table 5: Financial Reconciliation of GAAP to non-GAAP Financial income (expense) (unaudited)

	($ in millions)	Three months ended
		March 30, 2025			December 31, 2024			March 31, 2024
GAAP Financial income (expense)		$	(92	)	$	(91	)	$	(70	)
	Foreign exchange loss		(3	)		3			(1	)
	Other financial expense		(9	)		(20	)		(5	)
Non-GAAP Financial income (expense)		$	(80	)	$	(74	)	$	(64	)

NXP Semiconductors
Table 6: Financial Reconciliation of GAAP to non-GAAP Other income (expense) (unaudited)

	($ in millions)	Three months ended
		March 30, 2025			December 31, 2024			March 31, 2024
GAAP Other income (expense)		$	18		$	(40	)	$	(6	)
	PPA effects		(5	)		—			—
	Other incidentals		24			(41	)		(4	)
Non-GAAP Other income (expense)		$	(1	)	$	1		$	(2	)

NXP Semiconductors
Table 7: Financial Reconciliation of GAAP to non-GAAP Results relating to equity-accounted investees (unaudited)

	($ in millions)	Three months ended
		March 30, 2025			December 31, 2024			March 31, 2024
GAAP Results relating to equity-accounted investees		$	(4	)	$	(2	)	$	(1	)
	Results of equity-accounted investees, excluding Foundry investees¹		(3	)		(2	)		(1	)
Non-GAAP Results relating to equity-accounted investees		$	(1	)	$	—		$	—

Additional Information:
We adjust our results relating to equity-accounted investees for those results from investments over which NXP has significant influence, but not control, and whose business activities are not related to the core operating performance of NXP. Our equity-investments in foundry partners are part of our long-term core operating performance and accordingly those results comprise the Non-GAAP Results relating to equity-accounted investees.

NXP Semiconductors
Table 8: Adjusted EBITDA and Free Cash Flow (unaudited)

($ in millions)	Three months ended
	March 30, 2025			December 31, 2024			March 31, 2024
GAAP Net income (loss)	$	497		$	505		$	644
Reconciling items to EBITDA (Non-GAAP)
Financial (income) expense		92			91			70
(Benefit) provision for income taxes		130			77			141
Depreciation and impairment		143			190			145
Amortization		66			69			90
EBITDA (Non-GAAP)	$	928		$	932		$	1,090
Reconciling items to adjusted EBITDA (Non-GAAP)
Results of equity-accounted investees, excluding Foundry investees¹		3			2			1
Purchase accounting effect on asset sale		5			—			—
Restructuring		14			112			7
Share-based compensation		127			117			115
Other incidental items²		(4	)		77			39
Adjusted EBITDA (Non-GAAP)	$	1,073		$	1,240		$	1,252
Trailing twelve month adjusted EBITDA (Non-GAAP)	$	4,885		$	5,064		$	5,395

Additional Information:
1. Refer to Table 7 above for further information regarding the results relating to equity-accounted investees.
2. Excluding from total other incidental items, charges included in depreciation, amortization or impairment reconciling items:
– other incidental items		4			45			—



($ in millions)	Three months ended
	March 30, 2025			December 31, 2024			March 31, 2024
Net cash provided by (used for) operating activities	$	565		$	391		$	851
Net capital expenditures on property, plant and equipment		(138	)		(99	)		(224	)
Non-GAAP free cash flow	$	427		$	292		$	627
Trailing twelve month non-GAAP free cash flow	$	1,889		$	2,089		$	2,933
Trailing twelve month non-GAAP free cash flow as percent of Revenue		15	%		17	%		22	%

The MIL Network –

April 29, 2025

MIL-OSI: Two Senior Executives Join the Diginex Team to Drive Sustainable Finance Initiatives and strategic M&A

Source: GlobeNewswire (MIL-OSI)

LONDON, April 28, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex”) (NASDAQ: DGNX), a leading impact technology company focused on solving pressing environmental, social, and governance (ESG) challenges, is thrilled to announce the appointment of two senior executives to the Diginex team. This builds off recent news of strategic alliances signed with Russell Bedford International, Forvis Mazars, and Baker Tilly Singapore, marking a significant step for Diginex to support a sustainable and innovation-driven economy.

Dan Campion was appointed as Diginex’s Global Chief Commercial Officer. With a distinguished career in strategic leadership and business development, Mr. Campion will spearhead Diginex’s efforts to expand its ESG solutions and sustainable finance offerings, reinforcing the Diginex’s commitment to creating a more responsible and resilient global economy.

Mr. Campion brings a wealth of experience to Diginex, having held senior leadership roles across multiple industries, including most recently as Global Head of “Markets” Sales at S&P Global. His expertise in navigating complex markets and delivering client-focused solutions aligns seamlessly with Diginex’s mission to empower organizations with cutting-edge tools for sustainability and ethical governance. In his new role, Mr. Campion will oversee Diginex’s global commercial strategy, help to accelerate market penetration, and strengthen Diginex’s position as a trusted partner in ESG and sustainable finance.

Lorenzo Romano was appointed as Diginex’s Lead Strategic Advisor on M&A. Mr. Romano is a seasoned banking executive with a distinguished track record in private banking, wealth management, and strategic growth advisory. Formerly Head of Private Banking at EFG Bank, Geneva, Mr. Romano spearheaded key initiatives to elevate client experience and expand the bank’s footprint. Prior to that, Mr. Romano served as Head of Switzerland, Europe, and the Middle East at Syz Bank, where he successfully led cross-border operations and business development across multiple regions. Leveraging over two decades of leadership in the financial sector, Mr. Romano will help to identify and execute accretive transactions across the Sustainability RegTech sector as the Company pursues a strategy of growth through acquisitions to complement the organic growth of its existing product lines.

“We are delighted to welcome both Dan Campion and Lorenzo Romano to the Diginex team,” said Miles Pelham, Chairman and Founder of Diginex. “Their deep understanding of commercial dynamics and passion for sustainable innovation makes them the ideal leaders to advance our Sustainable RegTech solutions. Their appointments mark an exciting step forward as we continue to support businesses worldwide in achieving their sustainability goals as well as look to grow through accretive M&A transactions.”

About Diginex Limited

Diginex Limited (Nasdaq: DGNX; ISIN KYG286871044), headquartered in London, is a sustainable RegTech business that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. The Company utilizes blockchain, AI, machine learning and data analysis technology to lead change and increase transparency in corporate regulatory reporting and sustainable finance. Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software.

The award-winning diginexESG platform supports 17 global frameworks, including GRI (the “Global Reporting Initiative”), SASB (the “Sustainability Accounting Standards Board”), and TCFD (the “Task Force on Climate-related Financial Disclosures”). Clients benefit from end-to-end support, ranging from materiality assessments and data management to stakeholder engagement, report generation and an ESG Ratings Support Service.

For more information, please visit the Company’s website: https://www.diginex.com/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results disclosed in the Company’s filings with the SEC.

For investor and media inquiries, please contact:

Diginex
Investor Relations
Email: ir@diginex.com

IR Contact – Europe
Anna Höffken
Phone: +49.40.609186.0
Email: diginex@kirchhoff.de

IR Contact – US
Kincade Ayers
Lambert by LLYC
Phone: +1 (616) 258-5794
Email: kincade.ayers@llyc.global

IR Contact – Asia
Shelly Cheng
Strategic Public Relations Group Ltd.
Phone: +852 2864 4857
Email: sprg_diginex@sprg.com.hk

The MIL Network –

April 29, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

About Turtle Beach Corporation

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

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

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

CONTACTS

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

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

The MIL Network –

April 29, 2025

MIL-OSI: Powell Max Limited Announces 2024 Audited Financial Results

Source: GlobeNewswire (MIL-OSI)

HONG KONG, April 28, 2025 (GLOBE NEWSWIRE) — Powell Max Limited (Nasdaq: PMAX) (the “Company” or “Powell Max”), a financial communications services provider headquartered in Hong Kong, today announced the audited financial results of the Company and its subsidiary for the financial year ended December 31, 2024.

Overview:

Revenue was HK$36.5 million (US$4.7 million) for the year ended December 31, 2024, representing a decrease of 25.7% for the year ended December 31, 2023.
Net loss was HK$18.1 million (US$2.3 million) for the year ended December 31, 2024, as compared with the profit for the year of HK$7.1 million for the year ended December 31, 2023.

Financial Results for the year ended December 31, 2024

Revenue. Revenue decreased by 25.7% from HK$49.1 million for the year ended December 31, 2023 to HK$36.5 million (US$4.7 million) for the year ended December 31, 2024, which was mainly due to the decrease in both the revenue from corporate financial communications services and IPO financial printing services.

General and administrative expenses. General and administrative expenses increased by 1.28 times from HK$10.9 million for the year ended December 31, 2023 to HK$24.9 million (US$3.2 million) for the year ended December 31, 2024, which was mainly due to the incurrence of issuance expenses (which consisted of professional fee and related expenses relating to the equity line of credit under standby equity purchase agreement entered into with YA II PN, Ltd. on November 21, 2024), an increase in professional services fees and an increase in employee benefits expense.

Selling and distribution expenses. Selling and distribution expenses increased by 55.6% from HK$4.5 million for the year ended December 31, 2023 to HK$7.0 million (US$0.9 million) for the year ended December 31, 2024, which was mainly due to an increase in the number of staff in our sales team and an increase in other expenses on business development and marketing. In light of the reduction of capital market activities in Hong Kong, we have allocated extra resources on sales and marketing with the view to maintain our market presence.

Net loss. Net loss for the year ended December 31, 2024 was HK$18.1 million (US$2.3 million), as compared with the profit for the year of HK$7.1 million for the year ended December 31, 2023.

Basic and diluted loss per share. Basic and diluted loss per share was HK$1.37 (US$0.18) per ordinary share for the year ended December 31, 2024, as compared to a basic and diluted earning per share of HK$0.56 per ordinary share for the year ended December 31, 2023.

About Powell Max Limited

Powell Max Limited is a financial communications services provider headquartered in Hong Kong. The Company engages in the provision of financial communications services that support capital market compliance and transaction needs for corporate clients and their advisors in Hong Kong. Its financial communications services cover a full range of financial printing, corporate reporting, communications and language support services from inception to completion, including typesetting, proofreading, translation, design, printing, electronic reporting, newspaper placement and distribution. The Company’s clients consist of domestic and international companies listed in Hong Kong, together with companies who are seeking to list in Hong Kong, as well as their advisors.

Exchange Rate Information

The Company is a holding company with operations conducted in Hong Kong through JAN Financial Press Limited and Miracle Media Production Limited (which was acquired after the reporting period), its direct wholly-owned operating subsidiaries. The operating subsidiaries’ reporting currency is Hong Kong dollars. Unless otherwise noted, all translations from Hong Kong dollars to United States Dollars in this press release were calculated the noon middle rate of US$1 — HK$7.7677, as published in the H.10 statistical release of the Board of Governors of the Federal Reserve System on December 31, 2024, respectively. No representation is made that the HK$ amount represents or could have been, or could be, converted, realized or settled into US$ at that rate, or at any other rate.

Forward-Looking Statements

This press release contains certain forward-looking statements. Words such as “will,” future,” “expects,” “believes,” and “intends,” or similar expressions, are intended to identify forward-looking statements. Forward-looking statements are subject to inherent uncertainties in predicting future results and conditions. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

Rounding Amounts and Percentages

Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding.

For investor and media inquiries, please contact:

Company Info:

Powell Max Limited
Investor Relations
ir@janfp.com
(852) 2158 2888

POWELL MAX LIMITED AND ITS SUBSIDIARY CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

	As of December 31
	2023			2024
	HK$			HK$			US$
ASSETS
Non-current assets
Property, plant and equipment		5,819,230			4,253,686			547,612
Total non-current assets		5,819,230			4,253,686			547,612

Current assets
Trade and other receivables		13,510,032			16,096,160			2,072,191
Cash and bank balances		3,660,213			42,222,014			5,435,588
Total current assets		17,170,245			58,318,174			7,507,779

Total assets		22,989,475			62,571,860			8,055,391

LIABILITIES AND EQUITY
Current liabilities
Trade and other payables		27,376,032			12,990,458			1,672,368
Contract liabilities		1,524,761			1,310,435			168,703
Bank borrowings		4,767,829			3,845,863			495,110
Lease liabilities		3,361,230			1,376,122			177,159
Derivative		—			6,756,516			869,822
Convertible promissory notes		—			13,860,647			1,784,395
Total current liabilities		37,029,852			40,140,041			5,167,557

Non-current liabilities
Trade and other payables		150,000			150,000			19,311
Lease liabilities		1,122,591			1,014,182			130,564
Total non-current liabilities		1,272,591			1,164,182			149,875

Total liabilities		38,302,443			41,304,223			5,317,432

Equity attributable to owners of the Company
Share capital		9,750			11,457			1,475
Accumulated losses		(15,680,728	)		(33,754,822	)		(4,345,537	)
Reserves		358,010			55,011,002			7,082,021
Total equity		(15,312,968	)		21,267,637			2,737,959

Total liabilities and equity		22,989,475			62,571,860			8,055,391

POWELL MAX LIMITED AND ITS SUBSIDIARY CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	Year ended December 31,
	2022			2023			2024
	HK$			HK$			HK$			US$
Revenue		37,772,821			49,121,839			36,461,260			4,693,958
Cost of sales		(22,217,680	)		(25,238,821	)		(22,081,030	)		(2,842,673	)
Gross profit		15,555,141			23,883,018			14,380,230			1,851,285

Other income and gain		1,851,815			54,116			1,952,986			251,425
General and administrative expenses		(10,723,611	)		(10,862,255	)		(24,854,036	)		(3,199,665	)
Selling and distribution expenses		(5,250,421	)		(4,530,134	)		(7,049,538	)		(907,545	)
Allowance of expected credit loss – trade receivables		(841,051	)		(914,788	)		(488,640	)		(62,908	)

Profit/(Loss) from operations		591,873			7,629,957			(16,058,998	)		(2,067,408	)
Finance costs		(690,476	)		(550,714	)		(2,015,096	)		(259,418	)

(Loss)/Profit before income tax		(98,603	)		7,079,243			(18,074,094	)		(2,326,826	)
Income tax expense		—			—			—			—
(Loss)/Profit for the year		(98,603	)		7,079,243			(18,074,094	)		(2,326,826	)

Other comprehensive (loss)/income:
Exchange differences on foreign currency translations		25,138			(47,378	)		48,424			6,234
Total comprehensive (loss)/income for the year		(73,465	)		7,031,865			(18,025,670	)		(2,320,592	)

(Loss)/Earnings per share attributable to owners of the Company
Basic and diluted		(0.01	)		0.56			(1.37	)		(0.18	)

Weighted average number of ordinary shares
Basic and diluted		12,500,000			12,500,000			13,178,314			13,178,314

The MIL Network –

April 29, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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


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

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

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

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

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

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

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

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

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

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

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

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

Non-GAAP Financial Measures

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

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

About Transocean

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

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

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

Conference Call Information

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

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

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

Forward-Looking Statements

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

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

Notes

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

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

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

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


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

	Three months ended
	March 31,
	2025			2024

Contract drilling revenues	$	906		$	763

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

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

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

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

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

Weighted-average shares outstanding
Basic		883			819
Diluted		958			955


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

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

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

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

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

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

Commitments and contingencies

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


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

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

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

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

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


TRANSOCEAN LTD. AND SUBSIDIARIES
FLEET OPERATING STATISTICS


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

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

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

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


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

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

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


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


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

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

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

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


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


	YTD
	03/31/25

Contract drilling revenues	$	906

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

Adjusted EBITDA	$	244


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


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

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

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

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


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



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


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

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


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

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

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


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

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

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


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


																			YTD
																			03/31/25

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



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

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



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

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

The MIL Network –

April 29, 2025

MIL-OSI: RBB Bancorp Reports First Quarter 2025 Earnings

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, April 28, 2025 (GLOBE NEWSWIRE) — RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (the “Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as the “Company,” announced financial results for the quarter ended March 31, 2025.

First Quarter 2025 Highlights

Net income totaled $2.3 million, or $0.13 diluted earnings per share
Return on average assets of 0.24%, compared to 0.44% for the quarter ended December 31, 2024
Net interest margin expanded to 2.88%, up from 2.76% for the quarter ended December 31, 2024
Net loans held for investment growth of $89.8 million, or 12% annualized
Nonperforming assets decreased $16.5 million, or 20.3%, to $64.6 million at March 31, 2025, down from $81.0 million at December 31, 2024
Book value and tangible book value per share⁽¹⁾ increased to $28.77 and $24.63 at March 31, 2025, up from $28.66 and $24.51 at December 31, 2024

The Company reported net income of $2.3 million, or $0.13 diluted earnings per share, for the quarter ended March 31, 2025, compared to net income of $4.4 million, or $0.25 diluted earnings per share, for the quarter ended December 31, 2024. First quarter of 2025 net income included $6.7 million in pre-tax provision for credit losses mostly related to reducing exposure to nonperforming loans, including higher specific reserves.

“First quarter net income declined to $2.3 million, or 13 cents per share, as we took decisive action to address our nonperforming loans,” said David Morris, Chief Executive Officer of RBB Bancorp. “We reduced our net exposure to nonperforming loans to $51 million, including specific reserves, or 32% since year end. We remain focused on resolving our nonperforming loans as quickly as possible while minimizing the impact to earnings and capital and we think our actions in the first quarter reflect this.”

“Our loan production was relatively strong during the first quarter driven by continued execution of our initiatives, which resulted in 12% annualized net loan growth. Our loan prospect pipeline continues to be healthy, and we anticipate loan growth to continue in the second quarter, albeit likely at a more moderate pace,” said Johnny Lee, President of RBB Bancorp and President and Chief Executive Officer of the Bank. “While the market environment is volatile, we have not observed significant signs of financial impact to our clients at this time.”

(1

)

Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.

Net Interest Income and Net Interest Margin

Net interest income was $26.2 million for the first quarter of 2025, compared to $26.0 million for the fourth quarter of 2024. The $186,000 increase was due to a $2.4 million decrease in interest expense, offset by a $2.2 million decrease in interest income. The decrease in interest income was mostly due to the impact of fewer days in the quarter of $1.2 million and lower average excess liquidity (cash and cash equivalents and investment securities) of $1.5 million. The decrease in interest expense was mostly due to the impact of lower average funding rates of $1.5 million, fewer days in the quarter of $621,000 and lower average interest-bearing liabilities of $336,000. The $1.5 million attributed to lower average funding rates included $1.8 million due to a 29 basis point decrease in the average cost of interest-bearing deposits.

The net interest margin (“NIM”) was 2.88% for the first quarter of 2025, an increase of 12 basis points from 2.76% for the fourth quarter of 2024. The NIM expansion was due to a 17 basis point decrease in the overall cost of funds, partially offset by a 3 basis point decrease in the yield on average interest-earning assets. The yield on average interest-earning assets decreased to 5.76% for the first quarter of 2025 from 5.79% for the fourth quarter of 2024 due mainly to a decrease in the yield on average cash and cash equivalents of 32 basis points and average loans of 2 basis points, partially offset by the benefit of a change in the mix in average-earning assets. Average loans represented 84% of average interest-earning assets in the first quarter of 2025, as compared to 82% in the fourth quarter of 2024.

The average cost of funds decreased to 3.15% for the first quarter of 2025 from 3.32% for the fourth quarter of 2024, driven by a 29 basis point decrease in the average cost of interest-bearing deposits, partially offset by a 38 basis point increase in the average cost of borrowings. The average cost of interest-bearing deposits decreased to 3.77% for the first quarter of 2025 from 4.06% for the fourth quarter of 2024. During the first quarter of 2025, $150.0 million in Federal Home Loan Bank (“FHLB”) advances with an average cost of 1.18% matured and were largely replaced with $110.0 million in FHLB advances with various terms at an average rate of 3.88%. The overall funding mix for the first quarter of 2025 remained relatively unchanged from the fourth quarter of 2024 with total deposits representing 90% of the funding mix and average noninterest-bearing deposits representing 17% of average total deposits. The all-in average spot rate for total deposits was 3.06% at March 31, 2025.

Provision for Credit Losses

The provision for credit losses was $6.7 million for the first quarter of 2025 compared to $6.0 million for the fourth quarter of 2024. The first quarter of 2025 provision for credit losses was due to an increase in specific reserves of $2.8 million, net charge-offs of $2.6 million and an increase in general reserves of $1.3 million due mainly to net loan growth. The first quarter increase in specific reserves related mostly to two lending relationships. Net charge-offs included $1.4 million related to a bulk sale of $10.8 million in underperforming single-family residential (“SFR”) mortgage loans, of which $6.5 million were on nonaccrual at the end of the year, and $1.2 million related to an $8.8 million loan transferred to other real estate owned (“OREO”) and subsequently sold. Net charge-offs on an annualized basis represented 0.35% of average loans for the first quarter of 2025 compared to 0.26% for the fourth quarter of 2024. The first quarter provision also took into consideration factors such as changes in loan balances, the loan portfolio mix, the outlook for economic conditions and market interest rates, and changes in credit quality metrics, including changes in nonperforming loans, special mention and substandard loans during the period.

Noninterest Income

Noninterest income for the first quarter of 2025 was $2.3 million, a decrease of $434,000 from $2.7 million for the fourth quarter of 2024. This decrease was mostly due to the fourth quarter of 2024 including $258,000 of income from a Bank Enterprise Award grant (included in other income) and lower net gain on sale of loans as compared to the fourth quarter of 2024.

Noninterest Expense

Noninterest expense for the first quarter of 2025 was $18.5 million, an increase of $873,000 from $17.6 million for the fourth quarter of 2024. This increase was mostly due to higher salaries and employee benefits expense of $716,000 attributed to higher payroll taxes and annual pay increases, which are typically reflected in the first quarter of the year. The annualized noninterest expenses to average assets ratio was 1.90% for the first quarter of 2025, up from 1.76% for the fourth quarter of 2024. The efficiency ratio was 65.1% for the first quarter of 2025, up from 61.5% for the fourth quarter of 2024 due mostly to higher noninterest expense.

Income Taxes

The effective tax rate was 28.2% for the first quarter of 2025 and 13.3% for the fourth quarter of 2024. The increase in the effective tax rate for the first quarter was due in part to lower tax credits combined with higher estimated pre-tax net income for the full year of 2025 as compared to the prior quarter.2

Balance Sheet

At March 31, 2025, total assets were $4.0 billion, a $16.9 million increase compared to December 31, 2024, and a $131.4 million increase compared to March 31, 2024.

Loan and Securities Portfolio

Loans held for investment (“HFI”) totaled $3.1 billion as of March 31, 2025, an increase of $89.8 million, or 12% annualized, compared to December 31, 2024 and an increase of $115.7 million, or 3.8%, compared to March 31, 2024. The first quarter of 2025 net loan growth included $201 million in new production with an average yield of 6.77%. When loan sales, charge-offs, and foreclosures totaling $28.6 million are considered, the annualized first quarter net loan growth rate was 16%. The increase from December 31, 2024 was primarily due to a $51.8 million increase in SFR mortgage loans, a $44.0 million increase in commercial real estate (“CRE”) loans, a $6.0 million increase in commercial and industrial (“C&I”) loans and a $3.4 million increase in Small Business Administration (“SBA”) loans, partially offset by a $14.4 million decrease in construction and land development (“C&D”) loans. The loan to deposit ratio was 98.4% at March 31, 2025, compared to 97.5% at December 31, 2024 and 98.6% at March 31, 2024.

As of March 31, 2025, available for sale securities totaled $378.2 million, a decrease of $42.0 million from December 31, 2024, primarily related to the net decrease in short-term commercial paper of $41.4 million due to maturity and purchase activity during the first quarter of 2025. As of March 31, 2025, net unrealized losses totaled $25.0 million, a $4.2 million decrease, when compared to net unrealized losses of $29.2 million as of December 31, 2024.

Deposits

Total deposits were $3.1 billion as of March 31, 2025, an increase of $58.8 million, or 7.7% annualized, compared to December 31, 2024 and an increase of $114.3 million, or 3.8%, compared to March 31, 2024. The increase during the first quarter of 2025 was due to a $93.6 million increase in interest-bearing deposits, while noninterest-bearing deposits decreased $34.8 million. The increase in interest-bearing deposits included increases in non-maturity deposits of $58.2 million and time deposits of $35.5 million. Wholesale deposits totaled $158.5 million at March 31, 2025, and $147.5 million at December 31, 2024. Noninterest-bearing deposits totaled $528.2 million and represented 16.8% of total deposits at March 31, 2025 compared to $563.0 million and 18.3% at December 31, 2024.

Credit Quality

Nonperforming assets totaled $64.6 million, or 1.61% of total assets, at March 31, 2025, down from $81.0 million, or 2.03% of total assets, at December 31, 2024. The $16.5 million decrease in nonperforming assets was due to sales totaling $20.0 million and payoffs or paydowns of $1.8 million, partially offset by the addition of one $5.3 million CRE loan placed on nonaccrual status in the first quarter of 2025. Nonperforming assets included one $4.2 million OREO (included in “Accrued interest and other assets”) at March 31, 2025, which was a nonaccrual loan at December 31, 2024.

Special mention loans totaled $64.3 million, or 2.05% of total loans, at March 31, 2025, down from $65.3 million, or 2.14% of total loans, at December 31, 2024. The $1.1 million decrease was primarily due to the upgrade of one $1.7 million CRE loan to a pass-rated loan, offset by the addition of one $578,000 C&I loan. All special mention loans are paying current.

Substandard loans totaled $76.4 million at March 31, 2025, down from $100.3 million at December 31, 2024. This $24.0 million decrease was primarily due to loan sales totaling $11.7 million, transfers to OREO totaling $12.8 million, of which $8.8 million was subsequently sold during the first quarter of 2025, and payoffs and paydowns totaling $5.4 million, partially offset by the downgrade of two loans totaling $6.2 million. Of the total substandard loans at March 31, 2025, there were $16.0 million on accrual status.

30-89 day delinquent loans, excluding nonperforming loans, totaled $5.9 million, or 0.19% of total loans, at March 31, 2025, down from $22.1 million, or 0.72% of total loans, at December 31, 2024. The $16.2 million decrease was mostly due to $16.3 million in loans returning to current status, $2.9 million in SFR mortgage loans included in the bulk sale of several underperforming SFR mortgage loans and $398,000 in paydowns and payoffs, offset by $3.5 million in new delinquent loans.3

As of March 31, 2025, the allowance for credit losses totaled $52.6 million and was comprised of an allowance for loan losses of $51.9 million and a reserve for unfunded commitments of $629,000 (included in “Accrued interest and other liabilities”). This compares to the allowance for credit losses of $48.5 million, comprised of an allowance for loan losses of $47.7 million and a reserve for unfunded commitments of $729,000 at December 31, 2024. The $4.1 million increase in the allowance for credit losses for the first quarter of 2025 was due to a $6.7 million provision for credit losses offset by net charge-offs of $2.6 million. Net charge-offs included $1.4 million related to a bulk sale of $10.8 million in underperforming SFR mortgage loans, of which $6.5 million were on nonaccrual at the end of the year, and $1.2 million related to an $8.8 million loan transferred to OREO and subsequently sold. The allowance for loan losses as a percentage of loans HFI increased to 1.65% at March 31, 2025, compared to 1.56% at December 31, 2024, due to an increase in specific reserves. The allowance for loan losses as a percentage of nonperforming loans HFI was 86% at March 31, 2025, an increase from 68% at December 31, 2024.

	For the Three Months Ended March 31, 2025
*(dollars in thousands)*	Allowance for loan losses			Reserve for unfunded loan commitments			Allowance for credit losses
Beginning balance	$	47,729		$	729		$	48,458
Provision for (reversal of) credit losses		6,846			(100	)		6,746
Less loans charged-off		(2,727	)		—			(2,727	)
Recoveries on loans charged-off		84			—			84
Ending balance	$	51,932		$	629		$	52,561

Shareholders’ Equity

At March 31, 2025, total shareholders’ equity was $510.3 million, a $2.4 million increase compared to December 31, 2024, and a $3.7 million decrease compared to March 31, 2024. The increase in shareholders’ equity for the first quarter of 2025 was due to lower net unrealized losses on available for sale securities of $3.0 million, net income of $2.3 million and equity compensation activity of $43,000, offset by common stock cash dividends paid of $2.9 million. The decrease in shareholders’ equity for the last twelve months was due to common stock repurchases of $19.2 million and dividends paid of $11.6 million on common stock, offset by net income of $20.9 million, lower net unrealized losses on available for sale securities of $3.7 million, and equity compensation activity of $2.5 million. Book value per share and tangible book value per share⁽¹⁾ increased to $28.77 and $24.63 at March 31, 2025, up from $28.66 and $24.51 at December 31, 2024 and up from $27.67 and $23.68 at March 31, 2024.

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)

Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.

Corporate Overview

RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of March 31, 2025, the Company had total assets of $4.0 billion. Its wholly-owned subsidiary, Royal Business Bank, is a full service commercial bank, which provides consumer and business banking services predominately to the Asian-centric communities in Los Angeles County, Orange County, and Ventura County in California, in Las Vegas, Nevada, in Brooklyn, Queens, and Manhattan in New York, in Edison, New Jersey, in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois, and on Oahu, Hawaii. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, three branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. The Company’s administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its operations center is located at 7025 Orangethorpe Ave., Buena Park, California 90621. The Company’s website address is www.royalbusinessbankusa.com.

Conference Call

Management will hold a conference call at 11:00 a.m. Pacific time/2:00 p.m. Eastern time on Tuesday, April 29, 2025, to discuss the Company’s first quarter 2025 financial results.

To listen to the conference call, please dial 1-888-506-0062 or 1-973-528-0011, the Participant ID code is 534591, conference ID RBBQ125. A replay of the call will be made available at 1-877-481-4010 or 1-919-882-2331, the passcode is 52277, approximately one hour after the conclusion of the call and will remain available through May 13, 2025.

The conference call will also be simultaneously webcast over the Internet; please visit our Royal Business Bank website at www.royalbusinessbankusa.com and click on the “Investors” tab to access the call from the site. This webcast will be recorded and available for replay on our website approximately two hours after the conclusion of the conference call.

Disclosure

This press release contains certain non-GAAP financial disclosures for tangible common equity and tangible assets and adjusted earnings. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. Please refer to the tables at the end of this release for a presentation of performance ratios in accordance with GAAP and a reconciliation of the non-GAAP financial measures to the GAAP financial measures.

Safe Harbor

Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company’s internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the United States (“U.S.”) federal budget or debt or turbulence or uncertainly in domestic or foreign financial markets; the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments; possible additional provisions for credit losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; failure to comply with debt covenants; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; the effects of having concentrations in our loan portfolio, including commercial real estate and the risks of geographic and industry concentrations; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; severe weather, natural disasters, earthquakes, fires, including direct and indirect costs and impacts on clients, the Company and its employees from the January 2025 Los Angeles County wildfires; or other adverse external events could harm our business; geopolitical conditions, including acts or threats of terrorism, actions taken by the U.S. or other governments in response to acts or threats of terrorism and/or military conflicts, including the conflicts between Russia and Ukraine, in the Middle East, and increasing tensions between China and Taiwan, which could impact business and economic conditions in the U.S. and abroad; tariffs, trade policies, and related tensions, which could impact our clients, specific industry sectors, and/or broader economic conditions and financial market; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including our credit quality and business operations, as well as the impact on general economic and financial market conditions; general economic or business conditions in Asia, and other regions where the Bank has operations; failures, interruptions, or security breaches of our information systems; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; cybersecurity threats and the cost of defending against them; our ability to adapt our systems to the expanding use of technology in banking; risk management processes and strategies; adverse results in legal proceedings; the impact of regulatory enforcement actions, if any; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in tax laws and regulations; the impact of governmental efforts to restructure the U.S. financial regulatory system and increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; the impact of changes in the Federal Deposit Insurance Corporation (“FDIC”) insurance assessment rate and the rules and regulations related to the calculation of the FDIC insurance assessments; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; fluctuations in the Company’s stock price; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and California Department of Financial Protection and Innovation; our success at managing the risks involved in the foregoing items and all other factors set forth in the Company’s public reports, including its Annual Report as filed under Form 10-K for the year ended December 31, 2024, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

RBB BANCORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)

	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Assets
Cash and due from banks	$	25,315		$	27,747		$	26,388		$	23,313		$	21,887
Interest-earning deposits with financial institutions		213,508			229,998			323,002			229,456			247,356
Cash and cash equivalents		238,823			257,745			349,390			252,769			269,243
Interest-earning time deposits with financial institutions		600			600			600			600			600
Investment securities available for sale		378,188			420,190			305,666			325,582			335,194
Investment securities held to maturity		5,188			5,191			5,195			5,200			5,204
Loans held for sale		655			11,250			812			3,146			3,903
Loans held for investment		3,143,063			3,053,230			3,091,896			3,047,712			3,027,361
Allowance for loan losses		(51,932	)		(47,729	)		(43,685	)		(41,741	)		(41,688	)
Net loans held for investment		3,091,131			3,005,501			3,048,211			3,005,971			2,985,673
Premises and equipment, net		24,308			24,601			24,839			25,049			25,363
Federal Home Loan Bank (FHLB) stock		15,000			15,000			15,000			15,000			15,000
Cash surrender value of bank owned life insurance		60,699			60,296			59,889			59,486			59,101
Goodwill		71,498			71,498			71,498			71,498			71,498
Servicing assets		6,766			6,985			7,256			7,545			7,794
Core deposit intangibles		1,839			2,011			2,194			2,394			2,594
Right-of-use assets		26,779			28,048			29,283			30,530			31,231
Accrued interest and other assets		87,926			83,561			70,644			63,416			65,608
Total assets	$	4,009,400		$	3,992,477		$	3,990,477		$	3,868,186		$	3,878,006
Liabilities and shareholders’ equity
Deposits:
Noninterest-bearing demand	$	528,205		$	563,012		$	543,623		$	542,971		$	539,517
Savings, NOW and money market accounts		721,216			663,034			666,089			647,770			642,840
Time deposits, $250,000 and under		1,000,106			1,007,452			1,052,462			1,014,189			1,083,898
Time deposits, greater than $250,000		893,101			850,291			830,010			818,675			762,074
Total deposits		3,142,628			3,083,789			3,092,184			3,023,605			3,028,329
FHLB advances		160,000			200,000			200,000			150,000			150,000
Long-term debt, net of issuance costs		119,624			119,529			119,433			119,338			119,243
Subordinated debentures		15,211			15,156			15,102			15,047			14,993
Lease liabilities – operating leases		28,483			29,705			30,880			32,087			32,690
Accrued interest and other liabilities		33,148			36,421			23,150			16,818			18,765
Total liabilities		3,499,094			3,484,600			3,480,749			3,356,895			3,364,020
Shareholders’ equity:
Common stock		260,284			259,957			259,280			266,160			271,645
Additional paid-in capital		3,360			3,645			3,520			3,456			3,348
Retained earnings		263,885			264,460			262,946			262,518			259,903
Non-controlling interest		72			72			72			72			72
Accumulated other comprehensive loss, net		(17,295	)		(20,257	)		(16,090	)		(20,915	)		(20,982	)
Total shareholders’ equity		510,306			507,877			509,728			511,291			513,986
Total liabilities and shareholders’ equity	$	4,009,400		$	3,992,477		$	3,990,477		$	3,868,186		$	3,878,006

RBB BANCORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
*(In thousands, except share and per share data)*

	For the Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Interest and dividend income:
Interest and fees on loans	$	45,621	$	46,374	$	45,547
Interest on interest-earning deposits		2,014		3,641		5,040
Interest on investment securities		4,136		3,962		3,611
Dividend income on FHLB stock		330		330		331
Interest on federal funds sold and other		235		248		266
Total interest and dividend income		52,336		54,555		54,795
Interest expense:
Interest on savings deposits, NOW and money market accounts		4,468		4,671		4,478
Interest on time deposits		19,084		21,361		23,322
Interest on long-term debt and subordinated debentures		1,632		1,660		1,679
Interest on FHLB advances		989		886		439
Total interest expense		26,173		28,578		29,918
Net interest income before provision for credit losses		26,163		25,977		24,877
Provision for credit losses		6,746		6,000		—
Net interest income after provision for credit losses		19,417		19,977		24,877
Noninterest income:
Service charges and fees		1,017		988		992
Gain on sale of loans		81		376		312
Loan servicing fees, net of amortization		588		492		589
Increase in cash surrender value of life insurance		403		407		382
Gain on OREO		—		—		724
Other income		206		466		373
Total noninterest income		2,295		2,729		3,372
Noninterest expense:
Salaries and employee benefits		10,643		9,927		9,927
Occupancy and equipment expenses		2,407		2,403		2,443
Data processing		1,602		1,499		1,420
Legal and professional		1,515		1,355		880
Office expenses		408		399		356
Marketing and business promotion		197		251		172
Insurance and regulatory assessments		730		677		982
Core deposit premium		172		182		201
Other expenses		848		956		588
Total noninterest expense		18,522		17,649		16,969
Income before income taxes		3,190		5,057		11,280
Income tax expense		900		672		3,244
Net income	$	2,290	$	4,385	$	8,036

Net income per share
Basic	$	0.13	$	0.25	$	0.43
Diluted	$	0.13	$	0.25	$	0.43
Cash dividends declared per common share	$	0.16	$	0.16	$	0.16
Weighted-average common shares outstanding
Basic		17,727,712		17,704,992		18,601,277
Diluted		17,770,588		17,796,840		18,666,683

RBB BANCORP AND SUBSIDIARIES
AVERAGE BALANCE SHEET AND NET INTEREST INCOME
(Unaudited)

	For the Three Months Ended
	March 31, 2025							December 31, 2024							March 31, 2024
(tax-equivalent basis,	Average		Interest		Yield /			Average		Interest		Yield /			Average		Interest		Yield /
*dollars in thousands)*	Balance		& Fees		Rate			Balance		& Fees		Rate			Balance		& Fees		Rate
Interest-earning assets
Cash and cash equivalents ⁽¹⁾	$	194,236	$	2,249		4.70	%	$	308,455	$	3,890		5.02	%	$	364,979	$	5,306		5.85	%
FHLB Stock		15,000		330		8.92	%		15,000		330		8.75	%		15,000		331		8.88	%
Securities
Available for sale ⁽²⁾		390,178		4,113		4.28	%		361,253		3,939		4.34	%		320,015		3,589		4.51	%
Held to maturity ⁽²⁾		5,189		49		3.83	%		5,194		48		3.68	%		5,207		46		3.55	%
Total loans ⁽³⁾		3,079,224		45,621		6.01	%		3,059,786		46,374		6.03	%		3,018,423		45,547		6.07	%
Total interest-earning assets		3,683,827	$	52,362		5.76	%		3,749,688	$	54,581		5.79	%		3,723,624	$	54,819		5.92	%
Total noninterest-earning assets		260,508							244,609							246,341
Total average assets	$	3,944,335						$	3,994,297						$	3,969,965

Interest-bearing liabilities
NOW		61,222		321		2.13	%	$	53,879	$	254		1.88	%	$	58,946	$	298		2.03	%
Money market		463,443		3,625		3.17	%		463,850		3,735		3.20	%		411,751		3,526		3.44	%
Saving deposits		155,116		522		1.36	%		162,351		682		1.67	%		157,227		654		1.67	%
Time deposits, $250,000 and under		989,622		10,046		4.12	%		1,034,946		11,583		4.45	%		1,175,804		13,805		4.72	%
Time deposits, greater than $250,000		864,804		9,038		4.24	%		835,583		9,778		4.66	%		785,172		9,517		4.88	%
Total interest-bearing deposits		2,534,207		23,552		3.77	%		2,550,609		26,032		4.06	%		2,588,900		27,800		4.32	%
FHLB advances		176,833		989		2.27	%		200,000		886		1.76	%		150,000		439		1.18	%
Long-term debt		119,562		1,295		4.39	%		119,466		1,295		4.31	%		119,180		1,295		4.37	%
Subordinated debentures		15,175		337		9.01	%		15,121		365		9.60	%		14,957		384		10.33	%
Total interest-bearing liabilities		2,845,777		26,173		3.73	%		2,885,196		28,578		3.94	%		2,873,037		29,918		4.19	%
Noninterest-bearing liabilities
Noninterest-bearing deposits		520,145							539,900							528,346
Other noninterest-bearing liabilities		66,151							56,993							55,795
Total noninterest-bearing liabilities		586,296							596,893							584,141
Shareholders’ equity		512,262							512,208							512,787
Total liabilities and shareholders’ equity	$	3,944,335						$	3,994,297						$	3,969,965
Net interest income / interest rate spreads			$	26,189		2.03	%			$	26,003		1.85	%			$	24,901		1.73	%
Net interest margin						2.88	%						2.76	%						2.69	%

Total cost of deposits	$	3,054,352	$	23,552		3.13	%	$	3,090,509	$	26,032		3.35	%	$	3,117,246	$	27,800		3.59	%
Total cost of funds	$	3,365,922	$	26,173		3.15	%	$	3,425,096	$	28,578		3.32	%	$	3,401,383	$	29,918		3.54	%

(1	)	Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
(2	)	Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
(3	)	Average loan balances relate to loans held for investment and loans held for sale and include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.

RBB BANCORP AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)

	At or for the Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Per share data (common stock)
Book value	$	28.77		$	28.66		$	27.67
Tangible book value ⁽¹⁾	$	24.63		$	24.51		$	23.68
Performance ratios
Return on average assets, annualized		0.24	%		0.44	%		0.81	%
Return on average shareholders’ equity, annualized		1.81	%		3.41	%		6.30	%
Return on average tangible common equity, annualized ⁽¹⁾		2.12	%		3.98	%		7.37	%
Noninterest income to average assets, annualized		0.24	%		0.27	%		0.34	%
Noninterest expense to average assets, annualized		1.90	%		1.76	%		1.72	%
Yield on average earning assets		5.76	%		5.79	%		5.92	%
Yield on average loans		6.01	%		6.03	%		6.07	%
Cost of average total deposits ⁽²⁾		3.13	%		3.35	%		3.59	%
Cost of average interest-bearing deposits		3.77	%		4.06	%		4.32	%
Cost of average interest-bearing liabilities		3.73	%		3.94	%		4.19	%
Net interest spread		2.03	%		1.85	%		1.73	%
Net interest margin		2.88	%		2.76	%		2.69	%
Efficiency ratio ⁽³⁾		65.09	%		61.48	%		60.07	%
Common stock dividend payout ratio		123.08	%		64.00	%		37.21	%

(1	)	Non-GAAP measure. See Non–GAAP reconciliations set forth at the end of this press release.
(2	)	Total deposits include non-interest bearing deposits and interest-bearing deposits.
(3	)	Ratio calculated by dividing noninterest expense by the sum of net interest income before provision for credit losses and noninterest income.

RBB BANCORP AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
*(Dollars in thousands)*

	At or for the quarter ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Credit Quality Data:
Special mention loans	$	64,279		$	65,329		$	20,580
Special mention loans to total loans		2.05	%		2.14	%		0.68	%
Substandard loans HFI	$	76,372		$	89,141		$	57,170
Substandard loans HFS	$	—		$	11,195		$	—
Substandard loans HFI to total loans HFI		2.43	%		2.92	%		1.89	%
Loans 30-89 days past due, excluding nonperforming loans	$	5,927		$	22,086		$	20,950
Loans 30-89 days past due, excluding nonperforming loans, to total loans		0.19	%		0.72	%		0.69	%
Nonperforming loans HFI	$	60,380		$	69,843		$	35,935
Nonperforming loans HFS	$	—		$	11,195		$	—
OREO	$	4,170		$	—		$	1,071
Nonperforming assets	$	64,550		$	81,038		$	37,006
Nonperforming loans HFI to total loans HFI		1.92	%		2.29	%		1.19	%
Nonperforming assets to total assets		1.61	%		2.03	%		0.95	%

Allowance for loan losses	$	51,932		$	47,729		$	41,688
Allowance for loan losses to total loans HFI		1.65	%		1.56	%		1.38	%
Allowance for loan losses to nonperforming loans HFI		86.01	%		68.34	%		116.01	%
Net charge-offs	$	2,643		$	2,006		$	184
Net charge-offs to average loans		0.35	%		0.26	%		0.02	%

Capital ratios ⁽¹⁾
Tangible common equity to tangible assets ⁽²⁾		11.10	%		11.08	%		11.56	%
Tier 1 leverage ratio		12.07	%		11.92	%		12.16	%
Tier 1 common capital to risk-weighted assets		17.87	%		17.94	%		19.10	%
Tier 1 capital to risk-weighted assets		18.45	%		18.52	%		19.72	%
Total capital to risk-weighted assets		24.41	%		24.49	%		25.91	%

(1	)	March 31, 2025 capital ratios are preliminary.
(2	)	Non-GAAP measure. See Non-GAAP reconciliations set forth at the end of this press release.

RBB BANCORP AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)

Loan Portfolio Detail	As of March 31, 2025					As of December 31, 2024						As of March 31, 2024
*(dollars in thousands)*	$			%		$			%			$			%
Loans:
Commercial and industrial	$	135,538		4.3	%	$	129,585			4.2	%	$	121,441			4.0	%
SBA		50,651		1.6	%		47,263			1.5	%		54,677			1.8	%
Construction and land development		158,883		5.1	%		173,290			5.7	%		198,070			6.5	%
Commercial real estate ⁽¹⁾		1,245,402		39.6	%		1,201,420			39.3	%		1,178,498			38.9	%
Single-family residential mortgages		1,545,822		49.2	%		1,494,022			48.9	%		1,463,497			48.4	%
Other loans		6,767		0.2	%		7,650			0.4	%		11,178			0.4	%
Total loans ⁽²⁾	$	3,143,063		100.0	%	$	3,053,230			100.0	%	$	3,027,361			100.0	%
Allowance for loan losses		(51,932	)				(47,729	)					(41,688	)
Total loans, net	$	3,091,131				$	3,005,501					$	2,985,673

(1	)	Includes non-farm and non-residential loans, multi-family residential loans and non-owner occupied single family residential loans.
(2	)	Net of discounts and deferred fees and costs of $808, $488, and $474 as of March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

Deposits	As of March 31, 2025				As of December 31, 2024					As of March 31, 2024
*(dollars in thousands)*	$		%		$		%			$		%
Deposits:
Noninterest-bearing demand	$	528,205	16.8	%	$	563,012		18.3	%	$	539,517		17.8	%
Savings, NOW and money market accounts		721,216	22.9	%		663,034		21.5	%		642,840		21.2	%
Time deposits, $250,000 and under		863,962	27.5	%		882,438		28.6	%		901,738		29.8	%
Time deposits, greater than $250,000		870,708	27.8	%		827,854		26.8	%		746,611		24.7	%
Wholesale deposits ⁽¹⁾		158,537	5.0	%		147,451		4.8	%		197,623		6.5	%
Total deposits	$	3,142,628	100.0	%	$	3,083,789		100.0	%	$	3,028,329		100.0	%

(1

)

Includes brokered deposits, collateralized deposits from the State of California, and deposits acquired through internet listing services.

Non-GAAP Reconciliations

Tangible Book Value Reconciliations

Tangible book value per share is a non-GAAP disclosure. Management measures tangible book value per share to assess the Company’s capital strength and business performance and believes this is helpful to investors as additional tools for further understanding our performance. The following is a reconciliation of tangible book value to the Company shareholders’ equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of March 31, 2025, December 31, 2024, and March 31, 2024.


*(dollars in thousands, except share and per share data)*	March 31, 2025			December 31, 2024			March 31, 2024
Tangible common equity:
Total shareholders’ equity	$	510,306		$	507,877		$	513,986
Adjustments
Goodwill		(71,498	)		(71,498	)		(71,498	)
Core deposit intangible		(1,839	)		(2,011	)		(2,594	)
Tangible common equity	$	436,969		$	434,368		$	439,894
Tangible assets:
Total assets-GAAP	$	4,009,400		$	3,992,477		$	3,878,006
Adjustments
Goodwill		(71,498	)		(71,498	)		(71,498	)
Core deposit intangible		(1,839	)		(2,011	)		(2,594	)
Tangible assets	$	3,936,063		$	3,918,968		$	3,803,914
Common shares outstanding		17,738,628			17,720,416			18,578,132
Common equity to assets ratio		12.73	%		12.72	%		13.25	%
Tangible common equity to tangible assets ratio		11.10	%		11.08	%		11.56	%
Book value per share	$	28.77		$	28.66		$	27.67
Tangible book value per share	$	24.63		$	24.51		$	23.68

Return on Average Tangible Common Equity

Management measures return on average tangible common equity (“ROATCE”) to assess the Company’s capital strength and business performance and believes this is helpful to investors as an additional tool for further understanding our performance. Tangible equity excludes goodwill and other intangible assets (excluding mortgage servicing rights) and is reviewed by banking and financial institution regulators when assessing a financial institution’s capital adequacy. This non-GAAP financial measure should not be considered a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures used by other companies. The following table reconciles ROATCE to its most comparable GAAP measure:

	Three Months Ended
*(dollars in thousands)*	March 31, 2025			December 31, 2024			March 31, 2024
Net income available to common shareholders	$	2,290		$	4,385		$	8,036
Average shareholders’ equity		512,262			512,208			512,787
Adjustments:
Average goodwill		(71,498	)		(71,498	)		(71,498	)
Average core deposit intangible		(1,951	)		(2,129	)		(2,726	)
Adjusted average tangible common equity	$	438,813		$	438,581		$	438,563
Return on average common equity, annualized		1.81	%		3.41	%		6.30	%
Return on average tangible common equity, annualized		2.12	%		3.98	%		7.37	%

The MIL Network –

April 29, 2025

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

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

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

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

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

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

It’s a jungle out there

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

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

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

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

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

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

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

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

Democracy on show

Corflutes have several purposes, especially for new candidates.

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

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

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

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

Do they work?

Yes. And no.

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

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

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

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

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

Just an eyesore

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

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

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

Time for a rethink

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

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

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

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

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

MIL OSI Analysis – EveningReport.nz –

April 29, 2025

MIL-Evening Report: How ICE is becoming a secret police force under the Trump administration

Source: The Conversation (Au and NZ) – By Lee Morgenbesser, Associate Professor, School of Government and International Relations, Griffith University

Secret police are a quintessential feature of authoritarian regimes. From Azerbaijan’s State Security Service to Zimbabwe’s Central Intelligence Organisation, these agencies typically target political opponents and dissidents through covert surveillance, imprisonment and physical violence.

In contrast to the regular police and armed forces, secret police primarily use preemptive repression to thwart threats to the government.

In Nazi Germany, for example, Gestapo informants penetrated all levels of society, producing an atmosphere of distrust among those against Adolf Hitler. In Uganda, Idi Amin’s State Research Bureau employed sophisticated spying equipment and intercepted mail at the post office to root out supposed saboteurs.

In Syria, Bashar al-Assad relied on the General Intelligence Directorate to oversee a network of torture centres. And in Venezuela, Nicolás Maduro has used the Bolivarian National Intelligence Service (Sebin) to spy on opponents overseas, often running operations out of diplomatic missions.

Since US President Donald Trump took power in January, Immigration and Customs Enforcement (ICE) has become a far more visible and fearsome force on American streets.

Though ICE is ostensibly still bound by constitutional limits, the way it has been operating bears the hallmarks of a secret police force in the making.

As an expert on authoritarian regimes, I’ve studied historical and contemporary secret police forces extensively across Africa, Asia and Europe. They typically meet five criteria:

they’re a police force targeting political opponents and dissidents
they’re not controlled by other security agencies and answer directly to the dictator
the identity of their members and their operations are secret
they specialise in political intelligence and surveillance operations
they carry out arbitrary searches, arrests, interrogations, indefinite detentions, disappearances and torture.

How close is ICE to becoming a secret police force? Let’s consider each of these criteria.

Targeting dissidents

ICE has used the pretext of combating antisemitism to target dissidents. A branch of the agency previously used to target drug smugglers and human traffickers has reportedly been directed to scan social media for posts sympathetic to Hamas.

On March 8, ICE arrested the prominent pro-Palestinian activist Mahmoud Khalil, a legal resident. It was a similar story for Rumeysa Ozturk, a university student grabbed off the street on March 25 by ICE agents.

Trump has cited the Immigration and Nationality Act of 1952 as the legal pretext for ICE’s actions in these cases and others. The law allows the US government to deport anyone whose presence has “adverse foreign policy consequences” for the country.

Because Khalil and others are being targeted for their activism, legal scholars say the government appears to be “retaliating” against constitutionally protected free speech it disagrees with.

Directly controlled by a dictator

While ICE does not report directly to Trump, the agency is controlled by people who have shown intense loyalty to him.

ICE is part of the Department of Homeland Security, which is overseen by stalwart Trump ally Kristi Noem. She is supported by Tom Homan, a former ICE director who Trump appointed as his “border czar” in November 2024.

Despite a court order barring the deportations of alleged Venezuelan gang members to a prison in El Salvador, Homan has remained defiant:

We are not stopping. I don’t care what the judges think.

The pertinent question now is whether Noem or Homan would refuse to follow a dictate from Trump in the face of a direct court order.

Opaque operations

ICE agents are increasingly operating in secret. The individuals who took Ozturk off the street in a widely shared video claimed to be police officers, even though they were in plain clothes and face marks.

Similarly, ICE agents in plain clothes detained two men during a raid on a courthouse in Charlottesville, Virginia, on April 22. When two bystanders asked to see a warrant, they were ordered not to “impede” the agents’ lawful duties. ICE later said the two women would be prosecuted.

Also last week, ICE agents attempted to arrest a man at a Wisconsin courthouse without a warrant. After a judge intervened, she was arrested herself by the FBI and charged with two felonies.

This shroud of opacity has been accompanied by an end to local agency liaison meetings aimed at helping people seek answers to ICE’s actions.

Surveillance capabilities

ICE is organised into two distinct law enforcement components, giving it both political intelligence gathering and surveillance capabilities.

Its Homeland Security Investigations arm includes an intelligence division, while its Enforcement and Removal Operations arm uses third-party companies such as Geo Group, Giant Oak, and Palantir to conduct mass surveillance.

Most worryingly, ICE is trying to procure greater intelligence and surveillance capabilities by soliciting pitches from private companies to monitor threats across the internet.

According to a procurement document, contractors would be directed to focus on the backgrounds of social media users and use facial recognition capabilities to gather information on people. Criticisms of ICE itself would be monitored, too.

Unlawful policing

There has been a stream of reports exposing how ICE is conducting arbitrary searches, arrests, interrogations, and indefinite detentions.

Some of the most egregious reported examples include:

entering primary schools under false pretences in search of undocumented students
carrying out “collateral arrests”, that is detaining people not previously identified as targets during operations
detaining tourists and visa holders for weeks for unknown reasons
and disappearing US citizens without any meaningful process.

Since Trump’s inauguration, at least three people have died in ICE detention facilities, the latest in a string of fatalities in recent years.

Prolonged solitary confinement is reportedly widespread. UN experts say this can amount to torture.

Potentially expanded scope

Overall, the evidence shows ICE meets most of the criteria for being a secret police force. It has yet to target political opponents, which I define narrowly as members of the Democratic Party. And it is not directly controlled by Trump, although the current structure provides him with plausible deniability.

While the agency is far from resembling history’s most feared secret police forces, there have so far been few constraints on how it operates.

The worst may be yet to come. A budget bill making its way through Congress would provide ICE with up to US$175 billion (A$274 billion) in funding over the next decade. (Its current annual budget is US$9 billion, or A$14 billion.) This would supercharge its use of surveillance, imprisonment and physical violence.

When combined with a potential shift towards targeting US citizens for dissent and disobedience, ICE is fast becoming a key piece in the repressive apparatus of American authoritarianism.

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

– ref. How ICE is becoming a secret police force under the Trump administration – https://theconversation.com/how-ice-is-becoming-a-secret-police-force-under-the-trump-administration-255019

MIL OSI Analysis – EveningReport.nz –

April 29, 2025

MIL-OSI USA: ICE Denver levies over $8 million in fines on local businesses for employment violations

Source: US Immigration and Customs Enforcement

April 28, 2025Denver, CO, United StatesWorksite Enforcement

DENVER — U.S. immigration and Customs Enforcement issued a notice of intent to fine three local businesses over $8 million following worksite audits that uncovered widespread employment eligibility violations.

The companies fined include:

CCS Denver, Inc. – Fined $6,186,171 after a 100% substantive violation rate and evidence of knowingly hiring and employing at least 87 unauthorized workers.
PBC Commercial Cleaning Systems, Inc. – Fined $1,599,510 for a 74% violation rate and a pattern of knowingly employing at least 12 unauthorized workers.
Green Management Denver – Fined $270,195 after a 100% violation rate and identification of 44 unauthorized employees.

ICE Homeland Security Investigations’ worksite enforcement efforts focus on ensuring businesses comply with federal employment laws, primarily through I-9 audits, civil penalties, and criminal prosecution where applicable.

“The employment of unauthorized workers undermines the integrity of our immigration system and puts law-abiding employers at a disadvantage,” said Special Agent in Charge Steve Cagen. “These penalties reinforce our commitment to uphold the law and promote a culture of compliance.”

HSI uses a three-prong approach to worksite enforcement:

Compliance – through I-9 inspections, civil fines, and debarment referrals.
Enforcement – through the criminal arrest of employers and administrative arrest of unauthorized workers.
Outreach – through the HSI Mutual Agreement between Government and Employers (IMAGE) program to foster accountability and legal hiring practices.

MIL OSI USA News –

April 29, 2025

Category: Business

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